March 3, 2023 Newsletter

Dear Friends,

Tangents: Happy Friday.
March 3, 2005: Steve Fossett becomes the first person to fly an airplane non-stop around the world solo without refueling.
On March 3, 1991: in a case that sparked a national outcry, motorist Rodney King was severely beaten by Los Angeles police officers in a scene captured on amateur video.   Go to article » 

1805: Louisiana/Missouri Territory formed.
1955: Elvis Presley’s first TV appearance.

Alexander Graham Bell, inventor, b. 1847.
Ring Lardner Sr., writer, b.1885.

‘Creed III’ premieres in US theaters today.  Michael B. Jordan and Jonathan Majors bring heavyweight talent to the latest chapter in the “Rocky” franchise.

Leading soccer figures raise more than $44 million in a single day for Turkey quake victims.  These famous soccer players are putting their rivalries aside to raise money for the victims of last month’s devastating earthquake in Turkey.

Want to avoid an early death? A brisk 11-minute walk every day may help.
Yosemite National Park is closed indefinitely as snow depth rises to a 54-year high.

Cosmic rays reveal ‘hidden’ 30-foot-long corridor in Egypt’s Great Pyramid: Cosmic rays and photos from an endoscope have revealed a “hidden” corridor inside the Great Pyramid of Giza’s north face, above the pyramid’s ancient entrance, new research finds.  The new study reveals that, just above the ancient entrance to the pyramid, there is likely a horizontal chamber that runs for 30 feet (9 meters) in length and is 6.6 feet by 6.6 feet (2 by 2 m) in width and height. Full Story: Live Science (3/2)

Stunning gem-covered gold earrings discovered in 800-year-old hoard in Germany: A trainee metal detectorist in northern Germany recently hit on something his mentor never expected: an 800-year-old hoard of gold jewelry and silver coins that hints at the area’s trade connections.
The large hoard contained a dazzling collection of artifacts.  Full Story: Live Science (3/2)

PHOTOS OF THE DAY

Paris, France
Dancers wearing Louboutin shoes perform on the sidelines of the Paris fashion week at the Opéra Comique
Photograph: Julien de Rosa/AFP/Getty Images

The week in wildlife
A fox among blooming daffodils on the banks of the Dodder River in Dublin, Ireland
Photograph: Brian Lawless/PA

The week in wildlife
A white-eye bird is seen on early-flowering cherry blossoms in full bloom at a park in Tokyo, Japan
Photograph: Issei Kato/Reuters
Market Closes for March 3^rd, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1901, John Pierpont Morgan announced that he was organizing the largest-ever corporation in the world by merging his Federal Steel conglomerate with Andrew Carnegie’s Carnegie Co.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.2%, or 244.37 to 20,581.58 in Toronto.
The move was the biggest since rising 1.6% on Jan. 6.
Today, financials stocks led the market higher, as all sectors gained; 207 of 236 shares rose, while 26 fell.
Shopify Inc. contributed the most to the index gain, increasing 5.4%.
Park Lawn Corp. had the largest increase, rising 8.6%.
Insights
* This quarter, the index rose 6.2%, heading for the biggest advance since the second quarter of 2021
* So far this week, the index rose 1.8%, heading for the biggest advance since the week ended Jan. 13
* The index declined 3.1% in the past 52 weeks. The MSCI AC Americas Index lost 8% in the same period
* The S&P/TSX Composite is 7.3% below its 52-week high on April 5, 2022 and 15.2% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.3 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$3.25t
* 30-day price volatility rose to 8.06% compared with 7.59% in the previous session and the average of 8.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 59.8494| 0.9| 23/6
Energy | 49.0973| 1.4| 35/4
Materials | 36.0450| 1.5| 49/1
Information Technology | 30.4786| 2.4| 13/1
Industrials | 20.5648| 0.8| 22/3
Utilities | 11.4883| 1.3| 15/0
Consumer Staples | 11.3321| 1.3| 8/3
Communication Services | 8.0111| 0.8| 4/2
Consumer Discretionary | 6.6498| 0.9| 12/3
Real Estate | 4.0793| 0.8| 20/2
Health Care | 1.0701| 1.4| 6/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 24.8500| 5.4| -17.9| 25.5
Canadian Natural Resources | 13.0100| 2.1| 88.2| 8.9
Brookfield Corp | 10.9600| 2.5| -14.7| 8.8
George Weston | -0.4510| -0.6| 61.5| -0.6
Great-West Lifeco | -0.4860| -0.7| 23.6| 16.7
Fairfax Financial | -1.1540| -0.8| -58.6| 16.3
US
By Denitsa Tsekova and Alice Atkins
(Bloomberg) — US stocks ended the week on a high note driven by speculation that the Federal Reserve won’t raise interest rates beyond peak levels already priced in.
A rally in the S&P 500 Friday helped snap a three-week losing streak.
The Nasdaq 100 scored its best day since early February.
Sentiment remained upbeat despite a report showing resilience in the service sector as some investors wagered the impact of the Fed’s hikes on the economy would be delayed.
A measure of prices paid by service providers showed costs rising at a slower pace, which was cheered by traders.
Bond yields rose for the week though Treasuries richened in a Friday rally, with the 10-year yield hovering around 3.96%.
A benchmark of the dollar had its worst week since mid-January, ending four consecutive weeks of gains.
All eyes will be on the non-farm payrolls report next week for clues on whether the economy can handle more rate hikes.
Data this week showed continued labor-market resilience in the US, supporting the case for the Fed to stick to its tightening policy, a theme that had pushed almost every major asset into the red in February.
But investors were heartened after Atlanta Fed’s Raphael Bostic said on Thursday that the central bank could possibly pause its rate hikes sometime this summer.
Traders interpreted his comments as dovish, even though Bostic and his colleagues said decisions would continue to be data dependent and a Fed report on Friday emphasized that further rate increases are in store.
Traders are still optimistic because even the most hawkish Fed officials haven’t suggested that rates could need to go beyond levels already baked in, said Priya Misra, global head of rates strategy at TD Securities.
Swap markets have been pricing a peak Fed policy rate of 5.5% in September.
“I think they stay at 5.5% and we have to see how data evolves in the second quarter,” she said on Bloomberg Television.
Misra also added that robust data doesn’t mean the Fed’s persistent tightening isn’t working.
“It takes a long time,” she said. “Policy only turned restrictive last year.”
Risk sentiment also received a boost on Friday from forecast-beating factory data from China.
Oil gained for the fourth day, with confidence in China’s robust rebound supporting prices. 
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.3% to $1.0634
* The British pound rose 0.8% to $1.2041
* The Japanese yen rose 0.7% to 135.85 per dollar
Cryptocurrencies
* Bitcoin fell 4.8% to $22,296.29
* Ether fell 5% to $1,558.57
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 3.96%
* Germany’s 10-year yield declined four basis points to 2.72%
* Britain’s 10-year yield declined three basis points to 3.85%
Commodities
* West Texas Intermediate crude rose 2% to $79.74 a barrel
* Gold futures rose 1.1% to $1,861.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Sujata Rao and Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Honor is simply the morality of superior men. -H.L. Mencken, 1880-1956.

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