Month: September 2019

Dear Friends,

Tangents:
September 16, 1620: Mayflower Day ~Pilgrims deported from England.

1810: Mexican Independence Day.

Happy Oktoberfest!  The annual celebration of culture, sausage and beer begins Saturday in Germany. -CNN.

PHOTOS OF THE DAY

A yoga class takes place on the water in front of the sculpture “Search for Enlightenment” by sculptor and owner of Sculpture by the Lakes, Simon Gudgeon.
CREDIT: ZACHARYCULPIN/BNPS

Participants compete in the cycle leg, during IRONMAN Wales.
CREDIT: CHARLIE CROWHURST/GETTY IMAGES EUROPE

A Harvest full moon, which occurs just before the Autumn Equinox, signaling the start of a new season, rises at the sculpture of the ‘Couple’ by artist Sean Henry at Newbiggin-by-the-Sea in Northumberland.
CREDIT: OWEN HUMPHREYS/PA
Market Closes for September 13^th, 2019

Market Index	Close	Change
Dow Jones	27076.82	-142.70 -0.52%
S&P 500	2997.96	-9.43 -0.31%
NASDAQ	8153.543	-23.170 -0.28%
TSX	16751.31	+68.89
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	21988.29	+228.68
		+1.05%
HANG SENG	27124.55	-228.14
		-0.83%
SENSEX	37123.31	-261.68
		-0.70%
FTSE 100*	7321.41	-46.05
		-0.63%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.482		1.512
CND. 30 Year Bond		1.670		1.713
U.S.    10 Year Bond		1.8467		1.9011
U.S. 30 Year Bond		2.3183		2.3745

Currencies

BOC Close	Today	Previous
Canadian $	0.75521	0.75286
US $	1.32414	1.32828
Euro Rate 1 Euro=		Inverse
Canadian $	0.45710	0.68629
US $	1.10042	0.90875

Commodities

Gold	Close	Previous
London Gold Fix	1503.10	1515.20
Oil
WTI Crude Future	62.90	54.85

Market Commentary:
2008 The federal government announced an emergency $85 billion loan to rescue AIG, the world’s largest insurance company. Go to article »
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose for a fifth straight session as oil prices surged after a devastating attack in Saudi Arabia knocked out half its production. Additionally, nearly all of the kingdom’s oil shipments to Canada travel to New Brunswick, home to a single refinery, Irving Oil Ltd.’s Saint John plant, which can process about 299,000 barrels a day. The refinery relied on Saudi crude for more than 40% of its supplies in July, Statistics Canada data show. The S&P/TSX Composite gained 0.4% Monday, with energy lifting the index. Consumer staples lagged given weakness from Alimentation Couche-Tard Inc. Pot stocks also dropped. Aurora Cannabis Inc. was downgraded to hold at Stifel.
Insights
* The S&P/TSX Composite is up 1.6 percent in the past 5 days and rose 3.7 percent in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 115.6537| 4.2| 36/4
Real Estate | 5.7508| 1.0| 18/7
Materials | 3.8623| 0.2| 22/23
Utilities | 2.3891| 0.3| 10/6
Information Technology | -2.0710| -0.2| 3/7
Health Care | -4.1357| -1.5| 6/5
Communication Services | -7.8162| -0.8| 0/7
Consumer Discretionary | -7.9116| -1.1| 5/11
Industrials | -10.3542| -0.6| 13/17
Financials | -12.3147| -0.2| 12/14
Consumer Staples | -14.1625| -2.1| 2/8
================================================================
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold fell 0.6% to $1,497.90 an ounce
FX/Bonds
* The Canadian dollar gained 0.3% to C$1.3284 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.9%
US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — U.S. stocks slipped, oil surged and investors sought out assets considered to be havens in times of trouble after a strike on Saudi Arabia’s crude production heightened geopolitical risk. Losses for automakers helped drag the S&P 500 Index down the most in almost two weeks, though the gauge came off its lows of the day in afternoon trading. Treasuries yields fell the most in three weeks. Brent oil posted a record intraday jump, adding as much as 19%, as news of the devastating strike on the world’s largest exporter also sent currencies of commodity-linked nations higher, including Canada’s dollar. The developments in the Middle East are testing sentiment after a bullish start to the month for global equities and other riskier assets. President Donald Trump promised to help allies following the infrastructure attack after stating over the weekend that the U.S. is “locked and loaded.” Several administration officials said Sunday that they had substantial evidence that Iran was to blame, not the Iranian-backed Houthi rebels in Yemen who claimed responsibility.
“You’re seeing the oil and gas stocks up because of supply- demand, but you’re seeing the rest of the market falter because of that uncertainty over how it’s going to affect the consumer going forward,” said Carter Henderson, portfolio specialist at Fort Pitt Capital Group, which has more than $2 billion in assets under management. “There’s a lot of things going on around the globe that we need to pay attention to.” Elsewhere, the pound retreated after no signs of progress in Prime Minister Boris Johnson’s first face-to-face meeting on Brexit with European Commission President Jean-Claude Juncker. The Stoxx Europe 600 Index fell the most in three weeks. Shares in Asia were mixed after China data missed estimates, with Hong Kong equities underperforming, while those in South Korea rose after a holiday. Japanese markets were closed.

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 fell 0.3% at the close of trading in New York.
* The Stoxx Europe 600 Index sank 0.6%.
* The MSCI Emerging Markets Index slipped 0.1%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3%.
* The euro decreased 0.6% to $1.1006.
* The British pound sank 0.6% to $1.2427.
* Canada’s dollar rose 0.3% to $0.7549.
* The Japanese yen was little changed at 108.06 per dollar.
Bonds
* The yield on 10-year Treasuries sank six basis points to 1.84%.
* Germany’s 10-year yield fell three basis points to -0.48%.
* Britain’s 10-year yield fell seven basis points to 0.69%.
Commodities
* West Texas Intermediate crude jumped 13% to $61.73 a barrel, near a four-month high.
* Silver added 2.6% to $17.89 an ounce.
* Gold climbed 0.7% to $1,499.01 an ounce.
–With assistance from Adam Haigh, Andreea Papuc, Yakob
Peterseil, Laura Curtis and Samuel Potter.
Have a great night!

Be magnificent!
As ever,

Carolann

Somewhere, something incredible is waiting to be known.
                                             -Carl Sagan, 1934-1996

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’s the full harvest moon tonight and Friday, the 13^th.  Enjoy.

Talk about an incentive
Green pastures, olive groves and $27,000. That’s what you’d get if you move to the Italian region of Molise. Where are our suitcases? –CNN.

September 13, 1882
Ottawa lumber baron John Rudolphus Booth creates his own railway network. It connects Ottawa to Coteau-Landing, Quebec. Booth will then create the Ottawa, Arnprior and Parry Sound Railway Company, the largest private railway company in the world.  Go to article »

Toyota is taking the best solar panels money can buy, combining them with super-efficient batteries and decades of experience manufacturing automobiles and trying to make a car that will run forever. –Bloomberg.

The fascinating history of the 60 Minutes stopwatch. –Bloomberg.

PHOTOS OF THE DAY

A gannet comes into land on Bass Rock in Dunbar, Scotland. The 107m high slab of volcanic rock off the coast of Scotland is home to 150,000 birds and is the worlds largest colony of Northern gannets.
CREDIT: TOM WHITE/GETTY IMAGES

A keeper tends his pigeons on the roof of his house in the old quarters of New Delhi, India. Pigeon flying, locally known as Kabootar Bazi, is a popular hobby among people living in the old quarters of the capital city.
CREDIT: SAJJAD HUSSAIN/AFP/GETTY IMAGES

An aerial view shows the Hong Kong-Zhuhai-Macau bridge, a key infrastructure in the Greater Bay Area project, during sunrise off Zhuhai, Guangdongprovince, China.
CREDIT: CHINA-HONGKONG/BRIDGE

A member of staff at Morton & Eden holds an Extremely rare early Islamic gold coin which is expected to fetch £1.4m at auction in London. Measuring a 20mm across, about the size of the modern £1 piece, it is one of the world’s rarest and most treasured Islamic gold coins from the first dynasty of Islam, he Umayyad gold dinar dated 105h(723AD).
CREDIT: VICTORIA JONES/PA WIRE

Market Closes for September 13^th, 2019

Market Index	Close	Change
Dow Jones	27219.52	+37.07 +0.14%
S&P 500	3007.39	-2.18 -0.07%
NASDAQ	8176.715	-17.753 -0.22%
TSX	16682.42	+39.14
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	21988.29	+228.68
		+1.05%
HANG SENG	27352.69	+265.06
		+0.98%
SENSEX	37384.99	+280.71
		+0.76%
FTSE 100*	7367.46	+22.79
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.512		1.452
CND. 30 Year Bond		1.713		1.671
U.S.    10 Year Bond		1.9011		1.7715
U.S. 30 Year Bond		2.3745		2.2557

Currencies

BOC Close	Today	Previous
Canadian $	0.75286	0.75702
US $	1.32828	1.32097
Euro Rate 1 Euro=		Inverse
Canadian $	1.47135	0.67965
US $	1.10771	0.90276

Commodities

Gold	Close	Previous
London Gold Fix	1515.20	1490.65
Oil
WTI Crude Future	54.85	55.09

