September 29, 2023 Newsletter

Dear Friends,

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

‘Very rare’ Iron Age arrow with quartzite tip uncovered from melting ice after 3,500 years
Glacial archaeologists in Norway have found an arrow with its quartzite tip still attached after spending up to 3,000 years in the snow and ice.
September’s full harvest moon is the last supermoon of the year. The full harvest moon shined in the early morning hours of September 29, also marking the fourth and final supermoon of 2023. September’s full moon reached peak illumination around 5:58 a.m. ET Friday, but it is expected to appear entirely illuminated through Saturday morning, according to NASA.
Scientists just proved that ‘monster’ black hole M87 is spinning, confirming Einstein’s relativity yet again
Astronomers have spotted two huge jets fired off by the ‘monster’ black hole M87 wobbling on an 11-year cycle, proving for the first time that black holes spin.

Alien life may evolve from radically different elements than human life did.
Radioactive metals and even certain gases may be capable of the kinds of reactions needed to spur life, new research suggests. Self-sustaining chemical reactions that could support biology radically different from life as we know it might exist on many different planets using a variety of elements beyond the carbon upon which Earth’s life is based, a new study finds. Read more.

PHOTOS OF THE DAY

Dortmund, Germany
People watch a preview of Destination Cosmos, a digital exhibition showing the history of space exploration at the former Phoenix gas plant
Photograph: Martin Meissner/AP

The week in wildlife
A Townsend’s warbler foraging in an oak tree for insects and their larvae in Pacific Grove, California, US
Photograph: Rory Merry/Zuma Press Wire/Shutterstock

​​​​​​​Hadrian’s Wall Sycamore Gap tree
The tree on a glorious summer’s day
Photograph: Joana Kruse/Alamy
Market Closes for September 29^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2008, at the height of the global financial crisis, Citigroup agreed to acquire most of Wachovia for about $2 billion in a government-engineered takeover. Ultimately, though, the deal was torpedoed by a rival bid from Wells Fargo.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 19,541.27 in Toronto.
The move follows the previous session’s increase of 0.8%.
Alimentation Couche-Tard Inc. contributed the most to the index decline, decreasing 3.3%.
Orla Mining Ltd. had the largest drop, falling 5.9%.
Today, 129 of 227 shares fell, while 92 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 0.8%, heading for the best year since 2021
* This quarter, the index fell 3%, heading for the biggest decline since the second quarter of 2022
* This month, the index fell 3.7%
* So far this week, the index fell 1.2%
* The index advanced 6% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 6.2% below its 52-week high on Feb. 2, 2023 and 9.3% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 14.1 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$3.11t
* 30-day price volatility rose to 13.30% compared with 13.29% in the previous session and the average of 12.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -34.3694| -0.9| 7/30
Financials | -30.3870| -0.5| 6/22
Consumer Staples | -13.4528| -1.6| 3/7
Utilities | -7.5858| -1.0| 3/13
Industrials | -6.3169| -0.2| 10/15
Real Estate | -0.5802| -0.1| 7/13
Health Care | 0.5485| 0.9| 3/1
Communication Services | 2.1752| 0.3| 3/2
Consumer Discretionary | 2.6882| 0.4| 12/2
Materials | 12.4040| 0.5| 29/22
Information Technology | 25.4047| 1.8| 9/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Couche-Tard | -12.1400| -3.3|n/a | 15.9
Canadian Natural | | | |
Resources | -10.8400| -1.6|n/a | 16.8
Brookfield Corp | -8.2350| -1.9|n/a | -0.3
Teck Resources | 3.6370| 2.0|n/a | 15.4
First Quantum | | | |
Minerals | 4.7460| 3.9|n/a | 13.4
Shopify | 19.7100| 3.3|n/a | 57.7
US
By Cristin Flanagan
(Bloomberg) — Optimism in the markets faded as traders were left to contend with the prospect of a government shutdown and interest rates staying put at their highest in decades.
US stock gauges and Treasury bonds notched their worst quarters since September, 2022, while the dollar logged its best as traders came to terms with the message from Federal Reserve
officials: get used to higher rates.
Bond market angst saw yields on the benchmark 10-year hit the highest since 2007 this week while the 30-year peaked near 2010 levels.
A hawkish call from New York Fed President John Williams signaled interest rate hikes may be done, but the central bank will need to keep rates elevated to bring inflation back to the its 2% goal.
His commentary did little to offer relief for yields, according to Krishna Guha, Evercore ISI’s head of central bank strategy.
“Williams’ comments overall confirm our view that the Fed is being pragmatic on the here-and-now decision as to whether a further hike is needed – and will end up dropping it – even as it adopts a tough posture on the outlook for rates in ‘24,” Guha wrote in a note.
Further cutting into optimism for the world’s largest economy is the prospect of a prolonged government shutdown and labor disruptions after the United Auto Workers extended plans for walkouts to more Ford Motor Co. and General Motors Co. plants.
Globally, bonds had their worst monthly selloff since February.
High interest rates across the board made the July- September quarter the worst for MSCI’s all-country index since September, 2022 as surging oil prices fanned fears over inflation and economic growth.
While rates may have reached their peaks, central banks are being hard-pressed to walk a fine line between reining in rising prices and skirting a recession.
Pershing Square Capital’s Bill Ackman sounded a note of caution on longer-dated Treasuries.
The yield on the 30-year has risen around 82 basis points since the end of June and touched about 4.81% Thursday, the highest since 2010.
 “Looking ahead, regardless of whether the landing is ultimately hard or soft, we think US and global economic activity is set to slow over the next year,” said Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management. She remains bullish on bonds maturing in five to ten years. “Falling inflation should bolster the real return on fixed income, despite the recent rebound in energy prices,” she added.
Crude logged its biggest quarterly gain since March 2022.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4:01 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0571
* The British pound was little changed at $1.2201
* The Japanese yen was little changed at 149.43 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $26,929.3
* Ether rose 0.6% to $1,665.78
Bonds
* The yield on 10-year Treasuries was little changed at 4.57%
* Germany’s 10-year yield declined nine basis points to 2.84%
* Britain’s 10-year yield declined five basis points to 4.44%
Commodities
* West Texas Intermediate crude fell 0.9% to $90.90 a barrel
* Gold futures fell 0.7% to $1,865.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Julia Fanzeres, Rob Verdonck, Abhishek Vishnoi, Tassia Sipahutar and Sujata Rao.

Have a wonderful weekend everyone.

Be magnificent!
As ever,
 
Shabnam
“The mind is everything. What you think you become.” —Buddha

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
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
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www.carolannsteinhoff.com