Month: November 2018

Dear Friends,

Tangents:  Happy Friday!

1885 – Louis Riel hanged, led North West Rebellion, Manitoba.

1982 – Space Shuttle Columbia completes its 1st operational flight

Two new Netflix shows come out today. Michael Douglas ages grudgingly in “The Kominsky Method,” while “Narcos: Mexico” moves drug-war drama to a new locale. In theaters, Potter-mania is on with “Fantastic Beasts: The Crimes of Grindelwald,” and Viola Davis leads a group of fierce “Widows.” -from CNN
PHOTOS OF THE DAY

The original torch of the Statue of Liberty rests on a hydraulically stabilised transporter in New York. The torch, which was removed in 1984 and replaced by a replica, was being moved into what will become its permanent home at a new museum on Liberty Island. Credit: AP Photo/Richard Drew

A rider trains a horse before an exhibition at the Sicab 2018 International Horse fair in Sevilla, Spain. Credit: Cristina Quicler/AFP/Getty Images

An Indian camel herder walks with his camels at the Pushkar Camel Fair in Pushkar, in the western state of Rajasthan. Thousands of livestock traders from the region come to the traditional camel fair where livestock, mainly camels, are traded. The annual five day camel and livestock fair is one of the world’s largest camel fairs. Credit: Himanshu Sharma/AFP/Getty Images
Market Closes for November 16^th, 2018

Market Index	Close	Change
Dow Jones	25413.22	+123.95   +0.49%
S&P 500	2736.27	+6.07   +0.22%
NASDAQ	7247.871	-11.161   -0.15%
TSX	15155.50	+10.62
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	21680.34	-123.28
		-0.57%
HANG SENG	26183.53	+80.19
		+0.31%
SENSEX	35457.16	+196.62
		+0.56%
FTSE 100*	7013.88	-24.13
		-0.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.364		2.389
CND. 30 Year Bond		2.420		2.439
U.S.    10 Year Bond		3.0628		3.1103
U.S. 30 Year Bond		3.3180		3.3592

Currencies

BOC Close	Today	Previous
Canadian $	0.76072	0.75872
US $	1.31454	1.31801
Euro Rate 1 Euro=		Inverse
Canadian $	1.50108	0.66619
US $	1.14189	0.87574

Commodities

Gold	Close	Previous
London Gold Fix	1211.85	1203.25
Oil
WTI Crude Future	56.46	56.46

Market Commentary:
On this day in 1999, Jay Walker, the founder of priceline.com, bought 2.1 million shares of Priceline’s stock from Delta Air Lines, an early backer of Priceline, for $59.93 per share. Delta locked in a gain of more than $120 million on shares for which it paid less than $2 million. A year later, Walker sold those same shares for $8 million—losing $117 million by buying his own stock at the top and selling it at the bottom.
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks were mixed in early trading, with the S&P/Toronto Stock Exchange Composite Index little changed. Six out of 11 industry groups gained, with materials leading, while health care fell the most.
     The Canadian dollar strengthened for a second day against the greenback as oil prices recover amid increasing confidence that OPEC will cut production.
     Ontario is limiting pot producers’ retail exposure, issuing rules about store licenses that could throw several retail partnerships into disarray. A company is not eligible for a cannabis retail license if it’s more than 9.9 percent owned or controlled by one or more licensed producers, the province said in rules issued this week. The move could set back ambitions of several retailers, including Canopy Growth Corp.’s wholly owned Tokyo Smoke, and Alcanna Inc., which is 25 percent owned by Aurora Cannabis Inc.
Stocks
* Bombardier Inc. plunged 12 percent as its executive stock sale program is under review by Quebec’s financial markets regulator
* Baytex Energy Corp. rose 5.5 percent as Alberta Investment Management took a new position in the company in the third quarter
* TORC Oil & Gas rose 6.3 percent after confirming its monthly dividend for the month of November
Commodities
* Western Canada Select crude oil traded at a $43.00 discount to WTI
* Gold rose 0.6 percent to $1,222.30 an ounce
FX/Bonds
* The Canadian dollar rose 0.3 percent to C$1.31389 per U.S. dollar
* The Canada 10-year government bond yield fell 1.2 basis points to 2.373 percent
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks finished the day higher as trade hopes rose, but they couldn’t compensate for a rocky week in which the retail picture soured and technology shares languished. Treasuries advanced and the dollar retreated.
     Equity markets have reacted swiftly to trade-related headlines in recent days as investors look for any hint that the threat of more tariffs will be removed, and the S&P 500 Index surged Friday after U.S. President Donald Trump appeared to signal a willingness to reach a deal with China at this month’s G-20 summit. But those gains were tempered by flagging consumer and retail shares. Department-store chain Nordstrom Inc. declined on disappointing results, following letdowns from Macy’s Inc. and Dillard’s Inc. Technology stocks wavered as chipmaker Nvidia Inc. had its worst trading day in a decade after issuing a lower-than-expected fourth-quarter outlook.
     At the same time, California utilities PG&E Corp. and Edison International began to recover from steep losses brought on by the wildfires that swept the state. Energy firms also advanced as crude continued its rally after a record losing streak. All told, the S&P 500 fell 1.6 percent on the week.
     “There’s a lot of things that the market’s wondering about with Trump’s latest announcement on trade. It’s obviously an unsettled issue and something that will continue to drive the markets for a few weeks,” said Curtis Holden, senior investment officer at Tanglewood Total Wealth Management, who added:
“You’re seeing some anxiety, too, over Christmas spending, which is typical for this time of year.” Equity markets remain volatile as the slowing Chinese economy and uncertain outlook for earnings coincide with investors’ adjusting to the effects of tightening U.S. monetary policy. Political tensions in Europe — from the U.K. to Italy – – are also hitting sentiment. Sterling advanced as investors grappled with Britain’s political turmoil, while oil hovered around $57 a barrel in New York.
     Some of the pressure on the dollar and bond yields followed remarks by Federal Reserve Vice Chairman Richard Clarida, who said on Friday that policy is getting close to neutral and there
is some evidence of global slowing.
     The British pound managed to rebound after posting the biggest drop in more than two years Thursday as several ministers resigned. Prime Minister Theresa May is defying demands to quit as her detractors plot a vote of no confidence over disquiet with her proposed Brexit deal.
The Stoxx Europe 600 Index had its worst week in three. Asian shares were led lower by declines in Japan, even as those in China and Hong Kong climbed. Emerging market stocks and currencies edged higher. Gold climbed alongside nickel and aluminum.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.2 percent to the lowest in more than two weeks.
* The U.K. FTSE 100 Index decreased 0.3 percent.
* The MSCI Emerging Market Index increased 0.7 percent to the highest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index declined 0.6 percent to the lowest in over a week.
* The euro gained 0.8 percent to $1.1416, the strongest in more than a week.
* The British pound advanced 0.4 percent to $1.2827.
* The Japanese yen gained 0.7 percent to 112.81 per dollar, the biggest gain in four months.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 3.07 percent, the lowest in more than six weeks.
* Germany’s 10-year yield climbed one basis point to 0.37 percent.
* Britain’s 10-year yield gained four basis points to 1.412 percent.
Commodities
* West Texas Intermediate crude increased 0.6 percent to $56.80 a barrel.
* Gold increased 0.7 percent to $1,222.03 an ounce, the highest in more than a week.
* LME copper gained 0.3 percent to $6,205.00 a metric ton.
* The Bloomberg Commodity Index gained 1.3 percent.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

 

Don’t ever take a fence down until you know why it was put up.
                                            -Robert Frost, 1874-1963

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

Dear Friends,

Tangents:
It’s official:

• Word of the year

Oxford Dictionaries has chosen “toxic” as its international word of the year, beating other candidates like “gaslighting,” “incel” and “techlash.” 

1943: Gypsies condemned by Himmler, over 500,000 killed.

