Dear Friends,
Tangents: Happy Friday.
November 28, 2001: Enron Corp., once the world’s largest energy trader, collapsed after would-be rescuer Dynegy Inc. backed out of an $8.4 billion deal to take it over. Go to article.
November 28, 1981: Mauritania becomes the last country to abolish slavery, officially ending the legal practice worldwide.
William Blake, poet, b. 1757.
Friedrich Engels, philosopher, b. 1820.
Barry Gordy Jr., cofounder of Motown, b.1929.
Jon Stewart, comedian, b. 1962.
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A fireball lit up the skies over the Great Lakes in the early hours of Sunday and was visible for hundreds of miles. Read More.
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A new study says observations from the NASA Fermi space telescope suggest a halo of dark matter around the center of our galaxy, but more information is needed to confirm the result. Read More.
PHOTOS OF THE DAY
Louisiana, US
A participant at the sixth annual Thanksgiving Day Human Horse Race in New Orleans
Photograph: Seth Herald/Reuters
West Sussex, UK
An installation at Glow Wild, a winter lantern trail at Wakehurst, Kew Gardens’ wild botanic garden in Ardingly
Photograph: Andrew Matthews/PA
Alicante, Spain
The world’s largest nativity scene, with the figure of Saint Joseph standing at about 18 metres tall
Photograph: Morell/EPA
Market Closes for November 28th, 2025
| Market Index |
Close | Change |
| Dow Jones |
47716.42 | +289.30 |
| +0.61% | ||
| S&P 500 | 6849.09 | +36.48 |
| +0.54 | ||
| NASDAQ | 23365.69 | +151.00 |
| +0.65 | ||
| TSX | 31382.78 | +186.07 |
| +0.60% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50253.91 | +86.81 |
| +0.17% | ||
| HANG SENG |
25858.89 | -87.04 |
| -0.34% | ||
| SENSEX | 85706.67 | -13.71 |
| -0.02% | ||
| FTSE 100* | 9720.51 | +26.58 |
| +0.27% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.148 | 3.124 |
| CND. 30 Year Bond |
3.595 | 3.576 |
| U.S. 10 Year Bond |
4.0132 | N.A |
| U.S. 30 Year Bond |
4.6628 | N.A |
| BOC Close | Today | Previous |
| Canadian $ | 0.7154 | 0.7129 |
| US $ |
1.3976 | 1.4026 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6180 | 1.6212 |
| US $ |
0.8620 | 1.1600 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4153.95 | 4139.60 |
| Oil | ||
| WTI Crude Future | 58.65 | N.A |
MARKET COMMENTARY:
Use your body, your vessel, today; tomorrow it can be broken. -The Talmud.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.6%, or 186.07 to 31,382.78 in Toronto.
Wheaton Precious Metals Corp. contributed the most to the index gain, increasing 2.7%.
Endeavour Silver Corp. had the largest increase, rising 12.7%.
Today, 162 of 212 shares rose, while 49 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 27%, heading for the best year in at least 10 years
* This month, the index rose 3.7%
* So far this week, the index rose 4.1%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is at its 52-week high and 41.2% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.9 on a trailing basis and 19.5 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$4.96t
* 30-day price volatility fell to 15.09% compared with 15.27% in the previous session and the average of 14.60% over the past month
Index Points
Materials | 112.2134| 2.1| 45/5
Financials | 39.6935| 0.4| 19/5
Energy | 34.8597| 0.7| 34/3
Industrials | 7.0387| 0.2| 15/14
Utilities | 3.0938| 0.3| 11/3
Communication Services | 2.1782| 0.3| 5/0
Real Estate | 1.9134| 0.4| 18/1
Health Care | -0.0243| 0.0| 2/2
Consumer Staples | -1.9568| -0.2| 6/5
Information Technology | -6.3606| -0.2| 3/6
Consumer Discretionary | -6.5690| -0.6| 4/5
Wheaton Precious |Metals | 12.8300| 2.7| 8.0| 89.7
Pan American Silver | 11.7400| 6.7| 4.2| 117.8
Kinross Gold | 8.7590| 2.7| -1.2| 195.0
Dollarama | -4.8740| -1.2| 4.0| 42.5
Constellation | Software | -5.5420| -1.2| -60.9| -23.9
Shopify | -6.6610| -0.4| -56.0| 45.9
Endeavour Silver| 12.7| 3.1470| 20.6| 160.7
Aya Gold & | Silver | 12.0| 1.8630| 112.6| 77.3
First Majestic | 11.4| 6.9090| 20.3| 167.1
Northwest Co | -1.5| -0.2540| -20.8| 0.2
Aritzia | -1.5| -1.1350| -37.9| 106.8
Dollarama | -1.2| -4.8740| 4.0| 42.5
MT Newswires:
The Toronto Stock Exchange set its fourth-straight record close Friday, despite mixed commodity prices and the release of messy Canadian third-quarter GDP data, even as Rosenberg Research sees early indications that coming weakness will prove to be a" correction in an uptrend".
