Month: February 2020

Dear Friends,

Tangents:  Happy Friday!

February 28, 1953 – Scientists James D. Watson and Francis H.C. Crick announced they had discovered the double-helix structure of DNA, the molecule that contains the human genes, at Cambridge University. Go to article »

Telescopes see the biggest explosion since the Big Bang. (h/t Scott Kominers, Bloomberg)

Tomorrow, Feb. 29., is a leap day — and your briefing writer’s birthday — a calendar oddity that gives us an extra day. It takes Earth a messy 365.2422 spins of the planet to complete its loop, or one orbit, of the sun, so every four years we add an extra day to balance it out and keep our seasons where they’re supposed to be.
The contortions are awkward, but they’re fairly straightforward compared with the adjustments that would need to be made to the calendars of alien civilizations if they existed elsewhere in our solar system. Luckily, astronomers, science-fiction writers and enthusiastic hobbyists have presented several proposals for Mars, Jupiter and Venus calendars. -from The New York Times.

PHOTOS OF THE DAY

The new Infinity Chamber, created using thousands of LED bulbs, encourages people to take five minutes out of their busy day and indulge in restorative colour therapy, in Conduit Court, Covent Garden, London.
CREDIT: VICTORIA JONES/ PA WIRE

Snow around the Jubilee tower in Darwen, Lancashire.
CREDIT: GREGG WOLSTENHOLME/BAV MEDIA

A land squirrel sniffs a dwarf sunflower in Vienna, Austria.
CREDIT: RENATO JUST/SWNS.COM

Market Closes for February 28^th, 2020 

Market Index	Close	Change
Dow Jones	25409.36	-357.28
		-1.39%
S&P 500	2949.43	-29.33
		-0.98%
NASDAQ	8567.367	+0.888 +0.01%
TSX	16152.17	-565.34
		-3.38%

International Markets

Market Index	Close	Change
NIKKEI	21142.96	-805.27
		-3.67%
HANG SENG	26129.93	-648.69
		-2.42%
SENSEX	38297.29	-1448.37
		-3.64%
FTSE 100*	6580.61	-215.79 -3.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.129	1.158
CND. 30 Year Bond	1.317	1.318
U.S.    10 Year Bond	1.1650	1.2607
U.S. 30 Year Bond	1.6937	1.7577

Currencies

BOC Close	Today	Previous
Canadian $	0.74630	0.74694
US $	1.33995	1.33880
Euro Rate 1 Euro=		Inverse
Canadian $	1.47818	0.67651
US $	1.0316	0.90648

Commodities

Gold	Close	Previous
London Gold Fix	1652.00	1634.90
Oil
WTI Crude Future	44.76	47.09

Market Commentary:
Charge it! On this day in 1950, New York City financial executive Frank McNamara and his attorney Ralph Schneider had dinner at the Major’s Cabin Grill Restaurant on 33rd St. in Manhattan. When the check came, Mr. McNamara handed the waiter a small paper Diners’ Club card and asked to charge the bill. After a year of preparation by the two men, the first charge-card transaction had taken place.
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canadian stocks ended their worst week since the financial crisis in late 2008 by tumbling 2.7%, the biggest one-day drop since 2015. The benchmark’s decline outpaced its U.S. peers as it played catch-up to Thursday’s coronavirus-related rout. A technical glitch forced the Toronto Stock Exchange to halt trading more than two hours early Thursday. The S&P/TSX Composite Index fell to 16,263.05, the lowest since August. It lost 8.9% this week, the biggest decline since December 2008. Today, materials stocks led the market lower, as all sectors declined; 200 of 231 shares fell, while 30 rose.
Commodities
* Western Canada Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold tumbled 3.7% to $1,581.00 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3416 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to
1.14%, the lowest since September
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -138.9189| -2.6| 1/25
Materials | -95.3814| -5.2| 6/40
Energy | -44.9505| -1.7| 13/17
Industrials | -40.2671| -2.1| 2/29
Communication Services| -38.6921| -4.1| 0/8
Utilities | -32.1333| -3.6| 0/16
Real Estate | -22.7738| -3.7| 1/24
Consumer Staples | -20.8315| -3.1| 0/11
Consumer Discretionary| -8.9492| -1.4| 4/13
Information Technology| -6.7568| -0.7| 2/8
Health Care | -4.8024| -2.6| 1/9

* The benchmark 10-year bond rose and the yield fell 3 basis points to 1.127%

US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — The spread of the coronavirus rattled global financial markets, sending U.S. stocks to their worst week since the financial crisis more than a decade ago. Demand spiked for safe assets from Treasuries to the yen. The S&P 500 plunged 11% in the five days and the Dow Jones Industrial Average careened to the lowest since June, wiping out almost $3 trillion in value from American equities. Treasuries surged, pushing yields on the 10- and 30-year notes to record lows during the period. Oil plunged toward $45 a barrel in its biggest weekly rout since 2008. “Investors are selling stocks first and asking questions later,” Keith Lerner, SunTrust’s chief market strategist, wrote in a note. “We are seeing signs of pure liquidation. ‘Get me out at any cost’ seems to be the prevailing mood. There is little doubt the coronavirus will continue to weigh on the global
economy, and the U.S. will not be immune. There is much we do not know. However, it is also premature to suggest the base case for the U.S. economy is recession.” Battered bulls got a boost Friday when Federal Reserve Chairman Jerome Powell said the central bank is monitoring the virus and will act as appropriate, adding that the “fundamentals of the economy remain strong.” Bank of America strategists now expect the Fed to cut rates by 50 basis points at its March meeting. White House Economic Adviser Larry Kudlow suggested investors “buy the dip.” The S&P 500 fell 0.8% in the final day of the week, rallying back in the final 15 minutes of trading from losses that topped 3%. The index still dropped for a seventh day, its longest slide since 2016. The Cboe Volatility Index hit the highest in two years. The Nasdaq indexes ended higher. Banks led Friday’s drop, with JPMorgan sinking 4%, as travel restrictions took hold and trading floors scrambled for contingency plans if offices are required to close. Airlines tumbled after Lufthansa curbed short-haul flights and United pared back travel in Asia.
U.S. equity markets shuddered as the World Health Organization raised its global risk level for the virus and a White House official suggested some schools could close. More major companies warned that disruptions could upend sales and profit forecasts. Germany said it will intensify border checks and Switzerland banned large events, leading to the Geneva car show being canceled. Iran and South Korea revealed more infections while the first cases appeared in Mexico and Nigeria, Africa’s most populous country. Downgrades to the global outlook keep rolling in and money markets now see three Federal Reserve interest-rate cuts this year. Bank of America predicted that the global economy will see its weakest year since the financial crisis as the virus damages demand in China and beyond. “Asset prices diverged significantly from growth in the past year, in part because of central bank policy, but also because passive investment’s main signal is price action,” reckons James McCormick, global head of desk strategy at NatWest Markets. “The COVID-19 escalation runs a real risk of virtuous cycle turning to a vicious one. Either way, given where growth estimates are heading for the next few months, I’d expect more downside.”
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.8% as of 4 p.m. New York time.
* The Nasdaq 100 Index rose 0.3%.
* The Dow slid 1.4%.
* The Stoxx Europe 600 Index decreased 3.5%.
* Germany’s DAX Index slid 3.9%.
* The MSCI Asia Pacific Index dropped 2.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell less than 0.1% to $1.10.
* The British pound dipped 1% to $1.2760.
* The Japanese yen strengthened 1.28% to 108.20 per dollar.
Bonds
* The yield on 10-year Treasuries declined nine basis points to 1.17%.
* The yield on two-year Treasuries decreased 13 basis points to 0.93%.
* Germany’s 10-year yield decreased five basis points to -0.60%.
Commodities
* West Texas Intermediate crude sank 5% to $44.73 a barrel.
* Gold futures decreased 3.4% to $1,586 an ounce.
* Bloomberg’s commodity index sank 2%.
–With assistance from Sam Potter, Cormac Mullen, Anchalee Worrachate, Gregor Stuart Hunter and Adam Haigh.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It is strange that the years teach us patience;
that the shorter our time, the greater our capacity for waiting.
                                                         -Elizabeth Taylor, 1932-2011

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:

A sobering first day of Lent.

This isn’t a great time to be Corona beer. -Bloomberg.

Give to the world what you want to receive from the world, because that is what you will receive. -Gary Zukav, the Path Made Clear.

Branson Bombs
Wearing a black suit and harness, Richard Branson once leaped from the roof of a Las Vegas casino to launch one of his ventures. His fortune headed in the same direction this week. The value of the British billionaire’s stake in Virgin Galactic has fallen about $1.1 billion since the company reported widening losses in the fourth quarter from a year earlier. The firm’s shares tumbled 24% to close at $21.97 in New York and have plunged 35% since Tuesday, but the Las Cruces, New Mexico-based firm is planning to resume ticket sales for future space flights to show Wall Street that affluent customers are willing to pay for such adventures. Space tourism is one of the latest bets from Branson, a serial creator of companies including everything from record labels to fizzy drinks to bridal gowns. Virgin Galactic was the first billionaire betting on space, following a merger with U.S. investment firm Social Capital Hedosophia four months ago. It’s since become a highly speculative stock, more than doubling this year before Tuesday’s after-market results as hedge funds and other investors predict it will establish a new space-tourism industry. -Bloomberg.

-from today’s New York Times:

The Leopard Cub with the Lion Mom

A lioness with her adopted leopard and biological son in Gir National Park in Gujarat, India.Dheeraj Mittal

By Cara Giaimo
The lions and leopards of Gir National Park, in Gujarat, India, normally do not get along.

“They compete with each other” for space and food, said Stotra Chakrabarti, a postdoctoral researcher at the University of Minnesota who studies animal behavior. “They are at perpetual odds.”
But about a year ago, a young lioness in the park put this enmity aside. She adopted a baby leopard.

The 2-month-old cub — all fuzzy ears and blue eyes — was adorable, and the lioness spent weeks nursing, feeding and caring for him until he died. She treated him as if one of her own two sons, who were about the same age. This was a rare case of cross-species adoption in the wild, and the only documented example involving animals that are normally strong competitors, Dr. Chakrabarti said. He and others detailed the case last week in the ecology journal Ecosphere.

