Month: August 2020

Dear Friends,

Tangents:
1896 – gold discovered in the Klondike.
On Aug. 31, 1997, Britain’s Princess Diana died in a car crash in Paris at age 36.  Go to article »

Japanese company successfully tests a manned flying car for the first time.  Finally, we’re one step closer to the cool future we were promised. –CNN.

An animal that roamed with the dinosaurs went into a hibernation-like state to survive.  Quarantine goals-CNN

The world’s most spectacular festivals –Let’s not forget what it feels like to be together in celebration — eating laughing, making art and hey,
maybe even enjoying some fireworks. (Click here to view). -CNN.

Malawi is often overshadowed by its better-known neighbors in southeastern Africa: Tanzania, with its abundant wildlife; Zambia, with Victoria Falls; and Mozambique, with its picture-perfect beaches.
The country, in fact, has plenty of natural beauty. But, for the photographer Marcus Westberg, it wasn’t the landscapes that made a lasting impression — but the people.
Here are some of his photographs, paired with an essay by him. Whether on assignment or going to the market for vegetables, he writes, “time and time again I have found myself staying far longer than intended.” –The New York Times.

PHOTOS OF THE DAY

Yann Elies, Queguiner Materiaux – Leucemie Espoir 19, competes during the first stage of the 51st edition of La Solitaire du Figaro solo sailing race, off the coast of Saint-Quay-Portrieux, in Saint-Brieuc Bay, northwestern France.
CREDIT: LOIC VENANCE/AFP VIA GETTY IMAGES

Honda CB R1000 R Formula EWC N°5 French rider Mike di Meglio competes in the lead during the 43rd Le Mans 24-hours endurance moto race in Le Mans, north-western France.
CREDIT: JEAN-FRANCOIS MONIER/AFP VIA GETTY IMAGES

A woman picks jasmine flowers at a village in Gharbiya province, Egypt.
CREDIT: XINHUA/SHUTTERSTOCK

Dancers from The Royal Ballet perform beside the Regent’s Canal in London on August 30, 2020, one of three performances they put on daily on weekends to experience performing in front of a live socially-distanced audience.
CREDIT: ISABEL INFANTES/AFP VIA GETTY IMAGES

Market Closes for August 31st, 2020 

Market Index	Close	Change
Dow Jones	28430.05	-223.82
		-0.78%
S&P 500	3500.31	-7.70
		-0.22%
NASDAQ	11775.457	+79.823 +0.68%
TSX	16514.44	-191.35
		-1.15%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23139.76	+257.11
		+1.12%
HANG SENG	25177.05	-245.01
		-0.96%
SENSEX	38628.29	-839.02
		-2.13%
FTSE 100*	5963.57	-36.42 -0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.622	0.633
CND. 30 Year Bond	1.164	1.196
U.S.    10 Year Bond	0.7048	0.7211
U.S. 30 Year Bond	1.4747	1.5010

Currencies

BOC Close	Today	Previous
Canadian $	0.76684	0.76354
US $	1.30405	1.30969
Euro Rate 1 Euro=		Inverse
Canadian $	1.55700	0.64226
US $	1.19397	0.83754

Commodities

Gold	Close	Previous
London Gold Fix	1957.35	1923.85
Oil
WTI Crude Future	42.61	42.97

Market Commentary:
With last week’s rally, the Dow returned to positive territory for the year for the first time on a closing basis since February. It is up 0.4% for the year, while the S&P has added 8.6% in 2020 and the tech-laden Nasdaq has surged 30%. 
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks retreated for a third day, with information technology among the few gainers. The S&P/TSX Composite Index fell 1.2%, the most since June 26. Nine of 11 sectors declined, with tech and materials higher. Silver rounded out the longest run of monthly gains since 2010 as investors sought a haven in precious metals. Canada’s summer rebound may fizzle out this fall as months of high unemployment and uncertain business take their toll, according to the global chief economist of Manulife Investment Management. On the deal front, Whitecap Resources Inc. gained 1.6% after buying NAL Resources Limited, a deal that analysts viewed positively, saying it added scale. Canada has agreed to buy more than 100 million Covid-19 vaccinations from Novavax Inc. and Johnson & Johnson, Prime Minister Justin Trudeau said Monday.
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,968.65 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4% to $1.3047 per U.S. dollar
* The 10-year government bond yield edged lower to 0.628%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 1.1 percent, or 191.35 to 16,514.44 in Toronto. The move was the biggest since falling 1.7 percent on June 26. Today, financials stocks led the market lower, as 9 of 11 sectors lost; 169 of 221 shares fell, while 48 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.7 percent. Norbord Inc. had the largest drop, falling 6.0 percent.
Insights
* This month, the index rose 2.1 percent
* The index advanced 0.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 19 percent in the same period
* The S&P/TSX Composite is 8.1 percent below its 52-week high on Feb. 20, 2020 and 47.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.7 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 25.4 on a trailing basis and 24.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55t
* 30-day price volatility rose to 10.16 percent compared with 9.46 percent in the previous session and the average of 11.01 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -74.5086| -1.5| 4/21
Energy | -49.0351| -2.4| 1/23
Industrials | -26.9058| -1.4| 3/24
Consumer Discretionary | -16.5427| -2.9| 0/13
Communication Services | -15.4464| -1.8| 0/8
Consumer Staples | -12.1905| -1.8| 0/11
Real Estate | -9.3093| -1.8| 3/23
Utilities | -6.6392| -0.8| 5/11
Health Care | -1.5563| -1.0| 3/6
Materials | 2.8457| 0.1| 27/21
Information Technology | 17.9441| 1.1| 2/8
US
By Vildana Hajric
(Bloomberg) — Most stocks fell after China threw a wrench into U.S. companies’ efforts to buy TikTok, while a jump in Apple Inc. powered the Nasdaq 100 to a record high. The Dow Jones Industrial Average led losses after its components were revamped, with Microsoft Corp. and Walmart Inc. slumping on concern China could block a possible sale of the video app. Apple Inc.’s surge as the stock split 4-for-1 lifted the Nasdaq 100 past 12,000 for the first time. Two stocks fell for every one that rose on the S&P 500, but the index notched a fifth consecutive monthly advance. With the S&P 500 up 7% and 10-year Treasury yields almost 20 basis points higher this month, traders have taken comfort in the global economy’s recovery from virus shutdowns and relentless gains in tech shares. Still, with U.S. infections ticking up again and India becoming the world’s epicenter for new cases, the pandemic is far from beaten and investors will be scouring data this week for clues on the outlook.
“To add equity exposure here is doing so at a time where the market is priced for perfection,” said Dave Donabedian, chief investment officer of CIBC Private Wealth Management. “To bet against the market here is a fool’s errand because you’re going against the Fed and a tide of liquidity.” The Dow Industrial’s composition changed Monday after Apple’s split, with the iPhone maker’s weighting down to 2.9% from 12%. To maintain tech’s relative sway in the blue-chip index, the overseers added Salesforce.com, ending Exxon Mobil’s long run. Amgen and Honeywell also joined, replacing Pfizer and Raytheon. Tesla Inc.’s 5-for-1 split also took effect, sending the shares up more than 10%.
Elsewhere, European shares slumped. Equities in Japan outperformed peers in Asia, bolstered by Berkshire Hathaway Inc.’s purchase of stakes in five major trading companies. The yen gave back some of Friday’s gain, the biggest in five months, as Japan searched for a new prime minister. Silver rose, outperforming gold.
Here are some key events to watch this week:
* Reserve Bank of Australia hands down its policy decision Tuesday.
* ISM manufacturing data is due Tuesday in the U.S, Australia GDP is due Wednesday.
* U.S. jobless claims for the week ended Aug. 29 are due Thursday.
* U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.

Here are the main market moves:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.6%.
* Japan’s Topix index gained 0.8%.
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1%.
* The euro rose 0.2% to $1.1932.
* The Japanese yen weakened 0.5% to 105.90 per dollar.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 0.71%.
* Italy’s 10-year yield rose five basis points to 1.09%.
* Germany’s 10-year yield increased one basis point to -0.40%.
Commodities
* West Texas Intermediate crude fell 0.4% to $42.81 a barrel.
* Gold rose 0.2% to $1,969.53 an ounce.
* Silver strengthened 2.6% to $28.21 per ounce.
–With assistance from Joanna Ossinger, Andreea Papuc, Constantine Courcoulas and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

When you repeat a mistake, it is not a mistake anymore: it is a decision.
                                                                 -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

Dear Friends,

Tangents: Happy Friday
Feast of St. Augustine.

On Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream” speech
in front of the Lincoln Memorial. Go to article »
“In the end, we will remember not the words of our enemies, but the silence of our friends.” -Martin Luther King Jr., 1929-1968.

The latest entry in our architecture critic Michael Kimmelman’s virtual tour of New York City: Jackson Heights, Queens. –The NY Times.

Amazon’s new wearable health device can judge the tone of your voice .  Why pay for that feature when we already have in-laws and workplace rivals to do it for free? –CNN

Johann W. von Goethe, b.1749.

