Category: Events

Dear Friends,

Tangents: Procession of the Penitents, Belgium.

July 27, 1866: Atlantic telegraph cable laid.

July 27, 2000: A federal judge approved a $1.25 billion settlement between Swiss banks and more than a half million plaintiffs who alleged the banks had hoarded money deposited by Holocaust victims.  Go to article »

This 13-year-old is headed to medical school.  Impressed is an understatement. Learn more about the stellar student here.

Inflation is changing how products are packaged.  Shorter flaps, thinner boxes, less color. Have you noticed a difference in the packaging of some of your usual store items?

How much exercise do you need for a longer life?  Here’s how much physical activity you should get on a weekly basis to live the longest life.

Debris from a huge Chinese booster rocket could fall to Earth next week.  It’s a bird… It’s a plane… No, it’s pieces of metal. Scientists monitoring the rocket’s trajectory say it’s in an “uncontrolled descent” toward Earth’s atmosphere and it’s not clear where it will land. 

AI successfully impersonated a philosopher.

Turns out Covid came from that seafood market after all.

So it begins: Monkeys are attacking babies, adults in Japan. 

PHOTOS OF THE DAY

The artist Peter Walker with his work Connection, a contemporary twist on Michelangelo’s Creation of Adam, part of his Being Human exhibition at Liverpool Cathedral
CREDIT: Peter Byrne/PA

A wild Asiatic elephant herd makes its way through a tea garden
CREDIT: Anadolu Agency/Getty Images

The newly built Pelješac Bridge linking the peninsula with the Croatian mainland is widely regarded as one of the country’s most ambitious infrastructure projects since Zagreb declared independence from Yugoslavia in 1991
CREDIT: Elvis Barukcic/AFP/Getty Images

Market Closes for July 27^th, 2022

Market Index	Close	Change
Dow Jones	32197.59	+436.05
		+1.37%
S&P 500	4023.61	+102.56
		+2.62%
NASDAQ	12032.42	+469.85 +4.06%
TSX	19254.56	+281.88
		+1.49%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27715.75	+60.54
		+0.22%
HANG SENG	20670.04	-325.84
		-1.13%
SENSEX	55816.32	+547.83
		+0.99%
FTSE 100*	7348.23	+41.95 +0.57%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.764	2.817
CND. 30 Year Bond	2.837	2.827
U.S.    10 Year Bond	2.7849	2.8068
U.S. 30 Year Bond	3.0653	3.0252

Currencies

BOC Close	Today	Previous
Canadian $	0.7796	0.7759
US $	1.2826	1.2880
Euro Rate 1 Euro=		Inverse
Canadian $	1.3084	0.7643
US $	1.0200	0.9803

Commodities

Gold	Close	Previous
London Gold Fix	1720.05	1718.90
Oil
WTI Crude Future	97.26	94.98

Market Commentary:
On this day in 1694, amid choral chants of “Laus Deo” (Praise the Lord), the Bank of England opened for business in London to print currency and manage the national debt. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.5% at 19,254.56 in Toronto. The move was the biggest since rising 1.8% on July 19 and follows the previous session’s decrease of 0.7%.
Today, energy stocks led the market higher, as 7 of 11 sectors gained; 196 of 238 shares rose, while 40 fell.
Shopify Inc. contributed the most to the index gain, increasing 11.0%.
Interfor Corp. had the largest increase, rising 11.3%.
Insights
* In the past year, the index had a similar or greater gain nine times. The next day, it advanced six times for an average 0.6% and declined three times for an average 1%
* This month, the index rose 2.1%
* The index declined 4.6% in the past 52 weeks. The MSCI AC Americas Index lost 11% in the same period
* The S&P/TSX Composite is 13.3% below its 52-week high on April 5, 2022 and 6% above its low on July 14, 2022
* The S&P/TSX Composite is up 1.2% in the past 5 days and was unchanged in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 11.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.04t
* 30-day price volatility rose to 19.24% compared with 18.69% in the previous session and the average of 19.63% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 72.1710| 2.1| 36/2
* Financials | 66.8150| 1.1| 28/1
* Industrials | 55.2774| 2.3| 28/1
* Information Technology | 52.0666| 5.0| 14/0
* Materials | 28.9630| 1.4| 48/3
* Consumer Discretionary | 10.4679| 1.6| 11/2
* Communication Services | 2.7945| 0.3| 5/1
* Utilities | -0.0175| 0.0| 10/6
* Real Estate | -0.6828| -0.1| 10/13
* Health Care | -0.7104| -0.9| 4/3
* Consumer Staples | -5.2666| -0.6| 2/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 35.2600| 11.0| 85.5| -74.1
* Canadian National | 25.8100| 4.2| 47.8| 1.0
* Canadian Pacific | 15.3800| 2.5| 23.1| 8.3
* TC Energy | -1.3520| -0.3| -46.7| 19.9
* Fortis | -1.6760| -0.8| -25.1| -0.8
* Loblaw | -5.1610| -3.8| 98.1| 13.0
US
By Rita Nazareth
(Bloomberg) — Stocks rallied and Treasury yields fell with the dollar as Jerome Powell said the Federal Reserve will slow the pace of rate increases at one point, while adding that officials would refrain from offering “clear guidance” on the magnitude of their next move.
About 85% of the S&P 500 companies rose, while the Nasdaq 100 soared over 4%, the most since November 2020.
Two-year US yields tumbled as much as 10 basis points.
Expectations for the pace of Fed hikes eased — with swap markets showing 58 basis points of tightening priced in for September.
The Fed’s boss rejected speculation the US is in recession and said the central bank is moving “expeditiously” when it comes to dealing with inflation.
Powell also noted that another unusually large boost in rates would depend on data after officials hiked by 75 basis points Wednesday, taking the cumulative June-July increase to 150 basis points, the steepest since the early 1980s.
Comments:
* “Powell is trying to toe the line between offering useful guidance and avoiding pre-committing to any specific policy path,” said Matt Weller, global head of research at Forex.com and City Index. “He explicitly stated that the committee will go meeting-by-meeting and give less clear guidance now that interest rates are in the range of neutral.”
* “It makes complete sense,” said JPMorgan’s Jay Barry, referring to the Fed offering less clear guidance. “The Fed wanted to move expeditiously to neutral, and with the last three large-sized hikes, we are nominally now in-line with the Fed’s longer-run dot, as a representation of neutral policy expectations.”
* “The July FOMC decision signaled the Fed is nowhere close to pausing rate hikes,” said Anna Wong, chief U.S. economist for Bloomberg Economics. “Market expectations of a Fed put are premature. Looser financial conditions could end up making the Fed’s task of reining in inflation more challenging.”
* “It seems traders aren’t thinking another large move will be justified in September,” said Ed Moya, senior market analyst at Oanda. “The FOMC decision provided optimism that the end of tightening is in sight and that triggered a nice rally for risky assets.”
Earnings:
* Meta Platforms Inc., parent company of Facebook and Instagram, reported its first ever quarterly sales decline, as economic turmoil caused advertisers to shrink budgets.
* Qualcomm Inc., the biggest maker of chips that run smartphones, gave a lackluster forecast for the current period, fueling concern that weaker consumer spending will hurt demand for mobile devices.
* Ford Motor Co., preparing to slash thousands of staffers to help fund its electric-vehicle future, reported second-quarter earnings that beat Wall Street estimates.
* Best Buy Co. cut its profit forecast, saying high inflation was hammering demand for consumer electronics. 
Fresh economic data reduced the odds the US will report two straight quarters of a contracting economy and avert what is commonly regarded as a recession. economists at Morgan Stanley,
JPMorgan Chase & Co. and Goldman Sachs Group Inc. boosted their estimates for second-quarter gross domestic product after government reports showed firmer durable-goods shipments, a narrower trade deficit and gains in inventories last month.
Here are some key events to watch this week:
* Apple, Amazon earnings, Thursday
* US GDP, Thursday
* Euro-area CPI, Friday
* US PCE deflator, personal income, University of Michigan consumer sentiment, 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 4.3%
* The Dow Jones Industrial Average rose 1.4%
* The MSCI World index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.9% to $1.0206
* The British pound rose 1.1% to $1.2165
* The Japanese yen rose 0.3% to 136.52 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.79%
* Germany’s 10-year yield advanced two basis points to 0.95%
* Britain’s 10-year yield advanced four basis points to 1.96%
Commodities
* West Texas Intermediate crude rose 3.3% to $98.16 a barrel
* Gold futures rose 0.9% to $1,751.10 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric, Isabelle Lee, Natalia Kniazhevich and Edward Bolingbroke.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
One, remember to look up at the stars and not down at your feet.  Two, never give up work.  Work gives you meaning and purpose and life is empty without it. 
Three, if you are lucky enough to find love, remember it is there and don’t throw it away. -Stephen Hawking, 1942-2018.

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

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

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

Dear Friends,

Tangents:
July 26, 2000:  A federal judge approved a $1.25 billion settlement between Swiss banks and more than a half million plaintiffs who alleged the banks had hoarded money deposited by Holocaust victims. Go to article »

On this day in 1895, the English poet, novelist and critic, Robert Graves, who wrote I Claudius, was born.
George Bernard Shaw, author, b. 1856.
Carl Jung, psychoanalyst, b.1875.
Aldous Huxley, author, b. 1894.
Mick Jagger, musician, b. 1943.
Sandra Bullock, actress, b.1965.

Adele announces new dates for her Las Vegas residency.  After postponing her shows due to Covid-19, our soul sister Adele is returning to Vegas! Who else is ready to belt out every single song in the audience?

R-rated movies have come to Disney+.  Disney+ just got a little more adult. The kid-centered approach has worked so far, but the streaming service is now delivering content for all ages to compete with Netflix and other rivals.

Pastor robbed at gunpoint of more than $1M in jewelry during sermon.  A pastor known for wearing designer outfits and jewelry was robbed during a livestreamed sermon. Watch the scary moment here. 

Loch Ness Monster:  Existence is ‘plausible’ after fossil discovery

Why does E=mc^2?  The famous equation E = mc^2, derived by Einstein, means that energy is equal to mass times the speed of light squared.  Equivalently, it also means that any amount of mass is equal to energy divided by the speed of light squared. This little equation is central to the theory of special relativity, and also explains how nuclear fusion and fission can generate energy.  Full Story: Live Science (7/26) 

Tomb of ancient Egyptian mercenary commander found in Egypt:  Archaeologists in Egypt have discovered a 2,600-year-old tomb belonging to a man of high status: a “commander of foreign mercenaries” named “Wahibre-mery-Neith.”  The tomb’s embalming cache, found in 2021, includes more than 370 pottery storage jars containing materials used in the commander’s mummification, making it the “largest embalming cache ever found in Egypt,” a team of Egyptian and Czech researchers said in a statement. The tomb is buried at Abusir (also spelled Abū Ṣīr), a few miles south of the giant necropolis at Saqqara.  Full Story: Live Science (7/26) 

A math nerd’s guide to grilling the quickest burger.

