Category Events, Newsletters, Uncategorized]
Dear Friends,
Tangents: Happy Monday.
Carolann is away from the office for a few days this week, attending an investment conference in NYC.
May 11, 868: "The Diamond Sutra", the world’s oldest surviving and dated printed book is printed in Chinese and made into a scroll
May 11, 1068: Matilda of Flanders, wife of William the Conqueror, is crowned Queen of England in Westminster Abbey, Londonđź‘‘
May 11, 1792: Columbia River discovered & named by US Captain Robert Gray
May 11, 1893: Henri Desgrange establishes world’s 1st bicycle world record, travelling 35.325 km (21.95 miles) an hour đźš´
May 11, 1997: The Deep Blue IBM computer defeated Garry Kasparov to win a six-game chess match between man and machine in New York. Go to article
The FDA is launching a new framework to deliver tailor-made gene therapies to people with rare genetic disorders. Discussions about whom to treat and how to monitor patients are ongoing.
Archaeologists discovered the 20-karat-gold dental wire in the lower jaw of a middle-aged man who lived around 500 years ago in Scotland.
More polar bears are approaching human sites as the climate warms, and it’s not just the skinny ones
It’s not just thinner bears that are coming ashore as the climate warms.
US government declassifies nearly 200 UAP files, including strange sightings from Apollo astronauts
The Department of Defense just declassified more than 160 documents, images and recordings related to UFO/UAP sightings dating back to before the Apollo era.
This paint could cool your home and harvest water from the air
As global temperatures rise and water scarcity worsens, a nanoengineered paint developed by researchers in Australia aims to tackle both — with the stroke of a brush.
National Eat What You Want Day 🍕🍩 — a fun excuse to enjoy your favorite foods without worrying about diets.
PHOTOS OF THE DAY
Kaili, China
Children from the Miao ethnic group take part in the Guzang festival
Photograph: Liang Huibo/VCG/Getty Images
Hill of Uisneach, Ireland
People take part in the Bealtaine fire festival, an ancient Celtic rite that marks the beginning of summer
Photograph: Niall Carson/PA
Ponta Delgada, Azores
Crowds watch the Holy Christ of Miracles parade, the islands’ largest religious festival
Photograph: Eduardo Costa/EPA
Market Closes for May 11th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49704.47 | +95.31 |
| +0.19% | ||
| S&P 500 | 7412.84 | +13.91 |
| +0.19% | ||
| NASDAQ | 26274.13 | +27.05 |
| +0.10% | ||
| TSX | 34138.88 | +61.13 |
| +0.18% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 62417.88 | -295.77 |
| -0.47% | ||
| HANG SENG |
26406.84 | +13.13 |
| +0.0.5% | ||
| SEN SEX | 76015.28 | -1312.91 |
| -1.70% | ||
| FTSE 100* | 10269.43 | +36.36 |
| +0.36% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.538 | 3.472 |
| CND. 30 Year Bond |
3.904 | 3.850 |
| U.S. 10 Year Bond |
4.4155 | 4.3541 |
| U.S. 30 Year Bond |
4.9866 | 4.9338 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7308 | 0.7314 |
| US $ |
1.3682 | 1.3672 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6206 | 1.6111 |
| US $ |
0.8492 | 1.1775 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4741.40 | 4743.35 |
| Oil | ||
| WTI Crude Future | 98.07 | 94.81 |
Market Commentary:
On this day in 1861, with the Civil War under way, the New York Stock Exchange banned all trading in Confederate stocks and bonds. Members were still free to sell short any Union securities they wished, though.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 61.13 to 34,138.88 in Toronto.
The index advanced to the highest closing level since April 20.
Barrick Mining Corp. contributed the most to the index gain, increasing 9.1%.
Endeavour Silver Corp. had the largest increase, rising 12.6%.
Today, 118 of 220 shares rose, while 101 fell; 3 of 11 sectors were higher, led by materials stocks.
