Month: September 2020

Dear Friends,

Tangents:
1452 – Guttenberg Bible published.
1955 – James Dean killed in car crash.
Truman Capote, b. 1924
Elie Wiesel, b. 1928

Take a virtual tour along the Ket River in Siberia, home to a range of solitary settlements. -NYT.

How Iceland’s medieval past affects it today.

On Sept. 30, 1938, British, French, German and Italian leaders agreed at a meeting in Munich that Nazi Germany would be allowed to annex Czechoslovakia’s Sudetenland. Go to article »

5 parrots at a wildlife park were moved after swearing at visitors. Nature is beautiful -CNN.

Since a fossilized feather was pulled out of the ground in Germany in 1861, the identity of the creature that shed it has long been debated. A new study claims to have settled the mystery: The feather belongs to archaeopteryx, a herald of the evolutionary transition between dinosaurs and birds.  The researchers also found that the feather fit perfectly into the wing of a archaeopteryx fossil found at nearby site, reuniting the feather with the dinosaur that may have dropped it. One paleontologist was so jubilant and certain about his finding that he got it tattooed on his body. -NYT.
PHOTOS OF THE DAY

Tomas Spalovsky during the harvest of 40,000 Pumpkins at Spilman’s pick your own Pumpkin Farm, near Thirsk in North Yorkshire
CREDIT; DANNY LAWSON/ PA

Handlers herd racing camels equipped with robot jockeys during a race at Dubai’s al-Marmoom heritage village, in the Untied Arab Emirates
CREDIT: KARIM SAHIB/ AFP VIA GETTY IMAGES

A man crosses a suspension bridge in Kathmandu, Nepal
CREDIT: NAVESH CHITRAKAR/ REUTERS
Market Closes for September 30th, 2020 

Market Index	Close	Change
Dow Jones	27781.70	+329.04
		+1.20%
S&P 500	3363.00	+27.53
		+0.83%
NASDAQ	11167.508	+82.260 +0.74%
TSX	16121.38	-90.14
		-0.56%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23185.12	-353.98
		-1.50%
HANG SENG	23459.05	+183.52
		+0.79%
SENSEX	38067.93	+94.71
		+0.25%
FTSE 100*	5866.10	-31.40 -0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.564	0.537
CND. 30 Year Bond	1.113	1.083
U.S.    10 Year Bond	0.6840	0.6495
U.S. 30 Year Bond	1.4591	1.4168

Currencies

BOC Close	Today	Previous
Canadian $	0.75076	0.74669
US $	1.33198	1.33924
Euro Rate 1 Euro=		Inverse
Canadian $	1.56181	0.64028
US $	1.17255	0.85285

Commodities

Gold	Close	Previous
London Gold Fix	1883.95	1864.30
Oil
WTI Crude Future	40.22	39.29

Market Commentary:
On this day in 1882, the first hydroelectric power plant went into service in Appleton, Wisc., turning the falling water of the Fox River into electricity that powered H.F. Rogers’ paper mill and lit up two neighboring buildings.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets fell for the first time since the pandemic-induced March selloff, led by the energy sector, which was the worst performing group in September.
The S&P/TSX Composite index fell 2.4% in the month, the first monthly decline since an 18% slump in March. The S&P/TSX Composite Energy Sector Index led the way down, falling more than 10% in September, led by Vermilion Energy.
The S&P/TSX index also fell 0.6% on Wednesday. For the entire third quarter, the index rallied 3.9%, making it the second up quarter this year.
Meanwhile, it took four months for Canada’s economy to recover almost three-quarters of its pandemic losses. Repairing the remaining damage could take years. Output jumped 4% in July and August, Statistics Canada reported Wednesday, bringing gross domestic product to about 95% of levels in February, the last full month before lockdowns began. At the depth of the recession in April, that number was 82%.
Commodities
* Western Canada Select crude oil traded at a $10.65 discount to West Texas Intermediate
* Spot gold fell 0.6% to $1,886.90 an ounce
FX/Bonds
* The Canadian dollar rose 0.5% to C$1.3318 per U.S. dollar
* The 10-year government bond yield rose 3 basis points to 0.563%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.6 percent, or 90.14 to 16,121.38 in Toronto.
TC Energy Corp. contributed the most to the index decline, decreasing 3.5 percent. OceanaGold Corp. had the largest drop, falling 9.3 percent.
Today, 142 of 223 shares fell, while 75 rose; 9 of 11 sectors were lower, led by energy stocks.
Insights
* This month, the index fell 2.4 percent
* This quarter, the index rose 3.9 percent
* This year, the index fell 5.5 percent, heading for the worst year since 2018
* The index declined 3.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 10.3 percent below its 52-week high on Feb. 20, 2020 and 44.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.9 percent in the past 5 days and fell 2.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.2 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$2.48t
* 30-day price volatility rose to 15.15 percent compared with 15.10 percent in the previous session and the average of 12.85 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -35.2357| -2.0| 5/17
Materials | -15.4963| -0.6| 12/39
Industrials | -11.4062| -0.6| 8/20
Communication Services | -9.6487| -1.1| 0/7
Financials | -9.6409| -0.2| 9/16
Information Technology | -8.3704| -0.5| 3/7
Consumer Staples | -4.2581| -0.6| 3/8
Utilities | -1.3683| -0.2| 3/12
Consumer Discretionary | -1.1045| -0.2| 6/7
Health Care | 1.7343| 1.2| 4/5
Real Estate | 4.6647| 0.9| 22/4
US
By Claire Ballentine
(Bloomberg) — U.S. stocks finished higher after a volatile session that saw traders whipsawed by reports on the outlook for a new round of government stimulus.
The S&P 500 Index climbed 0.8%, paring gains of as much as 1.7% after Treasury Secretary Steven Mnuchin said there had been no agreement on pandemic relief, though talks would continue.
Speculation a deal was in the works kept the benchmark at a two- week high. Portfolio rebalancing tied to the end of the month added to volatility.
Global investors are also keeping an eye on news about coronavirus vaccines amid the latest moves in Washington. New Jersey reported an uptick in the statewide positivity rate to the highest in months, while Spain ordered extra restrictions in Madrid to curb spread in Europe’s hardest-hit nation.
“As coronavirus continues to linger and certain areas of the economy are still shut down, you need some sort of stimulus package,” said Andrea Roemhildt, investment manager at Aware Asset Management. “The market is just waiting for a signal that this might actually get done.”
The S&P 500 posted an 8.5% gain this quarter, a slowdown from the previous three months’ 20% leap but still an impressive return considering the economic havoc wrought by the coronavirus. The benchmark index was down more than 6% from an all-time high reached on Sept. 2. Treasury yields ticked higher Wednesday while the dollar weakened. Emerging-market stocks gained. Europe’s benchmark index slipped.
Elsewhere, equities slumped in Asia. Crude oil advanced toward $40 a barrel amid optimism over shrinking U.S. supplies.
Here are some key events coming up:
* The September U.S. employment report on Friday will be the last before the November election.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index decreased 0.1%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The British pound rose 0.4% to $1.2917.
* The euro slumped 0.2% to $1.1726.
Bonds
* The yield on 10-year Treasuries rose four basis points to 0.69%.
* Germany’s 10-year yield rose two basis points to -0.52%.
* Britain’s 10-year yield climbed five basis points to 0.23%.
* New Zealand’s 10-year yield climbed five basis points to 0.485%.
Commodities
* West Texas Intermediate crude rose 1.9% to $40.02 a barrel.
* Gold weakened 0.5% to $1,888.65 an ounce.
* The Bloomberg Commodities Index rose 0.8%.
–With assistance from Adam Haigh, Vassilis Karamanis, Todd White, Constantine Courcoulas and Sophie Caronello.
Have a great night.

Be magnificent!
As ever,

Carolann

I’ll tell you what bravery really is.  Bravery is just determination
to do a job that you know has to be done.
                                                 -Audie Murphy, 1925-1971

Dear Friends,

Tangents:  Michaelmas – St. Michael’s Day.

Miguel de Cervantes, b. 1547.
Horatio Nelson, b. 1758.
Enrico Fermi, b. 1901

1978 – Pope John Paul I was found dead in his Vatican apartment a little more than one month after becoming head of the Roman Catholic Church. Go to article »

Did the German painter Albrecht Dürer create the selfie five centuries ago? -NY Times

Scientists precisely measure the total amount of matter in the universe. 
Some physicists see signs of cosmic strings from the Big Bang.  –Bloomberg.

PHOTOS OF THE DAY

‘Start Point lighthouse’, by Liam Holley, which has been highly commended in the Coastal Views category of the 2020 Ultimate Sea View photography competition run by national maritime charity, the Shipwrecked Mariners’ Society.
CREDIT: LIAM HOLLEY/PA

The moon rises behind Edinburgh’s Arthur’s Seat silhouetting these walkers from the Edinburgh University student halls of residence which is located at the base of the extinct Scottish volcano. Rather than going to the pub last night these students took to the hill above their student residence.
CREDIT: TOM DUFFIN/SOLENT NEWS & PHOTO AGENCY

A fresh and crisp start to the day as autumn’s chilly fingers grip the town of Malmesbury, Wiltshire.
CREDIT: ROBERT PEEL/SWNS

Market Closes for September 29th, 2020 

Market Index	Close	Change
Dow Jones	27452.66	-131.40
		-0.48%
S&P 500	3335.47	-16.13
		-0.48%
NASDAQ	11085.250	-32.275 -0.29%
TSX	16211.52	-31.29
		-0.19%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23539.10	+27.48
		+0.12%
HANG SENG	23275.53	-200.52
		-0.85%
SENSEX	37973.22	-8.41
		-0.02%
FTSE 100*	5897.50	-30.43 -0.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.537	0.553
CND. 30 Year Bond	1.083	1.100
U.S.    10 Year Bond	0.6495	0.6561
U.S. 30 Year Bond	1..4168	1.4174

Currencies

BOC Close	Today	Previous
Canadian $	0.74669	0.74781
US $	1.33924	1.33725
Euro Rate 1 Euro=		Inverse
Canadian $	1.57232	0.63600
US $	1.17404	0.85176

Commodities

Gold	Close	Previous
London Gold Fix	1864.30	1859.70
Oil
WTI Crude Future	39.29	40.60

