Author: Carolann

Dear Friends,

Tangents: Happy Monday.

August 25, 1939: The Wizard of Oz is released.
On Aug. 25, 1944, Paris was liberated by Allied forces after four years of Nazi occupation and marking a pivotal moment in World War II.  Go to article.
August 25, 1966:  The Beatles play afternoon and evening concerts in 1966 at Seattle Center Coliseum after landing at Sea-Tac Airport on a chartered jet. About 8,200 fans at the afternoon concert hear the English rock band play 10 songs, including “Day Tripper,” “Yesterday,” “Nowhere Man” and “Paperback Writer.” The lyrics are barely audible over the crowd’s screams and shouts. The second show is sold out, and 14,382 fans attend the half-hour, 10-song set. It is the last live performance by all four Beatles in Seattle; the group breaks up in 1970. (Compiled from HistoryLink.org).

Leonard Bernstein, composer, b.1918.
Sean Connery, actor, b. 1930.
Elvis Costello, musician, b.1954.
Claudia Schiffer, model, b. 1970

SpaceX scrubs Starship launch attempt
Since its debut in January, the mega rocket has twice exploded over populated islands east of Florida.

Kilauea puts on ‘extraordinary show’
It was the Hawaiian volcano’s 31st eruption since December, and the photos are striking. 

New dinosaur species discovered
According to paleontologists, the creature had a distinctive sail-like structure running down its back.

British music fest apologizes to Irish folk band
The Mary Wallopers claim they were muted during their set for waving a flag.

Kirsten Dunst: Everyone messes up my name
Nope, it’s not KER-sten.

Deep-sea creatures find livestream fame  
This viral scientific mission even included a plump starfish resembling a beloved cartoon character.

What was the first human species?

All humans around today are Homo sapiens — modern humans who emerged at least 300,000 years ago. However, many Homo species came before, shaping who we are today. But what species was the first? The answer, perhaps unsurprisingly, is complicated. Read more.

Rocket-like jellyfish, regal Komodo dragon and harrowing whale rescue — see the stunning Ocean Photographer of the Year 2025 finalists.
The finalists for the Ocean Photographer of the Year 2025 competition were announced this week, featuring synchronized swimming whales, schools of fish swirling around coral outcrops, jellyfish that look like UFOs, and a Komodo dragon that’s a little too close for comfort.   See more.

First Americans had Denisovan DNA

The first people to populate the Americas had DNA from Neanderthals and Denisovans, a new study has revealed. The genes likely came from Denisovans who mated with Neanderthals, who then passed them onto modern humans when they mated with them in turn.
This sliver of genetic material isn’t just an intriguing relic, it could have been key to humans’ expansion across the continent by offering them a mutational arsenal to fight off the new pathogens they encountered. Read more.

PHOTOS OF THE DAY

Colombo, Sri Lanka
People take part in the international kite festival
Photograph: Ishara S Kodikara/AFP/Getty Images

London, UK
People celebrate J’ouvert, meaning ‘daybreak’ or ‘opening of the day’ in French Creole, at the start of Notting Hill carnival
Photograph: Yui Mok/PA

Jakarta, Indonesia
Cyclists and environmental activists take part in an event calling for the protection of orangutans, during a car-free day in the city
Photograph: Yasuyoshi Chiba/AFP/Getty Images
Market Closes for Aug 25^th,2025

Market Index	Close	Change
Dow Jones	45282.47	-349.27
		-0.77%
S&P 500	6439.32	-27.59
		-0.43%
NASDAQ	21449.29	-47.25
		-0.22%
TSX	28169.94	-163.19
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	42807.82	+174.53
		+0.41%
HANG SENG	25829.91	+490.77
		+1.94%
SENSEX	81635.91	+329.06
		+0.40%
FTSE 100*	9321.40	+12.20
		+0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.472	3.435
CND. 30 Year Bond	3.877	3.843
U.S. 10 Year Bond	4.2751	4.2537
U.S. 30 Year Bond	4.8897	4.8755

Currencies

BOC Close	Today	Previous
Canadian $	0.7220	0.7230
US $	1.3850	1.3838

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6129	0.6200
US $	1.1646	0.8586

Commodities

Gold	Close	Previous
London Gold Fix	3334.25	3338.30
Oil
WTI Crude Future	65.30	64.06

Market Commentary:
When a measure becomes a target, it ceases to be a good measure. -Charles Goodhart, b.1936.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 28,169.94 in Toronto.
The move was the biggest since falling 0.9% on Aug.
1 and follows the previous session’s increase of 1%.
Royal Bank of Canada contributed the most to the index decline, decreasing 0.9%.
Pason Systems Inc. had the largest drop, falling 2.9%.
Today, 153 of 211 shares fell, while 49 rose; 8 of 11 sectors were lower, led by financials stocks.

Insights
* This month, the index rose 3.3%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 0.8% below its 52-week high on Aug. 22, 2025 and 26.7% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.9% in the past 5 days and rose 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.2 on a trailing basis and 17.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.56t
* 30-day price volatility rose to 10.12% compared with 10.00% in the previous session and the average of 8.86% over the past month

Index Points
Financials | -82.4210| -0.9| 2/22
Industrials | -43.3786| -1.3| 1/28
Information Technology | -25.1404| -0.9| 1/9
Utilities | -4.9460| -0.5| 2/11
Consumer Discretionary | -3.3860| -0.4| 2/7
Real Estate | -2.5553| -0.5| 2/15
Communication Services | -2.0267| -0.3| 2/3
Health Care | -0.9948| -1.4| 0/3
Consumer Staples | 0.0721| 0.0| 4/6
Energy | 0.2773| 0.0| 13/24
Materials | 1.3138| 0.0| 20/25
RBC | -17.5200| -0.9| -47.0| 9.0
Shopify | -14.0700| -0.8| -41.0| 27.4
Brookfield Corp | -11.9500| -1.3| -24.2| 8.9
Cenovus | 4.1970| 2.1| 53.6| 6.2
Celestica | 4.7400| 2.2| -48.7| 101.5
Suncor | 5.8430| 1.2| 107.1| 9.1
(MT Newswires):
The Toronto Stock Exchange fell Monday, as investors took on some profits after Friday’s record close ahead of tomorrow’s start of the third-quarter earnings season for Canada’s big banks, which could offer clues on the health of the Canadian economy and consumers.
Despite steady to improved commodity prices, the S&P/TSX Composite Index closed down 163.19 points, or 0.6% from Friday’s record to 28,169.94 with most sectors lower, led by Health Care. down 1.5%, and Industrials, down 1.25%, while Battery Metals Index was up 3.5%.
Of commodities, gold was mostly steady late afternoon on Monday as the dollar and yields rose after a Friday drop as Federal Reserve Chair Jerome Powell signaled an interest-rate cut is coming.
Gold for December delivery was last seen down $7.50 to US$3,411.00 per ounce.
West Texas Intermediate crude oil rose, climbing for a fourth session as demand remains strong in the final week of the U.S. driving season and investors move to add risk after the chair of the Federal Reserve on Friday signaled an interest-rate cut is likely coming. WTI crude oil for October delivery closed up $1.14 to settle at US$64.80 per barrel, while October Brent oil was last seen up $1.22 to US$68.95.
The Canadian banks begin reporting their fiscal third-quarter results on Tuesday, starting with Bank of Montreal (BMO.TO, BMO) and Bank of Nova Scotia (BNS.TO. BNS).
As background to that, BMO Capital Markets Senior Economist Shelly Kaushik noted Canadian retail sales jumped 1.5% in June, marking a “decent turnaround” from May’s 1.2% decline. Kaushik noted the June pace matched the increase in volume terms, leaving the three-month gain near 3% annualized.
“Not bad for a quarter that likely captured the worst of the economic hit from trade uncertainty.” “To be sure,” Kaushik said, “decent consumer spending in both goods and services likely provided some offset for a deeply negative print in net exports.
Still, we don’t think it’ll be enough to avoid a real GDP contraction in Q2 when that report is released at the end of the week.”
“As mentioned, though,” Kaushik added, “this quarter will hopefully be the worst of it for the economy.
It’s still early, but we’re forecasting real GDP to be little changed in Q3, implying a recession will be narrowly avoided.
Indeed, the first look at July pointed to a 0.8% nominal decline in retail sales.”
On Tuesday’s earnings for BMO, National Bank in a preview note published earlier this month forecast cash earnings per share (EPS) of $2.96 compared to a consensus $2.95 and highlighted as key themes to look out for: a continuation of credit performance turnaround; U.S. loan growth “still stagnating”; and the bank’s potential to shed more assets.
FactSet is forecasting $2.97 versus $2.64 a year ago.
Then for Scotiabank, National Bank forecast cash EPS of $1.76 compared to $1.72 consensus estimate.
It will be looking for signs of: the corporate segment driving growth this year; the Canadian P&C performance “lagging” the group; and the “de-banking process still underway”.
FactSet is forecasting $1.73 versus $1.63.
On BMO’s credit performance turnaround should continue, National Bank noted that after negatively surprising on credit performance during fiscal 2024 (i.e., PCLs were about 60% above beginning of year consensus), BMO has delivered a turnaround in 2025. Impaired PCLs have declined each quarter from the Q4 2024 peak.
The bank signaled caution during Q2 2025, as reflected in a 17 bps performing PCL ratio.
Moreover, management suggested that tariff uncertainty could push the bank’s impaired PCL ratio into the low 50s, or above its high 40s guidance.
In National Bank’s view, a deviation from guidance is unlikely this quarter.
National noted that the bank’s U.S. regulatory filings indicated that BMO’s U.S. P&C credit performance (i.e., the primary source of 2024’s excess loan losses) had improved sequentially during calendar Q2 2025.
National Bank noted while BMO’s credit turnaround has been a positive development, stagnant commercial loan growth in the United States has not.
In National’s view, a revival of loan growth in this segment is an important catalyst for the stock, considering balances have been flat/declining since Q2 2023, when the Bank of the West (BotW) acquisition closed.
If anything, National said, this trend does little to indicate any progress on BotW revenue synergies.
“Unfortunately,” National added, it does not appear as though BMO will turn around volume growth in the U.S. P&C segment this quarter”.
It noted BMO’s calendar Q2 2025 Call Report showed that end of period commercial loans were down 2% Q/Q.
On BMO potentially looking to shed more assets. National Bank noted media reports suggest that BMO could be selling its Transportation Finance business, originally acquired as GE Transportation Finance in 2015.
The business has US$11 billion of assets and press reports indicate a potential sale price of approximately US$1 billion.
That figure would be lower than what BMO paid to acquire the business in 2015, which National estimates as a combination of capital required to back RWAs (near US$800 million) and goodwill & intangibles (near US$350 mln).
However, National said, since BMO converted the portfolio to AIRB models that reduced its capital intensity, the comparison isn’t apples to apples.
“We do not know how much profit the business generates, though it does create PCL volatility from time to time,” National added, noting there was a six-quarter stretch between Q4 2016 and Q1 2018 that transportation loans generated a cumulative $160 million of provisions. More recently, National noted, BMO has reported nearly $350 million of cumulative transportation sector losses since Q1 2024, a period of challenging credit performance in this category that has affected many banks.
“Overall,” National said, “if a sale is announced it would most likely be part of BMO’s balance sheet optimization strategy, which aims to exit sub-scale and/or below target ROE businesses.”
Other examples it cited include the exit of the Canadian and U.S. consumer auto finance business, which was announced in September 2023 and the sale of the RV Finance loan portfolio in December 2023.
Meanwhile, on Scotiabank and its corporate segment driving growth this year.
National Bank noted lower rates have been a tailwind for BNS’ Corporate segment.
Lower funding costs have resulted in segment NII [net interest income] improving nearly 75% during the first half of 2025, culminating in a segment loss of $80 million during Q2, compared to a peak quarterly loss of $283 million during Q4 2023.
National Bank said this improvement, which also includes the impact of BNS’ 15% share of KEY earnings, should explain virtually all of BNS’s 2025 earnings growth.
Based on the assumption of the segment achieving break-even status by Q4 2025, National estimates that Corporate should contribute 30% of consensus 2026 estimated EPS growth.
The remaining 70% (or 8% stand-alone EPS growth Y/Y) will rely on improved performance in BNS’ other segments, National added.
National Bank noted BNS’ Canadian P&C segment delivered 2% PTPP [Pre-Tax Pre-Provision] earnings growth during first half 2025 (vs. 8% peer average), including negative 1% during Q2 25 (vs. 6% peer average).
It said performance has been weighed down by several factors.
For one, commercial loan growth has been negligible (just 1% Y/Y in Q2 and down 2% YTD), well below peers at 9% Y/Y growth (and +5% YTD), which reflects BMO’s de-banking strategy.
It added card loans tell a similar story, with BNS’ balances down 3% YTD vs. peers flat.
Secondly, National said, the segment has seen 5 bps of NIM compression YTD, in contrast to peers at +6 bps on average.
The NIM compression is primarily due to deposit margins, along with slower growth in higher yielding loan categories, National added.
National noted that since its 2023 Investor Day, BNS has been engaging in the process of “de-banking”, which entails running-off certain lending relationships.
It said one motivation was to mitigate the impact of the Basel III output floor, which has faded as a concern given that OSFI postponed further increases to this regulatory capital headwind on February 12, 2025.
Separately, it added, BNS is also re-evaluating its banking relationships and trimming those that do not meet ROE targets.
National said we’ve seen the impact mainly on Corporate loans in the capital markets segment, where balances are down 27% from Q2 2023 peak levels.
It added we’ve also seen the impact in the International Banking segment, with commercial balances down 13% from Q2 2023 peak levels.
The bank has stated that it expects to resume balance sheet growth during fiscal 2026, National noted.
US
By Rita Nazareth
(Bloomberg) — A rally that put stocks on the brink of all- time highs sputtered and bond yields rose as euphoria around Federal Reserve rate cuts eased ahead of a key inflation reading.
While Jerome Powell on Friday signaled a September rate cut is likely on the way amid downside risks to jobs, doubts over the pace of those reductions lingered on Wall Street.
In addition to officials remaining divided, traders are bracing for a not-so-friendly price reading later this week.
Policymakers are grappling with inflation that’s still above their 2% goal — and rising — and a labor market that’s showing signs of weakness.
That unnerving reality, which pulls policy in opposite directions, is made worse by a high degree of uncertainty about how each of those factors will evolve over the coming months.
The Fed’s preferred measure of underlying inflation probably ticked higher last month, with the personal consumption expenditures price index excluding food and energy rising 2.9% from a year ago.
That would be fastest annual pace in five months.
“Now the discussion will likely turn to how aggressive the Fed may be,” said Chris Larkin at E*TRADE from Morgan Stanley.
“Signs of a slowing labor market currently appear to be outweighing inflation concerns, but the Fed hasn’t abandoned its 2% target.”
Almost 400 shares in the S&P 500 fell, with the gauge dropping 0.4%.
Nvidia Corp. paced gains in mega caps ahead of its results.
The yield on 10-year Treasuries rose three basis points to 4.28%.
The dollar climbed.
“Today’s trading lacks catalysts, which explains much of the muted sentiment throughout the indices, although rate- sensitive, cyclically oriented areas are underperforming,” said Jose Torres at Interactive Brokers.
“Part of that sluggishness results from traders reevaluating Chair Powell’s dovishness.”
Money markets are pricing in roughly 80% odds of a Fed rate cut in September, and a total of two reductions by the end of the year.
“While folks are generally in consensus about a September cut, October and December are still live, data-dependent meetings,” Torres noted.
To Krishna Guha at Evercore, the repricing of a September rate cut after Powell’s Jackson Hole speech Friday was “not excessive.”
“If we are right, the focus shifts to what happens after September,” Guha said.
“If the next set of labor data is not too bad, we think the Fed will begin to frame out the cautious recalibration cut, while seeking to contain expectations of ‘too much too soon’.”
Dovish or Hawkish Cut?
“While we still see the Fed cutting in September, we now have to figure out whether it will be a ‘dovish cut’ or a ‘hawkish cut’,” said Andrew Brenner at NatAlliance Securities.
“We don’t want one to think that inflation is not that important, but the real unknown risk to the economy is the employment situation.”
The exact path forward, particularly the pace of rate cuts, is still up for debate as Fed officials hold diverging views on the potential impact of tariffs and the overall state of the economy, according to Jason Pride and Michael Reynolds at Glenmede.
“Upcoming leadership changes at the Fed may mark a dovish shift over the long-term, with most candidates under consideration for chair broadly viewed as more accommodative than Powell,” they said.
National Economic Council Director Kevin Hassett indicated President Donald Trump’s decision on who should succeed Powell is months away.
His term as Fed chair is set to expire in May.
“We expect Powell to advocate for easing at the September meeting unless incoming data, such as a strong August labor report or higher-than-expected inflation, provide reason to stay on hold,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
“Against this backdrop, we anticipate four quarter- point rate cuts through January 2026, starting in September.”
Investors will also monitor comments from US policymakers at public events this week to gauge their appetite for a September rate cut, with Fed Governor Christopher Waller scheduled to speak on Thursday.
Fed Bank of Dallas President Lorie Logan said money markets could face temporary pressures around quarter-end next month, though the US central bank still has room to continue reducing its balance sheet.
“We also look for Fedspeak this week to generally echo Powell’s view that the Fed can ease in September on shifting concerns towards the labor market,” said Oscar Munoz and Eli Nir at TD Securities.
At Glenmede, the strategists noted that resuming the rate cut cycle will likely be a tailwind for bonds.
Fixed income may offer upside potential for investors as yields across major fixed income categories remain near fair value.
“Small caps may stand to benefit most from easing, with more than half of their debt charging floating rate interest,” they said.
“Lower interest expenses could notably lift earnings, potentially setting the stage for a small cap comeback into year-end.”
Aside from the macro picture, the next big test for the stock market will be a read on what’s been driving gains for the past few years: artificial-intelligence euphoria.
Nvidia Corp. – the last of the “Magnificent Seven” to report earnings – is due to unveil its results Wednesday after the close.
Traders are hoping it can soothe fears about AI spending and effectively confirm that the stock market’s latest rally isn’t just a technology bubble.
“Unless we get some sort of major UFO (Unforeseen Occurrence), the most important development of this week will be the earnings report and guidance out of Nvidia,” said Matt Maley at Miller Tabak.
“Those earnings will be good. The only question will be whether they’re good enough to push the stock higher after almost doubling over the past 4-5 months,” he added.
Nvidia’s size, it’s the biggest weight in the S&P 500 at almost 8%, and its position at the center of AI development have made it a bellwether of the broader market.
The tech giant’s chips are everywhere, 40% of its revenue comes from Meta Platforms Inc., Microsoft Corp., Alphabet Inc. and Amazon.com Inc. — all are among the Top 10 weightings in the S&P 500.
Through several measures, big tech has become very influential, and that level of concentration suggests these stocks don’t just influence the market, but they increasingly drive the overall direction of travel, noted Anthony Saglimbene at Ameriprise.
“In isolation, that could be a caution flag,” he said. “We believe big tech’s market cap heft and elevated valuations today are supported by unusually strong profitability and cash flow generation relative to almost every other corner of the market.”
Even so, elevated expectations raise the bar. “And the margin for error is shrinking,” he said.
“These dynamics could create near-term air pockets from time to time. However, the same forces that pushed these mega-cap tech companies to the top of the S&P 500 (e.g., superior growth, superior margins, and superior cash flow generation) continue.
The onus now is on execution.”

