Tangents: I will be preparing the newsletter on Carolann’s behalf.

April 16, 1705: Queen Anne of England knights scientist Isaac Newton at Trinity College, Cambridge
April 16, 1912: Harriet Quimby becomes the 1st female pilot to fly across English Channel
April 16, 1964: “The Rolling Stones (England’s Newest Hitmakers),” the band’s debut album, was released. Go to article

Newly ‘awakened’ black hole is releasing 100 times more energy than scientists have ever seen before
The quasi-periodic eruptions of X-rays from a black hole 300 million light-years away are unlike any researchers have ever seen before. Read more.

Northern lights ignite night sky after rare double solar eruption, and more are forecast for tonight
Solar eruptions created a northern lights display in North America and Europe overnight, with more auroras expected through Thursday. Read More.

Some people are ‘wired to connect with music on a deeper level,’ study of 9,000 twins finds
Genes affect different aspects of music enjoyment — from the emotional reactions that compositions evoke to the social connection music can foster. Read More.

An ocean of magma formed early in Earth’s history and it may still influence our planet today, study finds
Remnants of a liquid layer of magma near Earth’s core, formed in the first few hundred million years of the planet’s history, may still persist today as odd anomalies in the mantle.

James Webb telescope spots Milky Way’s long-lost ‘twin’ — and it is ‘fundamentally changing our view of the early universe’
The James Webb Space Telescope has discovered Zhúlóng, a candidate for the most distant spiral galaxy in the universe. The perplexing Milky Way ‘twin’ dates to 1 billion years after the Big Bang, and appears too big to explain. Read More.

PHOTOS OF THE DAY

Osaka, Japan
Visitors walk along the Grand Ring, made of wood, as it is reflected in the water during a media preview day for the 2025 Osaka Expo
Photograph: Richard A Brooks/AFP/Getty Images

Kars, Turkey
Flowers remain under snow as snowfall continues in the Sarikamis district of Kars
Photograph: Huseyin Demirci/Anadolu/Getty Images