PHOTOS OF THE DAY

A photographer snapped a herd of deer bathing in a picturesque loch with the water so calm it perfectly mirrored the animals. Paul Young captured the striking image while vising Glencoe, Scottish Highlands, UK.
CREDIT: PAUL YOUNG/ SWNS.COM

Two jay birds battling mid- air for food in the British countryside. Gary Jones, 54, snapped the birds “locked together in combat” in Galloway Forest Park, Scotland after they both spotted food.
CREDIT: GARY JONES/ CATERS NEWS

People watch the sunset from a park in Kansas City, Missouri, as a hot summer day comes to an end. Sunsets have been a bit more colorful than normal as smoke from California wildfires drifts into the central part of the country.
CREDIT: AP PHOTO/CHARLIE RIEDEL

A coastal roll cloud passes over the Puertito del Buceo marina during a storm in Montevideo, Uruguay.
CREDIT: MARIANA SUAREZ/AFP VIA GETTY IMAGES
Market Closes for August 28th, 2020 

Market Index	Close	Change
Dow Jones	28653.87	+161.60
		+0.57%
S&P 500	3508.01	+23.46
		+0.67%
NASDAQ	11695.633	+70.296 -0.60%
TSX	16705.79	-25.70
		-0.15%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22882.65	-326.21
		-1.41%
HANG SENG	25422.06	+140.91
		+0.56%
SENSEX	39467.31	+353.84
		+0.90%
FTSE 100*	5963.57	-36.42 -0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.633	0.665
CND. 30 Year Bond	1.196	1.196
U.S.    10 Year Bond	0.7211	0.7505
U.S. 30 Year Bond	1.5010	1.5083

Currencies

BOC Close	Today	Previous
Canadian $	0.76354	0.76195
US $	1.30969	1.31242
Euro Rate 1 Euro=		Inverse
Canadian $	1.55925	0.64133
US $	1.19055	0.83995

Commodities

Gold	Close	Previous
London Gold Fix	1923.85	1932.95
Oil
WTI Crude Future	42.97	43.04

Market Commentary:
On this day in 2000, the New York Stock Exchange began trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8th of a dollar. In theory, investors would benefit from lower trading costs, but cynics worried that brokers would make more money than ever. The first to adopt decimal pricing: Anadarko Petroleum, FedEx, Forest City Enterprises, Gateway, Hughes Supply and MSC Software.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Friday as a rally in materials shares failed to offset a drop in consumer staples.
The S&P/TSX Composite Index fell 0.2%, as consumer staples led seven of eleven sectors lower. George Weston Ltd fell 2.6% to its lowest since June 11.
Gold climbed, recovering from Thursday’s drop, as the dollar sank with investors weighing the impact of the Federal Reserve’s new approach to setting U.S. monetary policy.
Stock-market bull Brian Belski is reinstating his year-end target for Canadian stocks and he expects the S&P/TSX Composite to rise 8.8% over the next four months.
Gross domestic product plunged by an annualized 38.7% in the three months through June, adding to an 8.2% drop in the first quarter, Statistics Canada said Friday in Ottawa. But household disposable income surged on the back of state transfers, much of which has yet to be spent.
Commodities
* Western Canada Select crude oil traded at an $11.00 discount to West Texas Intermediate
* Spot gold rose 1.8% to $1,964.84 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to $1.3084 per U.S. dollar
* The 10-year government bond yield fell 3.2 basis points to 0.634%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2 percent, or 25.7 to 16,705.79 in Toronto.
Today, financials stocks led the market lower, as 7 of 11 sectors lost; 95 of 221 shares fell, while 123 rose.
Shopify Inc. contributed the most to the index decline, decreasing 1.3 percent. OceanaGold Corp. had the largest drop, falling 6.2 percent.
Insights
* So far this week, the index rose 1.1 percent
* This month, the index rose 3.3 percent
* The index advanced 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 7 percent below its 52-week high on Feb. 20, 2020 and 49.5 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.7 on a trailing basis and 24.4 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$2.55t
* 30-day price volatility fell to 9.46 percent compared with 9.53 percent in the previous session and the average of 11.31 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -33.8213| -0.7| 7/18
Information Technology | -14.7068| -0.9| 5/5
Consumer Staples | -13.8828| -2.0| 1/10
Industrials | -11.3443| -0.6| 10/17
Utilities | -9.3379| -1.1| 2/13
Communication Services | -7.3812| -0.8| 1/7
Real Estate | -0.5032| -0.1| 21/5
Health Care | 1.9137| 1.2| 7/2
Consumer Discretionary | 2.6966| 0.5| 8/5
Energy | 4.1208| 0.2| 18/6
Materials | 56.5512| 2.3| 43/7
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks capped the week with fresh highs and the dollar weakened to a more than two-year low as the Federal Reserve’s new inflation approach rippled through global markets.
The benchmark S&P 500 closed at an all-time high for a sixth consecutive trading session, while the Nasdaq Composite also reached unseen levels a day after Jerome Powell signaled that the Fed will stay accommodative for longer through more tolerance toward consumer-price increases. The Dow Jones Industrial Average turned positive for the year. The Stoxx Europe 600 Index retreated as the euro strengthened against the dollar, which posted its worst daily decline in about three months against a basket of its peers. Gold advanced.
“Stocks seem to be enjoying the best of both worlds as they are seeing signs of improving economic momentum while monetary stimulus continues to be very accommodative — and more fiscal stimulus is likely on the way,” said Yousef Abbasi, global market strategist at StoneX. “Yesterday’s action by the Fed likely provides risk-assets with the assurance they need – easy money is here to stay.”
The greenback was also hurt by a surge in the yen on news that Japanese Prime Minister Shinzo Abe will resign due to health reasons. European bonds pared earlier declines after a euro-area economic-confidence measure improved. Powell’s shift provided another tailwind for stocks globally, which are heading for a fifth week of gains as investors monitor progress on vaccine developments for the pandemic. It also helped move the U.S. yield curve to its steepest in two months.
Treasury securities mostly rebounded from Thursday’s rout, benefiting from some buying to match duration changes in benchmark indexes at month-end. “The Fed still has the market’s back and the market is responding positively to that prospect,” said Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute. “That was confirmation that yes, we are going to see these lower rates for longer.”
Elsewhere, crude oil fluctuated as Hurricane Laura weakened while crossing over land in the refinery and LNG-rich Gulf of Mexico region. Emerging-market currencies gained, with South Africa’s rand strengthening as much as 2%.

     Here are the main market moves:
Stocks
*The S&P 500 Index rose 0.7% to 3,507.95 as of 4:01 p.m. New York time, hitting the highest on record with its seventh consecutive advance.
*The Dow Jones Industrial Average increased 0.6% to 28,653.32, the highest in about six months.
*The Nasdaq Composite Index gained 0.6% to 11,695.63, the highest on record.
*The Stoxx Europe 600 Index decreased 0.5% to 368.80, the lowest in a week.
Currencies
*The Bloomberg Dollar Spot Index sank 0.9% to 1,161.61, the lowest in more than two years on the largest decrease in more than three months.
*The euro jumped 0.6% to $1.1898, the strongest in more than a week on the biggest increase in a month.
*The Japanese yen appreciated 1.1% to 105.36 per dollar, the strongest in more than four weeks on the largest jump in five months.
Bonds
*The yield on two-year Treasuries decreased two basis points to 0.13%, the lowest in more than two weeks on the biggest tumble in more than 11 weeks.
*The yield on 10-year Treasuries declined two basis points to 0.73%, the first retreat in a week and the largest drop in more than a week.
*The yield on 30-year Treasuries decreased less than one basis point to 1.51%, the first retreat in a week.
Commodities
*West Texas Intermediate crude dipped 0.1% to $42.98 a barrel.
*Gold strengthened 1.8% to $1,963.79 an ounce, the highest in more than a week on the biggest increase in more than a week.
*Copper increased 1.3% to $3.03 a pound, hitting the highest in more than a week with its fifth straight advance and the largest climb in more than a week.
–With assistance from Katherine Greifeld and David Wilson.
Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

However impenetrable it seems, if you don’t try it, then you can never do it.
                                                                     -Andrew J Wiles, b. 1953

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:
Mother Teresa, b. 1910
If you judge people, you have no time to love them. –Mother Teresa, 1910-1997.
1979 – Lord Mountbatten assassinated.
On Aug. 27, 1962, the United States launched the Mariner 2 space probe, which flew past Venus the following December.  Go to article »

By 2245, half the atoms on Earth could be digital data. (h/t Mike Smedley)-Bloomberg.

Rare Indonesian plants can “mine” nickel.-Bloomberg.

PHOTOS OF THE DAY

A demonstrator dressed as Spider-Man raises his fist in the air while protesters in the street, in front of law enforcement in Kenosha, Wisconsin. As the city declared a state of emergency curfew, a third night of civil unrest occurred after the shooting of Jacob Blake, 29, on August 23.
CREDIT: BRANDON BELL/GETTY IMAGES

A young girl collects bricks as she works as a labourer at a brick factory on the outskirts of Herat, Afghanistan.
CREDIT: HOSHANG HASHIMI/AFP VIA GETTY IMAGES

Market Closes for August 27th, 2020 

Market Index	Close	Change
Dow Jones	28492.27	+160.35
		+0.57%
S&P 500	3484.55	+5.82
		+0.17%
NASDAQ	11625.336	-39.725 -0.34%
TSX	16731.49	-58.48
		-0.35%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23208.86	-82.00
		-0.35%
HANG SENG	25281.15	-210.64
		-0.83%
SENSEX	39113.47	+39.55
		+0.10%
FTSE 100*	5999.99	-45.61 -0.75%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.665	0.613
CND. 30 Year Bond	1.196	1.123
U.S.    10 Year Bond	0.7505	0.6884
U.S. 30 Year Bond	1.5083	1.4135

Currencies

BOC Close	Today	Previous
Canadian $	0.76195	0.76074
US $	1.31242	1.31450
Euro Rate 1 Euro=		Inverse
Canadian $	1.55132	0.64461
US $	1.18202	0.84601

Commodities

Gold	Close	Previous
London Gold Fix	1932.95	1911.15
Oil
WTI Crude Future	43.04	43.39