A Polish scientific institute says your house cat is an invasive alien species. (h/t Mike Nizza)

Bees might fear pain.
PHOTOS OF THE DAY

A woman visits the exhibition ‘Brain(s)‘ at the Centro de Cultura Contemporanea de Barcelona (CCCB) cultural centre. The exhibition is focused on the human brain, conscience and creativity
CREDIT: Enric Fontcuberta/EPA

Regional dancers perform at the Guelaguetza festival in Oaxaca state. The annual festival brings together music, dance, gastronomy and crafts from different ethnic groups and tribes from the state of Oaxaca
CREDIT: Pedro Pardo/AFP/Getty Images

Children dressed as chess pieces perform during an event before the 44th Chess Olympiad
CREDIT: Arun Sankar/AFP/Getty Images

Market Closes for July 26^th, 2022

Market Index	Close	Change
Dow Jones	31761.54	-228.50
		-0.71%
S&P 500	3921.05	-45.79
		-1.15%
NASDAQ	11562.57	-220.10 -1.87%
TSX	18972.68	-131.80
		-0.69%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27655.21	-44.04
		-0.16%
HANG SENG	20905.88	+342.94
		+1.67%
SENSEX	55268.49	-497.73
		-0.89%
FTSE 100*	7306.28	-0.02 –%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.817	2.860
CND. 30 Year Bond	2.827	2.850
U.S.    10 Year Bond	2.8068	2.7959
U.S. 30 Year Bond	3.0252	3.0162

Currencies

BOC Close	Today	Previous
Canadian $	0.7759	0.7783
US $	1.2880	1.2848
Euro Rate 1 Euro=		Inverse
Canadian $	1.3039	0.7670
US $	1.0117	0.9885

Commodities

Gold	Close	Previous
London Gold Fix	1718.90	1736.95
Oil
WTI Crude Future	94.98	99.60

Market Commentary:
On this day in 1893, the Panic of 1893 reached its low point. With nearly one-quarter of the nation’s railroads heading into bankruptcy, the directors of the New York Stock Exchange nearly closed down the exchange.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities tumbled on Tuesday as tech stocks sank on Shopify’s losses after the company announced it is going to cut nearly 1,000 employees.
The S&P/TSX Composite fell 0.7% at 18,972.68 in Toronto.
The move was the biggest since a 1.5% slide on July 14 and follows the previous session’s 0.6% gain.
Shopify Inc. contributed the most to the index decline and had the largest percentage move, decreasing 13%, the biggest daily decline since early May.
Today, 155 of 238 shares fell, while 80 rose; 8 of 11 sectors were lower. 
Insights
* This month, the index rose 0.6%
* The index declined 5.9% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is 14.6% below its 52-week high on April 5, 2022 and 4.4% above its low on July 14, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 11.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% 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 fell to 18.69% compared with 18.80% in the previous session and the average of 19.65% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -63.1378| -5.7| 0/14
* Financials | -49.5622| -0.8| 4/25
* Consumer Discretionary | -13.8752| -2.1| 2/11
* Energy | -11.2825| -0.3| 11/25
* Industrials | -10.9908| -0.5| 7/22
* Real Estate | -5.4156| -1.0| 3/20
* Health Care | -1.9803| -2.5| 0/7
* Communication Services | -1.8576| -0.2| 1/6
* Consumer Staples | 2.9351| 0.4| 9/2
* Utilities | 3.3700| 0.3| 11/5
* Materials | 20.0071| 1.0| 32/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -50.5300| -13.6| 85.1| -76.6
* TD Bank | -13.4100| -1.3| -32.0| -16.1
* Royal Bank of Canada | -12.2000| -1.0| 56.0| -9.2
* Nutrien | 3.9130| 1.0| -27.4| 11.9
* Agnico Eagle Mines | 4.9000| 3.2| 38.2| -24.3
* Barrick Gold | 6.8670| 2.9| -38.2| -18.1
US
By Rita Nazareth
(Bloomberg) — Stocks slumped after paltry economic figures and a weaker outlook from the world’s largest retailer underscored the impacts of inflation pressures on consumer spending, with recession fears running rampant as the Federal Reserve gets ready to deliver another jumbo-sized hike.
Walmart Inc.’s rout engulfed industry peers, with Morgan Stanley saying its forecast is a “potential warning signal” for Amazon.com Inc.’s merchandise margins.
In late trading, a $166 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) rose as Google’s parent Alphabet Inc. and Texas Instruments Inc. surged after earnings.
Microsoft Corp. fell amid its slowest sales growth since 2020.
Traders also braced for another 75-basis-point hike by Fed officials on Wednesday, with a combined increase of 150 basis points over June and July representing the steepest rise in rates since the early 1980s when then chairman Paul Volcker was battling sky-high inflation.
Dimming views on the economy sank US consumer confidence to the lowest level since February 2021, while a gauge of new home sales fell for the fifth time this year.
US officials are likely to stay hawkish for longer amid persistently high inflation, according to Goldman Sachs Group Inc. strategists, the latest to enter the debate around a potential central bank pivot as growth slows.
They echoed the views from Morgan Stanley’s Michael Wilson, who noted Monday it’s too early to expect the Fed to stop hiking.
Meantime, JPMorgan Chase & Co. strategists said bets that prices have peaked will lead to a Fed pivot and improve the picture for equities in the second half.
“A soft landing feels like a long shot from here,” wrote Seema Shah, chief global strategist at Principal Global Investors. “In the last 11 tightening cycles, the Fed has only skirted recession three times (1965, 1984 and 1994). In each of those cycles, inflation was lower and the Fed funds rate was meaningfully higher at the point of liftoff, so Fed tightening didn’t need to be as dramatic as it does today.”

Other corporate highlights:
* United Parcel Service Inc. posted disappointing package deliveries.
* General Motors Co. reported weaker profit than analysts’ estimates as semiconductor shortages kept production volumes in check.
* 3M Co. plans to spin off its multibillion-dollar health-care operations.
* McDonald’s Corp. and Coca-Cola Co.’s sales exceeded expectations.
* General Electric Co. beat estimates for profit and reported surprise positive cash flow as sales at the key jet-engine division soared.
* Archer-Daniels-Midland Co. sees robust demand for food crops through at least the end of 2022 after posting its record profit.
* Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter.
The annual summer lull combined with steadily deteriorating economic conditions and recession fears are also keeping junk-bond borrowers on the sidelines, with the month-to-date supply at $1.06 billion, the slowest July at least since 2006.

Here are some key events to watch this week:
* Apple, Amazon, Meta earnings due this week
* Fed policy decision, briefing, Wednesday
* Australia CPI, Wednesday
* US GDP, Thursday
* Euro-area CPI, Friday
* US PCE deflator, personal income, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 2%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 1% to $1.0117
* The British pound fell 0.2% to $1.2023
* The Japanese yen was little changed at 136.82 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 2.80%
* Germany’s 10-year yield declined nine basis points to 0.92%
* Britain’s 10-year yield declined two basis points to 1.92%
Commodities
* West Texas Intermediate crude fell 1.8% to $94.96 a barrel
* Gold futures fell 0.2% to $1,733.70 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric, Peyton Forte and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

On the whole, my impression is that mercy bears richer fruits than any other attribute. -Abraham Lincoln, 1809-1865.

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.
July 25, 1978: The first baby conceived by in-vitro fertilization was born in Oldham, England.  Go to article »

Ice age children frolicked in ‘giant sloth puddles’ 11,000 years ago, footprints reveal:  More than 11,000 years ago, young children trekking with their families through what is now White Sands National Park in New Mexico discovered the stuff of childhood dreams: muddy puddles made from the footprints of a giant ground sloth.  Few things are more enticing to a youngster than a muddy puddle. The children — likely four in all — raced and splashed through the soppy sloth trackway, leaving their own footprints stamped in the playa — a dried up lake bed. Those footprints were preserved over millennia, leaving evidence of this prehistoric caper, new research finds.
Full Story: Live Science (7/25) 

Why does the Rosetta Stone have 3 kinds of writing?  The famous Rosetta Stone is a black granite slab inscribed with three ancient texts — two Egyptian and one Greek. It ultimately helped researchers decipher ancient Egyptian hieroglyphics, whose meaning had eluded historians for centuries.  But why did ancient scribes include three different kinds of writing, or scripts, on this iconic stone in the first place? Full Story: Live Science (7/24) 

Sharks are older than the dinosaurs. What’s the secret to their success?   Sharks are hardly newbies on our planet. As a group, they have existed for at least 450 million years, surviving four of the “big five” mass extinctions, including the catastrophe that wiped out the nonavian dinosaurs 66 million years ago at the end of the Cretaceous period.  For context, that makes sharks older than dinosaurs, which emerged roughly 240 million years ago, and even trees, which evolved on Earth around 390 million years ago.   So how have sharks, as a group, survived this long? What are the secrets to their success?  Full Story: Live Science (7/25) 

Taiwan unveils world’s first ‘certified quiet hiking trail’.  Shhhhh. If you want to explore this pristine hiking route, you’ll have to stay quiet to preserve the trail’s natural silence

Stunning video shows diver’s close call with massive great white shark.  For those who dream of going shark diving… chews wisely. Watch the terrifying moment when a shark breaches a diver’s enclosure.

Tour de France winner announced.  This 25-year-old Danish cyclist won his first Tour de France title in Paris.

PHOTOS OF THE DAY

Meltwater flows from the Greenland ice sheet into Baffin Bay, as captured by a Nasa Gulfstream V plane while on an airborne mission to measure melting Arctic sea ice
CREDIT: Kerem Yucel/AFP/Getty Images

A man dresses in feathers to honour Saint Francisco Solano. According to the tradition, while Solano lay on his death bed in a Peruvian convent, birds perched on his windowsill and sang to him, inspiring his followers to dress in bird costumes
CREDIT: Jorge Sáenz/AP

A motorist drives a car loaded high with vegetables and fruit
CREDIT: Ludovic Marin/AFP/Getty Images

Market Closes for July 25^th, 2022

Market Index	Close	Change
Dow Jones	31990.04	+90.75
		+0.28%
S&P 500	3966.84	+5.21
		+0.13%
NASDAQ	11782.67	-51.44 -0.43%
TSX	19104.48	+121.56
		+0.64%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27699.25	-215.41
		-0.77%
HANG SENG	20562.94	-46.20
		-0.22%
SENSEX	55766.22	-306.01
		-0.55%
FTSE 100*	7306.30	+29.93 +0.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.860	2.835
CND. 30 Year Bond	2.850	2.820
U.S.    10 Year Bond	2.7959	2.7504
U.S. 30 Year Bond	3.0162	2.9717

Currencies

BOC Close	Today	Previous
Canadian $	0.7783	0.7742
US $	1.2848	1.2917
Euro Rate 1 Euro=		Inverse
Canadian $	1.3131	0.7616
US $	1.0220	0.9784

Commodities

Gold	Close	Previous
London Gold Fix	1736.95	1705.10
Oil
WTI Crude Future	99.60	97.95

Market Commentary:
On this day in 1987, the corporate assets of ZZZZ Best Co. were sold at bankruptcy auction in Los Angeles for $62,000. Less than four months earlier, the carpet-cleaning company run by 21-year-old whiz kid Barry Minkow had a stock-market value of roughly $300 million. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.6% at 19,104.48 in Toronto.
The index advanced to the highest closing level since June 28 after the previous session’s decrease of 0.4%.
Nutrien Ltd. contributed the most to the index gain, increasing 4.1%.
Secure Energy Services Inc. had the largest increase, rising 8.1%.
Today, 148 of 238 shares rose, while 85 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index rose 1.3%
* The index declined 5.4% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 14% below its 52-week high on April 5, 2022 and 5.1% above its low on July 14, 2022
* The S&P/TSX Composite is up 2.7% 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 14.9 on a trailing basis and 11.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.04t
* 30-day price volatility fell to 18.80% compared with 20.12% in the previous session and the average of 19.70% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 98.6070| 2.9| 38/0
* Financials | 24.7212| 0.4| 24/5
* Industrials | 10.7135| 0.5| 15/11
* Consumer Staples | 8.4237| 1.1| 7/4
* Utilities | 4.1376| 0.4| 12/3
* Real Estate | 3.4242| 0.6| 18/5
* Health Care | 0.6074| 0.8| 5/1
* Communication Services | -1.2580| -0.1| 3/4
* Consumer Discretionary | -2.1028| -0.3| 6/7
* Materials | -11.1957| -0.5| 16/35
* Information Technology | -14.5443| -1.3| 4/10
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Nutrien | 15.7700| 4.1| 1.9| 10.8
* Enbridge | 15.0800| 2.0| 78.8| 14.3
* Canadian Natural Resources | 14.2400| 2.8| -26.5| 23.7
* Barrick Gold | -8.0940| -3.3| -1.4| -20.4
* Agnico Eagle Mines | -8.4170| -5.2| 78.0| -26.6
* Shopify | -8.8930| -2.3| 5.1| -73.0
US
By Rita Nazareth
(Bloomberg) — Stocks wavered in a choppy session as traders braced for earnings from technology bellwethers amid the threats of a hawkish Federal Reserve, scorching inflation and a looming economic recession.
Traders turned more cautious after last week’s rally, with the S&P 500 closing slightly higher amid the lowest intraday volatility and volume of the year.
The Nasdaq 100 underperformed ahead of results from the likes of Apple Inc. and Google’s  parent Alphabet Inc.
In late trading, Walmart Inc. tumbled after cutting its profit outlook.
Ten-year US yields halted a two-day plunge.
This week will be a “make-or-break” period for investors’ confidence in the power of Corporate America, said DataTrek Research’s Nicholas Colas.
The economy is already feeling the pinch from repeated rate increases — with the Fed expected to deliver another jumbo hike Wednesday — and traders will get more clues on how much of that slowdown is reflected in earnings.
For now, investors are expecting mostly bad news from mega caps.
Amazon.com Inc.’s revenue is seen growing at its slowest rate in decades.
Chipmakers are lurching from boom times to a potential glut.
Gig-economy companies such as Uber Technologies Inc. and DoorDash Inc. could be victims of consumer budget cutting.
And the pullback in online advertising is set to weigh on results from Facebook owner Meta Platforms Inc.
“For the recent rally to continue, markets need to feel that monetary policy and corporate earnings power are incrementally more predictable than six weeks ago,” Colas wrote in a note to clients. “Our bias is to lighten up here, but even long-term investors should understand that this week is critical to market psychology.”
Strategists at major Wall Street firms remained split on their views about earnings.
Goldman Sachs Group Inc.’s David Kostin sees revenues under pressure of a stronger dollar, while Bank of America Corp. strategists note that corporate sentiment during earnings calls is deep in recession territory.
Meantime, Citigroup Inc. and UBS Global Wealth Management strategists say the earnings season is turning out to be better than feared as consumer spending remains resilient.