PHOTOS OF THE DAY

During the carnival in Alsasua, Northern Spain, characters called “Momotxorros” come out onto the streets wearing horns, hiding their faces under headscarves and dressed in a white sheet stained with blood.
CREDIT: ALVARO BARREINTOS/AP

Revellers, knows as ‘Caretos’ wear brass or wooden masks and dress-up in costumes made of dyed wool and with cowbells in their belts for the Caretos Carnival, Portugal.

Revellers shout and chase people in the streets to scare them, with single women being their main target. Once they corner someone, they bang their cowbells against the person.
CREDIT: OCTAVIO PASSOS/GETTY IMAGES

Revellers from the Portuguese village of Podence wearing a traditional costume during the annual Carnival festivities.
CREDIT: OCTAVIO PASSOS/GETTY IMAGES

People stand in front of the international gene bank Svalbard Global Seed Vault (SGVS) on Spitsbergen, Norway.

The Arctic “doomsday vault” is set to receive 60,000 samples of seeds from around the world as the biggest global crop reserve stocks up for a global catastrophe.
CREDIT: LISE ASERUD/NTB SCANPIX/AFP/GETTY IMAGES

Market Closes for February 27^th, 2020 

Market Index	Close	Change
Dow Jones	25766.64	-1190.95
		-4.42%
S&P 500	2978.76	-137.63
		-4.42%
NASDAQ	8566.480	-414.294 -4.61%
TSX	16717.44	-324.48
		-1.90%

International Markets

Market Index	Close	Change
NIKKEI	21948.23	-477.96
		-2.13%
HANG SENG	26778.62	+82.13
		+0.31%
SENSEX	39745.66	-143.30
		-0.36%
FTSE 100*	6796.40	-246.07 -3.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.158	1.215
CND. 30 Year Bond	1.318	1.354
U.S.    10 Year Bond	1.2607	1.3354
U.S. 30 Year Bond	1.7577	1.8261

Currencies

BOC Close	Today	Previous
Canadian $	0.74694	0.75078
US $	1.33880	1.33196
Euro Rate 1 Euro=		Inverse
Canadian $	1.47221	0.67925
US $	1.09965	0.90938

Commodities

Gold	Close	Previous
London Gold Fix	1634.90	1650.30
Oil
WTI Crude Future	47.09	48.73

Market Commentary:
On this day in 1933, less than a week before President Franklin D. Roosevelt was inaugurated, the stock market was forecasting a gruesome future. The Dow Jones Industrial Average closed at 50.16, a new low for the year and barely above its all-time nadir of 41.22, set on July 8, 1932. Stocks were selling at 0.65 times book value and 10.3 times reported earnings, with an average dividend yield of 8.7% (among those that could afford to pay dividends). Five trading days later, after Mr. Roosevelt’s banking moratorium and financial reforms kicked in, the market was 23.8% higher; by the end of June, it had doubled.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fifth day, dropping 1.9 percent, or 324.48 to 16,717.44 in Toronto. The index dropped to the lowest closing level since Nov. 5. Today, financials stocks led the market lower, as all sectors lost; 201 of 231 shares fell, while 29 rose. Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.0 percent. Ballard Power Systems Inc. had the largest drop, falling 12.6 percent.
Insights
* In the past year, the index had a similar or greater loss once
* So far this week, the index fell 6.3 percent, heading for the biggest decline since the week ended Sept. 23
* This month, the index fell 3.5 percent
* The index advanced 4 percent in the past 52 weeks. The MSCI AC Americas Index gained 6 percent in the same period
* The S&P/TSX Composite is 7 percent below its 52-week high on Feb. 20, 2020 and 5.2 percent above its low on March 8, 2019
* The S&P/TSX Composite is down 6.8 percent in the past 5 days and fell 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.8 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.6t
* 30-day price volatility rose to 12.17 percent compared with 10.96 percent in the previous session and the average of 6.80 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -115.0081| -2.1| 2/24
Energy | -63.0318| -2.3| 3/27
Materials | -60.9772| -3.2| 3/44
Utilities | -17.0786| -1.9| 1/15
Industrials | -14.5741| -0.8| 10/20
Real Estate | -12.4509| -2.0| 0/25
Information Technology| -10.7191| -1.0| 2/8
Consumer Staples | -7.8876| -1.2| 2/9
Health Care | -7.8732| -4.1| 1/9
Consumer Discretionary| -7.5146| -1.1| 4/13
Communication Services| -7.3575| -0.8| 1/7

US
By Vildana Hajric and Katherine Greifeld
(Bloomberg) — Global stocks plunged to four-month lows, government debt yields sunk to unprecedented levels and crude oil extended declines as anxiety over the spread of the coronavirus deepened. The S&P 500 tumbled 4.4% to close at the lowest levels of the day. It whipsawed investors earlier, turning lower late after California’s governor said the state was monitoring 8,400 people for signs of the virus after they traveled to Asia. The decline of more than 10% since last Friday has the benchmark on pace for its worse week since the 2008 global financial crisis and helped push the index into what is known as a correction. The MSCI All-Country World Index fell to the lowest since October, while the Stoxx Europe 600 also entered a correction. “Stocks and bonds say we’re doomed,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Anyone who has a better idea for what lies ahead please let us know because right now the direction ahead for the economy is straight down.” The outbreak has the potential to become a pandemic and is at a decisive stage, the head of the World Health Organization said Thursday.

     The global economy is on course for its weakest year since the financial crisis as the virus damages demand in China and beyond, Bank of America predicted. Earlier, Goldman Sachs slashed its outlook for U.S. companies’ profit growth to zero. Germany is examining potential stimulus measures to stem the economic impact. Saudi Arabia halted religious visits that draw millions. Haven assets continued to be in demand, and the yen strengthened as yields on 10-year U.S. and Australian government bonds hit fresh record lows. Oil sank further. The pound reversed a gain after the U.K. told the European Union it could walk away from the negotiating table in June if progress isn’t being made toward a trade deal. Investors are pricing in a Federal Reserve easing in April followed by another rate cut in July, swaps data show, while bets for easing from Japan to Australia have also increased after the International Monetary Fund cut global growth forecasts. Losses continue to mount as investors weigh each gloomy headline on the virus. U.S. health authorities on Wednesday said they found the first case of the illness that does not have ties to a known outbreak. Microsoft Corp. joined an expanding list of companies warning over the impact of the virus on operations. “The way the market is going down, it’s happening pretty quickly, but it’s very difficult to say that it’s over,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “Bottoming is a multistep process and you’re probably still in step one.”

* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are the major moves in markets:
Stocks
*The S&P 500 Index sank 4.4% to 2,978.48 as of 4:02 p.m. New York time, hitting the lowest in 19 weeks with its sixth consecutive decline and the largest tumble in more than eight years.
*The Dow Jones Industrial Average decreased 4.4% to 25,763.96, reaching the lowest in six months on its sixth consecutive decline and the biggest dip in about two years.
*The Nasdaq Composite Index sank 4.6% to 8,566.48, the lowest in almost 12 weeks on the largest tumble in more than eight years.
*The MSCI All-Country World Index sank 3% to 521.99, reaching the lowest in 19 weeks on its sixth consecutive decline and the biggest tumble in almost four years.
Currencies
*The Bloomberg Dollar Spot Index dipped 0.3% to 1,211.80.
*The euro gained 1% to $1.0989, the strongest in almost three weeks on the biggest climb in 21 months.
*The Japanese yen appreciated 0.5% to 109.85 per dollar, the strongest in more than a week.
Bonds
*The yield on 10-year Treasuries fell five basis points to 1.28%, reaching the lowest on record with its sixth straight decline.
*The yield on 30-year Treasuries declined four basis points to 1.78%, hitting the lowest on record with its sixth straight decline.
*Britain’s 10-year yield fell three basis points to 0.47%, reaching the lowest in almost 20 weeks on its eighth straight decline and the biggest fall in almost four weeks.
*Germany’s 10-year yield dipped four basis points to -0.54%, the lowest in almost 20 weeks.
Commodities
*Gold weakened 0.1% to $1,637.44 an ounce.
*West Texas Intermediate crude declined 3.8% to $46.68 a barrel, hitting the lowest in 14 months with its fifth straight decline and the largest drop in almost seven weeks.
–With assistance from Luke Kawa and Claire Ballentine.

Have  a great night.

Be magnificent!
As ever,

Carolann

If you are distressed by anything external, the pain is not due to the thing itself
but to your estimate of it; and this you have the power to revoke at any moment.
                                                                         -Marcus Aurelius, 121-180

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

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

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

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

Dear Friends,

Tangents:

Most of us will probably never journey to the moon. But this latest footage from NASA gets us pretty close. -CNN.

On Feb. 26, 1993, a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others.  Go to article »

PHOTOS OF THE DAY

A rainbow arcs over East Cliff at West Bay in Dorset during a brief spell of sunshine as a shower clouds passes overhead.
CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS

A group of people dresses as ‘Gilles of Binche’ arrive to the Grand Place to pick up their jubilee medals at the City Hall during a traditional carnival in Binche, Belgium.
CREDIT: AP PHOTO/FRANCISCO SECO

A dress rehearsal for the Whitney Houston hologram tour, which opens tonight at City Hall in Sheffield, before embarking on a international tour.
CREDIT: DANNU LAWSON/PA WIRE

Market Closes for February 26^th, 2020 

Market Index	Close	Change
Dow Jones	26957.59	-123.77
		-0.46%
S&P 500	3116.46	-11.75
		-0.38%
NASDAQ	8980.773	+15.161 +0.17%
TSX	17042.02	-135.35
		-0.79%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22426.19	-179.22
		-0.79%
HANG SENG	26696.49	-196.74
		-0.73%
SENSEX	39888.96	-392.24
		-0.97%
FTSE 100*	7042.47	+24.59 +0.35%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.215	1.208
CND. 30 Year Bond	1.354	1.330
U.S.    10 Year Bond	1.3354	1.3404
U.S. 30 Year Bond	1.8261	1.8115

Currencies

BOC Close	Today	Previous
Canadian $	0.75078	0.75266
US $	1.33196	1.32862
Euro Rate 1 Euro=		Inverse
Canadian $	1.44971	0.68979
US $	1.08841	0.91877

Commodities

Gold	Close	Previous
London Gold Fix	1650.30	1671.65
Oil
WTI Crude Future	48.73	49.76

Market Commentary:
The yield on the benchmark 10-year U.S. Treasury note fell to an all-time low Tuesday.  The yield on the 10-year note fell as low as 1.310% on an intraday basis and settled at 1.328%, according to Tradeweb, compared with 1.377% Monday. Both of those marks beat record lows set in July 2016 after the U.K.’s vote to leave the European Union.

