Month: January 2020

Dear Friends,

Tangents: Happy Friday!

1773- Captain James Cook becomes the first person to cross Antarctic Circle 66˚ 33’ S.

On this day in 1792, the dollar sign ($) was born, as it showed up for the first time on a federal document—a U.S. Treasury bond issued to George Washington.

On Jan. 17, 1893, Hawaii’s monarchy was overthrown as a group of businessmen and sugar planters forced Queen Liliuokalani to abdicate. Go to article »

The billionaires are about to descend on Davos. –Bloomberg.

Al Capone, b. 1899
Muhammed Ali, “The Greatest” boxer, b. 1942
Benjamin Franklin, b. January 17, 1706

Some Benjamin Franklin Words of Wisdom:

The definition of insanity is doing the same thing over and over and expecting different results.

Early to bed and early to rise, makes a man healthy, wealthy and wise.

There never was a good war and a bad peace.

If you’d know the power of money, go and borrow some.

Three may keep a secret if two of them are dead.

Dost thou love life?  Then do not squander time; for that’s the stuff life is made of.

PHOTOS OF THE DAY

A picture taken with a drone shows vehicles moving on a road between hoar-frost covered trees near Debrecen, Hungary.
CREDIT: ZSOLT CZEGLEDI/EPA-EFE/REX

Guests attend the opening of the exhibition ‘Symbiotic Seeing’ by Danish-Icelandic artist Olafur Eliasson at the Kunsthaus in Zurich, Switzerland.
CREDIT: WALTER BIERI/EPA-EFE/REX

A cormorant sits on a perch in the River Thames Bridge is seen during sunrise on a winter’s morning.
CREDIT: SWNS

Tourists look at the Perito Moreno glacier, near the city of El Calafate in the Patagonian province of Santa Cruz, Argentina.
CREDIT: REUTERS/AUSTIN MARCARIAN

The monument Levenslicht, or Light of Life, by artist Daan Roosegaarde, considering of 104,000 light-emitting stones for the number of Dutch Holocaust victims is unveiled in Rotterdam, Netherlands.
CREDIT: AP PHOTO/ PETER DEJONG.

Market Closes for January 17^th, 2020 

Market Index	Close	Change
Dow Jones	29348.10	+50.46
		+0.17%
S&P 500	3329.62	+12.81
		+0.39%
NASDAQ	9388.945	+31.814 +0.34%
TSX	17559.02	+74.25
		+0.42%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24041.26	+108.13
		+0.45%
HANG SENG	29056.42	+173.38
		+0.60%
SENSEX	41945.37	+12.81
		+0.03%
FTSE 100*	7674.56	+64.75 +0.85%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.566	1.556
CND. 30 Year Bond	1.682	1.679
U.S.    10 Year Bond	1.8232	1.8074
U.S. 30 Year Bond	2.2835	2.2578

Currencies

BOC Close	Today	Previous
Canadian $	0.76516	0.76677
US $	1.30692	1.30416
Euro Rate 1 Euro=		Inverse
Canadian $	1.44972	0.68979
US $	1.10927	0.90150

Commodities

Gold	Close	Previous
London Gold Fix	1554.55	1549.00
Oil
WTI Crude Future	58.54	58.52

Market Commentary:
Google parent Alphabet became the fourth U.S. company ever to achieve a $1 trillion market value Thursday, punctuating a powerful rally in shares of large internet stocks to start 2020. The search-engine giant joins peers Apple, Amazon and Microsoft as the only firms to reach the threshold during intraday trading. Apple and Amazon accomplished the feat in the summer of 2018, while Microsoft hit $1 trillion for the first time in April of last year.
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canadian stocks notched their best week since August after posting five consecutive record closes. The S&P/TSX Composite Index rose 0.4% Friday to 17,559.02, bringing its weekly gain to 1.9%. Health-care stocks led the gain as cannabis stocks rallied to close out their best week since 2018. The only negative was energy stocks, which fell slightly as Canadian crude prices remained near the widest discount to West Texas Intermediate in more than a year. Today, 144 of 234 shares rose, while 87 fell. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 1.1%, after S&P Dow Jones Indices said the company will be added to the S&P/TSX 60 Index next week. Ballard Power Systems Inc. had the largest increase, rising 9.3%.
Commodities
* Western Canada Select crude oil traded at a $24.40 discount to WTI
* Spot gold rose/fell 0.4% to $1,556.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3070 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.57%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 25.4916| 0.5| 20/6
Industrials | 9.3759| 0.5| 17/13
Utilities | 9.1037| 1.1| 16/0
Communication Services | 7.6176| 0.8| 8/0
Consumer Discretionary | 6.2436| 0.9| 14/3
Information Technology | 5.6503| 0.5| 5/5
Materials | 4.4783| 0.2| 25/23
Health Care | 3.4143| 1.5| 5/5
Real Estate | 3.0251| 0.5| 17/8
Consumer Staples | 1.4706| 0.2| 6/5
Energy | -1.6138| -0.1| 11/19

US
By Sarah Ponczek
(Bloomberg) — Stocks extended this week’s relentless push to all-time highs as positive U.S. and China economic data, low interest rates and easing trade tensions propelled investor optimism. The dollar strengthened and gold climbed. The benchmark S&P 500 Index, along with the tech heavy Nasdaq Composite, set record highs for an eighth consecutive trading session. Boeing Co. slumped after a Fitch downgrade, weighing on the Dow Jones Industrial Average. The Stoxx Europe 600 Index closed at a record, posting its biggest gain since mid-December. “The headwinds of last year have dissipated and we’ve gotten more clarity on the backdrop. That clarity is helping to solidify marginal improvement in risk assets,” said Jack Janasiewicz, a portfolio manager at Natixis Investment Managers Solutions, which oversees $1 trillion “The big one is going to earnings, and so far so good.” The longest-dated Treasuries dipped after the U.S. announced plans for a new 20-year bond. The dollar increased against its major peers including the euro and pound, with the latter reversing gains while gilts turned higher after U.K. retail sales data disappointed.
Investors in risk assets headed into the weekend looking confident after the completion of an initial Sino-American trade deal and solid results from the biggest banks on Wall Street. U.S. markets are closed Monday for the Martin Luther King Jr. holiday. The earnings season continues to ramp up next week with Procter & Gamble Co. and Intel Corp. reporting, but for now most economic data is supporting sentiment: China GDP was in line with estimates, while housing starts surged in the U.S. “At this stage of the game we’ve got a Fed that’s committed to staying on hold, you’ve got a belief that there’s a signal of easing, and some improvement in the economic data globally,” Kathy Jones, chief fixed income strategist at Charles Schwab, said on Bloomberg Television. “That’s helping propel markets.” Elsewhere, oil slumped for a second week as optimism following the signing of the America-China trade agreement offset signs that supplies remain plentiful. Emerging-market equities also climbed for a seventh week of gains.
These are the major market moves:
Stocks
*The S&P 500 Index climbed 0.4% to 3,329.46 as of 4:02 p.m. New York time, the highest on record.
*The Dow Jones Industrial Average gained 0.2% to 29,347.62, reaching the highest on record with its fifth consecutive advance.
*The Nasdaq Composite Index rose 0.3% to 9,388.95, the highest on record.
*The Stoxx Europe 600 Index climbed 1% to 424.56, the highest on record with the biggest increase in more than a month.
*The MSCI All-Country World Index increased 0.4% to 579.17, hitting the highest on record with its fifth straight advance.
Currencies
*The Bloomberg Dollar Spot Index increased 0.2% to 1,194.36, the highest in more than three weeks on the biggest climb in more than a week.
*The euro fell 0.4% to $1.1093, the weakest in more than three weeks on the largest drop in more than a week.
*The Japanese yen was little changed at 110.14 per dollar.
*The British pound dipped 0.5% to $1.3014.
Bonds
*The yield on two-year Treasuries declined less than one basis point to 1.57%.
*The yield on 10-year Treasuries increased two basis points to 1.83%.
*Britain’s 10-year yield decreased one basis point to 0.632%, reaching the lowest in 11 weeks on its sixth straight decline.
*Germany’s 10-year yield rose less than one basis point to -0.22%.
Commodities
*Gold strengthened 0.3% to $1,557.03 an ounce, the highest in a week.
*West Texas Intermediate crude rose 0.3% to $58.70 a barrel, the highest in a week.
–With assistance from Elena Popina.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

We are all here for a spell, get all the good laughs you can.
                                              -Will Rogers, 1879-1935.

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:
Robert Service, poet, b. 1874

I Believe
BY ROBERT W. SERVICE
It’s my belief that every man
   Should do his share of work,
And in our economic plan
   No citizen should shirk.
That in return each one should get
   His meed of fold and food,
And feel that all his toil and sweat
   Is for the common good.

It’s my belief that every chap
   Should have an equal start,
And there should be no handicap
   To hinder his depart;
That there be fairness in the fight,
   And justice in the race,
And every lad should have the right
   To win his proper place.

It’s my belief that people should
   Be neither rich nor poor;
That none should suffer servitude,
   And all should be secure.
That wealth is loot, and rank is rot,
   And foul is class and clan;
That to succeed a man may not
   Exploit his brother man.

