September 2018 – Carolann Steinhoff

September 28, 2018

September 28, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!

Cabrillo Day ~ Discovery of California in 1542.

Tomorrow is Michaelmas ~ St. Michael’s Day: “ An esoteric Christian picture of the meeting between higher self and lower self is that of Michael and the Dragon. Michael is consciousness; the Dragon pure impulse. Though they are polarities, they are also alike. Michael means ‘He who is like God’ and the Dragon is Lucifer (the Light Bearer), the great angel who took himself to be greater than God. Casting Lucifer from the Heavens, Michael struck a gem from Lucifer’s crown. This became the Philosopher’s Stone – the magical substance that alchemists’ believed could turn lead into gold. It stands for transformation and is our guide on paths of wisdom (gnosis). The alchemical rule, ‘As above, so below’ assures us that ultimately all is one. We are one with our Dragon. The gem from Lucifer’s crown can also be the Holy Grail – love. Out of love, we may embrace the Dragon. For only by love can that which is flawed – both in ourselves and in the world – be made whole again.” -John Miller.

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

PHOTOS OF THE DAY

A young visitor to Te Papa Museum in Wellington New Zealand poses for a photo inside a life-size replica of Blue Whale heart. Credit: Mark Baker/AP

A spectacular and dangerous traditional activity creating a canopy made from flying shards of molten metal performed at Yaozitou Village in north China to celebrate the harvest. The tradition was started 500 years ago as a cheap alternative to fireworks. Credit: Chen Xiaodong/Eyevine

Rievaulx Abbey bathed in coloured light ahead of Illuminating Rievaulx, a three night light and sound installation at the 11^th-century abbey ruins in North Yorkshire. Credit: Danny Lawson/PA Wire
Market Closes for September 28^th, 2018

Market Index	Close	Change
Dow Jones	26458.31	+18.38 +0.07%

S&P 500	2913.98	-0.02 —

NASDAQ	8046.352	+4.383 +0.05%

TSX	16073.14	-131.48
		-0.81%

International Markets

Market Index	Close	Change
NIKKEI	24120.04	+323.30
		+1.36%
HANG SENG	27788.52	+72.85
		+0.26%
SENSEX	36227.14	-97.03
		-0.27%
FTSE 100*	7510.20	-35.24
		-0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.426	2.421
CND. 30 Year Bond	2.420	2.419
U.S. 10 Year Bond	3.0612	3.0555
U.S. 30 Year Bond	3.2074	3.1856

Currencies

BOC Close	Today	Previous
Canadian $	0.77364	0.76687
US $	1.29258	1.30389

Euro Rate 1 Euro=		Inverse
Canadian $	1.49991	0.66671
US $	1.16034	0.86182

Commodities

Gold	Close	Previous
London Gold Fix	1185.40	1194.25

Oil
WTI Crude Future	73.25	72.12

Market Commentary:
Canada
By Tatiana Darie
(Bloomberg) — Canadian stocks fell, sending a key index to a 1.3 percent loss for the third quarter, as trade uncertainty continues to weigh on shares. The U.S. and Mexico are about to advance a trade deal agreed last month that excludes Canada, the Financial Times reported, adding that the Mexican government said it will publish the text of the deal at 6pm local time (7pm in Toronto).
The S&P/TSX Composite Index declined 0.8 percent on Friday, with autos, retailers and energy leading losses. Pot stocks recovered from a recent selloff, outperforming the broader market. The loonie was stronger on Friday to close out a quarter in which it was one of only four G-10 currencies to rally against the greenback.
Stocks
* Canadian Apartment Properties REIT fell 0.4 percent after RBC analyst Neil Downey downgraded shares to sector perform from outperform
* BlackBerry Ltd gained 10 percent after better-than-expected second-quarter earnings; Morgan Stanley analyst James Faucette wrote in a note that the company’s 2020 growth expectations are “too high”
* Aecon Group Inc. rose 0.3 percent after Bridging North America reached financial close to design, build, finance, operate and maintain the Gordie Howe International Bridge Project for the Windsor-Detroit Bridge Authority
Commodities
* Western Canada Select crude oil traded at a $34.90 discount to WTI
* Gold gained about 0.7 percent to $1,195.20 an ounce
FX/Bonds
* The Canadian dollar gained 1 percent to C$1.2916 per U.S. dollar
* The Canada 10-year government bond yield gained 0.4 basis points to 2.423%
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks ended virtually unchanged to cap the best quarterly advance in five years. The dollar edged higher. The S&P 500 Index saw the best quarter since 2013, even as the benchmark experienced its first weekly loss in three weeks. Financial shares paced losses, while technology firms led gains. Facebook shares declined more than 2 percent after the tech giant said a security breach affected about 50 million users.
Tesla Inc. tumbled the most in five years after securities regulators filed a lawsuit against Elon Musk’s carmaker. Oil had the longest run of weekly gains in four months as energy giants to Wall Street banks predicted the return of $100 crude on an impending supply crunch. The dollar erased earlier gains after data showed U.S. consumer spending cooled in August, while the 10-year Treasury yield traded near 3.05 percent. “When you look underneath the surface and you look at the market, this year has been a year when the market has just frankly been resilient,” Jay Gragnani, head of research at Nasdaq Dorsey Wright, said by phone. “There’s lots of talks of trade wars between China and the Canadian discussion. If you haven’t paid attention to the market, it certainly hasn’t felt like a very good year, but really you look underneath the surface and you’ve seen some pretty decent gains.”
In Europe, Italy’s populists won their battle to fund costly campaign promises, while infighting over Brexit is embroiling the U.K.’s Conservative Party. The Stoxx Europe 600 Index retreated, led by a plunge in Italian shares as the country’s benchmark headed for the biggest drop in more than two years. The nation’s yields climbed the most in four months after the government set a wider budget deficit than some investors had anticipated.
The yen’s slide to the weakest level this year helped stoke Japanese stocks as Asian equities advanced from Sydney to Shanghai.
These are the main moves in markets:
Stocks
* The S&P 500 was unchanged at 2,913.93 as of 4 p.m. in New York. The measure rallied more than 7 percent in the third quarter.
* The Nasdaq composite rose less than 0.1 percent, while small caps advanced.
* The Stoxx Europe 600 Index dipped 0.8 percent.
* Italy’s FTSE MIB Index sank 3.7 percent, the most in more than two years.
* Emerging-market stocks fell 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro decreased 0.3 percent to $1.1612.
* The British pound fell 0.3 percent to $1.3039.
* The Japanese yen dropped 0.2 percent at 113.60 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 3.05 percent.
* Germany’s 10-year yield decreased six basis points to 0.46 percent, the largest tumble in four months.
* Britain’s 10-year yield sank four basis points to 1.556 percent.
* Japan’s 10-year yield climbed one basis point to 0.13 percent.
* Italy’s 10-year yield jumped 33 basis points to 3.216 percent, the highest in four weeks on the biggest surge in four months.
Commodities
* West Texas Intermediate crude increased 1.7 percent to $73.34 a barrel.
* Gold gained 0.8 percent to $1,192.25 an ounce.
* Copper rose 0.8 percent to $2.80 a pound.
–With assistance from Adam Haigh and Robert Brand.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

Determine never to be idle. No person will have occasion to complain
of the want of time who never loses any. It is wonderful how much
may be done if we are always doing.
-Thomas Jefferson,1743-1826

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 27, 2018

September 27, 2018 Newsletter

Dear Friends,

Tangents:

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

The Back Story, NYT:

The illustrations that appear on Google’s home page to celebrate special occasions, like its 20th birthday today, began as a sly out-of-office message.

When the company’s founders, Sergey Brin and Larry Page, left for Burning Man in 1998, they added a drawing of the annual festival’s logo to their home page as a wink that they were away. The first Google Doodle was a hit.

A Google Doodle celebrating the birthday of Roger Hargreaves, the creator of the “Mr. Men” and “Little Miss” children’s books. Alamy

Google now employs a team of more than a dozen “Doodlers” to keep up with global demand for designs.
A few of the thousands of Doodles have caused controversy, including one honoring the Japanese-American activist Yuri Kochiyama, who expressed support for terrorists including Osama bin Laden.

But other Doodles have stirred creativity.

Ryan Germick, whose title is principal designer, Doodleland, said 40 million songs had been created with an interactive guitar Doodle celebrating Les Paul’s 96th birthday. And the Birth of Hip-Hop Doodle allowed visitors to mix samples from classic breakbeats, which he called the Doodles’ high-water mark.

Living in Doodleland, however, comes with a cost for Mr. Germick: seeing Doodles everywhere.

