October 2017 – Carolann Steinhoff

October 25, 2017

October 25, 2017 Newsletter

Dear Friends,

Tangents:
On Oct. 25, 1971, the United Nations General Assembly voted to admit mainland China and expel Taiwan.
Go to article »

On this day in 1854, James Cardigan leads an ill-fated charge of the Light Brigade cavalry against well-defended Russian artillery during the Crimean War. It was later revealed that the order to charge was not given intentionally, but the event was nonetheless immortalized in a famous poem by Alfred Tennyson.

Pablo Picasso, b. 1881
Geoffrey Chaucer, d. 1400

St. Crispin’s Day, England, France: the day of the Battle of Agincourt. Shakespeare makes Crispin Crispian one person, and not two brothers. Hence Henry V says to his soldiers:

And Crsipin Crispinian shall ne’er go by –
But we in it shall be remembered.
–Henry V, IV, iii(1598)
PHOTOS OF THE DAY

After the harvest: Winemaker Brian Shirley enjoys the autumn colours breaking out at his vineyard south of the Mendip Hills in Somerset.
CREDIT: JASON BRYANT/APPEX

High priestess passes the Olympic flame at the Temple of Hera during a lighting ceremony of the Olympic flame in ancient Olympia in Olympia, Greece. The flame will be transported by torch relay to the Pyeongchang, South Korea, which will host the 2018 Winter Olympics.

A woman uses the escalators under “Life Line” by artist David Svensson located at the new city line station of Odenplan in Stockholm. “Life Line” is a 350 square meter light work inspired by a child’s heartbeat. The two new commuter train stations Odenplan station and Stockholm city station are a brand new arena for artwork.

Leonardo da Vinci’s Salvator Mundi on show at Christie’s Kings Street, before it is offered at auction by Christie’s new York on the 15^th November as part of the Post-War and Contemporary Art Evening Auction on 15 November, the estimate in the region of 100 million dollars.
Market Closes for October 25^th, 2017

Market Index	Close	Change
Dow Jones	23329.46	-112.30 -0.48%

S&P 500	2557.15	-11.98 -0.47%

NASDAQ	6563.891	-34.539 -0.52%

TSX	15854.77	-50.37
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	21707.62	-97.55
		-0.45%
HANG SENG	28302.89	+147.92
		+0.53%
SENSEX	33042.50	+435.16
		+1.33%
FTSE 100*	7447.21	-79.33
		-1.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.045	2.065
CND. 30 Year Bond	2.390	2.396
U.S. 10 Year Bond	2.4317	2.4189
U.S. 30 Year Bond	2.9404	2.9331

Currencies

BOC Close	Today	Previous
Canadian $	0.78165	0.78919
US $	1.27934	1.26712

Euro Rate 1 Euro=		Inverse
Canadian $	1.51135	0.66166
US $	1.18135	0.84649

Commodities

Gold	Close	Previous
London Gold Fix	1275.00	1276.45

Oil
WTI Crude Future	51.88	52.29

Market Commentary:
Number of the Day
$712 billion
High-grade companies, excluding financial institutions, have issued about $712 billion in bonds so far this year, the most ever for a comparable period, according to Dealogic records going back to 1995.
Canada
By Kristine Owram
(Bloomberg) — Canada’s stock benchmark posted its biggest drop in two weeks amid declines in industrial, energy and financial shares, while the loonie fell to its lowest since July.
The S&P/TSX Composite Index lost 50 points or 0.3 percent to 15,854.77. The industrial sector was the biggest decliner, falling 0.8 percent as shares of Bombardier Inc. tumbled 4.9 percent. Moody’s cut the company’s debt rating, citing high leverage and execution risk.
Financials fell 0.4 percent and energy shares lost 0.7 percent as the price of crude fell 0.6 percent. The biggest surge in U.S. oil output in half a decade overshadowed record overseas demand.
In other moves:
Stocks
* Roots Corp. tumbled 17 percent in its trading debut, making it the second-worst first day for a large Canadian IPO this year
* Eldorado Gold Corp. lost 12 percent, bringing its three-day decline to 39 percent. The miner on Monday cut the production forecasts for its flagship project in Turkey for the second time this year
* Canadian National Railway Co. fell 1.1 percent, moderating an earlier loss of as much as 3.6 percent on higher-than-expected operating costs
Commodities
* Western Canada Select crude oil traded at a $12.70 discount to WTI
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold was little changed at $1,275.40 an ounce
FX/Bonds
* The Canadian dollar weakened 1 percent to C$1.2800 per U.S. dollar, the lowest since July, following dovish signals from the Bank of Canada
* The Canada 10-year government bond yield fell two basis points to 2.04 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks dropped the most in seven weeks while the dollar slumped as an uneven batch of corporate earnings reports thwarted a risk-on rally and turmoil in Washington threatened the president’s tax overhaul.
The S&P 500 Index fell for the second time this week, with weak results hammering shares in Chipotle Mexican Grill Inc. and Advanced Micro Devices Inc. Ten-year Treasury yields narrowed after reaching their highest since March, and gold rose as investors sought havens from slumping equity markets.
Wednesday’s stock retreat comes the day after Republican senators Jeff Flake and Bob Corker publicly criticized President Donald Trump just as he tries to push through big changes in the U.S. tax code.
“The whole Jeff Flake episode at the end of the day yesterday took some time to sink into the markets,” Michael O’Rourke, chief market strategist at JonesTrading Institutional Services LLC, said by phone. “If you’re at the point where you have Flake and then Corker coming after the president, he’s really going to have to negotiate to get the tax reform he wants.”
The loonie fell after Canada’s central bank warned it would remain “cautious” when considering future rate increases, while Mexico’s peso rallied. Sterling jumped as accelerating U.K. growth spurred rate-hike bets. The rand plunged after South Africa’s finance minister signaled the country would ramp up debt to help plug the budget deficit.
Investors are looking hard this week at earnings and economic data for indications of broadening growth that may sustain the rallies even as the Federal Reserve and other central banks start to pull back on stimulus.
The European Central Bank is expected to announce a reduction in the size of its monthly bond buying at its policy meeting Thursday, the biggest scheduled event for markets this week. U.S. orders for business equipment increased more than forecast in September, pointing toward economic growth for the quarter.
The Stoxx Europe 600 Index declined as companies in the region reported mixed results. Benchmarks in Asia were largely higher, but Japan’s Nikkei finally snapped its record run of gains. India’s S&P BSE Sensex jumped as much as 1.6 percent after Prime Minister Narendra Modi’s government said late on Tuesday it will inject an unprecedented 2.11 trillion rupees ($32 billion) into the banks over two years to revive growth.
These are some of the key events coming up:
* South Korea reports on GDP and Hong Kong on imports and exports, while Japan reports on CPI later in the week.
* The U.S. economy probably expanded at about a 2.5 percent annualized pace in the third quarter, restrained in part by the effects of two hurricanes, economists forecast the government to report on Friday.
* Companies reporting earnings this week include Alphabet Inc., Microsoft Corp. and Twitter Inc. in the technology sector. Ford Motor Co. and Volkswagen AG headline cars. European banks reporting include UBS Group AG, Deutsche Bank AG and Barclays Plc.
* The week also boasts rate decisions from Norges Bank and Riksbank.

And here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.47 percent Wednesday in New York, while the Dow Jones Industrial Average declined 0.48 percent and the Nasdaq Composite Index dropped 0.52 percent.
* The Stoxx Europe 600 Index fell 0.57 percent.
* The U.K.’s FTSE 100 Index decreased 1.1 percent.
* Germany’s DAX Index dropped 0.46 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2 percent.
* The euro gained 0.3 percent to $1.1801.
* The British pound climbed 0.9 percent to $1.3249.
* The rand fell 2.2 percent to 14.0609 per dollar, the weakest in about 10 months.
* The Mexican peso rose 1 percent against the greenback; the Canadian dollar sank 1 percent.
Bonds
* The yield on 10-year Treasuries gained two basis points to 2.44 percent.
* Germany’s 10-year yield climbed one basis point to 0.48 percent.
* Britain’s 10-year yield gained five basis points to 1.404 percent, the highest in almost nine months.
Commodities
* Gold rose 0.1 percent to $1,277.61 an ounce.
* West Texas Intermediate crude dipped 0.5 percent to $52.21 a barrel.
Asia
* Japan’s Topix index fell 0.3 percent and the Nikkei 225 declined 0.5 percent at the end of trading in Tokyo. Australia’s S&P/ASX 200 Index rose 0.1 percent. The Hang Seng Index climbed 0.5 percent, while the Shanghai Composite Index gained 0.3 percent. India’s Sensex advanced 1.3 percent.
* The Japanese yen gained 0.1 percent to 113.75 per dollar.

Have a wonderful evening everyone.

Be magnificent!

He who seeks to understand violence belongs to no country, no religion, no political party, no particular system.
What matters to him is the complete understanding of humanity.
According to one school violence is found inside a man;
according to another, it is the result of his social and cultural heritage.
Neither of these viewpoints interests us:
they have no importance; what is important is the way that we are violent,
not the reason for it.
Krishnamurti

As ever,

Carolann

Minds are like parachutes. They only function when they are open.
-James Dewar, 1842-1923

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

October 25, 2017

October 24, 2017 Newsletter

Dear Friends,

Tangents:
1993 – Toronto Blue Jays win second World Series on Joe Carter’s three-run homer in the bottom of the 9th.

On October 24^th, 1664, King Charles ll wrote to his sister Henrietta: You have heard of our taking of New Amsterdam, which lies just by New England. ‘Tis a place of great importance to trade. It did belong to England heretofore, but the Dutch by degrees drove our people out and built a very good town, but we have the better of it, and ‘tis now called New York. –from The Book of Days.
PHOTOS OF THE DAY

Priestesses perform during the final dress rehearsal for the lighting of the Olympic flame at Ancient Olympia, southwestern Greece. The flame will be transported by torch relay to the Pyeongchang, South Korea, which will host the Feb. 9-25, 2018 Winter Olympics.
CREDIT: AP PHOTO/PETROS GIANNAKOURIS

Steam locomotive 46100 Royal Scot pulling the ‘Bognor Belle’ tour of Sussex photographed here by local artist Michael Saunders near Arundel.

