Month: February 2020

Dear Friends,

Tangents:
1741- First magazine published in the US.
1945- Dresden firebombing.

1997 – The Dow Jones industrial average broke through the 7,000 barrier for the first time, closing at 7,022.44.  Go to article »  It has increased +320.33% since then!

PHOTOS OF THE DAY

Sunset over a hard coral garden, part of the Gordan Reef in the Strait of Tiran, Northern Red Sea, Egypt.
CREDIT: TOBIAS FRIEDRICH/WWW.BELOW-SURFACE.COM

An Indigenous child looks on during a demonstration against the government of Brazil’s President Bolsonaro in front of the National Congress in Brasilia.
CREDIT: ADRIANO MACHADO/REUTERS

Severe blizzard conditions over Mam Tor at sunrise in the Peak District National Park, Derbyshire.
CREDIT: JOHN FINNEY/WENN

A Komodor named Addie takes part in the Working group competition at the 2020 Westminster Kennel Club Dog Show at Madison Square Garden in New York City, New York.
CREDIT: CARLO ALLEGRI/REUTERS

Market Closes for February 13^th , 2020 

Market Index	Close	Change
Dow Jones	29423.31	-128.11
		-0.43%
S&P 500	3373.94	-5.51
		-0.16%
NASDAQ	9711.969	-13.993 -0.14%
TSX	17821.17	-11.68
		-0.07%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23827.73	-33.48
		-0.14%
HANG SENG	27730.00	-93.66
		-0.34%
SENSEX	41459.79	-106.11
		-0.26%
FTSE 100*	7452.03	-82.34 -1.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.394	1.389
CND. 30 Year Bond	1.513	1.508
U.S.    10 Year Bond	1.6156	1.6264
U.S. 30 Year Bond	2.0686	2.0835

Currencies

BOC Close	Today	Previous
Canadian $	0.75375	0.75459
US $	1.32669	1.32522
Euro Rate 1 Euro=		Inverse
Canadian $	1.43850	0.69517
US $	1.08427	0.92228

Commodities

Gold	Close	Previous
London Gold Fix	1563.70	1570.50
Oil
WTI Crude Future	51.42	51.17

Market Commentary:
On this day in 1990, junk-bond giant Drexel Burnham Lambert sought bankruptcy protection, only days after Chief Executive Fred Joseph told The Wall Street Journal, “I see daylight. The worst is behind us.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 17,821.17 in Toronto. The move follows the previous session’s increase of 0.3 percent. Enbridge Inc. contributed the most to the index decline, decreasing 2.4 percent. Canada Goose Holdings Inc. had the largest drop, falling 4.0 percent. Today, 105 of 232 shares fell, while 121 rose; 4 of 11 sectors were lower, led by energy stocks.
Insights
* So far this week, the index rose 0.9 percent
* The index advanced 14 percent in the past 52 weeks. The MSCI AC Americas Index gained 22 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Feb. 12, 2020 and 14.2 percent above its low on Feb. 14, 2019
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and rose 3.1 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 15.9 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 6.54 percent compared with 6.59 percent in the previous session and the average of 5.17 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -26.5075| -0.9| 10/18
Communication Services | -7.2591| -0.7| 1/6
Health Care | -2.8312| -1.4| 5/5
Consumer Discretionary | -2.1058| -0.3| 9/8
Consumer Staples | 0.2697| 0.0| 10/1
Information Technology | 1.4098| 0.1| 5/5
Industrials | 2.7212| 0.1| 16/15
Financials | 2.9196| 0.1| 7/19
Real Estate | 3.5387| 0.6| 21/4
Utilities | 4.1592| 0.5| 11/5
Materials | 12.0069| 0.6| 26/19

* The benchmark 10-year bond rose and the yield fell 0.6 basis points to 1.392 percent

US
By Vildana Hajric
(Bloomberg) — U.S. equities had a turbulent Thursday, fluctuating between gains and losses on mixed news about the coronavirus outbreak, only to fade after the Federal Reserve Bank of New York said it will further shrink repurchase agreement operations. The Fed news late in the trading day erased what had been a small gain for S&P 500 Index, which closed lower for the first time this week. The benchmark had bounced back from session lows after the World Health Organization said a surge in coronavirus diagnoses didn’t necessarily indicate a spike in infections. China recently deployed a revised methodology to diagnose the virus, sending the number of confirmed cases soaring, but many of those cases could be days or weeks old, according to the WHO. Traders are still trying to gauge the outbreak’s effect on the economy.
“It’s too early to tell the overall impact on U.S. markets. We seem to continue to be strong and U.S. consumers continue to be strong,” Chris Gaffney, president of world markets at TIAA, said by phone. “The question now is, how quickly can the virus get under control and can China limit the extent and get things back to normal as quickly as possible?” The New York Fed said it would shrink repo operations starting with Friday’s overnight offering. The Fed has been conducting repo offerings and Treasury-bill purchases in a bid to keep control of short-term interest rates and bolster bank reserves. The efforts had calmed markets since a September spike. Treasuries trimmed their gains for the day. The euro traded near the lowest since 2017, while the U.K. pound gained and gilts retreated after Sajid Javid quit as Chancellor of the Exchequer. The FTSE 100 Index also declined. Earlier, stock gauges in Japan, Shanghai, Hong Kong and South Korea all declined, though shares in Australia edged higher. Oil climbed even as the International Energy Agency said the coronavirus means global demand will drop this quarter for the first time in over a decade.

Here are some key events coming up:
* China and the U.S. on Friday are scheduled to lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.

These are the main moves in markets:
Stocks
*The S&P 500 Index decreased 0.2% to 3,374.18 as of 4:01 p.m. New York time.
*The Stoxx Europe 600 Index was little changed at 431.08.
*The U.K.’s FTSE 100 Index declined 1.1% to 7,452.03, the largest drop in almost two weeks.
*The MSCI Emerging Market Index dipped 0.4% to 1,105.07.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,207.10.
*The euro declined 0.3% to $1.0841, the weakest in almost three years.
*The British pound advanced 0.7% to $1.3049, the strongest in almost two weeks on the largest rise in almost two weeks.
*The offshore yuan weakened 0.2% to 6.9885 per dollar.
*The Japanese yen strengthened 0.3% to 109.79 per dollar, the largest rise in almost two weeks.
Bonds
*The yield on 10-year Treasuries declined two basis points to 1.61%.
*The yield on two-year Treasuries fell less than one basis point to 1.44%.
*Germany’s 10-year yield decreased one basis point to -0.39%.
*Britain’s 10-year yield gained four basis points to 0.652%, the highest in more than four weeks.
Commodities
*West Texas Intermediate crude increased 0.8% to $51.59 a barrel, the highest in two weeks.
*Gold strengthened 0.6% to $1,576.11 an ounce, the highest in more than a week on the largest gain in a week.
*LME copper advanced 0.3% to $5,764 per metric ton, the highest in almost three weeks.

–With assistance from Chester Yung, Cormac Mullen, Livia Yap, Adam Haigh and Yakob Peterseil.
Have a great night.

Be magnificent!
As ever,

Carolann

To achieve greatness, two things are needed:  a plan, and not quite enough time.
                                                                                          -Leonard Bernstein, 1918-1990

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:

Darwin Day
Charles Darwin, naturalist, b. 1809
Abraham Lincoln, b. 1809
R. Buckminster Fuller, architect, engineer, b. 1895

Virginia Woolf, Diary, February 12, 1927:
But I am forgetting, after three days, the most important event in my life since marriage  – so, Clive [Bell] described it.  Mr. Cizec has bingled me.  I am short haired for life.  Having no longer, I think, any claims to beauty, the convenience of this alone makes it desirable.  Every morning I go to take up brush and twist that old coil round my finger and fix it with hairpins and then with a start of joy, no I needn’t.
In front there is no change; behind I’m like the rump of a partridge.  This robs dining out of half its terrors.
          A “bingle” is a hair style somewhere between a bob and a shingle.

