Month: January 2020

Dear Friends,

Tangents:
Some time ago, one of my clients sent me a revisionist ending to Aesop’s Fable concerning the Grasshopper and the Ants.  I recently came upon it again and it’s worth sharing:
“…But when the days grew short and the first snow fell, the grasshopper could find nothing to eat.  Shivering in the cold, he came to ask the ants for help.  ‘Please, can’t you spare me a seed or a leaf?’ he begged, ‘I’m too hungry even to sing!’
The ants said, ‘Sure, Great.  You lightened our load with your beautiful music all summer long.  Come on in and play for us to make the winter pass more quickly.  We’d be glad to share our seeds and leaves with you in return for some sweet tunes!’ “
Do what you love and it will all work out!

He also sent this, which is very beautiful:

Ten thousand flowers in the spring, the moon in autumn,
A cool breeze in the summer, snow in winter,
If your mind isn’t clouded by unnecessary things,
This is the best season of your life.
                                           -Wu-Men

PHOTOS OF THE DAY

A stockbreeder carries a goat on his back at a countryside following snowfall during winter season in Van, Turkey.
CREDIT: OZKAN BILGIN/ANADOLU AGENCY VIA GETTY IMAGES

Snow fell overnight at Princetown, Devon, as the UK prepares for more cold weather.
CREDIT: SWNS

The Koala ComeBack Fund, David Yarrow launches worldwide campaign to highlight the devastating effect of Australia’s wildfires by releasing harrowing photograph and aims to raise $2 million.
CREDIT: DAVID YARROW

Market Closes for January 29^th, 2020 

Market Index	Close	Change
Dow Jones	28734.45	+11.60
		+0.04%
S&P 500	3273.40	-2.84
		-0.09%
NASDAQ	9275.164	+5.483 +0.06%
TSX	17511.75	+10.87
		+0.06%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23379.40	+163.69
		+0.71%
HANG SENG	27160.63	-789.01
		-2.82%
SENSEX	41198.66	+231.80
		+0.57%
FTSE 100*	7483.57	+2.88 +0.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.310	1.372
CND. 30 Year Bond	1.446	1.495
U.S.    10 Year Bond	1.5839	1.6545
U.S. 30 Year Bond	2.0405	2.1090

Currencies

BOC Close	Today	Previous
Canadian $	0.75729	0.75993
US $	1.32051	1.31590
Euro Rate 1 Euro=		Inverse
Canadian $	1.45326	0.68811
US $	1.10053	0.90865

Commodities

Gold	Close	Previous
London Gold Fix	1574.00	1580.10
Oil
WTI Crude Future	53.33	53.48

Market Commentary:
On this day in 1886, Karl Benz received German patent DRP No. 37435 for his “motorwagen,” a frail and ungainly vehicle with three wheels and a wooden chassis. It was the world’s first automobile.

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 17,511.75 in Toronto. Barrick Gold Corp. contributed the most to the index gain, increasing 2.3 percent. Seabridge Gold Inc. had the largest increase, rising 5.9 percent. Today, 123 of 233 shares rose, while 103 fell; 5 of 11 sectors were higher, led by materials stocks.

Insights
* This month, the index rose 2.6 percent
* The index advanced 13 percent in the past 52 weeks. The MSCI AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on Jan. 22, 2020 and 13.6 percent above its low on Jan. 29, 2019
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18 on a trailing basis and 15.5 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$2.69t
* 30-day price volatility fell to 4.55 percent compared with 4.59 percent in the previous session and the average of 4.60 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 23.5791| 1.3| 33/12
Industrials | 6.9865| 0.4| 20/10
Energy | 5.5731| 0.2| 16/13
Utilities | 2.8098| 0.3| 12/4
Real Estate | 0.9298| 0.1| 15/10
Consumer Staples | -0.2316| 0.0| 4/7
Consumer Discretionary | -0.4680| -0.1| 5/11
Health Care | -1.7026| -0.8| 2/8
Communication Services | -6.4872| -0.7| 1/7
Financials | -7.0456| -0.1| 12/15
Information Technology | -13.0721| -1.2| 3/6

* The benchmark 10-year bond rose and the yield fell 6.3basis points to 1.312 percent
* The S&P 500 Index declined slightly, down 0.1 percent

US
By Rita Nazareth
(Bloomberg) — U.S. stocks struggled near record highs on speculation that a recent rally outpaced the risks to global economic growth. Bonds climbed. The S&P 500 Index wiped out an early advance after Federal Reserve Chairman Jerome Powell said that uncertainties about the outlook remain — including those around trade policy and the coronavirus. Treasuries extended gains after he noted that the committee revised its language about inflation to clarify that policy makers aren’t comfortable with it below 2%. In a highly anticipated decision, the Fed kept its key interest rate unchanged and continued to signal policy would stay on hold for the time being. As the earnings season continued to roll in Apple Inc.’s strong results sent the iPhone maker to a record while General Electric Co.’s outlook topped Wall Street’s estimates. Boeing Co. rallied on news the plane-maker burned less cash than expected.

Some other corporate highlights:
* McDonald’s Corp.’s sales in its home market beat expectations.
* Mastercard Inc., Dow Inc. and T. Rowe Price Group Inc. reported better-than-estimated results.
* AT&T Inc. topped earnings estimates as cost cuts helped offset steep TV-subscriber losses and higher spending on its media business.
* EBay Inc., Advanced Micro Devices Inc. and Xilinx Inc. gave lackluster guidance.

     Elsewhere, oil fell after a government report showed the biggest jump in U.S. crude stockpiles since November. The European Parliament approved Prime Minister Boris Johnson’s Brexit deal, clearing the way for the U.K. to leave the EU on Jan. 31 with an agreement that, for the time being, will avoid a chaotic rupture.
Here are some events to watch out for this week:
* Samsung Electronics, International Paper, Unilever and Shell report on Thursday, followed by South Korean chip maker SK Hynix, Chevron, Caterpillar and Exxon Mobil all on Friday.
* The Bank of England meeting on Thursday is highly anticipated after a series of dovish comments raised speculation policy makers could lower interest rates.
* The U.S. reports fourth-quarter GDP Thursday.
* The U.K. is scheduled to leave the European Union Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.4%.
* The MSCI Emerging Market Index dipped 0.5%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro dipped 0.1% to $1.1006.
* The Japanese yen strengthened 0.1% to 109.06 per dollar.
Bonds
* The yield on 10-year Treasuries dipped seven basis points to 1.59%.
* Germany’s 10-year yield fell four basis points to -0.38%.
* Britain’s 10-year yield decreased four basis points to 0.516%.
Commodities
* The Bloomberg Commodity Index dipped 0.6%.
* West Texas Intermediate crude dipped 0.6% to $53.15 a barrel.
* Gold rose 0.4% to $1,582 an ounce.

–With assistance from Andreea Papuc, Adam Haigh, Robert Brand,
Todd White, David Wilson, Sarah Ponczek, Sophie Caronello, Vildana Hajric and Katherine Greifeld.
Have a great night.

Be magnificent!

As ever,

Carolann

Coming together is a beginning; keeping together is progress; working together is success.
                                                                                       -Edward Everett Hale, 1822-1909

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:

All the tributes surrounding us these day to the late great Kobe Bryant, I found this one particularly remarkable.  I t shows just how many lives he touched and the inspiration he provided to so  many.  It is from Dr. Sanjay Gupta and appeared this morning in CNN’s Healthy Returns:

It was April 12, 2013, and I was filming a segment for “60 Minutes” with one of the owners of the Los Angeles Lakers. That evening we were at the Staples Center watching the Lakers in a real battle against the Golden State Warriors. With three minutes left on the clock, Kobe Bryant made what looked like a pretty routine move around a defender, then suddenly crumpled to the ground.

