Dear Friends,
Tangents:
For a few minutes today, millions will see the sun disappear behind the moon during a total solar eclipse. Just how dramatic the show gets — and when it begins — will depend on where you are. Parts of Iceland, northern Spain and a small corner of northeastern Portugal will be in the path of totality, where the moon will completely cover the sun and briefly turn day to darkness. Meanwhile, a crescent-shaped partial eclipse will be visible across the northern US, Canada, much of Europe and northwestern Africa.
🌌Tonight is the Night of the Shooting Stars: The Perseids meteor shower will be at its peak tonight, with meteors hurtling across the night sky at a rate of about 50 to 100 streaks per hour.
August 12, 1676: King Philip assassinated.
August 12, 1851: Sewing Machine invented.
August 12, 1981: IBM introduced its first personal computer, the model 5150. Go to article.
Cecil B. DeMille, director, b. 1881.
George Soros, financier, b. 1930
William Goldman, author, b. 1931.
| Neanderthals passed on a gene that helps modern humans pack on more muscle — but only a few people have it |
Neanderthals passed along a gene variant to modern humans that can make some people buff, a new study finds.
| ‘Like a jail door slamming’: Male sperm whales’ mysterious rhythmic clanging is the loudest communication sound of any animal |
Researchers have studied a mysterious rhythmic clanging noise produced by male sperm whales.
| A solar eclipse will be visible in North America tonight: How to watch in person and online |
On Aug. 12, a total solar eclipse will swoop across a narrow path of totality, while millions of people in North America and Europe will be treated to a partial eclipse. Here’s where and when to watch.
| Astronomers created the largest-ever 2D map of the universe, charting 4 billion objects in the night sky |
A new celestial map not only catalogs a variety of cosmic objects but also serves as a pointer for other telescopes on Earth and in space
| New AI chip mimics the human brain’s capacity for split-second motor control — it solved problems using 10,000 times fewer calculations |
A new brain-inspired device is designed to kick AI systems into gear only when they detect something unusual. Could it reduce dependence on power-guzzling data centers?
The world is too much with us; late and soon. – William Wordsworth.
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PHOTOS OF THE DAY
East Sussex, UK
‘The unmistakable scent of lavender fills the air in the brief moment it takes to walk from the train at Lewes station on to the forecourt, where a taxi waits to take me on my onward journey.’
Photograph: Anne Bostwick
Rwanda, East Africa
‘The vivid colour of the shining tomatoes at a local market was stunning, and I liked how the long red skirt of the vendor seemed to fit the picture beautifully.’
Photograph: Mattia Leoni
Nottinghamshire, UK
‘I was flying the drone at our annual regatta celebrating 40 years at our lake at Notts County Sailing Club, capturing dinghies racing. I homed in on this craft, and liked the wave pattern and the shapes, converting it to black and white to accentuate this.’
Photograph: David Eberlin
Market Closes for August 12th, 2026
| Market Index |
Close | Change |
| Dow Jones |
53770.27 | -21.58 |
| -0.04% | ||
| S&P 500 | 7748.50 | +20.30 |
| +0.26% | ||
| NASDAQ | 26588.49 | +143.04 |
| +0.54% | ||
| TSX | 36662.14 | +186.22
+0.51% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 67524.06 | +553.84 |
| +0.83% | ||
| HANG SENG |
25440.17 | -212.65 |
| -0.83% | ||
| SEN SEX | 77966.35 | -187.90 |
| -0.24% | ||
| FTSE 100* | 10833.15 | -11.04 |
| -0.10% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.691 | 3.706 |
| CND. 30 Year Bond |
4.094 | 4.100 |
| U.S. 10 Year Bond |
4.3817 | 4.6883 |
| U.S. 30 Year Bond |
4.6928 | 5.2403 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7173 | 0.7183 |
| US $ |
1.3941 | 1.3920 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6225 | 1.6064 |
| US $ |
0.8678 | 1.1523 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4404.74 | 4370.98 |
| Oil | ||
| WTI Crude Future | 83.27 | 83.20 |
Market Commentary:
On this day 1920, Charles Ponzi was arrested for financial fraud in Boston after taking in more than $6 million from thousands of investors. He had been repaying each $1,000 invested with $1,500 just 90 days later, but only by taking more money from newcomers or, as a judge later puts it, “robbing Peter to pay Paul.” Such pyramid arrangements have since been known as “Ponzi schemes.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.5%, or 186.22 to 36,662.14 in Toronto.
