Category: Events

Dear Friends,

Tangents:

The Poem: The Day the War Ended
-by Randall Swingler

On the day the war ended
The sun laced through the avenues with lime-tree scent
The silver birches danced on the sidewalk
And the girls came out like tulips in their colours:
Only the soldiers were caught, like sleepwalkers
Wakened unaware, naked there in the street.
Fatuous in flowers, their tanks, tamed elephants,
Wallowed among the crowds in the square.
There is a moment when contradictions cross,
A split of a moment when history twirls on one toe
Like a ballerina, and all men are really equal
And happiness could be impartial for once –
Only the soldier, snatched by the sudden stop
In his world’s turning, whirled like a meteor
Through a phoenix night of stars, is falling, falling
And as his trajectory bows and earth begins
To pull again, his hollow ears are moaning
With a wild tone of sorrow and the loss, the loss…

-Gradisca, May, 1945.

March 7, 1912: Oreo sandwich cookies were first introduced by the National Biscuit Co., which later became Nabisco.  Go to article » 

PHOTOS OF THE DAY

Members of carnival marching bands take part in the Morgestraich parade
CREDIT: Georgios Kefalas/EPA

Horridus, the world’s most complete triceratops fossil, is displayed at Melbourne Museum for the exhibition Triceratops: Fate of the Dinosaurs
CREDIT: Joel Carrett/AAP

The northern lights and the Milky Way appear over the glacial lagoon on the border of Vatnajökull national park in south-east Iceland
CREDIT:  Owen Humphreys/PA

Market Closes for March 7^th, 2022

Market Index	Close	Change
Dow Jones	32817.38	-797.42
		-2.37%
S&P 500	4201.09	-127.78
		-2.95%
NASDAQ	12830.96	-482.48 -3.62%
TSX	21304.40	-98.03
		-0.46%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25221.41	-764.06
		-2.94%
HANG SENG	21057.63	-847.66
		-3.87%
SENSEX	52842.75	-1491.06
		-2.74%
FTSE 100*	6959.48	-27.66 -0.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.724	1.668
CND. 30 Year Bond	2.024	1.964
U.S.    10 Year Bond	1.7734	1.7307
U.S. 30 Year Bond	2.1857	2.1554

Currencies

BOC Close	Today	Previous
Canadian $	0.7803	0.7859
US $	1.2815	1.2725
Euro Rate 1 Euro=		Inverse
Canadian $	1.3909	0.7189
US $	1.0854	0.9213

Commodities

Gold	Close	Previous
London Gold Fix	1945.30	1929.60
Oil
WTI Crude Future	119.40	115.68

Market Commentary:
On this day in 1930, President Herbert Hoover stated firmly that “All the evidence indicates that the worst effects of the Crash upon unemployment will have passed during the next sixty days.” He was wrong by a few years.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities edged lower, weighed down by information technology and consumer discretionary stocks, as global markets slumped amid Russia’s war in Ukraine.
The S&P/TSX Composite fell 0.5% at 21,304.40 in Toronto.
The move follows the previous session’s increase of 0.7%. 
Today, financials stocks led the market lower, as 7 of 11 sectors lost; 133 of 239 shares fell, while 106 rose.
Insights
* This quarter, the index rose 0.4%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 7.9% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Nov. 16, 2021 and 18.4% above its low on March 5, 2021
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 0.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.1 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility rose to 12.88% compared with 12.81% in the previous session and the average of 13.59% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -110.0401| -1.6| 4/24
* Information Technology| -41.5805| -3.0| 3/13
* Industrials | -23.8320| -0.9| 10/20
* Consumer Discretionary| -22.6055| -3.3| 1/13
* Real Estate | -7.9272| -1.3| 4/19
* Consumer Staples | -4.4441| -0.6| 7/4
* Health Care | -3.7187| -2.8| 1/7
* Communication Services| 4.3460| 0.4| 5/2
* Utilities | 12.8428| 1.3| 14/2
* Materials | 44.2287| 1.5| 29/25
* Energy | 54.6938| 1.6| 29/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -35.8800| -6.0| -9.7| -58.7
* Royal Bank of Canada | -19.0700| -1.4| 55.9| 1.5
* Bank of Montreal | -17.3900| -2.7| 12.0| 4.5
* Barrick Gold | 12.6900| 3.4| 10.2| 32.4
* Suncor Energy | 20.3700| 5.1| 67.6| 33.0
* Nutrien | 25.1200| 5.3| 129.7| 33.9

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — The turmoil on global financial markets intensified Monday, with U.S. stocks plunging the most in 17 months and commodity prices relentlessly powering higher as the fallout from war in Ukraine threatened the global economy.
The S&P 500 sank almost 3% for its worst day since October 2020, while the tech-heavy Nasdaq 100 Index dropped 3.7% and the Nasdaq Composite closed in bear market territory.
Nickel surged 90% to a record on worry over potential shortages, oil settled at the highest in a decade and wheat approached records after a 7% jump. Earlier, the Euro Stoxx 50 and Germany’s DAX index also
closed in bear markets.
The spread between two-year and 10-year Treasuries briefly dropped below 20 basis points, a level not seen since March 2020 and a bearish sign for the economy.
Russia’s war on Ukraine and the sanctions from U.S. and European allies on Russian assets have sent a jolt through financial markets that were already unsteady after two years of the pandemic and the threat of central banks pulling back on stimulus.
Investors have grown leery of owning riskier assets as surging commodity prices exacerbate inflationary pressures that could force policy makers to tamp down growth.
“The longer oil prices and inflation remain elevated – and thereby threaten an early demise of this economic expansion and bull market — the more investors will trim their exposure to equities,” wrote Sam Stovall, chief investment strategist at CFRA. “Investor uncertainty should elevate the angst.”
Markets emerged from the weekend on edge after reports that the Biden administration is considering whether to ban the import of Russian oil and energy products, a move that could add to economic pressure as more companies pull out of the country in response to Moscow’s invasion of Ukraine.
European Union governments were divided over whether to join the U.S.
The U.S. bond market’s 10-year inflation forecast jumped toa record 2.785%, while the yield on the benchmark Treasury bond rose 5 basis points at 1.78%.
A gauge of the dollar rose for a third day, trading at the highest since 2020.
Fresh talks Monday between Ukrainian and Russian officials made only limited progress on negotiating a cease-fire, the government in Kyiv said.
There was no immediate statement from the Russian negotiators.
With President Vladimir Putin saying Kyiv must agree to his demands if fighting is to end, the discussions face severe challenges.
Putin signed a decree allowing the government and companies to pay foreign creditors in rubles, seeking to stave off defaults while capital controls remain in place.
Still, some holders of a $1.3 billion Gazprom PJSC bond due Monday said they received payment in dollars.
More businesses pulled back on their operations in Russia, including streaming giant Netflix Inc. and social-media service TikTok, which is owned by China-based ByteDance Ltd.
Meanwhile, China warned the U.S. against trying to build what it called a Pacific version of NATO, while declaring that security disputes over Taiwan and Ukraine were “not comparable at all.”
The global economy was already struggling with high inflation due to the pandemic.
The Federal Reserve and other key central banks now face the tricky task of tightening monetary policy to contain the cost of living without upending economic expansion or roiling risky assets.
“There’s no easy map for navigating market volatility,” said Saira Malik, chief investment officer at Nuveen.
“Volatility is normal late in economic cycles, and it is needed to some degree to generate positive returns in any environment.  Investors, however, are concerned that this latest market disruption could hasten the end of the cycle.”
Comments
* “The most obvious interpretation of the Russia/Ukraine situation is that extended disruptions to global commodity markets will push inflation higher for longer while economic growth slows as global trade and supply chains remain constrained. Such conditions could lead to stagflation,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.
* “The moves are definitely a reflection of sentiment, which is deteriorating quickly,” Anastasia Amoroso, chief investment strategist at iCapital, said in a phone interview. “But I would say it’s more than just sentiment. We’re looking at potentially meaningfully higher inflation in the coming months and potentially a much slower growth because of it.”
Here are some key events this week:
* Apple new product event, Tuesday
* EIA crude oil inventory report, Wednesday
* China aggregate financing, PPI, CPI, money supply, new yuan loans, Wednesday
* Reserve Bank of Australia Governor Philip Lowe speaks, Wednesday and Friday
* European Central Bank President Christine Lagarde briefing after policy meeting, Thursday
* U.S. CPI, initial jobless claims, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 3% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.7%
* The Dow Jones Industrial Average fell 2.4%
* The MSCI World index fell 2.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 0.5% to $1.0871
* The British pound fell 0.9% to $1.3110
* The Japanese yen fell 0.4% to 115.26 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.78%
* Germany’s 10-year yield advanced five basis points to -0.01%
* Britain’s 10-year yield advanced 10 basis points to 1.30%
Commodities
* West Texas Intermediate crude rose 3.7% to $119.99 a barrel
* Gold futures rose 1.7% to $2,000.30 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Peyton Forte, Isabelle Lee and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Everything you’ve ever wanted is on the other side of fear. –George Addair, 1823-1899.

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 March 4:
1681: England’s King Charles II granted a charter to William Penn for an area of land that later became Pennsylvania.  Go to article »
1789: U.S. Constitution went into effect.
1933: In the midst of the Great Depression, Franklin D. Roosevelt is inaugurated as the 32^nd US president, and later he led the country out of the Depression and to victory in World War II.  He almost immediately started pushing through Congress a series of programs and projects called the New Deal which accomplished worker protection, public works programs and individual safety nets.

Antonio Vivaldi, composer, b.1675.

Pete Davidson may head to space on Jeff Bezos’ Blue Origin flight.  Speaking on behalf of all “Saturday Night Live” fans… we need a skit from space. That’s not too much to ask, right? 

Brad Pitt is a stylish assassin in action-packed ‘Bullet Train’ trailer.  The words “Brad Pitt” and “action movie” go together like peanut butter and jelly — a perfect pair.

Just one drink a day can shrink your brain, a study has shown.

For sale: one (1) abandoned Canadian village. (h/t Scott Kominers)

Every movie Batman, ranked (wrongly, I might add). (h/t Ellen Kominers)

The best new restaurants in Austin, as chosen by top chefs.