On Nov. 15, 1969, a quarter of a million protesters staged a peaceful demonstration in Washington, D.C., against the Vietnam War.  Go to article »

PHOTOS OF THE DAY

Mt. Sakurajima spews out a massive column of smoke and ash in Kagoshima, Japan. The eruption occurred at around 12:45am at the mountain’s Minamidake summit vent. The is the first time that the active volcano southern Kyushu has spewed smoke of 4,000 meters or higher since an eruption on July 16th. It marked a third such eruption this year. Credit: The Asahi Shimbun Via Getty Images

French Shepherd Gaetan Meme, 24-years-old, herds a flock of sheep in the mountains near the Col Du Glandon, in the French Alps. – Gaetan Shepherds a flock of 1,300 sheep in the Alpine Pastures. Credit: Jeff Pachoud/AFP/Getty Images

The city of Kronberg lies in the fog as the sun rises in Kronberg, Germany. Credit: AP Photo/Michael Probst
Market Closes for November 15^th, 2018

Market Index	Close	Change
Dow Jones	25289.27	+208.77   +0.83%
S&P 500	2730.20	+28.62   +1.06%
NASDAQ	7259.031	+122.638   +1.72%
TSX	15144.88	+11.76
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	21803.62	-42.86
		-0.20%
HANG SENG	26803.62	-42.86
		-0.20%
SENSEX	35260.54	+118.55
		+0.34%
FTSE 100*	7038.01	-10.37
		-0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.389		2.434
CND. 30 Year Bond		2.439		2.469
U.S.    10 Year Bond		3.1103		3.1250
U.S. 30 Year Bond		3.3592		3.3667

Currencies

BOC Close	Today	Previous
Canadian $	0.75872	0.75531
US $	1.31801	1.32395
Euro Rate 1 Euro=		Inverse
Canadian $	1.49313	0.66973
US $	1.13294	0.88266

Commodities

Gold	Close	Previous
London Gold Fix	1203.25	1202.10
Oil
WTI Crude Future	56.46	56.25

Market Commentary:
On this day in 1971, the money-market mutual fund was born as the prospectus for the Reserve Fund, created by Bruce Bent and Henry Brown, became effective. Mutual funds were then able to compete directly with banks, offering daily income dividends, daily redemptions and a constant net asset value per share.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks edged higher as U.S. peers rebounded for the first time in six days, with technology shares pacing gains due to speculation trade tensions will ease. The S&P/TSX Composite Index rose 0.08%, with pot stocks and technology leading the way. Consumer discretionary and real estate were among the laggards.
     The loonie climbed against the dollar. Credit Agricole’s foreign-exchange strategist Eric Viloria wrote today that the Canadian dollar will keep gaining in the coming year amid ongoing policy normalization by the Bank of Canada and a constructive trajectory for trade relations with the U.S.
Stocks
* Detour Gold Corp. gained 0.8 percent after Paulson & Co. increased its stake in Detour Gold and called for the immediate resignation of CEO Michael Kenyon and Chairman Alex Morrison. 
* Computer Modelling Group Ltd. fell 10 percent after Echelon Wealth Partners analyst Amr Ezzat downgraded to hold from buy (PT C$8.50 from C$11), on a “challenging environment” going forward.
* Iamgold Corp. gained 7.4 percent after reporting in a filing that a work stoppage at Rosebel Gold Mine in Suriname has ended and normal operations will resume. 
Commodities
* Western Canada Select crude oil traded at a $43.00 discount to WTI
* Gold gained 0.3 percent to $1,213.60 an ounce
FX/Bonds
* The Canadian dollar gained 0.5 percent to C$1.3185 per U.S. dollar
* The Canada 10-year government bond yield fell 4.5 basis points
to 2.386%
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks rose for the first time in six days, with beaten-down technology shares leading the rebound on speculation trade tensions will ease. The pound plunged as Brexit again threw the U.K. government into turmoil. The dollar was little changed, while oil and Treasuries jumped. Trade-sensitive industrial shares led the S&P 500 Index higher in afternoon trading amid hope that China and the U.S. would de-escalate their trade spat before the G20 summit later this month, even as the threat of new tariffs looms. Technology, materials and energy stocks also reacted positively to the news, offsetting a decline in consumer stocks brought on by disappointing results from department stores.
     For all the worries assailing investors — Brexit, the trade dispute and Italian budget stress — they are at least receiving a steady message from the U.S. central bank. In a question-and-answer session late Wednesday, Federal Reserve Chairman Jerome Powell played down recent turbulence in equities, saying volatility was only one of many factors that board members take into account when setting policy. “Maybe if we can get progress in trade relations, that could be a boost,” Jason Browne, chief investment strategist at FundX Investment Group, said in an interview. “But the benefits are likely to get offset from expectations of continued hikes from the Fed. That’s part of the challenge right now.”
     Sterling tumbled after Brexit Secretary Dominic Raab announced his resignation, the highest-profile of several departures on Thursday. Brexit-backer Jacob Rees-Mogg later joined calls for a vote of no confidence in Prime Minster Theresa May. The events throw into doubt her ability to secure Parliament’s support for the exit plan — and even to survive as leader. As the Westminster resignations rolled in, gilts surged, but at a press conference late Thursday, the premier reiterated her commitment to the exit deal. FTSE 100 Index futures surged.
     Elsewhere, emerging-market shares rallied and their currencies strengthened. In Asia, Japanese stocks edged lower, while Hong Kong shares jumped after Tencent Holdings Ltd. earnings beat expectations. Chinese equities outperformed as reports indicated officials have outlined a series of potential concessions to the Trump administration. The Australian dollar climbed after a strong local jobs report.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.1 percent as of 4:01 p.m. New York time; the Nasdaq Composite Index added 1.7 percent.
* The Stoxx Europe 600 Index declined 1.1 percent to the lowest in more than two weeks.
* The U.K.’s FTSE 100 Index rose 0.1 percent in heavy volume.
* The MSCI Emerging Market Index gained 1.5 percent to the highest in a week.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.05 percent.
* The euro gained 0.2 percent to $1.1335.
* The British pound decreased 1.6 percent to $1.2783, the weakest in more than two weeks.
* The Japanese yen rose 0.1 percent to 113.56 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 3.11 percent, the lowest in more than two weeks.
* Germany’s 10-year yield decreased four basis points to 0.36 percent.
* Britain’s 10-year yield decreased 13 basis points to 1.373 percent, the lowest in more than 11 weeks.
Commodities
* West Texas Intermediate crude climbed 0.4 percent to $56.44 a barrel.
* Gold gained 0.2 percent to $1,213.67 an ounce.
* LME copper gained 1.5 percent to $6,184 a metric ton.
–With assistance from Christopher Anstey, Charlotte Ryan,
Andreea Papuc, Adam Haigh, Cecile Gutscher, Sheldon Reback, Samuel Potter and Yakob Peterseil.

Have a great evening. 

Be magnificent!

As ever,

 

Carolann

 

Man is able to do what he is unable to imagine.
                                  -Rene Char, 1907-1988

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

Dear Friends,

Tangents:
1666: first blood transfusion.
1948: Prince Charles, Prince of Wales, b.
1840: Claude Monet, b.

ICYMI (in today’s New York Times):

Would you order books, clothing and appliances from a company whose name accidentally evoked a mortuary? Or, deliberately, ruthless persistence? 

Ina Fassbender/DPA, via Agence France-Presse — Getty Images 

In 1994, Jeff Bezos considered many potential names before choosing Amazon, referencing one of the world’s longest rivers. Now, 24 years later, his bookseller has expanded into one of the world’s largest retailers, and it’s splitting its second headquarters between a Washington suburb and a New York neighborhood. 

Would it have been as successful had Mr. Bezos stuck with Cadabra? He liked the echo of magic — but people tended to hear it as “cadaver.” 

He hasn’t ever fully given up on Relentless.com, which still forwards to Amazon. (The company’s naming is recounted in “The Everything Store,” by Brad Stone, and was confirmed by Allison Flicker, an Amazon spokeswoman.) 

Worth noting: Amazon’s corporate arrival in New York City, confirmed this week, is something of a homecoming for Mr. Bezos, who was working at a New York hedge fund when the idea for Amazon was born. 

Andrea Kannapell wrote today’s Back Story, NY TIMES, November 14^th, 2018.

