Month: December 2019

Dear Friends,

Tangents:

Wishing everyone a very Happy New Year!!

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

PHOTOS OF THE DAY

Performers at the preview of The New Years Day Parade on Convent garden piazza, London, UK.
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Animal figures on display during Ice Fantasy 2020, a festival of ice sculpture, at the Peter and Paul Fortress in St. Petersburg, Russia.
CREDIT: ALEXANDER DEMIANCHUK/ TASS VIA GETTY IMAGES

Dog walkers and families enjoy a wonderful misty morning in Richmond Park, London as forecasters predict unseasonably warm weather and possibly the warmest New Year’s Eve for over 170 years.
CREDIT: ALEX LENTATI/LNP

Market Closes for December 31^st, 2019  

Market Index	Close	Change
Dow Jones	28538.44	+76.30
		+0.27%
S&P 500	3230.78	+9.49
		+0.29%
NASDAQ	8972.605	+26.611 +0.30%
TSX	17063.43	-35.13
		-0.21%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23656.62	-181.10
		-0.76%
HANG SENG	28189.75	-129.64
		-0.46%
SENSEX	41253.74	-304.26
		-0.73%
FTSE 100*	7542.44	-44.61 -0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.702	1.643
CND. 30 Year Bond	1.763	1.711
U.S.    10 Year Bond	1.9175	1.8788
U.S. 30 Year Bond	2.3896	2.3297

Currencies

BOC Close	Today	Previous
Canadian $	0.76984	0.76556
US $	1.29898	1.30623
Euro Rate 1 Euro=		Inverse
Canadian $	1.45643	0.68681
US $	1.12121	0.89189

Commodities

Gold	Close	Previous
London Gold Fix	1514.75	1511.50
Oil
WTI Crude Future	61.06	61.68

Market Commentary:
On this day in 2008, the Dow Jones Industrial Average ended the year down 33.8%, its largest percentage drop since 1931.
Canada
By Aoyon Ashraf
(Bloomberg) — Shares in the S&P/TSX Composite Index fell 0.2% on Tuesday, closing out the decade with the biggest annual gain since 2009. The benchmark index gained 19% this year, though it ended on a weaker note, following a three-day decline. Materials stocks led the market lower on Tuesday as nine of 11 sectors fell. Health care was the strongest sector as pot stocks rallied to close out the dismal year, one day after the industry’s first exchange-traded fund fell to a record low. Hudson’s Bay Co. jumped 21% as Chairman Richard Baker and his partners were said to consider raising their offer to take the retailer private. Meanwhile, Canaccord Genuity Group Inc. earned top spot for arranging IPOs for the first time in its history. The Toronto- based firm also extended its streak of managing the largest number of Canadian equity financings for the third year in a row.
Commodities
* Western Canada Select crude oil traded at a $22.50 discount to WTI
* Spot gold rose 0.2% to $1,517.61 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.7% to C$1.2985 per U.S. dollar
* The 10-year government bond yield rose about 4 basis points to 1.702%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks capped one of the best years of the past decade with a slight gain, pushing the S&P 500 to an annual advance of 29% and a record $5.9 trillion in value added. The dollar fell for a fourth session and Treasuries slumped. The Nasdaq 100 Index notched a 38% gain for the year, its best since 2009. Bloomberg’s dollar index was set to end the year lower by about 1% after a 2.9% slump in the fourth quarter. Ten-year Treasuries yielded 1.92%, down more than 75 basis points in the year. Gold looked to cap its best year since 2010, while crude oil pared its rise to 35%. European equities slipped Tuesday, but notched a 23% gain in 2019, the most since 2009. With several major markets shuttered and trading volumes depressed before the New Year’s holiday, the dominant moves on Tuesday were themes expected by many to feature heavily in 2020 — — a weakening dollar, stabilizing global economy and easing of U.S.-China trade tensions. The lull across markets on Tuesday draws a line under a year of spectacular returns for many asset classes.

Here are some events to watch for this week:
* Most global markets will be closed on Jan. 1. U.S. fixed- income markets also close early at 2 p.m. EST Tuesday.
* China’s Caixin manufacturing PMI comes Thursday.
* Federal Open Market Committee minutes will be released on Friday.
* U.S. ISM manufacturing is due Friday. The Institute for Supply Management’s PMI is forecast to show a contraction for a fifth straight month.

These are some of the moves in major markets:
Stocks
* The S&P 500 Index rose 0.3% at 4 p.m. New York time.
* The Nasdaq 100 Index gained 0.3%.
* The Dow Jones Industrial Average added 0.3%.
* The Stoxx Europe 600 Index decreased 0.1%.
* The MSCI Asia Pacific Index sank 0.2%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* The British pound increased 1%.
* The euro advanced 0.2% to $1.1216.
* The Japanese yen strengthened 0.2% to 108.65 per dollar.
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.92%.
* Germany’s 10-year rate ended the year at -0.185%
Commodities
* West Texas Intermediate crude fell 0.8% to $61.19 a barrel.
* Gold climbed 0.1% to $1,520.20 an ounce.

–With assistance from Todd White and Vildana Hajric.

Have a great evening.

Be magnificent!
As ever,

Isabel

It always seems impossible until it’s done.
                                                – Nelson Rolihlahla Mandela, 1918 –2013

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 young girl stands on a Victoria Amazonica water lily at Suan Malai Victoria Water Lily garden on the outskirts of Bangkok, Thailand.
CREDIT: DIEGO AZUBEL/REX

People watch at confetti as its thrown from the Hard Rock Café marquee as part of the annual confetti test ahead of the New Year’s Eve ball-drop celebrations in Times Square in New York City.
CREDIT: JEENAH MOON/ REUTERS

Thousands of Lanterns have been lit in the Olympic Stadium in Amsterdam during the fourth edition of the Lantern campaign by Dutch KWF Fight against cancer, in Amsterdam, Netherlands.
CREDIT: REX/ REMKO DE WAAL


Market Closes for December 30^th, 2019  

Market Index	Close	Change
Dow Jones	28462.14	-183.12
		-0.64%
S&P 500	3221.29	-18.73
		-0.58%
NASDAQ	8945.996	-60.621 -0.67%
TSX	17098.56	-69.65
		-0.41%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23656.62	-181.10
		-0.76%
HANG SENG	28319.39	-93.97
		-0.33%
SENSEX	41558.00	-17.14
		-0.04%
FTSE 100*	7587.05	-57.85 -0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.643	1.598
CND. 30 Year Bond	1.711	1.661
U.S.    10 Year Bond	1.8788	1.8752
U.S. 30 Year Bond	2.3297	2.3138

Currencies

BOC Close	Today	Previous
Canadian $	0.76556	0.76447
US $	1.30623	1.30810
Euro Rate 1 Euro=		Inverse
Canadian $	1.46331	0.68338
US $	1.12026	0.89265

Commodities

Gold	Close	Previous
London Gold Fix	1511.50	1482.10
Oil
WTI Crude Future	61.68	61.72

Market Commentary:
On this day in 1963, American Express Warehousing, a unit of American Express, declared bankruptcy after storage tanks in Bayonne, N.J., that were supposed to contain $150 million worth of salad oil turned out to hold nothing but seawater. Con man Anthony “Tino” De Angelis had borrowed millions of dollars using the nonexistent oil as collateral, leaving AmEx on the hook. As the stock skidded from $60 to $35, Warren Buffett put nearly 25% of his assets in it; within four years, he had a 150% profit.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell for the second straight session on thin volume as investors looked toward the new year. Mining stocks were the only one of 11 main industry groups to advance on the second-to-last trading day of the year as precious metals prices rose. Gold extended its year-end rally as the dollar weakened and funds plowed more money into exchange- traded funds backed by the metal. The S&P/TSX Composite Index fell 0.4% to 17,098.56. Trading volume was about 37% below the 30-day average. The benchmark for Canadian equities is up 19% in 2019, on track for its best year since 2009. Maxar Technologies Inc. was among the few standout gainers
on Monday. the satellite company’s shares jumped 15% to the highest in a year after it said it would sell its Canadian space and defense unit for C$1 billion.
Commodities
* Western Canada Select crude oil traded at a $22.00 discount to WTI
* Spot gold rose 0.3% at $1,515.08 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3062 per U.S.dollar
* The 10-year government bond yield rose to 1.646%
US
By Randall Jensen and Claire Ballentine
(Bloomberg) — U.S. stocks fell in light trading on the penultimate day of a blockbuster year for markets. Treasuries and the dollar declined. The S&P 500 fell the most in more than three weeks amid the countdown to the New Year’s Day holiday Wednesday. Tech shares paced losses, with Facebook Inc., Amazon.com Inc. and Google’s parent company among the biggest decliners. The benchmark is still headed for its best year since 2013. Ten-year Treasury yields pared earlier gains to trade around 1.88%, while the dollar fell for a third straight session as the yen and the pound strengthened. “This whole week’s going to be slow, so I wouldn’t attribute any day’s movements or any movements this week to anything in particular,” said Jeff Mills, chief investment officer at Bryn Mawr Trust.
“The market is in an interesting spot, we’ve run up quite a bit, technically the market is overbought.” Investors are acting with caution in thin pre-holiday trading at the end of a year that’s propelled global equity benchmarks to record highs. And with the Federal Reserve apparently on hold and U.S. trade talks seemingly far from a new breakthrough, traders may remain reluctant to jump back into risk markets. Elsewhere, West Texas crude turned lower following a report that Iran detained a fuel tanker.

