Category: Events

Dear Friends,

Tangents:
1919: Treaty of Versailles, ending WWI and establishing the League of Nations, is signed in France.  Go to article »
1969: Stonewall Riot, start of Gay Liberation movement.

Gilda Radner, comedienne, b.1946
Mel Brooks, actor/director, b. 1926
Peter Paul Rubens, artist, b.1572
Jean-Jacques Rousseau, philosopher, b.1712

Happy 10th birthday, Crispr! You’ve got a bit of maturing to do before you revolutionize the medical world.  — Lisa Jarvis

NASA catches someone auctioning off its moon dust and cockroaches. (h/t Mike Smedley)

30,000 year-old mummified baby mammoth found by Canadian gold miner: The stunningly preserved baby, which measured just 4.5 feet (1.4 meters) long and has much of its hair and skin intact, was described by officials as “the most complete mummified mammoth found in North America.”  Full Story: Live Science (6/28) 

Rare ‘Obi-Wan Kenobi’ star survives death by supernova, returns stronger and brighter: In 2012, a shriveled white star in a nearby galaxy reached the end of its life and exploded in a violent, thermonuclear supernova. Such explosions — known as type 1a supernovas — are a common end for billions of stars in our universe, typically resulting in the utter obliteration of the old star at the heart of the blast.  But this time, something went wrong.
Full Story: Live Science (6/28) 

Surprise solar storm with ‘disruptive potential’ slams into Earth:  Scientists were recently left scratching their heads after a “potentially disruptive” solar storm smashed into Earth without warning.  The surprise solar storm hit Earth just before midnight UTC June 25 and continued throughout most of June 26, according to Spaceweather.com. Scientists classified it as a G1-class storm, which means it was strong enough to create weak power grid fluctuations, cause minor impacts to satellite operation, disrupt the navigational abilities of some migrating animals, and cause unusually strong auroras.  Full Story: Live Science (6/28) 
 

Magnificent ancient mosaic found near Tel Aviv returns home.  Art buffs, this one is for you. Check out this stunning 1,700-year-old mosaic from the late Roman period.

Meet Mr. Happy Face, the ‘World’s Ugliest Dog’.  Some call him ugly, we prefer the word unique! Watch Mr. Happy Face get crowned “World’s Ugliest Dog” here.  

PHOTOS OF THE DAY

Rainbow lorikeets perched on a rail overlooking the ocean as another one drops in to join them, giving them a fright in the process.
CREDIT: Kim Borg/Picfair

‘Little Wren nesting in our backyard makes sure Chippie knows the boundaries! This chipmunk is testing his life limits and the wren is having none of it. She is a feisty little thing’
CREDIT: Susi Ryan/Picfair

Tapestries are installed at Salisbury Cathedral for Grayson Perry’s The Vanity of Small Differences exhibition. The exhibition consists of six monumental tapestries each charting a stage in the ‘class journey’ made by young Tim Rakewell, the protagonist of the exhibition, and including many of the characters, incidents and objects Grayson Perry encountered on journeys through Sunderland, Tunbridge Wells and the Cotswolds for the 2012 Channel 4 television series All in the Best Possible Taste with Grayson Perry
CREDIT: Finnbarr Webster/Getty Images

Market Closes for June 28^th, 2022

Market Index	Close	Change
Dow Jones	30946.99	-491.27
		-1.56%
S&P 500	3821.55	-78.56
		-2.01%
NASDAQ	11181.54	-343.01 -2.98%
TSX	19222.74	-35.58
		-0.18%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27049.47	+178.20
		+0.66%
HANG SENG	22418.97	+189.45
		+0.85%
SENSEX	53177.45	+16.17
		+0.03%
FTSE 100*	7323.41	+65.09 +0.90%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.340	3.382
CND. 30 Year Bond	3.289	3.355
U.S.    10 Year Bond	3.1715	3.1997
U.S. 30 Year Bond	3.2762	3.3119

Currencies

BOC Close	Today	Previous
Canadian $	0.7768	0.7767
US $	1.2874	1.2876
Euro Rate 1 Euro=		Inverse
Canadian $	1.3544	0.7383
US $	1.0521	0.9505

Commodities

Gold	Close	Previous
London Gold Fix	1826.30	1825.45
Oil
WTI Crude Future	111.76	109.57

Market Commentary:
On this day in 1890, Congress created the first pension in which age was part of eligibility, as any veteran over age 65 became entitled to a monthly payment of between $6 and $12.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 19,222.74  in Toronto. The move follows the previous session’s increase of 1%.
Shopify Inc. contributed the most to the index decline, decreasing 6.2%. Kinross Gold Corp. had the largest drop, falling 7.0%.
Today, 145 of 239 shares fell, while 94 rose; 8 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index fell 12%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 7.3%
* The index declined 4.6% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is 13.5% below its 52-week high on April 5, 2022 and 3% above its low on June 23, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 7.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15 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$3.09t
* 30-day price volatility fell to 19.80% compared with 20.38% in the previous session and the average of 20.37% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -37.1395| -1.6| 7/45
* Information Technology | -29.3912| -2.7| 4/10
* Industrials | -28.2406| -1.2| 10/19
* Consumer Staples | -16.9994| -2.1| 1/10
* Communication Services | -7.7911| -0.8| 3/4
* Consumer Discretionary | -7.1879| -1.1| 2/11
* Health Care | -1.2743| -1.6| 1/6
* Real Estate | -0.9580| -0.2| 10/13
* Financials | 0.1405| 0.0| 11/18
* Utilities | 1.0190| 0.1| 11/5
* Energy | 92.2480| 2.6| 34/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -23.3200| -6.2| -20.9| -74.1
* Canadian National | -12.4800| -2.1| -46.4| -8.0
* Couche-Tard | -11.0000| -3.5| -4.3| 0.7
* Cenovus Energy | 7.9560| 3.7| -6.5| 68.8
* Suncor Energy | 11.3900| 2.6| -25.5| 48.9
* Canadian Natural Resources | 24.5600| 4.5| -32.2| 34.4
US
By Rita Nazareth
(Bloomberg) — A rout in big tech weighed heavily on stocks, with gains in the broader market sputtering as a report showed Americans grew more downbeat about prospects for the economy.
Traders got another reality check Tuesday after a worrisome reading on consumer confidence.
A gauge of expectations – which reflects a six-month outlook — tumbled to an almost decade low.
The figures come at a time when analysts remain bullish about corporate earnings, with net-margin estimates for S&P 500 companies at a record high.
The bleak economic picture pushed the US equity benchmark lower, following gains that topped 1% earlier in the day.
The index hovered near the key Fibonacci 38.2% retracement level of 3,815.
Quarterly rebalancing of portfolios also fueled volatility.
The Nasdaq 100 sank over 3%, dragged down by giants like Amazon.com Inc. and Tesla Inc.
Treasuries and the dollar rose.
For Goldman Sachs Group Inc. strategists, margin forecasts are too optimistic, putting stocks at risk of more losses when Wall Street analysts downgrade their estimates.
Meantime, HSBC Plc’s Max Kettner said equities aren’t still reflecting the impact of a potential recession, with earnings expectations at risk of being revised lower.

“The one thing that we can say with conviction is that high market volatility is likely to persist until there’s clear evidence that inflation is declining and the Fed pivots towards a less hawkish stance, taking the off-ramp away from the
recession destination,” said Jason Draho, head of asset allocation for the Americas at UBS Global Wealth Management.
Federal Reserve officials played down the risk that the US economy will tip into a recession, even as they raise rates, with another 75 basis-point hike on the table next month.
New York Fed President John Williams and San Francisco’s Mary Daly both acknowledged they had to cool inflation, but insisted that a soft landing was still possible.
A key set of rates that the Fed is focusing on to help judge financial conditions is still some way from levels that might prompt officials to halt their tightening plans.
Inflation-adjusted US rates at the shorter end of the curve are still mired below zero even as real rates on longer-tenor securities this month surged to levels unseen since 2019.
It’s tough to see a high probability of any sustained stock rally in the near term, according to Alifia Doriwala, managing director at RockCreek.
She says the market could be in for an even worse third quarter.
The S&P 500 has tumbled more than 15% since the end of March.
“We could see a lot of turbulence during earnings season if companies start revising earnings downward because they are seeing increased margin pressures,” Doriwala told Bloomberg Television.
Elsewhere, oil rose for a third day as global output threats compound already red-hot markets for physical supplies, while the Group of Seven agreed to look into a price cap for Russian crude.
What to watch this week:
* US GDP, Wednesday
* ECB President Christine Lagarde, Federal Reserve Chair Jerome Powell, BOE Governor Andrew Bailey and Cleveland Fed President Loretta Mester due to speak at ECB event, Wednesday
* St. Louis Fed President James Bullard speaks, Wednesday
* China PMI, Thursday
* US personal income, PCE deflator, initial jobless claims, Thursday
* Eurozone CPI, Friday
* US construction spending, ISM Manufacturing, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 2% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.1%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.0527
* The British pound fell 0.6% to $1.2190
* The Japanese yen fell 0.5% to 136.20 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.18%
* Germany’s 10-year yield advanced eight basis points to 1.63%
* Britain’s 10-year yield advanced seven basis points to 2.46%
Commodities
* West Texas Intermediate crude rose 2% to $111.72 a barrel
* Gold futures fell 0.2% to $1,820.90 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric, Isabelle Lee, Enrique Roces, Peyton Forte and Sagarika Jaisinghani.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

There are a few times in life when you leap up and the past that you’d been standing on falls away behind you,
and the future you mean to land on is not yet in place, and for a moment you’re suspended,
knowing nothing and no one, not even yourself. -Ann Patchett, b. 1963, The Dutch House.                                                                                  

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.
June 27, 1914: Archduke Franz Ferdinand, heir to the Austro-Hungarian throne, and his consort, Sophie, are assassinated by Gavrilo Princip in Sarajevo, Bosnia, precipitating the outbreak of World War I.

1954: 1st atomic power station opens – Obninsk, near Moscow in Russia.   Go to article »
1880: Helen Keller, b.

NASA launches first rocket from Australian space center.  Another exciting space achievement for NASA! The rocket blasted off just past midnight local time today and will observe star systems near Earth. 

Massive python captured in Florida.  Call the hiss-torians. This record-breaking snake is going in the books as the heaviest ever captured in the state, topping 215 pounds and 18 feet long. 

Just keep your returns… Stores are considering the unthinkable: paying you to keep unwanted items

Atlanta is a gem of a city, with diversity, great finances, a booming economy, the best airport and more. — Matthew Winkler.

Perfectly preserved baby mammoth found in Canada.

