Month: November 2017

Dear Friends,

Tangents:
All Saints Day
November 1, 1993: European Union established
On Nov. 1, 1952, the United States exploded the first hydrogen bomb, in a test at Eniwetok in the Marshall Islands.
Go to article »

Poems Inspired by Donald Trump con’t:  (from The New York Times)
Michael Collins of Salem, Ore., wrote about making a difference in “No Matter How Small”:

I’m sorry for my tone, of late. 
It’s tiring, decrying hate, 
And likely tiresome as well
But ever since the hammer fell 
And Trump ascended to the throne 
I’ve told myself my voice alone 
Won’t make a difference, but that I 
Should not interpret that: Don’t try.
The Whos that only Horton hears 
In Dr. Seuss’ book reached ears 
Besides the elephant’s when they 
Cried all together, so, O.K., 
I’ll keep on shouting, We are here!
A waste? Perhaps, but it’s sincere.

Advanced Placement students at Pittsburg High School in a high-poverty part of the San Francisco Bay Area offered several excellent poems. Natalie Calderon, a 17-year-old Latina student, wrote “Deception”:

America, the so-called land of the free 
But is it still free if I take a knee? 
Our president wants to “Make America Great Again” 
But keeps putting roadblocks in the path of equality 
I’m worried things will only get worse from here 
I adjure to feel secure but how can I when 
My so-called leader is acting so immature 
My hope in humanity is fading 
Because of all the degrading 
My heart hurts as racism is pervading 
I feel anger in my soul as it anchors my stomach 
My spirit is damaged by the baggage of hate I carry 
But I must stay strong for the struggles to come 
I just hope my pride doesn’t go numb            

PHOTOS OF THE DAY

A group of divers are dwarfed as they swim alongside two enormous humpback whales. The amazing scene was captured by photographer Paul Carlyon over the Ningaloo Reef near Coral Bay in Western Australia. He said:  We do get very curious whales sometimes that will stop and come back to have a better look at the swimmers.

Hikers walk amongst the unique U-shaped troughs of ‘The Wave’ rock formation at the Coyotes Buttes North wilderness area near Page, Arizona.  The Wave is a sandstone rock formation in northern Arizona and was formed by a combination of water and wind erosion and due to its fragile nature, access is limited to only 20 hikers per day.

Theatrical designer Debbie Rees Deacon with her creation, a King Midas stature made out of one pound coins and other recycled material, at the British Ironwork Centre in Oswestry, Shropshire.

Flame Handover Ceremony For Pyeongchang 2018 Olympics – Panathenaic Stadium, Athens, Greece.
Market Closes for November 1^st, 2017

Market Index	Close	Change
Dow Jones	23435.01	+57.77   +0.25%
S&P 500	2579.36	+4.10   +0.16%
NASDAQ	6716.535	-11.134   -0.17%
TSX	16029.33	+3.75
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	22420.08	+408.47
		+1.86%
HANG SENG	28594.06	+348.52
		+1.23%
SENSEX	33600.27	+387.14
		+1.17%
FTSE 100*	7487.96	-5.12
		-0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.970		1.952
CND. 30 Year Bond		2.300		2.303
U.S.    10 Year Bond		2.3703		2.3739
U.S. 30 Year Bond		2.8547		2.8714

Currencies

BOC Close	Today	Previous
Canadian $	0.77730	0.77575
US $	1.28651	1.28907
Euro Rate 1 Euro=		Inverse
Canadian $	1.49517	0.66882
US $	1.16219	0.86044

Commodities

Gold	Close	Previous
London Gold Fix	1277.05	1270.15
Oil
WTI Crude Future	54.30	54.38

