Dear Friends,
Tangents: Happy Friday Eve.
A pause for poetry:
On a Lane in Spring 🌸
A Little Lane, the brook runs close beside
And spangles in the sunshine while the fish glide swiftly by,
And hedges leafing with the green spring tide:
From out their greenery the old birds fly,
And chirp and whistle in the morning sun:
The pilewort glitters ‘neath the pale blue sky,
The little robin has its nest begun
And grass green linnets round the bushes fly.
How Mild the Spring Comes in; the daisy buds
Lift up their golden blossoms to the sky
How lovely are the pingles and the woods!
Here a beetle runs; and there a fly
Rests on the arum leaf in bottle green,
And all the spring in this green lane is seen.
–John Clare, 1793-1864.
April 16, 1972: Apollo 16 blasted off on a voyage to the moon.
April 16, 2003: Ten new member states are accepted to the European Union: the Treaty of Accession admits countries including Poland, Cyprus, and the Czech Republic to the EU.
| Stephen Hawking’s black hole information paradox could be solved — if the universe has 7 dimensions |
Stephen Hawking’s theory of black hole evaporation clashes with the laws of quantum mechanics. A new paper finds a way around this paradox, provided that the universe has seven dimensions. Read More.
| Ancient process that created rare earth elements discovered — and it could help us locate desperately needed deposits |
A new study suggests rare earth elements form in magma above ancient subduction zones, as that magma reacts with substances that are released when one tectonic plate dives beneath another. Read more.
| ‘Something’s missing’: Most thorough-ever study of the cosmos proves we still can’t explain how the universe is expanding |
A comprehensive new study combines decades of research to reveal that we’re missing an essential component in our understanding of how the universe works. Read more.
| This humanoid robot does all your housework for you — and its makers say it’s ready for your home |
Panther has been filmed doing basic household chores, like making the bed and cooking breakfast. Read more.
Questions swirl around LIV Golf
LIV Golf — the sport’s controversial breakaway league — says operations are continuing as planned amid questions over future funding.
Europe rolls out online age verification app to protect young people
Europe’s new app will provide a centralized solution that removes the burden for tech platforms to verify users’ ages. Some critics are raising practical and privacy concerns.
The company behind the Artemis II custom caps
There’s an interesting story behind the hats worn by the Artemis II crew shortly after their return to Earth. See what makes them special.
PHOTOS OF THE DAY
Space
This wide-field image from Nasa shows the visible light component of Cygnus X-1, centre, a rich source of X-rays in the constellation of Cygnus
Photograph: AP
Puerto Rico’s rainforest center reborn: in picture
After two devastating hurricanes, El Yunque national forest has built a new visitors center that hosts a vibrant arts festival
A misty start in the bluebell woods for a deer near Salisbury, UK
Photograph: Martin Cook/SWNS
Market Closes for April 16th, 2026
| Market Index |
Close | Change |
| Dow Jones |
48578.72 | +115.00 |
| +0.24% | ||
| S&P 500 | 7041.28 | +18.33 |
| +0.26% | ||
| NASDAQ | 24102.70 | +86.68 |
| +0.36% | ||
| TSX | 34052.23 | -103.76 |
| -0.30% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59518.34 | +1384.10 |
| +2.38% | ||
| HANG SENG |
26394.26 | +446.94 |
| +1.72% | ||
| SEN SEX | 77988.68 | -122.56 |
| -0.16% | ||
| FTSE 100* | 10589.99 | +30.41 |
| +0.29% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.503 | 3.472 |
| CND. 30 Year Bond |
3.928 | 3.902 |
| U.S. 10 Year Bond |
4.3112 | 4.2834 |
| U.S. 30 Year Bond |
4.9326 | 4.8979 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7299 | 0.7281 |
| US $ |
1.3699 | 1.3732 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6193 | 1.6144 |
| US $ |
0.8485 | 1.1785 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4823.25 | 4794.75 |
| Oil | ||
| WTI Crude Future | 94.69 | 91.29 |
Market Commentary:
On this day in 1991, the Warsaw Stock Exchange reopened for trading after decades of closure under communism.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 34,052.23 in Toronto, ending a 4-day gain.
The loss follows the previous session’s increase of 0.2%.
Wheaton Precious Metals Corp. contributed the most to the index decline, decreasing 2.3%.
Air Canada had the largest drop, falling 3.7%.