-from Bloomberg today:
Scientists find a repeating radio signal from deep space. (h/t Scott Kominers)
The last woolly mammoths were a genetic disaster. (h/t Mike Smedley)

PHOTOS OF THE DAY

A tourist poses for photographs with a pelican enjoying the sunshine in St. Jame’s park in London.
CREDIT: FACUNDO ARRIZABALAGA/EPA-EFE/REX

Westminster Kennel Club Dog Show held in New York City at the Madison Square Garden.
CREDIT: TAYFUN COSKUN/ANADOLU AGENCY VIA GETTY IMAGES

These stunning photos show hundreds of penguins letting their hair down in the frozen wastes of the South Atlantic. Taken by photographer Bella Falk, 40, the images show hundreds of King Penguins at the Salisbury Plain and St Andrews Bay breeding colonies in South Georgia, South Atlantic. The two colonies are well-known for their massive penguin populations, with an estimates 60,000 breeding pairs at Salisbury Plain alone. Bella said: The penguin couples come here to incubate their eggs and raise their chicks. They don’t build nests, they incubate the egg on their feet with a flap of skin over the top to keep it warm.
CREDIT:PASSPORT & PIXELS/CATERS NEWS

Market Closes for February 12^th , 2020 

Market Index	Close	Change
Dow Jones	29551.42	+275.08
		+0.94%
S&P 500	3379.45	+21.70
		+0.65%
NASDAQ	9725.961	+87.019 +0.90%
TSX	17832.85	+55.74
		+0.31%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23861.21	+175.23
		+0.74%
HANG SENG	27823.66	+239.78
		+0.87%
SENSEX	41565.90	+349.76
		+0.85%
FTSE 100*	7534.37	+34.93 +0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.389	1.357
CND. 30 Year Bond	1.508	1.473
U.S.    10 Year Bond	1.6264	1.6006
U.S. 30 Year Bond	2.0835	2.0652

Currencies

BOC Close	Today	Previous
Canadian $	0.75459	0.75243
US $	1.32522	1.32902
Euro Rate 1 Euro=		Inverse
Canadian $	1.44087	0.69403
US $	1.08727	0.91974

Commodities

Gold	Close	Previous
London Gold Fix	1570.50	1573.20
Oil
WTI Crude Future	51.17	49.94

Market Commentary:
On this day in 1970, after 178 years, the New York Stock Exchange finally elected its first African-American member, Joseph L. Searles III. Lest any of its members be embarrassed by having to decide whether to let him sit next to them in the NYSE’s private luncheon club, the Exchange gave Mr. Searles his own table. Hit by the bear market of 1970, he was forced to give up his membership that November, but the color barrier had at last been crossed.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3 percent, or 55.74 to 17,832.85 in Toronto. Today, information technology stocks led the market higher, as 8 of 11 sectors gained; 134 of 232 shares rose, while 96 fell. Shopify Inc. contributed the most to the index gain, increasing 7.7 percent. Bombardier Inc. had the largest increase, rising 10.6 percent.
Insights
* The index advanced 14 percent in the past 52 weeks. The MSCI AC Americas Index gained 22 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on Feb. 12, 2020 and 14.4 percent above its low on Feb. 12, 2019
* The S&P/TSX Composite is up 1 percent in the past 5 days and rose 3.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 15.9 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 rose to 6.59 percent compared with 6.57 percent in the previous session and the average of 5.11 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 40.9097| 3.7| 8/2
Energy | 15.8284| 0.6| 24/6
Industrials | 7.7224| 0.4| 19/11
Communication Services | 2.9628| 0.3| 5/3
Real Estate | 2.5980| 0.4| 20/5
Utilities | 2.3523| 0.3| 10/6
Consumer Discretionary | 1.5131| 0.2| 10/6
Financials | 0.3570| 0.0| 14/13
Health Care | -1.6975| -0.8| 3/7
Consumer Staples | -4.4522| -0.6| 4/7
Materials | -12.3590| -0.6| 17/30

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. equities closed at record highs on Wednesday as optimism grew that the global economy can recover from the impact of the coronavirus amid signs the spread of the illness is slowing. Crude rallied and Treasuries fell. The S&P 500 Index gained for the third straight session, while the Dow Jones Industrial Average and Nasdaq Composite Index also hit new heights, after China’s Hubei province reported the lowest number of new virus cases this month and suspected infections on the mainland declined. “The virus is an uncertainty, but it seems to be more of a manageable uncertainty and I think that’s the way that the market is looking at it,” said Chuck Cumello, chief executive officer of Essex Financial Services, which has about $2.8 billion in assets under management. Carmakers and banks led the advance in the Stoxx Europe 600 Index, even as data showed a deep slump in euro-area industrial output at the end of last year. Asia saw gains for most equity benchmarks, with those in Shanghai and Hong Kong outperforming.
Oil climbed above $51 a barrel in New York, holding that advance even after OPEC slashed forecasts for global demand and U.S. inventories came in higher than estimated. Raw materials including copper and iron ore gained, while core European bonds tracked Treasuries lower and the yen also slipped. New Zealand’s dollar jumped the most in about two months after its central bank said the impact from the virus will be short-lived and it doesn’t project a need for rate cuts this year. Confidence is increasing among some investors that the impact of the coronavirus outbreak will ultimately prove short- lived. President Xi Jinping vowed China would meet its economic goals while winning the battle against the virus that has now claimed 1,115 lives, while Federal Reserve Chairman Jerome Powell said on Tuesday the central bank is keeping a close eye on fallout from the epidemic. Meanwhile, peripheral European bonds bucked declines and the yield on 10-year Greek debt dropped below 1% for the first time.
Here are some key events coming up:
* Earnings season continues with reports still due from the likes of Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.
* Thursday brings a gauge of underlying U.S. inflation, the core consumer price index. It is forecast to increase to 0.2% in January, a faster pace than in December.
* China and the U.S. on Friday lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.

These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.6% to 3,379.38 as of 4:02 p.m. New York time, the highest on record.
* The Dow Jones Industrial Average climbed 0.8% to 29,550.80, the highest on record.
* The Nasdaq Composite Index increased 0.9% to 9,725.96, the highest on record.
* The MSCI All-Country World Index gained 0.6% to 580.81, the highest on record.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.1% to 1,206.98.
* The euro decreased 0.4% to $1.0875, the weakest in almost three years.
* The Japanese yen depreciated 0.3% to 110.08 per dollar, the weakest in more than three weeks.
* New Zealand’s dollar advanced 0.9% to $0.6465, the biggest rise in 10 weeks.
Bonds
* The yield on two-year Treasuries advanced one basis point to 1.44%.
* The yield on 10-year Treasuries climbed three basis points to 1.63%.
* Germany’s 10-year yield gained one basis point to -0.38%.
* Britain’s 10-year yield increased four basis points to 0.611%.
Commodities
* Gold weakened 0.1% to $1,566.76 an ounce.
* West Texas Intermediate crude advanced 3.2% to $51.54 a barrel, the highest in more than a week on the biggest gain in almost 10 weeks.
* LME copper advanced 1.4% to $5,745 per metric ton, the highest in more than two weeks.

–With assistance from Robert Brand.
Have a great night.

Be magnificent!
As ever,

Carolann

The charm of history and its enigmatic lesson consist in the fact that, form age to age,
nothing changes and yet everything is completely different.
                                                                             -Aldous Huxley, 1894-1963

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

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

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

Dear Friends,

Tangents:

1847 – Inventor Thomas Alva Edison was born in Milan, Ohio. Go to article »

Many of life’s failures are people who did not realize how close they were to success when they gave up. –Thomas Edison, 1847-1931.

1990 – Nelson Mandela released after 27 years imprisonment in South Africa.

You can now download 150,000 illustrations of the natural world.

