Month: October 2019

Dear Friends,

Tangents:
On Oct. 17, 1931, mobster Al Capone was convicted of income tax evasion and sentenced to 11 years in prison. He was released in 1939. Go to article »
1989~ San Francisco earthquake.

R.I.P. Elijah Cummings

POINTS OF PROGRESS
AUSTRALIA
Starting next year, the country’s capital will be powered by 100% renewable energy.  Canberra will be the first city outside Europe to achieve this milestone.  Also, the Northern Territory has committed to reaching net-zero carbon emissions by 2050.  Prime Minister Scott Morrison has faced criticism, however, for his stance on climate change; observers say more must be done to protect the Great Barrier Reef.  Mr. Morrison did not participate in this year’s Climate Action Summit during the United Nations General Assembly. -The Australia Institute.

FRANCE
Forty-three climate scientists have relocated their research to France as part of a French-sponsored initiative.  James Clark arrived at the foot of the French Alps in the midst of a historic heat wave.  It was a fitting welcome, given his work.  The Duke University professor is one of the scientists who are part of the “Make Our Planet Great Again” initiative.  Launched in response to America’s withdrawal from the Paris climate agreement in 2017, MOPGA aims to draw top scientists from around the world to conduct climate-related research in French and German Labs. —   -Jingnan Peng/Multimedia producer.

UNITED STATES
For the first time, New York’s 136-year-old Metropolitan Opera will stage an opera written by a black composer.  Terence Blanchard’s “Fire shut Up in My Bones” will debut in an upcoming season.   The opera is based on a memoir written by a black journalist.  The Met’s general manager told a reporter for The New York Times that they are looking  improve their diversity of voices. -The New York Times.

GABON
Norway is giving Gabon $150 million to protect its rainforests.  Gabon has 90% forest coverage and contains 12% of the world’s second-largest rainforest.  It’s also home to more than half the continent’s forest elephants.  For almost 20 years, the country has taken steps to preserve its natural resources by creating more than a dozen national parks.  This United Nations -led partnership with Norway will further Gabon’s efforts.  The national forest minister says the government will be able to create more jobs while preserving natural resources. -Africa News

PHOTOS OF THE DAY

King Penguins are seen at Volunteer Point, north of Stanley in the Falkland Islands.
CREDIT:PABLO PORCIUNCULA BRUNE/AFP

An AI Gamer ‘Q56’ robot plays a video game during a demonstration at the Bandai Namco Holdings Inc. booth at the combined Exhibition of Advanced Technologies in Chiba, Japan.
CREDIT: KIYOSHI OTA/BLOOMBERG

A woman walks past a piece of art by Swedish artist Andreas Eriksson, during the press visit of the 46^th edition of the FIAC, Europe’s biggest contemporary art fair, at the Grand Palais in Paris.
CREDIT: ALAIN JOCARDI/AFP

The moon rises behind One World Trade Centre on a clear night in Lower Manhattan neighborhood of New York.
CREDIT: J. DAVID AKE/AP

Market Closes for October 17^th, 2019  

Market Index	Close	Change
Dow Jones	27025.88	+23.90 +0.09%
S&P 500	2997.95	+8.26 +0.28%
NASDAQ	8156.852	+32.668 +0.40%
TSX	16426.30	-0.88
		-0.01%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22451.86	-21.06
		-0.09%
HANG SENG	26848.49	+184.21
		+0.69%
SENSEX	39052.06	+453.07
		+1.17%
FTSE 100*	7182.32	+14.37 +0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.562	1.549
CND. 30 Year Bond	1.674	1.668
U.S.    10 Year Bond	1.7518	1.7395
U.S. 30 Year Bond	2.2355	2.2248

Currencies

BOC Close	Today	Previous
Canadian $	0.76117	0.75744
US $	1.31377	1.32023
Euro Rate 1 Euro=		Inverse
Canadian $	1.46152	0.68422
US $	1.11246	0.89891

Commodities

Gold	Close	Previous
London Gold Fix	1485.10	1487.80
Oil
WTI Crude Future	53.93	53.36

Market Commentary:
The British pound rose 0.8% against the U.S. dollar on Thursday, reaching a five-month high of $1.2987, after U.K. and EU negotiators struck a compromise agreement intended to ensure a border doesn’t appear on the island of Ireland after Brexit.

On this day in 1919, Radio Corporation of America was formed by General Electric lawyer Owen D. Young to control the “wireless” patents of GE, AT&T, and Westinghouse and to outflank the companies founded by Guglielmo Marconi. By 1929 it was the greatest growth stock in America, peaking at just under $575 a share—but by the end of that year it had lost 77% of its value.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities ended Thursday’s session little changed, even as pot stocks rebounded from Wednesday’s slump and materials got a boost from First Quantum Minerals. Consumer discretionary and communication services were among the worst sectors. The S&P/TSX Composite declined slightly to 16,426 in Toronto. The move follows the previous session’s increase of 0.1%. Royal Bank of Canada contributed the most to the index’s decline, decreasing 0.5%. Gran Tierra Energy Inc. had the largest drop, falling 5.5%. First Quantum rose 11%, and briefly rose the most in more than three years, after Pangaea Investment Management Ltd. said it acquired 6 million shares of the miner and may evaluate strategic transactions.

Commodities
* Western Canada Select crude oil traded at a $16 discount to WTI
* Spot gold rose 0.1% to $1,491.83 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.5% to C$1.3143 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.56%
Insights
* So far this week, the index was little changed
* This year, the index rose 15%, heading for the best year since 2016
* The index advanced 5.8% in the past 52 weeks. The MSCI AC Americas Index gained 6.4 % in the same period
* The S&P/TSX Composite is 3.1% below its 52-week high on Sept. 20, 2019 and 19% above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 0.3% in the past 5 days and fell 2.4% in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -21.5034| -0.4| 9/18
Consumer Discretionary | -4.9044| -0.7| 5/11
Communication Services | -3.8614| -0.4| 1/6
Utilities | -1.9127| -0.2| 5/10
Consumer Staples | -1.8035| -0.3| 4/6
Real Estate | -0.7405| -0.1| 10/15
Industrials | 0.1351| 0.0| 17/14
Energy | 1.9980| 0.1| 13/18
Information Technology | 2.5830| 0.3| 5/4
Health Care | 7.9542| 3.7| 8/2
Materials | 21.1582| 1.2| 44/5
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. stocks climbed toward all-time highs amid a spate of mostly positive earnings reports. Doubts over whether a Brexit deal can win approval whipsawed the pound. The S&P 500 fluctuated for most of Thursday around the 3,000 level, while disappointing results from IBM caused the Dow Jones Industrial Average to lag the other main equity benchmark indexes. Morgan Stanley became the latest big bank to defy expectations for weak growth. Netflix’s international performance impressed analysts. “There’s no doubt there’s been some de-escalation of risk, global geopolitical economic risks relative to where we were two weeks ago,” said Michael Kushma, global fixed income chief investment officer at Morgan Stanley Investment Management. “But it may be just a false dawn. We don’t know yet. Our crystal ball is very cloudy at the moment.”
“The environment doesn’t support higher equity prices,” said Jeremy Zirin, head of Americas equities at UBS Global Wealth Management. “To move higher, markets have to get comfortable that you’re going to see a re-acceleration of earnings growth next year.” Risk appetite was stoked across the board earlier as the U.K. and European Union said they had agreed on a new withdrawal plan, but it quickly ebbed when a key Northern Irish party said it won’t vote for the deal. The Stoxx Europe 600 Index erased its gain. With doubts swirling over the Brexit deal’s chances of success, investors are also grappling with a mixed bag earnings from major European companies. Earlier in Asia, stocks fell in Tokyo, Sydney and Seoul, rose in Hong Kong and were barely changed in Shanghai. Taiwan Semiconductor, the primary chip supplier to Apple, projected current-quarter revenue ahead of analysts’ estimates. The Australian dollar strengthened after the country’s jobless rate unexpectedly fell and full-time employment climbed.
Here are some key events coming up this week:
* China releases third-quarter GDP, September industrial production and retail sales data on Friday.

Here are the main movers in markets:
Stocks
*The S&P 500 Index advanced 0.3% to 2,997.99 as of 4:02 p.m. New York time, the highest in more than three weeks.
*The Dow Jones Industrial Average increased 0.1% to 27,026.36, the highest in more than three weeks.
*The Nasdaq Composite Index climbed 0.4% to 8,156.85, the highest in more than three weeks.
*The Stoxx Europe 600 Index declined 0.1% to 393.08.
Currencies
*The Bloomberg Dollar Spot Index fell 0.4% to 1,199.72, the lowest in almost 12 weeks.
*The euro advanced 0.5% to $1.1126, the strongest in more than seven weeks on the biggest rise in almost four weeks.
*The Japanese yen strengthened 0.1% to 108.63 per dollar.
*The British pound gained 0.3% to $1.2869, the strongest in five months.
Bonds
*The yield on two-year Treasuries increased one basis point to 1.60%.
*The yield on 10-year Treasuries gained one basis point to 1.76%.
*Germany’s 10-year yield fell two basis points to -0.41%, the largest fall in more than a week.
*Britain’s 10-year yield decreased four basis points to 0.677%.
Commodities
*West Texas Intermediate crude gained 1.2% to $54.01 a barrel.
*Gold strengthened 0.1% to $1,492.20 an ounce.
Have a great night!

