Dear Friends,
Tangents:
January 13, 1888: The National Geographic Society is founded, helping shape popular science, exploration, and visual journalism.
January 13, 2000: Microsoft chairman Bill Gates stepped aside as chief executive. Go to article.
World’s most powerful passports for 2026
An elite tier of passports offers visa-free access to dozens of countries and faster passage through border control.
US will pour $115 million into security tech
The Department of Homeland Security said it would invest $115 million in counter-drone technologies to secure the World Cup and other events.
Scientists celebrate top 10 new plant and fungi species
More than 125 new species of plants and 65 new fungi were discovered in 2025. Take a look at some of the most remarkable finds.
It’s the trickiest job market in decades
But even in tough times, there are ways to give yourself an edge. Here are some strategies to help you stand out and find the right opportunity.
In Angola, everything tastes better with funge
Eating funge takes skill and a willingness to use your fingers. Watch CNN’s Richard Quest try it for the first time.
Ice festival lights up northern China
At the Harbin Ice Festival, massive ice sculptures turn the city into a magical winter wonderland.
| Astronomers may have already spotted the ‘Great Comet of 2026’ and it could soon be visible to the naked eye |
Recently discovered Comet C/2025 R3 (PanSTARRS) will make its closest approach to the sun and Earth in late April and could potentially be visible to the naked eye. It may end up being the brightest comet of the year. Read More.
| Monumental tomb discovered in Turkey might be of royal from King Midas’ kingdom |
A burial mound in Turkey may have held the remains of a member of King Midas’s family. But not all experts are convinced. Read More.
| DNA from ancient viral infections helps embryos develop, mouse study reveals |
A stretch of viral DNA in the mouse genome gives cells in early-stage embryos the potential to become almost any cell type in the body. Read More.
| Metal compounds identified as potential new antibiotics, thanks to robots doing ‘click chemistry’ |
Using robots and click chemistry, scientists built potential active ingredients for future antibiotics that contain metal. Read More.
Algae found in the worlds oceans produce nearly 50% of the worlds oxygen.
PHOTOS OF THE DAY
Nottinghamshire, UK
A hardy swimmer at Notts County Sailing Club in Hoveringham goes in without a wetsuit. It was -5C on this January day.
Photograph: David Eberlin
Lake au, South Island, New Zealand
I travelled from Australia to New Zealand especially to photograph the colourful lupins that grow in spring.
Photograph: Rosemary Logan
Stonehenge, Wiltshire, UK
A grey winter solstice, signalling the end of a grey year. Im hopeful for a brighter future with the lengthening days.
Photograph: Stewart Green
Market Closes for January 13th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49191.99 | -398.21 |
| -0.80% | ||
| S&P 500 | 6963.74 | -13.53 |
| -0.19% | ||
| NASDAQ | 23709.88 | -24.09 |
| -0.10% | ||
| TSX | 32870.36 | -4.34 |
| -0.01% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53549.16 | +1609.27 |
| +3.10% | ||
| HANG SENG |
26848.47 | +239.99 |
| +0.90% | ||
| SENSEX | 83627.69 | -250.48 |
| -0.30% | ||
| FTSE 100* | 10137.35 | -3.35 |
| -0.03% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.408 | 3.399 |
| CND. 30 Year Bond |
3.860 | 3.844 |
| U.S. 10 Year Bond |
4.1772 | 4.1713 |
| U.S. 30 Year Bond |
4.8355 | 4.8212 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7199 | 0.7204 |
| US $ |
1.3889 | 1.3880 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6184 | 1.6168 |
| US $ |
0.8590 | 1.1640 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4612.95 | 4493.85 |
| Oil | ||
| WTI Crude Future | 61.15 | 59.50 |
Market Commentary:
|
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 32,870.36 in Toronto.
The move follows the previous session’s increase of 0.8%.
Constellation Software Inc/Canada contributed the most to the index decline, decreasing 3.5%.
