Category: Newsletters

Dear Friends,

Tangents:

Carolann is away from office this afternoon, I’ll be writing the newsletter on behalf of her.

PHOTOS OF THE DAY

A field of colourful tulips. Their grower Mark Eves opens the field to the public from Thursday with all funds raised going to a local charity. Last year the event attracted more than 6,000 visitors
CREDIT:  Joe Giddens/PA

Ducklings on Stradbally lake
CREDIT: Niall Carson/PA

Sunrise behind the Bass Rock off the East Lothian coast
CREDIT: Jane Barlow/PA

Market Closes for April 19^th, 2022

Market Index	Close	Change
Dow Jones	34911.20	+499.51
		+1.45%
S&P 500	4462.21	+70.52
		+1.61%
NASDAQ	13619.66	+287.30 +2.15%
TSX	22018.82	+140.41
		+0.64%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26985.09	+185.38
		+0.69%
HANG SENG	21027.76	-490.32
		-2.28%
SENSEX	56463.15	-703.59
		-1.23%
FTSE 100*	7601.28	-15.10 -0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.824	1.2785
CND. 30 Year Bond	2.773	2.742
U.S.    10 Year Bond	2.9361	2.8527
U.S. 30 Year Bond	2.9946	2.9407

Currencies

BOC Close	Today	Previous
Canadian $	0.7925	0.7932
US $	1.2618	1.2607
Euro Rate 1 Euro=		Inverse
Canadian $	1.3615	0.7345
US $	1.0789	0.9268

Commodities

Gold	Close	Previous
London Gold Fix	1963.25	1963.25
Oil
WTI Crude Future	102.56	108.21

Market Commentary:
On this day in 1895, the Railroad Gazette published the first description for a business audience of engineer Herman Hollerith’s “electric tabulating machine,” a new data-processing device that used electrical signals to read, count and sort punch cards on which data were represented by an array of holes. Hollerith’s company, the Tabulating Machine Co., was one of the ancestors of IBM.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities extended a winning streak as technology and consumer stocks surged. The S&P/TSX Composite rose for the fourth straight day, climbing 0.64%, or 140.41 to 22,018.82 in Toronto. The gain was the biggest since an advance of about 0.9% on March 21.
Today, financials stocks led the market higher, as 9 of 11 sectors gained; 155 of 239 shares rose, while 83 fell. Shopify Inc. contributed the most to the index gain, increasing 4.3%. Lithium Americas Corp. had the largest increase, rising 7.6%.
Insights
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 5.9% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on April 5, 2022 and 16.1% above its low on April 20, 2021
* The S&P/TSX Composite is up 1% in the past 5 days and rose 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.5t
* 30-day price volatility rose to 10.46% compared with 10.42% in the previous session and the average of 11.84% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 66.3992| 1.0| 25/3
* Information Technology | 41.4323| 3.1| 16/0
* Industrials | 37.3832| 1.5| 26/3
* Consumer Staples | 20.6724| 2.5| 11/0
* Consumer Discretionary | 17.7224| 2.5| 14/0
* Real Estate | 10.5534| 1.8| 23/0
* Health Care | 3.7089| 2.8| 6/2
* Utilities | 2.8310| 0.3| 12/4
* Communication Services | 1.1734| 0.1| 5/2
* Energy | -22.9029| -0.6| 5/29
* Materials | -38.5627| -1.3| 12/40
================================================================
| | |Volume VS | | Index | | 20D AVG |YTD Change Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 24.4500| 4.3| -26.7| -56.1
* Royal Bank of Canada | 15.0500| 1.1| 140.1| 3.3
* Brookfield Asset Management | 13.3500| 2.0| -0.1| -9.4
* Tourmaline Oil | -5.5840| -4.0| 2.6| 59.1
* Barrick Gold | -5.6270| -1.4| -28.2| 31.2
* nico Eagle Mines | -6.3470| -2.5| -23.0| 20.4
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks gained in a broad-based rally as investors weighed the resilience of the economy against prospects for aggressive policy action to curb inflation.
Treasury yields climbed across the curve, while oil fell on demand concerns.
The S&P 500 bounced back from the lowest close in more than a month, with all 11 main industry groups advancing except energy. The tech-heavy Nasdaq 100 jumped more than 2%, a threshold reached by the small-cap Russell 2000 index. Yields on short-end Treasuries — the most sensitive to changes in interest rates — led the move higher.
Chicago Fed President Charles Evans said Tuesday that interest rates will probably rise above the neutral level. Investors, already betting on an almost half-point Federal Reserve rate increase next month, have been reassessing expectations after St. Louis Fed President James Bullard said hikes of as much as 75 basis points shouldn’t be ruled out. The last increase of such magnitude was in 1994.
“Generally, most markets are focused on how fast the Fed and other central banks are going to go, and ultimately what rates are going to take a breather at,” Brian Nick, chief investment strategist at Nuveen, said by phone. “Underlying all of this, though, is the fact that economic data still is quite solid. I would say it’s strong in the United States at this point.”
Government data on Tuesday showed U.S. housing starts rose unexpectedly in March to the highest level since 2006.
The earnings season continued Tuesday, with Johnson & Johnson gaining after reporting first-quarter earnings that beat estimates and raising its dividend. The advance comes despite the drugmaker cutting its annual profit forecast and suspending guidance for Covid-19 vaccine sales.
So far, with just 48 companies in the S&P 500 reporting results, 79% have posted positive surprises, data compiled by Bloomberg show. On Monday, Bank of America Corp. joined a string of earnings beats by big lenders. Netflix Inc. and International Business Machines Corp. are due to report after the close Tuesday.
“The U.S. first-quarter earnings season, which continues this week, looks set to be positive, and we forecast earnings per share growth of 10% for 2022 overall and 7% for 2023,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “Against this backdrop, investors should also seek long-term value in stocks. Periods of heightened market volatility and uncertainty can often lead to attractive longer-term entry points in areas of structural growth.”
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%
* The Dow Jones Industrial Average rose 1.5%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro was little changed at $1.0788
* The British pound fell 0.1% to $1.3000
* The Japanese yen fell 1.5% to 128.89 per dollar
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 2.94%
* Germany’s 10-year yield advanced seven basis points to 0.91%
* Britain’s 10-year yield advanced eight basis points to 1.97%
Commodities
* West Texas Intermediate crude fell 5.2% to $102.53 a barrel
* Gold futures fell 1.8% to $1,949.80 an ounce

–With assistance from Tassia Sipahutar, Nikos Chrysoloras, Andreea Papuc and Robert Brand.
Have a wonderful evening.

Be magnificent!

As ever,

Isabel

Lasting change is a series of compromises. And compromise is all right, as long your values don’t change.  – Dr. Jane Goodall, April 1934

Assistant to Carolann Steinhoff,

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:

Carolann is away from office this afternoon, I’ll be writing the newsletter on behalf of her.

PHOTOS OF THE DAY

The cherry orchard at Alnwick Gardens, which has the largest collection of Tai-haku trees
CREDIT: Lee Smith/Reuters

The new Wormhole library at Haikou Bay
CREDIT: Xinhua/Rex/Shutterstock

Up-cycled tires being painted for use at a go-karting track
CREDIT: AFP/Getty Images

Market Closes for April 18^th, 2022

Market Index	Close	Change
Dow Jones	34411.69	-39.54
		-0.11%
S&P 500	4391.69	-0.90
		-0.02%
NASDAQ	13332.36	-18.72 -0.14%
TSX	21878.41	+22.71
		+0.10%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26799.71	-293.48
		-1.08%
HANG SENG	21518.08	+143.71
		+0.67%
SENSEX	57166.74	-1172.19
		-2.01%
FTSE 100*	7616.38	+35.58 +0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.2785	2.761
CND. 30 Year Bond	2.742	2.714
U.S.    10 Year Bond	2.8527	2.8275
U.S. 30 Year Bond	2.9407	2.9147

Currencies

BOC Close	Today	Previous
Canadian $	0.7932	0.7935
US $	1.2607	1.2602
Euro Rate 1 Euro=		Inverse
Canadian $	1.3592	0.7357
US $	1.0782	0.9275

Commodities

Gold	Close	Previous
London Gold Fix	1963.25	1976.75
Oil
WTI Crude Future	108.21	106.95

