Month: October 2019

Dear Friends,

Tangents: Samhain: Wiccan New Year
HALLOWE’EN

1938 The day after his “War of the Worlds” broadcast had panicked radio listeners, Orson Welles expressed “deep regret” but also bewilderment that anyone had thought the show was real.
 Go to article »

These are healthy ways to spend your extra hour of Daylight Saving Time
Come on, Daylight Saving Time is like a national holiday for sleeping in. -CNN

For more than 3,000 years, archaeologists believed, Arab treasuries were filled with profits from pearls of the Persian Gulf.

Cleopatra of Egypt, vying with the Roman Mark Antony over who could provide the most expensive dinner in history, is said to have dissolved a nearly priceless pearl in vinegar and drunk it

But now we know Gulf pearl-diving goes back even further. A pearl uncovered near Abu Dhabi in 2017 was carbon-dated back 8,000 years. It’s faintly pink, and it’s being shown in an exhibition that opened this week at the Louvre Abu Dhabi.

An 8,000-year-old pearl, unearthed off the coast of Abu Dhabi in 2017.   Abu Dhabi Department of Culture, via Agence France-Presse — Getty Images

By the 1800s, the small supply of pearls, large demand and astronomical prices led to a search for ways to cultivate them in live oysters.

Today’s cultured-pearl formulas were patented by three Japanese men around 1900. These new pearls hit the market in the 1920s, shrinking prices — and decimating the market for natural ones from the Gulf.

Don’t cry for Arab treasuries, though. The 1920s was also roughly when their oil money started coming in. -New York Times.
The Apple Watch Series 5 in titanium is surprisingly revolutionary.

PHOTOS OF THE DAY

A meteor streaks across the sky as gusty winds create an ember cast on valley oak tree burned by the Kincade fire, California.
CREDIT: KENT PORTER/THE PRESS DEMOCRAT VIA AP

Visitors at the pumpkin house at Brookhill Farm in Thursford, Norfolk, which is over 5 metres tall, 4 metres wide and built from nearly 1000 pumpkins that are grown in the farm.
CREDIT: JOE GIDDENS/PA WIRE

Visitors view the illuminated Jack O’Lanterns at the Great Jack O’Lantern Blaze held at Croton-on-Hudson, U.S. More than 7,000 illuminated Jack O’Lanterns, all designed and hand-carved by artisans, are on display during the show, which is expected to attract more than 180,000 visitors this year.
CREDIT: XINHUA/ BARCROFT MEDIA

Market Closes for October 31^st, 2019  

Market Index	Close	Change
Dow Jones	27046.23	-140.46 -0.52%
S&P 500	3037.56	-9.21 -0.30%
NASDAQ	8292.359	-11.617 -0.14%
TSX	16483.16	-18.27
		-0.11%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22927.04	+83.92
		+0.37%
HANG SENG	26906.72	+239.01
		+0.90%
SENSEX	40129.05	+77.18
		+0.19%
FTSE 100*	7248.38	-82.40 -1.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.412	1.451
CND. 30 Year Bond	1.576	1.627
U.S.    10 Year Bond	1.6858	1.7733
U.S. 30 Year Bond	2.1741	2.2572

Currencies

BOC Close	Today	Previous
Canadian $	0.75949	0.75977
US $	1.31667	1.31620
Euro Rate 1 Euro=		Inverse
Canadian $	1.46809	0.68116
US $	1.11501	0.89686

Commodities

Gold	Close	Previous
London Gold Fix	1492.10	1486.75
Oil
WTI Crude Future	54.18	55.06

Market Commentary:
On this day in 1933, in one of Wall Street’s nastiest Halloween surprises, Albert H. Wiggin, former president of the Chase National Bank, testified that his personal investment companies had borrowed money from Chase to short-sell $8 million worth of Chase’s own stock as it crumbled in the Crash of 1929. The revelation inspired Congress to add a provision to the Securities Exchange Act of 1934 banning corporate officers from short-selling their own shares
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell for the first time inthree sessions,  dropping in tandem with the U.S. market. The S&P/TSX Composite fell 0.1% at 16,483.16 in Toronto. About two stocks fell for each one that gained. Five of the index’s 11 main industry groups ended the session lower, led by energy stocks. WTI crude futures fell 1.6% in New York. Meanwhile, gold posted the biggest gain in four weeks on signs of further deterioration in global manufacturing and renewed concerns over the prospects for a trade deal between China and the U.S. Canada’s beleaguered energy sector suffered another morale blow as Encana Corp. — one of its marquee companies that was born out of the 19th-century railway boom — announced plans to move its headquarters to the U.S. and drop the link to Canadafrom its name.
Commodities
* Western Canada Select crude oil traded at a $19 discount to WTI
* Spot gold rose 1.1% to 1,512.20 an ounce, the biggest gain in four weeks
FX/Bonds
* The Canadian dollar was little changed at C$1.3170 per U.S. dollar
* The Canada 10-year government bond yield fell 3.7 basis points to 1.413%
Insights
* So far this week, the index rose 0.5%, heading for the biggest advance since the week ended Sept. 20
* This month, the index fell 1.1%
* The S&P/TSX Composite is up 0.7% in the past 5 days and fell 1.1% in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -21.5821| -0.8| 5/26
Financials | -16.1892| -0.3| 11/15
Information Technology | -6.6253| -0.8| 4/5
Industrials | -2.0306| -0.1| 20/12
Health Care | -1.1811| -0.5| 1/9
Communication Services | 0.1234| 0.0| 5/2
Consumer Discretionary | 0.1956| 0.0| 8/8
Consumer Staples | 1.9916| 0.3| 9/1
Real Estate | 2.0196| 0.3| 18/5
Utilities | 6.5975| 0.9| 16/0
Materials | 18.4207| 1.0| 33/15
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks fell as weak manufacturing data and renewed concern on trade rattled markets adjusting to the Federal Reserve’s signal that it’s done easing. Treasuries, goldand the yen rose. The S&P 500 declined after a regional manufacturing gauge missed estimates and jobless claims rose more than forecast. The index was under pressure following a Bloomberg report that Chinese officials have warned they won’t budge on the thorniest trade issues. Apple Inc. and Facebook Inc., two of the four biggest U.S. companies, rose after earnings,preventing steeper losses in the major averages.
In other stock moves:
* Kraft Heinz surged after it beat expectations.
* Wayfair plunged after its forecast missed.
* Hanesbrandes sank on weak earnings.
* Twilio tumbled when its sales outlook fell short of predictions.
* Twitter eased following a decision to drop political ads.
* Facebook rose as much as 5.2% and Apple added as much as 2.4%.
* 10 of 11 S&P 500 sectors slumped.

Treasuries extended a rally that began Wednesday after the Federal Reserve cut rates and signaled it won’t consider raising them until inflation picks up. The 10-year yield slipped below 1.75%, as the bond market remains unconvinced the central bank is done easing, pricing ianother cut by July. Data showed the Fed’s preferred inflation gauge matched the slowest pace since 2016, while U.S. consumer spendingtrailed forecasts. While the Fed’s signal that it won’t rush to raise rates buoyed risk assets Wednesday, the weak economic data and fresh trade uncertainty reminded investors the central bank also has no intention of easing further after three straight cuts. “There was a lot of complacency building in around trade over the last several weeks and China is reasserting a posture saying we’re not anywhere close to done,” Michael Purves, chief executive officer at Tallbacken Capital Advisors LLC, said by phone. “That’s why the market is off today and Treasuries are rallying. It’s not about some reinterpretation of what Powell said and did yesterday. If Powell is less inclined to underwrite the trade war, then sure that’s a potential risk factor.”
Here are some key events coming up this week:
* Earnings include: Exxon Mobil and Macquarie Group on Friday.
* Friday brings the monthly U.S. non-farm payrolls report.

These are the main moves in markets:
Stocks
* The S&P 500 Index decreased 0.3% as of 4 p.m. New York time.
* The Dow Jones Industrial Average fell 0.5%.
* The Nasdaq Composite Index lost 0.1%.
* The Stoxx Europe 600 Index declined 0.5% to 396.75, the lowest in more than a week on the biggest drop in more than two weeks.
* Germany’s DAX Index decreased 0.3% to 12,866.79, the lowest in
more than a week on the largest dip in more than three weeks.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1% to 1,196.19, thelowest in more than a week.
* The Japanese yen rose 0.8% to 107.98per dollar. The euro was flat at $1.1152.
Bonds
* The yield on two-year Treasuries sank eight basis points to 1.52%, the lowest in more than three weeks on the largest tumble in four weeks.
* The yield on 10-year Treasuries sank eight basis points to 1.69%, the lowest in three weeks on the biggest tumble in 11 weeks.
* Germany’s 10-year yield decreased five basis points to -0.41%, the lowest in two weeks on the largest tumble in more than five weeks.
Commodities
* West Texas Intermediate crude declined 1.8% to $54.10 a barrel, the lowest in more than a week on the biggest drop in more than two weeks.
* Gold strengthened 1.1% to $1,512.20 an ounce, the highest in more than five weeks on the largest jump in more than four weeks.
–With assistance from Katherine Greifeld.
Have a great evening.

Be magnificent!
As ever,

Carolann

No man ever listened himself out of a job.
                -Calvin Coolidge, 1872-1933

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 Hump Day!
Fyodor Dostoievski, b. 1821
Ezra Pound, b. 1885
On Oct. 30, 1974, Muhammad Ali knocked out George Foreman in the eighth round of a 15-round bout in Kinshasa, Zaire, to regain his world heavyweight title.  Go to article »

Smarter Living: There are benefits to being alone. Experts say that taking time for yourself can help you better handle negative emotions and experiences. Thirty minutes a week reading at a cafe could make a real difference.-New York Times.

