Dear Friends,
Tangents: Old New Year’s Day was on this date until 1751.
March 25, 1807: Britian abolishes the transatlantic slave trade, a major legal pivot that changes global enforcement and moral politics around slavery.
March 25, 1992: Cosmonaut Sergei Krikalev returned to Earth from the Mir space station after a 10-month stay, during which his native country, the Soviet Union, ceased to exist. Go to article.
Aretha Franklin, singer, b. 1942
Elton John, musician, b. 1947.
Sarah Jessica Parker, actress, b. 1965.
| Iran war has already released a staggering amount of CO2 — and the destruction of schools, homes and buildings is the biggest source |
In a new analysis, researchers estimated direct, indirect and future greenhouse gas emissions that were created in the first two weeks of the Iran war, between Feb. 28 and March 14. Read More.
| Massive Iron Age hoards discovered in England may be from funeral of powerful Celtic queen |
Two lavish Iron Age hoards unearthed in England may have been burned in honor of a queen’s royal ancestor, a new study finds. Read More.
| Colorado River negotiations have stalled among 7 states and water is scarce. What happens next? |
Two researchers explore how water rights for the Colorado River get negotiated and why these negotiations have stalled. Read More.
| Mars is hiding a secret clutch of gemstone-like crystals, including rubies and possibly sapphires |
Astronomers have detected small, ruby-like crystals embedded in Martian rocks, which may also hide sapphires created in the fury of meteorite impacts. Read More.
| AI compressed billions of years of evolution into seconds to create ‘Lego-like robots’ that can recover even when they lose limbs |
Modular robots are easily expandable, know when they’re upside down or stuck, and can march forward across all kinds of terrain. Read More.
The other part of history demolished with the East Wing
When the White House’s East Wing was torn down last year to make way for President Trump’s planned ballroom, another piece of history vanished with it: the Jacqueline Kennedy Garden. Kennedy’s grandson is speaking out.
Stephen Colbert to write next ‘Lord of the Rings’ movie
The comedian and well-known J.R.R. Tolkien superfan announced he will co-write and develop a new film in the "Lord of the Rings" franchise after he leaves late night TV.
Ube is enjoying a purple reign in the US
Global demand for the Filipino purple yam known as ube is surging, but meeting that appetite is proving a challenge for producers in the Philippines.
Electric vehicles are having a moment
As Chinese EVs are getting cheaper, gasoline is getting more expensive. Some analysts say this combination will likely turbocharge the industry’s global expansion.
From the Late-Night Shows:
During an appearance at the Oval Office on Tuesday, President Trump told reporters that he’d received a “very significant prize” from Iran, declining to detail what he referred to as “a very big present worth a tremendous amount of money.”
“Wait, you got a gift from the people you are currently at war with?” Josh Johnson said on “The Daily Show.”
“The Secret Service is going to be like, ‘Mr. President, please don’t bring that to the Situation Room.’ ‘[as Trump] But it’s expensive! And it’s ticking. I bet it’s a watch.’” — JOSH JOHNSON
“When I was at school and they made us read ‘The Odyssey,’ I couldn’t believe the Trojans fell for that Trojan horse. And now I’m watching it happen in real time.” — JOSH JOHNSON
“What kind of present did they send him? Did they give him a Vitamix?” — JIMMY KIMMEL
“Who would have ever guessed he could be easily manipulated by expensive gifts? Maybe they gave him a medal that says ‘world’s greatest enemy’ or something.” — JIMMY KIMMEL
PHOTOS OF THE DAY
London, UK
Wild Apples (2024) by Serena Korda, on display at The Coming of Age exhibition at the Wellcome Collection
Photograph: Guy Bell/Shutterstock
Seaton Sluice, UK
A projection-mapped artwork by Illuminos lights up Seaton Delaval Hall in Northumberland to celebrate the Vanbrugh 300 festival
Photograph: Owen Humphreys/PA
Becoming
For six months out of 12, Japan’s northernmost island, Hokkaido, is subject to arctic winds and continuous snowstorms.
All photographs by Elizabeth Sanjuan. Market Closes for March 25th, 2026
| Market Index |
Close | Change |
| Dow Jones |
46429.49 | +305.43 |
| +0.66% | ||
| S&P 500 | 6591.90 | +35.53 |
| +0.54% | ||
| NASDAQ | 21929.83 | +167.94 |
| +0.77% | ||
| TSX | 32382.60 | +441.01 |
| +1.38% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53749.62 | +1497.34 |
| +2.87% | ||
| HANG SENG |
22335.95 | +272.24 |
| +1.09% | ||
| SEN SEX | 75273.45 | +1205.00 |
| +1.63% | ||
| FTSE 100* | 10106.84 | +141.68 |
| +1.42% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.486 | 3.569 |
| CND. 30 Year Bond |
3.893 | 3.965 |
| U.S. 10 Year Bond |
4.3322 | 4.3599 |
| U.S. 30 Year Bond |
4.9009 | 4.9274 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7238 | 0.7267 |
| US $ |
1.3815 | 1.3759 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6261 | 1.5971 |
| US $ |
0.8650 | 1.1560 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4413.55 | 4466.25 |
| Oil | ||
| WTI Crude Future | 91.89 | 93.33 |
Market Commentary:
On this day in 1966, Bank of America executive Kenneth Larkin drafts a memo proposing that BankAmericard should expand outside the bank’s home state of California and offer credit-card services to merchants and retail customers nationwide. The Visa card, and the ability to borrow and spend anywhere at any time, are born.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.4%, or 441.01 to 32,382.60 in Toronto.
