August 17, 2023 Newsletter

Dear Friends,

Tangents: Happy Friday Eve.
August 17, 1908: The first successful flight of the Wright bothers’ aircraft takes place, marking a significant milestone in aviation history.
On Aug. 17, 1969, the Woodstock Music and Art Fair concluded near Bethel, N.Y. Go to article >>
1863: Fort Sumter siege began.

Davy Crockett, b. 1786.
Mae West, b. 1898.
Robet de Niro, b. 1943
Sean Penn, b. 1960.

‘Barbie’ tops ‘The Dark Knight’ to become Warner Bros.’ biggest movie ever at American box office.   Warner Bros. Discovery, which also owns CNN, announced that “Barbie” has made over $537 million at the US box office. The former title holder, the 2008 Batman film “The Dark Knight,” amassed $536 million.

London police investigating alleged theft of artifacts at British Museum.   A former employee at the museum has been dismissed for allegedly stealing gold jewelry and other artifacts, some dating back to the 15th century BC.

A new snake species has been named after Harrison Ford.  The snake’s scientific name, Tachymenoides harrisonfordi, was intended to be a fun play on Indiana Jones’ hatred for the scaly creatures.

13 billion-year-old ‘Maisie’s galaxy’ is one of the oldest objects in the universe, James Webb telescope reveals
Born less than 400 million years after the Big Bang, Maisie’s galaxy is officially one of the four oldest galaxies ever discovered. Read More.

PHOTOS OF THE DAY

Shanghai, China
A rainbow appears in the sky above buildings at Lujiazui Financial District.  Photograph: VCG/Getty Images

Teahupoo, Tahiti
Caroline Marks of the United States surfs in Heat 2 of the Quarterfinals at the Shiseido Tahiti Pro.  Photograph: Matt Dunbar/World Surf League/Getty Images

Toronto, Canada
People visit Illumi light installations with their dogs in the Mississauga area.  Photograph: Anadolu Agency/Getty Images
Market Closes for August 17^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1912: John Marks Templeton was born in Winchester, Tenn., to Vella Handly and Harvey Maxwell Templeton, a lawyer and cotton-gin operator. He went on to start the Templeton Growth Fund and invent the disclipline of global investing.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.4%, or 86.84 to 19,812.23 in Toronto.
The index dropped to the lowest closing level since July 6.
Shopify Inc. contributed the most to the index decline, decreasing 3.8%.
Bombardier Inc. had the largest drop, falling 6.7%.
Today, 150 of 227 shares fell, while 72 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index fell 2.9%, heading for the biggest decline since the week ended March 10
* The index declined 1.8% in the past 52 weeks. The MSCI AC Americas Index gained 1.6% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on Feb. 2, 2023 and 10.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.6% in the past 5 days and fell 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility fell to 10.83% compared with 11.63% in the previous session and the average of 10.54% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -48.3415| -0.8| 3/26
Information Technology | -37.5725| -2.6| 0/11
Industrials | -20.1538| -0.7| 4/22
Consumer Discretionary | -7.8442| -1.1| 4/10
Communication Services | -7.1198| -0.9| 0/5
Real Estate | -3.0919| -0.6| 4/16
Utilities | -1.7221| -0.2| 6/10
Materials | -1.1837| -0.1| 18/28
Health Care | -0.2606| -0.4| 1/3
Consumer Staples | 3.3181| 0.4| 1/10
Energy | 37.1160| 1.1| 31/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -23.9300| -3.8| -2.2| 53.3
Brookfield Corp | -10.0700| -2.2| -24.2| 3.4
RBC | -9.0520| -0.8| -35.3| -3.8
Couche-Tard | 6.6110| 1.8| 47.1| 17.4
Canadian Natural Resources | 7.7510| 1.3| 101.1| 8.9
Suncor Energy | 9.9000| 2.5| 16.0| 2.9
US
By Cristin Flanagan and Vildana Hajric
(Bloomberg) — US stocks fell for third day straight as a global bond market selloff intensified and tamped down enthusiasm for growth-oriented tech giants.
The Nasdaq 100 fell 3.2%, its worst three-day slide since February.
Investors are losing faith that the Federal Reserve is done raising interest rates after minutes from the last meeting suggested officials are considering tighter policy.
The 10-year Treasury yield rose by as much as 8 basis points to 4.33% on Thursday, approaching the highest level since 2007.
Data from before the New York market opened showed the labor market remains healthy, doing little to change the narrative.
“This week’s data hasn’t given them any reason to let their guard down,” said Mike Loewengart at Morgan Stanley Global Investment Office. “With housing starts, retail sales, and jobless claims all reinforcing the picture of a robust economy, another rate hike can’t be ruled out, even if the Fed remains on hold next month.”
Wall Street’s fear gauge, the CBOE Volatility Index or VIX, touched 18 for the first time in seven sessions.
The VIX hasn’t reached above 30 — a level considered a sign of heightened volatility — since a series of bank failures rocked the market in March.
Investors will soon be turning to next week’s gathering of policy makers at Jackson Hole in Wyoming to gauge Fed sentiment.

The moves across bond markets have been sharp and swift this week.
Treasuries have been a key driver of the global debt selloff as resilience of the world’s largest economy defies expectations that a run of Federal Reserve interest-rate hikes would spark a recession.
“Our baseline is the Fed will not likely alter rates at the next meeting but the following meeting decision is yet to be determined,” Jeffrey Roach, chief economist at LPL Financial, wrote. “Treasury yields are hitting new highs as investors reset expectations about long-term inflation.”
In the UK, the surge in gilt yields comes after sticky inflation and strong wage data boosted investor bets that the Bank of England will need to raise interest rates further to 6% and keep them high for longer. Japan’s 20-year bond yield surged after a debt auction drew tepid investor demand.
China also continued to weigh on sentiment.
The picture emerging from property agents and private data providers suggest the slump in the real estate market may be worse than official reports show.
China ramped up its efforts to stem losses in its currency on Thursday by offering the most forceful guidance since October through its daily reference rate for the managed currency.
Authorities told state-owned banks to step up intervention in the currency market this week, in a push to prevent a surge in yuan volatility, according to people familiar with the matter.
Meanwhile, the dollar took a breather from a five-day climb while the pound continued to outperform.
Crude halted a three-day drop while gold edged up after closing below $1,900 an ounce for the first time since March. 

Key events this week:
* Eurozone CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0871
* The British pound rose 0.1% to $1.2745
* The Japanese yen rose 0.4% to 145.77 per dollar
Cryptocurrencies
* Bitcoin fell 3.7% to $27,872.76
* Ether fell 3.9% to $1,736.64
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.29%
* Germany’s 10-year yield advanced six basis points to 2.71%
* Britain’s 10-year yield advanced 10 basis points to 4.75%
Commodities
* West Texas Intermediate crude rose 0.9% to $80.06 a barrel
* Gold futures fell 0.5% to $1,919.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Alex Nicholson, Richard Henderson and Alice Gledhill.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
One has to observe a man for oneself, as closely as possible before one can judge him.-Fyodor Dostoevsky, 1821-1881.

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