PHOTOS OF THE DAY

Bathers cool down in a pool at a water park in China’s central Henan province
CREDIT: AFP/Getty Images

People gather around a bonfire while celebrating Ivan Kupala, the summer solistice, near Moscow. Ivan Kupala, also called Kupala Night, is a traditional Slavic holiday that was originally celebrated on the shortest night of the year. The celebration relates to the summer solstice when nights are the shortest and includes a number of Slavic rituals including herb collecting, bonfire lighting, and bathing in the river
CREDIT: Anadolu Agency/Getty Images

Police officers patrol on horseback near Elmau Castle
CREDIT: Ronald Wittek/EPA

Market Closes for June 27^th, 2022

Market Index	Close	Change
Dow Jones	31438.26	-62.42
		-0.20%
S&P 500	3900.11	-11.63
		-0.30%
NASDAQ	11524.55	-83.07 -0.72%
TSX	19258.32	+195.41
		+1.03%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26871.27	+379.30
		+1.43%
HANG SENG	22229.52	+510.46
		+2.35%
SENSEX	53161.28	+433.30
		+0.82%
FTSE 100*	7258.32	+49.51 +0.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.382	3.326
CND. 30 Year Bond	3.355	3.306
U.S.    10 Year Bond	3.1997	3.1857
U.S. 30 Year Bond	3.3119	3.2571

Currencies

BOC Close	Today	Previous
Canadian $	0.7767	0.7759
US $	1.2876	1.2889
Euro Rate 1 Euro=		Inverse
Canadian $	1.3628	0.7338
US $	1.0584	0.9448

Commodities

Gold	Close	Previous
London Gold Fix	1825.45	1841.90
Oil
WTI Crude Future	109.57	109.47

Market Commentary:
On this day in 1981, Gail M. Pankey became the first African-American female member of the New York Stock Exchange.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rose to their highest point in nearly two weeks as energy stocks climbed in their
biggest jump since April. The S&P/TSX Composite rose for the
second day, climbing 1%, or 195.41 to 19,258.32 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the
index gain, increasing 5.5%. Vermilion Energy Inc. had the
largest increase, rising 11.7%.
Today, 169 of 239 shares rose, while 65 fell; 7 of 11
sectors were higher, led by energy stocks.
Terminal users can read more in our markets live blog.
Insights
* This quarter, the index fell 12%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 7.1%
* The index declined 4.8% 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 3.2% above its low on June 23, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 7.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.1 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$3.06t
* 30-day price volatility rose to 20.38% compared with 20.17% in the previous session and the average of 20.42% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 112.6102| 3.3| 37/1
* Materials | 46.7435| 2.0| 44/7
* Financials | 43.5916| 0.7| 21/7
* Utilities | 8.5902| 0.9| 14/2
* Consumer Discretionary | 5.4747| 0.9| 11/2
* Consumer Staples | 1.1927| 0.2| 6/4
* Communication Services | 0.2870| 0.0| 4/3
* Health Care | -0.1009| -0.1| 2/3
* Industrials | -1.3203| -0.1| 19/10
* Real Estate | -1.7678| -0.3| 9/14
* Information Technology | -19.9045| -1.8| 2/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | 28.6200| 5.5| 28.1| 28.6
* Nutrien | 16.5500| 4.2| 48.3| 13.4
* TD Bank | 13.9000| 1.3| 26.8| -12.5
* Descartes Systems | -2.8550| -5.8| 44.8| -23.8
* Canadian National | -2.9880| -0.5| -10.9| -6.0
* Shopify | -12.8900| -3.3| -28.4| -72.4

US
By Rita Nazareth
(Bloomberg) — Stocks fell after last week’s powerful rally, with investors rebalancing their portfolios in the final days of the quarter.
At the start of a week expected to be marked by fickleness and lack of conviction on a market trough, the S&P 500 had a hard time finding direction throughout most of the day.
The
tech-heavy Nasdaq 100 underperformed as Treasury yields climbed.
The dollar was little changed.
“There will be lots of fund managers rebalancing their portfolios this week, which could mean more volatility,” said Fawad Razaqzada, market analyst at City Index and Forex.com.
“Betting on a bear-market bottom could be a costly mistake, while selling short is not as lucrative as was the case when markets were higher.”
Trader sentiment continues to be impacted by a confluence of factors — from aggressive Federal Reserve hikes to looming recession fears and unsettling inflation readings.
For Kristen Bitterly at Citi Global Wealth Management, the market isn’t turning a corner until investors know the US has avoided a recession, “and we are not there yet.”
There’s a growing perception among prominent Wall Street voices that the level of bullishness about the corporate side may be in desperate need of a reality check.
Data from Bloomberg Intelligence show analysts expect companies in the S&P 500 to see profits grow by 10.7%, up from 10% a month ago and 8.7% at the start of the year.
Another way of looking at it is: on a scale of 1 to 5 – in which 5 is a buy and 1 is a sell — analysts now have an average consensus rating of 4, data compiled by Bloomberg show.
That’s the highest reading since 2002.
“We are a long way from looking at a situation where investors have sworn against stocks in a significant way like they usually do at the bottom of a bear market,” said Matt Maley, chief market strategist at Miller Tabak. “Investors
should use any further gains in the stock market as opportunities to raise some cash and get more defensive.”
Market volatility sparked by fears of recession is also behind the current trend of corporate- and sovereign-bond deals getting withdrawn. Issuers have pulled 16 transactions globally so far this month, the most since Bloomberg started monitoring figures in February, after Russia began its invasion of Ukraine.

What to watch this week:
* San Francisco Fed President Mary Daly is interviewed by LinkedIn’s chief economist, Tuesday
* US GDP, Wednesday
* ECB President Christine Lagarde, Federal Reserve Chair Jerome Powell, BOE Governor Andrew Bailey and Cleveland Fed President Loretta Mester due to speak at ECB event, Wednesday
* St. Louis Fed President James Bullard speaks, Wednesday
* China PMI, Thursday
* US personal income, PCE deflator, initial jobless claims, Thursday
* Eurozone CPI, Friday
* US construction spending, ISM Manufacturing, 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 fell 1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.3% to $1.0581
* The British pound was little changed at $1.2266
* The Japanese yen fell 0.2% to 135.46 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.20%
* Germany’s 10-year yield advanced 10 basis points to 1.55%
* Britain’s 10-year yield advanced nine basis points to 2.39%
Commodities
* West Texas Intermediate crude rose 2.1% to $109.83 a barrel
* Gold futures fell 0.4% to $1,823.70 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric, Isabelle Lee, Emily Graffeo and Elena Popina.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

The world is full of suffering, but it is also full of people overcoming it. –Helen Keller, 1880-1968.

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.
St. Jean Baptiste Day – day of celebration in Quebec.

June 24 -On this day in 1812, French Emperor Napoleon—who had massed his troops in Poland in the spring to intimidate Russian Tsar Alexander I—and 600,000 troops of his Grand Army launched an ill-fated
invasion of Russia.   Go to article »
1497:Discovery of Newfoundland.

Man loses USB drive with data on entire city’s residents after night out.  Drinks after work probably seemed like a good idea… but now his job may be on the rocks. 

Ohio State University wins trademark for the word ‘THE’.  Say it with emphasis: *THE* Ohio State University. To the masses, it’s just a simple word. But to Buckeye fans, it’s a beloved tradition.

This wordless comedian is now the most-followed person on TikTok.  Meet the 22-year-old TikTok star with facial expressions that say a thousand words.

The Queen has a new hairstyle for the summer.  Her Majesty was seen sporting a shorter hair-do. Check out the British monarch’s latest style choices here.
 PHOTOS OF THE DAY

Tractors and hay bales form a bike-shaped sculpture along the route of the third stage of the Tour de France
CREDIT: Mads Claus Rasmussen/Ritzau Scanpix/AFP/Getty Images

Two horse riders gallop together with their arms entwined during the training session for the ‘Jocs des Pla’ (medieval tournament) during the traditional Saint John festival
CREDIT: Matthias Oesterle/REX/Shutterstock

Nat Young of the US surfs during the opening round of the Oi Rio Pro event at Itauna beach
CREDIT: Buda Mendes/Getty Images

Market Closes for June 24^th, 2022

Market Index	Close	Change
Dow Jones	31500.68	+823.32
		+2.68%
S&P 500	3911.74	+116.01
		+3.06%
NASDAQ	11607.62	+375.43 +3.34%
TSX	19062.91	+345.79
		+1.85%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26491.97	+320.72
		+1.23%
HANG SENG	21719.06	+445.19
		+2.09%
SENSEX	52727.98	+462.26
		+0.88%
FTSE 100*	7208.81	+188.36 +2.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.326	3.304
CND. 30 Year Bond	3.306	3.284
U.S.    10 Year Bond	3.1857	3.0870
U.S. 30 Year Bond	3.2571	3.1996

Currencies

BOC Close	Today	Previous
Canadian $	0.7759	0.7693
US $	1.2889	1.2999
Euro Rate 1 Euro=		Inverse
Canadian $	1.3607	0.7349
US $	1.0557	0.9472

Commodities

Gold	Close	Previous
London Gold Fix	1841.90	1841.85
Oil
WTI Crude Future	109.47	106.12