Market Commentary:
On this day in 1982, Forbes published its first list of the 400 wealthiest people in America. It contained just 13 billionaires, ten of whom derived their fortunes from the oil industry. The country’s richest man was shipping magnate Daniel Ludwig, worth “above $2 billion.” Amazon founder Jeff Bezos topped this year’s list with a fortune of $131 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed at a record high after a fourth consecutive gain, beating the previous record set in April. The S&P/TSX Composite rose 0.2% to 16,682.42. Royal Bank of Canada contributed the most to the index gain, increasing 1%. SNC-Lavalin Group Inc. had the largest increase, rising 11%. On Friday, 148 of 239 shares rose, while 85 fell; 6 of 11 sectors were higher, led by health-care stocks. The index rose 0.9% for the week.
Insights
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 42.0959| 0.8| 21/4
Energy | 14.2397| 0.5| 35/4
Industrials | 4.1417| 0.2| 19/9
Health Care | 2.6456| 1.0| 9/2
Utilities | 2.1010| 0.3| 12/4
Real Estate | 0.0579| 0.0| 11/14
Consumer Discretionary | -0.9852| -0.1| 8/7
Materials | -1.8152| -0.1| 23/24
Consumer Staples | -2.6478| -0.4| 5/5
Communication Services | -4.9071| -0.5| 4/3
Information Technology | -15.7891| -1.7| 4/6

Commodities
* Western Canada Select crude oil traded at a $12.30 discount to WTI
* Gold fell 0.5% to $1,492.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3281 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.51%
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks finished the week mixed as Treasury yields jumped to six-week highs and the dollar slipped. All three major U.S. indexes still closed higher for a third consecutive week after being whipsawed by a rotation from growth to value shares by some investors. Apple weighed on the Nasdaq Friday. Equity indexes in Europe and Asia finished the week in the green thanks to easing trade fears and a new round of central bank stimulus. “We’re going to see volatility in the market,” said Alan Adelman, a senior fund manager at Frost Investment Advisors, which oversees $4.7 billion. “We’ve seen it this week — it may  not come in absolute price moves — but we’re going to see volatility.” The pound posted the biggest weekly gain since May after the Times reported possible progress in Brexit negotiations related to the contentious Irish backstop. Prime Minister Boris Johnson will meet EU President Jean-Claude Juncker next week.The euro strengthened this week and most government bonds retreated in the wake of the European Central Bank’s moves to support growth, with one policy maker saying a new easing package was a possible mistake. Optimism over a trade deal is growing ahead of expected high-level talks next month between the world’s two largest economies.
“With holiday spending on the horizon and inflation at bay, we could continue to see momentum in the retail sector,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial Corp. “A healthy consumer can help inject some energy into other sectors of the economy. That said, trade tensions are a key focal point and rising tariffs between the U.S. and China could threaten this critical indicator.” Elsewhere, WTI crude fluctuated around $55 a barrel, poised for a weekly drop following a warning from the International Energy Agency of a “daunting” surplus of crude in 2020.
Here are the main moves in markets:
Stocks
*The S&P 500 Index declined 0.1% to 3,007.28 as of 4:03 p.m. NewYork time, the largest drop in more than a week.
*The Dow Jones Industrial Average rose 0.1% to 27,218.90, reaching the highest in more than six weeks on its eigth consecutive advance.
*The Nasdaq Composite Index fell 0.2% to 8,176.72, the largest drop in more than a week.
*The Stoxx Europe 600 Index increased 0.3% to 391.79, the highest in 10 weeks.
*Germany’s DAX Index jumped 0.5% to 12,468.53, hitting the highest in more than seven weeks with its eighth consecutive advance.
Currencies
*The Bloomberg Dollar Spot Index declined 0.2% to 1,206.52, the
lowest in three weeks.
Bonds
*The yield on two-year Treasuries rose eight basis points to 1.80%, the highest in more than six weeks.
*The yield on 10-year Treasuries climbed 13 basis points to 1.90%, reaching the highest in more than six weeks on its eighth straight advance and the biggest surge in almost three years.
*Germany’s 10-year yield gained seven basis points to -0.45%, the highest in more than six weeks on the largest advance in more than a week.
Commodities
*West Texas Intermediate crude fell 0.3% to $54.95 a barrel, the lowest in more than a week.
*Gold weakened 0.8% to $1,487.01 an ounce.
–With assistance from Andrew Cinko and Laura Curtis.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

I don’t like people who have never fallen or
stumbled.  Their virtue is lifeless and it isn’t
of  much value.  Life hasn’t revealed its
beauty to them.
                           –Boris Pasternak, 1890-1960, from Dr. Zhivago, 1958

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 Sept. 12, 2001, President George W. Bush labeled the previous day’s terrorist attacks “acts of war” and asked Congress for $20 billion to rebuild and recover.  Go to article »

H.L. Mencken, critic, b. 1880.
An idealist is one who, on noticing that a rose smells better tan a cabbage, concludes that it will also make better soup. -H.L. Mencken.

The Porsche 911 is the most profitable car of the year. -Bloomberg
Tokyo’s iconic Hotel Okura is back, after a $1 billion makeover. -Bloomberg.

PHOTOS OF THE DAY

A gallery assistant poses with the artwork “Dark Matter’ by Palestinian artist Mona Hatoum, part of a multi -artist show at the White Cube Bermondsey in London
CREDIT: NEIL HALL/EPA

A man oversees cows during the traditional cattle drive in bad Hindelang, 700 animals from five mountain pastures are brought to the valley for their winter quarters.
CREDIT: LINO MIRGELER/AFP

An attendee inspects a Hongqi concept electric sports utility vehicle, manufactured by China FAW Group corp., on display during the day two of the IAA Frankfurt Motor Show in Frankfurt.
CREDIT: KRISZTIAN BOCSI/BLOOMBERG
Market Closes for September 12^th, 2019

Market Index	Close	Change
Dow Jones	27182.45	+45.41 +0.17%
S&P 500	3009.57	+8.64 +0.29%
NASDAQ	8194.469	+24.791 +0.30%
TSX	16643.28	+32.14
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	21759.61	+161.85
		+0.75%
HANG SENG	27087.63	-71.43
		-0.26%
SENSEX	37104.28	-166.54
		-0.45%
FTSE 100*	7344.67	+6.64
		+0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.452		1.427
CND. 30 Year Bond		1.671		1.635
U.S.    10 Year Bond		1.7715		1.7403
U.S. 30 Year Bond		2.2557		2.2220

Currencies

BOC Close	Today	Previous
Canadian $	0.75702	0.75787
US $	1.32097	1.31950
Euro Rate 1 Euro=		Inverse
Canadian $	1.46156	0.68420
US $	1.10643	0.90381

Commodities

Gold	Close	Previous
London Gold Fix	1490.65	1498.25
Oil
WTI Crude Future	55.09	55.75

Market Commentary:
Hong Kong Exchange made an offer for its London rival. A proposed $36.6-billion deal would unite two of the world’s major stock exchanges when both regions are under political pressure, with Hong Kong reeling from a summer of protests and London gripped by political paralysis.
Canada
By Divya Balji
(Bloomberg) — The Canadian stock market flirted with a new high Thursday as the intraday record faded in late afternoon trading. The benchmark S&P/TSX Composite Index closed 0.2% higher at 16,643.28, paring a record high reached midday, as trade tensions between the world’s two largest economies showed signs of easing. The key stock gauge is now about 23 points away for closing at a new high. Technology and financial shares were the biggest gainers, while the health-care sector fell, dragged down by pot stocks after Aurora Cannabis Inc. reported a quarterly loss and revenue that missed its own guidance. U.S. administration officials have discussed offering a limited trade agreement to China that would delay and even roll back some U.S. tariffs for the first time in exchange for Chinese commitments on intellectual property and agricultural purchases, according to five people familiar with the matter.
Stocks have been trading in a narrow range all through the summer, even as volatility soared amid concerns surrounding global economic growth. A rally in commodity prices, economic and earnings growth, and the market’s strong correlation with the U.S. propelled Canada’s benchmark index to a record high earlier this year. The unwinding of momentum trades has also helped as investors piled back into sectors with some of the largest contributions — financials and energy.
–With assistance from Kristine Owram.
US
By Vildana Hajric
(Bloomberg) — Stocks eked out a gain on optimism about the outlook for a trade agreement between the U.S. and China and after Europe’s central bank announced a fresh round of stimulus. The S&P 500 Index closed just 0.5% below its all-time high after a report that American officials have discussed offering a limited trade agreement to China. That followed a decision by the European Central Bank to cut its main rate to minus 0.5% and buy 20 billion euros ($22 billion) of bonds a month. The euro gained and sovereign bonds were mixed. Any steps by China and the U.S. to ease tensions ahead of face-to-face talks in Washington in the coming weeks would support sentiment as investors await monetary decisions from more of the world’s major central banks. The ECB changed its guidance on interest rates to say they’ll stay at present or lower levels until the outlook for inflation “robustly” converges to its goal of just below 2%. “It’s a perfect storm of good news,” said Chris Gaffney, president of world markets at TIAA. “Investors are feeling relief now and feeling that perhaps things aren’t quite as bad as they seemed two months ago.”
The Federal Reserve is due to meet next week as economic indicators give mixed signals about whether the record-long expansion will end soon. The dollar weakened. Elsewhere, European equities edged higher. Turkey’s lira rallied after its policy makers cut interest rates by more than forecast. Oil turned lower as the International Energy Agency warned OPEC it faces a “daunting” surplus of crude in 2020. Hong Kong equities bucked the advance in Asia, dragged lower by shares of the city’s exchange following a surprise takeover bid for its London counterpart.
Here are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.3% at the close in New York.
* The Stoxx Europe 600 Index rose 0.2%.
* The Nikkei-225 Stock Average rose 0.8% for its eighth straight
gain, the best streak in a year
Currencies
* The Bloomberg Dollar Spot Index slipped 0.2%.
* The euro rose 0.5% to $1.1065.
* The British pound rose 0.1% to $1.2339.
* The Japanese yen fell 0.3% to 108.14 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 1.78%.
* Germany’s 10-year yield rose five basis points to -0.52%.
* Britain’s 10-year yield rose three basis points 0.67%.
* Italy’s 10-year yield decreased 11 basis points to 0.86%.
Commodities
* Gold added 0.1% to $1,499.21 an ounce.
* West Texas Intermediate crude dipped 1.3% to $55.05 a barrel.
* Silver fell 0.2% to $18.08 per ounce.
–With assistance from Yakob Peterseil and Reade Pickert.
Have a great evening.