PHOTOS OF THE DAY

The British-built Solar Orbiter spacecraft, built for NASA and the European Space Agency, lifts off from pad 41 aboard a United Launch Alliance Atlas V rocket at the Cape Canaveral Air Force Station in Florida, USA.
CREDIT: JOE RIMKUS JR/REUTERS

Worshippers gather around candles stuck to jars of honey, arranged as a cross, during mass for the ‘santification of honey’ at the Presentation of the Blessed Virgin church in the town of Blagoevgrad, Bulgaria. Honey and beehives are sanctified by performing a ritual for health and rich harvest, marking the day of St. Haralampus, Orthodox patron saint of bee-keepers.
CREDIT: VALENTINA PETROVA/AP

A model walks the runway for the Jason Wu Collection during February 2020- New York Fashion Week: The shows at Skylight Modern.
CREDIT: DIMITRIOS KAMBOURIS/GETTY IMAGES

Team GB Archer Tom Hall (L) and Warwick Castle Bowman Lewis Copson go ahead at Warwick Castle in preparation for the Festival of Archery.
CREDIT: JOHN LAWRENCE FOR THE TELEGRAPH

Market Closes for February 11^th , 2020 

Market Index	Close	Change
Dow Jones	29276.34	-0.48
		—
S&P 500	3357.75	+5.66
		+0.17%
NASDAQ	9638.941	+10.552 +0.11%
TSX	17777.11	+36.54
		+0.21%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23685.98	-142.00
		-0.60%
HANG SENG	27583.88	+342.54
		+1.26%
SENSEX	41216.14	+236.52
		+0.58%
FTSE 100*	7499.44	+52.56 +0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.357	1.311
CND. 30 Year Bond	1.473	1.421
U.S.    10 Year Bond	1.6006	1.5662
U.S. 30 Year Bond	2.0652	2.0349

Currencies

BOC Close	Today	Previous
Canadian $	0.75243	0.75081
US $	1.32902	1.33189
Euro Rate 1 Euro=		Inverse
Canadian $	1.45104	0.68916
US $	1.09180	0.91591

Commodities

Gold	Close	Previous
London Gold Fix	1573.20	1572.65
Oil
WTI Crude Future	49.94	49.57

Market Commentary:
On this day in 1922, AT&T said it was planning for a nationwide chain of “radiotelephone” stations that would engage in “toll broadcasting.” AT&T proposed 38 stations across the U.S., which anyone could use for a fee (much like a phone booth) to make a radio broadcast. The company did not plan to produce programming itself, but would simply offer “the channels through which anyone with whom it makes a contract can send out their own programs.” It was the earliest known proposal for commercial broadcasting (and, like many AT&T innovations, made more money for other companies).
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian shares rose for a second-straight session, closing at a record high. Meanwhile, Canadian National Railway Co. said it will have to shut down “significant” parts of its network as an Indigenous protest against a west coast pipeline escalates, the latest backlash against the country’s oil and gas industry. The S&P/TSX Composite rose 0.2%, or 36.54, to 17,777.11 in Toronto. Gold posted its first decline in five sessions as investors looked past concerns about the coronavirus to boost equities, weakening demand for haven assets. Copper and other base metals advanced.
Commodities
* Western Canada Select crude oil traded at a $15.75 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,568.15 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3291 per U.S. dollar
* The 10-year government bond yield gained 3.9 basis points to 1.350%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 16.5037| 0.3| 23/4
Materials | 12.7240| 0.7| 33/13
Energy | 6.9552| 0.2| 18/10
Consumer Discretionary | 6.5460| 0.9| 13/3
Utilities | 4.3986| 0.5| 15/1
Health Care | 2.0246| 1.0| 7/2
Industrials | 0.4637| 0.0| 22/9
Real Estate | -0.8680| -0.1| 10/13
Information Technology | -1.6318| -0.1| 5/5
Communication Services | -2.9655| -0.3| 2/5
Consumer Staples | -7.6181| -1.1| 3/8

US
By Todd White
(Bloomberg) — U.S. stocks fought off a late-session swoon to close at fresh heights Tuesday, amid reports that the Federal Trade Commission is looking into acquisitions by some of the country’s biggest tech companies. The S&P 500 Index faded from session highs after the FTC news, with Facebook Inc. and Microsoft Corp. among the decliners. Health-care and consumer-discretionary shares led the day’s advancers. The Dow Jones Industrial Average and Nasdaq 100 were little changed. Ten-year Treasury yields rose, while the dollar dropped for the first time in five sessions. Investors have been more bullish lately despite the coronavirus outbreak, signaling some confidence that central banks could ease policy in the event growth slows down. In remarks to Congress Tuesday, Federal Reserve Chairman Jerome Powell, while positive about the American economic outlook, said the central bank is keeping a close eye on fallout from the epidemic, which continues to disrupt travel and trade.
“With fundamentals strong, a robust employment situation and inflation on track, Powell’s cautiously optimistic stance isn’t too surprising, especially since coronavirus fears and trade tensions are at bay,” said Mike Loewengart, vice president of investment strategy at E-Trade Financial. “What remains to be seen is the lasting effect of the coronavirus on global growth, which is already tepid.” Oil bounced back from Monday’s swoon and gold fell. Bitcoin surged back above $10,000. European and Asian equity benchmarksclosed higher.
Here are some key events coming up:
* Earnings season continues with reports including MGM Resorts International and Softbank on Wednesday; Thursday will bring Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.
* A key contest for Democrat presidential hopefuls unfolds Tuesday, when the state of New Hampshire holds a primary vote.
* Thursday sees a gauge of underlying U.S. inflation, the core consumer price index. It is forecast to increase to 0.2% in January, a faster pace than in December.
* China and the U.S. on Friday lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.

These are the main moves in markets:

Stocks
*The S&P 500 Index increased 0.2% to 3,357.77 as of 4:02 p.m. New York time, the highest on record.
*The Stoxx Europe 600 Index advanced 0.9% to 428.48, the highest on record.
*The MSCI Asia Pacific Index gained 0.6% to 169.93.
*The MSCI Emerging Market Index climbed 1.1% to 1,098.98.
Currencies
*The Bloomberg Dollar Spot Index declined 0.2% to 1,205.58, the first retreat in a week and the largest drop in more than a week.
*The British pound gained 0.3% to $1.2956, the biggest rise in more than a week.
*The euro gained 0.1% to $1.0919, the first advance in more than a week.
*The Japanese yen was little changed at 109.79 per dollar.
Bonds
*The yield on 10-year Treasuries advanced two basis points to 1.59%.
*Germany’s 10-year yield gained two basis points to -0.39%.
*Britain’s 10-year yield increased one basis point to 0.569%.
Commodities
*West Texas Intermediate crude advanced 0.9% to $50 a barrel.
*Gold weakened 0.2% to $1,568.25 an ounce, the first retreat in a week.
*LME copper increased 0.1% to $5,667 per metric ton.

–With assistance from Vildana Hajric and Claire Ballentine.
Have a great night.

Be magnificent!
As ever,

Carolann

In a nation of millions, and in a world of billions,
the individual is still the first and basic agent of change.
                                                              -Lyndon B. Johnson, 1908-1973

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:

February 10, 1763 – France ceded Canada to England under the Treaty of Paris, which ended the French and Indian War. Go to article »

This cherry-blossom tree is the biggest Lego sculpture on record. (h/t Scott Kominers) –Bloomberg.

Every Oscar Best Picture winner, ranked. –Bloomberg.

PHOTOS OF THE DAY

Supermoon is seen rising behind Selimiye Mosque in Edirne, Turkey.
CREDIT: GOKHAN BALCI/ANADOLU

Boats sail during the water parade, part of the Venice Carnival, in Venice, Italy.
CREDIT: ANTONIO CALANNI/AP

Some people enjoyed the weather watching the waves on the beach of Scheveningen, Netherlands. The storm Ciara has reached the coast of Holland with strong winds that caused trees to fall, destroying roofs of houses and disrupting trains and flights at Schipol airport.
CREDIT: NACHO CALONGE/GETTY IMAGES

Maren Lundby of Norway soars through the air during the first round at the ladies’ Normal Hill Individual Ski Jumping event, of the FIS ski jumping World Cup in Hinzenbach, Austria.
CREDIT: GEORG HOCHMUTH/GETTY IMAGES

Market Closes for February 10^th , 2020 

Market Index	Close	Change
Dow Jones	29276.82	+174.31
		+0.60%
S&P 500	3352.09	+24.38
		+0.73%
NASDAQ	9628.391	+107.878 +1.13%
TSX	17740.57	+85.08
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	23685.98	-142.00
		-0.60%
HANG SENG	27241.34	-162.93
		-0.59%
SENSEX	40979.62	-162.23
		-0.39%
FTSE 100*	7446.88	-19.82 -0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.311	1.326
CND. 30 Year Bond	1.421	1.434
U.S.    10 Year Bond	1.5662	1.5817
U.S. 30 Year Bond	2.0349	2.0437

Currencies

BOC Close	Today	Previous
Canadian $	0.75081	0.75169
US $	1.33189	1.33034
Euro Rate 1 Euro=		Inverse
Canadian $	1.45320	0.68814
US $	1.09108	0.91652

Commodities

Gold	Close	Previous
London Gold Fix	1572.65	1563.30
Oil
WTI Crude Future	49.57	50.32

