Dear Friends,
Tangents:
November 26, 1963: The Daily News prints a cover photo of John F. Kennedy Jr. saluting his father’s casket.
November 26, 1990: the Shanghai Securities Exchange was re-established in China, 41 years after it was closed by the new Communist regime.
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John Harvard, Harvard University founder, b. 1607.
Charles M. Schultz, creator of “Peanuts”, b. 1922.
PHOTOS OF THE DAY
Selfoss, Iceland
Northern lights illuminate the night sky over Arabaer holiday homes
Photograph: Owen Humphreys/PA
Runner-up:
Creative nature Patterns in the Sky by Raghuvamsh Cavalia flock of birds sweeps across the sky in a graceful, synchronised arc beside a towering city building, forming a delicate pattern – a reminder that even in dense urban spaces, the rhythms of nature still unfold above us Location Canada
Photograph: Raghuvamsh Chavali/Nature in Focus
Cortina d’Ampezzo, Italy
Laura Nolte of Germany competes in the women’s monobob during the Bob and Skeleton IBSF World Cup
Photograph: Ryan Pierse/Getty Images
Market Closes for November 26th, 2025
| Market Index |
Close | Change |
| Dow Jones |
47427.12 | +314.67 |
| +0.67% | ||
| S&P 500 | 6812.61 | +46.73 |
| +0.69% | ||
| NASDAQ | 23214.69 | +189.10 |
| +0.82% | ||
| TSX | 31180.25 | +279.60 |
| +0.90% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50115.25 | +536.18 |
| +1.12% | ||
| HANG SENG |
25928.08 | +33.53 |
| +0.13% | ||
| SENSEX | 85609.51 | +1022.50 |
| +1.21% | ||
| FTSE 100* | 9691.58 | +82.05 |
| +0.85% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.139 | 3.148 |
| CND. 30 Year Bond |
3.595 | 3.609 |
| U.S. 10 Year Bond |
3.9941 | 4.0018 |
| U.S. 30 Year Bond |
4.6414 | 4.6492 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7124 | 0.7091 |
| US $ |
1.4036 | 1.4102 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6140 | 1.6287 |
| US $ |
0.8618 | 1.1603 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4126.45 | 4082.05 |
| Oil | ||
| WTI Crude Future | 58.65 | 58.15 |
Market Commentary:
There are only two forces that unite men – fear and interest. –Napoleon Bonaparte,
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.9%, or 279.6 to 31,180.25 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.9%.
Aya Gold & Silver Inc. had the largest increase, rising 13.5%.
Today, 136 of 212 shares rose, while 69 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 26%, heading for the best year in at least 10 years
* This month, the index rose 3%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is at its 52-week high and 40.3% above its low on April 7, 2025
* The S&P/TSX Composite is up 3% in the past 5 days and rose 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.7 on a trailing basis and 19.4 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$4.91t
* 30-day price volatility rose to 15.74% compared with 15.65% in the previous session and the average of 14.47% over the past month
Index Points
Materials | 193.9135| 3.7| 47/3
Financials | 29.3360| 0.3| 17/7
Information Technology | 19.9116| 0.6| 4/5
Industrials | 17.0292| 0.5| 24/5
Energy | 14.2058| 0.3| 22/13
Consumer Staples | 5.8285| 0.5| 4/7
Communication Services | 1.5005| 0.2| 2/3
Real Estate | 1.0569| 0.2| 7/9
Utilities | 0.9876| 0.1| 6/7
Health Care | -0.4597| -0.6| 1/3
Consumer Discretionary | -3.7232| -0.4| 2/7
Agnico Eagle Mines | Ltd | 32.1900| 3.9| -17.1| 116.1
Barrick Mining | 28.4100| 4.3| -15.1| 158.2
Wheaton Precious | Metals | 17.0900| 3.7| -12.6| 85.3
Dollarama | -1.9530| -0.5| -12.6| 44.3
CGI Inc. | -2.2260| -1.3| -27.8| -21.0
iA Financial | -3.6160| -3.3| 117.3| 23.6
(MT Newswires)
The Toronto Stock Exchange set a second-straight record close on Wednesday as Canada’s federal government announced new aid measures for the steel and lumber industries as it moves to make this nation more independent of trade with the United States, even as Canadians poured $61 billion into U.S. securities over recent months and the leaders of both nations are slated to meet tomorrow.
The resources-heavy S&P/TSX Composite Index closed up 279.60 points, or 0.9%, to 31,180.25, taking total gains to more than 1,300 points over the last four trading sessions.
All sectors were higher, led by Base Metals up 2.3%.
