Month: October 2020

Dear Friends,

Tangents: Happy Friday.

Full moon tomorrow night for Halloween -second full moon this month, so a rare occasion.
Trick or treat? Halloween will include the first blue moon visible in every time zone since 1944. Here’s what that could mean for your horoscope. –NYTimes.

Yes, you have to switch your clock back an hour on Sunday. Experts in winter depression say the loss of daylight — just as coronavirus infections spike again and election tension comes to a head — could make this an unusually difficult stretch. They recommend taking practical steps now to protect your mood and mental health. (Perhaps we can all take comfort in a bit of friluftsliv, a Nordic concept of outdoor life.) –Seattle Times.
On Oct. 30, 1974, Muhammad Ali knocked out George Foreman in the eighth round of a 15-round bout in Kinshasa, Zaire, to regain his world heavyweight title. Go to article »

Here’s a decent short list of classic horror movies to watch this weekend. Here’s a long list.  Happy Halloween!
PHOTOS OF THE DAY

Northern Lights, photographed from Soertinden on Kvaloya, near Tromsoe
CREDIT: RUNE STOLTZ BERTINUSSEN/NTB/SCANPIX NORWAY

A surfer rides a large wave at Praia do Norte in Nazare, Portugal 
CREDIT: RAFAEL MARCHANTER/REUTERS

An adventurer captured in the heart of an ice cave as he explores a glacier in Iceland
CREDIT: MEDIADRUMIMAGES/@ICECAVEHUNTER//MAGNUS.BJARKI

The Suri dress up in floral headdresses in the Omo Valley, Ethiopia
CREIDT: MEDIADRUMIMAGES/ANDREA ANGRISANI

A kingfisher catching a small fish in its beak
CREDIT: JOHN PRINGLE/CATERS NEWS
Market Closes for October 30th, 2020 

Market Index	Close	Change
Dow Jones	26501.60	-157.51
		-0.59%
S&P 500	3269.96	-40.15
		-1.21%
NASDAQ	10911.590	-274.003 -2.45%
TSX	15580.64	-90.07
		-0.57%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22977.13	-354.81
		-1.52%
HANG SENG	24107.42	-479.18
		-1.95%
SENSEX	39614.04	-135.78
		-0.34%
FTSE 100*	5577.27	-4.48 -0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.663	0.630
CND. 30 Year Bond	1.253	1.216
U.S.    10 Year Bond	0.8720	0.8263
U.S. 30 Year Bond	1.6570	1.6101

Currencies

BOC Close	Today	Previous
Canadian $	0.75069	0.75090
US $	1.33211	1.33174
Euro Rate 1 Euro=		Inverse
Canadian $	1.55161	0.64449
US $	1.16478	0.85853

Commodities

Gold	Close	Previous
London Gold Fix	1870.30	1869.95
Oil
WTI Crude Future	35.79	36.17

Market Commentary:
On this day in 1989, Mitsubishi Estate Co. agreed to pay $846 million for 51% of Rockefeller Center in New York City, setting off mass hysteria among U.S. pundits, who claimed that America’s patrimony was being scooped up by the Japanese. By 1996 the Mitsubishi affiliate was so financially troubled that it sold Rockefeller Center for less than $400 million.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell on Friday and posted the biggest weekly decrease since the pandemic-led market meltdown in March.
The S&P/TSX Composite Index dropped 0.6% in Toronto, bringing the decline this week to 4.4%. Tech stocks were the worst performers, led by routs in Shopify and Celestica.
Meanwhile, Fidelity Investments is tilting some Canadian funds toward holding more assets outside the country on concern that the nation’s debt binge will weigh on returns and depress the value of the loonie.
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to West Texas Intermediate
* Spot gold rose +0.6% to $1,878.3 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3322 per U.S. dollar
* The 10-year government bond yield rose to 0.664%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.6 percent at 15,580.64 in Toronto. The index dropped to the lowest closing level since July 9 after the previous session’s increase of 0.5 percent.
Today, information technology stocks led the market lower, as 9 of 11 sectors lost; 135 of 223 shares fell, while 84 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.3 percent. SNC-Lavalin Group Inc. had the largest drop, falling 9.8 percent.
Insights
* So far this week, the index fell 4.4 percent, heading for the biggest decline since the week ended March 20
* This month, the index fell 3.4 percent
* This year, the index fell 8.7 percent, heading for the worst year since 2018
* The index declined 5.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.3 percent in the same period
* The S&P/TSX Composite is 13.3 percent below its 52-week high on Feb. 20, 2020 and 39.5 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 22.2 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$2.4t
* 30-day price volatility rose to 15.53 percent compared with 15.47 percent in the previous session and the average of 14.90 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -57.6818| -3.7| 3/7
Utilities | -18.2729| -2.1| 1/15
Industrials | -13.5110| -0.7| 6/22
Financials | -11.1984| -0.2| 11/15
Communication Services | -8.8279| -1.1| 0/7
Consumer Discretionary | -8.5324| -1.5| 2/11
Consumer Staples | -6.6870| -1.0| 0/11
Real Estate | -2.9476| -0.6| 9/17
Health Care | -2.4042| -1.5| 3/7
Energy | 3.2311| 0.2| 11/10
Materials | 36.7749| 1.5| 38/13
US
By Vildana Hajric
(Bloomberg) — U.S. stocks dropped, capping their biggest weekly rout since March, after earnings from the largest tech companies disappointed investors concerned that a slowing economy will damp profit.
The Nasdaq 100 declined about 2.6% after Apple Inc.’s iPhone sales and Twitter Inc.’s user growth both missed estimates, though Google parent Alphabet Inc. jumped after reporting a rebound in advertising. The S&P 500 Index dropped 5.6% over the past five days, the worst-ever loss in the week leading to a presidential election. Ten-year Treasury yields jumped to the highest since June.
The tech slump, coming after an unprecedented run higher this year, is adding to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities posted the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dented sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record.
“Today’s action is a reminder of just how fickle markets can be,” said Yousef Abbasi, global market strategist at StoneX. “The earnings themselves were not awful, but the market has priced tech to near perfection and thus one fly — maybe even a fruit fly — in the ointment could perpetuate a sell-off.”

In Europe, equities edged higher. Tech stocks also faltered as did Danish drug giant Novo Nordisk A/S, whose earnings disappointed analysts. Banks rose after Spain’s BBVA SA and the U.K.’s NatWest Group Plc reported improved pictures for soured loans.
Elsewhere, spot gold prices rose. Crude oil slumped in New York.
Here are the main market moves:
Stocks
* The S&P 500 Index decreased 1.2% as of 4 p.m. New York time.
* The Nasdaq 100 Index dropped 2.6%.
* The Stoxx Europe 600 Index rose 0.2%.
* The MSCI Asia Pacific Index sank 1.7%.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The British pound increased 0.2% to $1.2954.
* The Japanese yen fell 0.1% to 104.68 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 0.87%.
* Germany’s 10-year yield climbed one basis point to -0.63%.
* Britain’s 10-year yield increased four basis points to 0.26%.
Commodities
* West Texas Intermediate crude fell 1.6% to $35.60 a barrel.
* Gold strengthened 0.6% to $1,878.61 an ounce.

–With assistance from Joanna Ossinger, Adam Haigh, Yakob Peterseil, Todd White and Robert Brand.
Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

I am an optimist, because I don’t see the point in being anything else.
                                                       -Abraham Lincoln, 1809-1865

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:
1969: Internet created-between Stanford and UCLA.

2015: China announces the end of their one-child policy after 35 years.

Here are 16 new books to look for in November.-NYT.

Taiwan has gone 200 days without a local Covid case.

Juno mission observes ‘sprites’ dancing in Jupiter’s atmosphere.  Fun fact of the day: “Sprites” and “elves” are types of quick, bright flashes of light. They happen on Earth, too. -CNN.

PHOTOS OF THE DAY

Royal Academy of Dance final year ‘class bubble’ students: Nicole and Amy (L-R) practice in the early morning light over London wetlands ready for World Ballet Day 2020.
CREDIT: GUY CORBISHLEY/ALAMY LIVE NEWS

A cyclist, who gave his name as Lehboy, balances a basketball on his head while riding outside the Brooklyn Federal Courthouse in New York.
CREDIT: BRENDAN MCDERMID/REUTERS

Hetty the fox checks out a mouse in the stables A keen wildlife photographer has snapped a series of photos of wild animals in a spooky set-up ahead of Halloween.
CREDIT: RICHARD BOWLER/COVER IMAGES

Market Closes for October 29th, 2020 

Market Index	Close	Change
Dow Jones	26659.11	+139.16
		+0.52%
S&P 500	3310.11	+39.08
		+1.19%
NASDAQ	11185.594	+180.726 +1.64%
TSX	15670.70	+84.13
		+0.54%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23331.94	-86.57
		-0.37%
HANG SENG	24586.60	-122.20
		-0.49%
SENSEX	39749.85	-172.61
		-0.43%
FTSE 100*	5581.75	-1.05 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.630	0.592
CND. 30 Year Bond	1.216	1.174
U.S.    10 Year Bond	0.8263	0.7693
U.S. 30 Year Bond	1.6101	1.5537

