Category: Events

Dear Friends,

Tangents:
October 21, 1805: At Trafalgar, the Briths fleet defeats the combined French and Spanish navies, cementing naval dominance under Nelson.
On Oct. 21, 1879, Thomas Edison invented a workable electric light at his laboratory in Menlo Park, N.J. Go to article.
October 21, 1957: Queen Elizabeht II has a ticker tape parade, visits the Empire State Building, and give a speech at the UN General Assembly.
October 21, 1967: Vietnam War protestors storm Pentagon.

S.T. Coleridge, poet, b. 1772.
Alfred Nobel, b. 1833.
Dizzy Gillespie, musician, b. 1919.

Scientists discover new way to predict next Mount Etna eruption

Researchers analyzed changes over time in the ratio of small earthquakes to bigger ones beneath Mount Etna and found a strong correlation with the volcano’s
activity over the past 20 years.  Read More.

‘It’s really an extraordinary story,’ historian Steven Tuck says of the Romans he tracked who survived the AD 79 eruption of Mount Vesuvius

“I have found two or three rich guys, but I found a couple hundred middle class and even some desperately poor people who made it out and left records. And that shocked me.” Read More.

ALMA and JWST solve major star formation mystery

For the first time ever, astronomers revealed the birthplace of an energetic jet blasted by a newborn star using the Atacama Large Millimeter/submillimeter Array (ALMA) in Chile. Read More.

‘Rainbow-on-a-chip’ could help keep AI energy demands in check — and it was created by accident

A new photonics chip that generates multicolored laser beams could supercharge data center technology and ease the strain of AI’s surging data demands. Read More.

World Series matchup is set
The Toronto Blue Jays are headed to their first MLB World Series since 1993 after a dramatic 4-3 win over the Seattle Mariners on Monday. They’ll now take on the defending champion Los Angeles Dodgers.

New NBA season begins today
The NBA is at its international peak, with new stars emerging and legends like LeBron James preparing for his 23rd season. Tip-off today is at 7:30 p.m. ET. 

Nevada’s alien appeal
The Extraterrestrial Highway in south central Nevada runs through one of the darkest and most desolate stretches of the continental US — and it’s famous for supposed alien encounters.

Netflix announces new Kennedy family series
One of America’s most famous families is getting the Netflix treatment.

PHOTOS OF THE DAY

Jannu East, Nepal
A French mountaineer makes his way near the summit of Jannu East, the first ascent of the 7,468 m peak in eastern NepalPhotograph: Thibaut Marot/AFP/Getty Images
Edinburgh, Scotland
Giant lanterns are installed at Edinburgh Zoo for the return of Royal Zoological Society of Scotland’s (RZSS) trail featuring over 600 aquatic themed gigantic lanterns created by a team of 20 lantern specialists from Zigong Lanterns in ChinaPhotograph: Jane Barlow/PA

Dunhuang, China
A woman has her picture taken with the Crescent Moon Spring at Mingsha mountainPhotograph: Adek Berry/AFP/Getty Images
Market Closes for October 21^st , 2025

Market Index	Close	Change
Dow Jones	46924.74	+218.16
		+0.47%
S&P 500	6735.35	+0.22
		—
NASDAQ	22953.67	-36.87
		-0.16%
TSX	29888.82	-527.62
		-1.73%

International Markets

Market Index	Close	Change
NIKKEI	49316.06	+130.56
		+0.27%
HANG SENG	26027.55	+168.72
		+0.65%
SENSEX	84426.34	+62.97
		+0.07%
FTSE 100*	9426.99	+23.42
		+0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.081	3.057
CND. 30 Year Bond	3.561	3.560
U.S. 10 Year Bond	3.9627	3.9800
U.S. 30 Year Bond	4.5428	4.5692

 

BOC Close	Today	Previous
Canadian $	0.7131	0.7125
US $	1.4023	1.4035

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6273	0.6145
US $	1.1603	0.8618

Commodities

Gold	Close	Previous
London Gold Fix	4294.35	4224.75
Oil
WTI Crude Future	57.82	57.52

Market Commentary:
On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, correctly predicted the coming demise of the bull market. But since Hamilton had already predicted the death of the bull market in January, 1927, June, 1928, and July, 1929, nobody listened.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.7% at 29,888.82 in Toronto.
The move was the biggest since falling 3% on April 10 and follows the previous session’s increase of 1%.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 125 of 213 shares fell, while 82 rose.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 8.8%.
Aya Gold & Silver Inc. had the largest drop, falling 15.2%.

Insights
* In the past year, the index had a similar or greater loss four times. The next day, it declined three times for an average 2.2% and advanced 2.5% once
* This year, the index rose 21%, heading for the best year since 2021
* This month, the index fell 0.4%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 3% below its 52-week high on Oct. 15, 2025 and 34.5% above its low on April 7, 2025
* The S&P/TSX Composite is down 1.5% in the past 5 days and rose 0.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 18.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.86t
* 30-day price volatility rose to 12.71% compared with 11.34% in the previous session and the average of 8.16% over the past month

Index Points
Materials | -428.3430| -8.2| 5/45
Information Technology| -41.0888| -1.3| 6/3
Energy | -38.6782| -0.8| 13/23
Industrials | -8.1863| -0.2| 18/10
Financials | -5.7643| -0.1| 11/12
Consumer Staples | -4.6237| -0.4| 5/6
Utilities | -3.0183| -0.3| 4/10
Health Care | -0.7713| -0.9| 1/3
Consumer Discretionary| -0.7226| -0.1| 4/5
Communication Services| 1.4804| 0.2| 3/2
Real Estate | 2.0888| 0.4| 12/6
Agnico Eagle Mines Ltd | -77.2900| -8.8| 33.0| 103.1
Barrick Mining | -54.8300| -9.4| 0.7| 98.1
Wheaton Precious Metals | -43.2600| -9.2| 42.9| 66.0
Scotiabank | 3.5590| 0.5| -43.5| 17.0
Intact Financial | 6.0430| 1.9| 16.6| -0.8
TD Bank | 6.8300| 0.5| -62.3| 47.2
MT Newswires:
The Toronto Stock Exchange closed lower on Tuesday for the third time in four sessions as the pace of profit taking increases, the gold price eases and a September inflation report only muddied the water further for the Bank of Canada in terms of whether or not it should cut its benchmark interest rate again before the end of this month.
Today, the S&P/TSX Composite Index dropped 527.62 points, or 1.7%, to 29,888.82, representing a rare close these days below the 30,000 mark, and big drop from last Wednesday’s record finish at 30,637.12.
Most sectors were lower, led by Base Metals down near 4.5% on lower gold.
Also, Health Care was down near 1.7% and Info Tech was 1.25% lower.
The Battery Metals Index was up 2.5%.
It wasn’t all bad news on the economic front. Prime Minister Mark Carney confirmed there is a possibility for a new sectoral tariff deal with the United States by the end of this month, even if he is cautioning against being overly optimistic, CTV News reported.
On his way into a cabinet meeting Tuesday morning whether Canada can expect a deal with the United States on sectoral tariffs by APEC, Carney said “we’ll see”, before adding: “We’re in ongoing discussions with the Americans, and you know … I wouldn’t overplay it.”
Government sources, meanwhile, told CTV News they are hopeful there could be movement on a steel and aluminum deal with the United States this week.
But Derek Holt, Head of Capital Markets Economics at Scotiabank, in his analysis of today’s other big economic news; the release of September inflation numbers, said if the Bank of Canada again moves to cut interest rate next week, “it should be a careful, hawkish sounding cut.”
The key, Holt said, is that each of the main core measures of inflation were “well within” the flexible 1-3% headline inflation target range and were “likely overstated by mechanistic seasonal adjustments that may not be appropriate”.
Holt cited one chart showing the trimmed mean and weighted median core measures that were both 2.8% m/m at a seasonally adjusted and annualized rate (SAAR), a second chart showing the traditional core CPI measure that only excludes food and energy and was 2.3% m/m SAAR, and a third chart showing the pattern over 2025 for all three measures.
“They’ve generally been trending within the target range for a while now,” he said.
Holt also cited a chart showing core goods inflation was weak as the pressure came from the services side of the picture, saying the BoC will “mostly welcome the breadth reading”.
They show that the share of the CPI basket that is cruising above 3% or 4% m/m SAAR is between roughly one-third and 40%, he noted.
Holt said another chart demonstrates that traditional core CPI was among the lowest on record for like months of September over time, adding what propped up the SA reading for traditional core in m/m SA terms was a high seasonal adjustment factor. “StatsCan will say that the SA factor is just a mechanistic outcome of applying standard X12A seasonal adjustment methodologies that are commonly used by many data agencies.
That’s not the same as saying we should take it at face value.”
Another chart applies different SA factors drawn from the history of SA factors for months of September to show how core CPI would have changed.
At most other SA factors in time, traditional core CPI would have been weaker than reported and possibly even negative, he said.
According to Holt, there is plenty of precedence to cut after the average of Trimmed Mean and Weighted median CPI landed at about 2.75% m/m SAAR.
“In fact,” he said, “they’ve done so a half dozen or so times in the past,” before he added: “I think the BoC will work the flexible inflation target range that [BoC Governor] Macklem keeps emphasizing and deliver easing next Wednesday but with a hawkish sounding and noncommittal feel.”
Elsewhere, David Doyle, head of economics at Macquarie Group, said underlying inflation measures are likely to moderate further ahead, noting the output gap is “sizeable” with mounting evidence of labour market softness.
Doyle noted the BoC’s Business Outlook Survey (BoS) released Monday suggested a subdued outlook, soft growth expectations, and weak demand.
He also noted shelter disinflation has further to run, while weak market rents, soft housing activity, and challenged home prices should feed through into measured inflation over time.
“Base effects suggest YoY measures are likely to moderate ahead,” he added.
Macquarie continues to see a 25-bps cut ahead next week. While the OIS market implied probability fell to 65%, Macquarie sees odds of this as higher at 80%.”
Beyond this,” Doyle said, “the outlook becomes murkier in our view.
While our base case remains that next week will mark the final cut, risks lie in the direction of further easing with another 25-bps cut possible in either December or January.”
Of commodities, gold fell off a record high Tuesday amid profit taking and a rising dollar.
Gold for December delivery was last seen down $230.40 per ounce to US$4,129.00 per ounce, dropping off from Monday’s record close.
But West Texas Intermediate crude oil closed higher, rebounding from the lowest level in more than five months even as concerns that production is outpacing demand persist.
WTI crude oil for November delivery closed up $0.30 to settle at $57.82 per barrel after falling to the lowest since May 7 a day earlier, while December Brent crude was last seen up $0.30 to $61.31.
US
By Rita Nazareth
(Bloomberg) — A rally that put stocks on the brink of all- time highs wavered as calls for a breather surfaced amid signs of buyer exhaustion.
Gold and silver saw steep losses as the dollar rose.
Equities struggled to gain traction, with the S&P 500 closing little changed.
Despite recent de-risking amid concerns over trade and credit, stock exposure among global macro hedge funds and long-only strategies remain at the highest in over a year, according to Barclays Plc.
“Our near-term technical outlook is for equities to consolidate/pull back over the next few weeks,” said Craig Johnson at Piper Sandler. “We view pullbacks as healthy and necessary.”
While the US government shutdown has caused an economic data vacuum, drawdowns in equities have been short-lived as investors see them as opportunities to add risk to their portfolios.
“The path of least resistance continues to lead to the upside, and dips remain buying opportunities,” said Michael Brown at Pepperstone Group Ltd.
In corporate news, General Electric Co. and 3M Co. paced gains in industrial firms.
OpenAI unveiled its first artificial intelligence-powered web browser, putting the ChatGPT maker in competition on a new front with Alphabet Inc.’s Google.
Gold and silver saw the biggest rout in years as investors locked in profits on concern that the recent historic rally in the precious metals left them overvalued.
Bitcoin bounced.
Treasury 10-year yields fell two basis points to 3.96%.
A confluence of factors dragged down the precious metals, including positive trade talks between China and the US, a stronger dollar, overstretched technicals, and uncertainty on investor positioning due to the US government shutdown and end of a seasonal buying spree in India.
Gold’s rally in recent months has been nothing short of extraordinary, fueled by falling yields, persistent central bank buying, and expectations of further monetary easing, according to Fawad Razaqzada at City Index and Forex.com.
“Markets rarely move in straight lines,” he said.
“But it is far too early to suggest that the broader bull trend has ended.
While corrections are natural, it is worth pointing out that many investors missed out on the big rally.
Soon, they may step in to buy the dip, which should keep the sell-off contained.”
Matt Maley at Miller Tabak says he’ll be watching the recent lows for precious metals for signs that they will likely see something more than just a hiccup over the near-term.
“Experience tells us that when you start to see wild swings in an asset after a very large rally it tends to signal that it’s getting ready for material pullback,” Maley said.
“It does not necessarily signal the end of the bull market in that asset.
However, these kinds of wild moves after very strong rallies can create some fear among investors and traders.”
Gold, the traditional safe haven for equity investors, is the most volatile it’s been against the S&P 500 since the pandemic.
The spread between 30-day gold volatility and the US equity benchmark has surpassed 11 points — the only other time in the past 10 years when the gap was wider than where it is now was in September 2020.
PineBridge Investments has sharply dialed up exposure to gold at the expense of long-dated government bonds and has also boosted dollar holdings on a view the greenback will benefit from flows to stocks and stablecoins.
“There’s one safety asset left standing, and it’s called gold,” PineBridge’s Michael Kelly said, adding that government bonds can no longer be relied on to “zig when stocks and risk assets zag.”
The S&P 500 remains close to its all-time highs after the White House indicated trade talks with China were on track and strong earnings from several regional banks eased credit worries in the sector.
A string of losses at regional banks tied to alleged fraud were isolated incidents but should be viewed as a reminder to be vigilant about underwriting standards, Goldman Sachs Group Inc. Chief Executive Officer David Solomon said.
“It is interesting that we’ve had three events that on the face seem to be three idiosyncratic events,” Solomon told CNBC.
“Three idiosyncratic events do not make a trend or a systemic issue by any stretch.”
While the S&P 500 has defied virtually every warning in the past six months, clocking one of the best stretches since the 1950s, this October gap indicates some investors have been covering their shorts ahead of the Federal Reserve’s next rate decision on Oct. 29.
“October has, so far, lived up to its spooky season moniker,” said Victoria Greene at G Squared Private Wealth.
“Yet equities continue to be resilient in the face of an unending stream of bad news.”
Greene says more volatility should be expected, mostly because we are exiting a period of historically low volatility.
“It really has no place to go but up. So, while consternation on bad headlines and high valuations isn’t irrational, we feel this bull market will continue to successfully climb this wall of worry to end the year on a positive note,” she concluded.
November and December historically favor equities, particularly technology — and this remains a tech-led rally, noted Joe Tigay, portfolio manager of the Rational Equity Armor Fund.
“We may grind through more volatility before Halloween, but the setup for year-end looks constructive,” he said.
Meantime, falling oil prices may drive benchmark Treasury yields back to levels last seen more than a year ago, according to Wall Street research veteran Ed Yardeni.
Yields on 10-year Treasuries could hit 3.75% if the oil price continues to slide and the Federal Reserve lowers interest rates next week, said the strategist.
His argument is based on the long-run correlation of the two asset classes, which are linked through oil’s impact on inflation.
“A growing glut of oil and fear of a global economic slowdown have pushed US West Texas Intermediate crude prices to their lowest point since fuel markets were rebounding from the Covid crash,” Yardeni Research wrote.
“That will help push headline consumer inflation rates down and boost consumers’ purchasing power.”

Corporate Highlights:
* General Motors Co. raised its full-year outlook, buoyed by better-than-expected pickup truck sales and fresh relief from the Trump administration’s tariffs on auto parts.
* Coca-Cola Co. posted third-quarter sales growth that beat Wall Street expectations — a sign that consumers are snapping up the company’s beverages despite higher prices.
* 3M Co. raised its profit forecast for the second straight quarter as Chief Executive Officer Bill Brown’s effort to revitalize the conglomerate gains traction despite ongoing challenges from economic volatility.
* General Electric Co. raised its full-year outlook for a second consecutive quarter as the jet-engine manufacturer cashes in on strong air-travel demand.
* RTX Corp. raised its full-year profit outlook and reported third-quarter earnings that topped Wall Street expectations as sales and profit rose across its commercial aerospace and military hardware businesses.
* Northrop Grumman Corp. raised its earnings forecast for the year after its third-quarter profit handily beat analysts’ estimates as work accelerates on its Sentinel missile program.
* Zions Bancorp said its profit topped estimates despite a $50 million loss from an alleged fraud, helping reassure investors who’d feared the credit markets might be harboring some deeper pain.
* Apple Inc.’s effort to reinvent the iPad by adding a giant foldable screen has hit development hurdles, potentially delaying the planned launch.
* Warner Bros. Discovery Inc. said it’s considering a possible sale after receiving unsolicited interest from multiple parties. Netflix Inc. and Comcast Corp. are among the companies weighing bids for parts of the media and entertainment company, according
to people with knowledge of the matter.
* Beyond Meat Inc., the maker of plant-based burgers and sausages, announced increased availability of its products at Walmart’s Inc.’s stores.
* Activist investor Jana Partners has teamed up with co- investors including Travis Kelce to push for changes at Six Flags Entertainment Corp., including monetizing underperforming parks or considering an outright sale.
* Philip Morris International Inc. lowered its estimate for growth in operating income this year because of higher investments in the US, where it’s rolling out its Zyn nicotine pouches.
* Airbnb Inc. Chief Executive Officer Brian Chesky said he didn’t integrate his company’s online travel app with OpenAI’s ChatGPT because the startup’s connective tools aren’t “quite ready” yet.
* Walmart Inc. has paused offers to candidates requiring H-1B visas, people familiar with the matter said, the latest example of how the Trump administration’s $100,000 visa fees are disrupting workforces.
* UnitedHealth Group Inc. is testing a new system to streamline how medical claims are processed, an early example of what the company says is the potential for artificial intelligence to smooth out friction in billing.
* Cargill Inc.’s profit surged 86% in the first quarter as the largest private company in the US benefited from President Donald Trump’s tax bill and better performance in all its business segments.
* Citigroup Inc., Barclays Plc, Bank of America Corp. and RBC Capital Markets are among banks providing $12.25 billion of debt financing to support Blackstone Inc. and TPG Inc.’s acquisition of medical device-maker Hologic Inc., according to people with knowledge of the matter.
* CoreWeave Inc. won’t increase its $9 billion offer for data center provider Core Scientific Inc., despite opposition to the deal from major shareholders.
* Elevance Health Inc. earnings beat Wall Street expectations, and the company affirmed its outlook for 2025, though it issued a note of caution that it still has a lot of work to do to make its way out of a historic meltdown that’s hit US insurers this year.
* National Fuel Gas Company of Western New York agreed to buy CenterPoint Energy Inc.’s Ohio natural gas utility to for $2.6 billion.
* BNP Paribas SA reiterated its view that a recent court ruling, which had led to a stock price plunge, doesn’t apply to other cases, in an effort to contain legal uncertainty.
* Novo Nordisk A/S Chairman Helge Lund is stepping down after a boardroom dispute over the pace of change and will be replaced by Lars Rebien Sorensen, a previous leader of the Danish drugmaker who now heads its biggest shareholder.
* Adidas AG lifted its earnings forecast for the year amid robust demand for retro sneakers like the Gazelle and efforts to mitigate the impact of US tariffs.
* L’Oréal SA posted disappointing sales growth last quarter as weakness in the US outweighed signs of improvement in China.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index was little changed
* Bloomberg Magnificent 7 Total Return Index fell 0.3%
* The Russell 2000 Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1601
* The British pound fell 0.2% to $1.3372
* The Japanese yen fell 0.8% to 151.92 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $111,839.73
* Ether was little changed at $4,000.67
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.96%
* Germany’s 10-year yield declined two basis points to 2.55%
* Britain’s 10-year yield declined three basis points to 4.48%
* The yield on 2-year Treasuries was little changed at 3.45%
* The yield on 30-year Treasuries declined three basis points to 4.54%
Commodities
* West Texas Intermediate crude rose 0.5% to $57.82 a barrel
* Spot gold fell 5.7% to $4,107.68 an ounce
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann
All things excellent are as difficult as they are rare. –Baruch Spinoza, 1632-1677.

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

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

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

Dear Friends,

Tangents: Happy Monday.

October 20, 1973: The Sydney Opera House is officially opened by Queen Elizabeth II.  Designed by Danish architect Jørn Utzon, it immediately becomes a global icon of modern architecture.
October 20, 1992: The host Toronto Blue Jays beat the Atlanta Braves 3-2 in the first World Series game played outside the United States.

Christopher Wren architect, b. 1632.
John Dewey, educator, b. 1859.
Mickey Mantle, baseball player, b. 1931.
Snoop Dog, rapper, b. 1972.

3,500-year-old Egyptian military fortress with ancient ovens and fossilized dough discovered in Sinai Desert

A 3,500-year-old Egyptian fortress has been discovered on an ancient military road in the north Sinai Desert. Read More.

Easter Island statues may have ‘walked’ thanks to ‘pendulum dynamics’ and with as few as 15 people, study finds

Simple physics may explain how the Easter Island statues could “walk” miles with only a handful of people, but the debate over their transport is far from over. Read More.

Arctic Ocean methane ‘switch’ that helped drive rapid global warming discovered

The Arctic Ocean was once an important source of greenhouse gases to the atmosphere — and it could become one again, researchers warn. Read More.

$20 million NASA mission to visit ‘God of Chaos’ asteroid saved from budget cuts in last-minute decision

NASA’s OSIRIS-APEX mission, which was one of 19 designated to be canceled by the Trump administration, has been saved from the chopping block in a last-minute decision. There will be a significant change to its structure, however.  Read More.

Runner wrestles bear: ‘In one bite my arm was done’
What began as a routine run through familiar woods became a desperate sprint for survival. A runner tells CNN what it feels like to survive a bear attack.

Why are you seeing cowboys everywhere?
From billboards to runways, it seems like everyone is grabbing their fringe and boots made for walking. CNN’s Leah Asmelash explains why you may be seeing a “wholehearted embrace of the American West.”

This Bollywood classic still captivates Indian movie-goers 30 years on
Fans of “Diwale Dulhania Le Jayenge” or “DDLJ” still flock to a Mumbai cinema that has shown the film every day for three decades straight.

