Dear Friends,

Tangents:

January 20, 1265: Simon de Montfort’s Parliament begins, often cited as an early milestone toward representative government.

January 20, 1981: Iran released 52 Americans held hostage for 444 days. Go to article

Frederico Fellini, filmmaker, b.1920.

Bill Maher, satirist, b. 1956.

Video shows cow using a brush to scratch its back
This cow is proving that livestock might be smarter than we thought

Four shark attacks in two days
A spate of shark attacks in Australia’s most populous state has triggered warnings to stay out of the water.

A family relationship breakdown
Brooklyn Peltz Beckham has said he does not want to reconcile with his famous parents, former soccer star David Beckham and Spice Girl-turned-fashion-designer Victoria.

Here’s what protestors say ‘less-lethal’ weapons feel like
Anti-ICE protesters have been struck by tear gas canisters, rubber bullets and pepper spray. Here’s what they say it felt like to be hit by non-lethal weapons.

Valentino Garavani’s life in pictures
Italian fashion legend Valentino Garavani, whose elegant evening gowns were favored for decades by some of the world’s most glamorous women, died on Monday. See his life in pictures.

Remnants of spills on Renaissance-era textbook reveal recipes for ‘curing’ ailments with lizard heads and human feces

A novel biochemical analysis of a Renaissance medical text has successfully recovered centuries-old proteins that might be from lizards and hippos. Read More.

Eerie ‘sand burials’ of elite Anglo-Saxons and their ‘sacrificed’ horse discovered near UK nuclear power plant

The 1,400 year-old "sand burials" of two people and a horse were found near a nuclear power plant construction site in the U.K. Read More.

James Webb telescope reveals sharpest-ever look at the edge of a black hole — and it could solve a major galactic mystery

The James Webb Space Telescope snapped its sharpest image of the area around a black hole, solving a long-standing galactic mystery. Read More.

The greatest danger in times of turbulence is not the turbulence. It is to act with yesterday’s logic. –Dr. Peter Drucker, 1909-2005.

PHOTOS OF THE DAY

Oymyakon, Russia

Athletes stop at an aid station during the Pole of Cold Oymyakon marathon
Photograph: Vadim Skryabin/Reuters

Treasure Island, Florida

A kite flies over beachgoers at sunset during the annual Treasure Island kite festival
Photograph: Zoraida Diaz/Zuma Press/Shutterstock

Cape Canaveral, Florida

Nasa’s next-generation moon rocket, the Space Launch System rocket with Orion crew capsule, rolls from the vehicle assembly building to the launchpad at the Kennedy Space Center
Photograph: Joe Skipper/Reuters

Market Closes for January 20th, 2026

Market Index	Close	Change
Dow Jones	48488.59	-870.74
		-1.76%
S&P 500	6796.86	-143.15
		2.06%
NASDAQ	22954.32	-561.07
		-2.39%
TSX	32750.28	-340.68
		-1.03%

International Markets

Market Index	Close	Change
NIKKEI	52356.98	-634.12
		-1.20%
HANG SENG	26487.51	-76.39
		-0.29%
SENSEX	82180.47	-1065.71
		-1.28%
FTSE 100*	10126.78	-68.57
		-0.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.425	3.383
CND. 30 Year Bond	3.867	3.822
U.S. 10 Year Bond	4.2826	N.A
U.S. 30 Year Bond	4.9147	N.A

BOC Close	Today	Previous
Canadian $	0.7226	0.7207
US $	1.3840	1.3876

Euro Rate 1 Euro=		Inverse
Canadian $	0.6166	1.6217
US $	0.8533	1.1718

Commodities

Gold	Close	Previous
London Gold Fix	4666.85	4611.05
Oil
WTI Crude Future	60.34	N.A

Market Commentary:

Under capitalism man exploits man: under socialism the reverse is true. – Polish proverb.