“Like at the supermarket,” he said in 2016, “the cucumbers and tomatoes are arranged a certain way and I’m like, ‘You know what, if I had a watermelon, that could work as a G.’ ”

Robb Todd wrote today’s Back Story, New York Times, September 27, 2018

PHOTOS OF THE DAY

A photographer has captured the oh no moment when a fish realizes its about to be gobbled down by a heron. The amazing snaps show the fish with its mouth wide open as if its life is flashing before its eyes – moments before the herons beak clamps down on it. Credit: Dave Potts/Mercury Press

An aerial view shows a surfer paddling out during a free surf session in Flackstad, Northern Norway, at the eve of the Lofoten Masters 2018. – Lofoten Masters 2018 is the most northern Surf contest, hold from September 27 to 30, in Unstad, within the Arctic circle. Credit: Photo by Oliver Morin/AFP

A drone shot showing the last of the summer sun shining through the remains of Corfe Castle in Dorset. Credit: Photograph by Chris Gorman/Bigladder.
Market Closes for September 27^th, 2018

Market Index	Close	Change
Dow Jones	26439.93	+54.65 +0.21%

S&P 500	2914.00	+8.03 +0.28%

NASDAQ	8041.969	+51.603 +0.65%

TSX	16204.62	+35.34
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	23796.74	-237.05
		-0.99%
HANG SENG	27715.67	-101.20
		-0.36%
SENSEX	36324.17	-218.10
		-0.60%
FTSE 100*	7545.44	+33.95
		+0.45%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.421	2.414
CND. 30 Year Bond	2.419	2.419
U.S. 10 Year Bond	3.0555	3.0480
U.S. 30 Year Bond	3.1856	3.1823

Currencies

BOC Close	Today	Previous
Canadian $	0.76687	0.76811
US $	1.30389	1.30182

Euro Rate 1 Euro=		Inverse
Canadian $	1.51793	0.65891
US $	1.16402	0.85909

Commodities

Gold	Close	Previous
London Gold Fix	1194.25	1201.90

Oil
WTI Crude Future	72.12	71.57

Market Commentary:
On this day in 1985, Philip Morris agreed to buy General Foods for $120 per share, or $5.75 billion, the largest takeover on record outside the oil industry. Many Philip Morris shareholders were angry that the tobacco company was diversifying into a slow-growing business like processed food.
Canada
By Tatiana Darie
(Bloomberg) — Canadian stocks gained, following U.S. peers higher, getting a boost from a rally in energy and technology shares. The loonie weakened for a second day as the U.S. dollar strengthened against major peers after the latest Federal Reserve rate hike.
The S&P/TSX Composite Index rose 0.2 percent, with energy stocks leading gains amid a rally in oil prices and hopes for a Canadian LNG project. Health stocks extended losses as pot shares fell on proposed regulations in Ontario to limit cannabis producers to one location.
Stocks
* Cenovus Energy Inc. rose 9 percent after signing deals to transport about 100,000 barrels a day of heavy crude by rail to the U.S. Gulf Coast from Alberta as a pipeline bottleneck depresses Canadian oil prices.
* Painted Pony Energy gained for a fifth day, rose 6.3 percent, after a report said Shell Canada and its partners are set to announce a decision on a liquefied natural gas terminal in western Canada.
* Tourmaline Oil Corp. gained 8 percent after Tudor Pickering named it its preferred, long-term pick on the LNG Canada theme.
Commodities
* Western Canada Select crude oil traded at a $35.25 discount to WTI
* Gold fell about 1 percent to $1,187.50 an ounce
FX/Bonds
* The Canadian dollar fell 0.2 percent to C$1.3041 per U.S. dollar
* The Canada 10-year government bond yield gained 0.5 basis points to 2.415%
US
By Brendan Walsh and Vildana Hajric
(Bloomberg) — U.S. stocks climbed and the dollar jumped to a two-week high after the Federal Reserve cited a strong economy when it raised interest rates. Gains in the largest tech companies made the Nasdaq the best performing major gauge, with both Apple Inc. and Amazon.com Inc. up about 2 percent. The likelihood of more Fed rate increases stretching into next year helped lift the greenback the most in a month. Argentina’s peso weakened a fourth day even after the country won a promise of extra cash from the
International Monetary Fund. Ten-year Treasury yields held steady; the euro fell. Volume in the S&P 500 Index was about 9 percent below average as some traders turned their attention to a U.S. Senate panel hearing testimony from Supreme Court nominee Brett Kavanaugh and a woman who accuses him of sexual assault.
U.S. stock traders brushed aside concerns that trade tensions could increase and accepted the outlook for higher borrowing costs a day after Fed officials signaled policy tightening was here to stay, even as President Donald Trump said he was “not happy” about Wednesday’s rate increase. He also struck a downbeat tone about trade talks with Canada, and accused China of trying to interfere in U.S. congressional elections in November.
“The stock market’s telling me the trade thing is not that big of a deal,” said Jeffrey Saut, the chief investment strategist at Raymond James. “Trump always asks for the moon and then walks back his position and declares victory.” Elsewhere, the Stoxx Europe 600 ended higher after declines in Asian shares. The euro fell with Italian bonds and equities before Italy’s coalition government agreed on a 2019 budget deficit. Crude climbed as U.S. Energy Secretary Rick Perry said the nation’s strategic oil reserves won’t be tapped to expand global supplies.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent as of the close of trading in New York
* The Stoxx Europe 600 Index rose 0.3 percent.
* The MSCI All-Country World Index was little changed.
* Italy’s FTSE MIB Index sank 0.6 percent.
* The Nikkei 225 fell 1 percent, breaking an eight-day winning streak.
Currencies
* The Bloomberg Dollar Spot Index gained 0.5 percent to the highest since Sept. 11.
* The euro fell 0.8 percent to $1.1651.
* The pound fell 0.7 percent to $1.308.
* The Japanese yen declined 0.6 percent to 113.38 per dollar.
* The Turkish lira advanced 1.7 percent to the strongest in a month.
* The MSCI Emerging Markets Currency Index increased 0.2 percent.
Bonds
* The yield on 10-year Treasuries was little changed at 3.05 percent.
* Germany’s 10-year yield was little changed at 0.53 percent.
* Britain’s 10-year yield edged higher to 1.6 percent.
* Italy’s 10-year yield rose three basis points to 2.88 percent.
Commodities
* West Texas Intermediate crude advanced 0.9 percent to $72.20 a barrel, approaching the highest in almost four years.
* Copper dropped 1.8 percent to $2.7765 a pound.
* Gold declined 0.9 percent to $1,184.12 an ounce, the weakest since mid-August.
–With assistance from Adam Haigh, Andreea Papuc, Cormac Mullen, Christopher Anstey, Eddie van der Walt, Yakob Peterseil and Andrew Cinko.

Have a great night.

Be magnificent!

As ever,

Carolann

It is certainly desirable to be well descended, but the glory belongs to our ancestors.
-Plutarch, c.46-c.125

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 26, 2018

September 26, 2018 Newsletter

Dear Friends,

Tangents:
September 26, 1950 – United Nations troops recaptured the South Korean capital of Seoul from the North Koreans.
1960: First televised Presidential debate.

T.S Eliot, b. 1888

-from The Love Song of J. Alfred Prufrock by T.S. Eliot, 1915:
I grow old … I grow old …
I shall wear the bottoms of my trousers rolled.

Shall I part my hair behind? Do I dare to eat a peach?
I shall wear white flannel trousers, and walk upon the beach.
I have heard the mermaids singing, each to each.

I do not think that they will sing to me.

I have seen them riding seaward on the waves
Combing the white hair of the waves blown back
When the wind blows the water white and black.

We have lingered in the chambers of the sea
By sea-girls wreathed with seaweed red and brown
Till human voices wake us, and we drown.

PHOTOS OF THE DAY

General view of the catwalk and the Eiffel tower prior the Saint Laurent show as part of the Paris Fashion Week Womenswear Spring/Summer 2019 in Paris, France. Credit: Stephane Cardinale – Corbis/Corbis Via Getty Images

Aerial views of cars waiting at a toll station during the Mid-Autumn Festival in Zhengzhou, Henan Province of China. Chinese people celebrate the Mid-Autumn Festival on the fifteenth day of the eighth lunar month. Credit: Cui Guanghua/VCG Via Getty Images

A lovable Labrador which spends its days at the rink after being saved from euthanasia. Benny, five, has been learning to skate for a year after his owner, former coach Cheryl Del Sangro, 56, took him along to a practice on a whim. During that first foray on the ice last winter adorable Benny scooted around on the ice after his owner, gleefully – and skillfully- picking up pucks. It inspired Cheryl – who had rescued the pup from death row at a shelter when he was just a few months old – to take him under her wing as her newest student. The animal lover has since taken Benny training once every two weeks at the Las Vegas Ice Centre, teaching him an array of tricks including turns, crossovers and bunny hops. Credit: Rick Vierkandt/Swns.com
Market Closes for September 26^th, 2018

Market Index	Close	Change
Dow Jones	26385.28	-106.93 -0.40%

S&P 500	2905.97	-9.59 -0.33%

NASDAQ	7990.367	-17.104 -0.21%

TSX	16169.28	+9.78
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	24033.79	+93.53
		+0.39%
HANG SENG	27816.87	+317.48
		+1.15%
SENSEX	36542.27	-109.79
		-0.30%
FTSE 100*	7511.49	+3.93
		+0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.414	2.459
CND. 30 Year Bond	2.419	2.467
U.S. 10 Year Bond	3.0480	3.0964
U.S. 30 Year Bond	3.1823	3.2258