The crowd came roaring to their feet.

Kobe had been fouled, but he had also heard a pop and felt like someone had kicked him hard in the back of his calf. While we weren’t sure, I heard the trainers immediately suspect a torn Achilles tendon — one of the most devastating injuries in sports. As Kobe sat on the court holding the back of his ankle, we subsequently learned that he was actually trying to feel if the tendon was there or not. When he realized it wasn’t there, he actually tried to grab the torn end of it and pull it up on his own. I can’t even imagine the pain.

And despite the terrible injury, Kobe stayed in the game long enough to sink two free throws before hobbling off the court. It made all the difference.

The Lakers ended up beating the Warriors 118-116.

I have always loved basketball, and getting to see an iconic athlete like Kobe Bryant play was the athletic equivalent of seeing The Beatles in concert. You just knew you were witnessing a level of talent that rarely graces this Earth. But with Kobe it wasn’t just talent, it was also his grit. That night, after suffering what seemed to be a career-ending injury, Kobe told his girls in the locker room, “Daddy’s going to be fine, work hard and go from there.”

Like most of you, I sat around this weekend with my family, my own three girls, and delicately talked about what happened. While I had long followed Kobe for basketball, my girls had been enamored with his family – all girls, just like our family. This weekend even happened to be my middle daughter’s 13^th birthday, the same age as Kobe’s daughter Gigi.

It was just so sad, they told me. As someone who always tries to make sense of things for a global audience, there are some things, I told them, that are simply inexplicable. And sometimes, that is OK.

Instead, I spent the time with my girls taking them back to that night of April 12, 2013. I did my best to demonstrate the superhuman feats of an extraordinary man. They laughed as I pivoted around the room with an imaginary basketball pretending I had mastered the perfect fadeaway shot. And then I told them that Kobe did in fact make good on his promise to his own daughters. He did recover and play again just eight months later, despite the long odds that had been stacked against him.

Then together we watched the highlights of his final NBA game, when he put on a show, scoring 60 points and ended his career by blowing a kiss to the fans.

“Mamba out,” he said.

PHOTOS OF THE DAY

A helicopter flies over a Kobe Bryant mural in downtown Los Angeles.
CREDIT: APU GOMES/AFP

An explorer has become the first Brit and the third ever person to climb the world’s remotest mountain-so isolated only ten people have ever seen it.
CREDIT: MARK SEDON/SWNS

A spectacular ice castle built by hand over thousands of hours towers almost 50 cm into the sky. Huge icicles dangle from the ceilings and the exterior while the whole structure is filled with carefully designed tunnels.
CREDIT: OE CHOWAINE/SOLENT NEWS

Market Closes for January 28^th, 2020 

Market Index	Close	Change
Dow Jones	28722.85	+187.05
		+0.66%
S&P 500	3276.24	+32.61
		+1.01%
NASDAQ	9269.680	+130.370 +1.43%
TSX	17500.88	+58.36
		+0.33%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23215.71	-127.80
		-0.55%
HANG SENG	27949.64	+40.52
		+0.15%
SENSEX	40966.86	-188.26
		-0.46%
FTSE 100*	7480.69	+68.64 +0.93%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.372	1.300
CND. 30 Year Bond	1.495	1.434
U.S.    10 Year Bond	1.6545	1.5977
U.S. 30 Year Bond	2.1090	2.0480

Currencies

BOC Close	Today	Previous
Canadian $	0.75993	0.75830
US $	1.31590	1.31874
Euro Rate 1 Euro=		Inverse
Canadian $	1.45039	0.68947
US $	1.10220	0.90727

Commodities

Gold	Close	Previous
London Gold Fix	1580.10	1564.30
Oil
WTI Crude Future	53.48	53.14

Market Commentary:
On this day in 2002, Global Crossing Ltd. went Chapter 11, filing for protection from creditors under the Federal bankruptcy code. The telecom company had spent some $15 billion building fiber-optic networks in 27 countries since it was launched by former Drexel Burnham junk-bond trader Gary Winnick in 1997—one of the most stupendous spending binges in corporate history. Two Hong Kong-based companies, agreeing to buy Global Crossing out of bankruptcy, valued it at a total of $1.25 billion. That meant the stock had lost more than 97% since it was valued at an astounding $49 billion during the peak of the telecom bubble in early 2000. Mr. Winnick, however, had long since sold at least $600 million in stock, leaving him high and dry.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares advanced, along with the global stock market, as investors moved past coronavirus-related concerns. Pot producer Canopy Growth surged on Tuesday after BMO Capital Markets upgraded the stock, citing shifting sentiment. The S&P/TSX Composite Index rose 0.33% to 17,500.88. The move was the biggest since rising 0.4% on Jan. 17. Health Care stocks were the best performing sector, while materials were the worst. Shopify contributed the most to the index advance, increasing 3.5%. Ballard Power Systems had the largest gain, rising 13%. Barrick Gold was the biggest drag on the index, declining 3.6% along with other gold miners as precious metals fell on lack of safe haven demand. Meanwhile, Superior Plus Corp. fell 7.4% after the company said it won’t proceed with the sale of its specialty chemical business. BMO said the move reduced flexibility to lower the company’s debt and “execute an ambitious propane acquisition plan.”
Commodities
* Western Canada Select crude oil traded at a $22.75 discount to WTI
* Spot gold fell 0.9% to $1,568.41 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3165 per U.S. dollar
* The Canada 10-year government bond yield rose 5 basis points to 1.370%

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks climbed the most since October on speculation that efforts to contain the coronavirus will prevent a major economic fallout. The S&P 500 Index rebounded from its worst sell-off in four months, with technology shares leading the charge. Some of the companies that suffered the biggest losses during the latest equity rout, such as chipmakers, casino operators and airlines,
advanced on Tuesday. Demand for havens cooled, sending Treasuries and gold lower. After the close of regular trading, Starbucks Corp. reported earnings that beat analyst estimates. Stocks Turnaround Got Few Cheering With Uncertainty Running High Equities rallied after a slide that wiped about $1.5 trillion off the value of world stocks since Jan. 20. As it’s too early to assess the full impact of the deadly virus, traders digested some positive readings on U.S. consumer confidence and home prices. With earnings continuing to roll in, investors will be looking for signs of how the disease is affecting operations in China. “We kind of stall a little bit on the Chinese recovery, but we have a lot of other things going in favor of a global recovery anyway,” Stephen Auth, chief investment officer of equities at Federated Investors, told Bloomberg TV. “We still think that’s coming.”

Some corporate highlights:
* PulteGroup Inc. climbed after reporting better-than-expected quarterly orders.
* Lockheed Martin Corp. rose on sales that beat the highest estimate.
* Acceleron Pharma Inc. surged on mid-stage results for its medicine aimed at treating a type of lung and heart disorder.
* 3M Co. sank after revealing it had received a grand jury subpoena in an environmental probe and saying it would cut 1,500 jobs.
* Harley-Davidson Inc. slid after quarterly profit missed estimates.
* Pfizer Inc. tumbled as a drop in sales overshadowed the company’s projections for a better-than-feared 2020.