On this day in 1954, the New York Stock Exchange introduced its first major advertising campaign with the theme “Own Your Share of American Business.”
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks erased their gains for the year, falling to the lowest since Dec. 18 amid the spreading coronavirus. The S&P/TSX Composite Index declined 0.8%, its fourth consecutive drop, to 17,041.92. All sectors were in the red except technology, which got a boost from Kinaxis Inc. The software company jumped 13% after releasing a better-than- expected 2020 revenue outlook. Energy stocks led the broader market’s decline, losing 1.7% as crude prices fell to the lowest level in a year. In total, 174 of 231 stocks in the index fell, while 53 rose.
Commodities
* Western Canada Select crude oil traded at a $14.35 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,642.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3319 per U.S. dollar
* The 10-year government bond yield was little changed at 1.21%

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -46.4655| -1.7| 2/28
Financials | -41.2466| -0.7| 4/22
Industrials | -24.8596| -1.3| 3/28
Materials | -10.1731| -0.5| 16/30
Consumer Discretionary | -7.0840| -1.1| 3/14
Consumer Staples | -5.2273| -0.8| 0/11
Communication Services | -3.9436| -0.4| 2/6
Utilities | -3.8731| -0.4| 4/12
Real Estate | -2.3849| -0.4| 10/14
Health Care | -0.5246| -0.3| 2/6
Information Technology | 10.3273| 1.0| 7/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Royal Bank of | | | |
Canada | -22.9000| -2.1| 27.6| 1.2
Enbridge | -12.2400| -1.6| 49.2| 1.1
Suncor Energy | -8.7800| -2.1| 18.9| -11.0
Kinaxis | 2.3490| 12.5| 406.0| 13.1
CIBC | 3.3280| 1.0| 85.6| -0.9
Shopify | 5.0240| 1.1| -5.1| 21.5

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. equities traded near the lows of the day as investors digested a barrage of reports on the widening coronavirus outbreak. The dollar advanced. The S&P 500 swung between gains and losses after a report said officials in the New York region are monitoring people for exposure. The benchmark index had slid more than 6% over the prior two days. The Dow Jones Industrial Average was lower, while the Nasdaq Composite gained. Ten-year Treasury yields approached the record-low close set Tuesday. European shares pared losses to close mostly higher, while Asian equities finished in the red. Oil bounced around $50 a barrel and gold edged higher. “No one has any idea the depth and duration of the coronavirus’ negative impact on the global economy and corporate earnings,” said Alec Young, managing director of global markets research at FTSE Russell. President Donald Trump and federal health officials plan to brief the U.S. public Wednesday on efforts to prevent the spread of the coronavirus. Health officials in Nassau County on New York’s Long Island are monitoring 83 people who have visited mainland China or may have come in contact with the virus.
Earlier, German and American officials warned of a pandemic. Diageo Plc and Danone SA said that the outbreak will hit sales in China. The first cases in Greece and in South America emerged, while Spain locked down a seaside resort hotel with about 1,000 guests and workers inside. Risk assets are struggling to rebound as coronavirus cases steadily climb outside the epicenter in China. South Korea said its national total rose to more than 1,000, while American health officials Tuesday warned that they expect the epidemic to spread in the U.S. Traders may be looking out for further signs of policy accommodation after American central bankers said they are closely monitoring the spreading virus, though it’s “still too soon” to say whether it will change the outlook. “People are taking a step back and reviewing the data and seeing how much this coronavirus is progressing,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. Elsewhere, a gauge of high-yield credit risk for European issuers rose for a fifth day. Industrial metals and minerals mostly dropped, including copper and iron ore. Bitcoin slumped for a third day.
These are some key events coming up:
* Earnings keep rolling in from companies including: Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.
* The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.
* U.S. jobless claims, GDP and durable goods data are out Thursday.
* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are major moves in markets:
Stocks
* The S&P 500 Index dipped 0.2% to 3,117.37 as of 2:44 p.m. New York time, hitting the lowest in more than 11 weeks with its fifth consecutive decline.
* The Dow Jones Industrial Average declined 0.4% to 26,945.14, reaching the lowest in four months on its fifth consecutive decline.
* The Nasdaq Composite Index climbed 0.1% to 8,965.64, the first advance in a week.
* The MSCI All-Country World Index sank 0.5% to 540.28, reaching the lowest in more than 16 weeks on its fifth straight decline.
* The Stoxx Europe 600 Index was little changed at 404.62, the first advance in a week.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2% to 1,214.35.
* The euro was little changed at $1.0899, the strongest in almost two weeks.
* The Japanese yen weakened 0.1% to 110.22 per dollar.
* The British pound fell 0.8% to $1.2916, the largest fall in three weeks.
Bonds
* The yield on 10-year Treasuries sank four basis points to 1.30%, reaching the lowest on record with its fifth straight decline.
* The yield on 30-year Treasuries dipped three basis points to1.79%, hitting the lowest on record with its fifth straight decline.
* Germany’s 10-year yield rose one basis point to -0.51%.
* Britain’s 10-year yield decreased two basis points to 0.504%, hitting the lowest in almost 20 weeks with its seventh straight decline.
Commodities
* Gold strengthened 0.7% to $1,648.20 an ounce.
* Copper fell 0.5% to $2.57 a pound, the lowest in two weeks.
* West Texas Intermediate crude dipped 2.9% to $48.67 a barrel, the lowest in 14 months.
Have a great night.

Be magnificent!
As ever,

Carolann

And what he greatly thought, he nobly dared.
                                               -Homer, c. 800 BCE-c. 701 BCE

As my knowledge of things grew I felt more and more the delight of the world I was in.
                                              -Helen Keller, 1880-1968

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

Dear Friends,

Tangents:

One of my favorite sections in the Sunday edition of The New York Times is called METROPOLITAN DIARY, wherein people send in letters to “Dear Diary” about things that have happened to them in the city – their  indelible New York minutes.  The following are three that I really enjoyed from this past Sunday’s edition:

Dear Diary:
On a Saturday afternoon in 1994, my father took me, my brothers and a few of our cousins to McSorley’s, which, of course, claims to be the oldest continuously operating tavern in the New York.
It was 100 years to the day, my father said, that his father, my grandfather, had been born in the apartment upstairs.
After we’d had a round or two, my father raised his glass.
“Bartender” he said, “a round for the house on the 100th anniversary of the birth of my father.”
“This is New York pal,” the bartender said. “Let me see some money. We had Columbus’s cousin in here last week.”
— Edward Wiessner

Dear Diary:
Early one night several summers ago, my roommate and I were sitting and chatting in our second-floor apartment in Washington Heights. The windows were wide open.
Our conversation turned to our favorite musicals.
“‘Evita,’” my roommate said. “I love that one!”
She started to belt out “Don’t Cry for Me Argentina,” but she stopped when I reminded her that the entire neighborhood could hear her.
Within seconds, we heard a knock on the door. My roommate opened it to find one of our neighbors standing there as if he had been waiting for just this moment to arrive.
“The truth is I never left you!” he sang.
We erupted in laughter, and my roommate accidentally slammed the door on his face.
No matter. He kept on, and we could hear the familiar lyrics echoing through the hallways: “All through my wild days, my mad existence, I kept my promise, don’t keep your distance”
— Keren Golan

Dear Diary:
I was at the dry cleaner, clutching my treasured aqua Algerian gauze dress. It had a large rust-colored water stain on the front.
Assessing the damage, the man behind the counter frowned and said there was nothing that could be done.
I asked about the possibility of dying the dress. He said that wouldn’t work because the stain would show through the dye.
I was dismayed.
“What can I do with this?” I asked.
“Wear it when you vacuum?” he replied.
— Karen Aberle

PHOTOS OF THE DAY

Brooklyn Bridge seen during sunset from Brooklyn side in New York, United States.
CREDIT: LOKMAN VURAL ELIBOL/ANADOLU AGENCY VIA GETTY IMAGES

In the background of this digital recreation, ancient microscopic green seaweed is seen living in the ocean 1 billion years ago. In the foreground is the same seaweed in the process of being fossilized for later. Image by Dinghua Yang.
CREDIT: DINGHUA YANG/SWNS.COM

These brilliant pictures show a mistle thrush bird’s nest-which has been built INSIDE a set of traffic lights.
CREDIT: DAN ROWLANDS/SWNS

Market Closes for February 25^th, 2020 

Market Index	Close	Change
Dow Jones	27081.36	-879.44
		-3.15%
S&P 500	3128.21	-97.68
		-3.03%
NASDAQ	8965.613	-255.667 -2.77%
TSX	17177.37	-385.37
		-2.19%

International Markets

Market Index	Close	Change
NIKKEI	22605.41	-781.33
		-3.34%
HANG SENG	26893.23	+72.35
		+0.27%
SENSEX	40281.20	-82.03
		-0.20%
FTSE 100*	7017.88	-138.95 -1.94%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.208	1.196
CND. 30 Year Bond	1.330	1.311
U.S.    10 Year Bond	1.3404	1.3621
U.S. 30 Year Bond	1.8115	1.8254

Currencies

BOC Close	Today	Previous
Canadian $	0.75266	0.75251
US $	1.32862	1.32889
Euro Rate 1 Euro=		Inverse
Canadian $	1.44590	0.69161
US $	1.08828	0.91888

Commodities

Gold	Close	Previous
London Gold Fix	1671.65	1643.30
Oil
WTI Crude Future	49.76	51.33

Market Commentary:
On this day in 1862, President Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks. The Act also authorized the Treasury to sell 6% bonds callable in five years, maturing in 20, which were quickly nicknamed “5-20s.” Philadelphia broker Jay Cooke invented what he called the “democratic distribution” of investments, slicing the 5-20s into denominations as small as $50, advertising them heavily in local newspapers, and hiring his own army of 2,500 “traveling agents” to sell them in towns throughout the Union. He raised $361 million in less than two years—and introduced tens of thousands of Americans to investing for the first time.

