Category: Events

Dear Friends,

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

PHOTOS OF THE DAY

A plaster cast of a battle scene from the temple at Karnak is displayed during the Hieroglyphs: unlocking ancient Egypt exhibition at the British Museum. The exhibition, which marks 200 years since the decipherment of ancient Egyptian hieroglyphs, explores the inscriptions and objects that helped academics unlock an ancient civilisation.
Photograph: Jonathan Brady/PA

The Royal Liver Building is illuminated in yellow for World Mental Health Day.
Photograph: Peter Byrne/PA

Bluewater, golden sand, white foam mixed with bright sunlight paints gorgeous design under the Sea Cliff bridge in New South Wales.
Photograph: Dasun Nirmala Malaarachchi/Courtesy TNC Photo Contest 2022
Market Closes for October 11, 2022

Market Index	Close	Change
Dow Jones	29239.19	+36.31
		+0.12%
S&P 500	3588.84	-23.55
		-0.65%
NASDAQ	10426.19	-115.91
		-1.10%
TSX	18216.68	-366.45
		-1.97%

International Markets

Market Index	Close	Change
NIKKEI	26401.25	-714.86
		-2.64%
HANG SENG	16832.36	-384.30
		-2.23%
SENSEX	57147.32	-843.79
		-1.46%
FTSE 100*	6885.23	-74.08
		-1.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.475		3.386
CND. 30 Year Bond		3.343		3.247
U.S.    10 Year Bond		3.9470		3.8814
U.S. 30 Year Bond		3.9223		3.8417

Currencies

BOC Close	Today	Previous
Canadian $	0.7250	0.7280
US $	1.3793	1.3736
Euro Rate 1 Euro=		Inverse
Canadian $	1.3399	0.7463
US  $	0.9715	1.0293

Commodities

Gold	Close	Previous
London Gold Fix	1676.55	1714.20
Oil
WTI Crude Future	89.35	92.64

Market Commentary:
On this day in 1817, the New York Stock Exchange formally banned negotiated fees, compelling all its members to charge fixed commission rates to the investing public—including members of the brokers’ own families. Commissions would remain non-negotiable for the next 158 years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 2%, or 366.45 to 18,216.68 in Toronto. The index dropped to the lowest closing level in at least a year.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.4%. Canopy Growth Corp. had the largest drop, falling 14.4%.
Today, 202 of 236 shares fell, while 32 rose; 10 of 11 sectors were lower, led by financials stocks.

Insights
* In the past year, the index had a similar or greater loss 10 times. The next day, it declined nine times for an average 0.8% and advanced 0.1% once
* 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 18% below its 52-week high on April 5, 2022 and 0.3% above its low on July 14, 2022
* The S&P/TSX Composite is down 3.5% in the past 5 days and fell 7.9% 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$2.97t
* 30-day price volatility rose to 22.29% compared with 21.66% in the previous session and the average of 17.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -131.0826| -2.3| 2/27
Energy | -117.9369| -3.3| 3/35
Materials | -30.9601| -1.4| 10/40
Information Technology| -30.7596| -3.2| 1/13
Industrials | -18.8262| -0.8| 5/22
Utilities | -15.9930| -1.8| 0/16
Communication Services| -10.6405| -1.2| 0/7
Real Estate | -5.6943| -1.2| 1/21
Consumer Discretionary| -5.6807| -0.9| 3/11
Health Care | -4.1068| -5.2| 0/6
Consumer Staples | 5.2040| 0.7| 7/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -28.1400| -2.4| 70.5| -12.0
Brookfield Asset Management | -19.4700| -3.6| -1.1| -29.9
Canadian Natural Resources | -19.3400| -3.3| 112.0| 39.2
West Fraser Timber | 1.7540| 4.2| -23.4| -14.7
Intact Financial | 2.2720| 1.0| -11.1| 17.3
Couche-Tard | 2.6570| 0.9| -15.2| 6.2
US
By Stephen Kirkland
(Bloomberg) — US stocks turned sharply lower in late trading after comments by the Bank of England chief on removing market support rattled investor sentiment. Benchmark Treasury yields rose and the dollar gained.
The S&P 500 slid amid renewed selling in tech shares that sent the Nasdaq 100 down more than 1%. Long-end Treasuries bore the brunt of losses and the pound tumbled after BOE Governor Andrew Bailey urged investors to finish winding up positions that they can’t maintain, saying the central bank will halt intervention in the market as planned at the end of this week.
“When Andrew Bailey makes a comment that he will stop QE on Friday, this is going to be an interesting test,” Jimmy Chang, chief investment officer at Rockefeller Global Family Office, said on Bloomberg TV. “It’s a very interesting line in the sand. Will the market push back? How much higher will the yields run? We’ll see.”
Risk sentiment remained fragile after a four-day losing streak wiped $1.6 trillion off the value of the S&P 500 Index ahead of US inflation readings. Data Thursday may seal the case for another 75-basis-point interest-rate increase at the next Federal Reserve meeting in the absence of a major shortfall.
Nor have officials given any inclination to pause their rate-hiking cycle in the near future, with Cleveland Fed President Loretta Mester saying Tuesday officials need to keep raising interest rates and cannot get complacent.
More market comments:
* “The gilt market is one of the more fragile elements of global finance right now,” said Steve Sosnick, chief strategist at Interactive Brokers. “The BOE rescued global markets in the last week of September when they stabilized gilts, so it’s a big risk if they’re going to let them potentially drift lower.”
* “Tuesday’s price action was heavily reliant on the influence of the gilt market; selling off in sympathy with British yields overnight and stabilizing once London left for the day until governor Bailey’s hawkish remarks drove a partial reversal,” Ian Lyngen and Ben Jeffery at BMO Capital Markets wrote in a note.

In addition to inflation data, big US banks kick off the third-quarter earnings season in earnest later this week, with strategists braced for weak profits against a drumbeat of warnings over the rising risk of a global recession. The International Monetary Fund joined the refrain, warning of a worsening outlook as efforts to curb inflation may add to damage from the war in Ukraine and China’s slowdown.
“We have not seen the impact of tightening,” Michael Kelly, head of the multi-asset team at PineBridge Investments told Bloomberg TV. “That lies ahead and when we see that, it’s another leg down for risk assets.”
Meanwhile, Russian President Vladimir Putin threatened further missile attacks on Ukraine after hitting Kyiv and other cities in the most intense barrage of strikes since the first days of its invasion.
“It’s little wonder investors enter the week in a dreary mood, especially with headlines from Ukraine signaling a further escalation in geopolitical tensions,” Christopher Smart, chief global strategist at Barings, said in a note.
With world growth under pressure, US oil futures tumbled more than 2%, giving up more of last week’s 17% rally.

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
* US PPI, mortgage applications, Wednesday
* OPEC Monthly Oil Market Report, 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 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $0.9711
* The British pound fell 0.6% to $1.0986
* The Japanese yen was little changed at 145.82 per dollar
Cryptocurrencies
* Bitcoin fell 1.3% to $18,996.28
* Ether fell 1.9% to $1,282.09
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.94%
* Germany’s 10-year yield declined four basis points to 2.30%
* Britain’s 10-year yield declined three basis points to 4.44%
Commodities
* West Texas Intermediate crude fell 2.9% to $88.52 a barrel
* Gold futures fell 0.1% to $1,673.40 an ounce

–With assistance from Naoto Hosoda, Abhishek Vishnoi, Sujata Rao, Peyton Forte, Vildana Hajric, Emily Graffeo and Elaine Chen.

Have a great evening.

Be magnificent!
As ever,

Isabel 

If a little dreaming is dangerous, the cure for it is not to dream less, but to dream more, to dream all the time.

– Marcel Proust, 1871-1922

Isabel Luo
Assistant to Carolann Steinhoff

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

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

Dear Friends,

Tangents: Happy Friday.  Don’t forget to look  for  the full moon on Sunday night.

On Oct. 7, 1985 Palestinian gunmen hijacked the Italian cruise ship Achille Lauro in the Mediterranean with more than 400 people aboard.  Go to article »

October 7, 1949: A constitution went into effect in the Soviet occupation zone of Germany that formed the country of /east Germany, which existed alongside West Germany until 1990, when the two Germanys reunited.

Pet sitter is no match for rambunctious puppies.  Watch this dog sitter faceplant while trying to wrangle some adorable puppies. Clearly, he was having a ruff day.

Yayoi Kusama’s yellow pumpkin sculpture is back on Naoshima Island.  Japan’s famous yellow pumpkin has been reinstalled after it was swept into the sea during a typhoon last summer. And the timing couldn’t be better.

Michelin gives — and takes — stars 

PHOTOS OF THE DAY

Waves break on a misty morning in Scarborough, UK
Photograph: Michael Spencer/Ocean Photographer of the Year 2022

A school of weedy seadragons – an extremely rare sight for these typically solitary animals, Australia
Photograph: Steve Walsh/Ocean Photographer of the Year 2022

Anemone fish in their colourful home
Photograph: Matty Smith/Ocean Photographer of the Year 2022
Market Closes for October 7, 2022

Market Index	Close	Change
Dow Jones	29296.79	-630.15
		-2.11%
S&P 500	3639.84	-104.68
		-2.80%
NASDAQ	10652.41	-420.90
		-3.80%
TSX	18573.08	-405.93
		-2.14%

International Markets

Market Index	Close	Change
NIKKEI	27116.11	-195.19
		-0.71%
HANG SENG	17740.05	-272.10
		-1.51%
SENSEX	58191.29	-30.81
		-0.05%
FTSE 100*	6991.09	-6.18
		-0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.386		3.303
CND. 30 Year Bond		3.247		3.196
U.S.    10 Year Bond		3.8814		3.8236
U.S. 30 Year Bond		3.8417		3.7838

Currencies

BOC Close	Today	Previous
Canadian $	0.7280	0.7275
US $	1.3736	1.3746
Euro Rate 1 Euro=		Inverse
Canadian $	1.3376	0.7476
US  $	0.9738	1.0269

Commodities

Gold	Close	Previous
London Gold Fix	1714.20	1700.50
Oil
WTI Crude Future	92.64	88.45