Market Commentary:
On this day in 2000, Dr. Martin Baily, chairman of President Clinton’s Council of Economic Advisers, declared, “The fundamentals look very good. As long as we stick to sound policy, there’s no reason why it [the nation’s economic expansion, then 107 months long] cannot continue indefinitely.” By the end of the year, the economy was heading into recession.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5 percent at 17,740.57 in Toronto. The move follows the previous session’s decrease of 0.6 percent. Today, materials stocks led the market higher, as 9 of 11 sectors gained; 146 of 232 shares rose, while 78 fell. Shopify Inc. contributed the most to the index gain, increasing 2.8 percent. Great Canadian Gaming Corp. had the largest increase, rising 10.9 percent.
Insights
* The index advanced 13 percent in the past 52 weeks. The MSCI AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Feb. 6, 2020 and 14.1 percent above its low on Feb. 11, 2019
* The S&P/TSX Composite is up 2.1 percent in the past 5 days and rose 2.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.71t
* 30-day price volatility fell to 6.65 percent compared with 6.74 percent in the previous session and the average of 4.97 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 20.9179| 1.1| 37/9
Information Technology | 18.4372| 1.7| 9/1
Energy | 15.9265| 0.6| 13/15
Consumer Discretionary | 8.4124| 1.2| 11/5
Utilities | 8.2347| 0.9| 13/3
Industrials | 7.8480| 0.4| 22/8
Consumer Staples | 5.0695| 0.7| 10/1
Communication Services | 2.2832| 0.2| 3/5
Real Estate | 1.0437| 0.2| 15/10
Financials | -0.1065| 0.0| 10/15
Health Care | -2.9909| -1.4| 3/6

* The benchmark 10-year bond rose and the yield fell 1.6 basis points to 1.310 percent

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. equities started the week strong as investors looked past the potential economic hit from the spreading coronavirus to prepare for more corporate earnings. The S&P 500 Index rose to a new high Monday, with most sectors advancing. Energy company shares proved the exception, declining as West Texas crude fell below $50 a barrel. Treasuries and European bonds edged higher, and the dollar held steady versus a basket of its major peers. Asia’s main equity gauges fell everywhere apart from Shanghai. Traders monitored the restart of Chinese factories and the possible chaos that may ensue as several hundred thousand people begin returning to work at companies like Apple Inc. supplier Foxconn. General Motors Co. will restart production in China beginning Feb. 15. With cases of the coronavirus outside of China on the rise and various companies pulling back from international meetings, investors are trying to figure out whether the rate of contagion is stabilizing. In the meantime, monetary authorities across emerging markets have stepped in to help shore up the financial system. The People’s Bank of China moved to keep liquidity ample Monday through reverse-repurchase agreements.
“As disconcerting as the spread of the coronavirus has been to date, the global focus on the illness is likely to produce a solution to stem its spread before long,” John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, wrote in a note. “Economic data released last week underscored strength and resilience in the U.S. labor market and pointed toward the sustainability of the U.S. economic expansion.” The euro declined after the region was buffeted by political headlines. German Chancellor Angela Merkel’s succession plan collapsed, and polls put Sinn Fein in place for a possible role in Ireland’s government, depressing the country’s banking stocks. European equities closed higher. Earnings are due this week from major names like Alibaba Group Holding Ltd., Credit Suisse Group AG and Nestle SA. Elsewhere, emerging-market currencies steadied against the dollar. Bitcoin traded just below $10,000, having risen above that mark over the weekend for the first time since October.
Here are some key events coming up:
* Earnings season continues with reports including: MGM Resorts and Cisco Systems on Monday; Softbank on Wednesday; Thursday will bring Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.
* Federal Reserve Chairman Jerome Powell delivers his semiannual testimony in Congress on Tuesday and Wednesday; ECB President Christine Lagarde speaks at the European Parliament in Strasbourg Tuesday.
* Thursday brings a gauge of underlying U.S. inflation, the core consumer price index. It’s expected to increase to 0.2% in January, a faster pace than in December.
* China and the U.S. on Friday lower tariffs on billions of dollars of respective imports, as part of the trade deal signed last month.

And these are the main moves in markets:
Stocks
*The S&P 500 Index increased 0.7% to 3,352.13 as of 4:01 p.m. New York time, the highest on record.
*The Stoxx Europe 600 Index gained 0.1% to 424.64.
*The MSCI Asia Pacific Index decreased 0.5% to 168.88.
*The MSCI Emerging Market Index fell 0.4% to 1,086.80.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,207.56, the highest in more than 10 weeks.
*The British pound climbed 0.2% to $1.2912.
*The euro dipped 0.3% to $1.0913, hitting the weakest in 19 weeks with its sixth consecutive decline.
*The Japanese yen was little changed at 109.74 per dollar.
*The offshore yuan strengthened 0.3% to 6.9854 per dollar, the largest increase in four weeks.
Bonds
*The yield on 10-year Treasuries decreased three basis points to 1.56%, the lowest in a week.
*Germany’s 10-year yield fell three basis points to -0.41%, the lowest in a week on the largest drop in more than a week.
*Britain’s 10-year yield declined one basis point to 0.557%, the lowest in a week.
Commodities
*West Texas Intermediate crude fell 1.5% to $49.58 a barrel, the lowest in more than 13 months on the largest fall in a week.
*Gold strengthened 0.2% to $1,573.67 an ounce, the highest in a week.
*LME copper dipped 1.3% to $5,663 per metric ton, the largest decrease in two weeks.

–With assistance from Cecile Vannucci, Adam Haigh and Todd White.
Have a great night!

Be magnificent!

As ever,

Carolann

Life is the sum of all your choices.
                                          -Albert Camus, 1913-1960

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!

A Snow Moon, the first supermoon of 2020, will light up the sky this weekend
If you’re in parts of the world that have been unseasonably warm, you can consider it more of a tepid rain moon. –CNN.

THE MAN IN THE MOON
             -by Billy Collins
He used to frighten me in the nights
of childhood,
the wide adult face, enormous, stern, aloft
I could not imagine such loneliness, such coldness
But tonight as I drive home over
these hilly roads
I see him sinking behind stands of winter trees
And rising again to show his familiar face
And when he comes into full view
over open fields
he looks like a young man who has fallen in love
with the dark earth
a pale bachelor, well-groomed and
full of melancholy
his round mouth open
as if he had just broken into song.

PHOTOS OF THE DAY

A golden sunset at Bats Head near Lulworth in Dorset looking west towards Weymouth and the Isle of Portland viewed from Swyre Head.
CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS.

Willem Van Gogh, the great grand-nephew of the artist Vincent Van Gogh, Stands next to a large version of one of Van Gogh’s paintings of Sunflowers at the Meet Vincent van Gogh experience, London.
CREDIT- EDDIE MULHOLLAND FOR THE TELEGRAPH

All the way from the Outer Hebrides to Outer Space. The Hebridean Dark Skies Festival is a two week celebration where the stars will literally be themselves – and guaranteed to appear most nights.
CREDIT: MIKE MERRITT

A woman walks in a park during a heavy snowfall in Sofia.
CREDIT: NIKOLAY DOYCHINOV/AFP/GETTY IMAGES

Market Closes for February 07^th , 2020 

Market Index	Close	Change
Dow Jones	29102.51	-277.26
		-0.94%
S&P 500	3327.71	-18.07
		-0.54%
NASDAQ	9520.512	-51.642 -0.54%
TSX	17655.49	-102.00
		-0.57%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23827.98	-45.61
		-0.19%
HANG SENG	27404.27	-89.43
		-0.33%
SENSEX	41141.85	-164.18
		-0.40%
FTSE 100*	7466.70	-38.09 -0.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.326	1.369
CND. 30 Year Bond	1.434	1.486
U.S.    10 Year Bond	1.5817	1.6422
U.S. 30 Year Bond	2.0437	2.1096

Currencies

BOC Close	Today	Previous
Canadian $	0.75169	0.75268
US $	1.33034	1.32858
Euro Rate 1 Euro=		Inverse
Canadian $	1.45623	0.68671
US $	1.09463	0.91355

Commodities

Gold	Close	Previous
London Gold Fix	1563.30	1553.30
Oil
WTI Crude Future	50.32	50.95

