Author: Carolann

Dear Friends,

Tangents:

On Oct. 3, 1990, West Germany and East Germany ended 45 years of postwar division, declaring the creation of a new unified country.  Go to article >>

Gore Vidal, writer, b. 1925.
Stevie Ray Vaughan, b. 1954.

Apple confirms some new iPhone models are overheating:
The tech giant said some iPhones are overheating because third-party apps, including Instagram and Uber, are “overloading the system.”

Nobel Prize winners announced:
This year’s Nobel Prize in medicine has been awarded to two pioneering scientists for their work on mRNA vaccines, a crucial tool in curtailing the spread of Covid-19. The Nobel Prize in physics goes to a remarkable trio for their research into electrons in flashes of light.

How to see the last ‘ring of fire’ eclipse until 2046:
Here’s what you should know about the exciting celestial event coming soon.

‘Like building skyscrapers in Central Park’: Tokyo redevelopment plan sparks protests
A revamp of one of Tokyo’s most beloved parks is fueling anger in the capital. View the renderings of the controversial project.

Turkish film festival canceled amid ‘censorship’ controversy:
One of Turkey’s most prestigious film festivals was canceled after a political documentary provoked the ire of the government.

8 pre-Inca mummies and artifacts unearthed just beneath the streets of Lima, Peru
While installing new gas lines in Peru, workers unearthed nearly a dozen pre-Inca mummies buried alongside a variety of artifacts.  Read More.

Watch Chinese astronauts light a spherical fire in risky open-flame experiment on Tiangong space station
Chinese astronauts lit a match while filming a lecture aboard the Tiangong Space Station, creating a spherical open flame that would be forbidden
aboard the ISS. Read More.

PHOTOS OF THE DAY

Stockholm, Sweden
Journalists wait for the announcement of the winners of the 2023 Nobel prize in physics, at the Royal Swedish Academy of Sciences. The prize was jointly awarded to Pierre Agostini, Ferenc Krausz and Anne L’Huillier for ‘experimental methods that generate attosecond pulses of light for the study of electron dynamics in matter’, the academy announced.  Photograph: Anders Wiklund/EPA

Munich, Germany
Bavarians in traditional costumes fire their muzzle loaders on the last day of the Oktoberfest beer festival.  Photograph: Matthias Schräder/AP.

​​​​​​​London, UK
A person stands with a group of swans on the bank of the River Thames with the City of London financial district in the distance.
Photograph: Henry Nicholls/AFP/Getty Images
Market Closes for October 3^rd, 2023

Market Index	Close	Change
Dow Jones	33002.38	-430.97
		-1.29%
S&P 500	4229.45	-58.94
		-1.37%
NASDAQ	13059.46	-248.31
		-1.87%
TSX	19020.92	-156.26
		-0.81%

International Markets

Market Index	Close	Change
NIKKEI	31237.94	-521.94
		-1.64%
HANG SENG	17331.22	-478.44
		-2.69%
SENSEX	65512.10	-316.31
		-0.48%
FTSE 100*	7470.16	-40.56
		-0.54%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.243	N.A.
CND. 30 Year Bond	3.997	N.A.
U.S.    10 Year Bond	4.7934	4.6827
U.S. 30 Year Bond	4.9208	4.7903

Currencies

BOC Close	Today	Previous
Canadian $	0.7296	0.7366
US $	1.3706	1.3576

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4346	0.6971
US $	1.0467	0.9554

Commodities

Gold	Close	Previous
London Gold Fix	1833.05	1870.50
Oil
WTI Crude Future	89.23	88.82

Market Commentary:
📈 On this day in 2008, amid the depths of the financial crisis, President George W. Bush signed into law an unprecedented $700 billion plan to rescue the U.S. financial system. The move established the Troubled Asset Relief Program, known as TARP, a rescue package that saved a swath of U.S. companies but never won widespread public support.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.8%, or 156.26 to 19,020.92 in Toronto.
The index dropped to the lowest closing level since Oct. 24, 2022.
Shopify Inc. contributed the most to the index decline, decreasing 4.6%.
Lundin Mining Corp. had the largest drop, falling 5.3%.
Today, 158 of 227 shares fell, while 65 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 1.9%, heading for the worst year since 2022
* The index advanced 0.7% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on Feb. 2, 2023 and 6.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.7% 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 14.9 on a trailing basis and 14.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.05t
* 30-day price volatility rose to 14.50% compared with 14.39% in the previous session and the average of 12.73% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -85.5038| -1.5| 3/25
Information Technology | -32.8298| -2.3| 1/10
Materials | -18.7053| -0.8| 23/27
Real Estate | -8.4998| -1.9| 1/20
Consumer Discretionary | -8.3075| -1.2| 2/12
Energy | -4.7548| -0.1| 18/20
Utilities | -3.1936| -0.4| 6/9
Health Care | -0.6762| -1.1| 0/4
Communication Services | 0.1868| 0.0| 3/2
Industrials | 0.9846| 0.0| 3/23
Consumer Staples | 5.0314| 0.6| 5/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -28.4000| -4.6|n/a | 49.8
RBC | -27.4100| -2.4|n/a | -11.1
Nutrien | -11.9500| -4.2|n/a | -20.7
Canadian Natural Resources | 3.3580| 0.5|n/a | 15.3
Couche-Tard | 4.7200| 1.3|n/a | 19.4
Canadian Pacific Kansas | 6.8320| 1.1|n/a | -0.2
US
By Cristin Flanagan
(Bloomberg) — Stocks sank while Treasury yields hit new multi-year highs after jobs data bolstered the case for the Federal Reserve to keep interest rates elevated.
The S&P 500 fell 1.4% to a four-month low while the Nasdaq 100 index dropped 1.8% after a too hot readout on August job openings.
Wall Street’s fear gauge, the CBOE Volatility Index or VIX, rose above 20 intraday — a key level signaling mercurial spirits are afoot — the highest such reading since May.
The ICE BofA MOVE Index, which tracks expected bond volatility, started the week at the highest since Aug. 21.
Among Tuesday’s biggest losers were travel names including Airbnb Inc. and cruise ship operator Carnival Corp. while McCormick & Co. slid after the spice distributor’s sales missed estimates, hurt by a slow economic recovery in China.
Markets tumbled across the board after the number of available positions rose to 9.61 million from less than 9 million in July, according to the Bureau of Labor Statistics’
Job Openings and Labor Turnover Survey, or JOLTS.
The report drove swaps traders to increase wagers on the Federal Reserve raising rates in December to better than a 50-50 odds.
Investors have yet to fully embrace the Fed’s higher-for-longer narrative and are instead following “fickle market momentum,” according to Luke Templeman, an analyst at Deutsche Bank. “Small catalysts are causing an outsized number to attempt to preempt market moves.”
“The dominant market theme, therefore, is one that many developed-market investors have not had to deal with since the ‘08-’09 crisis: volatility,” he added.
The next datapoint for the labor market will be a monthly payrolls print on Friday where traders will looking for any signs of cooling.
“Unless, the NFP report comes in lower than expected, Wall Street will likely start to fully price in at least one more Fed rate hike before the end of the year,” said Ed Moya, senior market analyst for the Americas at Oanda.
Yields on the US 10- and 30-year traded to the highest level since 2007, with the longer-term bond reaching above 4.9%.
Wall Street has been speculating that rates on longer dated bonds will hit 5%.
The climb in yields was also stoking anxiety in the credit market where at least two issuers called off sales Tuesday.
“The strength of the headline is impressive and certainly bodes well for the ongoing strength in the US labor market,“ Ian Lyngen, head of US rates strategy at BMO Capital Markets, wrote.
While the JOLTs numbers are from August, “investors are nonetheless interpreting this as yet further confirmation that the US economy can withstand higher real borrowing costs.”
Wall Street strategists are warning about the impact that elevated interest rates have on equities, with Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. saying there’s a risk of further stock-market declines.
This week’s Treasury selloff came after US lawmakers managed to avert a government shutdown, prompting traders to increase bets that the Fed will raise rates this year. Atlanta Fed President Raphael Bostic beat the “higher-for-longer” drum Tuesday saying the central bank needed to keep rates elevated “for a long time.”
He forecast a single rate cut for 2024, toward the end of the year.
Comments from other Fed policymakers were more hawkish, with Cleveland Fed president Loretta Mester saying on Monday that one more rate hike was likely needed and Governor Michelle Bowman urging multiple increases.
West Texas Intermediate crude recovered from an early drop to head back toward $90 a barrel while the dollar index reached a 10-month high.
The rally in the greenback drove the yen to its weakest level in a year as the Japanese currency touched 150 per dollar before reversing. 
Key events this week: 
* China has week-long holiday
* New Zealand rate decision, Wednesday
* Eurozone services and composite PMIs, Wednesday
* ECB President Christine Lagarde gives welcome address at conference, Wednesday
* US ISM services index, Wednesday
* 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 fell 1.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 1.3%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.0471
* The British pound was little changed at $1.2078
* The Japanese yen rose 0.7% to 148.77 per dollar
Cryptocurrencies
* Bitcoin fell 2% to $27,278
* Ether fell 0.9% to $1,650.68
Bonds
* The yield on 10-year Treasuries advanced 12 basis points to 4.80%
* Germany’s 10-year yield advanced five basis points to 2.97%
* Britain’s 10-year yield advanced three basis points to 4.60%
Commodities
* West Texas Intermediate crude rose 0.8% to $89.56 a barrel
* Gold futures fell 0.4% to $1,840.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Edward Bolingbroke, Sujata Rao, Julien Ponthus, Jason Scott and Tassia Sipahutar.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Experience does not err; it is only your judgement that errs in expecting from her what is not in her power. –Leonardo da Vinci, 1452-1519.

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.

1908: Henry Ford introduced the Model T automobile to the market; each car cost $825.  Go to article >>.

Mahatma Gandhi, b.1869.
Groucho Marx, b.1890.
Sting, b. 1951.
1968: Redwood National Park established.
1950: Peanuts comic strip debuts.

On October 2, 1869: Political and spiritual leader Mohandas K. Gandhi was born in Porbandar, India. In the image above, Gandhi, center, is surrounded by workers from his law office in Johannesburg, South Africa, 1902.  A look at what else happened in history on October 2.

Jimmy Carter celebrates 99th birthday
Former President Jimmy Carter made a surprise appearance in his hometown of Plains, Georgia, to celebrate his 99th birthday on Sunday. See his life in pictures here.

CNN got invited inside the new Las Vegas Sphere
The $2.3 billion dollar Las Vegas venue debuted this weekend with concerts by U2 — but does it live up to the hype? A CNN editor was there, and here’s what he thought.

Europe holds off late USA comeback to regain Ryder Cup
Europe’s golf pros survived a Sunday scare to regain the Ryder Cup, holding off a late US fightback in Rome.

A host of animals from camels to crocodiles were paraded through a New York cathedral to receive blessings on Sunday. Click here to view the pictures.

Mysterious and ‘beautifully carved’ life-size camel carvings discovered in Saudi Arabian desert
Life-size carvings of camels have been found in the Saudi Arabian desert, but archaeologists aren’t sure who created them and when.  Read More.

Why are rare earth elements so rare?
There are 17 rare earth elements on the periodic table, but a better name for them would be the “troublesome earths.” Here’s why.  Read More.