From Bloomberg today:
It’s a Halloween tradition here at Bloomberg to ask investors and analysts for the charts that scare them the most. My colleague Luke Kawa rounded up some truly scary ones. One I want to focus on, via George Pearkes of Bespoke Investment Group, shows U.S. crude oil imports drifting steadily down as the U.S. ramps up domestic shale production.
So why’s that so scary? Pearkes points out that the rise of shale production basically means the U.S. is exchanging far fewer dollars in return for the world’s oil, which limits the amount of petrodollars circulating around the world. As Pearkes puts it: “Add on what might happen as electric vehicle deployment ramps up, and the prospects for a net crude trade surplus in the near future mean one source of dollar liquidity … drying up.” It’s almost certainly going to happen, and it’s a huge change that has the potential to impact the entirety of global markets. Spooky!

PHOTOS OF THE DAY

General View of a skeleton statue emerging from potholes in a street in the town of the municipality of Tlahuac, Mexico City, Mexico. The simulation of the potholes was recreated by Raymundo Medina, an inhabitant of this urban are of the Mexican capital, to commemorate the Day of the Dead and incidentally, take advantage of making a call to the authorities so that the streets of his town are fixed.
CREDIT: MARIO GUZMAN/EPA-EFE/REX

Participants prepare their hot air balloons at the Flutuar- III Coruche Balloning Festival, in Coruche, Portugal.
CREDIT: MIGUEL A LOPES/EPA-EFE/REX

Aurora Borealis, the Northern Lights, over Skogafoss waterfall in Southern Iceland as it begins to freeze.
CREDIT: OWEN HUMPHREYS/ PA WIRE

Market Closes for October 30^th, 2019  

Market Index	Close	Change
Dow Jones	27186.69	-115.27 -0.43%
S&P 500	3046.77	-9.88 -0.33%
NASDAQ	8303.977	-27.125 -0.33%
TSX	16501.43	+83.29
		+0.51%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22843.12	-131.01
		-0.57%
HANG SENG	26667.71	-119.05
		-0.44%
SENSEX	40051.87	+220.03
		+0.55%
FTSE 100*	7330.78	+24.52 +0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.451	1.601
CND. 30 Year Bond	1.627	1.739
U.S.    10 Year Bond	1.7733	1.8385
U.S. 30 Year Bond	2.2572	2.3347

Currencies

BOC Close	Today	Previous
Canadian $	0.75977	0.76404
US $	1.31620	1.30880
Euro Rate 1 Euro=		Inverse
Canadian $	1.46701	0.68166
US $	1.11458	0.89720

Commodities

Gold	Close	Previous
London Gold Fix	1486.75	1492.40
Oil
WTI Crude Future	55.06	55.54

Market Commentary:
On this day in 1929, the Dow Jones Industrial Average had one of its best days ever, rocketing up 29.40 points, or 12.3%, to 258.47. John D. Rockefeller, Sr. said, “There is nothing in the business situation to warrant the destruction of values that has taken place on the exchanges during the past week, [so] my son and I have for some days been purchasing sound common stocks.” The Dow went on to lose 84.1% more of its value before bottoming out on July 8, 1932.  Today the Dow, closed at 27186.69.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Wednesday, closing at the session high, amid a blur of third-quarter earnings reports. The Bank of Canada kept the current 1.75% policy interest rate unchanged. The S&P/TSX Composite rose for a second day, climbing 0.5%, 83.29 to 16,501.43 in Toronto, then highest close this month. Information technology shares were the top performers, climbing 1.9% as a group. Meanwhile, TC Energy Corp.’s Keystone crude oil pipeline was shut following a spill in North Dakota, the third along the pipeline’s route in less than three years, roiling Canadian and U.S. oil markets.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Spot gold gained 0.6% to $1,496 an ounce
FX/Bonds
* The Canadian dollar weakened 0.6% to C$1.3165 per U.S. dollar
* The Canada 10-year government bond yield fell 14.8 basis points to 1.453%
Insights
* This month, the index fell 0.9%
* This year, the index rose 15%, heading for the best year since 2016
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 23.1613| 0.4| 16/9
Industrials | 18.0883| 1.0| 25/6
Information Technology | 16.0428| 1.9| 9/0
Materials | 10.9788| 0.6| 30/18
Communication Services | 10.2583| 1.1| 7/0
Utilities | 4.1496| 0.5| 13/3
Consumer Discretionary | 4.0005| 0.6| 9/7
Health Care | 1.6807| 0.8| 8/2
Real Estate | 0.5673| 0.1| 21/4
Consumer Staples | -0.2294| 0.0| 7/3
Energy | -5.4286| -0.2| 9/23
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks advanced to an all-time high after the Federal Reserve cut interest rates as expected and signaled it was unlikely to move in either direction any time soon as inflation remains muted. Treasuries extended gains and the dollar erased an advance. The S&P 500 turned higher when Chairman Jerome Powell said rate hikes won’t occur as long as inflation remains persistently cool. That fueled a rally in Treasuries and sent the dollar Lower. Prior to the comment, risk assets were under pressure after hawks saw a change in the policy statement’s language — removing “act as appropriate” — as signaling officials will not make any further cuts this year. “Markets believe that, irrespective of easing trade issues, there is a gigantic pause on future rate increases unless and until inflation moves markedly higher,” said Jamie Cox, managing partner for Harris Financial Group. “The Federal Reserve just put a big stake in the ground on the future rate path.” After the close of trading, Apple, Starbucks and Facebook advanced after posting results. Twitter fell after saying it won’t accept political advertisements. Equities had spent most of the day treading water as investors digested the latest batch of earnings and trade headlines. Shares fell to session lows when Chile canceled next month’s APEC meeting where the U.S. and China intended to sign a partial trade pact. Johnson & Johnson led gains in the Dow Jones Industrial Average. Yum Brands, C.H. Robinson and Molson Coors slumped after reporting results. General Electric jumped after raising its forecast while Mattel soared after a sales beat. Data showed the U.S. economy rose 1.9% in the third quarter and a report on private hiring showed solid gains, with both data sets topping estimates.
“This quarter’s results suggest that recession fears may have been overblown, and the U.S. economy is simply going through another growth scare, akin to late 2015/early 2016,” said Michael Reynolds, investment strategy officer at Glenmede. Earnings also set the tone in Europe, where the Stoxx 600 added 0.1%. Total’ profit beat analyst estimates and cash flow held firm, Airbus cut its full-year delivery target and Volkswagen lowered its outlook for vehicle deliveries. Deutsche Bank saw earnings from trading debt securities and currencies drop 13%, Credit Suisse Group posted better-than-expected profit and Standard Chartered generated 19% more revenue in Europe and the Americas. PSA Group and Fiat Chrysler Automobiles rose after saying they’re in talks about a tie-up. Elsewhere, the pound strengthened after U.K. Prime Minister Boris Johnson won backing in Parliament for a Dec. 12 election. The euro was steady after data showed France’s economy grew more than expected in the third quarter, but economic confidence in the broader region extended a slide. Oil fluctuated and gold rose.
Here are some key events coming up this week:
* Earnings include: Apple and Facebook on Wednesday; Mitsubishi Heavy on Thursday; Exxon Mobil and Macquarie Group on Friday.
* The Fed is expected to lower the main interest rate when policy makers decide on Wednesday.
* The Fed’s preferred inflation metric, the core PCE deflator, is due Thursday.
* The Bank of Japan sets policy on Thursday and Governor Haruhiko Kuroda will hold a news conference.
* Friday brings the monthly U.S. non-farm payrolls report.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3% at 4 p.m. New York time.
* The Dow Jones Industrial Average added 0.4% and the Nasdaq 100 climbed 0.4%.
* The Stoxx Europe 600 Index rose 0.1%.
* The MSCI Asia Pacific Index declined 0.2%.
* The MSCI Emerging Market Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro rose 0.2% to $1.1137.
* The Japanese yen added 0.1% to 108.79 per dollar.
Bonds
* The yield on 10-year Treasuries lost five basis points to 1.78%.
* The two-year yield slipped two basis points to 1.62%.
* Germany’s 10-year yield was flat at -0.35%.
Commodities
* Gold futures increased 0.2% to $1,494.10 an ounce.
* West Texas Intermediate crude declined 1.4% to $54.77 a barrel.
–With assistance from Samuel Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Good words are worth much, and cost little.
                  -George Herbert,  1593-1633

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 today, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Deer stags rutting in a frost and mist covered landscape on a bright winter morning in Richmond Park, London. The UK is due to see brighter weather over the next few days, following days of heavy rain which caused flooding in parts.
CREDIT: BRN CAWTHRA/LNP

A Nepalese youth plays with sparkles during Deepawali(Diwali), the ‘festival of lights’, also known as Tihar celebration, in Kathmandu, Nepal, 28 October 2019. Tihar is the second major festival for Nepalese Hindus and celebrates the  victory of light over darkness.
CREDIT: NARENDRA SHRESTHA/EPA-EFE/REX

Pairs bronze medalist Evgenia Tarasova and Vladimir Morozov of Russia perform during the exhibition gala at the 2019 Skate Canada International ISU Grand Prix event in Kelowna, BC.
CREDIT: GEOFF ROBINS/AFP

Market Closes for October 29^th, 2019  

Market Index	Close	Change
Dow Jones	27071.42	-19.30 -0.07%
S&P 500	3036.89	-2.53 -0.08%
NASDAQ	8276.852	-49.133 -0.59%
TSX	16418.14	+30.61
		+0.19%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22974.13	+106.86
		+0.47%
HANG SENG	26786.76	-104.50
		-0.39%
SENSEX	39831.84	+581.64
		+1.48%
FTSE 100*	7306.26	-25.02 -0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.601	1.625
CND. 30 Year Bond	1.739	1.757
U.S.    10 Year Bond	1.8385	1.8420
U.S. 30 Year Bond	2.3347	2.3339

Currencies

BOC Close	Today	Previous
Canadian $	0.76404	0.76601
US $	1.30880	1.30546
Euro Rate 1 Euro=		Inverse
Canadian $	1.45441	0.68756
US $	1.11126	0.89988

Commodities

Gold	Close	Previous
London Gold Fix	1492.40	1513.45
Oil
WTI Crude Future	55.54	55.81

