Category: Newsletters

Dear Friends,

Tangents:
November 23, 1936: Life magazine premiered.
2006: Former KGB spy Alexander Litvinenko died in London from radiation poisoning after making a deathbed statement blaming Russian President Vladimir Putin.  Go to article »
2019: The last Sumatran rhinoceros in Malaysia, Imam, dies, making the species officially extinct in the country.

A group of Indonesian islands is about to hit the auction block.  To some billionaires, islands are like potato chips: you can’t buy just one.

Lopsided star cluster may disprove Newton and Einstein, controversial new study claims: Astronomers observing star clusters in our galaxy have found evidence that controversially challenges Newton’s laws of gravity and could upend our understanding of the universe.  The puzzling finding could support a controversial idea that does away entirely with dark matter. Full Story: Live Science (11/21)

Writing by hand is the best way to retain information.

Science doesn’t really know why so many viruses are flourishing at once. — Faye Flam.

The future of consumer products is influencers like MrBeast making and selling their own stuff. — Trung Phan
PHOTOS OF THE DAY

Web browser
‘A classic autumn morning in the vines near the Corbières town of Tuchan, France. I took this photo while walking my dog – that’s his back intruding into the bottom corner of the frame.’
Photograph: Robert Heath

Walking on water
‘This shot is of our ski guide, Simon, herringbone-walking across pristine snow covering a high Alpine pond on the morning of an epic freeride tour day in January, in the Silvretta Montafon resort in Austria.’
Photograph: Gary Mackney

Oxford, England
People walk past a Mini car decorated in 3,000 lights. The car’s owner, Nicholas Martin, is hoping to raise £10,000 for charity with his festive illuminative show
Photograph: Ben Birchall/PA
Market Closes for November 23^rd, 2022

Market Index	Close	Change
Dow Jones	34194.06	+95.96
		+0.28%
S&P 500	4027.26	+23.68
		+0.59%
NASDAQ	11285.32	+110.91
		+0.99%
TSX	20282.26	+62.25
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	MARKET CLOSE	N.A.
HANG SENG	17523.81	+99.40
		+0.57%
SENSEX	61510.58	+91.62
		+0.15%
FTSE 100*	7465.24	+12.40
		+0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.970		3.036
CND. 30 Year Bond		2.977		3.084
U.S.    10 Year Bond		3.6927		3.7559
U.S. 30 Year Bond		3.7276		3.8273

Currencies

BOC Close	Today	Previous
Canadian $	0.7490	0.7477
US $	1.3351	1.3374
Euro Rate 1 Euro=		Inverse
Canadian $	1.3885	0.7202
US  $	1.0400	0.9615

Commodities

Gold	Close	Previous
London Gold Fix	1742.95	1740.40
Oil
WTI Crude Future	77.84	80.90

Market Commentary:
On this day in 1954, the Dow Jones Industrial Average closed at a record high of 382.74, finally surpassing its previous high—set a quarter-century earlier on Sept. 3, 1929.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 62.25 to 20,282.26 in Toronto.
The index advanced to the highest closing level since June 9.
Shopify Inc. contributed the most to the index gain, increasing 4.1%. Converge Technology Solutions Corp. had the largest increase, rising 22.6%.
Today, 148 of 236 shares rose, while 84 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 4.4%, heading for the worst year since 2018
* This month, the index rose 4.4%
* The index declined 5.5% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 7.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility fell to 16.42% compared with 17.40% in the previous session and the average of 20.99% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 28.9143| 0.5| 22/7
Information Technology | 23.4955| 2.2| 10/4
Materials | 13.6290| 0.6| 38/12
Industrials | 11.6476| 0.4| 21/6
Utilities | 7.0782| 0.8| 13/3
Communication Services | 0.6909| 0.1| 5/2
Health Care | 0.0976| 0.1| 4/2
Real Estate | -1.1109| -0.2| 8/13
Consumer Discretionary | -2.6878| -0.4| 10/4
Consumer Staples | -4.2639| -0.5| 8/3
Energy | -15.2464| -0.4| 9/28
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 15.7600| 4.1| -21.9| -71.8
Brookfield Asset Management | 11.7000| 2.0| -20.6| -20.2
Enbridge | 7.5280| 1.0| -10.3| 12.0
Suncor Energy | -5.4160| -1.2| 105.3| 50.8
Couche-Tard | -7.3710| -2.2| 53.4| 13.4
Canadian Natural Resources | -9.0510| -1.4| 33.4| 52.9
US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — US stocks ended the session higher after the Federal Reserve’s latest meeting minutes showed most officials backing slowing the pace of interest-rate hikes soon.
The S&P 500 and the Nasdaq 100 notched gains for a second straight session. Treasuries rallied, with the benchmark 10-year yield around 3.69%.
Wall Street’s fear gauge, the Cboe Volatility Index, fell to its lowest level in more than three months.
US stock and bond markets will be closed on Thursday for the Thanksgiving holiday.
Several Fed officials backed the need to moderate the pace of rate hikes, the central bank’s Nov. 1-2 meeting minutes show.
Only a small number of these officials underscored the need for a higher terminal rate.
Since the Fed’s latest meeting, investors have parsed a bevy of economic data that somewhat eased inflation concerns, further strengthening the case for smaller rate hikes.
“The minutes were dovish as they recognized a softening in consumer demand and tightening international economic and financial conditions,” said Jay Hatfield of Infrastructure Capital Management.
Still, some investors think that the meeting minutes didn’t convey anything new and that markets may be overreacting to the perceived shift in tone.
“The minutes said that hikes can be smaller than 75bps but also that the terminal rate will need to be higher than previously thought — which also is pretty much what everyone at the Fed has been signaling anyway,” said Max Gokhman, chief investment officer at asset manager AlphaTrAI. “It’s almost weird we’re getting any kind of big moves on the minutes. I guess the market is happy to take a longer road to a more painful outcome given the reaction to the minutes.”
Meanwhile, the dollar dropped for a second straight session as investors assessed a bevy of economic data.
Business activity in the US continued to contract and separate data showed US unemployment applications rising more than expected, in a sign of cooling in the labor market.
Key events this week:
* ECB publishes account of its October policy meeting, Thursday
* US stock and bond markets are closed for the Thanksgiving holiday, Thursday
* US stock and bond markets close early, 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 1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 1% to $1.0402
* The British pound rose 1.5% to $1.2065
* The Japanese yen rose 1.2% to 139.50 per dollar
Cryptocurrencies
* Bitcoin rose 2.9% to $16,594.92
* Ether rose 3.9% to $1,173.48
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.69%
* Germany’s 10-year yield declined five basis points to 1.93%
* Britain’s 10-year yield declined 13 basis points to 3.01%
Commodities
* West Texas Intermediate crude fell 4.3% to $77.44 a barrel
* Gold futures rose 0.7% to $1,766.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee and Peyton Forte.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Expectation is the root of all heartache. –William Shakespeare, bapt. 1564-1616.

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 Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States.  Go to article »

1859: On the Origin of Species is published by Charles Darwin.
1995: Toy Story is released as the first feature-length film created completely using computer- generated imagery.

Ancient Egyptian mummification was never intended to preserve bodies, new exhibit reveals: It’s long been believed that ancient Egyptians used mummification as a way to preserve a body after death.  However, an upcoming museum exhibition indicates that was never the case, and instead the elaborate burial technique was actually a way to guide the deceased toward divinity.  Full Story: Live Science (11/22)

New interactive map of the universe is a rainbow-colored slice of cosmic pie: Astronomers have created a new map of the universe that looks remarkably like a rainbow-colored slice of cosmic pie.
The interactive image, which has been named The Map of the Observable Universe, was released online Nov. 17 and is made of real-color specks of light emitted by more than 200,000 galaxies and quasars — including the Milky Way, which sits at the tip of the slice. However, in reality, the wedge-shaped map only offers a small serving of the observable universe, measuring 90 degrees across and 10 degrees deep from our viewpoint of the sky from Earth.
Full Story: Live Science (11/22)

At 10:11 p.m., the time and date will form a palindrome. (h/t Mark Gilbert)

New pristine meteorite just dropped.
PHOTOS OF THE DAY

Kamchatka, Russia
The Shiveluch volcano erupts after spewing volcanic ash and smoke
Photograph: Institute Of Volcanology And Seismology/Reuters

Frankfurt, Germany
Lights illuminate the traditional Christmas market
Photograph: Michael Probst/AP

Hula Valley, Israel
Cranes rest in the Agamon Hula lake area on their seasonal migration route from Europe to Africa
Photograph: Jalaa Marey/AFP/Getty Images
Market Closes for November 22nd, 2022

Market Index	Close	Change
Dow Jones	34098.10	+397.82
		+1.18%
S&P 500	4003.58	+53.64
		+1.36%
NASDAQ	11174.41	+149.90
		+1.36%
TSX	20220.01	+242.88
		+1.22%

International Markets

Market Index	Close	Change
NIKKEI	28115.74	+170.95
		+0.61%
HANG SENG	17424.41	-231.50
		-1.31%
SENSEX	61418.96	+274.12
		+0.45%
FTSE 100*	7452.84	+75.99
		+1.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.036		3.082
CND. 30 Year Bond		3.084		3.140
U.S.    10 Year Bond		3.7559		3.8269
U.S. 30 Year Bond		3.8273		3.9004

Currencies

BOC Close	Today	Previous
Canadian $	0.7477	0.7433
US $	1.3374	1.3454
Euro Rate 1 Euro=		Inverse
Canadian $	1.3780	0.7257
US  $	1.0304	0.9705

Commodities

Gold	Close	Previous
London Gold Fix	1740.40	1751.60
Oil
WTI Crude Future	80.90	79.73

