Dear Friends,
Tangents: Happy Friday Eve.
June 18, 1815: Napoleon is defeated at the Battle of Waterloo, ending his rule and reshaping Europe as Britain, Prussia and Austria restore the balance of power.
June 18, 1983: Astronaut Sally K. Ride became America’s first woman in space as she and four colleagues blasted off aboard the space shuttle Challenger. Go to article.
Paul McCartney, musician, b. 1942.
Roger Ebert, critic, b. 1942.
Isabella Rossellini, actress, b. 1952.
| ‘River in the Sky’: China’s doomed plan to create a ‘cloud seeding corridor’ tells us how far the country will go to solve its climate crisis |
In the second story of our three-part series, Taming Nature, we explore how China’s willingness to invest billions in a quixotic plan to create a permanent river in the sky reveals the lengths it is willing to go to engineer its way out of a climate crisis. Read more.
| ‘This was a pioneering achievement’: Stone Age people put up posts to observe the solstices near Stonehenge long before the stones of sacred site were placed |
The discovery of two ancient holes at Stonehenge suggests people placed posts there to help observe the summer and winter solstices around 5,000 years ago. Read more.
| ‘It’s a huge deal’: Archaeologists discover second cannonball from the Battle of the Alamo, and it was likely fired by Texans |
Archaeologists have discovered a second cannonball from the 1836 Battle of the Alamo, and now they have one from each side. Read more.
| A secretive Chinese probe has just arrived at one of Earth’s ‘quasi-moons’ and will soon attempt a first-of-its-kind landing |
ANALYSIS | China’s Tianwen-2 mission has arrived at the quasi-moon Kamo’oalewa, which orbits the sun alongside Earth. The secretive probe will scoop up samples from our temporary companion to help uncover its mysterious origin, experts say. Read more.
| ‘A mixture from zero to infinity’: Physicists split apart a photon — and ended up with an improbable swarm of particles |
Physicists have found that splitting a photon would lead to a complex state that may change the way we think of particles. Read more.
I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail. -George Edward Pelham Box.
A royal reunion
Harry and Meghan are set to visit the UK with family for the first time in four years, British media reports.
Leave it to the beavers
This city had a flooding problem, so it turned to the world’s second-largest rodent for help.
Tracing the plague
Ancient DNA is shedding light on the plague’s deadly impact 5,500 years ago.
‘Cyborg soloist’ controls music with hands, eyes and brain
This classically trained musician is using AI and wearable technology to reinvent the piano recital.
PHOTOS OF THE DAY
Rome, Italy
People gather at sunset for a reading of Fyodor Dostoevsky’s White Nights during The Silent Storm (La Tempesta Silenziosa), a mass reading initiative conceived by Alessandro Baricco and organised by the city’s culture department
Photograph: Francesco Fotia/AGF/Shutterstock
Vietnam
Women use hand shuttles to repair fishing nets and traps
Photograph: Nese Ari/Anadolu/Getty Images
Canberra, Australia
Arthur Boyd: Tapestries, each featuring a scene from the life of Saint Francis of Assisi, on display at the National Gallery of Australia
Photograph: Lukas Coch/EPA
Market Closes for June 18th, 2026
| Market Index |
Close | Change |
| Dow Jones |
51564.70 | +72.15 |
| +0.14% | ||
| S&P 500 | 7500.58 | +80.48 |
| +1.08% | ||
| NASDAQ | 26517.93 | +496.27 |
| +1.91% | ||
| TSX | 34969.26 | -155.85
-0.44% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 71053.49 | +1151.24 |
| +1.65% | ||
| HANG SENG |
23924.81 | -387.35 |
| -1.59% | ||
| SEN SEX | 77409.98 | +254.36 |
| +0.33% | ||
| FTSE 100* | 10399.70 | -108.91 |
| -1.04% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.373 | 3.421 |
| CND. 30 Year Bond |
3.790 | 3.817 |
| U.S. 10 Year Bond |
4.4533 | 4.4869 |
| U.S. 30 Year Bond |
4.8979 | 4.9314 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7074 | 0.7092 |
| US $ |
1.4134 | 1.4099 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6173 | 1.6199 |
| US $ |
0.8725 | 1.1460 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4341.85 | 4335.80 |
| Oil | ||
| WTI Crude Future | 76.60 | 76.79 |
Market Commentary:
On this day in 1998, internet stocks got a boost when Walt Disney agreed to buy 43% of search engine Infoseek. Analysts applauded the move, saying that prime internet assets would only get more expensive. The investment turned into a dud.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.4%, or 155.85 to 34,969.26 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 3.7%.
AbraSilver Resource Corp. had the largest drop, falling 8.3%.
