Month: August 2023

Dear Friends,

Tangents: Happy Friday Eve.

August 31, 1997: Princess Diana, the beloved Princess of Wales, tragically dies in a car accident in Paris, sparking worldwide mourning.
August 31, 1896:  Klondike, gold discovered.

Maria Montessori, educator, b. 1870.
Richard Gere, actor, b. 1949.

A blue supermoon and soaring ocean temperatures created a perfect storm for Hurricane Idalia
The storm intensified overnight and made landfall near Keaton Beach, Florida, on the morning of Aug. 30.  Read More.

‘Blue moon’ lights up the night sky:  The rare blue moon was a magnificent sight Wednesday, but don’t fret if you missed it. Here are the dates of the four full moons remaining in 2023.

Wreckage from Tuskegee airman’s warplane recovered from Lake Huron
The recovered wreck will help tell the full story of America’s first Black military pilots. Read More.

Hackers attack 2 of the world’s most advanced telescopes, forcing shutdown
It’s unclear exactly what the nature of the cyberattacks were or from where they originated. Read More.

Every year, dozens of female hammerhead sharks mysteriously convene in French Polynesia under the full moon
The critically endangered and typically solitary species appears in the Rangiroa and Tikehau atolls every summer. Read More.

Painting bought at thrift store for $4 could fetch $250,000 at auction:   A lucky woman was surprised to learn a painting she bought at a thrift store was actually an authentic piece by prolific artist N.C. Wyeth.

This tropical Caribbean island has a domain name everybody wants.

PHOTOS OF THE DAY
​​​​​​​
Sydney, Australia
A rare blue supermoon appears in the night sky over Ben Buckler Cliffs at Bondi Beach.  Photograph: Dan Himbrechts/EPA

Rare blue supermoon illuminates sky
The Apollo temple in Ancient Corinth, Greece. Photograph: Valérie Gache/AFP/Getty Images

Rare blue supermoon illuminates sky
An ancient fortress in Migdal Tsedek national park near Rosh Haayin, Israel
Photograph: Abir Sultan/EPA
Market Closes for August 31^st, 2023

Market Index	Close	Change
Dow Jones	34721.91	-168.33
		-0.48%
S&P 500	4507.66	-7.21
		-0.16%
NASDAQ	14034.97	+15.66
		+0.11%
TSX	20292.62	-37.70
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	32619.34	+285.88
		+0.88%
HANG SENG	18382.06	-100.80
		-0.55%
SENSEX	64831.41	-255.84
		-0.39%
FTSE 100*	7439.13	-34.54
		-0.46%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.564	3.575
CND. 30 Year Bond	3.385	3.406
U.S.    10 Year Bond	4.1042	4.1120
U.S. 30 Year Bond	4.2088	4.2229

Currencies

BOC Close	Today	Previous
Canadian $	0.7400	0.7390
US $	1.3514	1.3532

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4653	0.6825
US $	1.0842	0.9223

Commodities

Gold	Close	Previous
London Gold Fix	1947.55	1930.00
Oil
WTI Crude Future	83.63	81.63

Market Commentary:
📈 On this day in 1897, Thomas Edison received a patent for his kinetoscope, the predecessor to the motion-picture camera.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 20,292.62 in Toronto, ending a 4-day gain.
The loss follows the previous session’s increase of 0.2%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.2%. Parkland Corp. had the largest drop, falling 4.5%.
Today, 146 of 227 shares fell, while 78 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 1.6%
* So far this week, the index rose 2.3%, heading for the biggest advance since the week ended June 30
* The index advanced 5% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on Feb. 2, 2023 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.6% in the past 5 days and fell 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.3 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 11.33% compared with 11.34% in the previous session and the average of 10.91% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -45.0650| -0.7| 11/17
Industrials | -21.6117| -0.8| 7/19
Materials | -14.1767| -0.6| 13/37
Utilities | -8.3197| -1.0| 3/13
Consumer Staples | -7.2614| -0.8| 1/10
Energy | -6.5651| -0.2| 23/15
Communication Services | -5.9940| -0.8| 1/4
Real Estate | -5.7540| -1.2| 2/19
Health Care | 1.2492| 2.0| 1/3
Consumer Discretionary | 2.1891| 0.3| 8/6
Information Technology | 73.6188| 4.7| 8/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -12.9400| -1.2| 25.9| -6.0
RBC | -12.0700| -1.0| -31.0| -4.4
CIBC | -11.3600| -3.2| 237.4| -2.2
Canadian Natural Resources | 3.3770| 0.5| 10.2| 16.3
Bank of Montreal | 3.3950| 0.6| 69.4| -5.1
Shopify | 72.8700| 10.7| 93.8| 91.2
US
By Rita Nazareth
(Bloomberg) — Stocks churned at the end of a challenging month, with traders parsing mixed economic data and awaiting a key jobs reading to gauge the outlook for Federal Reserve policy.
Bond yields fell.
The dollar rose.
The S&P 500 finished with a small loss on Thursday, while notching its first monthly slide since February.
Aside from consolidation after this year’s rally, traders cited concern that the Fed will keep interest rates higher for longer to  prevent a flare-up in price pressures.
Treasury 10-year yields extended their retreat after hitting an almost 16-year high last week.

The Fed’s preferred measure of underlying inflation saw the smallest back-to-back increases since late 2020, encouraging consumer spending.
Markets took the report in stride, with the numbers illustrating the divergence within the US economy, according to Jeffrey Roach at LPL Financial.
Wall Street is now bracing for Friday’s labor-market data, which will provide further insights on the Fed’s next steps.
The report is forecast to show employers boosted their payrolls by nearly 170,000 in August, while the unemployment rate held at a historic low of 3.5%.
“Given the continued strength in the labor market and the fact that the economy is still growing above trend, the Fed will view inflation as cooling, but not sufficiently cool,” said George Mateyo, chief investment officer at Key Private Bank.
More than 60% of investors surveyed by 22V Research expect softer-than-estimated August payrolls data, while 78% see wage inflation at or below consensus.
Meantime, 49% of them said the report will be “risk-on” and only 24% expect a “risk-off” reaction.
The Fed may be slower to cut rates than many market participants expect, said Bridgewater Associates Co-Chief Investment Officer Karen Karniol-Tambour.
“When you look at what it takes to get fast rate declines, usually you need the economy collapsing pretty quickly,” she said in an interview for an upcoming episode of Bloomberg Wealth ith David Rubenstein. “That’s very far from where we are today.”
Swap markets placed roughly even odds the Fed will boost rates in November by a quarter point.

Corporate Highlights
* Intel Corp. climbed as its chief said he’s “feeling good” about the chipmaker’s quarterly outlook.
* Software companies Salesforce Inc. and CrowdStrike Holdings Inc. gained on bullish forecasts.
* Ciena Corp. rallied after the communications-equipment company reported results that beat expectations.
* Dollar General Corp. fell after cutting its profit forecast for the second straight quarter amid rising labor costs and “softer sales trends.”
* Palantir Technologies Inc. dropped after being downgraded to underweight at Morgan Stanley — the latest indication of how Wall Street is skeptical of the software company, which has touted itself as a major player within artificial intelligence.
Key events this week:
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event,
Friday
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.7% to $1.0843
* The British pound fell 0.4% to $1.2668
* The Japanese yen rose 0.5% to 145.49 per dollar
Cryptocurrencies
* Bitcoin fell 4.1% to $26,135.27
* Ether fell 2.8% to $1,656.46
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.09%
* Germany’s 10-year yield declined eight basis points to 2.47%
* Britain’s 10-year yield declined six basis points to 4.36%
Commodities
* West Texas Intermediate crude rose 2.4% to $83.56 a barrel
* Gold futures fell 0.3% to $1,966.70 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
There is a crack in everything.  That’s how the light gets in. –Leonard Cohen, 1934-2016.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:  Rare Blue Supermoon to Rise In Wednesday Night Sky
Happy 93^rd birthday Warren Buffett!

August 30, 1991: The Republic of Macedonia declares independence from Yugoslavia, becoming a sovereign nation.

On Aug. 30, 2005, Hurricane Katrina struck the Gulf Coast with devastating force, killing more than 1,700 people and flooding New Orleans
after the city’s levees failed.  Go to article >>

Mary Shelley, writer, b. August 30, 1797: Mary Wollstonecraft Shelley, who wrote Frankenstein at age 18, was the love child of two great English thinkers – William Godwin, a political philosopher, and Mary Wollstonecraft, author of the first feminist treatise, The Vindication of the Rights of Women.  Both decried the confinement of marriage, but married when Wollstonecraft became pregnant.  Eleven days after Mary’s birth, her mother died.  Her father raised her among the intellectual elite and she and her half sister Fanny once hid under a table to listen to Samuel Coleridge recite The Rime of the Ancient Mariner.

At 16, she et Percy Bysshe Shelley.  They declared their love, ran away to France, and later married.  Of her five pregnancies between the ages of 17 and  24, only 1 child survived.  She was widowed at 24 , when Percy drowned while sailing.  Although her husband had been an outspoken advocate of free love, it appears that Mary was devoted exclusively to him.  She never remarried, nor formed any lasting liaisons.  For the remainder of her life, she cared for her father and her son, wrote six more novels, and a body of criticism of Percy’s work.  Mary had her husband’s heart removed before his body was cremated on the shores of Italy, and she kept it with her until her death on February 1, 1851, at the age of 54.

The next iPhone could be just weeks away.  Apple is widely expected to unveil a new iPhone at a special event on September 12. These are the rumored upgrades it may have.

Stephen Colbert, Jimmy Fallon and Jimmy Kimmel come together for a strike-focused podcast.  Some of the biggest names in late-night TV are teaming up for a podcast while their shows remain on hold due to the ongoing writers’ strike.

3,000-year-old mummified bees are so well preserved, scientists can see the flowers the insects ate
The bees were preserved well enough for researchers to make out small features, like their legs and antennae. Read More.

Ancient Roman walls discovered in Swiss Alps are an ‘archaeological sensation’
Archaeologists have uncovered a large area of 2,000-year-old walls revealing an elite Roman population and trading network. Read More.

How old are the Egyptian pyramids?   And why did the ancient Egyptians build pyramids in the first place?  Full Story: Live Science (8/29)

PHOTOS OF THE DAY

New Delhi, India
A cut-out of a langur is tied to a fence alongside a road to deter monkeys before the G20 summit.  Photograph: Anushree Fadnavis/Reuters.

Oregon, US
The Umpqua River reflects smoke and heat from the Cougar Creek wildfire burning in the Tyee Ridge Complex in a rural area north-west of Roseburg. 183 people have been evacuated owing to the blazes that were started by a series of lighting strikes.  Photograph: Robin Loznak/Zuma Press Wire/Shutterstock

​​​​​​​Valencia, Spain
Revellers throw tomatoes at each other during the annual Tomatina (tomato fight fiesta) in the village of Bunol.  Photograph: Alberto Saiz/AP
Market Closes for August 30^th, 2023

Market Index	Close	Change
Dow Jones	34890.24	+37.57
		+0.11%
S&P 500	4514.87	+17.24
		+0.38%
NASDAQ	14019.31	+75.55
		+0.54%
TSX	20330.32	+39.91
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	32333.46	+106.49
		+0.33%
HANG SENG	18482.86	-1.17
		-0.01%
SENSEX	65087.25	+11.43
		+0.02%
FTSE 100*	7473.67	+8.68
		+0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.575	3.591
CND. 30 Year Bond	3.406	3.416
U.S.    10 Year Bond	4.1120	4.1139
U.S. 30 Year Bond	4.2229	4.2257

Currencies

BOC Close	Today	Previous
Canadian $	0.7390	0.7376
US $	1.3532	1.3557

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4780	0.6766
US $	1.0923	0.9155

Commodities

Gold	Close	Previous
London Gold Fix	1930.00	1915.50
Oil
WTI Crude Future	81.63	81.16

