Dear Friends,
Tangents: Happy Monday.
January 19, 1870: Tin Can patented.
US markets are closed today for Martin Luther King Jr. Day. I subscribe to a daily newsletter written by the historian Heather Cox Richardson (I know many of you do as well).
Today she writes about heroism “neither being perfect, nor doing something spectacular….it’s just the opposite: it’s regular, flawed human beings choosing to put others before themselves, even at great cost, even if no one will ever know, even as they realize the walls might be closing in around them.
It means sitting down the night before D-Day and writing a letter praising the troops and taking all the blame for the next day’s failure upon yourself in case things went wrong, as General Dwight D. Eisenhower did.
It means writing in your diary that you “still believe that people are really good at heart,” even while you are hiding in an attic from the men who are soon going to kill you, as Anne Frank did.
It means signing your name to the bottom of the Declaration of Independence in bold script, even though you know you are signing your own death warrant should the British capture you, as John Hancock did…. Sometimes it just means sitting down, even when you are told to stand up, as Rosa Parks did.
None of those people woke up one morning and said to themselves that they were about to do something heroic. It’s just that when they had to, they did what was right.
On April 3, 1968, the night before the Reverend Doctor Martin Luther King Jr. was assassinated by a white supremacist, he gave a speech in support of sanitation workers in Memphis, Tennessee.
Since 1966, King had tried to broaden the civil rights movement for racial equality into a larger movement for economic justice.
He joined the sanitation workers in Memphis, who were on strike after years of bad pay and such dangerous conditions that two men had been crushed to death in garbage compactors.
After his friend Ralph Abernathy introduced him to the crowd, King had something to say about heroes: “As I listened to Ralph Abernathy and his eloquent and generous introduction and then thought about myself, I wondered who he was talking about.”
Dr. King told the audience that if God had let him choose any era in which to live, he would have chosen the one in which he had landed.
“Now, that’s a strange statement to make,” King went on, “because the world is all messed up. The nation is sick. Trouble is in the land; confusion all around…. But I know, somehow, that only when it is dark enough, can you see the stars.”
Dr. King said that he felt blessed to live in an era when people had finally woken up and were working together for freedom and economic justice.
He knew he was in danger as he worked for a racially and economically just America. “I don’t know what will happen now. We’ve got some difficult days ahead.
But it doesn’t matter…because I’ve been to the mountaintop…. Like anybody, I would like to live a long life…. But I’m not concerned about that now. I just want to do God’s will. And He’s allowed me to go up to the mountain.
And I’ve looked over. And I’ve seen the promised land. I may not get there with you. But I want you to know tonight, that we, as a people, will get to the promised land!”
People are wrong to say that we have no heroes left. Just as they have always been, they are all around us, choosing to do the right thing, no matter what.Wishing us all a day of peace for Martin Luther King Jr. Day 2026.”
I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. –MLK Jr., 1929-1968.
Revolution does not abolish privileges; it merely changes the privileged. -Philippe Bouvard, b.1929.
Dogen, poet, b. 1200
Robert E. Lee, general, b. 1807
Edgar Allen Poe, poet, b. 1809
Paul Cezanne, artist, b. 1839
Janis Joplin, singer, b.1943
| Romans regularly soaked in filthy, lead-contaminated bath water, Pompeii study finds |
A study of limescale buildup in an early bathing facility at Pompeii has revealed that the water was replaced only once per day. Read More.
| Forced closure of premier US weather-modeling institute could endanger millions of Americans |
From high-wind forecasts and wildfire behavior to floods, aviation hazards, air quality and space weather, science developed at the National Center for Atmospheric Research informs decisions that aim to reduce risk. Read More.
| Famed archaeologist Zahi Hawass says he’s close to finding Nefertiti’s tomb in new documentary |
Zahi Hawass says he hopes to discover the tomb of Nefertiti before he retires, and he believes he’s getting close. Read More.
| Scars from ancient ‘megaquakes’ at Cascadia subduction zone discovered in deep-sea landslides |
Large subduction-zone earthquakes leave scars on the continental slope in the deep sea. Read More.
| NASA’s Mars Sample Return is dead, leaving China to retrieve signs of life from the Red Planet |
NASA’s plans for Mars sample return are effectively cancelled as part of a bill approved by the U.S. Congress, ending efforts to collect Perseverance rover samples that could contain evidence of alien life. Read More.
| Strange discovery offers ‘missing link’ in planet formation: ‘This fundamentally changes how we think about planetary systems’ |
A decade of observations of four planets around the young planetary system V1298 Tau revealed a rare, long-sought missing link in planet formation. Read More.
