July 19, 2023, Newsletter

Dear Friends,

Tangents:

July 19, 1903: the first Tour de France comes to an end.  Maurice Gariun became the first person to win the debut of the now annual bike race.
July 19, 1969: Apollo 11, with Neil Armstrong, Edwin “Buzz” Aldrin and Michael Collins on board, went into orbit around the moon.  Go to article >>

Charles Mayo, surgeon, b. 1865.
Edgar Degas, artist, b. 1834.

What it’s like to be an American living in Paris:  Sidewalk cafés. Cobblestone streets. Masterful art. Paris has an elegant splendor unlike anywhere else in the world.
Learn why more Americans are making the city their home.

880: That’s approximately how many wildfires are burning throughout Canada right now.  At least 580 of those wildfires are “out of control,” according to the Canadian Interagency Forest Fire Centre.

Scientists discover ancient, underwater volcano is still active – and covered in up to a million giant eggs
Before the expedition, the team thought the volcano was extinct and the waters around it frigid. Read More.

Another major US city is sinking, and this time it’s due to ‘underground climate change’
The ground beneath Chicago is deforming as a result of heat leaking from underground structures. Read More.

Ancient ‘unknown’ script finally deciphered 70 years after first being discovered
Last year, researchers discovered Bactrian and Kushan inscriptions on a rock face near the Almosi Gorge in northwestern Tajikistan. Read More.

PHOTOS OF THE DAY

Karbala, Iraq:  Shia Muslim devotees gather during the flag-changing ceremony at the shrines of Imam Hussein and Imam Abbas on the first night of the Muslim month of Muharram and the first day of the Islamic new year.  Photograph: Mohammed Sawaf/AFP/Getty Images

Irakl Khvedaguridze, 81, is the only licensed doctor across 386 sq miles of mountainous region, serving a dwindling community of Tush people. During the summer and early autumn, he gets to his patients on his white horse, Bichola. When the snow gets too deep, Khvedaguridze converts his shoes into skis using birch planks nailed with wide canvas. Once the snow rises above his knees, he can only travel on foot
Tomer Ifrah

Dunedin, New Zealand:  Little blue penguins, also known by their Māori name korora, exit the sea at the Royal Albatross Centre, a wildlife sanctuary in Harington Point,  Photograph: Alessandra Tarantino/AP
Market Closes for July 19^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary
📈 On this day in 1990, Wall Street set a new record as six IPOs were issued in a single day. The companies—Command Security, In-Store Advertising, MECA Software, Modtech Holdings, O’Charley’s and Wisconsin Pharmacal—raised a total of $100.4 million.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 114.6 to 20,491.17 in Toronto.
The index advanced to the highest closing level since May 15.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.2%.
Telus International CDA Inc. had the largest increase, rising 5.7%.
Today, 136 of 228 shares rose, while 87 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 8.2% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on Feb. 2, 2023 and 14.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.1% in the past 5 days and rose 2.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 14.4 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$3.22t
* 30-day price volatility rose to 9.99% compared with 9.97% in the previous session and the average of 11.02% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 46.4376| 0.7| 22/7
Information Technology | 13.8627| 0.9| 6/5
Industrials | 13.5127| 0.5| 15/11
Communication Services | 9.3496| 1.2| 4/1
Energy | 9.0936| 0.3| 20/17
Utilities | 8.3543| 0.9| 15/0
Materials | 6.1732| 0.2| 17/32
Real Estate | 5.8300| 1.2| 20/1
Consumer Discretionary | 4.1183| 0.5| 11/4
Health Care | 0.1148| 0.2| 2/2
Consumer Staples | -2.2485| -0.3| 4/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 13.3200| 1.2| -48.2| -1.8
Shopify | 11.2400| 1.5| 2.6| 91.3
Brookfield Corp | 9.3700| 2.0| -4.4| 10.6
Imperial Oil | -1.2260| -1.5| 26.2| -3.1
Couche-Tard | -1.3210| -0.4| -50.2| 12.7
Suncor Energy | -1.4660| -0.4| -38.3| -10.7
US
By Emily Graffeo and Jennifer Bissell-Linsk
(Bloomberg) — US stocks rose on Wednesday as investors cheered cooling inflation in the UK and looked ahead to a kickoff in tech earnings due at the close of New York trading.
After hours, shares of Netflix Inc. fell after a third-quarter sales forecast missed estimates.
Tesla Inc. wavered after a second-quarter earnings beat.
And International Business Machines Corp. initially fell after missing sales estimates.
During the regular session, Apple Inc. had gained after a Bloomberg report on its efforts to build AI tools, while Alphabet Inc. and Microsoft Corp. fell.
Elsewhere, a profit slump at Goldman Sachs Group Inc. stood in contrast to beats earlier in the week from peer investment firms.
In bonds, US Treasuries joined a worldwide rally as price pressures in the UK dropped to the lowest in 15 months.
The latest inflation report bolstered hopes central banks can go easier on raising interest rates.
However, shaky economic data have made clear the Federal Reserve is far from claiming victory.
The price of commodities, including wheat, spiked midday on Wednesday after a warning from Russia that any ships to Ukraine would be seen as carrying arms.
“The risk of recession has receded dramatically,” said Neil Dutta, head of economics at Renaissance Macro Research, on Bloomberg TV. “I think the markets are right to allocate a little bit more to the soft landing story, but I think you can make a good case that maybe we’re getting a little bit over our skis here and we should probably put some more potential on the resurgence of the inflationary-boom scenario.”
Carvana Co. gained 40% after the used-car retailer reached a deal to restructure its debt and filed to sell as much as $1 billion in stock.
AT&T Inc. rose 8.5% after the telecommunications company reassured investors by saying less than 10% of its nationwide copper-wire telecom network had lead-clad cables.
And Kering SA rose 7.0% in New York after it was said to be speaking to defense advisers as activist investors including Bluebell Capital Partners circle the French luxury group.
In Asia, shares in Hong Kong and mainland China fell while the offshore yuan slid to the weakest level in more than a week.

Investors see no easy fix to China’s economic slump, with fresh signs of financial stress among the nation’s dollar-bond issuers.
Meanwhile, Rio Tinto Group said second-quarter shipments of iron ore fell 1% from a year earlier, as China’s faltering economic recovery continued to weigh on demand.
Gold declined, the dollar strengthened and WTI crude fell after earlier gains. 
Key events this week:
* Eurozone CPI, Wednesday
* US housing starts, Wednesday
* China loan prime rates, Thursday
* US initial jobless claims, existing home sales, Conf. Board leading index, Thursday
* Japan CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1204
* The British pound fell 0.8% to $1.2937
* The Japanese yen fell 0.6% to 139.69 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $30,049.52
* Ether rose 0.8% to $1,910.28
Bonds
* The yield on 10-year Treasuries declined four basis points to 3.74%
* Germany’s 10-year yield advanced five basis points to 2.44%
* Britain’s 10-year yield declined 12 basis points to 4.21%
Commodities
* West Texas Intermediate crude fell 0.6% to $75.27 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The secret of getting ahead is getting started. –Mark Twain, 1835-1910.

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