Market Commentary:
On this day in 1937, the Law Committee of the New York Stock Exchange delivered a harshly-worded letter to William O. Douglas, chairman of the U.S. Securities and Exchange Commission, declaring that the NYSE’s leaders would refuse to appoint an independent president or even to apologize for claiming that the SEC has contributed to the stock-market crash. In response, Douglas growled, “All right, then, we’ll take the Exchange over.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.2% at 20,220.01 in Toronto.
The move was the biggest since rising 3.3% on Nov. 10 and follows the previous session’s little change.
Nutrien Ltd. contributed the most to the index gain, increasing 4.9%.
Eldorado Gold Corp. had the largest increase, rising 9.8%.
Today, 194 of 236 shares rose, while 37 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 4.7%, heading for the worst year since 2018
* This month, the index rose 4.1%
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 9% below its 52-week high on April 5, 2022 and 13.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 7.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 17.40% compared with 17.24% in the previous session and the average of 21.20% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 80.6489| 3.5| 50/1
Energy | 77.6697| 2.1| 36/1
Financials | 55.0171| 0.9| 25/4
Industrials | 13.9023| 0.5| 18/9
Utilities | 4.5556| 0.5| 12/4
Information Technology | 4.4410| 0.4| 8/4
Real Estate | 4.3199| 0.9| 17/4
Consumer Staples | 3.3922| 0.4| 9/2
Consumer Discretionary | 0.3509| 0.0| 12/2
Communication Services | -0.6384| -0.1| 4/2
Health Care | -0.7800| -0.9| 3/4
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | 18.6300| 4.9| -10.1| 13.9
RBC | 18.0500| 1.4| -3.1| 0.4
TD Bank | 12.1900| 1.1| -9.3| -6.4
Shopify | -1.3070| -0.3| -39.9| -72.9
Couche-Tard | -2.2760| -0.7| 28.0| 16.0
Restaurant Brands | -2.2970| -1.2| -16.7| 18.1
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — US stocks rose as investors adjusted their expectations in response to Federal Reserve officials indicating that they’ll continue to raise interest rates but are open to slowing their tempo.
The S&P 500 closed at its highest level since Sept. 12.
The Nasdaq 100 climbed more than 1%. Upbeat earnings from a handful of retailers including Best Buy Co. and Abercrombie & Fitch Co. boosted sentiment.
Treasuries rallied, with the benchmark 10-year yield around 3.76%.
Oil rose amid an uncertain supply outlook alongside an European Union proposal to soften Russian crude sanctions.
The dollar snapped a three-day rally.
In recent days, Fed officials have broadly maintained their steadfast stance to fight inflation.
Yet San Francisco Fed President Mary Daly also said that officials need to be mindful of the lags in the transmission of policy changes, while her Cleveland counterpart Loretta Mester said she’s open to moderating the size of rate hikes.
On Tuesday, the Richmond Fed Manufacturing Survey came in slightly below expectations, with data confirming the peak inflation narrative.
“We think the Fed leadership wants to get off the 75-basis-point-a-meeting hamster wheel even though it is finding it hard to do so while maintaining control of financial conditions,” Evercore ISI analyst Krishna Guha wrote in a note. “We think the Fed is still heading for a ‘hawkish slowing.’ And, for us at least, the slowing part is what matters.”
Despite hints of moderation, the Fed is likely to raise its estimate of the terminal rate as early as December, in part because inflation may prove sticky, said Sonia Meskin, head of US macro at BNY Mellon Investment Management.
“I don’t know if I would read too much into the sort of daily repricing from the macro perspective at this stage, but I would be interested to see the labor market data for November and then any indication of whether this information weakening is sustained or not,” Meskin said by phone. “I think those would really be more indicative of the future of the policy trajectory.”
Thanksgiving week in the US also tends to carry a “historically bullish tone” for stocks, Craig Johnson, chief market technician at Piper Sandler, said in a note.
The week has started with a dip on Monday and then improves around the Thursday holiday about 68% of the time since 1950, he said.
The bond market, meanwhile, isn’t pushing the idea that rates are going to go up anymore, according to Chris Iggo, chief investment officer at AXA Investment Managers.
“Further increases are priced in, but the Fed seems to be okay with the market’s belief that rates will go to 5%,” he said. “I think we’re close to the Fed pausing on interest rates, although they are not going to admit that until they actually do it.”
Despite Tuesday’s rally, China’s Covid control restrictions are still weighing on investors.
Shutdowns can have a negative impact on supply-chain dynamics and possibly exacerbate inflation issues across economies.
These restrictions now impact a fifth of China’s economy.
Chinese stocks listed in the US fell on Tuesday.
The OECD said the world’s central banks must continue to raise interest rates to fight soaring and pervasive inflation, even as the global economy sinks into a significant slowdown.
The unexpected surge in prices and its impact on real incomes is hurting people everywhere, creating problems that will only worsen if policy makers fail to act, the Paris-based organization said.
Key events this week:
* S&P Global PMIs: US, Euro area, UK, Wednesday
* US MBA mortgage applications, durable goods, initial jobless claims, University of Michigan sentiment, new home sales, Wednesday
* Minutes of the Federal Reserve’s Nov. 1-2 meeting, Wednesday
* ECB publishes account of its October policy meeting, Thursday
* US stock and bond markets are closed for the Thanksgiving holiday, Thursday
* US stock and bond markets close early, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.6% to $1.0300
* The British pound rose 0.6% to $1.1889
* The Japanese yen rose 0.6% to 141.24 per dollar
Cryptocurrencies
* Bitcoin rose 3.1% to $16,116.23
* Ether rose 3% to $1,126.48
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.76%
* Germany’s 10-year yield declined two basis points to 1.98%
* Britain’s 10-year yield declined five basis points to 3.14%
Commodities
* West Texas Intermediate crude rose 1.4% to $81.14 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Felice Maranz, Vildana Hajric, John Viljoen and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The great enemy of the truth is very often not the lie – deliberate, contrived and dishonest, but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought. –John F. Kennedy, 1917-1963.

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.
November 21, 1986: Mike Tyson becomes the youngest heavyweight champion in boxing history with a 2^nd round knockout of Trevor Berbick.  At just 20 years old, he was 2 years younger than when Muhammad Ali won the title in1963.
November 21, 2010:  Debt-struck Ireland applied for a massive EU-IMF loan to stem the flight of capital from its banks.  Go to article »
1783: Man’s first flight in a balloon.

Voltaire, philosopher, b. 1694.
Henry Purcell, composer, d.1695.

Who was the world’s first author?  The oldest known writing dates back more than 5,000 years to ancient Mesopotamia, in what is now mostly present-day Iraq.
But who was the first author known by name?  Full Story: Live Science (11/21)

4.6 billion-year-old meteorite may reveal the origin of Earth’s water:  An ancient meteorite that crash-landed on a U.K. driveway may have solved the mystery of where Earth’s water came from.
The 4.6 billion-year-old space rock, which landed in front of a family home in the English town of Winchcombe in February 2021, contains water that closely resembles the chemical composition of water found on Earth — presenting a possible explanation for how our planet was seeded with the life-giving substance.  Full Story: Live Science (11/18)

Here’s who won at last night’s American Music Awards:  Beyoncé and Taylor cleaned up YET AGAIN.

PHOTOS OF THE DAY

Jukkasjarvi, Sweden
The northern lights illuminate the sky
Photograph: Jonathan Nackstrand/AFP/Getty Images

Villarrica, Chile
The Villarrica volcano erupts
Photograph: Reuters

Shanghai, China
A shipwreck dating back to the reign of the Qing dynasty’s Emperor Tongzhi (1862-1875) is lifted out of the water
Photograph: Xinhua/REX/Shutterstock
Market Closes for November 21st, 2022

Market Index	Close	Change
Dow Jones	33700.28	-45.41
		-0.13%
S&P 500	3949.94	-15.40
		-0.39%
NASDAQ	11024.51	-121.55
		-1.09%
TSX	19977.13	-3.78
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	27944.79	+45.02
		+0.16%
HANG SENG	17655.91	-336.63
		-1.87%
SENSEX	61144.84	-518.64
		-0.84%
FTSE 100*	7376.85	-8.67
		-0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.082		3.120
CND. 30 Year Bond		3.140		3.210
U.S.    10 Year Bond		3.8269		3.8214
U.S. 30 Year Bond		3.9004		3.9189

Currencies

BOC Close	Today	Previous
Canadian $	0.7433	0.7470
US $	1.3454	1.3387
Euro Rate 1 Euro=		Inverse
Canadian $	1.3842	0.7224
US  $	1.0242	0.9764

Commodities

Gold	Close	Previous
London Gold Fix	1751.60	1758.60
Oil
WTI Crude Future	79.73	80.08

