Category: Events

Dear Friends,

Tangents: Happy Friday Eve.
Rare green comet not seen since the Stone Age will zoom overhead tonight. Here’s how to watch.
On Feb. 1, a comet called C/2022 E3 (ZTF) will pass by Earth for the first time in 50,000 years, meaning the last time it cruised by our planet, Homo sapiens were still sharing the planet with Neanderthals. And according to calculations from astronomers, the comet will never come back.  But you don’t have to wait until February to see the comet; there are a few ways to spot it before its closest approach, starting today (Jan. 12). Full Story: Live Science (1/12)

On Jan. 12, 2010, a catastrophic earthquake struck Haiti, killing over 200,000 people and destroying much of the capital, Port-au-Prince. Go to article » 

1755: Tsarina Elizabeth  establishes the first Russian university.
1866: The Royal Aeronautical Society is founded in London.
1915: Women denied the right to vote in the US.

Edmund Burke, orator, b. 1729
Jack London, writer, b. 1876

Driver wows police officer with backflip during DWI test.  This man has impressive gymnastics skills, but they weren’t enough to get him out of a sobriety test… Watch the video here.

James Webb Space Telescope discovers its first exoplanet.  The planet, located outside of our solar system, is almost exactly the same size as Earth. Astronomers are now trying to observe if it has an atmosphere.

After the discovery of a new batch of documents tied to President Biden, Kimmel joked that America is “one episode of ‘Storage Wars’ away from finding out who killed J.F.K.”

Larry Ellison got ticketed by a cop on his personal island in Hawaii.

Incredible new photos of moon’s surface are highest resolution pictures ever taken from Earth: Using a beam of radar less powerful than a microwave oven, researchers have produced the highest resolution images of the moon ever taken from Earth.  The stunning new pictures, presented Jan. 10 during a press conference at the 241st meeting of the American Astronomical Society (AAS) in Seattle, Washington, captured the landing site of NASA’s Apollo 15 mission as well as Tycho crater, a prominent impact feature in the southern lunar highlands.  Full Story: Live Science (1/11)
PHOTOS OF THE DAY

Paris, France
The original manuscript of the article ‘J’accuse… !’ by Emile Zola during the Dreyfus affair lies on display at the Richelieu site of the French National Library. The letter, published in the newspaper L’Aurore on 13 January 1898, is addressed to the then French president, Felix Faure, and defends the innocence of Gen Dreyfus who was accused of espionage. This year marks the 125th anniversary of its publication
Photograph: Teresa Suarez/EPA

London, England
The English National Ballet performs Swan Lake at the Coliseum
Photograph: Tristram Kenton/The Guardian

Medan, Indonesia
A worker cleans a Buddha statue in preparation for the upcoming lunar new year, at Satya Buddha Visudhi Marga temple in North Sumatra
Photograph: Dedi Sinuhaji/EPA
Market Closes for January 12^th, 2023

Market Index	Close	Change
Dow Jones	34189.97	+216.96
		+0.64%
S&P 500	3983.09	+13.48
		+0.34%
NASDAQ	11001.11	+69.44
		+0.64%
TSX	20194.64	+169.59
		+0.85%

International Markets

Market Index	Close	Change
NIKKEI	26449.82	+3.82
		+0.01%
HANG SENG	21514.10	+78.05
		+0.36%
SENSEX	59958.03	-147.47
		-0.25%
FTSE 100*	7794.04	+69.06
		+0.89%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.891		3.011
CND. 30 Year Bond		2.925		3.037
U.S.    10 Year Bond		3.4327		3.5392
U.S. 30 Year Bond		3.5590		3.6715

Currencies

BOC Close	Today	Previous
Canadian $	0.7484	0.7450
US $	1.3362	1.3423
Euro Rate 1 Euro=		Inverse
Canadian $	1.4503	0.6895
US  $	1.0853	0.9214

Commodities

Gold	Close	Previous
London Gold Fix	1872.35	1878.65
Oil
WTI Crude Future	78.39	77.41

Market Commentary:
On this day in 1973, the Dow Jones Industrial Average peaks at a then-record high of 1051.70. It didn’t close above that level again for almost a decade — 3,583 days, to be exact.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.9%, or 186.15 to 20,211.20 in Toronto.
The index advanced to the highest closing level since Dec. 5.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.0%.
Tilray Brands Inc. had the largest increase, rising 8.4%.
Today, 185 of 236 shares rose, while 50 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index rose 2%
* The index declined 5.5% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 9% below its 52-week high on April 5, 2022 and 13.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.6% in the past 5 days and rose 1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 12.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility rose to 13.72% compared with 13.44% in the previous session and the average of 13.63% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 76.3988| 2.2| 38/0
Financials | 58.6134| 0.9| 24/5
Materials | 34.4568| 1.4| 41/9
Communication Services | 11.6899| 1.2| 6/0
Information Technology | 8.0446| 0.7| 12/2
Real Estate | 5.0698| 1.0| 20/3
Health Care | 2.7471| 3.6| 7/0
Consumer Discretionary | -1.7436| -0.2| 7/8
Utilities | -1.9908| -0.2| 9/7
Industrials | -3.4453| -0.1| 16/10
Consumer Staples | -3.6858| -0.4| 5/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | 21.7900| 2.0| 21.2| 0.6
Canadian Natural Resources | 10.1700| 1.8| 0.4| 1.2
Cenovus Energy | 9.9240| 4.2| 6.8| -1.7
Dollarama | -2.0230| -1.3| 10.4| 2.1
Aritzia | -3.0730| -9.9| 741.8| -2.5
Waste Connections | -11.3800| -3.6| 71.2| -4.7
US
By Rita Nazareth
(Bloomberg) — Treasury yields slumped as inflation showed signs of easing, which could make the case for the Federal Reserve to slow its pace of rate hikes to prevent a harsher economic downturn.
Stocks saw mild gains.
Wall Street looked past its initial disappointment with a just in-line consumer price index to focus on the idea that an inflation peak is possibly in the rear view.
That perception is visible in the swap market, which is showing less than 50 basis points of tightening priced in for the next two Fed gatherings — a small chance of no move at all in March.
None of that means, of course, the Fed will soon declare victory over inflation.
No.
Resilient consumer demand, particularly for services, combined with a tight labor market is still a significant threat to prices.
But the figures overall show things seem to be going in the right direction, paving the way for the Fed to downshift to a quarter-point hike at its next meeting.
“Today’s inflation print is another sign that the Fed’s prescription for bringing down high inflation is working,” said Charlie Ripley, senior investment strategist at Allianz Investment Management. “The data set was in line with
expectations, and a continuation of this trend should bring the Fed’s rate hike expectations down as we continue to get closer to the end of the Fed hiking cycle.”
To Krishna Guha at Evercore ISI, the CPI report is indeed consistent with the Fed slowing the pace of rate hikes in February.
However, he thinks the central bank would try to make it a “hawkish 25.”
“The nostalgia for a pivot is so premature,” said Solomon Tadesse, head of North American equity quant strategies at Societe Generale. “Even if the Fed stops hiking, it will keep rates high for a longer time.”
That would possibly be in line with what a raft of US officials has been recently telegraphing.
In other words, some of them have signaled openness to making a 25 basis-point rate increase right at their next meeting, while also stressing the Fed still has more work to do to tame prices — and not anticipating any rate cuts this year.
Fed Bank of Philadelphia President Patrick Harker said the central bank should tighten in quarter-point increments “going forward,” but reiterated that officials expect to hold rates at higher levels to give them time to travel through the economy.
His Richmond counterpart Thomas Barkin noted inflation has been slowing down and the Fed doesn’t need to raise rates as aggressively as it did last year.
However, Barkin added that while inflation is slowing, it’s still too high.

Key events this week:
* China trade, Friday
* US University of Michigan consumer sentiment, Friday
* Citigroup, JPMorgan, Wells Fargo report earnings, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 0.9% to $1.0852
* The British pound rose 0.6% to $1.2216
* The Japanese yen rose 2.4% to 129.21 per dollar
Cryptocurrencies
* Bitcoin rose 8.7% to $19,083.2
* Ether rose 6.9% to $1,436.26
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 3.43%
* Germany’s 10-year yield declined five basis points to 2.16%
* Britain’s 10-year yield declined eight basis points to 3.33%
Commodities
* West Texas Intermediate crude rose 1% to $78.22 a barrel
* Gold futures rose 1.2% to $1,901.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Who dares nothing, need hope for nothing. –Friedrich Von Schiller, 1759-1805.

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

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

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

 

Dear Friends,

Tangents: Happy Wednesday.

On Jan. 11, 1964, the United States surgeon general reported that cigarettes cause lung cancer.  Go to article » 
1935: Amelia Earhart becomes the first person to fly solo from Hawaii to California.

Restored Pompeii home offers extraordinary glimpse into life in Italy’s ancient city.  After 20 years of restoration, visitors are now able to view inside the house of Vettii. Watch this video for a quick tour.

Golden Globes Awards:  The Golden Globes returned to live TV Monday after going on hiatus over controversies. See the list of TV shows and films that took home prizes.

