Dear Friends,

Tangents: Happy Friday. 🎉
Carolann is away from the office. I will be writing the newsletter on her behalf.

December 19, 1154 – Henry II crowned King of England. On This Day

December 19, 1562 – Battle of Dreux fought during the French Wars of Religion.

December 19, 1606 – Ships left England carrying settlers to found Jamestown, Virginia (first permanent English colony in America). Wikipedia

December 19, 1777 – During the American Revolution, General George Washington’s Continental Army went into winter quarters at Valley Forge, Pennsylvania. On This Day

December 19, 1843 – A Christmas Carol by Charles Dickens was first published. Encyclopedia Britannica

December 19, 1888 – (Not always listed, but many historical timelines include Sherlock Holmes story The Adventure of the Beryl Coronet beginning this day.) Time and Date

December 19, 1971 – A Clockwork Orange premiered in New York City. Time and Date

December 19, 2012 – Park Geun-hye was elected as South Korea’s first female president. Time and Date

Hanukkah (5th day in 2025) — Jewish festival of lights (dates vary yearly). Time and Date

Look For an Evergreen Day — cultural/seasonal observance. Holidays and Observances

National Hard Candy Day (U.S. fun holiday). Holidays and Observances

Ugly Christmas Sweater Day (in 2025, falls December 19). Holidays and Observances

Carter G. Woodson (American historian, founder of Black History Month). b. 1875

Édith Piaf (French singer). b. 1915

Criss Angel (American magician). b. 1967

Jake Gyllenhaal (American actor). b. 1980

Undersea lava rubble acts as a ‘sponge’ for carbon dioxide, study finds

Cores collected from beneath the southern Atlantic Ocean show that lava rubble stores between two and 40 times as much carbon dioxide as the upper crust at the bottom of the ocean.

NASA eyes 3I/ATLAS with alien-hunting Clipper spacecraft as comet approaches Earth

NASA’s alien-hunting Europa Clipper spacecraft took seven hours of ultraviolet observations of interstellar comet 3I/ATLAS while both objects zoom toward Jupiter.

It matters what time of day you get cancer treatment, study suggests

Giving immunotherapy earlier in the day can significantly extend patients’ survival, compared to giving treatment later in the day, a new study of lung cancer shows.

Ancient Pompeii construction site reveals the process for creating Roman concrete

Along with its many other innovations, the Roman Empire revolutionized architecture with never-before-seen features, such as large-scale arches and dome roofs. And many of these structures still stand today despite being more than 2,000 years old.

He spent 20 years at SpaceX. Now, he’s making history with its biggest competitor

A Blue Origin rocket could soon launch with an unconventional passenger in a history-making moment made possible by a high-profile former employee of the company’s biggest rival.

The female-run tailor reshaping Savile Row suiting

Some of the best suits in Hollywood have come out of the same modest street in London. Since the 19th century, Savile Row has been a mecca for bespoke men’s suiting, and tailors in the area have created pieces for superstar actors such as Charlie Chaplin, Fred Astaire, Gregory Peck and Daniel Craig. But there’s always room for more innovation.

Samsung’s The Frame Pro is the first art TV that’s actually worthy of my home theater

Ever since my colleague saw the new The Frame Pro TV from Samsung back at CES in January, I’ve been waiting to get my hands on the newest (and potentially best) art TV on the market. At long last, that has finally happened, and I’ve been testing the Frame TV Pro to see if it lives up to its name.