Here are some events to watch out for this week:
* Wednesday brings reports from GE, Boeing and Facebook; Samsung Electronics, International Paper, Unilever and Shell report on Thursday, followed by South Korean chip maker SK Hynix, Chevron, Caterpillar and Exxon Mobil all on Friday.
* Federal Reserve policy makers on Wednesday are expected to open 2020 the same way they closed 2019 — by holding rates steady.
* Goldman Sachs will hold its first-ever Investor Day on Wednesday.
* The Bank of England meeting on Thursday is highly anticipated after a series of dovish comments raised speculation policy makers could lower interest rates.
* The U.S. reports fourth-quarter GDP Thursday.
* The U.K. is scheduled to leave the European Union Friday.

These are the main moves in markets:
Stocks
* The S&P 500 climbed 1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.8%.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro was unchanged at $1.1019.
* The Japanese yen weakened 0.2% to 109.14 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 1.65%.
* Germany’s 10-year yield climbed four basis points to -0.34%.
* Britain’s 10-year yield jumped four basis points to 0.552%.
Commodities
* The Bloomberg Commodity Index advanced 0.1%.
* West Texas Intermediate crude rose to $53.48 a barrel.
* Gold decreased 0.5% to $1,575.80 an ounce.
–With assistance from Joanna Ossinger, Christopher Anstey,
Cormac Mullen, Todd White, Sam Potter, Sophie Caronello and Sarah Ponczek.

Have a great night.

Be magnificent!
As ever,

Carolann

Everything negative – pressure, challenges – is all an opportunity for me to rise.
-Kobe Bryant, 1978-2020

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:

A special day today – Mozart’s birthday.  He was born 264 years ago in 1756.  According to Chamber’s Biographical Dictionary, he “displayed his musical gifts early, playing the keyboard when aged four, composing his first pieces for it at the age of five, and soon mastering the violin.  [His father] Leopold was keen to exhibit his son’s extraordinary talents along with those of his pianist-daughter, Maria-Anna or “Nannerl” (1751-1829), and he undertook a series of tours with them….His experiences on these tours helped mould his style, especially in dramatic music, although he was prolific also in writing sacred vocal pieces and instrumental works: by 1772 he had written about 25 symphonies (some are lost) and his first quartets….His last works were the Masonic Singspiel Die Zauberflöte, and an opera seria, La Clemenze di Tito (also in 1791) and also for Leopold’s coronation in Prague, a clarinet concerto and a requiem.  The last was unfinished when he died.  In many ways, Mozart remained a child, and his irresponsible way of life may have contributed to the troubles of his last years.  But he was not a wicked man; his most grievous vice was probably billiards.  Nor was he an intellectual.  Instead he was quite simply a universal genius of music; his facility, grace and polish, the swiftness and fecundity of his thought, his innate sense for phrasing and gift of melodic  beauty, his mastery of form and the richness of his harmony, all contributing to his excelling in every genre of the music of his day, which he raised to a sublime pitch of perfection.” -Chamber’s.

Mozart toured extensively, being showcased by his father as a prodigy in the courts of Europe.  He soon gained fame for playing the piano blindfolded with his hands tied behind his back, and also for his ability to improvise.  He met many of the most influential composers of western classical music,  including Johann Christian Bach, Joseph Haydn, and Ludwig van Beethoven.  Beethoven said that he would never be able to compose a melody as great as one in the first movement of Mozart’s Piano Concerto No. 24.

On August 4, 1782, he married Constanze Weber.  They had six children, of whom only two survived infancy.  Neither of these two married or had children.

Later in Mozart’s short life he became a Freemason, like Benjamin Franklin, his contemporary, and Haydn who was in the same Masonic Lodge.  Mozart even composed several pieces of music for Franklin’s glass harmonica and his last opera, The Magic Flute, includes Masonic themes.

Mozart’s life was fraught with financial difficulty and illness, both exacerbated by his extravagant lifestyle.  Mozart died on December 5, 1791, while working on the Requiem, his final composition.  The cause of Mozart’s death is uncertain, but some speculate that a rival composer poisoned him.

PHOTOS OF THE DAY

Paraglider pilots fly over the mountains in Roldanillo, Valle del Cauca Department, Colombia, during the British Winter Open. The competition is taking place for the second time in Colombia and involves the 130 world’s best pilots from 27 countries.
CREDIT: LUIS ROBAYO/AFP VIA GETTY IMAGES

A traditional winter festival is held in Nara, western Japan, with burning Mt. Wakakusa and fireworks lighting up the sky.
CREDIT: KYODO

People walk along a beach near the estuary of the river Le Tech in Argeles-sur-Mer, southeastern France, where wood was washed ashore following storm Gloria.
CREDIT: RAYMOND ROIG/AFP VIA GETTY IMAGES

Market Closes for January 27^th, 2020 

Market Index	Close	Change
Dow Jones	28535.80	-453.93
		-1.57%
S&P 500	3243.69	-51.84
		-1.57%
NASDAQ	9139.309	-175.602 -1.89%
TSX	17442.52	-122.82
		-0.70%

International Markets

Market Index	Close	Change
NIKKEI	23343.51	-483.67
		-2.03%
HANG SENG	27949.64	+40.52
		+0.15%
SENSEX	41155.12	-458.07
		-1.10%
FTSE 100*	7412.05	-173.93 -2.29%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.300	1.361
CND. 30 Year Bond	1.434	1.490
U.S.    10 Year Bond	1.5977	1.6839
U.S. 30 Year Bond	2.0480	2.1324

Currencies

BOC Close	Today	Previous
Canadian $	0.75830	0.76078
US $	1.31874	1.31444
Euro Rate 1 Euro=		Inverse
Canadian $	1.45323	0.68812
US $	1.10198	0.90746

Commodities

Gold	Close	Previous
London Gold Fix	1564.30	1562.90
Oil
WTI Crude Future	53.14	54.12

Market Commentary:
On this day in 1938, after a protracted war with the new U.S. Securities and Exchange Commission, the New York Stock Exchange finally recommended an internal reorganization that would install a board of governors, a salaried independent president and a specialized administrative staff. Previously, the exchange had functioned like a private gentleman’s club, with conduct enforced mainly by unspoken codes of honor and a pro-bono president chosen from among his fellow brokers.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities fell with global shares Monday on intensifying concern over the impact of China’s deadly coronavirus. The S&P/TSX Composite Index fell 0.7% to 17,442.52. The move is the biggest since falling 0.8% on Oct. 8. Health care and tech stocks were the worst performer on Monday, while consumer staples stocks were the best. Aphria had the largest drop, falling 7.7% while OceanaGold had the biggest gain, rising 3.8% as gold prices rose on safe haven demand.
Commodities
* Western Canada Select crude oil traded at a $23.00 discount to WTI
* Spot gold rose 0.7% to $1,582.75 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3188 per U.S. dollar
* The Canada 10-year government bond yield fell 4.3 basis points to 1.303%
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks slumped and bonds rallied as concern over the impact of a deadly virus that originated in China rattled global markets. The S&P 500 Index fell the most in almost four months, the Dow Jones Industrial Average erased its 2020 gain and the Nasdaq-100 Index had the biggest drop since August. Chipmakers, cruise lines and casino operators were among the hardest hit as investors fled companies with close links to China. A gauge of U.S. equity volatility surged above its one-year average. European and emerging-market shares slid to the lowest since mid-December. China’s financial markets will remain closed until next Monday after authorities extended the Lunar New Year break by three days as they grapple with the virus crisis. Assets that track the country’s largest stocks took a nosedive, with the iShares MSCI China ETF and Invesco China Technology ETF dropping more than 3.5%. China-based Alibaba Group Holding Ltd. and Yum China Holdings Inc. also slid. The offshore yuan sank, breaching key technical levels.

