March 25, 2022 Newsletter

Dear Friends,

Tangents: Happy Friday.
Old New Year’s Day was on this date until 1751.
1957: The Treaty of Rome established the European Economic Community. Go to article »
March 25^th, 1807: The British Parliament abolishes the Slave Trade throughout the British Empire.  There is a penalty of £120 per slave (equal to £11,754 in 2022) for Ship Captains.

Aretha Franklin, singer, b. 1942.
Elton John, singer/songwriter, pianist, b. 1947.
Sarah Jessica Parker, actor, b. 1965

NASA set to launch 2 rockets into the northern lights; Full Story: Live Science (3/24) 

5 stunningly preserved ancient Egyptian tombs unearthed in Saqqara; Archaeologists in Egypt have discovered five well-preserved and colorfully decorated tombs, dating to around 4,200 years ago, that were dug beside a pyramid at Saqqara, the Egyptian Ministry of Tourism and Antiquities announced in a statement.  The tombs have hieroglyphic inscriptions that provide information on the people who were interred there, as well as wall paintings that depict a variety of images, including people, jars, food, colorful geometric patterns and what looks like a winged insect.
Full Story: Live Science (3/24) 

Antarctica’s Conger ice shelf collapsed.
Bloomberg Pursuits annual “Where to Go” feature has 25 destinations that should be on anyone’s bucket list.
PHOTOS OF THE DAY

The sun rises over Coquet Island off the coast of Northumberland
CREDIT: Owen Humphreys/PA

Su Fullwood, the clock curator at Goodwood House, adjusts the hands of a clock in the card room before the switch to British Summer Time this weekend
CREDIT: Andrew Matthews/PA

A work by the German artist Anselm Kiefer at Palazzo Ducale
CREDIT: Roberto Serra/Iguana Press/Getty Images

Market Closes for March 25^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1966, Bank of America executive Kenneth Larkin drafted a memo proposing that Bankamericard should expand outside the bank’s home state of California and offer credit card services to merchants and retail customers nationwide. The Visa card, and the ability to borrow and spend anywhere at any time, was born.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities climbed for a second day, extending gains for a fifth week — the longest such streak since December 2020 — as cannabis and energy stocks surged.
The S&P/TSX Composite Index rose 0.3%, or 68.05 to 22,005.94 in Toronto.
Enbridge Inc. contributed the most to the index gain, increasing 1.6%. Tilray Brands Inc. had the largest increase, rising 22%.
Today, 116 of 239 shares rose, while 119 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 3.7%
* This month, the index rose 4.2%
* So far this week, the index rose 0.9%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on March 22, 2022 and 19.2% above its low on March 25, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.49t
* 30-day price volatility rose to 12.94% compared with 12.92% in the previous session and the average of 13.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 67.9409| 1.9| 30/4
Financials | 32.7751| 0.5| 17/11
Communication Services | 7.1182| 0.7| 5/1
Health Care | 7.0625| 4.8| 6/2
Consumer Staples | 4.0738| 0.5| 4/7
Industrials | 0.9539| 0.0| 11/18
Utilities | 0.1894| 0.0| 11/5
Consumer Discretionary | -0.6024| -0.1| 5/9
Real Estate | -0.7257| -0.1| 12/11
Materials | -8.0644| -0.3| 15/36
Information Technology | -42.6728| -2.8| 0/15
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Enbridge | 12.2700| 1.6| -44.2| 17.0
Suncor Energy | 11.9100| 2.9| 4.0| 34.0
TD Bank | 11.5500| 0.9| -29.3| 5.0
TFI International | -3.8060| -4.9| -5.1| -7.4
Constellation Software | -4.5540| -1.6| -53.0| -10.9
Shopify | -28.2000| -4.1| -53.3| -51.4
US
By Stephen Kirkland and Isabelle Lee
(Bloomberg) — U.S. stocks rose in a choppy day of trading as dip-buyers emerged in the final minutes of trading Friday.
Treasuries fell, with the short end of the curve bearing the brunt of the selloff.
The S&P 500 ended the day up 0.5%, near highs of the day with the 1% swing Friday the smallest since Feb. 15.
The Nasdaq 100 closed little changed.
The yield on the two-year Treasury note, among the most sensitive to changes in interest rates, rose 14 basis points to 2.28%.
The S&P 500 lurched between gains and losses this week as investors grappled with the risks to the economic recovery from monetary-policy tightening and Russia’s war in Ukraine.
Amid the volatility, stocks notched their second weekly gain.
“I think this week was a great confirmation of why we shouldn’t get too concerned about the short term and the volatility or the headlines du jour so to speak because obviously it rebounds just as fast as it declines,” Nancy Daoud, CEO and private wealth advisor at Ameriprise Financial Services LLC, told Bloomberg TV. “It’s just great confirmation that time in the market is so much better and so much more effective than timing the market.”
Treasuries fell, on course for one of their worst quarterly routs since at least the early 1970s, as the market ramped up bets on the Federal Reserve hiking rates.
Swaps traders are pricing in a full two percentage points of additional Fed hikes for this year, and Citigroup Inc. economists boosted their forecast for rate increases this year, including four straight half-point moves.
Oil reversed losses following news that suggested Yemeni rebels were stepping up attacks on energy and power sites in Saudi Arabia.
Crude in New York rose near $113 a barrel after earlier falling below $109 a barrel.
New York Fed President John Williams said the pace of rate increases should be driven by the data, including tightening by a half percentage point if needed.
Russia’s invasion of Ukraine have boosted raw-material costs, stoking expectations of higher inflation and more aggressive Fed interest-rate hikes.
Meanwhile, the Biden administration is increasingly worried that Russian President Vladimir Putin may lash out dangerously, pressured by the struggles of his military campaign and far-reaching sanctions.
The U.S. and its allies warned Putin against using biological, chemical or nuclear weapons.
Russian stocks fell, reversing most of the gains made in the previous session when the market reopened following a record long shutdown, while government measures to prevent a selloff helped limit the losses.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.0984
* The British pound was little changed at $1.3189
* The Japanese yen rose 0.2% to 122.14 per dollar
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 2.48%
* Germany’s 10-year yield advanced six basis points to 0.59%
* Britain’s 10-year yield advanced five basis points to 1.70%
Commodities
* West Texas Intermediate crude rose 0.4% to $112.84 a barrel
* Gold futures fell 0.4% to $1,960.40 an ounce
–With assistance from Sunil Jagtiani, Robert Brand and Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Kindness is a tolerance (the absence of judgment);
Kindness is gentleness (the absence of harm);
Kindness is a generosity (the absence of selfishness). -Kenneth Wapnick, 1942-2013.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com