Corporate Highlights:
* Elon Musk accused Apple Inc. and OpenAI in a lawsuit of unfairly favoring the artificial intelligence app across iPhones and thwarting competition for other chatbot makers.
* Warren Buffett’s Berkshire Hathaway Inc. isn’t in the market for a deal to buy a competing railroad.
** Buffett told CNBC on Monday that he met with the CSX Corp. chief executive officer earlier this month to discuss cooperation, while indicating he wouldn’t make a bid for CSX. A Berkshire spokesperson confirmed the comments.
* KPop Demon Hunters, an animated musical released by Netflix Inc., topped the US and Canadian box office during its two-day theatrical debut, a rare win at theaters for the streaming giant, which usually avoids chasing box office revenue for its original movies.
* Wayfair Inc. and RH tumbled on Monday as President Donald Trump said late Friday the US is conducting a “major Tariff Investigation on Furniture coming into the United States,” setting the stage for industry-specific levies.
* Keurig Dr Pepper Inc. agreed to buy JDE Peet’s NV for €15.7 billion ($18.4 billion) to bolster its struggling coffee business before kicking off a split of its operations.
* Thoma Bravo has agreed to buy Verint Systems Inc. for $1.23 billion in cash, just days after announcing a $12.3 billion takeover of Dayforce Inc.
* Galaxy Digital, Multicoin Capital and Jump Crypto are in talks with potential backers about raising roughly $1 billion to accumulate Solana, in what would be the largest treasury dedicated to the digital token.
* Webull Corp. will let US customers buy and sell cryptocurrencies on its trading platform again after dropping the service in 2023 when it was trying to go public.
* AbbVie Inc. agreed to buy an experimental depression treatment from Gilgamesh Pharmaceuticals Inc. for up to $1.2 billion in a deal that highlights the drug industry’s growing interest in next-generation psychedelic compounds.
* Orsted A/S sank after the Trump administration blocked construction of an almost-finished offshore wind farm, throwing a wrench into a planned 60 billion kroner ($9.4 billion) share sale backed by the government.
* The Pinault family has reached out to potential buyers of Puma SE after the German sports brand lost about half of its market value in the past year, according to people familiar with the matter.
* US auto safety regulators are investigating the risk of potential engine failures in about 1.4 million vehicles made by Honda Motor Co.
* PDD Holdings Inc. posted better-than-expected results after China’s government ramped up stimulus to galvanize consumers and offset the economic fallout from US tariffs.
What Bloomberg strategists say…
“The mix of underperformers in Monday’s session is geared toward consumer sectors that are highly sensitive to inflation, which could stand in the way of cuts even after Powell tilted the emphasis onto a weakening labor market.”
— Kristine Aquino, Managing Editor, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World Index fell 0.6%
* Bloomberg Magnificent 7 Total Return Index rose 0.4%
* The Russell 2000 Index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.9% to $1.1610
* The British pound fell 0.5% to $1.3454
* The Japanese yen fell 0.6% to 147.82 per dollar
Cryptocurrencies
* Bitcoin fell 2% to $110,537.51
* Ether fell 7.6% to $4,421.36
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.28%
* Germany’s 10-year yield advanced four basis points to 2.76%
* Britain’s 10-year yield was little changed at 4.69%
* The yield on 2-year Treasuries advanced three basis points to 3.73%
* The yield on 30-year Treasuries advanced two basis points to 4.89%
Commodities
* West Texas Intermediate crude rose 1.8% to $64.78 a barrel
* Spot gold fell 0.2% to $3,365.38 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Life is a long lesson in humility. –James M. Barrie, 1860-1937.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.
August 22, 1865: William Sheppard is granted a US Patent for liquid soap, paving the way for modern hygiene products.
August 22, 1902: President Theodore Roosevelt became the first U.S. chief executive to ride in an automobile, an electric car, in Hartford, Conn. Go to article.
August 22, 1942: Battle of Stalingrad.

Claude Debussy, composer, b.1862.
Henri Cartier-Bresson, photographer, b. 1908.
John Lee Hooker, blues singer, b. 1915.

Your household gadgets could soon be battery-free — scientists create tiny solar cells that can be powered by indoor light

Researchers said the breakthrough “paves the way for electronics powered by the ambient light already present in our lives.” Read More.

The first Americans had Denisovan DNA. And it may have helped them survive.

People with Indigenous American ancestry carry Denisovan genes that Neanderthals passed on when they mated with modern humans. Read More.

‘This technology is possible today’: Nuclear waste could be future power source and increase access to a rare fuel

One physicist says his design to use nuclear waste as fuel for nuclear fusion could help the U.S. be a leader in the fusion economy.  Read More.

James Webb telescope reveals that asteroids Bennu and Ryugu may be parts of the same gigantic space rock

New data from the James Webb telescope suggests that Bennu and Ryugu — two asteroids recently visited by sample-return missions — are both fragments of a single massive “parent.” Read More.

PHOTOS OF THE DAY

Milan, Italy
A canoeist competes during a hailstorm at the canoe sprint world championships in Milan
Photograph: Zsolt Czeglédi/EPA

Barcelona, Spain
The Castellers de la Vila de Gràcia build the base for a human tower – or castell – during the Gràcia street festival. The Catalan tradition originated in the 18th century but this particular team began in the 1990s
Photograph: Matthias Oesterle/Shutterstock

Diyarbakir, Turkey
Tomatoes are salted and left under the sun from early morning under scorching temperatures until sunset to ensure natural drying
Photograph: Mustafa Kilic/Anadolu/Getty Images
Market Closes for Aug 22^nd,2025

Market Index	Close	Change
Dow Jones	45631.74	+846.24
		+1.86%
S&P 500	6466.91	+96.74
		+1.52%
NASDAQ	21496.54	+396.23
		+1.88%
TSX	28333.13	+277.70
		+0.99%

International Markets

Market Index	Close	Change
NIKKEI	42633.29	+23.12
		+0.05%
HANG SENG	25339.14	+234.53
		+0.93%
SENSEX	81306.85	-693.86
		-0.85%
FTSE 100*	9321.40	+12.20
		+0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.435	3.479
CND. 30 Year Bond	3.843	3.878
U.S. 10 Year Bond	4.2537	4.3277
U.S. 30 Year Bond	4.8755	4.9172

Currencies

BOC Close	Today	Previous
Canadian $	0.7230	0.7190
US $	1.3838	1.3908

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6167	0.6253
US $	1.1724	0.8529

Commodities

Gold	Close	Previous
London Gold Fix	3338.30	3344.65
Oil
WTI Crude Future	64.06	63.92

Market Commentary:
To succeed, stay out in front of change. –Sam Walton, 1918-1992.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the thirdday, climbing 1%, or 277.7 to 28,333.13 in Toronto.
The move was the biggest since rising 1.3% on Aug. 6.
Today, information technology stocks led the market higher, as 7 of 11 sectors gained; 167 of 211 shares rose, while 43 fell.
Shopify Inc. contributed the most to the index gain, increasing 3.4%.
Energy Fuels Inc/Canada had the largest increase, rising 12.0%.

Insights
* This month, the index rose 3.9%
* So far this week, the index rose 1.5%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is at its 52-week high and 27.5% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.4 on a trailing basis and 17.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.51t
* 30-day price volatility rose to 10.00% compared with 9.73% in the previous session and the average of 8.47% over the past month

Index Points
Information Technology | 84.6754| 3.0| 9/1
Financials | 71.4840| 0.8| 18/6
Energy | 58.1340| 1.3| 34/6
Materials | 55.7841| 1.4| 47/1
Industrials | 27.3924| 0.8| 23/6
Real Estate | 6.0645| 1.2| 18/1
Consumer Discretionary | 0.7417| 0.1| 7/2
Health Care | -0.2334| -0.3| 0/3
Utilities | -1.4804| -0.1| 7/6
Communication Services | -4.6807| -0.7| 2/3
Consumer Staples | -20.1850| -1.9| 2/8
Shopify | 54.7400| 3.4| 38.7| 28.5
Brookfield Corp | 20.8800| 2.3| 33.9| 10.3
Canadian Natural | Resources | 16.5700| 2.7| 196.9| -3.0
Waste Connections | -6.9440| -1.5| 2.7| 3.6
Dollarama | -7.1210| -1.9| 45.7| 37.8
Loblaw | -7.4360| -3.2| 224.3| 20.3
(MT Newswires)
The Toronto Stock Exchange was up for a third-straight day and its second-straight record close on Friday as Canada removed counter tariffs on U.S. goods in a move to deflate trade tensions between the two nations, while BMO Economics is now calling for a total of three interest-rate cuts by next spring.
Also boosted by elevated commodity prices, the resources heavy S&P/TSX Composite Index surged 277.70 points, or 1%, to a record finish of 28,333.13, with most sectors higher.
The biggest gainers were Base Metals and Battery Metals, both up 3%, Info Tech, up 2.6% and Energy, up 2.3%.
Going into Friday’s session, month to date the TSX was up 2.92% and year to date was up 3327.49 points or 13.46%, according to Dow Jones Market Data, FactSet.
Among individual stocks, story of the day came from the resources sector with Cenovus Energy (CVE.TO) agreeing to acquire MEG Energy (MEG.TO) in a cash, stock and assumed-debt deal valued at $7.9 billion.
With this move, Cenovus appears to have trumped a prior unsolicited bid for MEG from Strathcona Resources (SCR.TO).
Cenovus closed up 7.1%, MEG rose 1.2%, and Strathcona rose 0.2%.
National Bank has upgraded Cenovus to Outperform from Sector Perform, with its Target raised to $28.00 from $24.00.
On the economics front, Douglas Porter, Chief Economist at BMO Capital Markets, in his weekly ‘Talking Points’ note noted Canada is removing a long list of retaliatory tariffs on U.S. goods.
Basically, Porter said, the only items still facing Canadian tariffs will be metals and some autos, largely mirroring U.S. measures.
Porter noted this happened a day after the first conversation between Prime Minister Carney and President Trump in weeks, and he said it is an important step.
According to Porter, the direct implications for the Canadian economy are that it will: take some pressure off specific CPI items (e.g., groceries, sporting equipment), which could help shave core inflation back below 3%, and also that it will further cut into expected tariff revenues.
Porter recalled that the Liberal election platform had been based on annual tariff revenues of $20 billion.
“We are now looking at a fraction of that amount, introducing yet more pressure on the fiscal outlook.”
Porter said: “Our longstanding view has been that the inflation threat from the trade war was a tad overblown, for Canada and for the U.S., albeit for different reasons.
For the States, its unrivalled market power means that the Administration is not fully offside for asserting that companies will ultimately eat some of the tariffs.
For Canada, the two big drivers of potential trade war inflation have vapourized, the retaliatory tariffs, which weren’t that fierce to begin with, have been further declawed; and the Canadian dollar is 3%-to-4% stronger than when the trade war first erupted,
not weaker, even with its recent sag.”
According to Porter, the “back down” on Canadian retaliation should, thus, fully quiet the talk of trade war led inflation, alongside this week’s tempered CPI reading for July.
He noted the latter revealed that the three-month core inflation trend eased to 2.4%, its first trip below 3% since last fall.
Porter said this opens the door to further rate cuts by the Bank of Canada.
He noted while a move in September remains a bit of a long shot, markets peg the odds at about 1 in 3, a move in October is seen as likely, and there could be more to come.
Porter added: “We continue to lean to the low side, calling for a total of three cuts by next spring, which would take rates just a touch below the low end of neutral.
But given the more benign trade-related inflation risks and a softening job market, we believe that below neutral would ultimately be entirely appropriate.”
Of commodities, West Texas Intermediate crude oil closed higher on Friday, rising for a third day on high summer demand even as supply is on the rise.
WTI crude for October delivery closed up $0.14 to settle at US$63.66 per barrel, while October Brent oil was last seen up $0.16 to US$67.83.
Gold prices were up late afternoon Friday as the dollar fell sharply following a dovish speech from Federal Reserve Chair Jerome Powell indicating the central bank is ready to begin lowering interest rates again.
Gold for December delivery was last seen up $36.00 to US$3,417.60 per ounce, sticking within the narrow range it has mostly traded within since April.
Wells Fargo Investment Institute noted investors have read in a lowering of U.S. interest rates after Powell’s speech.
On implications for investors, and of note for those who invest across North America, WFII said: “We believe that surprises, either from policy or from economic data, could trigger episodic periods of volatility, especially as the economy slows.
It added: “We favor extending tactical positioning in areas that we believe should balance opportunity against short-term volatility risk.”
US
By Rita Nazareth
(Bloomberg) — Stocks surged, reversing a week of losses and sending the Dow Jones Industrial Average to a record, and bond yields fell as surprisingly dovish comments by Jerome Powell convinced investors that rate cuts are all but guaranteed.
By shifting focus toward risks in the jobs market, the Federal Reserve chief signaled it may not wait for perfect inflation before slashing rates.
That was enough to trigger a broad rally that drove the S&P 500 up the most since May as investors piled into shares that tend to do well amid lower borrowing costs.
All tech mega caps gained, a measure of small firms jumped 4% and banks hit all- time highs.
The crypto world roared.
As traders boosted wagers on a September Fed move, treasuries climbed across the curve, with two-year yields sinking 10 basis points.
A dollar gauge slid about 1%.
“The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said Friday.
“Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
To Krishna Guha at Evercore, his speech was much more dovish than the market feared.
“Powell has thrown the door wide open to a September cut with his Jackson Hole speech that sends a clear, strong signal the Fed is on track to reduce rates by 25 basis points at that meeting,” he said.

Corporate Highlights:
* President Donald Trump said Intel Corp. had agreed to give the US government a 10% equity stake in the beleaguered chipmaker, with a formal announcement expected on Friday, according to people familiar with the matter.
* Apple Inc. is in early discussions about using Google Gemini to power a revamped version of the Siri voice assistant, marking a key potential step toward outsourcing more of its artificial intelligence technology.
* Nvidia Corp. has instructed component suppliers including Samsung Electronics Co. and Amkor Technology Inc. to stop production related to the H20 AI chip, the Information reported, citing unidentified sources.
* Meta Platforms Inc. has agreed to a deal worth at least $10 billion with Alphabet Inc.’s Google for cloud computing services, according to people familiar with the matter, part of the social media giant’s spending spree on artificial intelligence.
** Meta is hiring another key Apple AI executive, even as the social networking company prepares to slow its recruitment, according to people familiar with the matter.
* Boeing Co. and union leaders representing striking workers at its St. Louis-area defense factories will hold their first formal talks next week as they aim to end a three-week long impasse.
* Visa Inc. shut its open-banking business in the US amid regulatory uncertainty about consumer-data rights and the prospect of higher fees for customer information, according to people familiar with the matter.
* Discount-retailer Ross Stores Inc. projected inflation will push more consumers to seek its off-price wares and deliver sales growth above expectations.
* Cenovus Energy Inc. agreed to buy MEG Energy Corp. for C$6.93 billion ($5 billion), topping a rival offer from Strathcona Resources Ltd. in a bid to boost its position among Canada’s largest oil producers.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 1.9%
* The MSCI World Index rose 1.5%
* Bloomberg Magnificent 7 Total Return Index rose 2.5%
* The Russell 2000 Index rose 3.9%
* KBW Bank Index rose 3.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 1% to $1.1720
* The British pound rose 0.8% to $1.3518
* The Japanese yen rose 1% to 146.96 per dollar
Cryptocurrencies
* Bitcoin rose 3.8% to $116,657.37
* Ether rose 14% to $4,835.1
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.26%
* Germany’s 10-year yield declined three basis points to 2.72%
* Britain’s 10-year yield declined four basis points to 4.69%
* The yield on 2-year Treasuries declined 10 basis points to 3.69%
* The yield on 30-year Treasuries declined four basis points to 4.88%
Commodities
* West Texas Intermediate crude rose 0.5% to $63.82 a barrel
* Spot gold rose 1% to $3,372.48 an ounce
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
The secret of getting ahead is getting started. —Mark Twain, 1935-1910.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

August 21, 1959: Hawaii becomes the 50^th state of the United States, expanding the nation into the Pacific.
August 21, 1991: A hardline coup against Soviet President Mikhail S. Gorbachev collapsed in the face of a popular uprising led by Russian federation President Boris Yeltsin. Go to article

1983: Benigno Aquino, assassinated.

Aubrey Beardsley, artist, b. 1872
Count Basie, bandleader, b.1904.
Wilt Chamberlain, basketball player, b.1936.

Where can you see the Sept. 7 ‘blood moon’ total lunar eclipse?

The second and final ‘blood moon’ total lunar eclipse of 2025 is coming on the night of Sept. 7-8. Here’s where the celestial spectacle will be visible — and how to watch it if
you’re not in the path. Read More.

6,300 years ago, dozens of people were murdered in grisly victory celebrations in France

More than 6,000 years ago, invaders were captured in northeastern France before being tortured and mutilated. Read More.

Scientists think they detected the first known triple black hole system in the universe — and then watched it die

Chinese astronomers have spotted a hidden supermassive black hole in the background of a peculiar gravitational wave event from a black hole merger, hinting that all three singularities were locked in a never-before-seen triple system. Read More.

Japanese power breakthrough could be ‘step toward a fully wireless society’

Japanese researchers employed machine learning to develop a wireless power transfer system that remains stable under any load. Read More.

Ari Shapiro is leaving NPR
What does the popular “All Things Considered” host plan to do next? He’s going on tour.

‘Dawson’s Creek’ cast to reunite
The event will support F Cancer and the hit TV show’s star, James Van Der Beek, who was diagnosed with colorectal cancer last November.

McDonald’s is cutting prices
The move comes just a few weeks after the CEO admitted that the company’s combo menu offerings had gotten too expensive.

Quentin Tarantino reveals which movie is his best
It’s probably not the one you’d expect.

9:  That’s how many home runs the New York Yankees hit during their 13-3 win over the Tampa Bay Rays on Tuesday. This makes the Bronx Bombers the first franchise in Major League Baseball history to record two games with nine homers in the same season or otherwise.

PHOTOS OF THE DAY

Bhaktapur, Nepal
Newar Buddhist devotees worship Dipankara Buddha during the Panchadaan festival. Known as the festival of five summer gifts, Panchadaan is a sacred ritual in which devotees honour Dipankara Buddha and offer five traditional alms in monastic courtyards and community squares
Photograph: Safal Prakash Shrestha/Zuma Press/Shutterstock

Lagoon Nebula, Sagittarius
An image composed by the integration of four hours of photographic exposures shows Messier 8, also known as the Lagoon Nebula, taken from La Hayuela, Cantabria, Spain. Messier 8 is a giant emission nebula located in the constellation Sagittarius, 5,000 light years away
Photograph: Pedro Puente Hoyos/EPA

Alexandria, Egypt
A crane pulls an artefact from the water in Abu Qir Bay as part of work to recover sunken antiquities
Photograph: Khaled Desouki/AFP/Getty Images
Market Closes for Aug 21^th,2025

Market Index	Close	Change
Dow Jones	44785.50	-152.81
		-0.34%
S&P 500	6370.17	-25.61
		-0.40%
NASDAQ	21100.31	-72.55
		-0.34%
TSX	28055.43	+176.67
		+0.63%

International Markets

Market Index	Close	Change
NIKKEI	42610.17	-278.38
		-0.65%
HANG SENG	25104.61	-61.33
		-0.24%
SENSEX	82000.71	+142.87
		+0.17%
FTSE 100*	9309.20	+21.06
		+0.23%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.479	3.446
CND. 30 Year Bond	3.878	3.855
U.S. 10 Year Bond	4.3277	4.2907
U.S. 30 Year Bond	4.9172	4.8948

Currencies

BOC Close	Today	Previous
Canadian $	0.7190	0.7208
US $	1.3908	1.3873

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6147	0.6193
US $	1.1611	0.8612

Commodities

Gold	Close	Previous
London Gold Fix	3344.65	3334.45
Oil
WTI Crude Future	63.92	62.35

Market Commentary:
Natural gas is better distributed than any other fuel in the United States.  It’s down every street and up every alley. -Thomas Boone Pickens, 1928-2019.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 176.67 to 28,055.43 in Toronto.
The move was the biggest since rising 1.3% on Aug. 6.
Barrick Mining Corp. contributed the most to the index gain, increasing 3.0%.
Energy Fuels Inc/Canada had the largest increase, rising 10.4%.
Today, 160 of 211 shares rose, while 48 fell; 8 of 11 sectors were higher, led by materials stocks.

