Author: Carolann

Dear Friends,

Tangents:
September 19, 2023: The Battle of Saratoga begins in 1777, a turning point in the American Revolutionary War.  American forces defeated the British, gaining crucial support from France in the war.

September 19, 2008 Struggling to stave off financial catastrophe, the Bush administration asked Congress for $700 billion to buy up troubled mortgage-related assets from U.S. financial institutions.  Go to article >>

1985: Mexico City earthquake,10,000 killed.

iOS 17 release: See what’s new in iPhone features
iPhone users can now update to iOS17 to unlock several new features, including FaceTime video messages and live voicemails.

Starbucks bets on China with $220 million roasting center
This is the company’s largest investment it has ever made for a coffee manufacturing and distribution center outside the US.

Humanity’s future on the moon: Why Russia, India and other countries are racing to the lunar south pole
Half a century after the first humans landed on the moon, global interest is once again rising to visit our celestial neighbor. This time, nations have their sights set on the lunar south pole. Why?  Read More.

14th-century shipboard cannon that fired ‘stone shots’ may be Europe’s oldest on record
An analysis of cloth found inside the cannon suggests that it dates to the 14th century and that the weapon was charged with gunpowder and ready to fire.  Read More.

Asteroid that wiped out the dinosaurs allowed flowers to thrive in a post-apocalyptic world
Scientists have discovered flowering plants were largely unscathed by the Cretaceous-Paleogene (K-Pg) mass extinction event 66 million years ago, allowing them to take advantage of the new, dinosaur-free planet.  Read More.
PHOTOS OF THE DAY

Sandsend, UK
The aurora borealis over the North Yorkshire coast.  Photograph: Charlotte Graham/Shutterstock.

The Hague, Netherlands
Staphorst women in traditional costume arrive for budget day.  Photograph: Hollandse Hoogte/Shutterstock.

​​​​​​​Van, Turkey
A beekeeper harvests honey in Gevas district at an altitude of 2,000 metres.  Photograph: Anadolu Agency/Getty Images.
Market Closes for September 19^th, 2023

Market Index	Close	Change
Dow Jones	34517.73	-106.57
		-0.31%
S&P 500	4443.95	-9.58
		-0.22%
NASDAQ	13678.19	-32.05
		-0.23%
TSX	20218.89	-273.94
		-1.34%

International Markets

Market Index	Close	Change
NIKKEI	33242.59	-290.50
		-0.87%
HANG SENG	17997.17	+66.62
		+0.37%
SENSEX	Market Closed	N.A.
FTSE 100*	7660.20	+7.26
		+0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.863	3.748
CND. 30 Year Bond	3.627	3.558
U.S.    10 Year Bond	4.3627	4.3045
U.S. 30 Year Bond	4.4251	4.3840

Currencies

BOC Close	Today	Previous
Canadian $	0.7437	0.7416
US $	1.3446	1.3484

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4361	0.6963
US $	1.0680	0.9363

Commodities

Gold	Close	Previous
London Gold Fix	1923.50	1927.70
Oil
WTI Crude Future	91.20	91.48

Market Commentary:
📈 On this day in 1931, the Bank of England sent a telegram to Governor Montagu Norman, at sea in the Atlantic: “Old lady goes off Monday.” He misunderstands it as a reference to his mother’s vacation. It was a heads-up Britain was abandoning the gold standard.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.3%, or 273.94 to 20,218.89 in Toronto.
The move was the biggest since falling 1.9% on Aug. 15.
Today, financials stocks led the market lower, as all sectors lost; 205 of 227 shares fell, while 21 rose.
Shopify Inc. contributed the most to the index decline, decreasing 2.4%. Equinox Gold Corp. had the largest drop, falling 20.0%.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it declined seven times for an average 0.7% and advanced five times for an average 1.2%
* This year, the index rose 4.3%, heading for the best year
since 2021
* This quarter, the index rose 0.3%
* The index advanced 3.4% 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 little changed 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 15.3 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$3.25t
* 30-day price volatility rose to 12.43% compared with 11.72% in the previous session and the average of 11.55% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -52.0184| -0.8| 4/24
Materials | -46.1767| -1.9| 9/42
Industrials | -41.9168| -1.5| 1/25
Energy | -40.8546| -1.1| 2/38
Information Technology | -33.8668| -2.2| 0/11
Utilities | -17.7841| -2.0| 1/14
Consumer Staples | -14.0949| -1.7| 0/11
Consumer Discretionary | -8.8609| -1.2| 1/13
Real Estate | -7.9144| -1.6| 0/21
Communication Services | -7.9132| -1.0| 2/3
Health Care | -2.5454| -4.0| 1/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -15.8900| -2.4| -11.0| 66.8
Canadian National | -14.2400| -2.2| -33.1| -5.0
Brookfield Corp | -12.3200| -2.5| -17.5| 11.0
Fairfax Financial | 0.7040| 0.4| -30.2| 42.8
Methanex | 1.3060| 5.0| 201.2| 13.8
Manulife Financial | 2.9430| 0.9| -48.7| 9.1
US
By Rita Nazareth
(Bloomberg) — Treasury yields rose and stocks fell ahead of the Federal Reserve decision, with traders betting rates will be higher for longer to prevent an inflation flare-up. Brent oil briefly topped $95 a barrel.
US five- and 10-year yields hit the highest levels since 2007.
Most major groups in the S&P 500 dropped, but the gauge came well off session lows, led by gains in some mega-caps like Apple Inc. and Tesla Inc.
Online grocery delivery business Instacart surged 12% in its Nasdaq debut.
Walt Disney Co. slid on plans to nearly double its theme-park spending to $60 billion over the next 10 years.
The loonie climbed after hot inflation data in Canada.

Fed Chair Jerome Powell and his colleagues are widely expected to hold rates steady Wednesday.
Still, supply shocks such as climbing oil prices present the central bank with a quandary as they simultaneously boost inflation and curb economic growth.
Surging energy costs played a role in tipping the US into recession in the mid-1970s, as well as the early 1980s and 1990s.
“The risks for headline inflation to heat up over the next couple of months are rising and that should complicate what the Fed does,” said Ed Moya, senior market analyst for the Americas at Oanda. “Do policymakers become convinced that despite a resilient labor market, pricing pressures will continue to ease?  If core inflation shows it is struggling to continue to drop, the higher-for-longer rate regime will last a lot longer than the market is pricing in.”
In fact, after pricing in a “peak” in interest rates in November, trader bets have recently shifted out to December — suggesting that perhaps the market is giving credence to signals of a more pronounced central bank pause, according to Christopher Jacobson at Susquehanna International Group.
Investors are keenly focused on Fed officials’ updated quarterly rate projections — known as the dot plot — that will be released Wednesday at the conclusion of the policy meeting.
High on the watchlist will be whether these forecasts continue to reveal a median view for one more quarter-point hike this year and whether forecasts for 2024 scale back the 100 basis points of rate reductions that officials foresaw in June.
To Fawad Razaqzada at City Index and FOREX.com, should the Fed revise the 2024 median plot to indicate fewer rate cuts than previously projected, that would discourage bearish bets on the dollar.
Since the Fed’s June forecasts, the disinflationary process has stabilized somewhat — but inflation risks are increasing, said Lauren Goodwin at New York Life Investments.
As a result, officials will likely keep the incremental quarter-point hike in their projections, she noted — adding that a final increase would possibly be delivered in November.
“Our Fed checklist suggests the bar for rate cuts is still high,” Goodwin said. “Unless we see a meaningful economic slowdown, inflation is likely to fall in a slow and non-linear
way. In other words, for the Fed to cut rates next summer — like the bond market has priced — we believe we’d need to see a recession.”
Data Tuesday showed new US home construction dropped to the lowest level since June 2020 — highlighting the toll of declining housing affordability.
The sharp slide is concerning because housing has been one of the pillars of the economy that has held up much better than expected, said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
“If it turns out that this is the first crack in an otherwise bulletproof consumer, then it could change the narrative from an economy that is impervious to rapid interest-rate hikes to one that is vulnerable and susceptible to a recession,” he added.

Corporate Highlights
* Starbucks Corp. slipped as TD Cowen downgraded it to market perform, flagging “worrisome” pressures that could challenge same-store sales in China.
* Deere & Co. retreated after Evercore ISI downgraded the farm-equipment company to inline from outperform.
* Block Inc. dropped as the digital-payments firm said that Alyssa Henry, the CEO of its Square business, is leaving, with Jack Dorsey to take over.
* Royal Caribbean Cruises Ltd. and Carnival Corp. climbed after being upgraded by Truist Securities, which cited strong trends and “cooled off” stocks.
* Cboe Global Markets Inc. rose after the firm announced a chief executive officer change that analysts described as unexpected, while they were positive on the appointment to fill the role.
* Amazon.com Inc. says it will hire 250,000 employees this holiday shopping season and boost average pay for logistics personnel to about $20.50 an hour as it seeks to recruit and retain workers amid a labor shortage.
* CVC Capital Partners is gearing up for a potential listing as soon as November amid improved investor sentiment for new stock offerings, people with knowledge of the matter said.
Key events this week:
* Japan trade, Wednesday
* China loan prime rates, Wednesday
* UK CPI, Wednesday
* Federal Reserve policy meeting followed by Fed Chair Jerome Powell’s news conference, Wednesday
* Bank of Canada issues summary of its September policy meeting, Wednesday
* 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 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* 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 $1.0681
* The British pound rose 0.1% to $1.2396
* The Japanese yen fell 0.1% to 147.82 per dollar
Cryptocurrencies
* Bitcoin rose 1.5% to $27,176.23
* Ether rose 0.4% to $1,643.55
Bonds
* The yield on 10-year Treasuries advanced six basis points to 4.36%
* Germany’s 10-year yield advanced three basis points to 2.74%
* Britain’s 10-year yield declined five basis points to 4.34%
Commodities
* West Texas Intermediate crude rose 0.2% to $91.62 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Liz Capo McCormick and Michael Mackenzie.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Live your life that the fear of death can never enter your heart. –Tecumseh, 1768-1813.

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.
September 18, 1851: The New Youk Times is first published, becoming one of the world’s most influential newspapers .  It’s commitment to journalism and reporting has shaped public discourse for over a century.
September 18, 1970: Rock musician Jimi Hendrix died of a drug overdose at age 27.  Go to article >>
1947: US Air Force established.

Rolling Stone co-founder Jann Wenner removed from Rock & Roll Hall of Fame leadership.  Following a series of controversial comments, the co-founder of Rolling Stone magazine was voted off the board he helped create.
PHOTOS OF THE DAY

Asunción, Paraguay
‘Bottle dancers’ perform the Paraguayan traditional folk dance in which they dance with glass bottles balanced on their heads, as they attempt to set a record at the Official World Record Association (OWR) on the first edition of the National Day of Bottle Women, at the city’s Bicentennial Park.  Photograph: Norberto Duarte/AFP/Getty Images

Outer Hebrides, UK
Yackydoola from An Eathar community rowing club arrives on Traigh Shanndaig at Tobsunn or Tobson on Bearnaraigh Mòr in Loch Roag.  Photograph: Murdo MacLeod/The Guardian

London, UK
The Morgan Stanley exhibition The Missing Thread: Untold Stories of Black British Fashion opens at Somerset House on 21 September 2023 and runs until 7 January 2024, charting the shifting landscape of black British culture and the unique contribution it has made to Britain’s rich fashion design history.  Photograph: Guy Bell/Shutterstock
Market Closes for September 18^th, 2023

Market Index	Close	Change
Dow Jones	34624.30	+6.06
		+0.02%
S&P 500	4453.53	+3.21
		+0.07%
NASDAQ	13710.24	+1.91
		+0.01%
TSX	20492.83	-129.51
		-0.63%

International Markets

Market Index	Close	Change
NIKKEI	33533.09	+364.99
		+1.10%
HANG SENG	17930.55	-252.34
		-1.39%
SENSEX	67596.84	-241.79
		-0.36%
FTSE 100*	7652.94	-58.44
		-0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.748	3.742
CND. 30 Year Bond	3.558	3.568
U.S.    10 Year Bond	4.3045	4.3284
U.S. 30 Year Bond	4.3840	4.4153

Currencies

BOC Close	Today	Previous
Canadian $	0.7416	0.7402
US $	1.3484	1.3509

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4419	0.6935
US $	1.0692	0.9353

Commodities

Gold	Close	Previous
London Gold Fix	1927.70	1901.75
Oil
WTI Crude Future	91.48	90.77