Market Commentary:
On this day in 1952, the New York Stock Exchange changed its trading hours so that the market would close at 3:30 p.m. Monday through Friday, instead of 3 p.m., and it would no longer be open at all on Saturday.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets fell on Tuesday, led lower by energy and financial stocks. The S&P/TSX Composite Index declined 0.2% in Toronto. Energy stocks were the worst performers as oil plunged to its lowest in two weeks on growing fears that a sustained recovery in demand is still some way off. Meanwhile, tech stocks were the best performers, led by Shopify’s gains. Canada’s largest commercial landlords are seeing some improvements in rent collection as tenants find ways to normalize their businesses during the pandemic. Allied Properties Real Estate Investment Trust, which operates 200 offices and other properties in Canada’s largest cities, expects to collect about 98% of rent in its third quarter as some deferrals roll off, according to Chief Financial Officer Cecilia Williams.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold rose 0.9% to $1,897.95 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3389 per U.S. dollar
* The 10-year government bond yield fell to 0.533%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,211.52 in Toronto. The move follows the previous session’s increase of 1.1 percent. Royal Bank of Canada contributed the most to the index decline, decreasing 1.7 percent. Crescent Point Energy Corp. had the largest drop, falling 6.4 percent. Today, 122 of 223 shares fell, while 99 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 1.8 percent
* This quarter, the index rose 4.5 percent
* This year, the index fell 5 percent, heading for the worst year since 2018
* The index declined 2.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 9.8 percent below its 52-week high on Feb. 20, 2020 and 45.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and fell 3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 on a trailing basis and 23.3 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$2.48t
* 30-day price volatility little changed to 15.10 percent compared with 15.09 percent in the previous session and the average of 12.74 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -66.1466| -1.4| 2/24
Energy | -42.9275| -2.4| 2/21
Real Estate | -4.0465| -0.8| 8/19
Consumer Discretionary | -3.9954| -0.7| 4/9
Communication Services | -3.3493| -0.4| 2/5
Consumer Staples | -0.8258| -0.1| 4/7
Health Care | -0.4528| -0.3| 4/6
Utilities | 1.9233| 0.2| 8/7
Industrials | 3.6528| 0.2| 18/10
Materials | 23.5306| 0.9| 41/10
Information Technology | 61.3583| 3.8| 6/4
US
By Sarah Ponczek
(Bloomberg) — The end-of-month rebound in global equities faded as investors weighed prospects for fiscal stimulus in the U.S. and the outlook for the coronavirus pandemic. Oil tumbled on concern slow growth will limit demand. The S&P 500 Index slumped, with more than two stocks falling for every one that advanced, after talks on expanding aid ended for the day with plans to resume discussions tomorrow. An exchange-traded fund that tracks the S&P 500 gained 0.2% in after-hours trading after a study showed a Regeneron Pharmaceuticals Inc. antibody cocktail may help treat coronavirus patients outside of the hospital. Oil fell toward $39 a barrel in New York. Treasuries were little changed, while the dollar weakened.
With the pandemic’s global death toll exceeding 1 million and virus cases on the upswing in many locales, investors are pinning hopes on a $2.2 trillion stimulus proposal by Democrats to help support economic growth. End-of-month and end-of-quarter portfolio rebalancing could also be exacerbating market moves as September comes to a close. “A lot of the fiscal stimulus conversation is driving the markets here in the near-term,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. At the same time, there “has been a fear that you’d have a resurgence in cases in the fall and some people have chosen to take their money and sit on the sidelines.”
The negotiations between the Trump administration and congressional Democrats are reaching a critical juncture this week. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke Tuesday morning for 50 minutes and are set to speak again Wednesday. Markets are also girding for the first presidential debate Tuesday, and traders have pushed up overnight implied volatilities on Mexico’s peso in anticipation of price swings.
Elsewhere, Banks led broad-based declines in the Stoxx Europe 600 index. The MSCI AC Asia Pacific Index was little changed as South Korean shares advanced, while Hong Kong stocks fell. Nippon Telegraph & Telephone Corp. announced plans to turn its wireless carrier unit NTT Docomo Inc. into a wholly owned subsidiary in a $40 billion buyout. NTT Docomo shares surged by their limit at the close in Tokyo.
Here are some key events coming up:
* China purchasing manager indexes are due Wednesday, and expected to show September manufacturing improved slightly while non-manufacturing moderated from August’s level.
* The EIA crude oil inventory report comes out Wednesday.
* The September U.S. employment report on Friday will be the last before the November election.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.5%.
* The MSCI Asia Pacific Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* Sterling rose 0.2% to $1.2866.
* The Japanese yen weakened 0.2% to 105.67 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 0.65%.
* Germany’s 10-year yield dipped two basis points to -0.55%.
* Britain’s 10-year yield decreased two basis points to 0.18%.
* Italy’s 10-year yield declined three basis points to 0.85%.
Commodities
* West Texas Intermediate crude tumbled 3.8% to $39.04 a barrel.
* Gold rose 0.8% to $1,897.22 an ounce.
* Silver rose 2.3% to $24.23 per ounce.
–With assistance from Gregor Stuart Hunter, Ravil Shirodkar, Andreea Papuc, Elena Popina and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

Our greatest foes, and whom we must chiefly combat, are within.
                                         -Miguel de Cervantes, 1547-1616

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: Yom Kippur today.  Shana tovah.

Cabrillo Day – Discovery of California, 1542.

Al Capp, b. 1909
Brigitte Bardot, b. 1934
Marcello Mastroianni, b. 1924
Gwyneth Paltrow, b. 1973

Moschino sends puppets down the runway for Milan Fashion Week.  If only we could send puppets in to do our Zoom meetings, too. –CNN

On Sept. 28, 1924, two United States Army planes landed in Seattle, Washington, having completed the first round-the-world flight in 175 days. Go to article »

Scientists find three more underground lakes on Mars. –Bloomberg.

PHOTOS OF THE DAY

Fresh snow is visible on the slopes of the Moleson mountain near the still green pastures, on Saturday, 26 September 2020, at Moleson in Gruyere, Switzerland. 
CREDIT: LAURENT GILLIERON/KEYSTONE

Sunsetting by the lighthouse in Anglesea with Ireland seen in the distance on a clear night.
CREDIT: GREG BUTLER/BAV MEDIA

A common green damselfly. Incredible close-up photos show insects covered in perfectly formed dew drops. Messingham Sand Quarry in North Lincolnshire.
CREDIT: CALVIN LEE/SOLENT NEWS & PHOTO AGENCY

Market Closes for September 28th, 2020 

Market Index	Close	Change
Dow Jones	27584.06	+410.10
		+1.51%
S&P 500	3351.60	+53.14
		+1.61%
NASDAQ	11117.527	+203.965 +1.87%
TSX	16242.81	+177.46
		+1.10%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23511.62	+307.00
		+1.32%
HANG SENG	23476.05	+240.63
		+1.04%
SENSEX	37981.63	+592.97
		+1.59%
FTSE 100*	5927.93	+85.26 +1.46%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.553	0.543
CND. 30 Year Bond	1.100	1.073
U.S.    10 Year Bond	0.6561	0.6544
U.S. 30 Year Bond	1.4174	1.4013

Currencies

BOC Close	Today	Previous
Canadian $	0.74781	0.74688
US $	1.33725	1.33891
Euro Rate 1 Euro=		Inverse
Canadian $	1.56005	0.64101
US $	1.1661	0.85718

Commodities

Gold	Close	Previous
London Gold Fix	1859.70	1861.75
Oil
WTI Crude Future	40.60	40.10

Market Commentary:
On this day in 1987, the cover of Fortune magazine asked, “ARE STOCKS TOO HIGH?” The world’s leading hedge-fund manager, George Soros, told Fortune that “while the market is already unstable and overvalued, it has not yet reached the point of collapse. Indeed, it could yet move much higher.” Just 14 trading days later, the stock market dropped by 23%.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rallied with global markets Monday, led by consumer discretionary and financial stocks. The S&P/TSX Composite Index rose 1.1%. All 11 sectors were positive, with Methanex Corp. the best-performing stock and Lundin Mining Corp. the worst. Amazon.com Inc. expects to nearly triple its workforce in Vancouver, where software engineers are cheap, smart and plentiful. The online retail giant plans to occupy a bunker-like former Canada Post mailing center that’s being redeveloped into a new 1.1 million square-foot office to house 8,000 jobs by 2023, Jesse Dougherty, a vice president and Vancouver site lead at Amazon, said by phone.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold rose 1.1% to $1,882 an ounce
FX/Bonds
* The Canadian dollar strengthened slightly to C$1.3378 per U.S. dollar
* The 10-year government bond yield rose 1 basis point to 0.551%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.1 percent, or 177.46 to 16,242.81 in Toronto. The move was the biggest since rising 1.8 percent on Sept. 9. Today, financials stocks led the market higher, as all sectors gained; 189 of 223 shares rose, while 32 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.7 percent. Methanex Corp. had the largest increase, rising 6.9 percent.
Insights
* This month, the index fell 1.6 percent
* This quarter, the index rose 4.7 percent
* This year, the index fell 4.8 percent, heading for the worst year since 2018
* The index declined 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 9.6 percent below its 52-week high on Feb. 20, 2020 and 45.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.6 percent in the past 5 days and fell 2.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 on a trailing basis and 23.3 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$2.46t
* 30-day price volatility rose to 15.09 percent compared with 14.93 percent in the previous session and the average of 12.48 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 87.1602| 1.9| 24/2
Energy | 20.9455| 1.2| 22/1
Industrials | 16.6625| 0.8| 25/3
Utilities | 11.5708| 1.4| 15/1
Consumer Discretionary | 11.4087| 2.0| 11/2
Communication Services | 9.8548| 1.2| 7/0
Materials | 9.1349| 0.4| 41/10
Real Estate | 6.9758| 1.4| 23/3
Consumer Staples | 2.8704| 0.4| 10/1
Information Technology | 0.8628| 0.1| 6/4
Health Care | 0.0160| 0.0| 5/5
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks jumped after four weeks of declines and European shares added the most in three months amid broad gains for equities. The dollar weakened. Banks led the S&P 500 Index to its biggest gain in two weeks as investors found buying opportunities after the gauge fell to its lowest since July last week. More than 10 stocks were higher on the benchmark for every one that fell. HSBC Holdings Plc added almost 9% after its biggest shareholder raised its stake, while an index of lenders rose the most a month. Shares also advanced in Asia. Signs that U.S. politicians are moving toward new fiscal stimulus has been a boon to stocks in recent days, while the Federal Reserve continues to provide liquidity. Stronger economic reports from China also lifted investor sentiment, with data over the weekend showing profits at Chinese industrial companies grew for a fourth consecutive month in August.
“The Fed is making it almost impossible for you to get too bearish,” said John Porter, head of equities at Mellon Investments. “The market is getting more comfortable with the realization that Covid is going to be with us for a while now.” The advance in global stocks was broad, instead of tech- focused, a sign that optimism about global growth and the end of pandemic lockdowns is returning. Still, equities remain on course for the first month of losses since March after investors sold overheated stocks and fears about a resurgence in the virus weighed on airlines and retailers.
“September certainly continued to challenge the intestinal fortitude of the bulls, but charting the S&P 500 from March shows the bull market remains very much intact,” said Chris Larkin, managing director of trading and investment product at E*Trade Financial Corp. In emerging markets, the Turkish lira and Russian ruble weakened as fighting between Armenia and Azerbaijan curbed appetite for the currencies of their bigger neighbors.
Here are some key events coming up:
* On Tuesday, the first U.S. presidential debate will take place between President Donald Trump and Democratic opponent Joe Biden.
* China purchasing manager indexes are due Wednesday, and expected to show September manufacturing improved slightly while non-manufacturing moderated from August’s level.
* The EIA crude oil inventory report comes out Wednesday.
* The September U.S. employment report on Friday will be the last before the November election.