Insights
* This month, the index rose 2.9%
* So far this week, the index rose 0.5%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 0% below its 52-week high on Aug. 13, 2025 and 26.2% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.5% in the past 5 days and rose 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.48t
* 30-day price volatility rose to 9.73% compared with 9.64% in the previous session and the average of 8.30% over the past month

Index Points
Materials | 84.2136| 2.1| 47/1
Energy | 42.2823| 1.0| 35/5
Financials | 23.6213| 0.3| 18/6
Information Technology | 8.8621| 0.3| 7/3
Industrials | 7.7956| 0.2| 20/9
Consumer Discretionary | 5.6311| 0.6| 6/3
Utilities | 3.0029| 0.3| 9/4
Communication Services | 2.9543| 0.4| 5/0
Health Care | -0.2168| -0.3| 0/2
Consumer Staples | -0.7061| -0.1| 5/4
Real Estate | -0.7500| -0.1| 8/11
Barrick Mining | 12.4000| 3.0| 159.4| 59.3
Canadian Natural | Resources | 12.3200| 2.0| 182.8| -5.5
Constellation | Software | 10.7100| 1.8| 5.7| -0.2
TC Energy | -2.4010| -0.5| 11.4| 6.9
Shopify | -2.8140| -0.2| -34.0| 24.3
Canadian Pacific | Kansas | -8.0090| -1.2| -7.2| -2.1
(MT Newswires):
The Toronto Stock Exchange ran up to a fresh record high Thursday, buoyed by news that Canada’s Prime Minister Mark Carney and U.S. President Donald Trump had a “productive and wide-ranging conversation”, according to a readout from the PM’s Office.
The S&P/TSX Composite Index closed up 176.67 points, or 0.6%, to 28,055.43, beating the prior record close of 27,993.43 struck on August 13.
Most sectors were higher, led by Energy, up near 1.7%, and Base Metals, up 1.5%.
Health Care was down near 0.4%.
Among individual stocks, Air Canada (AC.TO) said late afternoon it continues to ramp up its operations after a spat with a related union and the company expects to deliver close to its full network schedule by Friday, August 22.
Its shares closed up $0.24 to $19.35.
In relation to Carney and Trump talks, the pair reportedly discussed trade and “a new economic and security relationship.”
They also discussed “long-term peace” in Ukraine and Europe and agreed to talk again soon.
The talks come as Trump has introduced 35% duties on Canadian imports, even if most goods are protected under an existing free trade deal between the two nations.
Canada is also subject to tariffs on steel, aluminum, copper and automobiles.
But it has also introduced retaliatory tariffs of its own on U.S. imports.
Of commodities, gold futures edged lower late afternoon Thursday as treasury yields and the dollar rose today on further weak economic data, firming expectations the Federal Reserve will move to cut interest rates next month, though traders are awaiting a Friday speech from Fed Chair Jerome Powell for clearer signals on the central bank’s intentions.
Gold for December delivery was last seen down $5.20 to US$3,383.30 per ounce.
But West Texas Intermediate oil closed higher for a second day following a day-prior report showing a larger than expected drop in U.S. inventories as summer demand continues to run hot, while fading hopes for a ceasefire in Russia’s war on Ukraine that would see sanctions on Russian exports eased also offered support.
WTI crude oil for September delivery closed up $0.81 to settle at US$63.52 per barrel, while October Brent crude was last seen up $0.94 to US$67.78.
On commodities and broader stock markets, Rosenberg Research published a note entitled ‘Market Implications from a Slumping U.S.
Dollar’ in which it said a secular dollar bear market will have global implications across asset classes.
Among highlights, the research noted the trade-weighted U.S. dollar index has “recently broken below long-term support trendlines”, with “risk of morphing from a cyclical correction to a secular bear market”.
The research sees commodities, which are priced in U.S. dollars, as one area with significant negative correlations that stands to profit.
It noted the overall CRB index, a commodity index calculated based on the prices of commodity futures, “commands a strong negative correlation” between asset class and the trade weighted dollar index of -0.70, broadly based across underlying components such as copper (-0.64; base metals more broadly), silver (-0.60), WTI crude (-0.59), and gold (-0.50).
Of interest to those who invest across North America, at the U.S. equity sector level, Rosenberg Research shifted its methodology slightly to isolate relative outperformance to the benchmark (S&P 500) as opposed to just gross performance.
It said Materials (-0.44) is “by far the biggest beneficiary” in this regard thanks to underlying commodity prices, followed by Industrials (-0.27), Technology (-0.16; a function of large international revenues), and Energy (-0.12) to a lesser extent.
“Energy presents an interesting result, showing a smaller correlation to the dollar than we would expect, though results are likely influenced by the post-Russia/Ukraine war dislocations in global energy markets,” the research added.
Also of interest, the research noted that Brazil (commodity-centric) at -0.45 and Sweden (heavily weighted towards Industrials at 40%) at -0.41 topped a list of nations that have experienced the most consistent excess returns against the MSCI ACWI ex. U.S. index when the dollar has been declining.
Canada was 10th on the list at -0.24.
US
By Rita Nazareth
(Bloomberg) — Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts.
The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%.
Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow.
The S&P 500 slipped for a fifth straight day, its longest slide since January.
Most big techs slid.
Walmart Inc. sank 4.5% on a profit miss.
While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index made traders trim their bets on rate cuts.
Money markets saw a roughly 70% chance of a reduction in September.
A week ago, the odds were above 90%.
“The Fed is being put in a tough spot, with pressures to cut interest rates as inflation rises and the labor market decelerates — with both of those metrics moving in the opposite direction from the Fed’s dual mandate,” said Bret Kenwell, US investment analyst at eToro.
Central bankers and economists from around the world are gathering for the Fed’s economic symposium in Jackson Hole, Wyoming.
The prestigious event in the Grand Teton mountains has been used as a venue for making key policy announcements.
Powell is due to speak Friday at 10 a.m. New York time.
Meantime, the Justice Department signaled possible plans to investigate Fed Governor Lisa Cook, with a top official encouraging Powell to remove her from the board.
President Donald Trump’s housing-finance chief, Bill Pulte, has called for a probe over mortgage agreements she allegedly made in 2021.
“The great PMI numbers have made it more difficult for Powell to pivot to employment weakness for tomorrow,” said Andrew Brenner at NatAlliance Securities.
The Fed chair’s annual speech in Jackson Hole can be an opportunity to flag policy shifts.
Trouble is that the key economic indicators aren’t all pointing that way.
With more economic numbers due before then, the Fed chief may prefer to keep his messaging carefully hedged.
“Key to the Jackson Hole symposium will be whether Fed Chair Powell updates his monetary policy reaction function,” said Calvin Tse at BNP Paribas.
“In our base case, Powell sticks to his reaction function laid out in July.
We think this would surprise markets hawkishly.”
Other Fed officials speaking Wednesday and Thursday struck a similarly hawkish tone as Cleveland’s Hammack.
Atlanta Fed President Raphael Bostic said he still sees just one rate cut this year as appropriate.
Jeffrey Schmid, president of the Kansas City Fed, said inflation risk still outweighs risks to the labor market.
Those comments echoed minutes of the central bank’s latest policy meeting in July, which showed most officials held the same view.
“We knew that the upcoming speech by Jerome Powell on Friday would leave the market cautious,” said Louis Navellier at Navellier & Associates.
“Fed meeting notes released yesterday revealed a higher concern over tariff-driven inflation risks, and the betting on Fed cuts continues to soften.”
“While we may see a market pullback if Powell throws cold water on the idea of a September rate cut, we believe rate cuts are on the horizon at some point in the next 12 months,” said Rick Gardner at RGA Investments.
While investors are focused on Jackson Hole, Gardner says he’d argue that the August jobs report, released in early September, will actually be more important for the Fed’s rate cut decision.
“It’s the last jobs report before the September meeting and the headline number and any revisions to the prior months will be scrutinized by central banks and investors alike,” he said.
In both messaging and execution, the Fed will need to tread carefully, according to Jim Baird at Plante Moran Financial Advisors.
Labor-market conditions may not be weak, but they are weakening, he noted.
Coupled with sticky inflation that’s expected to edge higher in the near term, the growing risk of a potentially “stagflationary” outlook will create a challenge for policymakers, Baird said.
“Cut too early or too aggressively, and the Fed risks pushing inflation expectations even higher,” he added.
“Move too slowly, and the potential for labor conditions to further deteriorate and the economy to stall increases.”
A survey conducted by 22V Research showed that 43% of investors believe that the market reaction to Jackson Hole will be “neutral”, 39% said “risk-off” and only 18% “risk-on.”
The tally also showed that compared to six months ago, 75% of investors believe that artificial-intelligence valuations are richer and 23% believe they are about the same.
Only 2% believe they are cheaper.
Value is the favorite factor into year end, followed by growth and risk-off.
“Investor’s favorite themes into the end of the year are interest rate sensitivities, AI power, and value,” said Dennis DeBusschere at 22V.
“The biggest market risks are too high inflation, less rate cuts, and overbought conditions.”
Growth and momentum factors that were very positive in helping drive tech and the broader US stock market higher over recent months are now going through a bit of a healthy reset, which is natural, according to Anthony Saglimbene at Ameriprise.
“Nevertheless, if these investors jitters continue into Nvidia’s report next week, we would expect a larger market reaction (up or down) based on how investors interpret the company’s results and outlook,” he said.
A slew of Wall Street analysts covering Nvidia Corp. are boosting their expectations for the chipmaker’s stock ahead of its quarterly earnings release due Aug. 27.
Keith Lerner at Truist Advisory Services says the weight of the evidence indicates that the recent setback in the tech sector is a necessary reset within a still-constructive long- term trend.
“The sector’s ‘rubber band’ was stretched after its sharpest four-month rebound since 2000, making it more vulnerable to negative headlines,” Lerner noted.
“That said, tech’s trailing one-year return is not at an extreme.”
The main risk to monitor is a deterioration in earnings momentum — however, profit trends remain strong for now, he said.
Goldman Sachs Group Inc.’s trading desk says sharp losses in high-flying momentum stocks may present a dip-buying opportunity.
When the firm’s long-short momentum basket dropped 10% or more over a five-day span in the past, it proceeded to rise in the following week 80% of the time, the traders wrote.
The median return was 4.5% in the next week and more than 11% in the next month.
“I do not like August since there are ‘air pockets’,” said rotation, which is unfortunate because the earnings environment has been stunning.”

Corporate Highlights:
* Walmart Inc.’s profit missed expectations for the first time in three years, overshadowing higher sales.
** The world’s largest retailer cited a rise in insurance claims, legal charges and restructuring costs as factors weighing down its profit.
** Despite the rare profit miss, Walmart raised its full-year sales guidance.
* Boeing Co. is heading closer toward finalizing a deal with China to sell as many as 500 aircraft, according to people familiar with the matter, a transaction that would end a sales drought that stretches back to US President Donald Trump’s last visit in 2017.
* US auto safety regulators are looking into delays by Tesla Inc. in reporting details of crashes involving driver-assistance technology.
* Apple Inc. raised the monthly subscription price of its TV+ streaming platform by 30% to $13, part of a push to generate more revenue from services.
* Google’s Pixel 10 marks the phone’s 10th generation — nine years after the first model — but you’d be hard-pressed to tell it’s a milestone release.
* The slide in Cracker Barrel Old Country Store Inc.’s shares deepened as a conservative backlash to the restaurant chain’s logo change intensified across social media.
* Coty Inc. forecast steep sales declines will continue as retailers clear out existing inventory and consumer demand remains tepid in the face of an uncertain economic outlook.
* Gilead Sciences Inc. slipped after CVS Health Corp said it hasn’t yet added its new HIV prevention shot to its commercial drug plans.
* International Paper Co. said it will sell its global cellulose fibers business for $1.5 billion as part of its strategy to focus on sustainable packaging solutions.
* Rent the Runway Inc. will hand over a controlling stake in the company as part of a plan to cut debt and grow, after residual effects of the Covid-19 pandemic pushed the firm to the brink of bankruptcy.
* Thoma Bravo has agreed to buy human resources software provider Dayforce Inc. in what is set to become one of the investment firm’s largest-ever deals.
* Crusoe Energy Systems, a critical infrastructure provider of the artificial intelligence boom, plans to raise new funding at a valuation near $10 billion, according to people familiar with the matter — a deal that would highlight the massive resources required to power AI systems.
* The New York Stock Exchange has already convinced a significant chunk of Texas public companies to dual list their shares on its new outpost in their home state, shoring up its competitive position ahead of next year’s planned launch of the rival Texas Stock Exchange.
What Bloomberg Strategists say…
“The mix of more jobless claims and flat hiring points to a softening jobs backdrop, which will require a big tradeoff from the Fed in light of rising inflationary pressures.”
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index fell 0.4%
* Bloomberg Magnificent 7 Total Return Index fell 0.5%
* The Russell 2000 Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1605
* The British pound fell 0.3% to $1.3413
* The Japanese yen fell 0.7% to 148.38 per dollar
Cryptocurrencies
* Bitcoin fell 1.9% to $112,159.81
* Ether fell 3.1% to $4,223.06
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.33%
* Germany’s 10-year yield advanced four basis points to 2.76%
* Britain’s 10-year yield advanced six basis points to 4.73%
* The yield on 2-year Treasuries advanced four basis points to 3.79%
* The yield on 30-year Treasuries advanced three basis points to 4.92%
Commodities
* West Texas Intermediate crude rose 1.1% to $63.41 a barrel
* Spot gold fell 0.3% to $3,339.12 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Success is not the result of spontaneous combustion. You must set yourself on fire. — Arnold H. Glasow, 1905-1998.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents: St. Stephen’s Day, Hungary.

August 20, 1889: The jar screw cap is patented by William Painter, improving food preservation and storage.
August 20, 1942: Plutonium first weighted.
August 20, 1953: The Soviet Union publicly acknowledged it had tested a hydrogen bomb. Go to article.

Eliel Saarinen, architect, b.1873.
Jacquelien Susann, writer, b.1921.

A rare ‘black moon’ rises this weekend: What is it, and what can you see?

Saturday’s new moon is a seasonal “black moon” — a rare phenomenon that occurs once every 33 months. Here’s what that means and why it’s a great night for stargazing. Read More.

Keratin extracted from sheep’s wool repairs teeth in breakthrough

Keratin extracted from sheep wool has been found to help protect human teeth. It could be coming to your dentist’s office soon. Read More.

Rocket-like jellyfish, regal Komodo dragon and harrowing whale rescue — see the stunning Ocean Photographer of the Year 2025 finalists

Finalists in the Ocean Photographer of the Year 2025 competition capture beautiful images of animals and people oceans. Read More.

New brain implant can decode a person’s ‘inner monologue’

A new brain-computer interface can decode a person’s inner speech, which could help people with paralysis communicate. Read More.

Cambridge Dictionary adds 6,000 new words
The list includes popular slang like “broligarchy” and “dululu.”

Aubrey Plaza opens up about her ‘daily struggle’ with grief
Her husband, writer/director Jeff Baena, died in January at the age of 47.

Is the cassette making a comeback?
And will Taylor Swift’s new album, which will be available on cassette, turn the trend into a revival?

460 million: That’s how many metric tons of plastic are made each year.

Feeling nostalgic, Gen X?
It’s cool. The ‘80s are back.

Quotable:
“I represent every Palestinian woman and child whose strength the world needs to see. We are more than our suffering — we are resilience, hope, and the heartbeat of a homeland that lives on through us.”  — Nadeen Ayoub, who will become the first woman to represent the Palestinian people at the Miss Universe pageant.

PHOTOS OF THE DAY

Amsterdam, Netherlands
Tall ships take part in the 50th Sail Amsterdam festival
Photograph: Sem van der Wal/ANP/AFP/Getty

Artvin, Turkey
A villager prepares to take part in the Berobana dance, a 150-year-old tradition symbolising unity and solidarity
Photograph: Dilara Irem Sancar/Anadolu/Getty

​​​​​​​Zhangjiajie, China
A man competes in the Slackline King championship final more than 1,000 metres above the Huangshizhai gorge
Photograph: Deng Daoli/VCG/Getty
Market Closes for Aug 20^th, 2025

Market Index	Close	Change
Dow Jones	44938.31	+16.04
		+0.04%
S&P 500	6395.78	-15.59
		-0.24%
NASDAQ	21172.86	-142.09
		-0.67%
TSX	27878.76	+54.88
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	42888.55	-657.74
		-1.51%
HANG SENG	25165.94	+43.04
		+0.17%
SENSEX	81857.84	+213.45
		+0.26%
FTSE 100*	9288.14	+98.92
		+1.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.446	3.446
CND. 30 Year Bond	3.855	3.861
U.S. 10 Year Bond	4.2907	4.3062
U.S. 30 Year Bond	4.8948	4.9081

Currencies

BOC Close	Today	Previous
Canadian $	0.7208	0.7211
US $	1.3873	1.3867

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6168	0.6165
US $	1.1653	0.8581

Commodities

Gold	Close	Previous
London Gold Fix	3334.45	3332.40
Oil
WTI Crude Future	62.35	62.35

Market Commentary:
The stone age didn’t end for lack of stones, and the oil age will end long before the world runs out of oil. -Sheikh Ahmad Zaki Yamani, 1930-2021.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.2% at 27,878.76 in Toronto.
The move follows the previous session’s decrease of 0.4%.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.5%. G.
Mining Ventures Corp. had the largest increase, rising 8.2%.
Today, 110 of 211 shares rose, while 98 fell; 5 of 11 sectors were higher, led by materials stocks.