Currencies

BOC Close	Today	Previous
Canadian $	0.76811	0.77206
US $	1.30182	1.29523

Euro Rate 1 Euro=		Inverse
Canadian $	1.52893	0.65405
US $	1.17438	0.85150

Commodities

Gold	Close	Previous
London Gold Fix	1201.90	1202.75

Oil
WTI Crude Future	71.57	72.58

Market Commentary:
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks slightly recovered Wednesday morning after Prime Minister Justin Trudeau said Canada has a “broad range of paths” ahead in Nafta talks, but will continue to work toward a trilateral deal. Trudeau spoke at a press conference at the United Nations on Wednesday.
The S&P/TSX Composite Index climbed 0.4 percent, with telecom and consumer discretionary stocks climbing most. Health care firm saw the largest decline, as pot stocks continued their wild price swings.
Stocks
* Canada Goose climbed more than 7 percent after DA Davidson initiated coverage on a handful of brand apparel names including GOOS with a buy rating
* Aurora Cannabis Inc. fell 3.4 percent after climbing on Tuesday following a quarterly report stating revenue growth should accelerate
* MTY Food Group Inc. climbed 2.5 percent after completing purchase of sweetFrog Premium Frozen Yogurt
Commodities
* Western Canada Select crude oil traded at a $34 discount to WTI
* Gold fell 0.5 percent to $1,199.10 an ounce FX/Bonds
* The Canadian dollar weakened 0.09 percent to C$1.2965 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.451%
US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — U.S. stocks fell and Treasuries rose after the Federal Reserve signaled it’ll keep raising interest rates even as inflation remains tepid. The S&P 500 fell 0.3 percent, with the bulk of losses coming in the final 20 minutes of trading. Equities earlier gained after the central bank suggested inflation remained tepid, only to reverse as Chairman Jerome Powell said the Fed could raise rates past the perceived neutral level. He also raised concern about fiscal policy, calling its path “unsustainable.” The dollar was little changed after swinging between small gains and losses. Powell addressed financial markets directly in his comments, saying that officials “judged the overall vulnerabilities to be moderate” while acknowledging some asset prices are in the “upper reach of their historical ranges.” American equities closed Friday at a record, while the 10-year yield rose to near its highest of the year. Oil prices hit a four-year high Tuesday before pulling back amid news U.S. production topped 11 billion barrels a day.
The Fed’s statement provided ammunition for hawks and doves alike as investors parsed the language for clues on monetary policy. Officials’ projections for the future path of rates steepened, even as the Fed acknowledged inflation shows no signs of accelerating. “The market shouldn’t be too surprised by anything,” said Michael Ning, the chief investment officer at PhaseCapital. “I have to give the Fed credibility for being very consistent, and they delivered.”
Investors will also be monitoring a news conference by President Donald Trump scheduled for 5 p.m. New York time. Elsewhere, Japan’s Topix ended just below its highest point in almost eight months, while stocks rallied in Hong Kong as traders returned from a holiday and Chinese shares rose after MSCI Inc. said it’s considering increasing the country’s weight in its global indexes.
Here are some key events coming up this week:
* Thursday sees durable goods, GDP data and jobless claims for the U.S.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The Nikkei 225 rose 0.4 percent.
* The MSCI Emerging Market Index climbed 0.5 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1 percent to $1.1749.
* The British pound weakened 0.1 percent to $1.3169.
* The Japanese yen rose 0.2 percent to 112.78 per dollar.
Bonds
* The yield on 10-year Treasuries declined four basis points to 3.05 percent.
* Germany’s 10-year yield dipped one basis point to 0.53 percent.
* The U.K.’s 10-year yield fell four basis points to 1.59 percent
Commodities
* West Texas Intermediate crude decreased 1 percent to $71.59 a barrel.
* Gold declined 0.5 percent to $1,194.71 an ounce.
* Copper fell 0.2 percent to $2.819 per pound.
–With assistance from Marvin G. Perez, Ravil Shirodkar, Andreea Papuc, Luke Kawa, Sid Verma, Eddie van der Walt, Cormac Mullen and Steve Matthews

Have a great night.

Be magnificent!

As ever,

Carolann

Abused patience turns to fury.
-Thomas Fuller, 1608-1661

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 25, 2018

September 25, 2018 Newsletter

Dear Friends,

Tangents: Full Moon tonight.
I watched it rise last night and it was spectacular; tonight should be even better.

September 25, 1676: Greenwich Mean Time established.
And on this day in 1493, Christopher Columbus set sail from Cadiz, Spain, with a flotilla of 17 ships on his second voyage to the Western Hemisphere. Go to article >>

Back Story , New York Times, September 25, 2018:

William Faulkner, born on this day in 1897 in New Albany, Miss., won two Pulitzers and the Nobel Prize in Literature. His Southern-rooted fiction, heartbreaking, dark and perverse, is often remembered for its long, winding sentences. His work appears in almost every listing of the best American novels.

What’s less known about Faulkner is that he was a devotee of mysteries — Agatha Christie, Dashiell Hammett, Dorothy Sayers — and that he tried his hand at the genre.

William Faulkner in 1962. Neal Boenzi/The New York Times

In 1946, he won second prize in the annual Ellery Queen Mystery Magazine contest, for the story “An Error in Chemistry.” (Its big reveal involved a whiskey toddy).

The story later appeared in “Knight’s Gambit,” a mystery collection by Faulkner featuring a mild-mannered yet shrewd country lawyer from Mississippi. Reviews were mixed, but The Times gave it a thumbs up.

Faulkner rarely discussed his love of mysteries, perhaps considering them lowbrow, but he seemed to understand their importance to his writing.

A friend recalled visiting a library with him, so Faulkner could “exchange a stack of mystery stories for a new stack. I asked him, ‘Why do you read all of these damn mysteries?’ and he said, ‘Bud, no matter what you write, it’s a mystery of one kind or another.’ ”

Nancy Wartik wrote today’s Back Story.

PHOTOS OF THE DAY

Mist hovers around fields near Glastonbury Tor in Somerset as the autumn chill sets in. Credit: Apex

The harvest moon casts the City’s skyline in dramatic hues as it rises over London. The name has its origins in it being the nearest full moon to the autumnal equinox when the last of the harvest was traditionally brought in. Credit: Peter Macdiarmid/LNP

Birds sit in their cages during a bird singing competition in Thailand’s southern province of Narathiwat. Over 1,600 birds from Thailand, Malaysia and Singapore took part in the annual contest. Credit: Madaree Tohlala/AFP/Getty Images
Market Closes for September 25^th, 2018

Market Index	Close	Change
Dow Jones	26492.21	-69.84 -0.26%

S&P 500	2915.56	-3.81 -0.13%

NASDAQ	8007.473	+14.225 +0.18%

TSX	16159.50	-47.82
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	23940.26	+70.33
		+0.29%
HANG SENG	27499.39	-454.19
		-1.62%
SENSEX	36652.06	+347.04
		+0.96%
FTSE 100*	7507.56	+49.15
		+0.66%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.459	2.446
CND. 30 Year Bond	2.467	2.455
U.S. 10 Year Bond	3.0964	3.0814
U.S. 30 Year Bond	3.2258	3.2174

Currencies

BOC Close	Today	Previous
Canadian $	0.77206	0.77227
US $	1.29523	1.29488

Euro Rate 1 Euro=		Inverse
Canadian $	1.52384	0.65624
US $	1.17650	0.84998

Commodities

Gold	Close	Previous
London Gold Fix	1202.75	1198.70

Oil
WTI Crude Future	72.58	73.08

Market Commentary:
On this day in 2008, in the depths of the financial crisis, federal regulators seized Washington Mutual and struck a deal to sell the bulk of its operations to JPMorgan. It was the largest bank failure in U.S. history.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks fell for a second day as trade tensions with the U.S. continued and global markets declined. U.S. Trade Representative Robert Lighthizer said the U.S. won’t wait for Canada on new Nafta pact. President Donald Trump and Prime Minister Justin Trudeau attended the same luncheon at the United Nations General Assembly, where the pair had a brief handshake suggesting lingering resentment.
The S&P/TSX Composite Index fell 0.3 percent, with consumer-discretionary and energy companies declining the most. Pot stocks rallied after Aurora Cannabis forecast revenue growth acceleration in fiscal 2019.
Stocks
* Martinrea International fell 4.9 percent as other auto players took a hit after BMW was the latest car company to lower its profit outlook, citing trade tensions and pricing pressure; Magna International Inc. declined 4.7 percent
* Barrick Gold Corp. rose as much as 5.4 percent after Citi analyst Alexander Hacking upgraded to buy from neutral, writing that the Randgold deal will add “most successful CEO” in the sector and solidifies capital allocation by removing M&A overhang/accelerating assets sales.
* Air Canada fell 2.5 percent after NTSB found tired pilots caused a near miss on a runway in San Francisco in 2017
Commodities
* Western Canada Select crude oil traded at a $34.50 discount to WTI
* Gold gained 0.1 percent to $1,205.60 an ounce
FX/Bonds
* The Canadian dollar gained 0.01 percent to C$1.2953 per U.S. dollar
* The Canada 10-year government bond yield gained to 2.459%
US
By Brendan Walsh
(Bloomberg) — U.S. stocks edged lower as oil drillers rallied with crude while industrial shares lagged behind. Treasuries fell as the Federal Reserve started its two-day policy meeting. U.S. benchmarks were mixed, with automobile and utility shares weighing on the S&P 500 Index, while a gain for Amazon.com Inc. helped lift the Nasdaq. President Donald Trump told the United Nations that the trade deficit with China “is just not acceptable,” stoking fears of greater trade tensions. Brent oil climbed to a four-year high.
Benchmark Treasury yields touched 3.1 percent and the dollar weakened slightly. Core European bonds slipped, but Italian notes rallied as the country crept closer to a budget. The Stoxx Europe 600 Index posted its seventh gain in eight days, and Japanese equities rose to the highest since January.
Riskier assets are drifting in the face of mounting political, trade and policy headwinds and investors look toward what could be a long and bruising conflict between the U.S. and China following the Asian nation’s decision to call off planned talks after the latest round of tariffs. Adding to political concerns are reports that U.S. Deputy Attorney General Rod Rosenstein, who oversees a probe into Russian interference in the American election, may be poised to leave his post, while the nomination of Brett Kavanaugh to the U.S. Supreme Court continues to be mired in controversy.
Investors are also looking forward to the Federal Reserve. The central bank’s policy meeting this week will likely see interest rates increased for the third time in 2018 and feature fresh projections for the next few years. “What will be more interesting will be to find out” the number of rate hikes anticipated for next year, Iain Stealey, portfolio manager at JPMorgan Global Strategic Bond Fund, who expects two Fed rate hikes this year and two in the first half of 2019, said on Bloomberg TV. “Inflation is above target, so they can keep going on this sort of slow normalization.”
Elsewhere, Brent climbed above $81 a barrel, reaching the highest since November 2014, while most metals fell. The pound added to gains made Monday when the currency was buoyed by increasing talk of a second U.K. referendum on the final Brexit deal.
Here are some key events coming up this week:
* Japanese Prime Minister Shinzo Abe meets with President Donald Trump in New York to discuss trade.
* The Fed decision on Wednesday will be followed by a press conference with Chairman Jerome Powell.
* Thursday sees durable goods, GDP data and jobless claims for the U.S.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.1 percent as of the close of trading in New York; the Dow Jones Industrial Average sank 0.3 percent; the Nasdaq Composite rose 0.2 percent.
* The Stoxx Europe 600 Index gained 0.5 percent.
* The U.K.’s FTSE 100 Index increased 0.7 percent to the highest in more than three weeks.]
* The MSCI Emerging Markets Index was little changed.
* The Nikkei 225 increased 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased less than 0.1 percent.
* The euro increased 0.2 percent to $1.1768.
* The British pound gained 0.5 percent to $1.3185.
* The Japanese yen fell 0.1 percent to 112.94 per dollar.
Bonds
* The yield on 10-year Treasuries were little changed at 3.09 percent after hitting the highest since May.
* Germany’s 10-year yield rose three basis points to 0.54 percent.
* Britain’s 10-year yield climbed two basis points to 1.63 percent.
* Italy’s 10-year yield declined seven basis points to 2.87 percent, the biggest fall in more than a week.
Commodities
* West Texas Intermediate crude rose 0.3 percent $72.28 a barrel, while Brent rose 0.7 percent to $81.74.
* Gold advanced 0.2 percent to $1,201.13 an ounce.
–With assistance from Andreea Papuc, Brandon Kochkodin, Christopher Anstey, Yakob Peterseil and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

