Category: Events

Dear Friends,

Tangents:
Hello, “Big Dark.” Today, the sun will set after 6 p.m. for the last time of the year, ushering in our gloomy season (or cozy season, depending on how you look at it). The darkening accelerates as we head for the winter solstice …

October 26, 1825: The Erie Canal opened, connecting Lake Erie and the Hudson River in upstate New York.  Go to article »

The search for habitable planets may have just gotten narrower.  Scientists have long theorized a certain type of star could support life beyond Earth… but now, that idea is looking unlikely.

Coke products might look a little different next year.  You may have heard about Coke’s bizarre, limited-time flavors. Well, now the company is also experimenting with its packaging.

9 incredible treasures discovered in King Tut’s tomb:  Tutankhamun’s tomb, discovered by archaeologists in the Valley of the Kings on Nov. 4, 1922, was found loaded with treasures. Some of those artifacts, like his death mask, are widely known. But others, such as a mannequin that may have helped the boy king choose what to wear, are less famous but offer insight into King Tut’s life.
Here are nine fascinating treasures from Tutankhamun’s tomb and what they reveal about the iconic ancient Egyptian pharaoh 100 years after the discovery of his remains.  Full Story: Live Science (10/26)

Stunning (and spooky) photos of the final solar eclipse of 2022:  On Tuesday (Oct. 25), the moon’s shadow appeared to creep over the face of the sun during the last solar eclipse of 2022.
Though the eclipse was just partial, with most viewers seeing between 40% and 60% of the sun’s surface obscured by the moon at the eclipse’s peak, the event nonetheless drew out sky-watchers with cameras, telescopes and paper eclipse viewers around the world. The eclipse was visible from most of Europe, North Africa, the Middle East and the western parts of Asia, beginning in the U.K. around 10 a.m. BST (9:00 a.m. UTC).  Full Story: Live Science (10/25)

PHOTOS OF THE DAY

Dubai, UAE
A general view of Dubai Miracle Garden, which is the largest flower garden in the world with millions of flowers in its 72,000 sq metres of land
Photograph: Anadolu Agency/Getty Images

Fully Loaded, Kevin Williams – winner, urban life
The port of Felixstowe, Suffolk
Photograph: Kevin Williams/Landscape photographer of the year 2022

​​​​​​​Highlands, Jian Hui Mo – winner, youth classic view
Whilst climbing in Glencoe, Scotland, I noticed this blue haze in the distance, shrouding the landscape in mystery. I switched to my long lens and took this image over the loch
Photograph: Jian Hui Mo/Landscape photographer of the year 2022
Market Closes for October 26, 2022

Market Index	Close	Change
Dow Jones	31839.11	+2.37
		+0.01%
S&P 500	3830.60	-28.51
		-0.74%
NASDAQ	10970.99	-228.13
		-2.04%
TSX	19279.76	+182.75
		+0.96%

International Markets

Market Index	Close	Change
NIKKEI	27431.84	+181.56
		+0.67%
HANG SENG	15317.67	+152.08
		+1.00%
SENSEX	59543.96	-287.70
		-0.48%
FTSE 100*	7056.07	+42.59
		+0.61%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.277		3.477
CND. 30 Year Bond		3.421		3.576
U.S.    10 Year Bond		4.0090		4.0667
U.S. 30 Year Bond		4.1476		4.2216

Currencies

BOC Close	Today	Previous
Canadian $	0.7379	0.7350
US $	1.3552	1.3606
Euro Rate 1 Euro=		Inverse
Canadian $	1.3665	0.7318
US  $	1.0083	0.9918

Commodities

Gold	Close	Previous
London Gold Fix	1659.25	1649.15
Oil
WTI Crude Future	87.91	86.82

Market Commentary:
🚢 On this day in 1825, the Erie Canal was inaugurated as New York City hosted a flotilla of boats with a parade, banquet and fireworks after they traversed the 363-mile run from Lake Erie. Financed with $6 million in stock and bonds, the canal cut shipping time from New York to Buffalo from three weeks to eight days—and slashed the cost of transporting goods from $100 a ton to $15. Suddenly the American frontier was opened to a two-way flood of commerce.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1%, or 182.75 to 19,279.76 in Toronto.
The index advanced to the highest closing level since Oct. 4.
Canadian National Railway Co. contributed the most to the index gain, increasing 3.0%.
Capstone Copper Corp. had the largest increase, rising 11.3%.
Today, 177 of 236 shares rose, while 59 fell; 10 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index fell 9.2%, heading for the worst year since 2018
* This month, the index rose 4.5%, heading for the biggest advance since October 2021
* The index declined 8.9% in the past 52 weeks. The MSCI AC Americas Index lost 18% in the same period
* The S&P/TSX Composite is 13.2% below its 52-week high on April 5, 2022 and 7.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.2% in the past 5 days and rose 5.2% 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 12.1 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$3.05t
* 30-day price volatility rose to 22.89% compared with 22.72% in the previous session and the average of 21.27% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 55.8061| 1.5| 36/2
Materials | 39.4510| 1.8| 41/10
Industrials | 32.9306| 1.3| 20/7
Communication Services | 19.1135| 2.1| 7/0
Financials | 17.3472| 0.3| 18/11
Real Estate | 7.1684| 1.5| 19/3
Consumer Staples | 6.9112| 0.9| 7/4
Consumer Discretionary | 3.8352| 0.6| 10/4
Utilities | 3.4161| 0.4| 8/8
Health Care | 2.0123| 2.5| 5/2
Information Technology | -5.2413| -0.5| 6/8
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
Canadian National | 20.0600| 3.0| 93.7| 4.2
Canadian Pacific | 9.9220| 1.6| 4.5| 9.1
Shaw Communications | 7.5940| 7.2| 551.9| -4.9
TD Bank | -2.2390| -0.2| -30.9| -10.2
Nutrien | -6.7520| -1.6| -21.4| 17.1
Shopify | -9.5560| -2.9| 11.8| -77.3
US
By Isabelle Lee
(Bloomberg) — US stocks dropped as investors parsed fresh economic data and disappointing earnings while mulling the Federal Reserve’s path after the Bank of Canada announced a smaller-than-expected rate hike.
The S&P 500 and the Nasdaq 100 pushed lower, dragged by losses in Microsoft Corp. and Alphabet Inc. after the firms reported earnings that highlighted the impact the Fed, and consequently the surging dollar, had on the economy. US Secretary of State Antony Blinken’s comments also dampened sentiment in the afternoon after he said he doesn’t see Iran nuclear talks advancing in the short term.
Treasuries rallied after data showed the US merchandise-trade deficit widening. Sales of new US homes fell in September, another indication that the economy is starting to see the effects of the Fed raising rates sharply.
A gauge of the dollar declined for a second day to its lowest level in three weeks.
Stocks had been buoyed in recent days by mostly solid earnings and speculation the Federal Reserve may curb the pace of rate increases.
While disappointing earnings from mega-cap firms subdued sentiment on Wednesday, the Bank of Canada unexpectedly slowing its pace of interest-rate hikes briefly boosted markets.
But that wore off as some investors decided that it doesn’t necessarily mean the Fed will follow suit.
In any case, it’ll be challenging for the Fed to announce that they’re going to be less hawkish, as they have to manage investors’ expectations along the way, according to Dustin Thackeray, chief investment officer at Crewe Advisors.
“They obviously don’t want to be too dovish and the market is obviously looking for any sort of a sign from the Fed that we’re hitting the break, so to speak, on rate increases,” he said by phone. “If they continue on their too hawkish stance, here is a risk that things kind of get out of hand on that end as well. So they’re definitely walking a very fine line.”
Key events this week:
* Earnings due this week include: Apple, Exxon Mobil, Ford Motor, Credit Suisse, Airbus, Amazon, Bank of China, Boeing, Caterpillar, Cnooc, Intel, McDonald’s, Merck, Samsung Electronics, Shell, Vale, Volkswagen
* ECB rate decision, Thursday
* US GDP, durable goods orders, initial jobless claims, Thursday
* Bank of Japan policy decision, Friday
* US personal income, personal spending, pending home sales, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 3:34 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 1.1% to $1.0080
* The British pound rose 1.3% to $1.1626
* The Japanese yen rose 1.1% to 146.32 per dollar
Cryptocurrencies
* Bitcoin rose 2.7% to $20,743.2
* Ether rose 6% to $1,562.93
Bonds
* The yield on 10-year Treasuries declined eight basis points to 4.02%
* Germany’s 10-year yield declined six basis points to 2.11%
* Britain’s 10-year yield declined six basis points to 3.58%
Commodities
* West Texas Intermediate crude rose 3.3% to $88.10 a barrel
* Gold futures rose 0.6% to $1,668.60 an ounce
–With assistance from Allegra Catelli, Abigail Moses, Robert Brand, Vildana Hajric and Peyton Forte.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

The urge to save humanity is almost always a false front for the urge to rule. –H. L. Mencken, 1880-1956.

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

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

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

Dear Friends,

Tangents:
October 25, 1983: A U.S.-led force invaded Grenada at the order of President Ronald Reagan, who said the action was needed to protect U.S. citizens there.  Go to article »

October 25, 1955: Tappan Stove Company sells the first domestic microwave oven, a large, 220V wall unit priced at $1295 to low sales.  The technology was licensed from Raytheon who had filed a patent for the microwave cooking process in 1945.  The appliance was born of the radar systems used in World War II and the labs of what is ow one of the biggest U.S. defense companies.

Geoffrey Chaucer, author, d. 1400.
Pablo Picasso b.1881.

Hundreds of medieval skeletons, half of them children, discovered under Wales department store:  Archaeologists in Wales have unearthed the skeletal remains of more than 240 people — about half of which were children — in a cemetery that they believe was once part of a medieval friary.   Scientists made the discovery during an ongoing excavation of what was once St. Saviour’s Priory, a holy site founded in 1256 by a Dominican order of monks.  Full Story: Live Science (10/25)

The last solar eclipse of the year can be seen today.  But those in the US will have to miss out on this one… It will be visible in parts of Greenland, Iceland, most of Europe, northeast Africa, and parts of Asia.

Ancient Korean silk paintings get a mind-bending contemporary spin.  These artworks put a modern spin on historical painting styles. Take a look.

We’re all going to need to relearn how to use the internet once AI arrives. — Tyler Cowen.

