September 30,2022 Newsletter

Dear Friends,

Tangents: Happy Friday.

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

King Solomon’s mines were abandoned and became a desert wasteland. Copper mines in Israel’s Negev Desert — ancient sites that may have inspired the legend of King Solomon’s mines of gold — were abandoned 3,000 years ago, when people there used up all the plants to make charcoal for smelting, a new study finds. The researchers studied fragments of charcoal from ancient furnaces in the Timna Valley near Eilat, where a prosperous copper industry thrived from the 11th to ninth centuries B.C. Full Story: Live Science
The mighty Tyrannosaurus rex once stalked western North America, but now, in a first, the fossil remains of the dinosaur king are hitting an auction block in Asia, where the prehistoric beast’s bones might sell for as much as $25 million, according to Christie’s Hong Kong.  The 3,000-pound (1,400 kilogram) specimen — nicknamed Shen for now; whoever buys it gets exclusive naming rights — was uncovered in Montana’s Hell Creek Formation, a region renowned for its fossils dating to the late Cretaceous period, which ended about 66 million years ago. Shen measures about 40 feet (12.2 meters) long, 15 feet (4.6 m) tall and 6.8 feet (2.1 m) wide, according to Christie’s. Full Story: Live Science
PHOTOS OF THE DAY

Wild horses run on the grasslands of the remote Sable Island national park reserve, Nova Scotia, Canada
Photograph: Sarah Medill/Parks Canada/Reuters

An aerial view of the men’s cycling elite road race at the UCI Road World Championships 2022
Photograph: Rex/Shutterstock
A dragon dance is performed during the Vegetarian festival celebration at Joe Sue Kung Shrine Chinese temple. During the Vegetarian festival, which runs from 25 September to 4 October, worshippers refrain from eating animal products to coincide with the celebration of the nine Chinese emperor gods
Photograph: Anusak Laowilas/NurPhoto/Rex/Shutterstock
Market Closes for September 30, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1981, the U.S. government issued new 20-year Treasury bonds at a 15.78% yield, an all-time record-high interest rate for any U.S. government issue. Analysts said they expected that yields would have to go higher “to attract stronger demand.” Yields promptly began going down, and kept going down for the next twelve years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 18,444.22 in Toronto. The move follows the previous session’s decrease of 1.1%.
Barrick Gold Corp. contributed the most to the index gain, increasing 3.5%. Osisko Mining Inc. had the largest increase, rising 14.9%.
Today, 140 of 236 shares rose, while 94 fell; 4 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 13%, heading for the worst year in at least 10 years
* This quarter, the index fell 2.2%
* This month, the index fell 4.6%
* So far this week, the index was little changed
* The index declined 8.1% in the past 52 weeks. The MSCI AC Americas Index lost 18% in the same period
* The S&P/TSX Composite is 17% below its 52-week high on April 5, 2022 and 1.5% above its low on July 14, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.5 on a trailing basis and 11.4 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$2.95t
* 30-day price volatility fell to 17.77% compared with 17.80% in the previous session and the average of 15.05% over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 47.9786| 2.2| 45/5
Information Technology | 3.0998| 0.3| 7/7
Utilities | 1.7266| 0.2| 9/7
Health Care | 0.1543| 0.2| 4/3
Real Estate | 0.0000| -2.2| 22/0
Financials | -0.6775| 0.0| 17/12
Consumer Discretionary | -4.4369| -0.7| 5/9
Communication Services | -7.7525| -0.9| 3/4
Consumer Staples | -9.8238| -1.3| 1/10
Energy | -15.4466| -0.5| 19/18
Industrials | -23.5815| -1.0| 8/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Barrick Gold | 8.9000| 3.5| -19.3| -11.0
Brookfield Asset Management | 7.4750| 1.4| -7.6| -26.0
Agnico Eagle Mines | 5.0580| 2.8| -15.3| -13.1
Canadian National | -6.0670| -1.0| 28.4| -4.0
Enbridge | -6.4140| -0.9| -18.0| 3.7
Canadian Pacific | -11.2100| -1.9| 19.9| 1.4
US
By Peyton Forte, Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks suffered their worst monthly rout since March 2020 after markets were repeatedly pummeled by the Federal Reserve’s resolve to keep raising interest rates until inflation is under control.
The S&P 500 closed a volatile session lower. The index posted its third straight quarter of losses for the first time since 2009. US Treasuries dropped Friday after a late selloff into the month-end, with the benchmark 10-year yield around 3.82%.
Fed Vice Chair Lael Brainard briefly assuaged concerns on Friday after she acknowledged the need to monitor the impact rising borrowing costs could have on global-market stability.
But markets continued to be on the edge as investors contended with continued strength in personal consumption expenditure, one of the Fed’s preferred inflation gauges.
Risk assets have been in a tailspin since the central bank delivered a third jumbo hike last week and officials repeatedly warned of more pain to come. UK markets added to the stress this week, after the government unveiled sweeping tax cuts that threatened to exacerbate inflationary pressures, and the Bank of England attempted to manage the mayhem that ensued.
Investors are now awaiting jobs data next week for further clues about the Fed’s rate-hike trajectory. Upcoming inflation and GDP readings will also provide details on whether price pressures are easing meaningfully. All eyes will be on the earnings season, which starts next month, for insight into how companies are managing through headwinds that include a strong dollar, rising expenses and slowing demand. Fears of a global recession are still mounting as the threat of higher rates saps growth.
“Investors are eager and nervous to realize how dovish or hawkish global central banks become as tighter financial conditions and higher interest rates weaken economic performance and threaten financial stability,” said José Torres, senior economist at Interactive Brokers.
Geopolitical tensions also continued to simmer as Vladimir Putin vowed his annexation of four occupied regions in Ukraine is irreversible and President Joe Biden declared that a massive leak from the Nord Stream gas pipeline system in the Baltic Sea was an intentional act.

Some of the main moves in markets:

Stocks
* The S&P 500 fell 1.5% as of 4:07 p.m. New York time
* The Nasdaq 100 fell 1.7%
* The Dow Jones Industrial Average fell 1.7%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.1% to $0.9804
* The British pound rose 0.4% to $1.1156
* The Japanese yen fell 0.2% to 144.78 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $19,470.55
* Ether rose 0.1% to $1,339.75
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.82%
* Germany’s 10-year yield declined seven basis points to 2.11%
* Britain’s 10-year yield declined five basis points to 4.09%
Commodities
* West Texas Intermediate crude fell 2% to $79.63 a barrel
* Gold futures were little changed

–With assistance from Farah Elbahrawy

Have a great weekend.

Be magnificent!
As ever,

Isabel 

I am different, not less. – Temple Grandin, 1947—

Isabel Luo
Assistant to Carolann Steinhoff

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

Tel: 778.430.5808
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www.carolannsteinhoff.com