Month: September 2019

Dear Friends,

Tangents:
1452~ Gutenberg Bible published
1955 ~ James Dean killed in auto collision.
1968 – The Boeing 747 is rolled out and shown to the public for the first time.  Go to article »
PHOTOS OF THE DAY

A Reversed Retrogress, part of leading contemporary South African artist Mary Sibande’s first UK solo exhibition, ‘Came Apart at the Seams’, Exhibited at Somerset House between 3^rd October-5^th January 2020.
CREDIT- JEFF GILBERT FOR THE TELEGRAPH

A prototype of SpaceXs Starship is pictures at the company’s Texas launch facility in Boca Chica near Brownsville, Texas. The Starship spacecraft is a massive vehicle meant to take people to the Moon, Mars and beyond.
CREDIT: LOREN ELLIOTT/ GETTY IMAGES

People queue to say a final farewell to former French President Jacques Chirac as the coffin lie in state at the Saint-Louis-des-Invalides memorial complex in central Paris – Former French president Jacques Chirac died on September 26, 2019 at the age of 86.
CREDIT- PHILIPPE LOPEZ/AFP

Market Closes for September 30^th, 2019  

Market Index	Close	Change
Dow Jones	26916.83	+96.58 +0.36%
S&P 500	2976.74	+14.95 +0.50%
NASDAQ	7999.340	+59.713 +0.75%
TSX	16658.63	-35.64
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	21755.84	-123.06
		-0.56%
HANG SENG	26092.27	+137.46
		+0.53%
SENSEX	38667.33	-155.24
		-0.40%
FTSE 100*	7408.21	-18.00 -0.24%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.364	1.358
CND. 30 Year Bond	1.529	1.545
U.S.    10 Year Bond	1.6680	1.6801
U.S. 30 Year Bond	2.1133	2.1286

Currencies

BOC Close	Today	Previous
Canadian $	0.75496	0.75535
US $	1.32457	1.32389
Euro Rate 1 Euro=		Inverse
Canadian $	1.44382	0.69260
US $	1.09003	0.91741

Commodities

Gold	Close	Previous
London Gold Fix	1489.90	1506.40
Oil
WTI Crude Future	54.07	55.91

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Monday as marijuana shares weighed on the index, while prices of crude, gold, and silver all weakened. The S&P/TSX Composite Index fell 0.2% to 16,658.63. Health care, materials, and energy posted the biggest sector declines. Oil recorded its weakest quarter since late last year as fears over a global economic slowdown overshadowed an unprecedented attack on Saudi Arabia’s key energy facilities. Meanwhile, regulators halted Enbridge Inc.’s plan to convert Canada’s largest crude pipeline network to contract service, handing a win to oil producers who had argued the change was unfair and would limit their access to the system. Separately, BMO said Ontario altering its marijuana wholesale model would “initially create a challenging  transition period.” Even with today’s decline, the Canadian benchmark stock index added 1.3% during September, its best month since June.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price fell 1.6% to $1,472.94
FX/Bonds
* The Canadian dollar flat around C$1.324 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.366%
Insights
* This quarter, the SPTSX index rose 1.7 percent

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -30.3459| -1.1| 4/28
Materials | -28.9604| -1.6| 13/35
Financials | -7.7442| -0.1| 10/15
Health Care | -4.9479| -2.1| 4/6
Real Estate | -0.2757| 0.0| 9/16
Communication Services | 0.9584| 0.1| 4/3
Utilities | 1.6207| 0.2| 8/7
Consumer Staples | 4.4578| 0.7| 9/1
Consumer Discretionary | 7.7867| 1.1| 14/2
Information Technology | 9.6417| 1.1| 7/2
Industrials | 12.1727| 0.7| 22/10
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks advanced for the third quarter in a row as investors weighed the latest turns in the trade war between the world’s two largest economies. The dollar rose and Treasuries edged higher. The S&P 500 gained for a third month out of the last four after rebounding from August’s downturn. Tech fueled the rise after the Trump administration partially refuted a report it would target Chinese capital, reversing losses sparked by the news Friday. Ten-year Treasury yields erased an early advance to trade lower around 1.67%, more than 30 basis points lower than it was at the end of June, after data showed weakening business activity. The dollar pushed quarterly gains toward 2.7%. The pound fell as Prime Minister Boris Johnson fought off allegations of sexual impropriety and plots in Parliament to oust him over his Brexit plans. West Texas oil fell below $55 a barrel. Gold dipped for a second day, though it was still set for a fourth quarterly gain.
“Investors continue to be people who are pulling petals off a daisy saying ‘there will be an accord, there won’t be an accord, there will be an accord, there won’t be.’ Nobody really knows for sure — at least I don’t,” Sam Stovall, chief investment strategist at CFRA, said about trade between the U.S. and China in a phone interview. “Based on the market’s lack of fear, the majority expect some sort of discussion to occur October 10th and that there will be encouraging developments as we move forward.” The month is finishing much as it began, with foreign-trade uncertainty once again muddying the outlook for investors.Citigroup said that restricting access to U.S. finance would amount America’s most extreme potential move against China, while a Treasury official said over the weekend that the U.S. has no plans “at this time” to stop Chinese companies fromlisting on American exchanges. Beijing on Monday vowed to keep opening up its financial markets and encouraging foreign investment, and released a positive report on manufacturing. Elsewhere, Chinese equities fell in the final session before a week-long holiday. Financial markets and offices in Taipei closed Monday due to the approach of Typhoon Mitag.
Here are some key events coming up this week:
* Australia’s monetary policy decision is set for Tuesday, with markets and economists leaning toward a third interest-rate cut for 2019.
* Euro-zone CPI for September is scheduled for Tuesday.
* There’s a slew of U.S. data including ISM manufacturing on Tuesday, the ADP employment report on Wednesday and the monthly jobs report on Friday.
* The Reserve Bank of India sets policy on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.5% as of 4 p.m. New York time.
* The Nasdaq Composite Index gained 0.8%.
* The Stoxx Europe 600 Index increased 0.4%.
* The U.K.’s FTSE 100 Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The British pound rose 0.1% at $1.2301.
* The euro declined 0.4% to $1.0901.
* The Japanese yen decreased 0.2% to 108.11 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.67%.
* Britain’s 10-year yield dipped one basis point to 0.48%.
* Germany’s 10-year yield advanced less than one basis point to -0.57%.
Commodities
* West Texas Intermediate crude sank 2.9% to $54.27 a barrel.
* Gold decreased 1.8% to $1,480.00 an ounce.
–With assistance from Adam Haigh, Todd White and Sarah Ponczek.
Have a great night.

Be magnificent!
As ever,

Carolann

In solitude the mind gains strength and learns to lean upon itself.
                                               -Laurence Sterne, 1713-1768

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!

It took decades, but someone finally found Mark Twain’s signature in a cave he helped make famous in “The Adventures of Tom Sawyer.” -CNN.

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 »

Separately, Anthony Mancinelli, from upstate New York, was recognized as the world’s oldest working barber by Guinness World Records. He died last week at 108, after recently — and reluctantly — retiring. -NY Times.

Today is Ancestor Appreciation Day.
It is certainly desirable to be well descended but the glory belongs to our ancestors. -Plutarch.