G. Mining Ventures Corp. had the largest drop, falling 7.0%.
Today, 116 of 218 shares fell, while 101 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 20% in the same period
* The S&P/TSX Composite is at its 52-week high and 47.9% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 4.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 20.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.23t
* 30-day price volatility fell to 9.60% compared with 9.67% in the previous session and the average of 11.28% over the past month
Index Points
Financials | -78.9536| -0.7| 5/19
Industrials | -31.3648| -0.9| 13/16
Consumer Staples | -12.9048| -1.2| 2/8
Information Technology | -11.5892| -0.4| 2/8
Communication Services | -7.5850| -1.2| 0/5
Real Estate | -3.5014| -0.7| 4/15
Consumer Discretionary | -2.7487| -0.3| 5/4
Health Care | 1.3966| 1.6| 3/1
Utilities | 4.7643| 0.4| 10/4
Materials | 59.8707| 0.9| 27/28
Energy | 78.2702| 1.6| 30/8
Constellation |Software | -16.3300| -3.5| 45.6| -2.8
Brookfield Corp | -12.5200| -1.3| 21.6| 4.2
Bank of Montreal | -11.6400| -1.3| 31.8| 3.0
Canadian Natural |Resources | 17.1800| 2.6| -46.4| -1.1
Suncor | 17.2900| 3.2| -16.2| 9.5
Agnico Eagle Mines | Ltd | 23.0000| 2.4| -24.4| 18.7
MT Newswires:
The Toronto Stock Exchange fell off record intraday highs on Tuesday, helped by what Rosenberg Research called recent "violent price action across key industrial metals", succumbing to profit taking and then later in the session fresh fears around the outlook for a Canada and United States trade deal.
The S&P/TSX Composite Index closed down 4.34 points to 32,870.36, having been 100 points higher early in the day, with sectors mixed.
Among gainers, the Battery Metals Index was up near 4% and Energy up 2.6%, while Telecom was down 1.6%.
It still looked like the TSX might eke out a fifth record finish of the new year by mid-afternoon, but then Canada’s CTV News reported that U.S. President Donald Trump had visited a Ford factory in Dearborn, Michigan, and dismissed the relevance of the U.S.-Mexico-Canada Agreement, saying the United States does not need the trade deal and that "Canada would love it".
"The problem is we don’t need their product. We don’t need cars made in Canada, we don’t need cars made in Mexico, we want to make them here," Trump told reporters.
Meanwhile, Trump said during a speech at the Detroit Economic Club he expects to win the tariffs case that is before the U.S Supreme Court.
Of commodities, gold prices fell off a day-prior record high late afternoon Tuesday as U.S. consumer prices rose in December, while geopolitical tensions continue to run hot amid concerns the Trump Administration is threatening the independence of the Federal Reserve. Gold for February delivery was last seen down $20.30 to US$4,594.10 per ounce.
Also, West Texas Intermediate crude oil closed at the highest in nearly three months as traders assess the possibility of supply disruptions from Iran as the OPEC+ member turns to deadly force to suppress protests against the government.
WTI crude oil for February delivery closed up $1.65 to US$61.65 per barrel, the highest since Oct.23, while March Brent crude was last seen up $1.42 to US$65.29.
In a note entitled ‘Metals Go Vertical’, Mehmet Beceren, a Research Economist at Rosenberg Research, wrote the "sudden, synchronized surge" in industrial metals "looks driven less by imminent shortages and more by a liquidity squeeze and leverage charged by geopolitics".
Among key takeaways, Beceren said the "breadth and speed" of the move across multiple metals "suggest a leveraged positioning dynamic rather than a clean, metal-specific supply shock story".
Rising policy and geopolitical risk premiums are resurfacing in the basic-resources complex, reinforcing electrification-driven demand themes and pressuring cost-sensitive downstream players such as EV manufacturers, he added.
Beceren said: "The early theme of the new year has been violent price action across key industrial metals.
The LMEX Index, which tracks six primary metals (copper, aluminum, lead, tin, zinc, and nickel), has been rising at an accelerating pace since November.
With the turn of the calendar year, the move has become almost vertical.
That only adds to the broader upswing already underway in precious metals."
He concluded his note by adding: "Regardless of what is driving the current gyrations, the message is consistent with our broader view: the basic-resources complex remains vulnerable to policy-driven supply shocks even as secular global demand continues to rise.
