Category: Newsletters

Dear Friends,

Tangents: Happy Friday.

September 8, 1189: Richard I, also known as Richard the Lionheart, is crowned King of England, marking a significant chapter in medieval history and the era of the Crusades.
1974: Nixon pardoned.

This was the hottest summer ever recorded on Earth.  June through August 2023 were the hottest three months ever recorded, according to the World Meteorological Organization.  Read More.

Mysterious 17th-century ‘cauldron’ may be primitive submarine used to salvage treasure from a sunken galleon
The object was found on the seafloor off Florida, near the wreck of a Spanish treasure galleon.  Full Story: Live Science (9/7)

India’s lunar lander finds 1st evidence of a moonquake in decades
The possible moonquake was detected by India’s Chandrayaan-3 mission on its third day on the lunar surface.  Read More.

Detroit Lions shock reigning Super Bowl champion Kansas City Chiefs.
Also in the sports world, the 2023 NFL season kicked off Thursday with an impressive win for the Lions — and a complete shakeup for the Chiefs.

PHOTOS OF THE DAY

New York, US
Preparations are under way for the ‘Tribute in Light’ ceremony to take place on the anniversary of the September 11 attacks.  Photograph: Anadolu Agency/Getty Images

Riesenbeck, Germany
Team Gold Medalists Great Britain (left to right) Gareth Hughes, Lottie Fry, Charlotte Dujardin and Carl Hester at the FEI Dressage European Championship.
Photograph: Jon Stroud/Shutterstock

Balmoral, Scotland
Britain’s King Charles III and Queen Camilla leave after attending church in the village of Crathie on the first anniversary of the death of his mother, Queen Elizabeth II
Photograph: Andy Buchanan/AFP/Getty Images
Market Closes for September 8^th, 2023

Market Index	Close	Change
Dow Jones	34576.59	+75.86
		+0.22%
S&P 500	4457.49	+6.35
		+0.14%
NASDAQ	13761.53	+12.70
		+0.09%
TSX	20074.65	-57.43
		-0.29%

International Markets

Market Index	Close	Change
NIKKEI	32606.84	-384.24
		-1.16%
HANG SENG	18202.07	-247.91
		-1.34%
SENSEX	66598.91	+333.35
		+0.50%
FTSE 100*	7478.19	+36.47
		+0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.675	3.644
CND. 30 Year Bond	3.481	3.475
U.S.    10 Year Bond	4.2641	4.2441
U.S. 30 Year Bond	4.3376	4.3405

Currencies

BOC Close	Today	Previous
Canadian $	0.7328	0.7307
US $	1.3646	1.3685

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4611	0.6844
US $	1.0707	0.9340

Commodities

Gold	Close	Previous
London Gold Fix	1918.35	1922.05
Oil
WTI Crude Future	87.51	86.87

Market Commentary:
📈 On this day in 1974, the stock market tanked after former President Richard Nixon was pardoned for the Watergate scandal. The pardon weakened confidence in President Ford’s administration’s ability to deal with Congress on economic problems, according to one broker.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.3%, or 57.43 to 20,074.65 in Toronto.
The index dropped to the lowest closing level since Aug. 28.
Shopify Inc. contributed the most to the index decline, decreasing 3.0%.
Wesdome Gold Mines Ltd. had the largest drop, falling 3.3%.
Today, 130 of 226 shares fell, while 93 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 3.6%, heading for the best year since 2021
* This quarter, the index fell 0.4%
* So far this week, the index fell 2.3%
* The index advanced 3.4% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 3.7% below its 52-week high on Feb. 2, 2023 and 12.3% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.2 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility fell to 12.10% compared with 12.32% in the previous session and the average of 11.17% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -29.7319| -1.8| 4/7
Industrials | -18.6958| -0.7| 8/18
Materials | -7.8330| -0.3| 16/32
Financials | -6.1353| -0.1| 8/20
Real Estate | -5.5071| -1.1| 2/19
Communication Services | -2.9412| -0.4| 0/5
Consumer Discretionary | -1.6960| -0.2| 7/7
Health Care | 0.4859| 0.8| 2/2
Utilities | 0.9783| 0.1| 10/6
Energy | 3.6923| 0.1| 27/12
Consumer Staples | 9.9444| 1.2| 9/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -22.3500| -3.0| -32.9| 82.9
Canadian Pacific Kansas | -9.5190| -1.4| 5.6| 3.2
Canadian Natural Resources | -6.0670| -0.9| 37.3| 17.8
Enbridge | 4.2540| 0.7| -4.9| -13.5
Brookfield Corp | 6.2870| 1.4| -41.6| 9.5
Couche-Tard | 7.1440| 1.9| -17.9| 20.2
US
By Rita Nazareth
(Bloomberg) — A seemingly unstoppable rally drove the dollar to a record streak of weekly gains, with traders betting the Federal Reserve will keep interest rates higher for longer as the US defies a global economic gloom.
The Bloomberg Dollar Spot Index notched its eighth straight up week — the longest such run since 2005.
The advance sent its 14-day Relative Strength Index above 70 — which is seen by some on Wall Street as a sign of an overbought market.
The greenback barely budged on Friday. Stocks also saw small moves, with the S&P 500 edging higher after a three-day drop.
Nvidia Corp. and Tesla Inc. weighed on the mega cap space, while Apple Inc. bounced after a rout that erased $190 billion in value just a few days before the unveiling of the iPhone 15, new smartwatches and the latest AirPods.
Every major currency has slid against the greenback during the past month, with emerging-market heavyweights such as the Chinese yuan and the Indian rupee hovering near record lows.
The recent dollar rally reflects the fissures that are opening in the global economy, with reports signaling that the US is accelerating even as growth cools in Europe and China.
“The dollar has become quite over-bought and over-loved,” said Matt Maley, chief market strategist at Miller Tabak + Co.  “Therefore, it’s getting ripe for a pullback. Sentiment is reaching extreme levels for the greenback, and thus that doesn’t leave many more buyers to take it higher at least over the near-term. Short-term traders should be careful about long positions in the dollar.”
Laura Cooper, senior investment strategist at BlackRock said the dollar upside has been surprising.
“We question the sustainability of that, largely as we look forward to the Fed, we think it is going to signal a hawkish pause,” she told Bloomberg Television.
Meantime, HSBC Holdings Plc has made a U-turn on its dollar forecast, predicting the world’s reserve currency will now strengthen well into next year given weaker global economic prospects.
“King dollar has already been making a comeback but its reign can last longer,” the strategists wrote in a report. “As tightening begins to bite, a faltering global growth outlook should further benefit the counter-cyclical dollar.”
To Will Compernolle at FHN Financial, while markets are expecting rate cuts to begin in the second quarter of next year, an extended pause at the terminal rate that’s seemingly being suggested by current Fed communication would support dollar strength in the year ahead.
“This, in turn, supports lower import prices that contributes to disinflationary pressure,” he noted.
Fed Bank of New York President John Williams said late Thursday US monetary policy is “in a good place,” but officials  will need to parse through data to decide on how to proceed on interest rates.
His Dallas counterpart Lorie Logan noted that skipping an interest-rate hike at the central bank’s upcoming policy meeting may be appropriate, while also signaling rates
may have to rise further to get inflation back to 2%.
The rising threat of interest rates staying higher for longer is likely to dent prospects of a soft landing for the US economy and drive a selloff in stocks over the next two months, according to Bank of America Corp. strategists led by Michael Hartnett.
The consensus probability of a hard landing is “around 20%,” but oil, dollar and bond yields remaining elevated, as well as tighter financial conditions, “remain the September-
October risk,” they said.
Meantime, BofA rates strategists abandoned their recommendation to be tactically long 10-year Treasury notes, seeing risk that US economic resilience could drive the yield to
4.75%.
While they continue to expect 10-year Treasury yields — which reached a multiyear high last month — will end the year around 4%, that forecast is at risk, strategists led by Mark Cabana wrote in a note. 

Corporate Highlights
* Goldman Sachs Group Inc. is planning its annual cut of underperforming workers beginning later next month, a person familiar with the matter said.
* Barclays Plc is preparing to cut hundreds of jobs as soon as next week as the firm looks to trim costs amid quieter markets.  The lender is planning to dismiss about 5% of client-facing staff in the trading division as well as some dealmakers globally as part of the cuts, according to people familiar with the matter.
* Kroger Co. rose after agreeing to sell 413 stores to C&S Wholesale Grocers in a divestiture designed to help win antitrust approval for its $24.6 billion merger with Albertsons Cos.
* Snowflake Inc. advanced after D.A. Davidson started coverage on the infrastructure software company with a buy rating.
* Smith & Wesson Brands Inc. jumped after the firearm manufacturer reported earnings that beat estimates.
* RH sank after the midpoint of the home-furnishing company’s revenue forecast missed the average analyst estimate.
* Liquefied natural gas workers at key Chevron Corp. sites in Australia began partial strikes Friday after talks failed to reach an agreement in a dispute that’s roiled global gas
markets.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0701
* The British pound fell 0.1% to $1.2456
* The Japanese yen fell 0.4% to 147.85 per dollar
Cryptocurrencies
* Bitcoin fell 0.5% to $25,882.59
* Ether fell 0.3% to $1,634.01
Bonds
* The yield on 10-year Treasuries was little changed at 4.25%
* Germany’s 10-year yield was little changed at 2.61%
* Britain’s 10-year yield declined three basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 0.5% to $87.33 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Successful and unsuccessful people do not vary greatly in their abilities.  They vary in their desires to reach their potential. -John C. Maxwell, b. 1947.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

September 7^th, 1783: The Treaty of Paris is signed, officially ending the American Revolution.
On Sept. 7, 1940, the German air force began its blitz on London during World War II.  Go to article >>
1822: Brazil Independence Day.
1914: Opening of NY Post Office.

Buddy Holly, b. 1936
Queen Elizabeth I, b. 1533.
Grandma Moses, painter,b.1533.
Chrissie Hynde, singer/songwriter, b. 1956.

America’s best fall foliage road trips: You can expect to see an array of warm colors along these scenic road trip routes. Add a pitstop for pumpkin spice lattes for the ultimate fall experience.

Tom Brady has a new job at Delta Airlines:  Riddle time. Question: What does Tom Brady have in common with an airplane? Answer: They both make touchdowns.

A ‘Super Models’ docuseries is in the works: Four of the women who inspired the term “supermodel” are getting some majorly overdue recognition in a new docuseries streaming later this month.

Freddie Mercury’s ‘Bohemian Rhapsody’ piano sells for $2.2 million:  This Yamaha piano was among dozens of items to go under the hammer in an auction dedicated to the Queen frontman’s personal possessions.

Centuries-old technique reveals hidden ‘3D’ animals in Paleolithic cave art.  The hidden animals were revealed on cave walls in Spain with ‘Magic Eye’-style techniques.  Full Story: Live Science (9/6)

Bronze Age girl buried with more than 150 animal ankle bones, potentially to help her to the next world
Archaeologists in Kazakhstan have unearthed a burial mound of a Bronze Age girl surrounded by a variety of grave goods. Read More.

Tropical Storm Lee could become an ‘extremely dangerous major hurricane’ by this weekend
Forecasters are keeping an eye on Tropical Storm Lee, which they predict could soon become a full-blown hurricane in the Atlantic Ocean. Read More.

