Dear Friends,

Tangents:
Carolann is away from the office for the CNBC Delivering Alpha Conference. I will be writing the newsletter on her behalf.

On November 12, 1799 : The first recorded observation of the Leonid meteor shower by American astronomer Andrew Ellicott was made from a ship near Florida. history.com

On November 12, 1954 : Ellis Island closes: Ellis Island, the gateway for millions of immigrants to the United States since 1892, officially ceased operations. apnews.com

On November 12, 1990 :Japanese Emperor Akihito formally assumed the Chrysanthemum Throne. Go to article

Anne Hathaway (American actress) , born November 12, 1982.

Ryan Gosling (Canadian actor) , born November 12, 1980.

Neil Young (Canadian singer‑songwriter) , born November 12, 1945.

Scientists create world’s first microwave-powered computer chip — it’s much faster and consumes less power than conventional CPUs
A new kind of processor that uses microwaves can be used in future AI systems or in wireless communications, a new study shows.

Prehistoric Jomon people in Japan had ‘little to no’ DNA from the mysterious Denisovans, study finds
The prehistoric Jomon people of Japan had "unexpectedly low" levels of DNA from the Denisovans, our mysterious human relatives.

No, comet 3I/ATLAS hasn’t exploded — and no, that doesn’t mean it’s an alien spaceship
Comet 3I/ATLAS appears to be normal and intact, despite some reports that the interstellar visitor exploded after its brush with the sun.

A ‘cannibal storm’ from the sun triggered auroras. Another round is on its way.
Dazzling auroras delighted sky-gazers Tuesday night, even in southern US states such as Florida where they rarely make an appearance — and more colorful displays are expected again Wednesday as solar storms unleashed by the sun continue to reach Earth.

Pressure grows for release of penguins ‘trapped’ at London aquarium.
Dozens of British lawmakers have called for the release of 15 penguins “trapped” at a London aquarium without access to daylight or fresh air, saying their living conditions are “utterly unacceptable.”

Everything you need to know about the 2025 Latin Grammy Awards.
Here’s how to watch the 2025 Latin Grammy Awards are right around the corner, which means it is time to get those viewing party plans in action.

Scientists now know that bees can process time, a first in insects
The researchers designed a maze to test bees’ ability to distinguish between long and short flashes of light. Bumblebees can process the duration of flashes of light and use the information to decide where to look for food, a new study has found.

Record-breaking cold settles in across the southern US, but another big change is coming
Record cold temperatures have pushed as far south as Florida this morning as wind-whipped snow continues to pile up in the eastern Great Lakes from a brief bout of Arctic air gripping the eastern US.

PHOTOS OF THE DAY
Monroe, US
The aurora borealis lights up the night sky over Wisconsin as one of the strongest solar storms in decades pushed the northern lights deep into the continental US, with vibrant pink, red, and green hues illuminating rural farmsteads and open fields across the Midwest
Photograph: Ross Harried/NurPhoto/Shutterstock

Tokyo, Japan
Mount Fuji and the capital’s skyline seen from the Tower Hall Funabori observation deck
Photograph: Philip Fong/AFP/Getty Images

Srinagar, India
A man paddles a boat across Dal Lake during sunset
Photograph: Tauseef Mustafa/AFP/Getty Images
Market Closes for November 12th, 2025

International Markets

Bonds

Commodities

Market Commentary:
On this day in 1999, the Gramm-Leach-Bliley Act, or the “Financial Services Modernization Act,” was signed into law by President Bill Clinton, essentially repealing the Glass-Steagall Act of 1933, which banned banks from the brokerage business.
Canada

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.4%, or 418.33 to 30,827.58 in Toronto.
The move was the biggest since rising 1.7% on Oct. 14.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.2%.
Baytex Energy Corp. had the largest increase, rising 13.6%.
Today, 162 of 213 shares rose, while 48 fell; 9 of 11 sectors were higher, led by materials stocks.