PHOTOS OF THE DAY

The northern lights, or the aurora borealis, appear over Vestrahorn mountain in south-east Iceland, noted for its two distinctive peaks and proximity to the Jökulsárlón glacier lagoon and East Fjords
CREDIT: Owen Humphreys/PA

Artworks installed above baggage carousels at the new international arrivals area at Sea-Tac airport
CREDIT: Ken Lambert/AP

Polar bear twins Kaja and Skadi, born in November, appear in front of zoo visitors for the first time
CREDIT: Bernd Wuestneck/AP

Market Closes for March 4^th, 2022

 

Market Index	Close	Change
Dow Jones	33614.80	-179.86
		-0.53%
S&P 500	4328.87	-34.62
		-0.79%
NASDAQ	13313.44	-224.50 -1.66%
TSX	21402.43	+152.02
		+0.72%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25985.47	-591.80
		-2.23%
HANG SENG	21905.29	-562.05
		-2.50%
SENSEX	54333.81	-768.87
		-1.40%
FTSE 100*	6987.14	-251.71 -3.48%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.668	1.779
CND. 30 Year Bond	1.964	2.029
U.S.    10 Year Bond	1.7307	1.8422
U.S. 30 Year Bond	2.1554	2.2256

Currencies

BOC Close	Today	Previous
Canadian $	0.7859	0.7887
US $	1.2725	1.2679
Euro Rate 1 Euro=		Inverse
Canadian $	1.3911	0.7188
US $	1.0932	0.9147

Commodities

Gold	Close	Previous
London Gold Fix	1929.60	1928.50
Oil
WTI Crude Future	115.68	107.67

Market Commentary:
On this day in 1957, Standard & Poor’s Corp. introduced a new stock index, which it initially called the “Standard ‘500’ Index.” Now known as the S&P 500, the index uses a “scientific weighting formula” that enables investors to measure the movement in the total value of most of America’s major stocks.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian oil and mining stocks surged Friday amid a rally in commodity prices that sent oil, gold, copper and zinc prices higher.
The S&P/TSX Composite opened 0.3% higher at 21,306.34 in Toronto, led by energy and materials stocks.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 4.2%.
Sleep Country Canada Holdings Inc. had the largest percentage increase, rising 9.6%.
In early trading, 120 of 239 shares rose, while 117 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 0.4%
* So far this week, the index rose 1%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 2.2% below its 52-week high on Nov. 16, 2021 and 18.7% above its low on March 4, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.1 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility fell to 12.69% compared with 14.29% in the previous session and the average of 13.59% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 54.0280| 1.6| 28/4
* Materials | 36.6841| 1.3| 40/14
* Industrials | 15.7093| 0.6| 11/19
* Communication Services | 8.9795| 0.8| 6/1
* Utilities | 7.2362| 0.8| 14/2
* Consumer Staples | 2.1980| 0.3| 7/4
* Health Care | -1.2983| -0.9| 1/7
* Real Estate | -1.8016| -0.3| 6/14
* Consumer Discretionary | -8.0083| -1.2| 3/11
* Information Technology | -19.4840| -1.4| 1/14
* Financials | -37.0053| -0.5| 3/25
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Natural Resources | 24.7300| 4.2| 19.1| 41.3
* Nutrien | 16.7700| 3.8| 132.4| 24.3
* Canadian Pacific | 8.0340| 1.3| 14.7| 4.7
* Bank of Montreal | -6.0480| -0.9| -28.4| 7.5
* Bank of Nova Scotia| -6.0880| -0.8| 45.4| 4.0
* Shopify | -9.9260| -1.6| -40.9| -54.1

US
By Rita Nazareth
(Bloomberg) — Stocks fell, while the dollar climbed with bonds as concerns that war risks are intensifying roiled global markets.
Oil topped $115 a barrel on news the U.S. is considering a ban on imports of Russian crude for its invasion of Ukraine.
The S&P 500 dropped for the fourth time in five days, with commodities having their biggest weekly surge since 1974 as Russia’s growing isolation is choking off a major source of materials — sparking fears of prolonged shortages and accelerating inflation.
The White House is assessing if an oil ban would actually hurt the Russian economy or if crude would simply go to other markets and drive up gasoline prices.
The greenback hit the highest since 2020 while 10-year yields slumped to about 1.7%.
Europe’s common currency approached a key support level that goes back to the euro’s inception in 1999.
S&P Dow Jones Indices will remove Russian stocks from its gauges, joining other global index compilers in shunning the nation.
Three major Russia-focused ETFs were halted on Friday after the New York Stock Exchange took action based on what it said was “regulatory concern.”
A top nuclear official called for talks with Russia and Ukraine after the government in Kyiv said Vladimir Putin’s troops triggered a blaze at Europe’s largest atomic power complex in a shelling attack.
Economists at JPMorgan Chase & Co. said the war could hurt Russia’s economy as much as its devastating 1998 default.
Oil could reach $150 a barrel in the next three months if Russian crude continues to be largely shunned, said Damien Courvalin, head of energy research at Goldman Sachs Group Inc.
Higher commodity prices have the potential to depress growth and stoke inflation, creating a dilemma for central bankers worldwide as they weigh the need to increase borrowing costs against the risk of stunting the economic recovery.
Jerome Powell’s push to limit the Federal Reserve’s liftoff this month to a quarter percentage point was bolstered by unexpectedly stagnant wages amid strong hiring seen in February’s jobs report.
While employers added 678,000 to payrolls and unemployment fell to 3.8%, average hourly earnings were little changed from January.
That suggests central bankers aren’t facing an immediate wage-price spiral similar to the 1970s — which reduces the urgency to take bolder steps toward curbing inflation. 
Comments:
* “The market’s focus is really not on payrolls,” Jeffrey Rosenberg, a senior portfolio manager at BlackRock Inc., told Bloomberg Television. “The market is focused on the implications of the Russian invasion, and that implication is a negative supply shock — negative to growth, positive to inflation.”
* “The tough part for the markets right now, and this is the reason we’re not talking about the payrolls report, is that this commodity price-pressure that was supposed to abate is not abating,” Anastasia Amoroso, chief investment strategist at iCapital, told Bloomberg Television. “We still have another risk of supply-chain disruptions. This makes it a pretty tough landscape for the market.”
* “Because of the tragic events in Russia and Ukraine, global stocks are currently being priced based on uncertainty, rather than known financial information, which is what traditionally drives stocks,” said Julian Koski, chief investment officer at New Age Alpha. 

Fed Bank of Chicago President Charles Evans said the central bank should increase interest rates to close to its “neutral” setting this year, implying as many as seven quarter-point hikes. Meantime, Former Treasury Secretary Lawrence Summers warned that the war in Ukraine and the legacy of Washington pumping too much stimulus last year means an increasing danger of stagflation for the U.S. economy.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 1.2% to $1.0931
* The British pound fell 0.8% to $1.3243
* The Japanese yen rose 0.5% to 114.85 per dollar
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 1.74%
* Germany’s 10-year yield declined nine basis points to -0.07%
* Britain’s 10-year yield declined nine basis points to 1.21%
Commodities
* West Texas Intermediate crude rose 6.7% to $114.88 a barrel
* Gold futures rose 1.7% to $1,969.70 an ounce
–With assistance from Sunil Jagtiani, Emily Barrett, Namitha Jagadeesh, Vildana Hajric, Isabelle Lee, David Marino and Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Besides the noble art of getting things done, there is the noble art of leaving things undone. 
The wisdom of life consists in the elimination of non-essentials. – Lin Yutang, 1895-1976.

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:
March 3, 1805: Louisiana/Missouri Territory formed.
On March 3, 1991, in a case that sparked a national outcry, motorist Rodney King was severely beaten by Los Angeles police officers in a scene captured on amateur video.  Go to article »

March 3, 1943: WW II, In London, 173 people are killed in a crush while trying to enter an air-raid shelter at Bethnal Green tube station.

Alexander Graham Bell, inventor, b. 1847.
Ring Lardner Sr., writer, b.1885.
Elvis Presley first TV appearance, 1955.

Amazon is closing all of its physical bookstores.  First, Amazon shuttered the doors of traditional bookstores worldwide. Then it opened its own. Now, they’re closing them all.

Sportswear brand Fila is opening a hotel in Shanghai.  Luxury hotels are collaborating with popular brands to create the ultimate customer experience.

Western Australia opens its borders after 697 days.  One of the world’s longest border closures ends today! 

The 10 best new books to read this spring. 

Some tech companies think holograms are the future of communication.

PHOTOS OF THE DAY

A green frog sits on a moth orchid at an agricultural research centre two days before Gyeongchip, the day when frogs awaken from hibernation
CREDIT: Yonhap/EPA

The Swiss-French artist Saype (Guillaume Legros) works on his giant ephemeral land art painting World in Progress III, representing two children drawing and building their ideal world, at the United Nations headquarters
CREDIT: Valentin Flauraud/AP

Children look out of a carriage window as a train prepares to depart for the town of Uzhhorod, near the border with Slovakia
CREDIT:  Daniel Leal/AFP/Getty Images

Market Closes for March 3rd, 2022

Market Index	Close	Change
Dow Jones	33794.66	-96.69
		-0.29%
S&P 500	4363.49	-23.05
		-0.53%
NASDAQ	13437.94	-214.08 -1.56%
TSX	21250.41	-5.23
		-0.02%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26577.27	+184.24
		+0.70%
HANG SENG	22467.34	+123.42
		+0.55%
SENSEX	55102.68	-366.22
		-0.66%
FTSE 100*	7238.85	-190.71 -2.57%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.779	1.818
CND. 30 Year Bond	2.029	2.057
U.S.    10 Year Bond	1.8422	1.8767
U.S. 30 Year Bond	2.2256	2.2485

Currencies

BOC Close	Today	Previous
Canadian $	0.7887	0.7917
US $	1.2679	1.2631
Euro Rate 1 Euro=		Inverse
Canadian $	1.4030	0.7128
US $	1.1066	0.9037

Commodities

Gold	Close	Previous
London Gold Fix	1928.50	1922.00
Oil
WTI Crude Future	107.67	110.60

Market Commentary:
On this day in 1901, John Pierpont Morgan said he was organizing the largest corporation the world had yet seen by merging his Federal Steel conglomerate with Andrew Carnegie’s Carnegie Co. The company was initially capitalized at $1.4 billion—the first billion-dollar company ever—four times the budget of the U.S. government and 7% of the gross national product
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities dipped Thursday, weighed down by the country’s two biggest industry sectors, financial and energy stocks.
The S&P/TSX Composite declined slightly to 21,250.41 in Toronto.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.1%.
Docebo Inc. had the largest percentage drop, falling 10.6%.
Today, 120 of 239 shares fell, while 118 rose; 5 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index was little changed
* So far this week, the index rose 0.7%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 2.5% below its 52-week high on Nov. 16, 2021 and 18.4% above its low on March 4, 2021
* The S&P/TSX Composite is up 2.4% in the past 5 days and rose 0.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility fell to 14.29% compared with 14.45% in the previous session and the average of 13.59% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -21.6433| -1.5| 4/12
* Financials | -21.1181| -0.3| 16/12
* Energy | -20.0565| -0.6| 5/27
* Consumer Discretionary | -17.2241| -2.4| 0/14
* Health Care | -4.2421| -3.0| 1/7
* Utilities | 1.2162| 0.1| 11/5
* Real Estate | 2.1699| 0.4| 18/5
* Consumer Staples | 2.7470| 0.4| 7/4
* Communication Services | 11.0170| 1.0| 5/2
* Industrials | 20.0759| 0.8| 13/16
* Materials | 41.6581| 1.5| 38/16
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* TD Bank | -39.9000| -3.1| 22.5| 1.4
* Shopify | -16.4000| -2.5| -49.3| -53.3
* Magna International | -8.1180| -4.8| 90.3| -17.6
* Nutrien | 10.2700| 2.4| 14.1| 19.6
* Royal Bank of Canada | 13.7900| 1.0| -19.1| 3.6
* Canadian Pacific | 14.4100| 2.5| -8.1| 3.4

US
By Rita Nazareth
(Bloomberg) — Technology stocks dragged down the equity market ahead of Friday’s jobs report as traders weighed the economic impacts of the war in Ukraine.
The rally in oil eased, with crude experiencing an extraordinary run of volatility.
The S&P 500 erased gains, while the tech-heavy Nasdaq 100 underperformed major benchmarks as megacaps Tesla Inc. and Amazon.com Inc. sank at least 2.7%.
West Texas Intermediate topped $116 before pulling back.
Zinc reached its highest since 2007 and aluminum jumped to a record as industrial metals extended a surge fueled by trade turmoil and the increasing economic isolation of Russia.