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average began continuous daily publication. Its 12 members were the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, American Spirits Manufacturing, General Electric, Laclede Gas, National Lead, U.S. Cordage, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 2.1%, or 395.88 to 18,583.13 in Toronto.
The move was the biggest since falling 2.7% on Sept. 23.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 209 of 236 shares fell, while 25 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.9%.
Canopy Growth Corp. had the largest drop, falling 25.8%.
Insights
* In the past year, the index had a similar or greater loss eight times. The next day, it declined seven times for an average 0.7% and advanced 0.1% once * This year, the index fell 12%, heading for the worst year in at least 10 years
* So far this week, the index rose 0.8%
* The index declined 9% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is 16.3% below its 52-week high on April 5, 2022 and 2.3% above its low on July 14, 2022
* 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$3.02t
* 30-day price volatility rose to 21.66% compared with 21.24% in the previous session and the average of 16.68% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -137.7037| -2.4| 0/29
Materials | -87.6220| -3.8| 3/48
Industrials | -59.4156| -2.4| 1/26
Information Technology| -49.8923| -4.9| 0/14
Consumer Discretionary| -17.4565| -2.6| 0/14
Utilities | -13.3387| -1.5| 2/14
Real Estate | -11.0865| -2.4| 2/20
Health Care | -10.4344| -11.6| 0/7
Consumer Staples | -7.3111| -1.0| 3/8
Communication Services| -6.0356| -0.7| 1/6
Energy | 4.4162| 0.1| 13/23
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -34.0900| -2.9| 51.7| -9.9
Shopify | -32.4400| -9.6| 6.1| -78.6
Brookfield Asset Management | -22.7200| -4.0| -13.7| -27.3
Tourmaline Oil | 1.1960| 0.7| -2.7| 105.9
TC Energy | 4.3900| 1.1| -48.0| -3.8
Canadian Natural Resources | 8.6660| 1.5| -27.2| 44.0
US
By Rita Nazareth
(Bloomberg) — Wall Street got a reality check, with data showing a hot labor market that will likely keep the Federal Reserve on its aggressive hiking trail.
Those bets sent stocks tumbling, driving benchmark Treasury yields to their longest weekly up streak since 1984.
To David Donabedian at CIBC Private Wealth US, the report puts an “an exclamation point” on the idea that the market-bottoming process is going to be “a long one”.
In this “bizarro world” of big hikes, traders may see the solid data as a reason to brace for turmoil, says Callie Cox of eToro.
The conclusion for Brown Brothers Harriman’s Win Thin is that a 75-basis-point Fed boost in November is a “done deal,” with another increase of that size in December becoming a “real possibility.”
Almost 95% of the companies in the S&P 500 fell.
The slide came just a few days after the gauge notched its biggest back-to-back rally since the onset of the pandemic amid a debate on whether the Fed would be closer to “peak hawkishness.”
Those gains gave the measure its best week in a month – despite Friday’s plunge.
The tech-heavy Nasdaq 100 sank nearly 4% Friday.
Ten-year yields approached 3.9% amid their 10th consecutive weekly rise.
The dollar advanced.
The swap contract for the November Fed meeting priced in nearly 75 basis points of tightening.
Market-implied expectations for where the rate will peak also increased, with the derivative contract for the March gathering trading around 4.66%.
The current range for the benchmark rate stands between 3% and 3.25%.
Fed Bank of New York President John Williams said rates need to rise to around 4.5% over time, but the pace and ultimate peak of the tightening campaign will hinge on how the economy performs.
Several officials, in separate remarks this week, delivered a resolutely hawkish message that price pressures remain elevated and they won’t be deterred from raising rates by volatility in financial markets.
All eyes will now be on next week’s US inflation data after a hotter-than-expected reading in August tempered hopes of a nascent slowdown.
Separately, minutes from the Fed’s September meeting will give clues into the central bank’s tolerance for economic pain.
Amid fears of a looming recession, investors poured the most money into cash since April 2020, but stocks could see further declines as they don’t fully reflect that risk, according to Bank of America Corp. strategists.
Their report cited EPFR Global data showing cash funds received nearly $89 billion in the week through Oct. 5 — while investors withdrew $3.3 billion from global stock funds.
Wall Street is “rebelling against” policy tightening, the strategists led by Michael Hartnett wrote before the labor-market report.
“The data being reported alongside our proprietary cycle work to date gives us confidence that we are on the right track in anticipating more of a ‘U’-shaped market bottom and recovery in the months ahead (into 2023),” he added. “We believe the floor will be established at some point in the weeks/months ahead — but for now, investors should continue to expect a very choppy glide path due to significant macro overhang.”

More comments on jobs:

Jeffrey Roach, chief economist at LPL Financial: “In a word: ‘frustrating.’ As long as job gains are strong, the markets should expect aggressive rate hikes by the Federal Reserve.”
Michael Shaoul, chief executive officer at Marketfield Asset Management: “This report should keep expectations of any ‘dovish pivot’ at bay, and underlines our concerns that any shift in policy is much more likely to be provoked by much worse financial market conditions than a soft landing in the underlying US economy.”
Shawn Cruz, head trading strategist at TD Ameritrade:  “The market has been in a ‘bad-news-is-good-news’ mentality and there’s really no bad news in this report. It’s a solid jobs report, but it’s not what the market wants to see because it doesn’t give the Fed a reason to pause or shift away from its hawkish intentions.”
Ronald Temple, managing director at Lazard Asset Management:  “While job growth is slowing, the US economy remains far too hot for the Fed to achieve its inflation target. The path to a soft landing keeps getting more challenging. If there are any doves left on the FOMC, today’s report might have further thinned their ranks.”
Seema Shah, strategist at Principal Global Investors:  “Today’s job number is a hawkish reading. With the Fed’s dot plot pointing to policy rates closer to 5% than 4% next year, we have a market that is wishing for the economy to slow quickly. That’s when you know there is only one path ahead: risk assets have further to fall.”
Ian Lyngen, head of US rate strategy at BMO Capital Markets:  “On net, it was a strong enough read to keep a 75 bp Nov hike as the path of least resistance, but the deceleration in wage growth YoY adds to the case for a slowed hiking pace to 50 bp in December, and we still expect the final 25 bp hike in February to reach terminal.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.9%
* The Dow Jones Industrial Average fell 2.1%
* The MSCI World index fell 2.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $0.9739
* The British pound fell 0.7% to $1.1080
* The Japanese yen fell 0.2% to 145.36 per dollar
Cryptocurrencies
* Bitcoin fell 2.9% to $19,461.43
* Ether fell 2.7% to $1,327.55
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.89%
* Germany’s 10-year yield advanced 11 basis points to 2.19%
* Britain’s 10-year yield advanced seven basis points to 4.24%
Commodities
* West Texas Intermediate crude rose 4.6% to $92.48 a barrel
* Gold futures fell 1% to $1,703 an ounce
–With assistance from Emily Graffeo, Cecile Gutscher and Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent.
As ever,

Carolann

Ill habits gather by unseen degrees – as brooks make rivers, rivers run to seas. –John Dryden, 1631-1700.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

1951 Joseph Stalin proclaims the Soviet Union has the atomic bomb.  Go to article »

Vladimir Putin, b. 1952.
Yo-Yo Ma, b. 1955.

A universal cancer treatment may be within reach.

Scientists are figuring out why we hallucinate.

Classical statue of Hercules nearly 2,000 years old found in Greece.  Archaeologists unearthed a stunning artifact after digging on a main street in Greece. Take a look at the classical statue here.

The rise of sleep tourism.  Soundproof walls. Pillow menus. Bedtime teas. A growing number of sleep-focused rooms are popping up in hotels and resorts across the world.

How did the moon form? A supercomputer may have just found the answer:  The moon could have formed immediately after a cataclysmic impact that tore off a chunk of Earth and hurled it into space, a new study has suggested.  Since the mid-1970s, astronomers have thought that the moon could have been made by a collision between Earth and an ancient Mars-size protoplanet called Theia; the colossal impact would have created an enormous debris field from which our lunar companion slowly formed over thousands of years.  Full Story: Live Science (10/5)

How old is ancient Egypt?  To many, Egypt’s history seems to stretch back into time immemorial. But how old exactly is ancient Egypt?  It depends how you define ancient Egypt, said Aidan Dodson, an Egyptology professor at the University of Bristol in the U.K.

WWI German U-boat discovered off US coast 100 years after it sank: A team of shipwreck hunters has discovered an extraordinary sunken vessel off the East Coast of the United States: the wreck of a World War I German U-boat sunk by U.S. warplanes a century ago for target practice.   According to an exclusive report by National Geographic, the team confirmed the identity of the wreck in early September as that of SM U-111, a submarine that served in the Imperial German Navy. After Germany agreed to an armistice in 1918, the U-boat surrendered to the British, who saved a handful of the early submarines to the U.S. to study and reverse engineer. In 1922, the U.S. Navy deliberately sank the vessel, but its exact location was not disclosed. Full Story: Live Science (10/6)

PHOTOS OF THE DAY

Gwendolyn Boevé-Jones, the founder and director of the art conservation and restoration specialist Studio Redivivus, speaks next to Fernand Léger’s painting Smoke Over the Rooftops. Art experts said they had discovered a masterpiece by the French cubist painter that was hidden on the back of another canvas for more than a century. Smoke Over the Rooftops, dating from 1911 to 1912, was on the flip side of Bastille Day, painted a year later
Photograph: François Walschaerts/AFP/Getty Images
A southern right whale (Eubalaena australis) is photographed near Puerto Madryn in Chubut province, Argentina. Despite the recent deaths of at least 13 southern right whales, authorities have recorded more than 1,400 whales in the Nuevo and San José gulfs, the largest number in more than 50 years
Photograph: Luis Robayo/AFP/Getty Images

A jute worker carries a 50kg load. Bangladesh is the world’s second largest producer of jute
Photograph: Syed Mahabubul Kader/Zuma Press Wire/Rex/Shutterstock
Market Closes for October 6, 2022

Market Index	Close	Change
Dow Jones	29926.94	-346.93
		-1.15%
S&P 500	3744.52	-38.76
		-1.02%
NASDAQ	11073.31	-75.33
		-0.68%
TSX	18979.01	-256.08
		-1.33%

International Markets

Market Index	Close	Change
NIKKEI	27311.30	+190.77
		+0.70%
HANG SENG	18012.15	-75.82
		-0.42%
SENSEX	58222.10	+156.63
		+0.27%
FTSE 100*	6997.27	-55.35
		-0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.303		3.279
CND. 30 Year Bond		3.196		3.220
U.S.    10 Year Bond		3.8236		3.7488
U.S. 30 Year Bond		3.7838		3.7509

Currencies

BOC Close	Today	Previous
Canadian $	0.7275	0.7345
US $	1.3746	1.3615
Euro Rate 1 Euro=		Inverse
Canadian $	1.3461	0.7429
US  $	0.9793	1.0211

Commodities

Gold	Close	Previous
London Gold Fix	1700.50	1714.85
Oil
WTI Crude Future	88.45	87.76