Market Commentary:
📈 On this day in 1926, the Great Miami Hurricane smashed into Florida with 138-mph winds, killing 243 people and, in a single devastating stroke, ending the speculative Florida land boom.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 20,492.83 in Toronto. The move was the biggest since falling 0.9% on Sept. 6 and follows the previous session’s increase of 0.3%.
Today, information technology stocks led the market lower, as all sectors lost; 147 of 227 shares fell, while 76 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.4%.
Tilray Brands Inc. had the largest drop, falling 14.2%.
Insights
* This year, the index rose 5.7%, heading for the best year since 2021
* This quarter, the index rose 1.7%
* The index advanced 5.7% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on Feb. 2, 2023 and 14.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.5% in the past 5 days and rose 3.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.5 on a trailing basis and 14.6 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$3.27t
* 30-day price volatility rose to 11.72% compared with 11.63% in the previous session and the average of 11.47% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -47.1131| -3.0| 2/9
Financials | -24.9278| -0.4| 7/21
Energy | -19.1013| -0.5| 11/28
Industrials | -13.0925| -0.5| 15/11
Materials | -11.8600| -0.5| 18/32
Utilities | -4.5718| -0.5| 4/11
Health Care | -3.2213| -4.8| 2/2
Consumer Staples | -2.4084| -0.3| 6/5
Consumer Discretionary | -1.2098| -0.2| 4/10
Real Estate | -1.1250| -0.2| 4/16
Communication Services | -0.8811| -0.1| 3/2
================================================================
| | |Volume VS| YTD| Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -38.6500| -5.4| 0.6| 70.8
Canadian Pacific Kansas | -11.1400| -1.6| -33.3| 5.8
RBC | -7.5210| -0.6| -45.0| -3.1
National Bank of Canada | 1.8680| 0.8| 78.6| 4.2
Agnico Eagle Mines | 2.5620| 1.1| 32.9| -4.6
Restaurant Brands | 2.7750| 1.4| 120.1| 7.6
US
By Rita Nazareth
(Bloomberg) — Stocks, bonds and the dollar saw small moves at the start of a busy week for major central banks, whose rate decisions will set the tone for global markets for the rest of the year.
The S&P 500 closed near 4,450.
Brent oil pared gains after almost hitting $95 a barrel earlier Monday in a move that added to inflation concerns.
Apple Inc. climbed, while Tesla Inc. dropped as Goldman Sachs Group Inc. lowered its earnings estimates for the electric-vehicle giant.
Treasury 10-year yields edged lower while those on two-year notes remained above 5%.
Starting with the Federal Reserve on Wednesday and ending with the Bank of Japan two days later, monetary policy will be determined at key meetings across half of the Group of 20.
Advanced-economy central banks may draw particular focus as global policymakers adapt to the theme US officials set out at Jackson Hole in August: Rates will likely stay higher for longer.
With the Fed widely expected to keep rates on hold this week, traders will be focused on the so-called dot plot summary of economic forecasts.
The two main questions are whether policymakers will retain their projections for one more 25 basis-point hike by year-end — and how much easing they are penciling in for 2024.
In June, they projected 1 percentage point of cuts.
“We think the Fed will take a ‘hawkish pause’ this week and the futures market will reprice a higher probability for another rate hike before year end,” said Megan Horneman, chief investment officer at Verdence Capital Advisors.  “Unfortunately, inflation is very easy to reignite especially if energy prices begin to filter into broad prices. Therefore, we think the Fed will need to insinuate they may not be done raising rates.”
The Fed will probably continue to sound hawkish, with one remaining hike still penciled in for 2023 and the prospect of very slow easing over the couple of years, according to David Kelly, chief global strategist at J.P. Morgan Asset Management.
Still, while policymakers may plan for a gentle drop in rates, there’s risk of an economic downturn that would trigger much more rapid easing, he noted.
“It makes sense to be well diversified, with a relatively defensive position across equities and extending duration in within fixed income, as the risk of an economic stumble grows on the descent from the mountain of monetary tightening, Kelly added.
Lisa Shalett at Morgan Stanley Wealth Management says that while bullish investors have continued to harp on progress for headline inflation, a key metric closely watched by Fed Chair Jerome Powell suggests a “higher-for-longer” rate path.
“US equity markets are definitively pricing a successful soft landing, with rates peaking and economic and corporate earnings growth reaccelerating,” she noted.
“We remain skeptical of the growth reacceleration/margin expansion argument of the bull case. At best, we see US equities rangebound over the next six to nine months, with the back and forth between earnings and multiples producing only churn.”
To Paul Nolte at Murphy & Sylvest Wealth Management, the two weakest months of the year are living up to expectations and following the typical pattern.
“That playbook would argue for further weakness into mid/late October before a year-end rally,” Nolte added.  “Much of the rally is on the back of expectations that earnings will rise this quarter. Those higher earnings typically push stocks higher, but much of the market is already richly priced on a historical basis, so there may not be much room to push.”
Corporate Highlights
* Arm Holdings Plc fell after Bernstein started coverage on the newly public chip designer with an underperform rating, suggesting it may not be the beneficiary of artificial intelligence that some investors expect.
* Nikola Corp. climbed after the company appointed former General Motors Co. president Mary Chan as its new chief operating officer.
* Micron Technology Inc. rose after the chipmaker was raised to buy from hold at Deutsche Bank AG, with the broker noting that prices for DRAM chips have started to improve faster than expected.
* Walt Disney Co. has held preliminary talks with potential buyers for its India streaming and television business including billionaire Mukesh Ambani’s Reliance Industries Ltd., according to people familiar with the matter.
* Amazon.com Inc. is hiring Microsoft Corp.’s product chief to run the division responsible for the voice-activated Alexa assistant and Echo smart speakers, according to people familiar with the situation.
Key events this week:
* This week, Ukrainian President Volodymyr Zelenskiy is expected to meet with Joe Biden at the White House & attend United Nations General Assembly in New York.
* Reserve Bank of Australia issues minutes of September policy meeting, Tuesday
* OECD releases interim economic outlook report on the global economy, Tuesday
* Eurozone CPI, Tuesday
* Bloomberg Future of Finance Conference in Frankfurt, with speakers to include German Finance Minister Christian Lindner, Tuesday
* US housing starts, Tuesday
* Japan trade, Wednesday
* China loan prime rates, Wednesday
* UK CPI, Wednesday
* Federal Reserve policy meeting followed by Fed Chair Jerome Powell’s news conference, Wednesday
* Bank of Canada issues summary of September’s policy meeting, Wednesday
* 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 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.3% to $1.0687
* The British pound was little changed at $1.2382
* The Japanese yen rose 0.2% to 147.61 per dollar
Cryptocurrencies
* Bitcoin rose 1.5% to $26,831.98
* Ether rose 1.4% to $1,641.18
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.31%
* Germany’s 10-year yield advanced three basis points to 2.71%
* Britain’s 10-year yield advanced three basis points to 4.39%
Commodities
* West Texas Intermediate crude rose 1.4% to $92.04 a barrel
* Gold futures rose 0.4% to $1,954.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
There is nothing impossible to they who will try. —Alexander the Great, 356 BC-323 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.  Happy Rosh Hashanah.

Emma Osman wrote recently in the Wall Street Journal the following inspirational words:

There’s a shift in the air when September arrives. The leaves begin to turn; you grab a sweater for the morning commute; children head to school with new backpacks and uniforms. It’s a time of fresh starts. There are new teachers, new classes, new friends, excitement and anticipation.
This is the second autumn in which I am not part of the back-to-school club. As I watched my younger sister pack her bags for college, I felt a bit wistful. Luckily, my Jewish mother is more than willing to teach a lesson. She reminded me that in the Jewish tradition, Rosh Hashanah—which begins Sept. 15—marks the new year, offering every one of us a new beginning. We eat apples and honey in hope of a sweet year, and we usher in a period of reflection, taking stock of our mistakes, sins and regrets. Ten days later, on Yom Kippur, the Day of Atonement, our fast offers us a period of introspection and repentance. We ask God for forgiveness and for a blank slate in the coming year.
Though I attend temple with my family each year, I’ve seldom truly concentrated on the meaning of our High Holiday rituals, perhaps because in the past I’ve been too caught up in the chaos of the first few weeks of school. But this year, as I watched my sister take part in the back-to-school rituals, I chose to heed my mother’s reminder and look more deeply into my faith.
I might be past my years of school-supply runs and first-day jitters, but I’ve found the same sense of renewal while celebrating Rosh Hashanah and Yom Kippur. The fall is a chance to refocus. It gives us a moment to start fresh, if we allow it to. And I might just get a new pack of pencils while I’m at it.   (Ms. Osman is an assistant social media editor for the Journal editorial page).

Ocean Photographer of the Year 2023: Otherworldly images show beauty of oceans.  Thousands of entrants submitted their underwater and coastal images to the contest. View the winning images here.

September 15, 1928: Scottish bacteriologist Alexander Fleming discovers penicillin while studying influenza.  To date, this discover is estimated to have saved over 200 million lives.
2008: 2008 Lehman Brothers Holdings Inc. filed for bankruptcy protection – the largest in U.S. history.  Go to article >>

*NSYNC to release first new song in over 20 years.  All five members of the boy band haven’t recorded a new song together since 2001! Here’s what we know about the new track set to be released on September 29.

Johnson & Johnson is replacing its iconic logo.  The company is replacing its distinctive cursive logo, which has been in use for 135 years.

No one ‘expected to find what we did’: 4,000-year-old Canaanite arch in Israel may have been used by cult
Archeologists discovered the mysterious arch at the end of a narrow, underground passageway that was sealed with sediment shortly after it was built in the Middle Bronze Age. Read More.

Mystery of ‘living fossil’ tree frozen in time for 66 million years finally solved
The Wollemi pine was thought to have gone extinct 2 million years ago until it was rediscovered by a group of hikers in 1994. Now, scientists have decoded its genome to understand how it’s survived, almost unchanged, since the time of the dinosaurs.  Read More.

James Webb telescope sees potential signs of alien life in the atmosphere of a distant ‘Goldilocks’ water world
NASA’s James Webb Space Telescope has detected potential traces of dimethyl sulfide, a chemical only known to be created by phytoplankton on Earth, in the atmosphere of an exoplanet believed to have its own liquid ocean. Read More.

Evidence of mysterious ‘recurring nova’ that could reappear in 2024 found in medieval manuscript from 1217
The star T CrB flares up every 80 years. A document from 1217 could help confirm its regularity. Read More.
PHOTOS OF THE DAY

New York, US
Surfers take to the rough waters of Rockaway Beach as Hurricane Lee heads towards the eastern seaboard.  Photograph: Spencer Platt/Getty Images

Guadalajara, Mexico
A group of Escaramuzas in traditional costume arrive for International Charro and Charreria Day cultural celebrations.  Photograph: Ulises Ruiz/AFP/Getty Images

​​​​​​​New York, US
An attendee at the 11th Diner en Blanc in Manhattan’s Meatpacking District. The pop-up event, the location of which is revealed hours beforehand, draws guests who dress head to toe in white for an under the stars dining experience.  Photograph: Timothy A Clary/AFP/Getty Images.
Market Closes for September 15^th, 2023

Market Index	Close	Change
Dow Jones	34618.24	-288.87
		-0.83%
S&P 500	4450.32	-54.78
		-1.22%
NASDAQ	13708.34	-217.71
		-1.56%
TSX	20622.34	+54.50
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	33533.09	+364.99
		+1.10%
HANG SENG	18182.89	+134.97
		+0.75%
SENSEX	67838.63	+319.63
		+0.47%
FTSE 100*	7711.38	+38.30
		+0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.742	3.692
CND. 30 Year Bond	3.568	3.531
U.S.    10 Year Bond	4.3284	4.2863
U.S. 30 Year Bond	4.4153	4.3811

Currencies

BOC Close	Today	Previous
Canadian $	0.7393	0.7402
US $	1.3526	1.3509

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4429	0.6930
US $	1.0669	0.9373

Commodities

Gold	Close	Previous
London Gold Fix	1901.75	1913.80
Oil
WTI Crude Future	90.77	90.16