PHOTOS OF THE DAY

Silió, Spain
A boy dressed in sheepskins and bells, part of the carnival group La Vijanera de Silió, takes part in a traditional ancient festival in the town
Photograph: Álvaro Barrientos/AP

Hangzhou, China
Ships with rabbit lantern decorations on the West Lake to celebrate the Spring festival
Photograph: Rex/Shutterstock

Slough, UK
The Knife Angel, a sculpture made from knives arrives in Arbour Park, to raise awareness about violent crime. Standing 27ft (8 metres) high, the artwork is made from approximately 100,000 bladed weapons collected through knife amnesty bins from 43 police forces
Photograph: Geoffrey Swaine/Rex/Shutterstock
Market Closes for January 11^th, 2023

Market Index	Close	Change
Dow Jones	33973.01	+268.91
		+0.80%
S&P 500	3969.61	+50.36
		+1.28%
NASDAQ	10931.67	+189.04
		+1.76%
TSX	20025.05	+126.18
		+0.63%

International Markets

Market Index	Close	Change
NIKKEI	26446.00	+270.44
		+1.03%
HANG SENG	21436.05	+104.59
		+0.49%
SENSEX	60105.50	-9.98
		-0.02%
FTSE 100*	7724.98	+30.49
		+0.40%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.011		3.115
CND. 30 Year Bond		3.037		3.133
U.S.    10 Year Bond		3.5392		3.6151
U.S. 30 Year Bond		3.6715		3.7463

Currencies

BOC Close	Today	Previous
Canadian $	0.7450	0.7448
US $	1.3423	1.3426
Euro Rate 1 Euro=		Inverse
Canadian $	1.4438	0.6926
US  $	1.0757	0.9296

Commodities

Gold	Close	Previous
London Gold Fix	1878.65	1878.85
Oil
WTI Crude Future	77.41	75.12

Market Commentary:
On this day in 1757, Alexander Hamilton is believed to have been born on the Caribbean island of Nevis—though his birthdate is in some dispute. Hamilton went on to serve as Secretary of the Treasury and found the American financial system.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.6%, or 126.18 to 20,025.05 in Toronto.
The index advanced to the highest closing level since Dec. 5.
Brookfield Corp. contributed the most to the index gain, increasing 2.7%.
Tilray Brands Inc. had the largest increase, rising 7.7%.
Today, 167 of 236 shares rose, while 63 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 5.9% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 9.9% below its 52-week high on April 5, 2022 and 12% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.2% 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 13.2 on a trailing basis and 12.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility fell to 13.44% compared with 13.47% in the previous session and the average of 13.62% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 44.1155| 0.7| 21/7
Industrials | 27.3269| 1.0| 23/3
Energy | 26.1848| 0.8| 31/7
Utilities | 14.5116| 1.7| 15/0
Real Estate | 10.8740| 2.1| 21/1
Consumer Discretionary | 8.1354| 1.1| 12/3
Communication Services | 2.6519| 0.3| 5/1
Health Care | 1.2766| 1.7| 5/2
Information Technology | 0.9351| 0.1| 8/6
Consumer Staples | -3.1015| -0.4| 6/4
Materials | -6.7268| -0.3| 20/29
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | 12.2300| 2.7| -36.3| 9.1
Canadian Pacific | 7.4480| 1.1| 5.3| 2.8
TC Energy | 7.2650| 1.9| -47.4| 3.4
Agnico Eagle Mines | -2.8620| -1.2| -15.4| 4.1
Barrick Gold | -3.1710| -1.0| -59.5| 11.2
Cenovus Energy | -3.5310| -1.5| 83.7| -5.6
US
By Rita Nazareth
(Bloomberg) — Wall Street traders betting that further inflation softening could bolster the case for a Federal Reserve downshift drove a rally in both stocks and bonds.
Investors looked beyond the drumbeat of hawkish Fedspeak, a potentially miserable stretch of earnings and the specter of a recession to focus on the upcoming consumer price index.
It should probably come as no big surprise that tech, one of the most-beaten down groups during the Fed’s tightening campaign, led gains Wednesday. That advance also reflected the drop in US yields.
Suffice to say that Thursday’s CPI will be scrutinized top to bottom, with the big focus on the core inflation — which excludes food and energy and is seen as a better indicator than the headline measure.
While a projected 5.7% increase is well above the Fed’s goal, helping explain its intention of keeping rates higher for longer, the year-over-year price growth would also show moderation.
A survey conducted by 22V Research showed that 67% of respondents expect core CPI to come in lower than consensus — with 63% betting the report will be “risk-on” for markets.
“An in-line or softer-than-expected CPI will likely result in a rally, whereas a hotter number could easily tip over the applecart,” said Arthur Hogan, chief market strategist at B. Riley Wealth. “Good news for the economy can become good news for markets.”
Now the caveat is that if the headline number drops, but core CPI doesn’t, the report won’t be that positive, wrote Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter.
Another aspect is that Wall Street’s focus on the change in prices rather than the level of inflation could be problematic as far as monetary policy goes, according to Torsten Slok of Apollo Global Management.
The market would conclude that “inflation is coming down, so everything is fine and we can trade stocks higher and credit spreads tighter,” Slok added. “But this is a problem for the Fed because the Fed is worried that easier financial conditions will delay further the move in inflation back to 2%.”
To Brian Overby, senior markets strategist at Ally, one thing to keep in mind is that stocks have already climbed off the lows, so the market is not as coiled for as bullish of a bounce as we got after recent data.
“The concern is that a move higher could be a ‘sell the news’ event as earnings come into focus Friday,” he noted.
As traders get ready for the start of the bank earnings season there’s a sense they will be less interested in seeing how robust profits were and more focused on signs the industry is girding for a major downturn as rate increases crimp economic activity.
Fed Bank of Boston President Susan Collins said she’s leaning toward supporting a quarter-point hike at the central bank’s next meeting ending Feb. 1.
Downshifting to a smaller move would give officials more time to see how their actions are affecting the economy, she told The New York Times.
Closely followed strategist Edward Yardeni, who saw resilience in the US economy even as recession worries grew last year, remains sanguine on where global financial assets —  including US stocks — are headed.
“The outlook for the world economy is actually improving,” the founder of Yardeni Research Inc. told Bloomberg Television.
US equities “made a low on Oct. 12. That was the end of the bear market and we’re back in a bull market.”
Since then, the S&P 500 has risen more than 10%.
“There is uncertainty as to whether we’re going to see a recession or a soft landing,” said Maria Vassalou, co-chief investment officer of multi-asset solutions at Goldman Sachs Asset Management. “We remain cautiously positioned in risky assets and we’re somewhat underweight equities. But we think that the macro landscape will be clearer in the coming months and quarters, and that would also present a lot of investment opportunities.”
Key events this week:
* US CPI, initial jobless claims, Thursday
* St Louis Fed President James Bullard at Wisconsin Bankers Association virtual event, Thursday
* Richmond Fed President Thomas Barkin speaks at VBA/VA Chamber, Thursday
* China trade, Friday
* US University of Michigan consumer sentiment, Friday
* Citigroup, JPMorgan, Wells Fargo report earnings, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.8%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0753
* The British pound was little changed at $1.2145
* The Japanese yen fell 0.2% to 132.55 per dollar
Cryptocurrencies
* Bitcoin rose 0.5% to $17,557.38
* Ether rose 0.3% to $1,342.63
Bonds
* The yield on 10-year Treasuries declined nine basis points to 3.53%
* Germany’s 10-year yield declined 10 basis points to 2.20%
* Britain’s 10-year yield declined 15 basis points to 3.41%
Commodities
* West Texas Intermediate crude rose 3.3% to $77.59 a barrel
* Gold futures rose 0.2% to $1,880.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Emily Graffeo, Vildana Hajric and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

You cannot do a kindness too soon, for you never know how soon it will be too late. –Ralph Waldo Emerson, 1803-1882.

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

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

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

 

 

Dear Friends,

Tangents: Happy Tuesday.
January 10, 2000 America Online agreed to buy Time-Warner for $182 billion. (Time-Warner decided to spin off AOL in 2009.)  Go to article » 

1920: League o9f Nations founded.
1984: US re-establishes full diplomatic relations with Vatican after almost 117 years.

This entire island in the Bahamas is available to rent on Airbnb. A snip at $50,000 a night.

A green comet will appear in the night sky this week, NASA says.  For the first time in 50,000 years, a dazzling green comet will swing by Earth on Thursday. Here’s when you’ll be able to spot it.

The ‘Kraken’ COVID subvariant: What to know about quickly rising omicron descendant:  A new flavor of the omicron variant of SARS-CoV-2, the virus that causes COVID-19, was identified in October 2022. In the past several weeks, it has steadily gained prominence in the United States. The subvariant is known as XBB.1.5 but has also been given the unofficial nickname “Kraken,” after the mythical sea monster.
Here’s what we know so far about XBB.1.5 so far.  Full Story: Live Science (1/9)

How does grief affect the brain?  Grief is something nearly everyone will experience at some point in their lives. It can be overwhelming and confusing, and it can make the death of a loved one difficult to navigate. But when someone is experiencing grief, what exactly is happening to their brain?  According to Dr. Lisa M. Shulman, a neurologist at the University of Maryland’s School of Medicine, our brains perceive traumatic loss as a threat to our survival.
Full Story: Live Science (1/8)

The hole in Earth’s ozone layer is on the mend. (h/t Tracy Walsh)
PHOTOS OF THE DAY

Randers Dyrehave, Denmark
Deer in the early morning mists in Jutland
Photograph: Ritzau Scanpix/Reuters

Mountain Photo of the Year 2022 – in pictures
The winning entry by Anglesey bookkeeper Kat Lawman is an image shot above the clouds at the top of Garnedd Ugain in Eryri (Snowdonia), that shows Jupiter, Saturn and Venus aligning under the watchful gaze of a wild camper. Kat, who also spends her time as a mountain leader and took up photography as a hobby three years ago, said: ‘It was such a truly earth-moving moment I was reduced to tears. The mountains here in Snowdonia are my life, and my escape … This night in December I managed to get the whole Snowdon massif all to myself, there wasn’t another single person around and this photo will always be the most special one to me’
Photograph: Kat Lawman

Mountain Photo of the Year 2022 – in pictures
The third-place image is also from Snowdonia: a shot showing the Milky Way arching over Llyn Llydaw. Fujifilm ambassador and competition judge Chris Upton said: ‘A fabulous image. So much impact with the arch of the Milky Way and the mist in the background adding an important element to the picture. Technically excellent, perfect exposure, sharp throughout and great composition’
Photograph: Luke Gage
Market Closes for January 10^th, 2023

Market Index	Close	Change
Dow Jones	33704.10	+186.45
		+0.56%
S&P 500	3919.25	+27.16
		+0.70%
NASDAQ	10742.63	+106.98
		+1.01%
TSX	19898.86	+41.79
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	26175.56	+201.71
		+0.78%
HANG SENG	21331.46	-56.88
		-0.27%
SENSEX	60115.48	-631.83
		-1.04%
FTSE 100*	7694.49	-30.45
		-0.39%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.115		3.082
CND. 30 Year Bond		3.133		3.098
U.S.    10 Year Bond		3.6151		3.5266
U.S. 30 Year Bond		3.7463		3.6475

Currencies

BOC Close	Today	Previous
Canadian $	0.7448	0.7467
US $	1.3426	1.3392
Euro Rate 1 Euro=		Inverse
Canadian $	1.4413	0.6938
US  $	1.0734	0.9316

Commodities

Gold	Close	Previous
London Gold Fix	1878.85	1852.20
Oil
WTI Crude Future	75.12	74.63

