Author: Carolann

Dear Friends,

Tangents:
October 18, 1877: Thomas Edison successfully demonstrates the incandescent light bulb for the first time.
October 18, 1892: The first long distance telephone line between Chicago and New York was opened. Go to article >>

Chuck Berry, b. 1926.
Martina Navratilova, b. 1956.

France set to take top winemaking spot.

‘World’s best’ bar for 2023 is revealed
Long dominated by New York and London cocktail establishments, the World’s 50 Best Bar Awards have found this year’s winner in a Spanish city.

Early Europeans thrived on seaweed, study reveals
Seaweed and aquatic plants were once a staple food for ancient Europeans, according to a new analysis of dental fossils.

This is the world’s new hottest chili pepper
Chili Pepper X has taken the spicy record as the world’s hottest, Guinness World Records announced this week.

Scrolls that were scorched when Mount Vesuvius erupted were finally read
Mount Vesuvius’ eruption in A.D. 79 carbonized hundreds of scrolls and papyri in the ancient Roman city of Herculaneum. Now, AI has decoded part of a scroll. Read More.

Orionid meteor shower peaks this weekend: How to get the best views
The Orionid meteor shower will peak this weekend. Here’s when to get the best view. Read More.

New ‘atlas’ of a monkey brain maps 4.2 million cells
Scientists have published a new atlas of a primate brain with single-cell resolution. Read More.

China is building the world’s largest underwater telescope to hunt for elusive ‘ghost particles’
China’s forthcoming Tropical Deep-sea Neutrino Telescope (TRIDENT) will search for the origins of cosmic rays in momentary flashes of light beneath the ocean’s surface. Read More.

PHOTOS OF THE DAY

San Francisco, US
Sea fog and sherbet-coloured skies made for a classic sunset scene at the Golden Gate Bridge, which joins San Francisco to Marin County
Photograph: Tayfun Coskun/Anadolu/Getty Images

Liverpool, UK
A moorhen makes a splash at Sefton Park, which covers more than 200 acres and features a boating lake and palm house
Photograph: Peter Byrne/PA

Hanam, South Korea
People enjoy time in a pink muhly grass field at a park in Hanam, South Korea. REUTERS/Kim Hong-Ji
Market Closes for October 18^th, 2023

Market Index	Close	Change
Dow Jones	33665.08	-332.57
		-0.98%
S&P 500	4314.60	-58.60
		-1.34%
NASDAQ	13314.30	-219.45
		-1.62%
TSX	19450.70	-242.10
		-1.23%

International Markets

Market Index	Close	Change
NIKKEI	32042.25	+1.96
		+0.01%
HANG SENG	17732.52	-40.82
		-0.23%
SENSEX	65877.02	-551.07
		-0.83%
FTSE 100*	7588.00	-87.21
		-1.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.105	4.074
CND. 30 Year Bond	3.789	3.759
U.S.    10 Year Bond	4.9149	4.8341
U.S. 30 Year Bond	4.9948	4.9246

Currencies

BOC Close	Today	Previous
Canadian $	0.7292	0.7327
US $	1.3713	1.3649

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4451	0.6920
US $	1.0539	0.9489

Commodities

Gold	Close	Previous
London Gold Fix	1928.20	1918.05
Oil
WTI Crude Future	88.32	86.66

Market Commentary:
📈 On this day in 1937, the stock market crashed on rumors that the Roosevelt administration was planning a crackdown on Wall Street. The Dow Jones Industrial Average lost over 7%, a key dip in the middle of the Great Depression.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.2% at 19,450.70 in Toronto.
The move was the biggest since falling 1.9% on Oct. 2 and follows the previous session’s increase of 0.4%.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 177 of 227 shares fell, while 48 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.6%.
Lithium Americas Corp. had the largest drop, falling 10.0%.
Insights
* In the past year, the index had a similar or greater loss 17 times. The next day, it declined 12 times for an average 0.5% and advanced five times for an average 1%
* This year, the index rose 0.3%, heading for the best year since 2021
* The index advanced 3.5% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 6.7% below its 52-week high on Feb. 2, 2023 and 5.1% above its low on Oct. 21, 2022
* The S&P/TSX Composite is down 1.1% in the past 5 days and fell 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.7 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.12t
* 30-day price volatility rose to 14.25% compared with 14.05% in the previous session and the average of 13.73% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -107.1316| -1.8| 1/27
Industrials | -52.7532| -2.0| 2/24
Information Technology| -17.7144| -1.2| 3/8
Utilities | -15.7356| -2.0| 0/15
Communication Services| -13.9207| -1.9| 0/5
Consumer Staples | -10.6045| -1.2| 0/11
Real Estate | -9.2726| -2.0| 0/21
Consumer Discretionary| -8.5559| -1.2| 2/12
Materials | -6.0153| -0.3| 20/32
Health Care | -0.9973| -1.7| 1/3
Energy | 0.6073| 0.0| 19/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -18.3400| -1.6|n/a | -10.7
TD Bank | -17.1900| -1.6|n/a | -8.3
Canadian National | -16.7800| -2.7|n/a | -10.2
Cenovus Energy | 2.4460| 0.9|n/a | 10.6
Barrick Gold | 3.3120| 1.2|n/a | -2.4
Suncor Energy | 4.1180| 1.0|n/a | 10.2
US
By Rita Nazareth
(Bloomberg) — A giant exchange-traded fund tracking the Nasdaq 100 (QQQ) advanced in late trading as Tesla Inc. rebounded, while Netflix Inc. rallied after earnings.
The gains signaled a recovery in mega caps, following a slide driven by geopolitical risks and higher Treasury yields.
The S&P 500 dropped 1.3% on Wednesday and oil rallied as Iran intensified its rhetoric against Israel after an explosion at a Gaza hospital that complicated diplomatic efforts to rein in the Middle East conflict.
Morgan Stanley sank the most since 2020 as profit fell on an investment-bank slowdown.
United Airlines Holdings Inc. tumbled almost 10% after warning the Israel-Hamas war and higher jet fuel costs would weigh on earnings.
“The risks of an escalation have risen on the back of the latest news reports regarding the hospital bombing,” said Jane Foley, head of foreign-exchange strategy at Rabobank. While there have been few signs of panic, “on any clear escalation, we can expect to see a ratcheting up of risk aversion,” she said.
Traders also sifted through Fed speak and the latest Beige Book for clues on the central bank’s next steps.
The outlook for the US economy is stable or may show softer expansion, the Federal Reserve said in its survey of regional business contacts.
Fed Bank of New York President John Williams said rates will have to stay at restrictive levels “for some time” to bring inflation back to the central bank’s target.
Meantime, Governor Christopher Waller noted policymakers can wait and gather more data before deciding if the economy needs further monetary restraint.
“We just don’t know how long inflation is going to remain elevated, which in turn raises question marks about the longevity of high interest rates,” said Fawad Razaqzada, market analyst at City Index and Forex.com. “Judging by recent data in the US, oil prices and Fed commentary, it can be a long time before the Fed starts cutting rates again.”
Fed Chair Jerome Powell is set to speak at the Economic Club of New York on Thursday.
There’s been a lot of investor anxiety on whether upside economic surprises could lead the Fed to tighten further, according to Krishna Guha at Evercore.
However, we think Powell will stick to the message delivered by Vice-Chair Philip Jefferson that the data has been strong, “but there has also been a big move in yields, which has tightened financial conditions,” Guha added. “So no urgency for a policy response in November and the Fed can adopt a wait-and-see approach.”

Corporate Highlights
* Procter & Gamble Co. reported sales and profit that surpassed analysts’ estimates as higher prices bolstered the business despite a lower volume of products sold.
* Nasdaq Inc. reported sales that beat expectations after the initial public offering market picked up last quarter.
* U.S. Bancorp said profit fell in the third quarter as the biggest US regional lender increased its provisions for credit losses.
* Interactive Brokers Group Inc. tempered its guidance for accounts growth.
* Ally Financial Inc. posted third-quarter profit that beat analyst estimates even as consumers struggled to make loan payments.
* ASML Holding NV orders plunged in the third quarter amid a sector-wide slump in the semiconductor industry that has left the company increasingly reliant on revenue from China.
* Abbott Laboratories narrowed its annual profit forecast as it beat estimates for quarterly results, citing growth in medical devices for heart disease and diabetes.
* Spirit AeroSystems Holdings Inc. restructured key supplier contracts with its biggest customer, Boeing Co., to stem the aircraft-parts maker’s deteriorating financial performance, speed production and improve build quality.

Key events this week:
* Australia unemployment, Thursday
* Japan trade, Thursday
* China property prices, Thursday
* US initial jobless claims, existing home sales, leading index,
Thursday
* Federal Reserve Chair Jerome Powell, Chicago Fed President
Austan Goolsbee, Atlanta Fed President Raphael Bostic,
Philadelphia Fed President Patrick Harker, Dallas Fed President
Lorie Logan speak at different events, Thursday
* Japan CPI, Friday
* China loan prime rates, Friday
* Philadelphia Fed President Patrick Harker speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 1%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.4% to $1.0535
* The British pound fell 0.4% to $1.2140
* The Japanese yen was little changed at 149.89 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $28,244.17
* Ether was little changed at $1,561.69
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 4.91%
* Germany’s 10-year yield advanced four basis points to 2.92%
* Britain’s 10-year yield advanced 15 basis points to 4.66%
Commodities
* West Texas Intermediate crude rose 1.7% to $88.16 a barrel
* Gold futures rose 1.4% to $1,963.50 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Life’s blows cannot break a person whose spirit is warmed at the fire of enthusiasm. –Norman Vincent Peale, 1898-1993.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
October 17^th, 1915: Albert Einstein publishes his theory of general relativity, revolutionizing our understanding of gravity.
On Oct. 17, 1931, mobster Al Capone was convicted of income tax evasion and sentenced to 11 years in prison. He was released in 1939.  Go to article >>

1989: San Francisco earthquake.

Elusive Planet Nine could be an alternative form of gravity masquerading as a planet, study claims
Astronomers suggest that an alternative concept of gravity, known as modified Newtonian dynamics, could explain orbital inconsistencies that have previously pointed to the existence of a ninth planet in the solar system. Read More.

Mysterious ‘fountain of youth’ near Milky Way’s central black hole is full of newborn stars that shouldn’t exist
New James Webb Space Telescope observations might be able to explain why clusters of young stars keep turning up near the Milky Way’s central black hole. Read More.

City-size comet racing toward Earth regrows ‘horns’ after massive volcanic eruption
The cryovolcanic comet will make its closest approach to Earth next year. Read More.

Seagulls close Venice airport
A 200-strong flock of seagulls recently caused quite a bird-en at Venice Marco Polo Airport in Venice, Italy, after they congregated at the end of the runway.

‘Mona Lisa’ has a rare compound that suggests Leonardo da Vinci was ahead of his time
A rare compound discovered within the “Mona Lisa” suggests Leonardo da Vinci may have been the first to use a technique previously found in later paintings, a new study suggests.

Disney celebrates 100-year anniversary with short film
The walls of the company’s animation studio come alive in this new short film featuring 543 Disney characters.

PHOTOS OF THE DAY

London, UK
Pedestrians pass The Quiet Enchanting, an installation of digitally generated artworks by the design studio Superflux and King’s College’s King’s Culture team, displayed along the newly pedestrianised Strand in Aldwych. The project has been inspired by Superflux’s Cascade Inquiry research initiative, and supports King’s climate and sustainability action plan.  Photograph: Guy Bell/Shutterstock.