Market Commentary:
On this day in 1878, the day after he returned to his laboratory in Menlo Park, N.J., from a trip to St. Louis, Thomas Edison began experimenting with electric light. By the middle of September (the final date is uncertain), Edison had solved the problem of creating incandescent light.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets failed to hold on to the earlier morning gains after tech and materials stocks declined. The S&P/TSX Composite index fell 0.4% in Toronto, reversing an early gain of as much as 0.3%. A dip in Shopify and gold stocks weighed on technology and materials stocks on Thursday. Gold swung sharply as traders parsed comments from Federal Reserve Chair Jerome Powell, who announced a more relaxed stance on inflation while saying that the central bank wouldn’t hesitate to act if consumer prices rose much above its goal. Meanwhile, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce fiscal third-quarter results topped analysts’ estimates as soaring capital markets earnings softened the economic impact of the coronavirus pandemic.
Commodities
* Western Canada Select crude oil traded at an $11.50 discount to West Texas Intermediate
* Spot gold fell 1.2% to $1,931.13 an ounce
FX/Bonds
* The Canadian dollar fell slightly to $1.3125 per U.S. dollar
* The 10-year government bond yield rose about 5 basis points to 0.661%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 16,731.49 in Toronto. The move follows the previous session’s increase of 1 percent. Shopify Inc. contributed the most to the index decline, decreasing 3.8 percent. Real Matters Inc. had the largest drop, falling 5.1 percent. Today, 127 of 221 shares fell, while 92 rose; 5 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index rose 1.3 percent
* This month, the index rose 3.5 percent
* The index advanced 3.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 6.9 percent below its 52-week high on Feb. 20, 2020 and 49.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.8 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 25.4 on a trailing basis and 24.6 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$2.56t
* 30-day price volatility rose to 9.53 percent compared with 9.48 percent in the previous session and the average of 11.47 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -54.1431| -2.1| 4/46
Information Technology | -43.7271| -2.5| 4/6
Utilities | -4.2513| -0.5| 3/13
Consumer Discretionary | -1.4081| -0.2| 6/7
Health Care | -1.0058| -0.6| 4/4
Consumer Staples | 1.0423| 0.2| 4/7
Industrials | 1.7403| 0.1| 14/14
Real Estate | 2.1843| 0.4| 17/9
Communication Services | 3.8486| 0.4| 6/2
Energy | 4.9951| 0.2| 12/12
Financials | 32.2581| 0.7| 18/7
US
By Katherine Greifeld and Vildana Hajric
(Bloomberg) — U.S. stocks’ record-breaking rally continued and bond yields surged after Jerome Powell reiterated that the Federal Reserve will remain accommodative. The dollar climbed from a two-year low. The S&P 500 reached an all-time high for a fifth day. The Nasdaq Composite also set a record before closing in the red. The yield premium demanded by investors on long-maturity U.S. debt compared to short-term notes increased to the most in two months after Powell said the Fed will seek inflation that averages 2% over time, a step that implies allowing for periods of overshoots. The financial and real estate sectors were the biggest gainers in the S&P, with banks seen benefiting from the higher yields. The benchmark index has surged about 56% from its March lows.
“Powell was hugely dovish,” said Peter Boockvar, chief investment officer for Bleakley Financial Group. “Then bonds woke up, said this guy wants higher inflation, sell!” Abbott Laboratories jumped 8% after winning clearance for a 15-minute Covid test. Reports showed that U.S. weekly jobless claims remained above 1 million and the economy contracted slightly less than forecast in the second quarter. “The takeaway for the real economy is that wages will be allowed to run higher which could benefit low-income households most affected by Covid-19,” said Nela Richardson at Edward D Jones & Co. A bevy of central bankers and economists also spoke at the Fed’s Jackson Hole economic symposium via webcast, entirely viewable by the public for the first time. Traders were also monitoring news of medical advancements for the coronavirus, from Moderna Inc.’s vaccine trials to the Abbott test that will be priced at just $5. Crude oil declined as Hurricane Laura weakened while crossing over land in the refinery and LNG-rich Gulf of Mexico region. Gold retreated for the fourth time in five trading sessions.
Here are some key events coming up:
* The U.S. Republican National Convention continues.
* Personal spending and the PCE Deflator data are due Friday in Washington.
Here are the main market moves:
Stocks
The S&P 500 Index increased 0.2% to 3,484.55 as of 4:03 p.m. New York time, hitting the highest on record with its sixth consecutive advance.
The Dow Jones Industrial Average advanced 0.6% to 28,492.07, the highest in about six months.
The Nasdaq Composite Index declined 0.3% to 11,625.34, the first retreat in more than a week.
The Stoxx Europe 600 Index fell 0.6% to 370.72, the biggest fall in a week.
Currencies
The Bloomberg Dollar Spot Index gained 0.2% to 1,171.71.
The euro dipped 0.1% to $1.1819.
The Japanese yen depreciated 0.6% to 106.61 per dollar, the weakest in two weeks on the largest drop in more than a week.
Bonds
The yield on two-year Treasuries increased one basis point to 0.16%, the highest in two weeks.
The yield on 10-year Treasuries climbed five basis points to 0.74%, the highest in more than 10 weeks on the largest surge in more than two weeks.
The yield on 30-year Treasuries climbed nine basis points to 1.50%, the highest in 10 weeks on the biggest surge in 12 weeks.
Germany’s 10-year yield gained one basis point to -0.41%, the highest in eight weeks.
Commodities
West Texas Intermediate crude fell 0.9% to $42.99 a barrel.
Gold weakened 1.2% to $1,930.53 an ounce, the largest drop in more than a week.
Copper increased 0.6% to $3 a pound, the highest in more than a week.
–With assistance from Claire Ballentine.

Have a great night.

Be magnificent!
As ever,

Carolann

The human being is born with an incurable capacity for making the best of things.
                                                                             -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:
1491 – Christopher Columbus, explorer b.
1883 – Krakatoa erupts: 36,000 killed.
1996 – US President Bill Clinton signs welfare reform into law, representing major shift in welfare policy.

On Aug. 26, 1920, the 19th Amendment to the U.S. Constitution, guaranteeing women the right to vote, was declared in effect.  Go to article »

An illustrated guide to a lesser-known part of the suffragists’ legacy: redefining what a woman “should” look like.-The NY Times.

A robot tried to fix value investing and ended up buying Amazon. -Bloomberg.

Paleontologist runs on a Scottish beach, finds an unexpected dinosaur bone.-Bloomberg.

The suit, proclaimed dead, is alive and well for top tailors

Roomba’s parent company says the household robots just got a lot smarter with a ‘genius update’
Is …. is that a threat? –CNN
PHOTOS OF THE DAY

A magnificent rainbow stretches across the sky as it appears to emerge from a quaint chapel in the Austrian hills.
CREDIT: EMANUELE BATTIST/SOLENT NEWS & PHOTO AGENCY

The Red Arrows -Edinburgh
CREDIT: DAVE CULLEN EDINBURGHELITEMEDIA.CO.UK

Storm Francis batters the small Welsh seaside resort of Porthcawl in Bridgend, UK. With gale force winds and massive waves.
CREDIT: GRAHAM M. LAWRENCE/LNP
Market Closes for August 26th, 2020 

Market Index	Close	Change
Dow Jones	28331.92	+83.48
		+0.30%
S&P 500	3478.73	+35.11
		+1.02%
NASDAQ	11665.063	+198.591 +1.73%
TSX	16789.97	+172.49
		+1.04%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23290.86	-5.91
		-0.03%
HANG SENG	25491.79	+5.57
		+0.02%
SENSEX	39073.92	+230.04
		+0.59%
FTSE 100*	6045.60	+8.59 +0.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.613	0.592
CND. 30 Year Bond	1.123	1.096
U.S.    10 Year Bond	0.6884	0.6835
U.S. 30 Year Bond	1.4135	1.3935

Currencies

BOC Close	Today	Previous
Canadian $	0.76074	0.75924
US $	1.31450	1.31711
Euro Rate 1 Euro=		Inverse
Canadian $	1.55549	0.64288
US $	1.18333	0.84507

Commodities

Gold	Close	Previous
London Gold Fix	1911.15	1943.95
Oil
WTI Crude Future	43.39	43.15

Market Commentary:
On this day in 1919, Coca-Cola Co. successfully sold shares to outsiders for the first time, as a syndicate of banks and brokers from around the country bought 417,000 shares to resell to retail investors at an initial offering price of $40. An earlier attempt at a stock offering in 1892 failed miserably.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets gained with tech stocks leading the advance, mainly driven by Shopify Inc.’s rally.
The S&P/TSX Composite Index rose 1% in Toronto. The benchmark’s tech index rose 4.2%, the most since July 29.
Shopify gained after Jamie Murray of Murray Wealth Group wrote that its shares will return 7% per annum over the next eight years assuming it’s valued at a similar multiple to Salesforce.com Inc.
Royal Bank of Canada, after posting record profit in capital markets in the fiscal third quarter, will probably see more gains from advising on mergers and acquisitions, initial public offerings and leveraged financing, Chief Financial Officer Rod Bolger said. Shares rose 1.5%.
Commodities
* Western Canada Select crude oil traded at an $11.75 discount to West Texas Intermediate
* Spot gold was rose 1.3% to $1,952.78 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to $1.3149 per U.S. dollar
* The 10-year government bond yield rose 2 basis points to 0.611%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1 percent at 16,789.97 in Toronto. The move was the biggest since rising 1.2 percent on Aug. 4 and follows the previous session’s decrease of 0.1 percent.
Today, financials stocks led the market higher, as 6 of 11 sectors gained; 135 of 221 shares rose, while 82 fell.
Shopify Inc. contributed the most to the index gain, increasing 5.1 percent. BlackBerry Ltd. had the largest increase, rising 6.4 percent.
Insights
* This month, the index rose 3.8 percent
* The index advanced 4.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 6.6 percent below its 52-week high on  Feb. 20, 2020 and 50.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.3 percent in the past 5 days and rose 5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.5 on a trailing basis and 24.8 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$2.53t
* 30-day price volatility rose to 9.48 percent compared with 9.43 percent in the previous session and the average of 11.55 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 82.3147| 1.7| 21/4
Information Technology | 70.5914| 4.2| 10/0
Materials | 55.9851| 2.2| 44/4
Consumer Discretionary | 5.8383| 1.0| 9/3
Industrials | 3.0275| 0.2| 18/10
Utilities | 0.1693| 0.0| 8/8
Health Care | -0.1622| -0.1| 3/6
Real Estate | -0.1764| 0.0| 14/12
Consumer Staples | -1.8842| -0.3| 5/6
Communication Services | -3.9339| -0.4| 1/7
Energy | -39.2694| -1.9| 2/22
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — Stocks extended a streak of record gains amid rising expectations for loose monetary policy while the economy shows signs of recovering from the coronavirus pandemic.
The dollar weakened and gold appreciated.
Surging technology shares pushed the S&P 500 and Nasdaq Composite indexes to fresh highs for a fourth consecutive day, while the MSCI All-Country World Index climbed to a record. The S&P has jumped about 55% from its March lows. Salesforce.com Inc. leaped 26% after the software developer’s revenue easily beat estimates, signaling clients responded to the pandemic by upgrading technology systems. U.S. orders for durable goods rose in July by more than double estimates, indicating factories will help support the economic rebound in coming months. ”The continued market juggernaut is certainly impressive,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “The idea that we’re going to have a rip-roaring rebound in the third quarter has been supported by the data.”
Gains in Germany’s stocks pulled European equities higher as the country extended a program that has kept millions of people from losing their jobs in the region’s biggest economy.
Shares fell in Shanghai and Sydney. Crude oil traded near its most costly in five months as Hurricane Laura bore down on key refining facilities on the U.S. Gulf Coast.
As global economies reopen, investors are focusing on the progress of a coronavirus vaccine while showing cautious optimism about controlling fresh outbreaks. Traders are also awaiting Federal Reserve Chairman Jerome Powell’s speech on Thursday about the central bank’s monetary policy framework review, which is expected to entail a new inflation strategy.
“We’re in a slow melt-up sort of driven by Fed liquidity and backstops in the fixed income markets,” said Marc Chaikin, founder of Chaikin Analytics. “It’s giving people with money on the sidelines almost no opportunity to get in comfortably.”
Elsewhere, soybean futures climbed to a seven-month high in Chicago after people familiar with the matter said China is set to buy a record amount from America this year.
Here are some key events coming up:
* The U.S. Republican National Convention runs this week.
* The Bank of Korea sets monetary policy and will hold a briefing on Thursday.
* Fed Chair Powell speaks at an event on Thursday