Investors are skeptical that the Fed can tame the worst inflation in four decades without driving the economy into a recession.
Over 60% of 1,343 respondents in the latest MLIV Pulse survey said there’s a low or zero probability that the US central bank can rein in consumer-price pressures without causing an economic contraction.
A hallmark of recession is a drop in investment, often driven by a slowdown in inventory building or outright destocking. Inventories and durable goods orders – due Wednesday — will help clarify whether a recession is at hand,
according to Anna Wong, chief U.S. economist for Bloomberg Economics.
She estimates that both have weighed on second-quarter gross domestic product.
The Fed’s preferred inflation gauge — PCE deflator — comes out Friday.
“Naturally, during times of market stress, every week seems pivotal,” wrote Strategas’ Jason De Sena Trennert and Ryan Grabinski.
The strategists added that they are still cautious as “earnings estimates have not yet begun to discount what would seem to be some obvious pressures on profit margins.”
Meantime, Ed Yardeni has some words of comfort — the worst has passed for this bear market.
“It’s never easy to pick a bottom in the stock market, but I’m going to give it a try,” the president of Yardeni Research said on Bloomberg Television. “The real question is going to be the earnings season, and so far the earnings season is going reasonably well. It has not really thrashed the stock market, and the stock market’s held up quite well.”
In corporate news, Apple announced a rare retail promotion in China, offering four days of discounts on its top-tier iPhones and related accessories in advance of the launch of its next-generation devices.
Intel Corp. has secured one of the biggest customers to date for its year-old contract chipmaking arm.
Regulators are directing US operators of Boeing Co. 777 widebody jets to repair aircraft to address concerns about potential fuel-tank explosions, according to a filing Monday.
Here are some key events to watch this week:
* Alphabet, Apple, Amazon, Microsoft, Meta earnings due this week
* Bank of Japan releases minutes from its June meeting, Tuesday
* US new home sales, Conf. Board consumer confidence, Tuesday
* IMF’s world economic outlook update, Tuesday
* EU energy ministers emergency meeting, Tuesday
* Fed policy decision, briefing, Wednesday
* Australia CPI, Wednesday
* US GDP, Thursday
* Euro-area CPI, Friday
* US PCE deflator, personal income, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.0227
* The British pound rose 0.5% to $1.2053
* The Japanese yen fell 0.4% to 136.62 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.81%
* Germany’s 10-year yield declined one basis point to 1.02%
* Britain’s 10-year yield was little changed at 1.94%
Commodities
* West Texas Intermediate crude rose 2.2% to $96.75 a barrel
* Gold futures fell 0.5% to $1,736 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Isabelle Lee, Vildana Hajric, Natalia Kniazhevich and Lu Wang.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Fatigue makes cowards of us all. –Vince Lombardi, 1913-1970.

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.
On July 22, 1934, a man identified as bank robber John Dillinger was shot to death by federal agents in Chicago.  Go to article »
July 22, 1376: Pied Piper of Hamelin, Germany.

Cats are going wild over this video game.  People are posting their cats’ reactions to a new feline-friendly video game. Watch the funny moments here.

Prince George is 9! The Duke and Duchess of Cambridge share a photo of him on the eve of his birthday.  So adorable. The little prince is really growing up right before our eyes. 

Australia’s largest music festival sinks into the mud, forcing first day cancellation.  Festivalgoers at Splendour in the Grass 2022 were excited for a lineup of performers like Gorillaz and The Strokes. They got a mud pit instead.

The Volkswagen camper van that took the Sixties on the road is getting a 21st Century makeover.

Archaeologists may have discovered the palace of Genghis Khan’s grandson: The remains of a once resplendent palace built for Hulagu Khan, a grandson of Genghis Khan, may have been discovered in Van Province in eastern Turkey, a team of archaeologists suggests.  However, researchers not associated with the research urged caution, saying that more information is needed before the structure can be tied to the Khan family.
Full Story: Live Science (7/22) 

How do oysters make pearls?  While nearly all of the world’s most treasured gemstones can be found buried underground, pearls hide in a far more unexpected setting: inside a shell.  So how exactly did these iridescent jewels wind up in such an unlikely place?  Full Story: Live Science (7/22) 

Lives Lived: Werner Reich was a frightened 16-year-old prisoner at Auschwitz when a fellow inmate, a magician, taught him a card trick. It changed his life. He died at 94.

“He chose not to act. Same review he got for ‘Home Alone 2,’” Stephen Colbert said on Thursday’s live edition of “Late Night.”:
“He did not call them from a box. He did not call while watching Fox. He did not help out Uncle Sam. His brain is made of eggs and ham. But, in his defense, it is possible he forgot the number for 9-1-1.” — STEPHEN COLBERT, on news that Trump didn’t reach out to any security officials on Jan. 6.
“Yes, he is a stain on our history — and thanks to these hearings, we know that stain is ketchup.” — STEPHEN COLBERT, referring to Representative Adam Kinzinger’s referring to Trump’s inaction as “a stain” on our history.

PHOTOS OF THE DAY

Protesters from the action group Ultima Generazione are pulled away after attempting to glue their hands to the glass covering Botticelli’s Primavera at the Uffizi Gallery. Ultima Generazione is so named as its activists believe they are the ‘last generation’ able to reverse the effects of climate change
CREDIT: Laura Lezza/Getty

Sheep and goats graze in the outskirts of Mount Nemrut in Tatvan. Shepherds living in Kiyiduzu village feed their animals on the rich grass of the plateaus as the weather warms up
CREDIT: Anadolu Agency/Getty

Children apply the first stickers to Yayoi Kusama’s interactive work Obliteration Room at Tate Modern. The installation begins as a blank apartment filled with all-white furniture and visitors are given a sticker sheet of colourful dots to turn the work into a sea of colour
CREDIT: Aaron Chown/PA

Market Closes for July 22^nd, 2022

Market Index	Close	Change
Dow Jones	31899.29	-137.61
		-0.43%
S&P 500	3961.63	-37.32
		-0.93%
NASDAQ	11834.11	-225.50 -1.87%
TSX	18982.92	-79.93
		-0.42%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27914.66	+111.66
		+0.40%
HANG SENG	20609.14	+34.51
		+0.17%
SENSEX	56072.23	+390.28
		+0.70%
FTSE 100*	7276.37	+5.86 +0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.835	2.950
CND. 30 Year Bond	2.820	2.908
U.S.    10 Year Bond	2.7504	2.8747
U.S. 30 Year Bond	2.9717	3.0414

Currencies

BOC Close	Today	Previous
Canadian $	0.7742	0.7770
US $	1.2917	1.2869
Euro Rate 1 Euro=		Inverse
Canadian $	1.3192	0.7580
US $	1.0213	0.9791

Commodities

Gold	Close	Previous
London Gold Fix	1705.10	1709.30
Oil
WTI Crude Future	97.95	99.50

Market Commentary:
On this day in 1999, the U.S. Securities & Exchange Commission cracked down on the offering of so-called “free stock” over the Internet. The SEC found that Internet users that were willing to provide their e-mail addresses received “free” shares in companies that planned to go public—but that the companies were not disclosing their risks. One of them planned to revive lunar exploration; another promised its new shareholders that their stock would be worth at least $200 a share, although the company had so far generated less than $30 in total gross revenues.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 18,982.92 in Toronto.
The move was the biggest since falling 1.5% on July 14 and follows the previous session’s increase of 0.2%.
Shopify Inc. contributed the most to the index decline, decreasing 7.3%.
Aurora Cannabis Inc. had the largest drop, falling 8.1%.
Today, 148 of 238 shares fell, while 83 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* This month, the index rose 0.6%
* So far this week, the index rose 3.2%, heading for the biggest advance since the week ended Feb. 5
* The index declined 5.5% in the past 52 weeks. The MSCI AC  Americas Index lost 11% in the same period
* The S&P/TSX Composite is 14.5% below its 52-week high on April 5, 2022 and 4.5% above its low on July 14, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 11.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% 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 fell to 20.12% compared with 20.43% in the previous session and the average of 19.80% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -35.3213| -3.1| 1/13
* Energy | -24.7383| -0.7| 9/27
* Materials | -19.7408| -1.0| 9/39
* Financials | -13.4774| -0.2| 9/20
* Consumer Discretionary | -4.1396| -0.6| 3/10
* Health Care | -2.8334| -3.5| 1/5
* Industrials | -2.5852| -0.1| 11/18
* Communication Services | 4.4062| 0.5| 4/2
* Real Estate | 4.7709| 0.9| 18/5
* Consumer Staples | 6.4018| 0.8| 5/6
* Utilities | 7.3329| 0.7| 13/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -29.8300| -7.3| 32.2| -72.3
* Suncor Energy | -5.7470| -1.5| -44.1| 25.7
* Canadian Natural Resources | -5.0120| -1.0| -58.9| 20.4
* Fortis | 3.7790| 2.0| -43.5| -1.5
* TC Energy | 4.4610| 1.0| -78.3| 16.7
* Couche-Tard | 5.9570| 2.0| -38.0| 1.3
US
By Stephen Kirkland
(Bloomberg) — US stocks fell as disappointing results from social-media firms and weak economic data added to recession fears.
Treasuries rallied as traders dialed back bets on Federal Reserve hikes, while the dollar retreated.
The S&P 500 dropped for the first time in four days, while the tech-heavy Nasdaq 100 underperformed major benchmarks, closing down 1.8%.
Snap Inc.’s poor results and Twitter Inc.’s sales miss raised concern about online ad spending and weighed on shares of Facebook parent Meta Platforms Inc. and Google owner Alphabet Inc.
Hardware and storage companies including Micron Technology Inc. and Western Digital Corp. fell after Seagate Technology Plc’s earnings miss and weak outlook.
Despite Friday’s churn, the equity market posted its best week in a month, paring this year’s market rout to about 17%.
Speculation that the worst of the selloff has passed is partly behind the move.
But angst about the damage from inflation, rapidly rising interest rates and recession fears is proving hard to shake despite a tempering in expectations for Fed aggressiveness next week.
“The Fed meeting is crucial,” Quincy Krosby, chief global strategist at LPL Financial, said by phone. “Does the Fed rhetoric become less hawkish? Because what the market may be expecting that the Fed goes into the summer months and comes out perhaps a little bit less hawkish. But it’s a question mark because it depends on the trajectory of inflation.” 
In other earnings news:
* American Express Co. rallied after reporting record revenue and raising full-year forecasts.
* Verizon Communications Inc. slumped after it missed profit  estimates and cut guidance.
* HCA Healthcare Inc. soared after an earnings beat.

