Month: November 2019

Dear Friends,

Tangents: Happy Friday!
1948 – Mackenzie King retires after 22 years as Prime Minister of Canada.  Go to article »

POINTS OF PROGRESS:
ANTARTICA
NASA reports the atmosphere’s ozone hole near the South Pole is the smallest since its first detection.  This year, the hole in the protective ozone layer is 3.6 million square miles, compared with its peak in 2006 at 10.3 million square miles.  Scientists say this year’s record is due to weather patterns rather than human behavior, but still, fewer harmful rays are reaching Earth’s surface.  Thanks to the 1987 Montreal Protocol, every country in the world has banned many ozone-damaging refrigerant and aerosol chemicals; scientists day this has helped with gradual ozone restoration.-The Associated Press.

IRAN
For the first time in 40 years, Iranian women attended a national soccer match.  An activist, remembered as “Blue Girl,” resorted to self-immolation after being prohibited from entering the stadium in early September.  Pressure from women’s rights advocates and FIFA made Iranian authorities change  the rules to include women attendees for World Cup-qualifying matches.  More than 3,000 of them sat in a women-only section on oct. 10.  Advocates are unsure if this new policy will endure, though, and consistent access to the stadium will be monitored. -Reuters.

PHOTOS OF THE DAY

Visitors view “Ramanujan Summation” 1/12,2018-2019, by Anselm Kiefer at the preview of a new exhibition called “Superstrings, Runes, The Norns, Gordian Knot” by Anselm Kiefer. The works include large scale paintings and installations that draw on the scientific concept of string theory and are on display at the White Cube Gallery in Bermondsey, London, UK.
CREDIT: STEPHEN CHUNG/LNP

Cuban, Beatriz Estevez,29, performs as a human statue in the streets of Havana.-Estevez dropped out of law school and found her personal and economic fulfilment in art. Daughter of a naval engineer, Beatriz earns in one day what her father earns in a month of work for the Cuban state.
CREDIT: YAMIL LAGE/AFP VIA GETTY IMAGES

People pose with Anonymous “Head and Neck of Giraffe” taxidermy art work during ‘The Child Within Me’ exhibition at the Abdulmecit Efendi mansion in Instanbul, Turkey, 14 November 2019. Since the opening of the 16^th Istanbul Biennial on 20 September, the exhibition has been visited by approximately 100,000 people and has been extended until 29 December due to intense interest.
CREDIT: ERDEM SAHIN/EPA-EFE/REX

Market Closes for November 15^th, 2019  

Market Index	Close	Change
Dow Jones	28004.89	+222.93 +0.80%
S&P 500	3120.46	+23.83 +0.77%
NASDAQ	8540.828	+61.810 +0.73%
TSX	17028.47	+56.29
		+0.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23303.32	+161.77
		+0.70%
HANG SENG	26326.66	+2.97
		+0.01%
SENSEX	40356.69	+70.21
		+0.17%
FTSE 100*	7302.94	+10.18 +0.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.483	1.467
CND. 30 Year Bond	1.623	1.618
U.S.    10 Year Bond	1.8325	1.8204
U.S. 30 Year Bond	2.3047	2.3019

Currencies

BOC Close	Today	Previous
Canadian $	0.75602	0.75481
US $	1.32272	1.32484
Euro Rate 1 Euro=		Inverse
Canadian $	1.46190	0.68404
US $	1.10522	0.90480

Commodities

Gold	Close	Previous
London Gold Fix	1466.65	1462.90
Oil
WTI Crude Future	57.72	56.77

Market Commentary:
On this day in 1867, the first practical stock ticker went “online,” as Thomas Edison’s improved gizmo made continuous nationwide transmission of stock prices possible for the first time.

Natural gas prices are 30% below where they traded a year ago, allowing U.S. consumers to benefit from cheaper heating costs, but putting pressure on gas producers.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the 11th day, climbing 0.3 percent, or 56.29 to 17,028.47 in Toronto. Enbridge Inc. contributed the most to the index gain, increasing 1.0 percent. Detour Gold Corp. had the largest increase, rising 10.9 percent. Today, 126 of 233 shares rose, while 102 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index rose 0.9 percent
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* The index advanced 12 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on Nov. 15, 2019 and 23.6 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 15.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.61 trillion
* 30-day price volatility fell to 4.95 percent compared with 5.03 percent in the previous session and the average of 6.75 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 29.0422| 1.0| 24/7
Financials | 10.7453| 0.2| 12/15
Industrials | 5.8069| 0.3| 17/15
Consumer Staples | 5.4932| 0.8| 8/2
Real Estate | 4.2556| 0.7| 20/4
Information Technology | 4.0000| 0.5| 7/2
Communication Services | 1.7974| 0.2| 4/3
Utilities | 1.3090| 0.2| 6/9
Materials | 0.0625| 0.0| 16/31
Consumer Discretionary | -0.4341| -0.1| 8/8
Health Care | -5.7814| -2.7| 4/6

The benchmark 10-year bond fell and the yield rose 2.1 basis points to 1.486 percent.
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks rose to all-time highs and Treasuries edged lower after an American official hinted that the U.S. and China are close to locking down a partial trade deal. The dollar declined. The S&P 500 reached another record and gained for the sixth week in a row, the longest streak in two years, after White House economic adviser Larry Kudlow said late Thursday negotiations between the two countries were nearing the final stages. Both the Dow Jones Industrial Average, which past 28,000 for the first time, and the Nasdaq Composite also hit all-time highs. Health care companies as well as trade sensitive tech shares led the advance. Applied Materials Inc. surged after the maker of chip equipment boosted its sales forecast. The benchmark 10-year Treasury yield rose for the first time this week, while the dollar dropped for a second day following a mixed bag of retail sales figures and weak factory numbers. The yen fell along with gold.
“The markets have priced in the fact that it may not get done even though you’ve seen it move higher. But if you look at whenever they say ‘trade war is on, trade tariffs are off,’ — if you look at that maneuver, it’s volatile to a point but it’s not significant,” Matt Lloyd, chief investment strategist at Advisors Asset Management, said by phone. “Most of us have gotten used to it. We’ve re-calibrated. It’s like the boy who cried wolf.” Concerns about the chances of the U.S. and China completing a phase-one pact had propelled Treasuries earlier this week, and acted as a headwind to a stock rally that keeps taking American gauges to record highs. The S&P 500 closed slightly higher on Thursday, though a mixed bag of global economic data has also given investors plenty to think about. Elsewhere, European, emerging-market and Asian stocks gained. China’s yuan strengthened against the dollar.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.4%.
* The MSCI Asia Pacific Index gained 0.6%.
* The MSCI Emerging Market Index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The euro gained 0.3% to $1.1054.
* The British pound rose 0.2% to $1.2904.
* The onshore yuan increased 0.3% to 7.0043 per dollar.
* The Japanese yen dipped 0.2% to 108.68 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 1.83%.
* Germany’s 10-year yield increased one basis point to -0.34%.
* Britain’s 10-year yield advanced two basis points to 0.725%.
* Japan’s 10-year yield decreased less than one basis point to -0.068%.
Commodities
* West Texas Intermediate crude rose 1.6% at $57.70 a barrel.
* Gold fell 0.3% to $1,468.40 an ounce.
–With assistance from Namitha Jagadeesh, Samuel Potter and Claire Ballentine.
Have a wonderful weekend everyone!

Be magnificent!
As ever,
Carolann

Don’t be afraid of hard work.  Nothing worthwhile  comes easily.
                                            -Gertrude Belle Elion, 1918-1999

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

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

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

Dear Friends,

Tangents:
On this day in…
1666-First blood transfusion.
1840, Claude Monet was born.
1896, the leading magazine for automobile enthusiasts, The Horseless Age, reported that Great Britain had just abolished the “red flag law,” which required motorists to be preceded by a person on foot waving a red flag as a warning to all other users of the road that an automobile was approaching
1948, Prince Charles, Prince of Wales, was born.

On Nov. 14, 1972, the Dow Jones Industrial Average closed above 1,000 for the first time, ending the day at 1,003.16. Go to article »
Today, the DJIA closed at 27,781.96 – a gain of +2,669.44% in 47 years!

More than 50% of all insects may have disappeared since 1970. –from Bloomberg.
Let us mourn the end of paper maps. -Bloomberg.