Here are some events to watch for this week:
* China’s official manufacturing PMI is due Tuesday, and the Caixin version comes Thursday.
* Most global markets will be closed on Jan. 1. U.S. fixed- income markets also close early at 2 p.m. EST Tuesday.
* World leaders including China’s Xi Jinping and North Korea’s Kim Jong Un are set to deliver New Year addresses.
* Federal Open Market Committee minutes will be released on Friday.
* U.S. ISM manufacturing is also due Friday. The Institute for Supply Management’s PMI is forecast to show a contraction for a fifth straight month.

These are some of the moves in major markets:

Stocks
* The S&P 500 Index fell 0.6%, the most since Dec. 3, as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.9%.
* The MSCI Asia Pacific Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The British pound rose 0.3%.
* The euro climbed 0.2% to $1.1203.
* The Japanese yen strengthened 0.6% to 108.82 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to1.90%.
* Germany’s 10-year yield climbed seven basis points to -0.19%.
* Britain’s 10-year yield jumped 11 basis points to 0.867%.
Commodities
* West Texas Intermediate crude fell 0.3% to $61.54 a barrel.
* Gold climbed 0.3% to $1,515.45 an ounce.

–With assistance from Christopher Anstey, Andreea Papuc and Todd White.

Have a great evening.

Be magnificent!
As ever,

Isabel

You cannot shake hands with a clenched fist.
                                            – Indira Gandhi, 1917–1984

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 swan rises from the water of the curling pond on the Colzium Lennox Estate, Kilsyth, North Lanarkshire, on Christmas Day.
CREDIT: CAT PERKINTON/SWNS

Competitors and the spectator fleet, right, race along at start of the 75^th Sydney Hobart yacht race in Sydney Harbour, Australia.
CREDIT: ROLEX/KURT ARRIGO VIA AP

This composite image shows the moon as it moves in front of the sun in a rare “ring of fire” solar eclipse as seen from Tanjung Piai in Malaysia.
CREDIT: SADIQ ASYRAF /AFP VIA GETTY IMAGES

Market Closes for December 27^th, 2019  

Market Index	Close	Change
Dow Jones	28645.26	+23.87
		+0.08%
S&P 500	3240.02	+0.11
		—
NASDAQ	9006.617	-15.775 -0.17%
TSX	17168.21	-11.94
		-0.07%

International Markets

Market Index	Close	Change
NIKKEI	23837.72	-87.20
		-0.36%
HANG SENG	28225.42	+361.21
		+1.30%
SENSEX	41575.14	+411.38
		+1.00%
FTSE 100*	7644.90	+12.66 +0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.598	1.630
CND. 30 Year Bond	1.661	1.672
U.S.    10 Year Bond	1.8752	1.9294
U.S. 30 Year Bond	2.3138	2.3567

Currencies

BOC Close	Today	Previous
Canadian $	0.76447	0.76069
US $	1.30810	1.31459
Euro Rate 1 Euro=		Inverse
Canadian $	1.46183	0.68407
US $	1.11752	0.89483

Commodities

Gold	Close	Previous
London Gold Fix	1482.10	1479.00
Oil
WTI Crude Future	61.72	60.51

Market Commentary:
On this day in 1928, portfolio manager Walter Morgan founded the nation’s first “balanced” mutual fund, the Industrial and Power Securities Co., which invested in both stocks and bonds. Later renamed the Wellington Fund, it eventually formed the nucleus of the Vanguard Group of Investment Cos.
Canada
By Divya Balji and Bloomberg Automation
(Bloomberg) — Canadian equities fell slightly as the market resumed trading after a two-day holiday. The S&P/TSX Composite Index fell 0.1% to 17,168.21 at the close in Toronto. Pot stocks were the biggest losers as Hexo Corp. plunged 18% after the company announced an equity offering at a 14% discount. Gold posted its biggest weekly advance in more than four months, with a decline in the dollar boosting demand for the metal as an alternative asset.
TC Energy climbed to a record high, after KKR & Co. and Alberta Investment Management Corp. agreed to buy a stake in its C$6.6 billion project that will bring Canadian natural gas to an export facility in British Columbia.
Commodities
* Spot gold price was flat at around $1,510.95 an ounce
* WTI was little changed at $61.66 per barrel
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3085 per U.S. dollar
* The 10-year government yield fell to 1.598%

US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — For stock traders, the middle months of 2019 got crazy enough that one veteran called them weirder than the financial crisis. The beginning and end, on the other hand, have featured tranquility with few precedents in financial markets. The S&P 500 started the year by rising in nine of the first 10 weeks. Now it’s closing it out with gains in 11 out of the past 12, a feat of concerted advances that occurred only once before since 1985. The Nasdaq Composite Index just missed climbing for a 12 straight day, the most in a decade, and, up 12.7%, is on pace for its best fourth quarter since 2004. While a category of Wall Street wags starts panicking when gains come this easy, people who heeded warnings about euphoria after the Nasdaq surged 16.5% in the first quarter missed a 16.7% jump since it ended. Gains don’t always beget losses in the stock market — ask everyone who has watched the Faang stocks triple after they sold them in 2013. Stocks ended Friday mixed as traders assessed a rally that’s added more than $5 trillion to equities this year, but the S&P 500 notched a fifth straight weekly advance and the Nasdaq Composite jumped above 9,000 for the first time. Blue-chip companies led the Dow Jones Industrial Average to a record high.
The dollar slid against most of its major peers. Treasuries rose. Oil rebounded from Friday’s lows as a government report showed U.S. crude inventories sank. While it’s been a big December melt-up for the S&P 500, technical warning signs of a climax may be brewing. The index is edging ever closer to the upper band of its trading envelope, while its GTI Global Strength Indicator — a measure of upward and downward movements of successive closing prices — reveals the deepest overbought territory in all of 2019. “There’s almost no identifiable news/events that would derail the rally over the next few days,” according to Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Still, nearly “all of the December gains have come on almost no material news — and that should temper the optimism a bit,” he wrote. Earlier Friday, equities got a lift from reports of strong holiday-season revenue, with e-commerce sales jumping, which reassured traders that American consumers are feeling confident. A solid rebound for industrial profits in China also buoyed sentiment, with investors now looking to the initial trade deal with the U.S. to sustain gains in the new year.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index was little changed at 4 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.2%.
* The MSCI Asia Pacific Index jumped 0.5%.
Currencies
* The Bloomberg Dollar Spot Index sank 0.4%.
* The euro jumped 0.7% to $1.1176.
* The Japanese yen strengthened 0.2% to 109.43 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 1.87%.
* Germany’s 10-year yield fell one basis point to -0.26%.
* Britain’s 10-year yield declined one basis point to 0.755%.
Commodities
* The Bloomberg Commodity Index increased 0.1%.
* West Texas Intermediate crude was little changed.
* Gold climbed 0.1% to $1,515.20 an ounce.

–With assistance from Christopher Anstey, Todd White, Robert
Brand, Nancy Moran and Sophie Caronello.

Have a great evening.