Snap’s results have become a barometer for ad spending amid mounting economic concerns.
There are growing signs that tech companies are preparing for a recession with some pulling back on hiring, while Meta has lost about half of its value this year after disappointing revenue forecasts.
Meta and Alphabet are scheduled to report earnings next week.
Underscoring recession fears, Treasuries extended an advance, pushing the 10-year yield to around 2.7%.
US business activity contracted in July for the first time in more than two years, according to the S&P Global flash composite purchasing managers output index.
That prompted swaps traders to pare bets on Fed hikes, shifting toward pricing a 50-basis-point hike in September as more likely than a three-quarter-point move.
Swaps targeting next week’s meeting briefly indicated a 75 basis-point increase was slightly less than certain.
Meanwhile, German short-term bonds soared as investors trimmed bets on European Central Bank rate hikes after weaker-than-expected PMI data in the region fanned fears of a recession.

Oil posted a weekly loss with softer European economic data and signals of US fuel demand stalling souring the market’s outlook.
West Texas Intermediate slipped below $95 a barrel. 
More market commentary
* “The market has experienced a selloff due to multiple compressions, not due to lower earnings,” Alicia Levine, head of equities, BNY Mellon Wealth Management, said in an email. “The recent earnings in social media are a reminder that there is earnings risk in these pummeled sectors … which still may not  be priced into the market. Further, there is macro risk to earnings in general after weak US and European PMI’s this morning.”
* “Expectations heading into the reporting cycle are ultra-low and well-priced in most sectors,” Art Hogan, chief market strategist at B. Riley Wealth, wrote. “Another potential positive is that market participants may have reached a peak in pessimism at the same time that inflation has likely peaked.  With pessimism at a peak, and inflation receding, the market may be at the ever elusive capitulation point and see more constructive action in the second half.”
* “The message of the week is clear: bulls clearly took control of markets,” said Florian Ielpo, head of macro research at Lombard Odier Asset Management. “For now, sentiment is in the driver seat and the previously excess pessimism is now resulting in a relief rally: investors cannot complain about that.”
* “It’s still very early days but we’ve seen numerous cases now of earnings surprises driven by the ‘it’s not as bad as we feared’ argument,” said Craig Erlam, a senior market analyst at Oanda. “That’s a relief of course, but surely not a case for a sustainable rebound.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro fell 0.2% to $1.0208
* The British pound was unchanged at $1.1995
* The Japanese yen rose 1% to 136.02 per dollar
Bonds
* The yield on 10-year Treasuries declined 12 basis points to 2.76%
* Germany’s 10-year yield declined 19 basis points to 1.03%
* Britain’s 10-year yield declined 11 basis points to 1.94%
Commodities
* West Texas Intermediate crude fell 1.8% to $94.58 a barrel
* Gold futures rose 0.5% to $1,739.30 an ounce
–With assistance from Tassia Sipahutar, Sagarika Jaisinghani, Robert Brand, Vildana Hajric, Isabelle Lee and Natalia Kniazhevich.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The only way to keep your health is to eat what you don’t want, drink what you don’t like, and do what you’d rather not. –Mark Twain, 1835-1910.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.
July 21, 1983: The world’s lowest recorded temperature, -128.6 ͦF (-89.2 ˚C), is measured at Vostok Station, Antarctica.
2002: Telecommunications giant WorldCom Inc. filed for bankruptcy protection after disclosing it had inflated profits by nearly $4 billion through deceptive accounting. Go to article »

Federal agents seize what could be a priceless Faberge egg from a Russian oligarch’s yacht. (h/t Ellen Kominers)

How to recover from burnout.

This designer is turning balloons into fine furniture.  These inflatable furnishings look like they could pop or fall apart with the slightest bit of weight, but surprisingly, they’re quite sturdy.

PHOTOS OF THE DAY

A cyclist shows off his skills during the BMX Day celebration in Santiago
CREDIT: Alberto Valdés/EPA

A giant interactive gorilla sculpture is unveiled in Bristol Zoo gardens
CREDIT: Andrew Matthews/PA

Visitors enjoy the views from Canton Tower in Guangdong province. The main body of Canton tower is 454 meters high, the antenna pole is 146 meters high, and the total height is 600 meters. It is the second tallest tower in China and the third tallest in the world
CREDIT: Anadolu Agency/Getty Images

Market Closes for July 21st, 2022

Market Index	Close	Change
Dow Jones	32036.90	+162.06
		+0.51%
S&P 500	3998.95	+39.05
		+0.99%
NASDAQ	12059.61	+161.96 +1.36%
TSX	19062.85	+42.18
		+0.22%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27803.00	+122.74
		+0.44%
HANG SENG	20574.63	-315.59
		-1.51%
SENSEX	55681.95	+284.42
		+0.51%
FTSE 100*	7270.51	+6.20 +0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.950	3.118
CND. 30 Year Bond	2.908	3.039
U.S.    10 Year Bond	2.8747	3.0265
U.S. 30 Year Bond	3.0414	3.1585

Currencies

BOC Close	Today	Previous
Canadian $	0.7770	0.7761
US $	1.2869	1.2885
Euro Rate 1 Euro=		Inverse
Canadian $	1.3166	0.7596
US $	1.0230	0.9775

Commodities

Gold	Close	Previous
London Gold Fix	1709.30	1713.05
Oil
WTI Crude Future	99.50	102.26

Market Commentary:
On this day in 1933, Wall Street began to digest the implications of President Franklin D. Roosevelt’s “New Deal,” including the Glass-Steagall Act, enacted just over one month earlier. The Dow Jones Industrial Average suffered its ninth-worst daily percentage loss, dropping 7.8%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.2%, or 42.18 to 19,062.85 in Toronto.
The index advanced to the highest closing level since July 7.
Shopify Inc. contributed the most to the index gain, increasing 4.8%. Mullen Group Ltd. had the largest increase, rising 11.8%.
Today, 149 of 238 shares rose, while 86 fell; 8 of 11 sectors were higher, led by industrials stocks.
Insights
* This month, the index rose 1.1%
* So far this week, the index rose 3.6%, heading for the biggest advance since the week ended Feb. 5
* The index declined 5.2% in the past 52 weeks. The MSCI AC Americas Index lost 10% in the same period
* The S&P/TSX Composite is 14.2% below its 52-week high on April 5, 2022 and 4.9% above its low on July 14, 2022
* The S&P/TSX Composite is up 4% in the past 5 days and fell 1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 11.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.05t
* 30-day price volatility fell to 20.43% compared with 20.52% in the previous session and the average of 19.78% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | 30.5260| 1.3| 22/7
* Information Technology | 26.8573| 2.4| 14/0
* Financials | 14.3878| 0.2| 22/7
* Real Estate | 6.2633| 1.2| 21/1
* Materials | 5.8784| 0.3| 37/13
* Consumer Discretionary | 3.3804| 0.5| 10/3
* Utilities | 2.7152| 0.3| 7/9
* Consumer Staples | 1.2145| 0.2| 6/5
* Communication Services | -1.9795| -0.2| 4/3
* Health Care | -2.1466| -2.6| 2/5
* Energy | -44.9228| -1.3| 4/33
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 18.6500| 4.8| 93.3| -70.1
* Canadian Pacific | 9.8050| 1.6| -32.2| 4.8
* Canadian National | 6.3910| 1.1| -25.6| -3.9
* Intact Financial | -5.0320| -2.3| 21.1| 8.7
* Canadian Natural Resources | -6.4440| -1.2| -45.7| 21.5
* Suncor Energy | -6.9160| -1.7| -11.5| 27.6
US
By Stephen Kirkland
(Bloomberg) — Stocks rose amid a rally in mega caps as strength in the corporate sector buoyed investor sentiment.
Treasuries gained as data pointed to weakness in the US economy.
The S&P 500 posted its biggest three-day gain since May 27, led by tech and consumer discretionary stocks.
Tesla Inc. topped the leaderboard after its quarterly results beat estimates, with Apple Inc. and Amazon.com Inc. also pushing higher ahead of earnings due next week.
Stocks briefly hit session lows in morning trading on news of US President Joe Biden testing positive for Covid.
Treasury yields dropped, with the 10-year rate sinking 12 basis points to 2.90% after a knee-jerk move higher following the European Central Bank’s greater-than-expected rate hike.
Data showing a rise in jobless claims suggested softening in the labor market, while the Philadelphia-area manufacturers’ outlook for business conditions slumped to the lowest since 1979 and the Conference Board’s leading economic index fell more than estimated.
Markets were buffeted in early trading after the ECB hiked rates by 50 basis points, the first increase in 11 years and biggest since 2000.
It comes as a brewing political crisis in Italy ramps up the pressure on the ECB to shield the most vulnerable eurozone members from market speculation through a new crisis management tool.
The euro initially climbed on the decision before paring those gains against the dollar.
“There’s enough circuit breakers in the market, particularly when you think about the strength of the consumer, the strength of the corporate sector and how well telegraphed this potential recession has been,” Stephen Parker, head of advisory solutions at JPMorgan Private Bank, said on Bloomberg TV. “Because of that, a lot of that pain has already been felt by markets.”
The S&P 500 has climbed more than 9% from a multi-year trough in mid-June amid earnings optimism and speculation the Federal Reserve will take a more measured approach to tightening policy.
Whether the market has bottomed remains open to debate, but over the past month yields have fallen and rates markets have discarded bets for a full percentage point hike when the Fed meets next week.
Still, sentiment remains fragile amid accelerating inflation and the prospect of a steep downturn in global economies as well as the geopolitical risks, notably in Europe.
The resumption of Russian gas exports to the region through Nord Stream could provide some relief for the continent that’s racing to store the fuel before the winter. 
More market commentary:
* “This is where we are, this is the world we live in, where  there is going to be daily volatility like this,” Megan Horneman, CIO at Verdence Capital Advisors, said by phone. “The market is still trying to figure out where to go. We don’t know, from an inflation standpoint, we don’t know how far the Fed is going to have to go, the ECB is now getting quite aggressive.”
* “The ECB did what’s needed, but let’s be clear – they have no good options,’ said James Athey, investment director at Abrdn.  “The stagflation trade-off they face is horrible, the worst error they could make is to allow inflation to become unhinged.  But dealing with inflation clearly hurts growth. Either way, equities aren’t a great investment.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.4%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.0211
* The British pound was little changed at $1.1979
* The Japanese yen rose 0.5% to 137.55 per dollar
Bonds
* The yield on 10-year Treasuries declined 12 basis points to 2.90%
* Germany’s 10-year yield declined three basis points to 1.22%
* Britain’s 10-year yield declined nine basis points to 2.05%
Commodities
* West Texas Intermediate crude fell 3.5% to $96.36 a barrel
* Gold futures rose 1% to $1,734.60 an ounce
–With assistance from Tassia Sipahutar, Denitsa Tsekova, Sagarika Jaisinghani, Natalia Kniazhevich, Emily Graffeo and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Procrastination makes easy things hard, hard things harder. – Mason Cooley, 1927-2002.

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: Moon Day.
On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon.  Go to article »

Eight myths about diet, exercise, and sleep: Let’s talk about those fad diets and trendy workouts that no one needs. Experts have weighed in with these great tips about staying healthy — and what to avoid.

Millions of dollars in jewelry stolen from an armored truck at a rest stop.  An insane heist occurred near Los Angeles this week. And if you ask me, the details of this story could be a great movie plot.

Everybody hates stocks. Time to buy.