Market Commentary:
On this day in 1997, the New York Stock Exchange began quoting share prices in 1/16ths, nicknamed “steenths” or “teenies.” In theory, this narrowed the spread between the bid price and the ask price, increasing the net return for investors. But in practice, the move to “teenies” made filling large orders at a good price much harder, raising the cost of many trades.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities surged broadly Friday as investors piled into risk-on assets including health-care and information technology stocks.
Every sector advanced as the S&P/TSX Composite rose 1.85% at 19,062.91 in Toronto.
The move was the biggest since rising 2% on May 13 and follows the previous session’s decrease of 1.5%.
Energy stocks led the market higher, as all sectors gained in Friday; 231 of 239 shares rose, while 7 fell.
Shopify Inc. contributed the most to the index gain, increasing 5.3%. Bausch Health Cos. had the largest percentage increase, rising 19%.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This quarter, the index fell 13%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 8%
* So far this week, the index rose 0.7%
* The index declined 5.7% in the past 52 weeks. The MSCI AC Americas Index lost 11% in the same period
* The S&P/TSX Composite is 14% below its 52-week high on April 5, 2022 and 2.2% above its low on June 23, 2022
* 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 trillion
* 30-day price volatility fell to 20.17% compared with 20.35% in the previous session and the average of 20.44% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 84.0526| 2.5| 38/0
* Financials | 52.0681| 0.9| 26/3
* Industrials | 51.8434| 2.3| 28/1
* Materials | 49.5195| 2.2| 50/1
* Information Technology | 42.0686| 3.9| 14/0
* Consumer Staples | 19.5192| 2.5| 11/0
* Communication Services | 15.8824| 1.6| 7/0
* Consumer Discretionary | 11.8619| 1.9| 13/0
* Utilities | 8.3849| 0.9| 16/0
* Real Estate | 5.7724| 1.1| 22/1
* Health Care | 4.8213| 6.3| 6/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 19.5900| 5.3| -16.0| -71.5
* Canadian National | 18.6100| 3.2| -12.6| -5.6
* Suncor Energy | 17.7000| 4.3| -49.6| 40.8
* Stella-Jones | -0.2800| -2.0| 88.8| -21.8
* Bank of Nova Scotia| -0.4140| -0.1| 56.3| -15.6
* TD Bank | -3.3800| -0.3| 27.8| -13.7
US
By Emily Graffeo and Isabelle Lee
(Bloomberg) — US stocks rebounded this week from a rout that drove the market down for three straight weeks after recent comments from Federal Reserve officials buoyed sentiment and a reading on inflation expectations eased.
The S&P 500 gained more than 3% Friday, the most since May 2020.
It closed the week up 6.5%, clocking in its best week in nearly a month.
A rally in Treasuries waned in Friday, but the policy-sensitive US two-year yield still recorded its biggest weekly drop since mid-May.
While traders grappled with a flurry of data this week, sentiment improved on Friday after the University of Michigan’s gauge of longer-term consumer inflation expectations settled back from an initially reported 14-year high, potentially reducing the urgency for steeper rate hikes. Investors were also reassured by St. Louis Fed President James Bullard, who said worries over a US recession are overblown.
Fed Chair Jerome Powell hardened his resolve to cool inflation in testimony to lawmakers this week, but some traders found solace in his comments as a signal that the central bank will factor in the probability of a recession as it moves to curtail inflation.
“We’ve now seen a couple of days of positive performance in the market and that’s indicative of a very short-term bear rally,” said Sylvia Jablonski, CEO of Defiance ETFs, by phone.  “The fact that we’re past the Fed meeting and any kind of Fed testimony, barring any additional bad news, this could continue for the next couple of days.”
Earnings season will be the telltale as to whether the rally continues, she said.
Others are still waiting to see how bond markets react to recent Fed comments and economic data.
“The volatility in the fixed income market has been even higher than the equity market when you take the move versus the VIX,” said John Flahive, head of fixed income investments at BNY Mellon Wealth Management. “That’s been really underpinning all the uncertainty across all the capital markets and one of our catalysts needed to kind of calm down the equity market, to get a bit of a footing, would really be for the bond markets to calm down.”

Elsewhere, Bitcoin rose, hovering around $21,000.
The dollar fell.
West Texas Intermediate crude rose after retreating over the previous two sessions.
Sliding raw materials prices have contributed to a moderation in market-based measures of inflation expectations.
“It would appear that the Fed has succeeded at least temporarily” in its mission to cool an overheated economy, Lewis Grant, a senior portfolio manager at Federated Hermes, wrote in a note to clients. “Commodity prices have tumbled from their highs as recession fears grow.”
Sales of new US homes jumped in May, reflecting gains in the West and South and interrupting a months-long skid as the residential real estate market adjusts to rising borrowing costs and still-elevated prices.
The pickup in sales may reflect some buyers locking in their mortgage rate in anticipation of even higher borrowing costs.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 3.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.5%
* The Dow Jones Industrial Average rose 2.7%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0556
* The British pound rose 0.2% to $1.2284
* The Japanese yen fell 0.2% to 135.21 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.13%
* Germany’s 10-year yield advanced one basis point to 1.44%
* Britain’s 10-year yield declined one basis point to 2.30%
Commodities
* West Texas Intermediate crude rose 2.9% to $107.34 a barrel
* Gold futures fell 0.1% to $1,827.20 an ounce
–With assistance from Sunil Jagtiani, Sagarika Jaisinghani, Cormac Mullen, Abhishek Vishnoi and Cecile Gutscher.
Have  a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The graveyards are full of indispensable men. –Charles de Gaulle,  1890-1970.

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 Eve.
1868: Typewriter patented.
1979: Supertramp’s “Breakfast in America” becomes No. 1 album in the US featuring “Take the Long Way Home”  Great album! C’mon you little fighter… Go to article »
2016: The United Kingdom votes in a referendum to withdraw from the European Union, with 51.9 % supporting Britain’s exit (“Brexit”) and 48.1% opposing the move; it marked the first time a country had decided to leave the organization.

Westminster Dog Show: The winning pooch.  This adorable dog named Trumpet was crowned the Best in Show winner at the prestigious competition. Give him all the treats!

Eagle appears to clutch baby hawk for dinner, then decides to adopt it.  A baby hawk went from being dinner… to family. Watch the moment caught on eagle cam.

A third ‘My Big Fat Greek Wedding’ movie is finally in production.  The anticipation is real! Who remembers when the original film came out in 2002? Can you believe that was 20 years ago?

Kraft Macaroni and Cheese is changing its name.  After 85 years, the household staple announced it will embrace a shorter name and refreshed logo.

The World’s Top 3 Most Livable Cities 2022 (Economist Intelligence Unit, EIU)

1. Vienna, Austria
2. Copenhagen, Denmark
3. Zurich, Switzerland

PHOTOS OF THE DAY

A man rides his donkey through colourful fields filled with flowers
CREDIT: Ozkan Bilgin/Anadolu Agency/Getty

A young girl observes a couple dressed as flowerpots on day two of the festival at Worthy Farm
CREDIT: Dave J Hogan/Getty

A man goes paddleboarding in La Concha bay
CREDIT: Javier Etxezarreta/EPA

Market Closes for June 23^rd, 2022

Market Index	Close	Change
Dow Jones	30677.36	+194.23
		+0.64%
S&P 500	3795.73	+35.84
		+0.95%
NASDAQ	11232.19	+179.11 +1.62%
TSX	18717.12	-286.92
		-1.51%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26171.25	+21.70
		+0.08%
HANG SENG	21273.87	+265.53
		+1.26%
SENSEX	52265.72	+443.19
		+0.86%
FTSE 100*	7020.45	-68.77 -0.97%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.304	3.418
CND. 30 Year Bond	3.284	3.342
U.S.    10 Year Bond	3.0870	3.1561
U.S. 30 Year Bond	3.1996	3.2492

Currencies

BOC Close	Today	Previous
Canadian $	0.7693	0.7723
US $	1.2999	1.2948
Euro Rate 1 Euro=		Inverse
Canadian $	1.3680	0.7310
US $	1.0524	0.9502

Commodities

Gold	Close	Previous
London Gold Fix	1841.85	1840.25
Oil
WTI Crude Future	106.12	107.69

Market Commentary:
On this day in 1912, Alan Mathison Turing, one of the greatest pioneers of modern computing and artificial intelligence, was born in the Paddington district of London, England.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.5%, or 286.92 to 18,717.12 in Toronto.
The index dropped to the lowest closing level in at least a year.
Today, energy stocks led the market lower, as 4 of 11 sectors lost; 137 of 239 shares fell, while 101 rose.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.3%.
Athabasca Oil Corp. had the largest drop, falling 12.5%.
Insights
* In the past year, the index had a similar or greater loss 13 times. The next day, it declined nine times for an average 0.7% and advanced four times for an average 0.3%
* This quarter, the index fell 14%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 9.7%
* So far this week, the index fell 1.1%
* The index declined 7.2% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is at its 52-week low and 15.7% below its high on April 5, 2022
* The S&P/TSX Composite is down 1.5% in the past 5 days and fell 7.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.6 on a trailing basis and 11.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% 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 rose to 20.35% compared with 19.99% in the previous session and the average of 20.45% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -145.1661| -4.2| 2/36
* Materials | -119.9318| -5.0| 5/47
* Financials | -103.7562| -1.7| 8/21
* Industrials | -1.7881| -0.1| 13/16
* Consumer Discretionary| 3.0774| 0.5| 8/5
* Communication Services| 3.2651| 0.3| 3/3
* Real Estate | 3.6848| 0.7| 16/7
* Health Care | 3.7087| 5.1| 6/1
* Consumer Staples | 9.4084| 1.2| 11/0
* Utilities | 14.0429| 1.5| 16/0
* Information Technology| 46.5418| 4.6| 13/1
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* TD Bank | -35.4300| -3.3| 29.5| -13.4
* Nutrien | -34.7900| -8.2| 4.4| 7.8
* Suncor Energy | -28.0200| -6.3| 22.8| 35.0
* Constellation Software | 5.9900| 2.4| -31.5| -19.9
* Brookfield Asset Management | 13.2700| 2.3| -36.8| -24.6
* Shopify | 26.3500| 7.6| -7.7| -72.9
US
By Isabelle Lee and Enrique Roces Gonzalez
(Bloomberg) — US stocks rose and Treasuries rallied as weaker-than-forecast data and a renewed hawkish tone from Federal Reserve officials ratcheted up worries the economy is headed for a recession.
The S&P 500 resumed gains on Thursday, ending the day up nearly 1%.
The tech-heavy Nasdaq 100 also rose.
Treasury yields declined, with the 10-year yield hovering around 3.08%.
Commodities from oil to copper and wheat remained under pressure as signs of waning demand mounted.
Data on Thursday did little to boost sentiment about a global economy battered by a flurry of central bank rate increases.
Jobless claims hovered near a five-week high, while manufacturing and services activity in the US cooled in June, lagging estimates and adding to worries the Fed’s efforts to fight inflation will upend growth.
Federal Reserve Chair Jerome Powell said in testimony to the US House that his commitment to bring down price increases is “unconditional,” a characterization he made at last week’s Fed meeting but one he omitted before lawmakers Wednesday.
Fed Governor Michelle Bowman also said she supports raising interest rates by 75 basis points again in July, followed by a few more half-point hikes.
“With Chairman Powell finally acknowledging that while a soft landing is possible, however difficult, and that the Fed’s commitment towards curtailing inflation may lead the economy into a recession, the market is wavering between a growth scare and an all out recession,” Quincy Krosby, chief equity strategist at LPL Financial, said in a note.
The S&P 500 had risen more than 2% Tuesday on speculation after back-to-back weekly routs of more than 5% each had reset valuations in line with the Fed’s policy moves.
Volatility remains elevated across assets, though, as economists debate whether the world’s largest economy is robust enough to withstand a Fed that looks poised to raise rates at least 50 basis points each at its next three meetings.
“The problem is, if the Fed does pivot earlier than people thought it’ll only be because the economy is a lot weaker than people thought and the stock market is a lot lower than people thought,” said Matt Maley, chief market strategist at Miller Tabak + Co. “So people need to be careful about looking for a Fed pivot early. If the Fed pivots early it will be because we’re in really rough shape, and that’s not bullish.”
Traders are now starting to price out any action on rates beyond the December meeting with latest data showing an additional 175 basis points of hikes priced before that meeting.