PHOTOS OF THE DAY

Bangkok, Thailand
A dragon dance is performed during the nine-day vegetarian festival that coincides with the annual celebration of the nine Chinese emperor gods
Photograph: Peerapon Boonyakiat/Sopa Images/Shutterstock

Debrad’, Slovakia
Stargazers look at the comet C/2025 A6 (Lemmon) as it shines among the stars
Photograph: Robert Nemeti/Anadolu/Getty Images

New Jersey, US
Workers harvest cranberries at Pine Island farm during the annual cranberry harvest, where they wade through flooded bogs to collect the bright red berries
Photograph: Lokman Vural Elibol/Anadolu/Getty Images
Market Closes for October 20^th , 2025

Market Index	Close	Change
Dow Jones	46706.58	+515.97
		+1.12%
S&P 500	6735.13	+71.12
		+1.07%
NASDAQ	22990.54	+310.57
		+1.37%
TSX	30416.44	+307.96
		+1.02%

International Markets

Market Index	Close	Change
NIKKEI	49185.50	+1603.35
		+3.37%
HANG SENG	25858.83	+611.73
		+2.42%
SENSEX	84363.37	+411.18
		+0.49%
FTSE 100*	9403.57	+49.00
		+0.52%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.057	3.093
CND. 30 Year Bond	3.560	3.592
U.S. 10 Year Bond	3.9800	4.0088
U.S. 30 Year Bond	4.5692	4.6053

 

BOC Close	Today	Previous
Canadian $	0.7125	0.7133
US $	1.4035	1.4019

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6342	0.6119
US $	1.1644	0.8588

Commodities

Gold	Close	Previous
London Gold Fix	4224.75	4261.95
Oil
WTI Crude Future	57.52	57.54

Market Commentary:
The best way to put the odds in your favor is to invest long-term. –Dick Davis,1928-2020.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1% at 30,416.44 in Toronto.
The move follows the previous session’s decrease of 1.2%.
Shopify Inc. contributed the most to the index gain, increasing 4.7%.
NGEx Minerals Ltd. had the largest increase, rising 12.7%.
Today, 155 of 213 shares rose, while 57 fell; 9 of 11 sectors were higher, led by materials stocks.

Insights
* In the past year, the index had a similar or greater gain 20 times. The next day, it advanced 11 times for an average 0.7% and declined nine times for an average 1.3%
* This year, the index rose 23%, heading for the best year in at least 10 years
* This month, the index rose 1.3%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 1.3% below its 52-week high on Oct. 15, 2025 and 36.8% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.9% in the past 5 days and rose 2.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.5 on a trailing basis and 18.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.81t
* 30-day price volatility rose to 11.34% compared with 11.05% in the previous session and the average of 7.94% over the past month

Index Points
Materials | 118.8983| 2.3| 39/11
Financials | 75.5576| 0.8| 18/5
Information Technology | 71.1660| 2.3| 5/4
Industrials | 27.6424| 0.8| 26/3
Energy | 19.1948| 0.4| 28/11
Utilities | 5.2192| 0.5| 11/3
Health Care | 2.2514| 2.7| 4/0
Consumer Discretionary | 2.1799| 0.2| 7/2
Real Estate | 1.6563| 0.3| 13/6
Consumer Staples | -7.2945| -0.7| 3/8
Communication Services | -8.4983| -1.3| 1/4
Shopify | 88.8500| 4.7| -29.7| 51.2
Barrick Mining | 24.2000| 4.3| -19.7| 118.8
Agnico Eagle Mines Ltd | 21.2500| 2.5| -35.9| 122.7
Celestica | -3.9780| -1.3| -21.3| 189.6
Intact Financial | -4.7220| -1.5| 8.1| -2.6
Constellation Software | -14.4900| -2.7| -38.7| -16.5
MT Newswires:
The Toronto Stock Exchange recovered some lost ground on Monday after two losing sessions, buoyed by a record gold price and the prospect of another interest rate cut here in Canada, even as David Rosenberg says “we are in a classic equity bubble” and adds “everybody thinks they are nimble enough to time the peak”.
Despite mixed commodity prices, the resources-heavy S&P/TSX Commodities Index rose 307.96 points, or 1%, to 30,416.44, after falling by nearly 530 points over last Thursday and Friday.
Monday’s gains still left the index more than 200 points below the record close of 30,637.12, hit last Wednesday.
Among sectors, most were higher, led by Health Care up near 3.2% and Base Metals up near 3%.
The Battery Metals Index was down by more than 6% and Telecom down by near 1%.
Boosting sentiment, The Canadian Press reported executives for Rockpoint Gas Storage (RGSI.TO) have big plans for the company after it made “quite an impression” on the TSX with a “mammoth sized” initial public offering (IPO) this month.
Calgary-based Rockpoint raised $704 million, pricing its offering at $22.00 per share.
It is the second company to debut on the TSX this year after GO Residential Real Estate Investment Trust (GO-U.TO) in July.
“Natural gas storage is playing such an important role,” said Toby McKenna, CEO of Rockpoint told BNN Bloomberg in a Monday interview.
“The way that investors are receiving us has been extraordinary.”
Rockpoint, which is 40% owned by investment giant Brookfield Asset Management (BAM.TO) and is the largest natural-gas storage operator of its kind in North America, closed up $0.11 or 0.4% at $25.50.
Also helping to boost positive market sentiment, RBC said today’s Q3 Business Outlook Survey (BoS) leaves the Bank of Canada “on track” for another rate cut.
Spanning early August to early September, most information in the BoC’s BoS was gathered during a period of “elevated but moderately stabilizing” global trade tensions, RBC noted.
“Overall,” RBC said, “the details aligned with our expectations — economic growth showed signs of stabilizing in Q3 but remained at weak levels that will limit upside inflation risks.
While this week’s Canadian CPI inflation data will be closely watched, available information supports another BoC rate cut next week.”
Elsewhere, TD noted business and consumer optimism improved slightly in Q3, reflecting a modest easing of trade tensions, greater clarity on tariff measures and an improvement in household financial health supported by rising net worth.
However, it also noted, the overall level of sentiment remained subdued for both businesses and consumers.
“Beneath the surface, conditions in the steel and aluminum sectors have worsened, with firms in these industries reporting especially weak outlooks that are leading to significant layoffs.”
TD noted while longer-term consumer inflation expectations rose, they are similar to levels prior to the pandemic, suggesting consumers tend to overestimate longer-term inflation.
“Moreover,” TD added, “given that the survey was conducted before the federal government announced plans to remove counter-tariffs, we think inflation expectations may ease next quarter.
The reports of weaker pricing power among firms are encouraging from inflation perspective, even if they point to narrower profit margins for businesses.”
It is against all of this backdrop that Rosenberg, a veteran market watcher, published a note entitled ‘Not So Tiny Bubbles’ in which he says, “it is very clear to us that we are in a classic equity bubble”.
But, Rosenberg adds, “these episodes typically go further than you think, but never correct by going sideways”.
And, Rosenberg notes, “typical of human nature, when greed becomes the primal emotion (clearly the case today), everybody thinks they are nimble enough to time the peak”.
Bottom line for Rosenberg, “A bubble is defined by a market that loses touch with underlying fundamentals and where all the multiples (price-to-earnings, price-to-sales, price-to-book, the CAPE, the Buffett Model) trade north of 2 standard deviations.
Not that the earnings fundamentals are not good, but that the price action is double the underlying earnings streams.
Whatever it is we end up seeing coming out of the AI boom in terms of the future impact on productivity, the economy, and earnings, the reality (after you do the math in backing out the message from Mr. Market) is that the expectation embedded in today’s valuations entails that average annual earnings growth will explode to a +15% rate from now to 2030.
That is not impossible but still represents a 1-in-10 event.
The last time we saw this phenomenon was back in the late 1990s tech boom — the Internet, as we all know, was a game-changer from a personal and commercial standpoint but remember what happened to super-inflated expectations from 2000 to 2003 as they reverted to the mean after hitting an extreme.”
Of commodities, gold prices traded at a fresh record high on Monday, rebounding from Friday’s fall on expectations traders are not yet ready to turn bearish on the metal.
Gold for December delivery was last seen up $164.30 to US$4,377.40 per ounce, topping Thursday’s record close of US$4,304.60.
But West Texas Intermediate crude oil price closed with a small loss, dropping for the fourth time in five days to the lowest in more than five months as supply rises above demand, pushing up global inventories.
WTI crude oil closed down $0.02 to settle at $57.52 per barrel, the lowest since May 7, while December Brent crude was last seen down $0.32 to $61.00.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders drove stocks higher amid solid signals from Corporate America and hopes that tensions between the world’s two largest economies are cooling.
Bond yields edged lower.
With the earnings season well underway, about 85% of the companies in the S&P 500 reporting results so far have beaten profit estimates.
That’s helped fuel a rebound in equities, with the benchmark notching its best two-day gain since June.
Sentiment was also buoyed by expectations the trade war will de- escalate as the US and China return to the negotiating table.
President Donald Trump reiterated his threat to follow through on a tariff hike on Chinese goods “if there isn’t a deal” by Nov. 1, but stressed plans to meet President Xi Jinping next week.
Earlier this month, markets were roiled as Trump raised the prospect of a sky-high tariff rate, citing China’s “hostile” export controls.
“We are seeing the typical seasonal volatility in October, but the recent swings have been relatively shallow by historical standards, as the buy-the-dip mentality appears to be in play,” said Rick Gardner at RGA Investments.
While Friday’s inflation data may take on greater importance due to the government shutdown-driven data drought, Gardner still sees a Federal Reserve rate cut in October.
He also noted that a key test will be big tech earnings, with investors looking for clarity on how spending on artificial intelligence is leading to profitability.
“Thank God for earnings season,” said Callie Cox at Ritholtz Wealth Management.
“The analysts have been deprived of data for weeks now.
When there isn’t a lot of data to latch onto, you get more panic around headlines.
A steady stream of fundamental signals is underrated for market stability.”
The S&P 500 rose 1.1%.
Apple Inc. hit its first record of 2025 as Loop Capital upgraded the stock to buy, the latest firm to cite positive iPhone demand trends.
A gauge of tech mega caps climbed 1.6%.
The Russell 2000 index of small firms added 1.9%.
The yield on 10-year Treasuries fell three basis points to 3.98%.
Gold jumped.
Soybean futures rallied, with growers holding out hope that Trump will make a deal with China to restart stalled American exports.
Even with bouts of volatility, the underlying backdrop remains healthy for equities, according to Mark Hackett at Nationwide.
He continues to see any period of weakness get aggressively bought, and while institutional investors have grown cautious, retail investors are still leaning in.
“That tells me the market is setting up for a breakout move, and from my perspective, it’s much easier to see it moving higher rather than lower as we head toward year-end and into the beginning of 2026,” he said.
While trade tensions continue to drive investor emotion and volatility, drawdowns are short lived, as retail investors see them as opportunities to add risk, Hackett noted.
This is despite a collapse in investor sentiment per recent gauges.
Deutsche Bank AG strategists noted that overall equity positioning tumbled last week and sentiment fell to net bearish.
Meantime, Morgan Stanley’s Michael Wilson said there needs to be follow through on a US-China deal and stability in earnings revisions to clear the risk of a further correction in stocks.
“The combination of a better growth and earnings outlook, supportive policy, and investors eagerly buying dips justifies a more positive medium-term outlook,” said Jason Draho at UBS Global Wealth Management.
Among notable companies reporting this week is Tesla Inc., which is set to kick off the mega cap earnings season.
China’s tightening grip on rare earths exports will likely be discussed at Intel Corp. and Texas Instruments Inc.’s calls.
As earnings roll in, results are looking promising, according to Oppenheimer Asset Management’s John Stoltzfus.
The fact that big US companies are beating expectations and guidance despite ongoing risks suggests there is “enough resilience to provide stocks with a ticket to ride,” he said.
Activity momentum improved during the quarter and positive surprises are likely this earnings season, according to JPMorgan Chase & Co. strategists led by Mislav Matejka.
“Momentum remains positive and has now become earnings- driven, which should propel the market into year-end, outside of any Black Swan events,” said Louis Navellier at Navellier & Associates.
Despite the strong kickoff to the third quarter earnings season with a high bar for expectations, recent equity market volatility suggests investors remain sensitive to policy and headline surprises along with potential earnings disappointments, said Doug Beath at Wells Fargo Investment Institute. “We believe surprises and resulting pullbacks will likely happen, but that investors should look beyond headline distractions to focus on the positive trends already in place,” he said.
“The theme of third-quarter earnings season is likely to be ongoing earnings resilience,” said Jason Pride and Michael Reynolds at Glenmede.
“The S&P 500 is on pace for high single digit earnings growth on a year-over-year basis.”
They also noted that it appears that small caps are finally having their moment in the spotlight.
After a challenging couple years for their bottom lines, earnings growth for the Russell 2000 is expected to increase over 35% in the third quarter.
“This trend could persist into year-end, as small caps should be beneficiaries of recently passed fiscal stimulus and the Fed’s easing cycle,” the Glenmede strategists said.
After years of lagging behind the giants — and roughly realizing the multiple suggested by rate and macro trends — the Russell 2000 now has to prove it can grow into its valuation, according to Michael Casper and Nathaniel Welnhofer at Bloomberg Intelligence. And third-quarter earnings could be decisive.
“The bar is higher than last quarter, but smaller companies are expected to close the gap with large caps by mid-2026 — a story that must remain intact if the gauge is to keep outperforming,” they said.
The climb in equities since the April selloff has rewarded investors willing to look past waves of macro and tariff uncertainty, noted Jeff Shen and Philip Hodges at BlackRock Systematic.
“The economy has proven resilient enough to support hopes for a ‘Goldilocks’ scenario: soft enough for Federal Reserve interest-rate cuts, yet firm enough to avoid recession,” they noted.
While policy easing and the AI revolution have pushed markets to fresh highs recently, the headline rally masks a more nuanced story under the surface, they said.
Since the April 8 lows, the S&P 500 has seen a maximum drawdown of about 5%, yet the average stock in the index has fallen as much as 15%.
“That’s a reflection of the churn playing out in markets, underscoring the importance of a dynamic approach to active management,” they concluded.
After being delayed by the US government shutdown, the Bureau of Labor Statistics will release the September consumer price index on Friday.
The data, originally slated for Oct. 15, will give Federal Reserve officials a critical piece of information on inflation ahead of their policy meeting the following week.
Economists in a Bloomberg survey forecast the core CPI, which excludes food and fuel for a better snapshot of underlying inflation, to have climbed 0.3% for a third straight month as higher import duties continue to gradually filter through to consumers.
The projected monthly gain will keep the annual core CPI at 3.1%.
“September core CPI likely moderated slightly due to cooling services prices offsetting additional tariff passthrough into goods prices.
Energy prices likely boosted headline CPI,” said Oscar Munoz at TD Securities.
Munoz continues to expect the Fed will cut rates by 25 basis points at next week’s decision as growing labor market risks necessitate additional policy recalibration.
While traders will get a look at the delayed CPI data at the end of this week, their immediate focus will be on earnings, especially after news about bank loan losses contributed to volatility in the financial sector last week, according to Chris Larkin at E*TRADE from Morgan Stanley.
“Choppy trade has been the order of the day lately, but earnings beats from this week’s high-profile names and a reduction in US-China tensions could help the market find its footing,” he said.

Corporate Highlights:
* Amazon Web Services, the world’s largest cloud provider, said issues continued to plague its operations after a widespread outage degraded services for a range of customers including government agencies, AI companies and financial platforms.
* Apple Inc.’s latest generation of iPhones is off to a faster start than usual, with its most basic model surging in popularity.
* Alphabet Inc.’s Google plans to let Pixel smartphone enthusiasts test out the company’s next handset ahead of its public introduction.
* AppLovin Corp. sank after the New York Post reported that state regulators have reached out to multiple short sellers in a possible preliminary probe on the mobile advertising company.
* Cleveland-Cliffs Inc. jumped after the US steelmaker posted stronger-than-expected earnings, disclosed a pact with another metal producer and said it’s evaluating whether rare earth minerals can be extracted from its mines.
* Kenvue Inc. urged US regulators to deny a request warning against Tylenol’s use during pregnancy, laying out the most detailed defense of its biggest product after Trump administration officials tied its use to autism.
* Replimune Group Inc. surged after US regulators accepted its resubmitted application for a skin cancer treatment, an encouraging sign for biotech investors who’ve been spooked by recent drug denials.
* CleanSpark Inc. climbed after the Bitcoin miner announced that it was expanding into date-center infrastructure and the hiring of Jeffrey Thomas from Saudi Arabian AI firm Humain.
* HoldCo Asset Management LP has built up a sizable stake in regional lender First Interstate BancSystem Inc. and told management to swear off acquisitions and buy back even more shares than the lender’s already planning, or the activist investor will push for a sale.
* BNP Paribas SA plummeted after a court ruling linked it to human rights abuses in Sudan, triggering speculation the firm will ultimately have to pay billions of dollars to settle related cases.
* Kering SA agreed to sell its beauty division to L’Oreal SA in a €4 billion ($4.7 billion) deal, with new Chief Executive Officer Luca de Meo changing course in a bid to turn around the French luxury giant’s fortunes.
* Worldpay’s $24.3 billion deal with Global Payments Inc. to create a payment processing behemoth avoided a deeper investigation as the UK watchdog found the deal will not weaken competition in the UK.
* Shares of submarine-builder TKMS surged in their Frankfurt trading debut on Monday after the marine defense company was spun off from Thyssenkrupp AG, with investors’ eagerness to buy into Europe’s defense stock rally giving an early boost to the new stock.
* Stellantis NV reaffirmed its commitment to its Italian manufacturing operations, making a pledge to hire 400 additional workers to bolster production at its Mirafiori plant in Turin.
* Contemporary Amperex Technology Co. Ltd.’s profit jumped in the third quarter, as the world’s largest maker of electric vehicle batteries defended its lead in China and pushed further into overseas markets.
* EQT AB has been holding talks with potential acquisition targets including Coller Capital as the private equity firm seeks to expand its secondaries business, people with knowledge of the matter said.
* Holcim Ltd. is set to acquire walling-systems firm Xella from private equity firm Lone Star Funds in a €1.85 billion ($2.2 billion) deal, extending the Swiss company’s bid to diversify beyond its core cement business.
* Oura Health Oy, the Finnish smart ring maker, is the latest wearable company seeking to move into blood pressure monitoring.
How should regulators react to the blurring line between investing and gambling? Let us know in the latest Markets Pulse survey.
What Bloomberg Strategists say…
“The real test for earnings will lie with AI heavyweights to deliver on lofty expectations.
Nonetheless, the strong start points to the potential for another steady quarter for the S&P 500, suggesting that fundamentals remain broadly supportive of current valuations.”
—Tatiana Darie, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 1.1%
* Bloomberg Magnificent 7 Total Return Index rose 1.6%
* The Russell 2000 Index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.1641
* The British pound fell 0.2% to $1.3406
* The Japanese yen was little changed at 150.69 per dollar
Cryptocurrencies
* Bitcoin rose 1.7% to $110,744.19
* Ether fell 0.6% to $3,977.88
Bonds
* The yield on 10-year Treasuries declined three basis points to 3.98%
* Germany’s 10-year yield was little changed at 2.58%
* Britain’s 10-year yield declined three basis points to 4.50%
* The yield on 2-year Treasuries was little changed at 3.46%
* The yield on 30-year Treasuries declined three basis points to 4.57%
Commodities
* West Texas Intermediate crude fell 0.1% to $57.48 a barrel
* Spot gold rose 3% to $4,377.50 an ounce
Have a lovely evening.

Be magnificent!

As ever,

Carolann
We are all ready to be savage in some cause.  The difference between a good man and a bad one is the choice of the cause. –William James, 1842-1910.

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

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

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

Dear Friends,

Tangents: Happy Friday! 

Just back from the J.P. Morgan Investment conference in NYC last night.  AI continues to be the hot topic of conversation.  The dominance as a theme in investing is projected to continue.  The numbers from Open AI and Anthropic are staggering.

October 17, 1912: Bulgaria, Greece and Serbia declare war on the Ottoman Empire, widening the conflict.
On Oct. 17, 1931, mobster Al Capone was convicted of income tax evasion and sentenced to 11 years in prison. He was released in 1939. 
October 17, 1899: San Franciso earthquake.

Diwali, the five-day Hindu festival of lights, kicks off this weekend, with the main event taking place on Monday.  Celebrated by more than a billion people across India, Nepal, Singapore and Malaysia, not to mention communities across the rest of the world, it is one of the biggest events in Hinduism and also celebrated in Jainism and Sikhism.  Diwali follows the Hindu lunar calendar, marking the darkest night of the year, and with it, the triumph of good over evil

Stalagmites adhere to a single mathematical rule, scientists discover

Scientists discover all stalagmites growing from cave floors follow a mathematical rule that explains how these mineral formations develop into different shapes. Read More.

5,000 years ago, Stone Age people in China crafted their ancestors’ bones into cups and masks

Archaeologists in China found a collection of human bones that showed signs of being “worked” like any other natural material. Read More.

‘Most pristine’ star ever seen discovered at the Milky Way’s edge — and could be a direct descendant of the universe’s first stars

Astronomers have discovered a surprisingly “pristine” red giant with the lowest concentration of heavy elements ever seen in a star. It is likely a direct descendant of one of the
universe’s first stars. Read More.

Record-breaking ‘dark object’ found hiding within a warped ‘Einstein ring’ 10 billion light-years away

Researchers have found a suspected clump of dark matter lurking within the luminous halo of a well-known “Einstein ring.” The mysterious object, the smallest of its kind ever seen, could help shed light on the universe’s missing matter.  Read More.

This carbon-absorbing bridge is inspired by bones
Researchers at the University of Pennsylvania have come up with a novel design that can reduce concrete’s environmental impact.

New details released about the death of Diane Keaton
Actress Diane Keaton died on Saturday after falling ill with a common type of infection in the US, according to a death certificate obtained by CNN.

Ace Frehley, the original lead guitarist and founding member of the glam rock band Kiss, died Thursday following a recent fall, his agent said. He was 74.

Separately, Susan Stamberg, the first woman to host a national news program, died Thursday at age 87. Stamberg was known as a “founding mother” of National Public Radio.

PHOTOS OF THE DAY

Rijeka, Croatia
Croatian freediver Vitomir Maricic, 40, relaxes underwater during a training session. Maricic went beyond what seemed possible for a human body by holding his breath for an astonishing 29 minutes and three seconds under water
Photograph: Damir Sencar/AFP/Getty Images

Paris, France
An exclusive presentation at Drouot auction house of an oil painting entitled ‘The Child and his Toys’, a major piece by Pierre-Auguste Renoir
Photograph: Alain Jocard/AFP/Getty Images

Hull, UK
A general view of the Hull Fair 2025 in Yorkshire, one of the largest travelling fairs in Europe, which features over 250 rides. The fair features an array of rides alongside traditional attractions such as palm reading and stalls packed with food, treats and games
Photograph: Danny Lawson/PA
Market Closes for October 17^th , 2025

Market Index	Close	Change
Dow Jones	46190.61	+238.37
		+0.52%
S&P 500	6664.01	+34.94
		+0.52%
NASDAQ	22679.97	+117.43
		+0.52%
TSX	30108.48	-350.32
		-1.15%

International Markets

Market Index	Close	Change
NIKKEI	47582.15	-695.59
		-1.44%
HANG SENG	25247.10	-641.41
		-2.48%
SENSEX	83952.19	+484.53
		+0.58%
FTSE 100*	9354.57	-81.52
		-0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.093	3.077
CND. 30 Year Bond	3.592	3.583
U.S. 10 Year Bond	4.0088	3.9745
U.S. 30 Year Bond	4.6053	4.5844

 

BOC Close	Today	Previous
Canadian $	0.7133	0.7117
US $	1.4019	1.4050

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6339	0.6120
US $	1.1693	0.8552

Commodities

Gold	Close	Previous
London Gold Fix	4261.95	4204.60
Oil
WTI Crude Future	57.54	57.46

Market Commentary:

On this day in 1919, Radio Corp. of America was formed by General Electric to control the wireless patents of GE, AT&T and Westinghouse. By 1929 it was the greatest growth stock in America, but by the end of that year it has lost 77% of its value.