Canada
By Kristine Owram
(Bloomberg) — Canadian stocks posted their biggest two-day drop since 2016 after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. The S&P/TSX Composite Index lost 2.2% to 17,177.37, the lowest since early January. That followed Monday’s 1.6% drop amid a rapid spread in virus cases outside of China. The Canadian benchmark is outperforming its U.S. peer, with the S&P 500 down 6.3% over the past two days. Every sector fell by more than 1% as even safe havens like gold retreated; 222 of 231 shares fell, while 8 rose.
Commodities
* Western Canada Select crude oil traded at a $15.50 discount to West Texas Intermediate, the narrowest gap since October
* Spot gold tumbled 2.4% to $1,637.10 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3290 per U.S. dollar
* The 10-year government bond yield was little changed at 1.20%

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -104.6834| -1.9| 1/25
Energy | -61.3154| -2.2| 0/30
Materials | -57.3651| -2.9| 3/44
Industrials | -46.3135| -2.4| 2/29
Information Technology| -39.7211| -3.7| 0/10
Consumer Discretionary| -22.9272| -3.3| 0/16
Communication Services| -14.1230| -1.5| 0/8
Utilities | -13.5046| -1.5| 1/15
Consumer Staples | -10.4514| -1.5| 0/11
Real Estate | -7.7635| -1.2| 1/24
Health Care | -7.1902| -3.6| 0/10

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks tumbled to an almost 12-week low and bond yields plunged to records on rising concern the coronavirus will upend global supply chains critical to economic growth. The S&P 500’s four-day rout reached 7.6%, with losses accelerating Tuesday after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. That follows a rapid increase in cases from Italy to Iran and Japan, with a growing list of companies warning that profits will suffer as economies around the world suffer. The S&P, Dow Jones Industrial Average and Nasdaq Composite indexes all set record highs this month. The 10-year U.S. Treasury yield fell to a record low of 1.3055% as investors sought shelter from the virus’s impact on the outlook for growth. All 11 sectors in the S&P 500 fell with energy, material and financial shares leading the declines. Volatility spiked, sending the Cboe’s measure of equity gyrations surging past 30 for the first time since 2018. “The market is pricing in a significant slowdown in GDP and a 10% impact on earnings,” said Zhiwei Ren, portfolio manager at Penn Mutual Asset Management. “And since no one knows how bad the infection will be, it is hard to make a bet on economy.” U.S. central bankers are closely monitoring the spreading coronavirus, but it is “still too soon” to say whether it will result a material change to the outlook, Federal Reserve Vice Chairman Richard Clarida said.
Elsewhere, European stocks closed in the red, while bonds from the region were mixed. Crude oil slumped again after Monday’s slide of nearly 4%. Japanese shares tumbled more than 3% as traders returned after a holiday. Stocks fell in China and Australia and pushed higher in South Korea and Hong Kong. The yen strengthened against the dollar for a third day. Erratic market moves suggest investors remain on edge over the economic impact of the virus. The World Health Organization has held off from declaring a global pandemic even as cases surged in South Korea, Italy and Japan. “We know there will be supply disruptions, the question now is to what extent will it affect economic growth and more importantly for the stock market earnings growth,” said Sandip Bhagat, Whittier Trust Co.’s chief investment officer “The market is repricing to that new reality.” Analysts at Oxford Economics Ltd. said the epidemic could wipe more than $1 trillion from global domestic product, while the International Monetary Fund lowered its growth forecasts for the world economy.
These are some key events coming up:
* Earnings keep rolling in from companies including: Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.
* The Democratic presidential debate in South Carolina is on Tuesday.
* The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.
* U.S. jobless claims, GDP and durable goods data are out Thursday.
* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are the main moves in markets:
Stocks
*The S&P 500 Index decreased 3.2% to 3,128.43 as of 4:01 p.m. New York time, the lowest in more than 11 weeks on the largest dip in almost 15 months.
*The Dow Jones Industrial Average sank 3.3% to 27,081.50, the lowest in four months.
*The Nasdaq Composite Index fell 2.9% to 8,965.61, the lowest in eight weeks on the largest drop in six months.
*The MSCI All-Country World Index dipped 2.4% to 542.98, the lowest in almost 12 weeks on the biggest decrease in almost seven months.
*The Stoxx Europe 600 Index fell 1.8% to 404.60, the lowest in more than 11 weeks.
Currencies
*The Bloomberg Dollar Spot Index decreased 0.2% to 1,212.91.
*The euro rose 0.2% to $1.0885, the strongest in almost two weeks.
*The Japanese yen strengthened 0.6% to 110.10 per dollar.
*The British pound gained 0.6% to $1.3003, the strongest in a week.
Bonds
*The yield on 10-year Treasuries sank five basis points to 1.33%, the lowest on record.
*The yield on 30-year Treasuries dipped four basis points to 1.80%, the lowest on record.
*Germany’s 10-year yield decreased three basis points to -0.51%, the lowest in almost 20 weeks.
*Britain’s 10-year yield fell two basis points to 0.519%, hitting the lowest in three weeks with its sixth straight decline.
Commodities
*Gold weakened 0.6% to $1,632.93 an ounce, the first retreat in more than a week and the biggest fall in almost three weeks.
*Copper decreased 0.8% to $2.56 a pound, the lowest in two weeks.
*West Texas Intermediate crude dipped 3.1% to $49.79 a barrel, the lowest in two weeks.
–With assistance from Nancy Moran and Sarah Ponczek.
Have  a great night.

Be magnificent!
As ever,

Carolann

If you look at what you have in life, you’ll always have more. 
If you look at what you don’t have in life, you’ll never have enough.
                                                                               –Oprah Winfrey, b. 1954

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:

1946~ General Juan Perón first elected President of Argentina.

-from Bloomberg today:
How deep is the deepest hole in the world?
Divers recover artifacts from the HMS Erebus, which sank while seeking the Northwest Passage.
RIP to NASA mathematician and “Hidden Figures” figure Katherine Johnson.

PHOTOS OF THE DAY

Skiers take part in the Skicolor event where they are sprayed with biodegradable colour powders as part of the carnival celebrations in the alpine resort of La Tzoumaz, Switzerland.
CREDIT: VALENTIN FLAURAUD/EPA/REX

National Museums Scotland Images show the large painting, The Thin Red Line being re-glazed.
CREDIT: PHIL WILKINSON

Three lost sheep were caught after they wandered away from their farm and ended up on a rooftop in Glenridding, Cumbria.
CREDIT: SWNS

Market Closes for February 24^th, 2020 

Market Index	Close	Change
Dow Jones	27960.80	-1031.61
		-3.56%
S&P 500	3225.89	-111.86
		-3.35%
NASDAQ	9221.281	-355.309 -3.71%
TSX	17562.74	-280.79
		-1.57%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23386.74	-92.41
		-0.39%
HANG SENG	26820.88	-487.93
		-1.79%
SENSEX	40363.23	-806.89
		-1.96%
FTSE 100*	7156.83	-247.09 -3.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.196	1.279
CND. 30 Year Bond	1.311	1.384
U.S.    10 Year Bond	1.3621	1.4696
U.S. 30 Year Bond	1.8254	1.9141

Currencies

BOC Close	Today	Previous
Canadian $	0.75251	0.75645
US $	1.32889	1.32197
Euro Rate 1 Euro=		Inverse
Canadian $	1.44252	0.69323
US $	1.08551	0.92123

Commodities

Gold	Close	Previous
London Gold Fix	1643.30	1619.00
Oil
WTI Crude Future	51.33	53.30

Market Commentary:
On this day in 1784, meeting at the Merchant’s Coffee House in downtown New York City, several prominent businessmen led by a young attorney named Alexander Hamilton founded the Bank of New York “on liberal principles.”
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark tumbled the most in six months but managed to outperform its U.S. peers as gains in gold stocks helped to offset declines in most other sectors. The S&P/TSX Composite Index slid 1.6% to 17,562.74, the lowest in nearly three weeks. Every sector was in the red except materials, which benefited as investors piled into haven assets, sending gold prices to their highest in more than seven years. Energy stocks tumbled 2.5%, the most since August, and technology shares lost 3.3%, the most since June. In total, 203 of 231 shares fell, while 28 rose.
Commodities
* Western Canada Select crude oil traded at a $16.40 discount to West Texas Intermediate prices
* Spot gold jumped 0.9% to $1,663.20 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3289 per U.S. dollar
* The 10-year government bond yield fell 8 basis points to 1.20%, the lowest since September
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -105.6043| -1.8| 0/26
Energy | -71.3012| -2.5| 0/30
Information Technology| -36.9952| -3.3| 0/10
Industrials | -30.9278| -1.6| 0/31
Consumer Discretionary| -16.9779| -2.4| 2/15
Health Care | -7.8986| -3.8| 0/10
Utilities | -7.3727| -0.8| 2/14
Real Estate | -7.2484| -1.1| 1/24
Communication Services| -5.8174| -0.6| 3/5
Consumer Staples | -5.5251| -0.8| 0/11
Materials | 14.8816| 0.8| 20/27

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. equities tumbled, with the S&P 500 dropping the most since February 2018, as authorities struggled to keep the coronavirus from spreading more widely outside China. Havens including Treasuries and gold surged.
 In a dramatic day across markets, these were some of the standout moves:
* All three main U.S. stock benchmarks slumped more than 3%. The Dow Jones Industrial Average and S&P erased all of their gains for the year. All 11 sectors of the S&P closed in the red.
* The FANG cohort of mega cap tech shares that led the year’s rally plunged more than 4%. AMD Corp. led losses in chipmakers exposed to China, at one point sinking more than 10%. High- flyers Virgin Galactic and Tesla each fell more than 5%. Alpha Pro Tech, maker of protective clothing and masks, surged more than 25%.
* The Stoxx Europe 600 Index slid 3.8% on trading volumes well above average for the largest drop since 2016 as investors fled travel and luxury-goods shares. A gauge of credit risk on the region’s high-yield companies jumped.
* The yield on 10-year Treasuries approached the 2016 record low.
* South Korea’s benchmark dropped 3.9%, leading declines across Asia, though Japan’s markets were shut for a holiday.
* Spot gold approached $1,700, while Brent crude oil tumbled about 5%. The risk-off mood hardened as the epidemic spread to more than 30 countries, with South Korea reporting a jump in infections and Italy locking down an area of 50,000 people near Milan. Finance chiefs and central bankers from the largest economies warned this weekend that they saw the virus bringing downside risks to global growth.
“Stock markets around the world are beginning to price in what bond markets have been telling us for weeks — that global growth is likely to be impacted in a meaningful way due to fears of the coronavirus,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. Governments and companies are curbing travel and trade in an attempt to contain a novel pathogen that can be transmitted by people without symptoms. Today’s market moves follow on last week’s surge into havens after fresh warnings by companies over the potential impact of the virus on business and global supply chains. Adding to the anxiety Monday was China announcing an easing of the quarantine of Wuhan, only to retract the statement hours later. “Markets hate uncertainty and the coronavirus represents the most uncertain macro risk markets have faced in years,” said Alec Young, managing director of global markets research at FEST Russell. “Investors are also acutely aware that many misjudged the economic severity of the virus early on, making them more open to entertaining worst-case scenarios now.”