Market Commentary:
On this day in 1979, Paul Volcker, who became chairman of the Federal Reserve only two months earlier, said the Fed was raising interest rates a full percentage point, to 12%, and would take tough measures to control the money supply. Mr. Volcker’s announcement, made on a Saturday night, became known as “the Saturday Night Massacre” for its murderous effect on bond prices—but it also broke the back of inflation.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.3%, or 256.08 to 18,979.01 in Toronto.
The move was the biggest since falling 2.7% on Sept. 23.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 147 of 236 shares fell, while 85 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.8%.
Sleep Country Canada Holdings Inc. had the largest drop, falling 6.3%.
Insights
* In the past year, the index had a similar or greater loss 19 times. The next day, it declined 13 times for an average 0.9% and advanced six times for an average 0.6%
* This year, the index fell 11%, heading for the worst year since 2018
* So far this week, the index rose 2.9%, heading for the biggest advance since the week ended July 29
* The index declined 6% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 14.6% below its 52-week high on April 5, 2022 and 4.5% above its low on July 14, 2022
* The S&P/TSX Composite is up 2.9% in the past 5 days and fell 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 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$3.06t
* 30-day price volatility rose to 21.24% compared with 21.13% in the previous session and the average of 16.34% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -157.2221| -2.6| 2/27
Industrials | -31.3055| -1.2| 7/20
Utilities | -29.9480| -3.2| 0/16
Communication Services| -22.0019| -2.4| 1/5
Consumer Staples | -18.5975| -2.4| 2/9
Information Technology| -13.9734| -1.3| 5/9
Energy | -10.2877| -0.3| 26/12
Real Estate | -6.9050| -1.5| 2/20
Consumer Discretionary| -6.2483| -0.9| 5/8
Health Care | 7.2246| 8.8| 3/4
Materials | 33.1732| 1.5| 32/17
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -34.4800| -2.8| 269.3| -7.2
Enbridge | -26.0700| -3.5| 24.5| 3.5
Bank of Montreal | -16.5400| -2.9| 13.0| -11.0
Suncor Energy | 8.3640| 2.0| 6.7| 42.5
Cenovus Energy | 10.3400| 4.4| -5.6| 65.0
Nutrien | 11.3600| 2.7| -20.2| 23.7
US
By Rita Nazareth
(Bloomberg) — The stock market found little encouragement to sustain any rebound attempt on the eve of the all-important US jobs report, with major benchmarks finishing solidly lower on Thursday.
Aside from the anxiety that usually precedes those numbers, traders had to digest remarks from a raft of Federal Reserve speakers who sounded unequivocally committed to crushing inflation with rate hikes.
The hawkish rhetoric helped push the S&P 500 to its second straight day of losses while lifting the dollar and Treasury yields. Oil topped $88 a barrel.
In the run-up to the payrolls data, Wall Street braced for a mixed picture of a labor market that’s showing some signs of moderation while still remaining robust.
With that in mind, several economists believe it may be just too early to think about concepts like “peak hawkishness” or “Fed pivot” as debated earlier in the week.
And officials are making that clear.
The central bank is “quite a ways away” from pausing its tightening campaign, according to Minneapolis Fed President Neel Kashkari.
His Chicago counterpart Charles Evans noted the benchmark rate will probably be at 4.5% to 4.75% by next spring — from the current 3% to 3.25% range. Cleveland Fed chief Loretta Mester said the US is in an unacceptably high inflation environment.
“I don’t think the Fed is going to be ready to pivot so quickly,” said Rich Steinberg, chief market strategist at The Colony Group. “We’re going to be in this kind of tug of war between good news, bad news. There’s going to still be a lot of volatility to this market.”
As a result, retail investors are stepping up their exodus after bailing on equities during the September rout.
They have kept selling this week even as the S&P 500 posted its biggest two-day rally since April 2020, according to an estimate by JPMorgan Chase & Co. based on public data on exchanges.
The degree of anguish among individual investors and traders has been so pronounced that a sentiment gauge by Sundial Capital Research that measures the group’s conviction on a stock rally — the so-called dumb-money confidence — plunged to around 20% last week.
That’s among the lowest levels since the firm started tracking the data in 1998.
From a contrarian perspective, the pessimism among retail investors is welcome news for market observers looking for signs of flushed-out sentiment that often signal the selloff has reached its trough.
With the economy likely to slow down next year, tech stocks and US equities are looking more attractive, according to Citigroup Inc. strategists led by Robert Buckland.
They expect 18% returns for global stocks by the end of 2023 but warn “it will likely be a volatile ride.”
“US stocks are likely to stay volatile for the foreseeable future as the market continues to face worries related to high inflation, tightening monetary policy, supply chain issues, economic growth, and geopolitical uncertainty,” said Brian Belski, chief investment strategist at BMO Capital Markets.
As rising interest rates rattle investors and threaten businesses’ profits, the US corporate-bond market will likely come under increased pressure, according to Arvind Narayanan at Vanguard Group Inc., who said the finances of corporations are “weakening incrementally” from very strong levels, which he anticipates will continue through the rest of 2022.
Mortgage rates in the US fell, shifting direction after a six-week streak of gains that sent borrowing costs to a 15-year high.
Even with the latest decline, mortgage costs have more than doubled since starting the year around 3% — a steep climb that has slammed the brakes on the pandemic housing rally, highlighting one of the Fed’s goals in its effort to cool inflation.
Elsewhere, Canada two-year yields hit the highest level since 2007 after the nation’s central bank Governor Tiff Macklem said he remains firmly on an interest-rate hiking path, quashing hopes for an imminent end to a tightening cycle that’s choking indebted households and threatening the economy with recession.
Key events this week:
* US unemployment, wholesale inventories, nonfarm payrolls, Friday
* BOE Deputy Governor Dave Ramsden speaks at event, Friday
* Fed’s John Williams speaks at event, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.9% to $0.9797
* The British pound fell 1.5% to $1.1157
* The Japanese yen fell 0.3% to 145.11 per dollar
Cryptocurrencies
* Bitcoin rose 0.1% to $20,010.03
* Ether rose 1% to $1,358.75
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.82%
* Germany’s 10-year yield advanced five basis points to 2.08%
* Britain’s 10-year yield advanced 13 basis points to 4.17%
Commodities
* West Texas Intermediate crude rose 1.4% to $89.01 a barrel
* Gold futures rose 0.1% to $1,722.70 an ounce
–With assistance from Srinivasan Sivabalan, Sujata Rao, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Engrave this upon thy heart: There isn’t anyone you couldn’t love once you’ve heard their story. –Mary Lou Kownacki, b. 1941.

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:

On this day in 1993, Daimler-Benz became the first German company to be listed on the New York Stock Exchange.

On October 5, 1947, in the first televised White House address, President Truman asked Americans to refrain from eating meat on Tuesdays and poultry on Thursdays to help stockpile grain for starving people in Europe.  Go to article »

Earth may be hiding an ocean.

The world’s best bars for 2022 have been revealed.  Move over London. Step aside New York. There’s a new cosmopolitan cocktail capital.

PHOTOS OF THE DAY

Racehorse Alligator Blood is seen during a recovery session at Altona Beach, before races this weekend
Photograph: Vince Caligiuri/Getty Images

A new immersive space exhibition called Science Fiction: Voyage into the Unknown opens at the Science Museum
Photograph: Graeme Robertson/The Guardian

A man walks up the steep steps at the Diamond Hill cemetery during the Chung Yeung festival, where relatives clean the graves of loved ones and leave offerings and flowers
Photograph: Miguel Candela/Anadolu Agency/Getty Images
Market Closes for October 5, 2022

Market Index	Close	Change
Dow Jones	30273.87	-42.45
		-0.14%
S&P 500	3783.28	-7.65
		-0.20%
NASDAQ	11148.64	-27.77
		-0.25%
TSX	19235.09	-135.90
		-0.70%

International Markets

Market Index	Close	Change
NIKKEI	27120.53	+128.32
		+0.48%
HANG SENG	18087.97	+1008.46
		+5.90%
SENSEX	58065.47	+1276.66
		+2.25%
FTSE 100*	7052.62	-33.84
		-0.48%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.279		3.127
CND. 30 Year Bond		3.220		3.124
U.S.    10 Year Bond		3.7488		3.6349
U.S. 30 Year Bond		3.7509		3.7011

Currencies

BOC Close	Today	Previous
Canadian $	0.7345	0.7403
US $	1.3615	1.3508
Euro Rate 1 Euro=		Inverse
Canadian $	1.3457	0.7431
US  $	0.9884	1.0117

Commodities

Gold	Close	Previous
London Gold Fix	1714.85	1668.40
Oil
WTI Crude Future	87.76	86.52

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.7% at 19,235.09 in Toronto.
The move follows the previous session’s increase of 2.6%.
Nutrien Ltd. contributed the most to the index decline, decreasing 3.9%. Labrador Iron Ore Royalty Corp. had the largest drop, falling 6.6%.
Today, 165 of 236 shares fell, while 67 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 9.4%, heading for the worst year since 2018
* The index declined 4.7% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 13.4% below its 52-week high on April 5, 2022 and 5.9% above its low on July 14, 2022
* The S&P/TSX Composite is up 3.1% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 11.9 times estimated earnings of its members for the coming year * The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.08t
* 30-day price volatility rose to 21.13% compared with 21.07% in the previous session and the average of 16.12% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -48.9120| -0.8| 4/25
Materials | -30.1634| -1.3| 12/38
Industrials | -22.3817| -0.9| 6/20
Utilities | -17.8901| -1.9| 0/16
Information Technology | -16.4418| -1.6| 5/9
Communication Services | -13.0216| -1.4| 1/6
Real Estate | -7.8992| -1.6| 1/21
Consumer Staples | -5.8969| -0.8| 2/9
Health Care | -0.8301| -1.0| 1/5
Consumer Discretionary | 0.3977| 0.1| 7/7
Energy | 27.1492| 0.8| 28/9
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Nutrien | -17.3300| -3.9| -30.4| 20.4
Constellation Software | -10.3500| -3.8| -21.7| -17.0
Brookfield Asset Management | -8.0650| -1.4| -30.0| -22.7
Canadian Natural Resources | 6.8090| 1.2| -30.4| 39.9
Suncor Energy | 8.9340| 2.2| -31.7| 39.7
Cenovus Energy | 10.4400| 4.7| 20.0| 58.0
US
By Rita Nazareth
(Bloomberg) — For many stock traders, it felt just about right that the market would take a breather after the dramatic rally of the past couple of days.
After a bounce that started around noon in New York and was attributed to a big options trade, the S&P 500 came back lower again.
For a market plagued by fears about a recession and the Federal Reserve’s struggles to tame high inflation, the rebound from this year’s bottom has maybe gone too far, too fast.
Fundamentally speaking, nothing has changed that much to make the US central bank tilt toward a more moderate bias to prevent a hard landing.
In fact, what Wall Street got on Wednesday was a renewal of the unflinching resolve from Fed officials to crush inflation.
Fed Bank of Atlanta President Raphael Bostic said he favors lifting rates to between 4% and 4.5% by the end of this year, and then keeping the tightening in place.
He also echoed comments from his San Francisco counterpart Mary Daly, who downplayed speculation about rate cuts in 2023.
To Win Thin at Brown Brothers Harriman, the notion of any Fed pivot is just “wishful thinking” as Fed officials remain hawkish.
He says another 75-basis-point hike next month is a “done deal.”
“Over the last few sessions, the market was too quick price in the ‘peak rate’ story in markets,” said Bipan Rai, head of North America currency strategy at CIBC.
“Price pressures are set to remain sticky for some time and while the Fed might be closer to smaller incremental hikes than not, playing this via a ‘peak rate’ view is fairly dicey.”
Matt Maley at Miller Tabak, the extreme positive breadth of the recent rebound in stocks is likely something that tells us the rally will take a “breather” for a day or two, but it might not mean that the bounce is over.
“Yes, ‘bear-market rallies’ can see sharp advances that reverse almost immediately, so what we’ve seen over the last two days could be the ultimate head fake,” Maley added. “However, if the stock market can digest its gains of the last two days without a major reversal over the next few days, it’s likely that we’ll see a bit more upside follow-through to this week’s bounce before long.”
All eyes will now be on the government’s payrolls report Friday that’s forecast to show another month of robust job creation and the unemployment rate holding near a 50-year low.
To Charlie McElligot at Nomura Securities, Wednesday’s ADP employment print helped mitigate some of that “dovish vibe” that followed data showing a slide in US job openings, which lent credibility to the idea that the labor market could be moderating.
As the Fed intensifies its inflation fight, a report released Wednesday illustrated the abrupt swing in borrowing costs.
US mortgage rates jumped to a 16-year high of 6.75%, marking the seventh-straight weekly increase and spurring the worst slump in home loan applications since the depths of the pandemic.
If history is any guide, “markets will need to experience more stress” before a pivot in monetary policy and an equity bottom, Wells Fargo & Co. strategists led by Christopher Harvey wrote.
The Cboe Volatility Index is still trading below 40 – a threshold that in the past signaled a shift to monetary easing.
US stocks just posted a rare streak of quarterly declines and are in a bear market, but Citigroup Inc. quantitative strategists say they’re only just starting to reflect the risks of a recession.
A team led by Hong Li said equities could come under further pressure as they continue to be “heavily driven” by heightened bond market volatility as well as concerns around persistent inflation and hawkish Fed.
There’s “more downside risk for the market and the earnings season,” they wrote.
Retail investors, who helped push stocks to all-time highs, are now trying a different tactic: Betting against the market.
From January to August this year, even before the most recent slump in stocks, the number of newly opened short positions on trading platform eToro was 61% higher than in 2021 and 41% higher than in 2020.
Meanwhile, some of the biggest US exchange-traded funds that bet against popular indexes are raking in record amounts of cash.
Investors’ uncertainty toward the health of US companies is rising — and their leaders haven’t done much to help.
The lack of an accurate road map for the crucial earnings season is setting the stage for a slew of potential surprises when the reporting season kicks off in coming weeks.
Aside from those few providing cold, hard numbers, executives at the 1,000 largest US firms have spent the past three months voicing a similar message in their public remarks:
They’re unsure about what’s ahead. They’ve mentioned “uncertainty” or its synonyms when describing the outlook 484 times during that time, the highest tally since the quarter ending March 2021, data compiled by Bloomberg show.
BofA Strategist Says US Stock Rally Has Set Off a Bullish Signal
Key events this week:
* Eurozone retail sales, Thursday
* US initial jobless claims, Thursday
* Fed’s Charles Evans, Lisa Cook, Loretta Mester speak at events, Thursday
* US unemployment, wholesale inventories, nonfarm payrolls, Friday
* BOE Deputy Governor Dave Ramsden speaks at event, Friday
* Fed’s John Williams speaks at event, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 1% to $0.9884
* The British pound fell 1.3% to $1.1327
* The Japanese yen fell 0.3% to 144.56 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $20,130.68
* Ether fell 0.8% to $1,350.92
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 3.75%
* Germany’s 10-year yield advanced 16 basis points to 2.03%
* Britain’s 10-year yield advanced 16 basis points to 4.04%
Commodities
* West Texas Intermediate crude rose 1.6% to $87.87 a barrel
* Gold futures fell 0.3% to $1,725.30 an ounce
–With assistance from Peyton Forte, Vildana Hajric, Isabelle Lee, Emily Graffeo and Farah Elbahrawy.