PHOTOS OF THE DAY

Barcelona, Spain
A huge heart sculpture at Barcelona University’s faculty of medicine. The art piece by Jaume Plensa was made to raise awareness of heart-related diseases.
Photograph: Ahmed Adnan/Quds Net News/ZUMA Press/Shutterstock

Kiental, Switzerland
Rico Luginbuehl leads 77 alpacas and llamas during the Alpabzug (cow parade), from the Griesalp alpine pastures to lower ground ahead of the winter.
Photograph: Peter Schneider/EPA

Florianópolis, Brazil
A stranded sperm whale is seen on Morro das Pedras beach.  Photograph: Anderson Coelho/AFP/Getty Images.
Market Closes for October 2^nd, 2023

Market Index	Close	Change
Dow Jones	33433.35	-74.15
		-0.22%
S&P 500	4288.39	+0.34
		+0.01%
NASDAQ	13307.77	+88.45
		+0.67%
TSX	19177.18	-364.09
		-1.86%

International Markets

Market Index	Close	Change
NIKKEI	31759.88	-97.74
		-0.31%
HANG SENG	Market Closed	N.A.
SENSEX	Market Closed	N.A.
FTSE 100*	7510.72	-97.36
		-1.28%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	N.A.	4.026
CND. 30 Year Bond	N.A.	3.809
U.S.    10 Year Bond	4.6827	4.5711
U.S. 30 Year Bond	4.7903	4.6992

Currencies

BOC Close	Today	Previous
Canadian $	0.7366	0.7365
US $	1.3576	1.3577

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4372	0.6958
US $	1.0586	0.9446

Commodities

Gold	Close	Previous
London Gold Fix	1870.50	1873.55
Oil
WTI Crude Future	88.82	90.79

Market Commentary:
📈 On this day in 1839, the Bank of the United States of Pennsylvania suspended specie payments, meaning that it stopped paying depositors in gold and silver. The move by the overextended lender triggered a financial panic. In turn, that produced a deep recession remembered as the crisis of 1839.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.9%, or 364.09 to 19,177.18 in Toronto.
The move was the biggest since falling 2.1% on Sept. 21.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 208 of 227 shares fell, while 19 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.3%.
Innergex Renewable Energy Inc. had the largest drop, falling 7.8%.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it declined after all four occasions
* This year, the index fell 1.1%, heading for the worst year since 2022
* The index advanced 4% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 8% below its 52-week high on Feb. 2, 2023 and 7.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 3.1% in the past 5 days and fell 6.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.6 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$3.1t
* 30-day price volatility rose to 14.39% compared with 13.30% in the previous session and the average of 12.64% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -108.4393| -1.8| 2/26
Energy | -92.9561| -2.5| 0/40
Materials | -62.4562| -2.8| 1/50
Industrials | -30.2302| -1.1| 3/23
Utilities | -29.4188| -3.7| 0/16
Communication Services| -24.2079| -3.3| 0/5
Information Technology| -6.7208| -0.5| 4/7
Consumer Discretionary| -6.5621| -0.9| 1/13
Health Care | -1.4609| -2.4| 0/4
Real Estate | 0.0000| -0.1| 1/20
Consumer Staples | 6.7161| 0.8| 7/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -26.8200| -2.3|n/a | -8.9
Enbridge | -19.0300| -2.9|n/a | -17.3
TD Bank | -18.2100| -1.7|n/a | -8.3
Loblaw | 0.7490| 0.6|n/a | -3.0
Fairfax Financial | 5.0520| 2.9|n/a | 42.3
Couche-Tard | 6.0160| 1.7|n/a | 17.9
US
By Cristin Flanagan and Emily Graffeo
(Bloomberg) — The rout in Treasuries intensified and US stocks lost ground as traders digested messaging that the Federal Reserve needs to leave borrowing costs high to rein in inflation.
Yields on five-year to 30-year Treasuries rose 10 basis points on the day.
The rate on the 10-year benchmark bond hit the highest since 2007, reaching 4.7%, while the 30-year topped 4.81%, the highest since 2010.
Vice Chair for Supervision Michael Barr said Monday, the biggest question before central bankers was how long to leave interest rates elevated while Michelle Bowman, a known FOMC hawk, reiterated her call for multiple hikes.
On Friday, New York Fed boss John Williams had suggested interest rates should stay high for some time.
The S&P 500 ended the day little changed with NextEra Energy Partners LP dragging on the US stocks benchmark after a downgrade.
Energy stocks sold off erasing the gains for the year in the S&P/Toronto Stock Exchange Composite Index.
The Nasdaq 100 ended the session up 0.8% buoyed by the nation’s largest technology firms including Microsoft Corp., Apple Inc. and Nvidia Corp.
An early sigh of relief for stocks after a weekend deal to avoid a government shutdown was short-lived as the focus in markets quickly shifted back to interest rates.
“It’s a pretty bearish signal that the S&P 500 is down today given the fact that Congress came in and averted a risk that was on everyone’s radar as far as the government shutdown,” said Mike Harris, president of Quest Partners. “The fact that we’re not seeing a more significant rally is meaningful, and once again this move up in interest rates in large part is the market finally waking up to this reality of higher rates for longer.”
The selloff in global bonds has gathered momentum as the US shutdown reprieve prompted traders to raise bets on a November rate hike from the Fed.
They now see a roughly one-in-three chance of a November move, up from the 25% likelihood priced on Friday.
Bank of England policy maker Catherine Mann called herself a hawk on interest rate policy while warning that inflation shocks were likely to be more frequent.
Gilts underperformed in global bonds.

The dollar rose versus its Group-of-10 peers, after enjoying its best quarter in a year.
Against the yen, it touched a year-to-date high, after the Bank of Japan said it would conduct an additional buying operation.
Gold prices slipped to seven-month lows, extending last week’s 4% slide, under pressure from surging bond yields.
After crude’s biggest quarterly gain since March 2022, oil was in retreat with West Texas Intermediate dropping below $90 a barrel. 
History suggests the US needs to brace for a recession, Bloomberg economists warned.
A major auto strike, the resumption of student-loan repayments and the still-looming prospect of an eventual government shutdown menace recent market gains.

Key events this week: 
* China has week-long holiday
* New York Fed President John Williams moderates discussion on climate risk, Monday
* Cleveland Fed President Loretta Mester speaks on economic outlook, Monday
* US ISM manufacturing index, Monday
* Australia rate decision, Tuesday
* Atlanta Fed President Raphael Bostic speaks on economic outlook and inflation, Tuesday
* August US JOLTS report, Tuesday
* Eurozone services and composite PMIs, Wednesday
* ECB President Christine Lagarde gives welcome address at conference, Wednesday
* US ISM services index, Wednesday
* France industrial production, Thursday
* BOE Deputy Governor Ben Broadbent, Riksbank First Deputy Governor Anna Breman participate at panel discussion, Thursday
* San Francisco Fed President Mary Daly speaks at the Economic Club of New York, Thursday
* Germany factory orders, Friday
* September US nonfarm payrolls, 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 rose 0.8%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.9% to $1.0482
* The British pound fell 0.9% to $1.2093
* The Japanese yen fell 0.3% to 149.82 per dollar
Cryptocurrencies
* Bitcoin rose 3.1% to $27,955.22
* Ether was little changed at $1,673.03
Bonds
* The yield on 10-year Treasuries advanced 12 basis points to 4.69%
* Germany’s 10-year yield advanced eight basis points to 2.92%
* Britain’s 10-year yield advanced 13 basis points to 4.56%
Commodities
* West Texas Intermediate crude fell 2.2% to $88.76 a barrel
* Gold futures fell 1.1% to $1,846 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sujata Rao, Matthew Burgess, Joanna Ossinger, Tassia Sipahutar and Elizabeth Stanton.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Strategy without tactics is he slowest router to victory.  Tactics without strategy is the noise before defeat. -Sun Tzu, 544 BC-496 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!
Carolann is away from the office for conference, I will be writing the newsletter on her behalf.

‘Very rare’ Iron Age arrow with quartzite tip uncovered from melting ice after 3,500 years
Glacial archaeologists in Norway have found an arrow with its quartzite tip still attached after spending up to 3,000 years in the snow and ice.
September’s full harvest moon is the last supermoon of the year. The full harvest moon shined in the early morning hours of September 29, also marking the fourth and final supermoon of 2023. September’s full moon reached peak illumination around 5:58 a.m. ET Friday, but it is expected to appear entirely illuminated through Saturday morning, according to NASA.
Scientists just proved that ‘monster’ black hole M87 is spinning, confirming Einstein’s relativity yet again
Astronomers have spotted two huge jets fired off by the ‘monster’ black hole M87 wobbling on an 11-year cycle, proving for the first time that black holes spin.

Alien life may evolve from radically different elements than human life did.
Radioactive metals and even certain gases may be capable of the kinds of reactions needed to spur life, new research suggests. Self-sustaining chemical reactions that could support biology radically different from life as we know it might exist on many different planets using a variety of elements beyond the carbon upon which Earth’s life is based, a new study finds. Read more.

PHOTOS OF THE DAY

Dortmund, Germany
People watch a preview of Destination Cosmos, a digital exhibition showing the history of space exploration at the former Phoenix gas plant
Photograph: Martin Meissner/AP

The week in wildlife
A Townsend’s warbler foraging in an oak tree for insects and their larvae in Pacific Grove, California, US
Photograph: Rory Merry/Zuma Press Wire/Shutterstock

​​​​​​​Hadrian’s Wall Sycamore Gap tree
The tree on a glorious summer’s day
Photograph: Joana Kruse/Alamy
Market Closes for September 29^th, 2023

Market Index	Close	Change
Dow Jones	33507.50	-158.84
		-0.47%
S&P 500	4288.05	-11.65
		-0.27%
NASDAQ	13219.32	+18.04
		+0.14%
TSX	19541.27	-49.47
		-0.25%

International Markets

Market Index	Close	Change
NIKKEI	31857.62	-14.90
		-0.05%
HANG SENG	17809.66	+436.63
		+2.51%
SENSEX	65828.41	+320.09
		+0.49%
FTSE 100*	7608.08	+6.23
		+0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.026	4.071
CND. 30 Year Bond	3.809	3.862
U.S.    10 Year Bond	4.5711	4.5727
U.S. 30 Year Bond	4.6992	4.7044

Currencies

BOC Close	Today	Previous
Canadian $	0.7365	0.7417
US $	1.3577	1.3483

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4368	0.6960
US $	1.0582	0.9450

Commodities

Gold	Close	Previous
London Gold Fix	1873.55	1887.30
Oil
WTI Crude Future	90.79	91.71