Falmouth, UK
A swimmer makes his way into the waves for a morning dip in rough seas at Gyllyngvase Beach as strong winds whipped the Cornish coast.
Photograph: Hugh R Hastings/Getty Images

Anna swimming during a rain squall on her birthday. Bohuslän coast, Sweden, 2023
‘Photography in its simplest form: Anna running past me, the tropic-sized raindrops hammering down on the boat’s cockpit canvas. She throws her clothes off. I grab my camera. She dives in head-first, laughing, floating in a mix of salt water and euphoria – and I get to save this moment that embodies everything I love.’ Jonas Bendiksen
Photograph: Jonas Bendiksen/Magnum Photos
Market Closes for October 17^th, 2023

Market Index	Close	Change
Dow Jones	33997.65	+13.11
		+0.04%
S&P 500	4373.20	-0.43
		-0.01%
NASDAQ	13533.75	-34.24
		-0.25%
TSX	19692.80	+72.00
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	32040.29	+381.26
		+1.20%
HANG SENG	17773.34	+132.98
		+0.75%
SENSEX	66428.09	+261.16
		+0.39%
FTSE 100*	7675.21	+44.58
		+0.58%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.074	4.033
CND. 30 Year Bond	3.759	3.735
U.S.    10 Year Bond	4.8341	4.7060
U.S. 30 Year Bond	4.9246	4.8500

Currencies

BOC Close	Today	Previous
Canadian $	0.7327	0.7348
US $	1.3649	1.3609

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4433	0.6928
US $	1.0574	0.9457

Commodities

Gold	Close	Previous
London Gold Fix	1918.05	1909.20
Oil
WTI Crude Future	86.66	86.66

Market Commentary:
📈 On this day in 1983, Hong Kong officials started pegging the city’s currency to the U.S. dollar. The peg has endured, despite a series of challenges, and the Hong Kong dollar is now permitted to trade at between 7.75 and 7.85 to the greenback.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.4%, or 72 to 19,692.80 in Toronto.
The index advanced to the highest closing level since Sept. 25.
Shopify Inc. contributed the most to the index gain, increasing 1.9%.
Bausch Health Cos. had the largest increase, rising 5.4%.
Today, 145 of 227 shares rose, while 81 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 1.6%, heading for the best year since 2021
* The index advanced 5.8% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 5.5% below its 52-week high on Feb. 2, 2023 and 6.4% above its low on Oct. 21, 2022
* The S&P/TSX Composite is up 1% in the past 5 days and fell 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.3 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.11t
* 30-day price volatility little changed to 14.05% compared with 14.05% in the previous session and the average of 13.71% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 43.9256| 1.9| 43/9
Information Technology | 12.7902| 0.9| 9/2
Financials | 7.3773| 0.1| 16/12
Consumer Discretionary | 6.7649| 1.0| 13/1
Energy | 6.2022| 0.2| 28/12
Consumer Staples | 4.0834| 0.5| 7/4
Health Care | 1.4343| 2.5| 2/2
Real Estate | 0.9653| 0.2| 13/8
Utilities | -1.7205| -0.2| 3/12
Communication Services | -4.2719| -0.6| 0/5
Industrials | -5.5549| -0.2| 11/14
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 11.4500| 1.9|n/a | 57.2
Barrick Gold | 10.5500| 4.0|n/a | -3.5
Cameco | 6.6010| 4.4|n/a | 67.5
Canadian Pacific Kansas | -2.7340| -0.4|n/a | -2.2
RBC | -6.5360| -0.6|n/a | -9.2
Enbridge | -10.4800| -1.6|n/a | -16.0
US
By Rita Nazareth
(Bloomberg) — Treasury yields climbed and stocks struggled after solid economic reports reinforced the case for the Federal Reserve to keep interest rates higher for longer.
Two-year US yields hit the highest since 2006, while those on 10-year notes jumped 13 basis points to 4.83%.
Swap contracts tied to Fed rate decisions showed traders are pricing in more than 60% odds that policymakers will raise interest rates by another quarter percentage point in January after holding steady
in November.
A move in December is considered possible, but less likely than January.
The S&P 500 erased gains, led by losses in its most-influential group — technology.
Nvidia Corp. slumped as the US is restricting the sale of chips the company designed for the Chinese market.
Goldman Sachs Group Inc. fell amid a 33% slide in profit.
Bank of America Corp. advanced after traders reported their best third-quarter results in more than a decade.
“Good news about the economy is once again bad news, since it will keep policymakers on the fence on delivering more tightening,” said Edward Moya, senior market analyst for the Americas at Oanda. “It seems the US economy isn’t ready to head into a recession just yet.”
Retail sales exceeded all forecasts and industrial production strengthened last month, fresh evidence of a resilient American consumer whose spending is helping stabilize manufacturing.
The reports prompted a slew of economists, from Goldman Sachs to JPMorgan Chase & Co. and Morgan Stanley, to boost their tracking estimates for third-quarter gross domestic product.
Fed Bank of Richmond President Thomas Barkin said policymakers “have time” to work out whether they can hold interest rates steady or if they need to raise them further to get inflation to policymakers’ 2% goal.
Traders also kept a close eye on the latest geopolitical events, with President Joe Biden set to travel to Israel Wednesday as a show of solidarity after the Oct. 7 attack by Hamas — which is designated a terrorist organization by the US and European Union.
The Israeli military struck the south of the Gaza Strip after ordering people to seek refuge there.
The Bank of Israel underscored the urgency of steadying the shekel following its slide to an eight-year low, reversing expectations among traders who bet on a big interest-rate cut as soon as next week.
Elsewhere, the Bank of Japan is likely to discuss raising its inflation projection for fiscal year 2023 and 2024 at its policy meeting later this month, extending the period in which it sees prices hitting or exceeding its 2% goal, according to people familiar with the matter.
Following news of the central bank price view, the yen briefly strengthened.
Corporate Highlights
* U.S. Bancorp surged after the Fed released it from a commitment to meet requirements for larger banks by the end of next year.
* Bank of New York Mellon Corp. reported earnings that beat estimates, as higher interest rates boosted the firm’s revenue.
* Johnson & Johnson raised its 2023 revenue outlook as some older drugs beat sales estimates, including its bestseller Stelara that will face generic competition next year.
* Wyndham Hotels & Resorts Inc. called Choice Hotels International Inc.’s takeover offer “underwhelming,” rejecting a proposal that would create a dominant player in the budget hotel space.
* Dollar Tree Inc. climbed as Goldman Sachs raised its recommendation on the retailer to buy from neutral, based on its strong earnings growth potential.
Key events this week:
* Reserve Bank of Australia Governor Michele Bullock speaks, Wednesday
* China GDP, retail sales, industrial production, Wednesday
* UK CPI, Wednesday
* Eurozone CPI, Wednesday
* Morgan Stanley, Netflix, Tesla earnings, Wednesday
* Federal Reserve issues Beige Book economic survey, Wednesday
* Philadelphia Fed President Patrick Harker and New York Fed President John Williams speak at separate events, Wednesday
* Australia unemployment, Thursday
* Japan trade, Thursday
* China property prices, Thursday
* US initial jobless claims, existing home sales, leading index, Thursday
* Federal Reserve Chair Jerome Powell, Chicago Fed President Austan Goolsbee, Atlanta Fed President Raphael Bostic, Philadelphia Fed President Patrick Harker, Dallas Fed President Lorie Logan speak at different events, Thursday
* Japan CPI, Friday
* China loan prime rates, Friday
* Philadelphia Fed President Patrick Harker speaks, Friday

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 fell 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.0575
* The British pound fell 0.3% to $1.2183
* The Japanese yen fell 0.2% to 149.78 per dollar
Cryptocurrencies
* Bitcoin rose 0.4% to $28,531.38
* Ether fell 1.5% to $1,564.84
Bonds
* The yield on 10-year Treasuries advanced 13 basis points to 4.83%
* Germany’s 10-year yield advanced 10 basis points to 2.88%
* Britain’s 10-year yield advanced three basis points to 4.51%
Commodities
* West Texas Intermediate crude rose 0.8% to $87.31 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Fear is one of the greatest problems in life.  A mind that is caught in fear lives in confusion, in conflict,
and therefore must be violent, distorted and aggressive. -Jiddu Krishnamurti, 1895-1986.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.

October 16^th, 1956: The Hungarian Revolution of 1956 begins as a peaceful student demonstration turns into a nationwide uprising.
On Oct. 16, 1964, China detonated its first atomic bomb.  Go to article >>

1793:Marie Antoinette executed.
1853: Crimean War.
Oscar Wilde, b. 1854.
Noah Webster, b. 1758.

‘Ring of fire’ eclipse appears over the Americas
In case you missed it, a solar eclipse created a “ring of fire” in the skies over the Americas on Saturday. See photos here.

‘Star Wars’ X-wing model fetches over $3.1 million at auction
This miniature movie prop was considered one of the most coveted “Star Wars” artifacts to ever reach the market. It just sold for over $3.1 million.

Taylor Swift’s concert movie brought in about $96 million at the box office
Dancing Swifties packed movie theaters to see the debut of the pop singer’s concert film. Theater chain AMC expects it to play “to big audiences for several weeks to come.”

Transforming Beethoven’s music
Grammy winner Jon Batiste can seamlessly transform Beethoven’s symphonies across different genres! Watch his impressive demonstration during an interview with CNN’s Chris Wallace.

‘Earth’s civilizations are shaped by what the ocean engine does,’ says oceanographer Helen Czerski
In this interview, British oceanographer Helen Czerski explains the systems driving our ocean and explains what the next great ocean frontier is. Read More.

Most detailed human brain map ever contains 3,300 cell types
The most detailed atlas of the human brain ever devised includes many cell types we’ve never seen before. Read More.

PHOTOS OF THE DAY

Dunnottar Castle, Scotland
The sun rises creating a cascade of colour over Dunnattar Castle, a ruined medieval fortress located on a rocky headland on the north-east coast of Scotland.  Photograph: Charlotte Graham/Shutterstock.

Toronto, Canada
Salmon leap up the Old Mill Dam on the Humber River to spawn. Hundreds of fish make their way up from Lake Ontario to the spawning grounds during the annual migration season.  Photograph: Anadolu Agency/Anadolu/Getty Images

Tuna el-Gebel, Egypt
A mummy coffin inside a rock-cut tomb at a cemetery dating back to the New Kingdom of ancient Egypt has been unearthed at Tuna el-Gebel necropolis.  Photograph: Xinhua/Shutterstock
Market Closes for October 16^th, 2023

Market Index	Close	Change
Dow Jones	33984.54	+314.25
		+0.93%
S&P 500	4373.63	+45.85
		+1.06%
NASDAQ	13567.98	+160.75
		+1.20%
TSX	19620.80	+157.94
		+0.81%

International Markets

Market Index	Close	Change
NIKKEI	31659.03	-658.96
		-2.03%
HANG SENG	17640.36	-173.09
		-0.97%
SENSEX	66166.94	-115.80
		-0.17%
FTSE 100*	7630.63	+31.03
		+0.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.033	3.970
CND. 30 Year Bond	3.735	3.701
U.S.    10 Year Bond	4.7060	4.6145
U.S. 30 Year Bond	4.8500	4.7554

Currencies

BOC Close	Today	Previous
Canadian $	0.7348	0.7320
US $	1.3609	1.3661

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4369	0.6959
US $	1.0558	0.9471

Commodities

Gold	Close	Previous
London Gold Fix	1909.20	1874.00
Oil
WTI Crude Future	86.66	87.69