The dollar was little changed.
Powell, on Thursday, said that US debt is on an “unsustainable path” which could be a concern for the dollar over the long term.
Bitcoin climbed back above $20,000.
A digital dollar should be backed by the government, according to Powell, who rejected the idea of a private stable coin during his testimony.  
What to watch this week:
* US University of Michigan consumer sentiment, Friday
* RBA’s Lowe speaks on panel, Friday

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 1.5%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.4% to $1.0529
* The British pound was unchanged at $1.2266
* The Japanese yen rose 1% to 134.93 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.08%
* Germany’s 10-year yield declined 21 basis points to 1.43%
* Britain’s 10-year yield declined 18 basis points to 2.32%
Commodities
* West Texas Intermediate crude fell 2% to $104.06 a barrel
* Gold futures fell 0.6% to $1,828 an ounce
–With assistance from Peyton Forte and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Never doubt that a small group of thoughtful, committed citizens can change the world. 
Indeed, it is the only thing that ever has. –Margaret Mead, 1901-1978.

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:
1986: The famous Hand of God goal is scored by Diego Maradona in the quarter-finals of the 1986 FIFA World Cup match between Argentina & England.  Maradona followed up with the Goal of the Century.  Argentina wins 2-1 and goes on to  win the World Cup.
1871: U.S. Dept. of Justice created.

Some clues to where Mona Lisa smiled. (h/t Scott Kominers)

Rogue black hole wandering Milky Way alone proves Einstein right again.  Scientists have spotted the first ever rogue black hole wandering our galaxy. Using the Hubble Space Telescope, the team not only detected the rogue object, but also directly measured its mass  —  something researchers have only been able to infer in the past.  The stellar-mass black hole is located around 5,000 light-years from Earth in the Carina-Sagittarius spiral arm of the Milky Way. Usually, such objects have companion stars, yet this one is alone.  Full Story: Live Science (6/17) 

Stone Age discovery | Where Britain’s earliest residents lived

PHOTOS OF THE DAY

The national monument to monument to the Windrush pioneers is unveiled at Waterloo station
CREDIT: John Sibley/Reuters

A member of Kazakhstan’s swimming team competes in the women’s team free preliminary at the Fina World Championships
CREDIT: Márton Mónus/Reuters

Glastonbury festival-goers begin arriving at Worthy Farm in Somerset
CREDIT: Dylan Martinez/Reuters

Market Closes for June 22^nd, 2022

Market Index	Close	Change
Dow Jones	30483.13	-47.12
		-0.15%
S&P 500	3759.89	-4.90
		-0.13%
NASDAQ	11053.08	-16.22 -0.15%
TSX	19004.04	-253.25
		-1.32%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26149.55	-96.76
		-0.37%
HANG SENG	21008.34	-551.25
		-2.56%
SENSEX	51822.53	-709.54
		-1.35%
FTSE 100*	7089.22	-62.83 -0.88%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.418	3.501
CND. 30 Year Bond	3.342	3.397
U.S.    10 Year Bond	3.1561	3.2749
U.S. 30 Year Bond	3.2492	3.3372

Currencies

BOC Close	Today	Previous
Canadian $	0.7723	0.7739
US $	1.2948	1.2922
Euro Rate 1 Euro=		Inverse
Canadian $	1.3682	0.7309
US $	1.0566	0.9464

Commodities

Gold	Close	Previous
London Gold Fix	1840.25	1836.50
Oil
WTI Crude Future	107.69	110.65

MARKET COMMENTARY:
On this day in 1988, Dell Computer, run by then-23-year-old college dropout Michael Dell, went public on the Nasdaq at an initial price of $8.50 per share.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.3% at 19,004.04 in Toronto.
The move follows the previous session’s increase of 0.4%.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 5.1%.
Baytex Energy Corp. had the largest drop, falling 12.0%.
Today, 190 of 239 shares fell, while 45 rose; 8 of 11 sectors were lower, led by energy stocks.
Insights
* In the past year, the index had a similar or greater loss 15 times. The next day, it declined 11 times for an average 0.9% and advanced four times for an average 0.3%
* This quarter, the index fell 13%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 8.3%
* 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 14.4% below its 52-week high on April 5, 2022 and 1.2% above its low on June 17, 2022
* The S&P/TSX Composite is down 3.1% in the past 5 days and fell 5.9% 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 11.8 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$3.09t
* 30-day price volatility rose to 19.99% compared with 19.66% in the previous session and the average of 20.45% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -124.1583| -3.5| 0/38
* Financials | -75.8755| -1.2| 3/24
* Materials | -46.5560| -1.9| 4/47
* Consumer Staples | -9.5910| -1.2| 2/9
* Communication Services| -6.2683| -0.6| 2/5
* Real Estate | -3.6169| -0.7| 2/21
* Consumer Discretionary| -3.3133| -0.5| 2/11
* Health Care | -0.9458| -1.3| 2/4
* Utilities | 5.5592| 0.6| 11/5
* Industrials | 9.6537| 0.4| 9/20
* Information Technology| 10.0883| 1.0| 8/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -28.6800| -5.1| 29.0| 26.0
* Suncor Energy | -24.4200| -5.2| -23.6| 44.1
* Bank of Nova Scotia| -18.6500| -2.8| 9.8| -13.0
* Canadian National | 4.7050| 0.8| -54.9| -8.4
* Canadian Pacific | 8.3200| 1.5| 108.1| 0.1
* Shopify | 11.6300| 3.5| 7.4| -74.8

US
By Peyton Forte and Vildana Hajric
(Bloomberg) — US stocks wavered after Federal Reserve Chair Jerome Powell reiterated his commitment to curb inflation and acknowledged the risk of recession, as some traders now expect the central bank to closely monitor the impact of its rate hikes on the economy.
The S&P 500 and the tech-heavy Nasdaq 100 were little changed, paring earlier gains.
Treasury yields declined with the 10-year yield hovering around 3.14%.
The dollar fell after earlier gains while other safe haven assets such as gold climbed.
Testifying in the Senate Wednesday, Powell made no reference to the size of future hikes, but tacitly admitted that the Fed has failed to get its job done and said it would be difficult to engineer a soft landing. Still, some investors found reassurance in Powell’s comments as a signal that the Fed will factor in economic fundamentals and the probability of a recession as it moves to curtail inflation.
“He has acknowledged that rates will continue to increase, but the FOMC committee is cognizant of watching incoming data suggesting the Fed will not be exclusively on autopilot with tightening,”  said
Joe Gilbert, portfolio manager for Integrity Asset Management.
Powell’s tone was perceived as “less hawkish than feared” because there was no mention of the “unconditional” commitment to bring down inflation at the cost of higher unemployment, Evercore ISI’s Krishna Guha and Peter Williams wrote in a note.  “The Fed monitors how the media and others respond to its communications carefully, so we doubt this omission was an accident,” they write.
The odds of the Fed’s rate hiking cycle extending beyond the November policy meeting, which is the week before US mid-term elections, have diminished sharply as traders continue to price the prospects of a hard-landing and swifter policy reversal next year.
Others still expect more uncertainty on the horizon as investors parse Powell’s testimony and comments from former New York Fed President Bill Dudley who said, in a Bloomberg Opinion column Wednesday, that a recession is “inevitable” within the next 12 to 18 months.
“No one’s going to want to come in and want to buy a market, put anything significant into the market while you’re getting this all-over-the-place volatility,” Shawn Cruz, head trading strategist at TD Ameritrade, said in an interview at Bloomberg’s New York headquarters.
The market continues to be skeptical about the outlook for risk assets.
Deutsche Bank AG’s Chief Executive Officer Christian Sewing joined a growing chorus of executives and policy makers who warn that the global economy may be headed for a recession as central banks step up efforts to curb inflation.
Bitcoin briefly dropped below its $20,000 key level as investors remain concerned about a global recession.
Powell said, on Wednesday, that there are no significant macro effects so far from the crypto decline.
He also said that Congress should clarify who has the authority to regulate it.
What to watch this week:
* Powell US House testimony, Thursday
* US initial jobless claims, Thursday
* PMIs for euro zone, France, Germany, UK, Australia, Thursday
* ECB economic bulletin, Thursday
* US University of Michigan consumer sentiment, Friday
* RBA’s Lowe speaks on panel, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 3:37 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.0566
* The British pound fell 0.1% to $1.2264
* The Japanese yen rose 0.3% to 136.19 per dollar
Bonds
* The yield on 10-year Treasuries declined 13 basis points to 3.15%
* Germany’s 10-year yield declined 13 basis points to 1.64%
* Britain’s 10-year yield declined 16 basis points to 2.50%
Commodities
* West Texas Intermediate crude fell 3.4% to $105.81 a barrel
* Gold futures were little changed
–With assistance from Isabelle Lee, Michael Msika, Sagarika Jaisinghani and Edward Bolingbroke.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

Everyone thinks of changing the world, but no one thinks of changing himself. –Leo Tolstoy, 1828-1910.

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 First Day of Summer!  
And longest day of the year – unfortunately that means they start getting shorter tomorrow.
Litha, Wicca.

On June 20, 1967, boxer Muhammad Ali was convicted in Houston of violating Selective Service laws by refusing to be drafted. The conviction was later overturned by the Supreme Court. Go to article »

Bizarre spiral object found swirling around Milky Way’s center:  As if cracking open a cosmic Russian nesting doll, astronomers have peered into the center of the Milky Way and discovered what appears to be a miniature spiral galaxy, swirling daintily around a single large star.  The star — located about 26,000 light-years from Earth near the dense and dusty galactic center — is about 32 times as massive as the sun and sits within an enormous disk of swirling gas, known as a “protostellar disk.” (The disk itself measures about 4,000 astronomical units wide — or 4,000 times the distance between Earth and the sun).  Full Story: Live Science (6/20) 

Monstrously huge black hole devours an Earth-size chunk of matter every second:  Astronomers have detected the brightest and fastest-growing black hole to have existed in the last 9 billion years. The enormous cosmic entity is 3 billion times more massive than the sun and swallows up an Earth-size chunk of matter every second.  Astronomers have detected the brightest and fastest-growing black hole to have existed in the last 9 billion years. The enormous cosmic entity is 3 billion times more massive than the sun and swallows up an Earth-size chunk of matter every second.  Full Story: Live Science (6/18) 

What sitting in economy on Qantas’ 20-hour flight will be like.  Would you be able to handle a nonstop, 20-hour flight? What if we told you there will be a Wellbeing Zone to stretch your legs? 