Be magnificent!
As ever,

Carolann

If faith asks, it will receive; if hope seeks, it will find; and if love knocks,
the door will be opened to it.
                                                   -Charles Spurgeon, 1834-1892

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:
1793~ Marie Antoinette executed
1853~ Crimea War
1854~ Oscar Wilde was born.

On Oct. 16, 1964, China detonated its first atomic bomb.  Go to article »

A bridge design sketched by da Vinci produces a stable bridge. (h/t Scott Kominers), Bloomberg.

October
BY ROBERT FROST

O hushed October morning mild,
Thy leaves have ripened to the fall;
Tomorrow’s wind, if it be wild,
Should waste them all.
The crows above the forest call;
Tomorrow they may form and go.
O hushed October morning mild,
Begin the hours of this day slow.
Make the day seem to us less brief.
Hearts not averse to being beguiled,
Beguile us in the way you know.
Release one leaf at break of day;
At noon release another leaf;
One from our trees, one far away.
Retard the sun with gentle mist;
Enchant the land with amethyst.
Slow, slow!
For the grapes’ sake, if they were all,
Whose leaves already are burnt with frost,
Whose clustered fruit must else be lost—
For the grapes’ sake along the wall.

PHOTOS OF THE DAY

Members of the public admire illuminated art installation entitled ‘Gaia’ by artist Luke Jerram in the Blackpool Tower Ballroom, as part of the Lightpool Festival of visuals arts in the centre of Blackpool.
CREDIT: OLI SCRAFF/AFP

Visitors sit in the “pearls” pool installation at The Bubble Tea Factory experience created by the El Masnou collective during a preview in Singapore.
CREDIT: ROSLAN RAHMAN/ AFP

A new 70,000 square feet temporary artwork named ‘Estate’ by artist Richard Woods, has been installed in the grounds of Houghton Hall in Norfolk.
CREDIT: PA
Market Closes for October 16^th, 2019  

Market Index	Close	Change
Dow Jones	27001.98	-22.82 -0.08%
S&P 500	2989.69	-5.99 -0.20%
NASDAQ	8124.184	-24.522 -0.30%
TSX	16427.18	+8.79
		+0.05%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22472.92	+265.71
		+1.20%
HANG SENG	26664.28	+160.35
		+0.61%
SENSEX	38598.99	+92.90
		+0.24%
FTSE 100*	7167.95	-43.69 -0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.549	1.564
CND. 30 Year Bond	1.668	1.670
U.S.    10 Year Bond	1.7395	1.7710
U.S. 30 Year Bond	2.2248	2.2348

Currencies

BOC Close	Today	Previous
Canadian $	0.75744	0.75746
US $	1.32023	1.32020
Euro Rate 1 Euro=		Inverse
Canadian $	1.46219	0.68391
US $	1.10753	0.90291

Commodities

Gold	Close	Previous
London Gold Fix	1487.80	1490.60
Oil
WTI Crude Future	53.36	52.81

Market Commentary:
On this day in 1973, the Ministerial Committee of the Gulf Members of OPEC, meeting in Kuwait, announced an immediate increase in the price of crude oil to $5.12 a barrel, “to exercise their sovereign right to determine the price of their natural resources.”
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks were little changed for a second day as materials were the best performers, while tech stocks were the worst. The S&P/TSX Composite advanced slightly to 16,427 in Toronto. Barrick Gold Corp. contributed the most to the index gain, increasing 1.7%. Aritzia Inc. had the largest increase, rising 16%. Meanwhile, Canadian consumer prices continued to hold steady in a tight range around the Bank of Canada’s inflation target, giving policy makers one less reason to consider immediate interest rate cuts. Annual inflation in September was unchanged at 1.9%, Statistics Canada reported Wednesday. That was below economist expectations for a 2.1% reading.
Commodities
* Western Canada Select crude oil traded at a $16.25 discount to WTI
* Spot gold rose 0.6% to $1,489.10 an ounce
FX/Bonds
* The Canadian dollar weakened 0.02% to C$1.3201 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.554%
Insights
* This year, the index rose 15%, heading for the best year since 2016
* The index advanced 5.4% in the past 52 weeks
* 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, 2018
* The S&P/TSX Composite is up 0.8% in the past 5 days and fell 1.9 % in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 16.4476| 0.9| 42/7
Financials | 14.2542| 0.3| 17/10
Industrials | 4.0313| 0.2| 16/14
Consumer Discretionary | 3.9557| 0.5| 12/4
Communication Services | 3.3524| 0.4| 5/2
Utilities | -0.8317| -0.1| 7/9
Energy | -1.1551| 0.0| 9/23
Health Care | -1.6385| -0.8| 3/6
Consumer Staples | -2.0110| -0.3| 4/6
Real Estate | -2.1786| -0.4| 9/15
Information Technology | -25.4317| -2.9| 2/7
* The benchmark 10-year bond rose and the yield fell 1 basis point to 1.555 %
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. stocks fell, led by energy and technology shares, as investors mulled earnings reports and the prospects of trade negotiations. Treasuries rose after retail sales unexpectedly declined. In earnings, Bank of America jumped after deal fees surged, continuing a string of strong bank results. Nexflix rose in after-hour trading on positive results. The dollar also edged lower after the retail sales report renewed expectations for an October rate cut by the Federal Reserve. “Earnings are not so bad that it causes any sort of violent market reaction,” said Jeff Mills, chief investment officer at Bryn Mawr Trust Co. “But I don’t think they’re going to surprise enough to the upside to be a catalyst for a breakout.” The S&P 500 briefly climbed from the lows of the day after President Donald Trump said a trade deal with China probably will not be signed until he meets with Chinese President Xi Jinping at the APEC summit next month in Chile.
The Stoxx Europe 600 dropped, while benchmark indexes in Asia finished mostly higher, though most gauges trimmed the gains after China threatened to retaliate if the U.S. offered legislative support to pro-democracy protesters in Hong Kong. Stocks dipped in Shanghai and the yuan weakened. The pound strengthened amid signs European leaders are getting ready to gather in Brussels to clinch a deal that will see the U.K. part ways with the European Union. Elsewhere, Turkish stocks fell with the lira after the U.S. brought a criminal case against one of the nation’s largest banks, in what could be an escalation of Washington’s efforts to reprimand Ankara for its military incursion into northern Syria. Crude oil futures rose. Gold ticked higher.

Here are some key events coming up this week:
* China releases third-quarter GDP, September industrial production and retail sales data on Friday.

Here are the main movers in markets:
Stocks
* The S&P 500 Index fell 0.2% to 2,990.03 as of 4:00 p.m. New York time.
* The Dow Jones Industrial Average dipped 0.1% to 27,007.
* The Nasdaq Composite Index decreased 0.3% to 8,124.18.
* The Stoxx Europe 600 Index declined 0.1% to 393.46.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2% to 1,204.15, the lowest in two months.
* The euro advanced 0.4% to $1.1075, the strongest in almost seven weeks on the biggest gain in almost four weeks.
* The Japanese yen strengthened 0.1% to 108.77 per dollar.
* The British pound advanced 0.3% to $1.2826, the strongest in five months.
Bonds
* The yield on two-year Treasuries decreased three basis points to 1.59%.
* The yield on 10-year Treasuries declined three basis points to 1.75%.
* Germany’s 10-year yield climbed three basis points to -0.39%, the highest in more than 11 weeks.
* Britain’s 10-year yield increased two basis points to 0.713%, the highest in a month.
Commodities
* West Texas Intermediate crude gained 1% to $53.32 a barrel.
* Gold strengthened 0.6% to $1,489.90 an ounce.
–With assistance from Robert Brand.
Have a great night.

Be magnificent!
As ever,

Carolann

Art is not a study of positive reality; it is a search for ideal truth.
                                                 -George Sand, 1804-1876

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:
1844~Friedrich Nietzche, philosopher, born.
1881~P.G. Wodehouse, author, born.
1908~ John Kenneth Galbraith, economist, born.