Have a lovely evening.

Be magnificent!

As always,

Carolann

In the realm of ideas everything depends on enthusiasm.  In the real world,
all rests on perseverance. -Johann Wolfgang von Goethe, 1749-1832.

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.

Just returned from an investment conference in NYC, first time in three years that it hasn’t been held virtually.  All eyes will be on third quarter earnings (quarter ending September 30^th) which will start to trickle in during the coming week and then flood the financial news next month.  War does change everything and the sabotaging of the Nord Stream pipeline last week will result in further disruption to energy supplies to Europe, hence until this war comes to an end or there is a regime change in Moscow, expect monetary policy by central bankers aimed at curbing the inflation that is the consequence of high energy prices as well as zero Covid policies in China, which are exacerbating supply chain shortages and further contributing to inflation.

On Oct. 3, 1990, West Germany and East Germany ended 45 years of postwar division, declaring the creation of a new unified country.  Go to article »
October 3, 1952: The United Kingdom successfully tests a nuclear weapon in the Montebello Islands, Western Australia, to become the world’s third nuclear power.

See what’s streaming in October:  There’s a plethora of fantastic shows and movies to stream this month on Netflix, Amazon, Disney+ and Hulu. Check out the list here (and yes, it includes some spooky offerings).

Tesla debuts a robot that can dance and water plants.  The robot, dubbed Optimus, walked on stage at Tesla’s AI Day, slowly waved at the crowd and gestured with its hands for about one minute. Watch the reveal here.

Nobel prize in medicine awarded to geneticist who sequenced Neanderthal genome.   The 2022 Nobel prize in physiology or medicine has been awarded to a Swedish geneticist who traced the evolution of modern day humans from the DNA of our close extinct relatives.  Svante Pääbo, a director at the Max Planck Institute for Evolutionary Anthropology in Leipzig, Germany and one of the founders of the field of paleogenomics, is set to receive the 10 million Swedish krona ($900,500) prize for his pioneering work on the evolution of hominins, relatives of humans more closely related to us than chimpanzees, the Royal Swedish Academy of Sciences in Stockholm announced Monday (Oct. 3).  Full Story: Live Science (10/3) 
PHOTOS OF THE DAY

The aurora borealis, more commonly known as the northern lights, illuminate the morning sky over Whitley Bay, North Tyneside
Photograph: Owen Humphreys/PA

Hikers ascend through clouds as they head to the summit in New Hampshire. A high-pressure system brought pleasant conditions to climbers on the first weekend of October
Photograph: Robert F Bukaty/AP

Bavarian mountain farmers bring their cattle down from summer pastures
Photograph: Matthias Schräder/AP
Market Closes for October 3, 2022

Market Index	Close	Change
Dow Jones	29490.89	+765.38
		+2.66%
S&P 500	3678.43	+92.81
		+2.59%
NASDAQ	10815.43	+239.81
		+2.27%
TSX	18885.08	+440.86
		+2.39%

International Markets

Market Index	Close	Change
NIKKEI	26215.79	+278.58
		+1.07%
HANG SENG	17079.51	-143.32
		-0.83%
SENSEX	56788.81	-638.11
		-1.11%
FTSE 100*	6908.76	+14.95
		+0.22%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.133		3.173
CND. 30 Year Bond		3.132		3.095
U.S.    10 Year Bond		3.6486		3.8206
U.S. 30 Year Bond		3.6849		3.7711

Currencies

BOC Close	Today	Previous
Canadian $	0.7341	0.7238
US $	1.3622	1.3816
Euro Rate 1 Euro=		Inverse
Canadian $	1.3383	0.7472
US  $	0.9824	1.0179

Commodities

Gold	Close	Previous
London Gold Fix	1671.75	1654.80
Oil
WTI Crude Future	83.63	79.49

 Market Commentary:
On this day in 1913, less than 20 years after federal income tax was declared unconstitutional by the U.S. Supreme Court, it came back from the dead as the Underwood-Simons bill (later known as the Income Tax Act of 1913) was enshrined into law by President Woodrow Wilson.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 2.4%, or 436.97 to 18,881.19 in Toronto.
The move was the biggest since rising 2.9% on April 29, 2020.
Today, energy stocks led the market higher, as all sectors gained; 226 of 236 shares rose, while 9 fell.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 6.3%.
Endeavour Silver Corp. had the
largest increase, rising 12.7%.
Insights
* This year, the index fell 11%, heading for the worst year since 2018
* The index declined 6.3% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 15% below its 52-week high on April 5, 2022 and 3.9% above its low on July 14, 2022
* The S&P/TSX Composite is up 3% in the past 5 days and fell 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 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$2.94t
* 30-day price volatility rose to 19.40% compared with 17.77% in the previous session and the average of 15.62% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 149.3533| 4.6| 38/0
Financials | 83.7392| 1.4| 28/1
Industrials | 66.1268| 2.7| 25/2
Materials | 46.6920| 2.1| 50/0
Communication Services | 25.3281| 2.8| 7/0
Information Technology | 19.0104| 2.0| 13/1
Utilities | 14.2988| 1.5| 16/0
Consumer Staples | 12.2649| 1.6| 10/1
Consumer Discretionary | 11.7081| 1.8| 12/2
Real Estate | 7.0887| 1.5| 21/1
Health Care | 1.3607| 1.7| 6/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 31.2600| 6.3| -64.2| 30.6
Suncor Energy | 27.1800| 7.4| -30.5| 31.9
Canadian Pacific | 22.0300| 3.7| -0.7| 5.1
FirstService | -0.3130| -0.7| 1.9| -34.3
Boyd Group Services| -0.5860| -2.3| 77.9| -14.8
Saputo | -1.7020| -3.1| 92.4| 12.0
US
By Rita Nazareth
(Bloomberg) — Stocks kicked off the week with big gains after suffering their worst September in two decades as Treasury yields halted a seemingly endless surge, with weak US manufacturing data soothing concern the Federal Reserve will overtighten monetary policy.
As a sign of exhaustion of the recent selling, about 95% of the S&P 500’s shares flashed green, with the gauge having its best day since July.
Aside from being oversold from a technical perspective, extreme pessimism and low fund positioning also fueled a rebound that followed its third-worst performance during the first nine months of a year since 1931.
In a bad-news-is-good-news world as far as Fed policy goes, a drop in the Institute for Supply Management’s gauge of factory activity suggested the economy may be faltering, reducing the urgency for more aggressive rate hikes. Fed Bank of New York President John Williams said the central bank still has more work to do to curb inflation, warning the process will take time.
Equities also managed to gain even in the face of Credit Suisse Group AG’s market turmoil and disappointing deliveries from electric-vehicle giant Tesla Inc.
“The market is oversold, and sentiment is extremely negative, so a bounce…even a sharp one…could happen at any time,” wrote Matt Maley, chief market strategist at Miller Tabak + Co. “However, we see lower-lows before the ultimate bottom is reached for this bear market…as the stock market has not fully priced-in a recession.”
As equities snapped back, the Cboe Volatility Index dropped to around 30.
The VIX closed above that threshold every day last week. Nicholas Colas at DataTrek Research said Friday he’d like to see the gauge closing over that mark for several more days before believing on a “tradeable low.”
Key technicals will likely need to capitulate before the S&P 500 can truly bottom, according to Bank of America Corp.’s Stephen Suttmeier.
Although the US equity market typically turns bullish in the fourth quarter of midterm election years, capitulation remains elusive in equity put-call ratios and S&P 500 selling volume.
Treasuries surged across the curve, with the five-year yield at one point plummeting over 30 basis points.
The 10-year rate sank to 3.65% after recently topping 4% and climbing for nine straight weeks. Swaps tied to Fed policy meeting dates fell sharply for early 2023.
The March meeting contract’s rate currently suggests a peak policy rate of 4.46% next year, down from recent highs above 4.60%.
The dollar slipped, yet the latest MLIV Pulse survey showed the greenback is expected to hit new highs over the next month.
Gold surged.
US coal prices surged past $200 for the first time as a global energy crunch drives up demand for the dirtiest fossil fuel.
Oil saw its biggest rally since July as potential OPEC+ output cuts heighten fears of supply tightness on the horizon.
Despite the rebound in risk assets, markets are bracing for more turbulence later this week as a crucial reading on the still-tight US labor market is set to give traders a chance to reassess the Fed’s commitment to its aggressive path of rate hikes.
Friday’s release of September job figures looms as a test of the central bank’s plan to rein in inflation by tightening policy further and unwinding its mammoth balance sheet.
The Fed should consider stopping its tightening campaign  after one more rate hike in November, according to Ed Yardeni, who coined terms like “Fed Model” and “bond vigilantes.”
The stress in financial markets from big rate increases, a surging dollar and quantitative tightening has reached the point that officials should make financial stability the top priority, he added.
“Investors are starting to doubt central banks globally will remain aggressive with fighting inflation as financial stability risks are growing,” said Ed Moya, senior market analyst at Oanda. “It is too early to call for a Fed pivot, but it seems the action in Treasury markets suggests traders are growing confident that the global growth slowdown is starting to drag down pricing pressures.”
Brazilian assets soared after President Jair Bolsonaro secured his way to a runoff election against Luiz Inacio Lula da Silva as investors cheered on the incumbent’s better-than-expected showing and bet his leftist challenger will be forced to moderate his stances in the second stretch of the race.
The real was the best-performing among the world’s major currencies Monday.
After two consecutive months of declines, Bitcoin advocates are hoping that the largest cryptocurrency reverts to form in October, which has typically been one of its best months for gains.
The virtual currency tends to rise roughly 25% in October and has, since 2015, advanced more than 85% of the time during it, according to Bespoke Investment Group.
Traders are betting it will take a bigger UK government policy U-turn to restore credibility with markets.
Wagers against the pound over the next year have climbed to a record high in the options market, even after Chancellor Kwasi Kwarteng said he will scrap a proposed tax cut for the country’s highest earners.
Key events this week:
* Eurozone PPI, Tuesday
* US factory orders, durable goods, Tuesday
* Fed’s John Williams, Lorie Logan, Loretta Mester, Mary Daly speak at events, Tuesday
* Eurozone services PMIs, Wednesday
* OPEC+ meeting begins, Wednesday
* Fed’s Raphael Bostic speaks, Wednesday
* Eurozone retail sales, Thursday
* US initial jobless claims, Thursday
* Fed’s Charles Evans, Lisa Cook, Loretta Mester speak at events, Thursday
* US unemployment, wholesale inventories, nonfarm payrolls, Friday
* BOE Deputy Governor Dave Ramsden speaks at event, Friday
* Fed’s John Williams speaks at event, 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 2.4%
* The Dow Jones Industrial Average rose 2.7%
* The MSCI World index rose 2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.3% to $0.9828
* The British pound rose 1.4% to $1.1325
* The Japanese yen was little changed at 144.67 per dollar
Cryptocurrencies
* Bitcoin rose 1.7% to $19,556.6
* Ether rose 1.2% to $1,319.21
Bonds
* The yield on 10-year Treasuries declined 17 basis points to 3.65%
* Germany’s 10-year yield declined 19 basis points to 1.92%
* Britain’s 10-year yield declined 13 basis points to 3.96%
Commodities
* West Texas Intermediate crude rose 4.7% to $83.26 a barrel
* Gold futures rose 2.2% to $1,709.20 an ounce
–With assistance from Sujata Rao, Srinivasan Sivabalan, Vildana Hajric, Isabelle Lee and Peyton Forte.

