Dear Friends,
Tangents: Happy Friday.
June 12, 1849: Lewis Haslett patents an early gas mask in Kentucky, using a water-moistened wool filter and one-way valves to stop harmful dust reaching the lungs.
On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.” Go to article
June 12, 1939: National Baseball Hall of Fame opened.
George H.W. Bush, 41st president, b. 1924.
Anne Frank, diarist, b. 1929.
| El Niño is officially here, and will be among the strongest ever recorded, NOAA announces |
The National Oceanic and Atmospheric Administration gives the climate event a 63% chance to "rank among the largest El Niño events in the historical record going back to 1950." Read more.
| Complete skin of an adult horse found with 10th-century woman and newborn in rare Siberian burial |
Archaeologists found a rare medieval burial of a woman, newborn child and horse in southern Russia. Read more.
| Earth’s underground fungal network is so massive, it would span 10% of the Milky Way, map reveals |
The first global map of subterranean fungi networks reveals how massive its reach is worldwide. Read more.
| The Milky Way returns: How to take breathtaking photos of our galaxy this summer |
Learn how to photograph the Milky Way in June with expert astrophotography tips on dark skies, camera settings, timing and composition. Read more.
Baseball is 90% mental, the other half is physical. -Yogi Berra.
Video: Knicks and Spurs fans take rivalry to the skies
Forget the in-flight movie. A heated NBA Finals rivalry at 30,000 feet is far more entertaining.
Washing your hands? Go for the paper towel
Air dryers can spread bacteria from nearby toilets onto freshly washed hands. In one study, researchers placed petri dishes beneath restroom air dryers and found as many as 60 bacterial colonies after just 30 seconds of exposure.
No shade allowed
Authorities at a popular Italian beach have banned umbrellas, citing safety concerns. Some beachgoers grilled them for it.
Not everyone’s a fan of Gwyneth Paltrow’s new ad
Academy Award-winning actress Gwyneth Paltrow is facing backlash after starring in an advertisement for a luxury Israeli real estate project.
PHOTOS OF THE DAY
Barcelona, Spain
Clergy attend the inauguration of the Tower of Jesus Christ at the Basilica of the Sagrada Família. One hundred and forty-four years after work began, Pope Leo XIV blessed the recently completed central tower of Antoni Gaudí’s cathedral in the presence of members of the Spanish royal family, the prime minister and hundreds of bishopsPhotograph: Emilio Morenatti/AP
A hummingbird hawkmoth flies to a red valerian plant to collect pollen in Ludwigsburg, southern Germany
Photograph: Thomas Kienzle/AFP/Getty Images
Schönefeld, Germany
The defence minister, Boris Pistorius, greets a soldier wearing a replica of a robot at the German armed forces’ booth at the International Aerospace Exhibition
Photograph: Ralf Hirschberger/AFP/Getty
Market Closes for June 12th, 2026
| Market Index |
Close | Change |
| Dow Jones |
51202.26 | +353.51 |
| +0.70% | ||
| S&P 500 | 7431.46 | +37.16 |
| +0.50% | ||
| NASDAQ | 25888.84 | +79.18 |
| +0.31% | ||
| TSX | 34937.85 | +266.39
+0.77% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 66020.04 | +1802.77 |
| +2.81% | ||
| HANG SENG |
24718.10 | +468.81 |
| +1.93% | ||
| SEN SEX | 75527.95 | +1695.40 |
| +2.30% | ||
| FTSE 100* | 10471.72 | +167.84 |
| +1.63% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.401 | 3.409 |
| CND. 30 Year Bond |
3.815 | 3.814 |
| U.S. 10 Year Bond |
4.4789 | 4.4611 |
| U.S. 30 Year Bond |
4.9664 | 4.9554 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7149 | 0.7157 |
| US $ |
1.3986 | 1.3972 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6178 | 1.6186 |
| US $ |
0.8641 | 1.1572 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4074.85 | 4170.95 |
| Oil | ||
| WTI Crude Future | 84.88 | 87.71 |
Market Commentary:
On this day in 1968, the New York Stock Exchange, inundated with trading paperwork and struggling to cope with antiquated record-keeping technology, began closing every Wednesday to allow “back-office” trade processors to catch up with the flood of documents.
👒Canada 🏖
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8%, or 266.39 to 34,937.85 in Toronto.
The index advanced to the highest closing level since June 4.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.4%.
Montage Gold Corp. had the largest increase, rising 11.8%.