Currencies

BOC Close	Today	Previous
Canadian $	0.75090	0.75086
US $	1.33174	1.33180
Euro Rate 1 Euro=		Inverse
Canadian $	1.55480	0.64317
US $	1.16750	0.85653

Commodities

Gold	Close	Previous
London Gold Fix	1869.95	1905.70
Oil
WTI Crude Future	36.17	37.39

Market Commentary:
On this day in 1822, in the heat of the earliest frenzy for investing in emerging markets, the 6% bonds of the Kingdom of Poyais, near Nicaragua, traded at 81.5% of their par value on the London Stock Exchange, just behind Chile, at 84% of par. Unfortunately, Poyais is a fictitious country fabricated by a Scottish scamster, Gregor MacGregor, and the bonds soon turned out to be worthless.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets bounced back from three-day selling pressure as utilities stocks outperform. The S&P/TSX Composite index rose 0.5%, paring earlier loss of as much as 0.5%. Utilities and real estate sectors outperformed. Tech was the worst performer, after Shopify fell 5% even after beating revenue and profit estimates for the third quarter. Meanwhile, the Bank of Montreal is exploring options for its asset management operations, as the Canadian firm considers scaling back the business’s international footprint, people with knowledge of the matter said.
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,869.8 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3317 per U.S. dollar
* The 10-year government bond yield rose to 0.630%
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5 percent at 15,670.70 in Toronto. The move was the biggest since rising 0.6 percent on Oct. 8 and follows the previous session’s decrease of 2.7 percent. Today, financials stocks led the market higher, as 8 of 11 sectors gained; 172 of 223 shares rose, while 50 fell. Royal Bank of Canada contributed the most to the index gain, increasing 1.9 percent. Alamos Gold Inc. had the largest increase, rising 12.5 percent.
Insights
* So far this week, the index fell 3.9 percent, heading for the biggest decline since the week ended March 20
* This month, the index fell 2.8 percent
* This year, the index fell 8.2 percent, heading for the worst year since 2018
* The index declined 4.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 9 percent in the same period
* The S&P/TSX Composite is 12.8 percent below its 52-week high on Feb. 20, 2020 and 40.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 3.7 percent in the past 5 days and fell 3.3 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 22.3 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$2.39t
* 30-day price volatility rose to 15.47 percent compared with 15.34 percent in the previous session and the average of 14.88 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 58.0895| 1.3| 20/6
Materials | 35.6461| 1.5| 43/9
Utilities | 15.0369| 1.8| 15/1
Real Estate | 8.8518| 1.8| 24/2
Consumer Discretionary | 5.4016| 1.0| 8/5
Communication Services | 4.9141| 0.6| 7/0
Health Care | 2.6732| 1.6| 9/1
Industrials | 1.9614| 0.1| 19/9
Consumer Staples | -0.5703| -0.1| 5/6
Energy | -1.6284| -0.1| 15/8
Information Technology | -46.2345| -2.9| 7/3

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks bounced back a day after their biggest rout in four months, with investors encouraged by better-than-forecast economic data even as they kept a wary eye on growing coronavirus infections. The S&P 500 Index 1.2%, the most since Oct. 12, after President Donald Trump said he plans “a very big package” of stimulus following the election. The dollar and Treasury yields rose after reports showed a decline in weekly jobless claims and a surge in third-quarter economic growth that reversed much of the pandemic collapse.
An exchange-traded fund that tracks the Nasdaq 100 edged lower after the close of regular trading following a flurry of earnings releases. Twitter Inc.’s new-user numbers disappointed, while revenue for Alphabet Inc. beat estimates. Amazon.com Inc. projected operating income that trailed estimates after reporting better-than-forecast sales. Even with Thursday’s gains, global equities are headed for the worst weekly decline since March amid new lockdown measures and U.S. politicians’ failure to agree to a stimulus plan before the Nov. 3 election. The Covid-19 surge in the Midwest rose to a record, led by single-day highs in Kansas, Iowa and South Dakota as the region’s outbreak spread toward both coasts. Anthony Fauci, the government’s top infectious disease doctor, said the earliest a vaccine might be available is late December or early January.
“The market clearly has concerns about Covid and shutdowns but it would not surprise me at all if in a week or two there’s a completely different narrative,” said Evan Brown, head of multi-asset strategy at UBS Asset Management. “Ultimately we’re going to get a safe and effective vaccine.” In Europe, stocks edged lower. The euro extended its decline after the European Central Bank paved the way for a package of fresh easing in December to deal with a worsening economic outlook. Stocks slumped in Asia, with losses for the main indexes in Japan, Australia and Hong Kong.
Here are the main market moves:
Stocks
* The S&P 500 Index rose 1.2% as of 4 p.m. New York time.
* The Nasdaq 100 Index increased 1.9%.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index decreased 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3%.
* The British pound declined 0.4% to $1.2936.
* The euro weakened 0.6% to $1.1678.
* The Japanese yen fell 0.3% to 104.64 per dollar.
Bonds
* The yield on 10-year Treasuries rose six basis points to 0.83%.
* Germany’s 10-year yield declined one basis point to -0.64%.
* Britain’s 10-year yield rose one basis point to 0.22%.
Commodities
* WTI crude declined 2.7% to $36.38 a barrel.
* Gold weakened 0.4% to $1,870.01 an ounce.
–With assistance from Adam Haigh, Todd White, Yakob Peterseil and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

Originality and the feeling of one’s own dignity are achieved only through work and struggle.
                                                                                 -Fyodor Dostoyevsky, 1821-1881

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:
Bill Gates, Microsoft founder, b. 1955
Julia Roberts, actress, b. 1967.

1636- Harvard University founded.
October 28, 1904: St. Louis police try a new investigation method – fingerprints.
On Oct. 28, 1886, the Statue of Liberty, a gift from the people of France, was dedicated in New York Harbor by President Grover Cleveland. Go to article »

Weekly Dives to the Titanic Will Begin in May.

The expeditions will be the first in 15 years to take guests to the famous wreck.

PHOTOS OF THE DAY

Kashmiri farmers pluck saffron flowers from a saffron field in Pampore, the summer capital of Indian Kashmir. The saffron growers said this year the yield has been low so far due to less rainfall. Pampore is famous for its high quality saffron and Kashmir is the only place in India and one of the few places in the world, where the world’s most expensive spice grows.
CREDIT: FAROOQ KHAN/EPA-EFE/SHUTTERSTOCK

A nursery assistant at Arden Lea Nurseries, Hesketh Bank, Lancashire, inspects the cyclamen which will be shortly leaving the Nursery and heading for the Christmas market. They bloom continuously throughout the winter months.
CREDIT: LORNE CAMPBELL/GUZELIAN

Residents are silhouetted as they watch the Blue Ridge Fire burning in Yorba Linda, California, U.S.
CREDIT: RINGO CHIU/REUTERS

Market Closes for October 28th, 2020 

Market Index	Close	Change
Dow Jones	26519.95	-943.24
		-3.43%
S&P 500	3271.11	-119.57
		-3.53%
NASDAQ	11004.867	-426.484 -3.73%
TSX	15586.57	-434.37
		-2.71%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23418.51	-67.29
		-0.29%
HANG SENG	24708.80	-78.39
		-0.32%
SENSEX	39922.46	-599.64
		-1.48%
FTSE 100*	5582.80	-146.19 -2.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.592	0.599
CND. 30 Year Bond	1.174	1.188
U.S.    10 Year Bond	0.7693	0.7676
U.S. 30 Year Bond	1.5537	1.5530

Currencies

BOC Close	Today	Previous
Canadian $	0.75086	0.75836
US $	1.33180	1.31864
Euro Rate 1 Euro=		Inverse
Canadian $	1.56489	0.63902
US $	1.17501	0.85105

Commodities

Gold	Close	Previous
London Gold Fix	1905.70	1898.45
Oil
WTI Crude Future	37.39	39.57

Market Commentary:
The yuan stabilized on Wednesday in both the onshore market and in freer offshore markets in Hong Kong and elsewhere, after having surged in recent months. China is giving investors more power in setting the value of the yuan, a move analysts said was likely intended to boost the currency’s international appeal rather than to drive it lower.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell with global markets as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic. The S&P/TSX Composite Index fell 2.7%, the most since June 11, and dipped below its 200-day moving average for the first time since Sept. 23. All 11 main industry groups were in the red, with materials, tech and energy leading the way lower. Gold fell to a three-week low as the U.S. dollar rose on haven demand amid escalating concern about the European virus spike. Oil also plunged with rising U.S. stockpiles adding to virus woes. Meanwhile, The Bank of Canada reinforced its commitment to keeping interest rates at historical lows over the next few years to support an economic recovery that’s being hampered by a second wave of Covid-19 cases.
Commodities
* Western Canada Select crude oil traded at a $10.35 discount to West Texas Intermediate
* Spot gold fell 1.7% to $1,876 an ounce
FX/Bonds
* The Canadian dollar fell about 1% to C$1.3314 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.592%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 2.7 percent, or 434.37 to 15,586.57 in Toronto. The move was the biggest since falling 4.1 percent on June 11. Today, materials stocks led the market lower, as all sectors lost; 216 of 223 shares fell, while 7 rose. Shopify Inc. contributed the most to the index decline, decreasing 4.0 percent. Silvercorp Metals Inc. had the largest drop, falling 11.1 percent.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it advanced 10 times for an average 4.1 percent and declined twice for an average 6.7 percent
* This month, the index fell 3.3 percent
* This year, the index fell 8.7 percent, heading for the worst year since 2018
* The index declined 4.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.7 percent in the same period
* The S&P/TSX Composite is 13.3 percent below its 52-week high on Feb. 20, 2020 and 39.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 4 percent in the past 5 days and fell 4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24 on a trailing basis and 22.3 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$2.46t
* 30-day price volatility rose to 15.34 percent compared with 13.26 percent in the previous session and the average of 14.87 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -112.1088| -4.5| 1/51
Financials | -106.7500| -2.4| 0/26
Information Technology| -62.2407| -3.7| 0/10
Energy | -47.8623| -2.8| 0/23
Industrials | -31.9911| -1.6| 1/27
Communication Services| -21.6721| -2.6| 0/7
Utilities | -17.1325| -2.0| 0/16
Consumer Discretionary| -14.5327| -2.5| 0/13
Consumer Staples | -8.6708| -1.3| 1/10
Real Estate | -7.1589| -1.4| 3/24
Health Care | -4.2663| -2.6| 1/9