The flight to safety, which comes ahead of this week’s Federal Reserve meeting, saw volumes in Treasury futures jump to double their regular levels in Asia. The yield on 10-year U.S. bonds dropped to the lowest since October, while the dollar rose. The Swiss franc, the Japanese yen and gold paced gains in haven assets. Oil slipped to a more than three-month low, copper had its longest slump since 2014 and iron ore tumbled. Fears that China has failed to contain the pneumonia-like virus — which has killed at least 80 people and infected more than 2,700 — roiled markets at the start of a week jam-packed with corporate earnings. The outbreak has shattered a calm in markets that hasn’t seen a 1% up-or-down move in the S&P 500 since early October.

“This is now a sell first, ask questions later situation,” said Alec Young, managing director of global markets research at FTSE Russell. “Markets hate uncertainty, and the coronavirus is the ultimate uncertainty — no one knows how badly it will impact the global economy. China is the biggest driver of global growth, so this couldn’t have started in a worse place.” As global stocks sell off, JPMorgan Chase & Co. strategists say this could end up a buying opportunity. They retained a constructive view on world equities, adding that in the past, the more stocks have fallen on similar fears, the more they have rebounded later. Both the S&P 500 and MSCI All-Country World Index surged to records this month as 2020 started on a jubilant note amid optimism over the U.S.-China trade deal. “We thought the markets were overdue for a pullback,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, told Bloomberg TV. “Valuations are extremely stretched right now and positioning is extremely euphoric. We’ve said that if the right catalyst came along, markets would be ripe for a pullback.” Rare VIX Inversion Points to Potential End of U.S. Equity Rout.
Here are some events to watch out for this week:
* Tech giants Apple, SAP, Facebook, Samsung and South Korean chip maker SK Hynix announce earnings, as do Boeing, International Paper, GE, United Technologies, Lockheed Martin, Caterpillar, Unilever, Exxon Mobil, Shell and Chevron.
* The Senate impeachment trial of President Donald Trump continues in Washington Monday.
* Fed policy makers are expected to open 2020 the same way they closed 2019 — by holding interest rates steady Wednesday.
* Goldman Sachs will hold its first-ever Investor Day on Wednesday.
* The BOE meeting is highly anticipated Thursday after a series of dovish comments raised speculation policy makers could lower interest rates.
* The U.S. reports fourth-quarter GDP Thursday.
* The U.K. is scheduled to leave the European Union Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 sank 1.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index slid 2.3%.
* The MSCI Emerging Market Index fell 1.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell 0.1% to $1.1018.
* The Japanese yen appreciated 0.3% to 108.90 per dollar.
Bonds
* The yield on 10-year Treasuries slid eight basis points to 1.60%.
* Germany’s 10-year yield dipped five basis points to -0.39%.
* Britain’s 10-year yield fell five basis points to 0.508%.
Commodities
* The Bloomberg Commodity Index decreased 1.4%.
* West Texas Intermediate crude dipped to $53.14 a barrel.
* Gold rose 0.3% to $1,583.70 an ounce.
–With assistance from Alfred Cang, Saket Sundria, Cormac
Mullen, Todd White, Yakob Peterseil, Sophie Caronello and Sarah Ponczek.

Have a great night.

Be magnificent!
As ever,

Carolann

Ever tried.  Ever failed.  No matter.  Try again.  Fail better.
                                       -Samuel Beckett, 1906-1989

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!

On Jan. 24, 1965, Winston Churchill died in London at age 90.  Go to article »

Experience the rainbow
You’ve almost made it through another tough week. Now, relax your eyes with the luminous colors of the Washington National Cathedral’s stained glass windows, shot in time lapse. Ahhh. (Click here to view.)  -CNN

From Bloomberg:
Listen to the re-created voice of an Egyptian mummy.

Brain scans suggest reading to a preschooler is way better than giving them an iPad.

Consciousness may pervade the universe.

PHOTOS OF THE DAY

The Vessel on Hudson Yards is illuminated with red lights to celebrate the upcoming Chinese Lunar New Year in New York, the United States.
CREDIT: XINHUA/ALAMY LIVE NEWS

The moment a cheetah grabs a huge antelope in a stunning takedown on the banks of the Talek river in Masai Mara National Reserve, Kenya.
CREDIT: JEFFREY WU/ SWNS.COM

A drone picture captures the spire on Salisbury’s cathedral poking out above the clouds with the sun rising in the background. The photographer, Declan Spreadbury had been trying top capture the shot for 15 days in a row before finally getting it. The spire of Salisbury Cathedral, at 123 metres tall the tallest in the UK.
CREDIT: DECLAN SPREADBURY/SWNS.COM

A ewe stands in the fog on the outskirts of Aberystwyth in mid Wales.
CREDIT: IAN JONES/ALAMY LIVE NEWS

Market Closes for January 24^th, 2020 

Market Index	Close	Change
Dow Jones	28989.73	-170.36
		-0.58%
S&P 500	3295.47	-30.07
		-0.90%
NASDAQ	9314.910	-87.568 -0.93%
TSX	17565.34	-56.44
		-0.32%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23827.18	+31.74
		+0.13%
HANG SENG	27949.64	+40.52
		+0.15%
SENSEX	41613.19	+226.79
		+0.55%
FTSE 100*	7585.98	+78.31 +1.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.361	1.415
CND. 30 Year Bond	1.490	1.550
U.S.    10 Year Bond	1.6839	1.7290
U.S. 30 Year Bond	2.1324	2.1747

Currencies

BOC Close	Today	Previous
Canadian $	0.76078	0.76163
US $	1.31444	1.31298
Euro Rate 1 Euro=		Inverse
Canadian $	1.44960	0.68985
US $	1.10282	0.90676

Commodities

Gold	Close	Previous
London Gold Fix	1562.90	1556.90
Oil
WTI Crude Future	54.12	55.50