Market Commentary:
On this day in 1999, the Dow Jones Industrial Average adds Home Depot, Intel, Microsoft and SBC Communications. The companies removed from the 30-member index are Chevron, Goodyear, Sears and Union Carbide.
Number of the Day
10.13
The average level of the CBOE Volatilty Index, or VIX, in October, its lowest on record for the month going back to 1990, according to The Wall Street Journal’s Market Data Group. The fall months tend to be more volatile for stock markets, but this year the market is bucking the trend.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks eked out a fourth straight record, as gains in energy offset declines in financials and industrials.
     The S&P/TSX Composite Index added 4 points or less than 0.1 percent to 16,029.33. Energy stocks rose 0.9 percent even as crude prices fell 0.2 percent, erasing earlier gains after a U.S. government report showed a smaller-than-expected decline in stockpiles.
     Financials fell 0.2 percent and industrials lost 0.8 percent. WestJet Airlines Ltd. fell 5.4 percent after its earnings and guidance prompted two analyst downgrades. Air Canada fell in sympathy, losing 5.7 percent.
     In other moves:
                            Stocks
* Hudson’s Bay Co. rose 9.1 percent. The company received an unsolicited bid for Germany’s Kaufhof chain from Signa Holding GmbH
* Centerra Gold Inc. lost 9 percent, the most in nearly a year, after cutting its full-year gold production forecast
* NuVista Energy Ltd. added 5.7 percent to the highest since May 2015 following analyst upgrades at Raymond James and Eight Capital
* Thomson Reuters Corp. fell 5.6 percent, the most since 2014. Third-quarter revenue missed analyst estimates
                            Commodities
* Western Canada Select crude oil traded at a $13.40 discount to WTI, the widest gap since March
* Aeco natural gas traded at a 78 cent discount to Henry Hub, the narrowest gap since March
* Gold rose 0.5 percent to $1,277.30 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2859 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 1.97 percent, the first gain in six trading days
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — Most U.S. stocks advanced and the dollar rose after the Federal Reserve acknowledged economic growth is solid. Small caps fell as the prospects for tax reform remained uncertain amid political wrangling in Congress.
     The S&P 500 Index edged higher after the Fed reinforced expectations for a December rate increase by subtly upgrading its assessment of the economy, a day before President Donald Trump plans to unveil his choice to lead the U.S. central bank. The dollar briefly erased a gain on the Fed decision before reclaiming a small advance. The 10-year Treasury yield slipped to 2.37 percent.
     The Fed meeting did little to alter perceptions, with investors focused on the prospects for tax cuts, corporate earnings and Friday’s U.S. jobs report. The Russell 2000 Index took a hit on speculation that failure to cut taxes would weigh on small companies hardest. Facebook Inc. added more than 2 percent in late trading after its results topped estimates. Apple Inc. is due to report Thursday.
     Earlier, European equities hit a two-year high and share measures from Tokyo to Sydney climbed as corporate earnings poured in ahead of expectations. Nickel surged to the highest since 2015 on speculation demand will grow, while oil slumped from an eight-month high following a U.S. inventories report.
     U.S. equity markets continue to show sensitivity to the tax plan as its prospects ebb and wax from headline to headline. Congress intended to release details Wednesday but delayed that until at least tomorrow as legislators debate how to pay for big reductions. Trump has insisted that the legislation be passed before Thanksgiving. The back-and-forth threatened to overshadow a raft of strong corporate earnings and sales that had bolstered optimism in the global economy.
     “The market is pounding the table asking, ‘Where is this plan, why have I not seen it yet, the calendar is getting short,”’ said Michael Antonelli, managing director of institutional equity trading at Robert W Baird. “The Russell 2000 has been going lower every second of the day so far.”
     Meanwhile, central banks remain on the docket. An announcement on who will helm the Fed is due Thursday, with current board member Jerome Powell said to have the edge over John Taylor. The Bank of England will probably lift borrowing costs on for the first time in a decade.
     There were few developments of note in the unfolding investigation by Special Counsel Robert Mueller into Russia’s meddling in last year’s presidential campaign.
     Here are some other key upcoming events this week:
* The U.S. October payroll report comes out Friday.
* Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues — particularly North Korea — will probably be in focus.
* A probable Bank of England rate hike on Thursday will be the first in a decade.
* The slew of earnings releases will culminate with Apple Inc. results.

 

      And these are the main moves in markets:
                           Stocks
* The S&P 500 rose 0.2 percent to 2,579.37 as of 4 p.m. in New York.
* The Dow Jones Industrial Average added 0.3 percent and the Russell 2000 lost 0.7 percent.
* The Stoxx Europe 600 Index advanced 0.4 percent.
* Japan’s Nikkei 225 Stock Average climbed 1.9 percent to the highest in more than 21 years.
* The MSCI Asia Pacific Index climbed 0.9 percent to the highest in about 10 years.
* The MSCI Emerging Market Index jumped 0.9 percent to the highest in more than two weeks.
                           Currencies
* The Bloomberg Dollar Spot Index advanced 0.1 percent.
* The euro fell 0.3 percent to $1.1615.
* The British pound increased less than 0.05 percent to $1.3288, the strongest in more than a month.
* The Japanese yen decreased 0.5 percent to 114.20 per dollar, the weakest in about six months.                            
                           Bonds
* The yield on 10-year Treasuries fell two basis points to 2.36 percent.
* Germany’s 10-year yield advanced two basis points to 0.38 percent.
* Japan’s 10-year yield declined one basis point to 0.061 percent, the lowest in more than three weeks.                                                       Commodities
* West Texas Intermediate crude slipped 0.3 percent to $54.23 a barrel, after touching the highest in eight months.
* Gold futures increased 0.4 percent to $1,276 an ounce.
* Copper advanced 1.6 percent to $3.15 a pound.

 

 

Have a wonderful evening everyone.

 

Be magnificent!

 

Nonviolence is the greatest force at the disposal of mankind.
It is mightier than the mightiest weapon of destruction devised by the ingenuity of man.
Mahatma Gandhi

As ever,

 

Carolann

 

Inspiration is a guest the does not willingly visit the lazy.
                               -Pyotr Ilyich Tchaikovsky, 1840-1893

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

Dear Friends,

Tangents:

Nicholas Kristof, a journalist for The New York Times, recently published a piece entitled “Trump  Is Inspirational …for Poetry.”  He held a poetry contest for his readers and readers accepted the invite by submitting 2,750 poems.  With the help of the Poetry Society of America, he picked the winners.  Here are a couple of the several he published:

Lisa Grunberger, an associate professor at Temple University who is Jewish wrote about the vandalism of her house in Philadelphia. An excerpt:

A “J” spray-painted on my olive green house in South Philly,
Its white-hooked tail grazes my daughter’s head.

A skinhead, says my neighbor Jorge,
Un racist blanco, no entiendo,

Holding my hand inside his hand
Far longer than any gringo would.

He smells of sawdust and cologne.
I shoot a picture with my phone

Of my daughter underneath the “J.”
Evidence is always good to gather.