PHOTOS OF THE DAY
Taizhou, China
An artist makes a dragon lantern in preparation for the upcoming spring festival to wish for favourable weather and abundant harvests
Photograph: Wu Dafu/VCG/Getty Images
Manila, Phillippines
People carry icons of the baby Jesus during the annual Santo Niño feast
Photograph: Jam Sta Rosa/AFP/Getty Images
Gljev, Croatia
Men dressed in the costume of Didi s Kamešnice walk through fields during carnival time
Photograph: Antonio Bronić/Reuters
Market Closes for January 19th, 2026
| Market Index |
Close | Change |
| Dow Jones |
N.A | N.A |
| S&P 500 | N.A | N.A |
| NASDAQ | N.A | N.A |
| TSX | 33090.69 | +50.41 |
| +0.15% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53583.57 | -352.60 |
| -0.65% | ||
| HANG SENG |
26563.90 | -281.06 |
| -1.05% | ||
| SENSEX | 83246.18 | -324.17 |
| -0.39% | ||
| FTSE 100* | 10195.35 | -39.94 |
| -0.39% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.383 | 3.373 |
| CND. 30 Year Bond |
3.822 | 3.800 |
| U.S. 10 Year Bond |
N.A | 4.2229 |
| U.S. 30 Year Bond |
N.A | 4.8365 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7207 | 0.7186 |
| US $ |
1.3876 | 1.3915 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6191 | 1.6151 |
| US $ |
0.8592 | 1.1639 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4611.05 | 4610.85 |
| Oil | ||
| WTI Crude Future | N.A | 59.44 |
Market Commentary:
I’d be a bum on the street with a tin cup if the markets were always efficient. –Warren Buffett, b. 1930.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 50.41 to 33,090.96 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 2.8%.
Iamgold Corp. had the largest increase, rising 9.7%.
Today, 118 of 218 shares rose, while 97 fell; 6 of 11 sectors were higher, led by materials stocks.
Insights
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is at its 52-week high and 48.9% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 4.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.4 on a trailing basis and 20.8 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$5.25t
* 30-day price volatility fell to 8.60% compared with 8.96% in the previous session and the average of 10.34% over the past month
Index Points
Materials | 140.8685| 2.2| 45/11
Energy | 6.7715| 0.1| 23/14
Consumer Staples | 1.6219| 0.2| 5/4
Utilities | 1.3387| 0.1| 10/4
Communication Services | 0.2110| 0.0| 3/2
Health Care | 0.0713| 0.1| 2/2
Consumer Discretionary | -1.4657| -0.1| 4/5
Real Estate | -2.1536| -0.4| 5/14
Industrials | -4.8651| -0.1| 14/14
Information Technology | -40.1654| -1.3| 0/10
Financials | -51.8211| -0.5| 7/17
Agnico Eagle Mines | Ltd | 26.6500| 2.8| -69.7| 21.3
Barrick Mining | 14.2700| 1.8| -74.4| 15.4
Franco-Nevada | 12.6900| 2.8| -41.8| 22.4
Constellation | Software | -7.5140| -1.9| -64.4| -15.5
Brookfield Corp | -13.1300| -1.3| -76.7| 3.2
Shopify | -24.6100| -1.3| -77.8| -3.1
MT Newswires:
Canada’s main stock market on Monday set its eight record close of 2026, with the resources heavy Toronto Stock Exchange buoyed by precious metals prices and overcoming a mixed response to December inflation data and the release of business and consumer sentiment surveys from the Bank of Canada.
Today the TSX was up 50.41 or 0.15% at 33,090.96, even with sectors mixed too, none of them rising or falling by as much as 1%, and even with some stock pickers on the sidelines given markets in the United States were closed for a holiday.
According to Dow Jones Market Data, FactSet going in to today the TSX month-to-date and year-to-date was up 4.19% or 1,327.79 points or 4.19%.
Of commodities, gold traded at a fresh record high by midafternoon Monday on rising geopolitical risk after U.S. President Donald Trump threatened to use the country’s military to take control of Greenland over the objections of fellow NATO member Denmark, which controls the island, and its European allies.