These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 1% to 3,478.81 as of 4:01 p.m. New York time, hitting the highest on record with its fifth consecutive advance and the largest increase in two weeks.
* The Dow Jones Industrial Average climbed 0.3% to 28,332.53, the highest in six months.
* The Nasdaq Composite Index increased 1.7% to 11,665.06, hitting the highest on record with its fifth consecutive advance and the largest increase in two weeks.
* The Stoxx Europe 600 Index increased 0.9% to 373.12, the highest in two weeks.
Currencies
* The Bloomberg Dollar Spot Index declined 0.2% to 1,169.69, the lowest in more than a week.
* The euro decreased 0.1% to $1.1827.
* The Japanese yen strengthened 0.4% to 106 per dollar, the largest rise in more than a week.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 0.69%, the highest in more than a week.
* Germany’s 10-year yield increased two basis points to -0.42%, the highest in almost two weeks.
* Britain’s 10-year yield gained four basis points to 0.302%, the highest in 11 weeks.
Commodities
* West Texas Intermediate crude climbed 0.1% to $43.38 a barrel, the highest in almost six months.
* Gold strengthened 1.2% to $1,952.28 an ounce, the highest in more than a week on the biggest climb in more than a week.
* Copper rose 1.2% to $2.99 a pound, the largest advance in a week.
–With assistance from Claire Ballentine.
Have a great night.

Be magnificent!
As ever,

Carolann

He was a great patriot, a humanitarian, a loyal friend; provided, of course, he really is dead.
                                                                                                  -Voltaire, 1694-1778

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:
1939 – The Wizard of Oz released.
1894 – Japanese scientist Shibasaburo Kitasato discovers the infectious agent o the bubonic plague and publishes his findings in The Lancet.

On Aug. 25, 1944, Paris was liberated by Allied forces after four years of Nazi occupation. Go to article »

Earth’s core is younger than previously believed, new research suggests A mere 1 billion to 1.3 billion years old!–CNN.

NASA is on the hunt for rogue planets.  And the agency’s new space telescope could help identify hundreds of them.-CNN.
 
These embroidery projects that realistically depict food are oddly mesmerizing. –The NY Times.

Irish boy gets new metal detector, immediately finds 400-year-old sword.-Bloomberg.

2,000-year-old redwoods survived California’s latest wildfires.-Bloomberg.

PHOTOS OF THE DAY

The hypo-pigmented humpback migrates north from Antarctica each year, with females giving birth seeking tropical waters.
CREDIT: MEDIADRUMIMAGES/@CRAIGPARRYPHOTO

This heart stopping footage shows the moment an incredible stuntman became the first person to successfully fly a wingsuit from a mountain in the UK.
CREDIT: HAMISH FROST/SWNS

View of CZU Lightening Fire from the Cotoni-Coast Dairies National Monument, near Davenport in Santa Cruz County, which extends from the steep slopes of the Santa Cruz Mountains to the marine coastal terraces overlooking the Pacific Ocean. 
CREDIT: ZUMA PRESS, INC./ALAMY LIVE NEWS

Sunset over the low lighthouse at Dovercourt in Essex on a calm evening before the arrival of Storm Francis.
CREDIT: MATTHEW MALLETT/SWNS

Market Closes for August 25th, 2020 

Market Index	Close	Change
Dow Jones	28248.44	-60.02
		-0.21%
S&P 500	3443.62	+12.34
		+0.36%
NASDAQ	11466.473	+86.755 +0.76%
TSX	16617.48	-9.16
		-0.06%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23296.77	+311.26
		+1.35%
HANG SENG	25486.22	-65.36
		-0.26%
SENSEX	38843.88	+44.80
		+0.12%
FTSE 100*	6037.01	-67.72 -1.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.592	0.559
CND. 30 Year Bond	1.096	1.074
U.S.    10 Year Bond	0.6835	0.6542
U.S. 30 Year Bond	1.3935	1.3559

Currencies

BOC Close	Today	Previous
Canadian $	0.75924	0.75672
US $	1.31711	1.32149
Euro Rate 1 Euro=		Inverse
Canadian $	1.55894	0.64146
US $	1.18361	0.84487

Commodities

Gold	Close	Previous
London Gold Fix	1943.95	1924.35
Oil
WTI Crude Future	43.15	42.47

Market Commentary:
On this day in 2000, Internet Wire, a press release service, issued a bulletin stating that the Securities and Exchange Commission was investigating Emulex Corp.’s accounting practices. In 16 minutes the stock shed $2.2 billion in market value. The press release was a fabrication by a former Internet Wire employee who was short-selling Emulex stock. He pocketed $241,000 in profits, while thousands of investors lost their shirts, locking in at least $110 million of losses by selling on “the news.” Two weeks later, the SEC nailed the con artist, Mark Jakob, for securities fraud.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks ended Tuesday slightly lower, paring most of the day’s worst losses, thanks to a rise in technology and financial shares. The S&P/TSX Index Composite fell less than 0.1% in Toronto after earlier sliding as much as 0.6%. Consumer staples and materials were among the worst performers. Tech and financials were driven by Shopify and Bank of Montreal. Bank of Montreal rose 5.7% after its better-than-expected fiscal third quarter results were driven partly by record earnings in its capital-markets division amid a surge in trading of fixed income, commodities and currencies. Meanwhile, Ontario Teachers’ Pension Plan said gains in its bond portfolio helped offset losses in infrastructure and real estate, allowing the fund to nearly break even in the first half of the year.
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to West Texas Intermediate
* Spot gold was flat at $1,928.74 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3179 per U.S. dollar
* The 10-year government bond yield rose about 4 basis points to 0.593%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite declined slightly to 16,617.48 in Toronto. The move follows the previous session’s increase of 0.7 percent. TC Energy Corp. contributed the most to the index decline, decreasing 1.6 percent. Sleep Country Canada Holdings Inc. had the largest drop, falling 4.2 percent. Today, 149 of 221 shares fell, while 65 rose; 8 of 11 sectors were lower, led by materials stocks.
Insights
* This month, the index rose 2.8 percent
* The index advanced 3.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 20 percent in the same period
* The S&P/TSX Composite is 7.5 percent below its 52-week high on Feb. 20, 2020 and 48.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.2 on a trailing basis and 24.6 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$2.54t
* 30-day price volatility fell to 9.43 percent compared with 10.49 percent in the previous session and the average of 11.65 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -20.2624| -0.8| 13/34
Energy | -12.0668| -0.6| 10/13
Consumer Staples | -8.2285| -1.2| 0/11
Utilities | -5.0827| -0.6| 7/8
Consumer Discretionary | -4.1532| -0.7| 4/9
Industrials | -3.6137| -0.2| 9/19
Real Estate | -2.1297| -0.4| 6/20
Communication Services | -1.2010| -0.1| 2/6
Health Care | 0.3065| 0.2| 3/5
Financials | 19.1002| 0.4| 7/18
Information Technology | 28.1579| 1.7| 4/6
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. equities rose to all-time highs for a third day with investors counting on the Federal Reserve to stay accommodative as the economy recovers from the coronavirus pandemic. The S&P 500 and the Nasdaq Composite notched fresh highs, with Facebook Inc. rallying after unveiling a series of tools designed to expand shopping on its social media platforms. The Dow Jones Industrial Average declined for the first time in four days. Salesforce.com Inc. jumped 10% following the close of regular trading after raising its revenue outlook. Treasury yields increased and the dollar weakened. “It’s pretty remarkable, the risk-on trade, for the past couple of months,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. “It just seems like a benign day as we sit near the all-time highs.”
Oil rose as traders eyed Tropical Storm Laura, which is expected to strengthen into a hurricane before making landfall later this week. U.S. gasoline futures rose to the highest level since March on concern over possible fuel shortages. In addition to geopolitics and business confidence, investors are focused on vaccine progress as global economies reopen amid fresh outbreaks of the virus. Moderna Inc. said it’s near a deal to supply at least 80 million vaccine doses to the European Union. “The pattern we’re watching seems to be vaccine clarity means buy the socially distant losers, all of the sectors that have taken a beating since you can’t get together,” said Mike Bailey, director of research at FBB Capital Partners.
Traders are also awaiting Fed Chair Jerome Powell’s scheduled speech on Thursday about the Fed’s long-awaited monetary policy framework review, which has focused on a new inflation strategy. ”If you think about what’s been driving markets, it’s really been the pace of recovery and primarily multiples have expanded due to hyper-loose monetary policy,” Troy Gayeski, co- chief investment officer of SkyBridge Capital, told Bloomberg TV. Elsewhere, gold traded below $1,950 an ounce.
Here are some key events coming up:
* Earnings from companies including ICBC, PetroChina, HP Inc., Royal Bank of Canada and Dollar General.
* The U.S. Republican National Convention runs this week.
* The Bank of Korea sets monetary policy and will hold a briefing on Thursday.
* Fed Chair Powell speaks at an event on Thursday.

These are the main moves in markets:
Stocks
The S&P 500 Index gained 0.3% to 3,443.67 as of 4:01 p.m. New
York time, the highest on record.
The Dow Jones Industrial Average decreased 0.2% to 28,248.75.
The Nasdaq Composite Index rose 0.8% to 11,466.47, the highest on record.
The Stoxx Europe 600 Index dipped 0.3% to 369.75.
Currencies
The Bloomberg Dollar Spot Index decreased 0.3% to 1,171.60.
The euro increased 0.4% to $1.1832.
The Japanese yen depreciated 0.4% to 106.40 per dollar, the weakest in more than a week.
Bonds
The yield on 10-year Treasuries gained three basis points to 0.68%, the highest in a week on the biggest rise in more than a week.
Germany’s 10-year yield increased six basis points to -0.43%, the highest in more than a week on the largest increase in almost 12 weeks.
Britain’s 10-year yield gained five basis points to 0.263%, the highest in almost 11 weeks on the biggest climb in almost two weeks.
Commodities
West Texas Intermediate crude rose 1.8% to $43.36 a barrel, the highest in almost six months on the largest advance in a week.
Gold was little changed at $1,928.47 an ounce.
Silver depreciated 0.1% to $26.52 per ounce, the weakest in more than a week.

Have a great night.