Canada

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1% at 32,750.28 in Toronto.
The move was the biggest since falling 1.2% on Nov. 20 and follows the previous session’s increase of 0.2%.
Today, information technology stocks led the market lower, as 9 of 11 sectors lost; 135 of 218 shares fell, while 79 rose.
Shopify Inc. contributed the most to the index decline, decreasing 6.6%.
ATS Corp. had the largest drop, falling 7.1%.
Insights
* In the past year, the index had a similar or greater loss 19 times. The next day, it advanced 13 times for an average 1.2% and declined six times for an average 1.8%
* This month, the index rose 3.3%
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on Jan. 19, 2026 and 47.3% above its low on April 7, 2025
* The S&P/TSX Composite is down 0.4% in the past 5 days and rose 3.1% 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$5.25t
* 30-day price volatility rose to 9.11% compared with 8.60% in the previous session and the average of 10.14% over the past month
Index Points
Information Technology| -156.1479| -5.3| 0/9
Financials | -155.8673| -1.5| 5/19
Industrials | -79.6174| -2.3| 6/23
Energy | -50.4071| -1.0| 13/24
Real Estate | -9.3172| -1.9| 3/15
Consumer Discretionary| -8.0179| -0.8| 1/8
Consumer Staples | -4.6629| -0.4| 2/8
Communication Services| -2.2670| -0.4| 3/2
Health Care | -1.0069| -1.1| 0/3
Utilities | 0.5733| 0.1| 6/8
Materials | 126.0512| 1.9| 40/16
Shopify | -120.4000| -6.6| 49.0| -9.5
Brookfield Corp | -36.0600| -3.7| 26.5| -0.6
RBC | -30.0100| -1.3| 76.5| -0.9
Wheaton Precious | Metals | 14.7800| 2.4| 31.6| 21.4
Kinross Gold | 19.2300| 4.7| 74.4| 30.8
Agnico Eagle Mines | Ltd | 24.3300| 2.5| 7.4| 24.3