Market Commentary:
On this day in 2008, Congress approved a $168 billion economic-stimulus plan, paving the way for over 130 million households to get tax-rebate checks of $300 to $1,200.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for the first time this week after the U.S. Federal Reserve Board warned that the coronavirus presents a “new risk” to the economy, putting investors in a risk-off mood. The S&P/TSX Composite Index lost 0.6% to 17,655.49 Friday, reducing its weekly gain to 2%. Health-care stocks led the decline as Aurora Cannabis Inc. tumbled 15%. The pot company announced that its CEO is departing, it’s cutting jobs, it’s writing down as much as C$1 billion and its preliminary revenue was well below estimates. Canada Goose Holdings Inc. took a hit from the spreading coronavirus fallout, losing 4.3% after it cut its full-year forecast on the impact on China sales.
Commodities
* Western Canada Select crude oil traded at a $17.90 discount to WTI
* Spot gold rose 0.2% to $1,573.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3303 per U.S. dollar
* The 10-year government bond yield fell 4 basis points to 1.33%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -41.1794| -2.2| 6/40
Industrials | -22.6156| -1.1| 5/26
Energy | -15.8494| -0.6| 7/23
Financials | -11.1677| -0.2| 8/19
Health Care | -9.6811| -4.4| 0/10
Consumer Discretionary | -5.1136| -0.7| 4/13
Consumer Staples | -2.4538| -0.3| 3/7
Information Technology | -0.1785| 0.0| 2/8
Real Estate | 0.9845| 0.2| 17/7
Communication Services | 2.0787| 0.2| 5/3
Utilities | 3.1880| 0.4| 11/5

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. equities limped into the weekend as renewed concern the coronavirus will slow global growth overshadowed fresh signs of a strong labor market. Treasuries jumped. The S&P 500 Index halted a four-day rally, but still notched its best week since June. The latest jobs report showed hiring stayed robust last month, bolstering optimism growth can persist. But stocks remained lower after reports of further infections, an increase in deaths and more quarantines. The Federal Reserve warned the outbreak posed a “new risk” to the economy. The fallout for companies is starting to come into focus, with corporations such as Toyota Motor Corp. and Honda Motor Co. temporarily halting operations in China. Apple Inc.’s iPhone maker Foxconn told employees not to return to work when China’s extended break ends Monday. The 10-year Treasury yield slumped below 1.6% and crude lost its grip on $51 a barrel.
“The market moved up so quickly over the last few days and I think papered over the continued risk associated with the coronavirus,” said Robin Anderson, senior global economist at Principal Global Investors. “There’s still a lot of unknowns out there.” Australia’s dollar dropped to its lowest level in a decade with the fallout from the coronavirus hurting riskier assets. Equities pushed lower across most of Asia as news of further infections on a cruise ship off Japan offered another reminder that cases remain on the rise. Singapore boosted its disease response to the second-highest level, the same one for the SARS epidemic. Confirmed cases worldwide now total 31,432, having risen more than 3,000 in one day, while the death toll reached 638. Meanwhile, the presidents of China and the U.S. reaffirmed their commitment to the implementation of a phase-one trade deal in a phone call Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index decreased 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 fell 0.5%.
* The Stoxx Europe 600 Index declined 0.3%.
* The MSCI AC Asia Pacific Index fell 0.7%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The British pound fell 0.3% to $1.2896.
* The euro fell 0.3% to $1.0946.
* The Japanese yen strengthened 0.2% to 109.77 per dollar.
Bonds
* The yield on 10-year Treasuries fell seven basis points to 1.57%.
* The two-year rate dropped to 1.4%
* Britain’s 10-year yield fell one basis point to 0.57%.
* Germany’s 10-year yield dipped two basis points to -0.39%.
Commodities
* West Texas Intermediate crude fell 1% to $50.42 a barrel.
* Gold futures added 0.3% to $1,574.20 an ounce.
* Copper fell 1.7% to $2.55 a pound.
–With assistance from Adam Haigh, Cormac Mullen, Constantine Courcoulas and Todd White.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Beauty is no quality in things themselves.  It exists merely in the mind which contemplates them. 
                                                                                               –David Hume, 1711-76.

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

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

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

Dear Friends,

Tangents:

The Poem

ACQUAINTED WITH THE NIGHT
                     -by Robert Frost

I have been one acquainted with the night.
I have walked out in rain—and back in rain.
I have outwalked the furthest city light.

I have looked down the saddest city lane.
I have passed by the watchman on his beat
And dropped my eyes, unwilling to explain.

I have stood still and stopped the sound of feet
When far away an interrupted cry
Came over houses from another street,

But not to call me back or say good-bye;
And further still at an unearthly height,
One luminary clock against the sky

Proclaimed the time was neither wrong nor right. 
I have been one acquainted with the night.

PHOTOS OF THE DAY

Starlings create spectacular shapes performing their daily murmuration, over Brighton Palace Pier, as dusk falls.
CREDIT: SIMON DACK/ALAMY LIVE NEWS

A main highway devastated by severe flooding near Mataura in New Zealand’s South Island.

Severe flooding forced thousands of residents in New Zealand’s South Island to flee their homes and left hundreds of tourists stranded at the remote Milford Sound beauty spot.
CREDIT: NEW ZEALAND ROADS AGENCY/STR/AFP/GETTY IMAGES

People take in Submerge, an immersive installation inspired by the Pantone Color of the Year 2020 at ARTECHOUSE NYC, located at Chelsea Market in Manhattan, NYC.

Classic Blue is the name of the Pantone Color of the Year for 2020.
CREDIT: SETH HARRISON/ THE JOURNAL NEWS/USA TODAY NETWORK/ SIPA USA

Market Closes for February 06^th , 2020 

Market Index	Close	Change
Dow Jones	29379.77	+88.92
		+0.30%
S&P 500	3345.78	+11.09
		+0.33%
NASDAQ	9572.156	+63.473 +0.67%
TSX	17757.49	+105.90
		+0.60%

International Markets

Market Index	Close	Change
NIKKEI	23873.50	+554.03
		+2.38%
HANG SENG	27493.70	+706.96
		+2.64%
SENSEX	41306.03	+163.37
		+0.40%
FTSE 100*	7504.79	+22.31 +0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.369	1.391
CND. 30 Year Bond	1.486	1.511
U.S.    10 Year Bond	1.6422	1.6526
U.S. 30 Year Bond	2.1096	2.1357

Currencies

BOC Close	Today	Previous
Canadian $	0.75268	0.75253
US $	1.32858	1.32885
Euro Rate 1 Euro=		Inverse
Canadian $	1.45893	0.68543
US $	1.09811	0.91065

Commodities

Gold	Close	Previous
London Gold Fix	1553.30	1558.35
Oil
WTI Crude Future	50.95	50.75

Market Commentary:
On this day in 1808, the Milan Stock Exchange (Borsa Valori di Milano, now called La Borsa Italiana) was established.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose to a second consecutive record, as strong corporate earnings overwhelmed continued uncertainty surrounding the economic impact of the coronavirus. The S&P/TSX Composite Index rose 0.6% to 17,757.49, led by consumer staples and communication services. BCE Inc. was one of the biggest contributors to the benchmark’s gain, rising 2.1% after it reported fourth-quarter earnings and boosted its dividend by 5%. Suncor Energy Inc. was the biggest obstacle in the market, falling 3.7% after its quarterly output fell and operating earnings per share missed estimates. Today, 8 of 11 sectors gained; 162 of 232 shares rose, while 68 fell.
Commodities
* Western Canada Select crude oil traded at a $17.35 discount to WTI
* Spot gold rose 0.4% to $1,569.50 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3293 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to 1.37%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 48.8131| 0.9| 25/2
Materials | 16.5838| 0.9| 32/15
Communication Services | 13.1580| 1.4| 7/1
Consumer Staples | 11.8259| 1.7| 10/1
Industrials | 9.2018| 0.5| 21/10
Utilities | 8.7254| 1.0| 13/2
Real Estate | 6.5950| 1.1| 24/1
Information Technology | 6.4760| 0.6| 5/5
Consumer Discretionary | -3.2741| -0.5| 9/8
Health Care | -3.3841| -1.5| 4/6
Energy | -8.8277| -0.3| 12/17

US
By Claire Ballentine
(Bloomberg) — U.S. stocks continued their relentless push higher even as the economic impact from the deadly coronavirus remains murky. Treasuries were mixed and gold advanced. The S&P 500 Index’s four-day rally hit 3.7% as major equity benchmarks added to all-time highs on the strength of solid corporate results and signs that central banks stand ready to act if growth falters. The torrid ascent has some firms warning about a sense of euphoria taking over among investors, especially as the coronavirus epidemic continues to spread and China’s economy remains virtually locked down. Treasuries edged higher and gold climbed in a sign of some demand for haven assets.
In corporate news, Boeing spiked 3.6% after saying it fixed a software bug in its grounded plane. Twitter Inc. rallied 15% after topping projections for fourth-quarter revenue. Strong results helped powered the Stoxx Europe 600 Index to a record. Crude oil edged above $51 a barrel in New York. “A lot of the moves this week have been explained by a relief rally that the coronavirus seems to be slowing somewhat, clearly there was a lot of uncertainty embedded in market behavior coming in,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. “It does still have a number of question marks still out there.”
Here are some key events coming up:
* German industrial production is due on Friday.
* The U.S. employment report for January is set for Friday release.
* Australia’s central bank chief speaks and takes questions at a parliamentary committee.