US
By Sarah Ponczek and Claire Ballentine
(Bloomberg) — Stocks tumbled in the U.S. and Europe as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic. The S&P 500 Index fell 3.5%, the biggest drop since June, amid a surge in Covid-19 hospitalizations, especially in the Midwest. Energy shares sank with oil prices, and technology stocks were also among the worst performers, with Microsoft Corp. down after a disappointing forecast. The VIX Index, a measure of expected U.S. equity volatility, climbed to the highest level since June. The U.S. and European stock benchmarks are both down more than 5% this week as virus cases surge and after American lawmakers failed to agree on an economic aid package before the Nov. 3 election. Analysts are also warning about increased volatility ahead of the presidential vote and in its aftermath, with some saying that a contested outcome is still a worrisome possibility.
“We’ve obviously got the election hanging over our heads. Then obviously Covid accelerating to the degree that it has both here in the U.S. as well as in Europe,” said Lori Heinel, deputy global chief investment officer at State Street Global Advisors. “And then you’ve got the lack of stimulus, which in our estimation is still necessary to get us through this period until we get an ultimate medical solution. It’s the triple whammy right now.” The Stoxx Europe 600 Index fell to a five-month low, losing 3% as German Chancellor Angela Merkel reached a deal for a one- month partial lockdown to curb the spread of the virus. After the market closed, France imposed a new nationwide lockdown.
Elsewhere, oil fell sharply on concern raging infections will sap demand. The dollar jumped and gold slumped. An exchange-traded fund tracking junk-rated corporate bonds fell to a one-month low. Bitcoin headed to its biggest drop in a month. In Asia, stocks fared better. The MSCI Asia Pacific Index edged lower, and markets in South Korea and Shanghai posted modest gains. In China, indicators tracked by Bloomberg showed the recovery continued to display mixed signals while remaining broadly steady in October.
These are some events to watch this week:
* Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Haruhiko Kuroda and President Christine Lagarde.
* The Chinese Communist Party’s Central Committee holds its plenum through Friday, where it’s expected to chart the course for the economy’s development for the next 15 years.
* Brexit negotiating teams have started intense daily talks, and these are likely to continue as both sides push to finalize a deal by the middle of November.
* The first reading of U.S. third-quarter GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.
Here are the main moves in markets:
Stocks
* The S&P 500 Index dropped 2.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 3%.
* The MSCI Asia Pacific Index fell 0.5%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.6%.
* The British pound declined 0.5% to $1.2981.
* The Japanese yen gained 0.1% to 104.35 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 0.77%.
* Germany’s 10-year yield fell one basis point to -0.63%.
* Britain’s 10-year yield decreased two basis points to 0.21%.
Commodities
* West Texas Intermediate crude sank 5.6% to $37.36 a barrel.
* Gold weakened 1.6% to $1,878.26 an ounce.
–With assistance from Adam Haigh, Greg Ritchie, Todd White and Sophie Caronello.

Have a great night.

Be magnificent!
As ever,

Carolann

There is no traffic jam along the extra mile.
                       -Roger Staubach, b.1942

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:
Theodore Roosevelt, 26^th US President, b.  1858
Marlene Dietrich, b. 19014
Dylan Thomas, poet, b. 1914
Sylvia Plath, poet, b. 1932
Fran Lebowitz, author, b. 1950

October 27^th, 1982: China announces its population has reached 1 billion plus people. Go to article>>

Asteroid Bennu has been hanging out with Earth for over a million years.   It’s been here all this time but has never hung out with us? … Oh, wait. –CNN

PHOTOS OF THE DAY

Surfers and bodyboarders make the most of the huge waves pounding, world renowned surfing beach, El Confital, on Gran Canaria as Atlantic autumn swells roll in.
CREDIT: ALAN DAWSON/ALAMY LIVE NEWS

An agile bird doing the splits on reed stems. This splayed leg pose allows bearded reedlings to look out for potential predators, such as hawks, before eating reed seeds below.
CREDIT: JOHN COBHAM/SOLENT NEWS & PHOTO AGENCY

Francesca Bromham, aged 6, looks up at a 13-foot-high animatronic skeleton which forms part of Halloween display from Samsung to demonstrate the power of their SmartThings technology at The Old Bury in Stevenage, England.
The Old Bury, the oldest house in Stevenage, has been given a modern Halloween style makeover by Samsung using their SmartThings technology. The 300-year-old property has been transformed using projection mapping, a 13-foot-high animatronic skeleton, a live-action dance troupe and a field of smart-tech powered pumpkins.
CREDIT: HANDOUT/GETTY IMAGES FOR THE OLD BURY

Market Closes for October 27th, 2020 

Market Index	Close	Change
Dow Jones	27463.19	-222.19
		-0.80%
S&P 500	3390.68	-10.29
		-0.30%
NASDAQ	11431.352	+72.415 +0.64%
TSX	16020.94	-58.61
		-0.36%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23485.80	-8.54
		-0.04%
HANG SENG	24787.19	-131.59
		-0.53%
SENSEX	40522.10	+376.60
		+0.94%
FTSE 100*	5728.99	-63.02 -1.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.599	0.627
CND. 30 Year Bond	1.188	1.213
U.S.    10 Year Bond	0.7676	0.8010
U.S. 30 Year Bond	1.5530	1.5909

Currencies

BOC Close	Today	Previous
Canadian $	0.75836	0.75705
US $	1.31864	1.32092
Euro Rate 1 Euro=		Inverse
Canadian $	1.55441	0.64333
US $	1.17880	0.84832

Commodities

Gold	Close	Previous
London Gold Fix	1898.45	1903.65
Oil
WTI Crude Future	39.57	38.56

Market Commentary:
Since 1928, the market has usually risen in the last full week before a presidential election. The S&P 500 has been up in 70% of those weeks, according to Dow Jones Market Data. The gains are even more frequent if measured from the Tuesday before the election to Election Day. The index has risen in 91% of those instances.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets declined for a second day on Tuesday, led lower by financials stocks. The S&P/TSX Composite Index fell 0.4% in Toronto.  The financial and consumer discretionary sectors fell the most, while tech and materials stocks outperformed. Meanwhile, Cenovus Energy is planning to eliminate as much as 25% of its workforce following its acquisition of Husky Energy. Total job cuts would be about 2,150 positions with most taking place in Calgary, Alberta.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,907.6 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3170 per U.S. dollar
* The 10-year government bond yield fell to 0.599%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.4 percent, or 58.61 to 16,020.94 in Toronto. The index dropped to the lowest closing level since Sept. 24. Royal Bank of Canada contributed the most to the index decline, decreasing 1.7 percent. Aurora Cannabis Inc. had the largest drop, falling 9.5 percent. Today, 121 of 223 shares fell, while 100 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 0.6 percent
* This year, the index fell 6.1 percent, heading for the worst year since 2018
* The index declined 2.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 10.8 percent below its 52-week high on Feb. 20, 2020 and 43.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.6 percent in the past 5 days and fell 0.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.6 on a trailing basis and 23 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 fell to 13.26 percent compared with 13.32 percent in the previous session and the average of 14.84 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -77.4798| -1.7| 6/20
Energy | -10.2393| -0.6| 7/16
Consumer Discretionary | -9.2112| -1.6| 7/6
Industrials | -6.3311| -0.3| 12/15
Communication Services | -5.0732| -0.6| 1/6
Consumer Staples | -3.2592| -0.5| 4/7
Utilities | -2.9483| -0.3| 5/11
Real Estate | -1.6270| -0.3| 6/21
Health Care | 0.2524| 0.2| 5/4
Materials | 23.1039| 0.9| 41/11
Information Technology | 34.2105| 2.1| 6/4

