September 2017 – Carolann Steinhoff

September 29, 2017

September 29, 2017 Newsletter

Dear Friends,

Tangents: Happy Friday!
Michaelmas -St. Michael’s Day

Interesting news item today:
Viking Fort Reveals Secrets of Danish King’s Elaborate Military Network
By Tom Metcalfe, Live Science Contributor | September 29, 2017

The discovery of a Viking-age fortress in Denmark has shed new light on a network of military sites built by the 10th-century Danish king Harald Bluetooth, according to archaeologists.
Bluetooth — for whom the eponymous digital network technology is named — is credited with building several large, circular fortresses, or “ring forts,” around Denmark in the 970s and 980s, as he unified the unruly Viking clans of the region into a centralized kingdom.
Until a few years ago, the sites of four such ring forts were known, and in the decades since they were found, debate has raged among Danish historians about these structures’ purpose.
While some historians argued that the ring forts were genuine military fortifications, others proposed that they were built mainly as regional symbols of Bluetooth’s prestige and political power.
But in 2014, a fifth Bluetooth ring fort was discovered — the first to be found in 60 years — and the circumstances of the find seem to settle the historical argument about their function, said Søren Sindbæk, an archaeologist at Aarhus University in Denmark.
“These are perhaps the rarest and strangest monuments that the Vikings have left us,” Sindbæk told Live Science. “It has been so long since we found a new one and had the opportunity to excavate one with all the new methods.”
The location of the latest fort to be discovered, at Borgring on the island of Zealand in eastern Denmark, showed that there was a military basis to Bluetooth’s network of ring forts, Sindbæk said.
“It wasn’t just a random collection of monuments that were placed there to display power, but there was a coherent military logic to them,” he said. “They were placed at sites that were particularly vulnerable [to attack], and yet they were able to dominate the landscape.”
Bluetooth’s network
Sindbæk explained that he started researching the distribution of the Bluetooth ring forts around Denmark several years ago, looking for any common features in their locations.
He found that each of the known ring forts was built near major Viking-age land routes, and that each ring fort was accessible by sea but sufficiently far from the coast to be well protected from seaborne attacks.
“If you went by the same criteria, there were just a couple of places in Denmark that we could add,” Sindbæk said. “So we went out to survey those, and at one of those spots, we hit what we were looking for.”
The discovery of the ring fort at Borgring showed that these structures were deliberately located to defend Bluetooth’s new kingdom against foreign invaders, he said.
“It confirmed to us that we did understand the plan behind the network of fortresses, that we understood it well enough to identify yet another ring-fort site,” Sindbæk said.
The structures were also located at strategic spots to potentially defend against military attacks, according to the archaeologists. [Fierce Fighters: 7 Secrets of Viking Seamen]
“They were close to the points in the landscape where an army could have landed by sea, which is the most obvious place for a Viking-age army to come from, and from where they could have taken control,” Sindbæk said. “And these ring forts were placed exactly where you would need to be in order to prevent that.”
Lidar discovery
After Sindbæk and his research colleagues identified the likely site of the fortress beneath farmland at Borgring, they used data from an aerial lidar survey published by the Danish government to confirm its distinctive ring shape, which wasn’t apparent at first, Sindbaek said. (Lidar is an extremely accurate method of surveying land or measuring the distance to objects, based on the timings of reflections of pulses of laser light.)
“The lidar data made it very obvious why we were missing the real shape of the feature in the landscape,” he said. “What was left in some parts of the fortress was literally just a change in the level of the ground of perhaps 30 to 40 centimeters [12 to 16 inches], so it’s nothing that you would see on the ground.”
The lidar discovery was followed by a geophysical survey of the underground fortress, led by geophysicist Helen Goodchild of the University of York.
Goodchild surveyed the Borgring site using a method called fluxgate gradiometry, which can detect subtle traces in underground magnetic fields caused by ancient bacterial processes, such as the rotting of wood.
The results of the geophysical survey, which were published online Aug. 8in the journal Antiquity, clearly showed the ring-shaped fortress ramparts, 470 feet (144 meters) in diameter, as well as the locations of four gatehouses at each of the cardinal compass points around the ring, Goodchild told Live Science.
“The geophysics results were pretty impressive,” Goodchild said. “They essentially showed quite a lot of the layout of the rampart structure, which meant [archaeologists] could target their excavations very precisely.”
Viking workshop
Archaeologists carried out excavations at the Borgring site over the past two summers.
In 2016, the researchers excavated the eastern gatehouse of the fortress, which appeared to have been used as a workshop sometime after the fortress ceased to be used by the military, probably in the 11th century, said Jonas Christensen, an archaeologist at the Danish Castle Center in Vordingborg.
In the gatehouse, the researchers found a Viking toolbox that included several woodworking and metalworkingtools, and pieces of glazed pottery usually associated with wealthy or high-status Viking sites in Denmark and Sweden, Christensen told Live Science.
He said the excavations at Borgring this year also uncovered a plank of ancient oak, shaped and drilled with several holes, which had been used for dendrochronological dating, which is based on distinctive patterns of tree growth rings within the wood.
That dating showed that the plank was cut at the same time as wood dated from other ring-fort sites in Denmark that were known to have been built in the 970s or 980s, he said.
“The way the dates fit on the curve is exactly the same,” Christensen said. “That means the plank was cut and shaped at the same time, and it means [the fort] was built by Harald Bluetooth — so that’s the best date we have yet.”
Original article on Live Science.
PHOTOS OF THE DAY

An undated handout photo made available by the European Space Agency (ESA) shows an image taken with the NASA/ESA Hubble Space Telescope of the galaxy NGC 4490. The scattered and warped appearance of the galaxy are the result of a past cosmic collision with another galaxy, NGC 4485 (not visible in this image). The extreme tidal forces of the interaction between the two galaxies have carved out the shapes and properties of NGC 4490. Once a barred spiral galaxy, the outlying regions of NGC 4490 have been stretched out, resulting in its nickname of the Cocoon Galaxy.
CREDIT: EPA/ESA/HUBBLE & NASA/HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES

A new iceberg calved from Pine Island Glacier, one of the main outlets where ice from the interior of the West Antarctic Ice Sheet flows into the ocean. The Operational Land Imager (OLI) on the Landsat 8 satellite captured this natural-colour image just before the break. A rift is clearly visible across the centre of the glacier’s floating ice shelf. The break ultimately produced iceberg B-44.
CREDIT: NASA EARTH OBSERVATORY/ZUMA WIRE/ZUMAPRESS.COM

Indian people carry an effigy of evil king Ravana on their scooter, ahead of the Dussehra festival in Bhopal, India. The effigies are burnt during the Hindu festival that commemorates the triumph of Lord Rama over the demon king Ravana, marking the victory of good over evil. Dushera falls on 30 September this year.
CREDIT: EPA/SANJEEV GUPTA

A jaguar ambushes a giant jacare caiman high up on the Three Brothers River in the Pantanal in Mato Grosso, Brazil. The cat wrestled with the reptile for over twenty minutes in a death struggle witnessed by photographer Chris Brunskill just after ten o’clock in the morning.. Caimans form a large part of the jaguar’s diet in the Pantanal but battles such are this are very rarely observed and seldom photographed.
CREDIT: CHRIS BRUNSKILL LTD/GETTY IMAGES
Market Closes for September 29^th, 2017

Market Index	Close	Change
Dow Jones	22405.09	+23.89 +0.11%

S&P 500	2519.36	+9.30 +0.37%

NASDAQ	6495.961	+42.510 +0.66%

TSX	15634.94	+16.69
		+0.11%

International Markets

Market Index	Close	Change
NIKKEI	20356.28	-6.83
		-0.03%
HANG SENG	27554.30	+132.70
		+0.48%
SENSEX	31283.72	+1.24
		—
FTSE 100*	7372.76	+49.94
		+0.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.097	2.129
CND. 30 Year Bond	2.472	2.504
U.S. 10 Year Bond	2.3354	2.3085
U.S. 30 Year Bond	2.8617	2.8712

Currencies

BOC Close	Today	Previous
Canadian $	0.80313	0.80435
US $	1.24513	1.24324

Euro Rate 1 Euro=		Inverse
Canadian $	1.46885	0.68081
US $	1.17968	0.84769

Commodities

Gold	Close	Previous
London Gold Fix	1283.10	1283.55

Oil
WTI Crude Future	51.67	51.56

Market Commentary:
On this day in 1987, Charles Schwab launches its IPO, selling 8 million shares of stock to the public at an original price of $16.50 apiece. Just 20 days later, the Crash of 1987 hits. As the stock market plunges 23% in a single day, Schwab’s stock is hammered down to $6.50 a share. Since the IPO, the shares have split 8 times, so if you purchased the IPO & didn’t follow the herd, didn’t sell in 1987, your adjusted cost base is now $0.36/share and the shares closed today @$43.74 U$/sh – an increase on invested capital since the IPO of +12,050/sh – not including dividends).
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks posted their biggest monthly gain since July 2016, rising 2.8 percent in September as energy shares rebounded along with the price of oil.
The S&P/TSX Composite Index added 17 points Friday or 0.1 percent to 15,634.94, the highest close since early May. Financials had the most influence, adding 0.4 percent even as bond yields fell. National Bank of Canada rose 0.2 percent to a record high.
The materials sector was the biggest decliner, losing 0.7 percent as gold and copper prices fell. Iamgold Corp. tumbled 8 percent after being downgraded at Canaccord Genuity.
In other moves:
Stocks
* Norbord Inc. fell 7.5 percent, the most since February 2016, after being cut to underperform at BMO on the risk of oversupply in the oriented strand board market
* BlackBerry Ltd. rose 7.3 percent to the highest since June, adding to Thursday’s 13 percent gain, following strong earnings that included record software revenue
* Valeant Pharmaceuticals International Inc. added 4.6 percent. The company expects to exceed its commitment to pay down $5 billion in debt by February 2018
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to WTI, 5 cents narrower than Thursday
* Aeco natural gas traded at a $2.55 discount to Henry Hub
* Gold fell 0.3 percent to $1,281.50 an ounce, the lowest since mid-August
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2477 per U.S. dollar after Canada GDP growth paused in July
* The Canada 10-year government bond yield fell three basis points to 2.10 percent
US
By Eric J. Weiner
(Bloomberg) — U.S. stocks surged to all-time highs while Treasuries slumped amid reports that President Donald Trump and Treasury Secretary Steven Mnuchin met with former Federal Reserve governor Kevin Warsh to discuss the role of Fed chair.
The S&P 500 Index, Nasdaq Composite Index and Russell 2000 Index all set records, with the S&P 500 closing out its eighth straight quarterly gain. Trump, who also reportedly met with former Fed governor Jerome Powell, said he expects to make a decision on the central bank’s leadership in two to three weeks.
Financial shares, which would stand to benefit from Warsh’s views on deregulation, helped spearhead the stock market gains as the KBW Bank Index leaped to the highest since March. But despite the enthusiasm, some investors predicted that Warsh’s nomination would hurt equities.
“I don’t think a Warsh nomination would bring confidence to the markets and would expect equities to sell off if he was announced,” Neil Dutta, head of U.S. economics at Renaissance Macro Research LLC, wrote in a note to clients Friday. “Normally, the FRB staff assumes the chair knows the ins and outs of monetary economics at least as well as they do. Warsh would not be afforded that assumption. That is a big problem.”
Prior to the Fed news, Treasuries and the dollar dropped as the PCE core deflator, a key gauge of inflation, rose less than economists expected, deepening concern about the stickiness U.S. consumer prices and what it could mean for an expected interest rate hike this year. Personal spending also cooled.
“Inflation data today was weak, but Janet Yellen was pretty adamant when she spoke that they’re going to remain on course, and even though the numbers missed expectations today the headline number is still the same level, so it’s not a big downtick,” Michael O’Rourke, chief market strategist at JonesTrading Institutional Services LLC, said by phone. “It’s not optimal to keep policy on course, but it’s not enough to knock policy off course.”
European shares closed out their best month of the year. European government bonds rebounded. Emerging-market assets rallied, with stocks rising and most currencies strengthening against the greenback.
Data out of Europe underscored the region’s economic recovery. German unemployment fell to a record low in September, providing encouragement for the European Central Bank as it contemplates reducing asset purchases in coming months. Euro- zone inflation undershot estimates, though not by much. The U.K.’s benchmark stock index was buoyed by data showing that British consumers are in better shape than previously thought.
What to watch out for prior to the weekend:
* Chinese markets will be shut next week for a holiday.
* South Korea’s markets will be closed next week as well.
Here are the main moves in markets:
Stocks
* The S&P 500 gained 0.4 percent to a record 2,519.35, putting the benchmark up 3.7 percent for the quarter.
* The Nasdaq Composite surged 0.7 percent, bringing its quarterly increase to 6.3 percent, while the Russell 2000 rose 0.1 percent on the day and 4.5 percent for the quarter. Both gauges hit all-time highs.
* The Stoxx Europe 600 Index jumped 0.5 percent, reaching the highest since June.
* The MSCI All-Country World Index bounced 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1 percent.
* The euro rose 0.3 percent to $1.1819.
* The British pound declined 0.3 percent to $1.3401.
* The MSCI Emerging Markets Currency Index gained 0.2 percent, the first advance in a week.
Bonds
* The yield on 10-year Treasuries rose by three basis points to 2.3354 percent.
* Germany’s 10-year yield declined two basis points to 0.462 percent.
* Britain’s 10-year yield decreased one basis point to 1.365 percent.
Commodities
* West Texas Intermediate crude was little changed at $51.57 a barrel.
* Gold retreated 0.6 percent to $1,280.28 an ounce.
* Copper fell 0.9 percent to $2.9545 a pound.