PHOTOS OF THE DAY

Sydney, Australia

St Mary’s Cathedral illuminated with a menorah during a light show in tribute to victims of the Bondi attack
Photograph: Saeed Khan/AFP/Getty Images

On top of the whirl … a fox admires the northern lights in Kilpisjärvi, at the north-western tip of Finland
Photograph: Dennis Lehtonen/SWNS

Australian rainbow lorikeets in Adelaide, South Australia
Photograph: Amer Ghazzal/Shutterstock

Market Closes for December 19th, 2025

Market Index	Close	Change
Dow Jones	48134.89	+183.04
		+0.38%
S&P 500	6834.50	+59.74
		+0.88%
NASDAQ	23307.62	+303.26
		+1.31%
TSX	31755.77	+314.92
		+1.00%

International Markets

Market Index	Close	Change
NIKKEI	49507.21	+505.71
		+1.03%
HANG SENG	25690.53	+192.40
		+0.75%
SENSEX	84929.36	+447.55
		+0.53%
FTSE 100*	9897.42	+59.65
		+0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.469	3.405
CND. 30 Year Bond	3.888	3.865
U.S. 10 Year Bond	4.1471	4.1217
U.S. 30 Year Bond	4.8242	4.8029

BOC Close	Today	Previous
Canadian $	0.7248	0.7258
US $	1.3795	1.3778

Euro Rate 1 Euro=		Inverse
Canadian $	0.6188	1.6160
US $	0.8537	1.1713

Commodities

Gold	Close	Previous
London Gold Fix	4333.35	4342.10
Oil
WTI Crude Future	56.66	55.94

Market Commentary:

On this day in 1927, the Dow Jones Industrial Average closed above 200 for the first time. It had taken the Dow nearly 22 years to double.