Be magnificent!
As ever,

Isabel

I am different, not less.
                          – Temple Grandin , 1947–

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

An actor performs near Red Square decorated for the New Year and Christmas holidays in the center of Moscow, Russia.
CREDIT: YURI KOCHETKOV/EPA

Hundreds gather at Stonehenge for the sunrise on the Winter Solstice.
CREDIT: ROB WELHAM

CREDIT: BETHANY CLARKE FOR THE TELEGRAPH

Market Closes for December 23^rd, 2019  

Market Index	Close	Change
Dow Jones	28551.53	+96.44
		+0.34%
S&P 500	3224.01	+2.79
		+0.09%
NASDAQ	8945.648	+20.693 +0.23%
TSX	17128.71	+10.27
		+0.06%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23821.11	+4.48
		+0.02%
HANG SENG	27906.41	+35.06
		+0.13%
SENSEX	41642.66	-38.88
		-0.09%
FTSE 100*	7623.59	+41.11 +0.54%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.630	1.618
CND. 30 Year Bond	1.672	1.669
U.S.    10 Year Bond	1.9294	1.9188
U.S. 30 Year Bond	2.3567	2.3436

Currencies

BOC Close	Today	Previous
Canadian $	0.76069	0.76011
US $	1.31459	1.31560
Euro Rate 1 Euro=		Inverse
Canadian $	1.45816	0.68579
US $	1.10921	0.90154

Commodities

Gold	Close	Previous
London Gold Fix	1479.00	1476.70
Oil
WTI Crude Future	60.51	60.41

Market Commentary:
On this day in 1913, the Federal Reserve Act, authorizing the creation of the Federal Reserve System to monitor the nation’s banks and modulate the money supply, was signed into law by President Woodrow Wilson.
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian equities continued its record- setting rally to start the holiday week with the mining sector leading the rally as gold and silver prices outperformed. The S&P/TSX Composite Index was slightly higher, up 0.06% to 17,128.71. Baytex Energy had the largest gain, rising 9.4% as oil service stocks advanced on 2020 optimism. Elsewhere, Aurora Cannabis Inc. fell 10% after its chief corporate officer stepped down and MKM cut the pot firm’s price target. In economic data, Canada’s economy contracted in October for the first time in eight months after the United Auto Workers strike in the U.S. weighed on plant production.
Commodities
* Western Canada Select crude oil traded at a $21.75 discount to WTI
* Spot gold price was flat around $1,485.39 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3152 per U.S. dollar
* The 10-year government bond yield rose to 1.632%
Insights
* This month, the index rose 0.5%
* This quarter, the index rose 2.8%
* This year, the index rose 20%, heading for the best year in at least 10 years
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 33% in the same period
* The Canada S&P/TSX is 0.2% below its 52-week high on Dec. 23, 2019 and 24% above its low on Dec. 24, 2018
* The Canada S&P/TSX is up 0.4% in the past 5 days and rose 1%
in the past 30 days
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks edged to fresh record highs in light trading as investors chased gains that have added more than $5 trillion to valuations this year. Treasuries declined. The S&P 500 gained for the eighth time in nine sessions, notching another all-time high after China said it cut tariffs on a wide range of goods. The holiday week took a toll on the benchmark’s volume, which was more than 20% below its 100-day average for most of the day. The Dow Jones Industrial Average paced indexes as Boeing Co. surged after the company ousted Chief Executive Officer Dennis Muilenburg. Ten-year Treasury yields rose to around 1.93%, 16 basis points higher than where it started the month. The dollar headed for only its fourth monthly decline of the year, while the pound padded its worst week in more than two years amid Brexit fears.
“It’s a combination of low volume but also the fact that you’ve seen some progress with China, and it’s really causing the bulls to jump in here,” Dunkin Allison, director of portfolio management at Delegate Advisors, said by phone. “Wedon’t see a lot of selling pressure today.” Major asset classes are collectively on track for the best returns in a decade in 2019 after central banks around the world eased monetary policy. Trade tensions have also eased ahead of the year-end, calming investors’ nerves. The signing of the first-phase of the U.S.-China trade deal is set for January. Meanwhile, Chinese shares dropped after a state-backed fund said it would pare its stakes in some tech companies.
Here are some events to watch for this week:
* Chinese Premier Li Keqiang hosts a summit with Japanese Prime Minister Shinzo Abe and South Korean President Moon Jae-in Tuesday in Chengdu, focused on trade.
* Most stock markets close Wednesday for Christmas. Australia, Canada, Germany and U.K. markets also shut on Dec. 26.
* U.S. jobless claims on Thursday.
* Japan retail sales and industrial production are scheduled for Friday.
* China industrial profits also on Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.1% as of 4 p.m. in New York.
* The Stoxx Europe 600 Index was little changed.
* The U.K.‘s FTSE 100 Index advanced 0.5%.
* The MSCI Emerging Market Index increased 0.3%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro increased 0.1% to $1.1092.
* The British pound declined 0.4% to $1.2944.
* The Japanese yen rose 0.1% to 109.36 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 1.93%.
* Germany’s 10-year yield gained less than one basis point to -0.24%.
* Britain’s 10-year yield sank one basis point to 0.771%.
Commodities
* West Texas Intermediate crude rose 0.5% at $60.73 a barrel.
* Gold added 0.6% to $1,489.30 an ounce.

–With assistance from Todd White and Robert Brand.
Have a great evening.

Be magnificent!
As ever,

Isabel

He who awaits much can expect little.
                                                      -Gabriel Garcia Marquez,1927-2014

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!

1803 – The Louisiana Purchase was completed as the territory was formally transferred from France to the United States during ceremonies in New Orleans.
Go to article »

We were this close to finding the seat of consciousness – from Bloomberg.

This weekend is the Northern Hemisphere’s winter solstice.
From The New York Times:
Some of us may grumble about the darkness (which hits the Southern Hemisphere in six months). But without such seasons, we might not be alive.

A winter solstice ceremony at Stonehenge in England last year.   Matt Cardy/Getty Images

Seasons occur because Earth, like most planets, does not spin perfectly upright. Its “axial tilt” is a jaunty 23.5 degrees. Uranus, by comparison, spins at 98 degrees.
Earth’s tilt helps moderate our solar exposure. The four seasons are comparatively mild and, thanks to our proximity to the sun, relatively brief.
Much of Uranus, by contrast, spends winters in permanent darkness and summers under constant sunlight. And those seasons last decades in Earth years.
“If there were creatures on Uranus — and I don’t think there are — seasonal affective disorder would be a lifetime thing,” Heidi Hammel, a planetary scientist, told The Times.

PHOTOS OF THE DAY

LED Hooper Daiquiri Dusk performs at a preview for Fire & Light: 2020 Visions held at the Helix, home of the Kelpies on January 1^st & 2^nd.

Fire & Light: 2020 Visions encourages visitors to embrace the adventure of a New Year with a walk through The Helix park towards the magical kelpies, interacting with an amazing array of performances and installations along the way.
CREDIT: ANDREW MILLIGAN/ PA WIRE

Performers take part in the “Passion of Macao, Heart of China” variety show in Macau ahead of the handover from Portugal to China.
CREDIT: ANTHONY WALLACE/AFP VIA GETTY IMAGES

A man takes a photo of frozen trees as a winter storm brings havoc to New Jersey as ice caused power outages and downed trees throughout the area in West Orange, New Jersey.
CREDIT: RICK LOOMIS/GETTY IMAGES

People enjoy a sunny day near Bosphorus in Istanbul, Turkey.
CREDIT: TOLGA BOZOGLU/EPA-EFE/REX

Market Closes for December 20^th, 2019  

Market Index	Close	Change
Dow Jones	28455.09	+78.13
		+0.28%
S&P 500	3221.21	+15.84
		+0.49%
NASDAQ	8924.957	+37.739 +0.42%
TSX	17120.27	+56.23
		+0.33%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23816.63	-48.22
		-0.20%
HANG SENG	27871.35	+70.86
		+0.25%
SENSEX	41681.54	+7.62
		+0.02%
FTSE 100*	7582.48	+8.66 +0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.618	1.660
CND. 30 Year Bond	1.669	1.717
U.S.    10 Year Bond	1.9188	1.9204
U.S. 30 Year Bond	2.3436	2.3530

Currencies

BOC Close	Today	Previous
Canadian $	0.76011	0.76169
US $	1.31560	1.31241
Euro Rate 1 Euro=		Inverse
Canadian $	1.45717	0.68626
US $	1.10761	0.90285

Commodities

Gold	Close	Previous
London Gold Fix	1476.70	1474.05
Oil
WTI Crude Future	60.41	61.22

