November 15, 2022 Newsletter

Dear Friends,

Tangents:
1965: Craig Breedlove sets a land speed record of 600.601 mph (966.574 km/h) in his car, the Spirit of America, at the Bonneville Salt Flats in Utah.
1943: Gypsies condemned by Himmler; up to 500,000 killed.
2011: Hundreds of police officers in riot gear raided the Occupy Wall Street encampment in New York City, evicting hundreds of protesters and then demolishing the tent city. Go to article »

Georgia O’Keefe, artist, b.1887.

Huzzah! The 8 billionth member of our human family was born.

Humans cooked fish 780,000 years ago.

Something is wrong with Einstein’s theory of gravity: Everything in the universe has gravity – and feels it too. Yet this most common of all fundamental forces is also the one that presents the biggest challenges to physicists.
Albert Einstein’s theory of general relativity has been remarkably successful in describing the gravity of stars and planets, but it doesn’t seem to apply perfectly on all scales.  Full Story: Live Science (11/15)

Scientists just found a hidden 6th mass extinction in Earth’s ancient past:  The height of the Ediacaran period, about 550 million years ago, was a boom time for life in Earth’s oceans. Petalonamids shaped like feathers sucked nutrients from the water, slug-like Kimberella grazed on microbial mats, and the ancestors of jellyfish were just beginning to make waves.  But then 80% of life on Earth disappeared, leaving no traces in the fossil record. Now, a new study suggests that these missing fossils point to the earliest known mass extinction event on Earth.  Full Story: Live Science (11/15)

Electrical zaps can ‘reawaken’ lost neural connections, helping paralyzed people walk again:  People with paralyzing spinal cord injuries can walk again with the help of medical devices that zap their nerves with electricity. But the designers of these new implants weren’t completely sure of how they restored motor function over time — now, a new study provides clues.  The new study of humans and lab mice, published Nov. 9 in the journal Nature, pinpoints a specific population of nerve cells that seems key to recovering the ability to walk after a paralyzing spinal cord injury.  Full Story: Live Science (11/15)

Black hole discovered after ripping a star to pieces: Astronomers have discovered a black hole as it spaghettified a hapless star.  The intermediate-size black hole, located 850 million light-years from Earth in the galaxy SDSS J152120.07+140410.5, snared and shredded the star after it wandered too close, sending out a powerful beam of light that astronomers used to locate it. Full Story: Live Science (11/14)

PHOTOS OF THE DAY

Barnsley, UK
A life-sized replica of the innermost coffin of King Tutankhamun by the artist Amanda Stoner goes on display inside a traditional red telephone box, as part of Barnsley Museum’s plan to showcase culture in unexpected places
Photograph: Danny Lawson/PA

Leuk, Switzerland
Old satellite dishes, which can be turned towards the sun, are lined with solar panels to generate winter power during a pioneering project in the Valais Alps
Photograph: Gabriel Monnet/EPA

North Yorkshire, UK
People enjoy a light installation over a lake at the Enchanted Forest Winter Illuminations at Stockeld Park near Wetherby
Photograph: Danny Lawson/PA
Market Closes for November 15^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:

On this day in 1867, the first practical stock ticker went “online,” as Thomas Edison’s improved gizmo made continuous nationwide transmission of stock prices possible for the first time.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 19,994.78 in Toronto.
The move follows the previous session’s decrease of 0.9%.
Shopify Inc. contributed the most to the index gain, increasing 4.2%.
West Fraser Timber Co. had the largest increase, rising 4.9%.
Today, 143 of 236 shares rose, while 93 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index fell 5.8%, heading for the worst year since 2018
* The index declined 7.8% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.7% in the past 5 days and rose 9.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 20.42% compared with 21.69% in the previous session and the average of 22.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 46.9266| 1.2| 34/4
Information Technology | 27.9209| 2.5| 11/3
Financials | 13.9922| 0.2| 25/4
Consumer Discretionary | 3.4483| 0.5| 9/5
Real Estate | 0.8814| 0.2| 11/11
Health Care | 0.1980| 0.2| 6/1
Consumer Staples | -0.0657| 0.0| 8/3
Industrials | -1.8229| -0.1| 17/10
Utilities | -4.8238| -0.5| 3/13
Materials | -5.0868| -0.2| 18/33
Communication Services | -8.5973| -0.9| 1/6
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 17.3200| 4.2| 30.5| -69.4
Canadian Natural Resources | 13.4600| 2.2| 12.0| 58.2
Suncor Energy | 9.2170| 2.0| -34.3| 55.4
Barrick Gold | -3.7790| -1.4| -35.0| -11.6
CIBC | -6.5960| -1.7| 33.8| -14.3
Canadian Pacific | -7.4900| -1.2| 11.7| 10
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks rose as fresh data added to evidence inflation may have peaked, strengthening the case for the Federal Reserve to moderate its pace of interest-rate hikes.
Treasuries also ended Tuesday higher while the dollar fell.
The S&P 500 climbed 0.9% and the tech-heavy Nasdaq 100 closed at its highest level since Sept. 19.
While equities soared for most of Tuesday’s session, it gave back some of its gains after an Associated Press report citing an unidentified US intelligence official said that Russian missiles landed in NATO-member Poland.
Commodities from oil to corn also jumped on geopolitical worries from Europe.
While Poland later said an explosion near its eastern border with Ukraine killed two people, it didn’t confirm the Associated Press report.
Markets have turned risk-on in recent days, trading off a softer-than-expected US consumer price index reading that many reckon will allow the Fed to raise rates in half-point increments.
While a slew of Fed speakers in recent days indicated that officials could slow their tempo, they also emphasized the central bank has more work to do to tame inflation.
On Tuesday, the producer price index for October came in at 8% year-on-year, undershooting the 8.3% estimate and further easing inflation concerns.
Still, some investors are not convinced the recent data will do much to move the Fed.
“Markets appear to be pricing in a best case scenario of a soft landing and falling inflation triggering a Fed pause,” Venu Krishna, head of US equity strategy at Barclays Plc. “In our view, this is not a given and remains a low probability scenario – these are just a few data points on inflation and it needs to be sustained. Even if the Fed eventually pauses, it might not be able to prevent a shallow recession.”
Key events this week:
* US business inventories, cross-border investment, retail sales, industrial production, Wednesday
* Fed’s John Williams, Lael Brainard and SEC Chair Gary Gensler speak, Wednesday
* ECB President Christine Lagarde speaks, Wednesday
* Eurozone CPI, Thursday
* US housing starts, initial jobless claims, Thursday
* Fed’s Neel Kashkari, Loretta Mester speak, Thursday
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0353
* The British pound rose 0.9% to $1.1863
* The Japanese yen rose 0.5% to 139.21 per dollar
Cryptocurrencies
* Bitcoin rose 2.6% to $16,816.92
* Ether rose 2.1% to $1,251.32
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.78%
* Germany’s 10-year yield declined four basis points to 2.11%
* Britain’s 10-year yield declined seven basis points to 3.29%
Commodities
* West Texas Intermediate crude rose 0.9% to $86.67 a barrel
* Gold futures rose 0.3% to $1,782.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Natalia Kniazhevich.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

In Greece, there was always the concept that every right also had an obligation or a duty. -Dr. Rufus J. Fears, 1945-2012.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com