PHOTOS OF THE DAY

Dover, UK
Lorries queue to reach the port of Dover along the A20 in Kent amid heightened security checks to track down escaped terrorism suspect Daniel Abed Khalife
Photograph: Gareth Fuller/PA

Paris, France
A specially commissioned artwork created by Vincent Mcindoe, titled Wear la Rose, is unveiled at the Arc de Triomphe for O2’s latest England Rugby campaign before the start of the World Cup.  Photograph: Kieran Cleeves/PA

​​​​​​​New York, US
British Airways flight 189 from London, Heathrow, a Boeing 787 Dreamliner, passes in front of the setting sun on approach to Newark Liberty airport, as seen from the 86th floor of the Empire State Building.  Photograph: Gary Hershorn/Getty Images
Market Closes for September 7^th, 2023

Market Index	Close	Change
Dow Jones	34500.73	+57.54
		+0.17%
S&P 500	4451.14	-14.34
		-0.32%
NASDAQ	13748.83	-123.64
		-0.89%
TSX	20132.08	-94.88
		-0.47%

International Markets

Market Index	Close	Change
NIKKEI	32991.08	-249.94
		-0.75%
HANG SENG	18202.07	-247.91
		-1.34%
SENSEX	66265.56	+385.04
		+0.58%
FTSE 100*	7441.72	+15.58
		+0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.644	3.685
CND. 30 Year Bond	3.475	3.504
U.S.    10 Year Bond	4.2441	4.2956
U.S. 30 Year Bond	4.3405	4.3636

Currencies

BOC Close	Today	Previous
Canadian $	0.7307	0.7331
US $	1.3685	1.3640

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4641	0.6830
US $	1.0698	0.9348

Commodities

Gold	Close	Previous
London Gold Fix	1922.05	1926.10
Oil
WTI Crude Future	86.87	87.54

Market Commentary:
📈 On this day in 2008, Treasury Secretary Henry Paulson announced the government’s biggest market intervention in years, a plan to take control of housing finance giants Fannie Mae and Freddie Mac. The Treasury pledged as much as $200 billion to the companies as they coped with heavy losses on mortgage defaults.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.5%, or 94.88 to 20,132.08 in Toronto.
The index dropped to the lowest closing level since Aug. 28.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.2%. BlackBerry Ltd. had the largest drop, falling 16.3%.
Today, 146 of 226 shares fell, while 75 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 3.9%, heading for the best year since 2021
* This quarter, the index was little changed
* So far this week, the index fell 2%
* The index advanced 4.6% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 3.4% below its 52-week high on Feb. 2, 2023 and 12.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1% 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 15.2 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.2t
* 30-day price volatility rose to 12.32% compared with 12.26% in the previous session and the average of 11.13% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -36.4622| -0.6| 8/20
Materials | -17.5878| -0.7| 10/40
Information Technology | -14.3866| -0.9| 5/6
Consumer Staples | -13.7565| -1.6| 2/9
Industrials | -12.9591| -0.5| 6/19
Communication Services | -6.2297| -0.8| 1/4
Consumer Discretionary | -5.6153| -0.8| 3/11
Real Estate | -0.1674| 0.0| 10/10
Health Care | 0.1541| 0.2| 1/2
Energy | 2.3720| 0.1| 16/22
Utilities | 9.7686| 1.2| 13/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
TD Bank | -12.4400| -1.2| 72.9| -7.9
Shopify | -9.7450| -1.3| 81.2| 88.6
RBC | -9.1550| -0.8| -9.7| -5.5
Brookfield Infrastructure | 2.9550| 2.2| 33.5| 3.2
Fortis | 3.0540| 1.7| -17.3| -1.6
Waste Connections | 4.1670| 1.2| 51.6| 5.8
US
By Rita Nazareth
(Bloomberg) — Stocks came off session lows as blue chips gained traction amid concern over how a Chinese ban on Apple Inc.’s iPhone could impact big tech, the industry that has driven this year’s market rally.
The S&P 500 trimmed losses by more than half, led by an advance in defensive groups.
The Dow Jones Industrial Average finished higher.
The Nasdaq 100 underperformed as Apple slid  about 6.5% in two days, wiping out $190 billion in value.
The company’s suppliers such as Qualcomm Inc. and several mega-caps like Nvidia Corp. also got hit.
Apple breached the key 100-day moving average, which is seen as a bearish signal by some technical analysts.
Amid the risk-off push, the Russell 2000 of small caps also finished below that technical threshold.
“We expect market choppiness to persist near term,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. “September, like August, has tended to be a more challenging month, and there remains a dearth of obvious near-term upside catalysts as stocks continue to digest the big year-to-date gains.”
Tech shares have soared in 2023 amid the artificial intelligence frenzy and speculation that the Federal Reserve is getting closer to wrapping up its interest-rate hikes.
The nearly 40% run-up in the Nasdaq 100 suggests that valuations look stretched, according to some metrics, with the industry ripe for a correction.
Active managers’ holdings last month skewed defensive, according to data compiled by Bank of America Corp.
Hedge funds and active long-only funds have upped their exposure to utilities stocks relative to historical averages.
Active equity exposure to “high beta stocks remains well below average,” the BofA strategists said.
Traders also kept a close eye on the latest economic data, with solid jobless claims figures reinforcing the case for the Fed to keep rates elevated.
After climbing in the immediate aftermath of the report, two-year US yields fell below 5%.
The dollar saw a small gain after hitting an almost six-month high earlier this week.
“A solid round of employment data that reinforces the perception that the jobs market will remain resilient for the time being,” said Ian Lyngen at BMO Capital Markets. “From here, the market will remain wary of corporate-hedging related flows as they have been the biggest driver of price action in US rates thus far in September.”
Fed Bank of New York President John Williams said US monetary policy is “in a good place,” but officials will need to parse through data to decide on how to proceed on interest rates.
He spoke during a moderated discussion with Bloomberg’s Michael McKee in New York.
Separately on Thursday, Chicago Fed President Austan Goolsbee told the Marketplace radio program: “We are very rapidly approaching the time when our argument is not going to be about how high should the rates go.”
The euro retreated as the region barely grew in the second quarter.
The onshore yuan slipped to a 16-year low, as pessimism grew toward China’s economy.
Emerging-market currencies came within a whisker of erasing all of this year’s gains.
Oil dropped after a nine-session rally propelled futures into overbought territory. 
Corporate Highlights
* Boeing Co. fell after warning that deliveries of its cash-cow 737 jetliner will come in at the low end of its targeted range this year as a recently discovered supplier glitch crimps output.
* General Motors Co. made a counteroffer to the United Auto Workers union, proposing a total 16% pay raise for the top wage earners in its plants and a 56% hike for newer employees who make less. UAW President Shawn Fain reacted quickly saying the proposal is “insulting.”
** Ford Motor Co. said it raised the pay of 8,000 US hourly workers represented by the United Auto Workers union just a week before its union contract expires.
* Dell Technologies Inc. dropped after Barclays Plc downgraded the personal-computer company to underweight.
* C3.ai Inc. sank after giving a lackluster sales forecast and said profitability will take longer than expected, fueling anxiety the software company is struggling to capitalize on
enthusiasm for artificial intelligence.
* BlackBerry Ltd. slid after the company cut its second-quarter revenue guidance to below the average of analyst estimates.
* Walmart Inc. rose on news the company has lowered its starting pay for some new hires as part of a revamped wage structure that took effect in July.
* McDonald’s Corp. rose after Wells Fargo upgraded the fast-food chain to overweight, expecting the company to “stand tall” as quick-service restaurant trends slow.
Key events this week:
* Japan GDP, Friday
* Germany CPI, Friday
* US wholesale inventories, consumer credit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.0697
* The British pound fell 0.3% to $1.2473
* The Japanese yen rose 0.3% to 147.20 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $25,878
* Ether rose 0.6% to $1,637.17
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.25%
* Germany’s 10-year yield declined four basis points to 2.61%
* Britain’s 10-year yield declined eight basis points to 4.45%
Commodities
* West Texas Intermediate crude fell 0.6% to $87 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As always,

Carolann
We generate fears when we sit.  We overcome them by action. –Dr. Henry Link, 1889-1952.

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

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

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

Dear Friends,

Tangents:
September 6, 1522: The first successful circumnavigation of the globe is completed by Ferdinand Magellan’s expedition.
September 6, 1916: The first self-service grocery store, Piggly Wiggly, was opened in Memphis, Tenn., by Clarence Saunders.  Go to article >>
1920: First radio broadcast of a prize fight.

Watch child’s reaction to military father’s surprise return.  After a yearlong deployment, an Ohio soldier made a surprise visit to his son’s second grade class dressed as a mascot. Watch the video here.

Fierce falcon photo takes top prize in bird photography contest.  Without feather ado, here are the extraordinary images from this year’s Bird Photographer of the Year award.

Scientists say they pinpointed moment humanity almost went extinct.  Researchers say the global population dwindled to around 1,280 reproducing individuals about 900,000 years ago. Read about the “provocative” study.

CRISPR used to ‘reprogram’ cancer cells into healthy muscle in the lab
In a new study, stopping skeletal-muscle cancer cells from making a specific protein forced them to turn into healthy muscle cells. Read More

Teen unearths 34 million-year-old whale skull on her family’s Alabama timber farm
The huge, ancient whale skull was discovered during a summer dig on a high school student’s family property where fossilized shark teeth
had previously been found. Read More.

Eerie, ultra-detailed photo of a lightning ‘sprite’ exposes one of nature’s least understood phenomena
An astronomer in Slovakia captured the rare luminous phenomenon as it briefly flashed in Earth’s upper atmosphere during a thunderstorm. Read More.

PHOTOS OF THE DAY

Kocaeli, Turkey
A sea urchin viewed through an underwater camera.  Photograph: Tahsin Ceylan/Anadolu Agency/Getty Images.

Dhaka, Bangladesh
Children dressed up as Radha and Lord Krishna during the Janmashtami festival as the community marks the birth of Lord Krishna.
Photograph: Mohammad Ponir Hossain/Reuters

Guna Yala Comarca, Panama
An aerial view of the island of Cartí Sugdupu in the Caribbean Sea where hundreds of residents are preparing to move away to escape rising seas that threaten to engulf their homes in the coming decades. The government is building 300 houses on mainland Panama to relocate the Guna Indigenous people.
Photograph: Luis Acosta/AFP/Getty Images
Market Closes for September 6^th, 2023

Market Index	Close	Change
Dow Jones	34443.19	-198.78
		-0.57%
S&P 500	4465.48	-31.35
		-0.70%
NASDAQ	13872.47	-148.48
		-1.06%
TSX	20228.09	-185.67
		-0.91%

International Markets

Market Index	Close	Change
NIKKEI	33241.02	+204.26
		+0.62%
HANG SENG	18449.98	-6.93
		-0.04%
SENSEX	65880.52	+100.26
		+0.15%
FTSE 100*	7426.14	-11.79
		-0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.685	3.693
CND. 30 Year Bond	3.504	3.531
U.S.    10 Year Bond	4.2956	4.2598
U.S. 30 Year Bond	4.3636	4.3704

Currencies

BOC Close	Today	Previous
Canadian $	0.7331	0.7332
US $	1.3641	1.3639

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4628	0.6836
US $	1.0725	0.9324

Commodities

Gold	Close	Previous
London Gold Fix	1926.10	1937.20
Oil
WTI Crude Future	87.54	86.69