US
By Vildana Hajric
(Bloomberg) — Tech shares rose after Advanced Micro Devices Inc. announced a $35 billion takeover of another chipmaker, helping to blunt concern about the impact of growing coronavirus infections. Oil climbed. The tech strength wasn’t enough to buoy the S&P 500 Index, which declined for a second straight day. Almost four stocks fell for every one that rose, with banks bearing the brunt of selling. Xilinx Inc. surged after agreeing to be bought by AMD. Megacap tech names including Amazon.com Inc. and Apple Inc. also gained as investors sought out companies that fare well during lockdowns.
The Stoxx Europe 600 Index fell to its lowest since May amid concern about the faster spread of the coronavirus on the continent. BP Plc warned of many challenges ahead as the pace of recovery in oil demand remained uncertain. Stocks have been knocked around in recent weeks by speculation about whether lawmakers will pass a fiscal stimulus package, but with almost no possibility of that happening before Americans vote Nov. 3, investors were looking for fresh insight into corporate America’s health. A U.S. consumer confidence report came in worse than forecast Tuesday as data showed Covid-19 hospitalizations have risen at least 10% in the past week in 32 states and the nation’s capital. “Covid case counts and hospitalizations continue to rise — these will continue to be closely watched as investors gauge the likelihood of more stringent mitigation measures,” said Yousef Abbasi, global market strategist at StoneX.
Elsewhere, the dollar slipped and Treasury yields dipped. Crude oil climbed as U.S. Gulf producers shut production ahead of Tropical Storm Zeta. Bitcoin rose past $13,500, approaching levels not seen since just after the burst of the cryptocurrency market bubble almost three years ago.
These are some events to watch this week:
* The Chinese Communist Party’s Central Committee holds its all- important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.
* Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.
* Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.
* The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1%.
* The MSCI Asia Pacific Index rose 0.2%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.1%.
* The British pound rose 0.2% to $1.3055.
* The Japanese yen strengthened 0.3% to 104.49 per dollar.
Bonds
* The yield on 10-year Treasuries dipped three basis points to 0.77%.
* Germany’s 10-year yield decreased four basis points to -0.62%.
* Britain’s 10-year yield fell four basis points to 0.23%.
Commodities
* West Texas Intermediate crude added 2.2% to $39.42 a barrel.
* Gold strengthened 0.3% to $1,908.13 an ounce.
–With assistance from Nancy Moran, Andreea Papuc, David Wilson and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

If you want to achieve excellence, you can get there today.  As of this second,
quit doing less-than-excellent work.
                                                 -Thomas J. Watson, 1874-1956

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:

Check out 11 new books that Times editors recommend.

How a pair of raccoons (probably) broke into a bank.  Carefully, we would assume.

There’s water on the Moon. 

These tiny-winged dinosaurs were probably terrible at flying.-Ellen Kominers

On Oct. 25, 1971, the United Nations General Assembly voted to admit mainland China and expel Taiwan. Go to article »

PHOTOS OF THE DAY

Clear night over Ladybower Reservoir in the Peak District.
CREDIT: GREG BUTLER/BAV MEDIA

Morning fog blankets the Przemyskie Foothills, near Cisowa, southeastern Poland.
CREDIT: DAREK DELMANOWICZ/EPA-EFE/SHUTTERSTOCK

A seagull flies to catch a piece of bread thrown by a tourist on the coast of the Baltic Sea in Timmendorfer Strand, northern Germany.
CREDIT: MICHAEL PROBST/AP

Market Closes for October 26th, 2020 

Market Index	Close	Change
Dow Jones	27685.38	-650.19
		-2.29%
S&P 500	3400.97	-64.42
		-1.86%
NASDAQ	11358.938	-189.343 -1.64%
TSX	16079.55	-224.53
		-1.38%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23494.34	-22.25
		-0.09%
HANG SENG	24918.78	+132.65
		+0.54%
SENSEX	40145.50	-540.00
		-1.33%
FTSE 100*	5792.01	-68.27 -1.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.627	0.639
CND. 30 Year Bond	1.213	1.238
U.S.    10 Year Bond	0.8010	0.8429
U.S. 30 Year Bond	1.5909	1.6410

Currencies

BOC Close	Today	Previous
Canadian $	0.75705	0.76172
US $	1.32092	1.31281
Euro Rate 1 Euro=		Inverse
Canadian $	1.56003	0.64101
US $	1.18102	0.84672

Commodities

Gold	Close	Previous
London Gold Fix	1903.65	1900.95
Oil
WTI Crude Future	38.56	39.67

Market Commentary
On this day in 1825, the Erie Canal was inaugurated as New York City hosted a flotilla of boats with a parade, banquet and fireworks display after they traversed the 363-mile run from Lake Erie. Financed with $6 million in stock and bonds and eight years in the making, the canal cut shipping time from New York to Buffalo from three weeks to eight days—and slashed the cost of transporting goods from $100 a ton to $15. Suddenly the American frontier was opened to a two-way flood of commerce.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares fell with the broader equity markets, on rising investor concerns that climbing coronavirus cases will hurt the global economy, and on dimming prospects for fiscal aid from Washington before the presidential election. The S&P/TSX Composite index fell 1.4% in Toronto, the most since Sept. 23. Almost all sectors were in the red, except for tech, which was helped by Shopify Inc.
     Meanwhile, healthcare and consumer discretionary were the worst performers. The TSX fell below its 100-day moving average and touched the lower end of its trading envelope, first time since Sept. 23. However, this sell-off could be a good opportunity for investors to buy into the equity markets, according to Canaccord Genuity’s technical analyst Javed Mirza. His analysis suggests a new intermediate-term (3-6 months) equity market rally is underway and investors should take advantage of any short-term equity market weakness to “aggressively minimize cash balance.” On the short-term, Mirza  sees important support for the TSX around 15,222 level and major resistance near 17,848.
     Meanwhile, one of Canada’s largest public-pension managers, Ontario Municipal Employees’ Retirement System, aims to double its C$25 billion ($19 billion) of infrastructure investments in its home country within a decade.
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to West Texas Intermediate
* Spot gold was flat at $1,902.9 an ounce
FX/Bonds
* The Canadian dollar fell 0.5% to C$1.3196 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.626%
–With assistance from Divya Balji.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 1.4 percent at 16,079.55 in Toronto. The move was the biggest since falling 2 percent on Sept. 23 and follows the previous session’s increase of 0.2 percent. Royal Bank of Canada contributed the most to the index decline, decreasing 1.9 percent. Vermilion Energy Inc. had the largest drop, falling 9.0 percent. Today, 210 of 223 shares fell, while 12 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 0.3 percent
* This year, the index fell 5.8 percent, heading for the worst year since 2018
* The index declined 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 10.5 percent below its 52-week high on Feb. 20, 2020 and 43.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.7 on a trailing basis and 23 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$2.5t
* 30-day price volatility rose to 13.32 percent compared with 12.93 percent in the previous session and the average of 14.92 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -78.5670| -1.7| 2/24
Industrials | -39.1160| -1.9| 0/28
Energy | -32.3887| -1.9| 1/22
Materials | -25.9340| -1.0| 4/48
Communication Services | -15.0111| -1.7| 0/7
Consumer Discretionary | -12.9680| -2.1| 0/13
Real Estate | -8.2292| -1.6| 1/26
Utilities | -6.9292| -0.8| 1/15
Consumer Staples | -5.6511| -0.8| 1/9
Health Care | -5.4021| -3.1| 1/9
Information Technology | 5.6548| 0.3| 1/9

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — The S&P 500 Index posted its biggest drop in a month on concern rising coronavirus cases will hurt the global economy and as prospects dimmed for fiscal aid from Washington before the presidential election. Losses for energy and industrial companies sent the benchmark gauge down 2.9% at one point, though stocks pared losses in the afternoon amid recoveries for the biggest technology companies and as House Speaker Nancy Pelosi voiced optimism on a stimulus deal. Boeing Co., Lockheed Martin Corp. and Raytheon Technologies Corp. slid on China’s plan to sanction the companies over arms sales to Taiwan.
In Europe, a gauge of tech stocks fell the most since March after German software maker SAP SE plunged 22% following a cut to its sales forecast and warnings that the pandemic will hurt business through mid-2021.  The dollar strengthened and Treasuries rose, sending yields on the 10-year lower. Oil futures and copper declined, while gold was little changed. Investors remain focused on the prospect of a U.S. stimulus deal, even as time runs out to finish an aid package before the election. On the virus front, U.S. infections have hit a record in recent days. Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposition to restrictions.
“Fiscal stimulus seems to not be coming as quickly as we thought and the virus is coming quicker than we imagined,” said Keith Buchanan, portfolio manager for GLOBALT Investments in Atlanta. “Putting those two together is somewhat of a reality check for the markets.” Pelosi, Mnuchin Trade Blame on Unending Stimulus Stalemate In Washington, Pelosi and Treasury Secretary Steven Mnuchin again attempted to reconcile differences on a virus relief package. Differences between the two sides “have narrowed,” but “the more it narrows, the more conditions come up on the other side,” White House economic adviser Larry Kudlow told reporters. “The overwhelming consensus in the market is that while the economic recovery to date is impressive, it still needs help,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “It’s not ready to stand on its own, and so some fiscal support is necessary and does not really seem to be forthcoming before year-end.”
In other markets, the MSCI Asia Pacific Index slipped, with Japan and South Korea posting declines. Emerging-market stocks were also lower. Turkey’s lira weakened past 8 per dollar for the first time. The central bank rattled investors last week by unexpectedly keeping rates on hold, and geopolitical risks have sapped interest in Turkish assets.