Market Commentary:
On this day in 1870, John D. Rockefeller, Sr. founded The Standard Oil Co. (Ohio) with $1 million in capital and control of a tenth of the nation’s oil refining.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2%, or 41.79 to 19,898.86 in Toronto.
The index advanced to the highest closing level since Dec. 13.
Royal Bank of Canada contributed the most to the index gain, increasing 1.1%.
Nuvei Corp. had the largest increase, rising 8.8%.
Today, 157 of 236 shares rose, while 75 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.4% below its 52-week high on April 5, 2022 and 11.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.3% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility little changed to 13.47% compared with
13.47% in the previous session and the average of 13.63% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 22.6012| 0.9| 39/11
Financials | 21.9208| 0.4| 17/11
Real Estate | 4.8522| 0.9| 19/4
Consumer Discretionary | 2.7131| 0.4| 10/5
Information Technology | 2.0772| 0.2| 13/1
Health Care | 0.6045| 0.8| 4/2
Consumer Staples | 0.4263| 0.1| 4/6
Communication Services | -0.1537| 0.0| 3/2
Energy | -1.3285| 0.0| 22/17
Utilities | -3.4700| -0.4| 7/9
Industrials | -8.4463| -0.3| 19/7
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | 14.4200| 1.1| 48.0| 4.4
Barrick Gold | 7.9290| 2.6| -53.6| 12.3
Franco-Nevada | 4.2740| 1.7| -11.5| 4.8
Canadian National | -7.0140| -1.0| -28.3| 1.4
Canadian Pacific | -8.9250| -1.3| -26.7| 1.7
Nutrien | -11.1700| -3.0| -21.3| 1.0
US
By Rita Nazareth
(Bloomberg) — Stocks rose on bets the upcoming consumer price index will show further softening, which could help build the case for the Federal Reserve to slow its pace of rate hikes — even as some officials say it’s too early to declare victory over inflation.
With Jerome Powell’s silence on the outlook for monetary policy at an event earlier Tuesday, the equity market struggled to find direction.
The choppiness gave way to a rebound in afternoon New York trading, with the S&P 500 coming back above its key 3,900 mark.
Treasury two-year US yields pared their advance while the dollar was little changed.
Thursday’s inflation figures are likely to come in cooler than expected, helping stocks extend a bear-market rally, according to JPMorgan Chase & Co.’s sales and trading desk.
While consensus expects December’s CPI to slide to a 6.5% annualized pace, the bank’s team including Andrew Tyler sees an almost two-in-three chance for the data to arrive within 10 basis points of the estimate, with a bias to the soft side.
While Powell didn’t directly comment on the Fed’s next steps at a forum in Stockholm, he did say that “restoring price stability when inflation is high can require measures that are not popular in the short term as we raise rates to slow the economy.”
Fed Governor Michelle Bowman said the central bank has more work to do to curb inflation, noting that further tightening is needed.
“You’ve got the Fed that’s continuing to try to rain on everybody’s parade, talking about how interest rates need to go higher,” said Brian Nick, chief investment strategist at Nuveen.
“So that’s the one fly in the ointment — the Fed is still out there trying to slow things down, and the markets are taking every bit of good news and running with it.”
JPMorgan’s chief Jamie Dimon told Fox Business that rate hikes might need to go beyond what’s currently expected, but he’s in favor of a pause to see the full impact of last year’s increases.
Billionaire Paul Tudor Jones likened Powell’s war against inflation to an attempt at a perfect moon landing, saying the Fed chair is facing the most-challenging economic environment in 40 years.
If he succeeds, stocks could climb 7% to 8% this year, but if inflation worsens he’ll need to continue raising rates, increasing the risk of a downturn, Jones told CNBC.
“What the Fed is communicating has been the subject of extensive and exhaustive debate for much of the last year and they’re in a little bit of a tough spot,” said Olga Bitel, global strategist at William Blair.
To Mark Haefele at UBS Global Wealth Management, markets may have moved too quickly to position for an inflection in Fed policy.
That means “conditions are not yet in place for a sustained equity rally,” he added.
Bank of America Corp. clients sold $1.4 billion of US stocks in the biggest weekly outflow since November, the firm’s strategists including Jill Carey Hall wrote.
All three client groups — hedge funds, retail and institutional investors — were net sellers.
As the critical earnings season is due to begin on Friday, sentiment among analysts on the broader S&P 500 has soured to a point seen few times before.
Over the past three months, analysts’ net downgrades to  profit estimates for S&P 500 stocks over the next two years have risen to 32% of total changes, data compiled by Goldman Sachs Group Inc. show.
Outside of 2008 and the pandemic rout of 2020, that’s the most negative reading since Goldman started tracking the data in 1998.
Key events this week:
* ECB Governing Council members speak at Euromoney conference in Vienna, Wednesday
* US CPI, initial jobless claims, Thursday
* St Louis Fed President James Bullard at Wisconsin Bankers Association virtual event, Thursday
* Richmond Fed President Thomas Barkin speaks at VBA/VA Chamber, Thursday
* China trade, Friday
* US University of Michigan consumer sentiment, Friday
* Citigroup, JPMorgan, Wells Fargo report earnings, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0736
* The British pound fell 0.3% to $1.2150
* The Japanese yen fell 0.3% to 132.24 per dollar
Cryptocurrencies
* Bitcoin rose 1.7% to $17,465.79
* Ether rose 1.7% to $1,340.62
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.61%
* Germany’s 10-year yield advanced eight basis points to 2.31%
* Britain’s 10-year yield advanced three basis points to 3.56%
Commodities
* West Texas Intermediate crude rose 0.5% to $74.97 a barrel
* Gold futures rose 0.2% to $1,882.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Peyton Forte, Isabelle Lee, Vildana Hajric and John McCorry.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

My idea of courtesy is this: It is the habit of respecting other people’s feelings under all circumstances;
the habit of going out of one’s way to help any less fortunate person whenever and wherever possible;
and last, but by no means least, the habit of controlling selfishness in all its forms. – Andrew Carnegie, 1835-1919.

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

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

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

 

Dear Friends,

Tangents: Happy Monday.
January 9, 1868:  Last convict ship, the Hougoumont, arrives in Freemantle, ending 80 years of penal transportation to Australia.
1964: President Lyndon B. Johnson declared a war on poverty.  How did that work out?   Go to article » 

Simone de Beauvoir, writer, b. 1908.
Joan Baez, folk singer, b. 1941.

You can still stay at the world’s oldest hotel, Nisiyama Onsen Keiunkan in Japan, which was founded in 705 AD.

A messy sibling rivalry is pure kryptonite for a drama-hungry public, and Prince Harry knows it. — Martin Ivens

The world’s no. 1 restaurant is closing its doors. How can you top that in a second act? — Howard Chua-Eoan

Want to avoid death? Human antifreeze might be just the thing for you. — Parmy Olson

Why hasn’t ET phoned Earth? Maybe aliens are waiting for the exact right moment.   Aliens may be waiting until a cosmic version of “high noon” to send out their signals to us, scientists have suggested.
In a new study, researchers hunted for technological signs of E.T. during the moments when exoplanets pass directly in front of their suns, from Earth’s point of view. These exact moments could be the perfect chance for an alien world to beam out a signal to Earthlings in an attempt to make contact.  Full Story: Live Science (1/6)

Why ancient Roman structures like the Pantheon still stand.  Modern concrete can crumble in just decades. So how are ancient Roman temples still standing after 2,000 years? Well, researchers say the Romans used this mystery ingredient to make their concrete super durable.

PHOTOS OF THE DAY

Brunnen, Switzerland
Revellers in traditional costumes and masks inspired by those of the Venetian Commedia dell’Arte march through the small Swiss town during a parade that marks the beginning of carnival season
Photograph: Urs Flueeler/EPA

Adelaide, Australia
Visitors inspect the Titan arum, aka Corpse Flower, as it begins to bloom at the city’s botanic gardens. It is the first time that the endangered plant has flowered in nearly 10 years at the gardens
Photograph: Matt Turner/EPA

Vatican, Italy
Pope Francis poses with ambassadors to the Holy See inside the Sistine chapel during his annual audience
Photograph: Vatican Pool/Getty Images
Market Closes for January 9^th, 2023

Market Index	Close	Change
Dow Jones	33517.65	-112.96
		-0.34%
S&P 500	3892.09	-2.99
		-0.08%
NASDAQ	10635.65	+66.36
		+0.63%
TSX	19858.94	+44.43
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	25973.85	+153.05
		+0.59%
HANG SENG	21388.34	+396.70
		+1.89%
SENSEX	60747.31	+846.94
		+1.41%
FTSE 100*	7724.94	+25.45
		+0.33%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.082		3.091
CND. 30 Year Bond		3.098		3.100
U.S.    10 Year Bond		3.5266		3.5580
U.S. 30 Year Bond		3.6475		3.6874

Currencies

BOC Close	Today	Previous
Canadian $	0.7467	0.7441
US $	1.3392	1.3439
Euro Rate 1 Euro=		Inverse
Canadian $	1.4370	0.6959
US  $	1.0732	0.9318

Commodities

Gold	Close	Previous
London Gold Fix	1852.20	1834.00
Oil
WTI Crude Future	74.63	73.77