Traders awaited the government’s employment report, which is currently forecast to show the U.S. added 415,000 jobs in February.
Rapid wage growth in the U.S. likely isn’t retreating any time soon.
Along with soaring commodities prices since Russia’s invasion of Ukraine, high labor costs are yet another factor the Federal Reserve will have to contend with as it prepares to raise interest rates to tamp down inflation.
Fed Chair Jerome Powell said the surge in energy prices will likely spill into inflation and if that shift proved to be lasting, it could put upward pressure at the “margin” to longer-term expectations that the central bank wants to stop creeping up.
He also noted the conflict in Ukraine could hit sentiment, harming investment spending.
President Joe Biden’s administration said it would sanction eight wealthy Russians and their families and impose visa restrictions on 19 others and 47 of their family, as the U.S. and its allies seek to raise pressure on the elites around President Vladimir Putin in response to the invasion of Ukraine.
Comments:
* “Rising commodity prices are a big concern for the market, prompting fears of stagflation,” said Fiona Cincotta, senior financial markets analyst at City Index. “The economic clinch point of this war is commodity prices. Higher energy prices, slowing growth, and surging inflation are not a good outlook.”
* “There has been a lot of daily volatility which I don’t expect to subside,” said Megan Horneman, chief investment officer at Verdence Capital Advisors. “Even if volatility will remain heightened, we are not worried for a recession. I believe there will be a growth slowdown, specifically because of heightened global commodity prices.”
* “Volatility is going to continue to be around and an issue,” said Mark Stoeckle, chief executive officer of Adams Funds. “We are positioned for oil to go higher. There’s no question that this is going to be a headwind.”
* “Policy makers are facing an unenviable situation over the near-term; inflationary pressures are mounting while the broader outlook grows more uncertain by the day,” wrote Deutsche Bank
strategist Jim Reid.

Investors dumped risk assets during Russia’s invasion of Ukraine but they found a haven in junk.
U.S. high-yield corporate bonds rallied over the last week, thrashing investment-grade, which is much more susceptible to rising rates.
Strategists expect the debt to continue to do well, even as higher-rated bonds sell off.
Treasuries reached “extreme overbought territory” prior to Wednesday’s rebound in yields, according to JPMorgan Chase & Co. strategists.
On a technical basis, the bank’s strategists still view the bear market as intact and expect the 10-year yield to exceed 2% in the months ahead.
What to watch this week:
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.5%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.5% to $1.1063
* The British pound fell 0.5% to $1.3339
* The Japanese yen was little changed at 115.45 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.85%
* Germany’s 10-year yield was little changed at 0.02%
* Britain’s 10-year yield advanced four basis points to 1.30%
Commodities
* West Texas Intermediate crude fell 2.2% to $108.20 a barrel
* Gold futures rose 0.9% to $1,939.50 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric, Isabelle Lee and Emily Graffeo.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Whatever task you undertake, do it with all your heart and soul.  Always be courteous, never be discouraged.  Beware of him who promises something for nothing. 
Do not blame anybody for your mistakes and failures. -Bernard M. Baruch, 1870-1965.

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

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

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

Dear Friends,

Tangents: Ash Wednesday today: The first day of Lent, so called from the Roman Catholic custom of sprinkling on the heads of penitents the consecrated ashes of palms remaining from the previous Palm Sunday.  The custom is of uncertain date but is commonly held to have  been introduced during the pontificate of Gregory the Great (reigned from 590-604 AD).  Lent derives from the Old English lencten, “spring” literally “lengthening”.  The Saxons called March Lenctenmōnath because in this month  the days noticeably lengthen.  As the chief part of the great fast, from Ash Wednesday to Easter, falls in March, it received the name lenctenfœsten or Lent.  The fast of 36 days was introduced in the 4^th century, but it did not become fixed at 40 days until the early 7^th century, thus corresponding with Christ’s fast in the wilderness.

A priest, a rabbit, and a minister walk into a bar.  The rabbit says, I might be a typo.

March 2, 1962: Wilt Chamberlain of the Philadelphia Warriors scored 100 points in a game against the New York Knicks, an NBA record that still stands.  Go to article »
1925: Highway numbers introduced.
1899: Mount Rainier National Park established.
Theodore Geisel, “Dr. Seuss” author, b. 1904.

Unless someone like you cares a whole awful lot, nothing is going to get better.  It’s not. –Dr. Seuss.

Fear less, hope more.  Whine less, breathe more.  Talk less, say more.  Hate less, love more.  And all good things are yours. –Swedish Proverb.

How to talk to your kids about Ukraine, according to psychologists.  It’s not an easy discussion, but a very important one. Here are tips to help your children understand – and open up – about the conflict in Ukraine.

New satellite launches to track Earth’s wild weather and dangerous space storms.  Experts say it has the most sophisticated and sharpest view yet of Earth’s Western Hemisphere – and it can spot wildfires before we do.

New astrobiology research predicts life “ as we don’t know it.” 

The history of the horned rabbit.

Russian oligarchs’ yachts head for the Maldives as sanctions are levied.

Late Show Hosts’ take on Biden’s First Sate of the Union Speech:

“Keep in mind, a week ago, this was going to be a totally different speech. But when Ukraine was invaded, the world changed. Because right now, there is a dictator who thinks he can violently conquer a sovereign democracy, but Joe Biden beat him in the last election.” — STEPHEN COLBERT

“Not everyone was focused on the speech. Kevin McCarthy was there but busy looking at his phone. To be fair, today’s Wordle was pretty tricky.” — STEPHEN COLBERT

“Of course the minority leader in the House not paying attention looked disrespectful. But keep in mind, he might’ve been on Amazon shopping for a spine.” — STEPHEN COLBERT

“It was a tough speech. Biden said that even though the country is divided right now — right now, we all need to come together and agree that the ‘Sex and the City’ reboot wasn’t anywhere near what we hoped it would be.” — JIMMY KIMMEL
PHOTOS OF THE DAY

A woman prepares for a performance during Nyepi, the annual day of silence marking Balinese Hindu new year
CREDIT: Firdia Lisnawati/AP

People gather at Menelik II Square to celebrate the 126th anniversary of Ethiopia’s victory over Italy at the Battle of Adwa
CREDIT: Minasse Wondimu Hailu/Anadolu Agency/Getty Images

MPs in the House of Commons give a standing ovation to the ambassador of Ukraine to the UK, Vadym Prystaiko, who was sitting in the public gallery
CREDIT: Jessica Taylor/UK Parliament/PA

Market Closes for March 2^nd, 2022

Market Index	Close	Change
Dow Jones	33891.35	+596.40
		+1.79%
S&P 500	4386.54	+80.28
		+1.86%
NASDAQ	13752.02	+219.56 +1.62%
TSX	21255.64	+251.13
		+1.20%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26393.03	-451.69
		-1.68%
HANG SENG	22343.92	-417.79
		-1.84%
SENSEX	55468.90	-778.38
		-1.38%
FTSE 100*	7429.56	+99.36 +1.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.818	1.711
CND. 30 Year Bond	2.057	1.987
U.S.    10 Year Bond	1.8767	1.7122
U.S. 30 Year Bond	2.2485	2.0991

Currencies

BOC Close	Today	Previous
Canadian $	0.7917	0.7848
US $	1.2631	1.2742
Euro Rate 1 Euro=		Inverse
Canadian $	1.4044	0.7120
US $	1.1119	0.8994

Commodities

Gold	Close	Previous
London Gold Fix	1922.00	1909.85
Oil
WTI Crude Future	110.60	103.41

Market Commentary:
On this day in 1844, the New York Stock Exchange raised the initiation fee for new members to $400 (or more than $9,400 in modern money).

Ukraine is a stark reminder that market forecasts are garbage, even though they’re made by thoughtful people. — Jared Dillian.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks rallied Wednesday after the Bank of Canada raised interest rates for the first time since 2018.
Financial and industrial stocks led the S&P/TSX Composite 1.2% higher in Toronto.
Today, information technology was the only industry group to fall, as 10 of 11 sectors gained; 164 of 240 shares rose, while 73 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.6%.
Converge Technology Solutions Corp. had the largest percentage increase, rising 6.3%.
Insights
* In the past year, the index had a similar or greater gain nine times. The next day, it advanced six times for an average 0.5% and declined three times for an average 0.3%
* This quarter, the index was little changed
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 2.5% below its 52-week high on Nov. 16, 2021 and 18.4% above its low on March 4, 2021
* The S&P/TSX Composite is up 2.5% in the past 5 days and fell 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.35t
* 30-day price volatility rose to 14.45% compared with 14.01% in the previous session and the average of 13.55% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 105.1710| 1.5| 25/3
* Industrials | 66.8757| 2.8| 23/7
* Energy | 45.9534| 1.4| 23/9
* Communication Services | 15.8564| 1.5| 6/1
* Consumer Discretionary | 10.5166| 1.5| 11/3
* Consumer Staples | 8.2933| 1.1| 10/1
* Real Estate | 4.9832| 0.8| 19/3
* Materials | 3.9115| 0.1| 23/31
* Health Care | 0.9445| 0.7| 3/4
* Utilities | 0.4575| 0.0| 9/7
* Information Technology | -11.9788| -0.8| 12/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | 32.2500| 2.6| -15.3| 4.7
* Canadian National | 25.4800| 4.0| 28.0| 1.6
* Canadian Pacific | 24.6600| 4.4| 21.2| 0.9
* Wheaton Precious Metals | -3.7380| -2.1| -0.2| 5.4
* Barrick Gold | -7.8050| -2.1| 0.6| 21.6
* Shopify | -19.0700| -2.9| -7.8| -52.1