Electrification and energy infrastructure investment are powerful trends, and they are not simply a function of headline AI hype.
EV growth, led by Chinese brands, is gathering pace as Chinese vehicles are produced and sold at less than half the price of North American brands almost everywhere outside North America. U.S. consumers, by contrast, are stuck with expensive Tesla models, while the company faces rising costs as key metals and battery equipment prices climb.
That helps explain why Tesla’s share price keeps sliding even as the broader market continues to melt up.
The stock has underperformed the S&P 500 by about -10% over the past month."
US
By Rita Nazareth
(Bloomberg) — Wall Street traders sent stocks lower as inflation data failed to alter bets on a pause in Federal Reserve rate cuts while JPMorgan Chase & Co. led a slide in banks after its results.
Bonds wavered.
The dollar rose.
Signs that price pressures are gradually abating gave a degree of comfort to investors in the immediate aftermath of the data, but the moves across asset classes waned as the session progressed.
The S&P 500 fell from a record.
JPMorgan sank 4.2%
as investment-banking fees missed the guidance, with revenue from both underwriting and advising on mergers dropping.
Not even a slower-than-expected increase in the core consumer price index was able to sustain the advance in Treasuries that followed the data.
After Fed Chair Jerome Powell and his colleagues deployed three rate cuts since September, money markets continued to project the next reduction only in mid-2026.
The initial excitement sparked by a cooler-than- anticipated core CPI was short-lived, said Jose Torres at Interactive Brokers.
The reversal was influenced, in part, by the reports failure to pull forward the next expected rate reduction from June to April, as fixed-income watchers project Powells December cut will be his last at the helm.
With low unemployment, growth running above trend, fiscal stimulus providing an offset, and inflation remaining above target, the Fed can comfortably keep rates on hold this month and likely over the next few meetings, noted Seema Shah at Principal Asset Management.
But as inflation concerns ease, the Fed is likely to shift towards a stance where one or two more cuts can be justified.
As a cooling jobs environment persists, inflation may not be as much of a constraint when it comes to interest rate policy, said Bret Kenwell at eToro.
However, the report should do little to rock the boat for equity investors, who are likely to turn their attention to the start of earnings season.
Following JPMorgans results Tuesday, earnings from megabank rivals Bank of America Corp., Wells Fargo & Co, Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley are slated for Wednesday and Thursday.
The group is expected to post its second-highest annual profit ever, boosted by President Donald Trumps policy changes.
Traders also are mindful of the potential for a US Supreme Court ruling Wednesday on tariffs the White House has been enforcing this year, which have lessened the borrowing need marginally.
An adverse ruling could draw a negative market reaction, even as the administration has alternative legal avenues for most of the levies.
The S&P 500 fell to around 6,965.
The yield on 10-year Treasuries was little changed at 4.17%.
The dollar rose 0.2%.
Oil climbed after Trump amped up rhetoric over Iran.
The December core CPI, excluding the often-volatile food and energy categories, increased 0.2% from November.
On an annual basis, it advanced 2.6%, matching a four-year low.
The reading is perhaps a more convincing sign that inflation is on a downward path, since several caveats in Novembers report contributed to a significant pullback in the annual core CPI.
Given the quirks of Novembers dual-month report, its surprising not to see more numerous large month-over-month readjustments, said Stephen Kates at Bankrate.
Consumers can breathe a sigh of relief that we didnt snap back to the 3% annual inflation rate.
Although todays reading doesnt demonstrate additional progress for inflation, it doesnt take a step backwards either.
While this is good news for investors worried about inflation reaccelerating in December, the latest data probably wont have much influence on Fed policy given the coming change in leadership, noted David Russell at TradeStation.
President Trump criticized Fed Chair Powell as either incompetent or crooked after a Justice Department probe into the central banks headquarters renovation sparked backlash across Washington.
Hes billions of dollars over budget, so, either hes incompetent or hes crooked, Trump told reporters Tuesday as he departed the White House for an economic speech in Detroit.
