November 23, 2022 Newsletter

Dear Friends,

Tangents:
November 23, 1936: Life magazine premiered.
2006: Former KGB spy Alexander Litvinenko died in London from radiation poisoning after making a deathbed statement blaming Russian President Vladimir Putin.  Go to article »
2019: The last Sumatran rhinoceros in Malaysia, Imam, dies, making the species officially extinct in the country.

A group of Indonesian islands is about to hit the auction block.  To some billionaires, islands are like potato chips: you can’t buy just one.

Lopsided star cluster may disprove Newton and Einstein, controversial new study claims: Astronomers observing star clusters in our galaxy have found evidence that controversially challenges Newton’s laws of gravity and could upend our understanding of the universe.  The puzzling finding could support a controversial idea that does away entirely with dark matter. Full Story: Live Science (11/21)

Writing by hand is the best way to retain information.

Science doesn’t really know why so many viruses are flourishing at once. — Faye Flam.

The future of consumer products is influencers like MrBeast making and selling their own stuff. — Trung Phan
PHOTOS OF THE DAY

Web browser
‘A classic autumn morning in the vines near the Corbières town of Tuchan, France. I took this photo while walking my dog – that’s his back intruding into the bottom corner of the frame.’
Photograph: Robert Heath

Walking on water
‘This shot is of our ski guide, Simon, herringbone-walking across pristine snow covering a high Alpine pond on the morning of an epic freeride tour day in January, in the Silvretta Montafon resort in Austria.’
Photograph: Gary Mackney

Oxford, England
People walk past a Mini car decorated in 3,000 lights. The car’s owner, Nicholas Martin, is hoping to raise £10,000 for charity with his festive illuminative show
Photograph: Ben Birchall/PA
Market Closes for November 23^rd, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1954, the Dow Jones Industrial Average closed at a record high of 382.74, finally surpassing its previous high—set a quarter-century earlier on Sept. 3, 1929.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 62.25 to 20,282.26 in Toronto.
The index advanced to the highest closing level since June 9.
Shopify Inc. contributed the most to the index gain, increasing 4.1%. Converge Technology Solutions Corp. had the largest increase, rising 22.6%.
Today, 148 of 236 shares rose, while 84 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 4.4%, heading for the worst year since 2018
* This month, the index rose 4.4%
* The index declined 5.5% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 7.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility fell to 16.42% compared with 17.40% in the previous session and the average of 20.99% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 28.9143| 0.5| 22/7
Information Technology | 23.4955| 2.2| 10/4
Materials | 13.6290| 0.6| 38/12
Industrials | 11.6476| 0.4| 21/6
Utilities | 7.0782| 0.8| 13/3
Communication Services | 0.6909| 0.1| 5/2
Health Care | 0.0976| 0.1| 4/2
Real Estate | -1.1109| -0.2| 8/13
Consumer Discretionary | -2.6878| -0.4| 10/4
Consumer Staples | -4.2639| -0.5| 8/3
Energy | -15.2464| -0.4| 9/28
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 15.7600| 4.1| -21.9| -71.8
Brookfield Asset Management | 11.7000| 2.0| -20.6| -20.2
Enbridge | 7.5280| 1.0| -10.3| 12.0
Suncor Energy | -5.4160| -1.2| 105.3| 50.8
Couche-Tard | -7.3710| -2.2| 53.4| 13.4
Canadian Natural Resources | -9.0510| -1.4| 33.4| 52.9
US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — US stocks ended the session higher after the Federal Reserve’s latest meeting minutes showed most officials backing slowing the pace of interest-rate hikes soon.
The S&P 500 and the Nasdaq 100 notched gains for a second straight session. Treasuries rallied, with the benchmark 10-year yield around 3.69%.
Wall Street’s fear gauge, the Cboe Volatility Index, fell to its lowest level in more than three months.
US stock and bond markets will be closed on Thursday for the Thanksgiving holiday.
Several Fed officials backed the need to moderate the pace of rate hikes, the central bank’s Nov. 1-2 meeting minutes show.
Only a small number of these officials underscored the need for a higher terminal rate.
Since the Fed’s latest meeting, investors have parsed a bevy of economic data that somewhat eased inflation concerns, further strengthening the case for smaller rate hikes.
“The minutes were dovish as they recognized a softening in consumer demand and tightening international economic and financial conditions,” said Jay Hatfield of Infrastructure Capital Management.
Still, some investors think that the meeting minutes didn’t convey anything new and that markets may be overreacting to the perceived shift in tone.
“The minutes said that hikes can be smaller than 75bps but also that the terminal rate will need to be higher than previously thought — which also is pretty much what everyone at the Fed has been signaling anyway,” said Max Gokhman, chief investment officer at asset manager AlphaTrAI. “It’s almost weird we’re getting any kind of big moves on the minutes. I guess the market is happy to take a longer road to a more painful outcome given the reaction to the minutes.”
Meanwhile, the dollar dropped for a second straight session as investors assessed a bevy of economic data.
Business activity in the US continued to contract and separate data showed US unemployment applications rising more than expected, in a sign of cooling in the labor market.
Key events this week:
* ECB publishes account of its October policy meeting, Thursday
* US stock and bond markets are closed for the Thanksgiving holiday, Thursday
* US stock and bond markets close early, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 1% to $1.0402
* The British pound rose 1.5% to $1.2065
* The Japanese yen rose 1.2% to 139.50 per dollar
Cryptocurrencies
* Bitcoin rose 2.9% to $16,594.92
* Ether rose 3.9% to $1,173.48
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.69%
* Germany’s 10-year yield declined five basis points to 1.93%
* Britain’s 10-year yield declined 13 basis points to 3.01%
Commodities
* West Texas Intermediate crude fell 4.3% to $77.44 a barrel
* Gold futures rose 0.7% to $1,766.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee and Peyton Forte.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Expectation is the root of all heartache. –William Shakespeare, bapt. 1564-1616.

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