Dear Friends,
Tangents:
July 15, 1799: 🏺🪨📜The Rosetta Stone is discovered in Egypt, carrying the same decree in Greek and two Egyptian scripts. It gives scholars the breakthrough needed to read hieroglyphs after more than 1000 years.
July 15, 2010: 🌊🛢️🚨BP stopped the flow of oil into the Gulf of Mexico after 85 days using a 75-ton cap lowered onto the well earlier in the week. Go to article.
🖼️🎨🖌️Rembrandt, artist, b. 1606.
Rembrandt was born in Leiden, the Netherlands on July 15, 1606 – his full name was Rembrandt Harmenszoon van Rijn. He was the son of a miller. Even though he came from modest means, he was able to study art and, by age 22, took his first pupils. He married Saskia van Uylenburgh, the cousin of a successful art dealer, in 1634. Rembrandt’s family life was marked by misfortune. Between 1635 and 1641, Saskia gave birth to four children, but only the last, Titus, survived. Saskia died in 1642, at the age of 30. Hebdrickje Stoffels, who became Rembrandt’s housekeeper in 1649, eventually became his wife and was the model for many of his paintings. Despite Rembrandt’s success as an artist, teacher, and art dealer, his flamboyant living forced him to declare bankruptcy in 1656. His beloved Hendrickje died in 1663, and his son, Titus, in 1668 at only 27 years of age. Eleven months later, on October 4, 1669, Rembrandt died in Amsterdam.
| Scientists show that DNA can last for up to 50,000 years in Africa — much longer than previously thought |
⏳🧬🦴Researchers extracted DNA from long-dead animals that lived in South Africa during the last ice age, revealing that genetic material lasts longer in hot climates than was previously thought. Read more.
💬The cost of a thing is the amount of what I will call life, which is required to be exchanged for it, immediately or in the long run. -Henry David Thoreau.
Spain dominates France
⚽🔥🏆Today’s semifinal between defending World Cup champion Argentina and England is set for 3 p.m. ET and will determine who will play Spain in the final.
Haunting portraits
💙📷🕊️For years, Phan Quang traveled to find families born in Vietnam from marriages long considered taboo. His photographs reveal families “trapped in a melancholic loop of the past.”
Mystical, secret island
🏝️🔮🌴In the middle of a lake is a tropical island paradise with cascading waterfalls. It’s a natural wonder — and it can only be found with the help of a spirit guide
PHOTOS OF THE DAY
⚽World Cup 2026:
England face off with Argentina in semi-final
Photograph: Madison Higham/Fifa/Getty Images
Knebworth, UK
Galbadrakh ‘Gala’ Tsendbaatar of Mongolian folk-metal band the Hu plays a horsehead fiddle during EddFest, Iron Maiden’s 50th anniversary celebration at Knebworth Park
Photograph: Jim Dyson/Getty Images
Rongcheng, China
Fishers return to their boats at Ailun Bay Marine Ranch after Typhoon Bavi. The storm, one of the worst to hit China in a decade, caused deaths and widespread damage across the region
Photograph: Yang Zhili/VCG/Getty Images
Market Closes for July 15th, 2026
| Market Index |
Close | Change |
| Dow Jones |
52658.64 | +150.37 |
| +0.29% | ||
| S&P 500 | 7572.40 | +28.81 |
| +0.38% | ||
| NASDAQ | 26269.23 | +162.22 |
| +0.62% | ||
| TSX | 35416.20 | +95.66
+0.27% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 68751.51 | +1008.01 |
| +1.49% | ||
| HANG SENG |
24681.10 | +340.37 |
| +1.40% | ||
| SEN SEX | 77185.43 | +130.49 |
| +0.17% | ||
| FTSE 100* | 10515.92 | -13.47 |
| -0.13% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.530 | 3.573 |
| CND. 30 Year Bond |
3.943 | 3.976 |
| U.S. 10 Year Bond |
4.5473 | 4.5894 |
| U.S. 30 Year Bond |
5.0793 | 5.1041 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7123 | 0.7113 |
| US $ |
1.4039 | 1.4058 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6210 | 1.6100 |
| US $ |
0.8720 | 1.1467 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4060.32 | 4049.05 |
| Oil | ||
| WTI Crude Future | 79.60 | 79.34 |
Market Commentary:
On this day in 1916, Yale-educated aeronautical engineer William Boeing incorporated the Pacific Aero Products Co. in Seattle with $100,000 in capital. In 1917, he renamed his firm the Boeing Airplane Co. It would make jet travel a part of everyday life.
⚽️Canada 🏆
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 95.66 to 35,416.20 in Toronto.
Today, financials stocks led the market higher, as 6 of 11 sectors gained; 101 of 220 shares rose, while 116 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 1.6%.