1917~ Mata Hari executed.
1815 Napoleon Bonaparte arrives on island of St Helena to begin his exile  Go to article »

I just returned from attending the  20^th annual New Yorker Festival in NYC, and once again, it did not disappoint.  It was two and a half days of lively debate and interviews with featured attendees as diverse as Nancy Pelosi, Speaker of the House and Ina Garten, The Barefoot Contessa.  By far the two most interesting Panel discussions were those on Brexit and another on Saudi Arabia.  The Brexit Panel was composed of tow Remainers and two Brexiters: Timothy Garton Ash, a professor of European studies at the University of Oxford and a senior fellow at Stanford’s Hoover Institution, Matthew Goodwin, professor of politics at the University of Kent, Fintan O’Toole, an Irish journalist, editor, and literary critic, is the author of many books about politics, literature, and the history of Ireland and the U.K. and Lionel Shriver is an American novelist, short-story writer, and journalist.   Needless to say, very impassioned presentations from all.
PHOTOS OF THE DAY

Boats sail past the “Victory Lighthouse” during the 51^st Barcolanna regatta in the Gulf of Trieste. With some 2000 vessels, The Barcolana has the most participants of any sailing regatta in the world.
CREDIT: ANDREAS SOLARO/AFP VIA GETTY IMAGES

Hunters Moon (also known as Sanguine or Blood Moon) rising above Ely Cathedral in Cambridgeshire, UK. According to the Farmer’s Almanac, the Hunter’s Moon get its name from the Native Americans. After the harvest, animals would come to the fields for scraps. With the full moon, it was easier to see deer and other animals and successfully hunt in the darkness.
CREDIT: ANDREW SHARPE/BAV MEDIA

People walk through the Brockville Railway tunnel in Brockville, Ontario, Canada. Featuring a modern LED coloured light system, this Canadian railway tunnel was opened to the public as a trail in 2017.
CREDIT: XINHUA/BARCROFT MEDIA

Autumn scenery in Yichun, Heilongjiang Province, China.
CREDIT: COSTFOTO/BARCROFT MEDIA

Loch Ard looks Autumnal as Scotland wakes up to low mist and fog.
CREDIT: EUAN CHERRY

Market Closes for October 15^th, 2019  

Market Index	Close	Change
Dow Jones	27024.80	+237.44 +0.89%
S&P 500	2995.68	+29.53 +1.00%
NASDAQ	8148.707	+100.058 +1.24%
TSX	16418.30	+3.23
		+0.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22207.21	+408.34
		+1.87%
HANG SENG	26503.93	-17.92
		-0.07%
SENSEX	38506.09	+291.62
		+0.76%
FTSE 100*	7211.64	-1.81 -0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.564	1.518
CND. 30 Year Bond	1.670	1.645
U.S.    10 Year Bond	1.7710	1.7290
U.S. 30 Year Bond	2.2348	2.1941

Currencies

BOC Close	Today	Previous
Canadian $	0.75746	0.75765
US $	1.32020	1.31987
Euro Rate 1 Euro=		Inverse
Canadian $	1.45648	0.68659
US $	1.10323	0.90643

Commodities

Gold	Close	Previous
London Gold Fix	1490.60	1494.80
Oil
WTI Crude Future	52.81	54.70

Market Commentary:
On this day in 1951, working in a laboratory run by the Syntex Corp. in Mexico City, chemists led by Dr. Carl Djerassi created the world’s first synthetic progesterone by altering compounds obtained from inedible yams. Soon, Syntex formulated the hormone into the world’s first effective oral contraceptive. Syntex became one of the greatest growth stocks of the 1950s and 1960s, and the birth-control pill accelerated the rush of women into the workforce, transforming the global economy.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities opened the holiday- shortened week higher as marijuana grower Aphria Inc. became the first large pot producer to report a second consecutive profitable quarter. The S&P/TSX Composite Index rose less than 0.1% to 16,419. Eight of eleven sectors advanced, with materials being the weakest group. Meanwhile, crude fell for a second day amid a weakening global growth outlook and abundant crude supplies in the world’s largest economy. Also, Shares of Bausch Health Cos. climbed 3.4% after a short-seller changed his tune and said the stock could nearly double.
Commodities
* Western Canada Select crude oil traded at a $15.40 discount to WTI
* Spot gold fell 0.8% to $1,481.03 per ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3203 per U.S. dollar
* The Canada 10-year government bond yield gained 4 basis points to 1.565%
Insights
* This year, the index rose 15 percent, heading for the best year since 2016
* The index advanced 6.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 8.5 percent in the same period
* The S&P/TSX Composite is 3.1 percent below its 52-week high on Sept. 20, 2019 and 19.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is little changed in the past 5 days and fell 1.6 percent in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 29.7259| 0.6| 22/5
Information Technology | 18.3188| 2.1| 7/2
Health Care | 6.7570| 3.2| 8/2
Communication Services | 2.6810| 0.3| 5/2
Industrials | 0.7840| 0.0| 16/15
Real Estate | 0.7781| 0.1| 18/7
Consumer Discretionary | 0.4026| 0.1| 10/6
Consumer Staples | 0.3573| 0.1| 3/7
Utilities | -5.4531| -0.7| 6/10
Energy | -10.2139| -0.4| 14/17
Materials | -40.9008| -2.3| 7/42
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. stocks touched four-week highs, led by health care and financial shares, as earnings season began in earnest. The pound strengthened as the U.K. and European Union moved closer to a Brexit deal. The Nasdaq Composite Index jumped more than 1.2%, while the S&P 500 topped 3,000 on an intraday basis for the first time in three weeks. Treasury yields rose amid the risk-on backdrop. “Things on the earnings front seem to have gotten off to a pretty decent start, interest rates — although they’ve perked back up a little — are still extremely low, and this trade deal and positive Brexit talk are good for world growth,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management. “I like what we see, and the market’s obviously responding well to that.”

In earnings news:
* Johnson & Johnson raised its sales and earnings forecast for the year.
* UnitedHealth beat profit estimates and raised its full-year outlook.
* JPMorgan’s third-quarter results beat estimates, sending its shares higher.
* Goldman Sachs reported investment bank revenue and earnings per share that undershot estimates, but its equities sales and trading was a beat.
* BlackRock said there was a decline in fixed income inflows from the previous quarter as clients moved some money back into equities.

The pound strengthened and gilts fell after two EU officials said negotiators in Brussels are closing in on a draft Brexit deal that could lead to a breakthrough before the end of Tuesday. Crude oil fell for a second day and gold dropped. Japan’s equity gauge jumped as trading resumed after a long weekend during which President Donald Trump announced progress on an interim trade accord with China. Markets elsewhere in Asia were mixed. The Stoxx Europe 600 Index rose, with all 19 sectors advancing. Investors are closely analyzing earnings, given the global backdrop of slowing growth and a host of unpredictable macro risks. The International Monetary Fund made a fifth-straight cut to its 2019 global growth forecast, citing a broad deceleration across the world’s largest economies as trade tensions undermine the expansion.“The earnings reports that will be particularly noteworthy are those from companies that are tied directly to the economic cycle,” said Michael Geraghty, equity strategist at Cornerstone Capital Group. Meanwhile, the Turkish lira jumped and the country’s benchmark stock index rose after Trump imposed milder penalties over its military campaign in Syria than U.S. lawmakers had demanded.

Here are some key events coming up this week:
* Wednesday brings a monetary policy decision in South Korea.
* U.S. retail sales are forecast to increase for a seventh straight month. Sales in the “control group” are also expected to rise. Consumer spending is carrying the weight of U.S. economic growth so the data will be monitored closely for any signs of slowing.
* China releases third-quarter GDP, September industrial production and retail sales data on Friday.

Here are the main moves in market:
Stocks
* The S&P 500 Index increased 1% to 2,995.68 as of 4:04 p.m. NewYork time, the highest in more than three weeks.
* The Dow Jones Industrial Average climbed 0.9% to 27,024.80, the highest in more than three weeks.
* The Nasdaq Composite Index advanced 1.2% to 8,148.71, the highest in more than three weeks.
* The Stoxx Europe 600 Index gained 1.1% to 394.02, the highest in about 17 months.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.1% to 1,206.62.
* The euro climbed 0.1% to $1.1033.
* The Japanese yen depreciated 0.4% to 108.86 per dollar, hitting the weakest in more than 19 weeks with its fifth straight decline.
Bonds
* The yield on two-year Treasuries climbed three basis points to 1.62%, reaching the highest in more than two weeks on its fifth straight advance.
* The yield on 10-year Treasuries gained four basis points to 1.77%, hitting the highest in more than three weeks with its fifth straight advance.
* Germany’s 10-year yield increased four basis points to -0.42%, the highest in almost 11 weeks.
* Britain’s 10-year yield advanced six basis points to 0.694%.
Commodities
* West Texas Intermediate crude dipped 1.2% to $52.93 a barrel.
* Gold depreciated 0.8% to $1,481.11 an ounce, the weakest in almost two weeks on the largest fall in two weeks.
Have a great night.

Be magnificent!
As ever,

Carolann

Money differs from an automobile or mistress in being equally
important to those who have it and those who do not.
                                  -John Kenneth Galbraith, 1908-2006
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 Thanksgiving!

