March 11, 2025 Newsletter

Dear Friends,

Tangents:
March 11, 1702: The Daily Courant, recognized as the first regular daily newspaper in England, is published in London, marking a significant development in journalism.
March 11, 1918 Start of the  Flu Pandemic.
March 11, 1941: President Franklin D. Roosevelt signed into law the Lend-Lease Bill, providing war supplies to countries fighting the Axis.  Go to article.
 
‘Find of a lifetime’: 15th-century gold and silver coins discovered by amateur metal detectorists in Scotland
A collection of over 30 gold and silver English and Scottish coins from throughout the 1400s were discovered near the Scotland border by hobbyist metal detectorists. Read More.

52-foot-high ‘mega ripples’ from asteroid that killed the dinosaurs mapped deep beneath Louisiana in 3D
Buried “mega ripples” — some the size of five-story buildings — are helping scientists piece together the devastation following the impact that wiped out the non avian dinosaurs. Read More

Top-secret X-37B space plane returns to Earth in dead of night after mysterious 434-day mission, US military reveals
The U.S. military’s top-secret X-37B space plane has returned from a mysterious 434-day mission in orbit. The enigmatic mission ‘broke new ground’ for reusable space technology, according to the U.S. Space Force. Read More.

Scientists spot water molecules flipping before they split, and it could help them produce cheaper hydrogen fuel
Splitting water molecules takes more energy than calculations suggest, and is a key roadblock to cheap hydrogen fuel production. Now, scientists have discovered why. Read More.

The world’s most polluted cities 
All but one of the world’s top 20 most polluted cities last year was in Asia, a new study shows. The top five North American cities that made the list were all located in one US state. 

NFL free agency kicks off with big moves
Bags are being packed and new faces are popping up all over the NFL map: The free agency madness has officially begun, with the New York Jets and Seattle Seahawks taking center stage. 

Ski team admits trying to ‘cheat the system’  
Two Norwegian ski jumpers were disqualified from an event at the 2025 FIS Nordic World Ski Championships after their jumpsuits were found to have been manipulated with a reinforced thread. 

PHOTOS 0F THE DAY
Eklutna Tailrace, US
Northern lights (Aurora Borealis) illuminate the sky in Alaska. This natural phenomenon, which decorated the sky in green, purple and red tones, was formed as a result of the interaction of charged particles from the sun with the Earth’s magnetic field. Photographers and nature enthusiasts gathered to capture the spectacle in this region with little light pollution. The year 2025 is predicted to be a period when the Northern Lights will be seen more frequently and intensely due to increased solar activity
Photograph: Anadolu/Getty Images
Fox – Lac La Biche, Alberta, Canada
Bronze in the behaviour mammals category
Photograph: Donna Feldichuk/World Nature Photography awards
A halo is seen during a sunset on the coast of Nuuk
Credit to: www.theguardian.com/artanddesign/gallery/2025/mar/11/
Market Closes for March 11^st, 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5%, or 132.51 to 24,248.20 in Toronto. The index dropped to the lowest closing level since Oct. 31.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 114 of 220 shares fell, while 105 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.5%. Tilray Brands Inc. had the largest drop, falling 7.4%..
Insights
* This quarter, the index fell 1.9%, heading for the biggest decline since the third quarter of 2023
* The index advanced 11% in the past 52 weeks. The MSCI AC Americas Index gained 8.3% in the same period
* The S&P/TSX Composite is 6.3% below its 52-week high on Jan. 30, 2025 and 13% above its low on June 17, 2024
* The S&P/TSX Composite is down 1.3% in the past 5 days and fell 5.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.93t
* 30-day price volatility fell to 14.56% compared with 14.65% in the previous session and the average of 11.95% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -109.4578| -1.4| 3/22
Industrials | -54.3789| -1.8| 5/23
Consumer Staples | -26.0692| -2.7| 0/10
Communication Services| -14.2267| -2.2| 3/2
Consumer Discretionary| -13.9522| -1.7| 1/10
Information Technology| -5.7173| -0.2| 4/6
Utilities | -2.5031| -0.3| 6/8
Health Care | -0.9569| -1.4| 0/4
Real Estate | -0.6765| -0.1| 7/13
Energy | 11.5469| 0.3| 34/9
Materials | 83.8596| 2.7| 42/7
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -41.1700| -2.5| 23.2| -8.3
TD Bank | -20.5900| -2.0| 28.4| 8.7
Bank of Montreal | -19.0800| -2.6| 37.5| -1.6
Kinross Gold | 7.2390| 5.5| 45.3| 20.5
Canadian Natural Resources | 7.2500| 1.2| 25.6| -6.7
Agnico Eagle Mines Ltd | 16.8100| 3.4| 41.2| 28.9
US
By Rita Nazareth
(Bloomberg) — A renewed bout of volatility gripped Wall Street, with stocks closing at the lowest level since September amid concerns about the impacts of a trade war on the economy.
Just minutes after erasing a 1.5% slide on hopes for a Ukraine-Russia truce, the S&P 500 resumed its slide. While a rebound in mega caps like Tesla Inc. and Nvidia Corp. drove the market away from session lows, the vast majority of shares in the US equity benchmark retreated. The measure briefly breached the threshold of a technical correction, while closing 9.3% below its all-time high.
“Even if the majority of this drawdown is potentially behind us, volatility may not be, and there’s a good chance the market could chop sideways for a while,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
President Donald Trump said he was reevaluating plans to double steel and aluminum tariffs on Canada to 50% after Ontario announced it would suspend a 25% surcharge on electricity sent to the US. A widening trade war between the US and Canada has
rocked markets and hung a cloud of uncertainty across major North American industries.
The S&P 500 fell 0.8%. The Nasdaq 100 slid 0.3%. The Dow Jones Industrial Average sank 1.1%.
The yield on 10-year Treasuries advanced six basis points to 4.28%. The Bloomberg Dollar Spot Index fell 0.4%.

Key events this week:

* Canada rate decision, Wednesday
* US CPI, Wednesday
* Eurozone industrial production, Thursday
* US PPI, initial jobless claims, Thursday
* US University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World Index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.8% to $1.0916
* The British pound rose 0.5% to $1.2949
* The Japanese yen fell 0.4% to 147.84 per dollar
Cryptocurrencies
* Bitcoin rose 4.7% to $82,986.37
* Ether rose 4.5% to $1,951.95
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.28%
* Germany’s 10-year yield advanced six basis points to 2.90%
* Britain’s 10-year yield advanced three basis points to 4.67%
Commodities
* West Texas Intermediate crude rose 0.8% to $66.57 a barrel
* Spot gold rose 1% to $2,916.53 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from John Viljoen, Sujata Rao and Aya
Wagatsuma.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

The love you gave in life keeps people alive beyond their time. -Cicero, 106 BCE-42 BCE.

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
www.carolannsteinhoff.com