Market Commentary:
European government bond yields rallied after Sweden’s exit from negative interest rates prompted speculation the Nordic country’s experience may deter other central banks from dropping borrowing costs below zero. The yield on 10-year German bunds rose to minus 0.224% on Thursday, from minus 0.2470% on Wednesday. The rates on Swedish, Greek and Italian bonds also climbed.
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian equities rose to an all-time high ahead of next week’s Christmas holidays, led by technology stocks. The S&P/TSX Composite rose for the sixth day in seven, climbing 0.3% to 17,118.93 in Toronto. Enbridge Inc. contributed the most index points to the gain, increasing 1.1% after the company submitted to regulators its plan for long-term contracts for its giant Mainline crude pipeline system. BlackBerry Ltd. had the largest percentage increase, rising 12%, after its third quarter adjusted EPS beat analyst estimates. Meanwhile, Canada’s retail sales unexpectedly fell in October, declining for the first time in four months as consumers bought fewer motor vehicles and parts. Canadian retailers sold 1.2% fewer goods in October, the biggest monthly drop this year, Statistics Canada said Friday in Ottawa. That missed the median forecast in a Bloomberg survey for a 0.5% gain. Excluding motor vehicles, retail sales dipped 0.5%, also missing the median forecast.
Commodities
* Western Canada Select crude oil traded at a $21.75 discount to WTI
* Spot gold price fell slightly to $1,478.16 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3155 per U.S. dollar
* The 10-year government bond yield fell 2.7 basis points to 1.616%
Insights
* This week, the index rose 0.7%, heading for the biggest advance since the week ended Nov. 15
* This quarter, the index rose 2.8%
* This month, the index rose 0.5%
* This year, the index rose 20%, heading for the best year in at least 10 years
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on Dec. 20, 2019 and 24% above its low on Dec. 24, 2018
US
By Todd White and Vildana Hajric
(Bloomberg) — U.S. equities finished the week at a record high as investors counted down to the holiday break. The dollar and 10-year Treasuries gained. The S&P 500 Index had its biggest weekly gain since September and was on pace to gain 28% this year. The benchmark hit a new peak Friday, led by technology and health-care shares, while the Stoxx Europe 600 also reached all-time high. The Treasury yield curve remained near its steepest in more than a year, underscoring how recession worries have receded. “If the economy is not rolling over and going into a recession ditch, and tame core consumer inflation is low at 1.6%, you can bet your bottom dollar the Federal Reserve is going to keep enough punch in the punch bowl to make sure that 2020 is going to be a super year for stocks,” said Chris Rupkey, chief financial economist for MUFG Union Bank. Equity trading in the U.S. spiked as the session drew to a close as major indexes rebalanced and options and futures on indexes and stocks expired in what’s known as quadruple witching.
Investors have largely been in a holding pattern this week, buffeted by conflicting macro winds. President Donald Trump’s impeachment has morphed into a standoff, yet U.S. lawmakers managed to pass spending bills Thursday to avoid a partial government shutdown. The signing of a first-phase U.S.-China trade deal was set for January. And while the logjam in U.K. politics is over, the prospect of a messy break from the European Union is back on the agenda. The pound saw its worst weekly decline in more than two years amid concern that Prime Minister Boris Johnson and EU negotiators will struggle to agree a trade deal next year. The euro also weakened. India’s longer-dated bonds jumped after the central bank unveiled plans to mount something akin to the U.S. Operation Twist, which may help spur credit growth. Shares rose in Hong Kong and Seoul but fell in Tokyo, Shanghai and Sydney. Oil and gold slipped.
These are the main moves in markets:
Stocks
*The S&P 500 Index increased 0.5% to 3,221.22 as of 4:12 p.m. New York time, the highest on record.
*The Dow Jones Industrial Average advanced 0.3% to 28,455.09, the highest on record.
*The Stoxx Europe 600 Index jumped 0.8% to 418.40, the highest on record.
*The MSCI Emerging Market Index gained 0.1% to 1,107.46.
*The MSCI World Index of developed countries climbed 0.4% to
*2,349.30, the highest on record.
Currencies
*The Bloomberg Dollar Spot Index increased 0.2% to 1,197.49, the highest in more than a week on the biggest climb in almost four weeks.
*The British pound declined 0.1% to $1.3005, the weakest in more than two weeks.
*The euro decreased 0.4% to $1.1076, the weakest in more than a week on the biggest dip in more than six weeks.
*The Japanese yen weakened 0.1% to 109.47 per dollar.
Bonds
*The yield on 10-year Treasuries decreased less than one basis point to 1.92%, the first retreat in a week.
*The yield on two-year Treasuries gained less than one basis point to 1.63%, the highest in a week.
*Germany’s 10-year yield decreased two basis points to -0.25%.
*Britain’s 10-year yield dipped two basis points to 0.782%.
Commodities
*West Texas Intermediate crude declined 1.4% to $61.22 a barrel, the biggest drop in almost three weeks.
*Gold weakened 0.1% to $1,478.04 an ounce, the largest fall in a week.
–With assistance from Christopher Anstey and Nancy Moran.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Know thyself.
                  -Inscribed on the temple of Apollo at Delphi;
                   Plato ascribes the saying to the Seven Wise Men

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:
1989: The Simpsons cartoon debuts.

On Dec. 19, 1998, President Bill Clinton was impeached on charges of perjury and obstruction of justice by a divided House of Representatives, which recommended virtually along party lines that the Senate remove the nation’s 42d President from office.  Go to article »

Holiday Travel Tip: Before checking in at the airport, take a  photograph of your luggage in case it gets lost.

Don’t sweat the decade’s end because time’s not real.-Bloomberg.

What mindfulness is saying to all of us is, Find your own way.  Listen to your own heart.  Listen to your own longing.  Because what we’re really trying to do is live our life as if it really matters.
It does. -Jon Kabat-Zinn.

PHOTOS OF THE DAY

A busy Christmas market on Breitscheidplatz at the Kaiser Wilhelm Memorial Church in Berlin, Germany.
CREDIT: HANNIBAL HANSCHKE/REUTERS

Welding robots work on a car at the Nachi booth during the International Robot Exhibition in Tokyo, Japan.
CREDIT: FRANCK ROBICHON/ EPA

Lights and smoke are admired amongst the rhododendrons at the Lost Gardens of Heligan in St. Austell, Cornwall, where an art installation by international light artist Ulf Pederson is on display.
CREDIT: BEN BIRCHALL/PA

Market Closes for December 19^th, 2019  

Market Index	Close	Change
Dow Jones	28376.96	+137.68
		+0.49%
S&P 500	3205.37	+14.23
		+0.45%
NASDAQ	8887.219	+59.485 +0.67%
TSX	17064.04	+32.06
		+0.19%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23864.85	-69.58
		-0.29%
HANG SENG	27800.49	-83.72
		-0.30%
SENSEX	41673.92	+115.35
		+0.28%
FTSE 100*	7573.82	+33.07 +0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.660	1.699
CND. 30 Year Bond	1.717	1.754
U.S.    10 Year Bond	1.9204	1.9257
U.S. 30 Year Bond	2.3530	2.3574

Currencies

BOC Close	Today	Previous
Canadian $	0.76169	0.76248
US $	1.31241	1.31152
Euro Rate 1 Euro=		Inverse
Canadian $	1.45967	0.68509
US $	1.11221	0.89911

Commodities

Gold	Close	Previous
London Gold Fix	1474.05	1475.80
Oil
WTI Crude Future	61.22	60.93

Market Commentary:
The S&P 500 index pushed past 3,200 for the first time.
Sweden’s central bank, one of the pioneers in wielding negative interest rates, became the first to end that policy Thursday, hiking rates to zero. The move was closely watched by other institutions that have resorted to what was supposed to be a radical and short-lived monetary policy measure.

On this day in 1868, Cornelius Vanderbilt bought up 130,000 more shares of the New York Central Railroad, which he already controlled, for $120 a share. Then Vanderbilt convened an emergency evening meeting of the board of directors, who dutifully declared an 80% dividend. That sent the stock shooting up to $165 over the next two days, at which point Vanderbilt dumped his new shares for a $5.5 million profit.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 17,064.04 in Toronto. The move follows the previous session’s decrease of 0.3 percent. Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.4 percent. SNC-Lavalin Group Inc. had the largest increase, rising 6.3 percent. Today, 135 of 231 shares rose, while 90 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index rose 0.4 percent.
* This quarter, the index rose 2.4 percent.
* This year, the index rose 19 percent, heading for the best year in at least 10 years.
* The index advanced 20 percent in the past 52 weeks. The MSCI AC Americas Index gained 27 percent in the same period.
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Nov. 28, 2019 and 23.9 percent above its low on Dec. 24, 2018.
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 0.3 percent in the past 30 days.
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 16 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$2.62t.
* 30-day price volatility fell to 4.70 percent compared with 4.82 percent in the previous session and the average of 4.59 percent over the past month.
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 20.7129| 0.7| 22/10
Communication Services | 8.4889| 0.9| 6/1
Information Technology | 7.3156| 0.8| 6/3
Health Care | 5.1791| 2.4| 7/1
Real Estate | 3.0656| 0.5| 21/3
Consumer Discretionary | -0.6868| -0.1| 7/9
Materials | -0.9858| -0.1| 27/20
Utilities | -1.0506| -0.1| 6/9
Financials | -1.9800| 0.0| 16/11
Consumer Staples | -2.3174| -0.3| 4/5
Industrials | -5.7012| -0.3| 13/18
US
By Jeremy Herron and Claire Ballentine
(Bloomberg) — U.S. stocks bounced back to claim fresh records as investors chased gains that have added more than $5 trillion to valuations this year. Oil topped $61 a barrel and Treasuries edged higher. After dipping Wednesday, the S&P 500 index on Thursday pushed past 3,200 for the first time, led by tech, health-care and communications shares. The benchmark is up more than 7% in the fourth quarter and 27% so far this year. Data showing that jobless claims fell less than forecast did little to alter views on the health of the economy. Markets ignored the impeachment of President Donald Trump. The dollar steadied against its major peers. China said it was in close contact with the U.S. to sign the initial trade deal announced last Friday. Treasuries bucked a sell-off in sovereign bonds from London to Tokyo as monetary decisions rolled out. Sweden’s central bank raised its benchmark to end half a decade of sub-zero interest rates, a move that will provide a test case for global counterparts with negative borrowing costs.
“We’ve been up like six of the last seven days so tactically we are overbought,” said Alec Young, managing director of Global Markets Research at FTSE Russell. “People know the seasonals are good, they know the macro situation has improved in terms of global growth and the trade situation. The concern is that a lot of this is already reflected in the market.” With few new catalysts on the horizon to revive the equity rally and details of the trade deal remaining vague, equity traders appear to be in a holding pattern. Central banks likewise seem to be on hold, with policy makers in Japan, Taiwan, Norway and the U.K. leaving interest rates unchanged on Thursday. Elsewhere, the pound fell, adding to worst two-day plunge since July. The Stoxx Europe 600 Index advanced. Earlier in Asia, equities dipped in Tokyo, Sydney and Hong Kong while they edged higher in Seoul. Stocks in China were unchanged after erasing the day’s losses as the central bank injected moreliquidity before a year-end cash squeeze.
Here are some key events to watch for this week:
* Revised U.S. GDP data are due Friday.
* Friday also brings quadruple witching in the U.S., the simultaneous expiration date of stock index futures, stock index options, stock options and single stock futures. Expect elevated trading volume, particularly in the last hour of the session.