Market Commentary:
On this day in 1969, the first ancestor of the internet was born. The world’s first communication between computers at separate sites occured over the ARPANET when Charley Kline, working at UCLA, logged into the computer system at Stanford Research Institute at 10:30 p.m. The first attempt crashed the system when Kline typed the letter G of LOGIN, but eventually he got through.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares edged higher Tuesday asmaterials-exposed equities gained despite spot pricing dipping as traders awaited the outcome of a Federal Reserve meeting for clues on the pace of further U.S. monetary easing. The S&P/TSX Composite rose 0.2% to 16,418.14 in Toronto. The index advanced to the highest closing level since Oct. 21 after the previous session’s decrease of 0.1%. 129 of 233 shares rose, while 100 fell; 5 of 11 sectors were higher, led by materials stocks. Come Wednesday, Canada will probably have the highest policy interest rate among the world’s major economies.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Spot gold fell 0.3% to $1,488.62 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3087 per U.S. dollar
* The Canada 10-year government bond yield fell 2.6 basis points to 1.599%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks ended a lackluster session lower Mas trade headlines and a spate of corporate earnings weighed on shares ahead of tomorrow’s expected rate cut by the Federal Reserve. Treasuries edged higher. The S&P 500 negative in the final half hour after earlier hitting a fresh record. Health-care shares rose on strong results from Merck and Pfizer. A report that China and the U.S. might not sign a partial deal next month, a day after President Donald Trump’s assertion that negotiations were ahead of to the battle. Lenders got a lift after Treasury Secretary Steven Mnuchin said he’d be open to looser bank rules. Alphabet and Akami earnings dropped the Nasdaq indexes. “The big thing is markets are really trying to figure out how they should feel about earnings — earnings aren’t coming in as bad as we expected but that still doesn’t mean they’re good,” Shawn Cruz, manager of trader strategy at TD Ameritrade, said by phone. “Investors are trying to figure out where they should be moving right now in light of all the information that we’re getting.”
Elsewhere yields on Japanese 10-year bonds hit the highest since June and their Australian counterparts jumped almost nine basis points, yet the sell-off cooled during European hours, with yields on German and U.S. peers halting their recent surge. The pound reversed a drop after the U.K.’s main opposition party said it will back an early election. Investors are struggling for fresh impetus to extend the record-breaking rally in U.S. stocks. Optimism on the China trade front from President Donald Trump is aiding the bull case, and an anticipated Fed rate cut on Wednesday may add further fuel. Still, recent economic data has come in mixed and while earnings are topping estimates on average, the bar was low.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index slipped 0.1% at 4 p.m. New York time.
* The Nasdaq 100 fell 0.8% and the Dow Jones Industrial Average was little changed.
* The Stoxx Europe 600 lost 0.2%.
* Japan’s Topix index climbed 0.9%.
* India’s Sensex Index surged 1.5%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The yen rose 0.1% to 108.83 per dollar.
* Britain’s pound was little changed at $1.2862.
* The euro added 0.1% to $1.1112.
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.83%.
* The two-year rate fell one basis points to 1.64%.
* Germany’s 10-year yield decreased two basis points to -0.35%.
Commodities
* The Bloomberg Commodity Index advanced 0.2%.
* U.S. natural gas futures surged 6.2%.
* Gold futures fell 0.3% to $1,492.10 an ounce.
* West Texas Intermediate crude decreased 0.5% to $55.54 a barrel.

–With assistance from Andreea Papuc and Todd White.
Have a great evening.

Be magnificent!
As ever,

Isabel

We realize the importance of our voices only when we are silenced.
                                      – Malala Yousafzai, 1997— Present

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 today, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

A photo made available by TeideLab shows an image composed of 200 pictures that shows the lightning activity between 3 am and 7 am during a storm in Izana, Tenerife, Spain. Over 2,000 lighting strikes fell mostly over Tenerife island during a strong storm.
CREDIT: DANIEL LOPEZ/EPA

Mexican performers entertain the crowd before the F1 Grand Prix of Mexico at Autodromo Hermanos Rodriguez.
CREDIT: MARK THOMPSON/ GETTY IMAGES

Players compete or the ball during the RFU Championship match between Yorkshire Carnegie and Coventry Rugby at Headingley Carnegie Stadium in Leeds, England.
CREDIT: GEORGE WOOD/ GETTY IMAGES

Market Closes for October 28^th, 2019  

Market Index	Close	Change
Dow Jones	27090.72	+16.96 +0.49%
S&P 500	3039.42	+82.865 +0.56%
NASDAQ	8325.984	+16.87 +1.01%
TSX	16387.53	-132.66
		-0.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22867.27	+67.46
		+0.30%
HANG SENG	26891.26	+223.87
		+0.84%
SENSEX	39250.20	+192.14
		+0.49%
FTSE 100*	7331.28	+6.81 +0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.625	1.541
CND. 30 Year Bond	1.757	1.665
U.S.    10 Year Bond	1.8420	1.7978
U.S. 30 Year Bond	2.3339	2.2884

Currencies

BOC Close	Today	Previous
Canadian $	0.76601	0.76560
US $	1.30546	1.30617
Euro Rate 1 Euro=		Inverse
Canadian $	1.44900	0.69013
US $	1.10995	0.90094

Commodities

Gold	Close	Previous
London Gold Fix	1513.45	1496.55
Oil
WTI Crude Future	55.81	56.46

Market Commentary:
On this day in 1927, Pan American Airways, the world’s first major commercial airline, began service with an airmail flight from Key West, Fla. to Havana, Cuba. The 90-mile flight took an hour and ten minutes. Within weeks, Pan Am was making daily passenger flights between Florida and Cuba. The goal of founder Juan Trippe: “to provide mass air transportation for the average man at rates he can afford to pay.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks reversed early gains to trade lower on Monday as materials were hurt by falling commodity prices. The S&P/TSX Composite fell 0.1% at 16,387.53 in Toronto. The move follows the previous session’s increase of 0.2%. 133 of 233 shares fell, while 97 rose; 7 of 11 sectors were lower, led by materials stocks.
Commodities
* Western Canada Select crude oil traded at a $17 discount to WTI
* Spot gold fell 0.8% to 1,492.90 an ounce
FX/Bonds
* The Canadian dollar rose 0.02% to C$1.3055 per U.S. dollar
* The Canada 10-year government bond yield added 7.9 basis points to 1.62%
US
By Claire Ballentine
(Bloomberg) — U.S. stocks climbed to a record as rising optimism for a trade deal with China combined with solid earnings and bets the Federal Reserve will cut rates. Treasuries slumped at the start of a week packed with more results and central bank decisions. The S&P 500 took out its July record after President Donald Trump said the U.S. is ahead  schedule to sign part of the trade deal. Microsoft jumped to a after winning a Pentagon contract, while AT&T climbed following a board shuffle. Tiffany surged after LVMH said it held discussions with the jeweler. PG&E plunged on liability risk from California wildfires. The Stoxx Europe 600 rose even as banks slipped after HSBC’s disappointing earnings. The 10 year Treasury yield hit a six-week high. The week greeted investors with several doses of positive news, as the signs of progress joined with expectations for further monetary stimulus from the Fed after its Wednesday meeting. Corporate earnings continue to roll in with results topping estimates at a solid clip. Alphabet is set to release results after the close Monday.
“Equities are striding to new all-time highs as optimism is hitting investors from all directions,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. In the U.K., the pound steadied versus the euro after the European Union agreed to a Brexit deadline extension, easing the risk of leaving the bloc without a deal on Oct. 31. European bonds edged lower, while gilts were steady. An Asia-Pacific equities benchmark rose for the fifth gain in six sessions. Shares increased in Shanghai, with blockchain-related stocks climbing after Chinese President Xi Jinping hailed the technology. Elsewhere, Argentine bonds fell after opposition candidate  Alberto Fernandez secured victory in Sunday’s presidential election, with business-friendly incumbent Mauricio Macri conceding. WTI crude oil slipped after the biggest weekly advance in more than a month. Bitcoin jumped as much as 16% from Friday, before paring its gain by about one-half.
Here are some key events coming up this week:
* Earnings include: Alphabet, Facebook, Pfizer, Airbus, Apple, Exxon Mobil, BP, PetroChina, Credit Suisse, Nomura and Macquarie Group.
* The Fed is expected to lower the main interest rate when policy makers decide on Wednesday. Futures have priced in about 23 basis points of reduction.
* U.S. economic growth is forecast to have slowed to 1.6% in the third quarter. GDP data are due Wednesday.
* The Bank of Japan sets policy on Thursday and Governor Haruhiko Kuroda will hold a news conference.
* Friday brings the monthly U.S. non-farm payrolls report.

These are some of the main moves in markets:

Stocks
* The S&P 500 Index advanced 0.6% as of 4 p.m. New York time.
* The Nasdaq 100 jumped 1% to a record. The Dow Jones Industrial Average added 0.5%.
* The Stoxx Europe 600 Index added 0.3%.
* The MSCI All-Country World Index gained 0.3%.
* The MSCI Emerging Market Index jumped 0.7%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro climbed 0.2% to $1.1101.
* The British pound rose 0.3 % to $1.2864.
* The Japanese yen slipped 0.3% to 108.98 per dollar.
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.84%.
* The yield on two-year Treasuries advanced three basis points to 1.64%.
* Britain’s 10-year yield climbed four basis points to 0.722%.
* Japan’s 10-year yield climbed one basis point to -0.122%.
Commodities
* West Texas Intermediate crude fell 1.5% to $55.80 a barrel.
* Gold futures decreased 0.7% to $1,494.80 an ounce.
* Palladium rose above $1,800 an ounce for the first time.

–With assistance from Adam Haigh and Robert Brand.
Have a great evening.

