Dear Friends,
Tangents: Happy Friday Eve.
September 10, 1846: Elias Howe is granted a US patent for the lockstitch sewing machine, mechanizing a craft done by hand for millennia.
September 10, 1919: Nearly a year after the end of World War I, General Pershing is welcomed home with a parade down Fifth Avenue, from 107th St. to Washington Square.
Arnold Palmer, golfer, b.1909.
Stephen J. Gould, biologist, b.1941.
| ‘Why would you ruin your career?’: OpenAI claims to have cracked one of math’s greatest unsolved problems, but mathematicians allege it played dirty |
A breakthrough on the Navier-Stokes equations could be worth a $1 million prize, but a mathematician has serious questions about how OpenAI got there so fast.
| Do you think Al could ever become self-aware? |
HAVE YOUR SAY | A new study looks at "consciousness steering" in AI, but could this technology actually achieve this level of self-awareness in the first place? What do you think?
| Enigmatic Denisovans lived by cave in what is now China for 100,000 years, rare fossils and handcrafted tools reveal |
Anthropologists have discovered the first-ever Denisovan arm bone in a cave in southwest China, which also held thousands of prehistoric animal bones and stone tools.
| World’s oldest evidence of habitual drug use traced back 25,000 years to Indonesia |
Hunter-gatherers from the last ice age sucked on betel nuts to soothe their toothaches, a new study reveals.
| Record-breaking rain in California was caused by abnormally high temperatures on the other side of the world, study finds |
Scientists have identified a "climate teleconnection" between the Rocky Mountains and the Tibetan Plateau, where warm spots left a kink in the jet stream that intensified weather in the western U.S.
| The moon may have formed in just 5 hours, new simulations suggest |
Novel simulations, which reassessed the ancient collision between Earth and the protoplanet Theia, suggest that the moon could have emerged from the aftermath of this impact much more quickly than scientists previously thought.
Absence of evidence is not evidence of absence. -Carl Sagan.
Video: A hands-on look at Apple’s first foldable iPhone
Apple on Wednesday announced the iPhone Duo, signaling a major revamp of its most important product. CNN’s Lisa Eadicicco got a closer look at its distinctive design and features. See the video.
A remarkable image
This striking portrait of a seahorse farewell has been crowned the overall winner of the Ocean Photographer of the Year 2026 competition.
The small island that could be crucial to the world’s oil supply
With the Strait of Hormuz effectively closed, the Yemeni island of Perim could be part of the next front in the war with Iran.
22-year-old pleads guilty in $240 million crypto theft
Malone Lam, an eighth-grade dropout from Singapore, pleaded guilty Tuesday in one of the largest bitcoin scams in US history.
PHOTOS OF THE DAY
London, UK
The Lady in Blue sculpture, by the artist Tschabalala Self, is unveiled on Trafalgar Square’s Fourth Plinth
Photograph: Dan Kitwood/Getty Images
Athens, Greece
The actor Katerina Misichroni, playing the role of high priestess, lights a torch from the cauldron during the Dakar 2026 Youth Olympic Games flame handover ceremony
Photograph: Petros Giannakouris/AP
London, UK
Some of the first visitors to the Bayeux tapestry at the British Museum gaze at it
Photograph: Toby Melville/Reuters
Market Closes for September 10th, 2026
| Market Index |
Close | Change |
| Dow Jones |
52064.10 | -316.56 |
| -0.60% | ||
| S&P 500 | 7591.70 | -44.66 |
| -0.58% | ||
| NASDAQ | 26081.73 | -171.61 |
| -0.65% | ||
| TSX | 35506.28 | -40.28
-1.11% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 65270.95 | +128.17 |
| +0.20% | ||
| HANG SENG |
24954.47 | -320.49 |
| -1.27% | ||
| SEN SEX | 74902.59 | +138.36 |
| +0.19% | ||
| FTSE 100* | 10608.92 | -61.14 |
| -0.57% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.950 | 3.846 |
| CND. 30 Year Bond |
4.288 | 4.216 |
| U.S. 10 Year Bond |
4.9626 | 4.8406 |
| U.S. 30 Year Bond |
5.3652 | 5.2889 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7228 | 0.7245 |
| US $ |
1.3835 | 1.3802 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6226 | 1.6060 |
| US $ |
0.8613 | 1.1609 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4320.28 | 4399.54 |
| Oil | ||
| WTI Crude Future | 102.48 | 96.05 |
Market Commentary:
On this day in 1960, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela convened in Baghdad to form the Organization of the Petroleum Exporting Countries. The cartel, known as OPEC, nearly brought the industrial world to its knees in the 1970s by jacking up the price of crude
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 1.1%, or 400.28 to 35,506.28 in Toronto.