Within that sector Teck Resources (TECK.-A.TO and TECK-B.TO) was modestly higher as it said independent proxy advisory firms Institutional Shareholder Services. and Glass Lewis recommended that Teck shareholders vote to approve the company’s merger
with Anglo American plc.
As previously announced, Teck has scheduled a special meeting of shareholders for Dec.9.
This comes just days after BHP Group (BHP)walked away from a fresh takeover approach for Anglo American, aimed at thwarting a planned tie-up between its rival and Teck.
On business relations between Canada and the U.S., BNN Bloomberg noted a new poll from the Angus Reid Institute that shows three in five Canadians say the country should limit foreign investment.
Only a quarter said they would generally welcome it.
BNN said Canada’s federal government recently delayed the proposed Teck and Anglo-American deal, with the government pushing for the $70 billion merger to be legally domiciled in Canada.
It cited Industry Minister Melanie Joly saying Ottawa wants to see longer-term commitments to Canada if the deal can go forward.
This comes as BNN Bloomberg in a separate report noted new data from Statistics Canada that says investors funneled $61 billion into U.S. securities over the first half of 2025.
BNN noted the securities included treasury bills, notes and bonds and are considered low risk as they are backed by the U.S. government’s financial health.
Wednesday’s report said investors poured $38.1 billion in U.S. equities and investment fund shares alongside $22.3 in U.S. corporate and government bonds from February to June.
Only $1.3 billion was invested in all other non-U.S. foreign securities combined with bond purchases offsetting divestments in money market instruments and equities.
BNN noted the agency said over three quarters of acquisitions occurred in February and March when Canadian households, businesses and government grappled with high levels of uncertainty over Canada’s economic relationship with the United States.
It also noted Canadian investors continued to increase their holdings of U.S. assets, adding $31.9 billion in equities and investment fund shares, government and corporate bonds and money market instruments during July and August.
While Canadians were investing in U.S. portfolio assets, BNN noted foreign investors were reducing their exposure to Canadian securities.
It cited the agency saying foreign acquisitions of Canadian securities declined steadily resulting in a net decrease of $22.4 billion from February to May.
But foreign investors rekindled their demand for Canadian securities adding $31.9 billion in equities and investment fund shares, government and corporate bonds and money market instruments in the months of July and August.
The report noted net purchases totaled $49.0 billion, more than offsetting the cumulative divestment of $22.4 billion in the first half of the year.
The acquisition of foreign securities by Canadian investors and the divestment in Canadian securities by foreign investors combined generated a net outflow of funds from the Canadian economy totaling $84.7 billion during the first half of 2025, the BNN report said.
The federal government on Wednesday moved to help and protect Canada’s steel and lumber industries against U.S. tariffs, it is further limiting foreign steel imports from countries without a free trade agreement with Canada from 50% to 20% of 2024 levels.
It will also cut freight rates to ship steel and lumber across Canada by 50%, from the spring of 2026.
Prime Minister Mark Carney was asked about tomorrow’s proposed announcement of a Memorandum of Understanding with Alberta around an oil-pipeline project to the North Coast.
According to Carney, the announcement will be about "much more than one thing".
Fundamentally, he said, it is about building the Canadian economy and making Canada more independent and more sustainable.
"So, I would suggest that we wait until the full announcement is made tomorrow," Carney added.
Of note, Carney said he will likely meet with President Donald Trump tomorrow at an event related to the 2026 World Cup tournament of football, which will have Canada and the United States as host nations.
"I don’t want to over dramatize it," Carney said. "So, I would repeat that we are ready to re-engage on those [trade and tariff talks] when the United States wants to re-engage."
Of commodities today, gold traded higher late afternoon Wednesday, buoyed by rising expectations the Federal Reserve will again cut interest rates next month.
Gold for February delivery was up $19.10 to US$4,196.40 per ounce.
West Texas Intermediate closed up despite high supply and an increasing possibility of a peace deal to end Russia’s war on Ukraine, while a report showed a rise in U.S. inventories last week.
WTI crude oil for January delivery closed up $0.70 to settle at US$58.65 per barrel while January Brent crude was last seen up US$0.59 to US$63.07.
US
By Cristin Flanagan and Andre Janse van Vuuren (Bloomberg) — Tech stocks led the climb in US equities as rising expectations for interest-rate cuts helped carry traders’ newfound optimism into the Thanksgiving break.
The dollar slumped.
The S&P 500 rose 0.7% Wednesday, extending an advance into a fourth session after reclaiming its 50-day moving average, a key technical support.
Volume on the equity benchmark was around 11% lighter than 30-day average for the time of day.
The Nasdaq 100 ended the session up 0.9% after Nvidia Corp. bounced back from competitive fears over its AI processors.