These are some events to watch this week:
* The Chinese Communist Party’s Central Committee holds its all- important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.
* Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.
* Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.
* The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.

Here are the major moves in markets:
Stocks
* The S&P 500 Index decreased 1.9% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 1.8%.
* The MSCI Asia Pacific Index dipped 0.4%.
* The MSCI Emerging Market Index declined 0.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%.
* The euro fell 0.5% to $1.1807.
* The British pound fell 0.2% to $1.3019.
* The Japanese yen weakened 0.1% to 104.85 per dollar.
Bonds
* The yield on 10-year Treasuries declined four basis points to 0.80%.
* Germany’s 10-year yield was little changed at -0.58%.
* Britain’s 10-year yield was little changed at 0.27%.
Commodities
* West Texas Intermediate crude declined 3.2% to $38.56 a barrel.
* Gold was little changed at $1,902.20 an ounce.
–With assistance from Andreea Papuc and Anchalee Worrachate.

Have a great night.

Be magnificent!
As ever,

Carolann

The most  important thing in communication is hearing what isn’t said.
                                                        –Dr. Peter Drucker, 1909-2005

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.

Departure of the swallows, Capistrano, California
1956 – Hungarian Revolution
1989 – Hungarian Independence

1981: US national debt hits $1 trillion.

On Oct. 23, 1983, a suicide truck-bombing at Beirut International Airport in Lebanon killed 220 U.S. Marines, 18 sailors and 3 Army soldiers; a near-simultaneous attack on
French forces killed 58 paratroopers. Go to article »

Fleetwood Mac’s ‘Dreams’ returns to the charts, thanks to viral TikTok video.  It started with a guy drinking Ocean Spray and vibing on a skateboard, and now the whole world’s joined in. 
 
Guinness is making a non-alcoholic version of its iconic stout.  For when you want a full-bodied beer without the, er, full-body effects. 

 Fall’s vibrant, showy display has begun at the Brooklyn Botanic Garden.

“And Americans have a tough choice to make now: Do they vote for Joe Biden on Nov. 3? Or do they vote for him early, because the ultimate mute button is in your hands.” — STEPHEN COLBERT
PHOTOS OF THE DAY

A kingfisher surrounded by crisp, red autumnal leaves in Hemel Hempstead, Herts. Captured by Liam Edwards.
CREDIT: SWNS.COM

Landscape photographer Andrew Turner captured this beautiful atmospheric shot of mist over the silhouetted peaks of the Austrian Alps from the window of a plane while on an early morning flight from Brighton to Cyprus
CREDIT: ANDREW TURNER/WENN

This is the incredible moment diver Gemma Care gets up close and personal with sharks in the English Channel to show how harmless some of the predators are. Gemma, 32, has swum with sharks all over the world but this is the first time she has spent time with them in ‘home waters.’ She spent two days interacting with blue sharks 20 miles off the Devon coast.
CREDIT: GEMMACARE/BNPS
Market Closes for October 23rd, 2020 

Market Index	Close	Change
Dow Jones	28335.57	-28.09
		-0.10%
S&P 500	3465.39	+11.90
		+0.34%
NASDAQ	11548.281	+42.275 +0.37%
TSX	16304.08	+24.72
		+0.15%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23516.59	+42.32
		+0.18%
HANG SENG	24918.59	+132.65
		+0.54%
SENSEX	40685.50	+127.01
		+0.31%
FTSE 100*	5860.28	+74.63 +1.29%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.639	0.663
CND. 30 Year Bond	1.238	1.259
U.S.    10 Year Bond	0.8429	0.8646
U.S. 30 Year Bond	1.6410	1.6826

Currencies

BOC Close	Today	Previous
Canadian $	0.76172	0.76138
US $	1.31281	1.31341
Euro Rate 1 Euro=		Inverse
Canadian $	1.55720	0.64218
US $	1.18615	0.84306

Commodities

Gold	Close	Previous
London Gold Fix	1900.95	1924.15
Oil
WTI Crude Future	39.67	40.47

Market Commentary:
On this day in 1907, the Panic of 1907 deepened, as hundreds of nervous depositors besieged New York’s biggest trust companies, demanding their deposits back in cash after a crash in speculative copper stocks threatened the solvency of the trusts. J.P. Morgan, acting as the country’s unofficial central banker, loaned $3 million to the Trust Co. of America, helping to calm the panicky public.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell for a second straight week as traders prep for a slew of corporate earnings and U.S. election implications.
The S&P/TSX Composite Index was relatively flat Friday, gaining 0.2%, though dropped 0.8% this week. Tech stocks outperformed while consumer discretionary and energy were among laggards.
Prime Minister Justin Trudeau said his government is in “continual discussions” with airlines over aid for an industry buckling under the financial strain caused by Covid-19.
Meanwhile, Chorus Aviation Inc. rallied after the company received a preliminary, non-binding acquisition proposal from a third party. Alberta’s two-year experiment with OPEC-style crude production curbs is coming to an end after a Covid-driven collapse in demand led the Canadian province’s battered oil- sands industry to idle more output than required.
Commodities
* Western Canada Select crude oil traded at a $10.40 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,903.11 an ounce
FX/Bonds
* The Canadian dollar rose 0.02% to C$1.3137 per U.S. dollar
* The 10-year government bond yield fell 2.7 basis points to 0.633%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2 percent, or 24.72 to 16,304.08 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 2.0 percent. Corus Entertainment Inc. had the largest increase, rising 9.8 percent.
Today, 104 of 223 shares rose, while 113 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index fell 0.8 percent
* This month, the index rose 1.1 percent
* This year, the index fell 4.5 percent, heading for the worst year since 2018
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.3 percent below its 52-week high on Feb. 20, 2020 and 45.9 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25 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$2.5t
* 30-day price volatility little changed to 12.93 percent compared with 12.94 percent in the previous session and the average of 14.96 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 28.0754| 0.6| 22/3
Information Technology | 20.0677| 1.2| 6/4
Industrials | 8.5282| 0.4| 17/10
Real Estate | 1.3962| 0.3| 20/7
Utilities | 1.0134| 0.1| 6/9
Consumer Staples | -0.5955| -0.1| 4/7
Communication Services | -0.6383| -0.1| 3/4
Health Care | -0.7953| -0.5| 3/6
Consumer Discretionary | -5.0903| -0.8| 5/8
Energy | -12.5374| -0.7| 4/18
Materials | -14.7133| -0.6| 14/37
US
By Todd White
(Bloomberg) — Most U.S. stocks rose after the Trump administration resuscitated hopes for a spending package.  Treasuries remained higher.
The S&P 500 edged higher to pare a weekly decline. It erased losses after White House Chief of Staff Mark Meadows said he expects a deal in a day or so. Tech shares underperformed after Intel Inc. plunged more than 10%, dragging chipmakers lower. American Express Co. also faltered following earnings.
Gilead Sciences Inc. rose after its antiviral therapy become the first drug formally cleared to treat Covid-19. The 10-year Treasury yield slipped to 0.83%. Oil slipped below $40 a barrel in New York. Investors remain focused on Washington, where lawmakers are haggling over a financial spending bill to prop up the economy before the Nov. 3, though optimism that a deal will come at some point this year has helped drive Treasury rates higher in recent days. Concerns remain that rising virus cases will force additional business closures. The final presidential debate appeared to do little to alter the trajectory of a race that Democrat Joe Biden leads according to polls.
Europe’s equities market notched its first increase this week. Barclays Plc jumped after reporting improved stocks trading, lifting U.K. banking shares. Carmakers climbed after Daimler AG raised its profit forecast and Renault SA topped revenue estimates, the latest signs the global auto industry is emerging from its worst slump in decades. “The focus is shifting toward de-risking,” said Eleanor Creagh, a market strategist at Saxo Capital Markets, on Bloomberg TV. “There’s a range of outcomes from the elections that could have a huge capacity to change market sentiment and dynamics very quickly.” Growing coronavirus infections around the world continued to weigh on markets. U.S. cases exceeded 70,000 for the first day since late July. In Europe, governments have started deploying curfews and other restrictions more widely.
Elsewhere, China’s yuan climbed after an official with the country’s foreign exchange watchdog said Friday the currency’s appreciation has been “relatively moderate.”
Here are the major moves in markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
* The Nasdaq 100 Index added 0.3%.
* The Stoxx Europe 600 Index gained 0.6%.
* The MSCI Asia Pacific Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The British pound decreased 0.3% to $1.3038.
* The euro rose 0.4% to $1.186.
* The Japanese yen strengthened 0.1% to 104.72 per dollar.
* The Turkish lira weakened 0.4% to 7.9673 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 0.84%.
* The two-year rate was flat at 0.15%
* Germany’s 10-year yield fell one basis point to -0.574%.
* Britain’s 10-year yield slipped to 0.28%.
Commodities
* West Texas Intermediate crude lost 2.3% to $39.70 a barrel.
* Gold futures fell less than 0.1% to $1,904 an ounce.
–With assistance from Adam Haigh and Scott Schnipper.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Genius consists of equal parts of natural aptitude and hard work.
                                                  -Andre Maurois, 1885-1967

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:
Franz Liszt, b. 1811
Sarah Bernhardt, b. 1844
Doris Lessing, b. 1919
Timothy Leary, b. 1920
Annette Funicello, b. 1942
Catherine Deneuve, b. 1942
Deepak Chopra, b. 1946

Egypt has added a restaurant to the site of the Giza pyramids.  Dinner with a view? That’s an understatement. 