Market Commentary:
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rose for the third straight day to the highest closing point in nearly two weeks as a rally in energy and materials stocks offset a drop in the health-care sector. The S&P/TSX Composite rose slightly by 0.1%, or 22.71, to 21,878.41 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.0%. ARC Resources Ltd. had the largest increase, rising 6.6%.
Today, 98 of 239 shares rose, while 139 fell; 4 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 3.7% in the same period
* The S&P/TSX Composite is 1.5% below its 52-week high on April 5, 2022 and 15.3% above its low on April 20, 2021
* The S&P/TSX Composite is unchanged in the past 5 days and rose 3.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.5t
* 30-day price volatility fell to 10.42% compared with 10.55% in the previous session and the average of 11.96% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 48.2467| 1.3| 28/6
Materials | 23.5186| 0.8| 21/30
Information Technology | 1.9280| 0.1| 3/13
Consumer Discretionary | 0.3477| 0.0| 10/4
Real Estate | -2.1775| -0.4| 7/16
Consumer Staples | -2.3210| -0.3| 3/8
Utilities | -3.3708| -0.3| 6/10
Communication Services | -4.3363| -0.4| 3/4
Health Care | -7.1314| -5.1| 0/8
Industrials | -15.0750| -0.6| 6/23
Financials | -16.9272| -0.3| 11/17
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 13.4800| 2.0| -0.4| 58.4
Nutrien | 11.8600| 2.2| -16.3| 51.9
First Quantum Minerals | 7.1080| 4.6| 45.7| 41.7
Bank of Nova Scotia| -4.3060| -0.6| -7.2| -5.5
Canadian National | -4.3540| -0.7| -59.6| 2.6
Brookfield Asset Management | -10.2400| -1.5| -50.8| -11.2
US
(Bloomberg) — U.S. stocks ended little changed in thin trading Monday and Treasuries ticked lower at the long-end of the curve as investors focused on corporate results and prospects for faster policy tightening by the Federal Reserve.
The S&P 500 closed down less than 0.1%, after swinging between narrow gains and losses on volumes almost 20% below the 30-day average in the first trading day following a long holiday weekend. Bank of America Corp. was poised for the biggest daily advance in more than a month as the bank joined a string of earnings beats by big lenders such as Morgan Stanley and Citigroup Inc. Markets in much of Europe were shut for Easter.
Treasury yields moved higher in longer maturities, as investors looked forward to speeches by Fed policy makers this week for new clues on whether the central bank will raise interest rates by a half point in May to curb price pressures. A jump in energy costs highlighted inflation concerns, as U.S. natural gas prices surged to the highest intraday level in more than 13 years. Oil climbed above $108 a barrel in New York.
“Volumes are light on this Easter Monday, with many European markets closed and even more families on spring break,” said Art Hogan, chief market strategist at National Securities. “In that environment it doesn’t take much of a sentiment shift to produce a relatively out-sized move.”
In other market moves, Twitter Inc. rose the most in two weeks after the social media company launched a so-called poison pill to thwart Elon Musk’s unsolicited bid to take the company private and Musk said the economic interests of the board are not aligned with shareholders.  Twitter posted modest gains in after-hours trading following a report that Apollo Global Management Inc. has held discussions about backing a possible deal for Twitter either by backing the offer made by Musk or another bidder like private- equity firm Thoma Bravo.
“The alternating excited and depressed markets have been a boon for traders, but not so much for long-term investors,” Paul Nolte, portfolio manager at Kingsview Investment Management, wrote in a report. “Volatility is up, worries abound, so investors are looking at companies and sectors that can still do well no matter the outlook. If inflation continues to be one of those worries, look for commodity companies to continue their run higher as well.”
The pattern across markets suggests investors remain uncertain whether high inflation has peaked. Price pressures are being fanned by supply-chain snarls from China’s Covid
restrictions and disruptions to commodity flows due to the war.
Concern is growing that the U.S. economy faces a downturn as the Fed pivots toward aggressive policy tightening to contain the cost of living.
History suggests the Fed will face a difficult task cooling inflation without causing a U.S. recession, according to Goldman Sachs Group Inc. It put the odds of a contraction at about 35% over the next two years.
The positive effects from inflation on earnings growth for U.S. firms have peaked as rising costs trim their margins and price pressures caused by the Ukraine war hit consumers, according to Morgan Stanley strategists.
A New York Fed survey showed potential home buyers are getting discouraged by rising mortgage rates and home prices. Chinese data were mixed, adding to investor concerns about the country’s stalled economic recovery. In Shanghai, officials reported the first deaths from a surging Covid-19 outbreak. The city has also published plans to resume production after a prolonged lockdown, recommending businesses adopt so-called closed-loop management, where workers live on-site and are tested regularly.
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.0783
* The British pound fell 0.4% to $1.3011
* The Japanese yen fell 0.4% to 126.95 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 2.86%
Commodities
* West Texas Intermediate crude rose 0.9% to $107.87 a barrel
* Gold futures rose 0.3% to $1,981.70 an ounce

–With assistance from Abigail Moses, Isabelle Lee and Peyton Forte.

Have a wonderful evening.

Be magnificent!

As ever,

Isabel

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered. Nelson Rolihlahla Mandela, 1918 – 2013

Assistant to Carolann Steinhoff,

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 Easter!

Carolann is away from office this afternoon, I’ll be writing the newsletter on behalf of her.

PHOTOS OF THE DAY

Bolivian squirrel monkeys enjoy some Easter enrichment at the Chessington World of Adventures zoo.
CREDIT: Mark Field/PinPep/Rex/Shutterstock

Mist hangs over St Mary and All Saints church in the Northamptonshire village.
CREDIT: Joe Giddens/PA

Three-time WSL champion Mick Fanning of Australia surfs in heat nine of the round of 32 at the Rip Curl Pro Bells Beach event.
CREDIT: Ed Sloane/World Surf League/Getty Images

Market Closes for April 14^th, 2022

Market Index	Close	Change
Dow Jones	34451.23	-113.36
		-0.33%
S&P 500	4392.59	-54.00
		-1.21%
NASDAQ	13351.08	-292.51 -2.14%
TSX	21855.70	+17.68
		+0.08%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27172.00	+328.51
		+1.22%
HANG SENG	21518.08	+143.71
		+0.67%
SENSEX	58338.93	-237.44
		-0.41%
FTSE 100*	7616.38	+35.58 +0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.761	2.638
CND. 30 Year Bond	2.714	2.610
U.S.    10 Year Bond	2.8275	2.6987
U.S. 30 Year Bond	2.9147	2.8109

Currencies

BOC Close	Today	Previous
Canadian $	0.7935	0.7958
US $	1.2602	1.2565
Euro Rate 1 Euro=		Inverse
Canadian $	1.3645	0.7329
US $	1.0827	0.9236

Commodities

Gold	Close	Previous
London Gold Fix	1976.75	1960.85
Oil
WTI Crude Future	106.95	104.25

Market Commentary:
On this day in 1720, the first great secondary offering of stock took place, as the South Sea Co. opened its subscription books in London, hoping to raise 2 million pounds sterling. The company raised half that amount by 10 a.m., as mobs of eager buyers poured into South Sea’s headquarters. With ladies pawning jewelry and farmers selling livestock to raise the cash to buy shares, the offering was oversubscribed by more than 10%.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities advanced as surging commodity prices lifted energy and materials stocks. The S&P/TSX Composite advanced slightly to 21,855.70 in Toronto.
Nutrien Ltd. contributed the most to the index gain, increasing 2.5%. Baytex Energy Corp. had the largest percentage increase, rising 8.9%.
Today, 109 of 239 shares rose, while 123 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index was little changed
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 5.3% in the same period
* The S&P/TSX Composite is 1.6% below its 52-week high on April 5, 2022 and 15.2% above its low on April 20, 2021
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.49t
* 30-day price volatility fell to 10.55% compared with 10.73% in the previous session and the average of 12.20% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 20.1333| 0.5| 23/9
* Materials | 16.1868| 0.5| 34/15
* Industrials | 13.8468| 0.6| 14/16
* Financials | 11.9929| 0.2| 13/14
* Communication Services | 8.4015| 0.7| 5/2
* Real Estate | -1.6671| -0.3| 8/15
* Consumer Discretionary | -2.0327| -0.3| 2/12
* Health Care | -2.3134| -1.6| 0/7
* Utilities | -4.5891| -0.4| 7/9
* Consumer Staples | -5.0617| -0.6| 2/9
* Information Technology | -37.2128| -2.7| 1/15
================================================================
| | |Volume VS| YTD |Index Points| | 20D AVG | Change Top Contributors | Move |% Change | (%) | (%)
================================================================
* Nutrien | 12.9600| 2.5| -27.2| 48.7
* Canadian National | 10.0800| 1.5| -38.3| 3.3
* Canadian Pacific | 9.1390| 1.5| -47.6| 5.9
* Barrick Gold | -4.2810| -1.1| -18.6| 32.2
* Constellation | Software | -6.7970| -2.3| -45.3| -7.1
* Shopify | -21.3500| -3.6| -38.2| -58.0
US
By Rita Nazareth
(Bloomberg) — Stocks fell as Treasury yields climbed on speculation the Federal Reserve will boost rates aggressively to contend with decades-high inflation. The expiration of options estimated at over $2 trillion potentially amplified equity- market moves.
Twitter Inc. whipsawed as Elon Musk expressed doubt about whether he’ll succeed with his offer to buy the social-media giant, while citing a “Plan B” if the bid isn’t accepted. The specter of higher borrowing costs sank rate-sensitive technology companies, which led S&P 500 losses. Treasury 10-year yields topped 2.8% and the dollar rose as New York Fed President John Williams said that speeding up the pace of tightening to include hikes in increments of a half-percentage point is a “reasonable option.”
The upward shift in bond yields marked a reversal from the past two days, when traders dialed back expectations of Fed tightening after evidence that inflation was poised to moderate. That support withered in pre-holiday trading amid data showing import prices jumped more than economists anticipated. U.S. central bankers face a delicate balancing act in tightening to curb inflation without killing the economic recovery.
“It’s a tough environment,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “Inflation numbers are going to stay very high and haven’t peaked yet, and we’re also going to start to see a deteriorating outlook for economic growth — not a recession, but significantly slower economic growth than certainly we’d anticipated as the year began.”
U.S. consumer sentiment unexpectedly rose to a three-month high in early April amid optimism about job growth and wage expectations. Separate data showed retail sales picked up in March, helped by a surge in gas station receipts that masked mixed results in other large spending categories. Initial jobless claims rose slightly last week, but remained at a historically low level.
Traders at Wall Street’s biggest investment banks had a better-than-expected quarter as the war in Ukraine compounded volatility already simmering on inflation concerns and a lingering pandemic. But as fears of recession creep in, questions are emerging about future earnings growth. Goldman Sachs Group Inc. and Morgan Stanley posted surprise increases in trading revenue while Citigroup Inc. and JPMorgan Chase & Co. also surpassed analysts’ expectations for first-quarter results.
European Central Bank policy makers are forming a consensus around increasing interest rates in the third quarter to tackle record inflation, according to people familiar with the matter.
The first hike in borrowing costs in more than a decade is expected to be by 25 basis points, the people said, asking not to be identified because the deliberations are private. An ECB spokesperson declined to comment.
Stocks
* The S&P 500 fell 0.8% as of 3:04 p.m. New York time
* The Nasdaq 100 fell 1.9%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.0834
* The British pound fell 0.3% to $1.3080
* The Japanese yen fell 0.3% to 125.97 per dollar
Bonds
* The yield on 10-year Treasuries advanced 13 basis points to 2.83%
* Germany’s 10-year yield advanced eight basis points to 0.84%
* Britain’s 10-year yield advanced nine basis points to 1.89%
Commodities
* West Texas Intermediate crude rose 2.1% to $106.39 a barrel
* Gold futures fell 0.5% to $1,974.10 an ounce
–With assistance from Andreea Papuc, Abigail Moses and Vildana Hajric.

