September 24, 2024 Newsletter

Dear Friends,

Tangents:

September 24, 1869: Financiers Jay Gould and James Fisk tried to corner the gold market, sending Wall Street into a panic and leaving thousands of investors in financial ruin. Go to article >>

September 24, 622: Prophet Muhammad completes his migration from Mecca to Medina, marking the start of the Islamic calendar. This pivotal event establishes the first Muslim community and sparks the spread of Islam.

1734: Thanksgiving, Pennsylvania-Dutch.

F. Scott Fitzgerald, b.1896.
Jim Henson, muppet creator, b. 1936.
Nia Vardalos, actress, b. 1962.

Winning images from Bird Photographer of the Year 2024
With their im-peck-able camera skills, these photographers were awarded top prizes for their rare and comical images of bird behaviors.

A ‘Friends’-themed game show is coming soon
A new game show looking for the Ultimate “Friends” Fan is coming to Max in honor of the 30th anniversary of the beloved NBC sitcom. (Max, like CNN, is owned by Warner Bros. Discovery.)

US to return antiquities to India
The US is returning 297 relics stolen or smuggled from India, many dating back centuries.

Miley Cyrus and Dolly Parton are apparently distant relatives
Dolly Parton has learned her special connection with goddaughter Miley Cyrus is even deeper than she originally thought.

Lost Biblical tree resurrected from 1,000-year-old mystery seed found in the Judean Desert
Scientists have grown an ancient seed from a cave in the Judean Desert into a tree — and it could belong to a locally-extinct species with medicinal properties mentioned several times in the Bible. Read More.

2,700-year-old shields and helmet from ancient kingdom unearthed at castle in Turkey
The martial artifacts found at the temple complex were likely offerings that an ancient kingdom made to their chief god. Read More.

‘Knife-wielding orca’ and alien-looking figures among 300 Nazca Lines discovered in groundbreaking AI study Scientists used AI to find 303 never-before-seen geoglyphs in Peru’s Nazca Desert, including abstract humanoid figures, ancient ceremonies, “decapitated heads” and a “killer whale holding a knife.”  Full Story: Live Science (9/24)

Bright comet Tsuchinshan-ATLAS could be visible without a telescope for the 1st time in 80,000 years. Here’s how to see it this week.
During late September and mid-October, the much-anticipated comet C/2023 A3 (Tsuchinshan-ATLAS) could become visible to the naked-eye for skywatchers around the world. Read More.

Duck-billed dino with absolutely enormous honker unearthed in Mexico
The newly named dinosaur is unique to Mexico, and it’s helping change scientists’ understanding of dinosaur ranges across the Americas. Read More.

PHOTOS OF THE DAY

London, UK
Sociomobile by Jasleen Kaur at the Turner prize exhibition at Tate Britain. The shortlisted candidates for the annual prize for British artists, in its 40th year, are Kaur, Pio Abad, Claudette Johnson and Delaine Le Bas
Photograph: Tristan Fewings/Getty Images

Swanception, Samual Stone, UK.
I conceived the idea for this image some time ago, but each time I attempted to turn it into reality one of the elements was not right. It felt like I was in a creative rut and I had not taken an image I was really happy with for a while. On this particular morning, I decided to return to this idea out of desperation. I spotted my local Mute Swans in their usual spot, preening in the morning light. Fortunately, it was also a crisp morning, and the mist was slowly descending, creating a soft morning glow. After so many attempts, everything finally came together when a swan swam into the perfect spot. Finally, I created the image I had pictured in my mind.
Location: London, UK
Photograph: Samual C Stone/Bird photographer of the year