Market Commentary:
📈 On this day in 2008, at the height of the global financial crisis, Citigroup agreed to acquire most of Wachovia for about $2 billion in a government-engineered takeover. Ultimately, though, the deal was torpedoed by a rival bid from Wells Fargo.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 19,541.27 in Toronto.
The move follows the previous session’s increase of 0.8%.
Alimentation Couche-Tard Inc. contributed the most to the index decline, decreasing 3.3%.
Orla Mining Ltd. had the largest drop, falling 5.9%.
Today, 129 of 227 shares fell, while 92 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 0.8%, heading for the best year since 2021
* This quarter, the index fell 3%, heading for the biggest decline since the second quarter of 2022
* This month, the index fell 3.7%
* So far this week, the index fell 1.2%
* The index advanced 6% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 6.2% below its 52-week high on Feb. 2, 2023 and 9.3% above its low on Oct. 13, 2022
* 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$3.11t
* 30-day price volatility rose to 13.30% compared with 13.29% in the previous session and the average of 12.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -34.3694| -0.9| 7/30
Financials | -30.3870| -0.5| 6/22
Consumer Staples | -13.4528| -1.6| 3/7
Utilities | -7.5858| -1.0| 3/13
Industrials | -6.3169| -0.2| 10/15
Real Estate | -0.5802| -0.1| 7/13
Health Care | 0.5485| 0.9| 3/1
Communication Services | 2.1752| 0.3| 3/2
Consumer Discretionary | 2.6882| 0.4| 12/2
Materials | 12.4040| 0.5| 29/22
Information Technology | 25.4047| 1.8| 9/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Couche-Tard | -12.1400| -3.3|n/a | 15.9
Canadian Natural | | | |
Resources | -10.8400| -1.6|n/a | 16.8
Brookfield Corp | -8.2350| -1.9|n/a | -0.3
Teck Resources | 3.6370| 2.0|n/a | 15.4
First Quantum | | | |
Minerals | 4.7460| 3.9|n/a | 13.4
Shopify | 19.7100| 3.3|n/a | 57.7
US
By Cristin Flanagan
(Bloomberg) — Optimism in the markets faded as traders were left to contend with the prospect of a government shutdown and interest rates staying put at their highest in decades.
US stock gauges and Treasury bonds notched their worst quarters since September, 2022, while the dollar logged its best as traders came to terms with the message from Federal Reserve
officials: get used to higher rates.
Bond market angst saw yields on the benchmark 10-year hit the highest since 2007 this week while the 30-year peaked near 2010 levels.
A hawkish call from New York Fed President John Williams signaled interest rate hikes may be done, but the central bank will need to keep rates elevated to bring inflation back to the its 2% goal.
His commentary did little to offer relief for yields, according to Krishna Guha, Evercore ISI’s head of central bank strategy.
“Williams’ comments overall confirm our view that the Fed is being pragmatic on the here-and-now decision as to whether a further hike is needed – and will end up dropping it – even as it adopts a tough posture on the outlook for rates in ‘24,” Guha wrote in a note.
Further cutting into optimism for the world’s largest economy is the prospect of a prolonged government shutdown and labor disruptions after the United Auto Workers extended plans for walkouts to more Ford Motor Co. and General Motors Co. plants.
Globally, bonds had their worst monthly selloff since February.
High interest rates across the board made the July- September quarter the worst for MSCI’s all-country index since September, 2022 as surging oil prices fanned fears over inflation and economic growth.
While rates may have reached their peaks, central banks are being hard-pressed to walk a fine line between reining in rising prices and skirting a recession.
Pershing Square Capital’s Bill Ackman sounded a note of caution on longer-dated Treasuries.
The yield on the 30-year has risen around 82 basis points since the end of June and touched about 4.81% Thursday, the highest since 2010.
 “Looking ahead, regardless of whether the landing is ultimately hard or soft, we think US and global economic activity is set to slow over the next year,” said Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management. She remains bullish on bonds maturing in five to ten years. “Falling inflation should bolster the real return on fixed income, despite the recent rebound in energy prices,” she added.
Crude logged its biggest quarterly gain since March 2022.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4:01 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0571
* The British pound was little changed at $1.2201
* The Japanese yen was little changed at 149.43 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $26,929.3
* Ether rose 0.6% to $1,665.78
Bonds
* The yield on 10-year Treasuries was little changed at 4.57%
* Germany’s 10-year yield declined nine basis points to 2.84%
* Britain’s 10-year yield declined five basis points to 4.44%
Commodities
* West Texas Intermediate crude fell 0.9% to $90.90 a barrel
* Gold futures fell 0.7% to $1,865.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Julia Fanzeres, Rob Verdonck, Abhishek Vishnoi, Tassia Sipahutar and Sujata Rao.

Have a wonderful weekend everyone.

Be magnificent!
As ever,
 
Shabnam
“The mind is everything. What you think you become.” —Buddha

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
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:
Carolann is away from the office for conference, I will be writing the newsletter on her behalf.

Astronaut returns to Earth after 371 days in space. NASA’s Frank Rubio broke the record for the longest stay in space by a US astronaut. Now, he’s finally back home.
The crew’s arrival marked the end of a long — and unexpected — journey for Rubio, who had been slated to spend only six months aboard the International Space Station. He instead logged a total of 371 days in space following the discovery of a coolant leak coming from his original ride while docked to the orbiting outpost.

How to see the Harvest Moon, the final supermoon of 2023.
The famous Harvest Moon (the final supermoon of 2023) will be the first full moon of autumn when it rises on Sept. 29. The most popular name for September’s full moon is the Harvest Moon because it rises close to sunset for a few evenings in a row and gives farmers extra moonlight to help them bring in the harvest.

PHOTOS OF THE DAY

Manacapuru, Brazil
A boat travels through a section of the Amazon River affected by severe drought in the state of Amazonas
Photograph: Edmar Barros/AP

​​​​​​​The tree would have witnessed many shooting stars during its life
Photograph: Chris Lishman/Alamy

Bangkok, Thailand
Water pools on top of a water lily leaf after rain at Benchakitti forest park
Photograph: Jorge Silva/Reuters
Market Closes for September 28^th, 2023

Market Index	Close	Change
Dow Jones	33666.34	+116.07
		+0.35%
S&P 500	4299.70	+25.19
		+0.59%
NASDAQ	13201.28	+108.43
		+0.83%
TSX	19590.74	+154.76
		+0.80%

International Markets

Market Index	Close	Change
NIKKEI	31872.52	-499.38
		-1.54%
HANG SENG	17373.03	-238.84
		-1.36%
SENSEX	65508.32	-610.37
		-0.92%
FTSE 100*	7601.85	+8.63
		+0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.071	4.093
CND. 30 Year Bond	3.862	3.879
U.S.    10 Year Bond	4.5727	4.6075
U.S. 30 Year Bond	4.7044	4.7190

Currencies

BOC Close	Today	Previous
Canadian $	0.7417	0.7408
US $	1.3483	1.3499

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4247	0.7019
US $	1.0568	0.9463

Commodities

Gold	Close	Previous
London Gold Fix	1887.30	1907.05
Oil
WTI Crude Future	91.71	93.68

Market Commentary:
📈 On this day in 1987, Fortune magazine’s cover asked, “Are Stocks Too High?” Hedge-fund manager George Soros told the publication, “While the market is already unstable and overvalued, it has not yet reached the point of collapse.” Fourteen trading days later, the stock market fell 23%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 19,590.74 in Toronto.
The move was the biggest since rising 1.4% on Sept. 14 and follows the previous session’s decrease of 0.6%.
Shopify Inc. contributed the most to the index gain, increasing 2.5%.
Lithium Americas Corp. had the largest increase, rising 5.2%.
Today, 180 of 227 shares rose, while 46 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 1.1%, heading for the best year since 2021
* This quarter, the index fell 2.8%, heading for the biggest decline since the second quarter of 2022
* This month, the index fell 3.5%
* So far this week, the index fell 1%
* The index advanced 5.1% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 6% below its 52-week high on Feb. 2, 2023 and 9.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1% in the past 5 days and fell 2.2% 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 rose to 13.29% compared with 13.08% in the previous session and the average of 12.26% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 64.8944| 1.1| 25/3
Materials | 26.8388| 1.2| 44/7
Information Technology | 22.7320| 1.6| 8/3
Industrials | 22.5259| 0.9| 23/3
Consumer Staples | 11.6252| 1.4| 8/3
Consumer Discretionary | 9.7952| 1.4| 14/0
Real Estate | 2.5732| 0.6| 17/4
Communication Services | 1.9895| 0.3| 5/0
Health Care | -0.3745| -0.6| 2/2
Utilities | -0.4281| -0.1| 8/8
Energy | -7.4194| -0.2| 26/13
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 14.5300| 2.5|n/a | 52.7
RBC | 14.2400| 1.2|n/a | -6.7
TD Bank | 9.3620| 0.9|n/a | -6.5
Algonquin Power | -1.5400| -3.8|n/a | -7.4
Enbridge | -2.0660| -0.3|n/a | -14.5
Brookfield | | | |
Renewable Partners | -2.3450| -4.8|n/a | -10.4
US
By Cristin Flanagan and Cecile Gutscher
(Bloomberg) — US stocks ended the day higher and Treasury yields fell Thursday.
Federal Reserve Chair Jerome Powell sidestepped investor concerns over the outlook for rates at an event.
Tech behemoths, including Nvidia Corp., Meta Platforms Inc. and Tesla Inc., drove the Nasdaq 100 higher, shaking off a choppy morning session.
Equities also got a boost from Ford Motor Co. and General Motors Co. after the United Auto Workers was said to dial back the wage increases the union was seeking for workers.
Dovish-leaning comments from one policymaker and weak consumer spending data helped stoke hope for some easing of the Federal Reserve’s messaging ahead of Powell’s comments.
September is still shaping up to be the worst month in 2023 for the US stock benchmarks after the central bank left interest rates at the highest in 22 years at its last meeting.
Even, if the US enters a recession it should be able to skirt a more severe downturn, according to Richmond Fed President Tom Barkin.
It’s still too early to know if another rate increase will be needed, Barkin told Bloomberg Television.
Earlier, the Chicago Fed’s Austan Goolsbee said policymakers were at risk of overshooting on interest rates by putting too much emphasis on the idea that steep job losses are needed to quell inflation.
Personal consumption, the main driver of the US economy, rose an annualized 0.8% in the April-to-June period, the weakest advance in over a year.
Other data showed GDP rose at an unrevised 2.1% rate during the period while weekly jobless claims came in lighter than estimates.
“Many investors are revising their view around what the longer-run interest rate that is appropriate for the main western economies is,” Joseph Little, global chief strategist at HSBC Asset Management, said in an interview with Bloomberg Television. “All the while in the stock market you have this combination of equity investors raising up expectations for 2024 profits,” he added. “It is the consensus view: rising bond yields, you have an equity market trading on higher multiples. It is getting worse and worse. Many challenges at this point.”
The selloff in US Treasuries had cooled ahead of Powell’s speech.
In the UK, benchmark government bond yields climbed as much as 20 basis points, the largest daily increase in almost a year on a closing basis.
Global bonds are on track for the weakest since February.
The rally in oil paused Thursday after WTI crude traded above $94 a barrel earlier in the week.
The dollar and gold both slid.
Key events this week:
* Fed Chair Jerome Powell town hall meeting with educators while Richmond Fed President Tom Barkin speaks Thursday
* Eurozone CPI, Friday
* Japan unemployment, industrial production, retail sales, Tokyo CPI, Friday
* US consumer spending, wholesale inventories, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0564
* The British pound rose 0.5% to $1.2199
* The Japanese yen rose 0.3% to 149.24 per dollar
Cryptocurrencies
* Bitcoin rose 3.3% to $27,115.65
* Ether rose 4.1% to $1,658.93
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.57%
* Germany’s 10-year yield advanced nine basis points to 2.93%
* Britain’s 10-year yield advanced 13 basis points to 4.48%
Commodities
* West Texas Intermediate crude fell 2.1% to $91.73 a barrel
* Gold futures fell 0.4% to $1,883.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alice Atkins and Boris Korby.