Be magnificent!
As ever,

Carolann

Love of glory can only create a great hero; contempt of glory creates a great man.
                                                      -Charles-Maurice de Talleyrand, 1754-1838

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:
August 24, 79 AD, Mount Vesuvius erupts, Pompeii destroyed.
Jorge Luis Borges, writer, b. 1899

Israeli kids dig up 1,100-year-old gold coins.-Bloomberg.

NASA says an asteroid is headed our way right before Election Day
It appears that 2020 is continually trying to outdo itself. –CNN.

Rogue planets could outnumber the stars in the Milky Way. –Bloomberg.

Perhaps you’ve exhausted your Netflix queue. Or maybe you just want to watch something new. Check out this guide to 10 under-the-radar movies that are now streaming. Among them: the concert film “Western Stars,” Bruce Springsteen’s first crack at feature directing.-The NY Times.

On Aug. 24, 1992, Hurricane Andrew smashed into Florida, causing record damage; 55 deaths in Florida, Louisiana and the Bahamas were blamed on the storm. Go to article »
PHOTOS OF THE DAY

He Ilen, Ireland’s last wooden cargo vessel with a hold, which has embarked upon a two-week voyage from Baltimore, West Cork, with a cargo of locally produced cheese, coffee and whiskey and will visit islands on the south and west coasts of Ireland, reviving a tradition which was lost a century ago
VREDIT: GARY MACMAHON/PA

Dank Dangubic of Bosina and Herzegovina jumps during the Bentbasa Cliff Diving Competition in Sarajevo, Bosnia and Herzegovina
CREDIT: XINHUA/SHUTTERSTOCK

Dix Doonan Webb specialist Thomasina Smith with the eagle which sold for £500,000. An extremely rare Napoleonic ship’s eagle which was touched by the little general for good luck has sold for £500,000. He handed out over 1,000 eagles to his infantry, cavalry regiments and every ship of the lane in his navy during a ceremony in Paris on December 3, 1804. The emperor told his men the eagles ‘ will always be your rallying point’ and they must ‘sacrifice their lives’ to defend them.
CREDIT: BNPS
Market Closes for August 24th, 2020 

Market Index	Close	Change
Dow Jones	28308.46	+378.13
		+1.35%
S&P 500	3431.28	+34.12
		+1.00%
NASDAQ	11379.719	+67.918 +0.60%
TSX	16626.64	+108.79
		+0.66%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22985.51	+65.21
		+0.28%
HANG SENG	25551.58	+437.74
		+1.74%
SENSEX	38799.08	+364.36
		+0.95%
FTSE 100*	6104.73	+102.84 +1.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.559	0.540
CND. 30 Year Bond	1.074	1.067
U.S.    10 Year Bond	0.6542	0.6347
U.S. 30 Year Bond	1.3559	1.3477

Currencies

BOC Close	Today	Previous
Canadian $	0.75672	0.75873
US $	1.32149	1.31799
Euro Rate 1 Euro=		Inverse
Canadian $	1.55818	0.64177
US $	1.17911	0.84810

Commodities

Gold	Close	Previous
London Gold Fix	1924.35	1927.15
Oil
WTI Crude Future	42.47	42.19

Market Commentary:
On this day in 1927, Harry M. Markowitz was born in Chicago, son of Morris and Mildred Markowitz, who ran a small grocery store. In 1950-1952, Markowitz devised the intricate mathematics that proved the virtue of diversification and laid the groundwork for modern portfolio theory. In 1990, he shared the Nobel Prize in economics for his work.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks advanced with global equity markets on signs that the Trump administration may fast-track
vaccines and treatments for coronavirus.
The S&P/TSX Composite index rose 0.7% in Toronto, led by financials. Canadian banks rose ahead of their earnings season, which should show improved results from last quarter. However, the group still is likely to see profits plunge for a second quarter due to economic fallout from the Covid-19 pandemic.
Energy shares rose, helped by a rise in oil prices in advance of two storms heading for the U.S. Gulf Coast that spurred offshore operators to curtail production.
Meanwhile, Northern Dynasty Minerals Ltd. plunged after reports the Trump administration is planning to block the controversial Pebble mining project in Alaska. The project has drawn opposition from prominent Republicans. On Monday, an Army Corps of Engineers letter was made public demanding a mitigation plan for “unavoidable adverse impacts.”
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to West Texas Intermediate
* Spot gold fell 0.8% to $1,925.37 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.3227 per U.S. dollar
* The 10-year government bond yield rose to 0.555%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 16,626.64 in Toronto. The move follows the previous session’s decrease of 0.5 percent.
Today, financials stocks led the market higher, as 9 of 11 sectors gained; 136 of 221 shares rose, while 83 fell.
Toronto-Dominion Bank contributed the most to the index  gain, increasing 2.9 percent. NFI Group Inc. had the largest increase, rising 6.8 percent.
Insights
* This month, the index rose 2.8 percent
* The index advanced 3.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 20 percent in the same period
* The S&P/TSX Composite is 7.5 percent below its 52-week high on Feb. 20, 2020 and 48.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.3 on a trailing basis and 24.8 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$2.52t
* 30-day price volatility fell to 10.49 percent compared with 10.59 percent in the previous session and the average of 11.82 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 78.3260| 1.7| 24/1
Energy | 31.5613| 1.6| 23/1
Industrials | 9.2685| 0.5| 15/13
Consumer Discretionary | 5.6173| 1.0| 12/1
Utilities | 5.6047| 0.7| 9/7
Communication Services | 3.8454| 0.4| 8/0
Health Care | 2.5469| 1.7| 7/2
Real Estate | 1.4266| 0.3| 17/9
Consumer Staples | 0.5902| 0.1| 7/4
Materials | -7.9560| -0.3| 10/39
Information Technology | -22.0387| -1.3| 4/6
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. stocks rose to record highs and bonds fell on signs that the Trump administration may fast-track vaccines and treatments for coronavirus.
The S&P 500 notched another all-time high as optimism mounted that the virus wouldn’t hamper growth. The Nasdaq Composite also closed a record for a second consecutive session.
Companies that benefit from a more robust economic restart led the gains. Carnival Corp. and United Airlines Holdings Inc. surged more than 9%, while Kohl’s Corp. and Gap Inc. jumped at least 7%. Casinos, carmakers and homebuilders joined the rally. Of the 11 S&P industry sectors, only health care finished lower. “The market is now working out well into next year –expecting a vaccine or several, a couple of important therapeutic remedies as well, probably continued government aid, and people going back to work and children going back to school,” said David Rainey, co-portfolio manager of the Hennessy Focus Fund.
Market sentiment was supported by news over the weekend that the U.S. Food and Drug Administration is working to expand access to a virus treatment involving blood plasma from recovered patients. Separately, the Financial Times reported that the Trump administration is considering whether to bypass regulatory standards to accelerate an experimental vaccine.
European shares ended higher, with AstraZeneca Plc climbing 2%. Treasury yields rose and the dollar strengthened, while gold traded near $1,950 an ounce.

Elsewhere, Asian stocks got a boost after a report that White House officials have reassured American businesses that a ban on its WeChat app won’t be as broad as feared. WeChat owner Tencent Holdings Ltd. jumped the most in a month, gaining $37 billion. Investors will be focused this week on the Federal Reserve’s annual Economic Policy Symposium — typically held in Jackson Hole, Wyoming. Chair Jerome Powell is scheduled to speak on Thursday about the Fed’s long-awaited monetary policy framework review, which has focused on a new inflation strategy. ‘Past Peak Central Banking’ on View as Jackson Hole Goes Virtual
Meanwhile, storms Marco and Laura are rolling toward the U.S. Gulf Coast, where they’ll come ashore as hurricanes as soon as Monday. Almost 58% of crude output in the U.S. Gulf of Mexico production has been shut down as the threat prompted evacuations of off-shore energy platforms and set residents and officials on edge from Texas to Florida.
Here are some key events coming up:
* Earnings from companies including, ICBC, PetroChina, HP Inc., Royal Bank of Canada, Best Buy and Dollar General.
* The U.S. Republican National Convention begins Monday.
* The Bank of Korea sets monetary policy and will hold a briefing on Thursday.
* Fed Chair Jerome Powell speaks at event on Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 1% to 3,431.41 as of 4:00 p.m. New York time, the highest on record with the largest increase in more than a week.
* The Dow Jones Industrial Average surged 1.4% to 28,309.08, the highest in six months on the biggest jump in almost three weeks.
* The Nasdaq Composite Index climbed 0.6% to 11,379.72, the highest on record.
* The Stoxx Europe 600 Index jumped 1.6% to 370.85, the highest in more than a week on the biggest surge in almost two weeks.
Currencies
* The Bloomberg Dollar Spot Index increased 0.1% to 1,174.51, the highest in more than a week.
* The euro decreased 0.1% to $1.179, the weakest in more than a week.
* The Japanese yen weakened 0.2% to 105.97 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 0.65%, the biggest rise in more than a week.
* Germany’s 10-year yield increased two basis points to -0.49%, the first advance in more than a week.
* Britain’s 10-year yield climbed one basis point to 0.213%.
Commodities
* West Texas Intermediate crude increased 0.2% to $42.41 a barrel, the first advance in a week.
* Gold depreciated 0.7% to $1,927.26 an ounce, the weakest in more than a week.
* Silver depreciated 1.3% to $26.45 per ounce, the weakest in more than a week.

Have a great night.

Be magnificent!
As ever,

Carolann

Stay away from negative people.  They have a problem for every solution.
                                                                -Albert Einstein, 1879-1955

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.

Mittens the cat could become New Zealander of the Year 
In a year when everything and everyone seems to be bad, let cats represent the best of us.-CNN.

Take a virtual tour of Harlem, one of New York’s most storied neighborhoods. –The NY Times.

The end of the universe could be a frigid, lifeless wasteland punctuated by “black dwarf” supernovae. -Mike Smedley, Bloomberg.