PHOTOS OF THE DAY

The Flood water at Fishlake, in Doncaster, South Yorkshire, as parts of England endured a months worth of rain in 24 hours, with scores of people rescued or forced to evacuate their homes.
CREDIT: RICHARD MCCARTHY/PA

Tourists push their luggage in flooded ST. Mark’s Square, in Venice.
CREDIT: LUCA BRUNO/ AP

Workers of Kilted Christmas Tree Company in Kinross, Scotland begin harvesting a field of around 50,000 Nordmann trees before they are sold for homes across Scotland for the Christmas season.
CREDIT: DUNCAN MCGLYNN

Market Closes for November 14^th, 2019  

Market Index	Close	Change
Dow Jones	27781.96	-1.63 -0.01%
S&P 500	3096.63	+2.59 +0.08%
NASDAQ	8479.020	-3.081 -0.04%
TSX	16972.18	+14.19
		+0.08%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23141.55	-178.32
		-0.76%
HANG SENG	26323.69	-247.77
		-0.93%
SENSEX	40286.48	+170.42
		+0.42%
FTSE 100*	7292.96	-58.45 -0.80%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.467	1.554
CND. 30 Year Bond	1.618	1.702
U.S.    10 Year Bond	1.8204	1.8878
U.S. 30 Year Bond	2.3019	2.3677

Currencies

BOC Close	Today	Previous
Canadian $	0.75481	0.75455
US $	1.32484	1.32529
Euro Rate 1 Euro=		Inverse
Canadian $	1.45997	0.68495
US $	1.10200	0.90744

Commodities

Gold	Close	Previous
London Gold Fix	1462.90	1452.05
Oil
WTI Crude Future	56.77	57.12

Market Commentary:

The SPDR S&P Retail exchange-traded fund has risen 7.7% in 2019, trailing behind the S&P 500, which is up 23%. Investors will get their next look at whether retail stocks might be able to stage a rebound Friday, when the Commerce Department releases retail sales figures for the month of October.
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canada’s equity benchmark hit a record high, posting its 10th consecutive gain even as pot and energy stocks slumped. The S&P/TSX Composite Index rose 0.1% to 16,972.18. Rate- sensitive stocks led the way as bond yields retreated, with real estate up 0.9% and utilities both gaining 0.9%. Canopy Growth Corp. posted the steepest declining, losing 14% to the lowest since December 2017. The company reported revenue that missed the lowest analyst estimate and said it’s unlikely to meet its previous sales guidance. Today, 150 of 233 shares rose, while 78 fell; 7 of 11 sectors were higher.

Commodities
* Western Canada Select crude oil traded at a $16.50 discount to WTI, the narrowest gap in four weeks
* Spot gold rose 0.6% to $1,471.70
FX/Bonds
* The Canadian dollar was little changed at C$1.3249 per U.S. dollar
* The 10-year government bond yield fell 8 basis points to 1.47%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 12.7872| 0.2| 16/9
Industrials | 11.0497| 0.6| 26/6
Materials | 6.7516| 0.4| 32/15
Utilities | 6.6454| 0.8| 15/1
Real Estate | 5.5056| 0.9| 23/1
Consumer Discretionary | 2.8153| 0.4| 13/3
Information Technology | 0.5661| 0.1| 5/4
Communication Services | -0.5508| -0.1| 4/3
Consumer Staples | -1.1409| -0.2| 3/7
Health Care | -8.0845| -3.7| 2/8
Energy | -22.1555| -0.8| 12/20
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stock indexes were mixed and bonds advanced as the risk rally stalled below all-time highs amid mixed economic data and mounting concern over a partial trade deal. The yen gained along with gold. The S&P 500 eked out its third gain in a row, but continued to trade under records reached over the last week sparked by hopes the U.S. and China would soon hammer out an agreement. That hasn’t happened, and there’s been an abundance of signs that negotiations are stumbling. Both the Nasdaq Composite and the Dow Jones Industrial Average ended the day barely changed. Tech lead decliners as Cisco Systems Inc. tumbled after earnings fell short of expectations, a signal companies are holding off on purchases amid the trade standoff. Walmart Inc., which had risen earlier after earnings, fell. Boeing Co. continued its torrid week, rising 1.4%.A mixed bag of U.S.  economic data Thursday, rising producer prices and more initial jobless claims than expected, also gave traders few reasons to change bets. The benchmark 10-year Treasury yield fell toward 1.80%, pushing its weekly decline to more than 10 basis points and ending talks of a reflation trade. Oil pared gains after a government report showed American inventories rose.
“We’re in a good place but I think this overhang with the trade talks, everyone was optimistic about the phase-one deal and rightfully so. But we have yet to have that finalized and I think that’s still driving the market,” Paul Brigandi, managing director at Direxion, said by phone. “And you see that when there’s new headlines about the deal hitting a snag or if there’s a tweet about positive development, then we rally. It’s still very much on the market’s mind — it’s the biggest driver right now, more so than the Fed or any chatter around rates.” The gloomy figures out of Asia are serving as a reminder of the impact that ongoing trade tensions are having on the global economy. Investors looking for a resolution are still awaiting news of a signing date and location for a U.S.-China phase-one trade deal that’s been on the cards for weeks. President Donald Trump said that talks are moving “very rapidly.” Elsewhere, European shares slipped as data showed Germany narrowly dodged a recession last quarter. Stocks declined in Hong Kong and Tokyo after a report showing Japan’s economy slowed sharply in the third quarter. Shares rose in Shanghai, Seoul and Sydney.
Here are some key events coming up this week:
* U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.3%.
* The U.K.’s FTSE 100 Index dipped 0.7%.
* The MSCI Asia Pacific Index sank 0.5%.
* The MSCI Emerging Market Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro gained 0.1% at 1.1016.
* The British pound gained 0.3% to 1.2886.
* The Japanese yen increased 0.4% 108.38.
Bonds
* The yield on 10-year Treasuries sank seven basis points.
* Germany’s 10-year yield decreased four basis points.
* Britain’s 10-year yield declined four basis points.
* Japan’s 10-year yield fell three basis points.
Commodities
* West Texas Intermediate crude fell 0.2% to $57.00.
* Gold gained 0.6% to 1,472.30.
–With assistance from Cormac Mullen, Yakob Peterseil and Claire Ballentine.
Have a great evening.

Be magnificent!
As ever,

Carolann

First learn the meaning of what you say, and then speak.
                                                -Epictetus, 55-135 AD

 

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 planet Mercury just made news by transiting the sun.

The innermost planet in the solar system, Mercury orbits in a zippy 88 days. The Romans named it after the speedy messenger of the gods (Hermes to the Greeks). The word “planet” is drawn from the ancient Greek for “wandering star.”

The Greeks and the Romans weren’t the only ancient people fascinated with Mercury and with the four other planets visible with the naked eye.

For instance, the Chinese named the five after their primary elements. Jupiter is the wood star (木星), Mars the fire star (火星), Saturn the earth star (土星), Venus the metal star (金星) and Mercury the water star (水星).

Eventually, humans realized that what they were standing on was also a planet. What the West ended up calling Earth, the Chinese called Diqiu (地球), meaning “ball of earth” — or, slightly less elegantly, “dirt ball.” –The New York Times.

In other news…
Venice is flooded.

PHOTOS OF THE  DAY

The recent cold weather has brought out the autumn colors of the Japanese maple trees at Barthelemy & Co nursery near Wimborne in Dorset.
CREDIT: ZACHARYCULPIN/BNPS

A man rides a bicycle in a snowstorm in Altai territory, Russia.
CREDIT: VLADIMIR SMIRNOV / TASS VIA GETTY IMAGES

People wade through floodwaters in Venice, Italy.
CREDIT: ANDREA MEROLA / EPA-EFE / REX

Market Closes for November 13^th, 2019

Market Index	Close	Change
Dow Jones	27783.59	+92.10 +0.33%
S&P 500	3094.04	+2.20 +0.07%
NASDAQ	8482.102	-3.989 -0.05%
TSX	16957.99	+48.61
		+0.29%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23319.87	-200.14
		-0.85%
HANG SENG	26571.46	-493.82
		-1.82%
SENSEX	40116.06	-229.02
		-0.57%
FTSE 100*	7351.21	-14.23 -0.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.554	1.603
CND. 30 Year Bond	1.702	1.742
U.S.    10 Year Bond	1.8878	1.9347
U.S. 30 Year Bond	2.3677	2.4169

Currencies

BOC Close	Today	Previous
Canadian $	0.75455	0.75556
US $	1.32529	1.32352
Euro Rate 1 Euro=		Inverse
Canadian $	1.45868	0.68555
US $	1.10066	0.90855

Commodities

Gold	Close	Previous
London Gold Fix	1452.05	1458.70
Oil
WTI Crude Future	57.12	56.80