Market Commentary:
On this day in 1995, the Dow Jones Industrial Average broke through the 5000 barrier for the first time, just nine months after first closing above 4000.  Never before had a market milestone fallen so quickly, and even bullish analysts were astonished at the speed of the market’s rise
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 19,977.13 in Toronto.
The move follows the previous session’s increase of 0.5%.
Shopify Inc. contributed the most to the index decline, decreasing 3.4%.
Bausch Health Cos. had the largest drop, falling 7.7%.
Today, 119 of 236 shares fell, while 114 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 5.9%, heading for the worst year since 2018
* This month, the index rose 2.8%
* The index declined 7.3% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.1% below its 52-week high on April 5, 2022 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 5.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 17.24% compared with 18.56% in the previous session and the average of 21.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -29.4806| -0.8| 2/36
Information Technology | -14.0878| -1.3| 4/10
Materials | -3.9414| -0.2| 25/24
Health Care | -2.2774| -2.7| 2/5
Communication Services | -0.7232| -0.1| 4/3
Utilities | 0.3173| 0.0| 8/8
Real Estate | 2.4394| 0.5| 14/8
Consumer Discretionary | 5.8154| 0.8| 6/8
Consumer Staples | 7.2817| 0.9| 11/0
Financials | 9.8916| 0.2| 17/11
Industrials | 20.9858| 0.8| 21/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -13.5600| -3.4| -21.8| -72.8
Cenovus Energy | -5.5520| -2.1| 36.7| 71.9
Bank of Montreal | -5.4800| -0.9| -39.6| -3.7
Restaurant Brands | 4.8460| 2.6| 38.1| 19.5
Canadian Pacific | 8.7710| 1.3| -3.2| 17.0
Bank of Nova Scotia| 9.4450| 1.7| -11.3| -21.6
US
By Peyton Forte and Emily Graffeo
(Bloomberg) — US stocks dropped as investors parsed comments from Federal Reserve officials who broadly remained steadfast in their fight against inflation.
Mounting concerns that China may tighten Covid curbs after a string of reported deaths also continued to weigh on investors.
Technology stocks, which are typically more sensitive to interest rates, dragged the S&P 500 lower.
The Nasdaq 100 ended the day down 1.1%.
Oil emerged from a volatile session largely unchanged after Saudi Arabia denied a report that it is discussing an oil-production increase for the OPEC+ meeting next month.
The dollar climbed for a third day as investors sought haven assets.
Treasuries were mixed.
Investors are closely watching what Fed speakers say about the outlook for interest rates.
While several central bank officials in recent days have restated their intention to remain relentless until inflation is under control, they differ on how far they’ll go.
On Monday, San Francisco Fed President Mary Daly said that officials will need to be mindful of the lags with which monetary policy is transmitted through the economy as they raise rates further.
Her Cleveland counterpart Loretta Mester said she’s open to slowing the tempo of rate hikes.
“This shouldn’t be regarded as a pivot or anything new,” said Michael Contopoulos, director of fixed income at Richard Bernstein Advisors. “A real pivot is when the Fed starts to cut rates and/or pause quantitative tightening. That is nowhere in sight.”
Atlanta Fed President Raphael Bostic, meanwhile, has said he favors slowing the pace of interest rate increases, with no more than 1 percentage point more of hikes, to try to ensure the economy has a soft landing.
Boston Fed President Susan Collins has reiterated her view that options are open for the size of the December interest-rate increase, including the possibility of a 75 basis-point move.
Traders this week will also be looking to minutes of the most recent Fed policy meeting for further clues on the central bank’s path ahead.
“For the Fed right now, if we do get some slowing in inflation — which it seems like we might — but you’re not seeing it in the slowing of service inflation, that’s related to a tight labor market,” Veronica Clark, economist at Citigroup,
said on Bloomberg Television. “You do need to see that loosening in the labor market data.”
Meanwhile, China saw its first Covid-related death in almost six months on Saturday and another two were reported on Sunday.
Worsening outbreaks across the nation are stoking concerns that authorities may again resort to harsh restrictions.
Shutdowns could have a negative impact on supply-chain dynamics and possibly exacerbate inflation issues across economies. 
Key events this week:
* US Richmond Fed manufacturing index, Tuesday
* OECD releases Economic Outlook, Tuesday
* Fed’s Loretta Mester and James Bullard speak, Tuesday
* S&P Global PMIs: US, Euro area, UK, Wednesday
* US MBA mortgage applications, durable goods, initial jobless claims, University of Michigan sentiment, new home sales, Wednesday
* Minutes of the Federal Reserve’s Nov. 1-2 meeting, Wednesday
* ECB publishes account of its October policy meeting, Thursday
* US stock and bond markets are closed for the Thanksgiving holiday, Thursday
* US stock and bond markets close early, Friday

Some of the main moves in markets :
Stocks
* The S&P 500 fell 0.4% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.8% to $1.0239
* The British pound fell 0.6% to $1.1818
* The Japanese yen fell 1.2% to 142.11 per dollar
Cryptocurrencies
* Bitcoin fell 2.8% to $15,800.01
* Ether fell 3.2% to $1,104.71
Bonds
* The yield on 10-year Treasuries was little changed at 3.83%
* Germany’s 10-year yield declined two basis points to 1.99%
* Britain’s 10-year yield declined five basis points to 3.19%
Commodities
* West Texas Intermediate crude fell 0.4% to $79.73 a barrel
* Gold futures fell 0.8% to $1,755.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Far more crucial than what we know or do not know is what we do to want to know. –Eric Hoffer, 1902-1983.

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.

November 18, 1883: The United States and Canada adopted a system of standard time zones, Eastern, Central, Mountain, and Pacific, replacing over 100 previous time zones.  Go to article »
Mickey Mouse, b. 1928.

Webb telescope finds two of the most distant galaxies ever observed.  Prepare to be amazed. Take a look at one of the earliest galaxies formed after the big bang, about 350 million years after the universe began.

Logic-defying ‘bottom blooms’ could sustain hidden ecosystems in Arctic and Antarctica: Logic-defying phytoplankton blooms have been discovered lurking beneath the ocean’s surface in both of Earth’s polar regions, two unrelated new studies have revealed.
The highly unlikely “bottom blooms,” which grow near the seafloor in the Arctic and below sea ice in Antarctica, could support hidden ecosystems that scientists know nothing about.  Full Story: Live Science (11/17)

PHOTOS OF THE DAY

Le Gosier, Guadeloupe
A man rides a fly board off the French overseas island of Guadeloupe, in the Caribbean
Photograph: Loïc Venance/AFP/Getty Images

San Antonio de Areco, Argentina
A girl rides a horse during the 83rd Tradition Festival. The celebration aims to preserve gaucho traditions. A gaucho is described as a countryman, nomadic horseman and cowboy of the Argentine Pampas.
Photograph: Natacha Pisarenko/AP

A gopher tortoise crosses the road near Nasa’s next-generation moon rocket at Cape Canaveral, Florida, US.
Photograph: Steve Nesius/Reuters
Market Closes for November 18^th, 2022

Market Index	Close	Change
Dow Jones	33745.69	+199.37
		+0.59%
S&P 500	3965.34	+18.78
		+0.48%
NASDAQ	11146.06	+1.10
		+0.01%
TSX	19980.91	+96.33
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	27899.77	-30.80
		-0.11%
HANG SENG	17992.54	-53.12
		-0.29%
SENSEX	61663.48	-87.12
		-0.14%
FTSE 100*	7385.52	+38.98
		+0.53%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.120		3.108
CND. 30 Year Bond		3.210		3.190
U.S.    10 Year Bond		3.8214		3.7657
U.S. 30 Year Bond		3.9189		3.8760

Currencies

BOC Close	Today	Previous
Canadian $	0.7470	0.7502
US $	1.3387	1.3329
Euro Rate 1 Euro=		Inverse
Canadian $	1.3842	0.7224
US  $	1.0340	0.9671

Commodities

Gold	Close	Previous
London Gold Fix	1758.60	1773.00
Oil
WTI Crude Future	80.08	81.64

Market Commentary:
⏰ On this day in 1883, spurred by the American Railway Association, the U.S. divided into four simple time zones, replacing the old “system” in which each state had dozens of mini-zones where time differed by a few minutes from the next.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 19,980.91 in Toronto.
The move follows the previous session’s decrease of 0.4%.
Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 1.5%. Cronos Group Inc. had the largest increase, rising 6.6%.
Today, 155 of 236 shares rose, while 75 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 5.9%, heading for the worst year since 2018
* So far this week, the index fell 0.6%, heading for the biggest decline since the week ended Oct. 14
* The index declined 7.7% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 18.56% compared with 19.83% in the previous session and the average of 21.92% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 29.4846| 0.5| 19/10
Industrials | 29.3767| 1.1| 19/8
Materials | 16.4885| 0.7| 35/15
Communication Services | 13.7390| 1.4| 6/1
Consumer Discretionary | 8.1066| 1.1| 13/1
Utilities | 6.3463| 0.7| 10/6
Energy | 2.6237| 0.1| 23/11
Real Estate | 2.0936| 0.4| 16/6
Consumer Staples | -0.7604| -0.1| 6/5
Health Care | -1.7549| -2.0| 3/3
Information Technology | -9.4221| -0.9| 5/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific | 9.7310| 1.5| -25.2| 15.5
BCE | 8.8520| 2.3| 105.5| -3.7
TD Bank | 8.5830| 0.8| -1.1| -7.8
Nutrien | -3.7470| -1.0| -16.8| 9.5
Suncor Energy | -6.4610| -1.4| 9.5| 50.6
Shopify | -10.1300| -2.5| 15.4| -71.9
US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks ended with a slight gain Friday after shrugging off Federal Reserve warnings that there was more policy tightening to come.
Oil futures fell on signs that the market is currently awash in supply.
The S&P 500 Index added 0.5% Friday to finish the week down 0.7% and the Nasdaq 100 fell 1.2% in the five-day period.
Trading volumes was muted throughout Friday’s $2.1 trillion options expiration, normally a day when volatility spikes as traders and dealers rebalance their big exposures.
Treasury yields rose again after hawkish comments Thursday from St. Louis Fed President James Bullard, who said interest rates needed to rise at least to 5%-5.25% to curb inflation.
Also on Thursday, Minneapolis Fed President Neel Kashkari said it was an “open question” how far the central bank has to go with rates to bring demand back into balance.
Relentlessly rising interest rates are already weighing on global demand.
Growth-sensitive copper and oil prices were set for weekly losses on concerns about a worsening outlook.
US crude futures signaled an oversupply for the first time in almost a year.
Higher mortgage rates sent sales of previously owned US homes down for a record ninth straight month in October.
Yet some equity investors said hawkish Fed commentary did not necessarily mean rates would peak at levels higher than previously thought.
And traders continued to bet that the Fed will reverse course and begin cutting rates in the later part of 2023.
“The Fed’s steady drumbeat that the campaign to curtail inflation isn’t finished hasn’t fallen on the market’s collective deaf ears,” Quincy Krosby, chief global strategist at LPL Financial, wrote.
“Rather the growing evidence that inflation has plateaued has traders and investors alike poised to take advantage of the Fed’s step down to 50 basis points on December 14.”
Despite somber Fed comments and continued turmoil in the cryptocurrency world, the S&P 500 was headed toward a loss of less than 1% on the week.
“This week’s somewhat tight range might merely be a ‘breather’ that helps the market digest its recent gains before it heads higher,” Matt Maley, chief market strategist at Miller Tabak + Co., wrote. “Besides, Thanksgiving week tends to be a good one for the stock market.”
Chris Harvey of Wells Fargo expects the market to bounce around the 3,950 level until mid-December, when the next inflation print and Fed decision will provide traders with more clarity.
But after that, the market trend will become “a ‘coin toss,’ with increasing evidence of an impending recession,” his  team wrote in a note.
Hong Kong’s benchmark Hang Seng Index enjoyed a third straight week of gains, thanks to China’s steps to support the property sector and ease Covid restrictions.
European stocks climbed on optimism over both China and bets that central banks will slow their rate hikes. 
Stocks
* The S&P 500 rose 0.5% as of 4:03 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.6%, more than any closing gain since Nov. 10
* The MSCI World index fell 0.6% to the lowest since Nov. 10
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to the highest since Nov. 10
* The euro slipped 0.4%, more than any closing loss since Nov. 9
* The British pound rose 0.1% to $1.1881
* The Japanese yen fell 0.1% to 140.41 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $16,630.65
* Ether rose 0.3% to $1,209.61
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.82%
* Germany’s 10-year yield was little changed at 2.01%
* Britain’s 10-year yield advanced four basis points to 3.24%
Commodities
* West Texas Intermediate crude fell 1.5% to $80.38 a barrel
* Gold futures fell 0.7% to $1,765.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It’s no use for a man to hold himself too grand or too low, ‘cause the wheel of fortune
was always correcting itself one way or t’other.  And whichever way it was, a man could always
count on one thing for sure: It wouldn’t last long. -Harry Combs, 1913-2003.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

