September 28, 2023 Newsletter

Dear Friends,

Tangents:
Carolann is away from the office for conference, I will be writing the newsletter on her behalf.

Astronaut returns to Earth after 371 days in space. NASA’s Frank Rubio broke the record for the longest stay in space by a US astronaut. Now, he’s finally back home.
The crew’s arrival marked the end of a long — and unexpected — journey for Rubio, who had been slated to spend only six months aboard the International Space Station. He instead logged a total of 371 days in space following the discovery of a coolant leak coming from his original ride while docked to the orbiting outpost.

How to see the Harvest Moon, the final supermoon of 2023.
The famous Harvest Moon (the final supermoon of 2023) will be the first full moon of autumn when it rises on Sept. 29. The most popular name for September’s full moon is the Harvest Moon because it rises close to sunset for a few evenings in a row and gives farmers extra moonlight to help them bring in the harvest.

PHOTOS OF THE DAY

Manacapuru, Brazil
A boat travels through a section of the Amazon River affected by severe drought in the state of Amazonas
Photograph: Edmar Barros/AP

​​​​​​​The tree would have witnessed many shooting stars during its life
Photograph: Chris Lishman/Alamy

Bangkok, Thailand
Water pools on top of a water lily leaf after rain at Benchakitti forest park
Photograph: Jorge Silva/Reuters
Market Closes for September 28^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1987, Fortune magazine’s cover asked, “Are Stocks Too High?” Hedge-fund manager George Soros told the publication, “While the market is already unstable and overvalued, it has not yet reached the point of collapse.” Fourteen trading days later, the stock market fell 23%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 19,590.74 in Toronto.
The move was the biggest since rising 1.4% on Sept. 14 and follows the previous session’s decrease of 0.6%.
Shopify Inc. contributed the most to the index gain, increasing 2.5%.
Lithium Americas Corp. had the largest increase, rising 5.2%.
Today, 180 of 227 shares rose, while 46 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 1.1%, heading for the best year since 2021
* This quarter, the index fell 2.8%, heading for the biggest decline since the second quarter of 2022
* This month, the index fell 3.5%
* So far this week, the index fell 1%
* The index advanced 5.1% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 6% below its 52-week high on Feb. 2, 2023 and 9.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1% in the past 5 days and fell 2.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.09t
* 30-day price volatility rose to 13.29% compared with 13.08% in the previous session and the average of 12.26% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 64.8944| 1.1| 25/3
Materials | 26.8388| 1.2| 44/7
Information Technology | 22.7320| 1.6| 8/3
Industrials | 22.5259| 0.9| 23/3
Consumer Staples | 11.6252| 1.4| 8/3
Consumer Discretionary | 9.7952| 1.4| 14/0
Real Estate | 2.5732| 0.6| 17/4
Communication Services | 1.9895| 0.3| 5/0
Health Care | -0.3745| -0.6| 2/2
Utilities | -0.4281| -0.1| 8/8
Energy | -7.4194| -0.2| 26/13
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 14.5300| 2.5|n/a | 52.7
RBC | 14.2400| 1.2|n/a | -6.7
TD Bank | 9.3620| 0.9|n/a | -6.5
Algonquin Power | -1.5400| -3.8|n/a | -7.4
Enbridge | -2.0660| -0.3|n/a | -14.5
Brookfield | | | |
Renewable Partners | -2.3450| -4.8|n/a | -10.4
US
By Cristin Flanagan and Cecile Gutscher
(Bloomberg) — US stocks ended the day higher and Treasury yields fell Thursday.
Federal Reserve Chair Jerome Powell sidestepped investor concerns over the outlook for rates at an event.
Tech behemoths, including Nvidia Corp., Meta Platforms Inc. and Tesla Inc., drove the Nasdaq 100 higher, shaking off a choppy morning session.
Equities also got a boost from Ford Motor Co. and General Motors Co. after the United Auto Workers was said to dial back the wage increases the union was seeking for workers.
Dovish-leaning comments from one policymaker and weak consumer spending data helped stoke hope for some easing of the Federal Reserve’s messaging ahead of Powell’s comments.
September is still shaping up to be the worst month in 2023 for the US stock benchmarks after the central bank left interest rates at the highest in 22 years at its last meeting.
Even, if the US enters a recession it should be able to skirt a more severe downturn, according to Richmond Fed President Tom Barkin.
It’s still too early to know if another rate increase will be needed, Barkin told Bloomberg Television.
Earlier, the Chicago Fed’s Austan Goolsbee said policymakers were at risk of overshooting on interest rates by putting too much emphasis on the idea that steep job losses are needed to quell inflation.
Personal consumption, the main driver of the US economy, rose an annualized 0.8% in the April-to-June period, the weakest advance in over a year.
Other data showed GDP rose at an unrevised 2.1% rate during the period while weekly jobless claims came in lighter than estimates.
“Many investors are revising their view around what the longer-run interest rate that is appropriate for the main western economies is,” Joseph Little, global chief strategist at HSBC Asset Management, said in an interview with Bloomberg Television. “All the while in the stock market you have this combination of equity investors raising up expectations for 2024 profits,” he added. “It is the consensus view: rising bond yields, you have an equity market trading on higher multiples. It is getting worse and worse. Many challenges at this point.”
The selloff in US Treasuries had cooled ahead of Powell’s speech.
In the UK, benchmark government bond yields climbed as much as 20 basis points, the largest daily increase in almost a year on a closing basis.
Global bonds are on track for the weakest since February.
The rally in oil paused Thursday after WTI crude traded above $94 a barrel earlier in the week.
The dollar and gold both slid.
Key events this week:
* Fed Chair Jerome Powell town hall meeting with educators while Richmond Fed President Tom Barkin speaks Thursday
* Eurozone CPI, Friday
* Japan unemployment, industrial production, retail sales, Tokyo CPI, Friday
* US consumer spending, wholesale inventories, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0564
* The British pound rose 0.5% to $1.2199
* The Japanese yen rose 0.3% to 149.24 per dollar
Cryptocurrencies
* Bitcoin rose 3.3% to $27,115.65
* Ether rose 4.1% to $1,658.93
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.57%
* Germany’s 10-year yield advanced nine basis points to 2.93%
* Britain’s 10-year yield advanced 13 basis points to 4.48%
Commodities
* West Texas Intermediate crude fell 2.1% to $91.73 a barrel
* Gold futures fell 0.4% to $1,883.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alice Atkins and Boris Korby.

Have a wonderful day everyone.

Be magnificent!
As ever,
 
Shabnam
“Life isn’t about finding yourself. Life is about creating yourself.” —George Bernard Shaw

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

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