Market Commentary:
📈 On this day in 1930, Warren Edward Buffett was born in Omaha, Neb. His father, Howard, was a stockbroker and his mother, Leila, was a homemaker.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 39.91 to 20,330.32 in Toronto.
The index advanced to the highest closing level since Aug. 11.
Shopify Inc. contributed the most to the index gain, increasing 1.8%.
Tilray Brands Inc. had the largest increase, rising 10.5%.
Today, 119 of 227 shares rose, while 99 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index fell 1.4%
* The index advanced 4.2% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 2.5% below its 52-week high on Feb. 2, 2023 and 13.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.3% in the past 5 days and fell 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.4 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 11.34% compared with 11.46% in the previous session and the average of 10.89% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 19.9822| 0.6| 34/4
Information Technology | 17.6870| 1.2| 7/3
Industrials | 11.3097| 0.4| 14/11
Financials | 4.4758| 0.1| 20/9
Health Care | 1.3962| 2.3| 3/1
Real Estate | 0.1762| 0.0| 14/7
Consumer Discretionary | -0.5008| -0.1| 7/7
Consumer Staples | -1.8750| -0.2| 3/8
Communication Services | -2.1855| -0.3| 0/4
Materials | -3.8836| -0.2| 16/31
Utilities | -6.6697| -0.8| 1/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 12.0900| 1.8| 17.1| 72.8
Bank of Montreal | 6.9390| 1.2| -29.7| -5.7
Canadian Pacific Kansas | 6.4510| 0.9| 19.8| 7.4
Quebecor | -1.1100| -3.2| 17.0| 3.0
Waste Connections | -2.2170| -0.7| -28.9| 4.4
National Bank of Canada | -9.2890| -3.9| 178.3| 5.8
US
By Rita Nazareth
(Bloomberg) — Stocks rose for a fourth straight day as another batch of economic reports pointed to moderation, cementing bets the Federal Reserve is approaching the end of its interest-rate hikes.
The S&P 500 topped 4,500.Apple Inc. led gains in mega-caps, while regional banks fell. Bloomberg News reported the Fed issued a slew of private warnings to lenders with assets between $100 billion and $250 billion in a bid to tighten supervision.
Treasury yields edged lower.
Swap contracts priced in less than a 50% chance of another quarter-point US rate increase this year.
“Investors are reacting with a ‘bad news is good news’ approach, betting that a slowing economy will lead to a less aggressive Federal Reserve,” said Mark Hackett, chief of
investment research at Nationwide. “This has calmed investors, but adds an element of risk if the pendulum continues to swing, as an earnings recovery is critical for a continued strong market.”
The Citigroup Economic Surprise Index for the US extended its plunge below 50 after topping 80 earlier this month, showing recent reports have been worse than analysts had forecast.
That means economists have “adjusted expectations to reality” — and upward surprises are becoming more difficult, Hackett noted.
US gross domestic product rose at a revised 2.1% annualized pace in the second quarter — below the government’s previous estimate — amid a more moderate business investment.
American companies added the fewest jobs in five months, according to figures published by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. Pending-home sales unexpectedly rose.
“The reality of the current state of the economy is likely in the middle,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “To the extent that investors view any signs that the economy is moving into a ‘not too hot, not too cold’ phase that could bring an end to Fed tightening, it could be viewed as a positive, at least briefly.”
Elsewhere, the euro rose as inflation slowed less than expected in Germany and quickened in Spain, offering European Central Bank officials a partial picture of the region’s price pressures as they judge whether to raise interest rates again.
Oil edged up as the market took a substantial drop in US crude stockpiles in stride.

Corporate Highlights:
* A Tesla Inc. plan to purchase hard-to-get construction materials is being investigated by US prosecutors, who are looking at whether the project was an appropriate use of company funds. The shares halted a three-day advance.
* Apple is testing the use of 3D printers to produce the steel chassis used by some of its upcoming smartwatches, according to people with knowledge of the matter, heralding a major change to how the company manufactures products.
* Visa Inc. and Mastercard Inc. rose on plans planning to boost the fees that many retailers pay when accepting customers’ credit and debit cards.
* HP Inc. sank after cutting its profit outlook and acknowledging that a rebound in personal-computer demand isn’t coming as quickly as hoped.
* American Airlines Group Inc. flight attendants gave their union leaders approval to trigger a strike if the labor group is eventually allowed to end contract negotiations under federal labor law. The shares retreated.
Key events this week:
* China manufacturing PMI, non-manufacturing PMI, Thursday
* Japan industrial production, retail sales, Thursday
* Eurozone CPI, unemployment, Thursday
* ECB publishes account of July monetary policy meeting, Thursday
* US personal spending and income, initial jobless claims, Thursday
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event, Friday
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.4% to $1.0922
* The British pound rose 0.6% to $1.2717
* The Japanese yen fell 0.3% to 146.26 per dollar
Cryptocurrencies
* Bitcoin fell 1.4% to $27,192.53
* Ether fell 1.4% to $1,702.19
Bonds
* The yield on 10-year Treasuries was little changed at 4.12%
* Germany’s 10-year yield advanced four basis points to 2.54%
* Britain’s 10-year yield was little changed at 4.42%
Commodities
* West Texas Intermediate crude rose 0.7% to $81.71 a barrel
* Gold futures rose 0.3% to $1,971.60 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Always bear in mind that your own resolution to success is more important than any other one thing. –Abraham Lincoln, 1809-1865.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

On this day in 2005, Hurricane Katrina struck the U.S. Gulf Coast and devastated the area, especially New Orleans, which experienced catastrophic flooding after its levees were breached the following day.  Go to article >>

August 29, 1957: The Soviet Union conducts its first successful test of an intercontinental ballistic missile (ICBM), signaling a new era in warfare.

8-year-old unearths Roman-era silver coin in school sandbox
A young boy in Germany discovered a silver coin dating to the ancient Roman Empire. Read More.

‘Power naps’ improve memory and lower heart disease risk, but long naps can have drawbacks.  Short naps at the right time of day can boost focus, help solidify memories and potentially improve heart health.
Full Story: Live Science (8/28)

India’s 1st mission to study the sun launches Sept. 2
The Aditya-1 solar mission launches hot on the heels of India’s first moon landing. Read More.

Google Flights reveals the most-searched winter holiday spots:  Looking to avoid big crowds this holiday season? Travelers are flocking to these warm getaway spots and big cities, according to Google Flights.

Amazon raises free shipping minimum for some customers:  To qualify for free shipping, non-Prime members typically have to make a purchase over $25. This week, the e-commerce giant bumped that minimum up to $35.

Move over Wordle, the New York Times might have found its next hit puzzle game:  This new game may have what it takes to be the Times’ next viral sensation.

PHOTOS OF THE DAY

Encinitas, US
Surfers flip off a wave during high tide along the beach in California.  Photograph: Mike Blake/Reuters

Edinburgh, Scotland
The Monarch of the Glen painting by Edwin Landseer is moved to its new home at the National Gallery of Scotland, with only one month to go until the opening of the new Scottish galleries at the National in Edinburgh on 30 September.  Photograph: Jane Barlow/PA

​​​​​​​The Channel
A group of people, thought to be migrants, crossing the Channel in a small boat traveling from the coast of France and heading in the direction of Dover, Kent
Photograph: Gareth Fuller/PA
Market Closes for August 29^th, 2023

Market Index	Close	Change
Dow Jones	34852.67	+292.69
		+0.85%
S&P 500	4497.63	+64.32
		+1.45%
NASDAQ	13943.76	+238.63
		+1.74%
TSX	20290.41	+265.27
		+1.32%

International Markets

Market Index	Close	Change
NIKKEI	32226.97	+56.98
		+0.18%
HANG SENG	18484.03	+353.29
		+1.95%
SENSEX	65075.82	+79.22
		+0.12%
FTSE 100*	7464.99	+126.41
		+1.72%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.591	3.678
CND. 30 Year Bond	3.416	3.485
U.S.    10 Year Bond	4.1139	4.2059
U.S. 30 Year Bond	4.2257	4.2784

Currencies

BOC Close	Today	Previous
Canadian $	0.7376	0.7353
US $	1.3557	1.3600

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4749	0.6780
US $	1.0879	0.9192

Commodities

Gold	Close	Previous
London Gold Fix	1915.50	1915.50
Oil
WTI Crude Future	81.16	80.10

Market Commentary:
📈 On this day in 1885: Gottlieb Daimler registered an early motorcycle design, or “Reitwagen,” for a German patent.  It had a wooden chassis and gasoline-powered internal-combustion engine, and was recognized as the first mechanized vehicle for personal transport
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.3%, or 265.27 to 20,290.41 in Toronto.
The move was the biggest since rising 1.8% on June 2.
Today, financials stocks led the market higher, as all sectors gained; 213 of 227 shares rose, while 11 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.1%.
Nuvei Corp. had the largest increase, rising 7.2%.
Insights
* In the past year, the index had a similar or greater gain 12 times. The next day, it advanced seven times for an average 0.9% and declined five times for an average 1%
* This month, the index fell 1.6%
* The index advanced 2.3% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Feb. 2, 2023 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3% in the past 5 days and fell 1.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.2 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility rose to 11.46% compared with 10.95% in the previous session and the average of 10.87% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 73.5782| 1.2| 28/1
Energy | 45.6723| 1.3| 32/6
Materials | 40.1525| 1.7| 50/0
Information Technology | 36.7797| 2.5| 11/0
Industrials | 21.8055| 0.8| 24/1
Consumer Staples | 13.3147| 1.6| 11/0
Consumer Discretionary | 13.1359| 1.8| 14/0
Communication Services | 9.0484| 1.1| 5/0
Utilities | 5.8513| 0.7| 15/1
Real Estate | 5.3795| 1.1| 20/1
Health Care | 0.5574| 0.9| 3/1
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 26.2800| 4.1| 27.2| 69.7
TD Bank | 15.6300| 1.5| -4.0| -5.0
Canadian Natural Resources | 14.9700| 2.3| 2.7| 15.5
GFL Environmental | -0.3990| -0.6| -21.0| 11.2
Cameco | -0.8180| -0.5| -38.3| 61.4
Fairfax Financial | -1.6800| -0.9| 25.5| 39.7
US
By Rita Nazareth
(Bloomberg) — Stocks climbed the most since June, while bond yields retreated after economic reports bolstered speculation the Federal Reserve is getting closer to wrapping up its aggressive tightening campaign.
Nearly 90% of the S&P 500 companies rose as the gauge closed just shy of 4,500.
A rally in mega-caps like Tesla Inc. and Nvidia Corp. sent the Nasdaq 100 up 2%.
Treasury two-year yields sank 17 basis points to around 4.9%.
The crypto space saw gains across the board as a US court ruling paved the way for the first Bitcoin exchange-traded fund.
The world’s largest digital token jumped 7%, Coinbase Global Inc. led the industry’s shares higher while the Grayscale Bitcoin Trust soared 17%.
Swap contracts showed lower wagers on a Fed hike in 2023 and a greater chance of a policy pivot in the first half of 2024.
Traders are currently pricing in a 56% probability of a quarter-point rate increase in November — down from 75% earlier Tuesday.
They also brought forward bets on the expected start of rate cuts to June from July of next year.
US job openings fell by more than expected to 8.83 million — a more than two-year low — offering fresh evidence that labor demand is slowing down.
Separate data showed consumer confidence dropped amid souring views on jobs, higher borrowing costs and lingering inflation.
“The Fed reiterated its commitment to be data-dependent, and with reports like this, the Fed can most likely keep rates unchanged in September,” said Jeffrey Roach, chief economist at LPL Financial. “Investors should expect a softening labor report this Friday, further cementing the thesis that the Fed is getting close to finishing its tightening cycle.”
From the Fed’s perspective, the week is off to a promising  start — with the Job Openings and Labor Turnover Survey much weaker than expected, alongside downward revisions.
Further softness over the next few months looks “plausible,” and that could lead to a cooler labor market and sustainably lower wage growth, according to Craig Erlam, senior market analyst at Oanda.
“Today’s JOLTS report was an answer to the Fed’s prayers,” offering more evidence of a “cooling economy,” said Ronald Temple, chief market strategist at Lazard.
Traders will get more clues on the health of the labor market with Wednesday’s reading on private payrolls and Thursday’s jobless claims figures.
The data will precede Friday’s government report, which is forecast to show employers boosted their payrolls by 170,000 in August, while the unemployment rate held at a historically low 3.5%.
Corporate Highlights:
* Regional banks rose even after US regulators unveiled a proposal to boost oversight of midsize lenders and require them to be better prepared for potential failures.
* Apple Inc. has set Sept. 12 as the date for its biggest product-upgrade event of the year, when it’s set to unveil the iPhone 15 line and next-generation smartwatches.
* Tesla Inc. is facing increased scrutiny from federal regulators over its driver-assistance system known as Autopilot,  with investigators demanding to know if the electric carmaker has made it easier for drivers to take their hands off the wheel.
* A gauge of US-listed Chinese stocks rallied as Bloomberg News reported that the nation’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world’s second-largest economy.
* Best Buy Co. climbed after executives said that a painful sales slump in consumer electronics and household appliances is showing signs of easing.
* Pharmaceutical giants spanning Bristol-Myers Squibb Co. to Johnson & Johnson and Eli Lilly & Co. are the first targets of President Joe Biden’s historic foray into bargaining with drugmakers to lower the cost of medicine.
Key events this week:
* Eurozone economic confidence, consumer confidence, Wednesday
* US GDP, wholesale inventories, pending home sales, Wednesday
* China manufacturing PMI, non-manufacturing PMI, Thursday
* Japan industrial production, retail sales, Thursday
* Eurozone CPI, unemployment, Thursday
* ECB publishes account of July monetary policy meeting, Thursday
* US personal spending and income, initial jobless claims, Thursday
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event, Friday
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0884
* The British pound rose 0.4% to $1.2650
* The Japanese yen rose 0.5% to 145.82 per dollar
Cryptocurrencies
* Bitcoin rose 7.2% to $27,853.79
* Ether rose 5.5% to $1,736.96
Bonds
* The yield on 10-year Treasuries declined nine basis points to 4.11%
* Germany’s 10-year yield declined five basis points to 2.51%
* Britain’s 10-year yield declined two basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 1.4% to $81.23 a barrel
* Gold futures rose 1% to $1,966 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller and Robert Brand.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
There is no more important lesson to be learned or habit to be formed than that of right judgment
and of delighting in good characters and noble actions. –Aristotle, 384 BC-322 BC.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.
It’s the 60th anniversary of the historic March On Washington for Jobs and Freedom — best remembered today for Dr. Martin Luther King Jr.’s iconic “I Have a Dream” speech.
On Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream”
speech in front of the Lincoln Memorial. Go to article >>

“In the end, we will remember not the words of our enemies, but he silence of our friends.” -Martin Luther King Jr., 1929-1968.