Insights
* In the past year, the index had a similar or greater gain seven times. The next day, it advanced five times for an average 0.9% and declined twice for an average 1.5%
* This year, the index rose 25%, heading for the best year in at least 10 years
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is at its 52-week high and 38.7% above its low on April 7, 2025
* The S&P/TSX Composite is up 2.4% in the past 5 days and rose 3.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.8 on a trailing basis and 19.2 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$4.84t
* 30-day price volatility rose to 14.89% compared with 14.36% in the previous session and the average of 12.63% over the past month

Index Points
Materials | 171.8772| 3.4| 49/1
Financials | 144.4788| 1.5| 22/2
Industrials | 49.7559| 1.5| 25/4
Energy | 25.0855| 0.5| 22/15
Consumer Staples | 23.2079| 2.3| 11/0
Consumer Discretionary | 9.4400| 1.0| 7/2
Utilities | 5.9671| 0.5| 9/5
Health Care | 1.5154| 1.8| 3/1
Real Estate | 0.9174| 0.2| 6/12
Communication Services | -4.5203| -0.7| 3/2
Information Technology | -9.3960| -0.3| 5/4
Agnico Eagle Mines |Ltd | 26.0100| 3.2| -7.4| 115.6
Barrick Mining | 25.5300| 4.3| -7.0| 134.7
RBC | 19.1700| 0.9| -57.5| 20.4
Telus | -1.5100| -0.7| -4.4| 5.4
BCE | -5.8030| -2.7| 50.4| -4.3
Shopify | -27.4800| -1.5| -15.7| 43.5
(MT Newswires)
The Toronto Stock Exchange climbed to a fresh record close Wednesday as the federal government prepares to outline details of new planned nation-building projects, the door was re-opened to another potential rate cut in coming months and there was evidence of positive consumer sentiment as RBC reported cardholders sustained spending momentum in October.
Despite mixed commodity prices, the resources heavy-index S&P/TSX Composite Index rose 418.33 points, or 1.4%, to 30,827.58, taking total gains over the first three days of this week to more than 900 points.
The previous record close of 30,637.12 was struck on October 15.
Most sectors were higher, led by Base Metals up near 2%, and with Financials, Health Care and Industrials all up more than 1.4%.
The Battery Metals Index was down near 1.2%, after strong gains for it of late.
In stock news, MEG Energy (MEG.TO) said the Court of King’s Bench of Alberta has granted the final order in approving its acquisition by Cenovus Energy (CVE.TO, CVE).
The sale was approved by MEG shareholders at a Nov.6 special meeting.
Subject to the satisfaction or waiver of other customary closing conditions, the sale is expected to close on November 13.
Among news items that likely added to already bullish investor sentiment, Prime Minister Mark Carney is set to unveil the second phase of major projects Thursday, with that list including mining and energy developments, sources told CTV News.
According to the sources, the new projects will include the Ksi Lisims liquefied natural gas (LNG) project in British Columbia, Ontario’s Crawford nickel project, the Sisson Mine in New Brunswick and a hydroelectric development in Iqaluit, Nunavut.
The list is also subject to change, the sources say.
On rates, Desjardins Macro Strategist Tiago Figueiredo reopened the door to another potential rate cut in coming months, having shut that same door only days ago.
This follows the release Wednesday of an account on the deliberations of the Bank of Canada’s Governing Council leading to its rate-cut decision on Oct.29, 2025, when it reduced its target for the overnight rate by 25 basis points to 2.25%
Figueiredo noted Canadian central bankers at the time not only cut but clearly signaled that monetary policy was reaching its limits.
He said: "Members believe that structural adjustments in the economy will add costs as businesses reorient their supply chains, customer bases and business models.
Since monetary policy is not well suited to address such challenges, Governing Council is wary of cutting rates too much and spurring a resurgence in inflation.
In fact, members debated whether or not to even ease policy last month."
But he also noted, members did acknowledge the elevated uncertainty and wider than normal range of risks surrounding their base case forecast.
"If new information changes the outlook materially, central bankers are prepared to adjust their policy rate further," he said.