Market Commentary:
📈 This is an inauspicious day for investment banks. On this day in 2008, Lehman Brothers collapsed. And on the same date in 1890, Britain’s Baring Brothers warned it could go bust, after loans to markets like Argentina went sour. The Bank of England had to step in to prevent panic.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.3%, or 54.5 to 20,622.34 in Toronto.
The index advanced to the highest closing level since July 31.
Bank of Montreal contributed the most to the index gain, increasing 1.1%.
Iamgold Corp. had the largest increase, rising 6.8%.
Today, 126 of 226 shares rose, while 97 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 6.4%, heading for the best year since 2021
* This quarter, the index rose 2.3%
* So far this week, the index rose 2.7%
* The index advanced 5.4% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on Feb. 2, 2023 and 15.4% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.6 on a trailing basis and 14.7 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$3.26t
* 30-day price volatility fell to 11.63% compared with 11.74% in the previous session and the average of 11.45% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 33.4911| 1.4| 39/10
Financials | 32.1909| 0.5| 21/6
Utilities | 3.1320| 0.4| 11/5
Energy | 3.0358| 0.1| 23/16
Consumer Discretionary | 0.8389| 0.1| 7/7
Industrials | -0.0630| 0.0| 8/18
Health Care | -0.2738| -0.4| 1/3
Communication Services | -1.9543| -0.3| 2/3
Real Estate | -2.3051| -0.5| 9/12
Consumer Staples | -5.2361| -0.6| 3/8
Information Technology | -8.3717| -0.5| 2/9
================================================================
| | |Volume VS || Index | | 20D AVG |YTD Change Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Bank of Montreal | 6.6430| 1.1| 189.9| -1.9
RBC | 6.4280| 0.5| 241.5| -2.5
Wheaton Precious | | | |
Metals | 5.5750| 3.0| 334.6| 13.1
Couche-Tard | -2.2230| -0.6| 282.4| 23.3
Loblaw | -2.4410| -2.0| 385.9| -3.6
Shopify | -6.8040| -0.9| 169.2| 80.7
US
By Rita Nazareth
(Bloomberg) — Stocks fell, with a massive options event amplifying volatility and traders weighing the impacts of a strike that hit Detroit automakers while sifting through economic data before the Federal Reserve decision.
Big tech led losses Friday, with giants like Nvidia Corp. and Meta Platforms Inc. down over 3.5%.
The S&P 500 erased this week’s gain, while the Nasdaq 100 dropped almost 2%.
A gauge of chipmakers sank on a news report that Taiwan Semiconductor Manufacturing Co. has asked major suppliers to delay shipment of high-end equipment.
Ford Motor Co. and General Motors Co. whipsawed.
Treasury yields rose.
The dollar was little changed.
Wall Street’s widely watched equity-volatility gauge — the VIX — climbed from the lowest level since 2020.
Piles of derivatives contracts tied to stocks, index options and futures expired Friday — compelling traders to roll
over their existing positions or to start new ones.
This time, it coincided with the rebalancing of benchmark indexes including the S&P 500, another catalyst for more share transactions.
“Options expiration forces people to adjust their positions, and this is an especially powerful expiration that can add fuel to market moves,” said Callie Cox at eToro.
“This is especially prevalent in individual stocks, where trading in the shares and options can be thin. Brace for swings, but try not to tap out of this market until we see convincing evidence of a recession.”
From a fundamental standpoint, the challenges the labor market is facing – with the United Auto Worker strike and looming government shutdown being the two biggest – are concerning for markets,” according to Mark Hackett, chief of investment research at Nationwide. “If the strike expands, investors can expect to see an impact on the broad economy and pressure on supply chains and corporate profit margins,” he noted.
To Ian Lyngen at BMO Capital Markets, while the Fed will likely not respond to a single strike, “the overall paradigm of workers demanding persistently higher wages presents another dynamic that will keep rates higher for longer in an effort to continue to moderate labor demand.”
US inflation expectations fell to the lowest in more than two years as consumers grew more optimistic about the economic outlook.
Even so, sentiment fell to 67.7 — below the median estimate in a Bloomberg survey of economists.
A measure of New York state factory activity unexpectedly expanded amid new orders.
Production at factories barely rose in August, restrained by a drop in output of motor vehicles.
A resilient US economy will prompt the Fed to pencil in one more interest-rate hike this year and stay at the peak level next year for longer than previously expected, according to economists surveyed by Bloomberg News.
Equity funds saw the biggest weekly inflow in 18 months amid growing investor confidence the US economy is headed for a soft landing, according to Bank of America Corp.
Global stocks attracted $25.3 billion in the week to Sept. 13 — the most since March 2022 — according to EPFR Global data cited by BofA.
But amid the renewed optimism on the US economy, strategist Michael Hartnett sees a bearish broader picture, with cash and Treasuries having attracted the bulk of inflows and both asset classes on track for a record year. 

Corporate Highlights
* Charles Schwab Corp. said it has been temporarily affected by attrition from clients as it integrates TD Ameritrade, leading to a decline in net new money for the firm last month.
* Planet Fitness Inc. announced the immediate departure of its chief executive officer, who’s held the position for more than a decade.
* Adobe Inc. provided a sales outlook that met analysts’ expectations, but disappointed investors who expected demand for the company’s artificial intelligence tools would boost revenue.
* Walt Disney Co. has now fielded at least one offer for its ABC TV network, local stations and some cable channels, and more may come as the company seeks to shed what it considers non-core assets and focus on streaming.
* Discover Financial Services is exploring the potential sale of its student-loan business as the company seeks to clean up operations in the aftermath of a series of regulatory lapses, according to people familiar with the matter.
* Grocery delivery business Instacart is preparing to price its initial public offering on Monday after boosting its price range following a strong trading debut by Arm Holdings Plc, according to people familiar with the matter.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0661
* The British pound fell 0.2% to $1.2385
* The Japanese yen fell 0.3% to 147.85 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $26,414.08
* Ether fell 0.4% to $1,621.74
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.33%
* Germany’s 10-year yield advanced eight basis points to 2.68%
* Britain’s 10-year yield advanced eight basis points to 4.36%
Commodities
* West Texas Intermediate crude rose 1% to $91.10 a barrel
* Gold futures rose 0.6% to $1,943.90 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
A great man is always willing to be little. –Ralph Waldo Emerson, 1803-1882.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

September 14, 1959: The Soviet space probe Luna 2 became the first man-made object to reach the moon as it crashed onto the lunar surface.  Go to article >>.

How to maintain a sense of purpose later in life:  A sense of purpose is important for well-being, experts say. But that drive can drop after experiencing cognitive decline, a new study shows. Here’s what you can do for support.

Barbie toy sales shoot up 25% after the film’s release.  The demand for Barbie dolls significantly increased after the film’s release. Mattel, Barbie’s toymaker, also locked in more than 165 partnerships with brands trying to hop on the pink bandwagon.

Early human relatives purposefully crafted stones into spheres 1.4 million years ago, study claims
The stone spheres were crafted by early hominins who were trying to create symmetry in the objects, a new study suggests.  Read More.

Team Egg or Team Sponge? Scientists divided over identity of mysterious golden orb from bottom of ocean
The weird gold dome-shaped object was found during an NOAA expedition to the Gulf of Mexico and is now being preserved in ethanol until it can be sent for laboratory analysis.  Read More.

The closest black holes to Earth may be 10 times closer than we thought
Astronomers found evidence of multiple stellar-mass black holes lurking in the nearby Hyades cluster, just 150 light-years from Earth. Read More.

PHOTOS OF THE DAY
Oberstdorf, Germany
Bavarian herders drive their cattle along a road as the animals are brought down from their mountainous summer pastures.  Photograph: Matthias Schräder/AP

Mexico City, Mexico
Remains of an alleged ‘non-human’ on display during a briefing on unidentified flying objects at the San Lázaro, the main seat of legislative power of the Mexican government
Photograph: Henry Romero/Reuters

Ripon, UK
Alexander McDonnell, playing the role of a detective, views a floral crime scene figure that forms part of art installation ‘The Blooms of Deception’ a dazzling display of floral art inspired by Agatha Christie.  Photograph: Danny Lawson/PA
Market Closes for September 14^th, 2023

Market Index	Close	Change
Dow Jones	34907.11	+331.58
		+0.96%
S&P 500	4505.10	+37.66
		+0.84%
NASDAQ	13926.05	+112.47
		+0.81%
TSX	20567.84	+288.90
		+1.42%

International Markets

Market Index	Close	Change
NIKKEI	33168.10	+461.58
		+1.41%
HANG SENG	18047.92	+38.70
		+0.21%
SENSEX	67519.00	+52.01
		+0.08%
FTSE 100*	7673.08	+147.09
		+1.95%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.692	3.686
CND. 30 Year Bond	3.531	3.522
U.S.    10 Year Bond	4.2863	4.2485
U.S. 30 Year Bond	4.3811	4.3434

Currencies

BOC Close	Today	Previous
Canadian $	0.7402	0.7380
US $	1.3509	1.3550

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4379	0.6955
US $	1.0643	0.9396

Commodities

Gold	Close	Previous
London Gold Fix	1913.80	1908.55
Oil
WTI Crude Future	90.16	88.52

Market Commentary:
📈 On this day in 1960, President Dwight D. Eisenhower signed the Real Estate Investment Trust Act. The law created REITs, which gave everyday stock traders a way to invest in commercial real estate.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.4%, or 288.9 to 20,567.84 in Toronto.
The move was the biggest since rising 1.8% on June 2.
Today, financials stocks led the market higher, as all sectors gained; 202 of 226 shares rose, while 21 fell.
Canadian National Railway Co. contributed the most to the index gain, increasing 3.5%. Ballard Power Systems Inc. had the largest increase, rising 7.8%.
Insights
* In the past year, the index had a similar or greater gain 10 times. The next day, it advanced six times for an average 0.8% and declined four times for an average 1%
* This year, the index rose 6.1%, heading for the best year since 2021
* This quarter, the index rose 2%
* So far this week, the index rose 2.5%
* The index advanced 4.3% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 1.3% below its 52-week high on Feb. 2, 2023 and 15.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.2% in the past 5 days and rose 1.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.5 on a trailing basis and 14.6 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 11.74% compared with 11.91% in the previous session and the average of 11.39% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 76.7080| 1.2| 24/3
Energy | 52.6458| 1.4| 38/2
Industrials | 50.0675| 1.8| 22/3
Materials | 40.4758| 1.7| 45/4
Information Technology | 21.1589| 1.3| 9/2
Real Estate | 13.1890| 2.7| 21/0
Utilities | 13.0441| 1.5| 15/1
Consumer Discretionary | 9.2004| 1.2| 9/5
Consumer Staples | 8.0322| 0.9| 10/1
Communication Services | 3.7693| 0.5| 5/0
Health Care | 0.6085| 1.0| 4/0
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian National | 22.1300| 3.5| 66.7| -2.9
Enbridge | 17.4400| 2.7| 4.3| -9.8
Canadian Pacific Kansas | 14.9300| 2.2| 77.6| 7.0
Blackberry | -0.6980| -2.5| -4.5| 65.1
Dye & Durham | -1.2870| -19.0| 655.0| 0.2
Laurentian Bank of Canada | -1.3590| -12.5| 919.7| -2.8
US
By Rita Nazareth
(Bloomberg) — Stocks rose after strong economic reports revived speculation the Federal Reserve will be able to engineer a soft landing even if it keeps interest rates higher for longer.
The euro dropped amid bets the European Central Bank will stay on hold after hiking on Thursday.
All major groups in the S&P 500 advanced as the gauge topped 4,500.
The Dow Jones Industrial Average added 1%.
Earlier in the day, equity futures pared gains as retail sales and producer prices beat estimates amid rising energy costs.
Arm Holdings Plc surged 25% in its trading debut.
Ford Motor Co. and General Motors Co. underperformed, with Detroit carmakers facing the threat of a strike.
In late hours, Adobe Inc. fell on a tepid sales outlook.
Traders also braced for Friday’s triple witching options event — which has the potential to trigger volume spikes and volatility.
“Stocks are higher after another round of impressive US economic data suggests the consumer is still doing just fine,” said Edward Moya, senior market analyst for the Americas at Oanda. “Wall Street seems content with the risk of one more Fed rate hike as consumer resilience is expected to gradually weaken. While the US growth story is still alive, the outlook for Europe remains uninspiring as stagflation risks grow.”
The latest data reinforce our view the US economy is headed for a period of moderate growth, avoiding a recession over the coming 12 months, according to Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management.
“That should support equities,” she noted. “However, uncertainty is likely to keep broad equity markets choppy.”

There are still suggestions of an overheating economy that will encourage Fed hawks who believe strong growth today will lead to higher inflationary pressures,” according to Will Compernolle, macro strategist at FHN Financial.  “The odds are still heavily in favor of the Fed leaving rates unchanged next week, but the dot plot showing another
increase later this year,” he noted.
Bond traders have spent most of the last two months worrying about persistent inflation and an economy that seems to be running hot, according to Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. The most-recent economic data just reinforced that, he noted.
“The Fed has indicated that they want to slow down the pace of rate increases, and for that reason they are still likely to keep rates unchanged at next week’s meeting, but all of the data that is coming in higher than expected is going to put pressure on them to raise rates again at the following meeting,” Zaccarelli added.
Bridgewater Associates LP founder Ray Dalio said he doesn’t want to own bonds and prefers cash, highlighting difficulties investors face as global central banks try to manage inflation.
Meantime, the Fed’s former Vice Chair Richard Clarida said fiscal policy risk is more likely to drive up US bond yields than further tightening from the central bank.

Corporate Highlights
* T-Mobile US Inc. is in discussions with a unit of Tillman Global Holdings LLC to build out a fiber-optic network, setting the stage for the No. 2 US wireless carrier to enter the
landline broadband business.
* Walt Disney Co. expects to fall tens of millions of subscribers short of its last publicly stated 2024 target for the Disney+ streaming service, according to people familiar with
the matter. Bloomberg News also reported the company has held exploratory talks about selling its ABC network and TV stations to local broadcaster
Nexstar Media Group Inc.
* Citigroup Inc. issued a $1.5 billion preferred deal, which has characteristics of both stocks and bonds, and may offer investors higher yields than many traditional securities,
according to a person with knowledge of the transaction.
* Delta Air Lines Inc. reduced its expectations for third-quarter profit on higher fuel prices and larger-than-expected maintenance costs, but it reaffirmed its full-year guidance on earnings.
* Microsoft Corp.’s attempt at avoiding deeper European Union scrutiny of its Teams video-conferencing app fell flat with the bloc’s antitrust enforcers readying a formal complaint against the firm’s conduct.
Key events this week:
* US retail sales, PPI, business inventories, initial jobless claims, Thursday
* China property prices, retail sales, industrial production, Friday
* US industrial production, University of Michigan consumer sentiment, Empire Manufacturing index, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.8% to $1.0643
* The British pound fell 0.7% to $1.2408
* The Japanese yen was little changed at 147.45 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $26,695.3
* Ether rose 2.1% to $1,637.03
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.29%
* Germany’s 10-year yield declined six basis points to 2.59%
* Britain’s 10-year yield declined seven basis points to 4.28%
Commodities
* West Texas Intermediate crude rose 2.2% to $90.46 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Felice Maranz and Edward Dufner.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
Be kind, for everyone you meet is fighting a hard battle. –Plato, 428 BCE-348 BCE.