On Nov. 17, 1973, President Nixon told an Associated Press managing editors meeting in Orlando, Fla., that “people have got to know whether or not their president is a crook. Well, I’m not a crook.”  Go to article »

The Leonid meteor shower peaks this week. Here’s how to watch:  The annual Leonid meteor shower will peak this week as Earth passes through the trail of icy, rocky debris left behind nearly 30 years ago by the comet Tempel-Tuttle.
On Thursday (Nov. 17) around 7 p.m. EST, Earth will swoop near a particularly dense patch of debris, resulting in sightings of about 15 meteors per hour, according to Live Science’s sister site Space.com. Skywatchers in Europe and western Asia will have the best view, while observers in North America will have to wait until after midnight for their best look at the shower.  Full Story: Live Science (11/16)

Scientists solved a 500-million-year-old mystery about strange Cambrian structures found in China: Over 500 million years ago, sea-dwelling invertebrates pioneered a new evolutionary experiment: skeletons. But while those durable, tubelike structures stood the test of time as fossils, the animals’ soft bodies decayed and vanished, erasing all evidence of what these ancient animals may have looked like.
Now, a recent re-examination of those ancient skeletal tubes has finally unveiled the identity of one of these mysterious organisms.  Full Story: Live Science (11/17)

‘Most Cringiest Thing’: Daniel Craig dances in new ad:  The man we know as James Bond ditched his dapper suits to perform a hilarious dance number in a vodka ad. Watch the video here.

Andy Warhol artwork sells for ‘monumental’ $85.4 million.  Warhol may be best known for his pop art prints of Marilyn Monroe and Campbell’s soup cans, but this piece just joined the most valuable post-war works ever to sell at auction.

Porsche debuts a modern, $220,000 off-road 911 

Every apple, rated.

PHOTOS OF THE DAY

Battle, UK
Battle Abbey in Sussex is bathed in colourful illuminations as visitors are offered the opportunity to experience the site after dark through a series of tableaux featuring light, sound and performers
Photograph: Jim Holden/English Heritage

Villarrica, Chile
An active Villarrica volcano during the night
Photograph: Reuters

Oakland, US
Some of the 100-plus animal lanterns on display during the zoo’s Glowfari festival. The real animal exhibits are closed during the festival
Photograph: Anadolu Agency/Getty
Market Closes for November 17^th, 2022

Market Index	Close	Change
Dow Jones	33546.32	-7.51
		-0.02%
S&P 500	3946.56	-12.23
		-0.31%
NASDAQ	11144.96	-38.70
		-0.35%
TSX	19884.58	-73.38
		-0.37%

International Markets

Market Index	Close	Change
NIKKEI	27930.57	-97.73
		-0.35%
HANG SENG	18045.66	-210.82
		-1.15%
SENSEX	61750.60	-230.12
		-0.37%
FTSE 100*	7346.54	-4.65
		-0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.108		3.059
CND. 30 Year Bond		3.190		3.141
U.S.    10 Year Bond		3.7657		3.6899
U.S. 30 Year Bond		3.8760		3.8421

Currencies

BOC Close	Today	Previous
Canadian $	0.7502	0.7504
US $	1.3329	1.3326
Euro Rate 1 Euro=		Inverse
Canadian $	1.3813	0.7240
US  $	1.0365	0.9648

Commodities

Gold	Close	Previous
London Gold Fix	1773.00	1771.35
Oil
WTI Crude Future	81.64	85.59

Market Commentary:
Only when the tide goes out do you discover who’s been swimming naked. –Warren Buffett.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second  day, dropping 0.4%, or 73.38 to 19,884.58 in Toronto.
The index dropped to the lowest closing level since Nov. 9.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 1.9%. Equinox Gold Corp. had the largest drop, falling 9.2%.
Today, 164 of 236 shares fell, while 70 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index fell 6.3%, heading for the worst year since 2018
* So far this week, the index fell 1.1%, heading for the biggest decline since the week ended Oct. 14
* The index declined 8.2% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.5% below its 52-week high on April 5, 2022 and 11.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.5% in the past 5 days and rose 6.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 12.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 19.83% compared with 20.28% in the previous session and the average of 22.13% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -28.5600| -1.2| 8/43
Energy | -21.2874| -0.6| 11/26
Information Technology | -20.7290| -1.8| 2/12
Utilities | -10.9377| -1.2| 3/13
Real Estate | -2.7018| -0.5| 4/18
Communication Services | -0.0641| 0.0| 3/4
Industrials | 0.7987| 0.0| 11/16
Health Care | 1.2677| 1.5| 3/4
Financials | 2.4002| 0.0| 14/14
Consumer Discretionary | 2.7900| 0.4| 4/10
Consumer Staples | 3.6362| 0.4| 7/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Brookfield Asset Management | -11.4100| -1.9| 28.3| -21.6
Shopify | -8.8220| -2.1| -28.5| -71.1
Canadian Natural Resources | -6.8080| -1.1| 64.8| 52.9
TD Bank | 7.4640| 0.7| -15.5| -8.5
RBC | 7.6810| 0.6| -19.1| -1.4
Restaurant Brands | 7.8600| 4.4| 69.9| 15.6
US
By Isabelle Lee
(Bloomberg) — US stocks and Treasuries slumped as Federal Reserve officials hammered home their resolve to remain persistent in their fight against inflation and warned of more pain to come.
The S&P 500 and the tech-heavy Nasdaq 100 declined for the second straight session.
Commodities from oil to copper fell while the dollar snapped a two-day drop.
US 10-year Treasury yields climbed after St. Louis Fed President James Bullard said policy makers should increase interest rates to at least 5% to 5.25% to curb inflation.
He also warned of further financial stress ahead.
With inflation only starting to ease and a gauge of US retail sales increasing at the fastest pace in eight months, Fed speakers in recent days have emphasized that they need to go further to extinguish prices pressures.
Bullard’s comments came a day after San Francisco Fed President Mary Daly said a pause in rate hikes was “off the table.”
Their hawkish tone was echoed by Minneapolis Fed President Neel Kashkari on Thursday afternoon.
“The takeaway is that the Fed is following the same playbook they have now for a long time,” said Johan Grahn, head of ETFs at Allianz Investment Management.
Fed Chair Jerome Powell persistently reiterates his hawkish stance to keep markets at bay, so the rally after softer inflation data was not what central bank officials wanted to see, he said.
“It’s a game of chicken between basically the economy, the markets and the Fed right now,” Grahn said. “And most people, I think, would be wise to believe that the Fed might win in the end.”
On Thursday, fresh data showing weekly jobless claims came in below the forecast further underscored the strength of the labor market.
US mortgage rates posting their biggest weekly decline since 1981 briefly improved sentiment, even though Freddie Mac’s chief economist said there’s a long road ahead for the housing market.
A handful of earnings reports trickled in after markets closed on Thursday. Applied Materials Inc., the biggest maker of chip-manufacturing equipment, gave a better-than-feared sales forecast for the current period.
Gap Inc., meanwhile, jumped after its quarterly sales and profit surpassed Wall Street’s estimates.
Meanwhile, European Central Bank policy makers are said to be mulling a smaller 50 basis-point rate hike next month, signaling their concern for the economy and pushing the euro lower.
The pound dropped after Chancellor Jeremy Hunt outlined a £55 billion ($65 billion) package of tax rises and spending cuts even as the economy slid into recession. Gilt yields rose.
Key events this week:
* US Conference Board leading index, existing home sales, 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 0.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.3% to $1.0368
* The British pound fell 0.4% to $1.1863
* The Japanese yen fell 0.5% to 140.19 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $16,682.04
* Ether fell 0.4% to $1,200.56
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.77%
* Germany’s 10-year yield advanced two basis points to 2.02%
* Britain’s 10-year yield advanced five basis points to 3.20%
Commodities
* West Texas Intermediate crude fell 4.3% to $81.95 a barrel
* Gold futures fell 0.7% to $1,763.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Peyton Forte and Vildana Hajric.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

It takes courage to live— courage and strength and hope and humor. And courage and strength and hope and humor
have to be bought and paid for with pain and work and prayers and tears. -Jerome P. Fleishman, 1922-2007.

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:
1885: Louis Riel hanged in Manitoba; led North West Rebellion.
Rodgers and Hammerstein’s musical The Sound Of Music opened on Broadway on this day in 1959.
November 16, 1988: Benazir Bhutto is elected prime minister of Pakistan and becomes the first woman in modern history to lead a Muslim country.
1973: Skylab 4, with three astronauts on board, was launched from Cape Canaveral, Fla., on an 84-day mission.  Go to article »

Americans are using European ancestry to get European passports.

An ancient bronze hand could unlock the mystery of the Basque language.

To the moon! NASA launches Artemis 1, the most powerful rocket ever built:  After months of delay, the most powerful space rocket ever built has blasted off from its Florida launchpad, embarking on the first of two test journeys preceding the mission that will return humans to the moon for the first time since 1972.   The $20 billion Artemis 1 rocket — made up of the six-person Orion capsule perched atop the 30-story Space Launch System (SLS) “mega moon rocket” — fired 8.8 million pounds (3.9 million kilograms) of thrust to lift off at 1:47 a.m. ET Wednesday (Nov. 16) from Launch Pad 39B at NASA’s Kennedy Space Center in Florida, embarking on a 30 day, 1.3 million mile (2.1 million kilometers) maiden voyage to the moon and back.  Full Story: Live Science (11/16)

Hundreds of mummies and pyramid of an unknown queen unearthed near King Tut’s tomb: Just a stone’s throw from King Tut’s tomb, archaeologists have unearthed the pyramid of a never-before known ancient Egyptian queen; a cache of coffins, mummies and artifacts; and a series of interconnected tunnels.  For the past two years, archaeologists have been working at Saqqara, an archaeological site in Giza, about 20 miles (32 kilometers) south of Cairo. Recently, they discovered a trove of coffins and mummies, which may belong to some of King Tut’s closest generals and advisors during his reign (1333 B.C. until his death in 1323 B.C.).  Full Story: Live Science (11/16)

Stunning video captures a virus on the verge of breaking into a cell:  The eerily random path of a virus poised to attack has been caught on video.  Using a new microscopy technique, researchers at Duke University in Durham, North Carolina have visualized a virus bouncing around the intestinal lining, looking for entry into a cell.  Full Story: Live Science (11/15)

How The Simpsons predicted Trump would run in 2024.