MT Newswires:
Canada’s main stock market slumped Tuesday on some profit taking after it set an eighth record close of 2026 yesterday, but mostly on heightened geopolitical tensions around the future of Greenland and worry about Japan’s fiscal situation, even as those tensions boosted commodity prices and thus may have prevented bigger losses on the resources-heavy Toronto Stock Exchange.
The S&P/TSX Composite Index closed down 340.68 points, or 1%, at 32,750.28, while both the S&P 500 and Nasdaq fell more than 2% each.
Here, most sectors were down, led by Info Tech, down 4%, while both Base Metals and the Battery Metals Index rose 1.3%.
On geopolitical tensions in Europe Prime Minister Mark Carney asserted that Canada "stands firmly" with Greenland, telling attendees at the World Economic Forum on Tuesday that the nation "strongly opposes tariffs over Greenland."
Carney’s comments come just days after U.S. President Donald Trump said he would slap a 10% tariff on several European countries after they sent troops to Greenland, the Danish autonomous territory that Trump has repeatedly insisted he "needs" for national security purposes. While Carney sent a clear message in making reference to economic coercion and tariffs being used as leverage throughout his speech, he did not call out the United States or the American president by name noted.
Trump himself is set to arrive at the Swiss ski town of Davos to attend the forum on Wednesday.
National Bank’s Taylor Schleich, Ethan Currie and Warren Lovely in a note entitled ‘Fiscal anxiety strikes again’ honed in on Japan’s "unsustainable fiscal policy".
They wrote as Washington keeps Greenland in its rhetorical crosshairs, investors are left to contend with unsettling geopolitical risks.
"On Tuesday," they said, "there wasn’t a military invasion but there was a financial one: bond vigilantes have stormed Japan."
The National Bank trio noted fiscal policy concerns drove the long end of the Japanese government yield curve sharply higher, with yields jumping nearly 27 basis points in a single session, the largest one day move on record.
And this followed an 11 basis point sell-off on Monday.
"There’s been some collateral damage as longer-term yields are moving up across global bond markets, despite the broader risk-off tone," the National Bank trio added.
To National Bank, the market moves in Japan offer another reminder that sovereign fiscal trajectories are increasingly important to investors.
Tuesday’s note reads: "Those too loose will be punished, while more ‘responsible’ governments (e.g., Canada) are rewarded, at least on a relative basis.
"In Canada," the National Bank team wrote, "relative fiscal strength has for years been flouted by governments and emphasized by strategists, including ourselves. Of course, there’s some nuance to these comparisons.
For example, Canada’s debt advantage is far more about net debt than gross debt.
Moreover, Canada’s relative fiscal strength may marginally erode over coming years as deficits are expected as far as the eye can see.
Still, this advantage exists and its dividends are evident in times like these.
Among G7 nations, Canada’s long-end has sold off the least over the past week.
And structurally, GoC bond investors require less marginal compensation to move from the 10-year sector of the curve out to longs."
Of commodities, gold futures surged Tuesday, rising to a record high as the U.S. dollar was sharply lower along with the price of long-dated U.S. treasuries amid worries U.S. President Donald Trump’s plan to annex Greenland will spark a transatlantic trade war. Gold for February delivery was up $171.50 from Friday to US$4,766.90 per ounce, topping the prior record close of US$4,635.70 set on Jan. 14.
West Texas Intermediate crude oil also closed higher Tuesday on geopolitical concerns.
WTI crude oil for February delivery closed up $0.90 to settle at US$60.34 per barrel, while March Brent oil was last seen up $0.86 to US$64.80.
A lower dollar is bullish for commodities priced in the currency.
Meanwhile, RBC published a note entitled ‘Canadian E&P Perspectives’ with a preview for the Q4 2025 reporting season that kicks off on February 5 with ARC Resources (ARX.TO) after market close.
According to RBC, focal points will include producer response to lower commodity prices.
The bank expects select small, targeted trims to capex and wide ranges, plus year-end reserve books which should broadly show higher volumes, with YoY reserve values offset by the effects of lower evaluator price decks.
RBC said free cash flow (FCF) generation, and sustainability of return on capital (RoC) programs will continue to be top of mind with numerous producer payouts now above 100%.
RBC’s full-year FCF estimates for the group turn lower (-3% y/y) with the bank’s capex estimates rising "modestly" (+4% y/y).
Also, RBC noted the AECO "C" spot price, the Alberta natural-gas price benchmark, experienced a brief rebound during the quarter, sitting close to $3.00/gj during late November/early December with LNG Canada a growing source of demand.
"However," the bank noted, "ramping issues have delayed significant pull off the market".
RBC continues to be cautious on the oil macro, with its commodity price deck mapping to US$56/bbl in 2026.
US