Have a wonderful long weekend.

Be magnificent!

As ever,

Isabel

Do not go where the path may lead, go instead where there is no path and leave a trail.– Ralph Waldo Emerson, 1803 –1882

Assistant to Carolann Steinhoff,

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 April 13, 1970, Apollo 13, four-fifths of the way to the moon, was crippled when a tank containing liquid oxygen burst.
(The astronauts managed to return safely.)  Go to article »

Kurt Cobain’s guitar from ‘Smells Like Teen Spirit’ to be sold at auction.  Smells like money. This iconic piece of Nirvana’s history is expected to fetch up to $800,000.

Toyota finally has an electric vehicle.  It’s a bit strange that America’s best-selling automaker — and pioneer in hybrids with the Prius — waited until now to sell an EV in the US. But a positive milestone, nonetheless! 

Lululemon wants your used workout clothes.  The company is asking for gently used items. Key word: gently.

PHOTOS OF THE DAY

Members of the public enjoy a tea dance at the Royal Albert Hall
CREDIT: Sarah Lee/The Guardian

A rescued pangolin named Stevie looks for food as part as his rehabilitation process in an undisclosed location. Pangolins are believed to be the most trafficked mammals because of their supposed medicinal properties
CREDIT: Guillem Sartorio/AFP/Getty Images

A visitor looks at a street art creation by French artist brothers Ensemble Reel on display during the second edition of the Colors festival
CREDIT: Emmanuel Dunand/AFP/Getty Images

Market Closes for April 13^th, 2022

Market Index	Close	Change
Dow Jones	34564.59	+344.23
		+1.01%
S&P 500	4446.59	+49.14
		+1.12%
NASDAQ	13643.59	+272.02 +2.03%
TSX	21838.02	+122.61
		+0.56%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26843.49	+508.51
		+1.93%
HANG SENG	21374.37	+55.24
		+0.26%
SENSEX	58338.93	-237.44
		-0.41%
FTSE 100*	7580.80	+4.14 +0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.638	2.645
CND. 30 Year Bond	2.610	2.622
U.S.    10 Year Bond	2.6987	2.7213
U.S. 30 Year Bond	2.8109	2.8092

Currencies

BOC Close	Today	Previous
Canadian $	0.7958	0.7909
US $	1.2565	1.2645
Euro Rate 1 Euro=		Inverse
Canadian $	1.3686	0.7306
US $	1.0892	0.9181

Commodities

Gold	Close	Previous
London Gold Fix	1960.85	1951.55
Oil
WTI Crude Future	104.25	100.60

Market Commentary:
On this day in 1945, as the market absorbed the news of President Franklin D. Roosevelt’s death the day before, the Dow Jones Industrial Average rose nearly 1% to close at 159.75.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks rose Wednesday on a broad rally in commodity prices including oil and natural gas as well as base metals like zinc and aluminum. Materials stocks led the S&P/TSX Composite 0.6% higher to close at 21,838.02 in Toronto.
The move was the biggest gain since April 4 and follows the previous session’s decrease of 0.3%.
Teck Resources Ltd. contributed the most to the index gain, increasing 7.1%. Ero Copper Corp. had the largest increase, rising 7.5%.
Today, 181 of 239 shares rose, while 55 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 6.1% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on April 5, 2022 and 15.1% above its low on April 20, 2021
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.47t
* 30-day price volatility rose to 10.73% compared with 10.63% in the previous session and the average of 12.28% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 48.6648| 1.6| 45/7
* Energy | 36.0647| 1.0| 28/6
* Industrials | 24.4557| 1.0| 24/6
* Information Technology | 21.5760| 1.6| 14/2
* Real Estate | 6.0216| 1.0| 22/1
* Consumer Discretionary | 4.9193| 0.7| 10/4
* Health Care | 1.0830| 0.8| 7/1
* Communication Services | 0.1418| 0.0| 6/1
* Utilities | -1.1329| -0.1| 8/8
* Consumer Staples | -4.6472| -0.6| 6/5
* Financials | -14.5410| -0.2| 11/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Teck Resources | 11.6600| 7.1| 21.5| 50.6
* Canadian National | 11.5700| 1.8| -27.9| 1.7
* Shopify | 9.3570| 1.6| -29.7| -56.4
* Bank of Nova Scotia| -4.2230| -0.6| -53.1| -4.8
* Waste Connections | -5.8870| -1.8| 7.2| 1.9
* TD Bank | -9.2830| -0.8| 46.1| -3.2
================================================================
US
By Rita Nazareth
(Bloomberg) — Technology companies led gains in stocks, with bond traders paring aggressive bets on Federal Reserve hikes amid speculation that inflation may be near a peak.
Investors also weighed the start of the earnings season against geopolitical risks.
The S&P 500 halted a three-day drop, while the tech-heavy Nasdaq 100 outperformed. Another decline in Treasury two-year yields — which are more sensitive to imminent monetary-policy decisions — took this
week’s slide to about 16 basis points.
The loonie rose after the Bank of Canada raised its interest rate by half a percentage point in its biggest increase in more than two decades. Oil traded above $100 a barrel.
Bond yields fell even after data showing prices paid to U.S. producers jumped the most on record, topping all estimates.
That stands in contrast with the latest consumer-price report, which showed a softening in the pace of core inflation. For analysts, the big moves across the front-end of the Treasury market reflect easing bets on how far the Fed will tighten policy in the current business cycle.
“U.S. stocks are rebounding as the bond-market selloff appears to be over for now,” said Ed Moya, senior market analyst at Oanda. “Fed rate hike expectations will get tested in the coming months, and many traders are concerned that geopolitical and inflation risks will force them to be less aggressive with monetary tightening later this year.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 2%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.0885
* The British pound rose 0.8% to $1.3111
* The Japanese yen fell 0.2% to 125.66 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.70%
* Germany’s 10-year yield declined two basis points to 0.77%
* Britain’s 10-year yield was little changed at 1.80%
Commodities
* West Texas Intermediate crude rose 3.7% to $104.34 a barrel
* Gold futures rose 0.2% to $1,980.50 an ounce

–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Enjoy the little things in life, for one day you’ll look back and realise they were the big things. -Kurt Vonnegut, 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:
April 12,1981: Nasa launches the first space shuttle.   The space shuttle Columbia blasted off from Cape Canaveral, Fla., on its first test flight.  Go to article »
1961: First man in space, Yuri Gagarin, USSR.

1955: polio vaccine.
Franklin D. Roosevelt, d.1945.
David Letterman, comedian, b. 1947.

Twitter hilariously reacts to police pulling over a driverless car.  What do police do when there’s no one to ticket? Watch this and enjoy.

Neptune just experienced an unexplained temperature shift.  We have a new space mystery on our hands… Astronomers say this is the first time they’ve seen this kind of polar warming on Neptune.

Knives are humanity’s oldest tool, dating back millions of years. A group of scientists in Maryland have produced a version made of hardened wood,  
which they say is sharper than steel. (Source: nytimes.com)

Apple Watch’s hotly anticipated blood pressure feature is delayed.