The perfect avocado does not exis—.
PHOTOS OF THE DAY

King Charles III welcomes Rishi Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative party to become prime minister and form a new government
Photograph: Aaron Chown/PA

A partial solar eclipse is visible over Cullercoats Watch House
Photograph: Owen Humphreys/PA
I took this photo of the two gannets as they flew over our heads when we were on a boat just off the coast of Cornwall. A large number of gannets were diving around us – a spectacular sight!
Photograph: Thomas Easterbrook/Landscape photographer of the year 2022
Market Closes for October 25, 2022

Market Index	Close	Change
Dow Jones	31836.74	+337.12
		+1.07%
S&P 500	3859.11	+61.77
		+1.63%
NASDAQ	11199.12	+246.51
		+2.25%
TSX	19097.01	+178.61
		+0.94%

International Markets

Market Index	Close	Change
NIKKEI	27250.28	+275.38
		+1.02%
HANG SENG	15165.59	-15.10
		-0.10%
SENSEX	59543.96	-287.70
		-0.48%
FTSE 100*	7013.48	-0.51
		-0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.477		3.575
CND. 30 Year Bond		3.576		3.660
U.S.    10 Year Bond		4.0667		4.2424
U.S. 30 Year Bond		4.2216		4.3784

Currencies

BOC Close	Today	Previous
Canadian $	0.7350	0.7294
US $	1.3606	1.3710
Euro Rate 1 Euro=		Inverse
Canadian $	1.3564	0.7372
US  $	0.9969	1.0031

Commodities

Gold	Close	Previous
London Gold Fix	1649.15	1643.25
Oil
WTI Crude Future	86.82	86.23

Market Commentary:
💸 On this day in 1907, as the Panic of 1907 continued, J.P. Morgan raised still more cash to prop up struggling brokerage firms, this time flushing up $10 million to lend at the New York Stock Exchange. Brokers shouted with joy as they saw the cigar-chomping Mr. Morgan barging back to his office to announce that he had raised the money.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.9%, or 178.61 to 19,097.01 in Toronto.
The index advanced to the highest closing level since Oct. 5.
Nutrien Ltd. contributed the most to the index gain, increasing 4.4%.
Canopy Growth Corp. had the largest increase, rising 25.7%.
Today, 190 of 236 shares rose, while 42 fell; all sectors were higher, led by financials stocks.
Insights
* This year, the index fell 10%, heading for the worst year since 2018
* This month, the index rose 3.5%
* The index declined 10% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 14% below its 52-week high on April 5, 2022 and 6.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 3.3% 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 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$3.02t
* 30-day price volatility fell to 22.72% compared with 22.99% in the previous session and the average of 21.19% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 45.1119| 0.8| 27/2
Materials | 28.4895| 1.3| 34/17
Industrials | 22.7316| 0.9| 21/5
Information Technology | 18.8551| 1.9| 12/1
Utilities | 14.3152| 1.6| 15/0
Energy | 13.8123| 0.4| 25/12
Consumer Discretionary | 9.1042| 1.3| 13/1
Real Estate | 8.8482| 1.9| 22/0
Communication Services | 7.3645| 0.8| 7/0
Consumer Staples | 5.1632| 0.7| 7/4
Health Care | 4.8372| 6.3| 7/0
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | 17.8500| 4.4| 7.7| 19.0
Brookfield Asset Management | 11.1100| 2.2| 9.0| -30.1
Shopify | 9.3110| 2.9| -16.9| -76.7
Waste Connections | -0.9740| -0.3| -53.2| 4.6
CCL Industries | -1.0700| -1.6| -17.6| -2.4
Imperial Oil | -1.1460| -1.3| -22.8| 44.2
US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks rose on Tuesday after a fresh batch of corporate earnings largely beat estimates even as investors weighed risks to economic growth from the Federal Reserve raising interest rates to combat inflation.
The S&P 500 and the Nasdaq 100 rose for a third straight session.
The Coca-Cola Co. and General Motors Co. closed the session in green after topping analysts’ earnings estimates.
Google parent Alphabet Inc. fell post market after missing estimates.
Microsoft Corp. which also reported earnings after markets closed, topped expectations but cited the impact the surging US dollar had on revenue growth.
Treasuries rallied, with the 10-year yield falling to around 4.08%.
The dollar dropped after data on Tuesday showed that home-price growth in the US slowed as high borrowing costs sapped demand.
Investors still expect the Fed to raise rates by three-quarters of a percentage point during its meeting next week.
But recent economic data is already showing that Fed tightening has started to weigh on the US economy, leading investors to speculate that the central bank may be approaching the end of its aggressive tightening campaign.
This renewed expectation of less hawkishness from the Fed, as well as a better-than-expected earnings season so far, have pushed stocks higher in recent days.
“The big thing is what we’re seeing from earnings, and as we get more and more, the market is coming around to this sense that the outlooks aren’t nearly as bad as some had feared,” Shawn Cruz, head trading strategist at TD Ameritrade, said in an interview. “The market was actually bracing itself for more pessimistic tones from companies as we got through earnings and it’s not coming out that way right now. It’s mixed too, but even being mixed is ahead of expectations.”
Roughly 28% of S&P 500 companies have reported earnings, with around 70% outperforming estimates, according to data compiled by Bloomberg.
Analysts are also expecting a jumbo hike of 75 basis points from the ECB on Thursday, even as many economists now reckon a recession has begun in the euro region.
German business confidence improved in October, data showed Tuesday, though remained at depressed levels as Europe’s largest economy heads into a challenging winter.
Elsewhere in markets, the British pound gained as Rishi Sunak formally took over as UK prime minister on Tuesday, vowing to “fix” the mistakes made by his predecessor, Liz Truss. 
Key events this week:
* Earnings due this week include: Apple, Exxon Mobil, Ford Motor, Credit Suisse, Airbus, Amazon, Bank of China, Boeing, Caterpillar, Cnooc, Intel, McDonald’s, Mercedes-Benz, Merck, Samsung Electronics, Shell, Vale, Visa, Volkswagen
* Bank of Canada rate decision, Wednesday
* ECB rate decision, Thursday
* US GDP, durable goods orders, initial jobless claims, Thursday
* Bank of Japan policy decision, Friday
* US personal income, personal spending, pending home sales, University of Michigan consumer sentiment, Friday

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 2.1%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 0.9% to $0.9967
* The British pound rose 1.7% to $1.1471
* The Japanese yen rose 0.7% to 147.93 per dollar
Cryptocurrencies
* Bitcoin rose 4.6% to $20,274.81
* Ether rose 11% to $1,493.73
Bonds
* The yield on 10-year Treasuries declined 16 basis points to 4.08%
* Germany’s 10-year yield declined 16 basis points to 2.17%
* Britain’s 10-year yield declined 11 basis points to 3.64%
Commodities
* West Texas Intermediate crude rose 0.5% to $85.02 a barrel
* Gold futures rose 0.2% to $1,657.90 an ounce
–With assistance from Emily Graffeo and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

We shall be judged more by what we do at home than what we preach abroad. –John F. Kennedy, 1917-1963.

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. 

This photo gallery of animals doing hilarious things will make your day that much better. 

Falcon shrine with cryptic message unearthed in Egypt baffles archaeologist Archaeologists in Egypt have discovered a 1,700-year-old “falcon shrine,” complete with the remains of 15 headless falcons on a pedestal, as well as a stone monument depicting two unknown gods.

The shrine and monument — which were found in Berenike, an ancient Egyptian port on the Red Sea — were described in a paper that was published in the October issue of the American Journal of Archaeology. An iron harpoon that is about 13 inches (34 centimeters) long was found near the pedestal, researchers wrote in the study.
PHOTOS OF THE DAY
The Pillars of Creation captured by the James Webb Space Telescope in near-infrared-light view
Photograph: NASA/ESA/CSA/STScI/AP

Titian’s Venus and Adonis (c1555-57) is unveiled at Sotheby’s where it will lead December’s old masters evening sale. With an estimate of between £8m and £12m, the painting is considered one of the very finest versions of Titian’s most popular composition and the most important work by the artist to come to the market this century
Photograph: Tristan Fewings/Getty Images for Sotheby’s

Competitors take part in the IQFoil World Championships. Designated an Olympic discipline in 2019, IQFoil, a type of windsurfing, will make its first Olympics appearance at the Paris 2024 Games
Photograph: Fred Tanneau/AFP/Getty Images
Market Closes for October 21, 2022

Market Index	Close	Change
Dow Jones	31082.56	+748.97
		+2.47%
S&P 500	3752.75	+86.97
		+2.37%
NASDAQ	10859.71	+244.87
		+2.31%
TSX	18860.95	+281.66
		+1.52%

International Markets

Market Index	Close	Change
NIKKEI	26890.58	-116.38
		-0.43%
HANG SENG	16211.12	-69.10
		-0.42%
SENSEX	59307.15	+104.25
		+0.18%
FTSE 100*	6969.73	+25.82
		+0.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.616		3.666
CND. 30 Year Bond		3.695		3.666
U.S.    10 Year Bond		4.2167		4.2367
U.S. 30 Year Bond		4.3335		4.2289

Currencies

BOC Close	Today	Previous
Canadian $	0.7317	0.7264
US $	1.3666	1.3766
Euro Rate 1 Euro=		Inverse
Canadian $	1.3466	0.7426
US  $	0.9853	1.0149

Commodities

Gold	Close	Previous
London Gold Fix	1635.30	1631.70
Oil
WTI Crude Future	86.65	85.98

Market Commentary:
On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, predicted the coming demise of the bull market in a lead editorial entitled “The Turn in the Tide.” He turned out to be right, as the stock market crashed just three days later.   
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.5% at 18,860.95 in Toronto. The index advanced to the highest closing level since Oct. 6 after the previous session’s decrease of 0.5%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.6%. First Quantum Minerals Ltd. had the largest increase, rising 11.5%.
Today, 199 of 236 shares rose, while 34 fell; all sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 16 times. The next day, it advanced 10 times for an average 0.9% and declined six times for an average 1.1%
* This year, the index fell 11%, heading for the worst year since 2018
* This month, the index rose 2.3%
* So far this week, the index rose 2.9%, heading for the biggest advance since the week ended July 29
* The index declined 11% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is 15.1% below its 52-week high on April 5, 2022 and 5.5% 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 11.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.97t
* 30-day price volatility fell to 23.26% compared with 23.50% in the previous session and the average of 20.27% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 77.5249| 1.4| 26/3
Materials | 68.7618| 3.2| 48/3
Energy | 54.1342| 1.5| 28/9
Industrials | 35.3564| 1.5| 24/3
Consumer Staples | 12.4849| 1.6| 8/3
Consumer Discretionary | 9.1606| 1.4| 13/1
Utilities | 6.8786| 0.8| 12/4
Communication Services | 5.6942| 0.6| 6/1
Real Estate | 5.4296| 1.2| 20/2
Information Technology | 4.8375| 0.5| 9/4
Health Care | 1.4194| 1.9| 5/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 19.2000| 1.6| -23.0| -7.8
TD Bank | 16.6700| 1.6| -40.4| -11.1
Suncor Energy | 14.8200| 3.6| -30.3| 43.8
ARC Resources | -2.3790| -2.8| -33.4| 58.2
Nutrien | -2.4860| -0.6| 1.0| 18.9
Shopify | -3.2670| -1.0| 49.3| -76.7
US
By Rita Nazareth
(Bloomberg) — Wall Street saw another day of big reversals, with stocks notching their best week since June after a Treasury rout sputtered. The yen jumped as Japan intervened again to prop up the currency.
At a time when traders have been fixated on the outlook for interest rates, it’s no surprise that all the drama in the world’s biggest bond market would dictate sentiment. After being all over the place in early trading, equities climbed strongly as US yields fell from multiyear highs.
“The story this week is all about the volatility in rates, huge volatility in Treasuries,” said Keith Lerner, chief market strategist at Truist Advisory Services. “But I would say, overall, relative to how much interest rates have moved up, I would say the market has held in there pretty well.”
Traders also kept a close eye on the latest Fedspeak.
US central bankers said the next phase in their campaign to curb inflation will be to debate how high to raise rates and when to slow the pace of increases. St. Louis Fed President James Bullard and his San Francisco counterpart Mary  Daly made clear they expect the discussion to be on the table at the November gathering while stressing the need to keep tightening.
Equity funds are still seeing inflows, with “final capitulation” not yet here, said Bank of America Corp. strategists. Global stock funds had inflows of $9.2 billion in the week through Oct. 19, according to a note from the bank citing EPFR Global data.
“The equity market is trying to form a bottom to get to the last leg of the bear market,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “It feels like a two-way market right now. We have a tug of war going on between the skeptics and those who think it is time to own equities.”
He noted that the Fed is not done raising rates and valuations are still not as low as he would expect to see at the bottom of a bear market.
“We are just not there yet,” Donabedian added.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.4%
* The Dow Jones Industrial Average rose 2.5%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 0.8% to $0.9862
* The British pound rose 0.6% to $1.1301
* The Japanese yen rose 1.7% to 147.66 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $19,201.33
* Ether rose 1.7% to $1,304.22
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.22%
* Germany’s 10-year yield advanced one basis point to 2.42%
* Britain’s 10-year yield advanced 14 basis points to 4.05%
Commodities
* West Texas Intermediate crude rose 0.8% to $85.17 a barrel
* Gold futures rose 1.4% to $1,660.30 an ounce

–With assistance from Vildana Hajric and Emily Graffeo.
Have a wonderful evening everyone.