She traces the letter with her small finger.
She’s just learning about how letters

Make words, and words make sentences.
Doesn’t yet know sentences can kill:

Arbeit macht frei. Sentences can lie:
Make America Great Again. Sentences

Can heal: I have a dream. She’s fished
A pen from my bag and draws a “K” beside the “J.”

Lee Robinson, a retired lawyer in Comfort, Tex., ended her elegy on an uplifting note. Her poem, condensed here, is called “Who Says Trump and Poetry Are Incompatible?”

We know a poem can be maniacal, the best ones
Always unpredictable. Don’t poets sometimes rave?
Pound for example: profound, but mad as the Hatter,
And maybe a traitor. As for the tweets, if Dylan Thomas
Were still with us, might not he tweet his late-night sullen art?
Perhaps only poetry, after prose has failed us,
Is brave and big enough for this Trumpian time.
Think of Wordsworth, The world is too much with us,
Or Arnold: And we are here as on a darkling plain.
Dickinson would tell us to turn the TV off, the phone
And iPad too: The Soul selects her own Society.
Did Lewis Carroll’s Jabberwock foretell our president
Come whiffling through the tulgey wood, and burbling… But if I had to choose one poem to give to him, 

I’d give him Angelou: You may shoot me with your words,
You may cut me with your eyes,
You may kill me with your hatefulness,
But still, like air, I’ll rise.

On Oct. 31, 1984, Indian Prime Minister Indira Gandhi was assassinated near her residence by two Sikh security guards.
Go to article »

PHOTOS OF THE DAY

The Tianjin Binhai New Area Library, called ‘the eye of Binhai’, is located at the cultural centre of Binhai New Area in Tianjin, China.
CREDIT: VCG/VCG VIA GETTY

A view of the River Mersey and the city skyline as the sun rises over Liverpool.

The sun behind a windmill belonging to Miller Nigel Moon in Whissendine.

People cross the over the first 3D road crossing in France, created to encourage motorists to slow down in proximity to a school in Cysoing, northern France, the first 3D road crossing in France is being tested in Cysoling, northern France, to encourage motorists to slow down, similar to a system already in place in India, Iceland and Belgium.
Market Closes for October 31^st, 2017

Market Index	Close	Change
Dow Jones	23377.24	+28.50   +0.12%
S&P 500	2575.26	+2.43   +0.09%
NASDAQ	6727.668	+28.705   +0.43%
TSX	16025.59	+22.81
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	22011.61	-0.06
		—
HANG SENG	28245.54	-90.65
		-0.32%
SENSEX	33213.13	-53.03
		-0.16%
FTSE 100*	7493.08	+5.27
		+0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.952		1.957
CND. 30 Year Bond		2.303		2.314
U.S.    10 Year Bond		2.3739		2.3684
U.S. 30 Year Bond		2.8714		2.8818

Currencies

BOC Close	Today	Previous
Canadian $	0.77575	0.77950
US $	1.28907	1.28287
Euro Rate 1 Euro=		Inverse
Canadian $	1.50154	0.66598
US $	1.16483	0.85850

Commodities

Gold	Close	Previous
London Gold Fix	1270.15	1272.00
Oil
WTI Crude Future	54.38	54.15

Market Commentary:
Number of the Day
55%
The percentage of companies in the S&P 500 that reported both better-than-expected third-quarter earnings and sales that notched a stock-price gain during the trading session that followed. That is lower than the average going back to 2015, but it is an improvement from the 49% of companies that got a boost from topping estimates in the second quarter.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark posted a third consecutive record high and a third monthly increase, boosted by energy stocks as oil marked its best October since 2011.
     The S&P/TSX Composite Index added 23 points or 0.1 percent to 16,025.59. For the month of October, the benchmark rose 2.5 percent.
     The energy sector gained 0.8 percent Tuesday as West Texas Intermediate prices added 0.4 percent to the highest since February. Baytex Energy Corp. jumped 5.7 percent and Torc Oil & Gas Ltd. rose 4.6 percent.
     Materials stocks weighed to the downside, losing 0.4 percent as gold prices fell. Eldorado Gold Corp. tumbled 6.9 percent.
     In other moves:
                            Stocks
* Shopify Inc. lost 8.5 percent amid signs the tech company’s growth rate is starting to slow
* Colliers International Group Inc. jumped 7.9 percent after third-quarter revenue beat the highest analyst estimate
* Canadian Western Bank added 4.8 percent to the highest since 2014. The bank is buying about C$900 million of loans and leases from ECN Capital Corp.
                            Commodities
* Western Canada Select crude oil traded at a $13.15 discount to WTI, the widest gap since March
* Aeco natural gas traded at a $1.29 discount to Henry Hub
* Gold fell 0.6 percent to $1,270.50 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.2896 per U.S. dollar, the lowest since mid-July
* The Canada 10-year government bond yield was little changed at 1.95 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks capped the best month since February and the dollar strengthened as investors assessed the prospects for tax cuts and the next Federal Reserve chairman. The euro slipped as data showed inflation unexpectedly slowed in the region.
     The S&P 500 Index finished October with a gain of more than 2 percent and the Dow Jones Industrial Average added nearly 1,000 points in the period, spurred by strong economic data, rising expectations for tax cuts and robust corporate earnings. Small caps led advances Tuesday to erase a loss for October. Facebook Inc. was little changed as its executives testified before Congress. 
     The 10-year Treasury yield held near 2.37 percent, four basis points higher than when it ended September. The greenback gained versus major peers to cap a second straight monthly advance. Oil headed for its first back-to-back monthly gains of the year. Gold fell for a second month.
     Tuesday’s trading undid most of Monday’s moves as investors stare down a torrent of decisions with the potential to move markets. President Donald Trump signaled he’ll name a new Fed chair Thursday, while Wednesday brings the central bank’s rate decision and some specifics on tax plans. Markets remain on edge after the first indictments from Robert Mueller, which may may pose a danger to tax cuts. The news flow has overshadowed a robust corporate earnings season and fresh data showing the U.S. economy on firm footing. In Europe, Spanish equities outperformed Tuesday as the government in Madrid won the power struggle against Catalan separatists. Bonds in the region edged lower after data showed the economy appeared to be strengthening. A drop in China’s factory gauge sparked some caution in Asia, with equity benchmarks mixed. Japanese stocks ended the day slightly lower after the Bank of Japan maintained its key policy rate.
     The European data came amid mixed signals about the global economy. China’s official factory gauge fell this month, though the country’s economy continues to defy predictions of a sharper slowdown. The euro-area’s unemployment rate inched lower in September as the economy expanded for an 18th consecutive quarter, but consumer inflation unexpectedly slowed in October, complicating the European Central Bank’s task as it considers tightening policy.
     Here are some key upcoming events this week:
* The U.S. central bank’s next rate decision is on Wednesday, with economists expecting policy makers to hold rates for now and to increase them at the December meeting.
* The U.S. October payroll report comes out Friday.
* Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues — particularly North Korea — will probably be in focus.
* A probable Bank of England rate hike on Thursday will be the first in a decade.
* The slew of earnings releases will culminate with Apple Inc. results.
* Germany’s markets are closed for a public holiday.

