Dear Friends,
Tangents: Happy Friday Eve.
November 27, 1942: The French navy at Toulon scuttled its ships and submarines to keep them out of the hands of the Nazis. Go to article
November 27, 2005: The first successful partial face transplant is performed in France, opening new frontiers in reconstructive surgery.
Gail Sheehy, author, b. 1937.
Bruce Lee, actor, b. 1940.
Jimi Hendrix, musician, b. 1942.
“Yet Autumn calls for courage, as the end
Of all things calls for courage, – love or life.
Seldom with clean-cut slicing of the knife,
But a slow petering, a dismal droop,
As browning asters tied into a group
No lovelier than a birch-broom, in a head
Soggy, and dank, and very nearly dead.
Then in such days the flame of faith is low.
Spring is far off, and in the /Winter dread
Most tepidly and cowardly we go…”
-from V. Sackville-West, The Garden.
| ‘Portal to physics beyond the Standard Model’: World’s largest neutrino detector starts up — with incredible results |
Deep underground in southern China, there is a 20,000-ton tank of liquid that can detect neutrinos. Named JUNO, the detector’s first results are in — and they’re very promising. Read More.
| A fossilized foot found 15 years ago belonged to enigmatic human relative that lived alongside Lucy, scientists say |
Freshly unearthed jaw bones and teeth that were found close to a previously discovered foot suggest human relatives tried several ways of walking before honing in on one strategy. Read More.
| We may finally understand stress-induced hair loss |
Alopecia areata, which causes patchy hair loss, is often preceded by stress. Scientists are starting to figure out why through animal studies. Read More.
| Most modern dogs have wolf DNA from relatively recent interbreeding. Here’s which breeds are the most and least ‘wolfish.’ |
About two-thirds of modern dog breeds carry some wolf ancestry introduced within the past few thousand years. Read More.
| Popular AI chatbots have an alarming encryption flaw — meaning hackers may have easily intercepted messages |
Cybersecurity researchers have uncovered a critical vulnerability in the architecture of large language models underpinning generative AI, but how dangerous is this flaw? Read More.
PHOTOS OF THE DAY
London, UK
A woman looks at buildings made of gingerbread at the exhibition The Gingerbread City. The edible city includes more than 50 unique gingerbread structures
Photograph: Frank Augstein/AP
London, UK
The Four Seasons by the workshop of Giuseppe Arcimboldois (Milan 1527-1593) displayed at Christie’s auction rooms, The work is expected to sell for £800,000–£1.2m when it is auctioned on 2 December
Photograph: Henry Nicholls/AFP/Getty Images
Windsor, UK
Palace staff put the final touches to a Christmas tree in St George’s Hall at Windsor Castle in England. During this Christmas period, visitors to the castle will see festive displays decorate the state apartments and outside, including a 6-metre-high (20ft) Nordmann fir tree in St George’s Hall, grown nearby in Windsor Great Park
Photograph: Chris Jackson/Getty Images
Market Closes for November 27th, 2025
| Market Index |
Close | Change |
| Dow Jones |
N.A | N.A |
| S&P 500 | N.A | N.A |
| NASDAQ | N.A | N.A |
| TSX | 31196.71 | +16.46 |
| +0.05% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50167.10 | +608.03 |
| +1.23% | ||
| HANG SENG |
25945.93 | +17.85 |
| +0.07% | ||
| SENSEX | 85720.38 | +110.87 |
| +0.13% | ||
| FTSE 100* | 9693.93 | +2.35 |
| +0.02% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.124 | 3.139 |
| CND. 30 Year Bond |
3.576 | 3.595 |
| U.S. 10 Year Bond |
N.A | 3.9941 |
| U.S. 30 Year Bond |
N.A | 4.6414 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7129 | 0.7124 |
| US $ |
1.4026 | 1.4036 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6146 | 1.6270 |
| US $ |
0.8620 | 1.1599 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4139.60 | 4126.45 |
| Oil | ||
| WTI Crude Future | N.A | 58.65 |
Market Commentary:
Take calculated risks, but don’t be rash. –George Patton Jr., 1885-1945.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 31,196.71 in Toronto.
Celestica Inc. contributed the most to the index gain, increasing 1.0%.
Goeasy Ltd. had the largest increase, rising 2.9%.
Today, 126 of 212 shares rose, while 82 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index rose 26%, heading for the best year in at least 10 years
* This month, the index rose 3.1%
* So far this week, the index rose 3.4%, heading for the biggest advance since the week ended Sept. 13
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is at its 52-week high and 40.4% above its low on April 7, 2025
* The S&P/TSX Composite is up 4.3% in the past 5 days and rose 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.8 on a trailing basis and 19.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.95t
* 30-day price volatility fell to 15.27% compared with 15.74% in the previous session and the average of 14.50% over the past month
Index Points
Energy | 5.8569| 0.1| 25/12
Information Technology | 4.6435| 0.1| 4/4
Consumer Staples | 3.1422| 0.3| 5/6
Communication Services | 1.1798| 0.2| 4/1
Consumer Discretionary | 1.1715| 0.1| 5/3
Real Estate | 0.9675| 0.2| 13/5
Industrials | 0.8185| 0.0| 16/13
Health Care | 0.2694| 0.3| 3/1
Financials | 0.2685| 0.0| 12/12
Utilities | -0.6883| -0.1| 7/7
Materials | -1.1545| 0.0| 32/18
Celestica | 3.6380| 1.0| -90.0| 255.6
Couche-Tard | 3.5940| 0.9| -10.6| -4.2
RBC | 3.4430| 0.2| -87.5| 24.3
CIBC | -2.3410| -0.3| -76.4| 31.9
Intact Financial | -3.1320| -0.9| -79.1| 8.7
Agnico Eagle Mines | Ltd | -3.2720| -0.4| -34.7| 115.3
MT Newswires:
The Toronto Stock Exchange posted a third-straight record closed on Thursday even while a domestic political clash brews over the future of Canadian energy projects, but Scotiabank says it has already seen equity markets "save the day" in terms of the impact they have had on the macroeconomy, although the bank remains concerned about "potential overvaluation".