7 famous mummies and secrets they’ve revealed about the ancient world: Humans have long envisioned the continuation of life past death. Ancient Egyptians, for example, are famous for their elaborate funerary rituals and beliefs about the afterlife. But the practice of deliberately preserving bodies extends possibly 3,500 years earlier than the mummies of ancient Egypt. And mummies buried with riches and personal objects are found all over the world.
In some cases, these mummies provide detailed glimpses into the beliefs and practices of ancient cultures. Mummies, and the objects entombed with them, reveal what people found important, their spiritual symbols, and what they believed happened after death. Autopsies conducted by modern-day scientists can reveal what these ancient people ate, what diseases they suffered from, and ultimately what killed them.
From King Tut to Lady Dai, these seven famous mummies carried their secrets to the tomb — and back out again.  Full Story: Live Science (7/20) 

Lost city, a real-life ‘Helm’s Deep,’ possibly discovered in Iraq: Nestled in a valley shadowed by mountains in Iraqi Kurdistan sits an ancient fortress that archeologists think may be the lost, royal city of Natounia, based on the discovery of intricately carved rock reliefs depicting an ancient leader, a new study finds.  The stronghold, known as Rabana-Merquly, was once part of the Parthian Empire (also known as the Arsacid Empire), which reigned between 247 B.C. and A.D. 224. The Parthians were bitter enemies of the Roman Empire, and fought various battles against them for over 250 years. Now, new research at this 2,000-year-old fortress suggests that it served as one of the empire’s regional centers. Full Story: Live Science (7/19) 

The Numbers:
4
Billion counterfeit listings blocked by Amazon in 2021.  The company also eliminated more than 3 million listings for fake products.  The crackdown comes amid increasing pressure to address a proliferation of phony products on the site.
64
Years since Wales last qualified for the World Cup.  The team secured a 1-0 win over Ukraine in Cardiff, cementing its place at the games this fall in Qatar.
10
Cost, in US dollars, to have a  Clockwork robot paint your nails.  The robot, which relies on cameras and algorithms, takes about 10 minutes to paint a full set.  The robots can be found at some Target stories in the US.

PHOTOS OF THE DAY

The peloton passes a field of sunflowers during the 17th stage of the Tour de France 2022 from Saint-Gaudens to Peyragudes
CREDIT: Yoan Valat/EPA

A wildfire passing through a forest, with more than 20,000 hectares affected
CREDIT: Gironde Fire and Rescue/EPA

Eucalyptus trees silhouetted against a sunset
CREDIT: Amer Ghazzal/Rex/Shutterstock

Market Closes for July 20^th, 2022

Market Index	Close	Change
Dow Jones	31874.84	+47.49
		+0.15%
S&P 500	3959.90	+23.21
		+0.59%
NASDAQ	11897.65	+184.50 +1.58%
TSX	19020.67	+82.96
		+0.44%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27680.26	+718.58
		+2.67%
HANG SENG	20890.22	+229.16
		+1.11%
SENSEX	55397.53	+629.91
		+1.15%
FTSE 100*	7264.31	-31.97 -0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.118	3.087
CND. 30 Year Bond	3.039	3.030
U.S.    10 Year Bond	3.0265	3.0209
U.S. 30 Year Bond	3.1585	3.1746

Currencies

BOC Close	Today	Previous
Canadian $	0.7761	0.7768
US $	1.2885	1.2873
Euro Rate 1 Euro=		Inverse
Canadian $	1.3117	0.7624
US $	1.0180	0.9823

Commodities

Gold	Close	Previous
London Gold Fix	1713.05	1719.05
Oil
WTI Crude Future	102.26	104.22

Market Commentary:
On this day in 2000, Vietnam opened its stock exchange, the Ho Chi Minh City Securities Trading Center, to trade shares in the nation’s two stocks, Refrigeration Electrical Engineering and Cables and Telecommunications Materials. The first day’s total trading volume: just over 4,000 shares.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities rallied for the fourth day as investors hopped on high-tech and cannabis stocks.
The S&P/TSX Composite climbed 0.4%, or 82.96 to 19,020.67 in Toronto.
Canada’s tech shares were the biggest gainers and led the market higher, as they moved in tandem with their U.S. peers.
The index advanced to the highest closing level in over 10 days.
Today, 7 of 11 sectors gained; 134 of 238 shares rose, while 102 fell.
Shopify Inc. contributed the most to the index gain, increasing 12.3%.
Canopy Growth Corp. had the largest percentage increase, rising 17.3%.
Insights
* This month, the index rose 0.8%
* The index declined 4.6% in the past 52 weeks. The MSCI AC Americas Index lost 10% in the same period
* The S&P/TSX Composite is 14.4% below its 52-week high on April 5, 2022 and 4.7% above its low on July 14, 2022
* The S&P/TSX Composite is up 2.2% in the past 5 days and fell 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 11.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.04t
* 30-day price volatility rose to 20.52% compared with 20.41% in the previous session and the average of 19.74% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 62.2945| 5.8| 14/0
* Financials | 30.8142| 0.5| 21/8
* Energy | 23.6205| 0.7| 29/9
* Consumer Discretionary | 5.3884| 0.8| 10/3
* Health Care | 4.5348| 5.8| 5/2
* Consumer Staples | 4.3362| 0.5| 10/1
* Real Estate | 0.4608| 0.1| 9/14
* Utilities | -2.2082| -0.2| 5/11
* Communication Services | -2.7486| -0.3| 3/3
* Industrials | -8.5730| -0.4| 17/11
* Materials | -34.9413| -1.7| 10/40
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 42.7400| 12.3| 93.2| -71.5
* Canadian Natural Resources | 10.8200| 2.1| -49.6| 23.0
* Brookfield Asset Management | 9.6660| 1.6| -24.4| -19.8
* Agnico Eagle Mines | -7.6630| -4.4| 0.9| -21.3
* Canadian Pacific | -8.9720| -1.5| -43.4| 3.1
* Barrick Gold | -9.4430| -3.7| -27.4| -17.3
US
By Stephen Kirkland
(Bloomberg) — US stocks rose in a volatile session as investors parsed the latest corporate news and the potential for geopolitical risks in Europe.
The dollar gained, while the euro fell as Italy’s government looked set to collapse.
The S&P 500 posted its first back-to-back gain in almost two weeks, with advances in tech and consumer discretionary stocks offsetting declines in defensive sectors, utilities and health care.
While tech stocks briefly pared their advance after Google said it will pause hiring for two weeks, gains in Netflix Inc. on better-than-feared earnings underpinned rallies in streaming peers as well as confidence in consumers’ resilience.
Tesla Inc. rose ahead of its earnings set for release later Wednesday.
Stocks advanced for third day in four amid optimism over the earnings season and growing speculation markets may have bottomed out. While that debate continues, with Sanford C.
Bernstein strategists saying markets have yet to see full capitulation, rates markets have discarded bets the Federal Reserve will hike rates by a full percentage point next week, bolstering optimism the central bank will take a more measured approach to policy tightening.
“The fact that companies are showing a certain resilience to the current environment is reassuring market operators who have now started betting on a less aggressive monetary tightening than initially expected,” said Pierre Veyret, a
technical analyst at ActivTrades. “Even if we’re not out of the woods yet, more and more traders now tend to believe the worst is behind for equity markets this year.”
The euro tumbled as Italy’s Prime Minister Mario Draghi appeared set to fall in a confidence vote after three key parties announced they wouldn’t support him.
Risk sentiment also took a hit earlier on news the European Union is preparing for a scenario where Russia halts gas exports to retaliate against sanctions over its invasion of Ukraine.
Russian President Vladimir Putin signaled Europe will start getting gas, but warned that unless a spat over sanctioned parts is resolved, flows will be tightly curbed.
Oil edged lower as growing stockpiles of crude and gasoline tempered fears of a tight market.
Bitcoin gained for a third straight day, rising above $24,000 for the first time in more than a month.
More market commentary:
* “While I hope markets have bottomed, and I hope extreme pessimism can result in capitulation, it’s my job to point out the underlying factors behind market moves, and the bottom line is neither the economy nor corporate earnings have felt the full brunt of Fed tightening,” Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter, said in a note.
* “Netflix earnings can be interpreted that the US consumer can be doing a little bit better than anticipated,” said Ellen Hazen, chief market strategist and portfolio manager at F.L.Putnam Investment Management.
* “Without Fed support from the corner, selling pressure has been severe and finally reached the washed-out level readings we have been watching for since the S&P 500 first broke down from its head and shoulders top formation,” Craig Johnson, chief market technician at Piper Sandler, said in a note.

Key events to watch this week:
* Earnings this week include Tesla
* Bank of Japan, European Central Bank rate decisions. Thursday
* Nord Stream 1 pipeline scheduled to reopen following maintenance. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.6%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.5% to $1.0177
* The British pound fell 0.2% to $1.1975
* The Japanese yen was little changed at 138.22 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 3.03%
* Germany’s 10-year yield declined two basis points to 1.26%
* Britain’s 10-year yield declined four basis points to 2.14%
Commodities
* West Texas Intermediate crude fell 1.9% to $102.26 a barrel
* Gold futures fell 0.9% to $1,713.30 an ounce
–With assistance from Denitsa Tsekova, Vildana Hajric, Isabelle Lee, Natalia Kniazhevich and Sagarika Jaisinghani.
Have  a lovely evening.

Be magnificent!

As ever,

Carolann

In every man’s heart there is a secret nerve that answers to the vibrations of beauty. –Christopher Darlington Morley, 1890-1957.

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:
July 19, 1983: The first three-dimensional reconstruction of a human head in a CT is published.
1980: The Summer Olympics began in Moscow with dozens of nations boycotting because of Soviet military intervention in Afghanistan.  Go to article »

Charles Mayo, surgeon, b.1865.
Edgar Degas, artist, b.1834.

World’s best restaurants for 2022 revealed.  Bon appétit, lovely readers. Here are the 50 best restaurants on the planet.

100 million-year-old dinosaur footprints found at restaurant.  Most people find annoying birds in restaurant courtyards… this lucky diner found dinosaur footprints

Massive waves wipe out wedding in Hawaii.  The ocean decided to make a splashing guest appearance… Watch the moment wedding attendees ran for cover in Kailua-Kona, Hawaii. 

Lake Mead dwindles, and a WWII-era ‘swamp boat’ emerges:  A World War II landing craft — the same type famous for its use on D-Day in 1944 — is the latest object to emerge from the declining waters of Lake Mead near Las Vegas.  Scientists say the lake’s level is at a record low, largely because of a long-term drought across the American Southwest — but human-induced climate change may be making the drought worse. Full Story: Live Science (7/19) 

Meteor impact left ‘uncorrectable’ damage to the Webb telescope’s mirror, new report shows:  Since launching on Dec. 25, 2021, NASA’s James Webb Space Telescope (JWST) has been pelted by at least 19 tiny space rocks — including one large one that left noticeable damage on one of the telescope’s 18 gold-plated mirrors.   In a sprawling new status report posted to the pre-print database arXiv.org, NASA researchers have shared the first images showing the extent of that damage. Seen on the C3 mirror in the lower right-hand corner of the image, the impact site appears as a single bright white dent besmirching the golden mirror’s surface. Full Story: Live Science (7/19) 

Mars’ oldest meteorite traced to strange double impact crater:  Researchers have traced the oldest known Martian meteorite to its exact origin point using artificial intelligence (AI), and the findings could help reveal what conditions on our solar system’s planets were like during their very first days.  The 11-ounce (320 grams) meteorite, officially dubbed Northwest Africa 7034 but commonly known as “Black Beauty,” is believed to have smashed into Earth roughly 5 million years ago. After being found in the Sahara Desert in 2011, its age was dated to just under 4.5 billion years old — making it the oldest Martian meteorite ever found on Earth.  Full Story: Live Science (7/19) 

PHOTOS OF THE DAY

Paddleboarders and kayakers turn out to watch the sunrise in North Tyneside
CREDIT: Owen Humphreys/PA

A woman cools herself with a fan near the Trevi fountain
CREDIT: Guglielmo Mangiapane/Reuters

A dead humpback whale washed up on Sharp Park beach. Its cause of death is as yet unknown, according to local media
CREDIT: Carlos Barría/Reuters
Market Closes for July 19^th, 2022

Market Index	Close	Change
Dow Jones	31827.05	+754.44
		+2.43%
S&P 500	3936.69	+105.84
		+2.76%
NASDAQ	11713.15	+353.10 +3.11%
TSX	18937.71	+342.09
		+1.84%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26961.68	+173.21
		+0.65%
HANG SENG	20661.06	-185.12
		-0.89%
SENSEX	54767.62	+246.47
		+0.45%
FTSE 100*	7296.28	+73.04 +1.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.087	3.074
CND. 30 Year Bond	3.030	3.041
U.S.    10 Year Bond	3.0209	2.9855
U.S. 30 Year Bond	3.1746	3.1551