     And these are the main moves in markets:
                          Stocks
* The S&P 500 rose 0.1 percent to 2,575.31 at 4 p.m. in New York. It added 2.2 percent in the month, the most since February.
* The Russell 2000 Index jumped 0.9 percent, rebounding from a rout Monday and headed for a 0.6 percent gain in October.
* The Stoxx Europe 600 Index increased 0.3 percent to the highest in more than five months. It rose 1.8 percent in the month.
* Spain’s IBEX Index gained 0.7 percent to the highest since Aug. 16.
                          Currencies
* The Bloomberg Dollar Spot Index increased 0.1 percent.
* The euro dipped 0.1 percent to $1.1634.
* The British pound rose less than 0.05 percent to $1.3212.
                          Bonds
* The yield on 10-year Treasuries climbed less than one basis point to 2.37 percent.
* Germany’s 10-year yield fell less than one basis point to 0.36 percent, the lowest in two weeks.
* Britain’s 10-year yield dipped one basis point to 1.335 percent, the lowest in more than a week.
                          Commodities
* West Texas Intermediate crude rose 0.4 percent to $54.38 a barrel, the highest in more than six months. 
* Gold futures decreased 0.5 percent to $1,271.50 an ounce.
                           Asia
* Japan’s Topix index declined 0.3 percent at the close of trading in Tokyo, while the Nikkei 225 Stock Average was flat. SoftBank declined 4.6 percent. 
* Australia’s S&P/ASX 200 Index fell 0.2 percent. 
* The Kospi in Seoul climbed 0.9 percent. 
* Hong Kong’s Hang Seng Index was steady while the Shanghai Composite Index was up 0.1 percent.
* The Japanese yen declined 0.2 percent to 113.36 per dollar.
Have a fabulous evening.

 

Be magnificent!

 

As ever,

 

Carolann

 

Whenever you find yourself on the side of the majority, it is time to pause and reflect.
                                                                                   -Mark Twain, 1835-1910

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

Dear Friends,

Tangents:  Happy Monday!

Tamed
  by Tyree Daye
I was the unbroken horse
of that town, slept standing up,
held on to the breeze like wildflowers.

I kept caterpillars in jars,
my mama let them go,
I figured they just disappeared.

There are moments you can hear God
say things soft-spoken, the sun
settling between thin pines.
 
Collected crickets in 2 liter bottles,
dropped them on a path far from the house
one or two at the bottom drowning
in the last swig of cola, the smell of mama’s
leaf pile faint and almost gone.

My mama would say
to kill a cricket
is a sin against the night.

PHOTOS OF THE DAY

Skeleton themed lantern during a Halloween lantern carnival in Liverpool.