PHOTOS OF THE DAY

A person watches the Christie Mountain wildfire burn along Skaha Lake near Pentiction, British Columbia
CREDIT: JONATHAN HAYWARD/THE CANADIAN PRESS VIA AP

A view of the 2020 Formula Kite Individual European Championships in Puck, northern Poland
CREDIR: ADAM WARZAWA/EPA -EFE/SHUTTERSTOCK

Straw bales have been given ‘googly eyes’ to bring fun and cheer to people visiting a village in Spain. Youngsters in the village of Oronz in Salazar Valley have decorate the circular bales with eyes to create the fun characters in the recently harvested field. Eduardo Blanco who was visiting the valley and came across it by chance said “The straw bales are decorated by young people in the village”
CREIDT: EDUARDO BLANCO/NATUREPL/ SOLENT NEWS

A Brocken Spectre also known as Brocken Bow was captured by Iain Weir on his hike on Sgurr nan Gillean in the Cuillins, Skye.
CREDIT: IAIN WEIR/ SWNS.COM
Market Closes for August 21^st , 2020 

Market Index	Close	Change
Dow Jones	27930.33	+190.60
		+0.69%
S&P 500	3397.16	+11.65
		+0.34%
NASDAQ	11311.801	+46.848 +0.42%
TSX	16517.85	-88.91
		-0.54%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22920.30	+39.68
		+0.17%
HANG SENG	25113.84	+322.45
		+1.30%
SENSEX	38434.72	+214.33
		+0.56%
FTSE 100*	6001.89	-11.45 -0.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.540	0.563
CND. 30 Year Bond	1.067	1.087
U.S.    10 Year Bond	0.6347	0.6509
U.S. 30 Year Bond	1.3477	1.3833

Currencies

BOC Close	Today	Previous
Canadian $	0.75873	0.75845
US $	1.31799	1.31847
Euro Rate 1 Euro=		Inverse
Canadian $	1.55475	0.64319
US $	1.17964	0.84772

Commodities

Gold	Close	Previous
London Gold Fix	1927.15	1981.00
Oil
WTI Crude Future	42.19	42.58

Market Commentary:
On this day in 1754, William Murdock was born in Bellow Mill, near Cumnock in Ayrshire, England. In 1792 he invented coal-gas lighting, enabling the streets of London—and, soon, most of the world’s major cities—to be illuminated at night. For the first time, sunset did not have to mean darkness, and human productivity and safety took a great leap forward.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares dropped Friday, ending the week little changed.
The S&P/TSX Composite Index fell 0.5% Friday, with seven of eleven sectors lower. Materials fell while health care also lagged.
Up more than 5% this year, the S&P 500 Index hit a fresh record Friday. In Canada, meanwhile, the TSX still needs to rise another 545 points, or about 3.3%, just to break even for the year.
Gold prices slipped, heading for the first back-to-back weekly decline since June, as the dollar advanced and stronger- than-expected U.S. economic data eased concerns over the pace of recovery.
Oil also slipped as signs of stumbling recoveries in major economies from Europe to Asia threaten to delay a demand rebound.
Commodities
* Western Canada Select crude oil traded at an $11.50 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,938.90 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3188 per U.S. dollar
* The 10-year government bond yield fell 2.2 basis points to 0.542%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.5 percent at 16,517.85 in Toronto. The move was the biggest since falling 0.7 percent on Aug. 11 and follows the previous session’s increase of 0.2 percent.
Shopify Inc. contributed the most to the index decline, decreasing 1.7 percent. Crescent Point Energy Corp. had the largest drop, falling 6.7 percent.
Today, 145 of 221 shares fell, while 72 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index was unchanged
* This month, the index rose 2.2 percent
* The index advanced 1.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 8.1 percent below its 52-week high on Feb. 20, 2020 and 47.8 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.1 on a trailing basis and 24.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility little changed to 10.59 percent compared with 10.59 percent in the previous session and the average of 12.55 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -53.8399| -2.1| 2/47
Information Technology | -21.6184| -1.3| 1/9
Energy | -20.6605| -1.0| 2/22
Real Estate | -3.2286| -0.6| 3/23
Consumer Discretionary | -2.6081| -0.5| 5/8
Health Care | -2.3779| -1.5| 2/7
Consumer Staples | -2.1818| -0.3| 7/4
Financials | 0.0000| 0.0| 11/12
Communication Services | 4.5088| 0.5| 7/1
Industrials | 6.4703| 0.3| 18/10
Utilities | 6.6274| 0.8| 14/2
US
By Rita Nazareth, Sarah Ponczek and Lu Wang
(Bloomberg) — Stocks climbed, led by technology companies, after economic data bolstered optimism that a recovery from a pandemic-induced recession is on track. Treasuries and the dollar rose.
The S&P 500 notched its fourth straight weekly rally – the longest winning streak this year — to close at a fresh record. A sense of calm has prevailed amid light volume: It’s been 21 sessions since the gauge posted a drop of more than 1%. Apple Inc. jumped ahead of the record date of a 4-for-1 stock split on Monday. Deere & Co., the largest maker of agricultural machinery, surged after boosting its outlook. Homebuilders soared as data showed sales of previously owned homes rose the most on record in July.
Governments around the world are still walking a tightrope between easing coronavirus lockdowns to revive economic growth, and controlling any resurgence of Covid-19. Florida’s positive- test rate stabilized, cases and deaths fell in Arizona while and New York reported the fewest number of hospitalized patients since March 16.  
     Meanwhile, Europe is grappling with a spike of infections, with little appetite among top officials to resort to stringent restrictions that helped control the spread earlier this year. “We had a couple months where the virus was scary and confusing. And then we had our initial economic rebound,” said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “Now investors are looking at the marketplace and saying, ‘What will the recovery look like?’”

     These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.2%.
* The MSCI Asia Pacific Index gained 0.8%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3%.
* The euro dipped 0.5% to $1.1796.
* The Japanese yen was little changed at 105.84 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 0.63%.
* Germany’s 10-year yield fell one basis point to -0.51%.
* Britain’s 10-year yield decreased two basis points to 0.206%.
Commodities
* The Bloomberg Commodity Index dipped 0.5%.
* West Texas Intermediate crude dipped 1.3% to $42.25 a barrel.
* Gold weakened 0.4% to $1,939.04 an ounce.
–With assistance from Adam Haigh, Todd White, Robert Brand, Vildana Hajric, Claire Ballentine and Sophie Caronello.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

We don’t see things as they are, we see them as we are.
                                              -Anaïs Nin, 1903-1977

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:

1942 – Plutonium first weighed.

1968 – During the night, 250,000 Soviet and Warsaw Pact troops invade Czechoslovakia in response to the Prague Spring.

1977 – The United States launched Voyager 2, an unmanned spacecraft carrying a 12-inch copper phonograph record containing greetings in dozens of languages,
samples of music and sounds of nature. Go to article

PHOTOS OF THE DAY

Snapper Liz Gregg captured Elsa the Golden Retriever, Dolly the Cocker and Jeanie the Collie Poodle with pal Danielle Roughan, 27, both from Herne Bay, Kent.
CREDIT: LIZ CARR/TRIANGE NEWS

Water gushing out from the Three Gorges Dam in central China’s Hubei Province. The inflow of water at the Three Gorges reservoir reached 72,000 cubic meters per second at Wednesday noon.
CREDIT: XINHUA/SHUTTERSTOCK

Fishermen clean their nets after fishing at sunset in Banda Aceh.
CREDIT: CHAIDEER MAHYUDDIN/AFP VIA GETTY IMAGES

Market Closes for August 20^th , 2020 

Market Index	Close	Change
Dow Jones	27739.73	+46.85
		+0.17%
S&P 500	3385.51	+10.66
		+0.32%
NASDAQ	11264.953	+118.492 +1.06%
TSX	16606.76	+29.38
		+0.18%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22880.62	-229.99
		-1.00%
HANG SENG	24791.39	-387.52
		-1.54%
SENSEX	38220.39	-394.40
		-1.02%
FTSE 100*	6013.34	-98.64 -1.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.563	0.582
CND. 30 Year Bond	1.087	1.097
U.S.    10 Year Bond	0.6509	0.6834
U.S. 30 Year Bond	1.3833	1.4238

Currencies

BOC Close	Today	Previous
Canadian $	0.75845	0.75658
US $	1.31847	1.32173
Euro Rate 1 Euro=		Inverse
Canadian $	1.56397	0.63940
US $	1.18620	0.84303

Commodities

Gold	Close	Previous
London Gold Fix	1981.00	2008.75
Oil
WTI Crude Future	42.58	42.93

Market Commentary:
On this day in 1982, the stock market finished a week of shattering records right and left, as the Dow closed at a 869.26—up 81.24 points for the week, or a startling 10.3%. In the tumultuous week, four out of the five trading days were among the 10 busiest yet recorded on the New York Stock Exchange—and the Dow had its biggest and fourth-biggest daily point moves yet on record.
Most amazing of all: Just days earlier, most investors had thought a bull market was still months, even years, away.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities pared a drop earlier in Thursday’s session as information technology stocks advanced. The S&P/TSX Composite Index rose 0.2%, with six of 11 sectors higher. Lightspeed POS Inc. and Constellation Software Inc. were among technology gainers. Real estate also advanced. Spot gold closed with its third gain in four sessions as concerns over the path of the economic recovery and U.S.-China trade tensions bolstered demand for haven assets. Prime Minister Justin Trudeau’s government plans to extend Canada’s emergency income support for another four weeks, and beef up the country’s employment insurance plan in an effort to keep stimulus flowing into the economy.
Commodities
* Western Canada Select crude oil traded at a $11.75 discount to West Texas Intermediate
* Spot gold rose 1.2% to $1,952 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3176 per U.S. dollar
* The 10-year government bond yield fell 2.3 basis points to 0.559%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 16,606.76 in Toronto. The move follows the previous session’s decrease of 0.3 percent. Shopify Inc. contributed the most to the index gain, increasing 2.6 percent.  Cineplex Inc. had the largest increase, rising 10.8 percent. Today, 102 of 221 shares rose, while 117 fell; 6 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 0.6 percent
* This month, the index rose 2.7 percent
* The index advanced 2.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 7.6 percent below its 52-week high on Feb. 20, 2020 and 48.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.5 percent in the past 5 days and rose 2.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.3 on a trailing basis and 24.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility fell to 10.59 percent compared with 10.74 percent in the previous session and the average of 12.92 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 40.1228| 2.4| 9/1
Materials | 24.8156| 1.0| 36/14
Real Estate | 7.3064| 1.4| 23/3
Consumer Staples | 0.7048| 0.1| 3/8
Communication Services | 0.2535| 0.0| 5/3
Consumer Discretionary | 0.1475| 0.0| 4/9
Health Care | -1.2428| -0.8| 2/7
Utilities | -1.7554| -0.2| 4/12
Industrials | -2.2223| -0.1| 10/18
Energy | -15.7453| -0.8| 2/21
Financials | -23.0131| -0.5| 4/21
US
By Rita Nazareth
(Bloomberg) — Stocks climbed as gains in giant technology companies drove the Nasdaq 100 to a record, tempering concern that a recovery from the pandemic-induced recession will need more time. Treasuries rose. The rally in heavyweights such as Apple Inc. and Tesla Inc. offset a slide for energy producers and banks amid light trading volume. Intel Corp. — the world’s largest chipmaker – jumped on news it’s entering into accelerated agreements to buy back $10 billion of shares. Zoom Video Communications Inc. surged after Morgan Stanley boosted its price target for the video- conferencing company. Uber Technologies Inc. and Lyft Inc. climbed after being spared from having to rapidly convert their California drivers to employees.
Wall Street’s obsession with the fortress-like profit potential of internet and software companies seems to remain intact. Thanks to solid balance sheets and a suite of products that benefit from social distancing, tech has extended this year’s surge — the biggest among major S&P 500 groups. The industry has sustained momentum for the stock market, despite concern over lofty valuations and economic growth. “The love for technology stocks grew as the favorite pandemic plays,” wrote Ed Moya, senior market analyst at Oanda. “No one wants to short this market, so we are seeing investors just rotate back into technology stocks today.”
Earlier Thursday, equities slumped as applications for U.S. unemployment benefits unexpectedly increased, with initial jobless claims climbing to more than 1.1 million. The report reinforces forecasts that improvement in the labor market will occur in fits and starts, with the latest uptick likely representing a pause in that recovery — rather than a substantial change in direction. On the trade front, China confirmed plans to talk with U.S. officials soon to review progress on their preliminary deal – a rare engagement between the world’s largest economies as relations deteriorate. Speaking in Arizona earlier this week, President Donald Trump said he canceled those plans because he’s unhappy with the Asian nation’s role in the Covid-19 pandemic.
Here are some key events coming up:
* Euro-area PMIs will be released on Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1.1%.
* The MSCI Asia Pacific Index slid 1.4%.
Currencies
* The Bloomberg Dollar Spot Index lost 0.3%.
* The euro rose 0.2% to $1.1857.
* The Japanese yen strengthened 0.3% to 105.78 per dollar.
Bonds
* The yield on 10-year Treasuries dipped three basis points to 0.65%.
* Germany’s 10-year yield decreased two basis points to -0.50%.
* Britain’s 10-year yield fell one basis point to 0.225%.
Commodities
* The Bloomberg Commodity Index declined 0.8%.
* West Texas Intermediate crude fell 0.8% to $42.58 a barrel.
* Gold strengthened 1.2% to $1,951.59 an ounce.