Baby sun-like star caught spewing out gamma-rays in cosmic ‘tantrum’ for the 1st time ever
The discovery represents the first evidence that low-mass T.Tauri stars, which are less than 10 million years old, can emit gamma radiation.  Read More.

Deformed skulls and ritual beheadings found at Maya pyramid in Mexico
Archaeologists announced that some individuals buried at a Maya pyramid more than 1,000 years ago had deformed skulls and had been killed in ritual beheadings.  Read More.

Did the Tonga eruption cause this year’s extreme heat?
The 2022 Hunga Tonga-Hunga Ha’apai volcano eruption may have contributed to this year’s heat, but it’s not causing climate change.  Read More.

Americans are being asked to tip more often, but is it really required?  Eateries and businesses are upping the pressure to tip at computer check-out screens. Listen to an etiquette expert explain when you should tip — and when you can skip.

How Starbucks created its own language for ordering coffee.  Short, tall, venti, grande or trenta? Learn why Starbucks adopted terms commonly associated with Italian coffee bars.

Do you have ‘gymtimidation’?  You head to the gym, and suddenly you’re anxious. These feelings, dubbed “gymtimidation,” can prevent you from achieving your goals. Here’s how to alleviate your fears.

Viktor Hovland wins PGA Tour finale.  Congratulations are in order for this 25-year-old pro golfer who claimed an $18 million prize on Sunday.

Simone Biles makes history.  The decorated gymnast won a record eighth all-around national title with a strong performance Sunday at the US Gymnastics Championships.

PHOTOS OF THE DAY

Edinburgh, Scotland
Earl Stephens (who has the Nisga’a cultural name Chief Ni’is Joohl) and Pamela Brown join delegates from the Nisga’a nation at the National Museum of Scotland ahead of the return of an 11-metre tall memorial pole to what is now British Columbia.  Photograph: Andrew Milligan/PA

Kandahar Province, Afghanistan
A farmer dries figs at a house in the Shah Wali Kot district Photograph: Sanaullah Seiam/AFP/Getty Images.

Rostov region, Russia
A Cossack slashes a watermelon with a sabre during a sabre-cutting competition in the village of Novosvetlovsky.  hotograph: AFP/Getty Images
Market Closes for August 28^th, 2023

Market Index	Close	Change
Dow Jones	34559.98	+213.08
		+0.62%
S&P 500	4433.31	+27.60
		+0.63%
NASDAQ	13705.13	+114.48
		+0.84%
TSX	20025.14	+189.39
		+0.95%

International Markets

Market Index	Close	Change
NIKKEI	32169.99	+545.71
		+1.73%
HANG SENG	18130.74	+174.36
		+0.97%
SENSEX	64996.60	+110.09
		+0.17%
FTSE 100*	7338.58	+4.95
		+0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.678	3.702
CND. 30 Year Bond	3.485	3.503
U.S.    10 Year Bond	4.2059	4.2314
U.S. 30 Year Bond	4.2784	4.2793

Currencies

BOC Close	Today	Previous
Canadian $	0.7353	0.7350
US $	1.3600	1.3605

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4712	0.6797
US $	1.0817	0.9245

Commodities

Gold	Close	Previous
London Gold Fix	1915.50	1917.05
Oil
WTI Crude Future	80.10	80.48

Market Commentary:
📈 On this day in 2000: The New York Stock Exchange began trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8th of a dollar. The first stocks to adopt decimal pricing included Anadarko Petroleum and FedEx.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1%, or 189.39 to 20,025.14 in Toronto.
The index advanced to the highest closing level since Aug. 14.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.1%.
Novagold Resources Inc. had the largest increase, rising 6.5%.
Today, 192 of 227 shares rose, while 33 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index fell 2.9%
* The index advanced 0.8% in the past 52 weeks. The MSCI AC Americas Index gained 8.4% in the same period
* The S&P/TSX Composite is 3.9% below its 52-week high on Feb. 2, 2023 and 12% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.2% in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.1 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility rose to 10.95% compared with 10.52% in the previous session and the average of 10.83% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 65.6600| 1.1| 23/5
Materials | 49.0741| 2.1| 50/0
Energy | 42.0972| 1.2| 37/3
Communication Services | 13.2335| 1.7| 5/0
Information Technology | 12.2547| 0.8| 9/2
Real Estate | 5.7568| 1.2| 21/0
Industrials | 3.2513| 0.1| 15/10
Utilities | 2.4207| 0.3| 14/2
Consumer Discretionary | 1.7023| 0.2| 10/4
Health Care | 0.2523| 0.4| 4/0
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 21.2700| 2.1| 1.4| -6.4
Canadian Natural Resources | 15.7300| 2.5| 61.1| 12.9
RBC | 9.7340| 0.8| -58.5| -4.1
Intact Financial | -1.2270| -0.5| 50.3| -0.6
Canadian National | -1.2940| -0.2| 69.4| -5.1
Couche-Tard | -6.6110| -1.8| -21.5| 17.7
US
By Rita Nazareth
(Bloomberg) — Stocks rose and bond yields fell at the start of a week full of economic data that will help shape the outlook for Federal Reserve policy.
In a reasonably quiet trading session, the S&P 500 hovered near 4,400.
3M Co. rallied as Bloomberg News reported a tentative agreement to pay over $5.5 billion to resolve lawsuits claiming it sold defective combat earplugs.
Nvidia Corp. led gains in mega-caps.
Auctions of two- and five-year Treasuries drew the highest yields since before the 2008 financial crisis.
August’s risk-off mood showed some signs of abating, but the US equity benchmark is still poised for its worst month of 2023 after a higher-for-longer rates narrative took hold.
Fed Chair Jerome Powell stuck to the script in his Jackson Hole speech Friday, saying officials are “prepared to raise rates further if appropriate,” while stressing the central bank would “proceed carefully” — guided by economic data.
Traders want to see economic figures that suggest activity is slowing enough to keep further rate hikes at bay, but not too slow to indicate the US is headed for a recession, according to Anthony Saglimbene, chief market strategist at Ameriprise.
Given that the earnings season is in the rearview mirror, and the next Fed gathering is weeks away, incoming data will likely take center stage for a while, he added.
“This week is important because it has the chance to either reinforce the ‘soft/no landing’ and ‘disinflation’ pillars of the rally, or potentially undermine them,” said Tom Essaye, founder of The Sevens Report newsletter. “The former will likely result in a reflex rally, while the latter could open up a sharp drop in stocks. We’ll be watching closely.”
Employment growth in the US probably cooled and wage increases moderated, suggesting a further tempering of inflation risks that reduces the urgency for another rate hike.
Other labor-market figures are seen showing fewer job openings than a month earlier, indicating supply and demand are coming into better balance.
Fed officials will also get a fresh read on  their preferred inflation gauge — the personal consumption expenditures price index minus food and energy.
There’s enough ambiguity about the recent strength of jobs, wage, and inflation data to keep the Fed on hold in September, according to Seema Shah, chief global strategist at Principal Asset Management.
By November, the economy should be showing clearer signs of softening, she added.
“Our expectation is that Fed policy rates have now peaked,” Shah noted. “Of course, the Fed will need to remain alert to inflation pressures — as long as economic growth is strong, a resurgence in inflation is a risk. As such, the first Fed rate cut will likely only come in late 2Q 2024.”
Chart watchers looking for clues about the stock market’s next direction have a few key levels to monitor.
Mark Newton at Fundstrat Global Advisors has his eyes on 4,440 for the S&P 500.
That level lies near a 38.2% Fibonacci retracement — and as such it marks a key hurdle for the index to clear in order to continue the rebound.
Meantime, the gauge’s companies are now evenly split, with half above and half below their 200-day moving-average lines.
That’s a departure from late July, when two-third of the members traded above those levels.
The equity market’s pullback in August was a healthy realignment as sentiment had previously been “overly optimistic” about Fed policy and corporate earnings, according to Rod von Lipsey, managing director at UBS Private Wealth Management.
“Our base case is that most of the stock market’s gains look to be in the books for the year,” he added. “Because of this, bonds are our preferred asset class, since slower economic growth and higher-for-longer rates should be favorable for bond yields, which are currently at very attractive levels.”
Western Asset Management also says bonds are set to outperform due to attractive yields, while JPMorgan Chase & Co. is keeping its bullish bets on fixed income despite Powell’s warning at Jackson Hole Friday.
Even fresh Fed hikes won’t deliver bond losses steep enough to outweigh the income from the highest yields since 2007, the bulls argue.
Treasuries will beat US stocks over the next month, according to 58% of respondents in the latest MLIV Pulse survey.
Yet history shows a different picture.
Looking back 20 years, equities did better than bonds 12 times during the month of September.
In addition to the current allure of Treasury yields, some traders see seasonality as another reason leading to consolidation in the equity market.
Since 1945, the S&P 500 posted the worst average return in September, according to Sam Stovall, chief investment strategist at CFRA.
With an only 44% frequency of gains, it was the only month to see the gauge decline more frequently than it rose, he noted.

Corporate Highlights:
* A gauge of US-listed Chinese stocks climbed as the Asian nation took steps to lure investors back to its market.
* American Airlines Group Inc. was ordered to pay a $4.1 million fine, the largest such penalty to date, for allowing aircraft to sit on the ground for three hours or more without giving passengers a chance to exit.
* PG&E Corp. said it will likely have to cut power in some parts of Northern California on Wednesday due to a forecast of high winds and dry conditions.
* Hawaiian Electric Industries Inc. soared after the utility pushed back against a lawsuit filed by Maui County that accused the company of starting the deadly Lahaina fire, suggesting that county’s fire department may be responsible for losing control of the blaze.
* Danaher Corp. said it will acquire Abcam Plc in a deal worth $5.7 billion, beating out rivals in a race to acquire the UK-based maker of supplies for the life-sciences industry whose technologies are used by thousands of researchers.
* CrowdStrike Holdings Inc. fell as Morgan Stanley downgraded the software company to equal-weight from overweight ahead of its results.
* Novocure Ltd. sank after the company said a late-stage trial of its ovarian cancer drug did not meet its primary endpoint of overall survival at the final analysis.
Key events this week:
* US Conference Board consumer confidence, Tuesday
* Eurozone economic confidence, consumer confidence, Wednesday
* US GDP, wholesale inventories, pending home sales, Wednesday
* China manufacturing PMI, non-manufacturing PMI, Thursday
* Japan industrial production, retail sales, Thursday
* Eurozone CPI, unemployment, Thursday
* ECB publishes account of July monetary policy meeting, Thursday
* US personal spending and income, initial jobless claims, Thursday
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event, Friday.
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0818
* The British pound rose 0.2% to $1.2604
* The Japanese yen was little changed at 146.51 per dollar
Cryptocurrencies
* Bitcoin fell 0.4% to $25,977.81
* Ether fell 0.5% to $1,645.73
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.20%
* Germany’s 10-year yield was little changed at 2.56%
* Britain’s 10-year yield advanced two basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 0.4% to $80.12 a barrel
* Gold futures rose 0.4% to $1,947.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Isabelle Lee, Vildana Hajric and Elena Popina.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The way to fame goes through the palaces, the way to happiness goes through the markets,
the way to virtue goes though the deserts. –Chinese Proverb.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.
On Aug. 25, 1944, Paris was liberated by Allied forces after four years of Nazi occupation.  Go to article >>

August 25, 1958: Momofuku Ando markets the first package of precooked instant noodles (Chikin Ramen).