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

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

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

Dear Friends,

Tangents:

September 13, 1985: Super Mario Bros game first appears, created by Shigeru Miyamoto at Nintendo.
Septmeber13, 2000, Chase Manhattan agreed to buy J.P. Morgan for more than $35 billion, creating the third largest financial company in the U.S.  Go to article >>
1814: Star Spangled Banner inspired by the attack on Fort McHenry.

Main takeaways from Apple’s iPhone event.  Apple unveiled its iPhone 15 lineup along with other major updates during its September keynote event on Tuesday. Here are the key takeaways.

What is USB-C? Here’s everything you need to know:  Apple announced this week it will switch to USB-C charging cables for some new devices. Here, our tech guru explains why USB-C is a major upgrade and also recommends chargers, hubs and cables for your new device.

Christiane Amanpour celebrates 40 years at CNN.  Forty years ago, the veteran journalist arrived at CNN to discuss her first role with only $100 in her pocket. Now, as CNN’s chief international anchor, Christiane Amanpour is reflecting on some of the standout moments of her storied career.

Wonders of the wilderness.  Start your day with this breathtaking time-lapse of Grand Teton National Park in Jackson Hole, Wyoming.

7,000-year-old animal bones, human remains found in enigmatic stone structure in Arabia
Researchers have discovered human bones and animal remains dating to around 7,000 years ago in Arabian stone structures known as mustatils.  Read More.

‘Once again, innovation and proliferation ended with catastrophe’: The environmental disaster of plants taking over the world
The evolutionary leap that allowed plants to live on land 400 million years ago upended Earth in a way unseen since the Great Oxidation Event over 1.5 billion years earlier.
Read More.

Green comet Nishimura has passed the closest point to Earth, and it won’t be back for another 430 years
The comet Nishimura, which was only discovered in August, will soon be slingshotted around the sun and back out toward the edge of the solar system where it will remain for centuries.  Read More.

PHOTOS OF THE DAY

Taiyuan City, China
Students take part in the traditional first writing ceremony as schools open in Shanxi province.  Photograph: Shutterstock.

A ‘dacha’ is a country house made of wood, used by Soviet citizens to escape the rigours of the city for rural idyll. Widespread in the countries of the former USSR, this important cultural and architectural form has been largely ignored academically.  Some have been sold, some have burned down, others are abandoned and decaying. The spirit that existed previously has evaporated. –photograph: Fyodor Savintsev.

​​​​​​​Sumatra, Indonesia
Firefighters work to extinguish a peatland fire in Ogan Ilir.  Photograph: Al Zulkifli/AFP/Getty Images
Market Closes for September 13^th, 2023

Market Index	Close	Change
Dow Jones	34575.53	-70.46
		-0.20%
S&P 500	4467.44	+5.54
		+0.12%
NASDAQ	13813.59	+39.98
		+0.29%
TSX	20278.94	+55.86
		+0.28%

International Markets

Market Index	Close	Change
NIKKEI	32706.52	-69.85
		-0.21%
HANG SENG	18009.22	-16.67
		-0.09%
SENSEX	67466.99	+245.86
		+0.37%
FTSE 100*	7525.99	-1.54
		-0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.686	3.695
CND. 30 Year Bond	3.522	3.521
U.S.    10 Year Bond	4.2485	4.2801
U.S. 30 Year Bond	4.3434	4.3511

Currencies

BOC Close	Today	Previous
Canadian $	0.7381	0.7380
US $	1.3548	1.3550

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4543	0.6876
US $	1.0733	0.9317

Commodities

Gold	Close	Previous
London Gold Fix	1908.55	1924.95
Oil
WTI Crude Future	88.52	88.84

Market Commentary:
📈 On this day in 1982, Forbes published its first “rich list” of the 400 wealthiest people in America. Shipping magnate Daniel K. Ludwig topped the inaugural Forbes 400 with a net worth above $2 billion. Warren Buffett made the list, too, with a net worth of $250 million.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 55.86 to 20,278.94 in Toronto.
The index advanced to the highest closing level since Sept. 5.
Canadian National Railway Co. contributed the most to the index gain, increasing 1.8%. North West Co. had the largest increase, rising 14.7%.
Today, 103 of 226 shares rose, while 120 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 4.6%, heading for the best year since 2021
* This quarter, the index rose 0.6%
* 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 2.7% below its 52-week high on Feb. 2, 2023 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.3% in the past 5 days and fell 0.6% 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 11.91% compared with 11.93% in the previous session and the average of 11.37% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 40.0415| 0.7| 15/13
Industrials | 18.1223| 0.7| 15/11
Consumer Staples | 10.1728| 1.2| 9/2
Utilities | 6.6151| 0.8| 9/7
Consumer Discretionary | 4.8357| 0.7| 6/8
Real Estate | 1.3390| 0.3| 15/6
Communication Services | 1.1434| 0.1| 2/3
Health Care | 0.4285| 0.7| 2/2
Information Technology | -6.6202| -0.4| 4/7
Materials | -9.6845| -0.4| 19/30
Energy | -10.5290| -0.3| 7/31
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian National | 10.8100| 1.8| -10.8| -6.2
Dollarama | 10.5900| 5.9| 318.7| 19.5
Brookfield Corp | 8.5820| 1.8| 13.2| 12.1
Shopify | -4.3680| -0.6| -27.7| 80.6
Canadian Natural Resources | -4.7610| -0.7| -50.9| 15.9
Magna Intl | -6.1690| -4.2| 24.6| -0.7
US
By Rita Nazareth
(Bloomberg) — Stocks, bonds and the dollar saw small moves, with a mixed inflation report reinforcing speculation the Federal Reserve will pause its rate hikes — but refrain from calling the end of its tightening cycle.
The S&P 500 was little changed.
The Dow Jones Industrial Average underperformed.
American Airlines Group Inc. led industry losses after cutting its earnings outlook amid a jump in jet fuel prices.
Most mega-caps rose, with the chiefs of five of the 10 biggest US companies appearing at a closed-door Senate meeting to shape how artificial intelligence is regulated.
Apple Inc. fell as China flagged security problems with iPhones.
Two-year yields dropped below 5%.
The greenback edged lower.
Swaps tied to the next two Federal Open Market Committee meetings continued to price in little chance of a hike next week — and about 50% odds of one in November. Measures of credit-default swaps for both investment and speculative-grade companies slid — suggesting bets on a September pause from the Fed supersede economic worries for now.
The core consumer price index, which excludes food and energy costs, advanced 0.3% from July, the first acceleration in six months.
From a year ago, it increased 4.3% — in line with estimates and marking the smallest advance in nearly two years.
It’s still above the Fed’s 2% goal.
To Krishna Guha at Evercore ISI, while the report isn’t amazing as far as policy goes, it’s not a disaster either.
“Not a great CPI report, but not something that changes the basic Fed outlook,” said Guha, the firm’s vice chairman. “This Fed is not itching to hike again and we think it would take significantly more to push the FOMC to actually deliver another increase — with our base case remaining the Fed is done here.”

More Comments on CPI:
* Chris Zaccarelli, chief investment officer at Independent Advisor Alliance: “This isn’t the goldilocks number that investors were hoping for, but markets can still trade in a range – as inflation is high enough to keep the Fed still in play — but not hot enough for a shift away from the ‘Fed is almost done’ narrative.  As long as the economy remains resilient and inflation doesn’t reignite, the market can rally into year-end, once we get past the seasonally weak months of September and October.”
* Mike Loewengart at Morgan Stanley Global Investment Office: “Today’s middle-of-the-road CPI report may have disappointed those who were looking for inflation to establish a clear cooling trend. But given how high oil prices are and how strong recent economic data has been, the fact that the numbers were more or less in line with estimates may be seen as a small victory. There will continue to be bumps in this road, but the Fed is still on track to leave interest rates unchanged after next week’s policy meeting.”
* Damian McIntyre, portfolio manager for alternative equities at Federated Hermes: “Today’s US CPI report wasn’t earth-shattering. This print likely makes a case for another pause for the FOMC in September, but provides little clarity into Fed action beyond this. We expect conflicting pronouncements from the Fed heading into the autumn and consensus over the best path forward is unlikely, creating the potential for a contentious November meeting.”
* John Leiper, chief investment officer at Titan Asset Management: “It’s tempting to read too much into the month-on-month data in this hyper data-dependent central bank age. I think this doesn’t move the needle too much. We still expect the Fed to hold on rates at the next meeting. Markets are pricing in slightly higher chance of another hike later this year.”
* Greg Wilensky, head of US fixed income at Janus Henderson Investors: “While these numbers do not change our, and the market’s expectations that the Fed will hold the target Fed Funds rate unchanged at the September meeting, the slightly stronger number can influence the tone of the press conference and Summary of Economic Projections.  We continue to expect some reduction in the number of participants projecting further hikes, but probably not enough to move the median projection of one more rate hike. That said, we believe that we have likely seen the last rate hike for this cycle, as the economic data that the Fed will see over the coming months will keep them on hold and allow the impact of 5.25% of prior hikes to slow the economy and inflation.”
* Florian Ielpo at Lombard Odier Asset Management: “This inflation report places the Fed in a more comfortable wait-and-see situation: the marginally higher than expected
inflation comes from the evolution of energy prices – nothing the Fed should be worrying too much about at the moment.”
* Brian Pietrangelo at Key Private Bank: “In our view, the economy maintains decent momentum, but is showing signs of slowing, and thus the Federal Reserve is likely
to pause next week and wait for additional data to unfold for the November meeting.”
* Hussain Mehdi, macro and investment strategist at HSBC Asset Management: “The upside surprise to the August core monthly print will be a disappointment for Fed policymakers. However, the broad trend of disinflation remains intact while there is ongoing evidence of a cooling labor market. This means there is still a strong case for a pause at next week’s Fed meeting.  In our view, we believe there is room for further gains for US equities this year. But we think the economic reality of restrictive monetary policy will eventually catch up with the market. A likely tip into recession next year will damage the outlook for corporate earnings and can weigh on multiples. For this reason,
we think a cautious and defensive positioning in portfolios still makes sense.”
* Seema Shah, chief global strategist at Principal Asset Management: “The inflation print likely is not enough to tilt next week’s Fed call towards a hike, yet it also hasn’t entirely cleared up the question of a November pause versus hike.”

Corporate News
* Moderna Inc. gained after saying a reformulated version of its messenger-RNA based flu shot met its primary goals in a final-stage trial — a result that could pave the way for the company to seek regulatory approval for the influenza vaccine.
* Ford Motor Co. advanced after UBS Group AG upgraded its rating to buy from sell.
* 3M Co. slipped after pushing out the spinoff of its health care division and cautioning on the outlook for next year.
* Spirit Airlines Inc. slipped after citing “steep” discounts for travel ahead of the Thanksgiving holiday, and also saying the surge in fuel — one of the industry’s largest costs — would hurt its quarterly results.
* Shares of commercial real estate brokerages like CBRE Group Inc. and Jones Lang LaSalle Inc. slumped on speculation interest rates will remain higher for longer, which could add more pressure to transactions.
* Caesars Entertainment Inc. paid tens of millions of dollars to hackers who broke into the company’s systems in recent weeks and threatened to release the company’s data, according to two people familiar with the matter. The shares fell.
Key events this week:
* Japan industrial production, Thursday
* European Central Bank policy meeting and news conference by President Christine Lagarde, Thursday
* US retail sales, PPI, business inventories, initial jobless claims, Thursday
* China property prices, retail sales, industrial production, Friday
* US industrial production, University of Michigan consumer sentiment, Empire Manufacturing index, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.0732
* The British pound was little changed at $1.2488
* The Japanese yen fell 0.3% to 147.46 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $26,150
* Ether was little changed at $1,599.68
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.25%
* Germany’s 10-year yield was little changed at 2.65%
* Britain’s 10-year yield declined seven basis points to 4.35%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 0.2% to $1,931.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Emily Graffeo, Robert Brand, and Tatiana Darie.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Comfort and prosperity have never enriched the world as much as adversity has. –Billy Graham, 1918-2018.

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 12^th, 1940: Four teenagers, following their dog down a hole near Lascaux, France, discover 17,000 year old drawings now known as the Lascaux Cave Paintings.
2008: A commuter train engineer ran a red light while text messaging on his cell phone and struck a freight train head-on in Los Angeles,
killing himself and 24 other people.  Go to article >>

‘The Simpsons’ celebrates historic 35th season.  The animated series is the longest-running primetime scripted show in television history. Here’s what we know about the new season.

BMW will invest $750 million to keep making the Mini in Oxford.  BMW announced Monday that it would invest $750 million in building two new electric versions of the Mini in the United Kingdom.
.
Japan is weighing building a train that would run halfway up Mt. Fuji.

