October 28, 2022 Newsletter

Dear Friends,

Tangents: Happy Friday.
St Jude’s Day

October 28,1636: Harvard University founded.

On Oct. 28, 1886, the Statue of Liberty, a gift from the people of France, was dedicated in New York Harbor by President Grover Cleveland.  Go to article »

Erasmus, writer, b. 1467
Bill Gates, founder of Microsoft, b. 1955.
Julia Roberts, actress, b. 1967.

8-year-old boy is over halfway to reaching the summit of El Capitan.  The Colorado boy who set out this week to become the youngest person to climb one of the most difficult rock formations in the world is more than halfway to reaching the summit.

Photo of coal miner dad goes viral.  We have another contender for father of the year! This coal miner didn’t want to miss his son’s first basketball experience, so he rushed straight from work to the game — covered in black coal dust. See the photo here.

Brain scans can now reveal what your dog is staring at.  Does your dog really love you? Or does it only behave because it wants food and treats? Watch this short video to see what researchers are saying.

Game 1 of the World Series is today.  The Philadelphia Phillies and Houston Astros will face off today for a place in MLB history. Here’s how to watch.

This Piet Mondrian panting has been hanging upside down for 75 years.

If the truth is out there, America’s space experts may soon find it. On Monday (Oct. 24), NASA officially launched an independent study into UFOs — or unidentified aerial phenomena (UAPs) — the agency announced in a statement.

UFOs are finally getting the big NASA study they deserve: The study will run for the next nine months, with a team of 16 leading experts — including astrophysicists, aerospace industry executives and former astronauts — digging into as much data as possible about reported UAP sightings.  Full Story: Live Science (10/28)

Gigantic radiation storms have been pummeling Earth for at least 10,000 years and could strike again, tree ring analysis reveals: A series of sudden and colossal spikes in radiation levels across Earth’s history could have come from a series of unknown, unpredictable and potentially catastrophic cosmic events, a new study has revealed.
Named Miyake events after the lead author of the first study to describe them, the spikes occur roughly once every 1,000 years or so and are recorded as sudden increases in the radiocarbon levels of ancient tree rings.
Full Story: Live Science (10/27)

Meet the very richest families in the world.

PHOTOS OF THE DAY

New York City, US
A man walks on the Coney Island boardwalk during a foggy morning in the Brooklyn borough of New York City
Photograph: Shannon Stapleton/Reuters