Currencies

BOC Close	Today	Previous
Canadian $	0.7768	0.7708
US $	1.2873	1.2974
Euro Rate 1 Euro=		Inverse
Canadian $	1.3170	0.7594
US $	1.0231	0.9775

Commodities

Gold	Close	Previous
London Gold Fix	1719.05	1706.15
Oil
WTI Crude Future	104.22	102.60

Market Commentary:
On this day in 1990, Wall Street set a new record as six IPOs were issued in a single day. The companies—Command Security, In-Store Advertising, MECA Software, Modtech Holdings, O’Charley’s and Wisconsin Pharmacal—raised a total of $100.4 million. 
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities rose broadly as investors poured into riskier stocks including in the information technology and consumer discretionary sectors.
The S&P/TSX Composite rose for the third day, climbing 1.8%, or 342.09 to 18,937.71 in Toronto, marking the index’s biggest gain since June 24.
Today, financial stocks led the market higher, as 10 of 11 sectors gained; 207 of 238 shares rose, while 30 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.9%.
West Fraser Timber Co. had the largest percentage increase, rising 14.7%..
Insights
* In the past year, the index had a similar or greater gain three times. The next day, it advanced after all three occasions
* The index declined 4% in the past 52 weeks. The MSCI AC Americas Index lost 9.6% in the same period
* The S&P/TSX Composite is 14.7% below its 52-week high on April 5, 2022 and 4.2% above its low on July 14, 2022
* The S&P/TSX Composite is up 1.4% 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 14.8 on a trailing basis and 11.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% 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 20.41% compared with 19.48% in the previous session and the average of 19.71% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 132.7528| 2.3| 27/2
* Energy | 59.9924| 1.8| 35/3
* Industrials | 53.5883| 2.3| 28/1
* Materials | 32.2368| 1.6| 45/6
* Information Technology | 28.6206| 2.8| 13/1
* Consumer Discretionary | 14.9683| 2.3| 11/2
* Real Estate | 9.7629| 1.9| 23/0
* Communication Services | 6.9552| 0.7| 7/0
* Consumer Staples | 6.0252| 0.8| 8/3
* Health Care | 1.4271| 1.9| 5/2
* Utilities | -4.2411| -0.4| 7/8
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* TD Bank | 29.0800| 2.9| 8.7| -15.5
* Royal Bank of Canada | 24.2100| 2.1| 63.9| -8.2
* Brookfield Asset Management | 19.8400| 3.4| -17.5| -21.1
* Brookfield Infrastructure | -1.4520| -1.0| -8.3| -6.1
* Fortis | -1.9060| -1.0| 21.5| -1.9
* Franco-Nevada | -5.1690| -2.4| -17.4| -8.7
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — US stocks surged in a broad-based rally as investors assessed the outlook for earnings and as speculation grew that markets may have come close to bottoming out.
The S&P 500 defied the late-day reversal that has been a cornerstone of this volatile market, closing near session highs in its biggest one-day gain since June 24 as all 11 industry groups advanced.
The tech-heavy Nasdaq 100 outperformed major benchmarks, ending 3.1% higher, with mega caps Apple Inc. and Alphabet Inc. bouncing back from Monday’s losses.
Stocks favored by short sellers were among the biggest gainers on the day, suggesting that bearish traders were forced to cover positions moving against them.
In extended trading, Netflix Inc. gained after reporting second-quarter subscriber loss that was less than expected.
With the potential for earnings disappointments baked into markets, any upside surprises may lead to outsized gains.
Investors remain on high alert for signs that high inflation and monetary tightening are squeezing consumers and employment, with allocation to stocks plunging to levels last seen in October 2008 and exposure to cash surged to the highest since 2001, according to the latest Bank of America Corp.’s monthly fund manager survey.
“Earnings, so far, there’s been some caution and there’s been a little bit of dialing down of expectations, but I don’t think the worst-case scenarios are really in play anymore,” Shawn Cruz, head trading strategist at TD Ameritrade, said in an interview. “We’ve heard from the big banks, we’ve heard from IBM, we’ve heard from Johnson & Johnson, we’ve heard from enough companies that have had a big enough footprint that if there is something at the macro level severely impacting these businesses, it would have shown up in a lot of these earnings.”
On the earnings front, Hasbro Inc., the largest US toy company, gained after earnings beat analyst estimates, while International Business Machines Corp. fell as the tech company lowered its forecasts for free cash flow. Johnson & Johnson reversed early gains as it lowered its earnings and revenue forecast for the year.
In other company news, Twitter Inc. shares gained as a Delaware judge allowed the social media company to fast-track its lawsuit against Elon Musk, with the trial set to take place in October.
The dollar fell against all Group-of-10 peers except the
Treasuries traded lower, with the 10-year yield rising back to 3%.
Meanwhile, the euro rose to its highest level in about two weeks after Bloomberg News reported the European Central Bank may consider raising interest rates on Thursday by double the quarter-point outlined previously to counter worsening inflation.
Markets are pricing in about 38 basis points of tightening on Thursday, when the ECB is expected to raise rates for the first time in more than a decade.
That reflects about a 50/50 chance of a 50-basis point increase.
The ECB is under pressure to subdue inflation, but the potential for a Russian gas shutdown could plunge Europe into recession.
The European Union is preparing to tell members to cut gas consumption “immediately” to preserve supplies for winter, according to a report.
Gazprom PJSC was said to be poised to restart gas exports through the Nord Stream pipeline on Thursday at reduced capacity.
Elsewhere, oil rebounded, with West Texas Intermediate crude rising to $104 a barrel, while a rally in cryptocurrencies took Bitcoin out of a one-month-old trading range, up above $23,000. 
More market commentary:
* “Stocks have been beaten down,” Kristina Hooper, chief global market strategist at Invesco, wrote in a note. “That doesn’t mean we won’t see more downside for some stock markets around the world, especially given that earnings expectations are likely to be adjusted downward. But I believe we are far closer to the bottom than the top.”
* “There is a growing feeling in the market that the gradual and cautious normalization process the ECB started at the end of 2021 has been the wrong decision and that to make up for that slow and late,” wrote Fawad Razaqzada, market analyst at City Index. “Indeed, even until its June meeting, the ECB was pre-committing to a 25-basis point hike in July. But with the broad weakening of the euro helping to import more inflation in the eurozone, the ECB could surprise with a 50 bp hike.”
* “Sharp dollar pullback has boosted equities,” Christopher Murphy, co-head of derivatives strategy at Susquehanna International Group, wrote in a note. ”But the dollar rally was extended and due for a pullback (it can’t go up in a straight line) just like it was in late April. If the dollar pullback is temporary, the equity rally might be as well.”

Key events to watch this week:
* Earnings this week include Netflix, Tesla
* US Treasury Secretary Janet Yellen visits South Korea. Tuesday
* Reserve Bank of Australia releases July minutes. Tuesday
* UK Chancellor Nadhim Zahawi and Bank of England Governor Andrew Bailey speak at event. Tuesday
* Bloomberg Crypto Summit in New York. Tuesday
* Bank of Japan, European Central Bank rate decisions. Thursday
* Nord Stream 1 pipeline scheduled to reopen following maintenance. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.1%
* The Dow Jones Industrial Average rose 2.4%
* The MSCI World index rose 2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.8% to $1.0225
* The British pound rose 0.4% to $1.2000
* The Japanese yen was little changed at 138.22 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 3.02%
* Germany’s 10-year yield advanced six basis points to 1.28%
* Britain’s 10-year yield advanced two basis points to 2.18%
Commodities
* West Texas Intermediate crude rose 1.3% to $103.96 a barrel
* Gold futures were little changed
–With assistance from Garfield Reynolds, Sunil Jagtiani, Ven Ram, Denitsa Tsekova, Cecile Gutscher, Emily Graffeo and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

A man thinks that by mouthing hard words he understands hard things. -Herman Melville, 1819-1891.

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.
Ocean Day in Japan – markets closed.

Pilot deploys parachute, plane crashes into sidewalk outside Bruges.  Luckily the pilot’s life was saved, and the incident caused minimal damage… but it was a close call. Watch footage of the crash-landing here. 

10 scenic and remote museums and galleries that are worth the trip.  Wow, this museum nestled on a mountain in Italy is absolutely breathtaking. View this list if you appreciate stunning natural beauty.

San Francisco opens a park atop a busy highway tunnel.  Developers repurposed this unusual space to create a 14-acre urban oasis.
 
Iceland’s forest cover has grown sixfold in the past 30 years.

Hidden Van Gogh self-portrait discovered under ‘peasant woman’ painting: Conservators at the National Galleries of Scotland recently experienced quite a surprise after they X-rayed a painting by Vincent van Gogh. Hidden on the reverse side of the painting “Head of a Peasant Woman,” which Van Gogh completed in 1885, was a previously unknown self-portrait of the Dutch painter staring back at them.  The hidden self-portrait had been obscured by layers of glue and cardboard that had been attached to the back of the canvas; museum officials suspect the materials were applied sometime during the early 20th century to help protect the artwork for an upcoming exhibition, National Galleries representatives said in a statement.  Full Story: Live Science (7/16)

Cave explorers discover a 19th-century mining scene preserved like a time capsule:  Leather shoes, clay pipes, a mysterious inscription written in candle soot — these are just a few of the artifacts a group of cavers recently discovered in a centuries-old cobalt mine in Cheshire, England.  The mine, located near Manchester in a village called Alderley Edge, was once a source of cobalt, an element mined for the brilliant blue pigment imbued on pottery and glass. Cobalt mining was a lucrative trade for England in the 19th century. But imports from other countries became cheaper than English cobalt, so this particular mine, owned by Sir John Thomas Stanley in the early 1800s, was abandoned around 1810.  Full Story: Live Science (7/18) 

What human-made structures can be seen from space?
You’ve undoubtedly heard people say the Great Wall of China can be seen from space. But is that really true? In fact, is it possible to see any human-made structure from beyond Earth’s atmosphere?   To answer that question, first we need to define where Earth’s atmosphere ends and outer space begins. The Kármán line, named after physicist Theodore von Kármán, is widely considered the boundary between Earth and space. Typically, it’s defined as 100 kilometers (62 miles) above our planet’s surface.   So, what can be seen from that far up? On a clear day, would someone at the Kármán line be able to see the Great Wall of China or the Great Pyramid of Giza, for example?
Full Story: Live Science (7/16) 

PHOTOS OF THE DAY

A member of the Queen’s Guard receives some water outside Buckingham Palace in extreme hot weather
CREDIT: John Sibley/Reuters

A woman goes for a run on the outskirts of the city in the cooler early morning. High temperatures are expected all over Germany on Monday and Tuesday
CREDIT: Michael Probst/AP

Swans on the River Thames
CREDIT: Maureen McLean/Rex/Shutterstock

Market Closes for July 18^th, 2022

Market Index	Close	Change
Dow Jones	31072.61	-215.65
		-0.69%
S&P 500	3830.85	-32.31
		-0.84%
NASDAQ	11360.05	-92.37 -0.81%
TSX	18595.62	+201.17
		+1.09%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	Market Closed	–
		-%
HANG SENG	20846.18	+548.46
		+2.70%
SENSEX	54521.15	+760.37
		+1.41%
FTSE 100*	7223.24	+64.23 +0.90%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.074	3.073
CND. 30 Year Bond	3.041	3.010
U.S.    10 Year Bond	2.9855	2.9152
U.S. 30 Year Bond	3.1551	3.0751

Currencies

BOC Close	Today	Previous
Canadian $	0.7708	0.7669
US $	1.2974	1.3041
Euro Rate 1 Euro=		Inverse
Canadian $	1.3164	0.7596
US $	1.0144	0.9858

Commodities

Gold	Close	Previous
London Gold Fix	1706.15	1700.70
Oil
WTI Crude Future	102.60	97.59