Market Commentary:
On this day in 1790, Treasury Secretary Alexander Hamilton submitted to Congress his “Report on the Public Credit,” which proposed buying distressed bonds to consolidate the national debt. U.S. and state bonds, which had been trading at a fraction of their value, jumped in price. In turn, several members of Congress hired sailboats and stagecoaches to take them south so they could snap up bonds at bargain prices before Southern newspapers shared the news of Hamilton’s proposals.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 42.56 to 19,857.07 in Toronto.
The index advanced to the highest closing level since Dec. 14.
Royal Bank of Canada contributed the most to the index gain, increasing 0.7%.
Ballard Power Systems Inc. had the largest increase, rising 7.3%.
Today, 126 of 236 shares rose, while 108 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* The index declined 5.8% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.6% below its 52-week high on April 5, 2022 and 11.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.4% in the past 5 days and fell 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 13.47% compared with 13.49% in
the previous session and the average of 13.72% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 27.6861| 0.8| 34/5
Financials | 13.2464| 0.2| 15/14
Information Technology | 10.0473| 0.9| 13/1
Industrials | 4.4956| 0.2| 14/12
Real Estate | 3.6846| 0.7| 15/8
Utilities | 3.5499| 0.4| 8/7
Consumer Staples | 2.4288| 0.3| 7/4
Health Care | -1.7468| -2.3| 3/4
Communication Services | -2.3186| -0.2| 1/5
Consumer Discretionary | -4.8431| -0.7| 7/8
Materials | -13.6617| -0.6| 9/40
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 9.3240| 0.7| 26.5| 3.2
Brookfield Corp | 6.2110| 1.4| -58.1| 6.6
Enbridge | 5.8710| 0.8| -28.5| 3.7
TD Bank | -3.3820| -0.3| -39.0| -1.8
Agnico Eagle Mines | -3.3970| -1.5| -43.1| 4.1
Nutrien | -3.8420| -1.0| -52.1| 4.1
US
By Rita Nazareth
(Bloomberg) — A rally in stocks fizzled out after two Federal Reserve officials signaled that interest rates could top 5%, throwing some cold water on traders who saw a peak below that mark.
The S&P 500 failed to stay above the key 3,900 level, erasing an advance that reached almost 1.5%.
The Dow Jones Industrial Average underperformed, while the Nasdaq 100 rose thanks to gains in big tech, with Tesla Inc. surging about 6%.
The dollar and Treasury yields pared their declines.
Fed Bank of San Francisco President Mary Daly said she expects the central bank to raise rates to somewhere over 5%.
Her Atlanta counterpart Raphael Bostic noted that policymakers should hike above 5% by early in the second quarter and then go on hold for “a long time.”
Investors also awaited Thursday’s US CPI report that will come out almost a week after the latest jobs data showed that wage growth has decelerated.
The figures will be among the last such readings policymakers will see before their Jan. 31-Feb. 1 gathering.
“In addition to the probability of interest rates remaining high and a possible economic slowdown, any bullishness triggered by slowing inflation may be offset by stocks still-high valuations and overly optimistic earnings expectations,” said Chris Larkin at E*TRADE from Morgan Stanley. “It could be a recipe for choppy near-term and long-term trading.”
Morgan Stanley’s Michael Wilson said that while investors are generally pessimistic about the outlook for economic growth, corporate profit estimates are indeed still too high.
That suggests the S&P 500 could fall much lower than the 3,500 to 3,600 points the market is currently estimating in the event of a mild recession, the strategist said.
His counterparts at Goldman Sachs Group Inc. expect pressure on profit margins, changes to US corporate tax policies and the likelihood of a recession to overshadow the positive impact from China’s economic reopening.
“With all eyes on this week’s CPI report, corporate earnings season, and next month’s Fed meeting, we expect volatility to return,” said Mark Hackett, chief of investment research at Nationwide. “Investors should avoid overreacting to large market moves as elevated volatility is our new normal.”
Still, the rising threat of an economic recession has done nothing to dissuade Corporate America from spending big on its own shares.
American firms announced a record $1.26 trillion of buybacks in 2022, up 3% from a year ago, according to data compiled by Birinyi Associates.
In corporate news, Apple Inc.’s push to replace the chips inside its devices with homegrown components will include dropping a key Broadcom Inc. part in 2025.
Jefferies Financial Group Inc. said profit tumbled amid a persistent deal slump that looks poised to crimp a key profit engine across Wall Street.
Elsewhere, equities in developing nations entered a bull market amid a rally fueled by optimism over China’s reopening and a weakening dollar.
The MSCI Emerging Markets Index advanced 2.5% on Monday, taking its gains from an Oct. 24 low to over 20%. 
Key events this week:
* US wholesale inventories, Tuesday
* Fed Chair Jerome Powell among speakers at Riksbank symposium in Stockholm, Tuesday
* World Bank expected to release global economic prospects report, Tuesday
* ECB Governing Council members speak at Euromoney conference in Vienna, Wednesday
* US CPI, initial jobless claims, Thursday
* St Louis Fed President James Bullard at Wisconsin Bankers Association virtual event, Thursday
* Richmond Fed President Thomas Barkin speaks at VBA/VA Chamber, Thursday
* China trade, Friday
* US University of Michigan consumer sentiment, Friday
* Citigroup, JPMorgan Chase, Wells Fargo report earnings, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.8% to $1.0734
* The British pound rose 0.7% to $1.2182
* The Japanese yen rose 0.2% to 131.82 per dollar
Cryptocurrencies
* Bitcoin rose 1.5% to $17,206.51
* Ether rose 4% to $1,319.87
Bonds
* The yield on 10-year Treasuries declined three basis points to 3.53%
* Germany’s 10-year yield advanced two basis points to 2.23%
* Britain’s 10-year yield advanced five basis points to 3.53%
Commodities
* West Texas Intermediate crude rose 1.4% to $74.82 a barrel
* Gold futures rose 0.3% to $1,874.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Isabelle Lee, Peyton Forte and Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Each person  must live their life as a model for others.  –Rosa Parks, 1913-2005.

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

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

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

Dear Friends,

Tangents:

Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, 1994 Figure skater Nancy Kerrigan was clubbed on the right leg in an assault planned by the ex-husband of her rival, Tonya Harding. Go to article » 

All 32 teams in the NFL are set for their final scheduled regular-season games this weekend, but many players across the league are contemplating an emotional return to the field in the wake of Damar Hamlin’s mid-game cardiac arrest. On Thursday, doctors said the 24-year-old Buffalo Bills player is awake in a Cincinnati hospital, is neurologically sound and is moving his hands and feet — news that has elicited relief from supporters nationwide after he collapsed on the field Monday. Several players across the league are cheering on Hamlin’s improvement, but many are still understandably shaken up and unsure if they’re ready to play this weekend. On Thursday, the NFL canceled the Bills vs. Bengals game, meaning both teams will head into the playoffs having played one fewer game than other teams in the American Football Conference. League officials are expected to meet today with all NFL teams to discuss a proposal for playoff options amid such unforeseen circumstances.

Quarry workers make ‘unexpected’ discovery of ship from Queen Elizabeth I’s reign
Much of the wooden hull of a rare Elizabethan-era ship has been found in a flooded quarry in southeast England, hundreds of yards from the nearest coast.

Few vessels from this time have survived, so an analysis of the find may shed new light on a key period in seafaring, when the country rapidly expanded its trading links throughout Europe through its control of the English Channel.
Full Story: Live Science
PHOTOS OF THE DAY

Kalofer, Bulgaria
The traditional Horo dance is performed in the wintry waters of the Tundzha River during Epiphany Day celebrations. An Orthodox priest throws a cross in the river and it is believed that the person who retrieves it will be healthy throughout the year
Photograph: Nikolay Doychinov/AFP/Getty Images

Madrid, Spain
An acrobat appears to be suspended by floating balloons during a performance of the Three Kings Epiphany parade
Photograph: Pierre-Philippe Marcou/AFP/Getty Images

Harbin, China
People walk on blocks of ice on the frozen Songhua river
Photograph: Héctor Retamal/AFP/Getty Images
Market Closes for January 6^th, 2023

Market Index	Close	Change
Dow Jones	33630.61	+700.53
		+2.13%
S&P 500	3895.08	+86.98
		+2.28%
NASDAQ	10569.29	+264.05
		+2.56%
TSX	19814.51	+307.67
		+1.58%

International Markets

Market Index	Close	Change
NIKKEI	25973.85	+153.05
		+0.59%
HANG SENG	20991.64	-60.53
		-0.29%
SENSEX	59900.37	-452.90
		-0.75%
FTSE 100*	7699.49	+66.04
		+0.87%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.091		3.178
CND. 30 Year Bond		3.100		3.157
U.S.    10 Year Bond		3.5580		3.7181
U.S. 30 Year Bond		3.6874		3.7941

Currencies

BOC Close	Today	Previous
Canadian $	0.7441	0.7370
US $	1.3439	1.3569
Euro Rate 1 Euro=		Inverse
Canadian $	1.4313	0.6987
US  $	1.0652	0.9388

Commodities

Gold	Close	Previous
London Gold Fix	1834.00	1857.30
Oil
WTI Crude Future	73.77	73.67

Market Commentary:

On this day in 1981, Joe Granville issued an advisory to his 11,000 paying subscribers: “Sell Everything!” The next day, the Dow Jones Industrial Average plummeted 4.2% on then-record volume. The call—and the subsequent market selloff over the following year—cemented his reputation as a market guru. But the acclaim didn’t last: by 1987, his followers had lost 98% of their money as a result of his advice.