Be magnificent.
As ever,

Isabel

Live daringly, boldly, fearlessly. Taste the relish to be found in competition – in having put forth the best within you. 

                                                                                                 – Henry J Kaiser, 1882-1967

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:
October 20, 1973: The Sydney Opera House is opened by Elizabeth II after 14 years of construction.

October 20, 1992: The host Toronto Blue Jays beat the Atlanta Braves 3-2 in the first World Series game played outside the United States.  Go to article »

These are the most popular Halloween costumes this year.  Spider-Man snagged one of the top spots on the list. Check out which other costumes are super popular this year, according to Google’s rankings.

Latte art impresses actress Tilda Swinton.  Swinton was smitten after an artist carefully painted her face in a latte. Watch the video here.

James Webb Space Telescope captures iconic ‘Pillars of Creation’.  Check out this image of newly formed stars and interstellar dust about 6,500 light-years from Earth.

Motorcycles may soon get safer lighting.

PHOTOS OF THE DAY

Baker Lake is surrounded by autumn colours in Quebec
Photograph: Sébastien St-Jean/AFP/Getty Images

A duckling walks across a turtle-covered log at the Juanita wetlands, Washington, US
Photograph: Ryan Sims/Comedywildlifephoto.com

The cast of Cirque du Soleil performs Corteo at Utilita Arena
Photograph: Katja Ogrin/Redferns
Market Closes for October 20, 2022

Market Index	Close	Change
Dow Jones	30333.59	-90.22
		-0.30%
S&P 500	3665.76	-29.40
		-0.80%
NASDAQ	10614.84	-65.67
		-0.61%
TSX	18583.29	-91.11
		-0.49%

International Markets

Market Index	Close	Change
NIKKEI	27006.96	-250.42
		-0.92%
HANG SENG	16280.22	-231.06
		-1.40%
SENSEX	59202.90	+95.71
		+0.16%
FTSE 100*	6943.91	+18.92
		+0.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.666		3.545
CND. 30 Year Bond		3.666		3.537
U.S.    10 Year Bond		4.2367		4.1356
U.S. 30 Year Bond		4.2289		4.1270

Currencies

BOC Close	Today	Previous
Canadian $	0.7264	0.7265
US $	1.3766	1.3765
Euro Rate 1 Euro=		Inverse
Canadian $	1.3471	0.7423
US  $	0.9787	1.0218

Commodities

Gold	Close	Previous
London Gold Fix	1631.70	1653.00
Oil
WTI Crude Future	85.98	85.55

Market Commentary:
🌄 On this day in 1803, the U.S. Senate ratified the Louisiana Purchase Treaty, under which the U.S. paid France less than 3 cents an acre for 828,000 square miles of territory stretching from the Mississippi River to the Rockies and from the Gulf of Mexico to the Canadian border. In the stroke of a pen, the United States nearly doubled in size. The U.S. financed the deal by borrowing $11.25 million in 6% bonds from European investors.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5%, or 95.11 to 18,579.29 in Toronto.
Canadian National Railway Co. contributed the most to the index decline, decreasing 2.8%.
Mullen Group Ltd. had the largest drop, falling 9.1%.
Today, 135 of 236 shares fell, while 97 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 12%, heading for the worst year in at least 10 years
* This month, the index rose 0.7%
* So far this week, the index rose 1.4%, heading for the biggest advance since the week ended Sept. 9
* The index declined 12% in the past 52 weeks. The MSCI AC Americas Index lost 21% in the same period
* The S&P/TSX Composite is 16.4% below its 52-week high on April 5, 2022 and 4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 4.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.6 on a trailing basis and 11.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.98t
* 30-day price volatility fell to 23.50% compared with 23.68% in the previous session and the average of 19.93% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -68.7225| -1.2| 3/25
Industrials | -53.5306| -2.2| 4/23
Utilities | -18.3472| -2.1| 0/16
Consumer Discretionary | -8.3319| -1.2| 2/12
Communication Services | -7.4971| -0.8| 0/7
Consumer Staples | -2.0022| -0.3| 3/8
Health Care | -0.1878| -0.2| 4/3
Real Estate | 3.6024| 0.8| 17/5
Materials | 16.2720| 0.8| 37/14
Information Technology | 17.6690| 1.8| 6/8
Energy | 25.9687| 0.7| 21/14
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian National | -18.6600| -2.8| 4.1| -2.7
Canadian Pacific | -16.6400| -2.7| 26.2| 4.4
RBC | -14.8800| -1.3| 40.5| -9.3
Cenovus Energy | 7.2750| 3.1| 3.4| 62.4
Canadian Natural Resources | 14.7700| 2.5| -26.2| 49.3
Shopify | 15.5200| 4.9| 8.4| -76.5
US
By Rita Nazareth
(Bloomberg) — It was another down day for stocks, with Treasury yields climbing amid hawkish remarks from Federal Reserve officials and swaps pricing in a 5% peak policy rate in 2023.
The pound wavered after Liz Truss resigned as UK prime minister.
The wariness around economic challenges has been so pronounced that it doesn’t take much to see the S&P 500 dropping at least 1% after posting a rally of the same magnitude earlier in the day.
It happened again Thursday, with the gauge seeing intraday swings of that size in both directions for the 16^th time in 2022 — the most for any year since the financial crisis.
Volatility is showing no signs of abating ahead of Friday’s $2 trillion options expiration and another raft of corporate earnings.
In late trading, Snap Inc. plummeted after reporting its slowest quarterly sales growth ever, saying that a decline in advertising spending on the platform continues to drag on results.
A tech-led advance in equities quickly fizzled out Thursday after Philadelphia Fed chief Patrick Harker said policymakers are likely to raise rates to “well above” 4% this year and hold them at restrictive levels, while leaving the door open to doing more if needed.
The current benchmark sits between 3% and 3.25%.
Fed Governor Lisa Cook also spoke, noting that rates will need to keep rising to get inflation under control.
“Stocks are not out of the woods yet,” said Fawad Razaqzada, market analyst at City Index and Forex.com. “Fears over further tightening of central bank policy amid an environment of high-inflation and low-growth means investors will avoid buying stocks aggressively. Even at these relatively-inexpensive levels.”
Traders also scoured a mixed bag of quarterly results, with Tesla Inc.’s sales disappointing and International Business Machines Corp. topping forecasts.
Several market observers said the bar has been lowered quite a bit ahead of the earnings season, boosting the odds of upside surprises.
It’s also worth noting that there’s been no shortage of warning signals about the economy from the corporate side.
Alcoa Corp. joined metals higher, but its quarterly loss indicated a worsening environment for a company that recently said it was being squeezed by higher costs and falling aluminum prices.
And that’s a dependable barometer of the health of sectors including construction, aerospace and consumer packaging.
Another worrisome signal came from Union Pacific Corp., which sees slowing freight demand.
As traders wade through corporate results, “with an extra eye on guidance, expect volatility to remain elevated,” said Mike Loewengart at Morgan Stanley Global Investment Office.
The latest batch of economic reports didn’t provide much encouragement either, with sales of previously owned US homes down for an eighth straight month — underscoring how soaring mortgage rates are punishing the housing market.
The stretch of declines is the longest since 2007, when a housing market collapse swept the economy into the Great Recession.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $0.9784
* The British pound was little changed at $1.1227
* The Japanese yen fell 0.2% to 150.15 per dollar
Cryptocurrencies
* Bitcoin fell 0.7% to $19,066.28
* Ether fell 0.8% to $1,284.5
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.23%
* Germany’s 10-year yield advanced three basis points to 2.40%
* Britain’s 10-year yield advanced three basis points to 3.91%
Commodities
* West Texas Intermediate crude rose 0.5% to $85.98 a barrel
* Gold futures fell 0.2% to $1,631.40 an ounce
–With assistance from Vildana Hajric, Peyton Forte and Matt Turner.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Do we not realize that self-respect comes with self-reliance? –Abdul Kalam, 1931-2015.

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

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

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

Dear Friends,

Tangents:
October 19, 1953: Dystopian novel “Fahrenheit 451” by Ray Bradbury is published in the US.  Fahrenheit 451  presented an  American society where books have been outlawed and “firemen” burn any that are found.  The novel’s subject matter led to its censorship in apartheid south Africa and various schools in the US.

On Oct. 19, 1987, the stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value – its second biggest percentage drop.  Go to article »

People will still pay up for chocolate.

New photos of the Pillars of Creation just dropped.

Exact burial spot of St. Nicholas, inspiration for Santa Claus, discovered in Turkish church:  Archaeologists in southern Turkey have just uncovered the original burial place of Father Christmas himself, formally known as St. Nicholas, but whose modern nicknames of Santa Claus, Saint Nick and Kris Kringle are known by children the world over.  While researchers already knew that the saint’s body was buried in the fourth century A.D. church in Turkey’s Antalya province, the holy man’s remains were stolen around 700 years after he died, so the specific spot where he was originally interred was a mystery.  Full Story: Live Science (10/19)

Energy jet traveling 7 times the speed of light appears to break the laws of physics:  Astronomers have detected a gargantuan blast of energy from space that appears to be doing the impossible: Traveling seven times faster than the speed of light.  This is, of course, an optical illusion — a rare and mind-boggling phenomenon called superluminal motion, which occurs when particles come very close to moving at the speed of light. In this case, scientists detected a jet of energy blasting out of a stellar collision site at a staggering 99.97% of the speed of light — about 670 million mph (1.07 billion km/h), according to a study published Oct. 12 in the journal Nature.
Full Story: Live Science (10/19)

Girl Scouts of America receive largest ever donation from single donor.  MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, has donated more than $80 million to the Girl Scouts of America.