It’s my belief that heritage
   And usury are wrong;
That each should win a worthy wage
   And sing an honest song ….
Not one like this — for though I rue
   The wrong of life, I flout it.
Alas! I’m not prepared to do
   A goddam thing about it.

PHOTOS OF THE DAY

The first signs of vegetation re-growing in a tree charred by bushfires in Kulnura, New South Wales, Australia.
CREDIT: JOEL CARRETT/EPA-EFE/REX

People dressed in costume cross a bridge during the Malanka winter festival celebration in Krasnoilsk, Ukraine.

Malanka is the old New Year’s Eve in the Julian Calendar. The two day celebration welcomes the beginning of spring.
CREDIT: MARKIYAN LYSEIKO / UKRINFORM/ZUMA WIRE ZUMA/EYEVINE

Sunrise over Russky Bridge across the Eastern Bosphorus Strait off Vladivostok on Russia’s Pacific Coast.
CREDIT: YURI SMITYUK/TASS/GETTY IMAGES

Market Closes for January 16^th, 2020 

Market Index	Close	Change
Dow Jones	29297.64	+267.42
		+0.92%
S&P 500	3316.81	+27.52
		+0.84%
NASDAQ	9357.133	+98.438 +1.06%
TSX	17484.77	+69.60
		+0.40%

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23933.13	+16.55
		+0.07%
HANG SENG	28883.04	+109.45
		+0.38%
SENSEX	41932.56	+59.83
		+0.14%
FTSE 100*	7609.81	-32.99 -0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.556	1.534
CND. 30 Year Bond	1.679	1.659
U.S.    10 Year Bond	1.8074	1.7830
U.S. 30 Year Bond	2.2578	2.2359

Currencies

BOC Close	Today	Previous
Canadian $	0.76677	0.76659
US $	1.30416	1.30449
Euro Rate 1 Euro=		Inverse
Canadian $	1.45258	0.68843
US $	1.11380	0.89783

Commodities

Gold	Close	Previous
London Gold Fix	1549.00	1545.10
Oil
WTI Crude Future	58.52	57.81

Market Commentary:
The Swiss franc climbed to a multiyear high after Switzerland was added to the U.S. Treasury’s watch list of currency manipulators earlier this week. The franc gained against the euro Tuesday, reaching its highest closing level since April 2017. The ascent continued Wednesday, with a rise of 0.1% against the euro and 0.2% against the dollar—placing it near its highest closing value against the greenback since September 2018, according to FactSet.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose for a fourth day, even as Bombardier Inc.’s shares posted their biggest loss ever, after the company said it was reassessing the A220 jet program with Airbus. The S&P/TSX Composite Index rose 0.4% on Thursday to 17,484.77. Consumer discretionary stocks led the market higher, as 10 of 11 sectors rose. Canadian National contributed the most to the index advance, measured in index points, increasing 1.4%. Ballard Power Systems had the largest gain in percentage terms, rising 4.1%. Bombardier was the biggest drag on the index and had the biggest drop, declining 32%. Meanwhile, Lucara Diamond Corp., which found the 1,758- carat Sewelo diamond at its Botswana mine last year, said it’s struck a deal with the luxury brand, Louis Vuitton and Antwerp diamond manufacturer HB Company. It’s unclear how valuable the polished diamonds will be though, as Lucara previously said the Sewelo wasn’t a type of diamond that yields top jewelry standard gems.
Commodities
* Western Canada Select crude oil traded at a $24.65 discount to WTI
* Spot gold fell 0.2% to $1,553.86 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3042 per U.S. dollar
* The 10-year government bond yield rose 1.4 basis points to 1.56%
Insights
* So far this week, the index rose 1.5%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 26% in the same period
* The Canada S&P/TSX is 0.03% below its 52-week high on Jan. 16, 2020 and 16% above its low on Jan. 16, 2019
* The Canada S&P/TSX is up 1.5% in the past 5 days and rose 2.5% in the past 30 days
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — The record-setting rally in U.S. equities accelerated in the wake of Wednesday’s China trade deal and signs consumer demand remains strong. Bond yields rose. All three main U.S. stock benchmarks surged to all-time highs after setting multiple records earlier this week, with technology and financial shares leading the surge. Alphabet Inc.’s market valuation hit $1 trillion for the first time. Banks and chipmakers rallied after solid earnings reports from Taiwan Semiconductor Manufacturing Co. and Morgan Stanley. Treasuries fell after data showed U.S. retail sales strengthened in December, while the dollar gained. “The consumer is really in positive shape,” said Ryan Detrick, senior market strategist at LPL Financial. “Then when you factor in the alleviation of the U.S.-China tensions, the market is in a pretty good spot.” The Senate approved President Donald Trump’s U.S.-Mexico- Canada free trade agreement, handing the president a major political win on the same day senators were sworn in as jurors in his impeachment trial.
The formal signing of a phase one deal between the world’s two biggest economies has put the trade war on hold as far as many investors are concerned. Assuming the detente lasts, traders will be seeking fresh catalysts, most likely in economic data and the ramp-up of earnings season. “The question is if we can keep up the momentum,” said Mike Loewengart, vice president of investment strategy at E*Trade Financial. “Up next, housing, an economic bellwether, which will provide yet another data point of how our economy closed out the year.” West Texas crude fluctuated in a narrow range before pushing higher. Elsewhere, the Stoxx Europe 600 Index closed at a record high after swinging between gains and losses. The euro erased earlier gains, while most European bonds edged up. The ruble slipped in the wake of Russian President Vladimir Putin’s call for sweeping constitutional changes and subsequent replacement of his long-serving prime minister. Meanwhile, soybeans slumped overnight after China signaled purchases would be based on demand, rather than a pre-set amount.

Here are some events to watch for this week:
* China GDP, along with key monthly data for December, come on Friday.
* A final reading on the euro-zone’s December inflation is also due on Friday.

There are some of the main moves in markets:
Stocks
*The S&P 500 Index jumped 0.8% to 3,316.89 as of 4:03 p.m. New York time, the highest on record with the largest climb in two weeks.
*The Dow Jones Industrial Average jumped 0.9% to 29,297.57, the highest on record with the biggest increase in two weeks.
*The Nasdaq Composite Index climbed 1.1% to 9,357.13, the highest on record with the largest surge in two weeks.
*The Stoxx Europe 600 Index climbed 0.2% to 420.54, the highest on record.
Currencies
*The Bloomberg Dollar Spot Index advanced 0.1% to 1,192.28, the largest gain in a week.
*The euro dipped 0.1% to $1.1138, the biggest decrease in more than a week.
*The Japanese yen depreciated 0.2% to 110.15 per dollar, the weakest in eight months.
Bonds
*The yield on two-year Treasuries climbed one basis point to 1.56%.
*The yield on 10-year Treasuries advanced two basis points to 1.80%.
*Britain’s 10-year yield dipped one basis point to 0.643%, reaching the lowest in 11 weeks on its fifth straight decline.
*Germany’s 10-year yield declined two basis points to -0.22%, the lowest in more than a week.
Commodities
*West Texas Intermediate crude climbed 1.2% to $58.53 a barrel, the biggest increase in almost two weeks.
*Gold weakened 0.1% to $1,554.03 an ounce.
–With assistance from Cecile Gutscher.
Have a great night.

Be magnificent!
As ever,

Carolann

It is far better to be alone, than to be in bad company.
                            -George Washington, 1732-1799

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:

Birthday: Martin Luther King, Jr., January 15, 1929

Nonviolence means avoiding not only external physical violence but also internal violence of spirit.  You not only refuse to shoot a man, but you refuse to hate him. MLK.

1943: Pentagon  completed.
On Jan. 15, 1967, the first Super Bowl was played as the Green Bay Packers of the National Football League defeated the Kansas City Chiefs of the American Football League, 35-10.  Go to article »

From CNN:
Some trees can live for more than 1,000 years, and scientist think they’ve figured out why
They drink water. They don’t stress. They mind their own business. Be like a tree, folks, and live forever. 