The Lake of Lights at Talkin Tarn lake near Brampton in Cumbria, where hundreds of lights in the surrounding woodland represent a cherished memory of a relative friend or loved one no longer with us.

Apple picker Paul Mason admires a huge crop of apples gathered at orchards in West Lydford, Somerset, UK. The apples are harvested in their millions from mid September to November and will be sent to Showering’s Cider Mill in nearby Shepton Mallet.
Market Closes for October 24^th, 2017

Market Index	Close	Change
Dow Jones	23441.76	+167.80 +0.72%

S&P 500	2569.13	+4.15 +0.16%

NASDAQ	6598.430	+11.604 +0.18%

TSX	15905.14	+49.38
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	21805.17	+108.52
		+0.50%
HANG SENG	28154.97	-150.91
		-0.53%
SENSEX	32607.34	+100.62
		+0.31%
FTSE 100*	7526.54	+2.09
		+0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.065	2.025
CND. 30 Year Bond	2.396	2.371
U.S. 10 Year Bond	2.4189	2.3664
U.S. 30 Year Bond	2.9331	2.8841

Currencies

BOC Close	Today	Previous
Canadian $	0.78919	0.79071
US $	1.26712	1.26469

Euro Rate 1 Euro=		Inverse
Canadian $	1.49123	0.67059
US $	1.17686	0.84972

Commodities

Gold	Close	Previous
London Gold Fix	1276.45	1274.90

Oil
WTI Crude Future	52.29	51.72

Market Commentary:
On this day in 2007, Facebook sells a 1.6% stake to Microsoft for $240 million.
Number of the Day
16
The number of consecutive days the Nikkei Stock Average has risen, extending a record set Monday.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks came within a point of their all-time closing high before moderating their gains, with energy stocks moving into the red.
The S&P/TSX Composite Index rose 49 points or 0.3 percent to close at 15,905.14. The benchmark rose as much as 0.4 percent earlier in the trading day.
Industrials were the biggest gainers, adding 1 percent as Finning International Inc. rose 3.3 percent and Ritchie Bros. Auctioneers added 2.6 percent. Both stocks benefited from Caterpillar Inc.’s blowout quarter.
Energy stocks fell 0.3 percent even as the price of crude gained 1.1 percent. Secure Energy Services Inc. lost 3 percent and Encana Corp. fell 2.9 percent.
In other moves:
Stocks
* Nevsun Resources Ltd. tumbled 7.8 percent ahead of earnings scheduled for Oct. 26 and a technical study on its Timok project in Serbia
* Martinrea International Inc. rose 6.1 percent to the highest in two years. Cormark Securities upgraded the stock to top pick
* West Fraser Timber Co. Ltd. gained 4.6 percent to a record high after third-quarter earnings beat the highest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $12.85 discount to WTI, the widest gap since early September
* Aeco natural gas traded at a $2.17 discount to Henry Hub
* Gold fell 0.2 percent to $1,275.00 an ounce, the lowest in more than two weeks
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2678 per U.S. dollar, the lowest since mid-August
* The Canada 10-year government bond yield rose four basis points to 2.06 percent, the biggest gain in six weeks
US
By Adam Haigh
(Bloomberg) — Equities in Asia look set to follow gains in the U.S. on optimism in the world economy and encouraging earnings reports that buoyed the dollar and lifted government bond yields.
Profit at Caterpillar Inc., long seen as a bellwether for global growth, reinforced the view that the international economic expansion is the most synchronized since the start of the decade. Alongside solid manufacturing readings from Europe, Japan and the U.S., that pushed 10-year Treasury yields to 2.42 percent and lifted the greenback to the highest level since July.
More indications of broadening global growth are coming as the Federal Reserve and other central banks start to pull back on emergency monetary stimulus. The European Central Bank is expected to announce a reduction in the size of its monthly stimulus spend at its policy meeting Thursday, the biggest scheduled event for markets this week.
In the U.S., an intensifying war of words between President Donald Trump and Republican U.S. Senator Bob Corker of Tennessee has muddied the prospects for tax reform. In a speech highly critical of Trump, Arizona Republican Jeff Flake announced he wouldn’t seek re-election to his Senate seat, raising further uncertainty about the overhaul’s fate.
These are some of the key events coming up:
* Australia updates on third-quarter inflation on Wednesday, a key reading for the monetary policy outlook. South Korea reports on GDP and Hong Kong on imports and exports, while Japan reports on CPI later in the week.
* The U.S. economy probably expanded at about a 2.5 percent annualized pace in the third quarter, restrained in part by the effects of two hurricanes, economists forecast the government to report on Friday.
* Companies reporting earnings this week include Alphabet Inc., Microsoft Corp. and Twitter Inc. in the technology sector. Ford Motor Co., Volkswagen AG and Boeing Co. headline cars and planes. Coca-Cola Co. and brewer Heineken NV join European banks including UBS Group AG, Deutsche Bank AG and Barclays Plc.
* The week also boasts rate decisions from the Bank of Canada, Norges Bank and Riksbank.
And here are the main moves in markets:
Stocks
* Futures on the S&P 500 Index were little changed as of 7 a.m. in Tokyo. The gauge climbed 0.2 percent on Tuesday, when the Dow Jones Industrial Average jumped 0.7 percent to a record high.
* Futures on Japan’s Nikkei 225 Stock Average added 0.5 percent in Singapore. The underlying index is up for the past 16 days.
* Contracts on Australia’s S&P/ASX 200 Index rose 0.3 percent and Hang Seng Index futures gained 0.5 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3 percent to the highest in almost 15 weeks on Tuesday.
* The yen traded at 113.92 per dollar.
* The euro traded at $1.1765 after increasing 0.1 percent Tuesday.
* The kiwi bought 69.05 U.S. cents.
Bonds
* The yield on 10-year Treasuries climbed five basis points to 2.42 percent on Tuesday, the highest in about seven months.
* Australia’s 10-year yield gained 4 basis points to 2.81 percent.
Commodities
* Gold was at $1,276.74 an ounce. It fell 0.4 percent in the previous session.
* West Texas Intermediate crude was little changed at $52.51 a barrel following an advance of 1.1 percent.

Have a wonderful evening everyone.

Be magnificent!

Nations cohere because there is mutual regard among
individuals composing therm.
Some day we must extend the national law
to the universe,
even as we have extended the family law
to form nations – a larger family.
Mahatma Gandhi

A ever,

Carolann

Peace is when time doesn’t matter as it passes by.
-Maria Schell, 1926-2005

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

October 23, 2017

October 23, 2017 Newsletter

Dear Friends,
Tangents: Happy Monday!

On this day in 2001, Apple releases the iPod.
1956: Hungarian Revolution.
1989: Hungarian Independence.
1993 – Toronto Blue Jays win second World Series on Joe Carter’s three-run homer in the bottom of the 9th.

POINTS OF PROGRESS:

THE NETHERLANDS
The Dutch are now the world’s No. 2 exporter of food – and they are doing it sustainably. The tiny low-lying nation is second only to the United States, which has 270 times the landmass, in food exports by value (US agricultural exports are valued at $149 billion). Using science and technology to push the boundaries of agriculture, the nation has also cut the use of water by 90 % and that of antibiotics by 60 %; it’s also almost entirely eradicated the use of pesticides. –National Geographic, World Economic Forum, Worldatlas.

ZIMBABWE
The landlocked country’s rhino population has more than doubled. In the 1990’s, the rhino population in Zimbabwe dropped to a little more than 300, but now, thanks largely to the work of pioneering conservationist Clive Stockil, it is home to 700 rhinos. Mr. Stockil, chairman of the Lowveld Rhino Trust and a driving force behind the Save Valley Conservancy, one of the largest private game reserves in Africa, has helped to combat the two biggest threats to rhinos – habitat loss and poaching. –Chicago Tonight.
PHOTOS OF THE DAY

Perseid meteors named as ‘Orinoid’ streak across the sky over Kula town on Manisa, Turkey.

A cheetah climbs an Acacia Tree during sunrise in Masai Mara, Kenya.

Australian artist Irene Barberis (left) with her design The Tapestry of Light: Intersections of Illumination, at Canterbury Cathedral in Kent.
Market Closes for October 23^rd, 2017

Market Index	Close	Change
Dow Jones	23273.96	-54.67 -0.23%

S&P 500	2564.98	-10.23 -0.40%

NASDAQ	6586.828	-42.225 -0.64%

TSX	15855.76	-1.46
		-0.01%

International Markets

Market Index	Close	Change
NIKKEI	21696.65	+239.01
		+1.11%
HANG SENG	28305.88	-181.36
		-0.64%
SENSEX	32506.72	+116.76
		+0.36%
FTSE 100*	7524.45	+1.22
		+0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.025	2.029
CND. 30 Year Bond	2.371	2.373
U.S. 10 Year Bond	2.3664	2.3845
U.S. 30 Year Bond	2.8841	2.8969