The S&P/TSX Composite Index closed up 186.07 points, or 0.6%, to 31,382.78 having stood at near 30,300 at the start of the week, with all sectors higher, led by Base Metals, up 1.8%.
Reflecting that in commodities, gold futures were up Friday afternoon on rising hopes for a December rate cut from the Federal Reserve.
Gold for February delivery was up $53.90 to US$4,256.20 per ounce, the highest since the Oct. 20 record high of US$4,359.40.
But, while the Energy sector was up more than 1%, West Texas Intermediate crude oil closed lower as over-supply concerns continue and after overnight electronic trading was disrupted by a data outage at the Chicago Mercantile Exchange (CME).
WTI crude oil for January delivery closed down $0.10 to settle at US$58.55 per barrel, while January Brent oil, was last seen down $0.14 to US$63.20.
Walter Murphy at Rosenberg Research published a ‘technical analyses on global equity markets’ in which he noted the TSX has recently been consistently at, or near, all-time highs, and it has decisively broken out above what had been 30,198-29,378 Fibonacci resistance.
As a result, Murphy said, that range will now be regarded as support, adding next resistance is arguably near 33,800.
"Meanwhile," Murphy said, "the weekly Coppock Curve is overbought and deteriorating, and could be in a confirmed downtrend as early as next week.
The new downtrend would be expected to continue into January and perhaps into February, but it seems unlikely to break down through its neutral zero line.
This is an early indication that the coming weakness will prove to be a correction in an uptrend."
"That said," Murphy added, "a Fibonacci 38.2%-61.8% retracement of the post-April uptrend would not be a surprise.
Based on the gains to date, such a retracement allows for a challenge of 27,565-25,526. The lower end of that range is in line with April’s breakout point."
On today’s GDP data, National Bank said, "the devil is in the details".
It noted that after a quarter severely impacted by trade tensions, the Canadian economy returned to growth in Q3 with an annualized increase of 2.6%, surprising economists by a wide margin.
National Bank cited trade data as the main driver of this volatility, significantly boosting growth in the third quarter after holding it back in the second.
This time around, the sharp drop in imports alone accounts for all the growth in the quarter, while exports essentially stagnated after last quarter’s strong decline.
National noted Statistics Canada pointed out that, given the U.S. government shutdown that took place in October, it did not receive data on Canadian exports to the U.S. for the final month of the quarter and thus resorted to special estimates.
"As a result," National Bank said, "we will keep an eye on potentially larger than normal revisions to trade statistics in the coming months.
In our view, it would be very premature to conclude, based on this morning’s report, that the worst is over for the Canadian economy."
National Bank said economic growth was "certainly strong" in September at 0.2%, but added the 0.3% decline in October, according to preliminary figures, could mean disappointing economic performance in Q4.
"This morning’s report does not change our view that the Bank of Canada will remain on the sidelines.
Despite a still fragile economy, inflationary pressures are too persistent for it to do more."
Elsewhere, Derek Holt, Head of Capital Markets Economics at Scotiabank, asked himself: Could there be a messier set of GDP numbers? He answered with: "Not really."
Statcan, Holt noted, applied large upward revisions to GDP over 2022, 2023 and 2024, but did not mention GDP revisions in their website line-up of daily releases, nor in the prior write-ups for monthly and Q2 GDP reports where they usually flag coming revisions.
Where, he asked, did they put it? "Buried," he said, "in a provincial GDP write-up where few macro watchers would bother to look.
And yet this is probably the most important part of the overall set of numbers."
Holt noted annual GDP growth over the three years of 2022, 2023 and 2024 was revised up by about 0.5% each year.
The level of GDP was revised up by a cumulative 1.7 percentage points by the end of 2024.
"That’s ‘uuuuuge!," he said. In summary Holt said: "Positive GDP revisions result in less slack, maybe a swing toward excess demand … possibly leading the BoC to revise inflation forecasts slightly higher…and supporting our view the BoC is done cutting, next move an eventual hike."
US
By Andre Janse van Vuuren and Cristin Flanagan (Bloomberg)
US stocks advanced in thin trading after a technical outage at the Chicago Mercantile Exchange disrupted premarket activity.