PHOTOS OF THE DAY

Hindu devotees gather to take a holy dip in the Bay of Bengal during the Gangasagar Mela, at Sagar Island, some 150 kilometres south of Kolkata.
CREDIT: XAVIER GALIANA/AFP/GETTY IMAGES

Large waves hit the sea wall with Storm Brendan bringing high winds and heavy rain, as train passes through Dawlish, southwest Britain.
CREDIT: TOBY MELVILLE/REUTERS

A Guianan squirrel monkey baby at Marwell Zoo, Winchester. Each year, Marwell Zoo counts every single creature in the wildlife park as part of its zoo licence.
CREDIT: MARWELL ZOO/PA

Market Closes for January 15^th, 2020 

Market Index	Close	Change
Dow Jones	29030.22	+90.55
		+0.31%
S&P 500	3289.29	+6.14
		+0.19%
NASDAQ	9258.695	+7.366 +0.08%
TSX	17415.17	+62.27
		+0.36%

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23916.58	-108.59
		-0.45%
HANG SENG	28773.59	-111.55
		-0.39%
SENSEX	41872.73	-79.90
		-0.19%
FTSE 100*	7642.80	+20.45 +0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.534	1.586
CND. 30 Year Bond	1.659	1.695
U.S.    10 Year Bond	1.7830	1.8126
U.S. 30 Year Bond	2.2359	2.2735

Currencies

BOC Close	Today	Previous
Canadian $	0.76659	0.76559
US $	1.30449	1.30618
Euro Rate 1 Euro=		Inverse
Canadian $	1.45437	0.68758
US $	1.11490	0.89694

Commodities

Gold	Close	Previous
London Gold Fix	1545.10	1549.90
Oil
WTI Crude Future	57.81	58.23

Market Commentary:
On this day in 2008, Citigroup cut its dividend, eliminated 4,200 jobs and secured $14.5 billion in fresh capital from a group of investors as it announced a fourth-quarter loss of $9.83 billion. The Dow Jones Industrial Average fell 277 points, or 2.2%, to 12501.11.
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canada’s equity benchmark hit a third consecutive record high after the U.S. and China signed the first phase of a trade deal and pot stocks surged on strong earnings.
The S&P/TSX Composite Index added 0.4% to 17,415.17. Cannabis stocks were the biggest gainers after Organigram Holdings Inc. reported revenue that beat the highest analyst estimate. Hexo Corp. gained 16% and Aurora Cannabis Inc. added 15%. Materials were also strong as gold prices advanced, with fund managers saying they see another leg up for the precious metal amid low interest rates, a weaker dollar and the coming U.S. presidential election. Novagold Resources Inc. added 4.7% and Yamana Gold Inc. gained about 4%. Today, 136 of 234 shares rose, while 92 fell; 9 of 11 sectors were higher.
Commodities
* Western Canada Select crude oil traded at a $24.50 discount to WTI, the biggest gap since November 2018, amid a cold snap
* Spot gold rose 0.7% to $1,555.60 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3049 per U.S. dollar
* The 10-year government bond yield fell 6 basis points to 1.53%

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 19.7846| 1.0| 29/18
Financials | 13.9768| 0.3| 14/12
Real Estate | 9.4283| 1.6| 25/0
Information Technology | 9.0127| 0.9| 9/1
Health Care | 8.6606| 3.9| 10/0
Utilities | 6.5409| 0.8| 12/3
Consumer Staples | 4.2095| 0.6| 10/1
Industrials | 2.4144| 0.1| 13/18
Communication Services | 0.9124| 0.1| 4/3
Consumer Discretionary | -0.7346| -0.1| 6/10
Energy | -11.9344| -0.4| 4/26

US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks closed at record highs as investors assessed the details of the partial trade deal with China. Treasuries gained and the dollar weakened. The benchmark S&P 500 finished short of an earlier all-time intraday high after President Donald Trump presided over a signing ceremony with Chinese officials. The deal commits China to do more to crack down on the theft of American technology and corporate secrets by its companies and state entities, while outlining a $200 billion spending spree to try to close its trade imbalance with the U.S. Soybeans slumped after China signaled purchases would be demand-based.
“While it does not appear that the ‘phase one’ deal addresses many of the structural issues that started the trade spat, it does mitigate the uncertainty that ongoing trade tensions present, namely the threat of new tariffs at a moment’s notice,” said Jason Pride, chief investment officer of private wealth at Glenmede Trust Co. in Philadelphia.The S&P 500 set an intraday record for the sixth consecutive trading session, largely ignoring disappointing quarterly results from Goldman Sachs Group Inc. and Bank of America Corp. The Nasdaq Composite and Dow Jones Industrial Average indexes also set fresh highs. U.S. markets received an added boost earlier after White House economic adviser Larry Kudlow promoted more tax cuts. Commodity markets got some numbers on China’s commitments to buy agricultural products, but doubts remain. Currency traders assessed the section that reaffirmed existing G-20 commitments, and investors in tech stocks pored over details on intellectual property concessions.
     “It’s anti-climactic,” said Jim Paulsen, chief investment strategist at the Leuthold Group. “It was in there and people knew this for a while now, it’s about what you thought.” Meanwhile, the Stoxx Europe 600 Index finished little changed, while equities across most of Asia fell. Russia’s currency weakened as much as 0.6% against the dollar. President Vladimir Putin replaced his long-serving prime minister and called for sweeping constitutional changes, fueling speculation that the Russian leader is moving to extend his grip on power beyond the end of his term in 2024. Oil futures drifted, with West Texas Intermediate trading around $58 a barrel. Gold nudged higher.

Here are some events to watch for this week:
* It’s earnings season for the biggest American financial institutions, with Morgan Stanley and Bank of New York Mellon Corp. still to come.
* The Federal Reserve’s Beige Book report on regional economic conditions is due on Wednesday.
* China GDP, along with key monthly data for December, come on Friday.
* A final reading on the euro-zone’s December inflation is also due on Friday.

There are some of the main moves in markets:
Stocks
*The Dow Jones Industrial Average increased 0.3% to 29,030.28, the highest on record.
*The Nasdaq Composite Index climbed 0.1% to 9,258.70.
*The MSCI All-Country World Index advanced 0.1% to 573.80, the highest on record.
*The Stoxx Europe 600 Index was little changed at 419.63.
Currencies
*The Bloomberg Dollar Spot Index decreased 0.1% to 1,191.76, the lowest in a week.
*The Japanese yen strengthened 0.1% to 109.90 per dollar, the largest rise in more than a week.
*The euro gained 0.2% to $1.1151, the strongest in a week on the biggest gain in more than a week.
*The British pound gained 0.1% to $1.3028.
Bonds
*The yield on two-year Treasuries fell one basis point to 1.56%, the lowest in a week.
*The yield on 10-year Treasuries fell three basis points to 1.78%, the lowest in almost six weeks.
*Germany’s 10-year yield declined three basis points to -0.20%, the biggest drop in more than a week.
*Britain’s 10-year yield decreased seven basis points to 0.654%, the lowest in seven weeks on the largest dip in six weeks.
Commodities
*West Texas Intermediate crude declined 0.4% to $57.96 a barrel, the lowest in six weeks.
*Gold strengthened 0.6% to $1,556.05 an ounce.

–With assistance from Claire Ballentine

Have a great night.

Be magnificent!
As ever,

Carolann

It is only with the heart that one can see rightly; what is essential is invisible to the eye.
                                                                   -Antoine de Saint-Exupéry, 1900-44

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 14, 1784: U.S. revolutionary war ends with the US Congress ratifying the Treaty of Paris.

From The New York Times today:
For nearly six years, large piles of 20-pound notes mysteriously appeared in a village in northeastern England. The bundles left in the village, Blackhall Colliery, often amounted to 2,000 pounds (about $2,600) and were left in places where people in need would be likely to find them. The police revealed this week that two people who wished to be known only as good Samaritans had been distributing the money in an effort to “give something back” to the community. The police said one of the Samaritans felt an “emotional connection” to the village after being helped by one of its residents, “so she wanted to repay the kindness received.”

From Bloomberg today:
Scientists use frog cells to make living robots. (h/t Uffe Galsgaard)

Scientists find the oldest material on Earth, and it’s not in my fridge! Seriously, folks.

PHOTOS OF THE DAY

A fork of lighting strikes at the world’s tallest building, the Burj Khalifa, Dubai, UAE.

For seven long years, photographer Zohaib Anjum has spent whole nights camping out with his camera when the rains come to Dubai, UAR, hoping to capture the “bolt from the blue” lightning photo.
CREDIT: ZOHAIB ANJUM/SWNS.COM

All aglow in hazy pink neon, a bus drives in thick fog through a forest in the Taunus mountains near Frankfurt, Germany.
CREDIT: MICHAEL POBST/AP PHOTO

Ice encrusted trees are reflected in a river during a spell of cold weather in the Ovacik district of Tunceli province, Turkey.
CREDIT: SIDAR CAN EREN/ANADOLU AGENCY/GETTY IMAGES

Market Closes for January 14^th, 2020 

Market Index	Close	Change
Dow Jones	28939.67	+32.62
		+0.11%
S&P 500	3282.93	-5.20
		-0.16%
NASDAQ	9251.328	-22.605 -0.24%
TSX	17348.48	+55.06
		+0.32%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24025.17	+174.60
		+0.73%
HANG SENG	28885.14	-69.80
		-0.24%
SENSEX	41952.63	+92.94
		+0.22%
FTSE 100*	7622.35	+4.75 +0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.586	0.610
CND. 30 Year Bond	1.695	1.710
U.S.    10 Year Bond	1.8126	1.8459
U.S. 30 Year Bond	2.2735	2.3015

Currencies

BOC Close	Today	Previous
Canadian $	0.76559	0.76583
US $	1.30618	1.30577
Euro Rate 1 Euro=		Inverse
Canadian $	1.45323	0.68812
US $	1.11258	0.89881

Commodities

Gold	Close	Previous
London Gold Fix	1549.90	1553.60
Oil
WTI Crude Future	58.23	58.08