Be magnificent!
As ever,
Carolann

By nature, men are nearly alike; by practice, they get to be wide apart.
                                                          -Confucius, 551 BC-479 BC.

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 Sept. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania.  Go to article »
Sorrow was like the wind.  It came in gusts. –Marjorie Kinnan Rawlings, 1896-1953

Robert Frank, the photographer and author of the  ground breaking book, “The Americans” has passed away.  Mr. Frank used a raw style that helped change the course of documentary photography. He died on Monday at 94. –The New York Times.

From Bloomberg today:
Italian village will pay you to move there and start a business
Fossilized footprints hint at Neanderthal social structures. (h/t Scott Kominers) 
Turns out the meaning of life does actually involve the number 42. (h/t Mike Smedley)

PHOTOS OF THE DAY

Children play under a lantern installation ahead of the upcoming mid-autumn festival at a shopping mall in Kuala Lumpur.
CREDIT: MOHD RASFAN/AFP

Apple CEO Tim Cook speaks during the Apple Special Event in the Steve Jobs theatre at Apple Park in Cupertino, to announce iPhone 11 and Apple Watch 5.
CREDIT: JOHN G MABANGLO/EPA

A bee pollen from a sunflower in Idaho Falls, Idaho, USA.
CREDIT: AP/ JOHN ROARK
Market Closes for September 11^th, 2019

Market Index	Close	Change
Dow Jones	27137.04	+227.61 +0.85%
S&P 500	3000.93	+21.54 +%
NASDAQ	8169.680	+85.525 +%
TSX	16611.14	+73.80
		+%

International Markets

Market Index	Close	Change
NIKKEI	21597.76	+205.66
		+0.96%
HANG SENG	27159.06	+475.38
		+1.78%
SENSEX	37270.82	+125.37
		+0.34%
FTSE 100*	7338.03	+70.08
		+0.96%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.427		1.438
CND. 30 Year Bond		1.635		1.620
U.S.    10 Year Bond		1.7403		1.7402
U.S. 30 Year Bond		2.2220		2.2234

Currencies

BOC Close	Today	Previous
Canadian $	075787	0.76053
US $	1.31950	1.31487
Euro Rate 1 Euro=		Inverse
Canadian $	1.45274	0.68835
US $	1.10098	0.90828

Commodities

Gold	Close	Previous
London Gold Fix	1498.25	1509.20
Oil
WTI Crude Future	55.75	57.40

Market Commentary:
JPMorgan CEO James Dimon raised the specter of zero rates. The biggest bank in the U.S. is starting to prepare for how to make money if interest rates in the U.S. drop to zero.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose as technology shares rebounded from a three-day slump, with Shopify Inc. gaining the most in three weeks. The S&P/TSX Composite added 0.5% to 16,611.14 in Toronto. The index advanced to the highest closing level since July 24. The technology sector gained 2.1% as the rotation from momentum to value stocks that began at the start of the week reversed. Shopify contributed the most to the index gain, increasing 3.5%. BlackBerry Ltd. had the largest increase, rising 5.5%. Today, 137 of 239 shares rose, while 95 fell; seven of 11 sectors were higher.
Insights
* The S&P/TSX Composite is 0.4% below its 52-week high on April23 and 21% above its low on Dec. 24
* The S&P/TSX Composite is up 1% in the past 5 days and rose1.7% in the past 30 days
* 30-day price volatility rose to 11.24% compared with 11.18% inthe previous session and the average of 10.13% over the pastmonth
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 43.5286| 0.8| 22/4
Information Technology | 18.1401| 2.1| 10/0
Materials | 8.2394| 0.4| 30/15
Consumer Discretionary | 6.0110| 0.9| 14/2
Communication Services | 5.4291| 0.6| 6/1
Health Care | 3.3162| 1.2| 4/6
Utilities | 0.5050| 0.1| 8/6
Real Estate | -0.2990| -0.1| 9/16
Consumer Staples | -3.2347| -0.5| 5/5
Industrials | -3.3594| -0.2| 14/16
Energy | -4.4667| -0.2| 15/24
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 10.8400| 3.5| 12.1| 142.7
Royal Bank of | | | |
Canada | 9.3310| 0.9| 18.3| 10.5
Bank of Nova Scotia| 6.8960| 1.1| 18.9| 8.3
Canadian Natural | | | |
Resources | -2.0490| -0.7| 9.5| 1.8
Canadian National | -2.7370| -0.4| 5.9| 20.7
TC Energy | -6.7930| -1.5| -0.2| 35.6
================================================================
| | Index |Volume VS |
| | Points | 20D AVG |YTD Change
Biggest Gainers | % Change | Move | (%) | (%)
================================================================
Blackberry | 5.5| 1.8310| 64.9| 2.2
OceanaGold | 4.9| 0.6670| -36.3| -34.9
SNC-Lavalin Group | 4.5| 1.0150| 160.1| -59.2
================================================================
| |Index Points | Volume VS |YTD Change
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
Gran Tierra | -2.5| -0.1380| 8.1| -33.2
Pason Systems | -2.4| -0.2130| 19.5| -10.2
Enerflex | -2.2| -0.1920| 3.4| -18.2

* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Gold rose 0.3% to $1,496.60 an ounce
* The Canadian dollar weakened 0.3% to C$1.3197 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 1.43%
US
By Vildana Hajric
(Bloomberg) — Stocks rallied, with the Nasdaq Composite Index rising to the highest level since July, as the rotation from momentum to value shares that began at the start of the week slowed. Crude oil plunged after President Donald Trump indicated that sanctions on Iran could be eased. The Nasdaq rose for the first time in four days as Apple’s cheaper priced iPhone gave analysts reason to cheer, while the Dow Jones Industrial Average gained for a sixth day and the S&P 500 closed above 3,000 for the first time in six weeks. Trump earlier urged the Federal Reserve to cut interest rates to “zero, or less,” in a tweet, while China moved to lessen the trade war’s repercussions by announcing a range of U.S. goods to be exempted from 25% extra tariffs put in place last year.
“Get a trade deal, get a dovish Fed, decent valuations, lower interest rates, and all of a sudden, you have the tinder potentially for markets to move higher,” Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, said in an interview at Bloomberg’s New York headquarters. Crude oil futures fell as much as 2.8% in London. Trump is preparing to meet with Iranian President Hassan Rouhani later this month, according to people familiar with the matter. Such talks would be unprecedented for an administration that made isolating the Islamic Republic a cornerstone policy. The dollar strengthened, while benchmark Treasury yields lingered near one-month highs.
Equities are rebounding in September on hopes for fresh monetary stimulus from the European Central Bank on Thursday and the Fed next week, while market-supportive measures by China helped lift sentiment. Strong monetary easing is not a given, though, with some investors dialing back their expectations of accommodation and bond traders pulling back from the more bullish sentiment of August.
These are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.4% to 3,000.90 as of 4:04 p.m. New York time, the highest in almost six weeks.
* The Dow Jones Industrial Average gained 0.5% to 27,136.91,reaching the highest in almost six weeks on its sixth consecutive advance.
* The Nasdaq Composite Index rose 0.7% to 8,169.68, the highest in almost six weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to 1,210.84, the biggest advance in a week.
Bonds
* The yield on two-year Treasuries declined less than one basis point to 1.68%, the first retreat in a week.
* The yield on 10-year Treasuries increased less than one basispoint to 1.74%, reaching the highest in a month on its sixth straight advance. Germany’s 10-year yield fell two basis points to -0.56%.
Commodities
* Gold strengthened 0.8% to $1,496.08 an ounce, the first advance in a week.
* West Texas Intermediate crude declined 2.4% to $56.03 a barrel, the largest drop in more than a week.
–With assistance from Andrew Cinko.
Have a great night.

Be magnificent!
As ever,
Carolann

Be sure you put your feet in the right place, then stand firm.
                                          –Abraham Lincoln, 1809-1865

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:

September 10, 1000, Leif Ericson discovers “Vinland” (possibly L’Anse aux Meadows, Canada) reputedly becoming first European to reach North America.  Go to article »

Apple on Tuesday unveiled new iPhones, iPads and watch models while announcing pricing for its upcoming streaming service.-BLOOMBERG.