PHOTOS OF THE DAY

People play music at sunrise at Stonehenge in Wiltshire. The summer solstice occurs on 21 June. It is the longest day and shortest night of the year in the northern hemisphere
CREDIT: Finnbarr Webster/Getty Images

Students from Cambridge University make their way home after celebrating the end of the academic year at a May ball in Trinity College
CREDIT:  Joe Giddens/PA

The sun sets behind the Statue of Liberty, seen from Brooklyn
CREDIT: Anadolu Agency/Getty Images

Market Closes for June 21^st, 2022

Market Index	Close	Change
Dow Jones	30350.25	+641.47
		+2.15%
S&P 500	3764.79	+89.95
		+2.45%
NASDAQ	11069.30	+270.95 +2.51%
TSX	19257.29	+73.66
		+0.38%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26246.31	+475.09
		+1.84%
HANG SENG	21559.59	+395.68
		+1.87%
SENSEX	52532.07	+934.23
		+1.81%
FTSE 100*	7152.05	+30.24 +0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.501	3.460
CND. 30 Year Bond	3.397	3.316
U.S.    10 Year Bond	3.2749	3.2256
U.S. 30 Year Bond	3.3372	3.2795

Currencies

BOC Close	Today	Previous
Canadian $	0.7739	0.7703
US $	1.2922	1.2981
Euro Rate 1 Euro=		Inverse
Canadian $	1.3614	0.7345
US $	1.0536	0.9492

Commodities

Gold	Close	Previous
London Gold Fix	1836.50	1841.55
Oil
WTI Crude Future	110.65	109.56

Market Commentary:
On this day in 1970, Penn Central, one of the world’s largest and oldest railroad operators, declared bankruptcy when the Federal government refused to guarantee $200 million in emergency loans. Investors—especially banks and holders of the railway’s commercial paper—were caught almost completely by surprise.
CANADA
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.4%, or 73.66 to 19,257.29 in Toronto.
Suncor Energy Inc. contributed the most to the index gain, increasing 2.9%.
Vermilion Energy Inc. had the largest increase, rising 6.3%.
Today, 170 of 239 shares rose, while 66 fell; 8 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index fell 12%, heading for the biggest  decline since the first quarter of 2020
* This month, the index fell 7.1%
* The index declined 4.5% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is 13.3% below its 52-week high on April 5, 2022 and 2.5% above its low on June 17, 2022
* The S&P/TSX Composite is down 1.5% in the past 5 days and fell 4.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15 on a trailing basis and 11.9 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$3.08t
* 30-day price volatility little changed to 19.66% compared with 19.64% in the previous session and the average of 20.47% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 60.6405| 1.7| 37/1
* Materials | 11.0594| 0.5| 36/14
* Financials | 6.6626| 0.1| 21/7
* Real Estate | 3.6235| 0.7| 22/1
* Information Technology | 3.0615| 0.3| 8/6
* Industrials | 1.7356| 0.1| 17/12
* Consumer Discretionary | 1.1600| 0.2| 8/5
* Utilities | 0.7228| 0.1| 11/5
* Consumer Staples | -0.4133| -0.1| 5/6
* Health Care | -0.5848| -0.8| 4/3
* Communication Services | -6.6032| -0.7| 1/6
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Suncor Energy | 13.2300| 2.9| -0.4| 52.0
* Canadian Natural Resources | 10.4900| 1.9| 44.2| 32.8
* Enbridge | 9.0650| 1.2| -53.7| 8.5
* Brookfield Asset Management | -2.4130| -0.4| -27.5| -25.9
* Barrick Gold | -3.7960| -1.2| 40.2| 5.2
* Rogers Communications | -3.9800| -2.6| -23.4| 1.0
US
By Enrique Roces Gonzalez and Isabelle Lee
(Bloomberg) — US equities rebounded Tuesday after last week’s rout erased nearly $2 trillion from the S&P 500.
Treasuries retreated.
The S&P 500 added 2.4%, led by energy and consumer discretionary shares, while the tech-heavy Nasdaq 100 surged 2.5% following the long weekend.
Revlon Inc. gained 62% in the wake of its Chapter 11 bankruptcy filing, Kellogg Co. was up 2.0% after plans to separate into three companies, and a basket of the most-shorted stocks rose 2.7%.
The drop in Treasuries took the benchmark 10-year yield back to 3.3%.
Sentiment this week is being helped by comments from President Joe Biden that a US recession isn’t “inevitable,” but the outlook remains parlous for investors weighing whether the market has bottomed. History suggests bear markets usually take time to find a floor, especially when they are accompanied by a recession, as happened in 2008’s financial crisis.
Richmond Federal Reserve President Thomas Barkin said the US central bank should raise interest rates as fast as feasible in order to quell rampant inflation.
“We could likely skirt recession, almost touch it but not quite, because we think that the Federal Reserve has become much more sensitive to the effects of their actions on the economy, both in terms of employment and in terms of stability,” John Stoltzfus, chief investment strategist at Oppenheimer, said in an interview. “We’re not out of the woods yet, but we think we’re walking in the right direction.”
After unexpectedly accelerating to a fresh 40-year high in May, US consumer price growth is seen slowing, with a Bloomberg survey of economists predicting 6.5% by the fourth quarter and to 3.5% by the middle of next year.
Yet fears are increasing that Fed policy makers intent on cooling price pressures will go too far and trigger an economic slowdown.
Strategists at Morgan Stanley and Goldman Sachs Group Inc. warned equities may have further to fall to fully price in the risk of recession, reflecting wider skepticism about Tuesday’s rebound.
“Central banks are facing a growth-inflation trade-off.  Hiking interest rates too much risks triggering a recession, while not tightening enough risks causing unanchored inflation expectations,” strategists at BlackRock Investment Institute including Jean Boivin said in a note. “It’s tough to see a perfect outcome.”
Crude oil gained.
Bitcoin scaled $20,000 as cryptocurrencies got a reprieve from recent turbulence.
The dollar was little changed and the yen hovered near a 24-year low, sapped by the contrast between a super-dovish Bank of Japan and a hawkish Fed.
European stocks gained for a second day, with chemicals and automakers leading the advance in the benchmark Stoxx 600 Index.
What to watch this week:
* Fed Chair Jerome Powell semi-annual Senate testimony, Wednesday
* Bank of Japan April minutes, Wednesday
* Powell US House testimony, Thursday
* US initial jobless claims, Thursday
* PMIs for Eurozone, France, Germany, UK, Australia, Thursday
* ECB economic bulletin, Thursday
* US University of Michigan consumer sentiment, Friday
* RBA’s Lowe speaks on panel, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.4% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 2.2%
* The MSCI World index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0529
* The British pound rose 0.1% to $1.2267
* The Japanese yen fell 1.2% to 136.67 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.30%
* Germany’s 10-year yield advanced two basis points to 1.77%
* Britain’s 10-year yield advanced five basis points to 2.65%
Commodities
* West Texas Intermediate crude rose 1% to $110.65 a barrel
* Gold futures fell 0.4% to $1,832.50 an ounce
–With assistance from Vildana Hajric, Cecile Gutscher, Robert Brand, Michael Msika, Denitsa Tsekova, Tugce Ozsoy and Andreea Papuc.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Let us not look back in anger, nor forward in fear, but around in awareness. –James Grover Thurber,  1894-1961.

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:
Brian Wilson turns 80 today.
1948: Ed Sullivan Show premiers.
1975: Steven Spielberg’s thriller Jaws is released in theatres, and it is a huge success, essential creating the genre of summer blockbusters. It was the first major motion picture to be shot on the ocean.  As the art department’s mechanical sharks often malfunctioned, Spielberg decided mostly to suggest the shark’s presence, employing an ominous and minimalist theme.
1997: The tobacco industry agreed to a massive settlement in exchange for relief from mounting lawsuits and legal bills. Go to article »

It’s Juneteenth today – US markets closed.
How did Juneteenth get its name? Last year, it became the newest federal holiday in the United States, although it has been observed in Texas and nearby states since 1866.
Juneteenth commemorates the day that enslaved people in Galveston, Texas, finally heard the news of their liberation. President Abraham Lincoln had signed the Emancipation Proclamation in 1863, declaring that “all persons held as slaves” were henceforth free. It took until the summer of 1865 for the news, and Union troops, to arrive in Texas. Maj. Gen. Gordon Granger gave the tidings on June 19, to much rejoicing. This day quickly became an unofficial, then official, state holiday.  
Juneteenth is an interesting word, as it looks like one of the ordinal numbers, which designate a position in a series, such as eighth or 15th. (Cardinal numbers like 8 refer to quantity.) Here, though, the -teenth ending is stuck on the name of a month. According to historian Annette Gordon-Reed, the word is exactly what it looks like: a contraction of the month and day (June 19) when General Granger made his announcement. Historian Leslie Wilson hypothesizes that the vagueness of -teenth might be intentional, to symbolize the way liberty was experienced, piecemeal, on different days as the news spread. 
Though the holiday was immediately popular, the name Juneteenth wasn’t settled on for decades. An 1888 El Paso newspaper called it a “jubilee,” which, since the 14th century has come to mean “exultant joy … public rejoicing.” Originally, though, the jubilee was the culmination of the 50-year cycle described in Leviticus, a year of “emancipation and restoration,” as Merriam-Webster puts it, when enslaved people would be set free. 
Other names for the holiday were quite formal. An 1898 Brenham, Texas, paper reported on the Manumission Anniversary, while other cities marked Emancipation Day. Both of these words come from the same Latin root – manus (“hand”) signifying the authority of a father or a master. To manumit (manus + mittere) literally means “to release from the hand” – in Roman times manumittere referred to setting an enslaved person free from bondage. Manumission was used when the head of the family freed one of his enslaved people. Emancipation was when the head of the family freed one of his own adult children or his wife. They weren’t slaves, exactly, but they weren’t totally independent, either, being under his legal control. 
Though all these names were used for the holiday in the past, Juneteenth is unique, invented by formerly enslaved Texans celebrating their newfound freedom. Happy Juneteenth!
                                                                                                                                                                                              -by Melissa Mohr Contributor, CS Monitor.

Someone paid $19 million for a steak lunch with Warren Buffet.  Well, as Warren Buffet once said, “The best investment you can make is in yourself… the more you learn, the more you’ll earn.” 