These are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 2.2%.
* The MSCI Asia Pacific Index increased 1.3%.
* The MSCI Emerging Market Index climbed 1.1%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro gained 0.3% to $1.1667.
* The British pound jumped 0.7% to $1.2834.
* The Japanese yen rose 0.1% to 105.49 per dollar.
Bonds
* The yield on 10-year Treasuries rose less than 1 basis point to 0.66%.
* Germany’s 10-year yield rose less than one basis point to -0.53%.
* Britain’s 10-year yield rose one basis point to 0.20%.
Commodities
* West Texas Intermediate crude rose 0.8% to $40.59 a barrel.
* Gold strengthened 1% to $1,880.22 an ounce.
–With assistance from Namitha Jagadeesh, Adam Haigh, Andreea Papuc and Anchalee Worrachate.

Have a great night.

Be magnificent!
As ever,

Carolann

A great book begins with an idea; a great life, with a determination.
                                        -Louis Dearborn L’Amour, 1908-1988

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.
September 25, 1676: Greenwich Mean Time established.
William Faulkner, writer, b.1897
Dmitri Shostakovich, composer, b. 1906

On Sept. 25, 1957, with 300 United States Army troops standing guard, nine black children were escorted to Central High School in Little Rock, Arkansas, days after unruly white crowds had forced them to withdraw.  Go to article »

David Attenborough, who has worked on some of the greatest nature documentaries, joined Instagram yesterday with a warning: “The world is in trouble.” He also set a record, becoming the user who reached one million followers the fastest. -The NY Times.

Most of us are stuck at home at the moment, so here are the 50 best movies on Netflix right now. –The NY Times.

Daniel Boulud’s relaunched restaurant will have sponsors.-Bloomberg.

Crows are even smarter than we thought.

From the late-night comedy show hosts last night:
During a Wednesday news conference at the White House, President Trump refused to commit to a peaceful transition of power if he loses the election, saying, “We’ll have to see what happens.”
“Well, so much for that Nobel Peace Prize,” Jimmy Kimmel joked in his Thursday night monologue.

“You can’t just squat the White House!” — JIMMY KIMMEL

“So if Trump loses the election, getting him out of the White House will be like trying to get a bird out of your living room. It’s like, ‘Oh, I got ’em. Hold on, OK.? Nobody move — he’s behind the curtain! Nobody move! Shut the door! Shut the door!’”— JIMMY FALLON

PHOTOS OF THE DAY

A general view as a runner eases down after finishing in The British Stallion Studs EBF Premier Fillies’ Handicap at Newmarket Racecourse in Newmarket, England. Owners are allowed to attend if they have a runner at the meeting otherwise racing remains behind closed doors to the public due to the Coronavirus pandemic.
CREDIT: ALAN CROWHURST/GETTY IMAGES

Seventeen new Anglican deacons (priests in their first year of ministry) are to be ordained at Wells Cathedral, UK, this weekend, in a socially distanced service which will be streamed to Facebook due to coronavirus restrictions which prevent their families attending.
CREDIT: APEX NEWS AND PICTURES

Environmental activist and campaigner Mya-Rose Craig, 18, holds a cardboard sign reading “youth strike for climate” standing on the ice flow in the middle of the Arctic Ocean, hundreds of miles above the Arctic Circle.
CREDIT: REUTERS/ NATALIE THOMAS

John Lewis & Partners will launch its Christmas Shop at its flagship shop on Oxford Street, London, UK and online with a virtual 3D shop tour. The shop will host its largest ever Christmas Tree Forest, a one stop gift emporium and festive footpath decorations. The specialised department will be located on the rd floor of Oxford Street and is designed to be a joyful and safe environment to shop in.
CREDIT: PAUL GROVER FOR THE TELEGRAPH
Market Closes for September 25th, 2020 

Market Index	Close	Change
Dow Jones	27173.96	+358.52
		+1.34%
S&P 500	3298.46	+51.87
		+1.60%
NASDAQ	10913.563	+241.296 +2.26%
TSX	16065.35	+153.09
		+0.96%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23204.62	+116.80
		+0.51%
HANG SENG	23235.42	-75.65
		-0.32%
SENSEX	37388.66	+835.06
		+2.28%
FTSE 100*	5842.67	+19.89 +0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.543	0.557
CND. 30 Year Bond	1.073	1.077
U.S.    10 Year Bond	0.6544	0.6675
U.S. 30 Year Bond	1.4013	1.4058

Currencies

BOC Close	Today	Previous
Canadian $	0.74688	0.74888
US $	1.33891	1.33533
Euro Rate 1 Euro=		Inverse
Canadian $	1.55728	0.64215
US $	1.16309	0.85978

Commodities

Gold	Close	Previous
London Gold Fix	1861.75	1873.40
Oil
WTI Crude Future	40.10	40.16

Market Commentary:
On this day in 1928, engineers and brothers Paul and Joseph Galvin incorporated the Galvin Manufacturing Corp. in Chicago, after taking over the bankrupt Stewart Storage Battery and its design for a battery eliminator, which allowed home radios to run on ordinary household current. Later the Galvins rechristened their firm with a racy name combining “motion” and “radio”: Motorola
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell for a second straight week amid ongoing uncertainty about the economic recovery. Materials shares were among the laggards.
The S&P/TSX Composite Index rose 1% Friday, with ten of eleven sectors higher, led by information technology and utilities. Even with Friday’s gain, the benchmark fell 0.8% on the week.
Canada’s stock market is on pace for its first monthly loss since the coronavirus pandemic rocked global markets in March, signaling investors should brace for a wild ride ahead. Tourmaline Oil Corp. is betting investors have an appetite for more Canadian energy stocks, offering up the biggest initial share sale to come out of Alberta’s oil patch in three years, through the formation of Topaz Energy Corp.
Gold is on track for its biggest weekly fall since March, coming under pressure from a surging dollar and damped inflation expectations.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,862 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3388 per U.S. dollar
* The 10-year government bond yield fell 1.6 basis points to 0.541%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1 percent, or 153.09 to 16,065.35 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 6.1 percent. Cascades Inc. had the largest increase, rising 8.2 percent.
Today, 149 of 223 shares rose, while 73 fell; 10 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index fell 0.8 percent
* This quarter, the index rose 3.5 percent
* This month, the index fell 2.7 percent
* This year, the index fell 5.8 percent, heading for the worst year since 2018
* The index declined 4.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 10 percent in the same period
* The S&P/TSX Composite is 10.6 percent below its 52-week high on Feb. 20, 2020 and 43.8 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.6 on a trailing basis and 23.1 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$2.43t
* 30-day price volatility rose to 14.93 percent compared with 14.57 percent in the previous session and the average of 11.97 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 65.6182| 4.3| 9/1
Financials | 25.7740| 0.6| 20/6
Industrials | 19.8518| 1.0| 21/7
Utilities | 15.1590| 1.8| 16/0
Communication Services | 8.5882| 1.0| 7/0
Real Estate | 7.4984| 1.5| 26/1
Energy | 6.8282| 0.4| 7/16
Consumer Discretionary | 5.9743| 1.1| 10/3
Health Care | 0.8853| 0.6| 6/3
Consumer Staples | 0.2467| 0.0| 8/3
Materials | -3.3462| -0.1| 19/33
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed as dip buyers appeared after the market slide, tempering a cloudy outlook for a U.S. stimulus package.
Tech companies led gains in the S&P 500 as the Nasdaq 100 jumped 2.3%. Real-estate, industrial and consumer-discretionary shares rose at least 1.4%, while energy producers almost erased losses. Boeing surged on a news report the top U.S. aviation regulator plans to test-fly the grounded 737 Max on Wednesday.
Carnival and Royal Caribbean Cruises rallied after being upgraded at Barclays, which said the “worst is in the past” for cruise companies. The benchmark gauge still posted its fourth straight weekly drop — the longest streak since August 2019.
     The dollar advanced. Equities fell earlier Friday as a last-ditch attempt by Democrats and the White House to restart negotiations on new stimulus drew skepticism in Congress that a deal could be reached and written into law by the November election. There’s a perception that the two sides still remain far apart on the size of a relief package. Amid mounting signs that the pace of recovery will ebb with an uptick in global coronavirus cases and lack of further government aid, investors have once again turned back to the companies flush with cash and tested in times of crisis. “If I were to be unsure about a stimulus package, unsure about whether there will be a vaccine, there’s no better thing than to hide out in the megacap tech stocks because they work in an economy-closed scenario,” Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management.