When you come to the end of your rope, tie a knot and hang one.
-Franklin Delano Roosevelt, 1882-1945

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 24, 2018

September 24, 2018 Newsletter

Dear Friends,

Tangents: Autumn officially arrived yesterday.
On Sept. 24, 1996, the United States and the world’s other major nuclear powers signed a treaty to end all testing and development of nuclear weapons.
Go to article »

1936- F. Scott Fitzgerald b.

US poet Danez Smith wins Forward prize for best collection
Poets are “opening the window and looking out at the world” as readership increases. – from The Financial Times, September 22, 2018.

The Poem

it won’t be a bullet
-by Danez Smith

becoming a little moon – brightwarm in me one night.
thank god. i can go quietly. the doctor will explain death
& i’ll go practice.

in the catalogue of ways to kill a black boy, find me
buried between the pages stuck together
with red stick. ironic, predictable. look at me.

i’m not the kind of black man who dies on the news.
i’m the kind who grows thinner & thinner & thinner
until light outweighs us, & we become it, family
gathered around my barely body telling me to go
toward myself.

From “Don’t Call Us Dead” (Chatto Poetry), winner of the 2018 Frorward Prize for Best Collection. The competition is sponsored by Bookmark Content. -FT.

PHOTOS OF THE DAY

A cow’s silhouette against the almost full moon in Aitrang, Germany. Credit: Karl-Josef Hildenbrand/AFP

The Sydney Opera House has received carbon neutral certification five years ahead of schedule through a range of initiatives, including replacing incandescent bulbs in the Concert Hall with custom LED lights, upgrading its seawater cooling and waste management systems and in its recycling room. Credit: James D. Morgan/Getty

Actors and staff at the Bristol Old Vic theater (left to right) Actor Simon Callow, Poet Miles Chambers, Chief Executive Emma Stenning and Artistic Director Tom Morris stand in newly created openings in the building’s original frontage as the oldest continuously working theatre in the English speaking world, built in 1766, is reopening to the public after a £26M renovation project. Credit: Ben Birchall/PA Wire
Market Closes for September 24^th, 2018

Market Index	Close	Change
Dow Jones	26562.05	-181.45 -0.68%

S&P 500	2919.37	-10.30 -0.35%

NASDAQ	7993.250	+6.295 +0.08%

TSX	16207.32	-16.81
		-0.10%

International Markets

Market Index	Close	Change
NIKKEI	23869.93	+195.00
		+0.82%
HANG SENG	27499.39	-454.19
		-1.62%
SENSEX	36305.02	-536.58
		-1.46%
FTSE 100*	7458.41	-31.82
		-0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.446	2.430
CND. 30 Year Bond	2.455	2.440
U.S. 10 Year Bond	3.0814	3.0628
U.S. 30 Year Bond	3.2174	3.2006

Currencies

BOC Close	Today	Previous
Canadian $	0.77227	0.77418
US $	1.29488	1.29168

Euro Rate 1 Euro=		Inverse
Canadian $	1.52124	0.65736
US $	1.17481	0.85120

Commodities

Gold	Close	Previous
London Gold Fix	1198.70	1208.35

Oil
WTI Crude Future	73.08	71.78

Market Commentary
On this day in 1998, eBay went public on the Nasdaq, selling about 3.5 million shares at an initial offering price of $18 a share that gave the e-commerce company a projected market cap of $715 million. Today, eBay is worth roughly $35 billion.
Canada
By Tatiana Darie
(Bloomberg) — Canadian stocks followed their global peers lower amid rising trade tensions. The loonie weakened against the dollar for a second day as concern that Nafta will take a back-burner to the China impasse is putting a damper on traders’ enthusiasm for the Canadian dollar. Prime Minister Justin Trudeau and President Donald Trump are not expected to sit down at the United Nations General Assembly this week as Nafta negotiations hang in the balance, the Toronto Star reported.
The S&P/TSX Composite Index fell 0.1 percent on Monday, with telecom, consumer discretionary and industrials leading losses. Pot stocks recovered from a selloff on Friday and energy rose as oil rallied.
Stocks
* Barrick Gold Corp rose 5.8 percent after agreeing to buy Randgold Resources Ltd. for about $5.4 billion, creating a global gold mining behemoth with a focus on Africa and the Americas; On a call with analysts Randgold CEO Mark Bristow ruled out selling its top assets after the merger with Barrick.
* Calfrac Well Services Ltd fell 2.5 percent while Trican Well Service Ltd fell 2.6 percent after Scotia Capital analyst Vladislav Vlad downgraded the stocks to sector perform from sector utperform.
* Enbridge Inc fell 1.6 percent after Citi resumed coverage of Enbridge Inc. with a neutral recommendation.
Commodities
* Western Canada Select crude oil traded at a $33.75 discount to WTI
* Gold gained 0.2 percent to $1,203.40 an ounce
FX/Bonds
* The Canadian dollar fell 0.3 percent C$1.2946 per U.S. dollar
* The Canada 10-year government bond yield gained 1.6 basis points to 2.442%
US
By Sarah Ponczek and Brendan Walsh
(Bloomberg) — Stocks slipped on growing concern about the outlook for global trade and U.S. politics. Oil rallied toward a four-year high. Industrial shares led the S&P 500 Index lower after China warned it won’t meet with American officials unless they stop threatening to expand tariffs, while reports that Deputy Attorney General Rod Rosenstein will leave his post also weighed on stocks. The Nasdaq 100 eked out a gain as the largest tech shares advanced. Comcast Corp. plunged after agreeing to buy Sky Plc.
European sovereign bond yields jumped as Central Bank President Mario Draghi predicted a pickup in underlying inflation. Automakers were the worst performers as the Stoxx Europe 600 fell. An uptick in political tensions and the escalation in cross-Pacific trade tensions are testing global equities, which have posted two strong weeks of gains in part due to optimism that economies can weather any potential tariffs. JPMorgan Chase & Co. said it’s starting to factor into its strategy a growing potential for a “Phase III” of the tariff war next year affecting all Chinese imports, which would lead to weaker growth in the country and hit U.S. stocks.
“Geopolitical disruption can certainly grab headlines and rock capital markets in the short term,” said Kristina Hooper, chief global market strategist at Invesco Ltd. “However, I continue to caution that investors focus on the geopolitical disruption that actually has the potential to impact fundamentals – and that is trade. Everything else is just noise.”
Coming up this week is the Federal Reserve’s policy meeting that will likely see interest rates increased for the third time this year, with markets increasingly pricing for another one in December.
Elsewhere, Hong Kong stocks fell as holidays in China and Japan reduced volume. Indian shares and the rupee slid as cracks appear in Asia’s best-performing stock market this year amid concerns about troubles in the non-bank financial sector.
Emerging-market shares weakened and their currencies edged lower. Brent crude climbed above $80 a barrel as OPEC and its allies signaled less urgency to boost output despite U.S. pressure. The pound strengthened on increasing talk of a second U.K. referendum on the final Brexit deal.
Here are some key events coming up this week:
* Japanese Prime Minister Shinzo Abe meets with President Donald Trump in New York to discuss trade.
* The Fed decision on Wednesday will be followed by a press conference with Chairman Jerome Powell.
* Thursday sees durable goods, GDP data and jobless claims for the U.S.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.4 percent as of the close of trading in New York; the Nasdaq Composite rose 0.1 percent while the Dow Jones Industrial Average slid 0.7 percent.
* The Stoxx Europe 600 Index sank 0.6 percent.
* The MSCI All-Country World Index dipped 0.5 percent.
* The MSCI Emerging Markets Index decreased 1.1 percent, the first retreat in a week.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro was little changed at $1.1746.
* The British pound added 0.3 percent to $1.3113.
* The Japanese yen slipped 0.2 percent to 112.77 per dollar.
* The Turkish lira surged 2.5 percent to 6.1388 per dollar.
Bonds
* The yield on 10-year Treasuries increased two basis points to 3.08 percent, hitting the highest since May.
* Germany’s 10-year yield increased five basis points to 0.51percent.
* Britain’s 10-year yield rose six basis points to 1.61 percent.
Commodities
* The Bloomberg Commodity Index gained 0.5 percent to the highest in six weeks.
* West Texas Intermediate crude climbed 2.1 percent to $72.26 a barrel, approaching the highest in almost four years.
* Copper fell 1.1 percent to 2.8265 per pound.
* Gold slipped 0.1 percent to $1,198.85 an ounce.
–With assistance from Adam Haigh, Christopher Anstey, Eddie van der Walt and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