1939: Wizard of Oz released.

Leonard Bernstein, composer, b.  1918.
Claudia Schiffer, model, b. 1970.
Elvis Costell0, b.1954.

Rare ‘blue supermoon’ – the biggest and brightest full moon of the year – rises Aug. 30.
The closest, brightest full moon of 2023 is also the second full moon in August. Here’s how to see it. Read More.

Fukushima nuclear power plant is now pumping wastewater into the Pacific Ocean
The International Atomic Energy Agency has said the release meets international safety standards with a “negligible radiological impact.” Read More.

Mass die-off strikes endangered emperor penguin chicks across 4 of 5 West Antarctica colonies
Out of five known emperor penguin colonies in the Bellingshausen Sea region, four have failed to breed this year as chicks likely drowned in the melting sea ice. Read More.

A ‘forgotten’ Winnie the Pooh sketch sat in a drawer for years. Now it could be worth thousands.  An original drawing of the Disney character which languished for decades in a drawer could fetch nearly $40,000 at auction next month.

It’s not pumpkin you’re tasting in your pumpkin spice latte.  Pumpkin spice blend is actually a simple combination of cinnamon, ginger, nutmeg, allspice and cloves. Check out these fall-favorite dishes that call for real pumpkin.

PHOTOS OF THE DAY

​​​​​​​Espirito Santo state, Brazil
A mother humpback whale and calf are seen next to a boat used by scientists from Jubarte Lab to monitor them on the coast of Vitoria.  Photograph: Carl de Souza/AFP/Getty Images

St Paul, Minnesota
Indigenous leaders and their water-protector allies set up an Occupy-style camp on the lawn of the Minnesota State Capitol building. They are protesting against the Canadian oil and gas transport company Enbridge, which is expanding the controversial Line 3 pipeline. The $9.3bn project will carry oil through treaty-protected tribal lands and through parts of the States watershed
Photograph: Pacific Press/LightRocket/Getty Images

The week in wildlife
A green turtle hatchling makes its way to the sea at the Akyatan lagoon in Turkey
Photograph: Anadolu Agency/Getty Images
Market Closes for August 25^th, 2023

Market Index	Close	Change
Dow Jones	34346.90	+247.48
		+0.73%
S&P 500	4405.71	+29.40
		+0.67%
NASDAQ	13590.65	+126.68
		+0.94%
TSX	19835.75	+59.92
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	31624.28	-662.93
		-2.05%
HANG SENG	17956.38	-255.79
		-1.40%
SENSEX	64886.51	-365.83
		-0.56%
FTSE 100*	7338.58	+4.95
		+0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.702	3.692
CND. 30 Year Bond	3.503	3.508
U.S.    10 Year Bond	4.2314	4.2372
U.S. 30 Year Bond	4.2793	4.3021

Currencies

BOC Close	Today	Previous
Canadian $	0.7350	0.7363
US $	1.3605	1.3581

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4691	0.6807
US $	1.0797	0.9262

Commodities

Gold	Close	Previous
London Gold Fix	1917.05	1916.65
Oil
WTI Crude Future	80.48	79.70

Market Commentary:
📈 On this day in 2000, an Internet Wire bulletin said the SEC was investigating Emulex’s accounting practices, promptly knocking billions off Emulex’s market value. The SEC later nailed a former Internet Wire employee, who was short-selling Emulex stock, for securities fraud.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 19,835.75 n Toronto.
The move follows the previous session’s decrease of 0.5%.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.6%.
BlackBerry Ltd. had the largest increase, rising 17.4%.
Today, 151 of 227 shares rose, while 74 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index fell 3.8%
* So far this week, the index was little changed
* The index declined 1.7% in the past 52 weeks. The MSCI AC Americas Index gained 4.2% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on Feb. 2, 2023 and 11% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility rose to 10.52% compared with 10.46% in the previous session and the average of 10.74% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 44.1421| 1.3| 39/1
Industrials | 20.1633| 0.7| 20/5
Information Technology | 12.1021| 0.8| 9/2
Consumer Staples | 5.8424| 0.7| 10/1
Real Estate | 3.3648| 0.7| 18/3
Consumer Discretionary | 1.6161| 0.2| 8/6
Communication Services | 1.3065| 0.2| 4/1
Health Care | 1.1453| 1.9| 4/0
Utilities | 0.5787| 0.1| 10/6
Materials | -7.7508| -0.3| 15/35
Financials | -22.5832| -0.4| 14/14
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 9.6700| 1.6| -32.0| 10.1
Enbridge | 5.8110| 0.9| -47.9| -11.5
Canadian National | 5.3410| 0.8| -18.4| -4.9
National Bank of Canada | -2.8840| -1.2| 5.2| 7.6
TD Bank | -3.8440| -0.4| 54.0| -8.3
RBC | -15.5700| -1.3| -46.9| -4.9
US
By Rita Nazareth
(Bloomberg) — Stocks rose as traders sifted through a raft of remarks from Federal Reserve speakers, with Jerome Powell saying officials “will proceed carefully” on whether to raise interest rates again, while signaling policy will remain tighter for longer.
The S&P 500 notched its best week since July.
The yield on 10-year Treasuries fluctuated near 4.2%.
The dollar was little changed.
The euro failed to gain traction after Christine Lagarde said the European Central Bank will set borrowing costs as high as needed and leave them there for as long as it takes to bring inflation back to its goal.
Powell cautioned that the process of bringing inflation back to its target “still has a long way to go.”
In a speech Friday at the US central bank’s annual conference in Jackson Hole, Wyoming, the Fed’s chief also suggested officials could hold rates steady in September, as investors expect.
“Powell, as has been the case for some time, didn’t offer markets anything revelatory today — which was likely the goal,” said Tom Garretson, senior portfolio strategist at RBC Wealth Management. “The market reaction looks consistent with the idea that the Fed is likely done raising rates over the near term, but still stands more than ready to do more if economic data dictates it.”
Fed Bank of Philadelphia President Patrick Harker signaled he favored holding rates at current levels to allow the effects of cumulative tightening to work through the system.
His Cleveland counterpart Loretta Mester noted that under-tightening interest rates would be “a worse mistake” than raising them too much.
Fed Bank of Chicago head Austan Goolsbee said the Fed is part of the way down the road to a soft landing.

More Comments on Jackson Hole:
* Neil Dutta at Renaissance Macro Research:  “I thought Powell has delivered a neutral speech. The Fed sees its monetary policy stance as restrictive and will take a more tempered approach to future meetings. Thus, I think it is quite likely that the Fed does not move in either September or November. If, and this is a big if, they deliver on the hike currently in the dots, it will be December.”
* Michael Feroli at JPMorgan:  “No alarms and no surprises. After these remarks we still think the Fed is on extended hold, though with a risk they hike next month if the data between now and Sept. 20 come in hot.”
* Ronald Temple at Lazard:  “Powell’s speech today should give investors confidence that rate hikes are likely over, absent an unexpected resurgence of inflation. The commentary was largely in line with
expectations. While noting that it will take time before the Fed can be certain inflation and expectations thereof are safely anchored at 2% and suggesting that there are situations that could trigger additional rate hikes, Powell was also careful not to signal imminent additional tightening measures.”
* David Russell at TradeStation:  “He gave some hope to the dovish side by acknowledging that current policy is restrictive and it may work further over time.  But he also threatened to drop the hammer
again if the economy and job market run too hot. We’ll be living number to number for a while here.”
* Steve Sosnick at Interactive Brokers:  “It’s what I expected – a reminder that since we’re above their inflation target, hikes remain on the table, and don’t expect cuts anytime soon. Not much new.”
* Chris Zaccarelli at Independent Advisor Alliance:  “As expected, the Fed chair preserved maximum flexibility by not saying whether the Fed was done raising rates or whether there was at least one more rate hike coming down the pike. We expect that if inflation continues on its current path, then the Fed will hold rates where they are and the economy will stay out of recession (at least for this year), the bull market will  resume, and we will end the year higher from here.”
* Gary Pzegeo at CIBC Private Wealth US:  “No real surprises from Jerome Powell today. It is a very different environment than a year ago when Powell saw a much larger disconnect between the Fed’s expectations and the bond markets’ pricing. Powell didn’t add much in the way of new information, but he did reiterate that the Fed will ‘keep at it until the job is done’.” 
* Ryan Detrick at Carson Group:  “Given the jump in yields lately, he wasn’t as hawkish as some had feared. Remember, last year he took out the bazooka and was way more hawkish than anyone expected, which saw heavy selling into October. This time he hit it more down the middle, with no major changes in future hikes a welcome sign.”
* Quincy Krosby at LPL Financial:  “Powell stands by his standard retort: inflation easing, but too soon to declare victory.”

Corporate Highlights
* Boeing Co. is preparing to restart delivery of 737 Max jets to China for the first time in four years, according to people familiar with the matter, a long-awaited breakthrough that would bolster the plane maker’s comeback from one of the worst crises in its history.
* Instacart has joined chip designer Arm Holdings Ltd. in moving ahead with an initial public offering, adding momentum to a return of high-profile listings.
* Rite Aid Corp. is preparing a Chapter 11 bankruptcy filing to restructure debts including opioid liabilities, according to people with knowledge of the matter.
* Marathon Petroleum Corp. is in the process of shutting the third largest oil refinery in the US after a blaze at a storage tank.
* Danaher Corp. has emerged as the leading bidder for biotechnology supplier Abcam Plc, according to people familiar with the matter.
* Affirm Holdings Inc. surged after reporting an increase in transactions on the buy now, pay later firm’s platforms as deals with new merchants helped offset challenges from rising interest rates.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0803
* The British pound was little changed at $1.2590
* The Japanese yen fell 0.4% to 146.38 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $25,956.64
* Ether fell 0.2% to $1,645.68
Bonds
* The yield on 10-year Treasuries was little changed at 4.23%
* Germany’s 10-year yield advanced five basis points to 2.56%
* Britain’s 10-year yield advanced two basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 1.2% to $80.03 a barrel
* Gold futures fell 0.3% to $1,942.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, Namitha Jagadeesh, Sagarika Jaisinghani, Emily Graffeo and Isabelle Lee.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Take care that no one hates you justly. –Publius Syrus, 85-45 BC.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

Today is Schäferlauf, Shepherd’s Race, in Germany.

August 24, 79: Mont Vesuvius erupts, burying the Roman cities of Pompeii and Herculaneum under volcanic ash and preserving them for centuries.

August 24, 1981: Mark David Chapman was sentenced in New York to 20 years to life in prison for the murder of rock musician John Lennon.Go to article >>

Tropical rainforests could get too hot for photosynthesis and die if climate crisis continues, scientists warn.
Data collected by the International Space Station has revealed a small fraction of leaves in the world’s tropical rainforests are already exceeding peak temperatures. Read More

Vast Gothic cemetery brimming with grave goods and ornate silver jewelry discovered in Poland
Goths living in northern Poland between the first and fifth centuries were talented silversmiths and produced jewelry that was as high-quality as items from the Roman Empire. Read More.

India lands on moon! Chandrayaan-3 becomes world’s 1st spacecraft to land near lunar south pole
India landed its Chandrayaan-3 spacecraft near the moon’s south pole yesterday (Aug. 23), making history for the nation and for lunar exploration in general. Read More.

The human Y chromosome has finally been fully sequenced, 20 years after the 1st draft
One of the smallest chromosomes in humans, the male sex chromosome is the final one to be fully sequenced. Read More.