​​​​​​​Human and nature (and dog), Emil Wagner, Germany.
I took this photo on a beautiful beach on the Baltic Sea. There are a number of waders and other birds here, but also many visitors who enjoy the beautiful landscape. In this case there was also a dog who initially did not notice the Grey Plover. The Grey Plover, however, did notice the dog and flew away shortly after I took the photo. While I do not believe this incident greatly stressed the bird, it is crucial to acknowledge the potential impact of human activity and tourism on protected species and their habitats. In my opinion, the scene represents this potential conflict between humans and nature.
Location: Mecklenburg-Western Pomerania, Germany
Photograph: Emil Wagner/Bird photographer of the year
Market Closes for September 24^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 Wall Street suffered its first “Black Friday” on this day in 1869. Word leaked that speculator Jay Gould, who was trying to corner the gold market, had sold two days earlier. Gold and stock prices plummeted
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 57.51 to 23,952.22 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.9%.
Aya Gold & Silver Inc. had the largest increase, rising 9.0%.
Today, 155 of 223 shares rose, while 64 fell; 4 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 14%, heading for the best year since 2021
* This quarter, the index rose 9.5%, heading for the biggest advance since the second quarter of 2020
* This month, the index rose 2.6%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is at its 52-week high and 28.1% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 1.2% in the past 5 days and rose 2.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.79t
* 30-day price volatility fell to 10.17% compared with 10.43% in the previous session and the average of 13.03% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 52.9236| 1.8| 45/6
Energy | 18.1860| 0.5| 34/5
Industrials | 7.9388| 0.3| 22/5
Consumer Discretionary | 2.2405| 0.3| 9/3
Health Care | -0.0494| -0.1| 2/2
Real Estate | -0.0532| 0.0| 10/10
Utilities | -0.9447| -0.1| 8/7
Information Technology | -1.4596| -0.1| 5/4
Communication Services | -1.8392| -0.3| 2/3
Consumer Staples | -5.1270| -0.5| 7/4
Financials | -14.3049| -0.2| 11/15
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 12.6400| 1.9| -57.7| 7.2
Teck Resources | 6.9810| 3.3| 26.3| 23.3
First Quantum Minerals | 4.4370| 5.3| 11.4| 71.0
Waste Connections | -5.1200| -1.2| -9.1| 21.8
Couche-Tard | -6.6870| -1.6| -59.1| -3.4
TD Bank | -6.9560| -0.7| 63.8| 0.1
US
By Cristin Flanagan
(Bloomberg) — US stocks held onto gains buoyed by a jump in Nvidia Corp.’s shares as traders largely shrugged off a grim consumer confidence reading.
The S&P 500 Index edged up 0.3% — ending the day with its 41st record close — the blue-chip Dow Jones Industrial average also notched a record with a 0.2% gain while the tech-heavy Nasdaq 100 rose 0.5%.
A sweeping stimulus package from China helped shore up stocks with economic ties to the country.
The benchmarks had initially sold off after a Tuesday reading on the Conference Board’s gauge of consumer sentiment posted the biggest drop since August 2021 — only to reverse course after a report that Nvidia’s chief executive officer was done selling shares. That sent the stock up around 4% and dragged the S&P 500 higher.
The consumer confidence report flagged concerns about a slowdown in the labor market while manufacturing data also came in weaker than expected.
“The decay in the perceptions of jobs available was striking,” according to Carl Weinberg, chief economist at High Frequency Economics. “It also will deliver a warning message about the state of the economy to financial markets.”
Swaps traders increased their wagers to more than three-quarters of a point of policy easing by year-end, suggesting at least one more major cut is in store, after the data.
To BMO’s Ian Lyngen the report did little to change the Fed’s trajectory.
“Unless and until flagging confidence translates into lower consumer spending, the shift in sentiment won’t become a monetary policy influence,” Lyngen wrote.
The report contrasted with the views of Fed Governor Michelle Bowman, the only policymaker to dissent on last week’s half a percent cut. She said the central bank should lower interest rates at a “measured” pace, arguing that inflationary risks remain and that the labor market has not shown significant weakening.
A handful of other policymakers, including Chicago Fed President Austan Goolsbee, have said the focus needs to shift from inflation to jobs.
Goolsbee said the central bank may need to cut rates “significantly.”
In individual stock moves, Visa Inc. slumped 5.5% on a report that the US Justice Department plans to file a lawsuit over its alleged monopoly on debit cards.
Estee Lauder Cos was among equities rallying after China’s stimulus package.
The beauty company generates nearly a third of its sales from Asia.
US bond yields were mostly lower with the biggest drop seen in shorter dated securities after a $69 billion auction of two-year notes.
Investors are awaiting data on the Fed’s preferred price metric and US personal spending later this week for further clues on the depth of future reductions.
Elsewhere, the mood was risk-on as equities climbed after China’s stimulus plan. European stock gauges traded higher as sectors exposed to the Chinese economy rallied.
A gauge of the dollar slumped against a basket of Group-of-10 currencies.
China’s broad package of monetary stimulus on Tuesday included reduced reserve requirements for banks and at least 800 billion yuan ($114 billion) of liquidity support for stocks.
A gauge of the nation’s stocks had its best day since July 2020.
Still, Michael Sneyd, head of cross-asset and macro quantitative strategy at BNP Paribas, said it would take time for the economic impact of stimulus to feed through.
“That China stimulus news is probably not enough to take off those downside risks in the European economy just yet.”
Oil prices climbed on hopes of a stronger Chinese economy and as a major Israeli strike on Hezbollah targets in Lebanon kept tensions high in the Middle East.
Gold hit a record trading above $2,662 an ounce.

Key events this week:
* Australia CPI, Wednesday
* China medium-term lending facility rate, Wednesday
* Sweden rate decision, Wednesday
* Switzerland rate decision, Thursday
* ECB President Christine Lagarde speaks, Thursday
* US jobless claims, durable goods, revised GDP, Thursday
* Fed Chair Jerome Powell gives pre-recorded remarks to the 10^th annual US Treasury Market Conference, Thursday
* Mexico rate decision, Thursday
* Japan Tokyo CPI, Friday
* China industrial profits, Friday
* Eurozone consumer confidence, Friday
* US PCE, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.6% to $1.1177
* The British pound rose 0.5% to $1.3415
* The Japanese yen rose 0.3% to 143.23 per dollar
Cryptocurrencies
* Bitcoin rose 1.6% to $64,313.82
* Ether fell 0.4% to $2,651.4
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.73%
* Germany’s 10-year yield was little changed at 2.15%
* Britain’s 10-year yield advanced two basis points to 3.94%
Commodities
* West Texas Intermediate crude rose 1.7% to $71.54 a barrel
* Spot gold rose 1.3% to $2,663.07 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Mark Cudmore, Alexandra Semenova, Aya Wagatsuma, Margaryta Kirakosian and John Viljoen.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
No advance in wealth, no softening of manners, no reform or revolution has ever brought human equality a millimeter nearer. –George Orwell, 1903-1950.

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
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www.carolannsteinhoff.com