Market Commentary:
On this day in 1980, the Nasdaq Composite Index closed above 200 for the first time, finishing the day at 200.25. It had taken the index 9 1/2 years to double from its starting value of 100 on Feb. 8, 1971.  Today the Nasdaq closed at 8482.10 – an increase of  =4,135.8% in  39 years!
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks rose Wednesday, overlooking a report that said farm purchases have become another point of contention in trade negotiations between the U.S. and China. The S&P/TSX Composite rose for the ninth day, climbing 0.3%, or 48.61 to 16,957.99 in Toronto. Eight of eleven sectors rose, while marijuana-exposed stocks lagged, with the Horizons Marijuana Life Sciences Index ETF falling 3.4%. Meanwhile, Canada Goose Holdings Inc. fell on Wednesday after saying that unrest in Hong Kong hurt its business there and that wholesale revenue will decline this quarter. Also, Home Capital Group Inc. shares have regained all their lost ground since the Canadian alternative mortgage lender almost collapsed in 2017.
Commodities
* Western Canada Select crude oil traded at a $18.40 discount to WTI
* Spot gold rose 0.5% to $1,463.30
FX/Bonds
* The Canadian dollar fell 0.1% C$1.3252 per U.S. dollar
* The Canada 10-year government bond yield fell 4.8 basis points to 1.555%
Insights
* So far this year, the index rose 18%, heading for the best year in at least 10 years
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 0.2% below its 52-week high on Nov. 13, 2019 and 23.1% above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 1.3% in the past 5 days and rose 3.3% in the past 30 days
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 14.8102| 1.7| 7/2
Materials | 10.8292| 0.6| 28/20
Utilities | 8.2870| 1.1| 15/1
Communication Services | 6.6756| 0.7| 7/0
Industrials | 6.6566| 0.4| 12/20
Energy | 5.3433| 0.2| 14/17
Consumer Staples | 4.2805| 0.7| 10/0
Real Estate | 1.8688| 0.3| 18/6
Consumer Discretionary | -1.6668| -0.2| 8/8
Health Care | -2.5661| -1.1| 3/7
Financials | -5.9177| -0.1| 11/15
US
By Randall Jensen and Claire Ballentine
(Bloomberg) — U.S. stocks edged higher, stalling below all-time highs as investors remained skittish about whether the U.S. and China will be able to hash out a partial trade deal. The dollar and Treasuries rose. The S&P 500 eked out its second straight gain, treading just under its record reached as part of a more than 7% rally since the start of October, fueled by trade hopes, waning recession fears and rate cuts. Tech shares gyrated after a report said farm purchases have become another of several issues in negotiations between the world’s two largest economies. The Dow Jones Industrial Average reached a record as Walt Disney Co. surged following the debut of its streaming service. The 10-year Treasury yield fell the most in more than a week, while the dollar rose for the seventh time in eight sessions to the highest in a month. The yen advanced along with gold. West Texas crude rose to $57 a barrel. “There was a mild optimism in the market today fueled by hopefulness about the consumer. On the other hand, the whole trade tariff thing doesn’t seem to be any closer to a resolution,” said John Carey, portfolio manager at Pioneer Investment Management Inc. “That uncertainty is still out there, but at this point people have gotten used to that uncertainty. A continued non-resolution isn’t a new negative, it’s just part of the landscape we’ve been watching.”
The prospect of a deal between the world’s two biggest economies has become key to sustaining a rally that drove American stocks to records, as it appears the Fed will be on the sidelines for a long time. The U.S. and China have yet to announce a new location or time to seal the agreement after an international gathering in Chile was canceled, and it’s unclear whether Trump’s renewed threats will move things forward. Elsewhere, emerging-market shares fell as Hong Kong’s benchmark stocks gauge slumped as the city endured a third day of unrest. Japanese shares retreated along with those in South Korea and Australia. New Zealand’s dollar jumped after the country’s central bank unexpectedly kept interest rates unchanged.
Here are some key events coming up this week:
* Earnings season is slowing. Reports are due this week from companies including Japan Post Bank, Walmart, and Cisco.
* U.S. CPI and earnings data Wednesday may provide more clues on the Fed’s policy path
* Thursday brings China retail sales and industrial production data.
* U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% at 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.3%.
* The U.K.‘s FTSE 100 Index declined 0.2%.
* The MSCI Emerging Market Index sank 1.2%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The euro was little changed at $1.1005.
* The British pound was little changed at $1.2838.
* The Japanese yen rose 0.2% to 108.84 per dollar.
Bonds
* The yield on 10-year Treasuries sank five basis points to 1.88%.
* Britain’s 10-year yield dipped five basis points to 0.75%.
* Germany’s 10-year yield declined five basis points to -0.299%.
* Japan’s 10-year yield fell two basis points to -0.042%.
Commodities
* West Texas Intermediate crude rose 0.7% to $57.23 a barrel.
* Gold climbed 0.5% to $1,463.99 an ounce.
–With assistance from Robert Brand and Vildana Hajric.
Have a great night.

Be magnificent!
As ever,

Carolann

Self-discipline is a form of freedom.  Freedom from laziness and lethargy, freedom from expectations and demands of others, freedom from  weakness and fear – and doubt.
                                                                                    –Harvey A. Dorfman, 1935-2011.

 

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:
Age is just a number. Japanese multimedia artist Yayoi Kusama isn’t slowing down at age 90. Her latest exhibition could have New Yorkers waiting up to 2 hours to spend a single minute in one of her famous infinity mirror rooms. Her work is displayed this month at the David Zwirner Gallery, in a show entitled “Every Day I Pray for Love.” –Bloomberg.
The following excerpt, long a favourite of General Douglas MacArthur, is taken from the book, “From the Summit of Years, Four Score” by Samuel Ullman.  It first appeared in December, 1945:
Youth is not a time of life.  It’s a state of mind.  It’s a temper of the will, a quality of the imagination, a vigor of the emotions, a predominance of courage over timidity, of the appetite for adventure over love of ease.

“Nobody grows old by merely living a number of years.   People grow old only by deserting their ideals.  Years wrinkle the skin, but to give up enthusiasm wrinkles the soul.

Worry, doubt, self-distrust, fear and despair – these bow the head and turn the growing spirit back to dust.  Whether 60 or 16, there is in every being’s heart the love of wonder, the sweet amazement at the stars and star-like things and thoughts, the undaunted challenge of events, the unfailing childlike appetite for what-next, and the job of the game of living.

You are as young as your faith , as old as your doubt; as young as your self-confidence, as old as your fear; as young as your hope, as old as your despair.

So long as your heart receives messages of beauty, cheer, courage, grandeur and power from earth, from man and from the infinite, so long are you young.

When the wires are all down, and all the central places of your heart are covered with the snows of pessimism and the ice of cynicism, then, and only  then, are you grown old indeed, and may God have mercy on your soul.

Live every day of your life as though you expect to live forever.”

Ah but I was so much older then.  I’m younger than that now. -Bob Dylan, My Back Pages.

1840- Auguste Rodin, French sculptor born.
1929- Grace Kelly was born.
On Nov. 12, 1942, the World War II naval Battle of Guadalcanal began. The Americans eventually won a major victory over the Japanese. Go to article »

PHOTOS OF THE DAY

The Turner Prize-winning artist and Oscar-winning filmmaker, Steve McQueen has created one of the most ambitious visual portraits of citizenship ever undertaken in one of the world’s largest cities. Using the medium of the traditional school class photograph, this installation brings together images of tens of thousands of Year 3 pupils from across London. It offers us a glimpse of the city’s future – a hopeful portrait of a generation to come.
CREDIT: ELLIOTT FRANKS

U.S singer Taylor Swift performs at a show to mark Alibaba’s 11.11 Singles’ Day global shopping festival in Shanghai, China.
CREDIT: REUTERS/STRINGER 

Passengers are seen silhouetted by the moon as they rise on the Emirates Air Line cable car over the River Thames in London, Britain.
CREDIT: REUTERS/TOBY MELVILLE

Market Closes for November 12^th, 2019  

Market Index	Close	Change
Dow Jones	27691.49	— —
S&P 500	3091.84	+4.83 +0.16%
NASDAQ	8486.090	+21.814 +0.26%
TSX	16909.38	+26.62
		+0.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23520.01	+188.17
		+0.81%
HANG SENG	27065.28	+138.73
		+0.52%
SENSEX	40345.08	+21.47
		+0.05%
FTSE 100*	7365.44	+36.90 +0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.603	1.581
CND. 30 Year Bond	1.742	1.735
U.S.    10 Year Bond	1.9347	1.9417
U.S. 30 Year Bond	2.4169	2.4243

Currencies

BOC Close	Today	Previous
Canadian $	0.75556	0.75647
US $	1.32352	1.32194
Euro Rate 1 Euro=		Inverse
Canadian $	1.45705	0.68632
US $	1.10090	0.90835

Commodities

Gold	Close	Previous
London Gold Fix	1458.70	1484.25
Oil
WTI Crude Future	56.80	57.24

