Dear Friends,
Tangents:
December 10, 1901: The Nobel Prizes are awarded for the first time in Stockholm and Oslo, honoring achievements I physics, chemistry, medicine, literature, and peace.
December 10, 1998: Six astronauts opened the doors to the new international space station. Go to article
1815 — Ada Lovelace, the world’s first computer programmer, is born.
1830 — Emily Dickinson, legendary American poet, is born.
1957 — Michael Clarke Duncan, actor, is born.
| Earth’s crust hides enough ‘gold’ hydrogen to power the world for tens of thousands of years, emerging research suggests |
Reservoirs of hydrogen gas that form naturally in Earth’s crust could help humans decarbonize. The challenge now is finding these accumulations and working out how best to mine them, experts say. Read More.
| The Arab region — a swath from Morocco to the United Arab Emirates — just had its hottest year on record |
The Arab region just had its hottest year on record, a new climate report reveals. Read More.
| This bright star will soon die in a nuclear explosion — and could be visible in Earth’s daytime skies |
The bright binary star system V Sagittae will flare up multiple times before finally going supernova within the next 100 years. When it explodes, it could be visible to the naked eye even in sunlit skies.
| Widespread cold virus you’ve never heard of may play key role in bladder cancer |
Scientists uncovered how childhood BK virus infections may set off cancer-causing mutations decades later: by activating a host immune system enzyme that attacks DNA. Read More.
| Gray hair may have evolved as a protection against cancer, study hints |
Aging comes with graying hair, which may be a sign of the body lowering its risk of cancer, a study suggests. Read More.
Australia is banning young teens from social media
A world-first ban on major social media platforms for children under the age of 16 goes into effect in Australia today. Could it happen in the US?
Iceland’s big problem with Instagrammable flowers
The purple lupine flowers may look beautiful, but as they spread through Iceland, they pose a threat to native plant life. See the video here.
Cleared for upgrade
Toronto’s Downsview Airport is being developed into an urban district that aims to house more than 50,000 residents. The 1.2-mile-long runway is also being turned into a park.
MacKenzie Scott donated $7.1 billion to nonprofits in 2025
Author and philanthropist MacKenzie Scott revealed $7.1 billion in donations to nonprofits in 2025, marking a significant increase in her annual giving from recent years.
Plane makes emergency landing on highway
See the dramatic moment a plane collided with a car during a crash landing in Florida this week.
PHOTOS OF THE DAY
Detroit, US
Fans fill Little Caesars Arena for the Jingle Ball music concert
Photograph: Scott Legato/Getty Images for iHeartRadio
Chengdu, China
Advection fog blankets skyscrapers in the morning
Photograph: Zhang Lang/China News Service/Getty Images
Amecameca, Mexico
People carry images of the Virgin of Guadalupe during the pilgrimage to the Basilica of Guadalupe through Paso de Cortes
Photograph: AFP/Getty Images
Market Closes for December 10th, 2025
| Market Index |
Close | Change |
| Dow Jones |
48057.75 | +497.46 |
| +1.05% | ||
| S&P 500 | 6886.68 | +46.17 |
| +0.67% | ||
| NASDAQ | 23654.16 | +77.67 |
| +0.33% | ||
| TSX | 31490.85 | +246.48 |
| +0.79% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50602.80 | -52.30 |
| -0.10% | ||
| HANG SENG |
25540.78 | +106.55 |
| +0.42% | ||
| SENSEX | 84391.27 | -275.01 |
| -0.32% | ||
| FTSE 100* | 9655.53 | +13.52 |
| +0.14% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.420 | 3.464 |
| CND. 30 Year Bond |
3.840 | 3.878 |
| U.S. 10 Year Bond |
4.1468 | 4.1819 |
| U.S. 30 Year Bond |
4.7868 | 4.8039 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7248 | 0.7222 |
| US $ |
1.3795 | 1.3846 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6196 | 1.6137 |
| US $ |
0.8548 | 1.1698 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4198.00 | 4188.25 |
| Oil | ||
| WTI Crude Future | 58.46 | 58.25 |
Market Commentary:
|
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8%, or 246.48 to 31,490.85 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 4.8%.