Market Commentary:
On this day in 1848 workers dredging a stream to speed up the waterflow into the sluiceway of John Sutter’s sawmill in Coloma, Calif., near Sacramento, struck a bed of soft yellow rock. James W. Marshall, scooping up a dozen pure gold nuggets in his wool top hat, exclaimed, “Boys, I’ve got ‘er now!” The California gold rush began.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian equities dropped Friday amid concerns of the spreading coronavirus that has sickened hundreds of people and prompted travel lockdowns in Wuhan, China, and its
surrounding cities. The S&P/TSX Composite fell 0.3% at 17,565.34 in Toronto. Nine of 11 sectors fell, with health care and consumer discretionary being among the weaker groups. Aphria Inc lost 8.6% after a pact to accept a strategic investment from an institutional investor for 14m units of the company at a price of C$7.12 per unit. Encana Corp.’s Canadian-listed shares dropped 5.3% Friday as the company will be removed from the S&P/TSX Composite and S&P/TSX 60 indexes after it won investor approval to relocate to the U.S. One Wall Street analyst downgraded the stock, while another saw a buying opportunity.
Commodities
* Western Canada Select crude oil traded at a $23 discount to WTIS
* Spot gold rose 0.5% to $1,571.16 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3144 per U.S. dollar
* The Canada 10-year government bond yield fell 5 basis points to 1.362%
Insights
* So far this month, the index has risen 2.9%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -21.6994| -0.4| 7/20
Energy | -19.5716| -0.7| 3/27
Health Care | -10.0560| -4.4| 1/9
Consumer Discretionary | -7.6775| -1.1| 4/13
Information Technology | -4.5194| -0.4| 1/9
Consumer Staples | -3.2121| -0.5| 3/7
Real Estate | -2.6846| -0.4| 3/20
Communication Services | -1.5194| -0.2| 3/5
Industrials | -0.2883| 0.0| 15/16
Utilities | 2.3349| 0.3| 8/6
Materials | 12.4583| 0.7| 30/17
US
By Brendan Walsh and Vildana Hajric
(Bloomberg) — The spread of a deadly respiratory virus rattled global markets, sending U.S. stocks lower and fueling demand for havens in government bonds and gold. Oil fell for a fourth day on concern the outbreak will dent economic growth. The S&P 500 Index posted its biggest drop since October amid reports that U.S. officials had confirmed two more cases of the illness, which originated in China and has also spread to several countries in Asia and to Europe. Benchmark Treasury yields fell to a three-month low, while the dollar advanced for a second day. Investors are exercising caution with stocks close to all-time highs,  cognizant of the chance the respiratory virus migrates across the world and develops into a more devastating pandemic like the SARS illness that emerged 17 years ago. Officials in China boosted travel restrictions to cover 40 million people to contain the virus’s spread. “Investors can’t help but be unnerved by constant headlines of new cases all over the world,” said Alec Young, managing director of global markets research at FTSE Russell.
“To make matters worse, the market will be closed when we get the next update on the virus’ spread over the weekend. As such, this is quickly turning into a sell first, ask questions later environment.” In company news, United Airlines Holdings Inc. and American Airlines Group Inc. each slid more than 3% on concern the virus will limit demand for air travel and tourism. Financial shares also sank, with Citigroup Inc. down almost 2% as UBS warned the sector could be hurt by less credit-card spending and a decline in cross-border payments. Health shares were among the worst performers Friday on growing speculation that upcoming elections in the U.S. may prompt lawmakers to take action on the increasing cost of medicines in the U.S. Intel Corp. was a rare bright spot after giving a bullish revenue forecast. Elsewhere, the pound slipped for a second day versus the dollar, giving back some of its rally from earlier in the week.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.9% at the close of trading in New York; it lost 1% for the week.
* The Stoxx Europe 600 Index added 0.9%.
* The MSCI AC Asia Pacific Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The British pound declined 0.4% to $1.3076.
* The euro fell 0.3% to $1.1027.
* The Japanese yen rose 0.2% to 109.29 per dollar.
Bonds
* The yield on 10-year Treasuries fell five basis points 1.69%.
* Britain’s 10-year yield dipped three basis points to 0.56%.
* Germany’s 10-year yield fell three basis points to -0.34%.
Commodities
* West Texas Intermediate crude declined 2.2% to $54.39 a barrel.
* Gold rose 0.5% to $1,571.30 an ounce.

–With assistance from Cecile Gutscher, Adam Haigh and Brian Chappatta.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

There is only one corner of he universe you can be certain of improving and that’s your own self.
-Aldous Huxley, 1894-1963

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:

Rudolph Steiner created seven seals, which take their names from the sun, moon  and the five visible planets (Saturn, Mercury, Mars, Jupiter and Venus).  These seals correspond in their sequence to the days of the week: Saturn for Saturday, the Sun for Sunday, the Moon for Monday, Mercury for Tuesday, Mars for Wednesday, Jupiter for Thursday, and Venus for Friday.  This unfolding, metamorphosing sequence represents the evolutionary octave –  the seven great planetary conditions or states – through which the Earth and humanity must pass.  Steiner also adapted the Buddha’s Eightfold Path for everyday use.  The path was laid out by the Buddha as the way to free oneself from attachments and delusions.  Steiner recommends that every sincere seeker develop some form of daily meditation practice.  Periodically, take counsel with yourself, test your principals, weigh your duties, experience displeasure at your faults, strive harder toward the highest standards.

Monday: Moon.  Right Word,  Speak only seriously, meaningfully.  Never speak without a reason.  Practice listening.
Tuesday: Mars.  Right Deed.  Be aware of the consequences of your actions.  Make sure that no one is hurt by what you do.
Wednesday: Mercury. Right Livelihood.  Be centered.  Consider life as a means of inner work and act accordingly.
Thursday: Right Endeavor.  Know your limitations, but never leave undone what you can do.  Be of service to others.
Friday: Venus.  Right Memory.  Learn as much as possible from your own life and that of others.  Learn from your mistakes.  Try to learn from everyone, even little children.
Saturday: Saturn.  Right Conception.  Think only meaningful thoughts.  Learn to separate essential from inessential, truth from opinion.  When listening to others, withhold all judgement.
Sunday: Sun.  Right Resolve.  Think through everything you do, then hold steadfastly to your decision.

Summary: Right Meditation.  Periodically, take counsel with yourself, test your principals, weigh your duties, experience displeasure at your faults, strive harder toward the highest standards.

PHOTOS OF THE DAY

The sun setting across the Cambrian Mountains by lake Teifi(Llyn Teifi) as the cloud and mist move in with a chilly breeze.
CREDIT: IAN JONES/ALAMAY LIVE NEWS

Robert Burns actor Gareth Morrison poses under $400 Chinese Lanterns in St Giles Cathedral in Edinburgh, Scotland.

The Burns&Beyond Festival, runs in Edinburgh from the 23-26^th January, and this year it coincides with the Chinese New Year. So the two festivals are joining forces for a very special programme of events across the city of Edinburgh including music and spoken word events.
CREDIT: JEFF J MITCHELL/GETTY IMAGES

A rare exploding fireball stunned a photographer when it appeared in the night sky above him.

The spectacular phenomenon was seen heading due west over Bude, Cornwall around 11.20pm by Chris Small. Fireballs are pieces od asteroid or comet that hit the atmosphere at high speed and burn up.
CREDIT: CHRIS SMALL/APEX NEWS

Market Closes for January 23^rd, 2020 

Market Index	Close	Change
Dow Jones	29160.09	-26.18
		-0.09%
S&P 500	3325.54	+3.79
		+0.11%
NASDAQ	9402.477	+18.709 +0.20%
TSX	17621.78	+21.92
		+0.12%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23795.44	-235.91
		-0.98%
HANG SENG	27909.12	-431.92
		-1.52%
SENSEX	41386.40	+271.02
		+1.66%
FTSE 100*	7507.67	-64.25 -0.85%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.415	1.453
CND. 30 Year Bond	1.550	1.585
U.S.    10 Year Bond	1.7290	1.7691
U.S. 30 Year Bond	2.1747	2.2217

Currencies

BOC Close	Today	Previous
Canadian $	0.76163	0.76138
US $	1.31298	1.31340
Euro Rate 1 Euro=		Inverse
Canadian $	1.45185	0.68877
US $	1.10577	0.90435

Commodities

Gold	Close	Previous
London Gold Fix	1556.90	1551.30
Oil
WTI Crude Future	55.50	56.64

Market Commentary:
In 1985 the New York Stock Exchange said it “recommends” that companies listed on the NYSE should publish annual financial statements and distribute them to shareholders.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.1 percent, or 21.92 to 17,621.78 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1.0 percent. Alamos Gold Inc. had the largest increase, rising 4.8 percent. Today, 103 of 234 shares rose, while 121 fell; 10 of 11 sectors were higher, led by financials stocks. Terminal users can read more in our markets live blog.