A duck cleans her feathers during on a lake in the town of Novogrudok, Belarus.
Market Closes for October 30^th, 2017

Market Index	Close	Change
Dow Jones	23348.74	-85.45   -0.36%
S&P 500	2572.83	-8.24   -0.32%
NASDAQ	6698.965	-2.298   -0.03%
TSX	16002.78	+49.27
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	22011.67	+3.22
		+0.01%
HANG SENG	28336.19	-102.66
		-0.36%
SENSEX	33266.16	+108.94
		+0.33%
FTSE 100*	7487.81	-17.22
		-0.23%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.957		1.988
CND. 30 Year Bond		2.314		2.339
U.S.    10 Year Bond		2.3684		2.4155
U.S. 30 Year Bond		2.8818		2.9292

Currencies

BOC Close	Today	Previous
Canadian $	0.77950	0.78028
US $	1.28287	1.28160
Euro Rate 1 Euro=		Inverse
Canadian $	1.49466	0.66905
US $	1.16509	0.85830

Commodities

Gold	Close	Previous
London Gold Fix	1272.00	1266.45
Oil
WTI Crude Future	54.15	53.90

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose further into record territory as a deal in the medical marijuana sector sent health stocks higher and energy shares rose with the price of oil.
     The S&P/TSX Composite Index added 47 points or 0.3 percent to 16,000.97 at 9:58 a.m. in Toronto. The health care sector rose 2.7 percent as pot producer Canopy Growth Corp. jumped 13 percent. Alcohol giant Constellation Brands Inc. is buying 9.9 percent of Canopy in a deal that values the company at roughly C$2.5 billion.
     Energy stocks rose 1.2 percent as the price of West Texas Intermediate crude added 0.8 percent to its highest level in six months. Precision Drilling Corp. gained 10 percent for a total two-day increase of 21 percent following better-than-expected results.
     In other moves:
                          Stocks
* Element Fleet Management Corp. added 6.4 percent. The company has attracted interest from private equity firms, according to people familiar with the matter
* Baytex Energy Corp. rose 4.3 percent, adding to Friday’s 7.7 percent gain. Investors shrugged off a downgrade at Barclays
* Aphria Inc. gained 6.8 percent, boosted by the Constellation- Canopy deal
* Cenovus Inc. added 0.7 percent after naming Alex Pourbaix its new chief executive officer
                          Commodities
* Western Canada Select crude oil traded at a $12.70 discount to WTI
* Aeco natural gas traded at a $1.74 discount to Henry Hub
* Gold rose 0.2 percent to $1,273.90 an ounce.
                          FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2838 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 1.98 percent, the lowest since early September
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell, with small caps bearing the brunt of selling, and Treasuries advanced as markets struck a tone of caution at the start of a week stuffed with catalysts. The euro gained.
     The Russell 2000 Index sank the most since August and the S&P 500 Index retreated from a record amid reports that proposed cuts to corporate taxes would occur in phases over several years. Markets generally shrugged off the first charges from Robert Mueller’s investigation. Apple Inc. rose on signs of strong demand for its latest phone, buoying the Nasdaq 100 Index. The company headlines another week of major earnings, with its report due Thursday.
     Ten-year Treasury yields fell below 2.4 percent, with President Donald Trump’s choice to lead the Federal Reserve due any day. The dollar slumped versus the euro, with the Fed, Bank of England and Bank of Japan slated to meet this week. In Europe, equities nudged higher, with markets showing little sign of distress as the Spanish government took control of the Catalan government. The British pound strengthened ahead of the BOE rate decision Thursday.
     The federal investigation into whether President Donald Trump’s campaign colluded with Russia took a major turn Monday as authorities charged three people, and could pose a danger to the White House at a time that Trump is working to push his tax plan through Congress. The phase-in plan for corporate tax cuts has been considered, but may not yet be final, said a member of the House Ways and Means Committee, who asked not to be named because the discussions are private.
     “Smaller companies are more affected by those taxes than the larger companies and so they’re going to be the ones that would benefit the most,” Don Riley, Chief Investment Officer at Pennsylvania-based Wiley Group, said by phone. “That’s why you see they tend to react more over the whole tax thing.”
     Elsewhere, equity benchmarks fluctuated in Japan and Chinese shares fell, with the Shanghai Composite Index tumbling the most in more than two months as the nation’s bond slump deepened amid mounting deleveraging concerns. And profit reports due this week from some of the world’s largest companies — including Apple Inc. — may show if there’s enough juice in the earnings season to propel a leg higher for global shares.
     Here are some key upcoming events this week:
* Trump has said he’ll reveal his choice to lead the Fed by Friday.
* The U.S. central bank’s next rate decision is on Wednesday, with economists expecting policy makers to hold rates for now and to increase them at the December meeting.
* The U.S. October payroll report comes out Friday. On Monday, personal income and spending data comes out, which features the Fed’s preferred inflation gauge.
* Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues — particularly North Korea — will probably be in focus.
* A probable BOE rate hike on Thursday will be the first in a decade.
* Euro-area GDP growth is seen slowing, while GDP reports from France and Spain and national CPI prints from the big four euro-zone economies are also among data piling up this week.
* The slew of earnings releases will culminate with Apple Inc. results.

     And these are the main moves in markets:

                                Stocks
* The Russell 2000 fell 1.2 percent as of 4 p.m. in New York, the most since Aug. 17.
* The S&P 500 lost 0.3 percent and the Dow Jones Industrial Average fell the same amount. The Nasdaq 100 Index rose 0.2 percent.
* The Stoxx Europe 600 Index rose 0.1 percent, the highest in more than five months.
* Spain’s IBEX Index gained 2.4 percent to the highest since August.
                            Currencies
* The Bloomberg Dollar Spot Index decreased 0.3 percent.
* The euro increased 0.4 percent to $1.1657.
* The British pound gained 0.7 percent to $1.3128.
                            Bonds
* The yield on 10-year Treasuries decreased four basis points to 2.37 percent.
* Germany’s 10-year yield fell two basis points to 0.37 percent.
* Spain’s 10-year yield dropped nine basis points to 1.49 percent.
                            Commodities
* West Texas Intermediate crude climbed 0.5 percent to ed at $54.15 a barrel,
the highest in eight months. 
* Brent extended its two-year high as OPEC and Russia signaled they’ll prolong supply cuts. The global benchmark rose 0.8 percent to settle at $60.90 a barrel.
* Gold added 0.14 percent to $1,273.60 an ounce.