PHOTOS OF THE DAY

This is the dramatic moment a lightning storm struck five miles out to sea off to create a spectacular night sky. Photographer Jamie Russell took the snap which shows a menacing storm cloud being lit by the moon. In the foreground the lights of Isle of Wight coastal town of Sandown can be seen, just before it is hit by the squall. Credit: Islandvisions/BNPS

Aerial picture shows traffic on an elevated intersection in downtown Shanghai. Credit: Johannes Eisele/AFP/Getty Images

An aircraft passes the half moon over Frankfurt, Germany. Credit: AP Photo/Michael Probst
Market Closes for November 14^th, 2018

Market Index	Close	Change
Dow Jones	25080.50	-205.99   -0.81%
S&P 500	2701.58	-20.60   -0.76%
NASDAQ	7136.395	-64.480   -0.90%
TSX	15133.12	+1.34
		+0.01%

International Markets

Market Index	Close	Change
NIKKEI	21846.48	+35.96
		+0.16%
HANG SENG	25654.43	-138.44
		-0.54%
SENSEX	35141.99	-2.50
		-0.01%
FTSE 100*	7033.79	-19.17
		-0.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.434		2.456
CND. 30 Year Bond		2.469		2.491
U.S.    10 Year Bond		3.1250		3.1397
U.S. 30 Year Bond		3.3667		3.3592

Currencies

BOC Close	Today	Previous
Canadian $	0.75531	0.75554
US $	1.32395	1.32355
Euro Rate 1 Euro=		Inverse
Canadian $	1.49848	0.66734
US $	1.13179	0.88356

Commodities

Gold	Close	Previous
London Gold Fix	1202.10	1205.55
Oil
WTI Crude Future	56.25	55.69

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks bucked Wednesday’s global losing trend to close mainly flat thanks to a rally in gold miners and stellar results from luxury parka maker Canada Goose Holdings. U.S. peers, however, saw a fifth straight loss as investors remained on edge amid ongoing concerns over trade, political turmoil and economic growth.
     The S&P/TSX Composite Index closed up 0.01 percent, rising for the first time in five sessions. Gold miners rose as precious-metal prices got a boost from investors seeking shelter from Brexit turmoil. Meanwhile, pot stocks, real estate and industrials were the session’s laggards.
Stocks
* Tahoe Resources Inc. surged 49 percent after Pan American Silver agreed to buy the company for “base purchase price” of $1.07 billion. Analysts said Pan American’s offer is unlikely to see rival bid.
* CAE Inc. jumped 8.5 percent after a Macquarie analyst upgraded the maker of flight simulators, citing M&A, stronger organic outlook and valuation.
* Stelco Holdings Inc. surged 9.7 percent a day after reporting higher-than-expected profit and projecting stable prices.
Commodities
* Western Canada Select crude oil traded at a $40.50 discount to WTI
* Gold gained 0.9 percent to $1,212.0 an ounce FX/Bonds
* The Canadian dollar is little changed at C$1.3237 per U.S. dollar
* The Canada 10-year government bond yield fell 3 basis points to 2.423%
US
By Jeremy Herron and Vildana Hajric
     (Bloomberg) — U.S. stocks fell for a fifth straight day as investors remained on edge over trade, political turmoil and economic growth. Crude halted its longest losing streak on record. The S&P 500 Index slumped to the lowest in two weeks after a key Democrat raised questions about the revamped Nafta deal and selling in Apple Inc. rekindled worry that mega cap tech earnings have peaked. An afternoon respite from the selling sparked by U.K. Prime Minister Theresa May clinching a Brexit deal with her cabinet gave way to a tumble into the close.
     Goldman Sachs’s woes continued, with the bank down 13 percent in four days to the lowest since November 2016. Treasuries rose with gold as investors sought out havens ahead of comments from Federal Reserve Chairman Jerome Powell at 6 p.m. New York time. West Texas crude climbed above $56 a barrel after plunging for a record 12 straight days. Natural gas surged as unseasonably cold weather threatens the U.S. Northeast. Bitcoin tumbled to the lowest level of the year. PG&E Corp. plummeted as much as 32 percent after the company said it had exhausted its revolving credit lines to deal with wildfires.
     “There’s a lot of different factors that are weighing on risk assets,” said Mark Heppenstall, chief investment officer, Penn Mutual Asset Management. “From individual company concerns, to wildfires in California, to some very odd behavior in the price of oil and natural gas. The other thing is the Fed is probably going to be put to its real first test where the markets may begin to question how wise it is.”
     Comments from a key Democrat rekindled concern that the revamped Nafta deal won’t end tensions among North American partners at the same time that negotiations with China remain fraught. Trade has weighed on equity markets since the U.S. began slapping tariffs on goods as a key part of the agenda to revamp deals. Markets got a reprieve from the rout in crude, but questions remain about the sharp downturn in the tech sector and the future of interest rates. Brexit and Italian risks linger, and key reports on the crude market are also imminent.
Focus will turn this evening to Federal Reserve Chairman Jerome Powell, with some observers expecting him to calm worries about the central bank pushing its interest rate-hike cycle too far. That comes after the latest read on China’s economy, where retail sales missed estimates, though industrial production held up.
     In Europe, the Stoxx 600 was dragged down by sectors including mining and energy, though good news for autos helped offset the slide. The pound had weakened after inflation undershot estimates, but trimmed the drop as traders wait to see if Theresa May can persuade colleagues to back her Brexit deal. Italy’s 10-year bonds slipped after the government submitted a defiant budget to the European Commission on Tuesday.
Coming Up
* Powell discusses national and global economic issues with Dallas Fed President Robert Kaplan at an event hosted by the Dallas Fed. 
* Theresa May will ask her divided Cabinet ministers to back her Brexit deal or quit at a meeting on Wednesday.
* Policy decisions are coming from central banks in Mexico, Philippines, and Thailand.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.8 percent at 4:04 p.m. New York time. 
* The Nasdaq 100 lost 0.8 percent. The Russell 2000 slid 0.8 percent.
* The Stoxx Europe 600 Index lost 0.6 percent.
* The MSCI Asia Pacific Index dipped 0.2 percent to the lowest in two weeks.
* The MSCI Emerging Market Index advanced less than 0.1 percent, the first advance in a week.
Currencies
* The Bloomberg Dollar Spot Index was flat.
* The euro gained less than 0.1 percent to $1.1285.
* The British pound fell 0.5 percent to $1.291.
* The Japanese yen added 0.1 percent to 113.65 per dollar.
Bonds
* The yield on 10-year Treasuries slid three basis points to 3.11 percent.
* The two-year rate slipped three basis points to 2.85 percent.
* Germany’s 10-year yield fell less than one basis point to 0.41 percent.
* Britain’s 10-year yield dipped two basis points to 1.501 percent.
Commodities
* West Texas Intermediate crude jumped 1 percent to $56.26 a barrel, the first advance in almost three weeks and the largest surge in six weeks.
* Gold futures rose 0.8 percent to $1,211.40 an ounce.
* Natural gas futures surged 17 percent.
–With assistance from Sophie Caronello, Adam Haigh and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

You may have to fight a battle more than once to win it.
                                -Margaret Thatcher, 1925-2013

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

Dear Friends,

Tangents:
On Nov. 13, 1956, the Supreme Court struck down laws calling for racial segregation on public buses.  Go to article »
PHOTOS OF THE DAY

Men dressed as demons take part in the traditional Correfoc (firewalk or street parade with fireworks) in Inca, Mallorca, Spain. Correfoc is a traditional festival of Catalonia and the Balearic Islands. People dressed as devils and “fire animals” mingle with the audience and dance to the music. Credit: DPA Picture Alliance/Alamy Live News

A sunbird gathers honey from a flower at the Fuzhou National Forest Park in Fuzhou, capital of southeast China’s Fujian Province. Credit: The Telegraph

The staircase of the Bristol Kempinski Hotel in Berlin’s Charlottenburg district. Credit: Paul Zinken/AFP/Getty Images
Market Closes for November 13^th, 2018

Market Index	Close	Change
Dow Jones	25286.49	-100.69   -0.40%
S&P 500	2722.18	-4.04   -0.15%
NASDAQ	7200.875	+0.006   —
TSX	15131.78	-24.62
		-0.16%

International Markets

Market Index	Close	Change
NIKKEI	21810.52	-459.36
		-2.06%
HANG SENG	25792.87	+159.69
		+0.62%
SENSEX	35144.49	+331.50
		+0.95%
FTSE 100*	7053.76	+0.68
		+0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.456		2.504
CND. 30 Year Bond		2.491		2.527
U.S.    10 Year Bond		3.1397		3.1856
U.S. 30 Year Bond		3.3592		3.3867

Currencies

BOC Close	Today	Previous
Canadian $	0.75554	0.75797
US $	1.32355	1.31931
Euro Rate 1 Euro=		Inverse
Canadian $	1.49400	0.66934
US $	1.12878	0.88591

Commodities

Gold	Close	Previous
London Gold Fix	1205.55	1224.15
Oil
WTI Crude Future	55.69	60.19