Today, 121 of 220 shares fell, while 99 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 6.7%
* So far this week, the index was little changed
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on June 17, 2026 and 32.2% above its low on June 19, 2025
* The S&P/TSX Composite is up 0.9% in the past 5 days and rose 3.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.7 on a trailing basis and 16.6 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$5.53t
* 30-day price volatility rose to 14.36% compared with 14.34% in the previous session and the average of 13.55% over the past month
Index Points
Materials | -169.7708| -2.7| 8/52
Energy | -47.9205| -0.8| 11/26
Information Technology| -33.3246| -1.3| 2/7
Consumer Discretionary| -5.3160| -0.5| 3/6
Consumer Staples | -2.9017| -0.3| 6/4
Communication Services| -0.3008| 0.0| 3/2
Health Care | 2.0645| 2.3| 4/0
Real Estate | 2.3535| 0.5| 13/6
Utilities | 4.9548| 0.4| 11/3
Industrials | 32.3318| 0.9| 21/8
Financials | 61.9660| 0.5| 17/7
Agnico Eagle Mines Ltd | -31.8700| -3.7| 5.2| 1.4
Canadian Natural Resources | -26.5300| -3.1| 68.2| 24.7
Constellation Software | -18.2800| -4.6| 10.7| -16.7
TD Bank | 13.8700| 0.7| 2.4| 30.4
RBC | 18.3000| 0.7| -14.1| 21.8
Toromont Industries | 20.1000| 17.1| 144.0| 45.1
MT Newswires:
The Toronto Stock Exchange edged lower on Thursday as weakness in commodity-linked sectors, including energy, battery metals and base metals, outweighed gains in financial and industrial stocks, while investors assessed fresh economic data and the outlook for Bank of Canada monetary policy.
The S&P/TSX Composite Index closed down 155.85 points, or 0.44%, at 34,969.26 with sector finishing mixed.
Health Care led gainers, up 2.27%, while Financial, Industrials, and Utilities, up 0.50%, 0.92%, and 0.40%, respectively.
Battery Metals Index led decliners, down 2.90%, with Information and Technology, down 2.51%, Telecom, down 0.03%, Energy, down 1.87%, and Base Metals, down 1.31%.
In commodities, gold traded lower Thursday as the dollar rose to its highest level in more than a year after the US Federal Reserve left interest rates unchanged at the conclusion of its two-day policy meeting on Wednesday.
The precious metal, which has an inverse relationship with the greenback, was down US$135.90 to US$4,245.70 per ounce.
Meanwhile, the West Texas Intermediate (WTI) crude closed lower Thursday after Iran and the US signed a preliminary ceasefire deal that promises to reopen the Strait of Hormuz, freeing supply from Iran and the Persian Gulf nations that has been blocked since the war started on Feb. 28.
WTI crude oil for July delivery closed down less than 0.1% to settle at US$76.60 per barrel, rising off session lows of US$73.58, while August Brent oil was up by less than 0.1% to US$79.27.
Beyond commodity markets, investors also weighed the domestic economic outlook, with TD Economics arguing that subdued inflation pressures give the Bank of Canada (BoC) room to remain on the sidelines and keep interest rates unchanged.
The BoC is expected to remain on hold through the rest of the year, supported by an economy that continues to operate below capacity and an inflation backdrop that remains relatively contained, TD said Thursday.
Unlike the United States, underlying inflation trends in Canada remain "well behaved", according to the bank.
The BoC’s preferred core inflation measures have averaged around 1.5% annualized over the past six months, holding at below target and suggesting limited underlying inflation momentum.
TD also predicted that Canada’s economy may see growth momentum return in the second half of the year after posting two consecutive quarterly contractions that raised recession worries.
A large part of the Q1 0.1% year-over-year contraction was the pullback in government spending, which the bank doesn’t expect to continue, it said in a report on Thursday.
Household spending is also projected to continue after rising 1.5% quarter-over-quarter in the first three months.
"Looking ahead, we expect the economy to continue to gradually regain some momentum … international trade data also supports the case for a rebound in April," TD said.
Job gains in May reversed a large part of the losses posted earlier in the year and reduced the unemployment rate to 6.6%, the lender added.
On the economic front, data released Thursday showed Canadian producer prices continued to climb in May, reflecting higher energy-related costs and ongoing disruptions to global supply chains.
Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), were up 1.2% month over month in May and increased 13.6% year over year, said the country’s statistical agency on Thursday.
The IPPI’s May rise marked the fifth consecutive monthly increase.
Disruptions to shipping through the Strait of Hormuz continued to affect global commodity markets in the month, reflecting impacts on crude oil costs and supply chains since March, noted Statistics Canada in a statement.
However, prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index, increased 0.7% month over month and rose 33.4% year over year, said the Ottawa-based agency.
Separate data released Thursday pointed to continued caution among Canadian businesses, with small-business confidence remaining in pessimistic territory for a second consecutive month.