These are the main moves in markets:
Stocks
*The S&P 500 Index climbed 0.4% to 3,205.28 as of 4:01 p.m. New York time, the highest on record.
*The Dow Jones Industrial Average advanced 0.5% to 28,376.21, the highest on record with the biggest gain in a week.
*The Stoxx Europe 600 Index increased 0.2% to 415.07.
*The MSCI Emerging Market Index declined 0.2% to 1,106.68, the first retreat in more than a week and the biggest drop in more than two weeks.
*The MSCI World Index of developed countries advanced 0.3% to 2,340.84, the highest on record.
Currencies
*The Bloomberg Dollar Spot Index dipped 0.1% to 1,195.23.
*The British pound decreased 0.5% to $1.3014, the weakest in more than two weeks.
*The euro gained 0.1% to $1.1124.
*The Japanese yen appreciated 0.2% to 109.30 per dollar, the strongest in more than a week on the largest rise in more than two weeks.
Bonds
*The yield on 10-year Treasuries dipped less than one basis point to 1.91%.
*The yield on two-year Treasuries declined one basis point to 1.62%.
*Germany’s 10-year yield advanced one basis point to -0.24%, the highest in six weeks.
Commodities
*West Texas Intermediate crude gained 0.5% to $61.22 a barrel, the highest in seven months.
*Gold strengthened 0.3% to $1,479.15 an ounce, the highest in six weeks.
–With assistance from Sophie Caronello, Andreea Papuc and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Be who you are and say what you feel, because those who mind  don’t matter,
and those who matter don’t mind.
                                                                                               -Bernard Baruch, 1870-1965

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:

It’s another hump day today.

1987 – Ivan F. Boesky was sentenced to three years in prison for plotting Wall Street’s biggest insider-trading scandal.  Go to article »

Birthdays:
Antonio Stradivari, violin maker, b.1737
Stephen Spielberg, b. 1947
Brad Pitt, b. 1964
Katie Holmes, b.1978

-from today’s New York Times:
Manuela Kragler lives upstairs from a Munich cheese shop whose pungent smells permeate her home. So over three years, she picketed the shop and plastered signs on its windows protesting the odoriferous invasion.
This week, a court in Germany — which produces more cheese than even France or Italy — told her to knock it off.
While Ms. Kragler is allowed to “claim that she considers the smell to be stinky and a form of pollution,” the court said she is not allowed to post warning signs.

-from Bloomberg today:
Here’s our optimist’s guide to 2020.

PHOTOS OF THE DAY

Employees riding on Winglet personal mobility devices look at an HSR robot moving inside the Toyota Research Institute-Advanced Development (TRI-AD) head office in Nihonbashi Muromachi Mitsui Tower in Tokyo, Japan.
CREDIT: TOMOHIRO OHSUM/ GETTY IMAGES

Prime Minister Boris Johnson chairs the first meeting of the Cabinet in number ten Downing street following the general election.
CREDIT:RICHARD POHLE/TIMES NEWSPAPER LTD.

Taylor Swift arrives on the red carpet at the world premiere of “Cats” at Alice Tully Hall, Lincoln Center on Monday, December 16, 2019 in New York City.
CREDIT: JOHN ANGELILLO/UPI/BARCROFT MEDIA

Market Closes for December 18^th, 2019  

Market Index	Close	Change
Dow Jones	28239.28	-27.88
		-0.10%
S&P 500	3191.14	-1.38
		-0.04%
NASDAQ	8827.734	+4.377 +0.05%
TSX	17031.98	-43.22
		-0.25%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23934.43	-131.69
		-0.55%
HANG SENG	27884.21	+40.50
		+0.15%
SENSEX	41558.57	+206.40
		+0.50%
FTSE 100*	7540.75	+15.47 +0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.699	1.633
CND. 30 Year Bond	1.754	1.718
U.S.    10 Year Bond	1.9257	1.8801
U.S. 30 Year Bond	2.3574	2.3060

Currencies

BOC Close	Today	Previous
Canadian $	0.76248	0.76023
US $	1.31152	1.31539
Euro Rate 1 Euro=		Inverse
Canadian $	1.45757	0.58299
US $	1.11136	0.76460

Commodities

Gold	Close	Previous
London Gold Fix	1475.80	1477.90
Oil
WTI Crude Future	60.93	60.94

Market Commentary:
On this day in 1899, rocked by news of heavy casualties in the battle against rebels in the Philippines, the Dow Jones Industrial Average suffered its fifth-worst daily percentage loss of all time, plunging 8.7%, or 5.57 points, to close the day at 58.27.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 17,031.98 in Toronto. The move was the biggest loss since Dec. 9 and follows the previous session’s increase of 0.1 percent. Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.0 percent. Hexo Corp. had the largest drop, falling 8.3 percent. Today, 116 of 231 shares fell, while 111 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index rose 2.2 percent
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* The index advanced 18 percent in the past 52 weeks. The MSCI AC Americas Index gained 25 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on Nov. 28, 2019 and 23.6 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 0.5 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 15.9 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$2.62t
* 30-day price volatility rose to 4.82 percent compared with 4.82 percent in the previous session and the average of 4.60 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -30.3051| -0.5| 10/17
Communication Services | -8.8292| -0.9| 2/5
Consumer Staples | -8.2394| -1.2| 4/6
Health Care | -6.6046| -3.0| 3/7
Utilities | -4.9770| -0.6| 6/10
Industrials | -3.9405| -0.2| 15/16
Consumer Discretionary | -0.6570| -0.1| 9/7
Real Estate | 2.4172| 0.4| 19/5
Materials | 3.6773| 0.2| 22/24
Information Technology | 4.9784| 0.5| 5/4
Energy | 9.2401| 0.3| 16/15

* The benchmark 10-year bond fell and the yield rose 5.8 basis points to 1.692 percent
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks receded just before the closing bell as investors digested a flurry of corporate news and
Congress debated the impeachment of Donald Trump. Treasuries slipped and the British pound weakened. The S&P 500 Index fell Wednesday — after spending most of the day higher — snapping a five-session streak of gains. Tech shares stumbled toward the end of regular trading as Apple Inc. slid from the day’s highs. FedEx Corp. plunged after a forecast cut. With few big economic headlines imminent, and much of the U.S. focused on the impeachment vote, investors may take a wait- and-see stance as the holidays near. “We think it’s largely going to be a non-event,” Candice Bangsund, a vice president and portfolio manager at Fiera Capital, said of the impeachment. “It’s going to be the story likely for the next two to three weeks and then it will be ancient history and we’ll be moving on to the elections, to trade negotiations.” With global stocks close to all-time highs and the U.S.- China trade accord announced Friday yet to be signed, traders are finding few reasons to bid prices higher.
The outlook for America’s monetary policy remains steady — two Federal Reserve policy makers reiterated that interest rates are on hold — yet the miserable results from FedEx were a reminder of the headwinds to growth. The Stoxx Europe 600 Index closed lower as national benchmarks traded mixed, with Germany’s gauge underperforming even as data showed business expectations improved for a third month. PSA Group rose and Fiat Chrysler Automobiles NV was steady as they agreed to combine in a deal to create the world’s fourth-biggest auto manufacturer. Bang & Olufsen A/S plunged after the luxury TV and stereo maker issued its fourth profit warning in a year.The pound extended its losses after tumbling Tuesday on renewed concern that a no-deal Brexit is possible. The dollar strengthened against most of its G-10 peers. Earlier in Asia, equities were mixed, with shares falling in Tokyo but rising in Hong Kong and India. The yuan was steady offshore after China’s central bank injected liquidity into the financial system. Meanwhile, West Texas crude rebounded, and energy shares rose, after a bullish U.S. inventory report.
Here are some key events to watch for this week:
* Policy decisions are due Thursday from the Bank of Japan and the Bank of England.
* Revised U.S. GDP data are due Friday.
* Friday also brings quadruple witching in the U.S., the simultaneous expiration date of stock index futures, stock index
options, stock options and single stock futures. Expect elevated trading volume, particularly in the last hour of trading.