Have a wonderful day everyone.

Be magnificent!
As ever,
 
Shabnam
“Life isn’t about finding yourself. Life is about creating yourself.” —George Bernard Shaw

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
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:
Carolann is away from the office for conference, I will be writing the newsletter on her behalf.

125 million-year-old dinosaur feathers were remarkably similar to modern bird feathers, analysis reveals.

Stunningly perfect ‘Einstein ring’ snapped by James Webb telescope is most distant gravitationally lensed object ever seen. Photos snapped by the James Webb Space Telescope (JWST) have revealed the farthest-ever example of an “Einstein ring.” The record-breaking halo of warped light, which is a whopping 21 billion light-years away, is unusually perfect and surrounds a mysteriously dense galaxy. Read more.

PHOTOS OF THE DAY

Woodstock, UK
A flock of Canada Geese fly against the sunset over Blenheim Palace and Estate in Oxfordshire
Photograph: Pete Seaward

Rajasthan, India
Owls resting on a tree branch on the outskirts of Ajmer
Photograph: Abaca/Shutterstock

​​​​​​​Crowd – people gather at Summit One Vanderbilt in New York City
Photograph: Michael Kemter
Market Closes for September 27^th, 2023

Market Index	Close	Change
Dow Jones	33550.27	-68.61
		-0.20%
S&P 500	4274.51	+0.98
		+0.02%
NASDAQ	13092.85	+29.24
		+0.22%
TSX	19435.98	-120.17
		-0.61%

International Markets

Market Index	Close	Change
NIKKEI	32371.90	+56.85
		+0.18%
HANG SENG	17611.87	+144.97
		+0.83%
SENSEX	66118.69	+173.22
		+0.26%
FTSE 100*	7593.22	-32.50
		-0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.093	4.028
CND. 30 Year Bond	3.879	3.814
U.S.    10 Year Bond	4.6075	4.5499
U.S. 30 Year Bond	4.7190	4.6855

Currencies

BOC Close	Today	Previous
Canadian $	0.7408	0.7398
US $	1.3499	1.3517

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4179	0.7053
US $	1.0504	0.9520

Commodities

Gold	Close	Previous
London Gold Fix	1907.05	1924.85
Oil
WTI Crude Future	93.68	90.39

Market Commentary:
📈 On this day in 1985, Philip Morris agreed to buy General Foods for $120 per share, or $5.75 billion, in the largest takeover outside the oil industry at that time.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.6%, or 120.17 to 19,435.98 in Toronto.
The index dropped to the lowest closing level since June 23.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 146 of 227 shares fell, while 80 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.3%.
Africa Oil Corp. had the largest drop, falling 9.5%.
Insights
* This year, the index rose 0.3%, heading for the best year since 2021
* This quarter, the index fell 3.6%, heading for the biggest decline since the second quarter of 2022
* This month, the index fell 4.2%
* The index advanced 6.2% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 6.8% below its 52-week high on Feb. 2, 2023 and 8.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 3.9% in the past 5 days and fell 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 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$3.11t
* 30-day price volatility rose to 13.08% compared with 12.98% in the previous session and the average of 12.22% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -71.6841| -1.2| 2/25
Materials | -39.5747| -1.7| 13/38
Utilities | -25.7514| -3.1| 0/16
Industrials | -19.7952| -0.8| 12/14
Communication Services | -10.0667| -1.4| 0/5
Real Estate | -6.0333| -1.3| 3/18
Consumer Staples | -2.0817| -0.3| 3/8
Consumer Discretionary | -1.5313| -0.2| 8/6
Health Care | -0.0613| -0.1| 1/3
Information Technology | 5.6630| 0.4| 6/5
Energy | 50.7615| 1.4| 32/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -15.2100| -1.3|n/a | -7.9
Canadian National | -11.2900| -1.8|n/a | -8.8
Barrick Gold | -9.4420| -3.8|n/a | -14.8
Cenovus Energy | 7.7130| 3.0|n/a | 7.8
Suncor Energy | 11.5300| 2.7|n/a | 10.5
Canadian Natural | | | |
Resources | 15.1900| 2.3|n/a | 18.5
US
By Cristin Flanagan
(Bloomberg) — Treasuries sold off while equities churned as investors contemplated the prospect of higher interest rates and rising oil prices as crude hit a one-year high.
The dollar extended its climb for a sixth day.
The yield on the 10-year traded above 4.6%, the highest since 2007, amid concerns about dwindling crude stockpiles and pressures on consumers.
The ICE BofA MOVE Index — which tracks expected bond volatility — hit the highest in a month this week.
Stock indexes erased a midday dip after President Joe Biden touted the promise artificial intelligence in a meeting with advisers.
A pledge of executive action on AI in the fall helped the Nasdaq 100 end the day up 0.2% with AI-favorite Nvidia Corp. pulling the tech-heavy gauge higher.
The largest US memory-chip maker, Micron Technology Inc., slipped in post-market trading after forecasting a worse-than-expected quarterly loss.
The S&P 500 ended the day little changed while the MSCI All Country World Index notched its ninth-straight decline, the global benchmark’s longest losing streak in a dozen years.
A potential shutdown that risks up to $1.9 billion a day in lost or delayed revenue and an autoworkers’ strike are worrying traders who are searching for signs that Federal Reserve officials may soften their hawkish message.
“If these downside scenarios hit the US economy, we might then have to do less with our monetary policy to bring inflation back down to 2% because the government shutdown or the auto strike may slow the economy for us,” Minneapolis Fed President Neel Kashkari said in an interview on CNN.
Evercore ISI’s Krishna Guha said some tempering of the central bank’s messaging may be possible but an about-face is unlikely.
“Investors are looking ahead to upcoming speaking events as potentially providing an opportunity for the Fed leadership to dial it back with a view to curtailing the tightening in financial conditions,” said the firm’s vice chairman. “We do not think there is any realistic prospect of any early U-turn absent a further dramatic surge in yields.”
Traders will be honing in on speeches from Fed Chair Jerome Powell and a slew of other central bank officials later this week.
Friday data on the Fed’s preferred inflation measure, the personal consumption expenditures price index, will also be closely watched.
Marko Kolanovic, the chief market strategist at JPMorgan Chase & Co., issued a warning Wednesday that there could be more volatility ahead, calling this summer’s lower levels in the VIX — Wall Street’s fear gauge — a “technical aberration.”
Meanwhile, consumer confidence has taken a knock from higher costs at the pump and the spreading impact of aggressive rate hikes.
West Texas Intermediate briefly topped $94 a barrel while gold plunged for the third day.
Appetite for the dollar continued to climb as a gauge of greenback strength rose for a sixth-day, its longest winning streak in a year.
The Federal Reserve Bank of New York’s measure of how much bond investors are compensated for holding long-term debt turned positive for the first time since June 2021, suggesting traders are betting on elevated policy rates.
“We are at an inflexion point in the economy and the bond market,” Bob Michele, CIO for fixed income at JPMorgan Asset Management, said in an interview with Bloomberg Television. “The last 15 years were not normal, we got to a structural low and now we are going to revert to something that is more normal.”
Later this week, a large options position held by a JPMorgan Chase & Co. equity fund has the potential to add fuel to the US stock selloff when tens of thousands of protective put contracts expire Friday at a strike price not far below the current level of the S&P 500.
Key events this week:
* Eurozone economic confidence, consumer confidence, Thursday
* US initial jobless claims, GDP, Thursday
* Fed Chair Jerome Powell town hall meeting with educators while Richmond Fed President Tom Barkin, Chicago Fed President Austan Goolsbee make speeches, Thursday
* Eurozone CPI, Friday
* Japan unemployment, industrial production, retail sales, Tokyo CPI, Friday
* US consumer spending, wholesale inventories, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams 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 rose 0.2%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0506
* The British pound fell 0.2% to $1.2139
* The Japanese yen fell 0.3% to 149.59 per dollar
Cryptocurrencies
* Bitcoin rose 0.4% to $26,248
* Ether rose 0.6% to $1,596.6
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.61%
* Germany’s 10-year yield advanced four basis points to 2.84%
* Britain’s 10-year yield advanced three basis points to 4.36%
Commodities
* West Texas Intermediate crude rose 3.6% to $93.64 a barrel
* Gold futures fell 1.4% to $1,893.70 an ounce
This story was produced with the assistance of BloombergAutomation.
–With assistance from Cecile Gutscher, Alice Atkins, Sagarika Jaisinghani and Sujata Rao.
 

Have a wonderful day everyone.

Be magnificent!
As ever,
 
Shabnam
“Keep your face always toward the sunshine, and shadows will fall behind you.” —Walt Whitman

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
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:
Carolann is away from the office for conference, I will be writing the newsletter on her behalf.

See the ‘amazing’ facial reconstruction of a Bronze Age woman discovered crouching in a 4,200-year-old grave
The skeletal remains of the ‘Upper Largie Woman’ were found in a quarry in Scotland. Now, scientists have reconstructed the Bronze Age woman’s face.

NASA’s OSIRIS-REx capsule returns to Earth with a sample from the ‘potentially hazardous’ asteroid Bennu
A capsule containing 2 ounces of rocky material from the “potentially hazardous” asteroid Bennu has landed safely in the Utah desert after a seven-year mission in space.

‘Spooky’ octopus spotted during a deep-sea expedition
Researchers spotted a rare Dumbo Octopus while exploring the sea floor off the coast of Hawaii. Watch the video here.

Now you can speak to ChatGPT — and it will talk back
The artificial intelligence tool ChatGPT can now hear, see and speak after OpenAI gave the chatbot its most humanlike update yet. 

PHOTOS OF THE DAY

Seoul, South Korea
Military academy personnel take part in a parade to celebrate South Korea’s 75th Armed Forces Day
Photograph: Anthony Wallace/AFP/Getty Images

Florence, Italy
Eleonora Pucci, a restorer, cleans dust and debris from Michelangelo’s statue of David at the Galleria dell’Accademia. The process takes place every two months
Photograph: Vandeville Eric/ABACA/Shutterstock

London, England
A hummingbird hawk moth feeds on nectar in a garden in London. The moths are an increasingly regular migrant moth usually seen in July and August, though warming weather has seen a growing number that are able to overwinter in the UK
Photograph: Dan Kitwood/Getty Images
Market Closes for September 26^th, 2023

Market Index	Close	Change
Dow Jones	33618.88	-388.00
		-1.14%
S&P 500	4273.53	-63.91
		-1.47%
NASDAQ	13063.61	-207.71
		-1.57%
TSX	19556.15	-244.46
		-1.23%

International Markets

Market Index	Close	Change
NIKKEI	32315.05	-363.57
		-1.11%
HANG SENG	17466.90	-262.39
		-1.48%
SENSEX	65945.47	-78.22
		-0.12%
FTSE 100*	7625.72	+1.73
		+0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.028	4.026
CND. 30 Year Bond	3.814	3.808
U.S.    10 Year Bond	4.5499	4.5314
U.S. 30 Year Bond	4.6855	4.6511

Currencies

BOC Close	Today	Previous
Canadian $	0.7398	0.7433
US $	1.3517	1.3454

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4289	0.6998
US $	1.0571	0.9460

Commodities

Gold	Close	Previous
London Gold Fix	1924.85	1927.35
Oil
WTI Crude Future	90.39	90.68