 

Have a wonderful evening everyone.  🙂 

 

Be magnificent!

I am asking whether it is possible for a human being living psychologically in any society
to clear violence from himself inwardly.
If it is, the very process will produce a different way of living in this world.
Krishnamurti

 

As ever,

 

Carolann

 

An hour of practice is worth five hours of foot-dragging.
                                  -Pancho Segura,  b. 1921

 

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

Dear Friends,

Tangents:  HAPPY FRIDAY!
On this day in 1904, the New York City subway formally opens. The first line, operated by the Interborough Rapid Transit Co., traveled 9.1 miles from City Hall in lower Manhattan to 145th Street in Harlem by way of Grand Central and Times Square.
Birthdays:
Theodore Roosevelt, 26^th US President, 1858
Dylan Thomas, poet, 1914
Marlene Dietrich, actor, 1901
Sylvia Plath, poet, 1932

PHOTOS OF THE DAY

Italian artist Graziano Cecchini coloured Rome’s famed Trevi Fountain red in protest, his mission being that, Rome has to be more beautiful than now, he said.

Two white storks stand close to each other on their nest on a tree in Zerbolo, Italy.
Market Closes for October 27^th, 2017

Market Index	Close	Change
Dow Jones	23434.19	+33.33   +0.14%
S&P 500	2581.07	+20.67   +0.81%
NASDAQ	6701.262	+144.48   +2.20%
TSX	15953.51	+61.88
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	22008.45	+268.67
		+1.24%
HANG SENG	28438.85	+236.47
		+0.84%
SENSEX	33157.22	+10.09
		+0.03%
FTSE 100*	7505.03	+18.53
		+0.25%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.988		2.034
CND. 30 Year Bond		2.339		2.379
U.S.    10 Year Bond		2.4155		2.4609
U.S. 30 Year Bond		2.9292		2.9714

Currencies

BOC Close	Today	Previous
Canadian $	0.78028	0.77833
US $	1.28160	1.28480
Euro Rate 1 Euro=		Inverse
Canadian $	1.48766	0.67220
US $	1.16078	0.86149

Commodities

Gold	Close	Previous
London Gold Fix	1266.45	1273.75
Oil
WTI Crude Future	53.90	52.64