PHOTOS OF THE DAY

Florida, US
Nasa’s new Artemis 1 moon rocket lifts off from the Kennedy Space Center in Cape Canaveral, as seen from Harbortown marina on Merritt Island
Photograph: Malcolm Denemark/AP

Prayagraj, India
Boatmen are silhouetted against the setting sun at the Triveni Sangam, the confluence of the Ganges, Yamuna and mythical Saraswati rivers
Photograph: Sanjay Kanojia/AFP/Getty Images

Caracas, Venezuela
The lights of homes covering a hill in the Petare neighbourhood of the city
Photograph: Matias Delacroix/AP
Market Closes for November 16^th, 2022

Market Index	Close	Change
Dow Jones	33553.83	-39.09
		-0.12%
S&P 500	3958.79	-32.94
		-0.83%
NASDAQ	11183.66	-174.75
		-1.54%
TSX	19957.96	-36.82
		-0.18%

International Markets

Market Index	Close	Change
NIKKEI	28028.30	+38.13
		+0.14%
HANG SENG	18256.48	-86.64
		-0.47%
SENSEX	61980.72	+107.73
		+0.17%
FTSE 100*	7351.19	-18.25
		-0.25%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.059		3.119
CND. 30 Year Bond		3.141		3.217
U.S.    10 Year Bond		3.6899		3.7622
U.S. 30 Year Bond		3.8421		3.9491

Currencies

BOC Close	Today	Previous
Canadian $	0.7504	0.7533
US $	1.3326	1.3276
Euro Rate 1 Euro=		Inverse
Canadian $	1.3855	0.7218
US  $	1.0396	0.9619

Commodities

Gold	Close	Previous
London Gold Fix	1771.35	1768.90
Oil
WTI Crude Future	85.59	86.92

Market Commentary:
On this day in 1999, Jay Walker, the founder of Priceline.com, bought 2.1 million shares of Priceline’s stock from Delta Air Lines (an early backer of Priceline). Delta locked in a gain of more than $120 million on shares for which it paid less than $2 million. A year later, Walker sold those shares for $8 million—losing $117 million by buying his own stock at the top and selling it at the bottom.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 19,957.96 in Toronto.
The move follows the previous session’s increase of 0.4%.
Shopify Inc. contributed the most to the index decline, decreasing 3.6%.
OceanaGold Corp. had the largest drop, falling 6.6%.
Today, 157 of 236 shares fell, while 74 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 6%, heading for the worst year since 2018
* The index declined 8.1% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.2% below its 52-week high on April 5, 2022 and 11.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.2% in the past 5 days and rose 8.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 20.28% compared with 20.42% in the previous session and the average of 22.23% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -43.6930| -1.1| 3/34
Materials | -30.6223| -1.3| 9/40
Financials | -12.2900| -0.2| 7/22
Information Technology | -10.5102| -0.9| 6/8
Real Estate | -3.6612| -0.7| 5/17
Health Care | -1.4833| -1.7| 1/6
Communication Services | 4.1960| 0.4| 3/2
Utilities | 5.5078| 0.6| 13/3
Consumer Discretionary | 8.8606| 1.3| 7/7
Consumer Staples | 11.6368| 1.4| 8/3
Industrials | 35.2526| 1.4| 12/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -15.5200| -3.6| -5.3| -70.5
Canadian Natural Resources | -14.7000| -2.3| 66.3| 54.6
Suncor Energy | -8.3620| -1.8| 103.5| 52.6
Canadian National | 10.0900| 1.5| -7.4| 5.3
Restaurant Brands | 11.7600| 7.0| 81.5| 10.8
Canadian Pacific | 20.7400| 3.2| 43.9| 13.7
US
By Elaine Chen and Isabelle Lee
(Bloomberg) — US stocks declined after strong retail sales data and comments from at least two Federal Reserve speakers recast bets that the central bank’s policy tightening regime is nearing an end.
About 68% of S&P 500 companies ended Wednesday’s session lower.
The index fell after a report showed retail sales posted the biggest increase in eight months in October, outpacing estimates and indicating the economy can withstand additional Fed hikes.
Target Corp.’s disappointing earnings also dampened sentiment.
The tech-heavy Nasdaq 100, which is typically more sensitive to interest rates, dropped as much as 1.7%.
A closely watched part of the US yield curve is now the most inverted it has been since the early 1980s, signaling concerns that restrictive Fed policy will sap the economy.
The market pullback came after a hefty rally fueled by softer-than-expected US inflation data that fanned expectations the Fed may be able to slow its tempo of interest-rate hikes.
While a slew of Fed officials in recent days have backed these expectations, they’ve also emphasized the need to keep hiking into next year.
On Wednesday, New York Fed President John Williams bruised sentiment after he said the central bank should avoid incorporating financial stability risks into its considerations.
San Francisco Fed President Mary Daly, meanwhile, stressed that a pause is “off the table.”
Goldman Sachs Group Inc. now expects the Fed to boost its key rate to a range of 5% to 5.25%, up from the previous call of 4.75% to 5%.
“The market is just trying to grasp for news and it’s prone to overcompensate for the news, whether it’s good news or bad news,” Sandi Bragar, chief client officer at Aspiriant, said by phone. “We’re just at that point in the cycle where we think there’s still the high likelihood for potential downward trajectory of stocks as we head into 2023.”
The stronger retail numbers give the Fed more room to be aggressive, as officials have consistently communicated, Oksana Aronov, alternative fixed income head of markets strategy at JPMorgan Asset Management, said on Bloomberg TV.
The disparate economic data that has hit the markets in recent weeks complicates the central bank’s mandate, she said.
Earlier, comments from US President Joe Biden that Ukrainian air defenses, rather than by Russia, had likely caused Tuesday’s explosion in Poland soothed fears of an escalation in military conflict.
While the White House backed Poland’s call on the matter, it emphasized that Russia was ultimately to blame.
Elsewhere, European Central Bank policy makers may slow down their tempo of rate hikes, with only a 50 basis-point increase next month, according to people with knowledge of the matter.
Key events this week:
* Eurozone CPI, Thursday
* US housing starts, initial jobless claims, Thursday
* Fed’s Neel Kashkari, Loretta Mester speak, Thursday
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.5% to $1.0396
* The British pound rose 0.4% to $1.1916
* The Japanese yen fell 0.1% to 139.44 per dollar
Cryptocurrencies
* Bitcoin fell 1.9% to $16,561.13
* Ether fell 2.8% to $1,211.08
Bonds
* The yield on 10-year Treasuries declined nine basis points to 3.68%
* Germany’s 10-year yield declined 11 basis points to 2.00%
* Britain’s 10-year yield declined 15 basis points to 3.15%
Commodities
* West Texas Intermediate crude fell 1.7% to $85.48 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Emily Graffeo and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Prepare for the unknown by studying how others in the past have coped with the unforeseeable and the unpredictable. -General George S. Patton, 1885-1945.

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:
1965: Craig Breedlove sets a land speed record of 600.601 mph (966.574 km/h) in his car, the Spirit of America, at the Bonneville Salt Flats in Utah.
1943: Gypsies condemned by Himmler; up to 500,000 killed.
2011: Hundreds of police officers in riot gear raided the Occupy Wall Street encampment in New York City, evicting hundreds of protesters and then demolishing the tent city. Go to article »

Georgia O’Keefe, artist, b.1887.

Huzzah! The 8 billionth member of our human family was born.

Humans cooked fish 780,000 years ago.

Something is wrong with Einstein’s theory of gravity: Everything in the universe has gravity – and feels it too. Yet this most common of all fundamental forces is also the one that presents the biggest challenges to physicists.
Albert Einstein’s theory of general relativity has been remarkably successful in describing the gravity of stars and planets, but it doesn’t seem to apply perfectly on all scales.  Full Story: Live Science (11/15)

Scientists just found a hidden 6th mass extinction in Earth’s ancient past:  The height of the Ediacaran period, about 550 million years ago, was a boom time for life in Earth’s oceans. Petalonamids shaped like feathers sucked nutrients from the water, slug-like Kimberella grazed on microbial mats, and the ancestors of jellyfish were just beginning to make waves.  But then 80% of life on Earth disappeared, leaving no traces in the fossil record. Now, a new study suggests that these missing fossils point to the earliest known mass extinction event on Earth.  Full Story: Live Science (11/15)

Electrical zaps can ‘reawaken’ lost neural connections, helping paralyzed people walk again:  People with paralyzing spinal cord injuries can walk again with the help of medical devices that zap their nerves with electricity. But the designers of these new implants weren’t completely sure of how they restored motor function over time — now, a new study provides clues.  The new study of humans and lab mice, published Nov. 9 in the journal Nature, pinpoints a specific population of nerve cells that seems key to recovering the ability to walk after a paralyzing spinal cord injury.  Full Story: Live Science (11/15)

Black hole discovered after ripping a star to pieces: Astronomers have discovered a black hole as it spaghettified a hapless star.  The intermediate-size black hole, located 850 million light-years from Earth in the galaxy SDSS J152120.07+140410.5, snared and shredded the star after it wandered too close, sending out a powerful beam of light that astronomers used to locate it. Full Story: Live Science (11/14)

PHOTOS OF THE DAY

Barnsley, UK
A life-sized replica of the innermost coffin of King Tutankhamun by the artist Amanda Stoner goes on display inside a traditional red telephone box, as part of Barnsley Museum’s plan to showcase culture in unexpected places
Photograph: Danny Lawson/PA

Leuk, Switzerland
Old satellite dishes, which can be turned towards the sun, are lined with solar panels to generate winter power during a pioneering project in the Valais Alps
Photograph: Gabriel Monnet/EPA

North Yorkshire, UK
People enjoy a light installation over a lake at the Enchanted Forest Winter Illuminations at Stockeld Park near Wetherby
Photograph: Danny Lawson/PA
Market Closes for November 15^th, 2022