After a nightmare year of losing subscribers, Netflix is back to growing.  Wildly popular shows like “Stranger Things” and “Monster: The Jeffrey Dahmer Story” helped Netflix get back on track — in a big way.

PHOTOS OF THE DAY

Gardener Dan Bull works from a cherrypicker to trim a section of 14-metre-high yew hedge at the National Trust’s Powis Castle. The famous tumps are more than 300 years old and it takes one gardener 10 weeks each autumn to clip them
Photograph: Jacob King/PA

Baby sea turtles walk towards the waters of the Pacific Ocean after being released at sunset
Photograph: Alex Pena/Anadolu Agency/Getty Images

A misty morning over fields near King’s Lynn
Photograph: Paul Marriott/REX/Shutterstock
Market Closes for October 19, 2022

Market Index	Close	Change
Dow Jones	30423.81	-99.99
		-0.33%
S&P 500	3695.16	-24.82
		-0.67%
NASDAQ	10680.51	-91.89
		-0.85%
TSX	18674.40	-123.78
		-0.66%

International Markets

Market Index	Close	Change
NIKKEI	27257.38	+101.24
		+0.37%
HANG SENG	16511.28	-403.30
		-2.38%
SENSEX	59107.19	+146.59
		+0.25%
FTSE 100*	6924.99	-11.75
		-0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.545		3.348
CND. 30 Year Bond		3.537		3.360
U.S.    10 Year Bond		4.1356		3.9963
U.S. 30 Year Bond		4.1270		4.0132

Currencies

BOC Close	Today	Previous
Canadian $	0.7265	0.7280
US $	1.3765	1.3736
Euro Rate 1 Euro=		Inverse
Canadian $	1.3455	0.7432
US  $	0.9774	1.0231

Commodities

Gold	Close	Previous
London Gold Fix	1653.00	1664.75
Oil
WTI Crude Future	85.55	82.82

Market Commentary:
On this day in 1987, Wall Street took its worst plunge of the modern era, as the Dow lost 22.6%, on what became known as “Black Monday.” Traders on Wall Street’s equity desks watched the ticker in shocked, dead silence as it plunged faster and farther than anyone alive had ever seen. By day’s end, more than 500 million shares had changed hands and traumatized analysts were predicting a severe recession.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.7% at 18,674.40 in Toronto.
The move follows the previous session’s increase of 1%.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 2.8%.
Parkland Corp. had the largest drop, falling 7.1%.
Today, 187 of 236 shares fell, while 48 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 12%, heading for the worst year in at least 10 years
* The index declined 11% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 15.9% below its 52-week high on April 5, 2022 and 4.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.6% in the past 5 days and fell 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.6 on a trailing basis and 11.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3t
* 30-day price volatility fell to 23.68% compared with 23.76% in the previous session and the average of 19.56% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -78.7332| -1.3| 1/28
Materials | -28.8363| -1.3| 6/45
Utilities | -16.5640| -1.8| 0/16
Information Technology | -15.6238| -1.6| 0/13
Real Estate | -13.4255| -2.8| 0/22
Consumer Staples | -9.0011| -1.2| 0/11
Industrials | -5.9837| -0.2| 5/22
Consumer Discretionary | -5.8114| -0.9| 3/11
Communication Services | -4.4853| -0.5| 2/5
Health Care | -3.7149| -4.6| 0/7
Energy | 58.3981| 1.7| 31/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Brookfield Asset Management | -15.0400| -2.8| -40.5| -30.1
Bank of Nova Scotia| -13.5500| -2.5| -9.9| -27.5
TD Bank | -12.0600| -1.1| -30.6| -11.6
Suncor Energy | 7.0310| 1.7| -40.1| 37.4
Cenovus Energy | 9.0930| 4.1| -27.2| 57.5
Canadian Natural Resources | 23.4400| 4.1| -49.1| 45.6
US
By Rita Nazareth
(Bloomberg) — Stock traders balked at any rebound attempt on Wednesday, with Treasury yields creeping back to multiyear highs and mounting concern that a hawkish Federal Reserve will raise the odds of a hard landing.
The day that marked the 35th anniversary of the equity crash saw the market halting a back-to-back rally, making any calls for a bottom look elusive.
Not even bright earnings spots like Netflix Inc. and United Airlines Holdings Inc. were able to enthuse investors about more gains in the S&P 500.
A late day rout in Tesla Inc. on disappointing sales could further weigh on sentiment.
“Earnings are not allowing us to see that capitulation and resetting of 2023 earnings expectations yet,” Morgan Stanley’s Lisa Shalett told Bloomberg Television. “It’s not yet a clearing event that sets up for a durable, viable bottom in this market.”
To Nicholas Colas at DataTrek Research, a more sustainable advance would require a backdrop of stabilizing yields – which was the setup for the two-month surge in the US equity benchmark that started in mid-June.
That seems like a “tall order” given that Fed policy remains tight and bond rates are stuck at such high levels, he noted.
Treasuries saw a renewed wave of selling, spurred by firmer global inflation readings, corporate deal hedging flows and a poorly received US 20-year bond auction.
The two-year yield jumped to the highest since 2007 as traders pushed expectations for the peak policy rate closer to 5% — from a current range between 3% and 3.25%.
Fed Bank of St. Louis President James Bullard said it’s good news that markets are pricing in anticipated hikes by policymakers, making it important that officials “follow through” and implement those increases to curb high inflation.
In another sign of economic jitters, a Bank of America Corp. survey showed 60% of chief investment officers want companies to use cash reserves to improve their balance sheets – – rather than opting for capital expenditures or stock buybacks.
The economy will probably mostly slow in 2023, so companies have time to use “still strong cash flow generation this year to shore up their balance sheets before a potential recession hits next year,” wrote credit strategist Yuri Seliger.
As the third-quarter earnings season gets underway, a nightmare scenario for stock pickers is unfolding.
The S&P 500’s three-month realized correlation — a gauge of how closely the top weighted stocks in the benchmark move relative to each other — is at its highest level since July 2020.
As correlations rise, it becomes increasingly difficult for fund managers to outperform the broader market.
That means more turbulence may lie ahead since the S&P 500’s drop over the past six months looks tame when compared with the type of declines typically seen in the last half-year of major equity downturns, according
to Bespoke Investment Group.
“Oversold conditions coinciding with key support has recently underpinned a recovery in stocks, leaving many investors wondering if this will be another trick or a potential treat?” said Craig Johnson, chief market technician at Piper
Sandler. “From our technical perspective, risk for another trick appears high as there is insufficient evidence to confirm the equity market has fully capitulated. This does not eliminate the probability of a sizable relief rally developing into year-end.”
Key events this week:
* US existing home sales, initial jobless claims, Conference Board leading index, Thursday
* Euro area consumer confidence, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.9% to $0.9773
* The British pound fell 0.9% to $1.1223
* The Japanese yen fell 0.4% to 149.87 per dollar
Cryptocurrencies
* Bitcoin fell 0.7% to $19,226.67
* Ether fell 1.4% to $1,296.2
Bonds
* The yield on 10-year Treasuries advanced 12 basis points to 4.13%
* Germany’s 10-year yield advanced nine basis points to 2.38%
* Britain’s 10-year yield declined seven basis points to 3.88%
Commodities
* West Texas Intermediate crude rose 3.5% to $85.69 a barrel
* Gold futures fell 1.3% to $1,634.30 an ounce.
–With assistance from Emily Graffeo and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Illness is the doctor to whom we pay the most heed; to kindness, to knowledge, we make promises only; pain we obey. -Marcel Proust, 1871-1922.

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

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

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

Dear Friends,

Tangents:
October 18, 1892: The first long distance telephone line between Chicago and New York was opened.  Go to article ».
October 18, 1922:The British Broadcasting Company (later Corporation) is founded by a consortium, to establish a nationwide network of radio transmitters to provide a national broadcasting service.

Sri Lankan author Shehan Karunatilaka wins 2022 Booker Prize.  Looking for a good read? This novel just received one of the most prestigious literary awards.

Best Chinese food: 32 must-try dishes.  This photo gallery offers a sampling of China’s many different regions.

Bizarre near-Earth asteroid is spinning faster every year – and scientists aren’t sure why:  A potentially hazardous near-Earth asteroid is spinning faster and faster every year, and researchers aren’t sure why.   The space rock, known as 3200 Phaethon, is around 3.4 miles (5.4 kilometers) wide, and its orbit through the solar system takes it closer to the sun than any other named asteroid, reaching a minimum distance of around 13 million miles (20.9 million km) from the sun — less than half the distance from Mercury to the sun.  Full Story: Live Science (10/18)

PHOTOS OF THE DAY

Horses on the gallops at Sam Drinkwater’s Granary Stables in Worcestershire
Photograph: David Davies/PA

Julia Roberts and George Clooney attend the premiere of the movie Ticket to Paradise at Regency Village Theatre
Photograph: Caroline Brehman/EPA

Visitors embrace by The Matter of Time by US artist Richard Serra at the Guggenheim Museum
Photograph: Ander Gillenea/AFP/Getty Images
Market Closes for October 18, 2022

Market Index	Close	Change
Dow Jones	30523.80	+337.98
		+1.12%
S&P 500	3720.54	+42.59
		+1.16%
NASDAQ	10772.40	+96.60
		+0.90%
TSX	18771.27	+150.25
		+0.81%

International Markets

Market Index	Close	Change
NIKKEI	27156.14	+380.35
		+1.42%
HANG SENG	16914.58	+301.68
		+1.82%
SENSEX	58960.60	+549.62
		+0.94%
FTSE 100*	6936.74	+16.50
		+0.24%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.348		3.422
CND. 30 Year Bond		3.360		3.404
U.S.    10 Year Bond		3.9963		4.0104
U.S. 30 Year Bond		4.0132		4.0183

Currencies

BOC Close	Today	Previous
Canadian $	0.7280	0.7290
US $	1.3736	1.3718
Euro Rate 1 Euro=		Inverse
Canadian $	1.3542	0.7384
US  $	0.9858	1.0144

Commodities

Gold	Close	Previous
London Gold Fix	1664.75	1649.30
Oil
WTI Crude Future	82.82	85.46