James Webb telescope could detect life on Earth from across the galaxy, new study suggests
Researchers have shown that if the James Webb Space Telescope was pointed at Earth from a distant star, it could detect the signatures of intelligent life in our planet’s atmosphere.  Read More.

In a 1st, scientists grow human kidneys inside developing pig embryos
Scientists grew early-stage human kidneys inside pig embryos and found the kidneys were “structurally normal” and made up of around 60% human cells.  Read More.

Here’s why Morocco’s quake was so deadly and what we can do for the next one
More than 2,500 people died when a powerful magnitude 6.8 earthquake struck Morocco on Sept. 8.  Read More.

Divers recover US airman’s remains from WWII bomber wreck near Malta
The remains have been identified as those of a gunner killed when the badly damaged aircraft crashed into the sea in 1943.  Read More.
PHOTOS OF THE DAY

Glasgow, Scotland
Ballet dancers Claire Souet and Ishan Mahabir-Stokes pose in Kelvingrove art gallery before the UK premiere of Schachmatt (Checkmate) by Cayetano Soto. Performed on a giant chessboard, the work is part of Scottish Ballet’s contemporary double bill Twice-Born, which embarks on a Scotland-wide tour.  Photograph: Jeff J Mitchell/Getty Images.

Paris, France
Rowers scull along the Seine towards the Île de la Cité as they participate in the annual La Traversee de Paris en Aviron rowing event, which brings together more than 1,000 rowers and 230 boats in the capital.  Photograph: Miguel Medina/AFP/Getty Images

Tokyo, Japan
People navigate along a street in the Minami-Senju area of Arakawa Ward.  Photograph: Richard A Brooks/AFP/Getty Images.
Market Closes for September 12^th, 2023

Market Index	Close	Change
Dow Jones	34645.99	-17.73
		-0.05%
S&P 500	4461.90	-25.56
		-0.57%
NASDAQ	13773.61	-144.28
		-1.04%
TSX	20223.08	+40.32
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	32776.37	+308.61
		+0.95%
HANG SENG	18025.89	-70.56
		-0.39%
SENSEX	67221.13	+94.05
		+0.14%
FTSE 100*	7527.53	+30.66
		+0.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.695	3.699
CND. 30 Year Bond	3.521	3.527
U.S.    10 Year Bond	4.2801	4.2920
U.S. 30 Year Bond	4.3511	4.3753

Currencies

BOC Close	Today	Previous
Canadian $	0.7380	0.7369
US $	1.3550	1.3570

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4580	0.6859
US $	1.0760	0.9294

Commodities

Gold	Close	Previous
London Gold Fix	1924.95	1927.80
Oil
WTI Crude Future	88.84	87.29

Market Commentary:
📈 On this day in 1968, H. Ross Perot took his Electronic Data Systems public for $16.50 a share, or 118 times earnings, as tech stocks boomed. Perot had refused 17 offers to do an IPO, until investment banker Ken Langone vowed to sell EDS at more than 100 times earnings. By early 1970, the stock was at $160.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 40.32 to 20,223.08 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.0%.
Vermilion Energy Inc. had the largest increase, rising 4.6%.
Today, 120 of 226 shares rose, while 104 fell; 4 of 11 sectors were higher, 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%
* The index advanced 1.2% in the past 52 weeks. The MSCI AC Americas Index gained 7.8% 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 0.9% in the past 5 days and fell 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.3 on a trailing basis and 14.5 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$3.2t
* 30-day price volatility fell to 11.93% compared with 12.04% in the previous session and the average of 11.35% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 60.7720| 1.7| 39/1
Financials | 11.0771| 0.2| 15/13
Communication Services | 4.0471| 0.5| 3/2
Consumer Discretionary | 2.6331| 0.4| 7/7
Utilities | -0.2174| 0.0| 9/7
Industrials | -1.7251| -0.1| 13/13
Consumer Staples | -1.7797| -0.2| 4/7
Health Care | -2.7900| -4.2| 1/3
Real Estate | -3.3235| -0.7| 3/17
Materials | -5.3489| -0.2| 23/26
Information Technology | -23.0300| -1.4| 3/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 13.1300| 2.0| 84.7| 16.7
Suncor Energy | 10.6400| 2.5| 17.4| 9.4
RBC | 7.9860| 0.7| -52.8| -4.8
First Quantum Minerals | -3.5360| -2.6| 39.3| 21.2
Brookfield Corp | -4.5910| -1.0| -22.7| 10.1
Shopify | -19.0700| -2.6| -22.8| 81.7
US
By Rita Nazareth
(Bloomberg) — A rout in technology companies dragged down the stock market, with traders gearing up for a key inflation report that’s expected to bring more insights on the outlook for  the Federal Reserve’s next steps.
The Nasdaq 100 underperformed, falling 1.1%.
Apple Inc., which unveiled the iPhone 15 and other products, dropped almost 2%.
Its launches are famous “sell-the-news” events.
Oracle Corp. sank the most since 2002 after a slowdown in cloud sales.
US-traded BP Plc shares slid as its chief resigned at a time when the company is trying to persuade investors to stick with it through a costly transition to low-carbon energy.
A rally in crude sent energy shares higher and added to concern about inflationary pressures.
Banks also gained amid a presentation at the Barclays Global Financial Services Conference.
Treasury two-year yields, which are more sensitive to imminent Fed moves, topped 5%.
The auction of 10-year US Treasury notes on Tuesday drew the highest yield since 2007 — a day after a sale of three-year notes did the same — as investors demand increased compensation for elevated inflation and growth in the supply of US government debt.
The dollar edged higher.
With the economy defying pessimism and energy prices rising, Wednesday’s consumer-price index is expected to show a pick-up in inflation pressures.
Swap traders are currently betting the Fed will stay on hold at a policy meeting next week, and see roughly a 50% chance that it delivers a hike in November.
“In our view, it may be a good moment for investors to consider allocation moves that prepare for a re-firming of inflation this fall,” said Lauren Goodwin, economist and
portfolio strategist at New York Life Investments. “For example, cyclical growth equity sectors soared on hopes of a divine disinflation and near-term Fed cuts. Yet, if inflation re-emerges, these sectors might give up some of their year-to-date gains.”
The Cleveland Fed’s Nowcast model suggests upside risks for CPI, with persistently high inflation seen in September as well, according to Win Thin, global head of currency strategy at Brown Brothers Harriman.
“With inflation data expected to show ongoing stickiness, we think it’s risky to go into tomorrow’s CPI report short dollars,” Thin noted.
CPI is really key because if it halts its downward trend, markets will have to price in a more hawkish Fed — and that would be a headwind on stocks, said Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter.
“Put in a more familiar way, CPI impacts two of the three pillars of the rally: disinflation and expectation the Fed is done with rate hikes,” Essaye noted. “If CPI is too hot, both will be damaged.”
Traders continued watching closely the negotiations between the United Auto Workers and automakers to prevent a strike.
General Motors Co., Ford Motor Co. and Stellantis NV are under pressure to meet the demands of the UAW, which is seeking a new contract that replaces one expiring in just two days.
A strike, even a short one, would ripple across the US economy.
That includes possibly pushing Michigan into a brief recession.
Meantime, there’s been a “dramatic shift” in investors’ equity allocation — a rush toward the US and an exodus from emerging markets, Bank of America Corp.’s latest global fund manager survey showed.
That’s had an impact on emerging markets equity allocation, which fell to a net 9% overweight in September from 34%, the lowest reading since November 2022.
In contrast, allocation to US equities rose 29 percentage points to a net 7% overweight — the first overweight reading since August last year, according to the survey.
To Dan Wantrobski at Janney Montgomery Scott, the market continues to carve out a “rangebound glide path” near term, and this should possibly continue being the case as we move through September and into the final quarter of 2023.
“Overall, we believe elevated volatility will surface again, but stocks may still see more rally efforts over the short-run – making for a very choppy trading range.”

Corporate News
* T-Mobile US Inc. said it would buy airwaves from Comcast Corp. for between $1.2 billion and $3.3 billion and close the purchase by 2028, pending approval from the US Federal Communications Commission.
* Birkenstock has filed for an initial public offering, in another sign of the allure US equity markets hold for European firms seeking a valuation uplift.
* Top US wireless carriers announced free iPhone promotions following Apple’s introduction of its newest models Tuesday.
* Walmart Inc.’s top executive predicted a “pretty good” holiday shopping season as US consumers hold up better than the nation’s largest retailer anticipated at the beginning of the year.
* Alphabet Inc.’s Google pays more than $10 billion a year to maintain its position as the default search engine on web  browsers and mobile devices, stifling competition, the US Justice Department said.
* United Parcel Service Inc. will pay out the biggest portion of its new, five-year labor pact over the next 12 months while trying to win back customers it lost during the contentious contract talks, making for a challenging upcoming year, its chief executive said.
* Chevron Corp. will become majority owner of what’s expected to be the world’s largest hydrogen production and storage facility as the oil giant invests in tech aimed at addressing the intermittency that plagues wind and solar power.
Key events this week:
* Japan PPI, Wednesday
* Eurozone industrial production, Wednesday
* UK industrial production, Wednesday
* US CPI, Wednesday
* Tech leaders including Tesla’s Elon Musk and Meta Platforms’ Mark Zuckerberg are set to attend a forum on the future of AI convened by Senator Chuck Schumer, Wednesday
* Japan industrial production, Thursday
* European Central Bank policy meeting and news conference by President Christine Lagarde, Thursday
* US retail sales, PPI, business inventories, initial jobless claims, Thursday
* China property prices, retail sales, industrial production, Friday
* US industrial production, University of Michigan consumer sentiment, Empire Manufacturing index, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.0728
* The British pound fell 0.1% to $1.2492
* The Japanese yen fell 0.4% to 147.13 per dollar
Cryptocurrencies
* Bitcoin rose 3.9% to $26,071.13
* Ether rose 3.7% to $1,598.38
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.26%
* Germany’s 10-year yield was little changed at 2.64%
* Britain’s 10-year yield declined six basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 1.9% to $88.94 a barrel
* Gold futures fell 0.6% to $1,935.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee and Felice Maranz.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann
There is no dignity quite so impressive, and no one independence, quite so important, as living within your means. -Calvin Coolidge, 1872-1933.

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.

September 11, 2001:  suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania.  Go to article >>.

D.H. Lawrence, writer, b.1885.

Demolition of Marilyn Monroe’s former home in Los Angeles is on hold for now.  The new owners of Monroe’s former property want it demolished. Fans of the pop culture icon are livid, saying the house should be designated as a Historic-Cultural Monument.

How Mount Fuji fell victim to over tourism.  One of Japan’s sacred symbols looks like Disneyland as thousands of tourists create human traffic jams.

Scientists have no idea what this specimen is.  A mysterious golden specimen found two miles below the ocean’s surface in Alaska is puzzling scientists. See the video here.

In a 1st, NASA’s Perseverance rover makes breathable oxygen on Mars.  NASA’s Perseverance rover has generated 4.3 ounces of breathable oxygen while on the Red Planet, enough to sustain an adult human for three hours.  Read More.

Lost ‘rainbow cup’ coin minted by Celts 2,000 years ago discovered in Germany.  Legend has it that “rainbow cups” are drops of gold that fall to Earth at the end of a rainbow.  Full Story: Live Science (9/8)

2,700-year-old ‘extremely well preserved’ skeleton found in fortress in Turkey may be an earthquake victim
These human remains may hint at the collapse of the ‘magnificent’ city of Ayanis.  Read More.