Market Commentary:
On this day in 1999, the Gramm-Leach-Bliley Act, or the “Financial Services Modernization Act,” was signed into law by President Bill Clinton—essentially repealing the Glass-Steagall Act of 1933, which banned banks from the brokerage business. From then on, banking, insurance and brokerage could all be conducted under one giant roof.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks advanced Tuesday while U.S. shares eked out small gains as investors studied the likelihood of a partial trade deal between the U.S. and China. The S&P/TSX Composite rose for an eighth day, climbing 26.62, or 0.2%, to 16,909.38 in Toronto. 117 of 233 shares rose Tuesday, while 107 fell; 6 of 11 sectors were higher, led by materials producers. Meanwhile, Canada Goose Holdings Inc. reports second- quarter results pre-market on Wednesday, and analysts are betting the upscale coat maker’s revenue grew about 16%, according to data compiled by Bloomberg.
Commodities
* Western Canada Select crude oil traded at a $19 discount to WTI
* Spot gold rose 0.2% to $1,458.35
FX/Bonds
* The Canadian dollar was little changed at C$1.3238 per U.S. dollar
* The Canada 10-year government bond yield rose 1.6 basis points to 1.597%
Insights
* This year, the index rose 18%, heading for the best year in at least 10 years
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 12.4098| 0.7| 33/13
Energy | 9.3005| 0.3| 10/22
Financials | 5.0223| 0.1| 17/9
Communication Services | 2.9551| 0.3| 4/2
Information Technology | 2.1801| 0.3| 4/5
Utilities | 0.4800| 0.1| 11/5
Consumer Discretionary | -0.1417| 0.0| 9/6
Consumer Staples | -0.6253| -0.1| 3/6
Real Estate | -0.9986| -0.2| 9/15
Health Care | -1.7990| -0.8| 4/6
Industrials | -2.1609| -0.1| 13/18
US
By Randall Jensen and Claire Ballentine
(Bloomberg) — U.S. stocks edged higher as investors measured the likelihood of a partial trade deal between America and China. The dollar and Treasuries advanced. The S&P 500 eked out a gain after retreating from a record as remarks by President Donald Trump didn’t add much insight into negotiations between the world’s two largest economies. He did say a deal could happen soon, but he also said no agreement would mean significant tariff increases. Earlier, the benchmark pushed through 3,100 for the first time partly on hopes the president would make positive comments on trade. In company news, Facebook Inc. surged as it announced a new payment feature, and Walt Disney Co. rose after its much- anticipated streaming service debuted. Health care shares paced the advance as drugmaker AbbVie Inc. gained amid what may be the largest bond sale of the year. The 10-year Treasury yield fell to 1.91% before Federal Reserve Chairman Jerome Powell addresses Congress Wednesday. The dollar rose for the sixth time in seven sessions, testing its moving average of the last 100 days. Crude edged lower.
“The rough edges of a deal are there, I think the market understands that. I didn’t see anything in the speech that would make me change my mind on that,” said Michael Antonelli, managing director and market strategist at Robert W. Baird & Co. “Optimism over some bigger deal is probably cooling off at the margin.” With most earnings now out of the way and major central banks thought to be on hold, investor focus has turned firmly to trade. Hopes for a first-phase deal between the U.S. and China fueled a risk rally and bond sell-off last week, before Trump’s comments over the weekend cooled some of the optimism. Elsewhere, the yen rose along with gold. Nickel headed for its longest run of losses in almost a year.
Here are some key events coming up this week:
* Earnings season is slowing. Reports are due this week from companies including Tencent, Japan Post Bank, Walmart, Cisco and Mitsubishi UFJ.
* A New Zealand rate decision is due Wednesday, with market pricing tilting in favor of a cut.
* Fed Chairman Jerome Powell addresses the Joint Economic Committee of Congress in Washington Wednesday.
* Thursday brings China retail sales and industrial production data.
* U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.4%.
* The MSCI Asia Pacific Index rose 0.4%.
* The MSCI Emerging Market Index climbed 0.1%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The euro decreased 0.2% to $1.1009.
* The British pound fell less than 0.1% to $1.2851.
* The Japanese yen rose at 109.08 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.91%.
* Germany’s 10-year yield fell less than one basis point to -0.252%.
* Britain’s 10-year yield was unchanged at 0.807%.
Commodities
* Gold gained 0.2% at $1,459.17 an ounce.
* West Texas Intermediate crude fell 0.1% to $56.80 a barrel.
–With assistance from Sophie Caronello.
Have a great night.

Be magnificent!
As ever,

Carolann

The stupid neither forgive nor forget; the naïve forgive and forget;
the wise  forgive but do not forget.
-Thomas Szasz, 1920-2012

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

WHOI biologist Stephanie Jenouvrier holds a young emperor penguin during fieldwork in Antarctica. See National News story NNpenguins. Emperor penguins could be wiped out by climate change within 80 years, warns a new study . The fate of the birds- some of the most striking and charismatic creatures on Earth- is largely tied to the fate of sea ice which they use as a base for breeding. Emperor penguins tend to build their colonies on ice with extremely specific conditions. It must be locked in to the shoreline of the Antarctic continent, but close enough to open seawater for the birds to access food for themselves and their young.
CREDIT: STEPHANIE JENOUVRIER, WOODS HOLE

Join intrepid explores Marco Polo, Phileas Fogg and Amelia Earhart on an expedition through lands familiar and exotic on a magical journey through snowy scenes and festive celebrations in the grand rooms of Chatsworth this Christmas.
CREDIT: CHARLOTTE GRAHAM

A visitor walks near Lanterns during the Seoul Lantern Festival, which held from Nov. 1-17, along Cheonggye stream in Seoul, South Korea.
CREDIT: AP PHOTO/ LEE JIN MAN

Market Closes for November 08^th, 2019  

Market Index	Close	Change
Dow Jones	27681.24	+6.44 +0.02%
S&P 500	3093.08	+7.90 +0.26%
NASDAQ	8475.313	+40.797 +0.48%
TSX	16877.42	+71.67
		+0.43%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23391.87	+61.55
		+0.26%
HANG SENG	27651.14	-196.09
		-0.70%
SENSEX	40323.61	-330.13
		-0.81%
FTSE 100*	7359.38	-47.03 -0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.581	1.616
CND. 30 Year Bond	1.735	1.744
U.S.    10 Year Bond	1.9417	1.9173
U.S. 30 Year Bond	2.4243	2.3974

Currencies

BOC Close	Today	Previous
Canadian $	0.75647	0.75900
US $	1.32194	1.31752
Euro Rate 1 Euro=		Inverse
Canadian $	1.45676	0.68645
US $	1.10199	0.90745

Commodities

Gold	Close	Previous
London Gold Fix	1484.25	1486.05
Oil
WTI Crude Future	57.24	57.15

Market Commentary:
On this day in 1993, in one of the hottest IPOs yet, Boston Chicken went public at an initial price of $20 a share. The stock leapt 142.5% to close at $48.50, or 269 times earnings, giving it a market value of $800 million—even though the restaurant company lost $5.9 million on revenues of just $8.3 million in the previous year. Less than five years later, Boston Chicken filed for bankruptcy protection. McDonald’s later bought the chicken chain for just $173.5 million.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities hovered near fresh all- time highs on Friday, despite President Donald Trump saying that the U.S. hasn’t agreed to roll back all tariffs on China. The S&P/TSX Composite Index rose for the sixth day, gaining 0.4% to 16,877.42. Health Care stocks led the market higher, led by pot stocks. Real estate and materials were the only underperforming sectors. Enbridge Inc contributed the most to the index advance, increasing 2.2%. Canopy Growth had the largest gain, rising 13 %. Inter Pipeline was the biggest drag on the index, declining 3.5%. Altus Group had the biggest drop, falling 7.2%. Meanwhile, Alberta loosened crude-oil production limits for the second time in two weeks, exempting new conventional wells from output caps in a bid to spur drilling and boost employment.
Commodities
* Western Canada Select crude oil traded at a $22.85 discount to WTI
* Spot gold fell 0.7% to 1,458.27 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% C$1.3228 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.582%
US
By Vildana Hajric
(Bloomberg) — U.S. equities finished a week of dueling tariff headlines on a high note, as investors tried to anticipate the next moves in the trade war with China. Ten-year Treasury yields gained, while the dollar rose and West Texas crude held above $57 a barrel. The S&P 500 Index ticked up to a new closing high Friday, surpassing a record set the previous session and registering its fifth consecutive weekly gain, sparked by optimism that global growth troubles are dissipating. Tech shares and health-care stocks led advancers, while energy and utilities slid. The Dow Jones Industrial Average ended the session little changed, while the Nasdaq Composite also reached a record. Investors have been whipsawed the past two days amid an onslaught of contradictory headlines about progress toward an interim deal in the U.S.-China trade war. Officials from the two countries both said Thursday that a phase-one agreement would feature pledges to roll back tariffs on each others’ goods in phases, but President Donald Trump said Friday that the U.S. hasn’t agreed to a rollback, dimming hopes for a preliminary trade deal anytime soon.
“Investors figure that, by and large, something will get done. Investors think that some trade deal is going to come over the coming months, very possibly by year’s end,” said Rick Bensignor, the founder of Bensignor Group and a former strategist for Morgan Stanley. “It’s a positive step towards doing something that shows two countries can come together and get some stuff done.” Insurance and financial companies weighed on the Stoxx Europe 600 Index, but the gauge still scored a weekly gain as well. China’s exports declined less than expected in October as optimism rose about an interim trade deal, though imports contracted for a sixth straight month. The offshore yuan edged lower though stayed stronger than 7 per dollar. Elsewhere, an early rally for Asian stocks fizzled, leaving most shares down in the region. Hong Kong equities were among the worst performing after the death of student protester threatened to inflame demonstrations planned for this weekend. Japanese 10-year government bond yields climbed alongside their Australian peers.
Here are the main moves in markets:
Stocks
*The S&P 500 Index gained 0.3% to 3,093.06 as of 4:05 p.m. New York time, the highest on record.
*The Stoxx Europe 600 Index fell 0.3% to 405.42, the first retreat in more than a week and the biggest fall in a week. Germany’s DAX Index decreased 0.5% to 13,228.56, the first retreat in more than a week and the largest dip in a month.
*The MSCI Emerging Market Index sank 0.9% to 1,063.60, the biggest dip in more than two months.
Currencies
*The Bloomberg Dollar Spot Index advanced 0.2% to 1,204.32, hitting the highest in more than three weeks with its fifth straight advance.
*The euro dipped 0.3% to $1.1021, reaching the weakest in four weeks on its fifth consecutive decline.
*The British pound sank 0.3% to $1.2783, hitting the weakest in more than three weeks with its fifth consecutive decline.
*The Japanese yen strengthened 0.1% to 109.21 per dollar.
*The offshore yuan weakened 0.2% to 6.9871 per dollar, the largest decrease in more than three weeks.
Bonds
*The yield on 10-year Treasuries increased two basis points to 1.94%, the highest in 14 weeks.
*The yield on two-year Treasuries advanced one basis point to 1.67%, the highest in six weeks.
*Germany’s 10-year yield declined three basis points to -0.26%, the biggest fall in a week.
*Britain’s 10-year yield declined less than one basis point to 0.789%.
Commodities
*West Texas Intermediate crude advanced 0.5% to $57.44 a barrel, the highest in more than six weeks.
*Gold depreciated 0.7% to $1,458.33 an ounce, the weakest in almost 14 weeks.