Currencies

BOC Close	Today	Previous
Canadian $	0.79071	0.79194
US $	1.26469	1.26272

Euro Rate 1 Euro=		Inverse
Canadian $	1.48584	0.67302
US $	1.17486	0.85116

Commodities

Gold	Close	Previous
London Gold Fix	1274.90	1281.20

Oil
WTI Crude Future	51.72	51.47

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks were little changed after giving up earlier gains, as declines in energy shares offset increases in most other sectors.
The S&P/TSX Composite Index closed down 1 point or less than 0.1 percent to 15,855.76 after earlier rising as much as 0.3 percent. The energy sector was the biggest decliner, losing 0.6 percent as gains in the price of crude moderated throughout the day. Baytex Energy Corp. fell 4.4 percent.
Consumer staples added 0.7 percent, led by a 1.5 percent gain in shares of Alimentation Couche-Tard Inc. Technology rose 0.6 percent and telecom stocks gained 0.3 percent.
In other moves:
Stocks
* Eldorado Gold Corp. tumbled 28 percent, the most ever, to its lowest level since 2003. The company cut its 2017 production forecast for its flagship mine in for the second time this year
* Canfor Corp. rose 6.3 percent after third-quarter earnings beat the highest analyst estimate
* Hudson’s Bay Co. fell 1.8 percent. Executive Chairman Richard Baker is assuming the CEO role again, while activist investor Jonathan Litt said he plans to call a special shareholder meeting
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI, 50 cents higher than Friday’s close
* Aeco natural gas traded at a $2.54 discount to Henry Hub
* Gold was little changed at $1,277.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2651 per U.S. dollar, the lowest in more than two months
* The Canada 10-year government bond yield was little changed at 2.03 percent
US
By Samuel Potter and Sarah Ponczek
(Bloomberg) — U.S. stock indexes saw their first declines in more than a week as investors prepared for a big week of earnings reports and monitored the progress of tax legislation.
“Earnings will be center stage, and then tax reform,” Ernie Cecilia, the chief investment officer at Bryn Mawr Trust Co. in Pennsylvania, said by phone. “Those are the two, whatever order you want to put them in.”
The S&P 500 Index and Dow Jones Industrial Average both fell Monday, pulled down by technology and industrial stocks. Europe’s bonds were broadly stronger as Treasuries steadied. West Texas crude approached $52 a barrel after OPEC reported record compliance with pledged production cuts. The dollar advanced to a 14-week high.
There’s no shortage of other potential catalysts out there for investors this week, from the reaction to the election in Japan to the boiling Catalonia crisis and very different moves toward autonomy in parts of Italy. Central banks also loom large, with a pivotal European Central Bank meeting due and the possible unveiling of President Donald Trump’s pick for Federal Reserve chair. The U.S. president said Monday that he’s “very, very close” to announcing his nominee.
The euro weakened as Catalan separatists planned their response to Spain Prime Minister Mariano Rajoy’s moves to stamp his authority on the region. European stocks got support from the common currency’s slip, while Spanish shares underperformed. The pound advanced as U.K. Prime Minister Theresa May told Parliament that progress had been made in Brexit talks. In Japan, Shinzo Abe’s election victory sent the Nikkei to the longest winning streak on record.
These are some of the key events coming up:
* The U.S. economy probably expanded at about a 2.5 percent annualized pace in the third quarter, restrained in part by the effects of two hurricanes, economists forecast the government to report on Friday.
* Among other U.S. data this week, orders for big-ticket durable goods probably increased in a sign of firmer manufacturing growth.
* Australia updates on third-quarter inflation on Wednesday, while South Korea reports on GDP and Hong Kong on imports and exports. Japan reports on CPI later in the week.
* The European Central Bank holds a policy meeting on Thursday at which it’s expected to announce its stimulus plan for 2018.
* Brazil, Argentina, Russia and Canada also announce rate decisions in the coming days.
* Companies reporting earnings this week include Alphabet Inc., Microsoft Corp. and Twitter Inc. in the technology sector. Ford Motor Co., Volkswagen AG and Boeing Co. headline cars and planes. Fast food giant McDonald’s Corp., Coca-Cola Co. and brewer Heineken NV join European banks including UBS Group AG, Deutsche Bank AG and Barclays Plc.

And here are the main moves in markets:
Stocks
* S&P 500 Index fell 0.4 percent Monday, the biggest decrease in almost seven weeks; the Dow declined 0.23 percent.
* The Nasdaq Composite Index dropped 0.67 percent.
* The Stoxx Europe 600 Index gained about 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.1 percent to its highest in more than 14 weeks.
* The euro fell 0.3 percent to $1.1748, the weakest in two weeks.
* The pound rose 0.1 percent to $1.3198.
Bonds
* The yield on 10-year Treasuries declined one basis point to 2.37 percent.
* Germany’s 10-year yield dropped two basis points to 0.43 percent.
* Britain’s 10-year yield fell two basis points to 1.312 percent.
Commodities
* Gold climbed 0.1 percent to $1,281.94 an ounce.
* West Texas Intermediate crude increased 0.1 percent to $51.91 a barrel.
Asia
* Japan’s Topix index climbed 0.8 percent, cementing a rally to the highest since mid 2007. The Nikkei jumped to once again hit the highest since 1996.
* MSCI’s Asia Pacific Index added 0.1 percent. South Korea’s Kospi index was little changed. Hong Kong’s Hang Seng fell 0.6 percent. Australia’s S&P/ASX 200 lost 0.2 percent.

Have a splendid evening.

Be magnificent!

Give with faith and never without faith.
Give with dignity. Give with humility. Give with joy.
And give with understanding of the effects of your gift.
Taittiriya Upanishad

As ever,

Carolann

When your work speaks for itself, don’t interrupt.
–Henry J. Kaiser, 1882-1967

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

October 23, 2017

October 20, 2017 Newsletter

Dear Friends,

Tangents:
October 20, 1671 – New France Intendant Jean Talon orders bachelors to marry Filles du Roy or lose hunting and trading rights.

On this day in 1803, the U.S. Senate ratified the Louisiana Purchase.
PHOTOS OF THE DAY

A woman walks down the stairs in Berlin.

A boy walks at a shopping mall in Tokyo, Japan.

Cast perform during a performance of TORUK – The First Flight by Cirque du Soleil at Qudos Bank Arena in Sydney, Australia.

Fountains decorated on Place de la Concorde in Paris, France as part of Fiac 2017 (International Contemporary Art Fair).

St. Patrick’s Cathedral choristers in St. Patrick’s Cathedral for the launch of the Jonathan Swift Festival, marking the 350^th birthday of Ireland’s literary giant.
Market Closes for October 20^th, 2017

Market Index	Close	Change
Dow Jones	23328.63	+165.59 +0.71%

S&P 500	2575.21	+13.11 +0.51%

NASDAQ	6629.055	+23.988 +0.36%

TSX	15857.22	+39.21
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	21457.64	+9.12
		+0.04%
HANG SENG	28487.24	+328.15
		+1.17%
SENSEX	32389.96	-194.39
		-0.60%
FTSE 100*	7523.23	+0.19
		—

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.029	2.015
CND. 30 Year Bond	2.373	2.352
U.S. 10 Year Bond	2.3845	2.3160
U.S. 30 Year Bond	2.8969	2.8373

Currencies

BOC Close	Today	Previous
Canadian $	0.79194	0.80085
US $	1.26272	1.24868

Euro Rate 1 Euro=		Inverse
Canadian $	1.48751	0.67226
US $	1.17802	0.84888

Commodities

Gold	Close	Previous
London Gold Fix	1281.20	1286.40

Oil
WTI Crude Future	51.47	51.29

Market Commentary:
Number of the Day
2.8%
The decline in New Zealand’s currency against the U.S. dollar after the surprise emergence of a Labour-led coalition government there Thursday.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark gained as bank stocks hit a record high, while the loonie weakened to the lowest since August after inflation and retail sales data missed expectations.
The S&P/TSX Composite Index added 39 points or 0.3 percent to 15,857.22, less than 70 points away from its all-time closing high in February. Nine of 11 sectors rose, led by technology, up 1.2 percent. Shopify Inc. jumped 5.2 percent as investors regained confidence in the stock following a short-seller report earlier in the month.
An index of bank stocks hit a record as it gained for a sixth consecutive day. Canadian Western Bank rose 1.4 percent.
In other moves:
Stocks
* Canopy Growth Corp. jumped 8 percent following three days of declines. The Toronto Stock Exchange said Monday it may delist pot stocks that flout U.S. federal law
* DHX Media Ltd. gained 0.2 percent after earlier falling as much as 16 percent. A block of 6.2 million shares changed hands at mid-morning, about 10 times an average day’s volume
* New Gold Inc. added 3.4 percent after being upgraded to buy at Canaccord Genuity
Commodities
* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Aeco natural gas traded at a $1.79 discount to Henry Hub
* Gold fell 0.7 percent to $1,277.40 an ounce, the lowest in two weeks
FX/Bonds
* The Canadian dollar weakened 1 percent to C$1.2615 per U.S. dollar, the lowest since Aug. 30
* The Canada 10-year government bond yield added two basis points to 2.03 percent
US
By Brendan Walsh and Jenna M. Dagenhart
(Bloomberg) — The dollar climbed, Treasuries fell and U.S. stocks posted a sixth straight weekly gain on bets Donald Trump was closer to pulling off one of his biggest legislative priorities after the Senate approved a budget vehicle for tax cuts.
All three U.S. equity benchmarks hit records. The dollar reached a three-month high and 10-year Treasury yields approached 2.4 percent amid speculation Trump was moving closer to selecting the next Federal Reserve chief.
“A lot of the story line we have been talking about this year is now playing out,” said Mike Wilson, Morgan Stanley’s chief U.S. equity strategist. “We’re going to have a good quarter of earnings again, we now are getting closer to the Fed chair certainty. We have the budget resolution, which is a big step in the direction of tax cuts.”
European shares erased some of Thursday’s losses on the back of rising metal prices and positive corporate earnings. The euro slipped as investors eyed political developments in Spain and negotiations over Britain’s departure from the European Union. The Canadian dollar tumbled after inflation and retail sales trailed estimates.
People familiar with the process of selecting the next Fed chief said Trump’s advisers are steering him toward either Jerome Powell, a member of the Fed Board of Governors, or Stanford economist John Taylor. Trump’s goal of rewriting tax laws took a major step forward as the Senate narrowly approved a budget vehicle that could pave the way for a bill.
Meanwhile, sales of previously owned U.S. homes increased unexpectedly in September, showing demand is stabilizing in the aftermath of hurricanes Harvey and Irma.
These are some key upcoming events:
* Fed Chair Janet Yellen speaks on Saturday.
* The big highlight of the weekend at China’s Communist Party Congress will be a discussion on reforms for state-owned Chinese companies.
* Japan goes to the polls on Sunday with a win tipped for Prime Minister Shinzo Abe. Read more here.
Here are the main moves in markets:
Stocks
* The S&P 500 Index added 0.5 percent at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.3 percent.
* Japan’s Nikkei 225 Stock Average gained less than 0.05 percent to the highest in about 21 years.
* The MSCI Emerging Market Index increased 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.6 percent.
* The euro fell 0.7 percent to $1.1774.
* The British pound increased 0.2 percent to $1.3185.
* The Japanese yen decreased 0.9 percent to 113.52 per dollar, the weakest in 14 weeks.
Bonds
* The yield on 10-year Treasuries rose six basis points to 2.38 percent, a three-month high.
* Germany’s 10-year yield climbed five basis points to 0.45 percent.
* Britain’s 10-year yield added five basis points to 1.33 percent.
Commodities
* West Texas Intermediate crude rose 0.4 percent to $51.47 a barrel.
* Gold dipped 0.7 percent to $1,281.52 an ounce.