Elsewhere, Italian bonds dropped on concern that the spread of the coronavirus may push the economy into a recession. The Australian dollar weakened to an 11-year low and the offshore yuan held most of last week’s decline. Bitcoin slumped.
These are some key events coming up:
* Earnings keep rolling in from companies including: Home Depot Inc. on Tuesday; Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.
* The Democratic presidential debate in South Carolina is on Tuesday.
* The Bank of Korea announces its policy decision on Thursday, with risks to the outlook growing amid a surge in coronavirus cases.
* U.S. jobless claims, GDP and durable goods data are out Thursday.
* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are the main moves in markets:
Stocks
*The S&P 500 Index sank 3.4% to 3,225.92 as of 4:03 p.m. New York time, the lowest in more than three weeks on the largest tumble in about two years.
*The Dow Jones Industrial Average sank 3.6% to 27,961.28, the lowest in almost 11 weeks on the biggest tumble in about two years.
*The Nasdaq Composite Index decreased 3.7% to 9,221.28, the lowest in more than three weeks on the largest tumble in almost 15 months.
*The MSCI All-Country World Index sank 3% to 555.63, the lowest in more than 10 weeks on the biggest tumble in almost four years.
*The Stoxx Europe 600 Index sank 3.8% to 411.86, the lowest in three weeks on the largest tumble in almost four years.
Currencies
*The Bloomberg Dollar Spot Index climbed 0.1% to 1,215.78.
*The euro was little changed at $1.0852, the strongest in more than a week.
*The Japanese yen strengthened 0.8% to 110.72 per dollar, the biggest increase in six months.
*The British pound dipped 0.3% to $1.2927.
Bonds
*The yield on 10-year Treasuries decreased 10 basis points to 1.37%, the lowest in more than three years on the biggest tumble in almost 12 weeks.
*The yield on 30-year Treasuries dipped eight basis points to 1.83%, the lowest on record with the largest dip in more than seven weeks.
*Germany’s 10-year yield dipped five basis points to -0.48%, the lowest in almost 20 weeks on the biggest dip in more than seven weeks.
*Britain’s 10-year yield declined three basis points to 0.54%, hitting the lowest in three weeks with its fifth straight decline and the largest drop in more than two weeks.
Commodities
*Gold strengthened 1% to $1,659.63 an ounce, reaching the highest in about seven years on its fifth consecutive advance.
*Copper declined 1.5% to $2.58 a pound, the lowest in two weeks on the largest fall in more than two weeks.
*West Texas Intermediate crude dipped 4% to $51.24 a barrel, the lowest in almost two weeks on the biggest decrease in almost seven weeks.
Have a great night.

Be magnificent!
As ever,

Carolann

Do not go where the path may lead, go instead where there is no path and leave a trail.
                                                                        -Ralph Waldo Emerson, 1803-1882

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!

February 21, 1916 – Battle of Verdun: Over 1 million men killed, France.
1925 – New Yorker Magazine debuts.

On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39. Go to article »

The creator of cut, copy and paste has died.  RIP to a true revolutionary. We owe him so much. -CNN

PHOTOS OF THE DAY

A man snowboards down a slope overlooking Mount Yotei at a ski resort in Niseko, Hokkaido, Japan.
CREDIT: JAE C. HONG/AP PHOTO

Police officers ride their horses through the snow to visit residents in remote parts of china’s Xinjiang region, to promote awareness of coronavirus.
CREDIT: STR/AFP/GETTY IMAGES

Sadhus, who are considered holy, sit around the Pashupathinath Temple in Kathmandu, Nepal.

With only a few days left for the Maha Shivaratri festival Sadhus from all over India and Nepal have gradually started to arrive at the temple for the celebration.
CREDIT: SKANDA GAUTAM/ZUMA WIRE ZUMA/EYEVINE

Market Closes for February 21^st, 2020 

Market Index	Close	Change
Dow Jones	28992.41	-227.57
		-0.78%
S&P 500	3337.75	-35.48
		-1.05%
NASDAQ	9576.590	-174.375 -1.79%
TSX	17843.53	-100.53
		-0.56%

International Markets

Market Index	Close	Change
NIKKEI	23386.74	-92.41
		-0.39%
HANG SENG	27308.81	-300.35
		-1.09%
SENSEX	41170.12	-152.88
		-0.37%
FTSE 100*	7403.92	-32.72 -0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.279	1.308
CND. 30 Year Bond	1.384	1.423
U.S.    10 Year Bond	1.4696	1.5152
U.S. 30 Year Bond	1.9141	1.9606

Currencies

BOC Close	Today	Previous
Canadian $	0.75645	0.75411
US $	1.32197	1.32606
Euro Rate 1 Euro=		Inverse
Canadian $	1.43418	0.69726
US $	1.08488	0.92176

Commodities

Gold	Close	Previous
London Gold Fix	1619.00	1604.20
Oil
WTI Crude Future	53.30	53.78

Market Commentary:
On this day in 1947, Edwin H. Land, founder of Polaroid, demonstrated the instant camera to 650 scientists assembled at the annual meeting of the Optical Society of America. Never before had it been possible to develop a snapshot within a single minute. The Land Instant Camera sold at an initial price of $89.75, and though Polaroid lost money on it at first, it went on to make the company one of the great growth stocks of postwar America.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares declined on Friday, halting a four-day rally, amid renewed concerns over the impact of the coronavirus. Gold continued its surge to seven-year high, as investors sought safe havens. The S&P/TSX Composite Index fell 0.6% to 17,843.53. The move is the biggest since falling 0.6% on Feb. 7. The MSCI AC Americas Index declined 1%. Information Technology stocks led the market lower, while materials was the only sector that rose.
* Shopify contributed the most to the index decline measured in index points, decreasing 3.4%.
* CCL Industries had the largest percentage decline, falling 17%.
* Royal Bank of Canada provided the biggest boost to the index in points, advancing 1.1%.
* Eldorado Gold had the biggest percentage gain, rising 31% on positive Turkey update, 5-year guidance.

Meanwhile, Royal Bank of Canada’s deal making division is back to proving its worth. The RBC Capital Markets unit had record earnings in the fiscal first quarter, helping Canada’s largest lender post results that beat analysts’ estimates. Fees from investment banking jumped 82% from a year earlier amid a better deal making environment, and fixed-income trading more than doubled.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to West Texas Intermediate prices
* Spot gold rose 1.5% to $1,643.59 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3218 per U.S. dollar
* The 10-year government bond yield fell 2.2 basis points to 1.280%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks sank, gold surged and Treasury yields tumbled as investors took a defensive stance amid renewed concern about the economic impact of the coronavirus as it spreads outside of China. Tech companies were particularly hard hit, sending the Nasdaq 100 down almost 2%. The S&P 500 Index posted its first weekly decline since January. The yield on 30-year Treasuries fell to a record low amid data showing U.S. business activity shrank for the first time since 2013 as the virus hit supply chains. Investors were put on alert this week by a spike in infections outside China and a slew of fresh warnings by companies over the potential impact the deadly respiratory virus may have on business. The growing concerns reignited appetite for assets seen as havens from the turmoil and reversed stock gains that had sent the S&P 500 Index to a record high Wednesday.
“Investors have suddenly got cold feet and are running for the exits,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Bond yields and stock prices are back in sync today as the plunging markets mean the economic outlook is not looking as good this year as many thought.” The Stoxx Europe 600 Index slumped, with automakers among the worst performers, after equities in Korea and Hong Kong dropped more than 1%. Crude oil fell after hitting the highest in almost four weeks. Elsewhere, the yen strengthened, recouping some if its biggest two-day decline since 2017. The dollar slumped after a four-day winning streak. The euro strengthened after data showed economic activity in the common-currency area sped up unexpectedly.
Here are some key events coming up:
* Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.

These are the main moves in markets:
Stocks
* The S&P 500 Index dropped 1.1% at the close of trading in New York, leaving it down 1.3% this week.
* The Nasdaq 100 fell 1.9% Friday and 1.8% for the week.
* The Stoxx Europe 600 Index fell 0.5%.
* The MSCI Asia Pacific Index fell 0.5%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro rose 0.6% to $1.0848.
* The British pound advanced 0.6% to $1.296.
* The Japanese yen strengthened 0.5% to 111.59 per dollar.
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.47%.
* The yield on 30-year Treasuries fell five basis points to 1.91%
* Germany’s 10-year yield rose one basis point to -0.43%.
* Britain’s 10-year yield was little changed at 0.57%.
Commodities
* West Texas Intermediate crude sank 0.8% to $53.34 a barrel.
* Gold strengthened 1.5% to $1,644.38 an ounce.

–With assistance from Michael G. Wilson, Robert Brand, Constantine Courcoulas and Todd White.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

A fool is known by his speech and a wise man by his silence.
                                     -Pythagoras, 569 BC-c. 500 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:
On Feb. 20, 1962, astronaut John Glenn became the first American to orbit Earth as he flew aboard the Friendship 7 Mercury capsule. Go to article »

             RISKS
To laugh is to risk appearing a fool,
To weep is to risk appearing sentimental.
To reach out to another is to risk involvement,
To expose feelings is to risk exposing your true self.
To place your ideas and dreams before a crowd is to risk their loss.
To love is to risk not being loved in return,
To live is to risk dying,
To hope is to risk despair,
To try is to risk failure.
But risks must be taken because the greatest hazard in life is to risk nothing.
The person who risks nothing, does nothing, has nothing, is nothing.
He may avoid suffering and sorrow,
But he cannot learn, feel, change, grow or live.
Chained by his servitude he is a slave who has forfeited all freedom.
Only a person who risks is free.
                                                           ― Leo F. Buscaglia

Samsung’s Z Flip tempts iPhone users. But will they switch? –Bloomberg.

Woman plays violin during brain surgery to preserve the skill. (h/t Scott Kominers) –Bloomberg.
 