Market Commentary:
On this day in 2001, Enron surprised investors by reporting a $618 million loss after it wrote down soured investments. Chairman and Chief Executive Kenneth Lay also divulged it had cut its shareholder equity by $1.2 billion, meaning Enron was suddenly worth a lot less money. The company filed for bankruptcy less than two months later.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 19,620.80 in Toronto.
The move follows the previous session’s decrease of 0.2%.
Shopify Inc. contributed the most to the index gain, increasing 3.0%.
Lithium Americas Corp. had the largest increase, rising 7.3%.
Today, 163 of 227 shares rose, while 63 fell; all sectors were higher, led by financials stocks.
Insights
* This year, the index rose 1.2%, heading for the best year since 2021
* The index advanced 7.1% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 5.9% below its 52-week high on Feb. 2, 2023 and 7.1% above its low on Oct. 14, 2022
* The S&P/TSX Composite is up 1.9% in the past 5 days and fell 4.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 14.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.09t
* 30-day price volatility fell to 14.05% compared with 14.38% in the previous session and the average of 13.69% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 65.2653| 1.1| 25/3
Information Technology | 23.8337| 1.7| 8/3
Energy | 18.0127| 0.5| 27/13
Industrials | 16.6386| 0.6| 19/7
Materials | 15.1023| 0.7| 33/19
Communication Services | 9.4883| 1.3| 3/2
Consumer Discretionary | 3.9184| 0.6| 8/6
Real Estate | 3.7578| 0.8| 20/1
Health Care | 1.2768| 2.3| 4/0
Consumer Staples | 0.3305| 0.0| 8/3
Utilities | 0.3284| 0.0| 8/6
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
Shopify | 17.5500| 3.0|n/a | 54.3
RBC | 16.1900| 1.5|n/a | -8.7
TD Bank | 11.4200| 1.1|n/a | -7.3
Cenovus Energy | -2.0700| -0.8|n/a | 8.8
Agnico Eagle Mines | -2.6280| -1.2|n/a | -6.8
Brookfield Infrastructure | -4.4880| -3.9|n/a | -18.6
US
By Rita Nazareth
(Bloomberg) — Stocks rose and bonds fell amid diplomatic efforts to prevent the Israel-Hamas war from expanding into a regional conflict. Oil declined, following last week’s rally.
The S&P 500 added 1.1%, with traders also gearing up for a raft of earnings reports.
Treasury 10-year yields climbed nine basis points to 4.71%.
The dollar retreated.
Bitcoin pared gains after surging as much as 10% as BlackRock said its application for an exchange-traded fund that invests directly in the cryptocurrency is still under review.
The Israeli shekel hit an eight-year low.
Wall Street’s haven bid waned, with President Joe Biden considering a trip to Israel as part of a push to prevent the war from spreading.
Secretary of State Antony Blinken also returned to Israel to meet Prime Minister Benjamin Netanyahu, after talks with Arab governments.
Russian President Vladimir Putin held a call with the leaders of Egypt, Syria, Iran and the Palestinian Authority, and the Kremlin said there was a “unanimous opinion” on the need for a cease-fire.
He spoke separately with Netanyahu.
“The price action doesn’t reflect an improvement in investors’ outlook for the Israeli conflict, rather the absence of a significant escalation,” said Ian Lyngen, head of US rates strategy at BMO Capital Markets.
Aside from geopolitics, traders will also be focused on corporate results this week.
The outlook for earnings is weakening and could remain subdued, according to strategists from Morgan Stanley to JPMorgan Chase & Co.
As the reporting season kicks off, Morgan Stanley’s Michael Wilson said earnings revisions breadth — referring to the number of stocks seeing upgrades versus downgrades — for the S&P 500 has fallen sharply over the past couple of weeks.
Citigroup Inc.’s index of earnings revisions shows downgrades have outpaced upgrades for four straight weeks ahead of the reporting season.
JPMorgan strategist Mislav Matejka expects this to continue.
Yet stock price reactions show the reporting season is “off to a good start,” with Russell 1000 firms that beat estimates outperforming at the second-highest rate in the past year and a half, according to RBC Capital Markets strategists.
Investors looking to earnings season for a dose of good news are hanging their hopes on a familiar group: Big Tech.
The five biggest companies in the S&P 500 — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc. and Nvidia Corp. — account for about a quarter of the benchmark’s market capitalization.
Their earnings are projected to jump 34% from a year earlier on average, according to analyst estimates compiled by Bloomberg Intelligence.
Meantime, BlackRock Inc. strategists are modifying their underweight approach to Treasury bonds, though not enough to send a buy signal as a relentless rise in 10-year yields promises to provide volatility that can swing the market up or down.
“We turn tactically neutral long-term Treasuries as markets price high-for-longer policy rates but stay underweight strategically,” the asset manager said in its weekly research note published Monday. “US 10-year yields at 16-year highs show they have adjusted a lot — but we don’t think the process is over.”
In economic news, a measure of New York state factory activity contracted in October, reflecting a pullback in demand.
Federal Reserve Bank of Philadelphia President Patrick Harker repeated comments he made last week asserting the central bank can hold its benchmark rate steady as long as there is not a sharp turn in the economic data.
The European Central Bank is watching the oil price for any inflationary impact from the Israel-Hamas conflict, President Christine Lagarde told euro-area finance ministers, according to people familiar with the matter.

Corporate Highlights
* Charles Schwab Corp. rallied as its executives said the firm’s cash-sorting problems — with clients moving money from the bank into higher-yielding products — are beginning to abate despite persistently elevated interest rates.
* Pfizer Inc.’s announcement that it will cut $9 billion from annual sales guidance due to declining demand for Covid shots and pills was met with relief by investors eager to understand the company’s post-pandemic growth strategy.
* Lululemon Athletica Inc. climbed on news the athleisure company will join the S&P 500, with the stock gaining for a seventh straight session.
* Apple’s new iPhone 15 is selling far worse in China than its predecessor, according to separate studies, reflecting stubbornly weak consumption as well as the rise of rivals like Huawei Technologies Co.
* Ford Motor Co. is calling on the United Auto Workers to end its more than monthlong strike, warning that if the work stoppage continues it will hurt both local communities and the broader US economy.
* US pharmacy chain Rite Aid Corp. filed for bankruptcy in an effort to close unprofitable stores, address lawsuits over its role in the opioid pandemic and rework a debt load of roughly $4 billion.
Key events this week:
* Chinese President Xi Jinping hosts world leaders at the Belt and Road Initiative forum from Tuesday to Wednesday, with Russian President Vladimir Putin expected to attend
* Joint European Central Bank/IMF policy and research conference, Tuesday
* Germany ZEW survey expectations, Tuesday
* UK jobless claims, unemployment, Tuesday
* US retail sales, business inventories, industrial production, Tuesday
* Goldman Sachs, Bank of America earnings, Tuesday
* New York Fed President John Williams moderates discussion, while Richmond Fed President Tom Barkin speaks at a separate event, Tuesday
* Reserve Bank of Australia Governor Michele Bullock speaks, Wednesday
* China GDP, retail sales, industrial production, Wednesday
* UK CPI, Wednesday
* Eurozone CPI, Wednesday
* Morgan Stanley, Netflix, Tesla earnings, Wednesday
* Federal Reserve issues Beige Book economic survey, Wednesday
* Philadelphia Fed President Patrick Harker and New York Fed President John Williams speak at separate events, Wednesday
* Australia unemployment, Thursday
* Japan trade, Thursday
* China property prices, Thursday
* US initial jobless claims, existing home sales, leading index, Thursday
* Federal Reserve Chair Jerome Powell, Chicago Fed President Austan Goolsbee, Atlanta Fed President Raphael Bostic, Philadelphia Fed President Patrick Harker, Dallas Fed President Lorie Logan speak at different events, Thursday
* Japan CPI, Friday
* China loan prime rates, Friday
* Philadelphia Fed President Patrick Harker speaks, Friday

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 1.2%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0562
* The British pound rose 0.6% to $1.2217
* The Japanese yen was little changed at 149.52 per dollar
Cryptocurrencies
* Bitcoin rose 4.7% to $28,482.5
* Ether rose 1.7% to $1,590.63
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.71%
* Germany’s 10-year yield advanced five basis points to 2.79%
* Britain’s 10-year yield advanced nine basis points to 4.48%
Commodities
* West Texas Intermediate crude fell 0.8% to $86.96 a barrel
* Gold futures fell 0.5% to $1,932.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Farah Elbahrawy.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
On personal integrity hangs humanity’s fate. –Buckminster Fuller, 1895-1983.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

On Oct. 13, 1943, Italy declared war on Germany, its one-time Axis partner.  Go to article >>
On October 13, 1917, in Fátima, Portugal, the Miracle of the Sun unfolds.  Amidst rain, the sun dances, casting radiant colors before thousands.  This mystical event, linked to prophecies given to three children, sparks debate in religious circles.

Paul Simon, musician, b. 1941.
Lenny Bruce, comic, b. 1925.
Today is Friday the 13th
Whether you’re superstitious or not, you may be surprised by the cultural origins of the supposedly unlucky day.

How to watch the ‘ring of fire’ solar eclipse
On Saturday, a “ring of fire” annular solar eclipse will put on a show for parts of the western and central US. Here’s how to watch.

What to know before seeing Taylor Swift’s Eras Tour in theaters
A concert film poses new questions for moviegoers used to sitting down and staying quiet. Are you allowed to get up out of your seat and dance? What about singing along? Here are the do’s and don’ts at concert movies.

‘Five times the Super Bowl’: Why India vs Pakistan is a sporting rivalry like no other
Some experts are estimating a record half a billion viewers could tune into Saturday’s India-Pakistan match at the Cricket World Cup. Here’s why.

WWII catapult designed to launch bomber planes unearthed
Archaeologists in England have excavated an experimental catapult designed to launch World War II bomber planes into the air. Read More.

PHOTOS OF THE DAY

Hatay, Turkey
A giant biodegradable artwork between earthquake-damaged buildings by the French-Swiss artist Guillaume Legros.  Photograph: LeSabe/AFP/Getty.

Leeds, UK
People view Evanescent, a light installation by the artist Atelier Sisu, which forms part of Light Night Leeds.  Photograph: Danny Lawson/PA

​​​​​​​Marseille, France
A 3D image of the wreck of the French cargo vessel Douaisien, which was requisitioned for troop evacuation and sunk during the Dunkirk evacuation.  Photograph: DRASSM/AFP/Getty
Market Closes for October 13^th, 2023

Market Index	Close	Change
Dow Jones	33670.29	+39.15
		+0.12%
S&P 500	4327.78	-21.83
		-0.50%
NASDAQ	13407.23	-166.99
		-1.23%
TSX	19462.86	-37.38
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	32315.99	-178.67
		-0.55%
HANG SENG	17813.45	-424.76
		-2.33%
SENSEX	66282.74	-125.65
		-0.19%
FTSE 100*	7599.60	-45.18
		-0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.970	4.035
CND. 30 Year Bond	3.701	3.794
U.S.    10 Year Bond	4.6145	4.6969
U.S. 30 Year Bond	4.7554	4.8543

Currencies

BOC Close	Today	Previous
Canadian $	0.7320	0.7304
US $	1.3661	1.3691

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4354	0.6967
US $	1.0507	0.9517

Commodities

Gold	Close	Previous
London Gold Fix	1874.00	1871.25
Oil
WTI Crude Future	87.69	82.91

Market Commentary:
📈 On this day in 1857, 18 banks in New York suspended payments on loans after the Ohio Life Insurance & Trust, gambling on the midwestern land boom, went bust. “The telegraph was spreading half-truths and wild rumors over the whole country,” said chronicler James Medbery.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 37.38 to 19,462.86 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 3.6%.
Lithium Americas Corp. had the largest drop, falling 9.8%.
Today, 131 of 227 shares fell, while 95 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 0.4%, heading for the best year since 2021
* So far this week, the index rose 1.1%
* The index advanced 4.6% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 6.6% below its 52-week high on Feb. 2, 2023 and 8.9% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.7 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.09t
* 30-day price volatility little changed to 14.38% compared with 14.38% in the previous session and the average of 13.41% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -47.7601| -0.8| 7/21
Information Technology | -32.3042| -2.2| 0/11
Industrials | -17.9363| -0.7| 2/24
Utilities | -14.2234| -1.8| 1/14
Consumer Staples | -6.6215| -0.8| 3/8
Real Estate | -5.2071| -1.1| 1/20
Consumer Discretionary | -3.9565| -0.6| 4/10
Communication Services | -1.8533| -0.3| 2/3
Health Care | -0.2603| -0.5| 2/1
Energy | 40.2185| 1.1| 37/3
Materials | 52.5090| 2.3| 36/16
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -21.8100| -3.6|n/a | 49.8
RBC | -9.8530| -0.9|n/a | -10.0
Brookfield Infrastructure | -6.7320| -5.6|n/a | -15.3
Agnico Eagle Mines | 8.2640| 3.7|n/a | -5.7
Barrick Gold | 9.6900| 3.8|n/a | -7.4
Canadian Natural Resources | 13.0500| 1.9|n/a | 21.3
US
By Rita Nazareth
(Bloomberg) — Stocks fell and bonds rose as signs Israel is preparing for a ground invasion of Gaza left traders looking for safety ahead of the weekend.
Gold surged the most since March.
Oil rallied.
Big tech sold off, with the Nasdaq 100 down over 1%.
Boeing Co. sank after saying it’s investigating quality issues affecting the 737 Max aircraft.
JPMorgan Chase & Co. and Wells Fargo & Co. gained on solid earnings.
Treasury 30-year yields dropped nine basis points to 4.76%, unwinding part of the previous session’s surge.
West Texas Intermediate crude topped $87 a barrel.
A sharper escalation of the conflict in the Middle East could bring Israel into a direct clash with Iran, a supplier of arms and money to Hamas, which the US and the European Union have designated a terrorist group.
In that scenario, Bloomberg Economics estimates oil prices could soar to $150 and global growth drop to 1.7% — a recession that takes about $1 trillion off world output.
“The situation in Israel is a horrible one, and if it spreads into a regional conflict, the human costs will rise exponentially, and the financial costs around the globe will begin to rise very, very quickly as well,” said Matt Maley, chief market strategist at Miller Tabak + Co. Investors should  get at least “some insurance against a sudden drop in the stock market between now and the end of the year,” he noted.
A sustained rise in oil prices will hurt the global economy even more, and this is clearly not good for stock markets with already-high valuations, according to Fawad Razaqzada, market analyst at City Index and Forex.com.
“The renewed rise in oil prices today, if sustained, could stoke inflationary worries further and make stagflation even worse for oil-importing countries in the Eurozone, Japan and China, among others,” Razaqzada noted. “This comes as borrowing costs have skyrocketed across the developed economies.”
Jamie Dimon warned of serious geopolitical risks as Israel prepared for a ground assault on Gaza.
“This may be the most dangerous time the world has seen in decades,” the JPMorgan chief executive officer said in the bank’s third-quarter earnings statement. “The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”
Traders also waded through the latest economic data and comments from central bank officials for clues on the policy outlook.
US consumers’ year-ahead inflation expectations rose sharply in early October, driving a steep deterioration in Americans’ views of their finances as well as sentiment.
Federal Reserve Bank of Philadelphia President Patrick Harker said disinflation is under way and reiterated that he favors holding interest rates where they are, barring a sharp change in data.
Corporate News
* Microsoft Corp. completed its $69 billion purchase of Activision Blizzard Inc. after a nearly two-year fight with global regulators threatened to scuttle the deal.
* Progressive Corp. gained after the insurer’s results showed an improvement in underwriting profitability.
* UnitedHealth Group Inc. lifted the lower end of its annual profit forecast as lower-than-expected-medical costs helped the company beat quarterly earnings estimates.
* BlackRock Inc. clients pulled a net $13 billion from long-term investment funds, the first outflows since the onset of the pandemic in 2020.
* PNC Financial Services Group Inc. said it started reducing headcount by 4% as the bank navigates fallout from higher interest rates that has eaten away at profitability.
* Dollar General Corp. Chief Executive Officer Jeff Owen stepped down after nearly a year in the role during which the shares plunged and workplace safety concerns mounted.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.0514
* The British pound fell 0.3% to $1.2141
* The Japanese yen rose 0.2% to 149.51 per dollar
Cryptocurrencies
* Bitcoin rose 0.1% to $26,774.46
* Ether rose 0.6% to $1,545.3
Bonds
* The yield on 10-year Treasuries declined eight basis points to 4.62%
* Germany’s 10-year yield declined five basis points to 2.74%
* Britain’s 10-year yield declined four basis points to 4.39%
Commodities
* West Texas Intermediate crude rose 5.7% to $87.65 a barrel
* Gold futures rose 3.1% to $1,941.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
The greater danger for most men lies, not in setting our aim too high and falling short, but in setting our aim too low and achieving our mark. –Michelangelo, 1475-1564.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