PHOTOS OF THE DAY

One of a pair of residential towers called Bosco Verticale or Vertical Forest, in the Porta Nuova district. The building was inspired by Italo Calvino’s 1957 novel The Baron in the Trees
CREDIT: Miguel Medina/AFP/Getty Images

Dominique Gonzalez-Foerster’s Alienarium 5 at Serpentine South. It transforms the gallery into an immersive, sensory environment, incorporating visual, sonic, olfactory, tactile and live engagements that help the audience to imagine alternative forms of life and alien encounters
CREDIT:  Guy Bell/Rex/Shutterstock

An aerial view of the Dead Sea 50 km from the Jordanian capital, Amman. The Dead Sea, famous for its mud used for skin treatment, is one of the most visited places in Jordan by tourists
CREDIT: Anadolu Agency/Getty Images

Market Closes for April 12^th, 2022

Market Index	Close	Change
Dow Jones	34220.36	-87.82
		-0.26%
S&P 500	4397.45	-15.08
		-0.34%
NASDAQ	13371.57	-40.39 -0.30%
TSX	21715.41	-75.08
		-0.34%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26334.98	-486.54
		-1.81%
HANG SENG	21319.13	-110.83
		-0.52%
SENSEX	58576.37	-388.20
		-0.66%
FTSE 100*	7576.66	-41.65 -0.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.645	2.693
CND. 30 Year Bond	2.622	2.639
U.S.    10 Year Bond	2.7213	2.7801
U.S. 30 Year Bond	2.8092	2.8084

Currencies

BOC Close	Today	Previous
Canadian $	0.7909	0.7917
US $	1.2645	1.2631
Euro Rate 1 Euro=		Inverse
Canadian $	1.3690	0.7304
US $	1.0827	0.9236

Commodities

Gold	Close	Previous
London Gold Fix	1951.55	1941.40
Oil
WTI Crude Future	100.60	94.29

Market Commentary:
On this day in 1948, the National Labor Relations Board ruled that Inland Steel must include pensions on its agenda during negotiations with the United Steel Workers labor union. Before long, unions across the country were demanding that blue-collar workers be allowed to participate in corporate pension plans, which traditionally had been available only to senior executives.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks slipped in a late-day selloff Tuesday, led by banks and financial stocks ahead of a scheduled Bank of Canada rate decision Wednesday.
The S&P/TSX Composite fell for the second day, dropping 0.3%, or 75.08 to 21,715.41 in Toronto.
The index dropped to the lowest closing level since March 16.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.2%.
Shopify Inc. had the largest percentage drop, falling 4.2%.
Today, 128 of 239 shares fell, while 107 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 5.3% in the same period
* The S&P/TSX Composite is 2.2% below its 52-week high on April 5, 2022 and 14.5% above its low on April 20, 2021
* The S&P/TSX Composite is down 1% in the past 5 days and rose 1.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.48t
* 30-day price volatility fell to 10.63% compared with 11.05% in the previous session and the average of 12.35% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -78.0744| -1.1| 3/25
* Information Technology | -22.9740| -1.6| 5/11
* Industrials | -14.7998| -0.6| 9/21
* Communication Services | -7.9923| -0.7| 1/6
* Consumer Staples | -6.7290| -0.8| 1/10
* Consumer Discretionary | -4.5277| -0.6| 3/11
* Utilities | -2.8160| -0.3| 8/8
* Health Care | -2.1752| -1.5| 1/7
* Real Estate | -2.1426| -0.4| 9/13
* Materials | 18.0600| 0.6| 36/14
* Energy | 49.0904| 1.4| 31/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -26.2200| -2.2| 99.6| -2.5
* Shopify | -25.7000| -4.2| -5.6| -57.1
* Royal Bank of Canada | -10.8400| -0.8| 11.9| 1.6
* Cenovus Energy | 6.5870| 3.7| 5.2| 39.2
* Suncor Energy | 8.5250| 2.1| -24.7| 30.7
* Canadian Natural Resources | 21.1900| 3.4| -43.2| 52.5
US
By Rita Nazareth
(Bloomberg) — Stocks closed down as a surge in oil above $100 a barrel reignited inflation worries, while big banks dropped ahead of the start of the financial earnings season on Wednesday.
The S&P 500 erased gains that were earlier driven by speculation that price pressures could be near a peak.
JPMorgan Chase & Co. will be the first among the top six banks to report results, with Wall Street focused on how volatility triggered by the war in Ukraine affected investment-banking and trading operations. Treasury 10-year yields slumped after touching the highest since December 2018. Oil topped $100 a barrel.
The jump in crude alongside other commodities has fanned inflation fears, which could put pressure on the Federal Reserve to raise interest rates more aggressively.
Gasoline costs drove half of the monthly increase in the U.S. consumer-price index in March.
Still, core inflation increased less than forecast, due in large part to the biggest drop in used-vehicle prices since 1969 and a deceleration in price growth in other merchandise categories.
Comments:
* “The persistent inflationary pressures may continue to weigh on investor sentiment,” said John Lynch, chief investment officer at Comerica Wealth Management. “First-quarter earnings calls will be important to get an understanding of input costs, pricing power and margin pressures.”
* “Inflation is noise for the long-term stock investor,” said Sylvia Jablonski, chief investment officer for Defiance ETFs.  “If you’re a short-term trader, sort of proceed with caution because you do have these short-term volatile price-action swings. I am most interested in seeing what earnings will look like.”
* “While today’s inflation print hit a four-decade high, there was a sigh of relief as some components of core inflation weakened,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. “Regarding peak inflation, we have been at this juncture before where subtle shifts within the data make it appear that the level of inflation has reached its peak for the cycle only to keep marching higher.”
On the geopolitical front, Russian President Vladimir Putin said peace talks with Ukraine are stalled and vowed to continue his “military operation” there even as he called the conflict “a tragedy.”
Meantime, Ukrainian President Volodymyr Zelenskiy again called for further European Union sanctions on Russia to include oil as well as all banks.
Events to watch this week:
* Bank of Canada rate decision, Wednesday
* EIA crude oil inventory report, Wednesday
* Reserve Bank of New Zealand rate decision, Wednesday
* China trade, medium-term lending facilities, Wednesday
* ECB rate decision, Thursday
* Bank of Korea policy decision, Thursday
* U.S. retail sales, initial jobless claims, business inventories, University of Michigan consumer sentiment, Thursday
* Cleveland Fed President Loretta Mester, Philadelphia Fed President Patrick Harker due to speak Thursday
* U.S. stock and bond markets are among those closed for Good 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 0.4%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.5% to $1.0830
* The British pound fell 0.2% to $1.3002
* The Japanese yen was little changed at 125.33 per dollar
Bonds
* The yield on 10-year Treasuries declined six basis points toV2.73%
* Germany’s 10-year yield declined three basis points to 0.79%
* Britain’s 10-year yield declined four basis points to 1.80%
Commodities
* West Texas Intermediate crude rose 6.7% to $100.61 a barrel
* Gold futures rose 1.2% to $1,971.80 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Isabelle Lee and Vildana Hajric.
Have a  lovely evening.

Be magnificent!
As ever,

Carolann

Forgive, son; men are men, they must err. –Euripides, c. 484 BCE-406 BCE.

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

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

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

Dear Friends,

Tangents:
April 11, 2013: An international team of paleontologists unearths the earliest collection of fossilized dinosaur embryos to date, and discovers organic material inside the embryonic bones in China.

April 11, 1814: Napoleon Bonaparte abdicated as emperor of France and was banished to the island of Elba. Go to article »

Traveler told TSA he had ‘no idea’ a sword was hidden in his cane.  A clever design nonetheless… but definitely not making it through security. 

The search for the 2022 Gerber Baby is on.  Do you have an irresistibly cute baby? Enter the competition to see if your little one has what takes to become Gerber’s next “Chief Growing Officer.” 

Adorable baby pademelon born at Chester Zoo.  What’s a pademelon, you ask? Picture a kangaroo, but mini! 

Magic mushrooms improve brain connections to ease depression.