A man cannot be too careful in the choice of his enemies.
-Oscar Wilde, 1854-1900

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 21, 2018

September 21, 2018 Newsletter

Dear Friends,

Tangents: HAPPY FRIDAY!

Leonard Cohen, b. September 21, 1934

CITY CHRIST
-by Leonard Cohen
He has returned from countless wars,
Blinded and hopelessly lame.
He endures the morning streetcars
And counts ages in a Peel Street room.

He is kept in his place like a court jew,
To consult on plagues or hurricanes,
And he never walks with them on the sea
Or joins their lonely sidewalk games.

1938 – A hurricane struck parts of New York and New England, causing widespread damage and claiming more than 600 lives.

PHOTOS OF THE DAY

The Sky Disc of Nebra, made of bronze and gold, from 1,600 BC. displayed at an archeological exhibition in Berlin. Credit: Markus Schreiber/AP

A child like in the exhibition “Children’s Biennial – Dreams & Stories” in the Japanese Palace Dresden, Germany on the installation “Well” by Mark Justiniani. The first Children’s Biennial in Europe. Credit: Sebastian Kahnert/Alamy

Daredevil kayaker Dane Jackson rides the white water rapids towards the rainbow, as he makes his way along the river, in White Salmon, Washington. Credit: John Webster/Caters
Market Closes for September 21^st, 2018

Market Index	Close	Change
Dow Jones	26743.50	+86.52 +0.32%

S&P 500	2929.67	-1.08 -0.04%

NASDAQ	7986.957	-41.275 -0.51%

TSX	16224.13	+9.38
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	23869.93	+195.00
		+0.82%
HANG SENG	27953.58	+475.91
		+1.73%
SENSEX	36841.60	-279.62
		-0.75%
FTSE 100*	7490.23	+122.91
		+1.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.430	2.428
CND. 30 Year Bond	2.440	2.433
U.S. 10 Year Bond	3.0628	3.0645
U.S. 30 Year Bond	3.2006	3.1989

Currencies

BOC Close	Today	Previous
Canadian $	0.77418	0.77479
US $	1.29168	1.29067

Euro Rate 1 Euro=		Inverse
Canadian $	1.51799	0.65877
US $	1.17524	0.85089

Commodities

Gold	Close	Previous
London Gold Fix	1208.35	1203.30

Oil
WTI Crude Future	71.78	70.80

Market Commentary:
On this day in 2008, in the depths of the financial crisis, the Federal Reserve converted Morgan Stanley and Goldman Sachs into traditional bank-holding companies, bringing them under the supervision of bank regulators.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks barely climbed on Friday, rising to their highest since the end of August, as negotiations for a U.S. trade deal continued. The loonie weakened, snapping a three-day advance against the greenback.
The S&P/TSX Composite Index rose less than 0.1 percent, with real estate and industrial companies leading gains. Healthcare names fell the most, declining 2.2 percent, as pot stocks pressured the benchmark. The massive swings in cannabis-related stocks continued as Tilray Inc. saw its biggest two-day drop since coming public.
Stocks
* Trican Well Service fell 6.2 percent after two analyst downgrades on Thursday; RBC cut its rating to sector perform and Raymond James lowered its recommendation to outperform
* AltaGas Ltd. climbed 5.9 percent, far outperforming a 0.5 percent advance in Canadian energy stocks
* Gibson Energy Inc. rose 5.1 percent after NBF and National Bank upgraded their ratings
* Uni-Select Inc. gained 5 percent after being rated a new hold at TD, but with a C$24 price target
Commodities
* Western Canada Select crude oil traded at a $33.75 discount to WTI
* Gold fell 0.6 percent to $1,203.50 an ounce FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.29166 per U.S. dollar
* The Canada 10-year government bond yield gained to 2.43%
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — Declines in tech giants including Apple Inc., Amazon Inc. and Facebook Inc. dragged on equity benchmarks, helping erase the session’s gains on a day when quarterly rebalancing spurred volatile trading.
The S&P 500 Index was little changed Friday but still ended the week up after reaching a record high Thursday. Quadruple witching — when futures and options on indexes and individual stocks expire — and the largest revision to the Global Industry Classification Standard since 1999 may be behind the slide and the higher-than-average volumes. “Bottom line, new highs are positive in the medium term, but I wouldn’t be chasing stocks at these levels and at a minimum, digestion of this rally shouldn’t surprise anyone,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter, wrote to clients. “Are things better than they were last week? Yes. Are they good enough to get the S&P 500 through 3,000 and above? No, not yet, at least in my opinion.”
Earlier, the bullish mood that characterized most of the week buoyed global equity markets. Stocks rallied in Europe and Asia, and the MSCI All-Country World Index was poised for a seven-month high. Treasury yields held above 3 percent. The dollar and commodities gained.
The pound sank after Prime Minister Theresa May said the U.K. and European Union were “at an impasse” on Brexit. The euro slipped from a three-month high after data showed euro-area expansion edged lower in September. Italian bonds climbed as Finance Minister Giovanni Tria prepares a draft budget. In Japan, news that the BOJ is trimming purchases of debt maturing in more than 25 years helped boost 20-year and 30-year government bond yields.
Raw materials, stocks and emerging-market assets are all rallying as investors bet the global economic expansion is intact despite the latest data from Europe and the escalating trade war. The Bloomberg Commodity Index climbed to its highest level in more than a month, fueled by gains in crude oil and copper.
Emerging-market stocks and currencies extended a rally. Indian stocks bucked the developing-nation trend, however, as a plunge in banks set off an exodus from financial shares.
The big rearrangement of the GICS takes effect Sept. 24, with the creation of the communication services group. The new industry category will include three of the four FANG stocks —
Facebook, Alphabet and Netflix — and could force investors who track indexes based on the classification to reshuffle their money.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4:04 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.4 percent.
* The U.K.’s FTSE 100 Index climbed 1.7 percent.
* The MSCI Emerging Market Index rose 1.4 percent to a three-week high.
* The MSCI All-Country World Index increased 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent, the biggest gain in a week.
* The euro fell 0.2 percent to $1.1749.
* The British pound sank 1.4 percent to $1.3081, the biggest drop in almost a year.
* The Japanese yen declined 0.1 percent to 112.55 per dollar.
Bonds
* The yield on 10-year Treasuries gained less than one basis point to 3.06 percent, a four-month high.
* Germany’s 10-year yield decreased one basis point to 0.46 percent.
* Britain’s 10-year yield fell three basis points to 1.553 percent.
Commodities
* The Bloomberg Commodity Index increased 0.6 percent to the highest in six weeks.
* West Texas Intermediate crude gained 0.7 percent to $70.84 a barrel.
* Gold fell 0.7 percent to $1,198.74 an ounce.
–With assistance from Adam Haigh and Robert Brand.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

Opinion is ultimately determined by the feelings, and not by the intellect.
-Herbert Spencer, 1820-1903

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 20, 2018

September 20, 2018 Newsletter

Dear Friends,

Tangents:

Composed upon Westminster Bridge, September 3, 1802
-William Wordsworth

Earth has not anything to show more fair:
Dull would he be of soul who could pass by
A sight so touching in its majesty:
This City now doth, like a garment, wear
The beauty of the morning; silent, bare,
Ships, towers, domes, theatres, and temples lie
Open unto the fields, and to the sky;
All bright and glittering in the smokeless air.
Never did sun more beautifully steep
In his first splendour, valley, rock, or hill;
Ne’er saw I, never felt, a calm so deep!
The river glideth at his own sweet will:
Dear God! the very houses seem asleep;
And all that mighty heart is lying still!

September 20, 1873 Panic swept the New York Stock Exchange in the wake of railroad bond defaults and bank failures.