‘Polar bear capital of the world’ soon to be overrun with record number of bears due to shifting sea ice
The Canadian town of Churchill has already had more than four times as many polar bear visitors this year compared with the same time last year, and many more could soon be on the way. Read More.
PHOTOS OF THE DAY

Ludwigsburg, Germany
A sculpture depicting Fred Flintstone at a pumpkin exhibition in the garden of Ludwigsburg Castle.  Photograph: Thomas Kienzle/AFP/Getty Images

Northumberland, UK
Holy Island causeway forms the final stretch of the King Charles III England coast path. The new stretch connects Bamburgh with the Scottish border, completing a continuous path between Bridlington in the East Riding of Yorkshire and the Scottish border, a distance of 245 miles (395km). It is the latest part of the 2,700-mile national trail to be opened and the longest section so far.
Photograph: Owen Humphreys/PA

British Columbia, Canada
Figurines among the ashes of a home after the Bush Creek wildfire destroyed dozens of homes and other buildings in Scotch Creek, Lee Creek and Celista in the North Shuswap Lake region.
Photograph: Jesse Winter/Reuters
Market Closes for August 24^th, 2023

Market Index	Close	Change
Dow Jones	34099.42	-373.56
		-1.08%
S&P 500	4376.31	-59.70
		-1.35%
NASDAQ	13463.97	-257.06
		-1.87%
TSX	19775.83	-103.96
		-0.52%

International Markets

Market Index	Close	Change
NIKKEI	32287.21	+276.95
		+0.87%
HANG SENG	18212.17	+366.25
		+2.05%
SENSEX	65252.34	-180.96
		-0.28%
FTSE 100*	7333.63	+13.10
		+0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.692	3.647
CND. 30 Year Bond	3.508	3.470
U.S.    10 Year Bond	4.2372	4.1918
U.S. 30 Year Bond	4.3021	4.2699

Currencies

BOC Close	Today	Previous
Canadian $	0.7363	0.7393
US $	1.3581	1.3526

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4686	0.6809
US $	1.0813	0.9248

Commodities

Gold	Close	Previous
London Gold Fix	1916.65	1892.75
Oil
WTI Crude Future	79.70	79.49

Market Commentary:
📈 On this day in 1927, Harry M. Markowitz was born in Chicago. Markowitz in the early 1950s devised the intricate mathematics that proved the value of diversification, laying the groundwork for modern portfolio theory. He shared the Nobel Prize in economics in 1990 for his work.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.5% at 19,775.83 in Toronto.
The move was the biggest since falling 1.9% on Aug. 15 and follows the previous session’s increase of 1%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.2%.
Tilray Brands Inc. had the largest drop, falling 9.2%.
Today, 162 of 227 shares fell, while 59 rose; 9 of 11 sectors were lower, led by energy stocks.
Insights
* This month, the index fell 4.1%
* So far this week, the index was little changed
* The index declined 1.2% in the past 52 weeks. The MSCI AC Americas Index gained 5% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on Feb. 2, 2023 and 10.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 3.9% in the past 30 days
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 10.46% compared with 10.88% in the previous session and the average of 10.72% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -31.9866| -0.9| 4/36
Industrials | -25.3998| -0.9| 6/20
Information Technology | -24.0373| -1.6| 2/9
Materials | -14.7525| -0.6| 14/33
Financials | -12.7271| -0.2| 11/18
Consumer Discretionary | -7.6952| -1.1| 0/13
Utilities | -3.1218| -0.4| 4/11
Real Estate | -2.9441| -0.6| 3/18
Health Care | -1.7373| -2.9| 0/4
Consumer Staples | 7.8958| 0.9| 10/0
Communication Services | 12.5668| 1.7| 5/0
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -34.4700| -3.2| 59.2| -8.0
Shopify | -12.6800| -2.0| -22.5| 60.2
Canadian Natural Resources | -7.9050| -1.3| -16.1| 8.5
Couche-Tard | 6.3470| 1.7| 60.1| 19.1
BCE | 8.5560| 2.4| 124.9| -5.5
RBC | 22.9700| 2.0| -29.4| -3.7
US
By Rita Nazareth
(Bloomberg) — A rally in big tech fizzled out as bond yields rose, with traders wading through remarks from a slew of Federal Reserve officials and awaiting Jerome Powell’s speech on Friday for clues on the outlook for interest rates.
The S&P 500 dropped more than 1%, while the Nasdaq 100 fell twice as much.
Treasury two-year yields, which are more sensitive to imminent policy moves, hovered near 5%.
The mega-cap space came under pressure, with Tesla Inc. and Apple Inc. each dropping at least 2.6%.
Nvidia Corp., the company at the forefront of the artificial-intelligence race, almost wiped out a rally that topped 6%.
“It’s sort of like sell the news,” said Max Wasserman, founder of Miramar Capital. “Nvidia had great numbers, blow-away numbers, but the market already reflected that. Investors may be realizing that we’ve had such a big run in the market, so let’s take a little profit before the Fed throws cold water on it. And if it doesn’t, they’ll come right back in.”
Traders are keeping a close eye on the annual gathering of top central bankers in Jackson Hole, Wyoming — where Powell is scheduled to deliver a speech at 10:05 a.m. Washington time Friday.
The Fed chief will likely use his platform to outline how officials will assess whether rates should go higher and determine when it’s time to start cutting them.
A survey conducted by 22V Research shows that 78% of investors expect Powell to focus on data dependency.
The next most-popular choice was financial conditions, which received 12% of votes.
Only 21% of investors expect the market reaction to be “risk-off”, 43% bet it will be mixed or negligible and 37% are expecting a “risk-on” response.
“If Powell focuses on data dependency, that ought to help 10-year yields stabilize,” said Dennis DeBusschere, founder of the New York-based research firm.
That would also provide a “tailwind” to the growth-versus-value trade, he noted.

Another topic that has surfaced on Wall Street over the past few days is whether Powell will address the abstract, almost elusive number that many refer to as r-star.
That’s a sort of “goldilocks” rate that neither stimulates nor restricts economic growth.
Former Treasury Secretary Larry Summers and Bill Dudley, previously the New York Fed chief, are among those who have said markets are still underestimating the so-called neutral interest-rate.
Any hint at an upward revision would likely ripple across global markets, forcing a reevaluation on where the fair value for Treasury yields is likely to land.
Yet Krishna Guha at Evercore ISI said Powell will likely focus on the short-to-medium-term outlook — and avoid making a call on the r-star.
“Expect a balanced assessment with no abrupt hawkishness, but no ‘Mission Accomplished’,” Guha added. “The Fed has not come this far to let inflation slip out of its grasp.”
In the run-up to Powell’s address, Fed Bank of Boston President Susan Collins told Yahoo! Finance that rate increases may be necessary, adding that she wasn’t prepared to signal the peak point.
Meantime, her Philadelphia counterpart Patrick Harker sees interest rates on hold for the rest of this year, and thinks policymakers have likely undertaken sufficient tightening, telling CNBC that “we’ve probably done enough.”
Speaking earlier in an interview on Bloomberg Television, former St. Louis Fed President James Bullard said a pickup in economic activity this summer could delay plans for the Fed to wrap up interest-rate increases.

* Andrew Brenner, head of international fixed income at NatAlliance Securities:
“The question is whether we see the Powell ‘higher for longer’ or the Powell ‘being defensive on rate cuts’. Not sure how much there is of a difference, but markets will move in the direction that hurts the biggest positions.”
* Jose Torres, senior economist at Interactive Brokers:
“Market players are cautiously awaiting tomorrow’s Jackson Hole presentation, while praying that the event doesn’t act as a deja vu by sparking volatility. During last year’s Jackson Hole meeting, Powell increased his emphasis on fighting inflation and opined that below-trend economic growth is needed to curtail price gains. The presentation is clearly on everyone’s mind.  Excitement about Nvidia’s earnings quickly tilted to a focus on the potential of a hawkish Powell.”
* Max Wasserman, founder of Miramar Capital:
“Regardless of what the Fed says, we know they’re roughly at the eighth or ninth inning of a ball game in raising interest rates. They’re near the end of it. But when the market’s valued at this level, this richly, a little noise can knock something
down.”
* Jim Baird, chief investment officer at Plante Moran Financial Advisors:
“In the context of the Fed’s dual mandate, the combination of elevated inflation and full employment continues to justify a bias toward tight monetary policy. How tight is tight enough?  All eyes are now on Jackson Hole for greater clarity on that point.”
* John Vail, chief global strategist at Nikko Asset Management:
“I had thought Powell would be quite hawkish, but after the weak PMIs yesterday, he may be less so, but still will likely express concerns about inflation not falling fast enough and that the market should not expect any cuts through at least the first part of 2024.”

Corporate Highlights
* Boeing Co. and its biggest supplier, Spirit AeroSystems Holdings Inc., fell after the plane-maker disclosed improperly drilled holes in a component that helps maintain cabin pressure within the 737 Max jet.
* Snowflake Inc. sank after giving a sales outlook for the current quarter in line with expectations, suggesting that companies are still cautious about expanding their cloud software budgets.
* Dollar Tree Inc. slipped as its earnings forecast fell short of analyst estimates as the company contends with challenges such as higher wages and a less profitable sales mix, one year after introducing a higher price point.
* T-Mobile USA Inc. is cutting 7% of its staff, part of an effort to rein in costs as the company spends heavily to attract new subscribers in an increasingly competitive market.
Key events this week:
* Japan Tokyo CPI, Friday
* US University of Michigan consumer sentiment, Friday
* Fed Chair Jerome Powell, ECB President Christine Lagarde to address Jackson Hole conference, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.0805
* The British pound fell 1% to $1.2594
* The Japanese yen fell 0.7% to 145.86 per dollar
Cryptocurrencies
* Bitcoin fell 2.1% to $26,042.57
* Ether fell 2% to $1,650.27
Bonds
* The yield on 10-year Treasuries advanced five basis points to  4.2%
* Germany’s 10-year yield was little changed at 2.51%
* Britain’s 10-year yield declined four basis points to 4.43%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 0.1% to $1,945.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, John Viljoen, Namitha Jagadeesh, Sagarika Jaisinghani, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
Moral indignation is jealousy with a halo. –H.G. Wells, 1866-1946.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
August 23, 1949: The Soviet Union successfully detonates its first atomic bomb, becoming the second nuclear power in the world

2003: Former Roman Catholic priest John Geoghan, a convicted child molester, was killed by a fellow inmate in a Massachusetts prison.  Go to article >>

Newly discovered black hole ‘speed limit’ hints at new laws of physics
When supermassive black holes barrel toward collision, they can reach speeds of up to 1/10th the speed of light, new research suggests. Read More.

Europe’s oldest known village teetered on stilts over a Balkan lake 8,000 years ago
The village likely dates to the time of Europe’s first farmers, who arrived from Anatolia about 8,000 years ago. Read More.

Rare gold coins and cremated infants were possible sacrificial gifts to the ancient gods of Carthage.  Five gold coins unearthed from a temple in ancient Carthage depict the goddess Tanit and were likely left by wealthy worshippers alongside burials as an offering to deities.  Full Story: Live Science (8/22)

All of Neptune’s clouds have mysteriously disappeared, and the sun may be to blame
The disappearance of the gas giant’s clouds is tied to the sun’s 11-year cycle. Read More.

Why a vacation is good for you:  Science says a few idle days can give you a big mental boost — even before you take time off. Learn how vacations have direct benefits on your brain.