Market Commentary:
Daily Factoid
$66 billion
The price tag of CVS Health’s offer to buy Aetna.  If a deal is struck, it would rank as the year’s largest.
Canada
By Kristine Owram
     (Bloomberg) — After seven weeks of steady gains, Canadian stocks hit a new record high for the first time since February, boosted by a mid-day rally in energy shares.
     The S&P/TSX Composite Index added 62 points or 0.4 percent to 15,953.51, ahead of the last record close of 15,922.37 hit on Feb. 21. The energy sector provided the bulk of the gains, rising 1.9 percent as the price of crude jumped 2.4 percent. Oil prices jumped on indications the situation between Iraq and the Kurds remains fragile.
     The benchmark has added 6.5 percent since its recent low on Sept. 8, outpacing a 4.9 percent increase in the S&P 500 Index and a 3.6 percent gain in the MSCI World Index.
     In other moves:
                            Stocks
* Nevsun Resources Ltd. jumped 13 percent, the most since 2012, after releasing a technical study that most analysts viewed positively
* Precision Drilling Corp. added 9.8 percent on a loss that was narrower than analysts expected
* Celestica Inc. tumbled 9.7 percent. The company’s revenue forecast was below the average analyst estimate
* Cameco Corp. lost 6.3 percent after reporting a surprise loss and lower its uranium production guidance
* Saputo Inc. added 5.7 percent. The dairy producer is buying Australia’s Murray Goulburn Co-operative Co. for $1 billion.
                           Commodities
* Western Canada Select crude oil traded at a $12.90 discount to WTI
* Aeco natural gas traded at a $1.52 discount to Henry Hub, the narrowest since mid-September
* Gold rose 0.2 percent to $1,268.50 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2824 per U.S. dollar, the first gain in seven trading days
* The Canada 10-year government bond yield fell five basis points to 1.99 percent, the lowest since early September
US
By Robert Brand and Sarah Ponczek
     (Bloomberg) — Technology shares surged on stellar profit at Amazon.com Inc. and Alphabet Inc., sending the Nasdaq 100 to a record on its biggest gain since March of last year.
     The S&P 500 Index also hit a new high, after the U.S. saw its strongest consecutive quarters of growth in gross domestic product in three years. Bonds rose as speculation mounted about the next Federal Reserve chair.
     “The GDP number is pretty much kind of a continuing series of upside surprises in the global economy,” Krishna Memani, chief investment officer at OppenheimerFunds Inc., said by phone. “Growth has been significantly better, perhaps better than what most of us had expected, and it continues to surprise on the upside. That’s not just in the U.S.”
     Recent data have also underscored the strengthening recovery in the euro-area, with JPMorgan Chase & Co. saying European companies are showing profit growth that’s twice the pace of their U.S. counterparts in the third quarter. That’s helping propel the Stoxx Europe 600 Index to its best annual performance since 2013.
     Positive earnings surprises from companies including Volkswagen AG boosted confidence, though miners underperformed as the greenback’s run hit industrial-metal prices. As stocks gained, the euro headed for its worst week since November. The pound dropped as concerns about the Brexit process lingered.
     Spanish stocks continued to lag as Europe’s worst constitutional crisis for decades came to head. Catalan lawmakers Friday voted to set up an independent state. Spain’s prime minister dismissed the regional government, dissolved its parliament and called a regional election for Dec. 21.
     In the U.S., House Republicans unlocked a process to cut taxes by the end of the year. Treasury yields fell on a report that President Donald Trump is leaning toward nominating Federal Reserve Governor Jerome Powell to lead the U.S. central bank, a move that would signal continuity in monetary policy.
     A potential Powell nomination brings “more of a relief that, although the Fed may tighten, they’re not really taking on a hawkish stance,” David James, who helps oversee $6 billion at James Investment Research in Xenia, Ohio, said by phone.
     Oil rose, with West Texas Intermediate crude at about a six-month high and Brent crude climbing past $60 a barrel for the first time since July 2015.
     Earlier, Japan’s stocks rose, sending the Nikkei 225 Stock Average through 22,000 for the first time since 1996 and ending their seventh week of gains. Shares also advanced in Hong Kong and Seoul.
     These are some of the remaining events on the slate for the coming week:
* President Donald Trump has said he’ll reveal his choice to lead the Fed by Nov. 3.
* The Fed’s next rate decision is on Nov. 1, with economists expecting the central bank to keep rates at 1.25 percent and to increase them at the December meeting.
* The U.S. October payroll report comes out Nov. 3.
     And here are the main moves in markets:
                           Stocks
* The S&P 500 Index climbed 0.81 percent at 4:05 p.m. New York time.
* The Nasdaq 100 Stock Index added 2.91 percent.
* The Stoxx Europe 600 Index rose 0.55 percent.
* The U.K.’s FTSE 100 Index increased 0.25 percent.
* Germany’s DAX Index advanced 0.64 percent to the highest on record.
                           Currencies
* The Bloomberg Dollar Spot Index climbed less than 0.05 percent. 
* The euro dipped 0.4 percent to $1.16, the weakest in 14 weeks.
* The British pound declined 0.3 percent to $1.3127. 
                           Bonds
* The yield on 10-year Treasuries fell four basis points to 2.42 percent. 
* Germany’s 10-year yield declined three basis points to 0.38 percent. 
* Britain’s 10-year yield dipped four basis points to 1.348 percent.
                           Commodities
* West Texas Intermediate crude rose 2.5 percent to $53.97 a barrel, the highest in about six months; Brent crude rose 1.9 percent to $60.40, the highest in about two years.  
* Gold gained 0.5 percent to $1,272.96 an ounce. 
* Copper dipped 2.2 percent to $6,830 a metric ton.
                            Asia
* Japan’s Topix index rose 1 percent at the end of the session in Tokyo. The Nikkei 225 Stock Average added 1.2 percent.
* Australia’s S&P/ASX 200 Index declined 0.2 percent to complete its first weekly slide in four.
* South Korea’s Kospi index climbed 0.7 percent.
* Hong Kong’s Hang Seng Index gained 0.7 percent, while the Shanghai Composite Index was little changed.

 

Have a fabulous weekend everyone.

 

Be magnificent!

An eye for an eye only ends up making the whole world blind.
Mahatma Gandhi

As ever,

 

Carolann

 

I only want people around me who can do the impossible.
                                         -Elizabeth Arden, 1878-1966

 

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

Dear Friends,

Tangents:
On Oct. 26, 1994, Prime Minister Yitzhak Rabin of Israel and Prime Minister Abdel Salam Majali of Jordan signed a peace treaty in a ceremony attended by President Clinton.
Go to article »
October 26,1992 – Charlottetown Accord Rejected in Referendum.
PHOTOS OF THE DAY

Autumn leaves reflect on the surface  of Tsutanuma Pond in Towada, Aomori, Japan.

A baby boar orphaned by the loss of its mother is taken in by a herd of cows who treat her like one of their own – and even let her snuggle up to them. The little wild boar started turning up to a dairy farm after her mother was hit by a car on a nearby road. To the surprise of farmers the cattle began showing a motherly attitude towards the boar and accepted her into the heard.  Now the young animal follows her new family around the fields on the farm in Franche-Comte, in the Besancon area of France, close to the Swiss Border.