PHOTOS OF THE DAY

It could be twit-twoo love as a pair of young barn owls share a kiss. The romantic owlets, which are only 10 weeks old, affectionately preen each other as they each fly in and land on post. These beautiful pictures were taken by 56-year-old Gavin Bickerton-Jones in Old Buckenham Country Park, Norfolk, on one of the pair’s first forays from their nesting box. Credit: Gavin Bickerton-Jones/Solent News & Photo Agency

‘Lest We Forget’ programme of dance performed by English National Ballet at Sadler’s Wells Theatre, London, UK. Credit: Alastair Muir

Steam and cooling towers of a lignite power plant are reflected in a pond in Peitz, eastern Germany. Credit: Patrick Pleul/DPA Via Ap
Market Closes for September 20^th, 2018

Market Index	Close	Change
Dow Jones	26656.98	+251.22 +0.95%

S&P 500	2930.79	+22.84 +0.79%

NASDAQ	8028.234	+78.197 +0.98%

TSX	16210.91	+60.99
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	23674.93	+2.41
		+0.01%
HANG SENG	27477.67	+70.30
		+0.26%
SENSEX	37121.22	-169.45
		-0.45%
FTSE 100*	7367.32	+36.20
		+0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.428	2.420
CND. 30 Year Bond	2.433	2.430
U.S. 10 Year Bond	3.0645	3.0626
U.S. 30 Year Bond	3.1989	3.2098

Currencies

BOC Close	Today	Previous
Canadian $	0.77479	0.77372
US $	1.29067	1.29245

Euro Rate 1 Euro=		Inverse
Canadian $	1.52014	0.65783
US $	1.17779	0.84904

Commodities

Gold	Close	Previous
London Gold Fix	1203.30	1200.20

Oil
WTI Crude Future	70.80	71.12

Market Commentary:
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks climbed to their highest level this month on Thursday as negotiations for a U.S. trade deal continued. The loonie strengthened against a weak greenback as Nafta talks are set to continue after high-level meetings Wednesday failed to reach an agreement.
The S&P/TSX Composite Index rose 0.5 percent, with health-care companies leading gains thanks to a rebound in pot stocks.
Utilities, energy and materials companies were the only declining sectors. The massive swings in cannabis-related stocks continued with Tilray Inc. falling close to 18 percent in the U.S.
Stocks
* Aurora Cannabis Inc. surged 12.7 percent alongside other pot stocks; Canopy Growth Corp. climbed 6.5 percent
* New Gold Inc. fell 9 percent, as balance sheet concerns remained despite a deal to sell the Mesquite mine
* Eldorado Gold Corp. fell 6.5 percent; the company confirmed that its Greek subsidiary filed an application for EU750 million in damages from Greece
* Celestica Inc. fell 4.8 percent after Dell EMC was said to terminate a contract with the company
Commodities
* Western Canada Select crude oil traded at a $33.75 discount to WTI
* Gold gained 0.3 percent to $1,212.20 an ounce
FX/Bonds
* The Canadian dollar gained 0.1 percent C$1.29049 per U.S.dollar
* The Canada 10-year government bond yield gained to 2.428%
US
By Vildana Hajric
(Bloomberg) — U.S. stock benchmarks reached new highs Thursday on news from China about tariff and currency moves that could ease trade tensions. Treasury yields remained near their highest level this year. The dollar slid.
The S&P 500 Index soared to a record close — led by the technology, health-care and financial sectors — lodging its biggest gain in over a month. The Dow Jones Industrial Average also reached a new pinnacle, with 28 of 30 constituents flashing green. Most European and Asian shares also gained. Trade conflicts that had stocks gyrating early in the week have since cooled off. China is said to be planning to cut the average tariff rate it charges on imports from the majority of its trading partners as soon as next month. On Wednesday, Premier Li Keqiang his government wouldn’t devalue the currency in order to boost its exports amid the trade war. The yield on 10-year Treasuries held above 3 percent, near its high for the year. The greenback weakened after a report said the U.S. and Canada are unlikely to reach a deal on Nafta in Washington this week; jobless data was solid but did little to change the mood. The pound surged after August retail sales came in higher than expected.
“The dollar has generally strengthened on tariff fears, especially against EM currencies,” Pravit Chintawongvanich, an equity derivatives strategist at Wells Fargo Securities, said by phone. “What you’re seeing today is the opposite of that. EM equities and DM equities ex-U.S. are catching up. Today is a continuation of the risk-on theme we’ve seen in the last couple days.”
Equity markets have so far remained resilient in the face of rising bond yields, suggesting investors are comfortable with the outlook for corporate earnings and global growth even as borrowing costs rise along with trade tensions. Ahead of the Fed meeting next week some other central banks topped the agenda on Thursday, with Norway’s policy makers raising interest rates for the first time in seven years as the SNB kept deposit rates unchanged.
Elsewhere, emerging-market assets continued to rally off the lows seen earlier this month, with the rand among the leading developing-world currencies as the South African Reserve Bank held its key interest rate at a two-year low. Norway’s krone retreated as investors saw the central bank’s rate trajectory as dovish, while the Swiss franc strengthened.
West Texas crude dropped after U.S. President Donald Trump resumed his criticism of OPEC on Twitter.
Here are some key events coming up this week:
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.8 percent as of 4 p.m. New York time to its highest on record.
* The Dow Jones Industrial Average rose 1 percent, also reaching a record high.
* The Stoxx Europe 600 Index jumped 0.7 percent.
* The U.K.’s FTSE 100 Index climbed 0.5 percent.
* The MSCI Emerging Market Index jumped 0.9 percent to the highest in more than two weeks.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.4 percent to the lowest in eight weeks.
* The euro climbed 0.9 percent to $1.1779.
* The British pound rose 1 percent to $1.3271.
* The Japanese yen sank 0.1 percent to 112.41 per dollar.
Bonds
* The yield on 10-year Treasuries rose less than one basis point to 3.07 percent, the highest in more than four months.
* Germany’s 10-year yield decreased two basis points to 0.47 percent.
* Britain’s 10-year yield fell two basis points to 1.585 percent.
Commodities
* The Bloomberg Commodity Index rose 0.6 percent, approaching a six-week high.
* West Texas Intermediate crude fell 0.4 percent to $70.80 a barrel.
* LME copper fell 0.6 percent to $6,082.00 a metric ton.
* Gold rose 0.3 percent to $1,207.28 an ounce.
–With assistance from Adam Haigh, Andreea Papuc and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

However impenetrable it seems, if you don’t try it, then you can never do it.
-Andrew J. Wiles, b. 1953

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 19, 2018

September 19, 2018 Newsletter

Dear Friends,

Tangents:
September 19, 957 The United States conducted its first underground nuclear test, in the Nevada desert.

I read an interview with David Ellsberg in the Financial Times recently in which he portends that Trump’s behavior toward North Korea has inched the world closer to nuclear war. Ellsberg is the guy who released the Pentagon Papers in 1971 and was at the forefront of planning disaster preparedness in the event of a nuclear war in his job at the Rand corporation and latterly in the Nixon Administration. His book, The Doomsday Machine: Confessions of a Nuclear War Planner, has recently been published after years of rejection by publishers. The renewed conversation on the possibility of a nuclear war and publishers’ willingness to put his book in print finally is disturbing at the very least.

Nature’s peace will flow into you as sunshine flows into trees. The winds will blow their own freshness into you, and the storms their energy, while cares will drop away from you like the leaves of Autumn. –John Muir

PHOTOS OF THE DAY

South Korean President Moon Jae-in and North Korean leader Kim Jong-un attend a luncheon in Pyongyang, North Korea, during a high-stakes summit intended to salvage nuclear diplomacy negotiations between their countries. Credit: Pyeongyang Press Corps Via Reuters

Ballerinas arriving at the premiere of NUREYEV at the Curzon Mayfair, the new film by Jacqui and David Morris about the life of legendary ballet dancer Rudolf Nureyev which hits cinemas nationwide on 25 September. Credit: Jeff Moore

View of the work “Viewing Machine” by Danish-Icelander artist Olafur Eliasson, displayed at the Inhotim Centre for Contemporary Art in Brumadinho, some 60 km southeast of Belo Horizonte, Minas Gerais, Brazil. Credit: Mauro Pimentel/AFP/Getty Images
Market Closes for September 19^th, 2018

Market Index	Close	Change
Dow Jones	26405.76	+158.80 +0.61%

S&P 500	2907.95	+3.64 +0.13%

NASDAQ	7950.039	-6.068 -0.08%

TSX	16149.92	-46.12
		-0.28%

International Markets

Market Index	Close	Change
NIKKEI	23672.52	+251.98
		+1.08%
HANG SENG	27407.37	+322.71
		+1.19%
SENSEX	37121.22	-169.45
		-0.45%
FTSE 100*	7331.12	+30.89
		+0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.420	2.382
CND. 30 Year Bond	2.430	2.401
U.S. 10 Year Bond	3.0626	3.0477
U.S. 30 Year Bond	3.2098	3.1947