Insights
* This month, the index rose 2.3%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Aug. 13, 2025 and 25.4% above its low on April 7, 2025
* The S&P/TSX Composite is down 0.4% in the past 5 days and rose 2.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.47t
* 30-day price volatility little changed to 9.64% compared with 9.65% in the previous session and the average of 8.24% over the past month

Index Points
Materials | 76.4391| 2.0| 33/14
Energy | 33.5748| 0.8| 28/11
Utilities | 3.6289| 0.3| 7/7
Communication Services | 2.5486| 0.4| 3/2
Consumer Staples | 2.4911| 0.2| 6/4
Health Care | -0.9111| -1.3| 0/3
Real Estate | -1.5007| -0.3| 9/9
Financials | -3.8065| 0.0| 13/11
Consumer Discretionary | -17.0038| -1.8| 0/9
Industrials | -18.9271| -0.6| 9/20
Information Technology | -21.6602| -0.8| 2/8
Agnico Eagle Mines |Ltd | 21.9800| 3.5| -10.4| 66.1
Enbridge | 18.3100| 1.8| -14.1| 9.2
Barrick Mining | 14.6800| 3.7| 78.3| 54.7
Restaurant Brands | -8.8290| -4.2| 83.5| -5.6
Cameco | -14.0500| -4.5| 14.4| 32.3
Shopify | -22.4200| -1.4| -29.1| 24.5
(MT Newswires):
The Toronto Stock Exchange closed higher again on Wednesday, as the up and down nature of recent trading continues amid a dearth of major market moving catalysts over the late summer period.
Buoyed by higher commodity prices, the S&P/TSX Composite Index closed up 54.88 points to 27,878.76, but it lost more than 20 points over the final minutes of Wednesday’s session, leaving the index more than 100 points off the record close of 27,993.43 struck a week ago.
Sectors were mixed, with the Battery Metals Index down near 3% and Health Care down near 1.3%.
Energy was up about 0.7%.
Of commodities, gold prices were higher late afternoon Wednesday, moving higher following four losing sessions as the dollar and yields fell with the market awaiting the Friday start of the Federal Reserve’s annual Jackson Hole Economic Policy Symposium in Wyoming.
Gold for December delivery was last seen up $32.90 to US$3.391.60 per ounce.
In relation to Jackson Hole, the minutes for the last meeting of the Federal Reserve Open Market Committee (FOMC) on July 29-30 were released Wednesday afternoon and according to BMO Economics they “emphasized divergent views about the balance of risks to the economic outlook and, in turn, how soon the Fed should consider cutting policy rates.”
BMO said: “Utilizing an August 20 lens instead of a July 30 one, the Minutes read less hawkishly than they otherwise would. And it’s probably going to be up to Chair Powell in his Friday speech at the Jackson Hole confab to indicate how the balance of risks might have altered over the past three weeks.
We doubt it’s enough for an outright rate cut tilt on the scale, so Powell’s messaging is probably going to be subtle.”
Also, West Texas Intermediate crude oil closed higher as a report showed a larger than expected draw on U.S. oil inventories last week, while talks over ending Russia’s war on Ukraine continue.
WTI oil closed up $0.86 to settle at US$63.21 per barrel, while October Brent crude was up $1.03 to US$66.82 per barrel.
In relation to both equities and oil, Rosenberg Research has just made a minor change to the Rosie Macro Fund, shifting out of the Hamilton Utilities Yield Maximizer ETF (UMAX.TO) and swapping it for the Global X Equal Weight Canadian Pipelines ETF (PPLN).
“Our intent all along was to capture exposure to what we see as a bona fide growth and yield play in Canadian pipelines (benefiting from a renewed national interest in energy infrastructure investment).
The limited availability of pureplay Canadian pipeline ETFs made UMAX one of the only attractive options at the time, but, with PPLN now filling that gap in the market (while offering an attractive yield of 5%+ to boot), this is no longer the case, and we can fully align our original investment thesis via this ETF (pipelines only, with no diluted energy exposure),” Rosenberg noted.
US
By Rita Nazareth
(Bloomberg) — Stocks rebounded from session lows after a week-long tech tout, in the latest sign of febrile Wall Street trading ahead of Jerome Powell’s Jackson Hole speech.
Following a rout that shed billions of dollars from US equity values, buyers emerged in the last stretch of Wall Street trading.
A renewed rout in big tech and signs inflation remains the predominant concern of Federal Reserve officials weighed on trading Wednesday.
Most major groups in the S&P 500 rose, with energy and defensive shares leading gains.
All mega caps fell, but they also bounced trimmed losses.
The Nasdaq 100 was down by 0.6% after earlier slumping almost 2%.
“Today feels like a test for the dip-buyers with data on PMIs on Thursday and Federal Reserve Chair Jerome Powell at Jackson Hole may prove to be market movers/narrative changers,” Andrew Tyler at JPMorgan Chase & Co. wrote earlier Wednesday.
Treasuries pared earlier gains as minutes of last month’s Fed meeting cast doubt on how far and how fast the central bank will lower borrowing costs.
Two-year yields were little changed at 3.74%, compared to a fall of four basis points earlier.
Swaps showed traders continued to price in a high probability that the Fed will lower rates next month.
To Chris Zaccarelli at Northlight Asset Management, Chair Powell is likely to keep his cards close to his vest, emphasize that the Fed cares very much about their dual mandate and explain that they are data dependent.
“The minutes are consistent with Powell’s hawkish comments last meeting,” said David Russell at TradeStation.
“The bulls might get some cold water splashed in their faces at Jackson Hole.”
For some investors, profit-taking has taken precedence over continued risk-taking amid concerns about valuations, said Fawad Razaqzada at City Index and Forex.com. Yet he says the downside is likely to be limited even for tech names.
“We’re seeing a notable drop in leadership, with large-cap growth significantly lagging small caps and value this month,” said Mark Hackett at Nationwide.
“Still, volatility and credit spreads remain calm, suggesting investors’ fears are modest.”
At BMO Private Wealth, Carol Schleif says stock valuations are full right now leaving little wiggle room for disappointment.
“The stock market is currently discounting a bright future ahead, and that assessment is largely justified thanks to earnings, which have been much stronger than originally expected and increasing clarity on trade and tax policy,” she said.

Corporate Highlights:
* Microsoft Corp. has curtailed Chinese companies’ access to advance notifications about cybersecurity vulnerabilities in its technology after investigating whether a leak led to a series of hacks exploiting flaws in its SharePoint software.
* Alphabet Inc.’s Google introduced a new slate of consumer gadgets on Wednesday, including several smartphones, a watch and new wireless earbuds, all meant to show off the company’s latest advances in artificial intelligence.
* Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.
* Off-price retailer TJX Cos. raised its full-year earnings per share outlook after better-than-expected results, a sign that shoppers wary of economic uncertainty are turning to discounters.
* Estée Lauder Cos. issued a weak profit outlook for its fiscal year, dragged down in part by tariff costs.
** The firm said it has hired external advisors to conduct a review of the brands it owns in a bid to accelerate a turnaround after years of sales declines.
* Lowe’s Cos. agreed to buy Foundation Building Materials for about $8.8 billion in cash, accelerating the home-improvement supplier’s push to serve more professional customers.
* Guess? Inc. will be taken private by Authentic Brands Group LLC in partnership with co-founders Maurice and Paul Marciano and Chief Executive Officer Carlos Alberini.
* Luxury builder Toll Brothers Inc. missed analysts’ estimates for quarterly orders as affordability challenges and economic uncertainty held back buyers.
* Thoma Bravo is in advanced talks to buy human resources software provider Dayforce Inc. in what would be one of the takeover firm’s largest-ever deals.
* Alaska Air Group Inc. debuted a new loyalty program that will let members choose from three options to earn award points, the first such offering in the US industry.
* Novo Nordisk A/S implemented a global hiring freeze as the Danish drugmaker seeks to cut costs and regain its footing in the competitive market for weight-loss treatments.
* Baidu Inc.’s revenue slipped slightly, hurt by an economic downturn that’s capping its ability to fight bigger rivals in AI and make inroads in new growth areas.
* SQM, the world’s biggest lithium producer by market value, boosted its sales guidance for this year and struck a note of optimism on prices after posting a 28% slump in second-quarter core earnings.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 1.1%
* The Russell 2000 Index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1653
* The British pound fell 0.3% to $1.3454
* The Japanese yen rose 0.2% to 147.35 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $114,289.95
* Ether rose 4.6% to $4,348.16
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.28%
* Germany’s 10-year yield declined three basis points to 2.72%
* Britain’s 10-year yield declined seven basis points to 4.67%
* The yield on 2-year Treasuries was little changed at 3.74%
* The yield on 30-year Treasuries declined two basis points to 4.89%
Commodities
* West Texas Intermediate crude rose 1.4% to $63.21 a barrel
* Spot gold rose 1% to $3,348.66 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Success is not the key to happiness.  Happiness is the key to success.  If you love what you are doing, you will be successful. -Albert Schweitzer, 1875-1965.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents:
August 19, 1960: the Soviet Union launches Sputnik 5, carrying dogs Belka and Strelka, the first living creature to orbit Earth and return alive.
August 19, 200:  The Internet search engine Google went public. Go to article

Orville Wright, aviator, b. 1871.
Coco Chanel, designer, b.1883.
Ogden Nash, poet, b. 1902.
Bill Clinton, 42^nd president, b. 1946.

The latest ChatGPT is supposed to be ‘PhD-level’ smart
And yet it can’t even label a map of the US.

Giants outfielder Jung Hoo Lee makes ‘catch of the decade’
You gotta see it to believe it.

$67 million: That’s how much the right-wing cable channel Newsmax has agreed to pay Dominion Voting Systems to settle a lawsuit over the network’s egregious lies about the 2020 election.

Remember ‘The Biggest Loser’?
A new Netflix docuseries explores the harm the reality TV show caused in the name of health.

A meta-analysis found that waling 7,000 steps a day is linked to a 25% lower risk of cardiovascular disease, a 37% lower risk of dying from cancer, and a 38% lower risk of dementia.

Hurricane Erin could unleash 100-foot waves across the East Coast this week, forecasters warn

Forecasters expect Hurricane Erin, one of the fastest rapidly intensifying storms in history, to bring flooding and dangerous currents as the Category 4 hurricane travels to the
U.S. East Coast this week. Read More.

Meet the ‘neglectons’: Previously overlooked particles that could revolutionize quantum computing

When mathematicians revived ignored mathematical structures, they found that overlooked particles, called “neglectons,” could complete the quantum computing puzzle. Read More.

Scientists transform ‘forever chemicals’ in water into fluoride with new process

Exposure to a sunlight-activated catalyst broke down 99% of a forever chemical, leaving behind recyclable fluoride. Read More.

OpenAI’s ChatGPT agent can control your PC to do tasks on your behalf — but how does it work and what’s the point?

With new tools and greater autonomy, OpenAI’s flagship AI chatbot is more capable, and potentially more dangerous, than ever. Read More.

PHOTOS OF THE DAY

Quanzhou City, China
Women wear traditional Xunpu floral headdresses, which are believed to bring health and prosperity
Photograph: Xinhua/Shutterstock

London, UK
Fans dressed as Star Wars characters take over the Old Royal Naval College in Greenwich
Photograph: Ben Whitley/PA

​​​​​​​Kiruna, Sweden
People gather to watch the town’s church being moved to make way for the expansion of an iron ore mine
Photograph: Jonathan Nackstrand/AFP/Getty Images
Market Closes for Aug 19^th, 2025

Market Index	Close	Change
Dow Jones	44922.27	+10.45
		+0.02%
S&P 500	6411.37	-37.78
		-0.59%
NASDAQ	21314.95	-314.82
		-1.46%
TSX	27823.88	-98.97
		-0.35%

International Markets

Market Index	Close	Change
NIKKEI	43546.29	-168.02
		-0.38%
HANG SENG	25122.90	-53.95
		-0.21%
SENSEX	81644.39	+370.64
		+0.46%
FTSE 100*	9189.22	+31.48
		+0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.446	3.490
CND. 30 Year Bond	3.861	3.896
U.S. 10 Year Bond	4.3062	4.3335
U.S. 30 Year Bond	4.9081	4.9336

Currencies

BOC Close	Today	Previous
Canadian $	0.7211	0.7244
US $	1.3867	1.3805

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6147	0.6193
US $	1.1644	0.8588

Commodities

Gold	Close	Previous
London Gold Fix	3332.40	3343.85
Oil
WTI Crude Future	62.35	63.42

Market Commentary:
The stock market is a device for transferring money from the impatient to the patient. -Warren Buffett, B. 1930.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 27,823.88 in Toronto.
The move was the biggest since falling 0.6% on Aug.7 and follows the previous session’s increase of 0.1%.
Shopify Inc. contributed the most to the index decline, decreasing 2.4%.
Energy Fuels Inc/Canada had the largest drop, falling 17.5%.
Today, 128 of 211 shares fell, while 81 rose; 6 of 11 sectors were lower, led by materials stocks.

Insights
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on Aug. 13, 2025 and 25.2% above its low on April 7, 2025
* The S&P/TSX Composite is down 0.3% in the past 5 days and rose 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.49t
* 30-day price volatility fell to 9.65% compared with 9.69% in the previous session and the average of 8.17% over the past month

Index Points
Materials | -70.6672| -1.8| 6/42
Information Technology | -56.7005| -1.9| 2/8
Financials | -12.5702| -0.1| 10/14
Energy | -9.8706| -0.2| 5/34
Health Care | -0.9059| -1.3| 0/3
Utilities | -0.6789| -0.1| 8/6
Communication Services | 2.7641| 0.4| 3/1
Consumer Discretionary | 3.7933| 0.4| 4/5
Real Estate | 4.8300| 0.9| 17/2
Consumer Staples | 4.8921| 0.5| 8/2
Industrials | 36.1498| 1.1| 18/11
Shopify | -39.5600| -2.4| -32.7| 26.2
Agnico Eagle Mines | Ltd | -13.3100| -2.1| -38.7| 60.6
Cameco | -11.4000| -3.5| -4.8| 38.5
TC Energy | 9.1690| 1.8| -52.4| 5.9
Canadian Pacific | Kansas | 14.5200| 2.2| -29.8| -0.2
Enbridge | 14.9500| 1.5| -17.2| 7.2
US
By Rita Nazareth
(Bloomberg) — Wall Street’s summer calm cracked as a selloff in big tech dragged down stocks, underscoring the American market’s narrow reliance on a handful of growth giants.
The Nasdaq 100 slid 1.4% — its second-worst drop since April’s tariff shock — led by a rout in Nvidia Corp.
That pressure overwhelmed gains in over 350 shares in the S&P 500, exposing the fragility of an index propped up by mega caps.
Home Depot Inc.’s results lifted big-box retailers, while Intel Corp. jumped as the US is ironing out details of a deal to take a 10% stake in the chipmaker.
Treasuries rose ahead of Jerome Powell’s Jackson Hole speech Friday, with traders firming up bets on a September cut.
Ten-year yields slid three basis points to 4.30%.
S&P Global Ratings said revenues from tariffs will help soften the blow to the US’s fiscal health from tax cuts, enabling it to maintain its credit grade.
The crypto world joined a slide in risky assets.
Positioning across US equity markets remains at elevated levels following a strong reporting season, according to Citigroup Inc.’s Chris Montagu.
At Citadel Securities, Scott Rubner said individual investors are likely to slow their torrid pace of stock buying in September before resuming later this year.
“It is always easier when the markets are going up,” said Nicholas Bohnsack at Strategas.
“It is difficult to poke holes in the bull case; the path of least resistance is likely higher, but we find ourselves increasingly worried that traditional risk assets (stocks and bonds) appear priced to perfection.”
Some options traders worrying about tech weakness after a torrid surge have been trying to protect themselves with “disaster” puts on the Invesco QQQ Trust Series 1 ETF, according to Jeff Jacobson at 22V Research.
A measure showing the difference between the cost of hedging against a sharp downturn and a smaller one is at an almost three-year high.
Earlier this month, Bank of America Corp. strategists led by Michael Hartnett said the rally that’s propelled the so- called Magnificent Seven stocks about 40% higher since April looks stretched.
Hartnett has repeatedly warned of a bubble risk in US stocks this year.
“AI will have a significant impact on our lives and productivity.
But that doesn’t mean that the tech companies in the S&P 500 are correctly priced,” said Tosten Slok at Apollo wrote earlier this week.
“The P/E ratio for Tesla is almost 200, and the P/E ratio for Nvidia is around 60.
Many software companies are likely to go out of business because of ChatGPT.”
For Slok, the current situation is surprisingly similar to the tech bubble in the 1990s.
The technology sector reclaimed its spot as the S&P 500’s highs.
Yet to Bret Kenwell at eToro, while valuations appear stretched, elevated growth expectations help justify prices.
Meantime, AI enthusiasm as well as momentum can help keep tech in the driver seat, he said.
“Whether money continues to flow into the ‘Magnificent Seven’ leaders or rotate within the group, investors will likely look for tech’s continued leadership in the second half of 2025,” he noted.
Much of the recent run-up in tech stocks is an underpinning of strong corporate fundamentals, said Stephen Schwartz at Pioneer Financial, who believes there are legs to the tech rally amid a continued capex boom related to the AI buildout.
“The market has experienced a powerful move off the April lows thanks to policy clarity, upside earnings surprises, and the expectation of lower rates,” he said.
“We believe the AI power engine will continue to deliver strong earnings momentum throughout the balance of ’26 pushing stocks to higher levels.”
Meantime, traders are gearing up for Powell’s speech on Friday in Jackson Hole, Wyoming, with the Treasury market seeing a quarter-point rate cut next month as virtually a lock and at least one more by year-end.
“As the market readies for Powell’s speech at Jackson Hole, we’ll argue that the biggest risk for Treasuries is if the Fed chief chooses to throw cold water on the widely anticipated September rate cut,” said Ian Lyngen at BMO Capital Markets.
While this is not Lyngen’s base-case scenario, he says the front-end of the curve is vulnerable to a correction if Powell doesn’t deliver on the degree of dovishness currently anticipated.
Investors are waiting to see if Powell affirms the market pricing — or pushes back with a reminder that new data arriving before the next policy gathering could change the picture.
They’re also looking for clues about the longer-run trajectory of Fed cuts into next year.
A couple of weeks ago, when the latest jobs report revealed a slump in hiring, the case for lower rates appeared all but closed.
Then came the sharpest spike in US wholesale prices in three years – fuel for the concern about tariff-led inflation that’s kept Fed officials on hold so far this year.
While the recent inflation data has been volatile with some conflicting signals, Schwartz says there’s a market perception that the inflation surge from 2022 is behind us.
“While we expect some near-term volatility, we believe markets will continue to move past the inflation situation, and that the economy and the US consumer are strong enough to continue growing,” he said.
At Bank of America Corp., strategists including Mark Cabana and Meghan Swiber say they don’t think Powell will sound as dovish as the market expects.
“Powell’s reaction function to recent stagflationary data will be key,” they noted.
“Will he be spooked by jobs revisions or lean into the labor supply slowdown?”
In an interview with Bloomberg Television, Fed Governor Michelle Bowman deflected when asked if she would be interested in leading the central bank as chair.
On the geopolitical front, President Donald Trump urged Russia’s Vladimir Putin and Ukraine’s Volodymyr Zelenskiy to show some “flexibility” as the US president accelerates his efforts to end the war in Ukraine and encourages the two leaders to hold a bilateral summit.
“While there’s a sense that the path to peace is at least slightly clearer, traders remain wary,” said Fawad Razaqzada at City Index and Forex.com.
“And rightly so – the toughest conversations, namely over territory, still lie ahead.”