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.2%, or 350.32 to 30,108.48 in Toronto.
Today, materials stocks led the market lower, as 4 of 11 sectors lost; 137 of 214 shares fell, while 76 rose.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 6.3%.
Orla Mining Ltd. had the largest drop, falling 10.9%.

Insights
* In the past year, the index had a similar or greater loss 15 times. The next day, it advanced eight times for an average 1.6% and declined seven times for an average 1.6%
* This year, the index rose 22%, heading for the best year in at least 10 years
* So far this week, the index rose 0.9%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Oct. 15, 2025 and 35.5% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 18.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.87t
* 30-day price volatility rose to 11.05% compared with 10.35% in the previous session and the average of 7.58% over the past month

Index Points
Materials | -329.8068| -6.0| 4/47
Energy | -42.7885| -0.9| 11/28
Financials | -17.6512| -0.2| 4/20
Information Technology| -1.9743| -0.1| 4/5
Utilities | 0.0160| 0.0| 8/6
Health Care | 0.8438| 1.0| 3/1
Real Estate | 3.9743| 0.8| 14/4
Consumer Discretionary| 5.1393| 0.5| 6/3
Industrials | 6.8076| 0.2| 9/20
Communication Services| 7.8000| 1.2| 3/2
Consumer Staples | 17.3207| 1.7| 10/1
Agnico Eagle Mines | Ltd | -57.1700| -6.3| 12.0| 117.3
Wheaton Precious | Metals | -40.9100| -8.1| -1.0| 81.1
Barrick Mining | -39.8900| -6.7| 10.8| 109.6
Shopify | 7.0700| 0.4| -46.6| 44.4
Canadian Pacific | Kansas | 7.6520| 1.1| -19.2| 3.0
Couche-Tard | 8.5610| 2.2| -21.7| -6.0
US
By Rita Nazareth
(Bloomberg) — A jittery week on Wall Street ended on a positive note for stocks as President Donald Trump’s remarks soothed anxiety around trade tensions while regional banks rebounded.
Bonds, gold and silver fell.
The bounce in equities sent the S&P 500 to its best week since August, with Trump expressing optimism that talks with Chinese officials could yield an agreement to defuse the tariff spat between the world’s two biggest economies.
A batch of solid results from various regional lenders lifted the industry after a rout triggered by concern over credit quality in the economy.
The White House signaled efforts to calm fears of a full- blown trade war that could have a seismic effect on the global economy.
“I think we’re doing very well.
I think we’re getting along with China,” Trump said. He also indicated that he believed his planned meeting with President Xi Jinping this month would go ahead.
“October has brought a spooky uptick in market swings,” said Keith Lerner at Truist Advisory Services. “After an extended rally and elevated investor sentiment, markets were vulnerable to negative surprises.
We would view deeper pullbacks as opportunities to lean in, as the bull market still deserves the benefit of the doubt.”
The S&P 500 rose 0.5%.
A closely watched exchange-traded fund tracking regional banks climbed 1.6%.
Zions Bancorp and Western Alliance Bancorp – which had led the recent industry selloff – rallied at least 3.1%.
Oracle Corp. sank about 7% on concerns about fulfilling AI cloud demand.
Treasury two-year yields rose from the lowest since 2022.
The dollar was little changed at the end of its worst week since August.
US regional bank executives sought to calm shaken investors Friday, after revelations of new loan charge-offs linked to fraud sparked the biggest selloff in six months on Thursday.
Several lenders released third-quarter results that showed fewer provisions for loan losses than analysts had predicted.
Despite all the uncertainties that shook markets this week, stocks actually got big inflows as investors put cash to work.
Equity funds drew $28.1 billion while cash had $24.6 billion outflows for the week ended Oct. 15, Bank of America Corp. said, citing EPFR Global data.
Another factor that has unsettled traders in recent days is the US government shutdown, which has frozen a whole swath of key releases.
Applications for US unemployment benefits fell last week, according to analyses of unadjusted state-level filings released during the federal shutdown.
Initial claims decreased to about 215,000 in the week ended Oct. 11 from an estimated 234,000 in the prior week, according to a Bloomberg News analysis of the figures.
Goldman Sachs Group Inc. economists also saw a decline, estimating initial jobless claims totaled about 217,000 last week.
Even with little sign of resolution on the shutdown front, recent commentary from Federal Reserve speakers has spurred investors to add dovish exposure.
Fed Bank of St. Louis President Alberto Musalem said he could support another rate reduction to bolster a slowing labor market, but emphasized officials should make decisions meeting by meeting given economic uncertainty.
“The lack of economic data does not seem to be a problem for the Fed, and we expect another 25-basis-point rate reduction at the October meeting,” Morgan Stanley economists led by Michael Gapen said in a note.
Looking ahead, TD Securities strategists expect the September consumer price index due Oct. 24 to show that core inflation lost modest speed, as cooling services prices — led by housing — offset a likely acceleration in goods inflation that reflects more tariff passthrough.
“There remain many reasons to be bullish on the market,” said Nicholas Bohnsack at Strategas.
“Perhaps chief among them, corporate profits have continued to follow through on estimates that have also been generously revised higher after the post- Liberation Day shake off.”
“Although the equity bull market is now entering its fourth year, we believe it has further to run,” said Ulrike Hoffmann- Burchardi at UBS Global Wealth Management.
Her firm upgraded equities to “attractive” this month, citing fresh momentum behind the artificial-intelligence trend, supportive Fed policy and a better US growth outlook.
“Investors should review current allocations to equities and ensure they are at least consistent with, or modestly higher than, their long-term strategic asset allocation targets,” she said.
“If investors are currently under allocated to equities, we believe they should reallocate excess cash, bond, or high yield credit holdings toward stocks.”
Meantime, Charles Schwab Corp.’s chief executive officer said retail investors are eager to trade when there is more volatility.
“Our clients trade more when there is more volatility, and they tend to be somewhat countercyclical,” Schwab CEO Rick Wurster said Friday in a Bloomberg Television interview.
“The last few weeks, they’ve been buying dips and selling rips.”

Corporate Highlights:
* Oracle Corp. sank after giving its long-range financial outlook, suggesting investors anticipated a bigger boost from its investment in AI infrastructure.
* American Express Co. reported earnings that beat expectations after unveiling the long-anticipated Platinum credit card refresh last month.
* Morgan Stanley priced an $8 billion investment-grade bond sale on Friday, the third such deal by a major Wall Street firm this week following the release of third-quarter results.
* Novo Nordisk A/S and Eli Lilly & Co. shares fell after President Donald Trump said the price of the blockbuster diabetes drug Ozempic could come down to just $150 a month.
* CME Group Inc. is planning to debut financial contracts tied to both sports games and economic indicators by the end of the year, according to people familiar with the matter.
* OpenAI has paused depictions of Martin Luther King Jr. after users generated “disrespectful” deepfake videos of the civil rights leader using its artificial intelligence tool Sora.
* Newcleo Ltd., a struggling UK nuclear startup, has agreed to invest as much as $2 billion to develop uranium fuel facilities in the US with American reactor developer Oklo Inc., a move aimed at expanding the supply chain for the fledgling small- reactor sector.
* Porsche AG is in talks with Michael Leiters, the former head of McLaren Automotive Ltd., to take over as chief executive officer and turn around the struggling 911 maker.
* Man Group Plc, the world’s largest publicly traded hedge fund, saw its assets soar to a record in the three months through September, as clients poured more money into long-only products and performance improved.
* Verisure Plc reported a data breach to the Swedish police after information stored on third-party systems was accessed by an unauthorized party, just over a week after the firm’s blockbuster Stockholm IPO.
* Suez SA, a French water and waste-treatment company partly owned by BlackRock Inc., has paused a process to sell Chinese assets as it wants to keep growing in the world’s second-largest economy for longer, people familiar with the matter said.
* Cambricon Technologies Corp. reported a 14-fold surge in quarterly revenue, one of the starkest signs yet of how China’s chipmakers are benefiting from a national drive to replace restricted Nvidia Corp. gear during a domestic AI development boom.
* BYD Co., the world’s largest EV manufacturer, is recalling over 115,000 vehicles in its crucial home market due to technical defects, raising concerns about quality control in the Chinese giant’s rush to keep costs down.
* Reliance Industries Ltd.’s quarterly profit fell short of expectations, as weakness in its petrochemical business offset gains in refining and consumer units.
How often do you look at prediction markets to inform your trading decisions?
Let us know the latest Markets Pulse survey.
What Bloomberg Strategists Say…
“Yes, credit jitters are back, but this looks more like an unexpected stress test than a systemic shock.
Congratulations, we may have just survived the two-day regional banking crisis of 2025.”
—Brendan Fagan, FX Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.1%
* Bloomberg Magnificent 7 Total Return Index rose 1%
* The Russell 2000 Index fell 0.6%
* SPDR S&P Regional Banking ETF rose 1.6%
* Zions rose 5.8%
* Western Alliance rose 3.1%
* Oracle fell 6.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1670
* The British pound was little changed at $1.3437
* The Japanese yen was little changed at 150.49 per dollar
Cryptocurrencies
* Bitcoin fell 1.3% to $106,501.26
* Ether fell 0.6% to $3,829.85
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.00%
* Germany’s 10-year yield advanced one basis point to 2.58%
* Britain’s 10-year yield advanced three basis points to 4.53%
* The yield on 2-year Treasuries advanced three basis points to 3.46%
* The yield on 30-year Treasuries advanced one basis point to 4.60%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold fell 2.3% to $4,227.85 an ounce
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
In an argument, you are not arguing for truth but for yourself. –Thomas Carlyle, 1795-1881.

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

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

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

Dear Friends,

Tangents:
Carolann is away from the office for the J.P. Morgan / Robin Hood Investors Conference. I will be writing the newsletter on her behalf.

On Oct. 16, 1690: English demand the surrender of Quebec, and French Governor Louis de Buade de Frontenac replies, “I have no reply to make to your general other than from the mouths of my cannon and muskets”
On Oct. 16, 1916: Margaret Sanger opens the first birth control clinic in the US at 46 Amboy St, Brooklyn
On Oct. 16, 1964: China detonated its first atomic bomb. Go to article

**It’s Boss’s Day (U.S.) — a day for employees to show appreciation to their bosses, Read more.

James Webb telescope finds something ‘very exciting’ shooting out of first black hole ever imaged

Using the James Webb Space Telescope’s infrared camera, scientists have captured the gigantic jet blasting out of M87* in a new light.

Skeleton-filled well in Croatia likely holds remains of Roman soldiers, study finds

Archaeologists have discovered a mass grave of Roman soldiers hidden inside an ancient well in Croatia.

Methane leaks multiplying beneath Antarctic ocean spark fears of climate doom loop

Researchers have discovered dozens of new methane seeps littering the ocean floor in the Ross Sea coastal region of Antarctica, raising concerns of an unknown positive climate feedback loop that could accelerate global warming.

Chicago’s ‘rat hole’ was not created by a rat, researchers say
Researchers believe they have debunked the origin of Chicago’s “rat hole,” one of the Windy City’s weirdest local landmarks.

World Food Day —International day to promote awareness of food security and hunger issues. 🥔🍔🥗🥘

PHOTOS OF THE DAY

London, UK
A pedestrian passes the colourful autumn display of Virginia creeper that covers the wall of the Admiralty Citadel, a former second world war fortress in Horse Guards Parade
Photograph: Amer Ghazzal/Shutterstock

New Delhi, India
A peacock watches on as Tom Vaillant of France hits a shot during the DP World Tour Championship golf tournament
Photograph: Manish Swarup/AP

The isle of Palms, US
A group of fishermen silhouetted by the sunrise over the Atlantic Ocean gather to try their luck on Front Beach fishing pier in South Carolina
Photograph: Richard Ellis/ZUMA Press Wire/Shutterstock
Market Closes for October 16^th , 2025

Market Index	Close	Change
Dow Jones	45952.24	-301.07
		-0.65%
S&P 500	6629.07	-41.99
		-0.63%
NASDAQ	22562.54	-107.54
		-0.47%
TSX	30458.80	-178.32
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	48277.74	+605.07
		+1.27%
HANG SENG	25888.51	-22.09
		-0.09%
SENSEX	83467.66	+862.23
		+1.04%
FTSE 100*	9436.09	+11.34
		+0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.077	3.123
CND. 30 Year Bond	3.583	3.615
U.S. 10 Year Bond	3.9745	4.0282
U.S. 30 Year Bond	4.5844	4.6254

Currencies

BOC Close	Today	Previous
Canadian $	0.7117	0.7122
US $	1.4050	1.4040

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6431	0.6086
US $	1.1693	0.8552

Commodities

Gold	Close	Previous
London Gold Fix	4204.60	4204.60
Oil
WTI Crude Future	57.46	58.27

Market Commentary:
On this day in 1878, Thomas Alva Edison, backed by J.P. Morgan, established the Edison Electric Light Co. to commercialize his month-old incandescent light.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 30,458.80 in Toronto.
The move follows the previous session’s increase of 0.9%.
Today, financials stocks led the market lower, as 6 of 11 sectors lost; 135 of 214 shares fell, while 77 rose.
Brookfield Corp. contributed the most to the index decline, decreasing 2.8%.
Energy Fuels Inc/Canada had the largest drop, falling 13.2%.

Insights
* This year, the index rose 23%, heading for the best year in at least 10 years
* So far this week, the index rose 2%
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on Oct. 15, 2025 and 37% above its low on April 7, 2025
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.7 on a trailing basis and 19 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.9t
* 30-day price volatility rose to 10.35% compared with 10.13% in the previous session and the average of 7.41% over the past month

Index Points
Financials | -166.1364| -1.7| 4/20
Energy | -77.0125| -1.7| 1/37
Industrials | -45.3825| -1.3| 6/23
Real Estate | -3.4965| -0.7| 4/15
Health Care | -1.0873| -1.3| 1/3
Information Technology| -0.1801| 0.0| 4/4
Utilities | 1.8577| 0.2| 9/5
Consumer Discretionary| 3.0300| 0.3| 4/5
Communication Services| 3.3826| 0.5| 5/0
Consumer Staples | 4.6145| 0.5| 7/4
Materials | 102.0695| 1.9| 32/19
Brookfield Corp | -27.2600| -2.8| -3.8| 12.3
TD Bank | -26.7000| -2.0| -10.3| 44.7
Bank of Montreal | -23.9100| -2.7| 8.5| 25.7
Wheaton Precious |Metals | 14.3600| 2.9| -37.6| 97.0
Barrick Mining | 16.4400| 2.8| -26.6| 124.7
Agnico Eagle Mines |Ltd | 33.6300| 3.8| 10.4| 131.8
(MT Newswires)
The Toronto Stock Exchange on Thursday fell off from a day-prior record close amid some profit taking and as Bank of Canada Governor, Tiff Macklem, flagged “soft” economic growth over the second half of the year.
With commodity prices mixed, the resources-heavy S&P/TSX Composite Index finished the session down 178.32 points, or 0.6%, to 30,458.80.
Among sectors, Base Metals and Energy were the biggest decliners, both down near 2%.
The Battery Metals Index was up 1.9% and Telecom up near 1%.
With Canada’s economy already having shrunk 1.6% annualized in the second quarter, Macklem, during an event in Washington, DC, said: “We do expect growth in the second half of the year, but with weakness in business investment and exports and uncertainty about jobs, growth will likely be soft.”
Macklem later indicated in the webcast event that growth would come in at a modest near 1%.
Of commodities, gold continued to push to fresh record highs Thursday, rising for a fifth session on hopes for falling interest rates amid a slowing global economy, and momentum buying.
Gold for December delivery was last seen up $131.10 to US$4,332.70 per ounce, rising off Wednesday’s record.
But West Texas Intermediate crude oil closed at the lowest in more than five-months, falling for a third day despite reports Indian Prime Minister Narendra Modi promised U.S. President Donald Trump his nation will stop importing Russian oil.
WTI crude oil for November delivery closed down $0.81 per barrel to settle at $57.46 per barrel, the lowest since May 5, while December Brent crude was last seen down $0.73 to $61.18.
US
By Rita Nazareth
(Bloomberg) — Stocks slid, extending a weeklong stretch of volatility on Wall Street, as bad loans at two regional banks stirred concern about credit quality in the economy and further underscored the fragility of the $28 trillion bull market.
Bitcoin tumbled, while bonds and gold rose.
Following an earlier advance driven by another solid outlook for artificial-intelligence demand, the S&P 500 turned lower as a pair of regional lenders disclosed problems with loans involving allegations of fraud, adding to concern that more cracks are emerging in borrowers’ creditworthiness.
Zions Bancorp sank 13% after it disclosed a $50 million charge-off for a loan underwritten by its wholly-owned subsidiary, California Bank & Trust, in San Diego.
And Western Alliance Bancorp plunged 11% as it said it made loans to the same borrowers.
“As of now, those seem isolated to those two relatively sizeable regional banks,” said Steve Sosnick at Interactive Brokers.
“Although they are similar in size and scope to Silicon Valley Bank, which caused a bit of a crisis about two-and-a-half years ago when it failed, there is nothing (at least so far) to indicate that these are anything systemic.”
The renewed bank volatility came at a time when the dramatic collapse of subprime auto lender Tricolor Holdings hit a giant like JPMorgan Chase & Co. in the third quarter, contributing a $170 million charge-off that led to the bank’s elevated credit-cost figure and sparking a warning from Jamie Dimon.
Those bank jitters roiled markets less than a week after the re-flaring of the trade war and amid all the uneasiness caused by the the dearth of economic data during the US government shutdown.
The S&P 500 fell 0.6%.
A closely watched regional bank ETF sank over 6%.
Oracle Corp. spiked after sharing its margin expectations for AI infrastructure projects.
Over $3.4 trillion worth of options will expire Friday, according to Goldman Sachs Group Inc.
Benchmark 10-year yields dropped below 4% while those on two-year notes hit the lowest since 2022.
Gold hit a fresh record.
Speaking of Zions, Truist analyst David Smith wrote: “Is it a good thing or a bad thing in credit terms if these loans went bad due to fraud as opposed to the normal course of business?
Either way, there have been enough ‘one-offs’ in commercial credits for banks of late that investors are selling first and asking questions later.”
And KBW’s Christopher McGratty said that even as Western Alliance was trimming losses, “the emergence of more ‘one-off’ credits for the industry is impacting investor sentiment, particularly for stocks deemed more credit sensitive.”
Traders also kept a close eye on geopolitics.
President Donald Trump and his Russian counterpart Vladimir Putin agreed to meet in Budapest during a two-hour phone call.
The conversation took place a day before Trump’s White House meeting with Ukrainian President Volodymyr Zelenskiy.
A slew of Federal Reserve speakers also drew investor attention.
Governor Christopher Waller said officials can keep lowering rates in quarter-percentage-point increments to support a faltering labor market, while Stephen Miran continued to advocate a larger reduction.
September inflation data that was slated to have been released this week was postponed because of the US government shutdown.
That has complicated assessing the urgency of additional rate cuts, however Fed officials broadly have continued to back their September assessment that two more quarter-point cuts were likely this year.
“With the government shutdown limiting the amount of economic data available to investors, they’ll have to rely on earnings to drive the near-term narrative,” said Bret Kenwell at eToro.
“At this point, earnings have the potential to steady the ship or rock the boat when it comes to recent volatility — and bulls are hoping for the former rather than the latter.”
The equity bull market could be headed for a choppier phase, Citigroup Inc. strategists led by Beata Manthey said.
With the US-China trade tensions back in focus, the stakes are high and the path to resolution is complex, they added.
China’s decision to unveil unprecedented export controls on the rare-earth supply chain dominated meetings at an annual huddle of global economic chiefs in Washington this week.
Treasury Secretary Scott Bessent hinted at an emerging coalition, saying US officials were “speaking with our European allies, with Australia, with Canada, with India and the Asian democracies,” to form a fulsome response.
“While the latest US-China trade flareup has dominated recent market headlines, the story remains the same for stock investors—the importance of focusing on large-cap, quality companies,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
While there’s no recession on the horizon, Skelly noted, a cooling labor market and slowing economic growth could pose a challenge for many of the lower-quality, unprofitable companies that hitched a ride on the rally off the April lows.
In another sign of the recent stock-market caution, the latest American Association of Individual Investors survey showed that bullish sentiment dropped to 33.7% in the week ending Oct. 15 from 45.9% in the prior period.
“It’s been a somewhat rocky week for US equities, although by the standards of October, it’s hard to get too worked up,” according to Bespoke Investment Group strategists.
While bullish sentiment was routinely near 50% throughout 2024 as the market rallied, in the bounce off the April lows, investors have been much less willing to hop on the bandwagon, they noted.
“Some of the reticence on the part of investors has been chalked up to the upcoming earnings season and fears that expectations may have gotten too optimistic,” Bespoke said.
“That hasn’t necessarily shown up in the results, though.”
At Strategas, Ryan Grabinski says one trend that remains clear is AI-related spending is not slowing down in dollar terms, at least not yet.
The solid results from Taiwan Semiconductor Manufacturing Co. underscore how the company remains one of the bigger beneficiaries of a spending spree on AI infrastructure.
From OpenAI to Oracle Corp., industry leaders are racing to build the data centers that underpin the technology in the post-ChatGPT era.
TSMC’s bullish forecast came a day after ASML Holding NV’s outlook pointed to solid AI demand.
“Early indicators suggest the AI narrative remains strong for now, and I suspect US companies will echo a similar story,” said Grabinski.
Meantime, UBS’s Chief Investment Office upgraded US equities to “attractive” from from “neutral.”
The firm also increased its year-end S&P 500 price target to 6,900 and the June 2026 estimate to 7,300.
The gauge closed at 6,629.07 on Thursday.
“We believe the backdrop for US stocks remains favorable, driven by resilient economic growth, Federal Reserve rate cuts, and a boom in AI investment spending,” said David Lefkowitz at UBS Global Wealth Management.
Should a larger decline present itself this month, retail investors may view this as an opportunity provided that the technical and fundamental drivers — like key support levels, solid earnings growth, and lower interest rates — remain intact, said Kenwell at eToro.
“But if you are going against the prevailing bullish trend, it’s always essential to take quick profits and move on to the next opportunity because as evidenced by this week’s price action, the index has nearly bounced all the way back due to the trend being so strong,” said Fawad Razaqzada at City Index and orex.com.