PHOTOS OF THE DAY
Prince Dudeman stands on Ryan Thor’s head at the 14^th annual Helen Woodward Animal Center “Surf-A-Thon” where more than 70 dogs competed in five different weight classes for “Top Surf Dog 2019” in Del Mar, California.
CREDIT: REUTERS/MIKE BLAKE

Dancers perform during the opening ceremony of the 24^th World Energy Congress (WEC) in the UAE Capital Abu Dhabi.
CREDIT: KARIM SAHIB/AFP/GETTY IMAGES

A dancer performs at the World Energy Congress in Abu Dhabi, United Arab Emirates, Monday, Sept. 9, 2019. Saudi Arabia’s new Energy Minister Prince Abdulaziz bin Salman, as well as the CEO’s of Total SA and ENI SpA, were in Abu Dhabi on Monday at the World Energy Congress.
CREDIT: AP PHOTO/JON GAMBRELL

Market Closes for September 10^th, 2019

Market Index	Close	Change
Dow Jones	26909.43	+73.92   +0.28%
S&P 500	2979.39	+0.96   +0.03%
NASDAQ	8084.156	-3.282   -0.04%
TSX	16537.34	+42.25
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	21392.10	+73.68
		+0.35%
HANG SENG	26683.68	+2.28
		+0.01%
SENSEX	37145.45	+163.68
		+0.44%
FTSE 100*	7267.95	+32.14
		+0.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.438		1.353
CND. 30 Year Bond		1.620		1.555
U.S.    10 Year Bond		1.7402		1.6438
U.S. 30 Year Bond		2.2234		2.1281

Currencies

BOC Close	Today	Previous
Canadian $	0.76053	0.75944
US $	1.31487	1.31676
Euro Rate 1 Euro=		Inverse
Canadian $	1.45188	0.68876
US $	1.10420	0.90563

Commodities

Gold	Close	Previous
London Gold Fix	1509.20	1523.70
Oil
WTI Crude Future	57.40	57.85

Market Commentary:
On this day in 1711, the South Sea Company was chartered in London to trade with Latin America, sell annuities
and manage the public debt. It became the heart of the greatest speculative boom Britain had ever seen, as the
stock rose more than 800% in a few months in 1720, only to later lose roughly 80% of its value in a matter of
weeks.
Canada
By Kristine Owram
(Bloomberg) — Canada’s stock benchmark rose as the discount for Canadian crude narrowed, boosting energy stocks, and beleaguered SNC-Lavalin Group Inc. gained the most since 2008. The S&P/TSX Composite rose 0.3% to 16,537.34 in Toronto. The move follows the previous session’s decrease of 0.2%. Royal Bank of Canada contributed the most to the index gain, increasing 1.1%. SNC-Lavalin Group Inc. had the largest increase, rising 12%. The company’s stock is trading close to the value of its concessions segment alone, according to CIBC, which resumed coverage of the stock Tuesday with an outperform rating. Shopify Inc. was the biggest decliner, falling 6.2% after it announced the purchase of 6 River Systems Inc. for $450 million. Meanwhile, the benchmark 10-year bond yield rose 8.4 basis points to the highest since July 31.
Insights
* The S&P/TSX Composite is 0.8% below its 52-week high on April 23 and 20% above its low on Dec. 24
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose1.2% in the past 30 days
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials     | 38.2763| 0.7        | 17/9
Energy         | 33.9105| 1.2        | 34/4
Health Care  | 5.0011| 1.9          | 8/3
Industrials    | 3.6475| 0.2          | 18/13
Materials      | 2.8717| 0.2          | 25/21
Communication | -1.7056| -0.3   | 7/17
Services
Real Estate  | -0.0739| 0.0         | 2/5
Consumer Staples | -2.0443| -0.3| 4/6
Utilities       | -4.9482| -0.7         | 5/11
Consumer Discretionary | -5.1496| -0.7| 10/5
Information Technology | -27.5208| -3.0| 4/6

* The benchmark 10-year bond fell and the yield rose 8.2 basispoints to 1.435 percent
* The Canadian dollar strengthened 2% to C$1.3148 per U.S. dollar

US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks erased losses in the final moments of trading as investors continued to gravitate to value shares.  Treasury yields rose for a fifth day. The Dow Jones Industrial Average closed positive, while the S&P 500 was little changed and the Nasdaq ended in negative territory. The Dow had briefly turned up midday following a report that China is ready to buy more U.S. agricultural products. “That’s the tug of war that’s going on right now,” said Matt Maley, an equity strategist at Miller Tabak & Co. “It’s between monetary policy and the trade war.” Areas of the market that were previously this year’s best performers fell the most. The opposite was true, too, with energy stocks gaining and small caps outperforming for a second day.
“The rotation from growth to value started a couple of weeks ago, but was out-sized yesterday,” said Michael O’Rourke, JonesTrading’s chief market strategist. “That caught people offside so they need to de-risk more until the situation stabilizes.” The pound fluctuated as embattled British Prime Minister Boris Johnson insisted he won’t ask for another Brexit delay, while U.K. wage and unemployment data beat estimates. Most euro- zone sovereign bonds nudged lower as European Central Bank officials prepare to meet. The recent pullback in the bond rally “is a correction to an outsized move in yields during August, not a turn in the trend,” Kit Juckes, chief global FX strategist at Société Generale SA, wrote in his daily note.
“Last Friday’s U.S. labor market data show, clearly enough for me, that the U.S. economy is slowing slowly but steadily as the global trade slowdown infects it.” Investors are awaiting the ECB’s policy decisions on
Thursday and those next week by the Federal Reserve and Bank of England as they assess how much monetary easing may be looming. Elsewhere, oil plunged after President Donald Trump fired one of his most hawkish advisers. Futures fell as much as 1% after Trump announced that National Security Advisor John Bolton was out.
Here are some key events coming up this week:
* OPEC’s monthly oil market report, which includes demand forecasts and production estimates, is due Wednesday.
* The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference.
* U.S. data for August is due on producer prices Wednesday, and CPI Thursday.

These are the main moves in markets:
Stocks
*The S&P 500 Index was little changed at 2,979.39 as of 4:15 p.m. New York time, the highest in almost six weeks.
*The Dow Jones Industrial Average rose 0.3% to 26,909.43, reaching the highest in almost six weeks on its fifth consecutive advance.
*The Nasdaq Composite Index was little changed at 8,084.16.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,208.73, the first advance in more than a week and the biggest advance in a week.
Bonds
*The yield on two-year Treasuries gained eight basis points to 1.68%, the highest in more than five weeks.
*The yield on 10-year Treasuries rose eight basis points to 1.73%, reaching the highest in a month on its fifth straight advance. Germany’s 10-year yield increased four basis points to -0.55%, the highest in almost five weeks.
Commodities
*Gold depreciated 0.8% to $1,487.02 an ounce, the weakest inalmost five weeks.
*West Texas Intermediate crude dipped 0.5% to $57.57 a barrel,the first retreat in a week.
–With assistance from Lu Wang.

Have a great night.
 
Be magnificent!
As ever,
 
Carolann
 
Develop success from failures.  Discouragement and failure
are two of the surest stepping stones to success.
                                          -Dale Carnegie, 1888-1955
 
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 Monday.
Chrysanthemum Day, Japan.
490 BC ~Battle of Marathon.

William the Conqueror, d.1087.
Leo Tolstoy, writer, b. 1828.
Hugh Grant, actor, b. 1960

Also on this day:
On Sept. 9, 1976, Communist Chinese leader Mao Tse-tung died in Beijing at age 82.  Go to article »

Go: Book your tickets to Belgrade, Lagos, London, Paris and São Paulo: Our art critic recommends 28 shows worth traveling for. -from The New York Times.

PHOTOS OF THE DAY

A man paddle-boards with his small dog on a very warm September evening in Aberystwyth, Wales.
CREDIT: KEITH MORRIS/ ALAMY LIVE NEWS

A rowing boat depicting Viserion, a Game of Thrones dragon, takes part in Matlock Bath Illuminations and Venetian Nighyts in Derbyshire, which runs until October 27.
CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH

Rowers from the Hondarribia team compete with their ‘trainera’ boat in the traditional “Bandera de la Concha’ traineras race in San Sebastian, Spain.
CREDIT: JAVIER ETXEZARRETA/EPA-EFE/REX

Market Closes for September 09, 2019

Market Index	Close	Change
Dow Jones	26835.51	+38.05 +0.14%
S&P 500	2978.43	-0.28 -0.01%
NASDAQ	8087.438	-15.636 -0.19%
TSX	16495.09	-40.24
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21318.42	+118.85
		+0.56%
HANG SENG	26681.40	-9.36
		-0.04%
SENSEX	37145.45	+163.68
		+0.44%
FTSE 100*	7235.81	-46.53
		-0.64%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.353		1.283
CND. 30 Year Bond		1.555		1.499
U.S.    10 Year Bond		1.6438		1.5602
U.S. 30 Year Bond		2.1281		2.0250

Currencies

BOC Close	Today	Previous
Canadian $	0.75944	0.76164
US $	1.31676	1.31296
Euro Rate 1 Euro=		Inverse
Canadian $	1.45501	0.68728
US $	1.10499	0.90498

Commodities

Gold	Close	Previous
London Gold Fix	1523.70	1529.10
Oil
WTI Crude Future	57.85	56.52

Market Commentary:
Even with last week’s 1.5% gain, the S&P 500 is up just 0.83% this summer, on track for its worst summer performance since 2015, when it fell 7.2%. Since 1950, the S&P 500 has averaged a gain of 1.09% in the period from June 21 to September 21, rising 67% of the time, according to Dow Jones Market Data.