On Oct. 22, 1962, President John F. Kennedy announced an air and naval blockade of Cuba, following the discovery of Soviet missile bases on the island.  Go to article »

How slow-breathing helps the body.
A green-furred puppy was born in Sardinia. 
A rare Shakespeare folio sold for a record $10 million. –Scott Kominers

Fabio Ferrari/LaPresse/AP
As sunlight weaves through Alpine peaks, so do cyclists racing in the 18th stage of the Giro d’Italia, which runs from Pinzolo to Laghi di Cancano, in northern Italy, on Oct. 22, 2020.
PHOTOS OF THE DAY

A Scottish photographer has captured a stunning sunset selfie perching on 150-foot- tall cliffs. Steve Birrell, 44, from Shetland, set his camera up and walfer 40 meters away to the edge of Calders Geo, in Esha Ness, for this perfectly timed shot. Using a remote trigger Steve was able to perfectly frame himself in the shot at a gap in the cliffs level with the setting autumn sun.
CREDIT: STEVE BIRRELL//MAGNUS NEWS

The Peace Monument, and the US Capitol behind it, is enshrouded in fog in Washington.
CREDIT: JIM LO SCALZO/EPA – EFE/SHUTTERSTOCK

Long time exposure picture shows the buildings of the banking district in Frankfurt, Germany.
CREDIT: MICHAEL PROBST/AP
Market Closes for October 22nd, 2020 

Market Index	Close	Change
Dow Jones	28363.66	+152.84
		+0.54%
S&P 500	3453.49	+17.93
		+0.52%
NASDAQ	11506.008	+21.314 +0.19%
TSX	16274.68	+44.45
		+0.27%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23474.27	-165.19
		-0.70%
HANG SENG	24786.13	+31.71
		+0.13%
SENSEX	40558.49	-148.82
		-0.37%
FTSE 100*	5785.65	+9.15 +0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.663	0.619
CND. 30 Year Bond	1.259	1.219
U.S.    10 Year Bond	0.8646	0.8192
U.S. 30 Year Bond	1.6826	1.6285

Currencies

BOC Close	Today	Previous
Canadian $	0.76138	0.76094
US $	1.31341	1.31417
Euro Rate 1 Euro=		Inverse
Canadian $	1.55241	0.64416
US $	1.18197	0.84605

Commodities

Gold	Close	Previous
London Gold Fix	1924.15	1898.40
Oil
WTI Crude Future	40.47	39.83

Market Commentary:
On this day in 1929, Yale professor Irving Fisher, one of the nation’s foremost economists, stated in the New York Herald Tribune, “The breaks of the past few days have driven stocks down to hard rock. I believe that we will have a ragged market for a few weeks and then the beginning of a mild bull movement that will gain momentum next year.” Prof. Fisher was half-right: The market was “ragged,” losing a quarter of its value by the end of the year. Then it stayed ragged for years on end.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks closed higher Thursday after turning negative earlier in the session, snapping a four-day losing streak.
The S&P/TSX Composite Index gained 0.3%, with communication services leading the way. Rogers Communications rallied 12% after it reported earnings and said it plans to review its investments in Cogeco if the company won’t accept a takeover bid led by Altice USA. National Bank of Canada Chief Executive Officer Louis Vachon expects a new burst of mergers and acquisitions to help fuel earnings in the bank’s capital-markets business, continuing the strength it showed in the early days of the pandemic.
Meanwhile, Canada will start offering Covid-19 tests to travelers upon arrival in Alberta as part of a pilot program to reduce quarantine times and give the beleaguered province a boost.
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to West Texas Intermediate
* Spot gold fell 1% to $1,904.62 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3134 per U.S. dollar
* The 10-year government bond yield rose 4.3 basis points to 0.665%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 16,279.36 in Toronto. The move was the biggest since rising 0.6 percent on Oct. 8 and follows the previous session’s decrease of 0.3 percent.
Today, financials stocks led the market higher, as 6 of 11 sectors gained; 116 of 223 shares rose, while 106 fell. Rogers Communications Inc. contributed the most to the index gain and had the largest move, increasing 11.6 percent.
Insights
* So far this week, the index fell 1 percent, heading for the biggest decline since the week ended Sept. 4
* This month, the index rose 1 percent
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 0.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.4 percent below its 52-week high on Feb. 20, 2020 and 45.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.3 percent in the past 5 days and rose 0.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25 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$2.49t
* 30-day price volatility fell to 12.94 percent compared with 13.42 percent in the previous session and the average of 14.97 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 39.3948| 0.9| 20/6
Energy | 34.3813| 2.0| 22/1
Communication Services | 29.0347| 3.5| 6/1
Health Care | 3.5314| 2.1| 8/2
Consumer Discretionary | 1.3271| 0.2| 7/6
Industrials | 0.3687| 0.0| 14/14
Utilities | -0.0366| 0.0| 8/8
Real Estate | -0.6342| -0.1| 10/16
Consumer Staples | -5.0003| -0.7| 3/8
Information Technology | -20.8275| -1.3| 5/5
Materials | -32.3999| -1.3| 13/39
US
By Vildana Hajric and Anchalee Worrachate
(Bloomberg) — U.S. stocks rose as banks rallied on a jump in Treasury yields jumped, while lawmakers in Washington continue to haggle over a spending bill.
The S&P 500 pared its weekly decline as financial firms rallied almost 2%. The 10-year Treasury yield popped to 0.84%, its highest since June. Energy producers also surged, rebounding with oil from a prior-day selloff. Small caps rose 1.5%.
Investors remained fixated on Washington, where lawmakers continue to work toward a package to bolster the economy. While House speaker Nancy Pelosi signaled optimism on a deal with the administration, opposition remains in the Republican-controlled Senate, making a pact before the election less likely. Tech shares underperformed. AT&T Inc. rallied after the phone giant added more wireless subscribers than analysts estimated. Data showed a drop in jobless claims, suggesting the
labor market is still gradually recovering.
“Earnings are heating up and they are generally coming in healthy and better than expected. But with the stimulus saga dragging on and the election looming, macro influences will continue to dominate market internals until there’s some clarity,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note.
In Europe, the Stoxx Europe 600 Index was lower. Luxury handbags and scarves house Hermes International rose after surpassing analysts’ sales estimates on a rebound in demand from Asia. The MSCI Asia Pacific Index slid. Gold declined, and copper slipped after topping $7,000 a ton for the first time in more than two years. With no meaningful progress on fiscal policy, markets “are reacting to the heightened political instability that comes with the confirmation of efforts to manipulate the presidential race,” said Eleanor Creagh, a Sydney-based strategist at Saxo Capital Markets. “The ability for either candidate to seize upon accusations of foreign interference is heightened and raises the probability of a contested outcome, particularly as the race could be closer than polls currently indicate.”
Around the world, there is also increasing evidence that the pandemic is worsening. German infections have jumped to a record and Spain’s heath minister said the spread of coronavirus is out of control in certain parts of the country. U.S. hospitalizations for Covid-19 have reached a two-month high.
Here are some key events coming up:
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.

These are some of the main market moves:
Stocks
* The S&P 500 Index rose 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 ended lower by 0.02%.
* The Stoxx Europe 600 Index dropped 0.2%.
* The MSCI Asia Pacific Index decreased 0.8%.
* The MSCI Emerging Market Index fell 0.4%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The euro fell 0.3% to $1.1822.
* The British pound decreased 0.4% to $1.3093.
* The Japanese yen weakened 0.2% to 104.83 per dollar.
Bonds
* The yield on 10-year Treasuries added two basis points to 0.84%.
* The two year rate added one basis point to 0.15%
* Germany’s 10-year yield rose one basis point to -0.58%.
* Britain’s 10-year yield climbed three basis points to 0.27%.
Commodities
* West Texas Intermediate crude increased 1.4% to $40.60 a barrel.
* Gold futures weakened 1.4% to $1,902.20 an ounce.
Have a great night.

Be magnificent!
As ever,

Carolann

Success is walking from failure to failure with no loss of enthusiasm.
                                                 –Winston Churchill, 1874-1965

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

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

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

Dear Friends,

Tangents:
S.T. Coleridge, poet, b. 1772
Alfred Nobel, b. 1833
Dizzy Gillespie, b. 1717

1854:  Florence Nightingale with a staff of 38 nurses is sent to the Crimean War.
1967: Vietnam War protesters storm Pentagon.

On Oct. 21, 1879, Thomas Edison invented a workable electric light at his laboratory in Menlo Park, N.J. Go to article »

Enjoy this fall poem for Halloween (sound on!).