Have a wonderful weekend everyone –enjoy!

Be magnificent!

Do not destroy. Iconoclastic reformers do no good to the world.
Help, if you can; if you cannot, fold your hands, stand by, and see things go on.
Therefore say not a word against any man’s convictions, so far as they are sincere.
Secondly, take man where he stands, and from thence give him a lift.
Swami Vivekananda

As ever,

Carolann

Knowledge is the only instrument of production that is not subject to diminishing returns.
-John Clark, 1948-2017

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 29, 2017

September 28, 2017 Newsletter

Dear Friends,

Tangents:
TODAY IN HISTORY

1542, Cabrillo, discovery of California.
1934, Brigitte Bardot was born.
1973, Gwynneth Paltrow was born.

On Sept. 28, 1924, two United States Army planes landed in Seattle, Washington, having completed the first round-the-world flight in 175 days.
Go to article »

Also on this day…
In 1941, the Boston Red Sox’s Ted Williams collects six hits in a double-header against the Philadelphia Athletics to boost his batting average to .406 and become the first player since 1930 to hit .400. No player has finished a season hitting .400 since.

Interesting Story published today:
Lost City of Alexander the Great Unearthed in Kurdish Iraq
By Tia Ghose, Senior Writer | September 28, 2017
A lost city that was overrun by Alexander the Great on his conquest of Persia has finally been unearthed in the Kurdish region of Iraq, decades after it was first seen on spy satellite imagery.
The site, called Qalatga Darband, was directly on the route that Alexander the Great took as he pursued the Persian ruler Darius III in 331 B.C. before their epic battle at Gaugamela. The site bears signs of Greco-Roman influence, including wine presses and smashed statues that may have once depicted the gods Persephone and Adonis.
“It’s early days, but we think it would have been a bustling city on a road from Iraq to Iran. You can imagine people supplying wine to soldiers passing through,” lead archaeologist John MacGinnis, from the British Museum, told The Times. [The 25 Most Mysterious Archaeological Finds on Earth]
Surprising spy data
In the 1960s, American spy satellite imagery, from the Corona satellite program, revealed the existence of an ancient site, near the rocky Darband-i Rania pass in the Zagros Mountains in Iraq. But that data was classified. When it was finally made public, archaeologists from the British Museum pored over the data. Later drone footage of the area revealed several large limestone blocks, as well as hints of larger buildings lying buried beneath the ground. However, by the time the archaeologists knew of the site’s existence, political instability made it difficult to explore the region, they said.
Only in recent years has the area become safe enough for archaeologists from the British Museum to take a closer look. When they did, they found a huge trove of ancient artifacts. The ceramics found at the site suggest that at least one area of Qalatga Darband was founded during the second and first centuries B.C. by the Seleucids, or the Hellenistic people who ruled after Alexander the Great, according to a statement. Later, the Seleucids were overthrown and followed by the Parthians, who may have built extra fortification walls to protect against the Romans who were encroaching during that period.
The site contains a large fort, as well as several structures that are likely wine presses. In addition, two buildings employ terra-cotta roof tiles, which are characteristic of Greco-Roman architecture of the time, the researchers noted in a statement.
On the southern end of the site, archaeologists found a large stone mound, beneath which was a giant temple-like structure. The building contained smashed statues that looked like Greek gods. One, of a naked man, was likely to be Adonis, while another seated female figure was probably the goddess Persephone, the reluctant bride of Hades, ruler of the underworld, according to the statement.
Nearby in the Darband-I Rania mountain pass, archaeologists have also uncovered evidence of an even older settlement. That fortress likely dates to the Assyrian period, between the eighth and seventh centuries B.C. The fort had 20-foot-thick (6 meters) walls and was likely a way for the Assyrians to control the flow of people through the pass. At the same site, archaeologists uncovered a grave with a coin that dates to the Parthian period, the researchers said.
The grave bore the inscription “King of kings, beneficent, the just, the manifest, friend of the Greeks, this is the king who fought against the Roman army led by Crassus at Carrhae in 54/53 BC.”
That inscription suggests the grave belongs to King Orodes II of Parthia, who ruled between 57 B.C. and 38 B.C., and may have referred to a period when the Romans attempted to conquer the Parthian Empire. The Parthians deflected that attack with horse-riding archers who shot arrows down on the Roman troops, according to the statement
Originally published on Live Science.

If you think you’re too small to make a difference, try sleeping in a closed room with a mosquito.

PHOTOS OF THE DAY

A fly covered in dew drops with the flowers reflecting in the water drops. A fly coated in dewdrops looks like it has a flower crown on its head as the water reflects a brightly coloured bud. The macro photographs show flies and damselfies resting on daises and wild plants covered in early morning dew. Photographer Alberto Panizza then carefully places a flower close by to create the reflections in the water and give the illusion the insects are wearing flower crowns. The 42-year-old walks around ponds and the riverbanks of the Po river, near his home, in Parma, Italy, looking for insects he can potentially photograph.
CREDIT: ALBERTO GHIZZA PANIZZA/SOLENT NEWS & PHOTO AGENCY

General view of Burj Khalifa during a heavy fog in Dubai, United Arab Emirates.
CREDIT: TOM DULAT/GETTY IMAGES

“Pumpkins Screaming About Love Beyond Inifinity” by Japanese artist Yayoi Kusama is displayed in her museum during the press preview in Tokyo. The Yayoi Kusama Museum will open to the public in Tokyo from October 1, 2017.
CREDIT: TOSHIFUMI KITAMURA/AFP

A half-moon shines behind a ferris wheel at the Theresienwise fairgrounds of the Oktoberfest beer festival in Munich, southern Germany. The world’s largest beer festival Oktoberfest take place until October 3, 2017.
CREDIT: CHRISTOF STACHE/AFP/GETTY IMAGES
Market Closes for September 28^th, 2017

Market Index	Close	Change
Dow Jones	22381.20	+40.49 +0.18%

S&P 500	2510.06	+3.02 +0.12%

NASDAQ	6453.449	+0.186 —

TSX	15618.25	+8.59
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	20363.11	+96.06
		+0.47%
HANG SENG	27421.60	-220.83
		-0.80%
SENSEX	31282.48	+122.67
		+0.39%
FTSE 100*	7322.82	+9.31
		+0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.129	2.124
CND. 30 Year Bond	2.504	2.489
U.S. 10 Year Bond	2.3085	2.3014
U.S. 30 Year Bond	2.8712	2.8545

Currencies

BOC Close	Today	Previous
Canadian $	0.80435	0.80148
US $	1.24324	1.24769

Euro Rate 1 Euro=		Inverse
Canadian $	1.46489	0.68264
US $	1.17838	0.84863

Commodities

Gold	Close	Previous
London Gold Fix	1283.55	1282.55

Oil
WTI Crude Future	51.56	52.14

Market Commentary:
Number of the Day
100%
Publicly held federal debt, now 77% of GDP, is on track to hit 91% in a decade as aging baby boomers draw on Social Security and Medicare. A $1.5 trillion tax cut would push that to 100%, according to the Committee for a Responsible Federal Budget, a watchdog group.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks eked out a small gain and closed at the highest since mid-May, helped by strong earnings at BlackBerry Ltd. and rising copper prices.
The S&P/TSX Composite Index added 9 points or 0.1 percent to 15,618.25. Technology saw the largest gains, up 0.8 percent as BlackBerry jumped 13 percent, the most since April. The company reported record software revenue, reassuring investors that its pivot away from hardware is succeeding.
Materials stocks gained 0.4 percent as copper prices surged 2.4 percent, the most this month. Signs of a stronger economy in the U.S. and China boosted the metal. Hudbay Minerals Inc. gained 5.9 percent.
In other moves:
Stocks
* DHX Media Ltd. tumbled 16 percent, the most since 2009. The company’s quarterly results missed the lowest estimates and at least two analysts downgraded the stock
* Superior Plus Corp. gained 6.1 percent. The stock was upgraded to buy at Canaccord Genuity after closing its acquisition of Canwest Propane
* Bombardier Inc. rose 5.2 percent, rebounding from Wednesday’s 7.5 percent decline. The company says it can still win orders for its C Series jetliner this year despite losing a ruling in a trade battle with Boeing Co.
Commodities
* Western Canada Select crude oil traded at an $11.30 discount to WTI, unchanged this week
* Aeco natural gas traded at a $2.73 discount to Henry Hub
* Gold rose 0.1 percent to $1,285.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.2432 per U.S. dollar, the biggest gain in two and a half weeks
* The Canada 10-year government bond yield fell one basis point to 2.13 percent
US
By Eric J. Weiner
(Bloomberg) — U.S. stocks rose to record levels and headed for an eighth straight quarterly gain, while the dollar slipped as investors assessed the implications of Donald Trump’s tax proposal. Oil slid back after bouncing into bull market territory earlier in the session.
The S&P 500 Index inched up to all-time high and has increased about 3.5 percent over the last three months. The small cap Russell 2000 Index added to its advance after jumping nearly 2 percent on Wednesday following the tax-cut plan announcement. The gauge is up more than 5 percent for the quarter.
Trump’s tax plan is expected to be a boon for businesses and the wealthy, with specific cuts aimed at them. However, it’s difficult to determine precisely what the benefits would amount to since there are few details so far. This puts investors in a quandary, trying to guess which parts of the package the administration is prioritizing. And that’s before the fighting begins in Congress over passing it as a bill.
“U.S. tax policy is key right now but we don’t have a lot of details,” said Mark McCormick, North American head of foreign-exchange strategy at Toronto-Dominion Bank. “The key is we don’t know the trade-off, we don’t know who wins and we don’t know who loses.”
Bloomberg’s dollar spot index headed for a third straight quarterly drop, pushing its loss in 2017 above 8 percent. Gold traded near the lowest since August, on track for the worst month of the year. Oil fell below $51 a barrel, and yields on 10-year Treasuries were flat.
German and French debt was lower. The euro posted its first rise in four days as a regional economic confidence index climbed to a decade-high, giving European Central Bank policy makers more positive signals as they decide on the future of their bond-buying program. But the policy outlook for the world’s biggest economies isn’t the only thing on investors’ minds: end-of-quarter volatility may be near and major markets, including China, will shut next week for a holiday.