US
By Rita Nazareth
(Bloomberg) — Stocks climbed after Federal Reserve Chair Jerome Powell said the U.S. economy is expanding with enough force to withstand rate hikes while pledging to be judicious in removing stimulus.
More than 90% of the companies in the S&P 500 advanced, with financial, material and energy shares leading the charge.
Two-year Treasury yields surpassed 1.5%, up from as little as 1.26% on Tuesday.
Global commodity markets surged to multiyear highs after traders backed away from Russia, sparking anxiety that supply will fall short in everything from wheat to natural gas.
Oil topped $110 a barrel.
Powell said the central bank will “proceed carefully,” emphasizing the “need to be nimble in responding to incoming data and the evolving outlook.”
The Fed chief also noted he’s inclined to back a quarter-point hike in March — in line with market expectations — and is open to “series of rate increases” in 2022.
Comments:
* “It is worth pointing out the great stress he placed, again, on being data-driven and nimble. Whereas a few weeks ago, that might have meant a very dynamic approach to inflation, it is quite likely this now means keeping a close eye on the economic growth numbers, said Jeanette Garretty, managing director at Robertson Stephens Wealth Management.
* “In light of the Chair’s testimony, and events so far this week, we retain our monetary policy outlook, which anticipates five 25bp hikes to the policy rate in 2022, starting in March.  We continue to expect a plan for (passive) balance-sheet normalization to be announced in May, and to be implemented in June,” said Barclays economists, led by Michael Gapen.  Earlier Wednesday, Fed Bank of St. Louis President James Bullard called for a “rapid withdrawal of policy accommodation,” while his Chicago counterpart Charles Evans said monetary policy is currently “wrong-footed” and needs to be upwardly adjusted toward neutrality.
Russia’s invasion was denounced by the United Nations General Assembly, underscoring Moscow’s increasing isolation on the global stage, as U.S. authorities weighed restrictions on imports.
The Russian military’s advance continued, while Ukraine said it will take part in a second round of talks with Moscow on Thursday.
The U.S. will postpone a Minuteman-III intercontinental ballistic missile test planned for this week to show restraint after President Vladimir Putin raised Russia’s nuclear alert level over the weekend, Pentagon spokesman John Kirby said.
In U.S. corporate news, Citigroup Inc. said profitability will fall as the bank pursues a strategy shift that will raise expenses in the near term.
Nordstrom Inc. soared after the retailer’s sales and guidance topped expectations.
Ford Motor Co. will separate its electric-vehicle operations from its legacy combustion-engine business in a historic reorganization of the 118-year-old company.
Sell-side analysts in the U.S. are getting more nervous about earnings forecasts, with profit revisions turning most negative since May 2020.
Downgrades are now outweighing upgrades as the war in Ukraine, rising oil prices and policy tightening may weigh on economic growth.
What to watch this week:
* ECB publishes the account of its February meeting, Thursday
* Eurozone Markit services PMI, PPI, unemployment, Thursday
* U.S. factory orders, initial jobless claims, U.S. durable goods, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.7%
* The Dow Jones Industrial Average rose 1.8%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1123
* The British pound rose 0.6% to $1.3403
* The Japanese yen fell 0.5% to 115.54 per dollar
Bonds
* The yield on 10-year Treasuries advanced 17 basis points to 1.90%
* Germany’s 10-year yield advanced 10 basis points to 0.03%
* Britain’s 10-year yield advanced 13 basis points to 1.26%
Commodities
* West Texas Intermediate crude rose 7.5% to $111.20 a barrel
* Gold futures fell 0.8% to $1,929 an ounce
–With assistance from Emily Barrett, Sunil Jagtiani, Andreea Papuc, Vildana Hajric, Peyton Forte and Emily Graffeo.

Have a wonderful evening.

Be magnificent!
As ever,

Carolann

A successful man is one who can lay a firm foundation with the bricks that others throw at him. -Rabbi Sidney Greenberg, 1918-2003.

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: Shrove Tuesday today, otherwise Pancake Day, the day before Ash Wednesday.

March: the month is so called from MARS, the Roman god of war. The old Dutch name for it was Lentmaand.  The old Saxon name was Hrēthmōnath, perhaps meaning “rough month”, from its boisterous winds.  This subsequently became Lenctenmōnath, “lengthening month”.  In the French Revolutionary calendar, the corresponding month was called Ventôse, meaning “windy”, extending from February 20^th – March 21^st.
March comes in like a lion and goes out like a lamb.  March begins with rough boisterous weather and ends calmly.

March 1, 1872: Yellowstone National Park established.
Yellowstone National Park celebrates 150 years.  Never stop exploring! This stunning photo gallery celebrating the park’s special anniversary may inspire you to visit.

1961: Peace Corps established.
1999: UN Land Mine Ban.

March1, 1974: Former Nixon White House aides H.R. Haldeman and John D. Ehrlichman and former Attorney General John Mitchell were indicted on obstruction of justice charges related to
the Watergate break-in.  Go to article »

Physicists are doubting everything about the structure of reality.

Tyrannosaurus rex may have been misunderstood.  Cue the ‘Jurassic Park’ theme song… Apparently, the T. rex may have had two equally terrifying sibling species.

The sad demise of that ship with all the Porsches and Lamborghinis.

Aretha Franklin’s granddaughter auditions on ‘American Idol’.  R-E-S-P-E-C-T to 15-year-old Grace Franklin who went for it – knowing she had very big shoes to fill.

PHOTOS OF THE DAY

A worker inspects a wind turbine at a power plant in the Gevaş district of Van. Van, with its deep valleys between the high mountains, is among the country’s most productive areas for wind energy
CREDIT: Anadolu Agency/Getty Images

High school students run at sunset as they practise for the track and field season in Kansas
CREDIT: Charlie Riedel/AP

Mayara Magri as Odette/Odile and Cesar Corrals as Prince Siegfried appear in the Royal Ballet’s production of Swan Lake at the Royal Opera House
CREDIT: Robbie Jack/Corbis/Getty Images

Market Closes for March 1^st, 2022

Market Index	Close	Change
Dow Jones	33294.95	-597.65
		-1.76%
S&P 500	4306.26	-67.68
		-1.55%
NASDAQ	13532.46	-218.94 -1.59%
TSX	21004.51	-121.85
		-0.58%

 

International Markets

Market Index	Close	Change
NIKKEI	26844.72	+317.90
		+1.20%
HANG SENG	22761.71	+48.69
		+0.21%
SENSEX	56247.28	+388.76
		+0.70%
FTSE 100*	7330.20	-128.05 -1.72%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.711	1.813
CND. 30 Year Bond	1.987	2.092
U.S.    10 Year Bond	1.7122	1.8250
U.S. 30 Year Bond	2.0991	2.1611

Currencies

BOC Close	Today	Previous
Canadian $	0.7848	0.7891
US $	1.2742	1.2673
Euro Rate 1 Euro=		Inverse
Canadian $	1.4177	0.7053
US $	1.1127	0.8987

Commodities

Gold	Close	Previous
London Gold Fix	1,909.85	1884.80
Oil
WTI Crude Future	103.41	95.72

Market Commentary:
On this day in 1935, the first U.S. savings bond was issued after Secretary of the Treasury Henry Morgenthau observed that the U.S. lacked a government savings plan like those of France and Great Britain.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities tumbled as investors plowed into safe haven investments Tuesday, and precious metals continued to gain on risks that sanctions against Russia for its invasion of Ukraine would hamper global growth.
The S&P/TSX  Composite fell 0.6% to 21,004.51 in Toronto.
Today, financial stocks led the market lower, as 7 of 11 sectors lost; 130 of 240 shares fell, while 108 rose.
Gold and silver miners surged and dominated the 10 top performing stocks on the Composite on Tuesday.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.3%.
Magna International Inc. had the largest drop, falling 7.9%.
Insights
* This quarter, the index has fallen 1%, heading for the biggest decline since the first quarter of 2020
* The index has advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 8.7% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on Nov. 16, 2021 and 17% above its low on March 4, 2021
* The S&P/TSX Composite is up 0.5% in the past 5 days and fell 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.37t
* 30-day price volatility fell to 14.01% compared with 14.37% in the previous session and the average of 13.51% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -135.5380| -1.9| 2/26
* Industrials | -28.7181| -1.2| 10/20
* Consumer Discretionary| -23.9850| -3.3| 0/14
* Information Technology| -22.9021| -1.5| 1/14
* Consumer Staples | -6.5934| -0.9| 3/7
* Real Estate | -4.1625| -0.7| 13/11
* Health Care | -3.0577| -2.1| 1/7
* Communication Services| 2.5672| 0.2| 4/3
* Utilities | 6.5942| 0.7| 10/6
* Energy | 28.5215| 0.9| 24/8
* Materials | 65.4135| 2.4| 40/14
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -42.1200| -3.3| 37.1| 2.0
* Royal Bank of Canada | -27.4600| -2.0| 4.2| 2.3
* Canadian National | -22.7200| -3.5| 23.1| -2.3
* Wheaton Precious Metals | 8.8970| 5.2| 36.0| 7.6
* Agnico Eagle Mines | 10.4900| 5.3| -12.8| 0.3
* Barrick Gold | 15.1200| 4.3| 75.7| 24.3

US
By Rita Nazareth
(Bloomberg) — A surge in oil sent shivers through risky assets Tuesday, reversing an early recovery in American stocks and sending some European markets down 4%.
Bonds rallied amid concern about the impact of war on global economies, with 10-year U.S. yields posting their worst four-day drop since December.
In the final moments of trading, the S&P 500 sank more than 2% as Apple Inc. said it has halted product sales in Russia.
The equity gauge rebounded from session lows, while closing down for a second straight day. Crude traded near $105 a barrel, raising fears about potentially higher inflation that could complicate
the Federal Reserve’s job at a time when Russia’s invasion of Ukraine is seen as a threat to global growth.
Bonds climbed, with swaps linked to the Fed’s March 16 meeting dwindling to 22 basis points of tightening.
That suggests traders don’t even expect a full quarter-point hike — a contrast from last month, when a half-point move was all but fully priced.
“Investors struggle to go long risk as the Russia-Ukraine crisis intensifies and as surging oil prices threaten economic growth prospects,” said Edward Moya, senior market analyst at Oanda. “Stagflation risks have never been greater, and that should continue to fuel the many commodity super cycles that are running hot.”
Commodity prices soared the most since 2009 as Russia’s invasion of Ukraine threatens key supplies of energy, crops and metals that were already tight as major economies emerged from the pandemic. President Joe Biden is being pressured by lawmakers in both parties to cut off U.S. imports of Russian oil and gas.
Such a move would likely send gasoline prices surging, adding to inflation pressures.
Biden will deliver his State of the Union speech at 9 p.m. in Washington.
Not since 2003, when George W. Bush laid out his case for war against Iraq, or 2010, when Barack Obama was confronting the financial crisis, has a U.S. leader delivered his annual address to Congress in such a fraught moment.
Meantime, Fed Chair Jerome Powell will try to reassure lawmakers this week that the central bank will act to curb the hottest inflation in four decades while remaining flexible in the face of geopolitical uncertainties.
He’s set to testify in a semiannual monetary-policy testimony to House and Senate panels starting Wednesday.