And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.4%.
* The MSCI Asia Pacific Index increased 1.8%.
* The MSCI Emerging Market Index gained 1.3%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell 0.2% to $1.098.
* The onshore yuan was little changed at 6.9708 per dollar.
* The Japanese yen fell 0.1% to 109.98 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.65%.
* Germany’s 10-year yield fell one basis point to -0.37%.
* Japan’s 10-year yield rose two basis points to -0.024%.
Commodities
* West Texas Intermediate crude rose 0.5% to $51.01 a barrel.
* Gold futures rose 0.5% to $1,570 an ounce.

–With assistance from Yakob Peterseil and Adam Haigh.
Have a great night.

Be magnificent!
As ever,

Carolann

It is a funny thing about life; if you refuse to accept anything but the best,  you very often get it.
-W. Somerset Maugham, 1874-1965

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

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

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

Dear  Friends,

Tangents:

DEPENDING ON THE WIND
            -by James Galvin

I

A score of years ago I felled a hundred pines to build a house.

Two stories, seven rooms in all.
                                              I built my love a home.
                                                                                 Our
daughter was in orbit in the womb.
                                                   Mountains spun off like the arm
of a galaxy into the emptiness our windows framed.
                                                                           “What a
view!” our friends exclaimed, and “Sunsets to die for every single night!”

2

Vertigo of solitude, distillate of loneliness for blood, my wife
untrue, my daughter flown, I, like a widower or worse, move
among the rooms I made.
                                     Where once I was not alone, now each
closed door is panic, and spaces grow immense with memory, like
shadows at dusk.
                         Gone that arrangement of allegiances called family
we never really know before it ends.
                                                        Like love itself, it isn’t true till
then.
       I have no family now but remembrences of tiny joys, tinier
dramas we used to call our life, like pollen over everything: brightly
colored clothespins on the line, a cross-shaped coral earring whose
match is lost, books of fairy tales we read aloud at night.
                                                                                  I must be
dumb as a gunnysack of hammers.
                                                   Wind still blows through open
windows like it always used to do.
                                                 What did I love that made me
believe it would last?

PHOTOS OF THE DAY

Benidorm, Alicante Province, Spain. As the temperature soars to an unseasonal24 Celsious, the beaches draw bigger than average crowds of tourists and the sunbeds haven’t even been put out for the new season yet.
CREDIT: MICK FLYNN/ALAMY LIVE NEWS

A plume of water sprays from the Jordan River diversion dam, just below the reservoir, at the BC Hydro Jordan River Generating Station in Jordan River, British Columbia, Canada.
CREDIT: JAMES MACDONALD/BLOOMBERG

African penguin chick with speakers hidden inside a cuddle penguin while learning its own language by listening to recordings of adult birds.
CREDIT: LIVING COASTS/SWNS

An Afgan boy removes snow from his tea stall at Qargha Lake in Kabul, Afghanistan.
CREDIT: REUTERS/MOHAMMAD ISMAIL

Market Closes for February 05^th , 2020 

Market Index	Close	Change
Dow Jones	29290.85	+483.22
		+1.68%
S&P 500	3334.69	+37.10
		+1.13%
NASDAQ	9508.684	+40.710 +0.43%
TSX	176451.59	+138.86
		+0.79%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23319.56	+234.97
		+1.02%
HANG SENG	26786.74	+110.76
		+0.42%
SENSEX	41142.66	+353.28
		+0.87%
FTSE 100*	7482.48	+42.66 +0.57%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.391	1.333
CND. 30 Year Bond	1.511	1.467
U.S.    10 Year Bond	1.6526	1.6008
U.S. 30 Year Bond	2.1357	2.0776

Currencies

BOC Close	Today	Previous
Canadian $	0.75253	0.75313
US $	1.32885	1.32779
Euro Rate 1 Euro=		Inverse
Canadian $	1.46159	0.68419
US $	1.09989	0.90918

Commodities

Gold	Close	Previous
London Gold Fix	1558.35	1574.75
Oil
WTI Crude Future	50.75	49.61

Market Commentary:
On this day in 2001, it was time for eine kleine IPO as the Frankfurt Stock Exchange (Gruppe Deutsche Börse) went public, selling 2.8 million shares at €335 (roughly $290) per share. The Deutsche Börse became the largest stock exchange yet to sell its shares to the public—naturally, just after the global market boom peaked. Still, the stock climbed 11% on its first trading day.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks regained the ground they’ve lost since a coronavirus-related sell-off began two weeks ago, hitting a fresh high amid surging energy stocks. The S&P/TSX Composite Index added 0.8% to 17,651.59, led by a 1.9% gain in the energy sector. Crude prices reversed five days of losses amid ongoing OPEC+ talks on how to address the impact of the coronavirus. Today, 8 of 11 sectors gained; 168 of 232 shares rose, while 59 fell. Suncor Energy Inc. contributed the most to the index gain, increasing 2.8%. Semafo Inc. had the largest increase, rising 10.3%.
Commodities
* Western Canada Select crude oil traded at a $17.75 discount to WTI, the narrowest gap since November
* Spot gold rose 0.4% to $1,561.20 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3290 per U.S. dollar
* The 10-year government bond yield rose 6 basis points to 1.39%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 53.3066| 1.9| 27/3
Financials | 51.6167| 0.9| 26/1
Materials | 17.7387| 0.9| 33/11
Industrials | 17.6786| 0.9| 24/6
Consumer Discretionary | 8.0762| 1.2| 14/3
Communication Services | 2.2714| 0.2| 7/1
Real Estate | 2.2325| 0.4| 16/9
Utilities | 1.0427| 0.1| 10/5
Health Care | -1.2367| -0.6| 4/6
Consumer Staples | -1.4132| -0.2| 5/6
Information Technology | -12.4309| -1.1| 2/8

US
By Claire Ballentine
(Bloomberg) — U.S. stocks rallied to an all-time high, while Treasuries slumped on speculation efforts will succeed at minimizing the economic impact from the coronavirus. Crude oil rallied after tumbling into a bear market. The S&P 500 Index’s three-day gain topped 3%, and the Nasdaq indexes added to records. Risk sentiment got a boost overnight after a string of reports on possible vaccines, but the World Health Organization later said there are no proven therapeutics. Treasuries retreated, sending 10-year yields above 1.64%, even as more quarantines were announced in an effort to control the virus. Energy producers surged as crude rallied the most in almost a month on the prospect of OPEC output cuts. Havens including the yen and Swiss franc slipped. The dollar rose, with data showing U.S. firms added more jobs than economists’ forecasts in January. Copper jumped 1.7%.
Why Reports of Drugs for Virus Are Premature U.S. stocks continued their torrid rebound from the virus- fomented sell-off as optimism mounted that the spread will be contained and more central banks signaled a willingness to act if the virus undermines demand, inflation and financial markets. Better-than-forecast corporate earnings also continued boost equities. “The market is shrugging it off. You can see that the effort is there and the market is saying that this isn’t going to break out into a pandemic,” Michael Pytosh, chief investment officer of equities at Voya Investment Management, said by phone. “It’s not going to cause some cataclysmic medical problem in the world.”
Here are some key events coming up:
* The Reserve Bank of India’s interest rate decision is due Thursday.
* German factory orders for December are due Thursday, followed by industrial production on Friday.
* The U.S. employment report for January is set for Friday release.

