December 16, 2022 Newsletter

Dear Friends,

Tangents: Happy Friday.
1773: The Boston Tea Party took place as American colonists boarded a British ship and dumped more than 300 chests of tea overboard to protest tea taxes. Go to article »
1937: Theodore Cole and Ralph Roe attempt to escape from the American federal prison on Alcatraz Island in San Francisco Bay; neither is ever seen again.

Ludwig Von Beethoven, composer, b. 1770.
Jane Austen, novelist, b.1775
Noel Coward, playwright, b. 1899.
Margaret Mead, anthropologist, b.1901

15 of 2022’s most extraordinary discoveries: A Van Gogh self-portrait. A massive pink diamond. A route that could lead to Cleopatra’s long-lost tomb. View the full list of stunning finds made this year.

Harvard University appoints first Black president: Congratulations are in order for Claudine Gay. Currently the school’s Dean of the Faculty of Arts and Sciences, she’ll become the first person of color and the second woman to hold the role of Harvard University’s president.

Uber Eats launches robot delivery service in Miami: Would you like fries with that? Autonomous, “remotely-supervised” robots are now delivering some customers’ orders in Florida’s Miami-Dade county, with Uber Eats planning to expand the scheme in other US cities next year.

4,000-year-old ‘shaman’ burial near Stonehenge has a golden secret: About 4,000 years ago, two people were buried near Stonehenge with grave goods described as a “shaman’s costume” when they were discovered in the 19th century.  But a new analysis of stone tools also found in the grave reveals they have traces of gold on their surfaces, indicating they were used to craft the precious metal. Full Story: Live Science (12/15) 

The world’s biggest hotel aquarium exploded, sending 1,500 fish into the lobby.
PHOTOS OF THE DAY

Jerusalem
Fireworks light the sky to mark the lighting of the Christmas tree at the Jaffa Gate in the old city of Jerusalem.
Photograph: Ahmad Gharabli/AFP/Getty Images

Kyiv, Ukraine
A woman walks in a snow-covered park after a fresh snowfall in the centre of the Ukrainian capital. Moscow has said no ‘Christmas ceasefire’ was on the cards after nearly 10 months of war in Ukraine, with fighting looking set to drag on through the winter.
Photograph: Dimitar Dilkoff/AFP/Getty Images
Kyrgyzstan
A snow leopard, slowly returning in numbers thanks to the introduction of more sustainable grazing methods and the training of herders as conservation guards, looks into a remote camera in Kyrgyzstan.
Photograph: Philippe Matheini and Michael BoothUnited Nations Environment Programme/United Nations Environment Programme/Reuters
Market Closes for December 16^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1685, under orders from the British Governor General, workmen finished laying out a 36-foot-wide street of stone and dirt in lower Manhattan. The thoroughfare, which ran along a wall, was naturally named Wall Street.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.8%, or 157.35 to 19,443.28 in Toronto.
The index dropped to the lowest closing level since Nov. 9.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.4%.
Dye & Durham Ltd. had the largest drop, falling 8.0%.
Today, 150 of 236 shares fell, while 83 rose; 9 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 8.4%, poised for the worst year since 2018
* This quarter, the index rose 5.4%
* So far this week, the index fell 2.5%
* The index declined 6.3% in the past 52 weeks. The MSCI AC Americas Index lost 18% in the same period * The S&P/TSX Composite is 12.5% below its 52-week high on April 5, 2022 and 8.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.8 on a trailing basis and 12.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility rose to 15.32% compared with 15.19% in the previous session and the average of 15.84% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -76.2596| -2.2| 5/33
Financials | -24.7025| -0.4| 12/18
Industrials | -22.9669| -0.9| 10/16
Utilities | -15.0712| -1.7| 0/16
Consumer Discretionary | -7.1351| -1.0| 4/10
Communication Services | -6.3434| -0.7| 1/6
Information Technology | -5.4588| -0.5| 5/9
Real Estate | -5.3451| -1.1| 3/19
Health Care | -1.8819| -2.3| 3/4
Consumer Staples | 1.2837| 0.2| 7/4
Materials | 6.5443| 0.3| 33/15
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | -19.3700| -3.4| 84.6| 37.2
TC Energy | -9.6990| -2.5| 102.7| -6.2
Franco-Nevada | -8.9950| -3.6| 344.0| 3.7
Wheaton Precious | | | |
Metals | 2.6160| 1.6| 183.1| -1.7
Agnico Eagle Mines | 3.1140| 1.4| 107.3| 4.1
Barrick Gold | 4.6390| 1.7| 117.4| -3.8
US
By Vildana Hajric
(Bloomberg) — US stocks suffered their longest weekly losing streak since September, with investors concerned that the Federal Reserve’s resolve to keep raising rates could tip the economy into a recession.
The S&P 500 and the tech-heavy Nasdaq 100 closed the session lower for a third day.
The quarterly triple witching expiration of equity derivatives also amplified market moves on Friday.
US Treasuries were mixed, with short-term bonds rallying on Friday.
The policy-sensitive two-year yield ended the week nearly 19 basis points lower than where it started.
The dollar was little changed.
Oil notched a weekly gain.
Investors had cheered the softer-than-expected inflation data earlier this week. But that euphoria faded as Fed officials hammered home the message that rates will go higher for longer until they’re confident inflation has been subdued.
While the Fed raised rates by an expected 50 basis points on Wednesday, risk assets have been on the back foot ever since policymakers signaled a peak rate that was above market expectations.
A wave of rate hikes and hawkish outlooks from central banks across the globe, including the European Central Bank, further bruised sentiment this week.
Traders also contended with a flurry of US data this week showing the economy cooling, even as the labor market stays strong.
Softening in the labor market remains a big target for the Fed.
“The market has been in a tug-of-war between better-than-feared economic data juxtaposed with concerns about the potential for the Fed to over-tighten monetary policy and push the economy into a recession,” said Art Hogan, chief market strategist at B. Riley Wealth. “That tug-of-war will likely continue in the first quarter of 2023 unless and until the Fed gets to their terminal Fed Funds rate.” 
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 2.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.3% to $1.0594
* The British pound fell 0.1% to $1.2162
* The Japanese yen rose 0.8% to 136.66 per dollar
Cryptocurrencies
* Bitcoin fell 3% to $16,884.02
* Ether fell 4.7% to $1,204.88
Bonds
* The yield on 10-year Treasuries advanced four basis points to 3.48%
* Germany’s 10-year yield advanced seven basis points to 2.15%
* Britain’s 10-year yield advanced nine basis points to 3.33%
Commodities
* West Texas Intermediate crude fell 2.4% to $74.30 a barrel
* Gold futures rose 0.8% to $1,802.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Srinivasan Sivabalan and John McCorry.

Have a wonderful weekend everyone.  J

Be magnificent!

As ever,

Carolann

You cannot do a kindness too soon, for you never know how soon it will be too late. –Ralph Waldo Emerson, 1803-1882.

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