PHOTOS OF THE DAY

A golden-crowned sparrow perches on a branch of a crabapple tree
CREDIT: Robin Loznak/Zuma Press Wire/Rex/Shutterstock

A mural in a village north of Kyiv
CREDIT:  Anadolu Agency/Getty Images

Flamingos fly over Sel Kapanı Dam Lake, south of the capital
CREDIT: Anadolu Agency/Getty Images

Market Closes for April 11^th, 2022

Market Index	Close	Change
Dow Jones	34308.08	-413.04
		-1.19%
S&P 500	4412.53	-75.75
		-1.69%
NASDAQ	13411.96	-299.04 -2.18%
TSX	21790.49	-83.86
		-0.38%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26821.52	-164.28
		-0.61%
HANG SENG	21208.30	-663.71
		-3.03%
SENSEX	58964.57	-482.61
		-0.81%
FTSE 100*	7618.31	-51.25 -0.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.693	2.637
CND. 30 Year Bond	2.639	2.577
U.S.    10 Year Bond	2.7801	2.7000
U.S. 30 Year Bond	2.8084	2.7165

Currencies

BOC Close	Today	Previous
Canadian $	0.7917	0.7956
US $	1.2631	1.2569
Euro Rate 1 Euro=		Inverse
Canadian $	1.3747	0.7274
US $	1.0884	0.9188

Commodities

Gold	Close	Previous
London Gold Fix	1941.40	1932.40
Oil
WTI Crude Future	94.29	98.26

Market Commentary:
On this day in 1792, in the wake of the nation’s first stock market crash a month earlier, the New York State legislature enacted a law banning public stock auctions, the Act to Prevent the Pernicious Practice of Stock-Jobbing and for Regulating Sales at Public Auction. The new law notwithstanding, stock trading continued.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 21,790.49 in Toronto. The move follows the previous session’s increase of 0.2%.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 2.3%.
MTY Food Group Inc. had the largest drop, falling 6.7%.
Today, 144 of 239 shares fell, while 88 rose; 8 of 11 sectors were lower, led by energy stocks.
Insights
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 5.7% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on April 5, 2022 and 14.9% above its low on April 20, 2021
* The S&P/TSX Composite is down 1.3% in the past 5 days and rose 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.5t
* 30-day price volatility fell to 11.05% compared with 11.15% in the previous session and the average of 12.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -60.4759| -1.6| 6/27
* Financials | -18.7174| -0.3| 6/21
* Utilities | -6.5752| -0.6| 7/9
* Real Estate | -6.5578| -1.1| 2/20
* Communication Services | -4.6976| -0.4| 2/5
* Industrials | -1.8390| -0.1| 13/15
* Health Care | -0.6415| -0.4| 4/4
* Consumer Discretionary | -0.4530| -0.1| 4/10
* Consumer Staples | 1.5128| 0.2| 6/5
* Materials | 5.7854| 0.2| 34/16
* Information Technology | 8.8010| 0.6| 4/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset Management | -16.1600| -2.3| -46.6| -9.7
* Canadian Natural Resources | -15.5700| -2.4| 17.4| 47.5
* Cenovus Energy | -11.1800| -5.8| -9.5| 34.3
* Royal Bank of Canada | 8.7930| 0.7| -2.1| 2.5
* Nutrien | 10.8400| 2.2| -36.4| 43.2
* Shopify | 17.2700| 2.9| -14.7| -55.2

US
By Abigail Moses and Vildana Hajric
(Bloomberg) — Stocks and bonds retreated Monday as investors focused on inflation and the impact of policy tightening by central banks.
All major groups in the S&P 500 fell, while the tech-heavy Nasdaq 100 lost more than 2%.
Ten-year Treasury yields climbed through 2.75% for the first time since March 2019 after the Federal Reserve last week signaled sharp rate hikes and balance-sheet reduction to curb price pressures.
Oil sank as China’s largest coronavirus outbreak in two years heightens concerns about demand.
Bitcoin traded near $40,000.
Market sentiment continues to be shaped by a hawkish Fed, commodity disruptions caused by Russia’s invasion of Ukraine and the prospect of an economic slowdown.
China’s Covid-19 outbreak continues to spread despite an extended lockdown of Shanghai’s 25 million people, with the restrictions straining global supply chains.
Investors are awaiting earnings reports this month to restore confidence in the outlook for equities.
“Inflation, monetary policy jitters, Shanghai shutdown, and Russian invasion of Ukraine hold markets hostage,” wrote John Stoltzfus, chief investment strategist at Oppenheimer. “Markets remain prone to rotation and rebalancing for now as multiplicities of uncertain outcomes cause volatility and no shortage of pondering and projection.”
Charles Evans, the Fed Bank of Chicago president who has long been one of the more dovish U.S. policy makers, said an accelerated pace of rate hikes to combat inflation is worth debating.
The central bank is doing all it can to avoid “collateral damage” from raising interest rates, a “brute-force tool” that can act as a “hammer” on the economy, Governor Christopher Waller said.
The credit derivatives market ruled Russian Railways JSC to be in default after missing an interest payment last month.
Russia said it would halt bond sales for the rest of the year and take legal action if sanctions force it into a sovereign default.
Events to watch this week:
* Earnings season kicks off, including reports from Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Taiwan Semiconductor Manufacturing, Wells Fargo
* U.S. CPI, Tuesday
* OPEC monthly oil market report, Tuesday
* Fed Governor Lael Brainard, Richmond Fed President Thomas Barkin due to speak, Tuesday
* Bank of Canada rate decision, Wednesday
* EIA crude oil inventory report, Wednesday
* Reserve Bank of New Zealand rate decision, Wednesday
* China trade, medium-term lending facilities, Wednesday
* ECB rate decision, Thursday
* Bank of Korea policy decision, Thursday
* U.S. retail sales, initial jobless claims, business inventories, University of Michigan consumer sentiment, Thursday
* Cleveland Fed President Loretta Mester, Philadelphia Fed President Patrick Harker due to speak Thursday
* U.S. stock and bond markets are among those closed for Good Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.4%
* The Dow Jones Industrial Average fell 1.2%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0884
* The British pound was little changed at $1.3023
* The Japanese yen fell 0.9% to 125.41 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 2.77%
* Germany’s 10-year yield advanced 11 basis points to 0.82%
* Britain’s 10-year yield advanced 10 basis points to 1.85%
Commodities
* West Texas Intermediate crude fell 3.4% to $94.92 a barrel
* Gold futures rose 0.6% to $1,957.70 an ounce
–With assistance from Andreea Papuc, Jennifer Bissell-Linsk and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

My master is the hard fact, how things are. –Napoleon Bonaparte, 1769-1821.

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.
Buddha’s Birthday; Siddhartha “the enlightened one.”

Pink Floyd to release first new music in 28 years in support of Ukraine.  The legendary rock band is set to drop its first new music since 1994 today!
 
Google now lets you search by combining images and words.  Some things are just too difficult to describe! Thanks for the assist, Google.

Why is everybody acting so weird?

An immaculately preserved dinosaur leg uncovered in North Dakota may be a relic from the day a massive asteroid slammed into Earth, bringing the age of the nonavian dinosaurs to an end, scientists claim. That said, not all experts are convinced that the dino actually died on that fateful day 66 million years ago — or at least, they’re withholding judgment until more data is available for review.   “We need the whole story,” Kirk Johnson, the Sant Director of the Smithsonian National Museum of Natural History in Washington, D.C., told Live Science.  Full Story: Live Science (4/7) 
Astronomers just discovered the farthest object in the known universe — but what is it?   A possible galaxy that exists some 13.5 billion light-years from Earth has broken the record for farthest astronomical object ever seen.  That age places this collection of stars, now dubbed HD1, between a time of total darkness — about 14 billion years ago the universe was a blank slate devoid of any stars or galaxies — and one of just-burgeoning lights as clumps of dust and gas were growing into their cosmic destinies.   Full Story: Live Science (4/7) 

PHOTOS OF THE DAY

Rows of tulips and hyacinths in fields at Lissee in the ‘Bollenstreek’ (Dutch flower region)
CREDIT:  Jeffrey Groeneweg/ANP/AFP/Getty Images

A giant cowboy hat on display outside the Tesla Giga Texas manufacturing facility during the ‘Cyber Rodeo’ grand opening party
CREDIT: Suzanne Cordeiro/AFP/Getty Images

A leopard walks along a road in Skukuza, Kruger national park, South Africa
CREDIT: Michele Spatari/AFP/Getty Images

Market Closes for April 8^th, 2022

Market Index	Close	Change
Dow Jones	34721.12	+137.55
		+0.40%
S&P 500	4488.28	-11.93
		-0.27%
NASDAQ	13711.00	-186.30 -1.34%
TSX	21874.35	+39.46
		+0.18%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26985.80	+97.23
		+0.36%
HANG SENG	21872.01	+63.03
		+0.29%
SENSEX	59447.18	+412.23
		+0.70%
FTSE 100*	7669.56	+117.75 +1.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.637	2.578
CND. 30 Year Bond	2.577	2.515
U.S.    10 Year Bond	2.7000	2.6578
U.S. 30 Year Bond	2.7165	2.6790

Currencies

BOC Close	Today	Previous
Canadian $	0.7956	0.7942
US $	1.2569	1.2591
Euro Rate 1 Euro=		Inverse
Canadian $	1.3657	0.7317
US $	1.0874	0.9198

Commodities

Gold	Close	Previous
London Gold Fix	1932.40	1930.15
Oil
WTI Crude Future	98.26	96.03