Prince William shares heartwarming Father’s Day photo.  Check out this casual photo of Prince William on dad duty! So adorable.
PHOTOS OF THE DAY

People practising yoga at a park in China’s northern Hebei province before International Yoga Day on Tuesday
CREDIT: AFP/Getty Images

Members of the Afghan ninja team Kabura Vahdet
CREDIT:  Fatemeh Bahrami/Anadolu Agency/Getty Images

A fisher at work in the flood-affected Morigaon district. According to state government officials, more than 200,000 people were being sheltered across 744 relief camps, while at least 30,000 others were evacuated, as the death toll from floods and landslides in the state rose to at least 73
CREDIT: EPA

Market Closes for June 20^th, 2022

Market Index	Close	Change
Dow Jones	Market Closed	—
		-%
S&P 500	Market Closed	—
		-%
NASDAQ	Market Closed	— -%
TSX	19183.63	+253.15
		+1.34%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25771.22	-191.78
		-0.74%
HANG SENG	21163.91	+88.91
		+0.42%
SENSEX	51597.84	+237.42
		+0.46%
FTSE 100*	7121.81	+105.56 +1.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.460	3.405
CND. 30 Year Bond	3.316	3.293
U.S.    10 Year Bond	Market     Closed	3.2256
U.S. 30 Year Bond	Market     Closed	3.2795

Currencies

BOC Close	Today	Previous
Canadian $	0.7703	0.7665
US $	1.2981	1.3046
Euro Rate 1 Euro=		Inverse
Canadian $	1.3645	0.7329
US $	1.0511	0.9514

Commodities

Gold	Close	Previous
London Gold Fix	1841.55	1826.50
Oil
WTI Crude future	Market Closed	109.56

Market Commentary:
The most important lesson in investing is humility. -John Templeton.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian banks and oil companies surged Monday and contributed most to a broad rally that lifted almost all the sectors in the S&P/TSX Composite Index.
The index posted its biggest rally since June 2, rising 1.3% to 19,183.63.
Suncor Energy contributed most to the index gain, rising 4.6% after RBC Capital Markets upgraded the stock.
CargoJet posted the biggest percentage gain, rising 11% after Scotiabank raised to sector outperform.
Today, 188 of 239 shares rose, while 44 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 11 times. The next day, it declined six times for an average 1.3% and advanced five times for an average 0.5%
* This quarter, the index fell 12%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 7.5%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 13.6% below its 52-week high on April 5, 2022 and 2.1% above its low on June 17, 2022
* The S&P/TSX Composite is down 2.8% in the past 5 days and fell 5% 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$3.03t
* 30-day price volatility fell to 19.64% compared with 21.01% in the previous session and the average of 20.51% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 81.8668| 1.4| 28/1
* Energy | 64.4083| 1.9| 34/3
* Materials | 27.1714| 1.1| 22/27
* Communication Services | 24.6247| 2.6| 7/0
* Industrials | 23.8410| 1.1| 24/3
* Information Technology | 12.7720| 1.3| 13/1
* Consumer Discretionary | 10.8230| 1.8| 13/0
* Real Estate | 8.6323| 1.8| 23/0
* Consumer Staples | 6.7606| 0.9| 9/2
* Health Care | 0.8254| 1.1| 7/0
* Utilities | -1.2987| -0.1| 9/6
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Suncor Energy | 19.8400| 4.6| -52.1| 47.7
* Nutrien | 14.6800| 3.6| -62.7| 17.8
* Royal Bank of Canada | 14.0400| 1.2| -68.0| -6.2
* Parex Resources | -1.0660| -5.6| 100.3| 3.7
* Agnico Eagle Mines | -1.9760| -1.0| -81.6| -2.6
* Brookfield Infrastructure | -2.3010| -1.5| -47.4| -6.3
US
US Markets are  closed.

Have  a lovely evening.

Be magnificent!
As ever,

Carolann

Wisdom is founded on memory; happiness on forgetfulness. –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: Happy Friday.

On June 17, 1994, the police charged O. J. Simpson with murdering his former wife and a friend of hers, and then pursued him for about 50 miles along Southern California highways before he finally surrendered outside his home.  Go to article »

1972: Watergate arrests, Washington, D.C.

John Wesley, founder of Methodism, b. 1703.
Igor Stravinsky, composer, b. 1882.
Venus Williams. Tennis player, b. 1980
M.C. Escher, b. 1898

These Are the 13 Best Bars in London:  If ever there were a time to have a professionally made drink in London, it’s this summer. It might be to take advantage of the ability to drink without restriction as nations throw off precautions despite the ongoing Covid-19 pandemic. It may also be to bemoan high inflation, the UK downturn or the fallout of the bear market across the pond. Whatever your reason, these are the 13 places to go.

Black bear follows a hiking family.  Keep calm, and don’t run… Watch the tense encounter here. 

PHOTOS OF THE DAY

A dancer performs during the Eksotika Bromo cultural event near Mount Bromo
CREDIT: Juni Kriswanto/AFP/Getty Images

Ballet dancers onstage before a performance of Giselle. The Lviv National Opera house resumed performances last month for both ballet and opera. The bomb shelter can only hold 300 people so tickets are limited in case a siren goes off during the performance
CREDIT: Paula Bronstein/Getty Images

A hoverfly inside a poppy during a summer’s day
CREDIT: Peter Byrne/PA

Market Closes for June 17^th, 2022

Market Index	Close	Change
Dow Jones	29888.78	-38.29
		-0.13%
S&P 500	3674.84	+8.07
		+0.22%
NASDAQ	10798.35	+152.25 +1.43%
TSX	18930.48	-73.58
		-0.39%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25963.00	-468.20
		-1.77%
HANG SENG	21075.00	+229.57
		+1.10%
SENSEX	51360.42	-135.37
		-0.26%
FTSE 100*	7016.25	-28.73 -0.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.405	3.375
CND. 30 Year Bond	3.293	3.256
U.S.    10 Year Bond	3.2256	3.1952
U.S. 30 Year Bond	3.2795	3.2474

Currencies

BOC Close	Today	Previous
Canadian $	0.7665	0.7723
US $	1.3046	1.2949
Euro Rate 1 Euro=		Inverse
Canadian $	1.3686	0.7307
US $	1.0490	0.9532

Commodities

Gold	Close	Previous
London Gold Fix	1826.50	1823.75
Oil
WTI Crude Future	109.56	117.58

Market Commentary:
On this day in 1999, Federal Reserve Chairman Alan Greenspan asked whether the U.S. stock market was a bubble about to burst. “While bubbles that burst are scarcely benign,” he said, “the consequences need not be catastrophic for the economy.”  
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.4%, or 73.58 to 18,930.48 in Toronto.
The index dropped to the lowest closing level in at least a year.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 5.1%.
Vermilion Energy Inc. had the largest drop, falling 8.6%.
Today, 110 of 239 shares fell, while 124 rose; 3 of 11 sectors were lower, led by energy stocks.
Insights
* This quarter, the index fell 14%, heading for the biggest decline since the first quarter of 2020
* So far this week, the index fell 6.6%, heading for the biggest decline since the week ended March 20
* The index declined 6% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is at its 52-week low and 14.8% below its high on April 5, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.7 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 little changed to 21.01% compared with 21.01% in the previous session and the average of 20.49% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -135.4284| -3.8| 2/31
* Materials | -17.2270| -0.7| 16/33
* Utilities | -7.5195| -0.8| 6/10
* Consumer Staples | 1.5179| 0.2| 4/7
* Health Care | 1.8052| 2.5| 8/0
* Real Estate | 6.0432| 1.3| 18/4
* Financials | 8.2920| 0.1| 13/15
* Consumer Discretionary| 10.0917| 1.7| 13/1
* Communication Services| 17.4562| 1.9| 6/1
* Industrials | 21.5458| 1.0| 24/6
* Information Technology| 25.3577| 2.6| 14/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -29.2100| -5.1| 114.4| 27.9
* Suncor Energy | -29.1400| -6.2| 134.8| 41.3
* Cenovus Energy | -9.8810| -4.4| 137.3| 60.0
* Brookfield Asset Management | 6.8250| 1.2| 235.4| -26.0
* TELUS | 10.0800| 3.9| 231.3| -3.7
* Shopify | 14.3500| 4.6| 103.5| -76.3
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks rallied Friday as sentiment improved after traders parsed comments from Federal Reserve officials who reiterated that the central bank needs to do more to curb the hottest inflation in 40 years.
While the S&P 500 rose on Friday, it still closed the week at its lowest since December 2020 as investors grappled with a flurry of data that intensified recession fears.
The tech-heavy Nasdaq 100 surged.
Friday also brought the quarterly event known as triple witching.
The $3.5 trillion options expiry has arrived with limited downside volatility so far.
Treasury yields rose across the curve, with 10-year yields hovering around 3.2%.
The dollar snapped two days of losses.
Markets rounded off a week buffeted by interest-rate increases, including the Federal Reserve’s biggest move since 1994, a shock Swiss National Bank hike and the latest boost in UK borrowing costs.
The rate hikes are draining liquidity, sparking losses in a range of assets.
Traders are still assessing the path of rate hikes the Federal Reserve could take and the impact that would have on the economy.
“Coming off a painful week on Wall Street, investors are becoming optimistic that the Fed remains committed to bringing down inflation and that markets could be close to pricing in where the overnight rate will be at its peak next year,” said Edward Moya, senior market analyst at Oanda.​ “Many traders remain optimistic that some of the selling that took place this week was exaggerated and that a further deterioration is quite yet warranted.”
Federal Reserve Chair Jerome Powell said, on Friday, that the central bank is “acutely focused” on returning inflation to 2% and that another 75 basis-point hike or 50 basis-point move was likely at the July meeting.
Federal Reserve Bank of Kansas City President Esther George said she opposed the Fed’s Wednesday decision because the move, combined with the shrinking of the central bank’s balance sheet, creates uncertainty about the outlook.
“I think that we need to work on the basis that the macroeconomic and investment environment will remain potentially very fragile,” said Christian Nolting, Deutsche Bank’s private bank global chief investment officer. “Recovery will not be simple and, even on the most optimistic assumptions – for example, on Chinese economic reopening — issues such as supply-chain disruption will take time to fix.”
US factory production data for May pointed at cooler demand as output unexpectedly declined.
Meanwhile, industrial production for May rose, but below the estimate.
Global stocks are facing one of their worst weeks since pandemic-induced turmoil of 2020 and some investors aren’t sure that assets have sunk far enough to price in the tightening cycle.
“Near-term recession has become a foregone conclusion for many investors; the only questions now are its duration and the severity of its impact on earnings,” Wells Fargo’s Chris Harvey wrote in a note.
Compared with the last two bear markets that were also associated with runaway inflation, the current one, at six months, has a long way to go, Harvey said.
The 1980-1982 downturn lasted just over 20 months, as did the one between 1973 and 1974.
Bitcoin flirted with key $20,000 level, after snapping its longest streak of losses in Bloomberg data going back to 2010 earlier on Friday.
In a sign of deepening turmoil in the crypto community, Babel Finance became the second major digital-asset lender this week to freeze withdrawals, telling clients it is facing “unusual liquidity pressures” as it contends with recent market declines.
Oil fell as traders weighed the prospect of slower economic growth against tight supplies.
“The market continues to vacillate on the narrative of the year, between monetary normalization due to inflation and monetary policy error: a source of sustained volatility for equity valuations,” said Florian Ielpo, head of macro at Lombard Odier Asset Management.
US stocks attracted $14.8 billion in the week to June 15, their sixth consecutive week of additions, according to Bank of America Corp., citing EPFR Global data.
In total, $16.6 billion flowed into equities globally in the period, while bonds had the largest redemptions since April 2020 and just over $50 billion exited cash, the data showed.
In a separate report, BofA raised European stocks to neutral from negative, saying the impact of economic news is now priced in.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 2.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 0.5% to $1.0494
* The British pound fell 1.1% to $1.2213
* The Japanese yen fell 2.1% to 134.98 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.23%
* Germany’s 10-year yield declined five basis points to 1.66%
* Britain’s 10-year yield declined two basis points to 2.50%
Commodities
* West Texas Intermediate crude fell 6.3% to $110.22 a barrel
* Gold futures fell 0.5% to $1,839.90 an ounce
–With assistance from John Viljoen, Michael Msika, Sunil Jagtiani, Robert Brand, Isabelle Lee and Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