–With assistance from Joanna Ossinger, Todd White, Cecile Gutscher, Lynn Thomasson, Katherine Greifeld, Vildana Hajric and Claire Ballentine.

Have a great night.

Be magnificent!
As ever,

Carolann

You can preach a better sermon with your life, than with your lips.
                                               -Oliver Goldsmith , 1728-1774

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 Aug. 19, 1934, a plebiscite in Germany approved the vesting of sole executive power in Adolf Hitler as Fuhrer. Go to article

On August 19, 1942: Over 4,000 Canadian and British soldiers were killed, wounded or captured raiding Dieppe, France, during World War II.

At last: Scientists think they have found a cure for hangovers.-Bloomberg.

Earth’s magnetic field is doing weird stuff. –Alistair Low, Bloomberg

It’s World Photography Day, so feast your eyes on some of the most striking photo stories that have been published this year. -CNN.

The pandemic has left Italy starving for tourists this year, but after incidents like an unauthorized dip in the Grand Canal in Venice and an unfortunate toe mishap involving a plaster statue at a museum in northern Italy, Italians say visitors should not feel free to behave badly.
Speaking of traveling, do you have dreams of being a digital nomad? Several countries with fragile tourist economies have started to offer visas that allow foreign nationals to live and work for a period of at least six months. –The New York Times.

PHOTOS OF THE DAY

The giant rainbow appeared briefly over the 5,000 year-old Stonehenge monument near Amesbury, Wilts.
CREDIT: CHRIS ORANGE/SWNS.COM

The finest drops of water from the morning dew pearl on a spider’s web as the sun rises in the Leinemasch near Laatzen, Germany.
CREDIT: JULIAN STRATENSCHULTE/DPA VIA AP

A woman walks past a showcase with a Thorah scroll in the new core exhibition ‘Jewish Life in Germany: Past and Present’ at the Jewish Museum in Berlin, Germany.
CREDIT: AP PHOTO/MICHAEL SOHN

Five women stand in shallow water collecting bright pink and white water lilies as their boats drift nearby. They spread the long plants out in a circle around themselves and let them float on the surface as they harvested them.
CREDIT: NGOC DIEM/SOLENT NEWS & PHOTO AGENCY

Market Closes for August 19^th , 2020 

Market Index	Close	Change
Dow Jones	27692.88	-85.19
		-0.31%
S&P 500	3374.85	-14.93
		-0.44%
NASDAQ	11146.461	-64.383 -0.57%
TSX	16577.38	-48.68
		-0.29%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23110.61	+59.53
		+0.26%
HANG SENG	25178.91	-188.47
		-0.74%
SENSEX	38614.79	+86.47
		+0.22%
FTSE 100*	6111.98	+35.36 +0.58%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.582	0.563
CND. 30 Year Bond	1.097	1.069
U.S.    10 Year Bond	0.6834	0.6671
U.S. 30 Year Bond	1.4238	1.3961

Currencies

BOC Close	Today	Previous
Canadian $	0.75658	0.75933
US $	1.32173	1.31695
Euro Rate 1 Euro=		Inverse
Canadian $	1.56470	0.63910
US $	1.18383	0.84472

Commodities

Gold	Close	Previous
London Gold Fix	2008.75	1972.85
Oil
WTI Crude Future	42.93	42.89

Market Commentary:
On this day in 1883, Jeanne Gabrielle Chanel was born in Saumur, France, the illegitimate daughter of Albert Chanel, an itinerant peddler, and Jeanne Devolle. Later known as “Coco,” Chanel overcame her shabby past and became one of the most powerful forces in the world’s fashion industry.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell alongside U.S. stocks after the Federal Reserve minutes signaled tempered optimism about growth in the second half of 2020. The S&P/TSX Composite Index dropped 0.3%, with seven of eleven sectors lower. Materials led the decline, while health care also lagged. Utilities were among gainers. Spot gold fell to a session low after minutes of the Federal Reserve’s last meeting showed U.S. central bankers appeared to back off from an earlier readiness to clarify guidance on the future path of interest rates. Meanwhile, the Canada Pension Plan Investment Board’s thought leadership lab sees permanent changes to consumer behavior as a result of the global pandemic.
Commodities
* Western Canada Select crude oil traded at a $11.60 discount to West Texas Intermediate
* Spot gold fell 3.3% to $1,937 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.3217 per U.S. dollar
* The 10-year government bond yield rose 1.9 basis points to 0.579%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3 percent, or 48.68 to 16,577.38 in Toronto. The move was the biggest since falling 0.7 percent on Aug. 11. Barrick Gold Corp. contributed the most to the index decline, decreasing 3.4 percent. B2Gold Corp. had the largest drop, falling 7.5 percent. Today, 122 of 221 shares fell, while 95 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* The index advanced 1.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 7.8 percent below its 52-week high on Feb. 20, 2020 and 48.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is unchanged in the past 5 days and rose 2.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.2 on a trailing basis and 24.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.54t
* 30-day price volatility rose to 10.74 percent compared with 10.63 percent in the previous session and the average of 13.03 percent over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -50.9363| -2.0| 12/38
Information Technology | -9.0399| -0.5| 7/3
Energy | -1.9938| -0.1| 13/9
Health Care | -1.6938| -1.1| 3/6
Real Estate | -1.3857| -0.3| 4/22
Communication Services | -0.5454| -0.1| 4/4
Consumer Discretionary | -0.0612| 0.0| 5/8
Consumer Staples | 0.2604| 0.0| 5/6
Industrials | 3.0220| 0.2| 18/10
Utilities | 5.0585| 0.6| 9/7
Financials | 8.6292| 0.2| 15/9
US
     (Bloomberg) — Stocks dropped and the dollar rose after the Federal Reserve minutes signaled tempered optimism about growth in the second half of 2020. Treasuries fell as policy makers panned yield-curve control. The S&P 500 erased gains as the Fed noted the health crisis would “weigh heavily” on economic activity and repeated its view that the path of the recovery would depend on containment of the virus. U.S. central bankers also appeared to back off from an earlier readiness to clarify their guidance on the future path of interest rates when they met in July. Benchmark 10-year government bonds slid after the minutes refrained from citing prospects of changes to the size or composition of the purchases of Treasury securities. The greenback advanced after a five-day rout.
Traders pushed down the value of equities after the S&P 500 closed at a record for the first time since the pandemic started amid ultra-easy monetary policy and massive stimulus measures. The buying stampede fueled debate on whether momentum can be sustained amid lofty valuations and uncertainties over further government relief that could help lift the world’s largest economy from a coronavirus-induced recession. Policy makers are likely more worried about the pace of the recovery “given the stalemate on fiscal stimulus in Washington,” said Marvin Loh, senior global macro strategist at State Street. “The Fed will continue to do what it can, but it does feel that fiscal is as important in the recovery process as monetary, and their tools to get funds to Main Street remain constrained.”
Democratic and Republican leaders are hinting that they are looking for a path toward reviving stalled negotiations on the next round of pandemic relief — even as both sides remain far from a deal. Any accord is still likely to wait until September despite the fact that the U.S. economy is limping along with many businesses still struggling and millions of Americans out of work. While policy makers will be on the lookout for signs of inflation, a bigger concern for the Fed is actually deflation as the pace of the economic recovery continues to moderate, according to Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “The minutes suggested that policy measures like yield curve control and explicit forward guidance aren’t guaranteed, and could create some upward pressure on long-term bond yields over the near-term,” he said.
Some corporate highlights:
* After the close of regular trading, Nvidia Corp. reported revenue for the second quarter that beat the highest analyst estimate.
* Apple Inc. made Wall Street history on Wednesday when its 2020 stock surge pushed the market value over $2 trillion, the first time a U.S. company has surpassed that level.
* Target Corp. posted record sales and profit last quarter.
* Lowe’s Cos. reported a strong summer sales pace that beat estimates.
* Johnson & Johnson agreed to buy Momenta Pharmaceuticals Inc. for about $6.5 billion to expand in treatments for autoimmune diseases.