C🎅A🎅N🎅A🎅D🎅A

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1%, or 314.97 to 31,755.82 in Toronto.
The move was the biggest gain since Dec. 4.
Shopify Inc. contributed the most to the index gain, increasing 1.7%.
Celestica Inc. had the largest increase, rising 9.2%.
Today, 136 of 212 shares rose, while 71 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 28%, heading for the best year in at least 10 years
* This quarter, the index rose 5.8%
* So far this week, the index rose 0.7%
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is at its 52-week high and 42.9% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.6 on a trailing basis and 19.8 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$4.98t
* 30-day price volatility fell to 12.97% compared with 13.22% in the previous session and the average of 14.59% over the past month
Index Points
Materials | 135.0666| 2.4| 41/9
Financials | 73.0352| 0.7| 17/7
Information Technology | 66.2327| 2.1| 5/4
Energy | 44.4223| 1.0| 31/5
Consumer Discretionary | 7.7739| 0.7| 8/1
Industrials | 3.4088| 0.1| 18/11
Communication Services | 0.1694| 0.0| 2/2
Health Care | -0.5610| -0.6| 2/2
Real Estate | -2.4680| -0.5| 6/11
Utilities | -3.9688| -0.4| 5/9
Consumer Staples | -8.1942| -0.8| 1/10
Shopify | 33.2800| 1.7| 239.0| 52.8
Agnico Eagle Mines | Ltd | 31.6800| 3.9| 206.5| 114.7
Celestica | 27.6300| 9.2| 624.6| 207.1
Fortis | -2.7470| -1.1| 123.0| 17.4
Blackberry | -3.2430| -14.1| 796.0| -5.1
Canadian National | -6.5660| -1.2| 54.5| -7.2
Celestica | 9.2| 27.6300| 624.6| 207.1
Energy Fuels | 8.1| 2.5160| 413.8| 181.7
NexGen Energy | 7.5| 3.9990| 89.0| 32.8
Blackberry | -14.1| -3.2430| 796.0| -5.1
Curaleaf | -6.1| -0.9110| 110.2| 84.8
West Fraser Timber| -3.8| -1.2940| 236.9| -34.5
(MT Newswires):
The Toronto Stock Exchange was back to a record close Friday as National Bank seemed to sum up positive investor sentiment heading in to 2026 when it noted in separate notes that today’s Canadian retail sales had "shifted negative", but the overall economy is still "performing better than expected".
Buoyed by improved commodity prices, the resources heavy TSX was up 314.97 points or 1% at 31,755.82.
These gains, added to the near 190 points gained yesterday, more than recovered total losses of more than 400 points recorded over four losing days immediately after the last record finish of 31,660.73 on Dec. 11.
The index had also set a record close on Dec. 10.
Of commodities, gold prices settled higher on Friday, to complete two straight weeks of gains, with front month Comex gold rising $61.30 or near 0.5% to US$4,361.40.
Crude futures settled higher on the day, but down over the week.
Recent movement in commodities prompted Rosenberg Research to publish a ‘Technical Analysis’ on commodities, including oil, gold and silver.
On the economic front, National Bank noted Canadian retail sales had "shifted negative" in the latest data with September spending revised down to -0.9%, while October came in two ticks below consensus at -0.2%. National Bank noted Statistics Canada’s preliminary estimate for November points to a 1.2% nominal increase, which, after adjusting for rising goods prices in the November CPI report, suggests real growth of about 0.6%.
"Still," the bank said, "this offers little relief", noting real retail spending fell -0.6% in October after -1.0% in September.
Following a -1.7% annualized decline in Q3, retail sales are tracking a -2.8% drop in Q4 based on two months of data.
National Bank in a separate note, its latest ‘Monthly Economic Monitor’, said despite the uncertainty surrounding trade relations with the U.S., the Canadian economy is "performing better than expected".
The bank noted GDP rebounded in the third quarter after a difficult second quarter, although final domestic demand remained stagnant.
According to the Labor Force Survey (LFS), the labor market is showing a "spectacular" recovery.
"For some," National Bank said, "this raises questions about the appropriateness of the central bank’s interest rate cuts this fall and a possible reversal in the short term.
We do not share this view and anticipate that the next interest rate hikes will not occur until the fourth quarter of 2026.
The extent of the labor market recovery remains to be confirmed, as the upturn suggested by the LFS contrasts with other labor market indicators that point to continued fragility."
"Furthermore," it added, "in this unstable environment, interest rates in Canada do not appear particularly stimulating, as evidenced by the weakness in the real estate sector, moderate credit growth, and the interest payment shock expected in 2026 for mortgage borrowers."
National Banks anticipates GDP growth limited to 1.2% in 2026, held back by demographics, after 1.7% in 2025.
It noted this scenario incorporates economic weakness in the fourth quarter but forecasts a gradual improvement next year (1.6% growth Q4/Q4), subject to a de-escalation of trade tensions and a rebound in investment, supported by the federal government’s new budget policies.
Elsewhere, and in keeping with the theme of positive investor sentiment, Douglas Porter at BMO Economics in citing one specific example of strength outside of the U.S., cited Canada’s TSX, currently sitting on a 28% year-to-date advance, its second-best annual showing since the start of the century.