Market Commentary:
On this day in 1878, the first telephones were installed on the trading floor of the New York Stock Exchange, just over two years after Alexander Graham Bell invented the telephone.
U.S. crude for December delivery dropped more than 2% to $58.64 a barrel on Tuesday, after having lost 0.4% on Monday, which marked its 11th consecutive daily decline—the longest such streak on record, according to Dow Jones Market Data analysis going back to 1983.  (JSo happy we sold all our oil shares 4 years ago!)
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks extended declines for a fourth day on Tuesday, capping the longest losing streak in a month. U.S. peers also fell as a slump in oil prices dragged down energy companies. The S&P/TSX Composite Index fell 0.2 percent, with pot and energy shares the biggest laggards. Communications and technology companies led gains.
Stocks
* NuVista Energy Ltd. extended losses for a second day, falling 5.4 percent, after weaker-than-expected 3Q results on Monday; the stock was defended at Desjardins, with analyst Chris MacCulloch saying earnings “generally surprised to the upside,” and tempered 2019 growth signaled capital discipline.
* Vermilion Energy Inc. erased gains, slipping 0.3 percent, despite an upgrade to strong buy from outperform at Raymond James. “We rarely suggest valuation is a catalyst but this a real exception,” analyst Kurt Molnar said.
* Premium Brands Holdings Corp. plunged 17 percent after its 3Q adj. EPS and Ebitda missed the lowest estimates; with the EPS miss marking the 5th consecutive miss for the company.
Commodities
* Western Canada Select crude oil traded at a $40 discount to WTI
* Gold fell 0.1 percent to $1,202.20 an ounce
FX/Bonds
* The Canadian dollar is little changed at C$1.3240 per U.S. dollar
* The Canada 10-year government bond yield fell 4.5 basis points to 2.455%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks finished the session lower as a surge in optimism over trade talks with China was offset by a plunge in crude prices. The pound rallied on reports of advancement toward a Brexit deal.
     The S&P 500 ended Tuesday well off the day’s highs as West Texas crude hit a nine-month low, falling the most since 2011, after U.S. President Donald Trump criticized Saudi Arabia’s plan to cut output. The Dow Jones Industrial Average slid as Exxon Mobil and Chevron dropped. Treasuries climbed and the dollar fell from an 18-month high.
     Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the U.S. and China are talking on “all levels” of government. That followed an overnight report that China’s Vice Premier Liu He will pave the way for a meeting between the leaders of the two biggest economies later this month. Caterpillar, 3M and megacap technology shares that react to trade headlines paced those gains in major equity benchmarks.
     “What I think is going on in the market is a bit of a consolidation of the activity that took place yesterday. It’s a little bit of a repositioning of people’s portfolios,” said Steve Ricchiuto, chief U.S. economist at Mizuho Americas. “It’s reflected in very little price change and thin market behavior, a market where you’re seeing a rotation within asset classes.”
     Britain’s pound surged after three days of losses as the U.K. and the European Union agreed on a draft Brexit divorce deal. Trade worries and Brexit negotiations have hung over markets for months, clouding the economic outlook and helping compound an ongoing sell-off in equities. While comments from Chinese Premier Li Keqiang in Singapore Tuesday hinted at a more optimistic outlook, sentiment overall remains fragile as the Federal Reserve pursues its path of policy normalization and tech companies continue to slide.
     The Stoxx Europe 600 Index rose for the first time in three days, with telecom firms leading the way after Vodafone Group Plc’s results. The euro recovered from its weakest against the dollar since June 2017. Emerging market equities and currencies were steady.
Coming up this week:
* Tuesday marks the deadline set by the EU for Italy to revise its budget.
* Chinese industrial production and retail sales data due Wednesday.
* Fed Chairman Jerome Powell discusses national and global economic issues with Dallas Fed President Robert Kaplan at an event hosted by the Dallas Fed. * U.S. consumer inflation probably rebounded in October after easing in September. The consumer price index data is projected to show a 0.3 percent increase from the prior month.
* Policy decisions are coming from central banks in Mexico, Philippines, and Thailand.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent as of 4:04 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.7 percent.
* The U.K.’s FTSE Index rose less than 0.05 percent. 
* The MSCI Emerging Market Index fell less than 0.05 percent.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro gained 0.6 percent to $1.1283, the first advance in a week.
* The British pound gained 0.8 percent to $1.2956.
* The Japanese yen rose less than 0.05 percent to 113.79 per dollar.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 3.14 percent.
* Germany’s 10-year yield rose one basis point to 0.41 percent.
* Britain’s 10-year yield gained seven basis points to 1.521 percent.
Commodities
* West Texas Intermediate crude fell 7.8 percent to $55.23 a barrel, an 11-month low.
* LME copper rose 0.4 percent to $6,073.00 a metric ton.
* Gold climbed 0.1 percent to $1,201.93 an ounce.
* The Bloomberg Commodity Index fell 0.7 percent to an eight- week low.
–With assistance from Andreea Papuc, Luke Kawa and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Do what you can, with what you have, where you are.
                          -Theodore Roosevelt, 1858-1919

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

Dear Friends,

Tangents: HAPPY FRIDAY!
On November 9 in…
1938: Kristallnacht, Germany.
1989: Berlin Wall opened ~ On Nov. 9, 1989, East Germany lifted restrictions on emigration or travel to the West, and within hours tens of thousands of East and West Berliners swarmed across the infamous Berlin Wall for a boisterous celebration.
Go to article »

ICYMI:
Recently, a visitor has been paddling around a lake in New York’s Central Park: a brightly colored duck. 

The duck, which quickly became a star on social media, is known as a yu?nyang (??) in China. In English, it’s a Mandarin duck. Why? 

A duck (or yu?nyang) in Taipei, Taiwan. Sam Yeh/Agence France-Presse — Getty Images 

The fowl’s vibrant plumage recalls the dress of government bureaucrats centuries ago, called mandarins in the West. The same connection applied to the dialect those officials used. Even mandarin oranges got the linguistic overlay.

But mandarin is not a Chinese word. Its etymology is disputed.

Some say that during the Qing dynasty, visiting Westerners heard people calling government officials of the ruling class “m?n dàrén” (???): Manchu for “big man” or “boss.”

Others say the term comes from “menteri,” Malay for “court councilor” or “minister,” and that the 16th-century Portuguese who used Malaysia as a steppingstone to China wrote it as “mandarin.”

The duck in Central Park has been solo, but in China, its cousins are believed to be lifelong couples. There is a saying: A pair of Mandarin ducks is more enviable than an immortal.

Amy Chang Chien wrote today’s back story.
-from The New York Times, November 9, 2018

PHOTOS OF THE DAY

A photovoltaic power station built under an inter-village poverty relief program in Huojiaping Village of Yihe Township, Suide County, northwest China’s Shaanxi Province. Located on the Loess Plateau, Suide County has abundant sunshine and idle lands which are ideal for the construction of photovoltaic power stations. Currently, local authorities are working with a provincial branch of electricity service provider State Grid on a 33-mega watt photovoltaic power station. Credit: Xinhua/Barcroft Images

Artist, Suzie Gutteridge pictured amongst her art installation entitled, ‘Binding the Past to the present though remembrance’. The installation on display at Salisbury Cathedral in Wiltshire commemorates the Frist World Was. Suzie held over 15 Community workshops to help create project. Over 5000 hand-felted poppies were stitched on to 100 puttees. Puttees were used by soldiers in World War I. They are a long strip of cloth that wound spirally round the leg from ankle to knee for protection and support. Suzie said, “The project has been an amazing and humbling experience”. Credit: Zachary Culpin/Solent News & Photo Agency

A Swedish art collective have claimed responsibility for a series of fairy houses that have popped up on the Isle of Man. Credit: Visit Isle of Man/Mikael Buck
Market Closes for November 9^th, 2018

Market Index	Close	Change
Dow Jones	25989.30	-201.92   -0.77%
S&P 500	2781.01	-25.82   -0.92%
NASDAQ	7406.902	-123.983   -1.65%
TSX	15274.44	-83.03
		-0.54%

International Markets

Market Index	Close	Change
NIKKEI	22250.25	-236.67
		-1.05%
HANG SENG	25601.92	-625.80
		-2.39%
SENSEX	35158.55	-79.13
		-0.22%
FTSE 100*	7105.34	-35.34
		-0.49%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.504		2.544
CND. 30 Year Bond		2.527		2.562
U.S.    10 Year Bond		3.1856		3.2373
U.S. 30 Year Bond		3.3867		3.4337

Currencies

BOC Close	Today	Previous
Canadian $	0.75797	0.76074
US $	1.31931	1.31450
Euro Rate 1 Euro=		Inverse
Canadian $	1.49585	0.66852
US $	1.13381	0.88198

Commodities

Gold	Close	Previous
London Gold Fix	1224.15	1229.95
Oil
WTI Crude Future	60.19	60.67