–With assistance from Joanna Ossinger, Adam Haigh and
Constantine Courcoulas.

Have a great evening.

Be magnificent!
As ever,

Isabel

It is not the mountain that we conquer but ourselves.
                                   – Edmund Percival Hillary, 1919-2008

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

Visitors snap photos of a floating carpet of ribbons hanging in an installation by artist Patrick Shearn of the California-based artist group Poetic Kinetics during events celebrating the 30^th anniversary of the fall of the Berlin Wall on November 06, 2019 in Berlin, Germany.
CREDIT: SEAN GALLUP/GETTY IMAGES

Young women wearing the traditional costumes of the region sit in a horse-drawn carriage during the traditional Leonhardi pilgrimage in Bad Toelz, Germany.
CREDIT: AP PHOTO/MATTHIAS SCHRADER

A girl feeds seagull as the sun sets along Lions Park Beach in St. Joseph, Michigan.
CREDIT: DON CAMPBELL/THE HERALD-PALLADIUM VIA AP

Market Closes for November 07^th, 2019  

Market Index	Close	Change
Dow Jones	27674.80	+182.24 +0.66%
S&P 500	3085.18	+8.40 +0.27%
NASDAQ	8434.516	+23.888 +0.28%
TSX	16805.75	+60.11
		+0.36%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23330.32	+26.50
		+0.11%
HANG SENG	27847.23	+158.59
		+0.57%
SENSEX	40653.74	+183.96
		+0.45%
FTSE 100*	7406.41	+9.76 +0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.616	1.540
CND. 30 Year Bond	1.744	1.686
U.S.    10 Year Bond	1.9173	1.8283
U.S. 30 Year Bond	2.3974	2.3156

Currencies

BOC Close	Today	Previous
Canadian $	0.75900	0.75840
US $	1.31752	1.31856
Euro Rate 1 Euro=		Inverse
Canadian $	1.45587	0.68687
US $	1.10501	0.90497

Commodities

Gold	Close	Previous
London Gold Fix	1486.05	1488.95
Oil
WTI Crude Future	57.15	56.35

Market Commentary:
On this day in 2008, in the grip of the financial crisis, the Labor Department said the U.S. jobless rate jumped to a 14-year high of 6.5% in October of that year.
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian equities gained Thursday as traders assessed a slew of earnings and trade-talk signals. Energy was the best performing sector, while materials stocks fell. The S&P/TSX Composite Index rose for a fifth day, climbing 0.4%, or 60.11, to 16,805.75 in Toronto. The index advanced to the highest closing level since Sept. 23. Canadian Natural Resources Ltd. contributed the most to the index gain, rising 8.3%. Stantec Inc. had the largest increase, rising 16%.
Commodities
* Western Canada Select crude oil traded at a $22.85 discount to WTI
* Spot gold fell 1.5% to 1,467.70 an ounce
FX/Bonds
* The Canadian dollar was flat around C$1.3175 per U.S. dollar
* The Canada 10-year government bond yield rose 5 basis points to 1.616%
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks sputtered late in the session Thursday but still managed to close at a record high as traders were whipsawed by conflicting headlines on the progress of trade talks with China. Early reports that the U.S. and China were prepared to exchange tariff rollbacks pushed the S&P 500 Index higher throughout the day, but the rally lost some steam after Reuters said the plan was meeting resistance in the White House. White House economic adviser Larry Kudlow later told Bloomberg, “If there’s a phase one trade deal, there are going to be tariff agreements and concessions.” Before the Reuters report, haven assets from gold to sovereign bonds had been sinking — along with defensive stocks like utilities and real estate — as a risk-on mood gripped markets. Copper and crude jumped at least 2% before paring gains. Sovereign bonds plunged around the world on the earlier positive trade news, with the 30-year Treasury yield hitting its highest since August. Ten year French and Belgian bond yields climbed back above 0% for the first time in months, while the German equivalent surged 10 basis points. Yields remain elevated, even after the latest trade wrinkle.
Gold fell nearly $30 an ounce at one point, only recover some of that loss, but still hit a three-month low. Risk appetite had been picking up as news of progress on trade helped counter earlier reports that a preliminary accord may not happen this month as the two sides continued to wrangle over a location to sign it. But the latest headlines have left traders to wait for the next bit of news. “Until it gets signed, I think markets are going to stay cautious, which means you’re not going to price in the best-case scenario,” Chris Gaffney, president of world markets at TIAA, said by phone. West Texas crude futures traded near $57 a barrel in New York. The pound weakened after two Bank of England policy makers unexpectedly voted for an interest-rate cut.

These are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.3% to 3,085.37 as of 4:00 p.m. New York time, the highest on record.
* The Stoxx Europe 600 Index advanced 0.4% to 406.56, reaching the highest in more than four years on its fifth consecutive advance.
* Germany’s DAX Index increased 0.8% to 13,289.46, hitting the highest in more than 21 months with its fifth consecutive advance.
* The MSCI Emerging Market Index climbed 0.5% to 1,074.08, the highest in about six months.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1% to 1,202.08, the highest in more than three weeks.
* The euro fell 0.2% to $1.1048, the weakest in more than three weeks.
* The British pound dipped 0.3% to $1.2815, the weakest in more than three weeks.
* The Japanese yen depreciated 0.3% to 109.27 per dollar, the weakest in more than five months.
* The offshore yuan appreciated 0.6% to 6.9682 per dollar, the strongest in 14 weeks on the largest increase in more than 12 weeks.
Bonds
* The yield on 10-year Treasuries gained nine basis points to 1.92%, the highest in 14 weeks on the biggest climb in six weeks.
* The yield on two-year Treasuries advanced six basis points to 1.67%, the highest in six weeks on the largest rise in four weeks.
* Germany’s 10-year yield climbed 10 basis points to -0.23%, the highest in almost four months on the biggest surge in more than 17 months.
* Britain’s 10-year yield gained eight basis points to 0.793%, the highest in more than 16 weeks on the largest gain in almost four weeks.
Commodities
* West Texas Intermediate crude gained 1% to $56.91 a barrel.
* Gold depreciated 1.5% to $1,468.09 an ounce, the weakest in more than three months.

–With assistance from Adam Haigh, Andreea Papuc, Elena Popina,
Cecile Vannucci and Todd White.

Have a great evening.