PHOTOS OF THE DAY

A man whose Victorian ancestors buried a stunning fossil because it threatened their religious beliefs has had it dug up and put it on display for the first time ever. Cider brandy maker Julian Temperley knew that a 90 million-year-old ichthyosaurus fossil was buried in the garden at his family’s home in Thorney, Somerset. His god-fearing ancestors had kept it hidden away for years after its discovery in 1850, worried they would be ‘denying god’ by flashing it around. But flooding forced Julian to dig it up for good recently and after paying £3,000 for it to be cleaned he’s now having its image printed on his bottles of cider brandy.
CREDIT: RICHARD AUSTIN/ SWNS.COM

A rainbow over St Mary’s Lighthouse in Whitley Bay, UK.
CREDIT: OWEN HUMPHREYS/ PA WIRE

A musician plays the violin as fans arrive outside the stadium prior to the Rugby World Cup 2019 Group B game between Italy and Canada at Fukuoka Hakatanomori  Stadium in Fukuoka, Japan.
CREDIT: MARK KOLBE/GETTY IMAGES

People walk around the coronation figure of August the Strong’s during the press preview to mark the opening of August the Strong’s Royal State Apartments and the Porcelain Cabinet at Residenzschloss in Dresden, eastern Germany.
CREDIT: AP PHOTO/JENS MEYER

Market Closes for September 27^th, 2019  

Market Index	Close	Change
Dow Jones	26820.25	-70.87 -0.26%
S&P 500	2961.79	-15.83 -0.53%
NASDAQ	7939.629	-91.032 -1.13%
TSX	16694.27	-96.13
		-0.57%

International Markets

Market Index	Close	Change
NIKKEI	21878.90	-169.34
		-0.77%
HANG SENG	25954.81	-87.12
		-0.33%
SENSEX	38822.57	-167.15
		-0.43%
FTSE 100*	7426.21	+75.13 +1.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.358	1.361
CND. 30 Year Bond	1.545	1.545
U.S.    10 Year Bond	1.6801	1.6691
U.S. 30 Year Bond	2.1286	2.1447

Currencies

BOC Close	Today	Previous
Canadian $	0.75535	0.75349
US $	1.32389	1.32715
Euro Rate 1 Euro=		Inverse
Canadian $	1.44834	0.69044
US $	1.09400	0.91407

Commodities

Gold	Close	Previous
London Gold Fix	1506.40	1528.75
Oil
WTI Crude Future	55.91	56.41

Market Commentary:
At least two of the market’s traditional haven assets have so far shrugged off signs that Democrats may be moving toward impeachment. Gold and the Japanese yen, both popular destinations for nervous investors, are broadly unchanged for the week through Thursday. The yield on the 10-year Treasury note has inched lower, falling 0.069 percentage points. Yields fall as bond prices rise.
 
The Ukrainian hryvnia is the best-performing currency out of 41 tracked by The Wall Street Journal, topping its peers with a more than 14% year-to-date rise. Investors have been drawn by Ukraine’s double-digit yields and promises of economic reform.
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 at the time outside the oil industry.  
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks posted a weekly decline as marijuana shares weakened Friday, while U.S. equities also suffered a down session after a report that the Trump administration is considering opening a new front in its trade war with China. The S&P/TSX Composite Index fell 0.6% Friday to 16,694. Health care stocks were the worst performers as ten of eleven sectors fell. The Horizons Marijuana Life Sciences ETF (HMMJ CN) lost 5.5%. Additionally, Ontario is exploring allowing cannabis producers to ship directly to retailers, BNN Bloomberg reported, citing several unnamed people familiar with the matter.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price fell 0.5% to about $1,497 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3244 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.357%
Insights
* Canadian stocks fell 1.2% on the week, the biggest decline since the week ended Aug. 2
* This quarter, the index rose 1.9%
* This month, the index rose 1.5%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -31.6674| -1.7| 12/37
Industrials | -15.4315| -0.8| 10/21
Information Technology | -12.7087| -1.5| 0/9
Communication Services | -10.1974| -1.1| 0/7
Energy | -7.8079| -0.3| 5/26
Consumer Staples | -7.0270| -1.0| 2/8
Consumer Discretionary | -6.4832| -0.9| 5/11
Health Care | -5.3265| -2.2| 1/9
Real Estate | -4.7148| -0.8| 4/21
Utilities | -3.2977| -0.4| 7/9
Financials | 8.5486| 0.2| 15/12
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — A week dominated by political drama in Washington ended with the specter of a deepening trade war, sending U.S. stocks to a three-week low and bolstering demand for haven assets. The S&P 500 fell 1.1% in the five days to pare its gain in the third quarter to about half a percent. Friday brought the latest drama after a report that the Trump administration is considering sweeping limits to capital-market investments, forcing Wall Street to assess the impact on potentially billions of dollars of assets. Stocks most sensitive to trade and ones linked to China paced the selling. The index bounced from its lows after dipping below a key technical indicator. Stocks were under pressure for most of the week, but the start of an impeachment inquiry of Donald Trump on Tuesday brought the steepest selling, as another major risk was added a market on edge over slowing global growth. The dollar advanced and Treasuries rose in the week. Heading into the weekend, stocks started stronger before the latest salvo from the Trump administration in its spat with China over trade rattled the market. Trade tensions had shown signs of easing in recent weeks ahead of a Chinese delegation’s visit next month for high-level talks.
“This back and forth escalation like ‘oh, we’re going to play nice and come to the table and the next day we’re going to limit money flows to this other country’ is just silly and it’s really playing with fire,” Jennifer Ellison, principal at San Francisco-based BOS, said by phone. “This is all part of what makes the economy tick and we could take some steps backwards if we really get this wrong.” A U.S. crackdown on capital flows would expose a new pressure point in the economic dispute and cause disruption well beyond the hundreds of billions in tariffs the two sides have levied against each other. The Invesco China Technology ETF dropped 1.6%, with losses accelerating midday. The iShares China Large-Cap ETF fell 1.4% while the broader iShares MSCI China ETF was off 1.9%. The KraneShares CSI China Internet Fund lost 2.6%. The news overshadowed data showing the U.S. economy cooled a bit in August. Tech shares were already under pressure after Micron Technologies lead losses after it cut its profit forecast, citing the U.S.-China trade war. Elsewhere, Bitcoin slipped for a sixth session close to the $8,000 mark, in its longest losing streak in almost a year. Earlier in Asia, Japanese equities tumbled as a swath of companies traded without the right to the next dividend payment. Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 lost 1.4%.
* The Stoxx Europe 600 Index added 0.5%.
* The MSCI Asia Pacific Index declined 0.9%.
* The MSCI Emerging Market Index declined 0.8%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.2% to $1.0938.
* The British pound declined 0.2% to $1.2307.
* The Japanese yen weakened 0.1% to 107.96 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 1.68%.
* Germany’s 10-year yield gained one basis point to -0.57%.
* Britain’s 10-year yield dipped one basis point to 0.513%.
Commodities
* Gold declined 0.7% to $1,504.40 an ounce.
* West Texas Intermediate crude fell 1.2% to $55.69 a barrel.
–With assistance from Constantine Courcoulas.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Those who do not remember the past are condemned to repeat it.
                                              -George Santayana, 1863-1952

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:
1960~ first televised Presidential debate.

1687: Acropolis in Athens attacked by Venetian army trying to eject Turks, damaging the Parthenon. Learn More >>

T.S. Eliot, poet, b. 1888.
We shall not cease from our exploration, and at the end of all our exploring, we shall arrive where we started and know the place for the first time. -T.S. Eliot, 1888-1965

Octopuses are intelligent aliens living among us –from Bloomberg News.
Prehistoric babies drank animal milk from bottles. -from Bloomberg News.

PHOTOS OF THE DAY

The futuristic new airport, which is expected to become one of the busiest in the world, was opened by China’s President Xi Jinping.
CREDIT:AFP

Dame Helen Mirren arrives for the premiere of “Catherine the Great” at Curzon Theatre, Mayfair, London.
CREDIT: SCOTT GARFITT/PA

Participants dressed in traditional dress for rehearsals for Garba, a folk dance, in preparations for the upcoming Navratri, a festival during which devotees worship the Hindu Goddess Durga, in Ahemdabad, India.
CREDIT: AMIT DAVE/ REUTERS

Market Closes for September 26^th, 2019  

Market Index	Close	Change
Dow Jones	26891.12	-79.59 -0.30%
S&P 500	2981.34	-3.53 -0.12%
NASDAQ	8030.660	-46.724 -0.58%
TSX	16788.07	+3.78
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	22048.24	+28.09
		+0.13%
HANG SENG	26041.93	+96.58
		+0.37%
SENSEX	38989.74	+396.22
		+1.03%
FTSE 100*	7351.08	+61.09 +0.84%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.361	1.402
CND. 30 Year Bond	1.545	1.569
U.S.    10 Year Bond	1.6691	1.7337
U.S. 30 Year Bond	2.1447	2.1856

Currencies

BOC Close	Today	Previous
Canadian $	0.75349	0.75375
US $	1.32715	1.32671
Euro Rate 1 Euro=		Inverse
Canadian $	1.44953	0.68988
US $	1.09221	0.91558

Commodities

Gold	Close	Previous
London Gold Fix	1528.75	1520.65
Oil
WTI Crude Future	56.41	56.32