Insights
* So far this week, the index rose 0.4 percent
* This month, the index rose 3.3 percent
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 25 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Jan. 22, 2020 and 16.4 percent above its low on Jan. 23, 2019
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 2.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.9 on a trailing basis and 15.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.71t
* 30-day price volatility fell to 3.67 percent compared with 3.69 percent in the previous session and the average of 4.66 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 10.2154| 0.2| 12/15
Utilities | 4.9549| 0.6| 12/3
Industrials | 3.8814| 0.2| 8/22
Information Technology | 3.4693| 0.3| 6/4
Communication Services | 1.8303| 0.2| 3/4
Consumer Staples | 1.6004| 0.2| 7/3
Consumer Discretionary | 0.9523| 0.1| 6/10
Real Estate | 0.5967| 0.1| 15/9
Health Care | 0.3071| 0.1| 6/2
Energy | 0.0181| 0.0| 9/21
Materials | -5.9071| -0.3| 19/28

* The benchmark 10-year bond rose and the yield fell 3.5 basis points to 1.417 percent.

US
By Claire Ballentine
(Bloomberg) — U.S. stocks eked out a small advance, dodging the losses that took hold in Europe and Asia, as investors evaluated the risk that a deadly respiratory virus spreading from China could curb global growth. Treasuries climbed and oil dropped. Gains for big tech companies overshadowed losses for makers of consumer goods, providing just enough lift to send the Nasdaq Composite Index to a fresh record high. Other markets showed greater concern about the potential fallout, with oil sinking to its lowest level since November on speculation the virus could dent demand. Government bonds and the yen rallied as investors sought out havens. Earlier, China’s Shanghai Composite Index plunged 2.8% on the last trading day before the Lunar New Year holiday, the biggest drop in eight months, as traders considered the virus’s potential impact on travel and shopping. While corporate earnings have beaten analysts’ estimates this season amid signals that global growth is picking up, investors are cautious with stocks trading at lofty valuations.
Fewer than 20 deaths have been tallied from the Chinese virus, and the World Health Organization opted against calling the outbreak a public health emergency of international concern. But traders are hesitant to take on risk on the chance the outbreak could develop into something like the much more devastating SARS respiratory illness that emerged in China 17 years ago. “There is concern that this may become a much bigger event,” said Quincy Krosby, chief market strategist for Prudential Financial Inc. “The market is vulnerable to a pullback or a consolidation.” Elsewhere, emerging-market stocks fell to a  two-week low. Mining companies led the Stoxx Europe 600 Index lower. The euro weakened after policy makers held interest rates steady and European Central Bank President Christine Lagarde said officials will look into the potential side effects of negative interest rates.

Here are some events to watch out for this week:
* Companies including Intel Corp. and Procter & Gamble Co. will post results.
* Eurozone PMI data is due Friday.
* The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% at the close of trade in New York; the Nasdaq Composite added 0.2%.
* The Stoxx Europe 600 Index fell 0.7%.
* The MSCI Asia Pacific Index dipped 0.8%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro fell 0.3% to $1.1055.
* The British pound fell 0.2% to $1.3121.
* The Japanese yen gained 0.3% to 109.49 per dollar.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 1.73%.
* Germany’s 10-year yield fell five basis points to -0.31%.
* Britain’s 10-year yield decreased five basis points to 0.59%.
Commodities
* West Texas Intermediate crude decreased 2% to $55.59 a barrel.
* Gold rose 0.3% to $1,562.72 an ounce.
–With assistance from Gregor Stuart Hunter, Adam Haigh, Todd White and David Wilson.
Have a great night.

Be magnificent!

As ever,

Carolann

Being entirely honest with oneself is a good exercise.
                                -Sigmund Freud, 1856-1939

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:

January 22, 1970 – The Boeing 747 went on its first regularly scheduled commercial flight, from New York to London.  Go to article »
Lord Byron, b. 1788.

On January 21, 1821, Lord Byron wrote in his Ravenna Journal:
Rode out, a usual, and fired pistols.  Good shooting – broke four common, and rather small, bottles, in four shots, at fourteen paces, with a common pair of pistols and indifferent powder…

Tomorrow is my birthday – that is to say, at twelve o’ the clock, midnight, i.e., in twelve minutes, I shall have completed thirty and three years of age !!!! – and I go to my bed with a heaviness of heart at having lived so long, and to so little purpose.

It is three minutes past twelve.  `’ Tis the middle of the night by the castle clock’ [the opening line of Coleridge’s Christabel], and I am now thirty-three!

THE ISLES OF GREECE
         -by Lord Byron
The isles of Greece! the isles of Greece
    Where burning Sappho loved and sung,
Where grew the arts of war and peace,
    Where Delos rose, and Phoebus sprung!
Eternal summer gilds them yet,
But all, except their sun, is set.
The Scian and the Teian muse,
    The hero’s harp, the lover’s lute,
Have found the fame your shores refuse:
    Their place of birth alone is mute
To sounds which echo further west
Than your sires’ ‘Islands of the Blest.
The mountains look on Marathon—
    And Marathon looks on the sea;
And musing there an hour alone,
    I dream’d that Greece might still be free;
For standing on the Persians’ grave,
I could not deem myself a slave.
A king sate on the rocky brow
    Which looks o’er sea-born Salamis;
And ships, by thousands, lay below,
    And men in nations;—all were his!
He counted them at break of day—
And when the sun set, where were they?….

….Place me on Sunium’s marbled steep,
    Where nothing, save the waves and I,
May hear our mutual murmurs sweep;
    There, swan-like, let me sing and die:
A land of slaves shall ne’er be mine—
Dash down yon cup of Samian wine!

PHOTOS OF THE DAY

Some members of The Brighton sea swimming club take a dip in the sea off Brighton at sunrise.
CREDIT: DAVID MCHUGH/BRIGHTON PICTURES

Finishing touches are made to the floor of The Blackpool Tower Ballroom. After being stripped back to the original wood and sanded, almost 100 litres of varnish are now being applied to ensure it is ready for visitors when the ballroom re-opens on Saturday.

The floor is over 100 years old and must be carefully preserved every year to ensure it remains in the very best condition for the thousands of dancers who grace it every week .
CREDIT: ANDY JONES/CAG PHOTOGRAPHY LTD

A woman photographs  the  Mediterranean sea as waves hit the breakwater during a storm in Barcelona, Spain.

A winter storm lashed much of Spain for a third day, leaving 200,000 people without electricity, schools closed and roads blocked by snow. It killed four people. Massive waves and gale-force winds smashed into seafront towns, damaging shops and restaurants.
CREDIT: EMILIO MORENATTI/AP PHOTO

Late afternoon sunlight reflects off narrowboats and barges moored on Regent’s Canal in London, Britain.
CREDIT: TOBY MELVILLE/REUTERS

Workers are seen as the sun sets behind a construction site in London, Britain.
CREDIT: HENRY NICHOLLS/REUTERS

Market Closes for January 22^nd , 2020 

Market Index	Close	Change
Dow Jones	29186.27	-9.77
		-0.16%
S&P 500	3321.75	+0.96
		+0.14%
NASDAQ	9383.770	+12.963 +0.03%
TSX	17599.86	+27.58
		+0.03%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24031.35	+166.79
		+0.70%
HANG SENG	28341.04	+355.71
		+1.27%
SENSEX	41115.38	-208.43
		-0.50%
FTSE 100*	7571.92	-38.78 -0.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.453	1.513
CND. 30 Year Bond	1.585	1.629
U.S.    10 Year Bond	1.7691	1.7673
U.S. 30 Year Bond	2.2217	2.2287

Currencies

BOC Close	Today	Previous
Canadian $	0.76138	0.76483
US $	1.31340	1.30749
Euro Rate 1 Euro=		Inverse
Canadian $	1.45704	0.68632
US $	1.10936	0.90142

Commodities

Gold	Close	Previous
London Gold Fix	1551.30	1560.15
Oil
WTI Crude Future	56.64	58.34

Market Commentary:
In 1968, in an emergency move, the New York Stock Exchange closed 90 minutes early, at 2 p.m. The early close, reported The Wall Street Journal, was meant to help inundated trading clerks catch up on a “deluge of paper work that has resulted from a recent sustained period of unusually heavy trading.” The day’s total volume: 10,630,000 shares. Each side of each trade -both the buy and the sell- had to be recorded by hand on a separate piece of paper, and at any given time up to $1 billion worth of trades were going unmatched because of missing paperwork.