Corporate Highlights:
* Oracle Corp. gave its expectations for gross margins for large AI infrastructure projects, easing some of Wall Street’s concerns about the profitability of a crucial new business unit.
* Taiwan Semiconductor Manufacturing Co. hiked its projection for 2025 revenue growth for the second time this year, reinforcing hopes in the longevity of a global boom in AI spending.
* Hewlett Packard Enterprise Co. gave an outlook for profit and cash flow for its upcoming fiscal year that missed analysts’ estimates, reflecting a margin crunch in the AI era.
* Salesforce Inc. projected double-digit revenue growth in the coming years, easing investor concerns about a slowdown.
* Tesla Inc.’s safety regulators in Europe are joining an expanding global effort to more closely scrutinize the door handle design popularized by the world’s leading electric vehicle manufacturer.
* United Airlines Holdings Inc.’s bullish outlook failed to assuage investors’ concerns that premium demand has peaked, sending the stock down.
* JB Hunt Transport Services Inc. reported a quarterly profit that topped expectations.
* Charles Schwab Corp. reported third-quarter earnings that beat estimates as the firm benefited from a surge in retail investing activity.
* Bank of New York Mellon Corp.’s third-quarter profit trounced analyst predictions as the bank’s fee revenue benefited from a surge in client activity.
* U.S. Bancorp’s third-quarter revenue topped analysts’ estimates, a positive sign for a company whose shares have been underperforming their main rivals for years.
* General Motors Co. and a partner have paused the second phase of a cathode factory in Quebec, resulting in the cancellation of a nickel sulfate project by Vale SA.
* Travelers Cos. reported net premiums written that came in below the average analyst estimates.
* BBVA SA’s $19 billion offer for Banco Sabadell SA was rejected by nearly three quarters of shareholders, ending a takeover saga that has been going on for 17 months in a major setback to the pursuer.
* Uber Technologies Inc. is giving some drivers in the US the option to earn money by completing tasks related to the company’s nascent data labelling business, an area where the rideshare giant sees an opportunity to shine in the artificial intelligence boom.
* DoorDash Inc. customers in the Phoenix area may have their orders delivered by a Waymo autonomous vehicle as part of a new partnership that will help keep the robotaxis busy when there’s a lull in demand from passengers.
* HSBC Holdings Plc is not exposed to the collapse of scandal- hit auto-parts supplier First Brands Group, whose bankruptcy has left some of the biggest players on Wall Street facing hundreds of millions of dollars in potential losses.
* Nestlé SA’s new chief executive officer, Philipp Navratil, may be following a strategy set in place by his ousted predecessor, but he’s quickly putting his own hard-driving spin on it.
* Merck KGaA disappointed investors as it outlined new mid-term targets that bank on its life science division driving further growth.
* Pernod Ricard SA’s sales fell more than expected on a sharp slump in demand in China and the clearing out of excess stock in the US.
* EssilorLuxottica SA posted revenue that beat analysts’ estimates in the third quarter, lifted by a new batch of AI glasses with partner Meta Platforms Inc.
* Infosys Ltd. raised the lower end its forecast for yearly revenue, banking on a revival in spending on technologies such as artificial intelligence.
What Bloomberg Strategists say…
“Stars are aligning for bonds as a risk-off tone in Thursday’s session pushed the 10-year yield down and sustainably through 4%.
Yet more notable than the decline in the long-end of the Treasury curve is the pullback in two-year yields.
A deeper slide in that sector coincides with additional bets for the Federal Reserve to deliver at least two more reductions by year- end — a dynamic that will draw a line under stocks, even if they are retreating in the short term.”
—Kristine Aquino, Managing Editor, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index fell 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 0.4%
* Philadelphia Stock Exchange Semiconductor Index rose 0.5%
* The Russell 2000 Index fell 2.1%
* SPDR S&P Regional Banking ETF fell 6.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.1688
* The British pound rose 0.2% to $1.3433
* The Japanese yen rose 0.4% to 150.41 per dollar
Cryptocurrencies
* Bitcoin fell 2.6% to $108,297.97
* Ether fell 2.2% to $3,874.33
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.97%
* Germany’s 10-year yield was little changed at 2.57%
* Britain’s 10-year yield declined four basis points to 4.50%
* The yield on 2-year Treasuries declined eight basis points to 3.42%
* The yield on 30-year Treasuries declined four basis points to 4.59%
Commodities
* West Texas Intermediate crude fell 1.2% to $57.55 a barrel
* Spot gold rose 2.4% to $4,310.03 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Shab
” It’s difficult for mankind to foresee the impact of exponentiality because it often yields something seemingly impossible.” — Peter T F M Wennink

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents: Happy Hump Day!
Carolann is away from the office attending the J.P. Morgan / Robin Hood Investors Conference. I will be writing the newsletter on her behalf.

On Oct. 15, 1581 The first ballet “Ballet Comique de la Reine,” commissioned by Catherine de Medici, is staged in Paris
On Oct. 15,  1860 Eleven-year-old Grace Bedell of Westfield, N.Y., wrote a letter to presidential candidate Abraham Lincoln, suggesting he could improve his appearance by growing a beard. Go to article
On Oct. 15, 1924 US President Calvin Coolidge declares the Statue of Liberty a national monument

A massive weak spot in Earth’s magnetic field is growing, scientists discover
The South Atlantic Anomaly, a huge weak spot in the geomagnetic field off South America, has expanded and sprouted a lobe in the direction of Africa over the past decade.

We were wrong about how the moon’s largest and oldest crater formed — and that’s great news for NASA’s next lunar landing
A new study has revealed that our understanding of the South Pole-Aitken basin was quite literally back-to-front, meaning astronauts on NASA’s future Artemis III mission may be able to collect valuable samples of ancient radioactive material, known as KREEP.

Astronomers spot the most powerful and distant ‘odd radio circle’ ever seen
With help from citizen scientists, astronomers have found a unique example of a gigantic, faint ring of plasma that appears to surround a galaxy and emits radio waves.

New hydrogen battery can operate four times colder than before — meaning denser and longer-lasting EV batteries
Being able to store hydrogen at 194 degrees Fahrenheit could dramatically change its use as an energy source.

The world’s longest name
This man can tell you his full name, but it’ll take him about 20 minutes to say all 2,253 words.
Wildlife Photographer of the Year 2025
A ghostly shot of a hyena in Namibia won the Wildlife Photographer of the Year award. See the striking image here.

The power of brain games
Playing certain brain-training games may improve focus and attention, according to a small clinical trial.

International Day of Rural Women (UN) — recognizes the contributions and rights of women in rural areas. Read more.

PHOTOS OF THE DAY

Yerevan, Armenia
Hot-air balloons fly over the country’s capital city, with Mount Ararat seen in distance
Photograph: Karen Minasyan/AFP/Getty Images

The winner of the Oceans: The Bigger Picture category
An Atlantic fishing vessel during a polar night in northern Norway. Through his work, Audun aims to draw attention to the ongoing conflict between seabirds and the fishing industry. Many birds drown in or around these purse seine nets each year. Various fisheries and researchers are trialling solutions, including sinking the nets more quickly to make them less accessible to the birds
Photograph: Audun Rikardsen/Wildlife Photographer of the Year/PA

The winner of the Natural Artistry category
An orb weaver spider on its web on a pedestrian bridge, silhouetted by lights from the cars below, taken in Ibbenburen, Germany. In urban environments, orb weaver spiders often spin webs near artificial lights that attract insects at night
Photograph: Simone Baumeister/Wildlife Photographer of the Year/PA
Market Closes for October 15^th , 2025

Market Index	Close	Change
Dow Jones	46253.31	-17.15
		-0.04%
S&P 500	6671.06	+26.75
		+0.40%
NASDAQ	22670.08	+148.38
		+0.66%
TSX	30637.12	+283.51
		+0.93%

International Markets

Market Index	Close	Change
NIKKEI	47672.67	+825.35
		+1.76%
HANG SENG	25910.60	+469.25
		+1.84%
SENSEX	82605.43	+575.45
		+0.70%
FTSE 100*	9424.75	-28.02
		-0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.123	3.151
CND. 30 Year Bond	3.615	3.642
U.S. 10 Year Bond	4.0282	4.0321
U.S. 30 Year Bond	4.6254	4.6321

Currencies

BOC Close	Today	Previous
Canadian $	0.7122	0.7121
US $	1.4040	1.4042

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6360	0.6112
US $	1.1650	0.8583

Commodities

Gold	Close	Previous
London Gold Fix	4204.60	4095.95
Oil
WTI Crude Future	58.27	59.49

Market Commentary:
On this day in 1929, with stocks down sharply from their September peak, the head of one of the nation’s largest brokers reassured anxious investors. “The markets generally are now in a healthy condition,” said Charles E. Mitchell of National City Bank. The Crash of 1929 was 12 days away.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.9%, or 283.51 to 30,637.12 in Toronto.
Today, materials stocks led the market higher, as 10 of 11 sectors gained; 145 of 214 shares rose, while 68 fell.
Shopify Inc. contributed the most to the index gain, increasing 2.1%.
Aya Gold & Silver Inc. had the largest increase, rising 13.9%.

Insights
* This year, the index rose 24%, heading for the best year in at least 10 years
* The index advanced 25% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is at its 52-week high and 37.8% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.9% in the past 5 days and rose 4.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.7 on a trailing basis and 19 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.85t
* 30-day price volatility rose to 10.13% compared with 9.92% in the previous session and the average of 7.35% over the past month

Index Points
Materials | 167.7863| 3.2| 49/2
Information Technology | 58.9662| 1.9| 5/4
Financials | 38.2265| 0.4| 14/10
Industrials | 9.8088| 0.3| 16/13
Utilities | 9.4184| 0.9| 11/2
Consumer Discretionary | 3.7588| 0.4| 5/4
Consumer Staples | 3.6200| 0.4| 6/5
Real Estate | 2.0121| 0.4| 13/6
Communication Services | 0.3358| 0.1| 3/2
Health Care | 0.2730| 0.3| 2/2
Energy | -10.6967| -0.2| 21/18
Shopify | 39.0300| 2.1| -34.1| 43.4
Agnico Eagle Mines Ltd | 37.3200| 4.4| -14.7| 123.3
Celestica | 25.2300| 9.0| 27.7| 186.2
Waste Connections | -6.9450| -1.6| 31.8| -3.3
CGI Inc. | -6.9950| -4.0| 59.8| -22.7
Fairfax Financial | -10.6700| -2.9| -10.9| 21.6
(MT Newswires)
The Toronto Stock Exchange on Wednesday recorded its first record close since October 6 as gold continues to glitter, but Rosenberg Research warned a growing number of divergences indicate an equity market rally that “may be getting long in the tooth”.
The S&P/TSX Composite Index closed up 283.51 points, or 0.9%, to 30,637.12, more than 100 points above a closing level on Oct.6, of 30,531.88, what was then a sixth record finish in a row.
Most sectors were higher, led by the Battery Metals Index up 3.65% and Info Tech up 2%.
Telecoms had the biggest losses, down a modest 0.6%.
Rosenberg Research Market Strategist Marius Jongstra published a note entitled ‘Divergences Build, Time to Pay Attention?’ saying a growing number of divergences indicate an equity market rally that “may be getting long in the tooth”.
Among key takeaways, Jongstra cited an increasing list of non-confirmations and anomalies puts the current leg of the S&P 500 on “unstable ground”.
He said an in-house screen of divergences has been triggered four times in the past month and eight times since July and noted this has only happened in less than 2% of all trading days back to 1996.
“Now, to be very clear,”, Jongstra said, “divergences on their own are not powerful enough to cause a correction or a market selloff.
They are simply a reason to pay attention, not a tool for timing the market.
Moreover, divergences can last for as little or as long as they want before they matter — or they may not matter at all if the underlying price action corrects itself.
“That said, a move to all-time highs without underlying support may have its durability called into question (those following Dow Theory know this).
Any negative surprise — such as renewed tariff threats, an escalating trade war, or a prolonged government shutdown weighing on the economy, for example – may then be the catalyst needed for these divergences to be resolved.”
Jongstra added: “It is not abnormal to see one or two non-confirmations appear at any given time.
What is abnormal is when a number of divergences appear at once.
This is when we become interested — as is the case today.”
For his part, Robert Kavcic, Senior Economist at BMO Capital Markets, noted growth in Canada is “clearly still struggling”.
Kavcic noted manufacturing and wholesale volumes both fell in Canada in August, down 1.5% and 1.3%,
respectively. While wholesale is still up a “sturdy” 2.9% from a year ago, manufacturing volumes are now down 4.3% with declines across nondurables and autos.
Kavcic said: “With hours worked little changed, home sales modestly positive and retail sales volumes still pending, August GDP is tracking roughly flat.
But, given an expected rebound in net exports after a nasty Q2, the economy is still on pace to claw out modest growth for all of Q3.”
Of commodities today, gold continued to push to fresh records Wednesday amid predictions the metal can continue to rise amid an uncertain global economy and lower interest rates.
Gold for December delivery was last seen up US$65.70 to $4,229.10 per ounce.
But West Texas Intermediate crude oil closed lower again, falling to a five-month low on fresh warnings of an over-supplied market.
WTI crude oil for November delivery closed down $0.42 to settle at US$58.27 per barrel, the lowest since May 7, while December Brent crude was down US$0.38 to US$62.01.
US
By Rita Nazareth
(Bloomberg) — Wall Street was lashed with volatility as investors struggled to gauge the scope of trade tensions between the world’s two largest economies.
Stocks rallied, plunged, then rose anew amid optimism over earnings.
Following one of the best six-month stretches for equities since the 1950s, the market has seen brief bouts of profit- taking in a move dubbed a “healthy reset” after a torrid surge.
Those downward shifts haven’t lasted long on speculation that Federal Reserve interest-rate cuts will keep the positive momentum going for Corporate America.
After a rally that drove the S&P 500 up as much as 1.2%, the gauge turned lower around 1 p.m. New York time.
Nearly 30 minutes later, the US equity benchmark was back in the green.
Investors keeping a close eye on any headline around the tariff spat between the US and China quickly refocused on the fundamental factors that have powered an over $15 trillion surge in the S&P 500 from April’s meltdown.
As the earnings season got under way, Morgan Stanley and Bank of America Corp. jumped on solid results.
Meantime, positive comments on artificial intelligence from ASML Holding NV boosted chipmakers.
In late hours, United Airlines Holdings Inc. reported better-than-expected earnings.
“Investors who are buying the dip are still driving the action, keeping sentiment firm even as technical indicators show signs of strain,” said Mark Hackett at Nationwide.
Treasuries stalled after a rally that drove two-year yields to their lowest since 2022.
Gold topped $4,200.
Despite the market resilience, an escalating tit-for-tat between Washington and Beijing has renewed investors’ fears that the two economic giants could soon be locked in a full-blown trade war.
Treasury Secretary Scott Bessent proposed a longer pause on high US tariffs on Chinese goods in return for Beijing putting off its recently announced plan to tighten limits on critical rare earths.
Speaking in a CNBC event, Bessent said that as far as he’s aware, President Donald Trump “is a go” on meeting President Xi Jinping later this month.
Fed Governor Stephen Miran noted that trade tensions have increased uncertainty in the outlook for growth, making it more important for officials to lower rates quickly.
“There’s now more downside risks than there was a week ago, and I think it’s incumbent upon us as policymakers to recognize that should get reflected in policy,” Miran said Wednesday during an event organized by CNBC.
Higher uncertainty around trade policies between China and the US have introduced a “new tail risk,” he said.
Despite the recent tariff noise, fundamentals remain strong, according to Max Kettner at HSBC.
Kettner also noted he’s heading into 2026 with a continued “risk-on stance” as short-term US growth expectations look easy to beat.
“Q3 earnings results are important, but they are backward- looking.
What I’ll be watching closely is forward guidance, particularly any signs of optimism,” said Stephen Kates at Bankrate.
“Positive guidance can be self-reinforcing for Wall St. and Main St. Rising stock prices boost business and consumer confidence, which in turn, encourages more real-economy spending.”
To Sam Stovall at CFRA, the market might not be finished digesting recent gains.
“More consolidation may be on the horizon, as breadth has narrowed, but not enough to signal an oversold condition,” he said.
However, should an additional decline materialize, he recommends taking advantage of the price weakness, as no post- World War II deep correction that occurred early in the year was followed in the same year by another selloff in excess of 10%.
The average decline was 8.5%.
“The third-quarter earnings season should be supportive of our view that the bull market remains intact driven by the combination of durable earnings growth and Fed rate cuts,” said David Lefkowitz at UBS Global Wealth Management.
Retail traders’ demand for call options has outpaced puts for 24 consecutive weeks, which ties with November 2023 for the longest streak ever, said Citadel Securities’ Scott Rubner, citing data going back to 2020.
Their conviction in the stock market “remains extraordinary,” Rubner wrote.
“Although we believe a consolidation phase is probable as investors focus on Q3 earnings, they should continue to seek opportunities to ‘buy the dip’ as we enter the fourth year of this bull market,” said Craig Johnson at Piper Sandler.

Corporate Highlights:
* United Airlines Holdings Inc. expects brand-loyal flyers and demand for its premium seats to drive profit through the end of the year, maintaining momentum after reporting better-than- expected earnings for the third quarter.
* Morgan Stanley’s stock traders soared past expectations in the third quarter, topping all of its largest rivals as US President Donald Trump’s policies kept markets on edge throughout the period. Shares of the company jumped the most in more than six months.
** As concerns begin to emerge about the quality of US credit, Morgan Stanley reported a noteworthy figure for loan-loss provisions: zero dollars.
* Bank of America Corp.’s third-quarter earnings beat estimates as investment-banking activity surged amid a long-awaited comeback in M&A and net interest income topped analysts’ estimates.
* PNC Financial Services Group Inc.’s more-expensive commercial deposits grew faster in the third quarter, a drag on the net interest margin that pushed the bank further from its year-end goal.
* Walmart Inc.’s US CEO said shoppers are spending at a healthy rate and remain resilient, despite warning signs from banks about the economy.
* Nvidia Corp. added another bull on Wednesday, as HSBC upgraded the chipmaker to buy from hold, citing the ongoing growth of artificial intelligence.
* Apple Inc. rolled out updated versions of the iPad Pro, Vision Pro and entry-level MacBook Pro with the new M5 chip, refreshing the products just ahead of the all-important holiday season.
** Apple is preparing to expand its manufacturing operations in Vietnam as part of a push into the smart home market and an ongoing effort to lessen its dependence on China.
* ASML Holding NV said demand for its most sophisticated chip- making machines is soaring thanks to the artificial intelligence boom, signaling optimism just months after the semiconductor equipment maker warned the trade war could stymie growth.
* Meta Platforms Inc. removed a Facebook group used to share information about Immigration and Customs Enforcement agents in Chicago after a request from the Justice Department.
* Nscale, a data center developer focused on artificial intelligence, has agreed to build a site for Microsoft Corp. in Texas, the fourth such deal between the companies in the last two months.
* Dollar Tree Inc. projected earnings per share to gain at a compound rate of as much as 15% over the next three years.
* Papa John’s International Inc. jumped as Reuters reports that Apollo Global Management submitted a bid within the last week to take the pizza chain operator private at $64 per share.
* AppLovin Corp. said it has shut down a product linked to user and short-seller allegations that apps were being downloaded to mobile phones without consent.
* Investors led by BlackRock Inc.’s Global Infrastructure Partners agreed to buy Aligned Data Centers in a $40 billion deal, one of the asset manager’s largest infrastructure investments ever that comes as Wall Street races to claim a stake in the artificial intelligence boom.
* Lone Star Funds plans to acquire US plastic parts and equipment maker Hillenbrand Inc. in an all-cash transaction valuing the target at around $3.8 billion including debt.
* Novo Nordisk A/S agreed to pay Omeros Corp. as much as $2.1 billion for rights to an experimental rare-disease drug, as the maker of Ozempic continues to use deal-making to build its pipeline.
* Abbott Laboratories cut the top end of its 2025 earnings guidance by 2 cents a share, just as the Trump administration launched an investigation into the medical device sector that could lead to tariffs on its biggest product category.
* Volkswagen AG truck brand Scania AB has opened a €2 billion ($2.3 billion) manufacturing facility in China to supply trucks in the world’s biggest market as well as export to Asia.
* Ryanair Holdings Plc slashed its winter capacity to Berlin and other German cities by 800,000 seats in a dispute over the country’s aviation taxes and access costs.
* Waymo is planning to launch its driverless ride-hailing service in London next year, marking its second international expansion and its first in Europe.
* TotalEnergies SE said its third-quarter profit and cash flow may rise slightly after oil and gas output increased and refining margins jumped from a year earlier, outweighing a drop in crude prices.
* SMBC Nikko Securities Inc.’s planned integration with Jefferies Financial Group Inc. will likely go beyond just bringing together their equity businesses, with ties also possible in other investment banking areas, its chief executive officer said.
* Global investors are ramping up bets on Taiwan Semiconductor Manufacturing Co. ahead of its earnings, confident that the world’s leading chip foundry will remain one of the biggest winners from the AI spending boom.
What Bloomberg Strategists say…
“Equities couldn’t quite finish the job of rallying from steep opening losses Tuesday, but this morning are in an ebullient mood after ASML’s strong sales figures underscored the strength of AI investment demand.
It remains very much a bull market from that perspective, and the evidence of the last couple of years suggests that it will take a steady diet of bad news elsewhere to keep the market down for very long.”
—Cameron Crise, Macro Strategist, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.6%
* Bloomberg Magnificent 7 Total Return Index rose 0.8%
* Philadelphia Stock Exchange Semiconductor Index rose 3%
* The Russell 2000 Index rose 1%
* KBW Bank Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.1645
* The British pound rose 0.5% to $1.3393
* The Japanese yen rose 0.4% to 151.26 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $111,397.42
* Ether fell 3.3% to $3,986.02
Bonds
* The yield on 10-year Treasuries was little changed at 4.04%
* Germany’s 10-year yield declined four basis points to 2.57%
* Britain’s 10-year yield declined five basis points to 4.54%
* The yield on 2-year Treasuries advanced two basis points to 3.50%
* The yield on 30-year Treasuries was little changed at 4.63%
Commodities
* West Texas Intermediate crude fell 0.4% to $58.47 a barrel
* Spot gold rose 1.6% to $4,209.88 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Shab
” Sometimes I say, Moore’s Law will only stop when people stop having ideas … And I think that has not happened so far.” — Christophe Fouquet

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents:
Carolann is away from the office attending the J.P. Morgan / Robin Hood Investors Conference. I will be writing the newsletter on her behalf.

On Oct. 14, 1947: Chuck Yeager makes the first supersonic flight in the Bell XS-1 at Mach 1.06
On Oct. 14, 1964: Civil rights leader Martin Luther King Jr. was named winner of the Nobel Peace Prize.
On Oct. 14, 1957: Queen Elizabeth II becomes the first Canadian monarch to open the Parliament of Canada with the Speech from the Throne

Scientists ‘reawaken’ ancient microbes from permafrost — and discover they start churning out CO2 soon after
Researchers incubated permafrost samples from Alaska at different temperatures and found that microbes from the last ice age can reactivate and resume breaking down carbon

Link between Cascadia and San Andreas Fault earthquakes discovered 30 years after lost vessel stumbled across key data
Geological records hint that earthquakes at the Cascadia subduction zone might trigger the San Andreas Fault.

‘Planet Y’ theory hints at hidden Earth-size world lurking in the solar system — and it could be much closer to us than ‘Planet Nine’
A new study has proposed the existence of Planet Y, an alternative Planet Nine candidate that is smaller and closer to Earth than the hypothetical Planet X, which astronomers have been hunting for almost a decade. However, the evidence for this newly theorized world is “not definitive.”

Scientists create ‘Superwood’ that’s 10 times stronger than steel
A US company has engineered a new type of wood that could potentially leave steel in the dust.
The fight against Alzheimer’s disease
The FDA has cleared another blood test to help rule out Alzheimer’s disease in people showing symptoms.