Today, 151 of 220 shares rose, while 68 fell; 6 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 6.6%
* So far this week, the index rose 1.5%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on June 4, 2026 and 32.1% above its low on June 19, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 on a trailing basis and 16.6 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$5.46t
* 30-day price volatility rose to 14.52% compared with 14.41% in the previous session and the average of 13.10% over the past month
Index Points
Materials | 177.7737| 3.1| 58/2
Financials | 103.8937| 0.9| 20/3
Industrials | 21.3308| 0.6| 19/10
Real Estate | 4.0802| 0.8| 16/3
Consumer Discretionary | 3.3643| 0.3| 8/1
Utilities | 0.9169| 0.1| 8/6
Communication Services | -0.2042| 0.0| 3/2
Energy | -1.0422| 0.0| 12/25
Health Care | -1.1182| -1.2| 1/3
Consumer Staples | -8.7859| -0.8| 4/6
Information Technology | -33.8375| -1.3| 2/7
Agnico Eagle Mines Ltd | 26.2100| 3.4| 60.6| -2.3
TD Bank | 21.0400| 1.1| -0.1| 26.8
Barrick Mining | 19.9500| 3.1| -30.4| -5.9
Dollarama | -9.2140| -2.5| 9.0| -6.9
Constellation Software | -18.7100| -4.4| -5.8| -11.4
Shopify | -23.6200| -1.8| -2.4| -31.5
MT Newswires:
The Toronto Stock Exchange closed with a gain on Friday as investors welcomed higher gold prices and assessed fresh data showing Canadian household wealth continued to grow in the first quarter despite volatility in financial markets.
The S&P/TSX Composite Index closed up 266.39 points, or 0.77%, to 34,937.85, as strong gains in battery metals, base metals and financial stocks outweighed weakness in health care, technology and energy shares.
Battery Metals Index led gainers, up 6.70%, with Base Metals, Industrials, Utilities, and Financial, up 2.21%, 0.60%, 0.07%, and 0.86%, respectively.
Health Care led decliners, down 1.64%, with Information and Technology, down 0.99%, Telecom, down 0.12%, and Energy, down 0.48%.
In commodities, gold traded sharply higher on Friday, rising off a seven-month low on expectations Iran is ready to sign a peace deal with the United States, promising to lower the high oil prices that have raised inflation and boosted the U.S. dollar and bond yields.
Gold for July delivery was last seen up US$124.80 to US$4,238.80 per ounce after falling to the lowest since Nov. 20 a day earlier.
The rise comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near.
For oil, West Texas Intermediate (WTI) crude fell for a second day on Friday, falling to the lowest in nearly two months on expectations the United States and Iran are near a deal to end their war and reopen the Strait of Hormuz.
WTI crude oil for July delivery closed down US$2.83 to settle at US$84.88 per barrel, the lowest since April 17, while August Brent oil was last seen down US$3.11 to US$87.27.
With the prospect of lower geopolitical tensions and a potential peace deal in sight between the United States and Iran, the US dollar (USD) sold off early Friday as the demand for safe havens cooled, said Rosenberg Research.
Oil prices are responding to the possibility of a deal between the U.S. and Iran, as both Brent and WTI have pulled back by more than 4.0%, noted Rosenberg.
The other currencies that are underperforming as things settle are the Canadian dollar and the Norwegian krone, two currencies that markets closely identify with oil price moves, stated Rosenberg.
Beyond commodity markets, fresh economic data showed Canadian household wealth continued to grow in the first quarter despite volatility in financial markets.
Household net worth rises in the face of volatile equity markets, said Statistics Canada in a statement on Friday.
The net worth of Canadian households, the value of all assets minus all liabilities, rose 1.3% in the first quarter of 2026 to reach just over $18.6 trillion, as the value of both non-financial and financial assets increased in tandem.
Following two consecutive quarterly declines, non-financial assets were up 1.1% in Q1, led by an uptick in the value of residential real estate.
Financial assets increased by 1.3%.
Household balance sheets added $148.0 billion in financial assets in Q1, and this gain was driven by net purchases of mutual fund units and higher valuations of domestic equities and investment funds amid easing valuations for foreign equity holdings, StatsCan noted.
Meanwhile the seasonally adjusted stock of household credit market debt in Canada reached $3.25 trillion in Q1, the latest StatsCan data revealed.
At the same time, the ratio of household credit market debt as a proportion of household disposable income increased for the sixth consecutive quarter, climbing by 0.9 percentage point to 179.6% in Q1.
In other words, there was roughly $1.80 in credit-market debt for every dollar of household disposable income, the agency said.
The household debt service ratio, measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income, rose after two consecutive quarterly declines.
The ratio finished Q1 at 14.75%, up from 14.68% in Q4 2025, as total debt payments rose 1.1% to outpace income, added StatsCan.
The value of household residential real estate rose 1.3% to $8.47 trillion in Q1, despite a decline in real estate activity as measured by resales.
According to the MLS House Price Index, the composite house price increased by 0.7% in the first three months of 2026; however, the number of resales declined by 8.4%.
In contrast, StatsCan’s New Condominium Apartment Price Index indicated that, since the first quarter of 2025, new condominium apartment prices have fallen by 5.9% in Toronto and by 2.9% in Vancouver.
According to the Bank of Canada’s Financial Stability Report, pressures in condominium markets, particularly in Toronto and Vancouver, have created challenges for condominium owners and investors.