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.6% at 19,814.51 in Toronto. The move was the biggest since rising 3.3% on Nov.
10 and follows the previous session’s decrease of 0.4%.
Today, energy stocks led the market higher, as all sectors gained; 204 of 236 shares rose, while 32 fell.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 3.8%. Hudbay Minerals Inc. had the largest increase, rising 9.4%.
Insights
* In the past year, the index had a similar or greater gain 14 times. The next day, it advanced nine times for an average 0.9% and declined five times for an average 1.1%
* So far this week, the index rose 2.2%, heading for the biggest advance since the week ended Nov. 11
* The index declined 6% in the past 52 weeks. The MSCI AC Americas Index lost 18% in the same period
* The S&P/TSX Composite is 10.8% below its 52-week high on April 5, 2022 and 10.9% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility rose to 13.49% compared with 12.56% in the previous session and the average of 13.96% over the past month
================================================================
|Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 81.1848| 2.4| 37/2
Financials | 65.8813| 1.1| 24/5
Industrials | 55.4128| 2.1| 23/3
Materials | 40.7205| 1.7| 43/7
Consumer Discretionary | 13.4278| 1.8| 13/2
Utilities | 13.0564| 1.5| 16/0
Consumer Staples | 11.7375| 1.4| 11/0
Information Technology | 11.5098| 1.0| 9/5
Communication Services | 10.0340| 1.0| 5/1
Real Estate | 4.3321| 0.9| 19/4
Health Care | 0.3816| 0.5| 4/3
* The benchmark 10-year bond rose and the yield fell 8.4 basis points to 3.095%
* The S&P 500 Index advanced 2.3%
US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — US stocks had their best day in more than a month as traders speculated that a slowdown in wage growth will keep the Federal Reserve from having to intensify its battle against inflation. Treasuries rallied and the dollar dropped.
The S&P 500 jumped more than 2% to salvage the first weekly advance in the past five, while the Nasdaq 100 rose 0.9% in the four days. The dollar suffered its longest streak of weekly losses in two months as cooler wage growth outweighed an otherwise solid jobs report to fuel expectations the Fed will slow its pace of rate hikes.
Treasuries advanced Friday, with sharp declines in short-term yields where the policy-sensitive, two-year rate fell the most this week since November.
The eagerly anticipated December jobs report failed to offer a clear picture of the state of the American labor market, especially since it came a day after two jobs readings signaled continued tightness. Hiring exceeded estimates for the month and unemployment fell to the lowest in decades. Traders continued to mull how that strength contrasts with the weaker gains in hourly wages and what that means for Fed policy ahead. A reading on consumer prices is due next week.
“A new 53-year low in the unemployment rate is a real problem, suggesting the Fed made zero progress toward relieving labor market strain in 2022,” wrote Chris Low, chief economist at FHN Financial. “But the combination of the downward revision to November average hourly earnings and a lower-than-expected December rise buys the FOMC more time.”
Recent data only complicates the central bank’s task and creates uncertainty for traders. Kansas City Fed’s Esther George, on Friday, warned that officials will have a tough road ahead as they attempt to balance inflation and employment. Other Fed officials have also continued to be hawkish, saying that while data has been encouraging and inflation is easing, the central bank still has more work to do.
Swaps contracts show investors now expect the policy rate to peak at under 5% this cycle, down from 5.06% just before Friday’s jobs report. While traders remain divided about the size of February’s hike, with 33 basis points of tightening priced in it appears that a quarter-point move is seen as more likely than a half point increase. Traders are now awaiting December’s inflation reading that releases next week for further clues about the economy. 
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.3% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 2.8%
* The Dow Jones Industrial Average rose 2.1%
Currencies
* The Bloomberg Dollar Spot Index fell 1.1%
* The euro rose 1.2% to $1.0644
* The British pound rose 1.6% to $1.2094
* The Japanese yen rose 1% to 132.08 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $16,900.11
* Ether rose 1.1% to $1,265.83
Bonds
* The yield on 10-year Treasuries declined 16 basis points to 3.56%
* Germany’s 10-year yield declined 11 basis points to 2.21%
* Britain’s 10-year yield declined eight basis points to 3.47%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 1.7% to $1,871.50 an ounce

–With assistance from Peyton Forte, Isabelle Lee and Elena Popina.
Have a lovely weekend

Be magnificent!
As ever,

Isabel

It is better to sleep on things beforehand than lie awake about them afterwards. – Baltasar Gracian, 1601-1658.

Assistant to Carolann Steinhoff

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

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

 

 

Dear Friends,

Tangents:

Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, 1972 President Richard Nixon ordered development of the space shuttle. Go to article » 

5 stunning archaeological discoveries that may finally be unearthed in 2023. Here are five predictions about what archaeologists may dig up in 2023. Predicting the future is tricky, but based on our research, we’ve made some educated guesses as to the archaeological discoveries and stories we may see in 2023. There’s a possibility that the mummy of Nefertiti will be discovered, as archaeologists are conducting DNA tests in an Egyptian tomb to see if one of the mummies is the remains of the ancient Egyptian queen. We also may learn more about an underground city that flourished in Turkey about 2,000 years ago. Here are our five archaeological predictions for 2023.  Go to article »

Artist draws with one line. This artist creates impressive drawings without lifting her pen once. Watch this short video to see how her hands and eyes work in speedy coordination. (Click here to view)
PHOTOS OF THE DAY

Vatican City
The body of late Pope Emeritus Benedict XVI inside St Peter’s Basilica. Pope Benedict, the German theologian who will be remembered as the first pope in 600 years to resign, has died aged 95
Photograph: Andrew Medichini/AP

Harbin, China
Children play at the Harbin Ice and Snow World in north-eastern Heilongjiang province during the opening ceremony of the 39th Harbin China international ice and snow festival
Photograph: Héctor Retamal/AFP/Getty Images

Caribbean creche by Claudio Contreras Koob, Mexico
Claudio was lying down on the mud a safe distance from a breeding colony of Caribbean, or American, flamingos, in Ría Lagartos biosphere reserve, on the Yucatán Peninsula, Mexico. It was June and the flamingo chicks had left their nests and were in creches guarded by adult birds. When the chicks began to approach Claudio, the adults surrounded them and guided them back into the colony
Photograph: Claudio Contreras Koob/2022 Wildlife Photographer of the Year
Market Closes for January 5^th, 2023

Market Index	Close	Change
Dow Jones	32930.08	-339.69
		-1.02%
S&P 500	3808.10	-44.87
		-1.16%
NASDAQ	10305.24	-153.52
		-1.47%
TSX	19506.84	-81.99
		-0.42%

International Markets

Market Index	Close	Change
NIKKEI	25820.80	+103.94
		+0.40%
HANG SENG	21052.17	+259.06
		+1.25%
SENSEX	60353.27	-304.18
		-0.50%
FTSE 100*	7633.45	+48.26
		+0.64%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.178		3.134
CND. 30 Year Bond		3.157		3.138
U.S.    10 Year Bond		3.7181		3.6827
U.S. 30 Year Bond		3.7941		3.7975

Currencies

BOC Close	Today	Previous
Canadian $	0.7370	0.7418
US $	1.3569	1.3481
Euro Rate 1 Euro=		Inverse
Canadian $	1.4278	0.7004
US  $	1.0523	0.9503

Commodities

Gold	Close	Previous
London Gold Fix	1857.30	1843.25
Oil
WTI Crude Future	73.67	72.84

Market Commentary:
On Jan. 5, 1999, Amazon.com announced that fourth-quarter sales totaled $250 million, more than triple the level of the same quarter a year earlier. Fixated on Amazon’s revenue growth (and utterly ignoring its widening net losses), traders went wild. The stock surged $6.19 that day to $124.50.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 19,506.84 in Toronto. The move follows the previous session’s increase of 0.7%.
Shopify Inc. contributed the most to the index decline, decreasing 3.5%. Fortuna Silver Mines Inc. had the largest drop, falling 10.4%.
Today, 136 of 236 shares fell, while 97 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 0.6%, heading for the biggest advance since the week ended Nov. 25
* The index declined 7.3% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is 12.2% below its 52-week high on April 5, 2022 and 9.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.2% in the past 5 days and fell 3.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 12.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 12.56% compared with 13.14% in the previous session and the average of 14.02% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -50.1239| -0.8| 8/21
Industrials | -34.1900| -1.3| 15/11
Information Technology | -24.3914| -2.1| 1/13
Utilities | -10.3525| -1.2| 2/14
Real Estate | -6.5737| -1.3| 0/23
Health Care | 0.3445| 0.5| 2/5
Communication Services | 0.4853| 0.1| 3/3
Consumer Staples | 2.4234| 0.3| 7/4
Consumer Discretionary | 4.9511| 0.7| 13/1
Energy | 16.5308| 0.5| 23/15
Materials | 18.9022| 0.8| 23/26
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -14.6200| -3.5| -6.5| 3.9
Canadian Pacific | -13.8100| -2.1| 19.6| 0.3
Canadian National | -10.6300| -1.6| 29.0| -0.2
Teck Resources | 7.9660| 5.3| 22.9| 0.3
Suncor Energy | 8.8470| 2.4| -51.8| -4.2
Nutrien | 15.0100| 4.3| -4.4| 2.4
US
By Vildana Hajric
(Bloomberg) — US stocks closed lower as continued evidence of strength in the labor market fueled speculation the Federal Reserve has room to keep raising rates. Short-dated Treasuries fell.
The S&P 500 and the Nasdaq 100 each lost more than 1% after hiring numbers surpassed estimates in a private payrolls report and new claims for unemployment benefits unexpectedly fell last week. The policy-sensitive, two-year Treasury yield climbed the most in a month. The dollar strengthened versus major peers.
Dovish comments from St. Louis Fed President James Bullard, who said rates are getting closer to a sufficiently restrictive zone, briefly improved sentiment, but were not enough to divert focus from hiring data. The Fed has suggested that a tight labor market remains a threat to its efforts to slow inflation, ramping up the stakes for government employment figures due early Friday.
At the same time, officials remain worried that financial conditions could get too loose to effectively crimp economic growth, even after the Fed embarked on the most aggressive tightening campaign in decades.
“What the Fed really wants to see is some slack build up in the labor markets, in hopes it can do this gently without creating much of a downturn,” Raghuram Rajan, a former governor of India’s central bank, said on Bloomberg Television. “But it may well be that by the time it seems that it will have raised rates enough, that the momentum takes us down to a mild recession at the very least.”
Atlanta Fed President Raphael Bostic contributed to the subdued sentiment on Thursday after he said the central bank still has “much work to do” to tame inflation. He added to a chorus of hawkish Fed officials this week. Minneapolis Fed President Neel Kashkari said Wednesday he expects rates to rise as high as 5.4%, while Kansas City Fed’s Esther George said she favors a rise above 5%.
Swaps linked to individual Fed decisions jumped and now suggest a peak in the overnight effective rate above 5% in the middle of 2023. The current target range for the Fed is 4.25% to 4.5% and there are around 37 basis points of hikes priced in for the next gathering in February.
Key events this week:
* Eurozone retail sales, CPI, consumer confidence, Friday
* Germany factory orders, Friday
* US nonfarm payrolls, factory orders, durable goods, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4:02 p.m. New York time
* The Nasdaq 100 fell 1.6%
* The Dow Jones Industrial Average fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.0520
* The British pound fell 1.2% to $1.1909
* The Japanese yen fell 0.6% to 133.38 per dollar
Cryptocurrencies
* Bitcoin rose 0.2% to $16,851.63
* Ether was little changed at $1,253.12
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.71%
* Germany’s 10-year yield advanced four basis points to 2.32%
* Britain’s 10-year yield advanced six basis points to 3.55%
Commodities
* West Texas Intermediate crude rose 1.2% to $73.72 a barrel
* Gold futures fell 1.1% to $1,838.60 an ounce

–With assistance from Isabelle Lee and Namitha Jagadeesh.

Have a lovely evening

Be magnificent!
As ever,

Isabel

Rejoice in the things that are present; all else is beyond thee. – Michel De Montaigne, 1533–1592.