Market Commentary:
📈 On this day in 1955, President Dwight D. Eisenhower suffered a heart attack, sparking a 6.62% drop in the Dow. The fall remains one of the index’s worst daily losses of the past 100 years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.2% at 19,556.15 in Toronto.
The index dropped to the lowest closing level since June 23 after the previous session’s increase of 0.1%.
Today, financials stocks led the market lower, as all sectors lost; 197 of 227 shares fell, while 28 rose.
Shopify Inc. contributed the most to the index decline, decreasing 3.4%.
Westshore Terminals Investment Corp. had the largest drop, falling 10.0%.
Insights
* In the past year, the index had a similar or greater loss 18 times. The next day, it declined 12 times for an average 0.7% and advanced six times for an average 1.1%
* This year, the index rose 0.9%, heading for the best year since 2021
* This quarter, the index fell 3%, heading for the biggest decline since the second quarter of 2022
* This month, the index fell 3.6%
* The index advanced 6.7% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 6.2% below its 52-week high on Feb. 2, 2023 and 9.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 3.3% in the past 5 days and fell 1.4% 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$3.14t
* 30-day price volatility fell to 12.98% compared with 13.72% in the previous session and the average of 12.17% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -68.8823| -1.1| 1/27
Materials | -44.9442| -1.9| 6/45
Industrials | -42.2744| -1.6| 1/25
Information Technology | -24.8430| -1.7| 3/8
Utilities | -16.1255| -1.9| 3/13
Communication Services | -13.2641| -1.8| 0/5
Consumer Discretionary | -11.1590| -1.6| 0/13
Real Estate | -10.9298| -2.3| 0/21
Energy | -8.0420| -0.2| 12/28
Consumer Staples | -2.5239| -0.3| 2/8
Health Care | -1.4683| -2.3| 0/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -20.6300| -3.4|n/a | 48.1
Canadian Pacific | | | |
Kansas | -17.8900| -2.7|n/a | -0.2
RBC | -15.2100| -1.3|n/a | -6.6
MEG Energy | 2.0150| 4.1|n/a | 36.3
Cenovus Energy | 3.0100| 1.2|n/a | 4.7
Canadian Natural | | | |
Resources | 15.3400| 2.4|n/a | 15.9
US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks sank Tuesday as confidence in the economy waned and investors contemplated a protracted period of high interest rates.
The dollar extended its winning streak for a fifth day.
An equity selloff deepened in the afternoon session with the S&P 500 Index falling 1.5% and the Nasdaq 100 sliding 1.5%.
The equities benchmarks fell to the lowest since early June after a report showed consumer confidence in the world’s biggest economy stalled this month, dropping to 103 from a revised 108.7 in August, and missing the median estimate of 105.5 in a Bloomberg survey of economists.
Wall Street’s fear gauge — the Cboe Volatility Index or VIX — ratcheted higher closing at the highest since May.
“The market is in the hands of the bears right now,” said Quincy Krosby, chief global strategist for LPL Financial. “It’s a wall of worry, uncertainty hovering over the market. You wouldn’t say that the selloffs have been tremendously dramatic —in fact, they’ve been kind of orderly. But there’s still that uncertainty.”
Separate reports also showed purchases of new homes fell to a five-month low while home prices in the US rose to a record high over the summer as buyers battled over a tight supply of listings.
Investors will be looking for other signs that consumers may be feeling pinched when the warehouse club, Costco Wholesale Corp., reports after the bell.
“Consumer attitudes in recent months appear even more sensitive than normal to inflation generally and gasoline prices specifically,” Stephen Stanley, chief US economist at Santander, wrote. “While the Fed is focused mainly on core, the average consumer is spending a substantial portion of their budget on food and energy and are unwilling to ignore those prices.”
Yields on Treasuries drifted back up after reaching decade highs on Monday.
A $48 billion Treasury auction of two-year notes was awarded at 5.085%, the highest since 2006.
The Bloomberg dollar index advanced, setting a fresh 2023 peak in its strongest close since early December.
Oil resumed its climb, moving back above $90 a barrel.
Tech giants, namely Apple Inc., Microsoft Corp., Amazon.com Inc. and Google-parent Alphabet Inc. dragged on the US stock gauges. The threat of tight policy is undoing some of the market’s biggest gains this year in high-flying tech stocks. These growth companies are prized for their long-term prospects but hold less appeal when future profits get discounted at higher rates. That’s reflected in growing short positions against the technology-heavy Nasdaq 100 Index.
Positioning in the Nasdaq 100 is now one-sided net short at $8.1 billion, with all long positions unwound, according to Citigroup Inc. strategists.
One Fed speaker after another in the past week has delivered emphatic messages that they will keep policy tighter for longer if the economy is stronger than expected.
Federal Reserve Bank of Minneapolis President Neel Kashkari said he expects the US central bank will need to raise interest rates one more time this year.
“Investors are beginning to realize that a ‘higher for longer’ interest rate environment is a likely outcome and are slowly adjusting to the ‘new normal,’” Paul Nolte, a senior wealth manager at Murphy & Sylvest Wealth Management, wrote in a note. “Higher-for-longer has been the mantra of the Fed for a few months. It is only recently that the markets have been taking them at their word.”
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., floated the idea US interest rates could reach 7%, a worst-case scenario that could catch consumers and businesses off-guard.
Meanwhile, a warning that a US government shutdown would reflect poorly on America’s credit rating from Moody’s Investors Service kept traders focused on an end-of-month deadline. 
Key events this week:
* ECB’s Philip Lane speaks on monetary policy, Tuesday
* China industrial profits, Wednesday
* US durable goods, Wednesday
* Eurozone economic confidence, consumer confidence, Thursday
* US initial jobless claims, GDP, Thursday
* Fed Chair Jerome Powell town hall meeting with educators while Richmond Fed President Tom Barkin, Chicago Fed President Austan Goolsbee make speeches, Thursday
* Eurozone CPI, Friday
* Japan unemployment, industrial production, retail sales, Tokyo CPI, Friday
* US consumer spending, wholesale inventories, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.5% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1.5%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.0571
* The British pound fell 0.5% to $1.2156
* The Japanese yen fell 0.1% to 149.05 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $26,243.75
* Ether rose 0.1% to $1,589.06
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.55%
* Germany’s 10-year yield advanced one basis point to 2.81%
* Britain’s 10-year yield was little changed at 4.33%
Commodities
* West Texas Intermediate crude rose 1% to $90.58 a barrel
* Gold futures fell 0.9% to $1,918.50 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alice Atkins, Richard Henderson, Alex Nicholson and Cecile Gutscher.

Have a wonderful evening everyone.

Be magnificent!
As ever,
 
Shabnam
“The only limit to our realization of tomorrow will be our doubts of today.” —Franklin D. Roosevelt

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
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!
Carolann is away from the office for a conference, I will be writing the newsletter on her behalf.

15 places on Earth that look like alien planets
These stunning locations feel out of this world, but are actually right here on Earth.

This is the oldest fish in an aquarium in the world
You will never guess the age of this Australian lungfish at Steinhart Aquarium in San Francisco.

PHOTOS OF THE DAY

Ningbo, China
Cho Won-woo of South Korea leads others in the men’s RS:X class at Ningbo Xiangshan sailing centre at the 19th Asian Games
Photograph: Eugene Hoshiko/AP

Lima, Peru
An interior view of an underground cemetery, located under the Church of San Francisco, which contains the remains of thousands of people who were buried between the 16th and 19th centuries. The catacombs of the cemetery contain a collection of skulls and bones, providing a different perspective on mortality and society’s connection to death
Photograph: Klebher Vasquez/Anadolu Agency/Getty Images

Hangzhou, China
Li Yujuan competes in the women’s park skateboarding event during the Hangzhou Asian Games in China’s eastern Zhejiang province
Photograph: Adek Berry/AFP/Getty Images
Market Closes for September 25^th, 2023

Market Index	Close	Change
Dow Jones	34006.88	+43.04
		+0.13%
S&P 500	4337.44	+17.38
		+0.40%
NASDAQ	13271.32	+59.51
		+0.45%
TSX	19800.61	+20.64
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	32678.62	+276.21
		+0.85%
HANG SENG	17729.29	-328.16
		-1.82%
SENSEX	66023.69	+14.54
		+0.02%
FTSE 100*	7623.99	-59.92
		-0.78%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	4.026	3.914
CND. 30 Year Bond	3.808	3.691
U.S.    10 Year Bond	4.5314	4.4377
U.S. 30 Year Bond	4.6511	4.5296

Currencies

BOC Close	Today	Previous
Canadian $	0.7433	0.7419
US $	1.3454	1.3479

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4253	0.7016
US $	1.0594	0.9439

Commodities

Gold	Close	Previous
London Gold Fix	1927.35	1915.00
Oil
WTI Crude Future	90.68	91.13

Market Commentary:
📈 On this day in 1928, engineers and brothers Paul and Joseph Galvin incorporated the Galvin Manufacturing Corp. in Chicago, after taking over the bankrupt Stewart Storage Battery and its design for a battery eliminator, which allowed home radios to run on ordinary household current. Later the Galvins rechristened their firm with a racy name combining “motion” and “radio”: Motorola
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 19,800.61 in Toronto.
The move was the biggest since rising 0.3% on Sept. 15 and follows the previous session’s decrease of 0.1%.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.4%.
Energy Fuels Inc/Canada had the largest increase, rising 8.5%.
Today, 87 of 227 shares rose, while 133 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index rose 2.1%, heading for the best year since 2021
* This quarter, the index fell 1.8%
* This month, the index fell 2.4%
* The index advanced 7.1% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 5% below its 52-week high on Feb. 2, 2023 and 10.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 3.4% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 13.72% compared with 13.78% in the previous session and the average of 12.06% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 47.1178| 1.3| 35/4
Industrials | 9.7171| 0.4| 13/13
Information Technology | 5.1754| 0.4| 4/6
Consumer Discretionary | 2.4553| 0.3| 7/7
Health Care | 1.0783| 1.7| 2/2
Utilities | -1.6103| -0.2| 6/9
Consumer Staples | -4.7675| -0.6| 1/10
Real Estate | -6.6710| -1.4| 2/18
Communication Services | -7.9470| -1.1| 0/5
Financials | -8.5582| -0.1| 7/20
Materials | -15.3537| -0.7| 10/39
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural | | | |
Resources | 15.0300| 2.4|n/a | 13.2
TD Bank | 8.4640| 0.8|n/a | -6.0
Canadian National | 6.5120| 1.1|n/a | -6.7
Barrick Gold | -4.4150| -1.7|n/a | -9.8
Franco-Nevada | -5.2190| -2.1|n/a | 0.7
Bank of Nova Scotia | -6.3610| -1.2|n/a | -5.7
US
By Isabelle Lee and Cristin Flanagan
(Bloomberg) — Government bonds fell while stocks ended the day higher as traders speculated central banks will keep interest rates elevated to quell inflation.
A gauge of dollar strength hit its highest level this year.
A bond selloff extended into a fourth week as the US Treasury 10-year yield climbed 11 basis points above 4.54%, a level last seen in 2007.
Bloomberg’s Dollar Spot Index rose for a fourth day, reaching the highest since December.
The S&P 500 snapped a four-day slide, rising 0.4% as traders returned to their desks following the worst weekly selloff on Wall Street since March.
The Nasdaq 100 ended the day 0.5% higher, with Amazon.com Inc. gaining 1.7% — the head of its cloud unit told Bloomberg Television he was seeing “huge demand” for chips used in AI.
Netflix Inc. led film and TV producers higher after striking Hollywood screenwriters reached a tentative new labor agreement.
Jefferies downgrades weighed on Foot Locker Inc. and Nike Inc. with the broker pointing to looming consumer headwinds.
After the salvo of central bank decisions last week, traders are increasingly concerned that rising oil prices risk fanning inflation, which will make it difficult for policymakers to reduce rates anytime soon.
Hedge funds boosted exposure to oil on bets tightening supplies will stoke demand.
West Texas Intermediate oil traded below $90 a barrel in the afternoon session.
“There are several reasons to believe that the full impact from tighter monetary policy is still yet to take effect,” said Henry Allen, a strategist with Deutsche Bank. “As such, it will be some months before we can sound the all clear for the economy, not least given longer-term interest rates are still reaching new highs even now.”
Fed Bank of Chicago head Austan Goolsbee said it’s still possible for the US to avoid a recession. “I’ve been calling that the golden path and I think it’s possible, but there are a lot of risks and the path is long and winding,” he said in a CNBC interview.
Two Fed officials last week said at least one more rate hike is possible and that borrowing costs may need to stay higher for longer for the central bank to ease inflation back to its 2% target.
While Boston Fed President Susan Collins said further tightening “is certainly not off the table,” Governor Michelle Bowman signaled that more than one increase will probably be required.
Markets are having to contend with “the reality of regime change,” according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. “Thus far, fixed income investors have paid the steepest price, but expensive stocks with valuations premised on low rates may be increasingly vulnerable,” she wrote in a note to clients. “Unlike other periods, when the rising tide of falling rates lifted all boats, adjusting to higher rates is likely to be an idiosyncratic affair favoring stock selection.”
A surge in oil prices and massive fiscal deficit are spurring losses in government debt, sending Treasury yields across the maturity curve to the highest levels in more than a decade.
The Treasury 10-year yield may rise to 4.75% before softer risk sentiment and tighter financial conditions push it lower into year-end, according to strategists at Bank of America Corp.
A warning that a US government shutdown would reflect poorly on America’s credit rating from Moody’s Investors Service did little to shift market sentiment Monday.
Meanwhile, fresh signs of concern for China’s property developers were highlighted after China Evergrande Group missed a debt payment and former executives were detained, adding to fears about its debt pile.
That’s compounding concern that global growth will stall as the economic engine of China sputters.

