January 10, 2024, Newsletter

Dear Friends,

Tangents:
January 10, 1863: London Underground opens.  “The Tube” is the world’s oldest underground railway.
January 10, 1920: League of Nations founded.

George Foreman, boxer, b.1949.

‘Mean Girls’ premiere reunites Lindsay Lohan and Tina Fey
Many fans of the popular 2004 film are excited about a new chapter in the “Mean Girls” burn book.

Paris inaugurates David Bowie street in honor of legendary musician
A Parisian road has been named after David Bowie, with the official inauguration taking place on what would have been his 77th birthday.

Starbucks is expanding in India
The coffee chain plans to operate 1,000 stores in India by 2028, opening the equivalent of one new location every three days for the next four years.

Kenya goes visa-free for travelers — but there’s a catch
Kenya’s decision to drop visa requirements in favor of an Electronic Travel Authorization has sparked an online backlash.

Medieval grave of man and his huge sword unearthed
Archaeologists think the man buried in the grave may have been a wealthy supporter of the Kalmar Union, in which a single monarch united the kingdoms of Denmark, Sweden and Norway. Read More.

1st Americans may have arrived by a sea ice ‘highway’
During the last ice age, the first people to reach the Americas may have traveled from Asia along a sea ice “highway.” Read More.

Ancient, petrified mangrove forest discovered in Panama
Fossils discovered on Barro Colorado Island suggest central Panama was once home to a vast mangrove forest that was preserved when a volcanic mudflow buried it 23 million years ago. Read More.

NASA probe set for record-breaking encounter with sun
Later this year, NASA’s Parker Solar Probe will come even closer to the sun than it has before, while traveling at record-breaking speeds. Read More.

PHOTOS OF THE DAY

Karamay, China
A group of gazelles running in the Gobi desert
Photograph: Costfoto/NurPhoto/Rex/Shutterstock

London, UK
A giant gorilla statue on show at the Wild About Babies exhibition in Paternoster Square, which aims to raise awareness of endangered species and wildlife conservation
Photograph: Vuk Valcic/Zuma/Rex/Shutterstock

​​​​​​​Morigaon, India
A black-necked stork forages for food at a wetland in Pobitora wildlife sanctuary
Photograph: Biju Boro/AFP/Getty Images
Market Closes for January 10^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2000, America Online agreed to buy Time Warner in a stock swap valued at $156 billion. The merger came to be seen as one of the worst business fiascos and Time Warner cut AOL loose in 2009 after billion of dollars in write-downs.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,989.42 in Toronto.
The move follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain, increasing 1.1%.
Filo Corp. had the largest increase, rising 8.2%.
Today, 124 of 225 shares rose, while 97 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* The index advanced 5.5% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Dec. 27, 2023 and 12.3% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 0.8% 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 16.5 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.32t
* 30-day price volatility fell to 10.75% compared with 10.86% in the previous session and the average of 10.81% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 20.2624| 1.1| 9/1
Industrials | 14.5046| 0.5| 18/8
Consumer Staples | 7.5515| 0.9| 8/3
Communication Services | 5.1325| 0.6| 5/0
Consumer Discretionary | 4.9303| 0.7| 9/4
Utilities | 1.8769| 0.2| 7/7
Materials | 0.4425| 0.0| 27/24
Health Care | -0.1011| -0.2| 3/1
Real Estate | -1.4326| -0.3| 9/12
Energy | -10.6090| -0.3| 14/26
Financials | -24.1291| -0.4| 15/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 9.8590| 1.1| -48.5| 5.1
Brookfield Corp | 7.0990| 1.4| -29.4| 0.0
Couche-Tard | 3.7900| 0.9| -14.4| 3.0
Canadian Natural Resources | -6.8940| -1.0| -67.1| -0.5
Bank of Montreal | -10.5900| -1.6| 31.0| -2.6
TD Bank | -14.9500| -1.4| -14.9| -4.3
US
By Rita Nazareth
(Bloomberg) — Treasuries fell and big-tech fueled gains in stocks, with investors awaiting Thursday’s inflation data for clues on the outlook for Federal Reserve policy.
US 10-year yields topped 4% after briefly falling below that mark.
The S&P 500 extended this week’s advance.
Bitcoin traded near $46,000 before a US Securities and Exchange Commission decision on the approval of exchange-traded funds holding the digital asset.
Oil fell as a surprise buildup in US stockpiles undercut the threat to supplies from Red Sea escalations.
Fed Bank of New York President John Williams said monetary policy is now tight enough to guide inflation back to the target, but suggested policymakers need more evidence of cooling inflation before cutting interest rates.
The upcoming consumer-price index is expected to give a taste of the disinflation trend.
“We’re seeing a plausible path to inflation continuing to ease gradually, an end to Fed rate hikes, and a re-acceleration of economic growth in the back half of 2024,” said Arthur Hogan at B. Riley Wealth.

Corporate Highlights:
* When Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. kick off the industry’s fourth-quarter earnings reports Friday, their results are likely to show that net-interest margins felt continued pressure from higher funding costs.
* Boeing Co.’s chief Dave Calhoun said the plane-maker must own up to its shortcomings as it grapples with a safety incident that has renewed questions over the quality of its manufacturing.
* Hewlett Packard Enterprise Co. agreed to buy Juniper Networks Inc. for $14 billion in a move that will expand its presence in networking but raised skepticism from Wall Street.

Key events this week:
* US CPI, initial jobless claims, Thursday
* China CPI, PPI, trade, Friday
* UK industrial production, Friday
* US PPI, Friday
* Some of the biggest US banks report fourth-quarter results, Friday
* Minneapolis Fed President Neel Kashkari speaks, Friday
* ECB chief economist Philip Lane speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.3% to $1.0965
* The British pound rose 0.2% to $1.2734
* The Japanese yen fell 0.9% to 145.82 per dollar
Cryptocurrencies
* Bitcoin rose 1.5% to $46,115.61
* Ether rose 7.2% to $2,483.48
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.04%
* Germany’s 10-year yield advanced two basis points to 2.21%
* Britain’s 10-year yield advanced four basis points to 3.82%
Commodities
* West Texas Intermediate crude fell 1.3% to $71.28 a barrel
* Spot gold fell 0.3% to $2,023.41 an ounce
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Be willing to be a beginner every single morning. –Meister Eckhart, c.1260-1328.

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