What to watch out for the rest of this week:
* Japan August industrial production and retail sales are due Friday as is South Korea’s current account balance for August.
* The euro-area inflation rate may have accelerated a touch to 1.6 percent in September from 1.5 percent but the core will probably remain at 1.2 percent. The data is out on Friday.

And here are the main moves in markets:

Stocks
* The S&P 500 added 0.1 percent to a record 2,510.07. The small cap Russell 2000 climbed 0.3 percent bringing its increase for the week to more than 2.5 percent, while the Nasdaq 100 Index fell 0.1 percent.
* The Stoxx Europe 600 Index rose 0.2 percent.
* Germany’s DAX Index jumped 0.4 percent to the highest since June.
* The MSCI All-Country World Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro advanced 0.3 percent to $1.1783, the biggest gain in a week.
Bonds
* The yield on 10-year Treasuries were unchanged at 2.3103 percent.
* Germany’s 10-year yield climbed one basis point to 0.479 percent.
* Britain’s 10-year yield fell one basis point to 1.375 percent.
Commodities
* West Texas Intermediate crude fell 1 percent to $51.59 a barrel, reversing course after touching the highest level since April earlier in the session.
* Gold added 0.3 percent to $1,286.54 an ounce.
* Copper advanced 1.6 percent to $2.9775 a pound.

Have a wonderful evening everyone.

Be magnificent!

We know now that toleration is not sufficient toward another religion; we must accept it.
Thus it is not a question of subtraction, it is a question of addition.
The truth is the result of all these different sides added together.
Each religion represents one side, the fullness being the addition of all these.
Swami Vivekananda

As ever,

Carolann

To live a creative life, we must lose our fear of being wrong.
-Joseph Chilton Pearce, 1926-2016

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 27, 2017

September 27, 2017 Newsletter

Dear Friends,

Tangents:

I read this today and thought it is fascinating; hope you do as well:

Zealandia: Sunken 8th Continent Reveals Its Buried Secrets
By Tia Ghose, Senior Writer | September 27, 2017

A journey to plumb the remote ocean depths has revealed that Earth does indeed have an eighth continent.
A nine-week voyage took scientists from around the world to drill and explore the seafloor off New Zealand and Australia. They found evidence of land-based fossils, revealing that the ancient landmass wasn’t always buried beneath the waves.
“Zealandia, a sunken continent long lost beneath the oceans, is giving up its 60 million-year-old secrets through scientific ocean drilling,” Jamie Allan, program director in the U.S. National Science Foundation’s Division of Ocean Sciences, said in a statement. [Photos: The World’s Weirdest Geological Formations]
Lost 8th continent
Earlier this year, scientists argued that the known seven continents had a long-lost brother – Zealandia, a narrow strip of land that encompasses New Zealand and lies off the east coast of Australia, and whose landmass is mostly 3,280 feet (1,000 meters) below sea level beneath the ocean’s surface. Among the evidence for Zealandia: The crust that makes up Zealandia is much shallower than the surrounding oceanic crust, and its geologic makeup looks more like continental versus oceanic crust. What’s more, a narrow strip of oceanic crust separates Australia from Zealandia, which suggests the two landmasses were separate.
However, the area is so remote that few geologists had explored the region.
To answer questions about the mysterious continent, scientists aboard the JOIDES Resolution, a research drilling vessel, drilled sediment cores from six sites along the ocean seabed that makes up Zealandia. The cores plumbed 8,202 feet (2,500 m) below the surface, revealing 70 million years of the ancient continent’s history.
The team found a treasure trove of fossils that reveal Zealandia wasn’t always under the ocean.
“More than 8,000 specimens were studied, and several hundred fossil species were identified,” expedition co-chief scientist Gerald Dickens of Rice University in Texas, said in statement. “The discovery of microscopic shells of organisms that lived in warm shallow seas, and of spores and pollen from land plants, reveal that the geography and climate of Zealandia were dramatically different in the past.”
About 100 million years ago, Australia, Antarctica and Zealandia were all part of a mega-continent. The new drilling revealed that although Zealandia split off from these regions and sank below water about 80 million years ago, the chain of volcanism that makes up the Pacific’s “Ring of Fire” may have caused Zealandia to buckle about 40 million to 50 million years ago, which also dramatically reshaped the landscape.
The findings could reveal how plants and animals dispersed across the South Pacific. In the past, this area provided some shallow seas and some strips of land to allow species to migrate and move between regions, the researchers said.
Originally published on Live Science.

On Sept. 27, 1964, the Warren Commission issued a report concluding that Lee Harvey Oswald acted alone in assassinating President John F. Kennedy.
Go to article »

Today is Ancestor Appreciation Day.

It is certainly desirable to be well descended, but the glory belongs to our ancestors. –Plutarch

PHOTOS OF THE DAY

A swan at sunset over Poole Harbour, Dorset.
CREDIT: DONNA CHALLINOR/SWNS.COM

Ralf Hamilton, 3, and his sister Nora, 2 with the giant pumpkin. Twin brothers who spend hours each day tending to their pumpkins are about to ‘smash’ the record for the largest one in Britain, Stuart and Ian Paton, 56, use 100 gallons of water daily to help their gigantic squashes grow – and they increase in weight by 60lbs a day at their peak. The brothers are the current UK record holders, with a pumpkin they grew last year weighing in at the biggest ever – 161 stone (2254 lbs).
CREDIT: SOLENT NEWS & PHOTO AGENCY

Katy Perry performs on stage at the Capital One Arena in Washington
CREDIT: BRENT N CLARKE/INVISION/AP

A tourist stretches out a shawl as they stand at the gate of Penataran Agung Lempuyang temple with mount Agung seen in the background, enshrouded by clouds in Karangasem regency, Island of Bali, Indonesia. Indonesian authorities raised the alert level for the Mount Agung volcano to the highest level as nearly 50,000 villagers around the mountain evacuated their homes and travel warnings have issued for the popular tourist destination. Indonesian authorities warned Mount Agung has the potential to erupt imminently although flights to Bali and its main tourist areas remain unaffected for now.
CREDIT: ULET IFANSASTI/GETTY IMAGES
Market Closes for September 27^th, 2017

Market Index	Close	Change
Dow Jones	22340.71	+56.39 +0.25%

S&P 500	2506.69	+9.85 +0.39%

NASDAQ	6453.262	+73.098 +1.15%

TSX	15596.66	+122.54
		+0.79%

International Markets

Market Index	Close	Change
NIKKEI	20267.05	-63.14
		-0.31%
HANG SENG	27642.43	+129.42
		+0.47%
SENSEX	31159.81	-439.95
		-1.39%
FTSE 100*	7313.51	+27.77
		+0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.124	2.112
CND. 30 Year Bond	2.489	2.451
U.S. 10 Year Bond	2.3014	2.2339
U.S. 30 Year Bond	2.8545	2.7731

Currencies

BOC Close	Today	Previous
Canadian $	0.80148	0.80976
US $	1.24769	1.23494

Euro Rate 1 Euro=		Inverse
Canadian $	1.46575	0.68225
US $	1.17477	0.85123

Commodities

Gold	Close	Previous
London Gold Fix	1282.55	1300.05

Oil
WTI Crude Future	52.14	51.88

Market Commentary:
On this day in 1985, Philip Morris agreed to buy General Foods for $5.75 billion in what was at the time one of the largest takeovers in history.

Number of the Day
64%
The volume of maturing yuan bonds issued by Chinese home builders will jump 64% in 2018 to at least 230 billion yuan ($35 billion), and rise another 87% the year after that, according to data provider Wind Information Co.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks gained the most since May in a broad-based rally that saw rate-sensitive groups jump as bond yields hit their highest in three years.
The S&P/TSX Composite Index added 136 points or 0.9 percent to 15,609.66, the highest close in more than four months.
Financials rose 1.1 percent, helped by higher 10-year government bond yields that briefly rose as much as nine basis points. Canadian Western Bank jumped 4.9 percent to the highest since 2014 after Bank of Nova Scotia analysts lifted their price target to a street high. National Bank of Canada reached an all- time record.
Consumer staples gained 0.8 percent as grocer Metro Inc. said it’s in advanced talks to buy pharmacy chain Jean Coutu Group Inc. for C$4.5 billion. Metro added 8.8 percent and Jean Coutu rose 6.3 percent, the biggest gains since 2014 for both.
In other moves:

Stocks
* Bombardier Inc. fell 7.5 percent, the most since March 2016, after the U.S. levied import duties on its biggest jetliner and competitors Siemens AG and Alstom SA announced plans to merge their rail units
* Tahoe Resources Inc. tumbled 11 percent after Guatemala’s Supreme Court declined to order a renewal of its export credentials
* BRP Inc. lost 7.8 percent. The Ski-Doo maker filed a secondary for 10 million shares
Commodities
* Western Canada Select crude oil traded at an $11.30 discount to WTI, unchanged from Tuesday
* Aeco natural gas traded at a $2.04 discount to Henry Hub
* Gold fell 1.1 percent to $1,284.10 an ounce, the lowest since August, as investors piled into riskier assets
FX/Bonds
* The Canadian dollar weakened 1.1 percent to C$1.2480 per U.S. dollar, the biggest drop since January
* The Canada 10-year government bond yield rose one basis point to 2.13 percent
US
By Eric J. Weiner
(Bloomberg) — U.S. stocks rallied, the dollar extended gains and Treasuries slumped on speculation President Donald Trump’s tax-cut plan will become law this year. Gold sank.
The S&P 500 Index inched close to a record high as banks and tech shares surged on the prospect lower taxes will fuel economic growth. Small caps, a group with among the highest tax rates, jumped the most since March. The Bloomberg dollar index hit a six-week peak, and 10-year note yields climbed to the highest in two months. Gold fell below its 50-day average for the first time since July.
The urgent effort by Trump and Congressional Republicans to pass tax cuts they say will spur growth and investment drove investor demand for assets that will benefit from gains in the world’s largest economy. Coupled with Federal Reserve Chair Janet Yellen’s hawkish tone in remarks on Tuesday that boosted the chances for a December interest-rate hike, rumblings over the tax plan revived trades that gained favor following Trump’s stunning win almost a year ago.
“Tax reform will be crucial in both making America competitive again and possibly extending this aging economic recovery, but it won’t happen in a vacuum and interest rates are not going to sit idly by if growth and inflation truly respond to any fiscal boost,” Peter Boockvar, chief market analyst at The Lindsey Group, wrote in a note to clients Wednesday.
The plan announcement is just the start of what’s expected to be a brutal fight in Congress, but equity investors were encouraged by several proposals, such as allowing companies to write off capital expenditures for five years. The dollar received a push from the prospect of capital inflows as companies take advantage of a proposed one-time repatriation tax.
“There’s the likelihood now that it may not be a tax reform, but we’ll likely get a tax cut, and the market likes a tax cut probably better than tax reform,” John Stoltzfus, chief market strategist at Oppenheimer & Co. in New York, said by phone. “Everybody likes a quick fix, and the market has shown for years it accepts kicking the can down the road.”
What to watch out for this week:
* U.S. data on GDP and personal spending Thursday will provide further clues as to the potential Fed policy path.
* The euro-area inflation rate may have accelerated a touch to 1.6 percent in September from 1.5 percent but the core will probably remain at 1.2 percent. The data is out on Friday.