On this day in 2008, in the depths of the financial crisis, Lehman Brothers shares fell 45% after Korea Development Bank, which had been in talks with Lehman about providing a capital infusion, said it had closed the door on a possible deal.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark fell for a second session as Shopify Inc. slid the most since June and gold stocks retreated alongside weakness in the precious metal. The S&P/TSX Composite Index lost 0.2% to 16,495. The technology sector led the decline as Shopify tumbled 5.9%, a victim of broader weakness in software stocks as investors re-evaluate this year’s rally. Materials stocks lost 1.8% as gold prices fell for a third day. The metal, which is considered a safe haven, retreated after U.S. Treasury Secretary Steven Mnuchin said the U.S. and China have made “a lot of progress” in trade talks.
In other moves:
Stocks
* NuVista Energy Ltd. was the biggest gainer, adding 11%. Energy stocks were strong after Saudi Arabia’s new energy minister indicated that OPEC and its allies will continue production cuts.
* Air Canada fell 1.3%. The stock won’t be added to the S&P/TSX 60 Index when it’s rebalanced on Sept. 23, defying traders’ expectations
* AltaGas Ltd. rose 2.4% after being upgraded to outperform at BMO Capital Markets
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold fell 0.3% to $1,504.50 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3164 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.34%, the highest in five weeks
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks were mixed as investors ditched the companies behind the latest risk-on rally, while sovereign bond yields rose in Europe and America. High-flying health-care shares led declines Monday, as some on Wall Street including Goldman’s Asad Haider sounded the alarm to a “potential onslaught of drug pricing headlines in the coming weeks following Congress’s August recess.” Megacap tech names also retreated. Stocks coveted ortheir high dividendyields, including real-estate and utility names, retreated as the 10-year rate topped 1.6%.
“The fact that we’ve had a bit of a reversal in the Treasury market has scared some of the momentum players,” said Charlie Smith, founding partner and chief investment officer at Fort Pitt Capital Group in Pittsburgh. German bunds led the drop in sovereign debt, with yields on longer-dated notes climbing more than shorter-dated securities, as traders pared back expectations that the European Central Bank will unveil a big stimulus package this week. Rates on longer-dated Treasury notes climbed more than those on shorter-dated securities, reversing an inversion in the yield curve. Treasury Secretary Steven Mnuchin said earlier that the U.S. and China have made “lots of progress” on trade talks. “Trade sentiment is driving the market movements on the margin up and down,” Aaron Clark, portfolio manager at GW&K Investment Management, said by phone. “The commentary that we’ve heard over the past week or so, clearly markets have taken note of that and already priced some of that in.”
Elsewhere, oil advanced after Saudi Arabia’s new energy minister signaled that OPEC and its allies will continue with production cuts, as the group prepares to gather in Abu Dhabi. A benchmark for emerging-market shares climbed for a fourth straight session, putting it on track for the highest close in five weeks.
Here are some key events coming up this week:
* OPEC’s monthly oil market report, which includes demand forecasts and production estimates, is due Wednesday.
* The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference.
These are the main moves in markets:
Stocks
*The S&P 500 Index was little changed at 2,978.10 as of 3:20 p.m. New York time.
*The Dow Jones Industrial Average gained 0.2% to 26,843.27, the highest in almost six weeks.
*The Nasdaq Composite Index fell 0.3% to 8,080.34.
Currencies
*The Bloomberg Dollar Spot Index dipped 0.1% to 1,208.18,
*reaching the lowest in more than two weeks on its fifth straight decline.
Bonds
*The yield on two-year Treasuries gained four basis points to 1.58%, the highest in more than two weeks.
*The yield on 10-year Treasuries rose seven basis points to 1.63%, the highest in almost four weeks.
*Germany’s 10-year yield gained five basis points to -0.59%, the highest in a month.
Commodities
*Gold depreciated 0.4% to $1,500.60 an ounce, the weakest in more than two weeks.
*West Texas Intermediate crude gained 2.7% to $58.04 a barrel, the highest in almost six weeks.
–With assistance from Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Only put off until tomorrow what you are willing to die having left undone.
                                                                -Pablo Picasso, 1881-1973

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!
1916~ The first self-service grocery store, Piggly Wiggly, was opened in Memphis, Tenn., by Clarence Saunders.  Go to article »
1920~first radio broadcast of a prizefight.

SEPTEMBER
      by Louis Jenkins
One evening the breeze blowing in the window turns cold and you pull the blankets around you.  The leaves of the maples along Wallace Avenue have already turned and whoever it was you loved does not come around anymore.  It’s all right.  Things change with the cycle of the seasons and evolve.  A mistake, a wrong turn takes one elsewhere.  But perhaps there are forces other than chance at work here…

International Literacy Day is Sunday.

These are not books, lumps of lifeless paper, but minds alive on the shelves.  From each of the goes out its own voice….and just as the touch of a button on our set will fill the room with music, so by taking down one of these volumes and opening it, one can call into range the voice of a man far distant in time and space, and hear him speaking to us, mind to mind,
heart to heart. ~Gilbert Highet

PHOTOS OF THE DAY

A photographer has captured the start of Autumn tones across Corfe in Dorset, United Kingdom.
CREDIT: DAVID SIMS/COVER IMAGES

People enjoy an afternoon at Coney Island as the beach season begins to wind down in New York City. Summer officially ends on September 23 this year.
CREDIT: SPENCER PLATT/ GETTY IMAGES

A ground squirrel smells a daisy in Vienna, Austria looking for the perfect lunch.
CREDIT: DICK VAN DUIJN/ SWNS.COM

Market Closes for September 06, 2019

Market Index	Close	Change
Dow Jones	26797.46	+69.31 +0.26%
S&P 500	2978.71	+2.71 +0.09%
NASDAQ	8103.074	-13.754 -0.17%
TSX	16535.33	-39.48
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21199.57	+113.63
		+0.54%
HANG SENG	26690.76	+175.23
		+0.66%
SENSEX	36981.77	+337.35
		+0.92%
FTSE 100*	7282.34	+11.17
		+0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.283		1.267
CND. 30 Year Bond		1.499		1.507
U.S.    10 Year Bond		1.5602		1.5586
U.S. 30 Year Bond		2.0250		2.0495

Currencies

BOC Close	Today	Previous
Canadian $	0.76164	0.75597
US $	1.31296	1.32280
Euro Rate 1 Euro=		Inverse
Canadian $	1.45710	0.68630
US $	1.10978	0.90108

Commodities

Gold	Close	Previous
London Gold Fix	1529.10	1546.10
Oil
WTI Crude Future	56.52	56.30

Market Commentary:
Copper prices have rebounded 4.5% in the past two sessions, the best two-day stretch for the industrial metal since November 2018, according to Dow Jones Market Data. The rally is an encouraging sign to investors who use copper as a barometer for the world economy and growth in China. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,535.33 in Toronto. The move follows the previous session’s increase of 0.8 percent. Shopify Inc. contributed the most to the index decline,  decreasing 3.4 percent. Eldorado Gold Corp. had the largest drop, falling 5.6 percent. Today, 136 of 239 shares fell, while 97 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index rose 0.6 percent
* This quarter, the index rose 0.9 percent
* This year, the index rose 15 percent, heading for the best year since 2016
* The index advanced 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 3.5 percent in the same period
* The S&P/TSX Composite is 0.8 percent below its 52-week high on April 23, 2019 and 20 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 15.2 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$2.54 trillion
* 30-day price volatility fell to 11.18 percent compared with 11.39 percent in the previous session and the average of 9.38 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -43.7086| -2.3| 5/42
Information Technology | -16.3118| -1.7| 2/8
Industrials | -8.6497| -0.5| 15/15
Energy | -3.6646| -0.1| 24/14
Consumer Discretionary | -1.7611| -0.2| 7/8
Real Estate | -1.7322| -0.3| 5/18
Utilities | -1.2725| -0.2| 5/11
Communication Services | 4.0685| 0.4| 4/3
Health Care | 6.0751| 2.3| 7/4
Consumer Staples | 7.5260| 1.1| 5/5
Financials | 19.9526| 0.4| 18/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -12.6200| -3.4| -28.9| 165.7
Barrick Gold | -10.1300| -3.3| 32.1| 27.8
Canadian National | -8.5200| -1.3| 23.0| 21.0
Bank of Nova Scotia| 3.9280| 0.6| -3.8| 5.9
Couche-Tard | 6.5610| 2.5| 54.1| 25.8
TD Bank | 6.9180| 0.7| -30.5| 7.5
================================================================
Biggest | |Index Points| Volume VS |YTD Change
Gainers | % Change | Move |20D AVG (%)| (%)
================================================================
NexGen Energy | 9.5| 0.3390| 82.0| -28.2
NuVista Energy| 6.0| 0.1770| -45.1| -52.5
Canopy Growth | 4.3| 2.3400| 62.9| -0.4
================================================================
| |Index Points| Volume VS |YTD Change
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
Eldorado Gold | -5.6| -0.8170| 31.8| 203.5
MAG Silver | -5.3| -0.4570| 10.3| 55.0
Novagold Resources | -5.1| -0.7690| 30.3| 64.8

* The benchmark 10-year bond fell and the yield rose 1.4 basis points to 1.281 percent
* The S&P 500 Index advanced slightly, up 0.1 percent

US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks advanced and Treasuries were mixed as Federal Reserve Chairman Jerome Powell’s latest comments did little to alter views on Federal Reserve policy. The dollar fell. The S&P 500 headed for its second weekly gain after the Fed chief’s last comments before the Sept. 18 policy meeting cemented views that the central bank will cut rates. Tech shares weighed on major averages amid fresh antitrust concerns. Stocks rose earlier after hiring data signaled a strong labor market that isn’t too strong to deter further easing. The two-year Treasury yield edged higher, while the dollar headed for its fourth straight decline. Oil erased losses to turn higher.
“Jobs have been a bit of a roller coaster these past few months. Today’s miss along with downward revisions for the prior two months solidifies that jobs gains are moderating,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial. “And it’s below expectations and depressed enough to fuel the Fed’s drive to cut rates this month, so in some ways there is something to like for everyone.” Elsewhere, China cut the amount of cash banks must hold as reserves, injecting liquidity into an economy facing headwinds to growth. The MSCI Asia Pacific Index headed for its biggest weekly advance since June. The pound trimmed some of its recent gains as political turmoil in Britain dragged on. The Bloomberg Softs Spot Subindex tracking coffee, sugar, and cotton headed for the 10th straight week of declines, the longest stretch since 1991 when the index started.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% as of 2:36 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.3%.
* The U.K.’s FTSE 100 Index fell 0.2%.
* The MSCI Asia Pacific Index gained 0.6%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro fell 0.1% at $1.1030.
* The British pound sank 0.4% to $1.2286.
* The Japanese yen advanced 0.1% to 106.89 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than a basis point to 1.55%.
* The yield on two-year Treasuries rose 1 basis point at 1.52%.
* Germany’s 10-year yield fell three basis points to -0.62%.
* Britain’s 10-year yield declined nine basis points to 0.511%.
Commodities
* Gold rose 0.2% to $1,528.80 an ounce.
* WTI oil dropped 0.8% to $55.83 a barrel.
* Brent crude decreased 0.4% to $60.68 a barrel.