By Rita Nazareth
(Bloomberg) — Stocks, bonds and the dollar fell after President Donald Trump threatened tariffs on various European countries before high-level meetings in Davos amid a growing standoff over his ambitions to take over Greenland.
Bitcoin plunged.
Gold hit all-time highs.
The renewed tensions drove the S&P 500 down 2.1%, erasing its 2026 gain.
A gauge of equity volatility jumped to the highest since November.
Long-term US yields hit a four-month high, with investors also reacting to a rout in Japanese bonds and news that a Danish pension fund is planning to exit Treasuries.
The dollar slid against most major currencies.
Going by the average return of the major exchange-traded funds tracking US stocks, Treasuries, corporate bonds and Bitcoin, Tuesday marked the worst session since April’s tariff- induced selloff.
“This is ‘Sell America’ again within a much broader global risk off,” said Krishna Guha at Evercore.
“Global investors at the margin are looking to reduce or hedge their exposure to a volatile and unreliable US. What remains to be determined is the magnitude and duration of these dynamics.”
As Trump heads to the World Economic Forum, he’s stoking a series of disputes with European leaders.
Trump hectored the UK over plans to turn over sovereignty of Diego Garcia back to Mauritius, threatened eight European countries with tariffs for opposing his Greenland demands, and now he’s trying to force France to join his Board of Peace.
French leader Emmanuel Macron argued that Europe needs to develop more sovereignty to avoid “vassalization and blood politics.”
Chancellor of the Exchequer Rachel Reeves said Britain wants to reduce tensions with Trump’s threat of tariffs.
Treasury Secretary Scott Bessent urged calm, comparing the uproar over Greenland to what he called the “hysteria” that followed Trump’s announcement in April of sweeping tariffs.
Trump is expected to arrive in Davos Wednesday.
“Tariff fears are back in focus and are now intertwined in geopolitical matters,” said Paul Stanley at Granite Bay Wealth Management.
“While this adds a new wrinkle to the tariff issue, we believe cooler heads will prevail and that these tariff threats are being used as a negotiating tactic for control of Greenland.”
Meantime, the US Supreme Court didn’t rule on Trump’s tariffs Tuesday, meaning it probably will be at least another month before a challenge to his signature economic policy is resolved.
The S&P 500 saw its biggest drop since October.
Small caps also fell, but beat the US equity benchmark for a 12th straight session.
A gauge of tech mega caps lost 3.1%. Bitcoin sank below $90,000.
The yield on 10-year Treasuries climbed seven basis points to 4.29%.
The slump in Japanese bonds deepened as investors gave a thumbs down to Prime Minister Sanae Takaichi’s election pitch to cut taxes on food.
The dollar slipped 0.3%.
Gold rose past $4,700 an ounce to a record high.
Oil topped $60 a barrel.
While traders have been able to get past a whirlwind of other unexpected developments this year — including the White House’s capture of Venezuela’s leader and its renewed attacks on the Federal Reserve — the size of the moves suggests that investors’ willingness to shrug off earlier shocks is beginning to erode.
“Tariff War 2.0, or Territory War 1.0 if you prefer, is in full swing and has potential to cause significant near-term market disruptions,” said Victoria Greene at G Squared Private Wealth.
“A lot depends on how the next few weeks play out. So, we are not ‘panic selling,’ but watching carefully and ready for volatility.”
The market reaction is appropriate given the rapidly rising uncertainty, according to Michael O’Rourke at Jones Trading.
If the tariffs go into effect or the US illegally annexes Greenland, the drop in stocks should be much more severe, he noted.
There’ll be an “eagle eye” on Davos, what the US does and what Trump says about its bid to acquire Greenland, according to Kyle Rodda at Capital.com.
“There’s a chorus calling that this will be a “TACO” moment: Trump will ‘chicken out’ when the blow back from his actions hits,” he added.
“But there’s a chance that this won’t occur, especially given the US president appears dead set on taking Greenland and the Europeans seem resolute in standing up to any bullying.”
Greenland’s prime minister said the Arctic island’s population and its authorities need to start preparing for a possible military invasion — even as it remains an unlikely scenario.
While markets have reacted, there’s room for bigger moves if the rhetoric increases further, noted Jim Reid at Deutsche Bank AG.
“The blow-back from the Administration’s policies towards Greenland is significant,” said Matt Maley at Miller Tabak.