Corporate Highlights:
* Microsoft Corp. employees have started setting up a protest encampment at the company’s Redmond, Washington, headquarters, ratcheting up a campaign calling for company to stop doing business with Israel over its war in Gaza.
* SoftBank Group Corp. agreed to buy $2 billion of Intel Corp. stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions.
* Meta Platforms Inc. is splitting its newly formed artificial intelligence group into four distinct teams and reassigning many of the company’s existing AI employees, an attempt to better capitalize on billions of dollars’ worth of recently acquired talent.
* Palo Alto Networks Inc. gave a stronger-than-expected annual forecast, as the company seeks to provide customers with a bundle of AI-enabled cybersecurity products to fend off attacks.
* Apple Inc. is expanding iPhone production in India at five factories, including a pair of recently opened plants, as it seeks to lessen its reliance on China for US-bound models.
* Tesla Inc. priced its new six-seat Model Y sport utility vehicle in the same range as local rival Li Auto Inc.’s extended-range L8 model to win over middle-class families in China’s hyper-competitive market.
* Commerce Secretary Howard Lutnick said he’d support consolidation as a means to make the US freight rail industry more efficient, a potential boost for Union Pacific Corp.’s $72 billion takeover of Norfolk Southern Corp.
* Ford Motor Co. and South Korea’s SK On are seeking buyers for excess battery supply produced at their new joint-venture Kentucky factory, underscoring the waning demand for electric vehicles in the US.
* Viking Therapeutics Inc.’s experimental obesity pill disappointed in a mid-stage study, marking another weaker-than- expected result for an oral alternative to popular weight-loss injections.
* Anglo American Plc suffered a major setback to its restructuring plans after Peabody Energy Corp. decided to walk away from a $3.8 billion deal to buy its steelmaking coal business following a fire at an Australian mine.
* US power and natural gas utilities Black Hills Corp. and NorthWestern Energy Group agreed to merge in a $3.6 billion deal that underscores the boom for electricity demand that’s being unleashed by data centers.
* Nexstar Media Group Inc. has agreed to buy TV station operator Tegna Inc. for $3.5 billion in a cash deal that stands to dramatically expand Nexstar’s reach to 80% of US households and test the Trump administration’s appetite for consolidation.
* Medtronic Plc will expand its board after Elliott Investment Management became one of its biggest investors. The medical devices maker also reported profit that beat estimates and lifted full-year earnings guidance.
What Bloomberg Strategists say…
“The Fed’s current stance of remaining open to rate cuts because of benign inflation data is the Goldilocks scenario that’s both keeping the Treasury curve from steepening, and allowing the Magnificent Seven earnings and wider S&P 500 margin story to reign supreme.”
— Edward Harrison, Macro Strategist, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.4%
* Bloomberg Magnificent 7 Total Return Index fell 1.7%
* The Russell 2000 Index fell 0.8%
* S&P 500 Equal Weighted Index rose 0.5%
* Intel rose 7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.1647
* The British pound fell 0.1% to $1.3490
* The Japanese yen rose 0.2% to 147.61 per dollar
Cryptocurrencies
* Bitcoin fell 2.9% to $113,108.39
* Ether fell 4.4% to $4,142.68
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.30%
* Germany’s 10-year yield declined one basis point to 2.75%
* Britain’s 10-year yield was little changed at 4.74%
* The yield on 2-year Treasuries declined one basis point to 3.75%
* The yield on 30-year Treasuries declined three basis points to 4.90%
Commodities
* West Texas Intermediate crude fell 1.5% to $62.44 a barrel
* Spot gold fell 0.5% to $3,316.09 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Do not go where the path may lead, go instead where there is no path. -Ralph Waldo Emerson, 1803-1882.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.

August 18, 1872: Frist mail order catalog published.
August 18, 1920: 19^th Amendment ratified: Women’s right to vote.
August 18, 1949: The first commercially successful photocopy machine is introduced by Chester Carlson and Haloid (later Xerox).
August 18, 1991: Soviet hard-liners launched a coup aimed at toppling President Mikhail S. Gorbachev, who was vacationing in the Crimea. Go to article.

Meriwether Lewis, explorer, b. 1774.
Rosalynne Carter, 1^st lady, b. 1927.
Robert Redford, actor, b. 1937.

Medieval knight ‘Lancelot’ and his stunning stone tomb found under ice cream shop in Poland

Archaeologists found the body of a medieval knight underneath a tombstone that depicted him in full military regalia. Read More.

Oops! Earendel, most distant star ever discovered, may not actually be a star, James Webb Telescope reveals

Astronomers used the James Webb Space Telescope to investigate whether the most distant star identified in the universe is, in fact, a star cluster. Read More.

Scientists have finally made an elusive meteorite diamond, predicted to be 50% harder than Earth diamonds

Meteorite diamonds, which could be 58% harder than ordinary diamonds, have finally been made in the lab. Read More.

China builds record-breaking floating wind turbine — it could change the face of renewable energy

Floating offshore wind turbines open a whole new playing field for energy companies, which have so far had to stick to shallow waters. Read More.

Prepare for more delays, cancellations
Despite back-to-work orders from the Canadian government, more than 10,000 Air Canada flight attendants plan to continue their strike.

Monica Seles reveals illness
The tennis champ decided to see a doctor after noticing symptoms such as double vision and weakness in her arms and legs.

11 weird little hacks Costco shoppers should know
Do you shop at Costco? Then you know the thrill of saving money. But you might be missing other smart ways to stretch your dollars. Check out our list of genius money hacks — almost as good as that $1.50 hot dog!

Dedicated collector creates sports memorabilia masterpiece
And he did it all in just one year!

British actor Terence Stamp dies at 87
Stamp appeared in dozens of movies, but he was best known to American audiences for playing General Zod in two “Superman” films. He later provided the voice of Jor-El, Superman’s father, in the hit TV series “Smallville.”

Ronnie Rondell, a stuntman who was set alight for Pink Floyd’s 1975 album, “Wish You Were Here,” died at 88.

PHOTOS OF THE DAY

Fujian province, China
Fishing boats embark from Fuzhou after the end of a summer fishing ban in the South China Sea
Photograph: VCG/Getty Images

Beijing, China
Two robots fight during a kickboxing match on the second day of the inaugural World Humanoid Robot Games
Photograph: Lintao Zhang/Getty Images

Lytham, UK
A man dressed as a 1940s police officer controls traffic during the Lytham 1940s Weekend in Lancashire
Photograph: Paul Ellis/AFP/Getty Images
Market Closes for Aug 18^th, 2025

Market Index	Close	Change
Dow Jones	44911.82	-34.30
		-0.08%
S&P 500	6449.15	-0.65
		-0.01%
NASDAQ	21629.77	+6.79
		+0.03%
TSX	27922.85	+17.39
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	43714.31	+336.00
		+0.77%
HANG SENG	25176.85	-93.22
		-0.37%
SENSEX	81273.75	+676.09
		+0.84%
FTSE 100*	9157.74	+18.84
		+0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.490	3.454
CND. 30 Year Bond	3.896	3.851
U.S. 10 Year Bond	4.3335	4.3160
U.S. 30 Year Bond	4.9336	4.9183

Currencies

BOC Close	Today	Previous
Canadian $	0.7244	0.7239
US $	1.3805	1.3814

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6105	0.6209
US $	1.1668	0.8570

Commodities

Gold	Close	Previous
London Gold Fix	3335.50	3343.85
Oil
WTI Crude Future	63.42	62.80

Market Commentary:
Formula for success: rise early, work hard, strike oil. -J. Paul Getty, 1892-1976.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 27,922.85 in Toronto.
The move follows the previous session’s little change.
Shopify Inc. contributed the most to the index gain, increasing 1.1%. G. Mining Ventures Corp. had the largest increase, rising 7.3%.
Today, 109 of 211 shares rose, while 96 fell: 5 of 11 sectors were higher, led by information technology stocks.

Insights
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Aug. 13, 2025 and 25.6% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.5% in the past 5 days and rose 2.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.49t
* 30-day price volatility fell to 9.69% compared with 9.70% in the previous session and the average of 8.01% over the past month

Index Points
Information Technology | 23.8590| 0.8| 7/3
Consumer Staples | 13.1325| 1.3| 9/1
Consumer Discretionary | 10.8780| 1.2| 6/3
Utilities | 1.7006| 0.2| 7/7
Communication Services | 0.2078| 0.0| 2/3
Health Care | -0.6667| -0.9| 1/2
Industrials | -1.0912| 0.0| 17/12
Real Estate | -1.3350| -0.3| 4/14
Financials | -3.6250| 0.0| 14/10
Materials | -11.4572| -0.3| 22/24
Energy | -14.2314| -0.3| 20/17
Shopify | 17.9100| 1.1| -38.7| 29.2
Dollarama | 8.9450| 2.4| 21.9| 40.4
Constellation | Software | 5.6420| 0.9| 26.6| -1.1
Brookfield Corp | -6.3240| -0.7| -25.1| 8.8
TC Energy | -6.4760| -1.3| -9.6| 4.0
Enbridge | -8.6970| -0.9| 94.4| 5.6
(MT Newswires):
The Toronto Stock Exchange eked out a modest gain in the final minutes of Monday’s session, for its first gain since posting a record close last Wednesday, amid mixed commodity prices and on a dearth of market moving catalysts.
The resources heavy S&P/TSX Composite Index came with a late run to close up 17.36 points at 27,922.85, staying under the record close of 27,993.43 struck on August 13.
Reflecting the day in trading, most sectors were lower, led by Base Metals down 1.65% and Health Care down near 1.4%.
No sector was up even near 1%.
Among individual stocks, shares in Air Canada (AC.TO) closed down $0.59 to $19.18, with over 4.3-million shares traded, as its chief executive said he hopes the airline will resume services tomorrow despite striking flight attendants defying a federal back-to-work order.
However, before the close of trade, Air Canada said all flights of Air Canada and Air Canada Rouge remain suspended due to the Canadian Union of Public Employees (CUPE) “failing to direct its flight attendant members to resume the performance of their duties” as directed by the Canadian Industrial Relations Board (CIRB).
The CIRB has also directed flight attendants to resume the performance of their duties immediately, it added.
Perhaps Wells Fargo caught the overall mood in equity markets across North America when it said today it expects stocks, albeit with a focus on U.S. ones, will follow the ‘classic’ post-election year cycle, “struggling to move meaningfully higher in the near term”.
Wells Fargo was a bit more optimistic on real assets, at least longer term.
It noted gold prices have “stalled out” after sharp early year gains, as “initial reasons for the rally have run out of steam, and there has been a lack of new catalysts.
But it said: “We believe this consolidation is just a pause with the longer-term uptrend, and we continue to favour gold and precious metals,” before adding, “investors should use pullbacks to add exposure.”
With commodities today, gold prices edged lower late afternoon Monday, while the dollar rose as Ukraine President Volodymyr Zelensky and a group of European leaders headed to the White House following a Friday summit between the U.S and Russia that ended with President Donald Trump urging Ukraine to surrender territory to Russia in exchange for peace.
Gold for December delivery was last seen down $4.50 to US$3,378.1, sticking to the tight range it has mostly traded within since late April.
But West Texas Intermediate crude oil rose ahead of the Washington meeting, while traders turn bearish on the commodity as a report showed the first-ever combined net short position in WTI oil contracts.
WTI Crude oil for September delivery closed up $0.62 to settle at US$63.42 per barrel, while October Brent crude was last seen up $0.71 to US$66.56.
US
By Rita Nazareth
(Bloomberg) — Wall Street saw a quiet start to a key Federal Reserve week, with geopolitics coming into play as President Donald Trump said he hopes to set a trilateral meeting with Russia and Ukraine as the White House welcomed Volodymyr Zelenskiy to discuss a potential peace deal.
Following a series of all-time highs for the S&P 500, the gauge wavered.
The Trump administration was said to be in discussions to take a stake of about 10% in Intel Corp.
Traders will get a close look at how American consumers were faring in the early days of Trump’s tariff regime when retail giants like Walmart Inc. and Target Corp. report earnings this week.
The yield on 10-year Treasuries rose two basis points to 4.34%.
The Bloomberg Dollar Spot Index added 0.2%.
The UK’s 30- year inflation-linked yields hit the highest since 1998.
Oil edged up.
Gold fluctuated.
A big week is coming up for the central bank as the Kansas City Fed’s annual Economic Policy Symposium kicks off Thursday in Jackson Hole, Wyoming.
The prestigious event in the Grand Teton mountains has been used by Fed chairs as a venue for making crucial policy announcements.
Jerome Powell is expected on Friday to unveil the Fed’s new policy framework — the strategy it’ll use to achieve its inflation and employment goals.
He may also drop some hints about the Fed’s thinking ahead of its September policy meeting.
“For now, the market appears to be betting that signs of labor-market weakness will outweigh inflation risk in the Fed’s rate-cutting debate,” said Chris Larkin at E*TRADE from Morgan Stanley.
Powell’s Jackson Hole speech will be the focal point this week, with the nature of the debate shifting from whether the Fed will cut rates to how much and how quickly, according to Jason Pride and Michael Reynolds at Glenmede.
“The stars are aligning for a September rate cut; inflation remains relatively restrained and the labor market is beginning to show early signs of weakness,” they said.
Bond markets have been tempted to think it’s already a lock.
Two-year Treasury yields have plunged this month as traders swung toward pricing in a quarter-point reduction in September.
Those bets took off after the unexpectedly bad July employment report, which also revised payrolls for the prior months downward.
And they’ve only been dialed back slightly in the light of last week’s inflation surprise.
“If the Fed is going to cut next month, expect hints out of this week’s Jackson Hole Symposium,” said Scott Wren at Wells Fargo Investment Institute.
Interest-rate swaps show a roughly 80% chance that the Fed will lower rates next month by 25 basis points, with two cuts fully priced in by the end of the year.
“We believe that it would be irresponsible for the Fed to cut rates in aggressive manner going forward.
That would only make the bubble a bigger one than it already is right now,” said Matt Maley at Miller Tabak.
“That would create much more serious problems when that bubble inevitably bursts.”
“It’s likely the FOMC will cut rates in September to manage the risk of a potential fallout in the labor market,” said Anna Wong at Bloomberg Economics.
“But given uncertainty on the upcoming August jobs report, Powell won’t be able to say as much in Jackson Hole.”
To Krishna Guha at Evercore, Powell has considerable latitude heading into his Jackson Hole speech Friday in terms of how specific or not he wants to be in terms of the message for September.
“We suspect he will continue to be careful and will not commit his hand in advance for the next meeting,” Guha said.
“But we think the message will be consistent with what we see as a pretty solid central case of a ‘cautious cut’ with 25 basis points in September.”
At Ned Davis Research, Joe Kalish says investors looking for guidance for the September meeting may be disappointed.
“Powell will want to preserve his optionality,” he said.
Oscar Munoz at TD Securities expects Powell will begin signaling the Fed bias towards easing in his Jackson Hole speech.
His has firm revised its Fed call to rate cuts beginning in September after a more-modest-than-expected tariff passthrough in the July consumer price index.
With recent downward jobs number revisions and stable inflation, Richard Saperstein at Treasury Partners expects the Fed to use Jackson Hole as an opportunity to prepare the markets and signal a potentially accommodating stance through year-end.
“We expect a 25 basis-point rate cut in September as a nod to the surprise weakness in hiring in recent months,” he said.
“The powerful combination of stable inflation, ongoing economic growth and expectations of declining interest rates justifies current stock valuations.”
Although multiples are elevated, stocks should continue to benefit from earnings growth into the end of the year, Saperstein noted.
“The economy continues to show resilience in the face of three years of elevated interest rates and more recently, the addition of tariff shocks,” he said.
US small-cap stocks have the scope to rally further as traders price in a rate reduction from the Fed next month, according to Oppenheimer Asset Management strategists led by John Stoltzfus.
They say near-term equity performance suggests “the market is recognizing fundamentals remain pretty much intact.”
S&P 500 companies trounced expectations this earnings season after they found ways to blunt the impact of tariffs and benefitted from a weaker dollar, according to strategists at Goldman Sachs Group Inc.
“The quarter has been marked by one of the greatest frequency of earnings beats on record,” David Kostin, chief US equity strategist at Goldman Sachs, wrote in a note.
Analysts are ratcheting up earnings estimates for the current quarter at the swiftest pace in nearly four years.
A Citigroup Inc. index that tracks the relative number of US earnings-per-share estimate upgrades versus downgrades is at its highest since December 2021.
“Strong beat rates, big upside earnings surprises, and increases in estimates during the past four weeks were consistent themes that gave investors very little to complain about,” said Jeffrey Buchbinder at LPL Financial.
“This is a big change from first quarter earnings season in April and May, which was more muddied by tariff uncertainty.”
To Mark Hackett at Nationwide, the combination of strengthening fundamentals and relentless technical momentum has pushed markets higher, even as retail investors defy traditional playbooks.
“As a result, institutions are being forced to move against their own models, raising the prospect that the usual period of market weakness may never materialize,” he said.

Corporate Highlights:
* Novo Nordisk A/S is slashing the cost of Ozempic for cash- paying patients after the diabetes shot became the poster child for high US drug prices.
** Novo Nordisk’s blockbuster weight-loss drug Wegovy received US approval to treat a serious form of liver disease, beating rival Eli Lilly & Co. to the US market.
* Starbucks Corp. will give all salaried employees in North America a 2% raise this year, a shift from previous increases that were decided at managers’ discretion.
* A group of investors led by the owner of several boutique New York hotels agreed to take Soho House & Co. private in a $2.7 billion deal for the members’ club operator that’s struggled since its initial public offering.
* Thoma Bravo is in talks to acquire human resources management software provider Dayforce Inc., according to people familiar with the matter.
* Air Canada pulled its financial guidance through year-end, citing the impact of a strike by flight attendants that has caused the airline to cancel hundreds of flights.
* Bayer AG agreed to settle cases related to a Seattle-area school where more than 200 people were exposed to toxic chemicals made by the company’s Monsanto unit.
* Electricite de France SA will likely cut nuclear power production in northern parts of the country this week because of forecast shallow waters on the Meuse River.
* Hon Hai Precision Industry Co. will operate a US factory owned by SoftBank Group Corp., setting up what’s in the running to be the first manufacturing site in the Japanese company’s $500 billion Stargate venture with OpenAI and Oracle Corp.
What Bloomberg Strategists say…
“One potential antidote for all the uncertainty over US assets is the prospect of deeper rate cuts from the Federal Reserve.
Traders continue to lean closer to two quarter-point reductions this year, even if some Fed officials have argued for three.
To that end, this week’s Jackson Hole gathering could go a long way in bridging the divide.”
— Kristine Aquino, Managing Editor, Markets Live.

Some of the main moves in markets:
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 was little changed
* Bloomberg Magnificent 7 Total Return Index fell 0.2%
* The Russell 2000 Index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1667
* The British pound fell 0.3% to $1.3507
* The Japanese yen fell 0.4% to 147.83 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $116,367.72
* Ether fell 2.6% to $4,355.35
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.34%
* Germany’s 10-year yield declined two basis points to 2.76%
* Britain’s 10-year yield advanced four basis points to 4.74%
* The yield on 2-year Treasuries advanced two basis points to 3.77%
* The yield on 30-year Treasuries advanced two basis points to 4.94%
Commodities
* West Texas Intermediate crude rose 0.9% to $63.34 a barrel
* Spot gold was little changed

Have a lovely evening.

Be magnificent!
As ever,

Carolann
What we achieve inwardly will change outer reality. –Plutarch, c.45CE-c.125 CE

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
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.
August 15, 1947: India gains independence form Britain, with Jawaharlal Nehru becoming its first Prime Minister.  On Aug. 15, 1947, India and Pakistan became independent after some 200 years of British rule.  Go to article

Archaeology student finds rare ninth-century gold ‘within the first 90 minutes’ of her first excavation

An archaeologist in training discovered a rare medieval gold object in northwestern England during her first excavation. Read More.

DNA has an expiration date. But proteins are revealing secrets about our ancient ancestors we never thought possible.

Analysis of ancient proteins may fill in the gaps of human evolution left by the decomposition of DNA. Read More.

Spotify-like AI helps discover never-before-seen supernova as greedy star attempts to eat a black hole
​​​​​​With help from AI, astronomers have spotted a never-before-seen kind of supernova that seems to have been blowing up just as it was trying to gobble down a black hole.

‘Frankenstein bunnies’ spotted in Colorado
A group of rabbits has contracted a virus that makes grotesque, hornlike growths protrude from their faces.

Useful Apple Watch feature returns
The tech giant was forced to remove a tool after a patent dispute.

YouTube will start using AI to guess your age
If it’s wrong, you’ll have to prove it.

Jerry Jones goes public about decade-long fight with cancer
The Dallas Cowboys owner credits an experimental trial drug for successfully treating his advanced melanoma.

‘And Just Like That’ comes to an end
Here are some of the show’s most orgasmic highs — and dismal lows.

Napoleaon Bonaparte, French Emperor, b. 1769.
Sir Walter Scott, poet, b.1771.
Julia Child, chef, b. 1912.