Have a wonderful evening everyone.

Be magnificent!
As ever,

Carolann

We have taken a different course in our society.  We decided that we can separate private and public morality,
and thus we have, again rejected the lessons of history and of the past.  We have also, as a society, decided
that truth is not an absolute value.  Again, for the Greeks, truth and liberty were one and the same, and that there
were enduring truths like justice and honor ordained by the gods, and whatever the laws or the attitudes of the majority
might be, as Antigone tells us, “These laws of truth endure forever.” -Dr. Rufus J. Fears, 1945-2012.

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

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

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

Dear Friends,

Tangents: Happy Friday.

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

King Solomon’s mines were abandoned and became a desert wasteland. Copper mines in Israel’s Negev Desert — ancient sites that may have inspired the legend of King Solomon’s mines of gold — were abandoned 3,000 years ago, when people there used up all the plants to make charcoal for smelting, a new study finds. The researchers studied fragments of charcoal from ancient furnaces in the Timna Valley near Eilat, where a prosperous copper industry thrived from the 11th to ninth centuries B.C. Full Story: Live Science
The mighty Tyrannosaurus rex once stalked western North America, but now, in a first, the fossil remains of the dinosaur king are hitting an auction block in Asia, where the prehistoric beast’s bones might sell for as much as $25 million, according to Christie’s Hong Kong.  The 3,000-pound (1,400 kilogram) specimen — nicknamed Shen for now; whoever buys it gets exclusive naming rights — was uncovered in Montana’s Hell Creek Formation, a region renowned for its fossils dating to the late Cretaceous period, which ended about 66 million years ago. Shen measures about 40 feet (12.2 meters) long, 15 feet (4.6 m) tall and 6.8 feet (2.1 m) wide, according to Christie’s. Full Story: Live Science
PHOTOS OF THE DAY

Wild horses run on the grasslands of the remote Sable Island national park reserve, Nova Scotia, Canada
Photograph: Sarah Medill/Parks Canada/Reuters

An aerial view of the men’s cycling elite road race at the UCI Road World Championships 2022
Photograph: Rex/Shutterstock
A dragon dance is performed during the Vegetarian festival celebration at Joe Sue Kung Shrine Chinese temple. During the Vegetarian festival, which runs from 25 September to 4 October, worshippers refrain from eating animal products to coincide with the celebration of the nine Chinese emperor gods
Photograph: Anusak Laowilas/NurPhoto/Rex/Shutterstock
Market Closes for September 30, 2022

Market Index	Close	Change
Dow Jones	28725.51	-500.10
		-1.71%
S&P 500	3585.62	-54.85
		-1.51%
NASDAQ	10575.62	-161.89
		-1.51%
TSX	18444.22	+2.38
		+0.01%

International Markets

Market Index	Close	Change
NIKKEI	25937.21	-484.84
		-1.84%
HANG SENG	17222.83	+56.96
		+0.33%
SENSEX	57426.92	+1016.96
		+1.80%
FTSE 100*	6893.81	+12.22
		+0.18%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.173		3.173
CND. 30 Year Bond		3.095		3.095
U.S.    10 Year Bond		3.8206		3.7856
U.S. 30 Year Bond		3.7711		3.7238

Currencies

BOC Close	Today	Previous
Canadian $	0.7238	0.7314
US $	1.3816	1.3672
Euro Rate 1 Euro=		Inverse
Canadian $	1.3543	0.7384
US  $	0.9801	1.0203

Commodities

Gold	Close	Previous
London Gold Fix	1654.80	1652.15
Oil
WTI Crude Future	79.49	81.23

Market Commentary:
On this day in 1981, the U.S. government issued new 20-year Treasury bonds at a 15.78% yield, an all-time record-high interest rate for any U.S. government issue. Analysts said they expected that yields would have to go higher “to attract stronger demand.” Yields promptly began going down, and kept going down for the next twelve years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 18,444.22 in Toronto. The move follows the previous session’s decrease of 1.1%.
Barrick Gold Corp. contributed the most to the index gain, increasing 3.5%. Osisko Mining Inc. had the largest increase, rising 14.9%.
Today, 140 of 236 shares rose, while 94 fell; 4 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 13%, heading for the worst year in at least 10 years
* This quarter, the index fell 2.2%
* This month, the index fell 4.6%
* So far this week, the index was little changed
* The index declined 8.1% in the past 52 weeks. The MSCI AC Americas Index lost 18% in the same period
* The S&P/TSX Composite is 17% below its 52-week high on April 5, 2022 and 1.5% above its low on July 14, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.5 on a trailing basis and 11.4 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$2.95t
* 30-day price volatility fell to 17.77% compared with 17.80% in the previous session and the average of 15.05% over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 47.9786| 2.2| 45/5
Information Technology | 3.0998| 0.3| 7/7
Utilities | 1.7266| 0.2| 9/7
Health Care | 0.1543| 0.2| 4/3
Real Estate | 0.0000| -2.2| 22/0
Financials | -0.6775| 0.0| 17/12
Consumer Discretionary | -4.4369| -0.7| 5/9
Communication Services | -7.7525| -0.9| 3/4
Consumer Staples | -9.8238| -1.3| 1/10
Energy | -15.4466| -0.5| 19/18
Industrials | -23.5815| -1.0| 8/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Barrick Gold | 8.9000| 3.5| -19.3| -11.0
Brookfield Asset Management | 7.4750| 1.4| -7.6| -26.0
Agnico Eagle Mines | 5.0580| 2.8| -15.3| -13.1
Canadian National | -6.0670| -1.0| 28.4| -4.0
Enbridge | -6.4140| -0.9| -18.0| 3.7
Canadian Pacific | -11.2100| -1.9| 19.9| 1.4
US
By Peyton Forte, Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks suffered their worst monthly rout since March 2020 after markets were repeatedly pummeled by the Federal Reserve’s resolve to keep raising interest rates until inflation is under control.
The S&P 500 closed a volatile session lower. The index posted its third straight quarter of losses for the first time since 2009. US Treasuries dropped Friday after a late selloff into the month-end, with the benchmark 10-year yield around 3.82%.
Fed Vice Chair Lael Brainard briefly assuaged concerns on Friday after she acknowledged the need to monitor the impact rising borrowing costs could have on global-market stability.
But markets continued to be on the edge as investors contended with continued strength in personal consumption expenditure, one of the Fed’s preferred inflation gauges.
Risk assets have been in a tailspin since the central bank delivered a third jumbo hike last week and officials repeatedly warned of more pain to come. UK markets added to the stress this week, after the government unveiled sweeping tax cuts that threatened to exacerbate inflationary pressures, and the Bank of England attempted to manage the mayhem that ensued.
Investors are now awaiting jobs data next week for further clues about the Fed’s rate-hike trajectory. Upcoming inflation and GDP readings will also provide details on whether price pressures are easing meaningfully. All eyes will be on the earnings season, which starts next month, for insight into how companies are managing through headwinds that include a strong dollar, rising expenses and slowing demand. Fears of a global recession are still mounting as the threat of higher rates saps growth.
“Investors are eager and nervous to realize how dovish or hawkish global central banks become as tighter financial conditions and higher interest rates weaken economic performance and threaten financial stability,” said José Torres, senior economist at Interactive Brokers.
Geopolitical tensions also continued to simmer as Vladimir Putin vowed his annexation of four occupied regions in Ukraine is irreversible and President Joe Biden declared that a massive leak from the Nord Stream gas pipeline system in the Baltic Sea was an intentional act.

Some of the main moves in markets:

Stocks
* The S&P 500 fell 1.5% as of 4:07 p.m. New York time
* The Nasdaq 100 fell 1.7%
* The Dow Jones Industrial Average fell 1.7%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.1% to $0.9804
* The British pound rose 0.4% to $1.1156
* The Japanese yen fell 0.2% to 144.78 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $19,470.55
* Ether rose 0.1% to $1,339.75
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.82%
* Germany’s 10-year yield declined seven basis points to 2.11%
* Britain’s 10-year yield declined five basis points to 4.09%
Commodities
* West Texas Intermediate crude fell 2% to $79.63 a barrel
* Gold futures were little changed

–With assistance from Farah Elbahrawy

Have a great weekend.

Be magnificent!
As ever,

Isabel 

I am different, not less. – Temple Grandin, 1947—

Isabel Luo
Assistant to Carolann Steinhoff

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

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

Dear Friends,

Tangents: Happy Thursday.

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

Amid widespread flooding and power outages, people are leaving Florida in droves as Ian pummels the state. But some brave individuals are intentionally traveling into the ferocious storm to gather data for research and forecasting. Watch these professional hurricane hunters — famous for enduring the world’s most dangerous weather — fly a plane directly in the turbulent eye of the storm.

On this day, 1978 Pope John Paul I was found dead in his Vatican apartment a little more than one month after becoming head of the Roman Catholic Church. Go to article »

Stunning discovery of 1,200-year-old shipwreck contradicts history books. An ancient shipwreck was found off the coast of Israel with artifacts from all over the Mediterranean, contradicting a major archaeological theory.
PHOTOS OF THE DAY

An installation by the Mexican artist Betsabeé Romero at Kew Gardens’ Temperate House, the world’s largest Victorian glasshouse, for Kew’s Mexico festival
Photograph: Zac Goodwin/PA

A polar bear after it tried to catch a beluga whale, seen in the background, off the coast of Hudson Bay
Photograph: Olivier Morin/AFP/Getty Images
Vanessa Jones, an assistant curator at the Leeds Discovery Centre, surrounded by some of the more than 230 historic umbrellas and parasols that are being saved in a conservation project
Photograph: Danny Lawson/PA
Market Closes for September 29, 2022

Market Index	Close	Change
Dow Jones	29225.61	-458.13
		-1.54%
S&P 500	3640.47	-78.57
		-2.11%
NASDAQ	10737.51	-314.13
		-2.84%
TSX	18441.84	-207.08
		-1.11%

International Markets

Market Index	Close	Change
NIKKEI	26422.05	+248.07
		+0.95%
HANG SENG	17165.87	-85.01
		-0.49%
SENSEX	56409.96	-188.32
		-0.33%
FTSE 100*	6881.59	-123.80
		-1.77%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.173		3.081
CND. 30 Year Bond		3.095		2.970
U.S.    10 Year Bond		3.7856		3.7312
U.S. 30 Year Bond		3.7238		3.6990

Currencies

BOC Close	Today	Previous
Canadian $	0.7314	0.7345
US $	1.3672	1.3614
Euro Rate 1 Euro=		Inverse
Canadian $	1.3442	0.7439
US  $	0.9832	1.0171

