January 4, 2023 Newsletter

Dear Friends,

Tangents:

Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, 2007 Rep. Nancy Pelosi, D-Calif., became the first female speaker of the House. Go to article » 
It’s National Spaghetti Day. Ciao! In honor of the unofficial holiday, watch this video to see the world’s rarest pasta recipe and its intricate shaping technique. (Click here to view)

10 dazzling gold and silver treasures dug up in 2022. Here are 10 stunning gold and silver treasures, dating from millennia to centuries ago, that came to light in 2022. Go to article »

Japan is offering to pay families to move out of its overcrowded capital.

Starting in April, the incentive — equivalent to about $7,700 per child — will be issued to families if they move from Tokyo to less-populated countryside towns, a spokesperson from the central government said.

Tokyo is the country’s most populous city, with roughly 37 million residents. For decades, people across Japan have migrated to its urban centers seeking job opportunities.

With little space, prices have skyrocketed, while rural towns have been left with fewer residents — as well as millions of unoccupied homes.

This is not the first time the government has tried to use financial incentives to encourage people to leave, but the new plan is more generous at three times the amount currently offered.

PHOTOS OF THE DAY

Sydney, Australia
People watch projections during a media preview for the exhibition Frida Kahlo: The Life of an Icon, as part of Sydney festival
Photograph: Steven Saphore/Anadolu Agency/Getty Images

Simal, Senegal
A prawn fisher walks into the Sine Saloum Delta ahead of a night of fishing
Photograph: John Wessels/AFP/Getty Images

On the lookout
‘A male kingfisher on the River Avon, Bradford-on-Avon, Wiltshire. Sitting close to the river path, the river was high with snowmelt, so he was struggling to find slack water to fish in.’
Photograph: Alex Handover
Market Closes for January 4^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On Jan. 4, 2000, the Nasdaq Composite plunged a then-record 229.46 points, or 5.55%, to close at 3901.69. Internet stocks were hammered the hardest, as CMGI and Yahoo! each lost a third of their value that day. Was it time for investors to get worried? “No,” a market analyst declared flatly, “the bull market isn’t over.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.7%, or 145.06 to 19,588.83 in Toronto.
The index advanced to the highest closing level since Dec. 15.
Shopify Inc. contributed the most to the index gain, increasing 3.7%. Equinox Gold Corp. had the largest increase, rising 9.6%.
Today, 168 of 236 shares rose, while 66 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 7.8% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 11.8% below its 52-week high on April 5, 2022 and 9.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 4.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 12.4 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$3.14t
* 30-day price volatility rose to 13.14% compared with 12.90% in the previous session and the average of 14.10% over the past month
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 14.9500| 3.7| -5.6| 7.7
TD Bank | 14.2800| 1.3| 223.9| 1.3
Barrick Gold | 13.1700| 4.4| -33.8| 9.7
Cenovus Energy | -4.9620| -2.1| -18.1| -7.0
Canadian Natural Resources | -6.2680| -1.2| -59.9| -6.3
Suncor Energy | -10.2400| -2.7| -58.6| -6.4
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — US stocks ended Wednesday’s session with gains as traders weighed the concerns Federal Reserve officials voiced during their last policy meeting against key data showing the economy is slowing.
Treasury yields slipped.
The S&P 500 snapped two days of losses, but not without some drama following the release of minutes from the Federal Open Market Committee’s December meeting.
They showed officials cautioning that an “unwarranted” loosening of financial conditions — a cross-asset measure of stress among markets — would complicate efforts to reach their inflation target.
Policy makers were also concerned that inflation will remain entrenched if the labor market stays resilient.
The 10-year Treasury yield ended at 3.68%, while the dollar retreated. Crude slumped in New York.
Many officials highlighted the need to curb inflation without slowing the economy too much, which somewhat heartened investors. But ultimately, the meeting minutes emphasized that the Fed will have a lot more to do if markets do not cooperate.
“The Fed wanted to send a message to the market that they would not be easing or cutting rates anytime in 2023,” said Joe Gilbert, portfolio manager for Integrity Asset Management. “However, we must remember that the Fed also did not forecast raising rates by 400 basis points twelve months ago, so their forecasting ability of their own actions is sometimes quizzical.”
Latest numbers from the Institute for Supply Management underscored improving supply chain conditions, declining input prices and slower demand — all developments the Fed would welcome. But job openings data pointed to a robust labor market, which rattled investors earlier in the session.
All eyes will be on the nonfarm payrolls report on Friday, for any signs of possible softening in the labor market.

Key events this week:
* Eurozone PPI, Thursday
* US ADP employment change, initial jobless claims, Thursday
* China trade, Caixin PMI, Thursday
* Eurozone retail sales, CPI, consumer confidence, Friday
* Germany factory orders, Friday
* US nonfarm payrolls, factory orders, durable goods, Friday

The main markets moves are:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0603
* The British pound rose 0.8% to $1.2059
* The Japanese yen fell 1.3% to 132.69 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $16,800.86
* Ether rose 3.3% to $1,250.87
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.69%
* Germany’s 10-year yield declined 12 basis points to 2.27%
* Britain’s 10-year yield declined 16 basis points to 3.49%
Commodities
* West Texas Intermediate crude fell 5% to $73.07 a barrel
* Gold futures rose 0.7% to $1,859.10 an ounce

Have a lovely evening

Be magnificent!
As ever,

Isabel

It does not matter how slowly you go as long as you do not stop. –Confucius, 551 BC-479 BC.

Assistant to Carolann Steinhoff

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
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Fax: 778.430.5828
www.carolannsteinhoff.com