“It is raising questions about the future of our relationships in Europe – and even the future of NATO – although that’s not a major concern yet by any means. However, the political and geopolitical landscapes are still becoming more volatile very quickly.”
The latest drama unfolds at a time when investors are the most optimistic on stocks in nearly five years, while protection against an equity correction is at the lowest since 2018, according to Bank of America Corp.’s latest fund manager survey.
With BofA’s indicator showing the market at a “hyper-bull level,” it’s time to increase risk hedges and havens, strategist Michael Hartnett said.
“Markets have reacted in a relatively sanguine fashion, and for now, we think that’s probably the right and expected reaction,” said Brian Levitt and Benjamin Jones at Invesco.
“We knew the US administration wanted to acquire Greenland, and and then walking them back.”
They also noted that these moves support their core views: A weaker US dollar, higher precious metals prices, and potential outperformance by non-US stocks.
As Europe considers how best to respond to Trump’s latest threats over Greenland’s sovereignty, there’s one extreme potential countermeasure that’s fueling debate among investors.
European countries hold trillions of dollars of US bonds and stocks.
That’s spurring speculation they could sell such assets in response to Trump’s renewed tariff war.
That’s easier said than done. The bulk of these assets are held by private funds outside the control of governments, and in any case such a move would likely hurt European investors too.
Trump expressed confidence that the European Union would continue to invest in the US even if he imposed new tariffs related to his quest to take control of Greenland, a proposal that has angered leaders on the continent.
“While investors could remain worried about Liberation Day 2.0 selling from Europe over the US threat to take Greenland, European investors likely have limited options if they wish to rotate out of Treasuries,” said Gennadiy Goldberg at TD Securities.
“However, in the near-term, attempts at diversifying can pressure Treasuries.”
Europeans tempted to weaponize their holdings of US government debt amid the standoff with Trump over Greenland are making a “dangerous bet” that risks backfiring, according to UBS Group AG Chief Executive Officer Sergio Ermotti.
“Diversifying away from America is impossible,” he told Bloomberg Television in Davos.
“The US is the strongest economy in the world.”
Citigroup Inc.’s global banking head Vis Raghavan believes investors will pull through the initial “shock and awe” from Trump’s latest tariff threats.
“Hopefully sanity prevails and then you find some compromise, and folks will have to adjust, and this will land well,” Raghavan told Bloomberg Television in Davos.
European policymakers should fuel market turbulence to pressure Trump to back down from his Greenland claim, according to a senior executive at Allianz Global Investors.
“If I were an advisor to some European governments, I would say you almost need to create a little bit of market volatility because Donald Trump cares about that a lot, probably more than other politicians,” said Michael Krautzberger, chief investment officer for public markets at Germany’s largest asset manager.
“Our bet is that in the base case the severity will ultimately still be contained as investors bet on some version of a compromise,” said Guha at Evercore.
“But the impacts would be very severe if this goes off the rails, and there will be long-lasting implications, including for the dollar.”
Political headlines are very unlikely to change the positive fundamental trends already in place, according to Paul Christopher at Wells Fargo Investment Institute, who believes the global economy is set to grow faster in 2026, especially in the US.
“Since April 2025, we have seen repeated tariff threats and counter-threats that ultimately have proven to be the opening bids in negotiations that have brought compromise,” he noted.
Investors are concerned that the threat of a 200% tariff on French wine and champagne could be the beginning of a further escalation in the trade tensions that many had hoped to leave behind in 2025, said Ian Lyngen at BMO Capital Markets.
“Greenland and tariffs have become the primary conversation at Davos and headlines from the event are serving as a reminder of the uncertainties associated with Trump 2.0 and the White House’s agenda,” he said.
Headlines out of Washington partially overshadowed the start of earnings season, and this week is looking like it could be a similar story, noted Chris Larkin at E*TRADE from Morgan Stanley.
“The year is still young, but one of its most notable trends has been strength in small- and mid-cap stocks vs. tech softness and rotation away from the market’s longstanding mega cap leaders,” Larkin said.