Market Commentary:
On this day in 1982, in the depths of recession, Ford Motor announced it would skip paying a quarterly dividend for the first time since the company went public in 1956. The move saved Ford $36 million per quarter. Struggling to put a happy face on the news, the Dow Jones Industrial Average squeaked out a two-point gain to close at 842.28.
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canadian stocks rose to a second straight record high, shrugging off a report that U.S. tariffs on Chinese goods are likely to stay in place until after the November presidential election. The S&P/TSX Composite Index added 0.3% to 17,352.90. Health-care stocks led the gains amid strength in most cannabis stocks, even as Aphria Inc. tumbled 8.6% following a reduced full-year outlook. Materials were also strong as gold shares rallied. Suncor Energy Inc. contributed the most to the index gain, measured in index points, increasing 1.5%. Ballard Power Systems Inc. had the largest percentage increase, rising 6.4%. Today, 139 of 234 shares rose, while 87 fell; 9 of 11 sectors were higher.
Commodities
* Western Canada Select crude oil traded at a $23.50 discount to WTI
* Spot gold fell 0.3% to $1,546.70 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3061 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to 1.59%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 20.3361| 1.1| 38/9
Energy | 12.3063| 0.4| 14/15
Industrials | 9.7606| 0.5| 19/11
Consumer Staples | 4.8288| 0.7| 5/6
Financials | 4.2876| 0.1| 16/11
Consumer Discretionary | 4.2216| 0.6| 12/3
Health Care | 4.0371| 1.9| 9/1
Utilities | 3.6279| 0.4| 9/7
Real Estate | 1.4534| 0.2| 13/10
Communication Services | -2.3670| -0.3| 2/6
Information Technology | -2.9795| -0.3| 2/

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks retreated from all-time highs after Bloomberg reported that tariffs on billions of dollars of Chinese goods will likely stay in place until after the presidential election. The S&P 500, Nasdaq Composite and Dow Jones Industrial indexes all pulled back from records as the conditions underscored lingering concern about future progress in negotiations. Positive results from big banks had driven prices higher. Treasuries climbed earlier after a gauge of underlying inflation rose less than forecast. “There was a lot of optimism built up and now this just throws a whole new wrench into that optimism,” said Ryan Nauman, a market strategist at Informa Financial Intelligence’s Zephyr. It raises “a lot of questions moving forward.” The two sides have an understanding that no sooner than 10 months after the signing of the agreement at the White House Wednesday, the U.S. will review progress and potentially trim tariffs now in place on $360 billion of imports from China, according to people familiar with the matter. The Stoxx Europe 600 Index closed up for the first time in three sessions. Earlier in Asia, stocks finished slightly higher. The Chinese yuan held most of its surge from Monday, when Washington lifted its designation of the country as a currency cheat. The dollar held its gains after the inflation data, while the pound broke a five-day slide.

Here are some events to watch for this week:
* Phase one of the U.S.-China trade deal is set to be signed on Wednesday in Washington.
* The biggest American financial institutions kick off earnings season, with Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc. next up.
* The Fed’s so-called beige book is due on Wednesday.
* China GDP comes on Friday.

These are the major moves in markets:
Stocks
*The S&P 500 Index decreased 0.2% to 3,282.93 as of 4:01 p.m. New York time.
*The Dow Jones Industrial Average advanced 0.1% to 28,938.66.
*The Nasdaq Composite Index dipped 0.2% to 9,251.33.
*The MSCI All-Country World Index was little changed at 573.45, the highest on record.
*The Stoxx Europe 600 Index jumped 0.3% to 419.59.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,193.13.
*The Japanese yen was little changed at 109.96 per dollar, the weakest in about eight months.
*The euro decreased 0.1% to $1.1128.
*The British pound increased 0.3% to $1.3022, the first advance in more than a week.
Bonds
*The yield on two-year Treasuries declined one basis point to 1.57%, the lowest in a week on the biggest drop in more than a week.
*The yield on 10-year Treasuries fell three basis points to 1.81%, the lowest in more than a week on the largest drop in more than a week.
*Germany’s 10-year yield declined one basis point to -0.17%.
*Britain’s 10-year yield decreased three basis points to 0.72%, the lowest in six weeks.
Commodities
*West Texas Intermediate crude advanced 0.5% to $58.38 a barrel, the first advance in more than a week.
*Gold depreciated 0.1% to $1,547.01 an ounce, the weakest in more than a week.
–With assistance from Gregor Stuart Hunter.

Have a great night.

Be magnificent!
As ever,

Carolann

No act of kindness, no matter how small, is ever wasted.
                                                 -Aesop, 620-565 BC

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

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

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

Dear Friends,

Tangents:
2000 – Microsoft chairman Bill Gates stepped aside as chief executive. Go to article >>

Ocean temperatures are the highest on record. -Bloomberg.
Middle-age misery peaks at 47.2 years, a study has shown.-Bloomberg

Poem:

Practice
-by Susan Barba

Your anger is a scrim,
clouding your vision.

You see, you hear,
and the you testify, you judge.

Write the necessary elegies,
the songs of temporary

fury.  Human seasons are
as leaves, not oaks.

See what forest
has arisen from the rot.

Allow yourself
to be as generous.

          *

Oak, whose girth
exceeds my reach

forever I am
at your feet,
looking up.

PHOTOS OF THE DAY

Early morning sunshine on the Jurassic Cliffs at Charmouth in West Dorset. The orange glow helps to stand out the horse riders as they able along the sea edge even though the sea was rough.
CREDIT: RICHARD AUSTIN

Lightning strikes as a column of ash surrounds the crater of Taal Volcano as it erupts in the Philippines.
CREDIT: EZRA ACAYAN/GETTY IMAGES

Glastonbury Body Art Festival 2020 – The Realm of Psychedelia A psychedelic U.V catwalk of amazing artwork painted on the human body. 30 talented artists and models from around the country let their imaginations run wild to create fantastical bright colourful creatures and beings that live in a realm called Psychedelia.
CREDIT: JASON BRYANT/ APEX

Market Closes for January 13^th, 2020 

Market Index	Close	Change
Dow Jones	28907.05	+83.28
		+0.29%
S&P 500	3288.13	+22.78
		+0.70%
NASDAQ	9273.934	+95.074 +1.04%
TSX	17293.42	+58.93
		+0.34%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23850.57	+110.70
		+0.47%
HANG SENG	28954.94	+316.74
		+1.11%
SENSEX	41859.69	+259.97
		+0.62%
FTSE 100*	7617.60	+29.75 +0.39%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.610	1.588
CND. 30 Year Bond	1.710	1.693
U.S.    10 Year Bond	1.8459	1.8196
U.S. 30 Year Bond	2.3015	2.2786

Currencies

BOC Close	Today	Previous
Canadian $	0.76583	0.76617
US $	1.30577	1.30519
Euro Rate 1 Euro=		Inverse
Canadian $	1.45385	0.68783
US $	1.11348	0.89808

Commodities

Gold	Close	Previous
London Gold Fix	1553.60	1550.75
Oil
WTI Crude Future	58.08	59.04

Market Commentary:
Saudi Aramco said it netted an additional $3.8 billion from its record initial public offering as it sold more shares to meet investor demand, boosting Crown Prince Mohammed bin Salman’s war chest to reshape the country’s oil-dependent economy. Aramco’s IPO is now worth $29.4 billion. The previous record holder, Chinese online commerce company Alibaba, had raised $25 billion in 2014.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 17,293.42 in Toronto. The move follows the previous session’s little change.Today, industrials stocks led the market higher, as 7 of 11 sectors gained; 136 of 234 shares rose, while 93 fell. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.2 percent. Hexo Corp. had the largest increase, rising 13.8 percent.
Insights
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 26 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on Jan. 13, 2020 and 16.4 percent above its low on Jan. 11, 2019
* The S&P/TSX Composite is up 1.1 percent in the past 5 days and rose 1.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.6 on a trailing basis and 15.3 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$2.65t
* 30-day price volatility rose to 4.98 percent compared with 4.89 percent in the previous session and the average of 4.88 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 25.4864| 1.3| 24/7
Financials | 24.4922| 0.4| 19/7
Information Technology | 15.2953| 1.5| 8/2
Health Care | 9.9918| 4.9| 10/0
Real Estate | 3.6962| 0.6| 23/2
Communication Services | 2.5032| 0.3| 4/4
Utilities | 1.3889| 0.2| 11/5
Consumer Discretionary | -0.1003| 0.0| 8/9
Energy | -0.7454| 0.0| 9/19
Consumer Staples | -3.6204| -0.5| 2/8
Materials | -19.4646| -1.0| 18/30
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — Technology shares pushed U.S. stocks to records in a week expected to be dominated by the start of earnings season and the signing of a partial China trade deal. Apple, Tesla and Microsoft sent the S&P 500 and Nasdaq Composite Index to closing all-time highs. Gains extended after the U.S. was said to plan to lift its designation of China as a currency manipulator. Earnings from some of the biggest U.S. banks kick off the season Tuesday, amid forecasts that overall corporate profits will show the smallest growth in three years. “Our expectation is a solid earnings season – nothing extraordinary but nothing really terrible,” Kristina Hooper, chief global market strategist at Invesco, told Bloomberg TV. “The environment is so accommodative that it really is supportive of risk assets, including equities, even if we have a lackluster earnings season.”
The pound led declines among Group-of-10 currencies after another Bank of England official pointed to a potential vote for a U.K. interest-rate cut this month and data showed the economy unexpectedly shrank. Germany’s benchmark bund yield had its least negative closing level since May. The offshore yuan strengthened past 6.9 per dollar for the first time since July. The dollar edged higher and Treasuries fell across the curve as the completion of the first trade deal nears; President Donald Trump has said the U.S. and China will sign the accord on Wednesday. The U.S. in August first formally labeled China a currency-manipulator, a move that further escalated the trade war with Beijing after the country’s central bank allowed the yuan to fall in retaliation to new U.S. tariffs.
“The consumer is super strong, the economy is strong, but slowing. The Fed’s on the sidelines. China’s on the sidelines now as a headline, and we dodged the giant bullet with Iran, no pun intended,” said Nancy Tengler, chief investment strategist at Tengler Wealth Management. “And so what you have is no news and everything is kind of OK.” Elsewhere, equities fell in Europe and advanced in all major Asian markets except Japan, where there was a holiday, and Australia. Oil fluctuated after last week posting its steepest loss since July.