October 12^th, 1492: Christopher Columbus makes landfall in the Americas, reaching the island of Guanahani (San Salvador).
October 12, 1999: World Population reaches 6 billion.
On Oct. 12, 2000, the Navy destroyer Cole was attacked in an al-Qaeda suicide bombing while in port in Aden, Yemen, killing 17 sailors and injuring dozens more.  Go to article >>

Luciano Pavarotti, b. 1935.

NASA reveals pristine sample collected from a near-Earth asteroid
The unprecedented asteroid sample revealed Wednesday contained “crucial elements” such as water and a large amount of carbon. Here’s why NASA scientists believe the discovery is so significant.

What OCD is — and what it isn’t — according to the experts
Obsessive-compulsive disorder, also known as OCD, isn’t simply a personality trait of people who are organized. Read what it’s like living with the condition.

Ex-trader gains 780% reselling ticket for  world’s biggest cricket match.

Brain has ‘tell’ for when it’s recalling false memories
Specific patterns of electrical activity in the hippocampus may indicate whether someone is about to misremember an event.  Read More.

Earth’s crust swallowed a sea’s worth of water
Porous rock that formed during one of Earth’s biggest volcanic eruptions absorbed so much water as it eroded that it created a huge reservoir over the eons, now buried deep
in Earth’s crust. Read More.

Scientists discover ghost of ancient mega-plate:  A long-lost tectonic plate dubbed ‘Pontus’ that was a quarter of the size of the Pacific Ocean was discovered by chance by scientists studying ancient rocks in Borneo.  Full Story: Live Science (10/12)

Where and when to see the ‘ring of fire’ solar eclipse
A partial solar eclipse will be visible across most of the Americas on Oct. 14, with a rare ‘ring of fire’ annular eclipse visible in nine states.  Read More.

NASA finally reveals 1st sample asteroid Bennu:  After a years-long mission to collect and retrieve rock samples from the potentially hazardous asteroid Bennu, NASA has revealed its initial findings – and perhaps a clue to life’s origins on Earth.
Full Story: Live Science (10/12)

PHOTOS OF THE DAY

Uttarakhand, India
Prime minister Narendra Modi performs rituals and pooja (Hindu prayer) at the pilgrimage site Parvati Kund. Modi is on a visit to the Himalayan state of Uttarakhand and is scheduled to inaugurate and lay the foundation stones for various development projects.  Photograph: India Press Information Bureau/EPA

Photographer Sriram Murali showcases a night sky and a forest illuminated with fireflies. Sriram combined 50 19-second exposures to show the firefly flashes produced over 16 minutes in the forests near his hometown. The firefly flashes start at twilight, with just a few, before the frequency increases and they pulse in unison like a wave across the forest. Fireflies, which are in fact beetles, are famous for attracting mates using bioluminescence. Darkness is a necessary ingredient in the success of this process. Light pollution affects many nocturnal creatures, but fireflies are especially susceptible. Location: Anamalai Tiger Reserve, Tamil Nadu, India.  Photograph: Sriram Murali/2023 Wildlife Photographer of the Year.

​​​​​​​Lennart Verheuvel shows the final moments of a beached orca. Lying on its side in the surf, this orca had only a short time left to live. Initially rescued, it was soon stranded again on the beach and died. A study later revealed that not only was it severely malnourished, it was also extremely sick. Research shows that orcas in European waters have the world’s highest concentrations of polychlorinated biphenyls. These banned chemicals can persist for many years in marine food webs, weakening immune systems and reducing breeding success in whales, porpoises and dolphins. Location: Cadzand-Bad, Zeeland, the Netherlands.  Photograph: Lennart Verheuvel/2023 Wildlife Photographer of the Year.
Market Closes for October 12^th, 2023

Market Index	Close	Change
Dow Jones	33631.14	-173.73
		-0.51%
S&P 500	4349.61	-27.34
		-0.62%
NASDAQ	13574.22	-85.46
		-0.63%
TSX	19500.24	-163.60
		-0.83%

International Markets

Market Index	Close	Change
NIKKEI	32494.66	+558.18
		+1.75%
HANG SENG	18238.21	+345.11
		+1.93%
SENSEX	66408.39	-64.66
		-0.10%
FTSE 100*	7644.78	+24.75
		+0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.035	3.921
CND. 30 Year Bond	3.794	3.662
U.S.    10 Year Bond	4.6969	4.5582
U.S. 30 Year Bond	4.8543	4.6942

Currencies

BOC Close	Today	Previous
Canadian $	0.7304	0.7356
US $	1.3691	1.3594

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4419	0.6935
US $	1.0532	0.9495

Commodities

Gold	Close	Previous
London Gold Fix	1871.25	1857.00
Oil
WTI Crude Future	82.91	83.49

Market Commentary:
📈 On this day in 1990: The great bull market of the 1990s began as the Dow Jones Industrial Average edged up 9.90 points to close at 2407.92. Stocks would more than quadruple throughout the decade.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 19,500.24 in Toronto.
The move was the biggest since falling 1.9% on Oct. 2 and follows the previous session’s increase of 0.8%.
Brookfield Corp. contributed the most to the index decline, decreasing 1.9%. K92 Mining Inc. had the largest drop, falling 12.5%.
Today, 190 of 227 shares fell, while 35 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 0.6%, heading for the best year since 2021
* So far this week, the index rose 1.3%
* The index advanced 7.1% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 6.4% below its 52-week high on Feb. 2, 2023 and 9.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.4% in the past 5 days and fell 3.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.12t
* 30-day price volatility rose to 14.38% compared with 14.25% in the previous session and the average of 13.30% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -51.7547| -0.9| 2/26
Materials | -38.8296| -1.7| 2/49
Industrials | -22.5898| -0.9| 0/25
Utilities | -20.2063| -2.5| 0/15
Information Technology | -14.6752| -1.0| 3/8
Consumer Discretionary | -13.2413| -1.8| 3/11
Communication Services | -7.2532| -1.0| 0/5
Real Estate | -6.6982| -1.5| 0/21
Health Care | -0.7703| -1.3| 0/4
Consumer Staples | 1.0386| 0.1| 5/6
Energy | 11.3835| 0.3| 20/20
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | -8.5420| -1.9|n/a | 4.5
RBC | -8.0970| -0.7|n/a | -9.2
TD Bank | -7.1840| -0.7|n/a | -7.8
Cenovus Energy | 2.2580| 0.9|n/a | 6.9
Suncor Energy | 4.6670| 1.1|n/a | 8.0
Canadian Natural Resources | 6.9470| 1.0|n/a | 19.0
US
By Rita Nazareth
(Bloomberg) — Stocks fell and Treasury yields rose as data bolstered speculation the Federal Reserve is nowhere near declaring victory over inflation — with bets on another hike this year climbing.
The S&P 500 halted a four-day advance.
Bank shares underperformed ahead of results from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. Friday.
Bonds dropped across US the curve, with the 30-year rate surging as much as 19 basis points after an auction of the securities drew weak demand.
The dollar gained the most in five weeks.
Swap contracts pushed the odds of another quarter-point Fed hike to about 40% — from closer to 30% Wednesday.
The so-called core consumer price index, which excludes food and energy costs, increased 0.3% last month. From a year ago, it rose 4.1%, the lowest since 2021.
Economists favor the core gauge as a better indicator of underlying inflation than the overall CPI. That measure climbed 0.4%, boosted by energy costs.
Forecasters had called for a 0.3% monthly advance in both the overall and core measures.
“As for how this will impact interest rates, at this point, ‘higher-for-longer’ may be more important than ‘how high?’ said Richard Flynn, managing director at Charles Schwab UK. “Whether or not the Fed opts for hikes, it’s unlikely we’ll see rates drop below where they are for as long as the inflation dragon proves difficult to slay.”
While swap contracts continue to anticipate a Fed pivot to rate cuts next year, that outcome was assigned somewhat lower odds.
“Bottom line: the Fed can likely pause in November, though it’s a close call, and it remains too soon to consider cuts,” said Don Rissmiller at Strategas.
Yet some analysts and traders don’t think the report was surprising enough to move the needle, especially after a raft of Fed officials speaking this week said the rout in bond markets may suspend the need to tighten further for now.
Fed Governor Christopher Waller noted Wednesday the US central bank can watch and see what happens before taking further action with interest rates as financial markets tighten.
Vice Chair Philip Jefferson on Monday said he would “remain cognizant of the tightening in financial conditions through higher bond yields.”
And Dallas Fed President Lorie Logan indicated that if risk premiums in the bond market are on the rise, that “could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening.”
“We don’t expect any more hikes,” said Matt Bush, US economist at Guggenheim Investments. “I don’t think they’re going to see a great need to come out and hike at the Nov. 1 meeting. And beyond that, we’re going to see signs of a slower economy throughout the fourth quarter, a weaker labor market and that will take more pressure off them to hike again.”
To Tiffany Wilding at Pacific Investment Management Co., the CPI is likely to create some anxiety for Fed policymakers.
“We’ve been skeptical that the Fed would actually deliver the hike projected in the second half of 2023 by the majority of Fed officials, but at this point we are leaning toward them getting it in despite the recent tightening in financial conditions,” she noted. “It’s a very close call.”

More on CPI and Fed Outlook:
* Jason Pride, chief of investment strategy and Research at Glenmede:
“There’s very little in today’s CPI report that suggests it’s mission accomplished for the Fed getting the inflation genie back in the bottle. Heading into year end, the Fed may still choose to raise rates once more, though it may be attentive to already tightening financial conditions due to the rise in long-term rates over the last few months. Another rate hike should remain on the table for now.”
* James Rossiter, head of global macro strategy at TD Securities:
“This number is strong enough to keep the market on its toes with respect to another Fed hike. We don’t think it’ll happen, but the small upside surprise here challenges that view just a tiny bit.”
* Giuseppe Sette, president at Toggle AI:
“A mixed report leaves the Fed hanging. We could get one more hike, or none at all, but the key point is different: even if CPI was to stabilize at this level and not fall more, Fed rates are already appropriate.
The hiking cycle is done for good.”
* Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office:
“Today’s slightly-hotter-than-expected CPI and tame weekly jobless claims didn’t do anything to move the needle on inflation or the interest rate outlook. The odds may favor the Fed leaving rates unchanged at its November meeting, but rates are still likely to remain high for the foreseeable future.”
* Chris Zaccarelli, chief investment officer at Independent Advisor Alliance:
“The bond market is sending a message that it is still worried about inflation and that the Fed will make good on its promise to keep rates higher for longer. We believe it’s a coinflip as to whether or not the Fed raises rates on Nov. 1.”
* Will Compernolle, macro strategist at FHN Financial:
“The worrying aspects of the September CPI are probably not enough to cause the Fed to hike 25bp at its next meeting, but the next week of Fed commentary could prime market expectations for a future hike. Rising price pressures in proxies for underlying inflation — the inflation when noisier aspects are zeroed out — should temper any confidence that the Fed has reached its terminal rate.”
* Krishna Guha, vice chairman of Evercore:
“The September CPI report is not a good one for the Fed, but will keep the US central bank in wait-and-see mode. With yields much higher than they were a couple of months ago – and we think likely to step back up again when the Israel crisis and geopolitical risk-off ultimately abates – and wider financial conditions much tighter on net we continue to think the Fed is done here.”
“In our baseline, the implication of this bumpier data will instead be to reinforce the Fed’s high-for-longer priors on rates – up until the point at which the drag from higher yields becomes more apparent, which even if we are right will take some time to materialize.”