The best new hotels in London for under $500 a night.
PHOTOS FO THE DAY:

Bad Hindelang, Germany
Traditional Bavarian herders guide cows down from mountain pasture during the annual end-of-summer cattle drive (Almabtrieb).  Photograph: Daniel Kopatsch/Getty Images

Duma, Palestine
People take a dip in a spring water pool overlooking the Jordan valley.  Photograph: Menahem Kahana/AFP/Getty Images

El Alto, Bolivia
Two Indigenous women observe the landscape at the top of the Cholet ‘El Crucero de los Andes’ building, which has the highest viewpoint in the world.
Photograph: Claudia Morales/Reuters
Market Closes for September 11^th, 2023

Market Index	Close	Change
Dow Jones	34663.72	+87.13
		+0.25%
S&P 500	4487.46	+29.97
		+0.67%
NASDAQ	13917.89	+156.36
		+1.14%
TSX	20182.76	+108.11
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	32467.76	-139.08
		-0.43%
HANG SENG	18096.45	-105.62
		-0.58%
SENSEX	67127.08	+528.17
		+0.79%
FTSE 100*	7496.87	+18.68
		+0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.699	3.675
CND. 30 Year Bond	3.527	3.481
U.S.    10 Year Bond	4.2920	4.2641
U.S. 30 Year Bond	4.3753	4.3376

Currencies

BOC Close	Today	Previous
Canadian $	0.7369	0.7328
US $	1.3570	1.3646

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4588	0.6855
US $	1.0749	0.9303

Commodities

Gold	Close	Previous
London Gold Fix	1927.80	1918.35
Oil
WTI Crude Future	87.29	87.51

Market Commentary:
📈 On this day in 1789, Alexander Hamilton was sworn in as the first U.S. Secretary of the Treasury. His first official act, to the surprise of many legislators, was to insist on federal assumption and dollar-for-dollar repayment of the nation’s $75-million war debt. “The debt of the United States…was the price of liberty,” he said.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 20,182.76 in Toronto.
The move was the biggest since rising 1.2% on Sept. 1 and follows the previous session’s decrease of 0.3%.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.6%. BlackBerry Ltd. had the largest increase, rising 14.0%.
Today, 141 of 226 shares rose, while 80 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 4.1%, heading for the best year since 2021
* This quarter, the index was little changed
* The index advanced 2.1% in the past 52 weeks. The MSCI AC Americas Index gained 9.6% in the same period
* The S&P/TSX Composite is 3.2% below its 52-week high on Feb. 2, 2023 and 12.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.8% in the past 5 days and fell 1.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.2 on a trailing basis and 14.4 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$3.18t
* 30-day price volatility fell to 12.04% compared with 12.10% in
the previous session and the average of 11.28% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 61.8519| 1.0| 25/3
Materials | 28.0354| 1.2| 34/16
Information Technology | 27.2088| 1.7| 10/1
Industrials | 17.0226| 0.6| 16/10
Utilities | 4.6826| 0.6| 12/3
Communication Services | 4.4910| 0.6| 5/0
Consumer Staples | 4.3716| 0.5| 8/3
Health Care | 1.4852| 2.3| 2/2
Real Estate | 1.3012| 0.3| 12/7
Consumer Discretionary | -0.6474| -0.1| 7/7
Energy | -41.6889| -1.1| 10/28
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | 16.0300| 1.6| 9.2| -6.6
Shopify | 14.2800| 2.0| 3.2| 86.5
Brookfield Corp | 7.1850| 1.5| -38.4| 11.2
Cenovus Energy | -5.5740| -2.1| -38.7| 4.0
Suncor Energy | -9.3560| -2.2| 4.6| 6.7
Canadian Natural Resources | -19.4300| -2.9| 151.6| 14.5
US
By Rita Nazareth
(Bloomberg) — Stocks rose ahead of economic data that will help shape Wall Street’s views on how close the Federal Reserve is from ending its rate hikes.
Bonds were mixed.
The dollar fell.
Bitcoin hovered near $25,000.
The S&P 500 approached 4,500 and the Nasdaq 100 rose 1.2%.
Tesla Inc. rallied 10% as Morgan Stanley said its Dojo supercomputer may boost value by up to $500 billion.
Qualcomm Inc. climbed after Apple Inc. extended a deal with the chipmaker.
Traders also awaited the iPhone maker’s product unveiling Tuesday.
Charter Communications Inc. jumped after reaching an agreement with Walt Disney Co. on ending a blackout of ESPN for millions of pay-tv customers.
In late hours, Oracle Corp. slid after reporting slower growth in cloud sales.
Traders also kept a close eye on negotiations between the United Auto Workers and automakers to prevent a strike, with the Biden administration deploying top officials to help facilitate the talks.
The UAW union said it’s ready to negotiate day and night with General Motors Co., Ford Motor Co. and Stellantis NV to reach an agreement by the Sept. 14 deadline.
US consumers’ inflation expectations were mostly stable in August, but households grew more concerned about their finances and more pessimistic about the job market, according to a Fed Bank of New York survey.
The consumer-price index report Wednesday will provide the latest insight into how much further the Fed may need to go to pull inflation back toward its target.
“This week is more likely to be a ‘good news is good, bad news is bad’ story,” said Chris Larkin, managing director of trading and investing at E*TRADE from Morgan Stanley. “The market’s ability to rebound in the near term could hinge on this week’s inflation numbers, especially Wednesday’s CPI.”
The market is in a late-cycle backdrop — a time when the Fed is expected to pause or reverse its hawkish policy stance — and more conservative equity factors, like high cash and low debt, have started to outperform, according to Morgan Stanley strategist Michael Wilson.
He reiterated his view that stock markets are not yet reflecting the risk of a recession.
“Bullishness is relatively high while the Fed remains shy of its inflation target,” John Stoltzfus, chief investment strategist at Oppenheimer & Co., wrote.
He said investors should curb their enthusiasm for a long rate pause or even a rate cut and instead “right-size expectations.”
Some 26% of respondents in the latest MLIV Pulse survey say they plan to decrease their exposure to the US equity benchmark over the next month.
That’s double the amount of those who plan to buy.
Only 13% of respondents said they might expand their exposure.
The greenback retreated after a bullish streak as Asia’s biggest central banks took aim in different ways at its recent rally.
The People’s Bank of China gave a strong warning to speculators to steer clear of destabilizing the yuan, while the head of the Bank of Japan took a more subtle approach in hinting at the possibility of an eventual policy shift, sending the yen up about 1%.
Bitcoin dropped to the lowest since June.
The world’s largest digital token was on the verge of forming a “death cross” — a pattern in which the 50-day moving average falls below its 200-day marker.
Such a crossover typically signals a loss of short-term momentum and further selling pressure ahead.
Treasury two-year yields were little changed near 5%, while 10-year rates edged higher to about 4.3%.
The auction of three-year notes on Monday drew the highest yield since 2007, reflecting the recent bond-market selloff driven by anticipation the Fede will keep rates elevated into next year.
Oil steadied near its highs of the year after rallying about 10% in recent weeks, with technical indicators that suggest its gains may be overdone sapping the benefit of risk-on
sentiment in broader markets.
Meantime, short sellers are raking in profits by betting against a part of the US equity market overlooked by most investors: small-cap stocks.
The group has seen paper profits of nearly $13 billion this year by wagering on a drop in the prices of small-, micro- and nano-cap shares, according to an estimate by S3 Partners LLC based on the average amount of short positions in the market.
That’s in stark contrast to the roughly $140 billion in losses from short sales of mid-, mega- and large-cap stocks, which rallied for much of the year as the economy defied gloomy forecasts, the Fed edged closer to ending its rate hikes and breakthroughs in artificial intelligence triggered a stampede in tech stocks.
The wind is about to shift for the US stock market, if history is any guide, says Bank of America Corp.
With equities in the “recovery” phase of the business cycle, this year’s laggards — including value and small-capitalization stocks — are primed to outperform, upending the growth, large-cap leadership that has dominated 2023’s bull run, according to strategists led by Savita Subramanian. 

Corporate News
* JetBlue Airways Corp. agreed to transfer some Spirit Airlines Inc. gates and flight slots at three airports to help lessen antitrust concerns over its pending acquisition of the low-cost carrier. Spirit shares jumped.
* Citizens Financial Group Inc. Chief Financial Officer John Woods vowed the company won’t do deals that require it to book losses as it looks to reduce a $13.7 billion portfolio of unwanted loans. The shares rose.
* Truist Financial Corp. will embark on “sizable” job cuts as part of the firm’s efforts to trim expenses by $750 million in the coming months.
* J.M. Smucker Co. sank after agreeing to buy Twinkies maker Hostess Brands Inc.
* RTX Corp. slumped after cutting its full-year sales outlook.  The company dramatically expanded the scope of required engine checks at its Pratt & Whitney unit, a move that will affect nearly its entire fleet of turbines powering Airbus SE’s latest A320 and ground hundreds of the single-aisle jets for months.
* Lockheed Martin Corp. may see more than $800 million in payments withheld through next June until it wins approval for the software powering its most advanced version of the F-35, according to newly disclosed delivery figures. The shares dropped.
* Arm Holdings Ltd.’s initial public offering is already oversubscribed by 10 times and bankers plan to stop taking orders by Tuesday afternoon, according to people familiar with the matter.
* Instacart and its backers set the stage for an initial public offering that may value the grocery-delivery business at as much as $9.3 billion, less than a quarter of what it was worth at the height of the Covid-19 pandemic. The company is seeking to raise as much as $616 million.
Key events this week:
* Germany ZEW survey expectations, Tuesday
* UK jobless claims, unemployment, Tuesday
* Apple set to unveil iPhone 15 line and next-generation smartwatches at “Wonderlust,” its biggest product-upgrade event of the year, Tuesday
* Japan PPI, Wednesday
* Eurozone industrial production, Wednesday
* UK industrial production, Wednesday
* US CPI, Wednesday
* Tech leaders including Tesla’s Elon Musk and Meta Platforms’ Mark Zuckerberg are set to attend a forum on the future of AI convened by Senator Chuck Schumer,  Wednesday
* Japan industrial production, Thursday
* European Central Bank policy meeting and news conference by President Christine Lagarde, Thursday
* US retail sales, PPI, business inventories, initial jobless claims, Thursday
* China property prices, retail sales, industrial production, Friday
* US industrial production, University of Michigan consumer sentiment, Empire Manufacturing index, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.5% to $1.0749
* The British pound rose 0.4% to $1.2512
* The Japanese yen rose 0.9% to 146.54 per dollar
Cryptocurrencies
* Bitcoin fell 3.1% to $25,017.47
* Ether fell 4.9% to $1,539.3
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.28%
* Germany’s 10-year yield advanced three basis points to 2.64%
* Britain’s 10-year yield advanced five basis points to 4.47%
Commodities
* West Texas Intermediate crude fell 0.3% to $87.23 a barrel
* Gold futures rose 0.2% to $1,945.70 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The future belongs to those who prepare for it today. –Malcolm X, 1925-1965.

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: Happy Friday.

September 8, 1189: Richard I, also known as Richard the Lionheart, is crowned King of England, marking a significant chapter in medieval history and the era of the Crusades.
1974: Nixon pardoned.

This was the hottest summer ever recorded on Earth.  June through August 2023 were the hottest three months ever recorded, according to the World Meteorological Organization.  Read More.

Mysterious 17th-century ‘cauldron’ may be primitive submarine used to salvage treasure from a sunken galleon
The object was found on the seafloor off Florida, near the wreck of a Spanish treasure galleon.  Full Story: Live Science (9/7)

India’s lunar lander finds 1st evidence of a moonquake in decades
The possible moonquake was detected by India’s Chandrayaan-3 mission on its third day on the lunar surface.  Read More.

Detroit Lions shock reigning Super Bowl champion Kansas City Chiefs.
Also in the sports world, the 2023 NFL season kicked off Thursday with an impressive win for the Lions — and a complete shakeup for the Chiefs.

PHOTOS OF THE DAY

New York, US
Preparations are under way for the ‘Tribute in Light’ ceremony to take place on the anniversary of the September 11 attacks.  Photograph: Anadolu Agency/Getty Images

Riesenbeck, Germany
Team Gold Medalists Great Britain (left to right) Gareth Hughes, Lottie Fry, Charlotte Dujardin and Carl Hester at the FEI Dressage European Championship.
Photograph: Jon Stroud/Shutterstock

Balmoral, Scotland
Britain’s King Charles III and Queen Camilla leave after attending church in the village of Crathie on the first anniversary of the death of his mother, Queen Elizabeth II
Photograph: Andy Buchanan/AFP/Getty Images
Market Closes for September 8^th, 2023

Market Index	Close	Change
Dow Jones	34576.59	+75.86
		+0.22%
S&P 500	4457.49	+6.35
		+0.14%
NASDAQ	13761.53	+12.70
		+0.09%
TSX	20074.65	-57.43
		-0.29%

International Markets

Market Index	Close	Change
NIKKEI	32606.84	-384.24
		-1.16%
HANG SENG	18202.07	-247.91
		-1.34%
SENSEX	66598.91	+333.35
		+0.50%
FTSE 100*	7478.19	+36.47
		+0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.675	3.644
CND. 30 Year Bond	3.481	3.475
U.S.    10 Year Bond	4.2641	4.2441
U.S. 30 Year Bond	4.3376	4.3405

Currencies

BOC Close	Today	Previous
Canadian $	0.7328	0.7307
US $	1.3646	1.3685

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4611	0.6844
US $	1.0707	0.9340

Commodities

Gold	Close	Previous
London Gold Fix	1918.35	1922.05
Oil
WTI Crude Future	87.51	86.87