Market Commentary:
On this day in 1935, the U.S. Congress enacted legislation creating the Works Progress Administration, later known as the Works Project Administration, or WPA, which ended up employing more than 8 million people during the Great Depression.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rose for the second day as energy and materials stocks gained and companies in the financials sector snapped a three-day losing streak.
The S&P/TSX Composite climbed 0.2%, or 39.46 to 21,874.35 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.8%.
MTY Food Group Inc. had the largest increase, rising 8.3%.
Today, 153 of 239 shares rose, while 82 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index fell 0.4%, heading for the biggest decline since the week ended Feb. 18
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.1% in the same period
* The S&P/TSX Composite is 1.5% below its 52-week high on April 5, 2022 and 15.3% above its low on April 20, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.49t
* 30-day price volatility little changed to 11.15% compared with 11.15% in the previous session and the average of 12.62% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 48.6338| 1.3| 27/6
* Materials | 46.0905| 1.6| 45/7
* Financials | 31.9371| 0.5| 24/4
* Communication Services | 4.5995| 0.4| 5/1
* Real Estate | 3.8999| 0.6| 19/4
* Health Care | 0.0007| 0.0| 3/5
* Consumer Staples | -0.3658| 0.0| 6/5
* Utilities | -0.9736| -0.1| 9/6
* Consumer Discretionary | -5.9543| -0.8| 4/10
* Industrials | -30.9184| -1.2| 7/22
* Information Technology | -57.4788| -4.0| 4/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | 11.7200| 1.8| -53.9| 51.2
* Royal Bank of Canada | 10.6500| 0.8| -35.0| 1.8
* Cenovus Energy | 8.6670| 4.7| -20.6| 42.6
* Canadian Pacific | -10.8600| -1.8| -19.5| 3.7
* Canadian National | -14.3900| -2.2| -28.3| 0.6
* Shopify | -41.6400| -6.6| -17.5| -56.5
US
By Isabelle Lee
(Bloomberg) — Markets ended the week on a negative note as U.S. equities faded in the final minutes of trading and Treasuries fell on Friday following declines sparked by the Federal Reserve’s plan for aggressive monetary-policy tightening.
The S&P 500 slid, bringing its weekly decline to 1.3%, while the tech-heavy Nasdaq 100 also fell, adding to its worst weekly performance since mid-March.
Meanwhile, Treasury losses deepened with investors closely watching for a reversal in curve steepening seen in the wake of Wednesday’s Fed minutes, which outlined plans to reduce the balance sheet alongside interest-rate hikes.
“The Fed aims to tamp down inflation without igniting a recession; investors are skeptical, but we expect inflation will moderate later this year, bringing the doves back,” Ed Yardeni, president of Yardeni Research, said in a note.
The U.S. dollar narrowly strengthen against peers for a seventh day, hovering near its highest level since July 2020.
Oil was also higher after three days of losses stoked by plans to release millions of barrels of crude from strategic reserves and China’s demand-sapping virus outbreak.
The Stoxx Europe 600 index climbed 1.3% as investors took advantage of beaten-down stock valuations.
Banks outperformed, with Banco BPM SpA surging after Credit Agricole SA bought ac 9.2% stake in the Italian lender.
Global equities are nursing losses for the week as markets grapple with the Fed’s campaign against elevated price pressures, Russia’s grinding war in Ukraine and China’s Covid travails.
The lockdown in Shanghai — which recorded more than 21,000 new daily virus cases — has become one of President Xi Jinping’s biggest challenges.
Expectations are growing that China will take steps to support its economy.
“The outlook is bleaker and bleaker as investors and economists continue to ratchet down their growth expectations,” Bryce Doty, senior portfolio manager at Sit Investment Associates, said by phone. “The headwinds continued to build. So there’s this nervousness that is also building. It’s like reading the weather report — reading that there’s a pending storm even though it’s bright and sunny today.”
Yield Curve
The steepening in the Treasury yield curve contrasts with the flattening and inversions that have vexed markets this year.
The two-year rate topped the 10-year last week for the first time since 2019, a possible warning of recession.
“We’re seeing a tactical re-steepening right now but the curve is going to continue to flatten,” Kelsey Berro, fixed income portfolio manager at JPMorgan Asset Management, said on Bloomberg Television. “That’s because the Fed has told us, we’d like to get to neutral expeditiously. On top of that, they may need to tighten beyond neutral. Front-end yields can still go higher.”
Meanwhile, U.S. officials warned the war in Ukraine may last for weeks or even years. European Union countries agreed to ban coal imports from Russia, the first time the bloc’s sanctions have targeted Moscow’s crucial energy revenues.
Global food prices are surging at the fastest pace ever as the war in Ukraine chokes crop supplies, piling more inflationary pain on consumers and worsening a global hunger crisis.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4:05 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0877
* The British pound fell 0.3% to $1.3034
* The Japanese yen fell 0.3% to 124.34 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 2.70%
* Germany’s 10-year yield advanced three basis points to 0.71%
* Britain’s 10-year yield advanced two basis points to 1.75%
Commodities
* West Texas Intermediate crude rose 1.9% to $97.85 a barrel
* Gold futures rose 0.5% to $1,948.40 an ounce
–With assistance from Robert Brand, Farah Elbahrawy and Sunil Jagtiani.
Have a lovely weekend everyone.

Be magnificent!
As ever,

Carolann
Opinions alter, manners change, creeds rise and fall, but the moral laws are written on the table of eternity. -Lord Acton, 1834-1902.

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.  World Health Day.
April 7, 1948: WHO founded by the United Nations.

April 7, 1947 Auto pioneer Henry Ford died at age 83. Go to article »

Billy Holiday, singer, b. 1915.
William Wordsworth, poet, b. 1770.

Scientists watch a failed star turn into a planet.

Asteroid the size of a house flies by Earth.  Have no fear, NASA is here. The agency said it is standing by and ready to deflect all objects that pose a threat to our planet.

The world’s skinniest skyscraper is ready for its first residents.  The building is skinny, but the prices are not. A studio apartment goes for $7.75 million and the penthouse is $66 million.

PHOTOS OF THE DAY

A gull flies as waves crash against a lighthouse during Storm Diego
CREDIT: Stéphane Mahé/Reuters

A child plays in an onion field
CREDIT: Anadolu Agency/Getty Images

Alvin Ailey American Dance Theater performs at the Dorothy Chandler Pavilion, Los Angeles
CREDIT: Earl Gibson III/Rex/Shutterstock

Market Closes for April 7^th, 2022

Market Index	Close	Change
Dow Jones	34583.57	+87.06
		+0.25%
S&P 500	4500.21	+19.06
		+0.43%
NASDAQ	13897.30	+8.48 +0.06%
TSX	21834.89	+46.29
		+0.21%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26888.57	-461.73
		-1.69%
HANG SENG	21808.98	-271.54
		-1.23%
SENSEX	59034.95	-575.46
		-0.97%
FTSE 100*	7551.81	-35.89 -0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.578	2.515
CND. 30 Year Bond	2.515	2.432
U.S.    10 Year Bond	2.6578	2.5938
U.S. 30 Year Bond	2.6790	2.6236

Currencies

BOC Close	Today	Previous
Canadian $	0.7942	0.7974
US $	1.2591	1.2540
Euro Rate 1 Euro=		Inverse
Canadian $	1.3701	0.7299
US $	1.0881	0.9191

Commodities

Gold	Close	Previous
London Gold Fix	1930.15	1944.05
Oil
WTI Crude Future	96.03	96.23

Market Commentary:
On this day in 1775, Francis Cabot Lowell, one of the founding fathers of the American industrial revolution, was born in Newburyport, Mass. In 1814, in Waltham, Mass., Lowell built the first textile mill that could turn raw cotton into finished cloth.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks edged higher, erasing earlier losses as investors weighed the impact of the looming Canadian federal budget release.
The S&P/TSX Composite rose 0.2% at 21,834.89 in Toronto.
The move follows the previous session’s decrease of 0.6%.
Nutrien Ltd. contributed the most to the index gain, increasing 3.6%.
NexGen Energy Ltd. had the largest increase, rising 11.4%.
Today, 167 of 239 shares rose, while 68 fell; 8 of 11 sectors were higher, led by materials and energy stocks.
Insights
* So far this week, the index fell 0.5%, heading for the biggest decline since the week ended Feb. 18
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 9% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on April 5, 2022 and 15.1% above its low on April 20, 2021
* The S&P/TSX Composite is down 0.3% in the past 5 days and rose 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.48t
* 30-day price volatility fell to 11.15% compared with 12.05% in the previous session and the average of 12.69% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 52.2281| 1.8| 47/5
* Energy | 46.7661| 1.3| 30/4
* Communication Services | 12.4480| 1.1| 6/1
* Consumer Staples | 10.0312| 1.2| 10/1
* Industrials | 6.4800| 0.3| 14/15
* Utilities | 5.8311| 0.6| 14/2
* Consumer Discretionary | 4.8430| 0.7| 12/2
* Real Estate | 3.5228| 0.6| 17/6
* Health Care | -3.7997| -2.6| 1/6
* Information Technology | -11.4086| -0.8| 7/8
* Financials | -80.6647| -1.2| 9/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Nutrien | 17.2100| 3.6| -47.0| 38.1
* Canadian Natural Resources | 10.7500| 1.7| -49.4| 48.4
* Cameco | 8.5700| 8.8| 7.0| 39.7
* Brookfield Asset Management | -10.0400| -1.4| -40.3| -7.2
* Bank of Montreal | -10.8600| -1.6| -3.7| 5.7
* Royal Bank of Canada | -15.4400| -1.2| 32.4| 1.0

US
By Isabelle Lee and Emily Graffeo
(Bloomberg) — Markets stabilized on Thursday as traders weighed comments from Federal Reserve officials following minutes from the central bank’s latest meeting, which provided more clarity on the bank’s campaign to quell rampant inflation.
U.S. equities rebounded from a decline while the U.S.
Treasury curve steepened with 10- and 30-year yields rising to the highest level since 2019.
St. Louis Fed President James Bullard said early in the session he prefers rising rates to 3% to 3.25% in the second half of 2022, while Chicago Fed President Charles Evans and his Atlanta counterpart Raphael Bostic said they favor raising rates to neutral while still monitoring how the economy performs as they proceed.
“The soft landing that the Fed so desires is easier said than done, especially in an environment when inflation is so high and energy prices are through the roof,” Craig Erlam, senior market analyst at Oanda, wrote in a note. “And when you consider the kind of tightening that’s being proposed, the economy is going to have to display incredible resilience to weather the storm.”
The dollar strengthen against major peers.
Data Thursday showed applications for U.S. state unemployment insurance fell last week by more than forecast, backing the Fed’s contention that the economy is strong enough to withstand rate increases. Meanwhile, crude oil fluctuated as the International Energy Agency announced they would be adding 240 million barrels of oil to the global supply given Russia’s war in Ukraine.
Coal stocks gained as the European Union agreed to ban coal imports from Moscow.
The Fed minutes Wednesday showed officials were focused on tamping down inflation and outlined plans to pare its balance sheet by more than $1 trillion a year.
Though hawkish, the minutes provided some clarity for investors who were concerned that a too-steep tightening path could stall economic growth.
“With a clear vision of the cadence and tempo of both rate hikes and balance sheets reduction, the market’s reaction function to hawkish commentary should be far less volatile,” wrote Art Hogan, chief market strategist at National Securities.