The move was the biggest since falling 1.2% on Sept. 1.
Today, materials stocks led the market lower, as 10 of 11 sectors lost; 170 of 215 shares fell, while 43 rose.
Enbridge Inc. contributed the most to the index decline, decreasing 3.7%.
Trekor Metals Ltd. had the largest drop, falling 9.9%.
Insights
* In the past year, the index had a similar or greater loss 20 times. The next day, it advanced 17 times for an average 0.8% and declined three times for an average 1.1%
* This year, the index rose 12%, heading for the best year since 2025
* This quarter, the index rose 1.9%
* So far this week, the index fell 2.8%, heading for the biggest decline since the week ended March 20
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on Aug. 26, 2026 and 22% above its low on Sept. 10, 2025
* The S&P/TSX Composite is down 1.6% in the past 5 days and fell 2.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.8 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.64t
* 30-day price volatility fell to 11.98% compared with 12.03% in the previous session and the average of 10.80% over the past month
Index Points
Materials | -253.5723| -3.6| 4/55
Energy | -92.0311| -1.5| 8/26
Industrials | -18.8461| -0.5| 11/19
Utilities | -18.7981| -1.6| 0/13
Information Technology| -16.3659| -0.6| 3/6
Consumer Discretionary| -15.5972| -1.5| 2/6
Consumer Staples | -8.8102| -0.8| 2/8
Communication Services| -8.4495| -1.5| 0/5
Real Estate | -7.7145| -1.8| 0/17
Health Care | -1.6373| -1.5| 1/4
Financials | 41.5382| 0.3| 12/11
Enbridge | -38.9900| -3.7| 93.5| 1.6
Agnico Eagle Mines Ltd | -28.5700| -2.9| -40.3| 16.9
Wheaton Precious Metals | -25.8900| -3.7| -13.4| 29.3
BNS | 9.6760| 0.9| 4.2| 26.8
Bank of Montreal | 10.8400| 0.9| -34.3| 34.9
TD Bank | 18.9100| 1.0| -0.1| 28.6
MT Newswires:
The S&P/TSX Composite Index closed down sharply at the lowest in six weeks on Thursday, as shares in the base metals sector tumbled while investors weighed surging oil prices and heightened Canada-US trade tensions.
The index closed down 400.28 points, or 1.1%, at 35,506.28 with most sectors in the red.
Base metals led decliners, down 5.8%, followed by utilities and telecom that closed down 1.6% and 1.5%, respectively.
The financial sector was up 0.3%.
In commodities, West Texas Intermediate (WTI) and Brent crude surged as escalating attacks on oil tankers around the Strait of Hormuz and renewed threats to Red Sea shipping heightened concerns about further disruptions to Middle East oil supplies.
October WTI crude oil contract settled up $6.43, or 6.7%, at $102.48 per barrel, while November Brent oil was last seen up $6.71, or 6.6%, at $107.92 per barrel.
Meanwhile, December Comex gold futures dropped 2.1%, or $92.00, to $4,368.70 per ounce at last look.
In currencies, the US dollar edged up 0.2% against the Canadian dollar to CA$1.3831 at last look.
On monetary policy, the Bank of Canada is expected to begin raising interest rates with a 25-basis-point hike in December, according to Scotiabank Economics in a note.
Elevated trade uncertainty with the US and contained core inflation give the BoC room to wait for clearer evidence before acting, Scotiabank wrote.
Meanwhile, Rosenberg Research said the BoC should hold rates unchanged as escalating trade tensions with the US threaten to further weaken the Canadian economy.
With economic growth under pressure and the labor market weakening, further rate hikes appear increasingly difficult to justify until there is greater clarity on the trade outlook, added Rosenberg.