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

PHOTOS OF THE DAY

York Art Gallery, York, UK has brought a range of works dating back from the 15^th to the 21^st centuries to explore how artists think about image-making, and how in turn they want us to think about their roles as creators. We hope it will give visitors real insight into the creative process and some of the reasons why artists choose to portray their subjects and themselves in a particular way.
CREDIT: CHARLOTTE GRAHAM

Martha Syrett, aged 1, sits proud on top of her Granddad’s giant pumpkin. Twin brothers have managed to grow a pumpkin weighing in at more than 900 kilograms (142 stone) – heavier than Smart Car in Lymington, Hampshire, UK.
CREDIT: MORTEN WATKINS/SOLENT NEWS & PHOTO AGENCY

Amanda Cook, 50, gets up at the crack of dawn to capture the magical scenes of Bushy Park in the London Borough of Richmond upon Thames, UK, and captures the beautiful sight of deer as the sun rises.
CREDIT: COVER IMAGES

Market Closes for October 11^th, 2019

Market Index	Close	Change
Dow Jones	26816.59	+319.92 +1.21%
S&P 500	2970.27	+32.14 +1.09%
NASDAQ	8057.039	+106.257 +1.34%
TSX	16415.16	-7.52
		-0.05%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21798.87	+246.89
		+1.15%
HANG SENG	26308.44	+600.51
		+2.34%
SENSEX	38127.08	+246.68
		+0.65%
FTSE 100*	7247.08	+60.72 +0.84%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.518	1.408
CND. 30 Year Bond	1.645	1.586
U.S.    10 Year Bond	1.7290	1.6646
U.S. 30 Year Bond	2.1941	1.586

Currencies

BOC Close	Today	Previous
Canadian $	0.75765	0.75216
US $	1.31987	1.32950
Euro Rate 1 Euro=		Inverse
Canadian $	1.45676	0.68645
US $	1.10372	0.90602

Commodities

Gold	Close	Previous
London Gold Fix	1494.80	1507.25
Oil
WTI Crude Future	54.70	53.55

Market Commentary:
On this day in 1990, the Dow Jones Industrial Average bottomed out at 2365.10, as high interest rates, the banking recession and Saddam Hussein’s aggression in the Persian Gulf took their toll on stocks. The next day, the great bull market of the 1990s began.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks slid into the close andended with a slight loss after the White House announced “phase one” of a trade deal with China but several of the thorniest trade problems remain unresolved. The S&P/TSX Composite Index lost 0.1% to 16,415.16, bringing its weekly decline to 0.2%. Gold stocks led the drop Friday as the hope for a trade deal reduced demand for safe havens. The materials sector fell 2.4%, the most since early September. Financials posted the biggest gain, rising 0.7%. Canada’s economy added more jobs than expected in September, lowering the country’s unemployment rate to 5.5% and boosting the loonie to its highest level against the U.S. dollar in a month.
Commodities
* Western Canada Select crude oil traded at a $16.30 discount to WTI
* Spot gold fell 0.6% to $1,492.20 per ounce
FX/Bonds
* The Canadian dollar strengthened 0.7% to C$1.3205 per U.S. dollar
* The Canada 10-year government bond yield rose 11 basis points to 1.52%, the highest since July.
US
By Vildana Hajric and Lu Wang
     (Bloomberg) — Signs of progress in U.S.-China trade talks sent stocks to the biggest gain in a week and had Wall Street handicappers making odds on a bigger rally to come. The S&P 500 Index climbed to within 1.8% of a record after President Donald Trump said the two sides agreed to the outlines of a deal that could be signed as early as next month. The equity benchmark rose 1.1% Friday, closing off its session highs since several of the thorniest trade problems remain unresolved. Equities also got a boost from signs of progress in Brexit negotiations. At JPMorgan Chase & Co., strategists led by John Normand estimated there is 10% upside or more in the stock market under a “blue sky” scenario where agreements are reached in both cases, based on the way past geopolitical crises played out. Outstanding issues are likely to be resolved because a trade truce with China would strengthen Trump’s bid for next year’s re-election while both the U.K. and European economies are too weak for their leaders to accept a no-deal outcome, the strategists argue. They boosted the odds for an Oct. 31 Brexit deal from 5% to 50% amid news that U.K. prime minister Boris Johnson made a vital breakthrough in talks with Irish leader Leo Varadkar. Apple Inc., which sells millions of iPhones in China, rose to an all-time high. The Stoxx Europe 600 Index jumped the most since January. Crude oil surged following a explosion on an Iranian tanker and Pentagon plans to ramp up the deployment of U.S. forces to Saudi Arabia. Gilts tumbled and the pound had the biggest two-day gain in a decade. While the strategists admitted details on the trade situation are “too scarce to rethink forecasts,” they urged investors to start positioning for a favorable outcome.
Further progress is likely to revive risk appetite from investors who have sought shelter in fixed income and low-volatility stocks. “There is still a peace dividend to be earned after this week’s moves,” the strategists wrote in a note. “Geopolitics created a growth slump and sank asset prices and bond yields, so less uncertainty should drive a growth revival and market reversals, as long as valuations and positions do not already reflect positive outcomes.” If history is of any guide, they say, investors should brace for a rotation into emerging markets, cyclical and value shares while preparing for losses in assets such as developed market bonds, U.S. dollar and Japanese yen. Investors embraced the progress on trade talks after conflicting headlines roiled markets this week, even if the accord falls short of a comprehensive agreement that would put an end to the trade war. “We could break through all-time highs if investors really perceive peace to this latest round,” said Diane Jaffee, senior portfolio manager at TCW, which oversees $200 billion. “Even though the market is rising today, there’s still a lot of skepticism embedded here. A lot, a lot, a lot.” Elsewhere, equities rallied throughout Asia, with shares in Hong Kong getting an extra lift as protesters discussed scaling back vandalism ahead of demonstrations this weekend.
Here are the main moves in markets:
Stocks
* The S&P 500 Index added 1.1% at the close of trading in New York.
* The Stoxx Europe 600 Index surged 2.3%.
* The MSCI Emerging Market Index climbed 1.8%.
* The Shanghai Composite Index climbed 0.9%.
Currencies
* The Bloomberg Dollar Spot Index dropped 0.5% to a two-month low.
* The euro increased 0.4% to $1.1046.
* The British pound jumped 1.8% to $1.2667.
* The offshore yuan climbed 0.4% to 7.0736 per dollar.
* The Japanese yen fell 0.4% to 108.43 per dollar.
Bonds
* The yield on 10-year Treasuries gained nine basis points to 1.75%.
* Germany’s 10-year yield climbed three basis points to -0.45%.
* Britain’s 10-year yield jumped 12 basis points to 0.70%.
Commodities
* West Texas Intermediate crude gained 2.3% to $54.80 a barrel.
* Gold decreased 0.6% to $1,484.57 an ounce.

–With assistance from Sophie Caronello and Sarah Ponczek.

Have a great evening.

Be magnificent!
As ever,

Isabel

Art is never finished, only abandoned.
                          – Claude Monet, 1840-1926

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:
Giuseppi Verdi, b. 1813
1845~ US Naval Academy established.

On Oct. 10, 1973, Vice President Spiro T. Agnew pleaded no contest to one count of federal income tax evasion and resigned his office. Go to article »
Humans can’t regrow amputated limbs like salamanders can, but we apparently can regrow damaged cartilage, a new study says.-CNN.

Crossing
 -by Jericho Brown

The water is one thing, and one thing for miles.
The water is one thing, making this bridge
Built over the water another.  Walk it
Early, walk it back when the day grows dim, everyone
Rising just to find a way toward rest again.
We work, start o one side of the day
Like a planet’s only sun, our eyes straight
Until the flame sinks.  The flame sinks.  Thank God
I’m different.  I’ve figured and counted.  I’m not crossing
To cross back.  I’m set
On something vast.  It reaches
Long as the sea.  I’m more than a conqueror, bigger
Than bravery.  I don’t march.  I’m the one who leaps.

PHOTOS OF THE DAY

Hindu devotees submerge a clay idol of the Hindu goddess Durga on the final day of the Durga Puja festival in Dhaka.
CREDIT: MUNIR UZ ZAMAN/AF

General view inside the stadium during the Rugby World Cup 2019 Group A game between Scotland and Russia at Shizuoka Stadium Ecopa.
CREDIT: ADAM PRETTY/GETTY IMAGES

Pope Francis greats a group from Croatia during the weekly general audience in St. Peter’s Square at the Vatican.
CREDIT: EPA/ FABIO FRUSTACI

Market Closes for October 10^th, 2019  

Market Index	Close	Change
Dow Jones	26496.67	+150.66 +0.57%
S&P 500	2938.13	+18.73 +0.64%
NASDAQ	7950.781	+47.038 +0.60%
TSX	16422.68	+42.80
		+0.26%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21551.98	+95.60
		+0.45%
HANG SENG	25707.93	+25.12
		+0.10%
SENSEX	37880.40	-297.55
		-0.78%
FTSE 100*	7186.36	+19.86 +0.28%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.408	1.311
CND. 30 Year Bond	1.586	1.510
U.S.    10 Year Bond	1.6646	1.5836
U.S. 30 Year Bond	1.586	2.0848

Currencies

BOC Close	Today	Previous
Canadian $	0.75216	0.74995
US $	1.32950	1.33342
Euro Rate 1 Euro=		Inverse
Canadian $	1.46338	0.68335
US $	1.10070	0.90851

Commodities

Gold	Close	Previous
London Gold Fix	1507.25	1505.85
Oil
WTI Crude Future	53.55	52.59