Be magnificent!
As ever,

Isabel

He who undervalues himself is justly undervalued by others.
                                                   -William Hazlitt, 1778-1830

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: Happy Friday!
St. Crispin’s Day, England, France.
Pablo Picasso, b. 1881

PHOTOS OF THE DAY

Artist Katie Paterson poses for a picture with her piece Totality at the Scottish Gallery of Modern Art in Edinburgh, Scotland which is the sixth instalment of the ground-breaking NOW series at the galleries.
CREDIT:DUNCAN MCGLYNN

A woman walks past the sculpture ‘The Poetry of Logical Ideas’ by Simon Hodgson, on Bondi beach in Sydney, Australia. The Sculpture is part of the 23^rd edition of the exhibition Sculpture by the Sea, featuring artists from Australia and overseas.
CREDIT: JOEL CARRETT/EPA-EFE/REX

A woman looks on as an art installation is projected on the interior of York Minster ahead of their Northern Lights opening.
CREDIT: DANNY LAWSON/PA WIRE

Lightning flashing through the sky over the French riviera city of Nice, southeastern France.
CREDIT: VALERY HACHE/AFP VIA GETTY IMAGES

Autumn leaves are reflected on Loch Faskally, Pitlochry, Scotland, Britain.
CREDIT: REUTERS/ RUSSELL CHEYNE

Market Closes for October 25^th, 2019  

Market Index	Close	Change
Dow Jones	26958.06	+152.53 +0.57%
S&P 500	3022.55	+12.26 +0.41%
NASDAQ	8243.121	+57.325 +0.70%
TSX	16404.49	+35.17
		+0.21%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22799.81	+49.21
		+0.22%
HANG SENG	26667.39	-130.56
		-0.49%
SENSEX	39058.06	+37.67
		+0.05%
FTSE 100*	7324.47	-3.78 -0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.541	1.523
CND. 30 Year Bond	1.665	1.635
U.S.    10 Year Bond	1.7978	1.7660
U.S. 30 Year Bond	2.2884	2.2622

Currencies

BOC Close	Today	Previous
Canadian $	0.76560	0.76510
US $	1.30617	1.30702
Euro Rate 1 Euro=		Inverse
Canadian $	1.44695	0.69111
US $	1.10778	0.90271

Commodities

Gold	Close	Previous
London Gold Fix	1496.55	1494.45
Oil
WTI Crude Future	56.46	56.02

Market Commentary:
Google on Friday announced massive changes to its search engine. The new system relies on an artificial intelligence tool designed to parse long, complicated sentences, rather than just strings of key words.
On this day in 2000, AT&T announced it would break itself up into four separate businesses: broadband, wireless, business services and consumer services.  After years of slowing growth, the floundering behemoth was finally showing that its all-things-to-all-people strategy was a failure. “It’s really the end of an icon,” said analyst Ken McGee, “and no matter how they try to put a positive spin on it, it’s the death of a corporate giant.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose Friday while U.S. peers briefly surpassed its closing record amid positive signs on trade talks and as investors assessed corporate earnings. The S&P/TSX Composite rose for the second day, climbing 0.2%, or 35.17 to 16,404.49 in Toronto. Health care stocks led the way Friday as Aphria Inc. had the largest increase, rising 8.5%. Looking ahead, energy majors like Suncor Energy Inc., MEG Energy Corp., Cenovus Energy Inc.and Encana Corp. are expected to report results within a span of about 12 hours straddling Halloween Day.
Commodities
* Western Canada Select crude oil traded at a $17 discount to WTI
* Spot gold rose 0.05% to $1,504.45 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3063 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.541%
Insights
* This week the index gained 0.2%, its biggest advance since the week ended Sept. 20
* So far this month, the index is down 1.5%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 23.5034| 1.3| 35/11
Financials | 10.7182| 0.2| 15/11
Energy | 5.5521| 0.2| 22/9
Consumer Staples | 4.8891| 0.8| 6/4
Communication Services | 4.8872| 0.6| 5/2
Health Care | 4.1886| 1.9| 4/6
Real Estate | -1.9835| -0.3| 4/19
Consumer Discretionary | -2.1211| -0.3| 6/9
Utilities | -3.6833| -0.5| 4/12
Industrials | -4.9035| -0.3| 16/16
Information Technology | -5.8761| -0.7| 4/5
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — The S&P 500 Index climbed above its closing record amid positive signs on trade talks and as investors assessed corporate results. Equities extended their weekly advance after the U.S. said it’s close to finishing some sections of phase one of the trade agreement with China. Intel Corp. drove gains in the Dow Jones Industrial Average on an upbeat outlook. Amazon.com Inc.’s first profit drop since early 2017 prompted target cuts from firms including Goldman Sachs Group Inc. and RBC Capital Markets. Stock investors cheered signs of progress on trade negotiations between the world’s two largest economies, hoping they could ease a dispute that’s rattled global markets and weighed on growth. U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He spoke by phone on Friday. President Donald Trump has already said he wants to sign the first phase of a deal with China at a summit in Chile next month.
More on corporate news:
* Visa Inc. issued forecasts that were better than expected.
* Verizon Communications Inc. exceeded Wall Street’s expectations for profit and subscriber growth.
* Juniper Networks Inc. boosted its stock buyback authorization by $1 billion and reported earnings that beat estimates.
* Goodyear Tire & Rubber Co. reported net sales that missed the lowest analyst projection.
* Charter Communications Inc. posted revenue that met the average analyst estimate.

“We feel like it’s one step forward, one step back,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management, referring to the earnings season. “You’ve seen some good beats, and on the same side some misses. We’d characterize it as OK or decent so far.” Elsewhere, the pound dropped as French President Emmanuel Macron blocked the European Union’s attempt to delay Brexit for three months. Treasuries fell after data showed U.S. consumer sentiment pared gains from earlier in October while remaining elevated.
These are some of the main moves in markets:
Stocks
* The S&P 500 climbed 0.6% to 3,026.96 as of 11:27 a.m. New York time.
* The Dow Jones Industrial Average gained 0.7%.
* The Nasdaq Composite Index increased 0.6%.
* The Stoxx Europe 600 Index added 0.1%.
* The MSCI Asia Pacific Index rose 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro dipped 0.2% to $1.1086.
* The British pound decreased 0.1% to $1.2834.
* The Japanese yen was little changed at 108.66 per dollar.
Bonds
* The yield on 10-year Treasuries gained two basis points to 1.78%.
* Germany’s 10-year yield rose three basis points to -0.37%.
* Britain’s 10-year yield climbed four basis points to 0.664%.
Commodities
* The Bloomberg Commodity Index increased 0.3%.
* West Texas Intermediate crude gained 0.3% to $56.40 a barrel.
* Gold rose 0.3% to $1,509.60 an ounce.
–With assistance from Caroline Hyde, Adam Haigh, Todd White,
Samuel Potter, Yakob Peterseil, Sophie Caronello and Nancy Moran.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Be as you wish to seem.
                                 -Socrates, c.470 BC-339 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:
1940 The 40-hour work week went into effect in the United States. Go to article >>
Shape-shifters and hoverbikes steal the Tokyo Motor Show.
The 20 defining comedy sketches of the past 20 years. –BLOOMBERG.
Space homes will be built out of what’s already there. 

PHOTOS OF THE DAY

Members of the public visit the Calaverandia theme park, installed on the occasion of the Day of the Dead celebrations in Guadalajara, Mexico.
CREDIT: FRANCISCO GUASCO/EPA

Acrobats perform in the Millennium Bridge in front of St Paul’s Cathedral to celebrate the opening of the Ivy Asia, St Paul’s restaurant that will be officially open on Monday 18 November.

Museum technician Jessie Giovane Staniland checks the original R2-D2, used in the 1977 Star Wars film, as it arrives at V&A Dundee where it will be the centrepiece of the forthcoming Hello, Robot exhibition.
CREDIT: JANE BARLOW/PA

Suzuki’s Hanare concept car is displayed during the Tokyo Motor Show, in Tokyo, Japan.
CREDIT: SOE ZEYA TUN/REUTERS

Market Closes for October 24^th, 2019  

Market Index	Close	Change
Dow Jones	26805.53	-28.42 -0.11%
S&P 500	3010.29	+5.77 +0.19%
NASDAQ	8185.797	+66.004 +0.81%
TSX	16369.32	+33.39
		+0.20%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22750.60	+125.22
		+0.55%
HANG SENG	26797.95	+231.22
		+0.87%
SENSEX	39020.39	-38.44
		-0.10%
FTSE 100*	7328.25	+67.51 +0.93%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.523	1.519
CND. 30 Year Bond	1.635	1.622
U.S.    10 Year Bond	1.7660	1.7642
U.S. 30 Year Bond	2.2622	2.2543

Currencies

BOC Close	Today	Previous
Canadian $	0.76510	0.76503
US $	1.30702	1.30713
Euro Rate 1 Euro=		Inverse
Canadian $	1.45153	0.68893
US $	1.11057	0.90044

Commodities

Gold	Close	Previous
London Gold Fix	1494.45	1485.35
Oil
WTI Crude Future	56.02	55.77