Market Commentary:
📈 On this day in 1993, a consultant named Peter de Jager published “Doomsday 2000,” the first major article to warn about what became known as the “Y2K” bug. The world spent hundreds of billions of dollars to reprogram computers. On Jan. 1, 2000, when worldwide meltdown was widely forecast by doomsayers, nothing happened.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second
day, dropping 0.9%, or 186.8 to 20,226.96 in Toronto. The move
was the biggest since falling 1.9% on Aug. 15.
Today, energy stocks led the market lower, as 10 of 11
sectors lost; 168 of 226 shares fell, while 54 rose.
Enbridge Inc. contributed the most to the index decline,
decreasing 5.9%. Northland Power Inc. had the largest drop,
falling 6.1%.
Insights
* This year, the index rose 4.3%, heading for the best year since 2021
* This quarter, the index rose 0.4%
* The index advanced 6% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 3% below its 52-week high on Feb. 2, 2023 and 13.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.3% 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 15.3 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 12.26% compared with 11.97% in the previous session and the average of 11.07% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -51.7333| -1.4| 14/25
Financials | -41.1435| -0.7| 4/24
Industrials | -36.2563| -1.3| 2/24
Utilities | -17.1755| -2.0| 0/16
Materials | -15.3175| -0.6| 13/36
Consumer Discretionary | -8.2916| -1.1| 3/11
Communication Services | -7.4287| -1.0| 0/4
Information Technology | -7.0174| -0.4| 3/8
Consumer Staples | -2.8527| -0.3| 3/7
Health Care | -1.1183| -1.7| 1/3
Real Estate | 1.5388| 0.3| 11/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Enbridge | -40.4200| -5.9| 153.1| -14.4
TD Bank | -12.5600| -1.2| 21.5| -6.8
Canadian National | -10.9400| -1.7| 16.6| -7.2
Cenovus Energy | 1.9220| 0.7| -26.6| 5.6
Magna Intl | 2.1620| 1.5| -20.6| 6.7
Sun Life Financial | 3.0000| 1.1| -31.5| 7.0
US
By Rita Nazareth
(Bloomberg) — Stocks declined, while Treasury yields climbed after a stronger-than-estimated reading on the US services industry bolstered speculation the Federal Reserve will keep interest rates higher for longer.
The S&P 500 closed below 4,500 and the Nasdaq 100 fell almost 1% — with Apple Inc. leading a slide in big tech amid higher bond rates.
The company also dropped on a news report that Chinese agencies are barring the use of iPhones at work.
Two-year yields topped 5%. Swap contracts showed bets on a Fed hike in November rising to about 60%.
The dollar edged higher, following a rally that prompted Japan and China to defend their currencies.
Equities remained lower after the Fed’s Beige Book said growth in the US economy and jobs market slowed in July and August, and many businesses expect wage increases to ease broadly in the near term.
The Institute for Supply Management’s US services index rose to a six-month high in August — hitting 54.5.
Readings above 50 indicate expansion, and the figure topped all estimates in a Bloomberg survey of economists.
“The ISM Services Sector report underscores the resilience of the largest portion of the economy,” said Quincy Krosby, chief global strategist at LPL Financial. “Unfortunately, the prices-paid component moved in the wrong direction — similar to the higher prices paid in the manufacturing report — edging markedly higher.
This is certainly not good news for a data-dependent Fed.”
Fed Bank of Boston President Susan Collins said policymakers will need to be patient as they assess economic data to figure out their next steps and that further tightening
may still be required.
Meantime, former Fed Bank of St. Louis chief James Bullard noted officials should continue to pencil in one additional hike this year when they update their projections
later this month.
Following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for gross domestic product.
That marks a sharp turnaround from three months ago — the last time policymakers updated their own numbers — when the consensus view was that the economy would stall in the current quarter.
And it may be enough to prompt Fed officials to scale back their estimates for rate cuts in 2024.
Traders in recent months have trimmed bets on the degree of Fed easing they see next year — to about 100 basis points from well over 150 basis points early in 2023.
The two big challenges the Fed faces at this stage are the risks that inflation could become entrenched and the risks that the consumer could falter when excess savings dry up, according to Jeffrey Roach, chief economist at LPL Financial.
“Given the data, the Fed will most likely deliver a hawkish pause at the next meeting,” Roach added. “The hard data is not yet convincing enough to establish strong views about the subsequent meetings. Investors should still find opportunities in the market but it could be a bumpy ride.”
To Ben Jeffery at BMO Capital Markets, the ISM print is the only top-tier data of relevance this week.
Once the dust settles, traders’ attention will return to the corporate-issuance calendar — with the “bearish implications” it holds for Treasuries.
Financial institutions, including several foreign banks, are leading at least 10 companies tapping the US investment-grade primary market Wednesday — one day after both volume and deal count hit yearly highs.
Elsewhere, the loonie wavered as the Bank of Canada held rates steady and kept the door open to more hikes, with economists seeing a historic tightening cycle at its likely
endpoint.
European shares slipped as German factory orders plunged.
The pound slid after Bank of England Governor Andrew Bailey suggested UK rates may not have to rise any further, saying a “marked” drop in inflation is likely this year and that monetary policy is probably “near the top of the cycle.”

Corporate Highlights
* Microsoft Corp. and Apple face fresh investigations from European Union regulators as part of the bloc’s landmark digital markets clampdown, which could end up forcing significant changes in how the firms do business in the region.
* AMC Entertainment Holdings Inc. sank as it plans to sell shares less than three weeks after getting court approvals that opened the door for the movie-theater operator to raise money to pay down its debt.
* The most advanced version of Lockheed Martin Corp.’s F-35 jet won’t be delivered until next April at the earliest and possibly as late as June because of persistent testing issues, the Pentagon said. The shares fell.
* Roku Inc., the maker of set-top boxes consumers use to watch Netflix Inc. and other streaming services, climbed after announcing plans to cut about 10% of its workforce, consolidate office space and review its content portfolio.
* Warner Bros. Discovery Inc. plan to offer live sports at no additional cost on its Max streaming service for a limited period of time later this year, betting basketball, baseball and hockey will lure new customers, according to people familiar with the matter. The shares dropped.
* WeWork Inc. is renegotiating nearly all of its leases with landlords and plans to exit “unfit and underperforming” locations, Chief Executive Officer David Tolley said.
* Walt Disney Co. agreed to move up the date at which it must begin the process of buying Comcast Corp.’s one-third stake in the Hulu streaming service to Sept. 30 from January.
* Luxury-goods stocks slumped in Europe, wiping out more than $25 billion in market value, after Richemont Chairman Johann Rupert said inflation is starting to dent demand across the region.

Key events this week:
* China trade, forex reserves, Thursday
* Eurozone GDP, Thursday
* US initial jobless claims, Thursday
* Bank of Canada Governor Tiff Macklem to speak on the Economic Progress Report, Thursday
* Atlanta Fed President Raphael Bostic speaks, Thursday
* New York Fed President John Williams participates in moderated discussion at the Bloomberg Market Forum, Thursday
* Japan GDP, Friday
* Germany CPI, Friday
* US wholesale inventories, consumer credit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0727
* The British pound fell 0.5% to $1.2505
* The Japanese yen was little changed at 147.69 per dollar
Cryptocurrencies
* Bitcoin fell 0.1% to $25,673.16
* Ether was little changed at $1,630.23
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.29%
* Germany’s 10-year yield advanced four basis points to 2.65%
* Britain’s 10-year yield was little changed at 4.53%
Commodities
* West Texas Intermediate crude rose 1.2% to $87.72 a barrel
* Gold futures fell 0.5% to $1,941.90 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
We forge the chains we wear in life. –Charles Dickens, 1812-1870.

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:
September5th, 1984: Western Australia becomes the last Australian state to abolish capital punishment.
On Sept. 5, 1972, Palestinian terrorists attacked the Israeli Olympic team at the summer games in Munich; 11 Israeli athletes and coaches, five terrorists and a police officer were killed.  Go to article >>

Fall movie preview: Rom-coms, horror flicks, trolls and Taylor Swift:  Movie buffs, mark your calendars. Here are the notable theatrical releases between this month and Thanksgiving.

Greece starts limiting daily visitors to the Acropolis:  One of Greece’s most famous landmarks is limiting the number of daily visitors to tackle over-tourism.

Mississippi hunters capture longest alligator in state history:  This 800-pound behemoth measured over 14 feet long.

Global search underway for Paul McCartney’s missing violin bass:  A group of Beatles fans and researchers are trying to find Paul McCartney’s 1961 Höfner bass.

One of the world’s oldest synagogues reopens in Egypt:  Egypt has reopened one of the world’s oldest synagogues, home to the most significant single trove of Jewish manuscripts.

‘Doubly magic’ form of oxygen may challenge a fundamental law of physics
After scientists created oxygen-28 in the lab, it almost immediately degraded, baffling physicists around the world. Read More.

What are the most polluted cities in the world?
Cities like Lahore, Pakistan, Hotan, China and Delhi, India have consistently poor air quality, but it’s impossible to accurately identify the city with the world’s worst air pollution. Read More.

‘Twisty’ new theory of gravity says information can escape black holes after all
Einstein’s theory of relativity say black holes are ‘bald’, but a new tweak to his research may give the mysterious objects their long-sought ‘hair.’ Read More.

PHOTOS OF THE DAY

The sun rises over colourful houses in Totterdown as forecasters are predicting a ‘last dose of summer’, with warm spells reaching 30C on Tuesday in southern areas of England, and 32C on Wednesday and Thursday in central and southern England.  Photograph: Ben Birchall/PA.

Daytona Beach, US
A lifeguard warns swimmers as a seagull flies by in Florida Photograph: Paul Hennessy/SOPA Images/Shutterstock.

​​​​​​​Black Rock City, US
Vehicles are seen departing the Burning Man festival in Nevada.  Photograph: Matt Mills Mcknight/Reuters.
Market Closes for September 5^th, 2023

Market Index	Close	Change
Dow Jones	34641.97	-195.74
		-0.56%
S&P 500	4496.83	-18.94
		-0.42%
NASDAQ	14020.95	-10.86
		-0.08%
TSX	20413.76	-131.60
		-0.64%

International Markets

Market Index	Close	Change
NIKKEI	33036.76	+97.58
		+0.30%
HANG SENG	18456.91	-387.25
		-2.06%
SENSEX	65780.26	+152.12
		+0.23%
FTSE 100*	7437.93	-14.83
		-0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.693	3.563
CND. 30 Year Bond	3.531	3.413
U.S.    10 Year Bond	4.2598	4.1788
U.S. 30 Year Bond	4.3704	4.2936

Currencies

BOC Close	Today	Previous
Canadian $	0.7332	0.7366
US $	1.3639	1.3576

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4629	0.6836
US $	1.0724	0.9325

Commodities

Gold	Close	Previous
London Gold Fix	1937.20	1942.30
Oil
WTI Crude Future	86.69	85.55

Market Commentary:
📈 On this day in 1927, Paul Volcker was born in Cape May, N.J.  As the tough-as-nails head of the Federal Reserve Board from 1979 through 1987, Volcker finally broke the back of inflation after a decade of pussyfooting by his predecessors.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 20,413.76 in Toronto.
The move was the biggest since falling 1.9% on Aug. 15 and follows the previous session’s increase of 1.2%.
Brookfield Corp. contributed the most to the index decline, decreasing 2.2%.
First Quantum Minerals Ltd. had the largest drop, falling 5.9%.
Today, 154 of 226 shares fell, while 70 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 5.3%, heading for the best year since 2021
* This quarter, the index rose 1.3%
* The index advanced 5.9% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on Feb. 2, 2023 and 14.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.9% 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 15.5 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 11.97% compared with 11.83% in the previous session and the average of 11.01% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -46.0394| -1.9| 4/46
Financials | -42.6767| -0.7| 8/19
Industrials | -15.4299| -0.6| 14/12
Information Technology | -13.9697| -0.8| 1/10
Utilities | -9.2533| -1.1| 2/14
Communication Services | -8.3434| -1.1| 0/5
Consumer Discretionary | -6.2346| -0.8| 4/10
Consumer Staples | -1.4617| -0.2| 4/6
Real Estate | -1.2018| -0.2| 7/14
Health Care | 0.2955| 0.5| 1/3
Energy | 12.7140| 0.3| 25/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Brookfield Corp | -10.3800| -2.2| -30.3| 8.4
First Quantum Minerals | -8.5640| -5.9| 58.6| 23.4
Canadian National | -8.3510| -1.3| 33.3| -5.6
Metro Inc | 1.4170| 1.2| -14.1| -4.8
Suncor Energy | 3.5770| 0.8| 36.6| 9.1
Canadian Natural Resources | 6.0670| 0.9| 120.4| 18.5
US
By Rita Nazareth
(Bloomberg) — Treasuries sank as a handful of companies flooded the market with billions of dollars in debt sales before this month’s key economic data and the Federal Reserve’s rate decision.
Stocks fell and the dollar hit the highest since March as a rally in oil added to concern about inflation.
Bonds were hit across the US curve, with 10-year yields approaching 4.3%.
At least 40 businesses tapped high-grade markets around the world Tuesday after a seasonal slowdown and the recent surge in Treasury rates.
“Investors are comfortable with the narrative that the bulk of the selling pressure was a function of an atypically heavy corporate issuance calendar as the market returns from vacation season,” said Ian Lyngen, head of US rates strategy at BMO Capital Markets. “We’re comfortable with this interpretation and will add that rate-lock unwinds will, presumably, be as supportive as their initiation was damaging to Treasuries.”
The S&P 500 ended below 4,500, an index of small caps slid about 2% and gauge of homebuilders sank 5.5%.
Energy and tech shares outperformed.

Fed Governor Christopher Waller said policymakers can afford to “proceed carefully” with tightening given recent data showing inflation continuing to ease.
“There is nothing that is saying we need to do anything imminent anytime soon,” Waller told CNBC. Meantime, Fed Bank of Cleveland President Loretta Mester said the central bank may need to raise rates “a bit higher,” but stopped short of saying what officials should do at their next meeting.
“The Fed is sailing in shallow waters in a thick fog,” said David Kelly, chief global strategist at J.P. Morgan Asset Management. “It should be moving very slowly and be ready to halt or reverse its monetary tightening.”
Goldman Sachs Group Inc. now sees a 15% chance the US will slide into recession, down from 20% previously as cooling inflation and a still-resilient labor market suggest the Fed may not need to raise interest rates any further.