PHOTOS OF THE DAY

Durham, UK
People walk through a sunflower trail at East Grange Farm in Shincliffe.  Photograph: Owen Humphreys/PA

Narok county, Kenya
The Maa cultural festival inside the Maasai Mara national reserve.  Photograph: Thomas Mukoya/Reuters

Bursa, Turkey
Flamingos which have arrived at their wintering area of Bursa Kocaçay Delta after spending the summer in Italy’s Veneto region. Hundreds of flamingos fly along the Mediterranean coastline in flocks to return to their wintering areas.  Photograph: Anadolu Agency/Getty Images
Market Closes for August 23^rd, 2023

Market Index	Close	Change
Dow Jones	34472.98	+184.15
		+0.54%
S&P 500	4436.01	+48.46
		+1.10%
NASDAQ	13721.03	+215.16
		+1.59%
TSX	19879.79	+188.58
		+0.96%

International Markets

Market Index	Close	Change
NIKKEI	32010.26	+153.55
		+0.48%
HANG SENG	17845.92	+54.91
		+0.31%
SENSEX	65433.30	+213.27
		+0.33%
FTSE 100*	7320.53	+49.77
		+0.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.647	3.815
CND. 30 Year Bond	3.470	3.614
U.S.    10 Year Bond	4.1918	4.3281
U.S. 30 Year Bond	4.2699	4.4014

Currencies

BOC Close	Today	Previous
Canadian $	0.7393	0.7382
US $	1.3526	1.3546

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4693	0.6806
US $	1.0863	0.9205

Commodities

Gold	Close	Previous
London Gold Fix	1892.75	1889.85
Oil
WTI Crude Future	79.49	80.35

Market Commentary:
📈 On this day in 1976, Vanguard launched the first retail index fund, to howls of derision. “The name of the game is to do the best and I can’t conceive of investment managers not even trying to do better than average,” Fidelity’s chairman said.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1% at 19,879.79 in Toronto.
The move was the biggest gain since July 13 and follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain, increasing 5.0%.
Wesdome Gold Mines Ltd. had the largest increase, rising 7.2%.
Today, 178 of 227 shares rose, while 47 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 20 times.  The next day, it advanced 11 times for an average 0.7% and declined nine times for an average 0.8%
* This month, the index fell 3.6%
* The index declined 0.5% in the past 52 weeks. The MSCI AC Americas Index gained 6.8% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on Feb. 2, 2023 and 11.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 3.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.12t
* 30-day price volatility little changed to 10.88% compared with 10.88% in the previous session and the average of 10.73% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 60.1599| 1.0| 27/1
Information Technology | 47.8439| 3.3| 11/0
Materials | 40.5159| 1.7| 44/6
Industrials | 20.3983| 0.8| 20/6
Utilities | 9.7452| 1.2| 16/0
Real Estate | 7.8550| 1.7| 21/0
Consumer Staples | 7.6836| 0.9| 10/1
Consumer Discretionary | 6.0516| 0.8| 13/1
Communication Services | 2.0992| 0.3| 3/2
Health Care | 0.1213| 0.2| 2/2
Energy | -13.9119| -0.4| 11/28
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 30.4800| 5.0| -7.6| 63.4
TD Bank | 10.2500| 1.0| -16.0| -4.9
Constellation Software | 9.1710| 2.5| -8.6| 33.2
ARC Resources | -2.2250| -2.6| 8.9| 8.2
Cenovus Energy | -3.8420| -1.5| 1.0| -2.7
Canadian Natural Resources | -4.0680| -0.6| 34.0| 9.8
US
By Rita Nazareth
(Bloomberg) — Stocks climbed the most since June, while bond yields fell after economic reports in both the US and Europe fueled bets that major central banks will pause their interest-rate hikes to prevent a recession.
In late-trading, a $200 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) gained after Nvidia Corp.’s revenue forecast beat estimates.
Treasury two-year US yields, which are more sensitive to imminent policy moves, sank below 5% as data showed American business activity barely expanded on subdued customer demand.
The 10-year German rate also slid as a contraction of private-sector activity in the euro area intensified.
To Jennifer McKeown at Capital Economics, August’s flash Purchasing Managers’ indexes “strongly suggest that we are at or close to the peak in monetary tightening cycles.”
Another relevant economic signal came from the US mortgage industry, with applications for home purchases tumbling to an almost three-decade low.
Separate data showed new-home sales hit the highest in over a year — as a surge in mortgage rates kept inventory on the resale market extremely limited.
Traders also weighed a US government report saying that job growth in the year through March will probably be revised down by 306,000 — a smaller adjustment than some economists expected.
The advance in bonds Wednesday was also attributed to technical factors.
That’s after a Treasury selloff that recently drove 10-year yields to the highest since late 2007 on speculation that interest rates would remain elevated for longer to curb inflation — even if the Fed decides to pause its hiking campaign in September.
“The recent surge in bond yields has pushed up mortgage and corporate borrowing rates, contributed to the fall in stock prices, and generated upward pressures on the dollar,” said Krishna Guha, vice chairman at Evercore ISI. “The Fed will have to consider the tightening in financial conditions when setting rates in coming months, including the decision on whether to hike in September.”
The market is eagerly awaiting Jerome Powell’s speech Friday at the Kansas City Fed’s Jackson Hole Economic Policy Symposium for clues on the outlook for policy after officials last month lifted borrowing costs to the highest level in 22 years.
Until recently, the way forward had been clear: Keep raising interest rates to bring the fastest inflation in four decades under control.
Now, as inflation continues to cool, disagreements among policymakers are emerging over how much more work is left to do.
Powell will likely use his platform this week to outline how the Fed will assess whether rates should go higher and determine when it’s time to start cutting them.
Another event that will set the tone for markets is an assessment on the outlook for artificial intelligence and how that will shape stock-trader sentiment over the next few months.
That’s why the results from Nvidia, the company at the heart of the AI frenzy, are so relevant.
“There’s been an ongoing debate on whether Nvidia is even more important to the broad trajectory of markets than Fed Chair Powell’s comments from Jackson Hole on Friday,” said Quincy Krosby, chief global strategist at LPL Financial.
Investors also sifted through a batch of earnings from retailers.
Kohl’s Corp. and Urban Outfitters Inc. climbed on earnings that beat estimates while Abercrombie & Fitch Co. advanced after boosting its full-year outlook.
Foot Locker Inc. sank after cutting its full-year forecast and reporting results that fell short of Wall Street’s expectations amid concern over weakening spending patterns.

Corporate Highlights
* Esmark Inc. said it won’t make a takeover offer for US Steel Corp., citing the United Steelworkers’ support for a rival $7.25 billion bid from Cleveland-Cliffs Inc.
* WeWork Inc. is rounding up advisers for help with a restructuring as it struggles with a heavy debt load and poor financial performance, according to people with knowledge of the matter.
* Luxury builder Toll Brothers Inc. gained after reporting stronger-than-expected quarterly orders and raising its sales expectations as tight supplies of existing homes fueled demand for new ones.
* Advance Auto Parts Inc. climbed after naming a new chief executive officer and starting a strategic review of the business as it struggles to keep up with inflation.
* Grab Holdings Ltd. brought forward its profitability target after posting a narrower loss in the second quarter, buoyed by extensive cost cuts at the ride-hailing and food-delivery company. The shares rose.
* Peloton Interactive Inc. slumped after the fitness company gave a weak revenue forecast for the current quarter and said costs for a product recall were significantly more expensive than it anticipated.
* Mallinckrodt Plc plans to file bankruptcy for the second time in less than three years after battling business declines and struggling to keep up with payments on a $1.7 billion settlement resolving a wave of lawsuits accusing the drugmaker of fueling the US opioid epidemic.
Key events this week:
* US initial jobless claims, durable goods, Thursday
* Kansas City Fed’s annual economic policy symposium in Jackson Hole begins, Thursday
* Japan Tokyo CPI, Friday
* US University of Michigan consumer sentiment, Friday
* Fed Chair Jerome Powell, ECB President Christine Lagarde to address Jackson Hole conference, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.6%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.0863
* The British pound fell 0.1% to $1.2718
* The Japanese yen rose 0.7% to 144.87 per dollar
Cryptocurrencies
* Bitcoin rose 2.9% to $26,603.63
* Ether rose 3.4% to $1,685.8
Bonds
* The yield on 10-year Treasuries declined 14 basis points to 4.18%
* Germany’s 10-year yield declined 13 basis points to 2.52%
* Britain’s 10-year yield declined 18 basis points to 4.47%
Commodities
* West Texas Intermediate crude fell 1.3% to $78.62 a barrel
* Gold futures rose 1% to $1,945.90 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Namitha Jagadeesh, Sagarika Jaisinghani and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Sincerity is the single virtue that binds the divine and man in one. -Shinto teaching.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
August 22, 1485: The Battle of Bosworth Field takes place, marking the end of the Wars of the Roses and the beginning of the Tudor dynasty in England.
On August 22, 1902, President Theodore Roosevelt became the first United States chief executive to ride in an automobile in public.  Go to article >>
August 22,1942: Battle of Stalingrad.
Bill and Melinda Gates confirm on August 22, 1999 their intention to reorganize and expand philanthropic activities as the Bill & Melinda Gates Foundation, superseding two other Gates foundations. The new foundation by the Microsoft co-founder and his then-wife is the nation’s second largest, with an initial endowment of up to $17 billion. Within six months it becomes the richest with an additional $5 billion gift. (Compiled from HistoryLink.org).

Claude Debussy, composer, b. 1862.
Henri Cartier-Bresson, photographer, b.1908.

Can hot drinks help you cool down?
It may sound counterintuitive, but can a steaming drink cool you down on a scorching day?  Read More.

New ‘potentially interstellar’ comet will be visible to the naked eye next month before leaving our solar system forever.
Comet Nishimura has a hyperbolic orbit, which suggests that it may have come from outside the solar system and will likely be catapulted into interstellar space after sling-shotting around the sun. Read More.

Russia’s Luna-25 lander just crash-landed on the moon, space agency confirms.   Luna-25, Russia’s first moon mission in 47 years, was the vanguard of a planned series of lunar probes.
Full Story: Live Science (8/21)

Bizarre, alien-like creature discovered deep in Atlantic Ocean has 20 gangly arms.   The bizarre Antarctic feather star was once believed to be one species. Now, scientists have figured out that it’s actually eight.  Full Story: Live Science (8/18)

Millions in India cheer on teenage chess prodigy.  India is gripped today as an 18-year-old chess prodigy known as Pragg battles for the title of World Chess Champion.

Loch Ness monster fans prepare for biggest creature hunt in 50 years.  “Monster hunters” are planning a coordinated effort to scour the waters of Scotland in the hope of uncovering answers about the famed creature.

PHOTOS OF THE DAY

Svalbard and Jan Mayen, Norway
A view of waves from a porthole of the Norwegian-flagged research ship PolarXplorer.  Photograph: Anadolu Agency/Getty Image

Outer space
An image from the James Webb telescope shows the Ring Nebula in unprecedented detail.  Photograph: Shutterstock

Thrace, Greece
Firefighters and volunteers tackle a wildfire near the village of Palagia.  Photograph: Dimitris Alexoudis/EPA
Market Closes for August 22^nd, 2023

Market Index	Close	Change
Dow Jones	34288.83	-174.86
		-0.51%
S&P 500	4387.55	-12.22
		-0.28%
NASDAQ	13505.88	+8.29
		+0.06%
TSX	19691.21	-93.66
		-0.47%

International Markets

Market Index	Close	Change
NIKKEI	31856.71	+291.07
		+0.92%
HANG SENG	17791.01	+167.72
		+0.95%
SENSEX	65220.03	+3.94
		+0.01%
FTSE 100*	7270.76	+12.94
		+0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.815	3.777
CND. 30 Year Bond	3.614	3.592
U.S.    10 Year Bond	4.3281	4.3379
U.S. 30 Year Bond	4.4014	4.4465

Currencies

BOC Close	Today	Previous
Canadian $	0.7382	0.7384
US $	1.3546	1.3543

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4694	0.6805
US $	1.0846	0.9220

Commodities

Gold	Close	Previous
London Gold Fix	1889.85	1893.70
Oil
WTI Crude Future	80.35	80.72