Lightspeed Commerce Inc. had the largest increase, rising 6.9%.
Today, 128 of 212 shares rose, while 77 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 27%, heading for the best year in at least 10 years
* This quarter, the index rose 4.9%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is at its 52-week high and 41.7% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 3.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.3 on a trailing basis and 19.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.95t
* 30-day price volatility rose to 14.40% compared with 14.26% in the previous session and the average of 15.10% over the past month
Index Points
Financials | 108.7807| 1.1| 21/3
Information Technology | 94.8148| 3.0| 5/4
Materials | 57.5066| 1.1| 39/11
Industrials | 13.1515| 0.4| 18/11
Consumer Discretionary | 6.4033| 0.6| 6/3
Real Estate | 1.5845| 0.3| 11/6
Health Care | 0.2160| 0.3| 2/1
Consumer Staples | -4.5750| -0.4| 2/9
Utilities | -5.8543| -0.5| 7/7
Communication Services | -6.0432| -1.0| 0/5
Energy | -19.4993| -0.4| 17/17
Shopify | 91.5700| 4.8| 79.3| 52.0
TD Bank | 28.9000| 2.0| 86.4| 64.5
Bank of Montreal | 17.6800| 2.0| 72.1| 28.1
Bombardier | -8.0040| -5.9| 25.5| 113.9
Enbridge | -11.2800| -1.1| -29.3| 6.8
Agnico Eagle Mines | Ltd | -13.4300| -1.7| 111.8| 101.4
Bombardier | -5.9| -8.0040| 25.5| 113.9
Capital Power | -4.7| -3.3480| 169.4| -2.0
North West Co | -4.5| -0.7390| 375.1| -3.6
MT Newswires:
The Toronto Stock Exchange closed at a fresh record high on Wednesday, this time after the Bank of Canada, as RBC put it, delivered a "well-telegraphed, widely expected" hold on rates, although the balance of risks was seen to have shifted from hold/cut possibilities to hold/hike.
The S&P/TSX Composite Index closed up 246.48, or 0.8%, to 31,490.85, topping the previous record close of 31,477.57 set on Dec. 4.
Among sectors, Info Tech was up more than 1.6%, while both the Battery Metals Index and Base Metals were about 1.5% higher.
Of decliners, Telecom was down more than 1%, while Utilities and Health Care were modestly lower.
Earlier today the Bank of Canada held the key benchmark interest rate at 2.25%, as was widely expected.
BMO Economics in a note said apart from an improved economic backdrop, a key reason the Bank of Canada is content to move back to the sidelines is that current rates "may provide enough support to offset the effects of the trade war and immigration curbs, while still allowing inflation to return to target".
Such comments are likely to be music to the ears of investors and may have been a factor in market sentiment today.
For its part, RBC noted the benchmark rate is at the bottom of the neutral range, where it expects the rate will remain through the end of 2026.
RBC noted the decision comes after upward GDP revisions in the Q3 GDP release dating back to 2022, and a string of positive labor market surprises that saw a key indicator of the output gap, Canada’s unemployment rate, drop from 7.1% in September to 6.5% in November.
"As much as recent data has been encouraging," RBC said, "we see it as reaffirming our cautiously optimistic base case rather than a fundamental shift in the Canadian economic outlook and continue to expect a gradual recovery in the economy and labour market supported by the 275 bp rate reduction from the BoC since June 2024."
That outlook, RBC noted, broadly aligns with the BoC’s. Governor Macklem said in the press conference to expect modest growth and slow absorption of economic slack, while reiterating the BoC’s holding bias.
Looking back, RBC said, Canadian economic growth has already tracked toward the more optimistic end of the range of possibilities that the BoC projected in April, thanks to a combination of CUSMA exemptions shielding the bulk of goods exports to the United States, and underlying resilience in household spending.
"With that, we think the BoC is done with rate cuts, and that the next change in interest rates is more likely to be a hike.
Our base case assumes this won’t occur until 2027, but risks are tilted toward an earlier move."
In a separate ‘Canada Rates Strategy’ note, RBC said it was highly unlikely the BoC language today was going to tilt to the hawkish end of the spectrum and add fuel to the rate hike pricing fire.