To Chris Senyek at Wolfe Research, last week’s “bad news is good news” trading action was a sign that the market continues to strongly believe in the “disinflation” and “soft landing” narratives that have driven up stocks over the past six months.
“Unfortunately, our sense is that bulls aren’t going to be able to have their cake and eat it too,” Senyek noted. “We still expect stickier-than-expected inflation into a persistent price-wage spiral, higher oil prices, and housing market strength, and that the FOMC will hike in November and/or December.”
The worst month of the year for US equities is upon us, but a bevy of positive market signals suggest it may not be so bad this time around.
While seasonal trends place September in last place for stock market performance, returns have been most robust in times the S&P 500 gained between 10% and 20% year-to-date through August, according to Bank of America Corp. chief technical strategist Stephen Suttmeier.
Such an advance through August has preceded a market move higher in the last four months of the year 91% of the time, with an average jump of 7.6%.
If that trend holds up, the S&P 500 could rise to as high as 4,875 before 2023 closes out.
That would imply a gain of about 8% from Friday’s close.
JPMorgan Chase & Co.’s Marko Kolanovic reiterated Tuesday that investors should fade the artificial-intelligence induced stock-market rally, arguing that he would turn more optimistic on equities if interest rates begin falling globally in the near term.
Meantime, Morgan Stanley’s Michael Wilson said US equity investors are in for disappointment as economic growth is set to be weaker than expected this year.

Corporate Highlights:
* United Airlines Holdings Inc. dropped after a temporary grounding of its aircraft nationwide due to an unspecified equipment outage.
* Private equity giant Blackstone Inc. and vacation home-rental company Airbnb Inc. climbed on news they will be added to the S&P 500 this month.
* Oracle Corp. advanced after Barclays Plc upgraded the software company to overweight, calling it a “multi-year growth story.”
* Digital World Acquisition Corp., which is working to take Donald Trump’s nascent media company public, climbed after reports that the blank-check firm won investor approval to extend its deadline for another year, bolstering hopes the deal will be completed.
* Manchester United Plc sank after a report in the Mail On Sunday that said the Glazer family is going to take the club off the market after failing to receive offers that match their asking price.
* Arm Holdings Ltd.’s initial public offering, planning to raise $4.87 billion at the top of its range, shows the premium valuation the British chip designer was seeking from a New York listing may not fully materialize.
Key events this week:
* Eurozone retail sales, Wednesday
* Germany factory orders, Wednesday
* US trade, ISM services index, Wednesday
* Canada rate decision, Wednesday
* Bank of England Governor Andrew Bailey testifies to the UK parliament’s Treasury Select Committee, Wednesday
* Federal Reserve issues Beige Book economic survey, Wednesday
* Boston Fed President Susan Collins speaks, Wednesday
* Dallas Fed President Lorie Logan speaks, Wednesday
* China trade, forex reserves, Thursday
* Eurozone GDP, Thursday
* US initial jobless claims, Thursday
* Bank of Canada Governor Tiff Macklem to speak on the Economic Progress Report, Thursday
* Atlanta Fed President Raphael Bostic speaks, Thursday
* New York Fed President John Williams participates in moderated discussion at the Bloomberg Market Forum, Thursday
* Japan GDP, Friday
* Germany CPI, Friday
* US wholesale inventories, consumer credit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.7% to $1.0722
* The British pound fell 0.5% to $1.2562
* The Japanese yen fell 0.9% to 147.72 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $25,683.51
* Ether rose 0.3% to $1,632.29
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 4.26%
* Germany’s 10-year yield advanced three basis points to 2.61%
* Britain’s 10-year yield advanced six basis points to 4.53%
Commodities
* West Texas Intermediate crude rose 1.3% to $86.70 a barrel
* Gold futures fell 0.8% to $1,951.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Jason Scott, Tassia Sipahutar, Sujata Rao and Isabelle Lee.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
Conditions are never perfect.  “Someday” is a disease that will take your dreams to the grave with you….
If it’s important to you and you want to do it “eventually”,
just do it and correct course along the way. –Tim Ferriss, b. 1977.

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.

September 1, 1939: Germany invades Poland, marking the beginning of World War II. Go to article >>

Oprah Winfrey and Dwayne Johnson launch Maui recovery fund:  The powerful duo launched a recovery fund for the people who lost housing in the Maui wildfires. They said in a social media video that all donations will directly go “into the hands of Lahaina residents.”

Messi’s upcoming match is the most expensive Major League Soccer game ever.  Ticket prices for this Sunday’s match between Inter Miami and Los Angeles are hovering around $690. For comparison, average MLS ticket prices used to cost $110 before soccer superstar Leo Messi joined the league.

Burning Man’s dramatic tribute to war-torn Ukraine.  A 26-foot-tall wooden box was set ablaze at the Nevada festival to reveal a powerful symbol of Ukraine’s “rebirth.”

One of the longest dino tracks in the world revealed by drought in Texas state park
Drought conditions have revealed well-preserved dinosaur tracks at a state park in Texas. Read More.

800-pound alligator is the longest ever caught in Mississippi
The gigantic animal measured 14 feet and 3 inches long, beating the previous record for the longest alligator caught by permitted hunters by more than 2 inches.
Full Story: Live Science (8/31)
PHOTOS OF THE DAY

Munich, Germany
A model of a giant Porsche stands on Wittelsbacherplatz in the city centre. The square will be used for the IAA Mobility exhibition in the Bavarian capital
Photograph: Martin Schulz/AP

Budapest, Hungary
People interact with an exhibition during the opening of the Ikono museum.  Photograph: Márton Mónus/EPA

​​​​​​​Nalayh, Mongolia
A Mongol knight takes part in a folklore performance at the culture park.  Photograph: Alberto Pizzoli/AFP/Getty Images
Market Closes for September 1^st, 2023

Market Index	Close	Change
Dow Jones	34837.71	+115.80
		+0.33%
S&P 500	4515.77	+8.11
		+0.18%
NASDAQ	14031.82	-3.15
		-0.02%
TSX	20545.36	+252.73
		+1.25%

International Markets

Market Index	Close	Change
NIKKEI	32710.62	+91.28
		+0.28%
HANG SENG	18382.06	-100.80
		-0.55%
SENSEX	65387.16	+555.75
		+0.86%
FTSE 100*	7464.54	+25.41
		+0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.563	3.564
CND. 30 Year Bond	3.413	3.385
U.S.    10 Year Bond	4.1788	4.1042
U.S. 30 Year Bond	4.2936	4.2088

Currencies

BOC Close	Today	Previous
Canadian $	0.7366	0.7400
US $	1.3576	1.3514

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4643	0.6829
US $	1.0786	0.9271

Commodities

Gold	Close	Previous
London Gold Fix	1942.30	1947.55
Oil
WTI Crude Future	85.55	83.63

Market Commentary:
📈 On this day in 1862, the San Francisco Stock and Exchange Board was founded by 37 brokers to organize trading in silver and gold mining stocks, primarily based at the booming Comstock Lode in Virginia City, Nev.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.2% at 20,545.36 in Toronto.
The index advanced to the highest closing level since July 31 after the previous session’s decrease of 0.2%.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 178 of 226 shares rose, while 46 fell.
Canadian Pacific Kansas City Ltd. contributed the most to the index gain, increasing 1.9%.
Canadian Western Bank had the largest increase, rising 11.5%.
Insights
* In the past year, the index had a similar or greater gain 13 times. The next day, it advanced eight times for an average 0.8% and declined five times for an average 1%
* This year, the index rose 6%, heading for the best year since 2021
* This quarter, the index rose 1.9%
* So far this week, the index rose 3.6%, heading for the biggest advance since the week ended June 30
* The index advanced 7.3% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 1.4% below its 52-week high on Feb.2, 2023 and 15% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.5 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility rose to 11.83% compared with 11.33% in the previous session and the average of 10.96% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 75.7836| 1.2| 25/3
Energy | 65.3155| 1.8| 40/0
Industrials | 36.4999| 1.3| 19/6
Information Technology | 20.2505| 1.2| 9/2
Materials | 18.8227| 0.8| 25/25
Consumer Staples | 13.8240| 1.6| 9/1
Utilities | 10.4350| 1.2| 13/3
Consumer Discretionary | 8.0278| 1.1| 11/3
Real Estate | 5.3700| 1.1| 21/0
Health Care | 1.2521| 2.0| 4/0
Communication Services | -2.8636| -0.4| 2/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | 13.4300| 1.9| 50.2| 8.3
Enbridge | 12.2000| 1.8| -34.0| -8.7
Bank of Nova Scotia| 11.4100| 2.1| 65.6| -1.3
TMX Group | -0.9940| -1.7| -45.7| 8.4
Alamos Gold | -1.4370| -3.0| -21.6| 23.2
BCE | -5.3660| -1.5| 27.2| -5.2
US
By Rita Nazareth
(Bloomberg) — A rally in stocks faded as bond yields climbed after a strong manufacturing report offset optimism with jobs data signaling the Federal Reserve is close to ending its hiking cycle.
The S&P 500 closed with a small advance ahead of Monday’s US holiday, while notching its best week since June.
Tesla Inc. dropped 5%, while energy shares rallied as oil topped $85 a barrel.
Treasury two-year yields reversed course after falling as much as 11 basis points in the immediate aftermath of the August payrolls figures.
The dollar hit a three-month high.
The jobs report showed a labor market undergoing a controlled cooling, illustrated by solid hiring, slower earnings  growth and more people returning to the workforce.
The moderation gives the Fed room to pause rate increases this month while keeping options open for another hike later in the year.
“While today’s employment data were a win for the soft-landing optimists, I think it is irresponsible to assume that the Fed is out of the woods,” said Neil Dutta, head of economics at Renaissance Macro Research. “Growth remains unsustainably strong — strong growth with cyclical momentum at a time when the Fed is taking at least one of its feet off the brake pedal.”
Swap contracts still priced in a less than 50% chance of another Fed hike this year — while wagers on a cut were shifted to May from June.
Fed Bank of Cleveland President Loretta Mester said inflation remains too high despite recent improvements, and the labor market is still strong.
“Future policy decisions will be about managing the risks and the intertemporal costs of overtightening versus under tightening monetary policy,” she said.

To Hussain Mehdi at HSBC Asset Management, the case for a Fed pause in September is now “overwhelming.”
However, it will be “difficult to dodge recession next year” amid the lagged impact of the Fed’s aggressive tightening cycle.
Mehdi is keeping “a cautious and defensive stance in portfolios.”
August jobs figures will likely be enough for Fed moderates  to successfully negotiate a pause in hikes this month — but it will not assuage the hawks who are still inclined to follow through with a bit more tightening thereafter, according to Carl Riccadonna, Yelena Shulyatyeva and William Marshall at BNP Paribas.
“We do anticipate cooler macroeconomic conditions by November’s meeting to justify an extended pause,” they noted.
Meantime, BlackRock Inc.’s chief investment officer for global fixed income, Rick Rieder, said the cooling labor market supports speculation that the Fed is done raising rates — making bonds more appealing than they have been in months.
“I think you can use this as another benchmark for the fact that we are seeing slack build in the labor force” and it comes “alongside of inflation coming down,” Rieder said on Bloomberg Television Friday. “The Fed should be done. You can put your shoulder behind a bit more of interest-rate exposure than has been the case certainly over the last few months.” 

Corporate Highlights:
* Tesla revamped the Model 3 sedan with sleeker looks and longer range while slashing prices of its premium vehicles in an all-out push to boost sales.
* Amgen Inc. can move forward with its $27.8 billion takeover of Horizon Therapeutics Plc after the US Federal Trade Commission said Friday that it accepted a binding settlement that the combined company won’t bundle together two of Horizon’s blockbuster drugs.
* Walgreens Boots Alliance Inc.’s Rosalind Brewer stepped down from her post as chief executive officer and board member during a rocky shift to a wider offering of health-care services while the shares have plunged.
* Charter Communications Inc., the No. 2 US cable TV provider, declared war on Walt Disney Co., saying it can no longer live with rising fees for ESPN and other programming.
* Dell Technologies Inc. climbed after reporting better-than-expected sales of personal computers and data center hardware.
* Broadcom Inc., a supplier of chips to Apple Inc. and a broad swath of the tech industry, fell on a bearish outlook.
* Lululemon Athletica Inc. rose after lifting its full-year outlook as it takes business from competitors and defies the broader retail slump.
* A gauge of US-listed Chinese stocks advanced after Beijing and Shanghai both eased housing rules, a sign of further government support toward the economy.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0776
* The British pound fell 0.7% to $1.2588
* The Japanese yen fell 0.4% to 146.17 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $25,611.21
* Ether fell 1.9% to $1,618.31
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.18%
* Germany’s 10-year yield advanced eight basis points to 2.55%
* Britain’s 10-year yield advanced seven basis points to 4.43%
Commodities
* West Texas Intermediate crude rose 2.7% to $85.88 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Michael Mackenzie, Isabelle Lee and Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones you did do.  So, throw off the bowlines, sail away from the safe harbor, catch the trade winds in your sails.  Explore, Dream, Discover. –Mark Twain, 1835-1910.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

August 31, 1997: Princess Diana, the beloved Princess of Wales, tragically dies in a car accident in Paris, sparking worldwide mourning.
August 31, 1896:  Klondike, gold discovered.