Be magnificent!
As ever,

Isabel

Failure is not fatal, but failure to change might be.
                                                 – John Robert Wooden, 1910-2010

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 general view of race 4, The Macca’s Run, during the Melbourne Cup Day at Flemington Racecourse in Melbourne, Victoria, Australia.
CREDIT: SCOTT BARBOUR/EPA

The Rose Trip Maroc is a female-oriented trek where teams of three must travel through the southern Moroccan Sahara desert with a compass, a map and a topographical reporter.
CREDIT: JEAN-PHILIPPE KSIAZEK/AFP

Russian servicemen dressed in historical uniforms rehearse for a forthcoming parade on Red Square in Moscow.
CREDIT: KIRILL KUDRYAVTSEV

Market Closes for November 06^th, 2019  

Market Index	Close	Change
Dow Jones	27492.56	-0.07 N/A
S&P 500	3076.78	+2.16 +0.07%
NASDAQ	8410.629	-24.052 -0.29%
TSX	16745.64	+63.72
		+0.38%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23303.82	+51.83
		+0.22%
HANG SENG	27688.64	+5.24
		+0.02%
SENSEX	40469.78	+221.55
		+0.55%
FTSE 100*	7396.65	+8.57 +0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.540	1.605
CND. 30 Year Bond	1.686	1.747
U.S.    10 Year Bond	1.8283	1.8584
U.S. 30 Year Bond	2.3156	2.3384

Currencies

BOC Close	Today	Previous
Canadian $	0.75840	0.76031
US $	1.31856	1.31525
Euro Rate 1 Euro=		Inverse
Canadian $	1.45951	0.68516
US $	1.10690	0.90343

Commodities

Gold	Close	Previous
London Gold Fix	1488.95	1509.45
Oil
WTI Crude Future	56.35	57.23

Market Commentary:
On this day in 1851, Charles Henry Dow was born on his family’s farm in Sterling, Conn. After toiling as a reporter with the Springfield, Mass., Daily Republican and the Providence, R.I., Morning Star and Evening Press, he founded Dow, Jones & Co. in 1882 and devised the Dow Jones Industrial Average in 1896.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose for the fourth straight day with the reporting season half way done. Consumer staples were the best performing sector Wednesday while pot stocks fell the most. The S&P/TSX Composite rose 0.4% to 16,745.64, the highest closing level in six weeks. Alimentation Couche-Tard Inc. climbed 2.9%, contributing the most to the index’s gain. SSR Mining Inc. performed the best, jumping 8% as third- quarter earnings beat the highest analyst estimate. Meanwhile, Badger Daylighting Ltd. tumbled 22% after cutting its guidance, even as GMP’s Stephen Harris, the most bullish analyst on the stock, defended the company. Meanwhile, GFL Environmental Inc. was on track to be one of Canada’s largest public offerings. Instead it became the latest IPO that failed to entice investors. The Vaughan, Ontario-based company scrapped its share sale Tuesday after investors balked at the waste company’s debt load and growth prospects. It had sought to raise as much as $2.1 billion at the top end of its marketed range of $20 and $24 a share. But banks running the IPO only got support for the offering at about $18 a share, according to people familiar with the matter.

Commodities
* Western Canada Select crude oil traded at a $21.60 discount to WTI
* Spot gold rose 0.5% to 1,490.86 an ounce
FX/Bonds
* The Canadian dollar weakened slightly to C$1.3183 per U.S. dollar
* The Canada 10-year government bond yield fell 4.2 basis points to 1.538%
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. stocks drifted after reports that any signing of a partial trade deal with China won’t happen until at least December, deflating early-session gains. Treasuries rebounded after dropping for three days. The S&P 500 Index eked out a narrow advance Wednesday while the Nasdaq Composite retreated on word that the signing of a preliminary trade agreement could be delayed as the parties wrangle over a venue. Tech stocks slid and shares in energy companies declined alongside West Texas crude after the EIA reported a big buildup in inventories. Health care and financials rallied. “It seems like markets are really treading water here, trying to decide where to go based on what’s happening with trade later on this year and what’s going on with earnings,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance LLC. The Stoxx Europe 600 Index fluctuated before closing higher as data suggesting that the euro-area economy may be gathering momentum was offset by the International Monetary Fund’s warning of clouds on the horizon.
Banks advanced after Societe Generale SA strengthened its key capital ratio, while global cleaning giant ISS A/S slumped after cutting its full-year outlook. A wave of interest-rate cuts by central banks and mounting hopes of a U.S.-China trade deal have buoyed confidence in markets just as key economic indicators show signs of stabilization. While the latest data from Europe suggest a robust recovery may not be on the cards, the relative improvement eased fears that the global economy was hurtling toward a recession, prompting traders to temper bets for further monetary easing. In Asia, benchmarks rose in Japan and Mumbai, but fell in Shanghai and Sydney. The yuan strengthened past 7 per dollar for a second day, while the greenback held steady as investors awaited fresh developments on the U.S.-China trade front. Bloomberg’s gauge of raw-material spot prices climbed to its highest level since April. Elsewhere, gold, which slumped Tuesday, scored small gains. Emerging-market stocks slipped for the first time in five days.
Here are some key events coming up this week:
* Earnings are due this week from companies including: Walt Disney and Deutsche Telekom.
* A Bank of England monetary decision is due Thursday.
* The USDA World Agricultural Supply and Demand Estimates Report for November comes out Friday.

These are the main moves in markets:

Stocks
*The S&P 500 Index increased 0.1% to 3,076.76 as of 4:02 p.m. New York time.
*The Nasdaq Composite Index declined 0.3% to 8,410.63, the biggest fall in a week.
*The Stoxx Europe 600 Index gained 0.2% to 405.07, the highest in more than four years.
*The MSCI Emerging Market Index declined 0.3% to 1,067.63, the first retreat in a week and the biggest drop in more than two weeks.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,200.90, the highest in almost three weeks.
*The euro declined 0.1% to $1.1068, the weakest in three weeks.
*The British pound decreased 0.2% to $1.2857, the weakest in more than a week.
*The Japanese yen strengthened 0.2% to 108.95 per dollar.
Bonds
*The yield on 10-year Treasuries decreased four basis points to 1.82%.
*The yield on two-year Treasuries dipped two basis points to 1.61%.
*Britain’s 10-year yield declined six basis points to 0.715%, the largest decrease in more than three weeks.
*Germany’s 10-year yield declined two basis points to -0.33%.
Commodities
*West Texas Intermediate crude fell 1.2% to $56.53 a barrel.
*Gold strengthened 0.5% to $1,490.81 an ounce.

–With assistance from Joanna Ossinger, Cormac Mullen, Adam
Haigh and Robert Brand.

Have a great evening.

Be magnificent!
As ever,

Isabel

All men are caught in an inescapable network of mutuality.
                                                     – Martin Luther King Jr, 1929-1968

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

Ava Cunnington, 2, places a poppy on the Martin Water War memorial art installation at Beverley Minister in Beverly, East Yorkshire. The poppy installation is created in remembrance of all those who died in the Battle of Normandy, France in 1944 and the fate that awaited them as they disembarked the landing craft.
CREDIT: DAN ROWLANDS/SWNS.COM

Italian Armed Forces day, Napoli, Campania, Italy.
CREDIT: ZUMA PRESS, INC./ALAMY LIVE NEWS

The daughter of the ‘Wombles’ author has donated her mum’s womble memorabilia and toys to charity – ‘recycling’  them just like her famous characters. Kate Robertson was a little girl when She mispronounced ‘Wimbledon’ as ‘Wombledon’ on a walk with her mother Elisabeth on the famous common. Her mum was immediately inspired and created The Wombles – furry creatures who help the environment by collecting and recycling rubbish in creative ways. They appeared in books and a highly successful TV show in the UK in the 1970’s – and even a chart-topping hit.

Market Closes for November 05^th, 2019  

Market Index	Close	Change
Dow Jones	27492.63	+30.52 +0.11%
S&P 500	3074.62	-3.65 -0.12%
NASDAQ	8434.680	+1.480 +0.02%
TSX	16681.92	+12.11
		+0.07%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23251.99	+401.22
		+1.76%
HANG SENG	27683.40	+136.10
		+0.49%
SENSEX	40248.23	-53.73
		-0.13%
FTSE 100*	7388.08	+18.39 +0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.605	1.528
CND. 30 Year Bond	1.747	1.687
U.S.    10 Year Bond	1.8584	1.7752
U.S. 30 Year Bond	2.3384	2.2644

Currencies

BOC Close	Today	Previous
Canadian $	0.76031	0.76005
US $	1.31525	1.31569
Euro Rate 1 Euro=		Inverse
Canadian $	1.45657	0.68654
US $	1.10745	0.90298

Commodities

Gold	Close	Previous
London Gold Fix	1509.45	1508.80
Oil
WTI Crude Future	57.23	56.54

Market Commentary:
On this day in 1999, U.S. District Court Judge Thomas Penfield Jackson found that Microsoft was a monopoly, and the U.S. Justice Department began plans to enforce the company’s breakup. The next trading day, more than $10 billion worth of Microsoft shares were traded, as the stock dropped as low as $84.375, an 8.5% loss. Less than two years later, a Federal appeals court overturned much of Judge Jackson’s ruling.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose for a third straight session on Tuesday, even as Shopify Inc. and other tech stocks underperformed. Industrials, consumer staples and financials were among the top performing sectors. The S&P/TSX Composite advanced 0.1% to 16,681.92 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1%. Endeavour Mining Corp. had the largest increase, rising 8.7%, after releasing its earnings. Shopify extended its loss after an anonymous post on Value Investors Club suggested shorting the stock. Gold miners fell after futures posted the biggest loss in more than a month as investors weighed up prospects for a first-phase U.S.-China trade deal.
Commodities
* Western Canada Select crude oil traded at a $22.20 discount to WTI
* Spot gold fell 1.7% to 1,484.88 an ounce
FX/Bonds
* The Canadian dollar weakened slightly to C$1.3161 per U.S. dollar
* The Canada 10-year government bond yield rose 4.8 basis points to 1.601%