And these are the main moves in markets:
Stocks
* The S&P 500 Index climbed 1.1% as of 4 p.m. New York time.
* The Nasdaq 100 Index added 0.4%.
* The Stoxx Europe 600 Index gained 1.2%.
* The MSCI Asia Pacific Index rose 0.6%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The British pound fell 0.3% to $1.2992.
* The euro declined 0.4% to $1.0998.
* The Japanese yen weakened 0.3% to 109.806 per dollar.
Bonds
* The yield on 10-year Treasuries rose five basis points to 1.65%.
* The two-year rate added three basis points to 1.44%.
* Germany’s 10-year yield increased four basis points to -0.36%.
Commodities
* West Texas Intermediate crude increased 2.9% to $51.04 a barrel.
* Copper rose 1.7% to $2.578 a pound.
* Gold added 0.2% to $1,556.47 an ounce.
–With assistance from Todd White and Brendan Walsh.
Have a great night.

Be magnificent!
As ever,

Carolann

Regret for the things we did can be tempered by time;  it is regret for the things we did not do that is inconsolable.
                                         -Sydney J. Harris, 1917-1986

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:
February 4, 2004: Mark Zuckerberg launches Facebook from his Harvard dormitory room.

On Feb. 4, 1974, newspaper heiress Patricia Hearst was kidnapped in Berkeley, Calif., by the Symbionese Liberation Army. Go to article »

Here’s something I’ve kept for a long time that’s worth resurrecting every now and then:

The Ten Commandments of How to Get Along with People
                                                                                  -Ann Landers

1. Keep skid chains on your tongue; always say less than you think. Cultivate a low, persuasive voice. How you say it counts more than what you say.

 

2. Make promises sparingly, and keep them faithfully, no matter what it costs.

 

3. Never let an opportunity pass to say a kind and encouraging word to or about somebody. Praise good work, regardless of who did it. If criticism is needed, criticize helpfully, never spitefully.

 

4. Be interested in others, their pursuits, their work, their homes and families. Make merry with those who rejoice; with those who weep, mourn. Let everyone you meet, however humble, feel that you regard him as a person of importance.

 

5. Be cheerful. Don’t burden or depress those around you by dwelling on your minor aches and pains and small disappointments. Remember, everyone is carrying some kind of a load.

 

6. Keep an open mind. Discuss but don’t argue. It is a mark of a superior mind to be able to disagree without being disagreeable.

 

7. Let your virtues, if you have any, speak for themselves. Refuse to talk of another’s vices. Discourage gossip. It is a waste of valuable time and can be extremely destructive.

 

8. Be careful of another’s feelings. Wit and humor at the other person’s expense are rarely worth it and may hurt when least expected.

 

9. Pay no attention to ill-natured remarks about you. Remember, the person who carried the message may not be the most accurate reporter in the world. Simply live so that nobody will believe them. Disordered nerves and bad digestion are a common cause of backbiting.

 

10. Don’t be too anxious about the credit due you. Do your best, and be patient. Forget about yourself, and let others “remember.” Success is much sweeter that way.

PHOTOS OF THE DAY

Visitors look at the jellyfish swimming in a giant spherical tank at the World of Jellyfish aquarium in Prague, Czech Republic.
CREDIT: REUTERS/DAVID W CERNY

A tiny red boat carrying a lone fisherman is dwarfed as it passes through mangrove forest, sometimes transporting tourists through the vibrant forest at Cai Cai Lake, near the town of Binh Son, Vietnam.
CREDIT: TRUNG ANH/SOLENT NEWS & PHOTO AGENCY

This powerful picture shows a red deer stag standing dramatically with the British city of Bristol in the background, complete with a mural of teen environmentalist Greta Thunberg (bottom left). See SWNS story SWBRstag. This is incredible picture shows a red deer stag standing dramatically with a British city in the background. Sam Binding, 39, was walking out his dog, Barney, when he encountered the stag in the historic gardens of a stately home, Ashton Court. The deer stood dramatically with the city of Bristol, complete with mural of Greta Thunberg, in the distance behind. Sam, a web designer, decided to capture a snap of the stag so pulled out his camera – and the deer turned to look at him just as he fired off this frame.
CREDIT: SAM BINDING/SWNS.COM

Market Closes for February 04^th , 2020 

Market Index	Close	Change
Dow Jones	28807.63	+407.82
		+1.44%
S&P 500	3297.59	+48.67
		+1.50%
NASDAQ	9467.973	+194.571 +2.10%
TSX	17512.73	+132.97
		+0.77%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23084.59	+112.65
		+0.49%
HANG SENG	26675.98	+319.00
		+1.21%
SENSEX	40789.38	+917.07
		+2.30%
FTSE 100*	7439.82	+113.51 +1.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.333	1.257
CND. 30 Year Bond	1.467	1.412
U.S.    10 Year Bond	1.6008	1.5272
U.S. 30 Year Bond	2.0776	2.0063

Currencies

BOC Close	Today	Previous
Canadian $	0.75313	0.75231
US $	1.32779	1.32923
Euro Rate 1 Euro=		Inverse
Canadian $	1.46644	0.68192
US $	1.10442	0.90545

Commodities

Gold	Close	Previous
London Gold Fix	1574.75	1584.20
Oil
WTI Crude Future	49.61	50.11

Market Commentary:
On this day in 1863, the Stockholm Stock Exchange opened for trading. The first day’s volume: 22 trades for a total of 14,105 Swedish dalers (the currency of the time).
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canadian stocks gained the most in nearly two months amid a global relief rally as China took steps to contain the coronavirus and support its economy. The S&P/TSX Composite Index added 0.8% to 17,512.73. Health-care and technology stocks led the gains. Industrials also got a boost as Bombardier Inc. jumped 18% on a report that it’s in talks to sell its business-jet unit to Textron Inc. Today, 8 of 11 sectors gained; 146 of 232 shares rose, while 85 fell.
Commodities
* Western Canada Select crude oil traded at a $18.50 discount to WTI, the narrowest gap since November, after a major oil pipeline cleared a key legal hurdle
* Spot gold tumbled 1.5%, the most since November
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3281 per U.S. dollar
* The 10-year government bond yield rose 7 basis points to 1.33%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 60.1132| 1.1| 23/4
Industrials | 31.9980| 1.6| 30/1
Information Technology | 23.5089| 2.2| 8/2
Energy | 9.2740| 0.3| 15/15
Consumer Discretionary | 8.4643| 1.2| 14/3
Consumer Staples | 7.2313| 1.1| 9/2
Health Care | 5.5595| 2.6| 9/1
Communication Services | 4.8696| 0.5| 7/1
Real Estate | -1.2914| -0.2| 10/15
Utilities | -6.1375| -0.7| 4/11
Materials | -10.6218| -0.6| 17/30

US
By Jeremy Herron and Claire Ballentine
(Bloomberg) — U.S. stocks rallied the most since August, while Treasuries plunged as investors speculated the global economy will withstand any impact from the still-spreading coronavirus after China’s market sell-off eased. The S&P 500 pushed its two-day gain to 2.2% and the Nasdaq 100 Index hit an all-time high as investors piled back into risk assets after last week’s rout. European and emerging-market shares rallied. Shanghai stocks rebounded from  record $720 billion wipeout. Treasuries tumbled with gold. Copper in London halted a 14-day slide. Oil bucked the trend, erasing gains that topped 2%. In company news, Tesla Inc. extended its torrid run. Investors appear to be taking some comfort from the measures Beijing has taken to contain the virus to Hubei province and to support economic growth. Still, travel restrictions continue and business shut-downs mount, with Macau closing casinos for another two weeks.
     Bulls have focused on strong corporate earnings and assurances of support from central banks. Meanwhile, traders are also waiting for the outcome of the Iowa Caucuses, as the 2020 Democratic presidential race kicks off. Problems with the reporting process have delayed the results. “The lesson of today’s stock market rally is that while the coronavirus is a risk, it is not a material risk to the economic outlook which backstops corporate earnings always,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Coronavirus doesn’t increase the odds of a U.S. recession this year.”
Here are some key events coming up:
* The U.S. Democratic Party of Iowa on Tuesday will release results from caucuses by 5 p.m. in New York.
* Euro-zone PMI data in its final version will be released Wednesday.
* The Reserve Bank of India’s interest rate decision is due Thursday.
* The U.S. employment report for January is set for Friday release.