Market Commentary:
On this day in 2008, the Dow Jones Industrial Average swung 1,019 points in the blue-chip index’s most volatile session ever. It ended down 128 points on the day, concluding the worst week in its 112-year history.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a second day even as cannabis stocks tumbled to their lowest level since 2017, as cautious optimism on a U.S.-China trade deal continued. The S&P/TSX Composite Index added 0.3% to 16,422.68, with technology stocks leading the gain. Hexo Corp. slid 23% after it became the latest cannabis company to lower earnings expectations. That weighed on the sector, with Aphria Inc. down 14% and Canopy Growth Corp. falling 11%. Today, 132 of 233 shares rose, while 93 fell; 7 of 11 sectors were higher.
Commodities
* Western Canada Select crude oil traded at a $15.85 discount to WTI
* Spot gold fell 1% to $1,498.20 per ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3297 per U.S. dollar
* The Canada 10-year government bond yield rose 10 basis points to 1.41%, the biggest gain since Sept. 5
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 18.4448| 0.7| 26/4
Financials | 16.9603| 0.3| 23/4
Industrials | 12.5426| 0.7| 20/11
Information Technology | 8.9546| 1.0| 5/4
Materials | 8.6032| 0.5| 29/17
Communication Services | 2.0929| 0.2| 3/4
Consumer Discretionary | 0.5021| 0.1| 9/7
Utilities | -1.6338| -0.2| 7/9
Real Estate | -1.9772| -0.3| 6/17
Consumer Staples | -8.2787| -1.2| 1/9
Health Care | -13.3973| -6.0| 3/7
US
By Vildana Hajric
(Bloomberg) — Stocks gained and Treasury yields jumped as investors kept a careful eye on the latest trade developments amid high-level meetings between American and Chinese officials. The pound surged on talk of a Brexit deal. Banks and automakers led the S&P 500 Index higher, though there were plenty of gyrations along the way after an overnight session that saw futures whipsawed by headlines giving conflicting signs of progress on the negotiations. The dollar fell, brushing off a weak inflation reading. Ten-year Treasury yields rose past 1.65% as bonds rallied globally. China’s yuan climbed the most in a month. Among the latest developments on trade:
* Both China and the U.S. signaled cautious optimism in securing a partial deal for a temporary truce on tariffs
* The discussions extended into the afternoon Thursday
* President Donald Trump said in a Twitter post that he plans to meet with Vice Premier Liu He on Friday, adding “They want to make a deal, but do I?”

Markets have grown jittery against a backdrop of deteriorating economic data and fresh tensions between the U.S. and China in recent days, as they prepare for the first face-to- face talks between senior officials since July. Investor nerves were on full display Thursday as a series of headlines roiled markets, with traders attempting to digest reports on everything from the duration of the talks to the potential currency pact. “China trade talks are really dominating everything and we’ve seen how unpredictable they can be,” Chris Gaffney, president of world markets at TIAA, said by phone. “We’ve seen it move just back and forth so dramatically. I think everyone’s really going to have to wait until a deal gets actually done.” Elsewhere on Thursday, the Stoxx Europe 600 Index and the British pound extended gains after U.K. Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could “see a pathway to a possible deal” on Brexit. Crude rose after OPEC Secretary-General Mohammad Barkindo said members and allies including Russia will do “whatever it takes” to prevent another oil slump as the global economy weakens. Asian shares ended the session mixed, with Japanese equities recouping their declines by the close, South Korea down and Hong Kong and Shanghai notching modest gains.
Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.6% at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.7%.
* The MSCI Emerging Market Index increased 0.5%.
* The Nikkei-225 Stock Average added 0.5%
Currencies
* The Bloomberg Dollar Spot Index sank 0.4%.
* The euro gained 0.3% to $1.1006.
* The British pound advanced 2% to $1.2447.
* The offshore yuan increased 0.4% to 7.1108 per dollar.
* The Japanese yen weakened 0.4% to 107.95 per dollar.
Bonds
* The yield on 10-year Treasuries rose eight basis points to 1.66%.
* Germany’s 10-year yield rose eight basis points to -0.47%.
* Britain’s 10-year yield jumped 13 basis points to 0.58%.
Commodities
* West Texas Intermediate crude gained 2.1% to $53.69 a barrel.
* Gold fell 0.8% to $1,493.83 an ounce.
–With assistance from Sybilla Gross, Christopher Anstey, Yakob
Peterseil and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

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

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

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

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

Dear Friends,

Tangents:
To my Jewish readers, my sincerest wish to you for a meaningful fast today on Yom Kippur, the Day of Atonement and the holiest day of the year.

The Nobel Prize in Chemistry was awarded to a trio of scientists for their work on the development of lithium ion batteries. One of the winners, American John B. Goodenough, is the oldest person to ever be awarded the prize.-CNN.
A tour of the world’s 50 best bars of 2019 would take you to 26 cities across 21 countries. But the top pick might take you back in time. -CNN.
2006 Google Inc. announced it was snapping up YouTube Inc. for $1.65 billion in a stock deal. Go to article »

The ubiquitous lithium-ion battery, which revolutionized portable electronics, electric cars and lifesaving medical devices, emerged from the work of three scientists starting in the 1970s. Today, they won the Nobel Prize in Chemistry.
The trio was recognized for research that “laid the foundation of a wireless, fossil fuel-free society,” the Royal Swedish Academy of Science said.

Looking ahead to tomorrow, the Nobel Prize in Literature will be awarded to two winners — one for this year, and one for 2018. The prize wasn’t given out last year because of a sex-abuse scandal involving the group that chooses the winner. –The New York Times.
PHOTOS OF THE DAY

Falconer Eva Meyrier holds Victor, a nine year old white-tailed eagle equipped with a 360 camera, before a flight over glaciers and mountains from the Plan de la€™ Aiguille back to Chamonix during a media preview of the Alpine Eagle Race, an event aiming at raising awareness to global warming through a collaboration through the eyes of the eagle, a photographer and a scientist, in Chamonix, France.
CREDIT: REUTERS/ DENIS BALIBOUSE

Goshawks: The rare bird of prey returns to the New Forest. A rare bird of prey which was once close to extinction has more than doubled in number in eight years in a national park. There were 20 goshawk breeding pairs recorded in 2011 in Hampshire, but Forestry England says there are now 40 pairs living in the New Forest alone. The woodland raptors are nicknamed the “Phantoms of the Forest” due to their elusive nature.
CREDIT: FORESTRY ENGLAND

Jingxi, Baise City, Guangxi, was in the autumn harvest season of rice. Mountains, village roads, eyes full of golden yellow, a bumper harvest scene.
CREDIT: SIPA ASIA/ ZUMA WIRE/ ALAMY LIVE NEWS

Market Closes for October 09^th, 2019  

Market Index	Close	Change
Dow Jones	26346.01	+181.97 +0.70%
S&P 500	2919.40	+26.34 +0.91%
NASDAQ	7903.742	+79.964 +1.02%
TSX	16379.87	+85.92
		+0.53%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21456.38	-131.40
		-0.61%
HANG SENG	25682.81	-210.59
		-0.81%
SENSEX	38177.95	+645.97
		+1.72%
FTSE 100*	7166.50	+23.35 +0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.311	1.279
CND. 30 Year Bond	1.510	1.477
U.S.    10 Year Bond	1.5836	1.5289
U.S. 30 Year Bond	2.0848	2.0293

Currencies

BOC Close	Today	Previous
Canadian $	0.74995	0.75061
US $	1.33342	1.33226
Euro Rate 1 Euro=		Inverse
Canadian $	1.46317	0.68345
US $	1.09730	0.91133

Commodities

Gold	Close	Previous
London Gold Fix	1505.85	1501.25
Oil
WTI Crude Future	52.59	52.63