Market Commentary:
📈 On this day in 1787: John Fitch launched the first successful steamboat run in U.S. waters. But he never got costs under control, so Robert Fulton—who launched his own steamboat 20 years later—is instead remembered as the father of the steamboat.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5%, or 93.66 to 19,691.21 in Toronto.
The index dropped to the lowest closing level since June 26.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.3%.
Lightspeed Commerce Inc. had the largest drop, falling 3.7%.
Today, 121 of 227 shares fell, while 103 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 4.5%
* The index declined 1.4% in the past 52 weeks. The MSCI AC Americas Index gained 5.4% in the same period
* The S&P/TSX Composite is 5.5% below its 52-week high on Feb. 2, 2023 and 10.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1% in the past 5 days and fell 4.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility rose to 10.88% compared with 10.84% in the previous session and the average of 10.72% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -70.3648| -1.2| 7/22
Energy | -20.6921| -0.6| 11/28
Consumer Staples | -5.6599| -0.7| 3/8
Communication Services | -3.7276| -0.5| 0/5
Industrials | -1.6033| -0.1| 16/10
Consumer Discretionary | -1.5493| -0.2| 7/7
Health Care | -0.6227| -1.0| 1/3
Real Estate | 0.1512| 0.0| 11/10
Utilities | 0.3366| 0.0| 7/9
Information Technology | 3.3694| 0.2| 8/3
Materials | 6.6984| 0.3| 32/16
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | -14.8900| -1.3| -7.1| -6.0
TD Bank | -12.6900| -1.2| 9.5| -5.8
Brookfield Corp | -9.2760| -2.1| 1.3| 2.1
Barrick Gold | 2.7030| 1.0| -30.5| -7.4
Franco-Nevada | 2.8470| 1.1| -0.9| 1.5
Teck Resources | 3.8210| 2.3| 38.2| 8.2
US
By Rita Nazareth
(Bloomberg) — Stocks failed to gain further traction a day after the rally in big tech, with traders bracing for Nvidia Corp.’s results — which are set to test Wall Street’s fervor around the artificial-intelligence hype.
The S&P 500 extended its August slide.
Banks dropped as S&P Global Ratings joined Moody’s Investors Service in cutting some US lenders amid a “tough” climate.
Macy’s Inc. sank 14% as credit-card delinquencies accelerated, raising a red flag about consumer health.
Nvidia fell 2.8% after touching an all-time high on the eve of its quarterly report.
The chipmaker’s earnings are seen by many as setting the tone for markets alongside Jerome Powell’s speech on Friday.
In a sign of how significant Nvidia’s results will be, the options market is bracing for a move of about 10% following the results.
With Nvidia accounting for over 3% of the S&P 500, the stock action will possibly have broader implications.
Of the 10 largest companies in the gauge, Nvidia is the only stock for
which the prices of call options — which are desirable if the stock goes up — are higher than put options, according to data from Nations Indexes.
The recent rally in mega-caps gave tech bulls some reasons to be encouraged about the group ahead of the seasonally  challenging September/October timeframe, but it also put a lot of pressure on Nvidia to come through with an exceptional earnings report, said Matt Maley at Miller Tabak + Co.
“The expectations are getting extremely high,” Maley noted.  “This does not mean that their earnings report will not be the catalyst for a nice push higher for the tech stocks once again, but the higher the expectations get, the tougher they become to be exceeded. With the continued rise in bond yields, it is going to be essential for Nvidia to report spectacular earnings and guidance again if this correction in the tech sector is going to come to an end any time soon.”
Analysts are predicting that second-quarter revenue may exceed the forecast that Nvidia gave three months ago.
That prediction was far better than expected at the time — helping propel the chipmaker’s market value above $1 trillion.
The only limit to the growth may be whether the giant chipmaker was able to get enough supply to meet seemingly insatiable demand for AI data-center gear.
Nvidia shares have more than tripled in 2023, leading gains in the S&P 500, which has risen 15%.
The Philadelphia Semiconductor Index has rallied 40% in the span.
Action in the Treasury market subsided on Tuesday, with 10-year rates little changed.
Benchmark yields hit an almost 16-year high Monday as the resilient economy has investors positioning for the Federal Reserve to keep borrowing costs elevated.
The surge in US yields has been the primary reason stocks have declined over the past several weeks, with investors “pushing out” the date of expected rate cuts as they begin to accept the Fed may keep rates “higher for longer,” according to Tom Essaye, founder of “The Sevens Report” newsletter.
“It’s not the height of rates that matters as much as how long they stay high,” Essaye noted. “If we see Powell hint at higher for longer on Friday, we will need to brace for more equity market volatility.”
To Alex Coffey at TD Ameritrade, while we may have seen the last rate hike of the current tightening cycle, that doesn’t mean we’re soon going to see cuts — and it “doesn’t necessarily mean that Jerome Powell is going to say it.”
Powell is set to speak Friday at the Kansas City Fed’s Jackson Hole Economic Policy Symposium.
Investors will look to the highly anticipated speech for clues on the outlook for interest rates, which the Fed last month lifted to a range of 5.25% to 5.5%, the highest level in 22 years.
There may be some conversation about the neutral interest-rate — or r-star — which is the “goldilocks” interest rate that neither stimulates nor drags on economic activity, according to Lauren Goodwin at New York Life Investments.
“A suggestion that investment and therefore potential economic growth may be moving higher, as a result of the climate transition or digital infrastructure required for artificial intelligence, could be perceived as hawkish, since it would suggest that the policy rate could stabilize at a higher level,” Goodwin added.
Meantime, Krishna Guha at Evercore ISI said Powell will likely focus on the short to medium term outlook — and avoid making a call on the r-star.
“Expect a balanced assessment with no abrupt hawkishness, but no Mission Accomplished: the Fed has not come this far to let inflation slip out of its grasp,” Guha said. “If we are right, yields could end the week lower, not higher — boosting equities.”

Other Corporate Highlights
* Nike Inc. dropped for a ninth straight session — a record streak of losses — as concern over China’s sluggish consumer recovery builds and elevated merchandise stockpiles continue to weigh on profitability across the activewear industry.
* Charles Schwab Corp. saw its 11th straight day of losses, the longest such streak since 2004.
** The financial company said it’s planning to cut jobs and close or downsize offices to achieve at least $500 million in annual cost savings.
* Dick’s Sporting Goods Inc. sank after cutting its profit outlook for the full year as the retailer deals with slowing growth and more theft at its stores.
* The selloff in AMC Entertainment Holdings Inc., sparked by a Delaware Supreme Court ruling that the company’s stock conversion can go forward, extended into a second day.
* Lowe’s Cos. climbed after topping Wall Street estimates for quarterly profit and comparable sales, easing fears of a meltdown in home improvement.
* Activision Blizzard Inc. rose as Microsoft Corp.’s $69 billion acquisition offer got a new chance at winning approval from UK regulators after the tech giant submitted a substantially different deal to the country’s antitrust watchdog.
Key events this week:
* Eurozone S&P Global Services & Manufacturing PMI, consumer confidence, Wednesday
* UK S&P Global / CIPS UK Manufacturing PMI, Wednesday
* US new home sales, S&P Global Manufacturing PMI, Wednesday
* US initial jobless claims, durable goods, Thursday
* Kansas City Fed’s annual economic policy symposium in Jackson Hole begins, Thursday
* Japan Tokyo CPI, Friday
* US University of Michigan consumer sentiment, Friday
* Fed Chair Jerome Powell, ECB President Christine Lagarde to address Jackson Hole conference, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.5% to $1.0846
* The British pound fell 0.2% to $1.2731
* The Japanese yen rose 0.2% to 145.89 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $25,803.82
* Ether fell 2.7% to $1,626.53
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.32%
* Germany’s 10-year yield declined six basis points to 2.64%
* Britain’s 10-year yield declined eight basis points to 4.64%
Commodities
* West Texas Intermediate crude fell 0.5% to $80.35 a barrel
* Gold futures rose 0.2% to $1,926.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, John Viljoen, Namitha Jagadeesh, Farah Elbahrawy, Elena Popina, Vildana Hajric and Felice Maranz.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
We generate fears while we sit.  We overcome them by action. –Dr. Henry Link, 1889-1952.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, 1991 A hard-line coup against Soviet President Mikhail S. Gorbachev collapsed in the face of a popular uprising led by Russian federation President Boris Yeltsin. Go to article >>

Russia’s first lunar mission in decades ended in failure over the weekend when its Luna 25 spacecraft crashed into the moon’s surface. It was not immediately clear what caused the crash, but Roscosmos, Russia’s space agency, said the collision occurred after communication with the spacecraft was interrupted Saturday. The incident is a blow to Russia’s space ambitions as the uncrewed spacecraft was meant to complete Russia’s first lunar landing mission in 47 years. The country’s last lunar lander, Luna 24, landed on the moon on August 18, 1976. Luna 25 was years in the making and, if successful, would have marked a huge stride for the country’s civil space program — which has faced issues for decades.

2 male great white sharks have traveled thousands of miles together and no one knows why  Although usually solitary animals, two juvenile great whites, nicknamed Simon and Jekyll, have been tracked traveling more than 4,000 miles together along the U.S. east coast. Read More

Bizarre ‘failed star’ the size of Jupiter is 2,000 degrees hotter than the sun This Jupiter-size object is 80 times denser than a planet and hotter than the sun. Full Story: Live Science (8/18)
PHOTOS OF THE DAY

Harare, Zimbabwe
Followers of the Stowdart sect of the Zion Church of God sing and dance during a service in the Mbare neighbourhood as Zimbabweans prepare to head to the polls to vote in general and presidential elections
Photograph: John Wessels/AFP/Getty Images

Istanbul, Turkey
Athletes take part in the Samsung Bosphorus intercontinental swimming race from Kanlıca to Kuruçeşme
Photograph: Dia Images/Getty Images

Sant Climent, Spain
A horse with a rider, or caixer, rears up during the traditional jaleo at the Sant Climent festival
Photograph: Matthias Oesterle/Shutterstock
Market Closes for August 21^st, 2023

Market Index	Close	Change
Dow Jones	34463.69	-36.97
		-0.11%
S&P 500	4399.77	+30.06
		+0.69%
NASDAQ	13497.59	+206.81
		+1.56%
TSX	19784.87	-33.52
		-0.17%

International Markets

Market Index	Close	Change
NIKKEI	31565.64	+114.88
		+0.37%
HANG SENG	17623.29	-327.56
		-1.82%
SENSEX	65216.09	+267.43
		+0.41%
FTSE 100*	7257.82	-4.61
		-0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.777	3.716
CND. 30 Year Bond	3.592	3.530
U.S.    10 Year Bond	4.3379	4.2546
U.S. 30 Year Bond	4.4465	4.3751

Currencies

BOC Close	Today	Previous
Canadian $	0.7384	0.7379
US $	1.3543	1.3553

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4757	0.6776
US $	1.0896	0.9178

Commodities

Gold	Close	Previous
London Gold Fix	1893.70	1896.35
Oil
WTI Crude Future	80.72	81.25

Market Commentary:
📈 On this day in 1754, the inventor of coal-gas lighting, William Murdock, was born in Bellow Mill, Scotland. His invention enabled the streets of London—and soon thereafter, most of the world’s major cities—to be illuminated at night. For the first time, sunset didn’t have to mean darkness and human productivity and safety took a great leap forward.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 19,784.87 in Toronto. The index dropped to the lowest closing level since June 27 after the previous session’s little change.
Canadian National Railway Co. contributed the most to the index decline, decreasing 0.9%. Tilray Brands Inc. had the largest drop, falling 6.1%.
Today, 144 of 227 shares fell, while 79 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 4.1%
* The index declined 1.6% in the past 52 weeks. The MSCI AC Americas Index gained 3.5% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on Feb. 2, 2023 and 10.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.5% in the past 5 days and fell 3.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility rose to 10.84% compared with 10.82% in the previous session and the average of 10.68% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -31.1681| -0.5| 6/22
Industrials | -14.6845| -0.5| 3/22
Energy | -7.9391| -0.2| 11/28
Utilities | -7.6304| -0.9| 1/15
Real Estate | -6.9735| -1.5| 1/20
Consumer Staples | -4.7725| -0.6| 0/11
Consumer Discretionary | -1.2077| -0.2| 4/9
Health Care | -1.1302| -1.8| 1/3
Communication Services | -0.4255| -0.1| 2/3
Information Technology | 19.3235| 1.4| 9/2
Materials | 23.0828| 1.0| 41/9
================================================================
| | |Volume VS | YTD | Index | | 20D AVG | Change Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian National | -5.8840| -0.9| -20.2| -5.2
TD Bank | -4.8690| -0.5| -19.8| -4.7
Suncor Energy | -4.5830| -1.1| 22.0| 3.2
Constellation | | | |
Software | 5.3030| 1.5| 21.1| 29.5
Cameco | 5.6980| 4.0| 27.0| 59.1
Shopify | 9.0670| 1.5| -26.0| 55.4
* The benchmark 10-year bond fell and the yield rose 6.1 basis points to 3.777%
* The S&P 500 Index advanced 0.7%
US
By Rita Nazareth
(Bloomberg) — A rally in big tech spurred a rebound in stocks, outweighing concerns over higher Treasury yields just a few days ahead of a speech by Federal Reserve Chair Jerome Powell.
The S&P 500 halted a four-day drop while the Nasdaq 100 rose about 1.5%, with Tesla Inc. up the most since March. Nvidia Corp., which helped ignite the artificial-intelligence frenzy that has driven this year’s equity surge, jumped over 8%. The chipmaker’s results are due Wednesday, and revenue is seen rising 65% from a year earlier, according to data compiled by Bloomberg.
“This is a big week for tech stocks, and optimism is brewing that Nvidia will deliver some good results,” said Ed Moya, senior market analyst for the Americas at Oanda. “Will Nvidia’s earnings reignite the AI trade and provide much needed relief to tech stocks?”
In late hours, SoftBank Group Corp. semiconductor unit Arm filed for what is set to be this year’s largest US initial public offering. Zoom Video Communications Inc. rallied on a bullish forecast. Charles Schwab Corp. is planning to cut at least $500 million in annual staff, professional services and real estate costs in the latest step by the brokerage to respond to investor pressure.
Bonds resumed their selloff as signs of economic strength bolstered bets on still elevated rates. The yield on 10-year inflation-protected Treasuries pushed over 2% for the first time since 2009. Not long after, the yield on 10-year notes without that protection hit a level last seen in late 2007. Just because real yields have climbed, it doesn’t mean the scenario for stocks is necessarily bad, according to Bespoke Investment Group. Since 1997, average forward returns for equities when real yields hit 52-week highs were just modestly worse than all periods, the strategists wrote. In addition, new highs for real yields broadly tend to lead to pockets of stronger earnings-per-share growth, they noted. “That’s consistent with the view that high real yields represent a stronger economy, even if that has some negative implications for asset price valuation,” Bespoke strategists said.
Powell will speak Friday at the Kansas City Fed’s Jackson Hole Economic Policy Symposium after officials last month lifted rates to a range of 5.25% to 5.5%, the highest level in 22 years. Minutes from the gathering showed policymakers still saw significant risks that inflation could remain higher than they expect — which could keep rates elevated.
“Traders will be sifting every sentence from Jerome Powell at this week’s Jackson Hole conference for clues about the Fed’s disposition,” said Chris Larkin, managing director of trading and investing at E*Trade from Morgan Stanley. “Some investors may have focused on the reality that this economic resilience may extend the Fed’s higher-for-longer stance on interest rates.”
In fact, two-thirds of 602 respondents in Bloomberg’s latest Markets Live Pulse survey say the Fed has yet to conquer inflation. And over 80% of those surveyed said Powell’s Jackson Hole speech will reinforce the message of a hawkish hold.
“The Fed and investors will soon pivot from a focus on how high the policy rate will go to a concern about how long they will stay at that level — and what the implications are for a ‘higher for longer’ scenario,” said Katie Nixon, chief investment officer for the wealth management business at Northern Trust. “In our view, Powell will want to stay on message, and will try to push back against a growing market consensus that rate cuts are on the 2024 horizon.”
The speeches from Fed chiefs at the Jackson Hole conference have typically buoyed stocks since the turn of the millennium, with the S&P 500 gaining 0.4% on average in the following week, data compiled by Bloomberg Intelligence show.  But last year’s appearance is still fresh in traders’ minds: Equities slumped 3.2% in the week following Powell’s remarks, according to BI, after he warned of keeping policy
restrictive to battle inflation.
Meantime, two of Wall Street’s top strategists are at odds about the outlook for US stocks following a three-week run of declines as debate rages over whether the economy can avoid a recession.
While Morgan Stanley’s Michael Wilson — a stalwart equity bear — says sentiment is likely to weaken further if investors are starting to “question the sustainability of the economic resiliency,” his counterpart at Goldman Sachs Group Inc., David Kostin, says there’s room for investors to further increase exposure if the economy stays on course for a soft landing.
A bruising August is still poised to end a five-month winning streak for equities. Yet there have been few signs of outright bearishness in the recent rout. Hedge funds and other large speculators narrowed their net- short positions in S&P 500 futures to the smallest in 14 months, according to the latest batch of Commodity Futures Trading Commission data Friday. And analysts say the drop this month may be a welcome break from the steep gains that pushed valuations to lofty levels.