If you want to truly understand something, try to change it. –Kurt Lewin, 1890-1947.

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.
On June 16, 1933, President Roosevelt opened his New Deal recovery program, signing bank, rail, and industry bills and initiating farm aid.  Go to article »

Five guys take the same photo for 40 years.  This group of friends took pictures in the same pose from 1982 to 2022. Check out their cool tradition!

‘Floating’ airplane cabin could be the future of travel.  A futuristic cabin concept with “floating furniture” recently won a prestigious aviation award. 

A first look at Ryan Gosling in ‘Barbie’ has sent the internet into a frenzy.  Who could play a better tanned and toned Ken doll than Ryan Gosling? (That’s a trick question… there is literally no one more perfect for this role.) 
China says it may have received signals from aliens:  China is claiming that its enormous “Sky Eye” telescope may have picked up trace signals from a distant alien civilization, according to a recently posted and subsequently deleted report by Chinese scientists.  Astronomers at Beijing Normal University have discovered “several cases of possible technological traces and extraterrestrial civilizations from outside the Earth,” according to a report published Tuesday (June 14) in Science and Technology Daily, the official newspaper of China’s Ministry of Science and Technology. Full Story: Live Science (6/15) 

$17 billion shipwreck near Colombia is remarkably preserved, new photos reveal: New images of one of the world’s most valuable shipwrecks show its remarkable preservation on the seafloor off the coast of Colombia — while the search has revealed two more historic shipwrecks in the same area.  The latest photographs and video of the wreck of the San José treasure galleon were released by the Colombian navy on June 6.  Full Story: Live Science (6/16) 

PHOTOS OF THE DAY

Members of the Joycestagers during their reenactment from the ‘Hades’ chapter of Ulysses at Glasnevin Cemetery, as part of the annual Bloomsday celebrations. Bloomsday is a celebration of the life of Irish writer James Joyce, observed annually worldwide on June 16, the day his 1922 novel Ulysses takes place in 1904, the date of his first outing with his wife-to-be Nora Barnacle. The day is named after its protagonist Leopold Bloom
CREDIT: Brian Lawless/PA

Visitors wearing lavish hat creations at attend Ladies Day at Royal Ascot, in Berkshire. Royal Ascot is Britain’s most lucrative horse race event
CREDIT: Andy Rain/EPA

Visitors gather around colourful hydrangeas at the Taishofu Tenmangu Shrine in Fukuoka prefecture. Hydrangeas are symbolic flowers of the hot and humid rainy season
CREDIT: Jiji Press/EPA

Market Closes for June 16^th, 2022

Market Index	Close	Change
Dow Jones	29927.07	-741.46
		-2.42%
S&P 500	3666.77	-123.22
		-3.25%
NASDAQ	10646.10	-453.05 -4.08%
TSX	19004.06	-607.50
		-3.10%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26431.20	+105.04
		+0.40%
HANG SENG	20845.43	-462.78
		-2.17%
SENSEX	51495.79	-1045.60
		-1.99%
FTSE 100*	7044.98	-228.43 -3.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.375	3.459
CND. 30 Year Bond	3.256	3.329
U.S.    10 Year Bond	3.1952	3.2877
U.S. 30 Year Bond	3.2474	3.3239

Currencies

BOC Close	Today	Previous
Canadian $	0.7723	0.7758
US $	1.2949	1.2890
Euro Rate 1 Euro=		Inverse
Canadian $	1.3663	0.7319
US $	1.0551	0.9477

Commodities

Gold	Close	Previous
London Gold Fix	1823.75	1818.30
Oil
WTI Crude Future	117.58	115.31

Market Commentary:
On this day in 1812, the State of New York chartered a new institution called City Bank of New York, capitalized at $2 million, with $800,000 already raised. Today it is the global behemoth called Citigroup.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities plunged to their biggest drop since June 2020, hitting their lowest point in 14 months as concerns mount that a recession is coming.
The S&P/TSX Composite fell 3.1% at 19,004.06 in Toronto.
Today, energy stocks led the market lower, as all sectors lost; 207 of 239 shares fell, while 30 rose.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.4%.
Cargo jet Inc. had the largest drop, falling 19.3%.
Insights
* This quarter, the index fell 13%, heading for the biggest decline since the first quarter of 2020
* So far this week, the index fell 6.3%, heading for the biggest decline since the week ended March 20
* The index declined 6.1% 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 14.4% below its high on April 5, 2022
* The S&P/TSX Composite is down 7.6% in the past 5 days and fell 6% 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 11.7 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$3.14t
* 30-day price volatility rose to 21.01% compared with 20.10% in the previous session and the average of 20.41% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -180.6987| -4.8| 0/34
* Financials | -177.3600| -2.9| 1/27
* Industrials | -53.8944| -2.4| 3/27
* Information Technology| -41.6077| -4.1| 2/14
* Communication Services| -36.6432| -3.8| 0/7
* Consumer Discretionary| -27.7930| -4.4| 0/14
* Real Estate | -24.5237| -4.8| 0/23
* Utilities | -21.7477| -2.3| 0/16
* Materials | -18.1659| -0.7| 24/26
* Consumer Staples | -16.2946| -2.1| 0/11
* Health Care | -3.3836| -4.4| 0/8
================================================================
| | | | YTD
|Index Points| | Volume VS | Change
Top Contributors | Move |% Change |20D AVG (%)| (%)
================================================================
* TD Bank | -37.5100| -3.4| 65.0| -11.1
* Brookfield Asset Management | -31.2100| -5.3| -3.3| -26.9
* Enbridge | -28.2800| -3.7| -46.2| 7.2
* LifeWorks Inc | 5.7570| 66.4| 1,924.0| 18.6
* Barrick Gold | 8.1960| 2.7| -40.8| 7.6
* Agnico Eagle Mines | 9.7550| 4.9| 21.7| -0.9
US
By Rita Nazareth
(Bloomberg) — Stocks tumbled around the globe as recession fears resurfaced, with the Federal Reserve struggling to get on top of inflation that has proved more persistent and widespread than officials anticipated.
The S&P 500 closed at its lowest since December 2020, while the tech-heavy Nasdaq 100 sank 4%.
The deal spread on Elon Musk’s proposed takeover of Twitter Inc. widened as the billionaire wasn’t directly asked and didn’t address the issue on whether he’s committed to buying the social-media firm during
a staff meeting.
Homebuilders slid as mortgage rates jumped the most since 1987.
The dollar fell as central banks in Europe stepped up monetary tightening, promising to narrow the gap between rates there and in the US.
Treasuries rebounded from an earlier selloff.
Bitcoin slid below $21,000, heading toward its longest slide in Bloomberg data going back to 2010.
Declaring that it’s essential to tame inflation, Jerome Powell engineered the biggest rate increase since 1994 Wednesday and held out the distinct possibility of another jumbo hike in July.
While the Fed chief sought to soften the blow of the 75-basis-point boost, saying he didn’t expect such moves to be the norm, he tacitly admitted the chance of an economic downturn.
“We’re worrying about growth and where the Fed takes us ultimately,” said Chris Gaffney, president of world markets at TIAA Bank.  “Yesterday everybody said, ‘Oh good, the Fed is doing something aggressive, they’re going to get aggressive, they’ll try to catch up to the inflation curve.’ But now, you’re looking at it and saying, ‘Yeah, but are they chasing something they’re not going to be able to catch?’”
While inflation is “out of control,” the Fed is doing the best it can given its limited tools, Orlando Bravo, co-founder of private-equity firm Thoma Bravo said.
Despite the stock carnage, valuations still have much further to fall, according to Jim Chanos, founder of Chanos & Company LP.
The S&P 500 now implies an 85% chance of a US recession amid fears of a policy error by the Fed, according to JPMorgan Chase & Co.
The warning from quant and derivatives strategists is based on the average 26% decline for the gauge during the past 11 recessions and follows its collapse into a bear market.
One technical indicator of US stocks shows the extent of the recent slump, while offering a whiff of optimism that it will soon come to an end.
The percentage of S&P 500 members that are trading above their 50-day moving average sank below 5% this week, the lowest level since Covid-19 fears battered shares more than two years ago.
Both that selloff and the one that hit markets in late 2018 reversed course shortly after seeing a similar share of stocks dip below the closely watched technical average.

More comments:
* “Our main takeaway from the Fed is hawkish — meaning the Fed is going to accept recession risk to deliver below-trend economic growth,” wrote Dennis DeBusschere, the founder of 22V Research.
* “Concerns are mounting about whether the Fed is headed towards a policy mistake,” said Quincy Krosby, chief equity strategist at LPL Financial.
* “Despite their assurance, it’s unclear to me whether the Fed has the tools they say they do to tamp down prices,” said Jason Brady, chief executive officer at Thornburg Investment Management.
Elsewhere, investors dumped European bonds and the franc rallied after a surprise Swiss rate hike.
The pound rose as the Bank of England raised rates and signaled it’s prepared to unleash larger moves if needed.
Currency options traders are betting the Bank of Japan will deliver a policy surprise this week.