Market Commentary:
On this day in 1953, trading on the New York Stock Exchange totaled just 900,000 shares, the last time to date that the total trading volume was less than 1 million shares.
Canada
By Kristine Owram
(Bloomberg) — Canadian equities rose the most in nearly five weeks as the trade sentiment see-saw continued, boosting consumer discretionary and industrial stocks. The S&P/TSX Composite Index added 0.5% to 16,379.87, tracking U.S. stocks higher after China said it was still open to reaching a partial trade deal with the U.S. Today, 129 of 233 shares rose, while 98 fell; 9 of 11 sectors were higher, led by consumer discretionary stocks.
Commodities
* Western Canada Select crude oil traded at a $16.70 discount to WTI, the widest gap since May
* Spot gold gained 0.5% to $1,511.70 per ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3332 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 1.31%
================================================================
|Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 34.2426| 0.6| 21/5
Industrials | 20.9537| 1.2| 26/6
Energy | 10.6432| 0.4| 13/18
Consumer Discretionary | 10.2397| 1.4| 12/4
Information Technology | 9.4665| 1.1| 9/0
Consumer Staples | 6.2833| 0.9| 9/1
Communication Services | 3.2316| 0.3| 6/1
Real Estate | 0.8264| 0.1| 14/10
Health Care | 0.1140| 0.1| 7/2
Utilities | -1.8302| -0.2| 4/11
Materials | -8.2379| -0.4| 9/39.4|
US
By Vildana Hajric and Robert Brand
(Bloomberg) — U.S. stocks advanced on optimism that the U.S. and China will make progress in trade talks this week despite some conflicting signals on the outlook. Treasury yields climbed. The S&P 500 Index ended the day up almost 1% in a rally fueled by speculation that China is still open to a partial deal with the U.S. But in a sign of how tenuous the new-found confidence is, stocks pared gains in the afternoon after a report that China sought to tamp down expectations for progress. Ten-year Treasury yields climbed past 1.55%. The Turkish currency and its stocks dropped after the country began a military offensive in Syria against Kurdish militants. The Stoxx Europe 600 Index advanced for the third day in four. While volume was subdued during the Yom Kippur holiday, equities traders were looking closely for signals about high-level U.S.-China trade talks that are set to resume in Washington on Thursday. While a broad agreement seems unlikely, China indicated it’s open to a limited deal, provided no more tariffs are imposed, according to an official. In return, Beijing would offer non-core concessions like purchases of agricultural products without giving in on major sticking points, the official said, without offering further details.
“It’s encouraging to hear China say that they want to make some sort of small deal,” said Randy Frederick, a vice president of trading and derivatives who helps oversee $3.7 trillion in assets at Charles Schwab. “If we can get the two sides to agree to not raise tariffs any further than where they are, that would be positive.” Investors are also looking to gauge the next moves by major central banks. Traders of fed funds futures broadly maintained the amount of easing they expect from the Federal Reserve this year after Wednesday’s release of minutes from the latest meeting. They showed officials began debating how far their current interest-rate cutting campaign should extend even as they agreed to lower rates in response to growing risks to the U.S. economy. Elsewhere, the iShares MSCI Turkey ETF posted its worst three-day performance since March as the lira weakened to a four-month low. Benchmark equity gauges fell across Asia, except for those in Shanghai and Mumbai. Bond yields dropped in Greece after the region’s most-indebted country sold bills at negative yields. Gold held above $1,500 an ounce. The yuan climbed offshore for its biggest gain in almost a month, helped by trade optimism and a stronger than-expected daily fixing. West Texas crude touched $53 a barrel before paring its advance.
Here are some key events coming up this week:
* On Thursday, minutes from the European Central Bank’s most recent gathering are due.
* Chinese President Xi Jinping is scheduled to meet Indian Prime Minister Narendra Modi on Friday and Saturday for an informal summit.
* The U.S. releases a key measure of inflation on Thursday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.9% at the close of trading in New York.
* The Stoxx Europe 600 Index gained 0.4%.
* The MSCI Emerging Market Index slipped 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.2% to $1.0973.
* The British pound slumped 0.1% to $1.2208.
* The Japanese yen depreciated 0.4% to 107.47 per dollar.
Bonds
* The yield on 10-year Treasuries added five basis points to 1.58%.
* Britain’s 10-year yield climbed five basis points to 0.46%.
* Germany’s 10-year yield rose five basis points to -0.55%.
Commodities
* West Texas Intermediate crude climbed 0.1% to $52.66 a barrel.
* Gold gained 0.1% to $1,506.77 an ounce.
–With assistance from Cormac Mullen and Adam Haigh.
Have a great night.

Be magnificent!

As ever,

Carolann

You just can’t beat the person who never gives up.
           -George Herman “Babe” Ruth, 1895-1948

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:
1871~Great Chicago fire.
2004 Lifestyle guru Martha Stewart reported to prison to begin serving a sentence for lying about a stock sale. Go to article »
 
HOW IT HAPPENS

The sky said I am watching
to see what you
can make out of nothing
I was looking up and I said
I though you
were supposed to be doing that
the sky said Many
are clinging to that
I am giving you a chance
I was looking up and I said
I am the only chance I have
then the sky did not answer
and here we are
with our names for the days
the vast days that do not listen to us.
               -W.S. Mervin, 1927-2019

Scientists discover 20 new Saturn moons, giving it more than Jupiter. (h/t Scott Kominers) –Bloomberg.

PHOTOS OF THE DAY

Shoppers are reflected in mirrors of a mall in the district of Shibuya in Tokyo, Japan, Monday, Oct. 7, 2019. Shibuya is the most energetic district in Tokyo, offering countless restaurants, shops and entertainments.
CREDIT: AP PHOTO/CHRISTOPHER ENA

Water from Derwent Reservoir cascades down Derwent Dam in the Upper Derwent Valley this morning after heavy rainfall in Derbyshire, UK. The Dam was used by RAF 617 Squadron in 1943 for practising the low level bombing runs in Lancaster bombers needed for the Dam Buster raids.
CREDIT: ANDREW MCCAREN/LNP

Germany’s Phillip Herder competes during the men’s qualifying session at the FIG Artistic Gymnastics World Championships at the Hanns-Martin-Schleyer-Halle in Stuttgart, Southern Germany.

A ship’s hull and loaded containers are reflected in the sea at yangshan deep-water port in Shanghai, China.
CREDIT: COSTFOTO/BARCROFT MEDIA

Market Closes for October 08^th, 2019  

Market Index	Close	Change
Dow Jones	26164.04	-313.98 -1.19%
S&P 500	2893.06	-45.73 -1.56%
NASDAQ	7823.777	-132.516 -1.67%
TSX	16293..95	-130.57
		-0.80%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21587.78	+212.53
		+0.99%
HANG SENG	25893.40	+72.37
		+0.28%
SENSEX	37531.98	-141.33
		-0.38%
FTSE 100*	7143.15	-54.73 -0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.279	1.301
CND. 30 Year Bond	1.477	1.487
U.S.    10 Year Bond	1.5289	1.5580
U.S. 30 Year Bond	2.0293	2.0484

Currencies

BOC Close	Today	Previous
Canadian $	0.75061	0.75126
US $	1.33226	1.33109
Euro Rate 1 Euro=		Inverse
Canadian $	1.45951	0.68516
US $	1.09551	0.91281

Commodities

Gold	Close	Previous
London Gold Fix	1501.25	1499.15
Oil
WTI Crude Future	52.63	52.75

Market Commentary:
On this day in 1998, amid the Asian financial crisis and the collapse of the Long-Term Capital Management hedge fund, the Dow slid 10 more points to close at 7732, bringing its drop to 17% in less than three months. Citing the recent panic, analysts called for more declines, but the very next day, the Dow rose more than 160 points. One year later, the Dow was at 10650, a 38% gain.
Canada
By Kristine Owram
(Bloomberg) — Canadian equities fell to the lowest level since August as trade tensions between the U.S. and China escalated. The S&P/TSX Composite Index lost 0.8% to 16,294. Energy stocks came under pressure as Canadian heavy oil prices widened to the biggest differential since May, ahead of an anticipated announcement that Alberta will ease production limits. Most other sectors also retreated after U.S. President Donald Trump’s administration slapped visa bans on some Chinese officials and placed eight of the country’s technology companies on a blacklist over alleged rights abuses. The technology index tumbled 2% and consumer discretionary stocks lost 1.6%.
Commodities
* Western Canada Select crude oil traded at a $15.95 discount to WTI
* Spot gold rose 0.5% to $1,511.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3321 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.28%
Insights
* The S&P/TSX Composite is 3.9% below its 52-week high on Sept. 20, and 18.3 above its low on Dec. 24
* The S&P/TSX Composite is down 0.9% in the past 5 days and fell 1.5% in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -50.7212| -1.9| 3/28
Financials | -38.7991| -0.7| 2/25
Industrials | -25.0955| -1.4| 2/30
Information Technology | -17.1276| -2.0| 1/8
Consumer Discretionary | -11.2815| -1.6| 0/16
Consumer Staples | -6.5398| -1.0| 1/9
Communication Services | -3.9007| -0.4| 1/6
Utilities | -0.5112| -0.1| 8/8
Real Estate | -0.0540| 0.0| 19/6
Health Care | 0.3205| 0.1| 5/5
Materials | 23.1537| 1.3| 30/19
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — U.S. equities tumbled on concern tensions with China are escalating just days before high-level talks between officials from the world’s biggest economies. Chipmakers led the S&P 500 Index to a 1.6% loss and Chinese companies that trade in New York sank to the lowest since mid- August as the Trump administration put visa bans on Chinese officials linked to the mass detention of Muslims in Xinjiang province. That came after China said it strongly opposed a U.S. move to blacklist some of its technology firms and Bloomberg reported the White House is moving ahead with discussions about restricting capital flows to China. The flare-up overshadowed comments by Federal Reserve Chairman Jerome Powell that the central bank will seek to calm money markets while leaving his options open on interest rates weeks ahead of policy makers’ next meeting. Ten-year Treasury yields fell below 1.55% and the dollar rose. The escalation in tension between the U.S. and China comes just days before senior representatives will resume their effort to resolve a protectionist dispute that has roiled markets for more than a year. People’s Bank of China Governor Yi Gang will join Chinese Vice Premier Liu He at the talks in Washington and a report from China’s Global Times said that the full delegation is “one of the largest and broadest teams.” “China is still the overhang that’s going to be the most important,” JJ Kinahan, the chief market strategist at TD Ameritrade, said in an interview at Bloomberg’s New York headquarters.
“Even though we have the talks this week, it seems hard to believe they’re going to come out on Friday afternoon and be like, ‘Alright, we’ve done it! It’s over!’” The Stoxx Europe 600 Index declined after two days of gains. The pound weakened after Boris Johnson told German Chancellor Angela Merkel a Brexit deal is essentially impossible if the EU demands Northern Ireland stay in the bloc’s customs union. Asian equity benchmarks had jumped from Tokyo and Seoul to Shanghai and Hong Kong, where trading showed little concern about ongoing unrest. The tech-heavy South Korean index led the regional advance after Samsung Electronics Co. earnings beat analyst estimates. Elsewhere, the dollar rose, shrugging off data that showed a measure of underlying U.S. producer prices posted the biggest monthly drop in more than four years. Turkey’s lira stabilized after tumbling Monday in wake of U.S. President Donald Trump’s threat to “destroy” the country’s economy if it acts in excess in a military operation targeting Kurdish forces in Syria. West Texas crude fell toward $52 a barrel.
Here are some key events coming up this week:
* On Wednesday, minutes will be released from the last policy meeting of the Fed’s rate-setting committee.
* The account of the ECB’s last gathering is due Thursday.
* Chinese President Xi Jinping and Indian Prime Minister Narendra Modi reportedly will meet at an unofficial summit.
* The U.S. releases a key measure of inflation on Thursday.