Insights
* The index advanced 35% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is 1.2% below its 52-week high on March 2, 2026 and 34.2% above its low on May 12, 2025
* The S&P/TSX Composite is up 1.5% in the past 5 days and rose 1.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.4 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.38t
* 30-day price volatility fell to 13.51% compared with 13.54% in the previous session and the average of 15.97% over the past month
Index Points
Materials | 208.3000| 3.3| 54/6
Energy | 101.5305| 1.7| 33/4
Utilities | 4.6085| 0.4| 8/6
Health Care | -2.0241| -2.1| 1/3
Communication Services| -3.9129| -0.6| 1/4
Real Estate | -4.3710| -0.9| 7/12
Consumer Discretionary| -12.7091| -1.2| 1/8
Consumer Staples | -20.4326| -1.9| 0/10
Industrials | -45.4199| -1.3| 5/24
Financials | -46.8705| -0.4| 7/16
Information Technology| -117.5631| -4.9| 1/8
MT Newswires:
The Toronto Stock Exchange rose for a second-straight session Monday on improved commodity prices, while risks stemming from the closure of the Strait of Hormuz likely capped gains, while RBC outlined "key hidden trends that support its cautiously optimistic view of Canada’s labour market recovery this year".
The S&P/TSX Composite Index closed up 61.12 points, or 0.2%, to 34,138.88, adding to the 220 points gained Friday, even with sectors mixed.
The Battery Metals Index was up 3.8%, Base Metals up 2.1% and Energy up near 1.7%.
In contrast, Info Tech was down near 3.8% and Health Care down 2.1%.
On equities as an asset class compared to others, Rosenberg Research in its latest monthly ‘Strategizer’, said its model’s tactical allocation points to the maximum risk-off tone allowed within confines of the model, favoring cash (10%) and fixed-income (50%) over equity risk (40%).
"The contrarian nature of the model shined through last month with equity scores soaring, but the signal has reversed this month, with broad-based declines across equity scorecards," it added.
Rosenberg Research noted the energy sector is screening as #1 in both the United States and Canada.
Its commodity model points to the asset class "remaining favorable", noting energy-related commodities are heavily weighted in the top rankings.
Its gold model is "exhibiting some strength" in a fourth monthly rise, and it remains "long-term bullish’.
On economics, RBC Economics published ‘The hidden resilience in Canada’s labour market’ in which it noted headline labor market data in Canada looks "gloomy" in 2026.
But beneath that lies more encouraging details, it said, adding: "fewer permanent layoffs and stable hidden unemployment point to easing in cyclical weakness and underlying resilience".
Sectors exposed to U.S. demand are still seeing job losses, but those losses haven’t spread to the broader economy, RBC said.
More recently, hiring intentions among Canadian firms have picked up, though translating those plans into actual job growth will take time, it noted.
"Structurally, Canada’s aging population is tightening its grip on labour supply as immigration slows, and retirements accelerate," RBC added.
RBC outlined key hidden trends that support its "cautiously optimistic" view of Canada’s labor market recovery this year, including that: 90% of Canadian jobs focus on domestic demand, and will be supported by firmer spending; to date, there’s little signs of young job seekers giving up on their job searches en masse, despite elevated unemployment; and business hiring sentiment broadly held up even amid Middle East tension.
Meanwhile, TD Economics published ‘The Hidden Food Inflation Risk from the Strait of Hormuz Disruption’.
Among highlights, TD said the Strait of Hormuz disruption is "more than an energy shock", noting the closure has blocked roughly one-third of the global seaborne fertilizer trade with nitrogen and phosphate supply the most exposed.
Gulf-dependent fertilizer importers are being hit first, but rising prices are impacting food producers all over the world, the bank added.
North America may avoid the worst of the supply shock, but it remains exposed to global price spillovers, TD said.
Existing inventories and low-farm-to-retail pass through should limit the headline CPI impact, but a persistent fertilizer shock could still add upside pressure to food inflation, it added.
Of commodities, gold was steady midafternoon Monday after the United States rejected Iran’s response to its peace plan offered last week, calling the country’s response unacceptable.
Gold for June delivery was up $0.60 to US$4,731.30 per ounce.
Also, West Texas Intermediate oil rose as the war that has produced the largest-ever energy supply shock looks set to continue.
