April 10, 2025 Newsletter

Dear Friends,

Tangents: Happy Friday Eve.

April 10, 1849: Safety pin patented.
April 10, 1942: Bataan Death March.
April 10, 1992: Financier Charles Keating Jr. was sentenced in Los Angeles to nine years in prison for swindling investors when his Lincoln Savings and Loan collapsed. (The convictions were later overturned).
April 10, 2001: Mercy killings become legal in the Netherlands as the Dutch senate approves a bill legalizing euthanasia for patients with unbearable terminal illness.

New ‘Kenbassador’ is just a kid from Akron
Mattel Inc. has unveiled its doll of basketball great LeBron James. He is the first professional male athlete to have his likeness depicted in a Ken doll.

Noah Wyle doesn’t dance
The star of the hit TV drama “The Pitt” chose not to dance his way through the spirit tunnel on “The Jennifer Hudson Show.” But his reason was sound: childhood trauma.

Ed Sheeran reveals a secret
Until a recent appearance on the “Call Her Daddy” podcast, no one knew the British singer/songwriter was reviewing movies on the Letterboxd app.

Seeing double at Augusta National
Nicolai and Rasmus Højgaard are expected to make history this week as the first set of twins to compete at the 2025 Masters. The 24-year-old Danish pair also competed at The Open and the PGA Championship in 2023 and 2024.

Hohle Fels water bird: The oldest depiction of a bird in the world
This tiny bird sculpture was created 40,000 years ago by early humans in Europe who carved the key animals in their lives. Read More.

Hubble zooms in on the glittering galaxy next door
The Small Magellanic Cloud, a dwarf galaxy about 200,000 light-years from the solar system, can be seen with the naked eye from the Southern Hemisphere. Read More.

Rainbow Mountains: China’s psychedelic landscape created when 2 tectonic plates collided
The colorful swirls and stripes that characterize China’s Rainbow Mountains would have remained hidden without the epic tectonic collision that created the Himalayas. Read More.

We don’t have to hate China. We don’t have to hate other people. Let’s figure out a way to work together. — Sen. Bernie Sanders, during a CNN town hall on Wednesday, hours after President Trump raised his tariffs on Beijing to 125%. In the event moderated by CNN’s Anderson Cooper, the Vermont independent fielded questions from audience members about Trump’s tariffs, the administration’s cuts to the federal workforce, Democratic struggles with young and Latino voters and more.

PHOTOS OF THE DAY

Karaman, Turkey
Snow-covered tulips in a field in Kızılkuyu village, Göynük district
Photograph: Anadolu/Getty Images

London, England
Whale on the Wharf, a sculpture designed to raise awareness of the ocean plastic crisis. It is made from waste found on Hawaiian beaches and concrete made of spent coffee grounds from nearby cafes and restaurants
Photograph: Matt Alexander/PA