On the trade front, more than 53,000 Canadian small businesses are directly impacted by US tariffs, Canadian counter-tariffs, or both, the Canadian Federation of Independent Business said in a note.
It estimates that of the 53,112 small businesses directly impacted, the majority are importers.
Notably, Canadians are backing Prime Minister Mark Carney and his Liberal government as they take on US President Donald Trump in the trade dispute, according to an Angus Reid Institute survey published on Thursday.
The Liberals’ lead over the Conservative Party of Canada has widened to 14 points, with 46% of respondents supporting the Liberals versus 32% for the CPC, up from a four-point lead in July, said Angus Reid.
US
By Rita Nazareth
(Bloomberg) — Another rally in oil prices spurred losses in stocks and bonds, with the latest inflation data reinforcing bets the Federal Reserve will increase rates soon amid pressures from higher energy costs.
The jump in Brent crude to more than $107 lifted US yields to multi-year highs.
Traders boosted wagers on a Fed hike next week to 70% and fully priced in a move by October.
The market also got hit after the Treasury bought back $5.19 billion worth of debt, short of the amount it had outlined.
The S&P 500 fell for a fourth straight day, the longest retreat since June.
A gauge of producer inflation showed renewed pressure from rising energy prices last month.
The figures came a day ahead of the consumer price index, which is expected to show core inflation was relatively modest even as gasoline prices boosted the headline measure.
Some Fed officials have signaled the rate decision at their Sept. 15-16 meeting may come down to what this week’s reports reveal.
“Inflation is still a problem,” said Clark Bellin at Bellwether Wealth.
“While interest-rate movements can’t bring high oil prices down, the Fed’s job is to respond to inflationary pressures.”
As the Iran war keeps dragging on, inflation pressures are becoming more entrenched, said Jeffrey Roach at LPL Financial.
At this rate, a Fed hike next week appears likely, he added.
While a hike isn’t a “slam dunk” just yet, the Fed may be running out of road to accommodate another renewed supply shock without additional reassurance on underlying inflation, according to Krishna Guha at Evercore.
That said, his firm put its “no-Fed-hike call” under review and will update once the CPI report is released Friday.
“Inflation is a physical constraint and geopolitical problem, not a monetary problem,” said Brian Jacobsen at Annex Wealth Management.
“If the Fed hikes next week, it should be a symbolic hike to assert its independence and build credibility and not in the hope that it will actually fix the inflation problem.”
Meantime, the European Central Bank lifted rates for the second time since the Iran war broke out, with higher oil prices prompting bets on more hikes.
Corporate Highlights:
* Cybersecurity is the next big market for artificial intelligence, with advances in the technology set to disrupt an industry geared to defending computer systems, said Nvidia Corp. Chief Executive Officer Jensen Huang.
* Anthropic PBC accused Moonshot AI of covertly routing thousands of user requests to the US firm’s Claude models and passing off the responses as its own in a bid to gain an edge in the AI race.
* DeepSeek rolled out an AI model that charges as little as a fraction of a cent per million tokens, ramping up the pressure on rivals from Anthropic to Z.AI Co.
* Macy’s Inc.’s guidance left investors unimpressed, overshadowing a strong quarterly performance and increase in outlook.
What Bloomberg strategists say…
“PPI data has only reinforced the case for tighter policy and, at the margin, gives the rise in yields a firmer fundamental footing. That said, some of it can be caveated by yet another sharp rise in oil.”
—Brendan Fagan, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World Index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1610
* The British pound fell 0.3% to $1.3509
* The Japanese yen fell 0.5% to 154.34 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $77,150.23
* Ether fell 0.4% to $2,462.3
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 4.95%
* Germany’s 10-year yield advanced six basis points to 3.50%
* Britain’s 10-year yield advanced 11 basis points to 5.37%
Commodities
* West Texas Intermediate crude rose 7% to $102.78 a barrel
* Spot gold fell 1.7% to $4,324.15 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Determine never to be idle. No person will have occasion to complain of the want of time who never loses any. It is wonderful how much may be done
if we are always doing. -Thomas Jefferson, 1743-1826.
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