–With assistance from Adam Haigh and Laura Curtis.
Have  a wonderful weekend everyone.

Be magnificent!
As ever,
Carolann

It is never too late to be what you might have been.
                                   -George Eliot, 1819-1880

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:

Birthdays today:
1905~ Arthur Koestler, writer.
1929~ Bob Newhart, actor.
1940~Raquel Welch, actor.

On Sept. 5, 1972, Palestinian terrorists attacked the Israeli Olympic team at the summer games in Munich; 11 Israeli athletes and coaches, five terrorists and a police officer were killed.
Go to article »

The Loch Ness Monster may just be a giant eel.

THE POET FOR J.K.
His genius is sired f misery or magic;
he dwells between disaster and the dream.
He might have been sedate; but the only tragic
ecstasy is musical to him.
In every chaos he will wish a cure;
in life, a higher mystery of sorrow;
in death, the last existence that is pure.
Curiosity betrays him to tomorrow.
Necromantic passion, final terror
is his bequest: The wound was all he had
to multiply.  Balancing the rope of error,
he shall fall to doom.  He shall be mad,
sadly deceived, he shall, live, and he shall die
a master of all mummery.
                     -Allen Ginsberg

Television has made dictatorship impossible, but democracy unbearable. – Shimon Peres, 1923-2016

PHOTOS OF THE DAY

Sunflower silhouette against the sky shortly before sunrise in Freiburg, southern Germany.
CREDIT: PATRICK SEEGER/DPA/AFP

The Unending Attraction of Nature, billed as Austria’s largest ever public art installation, open in Klagenfurt. FOR FOREST is a temporary art intervention by Klaus Littmann which transforms Worthersee football Stadium into a native central European forest, with almost 300 trees, carefully installed over the existing pitch. FOR FOREST is open daily free to access and on view until 27 October 2019.
CREDIT: UNIMO

Detail view / during the 74^th Tour of Spain 2019, Stage 11 a 180km stage from Saint Palais to Urdax-Dantxarinea
CREDIT: JUSTIN SETTERFIELD /GETTY IMAGES

Market Closes for September 05, 2019

Market Index	Close	Change
Dow Jones	26728.15	+372.68 +1.41%
S&P 500	2976.00	+38.22 +1.30%
NASDAQ	8116.828	+139.949 +1.75%
TSX	16574.81	+125.97
		+0.77%

International Markets

Market Index	Close	Change
NIKKEI	21085.94	+436.80
		+2.12%
HANG SENG	26515.53	-7.70
		-0.03%
SENSEX	36644.42	-80.32
		-0.22%
FTSE 100*	7271.17	-40.09
		-0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.267		1.135
CND. 30 Year Bond		1.507		1.410
U.S.    10 Year Bond		1.5586		1.4657
U.S. 30 Year Bond		2.0495		1.9699

Currencies

BOC Close	Today	Previous
Canadian $	0.75597	0.75622
US $	1.32280	1.32237
Euro Rate 1 Euro=		Inverse
Canadian $	1.46010	0.68488
US $	1.10380	0.90596

Commodities

Gold	Close	Previous
London Gold Fix	1546.10	1537.85
Oil
WTI Crude Future	56.30	56.26

Market Commentary:
The yield on the benchmark 10-year U.S. Treasury note, which is tied to everything from student debt to mortgage loans, fell to 1.456% Wednesday, moving closer to its record low of 1.366% set in July 2016.
     Christine Lagarde pledged to review the European Central Bank’s negative rates. Ms. Lagarde, the likely next president of the ECB, held out an olive branch to the bank’s German critics at a confirmation hearing, promising to review the costs and benefits of controversial policy tools.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose for a second day, rallying along with global markets after a raft of U.S. economic data bolstered confidence in the North American economy and as trade tensions eased. The S&P/TSX Composite Index rose 0.8% to 16,575. Health Care stocks led the market higher, as 8 of 11 sectors gained. Canadian National Rail contributed the most to the index advance, advancing 2.3%. Descartes Systems saw the largest gain, rising about 10%. Barrick Gold was the biggest drag on the index, declining 7.4%. Toronto home sales and prices rose in August as demand continued to outstrip supply. Sales in Toronto jumped 13% to 7,711 from the same period last year, the Toronto Real Estate Board said in a report Thursday. That was largely driven by a boost in detached-home sales, which soared 21% over last year. On a seasonally adjusted basis, total sales rose 0.8% from July. The benchmark price, which accounts for the type of home sold, rose 4.9% to C$802,400 ($606,600), largely driven by gains in the condo apartment sector.

Here are some of the most notable equity movers today:
Just Energy Rallies as Canaccord Sees Urgent Need for a Deal Gold, Silver Miners Tumble as Prices Fall on Trade Talk Hopes Energy Stocks Extend Rise on Bullish Crude Inventory Draw Descartes Gains as ‘Solid’ 2Q Validates M&A Strategy, RBC Says
Ratings
* NGD CN: New Gold Upgraded to Sector Perform at RBC
* PAAS CN: Pan American Silver Upgraded to Outperform at RBC Pan American Raised as RBC Expects Rebound in Free Cash Flow
* QSR CN: Restaurant Brands Rated New Hold at Deutsche Bank; PT $73
* TXG CN: Torex Gold Resources Cut to Sector Perform at RBC; PT C$24
Commodities
* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Gold spot price fell 2.2% to $1,518.16 an ounce at 4pm ET
FX/Bonds
* The Canadian dollar fell 0.05% to C$0.7558 per U.S. dollar as of 4pm ET
* The Canada 10-year government bond yield rose to 1.267% as of 4pm ET
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks surged and Treasuries tumbled after a raft of data bolstered confidence in the American economy and trade tensions eased. The dollar edged lower. The S&P 500 jumped to a five-week high, led by Tech shares, after China and the U.S. agreed to trade talks early next month. Banks rallied as yields on two year notes jumped as much as 14 basis points, which would have been the largest full-day increase in a decade, before inching back. Defensive sectors retreated as strong private payrolls data and a hot reading on the services sector tamped down recession angst. The dollar pared early losses, but still headed for its third decline in a row. The pound padded Wednesday’s surge after the U.K. Parliament blocked a no-deal Brexit and an early election. West Texas crude fell to around $56 a barrel.
“Escalating U.S.-China trade tensions have been the biggest equity headwind for months, so a relief rally on news high-level trade talks are planned for early October is no surprise,” said Alec Young, managing director of global markets research at FTSE Russell. “The bottom line is that stocks need earnings growth to move forward, and you can’t get that without progress on U.S.- China trade.” The glimmer of hope in the global trade war — officials from the U.S. and China had been struggling to agree on new talks — adds to a broad risk-on mood that took hold Wednesday, when British lawmakers moved to block an imminent no-deal Brexit and Hong Kong’s leader sought to quell unrest in Asia’s key financial hub. After the strong economic readings, focus is now likely to shift to remarks from Federal Reserve Chairman Jerome Powell and the latest U.S. jobs report, both due Friday.
Elsewhere, Florida orange groves seemingly escaped major damage from Hurricane Dorian, but concern is now turning to soy, corn and cotton fields as well as livestock in Georgia and the Carolinas as the storm churns northward.
Here are some key events coming up:
* Fed speakers this week include Fed chair Jerome Powell on Friday.
* The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 160,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3%.

These are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.7%.
* The U.K.’s FTSE 100 Index declined 0.6%.
* The MSCI Asia Pacific Index jumped 1.1%.
* The MSCI Emerging Market Index gained 1.2%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro climbed 0.1% to $1.1041.
* The British pound gained 0.5% to $1.2318.
* The Japanese yen fell 0.5% to 106.89 per dollar.
Bonds
* The yield on 10-year Treasuries climbed 9 basis points to1.56%.
* Germany’s 10-year yield rose nine basis points to -0.584%.
* Britain’s 10-year yield gained 11 basis points to 0.605%.
Commodities
* Gold dipped 2.2% to $1,526.40 an ounce.
* West Texas Intermediate was little changed at $56.26 a barrel.
–With assistance from Charlotte Ryan and Samuel Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Success is to be measured not so much by the position that one has reached
in life as by the obstacles which he has overcome.
                                                         -Booker T. Washington, 1856-1915

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:
September 4,1781, City of Los Angeles founded.
September 4, 1888 George Eastman received a patent for his roll-film camera and registered his trademark: Kodak.  Go to article »

Late-night comedy: President Trump spent most of the weekend golfing and tweeting, and some hosts wondered whether that was just as well. “Making Trump monitor the hurricane would be like making your 4-year-old do the dishes,” Seth Meyers said. “After about five minutes, you’d be like, ‘You know what, Tyler? Just go out and play.’”-The New York Times.