Market Commentary:
On this day in 1955, President Dwight D. Eisenhower suffered a heart attack, sparking a 6.62% drop in the Dow. The fall remains one of the index’s worst daily losses of the past 100 years.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks pared an early decline, parroting U.S. shares and closing Thursday slightly higher. Utilities were the best performing stocks, while materials were the worst, showing investors flocking to defensive names amid U.S. political turmoil. The S&P/TSX Composite Index was slightly higher, up 0.04% to 16,790. Brookfield Asset Management contributed the most to the index advance, increasing 1.9%. Kinaxis had the largest percentage gain, rising 3.4%. First Quantum Minerals was the biggest drag on the index and had the biggest percentage decline, falling 11%. Meanwhile, Goldman Sachs was positive on Canadian oil-sands stocks despite multiple headwinds, while software company Lightspeed POS Inc. is addressing “both sides of the coin,” profit and growth, given investor demands.
Ratings
* SYZ CN: Sylogist Cut to Market Perform at Cormark Securities; PT C$13
* CFX CN: Canfor Pulp Products Raised to Sector Outperform at Scotiabank
* CVE CN: Cenovus Energy Upgraded to Buy at Goldman
* FM CN: First Quantum Minerals Downgraded to Market Perform at BMO
* IMO CN: Imperial Oil Downgraded to Neutral at Goldman; PT C$39
* OGC CN: OceanaGold Upgraded to Strong Buy at Raymond James; PT C$5.75
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price was flat at $1,504.47
FX/Bonds
* The Canadian dollar fell 0.05% to C$1.3274 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.362%
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — U.S. stocks ended a tumultuous session lower, with Treasuries rose as the latest political turmoil and trade headlines damped demand for risk assets. The S&P 500 Index slide for fourth time in five days in trading about 15% below the 30-day average. Stocks were under pressure after the release of a whistle-blower complaint central to the latest political drama and reports the U.S. is unlikely to extend a waiver allowing American firms to supply China’s Huawei Technologies. Defensive shares rose as Treasury yields fell. Crude oil advanced on news the U.S. will send military equipment to Saudi Arabia. Impeachment and trade headlines continued to hit markets already on edge over signs of slowing global economic growth. The U.S. move to add air defense coverage in Saudi Arabia added to geopolitical unease. Data in the U.S. Thursday signaled the world’s largest economy remains on solid footing, though was unable to bolster market sentiment.
“Markets appear to be more focused on President Trump’s foreign trade policy than his risk of impeachment,” Mike Ryan, Americas Chief Investment Officer at UBS Global Wealth Management, said in a note. “The wild card here is how this may impact White House decisions on trade negotiations. In addition, we will need to monitor for whether further polarization in Washington could have a knock-on effect on bipartisan cooperation over budget issues or infrastructure spending.” In Asia, equities in Japan, Hong Kong and India helped drag the regional gauge up as shares in China and Australia fell. The New Zealand dollar climbed and traders trimmed bets for more easing after the central bank governor said interest-rate cuts are working.
These are some key events coming up this week:
* Core PCE — the Fed’s preferred inflation measure — is due Friday. The forecast is for 1.8%.

Here are the main moves in markets:
Stocks
* The S&P 500 Index lost 0.2% as of 4 p.m. New York time.
* The Nasdaq 100 slipped 0.4%.
* The Stoxx Europe 600 Index advanced 0.6%.
* The MSCI Asia Pacific Index increased 0.2%.
* The MSCI Emerging Market Index advanced 0.3%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro lost 0.2% to $1.0920.
* The British pound fell 0.3% to $1.232.
* The Japanese yen fell 0.1% to 107.88 per dollar.
Bonds
* The yield on 10-year Treasuries fell five basis points to 1.69%.
* Germany’s 10-year yield declined one basis point to -0.58%.
* Britain’s 10-year yield was unchanged at 0.537%.
Commodities
* Gold futures were flat around $1,512 an ounce.
* West Texas Intermediate crude was little changed at $56.50 a barrel.

–With assistance from Adam Haigh, Cormac Mullen and Samuel
Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Nothing ever becomes real till it is experienced.
                                -John Keats, 1795-1821

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:
1676: Greenwich Mean Time established.

The Anne Frank of Poland: A journal kept by Renia Spiegel, a Jewish girl who lived in Poland and was murdered by the Nazis in 1942, has been released in English. -NY Times.

German court rules hangovers are an illness 
You still probably shouldn’t make that case to your boss.-CNN

1956 – The first trans-Atlantic telephone cable went into service.  Go to article »
1897: William Faulkner, b.

The past is not dead.  In fact, it’s not even past. –Wm. Faulkner, 1897-1962.

PHOTOS OF THE DAY

Thousands attired in Zulu traditional regalia gathered to commemorate King Shaka’s Day Celebration near the grave of the great Zulu King Shaka at Kwadukuza, some 98 kilometres north of Durban.
CREDIT: RAJESH JANTILAL AFP/GETTY IMAGES

Participants walk maintaining a human tower or “castellers” during the Saint Merce celebrations in San Jaume square in Barcelona, Spain.
CREDIT: AP PHOTO/EMILIO MORENATTI

A worker lights a bidi, a local cigarette hand rolled with tobacco leaf, at an idol making workshop ahead of the upcoming Hindu festival of Durga Puja in New Delhi, India.
CREDIT: REUTERS/ANUSHREE FADNAVIS

Market Closes for September 25^th, 2019  

Market Index	Close	Change
Dow Jones	26970.71	+162.94 +0.61%
S&P 500	2984.87	+18.27 +0.62%
NASDAQ	8077.383	+83.756 +1.05%
TSX	16784.29	-14.04
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	22020.15	-78.69
		-0.36%
HANG SENG	25945.35	-335.65
		-1.28%
SENSEX	38593.52	-503.62
		-1.29%
FTSE 100*	7289.99	-1.44 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.402	1.307
CND. 30 Year Bond	1.569	1.479
U.S.    10 Year Bond	1.7337	1.6456
U.S. 30 Year Bond	2.1856	2.1036

Currencies

BOC Close	Today	Previous
Canadian $	0.75375	0.75536
US $	1.32671	1.32387
Euro Rate 1 Euro=		Inverse
Canadian $	1.45189	0.68876
US $	1.09436	0.91378

Commodities

Gold	Close	Previous
London Gold Fix	1520.65	1522.10
Oil
WTI Crude Future	56.32	57.17