Assistant to Carolann Steinhoff

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

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

 

 

 

Dear Friends,

Tangents:

Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, 2007 Rep. Nancy Pelosi, D-Calif., became the first female speaker of the House. Go to article » 
It’s National Spaghetti Day. Ciao! In honor of the unofficial holiday, watch this video to see the world’s rarest pasta recipe and its intricate shaping technique. (Click here to view)

10 dazzling gold and silver treasures dug up in 2022. Here are 10 stunning gold and silver treasures, dating from millennia to centuries ago, that came to light in 2022. Go to article »

Japan is offering to pay families to move out of its overcrowded capital.

Starting in April, the incentive — equivalent to about $7,700 per child — will be issued to families if they move from Tokyo to less-populated countryside towns, a spokesperson from the central government said.

Tokyo is the country’s most populous city, with roughly 37 million residents. For decades, people across Japan have migrated to its urban centers seeking job opportunities.

With little space, prices have skyrocketed, while rural towns have been left with fewer residents — as well as millions of unoccupied homes.

This is not the first time the government has tried to use financial incentives to encourage people to leave, but the new plan is more generous at three times the amount currently offered.

PHOTOS OF THE DAY

Sydney, Australia
People watch projections during a media preview for the exhibition Frida Kahlo: The Life of an Icon, as part of Sydney festival
Photograph: Steven Saphore/Anadolu Agency/Getty Images

Simal, Senegal
A prawn fisher walks into the Sine Saloum Delta ahead of a night of fishing
Photograph: John Wessels/AFP/Getty Images

On the lookout
‘A male kingfisher on the River Avon, Bradford-on-Avon, Wiltshire. Sitting close to the river path, the river was high with snowmelt, so he was struggling to find slack water to fish in.’
Photograph: Alex Handover
Market Closes for January 4^th, 2023

Market Index	Close	Change
Dow Jones	33269.77	+133.40
		+0.40%
S&P 500	3852.97	+28.83
		+0.75%
NASDAQ	10458.76	+71.78
		+0.69%
TSX	19588.83	+145.06
		+0.75%

International Markets

Market Index	Close	Change
NIKKEI	25716.86	-377.64
		-1.45%
HANG SENG	20793.11	+647.82
		+3.22%
SENSEX	60657.45	-636.75
		-1.04%
FTSE 100*	7585.19	+31.10
		+0.41%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.134		3.198
CND. 30 Year Bond		3.138		3.200
U.S.    10 Year Bond		3.6827		3.7577
U.S. 30 Year Bond		3.7975		3.8589

Currencies

BOC Close	Today	Previous
Canadian $	0.7418	0.7314
US $	1.3481	1.3672
Euro Rate 1 Euro=		Inverse
Canadian $	1.4299	0.6993
US  $	1.0607	0.9428

Commodities

Gold	Close	Previous
London Gold Fix	1843.25	1813.75
Oil
WTI Crude Future	72.84	76.93

Market Commentary:
On Jan. 4, 2000, the Nasdaq Composite plunged a then-record 229.46 points, or 5.55%, to close at 3901.69. Internet stocks were hammered the hardest, as CMGI and Yahoo! each lost a third of their value that day. Was it time for investors to get worried? “No,” a market analyst declared flatly, “the bull market isn’t over.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.7%, or 145.06 to 19,588.83 in Toronto.
The index advanced to the highest closing level since Dec. 15.
Shopify Inc. contributed the most to the index gain, increasing 3.7%. Equinox Gold Corp. had the largest increase, rising 9.6%.
Today, 168 of 236 shares rose, while 66 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 7.8% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 11.8% below its 52-week high on April 5, 2022 and 9.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 4.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 12.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility rose to 13.14% compared with 12.90% in the previous session and the average of 14.10% over the past month
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 14.9500| 3.7| -5.6| 7.7
TD Bank | 14.2800| 1.3| 223.9| 1.3
Barrick Gold | 13.1700| 4.4| -33.8| 9.7
Cenovus Energy | -4.9620| -2.1| -18.1| -7.0
Canadian Natural Resources | -6.2680| -1.2| -59.9| -6.3
Suncor Energy | -10.2400| -2.7| -58.6| -6.4
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — US stocks ended Wednesday’s session with gains as traders weighed the concerns Federal Reserve officials voiced during their last policy meeting against key data showing the economy is slowing.
Treasury yields slipped.
The S&P 500 snapped two days of losses, but not without some drama following the release of minutes from the Federal Open Market Committee’s December meeting.
They showed officials cautioning that an “unwarranted” loosening of financial conditions — a cross-asset measure of stress among markets — would complicate efforts to reach their inflation target.
Policy makers were also concerned that inflation will remain entrenched if the labor market stays resilient.
The 10-year Treasury yield ended at 3.68%, while the dollar retreated. Crude slumped in New York.
Many officials highlighted the need to curb inflation without slowing the economy too much, which somewhat heartened investors. But ultimately, the meeting minutes emphasized that the Fed will have a lot more to do if markets do not cooperate.
“The Fed wanted to send a message to the market that they would not be easing or cutting rates anytime in 2023,” said Joe Gilbert, portfolio manager for Integrity Asset Management. “However, we must remember that the Fed also did not forecast raising rates by 400 basis points twelve months ago, so their forecasting ability of their own actions is sometimes quizzical.”
Latest numbers from the Institute for Supply Management underscored improving supply chain conditions, declining input prices and slower demand — all developments the Fed would welcome. But job openings data pointed to a robust labor market, which rattled investors earlier in the session.
All eyes will be on the nonfarm payrolls report on Friday, for any signs of possible softening in the labor market.

Key events this week:
* Eurozone PPI, Thursday
* US ADP employment change, initial jobless claims, Thursday
* China trade, Caixin PMI, Thursday
* Eurozone retail sales, CPI, consumer confidence, Friday
* Germany factory orders, Friday
* US nonfarm payrolls, factory orders, durable goods, Friday

The main markets moves are:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0603
* The British pound rose 0.8% to $1.2059
* The Japanese yen fell 1.3% to 132.69 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $16,800.86
* Ether rose 3.3% to $1,250.87
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.69%
* Germany’s 10-year yield declined 12 basis points to 2.27%
* Britain’s 10-year yield declined 16 basis points to 3.49%
Commodities
* West Texas Intermediate crude fell 5% to $73.07 a barrel
* Gold futures rose 0.7% to $1,859.10 an ounce

Have a lovely evening

Be magnificent!
As ever,

Isabel

It does not matter how slowly you go as long as you do not stop. –Confucius, 551 BC-479 BC.

Assistant to Carolann Steinhoff

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

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

 

Dear Friends,

Tangents:
Happy New Year!
I wish you and your families a wonderful year ahead filled with love, laughter and happiness.  And hopefully…. there will finally be peace in the world.

The most anticipated Broadway shows opening in 2023.  Broadway fans, here are some of the highly anticipated musicals and plays premiering this year. (Spoiler alert: “Back to the Future: The Musical” may unleash a wave ’80s nostalgia.)

Egypt recovers heavy ‘Green Sarcophagus’ from the US.  A sarcophagus was smuggled from Egypt a few years ago, officials said. After a lengthy investigation, US authorities have returned the precious piece.

Celine Dion’s exclusion from ‘Greatest Singers List’ sparks outrage.  Near, far, wherever you are, there’s anger over Celine Dion not being included on Rolling Stone’s list of the 200 greatest singers of all time.

Georgia realtor receives invitation to play in the Masters by mistake.  This man received a package holding the most prestigious letter in golf. Unfortunately, it was sent to the wrong person.

PHOTOS OF THE DAY:

Glenshee, Scotland
A skier in Meall Odhar and Glas Maol in the southern Cairngorms
Photograph: Murdo MacLeod/The Guardian

Whitley Bay, UK
Sunrise at St Mary’s Lighthouse on the north-east coast of England
Photograph: Owen Humphreys/PA

Pasadena, US
The Taipei first girls high school marching band perform at the 134th rose parade in California
Photograph: Michael Owen Baker/AP
Market Closes for January 3^rd, 2023

Market Index	Close	Change
Dow Jones	33136.37	-10.88
		-0.03%
S&P 500	3824.14	-15.36
		-0.40%
NASDAQ	10386.98	-79.50
		-0.76%
TSX	19443.77	+58.85
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	26094.50	+0.83
		—
HANG SENG	20145.29	+363.88
		+1.84%
SENSEX	61294.20	+126.41
		+0.21%
FTSE 100*	7554.09	+102.35
		+1.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.198		3.302
CND. 30 Year Bond		3.200		3.278
U.S.    10 Year Bond		3.7577		3.8748
U.S. 30 Year Bond		3.8589		3.9630

Currencies

BOC Close	Today	Previous
Canadian $	0.7314	0.7383
US $	1.3672	1.3546
Euro Rate 1 Euro=		Inverse
Canadian $	1.4424	0.6933
US  $	1.0549	0.9480

Commodities

Gold	Close	Previous
London Gold Fix	1813.75	1813.75
Oil
WTI Crude Future	76.93	80.26