Here are some key events coming up:
* Results from Alibaba Group Holding Ltd. and Qantas Airways Ltd. are due Thursday.
* U.S. jobless claims for the week ended Aug. 15 are due Thursday.
* China’s loan prime rate is due Thursday.
* Euro-area PMIs will be released on Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 0.4% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.7%.
* The MSCI Asia Pacific Index sank 0.5%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.6%.
* The euro sank 0.8% to $1.184.
* The Japanese yen weakened 0.6% to 106.08 per dollar.
Bonds
* The yield on 10-year Treasuries increased one basis point to 0.68%.
* Germany’s 10-year yield fell one basis point to -0.47%.
* Britain’s 10-year yield advanced two basis points to 0.236%.
Commodities
* The Bloomberg Commodity Index declined 0.2%.
* West Texas Intermediate crude fell 0.1% to $42.83 a barrel.
* Gold depreciated 3.1% to $1,939.70 an ounce.

–With assistance from Sophie Caronello, Joanna Ossinger, Adam
Haigh, Todd White, Sam Potter, Lynn Thomasson, Ryan Vlastelica and Katherine Greifeld.

Have a great night.

Be magnificent!
As ever,

Carolann

The liar’s punishment is not in the least that he is not believed, but that he cannot believe anyone else.
                                                                                      -George Bernard Shaw, 1856-1950

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:
August 18, 1920:  US, 19^th amendment to the Constitution is  ratified, giving women the right to vote.

From The NY Times today:
A century ago today, the United States ratified the 19th Amendment, enshrining a woman’s right to vote in the Constitution. But the decades-long struggle didn’t end there

• Here’s a visual history of the suffragist movement, which coincided with the birth of photography.
• Black suffragists recognized the power of photographs as a political tool and crafted images that became critical documents for insisting on racial equity and agency.
• Black suffragists recognized the power of photographs as a political tool and crafted images that became critical documents for insisting on racial equity and agency.

On Aug. 18, 1963, James Meredith became the first black to graduate from the University of Mississippi. Go to article »

Escape to the enchanting Italian village of Panicale, which looks straight out of a fairy tale. –The NY Times.

Ten American towns that feel like Europe. –Bloomberg.

PHOTOS OF THE DAY

Lightning illuminates the sky over the eastern span of the Bay Bridge as a storm passed through the area in San Francisco, USA.
CREDIT: AVILA FONZAL EZ/SAN FRANCISCO CHRONICLE VIA AP
An aerial view taken in Mauritius shows the MV Wakashio bulk carrier, belonging to a Japanese company but Panamanian-flagged, that had run aground and broke into two parts near Blue Bay Marine Park.
CREDIT: AFP VIA GETTY IMAGES

A trio of sleepy owls have a slow start to the day as they sleep huddled together on a branch. The three spotted owlets were huddled together to warm themselves in the morning sunlight at Ranthambore National Park in Rajasthan, India. Engineer Ameya Marathe, 28, who has a textiles manufacturing business with wildlife photography as a hobby and passion said “The are commonly found in India, however getting this particular pose where they all sitting together in a group and sharing warmth is a rare sight.” “As we were driving through the forest, our safari guide came across a tree branch on which they were sitting.” “After a few minutes of taking their photo, one of the owls looked toward me for few seconds giving me an opportunity also capture this image.
CREDIT: AMEYA MARATHE/SOLENT NEWS & PHOTO AGENCY

Mist at Colmers Hill near Bridport, Dorest, UK at sunrise after a weekend of rain and warm temperatures.
CREDIT: DAVID THOMPSON/SOLENT NEWS & PHOTO AGENCY
Market Closes for August 18^th , 2020 

Market Index	Close	Change
Dow Jones	27778.07	-66.84
		-0.24%
S&P 500	3389.78	+7.79
		+0.23%
NASDAQ	11210.844	+81.118 +0.73%
TSX	16626.06	-30.06
		-0.18%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23051.08	-45.67
		-0.20%
HANG SENG	25367.38	+20.04
		+0.08%
SENSEX	38528.32	+477.54
		+1.25%
FTSE 100*	6076.62	-50.82 -0.83%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.563	0.586
CND. 30 Year Bond	1.069	1.098
U.S.    10 Year Bond	0.6671	0.6882
U.S. 30 Year Bond	1.3961	1.4341

Currencies

BOC Close	Today	Previous
Canadian $	0.75933	0.75698
US $	1.31695	1.32105
Euro Rate 1 Euro=		Inverse
Canadian $	1.57199	0.63613
US $	1.19366	0.83776

Commodities

Gold	Close	Previous
London Gold Fix	1972.85	1944.75
Oil
WTI Crude Future	42.89	42.89

Market Commentary:
On this day in 1982, as a bull market suddenly materialized out of nowhere, daily trading volume on the New York Stock Exchange exceeded 100 million shares for the first time, with 132,681,120 shares changing hands.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities closed lower Tuesday, while U.S. stocks rose to a record amid an ongoing tech-driven rally.
The S&P/TSX Composite Index fell 0.2%, with health care, energy and financials dragging down stocks in Toronto.
On the deal front, Sun Life Financial Inc. is in advanced talks to acquire Crescent Capital Group, the $28 billion credit manager co-founded by Milwaukee Brewers co-owner Mark Attanasio, according to people with knowledge of the matter.
Shares of waste management company GFL Environmental Inc. fell 9% after a New York hedge fund released a report questioning its accounting and its “aggressive and opaque business model.”
Chrystia Freeland’s appointment as Canada’s new finance minister puts one of Justin Trudeau’s most trusted aides in the job of overseeing the nation’s economic recovery and gives the prime minister more leeway to reset his government’s agenda.
Commodities
* Western Canada Select crude oil traded at an $11.50 discount to West Texas Intermediate
* Spot gold rose 1% to about $2,004 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4% to C$1.3167 per U.S. dollar
* The 10-year government bond yield fell 2.3 basis points to 0.563%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,626.06 in Toronto. The move follows the previous session’s increase of 0.9 percent. Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 2.4 percent. B2Gold Corp. had the largest drop, falling 7.0 percent.
Today, 132 of 221 shares fell, while 89 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* The index advanced 2.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 7.5 percent below its 52-week high on Feb. 20, 2020 and 48.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.8 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 24.3 on a trailing basis and 24.8 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$2.54t
* 30-day price volatility fell to 10.63 percent compared with 10.77 percent in the previous session and the average of 13.14 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -24.2177| -0.5| 5/20
Energy | -12.6442| -0.6| 3/21
Materials | -10.9436| -0.4| 18/32
Health Care | -2.0373| -1.3| 2/7
Real Estate | -0.1084| 0.0| 15/12
Utilities | 0.0702| 0.0| 11/5
Consumer Staples | 0.5948| 0.1| 7/4
Industrials | 1.9155| 0.1| 12/16
Consumer Discretionary | 2.0080| 0.4| 5/8
Communication Services | 5.6648| 0.7| 6/2
Information Technology | 9.6418| 0.6| 5/5
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks completed the fastest-ever return to a record after a drop of at least 20%, surpassing February highs for the first time since the pandemic upended financial markets. The dollar fell to the lowest in more than two years, while Treasuries advanced.
The S&P 500 eked out a gain, to cap a 52% rally from its March 23 low. The gauge had failed to breach that level in three of the past four sessions. Amazon.com Inc. paced the gains Tuesday, pushing its rally this year to 79%. Homebuilders also surged on strong data. Lennar Corp. and D.R. Horton Inc. boast returns of at least 148% since the stock-market bottom.
Massive stimulus injections and a surge in technology companies have driven the rebound in American stocks from a pandemic-induced selloff. Daily coronavirus case counts, positive test rates and hospitalizations look to be improving — as evidence grows that the peak of the flareup across Sunbelt states is in the past. While stimulus talks  have stalled, better-than-feared economic data and corporate earnings have instilled optimism that a recovery is taking shape.
“Momentum is currently positive as the actions of the Fed and other major central banks continue to drive yield-seeking investors into racier equities and away from bonds,” said Fawad Razaqzada, an analyst at ThinkMarkets. “While things could look a lot different in the not-too-distant future, the short-term picture certainly looks bullish right now.”
The fact that the benchmark is breaking through a record may be psychologically interesting, but these milestones should be taken in stride, according to Chris Larkin, managing director of trading and investment product at E*Trade Financial.
“It may hold some short-term importance for traders who have built this into their strategy, but for the most part, anybody participating in the market should look past these relatively arbitrary moves and focus more on fundamentals,” he said.
As the S&P 500 pushes higher, one indicator may boost the confidence of equity bulls. The benchmark’s cumulative advance- decline line is still near its peak. That signals broad participation is supporting the rally, as technical analysts often suggest breadth leads price, and any near-term pullback will be shallow and short. For more market commentary, see the MLIV blog.
Some other corporate highlights:
* Walmart Inc., whose shoppers were a major beneficiary of stimulus checks earlier this year, is bracing for a second half where pandemic-hit shoppers without continued government relief may be forced to go it alone.
* Home Depot Inc. reported sales growth that was more than double the already brisk rate analysts had been expecting, but rising expenses meant flat margins in an otherwise standout quarter.

Here are some key events coming up:
* Target Corp. and Nvidia Corp. report on Wednesday. Results from Alibaba Group Holding Ltd. and Qantas Airways Ltd. are due Thursday.
* Minutes of the latest FOMC meeting are due Wednesday.
* The EIA’s crude oil inventory report comes out Wednesday.
* The Joint Ministerial Monitoring Committee — the panel that reviews the OPEC+ agreement — is due to meet on Wednesday.
* U.S. jobless claims for the week ended Aug. 15 are due Thursday.
* China’s loan prime rate is due Thursday.
* Euro-area PMIs will be released on Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.6%.
* The MSCI Asia Pacific Index rose 0.5%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.5%.
* The euro increased 0.5% to $1.1934.
* The Japanese yen appreciated 0.6% to 105.39 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 0.66%.
* Germany’s 10-year yield decreased one basis point to -0.46%.
* Britain’s 10-year yield rose less than one basis point to 0.219%.
Commodities
* The Bloomberg Commodity Index climbed 0.6%.
* West Texas Intermediate crude decreased 0.7% to $42.58 a barrel.
* Gold strengthened 0.8% to $2,001.59 an ounce.
–With assistance from Andreea Papuc, Yakob Peterseil, Lynn
Thomasson, Sophie Caronello, Claire Ballentine, Vildana Hajric, Katherine Greifeld and Andrew Cinko.
Have a great night.

Be magnificent!

As ever,

Carolann

The young man knows the rules, but the old man knows the exceptions.
                                                -Oliver Wendell Holmes , 1809-1894

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