These are some of the main moves in markets:
Stocks
* The S&P 500 increased 1.6% at 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index climbed 0.4%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3%.
* The euro dipped 0.4% to $1.1625.
* The Japanese yen depreciated 0.2% to 105.61 per dollar.
Bonds
* The yield on 10-year Treasuries decreased one basis point to 0.65%.
* Britain’s 10-year yield fell three basis points to 0.189%.
* Germany’s 10-year yield decreased three basis points to -0.53%.
Commodities
* West Texas Intermediate crude dipped 0.5% to $40.12 a barrel.
* Gold depreciated 0.3% to $1,862.66 an ounce.
* Silver weakened 1% to $22.91 per ounce.
–With assistance from Adam Haigh, Namitha Jagadeesh, Robert Brand, Todd White, Cormac Mullen and Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
​​​​​​​
In every good marriage, it helps sometimes to be a little deaf.
                                   -Ruth Bader Ginsburg, 1933-2020

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

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

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

Dear Friends,

Tangents:

F. Scott Fitzgerald, writer, b. 1896
Jim Henson, muppet creator, b. 1936

1950: Operation Magic Carpet concludes after having transported 45,000 Yemenite Jews to Israel.

On Sept. 24, 1996, the United States and the world’s other major nuclear powers signed a treaty to end all testing and development of nuclear weapons. Go to article »

Scientists find 115,000-year-old human footprints in Saudi Arabia.-Bloomberg.

Rolling Stone is giving its list of 500 Greatest Albums of All Time a major update.  Good news for fans of pop, soul and hip-hop. –CNN

The New Year’s Eve ball drop at Times Square is going virtual this year.  Real ones know that at home on the couch was already the best way to watch, even before Covid-19.-CNN

Pandemic baking has gotten weird.

Most of us aren’t traveling right now. But that doesn’t mean we can’t live vicariously.
The Times Magazine’s annual Voyages issue takes us up, up and away from it all with a climb through the Tetons in Wyoming, above, to Naples, Italy where a writer took comfort in paintings by Caravaggio and to Istanbul’s public baths (weeks before lockdown). The trips helped our travelers and writers understand what we’ve lost.
And a little closer to home, our architecture critic “strolled” around Times Square with Jerold Kayden, a professor at Harvard’s
design school, for his latest virtual tour around New York City. –The New York Times.
PHOTOS OF THE DAY

Maasai men of Matapato attend the Olng’esherr (meat-eating) passage ceremony to unite two age-sets; the older Ilpaamu and the younger Ilaitete into senior elder-hood as the final rite of passage, after the event was initially postponed due to COVID-19 outbreak in Maparasha hills of Kajiado, Kenya
CREDIT: REUTERS/THOMAS MUKOYA

French primary school teacher and tattoo enthusiast Sylvain Helaine, known as Freaky Hoody, poses during a photo session in Palaiseau, a south of Paris suburb, France

Frankie Frezzell (R), 2, and Lucille Wilson (L), 3, wait in line dressed as Ruth Bader Ginsburg to view the casket of the Associate Justice who is lying in repose at the U.S. Supreme
CREDIT:WIN MACNAMEE/GETTY IMAGES
Market Closes for September 24th, 2020 

Market Index	Close	Change
Dow Jones	26815.44	+52.31
		+0.20%
S&P 500	3246.59	+9.67
		+0.30%
NASDAQ	10672.266	+39.281 +0.37%
TSX	15912.26	+95.15
		+0.60%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23087.82	-258.67
		-1.11%
HANG SENG	23311.07	-431.44
		-1.82%
SENSEX	36553.60	-1114.82
		-2.96%
FTSE 100*	5822.78	-76.48 -1.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.557	0.557
CND. 30 Year Bond	1.077	1.081
U.S.    10 Year Bond	0.6675	0.6773
U.S. 30 Year Bond	1.4058	1.4220

Currencies

BOC Close	Today	Previous
Canadian $	0.74888	0.74736
US $	1.33533	1.33804
Euro Rate 1 Euro=		Inverse
Canadian $	1.55845	0.64166
US $	1.16709	0.85683

Commodities

Gold	Close	Previous
London Gold Fix	1873.40	1906.00
Oil
WTI Crude Future	40.16	39.73

Market Commentary:
On this day in 1974, John C. Bogle incorporated the Vanguard Group of Investment Cos. to administer—and to be owned by—the Vanguard family of mutual funds. For the first time, large numbers of investors were able to have their money professionally managed without having to pay exorbitant fees to the fund managers.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose Thursday after a weak previous session.
The S&P/TSX Composite Index advanced 0.6%. Canada’s materials index jumped, leading nine of eleven sectors higher.
Health care remained a laggard, falling for a seventh consecutive session. Gold rebounded from a two-month low after the dollar weakened and the metal approached a technical support level.
Meanwhile, oil gained as optimism that Congress may resume talks over another round of economic stimulus provided a glimmer of hope for an otherwise dreary demand outlook. Prime Minister Justin Trudeau appears to have sweetened an ambitious spending plan enough to push it through parliament and avoid an election.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold rose 0.4% to $1,870 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3352 per U.S. dollar
* The 10-year government bond edged lower to 0.555%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 15,912.26 in Toronto. The move follows the previous session’s decrease of 2 percent. Barrick Gold Corp. contributed the most to the index gain, increasing 2.1 percent. Kinross Gold Corp. had the largest increase, rising 7.2 percent.
Today, 144 of 223 shares rose, while 75 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index fell 1.8 percent
* This quarter, the index rose 2.6 percent
* This month, the index fell 3.6 percent
* This year, the index fell 6.7 percent, heading for the worst year since 2018
* The index declined 5.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.3 percent in the same period
* The S&P/TSX Composite is 11.5 percent below its 52-week high on Feb. 20, 2020 and 42.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.1 percent in the past 5 days and fell 4.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.4 on a trailing basis and 22.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.42t
* 30-day price volatility rose to 14.57 percent compared with
14.40 percent in the previous session and the average of 11.78 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 62.0349| 2.6| 43/9
Financials | 17.1100| 0.4| 16/10
Industrials | 8.3479| 0.4| 20/8
Energy | 7.8149| 0.4| 14/7
Consumer Discretionary | 5.1193| 0.9| 9/4
Real Estate | 4.0539| 0.8| 14/12
Communication Services | 2.4230| 0.3| 4/3
Utilities | 1.9543| 0.2| 10/6
Consumer Staples | 1.7603| 0.2| 7/3
Health Care | -3.3516| -2.2| 2/8
Information Technology | -12.1134| -0.8| 5/5
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks whipsawed as investors weighed the chances of a compromise on a new stimulus package amid concern over an uptick in global coronavirus cases. The dollar fell.
The S&P 500 pared most of its earlier rally after optimism faded that Congress would reach a spending deal with the White House. Stocks surged midday on news that Treasury Secretary Steven Mnuchin and the Democratic House leader were open to fresh talks. But a report that Speaker Nancy Pelosi’s fresh overture deviated only slightly from previous offers sparked concern that the two sides would remain far apart. The stock gauge still closed above a key support level: Its average price of the past 100 days.
House Democrats have started drafting a stimulus proposal of roughly $2.4 trillion, according to multiple officials. While smaller than the $3.4 trillion package the House passed in May, the new proposal remains much larger than what Senate Republicans have said they could accept. President Donald Trump has indicated he’d be willing to go as high as $1.5 trillion.
“The odds of Phase 4 stimulus are a close call,” wrote Aneta Markowska, chief economist at Jefferies LLC in New York. “While still possible, there is a high risk that it does not happen this year. Without it, we would expect the economy to hit a major speed bump in Q4.” The risk of a slowdown in the economic recovery has risen with the lack of another stimulus package, prompting Goldman Sachs Group Inc. economists to cut their forecast for U.S. growth in the fourth quarter. Federal Reserve Chairman Jerome
Powell reiterated that “it’s likely that additional fiscal support will be needed,” while Fed Bank of St. Louis President James Bullard said the economy may be close to a “full recovery” by year-end.
High-frequency data that tracks economic activity show a slowdown in the recovery from the height of the lockdowns, with Americans again cutting back on flights and going out to eat less often. As Europe reemerged as a hot spot for Covid-19, the U.K. reported the highest number of new cases in a single day since the start of the pandemic, while France’s new infections jumped to a record. Republican lawmakers vowed that the presidential transition after November’s election will occur without disruption, in a rebuke to President Donald Trump’s refusal to commit to a peaceful transfer of power. Democratic presidential nominee Joe Biden’s search for a Treasury secretary is widely seen as focusing on Lael Brainard of the Fed, a choice that would keep both Wall Street and progressives in line.
     These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 0.3% at 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1%.
* The MSCI Asia Pacific Index sank 1.8%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1%.
* The euro climbed 0.1% to $1.1673.
* The Japanese yen was little changed at 105.41 per dollar.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 0.66%.
* Germany’s 10-year yield climbed less than one basis point to -0.50%.
* Britain’s 10-year yield advanced less than one basis point to 0.219%.
Commodities
* West Texas Intermediate crude advanced 0.7% to $40.22 a barrel.
* Gold strengthened 0.4% to $1,870.16 an ounce.
* Silver strengthened 2.1% to $23.25 per ounce.
–With assistance from Joanna Ossinger, Adam Haigh, Constantine
Courcoulas, Cecile Gutscher, Lynn Thomasson, Casey Wagner, Vildana Hajric and Claire Ballentine.

Have a great night.

Be magnificent!

As ever,

Carolann

Do the best you can until you know better. Then when you know better, do better.
                                                                           -Maya Angelou, 1928-2014

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:
September 23, 1846- Neptune discovered.

Euripides, playwright, b. 480 BCE.
John Coltrane, musician, b. 1926
Ray Charles, b. 1930.
Bruce Springsteen, b. 1949.

Take a virtual tour of Montana, where the trout are plentiful and the crafting of fly-fishing rods is an art. -The New York Times.

Why there is no speed limit in the superfluid universe.

On Sept. 23, 1952, Republican vice-presidential candidate Richard M. Nixon went on television to deliver what came to be known as the ”Checkers” speech as he denied
allegations of improper campaign financing. Go to article »

-from Bloomberg today:
Researchers build the first human bionic eye.