Gold for February delivery was up $88.70 to US$4,684.10 per ounce, topping the prior record close of US$4,635.70 per ounce set on Jan. 14.
Meanwhile, silver also rose US$6.02 to a record US$94.56 per ounce.
Meanwhile, oil prices were steady in electronic U.S. holiday trade as the Iranian government reasserted control over that nation following widespread protests over a weakening economy there, easing concerns over a supply threat from the OPEC producer, while traders move away from risk assets on the growing dispute between the United States and Europe over Greenland.
West Texas Intermediate crude oil for February delivery was last seen unchanged at US$59.44 in electronic trade with U.S. markets closed, while March Brent oil was down $0.02 to US$64.11.
On the economic front, inflation surprised the consensus on the upside in December with an annual price lift of 2.4% (versus 2.2% expected) despite the drop in gasoline prices (-7.1%).
Most market watchers acknowledged upward pressure was inevitable due to the exemption from the goods and services tax (GST) from December 2024 to February 2025 on several products, including restaurants, toys, clothing, etc.
Excluding the effect of indirect taxes, prices were actually slowing down on an annual basis, falling from 2.8% to 2.5%.
Derek Holt, Vice-President & Head of Capital Markets Economics at Scotiabank, said markets "largely shook off" the CPI with "an eye on bigger concerns".
In summary Hold added: "Traditional core was hot, trimmed mean and weighted median were not."
According to Holt, the Bank of Canada will ignore the readings, while markets paid little heed.
He said that’s, perhaps, for four reasons. "One is that the year-over-year rate picked up by more than expected. Second is that traditional core CPI sharply accelerated.
Three is that the smoothed Q4 figures for headline and core gauges were a little firmer than the BoC expected way back in the now partly stale October MPR. Fourth is that inflation’s breadth increased again."
Holt added: "Against these points, however, is that the higher frequency measures for trimmed mean and weighted median ‘core’ measures of inflation continued to decelerate."
Meanwhile, Holt said he doesn’t pay much attention to the BoC business and consumer survey surveys, but he did note today’s releases showed little change in the measures of inflation expectations.
Holt added: "Businesses expect more firings, but the 100 firms they consult didn’t anticipate the hiring surge over the past four months.
Further, they’re [the surveys] so stale, that a private survey firm would be out of business if they did likewise. Imagine an election survey, two months after the election."
Over at National Bank, Taylor Schleich and Ethan Currie referred to the BoC’s Business Outlook Survey (BOS), as "arguably the most important ‘soft’ data in Canada".
They noted the latest survey, conducted between November 6 and 26, "continues to raise concerns even as some signs of improving business confidence start to present themselves".
The National Bank duo said they are "not overly concerned" about inflation at its current level, and they don’t see meaningful risk it will surge higher.
Still, they added, the BOS continues to allude to cost pressures and marginally elevated inflation expectations:
Released at the same time as the BOS, the Canadian Survey of Consumer Expectations (CSCE) "also paints a downbeat picture", noted the National Bank pair.
They cited: "Following a tepid recovery in Q3, consumer confidence retreated at the end of 2025.
The labour market outlook remained soft, as the perceived likelihood of losing a job stepped up.
Meantime, concerns related to financial health grew, as rising debt servicing costs and still elevated inflation expectations weighed on the consumption outlook.
Opinions were mixed about whether the worst of financial impacts from trade conflicts have already presented themselves."
Schleich and Currie said this report will have no impact on the coming BoC decision as the central bank has already firmly established itself on the sidelines.
However, they added, some of the trends in this report bear monitoring.
"On one hand, we’ll be assessing if improving sentiment and a stronger sales outlook will translate into faster GDP growth.
On the other hand, the reported layoff intentions are concerning and raises the risk of the recent labour market recovery stopping in its tracks.
Still lingering cost pressures will also be key to watch. For now, there’s nothing that will have policymakers rushing to tighten or loosen monetary policy for the foreseeable future.
While we continue to see a path to rate hikes beginning in the fourth quarter, we’ll readily concede that risks to this call are skewed towards tightening being pushed into 2027 rather than being pulled earlier this year." Price: 33090.96, Change: +50.41, Percent Change: +0.15
US
US markets were closed today.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that. –Martin Luther King Jr., 1929-1968.
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