National Dessert Day (U.S.) — October 14 🍨🎂 🍰🍪

PHOTOS OF THE DAY

Álamo, Mexico
People search through clothes donated by locals after torrential rains overflowed rivers, causing flooding in Veracruz state
Photograph: Rolando Ramos/Reuters
Paris, France
French painter Gustave Courbet’s oil-on-canvas Self Portrait, also known as Desperation and The Desperate Man (1843-1845), exhibited on loan at the Musée d’Orsay
Photograph: Ian Langsdon/AFP/Getty Images

Le Sépey, Switzerland
Fog covers part of the Dents du Midi Mountain range on an autumn morning in the village of Le Sépey
Photograph: Denis Balibouse/Reuters
Market Closes for October 14^th , 2025

Market Index	Close	Change
Dow Jones	46270.46	+202.88
		+0.44
S&P 500	6644.31	-10.41
		-0.16%
NASDAQ	22521.70	-172.91
		-0.76%
TSX	30353.61	+502.72
		+1.68%

International Markets

Market Index	Close	Change
NIKKEI	46847.32	-1241.48
		-2.58%
HANG SENG	25441.35	-448.13
		-1.73%
SENSEX	82029.98	-297.07
		-0.36%
FTSE 100*	9452.77	+9.90
		+0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.151	N/A
CND. 30 Year Bond	3.642	N/A
U.S. 10 Year Bond	4.0321	4.0322
U.S. 30 Year Bond	4.6321	4.6187

Currencies

BOC Close	Today	Previous
Canadian $	0.7121	0.7138
US $	1.4042	1.4009

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6294	0.6137
US $	1.1603	0.8618

Commodities

Gold	Close	Previous
London Gold Fix	4095.95	4109.25
Oil
WTI Crude Future	59.49	59.63

Market Commentary:
On this day in 1980, the IPO boom of the ’80s got off to a roaring start as Genentech went public. It had a 104% gain, one of the highest first-day returns for a stock in history at the time.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.7% at 30,353.61 in Toronto.
The move was the biggest since rising 2% on Aug. 5 and follows the previous session’s decrease of 1.4%.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 167 of 214 shares rose, while 45 fell.
Brookfield Corp. contributed the most to the index gain, increasing 5.6%.
Energy Fuels Inc/Canada had the largest increase, rising 29.9%.

Insights
* In the past year, the index had a similar or greater gain three times. The next day, it advanced twice for an average 1.2% and declined 3% once
* This year, the index rose 23%, heading for the best year in at least 10 years
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on Oct. 6, 2025 and 36.6% above its low on April 7, 2025
* The S&P/TSX Composite is down 0.6% in the past 5 days and rose 3.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.5 on a trailing basis and 18.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.77t
* 30-day price volatility rose to 9.92% compared with 8.82% in the previous session and the average of 7.21% over the past month

Index Points
Financials | 174.8052| 1.8| 23/1
Materials | 160.6487| 3.2| 44/7
Industrials | 58.0538| 1.7| 26/3
Information Technology | 44.4549| 1.5| 8/1
Energy | 37.3379| 0.8| 23/15
Consumer Discretionary | 16.6501| 1.8| 8/1
Utilities | 7.0189| 0.6| 10/4
Consumer Staples | 4.8087| 0.5| 7/4
Real Estate | 2.9610| 0.6| 12/6
Health Care | 1.2368| 1.5| 4/0
Communication Services | -5.2511| -0.8| 2/3
Brookfield Corp | 50.4600| 5.6| 4.4| 15.5
Agnico Eagle Mines | Ltd | 36.2600| 4.5| 29.8| 113.8
Shopify | 29.4000| 1.6| -17.0| 40.4
TC Energy | -6.0260| -1.1| 26.6| 9.1
Canadian Natural | Resources | -7.7300| -1.2| 0.2| -2.1
Nutrien | -8.1580| -2.9| 40.3| 26.6
(MT Newswires)
The Toronto Stock Exchange bounced back Tuesday, recovering most of the big losses recorded at the end of last week, before the Canada Thanksgiving holiday weekend, as both gold and silver hit record highs, and as Desjardins expects all but one Canadian province to experience higher real GDP growth next year, despite a new round of targeted tariffs from the United States.
Today, the resources heavy index was up 502.72 or 1.7% at 30,353.61, even as oil futures settled lower.
The TSX recovered most of a total 650 points lost over last Thursday and Friday.
Most sectors were higher, led by Base Metals up 6.4% and then Health Care and Info Tech, both up near 2%.
In contrast, the Battery Metals Index was down 2.8% and Telecom eased near 0.6%.
Within the Telecom sector, BCE (BCE.TO, BCE) was down $0.71 or 2.1% at $32.75 after it unveiled its three-year strategic plan ahead of its investor day today.
The Canadian Press noted BCE will begin offering fibre internet services in Western Canada using its rivals’ networks under rules it has long opposed, as it seeks to grow its customer base and push for more bundled subscriptions.
Sector wise, concerns around U.S. trade policy were back in the spotlight here after new 25% tariffs on upholstered furniture, kitchen cabinets and bathroom vanities came in to effect, in addition to a 10% import tax on softwood timber and lumber.
But the team over at Desjardins said Canadian provincial governments “took precautions for this possibility by being prudent in their budget planning and preparing measures to contend with trade shocks, making them well positioned to weather the storm.”
Desjardins published a note entitled ‘Provincial Economic Outlook: The Good, the Bad and the Ugly’ in which it noted that it has been a “tough year” for Canada and its provinces.
But despite the economic volatility and uncertainty, Desjardins raised its 2025 and 2026 outlooks for real GDP growth nationally and in central Canada, specifically Ontario and Manitoba.
And while Desjardins lowered its 2025 growth projection for energy producing provinces, namely Alberta and Saskatchewan, compared to its June forecast, it now expects all but one province to experience higher real GDP growth next year.
According to Desjardins, “a better growth forecast is just part of the good news”.
Desjardins said it stems from the lower effective tariff rate on U.S. imports from Canada than previously projected, paired with an improved U.S. economic outlook.
“The elimination of countertariffs on many imports from the U.S. will also help support growth by bringing down prices and providing relief to households and businesses.
A broad reduction in internal trade barriers won’t hurt either.
The resulting lower interest rates will be a tailwind to economic activity too,” it added.
But Desjardins also noted ‘bad’ news. Despite falling import tariffs and interest rates, it said the Canadian housing market is “on life support”, particularly in the most unaffordable provinces, Ontario and British Columbia.
In these regions, it noted, mortgage arrears are rising rapidly and condo presales are in the dumps, while at the same time, market rents are falling fast while rental supply is accelerating.
This can in part be linked back to the abrupt reversal in non-permanent resident admissions, a phenomenon which is expected to continue, and possibly accelerate, into 2026, Desjardins added.
That, Desjardins noted, just leaves the ‘ugly’ news. That, it said, speaks more to the risks around the outlook than to the immediate reality.
Going into the 2026 renewal of CUSMA, it added, there remains a material downside risk that the U.S. administration could ratchet up tariffs on Canadian exports again, in a repeat of 2025.
“The administration has taken this approach recently with cabinets and furniture.
However, provincial governments took precautions for this possibility by being prudent in their budget planning and preparing measures to contend with trade shocks, making them well positioned to weather the storm.”
Of commodities, The Wall Street Journal noted gold futures settled the day at a new high, and traders think there’s a potential for gold to rise as high as US$5,000 a troy ounce.
“With ETF flows remaining strong [and] central bank buying expected to be resilient, we feel confident and compelled to update our target prices for gold,” The WSJ cited Ben Hoff of Societe Generale as saying in a note.
The WSJ noted the firm now forecasts gold to hit the $5,000 threshold by the end of 2026.
Front-month gold closed up 0.7% to US$4,138.70 a troy ounce, marking the third straight positive finish.
Silver also found a new high, with the front-month contract closing up 0.4% to $50.314 a troy ounce.
However, oil futures fell for the third time in four sessions with U.S.-China trade issues weighing and the IEA raising its crude surplus estimates for this year and next, The Wall Street Journal noted.
Analysts, it reported, noted the IEA forecasts put supply next year nearly 4 million barrels a day above demand.
“I’m personally not in that camp, but a supply/demand imbalance does look to be in the cards if OPEC continues with higher production numbers,” Dennis Kissler of BOK Financial was cited as saying in a note.
“The latest tensions between the U.S. and China will also be a pressure point on crude as China’s economy could be in question if tensions stay elevated.”
WTI settled down 1.3% at US$58.70 a barrel, and Brent fell 1.5% to US$62.39 a barrel. Price: 30353.61, Change: +502.72, Percent Change: +1.7
US
By Rita Nazareth
(Bloomberg) — Resurgent trade tensions slammed Wall Street anew Tuesday, sending stocks, crypto and oil lower while reinforcing a bid for the safest corners of the market from haven currencies to gold.
Following a brief bounce, the S&P 500 retreated as President Donald Trump said he might stop trade in cooking oil with China, injecting fresh tensions into the relationship between the world’s two largest economies.
His remarks also came after the Asian nation sanctioned US units of a South Korean shipping giant, escalating a dispute over maritime dominance.
“Since the tariff/trade issue is the one issue that has created problems for the stock market his year, we’ll all be watching the developments on this one very, very closely,” said Matt Maley at Miller Tabak.
Despite the slide in the US equity benchmark, shares of crop traders Archer-Daniels-Midland Co. and Bunge Global SA rose.
A gauge of big banks jumped after solid results from financial giants – which unofficially kicked off the earnings season.
Earlier in the session, equities rose as Federal Reserve Chair Jerome Powell’s remarks reinforced bets on an October rate cut amid job-market weakness.
Two-year yields hovered near the lowest levels since 2022.
Powell also indicated the central bank may stop shrinking its balance sheet in the coming months, a key move to preserve liquidity in overnight funding markets.
To Michael Feroli at JPMorgan Chase & Co., Powell’s remarks were “strong confirmation” of bets on a Fed rate cut at its next meeting.
At Evercore, Krishna Guha said Powell’s assessment of the outlook for the dual mandate objectives as largely unchanged confirms the Fed is on track to ease.
To Gennadiy Goldberg and Oscar Munoz at TD Securities, Chair Powell cleared the path for an end to QT over the coming months.
“We think the Fed will announce an end to balance sheet runoff at the October FOMC meeting.”
The strategists also said the balance sheet is likely to remain steady for some time, but a high-pressure year-end can change that, leading the Fed to consider resuming active purchases of Treasury bills as soon as 2026.
“Ending QT should be supportive of swap spreads, provide more capacity in funding markets, and lower term premium across the curve,” they noted.
“We continue to expect the Fed to cut rates in October and December, and to deliver three more cuts in 2026 for a terminal rate of 3%.”
Swap contracts are pricing in roughly 1.25 percentage points of rate cuts by the end of next year, from the current range of 4%-4.25%.
“As Fed Chair Powell noted, there are no easy paths for the Fed at this point,” saidScott Helfstein at Global X.
“Lowering rates risks accelerating inflation. Holding rates higher presents risk to the job market.”
The Fed is still likely to cut rates in October and December, but investors should be prepared for a range of outcomes as Powell is trying to leave all options open, Helfstein noted.
Markets have moved relentlessly higher over the past few months, and a bit of a breather could be a good thing, he said.
“There is a lot to assess across the weakening labor market, trade policy uncertainty, government shutdown, resilient consumers, and strong corporate fundamentals.
The backdrop remains favorable, but there are plenty of contradictions for investors to wade through,” he said.
A record share of global fund managers said artificial intelligence stocks are in a bubble following a torrid rally this year, according to a survey by Bank of America Corp.
About 54% of participants in the October poll indicated tech stocks were looking too expensive, an about-turn from last month when nearly half had dismissed those concerns.
Fears that global stocks were overvalued also hit a peak in the latest survey.
It’s hard not to see “some frothiness in different sectors,” Citigroup Inc. Chief Financial Officer Mark Mason said on the bank’s third-quarter earnings call in response to a question from a reporter about artificial intelligence.
“I feel good about our business and our ability to cover clients,” he went on.
“But it’s hard to look at how equity valuations and multiples sit today and not think there are some sectors that are likely frothy and overvalued.
But we’ll see how those play out over time.”
Today marked the unofficial start of earnings season, and Bret Kenwell at eToro noted that markets have a history of beating consensus expectations, so if that’s the case this time around too, it could bring some much-needed reassurance at a time where volatility has resurfaced.
“Earnings helped steady the ship in early April amid heavy volatility, with financials telling a reassuring story about the consumer.
Management teams grew even more confident over the summer and investors are now hoping for another positive update,” he said.
Beyond the banks, investors will be keeping a close eye on tech — specifically mega-cap tech and AI-related names.
“They’ll want to know if large tech firms are still spending gobs of money on AI infrastructure, and if recent headlines are any indication, the spending cycle is still firing on all cylinders.
Still, with worries of an AI bubble permeating throughout social media, investors want some reassurance that these big capital investments into AI will pay off,” said Kenwell.
How often do you look at prediction markets to inform your trading decisions? Let us know in the latest Markets Pulse survey.

Corporate Highlights:
* JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon sounded warnings on the potential for a deterioration in credit quality, a cautionary note that put a damper on the firm’s surge in trading and investment-banking revenue.
* Goldman Sachs Group Inc. posted record third-quarter revenue boosted by a rapid pace of growth in its investment bank that eclipsed Wall Street rivals.
** Goldman Sachs told staffers to expect an additional round of job cuts this year as the bank seeks further savings across its businesses and takes advantage of the opportunities presented by artificial intelligence.
* Citigroup Inc. beat Wall Street revenue estimates across all five of its major business lines, a haul that’s helping the firm manage rising compensation costs and a plan to sell its retail unit in Mexico.
* Wells Fargo & Co. raised a key profitability metric, giving its first major update about the bank’s next growth target after the removal of regulatory restraints it had operated under for more than seven years.
* BlackRock Inc. pulled in $205 billion of client money in the third quarter as the world’s largest fund manager expanded its footprint in private credit and alternative assets.
* Advanced Micro Devices Inc. landed a major order from Oracle Corp. for its forthcoming MI450 chips, a sign it’s making headway in its pursuit of Nvidia Corp. in the booming market for AI processors.
* Salesforce Inc. said it’s saving about $100 million a year by using artificial intelligence tools in the software company’s customer service operations.
* Alphabet Inc.’s Google aims to invest about $15 billion building an AI infrastructure hub in southern India over the next five years, making its biggest bet on the fast-growing country.
* Walmart Inc. is teaming up with OpenAI to enable shoppers to browse and purchase its products on ChatGPT, the retailer’s latest push to incorporate artificial intelligence.
* Domino’s Pizza Inc. posted better-than-expected quarterly results, fueled by demand for promotions and stuffed crust pizza, though said the fourth quarter is off to a slow start.
* Johnson & Johnson said it plans to separate its slower-growing orthopedics business from the rest of the company within 18 to 24 months, giving its innovative drug and device operations more breathing room as the Trump administration pressures pharmaceutical companies to lower prices in the US.
* General Motors Co. is incurring $1.6 billion in charges tied to its pullback from electric vehicles, a stark indication of the damage that US policy changes will inflict on plug-in cars.
* Boeing Co. delivered 160 aircraft during the third quarter, the most since 2018 and an indicator the plane maker is rebounding from the turmoil that damaged its finances and reputation.
** Boeing and Airbus SE are suffering “unprecedented” delays in certifying and delivering aircraft, stifling airlines’ growth and plans to decarbonize, customers say.
* Instagram, which is owned by Meta Platforms Inc., will prohibit users under 18 from seeing content considered inappropriate for a PG-13-rated movie, extending teen protections that were rolled out last year.
* Freeport McMoRan Inc. plans to break away from the benchmark pricing system underpinning global sales of mined copper ores to protect the profitability of smelters, the company’s top commercial executive said in an interview.
* ConocoPhillips’ Chief Executive Officer Ryan Lance said that there’s little sign of supply-demand weakness right now to justify bearish sentiment in the oil market.
* BP Plc said weak oil trading undercut profit while production increased for a second straight quarter, offering investors a mixed snapshot as the energy giant continues efforts to improve performance.
* Spotify Technology SA’s push into audiobooks appears to be catching on, with more people using the service and publishers giving the streaming company credit for recent growth.
* Rayonier Inc. agreed to buy PotlatchDeltic Corp. in an all- stock deal valued at about $3.4 billion that would create one of the largest publicly traded timber and wood products companies in North America.
* LVMH sales unexpectedly returned to growth in the third quarter as shoppers splurged on Moët & Chandon Champagne and Dior perfumes, suggesting a persistent slump in luxury demand is easing.
What Bloomberg Strategists say…
“This was Powell’s opportunity to guide markets before the Fed’s upcoming meeting at the end of the month, and his comments provide little reason to think the central bank won’t cut rates.”
—Tatiana Darie, Macro Strategist, Markets Live.

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 0.7%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index fell 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 1.1%
* The Russell 2000 Index rose 1.4%
* KBW Bank Index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.3% to $1.1606
* The British pound was little changed at $1.3327
* The Japanese yen rose 0.4% to 151.71 per dollar
Cryptocurrencies
* Bitcoin fell 2.6% to $112,792.11
* Ether fell 4.1% to $4,115.51
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.02%
* Germany’s 10-year yield declined three basis points to 2.61%
* Britain’s 10-year yield declined seven basis points to 4.59%
* The yield on 2-year Treasuries declined three basis points to 3.47%
* The yield on 30-year Treasuries was little changed at 4.62%
Commodities
* West Texas Intermediate crude fell 1.7% to $58.47 a barrel
* Spot gold rose 0.8% to $4,144.45 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Shab
” Go as far as you can see; when you get there, you’ll be able to see farther.” — John Pierpont Morgan Sr

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents: Happy Friday!
Carolann is away from the office for the Bloomberg Screentime 2025 Conference. I will be writing the newsletter on her behalf.

On Oct. 10, 1865 John Wesley Hyatt patents the billiard ball made from cellulose nitrate (celluloid) in Albany, New York (patent US50359A)
On Oct. 10, 1886 The tuxedo dinner jacket made its American debut at the autumn ball in Tuxedo Park, N.Y. Go to article
On Oct. 10, 1911 Robert Borden becomes the 8th Prime Minister of Canada

🧠 World Mental Health Day. Read more.
We’re all busy and stressed with work and family responsibilities, and it’s easy to get distracted and lose focus. On World Mental Health Day, there’s one important question to ask yourself. 

Groundbreaking image shows two black holes orbiting each other for first time
Observations by a system of radio telescopes have offered the first visual evidence for the existence of black hole pairs. But vital follow-up observations are needed before we know for sure.

1,000-year-old burials of ‘first Christians’ in Poland discovered near medieval settlement
Archaeologists have uncovered part of a cemetery, including 1,000-year-old human skeletons, near the remains of a fortified medieval settlement in the village of Borkowo in Poland.

Satellites detected strange gravity signal coming from deep within Earth almost 20 years ago, study reveals
Researchers have discovered there was an anomaly in Earth’s gravitational field between 2006 and 2008, potentially caused by a mineral shift deep within Earth’s mantle. GRACE satellites detected a strange gravity signal at the time.

Comet 3I/ATLAS is losing water ‘like a fire hose’ on full blast, ‘rewriting what we thought we knew’ about alien star systems
Researchers have discovered that interstellar comet 3I/ATLAS has been shedding water, providing insights into the building blocks of life outside of our solar system and the evolution of interstellar comets.

Scientists discover gold nanoparticles hidden in spruce tree needles
Spruce tree needles contain tiny gold particles — and they could indicate large gold deposits beneath the surface.

*The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2025 to Maria Corina Machado “for her tireless work promoting democratic rights for the people of Venezuela and for her struggle to achieve a just and peaceful transition from dictatorship to democracy.” Read more.

Happy Thanksgiving!
Thanksgiving in Canada has generally been about celebrating the fall harvest and giving thanks for the food it provides before the cold season sets in. Why do Canadians celebrate Thanksgiving in October, and what do they traditionally eat?

PHOTOS OF THE DAY

Karma Valley, Tibet
Hikers in deep snow at Tangxiang camp in the Karma Valley
Photograph: Courtesy of FeiFei/AFP/Getty Images

Dunhuang, China
Tourists ride camels at Mingsha Mountain and Crescent Spring scenic spot during the holiday for National Day and Mid-Autumn Festival on 6 October in Gansu province
Photograph: VCG/Getty Images

Hitting the mall … a bull elk joins other elk in wandering through the parking lot of a shopping centre in Estes Park, near the Rocky Mountain national park, Colorado, US
Photograph: David Zalubowski/AP
Market Closes for October 10^th , 2025

Market Index	Close	Change
Dow Jones	45479.60	-878.82
		-1.90
S&P 500	6552.51	-182.60
		-2.71%
NASDAQ	22204.43	-820.20
		-3.56%
TSX	29850.89	-419.09
		-1.38%

International Markets

Market Index	Close	Change
NIKKEI	48088.80	-491.64
		-1.01%
HANG SENG	26290.32	-462.27
		-1.73%
SENSEX	82500.82	+328.72
		+0.40%
FTSE 100*	9427.47	-81.93
		-0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.169	3.203
CND. 30 Year Bond	3.673	3.721
U.S. 10 Year Bond	4.0322	4.1384
U.S. 30 Year Bond	4.6187	4.7212

Currencies

BOC Close	Today	Previous
Canadian $	0.7138	0.7133
US $	1.4009	1.4019

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6276	0.6144
US $	1.1617	0.8608

Commodities

Gold	Close	Previous
London Gold Fix	4019.25	4040.05
Oil
WTI Crude Future	58.90	61.51

Market Commentary:
On this day in 1962, the Self-Employed Individual Retirement Tax Act became U.S. law, creating the first retirement account that an individual can control and determine on their own.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.4%, or 419.09 to 29,850.89 in Toronto.
The move was the biggest since falling 3% on April 10.
Today, information technology stocks led the market lower, as 8 of 11 sectors lost; 143 of 214 shares fell, while 70 rose.
Shopify Inc. contributed the most to the index decline, decreasing 8.0%.
Baytex Energy Corp. had the largest drop, falling 8.9%.

Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it declined six times for an average 1.8% and advanced six times for an average 1.7%
* This year, the index rose 21%, heading for the best year since 2021
* So far this week, the index fell 2%, heading for the biggest decline since the week ended April 4
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Oct. 6, 2025 and 34.3% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 18.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.84t
* 30-day price volatility rose to 8.82% compared with 7.44% in the previous session and the average of 7.40% over the past month

Index Points
Information Technology| -188.6768| -5.8| 0/9
Financials | -121.7703| -1.3| 6/18
Energy | -90.6136| -1.9| 3/36
Industrials | -21.5779| -0.6| 9/20
Materials | -15.4986| -0.3| 21/29
Health Care | -2.5168| -3.0| 0/4
Consumer Discretionary| -2.4699| -0.3| 3/6
Real Estate | -2.4041| -0.5| 8/11
Communication Services| 6.9257| 1.1| 5/0
Utilities | 9.3342| 0.9| 9/5
Consumer Staples | 10.1898| 1.0| 6/5
Shopify | -157.5000| -8.0| 7.5| 38.2
Brookfield Corp | -42.6200| -4.5| -11.5| 9.5
Canadian Natural | Resources | -27.8600| -4.2| -15.0| -0.9
Waste Connections | 5.7910| 1.3| -16.9| -1.9
Wheaton Precious | Metals | 8.4300| 1.8| -25.9| 82.5
Agnico Eagle Mines | Ltd | 11.7200| 1.5| -44.6| 104.7
(MT Newswires)
The Toronto Stock Exchange closed Friday under the 30,000 level for the first time this month after losing more than 650 points over the last two sessions as investors shed risk and tried to work out what today’s “quirky” September jobs report will mean in terms of the path forward on interest rates, and as the commodity index is seen remaining within its trading range in the weeks ahead.
The S&P/TSX Composite Index closed down 419.09 points, or 1.4%, at 29,850.99, adding to the 232 points lost Thursday and taking the index to its lowest closing level since the end of September.
Among sectors, most were lower with Info Tech down near 4.3%, Health Care down near 4%, Energy down 3.25% and Base Metals down 2.8%.
In contrast, both Telecoms and Utilities were both up near 1%.
Among individual stocks, clothier Aritzia (ATZ.TO) was up more than 8% as Stifel Canada raised its price target to $100, from $96, and reiterated its Buy rating on the company after its ninth consecutive earnings beat.
UBS raised its one year price target on Aritzia to $118, from $116, and also maintained its Buy rating.
On jobs and rates, Derek Holt, Head of Capital Markets Economics at Scotiabank, published a note entitled ‘The BoC’s October Decision Might Still Be ‘Live’ Despite A Quirky Jobs Report’ in which he noted Canada gained 60,000 jobs in September with “some decent details”.
But Holt said ‘seasonality quirks’ should dampen confidence in the data. For one, he noted, there was an unusually light month over month NSA drop in a month “that’s usually much bigger”.
Holt said: “That’s the second year in a row when that’s happened.
In fact, the month of September has seen the strongest seasonally unadjusted readings, either the biggest gains or the smallest dips, for overall employment on record in each of the pandemic and post-pandemic years from 2020 through to 2025… Is this because of changes in seasonal hiring patterns that are genuine in nature only since the pandemic, or that are not being properly controlled?”
That, Holt added, is why October’s BoC decision “may still be live”.
Elsewhere, David Doyle, head of economics at Macquarie Group, noted year to date job growth is 22,000; the unemployment rate held steady at 7.1%, its highest level since 2016 outside the pandemic; and the employment rate ticked up by 0.1 basis points (bps) to 60.6% following consecutive declines in July and August.
But despite these favorable results, Doyle also noted actual hours worked contracted -0.2% MoM and remains on a downtrend YoY.
“Canada’s labour market is likely to continue to struggle in the near-term, and we suspect a modest further rise in unemployment through year-end,” he said.
Macquarie continues to expect the next 25 bps rate cut on Oct. 29, although the OIS market probability fell on this release to near 40%.
It noted the eventual decision will likely be shaped by the release of the Business Outlook Survey on Oct. 20 and the Consumer Price Index on Oct. 21.
Meanwhile, this week’s issue of ‘Technicals with Dave’ is focused on commodities.
In it, Rosenberg Research noted the S&P GSCI Commodity Index remains in a trading range defined by 570-575 chart resistance and a virtually horizontal 2021-2025 support trendline that is currently at 515.91.
To put the virtually horizontal description into context, the research noted the line was at 514.71 five weeks ago in the last commentary.
“Not surprisingly,” the research said, “the weekly Coppock Curve has been engaged in its own trading range on either side of the neutral zero line.
The indicator is currently attempting to bottom just below the zero line.
At this point, any subsequent bullish bias does not appear likely to persist much beyond late November.
This shorter-than-normal lifespan suggests that the commodity index will remain within its trading range in the weeks ahead.”
Of commodities today, gold pushed back above the US$4,000 mark again on a weaker dollar and lower treasury yields following a day-prior drop as traders took profits from Wednesday’s record close.
Gold for December delivery was last seen up $52.70 to $4,025.30 per ounce, pushing higher after posting the first drop in five sessions on Thursday, retreating from the Oct. 8 record high of $4,070.50.
But West Texas Intermediate crude oil fell to a five-month low, extending losses for a second day as traders priced in lower geopolitical risk following a U.S.-backed ceasefire in Israel’s war on Gaza and the threat of rising supply.
WTI crude oil for November delivery closed down $2.61 to settle at $58.90 per barrel, the lowest since May 7, while December Brent oil was last seen down $2.49 to $62.73.
US
By Rita Nazareth
(Bloomberg) — Flaring trade tensions between the US and China sent shockwaves across markets Friday, hammering stocks, oil and crypto while spurring a dash for the perceived safety of Treasuries and gold.
President Donald Trump’s threat of a “massive increase” in China tariffs shook Wall Street at the end of an already- volatile week that saw concern build about a bubble in artificial-intelligence companies.
His remarks sent the S&P 500 down 2.7%.
The tech-heavy Nasdaq 100 lost 3.5%.
The dollar slid at the end of its best week this year. Crude plunged over 4%.
Trump said he saw “no reason” to meet Chinese President Xi Jinping, citing recent “hostile” export controls.
His social- media post followed a series of moves by both the US and China to potentially curb flows of technology and materials between the countries — all ahead of the presidents’ planned meeting in Asia later this month.
“That was clearly not something traders wanted to hear.
Things got ugly quickly,” said Steve Sosnick at Interactive Brokers in a note titled “Tariff Rug Pull.”
“The reactions may say as much about recent market complacency as they do about the policy ramifications.”
Big downward moves in risky assets have been a rarity of late, which may itself be a factor in Friday’s jarring reaction.
Since the tariff-fueled meltdown in April, the S&P 500 has surged on optimism about AI and hopes for Federal Reserve rate cuts.
The gauge is trading near one of its highest valuations in 25 years — leaving a thin cushion for bad news.
The S&P 500 saw its worst day since April.
In another sign of stress, a key gauge of volatility – the VIX – topped 21.
The yield on 10-year Treasuries sank 11 basis points to 4.03%.
Bitcoin dropped about 5.5%. Commodities from copper to soybeans, wheat and cotton slumped.
“Throughout the summer, greed has far outpaced fear in the US equity market, and the high level of complacency leaves investors vulnerable,” said Michael O’Rourke at JonesTrading.
“The selloff has the potential to evolve into a larger correction, especially if the US-China trade truce is over.”
Trump’s post follows a series of moves by both the US and China to potentially curb flows of technology and materials between the countries — which had been seen as ways to gain an edge ahead of the presidents’ planned meeting in Asia.
“This is a very dangerous moment for global supply chains, including those powering AI, but it is important to note that neither side has yet implemented its threatened measures,” said Michael Hirson and Houze Song at 22V Research.
“There is still a window to back down, and Trump faces significant political risks if he follows through on his threats.”
Chris Zaccarelli at Northlight Asset Management noted that October lived up to its reputation as one of the most volatile months and the selloff that many were expecting has finally arrived.
“More volatility is possible in the coming weeks, but absent a true hit to the economy, the market should stage a rebound later this year, and October dip-buyers could be vindicated by year-end,” he said.
To Michael Bailey at FBB Capital Partners, perhaps investors are using the new Trump tariff threats as cover for selling the AI complex, which has been “living on an island” this year, looking at earnings growth.
“In other words, tariffs have done very little to slow the breakneck pace of AI-related companies, so today’s new tariff concerns are a bit surprising,” he said.
From a technical standpoint, Dan Wantrobski at Janney Montgomery Scott says Friday’s pullback is not a complete surprise.
“We were anticipating air pockets of this or similar nature,” he noted, adding that would be “due to recent overbought conditions, negative divergences in price, momentum, and breadth, crowded positioning, and high headline risk.”
When staring down the face of a repricing such as this, Wantrobski says it is important to remember that in the history of the S&P 500, there was never a single instance where it declined more than 20% twice in one calendar year over two separate occasions.
In addition, he noted that with the selloff, many short- term trading charts are being pressed into “moderately oversold” territory, which could signal potential bounces over the coming days.
“We continue to anticipate corrective activity in the magnitude of 5% to 10% from the recent highs due to overbought chart conditions across multiple time frames,” Wantrobski said.
“But our model is not calling for structural downturn in the US equity cycle for 2025.”
Trade tensions escalated at a time when calls for a breather in the equity rally are growing, with the S&P 500 almost doubling in three years.
“With markets already ripe for a pull back, the latest trade threats to China from President Trump today were the tipping point to a broad selloff in equities,” said Charlie Ripley at Allianz Investment Management.
For investors, Ripley noted that it’s important to recall that big threats don’t always turn into big actions.
Despite the severity of Friday’s rout, the shift in sentiment on US trade relations with China is unlikely to upend the fundamentals supporting the market’s recent run up, he added.
The market ebullience has been so pronounced that investors have recently flocked into everything from stocks to bonds and cryptocurrencies.
Global equity funds attracted $20 billion in the week through Oct. 8, while $25.6 billion flowed into bonds, Bank of America Corp. said, citing EPFR Global data.
Crypto funds had inflows of $5.5 billion.
Even cash funds saw additions of almost $73 billion, suggesting investors still have plenty of dry powder.
As traders rushed to the perceived safety of bonds on Friday, Treasuries rose across maturities.
“Investors are clamoring for safe havens as a heavy levy increase could weigh on corporate earnings and the economic outlook,” said Jose Torres at Interactive Brokers.
“The bigger effect was the reversal of equities.
Is this the start of a Liberation Day Two?” said Andrew Brenner at NatAlliance Securities.
“But that gave the bond markets more of a bid.”
The tariff threat and the market reaction to it hearkened back to US financial-market behavior in April, when the Trump administration rolled out an agenda of sweeping levies that sent the stock market into a tailspin, stoking demand for Treasuries.
The dollar dropped against most of its developed-market peers Friday, while climbing about 1% this week.

Corporate Highlights:
* Shipments from Tesla Inc.’s Shanghai factory increased in September as China’s car market kicks off its busy sales period and automakers start their final push to meet annual targets.
* Alphabet Inc.’s Google became the first company to be designated with so called strategic market status in the UK, exposing the US firm’s online search and advertising business to a closer scrutiny by the country’s antitrust watchdog.
* China slapped new port fees on US ships and started an antitrust investigation into Qualcomm Inc., the latest in a string of tit-for-tat moves as Presidents Xi Jinping and Donald Trump jockey for leverage before a key meeting to discuss trade and other issues.
* Chevron Corp. is seeking permission to drill as many as 10 wells offshore Namibia, one of the busiest exploration hotspots for oil and gas in Africa.
* Mosaic Co. said that third-quarter phosphate production fell below what management expected, citing mechanical issues at one plant and utility interruptions at another. Preliminary sales volumes for phosphates fell short of what analysts expected.
* Leaders at AI computing company CoreWeave Inc. sold shares worth more than $1 billion after a lockup on the stock lifted in mid-August, putting them among the top 10 individual insider sellers of the third quarter.
* AstraZeneca Plc is expected to announce a deal with President Donald Trump to slash drug prices, people familiar with the plans said, making it the second pharmaceutical company to strike an agreement to advance one of the administration’s key health priorities.
* Stellantis NV’s third-quarter shipments climbed 13%, led by a rise in North America, pointing to a recovery after the ailing carmaker worked down inventory in the US.
* Carlyle Inc. agreed to take control of BASF SE’s coatings business, creating a standalone company with an enterprise value of €7.7 billion ($8.9 billion).
* BlackRock Inc.’s actively managed funds are set to accept BBVA SA’s takeover bid for Banco Sabadell SA and tender their shares as the offer period is about to end, according to people familiar with the matter.
What Bloomberg Strategists say…
“President Trump’s escalating rhetoric on China, on the back of rising signs of stress in credit and increased concerns over a tech bubble, are a toxic combination that could derail  stocks further just as a new earnings season gets underway.”
—Tatiana Darie, Macro Strategist, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.5%
* The Dow Jones Industrial Average fell 1.9%
* The MSCI World Index fell 2.3%
* Bloomberg Magnificent 7 Total Return Index fell 3.8%
* The Russell 2000 Index fell 3%
Currencie
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1619
* The British pound rose 0.4% to $1.3360
* The Japanese yen rose 1.2% to 151.19 per dollar
Cryptocurrencies
* Bitcoin fell 5.6% to $114,341.45
* Ether fell 11% to $3,870
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 4.03%
* Germany’s 10-year yield declined six basis points to 2.64%
* Britain’s 10-year yield declined seven basis points to 4.67%
Commodities
* West Texas Intermediate crude fell 4.3% to $58.84 a barrel
* Spot gold rose 0.8% to $4,010.09 an ounce

–With assistance from Denitsa Tsekova and Vildana Hajric.

Have a lovely long weekend.

Be magnificent!

As ever,

Shab
“Everything should be made as simple as possible, but not simpler.” — Albert Einstein

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents: Happy Friday Eve!
Carolann is away from the office attending the Bloomberg Screentime 2025 Conference. I will be writing the newsletter on her behalf.

On Oct. 9, 1446 Korean Hangul alphabet is first published by King Sejong the Great
On Oct. 9, 1876 First two-way telephone conversation over outdoor wires
On Oct. 9, 1941 US President Franklin D. Roosevelt approves an atomic program that would become the Manhattan Project
On Oct. 9, 1975 Soviet dissident Andrei Sakharov wins the Nobel Peace Prize
On Oct. 9, 2006 Google Inc. announced it was snapping up YouTube Inc. for $1.65 billion in a stock deal. Go to article

James Webb telescope finds ‘remarkable’ evidence that a black hole plowed through a galaxy, leaving an enormous scar behind
Using JWST and ALMA data, astronomers have spotted a superlong and narrow ‘galactic contrail,’ possibly produced by a black hole. The gas- and dust-rich tail is 20,000 light-years long but just 650 light-years wide.

Psychedelic beer may have helped pre-Inca empire in Peru schmooze elite outsiders and consolidate power
The Wari used beer mixed with psychedelics to help build an empire in Peru around 1,200 years ago, a new study suggests.

Scientists invent ‘Pulse-Fi’ prototype — a Wi-Fi heart rate monitor that’s cheaper to set up than the best wearable devices
Engineers are in the early stages of harnessing Wi-Fi as a way to monitor heart rates, but don’t expect to use your home router anytime soon.

Climbing Europe’s highest sand dune is both peculiar and rewarding
Watch this video to see what it’s like to trek up the Dune du Pilat.

The rise of ‘cozy coloring’
There’s a new trend in adult coloring — and it may help draw you in for a relaxing, low-pressure evening.

Bon appétit: Tucked away in Bordeaux’s countryside, a discreet farm nurtures an indulgence from start to finish. Often paired well with crème fraîche, the delicacy comes from sturgeon fish. Hint: we’re not talking pastry!
The 44 best products CNN tried last month
In September, our editors tried an abundance of products from fall fashion staples and durable phone cases to comfortable walking shoes. Check out the full list of items we can’t stop gushing about.

John Lennon, b. 1940. 🎶

PHOTOS OF THE DAY
Madrid, Spain
Portrait of Philip IV on Horseback by Diego Velázquez is unveiled after its restoration at the Prado Museum
Photograph: ZIPI/EPA

London, UK
The exhibition Wayne Thiebaud: American Still Life will open at the Courtauld Gallery in Somerset House on Friday, displaying the artist’s work in the UK for the first time
Photograph: Tolga Akmen/EPA

​​​​​​​London, UK
One of 10 stamps released to mark the 90th anniversary of the board game Monopoly
Photograph: Royal Mail/PA
Market Closes for October 9^th , 2025

Market Index	Close	Change
Dow Jones	46358.42	-243.36
		-0.52
S&P 500	6735.11	-18.61
		-0.28%
NASDAQ	23024.63	-18.75
		-0.08%
TSX	30269.98	-232.01
		-0.76%

International Markets

Market Index	Close	Change
NIKKEI	48580.44	+845.45
		+1.77%
HANG SENG	26752.59	-76.87
		-0.29%
SENSEX	82172.10	+398.44
		+0.49%
FTSE 100*	9509.40	-39.47
		-0.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.203	3.190
CND. 30 Year Bond	3.721	3.725
U.S. 10 Year Bond	4.1384	4.1171
U.S. 30 Year Bond	4.7212	4.7075

Currencies

BOC Close	Today	Previous
Canadian $	0.7133	0.7167
US $	1.4019	1.3952

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6212	0.6168
US $	1.1564	0.8647

Commodities

Gold	Close	Previous
London Gold Fix	4040.05	3979.00
Oil
WTI Crude Future	61.51	62.55

Market Commentary:
On this day in 1953, trading on the New York Stock Exchange totaled just 900,000 shares. It was the last day on which total daily trading volume was less than 1 million shares.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 30,269.98 in Toronto.
The move was the biggest since falling 0.9% on Aug.
1 and follows the previous session’s increase of 0.5%.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 164 of 214 shares fell, while 48 rose.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 4.2%.
Endeavour Silver Corp. had the largest drop, falling 7.8%.

Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* So far this week, the index fell 0.7%, heading for the biggest decline since the week ended Aug. 1
* The index advanced 25% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 1.4% below its 52-week high on Oct. 6, 2025 and 36.2% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.4% in the past 5 days and rose 4.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.5 on a trailing basis and 18.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.87t
* 30-day price volatility rose to 7.44% compared with 6.83% in the previous session and the average of 7.44% over the past month

Index Points
Materials | -147.6802| -2.8| 4/47
Industrials | -37.5918| -1.1| 7/21
Energy | -34.9586| -0.7| 9/30
Consumer Discretionary| -10.5069| -1.1| 0/9
Utilities | -4.8913| -0.4| 3/11
Real Estate | -1.9650| -0.4| 2/16
Financials | -1.8120| 0.0| 6/18
Information Technology| -0.7190| 0.0| 5/4
Health Care | -0.1482| -0.2| 2/2
Consumer Staples | 0.9348| 0.1| 5/6
Communication Services| 7.3438| 1.2| 5/0
Agnico Eagle Mines | Ltd | -34.5800| -4.2| -0.6| 101.7
Shopify | -21.6400| -1.1| -43.8| 50.3
Franco-Nevada | -17.4100| -4.3| -7.9| 69.1
Celestica | 7.0350| 2.5| -40.3| 174.8
Constellation | Software | 11.2200| 2.1| -40.0| -11.1
RBC | 12.7600| 0.6| -17.9| 17.6
(MT Newswires)
The Toronto Stock Exchange dived Thursday on profit taking after a series of recent record closes, on deflated commodity prices while some market watchers, including Scotia Economics, expect that U.S. tariffs will continue to weigh on growth for the foreseeable future.
The S&P/TSX Composite closed down 232 points, or 0.75%, to 30,269.98, although sectors were mixed.
Industrials was the biggest loser, down 1%, while no other sector eased by as much as 0.5%.
Among gainers, the Battery Metals Index was up 4.75% and Telecom up 1.2%
Related to Industrials, Industry Minister Melanie Joly on Thursday detailed Canada’s updated industrial strategy and how the governing Liberals plan to bolster key sectors, including steel, aluminum, lumber and auto, all of which are struggling under U.S. President Donald Trump’s tariffs.
In other sector news, a senior official at the Bank of Canada, senior deputy governor Carolyn Roger, called for more competition in the banking sector to better serve Canadians and the economy in a speech at the Canadian Club in Toronto on Thursday morning.
On trade matters, RBC Economics noted the economic impact of U.S. policy has not only had a larger impact on trade-sensitive sectors and regions, concentrated in the manufacturing sector to date, but also across the income and wealth distribution of households.
In Canada, RBC said, the household wealth gap widened during Q2 as the housing market’s weaker performance limited gains for the least wealthy households.
Meanwhile, it added, wealthier households saw larger benefits from the strong rebound in the equity markets following a weak Q1.
With a deeper look into trade, Scotia Economics published a ‘Monthly Trade Publication on Canada-US Trade’ for August 2025.
In its Scotia noted Canada’s goods exports fell back again in August, after having improved slightly in the prior three months following the large drop in April.
Exports fell by 3.0% and imports increased by 0.9%, lifting the goods trade deficit to $6.3 billion.
The export categories with the largest declines in August were metals, led by unwrought gold, industrial machinery and parts, forestry products, and motor vehicles and parts.
On a year over year basis, Scotia noted, Canadian goods exports were down 5.5% in August, and down 5.2% on average over the last three months (Jun-Aug), with the largest percentage declines in industrial chemicals, metals, energy products, and forestry products.
Imports were up 1.7% in August, and up 1.5% on average since June.
It also noted the share of Canadian exports bound for the United States declined from 76% in 2024 to 72% in August, driven by a marked decline in exports to the U.S. in 2025 and only modest growth in exports to other countries.
Exports to the U.S. were down 3.4% m/m and 8.0% y/y.
Exports to other countries fell 2.0% m/m but were up 1.8% y/y.
Scotia noted Canada’s trade in services with the U.S. is much smaller than trade in goods but has been much more stable.
It has even improved from a small deficit at the end of 2024 to a surplus of $0.3 billion as of August, thanks to further growth in commercial services exports and a 10% decline in travel imports (i.e., international vacations).
Meanwhile, Scotia noted, after widening drastically early in the year on tariff-front-running imports, the U.S. trade deficit has returned to roughly its 2024 level.
However, there have been compositional changes to U.S. trade flows.
As of July, U.S. imports were running significantly lower year over year from Canada, down 10%, the E.U., down 11%, and China, down 35%, and higher from Mexico, up 11%, and the rest of the world, up 21%.
Scotia also noted U.S. customs data show the proportion of Canadian goods imported into the United States facing tariffs has stabilized at near 10%, down from 20%, due to the increased incentive for firms to submit CUSMA compliance paperwork.
Scotia said: “While uncertainty and effective tariff rates have come down from the peaks of the spring, they remain elevated and continue to weigh on growth around the world.
In addition, new U.S. tariff announcements on pharmaceuticals, furniture, and heavy trucks demonstrate the continued fluidity of the global trade landscape.”
It also said: “Canada continues to benefit from a low effective tariff rate on exports to the U.S. (4.6% is our estimate) thanks to most of our trade continuing on a free-trade basis under CUSMA.
However, most of the Canadian industries impacted by the sectoral tariffs have seen clear export declines — especially steel, aluminum, and forestry products.”
Scotia added: “Some relief for Canada from some of the sectoral tariffs, as is apparently under discussion, would provide a welcome boost to these industries, but it is difficult to be very confident that the relief would be permanently maintained and/or not offset by new tariffs. As a result, we expect that U.S. tariffs will continue to weigh on growth for the foreseeable future.”
Of commodities today, gold had moved down from a record high by midafternoon Thursday as traders took profits while the dollar rose to a two-month high.
Gold for December delivery was last seen down $77.00 to US$3,993.50 per ounce.
Also, West Texas Intermediate crude oil closed lower after a ceasefire agreement between Israel and Hamas reduced tensions in the Middle East, lowering the geopolitical risk premium on the commodity.
WTI crude oil for November delivery closed down $1.04 to settle at $61.51 per barrel, while December Brent oil was last seen down $1.13 to $65.15.