The only better year was 2009, and that was when the index was recovering from a devastating hit in 2008.
Porter wrote: "This year’s strong gain instead built on solid advances in the two prior years.
Amazingly, this was in spite of a middling performance by its smallish tech sector, and late-year weakness in its large energy component.
Materials shone bright, mostly thanks to gold, but financials and even consumer shares did well.
The solid gains by a variety of domestically oriented sectors reflected the surprising stability of domestic demand, albeit retail sales volumes were essentially flat from a year ago in October and is a hint of potentially better times ahead in 2026.
Echoing that theme, a survey of business sentiment (from the CFIB) snapped all the way back from 25-year lows in March to above normal by December."
Meanwhile, in a ‘Technical Analysis’ on commodities for Rosenberg Research, Walter Murphy noted WTI crude continued to trade below US$71.25-$63.57 per barrel resistance, as had been the case since late September.
On the other hand, he also noted, it has not been able to convincingly enter $54.40-$50.33 support, although it got as close as $54.98 earlier this week.
Murphy said: "That inability is in line with last month’s observation that oil should be helped by the improving weekly Coppock Curve, which was on the verge of entering a confirmed uptrend.
At the time, the indicator was on pace to maintain a bullish bias well into January, but that potential now seems positioned to continue deeper into the first quarter.
Nonetheless, the oscillator is still not expected to pierce its zero line over that time span.
This implies that an associated WTI crude new-year rally will ultimately prove to be a countertrend move.
So, in the end, oil should be able to hold support and will likely continue to have a difficult time overcoming the $71.25-$63.57 per barrel resistance range."
On gold, Murphy cited commentary from last month that noted a November 10 rally decisively above US$4,046 per ounce was viewed as the completion of a base.
Murphy said that breakout was further confirmed by a follow-through rally beyond a Fibonacci 61.8% retracement of October’s six-day decline.
Since then, he noted, gold has continued to as high as $4,350, which is within 0.7% of October’s $4,381.58 peak.
Murphy said the commentary also suggested any upside would likely be a short-term event and that a short-term peak would have bearish medium-term implications.
"That is still the expectation, given that the weekly Coppock Curve peaked three weeks ago (at a confirming, "good overbought" level) and might well move into a confirmed downtrend at the end of this week."
Both $4,046-$3,886 and $3,700-$3,500 per ounce remain first and second support, respectively, Murphy noted.
"A breach of first support would do much to complete a top formation."
Murphy said the Coppock Curve momentum conditions imply that October’s $4,381.58 all-time high will not be decisively breached any time soon.
But, he added, a challenge of the $4,528 per ounce area as part of a topping process "would not be all that surprising".
Then on silver, Murphy noted in recent weeks it has been engaged in what can be described as an "accelerating, virtually parabolic, rally".
To put that into perspective, he said, it gained +82.80% from the early-April low to its October 16th high.
It followed that up with a +35.72% rally from its October 27th low to last week’s high.
This resulted in its highest daily and weekly Coppock Curves in more than five years.
That suggested to Murphy that he look at silver on a log-scale chart.
In addition to the Coppock Curves, two things "jump off" such a chart, Murphy said.
First, the last intermediate inflection point was in April.
"That was also evident on the arithmetic charts from previous reports, but it is more pronounced on a log-scale chart. The bottom line is that silver has been posting a series of weekly higher lows since April."
The second thing that jumps off such a chart is silver’s ability since April to "catch its breath by regularly consolidating its gains".
Murphy said the last consolidation occurred during October-November with a high of $54.49 per ounce, and a low of $45.55.
If the breakouts from the two prior consolidations are any guide, we should expect a test of the $54.49-$45.55 range in the weeks ahead, he added.
"With that potential downside in mind, it is worth noting that the weekly Coppock Curve is peaking, and it should have a confirmed reversal/downtrend in place in early January."
In previous comments, Rosenberg Research had noted that $55-$57 per ounce was important Fibonacci resistance.
Murphy noted the lower end of that range is in line with the top of the most recent $54.49-$45.55 range.
So, with the recent rally to as high as $64.31, that Fibonacci resistance should now be regarded as support, he said, before concluding with: next Fibonacci resistance is in the $68-$72 per ounce range, using a combination of log- and arithmetic-scale
charts. Price: 31755.82, Change: +314.97, Percent Change: +1
US