Market Commentary:
📈 On this day in 1974, the stock market tanked after former President Richard Nixon was pardoned for the Watergate scandal. The pardon weakened confidence in President Ford’s administration’s ability to deal with Congress on economic problems, according to one broker.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.3%, or 57.43 to 20,074.65 in Toronto.
The index dropped to the lowest closing level since Aug. 28.
Shopify Inc. contributed the most to the index decline, decreasing 3.0%.
Wesdome Gold Mines Ltd. had the largest drop, falling 3.3%.
Today, 130 of 226 shares fell, while 93 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 3.6%, heading for the best year since 2021
* This quarter, the index fell 0.4%
* So far this week, the index fell 2.3%
* The index advanced 3.4% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 3.7% below its 52-week high on Feb. 2, 2023 and 12.3% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.2 on a trailing basis and 14.4 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$3.19t
* 30-day price volatility fell to 12.10% compared with 12.32% in the previous session and the average of 11.17% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -29.7319| -1.8| 4/7
Industrials | -18.6958| -0.7| 8/18
Materials | -7.8330| -0.3| 16/32
Financials | -6.1353| -0.1| 8/20
Real Estate | -5.5071| -1.1| 2/19
Communication Services | -2.9412| -0.4| 0/5
Consumer Discretionary | -1.6960| -0.2| 7/7
Health Care | 0.4859| 0.8| 2/2
Utilities | 0.9783| 0.1| 10/6
Energy | 3.6923| 0.1| 27/12
Consumer Staples | 9.9444| 1.2| 9/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -22.3500| -3.0| -32.9| 82.9
Canadian Pacific Kansas | -9.5190| -1.4| 5.6| 3.2
Canadian Natural Resources | -6.0670| -0.9| 37.3| 17.8
Enbridge | 4.2540| 0.7| -4.9| -13.5
Brookfield Corp | 6.2870| 1.4| -41.6| 9.5
Couche-Tard | 7.1440| 1.9| -17.9| 20.2
US
By Rita Nazareth
(Bloomberg) — A seemingly unstoppable rally drove the dollar to a record streak of weekly gains, with traders betting the Federal Reserve will keep interest rates higher for longer as the US defies a global economic gloom.
The Bloomberg Dollar Spot Index notched its eighth straight up week — the longest such run since 2005.
The advance sent its 14-day Relative Strength Index above 70 — which is seen by some on Wall Street as a sign of an overbought market.
The greenback barely budged on Friday. Stocks also saw small moves, with the S&P 500 edging higher after a three-day drop.
Nvidia Corp. and Tesla Inc. weighed on the mega cap space, while Apple Inc. bounced after a rout that erased $190 billion in value just a few days before the unveiling of the iPhone 15, new smartwatches and the latest AirPods.
Every major currency has slid against the greenback during the past month, with emerging-market heavyweights such as the Chinese yuan and the Indian rupee hovering near record lows.
The recent dollar rally reflects the fissures that are opening in the global economy, with reports signaling that the US is accelerating even as growth cools in Europe and China.
“The dollar has become quite over-bought and over-loved,” said Matt Maley, chief market strategist at Miller Tabak + Co.  “Therefore, it’s getting ripe for a pullback. Sentiment is reaching extreme levels for the greenback, and thus that doesn’t leave many more buyers to take it higher at least over the near-term. Short-term traders should be careful about long positions in the dollar.”
Laura Cooper, senior investment strategist at BlackRock said the dollar upside has been surprising.
“We question the sustainability of that, largely as we look forward to the Fed, we think it is going to signal a hawkish pause,” she told Bloomberg Television.
Meantime, HSBC Holdings Plc has made a U-turn on its dollar forecast, predicting the world’s reserve currency will now strengthen well into next year given weaker global economic prospects.
“King dollar has already been making a comeback but its reign can last longer,” the strategists wrote in a report. “As tightening begins to bite, a faltering global growth outlook should further benefit the counter-cyclical dollar.”
To Will Compernolle at FHN Financial, while markets are expecting rate cuts to begin in the second quarter of next year, an extended pause at the terminal rate that’s seemingly being suggested by current Fed communication would support dollar strength in the year ahead.
“This, in turn, supports lower import prices that contributes to disinflationary pressure,” he noted.
Fed Bank of New York President John Williams said late Thursday US monetary policy is “in a good place,” but officials  will need to parse through data to decide on how to proceed on interest rates.
His Dallas counterpart Lorie Logan noted that skipping an interest-rate hike at the central bank’s upcoming policy meeting may be appropriate, while also signaling rates
may have to rise further to get inflation back to 2%.
The rising threat of interest rates staying higher for longer is likely to dent prospects of a soft landing for the US economy and drive a selloff in stocks over the next two months, according to Bank of America Corp. strategists led by Michael Hartnett.
The consensus probability of a hard landing is “around 20%,” but oil, dollar and bond yields remaining elevated, as well as tighter financial conditions, “remain the September-
October risk,” they said.
Meantime, BofA rates strategists abandoned their recommendation to be tactically long 10-year Treasury notes, seeing risk that US economic resilience could drive the yield to
4.75%.
While they continue to expect 10-year Treasury yields — which reached a multiyear high last month — will end the year around 4%, that forecast is at risk, strategists led by Mark Cabana wrote in a note. 

Corporate Highlights
* Goldman Sachs Group Inc. is planning its annual cut of underperforming workers beginning later next month, a person familiar with the matter said.
* Barclays Plc is preparing to cut hundreds of jobs as soon as next week as the firm looks to trim costs amid quieter markets.  The lender is planning to dismiss about 5% of client-facing staff in the trading division as well as some dealmakers globally as part of the cuts, according to people familiar with the matter.
* Kroger Co. rose after agreeing to sell 413 stores to C&S Wholesale Grocers in a divestiture designed to help win antitrust approval for its $24.6 billion merger with Albertsons Cos.
* Snowflake Inc. advanced after D.A. Davidson started coverage on the infrastructure software company with a buy rating.
* Smith & Wesson Brands Inc. jumped after the firearm manufacturer reported earnings that beat estimates.
* RH sank after the midpoint of the home-furnishing company’s revenue forecast missed the average analyst estimate.
* Liquefied natural gas workers at key Chevron Corp. sites in Australia began partial strikes Friday after talks failed to reach an agreement in a dispute that’s roiled global gas
markets.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0701
* The British pound fell 0.1% to $1.2456
* The Japanese yen fell 0.4% to 147.85 per dollar
Cryptocurrencies
* Bitcoin fell 0.5% to $25,882.59
* Ether fell 0.3% to $1,634.01
Bonds
* The yield on 10-year Treasuries was little changed at 4.25%
* Germany’s 10-year yield was little changed at 2.61%
* Britain’s 10-year yield declined three basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 0.5% to $87.33 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Successful and unsuccessful people do not vary greatly in their abilities.  They vary in their desires to reach their potential. -John C. Maxwell, b. 1947.

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.

September 7^th, 1783: The Treaty of Paris is signed, officially ending the American Revolution.
On Sept. 7, 1940, the German air force began its blitz on London during World War II.  Go to article >>
1822: Brazil Independence Day.
1914: Opening of NY Post Office.

Buddy Holly, b. 1936
Queen Elizabeth I, b. 1533.
Grandma Moses, painter,b.1533.
Chrissie Hynde, singer/songwriter, b. 1956.

America’s best fall foliage road trips: You can expect to see an array of warm colors along these scenic road trip routes. Add a pitstop for pumpkin spice lattes for the ultimate fall experience.

Tom Brady has a new job at Delta Airlines:  Riddle time. Question: What does Tom Brady have in common with an airplane? Answer: They both make touchdowns.

A ‘Super Models’ docuseries is in the works: Four of the women who inspired the term “supermodel” are getting some majorly overdue recognition in a new docuseries streaming later this month.

Freddie Mercury’s ‘Bohemian Rhapsody’ piano sells for $2.2 million:  This Yamaha piano was among dozens of items to go under the hammer in an auction dedicated to the Queen frontman’s personal possessions.

Centuries-old technique reveals hidden ‘3D’ animals in Paleolithic cave art.  The hidden animals were revealed on cave walls in Spain with ‘Magic Eye’-style techniques.  Full Story: Live Science (9/6)

Bronze Age girl buried with more than 150 animal ankle bones, potentially to help her to the next world
Archaeologists in Kazakhstan have unearthed a burial mound of a Bronze Age girl surrounded by a variety of grave goods. Read More.

Tropical Storm Lee could become an ‘extremely dangerous major hurricane’ by this weekend
Forecasters are keeping an eye on Tropical Storm Lee, which they predict could soon become a full-blown hurricane in the Atlantic Ocean. Read More.

PHOTOS OF THE DAY

Dover, UK
Lorries queue to reach the port of Dover along the A20 in Kent amid heightened security checks to track down escaped terrorism suspect Daniel Abed Khalife
Photograph: Gareth Fuller/PA

Paris, France
A specially commissioned artwork created by Vincent Mcindoe, titled Wear la Rose, is unveiled at the Arc de Triomphe for O2’s latest England Rugby campaign before the start of the World Cup.  Photograph: Kieran Cleeves/PA

​​​​​​​New York, US
British Airways flight 189 from London, Heathrow, a Boeing 787 Dreamliner, passes in front of the setting sun on approach to Newark Liberty airport, as seen from the 86th floor of the Empire State Building.  Photograph: Gary Hershorn/Getty Images
Market Closes for September 7^th, 2023

Market Index	Close	Change
Dow Jones	34500.73	+57.54
		+0.17%
S&P 500	4451.14	-14.34
		-0.32%
NASDAQ	13748.83	-123.64
		-0.89%
TSX	20132.08	-94.88
		-0.47%

International Markets

Market Index	Close	Change
NIKKEI	32991.08	-249.94
		-0.75%
HANG SENG	18202.07	-247.91
		-1.34%
SENSEX	66265.56	+385.04
		+0.58%
FTSE 100*	7441.72	+15.58
		+0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.644	3.685
CND. 30 Year Bond	3.475	3.504
U.S.    10 Year Bond	4.2441	4.2956
U.S. 30 Year Bond	4.3405	4.3636

Currencies

BOC Close	Today	Previous
Canadian $	0.7307	0.7331
US $	1.3685	1.3640

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4641	0.6830
US $	1.0698	0.9348

Commodities

Gold	Close	Previous
London Gold Fix	1922.05	1926.10
Oil
WTI Crude Future	86.87	87.54

Market Commentary:
📈 On this day in 2008, Treasury Secretary Henry Paulson announced the government’s biggest market intervention in years, a plan to take control of housing finance giants Fannie Mae and Freddie Mac. The Treasury pledged as much as $200 billion to the companies as they coped with heavy losses on mortgage defaults.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.5%, or 94.88 to 20,132.08 in Toronto.
The index dropped to the lowest closing level since Aug. 28.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.2%. BlackBerry Ltd. had the largest drop, falling 16.3%.
Today, 146 of 226 shares fell, while 75 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 3.9%, heading for the best year since 2021
* This quarter, the index was little changed
* So far this week, the index fell 2%
* The index advanced 4.6% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 3.4% below its 52-week high on Feb. 2, 2023 and 12.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1% in the past 5 days and fell 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.2 on a trailing basis and 14.4 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$3.2t
* 30-day price volatility rose to 12.32% compared with 12.26% in the previous session and the average of 11.13% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -36.4622| -0.6| 8/20
Materials | -17.5878| -0.7| 10/40
Information Technology | -14.3866| -0.9| 5/6
Consumer Staples | -13.7565| -1.6| 2/9
Industrials | -12.9591| -0.5| 6/19
Communication Services | -6.2297| -0.8| 1/4
Consumer Discretionary | -5.6153| -0.8| 3/11
Real Estate | -0.1674| 0.0| 10/10
Health Care | 0.1541| 0.2| 1/2
Energy | 2.3720| 0.1| 16/22
Utilities | 9.7686| 1.2| 13/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
TD Bank | -12.4400| -1.2| 72.9| -7.9
Shopify | -9.7450| -1.3| 81.2| 88.6
RBC | -9.1550| -0.8| -9.7| -5.5
Brookfield Infrastructure | 2.9550| 2.2| 33.5| 3.2
Fortis | 3.0540| 1.7| -17.3| -1.6
Waste Connections | 4.1670| 1.2| 51.6| 5.8
US
By Rita Nazareth
(Bloomberg) — Stocks came off session lows as blue chips gained traction amid concern over how a Chinese ban on Apple Inc.’s iPhone could impact big tech, the industry that has driven this year’s market rally.
The S&P 500 trimmed losses by more than half, led by an advance in defensive groups.
The Dow Jones Industrial Average finished higher.
The Nasdaq 100 underperformed as Apple slid  about 6.5% in two days, wiping out $190 billion in value.
The company’s suppliers such as Qualcomm Inc. and several mega-caps like Nvidia Corp. also got hit.
Apple breached the key 100-day moving average, which is seen as a bearish signal by some technical analysts.
Amid the risk-off push, the Russell 2000 of small caps also finished below that technical threshold.
“We expect market choppiness to persist near term,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. “September, like August, has tended to be a more challenging month, and there remains a dearth of obvious near-term upside catalysts as stocks continue to digest the big year-to-date gains.”
Tech shares have soared in 2023 amid the artificial intelligence frenzy and speculation that the Federal Reserve is getting closer to wrapping up its interest-rate hikes.
The nearly 40% run-up in the Nasdaq 100 suggests that valuations look stretched, according to some metrics, with the industry ripe for a correction.
Active managers’ holdings last month skewed defensive, according to data compiled by Bank of America Corp.
Hedge funds and active long-only funds have upped their exposure to utilities stocks relative to historical averages.
Active equity exposure to “high beta stocks remains well below average,” the BofA strategists said.
Traders also kept a close eye on the latest economic data, with solid jobless claims figures reinforcing the case for the Fed to keep rates elevated.
After climbing in the immediate aftermath of the report, two-year US yields fell below 5%.
The dollar saw a small gain after hitting an almost six-month high earlier this week.
“A solid round of employment data that reinforces the perception that the jobs market will remain resilient for the time being,” said Ian Lyngen at BMO Capital Markets. “From here, the market will remain wary of corporate-hedging related flows as they have been the biggest driver of price action in US rates thus far in September.”
Fed Bank of New York President John Williams said US monetary policy is “in a good place,” but officials will need to parse through data to decide on how to proceed on interest rates.
He spoke during a moderated discussion with Bloomberg’s Michael McKee in New York.
Separately on Thursday, Chicago Fed President Austan Goolsbee told the Marketplace radio program: “We are very rapidly approaching the time when our argument is not going to be about how high should the rates go.”
The euro retreated as the region barely grew in the second quarter.
The onshore yuan slipped to a 16-year low, as pessimism grew toward China’s economy.
Emerging-market currencies came within a whisker of erasing all of this year’s gains.
Oil dropped after a nine-session rally propelled futures into overbought territory. 
Corporate Highlights
* Boeing Co. fell after warning that deliveries of its cash-cow 737 jetliner will come in at the low end of its targeted range this year as a recently discovered supplier glitch crimps output.
* General Motors Co. made a counteroffer to the United Auto Workers union, proposing a total 16% pay raise for the top wage earners in its plants and a 56% hike for newer employees who make less. UAW President Shawn Fain reacted quickly saying the proposal is “insulting.”
** Ford Motor Co. said it raised the pay of 8,000 US hourly workers represented by the United Auto Workers union just a week before its union contract expires.
* Dell Technologies Inc. dropped after Barclays Plc downgraded the personal-computer company to underweight.
* C3.ai Inc. sank after giving a lackluster sales forecast and said profitability will take longer than expected, fueling anxiety the software company is struggling to capitalize on
enthusiasm for artificial intelligence.
* BlackBerry Ltd. slid after the company cut its second-quarter revenue guidance to below the average of analyst estimates.
* Walmart Inc. rose on news the company has lowered its starting pay for some new hires as part of a revamped wage structure that took effect in July.
* McDonald’s Corp. rose after Wells Fargo upgraded the fast-food chain to overweight, expecting the company to “stand tall” as quick-service restaurant trends slow.
Key events this week:
* Japan GDP, Friday
* Germany CPI, Friday
* US wholesale inventories, consumer credit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.0697
* The British pound fell 0.3% to $1.2473
* The Japanese yen rose 0.3% to 147.20 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $25,878
* Ether rose 0.6% to $1,637.17
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.25%
* Germany’s 10-year yield declined four basis points to 2.61%
* Britain’s 10-year yield declined eight basis points to 4.45%
Commodities
* West Texas Intermediate crude fell 0.6% to $87 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As always,