US
By Rita Nazareth
(Bloomberg) — Wall Street’s relentless surge from April’s meltdown keeps showing signs that the stock market is overstretched, spurring calls for a breather at a time when the classic dip-buying strategy stays firmly in place.
Nobody needs to look hard to find warnings that the market looks frothy after a 36% surge from April’s nadir pushed valuations to levels associated with periods of exuberance.
While the AI euphoria has kept the party going for equities, recent chatter about a bubble forming in the group that has powered the bull market has drawn the attention from investors around the world.
“While some areas of the market appear overheated, overall sentiment does not reflect the excessive optimism often seen at market peaks,” said Keith Lerner at Truist Advisory Services Inc.
“Still, the extended stretch without a meaningful pullback leaves the market more sensitive to negative surprises.”
At Piper Sandler, Craig Johnson notes it’s prudent to be vigilant when it comes to stocks that appear short-term stretched to the upside.
Underlying market breadth is showing early signs of fatigue, which may lead to a consolidation phase, he said.
The S&P 500 fell to around 6,735. US 10-year yields rose three basis points to 4.14%.
The dollar notched a 10-week high.
Oil sank as Middle East tensions cooled.
Lerner at Truist noted that this is the 11th bull market in stocks since 1957, with the S&P 500 up about 90% from its October 2022 lows — which is below the median gain seen in prior ones.
Of the 10 previous bull markets, seven extended beyond three years, he noted.
Although valuations are elevated and risks persist, the combination of continued economic growth, resilient corporate profits, and a supportive policy backdrop provides a solid foundation for maintaining a constructive stance heading into the fourth year of this cycle, Lerner added.
“It always seems like a sucker’s bet to put any money into the market when it’s trading at all-time highs,” said Bespoke Investment Group strategists.
“As the seemingly intelligent pundits will say, the easy money has been made (even though they were never out there a year ago saying the easy money is about to be made).”
Since 1953, when the five-day trading week in its current form started, however, the S&P 500’s historical returns following a close at all-time highs are only slightly less positive than its average return for all periods since 1953, Bespoke said.
“The best strategy for passive investors, especially, is not to overthink things,” the strategists noted.
Worries have been compounding for the better half of the bull market in US stocks specifically around the concentration of Big Tech names that have driven the S&P 500’s valuation to bubble-like levels.
While valuations aren’t necessarily an ideal market-timing tool, with the group of “Magnificent Seven” megacaps surging over 260% since the start of the artificial-intelligence frenzy in late 2022, there’s been growing debate over how much further the AI trade can fuel the rally in equities.
Never before has so much money been spent so rapidly on a technology that, for all its potential, remains largely unproven as an avenue for profit-making.
And often, these investments can be traced back to two leading firms: Nvidia Corp. and OpenAI.
While there have been some concerns that “circular” deals are creating a bubble, there’s not much evidence that suggests one is about to burst.
“Is AI a bubble? Not yet, at least not to the extent that I think a ‘pop’ is imminent,” said Tom Essaye at The Sevens Report.
“This isn’t a valuation bubble like we saw with Pets.com and others in the late 1990s.
It’s a capital expenditure bubble.”
Profit-Driven Big Tech Rally Is ‘Not a Bubble’: Equity Insight
There’s so much money being spent (and so much more promised to be spent) on AI infrastructure that it has become a large part of the US economy and the biggest driver of the multi-year bull market, he noted.
The key to all this is “adoption,” Essaye added.
“When will regular people and businesses use AI the way we all (finally) used the internet to create money for thousands of varied companies? For the stock market, the answer is clear: The sooner, the better, and the clock is ticking,” he said.
“Altogether, these deals point to hundreds of billions in investment commitments, reinforcing the sector’s rapid capital deployment and pace of innovation,” said Ulrike Hoffmann- Burchardi at UBS Global Wealth Management.
“At the same time, market concern over ‘circular investments’ within AI companies and a potential AI-led stock market bubble has grown louder.”
While she agrees that the scale of the rally means volatility could pick up — and one should remain alert to signs of froth — she sees several compelling reasons for investors to stay engaged with the AI theme.
“So while the AI trade is not without its risks, we see compelling reasons to stay engaged.
In our view, the rally remains underpinned by solid fundamentals, accelerating adoption, and a still-favorable macro environment,” she said.
“One of the main reasons the AI bubble talk is misplaced is that the leading spenders continue to enjoy increased earnings power, according to Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
“These aren’t the dot-com companies of a quarter-century ago that didn’t have earnings, or even viable business models,” he said.
“That doesn’t mean the market won’t have setbacks, though. Investors may want to take a look at quality dividend- growth stocks.”
They’ve been out of favor for a while, but they could be a decent hedge if the market experiences a consolidation in the near term, Skelly concluded.
Even after a series of records to all-time highs, stock positioning data from JPMorgan Chase & Co. suggests some investors including hedge funds are holding back.
The equity beta of monthly reporting Macro hedge funds — an indicator of their exposure — remains modestly negative despite becoming slightly less so in recent months, the team led by Nikolaos Panigirtzoglou said.
The strategists added that speculative positioning in US equity futures is relatively close to their long-run median, after having been well above the median in 2024 and in the first quarter of 2025. This signals that overall exposure is only close to historical average rather than extended.
Some “light profit-taking” is understandable ahead of earnings season, but sentiment is still broadly positive, according to Fawad Razaqzada at City Index and Forex.com.
“Active traders continue to buy the dips, keeping momentum alive.
You can see this in the shallow retracements and the steady string of record highs across the major indices. In this environment, looking for bearish setups feels counterintuitive – the market simply isn’t giving short-sellers much to work with,” he said.
To Razaqzada, the recent signals don’t necessarily point to an imminent selloff, but they do suggest that markets may need a breather – either through sideways consolidation or a modest pullback.
“For now, though, the underlying message remains the same: the trend is your friend. If you’re already long, there’s no reason to panic.
If you’re not, patience may be the better play – wait for a pullback, then consider buying the dip.”
He also noted that the question now is whether the rally still legs has as we move into earnings season.
“With most economic data releases on hold due to the government shutdown, company earnings may have even more of an impact on market direction than usual.
And as we get ready to kick off the third-quarter earnings season, it’s expected to bring another strong set of results,” said Liz Thomas at SoFi.
One of the datasets that will be critical to watch is profit margins amid persistent debate around the possible effect of tariffs on company results, she said.
From a sector perspective, some of the strongest margins are expected to come from technology and communications, Thomas noted.
“In conclusion, third-quarter earnings season looks to be another set of strong results with companies likely surpassing expectations broadly,”she said.
“If that ends up being the case, the rally has further support and the already high valuations of many stocks can remain high.”
With the onset of reporting season approaching, Ryan Grabinski at Strategas noted that we’ll be in the “peak buyback blackout window” over the next two weeks.
“This potentially opens up the window for a period of weakness when accounting for growth fears,” he said.
“On a positive note, the corporate bid should reassert itself by early November as we head into year end.”
US stocks are likely to continue climbing into year-end as robust corporate earnings — particularly in megacap technology giants — keep driving shares higher, according to Nuveen Asset Management’s chief investment officer.
For equities, the fourth quarter “is normally a strong quarter, especially when we’re up substantially year to date,” Saira Malik said in an interview with Bloomberg Television.
“So odds are in your favor for this rally to continue.”

Corporate Highlights:
* The US has approved several billion dollars worth of Nvidia Corp. chip exports to the United Arab Emirates, an initial step in implementing a controversial deal that could serve as a blueprint for American AI statecraft.
* Microsoft Corp.’s data-center crunch will continue for longer than the company has previously outlined, underscoring the software giant’s struggles to keep up with cloud demand.
* OpenAI has raised concerns with European Union antitrust enforcers over potentially harmful conduct by the likes of Alphabet Inc.’s Google, Microsoft and Apple Inc.
* Google’s cloud unit is launching an artificial intelligence platform called Gemini Enterprise that it hopes will reach everyday workers, setting up a deeper competition with Microsoft and OpenAI for business tools.
* Amazon.com Inc. is rolling out an updated version of its main artificial intelligence tool for business, the latest effort to grab a slice of the market for software designed to automate and speed up office work.
* US auto safety regulators are investigating Tesla Inc. over incidents in which its vehicles drove through red lights and violated other traffic laws while using the company’s partial- automation software.
* Intel Corp., the embattled chipmaker now backed by the US government, introduced new products and manufacturing technology that are central to its turnaround bid.
* Salesforce Inc. is launching a product for information technology management, moving into a new area for the company’s software and deepening its competition with ServiceNow Inc.
* UnitedHealth Group Inc. plans to acquire a 45-doctor medical practice in Massachusetts in a sign that its Optum division will keep adding doctors despite turmoil in the business.
* Paramount Skydance Corp. Chief Executive Officer David Ellison, who is reportedly weighing a merger with Warner Bros. Discovery Inc., said he sees a lot of opportunity for consolidation in the industry.
* Warner Bros. Discovery Inc.’s film chiefs Michael De Luca and Pamela Abdy, fresh off the renewal of their contracts, confirmed that the studio will make a sequel to this year’s hit A Minecraft Movie.
* Delta Air Lines Inc. predicted continued strong demand into next year after reporting better-than-expected earnings for the third quarter, helped by leisure travelers splurging on premium seats and a rebound in corporate travel.
* Citigroup Inc. rejected an offer from mining magnate German Larrea’s conglomerate, Grupo Mexico SAB, to acquire its Grupo Financiero Banamex business.
* Lyft Inc. is partnering with autonomous vehicle developer Tensor Auto Inc. to deploy a fleet of hundreds of robotaxis in Europe and North America starting in 2027.
* PepsiCo Inc. said it is working to cut costs and overhaul its portfolio to meet consumers’ shifting tastes, while it engages in discussions with an activist investor.
* Costco Wholesale Corp. rose after the warehouse club reported comparable sales growth that beat analyst estimates for September, helped by a rise in both foot traffic and amount spent per customer.
* The Trump administration is considering whether to take a major step toward restricting the US operations of TP-Link Systems Inc., a China-linked router-maker whose Wi-Fi equipment is popular in the American market, according to people familiar with the matter.
* The rally in shares of US miners of rare-earth materials got a boost Thursday after a China curb on exports of the minerals fueled bets that the American industry will benefit — and potentially spur additional investments from the federal government.
* Marathon Asset Management LP bought the term loan of collapsed First Brands Group at around 40 cents on the dollar and sees it as a “great company” with a bad balance sheet, Chief Executive Officer Bruce Richards said.
* Novo Nordisk A/S agreed to buy Akero Therapeutics Inc. for as much as $5.2 billion to expand its portfolio in a type of liver disease that’s linked to obesity.
* Taiwan Semiconductor Manufacturing Co. reported a 30% increase in its third-quarter sales as major US tech companies continued to make multibillion-dollar bets on AI.

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 0.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World Index fell 0.4%
* Bloomberg Magnificent 7 Total Return Index was little changed
* The Russell 2000 Index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.1563
* The British pound fell 0.8% to $1.3300
* The Japanese yen fell 0.2% to 153.07 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $121,060.06
* Ether fell 3.6% to $4,341.05
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.14%
* Germany’s 10-year yield advanced two basis points to 2.70%
* Britain’s 10-year yield advanced four basis points to 4.75%
* The yield on 2-year Treasuries advanced two basis points to 3.60%
* The yield on 30-year Treasuries advanced two basis points to 4.73%
Commodities
* West Texas Intermediate crude fell 1.7% to $61.47 a barrel
* Spot gold fell 1.6% to $3,978.15 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Shab
” Move fast with stable infrastructure.”– Mark Elliot Zuckerberg

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents:
Carolann is away from the office attending the Bloomberg Screentime 2025 Conference. I will be writing the newsletter on her behalf.

On Oct. 8, 1480 Great Stand on the Ugra River: Standoff between forces of Akhmat Khan, Khan of the Great Horde, and Ivan III, Grand Prince of all Rus, ends with a Tatar-Mongol retreat, leading to the disintegration of the Horde
On Oct. 8, 1645 First hospital in Montreal, Quebec, the Hôtel-Dieu de Montréal, is founded by nurse Jeanne Mance
On Oct. 8, 1945 President Harry S. Truman announced that the secret of the atomic bomb would be shared only with Britain and Canada.
On Oct. 8, 2004 Lifestyle guru Martha Stewart reported to prison to begin serving a sentence for lying about a stock sale. Go to article

The Red Sea experienced ‘one of the most extreme environmental events on Earth’ 6 million years ago
The Red Sea became a desert about 6.2 million years ago, before a massive flood from the Indian Ocean turned it into a waterway again.

‘Closest view’ yet of interstellar comet 3I/ATLAS captured by Mars orbiter
The European Space Agency’s ExoMars orbiter has captured the closest view yet of the interstellar comet 3I/ATLAS. The images reveal the comet’s bright coma but show no signs of a tail.

‘Harry Potter’ materials land three scientists Nobel Prize in chemistry
Researchers have won the 2025 Nobel Prize in Chemistry “for the development of metal–organic frameworks.”

Bear enters Japanese supermarket and pounces on customer
Two people were injured Tuesday when a bear rampaged through the sushi section of a Japanese supermarket.
PHOTOS OF THE DAY

Chuzhou, China
Drivers merge on to a motorway after passing through a toll station as they make their way home at the end of a national holiday
Photograph: STR/AFP/Getty Images

London, UK
Sleeping Head by Lucian Freud on display at Christie’s auction house, where it is expected to fetch between £2m and £3m
Photograph: Yui Mok/PA

​​​​​​​New York, US
The harvest supermoon rises behind the Statue of Liberty and the Brooklyn skyline
Photograph: Adam Gray/AP
Market Closes for October 8^th , 2025

Market Index	Close	Change
Dow Jones	46601.78	-1.20
		—
S&P 500	6753.72	+39.13
		+0.58%
NASDAQ	23043.38	+255.02
		+1.12%
TSX	30501.99	+150.27
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	47734.99	-215.89
		-0.45%
HANG SENG	26829.46	-128.31
		-0.48%
SENSEX	81773.66	-153.09
		-0.19%
FTSE 100*	9548.87	+65.29
		+0.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.190	3.183
CND. 30 Year Bond	3.725	3.703
U.S. 10 Year Bond	4.1171	4.1230
U.S. 30 Year Bond	4.7075	4.7231

Currencies

BOC Close	Today	Previous
Canadian $	0.7167	0.7169
US $	1.3952	1.3948

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6223	0.6164
US $	1.1627	0.8600

Commodities

Gold	Close	Previous
London Gold Fix	3979.00	3949.45
Oil
WTI Crude Future	62.55	61.73

Market Commentary:
On this day in 1871, the Great Chicago Fire began, destroying much of the city’s downtown. Real estate prices exploded, capital poured into the city and Chicago was reborn as the “city of the big shoulders,” with skyscrapers of brick and stone.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 30,501.99 in Toronto.
The move follows the previous session’s decrease of 0.6%.
Shopify Inc. contributed the most to the index gain, increasing 3.3%.
First Majestic Silver Corp. had the largest increase, rising 11.3%.
Today, 133 of 214 shares rose, while 78 fell; 5 of 11 sectors were higher, led by materials stocks.

Insights
* This year, the index rose 23%, heading for the best year in at least 10 years
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Oct. 6, 2025 and 37.2% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.3% in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 on a trailing basis and 19 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.85t
* 30-day price volatility rose to 6.83% compared with 6.79% in the previous session and the average of 7.54% over the past month

Index Points
Materials | 93.2738| 1.8| 44/7
Information Technology | 91.2294| 2.9| 9/0
Industrials | 14.6176| 0.4| 22/7
Utilities | 3.2406| 0.3| 6/8
Consumer Staples | 1.2178| 0.1| 7/4
Health Care | -0.3415| -0.4| 1/3
Consumer Discretionary | -0.8774| -0.1| 7/2
Real Estate | -2.8892| -0.6| 3/15
Communication Services | -7.0392| -1.1| 1/4
Energy | -15.8801| -0.3| 20/18
Financials | -26.2893| -0.3| 13/10
Shopify | 62.3700| 3.3| -32.2| 51.9
Celestica | 19.0600| 7.2| 51.0| 168.2
Agnico Eagle Mines Ltd | 16.0100| 2.0| -32.3| 110.4
RBC | -10.8000| -0.5| 23.8| 16.8
CIBC | -10.8400| -1.5| -28.8| 23.4
Bank of Montreal | -10.8500| -1.2| 21.9| 27.2
(MT Newswires)
The Toronto Stock Exchange on Wednesday rebounded from yesterday’s blip, a first loss in seven sessions, buoyed by elevated commodity prices, even as market watchers are divided on whether or not Canada Prime Minister, Mark Carney, had a successful meeting on trade matters with U.S. President, Donald Trump, yesterday.
Today, the S&P/TSX Composite Index closed up 150.27 points or 0.5% at 30,501.99, leaving it just 30 points shy of Monday’s record close of 30,531.88.
Sectors were mixed, with Base Metals, boosted by record gold prices, up 3.4%, and Info Tech up near 3%.
Telecom was the biggest loser, down 1%.
In reference to gold, Rosenberg Research published a note today in which it said decomposing equity market returns across the main drivers revealed some notable trends and takeaways.
In it, the research said Canada, Japan, and India have seen the largest earnings lift.
It noted the TSX has seen fundamental tailwinds, 30% share of YTD returns, from the huge rally in gold, and thus the gold miners, as well as the banks, but added 60% has come from an expanding forward price earnings (P/E) multiple (from 15x to 17x).
On economics, The Canadian Press is reporting premiers remain at odds over how best to respond to U.S. tariffs, a day after Prime Minister Mark Carney left a meeting in Washington with U.S. President Donald Trump without announcing any breakthroughs on a trade deal.
Speaking at a conference in Toronto hosted by BMO and Eurasia Group, Ontario Premier Doug Ford said he remains prepared to cut off shipments of energy, minerals and other exports if the United States refuses to relent on tariffs.
Alberta Premier Danielle Smith, also speaking at the U.S.-Canada Summit, said she still doesn’t support halting shipments south.
But CTV News is reporting U.S. Commerce Secretary Howard Lutnick is dismissing any prospect of a comprehensive auto deal with Canada, according to three sources in the room when he made the comments.
Lutnick made the comments during a discussion under Chatham House Rules at the Eurasia Group’s Canada-U.S. Summit in Toronto on Wednesday, a day after the second in-person meeting in Washington between Trump and Carney.
According to the sources, Lutnick said the United States could continue buying parts from Canada, “but that’s about it.”
The U.S. has a 25% tariff on vehicles imported from Canada that are not compliant with the Canada-U.S.-Mexico Agreement (CUSMA) since April.
Meanwhile, one Macquarie strategist thought yesterday’s meeting between Trump and Carney “didn’t go as poorly as some… made it sound”.
After all, noted Thierry Wizman, Global FX & Rates Strategist at Macquarie Group, Trump exhibited a fondness for Carney, which he never did for Carney’s predecessor, Justin Trudeau.
“And if that’s the case,” Wizman said, “the long-term dis-inflationary overhang from U.S. import tariffs in Canada may eventually fade.
That’s an optimistic view, of course, for the CAD, relatively speaking.
It would mark the emergence from the very slow growth experienced by Canada in Q2, when GDP declined by 1.5%.”
Over the summer, the U.S. hiked its tariffs on steel and aluminum imports to 50%, with Canada introducing a 25% counter-tariff on U.S. steel and aluminum.
Sal Guatieri, Senior Economist at BMO Financial Group, said: “Surprisingly, despite hefty duties on steel, U.S. production has nary risen on a sustained basis, at least not through September.
This reflects two things: steel imports have yet to decline much; and, capacity utilization is close to its long-run mean, so production is likely near its short-term limit.
This suggests that until new capacity is added and production increases, pressure could build on steel prices when imports decline, as appeared to be the case in 2018-19.”
Of commodities today, gold continued its record run higher with its second day above the US$4,000 mark on high demand and buying pressure despite a higher dollar.
Gold for December delivery was last seen up $59.30 to $4,063.70 per ounce.
Also, West Texas Intermediate crude oil rose for a fourth day, climbing on supply risks even as a report showed U.S. inventories rose above expectations last week amid fresh warnings the market is oversupplied.
WTI oil for November delivery closed up $0.82 to settle at US$62.55 per barrel, while December Brent oil was last seen up $0.83 to US$66.28.
US
By Rita Nazareth
(Bloomberg) — A renewed wave of dip buying powered a rebound in stocks on speculation equities have more room to run after a brief respite in the six-month rally from the edge of a bear market.
The insatiable appetite for stocks that’s already driven the S&P 500 up over 35% from its April lows sent the benchmark to fresh all-time highs, energizing investors betting the bull market is nowhere near its end.
Momentum-chasing traders kept piling into equities after a series of records fueled by factors such as corporate resilience and the restart of Federal Reserve rate cuts. Renewed enthusiasm around artificial intelligence has trumped recent calls around a bubble forming in the high-profile tech names that have led the rally.
“With price-to-earnings ratios for today’s tech giants still well below those of the tech firms at the peak of the dotcom bubble, we think the bull market remains intact,” said Mark Haefele at UBS Global Wealth Management.
The S&P 500 surpassed 6,750. The Nasdaq 100 climbed 1.2%.
Nvidia Corp. led gains in megacaps as chief Jensen Huang told CNBC that demand for Blackwell chips is “really, really” high.
Cisco Systems Inc. is escalating competition with Broadcom Inc. in connecting AI data centers.
A gauge of small caps added 1%.
The yield on 10-year Treasuries was little changed at 4.13%.
A $39 billion US debt sale saw demand falling slightly short of expectations.
The dollar hit the highest since August.
Gold topped $4,000.
With a slim economic calendar amid the US government shutdown, investors scoured the minutes of the latest Fed meeting.
Officials showed a willingness to lower rates further this year, but many expressed caution driven by concerns over inflation.
At Wells Fargo Investment Institute, Luis Alvarado says the Fed is clearly not on a preset path and data-dependency is now more necessary than before, especially as officials attempt to calibrate between conflicting goals.
“We still expect two more quarter-point rate cuts by the end of this year, and two more next year,” he noted.
Jeff Roach at LPL Financial noted that tariffs were the most talked about topic during the latest Fed meeting.
“Futures markets may turn out to be more accurate than the FOMC’s collective projections, especially if inflation consistently declines in 2026.
Investors should expect two more cuts this year but a pause at the January 2026 meeting,” he said.
At Evercore, Krishna Guha highlighted that “many” Fed officials noted the strong high-tech investment while “several” flagged the possibility that AI adoption could weaken labor demand.
And that would be a sign that AI macro debates are starting to break into the Fed policy discussion.
“There was no alarm about stock prices, and while stocks have accelerated higher since the September meeting, we continue to see no sign that the Fed leadership is prepared to shift focus from balancing labor and inflation risks to managing risks of market excess,” Guha said.
Despite headline risks, markets have been strikingly calm as investors continue to wait for a catalyst amid a dearth of economic data, noted Mark Hackett at Nationwide.
The S&P 500 hasn’t seen a move of at least 1% since August.
And an equity advance of the magnitude we’ve experienced in the past six months was seen in just five other instances since 1950, according to data compiled by Bloomberg.
When US stocks hit a record in September in the past, they proceeded to rally in the fourth quarter, gaining 4.8% on average during that time, according to the Stock Trader’s Almanac’s data going back to 1950.
Looking ahead, Sunday will mark the third year of the current bull market, with the S&P 500 almost doubling in the span.
“For much of this period, technical factors have led the rally, with demand from retail, institutional, foreign investors, and corporate management teams,” Hackett noted.
“More recently, fundamental factors have added to the enthusiasm.”
Among those, he cited accelerating economic and earnings growth, along with anticipation of fiscal and monetary tailwinds.
The ebullience driven by AI has spurred recent calls for consolidation on concerns about the rally being excessive after a $16 trillion surge in the S&P 500 from its April lows.
In fact, Wednesday’s bounce came in the aftermath of a mild pullback that halted a seven-day run for the benchmark.
“Those streaks didn’t even begin to illustrate how hot some sectors of the market have become, and you can’t fault investors for getting a little nervous,” said Bespoke Investment Group strategists.
“In fact, it’s very encouraging. A little pain is good for the soul.”
To Peter Oppenheimer at Goldman Sachs Group Inc., it’s too early to be worried about a bubble in high-flying US technology stocks.
The strategist said the rally has been accompanied by robust earnings growth.
In past bubbles, the market was driven higher mainly by speculation.
Still, he reiterated his recommendation that investors seek diversification to avoid risks around a narrow US stock rally and higher competition in the AI space.
“Every little dip has been successfully ‘bought’ with both hands by investors for months now,” said Matt Maley at Miller Tabak.
“It does indeed look like we’ll need further evidence that the colossal spending on AI is not going to produce any serious ROI for a long time before the stock market responds in a meaningfully negative way.”
While the market has experienced a significant rally, driven by AI and macro tailwinds, there are emerging signs of momentum divergence that require careful monitoring, according to Craig Johnson at Piper Sandler.
“Investors should stay long, but remain vigilant, particularly regarding overextended stocks and a government shutdown that seems no closer to resolution,” he said.
“A brief period of consolidation or a mild pullback would be widely viewed as a buying opportunity.”
Bank of America Corp. clients were net sellers of US equities for the fourth-straight week, with outflows from both stocks and equity exchange-traded funds, according to strategist Jill Carey Hall.
‘Far Less Destruction’
Heavily concentrated markets are another lingering concern amongst market participants who draw parallels to the dotcom era, according to Jeff Buchbinder at LPL Financial.
He noted that the tech sector made up roughly 33% of the S&P 500 at the end of February 2000, which is just below the roughly 35% weight today. While market concentration is a “real risk,” valuations of top tech names seem more reasonable in comparison
to the late-1990s, he noted.
“The odds of an AI bubble that bursts are not zero, but today’s AI cycle is better capitalized than the 1990s telecom buildout and appears more durable and profitable in comparison,” Buchbinder said.
“AI is coming faster and probably will leave far less destruction in its wake.”