Commodities

Gold	Close	Previous
London Gold Fix	1652.15	1634.30
Oil
WTI Crude Future	81.23	82.15

Market Commentary:
On this day in 1952, the New York Stock Exchange changed its trading hours: The market’s closing time was shifted to 3:30 p.m. Monday through Friday, instead of 3 p.m., and it would no longer be open at all on Saturday.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.1% at 18,441.84 in Toronto. The move follows the previous session’s increase of 1.9%.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 175 of 236 shares fell, while 61 rose.
Shopify Inc. contributed the most to the index decline, decreasing 8.0%. Linamar Corp. had the largest drop, falling 11.6%.
Insights
* This year, the index fell 13%, heading for the worst year in at least 10 years
* This quarter, the index fell 2.2%
* This month, the index fell 4.6%
* So far this week, the index was little changed
* The index declined 8.5% in the past 52 weeks. The MSCI AC Americas Index lost 18% in the same period
* The S&P/TSX Composite is 17% below its 52-week high on April 5, 2022 and 1.5% above its low on July 14, 2022
* The S&P/TSX Composite is down 3% in the past 5 days and fell 7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.5 on a trailing basis and 11.4 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 rose to 17.80% compared with 17.75% in the previous session and the average of 14.82% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -62.7147| -1.1| 1/28
Information Technology | -33.6541| -3.4| 1/13
Utilities | -24.9547| -2.6| 0/16
Industrials | -23.0690| -0.9| 2/25
Communication Services | -20.6023| -2.2| 3/4
Energy | -19.5342| -0.6| 16/22
Consumer Discretionary | -14.0761| -2.1| 1/13
Real Estate | -10.0572| -2.2| 0/22
Health Care | -4.2062| -5.1| 0/7
Consumer Staples | -0.3086| 0.0| 2/9
Materials | 6.0992| 0.3| 35/16
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -25.9800| -8.0| 13.9| -78.9
Brookfield Asset Management | -18.8800| -3.3| 45.7| -27.0
BCE | -12.5600| -3.3| -2.1| -10.8
Barrick Gold | 3.7800| 1.5| -30.2| -14.0
Agnico Eagle Mines | 3.9590| 2.3| -42.3| -15.5
Canadian Natural Resources | 4.6430| 0.9| -55.7| 22.5
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks plunged to the lowest since November 2020 as another group of Federal Reserve officials struck a hawkish tone, and turmoil in Europe continued to fray investor nerves.
The S&P 500 fell as much as 2.9% during Thursday’s session but trimmed losses as markets closed. Its decline wipes out an ill-timed attempt Wednesday to rebound from a six-day slide.
The tech-heavy Nasdaq 100 dropped nearly 4% during the session after St. Louis Fed President James Bullard said investors have now understood that they can’t escape additional rate hikes in coming months. The index was dragged down by Apple Inc., which fell as much as 6.1% after a rare analyst downgrade from Bank of America warning of weaker consumer demand for its popular devices.
Signs of stress emerged in the interest-rate swaps market and a leveraged-buyout deal was shelved. US Treasuries pared earlier losses, with the 10-year yield hovering around 3.76%.
In Europe, UK gilt yields rose after Prime Minister Liz Truss’s defense of unfunded tax cuts that sent markets into turmoil failed to persuade investors. German inflation topped 10% and the country agreed to energy caps that could add to inflationary pressures.
Investors are grappling with threats posed by discordant moves from central banks over the past few days, with Fed officials adamant on further monetary tightening, the Bank of England unveiling a plan to support government debt and authorities in Asia trying to prop up weakening currencies.
“I was actually really surprised by the impact that the Bank of England had on the global market,” said Fiona Cincotta, senior financial markets analyst at City Index. “Yet, it was short-lived, the relief rally. We sort of pushed past that quite quickly and it seems to be back to that narrative of inflation fears, higher-interest-rate fears.”
Fed officials haven’t shied away from warning that more rate-hike pain is yet to come, with Cleveland Fed President Loretta Mester echoing the rhetoric that her colleagues reinforced this week. San Francisco Fed President Mary Daly, after US markets closed, said the central bank should curb inflation in a manner that avoids a difficult downturn.  Better-than-expected 2Q core PCE and personal consumption numbers on Thursday also paved the path for the Fed to stay aggressive. Weekly jobless claims fell to the lowest since April, showing a persistently tight labor market.
Recession concerns persisted as a gap in the government’s two primary measures of US economic activity during the first half of 2022 narrowed. The National Bureau of Economic Research’s Business Cycle Dating Committee uses this metric and other variables to make any recession call.
“The market is now coming to terms with the idea that a recession is almost a given at this point and it’s really making adjustments for that,” said Shawn Snyder, head of investment strategy at Citi US Wealth Management.
Separately, the European Commission announced an eighth package of sanctions that would include a price cap on Russia’s oil exports as Russia vowed to go ahead with the annexation of the parts of Ukraine that its troops currently control after UN- condemned votes, putting the Kremlin on a fresh collision course with the US and its allies.

Key events this week:
* Fed’s Mary Daly speak at an event, Thursday
* China PMI, Friday
* Euro zone CPI, unemployment, Friday
* US consumer income , University of Michigan consumer sentiment, Friday
* Fed’s Lael Brainard and John Williams speak, Friday

Some of the main moves in markets:

Stocks
* The S&P 500 fell 2.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.9%
* The Dow Jones Industrial Average fell 1.5%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.7% to $0.9801
* The British pound rose 1.7% to $1.1077
* The Japanese yen fell 0.2% to 144.44 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $19,409.32
* Ether fell 1.2% to $1,334.31
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.76%
* Germany’s 10-year yield advanced six basis points to 2.18%
* Britain’s 10-year yield advanced 13 basis points to 4.14%
Commodities
* West Texas Intermediate crude fell 0.7% to $81.59 a barrel
* Gold futures were little changed

–With assistance from Abigail Moses, Natalia Kniazhevich and Reade Pickert.

Have a lovely evening.

Be magnificent!
As ever,

Isabel 

A somebody was once a nobody who wanted to and did. – John Burroughs, 1837-1921

Isabel Luo
Assistant to Carolann Steinhoff

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

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

Dear Friends,

Tangents: Happy Wednesday.

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

The world’s first all-electric passenger aircraft has successfully taken to the sky with battery technology similar to that of an electric car or a cell phone. The zero-emission plane — named Alice — traveled at an altitude of 3,500 feet for eight minutes during its inaugural flight on Tuesday. Now, the company behind the plane is working on developing an FAA-certified aircraft.

Artificial islands surrounding British Isles were used for ancient parties, archaeologists find. Just as waterfront mansions are status symbols for today’s rich and famous, ancient artificial islands in the British Isles known as crannogs may have been used by elites to display their power and wealth through elaborate parties, a new study finds.

A crannog is “an artificial island within a lake, wetland, or estuary,” Antony Brown of UiT Arctic University of Norway and colleagues wrote in a study published online Wednesday (Sept. 28) in the journal Antiquity. Hundreds of crannogs were created in Scotland, Wales and Ireland, between 4,000 B.C. and the 16th century A.D.
Full Story: Live Science
PHOTOS OF THE DAY

SwitzerlandThe glaciologist Matthias Huss and his team at Gries glacier as a report shows three cubic kilometres of ice – three thousand billion litres of water – evaporated from Swiss glaciers in 2022 because of weather conditions
Photograph: Fabrice Coffrini/AFP/Getty Images

Lightning strikes in Nice, France, in August.
Photograph: Joshua James Pennell

‘Every September farmers collect their sheep from the mountains in order to separate the lambs from the ewes. They use some of the unique sheepfolds found in our area, some of which are over 200 years old. Sheep are driven into the centre of the fold. Each farm has its own cell round the outside and the sheep are moved from the centre (through holes in the walls) into each farm’s cell. The picture was taken in Snowdonia, Wales, after the sheep had been rounded up and one or two of the farmers were having a quick lunch before doing the sorting.’
Photograph: Nigel Beidas
Market Closes for September 28, 2022

Market Index	Close	Change
Dow Jones	29683.74	+548.75
		+1.88%
S&P 500	3719.04	+71.75
		+1.97%
NASDAQ	11051.64	+222.14
		+2.05%
TSX	18648.92	+341.01
		+1.86%

International Markets

Market Index	Close	Change
NIKKEI	26173.98	-397.89
		-1.50%
HANG SENG	17250.88	-609.43
		-3.41%
SENSEX	56598.28	-509.24
		-0.89%
FTSE 100*	7005.39	+20.80
		+0.30%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.081		3.320
CND. 30 Year Bond		2.970		3.179
U.S.    10 Year Bond		3.7312		3.9451
U.S. 30 Year Bond		3.6990		3.8254

Currencies

BOC Close	Today	Previous
Canadian $	0.7345	0.7289
US $	1.3614	1.3719
Euro Rate 1 Euro=		Inverse
Canadian $	1.3242	0.7552
US  $	0.9726	1.0282

Commodities

Gold	Close	Previous
London Gold Fix	1634.30	1643.35
Oil
WTI Crude Future	82.15	78.50

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.9% at 18,648.92 in Toronto. The move was the biggest since rising 2% on May 13 and follows the previous session’s decrease of 0.1%.
Today, energy stocks led the market higher, as 10 of 11 sectors gained; 208 of 236 shares rose, while 27 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 1.4%. Equinox Gold Corp. had the largest increase, rising 16.5%.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This year, the index fell 12%, heading for the worst year in at least 10 years
* This quarter, the index fell 1.1%
* This month, the index fell 3.5%
* The index declined 7.6% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 16% below its 52-week high on April 5, 2022 and 2.6% above its low on July 14, 2022
* The S&P/TSX Composite is down 2.8% in the past 5 days and fell 6.2% 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$2.93t
* 30-day price volatility rose to 17.75% compared with 16.50% in the previous session and the average of 14.69% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 91.5140| 2.9| 38/0
Materials | 89.9598| 4.4| 47/4
Financials | 78.9026| 1.4| 28/1
Industrials | 32.8640| 1.4| 24/3
Information Technology | 29.0335| 3.0| 13/1
Consumer Discretionary | 9.5316| 1.4| 14/0
Real Estate | 6.9512| 1.5| 22/0
Communication Services | 5.2617| 0.6| 4/2
Health Care | 2.9998| 3.7| 7/0
Consumer Staples | 0.5344| 0.1| 6/5
Utilities | -6.5368| -0.7| 5/11
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
RBC | 16.4200| 1.4| 0.3| -7.1
Suncor Energy | 15.7800| 4.5| -61.1| 22.5
Enbridge | 13.5300| 1.9| -36.0| 6.1
Sandstorm Gold | -1.2070| -10.0| 199.0| -12.6
Loblaw | -1.4100| -1.2| -11.3| 7.4
Brookfield Infrastructure | -3.7230| -2.3| 29.1| -2.9
US
By Vildana Hajric and Peyton Forte
(Bloomberg) — US stocks and Treasuries rallied on Wednesday after the Bank of England’s decision to stage a market +6 intervention boosted UK bonds and tentatively calmed markets.
The S&P 500 snapped a six-day rout. It rose the most since early last month, and for the first time since the Federal Reserve boosted rates and dialed up its hawkishness a week ago.
The index jumped more than 2% later in the session, bolstered by gains in Amazon.com Inc.’s shares after the company’s annual device event on Wednesday showed it pushing further into wellness, security and the auto industry.
The 10-year US Treasury yield dropped toward 3.72% after topping 4% earlier. The yield on 30-year UK gilts plunged more than one percentage point. Oil advanced with metals. Orange juice futures spiked as Hurricane Ian barreled ashore in Southwest Florida.
Global markets enjoyed a break from the brutal selling that has gripped them since the Fed embarked on the most aggressive path of interest-rate hikes by since the 1980s. The Bank of England soothed nerves after it said it would buy long-dated government bonds in whatever quantities were needed to end the chaos caused by the government’s plans to slash taxes.
Fed officials remained diligent in warning that more rate-hike pain is yet to come, with Atlanta Fed President Raphael Bostic and Chicago Fed President Charles Evans reinforcing the hawkish stance their colleagues have been hammering home all week.
“All eyes are on inflation and interest rates, and this renewed hawkishness or more aggressive hawkishness from the Fed has certainly sent equity markets into a period of concern here,” said Josh Emanuel, chief investment officer of investment management at Wilshire. “From this point forward, equities are really going to take their cues from bond market. So if you see bond yields move lower, that is a good sign for equities.”
Stocks may also be rising because the markets have priced in the Fed’s hawkishness, according to Adrian Helfert, chief investment officer of multi-asset strategies at Westwood Holdings Group.
“It’s harder for the central bank and the speakers to say much more — short of saying that they’re going to start hiking by a hundred basis points for the next several meetings,” he said. “Maybe the market is at least now believing what the Fed is saying.”
But economists are still worried that the central bank is committing another error after being too slow to respond to inflation, since a series of jumbo hikes mean officials are not weighing the impact their actions are having on the economy.
Geopolitical tensions also continued to simmer. Natural gas prices in Europe surged after Russia said it may cut off supplies via Ukraine and the German Navy was deployed to investigate the suspected sabotage to the Nord Stream pipelines.
While the European Union proposed a new round of sanctions on Russia, the growing exodus of Russians fleeing President Vladimir Putin’s mobilization order is creating turmoil at the borders with neighboring states and stirring fears about potential instability.
Any rally in the face of these challenges “will likely be met with skepticism given the dual headwinds of rapidly slowing global growth, pressuring earnings, and increasingly tight
liquidity, pressuring valuations,” said Cameron Dawson, chief investment officer at Newedge Wealth.
The dollar dropped on Wednesday. But its recent rally brought losses to other currencies, including the euro and onshore yuan, which tumbled to its weakest level since 2008. A regulatory body guided by the People’s Bank of China urged banks to protect the authority of the yuan fixing.
How much damage is a strong dollar causing? That’s the theme of this week’s MLIV Pulse survey. It’s brief and we don’t collect your name or any contact information. Please click here to share your views.