Here are some events to watch for this week:
* Phase one of the U.S.-China trade deal is set to be signed on Wednesday in Washington.
* The biggest American financial institutions kick off earnings season, including JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc.
* The U.S. releases inflation data for December on Tuesday.
* The Fed’s so-called beige book is due on Wednesday.
* China GDP comes on Friday.

These are some of the moves in major markets:
Stocks
*The S&P 500 Index increased 0.7% to 3,288.06 as of 4:01 p.m. New York time, the highest on record with the largest climb in more than a week.
*The Dow Jones Industrial Average rose 0.3% to 28,905.49.
*The Nasdaq Composite Index increased 1% to 9,273.93, the highest on record with the largest climb in more than a week.
*The Stoxx Europe 600 Index fell 0.2% to 418.39, the biggest fall in a week.
*The MSCI All-Country World Index climbed 0.5% to 573.41, the highest on record.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,193.
*The euro rose 0.1% to $1.1137, the largest advance in a week.
*The Japanese yen depreciated 0.4% to 109.93 per dollar, the weakest in about eight months.
*The British pound declined 0.5% to $1.2994, hitting the weakest in more than two weeks with its fifth consecutive decline and the largest decrease in more than a week.
Bonds
*The yield on two-year Treasuries gained one basis point to 1.58%, the highest in more than two weeks.
*The yield on 10-year Treasuries climbed two basis points to 1.84%.
*Britain’s 10-year yield fell two basis points to 0.75%, the lowest in more than a week.
*Germany’s 10-year yield increased four basis points to -0.16%, the highest in almost eight months.
Commodities
*Gold depreciated 0.8% to $1,549.01 an ounce, the weakest in more than a week.
*West Texas Intermediate crude fell 1.6% to $58.07 a barrel, hitting the lowest in almost six weeks with its fifth straight decline.
–With assistance from Claire Ballentine.
Have a great night.

Be magnificent!
As ever,
Carolann

Good judgment comes from experience,
and a lot of that comes from bad judgment.
                          -Will Rogers, 1879-1935

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Dancers of the Spanish National Dance Company perform during rehearsal of the ballet production “The Nutcracker” at the Maestranza Theatre in Sevilla.
CREDIT: CRISTINA QUICLER/AFP VIA GETTY IMAGES

Undated handout issued by the Ministry of Defence of submarines inside the Submarine Escape Training Tank (SETT) at Fort Blockhouse Gosport which is being retired and is being replaced with a new training centre at the submarines service’s base in Faslane, Scotland. The Sett is a 100ft column of water which simulates emerging from a sunken submarine by subjecting the submariner to the same underwater pressures as would be experienced at sea.
CREDIT: BARRY SWAINSBURY/MOD/CROWN

Five new species of exotic songbirds have been found hidden away on three tiny islands off the coast of Eastern Indonesia. The findings are the largest number of new species identified in a small geographically confined area for more than a century. In total researchers discovered 10 new species and subspecies of the birds across Taliabu, Peleng and Batudaka on an exploration trip between November 2013 and January 2014. It brings a long-overlooked pocket of local biodiversity to light, according to the new report.
CREDIT: JAMES EATON/BIRDTOUR ASIA/SWNS

Market Closes for January 10^th, 2020 

Market Index	Close	Change
Dow Jones	28823.77	-133.13
		-0.46%
S&P 500	3265.35	-9.35
		-0.29%
NASDAQ	9178.859	-24.567 -0.27%
TSX	17234.49	-1.08
		-0.01%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23850.57	+110.70
		+0.47%
HANG SENG	28638.20	+77.20
		+0.27%
SENSEX	41599.72	+147.37
		+0.36%
FTSE 100*	7587.85	-10.27 -0.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.588	1.607
CND. 30 Year Bond	1.693	1.723
U.S.    10 Year Bond	1.8196	1.8545
U.S. 30 Year Bond	2.2786	2.3290

Currencies

BOC Close	Today	Previous
Canadian $	0.76617	0.76530
US $	1.30519	1.30667
Euro Rate 1 Euro=		Inverse
Canadian $	1.45145	0.68897
US $	1.11206	0.89923

Commodities

Gold	Close	Previous
London Gold Fix	1550.75	1571.95
Oil
WTI Crude Future	59.04	59.56

Market Commentary:
On this day in 1901, the Spindletop gusher blew its top on a hill near Beaumont, Texas, as a drill hit an oil deposit 1,006 feet below ground, sending “black gold” spouting 100 feet into the air at the astounding rate of 80,000 barrels per day. It took nine days to get the well safely capped. Within a year, 285 competing wells had been sunk and some 600 companies had sprung up. Nearly all of them failed. The major survivors: Gulf (originally the J. M. Guffey Petroleum Co.), Mobil (Magnolia Petroleum Co.) and Texaco (the Texas Co.).
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian stocks closed the week little changed but near Thursday’s all-time high as miners rallied while pot stocks faltered. The S&P/TSX Composite declined 0.01% to 17,234.49 in Toronto. The move followed the previous session’s increase of 0.4%. Canadian Natural Resources Ltd. contributed the most to the index decline in numbers of points, decreasing 1.4%, as energy stocks fell. Aurora Cannabis Inc. had the largest percentage drop, falling 11%. Barrick Gold provided the biggest boost to the index, advancing 1.4%. Novagold Resources had the biggest gain, rising 7%.
Commodities
* Western Canada Select crude oil traded at a $24.05 discount to WTI
* Spot gold rose 0.5% to $1,560.87 an ounce
FX/Bonds
* The Canadian dollar fell 0.03 to C$1.3060 per U.S. dollar
* The 10-year government bond yield edged lower to 1.588%
Insights
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 0.1% below its 52-week high on Jan. 9, 2020 and 17% above its low on Jan. 10, 2019

US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — U.S. stocks fell from records, while Treasuries rose after the latest jobs report delivered mixed signals on the strength of the economy. The dollar declined versus major currencies. The S&P 500 dropped for the first time in three days after hiring data fell short of estimates and wage growth was the weakest in more than a year. The benchmark still notched a weekly advance as the situation in the Middle East held a tenuous calm. Boeing Corp. slumped, helping to pull down the Dow Jones Industrial Average. Treasuries pushed higher as the wage figures erased any inflation worries. Futures traders maintained the amount of easing they expect from the Federal Reserve. The jobs data ultimately did little to alter investor views on the strength of the economy or the Fed’s next step. With stocks near all-time highs, markets continue to look past the flare-up in tensions with Iran and focus on the potential for a pickup in global economic growth.“This is the opposite of a game-changer. It’s very consistent with everyone’s views going into this report, the Fed stays on hold and the economy is slowing down,” said Nela Richardson, an investment strategist at Edward Jones. “We’re consistent on the overall view the Fed stays pat on short-term rates this year. If anything, this report tilts the Fed a little bit towards being more accommodative, not less.” Elsewhere, European shares rose, while bonds in the region advanced. Gold gained, while West Texas oil dropped below $60 a barrel.

These are moves in major markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Dow Jones Industrial Average dropped 0.5%.
* The Stoxx Europe 600 Index fell 0.1%.
* Germany’s DAX Index gained 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The British pound dropped 0.1% at $1.3059.
* The euro rose 0.1% at $1.1112.
* The Japanese yen was little changed at 109.50 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.82%.
* Britain’s 10-year yield fell five basis points to 0.773%.
* Germany’s 10-year yield declined two basis points to -0.198%.
Commodities
* West Texas Intermediate crude dropped 0.9% to $59.05 a barrel.
* Gold rose rose 0.4% at $1,560.30 an ounce.

–With assistance from Constantine Courcoulas and Vildana Hajric.

Have a great evening.