“But with stocks starting the week in a defensive posture, it could be a challenge for recent winners to maintain their momentum without some clarity on the political front.”
After the S&P 500 rebounded from the brink of a bear market in April and spent the remainder of the year going from one record to the next, Trump billed it as a sign that he had transformed the US — as he likes to put it — into the world’s “hottest” country.
Measured against stock markets from Tokyo to Frankfurt to financial capitals across the developing world, though, the verdict on Trump’s return to the White House is decidedly less triumphal.
In fact, equities worldwide — once the US is excluded have risen around 30% since he took office a year ago, roughly double the S&P 500’s gain, according to MSCI’s index.
The US hasn’t lagged that much during a president’s first year since 1993, when the nation was recovering from a recession and investors were flocking to growing markets overseas.
“We have anticipated a reversal out of high momentum stocks in January given current valuations, geopolitical and macroeconomic unknows, tariff rate uncertainty, and a midterm election cycle, none of which bode particularly well for robust market gains,” said Eric Teal at Comerica Wealth Management.
“The emphasis should be on geographic and sector diversification and playing defense at this juncture.”
Opportunities exist outside of large cap technology including regional/mid-sized banks and quality small cap companies as well as consumer staples and healthcare that offer downside protection, he added.
Beneficiaries of the rise in geopolitical tensions would be defense stocks, financials and gold, and we are long these in our portfolio, said Mohit Kumar at Jefferies.
“Investors and the US administration are likely to keep focus on the US Treasury bond market, which weakened modestly in the wake of US President Trump’s latest tariff threats,” said Paul Donovan at UBS Global Wealth Management.
“The implications of additional tariffs are more US inflation pressures and a further erosion of the USD’s status as a reserve currency.”
“The threat of tariffs and the potential for EU retaliation are fueling fears of a renewed trade war,” said Fiona Cincotta at City Index.
“There is hope that the US administration could de-escalate at the World Economic Forum this week.”
Meantime, the Citigroup Inc. strategist who called European stocks’ outperformance has turned more cautious on the region, citing worsening relations between Brussels and Washington over Trump’s push to seize Greenland. Beata Manthey cut stocks in continental Europe to neutral from overweight.
“Investors should be prepared for ‘wildcard’ developments on tariffs and trade this year, as well as a range of potential market reactions,” said Anthony Saglimbene at Ameriprise.
“At least early in the new year, the White House has laid down several wildcards that have forced investors to remain on guard.”
While the geopolitical risks are troubling in the short term, in the bigger picture, investors remain bullish on stocks and expectations for economic growth and strong earnings in 2026, according to veteran Wall Street strategist Louis Navellier.
“Odds are likely that today will be seen as a buying opportunity,” he said.
The best US stock market returns have come when policy uncertainty has been the highest, according to investment strategist Jim Paulsen.
“Peace and stability may be emotionally attractive but could prove boringly unsatisfying when it comes to investment returns,” Paulsen writes, citing Baker, Bloom and Davis economic policy uncertainty data. Yet, historically, he says that “‘uncertainty’ has frequently been an investor’s best friend.”
Corporate America is heading for another solid earnings season, according to Morgan Stanley’s Michael Wilson, after analysts set a low bar with expectations for the smallest profit increase in almost two years.
Data compiled by Bloomberg Intelligence show S&P 500 earnings per share are predicted to rise by 8.4% for the fourth quarter, the lowest since early 2024.
Wilson said the stage is set for firms to beat estimates by over 5 percentage points, a rate he said would be above average.
US stocks are heading into a high-stakes reporting season as a solid start to 2026 lifted the S&P 500 Index to record highs.
With the gauge trading above long-term valuations, Wilson said companies will need to top expectations on both sales and earnings to drive “meaningful” outperformance.
“While we are mindful of potential short-term volatility, we expect global equities to rise further and recommend under- allocated investors to add exposure,” said Ulrike Hoffmann- Burchardi at UBS Global Wealth Management.
“Those who are concerned of market swings should ensure they hold a well- diversified portfolio, and consider gold or capital preservation strategies to manage potential drawdowns.”