Maria Montessori, educator, b. 1870.
Richard Gere, actor, b. 1949.

A blue supermoon and soaring ocean temperatures created a perfect storm for Hurricane Idalia
The storm intensified overnight and made landfall near Keaton Beach, Florida, on the morning of Aug. 30.  Read More.

‘Blue moon’ lights up the night sky:  The rare blue moon was a magnificent sight Wednesday, but don’t fret if you missed it. Here are the dates of the four full moons remaining in 2023.

Wreckage from Tuskegee airman’s warplane recovered from Lake Huron
The recovered wreck will help tell the full story of America’s first Black military pilots. Read More.

Hackers attack 2 of the world’s most advanced telescopes, forcing shutdown
It’s unclear exactly what the nature of the cyberattacks were or from where they originated. Read More.

Every year, dozens of female hammerhead sharks mysteriously convene in French Polynesia under the full moon
The critically endangered and typically solitary species appears in the Rangiroa and Tikehau atolls every summer. Read More.

Painting bought at thrift store for $4 could fetch $250,000 at auction:   A lucky woman was surprised to learn a painting she bought at a thrift store was actually an authentic piece by prolific artist N.C. Wyeth.

This tropical Caribbean island has a domain name everybody wants.

PHOTOS OF THE DAY
​​​​​​​
Sydney, Australia
A rare blue supermoon appears in the night sky over Ben Buckler Cliffs at Bondi Beach.  Photograph: Dan Himbrechts/EPA

Rare blue supermoon illuminates sky
The Apollo temple in Ancient Corinth, Greece. Photograph: Valérie Gache/AFP/Getty Images

Rare blue supermoon illuminates sky
An ancient fortress in Migdal Tsedek national park near Rosh Haayin, Israel
Photograph: Abir Sultan/EPA
Market Closes for August 31^st, 2023

Market Index	Close	Change
Dow Jones	34721.91	-168.33
		-0.48%
S&P 500	4507.66	-7.21
		-0.16%
NASDAQ	14034.97	+15.66
		+0.11%
TSX	20292.62	-37.70
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	32619.34	+285.88
		+0.88%
HANG SENG	18382.06	-100.80
		-0.55%
SENSEX	64831.41	-255.84
		-0.39%
FTSE 100*	7439.13	-34.54
		-0.46%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.564	3.575
CND. 30 Year Bond	3.385	3.406
U.S.    10 Year Bond	4.1042	4.1120
U.S. 30 Year Bond	4.2088	4.2229

Currencies

BOC Close	Today	Previous
Canadian $	0.7400	0.7390
US $	1.3514	1.3532

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4653	0.6825
US $	1.0842	0.9223

Commodities

Gold	Close	Previous
London Gold Fix	1947.55	1930.00
Oil
WTI Crude Future	83.63	81.63

Market Commentary:
📈 On this day in 1897, Thomas Edison received a patent for his kinetoscope, the predecessor to the motion-picture camera.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 20,292.62 in Toronto, ending a 4-day gain.
The loss follows the previous session’s increase of 0.2%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.2%. Parkland Corp. had the largest drop, falling 4.5%.
Today, 146 of 227 shares fell, while 78 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 1.6%
* So far this week, the index rose 2.3%, heading for the biggest advance since the week ended June 30
* The index advanced 5% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on Feb. 2, 2023 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.6% in the past 5 days and fell 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.3 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 11.33% compared with 11.34% in the previous session and the average of 10.91% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -45.0650| -0.7| 11/17
Industrials | -21.6117| -0.8| 7/19
Materials | -14.1767| -0.6| 13/37
Utilities | -8.3197| -1.0| 3/13
Consumer Staples | -7.2614| -0.8| 1/10
Energy | -6.5651| -0.2| 23/15
Communication Services | -5.9940| -0.8| 1/4
Real Estate | -5.7540| -1.2| 2/19
Health Care | 1.2492| 2.0| 1/3
Consumer Discretionary | 2.1891| 0.3| 8/6
Information Technology | 73.6188| 4.7| 8/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -12.9400| -1.2| 25.9| -6.0
RBC | -12.0700| -1.0| -31.0| -4.4
CIBC | -11.3600| -3.2| 237.4| -2.2
Canadian Natural Resources | 3.3770| 0.5| 10.2| 16.3
Bank of Montreal | 3.3950| 0.6| 69.4| -5.1
Shopify | 72.8700| 10.7| 93.8| 91.2
US
By Rita Nazareth
(Bloomberg) — Stocks churned at the end of a challenging month, with traders parsing mixed economic data and awaiting a key jobs reading to gauge the outlook for Federal Reserve policy.
Bond yields fell.
The dollar rose.
The S&P 500 finished with a small loss on Thursday, while notching its first monthly slide since February.
Aside from consolidation after this year’s rally, traders cited concern that the Fed will keep interest rates higher for longer to  prevent a flare-up in price pressures.
Treasury 10-year yields extended their retreat after hitting an almost 16-year high last week.

The Fed’s preferred measure of underlying inflation saw the smallest back-to-back increases since late 2020, encouraging consumer spending.
Markets took the report in stride, with the numbers illustrating the divergence within the US economy, according to Jeffrey Roach at LPL Financial.
Wall Street is now bracing for Friday’s labor-market data, which will provide further insights on the Fed’s next steps.
The report is forecast to show employers boosted their payrolls by nearly 170,000 in August, while the unemployment rate held at a historic low of 3.5%.
“Given the continued strength in the labor market and the fact that the economy is still growing above trend, the Fed will view inflation as cooling, but not sufficiently cool,” said George Mateyo, chief investment officer at Key Private Bank.
More than 60% of investors surveyed by 22V Research expect softer-than-estimated August payrolls data, while 78% see wage inflation at or below consensus.
Meantime, 49% of them said the report will be “risk-on” and only 24% expect a “risk-off” reaction.
The Fed may be slower to cut rates than many market participants expect, said Bridgewater Associates Co-Chief Investment Officer Karen Karniol-Tambour.
“When you look at what it takes to get fast rate declines, usually you need the economy collapsing pretty quickly,” she said in an interview for an upcoming episode of Bloomberg Wealth ith David Rubenstein. “That’s very far from where we are today.”
Swap markets placed roughly even odds the Fed will boost rates in November by a quarter point.

Corporate Highlights
* Intel Corp. climbed as its chief said he’s “feeling good” about the chipmaker’s quarterly outlook.
* Software companies Salesforce Inc. and CrowdStrike Holdings Inc. gained on bullish forecasts.
* Ciena Corp. rallied after the communications-equipment company reported results that beat expectations.
* Dollar General Corp. fell after cutting its profit forecast for the second straight quarter amid rising labor costs and “softer sales trends.”
* Palantir Technologies Inc. dropped after being downgraded to underweight at Morgan Stanley — the latest indication of how Wall Street is skeptical of the software company, which has touted itself as a major player within artificial intelligence.
Key events this week:
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event,
Friday
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.7% to $1.0843
* The British pound fell 0.4% to $1.2668
* The Japanese yen rose 0.5% to 145.49 per dollar
Cryptocurrencies
* Bitcoin fell 4.1% to $26,135.27
* Ether fell 2.8% to $1,656.46
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.09%
* Germany’s 10-year yield declined eight basis points to 2.47%
* Britain’s 10-year yield declined six basis points to 4.36%
Commodities
* West Texas Intermediate crude rose 2.4% to $83.56 a barrel
* Gold futures fell 0.3% to $1,966.70 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
There is a crack in everything.  That’s how the light gets in. –Leonard Cohen, 1934-2016.

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:  Rare Blue Supermoon to Rise In Wednesday Night Sky
Happy 93^rd birthday Warren Buffett!

August 30, 1991: The Republic of Macedonia declares independence from Yugoslavia, becoming a sovereign nation.

On Aug. 30, 2005, Hurricane Katrina struck the Gulf Coast with devastating force, killing more than 1,700 people and flooding New Orleans
after the city’s levees failed.  Go to article >>

Mary Shelley, writer, b. August 30, 1797: Mary Wollstonecraft Shelley, who wrote Frankenstein at age 18, was the love child of two great English thinkers – William Godwin, a political philosopher, and Mary Wollstonecraft, author of the first feminist treatise, The Vindication of the Rights of Women.  Both decried the confinement of marriage, but married when Wollstonecraft became pregnant.  Eleven days after Mary’s birth, her mother died.  Her father raised her among the intellectual elite and she and her half sister Fanny once hid under a table to listen to Samuel Coleridge recite The Rime of the Ancient Mariner.

At 16, she et Percy Bysshe Shelley.  They declared their love, ran away to France, and later married.  Of her five pregnancies between the ages of 17 and  24, only 1 child survived.  She was widowed at 24 , when Percy drowned while sailing.  Although her husband had been an outspoken advocate of free love, it appears that Mary was devoted exclusively to him.  She never remarried, nor formed any lasting liaisons.  For the remainder of her life, she cared for her father and her son, wrote six more novels, and a body of criticism of Percy’s work.  Mary had her husband’s heart removed before his body was cremated on the shores of Italy, and she kept it with her until her death on February 1, 1851, at the age of 54.

The next iPhone could be just weeks away.  Apple is widely expected to unveil a new iPhone at a special event on September 12. These are the rumored upgrades it may have.

Stephen Colbert, Jimmy Fallon and Jimmy Kimmel come together for a strike-focused podcast.  Some of the biggest names in late-night TV are teaming up for a podcast while their shows remain on hold due to the ongoing writers’ strike.

3,000-year-old mummified bees are so well preserved, scientists can see the flowers the insects ate
The bees were preserved well enough for researchers to make out small features, like their legs and antennae. Read More.

Ancient Roman walls discovered in Swiss Alps are an ‘archaeological sensation’
Archaeologists have uncovered a large area of 2,000-year-old walls revealing an elite Roman population and trading network. Read More.

How old are the Egyptian pyramids?   And why did the ancient Egyptians build pyramids in the first place?  Full Story: Live Science (8/29)

PHOTOS OF THE DAY

New Delhi, India
A cut-out of a langur is tied to a fence alongside a road to deter monkeys before the G20 summit.  Photograph: Anushree Fadnavis/Reuters.