Indeed, RBC noted, the BoC "held the line", delivering a broadly similar message on the bigger picture outlook and stance of monetary policy.
According to RBC, the BoC downplayed the string of good data , including GDP and employment, which was dovish versus market fears, but it didn’t actively push back against hike pricing.
RBC said the muted reaction in yields; a small down tick versus the large spike recently, underscores either (or both) investor apprehension in adding duration against a balance of risks that has shifted from hold/cut possibilities to hold/hike positioning.
From RBC’s lens the balance of risks around monetary policy has not changed.
RBC still thinks there is a 50% chance the BoC is on hold in 2026, 40% chance the BoC hikes in the second half of 2026 and 10% of a cut.
Elsewhere, David Doyle, head of economics at Macquarie Group, said the BoC’s forward guidance remained neutral, but rhetoric tilted "hawkishly" relative to October, a development he had outlined in a preview note.
"This tilt, however, may have fallen short of market expectations which slightly retraced their expectations for hikes ahead," he added.
In Macquarie’s view, Governor Macklem and the BoC were attempting to avoid a continuation of the recent rapid pricing move, rather than pushing back against it.
Looking ahead, Macquarie anticipates a prolonged pause from the BoC over the next year, before a rate hike occurs in Q4 2026.
"In the months leading to this, however, we suspect rhetoric will move in a hawkish direction given the economic improvement we anticipate and the potential for a sharp fall in unemployment due to immigration policy changes," Doyle added.
Of commodities, gold was last seen higher Wednesday, while silver prices continued a record run up on tight global supply as the Federal Reserve’s policy committee, as expected, cut U.S. interest rates by 25 basis points.
Gold for February delivery was last seen up $19.90 to US$4,256.10 per ounce.
But West Texas Intermediate oil rose on Wednesday despite a smaller than expected drop in U.S. inventories last week.
WTI crude oil for January delivery closed up $0.21 to settle at US$58.46 per barrel, while February Brent oil was up US$0.31 to US$62.25.
US
By Cristin Flanagan
(Bloomberg) — Stocks rose to a session high as the head of the Federal Reserve spoke following the third consecutive interest-rate cut at a policy meeting Wednesday.
Bond yields and the dollar fell.
The S&P 500 rose as much as 0.8%, putting the benchmark on track for a record close, after Fed Chair Jerome Powell pointed to downside risks for labor.
The Nasdaq 100 turned positive while the Russell 2000 gauge of small-caps jumped 1.8% to a record high.
The rally in US stocks had stalled this week after traders pulled big bets off the table, with mixed economic signals and divisions among Fed policymakers clouding the outlook for rates into next year.
Nine out of 12 voters supported the decision to lower rates.
The cut and the Fed’s tone matched Wall Street expectations for a “hawkish cut,” while officials left intact their outlook for a single cut in 2026.
“Overall, a moderately hawkish cut not a max hawkish cut,” according to Evercore ISI’s Krishna Guha.
Powell underscored the importance of upcoming economic reports while advising caution on assessing household jobs readouts, given technical distortions after a government shutdown caused a data blackout.
“The Fed emphasized that future moves will be data- dependent, shifting firmly to a meeting-by-meeting approach,” said Daniel Siluk, a portfolio manager at Janus Henderson Investors.
“Chair Powell reinforced this stance in his press conference, noting that the Committee sees today’s cut as a ‘prudent adjustment’ rather than the start of a new cycle.”
US bond yields were lower.
The 10-year rate hit 4.14% after reaching the highest since the first week of September in the morning session.
Swaps traders are still pricing in two more cuts over the next year.
Traders may be disregarding Powell and FOMC bears’ outlook given the imminent change in leadership, noted Jeff Schulze, head of economic and market strategy at ClearBridge Investments.
“The Fed’s one rate cut outlook continues to be at odds with pre-meeting futures market pricing of two rate cuts in 2026,” Schulze said.
“While we agree with the Fed that the need for further monetary support is limited, we caution investors to put less weight than normal on the dots since a new Fed chair will be at the helm starting in May.”