Have a wonderful evening everyone.

Be magnificent!

Duties to self, to the family, to the country,
and the world are not independent of one another.
One cannot do good to the country
by injuring himself or his family.
Similarly one cannot serve the country
by injuring the world at large.
Mahatma Gandhi

As ever,

Carolann

Never regret. If it’s good, it’s wonderful. If it’s bad, it’s experience.
-Victoria Holt, 1906-1993

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

October 19, 2017

October 19, 2017 Newsletter

Dear Friends,

Tangents:

Hide in the woods instead, and dream
As the beeches turn to their autumn brown
And acorns plop in the swollen stream;
Sit on a rotting log; scrawl down
Rubbish of verses fit for fire,
Gardener, poet, on single pyre,
Liberal, losel, catching the last
Chance of the mothlike summer past, –
Winter’s ahead, and our days are few.
-V. Sackville-West

PHOTOS OF THE DAY

Andrew Clark plays basketball in the atrium of the Woodward’s building on a mural places on the ground to mark World Sight Day, in Vancouver, British Columbia.
CREDIT: DARRYL DYCK/THE CANADIAN PRESS VIA AP

Thousands of geese fill the sky as they fly off to find food in nearby fields. Around 150,000 snow geese spend a few weeks at the Beaudette reservoir, in Victoriaville, Quebec, Canada, to rest before continuing with their migration to the Atlantic coast of the United States of America. The birds spend the night on the surface of the reservoir, which covers an area of 1.52km squared, where they are sheltered and safe from predators.

Participants ride their horses as they perform the Moroccan javelin sport “tebburide”, which is a centuries-old tradition, during the 10^th Al Jadida Horse Festival in the city of Al Jadida in Morocco. Tebburide, which takes its name from the gunpowder used at the end of the sport, was part of the celebrations after victories against the Spanish in the 15^th Century.
Market Closes for October 19^th, 2017

Market Index	Close	Change
Dow Jones	23163.04	+5.44 +0.02%

S&P 500	2562.10	+0.84 +0.03%

NASDAQ	6605.066	-19.154 -0.29%

TSX	15818.00	+35.84
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	21448.52	+85.47
		+0.40%
HANG SENG	28159.09	-552.67
		-1.92%
SENSEX	32389.96	-194.39
		-0.60%
FTSE 100*	7523.04	-19.83
		-0.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.015	2.034
CND. 30 Year Bond	2.352	2.370
U.S. 10 Year Bond	2.3160	2.3411
U.S. 30 Year Bond	2.8373	2.8491

Currencies

BOC Close	Today	Previous
Canadian $	0.80085	0.80213
US $	1.24868	1.24668

Euro Rate 1 Euro=		Inverse
Canadian $	1.47999	0.67568
US $	1.18524	0.84371

Commodities

Gold	Close	Previous
London Gold Fix	1286.40	1280.20

Oil
WTI Crude Future	51.29	52.04

Market Commentary:
On Oct. 19, 1987, the stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value – its second biggest percentage drop.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks resumed their advance, as a rally in industrial and financial shares pushed the benchmark index to within 0.7 percent of this year’s high in February.
The S&P/TSX Composite Index added 36 points or 0.2 percent to 15,818.00, after erasing an earlier 0.2 percent decline amid a short-lived flight to safety. Industrial stocks were the best performers as Canadian National Railway Co. rose 1.6 percent one day after competitor Canadian Pacific Railway Ltd. jumped 5.1 percent on a boost to its profit forecast.
Financials gained 0.5 percent as government bond yields backtracked an earlier slump. Royal Bank of Canada rose 0.8 percent.
In other moves:
Stocks
* AltaGas Ltd. gained 4.5 percent after reporting third-quarter earnings that beat the highest analyst estimate
* Cenovus Energy Inc. added 2.4 percent. The company is selling its Palliser oil and gas assets in Alberta for C$1.3 billion
* Ero Copper Corp. was unchanged while Titan Mining Corp. fell 5 percent in their trading debuts. Ero’s initial public offering was the largest by a Canadian mining firm in two years
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI, 10 cents narrower than Wednesday after TransCanada Corp. said its Keystone pipeline resumed normal operations
* Aeco natural gas traded at a $1.83 discount to Henry Hub, 30 percent narrower than Wednesday
* Gold rose 0.6 percent to $1,286.90 an ounce, the first gain this week
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2477 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.02 percent after earlier tumbling as much as six basis points
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks eked out a gain to finish at a fresh all-time high as gains in defensive shares offset declines sparked by Apple Inc. Treasuries rose and the dollar extended losses after a report from Politico that President Donald Trump is leaning toward Jerome Powell as the next Fed chairman.
The S&P 500 wiped out a slide of 0.5 percent to close higher for a fifth straight day. The Nasdaq Composite Index fell the most in three weeks with Apple pacing declines after a report that the iPhone maker was dialing back orders. The Cboe Volatility Index held above 10, but trimmed a jump of more than 15 percent. Ten-year Treasury yields fell to 2.31 percent and gold approached $1,290 per ounce.
American traders awoke to find the S&P 500 headed for its biggest drop since August as a host of negative headlines snapped a risk-on sentiment that had dominated in recent days. Investors sought the safest assets, from the Swiss franc to gold, amid concern over politics in New Zealand and Spain, a sharp drop in Hong Kong shares and the bad news from Apple. That sentiment faded as the U.S. day wore on, amid the prospect for higher corporate earnings and data showing firmness in the American labor market.
Here are the main moves in markets:
Stocks
* The S&P 500 Index rose less than 0.1 percent at the close in New York.
* United Continental Holdings Inc. fell the most in eight years after the airline’s profit outlook disappointed investors.
* EBay Inc. fell the most in two months after giving a lackluster profit forecast for the holiday quarter.
* The Stoxx Europe 600 Index dropped 0.6 percent.
* The MSCI Asia Pacific Index dipped 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index lost 0.2 percent.
* The euro climbed 0.4 percent to $1.1833, the strongest in more than a week.
* The British pound slipped 0.4 percent to $1.3156.
* The Japanese yen rose 0.3 percent to 112.56 per dollar.
Bonds
* The yield on 10-year Treasuries decreased three basis points to 2.31 percent.
* Germany’s 10-year yield was little changed at 0.39 percent.
* Britain’s 10-year yield decreased four basis points to 1.28 percent.
Commodities
* West Texas Intermediate crude fell 1.3 percent to $51.36 a barrel.
* Gold increased 0.4 percent to $1,286.32 an ounce.
* Copper declined 0.3 percent to $3.1675 a pound.

Have a wonderful evening everyone.

Be magnificent!

I cannot imagine anything nobler or more national than that for, say, one hour in a day,
we should all do the labor that the poor must do,
and thus identify ourselves with them and through them with all mankind.
Mahatma Gandhi

As ever,

Carolann

A man’s homeland is wherever he prospers.
-Aristophanes, c. 450 BC- c. 388 BC

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

October 19, 2017

October 18, 2017 Newsletter

Dear Friends,

Tangents:
On Oct. 18, 1968, the United States Olympic Committee suspended two black athletes, Tommie Smith and John Carlos, for giving a “black power” salute as a protest during a victory ceremony in Mexico City.
Go to article »

POINTS OF PROGRESS:

SCOTLAND
A type of butterfly not seen in Scotland for 133 years has been sighted. The white-letter hairstreak was spotted munching on ragwort “in the grassy edge of an arable field,” according to Iain Cowe of Britain’s Butterfly Conservation, who snapped a photo of it. While Mr. Cowe said the butterfly looked “ragged and worn,” the first sighting since 1884 has sparked hopes that a breeding colony has been established in the area. The white-letter hairstreak is prevalent in England and Wales but the population has declined by 72 % over the past decade. –BBC, SMITHSONIAN.
THE BALKANS
The Accursed Mountains continue to open up to outsiders. The Balkan mountain range, straddling the borders of Albania, Montenegro, and Kosovo, was largely closed to travelers for the past 70 years because of dictatorships and ongoing conflicts often fueled by the fractious relationships among Muslim, Christian and Orthodox communities in the region. But since 2012, when a German government agency opened a 120-mile circular hiking trail through the pristine region, hikers have been drawn in larger numbers. It is now seen as a symbol of peace. –FINANCIAL TIMES.
BOLIVIA
The Latin American nation’s infant mortality rate has plummeted. Between 2008 and 2016, the number of deaths of children under 1 year old has dropped 52 %, from 50 deaths per thousand to 24. The government said the fall corresponded with a 71.8 % increase in women who were attended by health-care personnel during childbirth. The government says women have benefited from a raft of other initiatives, including a program called “My Health,” launched in 2013, that provides free health are to residents in the poorest communities. -TELESUR
PHOTOS OF THE DAY

The Milky Way is pictured from the top of Schonguetsch mountain (2319m) above Lake Brienz, in the Bernase Oberland, Switzerland.