By Rita Nazareth
(Bloomberg) — The last stretch of a busy week for markets saw stocks climbing while traders faced the expiration of a record pile of options that threatened to amplify price swings.
Bitcoin jumped.
Bonds fell.
A rally in several tech names that have been under scrutiny over their ambitious artificial-intelligence spending plans lifted equities.
The back-to-back advance in the S&P 500 wiped out its loss for the week.
Nvidia Corp. led gains in megacaps.
Oracle Corp. surged about 6.5%.
More than 26 billion shares changed hands on US exchanges, about 50% above the 12-month average.
Volume spiked amid a quarterly event known as triple witching — in which derivatives contracts tied to stocks, index options and futures mature.
Citigroup Inc. estimated that $7.1 trillion of notional open interest would expire.
“Does it matter for long-term investors? Absolutely not,” said Kenny Polcari at SlateStone Wealth. “Expect noise. Expect volume. Just don’t confuse either with something real or fundamentally meaningful. In the end, these moves are purely mechanical.”
Following a slide fueled by questions over AI exuberance and concerns over the scope of Federal Reserve policy easing, dip buyers waded back into the stock market.
While a slew of economic data did little to provide clarity this week, traders continued to bet on two rate cuts in 2026.
Traders wondering if the typical year-end “Santa Claus rally” was ever going to kick in may finally be getting what they’ve been waiting for.
That’s the period which typically encompasses the last five trading sessions of the year and the first two of the new one.
“Although this year’s start date is the Christmas Eve half- day, as is typical, it seems that traders are revving up their sleighs in advance,” said Steve Sosnick at Interactive Brokers.
The S&P 500 gained 0.9%.
The Nasdaq 100 climbed 1.3%.
Bitcoin added about 3%.
Benchmark Treasuries saw their first weekly gain since the end of November, but lost steam Friday.
The US 10-year yield rose three basis points to 4.15%.
Japan’s 10-year government bond yield hit the highest since 1999, and the yen weakened as uncertainty over the central bank’spolicy path persisted even after it delivered a widely expected interest rate hike.
Since 1928, the S&P 500 has climbed 75% of the time in the last two weeks of December, rising 1.3% on average, data compiled by Citadel Securities show.
Individual traders have been net buyers of call options on US stocks for 32 of the past 33 weeks, the longest stretch in the firm’s data.
Investors are pumping money into US stocks at a near-record pace as they position for lower borrowing costs, tariff reductions and tax cuts in 2026, according to Bank of America Corp.
US equities saw inflows of almost $78 billion in the week ended Dec. 17, the bank said in a note citing data from EPFR Global. Tech contributed to inflows for the first time in three weeks.
“The trend remains positive, and a Santa Claus rally into the year-end won’t surprise anyone,” said Louis Navellier at Navellier & Associates.
“I am expecting nothing less than a strong finish to the year and a strong start to 2026.”
The backdrop remains strong and the recent contraction in valuations is presenting opportunities for investors who don’t have enough stock exposure, according to Alexander Guiliano at Resonate Wealth Partners.
“It’s important for investors to not waste time trying to time the AI bubble,” he said.
“We are seeing a structural investment boom, but even with that, we urge investors to actually invest and not speculate.”
Guiliano advises investors to focus on companies that can lead the way in building and enabling, while having the financial strength to pivot, make mistakes, and win the arms race anyway.
“Many of the big tech companies fit this mosaic, even though their valuations are elevated,” he said.
Investors buffeted by April’s extreme turbulence could hardly have anticipated the relatively smooth ride they had the remaining three-quarters of the year.
No drawdown exceeded 5% until November, with each dip enthusiastically snapped up at a rapid clip.
The AI narrative, solid earnings and the leftovers from April’s sudden positioning washout encouraged investors to chase stocks steadily higher.
The impressive rally stalled only as exuberance over AI was questioned in the final stretch of the year.
At Nationwide, Mark Hackett says that despite the recent rout, stock-market action below the surface is encouraging.
Among the reasons, he cited healthy breadth, shifting leadership, and greater discernment by investors around valuations.
“We maintain an attractive view on US equities, driven by resilient economic growth, fed rate cuts, and AI advances,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
Aside from US equities, she also sees opportunities I quality bonds and gold.
With the appeal of the US dollar eroding amid lower interest rates, she recommends that investors review their currency allocations.
“We expect US dollar weakness to persist into the first half of 2026,” Hoffmann-Burchardi noted.
On the economic front, US consumer sentiment rose in December by less than expected, remaining depressed amid lingering affordability concerns. Existing-home sales barely rose in November.
Fed Bank of New York President John Williams told CNBC there’s no urgency to cut rates again given recent employment and inflation data, reinforcing expectations for a pause after a string of recent reductions.
Rate cuts by the Fed and firm growth should extend the economic cycle and support risk assets, though the next phase may be choppier, according to Goldman Sachs Group Inc. strategists.
“Sturdy global growth coupled with non-recessionary Fed cuts should be positive for global equities, but tensions with ‘hot valuations may increase volatility,” strategists including Kamakshya Trivedi wrote in a note dated Thursday.
Still, the setup is supportive for stocks and emerging-market assets, and mildly negative for the dollar, they added.