PHOTOS OF THE DAY

Shincliffe, UK
People enjoy the sunflower trail at East Grange farm in County Durham
Photograph: Owen Humphreys/PA

Sydney, Australia
A Boeing 737 flies past storm clouds as it prepares to land at an airport
Photograph: AFP/Getty Images

Egrets fly among the blooming lotus flowers in Hongze Lake wetland in Sihong county, China
Photograph: Costfoto/NurPhoto/Shutterstock
Market Closes for Aug 15^th, 2025

Market Index	Close	Change
Dow Jones	44946.12	+34.86
		+0.08%
S&P 500	6449.80	-18.74
		-0.29%
NASDAQ	21622.98	-87.69
		-0.40%
TSX	27905.49	-10.50
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	43378.31	+729.05
		+1.71%
HANG SENG	25270.07	-249.25
		-0.98%
SENSEX	80597.66	+57.75
		+0.07%
FTSE 100*	9138.90	-38.34
		-0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.454	3.411
CND. 30 Year Bond	3.851	3.802
U.S. 10 Year Bond	4.3160	4.2849
U.S. 30 Year Bond	4.9183	4.8726

Currencies

BOC Close	Today	Previous
Canadian $	0.7239	0.7238
US $	1.3814	1.3815

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6168	0.6185
US $	1.1704	0.8544

Commodities

Gold	Close	Previous
London Gold Fix	3343.85	3364.40
Oil
WTI Crude Future	62.80	62.65

Market Commentary:
All wars are the results of undefended wealth. -Douglas MacArthur, 1880-1964.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 27,905.49 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 1.9%.
Bird Construction Inc. had the largest drop, falling 3.7%.
Today, 86 of 211 shares fell, while 121 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* So far this week, the index rose 0.5%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Aug. 13, 2025 and 25.5% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.49t
* 30-day price volatility little changed to 9.70% compared with 9.69% in the previous session and the average of 7.68% over the past month
Index Points
Energy | -28.5531| -0.6| 12/26
Information Technology | -18.1374| -0.6| 7/3
Financials | -11.2030| -0.1| 12/12
Consumer Discretionary | -2.6743| -0.3| 6/3
Real Estate | -0.1180| 0.0| 11/7
Utilities | 2.0536| 0.2| 9/5
Health Care | 2.6448| 3.8| 2/1
Industrials | 3.6075| 0.1| 12/16
Consumer Staples | 5.7614| 0.6| 7/3
Communication Services | 6.0182| 0.9| 5/0
Materials | 30.0966| 0.8| 38/10
(MT Newswires)
The Toronto Stock Exchange fell for a second-straight day Friday on weaker commodity prices and as Rosenberg Research sees signs of a “likely move into a confirmed downtrend next week.”
Not helped by lower commodity prices, the resources heavy S&P/TSX Composite Index was down a modest 10.5 points to 27,905,49.
This comes after the TSX on Thursday fell for the first time in four sessions, including two record closes.
Among sectors, most were higher, led by Health Care, up 4%.
None were down by more than 1%.
In terms of the outlook for equities, including those on the TSX, this week’s issue of ‘Technicals with Dave’ from Rosenberg Research focuses on global markets.
In July’s comment, Rosenberg noted that since April’s low, the TSX index recorded 12-straight weeks with both a higher high and higher low than the preceding week.
“Not surprisingly, that pace has moderated a bit, but only slightly,” the research said.
“Through the end of last week, 16 of the last 17 weeks met that standard, and the exception did post a higher high (but also a lower low). How good is that? As this is written (August 13th), this week is on pace for another higher high and higher low.”
However, Rosenberg Research noted, the weekly Coppock Curve, a momentum indicator for identifying long-term buying opportunities in stocks or indices, has peaked and will likely move into a confirmed downtrend next week. It said:
“Those pressures are currently expected to persist well into November, but the indicator is not anticipated to fall below its neutral zero line. Similarly, the weekly Coppock already has a bearish bias for most of the index’s 11 sectors; these majority pressures will likely continue into October.”
According to Rosenberg Research, with those pending momentum pressures in mind, a Fibonacci 38.2%-61.8% retracement of the post-April uptrend would not be a surprise. Based on the gains to date, it said, such a retracement allows for a challenge of 25,781-24,424.
“The probable strength of that range, together with the Coppock Curve’s ability to hold its zero line anytime, would be the setup for a well-contained correction within an uptrend,” it added.
Rosenberg Research suggested last month a rally through 27,800 would be the trigger for a decisive breakout.
“That has occurred, so we need to keep the next Fibonacci objective of 28,915 in mind,” it said.
The research added: “Although the downtrend line displayed on the nearby TSX/S&P 500 relative strength index is drawn from 2023 to present, it has its origins in 2016. The relative index itself has been in a downtrend since 2009. So, we want to keep an eye on both the trendline (currently at 4.47) and the year-to-date high at 4.66 as important resistance areas. A breakout would be a potentially significant bullish relative strength development.”
Of commodities, gold was steady late afternoon on Friday as the dollar weakened after a day-prior report showed U.S. wholesale inflation surged last month, failing to dent expectations the Federal Reserve will cut interest rates next month.
Gold for December delivery was last seen down $0.30 to US$3,383.50 per ounce.
Also, West Texas Intermediate crude oil fell to a 10-week low ahead of a summit meeting between the U.S. and Russia, while China released weak economic data.
WTI crude oil for September delivery closed down $1.16 to US$62.80 per barrel, the lowest since June 2, while October Brent oil was last seen down $0.88 to US$65.96.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders sent stocks down from all-time highs as data showed mixed indications on how American consumers are feeling about the economy.
Investors also kept a close eye on a face-to-face meeting between Donald Trump and Vladimir Putin.
Following a surge from its April lows, the S&P 500 fell.
Applied Materials Inc. led losses in chipmakers on a disappointing outlook.
UnitedHealth Group Inc. soared as prominent funds piled into the insurer.
Solar shares rallied.
Longer-dated Treasuries underperformed.
The dollar and oil retreated.
Trump greeted his Russian counterpart with a handshake in Alaska as they kicked off a highly anticipated summit, with the US leader looking to secure an end to the war in Ukraine.
A joint press conference was planned for after their meeting.
“While we cannot predict the outcome of the Alaska summit, we are on watch for potential disruptors as the trading environment, in our opinion, remains very sensitive to headline risk,” said Dan Wantrobski at Janney Montgomery Scott.
Before that, economic data showed a broad-based advance in US retail sales, boosted by car sales and major online promotions.
Later, a separate report showed consumer sentiment unexpectedly fell for the first time since April and inflation expectations rose.
“Consumers are no longer bracing for the worst-case scenario for the economy feared in April,” said Peter Boockvar, author of The Boock Report.
“However, consumers continue to expect both inflation and unemployment to deteriorate in the future.”
To Bill Adams at Comerica Bank, while the data don’t all point in the same direction, the US economy looks to be in OK shape.
“What consumers do is more important to the economy than what they say,” he said.
At eToro, Bret Kenwell says July’s retail sales figures weren’t necessarily a blowout.
However, control group sales — which are used in the gross domestic product calculation — topped economists’ expectations, while June’s already strong report was revised even higher.
Retailers will start reporting earnings next week, which should provide more insights into consumer behavior, he noted.
As long as consumer spending holds up and companies are able to retain workers because of that robust spending, the flywheel can continue to spin, according to Chris Zaccarelli at Northlight Asset Management.
And that would push both corporate profits and stocks higher, he said.
“While the consumer appears relatively healthy, the Fed is in a tough spot with its dual mandate of maximum employment and stable prices,” said Kenwell at eToro.
“If they opt to cut rates as the market currently expects, that could be another benefit for consumers.”
Attention will soon turn to next week’s central bank gathering in Jackson Hole, Wyoming, with traders getting ready for Federal Reserve Chair Jerome Powell’s speech.
Markets are still wholly convinced that officials will cut rates by 25 basis points in September — and follow that up with at least one other cut in October or December, noted Paul Ashworth at Capital Economics.
He says Powell will possibly caution that a modestly restrictive policy stance remains appropriate.
At Bank of America Corp., strategists led by Michael Hartnett say US stocks are set to decline in the event of dovish signals from the Fed in Jackson Hole as investors “buy rumor, sell fact.”
Investors poured about $21 billion into US equity funds in the week through Aug. 13, after redeeming nearly $28 billion in the week prior, according to a BofA note citing EPFR Global data.
Retail investors are increasingly validated in the buy-the- dip approach, given the speed of the recovery from the recent selloff, potentially creating a self-fulfilling prophecy the next time the market experiences a minor selloff, according to Mark Hackett at Nationwide.
“Despite this well-established trend, there are few signs of excess or complacency, as many investors remain skeptical of the rally despite the market returning double-digits to date this year,” he said.

Corporate Highlights:
* The Trump administration is considering using funds from the US Chips Act to take a stake in Intel Corp., according to people familiar with the discussions, part of efforts to rescue the embattled chipmaker and shore up domestic semiconductor manufacturing
* Clean energy stocks soared after the Trump administration released new guidance on eligibility requirements for tax credits that weren’t as punitive as the industry had feared.
* Opendoor Technologies Inc., a real estate company that became a meme stock in recent months, said Chief Executive Officer Carrie Wheeler is stepping down immediately, an announcement that sent the stock surging.
* UnitedHealth Group Inc. jumped after funds piled into the company, which has been hampered by a federal probe into its business practices and weakening results.
** Warren Buffett’s Berkshire Hathaway Inc. was among the investors, buying 5 million shares in the second quarter, according to a filing. David Tepper’s Appaloosa Management LP also invested, boosting its holdings of the health insurance giant by 2.3 million shares.
* Gilead Sciences Inc. Chief Executive Officer Daniel O’Day said the company’s new HIV prevention drug Yeztugo should be able to gain favorable insurance coverage despite questions about how the Trump administration will handle recommendations for treatments like this.
* Swiss chocolatier Lindt & Spruengli AG may shift production of its world-famous, gold-wrapped Easter bunnies to the US to sidestep import tariffs.
* Danish jewelry company Pandora A/S is weighing potential price increases in the US and elsewhere due to higher tariffs, according to its chief executive officer.

Some of the moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index was little changed
* Bloomberg Magnificent 7 Total Return Index fell 0.3%
* Philadelphia Stock Exchange Semiconductor Index fell 2.3%
* The Russell 2000 Index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1701
* The British pound rose 0.2% to $1.3555
* The Japanese yen rose 0.4% to 147.23 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $116,986.8
* Ether fell 3.4% to $4,384.76
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.32%
* Germany’s 10-year yield advanced eight basis points to 2.79%
* Britain’s 10-year yield advanced six basis points to 4.70%
* The yield on 2-year Treasuries advanced two basis points to 3.75%
* The yield on 30-year Treasuries advanced five basis points to 4.92%
Commodities
* West Texas Intermediate crude fell 1.3% to $63.12 a barrel
* Spot gold rose 0.1% to $3,339.15 an ounce

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Never interrupt your enemy when he is making a mistake. –Napoleon Bonaparte, 1769-1821.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.  La Torta dei Fieschi, Italy.

August 14, 1935: The Social Security Act is signed into law in the United States, creating the modern welfare system.
On Aug. 14, 1945, President Truman announced that Japan had surrendered unconditionally, ending World War II. Go to article.
August 14^th, 1993: The Yankees retire Reggie Jackson’s number 44.

Steve Martin, comedian, b. 1945.
Magic Johnson, basketball player, b. 1949.
Halle Berry, actress, b. 1968

Diabetic man produces his own insulin after gene-edited cell transplant

The new proof-of-concept study points a way to curing diabetes without the need for immune-suppressing drugs. Read More.

No, blue whales aren’t going silent off California. Here’s why.

Reports of blue whales going silent off California don’t reflect the findings of a recent study. Read More.

Scientists use Stephen Hawking theory to propose ‘black hole morsels’ — strange, compact objects that could reveal new physics

Violent black hole collisions may create black hole ‘morsels’ no larger than an asteroid — and these bizarre objects could pave the way to unlocking new physics, a study claims. Read More

Prominent medical journal refuses RFK’s call to retract a vaccine study

A recent study that confirmed that aluminium in vaccines doesn’t pose a risk to children has sparked a war of words between the RFK, Jr. and a U.S. medical journal. Read More.

Trump predicts Jimmy Kimmel’s cancellation
If that does happen, the late-night host has a backup plan.

Yes, the ‘Alien’ timeline is confusing
Before you dig into the franchise’s first TV series, here’s some clarity.

Taco Bell expands cult-favorite drinks menu
The fast-food chain’s Mountain Dew Baja Blast is getting its first permanent new flavor in two decades. Will you try it?

Did you catch Taylor Swift on the ‘New Heights’ podcast?
The Grammy-winning singer announced the release date for her 12th album. Then, she got candid about the battle for her early master recordings, her favorite hobbies and her relationship with NFL superstar Travis Kelce. Get all the details here.

“The election of 2026 is going to be decided in the summer of 2025.” — Texas Democrat Beto O’Rourke, on why he is raising funds for Democratic members of the state legislature who left Texas to prevent Republicans from passing a new US House map that could help the GOP flip as many as five seats next year.

PHOTOS OF THE DAY

Surf’s up at the 2025 Tahiti Pro
Kauli Vaast of France surfs in heat one of round 16.
Photograph: Brent Bielmann/World Surf League

Bangkok, Thailand
People interact with an animatronic brachiosaurus at an immersive experience inspired by the film Jurassic World
Photograph: Chalinee Thirasupa/Reuters

​​​​​​​Rio de Janeiro, Brazil
A visitor tries on a virtual-reality headset during Rio Innovation Week
Photograph: Xinhua/Shutterstock
Market Closes for Aug 14^th, 2025

Market Index	Close	Change
Dow Jones	44911.26	-11.01
		-0.02%
S&P 500	6468.54	+1.96
		+0.3%
NASDAQ	21710.67	-2.47
		-0.01%
TSX	27915.99	-77.44
		-0.28%

International Markets

Market Index	Close	Change
NIKKEI	42649.26	-625.41
		-1.45%
HANG SENG	25519.32	-94.35
		-0.37%
SENSEX	80597.66	+57.75
		+0.07%
FTSE 100*	9177.24	+12.01
		+0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.411	3.397
CND. 30 Year Bond	3.802	3.782
U.S. 10 Year Bond	4.2849	4.2326
U.S. 30 Year Bond	4.8726	4.8253

Currencies

BOC Close	Today	Previous
Canadian $	0.7238	0.7270
US $	1.3815	1.3755

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6094	0.6213
US $	1.1650	0.8583

Commodities

Gold	Close	Previous
London Gold Fix	3364.40	3343.30
Oil
WTI Crude Future	62.65	62.65

Market Commentary:
A strategy is something you can touch; you can motivate people with; be number one and number two in every business. – John Francis Welch Jr. “Jack”, 1935-2020.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 27,915.99 in Toronto.
The move follows the previous session’s increase of 0.3%.
Shopify Inc. contributed the most to the index decline, decreasing 3.5%.
Bird Construction Inc. had the largest drop, falling 15.4%.
Today, 104 of 211 shares fell, while 104 rose; 4 of 11 sectors were lower, led by information technology stocks.

Insights
* So far this week, the index rose 0.6%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Aug. 13, 2025 and 25.6% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.6% in the past 5 days and rose 2.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.5t
* 30-day price volatility fell to 9.69% compared with 9.73% in the previous session and the average of 7.50% over the past month

Index Points
Information Technology| -109.1395| -3.6| 1/9
Industrials | -38.8551| -1.1| 4/24
Materials | -8.2132| -0.2| 15/33
Consumer Staples | -3.2263| -0.3| 4/6
Health Care | 1.2947| 1.9| 3/0
Real Estate | 1.3485| 0.3| 14/5
Utilities | 2.2217| 0.2| 10/4
Consumer Discretionary| 4.1344| 0.4| 5/4
Communication Services| 5.7031| 0.9| 5/0
Energy | 29.8176| 0.7| 28/11
Financials | 37.4660| 0.4| 15/8
Shopify | -62.4100| -3.5| 6.4| 30.4
Constellation | Software | -34.6100| -5.6| 168.6| -4.2
Canadian Pacific | Kansas | -13.9300| -2.1| 8.9| -2.0
Equinox Gold | 7.1990| 15.1| 311.6| 49.2
Enbridge | 13.8900| 1.4| -42.0| 9.1
RBC | 15.6400| 0.8| -28.4| 8.8
(MT Newswires):
The Toronto Stock Exchange paused its record run on Thursday, falling for the first time in four sessions, including two record highs, on some profit taking and ahead of tomorrow’s release of market-sensitive economic numbers, including factory data, elements of which were inadvertently published today.
The S&P/TSX Composite Index closed down 77.44 points to 27,915.99, even with most sectors up.
Healthcare was up near 2.2%.
The biggest decliners were Info Tech, down 3.1%, and Industrials, down 1.1%.
Among individual stocks, Air Canada (AC.TO) closed unchanged even as Canada’s CTV News reported airline management abruptly ended a press conference Thursday after a lineup of members of the Canadian Union of Public Employees, which represents the airlines flight attendants, entered the room and held signs reading “unpaid work won’t fly” and “UnfAir Canada,” among other statements.
The flight attendants are pressing for an end to unpaid work demanded by the airline and raises to their pay.
Before the news conference ended, CTV News said, Air Canada revealed details on its plans to ground all flights by Saturday if a deal with the union cannot be reached.
Some long-haul flights due to depart tonight have already been cancelled.
Air Canada plans to cancel 500 trips Friday in a step towards a total stoppage Saturday morning.
The disruption would impact about 130,000 customers per day, including several thousand Canadian travelers who are at risk of being stranded abroad, Air Canada executives said.
On the economics front, at a time when economic data is eagerly awaited ahead of its release, and then dissected afterwards, the lead up to Friday’s release of manufacturing and wholesale figures for June, and also existing home sales for July, took an interesting turn today.
Reuters is reported Statistics Canada posted market-sensitive information about June manufacturing data on its website, a day ahead of the scheduled release date.
When Reuters asked why the data was visible, the agency took down the page immediately, indicating an error had occurred.
“Statistics Canada takes this incident very seriously. We are conducting a thorough review and will determine whether additional safeguards are required to prevent a recurrence,” said agency spokeswoman Maryse Carriere.
Carriere said the agency is proceeding with plans to release the data on August 15 at 8:30 a.m.
The manufacturing data, in particular, is likely to be closely watched Friday for clues on what impact the brewing trade war between Canada and the United States is having on that sector of the economy.
Of commodities, gold traded lower midafternoon on Thursday as the dollar and yields rose following a report that showed U.S. wholesale prices unexpectedly surged in July.
Gold for December delivery was last seen down $23.70 to US$3,384.60 per ounce.
But West Texas Intermediate closed higher, rising up from a 10-week low, a day ahead of a summit between the U.S. and Russia and a day after the latest warning the market is becoming over supplied.
WTI crude oil for September delivery closed up $1.31 to settle at US$63.96 per barrel, rising off the lowest since June 2.
October Brent oil was last seen up $1.08 to US$66.71.
US
By Rita Nazareth
(Bloomberg) — The blistering run in stocks hit a wall as a pick-up in inflation lifted bond yields alongside the dollar, with traders paring bets the Federal Reserve will cut interest rates next month.
Following a roughly 30% surge from its April lows, the S&P 500 barely budged.
While the index’s move was mild due to gains in most big techs, over 350 of its shares fell.
Intel Corp. jumped as the Trump Administration was said to discuss the US taking a stake in the chipmaker.
Two-year yields climbed six basis points to 3.73%.
While money markets still see at least a half point of Fed easing in 2025, swaps no longer fully price in a quarter-point cut in September.
The dollar rose against all developed-world peers.
US wholesale inflation accelerated in July by the most in three years, suggesting companies are passing along higher import costs related to tariffs.
The producer price index increased 0.9% from a month earlier and 3.3% from a year ago.
Services costs jumped 1.1% last month.
With consumer price data earlier this week pointing to a milder pass-through in July, and the labor market now shifting to a lower gear, the Fed is widely expected to cut rates next month.
However, firm wholesale inflation data may give some officials pause that prices are rearing back up.
To Chris Zaccarelli at Northlight Asset Management, the spike in PPI shows inflation is coursing through the economy, even if it hasn’t been felt by consumers yet.
“Given how benign the CPI numbers were on Tuesday, this is a most unwelcome surprise to the upside,” he said.
“The fact that PPI was stronger-than-expected and CPI has been relatively soft suggests that businesses are eating much of the tariff costs instead of passing them onto the consumer,” said Clark Geranen at CalBay Investments.
With input costs rising, this could impact earnings for companies in the third and fourth quarters, according to Fawad Razaqzada at City Index and Forex.com.
Yet, the downside was limited, suggesting that investors are not too concerned just yet.
“It is likely that the Fed will see through the rise as the one-time increase and their concerns about the jobs market may make them more open to the idea of resuming rate cuts from September,” he said.
The jump in PPI reflects lingering cost pressures — some driven by tariffs — but core inflation trends remain contained, according to Gina Bolvin, president of Bolvin Wealth Management Group.
“It’s a reminder that the path to lower rates may not be linear, but the broader disinflationary trend is still intact,” she said.
“This is not a signal to panic. It’s a time to focus on fundamentals, maintain diversification, and look for companies with strong pricing power and healthy margins.”
“This doesn’t slam the door on a September rate cut, but based on the market’s initial reaction, the opening may be a little smaller than it was a couple of days ago,” said Chris Larkin at E*TRADE from Morgan Stanley.
If anything, the data poured cold water on 50 basis-point rate cut expectations and offered fodder to the hawks who are skeptical of the prudence of a 25 basis-point rate cut at next month’s Fed meeting, according to Ian Lyngen at BMO Capital Markets.
Thierry Wizman at Macquarie Group says the Fed is more likely to give us a “hawkish” cut than a “dovish” cut in September, assuming no radical changes in the direction of data or markets until then.
The more concerning aspect is that the full impact of tariffs is expected to materialize in next month’s data, according to Eugenio Aleman at Raymond James.
“This complicates the Fed’s September decision, where a 25bps cut remains likely, but a 50bps move is most likely off the table,” he said.
Treasury Secretary Scott Bessent said he isn’t calling for a series of rate cuts from the Fed, just pointing out that models suggest a “neutral” rate would be about 1.5 percentage points lower.
“I didn’t tell the Fed what to do,” Bessent told Fox Business, referring to his comments a day before about how the central bank “could go into a series of rate cuts here.”
Meantime, Fed Bank of St. Louis President Alberto Musalem told CNBC said it’s too early for him to decide on whether to lower interest rates at next month’s meeting.
And His Richmond counterpart Tom Barkin said he sees signs that the environment for US consumers improved in July after weakness earlier in the year.
From here, analysts and investors are getting ready to scour Friday’s retail sales report and a key gauge of consumer sentiment for clues on how US households are feeling about the economy.