Corporate Highlights
* Delta Air Lines Inc. slumped after cutting the high end of its outlook for 2023 profit on rising fuel prices and larger-than- expected aircraft maintenance costs.
* Walgreens Boots Alliance Inc. prepared for the arrival of its new chief executive officer with a $1 billion cost-cutting program while it issued 2024 profit guidance shy of Wall Street estimates.
* Ford Motor Co. became the latest strike target for the United Auto Workers after members walked out of its largest plant, a highly profitable pickup factory in Kentucky.
* Target Corp. climbed following an upgrade to buy at Bank of America Corp., which sees an improved risk profile for the retailer based on recent pullback in the stock.
* Domino’s Pizza Inc. reported revenue for the third quarter that missed the average analyst estimate.
* Beyond Meat Inc. dropped after Mizuho Securities cut the recommendation to underperform, pointing to macroeconomic pressures for consumption and a “lack of disruptive innovation” in the area.
* Infosys Ltd. narrowed its sales forecast for the fiscal year, a sign that corporations are continuing to curtail spending on software and information technology projects.
Key events this week:
* China CPI, PPI, trade, Friday
* Eurozone industrial production, Friday
* US University of Michigan consumer sentiment, Friday
* Citigroup, JPMorgan, Wells Fargo, BlackRock results as the quarterly earnings season kicks off, Friday
* G20 finance ministers and central bankers meet as part of IMF gathering, Friday
* ECB President Christine Lagarde, IMF Managing Director Kristalina Georgieva speak on IMF panel, Friday
* Fed’s Patrick Harker speaks, Friday

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 0.4%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.8% to $1.0530
* The British pound fell 1.1% to $1.2175
* The Japanese yen fell 0.4% to 149.81 per dollar
Cryptocurrencies
* Bitcoin was little changed at $26,702.63
* Ether fell 2.1% to $1,530.49
Bonds
* The yield on 10-year Treasuries advanced 15 basis points to 4.71%
* Germany’s 10-year yield advanced seven basis points to 2.79%
* Britain’s 10-year yield advanced nine basis points to 4.42%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 0.3% to $1,881.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Denitsa Tsekova and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Every man’s life ends the same way.  It is only the details of how he lived and how he died that distinguishes one man from another.  –Ernest Hemingway, 1899-1961.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
On Oct. 11, 1968, Apollo 7, the first manned Apollo mission, was launched with astronauts Wally Schirra, Donn Fulton Eisele and R. Walter Cunningham aboard.  Go to article >>.
1975: Saturday Night Live premieres.
Eleanor Roosevelt, b.1884.
October 11, 1994: Nobel Prize in Economics is awarded to John Harsanyi, John Nash and Reinhard Selten for their “pioneering analysis of equilibria in the theory of non-cooperative games.”

Margot Robbie and Ryan Gosling are returning to the big screen together:
Following the staggering success of the “Barbie” movie, the two stars are now preparing to be the leads of the upcoming “Ocean’s Eleven” prequel.

24 ancient earthworks have been detected in the Amazon:
These ditches, paths and wells were shaped by indigenous peoples who lived in the Amazon area around 500 to 1,500 years ago. Scientists say thousands more may still be waiting to be discovered.

See Burger King’s new restaurant design:
The burger chain officially unveiled a new restaurant design called “Sizzle.” What do you think about the company’s new décor?

Zealandia, Earth’s hidden continent, was torn from supercontinent Gondwana in flood of fire 100 million years ago
Scientists have fully mapped the lost continent of Zealandia in a world first, discovering new details about how it broke away from the supercontinent Gondwana through the ignition of a huge volcanic region tens of millions of years ago.  Read More.

Where to buy solar eclipse glasses before the Oct. 14 ‘ring of fire’ eclipse
It’s not too late to buy safe, high-quality eclipse glasses before the Oct. 14 annular solar eclipse in North America. Just make sure you’re buying from an approved vendor. Read More.

Scientists find 10 ‘markers’ in blood that predict people’s chances of reaching 100
A recent study pinpoints measurable differences in the blood of people who survived to age 100 and those who died younger. Read More.

PHOTOS OF THE DAY

Fort Worth, US
Cowboys drive a herd of Texas longhorns down East Exchange Avenue during a daily event dating back to 1866.  Photograph: Timothy A Clary/AFP/Getty Images.

Durham, UK
An art installation called Science by Luxmuralis on display inside Durham Cathedral.  Photograph: Lee Smith/Reuters.

​​​​​​​Last breath of autumn by Agorastos Papatsanis, Greece.
Agorastos Papatsanis reveals the magic of a fungus releasing its spores in the forest. Long-fascinated by fungi, Agorastos used his silver photographic umbrella to stop his camera getting wet, and covered his flash with a plastic bag. The colourful touches come from refraction of the light passing through the spore-laden air currents and rain. Parasol mushrooms release spores from the gills under their cap. Billions of tiny spores travel – usually unseen – in the air currents. Some will land where there is moisture and food, enabling them to grow networks under the forest floor. Location: Mount Olympus, Pieria, Greece.
Photograph: Agorastos Papatsanis/2023 Wildlife Photographer of the Year.
Market Closes for October 11^th, 2023

Market Index	Close	Change
Dow Jones	33804.87	+65.57
		+0.19%
S&P 500	4376.95	+18.71
		+0.43%
NASDAQ	13659.68	+96.84
		+0.71%
TSX	19663.84	+162.64
		+0.83%

International Markets

Market Index	Close	Change
NIKKEI	31936.51	+189.98
		+0.60%
HANG SENG	17893.10	+228.37
		+1.29%
SENSEX	66473.05	+393.69
		+0.60%
FTSE 100*	7620.03	-8.18
		-0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.921	3.998
CND. 30 Year Bond	3.662	3.763
U.S.    10 Year Bond	4.5582	4.6592
U.S. 30 Year Bond	4.6942	4.8368

Currencies

BOC Close	Today	Previous
Canadian $	0.7356	0.7363
US $	1.3594	1.3581

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4435	0.6928
US $	1.0618	0.9418

Commodities

Gold	Close	Previous
London Gold Fix	1857.00	1845.50
Oil
WTI Crude Future	83.49	85.97

Market Commentary:
📈 On this day in 1817: The New York Stock Exchange banned negotiated fees, compelling members to charge investors fixed commission rates.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.8%, or 162.64 to 19,663.84 in Toronto.
The index advanced to the highest closing level since Sept. 25.
Brookfield Corp. contributed the most to the index gain, increasing 3.6%.
Spin Master Corp. had the largest increase, rising 6.0%.
Today, 158 of 227 shares rose, while 65 fell; 10 of 11
sectors were higher, led by financials stocks.
Insights
* This year, the index rose 1.4%, heading for the best year since 2021
* The index advanced 7.9% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 5.7% below its 52-week high on Feb. 2, 2023 and 10% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.4% in the past 5 days and fell 2.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.09t
* 30-day price volatility fell to 14.25% compared with 14.61% in the previous session and the average of 13.19% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 70.9080| 1.2| 24/4
Materials | 17.2234| 0.8| 35/16
Utilities | 14.0505| 1.8| 15/0
Industrials | 13.2264| 0.5| 16/10
Energy | 11.1044| 0.3| 20/18
Communication Services | 10.2895| 1.4| 5/0
Consumer Staples | 10.2123| 1.2| 8/3
Consumer Discretionary | 9.5283| 1.3| 11/3
Real Estate | 6.4663| 1.4| 17/3
Information Technology | 0.8101| 0.1| 6/5
Health Care | -1.1771| -2.0| 1/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | 16.0700| 3.6|n/a | 6.4
TD Bank | 11.5500| 1.1|n/a | -7.1
Couche-Tard | 8.8200| 2.3|n/a | 24.9
Cameco | -2.0590| -1.3|n/a | 64.9
Nutrien | -5.3560| -1.8|n/a | -16.5
Shopify | -9.0240| -1.4|n/a | 56.8
US
By Rita Nazareth
(Bloomberg) — Stocks extended their rebound from oversold levels as traders shrugged off a hotter-than-estimated inflation reading to focus on less hawkish comments from Federal Reserve speakers.
Oil fell after an early-week surge.
The S&P 500 rose for a fourth straight session.
Mega-caps outperformed, with Nvidia Corp. climbing over 2%.
Exxon Mobil Corp. led losses in energy shares after agreeing to buy Pioneer Natural Resources Co.
German sandal maker Birkenstock Holding Plc slumped in its US debut.
Treasury 10-year yields dropped eight basis points to 4.57%.
The dollar saw its longest losing streak since March.
Fed Bank of Atlanta President Raphael Bostic said the central bank doesn’t need to keep tightening unless inflation’s descent starts to stall.
Meantime, Governor Christopher Waller noted the Fed can “watch and see” what happens before taking further action with rates as financial markets tighten.
To Krishna Guha at Evercore, Waller’s remarks confirm “a lot has changed” since the Fed’s September gathering, when officials “were not at all focused on the surge in bond yields that had taken place by the time of that meeting.”
Central bank officials agreed last month that US policy should remain restrictive for “some time” to keep cooling down inflation — while noting risks had become more balanced, according to the latest Fed minutes.
“The Fed is near the end of their rate hiking campaign and the events of the past weekend likely solidify this view,” said Jeffrey Roach, chief economist at LPL Financial. “The risk of overtightening appears to be in balance with the risk of insufficient tightening.”
Traders are now awaiting Thursday’s consumer price index, which will come out after data showed a measure of producer prices rose by more than forecast in September amid higher energy costs.
“Tomorrow’s CPI could paint a different picture, but today’s PPI suggests we haven’t seen the end of sticky inflation — and high interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. “Either way, investors will need to remain patient.  Lowering inflation significantly from last year’s highs was one challenge, getting it down to the Fed’s 2% target level is another.”
Wall Street analysts are boosting US earnings forecasts even before results start rolling in, signaling the worst of the profit slump is likely over as ebbing inflation eases the pressure on a broad swath of industries.
That’s pushed an indicator known as earnings-revision momentum — a gauge of upward-to-downward changes to expected per-share earnings over the next 12 months — to roughly positive territory and well over its November 2022 low of negative 70%, according to data compiled by Bloomberg Intelligence.
It’s the most positive reading ahead of an earnings season since the first quarter of 2022, with forecasts recently only getting marked up after executives deliver the latest guidance.
Bank of America Corp. strategists predict US companies will deliver financial results that substantially beat analyst expectations, prompting a boost to their 2023 earnings estimate as a recovery gets underway this reporting season.
The expectation is for a “sizable” beat, strategists including Ohsung Kwon and Savita Subramanian wrote.
JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. will kick off the earnings season Friday, with the biggest US banks poised to write off more bad loans than they have since the early days of the pandemic as higher-for-longer interest rates and a potential economic downturn put borrowers in a bind.
Key events this week:
* Japan machinery orders, PPI, Thursday
* Bank of Japan’s Asahi Noguchi speaks, Thursday
* UK industrial production, Thursday
* US initial jobless claims, CPI, Thursday
* European Central Bank publishes account of September policy meeting, Thursday
* Fed’s Raphael Bostic speaks, Thursday
* China CPI, PPI, trade, Friday
* Eurozone industrial production, Friday
* US University of Michigan consumer sentiment, Friday
* Citigroup, JPMorgan, Wells Fargo, BlackRock results as the quarterly earnings season kicks off, Friday
* G20 finance ministers and central bankers meet as part of IMF gathering, Friday
* ECB President Christine Lagarde, IMF Managing Director Kristalina Georgieva speak on IMF panel, Friday
* Fed’s Patrick Harker speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0613
* The British pound rose 0.2% to $1.2309
* The Japanese yen fell 0.3% to 149.21 per dollar
Cryptocurrencies
* Bitcoin fell 2.4% to $26,760.29
* Ether rose 0.2% to $1,563.01
Bonds
* The yield on 10-year Treasuries declined eight basis points to 4.57%
* Germany’s 10-year yield declined six basis points to 2.72%
* Britain’s 10-year yield declined 10 basis points to 4.33%
Commodities
* West Texas Intermediate crude fell 2.3% to $83.99 a barrel
* Gold futures rose 0.6% to $1,887.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Life isn’t about finding yourself.  Life is about creating yourself. -George Bernard Shaw, 1856-1950.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
October 10, 1979: Hockey Hall-of-Famer Wayne Gretzky made his NHL debut with the Edmonton Oilers.  Go to article >>

1970: Fiji gains independence from the United Kingdom.
1973: Spiro Agnew resignation.
1845: U.S. Naval Academy established.
Giuseppi Verdi, composer, b.1813.