According to The Economist Intelligence Unit:
The world’s most livable cities 2019
1. Vienna, Austria
2. Melbourne, Australia
3. Sydney, Australia
4. Osaka, Japan
5. Calgary, Canada
6. Vancouver, Canada
7. Toronto, Canada
7. Tokyo, Japan
9. Copenhagen, Denmark
10. Adelaide, Australia
The world’s least livable cities 2019
1. Damascus, Syria
2. Lagos, Nigeria
3. Dhaka, Bangladesh
4. Tripoli, Libya
5. Karachi, Pakistan
6. Port Moresby, Papua New Guinea
7. Harare, Zimbabwe
8. Douala, Cameroon
9. Algiers, Algeria
10. Caracas, Venezuela

PHOTOS OF THE DAY

A red squirrel going nuts for a spot of yoga in Copeland, Cumbria.
CREDIT: DAVID FOX / SWNS

Aerial shots of Icelandic glacial rivers look like works of art as they flow towards the sea. The stunning variety of colours and patterns are formed by the sediment carried in the meltwater. Biochemistry scientist Andro Loria photographed the beautiful glacier rivers over the course of 18 months flying over Iceland’s four man rivers.
CREDIT: ANDRO LORIA / SOLENT NEWS

Feeding sea birds are disturbed by waves that break against the shoreline as the sun rises over the North Sea on September 3, 2019 in Saltburn By The Sea, England.
CREDIT: IAN FORSYTH/GETTY IMAGES

Market Closes for September 04, 2019

Market Index	Close	Change
Dow Jones	26355.47	+237.45 +0.91%
S&P 500	2937.78	+31.51 +1.08%
NASDAQ	7976.879	+102.720 +1.30%
TSX	16448.84	+49.61
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	20649.14	+23.98
		+0.12%
HANG SENG	26523.23	+995.38
		+3.90%
SENSEX	36724.74	+161.83
		+0.44%
FTSE 100*	7311.26	+ 43.07
		+0.59%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.135		1.117
CND. 30 Year Bond		1.410		1.390
U.S.    10 Year Bond		1.4657		1.4573
U.S. 30 Year Bond		1.9699		1.9526

Currencies

BOC Close	Today	Previous
Canadian $	0.75622	0.74960
US $	1.32237	1.33404
Euro Rate 1 Euro=		Inverse
Canadian $	1.45897	0.68541
US $	1.10331	0.90637

Commodities

Gold	Close	Previous
London Gold Fix	1537.85	1525.96
Oil
WTI Crude Future	56.26	53.94

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — The Bank of Canada’s reluctance to signal a potential interest rate cut created some unease with stock investors Wednesday. The S&P/TSX Composite Index reversed an early morning rally and closed 0.3% higher after the central bank’s decision, which contained few hints on future policy, bucking a global trend toward easing. The probability of a rate cut in October dropped to about 50% compared with about 60% on Tuesday, according to data compiled by Bloomberg. In comparison, the S&P 500 Index soared 1.1%.“The market response/interpretation for today’s announcement was largely one of disappointment – as the Bank of Canada was unable to succumb to the market’s more dovish bias,”  Candice Bangsund, a portfolio manager at Fiera Capital, said by email.
The Canadian dollar rose by the most in more than two months as traders expect the second-best currency among Group-of-10 currencies this year may hold steady as the central bank said stronger than-expected growth and inflation on target mean the current degree of monetary stimulus is appropriate. Not everyone’s disconcerted. “The Bank of Canada is acting prudently at this time, said Brooke Thackray, analyst at Horizons ETFs Management (Canada) Inc. “It is keeping as much ammunition as possible to fight a potential slowdown in the future. Investors respect this position and realize that there is still time for the Bank of Canada to act on an appropriate basis in the future.” Bank of Canada resisting pressure from investors to signal it will soon follow global peers in easing monetary policy was a wise move,” according to Ed Devlin, a managing director at Pacific Investment Management Co. Canada’s in a slightly different spot than rest of world in terms of consumer debt/cycle, so cutting rates could help in the short term, but hurt longer term, he said.

==================================
Here are some of the most notable equity movers today:
==================================
Dirtt Plunges as Analysts Downgrade Ratings After Forecast
CutAdvantage Oil Test is ‘Significant Positive Development’:
ScotiaRestaurant Brands Offering by Holder Prices 17m Shares

Materials were the best performing stocks after the U.S.
dollar fell and Hong Kong tensions eased. Healthcare was the only sector in the red.

============================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
============================
Materials | 19.6292| 1.0| 34/13
Financials | 11.8907| 0.2| 18/8
Consumer Staples | 4.4830| 0.7| 8/2
Energy | 4.2096| 0.2| 29/9
Information Technology | 3.4853| 0.4| 7/3
Industrials | 2.4680| 0.1| 14/17
Communication Services | 2.1885| 0.2| 6/1
Consumer Discretionary | 2.0714| 0.3| 12/4
Utilities | 1.4120| 0.2| 12/4
Real Estate | 1.2289| 0.2| 16/8
Health Care | -3.4415| -1.4| 5/6
Ratings
* CAR-U CN: Canadian Apartment Downgraded to Hold at Canaccord; PT C$55.50
* CGY CN: Calian Group Rated New Buy at Canaccord; PT C$40
* CHP-U CN: Choice Properties REIT Upgraded to Buy at Canaccord; PT C$15.25
* GRT-U CN: Granite REIT Upgraded to Buy at Canaccord; PT C$70
* ONC CN: Oncolytics Biotech Rated New Buy at Roth Capital
* PD CN: Precision Drilling Upgraded to Action List Buy at TD; PT C$4.50
* WCN CN: Waste Connections Reinstated at Macquarie With Outperform
Commodities
* Western Canada Select crude oil traded at a $11.80 discount to WTI
* Gold spot price rose 0.5% to $1,554.61 an ounce at 4pm ET
FX/Bonds
* The Canadian dollar rose 0.8% to C$0.7559 per U.S. dollar as of 4pm ET
* The Canada 10-year government bond yield rose to 1.132% as of 4PM ET
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks advanced as a broad easing of risks across the globe gave investors a reprieve. The dollar fell the most since June, while Treasuries were mixed. The S&P 500 rebounded from Tuesday’s losses along with European and Asian shares as political tensions appeared to subside in Hong Kong, Italy and the U.K., while indicators in China and Europe hinted global economic growth may not be as bad as some expected. Technology shares, which led yesterday’s decline that was the first in four sessions, paced the advance. The 10-year Treasury yield traded around 1.45%, while the dollar gained versus the yen. Equities in Hong Kong rose the most since 2018 after embattled leader Carrie Lam said she formally withdrew legislation to allow extraditions to China, the detonator for three months of often-violent protests. In the U.K., the pound held gains after a law that would block a no-deal Brexit passed a key Vote in Parliament. The euro advanced after purchasing managers indexes for the region beat expectations, while the onshore Chinese yuan gained following another stronger-than- forecast currency fixing.
“The main news is geopolitical, with less risk in Hong Kong, and Italy and the U.K. Investors are reacting positively to the lower geopolitical risks even though there’s still concerns over trade tensions as well as slower economic growth,” said Kate Warne, an investment strategist at Edward Jones. “Overall, it’s a positive day. It’s about offsetting the worries of yesterday which really focused, I think, on geopolitical risks.” Traders are rushing back into riskier assets as event risks seem to be receding, from a possible Chinese crackdown in Hong Kong to confrontations between the European Union and two of its biggest members. At the same time, investors remain on the alert for any news on China-U.S. trade talks. And remaining in the background is the upcoming Federal Reserve meeting, and the speculation surrounding how much the central bank may cut this year to stave off a potential economic slowdown.
Elsewhere, oil futures climbed above $56 a barrel. The Canadian dollar gained after the Bank of Canada left interest rates unchanged. In the U.S., with Florida orange groves seemingly escaping major damage from Hurricane Dorian, concern now turns to soy, corn and cotton fields as well as livestock in Georgia and the Carolinas as the storm churns northward.
Here are some key events coming up:
* Fed speakers this week include Fed chair Jerome Powell on Friday.
* The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 160,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.1% as of 4 p.m. New York time.
* The Nasdaq Composite Index gained 1.3%.
* The Stoxx Europe 600 Index advanced 0.9%
* The U.K.’s FTSE 100 Index climbed 0.6%.
* The MSCI Emerging Market Index jumped 1.8%
Currencies
* The Bloomberg Dollar Spot Index sank 0.6%, the biggest slide since June 20.
* The euro gained 0.5% to $1.1031.
* The British pound increased 1.2% to $1.2222.
* The Japanese yen weakened 0.4% to 106.36 per dollar.
Bonds
* The yield on 10-year Treasuries was steady at 1.45%.
* The yield on two-year Treasuries fell two basis points to 1.43%.
* Britain’s 10-year yield jumped eight basis points to 0.493%.
* Germany’s 10-year yield climbed three basis points to -0.67%.
Commodities
* West Texas Intermediate crude advanced 4.4% to $56.31 a barrel.
* Gold rose 0.5% to $1,564.10 an ounce.
–With assistance from Robert Brand.
Have a great night.

Be magnificent!
As ever,

Carolann
A smile is an inexpensive way to change your looks.
                           -Benjamin Franklin, 1706-1790

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:
September 3, 1783 ~ Treaty of Paris signed, ending the American Revolution.
On Sept. 3, 1976, the unmanned U.S. spacecraft Viking 2 landed on Mars to take the first close-up, color photographs of the planet’s surface.  Go to article »

September

If you’re familiar with Romance languages, you’ll recognize the first syllable of this month as “seven.” That seems to make “September” an odd name for the year’s ninth month.

But it made sense in ancient Rome.

A mosaic of the Roman months found in Tunisia that dates to the third century A.D.  DeAgostini/Getty Images.