Chitin could build tools and habitats on Mars.

What is a minimally good life?

PHOTOS OF THE DAY

Morning fog in Kvaerndrup, Fyn island, Denmark
CREDIT: MICHAEL BAGER/ EPA -EFE/ SHUTTERSTOCK

A yacht sails ahead of an approaching rainstorm over The Mediterranean Sea, near the coast of the French Riviera city of Nice, southern France
CREDIT: VALERY HACHE/ AFP VIA GETTY IMAGES

Ben Taylor of the Little Car Company in partnership with Aston Martin driving an electric Aston Martin DB5 with an original DB5 in the background.
CREDIT: PAUL GROVER FOR THE TELEGRAPH

Sir Anthony Gormley with his latest work “look II” on West Hoe Pier, Plymouth
CREDIT: DALE CHERRY FOR THE TELEGRAPH
Market Closes for September 23rd, 2020 

Market Index	Close	Change
Dow Jones	26763.13	-525.05
		-1.92%
S&P 500	3236.92	-78.65
		-2.37%
NASDAQ	10632.984	-330.653 -3.02%
TSX	15817.11	-325.78
		-2.02%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23346.49	-13.81
		-0.06%
HANG SENG	23742.51	+25.66
		+0.11%
SENSEX	37668.42	-65.66
		-0.17%
FTSE 100*	5899.26	+69.80 +1.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.557	0.555
CND. 30 Year Bond	1.081	1.080
U.S.    10 Year Bond	0.6773	0.6691
U.S. 30 Year Bond	1.4220	1.4233

Currencies

BOC Close	Today	Previous
Canadian $	0.74736	0.75168
US $	1.33804	1.33035
Euro Rate 1 Euro=		Inverse
Canadian $	1.56061	0.64078
US $	1.16634	0.85739

Commodities

Gold	Close	Previous
London Gold Fix	1906.00	1909.35
Oil
WTI Crude Future	39.73	39.60

Market Commentary:
On this day in 1998, Wall Street’s top investment banks, encouraged by the Federal Reserve, completed marathon negotiations for a $3.65 billion bailout of the giant hedge fund Long-Term Capital Management, which lost nearly $2 billion in a single month when the mathematical models designed by two Nobel laureates failed.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Wednesday as confidence in the economic recovery waned. Shares in the U.S. also retreated amid warnings from Federal Reserve officials on the need for more stimulus.
The S&P/TSX Composite Index sank 2%, the most since June 11. Nine of 11 sectors retreated, with materials and health care among the laggards. Aurora Cannabis Inc. lost 28% after a weak earnings report.
Gold’s slump this week is forcing investors to ask whether the haven asset is taking a breather or facing an even sharper decline. Prime Minister Justin Trudeau says his government will launch a campaign to create 1 million jobs in Canada, returning employment to pre-pandemic levels.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold fell 2% to $1,860 an ounce
FX/Bonds
* The Canadian dollar weakened 0.6% to C$1.3383 per U.S. dollar
* The 10-year government bond edged lower to 0.557%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 2 percent at 15,817.11 in Toronto. The move was the biggest since falling 4.1 percent on June 11 and follows the previous session’s increase of 1 percent.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 205 of 223 shares fell, while 16 rose.
Shopify Inc. contributed the most to the index decline, decreasing 3.0 percent. Aurora Cannabis Inc. had the largest drop, falling 29.1 percent.
Insights
* In the past year, the index had a similar or greater loss 17 times. The next day, it advanced 11 times for an average 3.8 percent and declined six times for an average 5 percent
* This month, the index fell 4.2 percent
* This quarter, the index rose 1.9 percent
* This year, the index fell 7.3 percent, heading for the worst year since 2018
* The index declined 6.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 8 percent in the same period
* The S&P/TSX Composite is 12 percent below its 52-week high on Feb. 20, 2020 and 41.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.9 percent in the past 5 days and fell 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.1 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.47t
* 30-day price volatility rose to 14.40 percent compared with 13.28 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 | -129.7538| -5.1| 1/51
Energy | -58.2727| -3.2| 2/20
Financials | -54.5791| -1.2| 0/26
Information Technology| -36.0200| -2.3| 1/9
Industrials | -12.3276| -0.6| 3/24
Utilities | -10.7467| -1.3| 0/16
Communication Services| -10.7314| -1.3| 1/6
Real Estate | -10.1197| -2.0| 1/26
Health Care | -8.1271| -5.1| 0/10
Consumer Discretionary| 2.2855| 0.4| 5/8
Consumer Staples | 2.6104| 0.4| 2/9
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — Stocks slumped to an eight-week low amid warnings from Federal Reserve officials on the need for more stimulus to lift the world’s largest economy from a coronavirus-induced recession. The dollar rallied.
The S&P 500 closed near the threshold that many investors consider to be a market correction, while the Nasdaq 100 tumbled more than 3%, led by giants Apple Inc. and Amazon.com Inc. Fed Chairman Jerome Powell reiterated there’s a long way to go for the economic rebound, which will likely require more support.
The need for further aid was also stressed by Vice Chairman Richard Clarida, Governor Randal Quarles and regional chiefs Charles Evans, Loretta Mester and Eric Rosengren.
The warnings come days after Congress all but ended its pursuit of a bipartisan spending bill to focus on replacing Ruth Bader Ginsburg on the Supreme Court. It’s another blow to investors who are also watching virus cases tick higher in the U.S. amid a resurgence in infections around the world. Traders are growing cautious about the strength of the economic recovery, with the chances for Congressional stimulus withering ahead of a contentious election battle. The benchmark gauge of U.S. equities is poised for its first monthly slide since March.
“Markets are digesting and grappling with this idea that the growth expectations that investors have might not materialize,” said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “As the fiscal impulse in the U.S. starts to wane, some of these expectations for a slow and steady recovery are shaken.”
On corporate news, Tesla Inc. plunged after its “Battery Day” event fell short of expectations. Nike Inc. rallied on solid earnings, while GoodRx Holdings Inc. — which operates a telemedicine site and platform to track drug prices — surged in its trading debut.

     These are some events to watch this week:
* Powell and Treasury Secretary Steven Mnuchin will testify before a Senate committee on the economic response to the pandemic on Thursday.
* U.S. initial jobless claims are due Thursday.

Here are some of the main moves in markets:
Stocks
* The S&P 500 declined 2.4% at 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.6%.
* The MSCI Asia Pacific Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.7%.
* The euro fell 0.4% to $1.1659.
* The Japanese yen depreciated 0.4% to 105.40 per dollar.
Bonds
* The yield on 10-year Treasuries was unchanged at 0.67%.
* Germany’s 10-year yield was unchanged at -0.51%.
* Britain’s 10-year yield increased two basis points to 0.218%.
Commodities
* West Texas Intermediate crude fell 0.7% to $39.52 a barrel.
* Gold depreciated 2.1% to $1,859.48 an ounce.
* Silver depreciated 7.3% to $22.62 per ounce.
–With assistance from Constantine Courcoulas, Adam Haigh, Todd
White, Cecile Gutscher, Lynn Thomasson, Vildana Hajric, Vassilis Karamanis and Claire Ballentine.
Have  a great night.

Be magnificent!
As ever,

Carolann

You better live every day like your last because one day you’re going to be right.
                                                                           -Ray Charles, 1930-2004

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:  Today is the Autumnal equinox – two moments in the year when the Sun is exactly above the Equator and day and night are of equal length; also, either of the two points in the sky where the ecliptic (the Sun’s annual pathway) and the celestial equator intersect.

“Pi Earth” circles its star once every 3.14 days.

Maybe Nero wasn’t so bad?

One old TV set disrupted a whole village’s broadband service.

Acorn woodpeckers have prolonged wars while other birds spectate.

The first man to climb Everest 10 times has died at 72.  Ang Rita Sherpa was known as the “snow leopard.” –CNN.

On Sept. 22, 1862, President Abraham Lincoln issued the preliminary Emancipation Proclamation, declaring all slaves in rebel states should be free as of Jan. 1, 1863. Go to article »
PHOTOS OF THE DAY

A view of Tu Hwnt I’r Bont Tea Rooms in Llanrwst, North Wales, UK, which is covered in Virginia Creeper that has started its change into autumnal colours.
CREDIT: PETER BYRNE/PA WIRE

A car is silhouetted against the setting sun, in Shawnee, Kasas, USA. Sunsets have been more vibrant than normal recently as smoke from western wildfires drifts across the United States.
CREDIT: AP PHOTO/ CHARLIE RIEDEL

A race horse is sprayed with water to cool it down following a race at Warwick Racecourse, UK.
CREDIT: DAVID DAVIES/PA WIRE

Pod of 250 Pilot whales stranded in Macquarie Harbour on Tasmania’s west cost.
CREDIT: TELEGRAPH, SEPTEMBER 22, 2020
Market Closes for September 22^nd, 2020 

Market Index	Close	Change
Dow Jones	27288.18	+140.48
		+0.52%
S&P 500	3315.50	+34.44
		+1.05%
NASDAQ	10963.637	+184.839 +1.71%
TSX	16161.22	+179.45
		+1.12%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23360.30	+40.93
		+0.18%
HANG SENG	23716.85	-233.84
		-0.98%
SENSEX	37734.08	-300.06
		-0.79%
FTSE 100*	5829.46	+25.17 +0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.555	0.551
CND. 30 Year Bond	1.080	1.076
U.S.    10 Year Bond	0.6691	0.6675
U.S. 30 Year Bond	1.4233	1.4168

Currencies

BOC Close	Today	Previous
Canadian $	0.75168	0.75141
US $	1.33035	1.33084
Euro Rate 1 Euro=		Inverse
Canadian $	1.55769	0.64198
US $	1.17089	0.85405

Commodities

Gold	Close	Previous
London Gold Fix	1909.35	1950.85
Oil
WTI Crude Future	39.60	39.31