Market Commentary:
October  24, 1929~ The Dow closed down 2.1% on record volume of 12.895 million shares.
Canada
By Kristine Owram
(Bloomberg) — Canadian equities gained as gold prices rebounded past the $1,500 mark, boosting mining stocks. The S&P/TSX Composite Index added 0.2% to 16,369.32, its first gain since Monday. Technology shares led the increase as Shopify Inc. jumped 8.8%, the most since December, although shares were weaker in post-market trading. Materials also gained 1.8% as the S&P/TSX Gold Index rose to its highest in more than five weeks. In total, 95 of 233 shares rose, while 132 fell; 5 of 11 sectors were higher.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Spot gold rose 0.7% to $1,506.10 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3073 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.52%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 31.7069| 1.8| 32/16
Information Technology | 27.6215| 3.4| 7/2
Industrials | 6.1692| 0.3| 17/14
Consumer Discretionary | 2.7229| 0.4| 6/10
Health Care | 0.9516| 0.4| 7/3
Real Estate | -2.3211| -0.4| 11/14
Utilities | -2.3839| -0.3| 3/13
Communication Services | -2.7005| -0.3| 1/6
Consumer Staples | -6.1894| -0.9| 1/9
Financials | -8.0638| -0.1| 6/20
Energy | -14.1188| -0.5| 4/25
US
By Rita Nazareth, Claire Ballentine and Vildana Hajric
(Bloomberg) — Technology shares led gains in U.S. stocks as investors assessed a raft of  corporate earnings against the backdrop of a global economic slowdown. Treasuries advanced. The S&P 500 Index traded above 3,000, approaching a record. Microsoft Corp. jumped after earnings beat expectations, while a positive outlook from Lam Research Corp. spurred a rebound in chipmakers. Tesla Inc. surged after posting a surprise profit. The Dow Jones Industrial Average underperformed as 3M Co.’s results showed the industrial downturn continued to hobble the manufacturer. Twitter Inc. tumbled on a disappointing forecast. Read: With Record in Grasp, Tech Has Become S&P 500’s Biggest Problem Investors also watched the latest developments in the trade dispute between the world’s two largest economies. China aims to buy at least $20 billion of agricultural products in a year if it signs a partial trade deal with the U.S., people familiar with the matter said. Vice President Mike Pence’s next big China policy speech was set for Thursday in Washington. More on earnings:
* PayPal Holdings Inc. reported earnings that beat estimates, sparking a stock rally.
* Comcast Corp.’s profit topped forecasts amid an increase in internet subscribers.
* Ford Motor Co. slumped after the company cut its full-year forecast by $500 million.
* EBay Inc. slipped after giving a revenue forecast that fell short of analysts’ estimates.
* Xilinx Inc.’s outlook trailed expectations, in part because of the blacklist against Huawei Technologies Co.
* After the close of regular trading, Amazon.com Inc., Intel Corp. and Visa Inc. are due to report results.

“For the most part, the forward guidance has not been as negative as some had expected,” said Chris Gaffney, president of world markets at TIAA. “Not a stellar earnings season so far, but nothing to really scare investors about an upcoming recession.” Investors also digested mixed economic reports on Thursday. Two key measures of U.S. business investment posted declines that were worse than analysts expected in September. Other data indicated consumers are still healthy enough to keep spending and driving growth. “There is some nervousness that is good enough to avoid any signs within the broad market of irrational exuberance or animal spirits,” said John Stoltzfus, the chief investment strategist at Oppenheimer & Co. “Overall, the story is reflecting a watch- and-wait kind of scenario as investors and traders really absorb the news coming across on earnings.” Elsewhere, the European Central Bank kept monetary stimulus unchanged in the final meeting of Mario Draghi’s presidency, an eight-year period in which he prevented a euro zone breakup but was unable to meet his inflation goal. Oil rose after a surprise U.S. crude stockpile draw coupled with an outage at a key North Sea pipeline tempered weak economic data from Germany.
These are some of the main moves in markets:
Stocks
* The S&P 500 gained 0.2% to 3,011.05 as of 11:30 a.m. New York time.
* The Dow Jones Industrial Average fell 0.1%.
* The Nasdaq Composite Index jumped 0.7%.
* The Stoxx Europe 600 Index increased 0.5%.
* The MSCI Asia Pacific Index advanced 0.4%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell 0.3% to $1.1093.
* The British pound dipped 0.7% to $1.2825.
* The Japanese yen strengthened 0.1% to 108.57 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.74%.
* Germany’s 10-year yield declined one basis point to -0.41%.
* Britain’s 10-year yield declined six basis points to 0.621%.
Commodities
* The Bloomberg Commodity Index advanced 0.3%.
* West Texas Intermediate crude gained 0.2% to $56.09 a barrel.
* Gold added 0.6% to $1,504.70 an ounce.
Have a great night.

Be magnificent!
As ever,

Carolann

Invention, it must be humbly admitted, does not consist in creating out of void, but out of chaos.
                                                             -Mary Wollstonecraft Shelley, 1797-1851

 

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 hump day!

Google claims it built a computer that achieved “quantum supremacy.”  
Danes moved a 720-ton lighthouse on skates.
The “Joker” stairs are New York’s hottest tourist attraction. -Bloomberg.

1956~ Hungarian Revolution
1989~ Hungarian Independence
2001 Apple Computer Inc. introduced the iPod portable digital music player. Go to article >>

PHOTOS OF THE DAY

Journalists study Leonardo Da Vinci’s ‘La Belle Ferronniere’ at the Louvre museum, in Paris, Tuesday, Oct. 22, 2019. The Louvre, the home of the “Mona Lisa,” is commemorating the 500th anniversary of Leonardo’s death with the landmark new exhibit.
CREDIT: THIBAULT CAMUS/ AP

Member of the Rockettes dance company rehearse for the upcoming ‘2019 Christmas Spectacular Starring the Radio City Rockettes’ in New York. The annual holiday show has been performed since 1933.
CREDIT: JUSTIN LANE/ EPA

Japan’s Princess Mako attends the enthronement ceremony where Emperor Naruhito officially proclaimed his ascension to the Chrysanthemum Throne at the Imperial Palace.
CREDIT: KAZUHIRO NOGI/GETTY IMAGES

Staff monitor the Rubjerg Knude Lighthouse being moved on rails in Jutland, Denmark. The 120-year-old lighthouse has been put on wheels and rails to attempt to move it some 80 meters away from the North Sea, as it is endangered by coastal erosion and shifting sands.
CREDIT: HENNING BAGGER/EPA

Market Closes for October 23^rd, 2019

Market Index	Close	Change
Dow Jones	26833.95	+45.85 +0.17%
S&P 500	3004.52	+8.53 +0.28%
NASDAQ	8119.793	+15.498 +0.19%
TSX	16335.93	-55.59
		-0.34%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22625.38	+76.48
		+0.34%
HANG SENG	26566.73	-219.47
		-0.82%
SENSEX	39058.83	+94.99
		+0.24%
FTSE 100*	7260.74	+48.25 +0.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.519	1.522
CND. 30 Year Bond	1.622	1.627
U.S.    10 Year Bond	1.7642	1.7660
U.S. 30 Year Bond	2.2543	2.2550

Currencies

BOC Close	Today	Previous
Canadian $	0.76503	0.76361
US $	1.30713	1.30957
Euro Rate 1 Euro=		Inverse
Canadian $	1.45491	0.68733
US $	1.11306	0.89842

Commodities

Gold	Close	Previous
London Gold Fix	1485.35	1491.65
Oil
WTI Crude Future	55.77	54.16

Market Commentary:
On this day in 1868, memberships, or “seats,” were first made saleable by the New York Stock Exchange. The going rate was $7,000, or about $80,000 in today’s dollars. Considering that seats now sell for more than $1.5 million, they were a steal back then.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks retreated for a second day after Rogers Communications Inc. cut its annual forecast, sending the communication services index down by the most since 2013.The S&P/TSX Composite Index fell 0.3% to 16,335.93. Rogers lost 8.1% to the lowest since June 2018 after it cited new unlimited data plans for its lower revenue outlook. Competitors BCE Inc., Telus Corp. and Shaw Communications Inc. all slid more than 4%. Real-estate stocks also fell as FirstService Corp. tumbled 9%, the most ever, following weak earnings. In total, 8 of 11 sectors were lower; 122 of the 233 stocks in the index fell, while 105 rose.
Commodities
* Western Canada Select crude oil traded at a $17 discount to WTI
* Spot gold rose 0.5% to $1,494.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% C$1.3075 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.52%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Communication Services | -46.0634| -4.9| 0/7
Financials | -10.7676| -0.2| 9/16
Real Estate | -6.6028| -1.1| 3/21
Information Technology | -3.6859| -0.4| 4/5
Industrials | -3.2661| -0.2| 14/17
Consumer Discretionary | -2.7929| -0.4| 7/9
Utilities | -1.5042| -0.2| 7/9
Consumer Staples | -1.2354| -0.2| 2/8
Health Care | 3.2095| 1.5| 6/4
Energy | 7.9807| 0.3| 20/11
Materials | 9.1470| 0.5| 34/14
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — U.S. stocks rose as investors sifted through a batch of earnings reports. Benchmark Treasuries erased gains. The S&P 500 Index closed above its 3,000 level. Boeing Co. led gains in the Dow Jones Industrial Average after mapping out a sharp boost to the beleaguered 737 Max plane’s output. Caterpillar Inc. climbed as traders welcomed its move to cut production. Apple Inc. rallied to a record after Morgan Stanley raised its target. The Philadelphia Semiconductor Index tumbled about 2% on Texas Instruments Inc.’s weaker-than-expected forecast.
More earnings news:
* Snap Inc. tumbled as its results failed to warrant additional optimism after a strong rally in the shares.
* Eli Lilly & Co. slid as sales for a pair of key drugs drew criticism from Wall Street, despite an increased guidance.
* Chipotle Mexican Grill Inc. fell on concern over the rising cost of wages and delivery. Still, sales beat estimates.
* IRobot Corp. plunged after cutting the high end of its revenue view.
* Alexion Pharmaceuticals Inc. gained after boosting its adjusted earnings per share forecast.
* Boston Scientific Corp. surged after raising its revenue outlook.
* Hilton Worldwide Holdings Inc. climbed after boosting its forecast for the rest of the year.