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell for a third session as gold declined and the U.S. dollar strengthened amid signs of easing trade tension between U.S. and China. Even Shopify’s bounce back after an eight-day loss couldn’t help the index eke out a gain. The S&P/TSX Composite Index was down 0.08 % to 16,784. The MSCI AC Americas Index advanced 0.6%. Materials stocks led the market lower, as 5 of 10 sectors fell. Barrick Gold contributed the most to the index decline, falling 3.4%. Eldorado Gold had the largest drop, falling 8.1%. Shopify provided the biggest boost to the index and had the largest gain, advancing 6.9%. Meanwhile, Fairfax Financial Holdings Ltd.’s Prem Watsa lost more than C$160 million ($121 million) just in his top five listed Canadian investments, according to the latest filings compiled by Bloomberg on Tuesday. BlackBerry’s abysmal fiscal second-quarter earnings, which saw one of its staunchest bulls join the bear camp, was the prime offender. The stock fell 23% on Tuesday and extended declines Wednesday to the lowest in six years.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price fell 1.8% to $1,504.17 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3266 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.397%
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — U.S. stocks rose as renewed signs of easing trade tensions diverted attention from the swirling impeachment drama in Washington. The dollar rallied the most since March. The S&P 500 halted a three-day slide, with tech and bank shares pacing the gain. Equities rattled by the political turmoil in America turned higher after President Donald Trump suggested a trade deal with China was possible and then moved toward a pact with Japan. The advance recouped most of Tuesday’s drop sparked by the start of a formal impeachment inquiry of Trump. “Markets are way more interested in a trade deal with China,” Jamie Cox, managing partner for Harris Financial Group in Richmond, VA. “Now that the Congress is deadlocked into impeachment, the president can close a deal with China to boost the global economy into 2020, just in time for ballots to be cast.” In company news, Philip Morris and Altria both advanced after ending merger talks, while Marathon surged on activist intervention. Nike Inc. rose to a record after strong results.
Financials paced gains as Treasury yields turned higher. The dollar rallied versus major peers, rising more than 1% versus the pound and 0.7% versus the yen. The impeachment push added a fresh element of risk into markets already on edge over trade and signs of slowing global growth, but trade has reliably been the biggest determinant of asset moves, and Trump’s conciliatory comments toward China helped ease some angst over the political upheaval. “You can’t trade this stuff right now, it’s impossible,” Michael Purves, chief executive officer at Tallbacken Capital Advisors LLC, said on Bloomberg TV Wednesday. “There’s so many different scenarios, you almost have t ignore it and keep investing the way you would.” In Europe, the mood was more dour. Equities slumped amid rising concern that growth is flagging. U.K. shares fell as parliament reconvened amid Brexit turmoil. Asian benchmarks retreated, with losses of more than 1% in Hong Kong, South Korea, mainland China and India. Crude futures declined after Saudi Aramco said it was ahead of schedule in restoring output.
These are some key events coming up this week:
* Trump will hold a press conference in New York at 4 p.m.
* Thailand decides on monetary policy on Wednesday, followed by the Philippines on Thursday.
* Core PCE — the Fed’s preferred inflation measure — is forecast for 1.8%. That’s due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.6% as of 4 p.m. New York time.
* The Nasdaq 100 Index added 1.2%.
* The Stoxx Europe 600 Index fell 0.6%.
* Switzerland’s SMI Index dropped 1.2%.
* The MSCI Asia Pacific Index sank 0.7%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.6%.
* The British pound sank 1.1% to $1.235.
* The euro fell 0.7% to $1.0942.
* The Japanese yen weakened 0.7% to 107.82 per dollar.
Bonds
* The yield on 10-year Treasuries increased eight basis points to 1.73%.
* The yield on two-year Treasuries rose five basis points to 1.68%.
* Britain’s 10-year yield declined two basis points to 0.509%.
* Japan’s 10-year yield fell two basis points to -0.255%.
Commodities
* West Texas Intermediate crude sank 1.3% to $56.53 a barrel.
* The Bloomberg Commodity Index declined 0.8%.
* Gold futures tumbled 1.9% to $1,510.60 an ounce.

–With assistance from Sarah Ponczek, Vildana Hajric, Adam Haigh
and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

There is nothing noble in being superior to your fellow man; true nobility
is being superior to your former self.
-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

Dear Friends,

Tangents:
Birthday: F. Scott Fitzgerald, writer,  b. 1896

Scientists say they’ve discovered a lost continent, but it’s not sitting at the bottom of the ocean. It’s shoved underneath Europe.-CNN.

The $100 tube of toothpaste is here. 

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 »

PHOTOS OF THE DAY

Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex dance as they visit a Justice Desk initiative in Nyanga township, during their royal tour of South Africa in Cape town, South Africa. The Justice Desk initiative teaches children about their rights and provides self defense classes and female empowerment training to young girls in the community.
CREDIT: CHRIS JACKSON/ GETTY IMAGES

A lion shares a touching moment with his young cub. The pair play together in a rare moment of gentleness between the male lion and the three-month-old cub. The intimate moment was captured by amateur photographer Limor Bahar, who went looking for lions at a reserve in South Africa.
CREDIT: LIMOR BAHAR/SOLENT NEWS & PHOTO AGENCY

Pelicans fly through the sky while they are migrating as the moon is seen behind in Adana, Turkey.
CREDIT: EREN BOZKURT/ANADOLU AGENCY VIA GETTY IMAGES
               
Market Closes for September 24^th, 2019  

Market Index	Close	Change
Dow Jones	26807.77	-142.22 -0.53%
S&P 500	2966.60	-25.18 -0.84%
NASDAQ	7993.629	-118.833 -1.46%
TSX	16798.33	-68.87
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	22098.84	+19.75
		+0.09%
HANG SENG	26281.00	+58.60
		+0.22%
SENSEX	39097.14	+7.11
		+0.02%
FTSE 100*	7291.43	-34.65 -0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.307	1.377
CND. 30 Year Bond	1.479	1.528
U.S.    10 Year Bond	1.6456	1.7267
U.S. 30 Year Bond	2.1036	2.1729

Currencies

BOC Close	Today	Previous
Canadian $	0.75536	0.75405
US $	1.32387	1.32616
Euro Rate 1 Euro=		Inverse
Canadian $	1.45860	0.68559
US $	1.10177	0.90763

Commodities

Gold	Close	Previous
London Gold Fix	1522.10	1501.90
Oil
WTI Crude Future	57.17	58.49

Market Commentary:
On this day in 1998, the dot-com era heated up after eBay went public on the Nasdaq, selling nearly 3.5 million shares at an initial offering price of $18 a share. The stock closed the day at just over $47 a share.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell as BlackBerry tumbled on an earnings miss and reports said U.S. Democrats would launch a formal impeachment inquiry amid the Ukraine controversy. The S&P/TSX Composite fell for the second day, dropping 0.4%, or 68.87 to 16,798.33 in Toronto. The move was the biggest drop since falling 1.3% on Aug. 23. Shopify Inc. contributed the most to the index decline, decreasing 6.%. BlackBerry Ltd. had the largest drop, falling 23%.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI, the widest gap since July
* Gold spot price rose 0.7% to $1,532.12 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3243 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.304%
Insights
* This month, the index rose 2.2%
* This quarter, the index rose 2.5%
* The index advanced 3.6% in the past 52 weeks. The MSCI AC Americas Index gained 1.6% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on Sept. 20, 2019 and 22% above its low on Dec. 24, 2018
* The S&P/TSX Composite is little changed in the past 5 days and rose 4.7% in the past 30 days
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -26.3022| -3.1| 3/6
Financials | -23.3006| -0.4| 8/19
Energy | -18.6171| -0.7| 3/29
Health Care | -11.0710| -4.4| 1/9
Consumer Discretionary | -6.1942| -0.8| 0/16
Industrials | -2.3539| -0.1| 11/21
Real Estate | 0.6835| 0.1| 13/10
Utilities | 2.6049| 0.3| 11/5
Communication Services | 3.8625| 0.4| 5/2
Consumer Staples | 4.5727| 0.7| 9/1
Materials | 7.2478| 0.4| 29/19
================================================================
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — Stocks slid as political turmoil in the U.S. whipsawed shares after reports said Democrats would launch a formal impeachment inquiry amid the Ukraine controversy. The S&P 500 fell the most in a month after it was reported that House Speaker Nancy Pelosi would announce a formal impeachment inquiry of President Donald Trump. The benchmark cut losses earlier in the day after Trump said he would release a complete transcript on Wednesday of his phone call with the Ukrainian president, which is the subject of a congressional investigation and a whistle-blower complaint from an unidentified intelligence official. A host of other factors also weighed on equities. FAANG stocks — made up of Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc., and Google parent Alphabet Inc. — fell after Trump made negative remarks about China and the growing power of social media platforms during his speech at the United Nations Tuesday. Weakening consumer confidence added to the gloom.
The 10-year Treasury yield hit a two-week low, while the dollar fell to session lows. The pound gained after the U.K.’s top judges inflicted an unprecedented legal defeat on Prime Minister Boris Johnson, adding to Brexit chaos. “We’re dealing with a bunch of geopolitical situations and uncertainties,” said Stephen Carl, a trader at Williams Capital Group. “They’re re-highlighting the China trade situation, uncertainties there, that’s coming back into focus. More so today Trump speaking with Ukraine and Iran is in the mix. Domestically Pelosi is potentially talking about impeachment talks. All this coming together in one day today really drove the selling pressure.” The new impeachment push in the U.S. adds to swirling concerns hovering over global markets. Trump’s speech at the United Nations Tuesday ratcheted up tensions between the U.S. and China, keeping markets on edge ahead of planned high-level talks between the world’s two biggest economies in October. His renewed pressure on some of the biggest American companies sent a jolt through technology indexes.
Meanwhile, underwhelming economic indicators are muddying the picture, with the U.S. consumer showing signs of losing momentum adding to worries. Downbeat numbers from Japan and mixed data from Germany were stark reminders of the fragility of global growth. And political risks loom large for investors, from Brexit to a U.S. Congressional investigation into Trump’s dealings with Ukraine. Elsewhere, Oil fell on signs Saudi Arabia is making progress in restoring lost output following a drone attack on its facilities.
These are some key events coming up this week:
* Chicago Fed President Charles Evans will discuss the economic outlook and monetary policy in Illinois on Wednesday.
* Decisions are due Wednesday from central banks in New Zealand and Thailand. Thursday brings a monetary policy decision in the Philippines.
* Core PCE — the Fed’s preferred inflation measure — is forecast for 1.8%. That’s due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.8% as of 4 p.m. New York time.
* The Nasdaq 100 sank 1.4%.
* The Stoxx Europe 600 Index ended virtually unchanged. The DAX Index dropped 0.3% and the FTSE fell 0.5%
* The MSCI Emerging Market Index slid 0.4%.
Currencies
* The Bloomberg Dollar Spot Index slid 0.3%.
* The euro increased 0.2% to $1.1019.
* The British pound jumped 0.5% to $1.2493.
* The Japanese yen rose 0.5% to 107.03 per dollar.
Bonds
* The yield on 10-year Treasuries sank nine basis points to 1.64%.
* The yield on two-year Treasuries declined six basis points to 1.61%.
* Germany’s 10-year yield dropped two basis points to -0.60%.
* Britain’s 10-year yield fell two basis points to 0.528%.
* Japan’s 10-year yield fell three basis points to -0.234%.
Commodities
* West Texas Intermediate crude fell 2.8% to $57.03 a barrel.
* Gold futures rose 0.6% $1,540.40 an ounce.
–With assistance from Yakob Peterseil and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