Market Commentary:
On this day in 1985, finance ministers and central bankers of the U.S., France, Germany, Japan and the U.K., meeting at the Plaza Hotel in New York City, announced coordinated measures to reduce the foreign-currency value of the U.S. dollar, which was near all-time highs. The “Plaza Accord” worked, as the dollar began a decade-long decline, spurring U.S. exports and creating a windfall for U.S. investors in foreign stocks.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rallied Tuesday after a weak Monday, led by consumer staples and tech shares.
The S&P/TSX Composite Index rose 1%, with all eleven sectors gaining. Toronto’s consumer staples index closed at a record high. Shares including Metro Inc. and Empire Co. both gained more than 3%.
Meanwhile, Transat AT Inc. fell to an eight-year low as investors bet against a travel recovery and the completion of a takeover by Air Canada.
Ford Motor Co. reached a tentative contract agreement with the union representing its Canadian production workers that saves its only vehicle-assembly plant there.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,902.50 an ounce
FX/Bonds
* The Canadian dollar rose 0.01% to C$1.3307 per U.S. dollar
* The 10-year government bond yield advanced to 0.555%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1 percent at 16,142.89 in Toronto. The move was the biggest since rising 1.8 percent on Sept. 9 and follows the previous session’s decrease of 1.3 percent.
Today, information technology stocks led the market higher, as all sectors gained; 152 of 223 shares rose, while 67 fell.
Shopify Inc. contributed the most to the index gain, increasing 2.7 percent. Aurora Cannabis Inc. had the largest increase, rising 15.2 percent.
Insights
* This month, the index fell 2.2 percent
* This quarter, the index rose 4 percent
* This year, the index fell 5.4 percent, heading for the worst year since 2018
* The index declined 4.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 10.2 percent below its 52-week high on Feb. 20, 2020 and 44.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.8 percent in the past 5 days and fell 2.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.5 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$2.44t
* 30-day price volatility rose to 13.28 percent compared with 12.95 percent in the previous session and the average of 11.52 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 37.4215| 2.4| 10/0
Energy | 30.5936| 1.7| 19/4
Industrials | 25.6980| 1.3| 21/7
Consumer Staples | 21.9253| 3.2| 11/0
Utilities | 12.4683| 1.5| 16/0
Communication Services | 12.2806| 1.5| 7/0
Materials | 10.5550| 0.4| 25/24
Consumer Discretionary | 7.4294| 1.4| 10/3
Financials | 2.0209| 0.0| 14/12
Real Estate | 0.6810| 0.1| 14/12
Health Care | 0.0439| 0.0| 5/5
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed as dip buyers emerged after the market selloff, tempering concern over remarks from Federal Reserve officials that pointed to a slow economic recovery. The dollar rose.
Most groups in the S&P 500 advanced, with retailers and tech companies among the biggest gainers. The Nasdaq 100 notched a back-to-back rally, while the Dow Jones Industrial Average underperformed amid a drop in banks. Equities fell earlier Tuesday as Fed Chairman Jerome Powell said the economy has a long way to go before fully recovering and will need further support. Meanwhile, Chicago Fed President Charles Evans noted that rates could rise before the inflation target is reached. Nike Inc. rallied in late trading as the sportswear maker returned to profit and posted far better revenue than predicted.
American stocks are still heading toward their first monthly slide since March on concern Congress hasn’t agreed on another fiscal stimulus package, while an increase in global virus cases has raised the specter of more lockdowns. British Prime Minister Boris Johnson announced new restrictions that are likely to last six months and told people to work from home if possible, saying the country is at a “perilous turning point” for the virus.
“We think equities will move higher over the medium term, thanks to the likely development of a successful vaccine, an end to election uncertainty, the passage of new U.S. fiscal stimulus, and continued extraordinary global monetary support,” wrote Mark Haefele, chief investment officer of global wealth management at UBS Group AG. “However, the path to ‘more normal’ is likely to be bumpy,” he said, adding that “we therefore expect volatility to persist over the balance of the year.”
These are some events to watch this week:
* Powell appears before the House Select Subcommittee on the coronavirus to discuss the central bank’s response on Wednesday.
* New Zealand rate decision on Wednesday.
* U.S. initial jobless claims are due Thursday.

These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 1.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.2%.
* The MSCI Asia Pacific Index fell 0.8%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.5%.
* The euro decreased 0.5% to $1.1708.
* The Japanese yen depreciated 0.3% to 104.98 per dollar.
Bonds
* The yield on 10-year Treasuries advanced one basis point to 0.67%.
* Germany’s 10-year yield advanced three basis points to -0.51%.
* Britain’s 10-year yield gained five basis points to 0.203%.
Commodities
* West Texas Intermediate crude advanced 0.7% to $39.60 a barrel.
* Gold depreciated 0.5% to $1,902.20 an ounce.
–With assistance from Joanna Ossinger, Andreea Papuc, Todd
White, Yakob Peterseil, Lynn Thomasson, Claire Ballentine and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

Life’s a bit like mountaineering – never look down.
             -Sir Edmund Percival Hillary, 1919-2008

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: Last day of summer today.

From Bloomberg today:
Milk products can now be 3D-printed. (h/t Mike Smedley)

People are booking flights to nowhere. (h/t Ellen Kominers)

Archaeologists unearth 2,500-year-old sarcophagi. (h/t Scott Kominers)

2001 – Congress approved $15 billion to help an airline industry reeling from the Sept. 11 terrorist attacks. Go to article »

The four most promising other worlds for life in the solar system.

When researchers attached cameras to Pacific Northwest orcas, a marvelous underwater world was revealed. Have a look and a listen.–The Seattle Times.
PHOTOS OF THE DAY

Moonset Behind the Statue of Liberty in New York City, USA.
CREDIT: GARY HERSHORN/GETTY IMAGES

Bear fight it out in the middle of the river over their fish dinner. This hungry beat proves he’s definitely not one to be messed with – punching his rival square on the nose as the pair faced off over a juicy salmon. Photographer Valerio Ferraro was watching the pair scrap over wild salmon in Kamchatka, Russia when two of the brown bears both fancied the same fish for dinner. The two enormous beasts stood up on their back legs and squared off – until one of the bears thew a right hook and claimed victory, before strutting off with salmon in mouth. Valerio said:” It was certainly a bear I didn’t want to mess with.”
CREDIT: VALERIO FERRARO/ CATERS NEWS

Sunset over the Irish Sea in Blackpool, UK.
CREDIT: KARL HOUGHTON/BAV MEDIA

These incredible images show swallows darting through a jagged opening in a farm building in North Tuddenham in Norfolk, UK. The smashed window was their “door” into a shed where they have raised three broods this summer. It will soon be time for them to fly south for the winter with their offspring to Namibia or South Africa, a journey that will take them six weeks.
CREDRT: VINCE BURTON/ SWNS. COM
Market Closes for September 21^st, 2020 

Market Index	Close	Change
Dow Jones	27147.70	-509.72
		-1.84%
S&P 500	3281.06	-38.41
		-1.16%
NASDAQ	10778.797	-14.458 -0.13%
TSX	15981.77	-217.19
		-1.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23360.30	+40.93
		+0.18%
HANG SENG	23950.69	-504.72
		-2.06%
SENSEX	38034.14	-811.68
		-2.09%
FTSE 100*	5804.29	-202.76 -3.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.551	0.580
CND. 30 Year Bond	1.076	1.102
U.S.    10 Year Bond	0.6675	0.6953
U.S. 30 Year Bond	1.4168	1.4532

Currencies

BOC Close	Today	Previous
Canadian $	0.75141	0.75737
US $	1.33084	1.32037
Euro Rate 1 Euro=		Inverse
Canadian $	1.56626	0.63846
US $	1.17690	0.84969

Commodities

Gold	Close	Previous
London Gold Fix	1950.85	1936.25
Oil
WTI Crude Future	39.31	41.11

Market Commentary:
On this day in 1931, the day after the Bank of England abandoned the gold standard, U.S. stocks tumbled. The Dow plunged 6.2% to an intraday low of 104.79, and the New York Stock Exchange authorities debated closing the market. But NYSE President Richard Whitney insisted that the market should remain open, and the executives compromised by instituting a temporary ban on short-selling. By day’s end, stocks had recovered almost all their lost ground, with the Dow closing down less than 1%.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dropped Monday as investors assess a clouded economic outlook amid rising coronavirus cases.
The S&P/TSX Composite Index fell 1.3% to its lowest level since July 14. Nine of 11 sectors retreated, while information technology and consumer staples gained.
Oil dropped as U.S. equities slid to a two-month low on mounting concerns over prolonged coronavirus restrictions while Libya signaled the resumption of some crude exports. Russ Girling, the man who spent a decade battling to build the controversial Keystone XL crude oil pipeline, is stepping down as TC Energy Corp.’s chief executive officer with the project still uncompleted.
Meanwhile, Prime Minister Justin Trudeau is set to unveil a new plan to try to contain the spread of Covid-19 and recharge Canada’s pandemic-battered economy, according to a senior government official.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold fell 2% to $1,912.83 an ounce
FX/Bonds
* The Canadian dollar fell 0.8% to C$1.3304 per U.S. dollar
* The 10-year government bond yield fell 2.8 basis points to 0.549%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 1.3 percent, or 217.19 to 15,981.77 in Toronto.
The move was the biggest since falling 1.4 percent on Sept. 4.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 193 of 223 shares fell, while 29 rose.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.1 percent. First Majestic Silver Corp. had the largest drop, falling 9.3 percent.
Insights
* This month, the index fell 3.2 percent
* This quarter, the index rose 3 percent
* This year, the index fell 6.3 percent, heading for the worst year since 2018
* The index declined 5.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.6 percent in the same period
* The S&P/TSX Composite is 11.1 percent below its 52-week high on Feb. 20, 2020 and 43 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.3 percent in the past 5 days and fell 3.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.4 on a trailing basis and 23.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.47t
* 30-day price volatility rose to 12.95 percent compared with 12.47 percent in the previous session and the average of 11.39 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -80.2481| -3.1| 2/50
Financials | -68.9228| -1.5| 2/24
Energy | -42.9524| -2.3| 1/22
Industrials | -18.1327| -0.9| 5/23
Consumer Discretionary | -14.2101| -2.6| 1/12
Real Estate | -10.6764| -2.1| 1/25
Communication Services | -9.8736| -1.2| 0/7
Utilities | -5.9065| -0.7| 5/11
Health Care | -5.1227| -3.1| 0/10
Consumer Staples | 2.6088| 0.4| 7/4
Information Technology | 36.2429| 2.4| 5/5
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks pared losses as a rebound in some tech giants tempered concern over cloudy prospects for economic stimulus and a report about suspicious transactions at global banks. Bonds and the dollar rose.
After approaching the threshold that many investors consider to be a market correction, the S&P 500 came off session lows as the Nasdaq 100 climbed. Commodity and industrial shares still led the benchmark gauge to its lowest in almost two months. JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. slumped more than 2%. Carnival Corp. and American Airlines Group Inc. paced losses in travel companies on worries that an increase in coronavirus cases could prompt further lockdown measures.
The eruption of a partisan battle over replacing Supreme Court Justice Ruth Bader Ginsburg damaged already-slim prospects for another round of fiscal stimulus. Speaker Nancy Pelosi and House Democrats released a stopgap government funding bill without support from the White House or Senate Republicans.
Federal Reserve Chairman Jerome Powell said the economy is improving, but has a long way to go before a full recovery from the pandemic. Former Food and Drug Administration Commissioner Scott Gottlieb warned the U.S. may experience “at least one more cycle” of the virus in the fall and winter.
Meanwhile, a new investigation by the International Consortium of Investigative Journalists said some big global banks “kept profiting from powerful and dangerous players” in the past two decades even after the U.S. imposed penalties. “Maybe there are worries we will see another wave of lockdowns. We also have U.S. political risk rising,” according to Jeffrey Kleintop, chief global investment strategist at Charles Schwab Corp. “There are some concerns there could be more fines in place on financial-services institutions,” and that could further hit earnings estimates, he said.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 1.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index sank 3.2%.
* The MSCI Asia Pacific Index slid 1%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.6%.
* The euro sank 0.7% to $1.1763.
* The Japanese yen weakened 0.1% to 104.72 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 0.67%.
* Germany’s 10-year yield fell five basis points to -0.53%.
* Britain’s 10-year yield declined three basis points to 0.157%.
Commodities
* West Texas Intermediate crude fell 3.6% to $39.64 a barrel.
* Gold depreciated 2.1% to $1,910.78 an ounce.
* Silver sank 8% to $24.63 per ounce.
–With assistance from Adam Haigh, Gregor Stuart Hunter,
Anchalee Worrachate, Lynn Thomasson, Vildana Hajric and Nancy Moran.
Have a great night.