And here are the main moves in markets:

Stocks
* The S&P 500 rose 0.4 percent to 2,507.04. The Dow Jones Industrial Average added 56 points for a 0.3 percent increase.
* The Russell 2000 soared 1.9 percent, the most in six months, to reach another record, while the Nasdaq 100 Index gained 1 percent.
* The Stoxx Europe 600 Index advanced 0.4 percent to the highest since July.
* The MSCI Emerging Market Index fell 0.3 percent, hitting the lowest in five weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.6 percent to the highest since August.
* The euro dipped 0.4 percent to $1.1749, the lowest in six weeks.
* The British pound decreased 0.5 percent to $1.3393.
* The Swiss franc fell 0.4 percent to $0.9722, the weakest in six weeks.
Bonds
* The yield on 10-year Treasuries jumped seven basis points to 2.3032 percent, the highest in two months.
* Germany’s 10-year yield added six basis points to 0.468 percent, the highest in seven weeks.
* Britain’s 10-year yield climbed five basis points to 1.38 percent.
Commodities
* West Texas Intermediate crude rose 0.4 percent to $52.07, slipping after hitting a five-month high earlier in the session.
* Gold declined 0.8 percent to $1,283.59 an ounce, the weakest in five weeks.
Asia
* Japan’s Topix index slid 0.5 percent at the close in Tokyo.
* Australia’s S&P/ASX 200 Index declined 0.1 percent and South Korea’s Kospi index ended less than 0.1 percent lower.
* Hong Kong’s Hang Seng Index climbed 0.5 percent.
* The MSCI Asia Pacific Index fell 0.4 percent.
* The Japanese yen sank 0.7 percent to 113.06 per dollar, the weakest in almost 11 weeks.

Have a wonderful evening everyone.

Be magnificent!

That which is immoral is imperfectly moral,
just as that which is false is true to an inadequate degree.
Rabindranath Tagore

As ever,

Carolann

Equilibrium is the profoundest tendency of all human activity.
-Jean Piaget, 1896-1980

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 26, 2017September 26, 2017

September 26th, 2017 Newsletter

Dear Friends,

Tangents:

On Sept. 26, 1960, the first televised debate between presidential candidates took place in Chicago as Republican Richard M. Nixon and Democrat John F. Kennedy squared off.
Go to article »

1888, T.S. Eliot was born.

SWEENEY AMONG THE NIGHTINGALES
by: T.S. Eliot (1888-1965)
PENECK Sweeney spreads his knees
Letting his arms hang down to laugh,
The zebra stripes along his jaw
Swelling to maculate giraffe.

The circles of the stormy moon
Slide westward toward the River Plate,
Death and the Raven drift above
And Sweeney guards the horned gate.

Gloomy Orion and the Dog
Are veiled; and hushed the shrunken seas;
The person in the Spanish cape
Tries to sit on Sweeney’s knees

Slips and pulls the table cloth
Overturns a coffee-cup,
Reorganized upon the floor
She yawns and draws a stocking up;

The silent man in mocha brown
Sprawls at the window-sill and gapes;
The waiter brings in oranges
Bananas figs and hothouse grapes;

The silent vertebrate in brown
Contracts and concentrates, withdraws;
Rachel née Rabinovitch
Tears at the grapes with murderous paws;

She and the lady in the cape
Are suspect, thought to be in league;
Therefore the man with heavy eyes
Declines the gambit, shows fatigue,

Leaves the room and reappears
Outside the window, leaning in,
Branches of wistaria
Circumscribe a golden grin;

The host with someone indistinct
Converses at the door apart,
The nightingales are singing near
The Convent of the Sacred Heart,

And sang within the bloody wood
When Agamemnon cried aloud,
And let their liquid droppings fall
To stain the stiff dishonoured shroud.

Sweeney Among the Nightingales was originally printed in Little Review, September, 1918.

PHOTOS OF THE DAY

Birds vie for position on power lines at dusk in Kansas City, Kansas, US.
CREDIT: AP PHOTO/CHARLIE RIEDEL

Human canvases modeling world famous artworks including Van Gogh’s Sunflowers and Edvard Munch’s The Scream take to the streets of London in a bid to mend Britain’s disconnect with art. Award winning body paint artist Sarah Attwell was commissioned by online art platform Rise Art to show that great art is for everybody, following research that revealed 1 in 6 Brits have never set foot in an art gallery.
CREDIT: ADRIAN BROOKS/IMAGEWISE

A participant balances on a slackline over the Old Town Square in Prague, Czech Republic. This event was part of campaign supporting diabetic people.
CREDIT: EPA/MARTIN DIVISEK
Market Closes for September 26^th, 2017

MarketIndex	Close	Change
DowJones	22284.32	-11.77 -0.05%

S&P 500	2496.84	+0.18 +0.01%

NASDAQ	6380.164	+9.571 +0.15%

TSX	15474.12	-42.11
		-0.27%

International Markets

MarketIndex	Close	Change
NIKKEI	20330.19	-67.39
		-0.33%
HANGSENG	27513.01	+12.67
		+0.05%
SENSEX	31599.76	-26.87
		-0.08%
FTSE 100*	7285.74	-15.55
		-0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND.10 Year Bond	2.112	2.092
CND.30 Year Bond	2.451	2.433
U.S. 10 Year Bond	2.2339	2.2180
U.S.30 Year Bond	2.7731	2.7599

Currencies

BOC Close	Today	Previous
Canadian $	0.80976	0.80822
US$	1.23494	1.23729

Euro Rate1 Euro=		Inverse
Canadian $	1.45636	0.68664
US$	1.17930	0.84796

Commodities

Gold	Close	Previous
London GoldFix	1300.05	1293.30

Oil
WTI Crude Future	51.88	51.92

Market Commentary:
On this day in 1914, the US Federal Trade Commission is established.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks snapped a rally that saw the benchmark index gain 2.6 percent in eight trading days, edging lower as falling metals prices weighed on mining shares.
The S&P/TSX Composite Index lost 42 points or 0.3 percent to 15,474.12 as the materials sector fell 1.1 percent. Gold prices tumbled as Federal Reserve Chair Janet Yellen said the U.S. central bank should be “wary of moving too gradually,” pressuring shares of miners such as Eldorado Gold Corp., which fell 4.8 percent.
Industrials were the only gainers, up 0.2 percent as Bombardier Inc. jumped 6.1 percent. Reuters reported the planemaker is in talks with China’s three biggest airlines.
In other moves:

Stocks
* Freshii Inc. plunged 35 percent after the chain slashed its store-opening forecast
* Lucara Diamond Corp. rose 5.2 percent. The miner sold a 1,109- carat diamond for $53 million
* Crew Energy Inc. rose 3 percent as the energy index fell 0.2 percent. The stock was raised to top pick at Cormark
Commodities
* Western Canada Select crude oil traded at an $11.30 discount to WTI, unchanged from Monday
* Aeco natural gas traded at a $2.04 discount to Henry Hub
* Gold fell 0.7 percent to $1,297.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2358 per U.S. dollar, its first gain in eight trading days, after Finance Minister Bill Morneau said he’s confident the economy can keep humming as the loonie rises
* The Canada 10-year government bond yield rose two basis points to 2.11 percent
US
By Eric J. Weiner
(Bloomberg) — U.S. stocks crept higher as Janet Yellen warned that the Federal Reserve should be wary of tightening monetary policy too gradually. The dollar gave back some earlier gains and Treasuries added to losses.
The S&P 500 Index all but erased its increase in the final 30 minutes of trading to finish essentially unchanged, while technology shares climbed and small caps rose to a record. Bloomberg’s dollar index, which had jumped the most since January in early trading, retreated but remained positive as the Fed chair said raising interest rates gradually is the appropriate policy stance considering the uncertainty surrounding inflation. Yields on 10-year treasuries held at 2.23 percent.
“It looks like the committee is headed toward a December hike unless something disappoints on the inflation side,” Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said by phone. “But beside that, it’s total uncertainty because Yellen is less likely to be here after that. What the speech seemed to do is give you a lot of different scenarios, all of which will be the job for the new Fed chair to handle.”
The euro fell to a five-week low following the steepest drop of the year on Monday after U.K. Prime Minister Theresa May’s comments on Brexit negotiations. The yen pared some of the previous day’s gains, which followed North Korea’s declaration it could shoot down U.S. warplanes. WTI crude declined, though was still close to a five-month high after Turkey threatened to shut down Kurdish crude shipments. Emerging market shares tumbled.
Markets have been oscillating between risk-on and risk-off stances since early August as tensions simmer on the Korean Peninsula. Now, an assortment of geopolitical risks appear set to further cloud the outlook, not least the worry that gains by far-right parties in Germany’s vote signal a new populist bent in Europe.
“As we saw with the German elections, the populist undercurrent is still there in Europe,” Charles Diebel, head of rates at Aviva Investors on London, said in an interview with Bloomberg TV’s Mark Barton. “That could be more fundamental to the progress for Europe.”
Read more in our story, Global Markets on Edge as Elections Thrust Politics Back to Fore.
This week’s bevy of central bank speakers continues to offer more clues to the path of monetary policy and the fate of stimulus. Investors also are monitoring the ongoing saga of President Donald Trump’s domestic policies in an attempt to gauge the chances of meaningful tax reform in the world’s biggest economy.
What to watch out for this week:
* U.S. data on durable-goods orders, GDP and personal spending later in the week will provide further clues as to the Fed’s policy path.
* Brexit negotiations are getting underway again.
* Spanish Prime Minister Mariano Rajoy will meet U.S. President Donald Trump in Washington Tuesday while his team back in Madrid attempts to turn the screws on a secessionist push in Catalonia.
* The euro-area inflation rate may have accelerated a touch to 1.6 percent in September from 1.5 percent but the core will probably remain at 1.2 percent when data is out on Friday.

And here are the main moves in markets:

Stocks
* The S&P 500 was little changed at 2,496.84, the Nasdaq 100 Index added 0.2 percent and the small cap Russell 2000 Index gained 0.3 percent to reach a record high.
* The Stoxx Europe 600 Index was little changed.
* The U.K.’s FTSE 100 Index fell 0.2 percent, while Germany’s DAX Index gained less than 0.1 percent.
* The MSCI All-Country World Index fell 0.3 percent to the lowest in over two weeks.
* The MSCI Emerging Market Index sank 0.8 percent to the lowest in more than a month.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent to the highest since August.
* The euro sank 0.5 percent to $1.1792, the weakest in five weeks.
* The British pound dipped 0.1 percent to $1.3451, the lowest in more than a week.
Bonds
* The yield on 10-year Treasuries added one basis point to 2.2322 percent.
* Germany’s 10-year yield increased one basis point to 0.406 percent.
* Britain’s 10-year yield fell less than one basis point to 1.33 percent.
Commodities
* West Texas Intermediate crude fell 0.5 percent to $51.94 a barrel.
* Gold declined 1.14 percent to $1,295.85 an ounce.
Asia
* Japan’s Topix index closed flat after trading in a narrow range. South Korea’s Kospi index fell 0.3 percent and Australia’s S&P/ASX 200 Index lost 0.2 percent.
* Hong Kong’s Hang Seng Index added less than 0.1 percent after slumping 1.4 percent on Monday as Chinese property developers tumbled on fresh mainland home curbs. Read how one of the world’s most extreme stock rallies gets a reality check.
* The Japanese yen decreased 0.2 percent to 111.98 per dollar.

Have a wonderful evening everyone.

Be magnificent!

Selfishness in man is a beginning.
Rabindranath Tagore

As ever,

Carolann

Defeat is not the worst of failures. Not to have tried is the true failure.
-George Edward Woodberry, 1855-1930

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 26, 2017

September 25, 2017 Newsletter

Dear Friends,

Tangents: Happy Monday!

1956, The first trans-Atlantic telephone cable went into service.
Also on this day in…
1789, the first Congress of the United States passes twelve amendments to the Constitution, and sends them to the states for ratification. Ten of the amendments are ratified and become known as the Bill of Rights.
1981, Sandra Day O’Connor was sworn in as the first female justice on the U.S. Supreme Court.

POINTS OF PROGRESS:

KENYA: now has one of the toughest bans on plastic bags in the world. Effective August 28, 2017, a new law aims to eliminate the ubiquitous items, which clog oceans and kill marine life. The rule will punish those manufacturing, selling, or importing plastic bags with as many as four years in prison or a $19,000 to $38,000 fine. Kenyan shoppers are estimated to use 100 million plastic bags per year. –The New York Times.