More comments:
* “The Russia/Ukraine conflict is driving oil and other commodity prices higher, which does present the possibility of inflation remaining higher for longer,” wrote Lindsey Bell, chief markets and money strategist at Ally.
* “We are wrestling with the news cycle, and how prolonged hostilities in Ukraine would slow economic growth,” said Larry Weiss, head of equity trading at Instinet. “There’s thoughts that this slowdown would be cause for less hawkish moves by the Fed.”
* Given the heightened uncertainty surrounding Ukraine, a half-point Fed hike “would simply be too aggressive at the moment,” wrote Win Thin, global head of currency strategy at Brown Brothers Harriman.
Russia said it would press forward with its invasion of Ukraine as the war enters a more brutal stage. European Union ambassadors agreed to exclude seven Russian banks from the SWIFT financial-messaging system, but spared the nation’s biggest lender Sberbank and a bank part-owned by Russian gas giant Gazprom.

U.S. equities are off to another rocky start this year as prospects for higher interest rates and Russia’s invasion of Ukraine combine to put the “stocks-only-go-up” mantra to the test.
The S&P 500 saw back-to-back monthly declines for the first time in almost a year and a half.
One ray of hope for investors: Each of the last four times the gauge closed lower through February, it finished the year higher by at least 9.5%.
What to watch this week:
* Fed Chair Jerome Powell testifies to Congress on monetary policy, Wednesday and Thursday
* OPEC+ meeting, Wednesday
* Eurozone CPI, Wednesday
* Bank of Canada rate decision, Wednesday
* ECB publishes the account of its February meeting, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.6%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.8% to $1.1134
* The British pound fell 0.7% to $1.3328
* The Japanese yen rose 0.2% to 114.81 per dollar
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 1.73%
* Germany’s 10-year yield declined 21 basis points to -0.07%
* Britain’s 10-year yield declined 28 basis points to 1.13%
Commodities
* West Texas Intermediate crude rose 9.5% to $104.80 a barrel
* Gold futures rose 2.6% to $1,949.70 an ounce
–With assistance from Andreea Papuc, Robert Brand, Matt Turner, Divya Balji, Lu Wang, Isabelle Lee and Vildana Hajric.
Have  a wonderful evening.

Be magnificent!

As ever,

Carolann

The future is always beginning now. –Mark Strand, 1934-2014.

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

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

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

Dear Friends,

Tangents:
On Feb. 27, 1991, President George H.W. Bush declared that “Kuwait is liberated, Iraq’s army is defeated,” and announced that the allies would suspend combat operations at midnight. Go to article »

The 28th Annual SAG Awards: If you’re searching for a top-tier TV series or movie to watch, look no further. Here are the winners of the year’s best television and film performances. 

Elon Musk activates SpaceX satellite internet service in Ukraine.  Ukraine asked Musk to provide internet service to the country amid Russian attacks, and Musk delivered.

“The Batman” hits theaters Friday.  Ladies and gentlemen… Robert Pattinson is Batman and Zoë Kravitz is Catwoman. Intrigued? 

Want some more inspiration on travels for the year ahead? Here are 24 other irresistible ideas.

Don’t be too quick to dismiss everything about the Gilded Age. — Adrian Wooldridge 

The sun could help make desalination cheap.

What you eat affects how you sleep.

PHOTOS OF THE DAY

Flooding around Tewkesbury Abbey close to where the Rivers Severn and Avon meet
CREDIT: Ben Birchall/PA

Tourists enjoy a flower viewing tour at Meihua
CREDIT: Sipa Asia/Rex/Shutterstock

Staff members from the Hoshinoya Tokyo hotel demonstrate its lantern dining experience, where lanterns made by Kojima Shoten – a shop in Kyoto – are used to shroud diners for mask-free dining
CREDIT: Philip Fong/AFP/Getty Images

Market Closes for February 28^th, 2022

Market Index	Close	Change
Dow Jones	33892.60	-166.15
		-0.49%
S&P 500	4373.94	-10.71
		-0.24%
NASDAQ	13751.40	+56.78 +0.41%
TSX	21126.36	+20.36
		+0.10%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26526.82	+50.32
		+0.19%
HANG SENG	22713.02	-54.16
		-0.24%
SENSEX	56247.28	+388.76
		+0.70%
FTSE 100*	7458.25	-31.21 -0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.813	1.900
CND. 30 Year Bond	2.092	2.173
U.S.    10 Year Bond	1.8250	1.9617
U.S. 30 Year Bond	2.1611	2.2738

Currencies

BOC Close	Today	Previous
Canadian $	0.7891	0.7864
US $	1.2673	1.2716
Euro Rate 1 Euro=		Inverse
Canadian $	1.4219	0.7033
US $	1.1220	0.8918

Commodities

Gold	Close	Previous
London Gold Fix	1884.80	1936.30
Oil
WTI Crude Future	95.72	92.59

Market Commentary:
On this day in 1950, New York City financial executive Frank McNamara and his attorney Ralph Schneider had dinner at the Major’s Cabin Grill Restaurant on 33rd St. in Manhattan. When the check came, Mr. McNamara handed the waiter a small paper Diners’ Club card and asked to charge the bill. After a year of preparation by Mssrs. McNamara and Schneider, the first charge-card transaction had taken place.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian energy equities rose Monday, thanks to a 4.6% jump in crude oil futures, and led gains on the S&P/TSX Composite Index.
The Composite advanced slightly to 21,126.36 in Toronto.
Nutrien Ltd. contributed the most to the index gain, increasing 5.7%.
Ballard Power Systems Inc. had the largest percentage increase, rising 16.5%.
Today, 124 of 240 shares rose, while 112 fell; 4 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index was little changed
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3.1% below its 52-week high on Nov. 16, 2021 and 17.8% above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.6% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.37t
* 30-day price volatility fell to 14.37% compared with 14.62% in the previous session and the average of 13.43% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 75.1814| 2.3| 32/0
* Information Technology | 18.3705| 1.3| 10/6
* Materials | 15.9886| 0.6| 27/27
* Utilities | 9.8964| 1.1| 15/1
* Health Care | -0.6548| -0.5| 4/2
* Industrials | -3.8434| -0.2| 16/13
* Real Estate | -6.0525| -1.0| 5/18
* Communication Services | -6.0658| -0.6| 2/5
* Consumer Discretionary | -7.8196| -1.1| 5/9
* Consumer Staples | -15.3931| -2.0| 1/10
* Financials | -59.2294| -0.8| 7/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Nutrien | 22.8700| 5.7| 186.8| 14.7
* Shopify | 15.5600| 2.3| 17.4| -49.5
* Canadian Natural Resources | 10.2600| 1.8| 15.1| 32.5
* Couche-Tard | -8.4130| -2.9| 139.8| -6.1
* CIBC | -9.8200| -1.9| 123.2| 8.8
* TD Bank | -30.0000| -2.3| 31.6| 5.5

US
By Rita Nazareth
(Bloomberg) — Stocks pared losses, while bonds joined gains in haven assets after a wall of sanctions against Russia for the invasion of Ukraine roiled markets around the world.
The S&P 500 trimmed most of its earlier drop, led by gains in energy and industrial companies.
The gauge still headed toward its second month of declines — the longest losing streak since October 2020.
The Cboe Volatility Index, known as the market’s “fear gauge,” surged.
Treasuries jumped, driving two-year yields near where they were before a steeper-than-expected inflation report earlier this month.
The Swiss franc staged its biggest gain against the euro since 2018, and gold held near the more than 13-month high hit last week.
Oil pared its advance as the U.S. and its allies considered releasing about 60 million barrels of crude from emergency stockpiles to quell supply fears.
Bitcoin rallied almost 12%.
The mounting sanctions against Russia are increasing the risk for investors that the nation’s stocks and bonds could be kicked out of major global benchmarks, effectively cutting them off from a big segment of the investment-fund industry.
MSCI Inc. said it is consulting with clients to understand the implications of those sanctions for markets and could move to kick the nation’s assets out of its key equity gauges.
At the same time, Goldman Sachs Group Inc. warned of the risk of Russian debt being removed from a widely followed JPMorgan Chase & Co. index.
As Russia canceled trading of stocks in Moscow on Monday, London-listed shares of Russian companies cratered.
Depositary receipts for lender Sberbank of Russia sank 74%, the most on record, while retailer Magnit slid 80%.
Gas giant Gazprom dropped 53%.
Traders struggled to price the ruble, with the currency losing a third of its value in offshore trading at one point.
Quotes were infrequent and volatile at the start of the session, with low liquidity making it difficult to match buyers and sellers.
President Vladimir Putin announced countersanctions as countries around the world piled up penalties against Russia’s invasion of Ukraine.
The government in Kyiv reported that civilians were killed by shelling in the second-largest city Kharkiv as fighting intensified across the nation.
Britain stepped up its own sanctions, including telling ports not to service Russian-flagged vessels, while Poland warned Moscow may try to seal off part of Ukraine’s border with the European Union.
Comments:
* “The situation in Ukraine remains highly unpredictable with no simple off-ramp. Investors are advised to stretch their time horizon, as events in the region continue to create challenges in the near term,” said Robert Teeter, managing director of Silvercrest Asset Management.
* “This invasion simply adds another risk to the mix that’s unlikely to disappear quickly,” wrote Morgan Stanley strategists led by Mike Wilson, referring to the Russian invasion of Ukraine.
“In a world where valuations remain elevated and earnings risk is rising, last week’s tactical rally in equities will likely run out of momentum in March as the Fed begins to tighten in earnest and the earnings picture deteriorates,”
* “We do not view this as a time to de-risk,” said Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management. “Drawdowns based on geopolitical events have been brief: If we look at S&P 500 performance following key military conflicts since 1945, markets were usually down within the first week. But on 14 of the 18 occasions they were up within three months, with a median performance of around 2%.”

What to watch this week:
* President Joe Biden State of the Union address, Tuesday
* Reserve Bank of Australia policy decision, Tuesday
* Fed Chair Jerome Powell testifies to Congress on monetary policy, Wednesday and Thursday
* OPEC+ meeting, Wednesday
* Eurozone CPI, Wednesday
* Bank of Canada rate decision, Wednesday
* ECB publishes the account of its February meeting, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 3:58 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.5% to $1.1212
* The British pound was little changed at $1.3413
* The Japanese yen rose 0.5% to 114.97 per dollar
Bonds
* The yield on 10-year Treasuries declined 13 basis points to 1.84%
* Germany’s 10-year yield declined 10 basis points to 0.13%
* Britain’s 10-year yield declined five basis points to 1.41%
Commodities
* West Texas Intermediate crude rose 4.9% to $96.05 a barrel
* Gold futures rose 1.2% to $1,910.80 an ounce
–With assistance from Akshay Chinchalkar, Abigail Moses, Vildana Hajric, Isabelle Lee, Peyton Forte, Emily Graffeo, Matt Turner and Divya Balji.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

When love and skill work together, expect a masterpiece. –John Ruskin, 1819-1900.