The S&P/TSX Composite Index closed up a modest 16.5 points, or 0.05%, at 31,196.71, having set record closes on Tuesday and Wednesday.
Most sectors were higher, but volumes were thin with U.S. markets closed for the Thanksgiving holiday.
Among sectors, the Battery Metals Index was up 4.8%, but no other sector was up even 0.5%. Utilities was down less than 0.1%.
Among stocks, potash producer Nutrien (NTR.TO, NTR) was up a modest 0.15% as it found itself at the heart of a political war of words involving Canada’s top federal and some provincial leaders.
David Eby, Premier of British Columbia, cited Nutrien by name in a press briefing he held on Thursday afternoon, when he spoke about distractions around news of Prime Minister Mark Carney and Alberta Premier Danielle Smith signing a major new energy co-operation agreement, outlining the conditions that need to be met for a new oil pipeline to the Pacific to proceed.
"It [the pipeline project] runs the very significant risk, that has already been partially realized, of taking our eyes off the prize," Eby said.
According to Eby, who is opposing approval of a new oil pipeline to the west coast and has called it unacceptable that his province has been excluded from the proposed pipeline talks, Nutrien was involved in talks with the federal government and the government of Saskatchewan about where to export their potash from.
"A project that would result in significant jobs in British Columbia, would secure [for] the people of Saskatchewan access to global markets if it [Nutrien] stayed in Canada and would also reduce the risk of [U.S. President] Donald Trump putting tariffs on Canadian potash going through the United States. They are making a decision on which port to export through."
"Unfortunately," Eby said, "instead of having conversations with British Columbia about this project, the Premier of Saskatchewan says he was engaged with [Alberta] Premier Smith about this pipeline project proposal.
Because of that, in my opinion, Nutrien made the decision to ship out of Washington State instead of out of British Columbia."
Eby said Canada’s Premiers should have been working together to address such issues as bottlenecks at ports here by encouraging the federal government to invest in new rail infrastructure.
Bottlenecks in Canadian ports was a key reason why Nutrien decided to ship out of Washington State, he added.
"So," Eby said, "my concern about this [new pipeline] project being a distraction … unfortunately I have seen that happen once already, and I don’t want to see it happen again."
He added the proposed pipeline has no private-sector proponent.
Meanwhile, Scotiabank Economics published a note entitled ‘Equity Markets Save the Day: Analyzing the Impact of Equity Markets on the Macroeconomy’.
Scotia noted equity markets have performed "very well" in recent quarters, saying their performance has provided significant support to economic activity in the United States and Canada since 2023.
Scotia said it found that the surge in equity prices of the last few years raised the level of Canadian and U.S. real GDP in 2025 Q3 by just over 1% relative to the level in late 2023.
It added: "A significant pullback in equity markets would have damaging impacts on growth, eliminating a key support for economies that are adapting to a high-tariff world.
Our simulations suggest a 20% decline in U.S equity markets that leads to a 10% decline in Canadian equity values would lower the level of real GDP by 0.8% and 0.5% in 2027 in the U.S. and Canada, respectively, relative to our base case."
Scotia noted equity markets have risen by about 40% since 2023.
The bank said this surge boosted financial wealth and supported household spending in both Canada and the United States, and it finds it has been an important source of growth in the last few years and will continue to support activity going forward. "However," Scotia added, "these elevated valuations imply high expectations for continued earnings growth in AI-linked sectors, expectations that may not materialize, raising concerns about potential overvaluation. This represents a downside risk to our outlook."
Of commodities, gold edged down in light U.S. Thanksgiving holiday trade by late afternoon Thursday as the dollar steadied. Gold for February delivery was down US$12.70 to US$4,189.60 per ounce.
But oil edged higher as expectations around an imminent peace deal to end Russia’s war on Ukraine fade even while supply continues to run ahead of demand.
West Texas Intermediate crude for January delivery was up $0.48 at US$59.13 per barrel in electronic trade, with U.S. markets closed for the Thanksgiving holiday, while January Brent was up $0.21 to US$63.34.
US
US markets closed for Thanksgiving Day holiday.
“Pope Leo is set to travel to Turkey on Thanksgiving. And, you know what, I think we’re just going to let your dad have that joke.” — SETH MEYERS.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
It is not that we have a short time to live, but that we waste much of it. -Seneca, c.4 BCE-65 AD.
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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828