Key events this week:
* Minneapolis Fed President Neel Kashkari in Q&A, Monday
* US new home sales, Conference Board consumer confidence, Tuesday
* ECB’s Philip Lane speaks on monetary policy, Tuesday
* China industrial profits, Wednesday
* US durable goods, Wednesday
* Eurozone economic confidence, consumer confidence, Thursday
* US initial jobless claims, GDP, Thursday
* Fed Chair Jerome Powell town hall meeting with educators while Richmond Fed President Tom Barkin, Chicago Fed President Austan Goolsbee make speeches, Thursday
* Eurozone CPI, Friday
* Japan unemployment, industrial production, retail sales, Tokyo CPI, Friday
* US consumer spending, wholesale inventories, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams 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 0.5%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0593
* The British pound fell 0.2% to $1.2212
* The Japanese yen fell 0.3% to 148.82 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $26,337
* Ether was little changed at $1,591.89
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 4.54%
* Germany’s 10-year yield advanced six basis points to 2.80%
* Britain’s 10-year yield advanced seven basis points to 4.32%
Commodities
* West Texas Intermediate crude fell 0.1% to $89.92 a barrel
* Gold futures fell 0.6% to $1,934.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cecile Gutscher and Denitsa Tsekova.

Have a wonderful day everyone.

Be magnificent!
As ever,
 
Shabnam
Nothing is impossible. The word itself says, ‘I’m possible!'” —Audrey Hepburn

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
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.  Autumnal Equinox tomorrow.  Goodbye Summer, hello Autumn.
Yom Kippur on Sunday- Monday -Day of Atonement.

On Sept. 22, 1862, President Abraham Lincoln issued the preliminary Emancipation Proclamation, declaring all slaves in rebel states
should be free as of Jan. 1, 1863. Go to article >>.

2 rare Roman cavalry swords from 1,800 years ago discovered by UK metal detectorist
A metal detectorist unearthed a pair of swords once used by the Roman cavalry.  Read More.

Sunken temple and sanctuary from ancient Egypt found brimming with ‘treasures and secrets’
Archaeologists discovered a cache of treasure inside a sunken underwater temple and sanctuary in Egypt.  Read More.

Mercury reaches its highest point in the sky this weekend. Here’s how to see it.  A bright, yellowish spot in the morning sky is actually Mercury making a rare daytime appearance. Here’s how to see it at its highest and brightest this week.  Full Story: Live Science (9/21)

Haunting new moon images reveal enormous crater deeper than the Grand Canyon near the lunar south pole
This striking composite shot of the lunar south pole appears in National Geographic Magazine’s special space issue out on Sept. 19.  Read More.

Oprah Winfrey has entered the Ozempic chat
Media maven Oprah Winfrey, who is also a board member and stock owner with Weight Watchers, recently shared her thoughts on weight loss drugs.

PHOTOS OF THE DAY

St Petersburg, Russia
A dachshund dressed as a lion walks a podium during a dachshund parade festival.  Photograph: Dmitri Lovetsky/AP.

New York, US
An Orthodox Jewish family pray by the lake in Prospect Park ahead of Yom Kippur, the Jewish Day of Atonement.   Photograph: Maye-E Wong/Reuters.

​​​​​​​Berlin, Germany
A woman photographs a rainbow at sunset.  Photograph: Markus Schreiber/AP.
Market Closes for September 22^nd, 2023

Market Index	Close	Change
Dow Jones	33963.84	-106.58
		-0.31%
S&P 500	4320.06	-9.94
		-0.23%
NASDAQ	13211.81	-12.18
		-0.09%
TSX	19779.97	-11.65
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	32402.41	-168.62
		-0.52%
HANG SENG	18057.45	+402.04
		+2.28%
SENSEX	66009.15	-221.09
		-0.33%
FTSE 100*	7683.91	+5.29
		+0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.914	3.969
CND. 30 Year Bond	3.691	3.741
U.S.    10 Year Bond	4.4377	4.4962
U.S. 30 Year Bond	4.5296	4.5791

Currencies

BOC Close	Today	Previous
Canadian $	0.7419	0.7416
US $	1.3479	1.3484

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4380	0.6954
US $	1.0667	0.9375

Commodities

Gold	Close	Previous
London Gold Fix	1915.00	1943.35
Oil
WTI Crude Future	91.13	90.43

Market Commentary:
📈 On this day in 1985, financial policy makers from the U.S., France, Germany, Japan and the U.K. met at the Plaza Hotel in New York City and announced coordinated measures to weaken the dollar, which was near all-time highs. The “Plaza Accord” triggered a decade-long decline in the dollar, spurring U.S. exports and creating a windfall for U.S. investors in foreign stocks.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 19,779.97 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 1.2%.
Alamos Gold Inc. had the largest drop, falling 3.9%.
Today, 115 of 227 shares fell, while 103 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 2%, heading for the best year since 2021
* This quarter, the index fell 1.9%
* This month, the index fell 2.5%
* So far this week, the index fell 4.1%, heading for the biggest decline since the week ended Sept. 23
* The index advanced 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on Feb. 2, 2023 and 10.7% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 13.78% compared with 13.84% in the previous session and the average of 11.81% over the past
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -19.0836| -0.3| 10/18
Materials | -10.8884| -0.5| 15/35
Information Technology | -5.1754| -0.4| 7/4
Real Estate | -3.4284| -0.7| 1/17
Consumer Discretionary | -0.6456| -0.1| 6/8
Health Care | -0.4486| -0.7| 2/1
Consumer Staples | -0.3349| 0.0| 4/7
Industrials | 3.2530| 0.1| 13/13
Communication Services | 4.6719| 0.6| 4/1
Utilities | 5.5331| 0.7| 13/2
Energy | 14.9004| 0.4| 28/9
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | -7.0270| -1.2|n/a | 52.2
RBC | -6.3490| -0.5|n/a | -5.6
Bank of Montreal | -4.8890| -0.8|n/a | -5.8
Telus | 2.5300| 1.1|n/a | -12.4
Enbridge | 3.8210| 0.6|n/a | -12.1
Cameco | 4.8810| 3.1|n/a | 75.6
US
By Rita Nazareth
(Bloomberg) — Treasuries rebounded and stocks struggled at the end of a jittery week that saw investors positioning for a higher-for-longer Federal Reserve stance.
Ten-year yields dropped after briefly topping 4.5% for the first time since 2007.
The S&P 500 notched its worst week since March. Tech, which bore the brunt of the recent rout, outperformed.
Apple Inc. climbed as its latest iPhones and watches went on sale.
A gauge of US-listed Chinese shares rallied on news Washington and Beijing are forming working groups to discuss economic and financial issues.
Traders are still very concerned about inflation and the path of policy amid the recent oil rally and the Fed’s signal that rates are not going to come down any time soon, according to Fawad Razaqzada, a market analyst at City Index and Forex.com.
“It is far too early to say the markets have bottomed, as fundamentally nothing has changed,” Razaqzada noted.
Two Fed officials said at least one more rate hike is possible and that borrowing costs may need to stay higher for longer for the central bank to ease inflation back to its 2%
target.
While Boston Fed President Susan Collins said further tightening “is certainly not off the table,” Governor Michelle Bowman signaled that more than one increase will probably be required, cementing her position as one of the Federal Open Market Committee’s most hawkish members.
Fed Bank of San Francisco President Mary Daly said she is not ready to declare victory in the fight against inflation, and that the central bank is still committed to curbing price
pressures “as gently as possible.”
The yield on 10-year Treasuries could reach 4.75% before softer risk sentiment and tighter financial conditions push it lower into year-end, according to rates strategists at Bank of America Corp.
Meantime, strategists at Goldman Sachs Group Inc. said the rates market pricing for about 75 basis points of Fed rate cuts in 2024 may persist “in the near term” based on soft economic data and the latest dot plot.
Investors dumped equities at the fastest pace since December as the prospect of higher-for-longer interest rates raises the risk of a recession, BofA strategists led by led by
Michael Hartnett said.
Global equity funds had outflows of $16.9 billion in the week through Sept. 20, according to a note from the bank citing EPFR Global data.
US stock funds led the exodus, while in Europe, redemptions reached 28 weeks.

Corporate Highlights
* The United Auto Workers said that it clinched key concessions from Ford Motor Co. and would spare the company more pain even as it expanded the strike to 38 additional facilities run by rivals General Motors Co. and Stellantis NV as of midday Friday.
* Microsoft Corp.’s $69 billion acquisition of Activision Blizzard Inc. looks set to clear its final regulatory hurdle after the UK competition authorities signaled they will accept
the latest concessions, ending a wait of more than a year and a  half to complete the biggest ever gaming deal.
* The Federal Trade Commission is expected to sue Amazon.com Inc. for antitrust violations next week, according to people familiar with the matter – marking the agency’s fourth swipe at the online retail giant this year.
* Arm Holdings Plc got a neutral rating at Susquehanna Financial, the latest firm to take a more cautious view of the newly public chip designer.
* Nikola Corp. said it’s offering $40 million of senior convertible notes due in 2024.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.0647
* The British pound fell 0.5% to $1.2240
* The Japanese yen fell 0.5% to 148.38 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $26,545.68
* Ether rose 0.3% to $1,592.81
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.43%
* Germany’s 10-year yield was little changed at 2.74%
* Britain’s 10-year yield declined six basis points to 4.25%
Commodities
* West Texas Intermediate crude rose 0.8% to $90.33 a barrel
* Gold futures rose 0.3% to $1,945 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Once the game is over, the King and the pawn go back in to the same box. -Italian Proverb.

