September 28,2022 Newsletter

Dear Friends,

Tangents: Happy Wednesday.

Carolann is away from the office today, I will be writing the newsletter on her behalf.

The world’s first all-electric passenger aircraft has successfully taken to the sky with battery technology similar to that of an electric car or a cell phone. The zero-emission plane — named Alice — traveled at an altitude of 3,500 feet for eight minutes during its inaugural flight on Tuesday. Now, the company behind the plane is working on developing an FAA-certified aircraft.

Artificial islands surrounding British Isles were used for ancient parties, archaeologists find. Just as waterfront mansions are status symbols for today’s rich and famous, ancient artificial islands in the British Isles known as crannogs may have been used by elites to display their power and wealth through elaborate parties, a new study finds.

A crannog is “an artificial island within a lake, wetland, or estuary,” Antony Brown of UiT Arctic University of Norway and colleagues wrote in a study published online Wednesday (Sept. 28) in the journal Antiquity. Hundreds of crannogs were created in Scotland, Wales and Ireland, between 4,000 B.C. and the 16th century A.D.
Full Story: Live Science
PHOTOS OF THE DAY

SwitzerlandThe glaciologist Matthias Huss and his team at Gries glacier as a report shows three cubic kilometres of ice – three thousand billion litres of water – evaporated from Swiss glaciers in 2022 because of weather conditions
Photograph: Fabrice Coffrini/AFP/Getty Images