Key events this week:
* US existing home sales, Tuesday
* Chicago Fed’s Austan Goolsbee speaks, Tuesday
* Eurozone S&P Global Services & Manufacturing PMI, consumer confidence, Wednesday
* UK S&P Global / CIPS UK Manufacturing PMI, Wednesday
* US new home sales, S&P Global Manufacturing PMI, Wednesday
* US initial jobless claims, durable goods, Thursday
* Kansas City Fed’s annual economic policy symposium in Jackson Hole begins, Thursday
* Japan Tokyo CPI, Friday
* US University of Michigan consumer sentiment, Friday
* Fed Chair Jerome Powell, ECB President Christine Lagarde to address Jackson Hole conference, Friday
Some of the main moves in markets:

Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.6%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0896
* The British pound rose 0.2% to $1.2759
* The Japanese yen fell 0.6% to 146.22 per dollar
Cryptocurrencies
* Bitcoin fell 0.4% to $26,124.17
* Ether fell 1% to $1,673.25
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 4.34%
* Germany’s 10-year yield advanced eight basis points to 2.70%
* Britain’s 10-year yield advanced five basis points to 4.73%
Commodities
* West Texas Intermediate crude fell 0.6% to $80.80 a barrel
* Gold futures rose 0.4% to $1,923.70 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Brett Miller, Tassia Sipahutar, John Viljoen, Sagarika Jaisinghani, Isabelle Lee and Heather Burke.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

Not all those who wander are lost. – J. R. R. Tolkien, 1892-1973

Assistant to Carolann Steinhoff, Registered Representative

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.
August 18, 1838:  United States Exploring Expedition headed by Charles Wilkes departs for the Pacific Ocean and Antarctica.
1872: First mail-order catalogue published.
1920: 19^th Amendment ratified – Women’s Right To Vote.
1991: Soviet hard-liners launched a coup aimed at toppling President Mikhail S. Gorbachev, who was vacationing in the Crimea. Go to article >>

Roslynn Carter, b. 1927.
Robert Redford, b.1937.

Ford reveals new Mustang with $300,000 price tag,  Learn why this Ford Mustang has a Lamborghini-level price.

Ralph Lauren targeting metaverse shoppers.

The Milky Way wasn’t always a spiral — and astronomers may finally know why it ‘shape-shifted’.  A century-old mystery of how galaxies change shapes has been solved by considering “survival of the fittest” collisions between cosmic titans.  Full Story: Live Science (8/17)

‘We were freaking out’: Scientists left ‘flabbergasted’ by detailed dinosaur footprints covering a cliff in Alaska
A 20-story rock face in Alaska known as “The Coliseum” is covered with layers of footprints belonging to a range of dinosaurs, including a tyrannosaur. Read More.

Hirota people of Japan intentionally deformed infant skulls 1,800 years ago.   The Hirota people, who occupied a Japanese island for around 400 years, deliberately flattened the back of their children’s heads. And experts are not entirely sure why.

Plantation slavery was invented on this tiny African island, according to archaeologists
A 16th-century sugar estate on the tiny African island of São Tomé is the earliest known example of plantation slavery. Read More.

PHOTOS OF THE DAY

British Columbia, Canada
Smoke from a wildfire at McDougall Creek billows over Lake Okanagan.  Photograph: Joe O’Connal/AP

Havana, Cuba
A vintage American car passes a poster of Fidel Castro, Raúl Castro and the current president, Miguel Díaz-Canel.  Photograph: Yamil Lage/AFP/Getty Images

Beijing, China
Surprised looking robots are spotted at the annual World Robot Conference.  Photograph: Mark R Cristino/EPA
Market Closes for August 18^th, 2023

Market Index	Close	Change
Dow Jones	34500.66	+25.83
		+.07%
S&P 500	4369.71	-0.65
		-0.01%
NASDAQ	13290.78	-26.06
		-0.20%
TSX	19818.39	+6.16
		+0.03%

International Markets

Market Index	Close	Change
NIKKEI	31450.76	-175.24
		-0.55%
HANG SENG	17950.85	-375.78
		-2.05%
SENSEX	64948.66	-202.36
		-0.31%
FTSE 100*	7262.43	-47.78
		-0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.716	3.768
CND. 30 Year Bond	3.530	3.584
U.S.    10 Year Bond	4.2546	4.2741
U.S. 30 Year Bond	4.3751	4.3858

Currencies

BOC Close	Today	Previous
Canadian $	0.7379	0.7386
US $	1.3553	1.3540

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4735	0.6787
US $	1.0872	0.9198

Commodities

Gold	Close	Previous
London Gold Fix	1896.35	1904.20
Oil
WTI Crude Future	81.25	80.39

Market Commentary:
📈 On this day in 1982, a bull market suddenly materialized out of nowhere, and daily trading volume on the New York Stock Exchange exceeded 100 million shares for the first time, with 132,681,120 shares changing hands.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 19,818.39 in Toronto, ending a 4-day loss.
The gain follows the previous session’s decrease of 0.4%.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.9%. K92 Mining Inc. had the largest increase, rising 6.6%.
Today, 122 of 227 shares rose, while 97 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index fell 2.9%, heading for the biggest decline since the week ended March 10
* The index declined 2.2% in the past 52 weeks. The MSCI AC Americas Index gained 1.4% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on Feb. 2, 2023 and 10.9% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility little changed to 10.82% compared with 10.83% in the previous session and the average of 10.58% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 28.0000| 0.8| 27/11
Industrials | 7.5196| 0.3| 13/11
Utilities | 6.9994| 0.8| 15/1
Real Estate | 1.2995| 0.3| 13/8
Health Care | 0.5212| 0.8| 4/0
Information Technology | -0.1062| 0.0| 9/2
Consumer Discretionary | -1.7918| -0.2| 5/8
Communication Services | -2.3869| -0.3| 2/3
Materials | -3.6312| -0.2| 21/26
Consumer Staples | -3.8994| -0.5| 4/7
Financials | -26.3706| -0.4| 9/20
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 11.7400| 1.9| 88.3| 10.9
Brookfield Corp | 7.8790| 1.8| 0.6| 5.3
Suncor Energy | 6.0500| 1.5| 118.8| 4.4
Bank of Montreal | -3.5440| -0.6| -55.9| -7.7
Manulife Financial | -9.1730| -2.8| 28.8| 1.2
RBC | -9.9280| -0.8| -26.9| -4.6
US
By Cristin Flanagan and Isabelle Lee
(Bloomberg) — Mega cap tech stocks slumped for a third straight week — the longest such streak in 2023 — as fears of higher global interest rates weighed on sentiment while bonds bounced off multiyear lows.
Stocks ground higher in the final minutes of the session in moves likely exacerbated by Friday’s giant options expiration.
It wasn’t enough as the S&P 500 and the Dow Jones Industrial Average ended the session unchanged.
Nasdaq 100 the session lower while MSCI’s global equities benchmark notched its biggest weekly loss since the March meltdown of Silicon Valley Bank.
While fears of an imminent recession are fading, wary investors are instead facing entrenched inflation and the prospect of more policy tightening.
That hurt risk as assets as Bitcoin slid as much as 8% and oil was set for its first weekly loss since June.
“Investors are concerned that if bond yields continue going higher, the economy is too strong and the Fed will need to raise interest rates further,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “And with the bond yield high enough, that poses competition for equity investors who feel the bond market is less risky than the stock market right now.”
Bond markets bounced higher Friday on speculation losses may be overdone.
In Treasuries, yield on the 10-year pulled back from Thursday’s levels that were approaching the highest since 2007.
UK and German bonds advanced.
Markets are on edge ahead of the annual gathering of policy makers at Jackson Hole in Wyoming next week, according to Andrew Hunter, deputy chief US economist at Capital Economics.
“Expectations of an economic re-acceleration have mounted,” Hunter wrote. “But with little evidence that stronger growth will threaten to reignite inflationary pressures, we don’t think there is any need for Powell to dust off his hawkish script from last year’s event.”
In another sign of nervousness, the CBOE Volatility Index climbed above 18, touching the highest level since May.
Bank of America Corp.’s Michael Hartnett warned that stocks may drop another 4%, given China’s economic turmoil and jump in bond yields.
Options expirations might have been behind some of Friday’s choppy moves in equities.
There’s some $2.2 trillion of longer-dated contracts tied to stocks and indexes scheduled to mature on Friday, according to an estimate by Rocky Fishman, founder of derivatives analytical firm Asym 500.
Not everyone on Wall Street is confident that an economic slump can be avoided.
Jeremy Grantham, co-founder of the Boston-based investment firm Grantham Mayo Van Otterloo, reiterated his call for a recession.
Artificial intelligence is very important said Grantham, after the boom in AI-tied stocks staved off his dire earlier predictions for a market reckoning, but “it’s perhaps too little too late to save us from a recession.”
Nvidia Corp., the poster child for the AI-fueled stock frenzy, is due to report earnings on Wednesday.
“Markets are being hit by a perfect storm amid surging rates, worsening data in China and poor summer liquidity,” Emmanuel Cau, a strategist at Barclays Plc, wrote in a note.
In other markets, Bitcoin traded around $26,000.
Elon Musk’s SpaceX sold the cryptocurrency after writing down $373 million, The Wall Street Journal reported. 
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:03 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0873
* The British pound was little changed at $1.2740
* The Japanese yen rose 0.4% to 145.31 per dollar
Cryptocurrencies
* Bitcoin fell 5.6% to $26,092
* Ether fell 3.3% to $1,659.96
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.25%
* Germany’s 10-year yield declined nine basis points to 2.62%
* Britain’s 10-year yield declined seven basis points to 4.68%
Commodities
* West Texas Intermediate crude rose 1.1% to $81.31 a barrel
* Gold futures rose 0.2% to $1,918.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alice Atkins, Alex Nicholson and Cecile Gutscher.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Honor is a harder master than the law. –Mark Twain, 1835-1910.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com