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.
Today is the International Day of Peace, observed by All UN member states.

September 21, 1937: J.R.R. Tolkien’s The Hobbit is published for the first time.

2001: Congress approved $15 billion to help an airline industry reeling from the Sept. 11 terrorist attacks.  Go to article >>

Bill Muray, actor, b. 1950.
Leonard Cohen, musician, b.1934.
H.G. Wells, author, b. 1866.
Stephen King, author, b. 1947.
Ethan Coen, director, b. 1957.
Faith Hill, singer, b. 1967.

Archaeologists unearth oldest known wooden structure in the world
This simple wooden structure may look like a normal log in a stream, but researchers say it’s almost half a million years old.
Archaeologists in Zambia discover oldest wooden structure in the world, dating to 476,000 years ago
A new finding in Zambia reveals the oldest known wooden construction shaped by the hands of a human ancestor and demonstrates the ingenuity and technical prowess of our ancient relatives.  Read More.

$10,000 bill sells for record-breaking figure
Issued in 1934, a rare $10,000 bill dating back to the Great Depression just sold for $480,000 at auction.

Neuralink, Elon Musk’s brain implant startup, set to begin human trials
Elon Musk’s controversial startup has opened recruitment for its first human clinical trial and will soon begin implanting chips into human brains.

Here’s what India’s possible name change is all about
Various media outlets are reporting that the Modi government may soon put forward a resolution to officially change the country’s name to Bharat. Here are the clues that might lead to a grand unveiling.

10-year-old helps struggling mom finish marathon
A young girl jumped into the final leg of the Salt Lake City marathon to help her mom finish the race. Watch the heartwarming moment.

Cup crafted from prehistoric human skull discovered in cave in Spain
A new study suggests that Spain’s ancient peoples shared complex beliefs about death and the afterlife.  Read More.

‘Grand cosmic fireworks’: See the stunning winners of the 2023 astronomy photo of the year contest
The winning images from the Royal Observatory Greenwich’s 15th annual astrophotography contest will blow you away.  Read More.

PHOTOS OF THE DAY

Paris, France
Britain’s King Charles addresses senators and members of the national assembly at the French senate, the first time a member of the British royal family has spoken in the senate chamber.  Photograph: Emmanuel Dunand/AFP/Getty Images

Guests attend the state banquet at the Palace of Versailles.  Photograph: Daniel Leal/AFP/Getty Images

Brahmanbaria, Bangladesh
A worker covers mounds of rice with giant hat-shaped bamboo cones in a field after they have been dried in the scoring sun. This is a traditional method of keeping freshly collected rice protected from rain and fog after the removal of moisture.  Photograph: Joy Saha/Shutterstock.
Market Closes for September 21^st, 2023

Market Index	Close	Change
Dow Jones	34070.42	-370.46
		-1.08%
S&P 500	4330.00	-72.20
		-1.64%
NASDAQ	13223.98	-245.15
		-1.82%
TSX	19791.62	-423.08
		-2.09%

International Markets

Market Index	Close	Change
NIKKEI	32571.03	-452.75
		-1.37%
HANG SENG	17655.41	-230.19
		-1.29%
SENSEX	66230.24	-570.60
		-0.85%
FTSE 100*	7678.62	-53.03
		-0.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.969	3.910
CND. 30 Year Bond	3.741	3.654
U.S.    10 Year Bond	4.4962	4.4070
U.S. 30 Year Bond	4.5791	4.4448

Currencies

BOC Close	Today	Previous
Canadian $	0.7416	0.7427
US $	1.3484	1.3464

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4377	0.6955
US $	1.0662	0.9379

Commodities

Gold	Close	Previous
London Gold Fix	1943.35	1934.90
Oil
WTI Crude Future	90.43	90.28

Market Commentary:
📈 On this day in 1931, U.S. stocks tumbled after the Bank of England abruptly abandoned the Gold Standard, and the New York Stock Exchange instituted a temporary ban on short selling. By the session’s end, stocks had recovered most of their lost ground.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 2.1%, or 423.08 to 19,791.62 in Toronto.
The move was the biggest since falling 2.7% on Sept. 23, 2022.
Today, financials stocks led the market lower, as all sectors lost; 215 of 227 shares fell, while 11 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.6%. Wesdome Gold Mines Ltd. had the largest drop, falling 7.5%.
Insights
* In the past year, the index had a similar or greater loss once
* This year, the index rose 2.1%, heading for the best year since 2021
* This quarter, the index fell 1.8%
* This month, the index fell 2.5%
* So far this week, the index fell 4%, heading for the biggest decline since the week ended Sept. 23
* The index advanced 3.2% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 5% below its 52-week high on Feb. 2, 2023 and 10.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 3.8% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.1 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility rose to 13.84% compared with 12.39% in the previous session and the average of 11.69% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -114.1841| -1.8| 1/27
Energy | -61.8947| -1.7| 2/38
Industrials | -59.6149| -2.2| 2/24
Information Technology| -59.5638| -4.0| 1/10
Materials | -56.8363| -2.4| 3/47
Utilities | -19.0657| -2.2| 0/16
Consumer Discretionary| -16.7371| -2.3| 0/14
Communication Services| -14.9643| -1.9| 0/5
Real Estate | -11.6655| -2.4| 0/21
Consumer Staples | -8.0395| -1.0| 0/11
Health Care | -0.5147| -0.8| 2/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -36.2200| -5.6| 9.5| 54.0
Brookfield Corp | -25.6600| -5.4| 28.2| 4.7
RBC | -18.8500| -1.6| -5.7| -5.1
Equinox Gold | 0.1590| 1.4| 29.9| 35.4
Bausch Health | 0.2060| 0.9| 6.6| 33.2
SNC-Lavalin Group | 1.0440| 1.9| 41.1| 91.8
US
By Rita Nazareth
(Bloomberg) — Stocks fell to their lowest since June, while Treasury 10-year yields climbed as the latest reading on the labor market just reinforced the case for the Federal
Reserve’s higher-for-longer stance.
The S&P 500 dropped 1.6%.
All major US equity benchmarks broke below their key 100-day moving averages — seen as a bearish signal by some technical analysts.
Amazon.com Inc. and Nvidia Corp. led a rout in mega-caps.
Cisco Systems Inc. sank after agreeing to buy Splunk Inc. for $28 billion.
Broadcom Inc. slid on a report that Alphabet Inc.’s Google is considering dropping the firm as a supplier for artificial-intelligence chips as soon as 2027.
Wall Street’s “fear gauge” — the VIX index of stock volatility — extended its surge from the lowest since 2020 hit last week.

Longer-dated US yields climbed, with 10-year rates approaching 4.5% — a level last seen in 2007. Meantime, the two-year note yield fell.
The differential between both yields — a proxy for confidence in the economy — narrowed.
The dollar briefly touched a six-month high.
The yen rebounded after earlier inching closer to the 150 level that some analysts consider to be a trigger for intervention.
The pound fell after the Bank of England kept rates unchanged for the first time in almost two years.
The MSCI Emerging Markets Index of stocks was poised to erase its 2023 advance.
“The lesson for the markets is that a lot of investors had been second-guessing the Fed,” said Chris Gaffney, president of world markets at EverBank. “They’re committed to keeping inflation down and part of that, I think, is to keep rates higher for longer — and markets are finally coming to grips with that.”
To Matt Maley at Miller Tabak + Co., while the Fed signaled it will indeed keep rates higher for longer, the central bank “did seem to push that narrative to an even greater degree than expected” — by raising the growth outlook and where officials expect the Fed funds rate to be trading at future dates in a significant manner.
“The outlook was significantly more hawkish than what the market was expecting,” said Fiona Cincotta, senior market analyst at City Index. “The Fed has been doing what it said it will do – keep rates higher for longer. I feel like the market is playing catch up with what the Fed has been saying all along.”
Applications for US unemployment benefits fell to the lowest level since January last week, indicating a healthy labor market that continues to support the economy.
Initial jobless claims dropped to 201,000.
The median estimate in a Bloomberg survey of economists called for 225,000 applications.
“On net, it was a solid read from one of the closest to ‘real time’ employment data investors are afforded,” said Ian Lyngen at BMO Capital Markets. “It also marginally increases the chances the Fed hikes in November and certainly reinforces the Fed’s messaging regarding avoiding cuts as long as possible in 2024.”
With most of the Fed board supporting an additional hike in 2023, lower-than-expected jobless claims is the type of data that could make that a reality, according to Mike Loewengart at Morgan Stanley Global Investment Office.  “The Fed has been waiting for the labor market to loosen up, and so far it hasn’t happened,” Loewengart added. “But even if they don’t hike again, continued strength in the jobs market will likely translate into rates remaining higher for longer.”
Bond traders are bracing for Treasury yields to keep pushing higher after the Fed signaled it’s likely to hold interest rates at lofty levels well into next year.
Fifty-eight percent of the 172 respondents in the Bloomberg Markets Live Pulse survey conducted after the Fed’s decision said that 2-year Treasury yields have yet to peak, while a plurality expect 10-year yields to climb over 4.5%.
Two-year rates rose above 5.19% Thursday to a fresh 17-year high, while 30-year yields climbed to 4.48%, a level last seen in 2011.
Bond investors’ pain isn’t over yet, even though the Fed is done raising interest rates, said Bill Gross, the former chief investment officer of Pacific Investment Management Co.  In an investment outlook published Thursday, Gross said  bond markets are headed for an unprecedented third year of losses, because of sticky inflation and widening deficits, a result of government fiscal spending he equates with throwing “money out of a helicopter.”
Former Fed Bank of St. Louis President James Bullard said the central bank may need to raise rates further and hold them higher to guard against the risk of a reacceleration of inflation.
Meantime, Former Treasury Secretary Lawrence Summers said policymakers are too optimistic with their latest set of economic projections, cautioning that they are at risk of being surprised by both faster inflation and weaker growth than they anticipate.
James Zelter, co-president of Apollo Global Management Inc., is “skeptical” the economy will achieve a soft landing, saying the effects of tighter monetary policy from central banks still haven’t been fully felt.
Meantime, economic data also showed sales of previously owned US homes declined in August to the lowest since the start of the year, restrained by limited inventory and historically high mortgage rates.
The combination of high financing costs, diminished inventory and elevated prices has created one of the least affordable housing markets on record. 