I dont know what he is, but he certainly doesnt do a very good job.
Nothing in the latest CPI report suggests the Fed needs to act immediately on interest rates, according to Jason Pride at Glenmede.
He says policymakers are likely to remain on hold later this month, giving them time to digest incoming data and allow shutdown-related distortions to fade.
Looking ahead to 2026, one or two rate cuts remain a reasonable base case, contingent on how the balance between labor market conditions and inflation evolves, he added.
Weve seen this movie before inflation isnt reheating, but it remains above target, said Ellen Zentner at Morgan Stanley Wealth Management.
Theres still only modest pass- through from tariffs, but housing affordability isnt thawing.
Todays inflation report doesnt give the Fed what it needs to cut interest rates later this month.
While were still unlikely to get another cut from the Fed in the first quarter thanks to more solid jobs data, the lower inflation print will allow the central bank to continue focusing on labor-market risks, noted Sonu Varghese at Carson Group.
We expect the Fed to pause this month and possibly in March, said Jeff Roach at LPL Financial.
However, by the time the Committee convenes in April and June, conditions will likely warrant another cut in rates. For now, the balance of risks tilt toward the weakening labor market. Hence, investors should brace for weaker payrolls and rising unemployment.
After cutting rates three times in the fall of 2025, the Fed is likely to take its time and absorb more data, especially given the noise weve seen in recent figures because of the government shutdown, according to Skyler Weinand at Regan Capital.
Positive employment data, sticky price levels and political noise will keep the Fed at bay through at least the Spring, he said.
The market understands that now a January cut is off the table and is waiting for other economic data before drawing any major conclusions, said John Kerschner at Janus Henderson Investors.
Lets hold our horses, be patient and wait to see what other non-polluted data say before we change our overall forecasts.
The Fed still has some room to move, especially given weaker job creation and downward revisions in the latest report, but they may choose to wait and see if the impact of tariffs is transitory, noted Scott Helfstein at Global X.
Rates are still likely to come down, but the timing is getting a little cloudier, he noted.
With all the noise around foreign policy, tariff impacts, looming mid-terms, the situation with Powell and mixed employment data, there is plenty to ponder on how the US economy is going to shape up, according to Neil Birrell at Premier Miton Investors.
If price pressures remain subdued in the coming months as data noise clears, it could open the door for another rate cut in the Spring, said Angelo Kourkafas at Edward Jones.
With CPI out of the way, investors will now turn their attention to corporate earnings for signals on where markets may head next.
Strong earnings growth makes it unlikely the labor market experiences significant deterioration, said Lauren Goodwin at New York Life Investments.
And though recent policy announcements are disruptive to market expectations, they are designed to improve economic activity ahead of an election year.
Goodwin says shes staying fully invested if more focused on quality and diversification as the cycle extends.
US company earnings should easily beat modest expectations, driven by better-than-expected sales growth both in demand and pricing and margins, especially from artificial intelligence- related names, according to strategists at JPMorgan led by Dubravko Lakos-Bujas.
While its way too early to draw conclusions from the first few companies reporting results, Steve Sosnick at Interactive Brokers says hes somewhat worried by the lack of concern coming into this earnings season.
If companies can leap over the high bars that are set for them, then all should be fine, he said.
If not, then that leaves a bit more room for disappointment than we might otherwise face.
Elevated price multiples likely mean S&P 500 companies will need to match or beat profit estimates over the coming weeks, and in aggregate, theyll probably need to confirm or raise earnings guidance for the current quarter to sustain price appreciation, according to Anthony Saglimbene at Ameriprise.
With broad index valuations above long-term norms, we believe the earnings bar continues to rise with each successive reporting season, creating a greater risk of disappointment if companies cant live up to investor expectations, he noted.
That said, Saglimbene says the market will likely continue to reward companies that can beat profit expectations and raise guidance, while also pairing healthy top-line growth with expense discipline and providing a credible or favorable outlook for the road ahead.
Specifically, technology companies that can deliver revenue beats, sustained margin performance, and cash flow generation should continue to be rewarded with higher stock prices, he added.