Autumn coloured vineyards around the castle of Hambach in Hambach near Neustadt an der Weinstrasse, Germany.

Jim Zentveld from Amsterdam tries out Destination U Prototype, a facial coding pod developed by Realeyes to celebrate Thomson rebranding as TUI, in London. The prototype is the first of its kind, using facial coding and emotional measurement technology to guide holidaymakers when selecting a travel destination.

Japanese Shinto priests attend a ritual during an autumn festival at Yasukuni Shrine in Tokyo, Japan.
Market Closes for October 18^th, 2017

Market Index	Close	Change
Dow Jones	23157.60	+160.16 +0.70%

S&P 500	2561.26	+1.90 +0.07%

NASDAQ	6624.219	+0.562 +0.01%

TSX	15782.16	-34.74
		-0.22%

International Markets

Market Index	Close	Change
NIKKEI	21363.05	+26.93
		+0.13%
HANG SENG	28711.76	+14.27
		+0.05%
SENSEX	32584.35	-24.81
		-0.08%
FTSE 100*	7542.87	+26.70
		+0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.034	2.014
CND. 30 Year Bond	2.370	2.358
U.S. 10 Year Bond	2.3411	2.2998
U.S. 30 Year Bond	2.8491	2.8035

Currencies

BOC Close	Today	Previous
Canadian $	0.80213	0.79853
US $	1.24668	1.25230

Euro Rate 1 Euro=		Inverse
Canadian $	1.46965	0.68044
US $	1.17885	0.84829

Commodities

Gold	Close	Previous
London Gold Fix	1280.20	1284.75

Oil
WTI Crude Future	52.04	51.88

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed lower as energy stocks tumbled, pressured by a widening discount for crude and a general selloff in the space.
The S&P/TSX Composite Index lost 35 points or 0.2 percent to 15,782.16, the lowest in four trading days. The energy sector fell 1.2 percent as data firm Genscape said flow on TransCanada Corp.’s Keystone pipeline was “essentially shut.” Precision Drilling Corp. fell 4 percent and Paramount Resources Ltd. lost 3.9 percent.
The decline in energy shares offset a 1.1 percent gain in industrials. Canadian Pacific Railway Ltd. jumped 5.1 percent to the highest since May 2015 after raising its full-year profit forecast.
In other moves:
Stocks
* Magna International Inc. rose 2.5 percent. The stock received a double upgrade to buy from underperform at Bank of America Merrill Lynch, while Nafta talks were extended to 2018
* Corus Entertainment Inc. fell 2.4 percent after fourth-quarter revenue missed the lowest analyst estimate
* Encana Corp. added 2.8 percent. The energy producer expects to increase cash flow about 25 percent a year through 2022
Commodities
* Western Canada Select crude oil traded at a $12.10 discount to WTI, the biggest gap in a month, amid the drop in Keystone flow
* Aeco natural gas traded at a $2.63 discount to Henry Hub
* Gold fell 0.2 percent to $1,279.90 an ounce, the metal’s third consecutive decline
FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.2460 per U.S. dollar, the biggest gain in six weeks
* The Canada 10-year government bond yield rose two basis points to 2.03 percent, the first increase in eight trading days
US
By Brendan Walsh
(Bloomberg) — The Dow Jones Industrial Average posted its biggest gain in five weeks and the three major U.S. equity benchmarks closed at records as corporate earnings beat estimates.
Stocks were bolstered by IBM’s forecast for its first sales growth in five years, which sent its shares to their biggest advance since 2009, and better-than-expected results at Abbott Laboratories and Northern Trust Corp. A gauge of commodities declined as copper and gold slipped. Treasury yields increased after traders added to bets on steeper U.S. interest rates.
More than 80 percent of the 52 members of the S&P 500 Index that have already reported earnings for the most recent quarter beat analysts’ forecasts.
Fed funds futures indicate a roughly 80 percent chance that U.S. policy makers will raise rates at their December meeting, up from 72 percent Friday. President Donald Trump’s choice for the next Fed chair will be unveiled before he leaves Nov. 3 for an 11-day trip to Asia and Hawaii, a person familiar with the process said Tuesday. John Taylor was said to have impressed Trump in an interview, buoying gains in the greenback earlier this week given the assumption by many that he would favor tighter policy.
Elsewhere, The Stoxx Europe 600 Index rose on wagers the European Central Bank will remain accommodative even as it tapers asset purchases. Stocks in Shanghai gained after Chinese President Xi Jinping laid out a road map to turn the country into a leading global power by 2050. Investors are watching to see whether Xi will push through tough reforms as the world’s second-largest economy faces structural challenges over the next five years.
Here are some key events coming up this week:
* China releases data for GDP, industrial production and retail sales on Thursday.
* Markets in Malaysia, Singapore and Sri Lanka were closed on Wednesday for holidays.

Here are the main moves in markets:

Stocks
* The S&P 500 Index rose 0.1 percent at the close in New York.
* The Dow Jones Industrial Average added 0.7 percent
* The Stoxx Europe 600 Index climbed 0.3 percent.
* The U.K.’s FTSE 100 Index gained 0.4 percent.
* Germany’s DAX Index increased 0.4 percent to a record.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.2 percent to $1.1794.
* The British pound gained 0.1 percent to $1.3198.
* The Japanese yen sank 0.6 percent to 112.92 per dollar.
Bonds
* The yield on 10-year Treasuries increased four basis points to 2.34 percent, the highest in a week.
* Germany’s 10-year yield climbed three basis points to 0.39 percent.
* Britain’s 10-year yield jumped four basis points to 1.31 percent.
Commodities
* West Texas Intermediate rose 0.2 percent to $52 a barrel.
* Gold dipped 0.3 percent to $1,280.76 an ounce, a one-week low
* Copper fell for a second day, declining 0.6 percent to $3.175 a pound

Have a wonderful evening everyone.

Be magnificent!

Whenever I see an erring man, I say to myself I have also erred;
when I see a lustful man I say to myself, so was I once;
and in this way I feel kinship with everyone in the world
and feel that I cannot be happy without the humblest of us being happy.
Mahatma Gandhi

As ever,

Carolann

Rank does not confer privilege or give power. It imposes responsibility.
-Peter Drucker, 1909-2005

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

October 17, 2017

October 17, 2017 Newsletter

Dear Friends,

Tangents:
On Oct. 17, 1931, mobster Al Capone was convicted of income tax evasion and sentenced to 11 years in prison. He was released in 1939.
Go to article »
Also on this day, in 1919, the Radio Corporation of America is founded.
October 17,1989: San Francisco earthquake.

Check out the SkySafari 5 app to learn more about what you’re seeing in the sky. In addition to showing you what the sky looked like 10,000 years ago or what it may look like in the future, the app features photos from NASA missions and will help you figure out which planet or star you’re gazing at. It’s $2.99 for iOS and Android.
PHOTOS OF THE DAY

The sun rises over the Notre-Dame de Strasbourg cathedral in eastern France.

The sky over central London is turned orange as the remains of Hurricane Ophelia whips up dust from the Sahara desert. 80 mph winds and storm conditions have hit Ireland already today.

A thrill seeking woman gets a soaking as she stands in front of a splashing wave which hit the promenade at the Penzance in Cornwall, UK, which was whipped up by gale force winds from ex hurricane Ophelia.

A pumpkin of 432 kg (952 pounds) in weight grown by psychologist Alexander Chusov from Elektrogorsk, Moscow Region, at a Russian Record Book ceremony gets the award as the largest pumpkin in Russia.
Market Closes for October 17^th, 2017

Market Index	Close	Change
Dow Jones	22997.44	+40.48 +0.18%

S&P 500	2559.36	+1.72 +0.07%

NASDAQ	6623.656	-0.349 -0.01%

TSX	15816.90	+14.20
		+0.09%

International Markets

Market Index	Close	Change
NIKKEI	21336.12	+80.56
		+0.38%
HANG SENG	28697.49	+4.69
		+0.02%
SENSEX	32609.16	-24.48
		-0.08%
FTSE 100*	7516.17	-10.80
		-0.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.014	2.028
CND. 30 Year Bond	2.358	2.382
U.S. 10 Year Bond	2.2998	2.2998
U.S. 30 Year Bond	2.8035	2.8184

Currencies

BOC Close	Today	Previous
Canadian $	0.79853	0.79896
US $	1.25230	1.25163

Euro Rate 1 Euro=		Inverse
Canadian $	1.47355	0.67864
US $	1.17667	0.84986

Commodities

Gold	Close	Previous
London Gold Fix	1284.75	1303.30

Oil
WTI Crude Future	51.88	51.87

Market Commentary:
Number of the Day
60%
The most recent survey of Wall Street newsletter writers by Investors Intelligence suggested that more than 60% of them are bullish, up from 47% early last month.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks edged closer to an all-time high as an aerospace deal sent Bombardier Inc. shares soaring and the telecom sector rose ahead of earnings.
The S&P/TSX Composite Index added 14 points or 0.1 percent to 15,816.90, the highest close since February. Telecom shares led the way, gaining 0.7 percent. Rogers Communications Inc. will report third-quarter results later this week.
The industrial sector gained 0.3 percent as Bombardier jumped 16 percent, the biggest gain in 19 months. Airbus SE is taking a majority stake in the company’s C Series jetliner program, a move that analysts said will boost sales and cut production costs.
In other moves:

Stocks
* Home Capital Group Inc. fell 1.5 percent and Equitable Group Inc. lost 1.9 percent after Canada’s banking regulator toughened its mortgage qualifying rules
* Aphria Inc. tumbled 13 percent and Canopy Growth Corp. lost 4.7 percent. The Toronto Stock Exchange said Monday it may delist pot stocks that flout U.S. law
* Thomson Reuters Corp. added 1.7 percent after it was upgraded to outperform at Scotiabank
Commodities
* Western Canada Select crude oil traded at a $10.55 discount to WTI, the smallest gap since August
* Aeco natural gas traded at a $2.69 discount to Henry Hub
* Gold fell 1.3 percent to $1,283.00 an ounce, the biggest drop in almost four weeks
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2526 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.02 percent, the lowest in more than a month
US
By Brendan Walsh
(Bloomberg) — The dollar strengthened to a one-week high on speculation the next Federal Reserve chairman will be more hawkish as the Dow Jones Industrial Average briefly topped the 23,000 level for the first time.
The blue-chip equity gauge, which closed just shy of the big round number, was lifted by earnings that beat estimates at UnitedHealth Group Inc. and Johnson & Johnson. The S&P 600 also edged higher. Gold and copper declined, sending a measure of commodities to the biggest drop in a week.
John Taylor, who is known for a policy rule that would suggest higher interest rates were he to replace Janet Yellen, was said to have impressed President Donald Trump in an interview last week. That prompted investors to lift bets on a rate increase in December, and sent the dollar up versus all the Group of 10 currencies. A host of Fed speakers and the publication of the Beige Book this week may provide further clues about the U.S. policy path.
U.S. homebuilders’ confidence rebounded to a five-month high, indicating concern over fallout from major hurricanes has been alleviated. U.S. factory production rose last month for the first time since June.
The pound weakened after Governor Mark Carney said the Bank of England is making contingency plans for a “hard” exit from the European Union. The euro slumped after Spain cut its growth forecast for 2018 to 2.3 percent from 2.6 percent, acknowledging the impact of an escalating political crisis in Catalonia, a region that accounts for a fifth of the country’s output. The Spanish state is turning up the pressure on separatist leaders to drop their push for independence.
Here are some key events coming up this week:
* Among Fed speakers lined up this week are Philadelphia Fed President Pat Harker on Tuesday, and New York Fed President Bill Dudley and Dallas Fed President Robert Kaplan on Wednesday.
* China releases data for GDP, industrial production and retail sales on Thursday.

Here are the main moves in markets:
Stocks
* The S&P 500 rose 0.1 percent at the close in New York.
* The Dow Jones Industrial Average rose 0.2 percent to 22,997.44.
* The Stoxx Europe 600 closed 0.3 percent lower.
* The MSCI Emerging Market Index sank 0.4 percent, the first retreat in more than a week.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent
* The euro dipped 0.3 percent to $1.1767.
* The British pound declined 0.5 percent to $1.3185.
* The Japanese yen was little changed at 112.22 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.3 percent.
* Britain’s 10-year yield fell six basis points to 1.27 percent.
* Spain’s 10-year yield fell two basis points to 1.53 percent.
Commodities
* West Texas Intermediate rose 0.2 percent to $52 a barrel
* Gold declined 0.8 percent to $1,285.97 an ounce.
* Copper sank 1.2 percent to $3.2015 a pound, the first retreat in more than a week.

Have a wonderful evening everyone.

Be magnificent!

Where we suffer we have made it into a personal affair.
We shut out all the suffering of mankind.
Krishnamurti

As ever,

Carolann

Nothing is a waste of time if you use the experience wisely.
-Auguste Rodin, 1840-1917

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

October 16, 2017

October 16, 2017 Newsletter

Dear Friends,

Tangents: HAPPY MONDAY!
On this day in 1793, Marie Antoinette is beheaded during the French Revolution.
Hong Kong, Oct. 16–Communist China announced tonight that it had exploded its first atom bomb. Peking pledged that it would never be the first to use nuclear weapons in the future.
go to article >>

BIRTHDAYS:
1854, Oscar Wilde
1946, Suzanne Somers

PRIME NUMBERS:
90
Days it took to build Berlin’s Tegel airport in 1948. Berliners voted Sept. 24 to keep it open, since the new airport – which took 15 years of planning before construction began in 2006 – still has no completion date.

40
Rockets fired by the Afghan Taliban in an attempt to hit US Defense Secretary James Mattis’s plane, hours after he’d left Kabul during an unannounced visit Sept. 27. No one was hurt.

7
Countries named in Donald Trump’s new travel ban, issued Sept. 24. Nearly all citizens from Iran, Libya, Syria, Yemen, Somalia, Chad, and North Korea are banned. Those from Iraq and Venezuela face restrictions.

1.1
MILLION
Asylum-seekers who fled to Europe in 2015 and 2016 and are still waiting to hear the status of their applications.

5.8
TRILLION
Tax revenue (in dollars) analysts say a Republican tax reform plan could cost over 10 years. The GOP says it will recoup $3.6 trillion of that by eliminating certain tax deductions.

Sources: The Washington Post, CNN, The New York Times, Newsweek, The Washington Post, Reuters.

Don’t talk, just act.
Don’t say, just show.
Don’t promise, just prove.
PHOTOS OF THE DAY

The National Choreographic Center of Creteil and the French Val-Marne presents the show ‘Pixel’, a dance that combines
the human body with digital images and music, during the 45^th International Cervantino Festival in Guanajuato, Mexico.
CREDIT: ULISES RUIZ BASURTO/EPA

Japanese maples and colourful acers highlight the magnificent array of autumn colours at Westonbirt Arboretum at Tetbury, Gloucestershire.
CREDIT: WENN

Visitors attend “Birgu by Candlelight”, an annual event during which most street lights are switched off and the city is lit up by candlelight to create a magical ambience, in the medieval city of Birgu, also known as Vittoriosa, Malta.

Flames rise behind Ledson Winery in Kenwood, near Santa Rosa, California. At least 40 people are confirmed dead with hundreds still missing. Officials expect the death toll to rise, and now estimate that 5,700 structures have been destroyed.
Market Closes for October 16^th, 2017

Market Index	Close	Change
Dow Jones	22956.96	+85.24 +0.37%

S&P 500	2557.64	+4.47 +0.18%

NASDAQ	6624.004	+18.203 +0.28%

TSX	15802.70	-4.47
		-0.03%

International Markets

Market Index	Close	Change
NIKKEI	21255.56	+100.38
		+0.47%
HANG SENG	28692.80	+216.37
		+0.76%
SENSEX	32633.64	+200.95
		+0.62%
FTSE 100*	7526.97	-8.47
		-0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.028	2.036
CND. 30 Year Bond	2.382	2.391
U.S. 10 Year Bond	2.2998	2.2730
U.S. 30 Year Bond	2.8184	2.8042

Currencies

BOC Close	Today	Previous
Canadian $	0.79896	0.80202
US $	1.25163	1.24685

Euro Rate 1 Euro=		Inverse
Canadian $	1.47643	0.67731
US $	1.17961	0.84774

Commodities

Gold	Close	Previous
London Gold Fix	1303.30	1299.60

Oil
WTI Crude Future	51.87	51.45

Market Commentary:
Number of the Day
$3.3 billion
The amount investors poured into emerging-market equity funds last week, the largest net inflow in 21 weeks.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks were less than 150 points shy of their closing record as gains in oil and copper drove a gauge of commodities to its highest level in six months.
The S&P/TSX Composite Index fell 4.5 points or less than 0.1 percent to 15,802.70 at the market close in Toronto. Information technology stocks were the biggest gainers, rising 0.6 percent.
The energy sector rose 0.2 percent as West Texas Intermediate prices rose above $52 a barrel amid supply disruptions due to tensions between Iraqi forces and Kurds.
In other moves:
Stocks
* Bombardier Inc. rose 2.6 percent. The company is exploring options for its aerospace assets including a sale of some operations, according to people familiar with the matter
* ShawCor Ltd. fell 3.7 percent after the stock was downgraded at Industrial Alliance Securities
* Magna International Inc. fell 2.8 percent. The stock was downgraded to sell at Goldman Sachs, which said it’s time for investors to trim their auto exposure
Commodities
* Western Canada Select crude oil traded at an $11.15 discount to WTI
* Aeco natural gas traded at a $2.67 discount to Henry Hub
* Gold fell 0.6 percent to $1,296.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2522 per U.S. dollar
* The Canada 10-year government bond yield fell about 1 basis point to 2.028 percent, the lowest in a month
US
By Sarah Ponczek
(Bloomberg) — The S&P 500 Index rose to a record as gains in oil and copper drove a gauge of commodities to a six-month high. Treasuries fell after Federal Reserve Chair Janet Yellen suggested gradual rate increases are warranted despite soft inflation.
The pound broke a five-day winning streak on speculation that Brexit talks could be headed for a breakdown. Spain’s IBEX 35 Index declined and the euro weakened amid the stand-off over independence for Catalonia. The dollar extended gains after people familiar with the matter said Stanford University economist John Taylor, a candidate to be the next Fed chairman, made a favorable impression on President Donald Trump after an interview.
WTI crude rose to a two-week high on concern tensions between Iraqi forces and Kurds will disrupt supplies, while copper surged to the highest since July 2014.
Yellen said on Sunday her “best guess” is consumer prices will soon accelerate after a period of surprising softness, a forecast echoed by European Central Bank President Mario Draghi and Bank of England Governor Mark Carney. A host of Fed speakers and the publication of the Beige Book this week may provide further clues about the U.S. policy path.
In Spain, investors are awaiting the next move in a crisis that has weighed on Spanish assets and may also roil the euro. Catalan President Carles Puigdemont defended his region’s claim to independence as the Spanish government signaled it will move ahead with the process of suspending self-rule this week. Puigdemont has until Thursday morning to back down, Deputy Prime Minister Soraya Saenz de Santamaria said.
Elsewhere, Mexico’s peso fell to a five-month low after President Donald Trump’s administration made aggressive demands during a fourth round of negotiations on the future of the North American Free Trade Agreement. Developing-nation stocks extended gains.
Here are some key events coming up this week:
* Among Fed speakers lined up this week are Philadelphia Fed President Pat Harker on Tuesday, and New York Fed President Bill Dudley and Dallas Fed President Robert Kaplan On Wednesday. The Fed’s Beige Book will also be published on Wednesday.
* U.S. economic data will include a couple of September housing reports. Beginning construction on new homes and sales of previously owned properties will probably show the negative effects of Hurricanes Harvey and Irma on demand and building.
* China releases data for GDP, industrial production and retail sales on Thursday.
* Earnings season gets into full swing with major U.S. financial firms including Morgan Stanley, Goldman Sachs Group Inc. and Blackstone Group LP. posting results. Netflix Inc. and General Electric Co. are also reporting.
* Bank of England Governor Mark Carney appears before the U.K. Parliament’s Treasury Committee for the first time since June’s election on Tuesday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent at the close in New York.
* The Stoxx Europe 600 Index closed little changed.
* Spain’s IBEX Index decreased 0.8 percent.
* The MSCI Emerging Market Index added 0.5 percent to the highest in six years.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent.
* The euro decreased 0.2 percent to $1.1792.
* The British pound slipped 0.3 percent to $1.3249, the first retreat in a week.
* The Japanese yen weakened 0.3 percent to 112.16 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 2.3 percent.
* Germany’s 10-year yield declined three basis points to 0.37 percent.
* Britain’s 10-year yield dipped three basis points to 1.33 percent.
* Spain’s 10-year yield decreased four basis points to 1.55 percent.
Commodities
* WTI crude rose 0.8 percent to $51.86 a barrel.
* Gold slipped 0.7 percent to $1,294.40 an ounce.
* Copper climbed 3.4 percent to $3.239 a pound, the highest in three years.