Be magnificent!
As ever,

Isabel

To be somebody you must last.
                              – Ruth Gordon, 1896-1985

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:
On Jan. 9, 2007, Steven P. Jobs introduced Apple’s long-awaited entry into the cellphone world, the iPhone.   Go to article »

Take a VR Tour of a Supertall Luxury Tower
New York’s Billionaire’s Row is rife with supertall towers: Central Park Tower, 432 Park Avenue, and 111 West 57th Street are all close to a quarter-mile high. Critics complain about the mega-sized shadows these oligarchic skyscrapers cast on Central Park (or that many owners may pay little-to-no property tax). But then there’s the exhilaration and occasional terror of actually being in an apartment at the cruising altitude of a helicopter. We borrowed virtual reality cameras from Google and took a 91-story ride on an exterior hoist to film life at 1,420 feet. This is what life is like at the very top of Manhattan real estate.
-from Bloomberg.

PHOTOS OF THE DAY

The light projection ‘En-Trance’ by Projektil is on show at the Church of St. Leodegar during the pre-opening of the Lilu Light Festival in Lucerne, Switzerland.
CREDIT: URS FLUEELER/EPA-EFE/REX

A woman rides her bike in an alley that leads to the Reichenau island near Constance, Germany.
CREDIT: MICHAEL PROBST/AP

A bird flies above Poleymieux au Mont d’Or, near Lyon, as the Alps mountains are seen behind the foggy plains around Lyon, central France.
CREDIT: LAURENT CIPRIANI/AP

Dancers from the Edinburgh Chinese Education Centre perform a Chinese Dragon dance to launch the 2020 Chinese New Year celebrations and the Year of the Rat on Calton Hill, Edinburgh.
CREDIT: JANE BARLOW/PA

Market Closes for January 09^th, 2020 

Market Index	Close	Change
Dow Jones	28956.90	+211.81
		+0.74%
S&P 500	3274.70	+21.65
		+0.67%
NASDAQ	9203.426	+74.184 +0.81%
TSX	17235.57	+67.75
		+0.39%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23739.87	+535.11
		+2.31%
HANG SENG	28561.00	+473.08
		+1.68%
SENSEX	41452.35	+634.61
		+1.55%
FTSE 100*	7598.12	+23.19 +0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.607	1.631
CND. 30 Year Bond	1.723	1.749
U.S.    10 Year Bond	1.8545	1.8685
U.S. 30 Year Bond	2.3290	2.3544

Currencies

BOC Close	Today	Previous
Canadian $	0.76530	0.76699
US $	1.30667	1.30379
Euro Rate 1 Euro=		Inverse
Canadian $	1.45106	0.68915
US $	1.11050	0.90049

Commodities

Gold	Close	Previous
London Gold Fix	1571.95	1567.85
Oil
WTI Crude Future	59.56	59.61

Market Commentary:
On this day in 1790, Treasury Secretary Alexander Hamilton submitted to Congress his “Report on the Public Credit,” which proposed buying up distressed bonds to consolidate the national debt. U.S. and state bonds, which had been trading at a fraction of their value, immediately surged in price. In one of the earliest, and most shocking, cases of insider trading on record, several members of Congress hired sailboats and stagecoaches to take them south faster than the news could travel by foot, allowing them to snap up bonds at bargain prices before Southern newspapers spread the news of Hamilton’s proposals.
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian stocks rose to a record high as the risk of a Gulf war receded, with gains in most sectors offsetting a decline in materials and communications shares. The S&P/TSX Composite Index added 0.4% to 17,235.57 in Toronto, the biggest gain since Dec. 6. Information technology stocks led the market higher as 9 of 11 sectors rose. Shopify Inc. contributed the most to the index gain, increasing 3%. Aritzia Inc. had the largest increase, rising 17%. Canadian crude prices neared their biggest discount to West Texas Intermediate in more than a month as Alberta eased its crude output limits.
Commodities
* Western Canada Select crude oil traded at a $22.85 discount to WTI
* Spot gold fell 0.5% to $1,552.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3065 per U.S. dollar
* The 10-year government bond yield fell 2 basis point to 1.61%
Insights
* So far this week, the index rose 1%, heading for the biggest advance since the week ended Nov. 8
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 26% in the same period
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 1.7% in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 22.3188| 2.2| 8/2
Energy | 22.2266| 0.8| 18/12
Industrials | 12.0795| 0.6| 23/6
Financials | 9.4757| 0.2| 23/4
Consumer Staples | 5.3021| 0.8| 10/1
Consumer Discretionary | 3.9649| 0.6| 11/5
Utilities | 3.2736| 0.4| 10/4
Real Estate | 3.0361| 0.5| 22/3
Health Care | 2.6076| 1.3| 8/2
Communication Services | -4.7817| -0.5| 0/7
Materials | -11.7454| -0.6| 14/31
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks rose to fresh records as investor appetite for risk returned after America and Iran
stepped back from the brink of war. The S&P 500, Dow Jones Industrial Average and Nasdaq indexes all closed at all-time highs as the conflict between the U.S. and Iran deescalated. Oil fell below $60 a barrel in New York, gold declined for a second day and the Japanese yen dropped to a two-week low versus the dollar. The greenback gained against major currencies for a third straight day after jobless claims fell by more than expected, adding to signs of economic strength ahead of the U.S. payrolls report Friday. Ten-year Treasury yields declined following a government auction. In company news, retail took a hit from signs of poor sales before earnings ramp up next week. Bed Bath & Beyond Inc. slid 19% after results missed analyst estimates, while Kohl’s Corp. also slumped following a disappointing holiday season. “Things have calmed down a bit and with the market hitting new intra-day highs today it seems investors are willing to buy the very little dip we got due to these geopolitical issues,” said Jennifer Ellison, principal at San Francisco-based BOS.
“Markets go up and down despite what happens geopolitically, and in many cases geopolitical issues like this really don’t have a direct economic impact.” If the relative geopolitical calm holds, it will allow traders to switch focus to the next clue on the health of the world’s biggest economy, which will come with the non-farm jobs report. Adding to sentiment, the partial trade deal between the U.S. and China looks locked in as China’s vice premier will visit Washington next week for a signing ceremony. Elsewhere, the pound touched its lowest in two weeks after Bank of England Governor Mark Carney said policy makers are debating merits of more monetary stimulus. European and emerging-market shares rose.
Here are some events to watch for this week:
* The U.S. monthly non-farm employment report is due Friday.

These are moves in major markets:
Stocks
* The S&P 500 Index gained 0.7% as of 4 p.m. New York time.
* The Nasdaq 100 Index rose 0.9%.
* The Stoxx Europe 600 Index climbed 0.3%.
* Germany’s DAX Index jumped 1.3%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The British pound decreased 0.3% to $1.3058.
* The euro was little changed at $1.1107.
* The Japanese yen weakened 0.4% to 109.51 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to1.85%.
* Britain’s 10-year yield was little changed at 0.819%.
Commodities
* West Texas Intermediate crude was steady at $59.59 a barrel.
* Gold dropped 0.4% to $1,553.40 an ounce.
–With assistance from Todd White.

Have a great night.
Be magnificent!
As ever,

Carolann

Your attitude, not your aptitude, will determine your altitude.
                                                   -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:

Birthdays:
Elvis Presley, b. 1935
Stephen Hawking, physicist, b. 1942
David Bowie, b. 1947

We are just an advanced breed of monkeys on a minor planet of a very average star.  But we can understand the Universe. 
That makes us something very special. -Stephen Hawking, 1942-2018.

Also on this day in…                                                    
1851: Earth’s rotation  proved.
1982 – AT&T settled the Justice Department’s antitrust lawsuit against it by agreeing to divest itself of the 22 Bell System companies.  Go to article »

PHOTOS OF THE DAY

Adelaide wildlife rescuer Simon Adamczyk holds a koala he rescued at a burning forest near Cape Borda on Kangaroo Island, Australia.
CREDIT: DAVID MARIOUZ/EPA

Cars and people surround camels for sale during the annual King Abdulaziz Camel Festival in Rumah.
CREDIT: FAISAL AL-NASSER/AFP

A murmuration of migrating starlings fly in a group over a field near Kiryat Gat, Israel.
CREDIT: AMIR COHEN/REUTERS

Market Closes for January 08^th, 2020 

Market Index	Close	Change
Dow Jones	17167.82	+0.24
		—
S&P 500	9129.242	+60.661
		+0.67%
NASDAQ	3253.05	+15.87 +0.49%
TSX	28745.09	-161.41
		-0.56%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23204.76	-370.96
		-1.57%
HANG SENG	28087.92	-234.14
		-0.83%
SENSEX	40817.74	-51.73
		-0.13%
FTSE 100*	7574.93	+1.08 +0.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.631	1.580
CND. 30 Year Bond	1.749	1.692
U.S.    10 Year Bond	1.8685	1.8212
U.S. 30 Year Bond	2.3544	2.3059

Currencies

BOC Close	Today	Previous
Canadian $	0.76699	0.76905
US $	1.30379	1.30030
Euro Rate 1 Euro=		Inverse
Canadian $	1.44854	0.69035
US $	1.11102	0.90007

Commodities

Gold	Close	Previous
London Gold Fix	1567.85	1573.10
Oil
WTI Crude Future	59.61	62.70