Key events this week:
* Euro zone economic confidence, consumer confidence, Germany CPI, Thursday
* US initial jobless claims, GDP, Thursday
* Fed’s Loretta Mester, Mary Daly speak at events, Thursday
* China PMI, Friday
* Euro zone CPI, unemployment, Friday
* US consumer income , University of Michigan consumer sentiment, Friday
* Fed’s Lael Brainard and John Williams speak, Friday

Some of the main moves in markets:

Stocks
* The S&P 500 rose 2% as of 4 p.m. New York time
* The Nasdaq 100 rose 2%
* The Dow Jones Industrial Average rose 1.9%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 1%
* The euro rose 1.4% to $0.9731
* The British pound rose 1.4% to $1.0880
* The Japanese yen rose 0.5% to 144.14 per dollar
Cryptocurrencies
* Bitcoin rose 2.4% to $19,534.48
* Ether rose 0.8% to $1,335.24
Bonds
* The yield on 10-year Treasuries declined 23 basis points to 3.72%
* Germany’s 10-year yield declined 11 basis points to 2.12%
* Britain’s 10-year yield declined 49 basis points to 4.01%
Commodities
* West Texas Intermediate crude rose 4.4% to $81.96 a barrel
* Gold futures rose 2% to $1,669.60 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Isabel 

All you need is the plan, the road map, and the courage to press on to your destination. – Earl Nightingale, 1921-1989

Isabel Luo
Assistant to Carolann Steinhoff

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

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

Dear Friends,

Tangents: Happy Tuesday.

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

On Sept. 27, 1964, the Warren Commission issued a report concluding that Lee Harvey Oswald acted alone in assassinating President John F. Kennedy.

Halloween decorations perplex the internet in viral video. An Illinois family has the internet wondering how they created this levitating Halloween decoration inspired by the Netflix show “Stranger Things.”

Imagine the Milky Way’s 100 billion stars as a flat, tranquil pool of water. Now, picture someone dropping a stone the size of 400 million suns into that water. The tranquility is shattered. Wave after wave of energy ripples across the galaxy’s surface, jostling and bouncing its stars in a chaotic dance that takes eons to calm. Astronomers suspect that something like this may have really happened — not just once, but several times over the past several billion years.
Full Story: Live Science

A rare type of diamond may suggest that water can penetrate deeper into Earth’s interior than scientists previously thought. Though more than 70% of our planet is covered with water, there is also water in minerals more than 200 miles (322 kilometers) underground, including in the upper mantle, the semi malleable layer that the crust “floats” on top of. Scientists have long thought that as the upper mantle transitions into the hotter, denser lower mantle, minerals can hold far less water.
Full Story: Live Science
PHOTOS OF THE DAY

Cast members from Cirque du Soleil attend a photocall for their latest production, Kurios, at the Royal Albert Hall
Photograph: Jonathan Brady/PA

Scotland is home to about 80% of the puffin population of the British Isles, with colonies in places such as Shetland, Orkney, the Isle of May, Fair Isle and the Treshnish Isles. This image was captured at Hermaness national nature reserve
Credit to: The Guardian, Mon 26 Sep 2022

Spectators watch on from behind a protective barrier. The event captures the essence of early outback motor racing – rough, dusty and spectacular
Credit to: The Guardian, Tue 27 Sep 2022
Market Closes for September 27, 2022

Market Index	Close	Change
Dow Jones	29134.99	-125.82
		-0.43%
S&P 500	3647.29	-7.75
		-0.21%
NASDAQ	10829.50	+26.58
		+0.25%
TSX	18307.91	-19.13
		-0.10%

International Markets

Market Index	Close	Change
NIKKEI	26571.87	+140.32
		+0.53%
HANG SENG	17860.31	+5.17
		+0.03%
SENSEX	57107.52	-37.70
		-0.07%
FTSE 100*	6984.59	-36.36
		-0.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.320		3.228
CND. 30 Year Bond		3.179		3.049
U.S.    10 Year Bond		3.9451		3.9244
U.S. 30 Year Bond		3.8254		3.7400

Currencies

BOC Close	Today	Previous
Canadian $	0.7289	0.7282
US $	1.3719	1.3733
Euro Rate 1 Euro=		Inverse
Canadian $	1.3167	0.7595
US  $	0.9597	1.0420

Commodities

Gold	Close	Previous
London Gold Fix	1643.35	1643.55
Oil
WTI Crude Future	78.50	76.71

Market Commentary:
On this day in 1820, a train carried passengers for the first time as George Stephenson, a self-taught engineer in the coal mines of Newcastle, England, demonstrated his new steam-propelled locomotive on rails, “The Rocket.” The train hauls a huge cargo load from Brusselton to Stockton—a total of just under 21 miles—in four hours and 12 minutes, a blistering pace of 5 mph.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite is declining slightly to 18,326.42 in Toronto.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 1.7%. Algoma Steel Group Inc. had the largest drop, falling 3.2%.
In midday trading, 99 of 236 shares fell, while 137 rose; 6 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 14%, heading for the worst year in at least 10 years
* This quarter, the index fell 2.8%
* This month, the index fell 5.2%
* The index declined 10% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 17.5% below its 52-week high on April 5, 2022 and 0.9% above its low on July 14, 2022
* The S&P/TSX Composite is down 5.4% in the past 5 days and fell 7.8% in the past 30 days
* 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$2.93t
* 30-day price volatility fell to 16.51% compared with 16.65% in the previous session and the average of 14.54% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -47.3546| -0.8| 8/21
Utilities | -11.5601| -1.2| 5/11
Industrials | -4.8420| -0.2| 13/14
Real Estate | -2.2974| -0.5| 3/19
Information Technology | -2.1237| -0.2| 8/6
Health Care | -0.0218| 0.0| 4/3
Consumer Discretionary | 0.1491| 0.0| 8/6
Communication Services | 1.2670| 0.1| 2/5
Consumer Staples | 5.2671| 0.7| 9/2
Materials | 28.4676| 1.4| 40/11
Energy | 31.7398| 1.0| 37/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Asset Management | -9.8350| -1.7| 61.6| -24.5
TD Bank | -7.5900| -0.7| -13.4| -13.1
RBC | -4.9940| -0.4| -10.8| -8.1
Enbridge | 4.0440| 0.6| 39.0| 4.1
Cameco | 4.1980| 4.4| -10.4| 30.7
Nutrien | 10.0400| 2.4| -17.9| 21.0
US
By Isabelle Lee, Vildana Hajric and Peyton Forte
(Bloomberg) — US stocks ended a volatile session lower after a slew of Federal Reserve officials hammered home their resolve to remain aggressive in their fight against inflation.
The S&P 500 dropped for the sixth straight session, its longest losing streak since February 2020, sparked by harsh central bank tightening programs. The index swung between gains and losses throughout the session after the Federal Reserve’s James Bullard added to a chorus of officials saying more rate hikes are needed and the risks to the economy remain elevated.
Longer-dated Treasuries swung to a loss, erasing an earlier rebound. The Bloomberg Dollar Spot Index set a fresh record high as investors sought haven assets.
Risk assets have been in a tailspin since the Fed delivered a third jumbo hike and warned of more pain to come. An escalation of Russia’s energy conflict with Europe after three pipelines were wrecked in suspected sabotage pushed European natural gas prices higher, further bruising sentiment during the session.
Investors also digested a flurry of data on Tuesday, including core capital goods orders and consumer sentiment, that paint a picture of an economy that can likely withstand additional harsh central bank tightening.
“It is an unsettled market,” said Louise Goudy, partner at Crewe Advisors. “People aren’t sure what the direction and the terminal rate will be, and that’s until we get a better sense of where we’re really going. But the Fed knows that inflation is a genie that’s hard to get back in the bottle and they want to make sure that they take care of the problem at hand.”
Markets have been dealing with “one rolling shock after another,” and haven’t been able to fully recover, Jack Janasiewicz, portfolio manager with Natixis Investment Managers Solutions, said in an interview at Bloomberg’s New York headquarters.
“I think what’s driving the markets is they just aren’t comfortable with what’s the terminal rate that the Fed needs to get to — is it here, is it much higher, is it close?,” he said “That uncertainty creates interest-rate volatility and I think that’s what the market’s having a tough time digesting.”
Higher interest rates and the dollar are driving a lot of the recent selling, Shawn Cruz, head trading strategist at TD Ameritrade, said in an interview.
“Right now there’s a lot of variables up in the air and we’re not going back and forth between optimism and pessimism — there’s a legitimate repricing and re-evaluation going on at the moment, so it makes sense that you probably aren’t going to see technical levels hold, per se,” he said.
But every tumultuous market day is a step closer to recovery, according to Julie Biel, portfolio manager for Kayne Anderson Rudnick.
“I think there’s more realism, there’s more understanding that a soft landing is just impossible to really navigate when you’ve let out this much fiscal and monetary policy,” she said. “It’s just not possible to engineer this with inflation this high. And so that realism is a positive thing. The thing is that we still kind of have a long way to go in terms of a possible correction.”
UK markets also remained in turmoil days after the new prime minister unveiled sweeping tax cuts that threaten to add to inflationary pressures. The 30-year UK government bond yield topped 5% for the first time in two decades and the pound held near $1.07.