Currencies

BOC Close	Today	Previous
Canadian $	0.77372	0.77063
US $	1.29245	1.29766

Euro Rate 1 Euro=		Inverse
Canadian $	1.50845	0.66293
US $	1.16712	0.85681

Commodities

Gold	Close	Previous
London Gold Fix	1200.20	1201.90

Oil
WTI Crude Future	71.12	69.85

Market Commentary:
On this day in 2008, in the depths of the financial crisis, Treasury Secretary Henry Paulson presented a plan to use taxpayer money to buy “hundreds of billions” of dollars worth of illiquid assets from U.S. banks. The SEC also issued a short-selling ban on hundreds of financial shares, and stocks rebounded for the second straight day.
Canada
By Tatiana Darie
(Bloomberg) — Canadian stocks halted a three-day streak of gains as officials continue to work toward a trade U.S. trade deal, with Canadian Foreign Minister Chrystia Freeland telling reporters talks are still productive but negotiators need to do more work. The S&P/TSX Composite Index fell 0.3 percent, with health-care, telecom and industrials leading losses. Materials, tech and financials were the only groups that gained.
The loonie strengthened against the dollar for a second day.
Stocks
* TMAC Resources Inc. rose 2.6 percent after Macquarie initiated coverage with an outperform recommendation; TMAC filed a prospectus to offer shares via BMO Nesbitt Burns and CIBC World
Markets
* Aphria Inc. and Canopy Growth fell 7.3 percent and 5.8 percent, respectively, taking a breather even as cannabis producer Tilray gained as much as 94% before trimming gains.
* Australis Capital closed at $2.93 on its first trading day after parent company Aurora completed distribution of Australis’ shares and warrants.
Commodities
* Western Canada Select crude oil traded at a $32 discount to WTI
* Gold gained 0.5 percent to $1,208.30 an ounce
FX/Bonds
* The Canadian dollar gained 0.4 percent C$1.2922 per U.S. dollar
* The Canada 10-year government bond yield gained 2.8 basis points to 2.411%
US
By Randall Jensen
(Bloomberg) — U.S. equities edged higher and Treasuries declined as investors assessed the latest developments in the varied trade disputes. The dollar fell. The S&P 500 Index gained for a second day, getting a lift from banking stocks as the 10-year Treasury yield rose toward its highest level of the year, while rate-sensitive utilities weighed. Grocers dropped on a report that said Amazon Inc. is considering opening as many as 3,000 cashier less stores. Shares of Caterpillar Inc. and The Boeing Co. helped push up the Dow Jones Industrial Average after China said it won’t devalue its currency.
The dollar fell against most major currencies after a report said the U.S. and Canada are unlikely to reach a deal on Nafta in Washington this week. Emerging-market equities advanced for the fifth time in six sessions as their currencies strengthened. West Texas crude climbed above $71 a barrel. “We continue to ignore concerns over escalation of trade. We knew we’d get this latest round and that China would retaliate,” Art Hogan, chief market strategist at B Riley FBR Inc., said. “Right now it feels like an endless round of one-upsmanship and tit-for-tat retaliation. The market is willing to look at this as a brutal negotiation process and not a mutually destructive trade war just yet.”
While the threat to global growth remains, investors have had months to form a view on the trade war and stock markets have been signaling an improving sentiment of late: A basket of global shares is rising for the seventh time in eight sessions. But that perspective could be in jeopardy if tariffs have a bigger-than-expected impact on the economy. As the week grinds on, Brexit remains a key item on the agenda as the U.K. and European Union battle against the clock for an accord.
Here are some key events coming up this week:
* European PMIs are due on Thursday; U.S. PMIs out Friday
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1 percent to 2,907.95 as of 4:00 p.m. in New York.
* The Nasdaq Composite Index fell 0.1 percent.
* The Dow Jones industrial gained 0.6 percent, touching the highest since January.
* The Russell 2000 Index declined 0.5 percent.
* The MSCI World Index of developed countries rose 0.4 percent to the highest in almost three weeks.
* The MSCI Emerging Market Index climbed 1.2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent to the lowest in three weeks.
* The euro rose less than 0.1 percent.
* The Japanese yen gained 0.1 percent.
* The Turkish lira advanced 2.1 percent to 6.2508 per dollar.
* South Africa’s rand gained 1.8 percent to 14.6485 per dollar.
* The MSCI Emerging Markets Currency Index climbed 0.3 percent.
Bonds
* The yield on 10-year Treasuries rose two basis points to 3.08 percent.
* Germany’s 10-year yield gained less than one basis point to 0.49 percent.
* Italy’s 10-year yield gained six basis points to 2.852 percent.
Commodities
* The Bloomberg Commodity Index gained 0.8 percent.
* West Texas Intermediate crude rose 1.9 percent to $71.15 a barrel, headed for the highest since July.
* Gold climbed 0.4 percent to $1,203.15 an ounce.
–With assistance from Vildana Hajric, Eddie van der Walt, Samuel Potter and Todd White.

Have a great night.

Be magnificent!

As ever,

Carolann

In a real dark night of the soul it is always three o’clock in the morning.
-F. Scott Fitzgerald, 1896-1940

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 18, 2018

September 18, 2018 Newsletter

Dear Friends,

Tangents: Yom Kippur begins at sundown.
G’mar Hatima Tova.
Yom Tov.

Yesterday, the Tokyo Stock Exchange was closed in observance of Respect for the Aged Day. Isn’t that a terrific idea?

French winemakers are cheering an “incredible” 2018.

September 18,1759 – The French surrendered Quebec to the British. Go to article >>

On this day in 1851, the first edition of The New York Times was printed. (See the front page here.)

Happy birthday to The New York Times

Then called The New-York Daily Times, the paper was founded by Henry Jarvis Raymond and George Jones.

The first edition cost one penny and lacked any imagery or color.

The founders declared that the newspaper would be issued every morning but Sunday, “for an indefinite number of years to come.” (Ten years later, The Times was among several papers that started Sunday editions to accommodate demand for news of the Civil War.)

During a time when sensationalist journalism was commonplace in media, The Times vowed to avoid such tactics in favor of neutral, fact-based reporting.

“We do not believe that everything in Society is either exactly right or exactly wrong,” Mr. Raymond said in the introductory article of the paper’s first edition. “What is good we desire to preserve and improve; what is evil, to exterminate, or reform.”

Throughout the years, the paper would shorten its name to The New-York Times and eventually drop the hyphen in favor of its current style. Read more about the history of The Times here.

Adriana Lacy wrote today’s Back Story, New York Times, September 18, 2018.

PHOTOS OF THE DAY

A giant balloon of Papa Smurf floats during the Balloon Day Parade along the downtown boulevards, as part of the “Comic Strip Festival”, in Brussels, Belgium. Credit: Eric Vidal/Reuters

Circus 1903 at the Southbank Centre, which includes stunningly created, larger-than-life puppet elephants alongside a huge cast of the most unique, amazing and dangerous circus acts. From acrobats to contortionists, jugglers to trapeze, high wire performers and much more. Credit: Julian Simmonds for The Telegraph.

This aerial view shows French artist Saype posing inside his giant land art fresco representing a little girl dropping an origami boat into Lake Geneva that he painted to support the cause of the NGO SOS Mediterranee. The giant fresco covering 5,000 square meters was produced with biodegradable paints made from natural pigments. Credit: Fabrice Coffrini/AFP/Getty Images
Market Closes for September 18^th, 2018

Market Index	Close	Change
Dow Jones	26246.96	+184.84 +0.71%

S&P 500	2905.12	+16.32 +0.56%

NASDAQ	7956.105	+60.314 +0.76%

TSX	16187.93	+105.62
		+0.66%

International Markets

Market Index	Close	Change
NIKKEI	23420.54	+325.87
		+1.41%
HANG SENG	27084.66	+151.81
		+0.56%
SENSEX	37290.67	-294.84
		-0.78%
FTSE 100*	7300.23	-1.87
		-0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.382	2.342
CND. 30 Year Bond	2.401	2.357
U.S. 10 Year Bond	3.0477	2.9903
U.S. 30 Year Bond	3.1947	3.1309