Market Index	Close	Change
Dow Jones	33592.92	+56.22
		+0.17%
S&P 500	3991.73	+34.48
		+0.87%
NASDAQ	11358.41	+162.19
		+1.45%
TSX	19994.78	+72.97
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	27990.17	+26.70
		+0.10%
HANG SENG	18343.12	+723.41
		+4.11%
SENSEX	61872.99	+248.84
		+0.40%
FTSE 100*	7369.44	-15.73
		-0.21%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.119		3.161
CND. 30 Year Bond		3.217		3.268
U.S.    10 Year Bond		3.7622		3.8686
U.S. 30 Year Bond		3.9491		4.0470

Currencies

BOC Close	Today	Previous
Canadian $	0.7533	0.7511
US $	1.3276	1.3314
Euro Rate 1 Euro=		Inverse
Canadian $	1.3736	0.7280
US  $	1.0346	0.9665

Commodities

Gold	Close	Previous
London Gold Fix	1768.90	1759.35
Oil
WTI Crude Future	86.92	85.87

Market Commentary:

On this day in 1867, the first practical stock ticker went “online,” as Thomas Edison’s improved gizmo made continuous nationwide transmission of stock prices possible for the first time.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 19,994.78 in Toronto.
The move follows the previous session’s decrease of 0.9%.
Shopify Inc. contributed the most to the index gain, increasing 4.2%.
West Fraser Timber Co. had the largest increase, rising 4.9%.
Today, 143 of 236 shares rose, while 93 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index fell 5.8%, heading for the worst year since 2018
* The index declined 7.8% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.7% in the past 5 days and rose 9.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 20.42% compared with 21.69% in the previous session and the average of 22.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 46.9266| 1.2| 34/4
Information Technology | 27.9209| 2.5| 11/3
Financials | 13.9922| 0.2| 25/4
Consumer Discretionary | 3.4483| 0.5| 9/5
Real Estate | 0.8814| 0.2| 11/11
Health Care | 0.1980| 0.2| 6/1
Consumer Staples | -0.0657| 0.0| 8/3
Industrials | -1.8229| -0.1| 17/10
Utilities | -4.8238| -0.5| 3/13
Materials | -5.0868| -0.2| 18/33
Communication Services | -8.5973| -0.9| 1/6
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 17.3200| 4.2| 30.5| -69.4
Canadian Natural Resources | 13.4600| 2.2| 12.0| 58.2
Suncor Energy | 9.2170| 2.0| -34.3| 55.4
Barrick Gold | -3.7790| -1.4| -35.0| -11.6
CIBC | -6.5960| -1.7| 33.8| -14.3
Canadian Pacific | -7.4900| -1.2| 11.7| 10
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks rose as fresh data added to evidence inflation may have peaked, strengthening the case for the Federal Reserve to moderate its pace of interest-rate hikes.
Treasuries also ended Tuesday higher while the dollar fell.
The S&P 500 climbed 0.9% and the tech-heavy Nasdaq 100 closed at its highest level since Sept. 19.
While equities soared for most of Tuesday’s session, it gave back some of its gains after an Associated Press report citing an unidentified US intelligence official said that Russian missiles landed in NATO-member Poland.
Commodities from oil to corn also jumped on geopolitical worries from Europe.
While Poland later said an explosion near its eastern border with Ukraine killed two people, it didn’t confirm the Associated Press report.
Markets have turned risk-on in recent days, trading off a softer-than-expected US consumer price index reading that many reckon will allow the Fed to raise rates in half-point increments.
While a slew of Fed speakers in recent days indicated that officials could slow their tempo, they also emphasized the central bank has more work to do to tame inflation.
On Tuesday, the producer price index for October came in at 8% year-on-year, undershooting the 8.3% estimate and further easing inflation concerns.
Still, some investors are not convinced the recent data will do much to move the Fed.
“Markets appear to be pricing in a best case scenario of a soft landing and falling inflation triggering a Fed pause,” Venu Krishna, head of US equity strategy at Barclays Plc. “In our view, this is not a given and remains a low probability scenario – these are just a few data points on inflation and it needs to be sustained. Even if the Fed eventually pauses, it might not be able to prevent a shallow recession.”
Key events this week:
* US business inventories, cross-border investment, retail sales, industrial production, Wednesday
* Fed’s John Williams, Lael Brainard and SEC Chair Gary Gensler speak, Wednesday
* ECB President Christine Lagarde speaks, Wednesday
* Eurozone CPI, Thursday
* US housing starts, initial jobless claims, Thursday
* Fed’s Neel Kashkari, Loretta Mester speak, Thursday
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0353
* The British pound rose 0.9% to $1.1863
* The Japanese yen rose 0.5% to 139.21 per dollar
Cryptocurrencies
* Bitcoin rose 2.6% to $16,816.92
* Ether rose 2.1% to $1,251.32
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.78%
* Germany’s 10-year yield declined four basis points to 2.11%
* Britain’s 10-year yield declined seven basis points to 3.29%
Commodities
* West Texas Intermediate crude rose 0.9% to $86.67 a barrel
* Gold futures rose 0.3% to $1,782.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Natalia Kniazhevich.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

In Greece, there was always the concept that every right also had an obligation or a duty. -Dr. Rufus J. Fears, 1945-2012.

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

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

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

Dear Friends,

Tangents: Happy Monday.

November 14, 1666: First blood transfusion.
King Charles, current British Monarch, b. 1948.
Claude Monet, artist, b. 1840
On Nov. 14, 1972, the Dow Jones Industrial Average closed above 1,000 for the first time, ending the day at 1,003.16.  Go to article »

Banksy unveils mural in Ukrainian town liberated from Russians.  People speculated that the mysterious street artist was in Ukraine. His mural in a liberated town confirms it.

Dolly Parton receives $100 million award from Jeff Bezos.  The country music legend received a massive grant from Bezos and his long time partner.

Long-lost wreckage from the Challenger spacecraft discovered near Bermuda Triangle: NASA has confirmed that debris found on the ocean floor off Florida’s Atlantic coast comes from the fallen space shuttle Challenger, which exploded on Jan. 28, 1986, killing all seven astronauts on board.  Divers discovered the 20-foot (6 meters) section of Challenger’s hull while searching for downed World War II-era aircraft as part of a History Channel documentary series, “The Bermuda Triangle: Into Cursed Waters.” Northwest of the Triangle, the filmmakers found a patch of seafloor containing modern-looking debris, partially covered in sand. Full Story: Live Science (11/11)

One of the oldest written sentences on record blasts hair and beard lice:  One of the oldest known sentences ever written was a plea against contracting lice, a new study has found.  Archaeologists made the hair-raising discovery several years after unearthing a hair comb, which they found in 2016 at an Israeli archaeological site called Tel Lachish, located south of Tel Aviv. The site was once a city inhabited by the Canaanites, who lived in what is now Syria between 3500 B.C. and 1150 B.C., during the Bronze Age. One of the oldest known sentences ever written was a plea against contracting lice, a new study has found. Full Story: Live Science (11/14)

The richest art auction season in history continues this week.
PHOTOS OF THE DAY

Gumushane, Turkey
An aerial view of forested areas with trees with yellow, brown and green-coloured leaves during the autumn season
Photograph: Hakan Burak Altunoz/Anadolu Agency/Getty Images

Prague, Czech Republic
Girls lead a gaggle of geese, backdropped by a banner against the war in Ukraine, during a St Martin’s Day procession next to the Charles Bridge in Prague. St Martin’s day marks the end of the harvest season and the start of winter.
Photograph: Vadim Ghirdă/AP

Piedmont, Italy
Flag-wavers in medieval period costume perform at a parade at the castle of Grinzane Cavour, northern Italy, during the 23rd Alba White Truffle World auction
Photograph: Vincenzo Pinto/AFP/Getty Images
Market Closes for November 14^th, 2022

Market Index	Close	Change
Dow Jones	33536.70	-211.16
		-0.63%
S&P 500	3957.53	-35.40
		-0.89%
NASDAQ	11196.22	-127.11
		-1.12%
TSX	19936.44	-175.07
		-0.87%

International Markets

Market Index	Close	Change
NIKKEI	27963.47	-300.10
		-1.06%
HANG SENG	17619.71	+294.05
		+1.70%
SENSEX	61624.15	-170.89
		-0.28%
FTSE 100*	7385.17	+67.13
		+0.92%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.161		3.145
CND. 30 Year Bond		3.268		3.265
U.S.    10 Year Bond		3.8686		3.8125
U.S. 30 Year Bond		4.0470		4.0153

Currencies

BOC Close	Today	Previous
Canadian $	0.7511	0.7545
US $	1.3314	1.3254
Euro Rate 1 Euro=		Inverse
Canadian $	1.3752	0.7272
US  $	1.0329	0.9681

Commodities

Gold	Close	Previous
London Gold Fix	1759.35	1744.75
Oil
WTI Crude Future	85.87	88.96