The index advanced to the highest closing level since March 17.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 5.2%.
Boralex Inc. had the largest increase, rising 11.0%.
Today, 176 of 221 shares rose, while 42 fell; 10 of 11 sectors were higher, led by materials stocks.
Insights
* In the past year, the index had a similar or greater gain 10 times. The next day, it advanced eight times for an average 0.9% and declined twice for an average 1.8%
* This quarter, the index rose 2.1%
* This month, the index fell 5.7%, heading for the biggest decline since June 2022
* The index advanced 28% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 6.3% below its 52-week high on March 2, 2026 and 45.7% above its low on April 7, 2025
* The S&P/TSX Composite is little changed in the past 5 days and fell 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.05t
* 30-day price volatility rose to 19.22% compared with 18.68% in the previous session and the average of 19.22% over the past month
Index Points
Materials | 190.5938| 3.3| 55/3
Financials | 94.8522| 0.9| 16/8
Energy | 50.4650| 0.8| 24/12
Industrials | 41.5288| 1.3| 25/4
Information Technology | 33.6523| 1.4| 8/2
Utilities | 13.8594| 1.2| 12/2
Consumer Discretionary | 12.4465| 1.2| 7/2
Real Estate | 3.2607| 0.7| 18/1
Consumer Staples | 2.1739| 0.2| 4/6
Health Care | 0.7723| 0.9| 4/0
Communication Services | -2.5791| -0.4| 3/2
Agnico Eagle Mines Ltd | 46.4700| 5.2| 28.0| 14.2
Shopify | 33.3200| 2.4| -6.8| -25.9
TD Bank | 19.0500| 1.3| 52.7| 0.7
Restaurant Brands | -2.4750| -1.0| -41.8| 7.5
Telus | -2.4950| -1.3| -15.9| -1.2
Constellation Software | -4.7950| -1.4| -23.6| -27.1
MT Newswires:
The Toronto Stock Exchange on Wednesday took total gains for this week to more than 1,000 points, buoyed by news the United States has followed up on Monday’s postponement of strikes against Iran’s energy infrastructure by at least putting forward an initial peace plan to end the Middle East war, one that Morningstar DBRS says "elevates" North American LNG.
The S&P/TSX Composite Index closed up another 441.01 points, or near 1.4%, to 32,382.60 as it continues to regain ground after losing about 1,600 points and going negative for the year to date last week, amid an escalation in the war.
With some of the latest news on the war and the prospect of peace, Ghoncheh Habibiazad with BBC Persian, reported that Iranian Foreign Minister Abbas Araghchi has said in a televised interview on Iran’s state TV news channel today that for "several days" recently "the American side has begun sending various messages through different intermediaries".
But, the report adds, he has said the fact that these messages were "conveyed via friendly countries" and that Iran responding by stating their "positions and issuing warnings" was "neither dialogue nor negotiation, nor anything of the sort".
According to the BBC report, Araghchi has also said that Iran’s policy for now is to continue "defending" and they have "no intention of negotiating for now".
This comes after Morningstar DBRS published a commentary entitled "From Risk to Relevance: Middle East Disruption Elevates North American LNG" in which it noted the escalating conflict in the Middle East has disrupted the global supply of liquefied natural gas (LNG), damaged infrastructure in Qatar, and constrained shipping.
It said these developments have heightened buyer concerns around supply security and transit risk, prompting a reassessment of LNG sourcing strategies.
As a result, it added, North American LNG has gained "strategic relevance, supported by jurisdictional stability and expanding export capacity."
Key highlights cited by Morningstar include the following: damage to Qatar’s LNG facilities and constraints on shipping through the Strait of Hormuz have tightened global LNG supply, and increased buyer sensitivity to geographic concentration risk; and North American LNG has emerged as a "strategic supply as buyers prioritize jurisdictional stability, destination flexibility, and contract durability in response to heightened geopolitical risk. U.S. and Canadian LNG projects are, according to Morningstar, "positioned to benefit from greater utilization and longer contract tenors, supporting more stable cash flows and reduced re-contracting risk."
Of commodities, gold traded higher, rising off a near three-month low as treasury yields fell.
