July 12, 2023 Newsletter

Dear Friends,

Tangents: July 12^th, 100 B.C. Julius Caesar was born in Rome. Go to article >>

July 12^th, 1920: Moscow Peace Treaty is signed.  Also known as the Soviet-Lithuanian Peace Treaty, the treaty was signed between Lithuania and the Soviet Union.  It recognized Lithuania sovereignty in exchange for its neutrality and for safe passage for Russian troops to Poland.

Buckminster Fuller, b. 1895.
Henry David Thoreau, b. 1817.

Multiple wills were found in Aretha Franklin’s Detroit home after her death in 2018, causing a family battle over the late singer’s estate. A jury this week decided a handwritten will found under her couch cushion should stand as the document of record.

Tensions build over controversial golf merger.  PGA Tour officials say they had no choice but to reach a deal with Saudi-funded LIV Golf to keep some measure of control over the sport in the US.

Mathematicians finally identify ‘seemingly impossible’ number after 32 years, thanks to supercomputers
Researchers have calculated the “ninth Dedekind number,” which was previously thought impossible to work out. Read More.

Humans were in South America at least 25,000 years ago, giant sloth bone pendants reveal
The date that humans arrived in South America has been pushed back, based on jewelry crafted from the bones of an extinct giant ground sloth. Read More.

Indian Ocean gravity hole was caused by extinct ancient sea, scientists say
Scientists may have identified the origins of a mysterious region in the Indian Ocean where gravitational pull is weaker than elsewhere on Earth. Read More.

Mirror-like exoplanet that ‘shouldn’t exist’ is the shiniest world ever discovered
The Neptune-size world acts like a giant mirror, reflecting light back toward its home star, which is positioned unusually close to the lustrous world.  Read More.

SpaceX’s Starlink satellites are leaking radiation that’s ‘photobombing’ our attempts to study the cosmos
The radiation could be interfering with astronomers’ attempts to pick up radio signals arriving from the farthest reaches of the cosmos, a new study shows. Read More.

PHOTOS OF THE DAY

Sydney, Australia: Indigenous dancers perform as part of the pre-game entertainment during a match between the New South Wales Blues and the Queensland Maroons.  Photograph: Dan Himbrechts/AAP

Vermont, US:  A person in a canoe paddles past cars submerged by flood waters from recent rain storms in Montpelier.  Photograph: Brian Snyder/Reuters

​​​​​​​Castelluccio di Norcia, Italy: Tourists visit the flowering lentil fields in Umbria Photograph: Francesco Fotia/Shutterstock
Market Closes for July 12^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1943, women were allowed on the floor of the New York Stock Exchange for the first time in its 151-year history. With so many men off serving in the military, the exchange allowed women to fill some jobs. They weren’t allowed to trade, but they did get to work as pages and reporters, shuttling other people’s orders around the floor of the exchange.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1%, or 192.21 to 20,070.77 in Toronto.
The move was the biggest since rising 1.2% on June 30.
Today, materials stocks led the market higher, as 8 of 11 sectors gained; 173 of 229 shares rose, while 50 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.0%. Laurentian Bank of Canada had the largest increase, rising 26.6%.
Insights
* The index advanced 7.5% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 3.7% below its 52-week high on Feb. 2, 2023 and 12.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility little changed to 10.97% compared with 10.97% in the previous session and the average of 11.36% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 70.7206| 3.0| 47/3
Financials | 42.0678| 0.7| 24/3
Information Technology | 26.5011| 1.7| 5/6
Utilities | 16.4542| 1.9| 15/0
Energy | 14.4179| 0.4| 26/12
Industrials | 14.2174| 0.5| 15/11
Real Estate | 8.3582| 1.7| 20/1
Communication Services | 0.4546| 0.1| 4/1
Consumer Staples | -0.2399| 0.0| 5/6
Health Care | -0.3469| -0.6| 2/2
Consumer Discretionary | -0.3960| -0.1| 10/5
================================================================
| | | | YTD
| Index | | Volume VS | Change
Top Contributors |Points Move| % Change |20D AVG (%)| (%)
================================================================
Shopify | 27.7700| 4.0| 38.5| 84.9
Agnico Eagle Mines | 11.6800| 5.1| 31.0| -1.3
Barrick Gold | 11.5400| 4.3| 18.1| -0.7
Cenovus Energy | -4.1270| -1.8| 69.7| -12.4
Nutrien | -4.8930| -1.8| 2.2| -20.8
Aritzia | -5.0700| -23.9| 1,227.8| -46.0
US
By Rita Nazareth
(Bloomberg) — Treasury yields fell and stocks rose as data showing a slowdown in inflation bolstered speculation the Federal Reserve is close to ending its rate hikes.
The S&P 500 finished at its highest since April 2022, while the Nasdaq 100 outperformed.
Two-year yields, which are more sensitive to imminent policy moves, slid 13 basis points to around 4.75%.
The dollar slipped to a 15-month low.
Brent crude climbed above $80 a barrel for the first time since May.
The consumer price index rose 3% in June from a year ago.
The core measure — which economists view as the better indicator of underlying inflation — advanced 4.8%, the lowest since 2021 — still well above the Fed’s target.
“It’s too early to pop the champagne, but it’s not too early to start chilling the bottle,” said Ronald Temple, chief market strategist at Lazard. “Better-than-expected data
increases the likelihood that a Fed rate increase on July 26 will be the last of this cycle.”
In corporate news, Meta Platforms Inc. and Nvidia Corp. led gains in mega-caps.
Domino’s Pizza Inc. jumped on a third-party ordering agreement with Uber Technologies Inc.
Microsoft Corp. is set for a second shot at winning UK approval for its takeover of Activision Blizzard Inc., but regulators warn that any antitrust fixes would trigger a new probe.
Key events this week:
* China trade, Thursday
* Eurozone industrial production, Thursday
* US initial jobless claims, PPI, Thursday
* US University of Michigan consumer sentiment, Friday
* US banks kick off earnings, Friday 
Some of the main move in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 1.2% to $1.1136
* The British pound rose 0.5% to $1.2992
* The Japanese yen rose 1.4% to 138.46 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $30,264.82
* Ether fell 0.3% to $1,868.45
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 3.86%
* Germany’s 10-year yield declined seven basis points to 2.58%
* Britain’s 10-year yield declined 15 basis points to 4.51%
Commodities
* West Texas Intermediate crude rose 1.6% to $76.01 a barrel
* Gold futures rose 1.4% to $1,963.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Emily Graffeo, Isabelle Lee, Ksenia Galouchko and Allegra Catelli.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
The difference between genius and stupidity is that genius has its limits. –Albert Einstein,1879-1955.

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