PHOTOS OF THE DAY

A herd of red deer snakes over a snowy mountain in Glenshee, Cairngorms National Park, Scotland.
CREDIT: EUAN CHERRY

Josh Scott, 13, gets some air on his scooter at the Malmesbury Skate Festival.

The annual event sees the inside of Malmesbury’s 12^th Centruy former Benedictine Abbey being turned into a skate park for the week during school half term.
CREDIT: STEPHEN SHEPHERD/LNP
 
Market Closes for February 20^th , 2020 
 

Market Index	Close	Change
Dow Jones	29219.98	-128.05
		-0.44%
S&P 500	3373.23	-12.92
		-0.38%
NASDAQ	9750.965	-66.215   -0.67%
TSX	17944.06	+18.70
		+0.10%

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23479.15	+78.45
		+0.34%
HANG SENG	27609.16	-46.65
		-0.17%
SENSEX	41170.12	-152.88
		-0.37%
FTSE 100*	7436.64	-20.38   -0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.308	1.359
CND. 30 Year Bond	1.423	1.470
U.S.    10 Year Bond	1.5152	1.5661
U.S. 30 Year Bond	1.9606	2.0139

Currencies

BOC Close	Today	Previous
Canadian $	0.75411	0.75616
US $	1.32606	1.32247
Euro Rate 1 Euro=		Inverse
Canadian $	1.43029	0.69916
US $	1.07860	0.92713

Commodities

Gold	Close	Previous
London Gold Fix	1604.20	1589.85
Oil
WTI Crude Future	53.78	53.29

Market Commentary:
On this day in 1852, a locomotive of the Michigan Southern railroad puffed into Chicago, connecting the breadbasket of the world directly with the Eastern U.S. for the first time. Instead of more than two weeks by horse, coach and canal boat, it would take just two days by rail to travel from New York City to Chicago. Goods, money and people were able to flow between the two booming cities faster than anyone had ever imagined.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.1 percent, or 18.7 to 17,944.06 in Toronto. Nutrien Ltd. contributed the most to the index gain, increasing 3.3 percent. Northview Apartment Real Estate Investment Trust had the largest increase, rising 12.8 percent. Today, 124 of 231 shares rose, while 101 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 0.5 percent
* This month, the index rose 3.6 percent
* The index advanced 12 percent in the past 52 weeks. The MSCI AC Americas Index gained 20 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Feb. 20, 2020 and 12.9 percent above its low on March 8, 2019
* The S&P/TSX Composite is up 0.6 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 18.1 on a trailing basis and 16.1 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$2.73t
* 30-day price volatility fell to 6.48 percent compared with 6.53 percent in the previous session and the average of 5.51 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 21.9005| 0.4| 18/6
Real Estate | 5.2804| 0.8| 20/5
Energy | 4.9919| 0.2| 21/9
Consumer Discretionary | 2.4558| 0.3| 9/7
Materials | 2.0616| 0.1| 20/26
Industrials | 1.3514| 0.1| 12/18
Utilities | 0.5841| 0.1| 10/6
Health Care | 0.2720| 0.1| 5/5
Consumer Staples | -1.8906| -0.3| 4/6
Information Technology | -7.6201| -0.7| 4/6
Communication Services | -10.6949| -1.1| 1/7

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. equities slumped on concern that the coronavirus that originated in China will take a heavy toll on corporate earnings. The dollar jumped and gold climbed to a seven-year high as investors sought havens. Microsoft Corp., Apple Inc. and other big tech names led losses after Japan reported two deaths and South Korea confirmed its first fatality from the disease amid a report the illness was spreading in Beijing. ViacomCBS Inc. tumbled after sales missed estimates, while Morgan Stanley dropped after agreeing to buy E*Trade Financial Corp. for $13 billion. The S&P 500 Index pared the worst of its decline in the afternoon amid gains for automakers and real-estate companies. The yen extended its fall toward 112 per dollar amid disappointing economic news and early positioning before the fiscal year-end next month. Treasuries rallied. Sentiment turned negative Thursday, a day after equities reached record highs, as the infection that originated in China continues to expand beyond the mainland.
     Earnings misses are adding to the gloom, alongside fresh warnings on the pathogen’s impact from A.P. Moller-Maersk A/S, the world’s largest container shipping firm, and Air France-KLM. Goldman Sachs Group Inc.’s chief equity strategist said a near-term correction for the stock market is looking more probable. “It could be some larger players hedging against downside risk of the coronavirus spreading,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “That, on top of the Goldman call that a correction is more likely, has people on edge.” Elsewhere, subpar results from AXA SA and Telefonica SA
weighed on European equity gauges. Asia stocks traded mixed. Oil gained in New York.
Here are some key events coming up:
* Earnings season rolls on, with results from Deere & Co. set for Friday.
* Euro-area PMI and inflation data are also due Friday.
* Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.4% at the close of trading in New York.
* The Stoxx Europe 600 Index fell 0.9%.
* The MSCI Asia Pacific Index sank 0.7%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.5%.
* The euro slipped 0.2% to $1.0787.
* The Japanese yen weakened 0.6% to 112.08 per dollar.
Bonds
* The yield on 10-year Treasuries sank five basis points to 1.52%.
* Germany’s 10-year yield declined three basis points to -0.45%.
* Britain’s 10-year yield dipped two basis points to 0.57%.
Commodities
* West Texas Intermediate crude gained 0.9% to $53.78 a barrel.
* Gold strengthened 0.5% to $1,619.80 an ounce.

–With assistance from Cormac Mullen, Adam Haigh, Todd White and Yakob Peterseil.

Have a great night.
 
Be magnificent!
As ever,
 
Carolann
 
Don’t fritter away your time.  Create, act, take a place wherever you are and be somebody.
                                                      -Theodore Roosevelt, 1858-1919
 
 
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 Feb. 19, 1945, during World War II, some 30,000 United States Marines landed on the Western Pacific island of Iwo Jima, where they encountered ferocious resistance from Japanese forces. The Americans
took control of the strategically important island after a month-long battle.  Go to article »

February 19, 1821, Lord Byron, Ravenna Journal:

Come home solus -very high wind – lightning – moonshine – solitary stragglers muffled in cloaks – women in mask – white houses – clouds hurrying over the sky, like spilt milk blown out of the pail – altogether very poetical.  It is still blowing hard – the tiles are flying, and the house rocking – rain splashing – lightning flashing – quite a fine Swiss Alpine evening, and the sea roaring in the distance.

PHOTOS OF THE DAY

People walk by a poster by Italian urban artist Salvatore Benintende aka “TVBOY” depicting Leonardo da Vinci’s Mona Lisa wearing a protective facemask and holding a mobile phone reading “Mobile World Virus” in a street of Barcelona.
CREDIT: PAU BARRENA/AFP

These incredible photos show the latest stunt from the world famous acrobatic team the Dunking Devils, as they perform spine tingling trampoline manoeuvres in a Slovenian Railways container transport terminal.
CREDIT: DOMEN ROZMAN/SWNS.COM

The humanoid robot Sophia, developed by Hong Kong based company Hanson Robotics, appears in stage in front of students and other professionals during a meeting session organised about artificial intelligence in Kolkata.
CREDIT: DIBYANGSHU SARKAR/AFP

Market Closes for February 19^th , 2020 

Market Index	Close	Change
Dow Jones	29348.03	+115.84
		+0.40%
S&P 500	3386.15	+15.86
		+0.47%
NASDAQ	9817.180	+84.437 +0.87%
TSX	17925.36	+67.02
		+0.38%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23400.70	+206.90
		+0.89%
HANG SENG	27655.81	+125.61
		+0.46%
SENSEX	41323.00	+428.62
		+1.05%
FTSE 100*	7457.02	+75.01 +1.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.359	1.330
CND. 30 Year Bond	1.470	1.453
U.S.    10 Year Bond	1.5661	1.5593
U.S. 30 Year Bond	2.0139	2.0083

Currencies

BOC Close	Today	Previous
Canadian $	0.75616	0.75423
US $	1.32247	1.32586
Euro Rate 1 Euro=		Inverse
Canadian $	1.42940	0.69959
US $	1.08086	0.92519

Commodities

Gold	Close	Previous
London Gold Fix	1589.85	1580.80
Oil
WTI Crude Future	53.29	52.05

Market Commentary:
On this day in 1878, Thomas Edison received a patent for his “tin-foil talking phonograph,” ancestor of the modern record player and the first device to make sound recording practical.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares advanced as energy and mining stocks led the rally, while health care fell. The S&P/TSX Composite rose for a third day, climbing 0.4% to 17,925.36 in Toronto to close at its fifth record in six days.
* Canadian Natural Resources Ltd. contributed the most to the index gain measured in points, advancing 3.3%.
* Ballard Power Systems Inc. had the largest percentage increase, rising 13%.

Meanwhile, consumer price inflation in Canada ticked up in January, while the average of the central bank’s core measures slowed down. The overall consumer price index was up 2.4% from a year earlier, after a 2.2% gain in December. That beat economist expectations for a 2.3% increase. Excluding gasoline, inflation rose 2% in January. On a monthly basis, inflation rose 0.3%.
Insights
* The index advanced 12 percent in the past 52 weeks. The MSCI AC Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on Feb. 19, 2020 and 13.2 percent above its low on Feb. 19, 2019
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 2.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.1 on a trailing basis and 16.1 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$2.74t
* 30-day price volatility rose to 6.53 percent compared with 6.50 percent in the previous session and the average of 5.46 percent over the past month
Commodities
* Western Canada Select crude oil traded at a $17.00 discount to West Texas Intermediate prices
* Spot gold rose 0.6% to $1,611.53 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3224 per U.S. dollar
* The 10-year government bond yield rose 2.3 basis points to 1.36%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 38.0414| 1.3| 25/5
Materials | 21.3479| 1.1| 35/12
Financials | 9.1231| 0.2| 9/17
Consumer Discretionary | 2.8194| 0.4| 8/7
Information Technology | 2.3792| 0.2| 2/8
Utilities | 1.4150| 0.2| 8/8
Industrials | 1.3798| 0.1| 17/12
Consumer Staples | -0.0618| 0.0| 3/8
Real Estate | -2.0612| -0.3| 4/20
Communication Services | -2.2833| -0.2| 4/4
Health Care | -5.0815| -2.4| 2/6