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks ended the week on a sour note and U.S. stocks also turned sharply lower Friday amid a fresh round of selling in technology shares sparked by weak earnings. Crude capped its longest losing streak on record.
     The S&P/TSX Composite Index fell 0.5%, with pot and tech shares pacing losses. Gold miners dropped as spot metal prices headed for the longest slump in 17 months. Utilities, consumer staples and industrials were among the sectors that posted gains.
Stocks
* TransCanada Corp fell 1.7 percent as its $8 billion Keystone XL pipeline may face another eight months of delay after a court ruling raised issues with a 4-year-old environmental review.
* STEP Energy Services Ltd extended losses, falling 14 percent, as competitive pressures in the sector are expected to intensify in 2019, according to TD Securities.
* Great-West Lifeco Inc fell 0.3 percent after a report that it’s seeking to sell its U.S. operation that specializes in annuities, executive benefits and life-insurance products, people with knowledge of the matter said.
Commodities
* Western Canada Select crude oil traded at a $42.25 discount to WTI
* Gold fell 1.3 percent to $1,209,70 an ounce FX/Bonds
* The Canadian dollar fell 1.2 percent at C$1.3202 per U.S. dollar
* The Canada 10-year government bond yield fell 3.9 basis points to 2.5%
US
By Brendan Walsh and Jeremy Herron
     (Bloomberg) — U.S. stocks fell amid a fresh round of selling in technology shares sparked by weak earnings, while crude capped its longest losing streak ever on concern over a supply glut. Large-cap tech names dragged the Nasdaq 100 to a loss of more than 1.5 percent and trimmed a weekly advance for the S&P 500. Chipmaker Skyworks plunged after results signaled a slowdown in smartphone demand. West Texas Intermediate crude capped a 10th straight loss, sending small-cap energy shares tumbling more than 2.5 percent. Walt Disney’s strong earnings minimized damage in the Dow Jones Industrial Average.
     Mexican stocks erased a second day of losses after the nation’s president-elect said he won’t change any banking laws. The peso turned higher. Europe’s main equity gauge dropped after disappointing forecasts from Richemont and Thyssenkrupp AG. Treasury yields edged lower after the Federal Reserve on Thursday reiterated its plan for “further gradual” rate increases.
     Investors have their eyes open to any signs the economic cycle is peaking. While lower oil prices seem mostly driven by a surge in supply, not a drop in demand, there are more worrisome signs coming out of China. Data there show softer producer-price gains, weak car sales and a disappointing outlook from a top online travel company, helping to reignite lingering concerns about the health of the world’s second-biggest economy.
     Asian financial shares performed particularly poorly following news that Beijing plans to set quotas for banks to pump credit into private companies. The offshore yuan held this week’s drop as there was little sign of an end to the U.S.-China trade war in the wake of the midterm elections.
     Elsewhere, the pound weakened amid ongoing speculation over a potential Brexit deal. Emerging-market stocks and currencies slid.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.9 percent as of 4 p.m. in New York. It rose 2.1 percent in the week for a second straight advance.
* The Nasdaq 100 Index lost 1.7 percent, while the Russell 2000 fell 1.6 percent.
* The Stoxx Europe 600 Index dipped 0.4 percent.
* The Nikkei-225 Stock Average declined 1.1 percent.
* The MSCI Emerging Market Index sank 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2 percent.
* The euro declined 0.3 percent to $1.1333.
* The Mexican peso rose 0.3 percent to 20.132 per dollar.
* The Japanese yen rose 0.2 percent to 113.82 per dollar.
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.19 percent.
* The two-year rate lost four basis points to 2.93 percent.
* Germany’s 10-year yield dipped five basis points to 0.41 percent.
* Italy’s 10-year yields was up one basis point to 3.40 percent.
Commodities
* West Texas Intermediate crude dipped 0.8 percent to settle at $60.19 a barrel. It is now lower for the year.
* Gold futures sank 1.3 percent to $1,209.50 an ounce, hitting the weakest in a month.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

 

Carolann

 

We live, not as we wish to, but as we can.
                    -Menander, c. 342-c.292

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

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

Brazilian Lucas Chumbo big waves surfer drops a wave during a surf session at Praia do Norte in Nazare, Portugal. CREDIT: Octavio Passos/Getty Images

After a voyage of more than 20,000 km, York Minster has taken delivery of a brand new concert grand piano in a project financed and led by Bresbode Pianos of Leeds. The piano will be on loan to the cathedral by kind permission of Bresbode’s for the next two years during the renovation of the Minister’s grand organ. CREDIT: Charlotte Graham

Russian honour guards march during the military parade at Red Square in Moscow, as Russia marks the 77th anniversary of the 1941 historical parade, when Red Army soldier marched past the Kremlin walls towards the front line to fight Nazi Germany troops during World War Two. CREDIT: Mladen Antonov/AFP/Getty Images 
Market Closes for November 8^th, 2018

Market Index	Close	Change
Dow Jones	26191.22	+10.92   +0.04%
S&P 500	2806.83	-7.06   -0.25%
NASDAQ	7530.887	-39.867   -0.53%
TSX	15357.47	-11.96   -0.08%

International Markets

Market Index	Close	Change
NIKKEI	22486.92	+401.12
		+1.82%
HANG SENG	26227.72	+80.03
		+0.31%
SENSEX	35237.68	+245.77
		+0.70%
FTSE 100*	7140.68	+23.40
		+0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.544	2.533
CND. 30 Year Bond	2.562	2.555
U.S.    10 Year Bond	3.2373	3.2355
U.S. 30 Year Bond	3.4337	3.4407

Currencies

BOC Close	Today	Previous
Canadian $	0.76074	0.76248
US $	1.31450	1.31151
Euro Rate 1 Euro=		Inverse
Canadian $	1.49394	0.66937
US $	1.13656	0.87985

Commodities

Gold	Close	Previous
London Gold Fix	1229.95	1231.60
Oil
WTI Crude Future	60.67	61.67

Market Commentary:
Canada
By Carolina Wilson
    (Bloomberg) — Canadian stocks closed lower on Thursday for the first time this week, as Wednesday’s rally for weed stocks took a quick turn, pushing shares of cannabis companies into the red.
    The S&P/TSX Composite Index fell less than 0.1 percent, with the health care and energy sectors adding the most downward pressure to the benchmark. Consumer discretionary and telecommunications stocks led gains.
     In energy, oil producers are pressing the government to consider how to revive Enbridge’s proposed Northern Gateway pipeline in a bid to add capacity, but there’s no sign that’s likely. Figures released from Canada’s statistics agency revised down its gross domestic product figures for the last three
years, largely reflecting an even bigger growth slowdown in 2015 and 2016.
Stocks
* Bombardier Inc. plunged 24 percent after making 5,000 job cuts, and selling its Turboprop and training units
* Trican Well Service dropped 14 percent after third-quarter revenue missed the average analyst estimate 
* Altus Group lost 13 percent one day after trading was halted
* Canadian Tire Corp. rose almost 11 percent after the retailer of everything from hockey sticks to hammers posted higher-than- expected profit and raised its dividend
Commodities
* Western Canada Select crude oil traded at a $43 discount to WTI
* Gold lost 0.4 percent to $1,224.30 an ounce
FX/Bonds
* The Canadian dollar fell 0.3 percent to C$1.31510 per U.S. dollar
* The Canada 10-year government bond yield dropped to 2.544%
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks fell from a one-month high as traders awaited the results of a Federal Reserve policy meeting in Washington. Benchmark Treasury yields dipped while the dollar strengthened.
     Tech shares underperformed after Jack Dorsey’s Square Inc. gave a disappointing earnings forecast and Roku Inc. reported slower growth. European stocks pared an earlier advance spurred by strong earnings from companies including AstraZeneca Plc, though they remained in the green after an upbeat day in Asia.
     Oil fell for a ninth straight session. While the resignation of Attorney General Jeff Sessions has threatened to prolong U.S. political uncertainty after Tuesday’s midterm elections, attention may now shift to the Fed meeting.
     Investors largely anticipate interest rates won’t change, so instead they’ll be focused on looking for any signals on the pace of policy tightening into 2019. “After you’ve seen a big move up yesterday, it’s not surprising that markets are somewhat flat,” said Wayne Wicker, the chief investment officer at Vantagepoint Funds. “Fundamentals seem to be solid. Now analysts will move past the midterm elections to focus on calibrating what future growth will be.”
     Meanwhile, Italian bond yields jumped after the European Union warned the nation’s budget deficit will move dangerously close to the bloc’s limit of 3 percent. U.S. filings for unemployment benefits held near an almost five-decade low, indicating a robust job market. China reported a surge in exports and imports for October, months before the next round of tariff hikes in the trade war with the U.S. is set to kick in. 
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of 1:32 p.m. in New York; the Nasdaq 100 sank 0.7 percent.
* The Stoxx Europe 600 Index increased 0.2 percent after gaining as much as 0.8 percent.
* The Nikkei-225 Stock Average rose 1.8 percent to a two-week high
* The MSCI Emerging Market Index slipped 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent.
* The euro fell 0.3 percent to $1.1394.
* The British pound declined 0.3 percent to $1.3087.
* The Japanese yen fell 0.4 percent to 113.92 per dollar, the weakest in almost five weeks.
Bonds
* The yield on 10-year Treasuries declined one basis point to 3.23 percent.
* Germany’s 10-year yield rose one basis point to 0.45 percent.
* The yield on Italy’s 10-year bonds jumped six basis points to 3.39 percent.
Commodities
* Gold fell 0.2 percent to $1,224.70 an ounce, its fifth consecutive decline.
* West Texas Intermediate crude fell 1.3 percent to $60.88 a barrel, the ninth consecutive decline.