The barrage of corporate results is a barometer of the strength of the global economy as the ongoing dispute between the U.S. and China undermines confidence. Texas Instruments warned that trade tension is making customers far more cautious, while Caterpillar blamed heightened “economic uncertainty” for slowing customer purchases. “The momentum in earnings has slowed pretty sharply, so there’s not a lot of expectations for earnings growth,” said Kevin Caron, a senior portfolio manager at Washington Crossing Advisors. “There is clearly more evidence of concern about slowing outside the U.S.” Beyond Meat Inc. fell below $100 as fears of more insider selling next week overshadowed earnings bets. Nike Inc. tapped former EBay head John Donahoe to replace Chief Executive Officer Mark Parker next year. The shares dropped. Elsewhere, oil climbed after a U.S. government report showed a surprise drop in crude supplies. Turkey’s lira rallied after President Donald Trump said he’s lifting recently imposed sanctions after the country complied with a cease-fire agreement.
Read: Bitcoin Tumbles to 5-Month Low as Libra Hit by U.S. Backlash
Here are some key events coming up this week:
* Earnings season is in full swing with companies reporting including: Amazon.com, Daimler and Kia Motors.
* Thursday brings monetary policy decisions from the European Central Bank and Bank Indonesia.
* U.S. factory orders for business equipment will provide a look into the strength of capital investment in September. The figures will show to what extent the latest tranche of tariffs on China and others is impacting investing decisions.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index increased 0.3% to 3,004.55 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.1%.
* The MSCI Asia Pacific Index declined 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.1% to $1.1133.
* The British pound increased 0.3% to $1.2914.
* The Japanese yen slid 0.2% to 108.69 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 1.77%.
* Germany’s 10-year yield decreased three basis points to -0.39%.
* Britain’s 10-year yield fell three basis points to 0.685%.
Commodities
* The Bloomberg Commodity Index gained 0.7%.
* West Texas Intermediate crude climbed 2.7% to $55.97 a barrel.
* Gold added 0.6% to $1,495.70 an ounce.
–With assistance from Adam Haigh, Todd White, Robert Brand,
Nancy Moran and Ian King.
Have a great night.

Be magnificent!
As ever,

Carolann

Life must be understood backwards; but it must be lived forwards.
                                              -Soren Kierkegaard, 1813-1855

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:

The Beauty of the Ordinary
We treasure autumn days as reminders of everything we must not take for granted.
By Pico Iyer
Mr. Iyer is the author of “Autumn Light.”
NARA, Japan — Falling in love is the easiest thing in the world. But staying in love, we all know, can be one of the hardest. How do we keep the glow, the sense of unending discovery, alive once we’ve pledged ourselves to familiarity? And how to sustain the sense of anticipation that deliciously quickened the honeymoon? Put differently, how might we be enchanted by discovery’s opposite — routine — and find in constancy a stimulation as rich as novelty provides? The story of every marriage, perhaps, is the story of what happens after the endless summer ends.
“To learn something new,” the wise explorer John Burroughs noted, “take the path that you took yesterday.” A knowing friend in New York sent me that line when he heard that I’d spent 26 years in the same anonymous suburb in western Japan, most of that time traveling no farther than my size 8 feet can carry me. I’d arrived in Kyoto, from Midtown Manhattan, just out of my 20s and alight with everything this wildly unfathomable place could teach me. I never dreamed that I’d come to find delight in everything that is everyday and seemingly without interest in my faraway neighborhood, nothing special.
Of course this has something to do with the eye of the beholder and the passing years: When we’re young, we want to stand out, to leave our mark on the world, to be exceptional. As the seasons pass, we come to find that it’s everything that’s not extraordinary in us — our ability to tend to a family, to keep ill health at bay, to hit a Ping-Pong ball — and even in the world around us, that may be most memorable.
It’s certainly what is unremarkable in us that allows us to keep going to the office, to find common ground with our neighbors, to have something to write about. Growing up, I thought a writer was obliged to write from strength and show off all the things that he could do with more authority than almost anyone else; as autumn draws on, I begin to think that anyone’s strength is only what unites her or him to everyone else in shared experience, and often vulnerability.
But something other than that took me to Japan. Unlike in Britain, where I was born, and the United States, where I grew up, the citizens of my adopted home have been encouraged by their distinctive traditional culture to be quiet, to remain invisible, to try to look and sound like everyone else. The one thing others don’t much need, they know, is the loud impress of personality. Since I’d been trained to babble, I thought, when choosing to move to Japan, that it might be a good thing to go somewhere where I could learn to listen. Since I’d been encouraged at school to try to be an individual, it didn’t seem a terrible thing to learn to be quite typical. Becoming myself, I realized, might not involve anything more than becoming more like everyone around me.
When I met the woman who would become my wife in a Kyoto temple three weeks after I arrived in 1987, of course it was everything that I assumed to be distinctive, unique, even foreign in her that pulled me, much as she was surely drawn by the foreignness in me. But as we pass into a deeper season in our lives, we come to see that the season’s special lesson is to cherish everything because it cannot last; from Vermont to Beijing, people relish autumn days precisely because they’re reminders of how much we cannot afford to take for granted, and how much there is to celebrate right now, this shining late September afternoon.
I could have learned this anywhere, no doubt, but in Japan the seasons are treated with the sort of passion and reverence usually associated with religion. Every time the cherries begin to blossom, people flock into the parks because, in 10 days or so, the frothing pink flowers will be gone; and every time the maple leaves blaze in late November, my Japanese friends and family throng into temple gardens in much the same spirit that people of any faith may gather in temples or cathedrals. To be joined in a congregation; to be reminded of something larger than ourselves, keeping us in place; to catch moments of light in a season of mounting darkness.
I love the sunshine when I visit my mother in Southern California, but I can’t say I love the fact that February and August are growing interchangeable. It’s the end of things, Japan has taught me, that gives them their savor and their beauty. And it’s the fact that my wife — and I — are always changing, even as we’re shedding leaves and hair, that confers an urgency on my feelings toward her. Every year the autumn reminds me that progress doesn’t move in a straight line and that I’m not necessarily wiser than I was last year — or 30 years ago. Every year, autumn sings the same tune, but to a different audience.
My first year in Japan, I wrote a book about my enraptured discovery of a love, a life and a culture that I hoped would be mine forever. My publishers brought out my celebration of springtime romance in autumn. Now, 28 years on, I’m more enamored of the fall, if only because it has spring inside it, and memories, and the acute awareness that almost nothing lasts forever. Every day in autumn — a cyclical sense of things reminds us — brings us a little bit closer to the spring. -New York Times.

Here’s a sneak peek of when the Milky Way and Andromeda galaxies collide, in four billion years.

On Oct. 22, 1962, President John F. Kennedy announced an air and naval blockade of Cuba, following the discovery of Soviet missile bases on the island.  Go to article »

PHOTOS OF THE DAY

A lone oarsman stands on his boat during the dress rehearsal for the Royal Barge ceremony on the Chao Phraya river Bangkok, Thailand. The Royal barge procession is part of the coronation of Thailand’s King Maha Vajiralongkorn and will be held on December 12.
CREDIT: AP PHOTO/SAKCHAI LALIT

A gardener walks through the Acer Glade at the Garden House in Buckland Monachorum, Devon. The Garden House is at the forefront of a revolution in ‘naturalistic planting’ working in harmony with the nature rather than against it, allowing flowers to intermingle to provide living kaleidoscopes of colour.
CREDIT: SWNS

Autumn colors reflected in the water at Buttermere in the Lake District, Cumbria, UK.
CREDIT: OWEN HUMPHREYS/PA WIRE

Market Closes for October 22^nd , 2019  

Market Index	Close	Change
Dow Jones	26788.10	-39.54 -0.15%
S&P 500	2995.99	-10.73 -0.36%
NASDAQ	8104.297	-58.690 -0.72%
TSX	16391.52	-26.94
		-0.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22548.90	+56.22
		+0.25%
HANG SENG	26786.20	+60.52
		+0.23%
SENSEX	38963.84	-334.54
		-0.85%
FTSE 100*	7212.49	+48.85 +0.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.522	1.568
CND. 30 Year Bond	1.627	1.670
U.S.    10 Year Bond	1.7660	1.8010
U.S. 30 Year Bond	2.2550	2.2906

Currencies

BOC Close	Today	Previous
Canadian $	0.76361	0.76417
US $	1.30957	1.30862
Euro Rate 1 Euro=		Inverse
Canadian $	1.45707	0.68631
US $	1.11263	0.89877

Commodities

Gold	Close	Previous
London Gold Fix	1491.65	1490.00
Oil
WTI Crude Future	54.16	53.31

Market Commentary:
On this day in 1938, in a lab in Queens, N.Y., Chester F. Carlson coated a six-square-inch zinc plate with sulfur, charged it with static electricity by rubbing it with a hankie, and exposed it for 10 seconds to a glass slide reading “10-22-38 Astoria.” He pressed a piece of wax paper against the plate and peeled it away to reveal the world’s first photocopy, later commercialized by The Haloid Co., now known as Xerox. It took 21 years to bring to market, however.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks slid late in the day as U.K. politics overshadowed domestic affairs. The S&P/TSX Composite Index lost 0.2% to 16,391.52 after trading higher for most of the day. The late-session decline came as the U.K. Parliament blocked Prime Minister Boris Johnson’s plan to rush his Brexit deal into law, creating a risk-off mood. SNC-Lavalin Group Inc. was the benchmark’s biggest gainer, rising 14%, the most since 2008. The re-election of Canadian Prime Minister Justin Trudeau seemed to remove an overhang for the embattled engineering firm, which was the center of a political controversy ahead of the election. Today, 114 of 233 shares fell, while 112 rose; 8 of 11 sectors were lower, led by technology stocks that fell almost 3% as a group.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Spot gold rose 0.2% to $1,490.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.52%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -24.6737| -2.9| 0/9
Consumer Discretionary | -3.7484| -0.5| 7/9
Consumer Staples | -3.6099| -0.5| 2/8
Materials | -2.2209| -0.1| 22/25
Communication Services | -1.2420| -0.1| 4/3
Financials | -0.3997| 0.0| 14/12
Health Care | -0.1968| -0.1| 4/6
Utilities | -0.1642| 0.0| 11/5
Real Estate | 0.7326| 0.1| 14/10
Energy | 0.8064| 0.0| 17/12
Industrials | 7.7734| 0.4| 17/15
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — Stocks fell as uncertainty over Brexit sank the pound after U.K. Prime Minister Boris Johnson lost a key vote to fast-track legislation. Traders also parsed a flurry of corporate earnings. The S&P 500 Index erased gains as a slide in tech shares outweighed a rally in energy companies. A sell-off in Facebook Inc. and Netflix Inc. helped push the Nasdaq-100 Index down. Boeing Co. climbed on the eve of its results, despite a cut in outlook by S&P Global Ratings. Treasuries and the U.S. dollar rose. In a very volatile session, the pound slid as Johnson’s mission to take the U.K. out of the European Union in nine days’ time was thrown off course. Members of Parliament blocked his plan to rush the Brexit deal into law. Sterling could “see a 2% or so sell-off in a longer-delay scenario,” said Brendan McKenna, a currency strategist at Wells Fargo in New York. “The U.K. is not as large a trading partner as China, but at the same time it does create some additional instability in the trading landscape,” said Peter Jankovskis, Oakbrook Investments LLC’s co chief investment officer. “The whole Brexit situation entails all of Europe. That’s really where you’re seeing it. It goes beyond just the U.K. to be another potential drag on all of Europe.”
In earnings news:
* Procter & Gamble Co. climbed after raising the high end of its full-year sales forecast.
* United Technologies Corp. boosted its profit outlook, lifting shares.
* Harley-Davidson Inc. jumped as earnings beat estimates.
* McDonald’s Corp.’s home market lost momentum in the latest quarter amid fierce competition. Shares fell.
* United Parcel Service Inc.’s profit margin expanded, but shares slid on the retirement of Chief Operating Officer Jim Barber.
* Hasbro Inc. tumbled on weaker-than expected earnings as tariffs weighed on sales growth.
* Travelers Cos. sank as profit missed estimates.

