Dear Friends,
Tangents: Happy Monday.
April 27, 1994: South Africa holds its first multiracial general election, a decisive step in ending apartheid.
April 26, 1986: the world’s worst nuclear accident occurred at the Chernobyl plant in the Soviet Union. An explosion and fire in the No. 4 reactor sent radioactivity into the atmosphere; at least 31 Soviets died immediately. Go to article
April 27, 1805: US Marines attack Tripoli.
Ferdinand Magellan, explorer, b. 1521.
Edward Gibbon, historian, b. 1737.
Ulysses Grant, general, b. 1822.
| ‘A completely new reality’: Bolder measures are needed to prevent extreme water shortages in cities like Phoenix and Las Vegas that depend on the Colorado River |
Cities fed by the Colorado River have taken huge steps to reduce their water consumption over the past few decades, yet shortages are projected to grow more intense. What can be done? Read more.
| DNA study of nearly 200 Indigenous genomes reveals unknown Asian ‘ghost’ population contributed to American ancestry |
New genetic results reveal a previously unknown wave of people settled in South America 1,300 years ago and that Indigenous Americans carry remnants of a "ghost lineage." Read more.
| ‘Eventually, it becomes you’: Inventors of new ‘living’ knee replacement describe why this tech is desperately needed and how it works |
Live Science spoke with the developers of a living knee implant that could help more patients in need of knee replacements get them. Read more.
| Planning to stargaze in May 2026? Here’s all the gear you’ll need |
Here’s all the stargazing gear you need for May’s night sky. Be ready for two full moons, a meteor shower, and a pretty cool solar alignment. Read more.
| Astronomers just mapped one of the largest structures in the universe, long hidden behind the Milky Way’s ‘Zone of Avoidance’ |
Scientists have mapped the extent of the Vela Supercluster for the first time, and determined that it is one of the largest structures in the universe. Read more.
| Claude Mythos explained: Is Anthropic’s most powerful AI model really too dangerous to release to the public? |
Anthropic’s Mythos AI is being kept behind closed doors as governments assess what faster, AI-driven vulnerability discovery means for cybersecurity. Read more.
Kingdom of Mourne
The real-life Narnia is an ancient mountain kingdom at the edge of Europe.
Before-after destruction
These aerial satellite images reveal the scale of Israeli destruction in Lebanon.
Kinky rubber tables and spikes
These provocative designs will make you rethink how you style your home.
Roomy airline upgrade
It’s near the bathroom, there’s hardly any room to recline — but now, a new design has turned the last row on the plane into a “semi-private retreat.”
Everest climbers blocked
Hundreds of climbers are in limbo at Everest base camp as an unstable block of glacial ice stands in the way of their summit route. Watch here.
PHOTOS OF THE DAY
Yangzhou, China
Tourists enjoy a spectacular night light show at Slender West Lake scenic area in Jiangsu province
Photograph: VCG/Getty Images
London Marathon 2026
The London Marathon is run over a mostly flat course that starts in Blackheath and finishes on the Mall. The vast majority of the more than 59,000 participants are raising money for charity or running for personal milestones
Photograph: Leon Neal/Getty Images
Morley, UK
People take part in a parade with the Knights of Nottingham, as part of the annual St George’s day celebrations in Morley, West Yorkshire
Photograph: Temilade Adelaja/Reuters
Market Closes for April 27th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49167.79 | -62.92 |
| -0.13% | ||
| S&P 500 | 7173.91 | +8.83 |
| +0.12% | ||
| NASDAQ | 24887.10 | +50.50 |
| +0.20% | ||
| TSX | 33818.19 | -85.92 |
| -0.25% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 60537.36 | +821.18 |
| +1.38% | ||
| 25978.07 | 25925.65 | -52.42 |
| -0.20% | ||
| SEN SEX | 77303.63 | +639.42 |
| +0.83% | ||
| FTSE 100* | 10321.09 | -57.99 |
| -0.56% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.502 | 3.462 |
| CND. 30 Year Bond |
3.914 | 3.878 |
| U.S. 10 Year Bond |
4.3395 | 4.3007 |
| U.S. 30 Year Bond |
4.9461 | 4.9071 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7340 | 0.7315 |
| US $ |
1.3624 | 1.3670 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6262 | 1.5970 |
| US $ |
0.8530 | 1.1722 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4711.65 | 4719.15 |
| Oil | ||
| WTI Crude Future | 96.37 | 98.47 |
Market Commentary:
On this day in 1998, a Wall Street Journal article headlined “Fed Ponders Rate Boost in Months Ahead” sent stocks plunging. The Dow Jones Industrial Average fell 2.5% within minutes, causing 401(k) investors to double their usual level of switches from stock to bond funds or cash. By week’s end, though, the Dow was up.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3%, or 85.92 to 33,818.19 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 1.4%.
B2Gold Corp. had the largest drop, falling 8.6%.