Have a wonderful evening.  

Be magnificent!

As ever,

Dani

“I learned this, at least, by my experiment; that if one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” Henry David Thoreau

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

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

The Ministry of Fun Santa School checks out the view from The London Eye high over London in a private capsule. Credit:  Jeff Spicer/Getty

Race-goers wear figures of horse heads ahead of the running of the Melbourne Cup in Melbourne. Credit: Wiliam West/AFP

The Oxford Street Christmas lights shine after being switched on for the festive season, in London, Britain. Credit:  Henry Nicholls/Reuters
Market Closes for November 7^th, 2018

Market Index	Close	Change
Dow Jones	26180.30	+545.29   +2.13%
S&P 500	2813.89	+58.44   +2.12%
NASDAQ	7570.754	+194.790   +2.64%
TSX	15369.43	+76.72
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	22085.80	-61.95
		-0.28%
HANG SENG	26147.69	+26.73
		+0.10%
SENSEX	35237.68	+245.77
		+0.70%
FTSE 100*	7117.28	+76.60
		+1.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.533		2.533
CND. 30 Year Bond		2.555		2.559
U.S.    10 Year Bond		3.2355		3.2218
U.S. 30 Year Bond		3.4407		3.4389

Currencies

BOC Close	Today	Previous
Canadian $	0.76248	0.76204
US $	1.31151	1.31227
Euro Rate 1 Euro=		Inverse
Canadian $	1.49957	0.66686
US $	1.14339	0.87459

Commodities

Gold	Close	Previous
London Gold Fix	1231.60	1232.25
Oil
WTI Crude Future	61.67	62.21

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks climbed along with their U.S. peers as markets moved past the hurdle of uncertainty presented by the U.S. midterm elections. Pot stocks lifted Canadian equities higher after Michigan voted to legalize recreational marijuana and Missouri approved it for medical use.
     The S&P/TSX Composite Index rose 0.5 percent to the highest since Oct. 22, with pot stocks and technology shares pacing gains. Cannabis, already bolstered by wins in the midterm elections, got an added boost when anti-pot Attorney General Jeff Sessions, a major opponent of marijuana legalization, announced his resignation.
Stocks
* Bombardier Inc rose 2.9 percent after saying its flagship business jet, Global 7500 aircraft, has received Federal Aviation Administration certification 
* Saputo gained 1.3 percent after NBF analyst Vishal Shreedhar (sector perform, PT C$44) wrote in note that Parmalat’s plan to buy Kraft Heinz’s Canadian natural cheese business doesn’t have a major impact on Saputo near-term.
* Encana rose 0.4 percent after Steve Cohen’s Point72 Asset Management reported a 5% passive stake in the company.
Commodities
* Western Canada Select crude oil traded at a $43.50 discount to WTI
* Gold gained 0.1 percent to $1,227.50 an ounce FX/Bonds
* The Canadian dollar was little changed at C$1.3113 per U.S. dollar
* The Canada 10-year government bond yield fell 0.2 basis points to 2.528%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. equities jumped as investors moved past the hurdle of uncertainty presented by the midterm elections and embraced an outlook for Washington gridlock. Riskier assets were in favor after Democrats won control of the House of Representatives and Republicans held the Senate.
     The outcome dims chances that Donald Trump’s signature tax cuts will be reversed, but also makes less likely major fiscal initiatives that might have pushed up interest rates. The dollar slid and Treasuries climbed.
     Tech stocks, which absorbed the brunt of October’s sell-off, led gains as the Nasdaq 100 surged more than 3 percent. Amazon.com and Netflix were among the best performers. Health- care shares rallied as investors saw reduced risk for major changes to the health system, while marijuana stocks gained after Michigan voted to permit recreational use and Attorney General Jeff Sessions — a critic of legalization — resigned. A gauge of volatility expectations declined.
     “We’ve gotten the broad uncertainty out of the way,” said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors.
     The outcome largely matched polling going into the vote, and it’s likely investors will now refocus their attention on other issues. The biggest macro theme remains the trade war after recent warnings from major names including the IMF’s Christine Lagarde and former U.S. Treasury Secretary Hank Paulson. Meanwhile, the Federal Reserve is set to decide interest rates Thursday, and Theresa May is pushing on with efforts to agree a Brexit deal.
     Elsewhere, European stocks rallied and Asian shares were mixed. Shares of Spanish banks surged after they escaped paying billions of euros in back taxes. The euro rallied as data showed German industrial output picked up steam in September.
* The Fed’s next rate decision is Thursday. While policy makers are expected to leave borrowing costs unchanged, observers will be looking for any signals on how much more tightening remains.
* China trade data also come Thursday, with gauges of consumer and factory prices expected on Friday. 
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 2.1 percent as of the close of trading in New York; the Nasdaq Composite added 2.6 percent; the Dow Jones Industrial Average rose 2.1 percent.
* The Stoxx Europe 600 Index rose 1.1 percent.
* The MSCI Emerging Market Index rose 0.9 percent.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro climbed 0.1 percent to $1.144.
* The Japanese yen rose 0.1 percent to 113.52 per dollar.
* The British pound strengthened 0.3 percent to $1.3135.
Bonds
* The yield on 10-year Treasuries fell one basis point to 3.22 percent.
* Germany’s 10-year yield rose one basis point to 0.44 percent.
* Britain’s 10-year yield was little changed at 1.53 percent.
Commodities
* West Texas Intermediate crude fell 1 percent to $61.59 a barrel, its eighth consecutive decline.
* Copper rose 0.4 percent to $2.743 a pound.
* Gold slipped 0.2 percent to $1,225.37 an ounce.

Have a wonderful evening.  

Be magnificent!

As ever,

Karen

“A leader is one who knows the way, goes the way, and shows the way.” John C. Maxwell

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

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

The biggest firework display in the South East of England, Leeds Castle puts on a spectacular show. Credit: Tony Watson/Alamy News

The sun rises over the now empty vines and the misty downs. The excellent harvest has been completed and grapes that will make Ambriel sparkling wine, in the Redfold Vineyard. Pulborough, West Sussex, UK are now pressed and in tanks. Credit:  Guy Bell/Alamy News

A woman poses for a selfie at the “Never again” poppy installation at Koenigsplatz in Munich, southern Germany as Europe prepares to mark the Centenary of the ending of the First World War. Credit: Christof Stache/AFP/Getty Images
Market Closes for November 6^th, 2018

Market Index	Close	Change
Dow Jones	25635.01	+173.31   +0.68%
S&P 500	2755.45	+17.14   +0.63%
NASDAQ	7375.965	+47.114   +0.64%
TSX	15292.71	+75.01
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	22147.75	+248.76
		+1.14%
HANG SENG	26120.96	+186.57
		+0.72%
SENSEX	34991.91	+40.99
		+0.12%
FTSE 100*	7040.68	-63.16
		-0.89%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.533		2.517
CND. 30 Year Bond		2.559		2.549
U.S.    10 Year Bond		3.2218		3.2008
U.S. 30 Year Bond		3.4389		3.4282

Currencies

BOC Close	Today	Previous
Canadian $	0.76204	0.76293
US $	1.31227	1.31073
Euro Rate 1 Euro=		Inverse
Canadian $	1.49944	0.66692
US $	1.14262	0.87520