The Europe Stoxx 600 declined while shares of Atlantia SpA, the billionaire Benettons’ highway and airport group, held on to gains after a non-binding bid from Global Infrastructure Partners and Brookfield Asset Management Inc.
The European energy sector ended in the red as Shell Plc’s hit from its withdrawal from Russia weighed on oil producers.
On the war front, President Vladimir Putin’s army is expected to regroup for a showdown in Ukraine’s east after failing to seize the capital Kyiv with a lighting war.

Key events to watch this week:
* Reserve Bank of India rate decision Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.0873
* The British pound was little changed at $1.3073
* The Japanese yen fell 0.1% to 123.95 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 2.64%
* Germany’s 10-year yield advanced three basis points to 0.68%
* Britain’s 10-year yield advanced three basis points to 1.73%
Commodities
* West Texas Intermediate crude rose 0.7% to $96.93 a barrel
* Gold futures rose 0.6% to $1,935.50 an ounce
–With assistance from Lynn Thomasson, Robert Brand and Sunil Jagtiani.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

There is genius in persistence.  It conquers all opposers.  It gives confidence.  It annihilates obstacles.  
Everyone believes in a determined man.  People know that when he undertakes a thing, the battle is half won,
for his rule is to accomplish whatever he sets out to do. -Orison Swett Marden, 1848-1924.

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:

The Poem:

          APRIL

Now out of this vast silence
the cherry trees scraping their gnarled limbs
on the sky, and the wind hurls down
a flurry of petals, a snowstorm really,
a thousand prints on the wet pavement,
each one a pair of white shutters, opening.
Numinous, the souls of the dead, and now you,
. . . among them—an intake of breath.
How little it seems to me now,
we knew each other.
But still, it is so beautiful, the place where you were—
a table, two chairs, a tree growing up
right through the floor, and outside,
a flicker of swallows in the hedgerows,
the tulips’ purple chevrons a row of arrowheads.
. . . It is wherever you
want to be, although by now you are
beyond wanting. Or at least that’s
what they say of the dead.
The place where you were holds the light
the way the leaves do after dusk
when small animals conduct
their assignations—the shrew, the mouse, the mole
running their études in the mossy shadows.
. . . You were always so
afraid of falling short. If only you hadn’t
done such a good job of dying.
      But it is so
beautiful where you were, above
the garden, where it is snowing, this morning in April,
on the bleached white pansies,
the downed cherry blossoms
. . . .
where you so often sat,
talking and talking.
                                                    -Cynthia Zarin
PHOTOS OF THE DAY

Principal dancer Jerome Anthony Barnes and soloist Claire Souet during a photocall ahead of Scottish Ballet’s world premiere of The Scandal at Mayerling, in the City Chambers
CREDIT:  Jane Barlow/PA

People unroll a giant installation by the French street artist JR showing a picture of a Ukrainian refugee, Valeriia, who has become a symbol of resilience during the war, in front of Paris city hall
CREDIT: Chesnot/Getty Images

A 12ft art installation, Standing With Giants, has been unveiled in Broad Street to pay homage to the people of Ukraine
CREDIT: Geoffrey Swaine/Rex/Shutterstock

Market Closes for April 6^th, 2022

Market Index	Close	Change
Dow Jones	34496.51	-144.67
		-0.42%
S&P 500	4481.15	-43.97
		-0.97%
NASDAQ	13888.82	-315.35 -2.22%
TSX	21788.60	-142.23
		-0.65%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27350.30	-437.68
		-1.58%
HANG SENG	22080.55	-421.79
		-1.87%
SENSEX	59610.41	-566.09
		-0.94%
FTSE 100*	7587.70	-26.02 -0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.515	2.516
CND. 30 Year Bond	2.432	2.444
U.S.    10 Year Bond	2.5938	2.5469
U.S. 30 Year Bond	2.6236	2.5729

Currencies

BOC Close	Today	Previous
Canadian $	0.7974	0.8090
US $	1.2540	1.2486
Euro Rate 1 Euro=		Inverse
Canadian $	1.3661	0.7320
US $	1.0893	0.9180

Commodities

Gold	Close	Previous
London Gold Fix	1944.05	1930.30
Oil
WTI Crude Future	96.23	101.96

MARKET COMMENTARY:
On this day in 1988, the S&P 500 was overhauled. Instead of being made up of 400 industrial stocks, 40 utilities, 40 financial stocks and 20 transportation issues, its industry weights began to float freely, so that stocks from all sectors were represented by market value.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped to their lowest level in three weeks as technology and real estate stocks led losses after the U.S. Federal Reserve’s March meeting minutes signaled aggressive rate hikes.
The S&P/TSX Composite fell for the second day, dropping 0.7%, or 142.23 to 21,788.60 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 6.4%. Goeasy Ltd. had the largest drop, falling 8.8%.
Today, 161 of 239 shares fell, while 74 rose; 7 of 11 sectors were lower.
Insights
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.7% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on April 5, 2022 and 14.9% above its low on April 20, 2021
* The S&P/TSX Composite is down 1.3% in the past 5 days and rose 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.5t
* 30-day price volatility rose to 12.05% compared with 11.79% in the previous session and the average of 12.76% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -68.2578| -1.0| 3/25
* Information Technology | -61.5316| -4.1| 0/16
* Industrials | -19.7923| -0.8| 3/27
* Energy | -9.3037| -0.3| 10/22
* Real Estate | -8.7302| -1.4| 3/20
* Consumer Discretionary | -2.6153| -0.4| 4/10
* Health Care | -0.1624| -0.1| 3/5
* Consumer Staples | 0.3705| 0.0| 6/5
* Materials | 2.2049| 0.1| 22/28
* Communication Services | 11.0637| 1.0| 5/2
* Utilities | 14.5311| 1.4| 15/1
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -43.9300| -6.4| 1.3| -52.8
* TD Bank | -13.1700| -1.1| 24.8| 2.2
* Bank of Nova Scotia | -10.1800| -1.4| -15.2| -1.7
* BCE | 4.8750| 1.1| -17.0| 9.6
* Franco-Nevada | 5.9720| 2.3| -40.0| 17.3
* TC Energy | 9.0360| 1.9| -70.8| 25.2

US
By Jennifer Bissell-Linsk and Isabelle Lee
(Bloomberg) — Stocks and long-dated Treasuries maintained losses after minutes from the latest Federal Reserve meeting showed officials were laser focused on tamping down inflation.
The S&P 500 ended trading 1% lower while the tech-heavy Nasdaq 100 shed 2.2% as the minutes signaled the U.S. central bank is prepared to raise rates sharply and reduce its balance sheet to cool the economy.
The commentary was largely in line with what Fed officials have said in recent days, showing a willingness to raise rates 50 basis points at the May meeting and start winding down the balance sheet quickly. The 10-year Treasury yield rose to 2.59% while the two-year rate dipped to 2.49%.
Ahead of the minutes, traders had bet the Fed would implement 225 basis points of rate hikes by the end of the year, adding to the 25 basis points already delivered in March.
The central bank hasn’t tightened that much in one year since 1994, a famously brutal year for bond investors that even included a 75 basis-point hike.
“Another very hawkish readout indicates the Fed is willing to walk the walk,” Sean Bandazian, senior investment analyst for Cornerstone Wealth, said. “Aside from the pace of the balance sheet roll off, most telling from the minutes was the preparedness to hike 50 basis points last month. If not for the crisis in Eastern Europe we could have been staring down at least three meetings in a row with 50 basis point hikes, which the market was not expecting. Clearly they’re sending all the smoke signals of the most aggressive tightening cycle in a generation.”
Shares of consumer discretionary and technology stocks led equity losses, with traders flocking to traditionally defensive companies like utilities, real estate and consumer staples.
The dollar strengthened against peers, and crude oil continued a slide in New York.
“The Fed is going to be very aggressive going forward even if it has a negative impact on economic growth and the stock market,” Matt Maley, chief market strategist at Miller Tabak + Co., wrote in a note. “If the Fed does indeed feel the need to change course before they hike rates that many times, the stock market will be a lot lower and so will the bond market. Put another way, by the time the Fed reacts, the markets will have  already felt a lot of pain.”
Russia’s growing isolation over the war in Ukraine only adds to concerns as disrupted commodity flows could pressure price increases further.
Fresh sanctions on Moscow are expected.
Earlier, Russia’s finance ministry also said a Eurobond payment was sent in rubles after foreign banks declined to process coupon payments, raising the specter of a technical default.
“There’s clearly some negative momentum in markets. They’re very nervous; volatility is high. Markets probably have an inclination to sell off further, but you have to look at what’s already priced in and how much things have moved and start thinking that, at some stage, there’s going to be the tactical opportunity to actually dip a toe into this market,” April LaRusse, head of investment specialists
at Insight Investment, said by phone..