Key events this week:
* Bank of Japan policy decision, Friday.
* Eurozone CPI, Friday.
* US Conference Board leading index, industrial production, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 3.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 4%
* The Dow Jones Industrial Average fell 2.4%
* The MSCI World index fell 2.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 1.1% to $1.0559
* The British pound rose 1.5% to $1.2357
* The Japanese yen rose 1.4% to 132.03 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.23%
* Germany’s 10-year yield advanced seven basis points to 1.71%
* Britain’s 10-year yield advanced five basis points to 2.52%
Commodities
* West Texas Intermediate crude rose 1.4% to $116.91 a barrel
* Gold futures rose 2% to $1,855.10 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Srinivasan Sivabalan, Vildana Hajric, Isabelle Lee, Matt Turner and Yiqin Shen.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is in our lives and not our words that our religion must be read. –Thomas Jefferson, 1743-1826.

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:
June 15, 1215: Magna Carta chartered.
June 15, 1860: Florence Nightingale started her School for Nurses at London’s St Thomas’ Hospital.
June 15, 1844: Charles Goodyear received a patent for a process to strengthen rubber.  Go to article »
Edvard Greig, composer, b. 1843.

Reporter loses it on air after Australia wins World Cup qualifier.  Need a smile? This Australian reporter reacted with pure joy when his home team earned a spot in the World Cup. 

Man vs. Emu: A Texas man fends off his giant aggressive bird with a very emusing tactic!  Watch the viral video here.

The best of Ascot style, then and now: From the Queen epitomising elegance in the 1950s to power suits in the 1980s to Meghan Markle’s debut, look at how Ascot style has evolved.

Where is the tomb of Genghis Khan?   Genghis Khan unified the Mongols and created an enormous empire that stretched from the Pacific Ocean to Ukraine by the time of his death in 1227; and his successors would go on to conquer even more territory.   So, where is this charismatic leader buried? Does he have a monumental tomb like the pyramids built for the ancient Egyptian pharaohs, or a mausoleum with terra–cotta warriors, like the one built for China’s first Qin emperor?  Full Story: Live Science (6/12) 

‘Factorian Deep,’ the new deepest point in Antarctica’s Southern Ocean, mapped for the first time:  Researchers have published the most detailed map of Antarctica’s frigid Southern Ocean to date, including the ocean’s new deepest point, the “Factorian Deep,” which sits nearly 24,400 feet (7,437 meters) below the sea surface.   Resting at a depth equivalent to about 17 Empire State Buildings stacked top to bottom, the Factorian Deep was discovered in 2019 by American explorer and entrepreneur Victor Vescovo, as part of his Five Deeps Expedition to map the deepest points of the world’s five oceans. Vescovo personally piloted a submersible named “Limiting Factor” (for which the Factorian Deep was named) to the bottom of the Atlantic Ocean’s South Sandwich Trench – an undersea canyon that spans roughly 600 miles (965 kilometers) of seafloor between South America and Antarctica.  Full Story: Live Science (6/14).

PHOTOS OF THE DAY

The artist Ai Weiwei shows his Arch installation at the National Museum
CREDIT: Michael Campanella/Getty Images for Brilliant Minds

Dancers Alex Clayton and Lisa Borres, from the Paul Taylor Dance Company, perform a scene from the 1961 work Fibers
CREDIT: Timothy A Clary/AFP/Getty Images

Hot air balloons fly over Cappadocia
CREDIT: Behcet Alkan/Anadolu Agency/Getty Images

Market Closes for June 15^th, 2022

Market Index	Close	Change
Dow Jones	30668.53	+303.70
		+1.00%
S&P 500	3789.99	+54.51
		+1.46%
NASDAQ	11099.16	+270.81 +2.50%
TSX	19611.56	+63.05
		+0.32%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26326.16	-303.70
		-1.14%
HANG SENG	21308.32	+240.22
		+1.14%
SENSEX	52541.39	-152.18
		-0.29%
FTSE 100*	7273.41	+85.95 +1.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.459	3.622
CND. 30 Year Bond	3.329	3.404
U.S.    10 Year Bond	3.2877	3.4733
U.S. 30 Year Bond	3.3239	3.4243

Currencies

BOC Close	Today	Previous
Canadian $	0.7758	0.7720
US $	1.2890	1.2953
Euro Rate 1 Euro=		Inverse
Canadian $	1.3486	0.7415
US $	1.0453	0.9563

Commodities

Gold	Close	Previous
London Gold Fix	1818.30	1830.85
Oil
WTI Crude Future	115.31	118.93

Market Commentary:
On this day in 1910, inspectors from the U.S. Post Office raided the headquarters of the United Wireless Telegraph Co. in New York, arresting its flamboyant president, Col. Christopher Columbus Wilson, and vice president Samuel Bogart, on charges of manipulating the stock price through mail fraud, fleecing the public of more than $20 million—over $365 million in today’s money.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities spiked a five-day losing streak, ending the session higher after the US Federal Reserve announced a 75 basis point rate hike and said that further outsized increases will be rare.
The S&P/TSX Composite rose 0.3% at 19,611.56 in Toronto.
The move was the biggest since rising 0.5% on June 7 and follows the previous session’s decrease of 1%.
Shopify Inc. contributed the most to the index gain, increasing 6.9%.
Bombardier Inc. had the largest increase, rising 18.3%.
On Wednesday, 173 of 239 shares rose, while 61 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index fell 10%, heading for the biggest decline since the first quarter of 2020
* The index declined 3.1% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is at its 52-week low and 11.7% below its high on April 5, 2022
* The S&P/TSX Composite is down 5.7% in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.2 on a trailing basis and 12.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility fell to 20.10% compared with 20.60% in the previous session and the average of 20.38% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 33.7458| 0.5| 20/8
* Information Technology | 28.9393| 2.9| 13/3
* Materials | 17.9032| 0.7| 41/10
* Industrials | 14.6673| 0.7| 24/6
* Consumer Discretionary | 9.6951| 1.6| 14/0
* Real Estate | 6.8586| 1.4| 23/0
* Communication Services | 4.1499| 0.4| 6/1
* Health Care | 2.4887| 3.4| 7/0
* Consumer Staples | 1.1882| 0.2| 10/1
* Utilities | -1.1443| -0.1| 5/10
* Energy | -50.3888| -1.3| 12/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | 21.2900| 6.9| 56.5| -75.9
* Brookfield Asset Management | 7.3270| 1.3| -11.5| -22.8
* Canadian National | 7.0090| 1.2| -33.3| -8.5
* Cenovus Energy | -8.8410| -3.6| 16.1| 78.7
* Suncor Energy | -9.7150| -1.9| -15.4| 58.0
* Canadian Natural Resources | -10.4300| -1.7| 118.8| 44.4
US
By Rita Nazareth
(Bloomberg) — Stocks rallied, halting a five-day rout that took 10% off the S&P 500, after Federal Reserve Chair Jerome Powell said outsize rate hikes will be rare as officials intensify their battle against
sky-high inflation.
Treasury yields tumbled alongside the dollar.
Equities pushed higher amid wild swings as the central bank raised rates by 75 basis points — the biggest increase since 1994 — and Powell said officials could move by that much in July or make a smaller
half-point hike.
While “it will take some time” to get inflation back down, the Fed chief is confident that “we will do that.”
His remarks sent two-year Treasury yields sinking as much as 24 basis points.
“The Fed nailed it,” said Ronald Temple, co-head of multi-asset and head of US equity at Lazard Asset Management.
“The Fed demonstrated its resolve to tame inflation without undermining its employment mandate. While some spectators argued for an even steeper hike, the Fed understood that the combination of rate hikes and QT already takes the US into uncharted territory with significant risks to growth,” he said, referring to quantitative tightening.
Powell and his colleagues on Wednesday intensified their effort to cool prices by lifting the target range for the federal funds rate to 1.5% to 1.75%.
Officials projected raising it to 3.4% by year-end, implying another 175 basis points of tightening this year.
The Fed also reiterated it will shrink its massive balance sheet by $47.5 billion a month — a move that took effect June 1 — stepping up to $95 billion in September.
Barclays Plc, which was among the first major banks to shift its Fed prediction for June to a 75-basis-point hike, said it anticipates the central bank will return to hiking at a 50-basis-point pace in July. Meantime, T. Rowe Price Group Inc., manager of $1.4 trillion in assets, said investors should buy bonds now because it’s the “most attractive point” in years.
More comments:
* “This indicates some confidence in what the Fed is doing,” said Kathy Jones, chief fixed-income strategist at the Schwab Center for Financial Research. “The Fed should see a flatter yield curve when it raises rates, unless there’s fear that they’re not going to get inflation under control or they haven’t reached a critical point where they can do that.”
* “With inflation not letting up, it’s become pretty clear that the Fed needs to take a more aggressive approach,” said Mike Loewengart at E*TRADE from Morgan Stanley. “Keep in mind that as we go through a changing monetary policy landscape, we’ll likely continue to see volatility as the market digests the new norm.  Sticking to your investment strategy during waves of volatility is a solid course of action — aka don’t panic.”
* “The Fed needed to prove once again it was serious about fighting inflation,” said Barry Gilbert, asset allocation strategist for LPL Financial. “The more aggressive stance can still be consistent with a softish landing for the economy, but the path is getting narrower.”
The Fed’s so-called dot plot, which the US central bank uses to signal its outlook for the path of interest rates, shows the median year-end projection for the federal funds rate moved up to 3.4%.
The estimate for the end of 2023 was boosted to near 3.8%.
Key events this week:
* Bank of England rate decision, Thursday.
* US housing starts, initial jobless claims, Thursday.
* Bank of Japan policy decision, Friday.
* Eurozone CPI, Friday.
* US Conference Board leading index, industrial production, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 1.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 0.4% to $1.0458
* The British pound rose 1.6% to $1.2189
* The Japanese yen rose 1.3% to 133.73 per dollar
Bonds
* The yield on 10-year Treasuries declined 17 basis points to 3.31%
* Germany’s 10-year yield declined 11 basis points to 1.64%
* Britain’s 10-year yield declined 12 basis points to 2.47%
Commodities
* West Texas Intermediate crude fell 2.6% to $115.78 a barrel
* Gold futures rose 1.2% to $1,835.30 an ounce
–With assistance from Andreea Papuc, Robert Brand, Cecile Gutscher, Vildana Hajric, Elaine Chen, Isabelle Lee and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

I am still learning.
-Michelangelo’s motto.

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