Market Commentary:
☕ Coffee was one of the hottest commodities earlier this year, but it has now gone cold, with prices declining more than 20% in the past month.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.9% at 19,921.81 in Toronto.
The move follows the previous session’s increase of 0.6%.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 2.2%.
Algonquin Power & Utilities Corp. had the largest drop, falling 14.0%.
Today, 181 of 236 shares fell, while 50 rose; 10 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 6.1%, heading for the worst year since 2018
* The index declined 8.5% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.3% below its 52-week high on April 5, 2022 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.9% in the past 5 days and rose 8.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 12.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.2t
* 30-day price volatility fell to 21.69% compared with 22.32% in the previous session and the average of 22.45% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -68.4265| -1.8| 5/33
Financials | -39.0364| -0.6| 3/26
Information Technology | -23.1970| -2.0| 2/11
Utilities | -17.5100| -2.0| 2/14
Industrials | -10.9578| -0.4| 6/20
Real Estate | -10.5259| -2.1| 3/19
Consumer Discretionary | -10.0274| -1.4| 2/12
Consumer Staples | -6.4165| -0.8| 2/9
Materials | -5.9536| -0.3| 18/31
Health Care | -2.0211| -2.3| 1/5
Communication Services | 4.3857| 0.5| 6/1
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Brookfield Asset Management | -13.4700| -2.2| 63.8| -20.6
Shopify | -9.9650| -2.3| -6.6| -70.6
Canadian Natural Resources | -8.3550| -1.3| 4.9| 54.9
Ritchie Bros | 1.4270| 2.6| 26.2| -3.7
Rogers Communications| 2.2440| 1.6| 87.3| -3.0
Nutrien | 6.7160| 1.8| -25.3| 8.9
US
By Isabelle Lee
(Bloomberg) — US stocks ended a choppy session lower after two Federal Reserve officials highlighted the central bank’s resolve to be persistent until it brings inflation down meaningfully.
The S&P 500 was down 0.9%, snapping a two-day rally.
The tech-heavy Nasdaq 100 also fell. Treasury yields climbed, with the 10-year rate around 3.87%.
Fed Vice Chair Lael Brainard briefly buoyed sentiment after she said, during a Bloomberg event in Washington, that it would be appropriate “soon” for the central bank to slow its pace of interest-rate hikes.
However, she also emphasized that the Fed had “additional work to do” to bring inflation down, which kept some investors on the edge.
Brainard did not explicitly commit to a step-down to a half-point hike in December, nor did she elaborate what she meant by “soon.”
“I think Brainard’s comments underscore the uncertainty of the path forward and the data dependence of the Committee,” said Jake Schurmeier, portfolio manager at Harbor Capital Advisors.
“They don’t want a slower pace of rate hikes to be confused for less restrictive policy.”
Earlier, Fed Governor Christopher Waller’s hawkish comments wobbled markets as investors mulled whether the post-CPI euphoria was overblown.
Last week’s CPI-fueled rally, which propelled the S&P 500 to its best week since June, may be unsustainable, according to Christopher Smart, chief global strategist at Barings and head of the Barings Investment Institute.
“The bad news is that in an economic moment that remains so uncertain, the data is more likely than not to be messy and contradictory in the months ahead.
The pace of decline will be uneven,” he said. “Moreover, there’s still a long way to go to get to the Fed’s target of 2% average inflation.
That’s why Fed governors have been lining up to talk down any market euphoria that a real pivot is in sight.”
The cumulative impact of prior interest-rate hikes will also continue to weigh on economic growth and corporate profits, according to Mark Haefele, chief investment officer at UBS Global Wealth Management, who recommends that investors take a defensive position.
Meanwhile, Chinese stocks listed in the US extended their rally to a third day, after Joe Biden and Xi Jinping called for reduced tensions between the world’s two biggest economies during a meeting in Bali, Indonesia. 
Key events this week:
* Fed’s John Williams moderates panel, Monday
* China retail sales, industrial production, surveyed jobless, Tuesday
* Former US President Donald Trump plans to make an announcement, Tuesday
* US empire manufacturing, PPI, Tuesday
* US business inventories, cross-border investment, retail sales, industrial production, Wednesday
* Fed’s John Williams, Lael Brainard and SEC Chair Gary Gensler speak, Wednesday
* ECB President Christine Lagarde speaks, Wednesday
* Eurozone CPI, Thursday
* US housing starts, initial jobless claims, Thursday
* Fed’s Neel Kashkari, Loretta Mester speak, Thursday
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.1% to $1.0333
* The British pound fell 0.6% to $1.1758
* The Japanese yen fell 0.7% to 139.74 per dollar
Cryptocurrencies
* Bitcoin fell 0.7% to $16,246.64
* Ether fell 0.2% to $1,213.63
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.87%
* Germany’s 10-year yield declined one basis point to 2.15%
* Britain’s 10-year yield advanced one basis point to 3.37%
Commodities
* West Texas Intermediate crude fell 4.1% to $85.30 a barrel
* Gold futures rose 0.4% to $1,776.30 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sujata Rao, Cecile Gutscher, Brett Miller and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

One dog barks because it sees something; a hundred dogs bark because they heard the first dog bark. –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:  Armistice Day.
On Nov. 11, 1918, fighting in World War I came to an end with the signing of an armistice between the Allies and Germany.  Go to article »

If people bring so much courage to the world the world has to kill them to break them, so of course it kills them.
The world breaks every one and afterward many are strong at the broken places. But those that will not break it kills.
It kills the very good and the very gentle and the very brave impartially. If you are none of these you can be sure
it will kill you too but there will be no special hurry.” ― Ernest Hemingway, A Farewell to Arms.

November 11, 1909: Construction of US Naby base begins at Pearl Harbour, Hawaii.
PHOTOS OF THE DAY

Staffordshire, UK
Lennon Sefton pays his respects after an Armistice Day service at the Armed Forces Memorial in the National Memorial Arboretum, Alrewas
Photograph: Jacob King/PA

London, UK
Chelsea pensioners and military veterans visit the Field of Remembrance at Westminster Abbey
Photograph: Henry Nicholls/Reuters

Sheffield, UK
Rev Canon Geoffrey Harbord Precentor takes a photograph of Peace Doves, a large installation created by the sculptor Peter Walker and composer David Harper on display in the cathedral
Photograph: Danny Lawson/PA
Market Closes for November 11^th, 2022

Market Index	Close	Change
Dow Jones	33747.86	+32.49
		+0.10%
S&P 500	3992.93	+36.56
		+0.92%
NASDAQ	11323.33	+209.18
		+1.88%
TSX	20111.51	+121.15
		+0.61%

International Markets

Market Index	Close	Change
NIKKEI	28263.57	+817.47
		+2.98%
HANG SENG	17325.66	+1244.62
		+7.74%
SENSEX	61795.04	1181.34
		+1.95%
FTSE 100*	7318.04	-57.30
		-0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.145		3.143
CND. 30 Year Bond		3.265		3.263
U.S.    10 Year Bond		3.8125		3.8125
U.S. 30 Year Bond		4.0153		4.0602

Currencies

BOC Close	Today	Previous
Canadian $	0.7545	0.7506
US $	1.3254	1.3322
Euro Rate 1 Euro=		Inverse
Canadian $	1.3725	0.7286
US  $	1.0355	0.9657

Commodities

Gold	Close	Previous
London Gold Fix	1744.75	1715.25
Oil
WTI Crude Future	88.96	86.47

Market Commentary:
On this day in 1929, for much of the abbreviated three-hour trading day, investors breathed a sigh of relief as the market’s recent panic seemed to lift. Up until the last hour, volume was light and stocks held steady. Then a tidal wave of selling crashed onto the floor of the New York Stock Exchange, driving the Dow Jones Industrial Average to one of its worst days ever, losing 6.8%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 121.15 to 20,111.51 in Toronto.
The index advanced to the highest closing level since Aug. 25.
Today, energy stocks led the market higher, as 8 of 11 sectors gained; 170 of 236 shares rose, while 63 fell.
Shopify Inc. contributed the most to the index gain, increasing 7.6%. Converge Technology Solutions Corp. had the largest increase, rising 13.9%.
Insights
* This year, the index fell 5.2%, heading for the worst year since 2018
* So far this week, the index rose 3.4%, heading for the biggest advance since the week ended July 29
* The index declined 6.8% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 9.5% below its 52-week high on April 5, 2022 and 12.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility little changed to 22.32% compared with 22.32% in the previous session and the average of 22.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 72.7100| 1.9| 37/1
Financials | 41.3962| 0.7| 23/6
Information Technology | 37.2400| 3.4| 11/3
Materials | 4.2258| 0.2| 33/16
Health Care | 3.7545| 4.4| 7/0
Consumer Discretionary | 3.3677| 0.5| 9/5
Communication Services | 1.8133| 0.2| 6/0
Real Estate | 0.0000| 3.8| 17/5
Consumer Staples | -5.3864| -0.7| 4/7
Utilities | -16.0847| -1.8| 6/10
Industrials | -29.3173| -1.1| 17/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 30.1400| 7.6| 32.7| -69.9
Brookfield Asset Management | 24.5800| 4.2| 55.3| -18.8
Enbridge | 13.2400| 1.7| -33.4| 12.3
Algonquin Power | -13.6800| -19.3| 630.3| -32.5
Nutrien | -13.8800| -3.6| -8.6| 7.0
Canadian Pacific | -14.0200| -2.1| 37.5| 11.9
US
By Stephen Kirkland and Isabelle Lee
(Bloomberg) — US stocks gained surer footing after a choppy morning session, extending a rally sparked by a slowdown in inflation.
The dollar fell, declining for a fourth week.
The S&P 500 closed near session highs in the biggest weekly gain since June.
The tech-heavy Nasdaq 100 climbed more than 1.5%, notching its best week in two years.
Cash Treasury trading is closed for Veterans Day.
Elsewhere, China easing some Covid restrictions helped underpin risk sentiment Friday, with US-listed Chinese stocks rising along with commodities from oil to soybeans to precious metals.
Meanwhile, cryptocurrencies resumed a selloff amid FTX’s deepening woes with Sam Bankman-Fried’s crypto empire filing for bankruptcy.
While that news weighed on sentiment in early trading, investors downplayed contagion risks.
“From my vantage point, the real-world impact seems somewhat limited,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors LLC. “It’s hard to imagine how it has a big impact on the overall economy. Crypto makes up a relatively small portion of financial markets, financial transaction, jobs, consumer spending, business spending, etc.”
US stocks soared the most since 2020 on Thursday after a better-than-forecast cooling in US inflation improved prospects of a dovish tilt by the Federal Reserve.
On Friday, the University of Michigan’s preliminary November survey showed US consumer inflation expectations increased in the short and long run while sentiment retreated.
Boston Fed President Susan Collins said that the risks of going too far have risen after a string of jumbo-sized rate hikes, but noted a smaller, more “deliberate” increase should not be confused with backing down from curbing price pressures.
“The moderation in the pace of inflation is a welcome development, while it is still far too early to declare the inflation threat over,” Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote. “We still think the Fed is likely to raise at least another 100 basis points in total before it pauses the rate hiking cycle.”
While markets reacted positively to the inflation print Thursday, Credit Suisse strategists led by Jonathan Golub said the rally was “out of sync with the size of the surprise.”
This, they note, follows a pattern of outsize responses to CPI prints, which has averaged 2.8% on the day in the past seven releases.
The dollar slumped more than 1% on Friday in the biggest weekly drop since the pandemic-fueled volatility in March 2020.
Bitcoin dropped as much as 8% to $16,376 and Ether fell as much as 9.2%.
FTX.com’s bankruptcy filing capped a swift reversal of fortune for the crypto exchange led by Bankman-Fried.
Summers Says FTX Meltdown Has ‘Whiffs’ of Enron-Like Scandal.
Pinduoduo Inc. and JD.com Inc. jumped in US trading amid growing optimism Beijing is on its way to ending the crippling Covid Zero policy.
China reduced the amount of time travelers and close contacts must spend in quarantine. 
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.8%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index fell 1.3%
* The euro rose 1.4% to $1.0357
* The British pound rose 1.1% to $1.1845
* The Japanese yen rose 1.6% to 138.68 per dollar
Cryptocurrencies
* Bitcoin fell 6.7% to $16,606.42
* Ether fell 5.8% to $1,244.44
Bonds
* The yield on 10-year Treasuries was little changed at 3.81%
* Germany’s 10-year yield advanced 15 basis points to 2.16%
* Britain’s 10-year yield advanced seven basis points to 3.36%
Commodities
* West Texas Intermediate crude rose 2.9% to $88.94 a barrel
* Gold futures rose 1% to $1,770.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Georgina Mckay, Masaki Kondo, Tassia Sipahutar, Farah Elbahrawy, Srinivasan Sivabalan and Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

It could be worse,’ Passini said respectfully. “There is nothing worse than war.”
Defeat is worse.”
I do not believe it,” Passini said still respectfully. “What is defeat? You go home.”  ― Ernest Hemingway, 1899-1961, A Farewell to Arms.