Carolann
We generate fears when we sit.  We overcome them by action. –Dr. Henry Link, 1889-1952.

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 6, 1522: The first successful circumnavigation of the globe is completed by Ferdinand Magellan’s expedition.
September 6, 1916: The first self-service grocery store, Piggly Wiggly, was opened in Memphis, Tenn., by Clarence Saunders.  Go to article >>
1920: First radio broadcast of a prize fight.

Watch child’s reaction to military father’s surprise return.  After a yearlong deployment, an Ohio soldier made a surprise visit to his son’s second grade class dressed as a mascot. Watch the video here.

Fierce falcon photo takes top prize in bird photography contest.  Without feather ado, here are the extraordinary images from this year’s Bird Photographer of the Year award.

Scientists say they pinpointed moment humanity almost went extinct.  Researchers say the global population dwindled to around 1,280 reproducing individuals about 900,000 years ago. Read about the “provocative” study.

CRISPR used to ‘reprogram’ cancer cells into healthy muscle in the lab
In a new study, stopping skeletal-muscle cancer cells from making a specific protein forced them to turn into healthy muscle cells. Read More

Teen unearths 34 million-year-old whale skull on her family’s Alabama timber farm
The huge, ancient whale skull was discovered during a summer dig on a high school student’s family property where fossilized shark teeth
had previously been found. Read More.

Eerie, ultra-detailed photo of a lightning ‘sprite’ exposes one of nature’s least understood phenomena
An astronomer in Slovakia captured the rare luminous phenomenon as it briefly flashed in Earth’s upper atmosphere during a thunderstorm. Read More.

PHOTOS OF THE DAY

Kocaeli, Turkey
A sea urchin viewed through an underwater camera.  Photograph: Tahsin Ceylan/Anadolu Agency/Getty Images.

Dhaka, Bangladesh
Children dressed up as Radha and Lord Krishna during the Janmashtami festival as the community marks the birth of Lord Krishna.
Photograph: Mohammad Ponir Hossain/Reuters

Guna Yala Comarca, Panama
An aerial view of the island of Cartí Sugdupu in the Caribbean Sea where hundreds of residents are preparing to move away to escape rising seas that threaten to engulf their homes in the coming decades. The government is building 300 houses on mainland Panama to relocate the Guna Indigenous people.
Photograph: Luis Acosta/AFP/Getty Images
Market Closes for September 6^th, 2023

Market Index	Close	Change
Dow Jones	34443.19	-198.78
		-0.57%
S&P 500	4465.48	-31.35
		-0.70%
NASDAQ	13872.47	-148.48
		-1.06%
TSX	20228.09	-185.67
		-0.91%

International Markets

Market Index	Close	Change
NIKKEI	33241.02	+204.26
		+0.62%
HANG SENG	18449.98	-6.93
		-0.04%
SENSEX	65880.52	+100.26
		+0.15%
FTSE 100*	7426.14	-11.79
		-0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.685	3.693
CND. 30 Year Bond	3.504	3.531
U.S.    10 Year Bond	4.2956	4.2598
U.S. 30 Year Bond	4.3636	4.3704

Currencies

BOC Close	Today	Previous
Canadian $	0.7331	0.7332
US $	1.3641	1.3639

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4628	0.6836
US $	1.0725	0.9324

Commodities

Gold	Close	Previous
London Gold Fix	1926.10	1937.20
Oil
WTI Crude Future	87.54	86.69

Market Commentary:
📈 On this day in 1993, a consultant named Peter de Jager published “Doomsday 2000,” the first major article to warn about what became known as the “Y2K” bug. The world spent hundreds of billions of dollars to reprogram computers. On Jan. 1, 2000, when worldwide meltdown was widely forecast by doomsayers, nothing happened.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second
day, dropping 0.9%, or 186.8 to 20,226.96 in Toronto. The move
was the biggest since falling 1.9% on Aug. 15.
Today, energy stocks led the market lower, as 10 of 11
sectors lost; 168 of 226 shares fell, while 54 rose.
Enbridge Inc. contributed the most to the index decline,
decreasing 5.9%. Northland Power Inc. had the largest drop,
falling 6.1%.
Insights
* This year, the index rose 4.3%, heading for the best year since 2021
* This quarter, the index rose 0.4%
* The index advanced 6% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 3% below its 52-week high on Feb. 2, 2023 and 13.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.3% 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 15.3 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$3.23t
* 30-day price volatility rose to 12.26% compared with 11.97% in the previous session and the average of 11.07% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -51.7333| -1.4| 14/25
Financials | -41.1435| -0.7| 4/24
Industrials | -36.2563| -1.3| 2/24
Utilities | -17.1755| -2.0| 0/16
Materials | -15.3175| -0.6| 13/36
Consumer Discretionary | -8.2916| -1.1| 3/11
Communication Services | -7.4287| -1.0| 0/4
Information Technology | -7.0174| -0.4| 3/8
Consumer Staples | -2.8527| -0.3| 3/7
Health Care | -1.1183| -1.7| 1/3
Real Estate | 1.5388| 0.3| 11/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Enbridge | -40.4200| -5.9| 153.1| -14.4
TD Bank | -12.5600| -1.2| 21.5| -6.8
Canadian National | -10.9400| -1.7| 16.6| -7.2
Cenovus Energy | 1.9220| 0.7| -26.6| 5.6
Magna Intl | 2.1620| 1.5| -20.6| 6.7
Sun Life Financial | 3.0000| 1.1| -31.5| 7.0
US
By Rita Nazareth
(Bloomberg) — Stocks declined, while Treasury yields climbed after a stronger-than-estimated reading on the US services industry bolstered speculation the Federal Reserve will keep interest rates higher for longer.
The S&P 500 closed below 4,500 and the Nasdaq 100 fell almost 1% — with Apple Inc. leading a slide in big tech amid higher bond rates.
The company also dropped on a news report that Chinese agencies are barring the use of iPhones at work.
Two-year yields topped 5%. Swap contracts showed bets on a Fed hike in November rising to about 60%.
The dollar edged higher, following a rally that prompted Japan and China to defend their currencies.
Equities remained lower after the Fed’s Beige Book said growth in the US economy and jobs market slowed in July and August, and many businesses expect wage increases to ease broadly in the near term.
The Institute for Supply Management’s US services index rose to a six-month high in August — hitting 54.5.
Readings above 50 indicate expansion, and the figure topped all estimates in a Bloomberg survey of economists.
“The ISM Services Sector report underscores the resilience of the largest portion of the economy,” said Quincy Krosby, chief global strategist at LPL Financial. “Unfortunately, the prices-paid component moved in the wrong direction — similar to the higher prices paid in the manufacturing report — edging markedly higher.
This is certainly not good news for a data-dependent Fed.”
Fed Bank of Boston President Susan Collins said policymakers will need to be patient as they assess economic data to figure out their next steps and that further tightening
may still be required.
Meantime, former Fed Bank of St. Louis chief James Bullard noted officials should continue to pencil in one additional hike this year when they update their projections
later this month.
Following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for gross domestic product.
That marks a sharp turnaround from three months ago — the last time policymakers updated their own numbers — when the consensus view was that the economy would stall in the current quarter.
And it may be enough to prompt Fed officials to scale back their estimates for rate cuts in 2024.
Traders in recent months have trimmed bets on the degree of Fed easing they see next year — to about 100 basis points from well over 150 basis points early in 2023.
The two big challenges the Fed faces at this stage are the risks that inflation could become entrenched and the risks that the consumer could falter when excess savings dry up, according to Jeffrey Roach, chief economist at LPL Financial.
“Given the data, the Fed will most likely deliver a hawkish pause at the next meeting,” Roach added. “The hard data is not yet convincing enough to establish strong views about the subsequent meetings. Investors should still find opportunities in the market but it could be a bumpy ride.”
To Ben Jeffery at BMO Capital Markets, the ISM print is the only top-tier data of relevance this week.
Once the dust settles, traders’ attention will return to the corporate-issuance calendar — with the “bearish implications” it holds for Treasuries.
Financial institutions, including several foreign banks, are leading at least 10 companies tapping the US investment-grade primary market Wednesday — one day after both volume and deal count hit yearly highs.
Elsewhere, the loonie wavered as the Bank of Canada held rates steady and kept the door open to more hikes, with economists seeing a historic tightening cycle at its likely
endpoint.
European shares slipped as German factory orders plunged.
The pound slid after Bank of England Governor Andrew Bailey suggested UK rates may not have to rise any further, saying a “marked” drop in inflation is likely this year and that monetary policy is probably “near the top of the cycle.”

Corporate Highlights
* Microsoft Corp. and Apple face fresh investigations from European Union regulators as part of the bloc’s landmark digital markets clampdown, which could end up forcing significant changes in how the firms do business in the region.
* AMC Entertainment Holdings Inc. sank as it plans to sell shares less than three weeks after getting court approvals that opened the door for the movie-theater operator to raise money to pay down its debt.
* The most advanced version of Lockheed Martin Corp.’s F-35 jet won’t be delivered until next April at the earliest and possibly as late as June because of persistent testing issues, the Pentagon said. The shares fell.
* Roku Inc., the maker of set-top boxes consumers use to watch Netflix Inc. and other streaming services, climbed after announcing plans to cut about 10% of its workforce, consolidate office space and review its content portfolio.
* Warner Bros. Discovery Inc. plan to offer live sports at no additional cost on its Max streaming service for a limited period of time later this year, betting basketball, baseball and hockey will lure new customers, according to people familiar with the matter. The shares dropped.
* WeWork Inc. is renegotiating nearly all of its leases with landlords and plans to exit “unfit and underperforming” locations, Chief Executive Officer David Tolley said.
* Walt Disney Co. agreed to move up the date at which it must begin the process of buying Comcast Corp.’s one-third stake in the Hulu streaming service to Sept. 30 from January.
* Luxury-goods stocks slumped in Europe, wiping out more than $25 billion in market value, after Richemont Chairman Johann Rupert said inflation is starting to dent demand across the region.

Key events this week:
* China trade, forex reserves, Thursday
* Eurozone GDP, Thursday
* US initial jobless claims, Thursday
* Bank of Canada Governor Tiff Macklem to speak on the Economic Progress Report, Thursday
* Atlanta Fed President Raphael Bostic speaks, Thursday
* New York Fed President John Williams participates in moderated discussion at the Bloomberg Market Forum, Thursday
* Japan GDP, Friday
* Germany CPI, Friday
* US wholesale inventories, consumer credit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0727
* The British pound fell 0.5% to $1.2505
* The Japanese yen was little changed at 147.69 per dollar
Cryptocurrencies
* Bitcoin fell 0.1% to $25,673.16
* Ether was little changed at $1,630.23
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.29%
* Germany’s 10-year yield advanced four basis points to 2.65%
* Britain’s 10-year yield was little changed at 4.53%
Commodities
* West Texas Intermediate crude rose 1.2% to $87.72 a barrel
* Gold futures fell 0.5% to $1,941.90 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
We forge the chains we wear in life. –Charles Dickens, 1812-1870.

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