INDIA: Muslim men can no longer dissolve their marriage by uttering three words. For centuries, Muslim men here only had to say the Arabic word “talaq” (divorce) three times to divorce their wives, while women had to obtain a husband’s consent. But on August 22^nd, India’s five-member Supreme Court declared that law unconstitutional in a 3-to-2 decision, placing a six-month block on the practice pending a parliamentary debate on a law to ban it permanently. The country is home to 172 million Muslims, 14% of its population. –The Washington Post, Los Angeles Times.
PHOTOS OF THE DAY

Startling photos show a cluttered housing block reaching towards the sky in Hon Kong. Made up of wildly different looking flats, it almost appears as if the apartments have been added on ad-hoc as buildings close in on all sides. The pictures of the Yick Cheong building in Quarry Bay, Hong Kong hint at the extraordinarily crowded living conditions in the city. Professional photographer Jesus M. Garcia, travelled half way around the world from his home in the city of Toledo, Spain, just to capture the amazing scene.
CREDIT: JESUS M.GARCIA/SOLENT NEWS & PHOTO AGENCY

On your bike. This mantis looks to be riding a bicycle but is in fact climbing up two stems. Taken alongside the Po river in Province of Reggio Emilia, Italy, photographer Alberto Ghizzi Panizza was walking along the river bank when he spotted the insect. Alberto did not see the connections to the mantis looking like was riding a pedal cycle until he looked at the picture back at his computer. Alberto said, ‘I just spotted this mantis on this plant and I tried to take the most interesting pictures of it. A lot of people are scared of mantis but they are harmless to people. So I love to have taken this nice photo of this wonderful insect’.
CREDIT: ALBERTO GHIZZI PANIZZA/SOLENT NEWS & PHOTO AGENCY

The Great Sheep Drive of London Bridge & Wool Fair 2017. Mary Berry CBE, TV Presenter and Cook, and Liveryman driving sheep over London Bridge, London, UK.
CREDIT: PAUL GROVER FOR THE TELEGRAPH
Market Closes for September 25^th, 2017

Market Index	Close	Change
Dow Jones	22296.09	-53.50 -0.24%

S&P 500	2496.55	-5.67 -0.23%

NASDAQ	6370.594	-56.328 -0.88%

TSX	15513.73	+59.50
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	20397.58	+101.13
		+0.50%
HANG SENG	27500.34	-380.19
		-1.36%
SENSEX	31626.63	-295.81
		-0.93%
FTSE 100*	7301.29	-9.35
		-0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.092	2.113
CND. 30 Year Bond	2.433	2.455
U.S. 10 Year Bond	2.2180	2.2570
U.S. 30 Year Bond	2.7599	2.7886

Currencies

BOC Close	Today	Previous
Canadian $	0.80822	0.81084
US $	1.23729	1.23329

Euro Rate 1 Euro=		Inverse
Canadian $	1.46576	0.68224
US $	1.18465	0.84413

Commodities

Gold	Close	Previous
London Gold Fix	1293.30	1294.80

Oil
WTI Crude Future	51.92	50.31

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks extended their latest advance, propelled by rising oil prices that pushed energy shares to their highest in more than three months.
The S&P/TSX Composite Index added 62 points or 0.4 percent to 15,516.23, its highest close since May. The benchmark has now gained for seven of the last eight days.
The energy sector, which accounts for one-fifth of the Canadian index, rose 1.5 percent. West Texas Intermediate crude prices jumped 3.1 percent, the most since April, as Turkey threatened to shut down Kurdish oil shipments through its territory. Ensign Energy Services Inc. gained 7.6 percent and Crew Energy Inc. added 5.9 percent.
In other moves:
Stocks
* B2Gold Corp. jumped 8.9 percent after being upgraded at Eight Capital and National Bank
* Cascades Inc. lost 7.8 percent. The company was downgraded at CIBC
* Bombardier Inc. fell 4 percent. Germany’s Siemens AG is exploring a rail-equipment deal with Alstom SA after months of talks with Bombardier
Commodities
* Western Canada Select crude oil traded at an $11.30 discount to WTI, the narrowest gap in more than two weeks
* Aeco natural gas traded at a $2.06 discount to Henry Hub
* Gold rose 1.1 percent to $1,307.10 an ounce, the biggest gain this month
FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2379 per U.S. dollar, the lowest in three weeks
* The Canada 10-year government bond yield fell two basis points to 2.09 percent
US
By Eric J. Weiner
(Bloomberg) — U.S. stocks fell as selling in large-cap technology shares intensified, while Treasuries advanced with gold after North Korea ratcheted up tensions with America.
The Nasdaq 100 Index posted its steepest loss in five weeks, with the FANG cohort of megacaps leading declines. Small- cap shares fared better as investors continued to rotate into the year’s laggards. Haven assets advanced after North Korean Foreign Minister Ri Yong-Ho described President Donald Trump’s recent comments as tantamount to a declaration of war.
“Without a doubt, North Korea is hovering over the market, but it sort of zigs and zags onto the scene,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “What you are seeing is those tech names pulling back. The fact is that right now, you have a fully valued market and little catalysts at this point to push the market higher. ”
Ri, speaking in New York Monday, also declared that North Korea can shoot down U.S. warplanes as part of its right to self-defense under the United Nations charter, adding to weeks of rhetoric that has intermittently rattled financial markets. U.S. markets also kept an eye on the latest domestic political developments, with the most recent effort to overhaul the health-care system on life support and a Republican tax proposal still lacking details.
Elections dominated trading overseas. The Stoxx Europe 600 Index climbed, and the euro weakened after Chancellor Angela Merkel won Germany’s election, while the country’s main far- right party had a surprisingly strong result. The process of building a new government could take weeks, so markets may well move on from the result quickly.
“Investors were expecting a victory for Angela Merkel, but there has been a surprise in the relatively poor performance of the CDU and SPD, who suffered their worst results since 1949,” Nick Peters, multi asset portfolio manager at Fidelity International, wrote in a note.
The yen stayed weaker as Japan’s prime minister unveiled a fresh stimulus package and said he’ll dissolve the lower house of parliament ahead of a general election. Most government bonds advanced.
What to watch out for this week:
* Fed Chair Janet Yellen speaks in Cleveland on Tuesday. Later in the week, Bank of England Governor Mark Carney speaks, as does soon-to-depart Fed Vice Chairman Stanley Fischer.
* European Union chief Brexit negotiator Michel Barnier and U.K. counterpart David Davis begin their next round of negotiations.
* Household spending last month in the U.S. probably posted the smallest gain since February as motor-vehicle sales shifted into a lower gear, economists forecast government figures to show.
* The euro-area inflation rate may have accelerated a touch to 1.6 percent in September from 1.5 percent but the core will probably remain at 1.2 percent on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent to 2,496.66, the Nasdaq Composite Index lost 0.9 percent, the Dow Jones Industrial Average slid 0.2 percent and the Russell 2000 gained less than 0.1 percent after rising to a record high earlier in the session.
* Stoxx Europe 600 climbed 0.2 percent to the highest since July.
* The MSCI All-Country World Index declined 0.4 percent to the lowest in two weeks.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.4 percent to the highest in more than three weeks.
* The euro dipped 0.9 percent to $1.1847, the weakest in a month.
* The British pound slipped 0.3 percent to $1.3466.
Bonds
* The yield on 10-year Treasuries dropped three basis points to 2.2198 percent.
* Germany’s 10-year yield declined five basis points to 0.399 percent.
* Britain’s 10-year yield fell two basis points to 1.334 percent.
Commodities
* Gold jumped 1 percent to $1,310.25 an ounce.
* West Texas Intermediate crude rose 3 percent to $52.18 a barrel, the highest since April.
Asia
* Japan’s Topix index advanced 0.5 percent at the close in Tokyo. Australia’s S&P/ASX 200 Index ended virtually unchanged and South Korea’s Kospi index slid 0.4 percent.
* The Hang Seng Index in Hong Kong fell 1.4 percent with Chinese property developers slumping after several cities on the mainland tightened rules on home sales.
* The Japanese yen fell 0.2 percent to 112.22 per dollar.

Have a wonderful evening everyone.

Be magnificent!

Though they may take various roads, all are on the way.
Swami Vivekananda

As ever,

Carolann

Tact is after all a kind of mind reading.
-Sarah Orne Jewett, 1849-1909

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 26, 2017

September 22, 2017 Newsletter

Dear Friends,

Tangents: HAPPY FRIDAY!
Happy Rosh Hoshana to all my Jewish friends – thus begins the year 5778.

MORE ECLIPSE:
A NASA Armstrong Flight Research Center G-lll aircraft was over Oregon’s coast during the eclipse on August 21st and captured a video of the moon’s umbra. Check it out at http://bit.ly/moonumbra.
PHOTOS OF THE DAY

An intrepid goat took a peek at a brave photographer as both of them balanced on a precarious cliff edge – 650ft above the ground. Researcher and photographer Stefano Marsi, 54, scaled the Jof di Montasio in the Italian Alps with his sister in order to track down Alpine ibexes. The duo were thrilled when their tough climb was rewarded and Mr. Marsi was able to get within a metre of the creature, which is a skilled climber due to split hooves that can act as pincers and capable of living 10,000ft above sea level Mr. Marsi walked for an hour and a half to find the animal, in a location he knew they frequented. CREDIT: STEFANO MARSI/SOLENT NEWS.

People view horsemen from the Lincoln Knights Trail at Lincoln Castle, UK. The 36 sculptures celebrate the 800TH anniversary of the Battle of Lincoln and the sealing of the Charter of the Forest. CREDIT: JOE GIDDENS/ PA WIREIMAGE TITLE.

Celebrated ballet dancer, Rudolf Nureyev, will be commemorated with an English Heritage blue plaque on the building he considered his London home. Two students from the Royal School of Ballet as they pose in front of the newly unveiled plaque. The male dancer will be wearing a costume from Rudolf Nureyev’s production of Don Quixote (1979 for The Zurich Ballet; revised 1983 USA Tour, Nureyev with The Zurich Ballet. CREDIT: EDDIE MULHOLLAND FOR THE TELEGRAPH.

An unusual and rare triple rainbow appears over Loughros Point on Ireland’s ‘Wild Atlandtic Way’, Ardara, County Donegal, Ireland. CREDIT: RICHARD WAYMAN/ALAMY LIVE NEWS.
Market Closes for September 22^nd, 2017

Market Index	Close	Change
Dow Jones	22349.59	-9.64 -0.04%

S&P 500	2503.25	+2.65 +0.11%

NASDAQ	6426.922	+4.229 +0.07%

TSX	15458.09	+3.17
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	20296.45	-51.03
		-0.25%
HANG SENG	27880.53	-229.80
		-0.82%
SENSEX	31922.44	-447.60
		-1.38%
FTSE 100*	7310.64	+46.74
		+0.64%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.113	2.120
CND. 30 Year Bond	2.455	2.460
U.S. 10 Year Bond	2.2570	2.2765
U.S. 30 Year Bond	2.7886	2.8042

Currencies

BOC Close	Today	Previous
Canadian $	0.81084	0.81123
US $	1.23329	1.23269

Euro Rate 1 Euro=		Inverse
Canadian $	1.47321	0.67879
US $	1.19458	0.83711

Commodities

Gold	Close	Previous
London Gold Fix	1294.80	1292.10

Oil
WTI Crude Future	50.31	50.20

Market Commentary:
Number of the Day
$180 billion
U.S. officials are considering whether to remove federal oversight of insurer American International Group Inc., according to The Wall Street Journal. The company was at the center of the global markets meltdown in 2008 and was effectively nationalized through a government bailout that topped $180 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks posted their biggest weekly gain in 10 months as energy shares broke out of their months- long doldrums.
The S&P/TSX Composite Index slipped less than one point Friday to close at 15,454.23. The weekly gain of 1.9 percent was the biggest since November 2016 and saw the benchmark move back into positive territory for the year after months in the red.
Materials stocks were the biggest gainers Friday, adding 0.7 percent as gold and copper prices rose. Pretium Resources gained 7.5 percent and Novagold Resources Inc. added 5.4 percent. Energy shares slipped 0.5 percent, reducing their gain for the week to 2.6 percent.
In other moves:

Stocks
* BRP Inc. jumped 8.9 percent after the Ski-Doo maker was upgraded to buy at UBS
* Bombardier Inc. lost 5.9 percent. Alstom SA said it’s in talks with Siemens AG about a possible merger, potentially leaving Bombardier exposed to Chinese competition
* Hudson’s Bay Co. added 2 percent after CNBC reported that Chairman Richard Baker is trying to take the retailer private
Commodities
* Western Canada Select crude oil traded at an $11.55 discount to WTI, 5 cents wider than Thursday
* Aeco natural gas traded at a $1.98 discount to Henry Hub, 7.5 percent narrower than Thursday
* Gold rose 0.2 percent to $1,293.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2332 per U.S.
dollar after August inflation missed estimates
* The Canada 10-year government bond yield fell one basis point to 2.11 percent.
US
By Jeremy Herron
(Bloomberg) — Stocks vacillated Friday before ending little changed and Treasuries gained with gold, as investors reached for safe haven assets after North Korea ratcheted up its threats against the U.S.
The S&P 500 Index, churning in one of the tightest ranges in its history, rose slightly, continuing an eight-day stretch without a move of more than 0.3 percent. The Dow Jones Industrial Average drifted downward, while the Nasdaq Composite Index posted a marginal gain.
The dollar fell after North Korea’s leader promised retaliation. The pound weakened following U.K. Prime Minister Theresa May’s speech on Brexit. The euro gained on strong economic data before Germany votes Sunday. Crude maintained its rally above $50 a barrel as OPEC members gathered in Vienna.
Central bank policy vied with continued geopolitical tension for investor attention this week. The latter won out Friday after North Korea’s foreign minister suggested the country could test a hydrogen bomb, sparking haven demand. The dollar slid, erasing a rally sparked by the Federal Reserve’s signal that it intends to wind down its balance sheet and raise interest rates.
Meanwhile, purchasing managers indexes from German and French manufacturers and a composite euro-zone private-sector activity gauge provided support for European policy makers as they consider scaling back stimulus. Germany goes to the polls on Sunday, with Chancellor Angela Merkel expected to secure a fourth term, although she may not win an outright majority.
What to watch out as the week comes to an end:
* The U.K. will pay into the EU until 2020, Prime Minister Theresa May said in a speech in Florence.
* Angela Merkel is poised to win a fourth term as German Chancellor on Sunday, but may not get an overall majority with her existing partners.
* OPEC met in Vienna amid mixed signals on whether they’ll consider deeper or longer cuts.
* New Zealand heads to the polls on Saturday.
Here are the main moves in markets:
Stocks
* The S&P 500 closed up less than 0.1 percent, finishing the week with a 0.1 percent gain.
* The Stoxx Europe 600 Index advanced 0.1 percent to the highest in two months.
* The U.K.’s FTSE 100 Index increased 0.6 percent.
* The MSCI All-Country World Index rose 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, the biggest drop in a week.
* The euro gained less than 0.1 percent to $1.1944.
* The British pound declined 0.4 percent to $1.3524.
* The Japanese yen advanced 0.4 percent to 112.09 per dollar, the first gain in more than a week.
Bonds
* The yield on 10-year Treasuries fell two basis points to 2.261 percent, the first retreat in more than a week.
* Germany’s 10-year yield slid less than one basis point to 0.445 percent.
* Britain’s 10-year yield declined one basis point to 1.355 percent.
Commodities
* West Texas Intermediate crude rose 0.2 percent to $50.63 a barrel.
* Gold increased 0.5 percent to $1,297.17 an ounce.
* Copper added 0.4 percent to $2.9265 a pound.
Asia
* Japan’s Topix index fell 0.3 percent at the close in Tokyo and South Korea’s Kospi index slid 0.7 percent. Australia’s S&P/ASX 200 Index added 0.5 percent.
* Hong Kong’s Hang Seng Index lost 0.8 percent and the Shanghai Composite Index dropped 0.2 percent.
* Taiwan’s Taiex index fell 1.2 percent, the biggest slide in Asia.
* The MSCI Asia Pacific Index declined 0.2 percent.

Have a wonderful weekend everyone.

Be magnificent!

Our contribution
to the progress of the world must, therefore,
consist in setting our own house in order.
Mahatma Gandhi

Carolann

Feeling gratitude and not expressing it is like wrapping a present and not giving it.
–William Arthur Ward, 1921-1994

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 21, 2017

September 21, 2017 Newsletter

Dear Friends,

Tangents:

Birthday: Leonard Cohen, 1934.

I lost my way, I forgot to call on your name. The raw heart beat against the world, and the tears were for my lost victory. But you are here. You have always been here. The world is all forgetting, and the heart is a rage of directions, but your name unifies the heart, and the world is lifted into its place. Blessed is the one who waits in the traveller’s heart for his turning. –from Poem 50, Leonard Cohen.

Do not forget old friends
you knew long before I met you
the times I know nothing about
being someone
who lives by himself
and only visits you on a raid
-from Do Not Forget Old Friends, Selected Poems, Leonard Cohen

On Sept. 21, 1938, a hurricane struck parts of New York and New England, causing widespread damage and claiming more than 600 lives.
Go to article »

PHOTOS OF THE DAY

A child walks through the colour lit fountain in Nice, France.
CREDIT: ERIC GAILLARD/REUTERS

Alba, an albino orangutan, sits on a branch of a tree while eating watermelon at Nyaru Menten Orangutan Rehabilition Centre in Central Kalimantan, Indonesia.
The conservation group says it wants to create a 5-hectare “forest land” for the world’s only known albino orangutan after rescuing it from villagers five months ago. The 5-year-old orangutan can’t be safely returned to the wild because of health issues related to her albinism.
CREDIT: BORNEO ORANGUTAN SURVIVAL (BOS) FOUNDATION

Hindus perform rituals as part of their prayers during “Pitra Paksha”, a period of sixteen days when Hindus pay homage to their ancestors, in Ahmedabad, India.
CREDIT: AMIT DAVE/REUTERS
Market Closes for September 21^st, 2017

Market Index	Close	Change
Dow Jones	22359.23	-53.36 -0.24%

S&P 500	2500.60	-7.64 -0.30%

NASDAQ	6422.691	-33.353 -0.52%

TSX	15454.92	+65.33
		+0.42%

International Markets

Market Index	Close	Change
NIKKEI	20347.48	+37.02
		+0.18%
HANG SENG	28110.33	-17.47
		-0.06%
SENSEX	32370.04	-30.47
		-0.09%
FTSE 100*	7263.90	-8.05
		-0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.120	2.104
CND. 30 Year Bond	2.460	2.450
U.S. 10 Year Bond	2.2765	2.2641
U.S. 30 Year Bond	2.8042	2.8058

Currencies

BOC Close	Today	Previous
Canadian $	0.81123	0.81181
US $	1.23269	1.23182

Euro Rate 1 Euro=		Inverse
Canadian $	1.47201	0.67934
US $	1.19414	0.83742

Commodities

Gold	Close	Previous
London Gold Fix	1292.10	1311.30

Oil
WTI Crude Future	50.20	50.41

Market Commentary:
On this day in 1931, Britain abandons the gold standard.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a sixth day, their longest streak of gains in six months, boosted by a global rally in financial stocks following Wednesday’s hawkish shift from the U.S. Federal Reserve.
The S&P/TSX Composite Index added 65 points or 0.4 percent to 15,454.92, its highest level since June and its longest consecutive string of gains since March. Financials, which account for 34 percent of the benchmark, rose 0.7 percent. Bank of Nova Scotia gained 1.8 percent.
The industrials sector added 0.8 percent as Canadian Pacific Railway Ltd. gained 2.4 percent, and the energy sector rose 0.7 percent, outpacing the 0.3 percent gain in West Texas Intermediate crude prices.
In other moves:
Stocks
* ShawCor Ltd. rose 12 percent, the biggest gain in five years, after TD Securities initiated coverage with a buy rating
* Air Canada rose 2.2 percent, adding to Wednesday’s 11 percent gain. The company updated its targets at an investor day and was upgraded to outperform at Cowen & Co.
* Student Transportation Inc. gained 3.2 percent after the stock was raised to outperform at National Bank Financial
Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI, the narrowest gap in nearly two weeks
* Aeco natural gas traded at a $2.51 discount to Henry Hub, three cents wider than Wednesday
* Gold tumbled 1.7 percent to $1,290.60 an ounce, the lowest since August
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2333 per U.S. dollar, the fifth consecutive day of declines
* The Canada 10-year government bond yield rose two basis points to 2.12 percent, the highest in three years.
US
By Jeremy Herron
(Bloomberg) — U.S. stocks fell from records, while Treasuries and the dollar were mixed as investors assessed the impact of the Federal Reserve’s signal that it intends to raise rates again this year. Gold tumbled and emerging-market assets slumped.
The S&P 500 Index retreated for the first time in five days, with technology shares leading declines as Apple Inc.’s selloff resumed. The dollar was little changed after rallying Wednesday, while Treasuries pared gains after a 10-year note auction. Metals from copper to iron ore slumped. The yen touched a two-month low as the Bank of Japan kept its monetary stimulus unchanged. West Texas crude declined.
U.S. equity markets continued to churn in one of the tightest ranges in history, with investors reluctant to add to bets that have pushed benchmark indexes to records. While the Fed’s decision boosted the dollar and Treasury yields, those moves faltered Thursday as investors looked past the prospects for a December rate hike to discount the likelihood that further increases will come in 2018 as inflation remains tepid.
Markets have also kept an eye on tensions over North Korea, with Donald Trump Thursday ordering new sanctions on individuals, companies and banks doing business with the country. Reaction to China’s credit downgrade by S&P Global Ratings was muted during U.S. hours, though base metals continued declines.
What to watch out for the rest of this week:
* Mario Draghi will be giving the keynote speech at the annual conference of the European Systemic Risk Board.
* Theresa May meets with her cabinet today to see how far she can go in promising money to the EU to advance Brexit negotiations, people familiar said. Her big speech is Friday.
* The euro-area’s September consumer confidence data is due today.
* Campaigning continues in Germany before the Sept. 24 election.
* The OECD publishes the Interim Economic Outlook in Paris.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent to 2,500.77 as of 4 p.m. in New York.
* The Dow Jones Industrial Average fell to 22,359.90, halting a nine-day winning streak.
* Apple lost 1.7 percent to the lowest since Aug. 1.
* The Stoxx Europe 600 Index rose 0.2 percent to the highest in a month.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent after earlier touching the highest in more than two weeks.
* The euro climbed 0.5 percent to $1.1950.
* The Japanese yen fell 0.1 percent to 112.334 per dollar, hitting the weakest in more than two months.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.28 percent in a fifth straight day of declines in the note.
* Germany’s 10-year yield climbed one basis points to 0.46 percent, the highest in more than six weeks.
Commodities
* West Texas Intermediate crude fell 14 cents to settle at $50.55 a barrel.
* Gold futures decreased 1.7 percent to $1,293.90 an ounce, the weakest in four weeks.
* Copper futures declined 1.1 percent to $2.936 a pound.

Have a wonderful evening everyone.

Be magnificent!

Every day we see or read of appalling things happening in the world as the result of violence in man.
You may say, “I can’t do anything about it,” or “How can I influence the world?”
I think you can tremendously influence the world if you yourself are not violent,
if you lead actually every day a peaceful life – a life which is not competitive, ambitious, envious –
a life which does not create enmity.
Small fires can become ablaze.
Krishnamurti

As ever,

Carolann

I think success has no rules, but you can learn a lot from failure.
-Jean Kerr, 1922-2003

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 21, 2017

September 20, 2017 Newsletter

Dear Friends,

Tangents:
On Sept. 20, 1973, Billie Jean King defeated Bobby Riggs in straight sets 6-4, 6-3, 6-3 in a $100,000 winner-take-all tennis match.
Go to article »

Life advice from Shep Hyken:

Show up early,
stay late,
do your best,
always say thank you,
give people more than
they expect,
and follow up.