Market Commentary:
On this day in 1931, President Herbert Hoover announced the creation of an unemployment-relief commission “to cast sunshine into the habitations of despair.” He also used the word “depression” to describe the U.S. economy, adding that its problems had been “deepened by events from abroad which are beyond the control of either our citizens or our government.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1%, or 177.16 to 18,798.18 in Toronto.
The index advanced to the highest closing level since Oct. 6.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.5%.
Iamgold Corp. had the largest increase, rising 18.4%.
Today, 158 of 236 shares rose, while 76 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 11%, heading for the worst year since 2018
* The index declined 10% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is 15.4% below its 52-week high on April 5, 2022 and 5.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.2% in the past 5 days and fell 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.7 on a trailing basis and 11.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.97t
* 30-day price volatility rose to 23.76% compared with 23.70% in the previous session and the average of 19.36% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 56.1564| 1.0| 24/5
Industrials | 44.2889| 1.8| 21/6
Information Technology | 17.0893| 1.7| 13/1
Materials | 13.7962| 0.6| 27/24
Energy | 12.4709| 0.4| 19/19
Utilities | 12.2397| 1.4| 14/2
Communication Services | 10.5310| 1.2| 7/0
Consumer Discretionary | 8.4286| 1.3| 11/3
Consumer Staples | 1.1714| 0.2| 9/2
Real Estate | 1.0001| 0.2| 9/11
Health Care | -0.0121| 0.0| 4/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 16.1700| 1.5| -21.9| -10.6
Canadian National | 14.5000| 2.2| 7.0| 0.4
Canadian Pacific | 13.8900| 2.3| -10.0| 7.1
Canadian Natural Resources | -2.5530| -0.5| -63.1| 39.8
Suncor Energy | -3.5150| -0.9| -38.5| 35.1
First Quantum Minerals | -4.1660| -4.5| 19.2| -24.4
US
By Stephen Kirkland
(Bloomberg) — Stocks continued their rebound from nearly oversold levels as traders took solace from a solid start to the corporate-earnings season even as central banks remain on  hawkish footing.
After almost giving up all of its gains, the S&P 500 notched back-to-back gains to start the week.
Futures extended the advance in late trading after Neflix Inc. delivered a surge in subscribers.
Its shares jumped more than 13% as of 4:40 p.m. in New York.
The biggest ETF that tracks the Nasdaq 100 advanced more than 1%.
United Airlines Holdings Inc. climbed 7% after reporting its results.
During the cash session, the S&P 500 rose 1.1% and is now up 3.8% in two days.
Goldman Sachs Group Inc. climbed on solid results.
Apple Inc. rebounded after briefly turning negative on a report it was cutting production of its iPhone 14 Plus.
“Earnings season offers investors the opportunity to focus more on the actual earnings power of corporate America, and less on the machinations of the backward-looking economic data stream,” said Art Hogan, chief market strategist at B. Riley. “A better-than-feared earnings season may well be the catalyst the market needs to see a break in the steady grind lower.”
Upbeat company results, cheaper valuations and UK policy reversals have helped buoy risk sentiment.
The sentiment on stocks and global growth among fund managers surveyed by Bank of America Corp. shows full capitulation, opening the way for equities to bottom in the first half of 2023.
Still, with headwinds from inflation, risks to the economy and hawkish central banks continuing to confront investors, there’s debate over how durable the gains will prove.
Some regional Fed directors last month favored raising a key interest rate by a smaller or larger amount than the 75 basis points that policymakers ultimately decided was needed to curb persistent inflation, according to minutes of discount-rate meetings released Tuesday.
“There’s still a strong feeling of a bear-market rally about trading over the course of the last week,” said Craig Erlam, senior market analyst at Oanda Europe Ltd. “The economic landscape looks treacherous and we don’t even know if we’re at peak inflation and interest rate pricing yet. Those are substantial headwinds that will make any stock market rebound extremely challenging.”
Key events this week:
* Euro area CPI, Wednesday
* EIA crude oil inventory report, Wednesday
* US MBA mortgage applications, building permits, housing starts, Fed Beige Book, Wednesday
* Fed’s Neel Kashkari, Charles Evans, James Bullard speak, Wednesday
* US existing home sales, initial jobless claims, Conference Board leading index, Thursday
* Euro area consumer confidence, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $0.9856
* The British pound fell 0.3% to $1.1323
* The Japanese yen fell 0.1% to 149.23 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $19,227.77
* Ether fell 2.2% to $1,300.61
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.99%
* Germany’s 10-year yield advanced two basis points to 2.28%
* Britain’s 10-year yield declined three basis points to 3.95%
Commodities
* West Texas Intermediate crude fell 2.6% to $83.24 a barrel
* Gold futures fell 0.5% to $1,656.50 an ounce
–With assistance from Vildana Hajric and Peyton Forte.
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann

Every human heartbeat, he’d said many times, is a  universe of possibilities.  And it seemed to me that I finally understood exactly what he’d meant.  He’d been trying to tell me that every human will has the power to transform its fate.  I’d always thought that fate was something unchangeable: fixed for every one of us at birth, and as constant as the circuit of the stars.  But I suddenly realized that life is stranger and more beautiful than that.  The truth is that, no matter what kind of game you find yourself in, no matter how good or bad the luck, you can change your life completely with a single thought or a single act of love. -Gregory David Roberts, b. 1952., Shantaram.

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.
On Oct. 17, 1931, mobster Al Capone was convicted of income tax evasion and sentenced to 11 years in prison. He was released in 1939.  Go to article »

25 creepy-cute dishes for a Halloween potluck.  Bone appétit! Who can resist goblin up these festive appetizers and snacks?

1,600-year-old mosaic of Hercules and Neptune’s 40 mistresses unearthed in war-torn Syria: Archaeologists in war-torn Syria have unearthed a stunning mosaic from the Roman era that features events from the Trojan War, the chiseled muscles of the Roman demigod Hercules and the powerful ancient Roman god Neptune alongside 40 of his mistresses.   The General Directorate of Antiquities and Museums, a Syrian government agency, discovered the 65.5-foot-long by 20-foot-wide (20 by 6 meters) mural in Rastan, a town in central Syria near Homs, a key battleground during the Syrian revolution, agency representatives announced on Wednesday (Oct. 12), according to the Associated Press (AP).  Full Story: Live Science (10/17)

Bizarre blue blobs hover in Earth’s atmosphere in stunning astronaut photo. But what are they?   An astronaut onboard the International Space Station (ISS) has snapped a peculiar image of Earth from space that contains two bizarre blue blobs of light glimmering in our planet’s atmosphere.   The dazzling pair may look otherworldly. But in reality, they are the result of two unrelated natural phenomena that just happened to occur at the same time.  Full Story: Live Science (10/17)

PHOTOS OF THE DAY

A person wears a horror costume. After a three-year absence, zombies and horrible creatures once again marched through the streets of Santiago for Zombie Walk Chile, a huge Halloween costume party, that attracts large numbers of people
Photograph: Claudio Abarca Sandoval/NurPhoto/REX/Shutterstock

People watch the world’s strongest maelstrom from a boat. The whirlpool phenomenon is governed by the rise and fall of currents. Every six hours almost 400m cubic metres of water have to pass through a 3 km-long and 150-metre wide strait between Saltenfjord and Skjerstadfjord
Photograph: Sergei Gapon/Anadolu Agency/Getty Images

People visit Iguazu falls at the Iguazu national park
Photograph: Reuters
Market Closes for October 17, 2022

Market Index	Close	Change
Dow Jones	30185.82	+550.99
		+1.86%
S&P 500	3677.95	+94.88
		+2.65%
NASDAQ	10675.80	+354.41
		+3.43%
TSX	18621.02	+294.67
		+1.61%

International Markets

Market Index	Close	Change
NIKKEI	26775.79	-314.97
		-1.16%
HANG SENG	16612.90	+25.21
		+0.15%
SENSEX	58410.98	+491.01
		+0.85%
FTSE 100*	6920.24	+61.45
		+0.90%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.422		3.488
CND. 30 Year Bond		3.404		3.416
U.S.    10 Year Bond		4.0104		4.0204
U.S. 30 Year Bond		4.0183		3.9936

Currencies

BOC Close	Today	Previous
Canadian $	0.7290	0.7196
US $	1.3718	1.3896
Euro Rate 1 Euro=		Inverse
Canadian $	1.3500	0.7407
US  $	0.9842	1.0161

Commodities

Gold	Close	Previous
London Gold Fix	1649.30	1648.10
Oil
WTI Crude Future	85.46	85.61

Market Commentary:
On this day in 1919, Radio Corporation of America was formed by General Electric lawyer Owen D. Young to control the “wireless” patents of GE, AT&T and Westinghouse and to outflank the companies founded by Guglielmo Marconi. By 1929 it was the greatest growth stock in America, peaking at just under $575 a share; but by the end of that year it had lost 77% of its value.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.6% at 18,621.02 in Toronto.
The index advanced to the highest closing level since Oct. 6 after the previous session’s decrease of 1.5%.
Canadian National Railway Co. contributed the most to the index gain, increasing 2.7%.
Denison Mines Corp. had the largest increase, rising 10.5%.
Today, 202 of 236 shares rose, while 33 fell; all sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 13 times. The next day, it advanced eight times for an average 0.9% and declined five times for an average 1.1%
* This year, the index fell 12%, heading for the worst year in at least 10 years
* The index declined 11% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is 16.2% below its 52-week high on April 5, 2022 and 4.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed 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 12.6 on a trailing basis and 11.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.93t
* 30-day price volatility rose to 23.70% compared with 23.23% in the previous session and the average of 19.14% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 87.6484| 1.5| 28/1
Industrials | 57.0447| 2.4| 26/1
Information Technology | 31.7515| 3.3| 14/0
Energy | 30.0977| 0.9| 24/13
Materials | 24.8002| 1.2| 36/15
Utilities | 22.0647| 2.6| 16/0
Communication Services | 13.0963| 1.5| 7/0
Consumer Discretionary | 10.3604| 1.6| 13/1
Real Estate | 10.2758| 2.2| 22/0
Consumer Staples | 4.1152| 0.5| 9/2
Health Care | 3.4328| 4.5| 7/0
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian National | 17.1800| 2.7| 32.7| -1.8
RBC | 15.7500| 1.3| 64.1| -7.9
Shopify | 15.5200| 5.3| -15.8| -78.1
First Quantum Minerals | -1.3120| -1.4| -10.3| -20.8
ARC Resources | -1.5560| -1.9| -29.4| 53.5
Tourmaline Oil | -2.4140| -1.5| 98.1| 99.4
US
By Rita Nazareth
(Bloomberg) — Stocks saw big gains Monday, with the S&P 500 closing above a key technical level and another giant bank coming out with solid results.
A reversal of the UK’s vast fiscal stimulus also bolstered trader sentiment.
The breadth of the rally was so strong that at one point over 99% of the companies in the US equity benchmark were up, with the gauge pushing away from its 200-week moving average.
The tech-heavy Nasdaq 100 notched its biggest gain since July.
A rout in the S&P 500 has left the index testing a “serious floor of support”, which could lead to a technical recovery, Morgan Stanley’s Mike Wilson wrote.
The strategist, who’s one of Wall Street’s most-prominent bearish voices, said he “would not rule out” the measure rising to about 4,150.
That’s 13% above current levels.
“Stocks may be ripe for a near-term bounce,” wrote BCA Research strategists led by Roukaya Ibrahim. “While economic conditions have not changed — and therefore do not warrant a shift in the cyclical outlook — technical conditions are pointing to a potential rebound.”
The arrival of earnings has historically served as a remedy for ailing equities, lifting the S&P 500 roughly 76% of the time since 2013.
Cut-to-bone profit estimates — which have been slashed down by more than two-thirds in four months, the most since the first quarter of 2020 — are making the hurdles easy to clear.
To Jeffrey Buchbinder at LPL Financial, while expectations are indeed very low for the current earnings season, forecasts for 2023 still remain elevated.
“The tough part is figuring out how far estimates need to fall and how much of a headwind that haircut will be for stocks as they try to dig their way out of this bear market,” he added.
Markets have historically bottomed out when investors began to contemplate materially looser policy over the next six to 12 months, when a trough for economic activity was in sight or when valuations reflected a “bear case” scenario, according to Mark Haefele at UBS Global Wealth Management.  “We do not believe these conditions have been fulfilled,” Haefele added. “Despite the increased risks to growth and the rise in volatility, equity markets have neither become cheaper relative to bonds, nor yet priced in a material slowdown in growth and earnings.”
Some 86% of respondents in the latest MLIV Pulse survey expect US markets to recover first, with investors slightly favoring stocks over bonds.
The result suggests the longstanding premium for equities will remain in place — and as the Federal Reserve’s peak hawkishness becomes apparent, traders will be prepared to return to Treasury markets in droves.
The latest US recession probability models by Bloomberg economists Anna Wong and Eliza Winger forecast a higher probability of such an event across all time frames — with the 12-month estimate of a downturn by October 2023 hitting 100%.
That’s up from 65% for the comparable period in the previous update.
Data Monday showed a measure of New York state manufacturing contracted for a third month in October, and a larger share of factories were more downbeat about business conditions in early 2023.
The prices-paid measure rose for the first time since June.
“This isn’t a Pollyanna moment,” said Robert Teeter, a managing director of Silvercrest Asset Management. “Inflation clearly remains a problem until proven otherwise, and disappointing earnings, particularly from consumer facing-companies, could trigger another rough stretch, with recession fears at the fore.”
Key events this week:
* US industrial production, NAHB housing market index, Tuesday
* Fed’s Neel Kashkari speaks, Tuesday
* Euro area CPI, Wednesday
* EIA crude oil inventory report, Wednesday
* US MBA mortgage applications, building permits, housing starts, Fed Beige Book, Wednesday
* Fed’s Neel Kashkari, Charles Evans, James Bullard speak, Wednesday
* US existing home sales, initial jobless claims, Conference Board leading index, Thursday
* Euro area consumer confidence, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.5%
* The Dow Jones Industrial Average rose 1.9%
* The MSCI World index rose 2.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 1.2% to $0.9837
* The British pound rose 1.6% to $1.1352
* The Japanese yen fell 0.2% to 149.04 per dollar
Cryptocurrencies
* Bitcoin rose 1% to $19,527.35
* Ether rose 1.1% to $1,325.63
Bonds
* The yield on 10-year Treasuries was little changed at 4.02%
* Germany’s 10-year yield declined eight basis points to 2.27%
* Britain’s 10-year yield declined 36 basis points to 3.98%
Commodities
* West Texas Intermediate crude fell 0.2% to $85.40 a barrel
* Gold futures rose 0.3% to $1,653.70 an ounce
–With assistance from Vildana Hajric, Michael Msika and Sagarika Jaisinghani.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Nothing in any life, no matter how well or poorly lived, is wiser than failure or clearer than sorrow. -Gregory David Roberts, b. 1952.

