April 17, 2025, Newsletter

Dear Friends,

Tangents:Happy Friday Eve!
I’m writing the newsletter on Carolann’s behalf today, as she is away from the office for the Easter holidays.

April 17, 1961, about 1,500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro. Go to article
April17,1982, Canadian Prime Minister Pierre Trudeau and Queen Elizabeth II sign the “Proclamation of the Constitution Act”, establishing the “Charter of Rights and Freedoms” as part of the country’s new Constitution

Scientists reveal ‘most promising yet’ signs of alien life on planet k2-18b
Scientists have discovered evidence of large quantities of biosignature chemicals — only known to be made by life on Earth — on an exoplanet more than 100 light-years away. It could be the most promising sign yet of alien life.

Scientists observe new quantum phase that could have major implications for quantum computing
The exotic quantum phase, predicted over half a century ago, could lead to advances in quantum computing, sensors and communication technology.

A mysterious, 100-year solar cycle may have just restarted — and it could mean decades of dangerous space weather
New research suggests that the unexpected intensity of the ongoing solar maximum may be partly tied to a lesser-known, 100-year solar cycle. If true, solar activity could spike further in the coming decades. But some experts are skeptical. Read more.

Watch Yellowstone wolf pack hunting bison after death of one-eyed alpha ‘queen’
Yellowstone’s Junction Butte wolf pack failed in a recent attempt to kill a bison, but the pack appears to be thriving again after the death of its former alpha female, Wolf 907F.

Massive circular tomb filled with battle-scarred people unearthed in Peru
Human skeletons from a large stone tomb may help archaeologists understand a mysterious pre-Inca population in Peru. Read More.

‘Richly decorated’ antler from Stone Age Sweden was used as battle ax and fishing harpoon
A 7,500-year-old antler unearthed in Sweden had characteristic breakage patterns that suggest it was the handle for a battle ax. Read More.

Lyrid meteor shower peaks after Easter: How to spot the most ‘shooting stars’
Roughly 20 “shooting stars” per hour may be visible during the peak of the Lyrid meteor shower overnight on Monday, April 21-22. Read More.

Scientists reveal signs of crucial life-sustaining process on Mars: ‘I knew right away how important this discovery was’
Samples drilled by the Curiosity rover on Mars have revealed abundant signs of a carbon cycle that remained hidden from orbital scans, alongside clues of how life may have been wiped out on the planet. Read more.

HAPPY EASTER!
HAPPY PASSOVER! “Chag Pesach Sameach”

PHOTOS OF THE DAY

Saillon, Switzerlan
Council workers clear snow from a road in Valais canton. This week’s storms brought flooding, landslides, heavy snow and fallen trees to Valais, severely disrupting traffic. Numerous rail and road links were closed, with the Brig region hit particularly hard
Photograph: Jean-Christophe Bott/EPA

Tokyo,Japan
Visitors stroll through the grounds of Nezu Shrine during the annual Azalea festival
Photograph: Richard A Brooks/AFP/Getty Images