It’s a huge week for earnings, with around one-fifth of S&P 500 members due to report their results. So far the numbers have generally surprised to the upside, reassuring investors that companies are weathering slowing growth and the trade war. All the same, analysts are cutting estimates for next year as the dispute between the world’s biggest economies continues to take a toll. “Earnings are coming in OK,” said Jeff Mills, chief investment officer at Bryn Mawr Trust Co., which manages $15 billion. “But my point of view quite honestly is that we’re still going to end up trading in this tight-ish range that we’ve been in at least through the end of the year.” Netflix sank as Verizon Communications Inc. announced a partnership with Walt Disney Co. Facebook’s antitrust woes widened as dozens more states joined New York’s probe into whether its business practices have stifled competition or put users at risk. Biogen Inc. surged on news it will ask U.S. regulators to approve an experimental Alzheimer’s therapy. Lyft Inc. jumped after executives said the company would turn a profit by the end of 2021. Elsewhere, the Canadian dollar fluctuated after lower-than-expected retail sales. The currency rose earlier Tuesday after Prime Minister Justin Trudeau won a second term in a federal election that pointed to more fiscal stimulus. Oil jumped after a report that OPEC and allied crude producers will discuss deepening supply cuts next month.
Here are some key events coming up this week:
* Earnings season is in full swing with companies reporting including: Microsoft, Caterpillar, Amazon.com, Daimler and Kia Motors.
* Thursday brings monetary policy decisions from the European Central Bank and Bank Indonesia.
* U.S. factory orders for business equipment will provide a look into the strength of capital investment in September. The figures will show to what extent the latest tranche of tariffs on China and others is impacting investment decisions.

These are some of the main moves in markets:
Stocks
* The S&P 500 lost 0.4% to 2,996.12 as of 4 p.m. New York time.
* The Dow Jones Industrial Average declined 0.1%, and the Nasdaq 100 retreated 0.8%.
* The Stoxx Europe 600 Index increased 0.1%.
* The MSCI Asia Pacific Index advanced 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.1%.
* The euro fell 0.1% to $1.1134.
* The British pound fell 0.5% to $1.2899.
* The Japanese yen strengthened 0.1% to 108.48 per dollar.
Bonds
* The yield on 10-year Treasuries sank three basis points to 1.77%.
* Germany’s 10-year yield sank two basis points to -0.37%.
* Britain’s 10-year yield declined four basis points to 0.711%.
Commodities
* The Bloomberg Commodity Index gained 0.3%.
* West Texas Intermediate crude increased 1.6% to $54.16 a barrel.
* Gold rose 0.2% to $1,490.80 an ounce.
–With assistance from Justina Vasquez, Andreea Papuc, Todd
White and Samuel Potter.

Have a great night.

Be magnificent!
As ever,

Carolann

Learn from the mistakes of others.  You can’t live long enough to make them all yourself.
                                                                        -Eleanor Roosevelt, 1884-1962

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!
Today is the reopening of the Museum of Modern Art in New York.. I got a chance to see it when I was in New York a couple of weeks ago and I think it’s impressive.
The Museum of Modern Art in New York has reopened after a four-month, $450 million expansion. Here’s what to know before you go –NY Times.

Egypt unveils the discovery of 30 ancient coffins with mummies inside 
Around Halloween? Spooky AND historically significant!  -CNN.

The 15 weirdest galaxies in our universe.  –Bloomberg.

On Oct. 21, 1879, Thomas Edison invented a workable electric light at his laboratory in Menlo Park, N.J. Go to article »

Alfred Nobel, who established the Nobel was born on this day in 1833.
Dizzie Gillespie, musician, b. 1917

1967~ Vietnam War protestors stormed the Pentagon.

King Charles ll wrote this to his sister Henrietta on this day in 1664:  You have heard of our taking New Amsterdam, which lies just by New England.  ‘Tis a place of great importance to trade.  It did belong to England heretofore, but the Dutch by degrees drove our people out and built a very good town, but we have got the better of it, and ‘tis now called New York. -The Book of Days.

PHOTOS OF THE DAY

The sun rises over a pumpkin field near Christchurch, Dorset.
CREDIT: RACHEL BAKER/SWNS.COM

This photograph of clouds in Snowdonia beneath a layer of warm air – called a temperature inversion – was overall winner in the weather photographer of the year competition for Gareth Mon Jones, of Anglesey.
CREDIT: GARETH JONES/ RMETS/ BAV MEDIA

The Berry Man joins October Plenty traditional autumn procession by The Lions Part actors ensemble at the Imperial war Museum Gardens in London.
CREDIT: GUY CORBISHLEY/ALAMY LIVE NEWS

People watch sheep crossing the city during the “Fiesta de la Transhumancia” Festival in Madrid, Spain. The festival was started in 1994 to recognize the tradition.
CREDIT: XAUME OLLEROS/GETTY IMAGES 
           
Market Closes for October 21^st , 2019  

Market Index	Close	Change
Dow Jones	26827.64	+57.44 +0.21%
S&P 500	3006.72	+20.52 +0.69%
NASDAQ	8162.988	+73.445 +0.91%
TSX	16418.45	+41.33
		+0.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22548.90	+56.22
		+0.25%
HANG SENG	26725.68	+6.10
		+0.02%
SENSEX	39298.38	+246.32
		+0.63%
FTSE 100*	7163.64	+13.07 +0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.568	1.545
CND. 30 Year Bond	1.670	1.648
U.S.    10 Year Bond	1.8010	1.7501
U.S. 30 Year Bond	2.2906	2.2478

Currencies

BOC Close	Today	Previous
Canadian $	0.76417	0.76202
US $	1.30862	1.31230
Euro Rate 1 Euro=		Inverse
Canadian $	1.45897	0.68544
US $	1.11490	0.89694

Commodities

Gold	Close	Previous
London Gold Fix	1490.00	1492.65
Oil
WTI Crude Future	53.31	53.78

Market Commentary:
Here are the world’s best and worst pension systems.-Bloomberg.
On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, predicted the coming demise of the bull market in a lead editorial entitled “The Turn in the Tide.”  However, since Hamilton had already predicted the death of the bull market in January of 1927 and June and July of 1928, nobody listened. This time—if only by sheer luck—he turned out to be right, as the stock market crashed just three days later.
Canada
By Kristine Owram
(Bloomberg) — Stocks rose and the loonie gained to its highest in three months as Canadians headed to the polls Monday, bolstered by positive signs on trade talks. The S&P/TSX Composite Index added 0.3% to 16,418.45. Knight Therapeutics Inc. was the biggest gainer on the benchmark, adding 14% after it said it will buy a majority stake in a competitor. Hudson’s Bay Co. added 6.1% on a C$1.9 billion take-private deal. Today, 138 of 233 shares rose, while 90 fell; 10 of 11 sectors were higher, led by technology stocks.
Commodities
* Western Canada Select crude oil traded at a $17 discount to WTI
* Spot gold fell 0.5% to $1,487.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% C$1.3086 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.57%
Insights
* This month, the index fell 1.4%
* This year, the index rose 15%, heading for the best year since 2016
* The S&P/TSX Composite is 3.1% below its 52-week high on Sept.
20, 2019 and 19.2% above its low on Dec. 24
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 18.9083| 0.3| 20/7
Energy | 14.5569| 0.5| 23/9
Industrials | 13.1468| 0.7| 27/5
Information Technology | 11.2681| 1.4| 9/0
Communication Services | 4.2436| 0.5| 5/2
Utilities | 3.3118| 0.4| 11/3
Consumer Staples | 2.7274| 0.4| 9/1
Consumer Discretionary | 1.7894| 0.3| 9/6
Health Care | 1.4264| 0.7| 4/5
Real Estate | 0.7937| 0.1| 11/13
Materials | -30.8518| -1.7| 12/37
US
By Rita Nazareth, Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks advanced amid positive signs on trade talks and as investors awaited earnings from some of the world’s biggest companies. Treasuries fell. The S&P 500 Index climbed to a one-month high, surpassing the 3,000 level, led by energy and financial shares. Apple Inc. rallied to a record, while Teva Pharmaceutical Industries Ltd. surged after saying it has an agreement to settle thousands of opioid lawsuits. The Dow Jones Industrial Average underperformed major equity gauges as Boeing Co. tumbled on pessimism over the 737 Max crisis. The British pound dropped after Prime Minister Boris Johnson was thwarted in his latest attempt to get a Brexit deal approved. Investors monitored the latest developments on trade talks between the two largest economies, with U.S. President Donald Trump saying China has indicated that negotiations over an initial deal are advancing. Earlier Monday, Commerce Secretary Wilbur Ross said it was more important to get details of the agreement right than it was for Trump to sign it at the expected meeting with Chinese President Xi Jinping next month in Chile.
“What’s most important is that negotiations continue. That will help with confidence,” said Don Townswick, director of equity strategies at Conning, which has about $171 billion in global assets under management. “Earnings have been coming in fairly strong, at least relative to expectations. And that’s important.” With industry heavyweights McDonald’s Corp., Caterpillar Inc. and Amazon.com Inc. all scheduled to deliver earnings this week, investors will get numerous chances to see how corporations are withstanding the effects of trade tension, slowing growth and Brexit. “The needle is pointing mildly positive,” David Sowerby, portfolio manager at Ancora Advisors. “As much as the trade issue is a headwind, I think companies are quite sensible in how they are spending their capital on healthy cash flow growth.”
Here are some key events coming up this week:
* Earnings season is in full swing with companies reportingincluding: Amazon.com, Microsoft, Daimler, Kia Motors, McDonald’s, Procter & Gamble, Caterpillar and UBS.
* Thursday brings monetary policy decisions from the European Central Bank and Bank Indonesia.
* U.S. factory orders for business equipment will provide a look into the strength of capital investment in September. The figures will show to what extent the latest tranche of tariffs on China and others is impacting investment decisions.

