April 28, 2023 Newsletter

Dear Friends,

Tangents: Happy Friday.
April 28, 1789: Mutiny on the Bounty.
1945: Mussolini executed.
April 28, 1947: Thor Heyerdahl begins his legendary journey on Kon-Tiki.  The Norwegian explorer and his crew set out on the 101-day journey on the self-built raft to prove that South Americans could have reached and settled Polynesia in pre-Columbian times.

James Monroe, 5^th president, b. 1758.
Alice Waters, restauranteur, b.1944.
Jay Leno, comedian, b.1950.
Penelope Cruz, actress, b.1974.

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Mysterious ‘painted people’ of Scotland are long gone, but their DNA lives on
Ancient DNA reveals that the Picts, the “painted people” of Scotland who fought off the Romans had local roots and were related to other Iron Age people in Britain. Read More

Newfound ‘brain signature’ linked to multiple psychiatric disorders
Young adults with multiple mental illnesses may share a common neurological “signature,” new research suggests. Read More

‘Mind boggling’ array of 19,000 undersea volcanoes discovered with high-resolution radar satellites
High-definition radar satellites have revealed more than 19,000 undersea volcanoes, providing scientists with the most comprehensive catalog of seamounts ever created. Read More
PHOTOS OF THE DAY

Nepal
Night falls over Mount Everest base camp
Photograph: Reuters

Johannesburg, South Africa
Autumn colours are reflected in the waters of the Emmarentia Dam reservoir as the southern hemisphere moves into autumn
Photograph: Kim Ludbrook/EPA

New York, US
The opening of sculptor Carole Feuerman solo outdoor public art show, Sea Idylls, on Park Avenue in NYC. The hyperrealistic sculptures in conjunction with Les Galeries Bartoux and Patrons of Park Avenue line the median
Photograph: Milo Hess/ZUMA Press Wire/Shutterstock
Market Closes for April 28^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1942: The World War II bear market hit bottom, as the Dow Jones Industrial Average closed at 92.92, down 0.97 points for the day and 16.3% for the year to date. Over the next four years, the market more than doubled.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 113.9 to 20,636.54 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.1%.
GFL Environmental Inc. had the largest increase, rising 7.5%.
Today, 146 of 232 shares rose, while 83 fell; 8 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index rose 2.7%
* So far this week, the index fell 0.3%, heading for the biggest decline since the week ended March 17
* The index declined 2.3% in the past 52 weeks. The MSCI AC Americas Index lost 3.6% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on May 4, 2022 and 15.5% above its low on Oct. 13, 2022
* 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$3.27t
* 30-day price volatility fell to 8.11% compared with 8.57% in the previous session and the average of 11.56% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 71.7805| 2.1| 38/2
Financials | 29.9668| 0.5| 23/5
Industrials | 19.4014| 0.7| 20/7
Information Technology | 6.3189| 0.5| 3/8
Real Estate | 2.6582| 0.5| 14/7
Communication Services | 0.3410| 0.0| 3/2
Consumer Staples | 0.2511| 0.0| 6/5
Health Care | 0.2440| 0.3| 1/5
Consumer Discretionary | -1.1482| -0.2| 10/5
Utilities | -3.4601| -0.4| 9/7
Materials | -12.4419| -0.5| 19/30
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural | | | |
Resources | 12.8500| 2.1| -45.8| 9.8
Suncor Energy | 10.6000| 2.7| 64.4| -1.2
TC Energy | 8.3460| 2.1| 40.6| 4.3
Wheaton Precious | | | |
Metals | -3.0460| -1.4| 27.5| 26.4
Barrick Gold | -3.5490| -1.1| -15.4| 11.0
Franco-Nevada | -4.0090| -1.4| 15.2| 11.4
US
By Jennifer Bissell-Linsk and Vildana Hajric
(Bloomberg) — US equities extended a rally Friday as investors wrestled with strong corporate earnings against concerns about regional banks and inflation.
Treasuries rose.
The S&P 500 gained 0.8% after better-than-expected earnings from the likes of Exxon Mobil Corp. and Intel Corp., up 1.3% and 4% respectively.
However, the gains proved precarious in midday trading after Federal Reserve officials called for broad changes to bank rules in the wake of Silicon Valley Bank’s collapse.
The Nasdaq 100 rose 0.7%, weighed down by Amazon.com Inc.’s 4% loss after a warning over growth in its key cloud computing business.
Meanwhile, First Republic Bank fell 43% after reports FDIC receivership is the most likely scenario for the bank after a run on deposits.
“Earnings relative to expectations appear resilient with a little more than half the S&P 500 reported,” wrote Scott  Chronert, managing director at Citi Research. “Full-year numbers and revisions have stabilized of late. The issue remains sentiment and positioning.”
Markets are on edge over the uncertainty of Federal Reserve interest-rate hikes, after fresh inflation data Friday increased the likelihood of an increase next week and possibly in June.
Traders have been anticipating the end of rate hikes near term, with cuts before year end.
The personal consumption expenditures price index excluding food and energy, one of the Fed’s preferred inflation gauges, rose 0.3% in March for a second month.
Compared with a year ago, the measure was up 4.6%, Commerce Department data showed.
“What looks like sticky contemporaneous inflation remains an issue, preventing the market from getting too carried away on the rate-cutting phase to come in subsequent quarters,” wrote Padhraic Garvey, head of global debt and rates strategy at ING Financial Markets.
The yield on the 10-year Treasury fell nine basis points to 3.44%.
US equities ended the month 1.5% higher, as corporate results have lifted investor sentiment in the face of rate-hike uncertainty and a possible recession.
In the latest batch of earnings, Charter Communications Inc. gained 7.6% after reporting results while Snap Inc. plunged 17% after missing revenue estimates.
“April largely is a good month. Again, it’s probably earnings-season driven, but we’ve been getting some economic reports that are also saying that the economy, and especially inflation, is likely going in the right direction — just not maybe fast enough,” said Kim Forrest, chief investment officer at Bokeh Capital Partners. “Businesses and people are spending, inflation is still there, but the data says it’s slowly ramping down.”
In Europe, the Stoxx 600 gained 0.6%, even as an uptick in consumer-price gains pointed to more rate increases by the European Central Bank.
The Bank of Japan, in contrast, renewed its commitment to stimulus after its first meeting under Kazuo Ueda.
It left its short-term policy rate at minus 0.1% and maintained its 0.5% ceiling for 10-year bond yields.
Elsewhere, oil prices gained, gold was little changed, and the dollar was modestly stronger against major peers.
Here are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.1019
* The British pound rose 0.6% to $1.2567
* The Japanese yen fell 1.7% to 136.24 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $29,349.69
* Ether fell 1.4% to $1,893.84
Bonds
* The yield on 10-year Treasuries declined nine basis points to 3.43%
* Germany’s 10-year yield declined 15 basis points to 2.31%
* Britain’s 10-year yield declined eight basis points to 3.72%
Commodities
* West Texas Intermediate crude rose 2.6% to $76.72 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cecile Gutscher, Sujata Rao and Denitsa Tsekova.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Lay down for yourself, at the outset, a certain stamp and type of character for yourself, which you are to maintain whether you are by yourself
or meeting with people. -Epictetus, c.50-135 AD.

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