Corporate Highlights:
* Cisco Systems Inc. gave a cautious forecast for the current fiscal year, even as sales from artificial intelligence projects begin to pick up.
* Apple Inc. is restoring the blood oxygen tracking feature on its smartwatch in the US following a years-long legal fight.
* Deere & Co., the world’s biggest farm machinery maker, pared its annual earnings outlook with lower grain prices curbing growers’ spending.
* Peloton Interactive Inc. is planning its biggest product upgrades in years, a bid to rejuvenate sales with refreshed hardware, new accessories and artificial intelligence.
* Eli Lilly & Co. is raising the list price for its obesity shot in the UK by as much as 170%, as the pharma industry comes under pressure from US President Donald Trump to increase medicine prices in Europe and lower them for Americans.
* JD.com Inc.’s revenue grew a faster-than-anticipated 22%, benefiting from government-directed consumer subsidies as well as an aggressive but costly drive into new arenas such as meal delivery.
* Costco Wholesale Corp. has decided not to dispense the abortion pill mifepristone at its more than 500 pharmacy locations, a decision hailed by a group of faith-based activists who urged the retailer to avoid selling the drug.
* Southwest Airlines Co. sold a renewable fuels unit to Conestoga Energy as the carrier scales back its climate-focused initiatives following years of little progress by the industry.
* Rogers Communications Inc. will sell a portfolio of nine data centers to infrastructure asset manager InfraRed Capital Partners to help pay down debt.
* Tapestry Inc. has been one of the stars of the retail world, but a mix of tariff costs and weakness at its Kate Spade brand sent investors fleeing on Thursday.
* Carlsberg A/S reported a drop in volumes and warned consumers were continuing to pull back on spending.
* Klarna Group Plc had to set aside more money for potentially souring loans in the second quarter, a move that put pressure on results ahead of its expected public debut.
* Hon Hai Precision Industry Co. expects sales of servers to more than double this quarter while its consumer electronics business dwindles, underscoring how it’s relying on the AI boom to offset volatile iPhone sales.

Some of the main moves in markets:
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 fell 0.1%
* Bloomberg Magnificent 7 Total Return Index rose 0.4%
* The Russell 2000 Index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.1649
* The British pound fell 0.3% to $1.3537
* The Japanese yen fell 0.3% to 147.76 per dollar
Cryptocurrencies
* Bitcoin fell 4.1% to $117,951.03
* Ether fell 3.9% to $4,535.24
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.29%
* Germany’s 10-year yield advanced three basis points to 2.71%
* Britain’s 10-year yield advanced five basis points to 4.64%
* The yield on 2-year Treasuries advanced six basis points to 3.73%
* The yield on 30-year Treasuries advanced five basis points to 4.87%
Commodities
* West Texas Intermediate crude rose 2.2% to $64.04 a barrel
* Spot gold fell 0.5% to $3,338.48 an ounce
Have a lovely evening.

Be magnificent!

As ever,

Carolann
The one law that does not change is that everything changes, and the hardship I was bearing today was only a breath away from the pleasures I would have tomorrow, and those pleasures would be all the richer because of the memories of this I was enduring. –Louis L’Amour, 1908-1988.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents:
On Aug. 13, 1961, Berlin was divided as East Germany sealed off the border between the city’s eastern and western sectors in order to halt the flight of refugees. Go to article.
August 13, 1965: Teens, mostly girls, attempt to crash the Warwick Hoel, where the Beatles are staying ahead of their appearance on The Ed Sullivan Show.

Alfred Hitchcock, director, b. 1899.
Fidel Castro, Cuban President, b. 1926.

A plague mysteriously spread from Europe into Asia 4,000 years ago
Scientists now think they may know how.

Many of Hollywood’s summer hits share a common formula
They say familiarity breeds contempt, but that doesn’t appear to be the case at the box office this summer.

Ronaldo puts a ring on it!
The soccer great and his long-term partner announced their engagement on Instagram this week — and you gotta see the ring!

“I think it’s very notable that each and every one of the cities called out by the president has a Black mayor, and most of those cities are seeing historic lows in violent crime. In my city, in Baltimore, we have the fewest amount of homicides through this date, on record. That’s 50 years. A 50-year low.” — Baltimore Mayor Brandon Scott on President Trump’s criticism about violence in his city.

Meta AI takes first step to superintelligence — and Zuckerberg will no longer release the most powerful systems to the public
The Meta CEO believes that AI with the capacity to improve itself is the first step towards a technology that will transform humanity. Read More.

1,300-year-old skeletons found in England had grandparents from sub-Saharan Africa, DNA studies reveal
A DNA analysis of two people who lived in Britain in the seventh century reveals they had recent African ancestry. Read More.

Amazon rainforest is approaching ‘tipping points’ that could transform it into a drier savanna
Researchers caution that the Amazon rainforest could disappear in the next hundred years, due to the combined effects of climate change and deforestation, and a new model predicts how that could transpire. Read More.

‘Rogue waves’ can be 65 feet tall, but they aren’t ‘freak occurrences,’ data from North Sea reveals
Researchers have used lab models to study how rogue waves form, but these don’t always transfer over to the natural world.

James Webb telescope spots earliest black hole in the known universe, looking ‘as far back as you can practically go’
Astronomers using the James Webb telescope have zoomed in on a ‘Little Red Dot’ that existed just 500 million years after the Big Bang and found that it may contain the earliest known black hole in the universe.

PHOTOS OF THE DAY

Scharbeutz, Germany
Beachgoers sunbathe and cool off in the Baltic Sea during a heatwave
Photograph: Michael Probst/AP

Málaga, Spain
Volunteers at the Fuente de Piedra natural reserve walk across the lagoon at dawn to gather flamingo chicks before tagging them with identity rings
Photograph: Jon Nazca/Reuters

A tour de force!’: LensCulture Critics’ Choice awards – in pictures
Carlos Folgoso Sueiro (Spain): Beyond the Lake
Jim Casper, editor-in-chief of LensCulture says: ‘Carlos Folgoso Sueiro has created an immersive, cinematic, semi-mythical story about the place where he grew up, Galicia, and the people who inhabit it still, against all odds of survival. It’s a sad and romantic tale that touches on rural depopulation, droughts, neglect and resilience. All of the stunning photos are accompanied by compelling texts that explore many facets of life and struggles in Galicia. It’s a tour de force’
Market Closes for Aug 13^th, 2025

Market Index	Close	Change
Dow Jones	44922.27	+463.66
		+1.04%
S&P 500	6466.58	+20.82
		+0.32%
NASDAQ	21713.14	+31.24
		+0.14%
TSX	27993.43	+27.16
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	43274.67	+556.50
		+1.30%
HANG SENG	25613.67	+643.99
		+2.58%
SENSEX	80539.91	+304.32
		+0.38%
FTSE 100*	9165.23	+17.42
		+0.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.397	3.434
CND. 30 Year Bond	3.782	3.812
U.S. 10 Year Bond	4.2326	4.2888
U.S. 30 Year Bond	4.8253	4.8786

Currencies

BOC Close	Today	Previous
Canadian $	0.7270	0.7260
US $	1.3755	1.3774

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6105	0.6209
US $	1.1709	0.8540

Commodities

Gold	Close	Previous
London Gold Fix	3343.30	3356.40
Oil
WTI Crude Future	62.65	63.17

Market Commentary:
No man was ever wise by chance. -Lucius Annaeus Seneca, c. 4BCE-65 CE.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 72.16 to 27,993.43 in Toronto.
Today, financials stocks led the market higher, as 7 of 11 sectors gained; 125 of 211 shares rose, while 84 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.6%.
Hudbay Minerals Inc. had the largest increase, rising 14.8%.

Insights
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 20% in the same period
* The S&P/TSX Composite is at its 52-week high and 25.9% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 3.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 on a trailing basis and 17.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.49t
* 30-day price volatility little changed to 9.73% compared with 9.73% in the previous session and the average of 7.41% over the past month

Index Points
Financials | 61.7650| 0.7| 13/11
Consumer Discretionary | 16.9592| 1.9| 9/0
Communication Services | 10.4884| 1.6| 5/0
Real Estate | 6.7224| 1.3| 18/1
Industrials | 5.4971| 0.2| 17/11
Materials | 1.7581| 0.0| 29/19
Energy | 0.9852| 0.0| 16/24
Health Care | -0.3784| -0.5| 1/2
Utilities | -0.8025| -0.1| 5/8
Consumer Staples | -12.2627| -1.2| 5/5
Information Technology | -18.5497| -0.6| 7/3
TD Bank | 19.6500| 1.6| -36.4| 34.0
RBC | 12.8700| 0.7| -47.1| 7.9
TC Energy | 8.6590| 1.7| -33.4| 4.9
Celestica | -10.5500| -4.4| 24.3| 112.0
Cameco | -12.0700| -3.7| 28.3| 40.8
Constellation | Software | -23.9500| -3.7| 102.4| 1.4
(MT Newswires):
The Toronto Stock Exchange made rose to a second-straight record close Wednesday as BMO said Canadian equities “remain well positioned to keep pace with the U.S.” and Desjardins noted the Bank of Canada left the door open for a rate cut next month to stimulate the economy.
Despite mixed commodity prices, the S&P/TSX Composite Index gained 72.17 points to 27,993.43, beating Tuesday’s previous record finish by 70 points.
Most sectors were higher, with Telecoms up 1.65% and Base Metals up near 1.3%.
Health Care was down 0.8%, after strong gains in recent days, while Information Technology was down 1%.
Among individual stocks, Gildan Activewear (GIL.TO) closed up $7.97, or 12%, to $75.62, after sealing a deal to acquire rival HanesBrands in a US$2.2 billion transaction.
Big picture, Brian Belski, Chief Investment Strategist at BMO Capital Markets, published his latest Canadian Strategy Snapshot entitled ‘Earnings Normalization Remains on Track’.
Bottom line for Belski, despite persistent trade rhetoric, BMO “remains steadfast” that Canada is “well positioned fundamentally”.
He said investors should remain focused on the broader fundamental normalization process that is well under way in BMO’s view.
In fact, Belski added, the Canadian earnings recovery that BMO has been highlighting since the middle of 2024 continues to trend toward a more normalized growth profile.
“Furthermore,” Belski said, “after a very short-lived trade induced negative revision cycle at the beginning of the year, revisions have now clearly shifted positive with S&P/TSX FY1 and FY2 bottom-up EPS estimates up almost 2% since bottoming at the end of June.
More importantly, profitability metrics have stabilized over the last few quarters and growth expectations have now accelerated back toward more normalized high single digits and is likely to reach the double-digit range by the end of the year.
Yes, from our perspective the normalization process remains firmly on track and Canadian equities remain well positioned to keep pace with the U.S.”
In economics, Desjardins noted the Bank of Canada published its ‘Summary of Deliberations’, an account on the deliberations of the BoC’s Governing Council leading to the monetary policy decision on July 30, 2025, when it left rates unchanged.
Desjardins Macro Strategist Tiago Figueiredo noted central bankers were dissuaded from delivering a 25-basis point cut in July, but he said the door “remains open” to resume easing later this year.
He added: “The resilience in economic activity and firmness in inflation both kept policymakers sidelined last month.
While economic activity slowed in Q2, at least part of that slump was tied to a pull-forward in activity earlier this year.
Consumption appeared to have increased in Q2, and most of the weakness in the labor market was concentrated in the sectors most reliant on trade.
On inflation, policymakers remained concerned that underlying inflation had risen, and risks were still skewed higher thanks to potential trade disruptions and tariffs.”
But, Figueiredo also noted, policymakers took some comfort in the fact that all three of their tariff scenarios kept headline inflation below 2.5%.
“Furthermore,” he said, “central bankers noted that there were no signs that inflation expectations had become de-anchored.”
Figueiredo noted there remained a diversity of views among Governing Council members.
Some policymakers believed that the “bank may have already provided sufficient support to aid in this transition.”
These members cited “lagged effects of monetary policy”, emphasizing the “risk that further easing might take effect only as demand was recovering, which could add to price pressures”.
Conversely, others noted that “further monetary policy support would likely be needed given the estimated amount and persistence of slack in the economy”.
Despite the diverging views, policymakers were aligned in reiterating that there may be a need for further easing “if a weakening economy put further downward pressure on inflation and the upward price pressures from the trade disruptions were contained”.
As a result, Figueiredo said, the latest iteration of the ‘Summary of Deliberations’ suggests we could see the BoC resume its easing cycle next month.
Desjardins continues to expect the BoC will cut its policy rate by 25 basis points in September.
Of commodities, gold futures edged higher late afternoon on Wednesday as the dollar and yields fell, but the metal remains rangebound since touching a record high last month.
Gold for December delivery was last seen up $8.40 to US$3,407.40 per ounce, sticking under the July 22 record high of US$3,501.80.
But West Texas Intermediate crude oil closed at a 10-week low as another major forecasting agency warned global inventories are on the rise amid higher supply while a report showed an unexpected hike in U.S. inventories last week.
WTI crude closed down $0.52 to US$62.55 per barrel, the lowest since June 2, while October Brent oil was last seen down $0.49 to US$65.63.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders kept piling into bets that the Federal Reserve will soon be able to cut interest rates, with stocks hitting all-time highs and Treasury yields falling alongside the dollar.
Just a day after a report showed benign inflation data, traders fully priced in a quarter-point Fed reduction in September, with some wagers pointing to a jumbo-sized move.
Market expectations for policy easing also gained fuel after Treasury Secretary Scott Bessent’s remarks that “we could go into a series of rate cuts here, starting with a 50 basis-point rate cut in September.”
About 420 shares in the S&P 500 rose.
While the index only eked out a gain amid weakness in most mega caps, Apple Inc. and Amazon.com Inc. rallied.
The Russell 2000 of small firms jumped 2%.
The Dow Jones Industrial Average added 1%.
In late hours, Cisco Systems Inc. gave a lukewarm outlook.
Two-year yields dropped five basis points to 3.68%.
Fed policymakers last month kept their benchmark at a target range of 4.25% to 4.5%.
Bessent said officials might have cut rates if they’d been aware of the revised data on the labor market that came out a couple of days after the latest meeting.
“As the labor market continues to weaken, we think the US central bank will resume interest rate cuts next month, with 25- basis-point cuts at each meeting through January 2026 for a total of 100 basis points,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
President Donald Trump said he may name the next Fed chair “a little bit early” and added that he was down to three or four potential candidates as he looks for a successor to Jerome Powell.
“As the market continues to digest the shift in the trajectory of the real economy following the combination of July’s inflation and employment data, it follows intuitively that the question has become: how large of a cut should Powell deliver?” said Ian Lyngen at BMO Capital Markets.
“We don’t expect a 50 basis-point move, although we certainly see scope for a meaningful probability of one to be priced in during the coming weeks,” he added.
After a “not as bad as it could have been” consumer price index, the equity market is now in full “easing expectation” mode, noted Sam Stovall at CFRA.
“We still project 25 basis-point cuts to the Fed funds target range at the September and December Federal Open Market Committee meetings, with a pause in October,” he said.
To Rick Rieder at BlackRock, while the latest inflation report was a bit stronger than we have seen over the prior few months, it was lower than many have feared.
Rieder also noted he’s still heartened by the trajectory of some core areas of inflation that are running at lower levels than in the prior few years.
“As a result, we expect the Fed to begin cutting rates in September, and it could be justified cutting the Funds rate by 50 basis points, to get it more aligned with longer-term inflationary expectations and some of the productivity enhancement we are seeing across multiple industries,” he said.
“Stocks are seeing another boost higher as tariff fears are less than expected, earnings are strong, and prospects for a fall Federal Reserve rate cut are rising,” said Rich Mullen at Pallas Capital Advisors.
“While we believe it still makes sense to stay invested, much of this year’s stock gains are likely already in.”
Mullen noted that inflation has been tame, and while many businesses have been able to avoid passing on higher costs to consumers, there are still questions on how much longer this trend can last.
The big risk for the Fed is the possibility that inflation spikes suddenly from tariffs, he said.
“Just because the inflation data has remained calm, doesn’t mean it can’t spike in the future,” Mullen said.
To Mark Hackett at Nationwide, the path of least resistance for the market is higher as the S&P 500 broke out of the recent trading range.
“Retail investors are increasingly validated in the buy- the-dip approach, given the speed of the recovery from the recent selloff, potentially creating a self-fulfilling prophecy the next time the market experiences a minor selloff,” he said.
The latest reading on consumer prices showed underlying US inflation accelerated in July — but the cost of tariff-exposed goods didn’t rise as much as feared.
A report on producer prices due Thursday will offer insights on additional categories that feed directly into the Fed’s preferred price gauge — which is scheduled for later this month.
“Tariff-related costs are still being absorbed by corporate profit margins rather than passed on to consumers, giving the Fed room to pivot without sparking inflationary risk,” said Fawad Razaqzada at City Index.
Some companies have been holding off on price increases for fear that consumers will pull back on spending, which will heighten interest for Friday reports on retail sales and consumer sentiment.