Royal Bank of Canada contributed the most to the index gain, increasing 1.5%.
Air Canada had the largest increase, rising 12.3%.
Today, 106 of 218 shares rose, while 109 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is at its 52-week high and 31.9% above its low on Aug. 20, 2025
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.6 on a trailing basis and 17.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.76t
* 30-day price volatility rose to 10.60% compared with 10.55% in the previous session and the average of 10.25% over the past month
Index Points
Financials | 140.0381| 1.1| 14/9
Materials | 42.5101| 0.7| 33/26
Energy | 12.9986| 0.2| 16/21
Consumer Discretionary | 4.3045| 0.4| 4/4
Industrials | 3.4234| 0.1| 12/18
Utilities | 1.7128| 0.1| 7/6
Health Care | 0.1808| 0.2| 3/2
Real Estate | -0.9075| -0.2| 11/6
Communication Services | -1.0176| -0.2| 2/3
Consumer Staples | -6.0394| -0.5| 2/8
Information Technology | -11.0029| -0.4| 2/6
RBC | 43.4300| 1.5| -14.2| 27.2
Celestica | 34.7100| 9.2| 59.5| 16.4
TD Bank | 33.6800| 1.7| -57.0| 32.9
Franco-Nevada | -7.3550| -1.6| 20.0| 15.8
Constellation Software | -20.2400| -4.5| 21.4| -6.8
Shopify | -21.5100| -1.2| -31.0| -5.1
MT Newswires:
The S&P/TSX Composite Index rose for the fourth straight session to close at a new record high on Wednesday, supported by broad-based gains across most sectors and a sharp rise in Air Canada shares.
The index closed up 186.22 points, or 0.5%, at 36,662.14, with most sectors closing higher.
Financials led gainers, up 1.1%, while Information Technology and energy sectors were up 0.4% each.
Base Metals closed down 0.4%.
The Battery Metals Index, which includes companies listed on both the TSX and TSX Venture Exchange, jumped 1.4%.
In commodities, West Texas Intermediate (WTI) and Brent crude were mixed as stalled US-Iran talks and continued attacks on ships in the Middle East kept concerns about oil supply disruptions in focus.
September WTI crude oil contract settled up $0.07, or 0.1%, at $83.27 per barrel, while October Brent oil was last seen down $0.16, or 0.2%, at $88.75 per barrel.
Meanwhile, December Comex gold futures gained 0.7%, or $31.40, to $4,472.50 per ounce.
In currencies, the US dollar edged higher 0.1% against the Canadian dollar at 1.3943 at last look.
Separately, Canada’s building permits rebounded sharply in June, with the total value rising C$2.3 billion, or 18.5% month over month, to C$14.9 billion.
This more than reversed declines in April and May, Statistics Canada said in its latest report.
The rise seen in June was much higher than the 0.8% monthly gain expected in a Bloomberg survey.
In the debt market, Canada’s latest five-year government bond auction drew solid demand, with C$5 billion sold at an average yield of 3.344% against C$13.9 billion in competitive bids, resulting in a 2.78 times coverage ratio, according to data on the Bank of Canada.
Accepted yields ranged from 3.343% to 3.345%, with distributors receiving 51.9% of the bonds and customers 48.1%, according to the BoC’s website.
Meanwhile, the proposed 50% US tariff on certain Canadian goods, which could take effect next Wednesday, is raising significant concerns among small exporters, according to new research from the Canadian Federation of Independent Business released Wednesday.
Two in five surveyed Canadian exporters said their products would be hit by the tariffs, while 77% of affected firms expect revenues to fall if they come into effect.
More than a third anticipate a decline of at least 50%.
In stocks, Air Canada (AC.TO) shares jumped 12.3% to reach C$30.61 per share, its highest level in more than six years.