Small business confidence in Canada saw virtually no change in June, with the index remaining below the 50-point mark that for a second month in a row, said the Canadian Federation of Independent Business Barometer published on Thursday.
A reading below 50 means business owners are expecting a weaker performance over the next three or 12 months.
Fuel remains the top cost constraint for 66% of small businesses, while weak demand continues to weigh on more than half, or 53%, of the firms, CFIB said.
Additionally, a new analysis from Scotiabank Economics suggested Canada’s tighter immigration rules are having a pronounced impact on the international student population, with permit-holder numbers falling below government targets.
The bank said the total stock of study permit and post-graduation work permit holders has dropped from a peak of more than 1 million in mid-2024 to just under 620,000 currently, reflecting stricter immigration measures.
"While the decline in the number of temporary work permit holders has been gradual since the introduction of annual temporary permit holder arrival caps, the pace at which the international student population has declined has been rapid, to say the least," senior economic analyst Anthony Bambokian said in the note.
US
By Rita Nazareth
(Bloomberg) — Wall Street staged a comeback that saw stocks joining bonds higher after a peace deal between the US and Iran spurred optimism that a revival of the Strait of Hormuz will ease inflation risks.
The bounce drove the S&P 500 up 1.1%.
A gauge of chipmakers rose to a record, with Intel Corp. soaring as President Donald Trump said the firm will work alongside Apple Inc. to design and produce semiconductors domestically.
Treasury yields fell after a jump driven by worries the Federal Reserve would need to raise rates to curb price pressures. US oil edged lower.
As the interim peace agreement took effect, shipping started returning to the Strait of Hormuz, with the US declaring an end to its blockade and a complex negotiating period over Tehran’s nuclear program beginning in earnest.
Earlier Thursday, Trump posted on Truth Social that “oil is flowing.”
US Vice President JD Vance downplayed concerns Iran could eventually impose tolls on traffic through the vital energy waterway.
A closure of the strait amid the war had lifted fuel prices, raising the risk of a global economic crisis.
If the deal holds, analysts say that could take substantial pressure off of energy costs and inflation.
“The progress toward releasing oil supply from the Persian Gulf has supported equity prices,” said Ian Lyngen at BMO Capital Markets.
“Lower energy costs have also eased forward inflationary concerns and led to meaningful declines in longer- dated Treasury yields.”
Federal Reserve Chairman Kevin Warsh this week vowed to restore price stability after officials left rates unchanged and signaled growing support for interest-rate hikes.
Should lower energy costs continue to filter through to inflation data, policymakers may ultimately find sufficient justification to keep rates unchanged for an extended period rather than hiking, according to Fawad Razaqzada at Forex.com.
“My view remains that inflation should moderate gradually over the coming months, and this might allow the Fed to maintain current policy settings rather than implement fresh tightening,” he said.
Meantime, the Bank of England held rates at 3.75%, saying the recent drop in oil prices was “encouraging,” even as two of the nine policymakers voted for an immediate quarter-point hike over concerns of persistent inflation.
Corporate Highlights:
* SpaceX is proving that even the largest-ever IPO is not immune to the type of volatility that tends to rock big companies after they go public, with the shares falling for a second straight day.
** Bankers for SpaceX are preparing to hold calls with investors as soon as next week to discuss a potential bond offering, according to people with knowledge of the matter.
* Amazon.com Inc. is in talks to sell its custom-made artificial intelligence chips for use in other companies’ data centers, a key expansion of its efforts to cut into Nvidia Corp.’s dominance.
* Accenture Plc said it’s expecting to reel in less revenue in the coming months, as artificial intelligence upends the consulting services industry and clients paused business due to the conflict in the Middle East.
* Take-Two Interactive Software Inc. will open pre-orders for Grand Theft Auto VI on June 25, kicking off the launch of one of the most-anticipated video games of all time.
What Bloomberg strategists say…
“The semiconductor rally is built on the premise that AI spending will continue for some time. Yet in a new era of traders contemplating more Fed rate hikes, chip stocks could confront a higher bar for more blowout gains beyond this year.”
—Kristine Aquino, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World Index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1456
* The British pound fell 0.7% to $1.3197
* The Japanese yen fell 0.5% to 161.45 per dollar
Cryptocurrencies
* Bitcoin fell 2.1% to $63,013.87
* Ether fell 2.2% to $1,707.57
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.45%
* Germany’s 10-year yield was little changed at 2.93%
* Britain’s 10-year yield was little changed at 4.76%
Commodities
* West Texas Intermediate crude rose 0.2% to $76.91 a barrel
* Spot gold fell 1% to $4,215.19 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
First, forget inspiration. Habit is more dependable. Habit will sustain you whether you’re inspired or not. –Octavia E. Butler, 1947-2006.
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