Corporate Highlights:
* Treasury Secretary Scott Bessent said the recent deal to allow Nvidia Corp. and Advanced Micro Devices Inc. to resume lower-end AI chip sales to China, on the condition they give the US government a 15% cut of the related revenue, could serve as a model for others.
* Apple Inc. is plotting its artificial intelligence comeback with an ambitious slate of new devices, including robots, a lifelike version of Siri, a smart speaker with a display and home-security cameras.
* Top US chip-equipment supplier Applied Materials Inc. was sued by a rival in China over what that company characterized as trade secret theft, a further escalation in the technology war between the world’s two largest economies.
* Amazon.com Inc. plans to offer same-day grocery delivery in 2,300 cities by the end of the year, more than doubling the current number and marking its latest attempt to muscle into the $1 trillion grocery industry led by its top retail competitor Walmart Inc.
* Tesla Inc. is looking to hire someone to test its driver- assistance technology on the streets of New York City, suggesting the carmaker could be looking to expand its ride- hailing services to the largest US metropolis.
* Oracle Corp. is cutting jobs in its closely watched cloud unit, the latest company taking steps to control costs amid heavy spending on AI infrastructure.
* Tencent Holdings Ltd. promised prudence in AI spending despite faster-than-anticipated growth across its gaming and advertising businesses, suggesting the company intends to adopt a more measured approach to artificial intelligence development than many of its global rivals.
* A union representing workers at Boeing Co.’s St. Louis-area defense factories urged US lawmakers from Missouri to intervene and nudge the plane maker to reach a deal.
* Bullish jumped 84% from the IPO price after the digital-asset exchange operator and owner of media outlet CoinDesk raised $1.1 billion in an initial public offering.
* Gildan Activewear Inc. agreed to buy US underwear maker Hanesbrands Inc. — aiming to double its annual sales — for about $2.2 billion in cash and stock.
* Webtoon Entertainment Inc. announced a partnership with Walt Disney Co. that will bring iconic characters such as Marvel’s Spider-Man and Luke Skywalker of Star Wars to its platform.
What Bloomberg Strategists say…
“Increased talk of a potential half-point Fed cut in September is turning into a double shot for risk assets — boosting risk appetite while promising easier financial conditions ahead. Layered on top of a post-CPI volatility crush, that’s helping drive the SPX towards 6,500 into Friday’s August options expiration.”
—Michael Ball, 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 was little changed
* The Dow Jones Industrial Average rose 1%
* The MSCI World Index rose 0.5%
* Bloomberg Magnificent 7 Total Return Index fell 0.3%
* The Russell 2000 Index rose 2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1700
* The British pound rose 0.5% to $1.3574
* The Japanese yen rose 0.3% to 147.46 per dollar
Cryptocurrencies
* Bitcoin rose 2.2% to $122,794.7
* Ether rose 2.6% to $4,742.67
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.23%
* Germany’s 10-year yield declined six basis points to 2.68%
* Britain’s 10-year yield declined four basis points to 4.59%
* The yield on 2-year Treasuries declined five basis points to 3.68%
* The yield on 30-year Treasuries declined five basis points to 4.83%
Commodities
* West Texas Intermediate crude fell 0.6% to $62.76 a barrel
* Spot gold rose 0.3% to $3,358.02 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Pretty much all the honest truth-telling there is in the world is done by children. -Oliver Wendell Holmes, 1809-1894.

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
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Tuesday!

August 12, 1676: Jing Philip assassinated.
August 12, 1851: Sewing machine invented.
August 12, 1908: The first Ford Model T is sold, soon becoming the first car mass produced via moving assembly line – transforming transport and manufacturing.
August 12. 1920: Fans bid farewell to Happy & Fairfax, toe horses being replaced by a motorized fire truck at Engine company No. 46, New York, New York.
August 12, 1981: IBM introduced its first personal computer, the model 5150. Go to article.

Cecil B. DeMille, director, b. 1881.
William Goldman, author, b. 1931.
George Soros, financier, b. 1930.

Meteorite that crash landed through Georgia man’s roof is 20 million years older than Earth, scientists say
Researchers have analyzed the McDonough meteorite, which crashed through a man’s home in June, and determined that it is older than our planet. Read More.

‘Space hurricane’ caught raging over North Pole during one of the sun’s quietest days
A rare “space hurricane” that swirled over Earth’s North Pole in 2014 caused intense space weather effects despite unusually quiet solar conditions, a new study reports. Read More.

World’s first artificial tongue ‘tastes and learns’ like a real human organ
Scientists have created the first artificial tongue that can taste, and process flavors entirely in a liquid environment.

You’ve heard about squirrels causing power outages?
Well, four reactors at a nuclear power plant in France had to be shut down over the weekend due to some fishy circumstances.

Hubble telescope captures image of an interstellar visitor’s drive-by
It’s the fastest object that originated outside of our solar system to be observed traveling through it.

Caffeinated coffees are mostly free of toxins
But there are a few exceptions, a new investigation discovered.

Up for some ‘Camp Rock’ nostalgia?
The Jonas Brothers were discussing the 2008 hit Disney movie during their concert over the weekend when they brought out a surprise guest for an impromptu sing-along.

“Most Holy Father. Please go to Gaza and bring your light to the children before it’s too late. As a mother, I cannot bear to watch their suffering. The children of the world belong to everyone. You are the only one of us who cannot be denied entry.” — Pop superstar Madonna, calling on Pope Leo XIV in an Instagram message on Monday to embark on a humanitarian mission to Gaza.

$50 million: That’s how much reward money the Trump administration is offering for the arrest of Venezuela’s President Nicolás Maduro. He is accused of working with cartels to flood the US with fentanyl-laced cocaine. 

Studies show English speakers start feeling uncomfortable after a 4-secong pause in conversation, while Japanese speakers are at ease with silences lasting up to 8 seconds.

PHOTOS OF THE DAY

Portsmouth, UK
‘I snapped this photo during the annual kite festival. It was a gloomy day, with clouds blanketing the sun until the last few hours, when the skies cleared, making the spectacular kites pop.’
Photograph: Sebastian Kettley
Dorset, UK
‘The Milky Way core rises above an old fishing boat, the Phoenix, and a rusting fishing shack on Chesil Beach.’
Photograph: Harvey Grenville

Newcastle upon Tyne, UK
‘Going wild – a swathe of summer flowers on a local allotment.’
Photograph: Joanna Rimmer
Market Closes for Aug 12^th, 2025

Market Index	Close	Change
Dow Jones	44458.61	+483.52
		+1.10%
S&P 500	6445.76	+72.31
		+1.13%
NASDAQ	21681.91	+296.51
		+1.39%
TSX	27921.26	+146.03
		+0.53%

International Markets

Market Index	Close	Change
NIKKEI	42718.17	+897.69
		+2.15%
HANG SENG	24969.68	+62.87
		+0.25%
SENSEX	80235.59	-368.49
		-0.46%
FTSE 100*	9147.81	+18.10
		+0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.434	3.394
CND. 30 Year Bond	3.812	3.761
U.S. 10 Year Bond	4.2888	4.2849
U.S. 30 Year Bond	4.8786	4.8524

Currencies

BOC Close	Today	Previous
Canadian $	0.7260	0.7259
US $	1.3774	1.3776

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6082	0.6218
US $	1.1675	0.8565

Commodities

Gold	Close	Previous
London Gold Fix	3356.40	3394.15
Oil
WTI Crude Future	63.17	63.96

Market Commentary:
There are only three ways to meet the unpaid bills of a nation. The first is taxation. The second is repudiation. The third is inflation. -Herbert Hoover, 1874-1964.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5%, or 146.03 to 27,921.26 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 1.2%.
Altus Group Ltd/Canada had the largest increase, rising 9.5%.
Today, 160 of 211 shares rose, while 48 fell; 10 of 11 sectors were higher, led by financials stocks.

Insights
* The index advanced 25% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 0.2% below its 52-week high on Aug. 7, 2025, and 25.6% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.3% in the past 5 days and rose 3.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 on a trailing basis and 17.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.47t
* 30-day price volatility fell to 9.73% compared with 9.76% in the previous session and the average of 7.29% over the past month

Index Points
Financials | 64.1379| 0.7| 17/7
Materials | 36.4844| 0.9| 39/9
Industrials | 10.9305| 0.3| 23/6
Information Technology | 10.3033| 0.3| 7/3
Energy | 9.8115| 0.2| 31/7
Real Estate | 5.2537| 1.1| 15/3
Communication Services | 3.8520| 0.6| 5/0
Consumer Discretionary | 3.4046| 0.4| 6/3
Consumer Staples | 1.7807| 0.2| 8/2
Health Care | 1.0791| 1.6| 3/0
Utilities | -0.9985| -0.1| 6/8
Shopify | 20.6300| 1.2| -30.0| 34.5
RBC | 18.4100| 1.0| -44.7| 7.2
Brookfield Corp | 16.5600| 1.9| -11.7| 9.4
Thomson Reuters | -6.0250| -2.6| 54.2| 1.7
Waste Connections | -7.5230| -1.6| 5.1| 4.7
Constellation | Software | -16.6400| -2.5| 30.1| 5.3
(MT Newswires):
The Toronto Stock Exchange was up for a second-straight day Tuesday, and with a late flurry of buying managed to eke out a fresh record close by just about the narrowest of margins, amid some signs that market confidence around the outlook for the Canadian economy is being matched in investor circles.
Even with commodity prices lower, the resources heavy S&P/TSX Composite Index was up 146.03 points, or 0.5%, at 27,921.26, topping the prior record of 27,920.87 set on August 6.
Most were sectors higher, led by Base Metals and Health Care, both up about 2%.
On signs of confidence around the Canadian economy, RBC Assistant Chief Economist Robert Hogue noted the first half of the year was marred with challenges for Canada’s housing market.
That made RBC rethink its forecasts, and the bank is now projecting that Canadian home resales will decline by 3.5% in 2025 from last year.
RBC noted the trade war derailed an early recovery in home demand.
But the bank is expecting that to get back on track in the second half of the year, setting up stronger demand in 2026.
However, the bank added, it will take longer for home prices to pick up in some regions.
Of commodities, gold futures edged lower late afternoon Tuesday even as the dollar and treasury yields fell after a report showed U.S. inflation was steady last month, keeping expectations for a coming cut to U.S. interest rates in place.
Gold for December delivery was last seen down $6.10 to US$3,398.60 an ounce.
Also, West Texas Intermediate crude oil fell to the lowest in more than two months on Tuesday after the Energy Information Administration slashed its price forecast amid rising supplies.
WTI crude oil for September delivery closed $0.79 to settle at US$63.17 per barrel, the lowest since May 30, while October Brent crude was last seen down $0.53 to US$66.10.
US
By Rita Nazareth
(Bloomberg) — Calm prevailed across Wall Street as an in- line inflation reading bolstered speculation the Federal Reserve will have room to cut rates in September, driving stocks higher and short-dated bond yields lower.
All major US equity indexes climbed more than 1%, with the S&P 500 and the Nasdaq 100 hitting all-time highs.
The Russell 2000 of smaller firms jumped 3%.
While an initial rally in Treasuries faded, money markets priced in an about 90% chance of a Fed reduction next month.
Two-year yields, more sensitive to imminent policy moves, slid four basis points to 3.73%.
The dollar fell.
Underlying US inflation accelerated to the strongest since the start of the year, but a tepid rise in goods prices tempered concerns about tariff-driven pressures.
“Inflation is on the rise, but it didn’t increase as much as some people feared,” said Ellen Zentner at Morgan Stanley Wealth Management.
“In the short term, markets will likely embrace these numbers because they should allow the Fed to focus on labor-market weakness and keep a September rate cut on the table.”
With risks to the labor market rising, the Fed would likely tolerate temporarily higher-than-expected inflation prints — provided that the risk of second-round effects remains contained and price expectations stay well-anchored, according to Marco Casiraghi at Evercore.
“I think the real thing now to think about is should we get a 50 basis-point rate cut in September,” Treasury Secretary Scott Bessent told Fox Business.
He said the Fed could have cut rates in June or July if they’d had the “original” jobs reports numbers.
For equities, renewed bets on lower rates added to a rally driven by persistent enthusiasm over artificial intelligence and strong corporate earnings.
“Stocks can continue to move higher, and it is going to take a much larger inflation number – or other shock to the market – for a correction to commence,” said Chris Zaccarelli at Northlight Asset Management.
The core consumer price index, which excludes the often-volatile food and energy categories, increased 0.3% from June, the strongest pace since the start of the year.
That was in line with economists’ forecasts, as was the overall CPI monthly.
“This data, together with recent consumer surveys show moderating inflation expectations and slowing labor market momentum, provides a reasonable backdrop for the Federal Reserve to begin rate normalization in September, even if year-over-year inflation remains above target,” said Tiffany Wilding at Pacific Investment Management Co.
US officials have kept rates unchanged this year in hopes of gaining clarity on whether tariffs will lead to sustained inflation.
At the same time, the labor market — the other half of their dual policy mandate — is showing signs of losing momentum.
In a social media post, President Donald Trump resumed his criticism of Jerome Powell over the central bank’s decision to hold rates steady.
Trump also said he is weighing a lawsuit against the Fed chief over the renovation of the central bank’s headquarters – a project whose cost overruns have drawn scrutiny.
EJ Antoni, Trump’s pick to lead the Bureau of Labor Statistics, has suggested suspending the agency’s monthly jobs reports and publishing only quarterly numbers until issues with data collection are corrected.
Fed Bank of Richmond President Tom Barkin said uncertainty over the direction of the economy is decreasing, but it’s unclear whether the central bank should concentrate more on controlling inflation or bolstering the job market.
“The Fed’s policy stance is highly data-dependent, and with inflation contained and labor market softness increasingly evident in revised payroll data, the emphasis will now be skewed toward employment,” said Alexandra Wilson-Elizondo at Goldman
Sachs Asset Management.
“This inflation print supports the narrative of an insurance rate cut in September, which will be a key driving force for the markets.”
To Skyler Weinand at Regan Capital, Tuesday’s CPI data was tame enough that it gives the Fed the green light to cut rates by at least 25 basis points in September and opens the possibility of a larger 50 basis point cut.
“Inflation remains under control for the moment, which means the risks are tilting toward the Fed’s full employment mandate,” said Jason Pride at Glenmede.
“The stars appear to be aligning for a September rate cut.”
Neil Dutta at Renaissance Macro Research said the market reaction to today’s data is “surprising.”
“Stocks are rallying because a September cut is a lock; however, if I take the data at face value, it implies that tariffs are not being passed onto consumers, which means firms are tolerating a profits margin squeeze for the time being,” he said.
At TradeStation, David Russell says that while Wall Street is breathing a sigh of relief, anxiety will likely continue as tariffs work their way through supply chains.
“Tread carefully here,” said Callie Cox at Ritholtz Wealth Management.
“Long-term investors often benefit from buying the dip, but that doesn’t mean the road will be smooth.
We’ve maintained that it’s a good time to know what you own, and to pare gains in runaway sectors exposed to tariffs.”
“This could be the calm before the storm,” said Greg McBride at Bankrate.
“A slew of tariffs are taking effect this month.
It may take a few months before those costs make their way fully to the consumer, but inflation is poised to pick up further in the remainder of 2025.”
There is some sign of tariff pass through to consumer prices but, at this stage, it is not significant enough to ring alarm bells, according to Seema Shah at Principal Asset Management.
“Markets like today’s inflation print as it means the Fed can lower rates unheeded next month, she said.
“Rate-cut decisions in October, December and beyond may well be more complicated.”
With CPI out of the way, the focus will shift to Friday’s retail sales figure, where we’ll see if consumers appear as upbeat as corporate earnings commentary has made them seem and amid worries about the labor market, according to Bret Kenwell at eToro.
In other economic news, US tariff revenue reached a fresh monthly record in July, though the increase wasn’t enough to prevent a widening in the monthly budget deficit — pointing to the federal government’s continuing fiscal challenges.

Corporate Highlights:
* Cava Group Inc. trimmed its annual sales outlook after a sharp deceleration in the second quarter as skittish diners spent less on restaurant meals, showing the pressure the brand is facing to keep up with its speedy growth in recent years.
* AI startup Perplexity made a formal offer to acquire Google’s Chrome browser for $34.5 billion, an audacious bid to get ahead of a potential requirement for the search giant to sell the web browser in US antitrust proceedings.
* Just two months after one of the splashiest public debuts in years, stablecoin issuer Circle Internet Group Inc. said revenue rose more than expected, sending its shares soaring.
* Gildan Activewear Inc. is in advanced talks to buy US underwear maker Hanesbrands Inc., people familiar with the matter said, in what would be its largest ever acquisition.
* The combination of Padcev, a bladder cancer drug from Pfizer Inc. and Astellas Pharma Inc., and Merck & Co.’s blockbuster immunotherapy Keytruda extended the lives of patients with a hard-to-treat form of the disease.
* If Novo Nordisk A/S’s wildly popular weight-loss drug succeeds in a highly anticipated trial for Alzheimer’s disease, Biogen Inc.’s Chief Executive Officer Chris Viehbacher doesn’t see it as a roadblock for his company’s medication. Rather, he sees it as an opportunity to potentially combine drugs and create a more potent therapy.
* Insmed Inc. rose after US regulators approved its drug Brinsupri as the first treatment for a debilitating lung condition, ending two centuries of waiting and paving the way for a potential new blockbuster.
* Smithfield Foods Inc., the largest pork supplier in the US, raised its full-year profit expectations as a rebound in its hog business counterbalances the impact of tariffs.
* Cargill Inc. revenue declined to the lowest in four years as the largest private company in the US continues to restructure in the face of declining crop prices and a shrinking American cattle herd.
* Opendoor Technologies Inc. has resumed its surge after cryptocurrency investor and influential newsletter writer and podcaster Anthony Pompliano said he’d bought shares in the digital real estate firm.
* China Evergrande Group said its Hong Kong stock will be delisted, marking the end of an era for the former high-flying developer whose demise came to symbolize the country’s property bust.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 1.1%
* Bloomberg Magnificent 7 Total Return Index rose 1.2%
* The Russell 2000 Index rose 3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.1675
* The British pound rose 0.5% to $1.3495
* The Japanese yen rose 0.3% to 147.76 per dollar
Cryptocurrencies
* Bitcoin rose 0.7% to $119,673.86
* Ether rose 6.4% to $4,519.45
Bonds
* The yield on 10-year Treasuries was little changed at 4.29%
* Germany’s 10-year yield advanced five basis points to 2.74%
* Britain’s 10-year yield advanced six basis points to 4.63%
* The yield on 2-year Treasuries declined four basis points to 3.73%
* The yield on 30-year Treasuries advanced three basis points to 4.88%
Commodities
* West Texas Intermediate crude fell 1.2% to $63.18 a barrel
* Spot gold rose 0.2% to $3,347.79 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Carolann
We would like to live as we once lived, but history will not permit it. –John F. Kennedy, 1917-1963.

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
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