Here are the main moves in markets:

Stocks
* The S&P 500 Index fell 1.6% at the close of trading in New York.
* The Stoxx Europe 600 Index sank 1.1%.
* The MSCI Asia Pacific Index increased 0.4%.
* The MSCI Emerging Market Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro fell 0.2% to $1.0953.
* The British pound declined 0.6% to $1.2221.
* The Japanese yen strengthened 0.1% to 107.11 per dollar.
Bonds
* The yield on 10-year Treasuries decreased three basis points to 1.53%.
* Germany’s 10-year yield dipped two basis points to -0.6%.
* Britain’s 10-year yield declined three basis points to 0.41%.
Commodities
* Gold increased 0.9% to $1,506.14 an ounce.
* West Texas Intermediate crude fell 0.8% to $52.32 a barrel.
–With assistance from Sybilla Gross, Andreea Papuc, Vassilis
Karamanis, Samuel Potter and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Indulge your imagination in every possible flight.
                               -Jane Austen, 1775-1817

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

Hot air balloon fly over Albuquerque, New Mexico at the Albuquerque International Balloon Fiesta.
CREDIT: JERRY LARSON/AP

A rainbow appears over the Baltic Sea in Timmerndorfer Strand, northern Germany.
CREDIT: AP/MICHAEL PROBST

Vinatge cars race down the beach during The Race of Gentlemen in Wildwood, New Jersey, USA.
CREDIT: JOSE F. MORENO/ THE PHILADELPHIA INQUIRER

Market Closes for October 07^th, 2019  

Market Index	Close	Change
Dow Jones	26478.02	-95.70 -0.36%
S&P 500	2938.79	-13.22 -0.45%
NASDAQ	7956.293	-26.181 -0.33%
TSX	16421.75	-27.60
		-0.17%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21375.25	-34.95
		-0.16%
HANG SENG	25821.03	-289.28
		-1.11%
SENSEX	37531.98	-141.33
		-0.38%
FTSE 100*	7197.88	+42.50 +0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.301	1.233
CND. 30 Year Bond	1.487	1.422
U.S.    10 Year Bond	1.5580	1.5255
U.S. 30 Year Bond	2.0484	2.0144

Currencies

BOC Close	Today	Previous
Canadian $	0.75126	0.75129
US $	1.33109	1.33105
Euro Rate 1 Euro=		Inverse
Canadian $	1.46049	0.68470
US $	1.09721	0.91140

Commodities

Gold	Close	Previous
London Gold Fix	1499.15	1517.10
Oil
WTI Crude Future	52.75	52.81

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,421.82 in Toronto. The move follows the previous session’s increase of 0.5 percent. Royal Bank of Canada contributed the most to the index decline, decreasing 0.3 percent. Hexo Corp. had the largest drop, falling 6.6 percent. Today, 127 of 233 shares fell, while 103 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 15 percent, heading for the best year since 2016
* The index advanced 3 percent in the past 52 weeks. The MSCI AC Americas Index gained 1.7 percent in the same period
* The S&P/TSX Composite is 3.1 percent below its 52-week high on Sept. 20, 2019 and 19.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and fell 0.7 percent in the past 30 days
* 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 capitalizationof C$2.53 trillion
* 30-day price volatility fell to 7.58 percent compared with7.60 percent in the previous session and the average of 9.59 percent over the past month
US
By Brendan Walsh and Vildana Hajric
(Bloomberg) — U.S. equities declined as investors tried to gauge the outlook for a trade deal between China and the Trump administration. Treasuries slipped and the dollar gained. The S&P 500 Index ended the day about half a percentage point lower after bouncing between small gains and small losses in light volume. Sentiment got a boost on speculation that China is ready to do a deal, while pessimists focused on a report that senior Chinese officials have indicated the range of topics they’re willing to discuss at upcoming talks has narrowed considerably. After the close of New York markets, the U.S. placed eight Chinese technology companies on a blacklist because of alleged human-rights violations, a move that may add to tensions between the countries. In the wake of a slew of weak data and with protectionism portrayed as the main impediment to global growth, investor focus will return to foreign trade this week as Chinese Vice Premier Liu He and an entourage of officials head to Washington to resume talks with their U.S. counterparts. As economic indicators flash warnings, traders have ramped up bets for further Federal Reserve rate cuts. They’ll search for new clues on the policy path when minutes from the latest Fed meeting are released in coming days.
“Given the high level of uncertainty that’s out there and the cross-currents — the cross-currents being escalating geopolitical risks on the one hand and increased monetary easing on the part of the world’s global central banks — it’s really difficult at this point to determine which force is going to gain the upper hand,” said Ed Campbell, a portfolio manager and managing director at QMA. The Stoxx Europe 600 index climbed as foodmaker and telecom companies advanced. The pound dipped as European leaders cast doubt on reaching a Brexit agreement in time for the U.K.’s Oct.31 deadline. The dollar strengthened. Japanese equities closed little changed, while Shanghai markets are yet to re-open after holidays. Hong Kong was also shuttered for a holiday, leaving traders with limited options to respond — or not — to escalating violence in the city, where protesters set fires and vandalized train stations and banks over the weekend. The yuan dropped in offshore trading by the most since late September. Elsewhere, West Texas-grade oil steadied following its
biggest weekly decline since July.
Here are some key events coming up this week:
* Chinese Vice Premier Liu He visits Washington for trade talks with his U.S. counterparts.
* Fed Chair Jerome Powell speaks Tuesday on the final day of NABE’s annual conference in Denver; on the following day, minutes are released on the last policy meeting of the Fed’s rate-setting committee.
* Chinese President Xi Jinping and Indian Prime Minister Narendra Modi reportedly will meet at an unofficial summit.
* The U.S. releases a key measure of inflation on Thursday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index slipped 0.5% at the close of trade in New York.
* The Stoxx Europe 600 Index climbed 0.7%.
* Japan’s Topix index was little changed.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The pound slipped 0.3% to $1.2296.
* The euro was little changed at $1.0975.
* The Japanese yen slipped 0.3% to 107.27 per dollar.
* The offshore yuan weakened 0.3% to 7.1312 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to1.56%.
* Germany’s 10-year yield rose one basis point to -0.58%.
* The U.K.’s 10-year yield rose one basis point to 0.45%.
Commodities
* West Texas Intermediate crude rose 0.2% to $52.92 a barrel.
* Gold fell 0.8% to $1,492.09 an ounce.
* Copper gained 0.5% to $2.574 a pound.

–With assistance from David Wilson, Cormac Mullen and Todd
White.

Have a great evening.

Be magnificent!
As ever,

Isabel

Don’t be seduced onto thinking that which does not make a profit is without value.
                                                           – Arthur Miller, 1915-2005

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

Tangents:

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

PHOTOS OF THE DAY

This artist’s impression shows a spectacular pterosaur that soared above the dinosaurs 96 million years ago has been dug up… at a sheep station in the Australian outback. The crested creature had a 13 foot wingspan and enormous elongated jaws filled with razor sharp teeth to kill its prey. They were spike shaped for catching fish and other marine animals. Its remains were unearthed by a farmer at Winton, Queensland- home of Waltzing Matilda – and they are among the best even discovered. The terrifying animal would have been at the top of the food chain because of its size – and teeth. It has been named Ferrodraco lentoni – Latin for ‘iron dragon’.
CREDIT: TRAVIS R.TISCHLER/ SWNS.COM

Stunning sunrise over the city of London this morning, UK.
CREDIT: WAYNEH/SPLASHNEWS.COM

The crashing waves form arcs of water in front of the promenade in the early morning light at Seaburn in Sunderland, UK.
CREDIT: SIMON WOODLEY/SWNS

Market Closes for October 04^th, 2019  

Market Index	Close	Change
Dow Jones	26573.72	+372.68 +1.42%
S&P 500	2952.01	+41.38 +1.42%
NASDAQ	7982.473	+110.208 +1.40%
TSX	16449.35	+80.32
		+0.49%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26573.72	+68.46
		+0.32%
HANG SENG	2952.01	-289.28
		-1.11%
SENSEX	7982.473	-433.56
		-1.14%
FTSE 100*	16449.35	+77.74 +1.10%

 

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.233	1.251
CND. 30 Year Bond	1.422	1.442
U.S.    10 Year Bond	1.5255	1.5341
U.S. 30 Year Bond	2.0144	2.0321