Volatility took a breather with the VIX dropping around 35% over a four-day span, the steepest pullback in Wall Street’s fear gauge since mid-April.
Treasuries softened after initial jobless claims for the week of Nov. 22 fell slightly, defying expectations for a modest increase.
The yield on 10-year notes steadied around 3.99%.
The dollar slid 0.3%.
“Overall, it was a stronger-than-expected round of 8:30am data that has reinforced the notion that there are crosscurrents and mixed performance in the real economy,” according to Ian Lyngen at BMO Capital Markets.
“That being said, there is nothing within the reports that will derail the FOMC from cutting by 25 basis points on Dec. 10.”
Equities are regaining momentum after early-November jitters over stretched technology valuations prompted a strong pullback.
Sentiment has since improved as dovish remarks by Federal Reserve officials revived bets on a December rate cut.
Those expectations strengthened after it emerged that White House National Economic Council Director Kevin Hassett is the leading contender for the next Fed chair — a choice investors see aligning with President Donald Trump’s push for lower rates.
The release of the US central bank’s Beige Book did little to change the narrative.
Employment declined slightly and prices rose moderately, according to the survey of regional business contacts released Wednesday.
Money markets were pricing in a roughly 80% chance of a Fed quarter-point cut next month and favor three more by end-2026.
A week ago, traders expected only three cuts in total.
What Bloomberg strategists say…
The latest Beige Book depicts an economy essentially treading water.
For markets, the takeaway is straightforward — nothing here challenges expectations for a December rate cut.
With the shutdown having robbed policymakers of hard data, this edition carries extra weight: officials insisted they could stay plugged in through district anecdotes, and this report offers the clearest window into that data-void economy.
The apparent fragility across districts simply reinforces the recent bond bid.”
— Brendan Fagan, Macro Strategist, Markets Live.
Meanwhile, bullish stock bets for 2026 are starting to come in.
Deutsche Bank AG strategists expect the S&P 500 to climb to 8,000 by the end of 2026, implying an 18% rally and supported by strong earnings and rising buybacks.
Their peers at JPMorgan Chase & Co. see the benchmark reaching 7,500, while Societe Generale SA has set a 7,300 target.
For Valerie Charriere, head of European equities at BNP Paribas Asset Management, the shorter-term outlook remains clouded after the recent volatility.
“I don’t expect the typical Christmas rally to occur,” she said.
“There are some cracks in AI valuations, uncertainties on the Fed. So, taking into account the strong performance so far this year, I would expect rather a rotation to more underperforming defensive sectors.”
In the UK, Chancellor of the Exchequer Rachel Reeves expanded her fiscal buffer to£22 billion ($29 billion) in her latest budget.
She funded the increase with £29.8 billion in new taxes, including levies on gambling and prime real estate.
The pound and gilts gained as she delivered her speech in Parliament.
They had earlier swung after a premature release of an Office for Budget Responsibility analysis gave traders plenty to parse.
“This should lower the likelihood that the government will need to return to the tax well again,” wrote Matthew Ryan, head of market strategy at Ebury.
That comes “with the caveat that market participants will first need to assess whether or not this fiscal restraint can go hand in hand with robust economic growth.
Corporate News:
* New York City Comptroller Brad Lander is urging three of the city’s pension funds to drop BlackRock Inc. because of “inadequate” climate plans, the latest move to penalize investment firms for failing to tackle global warming.
* Dell Technologies Inc.’s shares gained 5.8% as the firm raised its annual projections for the key artificial intelligence server market.
* Deere & Co.’s first outlook for the year ahead fell short of expectations as uncertainly continues to surround the timing for a recovery in the US farm economy.
* Robinhood Markets Inc. and Susquehanna International Group are taking over a regulated exchange that was tied to the now- defunct crypto business FTX.
* The US government said Tuesday it negotiated a 71% discount off of the list price of Novo Nordisk A/S’s blockbuster drugs Ozempic and Wegovy for patients in Medicare.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.1594
* The British pound rose 0.5% to $1.3236
* The Japanese yen fell 0.3% to 156.46 per dollar
Cryptocurrencies
* Bitcoin rose 3.5% to $90,019.32
* Ether rose 3.2% to $3,025.36
Bonds
* The yield on 10-year Treasuries was little changed at 3.99%
* Germany’s 10-year yield was little changed at 2.67%
* Britain’s 10-year yield declined seven basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 1.1% to $58.60 a barrel
* Spot gold rose 0.8% to $4,163.45 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Kwaku Gyasi, James Hirai, Neil Campling and Julien Ponthus.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
When we are born we cry that we are come to this great stage of fools. –Wm. Shakespeare, 1564-1616, King Lear.
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