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

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

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

Dear Friends,

Tangents: Happy Friday.

Just back today from an investment conference in New York – lots of worthwhile insights presented by many illustrious money managers and financial sorts, including Ben Bernanke, former US treasury Secretary, who was lauded for his work with the Nobel Prize in economics earlier in the week.  Larry summers was also a presenter.  Lots if information to organize and sort through this weekend…

On Oct. 14, 1964, civil rights leader Martin Luther King Jr. was named winner of the Nobel Peace Prize.  Go to article »
October 14, 1968: Apollo program: The first live television broadcast by American astronauts form a manned, orbiting American spacecraft is carried out by the Apollo 7 crew.

The European capital of cool that keeps getting cooler.  Affordable rent. Great nightlife. Gorgeous streets. Tourists from around the globe are flocking to this city in droves

Fancy watches are about to get cheaper.

Superhighway of ancient human and animal footprints in England provides an ‘amazing snapshot of the past’:  Thousands of years ago, a swath of land along what is now the western coast of England served as a superhighway for humans and animals alike. Today, the ebb and flow of each passing tide reveals more of the ancient footprints that these long-gone travelers stamped into the once mud-caked route.  Reminders of their travels can be seen along a nearly 2-mile-long (3 kilometers) stretch of coastline near Formby, England. The footprint beds show how, as glaciers melted and sea levels rose after the last ice age ended around 11,700 years ago, humans and animals were forced inland, thus forming a hub of human and animal activity seen in the commingled footprints.  Full Story: Live Science (10/14)

Anglo-Saxon hall where kings and warriors dined discovered in England:  Archaeologists in the east of England have unearthed the remains of an elaborate hall that Anglo-Saxon monarchs and warriors feasted in roughly 1,400 years ago.   The remains of the royal hall — near the village of Rendlesham in Suffolk, about 70 miles (110 kilometers) northeast of London — are only a few miles north of the famous Anglo-Saxon ship burial at Sutton Hoo and a few miles south of another ship burial near the village of Snape.  Full Story: Live Science (10/14)
PHOTOS OF THE DAY

The start of the swimming section of the Ironman World Championships
Photograph: Ezra Shaw/Getty Images

Elephant keeper Kiapi Lakupanai plays with calves at the Reteti elephant sanctuary in the Namunyak wildlife conservancy. The sanctuary has been overwhelmed with orphaned and abandoned calves due to drought
Photograph: Luis Tato/AFP/Getty Images

Drummers from Spark! perform as part of Light Night Leeds, the country’s largest annual arts and light festival
Photograph: Danny Lawson/PA
Market Closes for October 14, 2022

Market Index	Close	Change
Dow Jones	29634.83	-403.89
		-1.34%
S&P 500	3583.07	-86.84
		-2.37%
NASDAQ	10321.39	-327.76
		-3.08%
TSX	18326.35	-287.28
		-1.54%

International Markets

Market Index	Close	Change
NIKKEI	27090.76	+853.34
		+3.25%
HANG SENG	16587.69	+198.58
		+1.21%
SENSEX	57919.97	+684.64
		+1.20%
FTSE 100*	6858.79	+8.52
		+0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.488		3.422
CND. 30 Year Bond		3.416		3.338
U.S.    10 Year Bond		4.0204		3.9435
U.S. 30 Year Bond		3.9936		3.9164

Currencies

BOC Close	Today	Previous
Canadian $	0.7196	0.7273
US $	1.3896	1.3750
Euro Rate 1 Euro=		Inverse
Canadian $	1.3507	0.7404
US  $	0.9720	1.0288

Commodities

Gold	Close	Previous
London Gold Fix	1648.10	1670.65
Oil
WTI Crude Future	85.61	89.11

Market Commentary:
On this day in 1980, the IPO boom of the 1980s got off to a roaring start as Genentech went public at an initial offering price of $35.00. It closed the day’s trading at $71.25, a 103.6% gain, one of the highest first-day returns for a stock in history.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.5% at 18,326.35 in Toronto.
The move follows the previous session’s increase of 2.2%.
Nutrien Ltd. contributed the most to the index decline and had the largest move, decreasing 9.1%.
Today, 201 of 236 shares fell, while 33 rose; all sectors were lower, led by energy stocks.
Insights
* In the past year, the index had a similar or greater loss 16 times. The next day, it declined 13 times for an average 0.8% and advanced three times for an average 0.3%
* This year, the index fell 14%, heading for the worst year in at least 10 years
* So far this week, the index fell 1.4%
* The index declined 12% in the past 52 weeks. The MSCI AC Americas Index lost 21% in the same period
* The S&P/TSX Composite is 17.5% below its 52-week high on April 5, 2022 and 2.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.4 on a trailing basis and 11.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.97t
* 30-day price volatility rose to 23.23% compared with 22.97% in the previous session and the average of 18.37% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -99.0339| -2.8| 1/37
Materials | -89.1791| -4.0| 4/47
Industrials | -43.0257| -1.8| 4/23
Utilities | -14.6557| -1.7| 0/16
Financials | -13.7754| -0.2| 9/20
Communication Services | -11.0427| -1.2| 1/6
Information Technology | -5.3093| -0.6| 3/11
Real Estate | -4.1799| -0.9| 0/22
Consumer Staples | -4.0900| -0.5| 4/7
Consumer Discretionary | -1.8535| -0.3| 7/6
Health Care | -1.1518| -1.5| 0/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Nutrien | -40.0800| -9.1| 24.1| 13.8
Enbridge | -16.1700| -2.3| 48.8| 1.1
Cenovus Energy | -13.6000| -5.8| -15.1| 48.4
Magna Intl | 1.1290| 0.9| -29.1| -33.7
Intact Financial | 1.6800| 0.7| 5.2| 17.7
TD Bank | 7.4650| 0.7| -7.2| -12.4
US
By Stephen Kirkland and Lu Wang
(Bloomberg) — US stocks fell after a report showed US year-ahead inflation expectations rose for the first time in seven months.
The dollar gained and Treasuries fell.
The S&P 500 closed near lows of the day, falling more than 2%.
The growth-sensitive Nasdaq 100 posted the steepest losses, dropping just over 3% as Treasury yields climbed, with the two-year rate rising back to 4.5%.
Both indexes posted their first weekly declines this month.
Equity markets turned sharply lower after a University of Michigan survey showed year-ahead inflation expectations rose in early October and the long-term outlook also crept up.
The uptick is potentially worrisome for the Federal Reserve’s efforts to keep views anchored.
It also follows data a day earlier that showed a key measure of consumer prices accelerated in September to a 40-year high.
On Thursday, however, stocks roared back from early losses in one of the biggest reversals on record.
“Yesterday you had this amazing, powerful intraday rally that was completely wrong,” said Phil Orlando, chief equity market strategist at Federated Hermes. “Then you look at the Michigan numbers this morning that’s consistent with what we’re seeing in the economy, and the stock market now is down to reflect that number. That’s correct.”
Corporate America offered some bright spots, with big banks including JPMorgan Chase & Co. and Wells Fargo & Co. rising after reporting results, while Morgan Stanley fell as equity trading revenue disappointed.
UnitedHealth Group Inc. shares gained after the health-care giant beat profit forecasts in the third quarter and raised its outlook for the year.
Earnings next week will provide clues on the strength of a swathe of companies, including Bank of America Corp., Goldman Sachs Group Inc., Johnson & Johnson, Netflix Inc., Tesla Inc. and United Airlines Holdings Inc.
In the latest Fed comments, officials suggested they’re ready to hike rates higher than previously planned.
Kansas City Fed President Esther George said the terminal rate may need to be higher to cool prices.
San Francisco Fed’s Mary Daly said she’s “very supportive” raising to restrictive levels and to between 4.5% and 5% “is the most likely outcome.”
Forecasts they released last month showed rates reaching 4.4% by year end and 4.6% next year, from a current target range of 3% to 3.25.
Swaps traders have boosted wagers for rate hikes over the past week following strong payrolls and hot inflation readings, with the market leaning toward back-to-back jumbo hikes at the next two meetings and a high above 4.9% next year.
“A lot of investors are looking at inflation to get guidance on what the Fed is going to do, to find the bottom in the market once the Fed pivots,” Jerry Braakman, chief investment officer and president of First American Trust, said in an interview. “But looking at CPI, unemployment, there’s obviously a lot of heat in the economy. Inflation is going to take some time to come down.”
In the UK, bonds and the pound fell to end another tumultuous week.
Gilts slid as Prime Minister Liz Truss confirmed speculation she will U-turn on a planned freeze on corporation tax.
The Bank of England ended its emergency bond purchases on Friday, buying £1.45 billion of long-dated and inflation-linked gilts.
In the wake of that, 30-year yields rose 23 basis points at 4.78%, after swinging from a drop of over 30 basis points earlier.
Elsewhere, oil posted a weekly loss as inflation-fighting measures and muted Chinese demand soured the market’s outlook, blunting some of the sting from OPEC’s upcoming supply curtailments.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.4% as of 4:06 p.m. New York time
* The Nasdaq 100 fell 3.1%
* The Dow Jones Industrial Average fell 1.3%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.5% to $0.9729
* The British pound fell 1.2% to $1.1186
* The Japanese yen fell 1% to 148.60 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $19,177.75
* Ether rose 0.4% to $1,298.58
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.02%
* Germany’s 10-year yield advanced six basis points to 2.35%
* Britain’s 10-year yield advanced 14 basis points to 4.34%
Commodities
* West Texas Intermediate crude fell 3.7% to $85.82 a barrel
* Gold futures fell 1.7% to $1,648.80 an ounce
–With assistance from John Cheng, Tassia Sipahutar, Sujata Rao and Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Now, now my good man, this is no time for making enemies.
-Voltaire , on his deathbed in response to a priest asking that he renounce Satan.