Currencies

BOC Close	Today	Previous
Canadian $	0.75129	0.74974
US $	1.33105	1.33379
Euro Rate 1 Euro=		Inverse
Canadian $	1.46112	0.68441
US $	1.09772	0.91098

Commodities

Gold	Close	Previous
London Gold Fix	1517.10	1492.60
Oil
WTI Crude Future	52.81	52.45

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose Friday, paring back some overall losses this week, after health care and energy stocks underperformed. Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession. The S&P/TSX Composite rose 0.5% to 16,449.35 Friday. Materials and information technology stocks gained while health care stocks dropped. Meanwhile, Canada’s political party leaders are making affordability the central talking point of their election campaigns, rolling out targeted measures to alleviate the financial strain besetting voters.
Commodities
* Western Canada Select crude oil traded at a $14.45 discount to WTI
* Gold spot price flat around $1,504.19 per ounce
FX/Bonds
* The Canadian dollar gained 0.1% C$1.3318 per U.S. dollar
* The Canada 10-year government bond yield fell 1.9 basis points to 1.232%
Insights
* So far this week, the S&P/TSX Composite has gained 15%, heading for the best year since 2016

US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — U.S. stocks gained along with Treasuries after solid hiring data quelled recession fears without crushing the odds of future Federal Reserve easing. The dollar declined. The S&P 500 rose the most in seven weeks — though still suffered its third weekly loss — after payrolls slightly missed estimates for September, while August’s reading was revised upward. Traders trimmed their bets on the results, but the odds still favored a Fed rate cut this month. Chair Jerome Powell did little to change the speculation, saying Friday the economy “faces some risks” but is overall “in a good place.” Tech paced the advance, with Apple Inc. leading benchmark members amid reports of stronger-than-expected sales of its newest phone. The 10-year Treasury rate dropped for the seventh session in a row, and the dollar fell for a fourth straight day. West Texas oil rose toward $53 a barrel. “This one comes in pretty close to neutral in terms of the slowdown. It’s not encouraging, it doesn’t look like a re- acceleration in growth, but it also probably puts at bay some of the fears that have come in around the ISM manufacturing and ISM services numbers,” said Luke Tilley, chief economist at money manager Wilmington Trust Corp. in Delaware.
“This should make people and investors comfortable that we still have enough job growth to keep consumer spending on the positive side.” Today’s job numbers followed a string of disappointing economic data this week that had fueled concerns a slowdown in manufacturing could spread to the consumer, and in turn ratcheted up bets that the Fed will reduce rates this month. The burst of rate-cut optimism helped snap a two-day losing streak
that reached 3% in the S&P 500 Index Thursday. Elsewhere, European shares advanced along with the euro. India pulled the trigger on another rate cut on Friday, the fifth in the cycle so far. China remains closed for a holiday. Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.4%, the most since Aug. 16, at 4 p.m. New York time.
* The Nasdaq Composite Index gained 1.4%, while the Dow Jones Industrial Average advanced by 1.4%.
* The Stoxx Europe 600 Index increased 0.5%.
* The MSCI Emerging Market Index gained 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro rose by 0.1% to $1.0980.
* The British pound slid 0.3% to $1.2295.
* The Japanese yen rose 0.1% to 106.87 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 1.51%.
* The yield on two-year Treasuries added two basis points to 1.41%.
* Germany’s 10-year yield advanced less than one basis point to -0.58%.
* Japan’s 10-year yield sank two basis points to -0.211%.
Commodities
* West Texas Intermediate crude fell 0.5% to $52.16 a barrel.
* Gold was steady at $1,513.90 an ounce.

–With assistance from Charlotte Ryan and Yakob Peterseil.

Have a great evening.

Be magnificent!
As ever,

Isabel

Kind words can be short and easy to speak, but their echoes are truly endless.
                                                      – Mother Teresa, 1910-1997

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

Gardener David Brown trimming the largest wall of Boston Ivy in the UK at St John’s College Cambridge.
CREDIT: GEOFF ROBINSON

The Royal Air force Aerobatic Team, The Red Arrows flypast the Golden Gate Bridge, San Francisco. The Red Arrows are currently deployed on Exercise, it is the first time they have been to North America since 2008 and the deployment will be the most ambitious tour of Canada and the United States ever undertaken by the team.
CREDIT: SGT ASHLEY KEATES- RAF

A woman in yukata (casual summer kimono) poses for a photo at Fushimi Inari Taisha in Kyoto, Japan.
CREDIT: MATTHEW CHILDS/REUTERS

Market Closes for October 03^rd, 2019  

Market Index	Close	Change
Dow Jones	26201.04	+122.42 +0.47%
S&P 500	2910.63	+23.02 +0.80%
NASDAQ	7872.266	+87.020 +1.12%
TSX	16369.03	+58.06
		+0.36%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21341.74	-436.87
		-2.01%
HANG SENG	26110.31	+67.62
		+0.26%
SENSEX	38106.87	-198.54
		-0.52%
FTSE 100*	7077.64	-44.90 -0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.251	1.311
CND. 30 Year Bond	1.442	1.488
U.S.    10 Year Bond	1.5341	1.5923
U.S. 30 Year Bond	2.0321	2.0800

Currencies

BOC Close	Today	Previous
Canadian $	0.74974	0.75081
US $	1.33379	1.33189
Euro Rate 1 Euro=		Inverse
Canadian $	1.46259	0.68370
US $	1.09656	0.91190

Commodities

Gold	Close	Previous
London Gold Fix	1492.60	1473.45
Oil
WTI Crude Future	52.45	52.64

Market Commentary:
On this day in 2008, in the depths of the financial crisis, President Bush signed into law a $700 billion plan to rescue the U.S. financial system after the House reversed itself and voted to pass the legislation.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Thursday after falling for the past four sessions. The S&P/TSX Composite rose 0.4% to 16,369.03 in Toronto. Marijuana-exposed stocks rebounded while Shopify Inc. led information technology shares higher. Eight of the 11 main sectors gained. Linamar Corp. lost 10% after flagging softening conditions in key markets. CIBC downgraded the stock while BMO defended the auto-parts firm.
Commodities
* Western Canada Select crude oil traded at a $14.35 discount to WTI
* Gold spot price rose 0.4% to $1,505.90 per ounce
FX/Bonds
* The Canadian dollar remained flat at C$1.3335 per U.S. dollar
* The Canada 10-year government bond yield fell 6 basis points to 1.246%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — U.S. stocks advanced as investors ramped up bets that the Federal Reserve will cut rates this month to shore up an economy showing increasing signs of weakness. Treasuries rallied. The S&P 500 rose the  most in a month after roaring back from a drop of more than 1% sparked by the weakest reading on the services sector in three years. Odds the Federal Reserve cuts at its next meeting spiked as the data came just after the worst factory numbers in a decade. Investors are also finding their footing after the benchmark fell around 3% over the last two sessions, with one of the hardest hit sectors, tech, pacing gains. The yield on 10-year Treasurie dropped for the sixth straight day, while the dollar fell for a third time in a row.
     “This downturn is starting to spread and that means the tea leaf readers at the Fed are going to be teeing up a third rate cut this year when they next meet again at the end of this month,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “Policymakers are going to need a bigger gun to stop this avalanche of bad news from dragging down business and consumer confidence even further. Rate cuts are coming. Lots of them. Bet on it.” This week’s march of weak data confirmed investor concerns that the global economy is struggling for traction, and may be seeping from the manufacturing sector into consumer sentiment, as the U.S.-China trade war churns in the background. That’s also driving bets that the Fed will pump more stimulus into the economy this year. Focus now turns to the nonfarm payrolls figure on Friday, when Federal Reserve Chairman Jerome Powell will also speak. Elsewhere, the yen continued to strengthen along with gold. West Texas crude fell below $53 a barrel.
Here are some key events coming up this week:
* The monthly “nonfarm” jobs report is due on Friday.
* Federal Reserve Chairman Jerome Powell is set to speak Friday.
* The Reserve Bank of India sets policy on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8%, the most since Sept. 5, at 4 p.m. New York time.
* The Nasdaq Composite Index gained 1.1%, while the Dow Jones Industrial Average added 0.5%.
* The Stoxx Europe 600 Index was little changed.
* FTSE 100 Index dropped 0.6%.
* The MSCI Emerging Market Index increased 0.3%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.2%.
* The euro rose 0.1% at $1.0970.
* The British pound climbed 0.3% to $1.2343.
* The Japanese yen rose 0.3% to 106.88 per dollar.
Bonds
* The yield on 10-year Treasuries dipped six basis points to 1.53%.
* The yield on two-year Treasuries fell nine basis points to 1.39%.
* Germany’s 10-year yield sank five basis points to -0.60%.
* Britain’s 10-year yield decreased four basis points to 0.458%.
Commodities
* West Texas Intermediate crude fell 0.7% to $52.26 a barrel.
* Gold rose 0.2% to $1,511.00 an ounce.

–With assistance from Steve Matthews, Adam Haigh, Todd White
and Molly Smith.

Have a great evening.

Be magnificent!
As ever,

Isabel

I think all great innovation are built on rejections.
                                     – Louise Nevelson, 1899-1988

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