These are the main moves in markets:
Stocks
*The S&P 500 Index was little changed at 3,191.14 as of 4:05 p.m.
*New York time, the first retreat in more than a week and the largest fall in a week.
*The Stoxx Europe 600 Index declined 0.1% to 414.38.
*The U.K.’s FTSE 100 Index advanced 0.2% to 7,540.75, hitting the highest in almost 20 weeks with its sixth consecutive advance.
*Germany’s DAX Index decreased 0.5% to 13,222.16.
*The MSCI Emerging Market Index jumped 0.6% to 1,108.81, hitting the highest in 18 months with its sixth consecutive advance.
Currencies
*The Bloomberg Dollar Spot Index gained 0.1% to 1,195.87, the highest in a week.
*The euro declined 0.3% to $1.1118, the weakest in a week on the largest drop in more than a week.
*The British pound decreased 0.3% to $1.3086, the weakest in two weeks.
*The Japanese yen depreciated 0.1% to 109.57 per dollar, the weakest in almost seven months.
Bonds
*The yield on 10-year Treasuries gained four basis points to 1.92%, the highest in five weeks.
*Germany’s 10-year yield advanced five basis points to -0.25%, the highest in five weeks.
*Britain’s 10-year yield increased one basis point to 0.775%.
Commodities
*West Texas Intermediate crude gained 0.1% to $60.97 a barrel, hitting the highest in three months with its fifth consecutive advance.
*Gold weakened 0.1% to $1,475.54 an ounce.

–With assistance from Sophie Caronello, Andreea Papuc and Sam Potter.
Have  a great night.

Be magnificent!
As ever,

Carolann

You don’t have to be great to start, but you have to start to be great.
                                                                        -Zig Ziglar, 1926-2012

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:

Saturnalia: December 17-23, – Roman masters served their slaves.
1790- Aztec calendar stone discovered.
 
1903- Orville and Wilbur Wright made the first successful man-powered airplane flight, near Kitty Hawk, N.C. Go to article »

A 3,600-year disposable cup is set to go on display at the British Museum
Apparently, even our ancestors hated doing dishes. -CNN.

The Poem:
             The Still Life
               -by Mark Sanders

Now – just at that silent place,
between sadness and gratitude,
wind-worn balances we all weather –
a cardinal leaps from a bare trim limb,
its red bloom lingering.  The sun down
in deepening darkness
where night clouds consume it,
evanescence of orange and purple.

How moment passes, how memory
holds. The heart must break
if it has ever felt joy. The heart must
break because diminished things matter,
and having mattered hold, still.
You were here. For us. Then break, heart.
Your fingers lie upon the pulse of our days.

PHOTOS OF THE DAY

A spider building a web among moss buds in the rain in a forest near the Po River, Italy. These mesmerizing macro photos show insects covered in rain droplets after a spell of rain in a beautiful Italian forest.
CREDIT: ALBERTO GHIZZI PANIZZA/SWNS.COM

A few of the total of 58 Indian star tortoises rescued from an attempted smuggling are seen in Riau province, Indonesia.
CREDIT: ANTARA FOTO/FB ANGGORO/VIA REUTERS

Orangutans cubs are seen after they were saved from illegal wildlife trafficking by Riau Police authority in Pekanbaru, Riau, Indonesia.
CREDIT: JEFTA IMAGES/BARCROFT MEDIA

A Gnawa traditional group performs in the city of Essaouir, Morocco. Gnawa culture, a centuries-old Moroccan practice rooted in music, African rituals and Sufi traditions, was added to UNESCO’s list of Intangible Cultural Heritage of Humanity earlier in the week.
CREDIT: FADEL SENNA/AFP VIA GETTY IMAGES

Market Closes for December 17^th, 2019  

Market Index	Close	Change
Dow Jones	28267.16	+31.27
		+0.11%
S&P 500	3192.52	+1.07
		+0.03%
NASDAQ	8823.359	+9.131 +0.10%
TSX	17075.20	+18.84
		+0.11%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24066.12	+113.77
		+0.47%
HANG SENG	27843.71	+335.62
		+1.22%
SENSEX	41352.17	+413.45
		+1.01%
FTSE 100*	7525.28	+6.23 +0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.633	1.635
CND. 30 Year Bond	1.718	1.724
U.S.    10 Year Bond	1.8801	1.8713
U.S. 30 Year Bond	2.3060	2.2866

Currencies

BOC Close	Today	Previous
Canadian $	0.76023	0.75977
US $	1.31539	1.31619
Euro Rate 1 Euro=		Inverse
Canadian $	1.46705	0.68164
US $	1.11530	0.89662

Commodities

Gold	Close	Previous
London Gold Fix	1477.90	1466.60
Oil
WTI Crude Future	60.94	60.21

Market Commentary:
On this day in 1992, the North American Free Trade Agreement was signed after 14 months of negotiations. After several “side agreements” on labor and the environment, it finally went into effect more than two-and-a-half years after the negotiations began, linking the U.S. and Mexican economies more closely than ever before.
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian stocks continued their rally for the fourth day, on pace to close out 2019 as the best year in a decade. Energy and industrials were the best-performing sectors, while health care stocks were the worst, paced by pot companies. The S&P/TSX Composite climbed 0.1% to 17,074.69 in Toronto on Tuesday, the highest closing level since Nov. 28. Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.1%. Ivanhoe Mines Ltd. had the largest increase, rising 7.7%. Meanwhile, minority shareholders in Canada scored major victories in the voting booth this week, thwarting bids to take Hudson’s Bay Co. and Canfor Corp. private. The proxy wins haven’t helped the share prices.
Commodities
* Western Canada Select crude oil traded at a $20.50 discount to WTI
* Gold spot price was flat at $1,476.43 an ounce
FX/Bonds
* The Canadian dollar flat at C$1.3154 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.633%
Insights
* This quarter, the index rose 2.5%
* This year, the index rose 19%, heading for the best year in at least 10 years
* The index advanced 19% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on Nov. 28, 2019 and 24% above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 0.3% in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 24.6229| 0.9| 28/4
Financials | 14.3691| 0.3| 16/11
Industrials | 9.5802| 0.5| 23/8
Consumer Staples | 2.2213| 0.3| 3/6
Real Estate | 0.3647| 0.1| 12/12
Consumer Discretionary | -0.4582| -0.1| 11/5
Health Care | -4.1080| -1.8| 3/7
Utilities | -5.4107| -0.7| 4/12
Information Technology | -5.4883| -0.6| 4/5
Materials | -5.7641| -0.3| 19/28
Communication Services | -11.0712| -1.2| 1/6

* The benchmark 10-year bond was little changed at 1.634 %

US
By Todd White and Vildana Hajric
(Bloomberg) — U.S. stocks inched upward Tuesday as manufacturing and housing data topped expectations, just as the sugar rush of a partial trade deal between America and China began to wear off. The dollar gained while 10-year Treasuries slipped. The S&P 500 Index closed at a new high, barely topping the previous session’s record, amid news that U.S. factory production last month rebounded by more than forecast and that construction of new U.S. homes beat estimates as permits to build climbed to a 12-year high. Financial and consumer discretionary stocks led the benchmark higher. “Housing is an economic bellwether and its recent strengthis further encouraged by the strength we’ve seen in manufacturing, as those two industries are typically related,” said Mike Loewengart, vice president of investment strategy at E*Trade Financial. “But critical to the health of housing is ongoing trade tensions.”
The Stoxx Europe 600 dropped from Monday’s record close, as Unilever tumbled in the wake of a sales-growth warning and led a slump in personal goods makers. U.K. shares were particularly volatile, and sterling sank the most since July versus the euro after Prime Minister Boris Johnson proposed a legal change that revived the chances of a no-deal Brexit. Earlier in Asia, a benchmark stock gauge rose to the highest level since mid-2018. European government bonds drifted higher.With a $44 trillion global gauge of stocks close to an all- time high and benchmarks in Europe and the U.S. also hovering near record levels, concerns linger over the details of the China accord. The warning by bellwether Unilever also took some of the shine from improved forecasts for the global economy. Elsewhere, West Texas intermediate crude edged higher, while gold was little changed. Bitcoin’s woes continued, as the digital currency languished below $7,000.
Here are some key events to watch for this week:
* Policy decisions are due Thursday from the Bank of Japan and the Bank of England.
* Federal Reserve district bank presidents including Eric Rosengren of Boston and John Williams of New York are scheduled to speak this week.
* Revised U.S. GDP data are due Friday.
* Friday brings quadruple witching in the U.S., the simultaneous expiration date of stock index futures, stock index options, stock options and single stock futures. Expect elevated trading volume, particularly in the last hour of trading.