Do your little bit of good where you are; it’s those little bits of good
put together that overwhelm the world. 
                                         -Desmond Tutu, b. 1931

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:
Birthday: Bruce Springsteen turns 70 today.
1846~ Planet Neptune discovered.

Want to wish this WWII vet a happy 100th birthday? Then send him one of the 100 birthday cards he’s asked for. -CNN
On Sept. 23, 1952, Republican vice-presidential candidate Richard M. Nixon went on television to deliver what came to be known as the “Checker”‘ speech as he denied allegations of improper campaign financing.  Go to article »
 
“Now Main Street’s whitewashed windows and  vacant stores
Seems like there ain’t nobody wants to come down here no more
They’re closing down the textile mill across the railroad tracks
Foreman says these jobs are going boys and they ain’t never coming back to your hometown…

Last night me and Kate we laid in bed talking about getting out
Packing up our bags maybe heading south
I’m thirty-five we got a boy of our own now
Last night I sat him up behind the wheel and said son take a good look around
This is your hometown.” -Bruce Springsteen, b.1949.

PHOTOS OF THE DAY

CREDIT: HEATHCLIFF O’MALLEY FOR THE TELEGRAPH

Participants wave during the Oktoberfest parade, at the 186^th ‘Oktoberfest’ beer festival in Munich, Germany
CREDIT: MATTHAIS SCHRADER/AP

People take part in a ceremony to mark the ‘death’ of the Pizol glacier (Pizolgletscher) above Mels, eastern Switzerland). In a study earlier this year, researchers of ETH technical university in Zurich determined that more than 90 percent of Alpine glaciers will disappear by 2100 if greenhouse gas emissions are left unchecked.
CREDIT: FABRICE COFFRIN/AFP/GETTY IMAGES

Dazzling with its colour, this picture of an exotic bird taken in a British Zoo has won an international photo competition. Wedding photographer Ann Aveyard beat off hundreds of entries from all over the world to bag the top prize in the Our Colorful World competition run by the Society of International Nature and Wildlife Photographers. The weaver bird was making its nest when Ann managed to get the picture at Marwell Zoo, near Winchester.
CREDIT: ANN AVEYARDS/SWNS.COM

Market Closes for September 23^th, 2019  

Market Index	Close	Change
Dow Jones	26949.99	+14.92 +0.06%
S&P 500	2991.78	-0.29 -0.01%
NASDAQ	8112.461	-5.213 -0.06%
TSX	16867.20	-32.49
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	22079.09	+34.64
		+0.16%
HANG SENG	26222.40	-213.27
		-0.81%
SENSEX	39090.03	+1075.41
		+2.83%
FTSE 100*	7326.08	-18.84 -0.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.377	1.385
CND. 30 Year Bond	1.528	1.527
U.S.    10 Year Bond	1.7267	1.7215
U.S. 30 Year Bond	2.1729	2.1616

Currencies

BOC Close	Today	Previous
Canadian $	0.75405	0.75365
US $	1.32616	1.32688
Euro Rate 1 Euro=		Inverse
Canadian $	1.45797	0.68589
US $	1.09939	0.90960

Commodities

Gold	Close	Previous
London Gold Fix	1501.90	1500.70
Oil
WTI Crude Future	58.49	58.09

Market Commentary:
On this day in 1998, Wall Street’s top investment banks, encouraged by the Federal Reserve, completed marathon negotiations for a $3.65 billion bailout of the giant hedge fund Long-Term Capital Management, which lost nearly $2 billion in a single month when the mathematical models designed by two Nobel laureates failed.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares lost ground Monday, after reaching a record last week. Telecommunications stocks led declines after at least two political parties zeroed in on telcos as part of pledges to save Canadians money. Miners outperformed, as gold, silver prices rose. The S&P/TSX Composite fell 0.2% at 16,867.20 in Toronto. Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 1.8%. Osisko Gold Royalties Ltd. had the largest drop, falling 10%.
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold rose 0.4% to $1,522.90 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3259 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.370%
Insights
* This month, the index rose 2.6%
* This quarter, the index rose 3%
* This year, the index rose 18%, heading for the best year in at least 10 years
* The index advanced 4% in the past 52 weeks.
* The S&P/TSX Composite is 0.5% below its 52-week high on Sept. 20, 2019 and 22% above its low on Dec. 24

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -20.4560| -0.4| 10/17
Industrials | -7.8104| -0.4| 16/16
Communication Services | -7.3449| -0.8| 0/7
Information Technology | -5.8265| -0.7| 3/6
Consumer Discretionary | -2.3330| -0.3| 3/13
Health Care | -0.5040| -0.2| 3/6
Real Estate | -0.4923| -0.1| 9/14
Energy | -0.2839| 0.0| 15/16
Consumer Staples | -0.0791| 0.0| 7/3
Utilities | 1.4481| 0.2| 8/7
Materials | 11.1900| 0.6| 37/11
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks ended slightly lower in thin trading amid American data that was largely in line with estimates and more assurance that Federal Reserve officials stand ready to act if needed. Treasuries rose. The S&P 500 fell less than a point, notching a second straight drop even after getting a boost from IHS Markit data that signaled the U.S. economy remains the global leader. Volume was 28% below the 30-day average. Data from Germany and France fell far short of estimates, sending stocks in the region down 0.8%. U.S. futures had been higher overnight on signs of easing trade tensions. American money-market interest rates held steady. The U.S. data bolstered confidence that the recession signals emanating from the bond market are overdone, while the gloomy data from the heart of the euro area was a stark reminder to investors of the fragility of the global economy. While markets remain on edge ahead of next month’s planned high-level trade talks between the U.S. and China, they’re also fixated on any action or messaging from the world’s major central banks that could support growth.
“Global growth is slowing but U.S. economic growth is still chugging along,” Ryan Nauman, market strategist at  Informa Financial Intelligence, said by phone. “It’s promising news, promising data, but it’s not an all clear quite yet.” With Tokyo shut for a holiday stocks in Asia were mixed, eventually edging lower overall as Shanghai shares dropped. Equities in India continued a surge. The onshore yuan fell amid caution in the run-up to next week’s national holidays, and the Korean won sank as exports continued to deteriorate.
These are some key events coming up this week:
* San Francisco Fed President Mary Daly delivers remarks in Salem, Oregon.
* Decisions are due Wednesday from central banks in New Zealand and Thailand. Thursday brings a monetary policy decision in the Philippines.
* Core PCE — the Fed’s preferred inflation measure — is forecast for 1.8%, the strongest reading since January. That’s due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.01% as of 4 p.m. New York time.
* The Dow Jones Industrial Average added 0.1%.
* The Stoxx Europe 600 Index sank 0.8%.
* The Shanghai Composite Index fell 1%.
* The MSCI Emerging Market Index dipped 0.6%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The euro declined 0.2% to $1.0998.
* The British pound declined 0.3% to $1.2435.
* The onshore yuan dipped 0.5% to 7.125 per dollar.
* The Japanese yen rose 0.1% to 107.44 per dollar.
Bonds
* The yield on 10-year Treasuries declined one basis point to 1.71%.
* The yield on two-year Treasuries fell one basis point to 1.67%.
* Germany’s 10-year yield decreased six basis points to -0.59%.
* Japan’s 10-year yield was unchanged at -0.207%.
Commodities
* West Texas Intermediate crude added 0.7% to $58.48 a barrel.
* Gold futures climbed 1% to $1,530.80 an ounce.
–With assistance from Justina Vasquez, Samuel Potter and
Vildana Hajric.
Have a great night.