Key events to watch this week:
* St. Louis Fed’s James Bullard, Atlanta Fed’s Raphael Bostic, Chicago Fed’s Charles Evans speak at separate events Thursday
* Reserve Bank of India rate decision Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.0899
* The British pound was little changed at $1.3075
* The Japanese yen fell 0.2% to 123.79 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.60%
* Germany’s 10-year yield advanced three basis points to 0.65%
* Britain’s 10-year yield advanced five basis points to 1.70%
Commodities
* West Texas Intermediate crude fell 4.9% to $96.98 a barrel
* Gold futures were little changed
–With assistance from Robert Brand, Sunil Jagtiani, Garfield Reynolds and Benjamin Purvis.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

He who awaits much can expect little. –Gabriel Garcia Marquez, 1927-2014.

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

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

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

Dear Friends,

Tangents: Tomb sweeping Day, Taiwan.

April 5, 1984: Kareem Abdul-Jabbar became the highest-scoring player in NBA history with 31,421 career points. (He still holds the career record with 38,387 points.)  Go to article »

1994: American grunge rocker Kurt Cobain, leader of the band Nirvana, dies by suicide at the age of 27.

PHOTOS O F THE DAY

An Indigenous woman from the Kayapo tribe surveys the Terra Livre protest camp, which aims to defend Indigenous land and cultural rights threatened by the rightwing government of Brazil’s president, Jair Bolsonaro
CREDIT: Adriano Machado/Reuters

Girls in Han costumes pose for a photo with blooming cherry blossoms at Yuyuantan Park during the Qingming festival holiday
CREDIT: VCG/Getty Images

To mark Sir Paul McCartney’s 80th birthday in June, the National Trust is launching the Forthlin Sessions at his childhood home on Forthlin Road in Allerton, Liverpool, giving unsigned artists the chance to visit, write and play music in the terrace house
CREDIT: Annapurna Mellor/PA

Market Closes for April 5^th, 2022

Market Index	Close	Change
Dow Jones	34641.18	-280.70
		-0.80%
S&P 500	4525.12	-57.52
		-1.26%
NASDAQ	14204.17	-328.38 -2.26%
TSX	21930.83	-154.78
		-0.70%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27787.98	+51.51
		+0.19%
HANG SENG	22502.31	+462.76
		+2.10%
SENSEX	60176.50	-435.24
		-0.72%
FTSE 100*	7613.72	+54.80 +0.73%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.516	2.440
CND. 30 Year Bond	2.444	2.378
U.S.    10 Year Bond	2.5469	2.3970
U.S. 30 Year Bond	2.5729	2.4583

Currencies

BOC Close	Today	Previous
Canadian $	0.8090	0.7987
US $	1.2486	1.2520
Euro Rate 1 Euro=		Inverse
Canadian $	1.3618	0.7343
US $	1.0907	0.9169

Commodities

Gold	Close	Previous
London Gold Fix	1930.30	1929.40
Oil
WTI Crude Future	101.96	103.28

Market Commentary:
On this day in 1990, the estimated cost of bailing out failed savings & loan companies—pegged just one year earlier at $158 billion—was revised by government forecasters to a minimum of $285 billion to $350 billion. “We all erred dramatically on the side of underestimating the problem,” said U.S. Senator Jake Garn (R., Utah). 
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities snapped two days of gains as materials and cannabis stocks led losses.
The S&P/TSX Composite fell 0.7% at 21,930.83 in Toronto.
The move follows the previous session’s increase of 0.6%.
Shopify Inc. contributed the most to the index decline, decreasing 3.2%. Lithium Americas Corp. had the largest drop, falling 11%.
Today, 178 of 239 shares fell, while 58 rose; 8 of 11 sectors were lower.
Insights
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 9.9% in the same period
* The S&P/TSX Composite is 1.3% below its 52-week high on April 5, 2022 and 15.6% above its low on April 20, 2021
* The S&P/TSX Composite is down 0.7% in the past 5 days and rose 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.53t
* 30-day price volatility fell to 11.79% compared with 11.85% in the previous session and the average of 12.79% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -72.6633| -2.5| 4/48
* Energy | -33.6142| -0.9| 6/26
* Industrials | -26.0825| -1.0| 5/25
* Information Technology | -24.1704| -1.6| 4/12
* Financials | -10.8226| -0.2| 6/21
* Consumer Discretionary | -5.2000| -0.7| 4/10
* Health Care | -3.6152| -2.4| 2/6
* Real Estate | -3.3519| -0.5| 4/19
* Utilities | 3.8595| 0.4| 12/4
* Consumer Staples | 8.8257| 1.1| 6/5
* Communication Services | 12.0518| 1.1| 5/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -22.9900| -3.2| -30.0| -49.6
* Canadian Natural Resources | -14.2900| -2.2| -39.1| 46.3
* First Quantum Minerals | -9.7700| -5.7| 3.1| 40.0
* Intact Financial | 4.5880| 2.1| -36.2| 14.3
* Bank of Nova Scotia| 5.6310| 0.8| 47.5| -0.4
* BCE | 7.8740| 1.8| 2.8| 8.4
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — U.S. equities and bonds fell as traders weighed hawkish Federal Reserve commentary and a new round of potential sanctions on Russia, ratcheting up global tensions over Moscow’s invasion of Ukraine.
The S&P 500 declined, led by losses in technology and consumer discretionary, while Treasuries also retreated amid deepening concern about inflation and the policy response.
Federal Reserve Governor Lael Brainard said the U.S. central bank will continue to tighten policy methodically and shrink its balance sheet at a rapid pace as soon as May.
The 10-year Treasury yield rose for a third day to a three-year high, with the spotlight remaining on inverted yield curves that may signal an economic downturn, should the Fed tighten aggressively to quell price increases.
“There’s lots of uncertainty about what’s going to happen next in a slew of areas pertinent to investing, including whether the U.S. economy is heading for a recession, how high inflation will go and what the Fed will do about it,” Ed Yardeni, president of Yardeni Research, said in a note. “The many unknowns have made for a volatile stock market so far this year.”
Market moves continue to be shaped by the ramifications of tightening monetary policy and the war in Ukraine as raw-material costs stoke inflation.
The U.S., European Union and Group of Seven are expected to announce additional sanction on Russia, including a ban on all new investments in the country.
Additionally, the EU is planning to propose a mandatory phaseout on coal imports from Russia in acdirect response to reports Moscow forces have committed apparent war crimes in Ukraine.
European coal futures rose to a three-week high.
Crude oil fell after the EU was said to be steering clear of sanctioning Russia’s oil and gas for now.
Meanwhile, the Stoxx Europe 600 index inched higher and bond yields across Europe climbed as a report showed input costs for French services firms accelerated to a record.
Up next, traders will be looking for minutes Wednesday from the Federal Reserve’s latest meeting to guide expectations for how rapidly the bank plans to increase rates and reduce its bond holdings.
“This Fed has been clear as a bell about what we should expect from them,” Liz Young, head of investment strategy at SoFi, said on Bloomberg TV. “They did exactly what we expected that first time in March and now they’re being even more clear about 50 in May. So as we move toward May, stocks can get their expectation in line about what we might see.”
Key events to watch this week:
* Federal Reserve minutes Wednesday
* China Caixin composite and services PMI Wednesday
* EIA crude oil inventory report Wednesday
* Philadelphia Fed President Patrick Harker speaks Wednesday
* St. Louis Fed’s James Bullard, Atlanta Fed’s Raphael Bostic, Chicago Fed’s Charles Evans speak at separate events Thursday
* Reserve Bank of India rate decision Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0903
* The British pound fell 0.3% to $1.3076
* The Japanese yen fell 0.7% to 123.62 per dollar
Bonds
* The yield on 10-year Treasuries advanced 16 basis points to 2.56%
* Germany’s 10-year yield advanced 11 basis points to 0.61%
* Britain’s 10-year yield advanced 11 basis points to 1.65%
Commodities
* West Texas Intermediate crude fell 2.9% to $100.30 a barrel
* Gold futures fell 0.5% to $1,924 an ounce
–With assistance from Robert Brand, Garfield Reynolds and Sunil Jagtiani.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Deep faith eliminates fear. -Lech Walesa, b. 1943.

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