Today, 117 of 220 shares fell, while 102 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 1.1%
* The index advanced 41% in the past 52 weeks. The MSCI AC Americas Index gained 34% in the same period
* The S&P/TSX Composite is 1.4% below its 52-week high on March 2, 2026 and 43% above its low on April 21, 2025
* The S&P/TSX Composite is up 1.7% in the past 5 days and rose 3.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.4 on a trailing basis and 16.9 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$5.4t
* 30-day price volatility fell to 17.10% compared with 17.35% in the previous session and the average of 18.33% over the past month
Index Points
Financials | -56.0768| -0.5| 7/17
Industrials | -28.4357| -0.8| 9/20
Materials | -28.3534| -0.4| 25/35
Consumer Staples | -13.9752| -1.3| 2/8
Utilities | -5.8837| -0.5| 3/11
Consumer Discretionary | -5.4518| -0.5| 4/5
Information Technology | -1.7272| -0.1| 7/2
Health Care | 0.7175| 0.8| 3/1
Communication Services | 5.1289| 0.9| 3/2
Real Estate | 6.0779| 1.3| 12/6
Energy | 24.2111| 0.4| 27/10
Wheaton Precious Metals | -14.5300| -2.3| -20.5| 23.0
Brookfield Corp | -14.3500| -1.5| -24.6| 0.0
Barrick Mining | -12.5500| -1.8| -65.9| -2.7
Cenovus | 5.0240| 1.5| -16.4| 52.9
Canadian Natural Resources | 8.1630| 0.9| -34.4| 36.5
Suncor | 8.8330| 1.2| -46.5| 43.4
MT Newswires:
The Toronto Stock Exchange was down Thursday for only the second time in twelve sessions on some profit taking, but also on lingering concerns around what impact the war on Iran will have on markets, as National Bank revised down its global growth forecast for 2026.
The S&P/TSX Composite Index closed down 103.76 points, or 0.3%, to 34,052.23, even with most sectors higher, led by Telecom, up 1.1%, and Energy, up 1%, while Base Metals was up 0.2%.
The Battery Metals Index was down 1.4%.
The TSX had been buoyed by improved sentiment around the outlook for the Canadian economy, as shown by a largely enthusiastic response to news this week that the federal Liberal Party now had enough seats in Parliament to form a majority government, and now has a free hand to pushing through its economic agenda.
Canadians will learn more about that on April 28 when the Liberals will provide a fiscal update and outline its economic plans.
Reflecting the improved sentiment, both Linamar (LNR.TO) and Martinrea International (MRE.TO) have within the last day maintained their full-year 2026 outlooks following the amendment of Section 232 tariffs on steel, aluminum and copper imports into the United States, which came into effect on April 6.
Still, National Bank of Canada says the Middle East crisis has been ongoing for too long to leave no mark on the global economy.
National Bank noted nearly seven weeks have passed since the United States and Israel launched their war on Iran, and although hopes for a negotiated peace between the warring parties have been revived in recent days, the bank said it is unlikely that the global economy will emerge from the crisis completelyunscathed.
For even though tensions have eased somewhat, the Strait of Hormuz remains effectively closed to shipping.
Too many essential raw materials have therefore been stuck in the Persian Gulf for too long for global growth not to be affected in some way, it added.
Even if the strait could be reopened to shipping quickly, it would likely still take several weeks to restore the normal flow of these goods, National Bank said.
Not only because of the time it takes for ships to make the journey between the Middle East and other parts of the world, but also because of the difficulties associated with restarting production, it added.
National Bank said while the economic consequences of the conflict will vary greatly from one country to another, they will nonetheless be negative on a global scale.
That is why the bank revised down its global growth forecast for 2026, to 3.1% from 3.4%.
This downward revision reflects less favorable outlooks in Europe and in emerging Asian countries.
For 2027, the bank still expects global GDP to grow by 3.3%.
Of commodities, West Texas Intermediate crude oil rose on Thursday, but remained below the US$100 mark on hopes the United States and Iran will extend their ceasefire and resume talks to end war in the Middle East.
WTI crude oil for May delivery closed up US$3.40 to settle at US$94.69 per barrel, while June Brent oil was up US$4.29 to US$99.22.
Gold prices weakened by midafternoon Thursday, remaining rangebound below US$5,000 as high oil and gas prices threaten to boost inflation and interest rates.
Gold for May delivery was down US$15.40 to US$4,808.20 per ounce.
US
By Cristin Flanagan
(Bloomberg) — US stocks held onto record highs as traders digested a flurry of headlines on the conflict in the Middle East, brushing aside warnings that the US-Iran war would continue to linger for months.
The S&P 500 edged up 0.3%, notching another all-time high after the benchmark closed above the 7,000 marks for the first time on Wednesday.
President Donald Trump said prospects for a deal with Iran are “looking very good.”
He said he believed Iran had agreed to terms it has long resisted, including giving up ambitions for a nuclear weapon.
Tehran has not publicly confirmed it’s made those concessions.
Trump also announced a 10-day ceasefire between Israel and Lebanon.