In our view, this is one of the most important factors of the earnings season if broader stock averages are to maintain their upward momentum at the start of the new year.
Big Tech is still poised to be the dominant contributor to fourth-quarter profit growth among S&P 500 companies.
Tech firms in the index are estimated to show year-over-year earnings growth of 20%, while non-tech earnings expansion is slated to decelerate from 9% to just 1%, according to data compiled by Bank of America Corp.
Corporate Highlights:
* Meta Platforms Inc. is beginning to cut more than 1,000 jobs from the companys Reality Labs division, part of a plan to redirect resources from virtual reality and metaverse products toward AI wearables and phone features.
** Meta Platforms and EssilorLuxottica SA are discussing potentially doubling production capacity for AI-powered smart glasses by the end of this year, in a bid to capture growing demand and head off rivals, according to people familiar with the matter.
* Apple Inc. announced a new subscription bundle of creative apps called Creator Studio, an attempt to give its photo- and video-editing software fresh momentum in the face of intensifying competition.
* Microsoft Corp. pledged to pay for the costs of building and using the electric-grid infrastructure required by its data centers, an attempt to head off customer anger that the energy- hungry facilities are driving up their power bills.
* Intel Corp. and Advanced Micro Devices Inc. rallied after KeyBanc Capital Markets upgraded the shares to overweight from sector weight, noting that the chipmakers have largely sold out their server CPU in 2026.
* Concern that Adobe Inc. will struggle in the artificial- intelligence era has driven Wall Street analysts view on the maker of software for creative professionals to its most pessimistic in more than a dozen years.
* U.S. Bancorp, the countrys largest regional bank, will acquire brokerage BTIG for as much as $1 billion as it looks to push deeper into investment banking and trading.
* Bank of New York Mellon Corp.s profit beat analysts estimates, driven by gains in fee revenue and interest income.
* Boeing Co. sold more jets than Airbus SE in 2025, ending a seven-year losing streak as the US plane maker rallies from a period of tragedies and corporate crises.
* Delta Air Lines Inc. provided a profit forecast that fell short of Wall Street estimates, with the major US airline taking a more cautious view for 2026 after the aviation industry emerged from a volatile year.
* The US Department of Defense is set to invest in L3Harris Technologies Inc.s missile unit with a $1 billion convertible preferred security, tightening the direct links between the government and a major defense contractor.
* Volkswagen AGs namesake brand is projecting rising electric- vehicle sales this year as the German automaker prepares a range of affordable plug-in models.
* Bayer AGs pharmaceuticals unit is on track for a return to growth as new drugs for cancer and kidney disease offset sales lost to patent expirations.
* China Vanke Co. presented revised proposals to extend two local bonds that included collateral pledges as well as longer grace periods, according to people familiar with the matter, as the distressed developer struggles to stave off default.
What Bloomberg Strategists say…
While the broader path remains in favor of two quarter- point reductions this year, the marginal increase in rate bets signals markets is willing to shift their view when the data calls for it.
Its just a question of whether future economic releases can be consistent enough to support a more dovish shift in expectations for borrowing costs.
Kristine Aquino, Managing Editor, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World Index was little changed
* Bloomberg Magnificent 7 Total Return Index fell 0.4%
* The Russell 2000 Index was little changed
* KBW Bank Index fell 1.3%
* JPMorgan fell 4.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1646
* The British pound fell 0.3% to $1.3431
* The Japanese yen fell 0.6% to 159.12 per dollar
Cryptocurrencies
* Bitcoin rose 3.8% to $94,441.37
* Ether rose 3.7% to $3,203.97
Bonds
* The yield on 10-year Treasuries was little changed at 4.17%
* Germanys 10-year yield was little changed at 2.85%
* Britains 10-year yield advanced three basis points to 4.40%
* The yield on 2-year Treasuries declined one basis point to 3.52%
* The yield on 30-year Treasuries was little changed at 4.83%
Commodities
* West Texas Intermediate crude rose 2.5% to $61 a barrel
* Spot gold fell 0.2% to $4,586.98 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Whatever is begun in anger, ends in shame. –Benjamin Franklin, 1705-1790.
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