Flag football among new sports being considered for 2028 Olympics.
Olympic organizers have proposed five new sports for inclusion in the 2028 Games: baseball/softball, cricket, lacrosse, squash and flag football.

National Museum of Women in the Arts reopens after $67.5M makeover
After undergoing a full renovation, the museum in Washington, DC, is set to open next weekend with an ambitious show of sculptures and installations.

Ancient Roman site of Pompeii is about to ‘expand’
See how archeologists plan to make one of the world’s most famous ancient sites “bigger” in order to welcome more tourists.

‘The Crown’ final season gets release date
The dates for the sixth and final season of “The Crown” were announced Monday, along with the release of a new trailer. Netflix has also teased a royal wedding will be featured.

Scientist finally map Zealandia, Earth’s hidden continent
In a world first, scientists have fully mapped the lost continent of Zealandia, discovering new details about how it broke away from the supercontinent Gondwana through the ignition of a huge volcanic region tens of millions of years ago.  Read More.

Yellow sea snail named after late musician Jimmy Buffett
The margarita sea snail, which shoots out a toxic mucus web to catch prey, was discovered on a coral reef in the Florida Keys and was named after Buffett, who died on Sept. 1. Read More.

PHOTOS OF THE DAY

Dorset, UK
A spectacular sunrise over Corfe Castle, surrounded by early morning fog, on the Isle of Purbeck on Monday.  Photograph: Rachel Baker/BNPS

Fife, Scotland
The Flying Scotsman steams over the Forth Bridge near North Queensferry. The most famous steam locomotive in the world is celebrating its centenary year, having entered service on 24 February 1923
Photograph: Jane Barlow/PA.

​​​​​​​Berlin, Germany
Costumed artists present an artificial 5-metre tall elephant to promote Aida – The Arena Opera Spectacle which will have its world premiere in Hamburg on 2 February. Afterwards, the opera production will tour Germany and other European countries.  Photograph: Hannibal Hanschke/EPA.
Market Closes for October 10^th, 2023

Market Index	Close	Change
Dow Jones	33739.30	+134.65
		+0.40%
S&P 500	4358.24	+22.58
		+0.52%
NASDAQ	13562.84	+78.60
		+0.58%
TSX	19501.20	+255.13
		+1.33%

International Markets

Market Index	Close	Change
NIKKEI	31746.53	+751.86
		+2.43%
HANG SENG	17664.73	+147.33
		+0.84%
SENSEX	66079.36	+566.97
		+0.87%
FTSE 100*	7628.21	+136.00
		+1.82%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.998	4.156
CND. 30 Year Bond	3.763	3.901
U.S.    10 Year Bond	4.6592	4.8009
U.S. 30 Year Bond	4.8368	4.9676

Currencies

BOC Close	Today	Previous
Canadian $	0.7363	0.7316
US $	1.3581	1.3669

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4406	0.6942
US $	1.0606	0.9429

Commodities

Gold	Close	Previous
London Gold Fix	1845.50	1819.45
Oil
WTI Crude Future	85.97	82.79

Market Commentary:
📈 On this day in 1962, the Self-Employed Individual Retirement Tax Act created the Keogh plan, the first retirement account that individuals could control and determine for themselves.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.3%, or 255.13 to 19,501.20 in Toronto.
The move was the biggest since rising 1.4% on Sept. 14.
Today, energy stocks led the market higher, as 10 of 11 sectors gained; 178 of 227 shares rose, while 47 fell.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 5.5%.
Lithium Americas Argentina Corp. had the largest increase, rising 15.4%.
Insights
* In the past year, the index had a similar or greater gain nine times. The next day, it advanced six times for an average 0.4% and declined three times for an average 1%
* This year, the index rose 0.6%, heading for the best year since 2021
* The index advanced 4.9% in the past 52 weeks. The MSCI AC Americas Index gained 20% in the same period
* The S&P/TSX Composite is 6.4% below its 52-week high on Feb. 2, 2023 and 9.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.7% in the past 5 days and fell 2.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.06t
* 30-day price volatility rose to 14.61% compared with 14.32% in the previous session and the average of 13.14% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 112.4776| 3.2| 39/1
Materials | 47.3852| 2.1| 43/7
Financials | 44.6459| 0.8| 18/10
Utilities | 14.1502| 1.8| 15/0
Industrials | 13.6697| 0.5| 21/5
Communication Services | 7.7851| 1.1| 4/1
Information Technology | 4.9503| 0.3| 3/8
Consumer Discretionary | 4.8240| 0.7| 11/3
Consumer Staples | 3.2706| 0.4| 6/5
Real Estate | 2.4010| 0.5| 15/6
Health Care | -0.4433| -0.8| 3/1
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 34.9600| 5.5|n/a | 17.8
Brookfield Corp | 20.2400| 4.8|n/a | 2.7
Suncor Energy | 18.5800| 4.6|n/a | 7.2
Canadian Pacific Kansas | -3.8400| -0.6|n/a | -2.0
Constellation Software | -4.0020| -1.0|n/a | 37.5
Fairfax Financial | -6.1600| -3.4|n/a | 40.5
US
By Rita Nazareth
(Bloomberg) — Stocks rose and Treasury yields fell after comments from Federal Reserve officials bolstered speculation the central bank is heading toward another pause in interest-rate hikes.
Oil edged lower, following its biggest rally since April.
The S&P 500 advanced for a third straight day, with some analysts also citing a rebound from oversold levels.
Amazon.com Inc. gained amid its fall sale for Prime subscribers.
PepsiCo Inc. climbed on a bullish forecast.
A measure of US-listed Chinese shares added 3.1% as Bloomberg News reported the Asian nation is considering new economic stimulus.
European equities rallied the most since November 2022.
Treasuries gained, catching up with the global bond rally on Monday, when cash trading in the US was closed.
Ten-year yields sank 15 basis points to 4.65%.
Fed swaps show about a 60% chance the Fed will stay on hold in December, compared with 60% odds of another hike by then, just a week ago.
The dollar fell for a fifth straight day, its longest losing streak since July.
In a week jam-packed with speeches from US central bank officials, Fed Bank of Atlanta President Raphael Bostic said policy is restrictive enough to lower prices to the 2% goal.
His Minneapolis counterpart Neel Kashkari said it’s “possible” that rising yields may mean Fed has to do less.
“Policymakers have begun to acknowledge a lesser need for further policy action given financial conditions have tightened considerably after the recent surge in Treasury yields,” said Ben Jeffery at BMO Capital Markets. “This acknowledgment may have reduced angst around the need for additional rate increases.”
Investors will be watching for any hints in the September Fed meeting minutes due Wednesday that would suggest the Fed may not follow through with the last hike indicated in its economic projections, according to Anna Wong at Bloomberg Economics.
Two critical upcoming economic indicators — Thursday’s consumer price index and Friday’s University of Michigan consumer-sentiment survey — may give a more definitive read, she noted.
“Risks to CPI this week are to the upside, reflecting dynamics in individual components such as auto prices. An upside surprise may see even more market buy-in to the downside, as investors are acutely concerned about rising energy prices,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments.
While Goodwin said an additional hike may still be in the cards, she cited the fact that market financial conditions are tightening — reflecting higher risk in the real economy, government funding, and geopolitical developments.  “This may be enough to key the Fed on pause,” Goodwin noted.
Global investors also kept a close eye on geopolitics.
President Joe Biden said the US is “surging” military assistance to Israel in the wake of the Palestinian militant group Hamas’ surprise attack.
The shekel regained its footing as the central bank dueled short sellers to contain the market fallout from Israel’s conflict with militant group Hamas.
The currency strengthened as much as 1% in the first half hour of trading on Tuesday and was little changed against the dollar.
Billionaire investor Paul Tudor Jones told CNBC the current geopolitical environment is the “most threatening and challenging” he’s ever seen in the wake of Hamas’s attack on Israel over the weekend and predicted the US will enter into a recession early next year.
European gas prices jumped, with Finland is on high alert as it suspects a gas pipeline leak in the Baltic Sea was caused by a deliberate act of destruction, fueling concerns about the safety of Europe’s energy infrastructure.
Base metals sank amid fresh fears over property turmoil in China.

Corporate News
* Boeing Co. said it delivered 27 commercial jets in September, marking the third consecutive month that shipments have declined as manufacturing glitches put its annual target in jeopardy.
* General Motors Co. reached a contract with its Canadian union, ending a strike that began about 13 hours earlier at three plants in Ontario.
* Birkenstock Holding Plc’s initial public offering is expected to price Tuesday after the trading day ends, the last of four big listings seen as pacesetters for US equity markets.
* LVMH’s sales growth softened in the third quarter as shoppers reined in spending on high-end Cognac and costly handbags, more evidence the post-pandemic luxury boom is waning.
* Drugmaker Mallinckrodt Plc won court approval for a new debt-reduction plan that will slash about $1 billion from the sum the company must pay victims of America’s opioid epidemic.
Key events this week:
* Germany CPI, Wednesday
* NATO defense ministers meeting in Brussels, Wednesday
* Russia Energy Week in Moscow, with officials from OPEC members and others, Wednesday
* US PPI, Wednesday
* Minutes of Fed’s September policy meeting, Wednesday
* Fed’s Michelle Bowman and Raphael Bostic speak at separate events, Wednesday
* Japan machinery orders, PPI, Thursday
* Bank of Japan’s Asahi Noguchi speaks, Thursday
* UK industrial production, Thursday
* US initial jobless claims, CPI, Thursday
* European Central Bank publishes account of September policy meeting, Thursday
* Fed’s Raphael Bostic speaks, Thursday
* China CPI, PPI, trade, Friday
* Eurozone industrial production, Friday
* US University of Michigan consumer sentiment, Friday
* Citigroup, JPMorgan, Wells Fargo, BlackRock results as the quarterly earnings season kicks off, Friday
* G20 finance ministers and central bankers meet as part of IMF gathering, Friday
* ECB President Christine Lagarde, IMF Managing Director Kristalina Georgieva speak on IMF panel, Friday
* Fed’s Patrick Harker speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.0604
* The British pound rose 0.4% to $1.2286
* The Japanese yen fell 0.1% to 148.67 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $27,409.41
* Ether fell 0.7% to $1,566.11
Bonds
* The yield on 10-year Treasuries declined 15 basis points to 4.65%
* Germany’s 10-year yield was little changed at 2.77%
* Britain’s 10-year yield declined five basis points to 4.43%
Commodities
* West Texas Intermediate crude fell 0.7% to $85.77 a barrel
* Gold futures rose 0.5% to $1,873.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Isabelle Lee and Liz Capo McCormick.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
You will never do anything in this world without courage.  It is the greatest quality of the mind next to honor. –Aristotle, 384 BC-322 BC.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

October 6^th, 1973: Egypt and Syria launch a surprise attack on Israel, starting the  Yom Kippur War.

2nd-century Alexander the Great statue with lion’s-mane hairstyle unearthed in Turkey
The discovery shows the popularity of the ancient ruler hundreds of years after his death.  Read More.

700-year-old coin depicting Jesus and medieval king discovered in Bulgaria. Archaeologists in Bulgaria have discovered a medieval silver coin that features a Serbian king and a saint on one side and Jesus on the other.  Full Story: Live Science (10/4)

Earth’s solid inner core is ‘surprisingly soft’ thanks to hyperactive atoms jostling around
Atoms within the enormous ball of iron in Earth’s inner core may move around much more than previously thought, which could explain recent findings about the core’s surprising softness.  Read More.

James Webb Space Telescope spots dozens of physics-breaking rogue objects floating through space in pairs
Astronomers spotted Jupiter-mass binary objects (JUMBOs) in the Orion constellation, and they don’t know how the objects formed.  Read More.

US government issues 1st-ever space junk fine, charging satellite TV company whopping $150k
The FCC issued its first-ever fine for a space debris violation, slapping the DISH satellite TV company with a $150,000 penalty. Read More.

Ultra-exclusive private golf course opens in South Florida — with $1 million membership fee.
You can enjoy this world-class golf course, so long as you have a spare million dollars lying around.

Growing up in an Italian castle
This young woman’s family inherited a 900-year-old Italian castle. Here’s what it’s like living there.

Tom Brady’s last game jersey is headed to auction
The jersey Tom Brady wore in the last NFL game of his 23-season career is heading to auction, where it could fetch as much as $2.5 million.