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.

Forged Galileo manuscript leads experts to controversial book he secretly wrote The revelation in August that a manuscript attributed to Galileo Galilei was a forgery has led to the discovery of a different book that the celebrated Italian astronomer actually did write, but under a pseudonym, a new investigation finds. Previously unpublished notes by Galileo that were checked in the aftermath of the forgery’s discovery indicate that he was the true author of a treatise titled the “Considerazioni Astronomiche di Alimberto Mauri” — Italian for the “Astronomical Considerations of Alimberto Mauri” — which was published in 1604.

‘I think your dog is broken’: Labrador’s reaction goes viral. This dog hilariously froze when he saw Halloween cat decorations in his front yard. Watch the video here.

PHOTOS OF THE DAY

Deer forage in Dunham Massey as low temperatures bring on an early morning fog
Photograph: Christopher Furlong/Getty Images

An aerial view of Sigiriya, an ancient rock fortress. The site sits on a massive column of rock approximately 180 metres high, and dates back to the reign of King Kasyapa (477-495 AD), who chose it as his new capital. He decorated the walls with frescoes and built an impressive palace right on top of the rock column, accessible only through the mouth of an enormous carved lion
Photograph: Thilina Kaluthotage/NurPhoto/REX/Shutterstock
Just your everyday fox on a hedge with a hotdog. I’ve seen foxes cache their food in some innovative places, but this was a first. Taken in my local cemetery in east London.’
Photograph: Callum Church
Market Closes for October 13, 2022

Market Index	Close	Change
Dow Jones	30038.72	+827.87
		+2.83%
S&P 500	3669.91	+92.88
		+2.60%
NASDAQ	10649.15	+232.05
		+2.23%
TSX	18613.63	+407.35
		+2.24%

International Markets

Market Index	Close	Change
NIKKEI	26237.42	-159.41
		-0.60%
HANG SENG	16389.11	-311.92
		-1.87%
SENSEX	57235.33	-390.58
		-0.68%
FTSE 100*	6850.27	+24.12
		+0.35%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.422		3.423
CND. 30 Year Bond		3.338		3.327
U.S.    10 Year Bond		3.9435		3.8962
U.S. 30 Year Bond		3.9164		3.8744

Currencies

BOC Close	Today	Previous
Canadian $	0.7273	0.7235
US $	1.3750	1.3822
Euro Rate 1 Euro=		Inverse
Canadian $	1.3443	0.7439
US  $	0.9775	1.0230

Commodities

Gold	Close	Previous
London Gold Fix	1670.65	1664.70
Oil
WTI Crude Future	89.11	87.27

Market Commentary:
On this day in 1691, Sir Stephen Evance incorporated the Company for Making Hollow Sword Blades in the North of England, one of the earliest companies to issue stock—and the predecessor of the South Sea Co., whose own stock caused a speculative fever that overheated and nearly destroyed the British financial system in 1720.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 2.2% at 18,613.63 in Toronto. The move was the biggest since rising 2.6% on Oct. 4 and follows the previous session’s decrease of 0.1%.
Today, financials stocks led the market higher, as all sectors gained; 193 of 236 shares rose, while 42 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 4.1%. Converge Technology Solutions Corp. had the largest increase, rising 6.9%.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it declined 0.7% once and advanced 2.6% once
* This year, the index fell 12%, heading for the worst year in at least 10 years
* So far this week, the index was little changed
* The index declined 9.7% in the past 52 weeks. The MSCI AC Americas Index lost 18% in the same period
* The S&P/TSX Composite is at its 52-week low and 16.2% below its high on April 5, 2022
* The S&P/TSX Composite is down 3.2% in the past 5 days and fell 5.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.6 on a trailing basis and 11.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.91t
* 30-day price volatility rose to 22.97% compared with 21.90% in the previous session and the average of 17.98% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 152.5014| 2.7| 29/0
Energy | 114.8877| 3.4| 37/1
Industrials | 43.4619| 1.8| 24/3
Communication Services | 28.1084| 3.2| 7/0
Utilities | 22.0245| 2.6| 16/0
Consumer Discretionary | 11.6793| 1.8| 11/3
Materials | 10.1110| 0.5| 22/29
Consumer Staples | 9.8382| 1.3| 10/1
Real Estate | 7.1756| 1.6| 22/0
Information Technology | 6.9676| 0.7| 11/2
Health Care | 0.6042| 0.8| 4/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 41.4300| 4.1| 17.7| -13.1
RBC | 32.1700| 2.8| 109.1| -9.1
Enbridge | 25.6600| 3.7| 106.0| 3.4
Kinross Gold | -1.3430| -3.0| 5.3| -33.4
Agnico Eagle Mines | -1.5080| -0.8| -35.0| -14.4
Barrick Gold | -7.9250| -3.1| -6.8| -16.0
US
By Stephen Kirkland and Emily Graffeo
(Bloomberg) — US stocks roared back from losses sparked by a hot inflation reading on speculation the yearlong selloff had potentially reached a bottom.
The S&P 500 closed up 2.6% after swinging more than 5% during a wild trading day. The benchmark clawed back more than 40% of the losses over a six-day selloff that took it to a two- year low.
Technical levels factored into the bounce. At one point, the benchmark S&P 500 had given back 50% of its post-pandemic rally, triggering programmed buying. A wave of put options bought to protect against such a rout moved into the money, and as profits were booked, that prompted dealers to buy stocks to remain market neutral.
A gauge of consumer price growth rose to a 40-year high last month, sealing the case for the Fed to deliver a large rate hike in November. Stocks plunged 25% this year before Thursday’s rebound, as the central bank tightened policy to curb inflation, leaving investors to weigh how much damage is left for share prices.
“There may be some short covering going on, but also, a lot was priced in,” said Michael Contopoulos, director of fixed income at Richard Bernstein Advisors. “There has likely been a fair amount of defensive positioning lately in equities and on the rates side, higher policy rates means higher probability of a hard landing.”
Risk assets have been under pressure all year as central banks around the world attempt to tame runaway inflation. The latest data added to evidence the harsh monetary medicine has yet to take hold and comes on the heels of last week’s payrolls figures that showed unemployment rate at a five-decade low in September.
The Treasury curve flattened, with the yield on policy- sensitive two-year notes up 18 basis points at 4.47%. Market bets on rates now lean toward back-to-back 75 basis-point hikes at the next two Fed meetings and expect the central bank to push rates past 4.85% before the tightening cycle ends. The current rate is 3.25%.
On the earnings front, Delta Air Lines Inc., Domino’s Pizza Inc. and Walgreens Boots Alliance Inc. gained on better-than- expected results. Big banks including JPMorgan Chase & Co. and Citigroup Inc. are due to report on Friday.
More market commentary
* “If you had some levered CTA who had a big buy program set to start around 3,505 and then another levered short who doubled down on the CPI print that could have created this snowball where market just ripped as other levered technical systematic traders piled in,” Max Gokhman, chief investment officer for AlphaTrAI, said. “Or someone just got a fat margin call. We may find out after the dust settles.”
* “There’s so much uncertainty in the market and so many data points are conflicting that the market responds to whatever is the most recent data point,” said Ellen Hazen, chief market strategist and portfolio manager at F.L.Putnam Investment Management. “So this morning with the reversal in the UK the market was up pre-open, then we got CPI and then it was down.
And then we look at the fact that we bounced off of this support level and that becomes self-fulfilling.”
* “This isn’t the CPI report markets or the Fed were hoping for,” said James Athey, investment director at abrdn. “Inflation pressures remain stubbornly high. The reality is that for the foreseeable future the Fed is locked into a stance of unequivocal hawkishness. This will support bond yields and the US dollar but its yet more bad news for equities.”
* “After today’s inflation report, there can’t be anyone left in the market who believes the Fed can raise rates by anything less than 75bps at the November meeting,” Seema Shah, strategist at Principal Global Investors wrote. “In fact, if this kind of upside surprise is repeated next month, we could be facing a fifth consecutive 0.75% hike in December with policy rates blowing through the Fed’s peak rate forecast before this year is over.”
* Given the latest CPI report, “any continued pick-up in energy prices can get us to a new high” in headline inflation, said Steve Chiavarone, senior portfolio manager at Federated Hermes. That “could very well spook markets as it pushes back any expectation of peak inflation, peak Fed hawkishness and could force the market to contemplate a terminal fed funds rate above 5%. All that would raise the risks of more bond pain, more equity pain, and a greater risk of financial accident.”

Meanwhile, UK markets remained in turmoil almost two weeks after the government unveiled a plan to drastically cut taxes.
The pound surged back above $1.13, buoyed by reports that government officials are working on a U-turn of tax cuts. Gilts also rallied, with the yield on 30-year debt dropping as much as 46 basis points.
The yen sank to its lowest level in more than 30 years after the US inflation report, before reversing the move in a whiplash trade that raised market chatter of potential intervention
Elsewhere, oil gained for the first time this week, with crude in New York rising back above $89 a barrel after a US crude report flagged potential bullish drivers, shrugging off inflation data. The International Energy Agency earlier warned production cuts agreed by OPEC+ risked causing oil prices to spike and tipping the global economy into recession.