"So," Figueiredo said, "while our revised projection sees the Bank of Canada on hold for the next year, we aren’t fully convinced.
As Governing Council outlined, risks remain skewed to the downside for the economy, which could push central bankers off the sidelines in the next few months."
On consumer sentiment, RBC said cardholder spending held on to September’s momentum in October, showing consumer resilience despite ongoing economic uncertainties.
RBC’s core retail sales grew 0.5% on a three-month rolling average basis, showing a solid start to the fourth quarter.
Meanwhile, amid an ongoing trade battled with the United States over tariffs, Canadians continued to steer clear of the United States in October, with the month marking yet another major drop in year over year visitors, The Canadian Press is reporting.
It noted the number of Canadian residents who returned by car from the U.S. fell to 1.4 million in October, a 30.5% drop from the same period in 2024, according to preliminary data from Statistics Canada.
The Canadian Press report said the drop marked the tenth-straight month of lower volumes, beginning the month after U.S. President Donald Trump was elected.
The number of Canadians returning home from south of the border by air sank to 437,300, down 24%, it added.
After market close, Canada’s Foreign Affairs Minister, Anita Anand, said she had discussed a number of issues with her U.S. counterpart, Secretary of State Marco Rubio, but not tariffs, during a G7 Foreign Ministers Meeting on Canadian soil, as trade is not his responsibility.
Of commodities, gold traded higher late afternoon Wednesday, rising for the third time in four sessions as momentum buying returns ahead of the reopening of the U.S. government.
Gold for December delivery was up US$85.80 to US$4,202.10 per ounce, the highest since it closed at a record high of US$4,359.40 on Oct. 20.
But West Texas Intermediate crude oil closed sharply lower as fresh warnings over rising global inventories offsets strong demand and tight supply for refined products.
WTI crude oil for December delivery closed down $2.55 to settle at US$58.49 per barrel, while January Brent oil was down $2.50 to US$62.66.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders drove most stocks higher and bond yields lower as House lawmakers were poised to end a historic government shutdown, unlocking access to economic data that will be key in shaping the Federal Reserve policy outlook.
The resolution of the last four US closures spurred gains in the S&P 500 and most of its sectors, based on the median performance.
While about 300 shares in the equity benchmark rose on Wednesday, a slide in big tech left the gauge wavering.
The Dow Jones Industrial Average climbed for a fourth straight day, hitting all-time highs. Bitcoin erased its advance.
Treasuries saw a drop in yields on bets the Fed will have room to cut rates next month to prop up the jobs market.
Reports on unemployment and the consumer price index for October are unlikely to be released due to the shutdown, White House Press Secretary Karoline Leavitt said.
House Speaker Mike Johnson said he believes the legislation, a hard-fought compromise forged in the Senate and blessed by President Donald Trump, will pass quickly.
But he’ll have to keep his fractious party in line in the face of stiff opposition from House Democrats whose leaders are urging them to vote against it.
With the government shutdown delaying key economic data, the real challenge isn’t the short-term drag on growth — it’s the increasing difficulty for investors and the Fed to gauge the economic outlook, noted Seema Shah at Principal Asset Management.
“As data releases resume, the case for a Fed rate cut in December should re-emerge, reinforcing a risk-on backdrop, she said.
“This environment favors US equities, particularly big tech and cyclicals poised to benefit from a more accommodative Fed stance.”
The S&P 500 held near 6,850.
A gauge of tech megacaps lost 1.2%.
In late hours, Cisco Systems Inc. gave an upbeat sales forecast.
The yield on 10-year Treasuries slid five basis points to 4.07%.
The dollar wavered.
Oil dropped by the most since June amid supply glut concerns.
“With the US government likely to reopen imminently, markets are hoping for the resumption of official data to solidify their assessment of the Fed’s future rate decisions,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
