January 5, 2023 Newsletter

Dear Friends,

Tangents:

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

On this day, 1972 President Richard Nixon ordered development of the space shuttle. Go to article » 

5 stunning archaeological discoveries that may finally be unearthed in 2023. Here are five predictions about what archaeologists may dig up in 2023. Predicting the future is tricky, but based on our research, we’ve made some educated guesses as to the archaeological discoveries and stories we may see in 2023. There’s a possibility that the mummy of Nefertiti will be discovered, as archaeologists are conducting DNA tests in an Egyptian tomb to see if one of the mummies is the remains of the ancient Egyptian queen. We also may learn more about an underground city that flourished in Turkey about 2,000 years ago. Here are our five archaeological predictions for 2023.  Go to article »

Artist draws with one line. This artist creates impressive drawings without lifting her pen once. Watch this short video to see how her hands and eyes work in speedy coordination. (Click here to view)
PHOTOS OF THE DAY

Vatican City
The body of late Pope Emeritus Benedict XVI inside St Peter’s Basilica. Pope Benedict, the German theologian who will be remembered as the first pope in 600 years to resign, has died aged 95
Photograph: Andrew Medichini/AP

Harbin, China
Children play at the Harbin Ice and Snow World in north-eastern Heilongjiang province during the opening ceremony of the 39th Harbin China international ice and snow festival
Photograph: Héctor Retamal/AFP/Getty Images

Caribbean creche by Claudio Contreras Koob, Mexico
Claudio was lying down on the mud a safe distance from a breeding colony of Caribbean, or American, flamingos, in Ría Lagartos biosphere reserve, on the Yucatán Peninsula, Mexico. It was June and the flamingo chicks had left their nests and were in creches guarded by adult birds. When the chicks began to approach Claudio, the adults surrounded them and guided them back into the colony
Photograph: Claudio Contreras Koob/2022 Wildlife Photographer of the Year
Market Closes for January 5^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On Jan. 5, 1999, Amazon.com announced that fourth-quarter sales totaled $250 million, more than triple the level of the same quarter a year earlier. Fixated on Amazon’s revenue growth (and utterly ignoring its widening net losses), traders went wild. The stock surged $6.19 that day to $124.50.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 19,506.84 in Toronto. The move follows the previous session’s increase of 0.7%.
Shopify Inc. contributed the most to the index decline, decreasing 3.5%. Fortuna Silver Mines Inc. had the largest drop, falling 10.4%.
Today, 136 of 236 shares fell, while 97 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 0.6%, heading for the biggest advance since the week ended Nov. 25
* The index declined 7.3% in the past 52 weeks. The MSCI AC Americas Index lost 19% in the same period
* The S&P/TSX Composite is 12.2% below its 52-week high on April 5, 2022 and 9.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.2% in the past 5 days and fell 3.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 12.4 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 fell to 12.56% compared with 13.14% in the previous session and the average of 14.02% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -50.1239| -0.8| 8/21
Industrials | -34.1900| -1.3| 15/11
Information Technology | -24.3914| -2.1| 1/13
Utilities | -10.3525| -1.2| 2/14
Real Estate | -6.5737| -1.3| 0/23
Health Care | 0.3445| 0.5| 2/5
Communication Services | 0.4853| 0.1| 3/3
Consumer Staples | 2.4234| 0.3| 7/4
Consumer Discretionary | 4.9511| 0.7| 13/1
Energy | 16.5308| 0.5| 23/15
Materials | 18.9022| 0.8| 23/26
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -14.6200| -3.5| -6.5| 3.9
Canadian Pacific | -13.8100| -2.1| 19.6| 0.3
Canadian National | -10.6300| -1.6| 29.0| -0.2
Teck Resources | 7.9660| 5.3| 22.9| 0.3
Suncor Energy | 8.8470| 2.4| -51.8| -4.2
Nutrien | 15.0100| 4.3| -4.4| 2.4
US
By Vildana Hajric
(Bloomberg) — US stocks closed lower as continued evidence of strength in the labor market fueled speculation the Federal Reserve has room to keep raising rates. Short-dated Treasuries fell.
The S&P 500 and the Nasdaq 100 each lost more than 1% after hiring numbers surpassed estimates in a private payrolls report and new claims for unemployment benefits unexpectedly fell last week. The policy-sensitive, two-year Treasury yield climbed the most in a month. The dollar strengthened versus major peers.
Dovish comments from St. Louis Fed President James Bullard, who said rates are getting closer to a sufficiently restrictive zone, briefly improved sentiment, but were not enough to divert focus from hiring data. The Fed has suggested that a tight labor market remains a threat to its efforts to slow inflation, ramping up the stakes for government employment figures due early Friday.
At the same time, officials remain worried that financial conditions could get too loose to effectively crimp economic growth, even after the Fed embarked on the most aggressive tightening campaign in decades.
“What the Fed really wants to see is some slack build up in the labor markets, in hopes it can do this gently without creating much of a downturn,” Raghuram Rajan, a former governor of India’s central bank, said on Bloomberg Television. “But it may well be that by the time it seems that it will have raised rates enough, that the momentum takes us down to a mild recession at the very least.”
Atlanta Fed President Raphael Bostic contributed to the subdued sentiment on Thursday after he said the central bank still has “much work to do” to tame inflation. He added to a chorus of hawkish Fed officials this week. Minneapolis Fed President Neel Kashkari said Wednesday he expects rates to rise as high as 5.4%, while Kansas City Fed’s Esther George said she favors a rise above 5%.
Swaps linked to individual Fed decisions jumped and now suggest a peak in the overnight effective rate above 5% in the middle of 2023. The current target range for the Fed is 4.25% to 4.5% and there are around 37 basis points of hikes priced in for the next gathering in February.
Key events this week:
* Eurozone retail sales, CPI, consumer confidence, Friday
* Germany factory orders, Friday
* US nonfarm payrolls, factory orders, durable goods, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4:02 p.m. New York time
* The Nasdaq 100 fell 1.6%
* The Dow Jones Industrial Average fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.0520
* The British pound fell 1.2% to $1.1909
* The Japanese yen fell 0.6% to 133.38 per dollar
Cryptocurrencies
* Bitcoin rose 0.2% to $16,851.63
* Ether was little changed at $1,253.12
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.71%
* Germany’s 10-year yield advanced four basis points to 2.32%
* Britain’s 10-year yield advanced six basis points to 3.55%
Commodities
* West Texas Intermediate crude rose 1.2% to $73.72 a barrel
* Gold futures fell 1.1% to $1,838.60 an ounce

–With assistance from Isabelle Lee and Namitha Jagadeesh.

Have a lovely evening

Be magnificent!
As ever,

Isabel

Rejoice in the things that are present; all else is beyond thee. – Michel De Montaigne, 1533–1592.

Assistant to Carolann Steinhoff

Queensbury Securities Inc.,
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