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.2 percent at
17,599.86 in Toronto. The move follows the previous session’s decrease of 0.1 percent.
Bank of Nova Scotia contributed the most to the index gain,
increasing 1.0 percent. Aphria Inc. had the largest increase, rising 8.8 percent.
Today, 122 of 234 shares rose, while 107 fell; 7 of 11 sectors were higher, led by financials stocks.

Insights
* This month, the index rose 3.1 percent
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 25 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on Jan. 22, 2020 and 16.2 percent above its low on Jan. 23, 2019
* The S&P/TSX Composite is up 1.1 percent in the past 5 days and rose 2.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.9 on a trailing basis and 15.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.71t
* 30-day price volatility fell to 3.69 percent compared with 3.88 percent in the previous session and the average of 4.71 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 17.7480| 0.3| 18/9
Communication Services | 9.4723| 1.0| 6/2
Information Technology | 5.1913| 0.5| 10/0
Utilities | 3.7502| 0.4| 12/3
Consumer Discretionary | 2.2042| 0.3| 9/7
Real Estate | 2.1525| 0.3| 21/4
Health Care | 1.7003| 0.7| 5/5
Consumer Staples | -1.0868| -0.2| 3/8
Materials | -2.5942| -0.1| 18/28
Energy | -3.9953| -0.1| 5/25
Industrials | -6.9697| -0.4| 15/16
* The benchmark 10-year bond rose and the yield fell 6.5 basis points to 1.451 percent

US
By Claire Ballentine
(Bloomberg) — U.S. stocks edged higher in volatile trading as investors considered the potential for a virus that emerged in China to eventually dent economic growth. Oil tumbled on concern the market is oversupplied. The S&P 500 Index ended the day up less than 0.1%, lifted by gains in technology shares and positive earnings reports but held back by concern that the deadly respiratory illness could spread, even as China moved to contain the outbreak. IBM rose the most in four months after revenue beat estimates. Tesla Inc.’s market value soared past $100 billion.
With stocks trading near records, investors are on alert for any developments that could derail the momentum. They have taken a cautious stance amid concern the coronavirus that has already killed 17 people could turn into a global pandemic. “The fear is that it could hurt growth, that this could continue to have an impact on global markets that are already reeling from the impacts of trade,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors.Elsewhere, the Stoxx Europe 600 Index dipped as Italian banks slumped amid a fresh bout of political turmoil West Texas oil fell below $58 a barrel as ample global supplies offset the loss of exports from Libya. The pound strengthened after Prime Minister Boris Johnson’s Brexit deal cleared its final hurdles in Parliament.

Here are some events to watch out for this week:
* Companies including Texas Instruments Inc., Intel Corp. and Procter & Gamble Co. will post results.
* Policy decisions are due from central banks in Indonesia and the euro region.
* The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose less than 0.1% at the close of trade in New York.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index added 0.6%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The British pound jumped 0.6% to $1.3134.
* The euro rose 0.1% to $1.109.
* The Japanese yen was little changed at 109.87 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.77%.
* Germany’s 10-year yield dipped one basis point to -0.26%.
* Britain’s 10-year yield was little changed at 0.63%.
Commodities
* West Texas Intermediate crude dropped 2.9% to $56.67 a barrel.
* Gold was little changed at $1,558.55 an ounce.–With assistance from Christopher Anstey, Andrew Janes, Adam
Haigh, Todd White, Robert Brand, Sheela Tobben, Vildana Hajric and Sarah Ponczek.
Have  a great night.

Be magnificent!
As ever,

Carolann

Chance fights ever on the side of the prudent.
                                -Euripides, c.485 BCE-406 BCE

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:

January 21, 1976 – The supersonic Concorde jet was put into service by Britain and France. Go to article »

Oprah Winfrey in The Path Made Clear:
Some of the most meaningful experiences on The Oprah Winfrey Show happened when it was perfectly still, just a single person on the stage sharing a story so intimate you had to hold your breath just to hear it.

Years ago, I interviewed a grieving mother whose adult son had died after a long illness.  You could have heard a pin drop in the studio when she so beautifully told the story of their final moment together.  The mother had climbed into bed with her son.  She could barely hear him, but her head was on his chest.  As he took his last breath, he whispered, “Oh Mom, it is all so simple.  It’s so simple Mom.”  He then closed his eyes and died.
I got chills when I heard that.  I realized then, just as it resonates with me now:  We allow life to get so complicated  – when it’s really so very simple.
From that day forward I resolved to continually ask myself, How am I making things more difficult than they need to be?
Your answer to that same question is the next step in your path.
It’s that simple.
Imagine what lies just around the bend.
Can you see it?  I can.

PHOTOS OF THE DAY

A child runs towards a dust storm in Mullengudgery, New South Wales, Australia.

Dust storms have hit many parts of western New South Wales as a prolonged drought continues.
CREDIT: MARCIA MACMILLIAN/AFP/GETTY IMAGES

A man dressed as a clown is part of hundreds of climate protesters who are on a three-day-protest march from Landquart to Davos pass the city of Klosters, Switzerland.
CREDIT: AP PHOTO/MICHAEL PROBST

Horses and riders from the Bourton Vale Equestrian Centre take a dip in the icy cold waters of the River Eye at Lower Slaughter in the Cotswolds, Gloucestershire.
CREDIT: PAUL NICHOLLS

Market Closes for January 21^st, 2020 

Market Index	Close	Change
Dow Jones	29196.04	-152.06
		-0.52%
S&P 500	3320.79	-8.83
		-0.27%
NASDAQ	9370.809	-18.135 -0.19%
TSX	17572.28	-25.10
		-0.14%

International Markets

Market Index	Close	Change
NIKKEI	23864.56	-218.95
		-0.91%
HANG SENG	27985.33	-810.58
		-2.81%
SENSEX	41323.81	-205.10
		-0.49%
FTSE 100*	7610.70	-40.74 -0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.513	1.567
CND. 30 Year Bond	1.629	1.683
U.S.    10 Year Bond	1.7673	US Market closed
U.S. 30 Year Bond	2.2287	US Market closed

Currencies

BOC Close	Today	Previous
Canadian $	0.76483	0.76650
US $	1.30749	1.30464
Euro Rate 1 Euro=		Inverse
Canadian $	1.44952	0.68988
US $	1.10863	0.90201

Commodities

Gold	Close	Previous
London Gold Fix	1560.15	1557.60
Oil
WTI Crude Future	58.34	58.54