Have a wonderful evening everyone.

Be magnificent!

Nonviolence is the summit of bravery.
Mahatma Gandhi

As ever,

Carolann

I am not afraid of storms for I am learning how to sail my ship.
-Louisa May Alcott,1832-1888

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

October 16, 2017

October 13, 2017 Newsletter

Dear Friends,

Tangents:
On Oct. 13, 1943, Italy declared war on Germany, its one-time Axis partner.
Go to article »
1812 – British and Canadians Victorious at Queenston Heights; Gen Isaac Brock dies.
1925- Lenny Bruce was born.
1941- Paul Simon was born.

October
-Robert Frost
O hushed October morning mild,
Thy leaves have ripened to the fall;
Tomorrow’s wind, if it be wild,
Should waste them all.
The crows above the forest call;
Tomorrow they may form and go.
O hushed October morning mild,
Begin the hours of this day slow.
Make the day seem to us less brief.
Hearts not averse to being beguiled,
Beguile us in the way you know.
Release one leaf at break of day;
At noon release another leaf;
One from our trees, one far away.
Retard the sun with gentle mist;
Enchant the land with amethyst.
Slow, slow!
For the grapes’ sake, if they were all,
Whose leaves already are burnt with frost,
Whose clustered fruit must else be lost—
For the grapes’ sake along the wall.

PHOTOS OF THE DAY

A cheetah cub chases the gazelle fawn in Kenya’s Masai Mara National Reserve during The Great Migration.

A San Diego Cal Fire firefighter monitors a flare up on the head of a wildfire (the Southern LNU Complex), off High Road above the Sonoma Valley, in Sonoma, California.
A wind shift caused flames to move quickly up hill and threaten homes in the area. Three days after the fires began, firefighters were still unable to gain control of the blazes that had turned entire Northern California neighborhoods to ash and destroyed thousands of homes and business.

Sophia, a life-like humanoid robot, is pictured at the UN headquarters in New York.
Sophia was here attending a meeting on “The Future of Everything – Sustainable Development in the Age of Rapid Technological Change”.
Market Closes for October 13^th, 2017

Market Index	Close	Change
Dow Jones	22871.72	+30.71 +0.13%

S&P 500	2553.17	+2.24 +0.09%

NASDAQ	6605.801	+14.291 +0.22%

TSX	15807.17	+64.97
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	21155.18	+200.46
		+0.96%
HANG SENG	28476.43	+17.40
		+0.06%
SENSEX	32432.69	+250.47
		+0.78%
FTSE 100*	7535.44	-20.80
		-0.28%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.036	2.082
CND. 30 Year Bond	2.391	2.437
U.S. 10 Year Bond	2.2730	2.3195
U.S. 30 Year Bond	2.8042	2.8491

Currencies

BOC Close	Today	Previous
Canadian $	0.80202	0.80160
US $	1.24685	1.24751

Euro Rate 1 Euro=		Inverse
Canadian $	1.47403	0.67841
US $	1.18220	0.84588

Commodities

Gold	Close	Previous
London Gold Fix	1299.60	1290.25

Oil
WTI Crude Future	51.45	50.60

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks inched closer to an all-time high, touching their highest level in eight months as the telecom, energy and financial sectors boosted the benchmark.
The S&P/TSX Composite Index rose 65 points or 0.4 percent to 15,807.17, the highest close since Feb. 22. The benchmark gained 0.5 percent on the week.
Telecom stocks were the biggest gainers, adding 0.9 percent, while energy shares rose 0.5 percent. West Texas Intermediate rose above $51 a barrel after China’s crude imports jumped to the second highest on record. Financials gained 0.5 percent even as bond yields fell the most since early September.
In other moves:
Stocks
* SSR Mining Inc. tumbled 8.3 percent, the most since March. Production at its Marigold mine fell 30 percent quarter-over- quarter
* ProMetic Life Sciences Inc. rose 5.1 percent after its plasminogen replacement therapy was accepted by the U.S. Food and Drug Administration
* TFI International Inc. rose 4.4 percent, the most in a year. RBC upgraded the stock to outperform, saying it’s well positioned to capitalize on improving sector trends
Commodities
* Western Canada Select crude oil traded at an $11.35 discount to WTI, widening for the first time in a week and a half
* Aeco natural gas traded at a $2.97 discount to Henry Hub
* Gold rose 0.6 percent to $1,301.50 an ounce, the highest since Sept. 25
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2482 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.04 percent, the lowest in more than a month
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks climbed to record highs and Treasuries rallied after a core inflation reading slowed, adding to evidence that economic growth continues apace without stoking price increases. The dollar pared losses.
Bonds in Europe gained after a report that the European Central Bank may continue asset purchases for at least nine months after it starts tapering in January. The Stoxx Europe 600 Index climbed, led by steelmakers and miners as most industrial metals gained and crude oil rose back above $51 a barrel.
“There’s nothing here to suggest why the core number was as weak as it is, but that’s just consistent with the trends that we’ve seen,” said Phil Orlando, chief equity strategist at Federated Investors Inc. “Inflation has been befuddling everyone for a really long time.”
Excluding food and energy, so-called core prices rose 0.5 percent in September, below an estimate of 0.6 percent. At the same time, a Commerce Department report also released Friday showed U.S. retail sales rose in September by the most in more than two years, as Americans replaced storm-damaged cars and paid higher prices at the gasoline pump. Excluding autos and gas, sales still increased at the second-fastest pace since January.
The inflation data bolstered the view that U.S. inflation below the Federal Reserve’s target may be structural rather than transitory, prompting traders to slightly reduce the odds of another rate increase in December.
“The presumption that, with a softer inflation print, it would mean that maybe the Fed is not going to be as aggressive as people expected,” said Chris Verrone, head of technical analysis at Strategas Research in New York.
Back in Europe, central bank officials are considering reducing quantitative easing to 30 billion euros ($36 billion) a month from the current pace of 60 billion euros, according to officials familiar with the debate. While the central bank’s governors are split on the need to identify an end date for purchases, a pledge to keep buying bonds until September — with the proviso that it could be extended if needed — may offer grounds for compromise, they said.
In the U.S., Tenet Healthcare Corp., other hospital chains and health insurers fell as President Donald Trump’s move to cut off subsidies to insurers is likely to have a “profoundly destabilizing” impact that could range from lower earnings estimates to deal making to credit downgrades. The late-Thursday announcement is fueling fears that the payments, known as cost- sharing reduction subsidies, may end immediately.
Elsewhere, gold strengthened for a sixth day and bitcoin surged to a fresh record above $5,800.
Here are the main moves in markets:
Stocks
* S&P 500 Index rose 0.1 percent to 2,553.17 at 4:14 p.m. in New York. The Dow Jones Industrial Average increased 0.1 percent and the Nasdaq Composite Index gained 0.2 percent. All three indexes hit record highs.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The MSCI All-Country World Index rose 0.2 percent.
* Spain’s IBEX Index fell 0.2 percent.
* The MSCI Emerging Market Index rose 0.5 percent
Currencies
* The Bloomberg Dollar Spot Index was little changed after slumping as much as 0.3 percent.
* The euro was little changed at $1.1825.
* The Turkish lira rose 0.7 percent.
Bonds
* Spain’s 10-year yield fell three basis points to 1.61 percent.
* Germany’s 10-year yield fell four basis points to 0.40 percent.
* U.S.’s 10-year yield fell four basis points to 2.28 percent, round out the best week since the five days ending Sept. 8.
Commodities
* West Texas Intermediate crude rose 76 cents to $51.36 a barrel, after climbing earlier to the highest in more than a week.
* Gold futures increased 0.7 percent to $1,302.85 an ounce.
Asia
* Japan’s Nikkei 225 rose 1 percent, finishing the week at the highest since 1996. Fast Retailing Co., the gauge’s biggest component, climbed 5.5 percent as overseas sales rose. The broader Topix index rose 0.5 percent.
* Hong Kong’s Hang Seng Index was little changed, while China’s benchmark gained 0.2 percent and South Korea’s Kospi index fell 0.1 percent.

Have a wonderful evening everyone!

Be magnificent!