Bird Construction Inc. had the largest increase, rising 13.4%.
Insights
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on June 17, 2026 and 31.9% above its low on Aug. 1, 2025
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 0.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.8 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.57t
* 30-day price volatility fell to 12.06% compared with 12.49% in the previous session and the average of 13.55% over the past month
Index Points
Financials | 201.8939| 1.6| 21/2
Industrials | 9.9872| 0.3| 24/6
Communication Services | 7.6190| 1.4| 5/0
Consumer Discretionary | 6.1408| 0.6| 6/2
Real Estate | 3.1617| 0.7| 10/7
Health Care | 0.0302| 0.0| 2/3
Utilities | -0.5794| 0.0| 5/9
Consumer Staples | -7.5479| -0.7| 4/5
Energy | -8.8238| -0.1| 12/25
Information Technology | -48.1466| -1.8| 2/7
Materials | -68.3500| -1.2| 10/50
RBC | 46.9200| 1.6| 8.1| 30.7
TD Bank | 28.8100| 1.4| -9.5| 35.5
Manulife Financial | 21.2800| 3.1| -34.3| 21.4
Teck Resources | -9.8630| -3.7| 2.3| 23.8
Celestica | -11.5200| -3.0| 5.4| 15.9
Shopify | -27.6100| -1.8| 26.0| -21.4
MT Newswires:
The Toronto Stock Exchange rose on Wednesday as gains in financial and battery metals shares outweighed weakness in technology and base metals, while investors assessed the Bank of Canada’s decision to leave interest rate unchanged and mixed domestic economic data.
The S&P/TSX Composite Index closed up 95.66 points, or 0.27%, to 35,416.20, with mixed sectors.
Battery Metals Index led gainers, up 4.54%, with Health Care, Industrials, Telecom, and Financial, up 0.08%, 0.27%, 1.28%, and 1.57%, respectively.
Base Metals led decliners, down 1.83%, while Information and Technology, down 1.77%, Utilities, down 0.05%, and Energy, down 0.45%.
In commodities, gold edged lower on Wednesday even as the dollar and treasury yields fell after the US reported an unexpected drop in wholesale price inflation last month.
The precious metal for August delivery was last seen down 0.5% to $4,049.80 per ounce.
Earlier, the US Bureau of Labor Statistics reported the Producer Price Index fell by 0.3% monthly in June, down from a rise of 0.6% in May and under expectations for a flat reading, according to MarketWatch.
Meanwhile, West Texas Intermediate (WTI) crude oil rose to a one-month high on Wednesday as fighting between the US and Iran intensified, keeping the Strait of Hormuz blocked.
WTI crude oil for August delivery closed up $0.26, or 0.3%, to settle at $79.71 per barrel, the highest since June 15, while September Brent oil was last seen down $7.70, or 0.2%, to $84.71.
Investors also weighed the Bank of Canada’s decision to hold rates steady and its outlook for inflation and economic growth.
The BoC left its policy rate unchanged on Wednesday, in line with expectations, maintaining a cautious approach as policymakers assessed a mixed economic outlook and easing inflation pressures.
This was the sixth policy meeting in which Canada’s central bank held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.
The BoC’s message is that it can remain patient, allowing time to assess incoming economic data before making any further policy adjustments, but stressing it can either cut or hike rates as the situation requires.
"Governing Council judges the current policy rate remains appropriate to sustain the economic recovery and bring inflation back to the 2% target," the BoC wrote in its policy statement, adding it’s "prepared to adjust monetary policy as needed".
Governor Tiff Macklem said the key messages were that Canada’s growth has resumed after a year of stagnation, supported by resilient consumers and adaptable businesses despite US trade pressures.
He added the central bank’s base case is that inflation will gradually ease, but it is ready to hike rates if high energy prices pass through to other sectors.
The BoC is "ready" to hike rates, even in consecutive moves, if the inflation situation requires it, the governor said in a press conference.
Economists predict the central bank will remain on hold through the rest of 2026.
"It doesn’t seem like the Bank is in any rush whatsoever to move off the sidelines, even if their rhetoric leans slightly hawkish," wrote Bank of Montreal Capital Markets Chief Economist Douglas Porter.
"The Bank’s ton around the economic outlook was a tad more upbeat, with plenty of suggestions that growth was turning the corner."
The BoC’s "message remains one of patience," wrote TD Economics’ Maria Solovieva, adding she continues to see the central bank on hold this year.
The BoC’s statement suggests growing confidence in the economy, adding that the Governing Council will continue to assess its "strength" when considering future rate decisions.
While this suggests the recovery is gaining traction, it doesn’t signal imminent rate hikes, with economic slack remaining substantial.