Corporate Highlights:
* President Donald Trump announced deals with nine pharmaceutical companies on Friday, the latest in a series of pacts designed to lower drug prices for some Americans in exchange for a three-year reprieve from threatened tariffs.
* Trump said he would convene insurance companies in the coming weeks in a bid to pressure them to reduce costs for Americans who will see their premiums rise following the expiration of Obamacare subsidies at year’s end.
* FedEx Corp. rose after raising the low end of its profit outlook for the year and reported earnings for the most recent quarter that topped Wall Street estimates, helped by volume and pricing gains in the US.
* Nike Inc. sank after warning that sales will decline this quarter amid persistent weakness in China and at its Converse brand.
* Boeing Co. asked the Federal Aviation Administration to temporarily exempt its 777 freighter from an international rule on greenhouse gas emissions that takes effect at the end of 2027, citing a global shortage of widebody cargo jets.
* UnitedHealth Group Inc. released the first outside reviews of its business practices — reports it commissioned that describe its policies as “robust” while pointing to ongoing problems in areas that have faced scrutiny.
* Carnival Corp. gave a better-than-expected profit outlook for next year and reinstated dividend payments, sending shares higher.
* BioMarin Pharmaceutical Inc. agreed to buy Amicus Therapeutics Inc. for about $4.8 billion, helping the biotech company expand its portfolio of treatments for rare diseases.
* Coty Inc. has sold its remaining stake in Wella to KKR & Co. for $750 million in cash and rights to certain future proceeds as the beauty company works to reduce its debt load.
* Ken Griffin’s Citadel is on track for its worst annual return since 2018 after wagers on natural gas — previously a major driver of the hedge fund’s profits — fizzled.
* DraftKings Inc. is releasing a new app on Friday that will allow customers to trade contracts on sports and financial events through prediction markets.
* WH Smith Plc is under investigation by the UK’s Financial Conduct Authority over the accounting error in its North American business that triggered a stock slump and the resignation of its chief executive officer.
* BBVA SA said it will carry out its largest share buyback ever as it seeks to draw a line under its failed bid for Banco Sabadell SA.
* A.P. Moller-Maersk A/S completed its first Red Sea transit in nearly two years, marking a tentative step toward restoring routes through the Suez Canal following years of conflict in the region.
* BHP Group Ltd.’s top boss said he’s moving on after the company’s aborted attempt to buy Anglo American Plc, preferring instead to focus on its copper projects and opportunities in Canada.
* ByteDance Ltd. is on track for profits of roughly $50 billion in 2025, capping a record year for a Chinese social media leader making major inroads into e-commerce and new markets.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index rose 0.7%
* Bloomberg Magnificent 7 Total Return Index rose 0.7%
* The Russell 2000 Index rose 0.9%
* Oracle rose 6.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.1711
* The British pound was little changed at $1.3375
* The Japanese yen fell 1.4% to 157.69 per dollar
Cryptocurrencies
* Bitcoin rose 2.7% to $87,864.59
* Ether rose 5.6% to $2,985.38
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.15%
* Germany’s 10-year yield advanced five basis points to 2.90%
* Britain’s 10-year yield advanced four basis points to 4.52%
* The yield on 2-year Treasuries advanced two basis points to 3.48%
* The yield on 30-year Treasuries advanced two basis points to 4.83%
Commodities
* West Texas Intermediate crude rose 0.9% to $56.66 a barrel
* Spot gold rose 0.1% to $4,338.56 an ounce

–With assistance from Lu Wang.

Have a wonderful weekend.

Be magnificent!

As ever,

Shima

"No nation has friends, only interests"– Charles De Gaulle

Shima Zangeneh

Assistant to Carolann Steinhoff

Queensbury Securities Inc.

340A – 730 View Street

Victoria BC V8W 3Y7

Tel: 778-430-5851

Fax: 778-430-5828