Corporate Highlights:
* Netflix Inc. reached an amended, all-cash agreement to buy Warner Bros. Discovery Inc.’s studio and streaming business as it battles Paramount Skydance Corp. to acquire one of Hollywood’s most iconic entertainment companies.
* The US Federal Trade Commission will appeal a federal judge’s decision that Meta Platforms Inc. doesn’t have a monopoly in social networking, an agency spokesman said Tuesday.
* 3M Co.’s profit outlook fell narrowly short of Wall Street’s expectations for this year, a sign of the challenges the company faces as it tries to revamp operations and grow in an uneven economy.
* Lululemon Athletica Inc. removed a new line of training apparel from its website just days after its debut, with some customers complaining that the leggings are too thin.
* Homebuilder D.R. Horton Inc. missed analysts’ estimates for quarterly home orders even as mortgage rates slid.
* U.S. Bancorp reported profit and a forecast for revenue that beat analysts’ estimates as lower interest rates make deposits cheaper and boost yields on securities the bank holds.
* Wells Fargo & Co. is moving the headquarters for its wealth- management business to West Palm Beach, becoming the first big bank to run that operation from the heart of the wealth boom in South Florida.
* Goldman Sachs Group Inc. and Qatar Investment Authority have agreed to expand their strategic partnership in a move that could see the sovereign wealth fund commit a total of $25 billion with the Wall Street bank’s asset management arm.
* Artificial intelligence will displace so many jobs that it will eliminate the need for mass immigration, according to Palantir Technologies Inc. Chief Executive Officer Alex Karp.
* Google DeepMind Chief Executive Officer Demis Hassabis said Chinese artificial intelligence companies haven’t been able to innovate beyond the cutting edge of technology and remain about six months behind the frontier AI of the leading western labs.
* Anthropic Chief Executive Officer Dario Amodei said selling advanced artificial intelligence chips to China is a blunder with “incredible national security implications” as the US moves to allow Nvidia Corp. to sell its H200 processors to Beijing.
* Michael Saylor’s Strategy Inc. acquired almost $2.13 billion in Bitcoin over the previous eight days, marking the digital asset treasury company’s largest purchase of the original cryptocurrency since July.
* A personalized cancer treatment developed by Moderna Inc. and Merck & Co. helped prevent the recurrence of high-risk skin cancer after five years, new data confirming its prolonged benefit show.
* Southern Co. Chief Executive Officer Chris Womack said that after years of flat growth in US electricity use, demand for the company is now expected to jump by 8% to 10% annually thanks to the boom for artificial intelligence.
* The online brawl between Elon Musk and Ryanair Holdings Plc dragged into a second week, with the world’s richest man again floating the idea of buying the airline after clashing with its chief executive officer.
* Commodities trader Vitol Group loaded its first oil cargo from Venezuela’s shore-based storage tanks, a move set to help clear bottlenecks and pave the way for the South American crude giant to ramp up production.
* The lead prosecutors of former Glencore Plc executives are set to depart the UK’s Serious Fraud Office for private sector roles, leaving the crime fighting agency’s bid to tackle high- profile corruption cases in disarray.
* GSK Plc agreed to buy Rapt Therapeutics, a US-based biotech developing treatments for patients with inflammatory and immunologic diseases, in a deal valued at $2.2 billion.
* Qiagen NV, the European molecular testing firm, is weighing strategic options including a potential sale amid fresh takeover interest, people with knowledge of the matter said.
* China has broadened a probe into PDD Holdings Inc. after its employees exchanged blows with regulators, dispatching over 100 investigators from various agencies to the company’s Shanghai headquarters in recent weeks, according to people familiar with
the matter.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World Index fell 1.6%
* Bloomberg Magnificent 7 Total Return Index fell 3.1%
* The Russell 2000 Index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.6% to $1.1720
* The British pound was little changed at $1.3435
* The Japanese yen was little changed at 158.21 per dollar
Cryptocurrencies
* Bitcoin fell 3.6% to $89,554.31
* Ether fell 6.6% to $2,999.56
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.29%
* Germany’s 10-year yield advanced two basis points to 2.86%
* Britain’s 10-year yield advanced four basis points to 4.46%
* The yield on 2-year Treasuries was little changed at 3.59%
* The yield on 30-year Treasuries advanced eight basis points to 4.92%
Commodities
* West Texas Intermediate crude rose 1.5% to $60.34 a barrel
* Spot gold rose 1.9% to $4,757.73 an ounce
–With assistance from Lu Wang.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

A man who has committed a mistake and doesn’t correct it is committing another mistake. –Confucius, 551 BCE-479 BCE.

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

www.carolannsteinhoff.com