October 21, 2022 Newsletter

Dear Friends,

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

This photo gallery of animals doing hilarious things will make your day that much better. 

Falcon shrine with cryptic message unearthed in Egypt baffles archaeologist Archaeologists in Egypt have discovered a 1,700-year-old “falcon shrine,” complete with the remains of 15 headless falcons on a pedestal, as well as a stone monument depicting two unknown gods.

The shrine and monument — which were found in Berenike, an ancient Egyptian port on the Red Sea — were described in a paper that was published in the October issue of the American Journal of Archaeology. An iron harpoon that is about 13 inches (34 centimeters) long was found near the pedestal, researchers wrote in the study.
PHOTOS OF THE DAY
The Pillars of Creation captured by the James Webb Space Telescope in near-infrared-light view
Photograph: NASA/ESA/CSA/STScI/AP

Titian’s Venus and Adonis (c1555-57) is unveiled at Sotheby’s where it will lead December’s old masters evening sale. With an estimate of between £8m and £12m, the painting is considered one of the very finest versions of Titian’s most popular composition and the most important work by the artist to come to the market this century
Photograph: Tristan Fewings/Getty Images for Sotheby’s

Competitors take part in the IQFoil World Championships. Designated an Olympic discipline in 2019, IQFoil, a type of windsurfing, will make its first Olympics appearance at the Paris 2024 Games
Photograph: Fred Tanneau/AFP/Getty Images
Market Closes for October 21, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, predicted the coming demise of the bull market in a lead editorial entitled “The Turn in the Tide.” He turned out to be right, as the stock market crashed just three days later.   
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.5% at 18,860.95 in Toronto. The index advanced to the highest closing level since Oct. 6 after the previous session’s decrease of 0.5%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.6%. First Quantum Minerals Ltd. had the largest increase, rising 11.5%.
Today, 199 of 236 shares rose, while 34 fell; all sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 16 times. The next day, it advanced 10 times for an average 0.9% and declined six times for an average 1.1%
* This year, the index fell 11%, heading for the worst year since 2018
* This month, the index rose 2.3%
* So far this week, the index rose 2.9%, heading for the biggest advance since the week ended July 29
* The index declined 11% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is 15.1% below its 52-week high on April 5, 2022 and 5.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.8 on a trailing basis and 11.7 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$2.97t
* 30-day price volatility fell to 23.26% compared with 23.50% in the previous session and the average of 20.27% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 77.5249| 1.4| 26/3
Materials | 68.7618| 3.2| 48/3
Energy | 54.1342| 1.5| 28/9
Industrials | 35.3564| 1.5| 24/3
Consumer Staples | 12.4849| 1.6| 8/3
Consumer Discretionary | 9.1606| 1.4| 13/1
Utilities | 6.8786| 0.8| 12/4
Communication Services | 5.6942| 0.6| 6/1
Real Estate | 5.4296| 1.2| 20/2
Information Technology | 4.8375| 0.5| 9/4
Health Care | 1.4194| 1.9| 5/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 19.2000| 1.6| -23.0| -7.8
TD Bank | 16.6700| 1.6| -40.4| -11.1
Suncor Energy | 14.8200| 3.6| -30.3| 43.8
ARC Resources | -2.3790| -2.8| -33.4| 58.2
Nutrien | -2.4860| -0.6| 1.0| 18.9
Shopify | -3.2670| -1.0| 49.3| -76.7
US
By Rita Nazareth
(Bloomberg) — Wall Street saw another day of big reversals, with stocks notching their best week since June after a Treasury rout sputtered. The yen jumped as Japan intervened again to prop up the currency.
At a time when traders have been fixated on the outlook for interest rates, it’s no surprise that all the drama in the world’s biggest bond market would dictate sentiment. After being all over the place in early trading, equities climbed strongly as US yields fell from multiyear highs.
“The story this week is all about the volatility in rates, huge volatility in Treasuries,” said Keith Lerner, chief market strategist at Truist Advisory Services. “But I would say, overall, relative to how much interest rates have moved up, I would say the market has held in there pretty well.”
Traders also kept a close eye on the latest Fedspeak.
US central bankers said the next phase in their campaign to curb inflation will be to debate how high to raise rates and when to slow the pace of increases. St. Louis Fed President James Bullard and his San Francisco counterpart Mary  Daly made clear they expect the discussion to be on the table at the November gathering while stressing the need to keep tightening.
Equity funds are still seeing inflows, with “final capitulation” not yet here, said Bank of America Corp. strategists. Global stock funds had inflows of $9.2 billion in the week through Oct. 19, according to a note from the bank citing EPFR Global data.
“The equity market is trying to form a bottom to get to the last leg of the bear market,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “It feels like a two-way market right now. We have a tug of war going on between the skeptics and those who think it is time to own equities.”
He noted that the Fed is not done raising rates and valuations are still not as low as he would expect to see at the bottom of a bear market.
“We are just not there yet,” Donabedian added.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.4%
* The Dow Jones Industrial Average rose 2.5%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 0.8% to $0.9862
* The British pound rose 0.6% to $1.1301
* The Japanese yen rose 1.7% to 147.66 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $19,201.33
* Ether rose 1.7% to $1,304.22
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.22%
* Germany’s 10-year yield advanced one basis point to 2.42%
* Britain’s 10-year yield advanced 14 basis points to 4.05%
Commodities
* West Texas Intermediate crude rose 0.8% to $85.17 a barrel
* Gold futures rose 1.4% to $1,660.30 an ounce

–With assistance from Vildana Hajric and Emily Graffeo.
Have a wonderful evening everyone.

Be magnificent.
As ever,

Isabel

Live daringly, boldly, fearlessly. Taste the relish to be found in competition – in having put forth the best within you. 

                                                                                                 – Henry J Kaiser, 1882-1967

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
(C): 250.881.0801
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www.carolannsteinhoff.com