PHOTOS OF THE DAY

New York City, US
People hold umbrellas as cars move along Brooklyn Bridge after heavy rains. Flash flooding swept over parts of the New York City region last week as residents reeled from powerful downpours and surging waters.  Photograph: Andrés Kudacki/AP

Reinfjord, Norway
A Sami woman feeds her son while watching their herd of reindeer in Reinfjord. A horde of white, brown or greying reindeer cross fjords, climb mountains and swim between glaciers before arriving at their destination, after a great migration to their winter pasture, in the Norwegian far north.  Photograph: Olivier Morin/AFP/Getty Images.

Scoresby Fjord, Greenland
Water flows from a melting iceberg in Scoresby Fjord. The French national centre for scientific research is undertaking an expedition to explore Greenland’s isolated fjords, the planet’s largest fjord system, which remains vastly understudied.  Photograph: Olivier Morin/AFP/Getty Images.
Market Closes for October 6^th, 2023

Market Index	Close	Change
Dow Jones	33407.58	+288.01
		+0.87%
S&P 500	4308.50	+50.31
		+1.18%
NASDAQ	13431.34	+211.51
		+1.60%
TSX	19246.07	+108.26
		+0.57%

International Markets

Market Index	Close	Change
NIKKEI	30994.67	-80.69
		-0.26%
HANG SENG	17485.98	+272.11
		+1.58%
SENSEX	65995.63	+364.06
		+0.55%
FTSE 100*	7494.58	+43.04
		+0.58%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.156	4.133
CND. 30 Year Bond	3.901	3.909
U.S.    10 Year Bond	4.8009	4.7185
U.S. 30 Year Bond	4.9676	4.8901

Currencies

BOC Close	Today	Previous
Canadian $	0.7316	0.7296
US $	1.3669	1.3706

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4482	0.6905
US $	1.0595	0.9438

Commodities

Gold	Close	Previous
London Gold Fix	1819.45	1818.95
Oil
WTI Crude Future	82.79	82.31

Market Commentary:
📈 On this day in 1979, then-Fed Chair Paul Volcker set off the “Saturday Night Massacre” when he said the central bank would raise interest rates by a full percentage point amid spiraling inflation. The decision sparked a dramatic bond selloff.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.6%, or 108.26 to 19,246.07 in Toronto.
The move was the biggest since rising 0.8% on Sept. 28.
Shopify Inc. contributed the most to the index gain, increasing 2.5%.
Lithium Americas Argentina Corp. had the  largest increase, rising 7.0%.
Today, 176 of 228 shares rose, while 50 fell; 8 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index fell 0.7%, heading for the worst year since 2022
* So far this week, the index fell 1.5%
* The index advanced 1.4% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 7.7% below its 52-week high on Feb. 2, 2023 and 7.7% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.5 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.04t
* 30-day price volatility rose to 14.32% compared with 14.23% in the previous session and the average of 12.96% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 28.7481| 0.8| 36/4
Materials | 27.5964| 1.3| 45/7
Financials | 23.4889| 0.4| 21/7
Information Technology | 22.2528| 1.5| 8/3
Industrials | 6.8727| 0.3| 20/6
Real Estate | 2.7424| 0.6| 18/2
Consumer Discretionary | 0.9231| 0.1| 11/3
Utilities | 0.7349| 0.1| 11/5
Health Care | -1.0433| -1.7| 0/4
Communication Services | -1.9356| -0.3| 2/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 14.7000| 2.5|n/a | 55.9
Canadian Natural Resources | 8.0890| 1.3|n/a | 11.7
Brookfield Corp | 6.5060| 1.6|n/a | -1.9
RBC | -1.6580| -0.2|n/a | -9.7
Bank of Nova Scotia| -2.3440| -0.5|n/a | -10.4
Restaurant Brands | -4.6250| -2.4|n/a | -1.7
US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — US stock benchmarks rebounded after a tense week while the retreat in Treasuries extended as Wall Street debated the odds the Federal Reserve will raise interest rates again this year.
The S&P 500 advanced 1.2% Friday with the benchmark snapping its four-week losing streak after a last minute deal with the autoworkers union helped buoy sentiment.
The Nasdaq 100 jumped 1.7% with large-cap tech names, including Microsoft Corp., Apple Inc. and Nvidia Corp., powering the index higher.
Yields on 10-year and 30-year Treasuries calmed after touching 2007 highs near 4.9% and 5.1%, respectively as global bonds sold off for a fifth straight week.
An unexpected surge in hiring left swaps traders pricing in a roughly 50/50 chance of a rate hike by December.
The nonfarm payrolls report showed employers quickened the pace of hiring, with 336,000 jobs being added in September — more than double economists’ estimates.
The unemployment rate held steady at 3.8%, data from the Bureau of Labor Statistics showed Friday.
“The overall picture is rather ‘goldilocks’-like, with strong jobs growth coming alongside continued disinflation,” according to the economics desk at ABN Amro, which cautioned against relying too much on a single month’s data.  “We continue to think the fed funds rate has peaked and that July was the last hike of the cycle,” they added. “If anything, the recent jump in bond yields adds to our conviction that the Fed will refrain from further hikes, as the rise in yields represents a major additional tightening of financial conditions.”
Seema Shah, chief global strategist at Principal Asset Management, came to a different conclusion after the data. “The economy is almost too hot to handle and the Fed will need to respond with more rate hikes, it reinforces the higher-for-longer narrative that has been spooking bond markets for the past few weeks,” she said.
The bond selloff has been hammering risk assets from stocks to corporate credit on concerns that central banks will keep interest rates elevated longer than expected.
Mohamed El-Erian, the chief economic adviser at Allianz SE, sees more pain ahead.
“Something is likely to break,” he said on Bloomberg Television.
The Bloomberg Opinion columnist said Friday’s job numbers were consistent with his call for a possible recession.
Markets gyrated on conflicting US labor data this week: job-openings overshot estimates, while a measure of private employment from ADP was weaker than forecast.
Traders bet big on volatility ahead of Friday’s payrolls number, though the wager hasn’t really paid off yet.
They also have record sums riding on the outcome of November’s Fed meeting as investors and policymakers debate the likelihood of a further rate increase this year.
In commodities, oil posted its biggest weekly drop since March while gold slumped for the second week in a row.
Next week, all eyes will be on Thursday’s consumer pricing data as well as earnings reports from some of Wall Street’s biggest banks, including JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.7%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.4% to $1.0589
* The British pound rose 0.4% to $1.2242
* The Japanese yen fell 0.6% to 149.33 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $27,977
* Ether rose 1.9% to $1,647.22
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 4.79%
* Germany’s 10-year yield was little changed at 2.88%
* Britain’s 10-year yield advanced three basis points to 4.57%
Commodities
* West Texas Intermediate crude rose 0.6% to $82.80 a barrel
* Gold futures rose 0.7% to $1,844.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cecile Gutscher, Carter Johnson, Sagarika Jaisinghani, Richard Henderson and John Viljoen.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
The enemy is fear.  We think it is hate; but it is fear. Gandhi-1869-1948.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

October 5^th, 2011 Apple founder Steve Jobs died at age 56.  Go to article >>
1877: Chief Joseph surrender.

Tecumseh, Shawnee chief, d.1813.
Kate Winslet, actress, b. 1975.

‘Exceptional’ 1,800-year-old sarcophagus unearthed in France held woman of ‘special status’
Archaeologists excavating an ancient necropolis have unearthed a Roman-era sarcophagus containing the remains of a second-century woman. Read More.

1,400-year-old gold figures depicting Norse gods discovered at former pagan temple
Archaeologists have discovered 35 miniature gold-foil depictions of Norse gods tucked inside the remnants of a pagan temple in Norway. Read More.

Norwegian family finds 1,200-year-old Viking treasure while searching for a lost earring in their yard .
The discovery includes two roughly 1,200-year-old brooches, made from bronze and once gilded with gold, that may have belonged to an aristocratic woman.
Full Story: Live Science (10/4)

Nobel Prize in chemistry awarded to trio who discovered bizarre quantum dots
Three scientists will share the Nobel Prize in Chemistry for their discovery of strange nanoparticles that change color according to their size. Read More.

New Halloween lawn decoration creates a stir on social media
Over the past few years, a 12-foot skeleton has been the hottest Halloween decoration. Now, fans are obsessed with this item that’s selling out in stores.

Pleasant surprise greets scientists opening asteroid sample dropped from space
The asteroid sample recently collected by NASA will be unveiled in a live broadcast next week. Here’s what scientists have observed so far.

Simone Biles and US team win 7th consecutive world title
The American gymnast played a key role in a historic victory for the US in the women’s team final on Wednesday.

Comedy Wildlife Photo Award 2023 finalists revealed
The shortlist includes photos of mischievous monkeys, a startled leopard, and a very happy turtle. View some of the chucklesome finalists for the Comedy Wildlife Photo Award 2023.

PHOTOS OF THE DAY
These images from the early 20th century have been revitalised with the latest colour technology:

Bathers at Siouville-Hague in Normandy, France, photographed by Gustave Gain, 1921
The Colors of Life shows us a new way of seeing the past. This world is a familiar one, and this is where the fascination lies within this collection of images. There is a striking sense of clarity to these photos, an enhanced realism, and the majority of them look as though they were shot only yesterday.

Casserole vendor on Rue Peyrolières (then Rue des Chaudrons) in Toulouse, France, photographed by Georges Chevalier, 18 April, 1916
Humphryes uses an algorithm to average out the difference between adjacent pixels in an image, which smooths and blends the individual spots of colour into a more coherent image that can be enlarged without it breaking up into constituent coloured dots.

​​​​​​​The original Moulin Rouge in Paris, France, the year before it burned down, photographed by Stéphane Passet, 24 June, 1914
We know that these people and places existed – the evidence is there in front of our eyes – but somehow, they seem less real; mere ghostly faces from a time and place long since vanished. These are people with different values, different fashion and different lifestyles than us. We cannot fully understand them because we don’t fully see them as they were in reality.
Market Closes for October 5^th, 2023

Market Index	Close	Change
Dow Jones	33119.57	-9.98
		-0.03%
S&P 500	4258.19	-5.56
		-0.13%
NASDAQ	13219.83	-16.17
		-0.12%
TSX	19137.81	+103.00
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	31075.36	+548.48
		+1.80%
HANG SENG	17213.87	+18.03
		+0.10%
SENSEX	65631.57	+405.53
		+0.62%
FTSE 100*	7451.54	+39.09
		+0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.133	4.152
CND. 30 Year Bond	3.909	3.918
U.S.    10 Year Bond	4.7185	4.7329
U.S. 30 Year Bond	4.8901	4.8584

Currencies

BOC Close	Today	Previous
Canadian $	0.7296	0.7277
US $	1.3706	1.3742

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4456	0.6918
US $	1.0550	0.9479

Commodities

Gold	Close	Previous
London Gold Fix	1818.95	1822.45
Oil
WTI Crude Future	82.31	84.22

Market Commentary:

📈 On this day in 1993, Daimler-Benz became the first German company to list on the New York Stock Exchange.