Market Commentary:
On this day in 1829, on one of the quietest days in Wall Street history, the market was open but not a single share of stock changed hands.
Canada
By Aoyon Ashraf and Bloomberg Automation
     (Bloomberg) — Canadian stocks pared their earlier gains to end Wednesday’s session flat, underperforming their U.S. counterparts. The drop in gold miners outpaced the gains in tech
and financial stocks. The S&P/TSX Composite declined slightly to 17,167.82 in Toronto. The move followed the previous session’s increase of 0.4%. Today, materials stocks led the market lower, as 4 of 11 sectors retreated. Barrick Gold Corp. contributed the most to the index decline, falling 4.2%, along with other gold miners after
President Donald Trump said Iran “seems to be standing down,” easing fears of further hostilities that spurred the metal’s earlier rally. Westshore Terminals Investment Corp. had the largest drop, falling 11%, after customer Teck Resources Ltd. announced a pact with competitor Ridley Terminals Inc.
Meanwhile, McDonald’s Corp. and Beyond Meat Inc. are expanding their partnership — a significant step forward for the fast-growing faux-meat producer. Fifty-two restaurants in southwestern Ontario will now serve the “P.L.T.” sandwiches — plant, lettuce and tomato that feature Beyond Meat’s pea-based patties — for 12 weeks starting Jan. 14.
Commodities
* Western Canada Select crude oil traded at a $22.85 discount to WTI
* Spot gold fell 1.2% to $1,555.95 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3039 per U.S. dollar
* The 10-year government bond yield rose 5 basis points to 1.631%
Insights
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 26% in the same period
* The S&P/TSX Composite is 0.4% below its 52-week high on Dec. 27 and 18% above its low on Jan. 8, 2019
* The S&P/TSX Composite is up 0.6% in the past 5 days and rose 1% in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -56.0358| -2.9| 9/39
Energy | -15.3793| -0.5| 8/22
Consumer Discretionary | -4.2054| -0.6| 4/12
Real Estate | -0.1644| 0.0| 10/14
Health Care | 0.0050| 0.0| 4/5
Utilities | 0.2209| 0.0| 7/8
Communication Services | 1.2548| 0.1| 5/3
Consumer Staples | 5.1365| 0.8| 8/3
Information Technology | 10.7526| 1.1| 7/2
Industrials | 14.6165| 0.8| 20/11
Financials | 43.5494| 0.8| 25/2
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — U.S. stocks rose to records and Treasuries fell after President Donald Trump toned down rhetoric against Iran. Equities closed well off highs as reports of fresh rocket attacks in Baghdad heightened investor jitters. The S&P 500 jumped to an intraday record after the U.S. president suggested further military action against Iranian targets is not necessary. The rally faded into the close after reports that rockets hit the Green Zone in Iraq’s capital where the U.S. embassy is located. Equities had swooned overnight around the world after Iran launched missiles at U.S. bases in Iraq, escalating tensions that flared last week.
“The dip in markets was only a partial retracement of the gains seen since President Trump spoke, which shows the limited impact,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “While geopolitical risks are here to stay, and will cause episodic volatility, we don’t believe the current circumstances warrant a change in the investment outlook.” Trump’s statement had calmed financial markets, sparking sharp reversals in assets from oil to gold and Treasuries. U.S. crude ended near $60 a barrel, $5 lower than its overnight highs. Ten-year yields topped 1.86% after falling below 1.8%, and gold slumped more than $40 an ounce from its highs. In company news, Boeing Co. slumped after one of its planes crashed in Iran. Walgreens Boots Alliance sank 6% after the drugstore giant’s profits slid, while Lennar Corp. advanced as its earnings topped estimates.
“The main market driver right now is the generally improving macroeconomic backdrop and most other things are a distraction from that overriding theme,” Michael Reynolds, investment strategy officer at Glenmede, said by phone. “I think the loudest distraction has certainly been the geopolitical tension between the U.S. and Iran going back and forth.” Before the late-session drop, markets had settled back into
the familiar risk-on mood that pushed benchmarks to recent records amid optimism sparked by signs of a resilient global economy as well as a partial Sino-American trade deal. Investors are also watching the nonfarm jobs report due Friday. A gauge of private employment beat expectations Wednesday.

Here are some events to watch for this week:
* President Trump said he would make a statement on Wednesday morning in wake of the Iran attack.
* Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.
* The U.S. monthly non-farm employment report is due Friday.

These are moves in major markets:
Stocks
* The S&P 500 Index advanced 0.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.2%.
* The MSCI Asia Pacific Index decreased 0.9%.
Currencies
* The Bloomberg Dollar Spot Index added 0.2%.
* The British pound fell 0.2% to $1.3100.
* The euro dipped 0.4% to $1.1111.
* The Japanese yen declined 0.7% to 109.19 per dollar.
Bonds
* The yield on 10-year Treasuries rose five basis points to 1.87%.
* The yield on two-year Treasuries gained four basis points to 1.58%.
* Britain’s 10-year yield added three basis points at 0.817%.
Commodities
* West Texas Intermediate crude fell 4.5% to $59.91 a barrel.
* Gold dropped 1.2% to $1,555.70 an ounce.
–With assistance from Todd White.
Have a great night.

Be magnificent!

As ever,

Carolann

If you really look closely, most overnight successes  took a long time.          
                                                                       -Steve Jobs, 1955-2011

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

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

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

Dear Friends,

Tangents:

On Jan. 7, 1979, Vietnamese forces captured the Cambodian capital of Phnom Penh, overthrowing the Khmer Rouge government. Go to article »

I read the following words today from Vice President Joe Biden and I found them very moving.  I hope you do too:
A tractor trailer broadsides and killed my wife and daughter, and my two sons were badly injured.  As we walked out of the hospital, my mother grabbed my hand and said, “Joey, out of everything horrible, something good will come if you look hard enough for it.”  I thought it was cruel at one point, but that was my mother’s notion.  We were taught just to get up.  When you get knocked down, just get up.  And move forward.  When you think about it, so many people, without the kind of help that I had, do it every day.  Right now, somebody’s gone through something significantly worse than me, and they have nobody behind them, and they’re getting up and they’re moving.  It gives me such overwhelming confidence in people.  The ability to absorb pain and the spiritual reassurance that comes from knowing those we lost are still a part of us.

PHOTOS OF THE DAY

Polar swimmers wave to onlookers as they join the traditional Three Kings Swimming in the Vltava river in Prague, Czech Republic.
CREDIT: MARTIN DIVISEK/EPA/REX

Brazilian footballer Denilson (C) and French football player Laura Georges (L) vie for the ball during the CAF and FIFA legends football match, part of the CAF celebration of the best players in Africa, at the Giza pyramids plateau on the southwestern outskirts of the Egyptian capital Cairo.
CREDIT: KHALED DESOUKI/AFP/ GETTY IMAGES

Wind turbines stand on a hill and are surrounded by fog and clouds in the Taunus region near Frankfurt, Germany.
CREDIT: MICHAEL PROBST/AP

This family of lion cubs all lock eyes on a photographer after hearing the shutter of his camera click. While their mother was out hunting, the four cubs huddled together and scanned their surroundings for signs of dangers.
CREDIT: OZKAN OZMEN/SOLENT NEWS & PHOTO AGENCY

Market Closes for January 07^th, 2020 

Market Index	Close	Change
Dow Jones	28583.68	-119.70
		-0.42%
S&P 500	3237.18	-9.10
		-0.28%
NASDAQ	9068.582	-2.883 -0.03%
TSX	17168.06	+62.59
		+0.37%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23575.72	+370.86
		+1.60%
HANG SENG	28322.06	+95.87
		+0.34%
SENSEX	40869.47	+192.84
		+0.47%
FTSE 100*	7573.85	-1.49 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.580	1.587
CND. 30 Year Bond	1.692	1.688
U.S.    10 Year Bond	1.8212	1.8090
U.S. 30 Year Bond	2.3059	2.2858

Currencies

BOC Close	Today	Previous
Canadian $	0.76905	0.77148
US $	1.30030	1.29620
Euro Rate 1 Euro=		Inverse
Canadian $	1.44938	0.68987
US $	1.11465	0.89719

Commodities

Gold	Close	Previous
London Gold Fix	1573.10	1548.75
Oil
WTI Crude Future	62.70	63.27

Market Commentary:
On this day in 1825, the nation’s first great nonfinancial IPO was sold, as the Delaware & Hudson Canal Co. went public at $100 per share.  The stock hit $112 that May, slid to $71 over the next three years, then went on to be a stable growth stock for decades.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.4 percent, or 62.59 to 17,168.06 in Toronto. The move was the biggest since rising 0.8 percent on Dec. 6. Constellation Software Inc/Canada contributed the most to the index gain, increasing 3.1 percent. Lightspeed POS Inc. had the largest increase, rising 8.6 percent. Today, 169 of 234 shares rose, while 62 fell; 9 of 11 sectors were higher, led by materials stocks.