Lisse, Netherlands
Blooming tulips, hyacinths, daffodils and lily fields create a colourful carpet
Photograph: Nikos Oikonomou/Anadolu/Getty Images
Market Closes for April 16^th, 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1991, the Warsaw Stock Exchange reopened for trading, after decades of closure under Communist rule.
  Canada  
(MT Newswires) 
The Toronto Stock Exchange rose for a fourth-straight session on Wednesday, posting a small gain after Bank of Canada Governor Tiff Macklem left interest rates unchanged amid the uncertain effect of U.S. trade wars on Canada’s  economy.
The S&P/TSX Composite Index closed up 38.86 points to 24,106.79.
Among sectors, Energy, up 1.96%, was the biggest gainer, followed by Telecoms, up 0.34%.
The biggest decliner on the day was Industrials, down 0.9%.
Market focus was on the Bank of Canada, which left its benchmark interest rate unchanged at 2.75%.
Derek Holt, Head of Capital Markets Economics at Scotiabank, said this was “widely expected, despite the closeness of the call.”
Overall though, Holt added, the BoC “basically threw its hands up in the air with a sigh and a collective ‘beats me’ on the bias.”
Holt noted markets “largely shook it all off”, aside from slight appreciation in the Canadian dollar as the slight pricing for a cut was struck out.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.2%, with six of 11 sectors higher, led by materials stocks.
As of market close, 159 of 218 stocks rose, while 55 fell.
Torex Gold Resources Inc. led the advances, rising 9.9%, while Finning International Inc. decreased 4.3%.
Markets at a Glance:
* S&P/TSX Index rose 0.2% to 24,107
* Six of 11 sectors rose
** Materials gained, up 1.2%
** Industrials declined, down 0.9%
* Crude oil rose 2.2% to $63/bbl
* Natgas fell 2.8% to $3.24/mmbtu
* Gold rose 3.6% to $3,334/oz
* Silver rose 1.3% to $33/oz
Advancers:
* Torex Gold Resources Inc. (TXG CN) +9.9%: S&P/TSX Composite Gold Sub Industry GICS Index Rises 2.4%
* Iamgold Corp. (IMG CN) +8.1%: Iamgold Reinstated Outperform at BMO; PT C$12
* Energy Fuels Inc/Canada (EFR CN) +7.3%: Critical Mineral Stocks Rise as Trump Weighs Tariffs on Imports
* Lundin Gold Inc. (LUG CN) +5.6%
* Sprott Inc. (SII CN) +4.5%
Decliners:
* Finning International Inc. (FTT CN) -4.3%
* Brookfield Business Partners LP (BBU-U CN) -4.1%
* Linamar Corp. (LNR CN) -3.9%
* BRP Inc. (DOO CN) -3.5%
* Celestica Inc. (CLS CN) -3.2%
US
By Cristin Flanagan and Vildana Hajric
(Bloomberg) — Warnings from Jerome Powell that trade tensions risk undermining the Federal Reserve’s employment and inflation goals whipped up fresh volatility on Wall Street Wednesday, with stocks resuming sharp declines while haven assets like Treasuries and gold surged.
Two days of relative calm were broken as the Fed chief signaled a wait-and-see approach to President Donald Trump’s tariff offensive, pushing back on hopes he would act quickly to soothe investors.
Stocks extended losses that began earlier when two big semiconductor companies reported earnings disappointments linked to the global trade war.
Asked at the Economic Club of Chicago if he envisioned a “Fed put” in which the central bank intervened to calm markets, Powell said “no,” adding that too many questions exist about the impact of Trump’s policies.
“We don’t know that yet, and until we know that we can’t make informed decisions.”
The S&P 500 ended the session down 2.2%.
Technology stocks took the brunt of the beating with the Nasdaq 100 tumbling 3.0% after the White House imposed new restrictions on Nvidia Corp.’s chip exports to China.
The yield on 10-year Treasuries fell around five basis points to 4.28%.
For now, the Fed chief stressed, the labor market is “in a really good place,” with supply and demand falling in tandem.
Powell said he expected those conditions to continue.
“Many had assumed that the Fed would prioritize the labor side of the mandate if forced to choose, but he suggested that price stability is necessary to maintain a healthy labor market,” said Adam Phillips, managing director of investments at EP Wealth Advisors.
“If you’re waiting for a Fed put, you should probably set your sights on a lower strike price as long as inflationary pressures remain elevated,” he added.
“Don’t look to monetary policy for market support anytime soon.”
To Michael Bailey, director of research at FBB Capital Partners: “Powell just threw equities under the bus.”
“This has been a year of dashed hopes, first with disappointing tariffs, and now with the Fed leaving investors out in the cold,” he said.
“Powell’s market snub came at a bad time with semis wreaking havoc on investor sentiment around the world.
Earlier, Cleveland Fed President Beth Hammack took a similar stance as Powell, suggesting the Fed should hold interest rates steady until there’s more clarity on the impact of levies.
Swaps traders cemented bets on policy-easing, wagering the Fed would lower interest rates a full percentage point by next January.
Chipmakers Quiver
Nvidia sank 6.9% Wednesday after the company warned of $5.5 billion in write downs tied to inventory and commitments for its H20 chip in the current quarter.
ASML Holding NV added to the angst, reporting lower-than-expected orders.
The US government informed Nvidia on Monday that its H20 chip would require a license to export to China “for the indefinite future.”
The new rules address Washington’s concerns that “the covered products may be used in, or diverted to, a supercomputer in China,” the company said in a filing.
Volatility Rising
As volatility picked up, investors turned to haven assets including gold, which set a record high as prices on the precious metal climbed above $3,340 per ounce.
The Swiss franc rallied while the dollar weakened as the deepening trade tensions dented conviction in the world’s reserve currency.
Also weighing on risk assets, the World Trade organization cut its forecast for the year, saying trade would decline by 0.2% in 2025, almost three percentage points lower than it would have been without new tariffs.
China was reported to be looking for a point person and more respect from the Trump administration before it will come to the table to discuss tariffs.
“While we expect that trade talks will ultimately yield progress, the brinkmanship between the US and China looks set to continue in the near term,” said Solita Marcelli at UBS Global Wealth Management.
US retail sales for March rose 1.4% — the most in two years as Americans went on a spending spree, snapping up everything from cars to electronics, in the days leading up to President Donald Trump’s tariff announcement.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 3%
* The Dow Jones Industrial Average fell 1.7%
* The MSCI World Index fell 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.9% to $1.1385
* The British pound was little changed at $1.3237
* The Japanese yen rose 0.7% to 142.14 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $84,308.59
* Ether fell 0.4% to $1,588.16
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.28%
* Germany’s 10-year yield declined three basis points to 2.51%
* Britain’s 10-year yield declined four basis points to 4.60%
Commodities
* West Texas Intermediate crude rose 2.3% to $62.74 a barrel
* Spot gold rose 3.3% to $3,337.90 an ounce
This story was produced with the assistance of Bloomberg
Automation.

–With assistance from John Viljoen, Winnie Hsu, Zhu Lin, Abhishek Vishnoi, Anand Krishnamoorthy and Julien Ponthus.

Have a lovely evening.

Be magnificent!
As ever,

Shab
“You know more of a road by having traveled it than by all the conjectures and descriptions in the world.”– William Hazlitt

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
www.carolannsteinhoff.com