Isle of Palms, South Carolina, US
Beachgoers are silhouetted by the sunrise as they watch from the pier along Front Beach
Photograph: Richard Ellis/Zuma/Rex/Shutterstock
Market Closes for April 17^th, 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1930, the stock market hit a high following the November 1929 crash, with the Dow Jones Industrial Average closing up 48%.
Canada
(MT Newswires)
The Toronto Stock Exchange was up for a fifth-straight day Thursday ahead of the holiday long weekend, buoyed by signs that Canadians are much less concerned about a major break higher in inflation.
Also boosted by elevated commodity prices, the S&P/TSX Composite Index closed up 86.02 points at 24,192.81.
Most sectors were higher, led by Energy, up 2.2%, Telecoms, up 1.9%, and Health Care, up 1.7%.
In contrast, Base Metals declined by 1%.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.4%, with nine of 11 sectors higher, led by health care stocks.
As of market close, 130 of 218 stocks rose, while 87 fell.
Bausch Health Cos. led the advances, rising 13%, while Tilray\ Brands Inc. decreased 6.1%.
Markets at a Glance:
* S&P/TSX Index rose 0.4% to 24,193
* Nine of 11 sectors rose
** Health care gained, up 2.1%
** Materials declined, down 1.4%
* Crude oil rose 3% to $64/bbl
* Natgas fell 0.1% to $3.24/mmbtu
* Gold fell 0.3% to $3,315/oz
* Silver fell 1.4% to $33/oz
Advancers:
* Bausch Health Cos. (BHC CN) +13%: Bausch Health Upgraded to CCC+ by Fitch
* Energy Fuels Inc/Canada (EFR CN) +11%: Energy Fuels Shares Jump on Plans to Produce Rare Earth Oxides
* Athabasca Oil Corp. (ATH CN) +5.1%
* Baytex Energy Corp. (BTE CN) +4.8%
* International Petroleum Corp. (IPCO CN) +4.2%
Decliners:
* Tilray Brands Inc. (TLRY CN) -6.1%: Tilray Brands Shares Drop on Reverse Stock Split Proposal (1)
* Endeavour Silver Corp. (EDR CN) -4.7%
* Aya Gold & Silver Inc. (AYA CN) -3.8%
* Wesdome Gold Mines Ltd. (WDO CN) -3.7%
* G. Mining Ventures Corp. (GMIN CN) -3.7%
US
By Cristin Flanagan
(Bloomberg) — A rebound in US stocks evaporated this week after Chair Jerome Powell pushed back on the idea of the Federal Reserve stepping in to bolster markets, rankling President Donald Trump who touted a smattering of deals Thursday.
The S&P 500 slumped 1.5% over the four-day span, briefly trimming losses after Trump said there would be a trade deal with the European Union, without giving details or a timeline on when an agreement would be reached.
He was more decisive on a critical US-Ukraine minerals accord, saying that a deal would be signed next week.
The gains eventually melted away and choppy trading ahead of Friday’s holiday left the tech-heavy Nasdaq 100 with a 2.3% weekly loss.
Trump lashed out at the Fed chair on social media, saying Powell’s termination from his post can’t come quickly enough, arguing that the central bank should have lowered interest rates already this year, and in any case should do so now.
Later in the day, Trump told reporters he could force Powell out if he wanted to.
The rebuke came after Powell pierced the market calm Wednesday by indicating he would take a wait-and-see approach to how the trade war would impact inflation, dashing hopes for an immediate intervention.
The moves were far smaller than the prior week when Trump’s trade war machinations drove wild swings in stocks, bonds and the dollar.
All the tariff policy pivots have eroded confidence in the world’s reserve currency, with the dollar extending its losing streak into third week.
In the bond market, yields on Treasuries climbed Thursday as US government bonds pared q weekly advance.
Rising oil prices added pressure as did Trump’s sallies aimed at Powell.
To Krishna Guha at Evercore ISI the independence of the Fed will be a sticking point in the days ahead as tariffs bleed through to consumer prices.
“Continued confidence in the Fed amid a loss of confidence in the administration has shaped the market response to date:
real rates / real term premia higher, dollar lower, less US exceptionalism in equity markets – but well-behaved inflation expectations and no stagflation panic,” the former executive at the New York Fed wrote in a note to clients.
A case involving two heads of independent regulatory agencies ousted by Trump bears watching for any implications to the central bank.
“If you liked the tariff debacle in markets, you’d love the loss-of-Fed-independence trade,” Guha said.
Economic data Thursday was mixed.
Applications for US unemployment benefits fell to the lowest level in two months, signaling a stable labor market.
Meanwhile, the Philadelphia Fed Index tumbled, trailing all economists’ estimates, a warning shot from manufacturing.
Energy was one of the best performing stock sectors as WTI crude climbed more than 5% — its biggest weekly gain this year.
Treasury Secretary Scott Bessent has said he was prepared to take action to get Iran’s energy exports down to zero.
In company news, health insurers slumped after UnitedHealth Group Inc. slashed its earnings outlook for the year, the company’s plunge weighed on the blue-chip Dow Jones Industrial Average which tumbled 1.3%.
Shares of Alphabet Inc. dipped after a federal judge found Google was illegally monopolizing some online advertising technology markets.
Eli Lilly & Co. soared on positive data from a weight-loss pill study.
Trade War
Following the turmoil triggered by the announcement of broad US levies earlier this month, investors are focusing more on developments in country-specific trade negotiations. Key questions surround China, after Beijing indicated Wednesday it has several conditions for agreeing to talks with the Trump administration.
The US and Japan kicked off negotiations with an aim to reach a deal as soon as possible, top Japan negotiator Ryosei Akazawa said.
Preparations are underway for a second round of discussions later this month, he said.
Countries are racing to negotiate deals with the US to avert high import taxes Trump imposed — and then quickly paused — on about 60 trading partners.
That move put a 24% across-the- board tariff on Japanese imports on hold, though a 10% baseline charge still applies — as well as 25% levies on cars, steel and aluminum.
“The trajectory of US-Japan trade talks will continue to be closely monitored, not just for their bilateral implications, but also as a potential framework for how the US may approach trade relationships with other allies,” said Rajeev De Mello, a global macro portfolio manager at Gama Asset Management.
The ECB lowered interest rates for the seventh time since last June as global trade tensions threaten to derail the region’s economic recovery.
The deposit rate was decreased by a quarter-point to 2.25%, as predicted by almost all analysts polled by Bloomberg.
In commodities, gold hit a record earlier Thursday on demand for havens, before turning lower.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4:02 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 1.3%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.1370
* The British pound rose 0.2% to $1.3266
* The Japanese yen fell 0.4% to 142.42 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $84,969.84
* Ether rose 0.8% to $1,585.43
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.32%
* Germany’s 10-year yield declined four basis points to 2.47%
* Britain’s 10-year yield declined four basis points to 4.57%
Commodities
* West Texas Intermediate crude rose 3% to $64.37 a barrel
* Spot gold fell 0.7% to $3,318.85 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alyce Andres, Aya Wagatsuma, Julien Ponthus, Anand Krishnamoorthy, Allegra Catelli, John Viljoen and Michael Mackenzie.

Have a lovely long weekend.

Be magnificent!
As ever,

Shab
” Find something you’re passionate about and keep tremendously interested in it.”– Julia Child

Shab Mohammadpour

Assistant to Carolann Steinhoff
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com