Be magnificent!
As ever,

Carolann

Would that I could discover truth as easily as I can uncover falsehood.
                                        -Marcus Tullius Cicero, 106 BCE-43 BCE

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

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

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

Dear Friends,

Tangents: Happy Friday.
Rosh Hashanah starts tonight.
And, needless to say, a pandemic is a strange time to be celebrating the Jewish New Year. –CNN

In honor of the start of Rosh Hashana, the Jewish New Year, here’s a recipe for a delicious brisket. Coca-Cola, along with chunks of fresh ginger, are the ingredients behind the sweet-and-sour sauce. For more ideas, the Cooking team curated a collection of holiday recipes.-New York Times

1851: New York Times first published
1947: US Air Force established.

The Hubble telescope captures a crisp image of Jupiter and Europa.-Bloomberg.

Sept 18, 1970 – Rock musician Jimi Hendrix died of a drug overdose at age 27. Go to article »

Jimi Hendrix, who died 50 years ago today, had a vast impact on pop culture and Seattle. He was like a comet that “burned everybody’s eyelids off and then he left,” says guitarist Jabrille “Jimmy James” Williams. He and other music luminaries are a testament to the way Hendrix’s spirit lives on — as do the effects of the racism Hendrix endured. Get to know him through books, movies and music.
He is buried at Greenwood Memorial Park in Renton.–Seattle Times.
PHOTOS OF THE DAY

A whale breaching off the coast of Australia. The spectacular sight was seen during the northern migration of humpback whales off Port Macquarie, NSW, Australia
CREDIT: JODIE LOWE/ TRIANGLE NEWS

Dolphins off Bempton Cliffs in East Yorkshire.
CREDIT: ROB HARRISON/ MAGNUS NEWS

Waves hit the lighthouse during stormy weather at Mangalsala, Riga, Latvia
CREDIT: TOMS KALNINS/EPA -EFE/SHUTTERSTOCK

A red deer stag is pictured in front of Windsor Castle at sunrise. The deer park enclosure in Windsor Great Park is hone to a herd of around 500 red deer descended from forty hinds and two stags introduced by the Duke of Edinburgh in 1979.
CREDIT: MARK KERRISON/ALAMY LIVE NEWS
Market Closes for September 18th, 2020 

Market Index	Close	Change
Dow Jones	27657.42	-244.56
		-0.88%
S&P 500	3319.47	-37.54
		-1.12%
NASDAQ	10793.281	-116.995 -1.07%
TSX	16198.97	-47.75
		-0.29%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23360.30	+40.93
		+0.18%
HANG SENG	24455.41	+114.56
		+0.47%
SENSEX	38845.82	-134.03
		-0.34%
FTSE 100*	6007.05	-42.87 -0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.580	0.575
CND. 30 Year Bond	1.102	1.095
U.S.    10 Year Bond	0.6953	0.6887
U.S. 30 Year Bond	1.4532	1.4388

Currencies

BOC Close	Today	Previous
Canadian $	0.75737	0.75975
US $	1.32037	1.31622
Euro Rate 1 Euro=		Inverse
Canadian $	1.56338	0.63964
US $	1.18405	0.84456

Commodities

Gold	Close	Previous
London Gold Fix	1936.25	1961.80
Oil
WTI Crude Future	41.11	40.97

Market Commentary:
On this day in 1873, Jay Cooke & Co. of Philadelphia, one of the nation’s largest investment banks, collapsed as a result of failed speculations in railroad stocks—triggering the Panic of 1873. Mr. Cooke—and the entire financial world—were taken completely by surprise. Just the night before, he had lavishly entertained President Ulysses S. Grant at the Cooke family mansion in Chelton Hills, Pa.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets ended the week in the red, erasing early gains on Friday.
The S&P/TSX Composite index fell 0.3%, after earlier advancing as much as 0.4%. Only technology, consumer staples and utilities closed higher, while communication services was the worst-performing sector. Canada Goose shares rose 1.9% after UBS said its growth potential in China is underappreciated by the market. UBS said its ‘Evidence Lab’ global luxury goods consumer survey confirmed enduring high Chinese demand for luxury despite the pandemic, as well as Chinese consumers’ increasing awareness of and affinity for the brand.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold rose 0.4% to $1,951.36 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3194 per U.S. dollar
* The 10-year government bond yield rose to 0.576%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3 percent, or 48.94 to 16,197.78 in Toronto. The index dropped to the lowest closing level since Sept. 10. Canadian National Railway Co. contributed the most to the index decline, decreasing 1.5 percent. Corus Entertainment Inc. had the largest drop, falling 7.9 percent.
Today, 142 of 221 shares fell, while 77 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.4 percent
* This year, the index fell 5.1 percent, heading for the worst year since 2018
* The index declined 3.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 10 percent in the same period
* The S&P/TSX Composite is 9.9 percent below its 52-week high on Feb. 20, 2020 and 45 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.4 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$2.47t
* 30-day price volatility little changed to 12.47 percent compared with 12.45 percent in the previous session and the average of 11.23 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -27.6417| -0.6| 8/17
Industrials | -14.3251| -0.7| 11/17
Materials | -13.1495| -0.5| 18/32
Energy | -12.9880| -0.7| 8/16
Communication Services | -11.7619| -1.4| 0/8
Real Estate | -5.4763| -1.1| 4/21
Consumer Discretionary | -2.5998| -0.5| 4/9
Health Care | -0.1776| -0.1| 4/5
Consumer Staples | 2.4006| 0.3| 7/4
Utilities | 3.2429| 0.4| 6/10
Information Technology | 34.7218| 2.4| 7/3
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets. The dollar strengthened and Treasuries were little changed.
The S&P 500 fell for a third day after fluctuating between gains and losses ahead of a so-called “quadruple witching” on Friday, a quarterly event that typically fuels trading and sometimes volatility as large derivatives positions roll over. Losses accelerated after the benchmark index fell below its 50- day moving average. The Nasdaq 100 also closed below that technical threshold. Oracle Corp. edged lower after the U.S. said it will ban some transactions over TikTok, and it would be shut down unless a deal is concluded by Nov. 12. Apple Inc. and Microsoft Corp. weighted on the Nasdaq Composite.
“Investors are facing a conflict between this incredibly high level of uncertainty but also a fear of missing out, fear the markets could continue to move higher,” said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “That tension between uncertainty and FOMO is palpable.”
The Stoxx Europe 600 Index fell, weighed down by declines in travel and leisure shares on the threat of wider restrictions to stem the spread of coronavirus. Although activity on major gauges was modest, there were bigger moves in single-name stocks swept up in a bout of mergers and acquisitions.
Investors are on the lookout for more U.S. fiscal stimulus after the Federal Reserve indicated this week that interest rates will stay low for years to come. Data continues to show a patchy recovery path around the world as coronavirus infections surge. France’s daily cases rose by more than 10,000 to the highest since the end of lockdown in May. “The market is somehow uninspired following recent central bank meetings,” said Robert Greil, chief strategist at Merck Finck Privatbankiers AG. “It is waiting for the next support step, be it from their side or regarding the U.S. fiscal program to be agreed finally.”
Elsewhere, gold climbed. Crude oil traded around $41 a barrel and finished up on the week.
     These are some of the main moves in markets:
Stocks
*The S&P 500 Index declined 1.1% to 3,319.27 as of 4:01 p.m. New York time, the lowest in more than six weeks on the largest drop in more than a week.
*The Dow Jones Industrial Average declined 0.9% to 27,657.29, the lowest in more than a week on the biggest drop in more than a week.
*The Nasdaq Composite Index dipped 1.1% to 10,793.28, the lowest in more than five weeks.
*The Nasdaq 100 Index sank 1.3% to 10,936.98, the lowest in more than five weeks.
*The Stoxx Europe 600 Index sank 0.7% to 368.78, the largest decrease in more than a week.
Currencies
*The Bloomberg Dollar Spot Index increased 0.2% to 1,163.36, the first advance in more than a week.
*The euro was little changed at $1.1849.
*The British pound declined 0.4% to $1.2922, the first retreat in a week and the biggest drop in more than a week.
*The Japanese yen appreciated 0.1% to 104.59 per dollar, hitting the strongest in more than six months with its fifth straight advance.
Bonds
*The yield on 10-year Treasuries increased one basis point to 0.69%.
*The yield on 30-year Treasuries gained one basis point to 1.45%.
*Germany’s 10-year yield advanced one basis point to -0.49%, the biggest rise in more than a week.
*Britain’s 10-year yield fell less than one basis point to 0.183%, the lowest in a week.
Commodities
*West Texas Intermediate crude decreased 0.2% to $40.90 a barrel.
*Gold strengthened 0.3% to $1,950.87 an ounce.
*Natural gas increased 1.4% to $2.07 per MMBtu.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Somewhere, something incredible is waiting to be known.         
                                            -Carl Sagan, 1934-1996

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:
1759 – The French surrendered Quebec to the British.  Go to article »
1862 – Battle of Antietam, 25000 killed.
1997 – Apple Inc names co-founder Steve Job interim CEO.
Jim Carrey will play Joe Biden on ‘SNL’.  Seems promising, but we’re gonna have to see the white wig first.-CNN

Elon Musk’s next big thing is 40,000 satellites beaming broadband all over the world, Bloomberg Businessweek reports. He hopes low-Earth orbits
will help him succeed where so many others have failed. -Bloomberg.