Market Commentary:
On this day in 1968, Robert Noyce and Gordon Moore, engineering refugees from Fairchild Semiconductor, established N.M. Electronics Corp. to miniaturize electronic circuitry onto silicon chips. The firm, based in a small leased building in Mountain View, Calif., generated $2,672 in revenues its first year. It soon changed its name to Intel Corp.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities gained for the second day, led by oil and gas stocks as crude oil prices rallied above $102 per barrel.
The S&P/TSX Composite climbed 1.1%, or 201.17 to 18,595.62 in Toronto. The advance was the biggest since rising 1.8% on July 7.
Royal Bank of Canada contributed the most to the index gain, increasing 1.8%.
Canopy Growth Corp. had the largest percentage increase, rising 15.5%.
Today, 193 of 238 shares rose, while 43 fell; 9 of 11 sectors were higher. 
Insights
* The index declined 7% in the past 52 weeks. The MSCI AC Americas Index lost 13% 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
* The S&P/TSX Composite is down 1.2% in the past 5 days and fell 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.5 on a trailing basis and 11.3 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$2.95t
* 30-day price volatility rose to 19.48% compared with 19.02% in the previous session and the average of 19.67% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 90.7700| 2.8| 38/0
* Financials | 60.9725| 1.1| 25/4
* Materials | 23.3339| 1.1| 41/9
* Information Technology | 15.7751| 1.5| 10/4
* Real Estate | 7.2686| 1.5| 21/1
* Industrials | 5.3660| 0.2| 25/4
* Consumer Discretionary | 5.3453| 0.8| 12/1
* Health Care | 1.4328| 1.9| 6/1
* Communication Services | 0.9531| 0.1| 4/3
* Utilities | -2.4316| -0.2| 8/8
* Consumer Staples | -7.6234| -1.0| 3/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Royal Bank of Canada | 21.1900| 1.8| 53.4| -10.0
* Canadian Natural Resources | 13.9200| 2.8| -33.0| 18.5
* Enbridge | 13.8300| 1.8| 96.0| 11.6
* Thomson Reuters | -2.8300| -1.8| 0.5| -10.0
* Waste Connections | -4.7320| -1.7| -13.4| -7.6
* Couche-Tard | -5.5630| -1.9| -45.1| -2.9
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — US stocks turned sharply lower after Apple Inc.’s plans to slow hiring added to investor worries that the Federal Reserve’s campaign against inflation will drop the economy into a recession.
The S&P 500 extended losses in the last hour of trading, after coughing up a gain that had surpassed 1%.
Tech and health-care shares led the drop, with Apple sliding more than 2% in its worst day in almost three weeks.
The iPhone maker plans to slow hiring and spending growth next year in some divisions to cope with a potential economic downturn, people with knowledge of the matter said.
The news follows a similar move by Alphabet Inc. last week.
Netflix Inc. will kick off second-quarter earnings for major tech and communication companies when it reports Tuesday evening.
Profit growth for the sector is expected to slow sharply.
Earlier, Goldman Sachs Group Inc. reported better-than-expected results, sending its shares higher.
Stocks had been rebounding from their June low on expectations that the Fed is starting to gain ground in its efforts to slow price gains.
Treasuries slumped Monday, with 10-year yields below 3% — still lower than the 2-year rate, leaving the curve inverted in what is generally a recession warning.
“What’s been holding us up of course is jobs, so now as we start to get these announcements jobs aren’t maybe as stable, now you’re seeing the impetus toward recession,” said Dana D’Auria, co-CIO at Envestnet Solutions, on Bloomberg Television.
After the bell, International Business Machines Corp. reported sales that beat estimates, a sign that demand for mainframe computers, consulting and cloud services remained strong.
The shares were little changed in extended trading.
Another pressure point for markets remains gas supply to Europe amid a standoff with Russia over its invasion of Ukraine, with the Nord Stream 1 pipeline scheduled to reopen Thursday following maintenance.
Gazprom PJSC declared force majeure on several European natural-gas buyers, a move that may signal it intends to keep supplies capped.
The S&P 500 is up more than 5% from June’s closing low following Friday’s strong rally on renewed hopes that inflation — and Fed rate hikes — may be close to peaking.
Data last week showing a greater decline in US consumers’ long-term inflation expectations helped squash talk of a 100 basis-point hike in July, while strong retail sales underscored a resilient economy.

“You have to be very careful in how you’re allocating assets and allocating dollars in this market — but you had a couple of really good numbers this morning from Goldman and Bank of America, on the back of good retail sales,”
said Chuck Cumello, president and chief executive officer of Essex Financial Services. “And the key thing in the US economy is the consumer” and, he said, “people are out spending.”
Elsewhere in markets Monday, West Texas Intermediate crude climbed above $100 a barrel after the Saudis declined to make any promises regarding future output increases, and copper extended its recovery from last week’s slump. Bitcoin rallied, trading above $22,000 for the first time since early June.
More market commentary:
* “The key for the markets continues to be the overall direction of the economy,” wrote Paul Nolte, portfolio manager at Kingsview Investment Management. “If the recession that is heading our way is mild, then much of the decline has already occurred, and this is a good time to accumulate shares. If the recession is deeper/longer, then there is a risk of another 15% decline in stocks from here.”
* “Our call remains that the economy will slow aggressively over the next 6-12 months and bond yields are headed lower, but a recession is not imminent,” wrote Dennis DeBusschere, the founder of 22V Research. “That backdrop has implications for factors and markets near term, especially as disinflationary forces continue to strengthen.”
* “The possibility that Russia stops, or severely reduces, their gas exports to Europe should keep markets on edge in the near-term,” Mizuho International Plc strategists Peter McCallum and Evelyne Gomez-Liechti wrote in a note to clients.

Key events to watch this week:
* Earnings this week include Tesla
* US Treasury Secretary Janet Yellen visits South Korea. Tuesday
* Reserve Bank of Australia releases July minutes. Tuesday
* UK Chancellor Nadhim Zahawi and Bank of England Governor Andrew Bailey speak at event. Tuesday
* Bloomberg Crypto Summit in New York. Tuesday
* Bank of Japan, European Central Bank rate decisions. Thursday
* Nord Stream 1 pipeline scheduled to reopen following maintenance. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0145
* The British pound rose 0.8% to $1.1955
* The Japanese yen rose 0.4% to 138.07 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 2.97%
* Germany’s 10-year yield advanced eight basis points to 1.22%
* Britain’s 10-year yield advanced seven basis points to 2.16%
Commodities
* West Texas Intermediate crude rose 4.8% to $102.29 a barrel
* Gold futures were little changed
–With assistance from Lynn Thomasson, Andreea Papuc, Sunil Jagtiani, Verity Ratcliffe, Denitsa Tsekova and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Before you can inspire with emotion, you must be swamped with it yourself.
Before you can move their tears, your own must flow.   To convince them,
you must yourself believe. -Winston Churchill, 1874-1965.

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

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

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

Dear Friends,

Tangents: Happy Friday.

July 15, 2006: Co-founders Jack Dorsey, Evan Williams, and Biz Stone publicly launch their online microblogging service Twitter, and within the following decade it had more than 300 million users.
July 15, 2010: BP stopped the flow of oil into the Gulf of Mexico after 85 days using a 75-ton cap lowered onto the well earlier in the week. Go to article »

Mohammed bin Salman’s $500 billion Saudi Arabia desert dream just keeps getting weirder.

Interpreting those amazing NASA James Webb Space Telescope images via the aesthetic lens of art history. (h/t Elaine He)

See the world’s best new architecture:  Which of these stunning structures do you think will win the prestigious World Building of the Year title? 

11 of the world’s most dangerous hiking trails:  Proceed with caution… these challenging trails are not for the faint-hearted.

Hidden ancient Roman ‘Bridge of Nero’ emerges from the Tiber during severe drought:  A severe drought in Italy has revealed an archaeological treasure in Rome: a bridge reportedly built by the Roman emperor Nero that is usually submerged under the waters of the Tiber River.   The dropping water levels of the Tiber, which according to Reuters is flowing at multi-year lows, have exposed the stone remains of the Pons Neronianus (Latin for the Bridge of Nero), WION news, a news agency headquartered in New Delhi, India, reported.  Full Story: Live Science (7/15) 
 
1.2 billion-year-old groundwater is some of the oldest on Earth:  Groundwater that was recently discovered deep underground in a mine in South Africa is estimated to be 1.2 billion years old. Researchers suspect that the groundwater is some of the oldest on the planet, and its chemical interactions with the surrounding rock could offer new insights about energy production and storage in Earth’s crust.  In fact, Oliver Warr, a research associate in the department of Earth sciences at the University of Toronto in Canada and lead author of a new study about the groundwater discovery, described the location in a statement as a “Pandora’s box of helium-and-hydrogen-producing power.”  Full Story: Live Science (7/15) 

PHOTOS OF THE DAY

A giant biodegradable land art painting entitled Vers l’equilibre (Towards balance) by French-Swiss artist Saype is pictured near the summit of the Grand Chamossaire mountain
CREDIT: Valentin Flauraud/AP

Cabezudos (big heads) stand on balconies on the final day of the San Fermín festival
CREDIT: Miguel Riopa/AFP/Getty Images

A man looks on as a wild forest fire rages in Morocco’s northern region
CREDIT: Fadel Senna/AFP/Getty Images

Market Closes for July 15^th, 2022

Market Index	Close	Change
Dow Jones	31288.26	+658.09
		+2.15%
S&P 500	3863.16	+72.78
		+1.92%
NASDAQ	11452.42	+201.23 +1.79%
TSX	18394.45	+65.39
		+0.36%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26788.47	+145.08
		+0.54%
HANG SENG	20297.72	-453.49
		-2.19%
SENSEX	53760.78	+344.63
		+0.65%
FTSE 100*	7159.01	+119.20 +1.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.073	3.143
CND. 30 Year Bond	3.010	3.052
U.S.    10 Year Bond	2.9152	2.9558
U.S. 30 Year Bond	3.0751	3.1049

Currencies

BOC Close	Today	Previous
Canadian $	0.7669	0.7623
US $	1.3041	1.3118
Euro Rate 1 Euro=		Inverse
Canadian $	1.3152	0.7604
US $	1.0086	0.9915

Commodities

Gold	Close	Previous
London Gold Fix	1700.70	1724.60
Oil
WTI Crude Future	97.59	95.78