This rally came after the company reported second-quarter earnings and said its frequent flyer program Aeroplan will receive a C$2.5 billion minority equity investment from funds managed by Blackstone, La Caisse and other Canadian institutions.
US
By Rita Nazareth
(Bloomberg) — Stocks rose to a striking distance of a record after the latest inflation report matched expectations, easing concerns about imminent Federal Reserve rate increases.
The data brought some relief to Wall Street traders worried about geopolitical risks, with the S&P 500 extending its August advance.
A rally in giant chipmakers also helped sentiment, driving the Nasdaq 100 to a one-month high.
Short-dated Treasuries outperformed. Money markets are pricing in less than a 50% chance of a September Fed hike. US crude settled around $83.
The consumer price index, excluding often-volatile food and energy categories, rose 0.2% in July from a month earlier.
On an annual basis, it advanced 2.5%, matching the slowest pace since March 2021.
In the wake of Friday’s weak jobs report, the moderation in price growth may help alleviate some of the inflation anxiety at the Fed after three officials dissented on July 29 in favor of raising rates.
“The big surprise with a report that had no surprises is that a situation where inflation isn’t reaccelerating, coupled with the most recent, weak jobs report gives the Fed more time to wait,” said Chris Zaccarelli at Northlight Asset Management.
Typically, the market would be buoyed by the thought of rate cuts, but in a world where many are expecting rate increases, anything that can delay or squash the need for hikes will be viewed positively, he added.
There will be another round of inflation data before the September Fed meeting, but unless those numbers tell a much different story, officials will likely still be in a position to leave rates unchanged, said Ellen Zentner at Morgan Stanley Wealth Management.
While prices remain elevated, the latest CPI should give investors greater confidence that peak inflation appears to be behind us, according to Bret Kenwell at eToro.
However, a more serious threat would be oil topping $100 again and forcing a more aggressive Fed response, he added.
“With the Strait of Hormuz still shut, upside inflation risks will remain top of mind for the foreseeable future,” said Seema Shah at Principal Asset Management.
Inflation running above the Fed’s target and swelling budget deficits have contributed to elevated long-dated yields.
Thursday’s 30-year Treasury sale is expected to take place at the highest financing rate in a quarter of a century.
That’s after a $42 billion auction of 10-year bonds resulted in the highest yield for the securities since 2007.
Corporate Highlights:
* Super Micro Computer Inc. gave a revenue forecast for the current quarter that topped analysts’ estimates, a sign the booming artificial-intelligence market continues to bolster sales of the company’s servers.
* CoreWeave Inc., a provider of computing that powers AI systems, topped analysts’ estimates for second-quarter sales after signing up more customers.
* Nebius Group NV reported a 514% jump in second-quarter sales for its cloud business following strong demand for AI computing power.
* Cava Group Inc.’s sales rose faster than expected as the restaurant chain’s salmon and pita chips drew in diners, showing that Americans are willing to spend when cost and taste converge.
* Wendy’s Co. jumped after the Financial Times reported that Nelson Peltz’s Trian Fund Management is preparing a bid to take the struggling fast-food chain private.
What Bloomberg strategists say…
“While wage growth remains a challenge, it’s also because the labor market has been softening. Coupled with data indicating some modest progress on the inflation front, it should be enough to keep front-end yields capped until more visibility on the rate path emerges.”
—Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.2% to $1.1523
* The British pound fell 0.1% to $1.3492
* The Japanese yen fell 0.1% to 159.49 per dollar
Cryptocurrencies
* Bitcoin fell 0.4% to $63,436.51
* Ether was little changed at $1,879.57
Bonds
* The yield on 10-year Treasuries was little changed at 4.69%
* Germany’s 10-year yield was little changed at 3.16%
* Britain’s 10-year yield was little changed at 4.97%
* The yield on 2-year Treasuries declined one basis point to 4.20%
* The yield on 30-year Treasuries advanced one basis point to 5.25%
Commodities
* West Texas Intermediate crude fell 0.3% to $82.92 a barrel
* Spot gold rose 1% to $4,412.22 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The first and best victory is to conquer self. –Plato, c.428 BCE-c.348 BCE.
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