Gold for April delivery was up US$154.40 to US$4,588.50 per ounce, after falling to the lowest since Jan. 2 a day earlier.
West Texas Intermediate crude oil closed lower, dropping 2.2% after the United States offered a 15-point ceasefire plan to end its war on Iran, raising hopes for an end to a war that has caused the largest supply disruption in history.
WTI crude oil for May delivery closed down US$2.02 to settle at US$90.32 per barrel, while May Brent oil was last seen down US$2.51 to US$101.98.
US
By Rita Nazareth
(Bloomberg) — Stocks and bonds rose while oil fell as traders weighing the viability of US-Iran ceasefire talks sent markets to a series of swings.
The S&P 500 advanced for a second time this week as US efforts to end the war gathered pace, eclipsing news that Iran rejected a truce proposal and maintained its military strikes.
Brent settled around $102 a barrel.
Treasuries pared their March losses.
Gold climbed.
President Donald Trump has been pushing for talks with Iran in a bid to halt a conflict that’s approaching the four-week mark.
But the initiative has been clouded by uncertainties over the likelihood for a deal.
The White House said the US has been in productive talks with Iran in the last three days.
Washington has compiled a plan stipulating the Islamic Republic dismantle its main nuclear facilities and use a reduced missile arsenal in self-defense only, according to people familiar with the matter.
But Tehran is signaling little willingness to compromise.
A move by the US to start indirect talks is illogical and not viable at this stage, semi-official Fars news agency reported.
Iran has its own conditions for a ceasefire, state-owned Press TV added, citing an unnamed senior security official.
The nation wants guarantees the US and Israel won’t resume their attacks as well as reparations for damages and recognition of its authority over the Strait of Hormuz.
“Markets are positioning for a conflict resolution, despite lingering strategic ambiguity,” said Elias Haddad at Brown Brothers Harriman & Co.
“Ultimately, Iran’s response to the US de-escalation pivot will decide whether peak fear is behind us or still ahead.”
“There’s really no way to know at this point what the facts are regarding the state of negotiations, so expect more whipsaw action as things continue to progress,” said Bespoke Investment Group strategists.
“While Iran still holds some cards, the chips are stacked heavily against them.”
Geopolitics is still in the driver’s seat, but the bigger story may be the stock market’s resilience, according to Mark Hackett at Nationwide.
“We haven’t seen a major drawdown, and that suggests retail investors are continuing to buy into weakness,” he said.
“If tensions begin to ease, institutions may have to move quickly off the sidelines, and that could create a powerful rebound.”
It’s important for investors to not get overly bearish, especially during geopolitical events, which can change course at any time, according to Paul Stanley at Granite Bay Wealth Management.
“Markets may remain volatile for the next several weeks until earnings season begins in mid-April, as earnings season may help the markets refocus back to fundamentals, the economy and AI,” he said.
Optimism over earnings partly explains the S&P 500’s strength in the face of fighting in the Middle East.
Analysts estimate companies in the gauge will grow their profits by 11.9% in the three months through March, according to data compiled by Bloomberg Intelligence.
That compares to a forecast of 10.9% before the war.
Corporate Highlights:
* JetBlue Airways Corp. is considering the option of selling itself to a competitor, Semafor reported, citing people familiar with the matter.
* Meta Platforms Inc. is cutting several hundred jobs as part of a restructuring effort that’s impacting several teams at the company, including sales, recruiting and the Reality Labs hardware division.
* Arm Holdings Plc, which made its name licensing technology to semiconductor makers, said it will sell its own chips for the first time — a move forecast to generate about $15 billion annually within five years.
* Merck & Co. agreed to buy Terns Pharmaceuticals Inc. for $6.7 billion, giving the multinational company access to a promising new leukemia treatment as it faces the patent expiration of its bestselling cancer drug.
What Bloomberg Strategists say…
“The conditions for a squeeze higher are in place:
Sentiment is washed out, hedging remains heavy, systematic and long-short funds have already de-risked, and much of March’s negative technical pressure eased after last Friday’s options expiration.”
—Michael Ball, Macro Strategist, 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 0.7%
* The Dow Jones Industrial Average rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.4% to $1.1561
* The British pound fell 0.4% to $1.3364
* The Japanese yen fell 0.5% to 159.48 per dollar
Cryptocurrencies
* Bitcoin rose 1% to $70,727.54
* Ether rose 0.9% to $2,166.95
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.32%
* Germany’s 10-year yield declined seven basis points to 2.96%
* Britain’s 10-year yield declined 12 basis points to 4.84%
Commodities
* West Texas Intermediate crude fell 1.2% to $91.25 a barrel
* Spot gold rose 1.3% to $4,535.84 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
It’s the circle of life, and it moves us all, through despair and hope, through faith and love. — Elton John, b. 1947, The Lion King
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