Insights
* The index advanced 18 percent in the past 52 weeks. The MSCI AC Americas Index gained 26 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on Dec. 27, 2019 and 19.4 percent above its low on Jan. 7, 2019
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and rose 1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.5 on a trailing basis and 15.2 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$2.63t
* 30-day price volatility rose to 5.04 percent compared with 5.02 percent in the previous session and the average of 4.93 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 26.5746| 1.4| 46/2
Information Technology | 11.8698| 1.2| 10/0
Industrials | 9.0548| 0.5| 22/9
Consumer Discretionary | 6.1183| 0.9| 16/1
Consumer Staples | 5.9674| 0.9| 8/3
Communication Services | 5.1032| 0.5| 7/1
Real Estate | 2.7250| 0.5| 23/1
Utilities | 2.0266| 0.2| 15/1
Financials | 1.4033| 0.0| 13/13
Health Care | -2.1257| -1.0| 1/8
Energy | -6.1358| -0.2| 8/23

* The benchmark 10-year bond rose and the yield fell 0.2basis points to 1.585 percent

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks fell as investors remained wary of an escalation in tensions with Iran. The dollar advanced, while oil continued its retreat from multi-month highs. The S&P 500 dropped for the second time in three sessions, with investors cautious after Iran threatened a military response to a U.S. airstrike that killed a top general four days ago. Chipmakers buoyed the benchmark. Havens showed little reaction to the bellicose Iranian rhetoric, with West Texas crude falling below $63 a barrel and gold slightly higher. The dollar advanced versus the yen, while the 10-year Treasury yield rose to 1.82% after indicators pointed to a resilient U.S. economy.
“Markets are to some degree calming down from the trash talk that we’ve seen over the last couple of days,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors, about the U.S.-Iran conflict. “The issue is whether there will be heightened conflict in the future. I don’t think markets know yet. This could easily flare back up again.” Even as investors appeared to have started the first full trading week of 2020 in a defiantly upbeat mood, the unfolding crisis in the Middle East, which triggered a broad sell-off on Friday, returned to the forefront Tuesday. Traders are now waiting to see how Iran fulfills its threats.

Here are some events to watch for this week:
* Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.
* The U.S. monthly employment report is due Friday.

These are moves in major markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.3%.
* The U.K.‘s FTSE 100 Index was little changed.
* The MSCI Asia Pacific Index climbed 0.9%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3%.
* The euro declined 0.5% to $1.1147.
* The British pound fell 0.4% to $1.3119.
* The Japanese yen decreased 0.2% to 108.53 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 1.82%.
* Germany’s 10-year yield gained less than one basis point to-0.29%.
* Britain’s 10-year yield added two basis points to 0.792%.
Commodities
* West Texas Intermediate crude dipped 1% to $62.63 a barrel.
* Gold rose 0.3% at $1,574.00 an ounce.
–With assistance from Cecile Gutscher and Yakob Peterseil.
Have  a great night.

Be magnificent!
As ever,

Carolann

You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face. You must do the thing which you think you cannot do.
-Eleanor Roosevelt, 1884-1962

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

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

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

Dear Friends,

Tangents: 
For Christians today is The Epiphany.
1838 – Samuel Morse first publicly demonstrated his telegraph, in Morristown, N.J.  Go to article »

PHOTOS OF THE DAY

A plane flies in to land in the tobacco coloured skies over Manukau city in Auckland, New Zealand. The smoke has travelled from Australia, where hundreds of fires continue to burn across New South Wales, Victoria and South Australia, with the Australian Defence Force now called in to help with the firefighting and rescue efforts.
CREDIT: PHIL WALTER/GETTY IMAGES

Participants wait for the start of the “Cabalgata de Reyes” Epiphany parade in Barcelona, Spain. The traditional parade marks the eve of the Epiphany, a Christian holiday celebrating the story of the Three Kings believed to have followed a bright star to offer gifts of gold, frankincense and myrrh to the new born Jesus in Bethlehem.
CREDIT: AP PHOTO/FELIPE DANA

A Hot air balloon shaped like a bird takes off from Mondovi, Italy during the 32nd Epiphany International Air Balloon Rally.
CREDIT: MARCO ALPOZZI/ LAPRESSE VIA AP

Market Closes for January 06^th, 2020 

Market Index	Close	Change
Dow Jones	28703.38	+68.50
		+0.24%
S&P 500	3246.28	+11.43
		+0.35%
NASDAQ	9071.465	+50.695 +0.56%
TSX	17105.47	+39.35
		+0.23%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23204.86	-451.76
		-1.91%
HANG SENG	28226.19	-225.31
		-0.79%
SENSEX	40676.63	-787.98
		-1.90%
FTSE 100*	7575.34	-47.06 -0.62%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.587	1.535
CND. 30 Year Bond	1.688	1.624
U.S.    10 Year Bond	1.8090	1.7898
U.S. 30 Year Bond	2.2858	2.2466

Currencies

BOC Close	Today	Previous
Canadian $	0.77148	0.76946
US $	1.29620	1.29962
Euro Rate 1 Euro=		Inverse
Canadian $	1.45151	0.68894
US $	1.11981	0.89301

Commodities

Gold	Close	Previous
London Gold Fix	1548.75	1527.10
Oil
WTI Crude Future	63.27	63.05

Market Commentary:
On this day in 1981, market guru Joe Granville issued a client advisory: “Sell everything!” Mr. Granville, who said he deserved the Nobel Prize in Economics for solving the mystery of the stock market, had 11,000 subscribers who paid $250 a year for his newsletter and its market-timing advice. The next day, the Dow plummeted 4.2% on a then-record volume of 92.9 million shares, recovering slightly to close down 23.8 points, or 2.4%. A year later, the market was down about 14%—and Mr. Granville was famous for “calling the market.” Unfortunately, his subsequent advice cost his followers 98% of their money through the end of 1987.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose Monday as investors looked past the geopolitical concerns and snapped up some of the shares that fell the most last week amid the U.S.-Iran conflict. The S&P/TSX Composite Index rose 0.2% to 17,105.47. The move is the biggest since rising 0.3% on Dec. 24. Technology stocks, which were among the hardest hit on Friday, led the advance, climbing 1.4%. Hudson’s Bay had the largest gain in the broader index, rising 9.7%. Restaurant Brands was the biggest drag on the gauge, declining 2.3%. Hudson’s Bay Co. minority shareholders including Catalyst Capital Group Inc. won a hard-fought battle to secure a higher price for the owner of Saks Fifth Avenue after Chairman Richard Baker and allies sweetened their offer a second time. Meanwhile, First Quantum Minerals Ltd. is battening down the hatches in its latest move to defend itself against
potential takeovers. The Vancouver-based miner said Monday it has adopted a shareholder rights plan that would allow current investors to buy additional shares at a “substantial” discount should any party acquire 20% or more of the company’s stock.
Commodities
* Western Canada Select crude oil traded at a $22.40 discount to WTI
* Spot gold rose 0.9% to $1,566.23 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.2964 per U.S. dollar
* The 10-year government bond yield rose about 3 basis points to 1.581%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks advanced as heavyweight technology companies led a rebound. Treasuries and the dollar dropped. The S&P 500 rose for the third time in four sessions, erasing early losses, as investors looked past geopolitical tensions and toward the resilience of the U.S. economy. Amazon Inc. and Google-parent Alphabet Inc. paced the advance. The risk-off rally that started Friday, sparked by the U.S.-Iran conflict, lost momentum Monday. Gold retreated from the highest in more than six years and the yen fell from a three-month high versus the dollar, while 10-year Treasury yields rose to above 1.80%. Oil also pared gains, which reached the highest since April, to trade below $63 a barrel in New York. “It’s wait-and-see mode here,” said Steve Chiavarone, a portfolio manager with Federated Investors. “How much, if at all, do things escalate with Iran and does it ultimately impact the global economic outlook? Right now, not so much. Could it change? Sure.” The risk-off sentiment spurred by the sudden escalation of tensions in the Middle East last week ebbed Monday as investors refocused on improving trade and better economic numbers. But the uncertainty surrounding Iran’s potential reaction to the U.S. airstrike still hung over markets.

Here are some events to watch for this week:
* Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.
* The U.S. monthly employment report is due Friday.

These are moves in major markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
* The Nasdaq 100 rose 0.6%.
* The Stoxx Europe 600 Index sank 0.4%.
* The MSCI Asia Pacific Index fell 1.2%.
* The MSCI Emerging Market Index dropped 1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.2%.
* The euro increased 0.3% to $1.1192.
* The British pound gained 0.6% to $1.3163.
* The Japanese yen fell 0.3% to 108.37 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 1.80%.
* The yield on two-year Treasuries increased one basis point to 1.53%.
* Germany’s 10-year yield sank less than one basis point to -0.28%.
* Britain’s 10-year yield advanced four basis points to 0.777%.
Commodities
* West Texas Intermediate crude fell 0.5% to $62.71 a barrel.
* Gold gained 1% to $1,567.60 an ounce.
–With assistance from Yakob Peterseil and Sarah Ponczek.
Have a great night.

Be magnificent!
As ever,

Carolann

To live for results would be to sentence myself to continuous frustration.
My only sure reward is in my actions and not from them.
                                                                               -Hugh Prather, 1938-2010

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
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