Commodities

Gold	Close	Previous
London Gold Fix	1232.25	1232.10
Oil
WTI Crude Future	62.21	63.10

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed U.S. peers higher for a second day, boosted by pot stocks and utilities. The increase comes as Americans go to the polls to vote in the midterm elections, with congressional races seen as a referendum on President Donald Trump’s policies.
     The S&P/TSX Composite Index rose 0.5%, also helped by energy. The telecom and industrial sectors were the only ones to post a decline.
Stocks
* Tahoe Resources now sees full-year gold production at the low end of the company’s forecast of 400k to 475k oz.
* Alaris Royalty Corp fell 6.9 percent after third-quarter results. Management commentary suggested “that certain investment partners are facing challenges,” CIBC analyst Scott Fromson writes.
* Thomson Reuters Corp rose 4.6 percent after a report that the company is looking to make “substantive” acquisitions to boost its legal and tax units after selling a majority stake in its financial terminal business.
* Katanga Mining Ltd fell 25 percent after reporting that its revenue in the coming quarters will be hurt by a temporarily suspension of cobalt sales at Kamoto Project in Democratic Republic of Congo.
Commodities
* Western Canada Select crude oil traded at a $42.25 discount to WTI
* Gold fell 0.4 percent to $1,227.70 an ounce FX/Bonds
* The Canadian dollar fell 0.1 percent at C$1.3128 per U.S. dollar
* The Canada 10-year government bond yield gained to 2.529%
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks climbed, with the biggest tech companies among the best performers, in relatively light volume as the U.S. midterm elections got underway. The Nasdaq was the best performing major U.S. gauge, with Apple, Amazon and Facebook leading the way. The Stoxx Europe 600 Index slid a second day. Oil traded near the lowest level in seven months as concerns over a supply crunch eased. Investors watched for developments on trade as China’s vice president said Beijing remained ready to discuss a deal with Washington.
     Government bonds in Europe and the U.S. were mixed, but mostly little changed. The euro recovered from disappointing manufacturing data to gain, while the pound strengthened despite no apparent progress on Brexit negotiations. The dollar fell for a second day.
     Caution prevailed in markets Tuesday, with few standout moves as investors braced for any fallout from the vote, particularly congressional races seen as a referendum on the policies of President Donald Trump. Democrats are expected to take control of the House of Representatives but fall short in the Senate. Meanwhile, investors have one eye on the U.K., where Theresa May is redoubling efforts to reach a Brexit deal.
     “All eyes are on the U.S. midterm elections today, which have resulted in a slight risk-friendly bias to markets, but a dearth of activity,” said Kit Juckes, a London-based global fixed-income strategist at Societe Generale SA. Expectations for policy gridlock are “the corner-stone of what feels like a consensual view that growth will slow,” he wrote in a note.
     Elsewhere, equities climbed in Japan, Australia, South Korea and Hong Kong, but underperformed in China. WTI oil fluctuated between small gains and losses.
Here are some key events coming up this week:
* On Tuesday, U.S. mid-term elections will determine whether Republicans keep control of Congress, and set the stage for Trump’s 2020 re-election bid
* Federal Reserve policy makers are expected to leave the main interest rate unchanged Thursday at their penultimate gathering of 2018
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4 percent as of 10:26 a.m. New York time; the Nasdaq Composite added 0.8 percent.
* The Stoxx Europe 600 Index dipped 0.2 percent.
* The MSCI Emerging Market Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro advanced 0.1 percent to $1.1417.
* The Japanese yen fell 0.1 percent to 113.28 per dollar.
* The British pound added 0.3 percent to $1.3079, the strongest in almost three weeks.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries was little changed at 3.2 percent.
* Germany’s 10-year yield was little changed at 0.43 percent.
* Britain’s 10-year yield rose three basis points to 1.53 percent.
Commodities
* West Texas Intermediate crude fell 0.3 percent to $62.90 a barrel.
* Copper rose 0.1 percent to $2.7595 a pound..
* Gold slipped 0.2 percent to $1,229.54 an ounce.

Have a wonderful evening.  

Be magnificent!

As ever,

Karen

“Challenges are what make life interesting and overcoming them is what makes life meaningful.” –Joshua J. Marine

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

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

Swans fly over a lake in Rongcheng, east China’s Shandong Province. Credit: Xinhua/Alamy Live News

Hot-air balloons rise up in the sky during early morning hours over the hills of scenic historical Cappadocia region, a UNESCO world heritage site, in Central Anatolia’s Nevsehir province, Turkey. Credit: Behcet Alkan/Anadolu Agency/Getty Images

Local villagers perform traditional dance for tourists at a chrysanthemum base in Yaogujiang Village, Majiang County, southwest China’s Guizhou Province. Credit: Xinhua/Barcroft Images
Market Closes for November 5^th, 2018

Market Index	Close	Change
Dow Jones	25461.70	+190.87   +0.76%
S&P 500	2378.31	+15.25   +0.56%
NASDAQ	7328.852	-28.142   -0.38%
TSX	15217.70	+98.42
		+0.65%

International Markets

Market Index	Close	Change
NIKKEI	21898.99	-344.67
		-1.55%
HANG SENG	25934.39	-551.96
		-2.08%
SENSEX	34950.92	-60.73
		-0.17%
FTSE 100*	7103.84	+9.72
		+0.14%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.517		2.534
CND. 30 Year Bond		2.549		2.571
U.S.    10 Year Bond		3.2008		3.2121
U.S. 30 Year Bond		3.4282		3.4540

Currencies

BOC Close	Today	Previous
Canadian $	0.76293	0.76261
US $	1.31073	1.31129
Euro Rate 1 Euro=		Inverse
Canadian $	1.49519	0.66881
US $	1.14073	0.87663

Commodities

Gold	Close	Previous
London Gold Fix	1232.10	1231.15
Oil
WTI Crude Future	63.10	63.14

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a fourth day in five as natural gas prices boosted energy stocks and cannabis shares rose ahead of the U.S. midterm elections. The S&P/TSX Composite Index added 98 points or 0.7 percent to 15,217.70, the highest in nearly two weeks. Health-care stocks led the gains, up 4.6 percent, as Canopy Growth Corp. rose 7.4 percent. Cannabis legalization is on the ballot in four states and the outcome of the midterms could determine the path for legalization south of the Canadian border.
     The energy sector added 2.2 percent as natural gas futures posted their biggest gain in two years. Advantage Oil & Gas Ltd. rose 12 percent and Birchcliff Energy Ltd. gained 8.3 percent. In other moves:
Stocks
* NexGen Energy Ltd. jumped 14 percent and Cameco Corp. added 8.5 percent after the U.S. Supreme Court supported a Virginia ban on uranium mining 
* Green Organic Dutchman Holdings Ltd. surged 37 percent, adding to Friday’s 21 percent gain. A post-IPO lockup on the company’s shares expired Friday
* Ensign Energy Services Inc. rose 7.1 percent, the most since March. The company’s third-quarter loss was narrower than estimated
Commodities
* Western Canada Select crude oil traded at a $42 discount to WTI
* Aeco natural gas traded at a 84 cent discount to Henry Hub, the narrowest gap in a month
* Gold fell 0.1 percent to $1,232.30 an ounce FX/Bonds
* The Canadian dollar was little changed at C$1.3109 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 2.52 percent
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks climbed, with Warren Buffett’s Berkshire Hathaway Inc. powering gains in the S&P 500 Index. Treasury yields edged lower. The U.S. conglomerate rose the most since July after the world’s most famous stock-picker revealed he’d been buying back his firm’s own shares. Investors were also hunting bargains after last month’s downtown and weighing the outlook for Tuesday’s midterm elections. Financial and energy shares climbed, while Apple slumped on a report it wouldn’t boost iPhone production. Facebook and Amazon also sank. Oil fell for a sixth straight day.
     Tech’s underperformance continued a trend seen in the past few weeks, with the S&P 500 Index down less than 6 percent since the end of August, compared with drop of almost 10 percent for the Nasdaq 100. For the full year, tech indexes are still faring better.
     Politics and central banks loom large in a busy week for global markets. U.S. congressional elections, seen as a referendum on the policies of President Donald Trump, take place Tuesday. Investors also are on alert for any trade developments after White House economic adviser Larry Kudlow last week downplayed the potential for a quick deal between the U.S. and China. Up ahead is the Federal Reserve policy meeting Thursday, when officials are expected to keep the benchmark rate unchanged but give clues for moves into 2019.
     “Early this week here, people are trying to resolve some of the uncertainty with this election,” said Jerry Braakman, the chief investment officer at Santa Ana, California-based First American Trust. “There’s not a great deal of value anywhere in the market, and that’s why were seeing increased volatility.”
     Elsewhere, crude climbed as sanctions on Iran oil snapped back into place Monday. The pound strengthened a third day in four on signs of further progress in Brexit negotiations. Emerging-market currencies and shares fell after stocks in Asia closed mostly lower. The Stoxx Europe 600 Index fell into the red in relatively thin trading.
Here are some key events coming up this week:
* On Tuesday, U.S. mid-term elections will determine whether Republicans keep control of Congress, and set the stage for Trump’s 2020 re-election bid
* Reserve Bank of Australia November policy decision Tuesday 
* Federal Reserve policy makers are expected to leave the main interest rate unchanged Thursday at their penultimate gathering of 2018
* Trump plans to meet Russian President Vladimir Putin on the sidelines of Armistice Day celebrations Nov. 11
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.6 percent as of 4 p.m. in New York; the Nasdaq Composite slumped 0.4 percent; the Dow Jones Industrial Average rose 0.8 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
* The MSCI Emerging Market Index declined 0.4 percent, the first retreat in a week.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro climbed 0.2 percent to $1.1409.
* The Japanese yen was little changed at 113.2 per dollar.
* The British pound jumped 0.6 percent to $1.3041.
* The MSCI Emerging Markets Currency Index sank 0.1 percent.
Bonds
* The yield on 10-year Treasuries fell one basis point to 3.2 percent.
* Germany’s 10-year yield was little changed at 0.42 percent.
* Britain’s 10-year yield rose one basis point to 1.5 percent, its sixth straight increase.
Commodities
* The Bloomberg Commodity Index rose 0.4 percent to the highest in a week.
* West Texas Intermediate crude fell 0.5 percent to $62.80 a barrel.
* Copper decreased 1.9 percent to $2.755 a pound.
* Gold slipped 0.2 percent to $1,231.04 an ounce.