His announcement on Thursday made no mention of Hezbollah.
Israeli Prime Minister Benjamin Netanyahu confirmed in a video message that he’d agreed to the truce.
The update eased fears of a wider regional conflict that could threaten oil shipments through the Strait of Hormuz, a critical chokepoint for global energy supplies.
The Nasdaq 100 climbed 0.5% to a record high.
The early hours of Thursday’s session saw a sharp rally in technology stocks after Taiwan Semiconductor Manufacturing Co.’s upbeat revenue outlook highlighted the resilience of AI chip demand.
The gain marked the benchmark’s longest winning streak since 2017.
Brent crude traded around $98.15 a barrel after approaching nearly $100 when some Gulf Arab and European leaders indicated that a US-Iran peace deal will take about six months to be reached, according to people familiar with the matter.
Treasury yields rose modestly, with the rate on the benchmark 10-year at 4.31%.
“This is yet another sign of headline fatigue as it relates to the war in the Gulf region,” according to BMO’s Ian Lyngen.
“The prevailing consolidation pattern is also suggestive that the influence of fresh geopolitical headlines is waning.”
Adding to market concerns, former Treasury Secretary Henry Paulson called on US authorities to prepare a back-up plan in order to avert a potential collapse in demand for the $31 trillion market for US government debt — an event that he warned would have “vicious” effects.
Meanwhile, delegates at the International Monetary Fund and World Bank meetings in Washington have cautioned that markets are underestimating the war’s economic damage.
“Investors have become conditioned to buy every dip,” said Michael Bell, head of market strategy at RBC BlueBay Asset Management.
“The outlook is binary, either Hormuz reopens soon or it doesn’t. With equity markets already assuming Hormuz will reopen soon, the upside is perhaps limited.”
What Bloomberg’s Strategists Say:
“A record high for stocks doesn’t imply that risks have returned to where they were in January; investors just seem to be underpricing how much riskier the world is now.
The S&P 500’s fresh peak suggests, on the surface, that risks have diminished below where they were at the end of February.
Yet investors are still demanding a higher risk premium now versus then.”
—Sebastian Boyd, Macro Strategist, Markets Live
Microsoft Corp. outperformed among the Magnificent Seven with a 2% advance.
Tesla Inc. slumped on news that the firm’s Cybertruck sales have been propped up by Elon Musk’s other companies, including SpaceX.
Allbirds Inc. tumbled after soaring on Wednesday.
Claudia Panseri of UBS Wealth Management said her exposure to artificial intelligence stocks is focused on the US and China and is “more selective” than two years ago.
“We also prefer companies which are still investing using cash, rather than companies issuing bonds,” Panseri told Bloomberg Television.
In economic data, initial jobless claims for the week through April 11 fell more than expected, reinforcing investor confidence in the economy’s resilience.
Corporate News:
* Charles Schwab Corp. reported first-quarter assets that topped estimates as the brokerage continued to attract the wealth of retail investors even amid geopolitical uncertainty.
* Sales of Tesla Inc.’s Cybertruck have been propped up in recent months by Elon Musk’s other companies, an unusual arrangement that further indicates the polarizing pickup is failing to appeal to everyday buyers.
* PepsiCo Inc.’s quarterly revenue and earnings beat expectations, as the maker of Doritos and Lay’s sees improvement in salty snacks volume following recent price cuts.
* Pernod Ricard SA expects the war in the Middle East to drive sales down as much as 4% for the year as it continues to struggle with weak demand in the US and China.
* Taiwan Semiconductor Manufacturing Co. booked a 58% surge in profit, a sign that the Middle East war in its first few weeks did not depress booming AI investment.
* Elon Musk’s lieutenants have reached out to chip industry suppliers including Applied Materials Inc., Tokyo Electron Ltd. and Lam Research Corp. for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips.
* EasyJet Plc shares fell the most since 2022 after the UK budget airline warned of a loss in the first half of this fiscal year because of disruptions from the Iran war.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1782
* The British pound fell 0.2% to $1.3531
* The Japanese yen was little changed at 159.15 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $75,474.38
* Ether was little changed at $2,362.79
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.31%
* Germany’s 10-year yield declined one basis point to 3.03%
* Britain’s 10-year yield advanced three basis points to 4.85%
Commodities
* West Texas Intermediate crude rose 2.5% to $93.54 a barrel
* Spot gold was little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Andre Janse van Vuuren, Neil Campling, Subrat Patnaik and Ruhell Amin.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
No horse gets anywhere until he is harnessed. No steam or gas ever drives anything until it is confined.
No Niagara is ever tuned into light and power until it is tunneled. No life ever grows great until it is
focused, dedicated, disciplined. –Harry Emerson Fosdick, 1878-1969.
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