Oregon, US
The Umpqua River reflects smoke and heat from the Cougar Creek wildfire burning in the Tyee Ridge Complex in a rural area north-west of Roseburg. 183 people have been evacuated owing to the blazes that were started by a series of lighting strikes.  Photograph: Robin Loznak/Zuma Press Wire/Shutterstock

​​​​​​​Valencia, Spain
Revellers throw tomatoes at each other during the annual Tomatina (tomato fight fiesta) in the village of Bunol.  Photograph: Alberto Saiz/AP
Market Closes for August 30^th, 2023

Market Index	Close	Change
Dow Jones	34890.24	+37.57
		+0.11%
S&P 500	4514.87	+17.24
		+0.38%
NASDAQ	14019.31	+75.55
		+0.54%
TSX	20330.32	+39.91
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	32333.46	+106.49
		+0.33%
HANG SENG	18482.86	-1.17
		-0.01%
SENSEX	65087.25	+11.43
		+0.02%
FTSE 100*	7473.67	+8.68
		+0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.575	3.591
CND. 30 Year Bond	3.406	3.416
U.S.    10 Year Bond	4.1120	4.1139
U.S. 30 Year Bond	4.2229	4.2257

Currencies

BOC Close	Today	Previous
Canadian $	0.7390	0.7376
US $	1.3532	1.3557

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4780	0.6766
US $	1.0923	0.9155

Commodities

Gold	Close	Previous
London Gold Fix	1930.00	1915.50
Oil
WTI Crude Future	81.63	81.16

Market Commentary:
📈 On this day in 1930, Warren Edward Buffett was born in Omaha, Neb. His father, Howard, was a stockbroker and his mother, Leila, was a homemaker.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 39.91 to 20,330.32 in Toronto.
The index advanced to the highest closing level since Aug. 11.
Shopify Inc. contributed the most to the index gain, increasing 1.8%.
Tilray Brands Inc. had the largest increase, rising 10.5%.
Today, 119 of 227 shares rose, while 99 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index fell 1.4%
* The index advanced 4.2% 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 Feb. 2, 2023 and 13.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.3% in the past 5 days and fell 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.4 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 11.34% compared with 11.46% in the previous session and the average of 10.89% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 19.9822| 0.6| 34/4
Information Technology | 17.6870| 1.2| 7/3
Industrials | 11.3097| 0.4| 14/11
Financials | 4.4758| 0.1| 20/9
Health Care | 1.3962| 2.3| 3/1
Real Estate | 0.1762| 0.0| 14/7
Consumer Discretionary | -0.5008| -0.1| 7/7
Consumer Staples | -1.8750| -0.2| 3/8
Communication Services | -2.1855| -0.3| 0/4
Materials | -3.8836| -0.2| 16/31
Utilities | -6.6697| -0.8| 1/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 12.0900| 1.8| 17.1| 72.8
Bank of Montreal | 6.9390| 1.2| -29.7| -5.7
Canadian Pacific Kansas | 6.4510| 0.9| 19.8| 7.4
Quebecor | -1.1100| -3.2| 17.0| 3.0
Waste Connections | -2.2170| -0.7| -28.9| 4.4
National Bank of Canada | -9.2890| -3.9| 178.3| 5.8
US
By Rita Nazareth
(Bloomberg) — Stocks rose for a fourth straight day as another batch of economic reports pointed to moderation, cementing bets the Federal Reserve is approaching the end of its interest-rate hikes.
The S&P 500 topped 4,500.Apple Inc. led gains in mega-caps, while regional banks fell. Bloomberg News reported the Fed issued a slew of private warnings to lenders with assets between $100 billion and $250 billion in a bid to tighten supervision.
Treasury yields edged lower.
Swap contracts priced in less than a 50% chance of another quarter-point US rate increase this year.
“Investors are reacting with a ‘bad news is good news’ approach, betting that a slowing economy will lead to a less aggressive Federal Reserve,” said Mark Hackett, chief of
investment research at Nationwide. “This has calmed investors, but adds an element of risk if the pendulum continues to swing, as an earnings recovery is critical for a continued strong market.”
The Citigroup Economic Surprise Index for the US extended its plunge below 50 after topping 80 earlier this month, showing recent reports have been worse than analysts had forecast.
That means economists have “adjusted expectations to reality” — and upward surprises are becoming more difficult, Hackett noted.
US gross domestic product rose at a revised 2.1% annualized pace in the second quarter — below the government’s previous estimate — amid a more moderate business investment.
American companies added the fewest jobs in five months, according to figures published by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. Pending-home sales unexpectedly rose.
“The reality of the current state of the economy is likely in the middle,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “To the extent that investors view any signs that the economy is moving into a ‘not too hot, not too cold’ phase that could bring an end to Fed tightening, it could be viewed as a positive, at least briefly.”
Elsewhere, the euro rose as inflation slowed less than expected in Germany and quickened in Spain, offering European Central Bank officials a partial picture of the region’s price pressures as they judge whether to raise interest rates again.
Oil edged up as the market took a substantial drop in US crude stockpiles in stride.

Corporate Highlights:
* A Tesla Inc. plan to purchase hard-to-get construction materials is being investigated by US prosecutors, who are looking at whether the project was an appropriate use of company funds. The shares halted a three-day advance.
* Apple is testing the use of 3D printers to produce the steel chassis used by some of its upcoming smartwatches, according to people with knowledge of the matter, heralding a major change to how the company manufactures products.
* Visa Inc. and Mastercard Inc. rose on plans planning to boost the fees that many retailers pay when accepting customers’ credit and debit cards.
* HP Inc. sank after cutting its profit outlook and acknowledging that a rebound in personal-computer demand isn’t coming as quickly as hoped.
* American Airlines Group Inc. flight attendants gave their union leaders approval to trigger a strike if the labor group is eventually allowed to end contract negotiations under federal labor law. The shares retreated.
Key events this week:
* China manufacturing PMI, non-manufacturing PMI, Thursday
* Japan industrial production, retail sales, Thursday
* Eurozone CPI, unemployment, Thursday
* ECB publishes account of July monetary policy meeting, Thursday
* US personal spending and income, initial jobless claims, Thursday
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event, Friday
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.4% to $1.0922
* The British pound rose 0.6% to $1.2717
* The Japanese yen fell 0.3% to 146.26 per dollar
Cryptocurrencies
* Bitcoin fell 1.4% to $27,192.53
* Ether fell 1.4% to $1,702.19
Bonds
* The yield on 10-year Treasuries was little changed at 4.12%
* Germany’s 10-year yield advanced four basis points to 2.54%
* Britain’s 10-year yield was little changed at 4.42%
Commodities
* West Texas Intermediate crude rose 0.7% to $81.71 a barrel
* Gold futures rose 0.3% to $1,971.60 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Always bear in mind that your own resolution to success is more important than any other one thing. –Abraham Lincoln, 1809-1865.

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

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

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

Dear Friends,

Tangents:

On this day in 2005, Hurricane Katrina struck the U.S. Gulf Coast and devastated the area, especially New Orleans, which experienced catastrophic flooding after its levees were breached the following day.  Go to article >>

August 29, 1957: The Soviet Union conducts its first successful test of an intercontinental ballistic missile (ICBM), signaling a new era in warfare.

8-year-old unearths Roman-era silver coin in school sandbox
A young boy in Germany discovered a silver coin dating to the ancient Roman Empire. Read More.

‘Power naps’ improve memory and lower heart disease risk, but long naps can have drawbacks.  Short naps at the right time of day can boost focus, help solidify memories and potentially improve heart health.
Full Story: Live Science (8/28)

India’s 1st mission to study the sun launches Sept. 2
The Aditya-1 solar mission launches hot on the heels of India’s first moon landing. Read More.

Google Flights reveals the most-searched winter holiday spots:  Looking to avoid big crowds this holiday season? Travelers are flocking to these warm getaway spots and big cities, according to Google Flights.

Amazon raises free shipping minimum for some customers:  To qualify for free shipping, non-Prime members typically have to make a purchase over $25. This week, the e-commerce giant bumped that minimum up to $35.

Move over Wordle, the New York Times might have found its next hit puzzle game:  This new game may have what it takes to be the Times’ next viral sensation.

PHOTOS OF THE DAY

Encinitas, US
Surfers flip off a wave during high tide along the beach in California.  Photograph: Mike Blake/Reuters

Edinburgh, Scotland
The Monarch of the Glen painting by Edwin Landseer is moved to its new home at the National Gallery of Scotland, with only one month to go until the opening of the new Scottish galleries at the National in Edinburgh on 30 September.  Photograph: Jane Barlow/PA

​​​​​​​The Channel
A group of people, thought to be migrants, crossing the Channel in a small boat traveling from the coast of France and heading in the direction of Dover, Kent
Photograph: Gareth Fuller/PA
Market Closes for August 29^th, 2023

Market Index	Close	Change
Dow Jones	34852.67	+292.69
		+0.85%
S&P 500	4497.63	+64.32
		+1.45%
NASDAQ	13943.76	+238.63
		+1.74%
TSX	20290.41	+265.27
		+1.32%

International Markets

Market Index	Close	Change
NIKKEI	32226.97	+56.98
		+0.18%
HANG SENG	18484.03	+353.29
		+1.95%
SENSEX	65075.82	+79.22
		+0.12%
FTSE 100*	7464.99	+126.41
		+1.72%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.591	3.678
CND. 30 Year Bond	3.416	3.485
U.S.    10 Year Bond	4.1139	4.2059
U.S. 30 Year Bond	4.2257	4.2784

Currencies

BOC Close	Today	Previous
Canadian $	0.7376	0.7353
US $	1.3557	1.3600

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4749	0.6780
US $	1.0879	0.9192

Commodities

Gold	Close	Previous
London Gold Fix	1915.50	1915.50
Oil
WTI Crude Future	81.16	80.10

Market Commentary:
📈 On this day in 1885: Gottlieb Daimler registered an early motorcycle design, or “Reitwagen,” for a German patent.  It had a wooden chassis and gasoline-powered internal-combustion engine, and was recognized as the first mechanized vehicle for personal transport
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.3%, or 265.27 to 20,290.41 in Toronto.
The move was the biggest since rising 1.8% on June 2.
Today, financials stocks led the market higher, as all sectors gained; 213 of 227 shares rose, while 11 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.1%.
Nuvei Corp. had the largest increase, rising 7.2%.
Insights
* In the past year, the index had a similar or greater gain 12 times. The next day, it advanced seven times for an average 0.9% and declined five times for an average 1%
* This month, the index fell 1.6%
* The index advanced 2.3% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Feb. 2, 2023 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3% in the past 5 days and fell 1.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.2 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility rose to 11.46% compared with 10.95% in the previous session and the average of 10.87% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 73.5782| 1.2| 28/1
Energy | 45.6723| 1.3| 32/6
Materials | 40.1525| 1.7| 50/0
Information Technology | 36.7797| 2.5| 11/0
Industrials | 21.8055| 0.8| 24/1
Consumer Staples | 13.3147| 1.6| 11/0
Consumer Discretionary | 13.1359| 1.8| 14/0
Communication Services | 9.0484| 1.1| 5/0
Utilities | 5.8513| 0.7| 15/1
Real Estate | 5.3795| 1.1| 20/1
Health Care | 0.5574| 0.9| 3/1
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 26.2800| 4.1| 27.2| 69.7
TD Bank | 15.6300| 1.5| -4.0| -5.0
Canadian Natural Resources | 14.9700| 2.3| 2.7| 15.5
GFL Environmental | -0.3990| -0.6| -21.0| 11.2
Cameco | -0.8180| -0.5| -38.3| 61.4
Fairfax Financial | -1.6800| -0.9| 25.5| 39.7
US
By Rita Nazareth
(Bloomberg) — Stocks climbed the most since June, while bond yields retreated after economic reports bolstered speculation the Federal Reserve is getting closer to wrapping up its aggressive tightening campaign.
Nearly 90% of the S&P 500 companies rose as the gauge closed just shy of 4,500.
A rally in mega-caps like Tesla Inc. and Nvidia Corp. sent the Nasdaq 100 up 2%.
Treasury two-year yields sank 17 basis points to around 4.9%.
The crypto space saw gains across the board as a US court ruling paved the way for the first Bitcoin exchange-traded fund.
The world’s largest digital token jumped 7%, Coinbase Global Inc. led the industry’s shares higher while the Grayscale Bitcoin Trust soared 17%.
Swap contracts showed lower wagers on a Fed hike in 2023 and a greater chance of a policy pivot in the first half of 2024.
Traders are currently pricing in a 56% probability of a quarter-point rate increase in November — down from 75% earlier Tuesday.
They also brought forward bets on the expected start of rate cuts to June from July of next year.
US job openings fell by more than expected to 8.83 million — a more than two-year low — offering fresh evidence that labor demand is slowing down.
Separate data showed consumer confidence dropped amid souring views on jobs, higher borrowing costs and lingering inflation.
“The Fed reiterated its commitment to be data-dependent, and with reports like this, the Fed can most likely keep rates unchanged in September,” said Jeffrey Roach, chief economist at LPL Financial. “Investors should expect a softening labor report this Friday, further cementing the thesis that the Fed is getting close to finishing its tightening cycle.”
From the Fed’s perspective, the week is off to a promising  start — with the Job Openings and Labor Turnover Survey much weaker than expected, alongside downward revisions.
Further softness over the next few months looks “plausible,” and that could lead to a cooler labor market and sustainably lower wage growth, according to Craig Erlam, senior market analyst at Oanda.
“Today’s JOLTS report was an answer to the Fed’s prayers,” offering more evidence of a “cooling economy,” said Ronald Temple, chief market strategist at Lazard.
Traders will get more clues on the health of the labor market with Wednesday’s reading on private payrolls and Thursday’s jobless claims figures.
The data will precede Friday’s government report, which is forecast to show employers boosted their payrolls by 170,000 in August, while the unemployment rate held at a historically low 3.5%.
Corporate Highlights:
* Regional banks rose even after US regulators unveiled a proposal to boost oversight of midsize lenders and require them to be better prepared for potential failures.
* Apple Inc. has set Sept. 12 as the date for its biggest product-upgrade event of the year, when it’s set to unveil the iPhone 15 line and next-generation smartwatches.
* Tesla Inc. is facing increased scrutiny from federal regulators over its driver-assistance system known as Autopilot,  with investigators demanding to know if the electric carmaker has made it easier for drivers to take their hands off the wheel.
* A gauge of US-listed Chinese stocks rallied as Bloomberg News reported that the nation’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world’s second-largest economy.
* Best Buy Co. climbed after executives said that a painful sales slump in consumer electronics and household appliances is showing signs of easing.
* Pharmaceutical giants spanning Bristol-Myers Squibb Co. to Johnson & Johnson and Eli Lilly & Co. are the first targets of President Joe Biden’s historic foray into bargaining with drugmakers to lower the cost of medicine.
Key events this week:
* Eurozone economic confidence, consumer confidence, Wednesday
* US GDP, wholesale inventories, pending home sales, Wednesday
* China manufacturing PMI, non-manufacturing PMI, Thursday
* Japan industrial production, retail sales, Thursday
* Eurozone CPI, unemployment, Thursday
* ECB publishes account of July monetary policy meeting, Thursday
* US personal spending and income, initial jobless claims, Thursday
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event, Friday
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0884
* The British pound rose 0.4% to $1.2650
* The Japanese yen rose 0.5% to 145.82 per dollar
Cryptocurrencies
* Bitcoin rose 7.2% to $27,853.79
* Ether rose 5.5% to $1,736.96
Bonds
* The yield on 10-year Treasuries declined nine basis points to 4.11%
* Germany’s 10-year yield declined five basis points to 2.51%
* Britain’s 10-year yield declined two basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 1.4% to $81.23 a barrel
* Gold futures rose 1% to $1,966 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller and Robert Brand.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
There is no more important lesson to be learned or habit to be formed than that of right judgment
and of delighting in good characters and noble actions. –Aristotle, 384 BC-322 BC.