Key events this week:
* Earnings on Friday: JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, UnitedHealth Group Inc., U.S. Bancorp, Wells Fargo & Co.
* G-20 finance ministers and central bankers meet, Thursday
* China CPI, PPI, trade, Friday
* US retail sales, business inventories, University of Michigan consumer sentiment, Friday
* BOE emergency bond buying is set to end, Friday

Some of the main moves in markets:

Stocks
* The S&P 500 rose 2.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.3%
* The Dow Jones Industrial Average rose 2.8%
* The MSCI World index rose 1.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.8% to $0.9776
* The British pound rose 2% to $1.1317
* The Japanese yen fell 0.2% to 147.26 per dollar
Cryptocurrencies
* Bitcoin rose 1% to $19,369.94
* Ether fell 0.9% to $1,287.49
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.96%
* Germany’s 10-year yield declined three basis points to 2.29%
* Britain’s 10-year yield declined 24 basis points to 4.20%
Commodities
* West Texas Intermediate crude rose 2.2% to $89.15 a barrel
* Gold futures fell 0.4% to $1,671 an ounce

–With assistance from Tassia Sipahutar, Richard Henderson, Farah Elbahrawy, Denitsa Tsekova, Sujata Rao, Vildana Hajric and Peyton Forte.
Have a wonderful evening everyone.

Be magnificent.
As ever,

Isabel

Mediocrity knows nothing higher than itself, but talent instantly recognizes genius.

– Sir Arthur Conan Dolye,1859 – 1930

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 Oct. 12, 2000, the Navy destroyer Cole was attacked in an al-Qaeda suicide bombing while in port in Aden, Yemen, killing 17 sailors and injuring dozens more. Go to article »

Actor William Shatner shares what it’s like traveling to space. “Everything I had expected to see was wrong,” Shatner wrote in a new biography. Learn about the actor’s life-changing experience aboard a suborbital space tourism flight.

Video shows volcano eruption in Italy. Watch the moment a volcano erupted on the Italian island of Stromboli. Thankfully, no injuries were reported.

In ‘bizarre behavior,’ New Zealand penguins lay one egg, reject it, and then lay another. Now, scientists know why. Researchers have cracked the case of why erect-crested penguins in New Zealand reject their first-laid eggs. These penguins, which mate in monogamous pairs, lay an egg only to abandon it in favor of a second egg, which they then incubate until it hatches. Laying eggs is energy intensive, and so this behavior is highly unusual in birds, but a study published Oct. 12 in the journal PLOS One offers new insight into the odd practice.

PHOTOS OF THE DAY

The Liceu Grand theatre filled with balloons as part of an art installation by the Brazilian artist Flavia Junqueira
Photograph: Josep Lago/AFP/Getty Images

Members of the Zebras programme, an initiative of volunteers who help educate drivers and pedestrians on road safety, head off to work
Photograph: Luis Gandarillas/Anadolu Agency/Getty Images

Ekaterina watches as two Alpine ibex spar for supremacy. It was near the end of a spring day trip with her family that she spotted the fight. The two ibex clashed horns and continued to trade blows while standing on their hind legs like boxers in a ring. In the early 1800s, after centuries of hunting, fewer than 100 Alpine ibex survived in the mountains on the Italy–France border. Successful conservation measures mean that, today, there are more than 50,000. Pian della Mussa, Piedmont, Italy
Photograph: Ekaterina Bee/Wildlife Photographer of the Year
Market Closes for October 12, 2022

Market Index	Close	Change
Dow Jones	29210.85	-28.34
		-0.10%
S&P 500	3577.03	-11.81
		-0.33%
NASDAQ	10417.10	-9.09
		-0.09%
TSX	18206.28	-10.40
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	26396.83	-4.42
		-0.02%
HANG SENG	16701.03	-131.33
		-0.78%
SENSEX	57625.91	+478.59
		+0.84%
FTSE 100*	6826.15	-59.08
		-0.86%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.423		3.475
CND. 30 Year Bond		3.327		3.343
U.S.    10 Year Bond		3.8962		3.9470
U.S. 30 Year Bond		3.8744		3.9223

Currencies

BOC Close	Today	Previous
Canadian $	0.7235	0.7250
US $	1.3822	1.3793
Euro Rate 1 Euro=		Inverse
Canadian $	1.3413	0.7455
US  $	0.9705	1.0304

Commodities

Gold	Close	Previous
London Gold Fix	1664.70	1676.55
Oil
WTI Crude Future	87.27	89.35

Market Commentary:
On this day in 1990, the great bull market of the 1990s began, as the Dow Jones Industrial Average edged up 9.90 points to close at 2407.92. Stocks would more than quadruple over the next ten years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 18,206.28 in Toronto.
Today, energy stocks led the market lower, as 4 of 11 sectors lost; 82 of 236 shares fell, while 150 rose.
Cameco Corp. contributed the most to the index decline and had the largest move, decreasing 13.5%.
Insights
* This year, the index fell 14%, heading for the worst year in at least 10 years
* The index declined 11% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is at its 52-week low and 18% below its high on April 5, 2022
* The S&P/TSX Composite is down 6% in the past 5 days and fell 8.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.3 on a trailing basis and 11.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.91t
* 30-day price volatility fell to 21.90% compared with 22.29% in the previous session and the average of 17.57% over the past mont
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -28.2078| -0.8| 13/24
Utilities | -21.7843| -2.5| 0/16
Industrials | -14.0977| -0.6| 15/12
Communication Services | -10.4373| -1.2| 1/6
Health Care | 2.2467| 3.0| 7/0
Consumer Discretionary | 4.5107| 0.7| 10/4
Information Technology | 4.8526| 0.5| 9/5
Real Estate | 6.0054| 1.3| 22/0
Consumer Staples | 11.0798| 1.5| 11/0
Financials | 11.9064| 0.2| 20/9
Materials | 23.5312| 1.1| 42/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Cameco | -13.1700| -13.5| 246.3| 11.7
Enbridge | -6.2750| -0.9| 41.0| -0.3
Canadian Pacific | -5.9550| -1.0| -20.1| 1.9
Shopify | 4.5750| 1.6| -35.1| -79.4
RBC | 5.6660| 0.5| -12.5| -11.6
Bank of Montreal | 6.2710| 1.2| -12.4| -14.7
US
By Stephen Kirkland and Peyton Forte
(Bloomberg) — US stocks fell with investors bracing for Thursday’s reading on consumer prices. Treasuries gained, while UK markets were roiled once again by confusion over the country’s policies.
The S&P 500 slipped into the red in the final minutes of trading, capping six days of losses to close at the lowest level since November 2020 and surpassing the previous low on Sept. 30.
Equities faded a brief rally after minutes from the Federal Reserve’s last meeting suggested some officials may consider calibrating the pace of rate increases. The consumer price reading will be the last major data point before the central bankers meet next month.
“The market is waiting for the CPI print tomorrow more than it was waiting for minutes,” according to Sarah Hunt of Alpine Woods Capital Investors. “There may be a little hint of relief on the ‘calibrate’ statement, but I think that with the speed of hikes so far it would be irresponsible not to have some sort of possible slowdown coming in hikes, even if it isn’t a cessation in hikes.”
Data Wednesday showed prices paid to US producers rose in September by more than expected ahead of a key measure of consumer inflation due Thursday that’s set to return to a four-decade high.
Comments by Minneapolis Fed chief Neel Kashkari earlier Wednesday reaffirmed policy makers’ commitment to the current rate-hike path, saying the bar for a pivot away from monetary policy tightening is “very high.”

More market comments
* “Should tomorrow’s CPI print come in above what the market is expecting, today’s somewhat blasé reaction to the minutes, and the PPI report, could be tested, particularly by bond yields,” said Quincy Krosby, chief global strategist at LPL Financial. “If rates on the 10-year Treasury inches closer to 4%, and the 2-Year Treasury follows suit, the market could have a rough day before the market turns its focus towards a broad reading of bank earnings and guidance.”
* “There was a lot of negativity and worry out there. I think the minutes allow investors to walk back their fears a bit,” said Mike Zigmont, head of trading and research at Harvest Volatility Management.
* “The silver lining was that some Fed participants did acknowledge that further tightening would have to be monitored in the context of the uncertain global environment, which is a nod to the bulls,” said Joe Gilbert, portfolio manager at Integrity Asset Management.
* “Prices remain elevated so it shouldn’t be a surprise to see producer goods and services rise,” Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office, wrote. “No doubt the Fed still has its work cut out for them, and if tomorrow’s CPI read is hot, don’t be surprised to see some investors come to grips with how long the road to tamer inflation may be.”
On the corporate front, PepsiCo Inc. jumped the most in more than two years after lifting its forecast for the year on the back of better-than-estimated third-quarter profit as drink and snack sales buck inflation. Moderna Inc. surged after Merck & Co. said it would exercise an option to work in partnership with the biotech on a messenger RNA cancer vaccine. The reporting season will kick off in earnest Friday with results from banks including JPMorgan Chase & Co. and Citigroup Inc.
A selloff in long-maturity UK debt gathered pace after the Bank of England damped hopes it would extend its bond-buying support into next week. The yield on 30-year gilts surged above 5%, nearing levels that just last month drew the central bank’s intervention, before easing again after the BOE snapped up billions in its daily operations.
Elsewhere,  oil in New York dropped below $88 a barrel on slowdown fears. OPEC trimmed projections for the amount of crude it will need to pump this quarter, while Russia’s President Vladimir Putin said any energy infrastructure in the world is at risk after the explosions on the Nord Stream pipelines. NATO Secretary General Jens Stoltenberg urged alliance members to step up supplies of air defense systems to Ukraine, condemning Russian strikes. In China, Shanghai is quietly shutting down schools and a raft of other venues as officials try to rein in a flareup that’s hit the financial hub.
Key events this week:
* Earnings this week include: JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, BlackRock Inc., Delta Air Lines Inc., UnitedHealth Group Inc., U.S. Bancorp, Wells Fargo & Co.
* FOMC minutes for September meeting, Wednesday
* Fed’s Michelle Bowman and Neel Kashkari speak
* ECB’s Christine Lagarde speaks
* US CPI, initial jobless claims, Thursday
* G-20 finance ministers and central bankers meet, Thursday
* China CPI, PPI, trade, Friday
* US retail sales, business inventories, University of Michigan consumer sentiment, Friday
* BOE emergency bond buying is set to end, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $0.9702
* The British pound rose 1.1% to $1.1093
* The Japanese yen fell 0.7% to 146.84 per dollar
Cryptocurrencies
* Bitcoin rose 0.7% to $19,145.69
* Ether rose 1.2% to $1,297.45
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.89%
* Germany’s 10-year yield advanced two basis points to 2.31%
* Britain’s 10-year yield was little changed at 4.44%
Commodities
* West Texas Intermediate crude fell 2.5% to $87.11 a barrel
* Gold futures fell 0.3% to $1,681.30 an ounce

–With assistance from Lu Wang, Richard Henderson, Brett Miller, Tassia Sipahutar, Michael Msika, Abigail Moses, Vildana Hajric and Emily Graffeo.
Have a wonderful evening everyone.

Be magnificent.
As ever,

Isabel

Do not seek to follow in the footsteps of the wise; seek what they sought. -Matsuo Chuemon Munefusa, 1644 –1694

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