PHOTOS OF THE DAY

Constance Devernay of the Scottish Ballet, dressed in a Sugar Plum Fairy costume, launches an appeal encouraging members of the public to ‘buy a bauble’ from the set of The Nutcracker to fund its restoration of the set, at the Scottish Ballet headquarters in Glasgow, Tramway.
CREDIT: ANDREW MILLIGAN/PA WIRE

Pigeons bathe in a fountain in central Kiev, Ukraine.
CREDIT: REUTERS/GLEB GARANICH

Vivid red Virgina Creeper on the impressive tower and turrets of the Swinton Park Hotel, near Masham, North Yorkshire – under cobalt blue skies, and reflecting perfectly in lake on the 200 acre estate.
CREDIT: PAUL KINGSTON/NNP

Acrobats perform at the contest for the 10^th China Acrobats Golden Chrysanthemum Awards Penglai, east of China’s Shandong Province.
CREDIT: XINHUA/EYEVINE
Market Closes for September 20^th, 2017

Market Index	Close	Change
Dow Jones	22412.59	+41.79 +0.19%

S&P 500	2508.24	+1.59 +0.06%

NASDAQ	6456.043	-5.280 -0.08%

TSX	15383.59	+90.62
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	20310.46	+11.08
		+0.05%
HANG SENG	28127.80	+76.39
		+0.27%
SENSEX	32400.51	-1.86
		-0.01%
FTSE 100*	7271.95	-3.30
		-0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.104	2.092
CND. 30 Year Bond	2.450	2.448
U.S. 10 Year Bond	2.2641	2.2446
U.S. 30 Year Bond	2.8058	2.8167

Currencies

BOC Close	Today	Previous
Canadian $	0.81181	0.81359
US $	1.23182	1.22912

Euro Rate 1 Euro=		Inverse
Canadian $	1.46552	0.68235
US $	1.18972	0.84053

Commodities

Gold	Close	Previous
London Gold Fix	1311.30	1309.60

Oil
WTI Crude Future	50.41	49.48

Market Commentary:
On this day in 1979, Lee Iacocca becomes chairman of Chrysler Corp. Over the next few years, he would overhaul the company and bring it back from the brink of bankruptcy, thanks in large part to a $1.5 billion emergency loan from the U.S.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a fifth day to their highest level in more than three months, led by energy shares amid growing optimism that crude markets are returning to balance.
The S&P/TSX Composite Index added 97 points or 0.6 percent to 15,389.60, the highest close since June 9. On Tuesday, the benchmark erased its losses for the year and is now up 0.7 percent.
The energy sector was the biggest gainer Wednesday, rising 1.4 percent as the price of West Texas Intermediate crude added 1.9 percent. Industrials gained 1.2 percent and consumer discretionary stocks rose 0.8 percent.
In other moves:
Stocks
* Air Canada jumped 11 percent to a record high. The airline held an investor day Tuesday and released 2018 to 2020 guidance, while the stock was upgraded to outperform at Cowen & Co.
* BlackBerry Ltd. added 8.6 percent, the most since May, after partnering with Delphi Automotive Plc to provide the operating system for its self-driving car technology
* Cenovus Energy jumped 8.4 percent following reports that it’s nearing a sale of its Alberta natural gas assets
Commodities
* Western Canada Select crude oil traded at a $11.60 discount to WTI, 40 cents narrower than Tuesday
* Aeco natural gas traded at a $1.96 discount to Henry Hub, little changed
* Gold lost 0.5 percent to $1,303.70 an ounce, the lowest in nearly four weeks
FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2325 per U.S. dollar as the Fed adopted a more hawkish tone
* The Canada 10-year government bond yield rose one basis point to 2.11 percent, the highest in three years.
US
By Jeremy Herron and Lu Wang
(Bloomberg) — Treasuries tumbled while the dollar surged after the Federal Reserve struck a more hawkish tone than markets anticipated. U.S. stocks were little changed.
Bloomberg’s dollar index rose after the central bank set an October start for shrinking its balance sheet and maintained a forecast for another rate increase this year. The 10-year Treasury yield approached 2.30 percent. The S&P 500 Index dipped below 2,500 before ending at a fresh record, as banks rallied on the prospect for higher rates. A slump in Apple Inc. dragged tech shares lower. Gold futures fell.
While policy makers left the benchmark interest rate unchanged, markets showed a hawkish reaction to officials’ forecast for where rates will be at the end of the year. U.S. central bankers are counting on steady growth and low unemployment to raise inflation closer to their goal, which would support their policy of gradual tightening through interest-rate increases and a reversal of quantitative easing.
“Catching the equity market off guard was the dot plot indicating that 12 of the 16 voting members project a December rate hike,” said Quincy Krosby, Chief Market Strategist at Prudential Financial.“There remains an ongoing tug of war between those who think the economy is still too weak to handle another rate hike versus those who say that financial conditions and a strengthening global economy warrant the move towards rate normalization.”
Elsewhere, Spanish assets showed resilience even as the government cracked down on an illegal separatist referendum planned in its largest economic region. the New Zealand dollar jumped after a poll put the ruling National Party back in the lead ahead of the main opposition Labour Party ahead of this weekend’s election. And the fixing of the yuan remained in focus as investors try to gauge where the People’s Bank of China wants the currency. Read more about the importance of the fixings here.
Terminal subscribers can read more in our Markets Live blog.
What to watch out for this week:
* The Bank of Japan is predicted to stand pat when it reviews policy Thursday.
* Brexit strategy is in focus as Theresa May prepares to outline her revised approach on Friday.
* Campaigning continues in Germany, days before the Sept. 24 election. New Zealand goes to the polls on Sept. 23.

Here are the main moves in markets:

Stocks
* The S&P 500 Index rose 0.1 percent to 2,508.19 as of 4 p.m. in New York. The index closed at an all-time high, but hasn’t moved more than 0.3 percent for five sessions.
* Financial shares rose 0.6 percent while shares in consumer staple producers fell 0.9 percent and tech shares lost 0.5 percent.
* The Stoxx Europe 600 Index fell less than 0.1 percent.
* The MSCI All-Country World Index lost 0.2 percent after earlier touching a record high.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index surged 0.5 percent.
* The yen slid 0.5 percent to 112.16 per dollar.
* The euro dropped 0.9 percent to $1.1885.
Bonds
* The yield on 10-year Treasuries advanced two basis points to 2.27 percent, the highest since July.
Commodities
* Gold futures dropped 0.5 percent to $1,304.30 an ounce.
* West Texas Intermediate crude advanced 1.9 percent to settle at $50.41 a barrel, the highest in more than seven weeks.

Have a wonderful evening everyone.

Be magnificent!

When there is space between you and the object you are observing
you well know there is no love, and without love, however hard you try to reform the world
or bring about a new social order or however much you talk about improvements,
you will only create agony.
So it is up to you.
Krishnamurti

As ever,

Carolann

The best way to pay for a lovely moment is to enjoy it.
-Richard Bach, b. 1936

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 19, 2017

September 19, 2017 Newsletter

Dear Friends,

Tangents:

The weeks of September and early October have always been among my favourites in the year…. equally alluring charm. The urgency is over. It happens almost overnight; the berries ripen, the garden defies attention – too late to introduce extra colours to the borders and too early to put them all to bed for winter. So I can sit back and enjoy it all, perhaps making some constructive plans but always postponing my activities until later. Often these days have a stillness that is unique – not a rustle of wind, early morning mists that mask distant trees, red apples hanging on as long as they can, until ready for storing. This year our quince crop is terrific, every branch hanging low with the weight of the downy but hard fruit. We will know when they are ready for picking by their strong scent; outside, this is quite pleasant, but a large basketful waiting in the larder makes an almost nauseous smell. They are like gold; not one must be wasted. We must cut them, boil them, strain them through muslin and make them into a fine clear amber jelly. The autumn hedgerows are bountiful, too, bursting with fruit for the picking. There are sloes for sloe gin, hips, haws, elderberries and crab-apples for jellies, to be carefully labeled and stored for the winter. The taste of elderberries on their own has no subtlety but mixed with other things they can add a richness of flavor and colour. Another of my favourite jellies is made from the small grapes of our Strawberry Vine. Years ago, Vita Sackville-West recommended it and added that one could buy the vine from Clarence Elliott, Joe Elliot’s father. We have never regretted buying ours; planted with its roots outside and climbing under an open verandah roof, it produces a prolific crop each autumn. –Rosemary Verey, A Countrywoman’s Notes, Frances Lincoln ed., 2009 [first published in 1989].

PHOTOS OF THE DAY

A stag reaches for the leaves of a tree at Study Royal, Near Ripon, North Yorkshire.
CREDIT: CHARLOTTE GRAHAM

Horses of the Cavalry honorary escort are tested with noise, music and smoke during a training session the day before Prinsjesdag in The Hague, Netherlands. The horses escort the King and Queen of The Netherlands during their coach ride at Prinsjesdag, the opening of the parliamentary year.
CREDIT: PATRICK VAN KATWIJK/GETTY IMAGES
Market Closes for September 19^th, 2017

Market Index	Close	Change
Dow Jones	22370.80	+39.45 +0.18%

S&P 500	2506.65	+2.78 +0.11%

NASDAQ	6461.324	+6.686 +0.10%

TSX	15292.97	+56.30
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	20299.38	+389.88
		+1.96%
HANG SENG	28051.41	-108.36
		-0.38%
SENSEX	32402.37	-21.39
		-0.07%
FTSE 100*	7275.25	+21.97
		+0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.092	2.081
CND. 30 Year Bond	2.448	2.435
U.S. 10 Year Bond	2.2446	2.2305
U.S. 30 Year Bond	2.8167	2.8026

Currencies

BOC Close	Today	Previous
Canadian $	0.81359	0.81358
US $	1.22912	1.22913

Euro Rate 1 Euro=		Inverse
Canadian $	1.47422	0.67832
US $	1.19941	0.83374

Commodities

Gold	Close	Previous
London Gold Fix	1309.60	1312.10

Oil
WTI Crude Future	49.48	49.91

Market Commentary:
On this day in 2010, the BP oil well that had spilled millions of barrels of oil into the Gulf of Mexico was sealed after several failed efforts.
Number of the Day
$1 trillion
The value of Norway’s sovereign-wealth fund reached $1 trillion on Tuesday, powered by strong growth in stocks and the falling dollar.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks turned positive for the year, surpassing their 2016 closing price for the first time since June in a broad-based rally led by telecom and financial stocks.
The S&P/TSX Composite Index rose 56 points or 0.4 percent to 15,292.97, bringing its year-to-date gain to less than 0.1 percent. All sectors advanced except utilities, which slipped 0.1 percent.
Telecom stocks gained 0.9 percent, led by a 1.5 percent rise at Rogers Communications Inc. Financial shares added 0.5 percent, while the energy sector rose 0.4 percent despite a 0.9 percent drop in West Texas Intermediate crude prices.
In other moves:
Stocks
* Spin Master Corp. fell 0.9 percent. Toymakers were pressured as Toys “R” Us Inc. filed for bankruptcy, but one analyst said any weakness represents a buying opportunity
* Air Canada lost 1.4 percent. The airline held an investor day and released new targets for 2018 to 2020, including an annual Ebitdar margin of 17 percent to 20 percent
* Concordia International Corp. fell 2.6 percent after the company’s debt was cut to CCC- by S&P
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI, unchanged from Monday
* Aeco natural gas traded at a $1.84 discount to Henry Hub, the widest in a week
*Gold rose 0.3 percent to $1,314.60
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2279 per U.S. dollar
* The Canada 10-year government bond yield rose one basis point to 2.09 percent, the highest since October 2014
US
By Jeremy Herron
(Bloomberg) — Major U.S equity benchmarks padded all-time highs, the dollar fell and Treasuries edged lower after Donald Trump gave a speech to the United Nations and as the Federal Reserve began a two-day meeting.
The S&P 500 Index climbed for a third day, though equities remain stuck in one of the tightest ranges in decades. The CBOE Volatility Index slumped toward 10. Europe’s equity benchmark followed many Asian peers lower, while Japanese shares surged after a holiday.
The pound swung before jumping after a report Foreign Secretary Boris Johnson may resign should Prime Minister Theresa May oppose his Brexit demands. The euro rose for a fourth day, while the dollar slipped against all but one of its G-10 peers. Benchmark WTI crude fell below $50 per barrel.
Financial markets remained largely calm on Tuesday as Trump’s speech to the UN did little to alter views on the tensions over North Korea’s nuclear ambitions. Attention will turn to Wednesday’s Fed decision, with a focus on details on unwinding part of the central bank’s $4.5 trillion balance sheet.
“We are not overly concerned about” the Fed’s quantitative- tightening plans, Merrill Lynch and U.S. Trust head of fixed- income strategy Matthew Diczok told Bloomberg TV. “If you model it out, over about the next three years they’ll take out about $1.3 trillion or so. That’s only a third of what they put into the market. So it’s going to be very slow, very gradual, very deliberate and it shouldn’t lead to any near-term fireworks into the market at all.”
What to watch out for this week:
* Brexit strategy is in focus as Theresa May prepares to outline her revised approach on Friday.
* The Fed’s rate decision is Wednesday.
* The Bank of Japan is predicted to stand pat when it reviews policy Thursday. The BOJ probably won’t reveal when it will unwind stimulus, but could signal determination to keep the yield curve under control.
* Indonesia, the Philippines and South Africa are among countries also reviewing monetary policy this week.
* Home construction and sales of previously owned properties are the highlights of the week’s U.S. economic calendar.
* Campaigning continues in Germany, days before the Sept. 24 election. New Zealand goes to the polls on Sept. 23.