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

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

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

Dear Friends,

Tangents: Happy Monday.
It’s the 60th anniversary of the historic March On Washington for Jobs and Freedom — best remembered today for Dr. Martin Luther King Jr.’s iconic “I Have a Dream” speech.
On Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream”
speech in front of the Lincoln Memorial. Go to article >>

“In the end, we will remember not the words of our enemies, but he silence of our friends.” -Martin Luther King Jr., 1929-1968.

Baby sun-like star caught spewing out gamma-rays in cosmic ‘tantrum’ for the 1st time ever
The discovery represents the first evidence that low-mass T.Tauri stars, which are less than 10 million years old, can emit gamma radiation.  Read More.

Deformed skulls and ritual beheadings found at Maya pyramid in Mexico
Archaeologists announced that some individuals buried at a Maya pyramid more than 1,000 years ago had deformed skulls and had been killed in ritual beheadings.  Read More.

Did the Tonga eruption cause this year’s extreme heat?
The 2022 Hunga Tonga-Hunga Ha’apai volcano eruption may have contributed to this year’s heat, but it’s not causing climate change.  Read More.

Americans are being asked to tip more often, but is it really required?  Eateries and businesses are upping the pressure to tip at computer check-out screens. Listen to an etiquette expert explain when you should tip — and when you can skip.

How Starbucks created its own language for ordering coffee.  Short, tall, venti, grande or trenta? Learn why Starbucks adopted terms commonly associated with Italian coffee bars.

Do you have ‘gymtimidation’?  You head to the gym, and suddenly you’re anxious. These feelings, dubbed “gymtimidation,” can prevent you from achieving your goals. Here’s how to alleviate your fears.

Viktor Hovland wins PGA Tour finale.  Congratulations are in order for this 25-year-old pro golfer who claimed an $18 million prize on Sunday.

Simone Biles makes history.  The decorated gymnast won a record eighth all-around national title with a strong performance Sunday at the US Gymnastics Championships.

PHOTOS OF THE DAY

Edinburgh, Scotland
Earl Stephens (who has the Nisga’a cultural name Chief Ni’is Joohl) and Pamela Brown join delegates from the Nisga’a nation at the National Museum of Scotland ahead of the return of an 11-metre tall memorial pole to what is now British Columbia.  Photograph: Andrew Milligan/PA

Kandahar Province, Afghanistan
A farmer dries figs at a house in the Shah Wali Kot district Photograph: Sanaullah Seiam/AFP/Getty Images.

Rostov region, Russia
A Cossack slashes a watermelon with a sabre during a sabre-cutting competition in the village of Novosvetlovsky.  hotograph: AFP/Getty Images
Market Closes for August 28^th, 2023

Market Index	Close	Change
Dow Jones	34559.98	+213.08
		+0.62%
S&P 500	4433.31	+27.60
		+0.63%
NASDAQ	13705.13	+114.48
		+0.84%
TSX	20025.14	+189.39
		+0.95%

International Markets

Market Index	Close	Change
NIKKEI	32169.99	+545.71
		+1.73%
HANG SENG	18130.74	+174.36
		+0.97%
SENSEX	64996.60	+110.09
		+0.17%
FTSE 100*	7338.58	+4.95
		+0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.678	3.702
CND. 30 Year Bond	3.485	3.503
U.S.    10 Year Bond	4.2059	4.2314
U.S. 30 Year Bond	4.2784	4.2793

Currencies

BOC Close	Today	Previous
Canadian $	0.7353	0.7350
US $	1.3600	1.3605

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4712	0.6797
US $	1.0817	0.9245

Commodities

Gold	Close	Previous
London Gold Fix	1915.50	1917.05
Oil
WTI Crude Future	80.10	80.48

Market Commentary:
📈 On this day in 2000: The New York Stock Exchange began trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8th of a dollar. The first stocks to adopt decimal pricing included Anadarko Petroleum and FedEx.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1%, or 189.39 to 20,025.14 in Toronto.
The index advanced to the highest closing level since Aug. 14.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.1%.
Novagold Resources Inc. had the largest increase, rising 6.5%.
Today, 192 of 227 shares rose, while 33 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index fell 2.9%
* The index advanced 0.8% in the past 52 weeks. The MSCI AC Americas Index gained 8.4% in the same period
* The S&P/TSX Composite is 3.9% below its 52-week high on Feb. 2, 2023 and 12% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.2% in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.1 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility rose to 10.95% compared with 10.52% in the previous session and the average of 10.83% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 65.6600| 1.1| 23/5
Materials | 49.0741| 2.1| 50/0
Energy | 42.0972| 1.2| 37/3
Communication Services | 13.2335| 1.7| 5/0
Information Technology | 12.2547| 0.8| 9/2
Real Estate | 5.7568| 1.2| 21/0
Industrials | 3.2513| 0.1| 15/10
Utilities | 2.4207| 0.3| 14/2
Consumer Discretionary | 1.7023| 0.2| 10/4
Health Care | 0.2523| 0.4| 4/0
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 21.2700| 2.1| 1.4| -6.4
Canadian Natural Resources | 15.7300| 2.5| 61.1| 12.9
RBC | 9.7340| 0.8| -58.5| -4.1
Intact Financial | -1.2270| -0.5| 50.3| -0.6
Canadian National | -1.2940| -0.2| 69.4| -5.1
Couche-Tard | -6.6110| -1.8| -21.5| 17.7
US
By Rita Nazareth
(Bloomberg) — Stocks rose and bond yields fell at the start of a week full of economic data that will help shape the outlook for Federal Reserve policy.
In a reasonably quiet trading session, the S&P 500 hovered near 4,400.
3M Co. rallied as Bloomberg News reported a tentative agreement to pay over $5.5 billion to resolve lawsuits claiming it sold defective combat earplugs.
Nvidia Corp. led gains in mega-caps.
Auctions of two- and five-year Treasuries drew the highest yields since before the 2008 financial crisis.
August’s risk-off mood showed some signs of abating, but the US equity benchmark is still poised for its worst month of 2023 after a higher-for-longer rates narrative took hold.
Fed Chair Jerome Powell stuck to the script in his Jackson Hole speech Friday, saying officials are “prepared to raise rates further if appropriate,” while stressing the central bank would “proceed carefully” — guided by economic data.
Traders want to see economic figures that suggest activity is slowing enough to keep further rate hikes at bay, but not too slow to indicate the US is headed for a recession, according to Anthony Saglimbene, chief market strategist at Ameriprise.
Given that the earnings season is in the rearview mirror, and the next Fed gathering is weeks away, incoming data will likely take center stage for a while, he added.
“This week is important because it has the chance to either reinforce the ‘soft/no landing’ and ‘disinflation’ pillars of the rally, or potentially undermine them,” said Tom Essaye, founder of The Sevens Report newsletter. “The former will likely result in a reflex rally, while the latter could open up a sharp drop in stocks. We’ll be watching closely.”
Employment growth in the US probably cooled and wage increases moderated, suggesting a further tempering of inflation risks that reduces the urgency for another rate hike.
Other labor-market figures are seen showing fewer job openings than a month earlier, indicating supply and demand are coming into better balance.
Fed officials will also get a fresh read on  their preferred inflation gauge — the personal consumption expenditures price index minus food and energy.
There’s enough ambiguity about the recent strength of jobs, wage, and inflation data to keep the Fed on hold in September, according to Seema Shah, chief global strategist at Principal Asset Management.
By November, the economy should be showing clearer signs of softening, she added.
“Our expectation is that Fed policy rates have now peaked,” Shah noted. “Of course, the Fed will need to remain alert to inflation pressures — as long as economic growth is strong, a resurgence in inflation is a risk. As such, the first Fed rate cut will likely only come in late 2Q 2024.”
Chart watchers looking for clues about the stock market’s next direction have a few key levels to monitor.
Mark Newton at Fundstrat Global Advisors has his eyes on 4,440 for the S&P 500.
That level lies near a 38.2% Fibonacci retracement — and as such it marks a key hurdle for the index to clear in order to continue the rebound.
Meantime, the gauge’s companies are now evenly split, with half above and half below their 200-day moving-average lines.
That’s a departure from late July, when two-third of the members traded above those levels.
The equity market’s pullback in August was a healthy realignment as sentiment had previously been “overly optimistic” about Fed policy and corporate earnings, according to Rod von Lipsey, managing director at UBS Private Wealth Management.
“Our base case is that most of the stock market’s gains look to be in the books for the year,” he added. “Because of this, bonds are our preferred asset class, since slower economic growth and higher-for-longer rates should be favorable for bond yields, which are currently at very attractive levels.”
Western Asset Management also says bonds are set to outperform due to attractive yields, while JPMorgan Chase & Co. is keeping its bullish bets on fixed income despite Powell’s warning at Jackson Hole Friday.
Even fresh Fed hikes won’t deliver bond losses steep enough to outweigh the income from the highest yields since 2007, the bulls argue.
Treasuries will beat US stocks over the next month, according to 58% of respondents in the latest MLIV Pulse survey.
Yet history shows a different picture.
Looking back 20 years, equities did better than bonds 12 times during the month of September.
In addition to the current allure of Treasury yields, some traders see seasonality as another reason leading to consolidation in the equity market.
Since 1945, the S&P 500 posted the worst average return in September, according to Sam Stovall, chief investment strategist at CFRA.
With an only 44% frequency of gains, it was the only month to see the gauge decline more frequently than it rose, he noted.