Be magnificent!
As ever,

Carolann

Most of the change we think we see in life
is due to truths being in and out of favour.
                     -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:

Carolann is out of the office for a conference, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Macca the baby seal at the Blue reef centre in Tynemouth after being rescued by skippers from the Billy Shiel’s Farne island boats who found her drowning in the North sea about 45 minutes out of Seahouses on the Northumberland coast.
CREDIT: OWEN HUMPHREYS/PA

Luke Herram’s Museum of the Moon’ at English Heritage’s Illuminating Rievaulx installation at Rievaulx Abbey, near Helmsley, North Yorkshire.
CREDIT: DANNY LAWSON/PA WIRE

Sunrise in the woods at Ashley Heath, Doset.
CREDIT: NICK LUCAS/SWNS
Market Closes for September 20^th, 2019  

Market Index	Close	Change
Dow Jones	26935.07	-159.72 -0.59%
S&P 500	2992.07	-14.72 -0.49%
NASDAQ	8117.676	-65.203 -0.80%
TSX	16899.69	+41.34
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	22079.09	+34.64
		+0.16%
HANG SENG	26435.67	-33.28
		-0.13%
SENSEX	38014.62	+1921.15
		+5.32%
FTSE 100*	7344.92	-11.50
		-0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.385	1.433
CND. 30 Year Bond	1.527	1.579
U.S.    10 Year Bond	1.7215	1.7840
U.S. 30 Year Bond	2.1616	2.2277

Currencies

BOC Close	Today	Previous
Canadian $	0.75365	0.75396
US $	1.32688	1.32633
Euro Rate 1 Euro=		Inverse
Canadian $	1.46216	0.68392
US $	1.10196	0.90747

Commodities

Gold	Close	Previous
London Gold Fix	1500.70	1503.50
Oil
WTI Crude Future	58.09	58.13

Market Commentary:
On this day in 2000, juvenile delinquency spread to online investing, as the SEC brought a case of securities fraud against a minor for the first time in its 66-year history. The SEC alleged that on at least 11 occasions, Jonathan Lebed manipulated microcap stocks by posting hundreds of false and misleading statements at online message boards. Lebed, who racked up nearly $800,000 in illegal gains, was 14 years old at the time.
Canada
By Divya Balji, Nick Lichtenberg and Yueqi Yang
(Bloomberg) — After a week of fresh highs, Canadian stocks are still cheap.
The S&P/TSX Composite Index is trading below the five-year average of its forward price-to-earnings ratio, despite hitting seven records since Sept. 13. Relative to U.S. equities, the main Canadian stock gauge is valued about 13% lower. The nation’s stock market has rebounded from a bout of late-summer volatility as global markets plunged, roiled by trade tensions and geopolitical risks. The reversal of momentum stocks, a surge in oil prices and the easing of trade tensions propelled almost 50% of the benchmark index this month. Energy and financial stocks, which were lagging the broader gauge, bounced back.
In a world of low interest rates, “it’s far better to borrow money and buy ownership than it is to buy bonds for example,” said Thomas Caldwell, chairman and founder of Caldwell
Securities Ltd.
“The market isn’t a homogeneous thing,” he said. “It’s made up of big caps, midcaps, small caps and in all kinds of diffesinsrent industries. The mid-to-small caps lag the market. So that whole sector is underpriced.” One technical analysis may shed some light. Bloomberg’s Fear and Greed indicator, a measure of buying strength versus selling strength, for the S&P/TSX rose to a 7-month high during this month’s rally, but still fell short of the January peak. In January, stocks soared 8.5% — the most since 2009. Foreign investors may be making a comeback. After four months of net outflows, overseas investors returned with almost C$2 billion ($1.5 billion) of capital in July, according to a report from Statistics Canada. Caldwell acknowledged that markets will continue to be choppy: “There’s a lot of stuff out there that can add some angst on a short term basis.”
“I still think that it makes more sense to be an owner of things in this interest rate environment. You might have pullbacks but I’m an eternal optimist and it has served me well over 55 years in this business,” he said.
Here’s a recap of what happened this week:
Stocks
* The S&P/TSX Composite Index is on pace to have the best month since April.
* Value investing has returned, pushing energy and financial stocks to the top sectors and tech as the worst so far this month.
Bonds
* The spread between U.S. and Canadian 2- year yields tightened to about 11 basis points, compared to about 16 basis points on Sept. 13
* Bank of Nova Scotia raised C$1.5 billion after selling its first senior bail-in bonds in its home market one year after regulation opened the spigot for the sales.
–With assistance from Esteban Duarte.
US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — U.S. equities struggled to gain traction at the end of a busy week for central bank meetings, with investors’ focus shifting back to the trade war and geopolitical tensions.
The S&P 500 Index edged higher, putting the gauge within 1% of its July 26 closing record, while the Nasdaq Composite slumped as Netflix Inc. weighed on the tech-heavy gauge. The Stoxx Europe 600 Index advanced. The pound fell as the Irish government damped hopes of an imminent breakthrough in Brexit negotiations. Oil prices climbed amid still-elevated tensions in the Middle East as President Donald Trump stepped up sanctions on Iran.
U.S. equity trading may be volatile because of a quarterly event known as “quadruple witching,” when options and futures on indexes and stocks expire. The moves bring some of the busiest trading days of the year.
After a slew of monetary policy decisions this week, traders are now looking toward negotiations between the U.S. and China as trade deputies from both nations prepare to meet. On Wednesday, the Federal Reserve cut borrowing costs for a second time this year as major central banks around the world move to soften the blow of a protectionist spat that has created headwinds for global growth.
“There’s a fair amount of risk to the outlook at this point, but the market seems to have a relatively rosy outlook,” said Michael Reynolds, investment strategy officer at Glenmede Trust. “Trade is one of those things that seems to be getting better although I feel like it goes through cycles.”
Elsewhere, Asian stocks saw modest gains on reduced volumes, except in India, where equities soared after the country cut its corporate tax rate. Hong Kong shares slipped while the Shanghai Composite Index added just 0.2% after China’s modest cut to a reference rate for bank loans failed to impress investors.
Here are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.1% as of 11:26 a.m. New York time.
* The Stoxx Europe 600 Index advanced 0.4%.
* The MSCI Asia Pacific Index climbed 0.4%.
* The MSCI Emerging Market Index climbed 0.5%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro fell 0.3% to $1.1009.
* The British pound decreased 0.2% to $1.2603.
* The Japanese yen gained 0.1% to 107.92 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 1.77%.
* Germany’s 10-year yield fell one basis point to -0.52%.
* Britain’s 10-year yield slipped one basis point to 0.62%.
Commodities
* Gold rose 0.3% to $1,503.78 an ounce.
* West Texas Intermediate crude gained 0.7% to $58.56 a barrel.

–With assistance from Adam Haigh, Todd White, Lu Wang and
Constantine Courcoulas.

Have a great evening.

Be magnificent!
As ever,
Isabel

A champion is afraid of losing. Everyone else is afraid of winning.