Vaila, Shetland
There is an 18th century watchtower on the Isle of Vaila from which the new owner can survey their small empire and keep an eye out for any intruders. Sir John Betjeman was a big fan of this islet in the west of Shetland now used as an organic farm. As well as 306 hectares (757 acres), it comes with a 17th century castellated mansion with six bedrooms, a farmhouse, a caretaker’s cottage and 57 hectares (142 acres) suitable for grazing. In total it has 6.5 miles of craggy coastline with sheltered bays and hidden caves.
Photograph: Savills
A tractor ploughing a field in Kars, Turkey, is surrounded by a flock of birds
Photograph: Ismail Kaplan/Anadolu Agency/Getty Images
Market Closes for October 28, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1929, on what would forever be called “Black Monday,” the Great Crash began in earnest. Packard Motor Car plunged 50.7%, RCA dropped 31.3% and Montgomery Ward lost 20.5%. The Dow Jones Industrial Average dropped 13.5%, then a record loss. In a single day, more than an eighth of the U.S. stock market’s value was erased
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.6%, or 119.08 to 19,471.19 in Toronto.
The index advanced to the highest closing level since Sept. 19.
Canadian National Railway Co. contributed the most to the index gain, increasing 1.3%.
Imperial Oil Ltd. had the largest increase, rising 9.1%.
Today, 151 of 236 shares rose, while 85 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 8.3%, heading for the worst year since 2018
* This month, the index rose 5.6%, heading for the biggest advance since November 2020
* So far this week, the index rose 3.2%, heading for the biggest advance since the week ended July 29
* The index declined 8.1% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 12.3% below its 52-week high on April 5, 2022 and 8.9% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 12.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.09t
* 30-day price volatility fell to 22.72% compared with 22.80% in the previous session and the average of 21.83% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 57.7638| 1.0| 26/3
Industrials | 23.1641| 0.9| 20/7
Information Technology | 19.5404| 1.8| 12/2
Consumer Staples | 12.1253| 1.5| 9/2
Consumer Discretionary | 10.9827| 1.6| 12/2
Utilities | 9.7114| 1.1| 13/3
Communication Services | 3.4595| 0.4| 5/2
Health Care | 1.0959| 1.4| 5/2
Real Estate | 0.9275| 0.2| 16/6
Energy | 0.4874| 0.0| 16/22
Materials | -20.1845| -0.9| 17/34
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian National | 8.6090| 1.3| -45.7| 4.3
RBC | 8.3530| 0.7| -48.1| -6.5
Imperial Oil | 8.3030| 9.1| 126.9| 61.4
TC Energy | -5.0160| -1.2| -52.5| 1.2
Shaw Communications | -7.1000| -6.3| 118.4| -11.6
Teck Resources | -11.4100| -7.8| 93.4| 17.5
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks ended a turbulent week with a sizable gain as Apple Inc.’s earnings report buoyed technology shares and a smattering of economic data suggested a modicum of progress is being made in the Federal Reserve’s battle against inflation.
The S&P 500 and the tech-heavy Nasdaq 100 notched their longest weekly rising streaks since August.
Gains in big-tech companies including Microsoft Corp. and Google parent Alphabet Inc. helped both indexes snap a two-day decline.
Treasuries turned weaker on Friday, breaking a three-day rally after hopes of a Fed pivot fizzled.
The dollar rose for the second straight session.
Stocks, bonds and the dollar whipsawed this week as investors attempted to make sense of conflicting earnings reports and economic data.
Quarterly reports from mega-cap technology firms underscored the impact of the Fed’s tightening regime, and consequently the surging dollar.
But overall, earnings still largely beat estimates, with Caterpillar Inc., which is considered a bellwether firm, highlighting strong buyer demand.
Meanwhile, a core gauge of US inflation accelerated in September, bolstering the Fed’s case for another jumbo rate hike next week.
But a contraction in manufacturing and services, and lower-than-expected US home sales, indicated that the Fed’s actions are already hitting the economy.
Gross domestic product data, which came in on Thursday, briefly assuaged concerns of an imminent recession.
Economists are still expecting the Fed to raise rates by three-quarters of a percentage point for the fourth time in a row next week.
Rates are projected to rise another half point in December, then by quarter points the following two meetings.
“It is too early to expect the Fed to signal a more dovish stance,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We maintain our view for economic growth to bottom out in the middle of 2023 and for the Fed to stop hiking in 1Q23.”

US investors also closely watched the actions of other central banks.
While the European Central Bank delivered a second straight 75 basis-point hike on Thursday, it dropped a prior reference to rate increases continuing for “several meetings,” an outcome that was considered dovish.
On Wednesday, the Bank of Canada announced a smaller-than-expected rate hike, which briefly stoked speculation that the Fed could follow suit.
The Bank of Japan, meanwhile, stood by its ultra-low interest rates at the end of a two-day long policy meeting on Friday.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.2%
* The Dow Jones Industrial Average rose 2.6%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $0.9965
* The British pound rose 0.4% to $1.1617
* The Japanese yen fell 0.8% to 147.44 per dollar
Cryptocurrencies
* Bitcoin rose 1.1% to $20,620.71
* Ether rose 2% to $1,558.63
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.99%
* Germany’s 10-year yield advanced 14 basis points to 2.10%
* Britain’s 10-year yield advanced eight basis points to 3.48%
Commodities
* West Texas Intermediate crude fell 1.1% to $88.13 a barrel
* Gold futures fell 1% to $1,648.40 an ounce
–With assistance from Cecile Gutscher, Reade Pickert and Tassia Sipahutar.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

All men age, as all men die. The thing is not to die too soon, Se҄ῇora, and to live wisely.  To live a long time is nothing,
to live a long time wisely is something. –Louis L’Amour, 1908-1988.

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