These are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at 3,192.23 as of 4:00 p.m.
* New York time, hitting the highest on record with its fifth consecutive advance.
* The Stoxx Europe 600 Index declined 0.7% to 414.92, the first retreat in a week and the biggest drop in more than two weeks.
* The U.K.’s FTSE 100 Index gained 0.1% to 7,525.28, hitting the highest in almost 20 weeks with its fifth consecutive advance.
* Germany’s DAX Index declined 0.9% to 13,287.83, the first retreat in a week and the biggest drop in more than two weeks.
* The MSCI Emerging Market Index jumped 1.3% to 1,102.51, hitting the highest in 18 months with its fifth consecutive advance.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.2% to 1,194.79, the biggest increase in more than three weeks.
* The euro was little changed at $1.1146, the strongest in more than six weeks.
* The British pound sank 1.6% to $1.3123, the weakest in almost two weeks on the biggest tumble in 13 months.
* The Japanese yen was little changed at 109.52 per dollar.
Bonds
* The yield on 10-year Treasuries increased one basis point to1.88%.
* Germany’s 10-year yield declined two basis points to -0.30%.
* Britain’s 10-year yield fell six basis points to 0.762%, the lowest in almost two weeks on the biggest fall in two weeks.
Commodities
* West Texas Intermediate crude gained 1.1% to $60.89 a barrel, the highest in three months.
* Gold was little changed at $1,475.96 an ounce.
–With assistance from Abhishek Vishnoi and Andreea Papuc.
Have a great night.

Be magnificent!
As ever,

Carolann

Some things have to be believed to be seen.
                                                               -Ralph Hodgson, 1871-1962

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

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

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

Dear Friends,

Tangents: Happy Monday!
I took my Mom to see the Vancouver Arts Club Theatre’s afternoon production of the Sound of Music on Saturday and have to report to you that it is amazing, super fantastic, most enjoyable etc. etc.  It is on until the first week of January so if you can, head over to the Stanley Theatre on South Granville and catch a performance.  You will be enthralled, I promise.

On this day…
Ludwig Von Beethoven, composer, b.1770
Jane Austen, novelist, b. 1775
Margaret Mead, anthropologist, b. 1901
The Frick Collection opened to the public on this day in 1935 in NYC.

2018 – Miners unearthed the biggest diamond ever found in Canada.

The 552-carat yellow gem is almost 3 times the size of the next largest stone discovered in North America  Go to article »
From Bloomberg:
Special Holiday Section: Bloomberg Opinion Book Club
Fifteen books to challenge your assumptions. — Stephen Carter 
Ten books on thinking about thinking. — Barry Ritholtz 
Five books on the biggest business themes of 2019. — Andrew Dunn
And…
The 40 best Christmas movies of all time.
PHOTOS OF THE DAY

Sunlight breaks through dark clouds illuminating a wind farm in Wilhelmshaven, on the North Sea coast of Germany
CREDIT: MOHSSEN ASSAINMOGHADDAM/DAP VIA AP

A woman works behind a nutcracker displaying Queen Elizabeth II, right, in the Richard Glaesser company, manufacturer of the traditionally hand – made wooden Christmas decoration, in the toy village Sheaffe, eastern Germany. The traditional wooden Christmas figures manufactured in the Erzgebirge mountain region are sold all over the world.
CREDIT: HENS MEYER/AP

A Christmas tree is decorated with baubles and festive lights in Manezhnaya Square ahead of the holiday season in Moscow, Russia
CREDIT: STANISLAV KRASILNIKOV\\TASS VIA GETTY IMAGES

Carlos Bahia, dressed as Santa Claus, surfs at the Maresias beach in Sao Sebastiao, Sao Paulo state, Brazil
CREDIT: AMANDA PEROBELLI/REUTERS
Market Closes for December 16^th, 2019  

Market Index	Close	Change
Dow Jones	28235.89	+100.51
		+0.36%
S&P 500	3191.45	+22.65
		+0.71%
NASDAQ	8814.227	+79.348 +0.91%
TSX	17056.36	+53.23
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	23952.35	-70.75
		-0.29%
HANG SENG	27508.09	-179.67
		-0.65%
SENSEX	40938.72	-70.99
		-0.17%
FTSE 100*	7519.05	+165.61 +2.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.635	1.578
CND. 30 Year Bond	1.724	1.679
U.S.    10 Year Bond	1.8713	1.8191
U.S. 30 Year Bond	2.2866	2.2489

Currencies

BOC Close	Today	Previous
Canadian $	0.75977	0.75859
US $	1.31619	1.31824
Euro Rate 1 Euro=		Inverse
Canadian $	1.46625	0.68201
US $	1.11402	0.89765

Commodities

Gold	Close	Previous
London Gold Fix	1466.60	1467.80
Oil
WTI Crude Future	60.21	60.07

Market Commentary:
On this day in 1685, under orders from the British Governor General, workmen finished laying out a 36-foot-wide street of stone and dirt in lower Manhattan. The thoroughfare, which ran along the wall that kept marauding pigs and native Americans from entering the city, was naturally named Wall Street.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose for a third straight session as Cineplex Inc. surged on a takeover plan and investor optimism about a partial trade deal between America and China boosted global markets.
     The S&P/TSX Composite Index rose 0.3% to 17,056.36 on Monday. Utilities stocks led the market higher as eight of 11 sectors rose. Shopify contributed the most to the index’s advance, increasing 1.8%. Cineplex had the largest gain, rising more than 41%. Barrick Gold was the biggest drag on the index, declining 1.5%.
     On the M&A front, Britain’s Cineworld Group Plc is on track to become North America’s biggest operator of movie theaters with its plan to buy Canada’s Cineplex for C$2.15 billion ($1.64 billion). Meanwhile, Hudson’s Bay Co. Chairman Richard Baker may scrap an offer to take the struggling retailer private after regulators delayed a vote on the deal following complaints from a minority shareholder. And the bid by billionaire Jim Pattison to take Canfor Corp. private is facing growing opposition from shareholders, though the investment firm has no plans to sweeten its bid for the Canadian lumber company.
Commodities
* Western Canada Select crude oil traded at a $22 discount to WTI
* Gold spot price was flat at $1,476.60 an ounce
FX/Bonds
* The Canadian dollar rose 0.04% to C$1.3162 per U.S. dollar
* The Canada 10-year government bond yield rose about 4 basis points to 1.637%
US
By Sarah Ponczek and Yakob Peterseil
     (Bloomberg) — U.S. equities climbed to a new high Monday amid hopes that a partial trade deal between America and China will ease a key risk for investors heading into year-end. Treasuries and the dollar fell.
     With tech and health-care leading the charge, the S&P 500 Index rose in the wake of the agreement, which will see Washington reduce tariffs and Beijing increase purchases of American farm goods, although many details are still to be ironed out. In another positive sign, the Federal Reserve Bank
of New York’s survey measure of general business conditions in
the next six months jumped to a five-month high.
     The Stoxx Europe 600 also hit a new peak as it jumped for a fourth day. The U.K.’s FTSE 100 Index reached a 19-week high. Stocks were mixed in Asia, but equities in Shanghai rose after Chinese data showed industrial output and retail sales both exceeded expectations.
     The announcement of the preliminary U.S.-China deal staved off a scheduled Dec. 15 tariff hike, a prospect that had loomed large for markets. It remains unclear how China will follow through on pledges to boost American agricultural imports, or how quickly the U.S. promise to roll back half of a September tariff hike will happen.
     “Now that the ‘good news’ is here, what is next for stocks? This week should be the last week with any decent volume as investors head for home for Christmas and the New Year’s holiday,” Paul Nolte, a portfolio manager at Kingsview Asset Management in Chicago, wrote to clients. “Slow volume should also mean modest moves in stocks, so investors should be able to sleep easy and dream of sugar plum fairies to close out a very good year.”
     Still, China’s threat of retaliation against Germany if it excludes Huawei Technologies Co. as a supplier of 5G wireless equipment shows that tensions remain high elsewhere. Also, the U.S. spent Monday acting to ease Mexico’s concerns over labor monitors under the USMCA trade deal.
     Elsewhere, oil hovered near a three-month high and gold held steady. Bitcoin slipped below $7,000.
     Here are some key events to watch for this week:
* Policy decisions are due Thursday from the Bank of Japan and the Bank of England.
* Federal Reserve district bank presidents including Robert Kaplan of Dallas, Eric Rosengren of Boston and John Williams of New York are scheduled to speak this week.
* Revised U.S. GDP data are due Friday.
* Friday brings quadruple witching in the U.S., the simultaneous expiration date of stock index futures, stock index options, stock options and single stock futures. Expect elevated trading volume, particularly in the last hour of trading.