Today, 121 of 220 shares fell, while 97 rose; 10 of 11 sectors were lower, led by materials stocks.
Insights
* This month, the index rose 3.2%
* The index advanced 37% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on March 2, 2026 and 38% above its low on April 30, 2025
* The S&P/TSX Composite is down 1.6% in the past 5 days and rose 5.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.2 on a trailing basis and 16.4 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$5.36t
* 30-day price volatility fell to 16.54% compared with 16.73% in the previous session and the average of 17.69% over the past month
Index Points
Materials | -70.7073| -1.1| 22/38
Consumer Discretionary | -16.6194| -1.6| 1/8
Financials | -15.8567| -0.1| 6/17
Consumer Staples | -11.0660| -1.0| 1/9
Industrials | -9.2601| -0.3| 17/12
Communication Services | -5.2718| -0.9| 2/3
Utilities | -2.1983| -0.2| 5/9
Information Technology | -1.8289| -0.1| 6/2
Real Estate | -0.5291| -0.1| 8/11
Health Care | -0.1265| -0.1| 1/3
Energy | 47.5430| 0.8| 28/9
Shopify | -20.5200| -1.4| -16.3| -23.3
Enbridge | -19.7100| -1.8| 171.4| 9.0
Brookfield Corp | -15.9000| -1.7| -32.4| -3.0
Canadian Natural Resources | 10.7900| 1.2| -37.1| 32.1
Celestica | 12.6700| 2.8| 22.2| 42.1
ARC Resources | 21.8100| 21.2| 670.9| 21.2
MT Newswires:
The Toronto Stock Exchange closed lower for a third-straight session Monday, ahead of tomorrow’s Spring Economic Update from the Carney government, as one Macquarie strategist warned the risk of adverse effects on the global economic supply chain will grow if the U.S.-Iran ‘economic war’ endures.
The S&P/TSX Composite Index closed down 85.92 points, or 0.25%, to 33,818.19, with most sectors lower, albeit none of them by as much as 1%.
In contrast, Energy was up 2.3% with West Texas Intermediate crude oil closing higher Monday as talks expected to be held over the weekend between the United States and Iran in Pakistan did not happen, even as Iran offered to reopen the Strait of Hormuz in return for it being allowed to continue its nuclear program and the U.S. ending the blockade of its ports.
WTI oil for June delivery closed up US$1.97 to settle at US$96.37 per barrel, while June Brent oil was up $3.13 to US$108.46.
Base Metals rose 0.4% even though gold prices were down by midafternoon Monday.
They did remain rangebound as the dollar fell ahead of Wednesday’s interest rate announcement from the Federal Reserve.
Gold for June delivery was down US$42.60 to US$4,698.30 per ounce, staying within a US$200 range it has been stuck in since the start of the war on Iran, as high oil prices raise concerns over higher inflation and threaten to boost interest rates.
Thierry Wizman, Global FX & Rates Strategist at Macquarie Group, expected traders to retreat from risk following the news on Saturday that a new round of face-to-face talks between the U.S. and Iran was not going to happen imminently.
But, he said, an Axios report this morning restored some ‘hope’, by saying that Iran’s side has put forward a new proposal to allow a reopening of the Strait of Hormuz in the short term, while asking that the negotiation pertaining to Iran’s nuclear ambitions is left for later.
"We doubt that the U.S. will go for this, since the US’s economic blockade of the Iran remains its key "pressure tactic" in making Iran concede to the US’s fundamental demands pertaining to Iran’s power.
Yet that it is Iran that is making the proposal suggests that the pressure from the US’s economic blockade is being felt, and that the U.S. may not need to invoke its military power again.
To the U.S. administration, the economic blockade of Iran is intended to have that very effect, i.e., of causing revenue losses that lead to monetary inflation and, ultimately, instability within the regime, and leading to concessions from Iran on the fundamental issues that the U.S. has raised," Wizman added.
Wizman said while central banks are mindful of the inflation that supply side disruptions may cause, he added the central banks that meet this week (Fed, Bank of Canada, Bank of England, European Central Bank, Bank of Japan) and next week (Reserve Bank of Australia) are unlikely to change policy settings, although some may do so later this year.
The Bank of Canada is widely expected to maintain its key benchmark interest rate steady on Wednesday.
Still on the Canadian economy, CIBC in ‘Thoughts on the Spring Economic Update’ due out from the federal government tomorrow said Prime Minister Mark Carney made two important announcements this morning, including the introduction of a Canadian sovereign wealth fund, and suggesting tomorrow’s update will showcase a better deficit profile across the forecast horizon.
According to CIBC, improvement for the current fiscal year reflects a better starting point, as already telegraphed by the Department of Finance in its most recent Fiscal Monitor, showing the FY25-26 deficit is tracking near C$26 billion as of the end of February, which compares to an initial full year projection of C$78 billion.