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.

November 10, 1801: US State Kentucky Outlaws dueling.  The last recorded duel took place in France in 1967.
1871: Stanley finds Livingstone.
November 10, 1951: Direct-dial, coast-to-coast telephone service began with a call between the mayors of Englewood, N.J., and Alameda, Calif. Go to article »
Also on this day in 1951: Area codes introduced.
1983: Microsoft releases Windows.

Heat shield that could land humans on Mars is heading to space today.  NASA said this inflatable heat shield will hitch a ride to space today in the hope that it could eventually assist with human travel to other planets.

PHOTOS OF THE DAY

Draw-dropping
Art imitating life in Richmond Park, London.
Photograph: Martin Long

Fantastic foliage
‘These leaves came from a smoke bush in my garden – all 100% natural colours. This year’s display is especially eye popping.’
Photograph: Giselle Dye

London, UK
Shoppers traverse Regent Street as the Spirit of Christmas festive lights are switched on
Photograph: Anadolu Agency/Getty Images
Market Closes for November 10^th, 2022

Market Index	Close	Change
Dow Jones	33715.37	+1201.43
		+3.70%
S&P 500	3956.37	+207.80
		+5.54%
NASDAQ	11114.15	+760.98
		+7.35%
TSX	19990.36	+646.11
		+3.34%

International Markets

Market Index	Close	Change
NIKKEI	27446.10	-270.33
		-0.98%
HANG SENG	16081.04	-277.48
		-1.70%
SENSEX	60613.70	-419.85
		-0.69%
FTSE 100*	7375.34	+79.09
		+1.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.143		3.396
CND. 30 Year Bond		3.263		3.468
U.S.    10 Year Bond		3.8125		4.0986
U.S. 30 Year Bond		4.0602		4.2761

Currencies

BOC Close	Today	Previous
Canadian $	0.7506	0.7390
US $	1.3322	1.3531
Euro Rate 1 Euro=		Inverse
Canadian $	1.3591	0.7358
US  $	1.0202	0.9802

Commodities

Gold	Close	Previous
London Gold Fix	1715.25	1678.65
Oil
WTI Crude Future	86.47	85.83

Market Commentary:
On this day in 1494, the first edition of Luca Pacioli’s Summa de Arithmetica, Geometria, Proportioni et Proportionalita was printed in Venice. Corporate balance sheets and income statements can trace their heritage to this day, as the book contained 36 brief chapters on accounting and, for the first time, popularized the concept of double-entry bookkeeping (which offsets assets against liabilities and revenues against expenses).
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 3.3% at 19,990.36 in Toronto.
The move was the biggest since rising 5.1% on April 6, 2020 and follows the previous session’s decrease of 1.6%.
Today, financials stocks led the market higher, as all sectors gained; 217 of 236 shares rose, while 18 fell.
Shopify Inc. contributed the most to the index gain, increasing 16.5%.
CAE Inc. had the largest increase, rising 18.2%.
Insights
* This year, the index fell 5.8%, heading for the worst year since 2018
* So far this week, the index rose 2.8%
* The index declined 6.9% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.9% in the past 5 days and rose 7.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.08t
* 30-day price volatility rose to 22.32% compared with 20.64% in the previous session and the average of 22.48% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 200.4217| 3.4| 27/2
Materials | 115.1169| 5.2| 49/1
Energy | 90.3662| 2.5| 36/2
Information Technology | 90.0558| 9.0| 13/1
Industrials | 57.8609| 2.3| 22/5
Utilities | 24.1812| 2.7| 14/2
Consumer Discretionary | 20.0173| 2.9| 13/1
Real Estate | 18.4951| 3.8| 21/1
Consumer Staples | 12.4454| 1.5| 10/1
Communication Services | 11.4456| 1.2| 6/1
Health Care | 5.6973| 7.2| 6/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 56.2000| 16.5| 32.1| -72.1
Brookfield Asset Management | 46.2100| 8.6| 49.4| -22.0
RBC | 29.0000| 2.4| -21.8| -2.5
Loblaw | -1.0280| -0.9| 106.8| 8.0
Canadian Tire | -1.3540| -2.4| 289.2| -19.4
Vermilion Energy | -2.6850| -8.0| 565.7| 71.4
US
By Stephen Kirkland
(Bloomberg) — Stocks surged in a buy-everything relief rally after slower-than-projected price growth spurred bets the Federal Reserve can downshift its aggressive rate-hike path.
The S&P 500 climbed 5.5% for the best first-day reaction to a CPI report since at least 2003 when records began.
About 96% of stocks in the benchmark were in the green, the broadest advance since Oct. 4, according to Bloomberg data.
The rally caught short-sellers wrong-footed, helping spur the outsized gains.
Crypto markets stabilized despite the turmoil surrounding crypto exchange FTX.
Headline inflation came in at 7.7%, the lowest since January, before Russia’s war in Ukraine pushed up commodity prices.
More important for the Fed, the core measure that excludes food and energy slowed more than anticipated.
Thursday’s intense rally only partially clawed back steep losses this year for risk assets hammered by Fed’s tightening.
The S&P 500 is still down 17% in 2022 and the Nasdaq 100 is off nearly 30%, with both headed for their worst years since 2008.
Treasuries soared, sending the rate on two-year notes, more sensitive to monetary policy, down 28 basis points.
Rates traders downgraded the odds of another three-quarter-point rate increase in December almost to nil, while continuing to price in a half-point hike.
The Bloomberg dollar index sank 2%, the biggest drop for records dating back to 2005.
“The first downside surprise in inflation in several months will inevitably be received by an equity market ovation,” Seema Shah, chief global strategist at Principal Asset Management, wrote.
“A 0.5% hike, rather than 0.75%, in December is clearly on the cards but, until we have had a run of these types of CPI reports, a pause is still some way out.”
Fed officials appeared to back a downshift in rate hikes after a stretch of four jumbo-sized increases.
They also stressed the need for policy to remain tight.
Dallas Fed President Lorie Logan said it may soon be appropriate to slow the pace to better assess economic conditions.
San Francisco’s Mary Daly said the moderation was “good news,” but noted “pausing is not the discussion, the discussion is stepping down.”
Swaps markets pulled back bets on a peak rate to slightly less than 4.9% in the first half of next year, from more 5% before the CPI data.
Market reaction to CPI report Rick Rieder, chief investment officer of global fixed income at BlackRock Financial Management Inc.:
“Today’s CPI report showed some moderate improvement as some of the previously elevated excessively high inflation-drivers, such as used cars, started to decline at a faster pace.”
Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management:
“We are preparing for an environment where interest rates remain higher for longer. Investors should be more concerned with the effect that rising rates into a decelerating economy has on their portfolio values rather than the current level of inflation.”
Max Gokhman, chief investment officer for AlphaTrAI:
“We expected that there would be deceleration of core goods prices, but seeing services slump too was a bigger bonus than any banker will get this year. That said, this won’t budge the Fed to rethink a 50bp hike in December, so traders curb their initial enthusiasm.”
Ipek Ozkardeskaya, senior analyst at Swissquote Bank:
“Hallelujah! We finally saw a strong beat in terms of inflation in the US. Both the headline and the core figures came lower than expected. And that helped softening the hawkish Fed expectations, pull the US dollar and the yields lower. The soft inflation has been a puff of fresh air for the entire market.”
Guillermo Hernandez Sampere, head of trading at asset manager MPPM GmbH:
“Pivot Party to start right now, short squeeze will ignite the rally. If the remaining cash comes to work we’ve seen the lows for a while.”
James Athey, investment director at Aberdeen Asset Management:
“Equities will love this and are likely to pick up the baton and keep running. Of course that may make the Fed uncomfortable at this early stage in the disinflation process and so watch out for Fedspeak if equities get too frothy.”
Key events this week:
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 5.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 7.5%
* The Dow Jones Industrial Average rose 3.7%
* The MSCI World index rose 4.5%
Currencies
* The Bloomberg Dollar Spot Index fell 2%
* The euro rose 1.8% to $1.0196
* The British pound rose 3.1% to $1.1713
* The Japanese yen rose 3.6% to 141.26 per dollar
Cryptocurrencies
* Bitcoin rose 15% to $18,080.76
* Ether rose 21% to $1,336.02
Bonds
* The yield on 10-year Treasuries declined 27 basis points to 3.82%
* Germany’s 10-year yield declined 16 basis points to 2.01%
* Britain’s 10-year yield declined 16 basis points to 3.29%
Commodities
* West Texas Intermediate crude rose 0.5% to $86.27 a barrel
* Gold futures rose 2.5% to $1,756.90 an ounce

–With assistance from Peyton Forte, Sagarika Jaisinghani, Macarena Muñoz, Farah Elbahrawy, Emily Graffeo, Lu Wang, Richard Henderson, Srinivasan Sivabalan, Isabelle Lee, Vildana Hajric and Debarati Roy.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is always the secure who are humble. -Gilbert Keith Chesterton, 1874-1936.

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