Chris Brigati, chief investment officer at SWBC, had expected the Fed to telegraph only one cut for next year, given the potential for consumer pricing pressures to reignite.
“The Fed is divided on how to proceed with rate cuts in 2026 given the delicate balance between job market weakness and still elevated inflation,” Brigati said.
“There is also uncertainty about the new Fed chair, and that may also add to the central bank’s reluctance to make any major rate moves in the months leading up to Chair Powell’s term ending.”
To Brad Conger, chief investment officer at Hirtle Callaghan, investors should “remain long duration.”
“Neither Powell’s comments nor the Dot Plot should matter for markets.
Our view is that the job market is slowing,” he wrote.
“The labor weakness will pressure inflation lower (slowly) and justify further cuts.
It’s likely that Mr. Hassett will inherit a Fed Funds at 3%.”
What Bloomberg Strategists Say…
“The Fed’s new economic projections show lower estimates for inflation this year and in 2026 while unemployment forecasts were kept unchanged from September.
Andeven as that hasn’t translated into more a more dovish outlook for rates for next year, it cements the Goldilocks narrative that has underpinned equity gains so far.”
—Tatiana Darie, Macro Strategist, Markets Live
Among individual movers, shares of Microsoft Corp. dropped around 3% while GE Vernova Inc. was an outlier, rallying to a record and notching double-digit gains.
Earlier, Bank of Canada held interest rates steady saying current borrowing costs were appropriate to mitigate the trade war damage.
Globally, a view that rate-cutting cycles are nearing their end has driven yields on a Bloomberg gauge of ong-dated government debt to a 16-year high.
For those expecting fireworks after Powell’s speech, Bespoke Investment Group notes that much of his tenure has been marked by steep selloffs in the final hour of trading.
Still, over the last five Fed days, the S&P 500 has managed a gain, according to Bespoke’s analysis.
Investors will also be watching Oracle Corp.’s post-market results as questions mount over technology valuations and whether heavy investment in artificial intelligence will ultimately pay off.
With its shares down 33% from a high in September, the company has emerged as a barometer for AI risk due to a massive spending spree and weaker credit grades.
The combination of the Fed meeting and Oracle has the potential to break the cautious calm of recent days as traders ecalibrate their exposure.
From there, the first US payrolls report in months is shaping up to be the next catalyst that will steer direction.
Corporate News:
* SpaceX is moving ahead with plans for an initial public offering that would seek to raise significantly more than $30 billion, people familiar with the matter said, in a transaction that would make it the biggest listing of all time.
* US manufacturer GE Vernova Inc. jumped to a record after boosting its buyback and doubling a dividend.
* Amazon.com Inc. pledged to invest $35 billion in India over the next five years, boosting its spending in the key growth market to expand in businesses from quick commerce to cloud computing.
* Chinese artificial intelligence startup DeepSeek has relied on Nvidia Corp. chips that are banned in the country to develop an upcoming AI model, according to a new report in The Information.
* China Vanke Co. rallied in the equity and credit markets Wednesday after a bondholder meeting included discussion of sweetened terms among plans for a closely watched effort by the distressed builder to delay a note payment.
* Coupang Chief Executive Officer Park Dae-jun resigned over his failure to prevent South Korea’s largest-ever data breach.
* Aegon Ltd.’s shares dropped after it unveiled disappointing payouts, overshadowing a confirmation it will move its headquarters to the US.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 3:14 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World Index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.6% to $1.1699
* The British pound rose 0.7% to $1.3386
* The Japanese yen rose 0.7% to 155.86 per dollar
Cryptocurrencies
* Bitcoin rose 1.5% to $94,016.23
* Ether rose 3.6% to $3,421.07
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.14%
* Germany’s 10-year yield was little changed at 2.85%
* Britain’s 10-year yield was little changed at 4.51%
Commodities
* West Texas Intermediate crude rose 1.2% to $58.92 a barrel
* Spot gold rose 0.6% to $4,234.11 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Andre Janse van Vuuren, Kwaku Gyasi, Neil Campling, James Hirai, Julien Ponthus and Levin Stamm.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
"All of our reasoning ends in surrender to feeling."– Blaise Pascal
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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828