April 18, 2023 Newsletter

Dear Friends,

Tangents:
HOLOCAUST REMEMBRANCE DAY, ISRAEL.
April 18, 1775: Paul Revere’s Midnight Ride.
1906: San Francisco earthquake & fire kills over 500 persons.
1924: The first ever crossword puzzle book is published by Simon & Schuster.
April 18, 2011 Standard & Poor’s lowered its long-term outlook for the U.S. government’s fiscal health from “stable” to “negative.” Go to article >
Albert Einstein physicist, d. 1955.

Roman temple found in France may have been dedicated to war god Mars:  Archaeologists in northwest France have unearthed what may have been a temple to the Roman war god Mars, dating to the first century B.C.  Read More

25 things found frozen in Europe’s mountain ice: Europe’s glaciers and ice patches are a treasure-trove of ancient artifacts that show how civilizations and technology have changed over thousands of years.  Here are 25 of the most fascinating objects revealed by Europe’s melting ice.  Full Story: Live Science (4/17)

CRISPR-edited fat shrank tumors in mice. Someday, it could work in people, scientists say
Fat sucked out of the body and tweaked with the gene-editing tool CRISPR could be used to treat cancer, a study of mice and transplanted human tissues hints. Read More

Where are the most millionaires in the world? New York City came out on top again in an annual ranking, with a total of 340,000. But it’s 2023, so the real question is which city took home the title for most billionaires.

Apple opens its first physical store in India.  Apple’s CEO Tim Cook was seen welcoming customers today at the company’s new store in Mumbai. Learn more about the iPhone maker’s expansion in the country.

PHOTOS OF THE DAY

London, UK
Landline by Sean Scully, which was unveiled to mark the formal completion of Hanover Square
Photograph: David Levene/the Guardian

Havana, Cuba
A vintage car passes an image of the former president Raúl Castro and Cuba’s current leader and first secretary of the Communist party, Miguel Díaz-Canel, next to a sign that reads: ‘We are continuity’
Photograph: Alexandre Meneghini/Reuters

Mumbai, India
Apple’s chief executive, Tim Cook, welcomes customers at the opening of the first Apple shop in the city. Hundreds of people waited outside for hours to enter
Photograph: Divyakant Solanki/EPA
Market Closes for April 18^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1933, President Franklin D. Roosevelt said he would bar exports of gold and free the U.S. dollar to float against foreign currencies. The move flushed out gold Americans had squirreled away during the Depression, flooding banks with cash and setting the stage for an economic recovery.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the eighth day, climbing 0.2%, or 42.71 to 20,684.68 in Toronto.
The index advanced to the highest closing level since Feb. 15.
Today, financials stocks led the market higher, as 5 of 11 sectors gained; 111 of 232 shares rose, while 117 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.6%.
Bellus Health Inc. had the largest increase, rising 99.7%.
Insights
* The index declined 5.5% in the past 52 weeks. The MSCI AC Americas Index lost 6.4% in the same period
* The S&P/TSX Composite is 6.4% below its 52-week high on April 21, 2022 and 15.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.3% in the past 5 days and rose 6.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 times estimated earnings of  its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility fell to 11.84% compared with 12.39% in the previous session and the average of 12.37% over the past month.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 48.9400| 0.8| 22/7
Industrials | 10.9528| 0.4| 16/10
Health Care | 6.7327| 10.2| 3/3
Consumer Discretionary | 5.7975| 0.8| 12/3
Materials | 3.9932| 0.1| 32/17
Information Technology | -0.0924| 0.0| 1/11
Communication Services | -0.6925| -0.1| 3/2
Real Estate | -2.3579| -0.5| 4/17
Consumer Staples | -5.0727| -0.6| 1/10
Utilities | -6.8624| -0.7| 3/13
Energy | -18.6246| -0.5| 14/24
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 16.0800| 1.6| 22.6| -5.0
Canadian Pacific | | | |
Kansas | 8.9870| 1.3| 9.2| 5.7
Shopify | 7.8120| 1.5| -7.0| 40.2
Nutrien | -4.7000| -1.3| -11.5| 0.2
TC Energy | -5.8720| -1.5| -75.3| 3.5
Suncor Energy | -8.5360| -2.1| 17.6| -1.
US
By Sujata Rao
(Bloomberg) — Stocks were little changed as traders weighed earnings from some of the largest American banks and comments from two Federal Reserve officials who favor continued rate hikes to fight inflation.
The S&P 500 edged higher.
The Cboe Volatility Index hit its lowest since January 2022, remaining below 17.
Goldman SachGroup Inc. fell as its results showed traders failed to capitalize on Wall Street’s fixed-income boom, contributing to firmwide revenue that trailed estimates.
Bank of America Corp. rose after profit beat expectations.
“It’s so early in the reporting season, it’s really hard to make too much out of what’s going on,” said Tony Roth, chief investment officer at Wilmington Trust.
Regional banks are due to report results in the coming days and weeks, and “that will give us a better sense of how they’re doing.”
Treasury two-year yields, which are more sensitive to imminent policy moves, rose to 4.2%.
Fed Bank of Atlanta President Raphael Bostic told CNBC he favors raising rates one more time and then holding them above 5% for some time to curb inflation.
His St. Louis counterpart James Bullard, who’s been among the more hawkish policymakers, separately told Reuters that he favors getting rates into a 5.5% to 5.75% range.
The current benchmark sits between 4.75% and 5%.
Tesla Inc. declined ahead of its first-quarter results, which will come out after the market close on Wednesday.
Investors are focused on the electric automaker’s profit margins, which likely took a hit as the company slashed prices to spur demand throughout the quarter.
Bitcoin’s 2023 rebound has resumed after stalling around the closely watched $30,000 level, despite the latest US crypto crackdown and a more sober assessment of the outlook for monetary policy.
Oil was little changed as the bullish impetus from OPEC+ production cuts faded against a backdrop of weaker-than-expected demand.
Gold halted a two-day losing streak.
US natural gas rose as colder weather conditions are expected to boost heating demand later this month.
Key events this week:
* Eurozone CPI, Wednesday
* Fed releases Beige Book, Wednesday
* Fed’s John Williams gives a speech, Wednesday
* Fed’s Austan Goolsbee is interviewed on NPR, Wednesday
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* US initial jobless claims, existing home sales, index of leading economic indicators, Thursday
* ECB issues report on March policy meeting, Thursday
* Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday
* Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday
* Fed’s Loretta Mester discusses the economic and policy outlook, Thursday
* Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday
* Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday
* PMIs for Eurozone, Friday
* Japan CPI, Friday
* Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.4% to $1.0971
* The British pound rose 0.4% to $1.2426
* The Japanese yen rose 0.3% to 134.08 per dollar
Cryptocurrencies
* Bitcoin rose 2.6% to $30,211.05
* Ether rose 0.1% to $2,079.28
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.58%
* Germany’s 10-year yield was little changed at 2.48%
* Britain’s 10-year yield advanced six basis points to 3.75%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 0.5% to $2,017 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cristin Flanagan, Vildana Hajric, Carly Wanna, Isabelle Lee and Peyton Forte.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Raise your words, not voice.  It is rain that grows flowers, not thunder. -Rumi, 1207-1273.

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