There, the Greek-influenced calendar had only 10 months. A few were named for gods: March for Mars, April for Aphrodite, May for Maia and June for Juno. But the rest were numbered, and some are still with us. October was the eighth month, November the ninth and December the 10th.

According to tradition, a calendar reform around 713 B.C. introduced two new months to account for the 60 or so extra winter days. They were January, for the god Janus, and February, for the purification celebration known as Februa.

In later adjustments, the original fifth and sixth months (which had been pushed to seventh and eighth) were renamed for Julius Caesar and Caesar Augustus: July and August. –The New York Times.

PHOTOS OF THE DAY

A striking red yacht slices through a serene Arctic landscape punctuated by craggy glaciers. The boat’s crimson sails are almost glowing as it sails between dramatic glaciers on the west coast of Greenland. Professional photographer Kah-Wai Lin was sailing ay night in the Disko Bay around Ilulissat Icefjord, the sea mouth within one of the world’s fastest moving and most active glaciers, called Sermeq Kujalleq.
CREDIT: KAH-WAI LIN/ SOLENT NEWS & PHOTO AGENCY

Cotswold Wildlife Park, Burford, Oxfordshire, Primate and small Mammals keeper Estelle Morgan, has become surrogate mum to Porcupette named Diablo. Diablo has become best friends with Estelle’s Sausage dog, Fig.
CREDIT: TOM WREN/ SWNS

Michael Schrimsher, a resident of Jupiter, Florida watches crashing waves from Hurricane Dorian at the Jupiter Beach Park as it approaches the east coast of Florida, USA.
CREDIT: ANDREW WEST/ THE NEWS-PRESS VIA USA TODAY NETWORK/SIPA USA

Market Closes for September 03, 2019

Market Index	Close	Change
Dow Jones	26118.02	-285.26 -1.08%
S&P 500	2906.27	-20.19 -0.69%
NASDAQ	7874.160	-88.722 -1.11
TSX	16399.23	-42.84
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	20625.16	+4.97
		+0.02%
HANG SENG	25527.85	-98.70
		-0.39%
SENSEX	36562.91	-769.88
		-2.06%
FTSE 100*	7268.19	-13.75
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.117		1.164
CND. 30 Year Bond		1.390		1.428
U.S.    10 Year Bond		1.4573		1.4961
U.S. 30 Year Bond		1.9526		1.9626

Currencies

BOC Close	Today	Previous
Canadian $	0.74960	0.75035
US $	1.33404	1.33272
Euro Rate 1 Euro=		Inverse
Canadian $	1.46355	0.68327
US $	1.09709	0.91151

Commodities

Gold	Close	Previous
London Gold Fix	1525.96	1540.20
Oil
WTI Crude Future	53.94	55.10

Market Commentary:
Platinum is the latest target for investors seeking to raise their exposure to precious metals. Prices rose 8.9% last week, their biggest weekly gain since 2011.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks declined, in tandem with global markets, on concerns over economic growth and geopolitical tensions. Consumer discretionary and industrials were the worst performing stocks, while the healthcare sector — led by pot stocks — outperformed. The S&P/TSX Composite Index fell 0.3%, or 42.84 to 16,399.23. The move is the biggest since falling 1.3% on Aug.23. The MSCI AC Americas Index declined 0.7%. Toronto-Dominion Bank contributed the most to the index decline, sliding 0.8%. Finning International Inc. had the largest drop, falling 6.6%. Meanwhile, The Bank of Canada is expected to open the door further to interest rate cuts at a decision Wednesday, amid worries U.S.-China tensions will curb a relatively robust expansion at home. In a policy statement due at 10 a.m. that’s likely to keep benchmark rates unchanged at 1.75% for now, economists expect Governor Stephen Poloz will underline his unease with the global trade outlook and signal a greater willingness to join the Federal Reserve and other central banks in cutting borrowing costs, as early as next month.
================================================================
Here are some of the most notable equity movers today:
================================================================
Lithium Stocks Sag as Electric-Car Sales Fall for First Time
TheScore Surges to 4-Year High After Private Equity Investment
Crescent Point Rises as Analysts Applaud $682 Million Asset Sale
Laurentian Bank Sheds 4.6% in Three Days After ‘Tough’ Quarter
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -27.4953| -0.5| 6/19
Industrials | -25.0804| -1.3| 7/24
Consumer Discretionary | -10.4136| -1.5| 1/15
Consumer Staples | -5.4869| -0.8| 5/5
Energy | -1.6247| -0.1| 28/12
Information Technology | -1.0370| -0.1| 4/6
Communication Services | 1.5181| 0.2| 4/3
Real Estate | 3.0030| 0.5| 21/4
Health Care | 6.2833| 2.5| 7/4
Utilities | 7.4245| 1.0| 14/2
Materials | 10.0724| 0.5| 26/20

Top Contributors |Points Move| % Change | (%) | (%)
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TD Bank | -7.8310| -0.8| -14.3| 5.5
Canadian Pacific | -7.4000| -2.3| 13.8| 29.3
Suncor Energy | -6.8440| -1.6| 20.9| 0.5
Wheaton Precious Metals | 3.1820| 2.6| 22.0| 50.7
Fortis Inc | 4.1850| 2.5| 101.4| 23.8
TC Energy | 7.3870| 1.6| 30.2| 42.2
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Crescent Point | Energy | 6.4| 1.0550| 134.3| 8.0
Canopy Growth | 5.6| 2.7430| -9.2| -9.2
Kinross Gold | 4.7| 2.7720| 7.3| 57.5
Biggest Losers | % Change |Points Move| (%) | (%)
================================================================
Finning International | -6.6| -1.7840| 210.3| -9.5
Gran Tierra | -5.8| -0.3030| -6.8| -40.3
Turquoise Hill | -5.2| -0.2110| 2.4| -75.6
Ratings
* CORV CN: Correvio Pharma Corp Rated New Overweight at Cantor; PT $6
* CPG CN: Crescent Point Energy Raised to Buy at Eight Capital; PT C$8.65
Commodities
* Western Canada Select crude oil traded at a $11.00 discount to WTI
* Gold spot price rose 1.1% to $1,545.57 an ounce at 4pm ET
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3340 per U.S. dollar as of 4pm ET
* The Canada 10-year government bond yield fell to 1.131% as of 4PM ET
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks fell as trade talks between the U.S. and China struck another stumbling block, while Treasuries rose and the dollar declined after an American gauge of manufacturing
signaled contraction for the first time in three years. The S&P 500 dropped for the first time in four sessions as Chinese and American officials struggled to agree on a schedule for negotiations after Washington rejected Beijing’s request to delay tariffs that took effect over the weekend, according to a Bloomberg report. Technology shares weighed on benchmarks after Huawei Technologies accused the U.S. government of harassing workers and attacking its internal network. Boeing led losses on the Down Jones Industrial Average. The 10-year Treasury yield slid and the dollar dropped against peers after the Institute for Supply Management’s purchasing managers index fell to 49.1 in August, which when below 50 indicates manufacturing contracted. The reading joins a slew of weak numbers produced by factory gauges across the globe, and boosted bets on deep rate cuts by the Federal Reserve this year.
“People felt better last week because there was better verbal communication, comments going on out of the United States and abroad. But actions speak louder than words and neither side backed off lifting their tariffs on this prescribed date,” Jim Paulsen, chief investment strategist at the Leuthold Group, said in an interview. “There’s a difference between where we were Friday and where we are now in terms of the tariffs actually going into effect. That and a weak manufacturing number out of China and now a weak manufacturing number in the United States just reinforces that trade is having a negative impact.” September has begun with a rocky start for risk assets as traders remain sensitive to the twists and turns of the Sino-U.S. trade war, and the first big economic data of the month reminded investors the global economy remains on shaky ground partly as a result. With mistrust on both sides, officials from the world’s two largest economies are struggling to agree on basic terms of re engagement.
Elsewhere, the pound turned higher after U.K. Prime Minister Boris Johnson lost his majority in the House of Commons amid the ongoing Brexit brinkmanship. West Texas-grade crude oil slipped below $54 a barrel amid concerns an economic slowdown from the trade war may dent demand. The eye of Hurricane Dorian has started to move northwest off the U.S. coast, while the storm continues to pound Grand Bahama Island.
Here are some key events coming up:
* Bank of England Governor Mark Carney speaks before Treasury Committee on Wednesday alongside colleagues Andy Haldane, Jonathan Haskel and Gertjan Vlieghe, on the bank’s August Inflation Report; he’ll then appear alone to discuss the U.K.’s economic relationship with the EU.
* Fed speakers this week include New York Fed’s John Williams on Wednesday and Fed chair Jerome Powell on Friday.
* The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 158,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.

These are the main moves in markets:
Stocks
* The S&P 500 Index sank 0.9% as of 3:00 p.m. New York time.
* The Dow Jones Industrial Average fell 1.2%.
* The Stoxx Europe 600 Index slipped 0.2%.
* The MSCI Asia Pacific Index fell 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro was little changed at $1.0965.
* The British pound rose 0.2% to $1.2095, after briefly falling to the lowest since 2017.
* The Japanese yen gained 0.2% to 106.04 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.46%.
* The yield on two-year Treasuries dropped four basis points to 1.46%.
* Britain’s 10-year yield decreased one basis point to 0.406%.
Commodities
* West Texas Intermediate crude fell 1.8% to $54.11 a barrel.
* Gold rose 1.5% to $1,552.50 an ounce.
* Copper decreased 0.9% to $2.52 a pound.
–With assistance from Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

You may have to fight a battle more than once to win it.
                          -Margaret Hilda 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