April 25, 2022 Newsletter

Dear Friends,

Tangents: Happy Monday.  Anzac Day, Australia, New Zealand.

Holocaust Day, Israel.

1901: First license Plates issued.
1959: The St. Lawrence Seaway opened to shipping.   
1915: Battle of Gallipoli.

Ella Fitzgerald, b. 1917

Close relationships are more critical to a healthy life than good genes.

Memorabilia from ‘The Wizard of Oz’ is up for sale.  Somewhere over the rainbow, someone wealthy is preparing to spend up to $1.2 million for this rare piece of Hollywood history!

Here’s where you can travel now without a Covid vaccine or test.

PHOTOS OF THE DAY

Coptic Christian families celebrate the Spring Festival known as Sham el-Nessim by the Nile banks. Egyptians of all faiths celebrate Sham el-Nassim, though in 2022 the celebration coincides with the Muslim fasting month of Ramadan. This annual festival dates back to the time of the pharaohs and celebrates the arrival of spring
CREDIT: Roger Anis/Getty Images

People gather at the foot of the Eiffel Tower, Champ de Mars, to celebrate Emmanuel Macron’s victory in the French presidential election
CREDIT: Michel Stoupak/NurPhoto/Rex/Shutterstock

Luana Silva of Hawaii competes at the Margaret River Pro surfing event
CREDIT: Matt Dunbar/World Surf League/Getty Images

Market Closes for April 25^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1874, Guglielmo Marconi, son of an aristocratic Italian father and an Irish mother, was born in Bologna, Italy. In 1901 he sent the first radio signals across the Atlantic, ushering in the era of wireless communication.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks tumbled to their worst four-day losing streak in nearly five months in a volatile day of trading, as shares pared losses but remained lower led by energy and materials stocks.
The S&P/TSX Composite Index dropped 0.8%, or 174.49 to 21,011.89 in Toronto.
The index fell to the lowest closing level since March 1.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.9%.
Endeavour Silver Corp. had the largest drop, falling 7.5%.
Today, 159 of 239 shares fell, while 78 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This month, the index fell 4%
* The index advanced 10% in the past 52 weeks. The MSCI Americas Index gained 1.3% in the same period
* The S&P/TSX Composite is 5.4% below its 52-week high on April 5, 2022 and 10.4% above its low on April 23, 2021
* The S&P/TSX Composite is down 4% in the past 5 days and fell 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.5 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility fell to 12.35% compared with 12.73% in the previous session and the average of 11.55% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -93.1009| -2.6| 2/32
* Materials | -88.0040| -3.1| 5/47
* Financials | -27.2186| -0.4| 9/19
* Communication Services | -5.1149| -0.5| 1/6
* Utilities | -4.9883| -0.5| 4/12
* Real Estate | -2.5413| -0.4| 4/18
* Health Care | 0.1026| 0.1| 5/3
* Consumer Staples | 5.4880| 0.7| 9/2
* Consumer Discretionary | 8.6870| 1.3| 10/4
* Industrials | 9.9374| 0.4| 15/14
* Information Technology | 22.2583| 1.8| 14/2
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Canadian Natural Resources | -25.5200| -3.9| -3.8| 46.0
* Nutrien | -20.3100| -4.1| 69.8| 33.3
* Barrick Gold | -15.1700| -4.1| 58.0| 20.3
* Brookfield Asset Management | 2.8100| 0.4| 30.9| -13.7
* Canadian National | 5.1010| 0.8| -2.2| 1.7
* Constellation Software | 12.3700| 4.5| 41.6| -8.6

US
By Sunil Jagtiani
(Bloomberg) — Stocks in Asia looked set for a cautious start Tuesday after bonds rallied amid concerns that China’s Covid-afflicted economy will sap the global recovery.
The nation’s central bank took steps to bolster the yuan.
Futures rose for Japan and Hong Kong but dipped for Australia, while U.S. contracts wavered.
Wall Street shares closed a choppy session higher after Elon Musk agreed to buy Twitter Inc. and as dip buyers emerged ahead of earnings reports from major technology firms.
Treasuries jumped along with the dollar Monday.
That pattern reflected demand for havens as China’s lockdowns and aggressive Federal Reserve monetary tightening to fight high inflation raise the risk of an economic downturn.
The yuan pared its biggest loss since 2015 after the People’s Bank of China cut the amount of money banks must set aside in reserve for foreign-currency holdings, effectively increasing the supply of dollars in the domestic market.
Oil held a retreat below $100 a barrel, weighed down by the threat to demand from China.
The virus outbreak in the world’s biggest crude importer is another source of commodity-market volatility alongside Russia’s invasion of Ukraine.
The prospect of much slower economic expansion alongside persistent inflation is leading to a febrile mood in markets.
The panoply of risks spans the pandemic, supply-chain disruptions, Fed tightening and the grinding war.
The search for portfolio buffers in the U.S. is evident in the highest relative cost of loss-protecting put contracts in two years.
“It’s a question of what’s monetary policy going to look like and it’s super unknown,” Nancy Davis, chief investment officer at Quadratic Capital Management LLC, said on Bloomberg Television.
China’s stock market will open later at the lowest level in about two years after a near-5% plunge in the benchmark CSI 300 Index on Monday. Pressure is mounting on China’s leaders to take more steps to support the economy.
“For the time being, the specter of more severe restrictions in China is not being traded from the inflationary side, but rather as a detriment to the global recovery and as a demand-negative shock,” Benjamin Jeffery and Ian Lyngen,
strategists at BMO Capital Markets, wrote in a note.  They added they are “less convinced that the situation will be enough to materially shift the FOMC’s aggressiveness.”
Events to watch this week:
* Tech earnings include Alphabet, Meta Platforms, Amazon, Apple
* EIA oil inventory report, Wednesday
* Australia CPI, Wednesday
* Bank of Japan monetary policy decision, Thursday
* U.S. 1Q GDP, weekly jobless claims, Thursday
* ECB publishes its economic bulletin, Thursday

Some of the main moves in markets:
Stocks
* S&P 500 futures fell 0.1% as of 7:25 a.m. in Tokyo. The S&P 500 rose 0.6%
* Nasdaq 100 futures lost 0.2%. The Nasdaq 100 rose 1.3%
* Nikkei 225 futures rose 0.7%
* S&P/ASX 200 futures fell 0.3%
* Hang Seng futures increased 0.7%
Currencies
* The Bloomberg Dollar Spot Index was steady
* The euro was at $1.0713
* The Japanese yen was at 128.06 per dollar
* The offshore yuan was at 6.5722 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 2.82%
Commodities
* West Texas Intermediate crude was at $98.62 a barrel
* Gold was at $1,899.36 an ounce
–With assistance from Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Silence is one of the hardest arguments to refute. -Josh Billings, 1818-1885.

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