Lightning strikes in Nice, France, in August.
Photograph: Joshua James Pennell

‘Every September farmers collect their sheep from the mountains in order to separate the lambs from the ewes. They use some of the unique sheepfolds found in our area, some of which are over 200 years old. Sheep are driven into the centre of the fold. Each farm has its own cell round the outside and the sheep are moved from the centre (through holes in the walls) into each farm’s cell. The picture was taken in Snowdonia, Wales, after the sheep had been rounded up and one or two of the farmers were having a quick lunch before doing the sorting.’
Photograph: Nigel Beidas
Market Closes for September 28, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.9% at 18,648.92 in Toronto. The move was the biggest since rising 2% on May 13 and follows the previous session’s decrease of 0.1%.
Today, energy stocks led the market higher, as 10 of 11 sectors gained; 208 of 236 shares rose, while 27 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 1.4%. Equinox Gold Corp. had the largest increase, rising 16.5%.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This year, the index fell 12%, heading for the worst year in at least 10 years
* This quarter, the index fell 1.1%
* This month, the index fell 3.5%
* The index declined 7.6% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 16% below its 52-week high on April 5, 2022 and 2.6% above its low on July 14, 2022
* The S&P/TSX Composite is down 2.8% in the past 5 days and fell 6.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.6 on a trailing basis and 11.5 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$2.93t
* 30-day price volatility rose to 17.75% compared with 16.50% in the previous session and the average of 14.69% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 91.5140| 2.9| 38/0
Materials | 89.9598| 4.4| 47/4
Financials | 78.9026| 1.4| 28/1
Industrials | 32.8640| 1.4| 24/3
Information Technology | 29.0335| 3.0| 13/1
Consumer Discretionary | 9.5316| 1.4| 14/0
Real Estate | 6.9512| 1.5| 22/0
Communication Services | 5.2617| 0.6| 4/2
Health Care | 2.9998| 3.7| 7/0
Consumer Staples | 0.5344| 0.1| 6/5
Utilities | -6.5368| -0.7| 5/11
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
RBC | 16.4200| 1.4| 0.3| -7.1
Suncor Energy | 15.7800| 4.5| -61.1| 22.5
Enbridge | 13.5300| 1.9| -36.0| 6.1
Sandstorm Gold | -1.2070| -10.0| 199.0| -12.6
Loblaw | -1.4100| -1.2| -11.3| 7.4
Brookfield Infrastructure | -3.7230| -2.3| 29.1| -2.9
US
By Vildana Hajric and Peyton Forte
(Bloomberg) — US stocks and Treasuries rallied on Wednesday after the Bank of England’s decision to stage a market +6 intervention boosted UK bonds and tentatively calmed markets.
The S&P 500 snapped a six-day rout. It rose the most since early last month, and for the first time since the Federal Reserve boosted rates and dialed up its hawkishness a week ago.
The index jumped more than 2% later in the session, bolstered by gains in Amazon.com Inc.’s shares after the company’s annual device event on Wednesday showed it pushing further into wellness, security and the auto industry.
The 10-year US Treasury yield dropped toward 3.72% after topping 4% earlier. The yield on 30-year UK gilts plunged more than one percentage point. Oil advanced with metals. Orange juice futures spiked as Hurricane Ian barreled ashore in Southwest Florida.
Global markets enjoyed a break from the brutal selling that has gripped them since the Fed embarked on the most aggressive path of interest-rate hikes by since the 1980s. The Bank of England soothed nerves after it said it would buy long-dated government bonds in whatever quantities were needed to end the chaos caused by the government’s plans to slash taxes.
Fed officials remained diligent in warning that more rate-hike pain is yet to come, with Atlanta Fed President Raphael Bostic and Chicago Fed President Charles Evans reinforcing the hawkish stance their colleagues have been hammering home all week.
“All eyes are on inflation and interest rates, and this renewed hawkishness or more aggressive hawkishness from the Fed has certainly sent equity markets into a period of concern here,” said Josh Emanuel, chief investment officer of investment management at Wilshire. “From this point forward, equities are really going to take their cues from bond market. So if you see bond yields move lower, that is a good sign for equities.”
Stocks may also be rising because the markets have priced in the Fed’s hawkishness, according to Adrian Helfert, chief investment officer of multi-asset strategies at Westwood Holdings Group.
“It’s harder for the central bank and the speakers to say much more — short of saying that they’re going to start hiking by a hundred basis points for the next several meetings,” he said. “Maybe the market is at least now believing what the Fed is saying.”
But economists are still worried that the central bank is committing another error after being too slow to respond to inflation, since a series of jumbo hikes mean officials are not weighing the impact their actions are having on the economy.
Geopolitical tensions also continued to simmer. Natural gas prices in Europe surged after Russia said it may cut off supplies via Ukraine and the German Navy was deployed to investigate the suspected sabotage to the Nord Stream pipelines.
While the European Union proposed a new round of sanctions on Russia, the growing exodus of Russians fleeing President Vladimir Putin’s mobilization order is creating turmoil at the borders with neighboring states and stirring fears about potential instability.
Any rally in the face of these challenges “will likely be met with skepticism given the dual headwinds of rapidly slowing global growth, pressuring earnings, and increasingly tight
liquidity, pressuring valuations,” said Cameron Dawson, chief investment officer at Newedge Wealth.
The dollar dropped on Wednesday. But its recent rally brought losses to other currencies, including the euro and onshore yuan, which tumbled to its weakest level since 2008. A regulatory body guided by the People’s Bank of China urged banks to protect the authority of the yuan fixing.
How much damage is a strong dollar causing? That’s the theme of this week’s MLIV Pulse survey. It’s brief and we don’t collect your name or any contact information. Please click here to share your views.

Key events this week:
* Euro zone economic confidence, consumer confidence, Germany CPI, Thursday
* US initial jobless claims, GDP, Thursday
* Fed’s Loretta Mester, Mary Daly speak at events, Thursday
* China PMI, Friday
* Euro zone CPI, unemployment, Friday
* US consumer income , University of Michigan consumer sentiment, Friday
* Fed’s Lael Brainard and John Williams speak, Friday

Some of the main moves in markets:

Stocks
* The S&P 500 rose 2% as of 4 p.m. New York time
* The Nasdaq 100 rose 2%
* The Dow Jones Industrial Average rose 1.9%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 1%
* The euro rose 1.4% to $0.9731
* The British pound rose 1.4% to $1.0880
* The Japanese yen rose 0.5% to 144.14 per dollar
Cryptocurrencies
* Bitcoin rose 2.4% to $19,534.48
* Ether rose 0.8% to $1,335.24
Bonds
* The yield on 10-year Treasuries declined 23 basis points to 3.72%
* Germany’s 10-year yield declined 11 basis points to 2.12%
* Britain’s 10-year yield declined 49 basis points to 4.01%
Commodities
* West Texas Intermediate crude rose 4.4% to $81.96 a barrel
* Gold futures rose 2% to $1,669.60 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Isabel 

All you need is the plan, the road map, and the courage to press on to your destination. – Earl Nightingale, 1921-1989

Isabel Luo
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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