Key events this week:
* Fed’s Mary Daly, Raphael Bostic, Charles Evans and ECB President Christine Lagarde speak at events, Wednesday
* Euro zone economic confidence, consumer confidence, Germany CPI, Thursday
* US initial jobless claims, GDP, Thursday
* Fed’s Loretta Mester, Mary Daly speak at events, Thursday
* China PMI, Friday
* Euro zone CPI, unemployment, Friday
* US consumer income , University of Michigan consumer sentiment, Friday
* Fed’s Lael Brainard and John Williams speak, Friday

Some of the main moves in markets:

Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $0.9592
* The British pound rose 0.3% to $1.0718
* The Japanese yen was little changed at 144.83 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $19,074.67
* Ether was little changed at $1,323.64
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.98%
* Germany’s 10-year yield advanced 12 basis points to 2.23%
* Britain’s 10-year yield advanced 26 basis points to 4.51%
Commodities
* West Texas Intermediate crude rose 2.4% to $78.54 a barrel
* Gold futures rose 0.1% to $1,635.50 an ounce

–With assistance from Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Isabel 

No one has ever become poor by giving. – Anne Frank, 1929-1945 

Isabel Luo
Assistant to Carolann Steinhoff

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

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

Dear Friends,

Tangents: Happy Monday.

It’s Rosh Hashanah, the Jewish New Year.  Rosh Hashanah, the Jewish holiday that has been celebrated for over a thousand years, began on Sunday with prayer, traditions, and special foods. You may get a little hungry after looking at this delicious challah bread!

September 26, 1904: Earl Grey is named British governor-general of Canada.  Go to article »

The world’s best airline for 2022 named.  It’s been a bumpy year for the aviation industry, but experts say this airline remained first class amid the travel chaos.

Elton John left ‘flabbergasted’ after Biden’s surprise.  Legendary singer Elton John recently performed a concert at the White House and was shocked to receive this special surprise from the President.

7 scenic drives across the US with picture-perfect autumn views.

If you need a fall foliage fix, these places will not disappoint.

Why did the Roman Empire split in two?   An old adage states that Rome wasn’t built in a day, meaning that big projects take time to complete. The Roman Empire, as an example, was established gradually and grew over hundreds of years from a city-state to a colossal empire stretching from Britain to Egypt.   And just as Rome and its empire wasn’t built in a day, it wasn’t destroyed in one either. For centuries, Rome was the center of the empire, but as Rome’s fortunes changed, the seat of power eventually shifted away from the city, and the empire permanently split into two separate states in A.D. 395 — one in the east, and one in the west. But why did the Roman Empire divide into the Western Roman Empire and Eastern Roman Empire? And did it happen quickly?  Full Story: Live Science (9/25)  P.S. I’m off to the Delivering Alpha investment conference in NYC for the remainder of the week.  I’ll be back next week with enlightened insight hopefully.
PHOTOS OF THE DAY -The Painters of Pompeii

In the words of exhibition curator Mario Grimaldi: ‘If classical Grecian painters were deemed “property of the universe” by Pliny the Elder, their Roman pictore contemporaries were skilled craftsmen. Painting was relegated to the work of freedmen, slaves, women and people incapable of political and military life.’
Credit to: The Guardian, Mon 26 Sep 2022

Visitors will gain insight into a wide selection of the most popular compositional schemes across the different periods of Roman art, observing how some artists were able to give an original vision of decorative models, which was continuously varied and updated in line with fashions and styles
Credit to: The Guardian, Mon 26 Sep 2022

Masterpieces from various domus (ancient Roman dwellings famous for the beautiful wall decorations from which they often take their name) are on show in Bologna
Credit to: The Guardian, Mon 26 Sep 2022
Market Closes for September 26, 2022

Market Index	Close	Change
Dow Jones	29260.81	-329.60
		-1.11%
S&P 500	3655.04	-38.19
		-1.03%
NASDAQ	10802.92	-65.01
		-0.60%
TSX	18327.04	-153.94
		-0.83%

International Markets

Market Index	Close	Change
NIKKEI	26431.55	-722.28
		-2.66%
HANG SENG	17855.14	-78.13
		-0.44%
SENSEX	57145.22	-953.70
		-1.64%
FTSE 100*	7020.95	+2.35
		+0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.228		3.072
CND. 30 Year Bond		3.049		2.966
U.S.    10 Year Bond		3.9244		3.6846
U.S. 30 Year Bond		3.7400		3.6059

Currencies

BOC Close	Today	Previous
Canadian $	0.7282	0.7355
US $	1.3733	1.3596
Euro Rate 1 Euro=		Inverse
Canadian $	1.3193	0.7580
US  $	0.9606	1.0410

Commodities

Gold	Close	Previous
London Gold Fix	1643.55	1671.85
Oil
WTI Crude Future	76.71	79.24

Market Commentary:
On this day in 1955, President Dwight D. Eisenhower suffered a heart attack, and the stock market had a coronary right with him, plunging by 6.62%—which even today remains one of the worst daily losses of the past 100 years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fifth day, dropping 0.8%, or 153.94 to 18,327.04 in Toronto. The index dropped to the lowest closing level in at least a year.
Today, energy stocks led the market lower, as 7 of 11 sectors lost; 173 of 236 shares fell, while 60 rose.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.4%. Athabasca Oil Corp. had the largest drop, falling 9.2%.
Insights
* This year, the index fell 14%, heading for the worst year in at least 10 years
* This quarter, the index fell 2.8%
* This month, the index fell 5.2%
* The index declined 10% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 17.5% below its 52-week high on April 5, 2022 and 0.9% above its low on July 14, 2022
* The S&P/TSX Composite is down 6.3% in the past 5 days and fell 7.8% in the past 30 days
* 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$2.95t
* 30-day price volatility rose to 16.65% compared with 16.61% in the previous session and the average of 14.37% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -77.7193| -2.4| 4/34
Materials | -26.5900| -1.3| 10/40
Utilities | -21.4550| -2.2| 0/16
Financials | -10.9569| -0.2| 9/19
Communication Services | -10.7751| -1.1| 0/7
Real Estate | -8.4243| -1.8| 2/20
Industrials | -3.6335| -0.1| 14/13
Information Technology | 0.5236| 0.1| 7/7
Health Care | 0.6725| 0.8| 3/3
Consumer Staples | 1.4782| 0.2| 4/7
Consumer Discretionary | 2.9591| 0.5| 7/7
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural | Resources | -16.8700| -3.4| 79.3| 17.6
Bank of Nova Scotia| -15.8500| -2.8| 141.3| -24.8
Cenovus Energy | -9.1920| -4.6| 42.5| 29.2
Magna Intl | 3.6090| 2.9| 16.8| -31.6
RBC | 4.7060| 0.4| 23.3| -7.7
TD Bank | 7.0920| 0.7| 139.5| -12.4
US
By Vildana Hajric
(Bloomberg) — US stocks fell in a volatile session exacerbated by sharp moves in the UK currency and bond markets, as hawkish central banks across the globe continued to subdue sentiment.
The S&P 500 ended Monday’s session at its lowest level since December 2020. The Cboe Volatility Index spiked past 30, a level it hasn’t closed above since June. US Treasury yields rose, with the 10-year rate climbing as much as 21 basis points to 3.898%, its highest level since April 2010.
The Bloomberg Commodity Spot Index, a key gauge for raw materials prices, tumbled to the lowest in eight months as fears of a global recession intensified. The pound dropped after the Bank of England said it may not act before November to stem a rout that took the sterling to a record low. The dollar soared to yet another record high.
Markets are on the edge after a selloff of risk assets deepened last week as the UK’s plan to lift its economy fueled fears that heightened inflation would push rates higher and ignite a global recession. UK markets were in focus on Monday as the pound remained volatile after crashing to an all-time low, with the Bank of England’scomments doing little to reassure traders who were waiting for a broader policy response to the fallout from the government’s massive tax cuts.
Federal Reserve officials added to the hawkish rhetoric. On Monday, Boston Fed President Susan Collins said additional tightening is needed to rein in stubbornly high inflation and cautioned the process will require some job losses. Her Cleveland counterpart Loretta Mester echoed this. Atlanta Fed President Raphael Bostic also said the central bank still has a ways to go to control inflation.
“On the macro front, it feels like a remake of West Side Story, with a gang of central bankers going after the job market, which refuses to let go,” said Mike Bailey, director of research at FBB Capital Partners. “Powell and now Andrew Bailey at the BOE are trying to slow the economy down, but my sense is employers are keeping as many workers as they can to avoid being left out in the cold when we recover from the next recession. So we almost have an arms race with central bankers raising rates and employers holding on to workers.”
US markets will continue to remain challenged by uncertainty until companies start to report their third-quarter earnings next month, which will provide greater detail on the health of corporate revenues and profit, wrote John Stoltzfus, chief investment strategist at Oppenheimer. Any company or industry that needs lower rates could be in trouble, FBB’s Bailey says.
Investors will also be keeping an eye on the economic data stream for hints of prices cooling, Art Hogan, chief market strategist at B. Riley, wrote in a note. “What the market will need to see now to get out of the current conundrum is for inflation inputs to start coming down noticeably,” said Hogan. “We will get a read on the Fed’s preferred inflation indicator this Thursday when the second quarter core PCE is reported. Along with that investors will keep a close eye on the economic data stream for hints of prices paid coming down.”
Trading this week will be punctuated by a number of economic reports including US initial jobless claims and gross- domestic-product data, along with PMI figures from China.
Choppiness in price moves is likely with a steady stream of Federal Reserve officials speaking through the week.
The plunge in UK gilts sent 10-year yields above 4% for the first time since 2010. Traders ramped up wagers on the scale of interest-rate hikes in the short term, with money markets pricing in more than 200 basis points of increases by the central bank’s next meeting in November.
Meanwhile, Christine Lagarde said the European Central Bank will consider shrinking its balance sheet only once it has completed the “normalization” of interest rates. Raising borrowing costs is the most appropriate and effective tool for now to combat record-high euro-area inflation, the ECB President said on Monday.
Geopolitical risks from the war in Ukraine to escalating tensions over Taiwan and unrest in Iran also continue to weigh on market sentiment. The OECD cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes. And a gauge of German business confidence deteriorated.
Key events this week:
* China industrial profits, Tuesday
* US new home sales, Conference Board consumer confidence, durable goods, Tuesday
* Fed Chair Jerome Powell and Charles Evans speak at events, Tuesday
* Fed’s Mary Daly, Rafael Bostic, Charles Evans and ECB President Christine Lagarde speak at events, Wednesday
* Euro zone economic confidence, consumer confidence, Germany CPI, Thursday
* US initial jobless claims, GDP, Thursday
* Fed’s Loretta Mester, Mary Daly speak at events, Thursday
* China PMI, Friday
* Euro zone CPI, unemployment, Friday
* US consumer income , University of Michigan consumer sentiment, Friday
* Fed’s Lael Brainard and John Williams speak, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4:03 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 2%
Currencies
* The Bloomberg Dollar Spot Index rose 1%
* The euro fell 0.7% to $0.9617
* The British pound fell 1.5% to $1.0697
* The Japanese yen fell 0.9% to 144.56 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $19,173.2
* Ether rose 2.9% to $1,329.58
Bonds
* The yield on 10-year Treasuries advanced 21 basis points to 3.89%
* Germany’s 10-year yield advanced nine basis points to 2.11%
* Britain’s 10-year yield advanced 42 basis points to 4.24%
Commodities
* West Texas Intermediate crude fell 2.3% to $76.92 a barrel
* Gold futures fell 1.3% to $1,633.60 an ounce

–With assistance from Isabelle Lee, Peyton Forte, Natalia
Kniazhevich and Abigail Moses.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Education is an admirable thing, but it is well to remember
from time to time that nothing that is worth knowing can be taught. –Oscar Wilde, 1854-1900.

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