Bonds edged lower.
The S&P 500 rose 0.5% in a post-holiday shortened session and was back within spitting distance of all-time highs.
Volume was more than 25% below the 30-day average as Friday trading closed at 1:00 p.m.
Earlier, a data-center fault had affected multiple markets, with the issue lasting longer than a similar outage in 2019.
The Nasdaq 100 rose 0.8% with Intel Corp. among its biggest gainers.
Amazon.com Inc. shares gained 1.8% and Walmart Inc. hit a record on what’s traditionally one of the biggest US shopping days of the year.
Foreign-exchange markets, which had continued to trade throughout the day, saw no major volatility after the EBS platform reopened at 7:00 a.m.
“The spillover from the Thanksgiving holiday and the fact there is no US data may on the face of it lessen the impact,” said Daniel Noorian, head of execution and quantitative services at Liquidnet.
The CME halt was caused by a cooling system malfunction at a data center in the Chicago area, according to facility operator CyrusOne.
“Some market participants will take advantage of possible differences in prices,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM.
“The majority will pause trading for risk reasons until the issues are resolved, otherwise losses are possible.”
For US stocks, expectations that the Federal Reserve will cut interest rates faster than initially anticipated fueled a late month rebound.
The biggest weekly advance in five months capped off a choppy November after swollen technology stock valuations stirred up unease on Wall Street.
The gain buoyed the broader barometer of US stocks as it notched a seven-month winning streak.
But investors rotating away from artificial intelligence winners and into defensive sectors like health care led the tech-heavy Nasdaq 100 to log its first monthly loss since March.
The broader US stocks gauge had been down as much as 4.7% in November barely more than a week ago, as worries over stretched technology valuations rattled traders.
Money markets were assigning roughly an 80% chance of a Fed cut in December before the CME disruption hit.
“For now, the data supports the soft landing, and that contributed to the continued equity rally ahead of Thanksgiving,” wrote Tom Essaye of the Sevens Report.
“However, there remain a lot of economic unknowns right now and there are simmering risks that the economy is not as strong as investors believe given the lack of government data in recent months.”
Essaye said there could be risk-off money flows in December if upcoming data disappoint.
Next week, statistics-starved investors will be watching for Challenger, Gray & Christmas job cuts and ADP’s private-payrolls reports as well as a reading of the Fed’s favored inflation gauge on Friday.
Moves across global equities were muted amid thin volumes.
Europe’s Stoxx 600 edged up 0.2%, while an Asian gauge trimmed gains after a four-day rally.
Yield on the 10-year Treasury rose to 4.02% while the dollar held steady.
In commodities, oil was on track for a fourth monthly decline as traders looked ahead to this weekend’s OPEC+ meeting and assessed how a possible Ukraine peace agreement might influence an already oversupplied market.
Gold traders faced a volatile session as the CME outage rippled through trading.
The disruption affected activity across contracts including gold futures and Comex options, often used to hedge exposure to London prices.
Spot bullion resumed a climb as trading was restored, advancing more than 1%.
What Bloomberg Strategists Say…
Gold’s main drivers — central-bank buying, Fed rate cuts, a weaker dollar, concerns about the US central bank’s independence, and a loyal crew of ETF holders — all remain in place.
There’s also concern in the background about swelling debt burdens in several developed economies and, by extension, the standing of fiat currencies.
— Jake Lloyd-Smith Energy and Commodities Editor, Singapore
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 1 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1602
* The British pound was little changed at $1.3235
* The Japanese yen was little changed at 156.23 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $90,683.7
* Ether rose 0.1% to $3,037.02
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.02%
* Germany’s 10-year yield was little changed at 2.69%
* Britain’s 10-year yield declined one basis point to 4.44%
Commodities
* West Texas Intermediate crude rose 1.4% to $59.47 a barrel
* Spot gold rose 1.4% to $4,217.17 an ounce
This story was produced with the assistance of Bloomberg
Automation.on.
–With assistance from Subrat Patnaik, James Hirai, Sujata Rao, Macarena Muñoz and Christian Dass.
Have a wonderful weekend everyone. 🤗
Be magnificent!
As ever,
Carolann
The future is only an illusion inferred from our present state. What is important is not the length of life, but the depth of life. What is most important is not to make life longer, but to take your soul out of time, as every sublime act does. Only then does your life become fulfilled. And do not ask yourself questions about time. Jesus did not explain a thing about the eternity of life, but his influence brought people to the eternal. –Ralph Waldo Emerson, 1803-1882.
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