Additionally, Canadian manufacturing sales rose 1.3% month over month in May to a record C$78.1 billion, marking a fourth straight monthly gain, Statistics Canada said on Wednesday.
Sales rose in 14 of 21 subsectors, led by monthly gains in transportation equipment, which was up 4.1% and chemicals, gaining 4.6%, according to Statistics Canada.
The largest decline was in electrical equipment, appliances and components, which fell 5.8% on the month.
However, Canadian wholesale sales were flat in May at C$90.0 billion after a 1.4% gain in April, with declines in four of seven subsectors, according to StatsCan.
The largest declines came from food, beverage and tobacco as well as personal and household goods, which were partly offset by a jump in non-agricultural chemical and allied product sales, the Ottawa-based agency added.
US
By Rita Nazareth
(Bloomberg) — Another report showing softer-than- anticipated inflation drove stocks and bonds higher as Wall Street traders further dialed back wagers on Federal Reserve interest-rate increases this year.
The limited fallout from the Iran war on prices bolstered the view that the Fed will have room to delay any potential tightening move.
Money markets continued to fully price in a rate hike this year, but not before December.
Short-dated Treasuries outperformed.
The S&P 500 saw a second straight day of gains, though a gauge chipmaker lost 2.1%.
The dollar fell.
A decline in energy costs helped keep inflation pressures in check last month, with the core producer price index rising 4.7% from a year earlier, below the median estimate in a Bloomberg survey.
“It appears that the 2026 inflation resumption crested last month and headed back to its pre-conflict trend lower,” said Jamie Cox at Harris Financial Group.
“This really helps the Fed avoid the mistake of hiking rates into a supply shock.”
An escalating conflict in the Persian Gulf has revived concerns over supplies from the energy-rich region.
The US launched more airstrikes on Iran after President Donald Trump pledged to intensify the bombardment until Tehran stops attacking ships in the Strait of Hormuz and agrees to open the waterway.
“There’s no near-term pressure on the Fed, but oil is in the driver’s seat over the longer term,” said David Russell at TradeStation.
“Energy saved the day in June, but that might become ancient history if the Strait of Hormuz doesn’t open soon.”
Meantime, Fed Chairman Kevin Warsh said Trump — who’s long called for slashing interest rates — hasn’t tried to interfere with the central bank and wouldn’t succeed if he attempted such a thing.
“I will tell you what I’ve said to the president repeatedly, and said to the Treasury secretary: They chose an independent guy to do an independent job, and that’s exactly what I plan on doing,” Warsh said.
US economic activity increased at a slight to moderate pace in recent weeks as most regions experienced little to no change in employment levels, the Fed said. Prices rose moderately overall, according to the Beige Book survey of regional business contacts.
“Some contacts tied these cost increases to the conflict in the Middle East; others mentioned tariffs.
Consumer prices continued to rise, and a few districts said contacts saw greater price sensitivity among their customers,” the Fed noted.
Corporate Highlights:
* Anthropic PBC is seeking to meet with investors ahead of its potential mega-IPO, according to people familiar with the matter.
** JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the risks raised by Anthropic’s Mythos AI model are a “real issue” that the US government is on top of now.
* Apple Inc. received long-awaited government approval to roll out Apple Intelligence in China, potentially giving it a boost in the world’s most-competitive smartphone market.
* Morgan Stanley’s stock traders sailed past Wall Street’s expectations to set another quarterly record, adding to the industry’s second-quarter windfall from buoyant markets and ongoing volatility.
* Larry Fink’s plan to combine BlackRock Inc.’s significant index fund business with higher-fee active and private markets investments is bearing fruit, with revenue jumping and the firm’s assets hitting a record $15.3 trillion.
* PayPal Holdings Inc. has been working with advisers to review strategic options, people familiar with the matter said, as Stripe Inc. and private equity firm Advent pursue a $50 billion- plus takeover of the fintech pioneer.
What Bloomberg Strategists say…
“Concerns that China will add memory capacity are hammering semiconductor and other AI-momentum names Wednesday, while softer inflation data and an uneventful Warsh testimony are cushioning the rest of the market.”
—Michael Ball, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.1464
* The British pound rose 1.1% to $1.3535
* The Japanese yen was little changed at 162.22 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $64,899.45
* Ether rose 2.5% to $1,921.8
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.56%
* Germany’s 10-year yield was little changed at 3.12%
* Britain’s 10-year yield declined four basis points to 4.94%
Commodities
* West Texas Intermediate crude rose 1.3% to $80.34 a barrel
* Spot gold was little changed
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Suffering, of every kind, is always a matter of what we’ve lost. When we’re young, we think that suffering is something that is done to us.
When we get older – when the steel door slams shut, in one way or another – we know that real suffering is measured
by what’s taken away from us. – Gregory David Roberts, b. 1952, Shantaram.
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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828