​​​​​​​Hanoi, Vietnam
‘Sunset, looking west through a small tree on a hotel balcony.’
Photograph: Vincent Mortimer
Market Closes for April 10^th, 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Investing is the greatest game in the world.  It’s like baseball except that you never have to swing.  All day you wait for the pitch you like; then when the fielders are asleep,
you step up and hit it. –Warren Buffett, b. 1930.
Canada
(MT Newswires)
The Toronto Stock Exchange on shed more that than half of the 1,200 points gained a day earlier as trade tensions between the United States and China escalate, keeping fears around a global recession alive, although one economist sees Canada potentially to actually gaining more of the U.S. import market.
The S&P/TSX Composite Index closed down 712.16 points to close out the day at 23,014.87.
Among sectors, Energy, Information Technology and Base Metals were the biggest decliners, down 6.59%, 6.12% and 6.32%.
Reflecting the chaos around markets, U.S. President Donald Trump conceded today that there may be “transition problems” with his trade policies.
This came as the White House clarified the U.S. tariff on all Chinese goods is at least 145%, higher than the 125% previously thought.
It followed Trump’s move on Wednesday to pause some tariffs, with Canadian government officials among those left having to reach out to the U.S. administration to then ask if that order covered them or not.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 3%, with 10 of 11 sectors lower, led by information technology stocks.
As of market close, 206 of 218 stocks rose, while 12 fell.
Fortuna Mining Corp. led the advances, rising 6.8%, while Methanex Corp. decreased 14%.
Markets at a Glance:
* S&P/TSX Index fell 3% to 23,015
* 10 of 11 sectors fell
** Information technology declined, down 7%
** Materials gained, up 1.3%
* Crude oil fell 3.2% to $60/bbl
* Natgas fell 7.5% to $3.53/mmbtu
* Gold rose 3.6% to $3,166/oz
* Silver rose 2.3% to $31/oz
Advancers:
* Fortuna Mining Corp. (FVI CN) +6.8%
* Pet Valu Holdings Ltd. (PET CN) +6.5%: Pet Valu Raised to Buy at Stifel Canada; PT C$28.50
* Osisko Gold Royalties Ltd. (OR CN) +6%: Gold Producers Rise as Bullion Prices Climb on Tariff Chaos
* G. Mining Ventures Corp. (GMIN CN) +5.8%
* Torex Gold Resources Inc. (TXG CN) +5.4%
Decliners:
* Methanex Corp. (MX CN) -14%
* Vermilion Energy Inc. (VET CN) -14%
* Bausch Health Cos. (BHC CN) -14%: Bausch & Lomb Agrees to End Vitamin-Patent Suit Ahead of Trial
* Baytex Energy Corp. (BTE CN) -13%: Tech, Consumer Stocks
Sink as Trade Fear Roils Markets (2)
* Enerflex Ltd. (EFX CN) -10%
US
By Rita Nazareth, Isabelle Lee, Denitsa Tsekova and Vildana Hajric
(Bloomberg) — Economic angst enveloped every corner of Wall Street as US-China trade tensions escalate, sparking a slide in stocks, the dollar and oil, with liquidations in US assets pointing to disorder in the financial system.
A day after the biggest stock-buying wave in years, assets tied to the economic cycle are sinking again, with President Donald Trump’s mollifying message on trade talks providing little relief.
Investors are rushing to game out how the effective freezing of Chinese trade will impact companies and growth.
The S&P 500 fell 3.5%.
The dollar saw its worst day since 2022.
A solid US sale of 30-year Treasuries failed to ignite a rally, but signaled appetite for bonds.
Market euphoria flipped back to unease despite Trump’s signals that he’s close to a first deal on tariffs — without naming the country.
Concern grew that an escalation of the trade war between the two biggest economies will bring lasting damage to global growth after the White House said US tariffs on China rose to 145%.
“Investors are sobering up and realizing that the US-China ‘food fight’ will probably get worse before it gets better,” said Michael Bailey at FBB Capital Partners.
“We’re waking up to the fact that a 10% base tariff will sting, 90 days could fly by and then the pain of higher tariffs could return, and China is fighting back hard.”
Just a day after financial markets cheered Trump’s decision to delay some of his tariff plans, the selloff in riskier corners of the market suggests growing skepticism that trade talks will be wrapped up in a timely manner, despite White House National Economic Council Director Kevin Hassett saying the US is “well advanced” in its discussions with economic partners.
The first signs of a slowdown in global trade are already emerging as companies around the world hit their own pause button on orders and he continues to escalate his trade war with China.
If anything, Trump is extending the uncertainty that has already begun to drag on business and consumer sentiment.
“We still believe the anxiety around tariffs are alive and well. Volatility works in both directions — down and up. The path forward likely includes more market swings as we do not have a conclusion. In fact, we have the opposite, a likely extension of the tariff negotiation process,” said Nathan Thooft at Manulife Investment Management.
US-listed shares of Chinese companies fell on a report that the Trump administration is considering a push to delist the stocks of Chinese public companies that trade on American exchanges, citing unnamed sources.
United States Steel Corp. sank after Trump reiterated his long-held position that he doesn’t want to see the steelmaker owned by a Japanese company.
CarMax Inc. backed away from the timing of its financial goals amid trade war uncertainty.
The staggering US tariffs on China have triggered a tit- for-tat trade war that has unnerved global financial markets.
“The Trump administration’s stance has evolved from an all- out trade war against everyone, to a concentrated trade war against China,” said Nicolas Oudin of Gavekal Research.
“Most investors believe that China shot itself in the foot by retaliating. The view from Beijing is different. Many in China read the ‘Trump fold’ as a sign of US weakness, and therefore as a validation of China’s decision to escalate.”
Bridgewater Associates’ billionaire founder Ray Dalio said investors have been left with “an element of trauma or shock or fear” after all the global markets turmoil this week.
“It dramatically affected psychology and attitude about the United States’ reliability,” he said in an interview with Bloomberg Television.
“It could have been handled better.”
“Tariff-driven inflation is still coming as a result of the trade war, even if the immediacy of the impact has been lessened,” said Vail Hartman at BMO Capital Markets.
“The extent of the flow-through of higher tariffs into realized inflation remains an open question – one that isn’t likely to be resolved until well beyond the 90-day pause window.”
While data Thursday showed US inflation cooled broadly in March, the data was calculated prior to widespread levies that risk contributing to price pressures.
That may change in coming months as Trump’s higher levies filter through the economy.
And price declines for services like hotel stays and airfares may be a warning sign that some consumers are cutting back on discretionary spending
“Healthy drop in inflation or big drop in demand?” said Bret Kenwell at eToro.
“At the end of the day, we do need to see lower inflation to justify lower rates from the Fed and ease the burden on consumers. However, getting lower inflation due to a material drop in economic activity — and thereby jeopardizing the economy — isn’t the best route to take.”
Meantime, a growing chorus of Federal Reserve officials have raised concerns that aggressive trade policies could lead to a more lasting increase in inflation.
US central bankers have signaled they’re not in a hurry to lower borrowing costs further, instead preferring to wait and see how changing government policies impact the economy before adjusting rates.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 3.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 4.2%
* The Dow Jones Industrial Average fell 2.5%
* The MSCI World Index fell 1.2%
* Bloomberg Magnificent 7 Total Return Index fell 5%
* The Russell 2000 Index fell 4.3%
Currencies
* The Bloomberg Dollar Spot Index fell 1.5%
* The euro rose 2.3% to $1.1200
* The British pound rose 1.1% to $1.2966
* The Japanese yen rose 2.1% to 144.67 per dollar
Cryptocurrencies
* Bitcoin fell 4.3% to $79,592.45
* Ether fell 9.5% to $1,514.5
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.40%
* Germany’s 10-year yield declined one basis point to 2.58%
* Britain’s 10-year yield declined 14 basis points to 4.64%
Commodities
* West Texas Intermediate crude fell 3.3% to $60.31 a barrel
* Spot gold rose 2.9% to $3,172.81 an ounce

–With assistance from Emily Graffeo, Carter Johnson, Sujata Rao, Margaryta Kirakosian and Anand Krishnamoorthy.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The beginning is the most important part of the work. -Plato, 428 BC-347 BC.

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