Market Commentary:
On this day in 1980, gold hit a record price of $850 per ounce. Gold dealers predicted that the price would hit $1,000 per ounce by July, and U.S. Secretary of the Treasury G. William Miller said, “At the moment, it doesn’t seem an appropriate time to sell our gold.” The next day, the gold price fell by $145. By 1985, it slumped to around $300.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.1 percent at 17,572.28 in Toronto. The move was the biggest since falling 0.2 percent on Jan. 3 and follows the previous session’s increase of 0.2 percent. Manulife Financial Corp. contributed the most to the index decline, decreasing 2.7 percent. Ballard Power Systems Inc. had the largest drop, falling 11.9 percent. Today, 122 of 234 shares fell, while 111 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 3 percent
* The index advanced 14 percent in the past 52 weeks. The MSCI AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Jan. 20, 2020 and 16.1 percent above its low on Jan. 23, 2019
* The S&P/TSX Composite is up 1.3 percent in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.9 on a trailing basis and 15.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.71t
* 30-day price volatility fell to 3.88 percent compared with 4.36 percent in the previous session and the average of 4.77 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -18.2429| -0.3| 10/17
Industrials | -17.5281| -0.9| 9/22
Energy | -12.4850| -0.4| 6/24
Health Care | -4.7503| -2.0| 2/8
Communication Services | -0.5307| -0.1| 2/6
Consumer Discretionary | 0.4615| 0.1| 10/7
Consumer Staples | 0.9442| 0.1| 9/2
Materials | 2.9129| 0.2| 23/25
Real Estate | 3.8768| 0.6| 20/5
Utilities | 7.9792| 0.9| 14/2
Information Technology | 12.2635| 1.2| 6/4

US
By Sarah Ponczek
(Bloomberg) — U.S. equities fell on reports that a deadly respiratory illness that originated in China had migrated to the U.S., spurring concern about the potential economic impact. Industrial and consumer shares were among the worst performers as the S&P 500 Index pulled back from a record. That followed retreats in Asia and Europe, with Hong Kong the hardest hit. Luxury stocks posted their biggest drop since October on worries the virus will disrupt spending during a key Chinese holiday period. Banks declined after UBS Group AG missed profitability targets; Boeing slumped on speculation its 737 Max jet wouldn’t be cleared to fly until mid-year. The risk-off mood helped support some traditional haven assets, and the yen and Treasuries advanced.

The emergence of the illness in China — and concerns it will now spread outside the country — stirred memories of the SARS outbreak 17 years ago for some market watchers, though it isn’t yet as serious. The developments provided an excuse for investors who bid up U.S. stocks to record highs last week to take a pause and assess the outlook for global growth and corporate profits as earnings season picks up. “History tells us that most of these situations can be contained,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “What we would watch for is does it become a big enough issue that it actually starts to change consumer behavior?” Elsewhere, Germany’s DAX Index briefly surpassed the peak reached two years ago. The Stoxx Europe 600 Index posted a second day of losses. The Bank of Japan kept policy unchanged as expected, though raised its economic growth forecast for 2020. Crude held below $60 a barrel as ample global supplies offset the loss of exports from Libya. Here are some events to watch out for this week:
* Companies including IBM, Procter & Gamble and Hyundai will post results.
* Policy decisions are due from central banks in Canada, Indonesia and the euro zone.
* The World Economic Forum, the annual gathering of global leaders in politics, business and culture, is underway in Davos, Switzerland.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% at the close of trading in New York.
* The Stoxx Europe 600 Index sank 0.1%.
* The MSCI Asia Pacific Index fell 1.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro slipped 0.1% to $1.1088.
* The British pound gained 0.3% to $1.3045.
* The Japanese yen climbed 0.3% to 109.81 per dollar.
Bonds
* The yield on 10-year Treasuries dipped five basis points to 1.77%.
* Germany’s 10-year yield fell three basis points to -0.25%.
* Britain’s 10-year yield fell two basis points to 0.63%.
Commodities
* West Texas Intermediate crude slumped 0.3% to $58.34 a barrel.
* Gold fell 0.1% to $1,558.62 an ounce.
–With assistance from Livia Yap, Eric Lam, Ranjeetha Pakiam, Cormac Mullen, Todd White, Sam Potter and Claire Ballentine.
Have  a great night.

Be magnificent!
As ever,

Carolann

Patience and perseverance have a magical effect
before which difficulties disappear and obstacles vanish.
                                                                  -John Quincy Adams, 1767-1848

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 Jan. 20, 1981, Iran released 52 Americans held hostage for 444 days, minutes after the presidency had passed from Jimmy Carter to Ronald Reagan. Go to article »

The idea of getting older is daunting and intimidating and not that fun, really.  But recently I shifted to I have the privilege of getting older, and I really like that because it’s easy to spin off into the negative, as opposed to Aren’t we lucky?  That we’re here, that we get to get older.  I think it’s a lot easier to see yourself getting older if you’re happy in your life or if you’re doing meaningful work, and you are contributing to life in a way that makes you feel good about yourself. -Cindy Crawford.

PHOTOS OF THE DAY

The final of the Freestyle Skiing Men’s Ski Cross at the Winter Youth Olympics, Villars Winter Park, Villars-sur-Ollon, Switzerland.
CREDIT: REUTERS

Frozen fields around Poulakerry Tower House in Kilsheelan Co Tippary, Ireland.
CREDIT: PA/NIALL CARSON

A frosty start at RHS Wisley in Surrey, taken by a drone above the walled garden.
CREDIT: CHRIS GORMAN/RHS

Market Closes for January 20^th, 2020 

Market Index	Close	Change
Dow Jones	US Market closed	US Market closed
S&P 500	US Market closed	US Market closed
NASDAQ	US Market closed	US Market closed
TSX	17597.39	+38.37
		+0.22%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24083.51	+42.25
		+0.18%
HANG SENG	28795.91	-260.51
		-0.90%
SENSEX	41528.91	-416.46
		-0.99%
FTSE 100*	7651.44	-23.12 -0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.567	1.566
CND. 30 Year Bond	1.683	1.682
U.S.    10 Year Bond	US Market closed	US Market closed
U.S. 30 Year Bond	US Market closed	US Market closed

Currencies

BOC Close	Today	Previous
Canadian $	0.76650	0.76516
US $	1.30464	1.30692
Euro Rate 1 Euro=		Inverse
Canadian $	1.44771	0.69075
US $	1.10966	0.90117

Commodities

Gold	Close	Previous
London Gold Fix	1557.60	1554.55
Oil
WTI Crude Future	58.54	58.54

MARKET COMMENTRAY:
CANADA
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.2 percent, or 38.37 to 17,597.39 in Toronto. Royal Bank of Canada contributed the most to the indexgain, increasing 0.5 percent. Bombardier Inc. had the largest increase, rising 8.9 percent. Today, 144 of 234 shares rose, while 85 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 3.1 percent
* The index advanced 15 percent in the past 52 weeks. The MSCIAC Americas Index gained 24 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Jan. 20, 2020 and 16.2 percent above its low on Jan. 23, 2019
* The S&P/TSX Composite is up 1.8 percent in the past 5 days and rose 2.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.9 on a trailing basis and 15.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.7t
* 30-day price volatility fell to 4.36 percent compared with 4.51 percent in the previous session and the average of 4.81 percent over the past month

================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 13.8652| 0.7| 35/11
Financials | 10.8031| 0.2| 18/9
Industrials | 6.2211| 0.3| 21/10
Information Technology | 2.9520| 0.3| 7/3
Energy | 2.5621| 0.1| 20/10
Consumer Staples | 1.7196| 0.3| 6/5
Consumer Discretionary | 1.2036| 0.2| 10/7
Utilities | 0.9724| 0.1| 8/6
Real Estate | 0.0000| 0.5| 11/14
Health Care | -0.0312| 0.0| 4/6
Communication Services | -1.8244| -0.2| 4/4

* The benchmark 10-year bond fell and the yield rose 0.4 basis points to 1.568 percent

US
MARKETS CLOSED FOR MARTIN LUTHER KING DAY.

Have a great night.

Be magnificent!
As ever,

Carolann

Life’ s most persistent and urgent question is, “What are you doing for others?”
                                                        -Martin Luther King Jr.,1929-1968

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