February 15, 2022 Newsletter

Dear Friends,

Tangents: Lupercalia – Roman Fertility Festival.
Feb. 15, 1972: Sound recordings are granted copyright protection for the first time.  Before February 15, 1972, sound recordings  were not protected by federal  copyright law but rather by individual state laws.
Feb. 15^th, 1989:The Soviet Union announced that the last of its troops had left Afghanistan after more than nine years of military intervention.  Go to article »
Gallileo Gallilei, astronomer, b.1564.

Netflix releases ‘Bridgerton’ Season 2 teaser trailer.  Oh, the suspense! The internet is raging about this spicy and regal drama.

A rocket is on course to slam into the moon in about 2 weeks.  That doesn’t sound very good… scientists say the impact won’t be visible from Earth, but will certainly create a crater.

Rare notebook with handwritten lyrics by The Beatles to go on display.  Music buffs! Check out some of the group’s legendary doodles, including Paul McCartney’s draft lyrics for the song “Hey Jude.” 

AirAsia flight gets rerouted after snake found on board plane.  Nope… can you handle a real-life ‘Snakes on a Plane’ moment? I can’t!

PHOTOS OF THE DAY

Tourists take photographs at the Upside Down House
CREDIT: Kim Ludbrook/EPA

Boats pass through a path cleared by fishers on the frozen Lake Beyşehir
CREDIT: Anadolu Agency/Getty Images

A free-diver swims near a huge jellyfish
CREDIT:  Ibrahim Chalhoub/AFP/Getty Images

Market Closes for February 15^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1985, the U.S. government began allowing Treasury securities to be carved up, creating “STRIPS,” or Separate Trading of Registered Interest and Principal of Securities. It let investors hedge more easily against changes in interest rates by trading either the interest or the principal portion of a given bond, vastly increasing the liquidity of the government bond market.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 21,502.55 in Toronto.
The move follows the previous session’s decrease of 0.9 percent.
Shopify Inc. contributed the most to the index gain, increasing 5.0 percent.
Ballard Power Systems Inc. had the largest increase, rising 10.8 percent.
Today, 169 of 240 shares rose, while 66 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Nov. 16, 2021 and 19.9 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 13.30 percent compared with 13.48 percent in the previous session and the average of 12.65 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 51.3434| 3.1| 15/1
* Industrials | 44.0217| 1.8| 26/4
* Financials | 36.5670| 0.5| 21/6
* Consumer Discretionary | 17.2259| 2.3| 13/1
* Health Care | 5.2812| 3.5| 7/1
* Real Estate | 4.8949| 0.8| 20/3
* Communication Services | 4.3359| 0.4| 6/1
* Energy | -0.1818| 0.0| 22/9
* Consumer Staples | -1.5541| -0.2| 6/5
* Utilities | -2.4924| -0.3| 7/8
* Materials | -9.4135| -0.4| 26/27
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 41.8300| 5.0| -38.3| -35.0
* Canadian Pacific | 13.6400| 2.3| -12.1| 3.0
* Canadian National | 13.5900| 2.1| -20.3| 2.8
* Agnico Eagle Mines | -3.0200| -1.5| -23.6| -2.1
* Suncor Energy | -5.9890| -1.6| 9.0| 17.7
* Barrick Gold | -6.3420| -1.9| 9.5| 9.5

US
By Rita Nazareth
(Bloomberg) — Stocks climbed, while bonds fell with the dollar as speculation that geopolitical tensions could be easing overshadowed data showing U.S. inflation is still running hot.
The equity market halted a three-day drop as Russian President Vladimir Putin said he hopes for a diplomatic solution to tensions with the U.S. and its allies and announced a partial pullback of thousands of troops massed near the Ukrainian border. President Joe Biden noted that a Russian attack on
Ukraine is “still very much a possibility,” but said diplomacy should continue.
The tech-heavy Nasdaq 100 outperformed major benchmarks, while energy producers joined a slump in oil.
Treasury 10-year yields topped 2%. Haven assets like gold, the Japanese yen and the Swiss franc fell.

Markets have whipsawed as the Ukraine crisis added to existing concerns over inflationary pressures and the withdrawal of stimulus by the Federal Reserve.
The U.S. producer price index jumped in January by more than forecast as companies contend with supply-chain and labor constraints.
“Speculation around the Fed’s action plan, which goes hand-in-hand with inflation, has no doubt been driving market volatility, but so have geopolitics,” said Mike Loewengart, managing director of investment strategy at E*Trade from Morgan Stanley. “And with tension between Russia and Ukraine seemingly cooling, at least for now, the market could welcome some certainty. So while the PPI read is hotter than expected, heightened inflation may already be priced into the market.”
Some corporate highlights:
* Cryptocurrency-exposed stocks joined a rally in Bitcoin.
* Boeing Co.’s 787 Dreamliner suffered a new blow as U.S. regulators on Tuesday said they would retain authority for inspecting the jets before delivery.
* Marriott International Inc. reported earnings that beat expectations as demand for leisure travel powered the hotel recovery.
* Space-tourism company Virgin Galactic Holdings Inc. said it would open commercial-ticket sales.
* Intel Corp. agreed to acquire Tower Semiconductor Ltd. for about $5.4 billion, part of a push into the outsourced chip-manufacturing business.

Here are some key events this week:
* EIA crude oil inventory report, Wednesday
* FOMC minutes, Wednesday
* China CPI, PPI, Wednesday
* G-20 finance ministers, central bank governors meet, Thursday through Feb. 18
* Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard speak, Thursday
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1358
* The British pound was little changed at $1.3537
* The Japanese yen was little changed at 115.63 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.05%
* Germany’s 10-year yield advanced two basis points to 0.31%
* Britain’s 10-year yield was little changed at 1.58%
Commodities
* West Texas Intermediate crude fell 3.6% to $92.01 a barrel
* Gold futures fell 0.8% to $1,854.50 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Peyton Forte and Emily Graffeo.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

There are some things one can only achieve by a deliberate leap in the opposite direction. 
One has to go abroad in order to find the home one has lost. –1883-1924.

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