These are the main moves in markets:
Stocks
* The S&P 500 climbed 0.7% to 3,006.73 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.6%.
* The MSCI Asia Pacific Index increased 0.4%.
* The MSCI Emerging Market Index added 0.5%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro decreased 0.2% to $1.1148.
* The British pound declined 0.2% to $1.2962.
* The Japanese yen fell 0.2% to 108.64 per dollar.
Bonds
* The yield on 10-year Treasuries jumped four basis points to 1.80%.
* Germany’s 10-year yield increased four basis points to -0.34%.
* Britain’s 10-year yield rose four basis points to 0.75%.
Commodities
* The Bloomberg Commodity Index slid 0.5%.
* West Texas Intermediate crude fell 0.9% to $53.31 a barrel.
* Gold lost 0.4% to $1,488.10 an ounce.
–With assistance from Sybilla Gross, Adam Haigh, Todd White,
Samuel Potter, Sarah Ponczek and Lu Wang.

Have a great night!

Be magnificent!
As ever,

Carolann

You cannot change the circumstances but you can change yourself. That is something you have charge of.
                                                               -Emmanuel James Rohn, 1930-2009

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!

                    OCTOBER
                       -from C.D’s Urban Almanac

Green becomes gold.  Orange pumpkins appear on the porches.  Tasseled, colored corn hangs mysteriously on the doorframe.  The world is on fire – it is becoming a sun!  The poplars become flaming torches.  Leaves drift weightlessly across the lawn and city parks.  Twilight echoes with crows cawing.  It is time to turn over a new leaf.  Within us, summer’s gift of sun becomes a yearning to find ourselves.  No longer immersed in nature’s greenness, we find ourselves detached from her.  We want to think again, to find meaning in experience.  Thought-life seems to strengthen.  We want to understand.  Perhaps the dead can help us.  The month ends with Celtic Samhain, Christian All Souls and All Saints – Hallowe’en – when the veil between the worlds is thinnest and the spirits of the ancestors come with their gifts.

Martina Navratilova, b. 1956
Chuck Berry, b. 1926

From The New York Times today:

Watch: HBO’s “Watchmen,” based on the 1980s comics series, premieres on Sunday and is first-class entertainment right out of the gate, our critic writes.

Read: New novels by Deborah Levy, Monique Truong and Martin Walser are among 12 books we recommend this week.

From Bloomberg today:
An AI can beat humans in reading comprehension tests.
Another AI can detect heart failure by hearing just one heartbeat.

PHOTOS OF THE DAY

Morning mists covers the landscapes near Kekesteto, Hungary.
CREDIT: PETER KOMKA/MTI VIA AP

This stunning snap shows a mirror image of a beautiful sky in a still canal as the sun rises. The incredible picture was taken by Mark Watkins in Hardwicke, near Stroud, Gloucestershire. The professional photographer said: “I realized how amazing the sky was as I put out the morning recycling so I got on my bike and cycled to the spot as quickly as I could. “I knew there would be narrow boats and I’d be looking directly towards the sunrise.”
CREDIT: MARK WATKINS/SWNS

Artist Kiki Smith poses next to her artwork entitled ‘Sleeping, Wandering, Slumber, Looking Aout, Rest Upon’ during the press visit of her exhibition ‘Kiki Smith’ held at the Monnaie de Paris, in Paris, France. The exhibition runs until 9 February 2020.
CREDIT: IAN LANGSDON/EPA-EFE/REX

Market Closes for October 18^th, 2019  

Market Index	Close	Change
Dow Jones	26770.20	-255.68 -0.95%
S&P 500	2986.20	-11.5 -0.39%
NASDAQ	8089.543	-67.310 -0.83%
TSX	16377.12	-49.18
		-0.30%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22492.68	+40.82
		+0.18%
HANG SENG	26719.58	-128.91
		-0.48%
SENSEX	39298.38	+246.32
		+0.63%
FTSE 100*	7150.57	-31.75 -0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.545	1.562
CND. 30 Year Bond	1.648	1.674
U.S.    10 Year Bond	1.7501	1.7518
U.S. 30 Year Bond	2.2478	2.2355

Currencies

BOC Close	Today	Previous
Canadian $	0.76202	0.76117
US $	1.31230	1.31377
Euro Rate 1 Euro=		Inverse
Canadian $	1.46530	0.68245
US $	1.11659	0.89559

Commodities

Gold	Close	Previous
London Gold Fix	1492.65	1485.10
Oil
WTI Crude Future	53.78	53.93

Market Commentary:
More than a tenth of the companies in the S&P 500 have reported third-quarter earnings so far, with most having topped estimates. Analysts have set a low bar for expectations to account for waning global growth and the U.S.-China trade dispute.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3 percent, or 49.18 to 16,377.12 in Toronto. The move was the biggest since falling 0.8 percent on Oct. 8. Today, information technology stocks led the market lower, as 8 of 11 sectors lost; 140 of 233 shares fell, while 87 rose. Gildan Activewear Inc. contributed the most to the index decline and had the largest move, decreasing 25.7 percent.
Insights
* So far this week, the index was little changed
* This year, the index rose 14 percent, heading for the best year since 2016
* The index advanced 6.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.6 percent in the same period
* The S&P/TSX Composite is 3.4 percent below its 52-week high on Sept. 20, 2019 and 18.9 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 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.52 trillion
* 30-day price volatility rose to 7.08 percent compared with 7.06 percent in the previous session and the average of 8.35 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -27.0363| -3.1| 0/9
Consumer Discretionary | -19.9681| -2.8| 4/12
Health Care | -5.7730| -2.6| 1/8
Energy | -5.3108| -0.2| 7/25
Consumer Staples | -2.4257| -0.4| 1/9
Industrials | -1.8343| -0.1| 8/22
Real Estate | -1.7456| -0.3| 6/18
Communication Services | -0.5575| -0.1| 2/5
Utilities | 1.7457| 0.2| 9/7
Materials | 3.3637| 0.2| 30/18
Financials | 10.3638| 0.2| 19/7
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. equities ended the week on a down note after flirting with all-time highs in the wake of mostly positive earnings reports. The dollar weakened to its lowest level since July. Boeing accounted for about two-thirds of the decline in the Dow Jones Industrial Average, while sagging technology stocks such as Microsoft weighed on the Nasdaq Composite. U.S. regulators said Boeing failed to turn over communications between its employees during the certification of the grounded 737 Max jet. “Markets are more forward looking, meaning that what happened in earnings season in the previous quarter has a temporary impact in the markets, but what is more important to know is the big trends,” said Juha Seppala, director of macro asset-allocation strategy for UBS Asset Management. Treasuries rose, while most sovereign bonds fell across Europe. Oil futures fluctuated.
The lira gained after Turkey and the U.S. agreed Thursday to a temporary cease-fire plan for Syria. While sterling was range bound it was still poised for a third week of gains before U.K. Prime Minister Boris Johnson seeks parliamentary backing on Saturday for his Brexit deal. American earnings so far have been relatively upbeat, after Morgan Stanley on Thursday became the latest big bank to buck concerns about weak growth. Traders will also be mulling the data from China, which showed GDP slow to 6% in the third quarter, with limited pick-up from domestic demand, but factory output improve and retail sales hold up. Earlier in Asia, shares closed down in Shanghai after Chinese GDP rose by the least since the early 1990s last quarter. Benchmarks in Japan and South Korea gave up gains to finish lower.
Here are the main movers in markets:
Stocks
* The S&P 500 Index declined 0.4% to 2,986.13 as of 4:01 p.m. New York time.
* The Dow Jones Industrial Average decreased 0.9% to 26,770.74.
* The Nasdaq Composite Index fell 0.8% to 8,089.54.
* The Stoxx Europe 600 Index dipped 0.3% to 391.84.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3% to 1,196.08, the lowest in 12 weeks.
* The euro advanced 0.3% to $1.1162, the strongest in two months.
* The Japanese yen strengthened 0.2% to 108.42 per dollar, the largest gain in more than a week.
* The British pound climbed 0.4% to $1.2944, the strongest in five months.
Bonds
* The yield on two-year Treasuries declined two basis points to 1.57%.
* The yield on 10-year Treasuries dipped less than one basis point to 1.75%.
* Germany’s 10-year yield advanced three basis points to -0.38%, the highest in more than 11 weeks.
* Britain’s 10-year yield climbed three basis points to 0.709%.
Commodities
* West Texas Intermediate crude declined 0.4% to $53.74 a barrel.
* Gold weakened 0.1% to $1,490.58 an ounce.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The word “listen” contains the same letters as the word “silent.”
                                                     -Alfred Brendel, 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