Market Commentary:
On Jan 3, 1977, Apple Computer Corp. is incorporated by Steve Jobs and Steve Wozniak. Now known as Apple, Inc., it is the only company that currently holds a $2 trillion market value.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 19,443.77 in Toronto.
The move follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain, increasing 3.8%. Equinox Gold Corp. had the largest increase, rising 10.2%.
Today, 168 of 236 shares rose, while 65 fell; 10 of 11 sectors were higher, led by materials stocks.
Insights
* The index declined 8.4% in the past 52 weeks. The MSCI AC Americas Index lost 21% in the same period
* The S&P/TSX Composite is 12.5% below its 52-week high on April 5, 2022 and 8.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.5% in the past 5 days and fell 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 12.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility fell to 12.90% compared with 12.96% in the previous session and the average of 14.15% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 50.5317| 2.2| 43/7
Financials | 28.7646| 0.5| 23/5
Industrials | 27.6365| 1.1| 21/4
Information Technology| 22.7934| 2.1| 13/1
Utilities | 16.2650| 1.9| 16/0
Consumer Discretionary| 9.3468| 1.3| 9/6
Consumer Staples | 7.7223| 0.9| 11/0
Communication Services| 7.1780| 0.8| 4/2
Real Estate | 5.0136| 1.0| 21/2
Health Care | 1.1045| 1.6| 4/2
Energy | -117.5165| -3.4| 3/36
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 14.6200| 3.8| -5.1| 3.8
Barrick Gold | 14.1500| 5.0| -45.1| 5.0
Canadian Pacific | 9.0540| 1.4| -28.6| 1.4
Cenovus Energy | -12.6000| -5.0| 4.2| -5.0
Suncor Energy | -15.5500| -3.9| 15.4| -3.9
Canadian Natural Resources | -29.8100| -5.2| 0.0| -5.2
US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks declined on Tuesday as Tesla Inc. and Apple Inc. highlighted slowing demand, stoking concern about what lies ahead for growth stocks and the US economy as the Federal Reserve gears up to keep raising interest rates.
Treasuries advanced and the dollar climbed the most in nearly three weeks.
The S&P 500 and the Nasdaq 100 ended the first trading session of 2023 in the red, but came off session lows as the closing bell rang.
Apple’s decline, as concerns about iPhone supply mount, pushed the firm’s market value below $2 trillion.
The firm has told suppliers to make fewer components for some of its products because of withering demand.
Tesla fell after fourth-quarter deliveries missed estimates, despite the firm offering incentives in key markets.
Treasury yields declined across the curve, with the 10-year rate around 3.78% after touching 3.72% earlier.
Oil fell the most since November as mild winter temperatures in several parts of the world assuaged fears of an energy crisis.
Investors, still on the edge after their wagers about the Fed’s path missed the mark in 2022, expect a volatile year of trading as uncertainty about the US economy persists.
Fed policy will dictate how stocks and bonds perform this year, with some traders already seeking opportunities resulting from risk assets getting sold off.
Recession concerns lingered, with former New York Fed President William Dudley saying that an imminent slowdown won’t be severe while investors continue to mull the impact the central bank’s tightening will have on the economy. Investors will be paying attention to the jobs report this week, as softening in the labor market remains the Fed’s focus.
“What worries the markets going into the year is how deep the recession is likely to be,” Sam Stovall, chief investment strategist at CFRA, said on Bloomberg Television. “I think very few people believe we will miss a recession altogether, especially when we have such an inverted yield curve and now are expected to fall into an earnings recession.”
Stovall says that after a down year, investors would be better off gravitating toward the worst performing sectors because their stocks have likely been battered and many may be priced to go out of business.
“But if they don’t, they are the ones that have the greatest upside potential,” he said. “When the market mood does swing, that is where the opportunity will be in terms of the vacuum of valuations.”
Meanwhile, stocks in China and Europe closed Tuesday’s session higher as signs that Covid infections may have peaked in some of China’s biggest cities buoyed sentiment.
The Stoxx Europe 600 Index and the Hang Seng Index notched gains of more than 1% each.
However, China’s economy may not get the “outsized boost” people are expecting, Matt Maley, chief market strategist at Miller Tabak + Co., wrote in a note.
Chris Senyek of Wolfe Research also isn’t bullish about China’s reopening.
“In our view, there’s still a massive amount of uncertainty there, and whenever growth does begin to re-accelerate, inflation headwinds are more likely than not to offset global growth tailwinds,” he said in a note. 
The main markets moves are:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 1.1% to $1.0552
* The British pound fell 0.6% to $1.1973
* The Japanese yen fell 0.1% to 130.98 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $16,654.68
* Ether fell 0.7% to $1,210.4
Bonds
* The yield on 10-year Treasuries declined nine basis points to 3.78%
* Germany’s 10-year yield declined six basis points to 2.39%
* Britain’s 10-year yield declined two basis points to 3.65%
Commodities
* West Texas Intermediate crude fell 3.8% to $77.20 a barrel
* Gold futures rose 1% to $1,843.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Namitha Jagadeesh.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

We live in the present, we dream of the future, but we learn eternal truths from the past. -Chiang Kai-shek, 1887-1975.

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

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

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

Dear Friends,

Tangents: Happy Friday.

1927: The Ginza Line, the first subway line in Asia, opens in Tokyo, Japan.

On Dec. 30, 1972, the United States halted its heavy bombing of North Vietnam.  Go to article » 

Rudyard Kipling, b.1865.
Patti Smith, b. 1946.
Tiger Woods, b. 1975.

On December 31^st, 1850, Edward FitzGerald wrote to Frederick Tennyson:
I have written enough for tonight: I am now going to sit down and play one of Handel’s overtures as well as I can –
Semele, perhaps, a very grand one – then lighting my lantern trudge through the mud to Pardon Crabbe’s.  Before I take my pen again to finish this letter the New Year will have dawned on some of us.  “Thou fool! this night thy soul may be required of thee!”  Very well: while it is in this body I will wish my dear old F.T. a happy New Year.  And now to drum out the Old with Handel.  Goodnight.

PHOTOS OF THE DAY

New York, US
Photographers record a confetti test run in preparation for New Year’s Eve celebrations in Times Square
Photograph: Timothy A Clary/AFP/Getty Images

Hadera, Israel
Sandbar sharks swim next to a snorkeller in the Mediterranean Sea
Photograph: Ariel Schalit/AP

Rio de Janeiro, Brazil
The Christ the Redeemer statue is illuminated in the colours of the Brazilian national flag in honour of the footballer Pelé, who has died at 82
Photograph: Mauro Pimentel/AFP/Getty Images
Market Closes for December 30^th, 2022

Market Index	Close	Change
Dow Jones	33147.25	-73.55
		-0.22%
S&P 500	3839.50	-9.78
		-0.25%
NASDAQ	10466.48	-11.61
		-0.11%
TSX	19384.92	-100.97
		-0.52%

International Markets

Market Index	Close	Change
NIKKEI	26094.50	+0.83
		—
HANG SENG	19781.41	+40.27
		+0.20%
SENSEX	60840.74	-293.14
		-0.48%
FTSE 100*	7451.74	-60.98
		-0.81%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.302		3.269
CND. 30 Year Bond		3.278		3.238
U.S.    10 Year Bond		3.8748		3.8145
U.S. 30 Year Bond		3.9630		3.8983

Currencies

BOC Close	Today	Previous
Canadian $	0.7383	0.7384
US $	1.3546	1.3543
Euro Rate 1 Euro=		Inverse
Canadian $	1.4498	0.6897
US  $	1.0703	0.9343

Commodities

Gold	Close	Previous
London Gold Fix	1813.75	1803.35
Oil
WTI Crude Future	80.26	78.40

Market Commentary:
The stock market is a device for transferring money from the impatient to the patient. -Warren Buffett.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.5% at 19,384.92 in Toronto.
The move follows the previous session’s increase of 1%.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.1%.
First Quantum Minerals Ltd. had the largest drop, falling 3.9%.
Today, 137 of 236 shares fell, while 94 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 8.7%, poised for the worst year since 2018
* This quarter, the index rose 5.1%
* This month, the index fell 5.2%
* So far this week, the index fell 0.6%
* The index declined 9% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 12.7% below its 52-week high on April 5, 2022 and 8.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.8 on a trailing basis and 12.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility rose to 12.96% compared with 12.92% in the previous session and the average of 14.25% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -52.6886| -0.9| 6/23
Materials | -20.8676| -0.9| 9/38
Industrials | -19.3963| -0.7| 11/15
Information Technology | -8.6507| -0.8| 5/9
Utilities | -8.0485| -0.9| 1/15
Consumer Staples | -6.9190| -0.8| 4/7
Consumer Discretionary | -4.7457| -0.7| 8/7
Real Estate | -0.4115| -0.1| 10/12
Health Care | 0.2988| 0.4| 5/2
Energy | 7.3727| 0.2| 31/7
Communication Services | 13.1104| 1.4| 4/2
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | -13.0700| -1.1| 27.0| -5.2
TD Bank | -10.9000| -1.0| 106.6| -9.6
Canadian National | -9.2400| -1.4| -50.8| 3.5
Suncor Energy | 4.0980| 1.0| -82.6| 35.7
Rogers Communications| 5.7820| 3.9| 52.3| 5.2
Shaw Communications | 10.0300| 9.1| 797.6| 1.6
US
By Stephen Kirkland
(Bloomberg) — US stocks fell on the last trading day of 2022, closing out the worst year in more than a decade for global equities and bonds.
Even after a surge in dip-buying in the last hour of trading, the S&P 500 ended lower for a third day in the holiday shortened week, leaving the benchmark down 20% in 2022.
The Nasdaq 100 closed down, shedding a third of its value this year as tech stocks emerged as some of the most vulnerable to rising rates.
In an all-to-familiar playbook for 2022, Treasury yields rose on the final trading day of the year, with 10-year rate touching a seven-week high.
The dollar extended its slide, with the Bloomberg Dollar Spot Index falling to a six-month low.
Losses this week scuppered hopes for a rally to close out 2022 — a year when inflation reasserted itself to wipe a fifth in value from global stocks, the worst run since the financial crisis.
Bonds lost 16% of value, the biggest decline since at least 1990 for one leading measure, as central banks raced to slow rising consumer prices by hiking interest rates around the world.
“We’ve never seen a market environment like this where both stocks and bonds were down simultaneously,” said Art Hogan, chief market strategist at B. Riley Wealth. “The good news is that we will soon put the year in the rearview mirror. The bad news is that 2023 could be a bumpy ride, at least for the first few months. Weaker economic trends will likely form heading into 2023 as the Fed battles inflation, but a mild recession may help set stocks up for a better second half of the year.”
Concern about the spread of Covid-19 that surfaced this week also weighed on markets, with The Times reporting the UK will require all travelers arriving from China test negative for Covid.
The European Commission has asked EU member states to review Covid testing and sequencing procedures and to consider scaling them back up amid increased concern about the virus spreading from China.