Corporate Highlights:
* A gauge of US-listed Chinese stocks climbed as the Asian nation took steps to lure investors back to its market.
* American Airlines Group Inc. was ordered to pay a $4.1 million fine, the largest such penalty to date, for allowing aircraft to sit on the ground for three hours or more without giving passengers a chance to exit.
* PG&E Corp. said it will likely have to cut power in some parts of Northern California on Wednesday due to a forecast of high winds and dry conditions.
* Hawaiian Electric Industries Inc. soared after the utility pushed back against a lawsuit filed by Maui County that accused the company of starting the deadly Lahaina fire, suggesting that county’s fire department may be responsible for losing control of the blaze.
* Danaher Corp. said it will acquire Abcam Plc in a deal worth $5.7 billion, beating out rivals in a race to acquire the UK-based maker of supplies for the life-sciences industry whose technologies are used by thousands of researchers.
* CrowdStrike Holdings Inc. fell as Morgan Stanley downgraded the software company to equal-weight from overweight ahead of its results.
* Novocure Ltd. sank after the company said a late-stage trial of its ovarian cancer drug did not meet its primary endpoint of overall survival at the final analysis.
Key events this week:
* US Conference Board consumer confidence, Tuesday
* Eurozone economic confidence, consumer confidence, Wednesday
* US GDP, wholesale inventories, pending home sales, Wednesday
* China manufacturing PMI, non-manufacturing PMI, Thursday
* Japan industrial production, retail sales, Thursday
* Eurozone CPI, unemployment, Thursday
* ECB publishes account of July monetary policy meeting, Thursday
* US personal spending and income, initial jobless claims, Thursday
* China Caixin manufacturing PMI, Friday
* Eurozone S&P Global Eurozone Manufacturing PMI, Friday
* South African central bank governor Lesetja Kganyago, Atlanta Fed President Raphael Bostic, BOE’s Huw Pill, IMF’s Gita Gopinath on panel at the South African Reserve Bank conference, Friday
* Boston Fed President Susan Collins speaks at virtual event, Friday.
* US unemployment, nonfarm payrolls, light vehicle sales, ISM manufacturing, construction spending, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0818
* The British pound rose 0.2% to $1.2604
* The Japanese yen was little changed at 146.51 per dollar
Cryptocurrencies
* Bitcoin fell 0.4% to $25,977.81
* Ether fell 0.5% to $1,645.73
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.20%
* Germany’s 10-year yield was little changed at 2.56%
* Britain’s 10-year yield advanced two basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 0.4% to $80.12 a barrel
* Gold futures rose 0.4% to $1,947.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Isabelle Lee, Vildana Hajric and Elena Popina.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The way to fame goes through the palaces, the way to happiness goes through the markets,
the way to virtue goes though the deserts. –Chinese Proverb.

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 Aug. 25, 1944, Paris was liberated by Allied forces after four years of Nazi occupation.  Go to article >>

August 25, 1958: Momofuku Ando markets the first package of precooked instant noodles (Chikin Ramen).

1939: Wizard of Oz released.

Leonard Bernstein, composer, b.  1918.
Claudia Schiffer, model, b. 1970.
Elvis Costell0, b.1954.

Rare ‘blue supermoon’ – the biggest and brightest full moon of the year – rises Aug. 30.
The closest, brightest full moon of 2023 is also the second full moon in August. Here’s how to see it. Read More.

Fukushima nuclear power plant is now pumping wastewater into the Pacific Ocean
The International Atomic Energy Agency has said the release meets international safety standards with a “negligible radiological impact.” Read More.

Mass die-off strikes endangered emperor penguin chicks across 4 of 5 West Antarctica colonies
Out of five known emperor penguin colonies in the Bellingshausen Sea region, four have failed to breed this year as chicks likely drowned in the melting sea ice. Read More.

A ‘forgotten’ Winnie the Pooh sketch sat in a drawer for years. Now it could be worth thousands.  An original drawing of the Disney character which languished for decades in a drawer could fetch nearly $40,000 at auction next month.

It’s not pumpkin you’re tasting in your pumpkin spice latte.  Pumpkin spice blend is actually a simple combination of cinnamon, ginger, nutmeg, allspice and cloves. Check out these fall-favorite dishes that call for real pumpkin.

PHOTOS OF THE DAY

​​​​​​​Espirito Santo state, Brazil
A mother humpback whale and calf are seen next to a boat used by scientists from Jubarte Lab to monitor them on the coast of Vitoria.  Photograph: Carl de Souza/AFP/Getty Images

St Paul, Minnesota
Indigenous leaders and their water-protector allies set up an Occupy-style camp on the lawn of the Minnesota State Capitol building. They are protesting against the Canadian oil and gas transport company Enbridge, which is expanding the controversial Line 3 pipeline. The $9.3bn project will carry oil through treaty-protected tribal lands and through parts of the States watershed
Photograph: Pacific Press/LightRocket/Getty Images

The week in wildlife
A green turtle hatchling makes its way to the sea at the Akyatan lagoon in Turkey
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Market Closes for August 25^th, 2023

Market Index	Close	Change
Dow Jones	34346.90	+247.48
		+0.73%
S&P 500	4405.71	+29.40
		+0.67%
NASDAQ	13590.65	+126.68
		+0.94%
TSX	19835.75	+59.92
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	31624.28	-662.93
		-2.05%
HANG SENG	17956.38	-255.79
		-1.40%
SENSEX	64886.51	-365.83
		-0.56%
FTSE 100*	7338.58	+4.95
		+0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.702	3.692
CND. 30 Year Bond	3.503	3.508
U.S.    10 Year Bond	4.2314	4.2372
U.S. 30 Year Bond	4.2793	4.3021

Currencies

BOC Close	Today	Previous
Canadian $	0.7350	0.7363
US $	1.3605	1.3581

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4691	0.6807
US $	1.0797	0.9262

Commodities

Gold	Close	Previous
London Gold Fix	1917.05	1916.65
Oil
WTI Crude Future	80.48	79.70

Market Commentary:
📈 On this day in 2000, an Internet Wire bulletin said the SEC was investigating Emulex’s accounting practices, promptly knocking billions off Emulex’s market value. The SEC later nailed a former Internet Wire employee, who was short-selling Emulex stock, for securities fraud.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 19,835.75 n Toronto.
The move follows the previous session’s decrease of 0.5%.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.6%.
BlackBerry Ltd. had the largest increase, rising 17.4%.
Today, 151 of 227 shares rose, while 74 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index fell 3.8%
* So far this week, the index was little changed
* The index declined 1.7% in the past 52 weeks. The MSCI AC Americas Index gained 4.2% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on Feb. 2, 2023 and 11% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility rose to 10.52% compared with 10.46% in the previous session and the average of 10.74% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 44.1421| 1.3| 39/1
Industrials | 20.1633| 0.7| 20/5
Information Technology | 12.1021| 0.8| 9/2
Consumer Staples | 5.8424| 0.7| 10/1
Real Estate | 3.3648| 0.7| 18/3
Consumer Discretionary | 1.6161| 0.2| 8/6
Communication Services | 1.3065| 0.2| 4/1
Health Care | 1.1453| 1.9| 4/0
Utilities | 0.5787| 0.1| 10/6
Materials | -7.7508| -0.3| 15/35
Financials | -22.5832| -0.4| 14/14
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 9.6700| 1.6| -32.0| 10.1
Enbridge | 5.8110| 0.9| -47.9| -11.5
Canadian National | 5.3410| 0.8| -18.4| -4.9
National Bank of Canada | -2.8840| -1.2| 5.2| 7.6
TD Bank | -3.8440| -0.4| 54.0| -8.3
RBC | -15.5700| -1.3| -46.9| -4.9
US
By Rita Nazareth
(Bloomberg) — Stocks rose as traders sifted through a raft of remarks from Federal Reserve speakers, with Jerome Powell saying officials “will proceed carefully” on whether to raise interest rates again, while signaling policy will remain tighter for longer.
The S&P 500 notched its best week since July.
The yield on 10-year Treasuries fluctuated near 4.2%.
The dollar was little changed.
The euro failed to gain traction after Christine Lagarde said the European Central Bank will set borrowing costs as high as needed and leave them there for as long as it takes to bring inflation back to its goal.
Powell cautioned that the process of bringing inflation back to its target “still has a long way to go.”
In a speech Friday at the US central bank’s annual conference in Jackson Hole, Wyoming, the Fed’s chief also suggested officials could hold rates steady in September, as investors expect.
“Powell, as has been the case for some time, didn’t offer markets anything revelatory today — which was likely the goal,” said Tom Garretson, senior portfolio strategist at RBC Wealth Management. “The market reaction looks consistent with the idea that the Fed is likely done raising rates over the near term, but still stands more than ready to do more if economic data dictates it.”
Fed Bank of Philadelphia President Patrick Harker signaled he favored holding rates at current levels to allow the effects of cumulative tightening to work through the system.
His Cleveland counterpart Loretta Mester noted that under-tightening interest rates would be “a worse mistake” than raising them too much.
Fed Bank of Chicago head Austan Goolsbee said the Fed is part of the way down the road to a soft landing.

More Comments on Jackson Hole:
* Neil Dutta at Renaissance Macro Research:  “I thought Powell has delivered a neutral speech. The Fed sees its monetary policy stance as restrictive and will take a more tempered approach to future meetings. Thus, I think it is quite likely that the Fed does not move in either September or November. If, and this is a big if, they deliver on the hike currently in the dots, it will be December.”
* Michael Feroli at JPMorgan:  “No alarms and no surprises. After these remarks we still think the Fed is on extended hold, though with a risk they hike next month if the data between now and Sept. 20 come in hot.”
* Ronald Temple at Lazard:  “Powell’s speech today should give investors confidence that rate hikes are likely over, absent an unexpected resurgence of inflation. The commentary was largely in line with
expectations. While noting that it will take time before the Fed can be certain inflation and expectations thereof are safely anchored at 2% and suggesting that there are situations that could trigger additional rate hikes, Powell was also careful not to signal imminent additional tightening measures.”
* David Russell at TradeStation:  “He gave some hope to the dovish side by acknowledging that current policy is restrictive and it may work further over time.  But he also threatened to drop the hammer
again if the economy and job market run too hot. We’ll be living number to number for a while here.”
* Steve Sosnick at Interactive Brokers:  “It’s what I expected – a reminder that since we’re above their inflation target, hikes remain on the table, and don’t expect cuts anytime soon. Not much new.”
* Chris Zaccarelli at Independent Advisor Alliance:  “As expected, the Fed chair preserved maximum flexibility by not saying whether the Fed was done raising rates or whether there was at least one more rate hike coming down the pike. We expect that if inflation continues on its current path, then the Fed will hold rates where they are and the economy will stay out of recession (at least for this year), the bull market will  resume, and we will end the year higher from here.”
* Gary Pzegeo at CIBC Private Wealth US:  “No real surprises from Jerome Powell today. It is a very different environment than a year ago when Powell saw a much larger disconnect between the Fed’s expectations and the bond markets’ pricing. Powell didn’t add much in the way of new information, but he did reiterate that the Fed will ‘keep at it until the job is done’.” 
* Ryan Detrick at Carson Group:  “Given the jump in yields lately, he wasn’t as hawkish as some had feared. Remember, last year he took out the bazooka and was way more hawkish than anyone expected, which saw heavy selling into October. This time he hit it more down the middle, with no major changes in future hikes a welcome sign.”
* Quincy Krosby at LPL Financial:  “Powell stands by his standard retort: inflation easing, but too soon to declare victory.”

Corporate Highlights
* Boeing Co. is preparing to restart delivery of 737 Max jets to China for the first time in four years, according to people familiar with the matter, a long-awaited breakthrough that would bolster the plane maker’s comeback from one of the worst crises in its history.
* Instacart has joined chip designer Arm Holdings Ltd. in moving ahead with an initial public offering, adding momentum to a return of high-profile listings.
* Rite Aid Corp. is preparing a Chapter 11 bankruptcy filing to restructure debts including opioid liabilities, according to people with knowledge of the matter.
* Marathon Petroleum Corp. is in the process of shutting the third largest oil refinery in the US after a blaze at a storage tank.
* Danaher Corp. has emerged as the leading bidder for biotechnology supplier Abcam Plc, according to people familiar with the matter.
* Affirm Holdings Inc. surged after reporting an increase in transactions on the buy now, pay later firm’s platforms as deals with new merchants helped offset challenges from rising interest rates.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0803
* The British pound was little changed at $1.2590
* The Japanese yen fell 0.4% to 146.38 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $25,956.64
* Ether fell 0.2% to $1,645.68
Bonds
* The yield on 10-year Treasuries was little changed at 4.23%
* Germany’s 10-year yield advanced five basis points to 2.56%
* Britain’s 10-year yield advanced two basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 1.2% to $80.03 a barrel
* Gold futures fell 0.3% to $1,942.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, Namitha Jagadeesh, Sagarika Jaisinghani, Emily Graffeo and Isabelle Lee.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Take care that no one hates you justly. –Publius Syrus, 85-45 BC.

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