The ruins of Whitby Abbey in North Yorkshire are lit in lights to celebrate Halloween.
Market Closes for October 26^th, 2017

Market Index	Close	Change
Dow Jones	23400.86	+71.40   +0.31%
S&P 500	2560.40	+3.25   +0.13%
NASDAQ	6556.773	-7.118   -0.11%
TSX	15891.63	+36.86
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	21739.78	+32.16
		+0.15%
HANG SENG	28202.38	-100.51
		-0.36%
SENSEX	33147.13	+104.63
		+0.32%
FTSE 100*	7486.50	+39.29
		+0.53%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.034		2.045
CND. 30 Year Bond		2.379		2.390
U.S.    10 Year Bond		2.4609		2.4317
U.S. 30 Year Bond		2.9714		2.9404

Currencies

BOC Close	Today	Previous
Canadian $	0.77833	0.78165
US $	1.28480	1.27934
Euro Rate 1 Euro=		Inverse
Canadian $	1.49724	0.66790
US $	1.16535	0.85811

Commodities

Gold	Close	Previous
London Gold Fix	1273.75	1275.00
Oil
WTI Crude Future	52.64	51.88

Market Commentary:
Number of the Day
$2 billion
Venezuela’s state-owned oil company has about $2 billion in bond  payments due over the next several days, causing investors to brace for a possible default that could lead to one of the largest and most complicated debt restructurings in history.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose as investors digested a heap of earnings and a big deal in the construction space, while the loonie weakened to the lowest since July.
     The S&P/TSX Composite Index added 37 points or 0.2 percent to 15,891.63. The industrial sector led the gains, rising 1.2 percent as shares of Aecon Group Inc. jumped 19 percent. The engineering firm agreed to be acquired by a Chinese buyer for C$1.19 billion. Prime Minister Justin Trudeau said the deal will be examined “very carefully.”
     Energy shares added 0.8 percent and financials rose 0.5 percent, but a large chunk of those gains were offset by a 1.8 percent drop in the materials sector. Teck Resources Ltd. tumbled 8.4 percent and Barrick Gold Corp. lost 7.7 percent on third-quarter results.    In other moves:
                         Stocks
* ECN Capital Corp. rose 5.9 percent after agreeing to buy Triad Financial Services Inc. for $100 million
* Waste Connections Inc. added 3.7 percent on better-than- expected results. CEO Ron Mittelstaedt said the company will put the “vast majority” of its $495 million in cash towards acquisitions
* Agnico Eagle Mines Ltd. gained 3.8 percent after beating estimates for the third quarter in a row
                         Commodities
* Western Canada Select crude oil traded at a $12.60 discount to WTI
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold lost 0.7 percent to $1,266.30 an ounce, the lowest since early August
                          FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.2853 per U.S. dollar, its sixth consecutive drop and the lowest since mid-July
* The Canada 10-year government bond yield fell one basis point to 2.04 percent
US
By Adam Haigh
     (Bloomberg) — Asian stocks looked set to follow gains in U.S. equities as earnings and congressional action on tax reform boosted confidence in the growth outlook.
     Futures on the Nasdaq 100 Stock Index were buoyed by stellar profit at Amazon.com Inc. and Alphabet Inc., and the S&P 500 Index climbed as results from Twitter Inc. and Ford Motor Co. topped estimates, showing strength in the American economy ahead of the first reading on gross domestic product for the third quarter. Equity-index futures were higher in Japan, Hong Kong and South Korea. The dollar rallied to its highest since July 12 after the U.S. House passed a budget resolution seen as advancing the prospects for tax reform.
     In Europe, European Central Bank President Mario Draghi outlined plans to halve its monthly bond purchases to 30 billion euros ($35 billion) from 60 billion euros starting in January, but he also indicated that zero percent interest rates could remain at current levels until “well past” whenever it finally decides to end its quantitative easing measures, dragging down the euro.
     House Republicans adopted a budget resolution unlocking a process to cut taxes by the end of the year. President Donald Trump continued to string out his decision on the next Federal Reserve leader, giving mixed signals on his preference.
     These are some of the remaining events on the slate for this week:
* Japan CPI is due on Friday.
* The advance reading on U.S. third-quarter GDP is due Friday morning in Washington. Economists surveyed by Bloomberg expect growth of 2.6 percent.
* President Donald Trump has said he’ll reveal his choice to lead the Fed by Nov. 3. The Fed’s next rate decision is on Nov. 1, with economists expecting the central bank to keep rates at 1.25 percent and to increase them at the December meeting.

 

      And here are the main moves in markets:
                             Stocks
* Futures on the Nasdaq 100 rose 0.3 percent in the final minutes of Thursday trading after the tech giants reported results. They were up 0.1 percent as of 7 a.m. Tokyo time.
* Futures on the S&P 500 Index were little changed. The underlying index climbed 0.1 percent Thursday and the Dow Jones Industrial Average rose 0.3 percent.
* Futures on Japan’s Nikkei 225 added 0.6 percent. Contracts on Australia’s S&P/ASX 200 Index, South Korea’s Kospi index and Hong Kong’s Hang Seng Index all rose 0.2 percent.
                             Currencies
* The Bloomberg Dollar Spot Index increased 0.7 percent.
* The euro was at $1.1654 after dropping 1.4 percent Thursday.
* The Aussie bought 76.61 U.S. cents.
                              Bonds
* The yield on 10-year Treasuries increased three basis points to 2.46 percent Thursday.
* Australia’s 10-year yield rose five basis points to 2.80 percent.
                              Commodities
* West Texas Intermediate crude climbed 0.2 percent to $52.76 a barrel, extending a 0.9 percent advance on Thursday.
* Gold was at $1,267.16 an ounce after dipped 0.8 percent in the previous session.

 

 

Have a wonderful evening everyone.

 

Be magnificent!

Facts are not frightening.
But if you try to avoid them, turn your back and run, then that is frightening.
Krishnamurti

As ever,

 

Carolann

Success isn’t permanent, and failure isn’t fatal.
                       -Mike Ditka, b. 1939

 

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