“We continue to expect the US central bank to cut rates twice more between now and early 2026, providing a favorable backdrop for equities, quality bonds, and gold.”
Despite the added uncertainty around the shutdown, market impact has been limited, according to Adam Turnquist at LPL Financial.
Since the shutdown began on Oct. 1, the S&P 500 has actually gained about 2%.
Historically, removing the uncertainty from a government shutdown tends to support equities, he said.
Across the last 20 shutdowns since 1976, the S&P 500 has averaged gains of 1.2% and 2.9% in the one- and three-month periods following a budget resolution, compared to 0.8% and 2.4% during all periods over the same timeframe.
“While the markets are pricing the end of the government shutdown, there is an even bigger mountain ahead of us, and that is the resumption of all of the economic data that we have missed,” said Michael Landsberg at Landsberg Bennett Private Wealth Management.
“As the fog lifts, we will see if market positioning has been correct and it is still clear sailing or if there is a big repricing necessary.”
With earnings season almost completely behind us, the market will be looking for clues about the Fed and how many rate cuts they can expect to see, Landsberg said.
Lack of official economic data and concerns around the level of monetary policy restrictiveness have resulted in muddled expectations around the Fed’s upcoming December decision, according to Oscar Munoz at TD Securities.
With the US Congress set to reopen the government, data will begin to trickle in over the next number of weeks, he said.
We will likely have a relatively complete picture of September data before the December Fed decision, Munoz said.
Josh Hirt at Vanguard anticipates that the shutdown’s effects will be temporary and largely reversed when the government reopens.
The fourth quarter will experience a drag on growth that should be offset by a boost in the first quarter of 2026.
“In the absence of official data, our analysis suggests that the economy has picked up momentum from earlier in the year and labor market conditions have remained stable,” he said.
“It’s hard enough these days to make sense of one jobs report,” said Hardika Singh at Fundstrat Global Advisors.
“Now imagine what happens if we’re bombarded with two of them and a GDP report and a PPI report and then let’s not forget the small but mighty retail sales report.”
As we shape up to get various data points, Singh’s take is that we will soon learn that the shutdown intensified the current K-shaped economy, which refers to the widening gap between higher and lower income consumers.
“That’s only going to confuse investors more and more when they try to figure out where the economy stands after over a month of little-to-no insight,” she said.
Next week will be critical because if the long-awaited statistics don’t justify Wall Street’s recent trajectory, then sharp moves could occur in either direction, according to Jose Torres at Interactive Brokers.
“For investors and the Fed, a return of economic data will be a real relief, but it will take time,” said Louis Navellier at Navellier & Associates.
Fed’s Collins Favors Holding Rates Steady to Cool Inflation Fed’s Bostic Says Inflation Is Still the Clearer and Urgent Risk Fed’s Williams Says Bank Reserves Close to Desired Level Fed’s Perli Says Won’t Be Long Before Fed Starts Buying Assets Miran: Can’t Remove Fed’s Interest Payments on Reserves Now
The imminent end of the government shutdown helps to calm worries about a slowdown, but the prospect that the US will continue to see robust growth is also being spurred by positive reports from the tech industry about the investment outlook in AI infrastructure, according to Thierry Wizman at Macquarie Group.
The S&P 500 could reach 7,000 before year-end, propelled by forward earnings, according to Yardeni Research.
“We believe US stocks have further to run and expect the S&P 500 to hit 7,300 by June 2026,” said Mark Haefele at UBS Global Wealth Management.
“Under-allocated investors should add exposure to our preferred areas, including the transformational innovation opportunities of AI, power and resources, and longevity.”