WTI crude oil for June delivery closed up $2.65 to settle at US$98.07 per barrel, while July Brent oil was up $3.47 to US$104.76.
US
By Rita Nazareth
(Bloomberg) — A renewed advance in oil prices sent bonds lower after the US and Iran failed to agree on terms to end their war, dashing hopes for a revival of the Strait of Hormuz while stoking inflation concerns.
US crude settled around $98, with the near-halt of traffic through the waterway reigniting worries about further energy disruptions.
The Treasury market, which has priced out the odds of Federal Reserve rate cuts this year amid the Middle East conflict, saw an increase in yields.
A rally in chipmakers drove the S&P 500 to another closing high, but most of the gauge’s shares fell.
President Donald Trump is meeting with his national security team to discuss the way forward in the Iran war — including possibly resuming military action — amid a deadlock in negotiations, Axios reported.
The ceasefire between the US and Iran reached a particularly precarious moment as Trump said the deal was on “massive life support.”
Speaking to reporters, he called Tehran’s response to his proposal a “piece of garbage.”
“An agreement remains elusive and risks remain elevated,” said Mark Haefele at UBS Chief Investment Office.
“Both sides remain under pressure to conclude a deal.”
The conflict with Iran will be on Trump’s agenda when he meets Chinese President Xi Jinping later this week.
Revenue that China provides to Iran as well as potential weapons exports would be among the topics discussed at the summit, according to a US official who briefed reporters on a conference call over the weekend.
On the economic front, an upcoming batch of data is likely to affirm Americans’ growing frustration with inflation.
Economists see a 0.6% increase in the consumer price index for April, based on the Bloomberg survey median estimate.
That’s on the heels of March’s biggest monthly advance since 2022.
Tuesday’s CPI report will be a “spicier” set of figures, the first in a series of readings this week that will feed into the Fed’s preferred measure of inflation, Morgan Stanley’s Matt Hornbach told Bloomberg Television’s Surveillance.
Goldman Sachs Group Inc. and Bank of America Corp. were the latest in a growing cohort of Wall Street banks pushing back their forecasts for rate cuts, arguing that both inflation and jobs data make a case for the Fed to stay on hold until at least the end of the year.
Elsewhere, UK bonds were swept up in another selloff as investors grew increasingly anxious about Britain’s finances, given the risk of fresh challenges to Prime Minister Keir Starmer’s leadership.
Corporate Highlights:
* The war in Iran has sent fertilizer prices soaring, but that’s not creating a windfall for producer Mosaic Co. The US’s biggest phosphate fertilizer producer struggled to stay profitable amid the Strait of Hormuz’s disruption.
* Cerebras Systems Inc. increased the size of its initial public offering, now seeking to raise as much as $4.8 billion, as demand for the artificial-intelligence chipmaker and data center operator’s shares continues to build.
* KKR & Co. is injecting $300 million into a private credit fund it manages with Future Standard as performance continues to deteriorate.
* Barrick Mining Corp. said it will repurchase as much as $3 billion of its shares as the world’s third-largest gold producer woos investors before spinning off its North American assets later this year.
* Circle Internet Group Inc. jumped amid optimism over the prospects of the stablecoin issuer’s ARC blockchain project and as US lawmakers move toward considering a landmark digital asset bill.
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 rose 0.3%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.1%
* Philadelphia Stock Exchange Semiconductor Index rose 2.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.1778
* The British pound was little changed at $1.3620
* The Japanese yen fell 0.4% to 157.23 per dollar
Cryptocurrencies
* Bitcoin rose 1.6% to $81,995.85
* Ether rose 0.6% to $2,342.53
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.41%
* Germany’s 10-year yield advanced four basis points to 3.04%
* Britain’s 10-year yield advanced nine basis points to 5.00%
Commodities
* West Texas Intermediate crude rose 3% to $98.26 a barrel
* Spot gold rose 0.4% to $4,736.35 an ounce
Have a wonderful evening everyone.
Be magnificent!
As ever,
Shab
"A star does not compete with the sun. It just shines."– Matshona Dhliwayo
Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7
Tel: 778.430.5808
Toll Free: 1.877.430.5895
Fax: 778.430.5828