After a banner year for stocks in 2021 that saw the S&P 500 climb to consecutive record highs, few foresaw the selloff that ensued. But after rising to yet another all-time high on Jan. 3, fortunes quickly turned as the Federal Reserve signaled determination to rein in inflation.
That foreshadowed the onset of the most aggressive rate-hike path in decades, leaving stocks and bonds tumbling in its wake.
With US stocks dragged into a bear-market, the drop in Treasuries sent benchmark 10-year yields to 3.8% from 1.5% at the start of the year.
That could present a different outlook for fixed income in 2023 and a revival of the widely followed 60/40 portfolio that got hammered in 2022.
“While stocks will struggle with slowing economic activity and the loss of inflated earnings from inflation, bonds are earning a decent income with the potential for price appreciation as yields come off their peak,” said Bryce Doty,
senior portfolio manager for Sit Investment Associates. “The Fed is nearly done raising rates – we expect no raise at the Fed’s May meeting – and inflation is slowing.”
Elsewhere, emerging-market stocks were set for the first weekly advance in three, though the benchmark index remains on track for a decline of more than 20% in 2022.
Oil dipped, adding to a three-day run of declines on worries about a rise in crude stockpiles and concerns that  rising Covid-19 infections in China would slow demand in one of the world’s top oil importers.
Bitcoin is ending the year limply, slipping about 0.8% to bring its decline in 2022 to more than 64%.
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 0.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.0705
* The British pound rose 0.3% to $1.2088
* The Japanese yen rose 1.3% to 131.25 per dollar
Cryptocurrencies
* Bitcoin was little changed at $16,598.9
* Ether rose 0.4% to $1,199.1
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.87%
* Germany’s 10-year yield advanced 13 basis points to 2.57%
* Britain’s 10-year yield advanced one basis point to 3.67%
Commodities
* West Texas Intermediate crude rose 2.6% to $80.41 a barrel
* Gold futures rose 0.2% to $1,829.90 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Jan-Patrick Barnert, Richard Henderson, Vildana Hajric, Robert Brand and Peyton Forte.
Have a wonderful weekend everyone.  Happy New Year!

Be magnificent!

As ever,

Carolann

For last year’s words belong to last year’s language
And next year’s words await another voice.
And to make an end is to make a beginning.  -T.S. Eliot, 1888-1965.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

1890: Massacre at Wounded Knee.
On Dec. 29, 1940, during World War II, Germany began dropping incendiary bombs on London.  Go to article » 

2006: The UK settles its Anglo-American loan, post-WWII loan debt.

Pablo Casals, cellist, b. 1876.
Grigori Rasputin, b. 1916.
Marianne Faithful, b. 1946.
Jude Law, b. 1972.

These three robot sisters could be the friendly face of AI: Say hello to humanoid figures Sophia, Grace and Desdemona.

Even with increasingly digital lives, there’s a lot of interest in analog. Throwback tech fascinates us. Are we secretly yearning for the good old days?

The USGS mapped the sea floor off Cape Ann, Massachusetts.

Ten bonkers Pele goals.

RIP, Pele.
Photos of the Day

London, UK
Luke Jerram’s artwork Museum of the Moon is on show in the Old Royal Naval College’s Painted Hall in Greenwich. It is a Nasa imagery-based artwork depicting a lunar scene, displayed against the hall’s baroque interior
Photograph: Rasid Necati/Anadolu Agency/Getty

Ile Saint-Paul, French Southern and Antarctic Lands
Saint Paul Island in the southern Indian Ocean is an important breeding site for seabirds. A scientific research cabin on the island is used for short scientific or ecological campaigns, but there is no permanent population. It’s a volcanic island, triangular in shape, and measures about 5km at its widest point
Photograph: Patrick Hertzog/AFP/Getty

Kyiv, Ukraine
Residents take shelter inside a metro station during an air raid alert. Russian missiles targeted cities across Ukraine in the early hours of 29 December
Photograph: Oleg Petrasyuk/EPA-EFE/Shutterstock
Market Closes for December 29^th, 2022

Market Index	Close	Change
Dow Jones	33220.80	+345.09
		+1.05%
S&P 500	3849.28	+66.06
		+1.75%
NASDAQ	10478.09	+264.80
		+2.59%
TSX	19485.89	+201.79
		+1.05%

International Markets

Market Index	Close	Change
NIKKEI	26093.67	-246.83
		-0.94%
HANG SENG	19741.14	-157.77
		-0.79%
SENSEX	61133.88	+223.60
		+0.37%
FTSE 100*	7512.72	+15.53
		+0.21%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.269		3.290
CND. 30 Year Bond		3.238		3.278
U.S.    10 Year Bond		3.8145		3.8827
U.S. 30 Year Bond		3.8983		3.9702

Currencies

BOC Close	Today	Previous
Canadian $	0.7384	0.7352
US $	1.3543	1.3602
Euro Rate 1 Euro=		Inverse
Canadian $	1.4439	0.6926
US  $	1.0661	0.9380

Commodities

Gold	Close	Previous
London Gold Fix	1803.35	1800.70
Oil
WTI Crude Future	78.40	78.96

Market Commentary:
Time is your friend; impulse is your enemy. -Jack Bogle, 1929-2019.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1% at 19,485.89 in Toronto.
The move was the biggest since rising 1.4% on Dec. 21 and follows the previous session’s decrease of 1.1%.
Shopify Inc. contributed the most to the index gain, increasing 7.1%.
Lightspeed Commerce Inc. had the largest increase, rising 12.2%.
Today, 191 of 236 shares rose, while 43 fell; all sectors were higher, led by financials stocks.
Insights
* This year, the index fell 8.2%, poised for the worst year  since 2018
* This quarter, the index rose 5.6%
* This month, the index fell 4.7%
* So far this week, the index was little changed
* The index declined 8.7% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 12.3% below its 52-week high on April 5, 2022 and 9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.9% in the past 5 days and fell 3.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 12.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.12t
* 30-day price volatility rose to 12.92% compared with 12.44% in the previous session and the average of 14.34% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 75.5900| 1.3| 28/1
Information Technology | 38.9145| 3.6| 13/1
Energy | 28.3930| 0.8| 35/4
Industrials | 22.8019| 0.9| 24/2
Communication Services | 9.3728| 1.0| 6/0
Utilities | 8.8953| 1.0| 16/0
Real Estate | 8.3064| 1.7| 22/1
Consumer Discretionary | 5.4595| 0.8| 10/5
Consumer Staples | 1.9635| 0.2| 5/6
Health Care | 1.9001| 2.8| 6/1
Materials | 0.1799| 0.0| 26/22
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 25.9600| 7.1| -35.5| -72.7
TD Bank | 12.2800| 1.1| 76.8| -8.7
Brookfield Corp | 11.1400| 2.7| -53.4| -29.9
Teck Resources | -1.6120| -1.0| -38.9| 42.8
Loblaw | -1.7390| -1.4| -64.2| 16.0
Dollarama | -1.7850| -1.1| -62.4| 26.3
US
By Stephen Kirkland
(Bloomberg) — US stocks rose in a broad-based rally and Treasury yields fell as data allayed fears of a supercharged jobs market that would support a more aggressive policy path.
A gauge of the dollar fell.
The S&P 500 notched their biggest one-day gain this month, albeit in thin holiday trading, to claw back all of the losses suffered in the previous two days.
The tech-heavy Nasdaq 100 outperformed, with Tesla Inc. climbing more than 8% and tech giants including Apple Inc. Amazon.com Inc. and Microsoft Corp. also among the biggest gainers.
Asian technology stocks rose earlier amid signs China is easing a regulatory crackdown.
Yields on 10-year Treasuries fell six basis points, halting a week-long, 20-basis-point climb that weighed on risk sentiment.
The dollar fell against all of its Group-of-10 peers.
Investors took solace in US jobs data that failed to reveal unwanted surprises, while underscoring the resilience of the labor market in the face of the Federal Reserve’s aggressive monetary tightening.
Initial unemployment claims rose slightly to 225,000, in line with expectations, in the week ended Dec. 24.
Continuing claims rose to 1.7 million in the week ended Dec. 17, the most since early February.
The rally is a ray of light as a dismal year for stocks and bonds draws to a close.
Global equities have lost a fifth of their value in 2022, the largest decline since 2008 on an annual basis, with tech bearing the brunt of the selloff.
An index of global bonds has slumped 16% amid sticky inflation and rising
interest rates.
Read more: From Meta to Coinbase: The Stocks That Torched
Traders in 2022
“I’m actually not so afraid of tech,” Sylvia Jablonski, CEO and CIO at Defiance ETFs, said on Bloomberg TV. “I do think you’re going to see a recovery later in the year in a lot of these stocks and I think that investors are a little bit too
afraid of them right now. They’re going to miss out on a rebound opportunity in the next let’s say 6-9 months.”
Risk sentiment also got a boost earlier after Italy said it didn’t find any new concerning Covid-19 mutations in the recent arrivals from China.
Concerns over risks from the spread of Covid sparked a selloff on Wednesday after health officials there found almost half of the passengers on two flights to Milan tested positive.
The US and Italy on Wednesday joined an increasing number of nations requiring Covid tests for travelers from China.
More market commentary:
* Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter:
** “Markets enter 2023 at important transition points. One path is paved with continued disinflation, resilient earnings, moderating growth, a balanced labor market, and higher stock and bond prices. The other path is paved with sticky inflation, slowing growth, a continued tight labor market and lower stock and bond prices. Data points at the start of the year will offer important clues as to which path the markets are taking.”
* Chris Gaffney, president of world markets at TIAA Bank:
** “Going into the new year, I think investors are going to be focusing on the same things we were focusing on this year and that’s where the central banks are going to take interest rates, and are the inflation numbers going to force them to continue to be very aggressive with the rate hikes or will we see the cooling off that is expected and therefore will we see the markets rebound because the Fed takes a less aggressive stance.  Another focus going into the New Year is China, China with the reopening.”
* Craig Erlam, a senior market analyst at Oanda Europe Ltd.:
** “Investors are going into 2023 with a cautious mindset, prepared for more rate hikes, and expecting recessions around the globe. And then there’s China and its u-turn on Covid prevention. It’s been quite the shift from fighting every case to living with the virus and that creates enormous uncertainty for the start of the year.”
Elsewhere in markets, oil extended losses after US data showed a rise in crude stockpiles and concerns mounted that a rapid surge of infections in China would slow demand in one of the world’s top oil importers. 

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.5% to $1.0670
* The British pound rose 0.4% to $1.2067
* The Japanese yen rose 1.1% to 133.02 per dollar
Cryptocurrencies
* Bitcoin rose 0.5% to $16,594.69
* Ether rose 0.8% to $1,195.85
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.83%
* Germany’s 10-year yield declined six basis points to 2.44%
* Britain’s 10-year yield was little changed at 3.66%
Commodities
* West Texas Intermediate crude fell 0.5% to $78.60 a barrel
* Gold futures rose 0.3% to $1,821.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, Peyton Forte and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
To one who has faith, no explanation is necessary.  To one without faith, no explanation is possible -Thomas Aquinas, 1225-1274.

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

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

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