Isabel Luo,
Assistant to Carolann Steinhoff

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 for a conference, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

People do rafting on a rubber inflatable boat through the faster rapids at Koprucay of Koprulu Canyon in Manavgat district of Antalya, Turkey.
CREDIT: MUSTAFA CIFTI/GETTY IMAGE

Members of the Macedonian army guard of honour perform in Skopje, North Macedonia. Macedonian and Croatian army guard of honor show their skills in joint exercise in the capital Skopje. Macedonian and Croatian army guard of honour show their skills in joint exorcize in the capital Skopje, Macedonia.
CREDIT: GEORGI LICOVSKI/EPA

Customers play bingo at the MECCA Bingo Hall in the East End of Glasgow, Scotland on August 15, 2019. Historically loved by British grandmothers, the game sees players win payouts if they match sets of numbers between one and 90 announced by a caller – traditionally shouting “bingo!” when they mark off all their numbers .
CREDIT: ANDY BUCHANAN/ AFP

Market Closes for September 19^th, 2019

Market Index	Close	Change
Dow Jones	27094.79	-52.29 -0.19%
S&P 500	3006.79	+0.06 +%
NASDAQ	8182.879	+5.487 +0.07%
TSX	16858.35	+58.06
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	22044.45	+83.74
		+0.38%
HANG SENG	26468.95	-285.17
		-1.07%
SENSEX	36093.47	-470.41
		-1.29%
FTSE 100*	7356.42	+42.37
		+0.58%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.433		1.437
CND. 30 Year Bond		1.579		1.589
U.S.    10 Year Bond		1.7840		1.7961
U.S. 30 Year Bond		2.2277		2.2420

Currencies

BOC Close	Today	Previous
Canadian $	0.75396	0.75264
US $	1.32633	1.32865
Euro Rate 1 Euro=		Inverse
Canadian $	1.46453	0.68281
US $	1.10420	0.90563

Commodities

Gold	Close	Previous
London Gold Fix	1503.50	1502.10
Oil
WTI Crude Future	58.13	58.11

Market Commentary:
On this day in 2000, The International Monetary Fund issued its World Economic Outlook report, forecasting that “growth is projected to increase in all major regions of the world.” Just weeks later, most regions of the world were tilting toward recession.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose for the fourth time this week but gave up some of its gains into the close as pot stocks retreated. The S&P/TSX Composite closed up 0.4% at 16,859.77 after earlier adding as much as 0.7%. The health-care sector led the decline, falling 3.3% as a growing number of vaping-related illnesses weighed on cannabis stocks. Barrick Gold Corp. contributed the most to the index gain, increasing 3.8%. First Quantum Minerals Ltd. had the largest increase, rising 10.3%. Today, 147 of 239 shares rose, while 86 fell; 8 of 11 sectors were higher, led by materials stocks.
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold fell 0.6% to $1,499.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3261 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.43
US
By Brendan Walsh
(Bloomberg) — U.S. equities ended the day near where they started as investors failed to find a catalyst to lift the benchmark stock index to an all-time high. The dollar sank and Treasuries rose amid a slew of fresh monetary policy decisions. The S&P 500 Index closed little changed, within 1% of a record, as gains in software companies offset losses for carmakers. After getting a boost from positive comments on trade by White House economic adviser Larry Kudlow early in the day, equities took a leg down after a report about a U.S. official threatening steeper tariffs against China. The yen, pound and Swiss franc led Group-of-10 currency gains after their respective central banks left borrowing rates unchanged. The slate of monetary policy decisions, hot on the heels of the Federal Reserve’s interest-rate cut Wednesday, comes just as the OECD cut its world growth forecast to 2.9% from 3.2% as intensifying trade conflicts take a toll on confidence. Investors continue to focus on the outlook for negotiations between the U.S. and China as trade deputies from both nations meet.
Elsewhere, banks pushed the Europe Stoxx 600 higher. Treasuries advanced while European government bonds slipped. Shares fell in Hong Kong and nudged up in Shanghai. China’s yuan dropped as traders weighed the odds of the People’s Bank of China lowering borrowing costs. Australia’s dollar slumped after the unemployment rate rose. Oil gained amid contrasting reports about whether Saudi Arabia asked Iraq for crude to supply its domestic refineries.
These are some key events to keep an eye on this week:
* Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.

Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.6%. The MSCI AC Asia Pacific Index slipped 0.1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1%.The euro rose 0.1% to $1.1044.Japan’s yen strengthened 0.4%
to 108.05 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.79%.
* Germany’s 10-year yield was little changed at -0.51%.The U.K.’s 10-year yield was little changed at 0.63%
Commodities
* West Texas Intermediate crude rose 0.5% to $58.38 a barrel.
* Gold strengthened 0.3% to $1,497.80 an ounce.

–With assistance from Laura Curtis.

Have a great evening.

Be magnificent!
As ever,

Isabel

If it weren’t for the last minute, nothing would get done.
                                            – Rita Mae Brown, 1944

Isabel Luo,
Assistant to Carolann Steinhoff

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 for a conference, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Stunning clouds at St. Mary’s Lighthouse in Whitley Bay on the North East coast before sunrise. PA Photo.
CREDIT: OWEN HUMPHREYS/PA WIRE

A person paddle boards down the Basingstoke canal near to Dogmersfield in Hampshire.
CREDIT: ANDREW MATTHEWS/PA WIRE

Children wearing a panda costume group together during the official reveal of the mascots for the Beijing 2022 Winter Olympic and Paralympic Games at Shougang Ice Hockey Arena, Shougang Park, Shijingshan District, Beijing.
CREDIT: NOEL CELIS/AFP

Market Closes for September 18^th, 2019

Market Index	Close	Change
Dow Jones	27147.08	+36.28 +0.13%
S&P 500	3006.73	+1.03 +0.03%
NASDAQ	8177.391	-8.625 -0.11%
TSX	16800.29	-34.46
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	21960.71	-40.61
		-0.18%
HANG SENG	26754.12	-36.12
		-0.13%
SENSEX	36563.88	+82.79
		+0.23%
FTSE 100*	7314.05	-6.35
		-0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.437		1.449
CND. 30 Year Bond		1.589		1.623
U.S.    10 Year Bond		1.7961		1.8013
U.S. 30 Year Bond		2.2420		2.2680

Currencies

BOC Close	Today	Previous
Canadian $	0.75264	0.75486
US $	1.32865	1.32475
Euro Rate 1 Euro=		Inverse
Canadian $	1.46593	0.68216
US $	1.10323	0.90643

Commodities

Gold	Close	Previous
London Gold Fix	1502.10	1497.20
Oil
WTI Crude Future	58.11	59.34

Market Commentary:
On this day in 1974, at a seminar sponsored by the Institute of Chartered Financial Analysts, Benjamin Graham, the father of value investing, declared that his valuation formulas enabled him to estimate that the fair value of the Dow industrials was around 750. The Dow closed that day at 652, but it surged 3.4% the next day as word of Graham’s analysis spread—and it rose past 750 just six months later.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Wednesday after gaining for the previous six sessions. The S&P/TSX Composite lost 0.2% to 16,800. Materials stocks were the worst performers as metal-commodities including copper, gold, and silver all dropped. Energy shares also weakened as investors continue to assess the return of Saudi Arabia’s crude production. Meanwhile, Tim Hortons is scaling back Beyond Meat offerings in all Canadian provinces except British Columbia and Ontario, BNN Bloomberg reported.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI, the widest gap since July
* Gold fell 0.5% to $1,493.50 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3286 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.43%
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -26.5032| -1.4| 8/38
Energy | -17.3908| -0.6| 5/35
Consumer Discretionary | -5.6647| -0.8| 2/13
Industrials | -3.2499| -0.2| 11/19
Information Technology | -1.1082| -0.1| 5/5
Real Estate | 0.9174| 0.2| 14/11
Utilities | 1.2026| 0.2| 11/4
Health Care | 1.6055| 0.6| 7/4
Consumer Staples | 1.6858| 0.3| 6/4
Communication Services | 3.4690| 0.4| 4/3
Financials | 10.5982| 0.2| 11/14
US
By Brendan Walsh and Vildana Hajric
(Bloomberg) — The dollar rallied and Treasuries pared gains as Federal Reserve policy makers cast doubt on the need for further easing after lowering their main interest rate for a second time this year. Stocks erased losses as financial companies that benefit from higher rates rallied. The S&P 500 Index ended little changed, wiping out a drop that at one point reached the biggest in four weeks, as Fed Chair Jerome Powell promised at a press conference to be vigilant against any signs of economic slowdown. Banks were the best performers. Ten-year Treasury yields dipped just below 1.8%. While Fed policy makers were widely expected to reduce their benchmark rate by a quarter-point, investors were more focused on the outlook for further cuts this year. Five officials think the rate at year end should be higher than it is after today’s cut, five wanted the rate cut today but are not projecting any more cuts, and seven are projecting one more quarter-point cut by December.
“I view the guidance we received as mixed,” said Eric Winograd, senior U.S. economist at AllianceBernstein. “They want to stop the economy from slipping into a recession but aren’t going to do anything to push growth higher.” Elsewhere, FedEx Corp. tumbled after the company slashed its profit outlook, blaming a global economy weakened by trade tensions. Stocks were mixed in Asia. Europe’s equity benchmark barley budged. Precious metals fell. Oil ticked lower after tumbling Tuesday, when Saudi Aramco said it had revived 41% of capacity at a key crude-processing complex days after a devastating aerial attack that wrecked vital equipment and rocked global energy markets.

Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index advanced 0.2%.
* The Nikkei-225 Stock Average fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The British pound fell 0.1% to $1.2493.
* The euro declined 0.3% to $1.1035.
* The Japanese yen fell 0.3% to 108.4 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.79%.
* Germany’s 10-year yield fell four basis points to -0.51%.
* Japan’s 10-year yield slipped three basis points to -0.20%
Commodities
* West Texas Intermediate crude fell 2.1% to $58.11 a barrel.
* The Bloomberg Commodity Index decreased 0.5%.
* Gold fell 0.4% to $1,495.14 an ounce.
–With assistance from Adam Haigh, Todd White, Robert Brand and
Nancy Moran.
Have a great evening.

Be magnificent!
As ever,

Isabel

It is better to fail at originality than to succeed in imitation.

                             – Herman Melville, 1819-1891

Isabel Luo, Assistant to Carolann Steinhoff

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:
1920: National Football League formed.
1862: Battle of Antietam, 25,000 killed.

If you’ve got $100,000 to spare, you can spend one night — one night! — in an igloo at the North Pole. -CNN.

2001 Wall Street trading resumed for the first time since the Sept. 11 terrorist attacks – its longest shutdown since the Depression; the Dow lost 684.81 points, its worst one-day point drop to date.  Go to article »

PHOTOS OF THE DAY

Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, UK, ahead of Halloween. The family run farm is expected to harvest thousands of pumpkins in the coming weeks to supply shops and business throughout England.
CREDIT: DANNY LAWSON/PA WIRE

The Empire state building is lit in red, white and green to celebrate Mexican Independence Day as the moon rises in New York City.
CREDIT: GARY HERSHORN/ GETTY IMAGES

A picture taken with drone Shows French-Swiss artist Saype posing in his giant biodegradable land art painting at the Parc des Bastions in Geneva, Switzerland. With an overall area of 1,000 square meters, the 75 metre long and 15 metre wide painting was created using biodegradable pigments out of charcoal, chalk, water and milk proteins. The art piece in the Parc des Bastions along with a second one in the Parc de la Grange marks the third step of the worldwide ‘Beyond Walls Project’ aiming at creating the longest symbolic human chain around the world prompting values such as togetherness, kindness and openness to the world.
CREDIT: VALENTIN FLAURAUD/EPA-EFE/REX
 
Market Closes for September 17^th, 2019

Market Index	Close	Change
Dow Jones	27110.80	+33.98 +0.13%
S&P 500	3005.70	+7.74 +0.26%
NASDAQ	8186.016	+32.473 +0.40%
TSX	16834.75	+83.44
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	22001.32	+13.03
		+0.06%
HANG SENG	26790.24	-334.31
		-1.23%
SENSEX	36481.09	-642.22
		-1.73%
FTSE 100*	7320.40	-1.01
		-0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.449		1.482
CND. 30 Year Bond		1.623		1.670
U.S.    10 Year Bond		1.8013		1.8467
U.S. 30 Year Bond		2.2680		2.3183

Currencies

BOC Close	Today	Previous
Canadian $	0.75486	0.75521
US $	1.32475	1.32414
Euro Rate 1 Euro=		Inverse
Canadian $	1.46653	0.68188
US $	1.10717	0.90320

Commodities

Gold	Close	Previous
London Gold Fix	1497.20	1503.10
Oil
WTI Crude Future	59.34	62.90

Market Commentary:
On this day in 1998, stocks took a worldwide pounding after Fed Chairman Alan Greenspan told Congress that there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.” The Dow slumped 2.7% to 7874. Analysts were pessimistic, but in three weeks U.S. stocks bottomed then went straight up.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.5 percent, or 83.44 to 16,834.75 in  Toronto. The move was the biggest since rising 0.8 percent on Sept. 5. Barrick Gold Corp. contributed the most to the index gain, increasing 5.8 percent. Detour Gold Corp. had the largest increase, rising 6.4 percent. Today, 148 of 239 shares rose, while 84 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 2.8 percent
* This year, the index rose 18 percent, heading for the best year in at least 10 years
* The index advanced 4.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 4 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Sept. 17, 2019 and 22.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 1.8 percent in the past 5 days and rose 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.1 on a trailing basis and 15.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.57 trillion
* 30-day price volatility fell to 10.73 percent compared with 11.00 percent in the previous session and the average of 10.78 percent over the past month
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 41.9668| 2.3| 31/14
Financials | 27.2563| 0.5| 22/4
Industrials | 14.9676| 0.8| 21/8
Communication Services | 9.5956| 1.0| 6/1
Consumer Discretionary | 8.8588| 1.3| 7/8
Consumer Staples | 6.7831| 1.0| 7/2
Real Estate | 5.1471| 0.9| 24/1
Utilities | 1.7082| 0.2| 10/6
Health Care | -3.3976| -1.3| 4/7
Information Technology | -7.4883| -0.8| 3/6
Energy | -21.9606| -0.8| 13/27

* The benchmark 10-year bond rose and the yield fell 2.8 basis points to 1.454 percent

US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — Treasuries rallied and stocks eked out a gain a day before the Federal Reserve is expected to cut interest rates. Oil plunged as Saudi Arabia restarted the plant damaged in a weekend attack. Crude gave back some of Monday’s 15% surge as Saudi officials said they had restored just under half the output lost at the Abqaiq plant, one of the world’s biggest oil facilities. The S&P 500 Index posted a small advance, with dividend paying real estate shares faring best. Ten-year Treasury yields fell toward 1.8% and the dollar weakened after the New York Fed took action to calm money markets, injecting billions in cash to quell a surge in short-term rates that was threatening to drive up borrowing costs for companies and consumers. As U.S. policy makers get ready to decide interest rates, investors are also trying to gauge the risk of a potential oil shortage weighing on a global economy that already seemed to be slowing down. Meanwhile, concerns linger about trade tensions, with U.S. and Chinese working-level negotiators set to resume talks in the next week, before a meeting of top officials in October. The Saudi attack has reminded investors about the risks of geopolitical tensions escalating, according to Nela Richardson, an investment strategist at Edward Jones in St. Louis.
“We’ve pointed to U.S. trade escalation, we’ve pointed to Brexit, but we’ve seen that over the course of the last two years, unexpected triggers of risk can pop up,” she said. “And we don’t always know where that’s going to come from.” The Stoxx Europe 600 edged lower. Equities in Shanghai and Hong Kong slid after China’s central bank disappointed investors when it refrained from lowering a key interest rate. Italian bonds fell after former Prime Minster Matteo Renzi left the Democratic Party, raising the prospect of further government instability. Emerging market stocks headed for their first decline in five sessions.
These are some key events to keep an eye on this week:
* The Federal Reserve is widely expected to lower U.S. interest rates in response to slowing global economic growth and muted inflation. Chairman Jerome Powell will hold a post-decision press conference Wednesday.
* The Bank of Japan monetary policy decision is on Thursday, followed by a briefing from Governor Haruhiko Kuroda.
* Bank Indonesia and Bank of England also decide policy on Thursday.
* Australia jobs figures are out Thursday.
* Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% at the close of trading in New York.
* The Stoxx Europe 600 Index slid less than 0.1%.
* The Shanghai Composite Index declined 1.7%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The British pound rose 0.6% to $1.25.
* The Japanese yen was little changed at 108.16 per dollar.
* The euro rose 0.7% to $1.1072.
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.8%.
* Germany’s 10-year yield rose one basis point to -0.48%.
* Britain’s 10-year yield was little changed at 0.69%.
Commodities
* Gold climbed 0.3% to $1,503.13 an ounce.
* WTI crude dropped 6.1% to $59.06 a barrel.
–With assistance from Gregor Stuart Hunter, Andreea Papuc and
Laura Curtis.
Have a great evening.

Be magnificent!
As ever,

Carolann

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.
                                  -Nelson Rolihlahla Mandela, 1918-2013

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