US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. equities hovered near record highs Tuesday before closing mostly lower as investors digested the latest earnings and economic data while awaiting more news about trade talks between America and China. Ten-year Treasury yields hit their highest since September, oil rose for a third day, and gold slipped below $1,500 an ounce. The S&P 500 Index declined from Monday’s record, with financial and energy shares leading gainers, while health-care and real estate firms lagged. The Dow Jones Industrial Average rose to a fresh record. News that U.S. service industries expanded more than forecast in October triggered a brief equity rally but dimmed hopes for a December rate cut from the Federal Reserve. The Stoxx Europe 600 Index nudged higher. Investors have been in a more bullish mood lately amid signs of progress in the trade war, which is alleviating one of the biggest headaches for markets as they approach year-end. Add in solid earnings and rebounding growth expectations, and a risk-on rotation has been taking hold.
In the latest trade news, China is reviewing locations in the U.S. where President Xi Jinping would be willing to meet with President Donald Trump to sign a pact, people familiar with the plans said.“There was some enthusiasm around the trade headlines and people are just taking a step back and remembering that that story-line is very hard to predict,” said Craig Birk, chief investment officer at Personal Capital, which oversees $10 billion. “There’s just as much risk as there is cause for optimism on the so called phase one deal attempting to be hammered out.” Meanwhile, markets got further support after China’s central bank reduced the cost of one-year funds to banks for the first time since 2016, easing concerns about tightening liquidity. And Bank of Japan Governor Haruhiko Kuroda suggested his nation could issue more super-long term bonds, reflecting a desire for a steeper yield curve. Japanese shares led gains as Tokyo traders caught up after a long weekend, with more modest advances in Shanghai, Hong Kong and Seoul. Australia’s dollar rose after its central bank left interest rates unchanged and said past easing steps are offering support.

Stocks
*The S&P 500 Index fell 0.1% to 3,074.68 as of 4:02 p.m. New York time.
*The Dow Jones Industrial Average jumped 0.1% to 27,492.43, the highest on record.
*The Nasdaq Composite Index was little changed at 8,434.68.
*The Stoxx Europe 600 Index increased 0.2% to 404.23, the highest in more than four years.
*Germany’s DAX Index advanced 0.1% to 13,148.50, the highest in more than 17 months.
Currencies
*The Bloomberg Dollar Spot Index rose 0.2% to the highest in almost three weeks.
Bonds
*The yield on two-year Treasuries gained four basis points to 1.62%, the highest in a week on the largest gain in more than two weeks.
*The yield on 10-year Treasuries advanced eight basis points to 1.85%, the highest in more than seven weeks.
*Germany’s 10-year yield advanced four basis points to -0.31%,
the highest in almost 16 weeks on the largest rise in almost
four weeks.
Commodities
*West Texas Intermediate crude advanced 1.1% to $57.16 a barrel, the highest in six weeks.
*Gold depreciated 1.7% to $1,484.79 an ounce, the weakest in more than two weeks on the largest dip in almost six weeks.

–With assistance from Ishika Mookerjee, Abhishek Vishnoi,
Andreea Papuc and Yakob Peterseil.

Have a great evening.

Be magnificent!
As ever,

Isabel

A short saying oft contains much wisdom.
                                          -Sophocles, 497/6 – winter 406/5 BC

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

Cher Green-Hawt tries on a hat at the Breeders’ Cup horse races at Santa Anita Park.
CREDIT: AP PHOTO/GREGORY BULL

Two jousting competitors come together during the inaugural “Ashes” jousting tournament between Australia and England at the Kryal Castle in Leigh Creek, some 100 kms west of Melbourne. Australia and England took their storied sports rivalry to another level, and another century, this weekend as the two nations faced off in a jousting tournament, won by The Australian side.
CREDIT: WILLIAM WEST/ AFP

A canoeist makes their way along the Basingstoke canal near to Dogmersfield in Hampshire.
CREDIT: ANDREW MATTHEWS/PA

Market Closes for November 04^th, 2019  

Market Index	Close	Change
Dow Jones	27462.11	+114.75 +0.42%
S&P 500	3078.27	+11.36 +0.37%
NASDAQ	8433.199	+46.802 +0.56%
TSX	16669.81	+75.75
		+0.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22850.77	-76.27
		-0.33%
HANG SENG	27547.30	+446.54
		+1.65%
SENSEX	40301.96	+136.93
		+0.34%
FTSE 100*	7369.69	+67.27 +0.92%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.528	1.447
CND. 30 Year Bond	1.687	1.607
U.S.    10 Year Bond	1.7752	1.7120
U.S. 30 Year Bond	2.2644	2.1911

Currencies

BOC Close	Today	Previous
Canadian $	0.76005	0.76087
US $	1.31569	1.31428
Euro Rate 1 Euro=		Inverse
Canadian $	1.46339	0.68335
US $	1.11226	0.89907

Commodities

Gold	Close	Previous
London Gold Fix	1508.80	1510.95
Oil
WTI Crude Future	56.54	56.20

Market Commentary:
On this day in 1929, in an attempt to calm panicking investors, the New York Stock Exchange announced that it would be open for trading only three hours a day that week. The investing public took no comfort, trading an astounding 6 million shares in just 180 minutes—more than twice the level of a normal full day’s trading just weeks earlier. The Dow Jones Industrial Average dropped 5.8% to finish the day at 257.68—down 32.4% in two months.
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian stocks gained on Monday as oil hit a one-week high and investors studied signals that a U.S.-China trade deal is imminent. Industrial stocks were the second best sector, while consumer staples underperformed. The S&P/TSX Composite rose for a second day, climbing 0.5%, or 75.74 to 16,669.81 in Toronto. The index advanced to the highest closing level since Sept. 27. Canadian National Railway Co. contributed the most to the index gain, increasing 1.5%. Gran Tierra Energy Inc. had the largest  percentage increase,rising 9.6%. Canadian consumer sentiment worsened through October amid rising uncertainty about the economic outlook, and as westerners came to grips with an election that handed a second term to Justin Trudeau’s Liberals, a result perceived as potentially bad for the energy industry.
Commodities
* Western Canada Select crude oil traded at a $22.10 discount to WTI
* Spot gold fell 0.3% to 1,510.33 an ounce
FX/Bonds
* The Canadian dollar weakened slightly to C$1.3150 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.528%
Insights
* This year, the index rose 16%, heading for the best year since 2016
* The index advanced 10% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 1.6% below its 52-week high on Sept. 20, 2019 and 21% above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 1.7 % in the past 5 days and rose 1.3% in the past 30 days

US
By Sarah Ponczek
(Bloomberg) — U.S. stock benchmarks climbed to all-time highs, while Treasuries tumbled as trade optimism fueled demand for risk assets. The Dow Jones Industrial Average climbed Monday to claim its first record since July. The S&P 500 and Nasdaq indexes also hit new highs after a report that the U.S. and China are closing in on a partial trade deal and the Federal Reserve cut interest rates last week. The 10-year Treasury yield rose to 1.78% and the dollar advanced versus major peers. In company news, McDonald’s Corp. fell after firing its chief executive and Under Armour Inc. sank after disclosing an accounting probe — both declines weighing heavily on consumer shares. Banks and industrial firms led the Stoxx Europe 600 Index toward a four-year high after the U.S. commerce secretary said tariffs on importing vehicles into the American market might be unnecessary. All major Asian markets advanced. A gauge of emerging-market stocks was set for its biggest gain in three weeks. Investors are trying to push up stocks for a fifth successive week and add to the 18% gain this year already notched by a global gauge of equities. Earnings continue to roll in around the world, with Uber Technologies Inc. and Marriott International Inc. still due Monday. In China, trade data at the end of this week will give details for October against a backdrop of easing tensions on negotiations with U.S. counterparts.
“The earnings season primarily has been so much better than we expected it to be,” JJ Kinahan, chief market strategist at TD Ameritrade, said by phone. “Not that it’s an unbelievable earnings season, but it’s been so much above expectations. The rhetoric on tariffs has been mostly positive and we continue to see positive numbers out of particularly employment, but really in general about the economy.”Commerce Secretary Wilbur Ross expressed optimism the U.S. would reach a “phase one” trade deal with China this month and said licenses would be coming “very shortly” for American companies to sell components to Huawei Technologies Co. President Donald Trump told reporters Sunday that a trade deal, if completed, will be signed somewhere in the U.S. Elsewhere, crude-oil futures climbed. The initial public offering process for Saudi Aramco officially started on Sunday, with the stock likely to begin trading in Riyadh next month. Valuations vary widely. These are the main moves in markets:

Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time; the Dow Jones Industrial Average climbed 0.4%.
* The Stoxx Europe 600 Index jumped 1% to a four-year high.
* Germany’s DAX Index surged 1.4% to a 17-month high.
* The MSCI Emerging Markets Index rose 1.3% to the highest in
more than four months.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3%, the biggest gain in five weeks.
* The euro fell 0.4% to $1.1127.
* The British pound fell 0.5% to $1.2884.
* The Japanese yen weakened 0.4% to 108.62 per dollar.
Bonds
* The yield on 10-year Treasuries rose seven basis points to 1.78%.
* The two-year rate added four basis points to 1.59%.
* Germany’s 10-year yield rose three basis points to -0.35%.
* Britain’s 10-year yield climbed six basis points to 0.725%.
Commodities
* The Bloomberg Commodity Index jumped 0.5% to a seven-week high.
* West Texas Intermediate crude increased 0.6% to $56.52 a barrel.
* Gold weakened 0.4% to $1,508.53 an ounce.