Currencies

BOC Close	Today	Previous
Canadian $	0.77063	0.76695
US $	1.29766	1.30386

Euro Rate 1 Euro=		Inverse
Canadian $	1.51461	0.66024
US $	1.16718	0.85676

Gold	Close	Previous
London Gold Fix	1201.90	1201.95

Oil
WTI Crude Future	69.85	68.91

Market Commentary:
Canada
By Tatiana Darie
(Bloomberg) — Canadian stocks followed their global peers higher on Tuesday as top-level Nafta negotiations are set to resume in Washington, where Republicans are warning time is running out for Canada to join the U.S.-Mexico trade deal. The S&P/TSX Composite Index rose 0.7 percent, the most in two months, with health care extending gains to the highest levels since mid-2016 as marijuana stocks rallied again. Real estate fell the most. The loonie strengthen against the dollar, climbing to the highest in nearly three weeks. Canada manufacturing sales rose more than expected in July.
Stocks
* Aurora Cannabis Inc. led cannabis peers higher while Tilray Inc. gained another 29 percent after receiving approval from the U.S. government to import medical cannabis into the country for a clinical trial.
* Lumber stocks, including West Fraser Timber Co. Ltd. And Canfor Corp, fell as futures plunged to the lowest since July 2017 on the Chicago Mercantile Exchange.
* Canadian grocers such as Loblaw, Empire and Metro Inc. rose after Macquarie analyst Christopher Li wrote that they should be able to manage a likely Amazon.com launch of free two-hour delivery from Whole Foods stores in Canada.
Commodities
* Western Canada Select crude oil traded at a $32 discount to WTI
* Gold fell 0.3 percent to $1,202.80 an ounce FX/Bonds
* The Canadian dollar gained 0.5 percent C$1.2982 per U.S. dollar
* The Canada 10-year government bond yield gained 4.4 basis points to 2.380%
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — Global equity markets climbed Tuesday, shrugging off the latest salvos in the trade war between the U.S. and China. Treasuries retreated and oil rose. President Donald Trump announced 10 percent tariffs on $200 billion in Chinese goods to start later this month. The rate would jump to 25 in January if Beijing refuses to offer concessions. China, in return, said it would levy duties on $60 billion of U.S. goods.
Still, the S&P 500 Index registered its biggest gain in almost three weeks, led by technology stocks, which had been hammered in Monday’s session. Asia equities recovered from early weakness, with benchmarks in Japan and Shanghai jumping. The Stoxx Europe 600 Index also closed higher.
“The market is properly looking at this as a type of de-escalation of the escalated tensions,” said Brian Jacobsen, a multi-asset strategist at Wells Fargo Asset Management. “The 10 percent tariffs are weaker than the 25 percent originally threatened. China retaliated with $60 billion compared to the U.S.’s $200 billion. This could be the start of the tapering of trade tensions.”
Treasuries declined, pushing the yield on 10-year U.S. bonds above 3 percent, as most European government bonds drifted lower. Italian debt dropped earlier after a report of yet more tension over the country’s impending budget, though it later reversed the move after Finance Minister Giovanni Tria spelled out his fiscal balancing act at a Bloomberg event.
Trump had vowed to increase pressure on China if the Asian nation retaliated against U.S. tariffs, which raises the risk of even more escalation between the world’s two biggest economies. However the rhetoric has been running for months, and many assets have priced in rising tensions, helping to cushion the latest blows.
Elsewhere, the Australian dollar shrugged off trade concerns to reverse earlier losses as the central bank reaffirmed its next interest-rate move would likely be higher.
Turkey’s lira fell for a third day. The U.S. dollar fluctuated.
Oil jumped after Saudi Arabia expressed comfort with Brent oil prices rising above $80 a barrel. West Texas crude briefly breached $70 a barrel.
Here are some key events coming up this week:
* Japanese trade-flow numbers are due on Wednesday.
* The Bank of Japan holds its policy meeting on Wednesday.
* Britain releases inflation data on Wednesday.
* European PMIs are due on Thursday.
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.5 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.1 percent.
* The U.K.’s FTSE 100 Index fell less than 0.05 percent.
* The MSCI Emerging Market Index climbed 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.1 percent.
* The euro declined 0.1 percent to $1.1669.
* The British pound fell 0.1 percent to $1.3143.
* The Japanese yen declined 0.4 percent to 112.33 per dollar, the weakest in two months.
Bonds
* The yield on 10-year Treasuries jumped six basis points to 3.05 percent, the highest in almost four months.
* Germany’s 10-year yield rose two basis points to 0.48 percent, the highest in almost 14 weeks.
* Britain’s 10-year yield climbed three basis points to 1.568 percent.
Commodities
* West Texas Intermediate crude climbed 1.3 percent to $69.84 a barrel.
* LME copper gained 2.4 percent to $6,086.00 a metric ton.
* Gold fell 0.2 percent to $1,198.56 an ounce.
–With assistance from Andreea Papuc, Samuel Potter and Luke Kawa.

Have a great night.

Be magnificent!

As ever,

Carolann

Everyone rises to their level of incompetence.
-Laurence J. Peter, 1919-1990

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

September 17, 2018

September 17, 2018 Newsletter

Dear Friends,

Tangents:
September 17, 1917 – Income Tax comes into effect; supposedly only a wartime measure. Go to article >>

1920: national Football League formed.
Ken Kesey, writer, b. 1935.
Take what you can use and let the rest go by. -Ken Kesey.
PHOTOS OF THE DAY

Breezy conditions in Camber, East Sussex, ideal conditions for these kite-surfers as they take to the waves in great numbers. Credit: Paul Lawrenson/Alamy Live news

Reenactment of the Battle of Prestonpans which was the first significant conflict in the Jacobite rising of 1745. The battle took place on 21 September 1745, with the Jacobeans successfully defeating the British Army. Credit: SWNS

Kenya’s Eliud Kipchoge celebrates on the podium during the winner’s ceremony after winning the Berlin Marathon setting a new world record of 2:01:39. Credit: John MacDougall/AFP/Getty Images
Market Closes for September 17^th, 2018

Market Index	Close	Change
Dow Jones	26062.12	-92.55 -0.35%

S&P 500	2888.80	-16.18 -0.56%

NASDAQ	7895.793	-114.250 -1.43%

TSX	16082.31	+68.82
		+0.43%

International Markets

Market Index	Close	Change
NIKKEI	23094.67	+273.35
		+1.20%
HANG SENG	26932.85	-353.56
		-1.30%
SENSEX	37585.51	-505.13
		-1.33%
FTSE 100*	7302.10	-1.94
		-0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.342	2.345
CND. 30 Year Bond	2.357	2.361
U.S. 10 Year Bond	2.9903	2.9959
U.S. 30 Year Bond	3.1309	3.1309

Currencies

BOC Close	Today	Previous
Canadian $	0.76695	0.76707
US $	1.30386	1.30366

Euro Rate 1 Euro=		Inverse
Canadian $	1.52346	0.65640
US $	1.16838	0.85588

Commodities

Gold	Close	Previous
London Gold Fix	1201.95	1209.80

Oil
WTI Crude Future	68.91	68.99

Market Commentary:
Canada
By Tatiana Darie
(Bloomberg) — Canadian stocks bucked the global trend to move higher on Monday. Shares extended gains for a second session as U.S. stocks fell amid the latest American threats to expand tariffs on Chinese goods. Canadian Foreign Affairs Minister Chrystia Freeland told reporters earlier that negotiators continue to hold discussions in Washington.
The S&P/TSX Composite Index rose 0.4 percent, the most in three weeks, boosted by a rally in health care and material shares. Cannabis-related shares rose after reports that Coca- Cola Co. is in talks with the marijuana producer to develop the beverages. Materials rose as gold rallied amid rising concern about a U.S.-China trade war.
Stocks
* Aurora Cannabis Inc. led pot stocks higher, closing up 9.1 percent, after the Coca-Cola report; CEO Terry Booth told Bloomberg TV that his company has had talks with three different beverage companies while declining to comment on the Coca-Cola speculation.
* Bausch Health Companies Inc. rose 0.9 percent, erasing earlier losses, after insiders including CEO Joseph Papa disclosed buying shares; Barclays also assumed coverage with an overweight recommendation.
* West Fraser Timber Co Ltd rose 1 percent after reporting it’s proceeding with a buyback of up to 5.52 million shares.
Commodities
* Western Canada Select crude oil traded at a $35 discount to WTI
* Gold gained 0.3 percent to $1,205.10 an ounce
FX/Bonds
* The Canadian dollar was little changed percent C$1.3029 per U.S. dollar
* The Canada 10-year government bond yield lost 0.5 basis points to 2.336%
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks tumbled the most in a month as investors grappled with the latest American threats to expand tariffs on Chinese goods. The dollar slipped and emerging-market currencies declined.
The S&P 500 Index retreated Monday after five straight days of gains, with technology companies including Amazon.com Inc., Apple Inc. and Microsoft Corp. leading decliners. Semiconductor stocks also slumped, and the Nasdaq 100 Index saw its biggest drop since June. Investors sought refuge in consumer-staple and energy stocks such as Procter & Gamble Co. and Exxon Mobil Corp.
Shares in Hong Kong and China declined on news that President Donald Trump had instructed aides to proceed with tariffs on $200 billion in Chinese products. Beijing has already said it will retaliate, according to people familiar with the decision. Trump said he would make an announcement on China trade after U.S. financial markets close.
“The vector for trade-related global equity weakness today is tech, rather than China and emerging markets,” said Naufal Sanaullah, chief macro strategist at EIA All Weather Partners. “If the recent weakness in U.S. tech represents sufficient digestion of 10 percent tariffs on another $200 billion in Chinese imports, then any announcement could mark a short-term bottom in tech and it becomes all about the U.S. dollar again.”
The Stoxx Europe 600 Index closed higher, with fashion store Hennes & Mauritz AB beating forecasts to help retailers outperform. Italian bonds rallied while other core European debt turned lower. Benchmark U.S. Treasury yields hovered just under 3 percent.
Elsewhere, oil wavered as international supply concerns were overshadowed by a looming demand drop. Emerging-market stocks weakened and their currencies were led lower by a slide in India’s rupee, South Korea’s won and Turkey’s lira. Base metals including copper as the looming trade conflict spurred concerns about demand.
Here are some key events coming up this week:
* South Korean President Moon Jae-in visits Pyongyang for a summit with Kim Jong Un Tuesday.
* Japanese trade-flow numbers are due on Wednesday.
* The Bank of Japan holds its policy meeting on Wednesday.
* Britain releases inflation data on Wednesday
* European PMIs are due on Thursday
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.6 percent as of 4 p.m. New York time
* The Stoxx Europe 600 Index rose 0.1 percent.
* The U.K.’s FTSE 100 Index fell less than 0.05 percent.
* The MSCI Emerging Market Index sank 1.2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.5 percent to $1.1684.
* The British pound gained 0.7 percent to $1.3162.
* The Japanese yen rose 0.2 percent to 111.82 per dollar.
* The MSCI Emerging Markets Currency Index declined 0.2 percent.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.99 percent.
* Germany’s 10-year yield increased one basis point to 0.46 percent.
* Britain’s 10-year yield rose one basis point to 1.536 percent.
Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas Intermediate crude fell 0.4 percent to $68.71 a barrel.
* LME copper fell 0.5 percent to $5,945.00 a metric ton.
* Gold rose 0.4 percent to $1,200.08 an ounce.
–With assistance from Adam Haigh, Eddie van der Walt, Jessica Summers and Luke Kawa.

Have a great night.

Be magnificent!

As ever,

Carolann

Today is only one day in all the days that will ever be. But what will happen
in all the other days that ever come can depend on what you do today.
-Ernest Hemingway, 1899-1961

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com