How much would you pay to live in the Rockefeller apartment?-Bloomberg.

DNA shows Vikings weren’t all Scandinavian. (h/t Scott Kominers)-Bloomberg.

How Italian fishermen solved overfishing and revived the sea. (h/t Alistair Lowe)

There’s a 5D chess game where the pieces time-travel.-Bloomberg.
PHOTOS OF THE DAY

A Tyrannosaurus rex skeleton, named STAN is on display during a press preview at Christie’s Rockefeller Center, in New York City. The skeleton of a 40-foot (12-meter) dinosaur nicknamed “Stan”, one of the most complete Tyrannosaurus rex specimens ever found, will be auctioned in New York next month and could set a record for a sale of its kind. Discovered in 1987 near Buffalo, South Dakota, the 188-bone skeleton took more than three years to excavate.
CREDT:ANGELA WEISS/AFP

Firefighters standing on their fire truck watch as the Bobcat Fire burns on hillsides behind homes in Monrovia, California
CREDIT: RINGO CHIU/ AFP

Turkish painter Nazife Bilgin Hazar reproduces Dutch Post-Impressionist painter Vincent Van Gogh’s “The Starry Night” on a wall of a building in Mersin, Turckey
CREDIT: SERKAN AVCI/ANADOLU AGENCY

Children try to burst soap bubbles during hot weather at Brighton beach in Brighton Britain.
CREDIT: REUTERS/HANNAH MCKAY

Market Closes for September 17th, 2020 

 

Market Index	Close	Change
Dow Jones	27901.98	-130.40
		-0.47%
S&P 500	3357.01	-28.48
		-0.84%
NASDAQ	10910.277	-140.192   -1.27%
TSX	16246.72	-48.94
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	23319.37	-156.16
		-0.67%
HANG SENG	24340.85	-384.78
		-1.56%
SENSEX	38979.85	-323.00
		-0.82%
FTSE 100*	6049.92	-28.56   -0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.575	0.574
CND. 30 Year Bond	1.095	1.113
U.S.    10 Year Bond	0.6887	1.6969
U.S. 30 Year Bond	1.4388	1.4610

Currencies

BOC Close	Today	Previous
Canadian $	0.75975	0.75875
US $	1.31622	1.31795
Euro Rate 1 Euro=		Inverse
Canadian $	1.55924	0.64134
US $	1.18462	0.84414

Commodities

Gold	Close	Previous
London Gold Fix	1961.80	1949.35
Oil
WTI Crude Future	40.97	40.16

Market Commentary:
On this day in 1998, stock markets took a world-wide pounding after Federal Reserve Chairman Alan Greenspan told Congress there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Mr. Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.” The Dow slumped 2.7% and the Nasdaq lost 2.6%. Analysts were uniformly pessimistic, but in three weeks the U.S. stock market bottomed out and then headed straight up.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets fell on Thursday for a second day after tech and materials underperformed.
The S&P/TSX Composite Index fell 0.3% in Toronto. Tech, materials and energy sectors were the worst performers, while consumer staples were the best.
Meanwhile, shares of Canadian apartment companies dropped after the country’s largest province said it plans to freeze residential rents in 2021. New rules announced Thursday apply to the vast majority of rental units in Ontario. Without the change, owners of rent-controlled apartments, condos and houses would have been able to boost rents by 1.5% next year. The legislation also extends a ban on evictions of small businesses.
Among banks, Canadian Imperial Bank of Commerce has cut a number of portfolio managers, analysts and traders as part of a plan to reduce staff by almost 5%, according to people familiar with the matter.
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,948.92 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3151 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.570%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3 percent, or 48.94 to 16,246.72 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 2.0 percent. Vermilion Energy Inc. had the largest drop, falling 5.8 percent. Today, 118 of 221 shares fell, while 99 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.7 percent
* This year, the index fell 4.8 percent, heading for the worst year since 2018
* The index declined 3.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 9.6 percent below its 52-week high on Feb. 20, 2020 and 45.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and fell 2.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 on a trailing basis and 23.5 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$2.48t
* 30-day price volatility fell to 12.45 percent compared with 12.53 percent in the previous session and the average of 11.15 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -27.7554| -1.1| 20/29
Information Technology | -21.4800| -1.4| 2/8
Energy | -11.7555| -0.6| 8/16
Financials | -4.2080| -0.1| 12/13
Real Estate | -2.3732| -0.5| 6/19
Consumer Discretionary | -1.6199| -0.3| 9/4
Communication Services | 0.2275| 0.0| 3/5
Health Care | 0.5663| 0.4| 1/8
Utilities | 1.7327| 0.2| 12/4
Consumer Staples | 6.7852| 1.0| 9/2
Industrials | 10.9527| 0.6| 17/10
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks fell and Treasuries gained as investors mulled whether the levels of stimulus being provided is enough amid a gradual economic recovery.
The benchmark S&P 500 dropped for a second day, though it found some support after bouncing off its 50-day moving average.
Technology shares were the biggest decliners, with Apple Inc., Facebook Inc. and Microsoft Corp. weighing on the Nasdaq Composite. Investors snapped up long-term Treasuries, capturing a brief spike higher in yields following the Federal Reserve’s policy decision Wednesday. Although Fed Chair Jerome Powell said the central bank will remain accommodative after relaxing its inflation policy, he didn’t provide clarity as to just how high it can go and for how long. That, along with the lack of fresh details on the Fed’s plans for its bond-buying program, sparked long-end demand. “It remains to be seen how the long-term projection of near zero interest rates and more free-flying inflation will actually play out for the economy,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial Corp. “The somewhat dour tone from the Fed could weigh on investors.”
Meanwhile, the number of Americans applying for jobless benefits resumed its decline. Continuing claims also fell by almost 1 million in the week ended Sept. 5. All eyes remain on central bankers and their role in propping up economies still reeling from the coronavirus shock. Bank of England policymakers said they were exploring negative rates to counter ongoing risks to the labor market after voting unanimously to maintain their key interest rate at 0.1%, causing the pound to slide to an intraday low and pushing gilts higher. Earlier the Bank of Japan kept its asset-purchases and bond-yield targets in place. Recent flare-ups of the virus and a fading post-pandemic recovery have renewed calls for more fiscal support as well. Fed officials have stressed in recent weeks that the U.S. recovery is highly dependent on the nation’s ability to better contain infections, and that further fiscal stimulus is likely needed to support jobs and incomes. “Consumer sentiment data and the employment picture still reflect a fragile economic recovery,” said Matt Miskin, co-chief investment strategist at John Hancock Investments. “Powell did not bring up the need for further fiscal support multiple times yesterday just for the sake of it. Monetary policy has its limits, the lack of fiscal policy support leaves significant risks to this recovery.”
Elsewhere, crude oil climbed above $40 a barrel. Natural gas prices tumbled the most in almost two years after a bigger- than expected increase in stockpiles revived concerns that the glut of the fuel will increase. Gold declined.

    These are some of the main moves in markets:
Stocks
*The S&P 500 Index declined 0.8% to 3,357.02 as of 4:02 p.m. New York time, the largest drop in a week.
*The Dow Jones Industrial Average fell 0.5% to 27,901.71, the first retreat in a week.
*The Nasdaq Composite Index fell 1.3% to 10,910.28, the largest drop in a week.
*The Nasdaq 100 Index sank 1.5% to 11,080.95, the lowest in more than a week.
*The Stoxx Europe 600 Index decreased 0.5% to 371.23, the first retreat in a week.
Currencies
*The Bloomberg Dollar Spot Index sank 0.3% to 1,160.88, its fifth straight decline and the biggest dip in more than a week.
*The British pound was little changed at $1.2971, the strongest in more than a week.
*The euro increased 0.3% to $1.1847.
*The Japanese yen appreciated 0.2% to 104.70 per dollar, the strongest in about six months.
Bonds
*The yield on 10-year Treasuries fell one basis point to 0.69%, the biggest drop in a week.
*The yield on 30-year Treasuries declined three basis points to 1.43%, the largest drop in a week.
*Germany’s 10-year yield fell one basis point to -0.49%, the lowest in more than a week.
*Britain’s 10-year yield dipped three basis points to 0.185%.
Commodities
*West Texas Intermediate crude climbed 2.3% to $41.08 a barrel, the highest in two weeks.
*Gold weakened 0.6% to $1,948.03 an ounce, the largest decrease in two weeks.
*Natural gas fell 12.1% to $1.99 per MMBtu, the lowest in almost seven weeks.
–With assistance from Kamaron Leach, Liz Capo McCormick and Lu Wang.
Have a great night.

Be magnificent!
As ever,

Carolann
He who awaits much can expect little.
-Gabriel Garcia Marquez, 1927-2014

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