Corporate Highlights:
* Advanced Micro Devices Inc. soared after the chipmaker predicted accelerating sales growth over the next five years, driven by strong demand for its data center products.
* Delta Air Lines Inc. said mandated flight cuts that snarled US air travel caused a significant financial impact, though the carrier expects a return to normal during the typically bustling Thanksgiving holiday if the government shutdown ends this week.
* Chevron Corp. chose West Texas as the site of its first project to provide natural gas-fired power to a data center, the beginning of a new line of business for the oil giant to capitalize on the boom in artificial intelligence.
* Anthropic PBC plans to spend $50 billion to build custom data centers for artificial intelligence work in several US locations, including Texas and New York, the latest expensive pledge for infrastructure to support the AI boom.
* Alphabet Inc.’s Google faces a fresh competition probe in Europe over the way it ranks news outlets in its search results, the Financial Times reported, citing unnamed officials.
* Walt Disney Co. is seeking to bring its ESPN sports brand to Asia, stepping up efforts to expand in one of the world’s fastest-growing streaming markets.
* Russian President Vladimir Putin signed an order allowing Citigroup Inc. to sell its bank inside the country, the latest in a string of banking deals the Kremlin has greenlit.
* General Motors Co. has asked thousands of its suppliers to remove Chinese parts from their supply chains as the US carmaker looks to mitigate the risks of geopolitical disruptions, Reuters reported.
* Eli Lilly & Co. is dropping CVS Health Corp.’s drug benefit plan for its employees after CVS stopped covering its blockbuster weight-loss drug in favor of a rival medication from Novo Nordisk A/S, according to people familiar with the matter.
* Waymo will become the first robotaxi provider in the US to offer driverless rides on highways, a milestone that positions it to better compete with ride-hailing companies and traditional taxi services.
* The California Public Employees’ Retirement System has committed $775 million to the Sixth Street Sports & Live Entertainment Fund, part of a growing number of pension funds and endowments increasing their investment in the booming sector.
* Walgreens will no longer give many of its retail workers paid vacation time for Thanksgiving, Christmas and other major holidays,as the company looks to cut costs under new owners.
* Visa Inc. is testing the ability for businesses to send stablecoins directly to consumers’ cryptocurrency wallets for global payouts, targeting growing demand for the fiat-backed digital tokens among gig workers and digital creators in emerging markets.
* Airbnb Inc. is testing a new service with Instacart that will let guests at some US rentals order groceries through the home- sharing app ahead of and during their stay.
* Circle Internet Group Inc. slid as concern that declining interest rates will weigh on future returns overshadowed better- than-expected third-quarter revenue and earnings.
* First Brands Group founder Patrick James regained control of his personal bank accounts after they were frozen last week as part of a lawsuit accusing him of siphoning large sums from the bankrupt auto parts supplier and overseeing schemes that defrauded lenders.
* Whoop Inc., the maker of popular screen-less fitness bands, is eyeing an initial public offering as soon as in the next two years and is exploring adding glucose monitoring to its health- tracking platform.
* Clearwater Analytics Holdings Inc. is considering a potential sale after receiving takeover interest, according to people familiar with the matter.
* Canada’s Baytex Energy Corp. reached a deal to sell its Eagle Ford shale-oil wells and drilling rights in South Texas to an undisclosed buyer for about $2.3 billion.
* Infineon Technologies AG forecast revenue will return to growth in the 2026 fiscal year, fueled by the global boom in artificial intelligence data centers.
* Siemens AG will hand a 30% stake in Siemens Healthineers AG to its own shareholders, allowing it to reduce its exposure to the medical technology business and focus on software and related technology.
* Bayer AG posted an improvement in profit, helped by surprising strength at its crop science business and demand for new drugs.
* Pirelli & C. SpA expects its governance issues with top shareholder Sinochem Holdings Corp. to be worked out, lifting a threat that’s clouded the tire maker’s US prospects, Executive Vice Chairman Marco Tronchetti Provera said.
* Toyota Motor Corp. confirmed it will plow as much as $10 billion into the US over the next five years to boost its local operations, less than a month after President Donald Trump flagged that the Japanese carmaker planned such an investment.
* Tata Steel Ltd.’s profit more than tripled for the second quarter on the turnaround of its Dutch business and lower coking coal prices.
* Hon Hai Precision Industry Co. offered a rosy outlook for the year ahead, pointing to artificial intelligence development as its most important growth driver.
* Chinese discount online retailer Vipshop Holdings Ltd. Is considering a listing in Hong Kong as soon as next year, according to people familiar with the situation.
What Bloomberg Strategists say…
“Earnings trends for the AI universe so far look decent, yet signs that investors have started to penalize companies even for great results indicate that some froth is slowly coming out of the market.”
-Tatiana Darie, Macro Strategist, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 1.2%
* The Russell 2000 Index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1587
* The British pound fell 0.2% to $1.3129
* The Japanese yen fell 0.4% to 154.79 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $101,521.95
* Ether fell 0.1% to $3,411.96
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.07%
* Germany’s 10-year yield declined one basis point to 2.64%
* Britain’s 10-year yield advanced one basis point to 4.40%
* The yield on 2-year Treasuries declined three basis points to 3.56%
* The yield on 30-year Treasuries declined four basis points to 4.66%
Commodities
* West Texas Intermediate crude fell 4.3% to $58.43 a barrel
* Spot gold rose 1.7% to $4,194.95 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Shima

"History is a gallery of pictures in which there are few originals and many copies."– Alexis de Tocqueville

Shima Zangeneh

Assistant to Carolann Steinhoff

Queensbury Securities Inc.

340A – 730 View Street

Victoria BC V8W 3Y7

Tel: 778-430-5851

Fax: 778-430-5828