Nonviolence is not a cloistered virtue to be practiced
by the individual for peace and final salvation,
but it is a rule of conduct for society,
if it is to live consistently with human dignity
and make progress towards the attainment of peace
for which it has been yearning for ages past.
Mahatma Gandhi

As ever,

Carolann

Know how to live the time that is given to you.
-Dario Fo, 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

October 12, 2017

October 12, 2017 Newsletter

Dear Friends,

Tangents:

On this day in 1810, the German festival Oktoberfest was first held in Munich.
On Oct. 12, 2000, the Navy destroyer Cole was attacked in an al-Qaeda suicide bombing while in port in Aden, Yemen, killing 17 sailors and injuring dozens more.
Go to article »
October 12, 1970 – Canadian Army troops from Camp Petawawa deploy in Ottawa to meet FLQ terrorist threats
October 12, 1999 – World population reaches 6 billion.

POINTS OF PROGRESS:

THE NETHERLANDS
All Dutch trains are now powered by the wind. In January, Dutch railway company NS switched to using wind power, generated from newly constructed wind farms, for 100% of the energy it needs to move roughly 600,000 daily passengers. The decision means that NS has cut carbon emissions equivalent to those emitted by the annual production of electricity for Amsterdam. On Jan. 1,2018, all major Dutch airports will begin getting all their electricity from wind power. –CLEAN TECHNICA

AUSTRALIA
The land Down Under now generates enough renewable energy to power 70 % of its homes. Despite the ramp up in output, renewable contribute only 18.8 % of energy to the national grid, which fossil fuels still dominate. However, the steep uptick in renewable generation in recent years means that Australia will reach its goal to have 20 % of its energy come from such sources by 2018, instead of its original 2020 target. When renewable energy started in 2016-17 are completed, there will be enough renewable energy to power 90 % of homes. TREEHUGGER, FUTURISM.

LOS ANGELES
Animal shelters in the City of Angels may soon reach “no kill” status. Thanks to the No-Kill Los Angeles movement, led by Best Friends Animal Society and a small army of volunteers, the rate at which homeless animals are put down has plummeted in the city since NKLA started in 2012. That year, the city’s shelters euthanized 18,000 cats and dogs, but in 2016 that number fell by 82 % to 3,236. Working with a network of groups across the city, NKLA aims to make Los Angeles a no-kill city by year’s end. –LOS ANGELES TIMES.
PHOTOS OF THE DAY

In this aerial image, volcanic ash spews from the crater of Mt. Shinmoedake in Kirisima, Kagoshima, Japan. The eruption sends a plume of ash 300 meters into the air. The volcano, part of the Kirishmia range in southern Kyushu, straddles the border of Miyazaki and Kagoshima prefectures. It previously erupted September 7, 2011.
CREDIT: THE ASAHI SHIMBUN VIA GETTY IMAGES

All gardens need a sprucing up after the summer, and this week marks the end of the four-week-long task at the home of Lord Barnard – Raby Castle in Teesdale, County Durham. A team of gardeners using shears, hedge trimmers and a cherry picker have been cutting the curvaceous, evergreen Old English Yew hedges that date back to the 18^th century and dominate the ornamental walled garden of the medieval fortress of Raby Castle. Pictured is Gardener Craig Nodding using a cherry picker and hedge trimmer to delicately clip the 4 metre high Old English Yew, which date back 300 years.

Lights from 2,807 LED form the number “15” on the twin domes of Singapore’s Esplanade. Esplanade, Theaters on the Bay, will be projecting the light show from Oct. 12 to 31 as part of its 150^th anniversary celebrations.
Market Closes for October 12^th, 2017

Market Index	Close	Change
Dow Jones	22841.01	-31.88 -0.14%

S&P 500	2550.79	-4.45 -0.17%

NASDAQ	6591.512	-12.037 -0.18%

TSX	15747.03	-53.37
		-0.34%

International Markets

Market Index	Close	Change
NIKKEI	20954.72	+73.45
		+0.35%
HANG SENG	28459.03	+69.46
		+0.24%
SENSEX	32182.22	+348.23
		+1.09%
FTSE 100*	7556.24	+22.43
		+0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.082	2.105
CND. 30 Year Bond	2.437	2.459
U.S. 10 Year Bond	2.3195	2.3445
U.S. 30 Year Bond	2.8491	2.8776

Currencies

BOC Close	Today	Previous
Canadian $	0.80160	0.80269
US $	1.24751	1.24582

Euro Rate 1 Euro=		Inverse
Canadian $	1.47577	0.67761
US $	1.18297	0.84533

Commodities

Gold	Close	Previous
London Gold Fix	1290.25	1289.25

Oil
WTI Crude Future	50.60	51.30

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell the most in five weeks as energy shares tumbled following a bearish report on crude prices from the International Energy Agency.
The S&P/TSX Composite Index lost 58 points or 0.4 percent to 15,742.20, the biggest drop since Sept. 5. The energy sector fell 1.1 percent, closely tracking the 1.4 percent decline in West Texas Intermediate crude prices. The IEA said progress in clearing the global oil glut may stall next year.
Consumer staples were the biggest gainers, adding 1.3 percent as Alimentation Couche-Tard Inc. jumped 3.9 percent. The company is buying back 4.4 million shares from Metro Inc., a move that Eight Capital called “an elegant solution.”
In other moves:
Stocks
* Kirkland Lake Gold Ltd., the best performer on the S&P/TSX this year, fell 8.9 percent. The stock was downgraded by two analysts after third-quarter production results missed estimates
* Shaw Communications Inc. lost 3.7 percent. Scotia Capital downgraded the stock, saying Shaw will need to spend more to make its wireless network “truly competitive”
* Canopy Growth Corp. fell 3.8 percent. The stock was cut to sell at Canaccord Genuity
Commodities
* Western Canada Select crude oil traded at an $11.15 discount to WTI
* Aeco natural gas traded at a $2.08 discount to Henry Hub
* Gold rose 0.6 percent to $1,293.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2473 per U.S. dollar, its first decline in three trading days
* The Canada 10-year government bond yield fell three basis points to 2.08 percent, the biggest drop this month
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks retreated and the dollar rose slightly as investors weighed the prospects for tax reform and the Federal Reserve’s next policy move. Crude slumped following an inventory report.
The S&P 500 Index traded lower and pulled back from an all- time high as energy producers slid with oil nearing $50 a barrel and telephone shares sank after AT&T Inc. reported a substantial loss of video subscribers in the third quarter. JPMorgan Chase & Co. and Citigroup Inc. were lower after reporting third-quarter results.
The dollar was higher for the first time this week, while Treasury yields fell after data showed a spike in gasoline costs pushed wholesale prices higher by the most in five months. The pound slumped after Brexit talks were said to reach a deadlock. The yen edged higher versus the dollar, showing little reaction after Bank of Japan Governor told reporters in Washington that he intends maintain stimulus to hit an inflation target of 2 percent. Bitcoin surged to a fresh record, climbing above $5,300.
The Trump administration’s tax plan remains nebulous, as the president was said to voice frustration with certain aspects of the existing framework. Some Congressional Republicans have aired concerns, while Treasury Secretary Steven Mnuchin reiterated his confidence that a plan will get passed this year. In the meantime, investors will look to consumer price data Friday for the latest clue on inflation in attempts to assess the Fed’s next move.
“We are very much keeping an eye on the potential tax reform process,” Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said by phone. “The other thing we’re focusing on is all indicators of inflation, especially post-CPI tomorrow.”
The selection of Fed Chair Janet Yellen’s replacement is also coming into focus. President Donald Trump is meeting this week with Stanford University economist and rates hawk John Taylor, who’s on the shortlist of candidates, according to people familiar.
Meanwhile, the European Union said scant progress has been made in the latest round of Brexit talks, increasing the chances of a messy departure as time is running out to clinch a deal. Lack of sufficient progress adds to pressure on businesses to speed up contingency plans for what could be a chaotic withdrawal in March 2019.
West Texas oil extended losses after three days of gains. Crude stockpiles will fall this year for the first time since prices slumped four years ago, the IEA said Thursday. Gold climbed for a fifth day. In Asia, Japanese stocks extended gains, with the Nikkei 225 Stock Average ending at the highest level since 1996.
What’s coming up this week:
* The active Atlantic hurricane season will probably figure prominently in U.S. data on retail sales and consumer prices.
Here are the main moves in markets:
Stocks
* The S&P 500 Index declined 0.2 percent to 2,550.93, and the Nasdaq Composite Index also fell 0.2 percent.
* JPMorgan slipped 0.9 percent and Citi lost 3.4 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI All-Country World Index rose less than 0.1 percent to a record.
* The MSCI AC Asia Pacific Index jumped 0.4 percent to the highest in about 10 years.
* Japan’s Topix index gained 0.2 percent to 1,700.13, the highest in more than 10 years.
* The MSCI Emerging Market Index sat at the highest in more than six years.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro dipped 0.2 percent to $1.1835.
* The British pound rose 0.3 percent to $1.3262.
* The Japanese yen advanced 0.2 percent to 112.28 per dollar, the strongest in more than two weeks.
Bonds
* The yield on 10-year Treasuries decreased three basis points to 2.3177 percent, the lowest in two weeks.
* Germany’s 10-year yield fell two basis points to 0.445 percent.
* Britain’s 10-year yield was little changed at 1.381 percent.
* Japan’s 10-year yield was essentially unchanged at 0.062 percent, the highest in two weeks.
Commodities
* West Texas Intermediate crude declined 1.3 percent to $50.65 a barrel.
* Gold increased 0.1 percent to $1,293.45 an ounce, the highest in more than two weeks.

Have a wonderful evening everyone.

Be magnificent!

Nonviolence and cowardice go ill together.
I can imagine a fully armed man to be at heart a coward.
Possession f arms implies an element of fear, if not cowardice.
But true nonviolence is impossible without the possession of unadulterated fearlessness.
Mahatma Gandhi

As ever,

Carolann

Write what should not be forgotten.
-Isabel Allende, b. 1942

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