CIBC noted March is typically a very big deficit month, reflecting tax payments.
But, CIBC said, calibrating from prior years suggests the FY25-26 deficit is likely to come in some $15 billion to $20 billion lower than initially expected.
For the current fiscal year, FY26-27, CIBC estimates an improvement between $5 billion to $10 billion.
"But," it said, "that doesn’t mean coupon supply is going to fall one-for-one".
First, CIBC noted, there have already been new spending initiatives announced that will "eat" some of the "better starting point" to the current fiscal year.
Second, it noted, non-budgetary transactions are tracking worse than expected.
Third, it also noted, the SWF needs to be seeded with an initial endowment of $25 billion.
US
By Rita Nazareth
(Bloomberg) — Stocks held at record highs before a raft of mega cap earnings that will test whether April’s rally is sustainable, with traders also awaiting updates from major central banks on the economic fallout of the Iran war.
While the pace of equity gains was more subdued, the S&P 500 remained on track for its best month since the depths of the pandemic.
Brent crude topped $108.
While a ceasefire has mostly held since early April, shipping blockades have cut daily transits through the Strait of Hormuz to near zero, prolonging the supply disruption that has jolted markets around the world.
Without much clarity on the geopolitical front, investors geared up for results from a handful of tech giants worth nearly $16 trillion combined.
Alphabet Inc., Microsoft Corp., Amazon.com Inc. and Meta Platforms Inc. are set to report Wednesday, followed by Apple Inc. a day later.
“Given the AI-oriented strength in the latest market run, the outlook and spending plans of the ‘Magnificent Seven’ will be key to keeping the momentum going,” said veteran strategist Louis Navellier.
Meantime, the White House told US officials are discussing Iran’s latest proposal but maintained red lines on any deal to end the eight-week war, including preventing Tehran from obtaining a nuclear weapon.
White House Press Secretary Karoline Leavitt said President Donald Trump had convened a meeting of national security officials to discuss an Iranian proposal.
The comments followed reports that Tehran proposed an interim deal whereby it reopens Hormuz in exchange for Washington ending its blockade of ports.
Also, this week, the Federal Reserve, European Central Bank and peers in Japan, the UK and Canada are all scheduled to set interest rates, together deciding monetary policy for about half of the world’s economy.
While investors expect them to leave rates unchanged, markets will be on alert for signs officials, including Fed Chair Jerome Powell and ECB President Christine Lagarde, are worried about the inflation threat posed by the disruption to oil supply stemming from the war.
“The tone of the press conference will emphasize the prudence of the ongoing wait-and-see stance, although we suspect that investors are nearing the point at which one might expect the Fed to have a stronger conviction take on the fallout from the energy shock – even if that is unlikely to be communicated in its entirety,” said Ian Lyngen at BMO Capital Markets.
Corporate Highlights:
* President Donald Trump called on Walt Disney Co.’s ABC to immediately fire late night host Jimmy Kimmel after what he called a “despicable call to violence” on an April 23 broadcast.
* Microsoft Corp. and OpenAI have agreed to drop the software giant’s exclusive right to sell the startup’s AI models, opening the door for the ChatGPT maker to pursue deals with cloud- computing rivals like Amazon.com Inc.
* Verizon Communications Inc. surprised analysts when it reported a gain of mobile subscribers, an early signal that new Chief Executive Officer Dan Schulman’s strategy for recapturing market share is already paying off.
* Domino’s Pizza Inc. sank after the company revised its full- year outlook and reported a first quarter comparable sales miss.
* Sun Pharmaceutical Industries Ltd. has agreed to acquire New York-listed women’s health-care company Organon & Co., expanding its global reach with one of the biggest outbound deals by an Indian company.
* United Airlines Holdings Inc. Chief Executive Officer Scott Kirby confirmed he approached American Airlines Group Inc. and that talks have ended, laying out the virtues of a merger that he said could have strengthened corporate America and won approval from regulators.
What Bloomberg strategists say…
“The lingering question for investors is whether all this spending on AI tech has produced tangible returns. The binary nature of this catalyst, which has singularly propelled equity gains this year, seems like an awfully shaky foundation for a sustainable stock rally.”
—Kristine Aquino, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1723
* The British pound was little changed at $1.3533
* The Japanese yen was little changed at 159.41 per dollar
Cryptocurrencies
* Bitcoin fell 1.7% to $76,929.51
* Ether fell 2.9% to $2,293.93
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.33%
* Germany’s 10-year yield advanced four basis points to 3.03%
* Britain’s 10-year yield advanced six basis points to 4.97%
Commodities
* West Texas Intermediate crude rose 2.1% to $96.36 a barrel
* Spot gold fell 0.6% to $4,679.17 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The mass of men lead lives of quiet desperation, and go to the grave with the song still in them. — Henry David Thoreau, 1817-1862.
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