Corporate Highlights
* Microsoft Corp. said its AI assistant for Windows will start rolling out Sept. 26 and the Office AI app will be widely available Nov. 1 as the software giant continues to bake
generative artificial intelligence into its products.
* Rupert Murdoch is stepping down as chairman of the boards of Fox Corp. and News Corp. following a nearly seven-decade career, and will become chairman emeritus of each company.
* Comcast Corp.’s NBCUniversal has reached a five-year deal to air WWE’s Friday Night SmackDown, taking over broadcast rights that have belonged to Fox Corp. since 2019.
* Darden Restaurants Inc. is seeing more “softness” among households with incomes above $125,000 compared to last year, Chief Executive Officer Rick Cardenas said.
Key events this week:
* China’s Bund Summit, Friday
* Japan CPI, PMIs, Friday
* Bank of Japan rate decision, Friday
* Eurozone S&P Global Eurozone PMIs, Friday
* US S&P Global Manufacturing PMI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 1.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.0660
* The British pound fell 0.4% to $1.2292
* The Japanese yen rose 0.5% to 147.55 per dollar
Cryptocurrencies
* Bitcoin fell 1.8% to $26,595.91
* Ether fell 2.2% to $1,589.59
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.48%
* Germany’s 10-year yield advanced three basis points to 2.74%
* Britain’s 10-year yield advanced nine basis points to 4.30%
Commodities
* West Texas Intermediate crude fell 0.1% to $89.55 a barrel
* Gold futures fell 1.4% to $1,940.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
In war it does not matter who is right, but who is left. –Winston Churchill, 1874-1965.

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

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

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

Dear Friends,

Tangents:

September 20, 1870: Italian troops occupy Rome, leading to the eventual incorporation of Rome into the Kingdom of Italy and the limiting of papal governing authority to the Vatican itself and a small district around it.

1873 Panic swept the New York Stock Exchange in the wake of railroad bond defaults and bank failures.  Go to article >>

Sophia Loren, actress, b. 1934.

Sister’s bang cutting skills go viral.  These four siblings tried to cover up a hilarious haircut mishap. Watch the mischievous moment.

New discoveries off Egyptian coast reveal ‘treasures and secrets’.  An underwater archaeological team has retrieved gold relics and jewelry around four miles off the present coast of Egypt.

Want to sleep better on a plane? Try this with your feet.  These tips for snoozing in the sky will help maximize your chances of getting decent rest on long-haul flights.

The best hotel in the world is a 24-room building in Italy’s Lake Como.
PHOTOS OF THE DAY

Wellington, New Zealand
A creation by the US designers Dawn Mostow and Snow Winters at the 2023 World of Wearable Art preview show.  Photograph: Hagen Hopkins/Getty Images for World of Wearable Art.

Chennai, India
Children play around an idol of the Hindu god Ganesha in the Bay of Bengal during the 10-day Ganesh Chaturthi festival.  Photograph: R Satish Babu/AFP/Getty Images.

London, UK
Christie’s staff hold up a concert programme signed by Louis Armstrong, part of the collection of the late Rolling Stone drummer Charlie Watts to be auctioned this month
Photograph: Guy Bell/Shutterstock.
Market Closes for September 20^th, 2023

Market Index	Close	Change
Dow Jones	34440.88	-76.85
		-0.22%
S&P 500	4402.20	-41.75
		-0.94%
NASDAQ	13469.13	-209.06
		-1.53%
TSX	20214.69	-4.20
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	33023.78	-218.81
		-0.66%
HANG SENG	17885.60	-111.57
		-0.62%
SENSEX	66800.84	-796.00
		-1.18%
FTSE 100*	7731.65	+71.45
		+0.93%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.910	3.863
CND. 30 Year Bond	3.654	3.627
U.S.    10 Year Bond	4.4070	4.3627
U.S. 30 Year Bond	4.4448	4.4251

Currencies

BOC Close	Today	Previous
Canadian $	0.7427	0.7437
US $	1.3464	1.3446

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4354	0.6967
US $	1.0661	0.9380

Commodities

Gold	Close	Previous
London Gold Fix	1934.90	1923.50
Oil
WTI Crude Future	90.28	91.20

Market Commentary:
📈 On this day in 1873, the stock market crashed and the NYSE Board of Governors closed the exchange for the first time on record. A third of all money on loan from New York banks had gone into buying stocks on margin.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,214.69 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 2.1%. Nuvei Corp. had the largest drop, falling 4.6%.
Today, 98 of 227 shares fell, while 123 rose; 2 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 4.3%, heading for the best year since 2021
* This quarter, the index rose 0.3%
* This month, the index fell 0.4%
* The index advanced 4.4% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3% below its 52-week high on Feb. 2, 2023 and 13.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.3% in the past 5 days and rose 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.4 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 12.39% compared with 12.43% in the previous session and the average of 11.59% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -26.0861| -0.7| 8/29
Information Technology | -15.9513| -1.1| 2/9
Consumer Discretionary | 0.2318| 0.0| 8/6
Real Estate | 0.7281| 0.1| 14/6
Consumer Staples | 1.7725| 0.2| 7/4
Health Care | 2.0589| 3.4| 4/0
Communication Services | 2.7269| 0.4| 4/1
Utilities | 4.4795| 0.5| 12/4
Industrials | 4.7282| 0.2| 11/15
Financials | 5.7134| 0.1| 19/9
Materials | 15.4034| 0.6| 34/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -13.9700| -2.1| -40.9| 63.2
Canadian Natural Resources | -10.2400| -1.6| -21.2| 12.5
Cenovus Energy | -4.9930| -1.9| -26.6| 3.3
RBC | 4.0050| 0.3| -63.3| -3.6
Wheaton Precious Metals | 4.0230| 2.2| -26.4| 13.7
Agnico Eagle Mines | 5.0890| 2.2| 17.2| -3.8
US
By Rita Nazareth
(Bloomberg) — Stocks fell and bond yields rose, with the Federal Reserve signaling interest rates will be higher for longer after deciding to stay on hold Wednesday.
Big tech led losses, with the Nasdaq 100 down 1.5%.
The S&P 500 dropped almost 1%.
Treasury two-year yields, which are more sensitive to imminent Fed moves, hit the highest since 2006.
Swap contracts priced in fewer rate cuts next year than previously anticipated.
The dollar erased losses.
Oil retreated, following a rally that sent Brent to $95 a barrel earlier this week.
The Fed held its target range for the federal funds rate at 5.25% to 5.5%, while updated quarterly projections showed 12 of 19 officials favored another rate hike in 2023. Policymakers also see less easing next year. Jerome Powell said officials are “prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objective.” 

Wall Street’s Reaction:
* Will Compernolle, macro strategist at FHN Financial:
“Overall, this was the ‘hawkish skip’ we were expecting.  Just because the 2023 median dot shows one more hike, that doesn’t necessarily represent the terminal rate. There could be more increases early next year.”
* Brian Henderson, chief investment officer at BOK Financial:
“There’s still some pressure on them to hike later this year. The longer the economy is able to remain this strong, even with these higher interest rates, it’s going to put in doubt whether the Fed is doing enough to bring inflation down. But that doesn’t necessarily mean the Fed has to keep hiking rates until inflation gets to 2%, either. Keeping rates at this level or slightly higher can bring inflation down to that point, but to ensure we’re on the right track, month-over-month readings have to keep trending downward.”
* David Russell, global head of market strategy at TradeStation:
“Today’s slightly hawkish Fed statement reflects the strength we’ve seen in the economy since their last meeting.  Policymakers have zero incentive to get dovish now,  especially with oil on the rise and the auto strike threatening to push up wages and potentially car prices.  This announcement keeps them data dependent, which could
be a positive if shelter costs continue to ease. Jerome Powell isn’t ready to back down yet, but markets might look past the rhetoric. Investors know he’s wary of declaring victory against inflation after his infamous transitory call two years ago.”  
* Seema Shah, chief global strategist at Principal Asset Management:
“In light of the still strong economic data, the hawkish pause and lingering threat of a November hike should not be a surprise to anyone. It’s the 2024 projections where all the fun resides. The new projections suggest that the Fed has a fairly strong degree of confidence in its outlook for a soft landing and, in turn, that there will be very minimal space for policy easing next year. The dot plot for next year has certainly rammed home the message of higher for longer and reflects the continued wariness and fear of an inflation resurgence if it takes the foot off the brake too soon and too quickly.”
* John Lynch, chief investment officer at Comerica Wealth Management:
“This is consistent with our “higher for longer” expectation.  To the degree the Fed holds rates steady, any improvement in core inflation measures leads to higher real rates, which serve to further constrain credit while eliminating the need for the Fed to raise rates during an election year.”
* Richard Carter, head of fixed interest research at Quilter Cheviot:
“With today’s pause, we are now in the waiting game with the Fed to see if their action to date is enough to achieve the coveted ‘soft landing’ in the US. Each and every data point released from now on will be scrutinized and pored over with a fine toothcomb to get any indication of if the Fed will raise rates again, or when in fact it is time to start cutting rates.”
* Alexandra Wilson-Elizondo at Goldman Sachs Asset Management:
“We, like many, expected to see the hawkish hold that Powell nodded to at Jackson Hole. However, the release was more hawkish than expected. While a share of past policy tightening is still in the pipeline the Fed can go into wait and see mode, hence the pause. We believe that their next meeting will be live, but not a done deal.”
* Charlie Ripley, senior investment strategist at Allianz Investment Management:
“While this meeting was widely viewed as a ‘skip’ meeting, we think it still remains to be seen if another hike is in the cards later this year. Fed officials appear to be divided on whether higher policy rates are needed to bring inflation back down to their 2% target. In addition, there are significant risks to the economy on the horizon with the autoworkers strike in motion and the potential for a government shutdown looming.  Thus, there is a decent case building that the last rate hike during this cycle may already be behind us. However, the Fed’s projections did show less rate cuts in 2024, which gives the Fed more optionality to keep policy rates higher for longer should the economy fail to materially slow.”

Corporate Highlights
* Marketing and data automation provider Klaviyo Inc. rose as much as 32% in its trading debut after exceeding the marketed range in its initial public offering to raise
$576 million.
* Pinterest Inc. climbed, with analysts positive on the social-networking company in the wake of its investor day event. 
* International Business Machines Corp. advanced after being rated outperform at RBC Capital Markets.
* Coty Inc. rose after raising its sales outlook for the current fiscal year, citing continued robust demand for higher-end fragrances.
* Instacart’s debut rally is fizzling out, just a day after it went public in one of this year’s biggest US listings.
* Chewy Inc. fell after the pet-supplies retailer was downgraded to market perform from outperform at Oppenheimer & Co.
Key events this week:
* Eurozone consumer confidence, Thursday
* Bank of England policy meeting, Thursday
* US leading index, initial jobless claims, existing home sales, Thursday
* China’s Bund Summit, Friday
* Japan CPI, PMIs, Friday
* Bank of Japan rate decision, Friday
* Eurozone S&P Global Eurozone PMIs, Friday
* US S&P Global Manufacturing PMI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.5%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.0659
* The British pound fell 0.4% to $1.2340
* The Japanese yen fell 0.2% to 148.19 per dollar
Cryptocurrencies
* Bitcoin fell 0.9% to $26,944.88
* Ether fell 1.6% to $1,616.55
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.37%
* Germany’s 10-year yield declined four basis points to 2.70%
* Britain’s 10-year yield declined 13 basis points to 4.21%
Commodities
* West Texas Intermediate crude fell 1% to $90.28 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Sophie Caronello.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
A man has made at least a start on discovering the meaning of human life when he plants shade trees under which he knows full well
he will never sit. –D. Elton Trueblood, 1900-1994.

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