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

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

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

Dear Friends,

Tangents: Happy Friday. J
Feb. 25^th, 1991: An Iraqi Scud missile hit a U.S. barracks in Dhahran, Saudi Arabia, killing 28 Americans during the Persian Gulf War.  Go to article »

Fe. 25, 1947: Soviet NKVD forces in Hungary abduct Béla Kovács, secretary-general of the majority Independent Smallholders’ Party (a liberal to socialist party) and deport him to the USSR in defiance of Parliament.  His arrest is an important turning point in the Communist takeover of Hungary.  In 1956, national uprising in Hungary is viciously crushed by Soviet tanks and troops.

August Renoir, painter, b. 1841.

Breakthrough paves way for map of the world under Earth’s surface.

Netflix picks up ‘Vikings: Valhalla’ from History channel.  Add this to your watch-list if you enjoy epic battles and violent drama.

The Philippines’ best breakfast foods.  Just prepare to be hungry after viewing these mouth-watering pictures. Enjoy! 

Sean Penn is in Ukraine, working on a documentary.  The Oscar-winning actor is in the thick of the action for a documentary on the Russian invasion.

Stephen Colbert called it “a dark day.”
“Over the last five years, we’ve seen democracy repeatedly undermined, tragic, unprecedented firestorms, a global pandemic,” Colbert said. “Well this morning, Vladimir Putin looked at all of that and said, ‘Hold my vodka.’”
“Then, as the invasion began, the ex-prez took to Russian state media — sorry, I misread that: Fox News.” — STEPHEN COLBERT

“Russian President Vladimir Putin declared war last night against Ukraine, and this is nice: Trump offered to host the after party.” — SETH MEYERS

PHOTOS OF THE DAY

Everton Simpson transplanting staghorn coral harvested from a nursery in the White River fish sanctuary off Ocho Rios, Jamaica. The former spear fisher and scuba-diving instructor is a ‘coral gardener’, part of grassroots efforts to rescue Jamaica’s coral reefs.
CREDIT: David J Phillip/AP

A polar bear cub takes its first steps outside in an enclosure at the zoological and botanical park
CREDIT: Sébastien Bozon/AFP/Getty Images

Penguins of the Lasta-Rica circus are given a tour of the Bryansk Regional Art Museum. The penguins came to the circus in March 2020, but all the events were cancelled amid the COVID-19 pandemic. The Bryansk circus is opening after 10 months of down time
CREDIT: Vyacheslav Prokofyev/TASS

Market Closes for February 25^th, 2022

Market Index	Close	Change
Dow Jones	34058.75	+834.92
		+2.51%
S&P 500	4384.65	+95.95
		+2.24%
NASDAQ	13694.63	+221.05 +1.64%
TSX	21106.00	+344.06
		+1.66%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26476.50	+505.68
		+1.95%
HANG SENG	22767.18	-134.38
		-0.59%
SENSEX	55858.52	+1328.61
		+2.44%
FTSE 100*	7489.46	+282.08 +3.91%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.900	1.919
CND. 30 Year Bond	2.173	2.201
U.S.    10 Year Bond	1.9617	1.9634
U.S. 30 Year Bond	2.2738	2.2782

Currencies

BOC Close	Today	Previous
Canadian $	0.7864	0.7808
US $	1.2716	1.2808
Euro Rate 1 Euro=		Inverse
Canadian $	1.4326	0.6980
US $	1.1266	0.8877

Commodities

Gold	Close	Previous
London Gold Fix	1936.30	1904.70
Oil
WTI Crude Future	92.59	93.41

Market Commentary:
On this day in 1862, President Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.7%, or 344.06 to 21,106.00 in Toronto. The move
was the biggest gain since Jan. 31.
Today, financials stocks led the market higher, as all sectors gained; 197 of 240 shares rose, while 41 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.3%. Baytex Energy Corp. had the largest increase, rising 14.2%.
Terminal users can read more in our markets live blog.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This month, the index was little changed
* So far this week, the index rose 0.5%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3.2% below its 52-week high on Nov. 16, 2021 and 17.7% above its low on Feb. 26, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.32t
* 30-day price volatility rose to 14.62% compared with 13.71% in the previous session and the average of 13.24% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 155.1610| 2.3| 26/2
* Energy | 63.3810| 2.0| 31/1
* Materials | 46.6656| 1.8| 42/11
* Industrials | 32.9849| 1.4| 23/7
* Information Technology | 11.5998| 0.8| 10/5
* Consumer Staples | 11.0862| 1.5| 8/3
* Consumer Discretionary | 8.2313| 1.1| 11/3
* Communication Services | 6.8152| 0.7| 6/1
* Real Estate | 4.3307| 0.7| 23/1
* Utilities | 1.9238| 0.2| 12/4
* Health Care | 1.8713| 1.3| 5/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 29.2500| 2.3| -19.2| 7.9
* Royal Bank of Canada | 26.9700| 2.0| -6.5| 4.6
* CIBC | 26.9000| 5.6| 62.4| 11.0
* Stantec | -1.6690| -3.3| 114.4| -10.2
* CCL Industries | -2.2250| -3.6| 171.3| -12.6
* Agnico Eagle Mines | -2.3040| -1.1| -16.9| -2.0

US
By Isabelle Lee and Cecile Gutscher
(Bloomberg) — U.S. equities rose for a second day as economic data and uncertainty due to Russia’s war in Ukraine caused traders to pull back on bets the Federal Reserve will aggressively hike interest rates next month.
The S&P 500 advanced, with eight of the 11 sectors jumping more than 2%.
Meanwhile, gains in the tech-heavy Nasdaq 100 lagged as geopolitical tensions continued to weighed on richly-valued technology shares.
While global stocks are staging a powerful bounce, the rebound remains small compared with the day-after-day declines that came in the weeks before the invasion.
It’s coming in a market where fund managers cut positions furiously in January and February, loaded up on options-market insurance and plowed into short sales — precautions that may be feeding the velocity
of the turnaround.
Russia said it was willing to hold talks with Kyiv.
However, there was no indication of Ukraine acceding to demands nor signs of a halt in fighting.
The U.S. plans to join allies in sanctioning Russian President Vladimir Putin.
Treasuries were flat while the dollar and gold retreated, signaling flagging demand for havens.
Crude oil in New York fell to about $92 a barrel.
“What we are experiencing right now is a relief rally that basically caused many short sellers to cover their shorts. But I don’t think the volatility has concluded,” said Sam Stovall, chief investment strategist of CFRA Research. “At least in the near term, Wall Street is saying it’s time to go back to stocks — instead of being in cash or possibly being in Treasuries.”
A prolonged conflict could deliver a major blow to global markets and slow the normalization of central bank policy that’s expected this year.
Yet on the other hand, disruptions of raw materials and food could also stoke already-high prices and heap
pressure on central banks to act faster to curb inflation.
The Federal Reserve reiterated its view Friday that it will “soon” be time to raise interest rates.
Markets still see around six quarter-point increases by the Fed, but bets on other central bank’s hiking cycles have been pared in recent days.
“This conflict implies a further deterioration of the  already tricky growth-inflation trade-offs central banks have been facing, making the upcoming decisions particularly hard,”  Silvia Dall’Angelo, senior economist at the international business of Federated Hermes, wrote in a note to clients.
“Downside growth risks from the geopolitical backdrop mean that they are likely to proceed gradually and cautiously.”
In contrast, Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said the idea that risk assets should rally because the Fed was less likely to raise rates seemed like a “head fake.”
“The market has been incredible sanguine about the impact of the war in Ukraine, completely missing the reason the Fed is raising rates and why they can’t slow down their pace of tightening,” he said. “With inflation likely to be exacerbated by disruptions due to war, the Fed needs to do the opposite of what they would normally do, and that’s to fight an even bigger threat of inflation.”
U.S. consumer spending advanced by more than expected last month, despite inflation and the omicron virus variant.
Yet, consumer sentiment was still down sharply from January, according to a University of Michigan index.
“Solid economic growth confirms that the Fed does or can move forward with higher interest rates,” said CFRA’s Stovall.
“Inflation says it needs to and higher economic activity says it has the ability to.”
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 2.5%
* The MSCI World index rose 2.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.7% to $1.1266
* The British pound rose 0.2% to $1.3412
* The Japanese yen was little changed at 115.54 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.97%
* Germany’s 10-year yield advanced six basis points to 0.23%
* Britain’s 10-year yield advanced one basis point to 1.46%
Commodities
* West Texas Intermediate crude fell 0.5% to $92.37 a barrel
* Gold futures fell 1.8% to $1,891.80 an ounce
–With assistance from Jennifer Bissell-Linsk, Emily Graffeo and Ben Sharples.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It isn’t where you came from, it’s where you’re going that counts. -Ella Fitzgerald, 1917-1996.

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.
1903 The United States signed an agreement acquiring a naval station at Guantanamo Bay in Cuba.  Go to article »

Steve Jobs, founder Apple Computers, b. 1955.
George Harrison, musician, b. 1943.

Pets can boost your brain power, study says.  The best type of therapist has fur and four legs! Not only do pets provide stress reduction, our furry (and scaly) friends also improve cognitive health.
 
Viola Davis plays Michelle Obama in new series “The First Lady”.  The pressure! Davis said it keeps her up at night knowing the Obamas might see her work.

A doghouse struck by a meteorite has sold at auction for $44,000.  Fun fact: Objects hit by meteorites are actually more valuable than the meteorite itself!

Did the dinosaurs die on a pleasant North Dakota spring day?