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5%, or 103 to 19,137.81 in Toronto.
Royal Bank of Canada contributed the most to the index gain, increasing 0.8%.
TransAlta Corp. had the largest increase, rising 7.0%.
Today, 165 of 228 shares rose, while 61 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 1.3%, heading for the worst year since 2022
* So far this week, the index fell 2.1%
* The index declined 0.5% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 8.2% below its 52-week high on Feb. 2, 2023 and 7.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.3% in the past 5 days and fell 6.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.4 on a trailing basis and 13.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.02t
* 30-day price volatility rose to 14.23% compared with 14.13% in the previous session and the average of 12.86% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 27.6804| 0.5| 23/5
Energy | 20.1889| 0.6| 28/12
Materials | 19.2393| 0.9| 36/14
Utilities | 15.3131| 2.0| 16/0
Communication Services | 14.1651| 2.0| 5/0
Real Estate | 4.0467| 0.9| 20/1
Industrials | 3.3519| 0.1| 15/11
Consumer Staples | 0.8317| 0.1| 6/5
Health Care | 0.1032| 0.2| 3/1
Consumer Discretionary | -0.2851| 0.0| 5/9
Information Technology | -1.6251| -0.1| 8/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 8.5830| 0.8|n/a | -9.6
BCE | 6.8190| 2.1|n/a | -13.9
Enbridge | 5.9020| 0.9|n/a | -17.8
Canadian Pacific Kansas | -4.4250| -0.7|n/a | -1.2
Brookfield Corp | -5.4900| -1.3|n/a | -3.5
Shopify | -6.0140| -1.0|n/a | 52.1
US
By Cristin Flanagan and Vildana Hajric
(Bloomberg) — Stocks and bonds have backed away from the worst of this week’s slump, though key data Friday threatens to spur a fresh slide.
US equity benchmarks ended the day pointing lower Thursday after the latest data showed weekly unemployment claims holding near historical lows.
The S&P 500 has been hovering above a key support level that — should it fall below — technical analysts warn could drive a steeper drop. With the gauge already down roughly 8% from July highs, a too-healthy number from Friday’s monthly non-farm payrolls could push yields back up and stocks down.
“Tomorrow’s jobs report may be the most important one of the year,” according to Tom Essaye, a former Merrill Lynch trader.  If the report is too hot and the yield on the US 10-year bond moves close to 5%, “we could easily see the S&P 500 fall through the 200-day moving average and at that point we could see an acceleration of the declines in stocks,” Essaye wrote in his The Sevens Report newsletter.
The yield on the US 10-year drifted down to 4.72% after touching a 16-year high around 4.88% this week.
The 30-year, which recently hit the 5% level, advanced toward 4.9% in Thursday’s session.
Wall Street has been keyed in on rising borrowing costs and saw 5% as a likely target for longer-term US government bonds, now some money managers are saying 6% is on the table.
With the US benchmark rate at a 22-year high Fed speakers reinforced the higher-for-longer message and said data would be key ahead of the November meeting.
Richmond Fed President Thomas Barkin, who does not vote this year, said the market is seeing a return to a more normal rate seen in prior years.
The head of the San Francisco Fed Mary Daly — also a non-voting member — said that the central bank could hold rates steady if jobs and pricing showed signs of slowing.
“The markets are finally coming to grips with higher long-term rates, and I think we’re seeing more of that reflected in the markets,” said Chris Gaffney, president of world markets at EverBank. “In the past, the Fed seems like they have always adjusted to the markets, but this go around, I think the markets have had to adjust to the Fed.”
Thursday’s report showed a slight rise in the number of people filing for unemployment benefits compared with the previous week.
Claims ticked up to 207,000 in the week ending Sept. 30, according to Labor Department data.
Earlier this week, the unexpected rise in August job openings spurred the rout in Treasuries.
The selloff paused after private payrolls data showed US companies added the fewest number of jobs since the start of 2021 last month.
While markets have stabilized from the recent rout, investor sentiment remains fragile. Investors are keen to see if Friday’s labor data cements bets on a November pause from the Federal Reserve.
Currently, swaps are pricing a one-in-four chance of a Fed move higher next month.
“Friday’s payrolls data, and next week’s inflation number will decide whether the 10-year Treasury yield goes up to 5% or down to 4.5%,” Societe Generale strategist Kenneth Broux said. A higher-than-forecast jobs number could trigger “another wave of dollar-buying and bond-selling,” he added.
In the monthly employment report, economists surveyed by Bloomberg predict the US economy added 170,000 workers in September, slightly less than the previous month.
Even with markets showing signs of calm, strategists’ reports highlight deep concern about the long-term economic toll of higher-for-longer interest rates.
Barclays Plc analysts wrote in a note that global bonds are doomed to keep falling unless a sustained slump in equities revives the appeal of fixed-income assets.
“There is no magic level of yields that, when reached, will automatically draw in enough buyers to spark a sustained bond rally,” analysts led by Ajay Rajadhyaksha said. “In the short term, we can think of one scenario where bonds rally materially.  If risk assets fall sharply in the coming weeks.”
Oil extended a retreat, with WTI crude reaching below $83 per barrel for the first time since late-August.

Key events this week: 
* China has week-long holiday
* Germany factory orders, Friday
* US unemployment rate, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.4% to $1.0551
* The British pound rose 0.5% to $1.2194
* The Japanese yen rose 0.4% to 148.46 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $27,498.5
* Ether fell 1.5% to $1,617.56
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.71%
* Germany’s 10-year yield declined four basis points to 2.88%
* Britain’s 10-year yield declined four basis points to 4.54%
Commodities
* West Texas Intermediate crude fell 2.1% to $82.45 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Sujata Rao, Chiranjivi Chakraborty and Richard Henderson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Loneliness is the way by which destiny endeavors to lead man to himself. -Hermann Hesse, 1877-1962.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
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Dear Friends,

Tangents:
On Oct. 4, 1957, the Space Age began as the Soviet Union launched Sputnik, the first man-made satellite, into orbit.  Go to article >>

St. Franci of Assis, b. 1181.
Susan Sarandon, b.1946.

Starbucks scientists are developing climate-proof coffee:  The coffee chain is testing new varieties of beans as climate change threatens to impact its supply. Arabica coffee, the only variety used by Starbucks, is especially at risk.

Japan implements tourist tax at famous attraction:  The popular Itsukushima Shrine, one of the most recognizable attractions in Japan, is now slightly more expensive to visit.

‘Priscilla’ trailer features big hair, young love and zero music by Elvis:  Premiering in theaters in November, the film “Priscilla” takes the focus off the King of Rock ‘n’ Roll and shines a light on his iconic wife Priscilla Presley. Watch the new trailer here — which curiously does not feature Elvis’ music.

100-year-old origin theory of Stonehenge’s iconic Altar Stone could be wrong, scientists say
Scientists are challenging the longstanding theory of the origin of Stonehenge’s bluestones, which make up its inner circle, using geochemical analysis. Read More.

Nobel Prize in Physics awarded to three scientists who glimpsed the inner world of atoms with tiny light pulses. The trio devised methods for creating the tiniest slices of light.
Full Story: Live Science (10/3)

2,300-year-old grave contains remains of Greek courtesan who may have accompanied Alexander the Great’s army
Human remains buried with a 2,300-year-old bronze mirror in Israel may be the first ever found of an ancient Greek courtesan who accompanied the Hellenistic armies on their campaigns. Read More.

James Webb telescope’s observations of ‘impossible’ galaxies at the dawn of time may finally have an explanation
A new set of simulations suggests that the unusual brightness of early galaxies discovered by the James Webb telescope could be because of a strange, rapid-burst mode
of star formation. Read More.

Giant never-before-seen long-necked ‘titan’ dinosaur unearthed in Europe
The newly identified titanosaur, Garumbatitan morellensis, roamed what is now Spain around 122 million years ago. The unusual shape of some of its bones could hold clues about the evolutionary history of a unique group of sauropods.  Read More.

PHOTOS OF THE DAY

Tokyo, Japan
A visitor takes photographs of goldfish swimming in reflected tanks at the Art Aquarium Museum Ginza.  Photograph: Franck Robichon/EPA.

Hangzhou, China
Chinese diver Chang Yani competes in the finals of the women’s 3m springboard event during the Asian Games.  Photograph: Manan Vatsyayana/AFP/Getty.

Gazipur, Bangladesh
A man shelters under an umbrella while fishing for swamp barb fish in the Belai Beel wetlands.  Photograph: Syed Mahabubul Kader/Zuma Press Wire/Shutterstock.
Market Closes for October 4^th, 2023

Market Index	Close	Change
Dow Jones	33129.55	+127.17
		+0.39%
S&P 500	4263.75	+34.30
		+0.81%
NASDAQ	13236.01	+176.54
		+1.35%
TSX	19034.81	+13.89
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	30526.88	-711.06
		-2.28%
HANG SENG	17195.84	-135.38
		-0.78%
SENSEX	65226.04	-286.06
		-0.44%
FTSE 100*	7412.45	-57.71
		-0.77%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.152	4.243
CND. 30 Year Bond	3.918	3.997
U.S.    10 Year Bond	4.7329	4.7934
U.S. 30 Year Bond	4.8584	4.9208

Currencies

BOC Close	Today	Previous
Canadian $	0.7277	0.7296
US $	1.3742	1.3706

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4437	0.6927
US $	1.0507	0.9517

Commodities

Gold	Close	Previous
London Gold Fix	1822.45	1833.05
Oil
WTI Crude Future	84.22	89.23

Market Commentary:
📈 On this day in 1957, the USSR launched the Sputnik, the world’s first orbiting satellite, setting off panic that the U.S. was falling behind in the space race. In the next 12 trading days, the Dow Jones Industrial Average lost 9.1% of its value.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 19,034.81 in Toronto.
The move follows the previous session’s decrease of 0.8%.
Shopify Inc. contributed the most to the index gain, increasing 2.5%.
NorthWest Healthcare Properties Real Estate Investment Trust had the largest increase, rising 8.2%.
Today, 128 of 228 shares rose, while 98 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 1.8%, heading for the worst year since 2022
* The index declined 1.7% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on Feb. 2, 2023 and 6.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.1% in the past 5 days and fell 7.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.4 on a trailing basis and 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.02t
* 30-day price volatility fell to 14.13% compared with 14.50% in the previous session and the average of 12.79% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 38.9149| 0.7| 23/5
Information Technology| 24.0640| 1.7| 10/1
Utilities | 15.7923| 2.1| 13/3
Industrials | 12.7456| 0.5| 19/7
Communication Services| 9.7132| 1.4| 3/2
Real Estate | 8.4620| 1.9| 21/0
Consumer Staples | 8.0068| 1.0| 11/0
Consumer Discretionary| 5.9280| 0.8| 8/6
Health Care | 0.5611| 0.9| 3/0
Materials | -21.4241| -1.0| 15/36
Energy | -101.9305| -2.9| 2/38
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 14.9500| 2.5|n/a | 53.6
RBC | 10.2400| 0.9|n/a | -10.3
Bank of Nova Scotia| 8.1190| 1.7|n/a | -10.9
Cenovus Energy | -10.4400| -4.1|n/a | 0.2
Suncor Energy | -20.1300| -4.8|n/a | 1.9
Canadian Natural Resources | -30.7600| -4.7|n/a | 10.0
US
By Cristin Flanagan
(Bloomberg) — The selloff in stocks and bonds got a reprieve Wednesday as traders parsed US data and increased bets that the Federal Reserve can refrain from further interest rate increases.
Equity benchmarks touched session highs in the final  minutes of trading with the Nasdaq 100 rising 1.4% and the S&P 500 0.8% higher after a final run-up in the tech sector.
Tesla Inc. was at the forefront of the advance in large-cap tech names that also included Microsoft Corp. and Amazon.com Inc.
The S&P 500 closed above a key technical level.
Ten-year Treasury yields were lower on the day after the rate on the benchmark touched a high of 4.88% during Asian trading hours.
Traders are now pricing a less than one-in-five chance of an increase in November, down from one-in-three previously.
Wednesday’s rebound was bolstered by data showing US companies added the fewest number of jobs since the start of 2021 in September, suggesting labor demand in several industries is slowing.
A separate report showed the services sector also pulled back modestly last month to the lowest level this year.
The latest leg of the selloff had been fueled by Tuesday’s better-than-expected US job data, as well as a slew of hawkish comments from Federal Reserve officials.
As conviction grew that US interest rates could rise further from current 22-year highs, 30-year yields touched 5% for the first time since 2007.
Wall Street has been saying longer term bonds at 5% yields are likely in the near-term.
One-time bond king Bill Gross weighed in saying that the US 10-year at 5% would provide “decent” but not “great value” as inflation remains high.
Volatility could make another appearance when Friday’s payrolls numbers hit as traders search for signs that the economy is cooling and the Fed can pull back from its higher-for-longer messaging.
“Stock investors have been hoping the labor market will loosen up and give the Fed enough breathing room to dial down its hawkishness,” said Mike Loewengart, head of model portfolio construction at the Morgan Stanley Global Investment Office.  “ADP isn’t necessarily a reliable predictor of the government’s monthly jobs data, but if Friday’s report also shows the labor market is cooling, stock investors may worry a little less about indefinitely higher interest rates.”
In commodities, crude futures dropped and gold slid.

“Recent developments support our view that markets had become overly confident in pricing a rapid easing of the Fed’s monetary policy,” wrote Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management. “While we expect equity and bond market conditions to improve, we forecast choppy and rangebound trading in equity markets in the near term.”
Key events this week: 
* China has week-long holiday
* France industrial production, Thursday
* BOE Deputy Governor Ben Broadbent, Riksbank First Deputy Governor Anna Breman participate at panel discussion, Thursday
* US trade, initial jobless claims, Thursday
* San Francisco Fed President Mary Daly speaks at the Economic Club of New York, Thursday
* Germany factory orders, Friday
* US unemployment rate, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.4%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.0515
* The British pound rose 0.6% to $1.2150
* The Japanese yen was little changed at 149.04 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $27,617.31
* Ether fell 0.9% to $1,642.44
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.72%
* Germany’s 10-year yield declined five basis points to 2.92%
* Britain’s 10-year yield declined two basis points to 4.58%
Commodities
* West Texas Intermediate crude fell 5% to $84.73 a barrel
* Gold futures fell 0.2% to $1,838.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cecile Gutscher, Macarena Muñoz, Sujata Rao, Michael Msika and Tatiana Darie.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
I hated every minute of training, but I said, ‘Don’t quit.  Suffer now and live the rest of your life as a champion.’ –Muhammad Ali, 1942-2016.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com