These are the main moves in markets:
Stocks
* The S&P 500 jumped 1.5% of 4 p.m. in New York.
* The Nasdaq 100 added 2.3% to a record.
* The Stoxx Europe 600 Index surged 1.6%.
* The MSCI All-Country World Index rose 1.6%.
* The MSCI Asia Pacific Index surged 1.4%.
Currencies
* The Bloomberg Dollar Spot Index edged lower.
* The British pound gained 0.4% to $1.304.
* The euro dropped 0.2% to $1.1043.
* The Japanese yen weakened 0.7% to 109.50 per dollar.
* The offshore yuan strengthened 0.3% to 6.9944 per dollar.
Bonds
* The yield on 10-year Treasuries gained seven basis points to 1.60%.
* The two-year yield added six basis points to 1.41%.
* Germany’s 10-year yield climbed three basis points to -0.41%.
Commodities
* West Texas Intermediate crude fell 0.9% to $49.68 a barrel.
* Gold futures weakened 1.5% to $1,558.20 an ounce.
* LME copper surged 2.2% to $5,648 per metric ton.
* Arabica coffee surged 1.7% to $1 a pound.
–With assistance from Todd White, Andreea Papuc and Ziad Daoud
(Economist).
Have a great night.

Be magnificent!
As ever,
Carolann

In the long run, the sharpest weapon of all is a kind and gentle spirit.
                                                            -Anne Frank, 1929-1945

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:

               KINDNESS
Before you know what kindness really is
you must lose things,
feel the future dissolve in a moment
like salt in a weakened broth.
What you held in your hand,
what you counted and carefully saved,
all this must go so you know
how desolate the landscape can be
between the regions of kindness.
How you ride and ride
thinking the bus will never stop,
the passengers eating maize and chicken
will stare out the window forever.
Before you learn the tender gravity of kindness
you must travel where the Indian in a white poncho
lies dead by the side of the road.
You must see how this could be you,
how he too was someone
who journeyed through the night with plans
and the simple breath that kept him alive.
Before you know kindness as the deepest thing inside,
you must know sorrow as the other deepest thing.
You must wake up with sorrow.
You must speak to it till your voice
catches the thread of all sorrows
and you see the size of the cloth.
Then it is only kindness that makes sense anymore,
only kindness that ties your shoes
and sends you out into the day to gaze at bread,
only kindness that raises its head
from the crowd of the world to say
It is I you have been looking for,
and then goes with you everywhere
like a shadow or a friend.
       -by Namoi Shihab Nye.

PHOTOS OF THE DAY

Renee Zellweger with her Best Actress Bafta award attending the after show party for the 73^rd British Academy Film Awards.
CREDIT: MATT CROSSICK/PA WIRE

Prince William and Catherine Duchess of Cambridge 73^rd British Academy Film Awards.
CREDIT: JONNY BIRCH/BAFTA/REX

Democratic U.S presidential candidate Senator Bernie Sanders speak to supporters and volunteers at a campaign field office in Iowa City, Iowa, U.S.
CREDIT: REUTERS/MIKE SEGAR

Market Closes for February 3^rd, 2020 

Market Index	Close	Change
Dow Jones	28399.81	+143.78
		+0.51%
S&P 500	3248.92	+23.40
		+0.73%
NASDAQ	9273.402	+122.466 +1.34%
TSX	17379.76	+61.27
		+0.35%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22971.94	-233.24
		-1.01%
HANG SENG	26356.98	+44.35
		+0.17%
SENSEX	39872.31	+136.78
		+0.34%
FTSE 100*	7326.31	+40.30 +0.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.257	1.274
CND. 30 Year Bond	1.412	1.432
U.S.    10 Year Bond	1.5272	1.5051
U.S. 30 Year Bond	2.0063	1.9970

Currencies

BOC Close	Today	Previous
Canadian $	0.75231	0.75582
US $	1.32923	1.32307
Euro Rate 1 Euro=		Inverse
Canadian $	1.47015	0.68020
US $	1.10601	0.90415

Commodities

Gold	Close	Previous
London Gold Fix	1584.20	1578.25
Oil
WTI Crude Future	50.11	51.56

Market Commentary:
On this day in 1913, the Federal income tax was born, as the states ratified the 16th Amendment to the U.S. Constitution. It reads in its entirety: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” The 16th Amendment overturned Article I, Section 9 of the Constitution, which had expressly forbidden a general income tax.

Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canadian stocks rebounded from Friday’s rout after China took steps to protect its economy and markets from the impact of the coronavirus. The S&P/TSX Composite Index added 0.4% to 17,379.76 Monday, partially recovering from the previous session’s 1% drop. Technology and health-care stocks led the gains. The only sector that closed lower was materials, which took a hit from falling gold prices. Enbridge Inc. contributed the most to the index gain, increasing 1.5%. Ballard Power Systems Inc. had the largest increase, rising 6.9%. Today, 144 of 233 shares rose, while 84 fell.
Commodities
* Western Canada Select crude oil traded at a $19.75 discount to WTI
* Spot gold fell 0.4% to $1,581.10 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4% to C$1.3297 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to 1.25%, the lowest since October
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 18.3892| 0.3| 20/6
Information Technology | 15.5484| 1.5| 9/1
Industrials | 13.6166| 0.7| 22/9
Utilities | 6.1383| 0.7| 14/2
Energy | 5.7357| 0.2| 13/16
Real Estate | 5.7144| 0.9| 23/0
Consumer Discretionary | 3.1938| 0.5| 11/5
Health Care | 2.6489| 1.2| 6/4
Consumer Staples | 0.6329| 0.1| 8/3
Communication Services | 0.1548| 0.0| 3/5
Materials | -10.5036| -0.6| 15/33

US
By Claire Ballentine
(Bloomberg) — U.S. stocks rebounded from the worst week in six months as investors speculated efforts to contain the coronavirus will minimize lasting damage to the American economy. Commodities remained under pressure, with copper dropping a 14th straight day and oil sliding below $50 a barrel. The S&P 500 Index advanced as China added stimulus in an effort to shore up its economy and American manufacturing data topped estimates. It’s still down more than 2% since the virus scare started almost two weeks ago, and ended the session well off highs. Tech shares led the advance, while energy and industrial companies slumped. The risk-on mood in U.S. equities didn’t spread across assets. Treasuries suffered only modest declines, oil plunged and copper futures dropped again in London. Stocks in Shanghai – – which hadn’t traded since holidays began Jan. 23 – tumbled the most since 2015 as the nation’s economy remained virtually shut down because of the virus. “In the short-term, equity markets are at risk and we haven’t seen yet the types of declines that we saw during SARS,” Ed Campbell, portfolio manager and managing director at QMA, said in a phone interview.
      “The lesson from history is that risk assets don’t bottom until the net number of new cases peaks and it’s not clear that we’ve reached that point.” The spread of the cornoavirus kept investors on edge Monday after American equities had the worst week since August on concern economic growth will falter as the virus spreads. U.S. health officials said they were preparing as if the outbreak would be a pandemic. The People’s Bank of China cut rates as it injected cash into the financial system on Monday, part of a slew of measures to shore up their financial markets. Still, the economic toll is becoming clearer, with Beijing reportedly evaluating whether its growth target this year should be softened. A manufacturing reading in the U.S. topped estimates. In company news, Tesla Inc. surged 20% after a battery unit reported a quarterly profit and the shares got an upgrade. Sysco Corp. sank after delivering disappointing results. Nike Inc. rallined with Microsoft. Alphabet lost 5% as of 4:05 p.m. in New York, after reporting results.
Here are some key events coming up:
* The Iowa caucuses are Monday, the first contest to choose a Democratic nominee to run against Donald Trump in November.
* Tuesday brings a policy decision from the Reserve Bank of Australia, and the Reserve Bank of India’s interest rate decision is due Thursday.
* Friday has the U.S. employment report for January.

These are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.7% as of 4 p.m. New York time.
* The Nasdaq 100 Index gained 1.5%. The Dow Jones Industrial Average rose 0.5%.
* The Stoxx Europe 600 Index advanced 0.3%.
* The MSCI Emerging Market Index lost 0.1%.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.3%.
* The euro declined 0.3% to $1.1058.
* The Japanese yen fell 0.3% to 108.67 per dollar.
* The offshore yuan weakened 0.2% to 7.0147 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 1.52%.
* The two-year rate rose four basis points to 1.355%.
* Germany’s 10-year yield fell one basis point to -0.44%.
Commodities
* West Texas Intermediate crude fell 3% to $49.99 a barrel.
* Gold futures weakened 0.4% to $1,581 an ounce.
* CMX copper futures fell 0.4%.
–With assistance from Todd White and Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

When we strive to become better than we are, everything around us becomes better too.
                                                                                      -Paulo Coelho, b. 1947

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