Here are the main moves in markets:

Stocks
* The S&P 500 Index climbed 0.1 percent to 2,506.64 as of 4 p.m. in New York.
* The Dow Jones Industrial Average added 0.2 percent to 22,370.70, and the Nasdaq Composite Index rose 0.1 percent.
* The Stoxx Europe 600 Index was virtually unchanged after erasing earlier declines.
* The MSCI All-Country World Index increased 0.3 percent to the highest on record.
* The MSCI Emerging Market Index dropped 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1 percent, with the greenback dropping versus all G-10 peers save the Swiss franc.
* The euro climbed 0.4 percent to $1.1997, the strongest in more than a week.
Bonds
* The yield on 10-year Treasuries was slightly higher at 2.2375 percent.
* The bond-market selloff that pushed intermediate and long-term Treasury yields up from 2017 lows reached Sept. 8 is on the brink of making five-year notes a buy, according to technical analysis by Aaron Kohli at BMO Capital Markets.
* Toys ‘‘R’’ Us Inc. succumbed to what it called a “dangerous game of dominoes” that toppled it in a matter of days.
Commodities
* Gold futures slipped less than 0.1 percent to settle at $1,310.60 an ounce as of 1:39 p.m. in New York.
* West Texas Intermediate crude fell for the first time in more than a week as traders awaited storage data that may show the longest expansion of U.S. crude inventories in almost half a year.
* WTI futures lost 0.9 percent to settle at $49.48 a barrel.
* Coal will drop and stabilize about 10 percent lower than current levels after tight supply and strong demand from Asian consumers drove prices to near $100 a ton, according to producer New Hope Corp.

Have a wonderful evening everyone.

Be magnificent!

As long as individuality survives, that is,
as long as you continue to see others as separate from you,
a feeling of hostility towards them cannot fail to prevail.
Swami Prajnanpad

As ever,

Carolann

The surest test of discipline is its absence.
-Clara Barton, 1821-1912

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

September 18, 2017

September 18, 2017 Newsletter

Dear Friends,

Tangents: Happy Monday!

1851 – New York Times first published.
Respect for the Aged Day, Japan.

POINTS OF PROGRESS:
DENMARK: Bicycle theft has hit a new low in Denmark. Danes are famously crazy about bicycles, with 90 % of the country’s 5.7 million people estimated to own and ride them. Last year about 52,465 bicycles were stolen in Denmark – down from 125,371 in 1994, according to Danmarks Statistik. That’s the year insurance companies began requiring the use of a new, more secure locking protocol for bikes, a move now creited with the huge drop in thefts. –the Copenhagen Post.

GHANA: The West African country has launched its first satellite with help from the Japan Aerospace Exploration Agency. Ghana’s 2.2-pound GhanaSat-1 is expected to monitor environmental activity as well as serve as an educational tool in the nation’s high schools. Ghana is one of several countries – including Mongolia, Nigeria, and Bangladesh – to receive aid from Japan’s Joint Global Multi-nation Birds Satellite Project. –Geek.com

UNITED STATES: Buses with Wi-Fi allow students to spend their commuting time on homework. In rural South Carolina’s Berkeley County, Google has equipped 28 school buses with free Wi-Fi and has given the school district 1,700 stripped-down laptops on which students can do homework. Google has invested more than $1billion in a data center complex in Berkeley County. –The Associated Press.

EGYPT: Twelve years after Al-Azhar Park was dedicated, the people of Cairo continue to enjoy it. The lovely 88-acre park was created on the site of a 500-year old garbage dump near the old city, using a $30 million donation from the Aga Khan. The park has also been a model for projects in Bamako, Mali; Zanzibar, Tanzania; and Kabul, Afghanistan. –Deutsche Welle.
PHOTOS OF THE DAY

Bristol artist ‘Voyder’ works on a mural portrait of (left to right) Jimi Hendrix, Mick Jagger and Sergei Rachmaninoff on the front of Colston Hall, Bristol, celebrating artists who have played at the music venue on its 150th anniversary.
CREDIT: BEN BIRCHALL/PA

Concertgoers calling themselves ‘The Wizards of Odd’ arrive for the Nocturnal Wonderland music festial at Glen Helen Regional Park in SanBernardino, California, USA.
CREDIT: PAUL BUCK/EPA

The aerobatic squadron ‘Red Arrows’ from Britain perform during the Athens Flying Week air show in Tanagara Air Force Base, Greece.
CREDIT: ALEXANDROS BELTES/EPA
Market Closes for September 18^th, 2017

Market Index	Close	Change
Dow Jones	22331.35	+63.01 +0.28%

S&P 500	2503.96	+3.73 +0.15%

NASDAQ	6454.641	+6.173 +0.10%

TSX	15246.50	+73.47
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	19909.50	+102.06
		+0.52%
HANG SENG	28159.77	+352.18
		+1.27%
SENSEX	32423.76	+151.15
		+0.47%
FTSE 100*	7253.28	+37.81
		+0.52%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.081	2.088
CND. 30 Year Bond	2.435	2.435
U.S. 10 Year Bond	2.2305	2.2005
U.S. 30 Year Bond	2.8026	2.7684

Currencies

BOC Close	Today	Previous
Canadian $	0.81358	0.82001
US $	1.22913	1.21949

Euro Rate 1 Euro=		Inverse
Canadian $	1.46924	0.68063
US $	1.19535	0.83658

Commodities

Gold	Close	Previous
London Gold Fix	1312.10	1322.85

Oil
WTI Crude Future	49.91	49.89

Market Commentary:
On this day in 1997, Coopers & Lybrand and Price Waterhouse announce plans to merge, creating the world’s biggest accounting firm and chopping the so-called Big Six accounting giants down to five.
Number of the Day
35%
The decline in Equifax’s shares in September, on pace to be the worst month ever for the stock.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks gained for a third day, hitting their highest in 6 weeks, as a risk-on mood propelled most sectors higher.
The S&P/TSX Composite Index rose 64 points or 0.4 percent to 15,236.67, the highest close since Aug. 8. Consumer discretionary stocks paced the advance, rising 1.1 percent as Restaurant Brands International Inc. climbed 3.4 percent.
The energy index rose 0.6 percent as the price of crude was little changed. Encana Corp. led the gains, up 3.4 percent.
In other moves:
Stocks
* Labrador Iron Ore Royalty Corp. jumped 9 percent after its third-quarter dividend of C$1 a share topped expectations
* Kinross Gold Corp. lost 5.3 percent. The company is spending more than $800m to maintain production levels
* Potash Corp. of Saskatchewan Inc. gained 3.5 percent and Agrium Inc. added 3.6 percent amid a recovery in prices for some key crop nutrients
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI, 25 cents narrower than Friday
* Aeco natural gas traded at a $1.67 discount to Henry Hub, 7.6 percent wider than Friday’s close
* Gold fell 1.1 percent percent to $1,306.90 an ounce, the lowest in more than two weeks
FX/Bonds
* The Canadian dollar weakened 0.9 percent to C$1.2299 per U.S. dollar, the biggest drop since February
* The Canada 10-year government bond yield fell one basis point to 2.08 percent
US
By Jeremy Herron
(Bloomberg) — U.S. stocks advanced to fresh records, while the dollar halted a two-day drop and Treasuries slipped as investors remained optimistic about the economy. Gold fell as demand for havens faded.
The S&P 500 Index held above 2,500 to notch a fresh record after briefly losing an advance that reached 0.3 percent. The Dow Jones Industrial Average added to its all-time high. Earlier, equities from Asia to Europe gained. The dollar climbed versus the euro and pound. The 10-year Treasury yield hit 2.23 percent. Gold tumbled, while oil was little changed.
Markets maintained a risk-on stance after last week’s gains, with investors turning attention to this week’s Federal Reserve meeting. While the central bank is widely expected to keep the benchmark rate unchanged, close attention will be paid to the chance of an increase later in the year and on whether officials will announce the start of a reduction in the bank’s $4.5 trillion balance sheet.
“QE certainly is over; QT is about to begin,” Anthony Crescenzi, Pimco portfolio manager, told Bloomberg TV’s Francine Lacqua and Tom Keene. “That’s quantitative tightening. It’s illogical to think that quantitative easing would help markets but quantitative tightening won’t hurt. It seems markets are taking the Fed’s quantitative tightening in stride. It will be like Fed Chair Janet Yellen has said, like watching paint dry.”
In the background, geopolitical risks refuse to dissipate. The U.S. seeks a peaceful resolution to the tension with North Korea, but is prepared to use military force if diplomatic efforts fail to end the nuclear standoff, Secretary of State Rex Tillerson told CBS. The comments were made ahead of U.S. President Donald Trump’s first address before the United Nations on Tuesday.
What to watch out for this week:
* U.K. Prime Minister Theresa May has reshuffled her team of top Brexit negotiators in preparation for talks entering a new phase.
* The BOJ is predicted to stand pat Thursday and probably won’t reveal when it’ll unwind stimulus, but could signal determination to keep the yield curve under control.
* Indonesia, the Philippines and South Africa are among countries settling monetary policy.
* The final days of Germany’s parliamentary campaign will play out before the Sept. 24 vote. New Zealand goes to the polls on Sept. 23.

Here are the main moves in markets:

Stocks
* The S&P 500 rose 0.1 percent to 2,504 at 4 p.m. in New York.
* The Stoxx Europe 600 Index gained 0.3 percent, the highest in almost six weeks.
* The MSCI All-Country World Index increased 0.2 percent to the highest on record.
* The MSCI Emerging Market Index climbed 0.8 percent to the highest in more than six years.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3 percent.
* The euro slipped 0.1 percent to $1.1931.
* The British pound declined 0.8 percent to $1.3483. Bank of England Governor Mark Carney reiterated that inflationary pressure may be mounting.
Bonds
* The yield on 10-year Treasuries increased two basis points to 2.23 percent, the highest in more than a month.
* Germany’s 10-year yield rose two basis points to 0.455 percent.
* Britain’s 10-year yield decreased one basis point to 1.30 percent, the first retreat in more than a week.
Commodities
* Gold futures fell 1.1 percent to $1,311.50 an ounce, the weakest in almost three weeks.
* West Texas Intermediate crude hit a wall at $50 a barrel and settled at $49.91.

Have a wonderful evening everyone.

Be magnificent!

It is not others who must change, but you.
Swami Prajnanpad

As ever,

Carolann

Curiosity is one of the permanent and certain characteristics of a vigorous mind.
-Samuel Johnson, 1709-1784

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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