Corporate Highlights:
* Elon Musk’s artificial intelligence startup xAI is raising more financing than initially planned, tapping backers including Nvidia Corp. to lift its ongoing funding round to $20 billion, according to people with knowledge of the matter.
* Cisco Systems Inc. is releasing a new chip and networking system meant to connect AI data centers across hundreds of miles, a move that escalates competition with Broadcom Inc.
* Alphabet Inc.’s Google wants to retain the right to bundle its popular mapping and video apps with its Gemini AI service, a lawyer for the company told a federal judge Wednesday, pushing back on a Justice Department proposal that would bar the practice.
* Paramount Skydance Corp. has discussed its interest in acquiring Warner Bros. Discovery Inc. with Apollo Global Management, according to people familiar with the matter.
* David AI Labs Inc. a startup selling audio data sets to help train artificial intelligence models, has raised $50 million from investors in a new round of funding — signaling a growing market for startups that provide the building blocks for AI development.
* An asset manager controlled by a unit of Jefferies Financial Group Inc. sank nearly a quarter of its $3 billion trade finance portfolio into receivables tied to auto parts supplier First Brands Group Inc., the bank disclosed on Wednesday.
** BlackRock Inc. has requested to pull some money it invested in a Jefferies Financial Group fund with large exposure to the trade debt of First Brands, according to people familiar with the matter.
* Ryanair Holdings Plc said it received 10 aircraft from Boeing Co. in the past 10 days, a sign of progress as the US planemaker works to ramp up production in its factories.
* The US Centers for Disease Control and Prevention will reschedule a late October meeting of an influential vaccine panel that’s been weighing changes to long-standing advice around childhood shots.
* Canada’s Cenovus Energy Inc. increased its takeover bid for rival MEG Energy Corp. one day before investors were due to vote on it, signaling the companies’ original deal didn’t have enough shareholder support.
* Shell Plc is preparing to resume preliminary work on a Venezuelan offshore gas field to supply neighboring Trinidad and Tobago, as its confidence grows that the Trump administration will issue a new license exempting the project from sanctions, according to people familiar with the matter.
* Airbus SE delivered 73 aircraft in September as it works to meet ambitious full-year guidance amid supply chain struggles.
* BMW AG lowered its financial guidance on weak sales in China and tariff costs, underscoring the difficulties Germany’s export-reliant auto industry is facing.
* Security services group Verisure Plc’s shares rallied in its first day of trading, after the initial public offering raised about €3.2 billion ($3.72 billion) in the largest European debut in three years.
* Teck Resources Ltd. once again cut output guidance for its flagship copper mine in Chile, little more than a month after agreeing one of the biggest ever mining deals with Anglo American Plc.
* SoftBank Group Corp. agreed to acquire ABB Ltd.’s industrial robots’ unit at an enterprise value of almost $5.4 billion, reflecting billionaire Masayoshi Son’s growing bets on emerging technology in artificial intelligence and robotics.
What Bloomberg Strategists say…
“Some AI-related stocks may still justify lofty valuations as risks are concentrated in smaller companies with weak fundamentals.”
—Tatiana Darie, Macro Strategist, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.5%
* Bloomberg Magnificent 7 Total Return Index rose 0.8%
* The Russell 2000 Index rose 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.2% to $1.1630
* The British pound fell 0.2% to $1.3402
* The Japanese yen fell 0.5% to 152.71 per dollar
Cryptocurrencies
* Bitcoin rose 1.1% to $123,375.03
* Ether was little changed at $4,512.39
Bonds
* The yield on 10-year Treasuries was little changed at 4.13%
* Germany’s 10-year yield declined three basis points to 2.68%
* Britain’s 10-year yield declined one basis point to 4.71%
* The yield on 2-year Treasuries advanced two basis points to 3.58%
* The yield on 30-year Treasuries was little changed at 4.72%
Commodities
* West Texas Intermediate crude rose 1.1% to $62.39 a barrel
* Spot gold rose 1.5% to $4,045.49 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Shab
“Different’ and ‘new’ is relatively easy. Doing something that’s genuinely better is very hard.”– Sir Jonathan Paul Ive “Jony”

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents:
Carolann is away from the office attending the Bloomberg Screentime 2025 Conference. I will be writing the newsletter on her behalf.

On Oct. 7, 1806 Carbon paper patented in London by inventor Ralph Wedgwood
On Oct. 7, 1907 Henri Farman of France flies 30 meters in a Voisin biplane
On Oct. 7, 1909 British Security Service, commonly known as MI5 (Military Intelligence, Section 5), is formed as part of the Secret Service Bureau
On Oct. 7, 1919 KLM (Koninklijke Luchtvaart Maatschappij), Royal Dutch Airlines, is founded in Amsterdam, making it one of the world’s oldest airlines
On Oct. 7, 1928 Paavo Nurmi runs a world record 10 miles (50:15.0)
On Oct. 7, 2008 The Federal Reserve annouced a radical plan to buy massive amounts of short-term debt, known as commercial paper, to get credit markets moving again. Go to article

Interstellar comet 3I/ATLAS may come from the mysterious frontier of the early Milky Way, new study hints
The interstellar comet 3I/ATLAS does not come from our corner of the Milky Way, and may be a time capsule of the early galaxy, new research into its trajectory hints.

Leopards ate our ancient human ancestors’ faces, AI analysis reveals
A study provides insight into the demise of two prehistoric individuals of the now-extinct human species Homo habilis.

Deadly mamba snakebites stop muscles from working — but sometimes, antivenom can send them into overdrive
Some victims of venomous mamba snakebites see their symptoms worsen after getting antivenom, displaying a different type of paralysis. A new study explores why.

Unique gene variants in the Turkana people of Kenya may help them survive harsh desert heat
Scientists discovered genetic variants in the Turkana that help conserve water in deserts, but these variants may now raise disease risks in urban settings, early data suggest.

Nobel Prize in physics goes to three scientists who discovered bizarre quantum effect on large scales
The 2025 Nobel Prize in Physics has been awarded to John Clarke, Michel H. Devoret and John M. Martinis “for the discovery of macroscopic quantum mechanical tunnelling and energy quantisation in an electric circuit.”

Far Side of the Moon Revealed
In 1959 Far side of the Moon is seen for the first time courtesy of the USSR’s Luna 3 space probe

A monstrous tornado
The rarest and most extreme form of tornado struck eastern North Dakota in June, and experts have now determined how strong it really was.

New details of Ernest Shackleton’s sunken Endurance ship
A broken rudder wasn’t what doomed the Endurance, new analysis suggests.

Niels Bohr, mathematician, b. 1885 🧪
Desmond Tutu, b. 1931 ✝️
Vladimir Putin, b. 1952 🇷🇺
Yo-Yo Ma, b. 1955 🎻

PHOTOS OF THE DAY

New Mexico, US
‘Storm clouds and a rainbow in Santa Fe. There was a brilliant light show before a good and much-needed soaking.’
Photograph: Mary Anne Wisnewski

Dresden, Germany
‘This is the International Congress Center at dusk. I was on my way to take a photo of the cityscape from the Marienbrücke when I happened on this beautiful architecture.’
Photograph: Harvey Wasserman

Seville, Spain
Metropol Parasol, the world’s largest wooden structure.
Photograph: Francisco Garcia
Market Closes for October 7^th , 2025

Market Index	Close	Change
Dow Jones	46602.98	-91.99
		-0.20%
S&P 500	6714.59	-25.69
		-0.38%
NASDAQ	22788.36	-153.31
		-0.67%
TSX	30351.72	-180.16
		-0.59%

International Markets

Market Index	Close	Change
NIKKEI	47950.88	+6.12
		+0.01%
HANG SENG	26957.77	-183.15
		-0.67%
SENSEX	81926.75	+136.63
		+0.17%
FTSE 100*	9483.58	+4.44
		+0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.183	3.213
CND. 30 Year Bond	3.703	3.715
U.S. 10 Year Bond	4.1230	4.1540
U.S. 30 Year Bond	4.7231	4.7526

Currencies

BOC Close	Today	Previous
Canadian $	0.7169	0.7168
US $	1.3948	1.3950

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6268	0.6147
US $	1.1660	0.8576

Commodities

Gold	Close	Previous
London Gold Fix	3949.45	3885.70
Oil
WTI Crude Future	61.73	61.69

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average began continuous daily publication. Its 12 members were the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, American Spirits Manufacturing, General Electric, Laclede Gas, National Lead, U.S. Cordage, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 30,351.72 in Toronto.
The move was the biggest since falling 0.9% on Aug.
1 and follows the previous session’s increase of 0.2%.
Today, materials stocks led the market lower, as 6 of 11 sectors lost; 142 of 214 shares fell, while 67 rose.
Shopify Inc. contributed the most to the index decline, decreasing 1.9%.
Secure Waste Infrastructure Corp. had the largest drop, falling 7.8%.

Insights
* This year, the index rose 23%, heading for the best year in at least 10 years
* The index advanced 26% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on Oct. 6, 2025 and 36.5% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.5 on a trailing basis and 18.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.87t
* 30-day price volatility rose to 6.79% compared with 6.37% in the previous session and the average of 7.58% over the past month

Index Points
Materials | -73.3754| -1.4| 10/41
Information Technology | -45.5377| -1.4| 2/7
Financials | -44.8806| -0.5| 6/16
Consumer Discretionary | -15.7069| -1.6| 1/8
Industrials | -13.7425| -0.4| 8/21
Real Estate | -4.0604| -0.8| 1/16
Health Care | 0.1470| 0.2| 2/2
Consumer Staples | 1.7734| 0.2| 3/8
Communication Services | 3.2239| 0.5| 2/3
Utilities | 4.2717| 0.4| 9/5
Energy | 7.7284| 0.2| 23/15
Shopify | -37.6600| -1.9| -39.9| 47.1
Agnico Eagle Mines Ltd | -19.7300| -2.4| -46.8| 106.4
RBC | -13.9400| -0.7| 15.3| 17.5
WSP Global | 3.5540| 1.4| -0.9| 9.9
Cameco | 5.1980| 1.4| -7.0| 63.3
Canadian Natural | Resources | 6.4180| 1.0| -30.3| 3.0
(MT Newswires)
(Adds commentary from representative of Canadian team after White House meetings from paragraph 7 to 13.)
After six consecutive days of record closes, the Toronto Stock Exchange fell Tuesday on some profit taking and on investor nerves around Canada’s chances of bringing a trade war with the United States to an end, and at what cost if it does.
The S&P/TSX Composite Index closed down 180.16 points, or 0.6%, to 30,351.72 with sectors mixed, and none of them falling or rising by as much as 1%.
On the trade front, Prime Minister Mark Carney on Tuesday told U.S. President Donald Trump that Canada is the U.S.’s largest foreign investor, investing half of a $1 trillion over the last five years, and “probably $1 trillion in the next five years, if we get the agreement that we expect to get”, according to a transcript read on Canada’s CBC TV related to commentary from the Canadian Prime Minister during his trade talks at the White House.
Carney’s comments created a stir as to what exactly was meant.
Pierre Poilievre, the leader of the opposition Conservatives, latched on to this confusion during Question Time in parliament back in Ottawa.
According to one reporter on CBC TV, Carney appeared to be talking about private sector rather than government investment in the U.S., but Poilievre saw it as meaning companies and private sector entities will actually move to the United States.
All of this comes as Canada’s deficit in goods trade ballooned to $6.3 billion in August, from a revised $3.8 billion in the prior month and not far from the widest point recorded in April.
Canada-U.S. Trade Minister Dominic LeBlanc briefed the media at 4:00 p.m. ET, and market watchers were looking for him to clear up matters as to what exactly Carney and Trump spoke about and what, if any, agreements have been struck during their meeting.
According to LeBlanc, the Canadian team had a “successful, positive, substantive conversation” with their U.S. counterparts on trade and international issues.
He said the conversation was “more detailed” than at previous meetings, with President Trump “very engaged”.
LeBlanc added talks will continue to “quickly land deals” that will bring “greater certainty” to areas such as steel, aluminum and energy.
MT Newswires notes the auto sector was not included among the areas cited.
Also, LeBlanc confirmed PM Carney did talk about substantial investments by private corporations and institutional investors, such as pension funds that have already massively invested in the U.S. economy to the tune of more than $500 billion.
“We believe over the next five years that could double,” he said.
LeBlanc said Carney spoke, for example, about how Canada can contribute more to the energy security of the U.S. through private corporations and institutions.
When asked were Canada and the U.S. headed towards a quota system in their trade dealings, LeBlanc said one needed to be careful drawing a straight line between the idea of having ‘formula’ for trade dealings, as President Trump alluded to today, and having ‘quotas’.
LeBlanc when asked has Canada joined the ‘Golden Dome’ defence system, said Canada wants to be a “constructive partner” as the Americans “elaborate” on the details, with talks ongoing.
Of commodities today, gold had continued its record run higher late afternoon on Tuesday as the precious metal rose above US$4,000 mark for the first time on strong demand.
Gold for December delivery was last seen up $27.30 to US$4,003.60 per ounce.
Also, West Texas Intermediate oil closed with a small gain, the third-straight day of gains as traders assess the risks of supply disruptions amid an over-supplied market.
WTI crude oil for November delivery closed up $0.04 to settle at $61.73 per barrel, while December Brent crude was last seen down $0.06 to $65.41.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders sent stocks lower after a series of all-time highs spurred calls for a breather amid signs of buyer exhaustion. Bonds rose as a $58 billion Treasury sale drew solid demand.
The ebullience driven by artificial intelligence gave way to concerns about the rally being excessive after a $16 trillion surge in the S&P 500 from its April lows.
Tech giants dragged down the index amid a report that Oracle Corp.’s cloud margins are lower than many estimate.
Tesla Inc. sank over 4% after introducing new versions of its top-selling models priced at under $40,000.
Investor optimism has grown heated in recent months, with many investors seeming too busy chasing the upside to worry about risks like a US government shutdown and stretched valuations.
Goldman Sachs Group Inc.’s trading desk said last week bullish sentiment among clients was the highest since December.
A sentiment tracker compiled by Barclays Plc has been near a level that indicates exuberance.
A similar Bloomberg Intelligence measure went back to “manic” zone.
“A period of consolidation would not come as a surprise after such a strong recent run, but we believe the equity rally is underpinned by solid fundamentals that should continue to support the market,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
The S&P 500 closed around 6,715.
Oracle slid 2.5%.
Dell Technologies Inc. climbed 3.5% after hiking estimates amid strong AI demand.
US 10-year yields dropped three basis points to 4.13%.
The dollar rose.
Traders also parsed remarks from Federal Reserve officials, with Governor Stephen Miran saying his expectations for a limited tariff impact on inflation mean the Fed can keep easing policy.
Fed Bank of Minneapolis President Neel Kashkari warned that any drastic rate cuts would risk stoking prices.
“Profit-taking risks have rapidly risen across markets, and are particularly elevated for Nasdaq, potentially hampering further upside,” said Citigroup’s Chris Montagu.
Craig Johnson at Piper Sandler says he remains optimistic, particularly with macro tailwinds lifting the stock market.
However, he believes there are subtle signs of diverging momentum that warrant vigilance, especially with over-extended stocks that have risen substantially in recent weeks.
“A brief consolidation or shallow pullback would be welcomed to set up better risk-reward opportunities,” he noted.
At Fundstrat Global Advisors, Mark Newton says “overbought conditions” are notoriously a poor reason to avoid owning US equities, as many investors realize that can likely persist and don’t have to specifically represent a reason for concern.
Yet “it’s important to pay attention and not become overly complacent.”
“Of course valuations are moving higher.
They usually do, especially after swift selloffs like the one we saw in April,” said Callie Cox at Ritholtz Wealth Management.
“Now, we need to see earnings and economic data follow through.”
Cox says price-to-earnings ratios pushing towards extremes should encourage investors to rebalance.
“There’s still a lot of hidden value – or selloff protection – out there that could keep you cushioned against AI disappointment,” she noted.
Some Wall Street pros note that having multiple large technology stocks surge by double-digits in quick succession could be a sign that valuations have become disconnected from underlying fundamentals.
The moves come amid growing chatter about a bubble forming around AI as key players pledge billions of dollars in deals with a cohort of companies making infrastructure for the technology.
As more money is spent, there’s mounting fear the trend will end in a crash the way it did 25 years ago following the dot-com euphoria.
Warnings that we’re seeing a repeat of the dot-com bubble are heard regularly, noted Louis Navellier at Navellier & Associates.
The big difference is that this time, the players are huge companies with huge balance sheets and existing cash flow, he said.
“If profitability takes longer than expected a few of the hardware suppliers will suffer operating losses,” Navellier added.
“Nevertheless, with the market so heavily weighted to companies that are all-in on the AI bet, any serious setbacks on the prospects of AI profitability will have a serious impact on market indexes in the short term.”
With that said, Navellier noted investors shouldn’t worry about a stock-market bubble, “since as long as the analyst community is raising earnings estimates and the Fed is cutting key interest rates, we can invest confidently in A-rated stocks.”
Meantime, Jamie Dimon said JPMorgan Chase & Co. spends $2 billion a year on developing AI technology, and saves about the same amount annually from the investment.
“We know that it’s got to billions of cost savings and I think it’s the tip of the iceberg,” the bank’s chief executive officer, who has consistently touted the opportunities offered by AI, told Bloomberg TV.
“There has been plenty of chatter regarding the lofty valuations in the equity market and need for a rationalization lower.
At issue isn’t whether stocks have gotten a bit ahead of themselves, rather how the financial system would respond to a sharp correction,” said Ian Lyngen and Vail Hartman at BMO Capital Markets.
The BMO strategists noted that Tuesday’s price action was by no means a massive downtrade, instead it was a pullback in the tech sector following the concerns regarding narrow profit margins on AI-related cloud server rentals.
“We’re by no means technology experts and will leave the process of evaluating the cloud server worries to those more qualified.
Our only takeaway was that the Treasury market is comfortable in the prevailing range and wobbles in equities provided a handy excuse to rally,” they concluded.

Corporate Highlights:
* Dell Technologies Inc. roughly doubled its growth estimates for sales and profit for the next two years, and said demand for artificial intelligence products will extend those higher projections at least through the 2030 fiscal year.
* International Business Machines Corp. announced a plan to integrate Anthropic’s artificial-intelligence technologies into its software solutions.
* Salesforce Inc. told customers that it won’t pay a ransom demand from a hacker who claimed to have stolen a large amount of client data and threatened to publish it, according to an email seen by Bloomberg News.
* Gambling stocks led by DraftKings Inc. and Flutter Entertainment Plc fell after the owner of the New York Stock Exchange announced plans to invest as much as $2 billion in Polymarket, a crypto-based betting platform.
* Ford Motor Co. faces months of disruptions to its business after a major fire at an aluminum plant in New York, the Wall Street Journal reported.
* Johnson & Johnson was told by a California jury to pay $966 million to the family of a deceased woman who blamed her cancer on life-long use of the company’s baby powder in the largest verdict for a single user in the 15-year litigation.
* CoreWeave Inc. Chief Executive Officer Michael Intrator pushed back on the idea of changing a $9 billion bid for Core Scientific Inc. after one of the acquisition target’s biggest investors said it was a lowball offer.
* Ethiopian Airlines has more than 100 planes on order with Boeing Co., but delivery delays are hampering expansion at Africa’s biggest carrier.
* Bank of New York Mellon Corp. is exploring tokenized deposits to enable clients to make payments using blockchain, as major banks across the world step up use of the technology underpinning digital assets to transfer funds.
* Rising investor appetite for digital infrastructure, energy and transportation assets boosted fundraising for Manulife Investment Management, which closed its largest-ever infrastructure fund with $5.5 billion.
* Mercedes-Benz Group AG’s China sales tumbled 27% in the third quarter to their lowest level in almost a decade as luxury demand in the country remains weak and local manufacturers dominate on electric vehicles.
* One of Banco Sabadell SA’s biggest investors said it will reject BBVA SA’s bid for its local rival, heightening uncertainty over the €17 billion deal just three days before it ends.
What Bloomberg Strategists say…
“The S&P 500 has declined to a key support level of 6,700.
The move so far still reflects positioning dynamics more than any change in the macro narrative, but the potential for a greater pullback is growing.”
—Michael Ball, Macro Strategist, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World Index fell 0.5%
* Bloomberg Magnificent 7 Total Return Index fell 1.2%
* The Russell 2000 Index fell 1.1%
* Oracle fell 2.5%
* Tesla fell 4.4%
* Dell Technologies rose 3.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.1651
* The British pound fell 0.5% to $1.3420
* The Japanese yen fell 1.1% to 151.99 per dollar
Cryptocurrencies
* Bitcoin fell 2.6% to $122,061.45
* Ether fell 4% to $4,505.01
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.13%
* Germany’s 10-year yield declined one basis point to 2.71%
* Britain’s 10-year yield declined two basis points to 4.72%
* The yield on 2-year Treasuries declined two basis points to 3.57%
* The yield on 30-year Treasuries declined two basis points to 4.72%
Commodities
* West Texas Intermediate crude rose 0.6% to $62.03 a barrel
* Spot gold rose 0.5% to $3,981.41 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Shab
“A diamond is a chunk of coal that did well under pressure.” — Dr Henry Alfred Kissinger

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828