PHOTOS OF THE DAY

Grace Wangare of the Ocean Sole flip- flop recycling company displays finished toys made from pieces of discarded flip-flops
CREDIT: Simon Maina/AFP/Getty Images

A visitor looks at exhibits during the 41th International Contemporary Art Fair at Ifema. One hundred and eighty-five galleries from 30 countries are taking part
CREDIT: Samuel de Roman/Getty Images

The Lucerne carnival (Fasnacht) starts with the ‘Urknall’ (Big Bang) at five in the morning while a boat brings ‘brother Fritschi’, a traditional figure and his family to the city on Fat Thursday
CREDIT: Philipp Schmidli/EPA

Market Closes for February 24^th, 2022

Market Index	Close	Change
Dow Jones	33223.83	+92.07
		+0.28%
S&P 500	4288.70	+63.20
		+1.50%
NASDAQ	13473.59	+436.10 +3.35%
TSX	20761.93	+17.76
		+0.09%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25970.82	-478.79
		-1.81%
HANG SENG	22901.56	-758.72
		-3.21%
SENSEX	54529.91	-2702.15
		-4.72%
FTSE 100*	7207.38	-290.80 -3.88%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.919	1.976
CND. 30 Year Bond	2.201	2.243
U.S.    10 Year Bond	1.9634	1.9912
U.S. 30 Year Bond	2.2782	2.2941

Currencies

BOC Close	Today	Previous
Canadian $	0.7808	0.7854
US $	1.2808	1.2733
Euro Rate 1 Euro=		Inverse
Canadian $	1.4343	0.6972
US $	1.1199	0.8930

Commodities

Gold	Close	Previous
London Gold Fix	1904.70	1900.10
Oil
WTI Crude Future	93.41	92.70

Market Commentary:
On this day in 1982, the first stock-index futures began trading, as futures contracts on the Value Line stock index opened for dealing in the pits of the Kansas City Board of Trade
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks erased earlier losses, closing the session higher on a rally in technology stocks as investors weighed whether Russia’s invasion in Ukraine could cause central banks to ease on plans for aggressive interest rate hikes.
The S&P/TSX Composite advanced 0.1% to 20,761.93 in Toronto, ending a 5-day loss, led higher by tech. The S&P/TSX Composite Information and Technology Sector Index climbed 4.7%, the most in nearly three weeks.
Shopify Inc. contributed the most to the index gain, increasing 6.4%. Energy Fuels Inc/Canada had the largest increase, rising 12.1%.
Today, 116 of 240 shares rose, while 123 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This month, the index fell 1.6%
* So far this week, the index fell 1.2%
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 7.3% in the same period
* The S&P/TSX Composite is 4.7% below its 52-week high on Nov. 16, 2021 and 15.8% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 2.9% in the past 5 days and rose 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.31t
* 30-day price volatility fell to 13.71% compared with 13.75% in the previous session and the average of 13.14% over the past month
================================================================
|Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology| 64.6146| 4.7| 15/1
Industrials | 30.3852| 1.3| 19/11
Energy | 17.9373| 0.6| 21/11
Utilities | 9.9965| 1.1| 13/3
Consumer Staples | 5.8355| 0.8| 6/5
Communication Services| 5.1672| 0.5| 2/5
Health Care | 3.0926| 2.2| 6/2
Real Estate | -1.5380| -0.2| 6/18
Consumer Discretionary| -2.0033| -0.3| 7/7
Materials | -11.5734| -0.4| 14/39
Financials | -104.1565| -1.5| 7/21
================================================================
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 40.0600| 6.4| 12.3| -51.2
Brookfield Asset Management | 15.5200| 2.3| 61.0| -10.7
Nutrien | 13.5500| 3.6| 110.7| 4.3
Bank of Nova Scotia| -18.5000| -2.4| 69.2| -0.8
Royal Bank of Canada | -28.1500| -2.1| 110.3| 2.5
TD Bank | -28.8800| -2.2| 37.6| 5.5
US
By Jennifer Bissell-Linsk and Isabelle Lee
(Bloomberg) — U.S. stocks erased losses to trade higher Thursday, with investors finding refuge in large-cap American technology shares, as a decline in oil prices eased concern Russia’s invasion of Ukraine would result in an immediate worsening of the inflation picture.
The S&P 500 added 1.5%, the Nasdaq 100 gained 3.4% and the Dow Jones Industrial Average was 0.3% higher after teetering on the edge of a correction as the conflict with Russia cast a pall over global markets.
The Stoxx Europe 600 fell 3.3% and Russian shares slumped the most on record.
Russian President Vladimir Putin said Russia doesn’t plan to “occupy” its neighbor as military forces entered, accompanied by missile and artillery fire, but that action was necessary after the U.S. and its allies crossed Russia’s “red line” by expanding the NATO alliance.
U.S. President Joe Biden responded with additional sanctions Thursday and said the U.S. would release more strategic oil as conditions warrant.

“Russia invading Ukraine has added to an already tense year, with investors selling first and asking questions later,” Ryan Detrick, LPL Financial chief market strategist, said. “But it is important to know that past major geopolitical events were usually short-term market issues, especially if the economy was on solid footing.”
West Texas Intermediate crude pared back advances of as much as 9% to 1%.
The yield on the 10-year Treasury yield slid to 1.96%. Gold reversed previous gains.
Elsewhere, the dollar and yen jumped as the euro and commodity-linked currencies retreated.
The conflict threatens to disrupts the cost of raw materials and food globally as Russia remains a commodity powerhouse and Ukraine is a major grain exporter.
Earlier in the session, natural gas in Europe rose as much as 62% while metals spiked, piling on inflationary pressures.

“Central banks around the world have really taken a concerted effort to tamp down inflation without significant disruption or without the likelihood of monetary policy mistakes,” said Keith Buchanan, portfolio manager at Global Investments. “If we have inflation pressures accelerating at the same time that growth prospects diminishing, that’s definitely concerning.”
Such a backdrop heralds fresh challenges for a global recovery that was already struggling with elevated prices and tightening monetary policy.
Money market indicators for inflation expectations are rearing up again.
Two-year breakeven rates on U.S. Treasury inflation-protected securities — or the difference between those yields and the ones on typical Treasuries — are at the highest since Bloomberg started compiling the data in 2004.
“This is a triple-hit to the global economy, with a toxic combination of higher inflation, lower economic growth, and greater uncertainty,” Ben Laidler, global markets strategist at eToro, said. “The only silver lining is growth is strong, a buffer to any slowdown, and policymakers and investors already prepared for high inflation.”
Investors remain worried that Fed tightening could choke expansion in the world’s largest economy.
Cleveland Fed President Loretta Mester said a U.S. rate hike in March remains appropriate, barring an unexpected turn, while Atlanta Fed President Raphael Bostic said he’s open to four or more rate
hikes, depending on the data.
Expectations for six quarter-point hikes by the Fed this year remain in line with what was priced in before the attacks on Ukraine. 
Here are some events to watch this week:
* U.S. consumer income, U.S. durable goods, PCE deflator, University of Michigan consumer sentiment 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 3.4%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 0.9% to $1.1200
* The British pound fell 1.1% to $1.3391
* The Japanese yen fell 0.5% to 115.60 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.96%
* Germany’s 10-year yield declined six basis points to 0.17%
* Britain’s 10-year yield declined three basis points to 1.45%
Commodities
* West Texas Intermediate crude rose 1.3% to $93.27 a barrel
* Gold futures fell 0.6% to $1,899.70 an ounce
–With assistance from Peyton Forte, Cecile Gutscher, Sunil Jagwani and Andreea Papuc.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

There ain’t nothing but one thing wrong with every one of us, and that’s selfishness. –Will Rogers,  1879-1935.

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: 1945: Iwo Jima Day.
1954:  First mass inoculation against polio with the Jonas Salk vaccine takes place at Arsenal Elementary School in Pittsburgh, Pennsylvania.

Archaeologists uncover a massive Roman mosaic floor in London.

Turns out happiness is a superpower.

Meet the ultra-introverts.

‘Hank the Tank,’ a 500-pound bear, is breaking into California homes.  Imagine going to grab a midnight snack from the kitchen and then you see… Hank. 

Striking images from Sony World Photography Awards finalists revealed.  Which of these incredible photos is your favorite? There’s so much talent here, it’s hard to pick just one!

You should be eating citrus this month.  Here are some fruits and recipes that will lift your spirits if you’re feeling a little winter drag.

To many people think the grass is greener somewhere else.  The grass is green wherever you water it.

Russia’s imminent invasion of Ukraine was the talk of late night on Tuesday, when Stephen Colbert sought to answer why Vladimir Putin planned to send troops into another country.
“He claims it’s to carry out ‘peacekeeping functions,’ and it’s true,” Colbert said. “I keep this piece of Ukraine. I keep that piece of Ukraine. I keep all the pieces of Ukraine. I am piece-keeping,” he said, imitating Putin.

“Putin appears to be inching toward a full-scale attack on Ukraine. Trump, of course, called him a genius and called the idea ‘wonderful’ today. What kind of hotel room hidden camera video does that Putin have? We want to see it already.” — JIMMY KIMMEL

So, that means no Russian money in the U.S. There goes Tucker Carlson’s sponsors.” — STEPHEN COLBERT

PHOTOS OF THE DAY

nside the newly opened Museum of the Future, which Dubai’s leader has called the ‘most beautiful building on earth’
CREDIT: Ali Haider/EPA

Pigeons line up on wires with a backdrop of heavy snowfall in the Kashmir valley
CREDIT: Photograph: Idrees Abbas/Sopa Images/Rex/Shutterstock

Snorkellers look for sharks in the Mediterranean Sea. The hot water gushing from a nearby industrial plant draws sandbar sharks to the area
CREDIT: Ariel Schalit/AP

Market Closes for February 23^rd, 2022

Market Index	Close	Change
Dow Jones	33131.76	-464.85
		-1.38%
S&P 500	4225.50	-79.26
		-1.84%
NASDAQ	13037.49	-344.03 -2.57%
TSX	20744.17	-163.65
		-0.78%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26449.61	-461.26
		-1.71%
HANG SENG	23660.28	+140.28
		+0.60%
SENSEX	57232.06	-68.62
		-0.12%
FTSE 100*	7498.18	+3.97 +0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.976	1.922
CND. 30 Year Bond	2.243	2.196
U.S.    10 Year Bond	1.9912	1.9390
U.S. 30 Year Bond	2.2941	2.2371

Currencies

BOC Close	Today	Previous
Canadian $	0.7854	0.7932
US $	1.2733	1.2768
Euro Rate 1 Euro=		Inverse
Canadian $	1.4395	0.6947
US $	1.1305	0.8845

Commodities

Gold	Close	Previous
London Gold Fix	1900.10	1894.45
Oil
WTI Crude Future	92.70	92.35

Market Commentary:
On this day in 1995, Wall Street was in what a trader at Furman Selz called a “jubilant, boisterous” mood as Alan Greenspan told Congress he saw no need for the Fed to raise interest rates. Less than four years after it broke the 3000 mark, the Dow Jones Industrial Average closed above 4000 for the first time, finishing the day at 4003.33. The Wall Street Journal said the next day: “Stocks Cross 4000 for the First Time, But the Visit There May Be Brief,” and warns that a correction was “inevitable.”
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell for the fifth session, dropping to the lowest point in a month, as global governments expanded sanctions against Russia.
The S&P/TSX Composite fell for the fifth day, dropping 0.8%, or 163.65 to 20,744.17 in Toronto.
The index dropped to its lowest closing level since Jan. 28.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.3%. New Gold Inc. had the largest drop, falling 13.2%.
Today, 150 of 240 shares fell, while 88 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 1.7%
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 6.8% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on Nov. 16, 2021 and 15.7% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 3.5% in the past 5 days and rose 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 14.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.34t
* 30-day price volatility rose to 13.75% compared with 13.72% in the previous session and the average of 13.12% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -90.4675| -1.3| 1/27
* Industrials | -48.8497| -2.0| 3/27
* Information Technology | -21.0200| -1.5| 0/16
* Communication Services | -9.5168| -0.9| 0/7
* Consumer Discretionary | -6.6401| -0.9| 3/11
* Health Care | -3.6732| -2.6| 2/6
* Utilities | -2.2043| -0.2| 6/9
* Consumer Staples | -1.9210| -0.3| 3/8
* Real Estate | -0.4686| -0.1| 12/12
* Energy | 9.8020| 0.3| 23/8
* Materials | 11.3154| 0.4| 35/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of Canada | -18.1800| -1.3| -3.5| 4.6
* TD Bank | -17.5000| -1.3| -17.1| 7.9
* Canadian National | -15.9700| -2.4| -31.4| -1.3
* SSR Mining | 3.1230| 9.3| 107.2| 13.1
* Enbridge | 3.3340| 0.5| -54.7| 7.1
* Agnico Eagle Mines | 4.2030| 2.0| 6.9| 3.9