PHOTOS OF THE DAY

Avid surfer and filmmaker Spencer Frost, 25, took his friends Guy Williament, 27, and Fraser Dovell, 23, on a trip to Iceland to find the perfect wave. The trio had to wear extra-thick wetsuits to survive in the two-degree water – which was littered with icy obstacles. They had to wait for gaps in the storm and got dressed in -20 temperatures – and could only stay in the water for an hour before going hypothermic.
CREDIT: GUY WILLIMENT/SWNS

A Rothschild subspecies of Giraffe browse on ol-Kokwe Island on Lake Baringo where it now faces a threat from the rising waters of the lake that have already forced an evacuation of smaller species of wildlife like antelopes and warthog off the island due to habitat loss, near Marigat, Baringo county on the Kenyan Rift Valley.
CREDIT: TONY KARUMBA/AFP/GETTY IMAGES

Here’s a look at the fastest car in the world. Shelby SuperCars (SSC) North America has set a new top speed record for a production car, with its SSC Tuatara recording a two-way average of 316.11mph in Nevada. 
The runs took place on a seven-mile stretch of closed road in the desert near Las Vegas with British racing driver Oliver Webb at the wheel.
The supercar, built by Shelby SuperCars North America, hit a top speed of 331mph on the second run on October 10. However, for the record to stand the car must set a speed in both directions to account for the wind. The first run saw 301mph on the speedometer.
CREDIT: MEGA

Market Closes for October 21^st, 2020 

Market Index	Close	Change
Dow Jones	28210.82	-97.97
		-0.35%
S&P 500	3435.56	-7.56
		-0.22%
NASDAQ	11484.695	-31.799 -0.28%
TSX	16230.23	-43.03
		-0.26%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23639.46	+72.42
		+0.31%
HANG SENG	24754.42	+184.88
		+0.75%
SENSEX	40707.31	+162.94
		+0.40%
FTSE 100*	5776.50	-112.72 -1.91%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.619	0.612
CND. 30 Year Bond	1.219	1.217
U.S.    10 Year Bond	0.8192	0.7940
U.S. 30 Year Bond	1.6285	1.0624

Currencies

BOC Close	Today	Previous
Canadian $	0.76094	0.76174
US $	1.31417	1.31278
Euro Rate 1 Euro=		Inverse
Canadian $	1.55851	0.64164
US $	1.18593	0.84322

Commodities

Gold	Close	Previous
London Gold Fix	1898.40	1905.60
Oil
WTI Crude Future	39.83	41.46

Market Commentary:
On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, predicted the coming demise of the bull market in a lead editorial entitled “The Turn in the Tide.” However, since Mr. Hamilton had already predicted the death of the bull market in January of 1927, as well as in both June and July of 1928, nobody listened. This time—if only by sheer luck—he turned out to be right, as the stock market crashed just three days later.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Wednesday while U.S. shares fluctuated. The S&P/TSX Composite Index lost 0.3%, with five of 11 sectors lower. Industrials lagged behind as Canadian National Railway dipped 6.1% after 3Q earnings. Jagmeet Singh signaled his social-democratic lawmakers won’t back a Conservative push for a special committee to investigate alleged mishandling of Covid-19 spending, lowering the odds of a snap election in Canada. Oil and gasoline futures tumbled the most in more than two weeks after a U.S. government report showed swelling fuel stockpiles and slowing demand as the coronavirus pandemic rages. On the deal front, TD said Cogeco Communications’s acquisition of Quebec’s third-largest cable provider is “not the type of shareholder-friendly initiative” investors are looking for after the company rejected a takeover bid.
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to West Texas Intermediate
* Spot gold rose 0.9% to $1,924.22 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3139 per U.S. dollar
* The 10-year government bond yield edged higher to 0.613%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.3 percent, or 43.03 to 16,230.23 in Toronto. The index dropped to the lowest closing level since Oct. 2. Today, industrials stocks led the market lower, as 5 of 11 sectors lost; 82 of 223 shares fell, while 139 rose. Canadian National Railway Co. contributed the most to the index decline, decreasing 6.1 percent. Ballard Power Systems Inc. had the largest drop, falling 6.5 percent.
Insights
* This month, the index rose 0.7 percent
* This year, the index fell 4.9 percent, heading for the worst year since 2018
* The index declined 1.1 percent in the past 52 weeks. The MSCI  AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 9.7 percent below its 52-week high on Feb. 20, 2020 and 45.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and rose 1.6 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 23.4 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$2.49t
* 30-day price volatility fell to 13.42 percent compared with 14.42 percent in the previous session and the average of 14.97 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -53.5784| -2.6| 11/17
Information Technology | -40.6157| -2.4| 2/8
Energy | -26.7025| -1.5| 4/19
Communication Services | -3.3215| -0.4| 1/5
Consumer Staples | -2.9376| -0.4| 7/4
Health Care | 3.6613| 2.2| 8/2
Utilities | 3.6710| 0.4| 10/6
Consumer Discretionary | 4.1754| 0.7| 10/3
Real Estate | 4.3168| 0.8| 22/4
Financials | 23.9471| 0.5| 22/4
Materials | 44.3620| 1.8| 42/10
US
By Sarah Ponczek and Casey Wagner
(Bloomberg) — U.S. stocks ended a volatile session slightly lower as the White House and Democrats neared an aid deal but signaled it’s unlikely to become law before the election. Treasury yields climbed and the dollar retreated. The S&P 500 Index closed lower after an up-and-down session that saw the index whipsawed by takes on the progress toward a deal. House Speaker Nancy Pelosi continued talks with White House representatives even as the odds remained long for a deal that could pass in the Senate. Small caps lagged behind. “You look at the trading today and it’s almost like watching a cat with a laser pointer,” Mark Hackett, chief of investment research at Nationwide, said by phone. “Pelosi comes out midday and says she’s excited about the deal, and then two minutes later says she doesn’t think a deal will get done, and the market’s reacting. Investors are fixated on the shiny object, which is the stimulus deal.”
Energy producers were among the worst performers as oil fell toward $40 a barrel in New York. Social media firms fared better after Snap Inc. reported strong earnings, with Twitter Inc. and Facebook Inc. both up more than 5% at one point. Of the 84 companies in the gauge that have reported earnings this season, only 10 have missed analyst profit forecasts. Tesla Inc. rose ahead of financial results later Wednesday. Netflix Inc. sank the most since March after subscribers fell short of predictions. A surge in copper lifted materials producers. The U.S. 10-year yield broke above 0.8% to the highest since June and European yields also rose after Democratic House Speaker Nancy Pelosi expressed hope for political compromise on a bill this week. Rates came back from their peak as negotiations dragged on Wednesday.
European stocks slumped for a third day, with gold miners Fresnillo Plc and Centamin Plc falling after cutting production guidance. Telecom equipment maker Ericsson was a bright spot, climbing after a profit beat. “Markets are pretty aggressively priced and we’re getting a lot information about earnings season,” said George Pearkes, global macro strategist at Bespoke Investment Group. “This is just stocks doing what stocks do, which is sometimes go up and sometimes go down, and whether it’s because of stimulus or something else is kind of irrelevant.” Pelosi said Tuesday she also hoped that fresh stimulus spending would be retroactive, although the Republican Senate majority leader has warned the White House against a bigger Democrat-led deal before the election. The administration said it hopes to get a deal in the next 48 hours and that its offer is now up to $1.88 trillion, below the $2.2 trillion Pelosi has pushed for. “The rise in yields suggests that the market thinks a stimulus deal will be forthcoming and that the Democrats are set to take both the presidency and the Senate at the Nov. 3 election,” said John Hardy, chief foreign-exchange strategist at Saxo Bank.
Elsewhere, the yen headed for its best day versus the dollar since August. The pound jumped after European Union chief Brexit negotiator Michel Barnier said a deal is within reach. Copper traded near a two-year high on supply disruptions in Chile. Oil dropped toward $40 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles.
Here are some key events this week:
* Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.
* U.S. jobless claims come Thursday.
Here are some of the main market moves:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Nasdaq 100 Index lost 0.1%.
* The Stoxx Europe 600 Index decreased 1.3%.
* The MSCI Asia Pacific Index rose 0.8%.
* The MSCI Emerging Market Index gained 0.4%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.5%.
* The euro increased 0.3% to $1.186.
* The British pound surged 1.6% to $1.3149.
* The Japanese yen strengthened 0.9% to 104.53 per dollar.
Bonds
* The yield on 10-year Treasuries jumped three basis points to 0.81%.
* The yield on two-year Treasuries climbed one basis point to 0.15%.
* Germany’s 10-year yield gained one basis point to -0.59%.
* Britain’s 10-year yield climbed five basis points to 0.242%.
Commodities
* West Texas Intermediate crude fell 4% to $40.04 a barrel.
* Gold futures strengthened 0.6% to $1,927.50 an ounce.
–With assistance from Todd White

Have a great night.

Be magnificent!
As ever,

Carolann

Everything is possible.
The impossible just takes longer.
               -Dan Brown, b. 1964

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:
Notice that autumn is more the season of the soul than of nature. –Friedrich Nietzsche, 1844-1900.

Sky watchers, take note. The Orionid meteor shower peaks early tomorrow morning, lighting up the darkness with the remnants of Halley’s Comet.

Christopher Wren, b. 1632
Mickey Mantle, b. 1931

1864- President Abraham Lincoln formally establishes Thanksgiving as a national holiday.