Market Commentary:
On this day in 1916, William Boeing, a Yale-educated aeronautical engineer, incorporated Pacific Aero Products in Seattle with $100,000 in capital; he kept 998 of the original 1,000 shares of stock for himself. In 1917 he renamed his firm the Boeing Airplane. Boeing later makes jet travel an accepted part of everyday life.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities rallied Friday, buoyed by bank and energy stocks.
The gain followed yesterday’s broad selloff in financials.
The S&P/TSX Composite rose 0.4% to 18,394.45.
The move was the biggest since a gain of 1.8% on July 7 and follows the previous session’s decrease of 1.5%.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.8%.
Methanex Corp. had the largest percentage increase, rising 5.4%.
Today, 147 of 238 shares rose, while 89 fell; 5 of 11 sectors were higher. 
Insights
* So far this week, the index fell 3.3%
* The index declined 8.9% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is 17.2% below its 52-week high on April 5, 2022 and 1.2% above its low on July 14, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.3 on a trailing basis and 11.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% 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 19.02% compared with 18.98% in the previous session and the average of 19.82% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 35.3231| 0.6| 24/5
* Energy | 30.5611| 0.9| 37/1
* Industrials | 11.4847| 0.5| 22/7
* Information Technology | 4.9528| 0.5| 12/2
* Consumer Discretionary | 4.8100| 0.8| 9/4
* Real Estate | -0.6309| -0.1| 9/12
* Materials | -2.9288| -0.1| 21/30
* Communication Services | -3.5547| -0.4| 2/5
* Health Care | -3.5841| -4.6| 0/7
* Utilities | -5.2299| -0.5| 8/8
* Consumer Staples | -5.8165| -0.7| 3/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Brookfield Asset Management | 16.0100| 2.8| -14.9| -23.7
* TD Bank | 9.0250| 0.9| -29.6| -18.7
* Bank of Nova Scotia| 5.8930| 1.0| -24.1| -19.1
* BCE | -3.2620| -0.8| -22.9| -3.5
* Barrick Gold | -3.3110| -1.3| -33.9| -15.2
* Royal Bank of Canada | -5.9560| -0.5| 43.8| -11.6
US
By Rita Nazareth
(Bloomberg) — The stock market snapped back at the end of a dizzying week as traders reduced their wagers on a bigger Federal Reserve hike in July, while parsing a raft of Wall Street earnings and hoping for signs of capitulation that could set the stage for a more sustained recovery.
American equities halted a five-day slide, with the expiration of about $1.9 trillion in options.
Banks led gains after Citigroup Inc.’s blowout results.
Swaps are pricing in nearly 75 basis points of Fed tightening this month — still an aggressive boost that leaves investors wondering about the odds of a recession, but down from a full-point bet earlier this week.
The dollar and bond yields fell.
Economic readings were all over the place, but it was a drop in US consumer long-term inflation expectations to a one-year low that effectively captured traders’ attention.
The reason is that it may provide some solace to policy makers that price pressures aren’t becoming entrenched.
Another reason for hope is that two Fed officials didn’t sound too keen on a full-point hike in July.
Atlanta Fed President Raphael Bostic voiced wariness about a super-sized increase, and St. Louis’s James Bullard said he would defer judgment to the central bank’s meeting.
He was quoted earlier this week as saying he favored sticking with a 75-basis-point boost.
“While a recession is increasingly likely, bulls note that a lot of bad news is already being priced in, and if a recession is shallow, there is upside to markets over the next year,” said Mark Hackett, chief of investment research at Nationwide. “The path to get there may not be pleasant, but if earnings can hold up, there is reason for cautious optimism.”

Odds are now close to even that the US will slip into a recession within the next year.
The probability of a downturn over the next 12 months stands at 47.5%, up sharply from 30% odds in June, according to the latest Bloomberg monthly survey of economists.
US stocks could see more declines as the risk of a hard economic contraction and a stronger dollar rises in the second half of the year, according to Bank of America Corp. strategists.
Equity markets could see “proper capitulation” if second-quarter earnings are worse than expected, Michael Hartnett wrote.
“The markets today reflect a slowdown or a mild recession already,” said Kara Murphy, chief investment officer at Kestra Holdings. “As soon as we have confirmation that the Fed is winning the war with inflation — that means we need to see multiple data points suggesting that prices are slowing – I think that will be a risk-on sign for the market.”
In other corporate news, Wells Fargo & Co. said it will continue to do share repurchases, but it’ll be “prudent,” even as its peers JPMorgan Chase & Co. and Citigroup have both announced plans to pause buybacks.
UnitedHealth Group Inc.’s results were lifted by lower costs of care that portend well for other health insurers.
Bullish positioning on the US dollar has surged to its highest level in seven years while investors have amped up their bearishness on the euro and turned against emerging-market currencies, according to a BofA survey of fund managers.
Elsewhere, oil clawed back some of its weekly losses.
Wheat futures erased their gains for the year in Chicago, as prospects for weaker demand offset supply worries that were exacerbated by Russia’s invasion of Ukraine.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.8%
* The Dow Jones Industrial Average rose 2.1%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.6% to $1.0083
* The British pound rose 0.4% to $1.1868
* The Japanese yen rose 0.3% to 138.52 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 2.92%
* Germany’s 10-year yield declined five basis points to 1.13%
* Britain’s 10-year yield declined one basis point to 2.09%
Commodities
* West Texas Intermediate crude rose 1.8% to $97.55 a barrel
* Gold futures fell 0.1% to $1,703.60 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Robert Brand, John Viljoen, Edward Bolingbroke, Isabelle Lee and Emily Graffeo.
Have wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The illiterate of the 21^st century will not be those who cannot read and writer, but those who cannot learn, unlearn, and relearn. –Alvin Toffler, 1928-2006.

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.
Bastille Day, France:
Bastille stormed by Paris mob – on this day in 1789, a mob advanced on the Bastille in Paris, demanding the arms and munitions stored there, but, when the guards resisted, the crowd captured the prison, an act that
Symbolized the end of the ancien régime.  Go to article »

55,000 beluga whales are on the move, and you can watch their migration live:  Is the summer heat getting you down? Cool off with a virtual dip into icy Arctic waters and watch as tens of thousands of beluga whales frolic in the frigid sea. Starting Friday (July 15), the research vessel Delphi will broadcast a beluga whale livestream, direct from the Churchill River estuary where the river flows into Hudson Bay in northeastern Canada.   The livestream, produced in a partnership between Arctic conservation non-profit Polar Bears International and explore.org, is in celebration of Arctic Sea Ice Day on July 15. The goal is to raise public interest in sea ice and increase awareness of its importance to the Arctic ecosystem.  Full Story: Live Science (7/14) 

Van Gogh self-portrait found hidden behind another painting. 

Swedish tree is nearly 10,000 years old.

Finnish baseball park has a river in the outfield and a camera in the river.

NASA released more images of stars, galaxies and an exoplanet.  After decades of waiting, the world is finally able to see the deepest and sharpest images of our universe taken by the James Webb Space Telescope.

Ryan Gosling is bringing major ‘Ken-ergy’ to the upcoming ‘Barbie’ film.   The highly anticipated “Barbie” movie won’t be released until next year, but fans are already swooning over Gosling’s “Ken doll” character.

PHOTOS OF THE DAY

A full moon rises over the Hagia Sophia Grand Mosque and Blue Mosque in Istanbul
CREDIT: Anadolu Agency/Getty Images

French divers from the minelaying cruiser Pluton retrieve ammunition during a joint operation with Albanian divers to clean the bed of the Adriatic Sea of second world war ammunitions
CREDIT: AFP/Getty Images

Young seals wait to be fed in a pool at the Friedrichskoog Seal Station
CREDIT: Christian Charisius/AP

Market Closes for July 14^th, 2022

Market Index	Close	Change
Dow Jones	30630.17	-142.62
		-0.46%
S&P 500	3790.38	-11.40
		-0.30%
NASDAQ	11251.19	+3.61 +0.03%
TSX	18329.06	-286.13
		-1.54%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26643.39	+164.62
		+0.62%
HANG SENG	20751.21	-46.74
		-0.22%
SENSEX	53416.15	-98.00
		-0.18%
FTSE 100*	7039.81	-116.56 -1.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.143	3.153
CND. 30 Year Bond	3.052	3.051
U.S.    10 Year Bond	2.9558	2.9336
U.S. 30 Year Bond	3.1049	3.1182

Currencies

BOC Close	Today	Previous
Canadian $	0.7623	0.7704
US $	1.3118	1.2980
Euro Rate 1 Euro=		Inverse
Canadian $	1.3142	0.7609
US $	1.0018	0.9981

Commodities

Gold	Close	Previous
London Gold Fix	1724.60	1730.70
Oil
WTI Crude Future	95.78	96.30

Market Commentary:
On this day in 1862, Congress established the first U.S. pension allowance, paying up to $8 a month to injured or disabled Union soldiers or their heirs.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities fell Thursday, driven by the country’s biggest banks, as they fell alongside their US peers amid growing recession concerns.
The S&P/TSX Composite led losses for the fifth day, dropping 1.5%, or 286.13 to 18,329.06 in Toronto.
The move was the biggest in nearly one month since falling 3.1% on June 16.
Today, 8 of 11 sectors lost; 182 of 238 shares fell, while 56 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 5.6%.
First Quantum Minerals Ltd. had the largest percentage drop, falling 8.2%.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it declined nine times for an average 0.7% and advanced three times for an average 0.3%
* So far this week, the index fell 3.6%
* The index declined 9% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is at its 52-week low and 17.5% below its high on April 5, 2022
* The S&P/TSX Composite is down 3.9% 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 14.3 on a trailing basis and 11.1 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$2.98t
* 30-day price volatility fell to 18.98% compared with 19.58% in the previous session and the average of 19.89% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -189.5338| -3.2| 1/28
* Materials | -64.9389| -3.1| 4/47
* Energy | -26.6099| -0.8| 8/30
* Real Estate | -10.3754| -2.0| 0/23
* Information Technology| -9.2569| -0.9| 6/8
* Consumer Staples | -6.5859| -0.8| 0/11
* Communication Services| -4.6895| -0.5| 0/7
* Consumer Discretionary| -3.5846| -0.6| 4/9
* Health Care | 2.8641| 3.8| 4/3
* Utilities | 6.4871| 0.7| 15/1
* Industrials | 20.0998| 0.9| 14/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of Canada | -69.4200| -5.6| 152.9| -11.2
* TD Bank | -20.9300| -2.1| 60.1| -19.4
* Bank of Nova Scotia| -19.5100| -3.2| 74.9| -19.9
* Waste Connections | 5.2990| 1.9| 52.7| -5.6
* Canadian National | 5.3260| 0.9| 27.3| -6.6
* Ritchie Bros | 7.0440| 11.8| 163.6| 13.1
US
By Rita Nazareth
(Bloomberg) — Stocks closed well off session lows as comments from Federal Reserve officials brought some relief to investors worried that a more aggressive pace of hikes could trigger a recession.
The S&P 500 almost erased a slide that topped 2% as Fed Governor Christopher Waller and Fed Bank of St. Louis President
James Bullard said they would back a 75-basis-point hike in July after a hot inflation print.
The tech-heavy Nasdaq 100 climbed amid gains in giants like Apple Inc. and Intel Corp.
Treasury two-year yields fell as traders shifted their bets away from a full-point hike by the Fed this month.
Markets may have gotten a little ahead of themselves in betting on a move of that magnitude, Waller said.
The Bloomberg Dollar Spot Index pared gains, but still traded at an all-time high.
Investors got a reality check from the corporate side Thursday, with JPMorgan Chase & Co. temporarily halting buybacks as earnings fell short of estimates, and Morgan Stanley announcing a plunge in investment-banking revenues. Still, the chiefs of both banks said they aren’t steering their firms toward shelter even as they see global events denting the economy.
“People are confused as to where the economy is actually heading,” said Victoria Fernandez, chief market strategist at Crossmark Global Investments. “Are we going into recession? Are we not? Is it going to be a short recession? Is it going to be a deep recession? That’s why we’re seeing so much volatility in the market. People just don’t have a clear direction right now.”

Shrinking the Fed’s $8.9 trillion balance sheet will have an effect over time equivalent to no more than three quarter-point interest-rate hikes, according to a new study by a Fed Bank of Atlanta economist.
That suggests the asset reductions will have a relative modest effect compared to rate hikes to counter inflation.
“We remain skeptical that the Fed can pull off simultaneously normalizing its balance sheet, controlling inflation, and avoiding severe market disruptions,” said Richard Saperstein, chief investment officer at Treasury Partners.
“We’re increasingly concerned that investors may be forced to endure more downside volatility in this tricky environment.”
Elsewhere, Bitcoin broke above $20,000, joining gains in tech stocks while investors got more clarity on the bankruptcy of a major digital-assets lender. 
What to watch this week:
* China GDP, Friday
* US business inventories, industrial production, University of Michigan consumer sentiment, Empire manufacturing, retail sales, Friday
* G-20 finance ministers, central bankers meet in Bali, from Friday
* Atlanta Fed President Raphael Bostic speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.4% to $1.0016
* The British pound fell 0.6% to $1.1823
* The Japanese yen fell 1.1% to 138.94 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 2.97%
* Germany’s 10-year yield advanced three basis points to 1.18%
* Britain’s 10-year yield advanced four basis points to 2.10%
Commodities
* West Texas Intermediate crude fell 0.1% to $96.19 a barrel
* Gold futures fell 1.6% to $1,707.50 an ounce
–With assistance from Sunil Jagtiani, Andreea Papuc, Cecile Gutscher, Robert Brand, Isabelle Lee and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The most powerful weapon on earth is the human soul on fire. –Ferdinand Foch, 1851-1929.

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