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — U.S. equities fell Wednesday as U.S. President Joe Biden expanded sanctions against Russia, with new penalties hitting the Nord Stream 2 pipeline and its corporate officers.
The S&P 500 shed 1.8%, pushing further into correction territory, as technology stocks sold off amid the rising tensions and a cyberattack on several Ukraine government and bank websites.
Treasuries extended losses and the dollar was little changed.
Investors have been weighing the potential impact of an initial tranche of Western sanctions after Biden said Tuesday Russia had started to invade Ukraine.
The sanctions – and others by U.S. allies — stopped short of sweeping measures, though officials warned they could be scaled up.
“There was some optimism among investors we spoke to as the White House’s Russia sanctions were not as sweeping as originally expected, but our sense is that this saga is far from over and most of our contacts expect both additional sanctions in the days ahead as well as a targeted legislative package,” wrote BTIG’s Isaac Boltansky.
Fears that the Ukraine tension could snarl commodity supplies — putting further pressure on inflation —  has bolstered everything from energy to wheat and nickel.
Gold climbed.
Oil fluctuated after earlier gains.
Elsewhere, the CBOE Volatility index rose to the highest since late January before paring back advances.
A key question is whether or not the jump in raw material costs will spur more aggressive central bank policy.
Bets on the number of rate increases by the Federal Reserve in 2022 have settled at about six 25-basis-point hikes, down from seven on Feb. 11.
San Francisco Fed President Mary Daly repeated her view Wednesday that March is the appropriate time to begin adjusting monetary policy “absent any significant negative surprises.”
“The number one issue really is inflation and the Fed; that’s what everybody’s worried about,” said Matt Maley, chief market strategist at Miller Tabak + Co. “The situation in Ukraine is making it worse because it makes inflation worse — if oil prices and natural gas prices are going to remain elevated — that only makes the inflation concerns grow.”

President Vladimir Putin has denied Russia intends to invade Ukraine, however, lawmakers have given him the green light to deploy troops to separatist-held regions.
“There is still an overhang of doubt regarding Russia’s intentions and how far they plan on going with this process,” wrote Brad Bechtel, global head of FX at Jefferies LLC.
“But for now, the expected case is what has happened as opposed to anything more than that.”
Here are some events to watch this week:
* Bank of Korea policy decision Thursday
* EIA crude oil inventory report Thursday
* Fed officials Loretta Mester and Raphael Bostic speak Thursday
* U.S. new home sales, GDP, initial jobless claims Thursday
* U.S. consumer income, U.S. durable goods, PCE deflator, University of Michigan consumer sentiment Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.6%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1305
* The British pound fell 0.3% to $1.3544
* The Japanese yen was little changed at 115.00 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.99%
* Germany’s 10-year yield declined two basis points to 0.23%
* Britain’s 10-year yield was little changed at 1.48%
Commodities
* West Texas Intermediate crude rose 0.3% to $92.18 a barrel
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

As muddy water is best cleared by leaving it alone, it could be argued that those who sit quietly and do nothing are making one of the best possible contributions to a world in turmoil. -Alan Watts, 1915-1973.

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:
It’s going to be a terrific Twosday! Today is 2/22/22 and unique festivities are happening around the world to celebrate the special palindrome date, meaning it reads the same forward and backward.
February 22, 1997: A team of British scientists working under the direction of Ian Wilmut at the Roslin Institute near Edinburgh announces the birth of Dolly the sheep, the first clone of an adult mammal.
On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39. Go to article »
George Washington, first US President, b.1732.
Arthur Schopenauer, philosopher, b. 1788
Edna St. Vincent Millay, poet, b. 1892.

Rare fossil of giant flying reptile discovered on Scottish Island.  Some of these creatures were as big as airplanes… *goosebumps*

PHOTOS OF THE DAY

A gallery staff member views a painting Surrealist Wardrobe, 1941, by Marcel Jean, during a preview for Surrealism Beyond Borders at Tate Modern, an exhibition of more than 150 Surrealist works from around the globe
CREDIT: Yui Mok/PA

George Washington Bridge is illuminated for Presidents’ Day as seen from the Fort Lee Historic Park
CREDIT: Anadolu Agency/Getty Images

A shepherd leads his sheep through the snow in Van’s Gürpınar district, where livestock is the most important source of revenue
CREDIT: Anadolu Agency/Getty Images

Market Closes for February 22^nd, 2022

Market Index	Close	Change
Dow Jones	33596.61	-482.57
		-1.42%
S&P 500	4304.76	-44.11
		-1.01%
NASDAQ	13381.52	-166.55 -1.23%
TSX	20907.82	-100.38
		-0.48%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26449.61	-461.26
		-1.71%
HANG SENG	23520.00	-650.07
		-2.69%
SENSEX	57300.68	-382.91
		-0.66%
FTSE 100*	7494.21	+9.88 +0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.922	1.877
CND. 30 Year Bond	2.196	2.156
U.S.    10 Year Bond	1.9390	1.9286
U.S. 30 Year Bond	2.2371	2.2399

Currencies

BOC Close	Today	Previous
Canadian $	0.7932	0.7842
US $	1.2768	1.2752
Euro Rate 1 Euro=		Inverse
Canadian $	1.4464	0.6914
US $	1.1328	0.8827

Commodities

Gold	Close	Previous
London Gold Fix	1894.45	1893.45
Oil
WTI Crude Future	92.35	91.07

Market Commentary:
On this day in 1973, the New York Stock Exchange kicked off its first-ever nationwide TV advertising campaign to encourage Americans to buy stocks. It turned out to be bad timing, as U.S. stocks lost 14.7% of their value in 1973 and another 26.5% in 1974.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped, following global markets lower as governments enacted sanctions on Russia after it recognized two separatist republics in eastern Ukraine and mobilized troops.
The S&P/TSX Composite fell for a fourth straight day, dropping 0.5% to 20,907.82, the lowest closing level since Jan. 28.
Shopify Inc. contributed the most to the index’s decline, decreasing 4.3%. Canopy Growth Corp. had the largest drop, falling 6.7%.
Today, 152 of 240 shares fell, while 82 rose; 9 of 11 sectors were lower, led by health-care stocks.
Insights
* This month, the index fell 0.9%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.9% in the same period
* The S&P/TSX Composite is 4.1% below its 52-week high on Nov. 16, 2021 and 16.6% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 2.1% in the past 5 days and rose 1.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.35t
* 30-day price volatility fell to 13.72% compared with 13.98% in the previous session and the average of 13.09% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -30.2296| -2.1| 5/11
* Industrials | -29.7500| -1.2| 7/23
* Materials | -25.2441| -1.0| 15/36
* Consumer Discretionary | -8.9978| -1.2| 4/10
* Consumer Staples | -5.7393| -0.8| 1/10
* Utilities | -4.5259| -0.5| 1/15
* Health Care | -3.6196| -2.5| 1/7
* Energy | -1.9513| -0.1| 15/15
* Communication Services | -1.4620| -0.1| 2/5
* Real Estate | 4.3390| 0.7| 19/5
* Financials | 6.8064| 0.1| 12/15
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -28.1900| -4.3| 7.0| -54.0
* Canadian Pacific | -13.3800| -2.3| -16.7| -0.8
* Canadian National | -8.0060| -1.2| 32.1| 1.2
* Constellation Software | 3.6170| 1.3| 64.9| -11.1
* Canadian Natural Resources | 3.7970| 0.7| 38.0| 24.7
* Royal Bank of Canada | 12.7000| 0.9| -32.2| 6.0

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — Stocks fell, pushing the S&P 500 into a correction, as the imposition of sanctions against Russia over its Ukraine militancy put further stress on a market that has shown signs of buckling over the Federal Reserve’s efforts to subdue inflation.
The S&P 500 declined 1%, bringing its losses from a January high to 10%, as investors weighed the potential damage from sanctions targeting Russia’s elite and sovereign debt abroad.
The European Union and U.K. also signaled they are ready to impose further penalties unless Putin changes course. However, the Russian president has denied plans to invade Ukraine.
Gold was little changed, the dollar was flat and benchmark Treasury yields drifted at 1.92%. In European trading, the Stoxx 600 Index fell as much as 2% before recovering losses.
Biden said the U.S. was working closely with Germany on halting the Nord Stream 2 pipeline, which sent European natural gas futures 11% higher earlier in the session. He also said the administration was monitoring the energy sector as the threat of disrupted supplies has kept oil prices elevated. West Texas Intermediate crude traded close to $92 a barrel.
“The stock market is right to be concerned about current tensions between Russia and Ukraine, which run the risk of exacerbating the challenging inflation backdrop that many investors and companies have expected to improve in the back half of 2022,” wrote RBC Capital Markets’ Lori Calvasina. “The bad news is that the investment community still appears to be in the early days of understanding the potential implications of this conflict.”
Geopolitical risks have already led investors to pare bets on how aggressively the Federal Reserve may tighten monetary policy this year to fight inflation.
“The market had gotten way ahead of itself in terms of expecting Fed rate hikes and now we have this heightened political risk that’s going to mean potentially tighter financial conditions, and that means a slower process of rate increases from the Fed and probably a flatter yield curve,” Charles Schwab’s Kathy Jones said on Bloomberg TV Tuesday.
Markit manufacturing and services PMI data beat estimates, suggesting recent growth concerns have been driven by the omicron variant. Still, U.S. consumer confidence is at its
lowest since September.
“The market is worried about a lot of different things and it certainly doesn’t want to be thinking about Russia/Ukraine on top,” Marko Papic, partner and chief strategist at Clocktower
Group, said. “It’s a catalyst for further selloff.”
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1328
* The British pound fell 0.1% to $1.3588
* The Japanese yen fell 0.3% to 115.03 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.92%
* Germany’s 10-year yield advanced four basis points to 0.24%
* Britain’s 10-year yield advanced six basis points to 1.47%
Commodities
* West Texas Intermediate crude rose 1.4% to $92.35 a barrel

–With assistance from Cecile Gutscher, Andreea Papuc, Emily Barrett and Michael G. Wilson.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

Do not say a little in many words but a great deal in a few. -Pythagoras, c. 570 BCE-c.490 BCE.

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