Have a wonderful evening.  

Be magnificent!

As ever,

Karen

“If you cannot do great things, do small things in a great way.” –Napoleon Hill

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

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

Mount Fuji, the highest mountain in Japan, is seen from Fujikawaguchiko, Yamanashi prefecture, Japan. Credit: Behrouz Mehri/AFP

A swan stretches its wings at Loch Faskally, in Pitlochry, Scotland. Credit: Reuters/Russell Cheyne

Beautiful autumn colour and low cloud is reflected in Loweswater in Loweswater, United Kingdom. After the long summer, colder and more wintery weather has now settled in across the country. Credit: Tom White/Getty Images
Market Closes for November 2^nd, 2018

Market Index	Close	Change
Dow Jones	25270.83	-109.91   -0.43%
S&P 500	2723.06	-17.31   -0.63%
NASDAQ	7356.996	-77.061   -1.04%
TSX	15119.28	-30.87
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	22243.66	+556.01
		+2.56%
HANG SENG	26486.35	+1070.35
		+4.21%
SENSEX	35011.65	+579.68
		+1.68%
FTSE 100*	7094.12	-20.54
		-0.29%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.534		2.482
CND. 30 Year Bond		2.571		2.520
U.S.    10 Year Bond		3.2121		3.1322
U.S. 30 Year Bond		3.4540		3.3760

Currencies

BOC Close	Today	Previous
Canadian $	0.76261	0.76412
US $	1.31129	1.30869
Euro Rate 1 Euro=		Inverse
Canadian $	1.49324	0.66968
US $	1.13876	0.87814

Commodities

Gold	Close	Previous
London Gold Fix	1231.15	1214.95
Oil
WTI Crude Future	63.14	63.69

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower amid conflicting messages on trade from the White House but still managed to post their biggest weekly gain since May. The S&P/TSX Composite Index lost 0.2 percent to 15,119.28 Friday, reversing an earlier gain. The benchmark posted a weekly gain of 1.6 percent, the most in six months, as global stocks recovered somewhat from October’s rout.
     Energy stocks lost 1 percent Friday as crude prices retreated, with Encana Corp. falling 5.9 percent, adding to Thursday’s 12 percent decline. Investors were not pleased with the company’s $5.5 billion purchase of Newfield Exploration Co., a reversal in strategy for the oil and gas company.
In other moves:
Stocks
* Sleep Country Canada Holdings Inc. tumbled 13 percent, the most on record, after two analysts downgraded the stock following “tepid” earnings
* Interfor Corp. jumped 15 percent, the most since 2011. Other forestry stocks also gained as lumber prices climbed to a three- week high
* The Green Organic Dutchman Holdings Ltd. gained 21 percent as a post-IPO share lockup expired
Commodities
* Western Canada Select crude oil traded at a $44.10 discount to WTI
* Aeco natural gas traded at a $2.11 discount to Henry Hub * Gold fell 0.4 percent to $1,233.30 an ounce FX/Bonds * The Canadian dollar weakened 0.1 percent to C$1.3103 per U.S. dollar
* The Canada 10-year government bond yield rose 5 basis points to 2.53 percent
US
By Jeremy Herron, Sarah Ponczek and Vildana Hajric
     (Bloomberg) — Stocks fell as trade concerns held center stage and Apple’s poor forecast hit tech-heavy indexes. Treasuries declined after U.S. hiring rebounded more than forecast in October. The S&P 500 dropped for the first time in four days, although was still on track for its best week in six months. Indexes pared some of Friday’s loss after President Donald Trump said he thinks the U.S. will reach a trade deal with China, which appeared to counter earlier remarks by his adviser Larry Kudlow. Tech led the decline, with the Nasdaq 100 sliding nearly 2 percent as Apple retreated after underwhelming sales forecasts.
     The 10-year Treasury yield rose the most in a month to 3.20 percent and the dollar gained as investors speculated the Federal Reserve won’t be deterred from its rate-hike path after a jobs report showed annual wage gains passed 3 percent for the first time since 2009. West Texas crude fell below $63 a barrel. Crowded Trades and Hedge Funds: Bloomberg Reporters Talk Markets “Trade negotiations will continue to be front and center,” Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, said in an interview. “At the same time, the jobs numbers were quite robust. This will push the Fed to continue raising rates.”
     Doubts remain on the capacity of earnings to deliver. Apple’s disappointing forecast for the key holiday period suggested weaker-than-expected demand for the company’s pricier new iPhones. Next up is mid-term elections next week. Analysts also doubted the Trump administration’s ability to end the trade tensions any time soon.
     Talks between the U.S. and China may not be straightforward, with intellectual property theft still a stumbling block. A Chinese state-owned company was charged Thursday with conspiring to steal trade secrets from American chipmaker Micron Technology Inc. as the Justice Department steps up actions against the Asian nation in cases of suspected economic espionage.
     Elsewhere, the Stoxx Europe 600 Index headed for its best week in two years and equities from Hong Kong to Tokyo surged, taking gains on the MSCI Asia Pacific Index to 5 percent for the week. Emerging-market shares jumped the most since March 2016. The euro fell on reports that the ECB was considering new dovish measures.
     Meanwhile, WTI declined as fears over a supply disruption eased after the U.S. was said to agree on giving waivers to eight nations to continue importing Iranian crude. Bloomberg’s gauge of industrial metals extended a rebound from a 15-month low as copper, zinc and nickel led gains in other raw materials.
Here are the main moves in markets:
Stocks
* The S&P 500 fell 0.8 percent at 2:50 p.m. in New York.
* The Nasdaq 100 dropped 1.6 percent.
* The Stoxx Europe 600 Index advanced 0.3 percent. 
* The MSCI Emerging Market Index jumped 2.6 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent. 
* The euro fell 0.3 percent to $1.1379. 
* The British pound dropped 0.5 percent to $1.2953. 
* The Japanese yen dipped 0.5 percent to 113.25 per dollar.
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.19 percent. 
* Germany’s 10-year yield advanced four basis points to 0.44 percent. 
* Britain’s 10-year yield increased five basis points to 1.500 percent. 
* Japan’s 10-year yield climbed one basis point to 0.129 percent.
Commodities
* West Texas Intermediate crude dipped 1 percent to $63.08 a barrel.
* Gold fell 0.5 percent at $1,232.70 an ounce. 
* Copper increased 2.6 percent to $2.80 a pound.

Have a wonderful weekend.  

Be magnificent!

As ever,

Karen

“Determine that the thing can and shall be done, and then we shall find the way.” –Abraham Lincoln

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