These are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.7% to 3,191.40 as of 4:00 p.m. New York time, the highest on record.
* The Stoxx Europe 600 Index gained 1.4% to 417.75, the highest on record with the biggest rise in more than two months.
* The U.K.’s FTSE 100 Index increased 2.3% to 7,519.05, the highest in more than 19 weeks on the largest climb in almost a year. Germany’s DAX Index rose 0.9% to 13,407.66, the highest in almost 23 months on the biggest advance in more than a week.
* The MSCI Emerging Market Index increased 0.3% to 1,089.76, the highest in eight months.
Currencies
* The Bloomberg Dollar Spot Index declined 0.2% to 1,192.66, the lowest in five months.
* The euro climbed 0.2% to $1.1144, the strongest in more than six weeks.
* The British pound increased 0.1% to $1.3343, the strongest in 18 months.
* The Japanese yen depreciated 0.2% to 109.57 per dollar, the weakest in almost seven months.
Bonds
* The yield on 10-year Treasuries climbed six basis points to 1.88%.
* Germany’s 10-year yield increased one basis point to -0.28%.
* Britain’s 10-year yield gained three basis points to 0.822%, the highest in about five months.
Commodities
* West Texas Intermediate crude rose 0.3% to $60.23 a barrel, the highest in three months.
* Gold was little changed at $1,476.45 an ounce, the highest in almost two weeks.
–With assistance from Sophie Caronello and Andreea Papuc.
Have a great night.

Be magnificent!
As ever,

Carolann

One of the lessons that I grew up with was to always stay true to yourself and never let what somebody else  says distract you from your goals.
                                                                                                         -Michelle Obama, b. 1964

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

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

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

Dear Friends,

Tangents: Happy Friday!

-from CNN:
It’s Friday the 13th!
Burn some sage and learn about why we’re so spooked out by this date. 

This luxury yacht turns into a submarine 
For when being rich gets to be too much and you just want to sink below the sea.

-from today’s New York Times:

The horror novelist Stephen King is a triskie. He’s also a friggatriskaidekaphobe. Or, if you prefer, a paraskavedekatriaphobe.

While a triskie — a triskaidekaphobe, that is — is creeped out by the number 13, the other two are terrified of Friday the 13th. Like today.

Mr. King wrote an article for The Times in 1984 listing some unlucky Friday the 13ths in history, and explaining that when he reads a book, he won’t stop on page 94, page 193 — or any page whose digits add up to 13. “It’s neurotic, sure,” he conceded. “But it’s also … safer.” Other friggatriskies:

■ Franklin Roosevelt. (He was acutely afraid of the number 13 and would avoid traveling on Friday.)

■ Sholom Aleichem, the Yiddish author and playwright who created the character Tevye from “Fiddler on the Roof.” (His manuscripts never had a page 13; he would number it 12a.)

■ And the Austrian-American composer Arnold Schoenberg, whose fear came true: He died on a Friday the 13th in 1951.

PHOTOS OF THE DAY

A bushy-tailed squirrel roaming through British woodland leaps into the air while clutching a nut in its mouth. The small rodent carefully grips the hazelnut between its teeth as it leaps away to enjoy its latest find. Stretching as it darts across mossy earth, the red squirrel’s reflection gently shimmers in the pool of water in woodland near the town of Kirkcudbright, in Dumfries and Galloway, Scotland. Amateur photographer Dr Hamad Bouresli was keeping cover in a bird photography hide when he managed to capture the shots of squirrel.
CREDIT: DR HAMAD BOURSELI/SOLENT NEWS & PHOTO AGENCY

Frankie Hayward, principal dancer of the Royal Ballet and actress in forthcoming Cats movie poses for a photograph, after rehearsal at the Royal Opera House in London, Britain.
CREDIT: REUTERS/SIMON DAWSON

Britain’s Prime Minister Boris Johnson holds his dog, Dilyn, as he leaves a polling station, at the Methodist Central Hall, after voting in the general election in London, Britain.
CREDIT: REUTERS/DYLAN MARTINEZ

Market Closes for December 13^th, 2019  

Market Index	Close	Change
Dow Jones	28135.38	+3.33
		+0.01%
S&P 500	3168.80	+0.23
		+0.01%
NASDAQ	8734.879	+17.562 +0.20%
TSX	17003.13	+56.23
		+0.33%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24023.10	+598.29
		+2.55%
HANG SENG	27687.76	+693.62
		+2.57%
SENSEX	41009.71	+428.00
		+1.05%
FTSE 100*	7353.44	+79.97 +1.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.578	1.670
CND. 30 Year Bond	1.679	1.753
U.S.    10 Year Bond	1.8191	1.8922
U.S. 30 Year Bond	2.2489	2.3110

Currencies

BOC Close	Today	Previous
Canadian $	0.75859	0.75853
US $	1.31824	1.31834
Euro Rate 1 Euro=		Inverse
Canadian $	1.46579	0.68223
US $	1.11193	0.89934

Commodities

Gold	Close	Previous
London Gold Fix	1467.80	1466.80
Oil
WTI Crude Future	60.07	59.18

Market Commentary:
The British pound rallied as Prime Minister Boris Johnson’s Conservative Party secured a solid election victory, setting the stage for a January Brexit. The pound surged to its highest level since May 2018, hitting $1.3515. By late morning London time on Friday it stood at $1.3383.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3 percent, or 56.23 to 17,003.13 in Toronto. The index advanced to the highest closing level since Nov. 29. Shopify Inc. contributed the most to the index gain, increasing 3.8 percent. Enghouse Systems Ltd. had the largest increase, rising 20.6 percent. Today, 145 of 232 shares rose, while 76 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 2.1 percent
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* The index advanced 15 percent in the past 52 weeks. The MSCI AC Americas Index gained 19 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on Nov. 28, 2019 and 23.4 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.2 on a trailing basis and 15.9 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$2.61t
* 30-day price volatility fell to 4.85 percent compared with 4.93 percent in the previous session and the average of 4.62 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 31.6039| 0.6| 20/5
Materials | 17.2512| 0.9| 33/14
Information Technology | 15.0064| 1.6| 7/2
Industrials | 6.5555| 0.3| 25/5
Utilities | 2.4148| 0.3| 11/5
Energy | 0.7802| 0.0| 17/12
Real Estate | 0.1811| 0.0| 15/8
Consumer Discretionary | 0.1185| 0.0| 6/10
Health Care | -2.5043| -1.1| 5/5
Consumer Staples | -6.0971| -0.9| 4/6
Communication Services | -9.0724| -1.0| 2/4

* The benchmark 10-year bond rose and the yield fell 9 basis points to 1.579 percent

US
By Luke Kawa and Vildana Hajric
(Bloomberg) — U.S. stocks ended a tumultuous session higher with major benchmarks notching records as investors attempted to assess the contours of a partial deal reached between the U.S. and China. Stocks swung between gains and losses throughout the day, while Treasuries surged as neither side delivered enough details to calm investors who sent shares to records Thursday on reports fresh tariffs due Sunday have been averted. President Donald Trump confirmed as much Friday, but it remained unclear whether China agreed to enough agricultural purchases or if the U.S. had planned to roll back some existing tariffs. The S&P 500 eked out a gain, rising for the ninth week out of the last 10, after Trump signaled he’d cut in half the tariffs that took hold in September. The U.S. will maintain levies that began in the spring. The 10-year Treasury yield fell below 1.82%.
“Both sides now seem to be negotiating in public,” Matt Maley, an equity strategist at Miller Tabak & Co., said. “The uncertainty makes it impossible to make concrete investment decisions. These negotiations have turned into a circus.” The dollar was steady against major peers after U.S. retail sales data fell short of estimates. West Texas crude and gold advanced. The fresh trade headlines overshadowed the U.K. election that puts the country on track to leave the European Union next month. The FTSE 100 index rose more than 1% and the pound surged.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.01% at 4 p.m. New York time.
* The Nasdaq 100 added 0.2%.
* The Stoxx Europe 600 Index advanced 1.1%.
* The U.K.‘s FTSE 100 Index rose 1.1%.
* The MSCI Asia Pacific Index gained 1.6%.
Currencies
* The Bloomberg Dollar Spot Index was flat.
* The British pound increased 1.3% to $1.3338.
* The euro dropped 0.1% at $1.1114.
* The Japanese yen was steady at 109.31 per dollar.
Bonds
* The yield on 10-year Treasuries fell seven basis points to 1.82%.
* The two-year yield fell six basis points to 1.60%.
* Germany’s 10-year yield lost one basis point to -0.279%.
* Britain’s 10-year yield gained three basis points to 0.845%.
Commodities
* West Texas Intermediate crude advanced 1.3% to $59.97 a barrel.
* Gold futures rose 0.6% to $1,480.70 an ounce.
–With assistance from Cormac Mullen.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Things work out best for those who make the best of how things work out.
                                                                       -John Wooden, 1910-2010

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