Besides, the household saving rate fell to 3.5% in Q1 as growth in disposable income (+0.6%) lagged that in nominal household spending (+0.9%).
Households continued purchasing mutual fund shares in the first quarter of 2026, registering the third-largest acquisition (+$75.3 billion) on record and following the record-high investment in the fourth quarter of 2025 (+97.1 billion) StatsCan said.
In 2025, households benefitted from record-high reinvested earnings through fund investment incomes and capital gains, while in the first quarter of 2026, households focused on record net investments in exchange-traded funds.
Additionally, the Bank of Montreal (BMO) noted implications of the expected negative birth rate in the country.
In Canada, demographic attention has been rightly focused on the massive influx and then capping of non-permanent residents, said BMO.
However, a collapse in natural population growth has been unfolding in the background.
Net births are expected to turn negative for the first time ever in 2028, stated BMO.
That is, more Canadians will begin to pass away than will be replaced with new babies.
According to the bank, there are many causes and many longer-term implications.
Among the latter, the lower labor force and potential economic growth, lower break-even job growth rates, a role for artificial intelligence to drive more productivity, mounting stress on social security funding, and an evolving housing demand curve.
US
By Rita Nazareth
(Bloomberg) — Hopes for a diplomatic breakthrough that would end the war in Iran extended a slide in oil prices while lifting stocks, with Wall Street’s enthusiasm also fueled by SpaceX’s strong trading debut.
The S&P 500 extended this week’s gain, with Elon Musk’s space company up 19% after a record-breaking IPO.
US oil settled below $85 as the US said an interim peace deal that reopens the Strait of Hormuz and ends Iran’s nuclear weapons ambitions looks increasingly likely and could be signed within days.
A senior administration official estimated an 80% or 85% chance that an accord gets signed soon.
President Donald Trump said he thinks a deal could be signed over the weekend or Monday, according to an Axios reporter’s post on X.
Iran’s Foreign Minister Abbas Araghchi noted the Islamabad Memorandum of Understanding has “never been closer.”
Pakistan’s Prime Minister Shehbaz Sharif said a “final, agreed upon text of the peace deal has been reached” and his country is working with both sides “to finalize the next steps.”
Equities had briefly fallen after Trump complained about Iran leaking terms of a deal.
As a selloff in oil deepened, concerns over inflationary pressures eased, with traders pushing their wagers for a Federal Reserve rate hike into next year.
Data Friday showed US consumer sentiment rose in early June for the first time in four months as lower gasoline prices provided some relief for Americans.
Consumers expect prices to rise at an annual rate of 4.6% over the next year, down from 4.8% in May.
They also saw costs rising at an annual rate of 3.4% over the next five to 10 years, erasing the prior month’s jump.
“In keeping with the recent easing in oil and gas prices, the pullback in consumers’ short- and long-term inflation expectations offers some relief from a monetary policy standpoint,” said Vail Hartman at BMO Capital Markets.
“However, the inflation metrics remain elevated versus pre-war levels and in a broader historical context.”
Fed officials are widely expected to hold rates steady at their June 16-17 policy meeting, which will be the first over which the central bank’s new chairman, Kevin Warsh, presides.
Corporate Highlights:
* Adobe Inc. sank after saying its chief financial officer would depart, leaving a leadership vacuum following Chief Executive Officer Shantanu Narayen announced his resignation earlier this year.
* Roku Inc., the streaming video platform, is in talks to sell itself, people with knowledge of the matter said.
* Exxon Mobil Corp. is studying potential acquisition targets including Australia’s Woodside Energy Group, as the US giant eyes options to deepen its presence in liquefied natural gas and Asian markets, according to people with knowledge of the matter.
* Blackstone Inc. is in early stage talks about an acquisition involving H&R Real Estate Investment Trust, a Canadian owner of apartment buildings and other properties.
* Flutter Entertainment Plc announced plans to delist from the London Stock Exchange about two years after the online betting group shifted its primary listing to New York, the latest company to abandon the UK bourse to prioritize US trading.
What Bloomberg Strategists say…
“The pop in stocks on Friday following the latest comments from Iran’s foreign minister shows there’s room for markets to price in added optimism if a concrete deal emerges. Yet the extent of such a reaction will probably be limited.”
—Kristine Aquino, Managing Editor, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1571
* The British pound was little changed at $1.3409
* The Japanese yen fell 0.2% to 160.20 per dollar
Cryptocurrencies
* Bitcoin rose 0.5% to $63,629.27
* Ether fell 0.2% to $1,667.04
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.48%
* Germany’s 10-year yield declined four basis points to 3.00%
* Britain’s 10-year yield declined seven basis points to 4.84%
Commodities
* West Texas Intermediate crude fell 3.8% to $84.35 a barrel
* Spot gold was little changed
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
The world turns aside to let any man pass who knows where he is going. –Epictetus, 50 BCE-135 CE
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