–With assistance from Haidi Lun, Ravil Shirodkar and Adam
Haigh.
Have a great evening.

Be magnificent!
As ever,

Isabel

The best time to make friends is before you need them.

• Ethel Barrymore, 1909–1923

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!
On Nov. 1, 1952, the United States exploded the first hydrogen bomb, in a test at Eniwetok in the Marshall Islands.  Go to article »

My November Guest
 
My Sorrow, when she’s here with me,
Thinks these dark days of autumn rain
Are beautiful as days can be;
She loves the bare, the withered tree;
She walked the sodden pasture lane.
 
Her pleasure will not let me stay.
She talks and I am fain to list:
She’s glad the birds are gone away,
She’s glad her simple worsted gray
Is silver now with clinging mist.
 
The desolate, deserted trees,
The faded earth, the heavy sky,
The beauties she so truly sees,
She thinks I have no eye for these,
And vexes me for reason why.
 
Not yesterday I learned to know
The love of bare November days
Before the coming of the snow,
But it were vain to tell her so,
And they are better for her praise.
 
                                   Robert Frost

PHOTOS OF THE DAY

Aurora Borealis, the Northern Lights, over the Vestrahorn mountain in the east of Iceland.
CREDIT: OWEN HUMPHREYS/PA WIRE

Starlings flock towards land at dawn to roost, performing incredible and almost balletic movements together before they settle; huge groups of starlings that twist, turn, swoop and swirl across the sky. They seamlessly change shape and direction in perfectly choreographed movements as the warm up in the morning sun.
CREDIT: MEDIAWORLDIMAGES/ALAMY LIVE NEWS

Fog cloud covers the summit of the Mount Ararat in Dogubeyazit district of Agri, Turkey.
CREDIT: GOKSEL CUNEY IGDE/ANADOLU AGENCY VIA GETTY IMAGES

A Worker with the Los Angeles, California-based artist group Kinetics attaches a message written on a ribbon to an installation by artist Patrick Shearn that will be part of celebrations marking the 30^th anniversary of the fall of the Berlin Wall Berlin, Germany.
CREDIT: SEAN GALLUP/GETTY IMAGES

Market Closes for November 01^st, 2019  

Market Index	Close	Change
Dow Jones	27347.36	+301.13 +1.11%
S&P 500	3066.91	+29.35 +0.97%
NASDAQ	8386.398	+94.038 +1.13%
TSX	16594.07	+110.91
		+0.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22850.77	-76.27
		-0.33%
HANG SENG	27100.76	+194.04
		+0.72%
SENSEX	40165.03	+35.98
		+0.09%
FTSE 100*	7302.42	+54.04 +0.75%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.447	1.412
CND. 30 Year Bond	1.607	1.576
U.S.    10 Year Bond	1.7120	1.6858
U.S. 30 Year Bond	2.1911	2.1741

Currencies

BOC Close	Today	Previous
Canadian $	0.76087	0.75949
US $	1.31428	1.31667
Euro Rate 1 Euro=		Inverse
Canadian $	1.46713	0.68160
US $	1.11630	0.89581

Commodities

Gold	Close	Previous
London Gold Fix	1510.95	1492.10
Oil
WTI Crude Future	56.20	54.18

Market Commentary:
On this day in 1999, shortly after its 103rd birthday, the Dow Jones Industrial Average took a big slurp from the fountain of youth. It replaced four stodgy old companies—Chevron (a Dow member since 1984), Goodyear (a member since 1930), Sears (since 1924) and Union Carbide (since 1928) with four hot growth stocks—Home Depot, Intel, Microsoft and SBC Communications.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks advanced as oil futures climbed as much as 3.2% in New York on Friday. Meanwhile, China and the U.S. signaled they’re getting closer to agreeing on the first phase of a deal aimed at reducing tensions in a trade war that’s slowed the global economy. Additionally, Encana Corp.‘s plan to re-domicile south of the border potentially makes the company ineligible for inclusion in the S&P/TSX Canadian indexes. The S&P/TSX Composite rose 0.7% to 16,594.07 in Toronto. The move was the biggest since Canadian stocks added 0.8% on Sept. 5 and was the third advance in the past four days. Energy stocks led the market higher — climbing 1.8% as a group — as 7 of 11 sectors gained.
Commodities
* Western Canada Select crude oil traded at a $21.50 discount to WTI
* Spot gold flat around 1,512.90 an ounce
FX/Bonds
* The Canadian dollar gained 0.1% to C$1.3144 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 1.445%
Insights
* So far this week, the index rose 1.2%, heading for the biggest advance since the week ended Sept. 20
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 48.2002| 1.8| 27/5
Financials | 26.7991| 0.5| 25/2
Industrials | 26.4270| 1.4| 28/4
Information Technology | 9.5995| 1.1| 9/0
Consumer Discretionary | 3.5746| 0.5| 11/5
Real Estate | 3.5657| 0.6| 23/1
Health Care | 2.6472| 1.2| 8/2
Consumer Staples | -0.7176| -0.1| 3/6
Utilities | -1.3640| -0.2| 8/8
Communication Services | -1.3923| -0.2| 4/3
Materials | -6.4453| -0.3| 25/23
US
By Jeremy Herron and Claire Ballentine
(Bloomberg) — It’s old, but it’s not slowing down. A bull market that traces its lineage to the depths of the financial crisis is revving up again, notching its fourth straight weekly gain and pushing its advance in 2019 past 22%. After wavering at mid-year amid a U.S. China trade war and recession anxieties, American stocks are back in melt-up mode, ending three of the past five sessions at records. While nobody knows if it’s getting late for this decade-old rally, gains like these have been common at the tail end of bull markets past. A study by Bank of America Corp. on equity peaks since 1937 shows that being uninvested in the last year of an advance meant foregoing one-fifth of the rally’s overall return. The S&P 500 powered to a fresh high Friday after an unexpectedly strong hiring report offered hope that the labor market can propel consumer spending and extend the record-long expansion despite weak business investment and trade tensions. Stocks got a brief boost and the dollar pared losses after China’s Ministry of Commerce said trade negotiators had achieved a “consensus in principle” with the U.S. The latest economic data come after the Fedlowered rates Wednesday and signaled it is unlikely to make further changes, up or down, any time soon. That sent stocks to a record, before a batch of weak economic data and renewed worries over trade weighed on the measure Thursday. The S&P 500 is up 1.5% in the week. Fed Vice Chairman Richard Clarida reiterated in Bloomberg Radio interview that monetary policy is “in a good place” and the consumer is strong.
The jobs report “reinforces the thesis that the economy is hanging in there with steady growth thanks to the consumer, jobs, low rates, strong housing and that the global picture is weak,” said Alec Young, managing director of Global Markets Research at FTSE Russell. Friday’s good news on the trade front follows a tough Thursday session that saw markets  rattled as Chinese officials cast doubts about reaching a comprehensive long-term trade deal with the U.S. In earnings news, Exxon Mobil and Chevron reported solid results, while Alibaba Group Holding Ltd. rose after its report. European bonds slipped. Oil edged higher though headed for its biggest weekly loss in a month on swelling American stockpiles. Earlier, risk sentiment got a boost from better-than-expected Chinese manufacturing data, even as uncertainty remains over an interim trade deal. Gold fell after a 1% rally Thursday. “Markets participants, as well as maybe even the Fed, have been very optimistic” on the trade truce, Tiffany Wilding, chief U.S. economist at Pacific Investment Management Co., told Bloomberg TV. “We can see some more deterioration there.”
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1% as of 4 p.m. New York time.
* Th Dow Jones Industrial Average added 1.1%.
* The Stoxx Europe 600 Index gained 0.8%.
* The MSCI Asia Pacific Index gained 0.3%.
* The MSCI Emerging Market Index advanced 0.7%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro rose 0.1% to $1.1167.
* The British pound was flat at $1.294.
* The Japanese yen fell 0.1% to 108.178 per dollar.
Bonds
* The yield on 10-year Treasuries gained two basis points to 1.71%.
* The two-year yield added three basis points to 1.55%
* Germany’s 10-year yield gained three basis points to -0.382%.
Commodities
* Gold futures was flat at $1,510.70 an ounce.
* West Texas Intermediate crude gained 3.5% to $56.10 a barrel.
–With assistance from Alexandra Harris, Constantine Courcoulas and Reade Pickert.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Death destroys a man; the idea of death saves him.
                                  -E. M. Forster, 1879-1970                

 

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