US
By Vildana Hajric
(Bloomberg) — Equities advanced on signs that China may be planning further measures to support its economy as it reels from a virus-induced slowdown and after Federal Reserve officials signaled they aren’t anxious to raise interest rates anytime soon. Gains for chipmakers and banks led the S&P 500 Index and Nasdaq Composite to record highs after Bloomberg News reported that China’s latest moves to aid growth include possible bailouts for hard-hit industries. The dollar climbed to the strongest since October after data on housing starts and building permits exceeded analysts’ estimates. Treasuries held steady after minutes showed Federal Reserve officials viewed monetary policy as appropriate “for a time.” The Stoxx Europe 600 Index reached new highs, and shares rose in Tokyo, Hong Kong and Sydney. The yen fell to a nine- month low on concern Japan’s economy may slip into a recession.
     Oil gained as U.S. sanctions on Russia’s largest producer and conflict in Libya put the focus on supply threats. Investors appear relatively confident in the ability of policy makers to contain fallout from the deadly coronavirus, even after Apple Inc. spooked markets earlier this week by warning of a slowdown in sales. Data released Wednesday showed the housing market remains a bright spot for the U.S. economy amid sluggish business investment. “Housing is an economic bellwether and seeing data like this gives investors a lot of reasons to be optimistic, at least for the U.S. market,” said Mike Loewengart, vice president of investment strategy at E* Trade Financial. Elsewhere, gold traded near its highest level since 2013, while palladium extended its record-breaking rally on forecasts for a widening supply deficit.
Here are some key events coming up:
* Earnings season rolls on, with results from Deere & Co. set for Friday.
* Indonesia is expected to cut interest rates on Thursday, following emerging-market peers that have already moved.
* Group of 20 finance ministers and central bank chiefs are scheduled to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.

These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.5% at the close of trading in New York.
* The Stoxx Europe 600 Index jumped 0.8%.
* The MSCI Asia Pacific Index fell 0.1%.
* The MSCI Emerging Market Index advanced 0.7%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro rose 0.2% to $1.0808.
* The British pound fell 0.6% to $1.2924.
* The Japanese yen weakened 1.3% to 111.28 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 1.56%.
* Germany’s 10-year yield fell one basis point to -0.42%.
* Britain’s 10-year yield fell one basis point to 0.6%.
* Japan’s 10-year yield rose one basis point to -0.05%.
Commodities
* West Texas Intermediate crude advanced 2.4% to $53.28 a barrel.
* Gold strengthened 0.6% to $1,611.87 an ounce.
–With assistance from Christopher Anstey, Cormac Mullen, Sid Verma, Adam Haigh, Yakob Peterseil and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

Prosperity is not without many fears and distastes, and adversity is not without comforts and hopes.
                                                                            -Francis Bacon, 1561-1626

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:

1930 – Photographic evidence of Pluto was discovered by Clyde W. Tombaugh at Lowell Observatory in Flagstaff, Ariz. Go to article »

Yoko Ono turns 87 years young today.

At Least
By Ha Jin

You don’t need to appear everywhere,
attending parties and conferences randomly.
That would show you are still
diffident about your art
and would also debase you.

People who see you in person
might think you’re too common,
your achievement due to luck
like a blind cat that stumbles on a dead mouse.

Your frequent appearance
would dishearten others
because you exist far away,
at the end of their imagination —
you should be watched but not reached.

Look, this skyful of stars,
which one of them
doesn’t shine or die alone?
Their light also comes
from a deep indifference.

Ha Jin has published novels, poetry, stories and essays and has won a National Book Award, a PEN/Hemingway Award and two PEN/Faulkner Awards for his fiction. He teaches at Boston University. “A Distant Center” [Collection of Poems] was published in 2018 by Copper Canyon Press. -from The New York Times, February 16, 2020.

PHOTOS  OF THE DAY

Cyborg grasshoppers have been engineered to sniff out explosives. The team at Washington University in St. Louis, US fitted grasshoppers with tiny, lightweight sensor backpacks that were able to record and wirelessly transmit the electrical activity of their antennal lobes almost instantaneously to a computer.
CREDIT: BARANIDHARAN RAMAN/WASHINGTON UNIVERSITY IN ST. LOUIS

English Heritage Collections Curator Dr Olivia Fryman gives a recently donated 1930s gold telephone a final brush up before it goes on public display for the first time at Eltham Palace in London. A rare golden telephone which survived World War Two bombings raids is returning to its Art Deco mansion home at Eltham Palace after being rescued from a skip.
CREDIT: JIM HOLDEN

A walker battles with his umbrella in the wind as water cascades down the dam wall of Wet Sleddale reservoir near Shap in Cumbria, UK, this morning after days of heavy rain from Storm Dennis.
CREDIT: ANDREW MCCAREN/LNP

Market Closes for February 18^th , 2020 

Market Index	Close	Change
Dow Jones	29232.19	-165.89
		-0.56%
S&P 500	3370.29	-9.87
		-0.29%
NASDAQ	9732.742	+1.566 +0.02%
TSX	17858.34	+9.98
		+0.06%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23193.80	-329.44
		-1.40%
HANG SENG	27530.20	-429.40
		-1.54%
SENSEX	40894.38	-161.31
		-0.39%
FTSE 100*	7382.01	-51.24 -0.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.330	1.365
CND. 30 Year Bond	1.453	1.490
U.S.    10 Year Bond	1.5593	1.5866
U.S. 30 Year Bond	2.0083	2.0377

Currencies

BOC Close	Today	Previous
Canadian $	0.75423	0.75444
US $	1.32586	1.32549
Euro Rate 1 Euro=		Inverse
Canadian $	1.43082	0.69890
US $	1.07916	0.92664

Commodities

Gold	Close	Previous
London Gold Fix	1580.80	1575.05
Oil
WTI Crude Future	52.05	52.05

Market Commentary:
On this day in 1700, Daniel Bernoulli, one of the giants of probability theory and the father of modern risk analysis, was born in Basel, Switzerland.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 17,858.34 in Toronto. Barrick Gold Corp. contributed the most to the index gain, increasing 4.6 percent. Eldorado Gold Corp. had the largest increase, rising 10.5 percent. Today, 111 of 232 shares rose, while 117 fell; 6 of 11 sectors were higher, led by materials stocks.
Insights
* The index advanced 13 percent in the past 52 weeks. The MSCI AC Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Feb. 12, 2020 and 13.3 percent above its low on Feb. 15, 2019
* The S&P/TSX Composite is up 0.7 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 18 on a trailing basis and 16 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$2.74t
* 30-day price volatility fell to 6.50 percent compared with 6.53 percent in the previous session and the average of 5.41 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 39.3531| 2.1| 29/17
Communication Services | 9.5503| 1.0| 5/3
Utilities | 6.3018| 0.7| 12/3
Real Estate | 3.6688| 0.6| 20/5
Information Technology | 0.4791| 0.0| 2/8
Health Care | 0.2521| 0.1| 4/6
Consumer Staples | -0.7238| -0.1| 4/6
Consumer Discretionary | -6.1494| -0.9| 8/9
Energy | -8.5997| -0.3| 9/21
Industrials | -14.8020| -0.7| 8/22
Financials | -19.3544| -0.3| 10/17

* The benchmark 10-year bond rose and the yield fell 3.6 basis points to 1.329 percent

US
By Claire Ballentine
(Bloomberg) — Stocks slumped after Apple Inc.’s warning that sales will miss forecasts spooked investors who had hoped for a limited economic impact from the deadly coronavirus that originated in China. Treasuries rose and the dollar strengthened. The S&P 500 Index fell from a record as the iPhone maker warned of production and demand disruptions due to the epidemic, while gains for Microsoft Corp., Amazon.com Inc. and Facebook Inc. provided a slight lift to the Nasdaq 100. Apple suppliers including Dialog Semiconductor Plc and AMS AG helped drag down European stocks. HSBC Plc tumbled the most since 2009 after it said it will slash jobs in a restructuring, while also flagging risks from the virus. Government bonds climbed, while the euro weakened after a German investor-confidence index plunged. Gold rallied. Investors are still trying to judge the corporate and economic impact from the coronavirus, even as the growth rate of cases in China’s Hubei province — the epicenter of the disease — continues to stabilize.
It’s a turnaround from Monday, when sentiment was lifted by Chinese policy makers’ moves to support companies hit by the prolonged shutdown of large parts of the country. BHP Group said commodity prices will take a hit if the fallout extends beyond the end of next month.“The market has largely ignored what’s going on with the coronavirus in terms of what impact it might have, but I’m not sure that’s entirely appropriate,” said Jeff Mills, chief investment officer at Bryn Mawr Trust. “It’s likely to be temporary and the economy may bounce back, but this is different than what we saw with SARS. China is a much larger more entwined piece of the global economy.” Elsewhere, equity benchmarks in Tokyo, Seoul and Hong Kong saw declines of over 1%. The Australian dollar weakened after the Reserve Bank of Australia said it reviewed the case for a further rate cut at its last meeting, but didn’t go ahead. Emerging-market stocks and currencies fell.
Here are some key events coming up:
* Earnings season rolls on, with results from Deere & Co. set for Friday.
* Minutes of the most recent Federal Reserve meeting are published on Wednesday.
* Indonesia is expected to cut interest rates on Thursday, following emerging-market peers that have already moved.
* Group of 20 finance ministers and central bank chiefs are scheduled to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.

These are the main moves in markets:
Stocks
* The S&P 500 Index declined 0.3% at the close of trading in New York; the Nasdaq 100 added 0.1%.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Emerging Markets Index decreased 1.2%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The euro decreased 0.4% to $1.0794.
* The British pound slipped 0.1% to $1.3.
* The Japanese yen was little changed at 109.86 per dollar.
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.55%.
* Germany’s 10-year yield fell one basis point to -0.41%.
* Britain’s 10-year yield decreased three basis points to 0.61%.
Commodities
* West Texas Intermediate crude was little changed at $52.05 a barrel.
* Gold strengthened 1.4% to $1,602.96 an ounce.

–With assistance from Benjamin Dow, Andreea Papuc, Joanna Ossinger and Robert Brand.
Have a great night!

Be magnificent!
As ever,

Carolann

We tend to get what we expect.
                                   -Norman Vincent Peale, 1898-1993

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!

HAPPY VALENTINE’S DAY!

Valentine’s derives its significance for lovers from its association with the mating season of birds.  Chaucer refers to this in his Parliament of Fowls, c.1381:

For this was on seynt Volantynys day
For euery bryd comyth there to chese his make [match].

