April 11, 2022 Newsletter

Dear Friends,

Tangents:
April 11, 2013: An international team of paleontologists unearths the earliest collection of fossilized dinosaur embryos to date, and discovers organic material inside the embryonic bones in China.

April 11, 1814: Napoleon Bonaparte abdicated as emperor of France and was banished to the island of Elba. Go to article »

Traveler told TSA he had ‘no idea’ a sword was hidden in his cane.  A clever design nonetheless… but definitely not making it through security. 

The search for the 2022 Gerber Baby is on.  Do you have an irresistibly cute baby? Enter the competition to see if your little one has what takes to become Gerber’s next “Chief Growing Officer.” 

Adorable baby pademelon born at Chester Zoo.  What’s a pademelon, you ask? Picture a kangaroo, but mini! 

Magic mushrooms improve brain connections to ease depression.

PHOTOS OF THE DAY

A golden-crowned sparrow perches on a branch of a crabapple tree
CREDIT: Robin Loznak/Zuma Press Wire/Rex/Shutterstock

A mural in a village north of Kyiv
CREDIT:  Anadolu Agency/Getty Images

Flamingos fly over Sel Kapanı Dam Lake, south of the capital
CREDIT: Anadolu Agency/Getty Images

Market Closes for April 11^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1792, in the wake of the nation’s first stock market crash a month earlier, the New York State legislature enacted a law banning public stock auctions, the Act to Prevent the Pernicious Practice of Stock-Jobbing and for Regulating Sales at Public Auction. The new law notwithstanding, stock trading continued.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 21,790.49 in Toronto. The move follows the previous session’s increase of 0.2%.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 2.3%.
MTY Food Group Inc. had the largest drop, falling 6.7%.
Today, 144 of 239 shares fell, while 88 rose; 8 of 11 sectors were lower, led by energy stocks.
Insights
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 5.7% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on April 5, 2022 and 14.9% above its low on April 20, 2021
* The S&P/TSX Composite is down 1.3% in the past 5 days and rose 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.5t
* 30-day price volatility fell to 11.05% compared with 11.15% in the previous session and the average of 12.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -60.4759| -1.6| 6/27
* Financials | -18.7174| -0.3| 6/21
* Utilities | -6.5752| -0.6| 7/9
* Real Estate | -6.5578| -1.1| 2/20
* Communication Services | -4.6976| -0.4| 2/5
* Industrials | -1.8390| -0.1| 13/15
* Health Care | -0.6415| -0.4| 4/4
* Consumer Discretionary | -0.4530| -0.1| 4/10
* Consumer Staples | 1.5128| 0.2| 6/5
* Materials | 5.7854| 0.2| 34/16
* Information Technology | 8.8010| 0.6| 4/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset Management | -16.1600| -2.3| -46.6| -9.7
* Canadian Natural Resources | -15.5700| -2.4| 17.4| 47.5
* Cenovus Energy | -11.1800| -5.8| -9.5| 34.3
* Royal Bank of Canada | 8.7930| 0.7| -2.1| 2.5
* Nutrien | 10.8400| 2.2| -36.4| 43.2
* Shopify | 17.2700| 2.9| -14.7| -55.2

US
By Abigail Moses and Vildana Hajric
(Bloomberg) — Stocks and bonds retreated Monday as investors focused on inflation and the impact of policy tightening by central banks.
All major groups in the S&P 500 fell, while the tech-heavy Nasdaq 100 lost more than 2%.
Ten-year Treasury yields climbed through 2.75% for the first time since March 2019 after the Federal Reserve last week signaled sharp rate hikes and balance-sheet reduction to curb price pressures.
Oil sank as China’s largest coronavirus outbreak in two years heightens concerns about demand.
Bitcoin traded near $40,000.
Market sentiment continues to be shaped by a hawkish Fed, commodity disruptions caused by Russia’s invasion of Ukraine and the prospect of an economic slowdown.
China’s Covid-19 outbreak continues to spread despite an extended lockdown of Shanghai’s 25 million people, with the restrictions straining global supply chains.
Investors are awaiting earnings reports this month to restore confidence in the outlook for equities.
“Inflation, monetary policy jitters, Shanghai shutdown, and Russian invasion of Ukraine hold markets hostage,” wrote John Stoltzfus, chief investment strategist at Oppenheimer. “Markets remain prone to rotation and rebalancing for now as multiplicities of uncertain outcomes cause volatility and no shortage of pondering and projection.”
Charles Evans, the Fed Bank of Chicago president who has long been one of the more dovish U.S. policy makers, said an accelerated pace of rate hikes to combat inflation is worth debating.
The central bank is doing all it can to avoid “collateral damage” from raising interest rates, a “brute-force tool” that can act as a “hammer” on the economy, Governor Christopher Waller said.
The credit derivatives market ruled Russian Railways JSC to be in default after missing an interest payment last month.
Russia said it would halt bond sales for the rest of the year and take legal action if sanctions force it into a sovereign default.
Events to watch this week:
* Earnings season kicks off, including reports from Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Taiwan Semiconductor Manufacturing, Wells Fargo
* U.S. CPI, Tuesday
* OPEC monthly oil market report, Tuesday
* Fed Governor Lael Brainard, Richmond Fed President Thomas Barkin due to speak, Tuesday
* Bank of Canada rate decision, Wednesday
* EIA crude oil inventory report, Wednesday
* Reserve Bank of New Zealand rate decision, Wednesday
* China trade, medium-term lending facilities, Wednesday
* ECB rate decision, Thursday
* Bank of Korea policy decision, Thursday
* U.S. retail sales, initial jobless claims, business inventories, University of Michigan consumer sentiment, Thursday
* Cleveland Fed President Loretta Mester, Philadelphia Fed President Patrick Harker due to speak Thursday
* U.S. stock and bond markets are among those closed for Good Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.4%
* The Dow Jones Industrial Average fell 1.2%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0884
* The British pound was little changed at $1.3023
* The Japanese yen fell 0.9% to 125.41 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 2.77%
* Germany’s 10-year yield advanced 11 basis points to 0.82%
* Britain’s 10-year yield advanced 10 basis points to 1.85%
Commodities
* West Texas Intermediate crude fell 3.4% to $94.92 a barrel
* Gold futures rose 0.6% to $1,957.70 an ounce
–With assistance from Andreea Papuc, Jennifer Bissell-Linsk and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

My master is the hard fact, how things are. –Napoleon Bonaparte, 1769-1821.

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