September 22, 2023, Newsletter

Dear Friends,

Tangents:  Happy Friday.  Autumnal Equinox tomorrow.  Goodbye Summer, hello Autumn.
Yom Kippur on Sunday- Monday -Day of Atonement.

On Sept. 22, 1862, President Abraham Lincoln issued the preliminary Emancipation Proclamation, declaring all slaves in rebel states
should be free as of Jan. 1, 1863. Go to article >>.

2 rare Roman cavalry swords from 1,800 years ago discovered by UK metal detectorist
A metal detectorist unearthed a pair of swords once used by the Roman cavalry.  Read More.

Sunken temple and sanctuary from ancient Egypt found brimming with ‘treasures and secrets’
Archaeologists discovered a cache of treasure inside a sunken underwater temple and sanctuary in Egypt.  Read More.

Mercury reaches its highest point in the sky this weekend. Here’s how to see it.  A bright, yellowish spot in the morning sky is actually Mercury making a rare daytime appearance. Here’s how to see it at its highest and brightest this week.  Full Story: Live Science (9/21)

Haunting new moon images reveal enormous crater deeper than the Grand Canyon near the lunar south pole
This striking composite shot of the lunar south pole appears in National Geographic Magazine’s special space issue out on Sept. 19.  Read More.

Oprah Winfrey has entered the Ozempic chat
Media maven Oprah Winfrey, who is also a board member and stock owner with Weight Watchers, recently shared her thoughts on weight loss drugs.

PHOTOS OF THE DAY

St Petersburg, Russia
A dachshund dressed as a lion walks a podium during a dachshund parade festival.  Photograph: Dmitri Lovetsky/AP.

New York, US
An Orthodox Jewish family pray by the lake in Prospect Park ahead of Yom Kippur, the Jewish Day of Atonement.   Photograph: Maye-E Wong/Reuters.

​​​​​​​Berlin, Germany
A woman photographs a rainbow at sunset.  Photograph: Markus Schreiber/AP.
Market Closes for September 22^nd, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1985, financial policy makers from the U.S., France, Germany, Japan and the U.K. met at the Plaza Hotel in New York City and announced coordinated measures to weaken the dollar, which was near all-time highs. The “Plaza Accord” triggered a decade-long decline in the dollar, spurring U.S. exports and creating a windfall for U.S. investors in foreign stocks.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 19,779.97 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 1.2%.
Alamos Gold Inc. had the largest drop, falling 3.9%.
Today, 115 of 227 shares fell, while 103 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 2%, heading for the best year since 2021
* This quarter, the index fell 1.9%
* This month, the index fell 2.5%
* So far this week, the index fell 4.1%, heading for the biggest decline since the week ended Sept. 23
* The index advanced 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on Feb. 2, 2023 and 10.7% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 13.78% compared with 13.84% in the previous session and the average of 11.81% over the past
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -19.0836| -0.3| 10/18
Materials | -10.8884| -0.5| 15/35
Information Technology | -5.1754| -0.4| 7/4
Real Estate | -3.4284| -0.7| 1/17
Consumer Discretionary | -0.6456| -0.1| 6/8
Health Care | -0.4486| -0.7| 2/1
Consumer Staples | -0.3349| 0.0| 4/7
Industrials | 3.2530| 0.1| 13/13
Communication Services | 4.6719| 0.6| 4/1
Utilities | 5.5331| 0.7| 13/2
Energy | 14.9004| 0.4| 28/9
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | -7.0270| -1.2|n/a | 52.2
RBC | -6.3490| -0.5|n/a | -5.6
Bank of Montreal | -4.8890| -0.8|n/a | -5.8
Telus | 2.5300| 1.1|n/a | -12.4
Enbridge | 3.8210| 0.6|n/a | -12.1
Cameco | 4.8810| 3.1|n/a | 75.6
US
By Rita Nazareth
(Bloomberg) — Treasuries rebounded and stocks struggled at the end of a jittery week that saw investors positioning for a higher-for-longer Federal Reserve stance.
Ten-year yields dropped after briefly topping 4.5% for the first time since 2007.
The S&P 500 notched its worst week since March. Tech, which bore the brunt of the recent rout, outperformed.
Apple Inc. climbed as its latest iPhones and watches went on sale.
A gauge of US-listed Chinese shares rallied on news Washington and Beijing are forming working groups to discuss economic and financial issues.
Traders are still very concerned about inflation and the path of policy amid the recent oil rally and the Fed’s signal that rates are not going to come down any time soon, according to Fawad Razaqzada, a market analyst at City Index and Forex.com.
“It is far too early to say the markets have bottomed, as fundamentally nothing has changed,” Razaqzada noted.
Two Fed officials said at least one more rate hike is possible and that borrowing costs may need to stay higher for longer for the central bank to ease inflation back to its 2%
target.
While Boston Fed President Susan Collins said further tightening “is certainly not off the table,” Governor Michelle Bowman signaled that more than one increase will probably be required, cementing her position as one of the Federal Open Market Committee’s most hawkish members.
Fed Bank of San Francisco President Mary Daly said she is not ready to declare victory in the fight against inflation, and that the central bank is still committed to curbing price
pressures “as gently as possible.”
The yield on 10-year Treasuries could reach 4.75% before softer risk sentiment and tighter financial conditions push it lower into year-end, according to rates strategists at Bank of America Corp.
Meantime, strategists at Goldman Sachs Group Inc. said the rates market pricing for about 75 basis points of Fed rate cuts in 2024 may persist “in the near term” based on soft economic data and the latest dot plot.
Investors dumped equities at the fastest pace since December as the prospect of higher-for-longer interest rates raises the risk of a recession, BofA strategists led by led by
Michael Hartnett said.
Global equity funds had outflows of $16.9 billion in the week through Sept. 20, according to a note from the bank citing EPFR Global data.
US stock funds led the exodus, while in Europe, redemptions reached 28 weeks.

Corporate Highlights
* The United Auto Workers said that it clinched key concessions from Ford Motor Co. and would spare the company more pain even as it expanded the strike to 38 additional facilities run by rivals General Motors Co. and Stellantis NV as of midday Friday.
* Microsoft Corp.’s $69 billion acquisition of Activision Blizzard Inc. looks set to clear its final regulatory hurdle after the UK competition authorities signaled they will accept
the latest concessions, ending a wait of more than a year and a  half to complete the biggest ever gaming deal.
* The Federal Trade Commission is expected to sue Amazon.com Inc. for antitrust violations next week, according to people familiar with the matter – marking the agency’s fourth swipe at the online retail giant this year.
* Arm Holdings Plc got a neutral rating at Susquehanna Financial, the latest firm to take a more cautious view of the newly public chip designer.
* Nikola Corp. said it’s offering $40 million of senior convertible notes due in 2024.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.0647
* The British pound fell 0.5% to $1.2240
* The Japanese yen fell 0.5% to 148.38 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $26,545.68
* Ether rose 0.3% to $1,592.81
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.43%
* Germany’s 10-year yield was little changed at 2.74%
* Britain’s 10-year yield declined six basis points to 4.25%
Commodities
* West Texas Intermediate crude rose 0.8% to $90.33 a barrel
* Gold futures rose 0.3% to $1,945 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Once the game is over, the King and the pawn go back in to the same box. -Italian Proverb.

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