And Shakespeare, A Midsummer Night’s Dream, IV, I (1595) has:

Good morrow, friends, Saint Valentine is past;
Begin these wood-birds but to couple now?

Shakespeare wrote one  of the most beautiful love poems, a personal favorite of mine, with:

Sonnet CXVI
         -by William Shakespeare

Let me not to the marriage of true minds
Admit impediments. Love is not love
Which alters when it alteration finds,
Or bends with the remover to remove.
O no, it is an ever-fixed mark,
That looks on tempests and is never shaken;
It is the star to every wand’ring bark,
Whose worth’s unknown, although his height be taken.
Love’s not Time’s fool, though rosy lips and cheeks
Within his bending sickle’s compass come;
Love alters not with his brief hours and weeks,
But bears it out even to the edge of doom:
   If this be error and upon me proved,
   I never writ, nor no man ever loved.

St. Valentine was a priest of Rome who was imprisoned for succouring persecuted Christians.  He became a convert and, although he is supposed to have restored the sight of the gaoler’s blind daughter, he was clubbed to death, c.270.

His day is February 14^th, as is that of St. Valentine, bishop of Terni, who was martyred a few years later.  There are several other saints of this name.

The ancient custom of choosing Valentines has only accidental relation to either saint, being essentially a relic of the old Roman Lupercalia, or as already mentioned, from association with the mating season of birds.  It was marked by giving presents and nowadays by the sending of a card on which Cupids, transfixed hearts or similar amorous attributes are depicted.

-from CNN:
Here are ten of the most romantic paintings
Take your Valentine on a little virtual art tour!
 
On Feb. 14, 1929, the St. Valentine’s Day Massacre took place in a Chicago garage as seven rivals of Al Capone’s gang were gunned down. Go to article »

PHOTOS OF THE DAY

A new work of art on the side of a house on Marsh Lane, Barton Hill, Bristol, is thought to be by street artist Banksy.

The black and white stencil of a girl with a catapult and the paint splat, made of roses and plastic flowers, is in the style of Banksy, but has yet to be confirmed as being the work of the artist.
CREDIT: BEN BIRCHALL/PA WIRE

Snow covered Buachaille Etive Mor in Glencoe following several days of heavy snow which began with Storm Ciara. Further winter weather looks set to continue over the weekend when Scotland is expected to bear the brunt of Storm Dennis.
CREDIT: LESLEY MARTITN

Boats are reflected in the calm of Ullswater lake in Glenridding, Cumbria as the UK braces for more bad weather over the weekend.
CREDIT: ANDREW MCCAREN/LNP

Market Closes for February 14^th , 2020 

Market Index	Close	Change
Dow Jones	29398.08	-25.23
		-0.09%
S&P 500	3380.16	+6.22
		+0.18%
NASDAQ	9731.176	+19.208 +0.20%
TSX	17848.36	+27.19
		+0.15%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23687.59	-140.14
		-0.59%
HANG SENG	27815.60	+85.60
		+0.31%
SENSEX	41257.74	-202.05
		-0.49%
FTSE 100*	7409.13	-42.90 -0.58%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.365	1.394
CND. 30 Year Bond	1.490	1.513
U.S.    10 Year Bond	1.5866	1.6156
U.S. 30 Year Bond	2.0377	2.0686

Currencies

BOC Close	Today	Previous
Canadian $	0.75444	0.75375
US $	1.32549	1.32669
Euro Rate 1 Euro=		Inverse
Canadian $	1.43585	0.69645
US $	1.08326	0.92314

Commodities

Gold	Close	Previous
London Gold Fix	1575.05	1563.70
Oil
WTI Crude Future	52.05	51.42

Market Commentary:
On this day in 1932, Governor William Comstock of Michigan, in a stunning weekend announcement, said he was shutting down every bank in the state to avert loan defaults and public panic. Henry Ford, who had already sunk more than $13 million of his own money into Detroit’s leading banks to keep them solvent, had refused to put up any more, and federal authorities refused to bail out the Detroit banks unless Mr. Ford agreed to “subordinate” his deposits by surrendering his rights to early withdrawal. The stalemate left Gov. Comstock no choice but to shut the banks down. Over the next five weeks, every other state in the union closed its banks too.
Canada
By Michael Bellusci and Bloomberg Automation
     (Bloomberg) — Canadian equities closed at a record high Friday, led by strong gains in the health care sector after earnings from Canopy Growth Corp. Oil rallied for a fourth day on signs the worst economic impacts of the deadly coronavirus outbreak have been accounted for, easing concern about free-falling demand for crude. The S&P/TSX Composite rose 0.2% at 17,848.36 in Toronto. Six of eleven sectors gained. The index climbed 1.1% for the week. Canadian Transport Minister Marc Garneau said he’s “deeply concerned” about the impact of nationwide protests that are crippling the country’s railways, but said the government is intent on resolving the situation by engaging with First Nations.
Commodities
* Western Canada Select crude oil traded at a $17 discount toWest Texas Intermediate prices
* Spot gold rose 0.5% to $1,583 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3250 per U.S. dollar
* The 10-year government bond yield fell 3 basis point to 1.365%
Insights
* So far this week, the index rose 1.1%
* The S&P/TSX Composite is 0.1% below its 52-week high on Feb. 12

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 20.0805| 0.3| 13/14
Energy | 10.4079| 0.4| 14/15
Health Care | 10.1594| 5.0| 9/1
Utilities | 7.2346| 0.8| 15/0
Real Estate | 3.8719| 0.6| 21/4
Consumer Staples | 1.8425| 0.3| 6/5
Consumer Discretionary | -1.1584| -0.2| 6/9
Industrials | -2.3506| -0.1| 15/16
Communication Services | -2.7442| -0.3| 2/6
Information Technology | -5.2336| -0.5| 3/7
Materials | -14.9443| -0.8| 15/31

US
By Elena Popina and Vildana Hajric
(Bloomberg) — Nothing has been able to stop the streak of records in U.S. stocks. During a week when the coronavirus threatened to become a pandemic that thwarts global growth, the S&P 500 Index advanced four out of five days, posting three records along the way. Investors found comfort in solid economic data, better-than-expected earnings reports and a signal that the Federal Reserve stands ready to act if needed. The benchmark for American equities jumped 1.6% in the week, ending at an all-time high. All 11 groups advanced, led by companies that pay high dividends as bond yields remained persistently low. Nvidia Inc. had its best week since 2017 after fourth-quarter results beat expectations. U.S. markets are closed Monday for a holiday. While uncertainty about the deadly virus that’s put China’s economy in a halt remained high, Fed Chairman Jerome Powell said the central bank is monitoring the fallout from the pandemic. Adding to investor optimism data showing retail sales strengthened for a fourth consecutive month, putting consumers on track to support further economic growth.
“What we’re seeing here with the new highs in the market is optimism that coronavirus will not hit global GDP perhaps as much as initially expected,” said Jeff Zipper managing director at U.S. Bank Private Wealth Management, which has about $181 billion in assets under management. “Then you have earnings coming in better-than-expected. And then you have a Fed on the  sidelines which has helped the market.” Economic data Friday showed retail sales rose in January for a fourth straight month as cheaper prices at the gas pump encouraged Americans to spend on other goods, underscoring steady consumer spending. Next week, Walmart Inc. is set to give investors an insight into the state of the consumer. Machinery giant Deere & Co. is also set to issue an update on its quarterly results. Oil rose above $52 a barrel in New York, and the dollar kept close to its level versus a basket of peers. Gold gained and the yen held steady. The Stoxx Europe 600 Index closed lower Friday but was also up for the week. The euro steadied near a 2017 low after data showed the region’s economy grew a scant 0.1% in the fourth quarter, matching forecasts. Major Asian equity markets climbed except for those in Tokyo and Mumbai.
“As virus concerns continue to linger, and presumably will be a focal point in the near future, U.S. retail health is largely immune from the virus, so we likely won’t see any impacton this data, especially this early,” said Mike Loewengart, vice president of investment strategy at E-Trade Financial. “What’s really important for investors to remember is that fundamentals are strong and our economy still continues to grow – debunking expectations of 2020 stagnation, at least for now.” While Beijing reported a smaller increase in virus cases in the epicenter of Hubei versus the previous day, they were still more than before counting methodology was changed. That’s clouded the picture of the outbreak in a week that’s seen Chinese airlines put workers on leave and firms such as drug maker AstraZeneca Plc warn of a tougher outlook because of the disease. Nonetheless, investors anticipate a possible V-shaped economic recovery from the virus, even as the effects continue to be felt. Nearly 86,000 domestic and international flights in and out of China were canceled from Jan. 23 to Feb. 11. That’s 34% of scheduled services. Hubei reported almost 5,000 new cases, a day after confirming nearly 15,000. The death toll in China was at 1,380, lower by more than 100 to account for some double-counting. The World Health Organization has said the surge in diagnoses didn’t necessarily indicate a spike in infections.
These are the main moves in markets:
Stocks
*The S&P 500 Index gained 0.2% to 3,380.16 as of 4 p.m. New York time, the highest on record.
*The Stoxx Europe 600 Index decreased 0.1% to 430.52.
*The MSCI Asia Pacific Index dipped 0.1% to 170.41.
*The MSCI Emerging Market Index was little changed at 1,105.94.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,206.92.
*The euro was little changed at $1.0838, the weakest in almost three years.
*The British pound was little changed at $1.3048, hitting the strongest in almost two weeks with its fifth consecutive advance.
*The offshore yuan weakened 0.1% to 6.9926 per dollar.
*The Japanese yen was little changed at 109.78 per dollar.
Bonds
*The yield on 10-year Treasuries declined three basis points to 1.59%.
*The yield on two-year Treasuries fell one basis point to 1.43%.
*Germany’s 10-year yield decreased two basis points to -0.40%.
*Britain’s 10-year yield fell two basis points to 0.628%, the largest fall in a week.
Commodities
*West Texas Intermediate crude gained 1.3% to $52.06 a barrel, the highest in two weeks.
*Gold strengthened 0.4% to $1,582.74 an ounce, the highest in almost two weeks.
*LME copper climbed 0.5% to $5,790 per metric ton, the highest in almost three weeks.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Of all forms of  caution, caution in love is perhaps the most fatal to true happiness.
                                                                         -Bertrand Russell, 1872-1970
                                                                    The Conquest of Happiness, 1930

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