Archaeologists unearth ‘huge number’ of sealed Egyptian sarcophagi.  And we’re going to leave them sealed, right? … RIGHT?!

Archaeologists discovered a giant, 2,000-year-old image of a cat etched onto a hillside at a UNESCO heritage site known as the Nazca Lines in Peru.

On Oct. 20, 1973, in the so-called Saturday Night Massacre, President Nixon abolished the office of special Watergate prosecutor Archibald Cox, accepted the resignation of Attorney General Elliot L. Richardson and fired Deputy Attorney General William B. Ruckelshaus.  Go to article »

Take a virtual rafting tour through a scenic Alaskan forest (without any of the physical exertion). –NYT.

“Trump then added, ‘Listening to scientists is the craziest thing in the whole wide flat world.’” — JIMMY FALLON

PHOTOS OF THE DAY

The barque Sedov, one of the world’s largest tall ships which belongs to Russia’s Federal Agency for Fishery (Rosrybolovstvo), arrives in Murmansk on Russia’s Arctic coast. The Sedov is making a voyage from Vladivostok to Kaliningrad along the Northern Sea Route in the Arctic Ocean
CREDIT: TELEGRAPH, OCTOBER 20, 2020

Competitors practicing for ‘ The Full Power’ Kite and foil wind surfing Competition held on Tarifa’s Beach off the southern tip of spain near Gibraltar and world famous for its very strong winds.
CREDIT: LEO MASON SPORTS/ ALAMY LIVE NEWES

The sky glows red as the sun rises this morning over the Cow & Calf pub on Ilkley moor in Yorkshire as the UK expects heavy rain & gales this week.
CREDIT:ANDREW MCCAREN/LNP
Market Closes for October 20^th, 2020

Market Index	Close	Change
Dow Jones	28308.79	+113.37
		+0.40%
S&P 500	3446.61	+19.69
		+0.57%
NASDAQ	11516.496	+37.613 +0.33%
TSX	16282.38	+8.31
		+0.05%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23567.04	-104.09
		-0.44%
HANG SENG	24569.54	+27.28
		+0.11%
SENSEX	40544.37	+112.77
		+0.28%
FTSE 100*	5889.22	+4.57 -0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.612	0.591
CND. 30 Year Bond	1.217	1.178
U.S.    10 Year Bond	0.7940	0.7723
U.S. 30 Year Bond	1.0624	1.5617

Currencies

BOC Close	Today	Previous
Canadian $	0.76174	0.75798
US $	1.31278	1.31929
Euro Rate 1 Euro=		Inverse
Canadian $	1.55237	0.64418
US $	1.18250	0.84566

Commodities

Gold	Close	Previous
London Gold Fix	1905.60	1905.05
Oil
WTI Crude Future	41.46	40.83

Market Commentary:
On this day in 1803, the U.S. Senate ratified the Louisiana Purchase Treaty, under which the U.S. paid France less than 3 cents an acre for 828,000 square miles of territory stretching from the Mississippi River to the Rockies and from the Gulf of Mexico to the Canadian border. The U.S. financed the deal by borrowing $11.25 million in 6% bonds from European investors.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks were flat Tuesday as traders assessed corporate earnings and the economic recovery.
The S&P/TSX Composite Index closed down less than a point, with seven of 11 sectors lower. Materials and energy stocks were the top gainers while health care and tech fell.
Gold rose on renewed optimism for a pre-election aid package in the U.S., while the U.S. dollar fell to a one-week low. TC Energy Corp. plans to start construction of its expanded NOVA Gas Transmission system in December after winning government approval for the project that will help alleviate bottlenecks for Western Canadian producers.
A Quebec judge approved a plan giving lenders of Cirque du Soleil Entertainment Group control of the live performance company as it prepares to relaunch some of its shows.
Commodities
* Western Canada Select crude oil traded at a $10.85 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,910 an ounce
FX/Bonds
* The Canadian dollar rose 0.5% to C$1.3130 per U.S. dollar
* The 10-year government bond yield rose 1.7 basis points to 0.609%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite declined slightly to 16,273.26 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 0.6 percent. Spin Master Corp. had the largest drop, falling 7.5 percent.
Today, 113 of 223 shares fell, while 105 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* This month, the index rose 0.9 percent
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 0.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.4 percent below its 52-week high on Feb. 20, 2020 and 45.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and rose 0.5 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 23.2 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$2.49t
* 30-day price volatility fell to 14.42 percent compared with 14.60 percent in the previous session and the average of 15.05 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -16.6267| -1.0| 0/10
Health Care | -4.5508| -2.7| 1/9
Financials | -4.3637| -0.1| 9/17
Industrials | -3.9226| -0.2| 13/14
Utilities | -3.0046| -0.3| 3/12
Communication Services | -1.6312| -0.2| 2/5
Consumer Staples | -1.5079| -0.2| 4/7
Real Estate | 0.8030| 0.2| 9/17
Consumer Discretionary | 3.3980| 0.6| 8/5
Energy | 12.2100| 0.7| 20/3
Materials | 18.3783| 0.7| 36/14
US
By Todd White
(Bloomberg) — U.S. stocks rose even as lawmakers remained unable to clinch a fresh aid package to bolster the economic recovery. The dollar weakened.
The S&P 500 bounced back from Monday’s selloff as House Speaker Nancy Pelosi continued to negotiate with the White House on a deal near $2 trillion. The Republican-controlled Senate continued to signal it favored a bill about one-quarter that size. Both houses of Congress need to approve any legislation.
Stocks got a boost when Federal Reserve Bank of Chicago President Charles Evans said he’s “somewhat optimistic” about a
2021 economic recovery. Futures on the Nasdaq 100 turned lower after the cash market closed when both Netflix Inc. and Texas Instruments Inc. reported results. Tech shares mostly shook off the U.S. Justice Department’s decision to sue Google for allegedly abusing its power. Treasuries slumped, along with government bonds in Europe. Oil climbed toward $41 a barrel.
A rally built on stimulus hopes has investors weighing Pelosi’s deadline of striking a deal today against speculation that the looming election will prove too much of a hurdle to overcome. Yet with Federal Reserve policy makers urging for more fiscal support to complement unprecedented monetary aid, many in the market may be willing to let the deadline come and go.
“The behavior of markets is reflecting optimism that there’s going to be big stimulus by January,” said John Normand, head of cross-asset fundamental strategy at JPMorgan Chase & Co. “I don’t think it’s necessarily a faith that Pelosi and Mnuchin and McConnell will agree to anything substantive by Pelosi’s deadline of today. It’s more of a look-through dynamic.”
In Europe, stocks edged lower. UBS gained after the Swiss firm’s traders performed better than most of their Wall Street rivals in the third quarter. Leaders in Europe intensified efforts to slow coronavirus contagion, reviving lockdowns in some areas after piecemeal curbs made little impact on a disease that has infected 4.9 million people regionally.
Meanwhile, global cases exceeded 40 million, with the pandemic showing no signs of slowing. In the U.S., surges in Wisconsin and other battleground states pose a challenge for President Donald Trump two weeks before he stands for re-election.
Here are some key events this week:
* Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.

Here are some of the main market moves:
Stocks
* The S&P 500 Index gained 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 Index gained 0.3%.
* The Stoxx Europe 600 Index decreased 0.4%.
* The MSCI Asia Pacific Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro rose 0.5% to $1.1825
* The British pound slipped 0.1% to $1.2933.
* The Japanese yen was little changed at 105.48 per dollar.
Bonds
* The yield on 10-year Treasuries increased 2.6 basis points to 0.7957%.
* Germany’s 10-year yield increased two basis points to -0.606%.
* Italy’s 10-year yield rose one basis point to 0.73%.
Commodities
* West Texas Intermediate crude rose 1.5% to $41.46a barrel.
* Gold futures added 0.1% to $1,913.20 an ounce.
–With assistance from Lu Wang and Andreea Papuc.
Have a great night.

Be magnificent!
As ever,
Carolann

The triumph can’t be had without the struggle.
           -Wilma Glodean Rudolph, 1940-1994

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:
John Le Carre, b. 1931

Physicists keep trying to break relativity and keep failing. 

Obscure Automaker Has the World’s Fastest Car
The world has a new fastest car. On Oct. 10, the reptilian SSC Tuatara hypercar posted an average speed of 316.11 mph (508.73 km/h) while driving on a seven-mile stretch of two-lane Highway 160 outside Las Vegas. 

On Oct. 19, 1987, the stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value – its second biggest percentage drop. Go to article »

PHOTOS OF THE DAY

A runner passes trees displaying autumn foliage in Kensington Palace Gardens, in central London.
CREDIT: DOMINIC LIPINSKI/PA WIRE

The weather this weekend had the odd spell of sunshine, but was otherwise cold but dry, so people were out on walks taking in the autumn colour as they walked through a tunnel of trees at Halnaker near Chichester, West Sussex.
CREDIT: SIMON CZAPP/SOLENT NEWS & PHOTO AGENCY

The playful Ring-Tailed Lemurs have been given pumpkins for the autumn season ahead of Halloween. Not only can the lemurs eat the pumpkins, they are also great for enrichment. Running up to Halloween the farm will be hosting a number of spooky themed events for children and some of the animals.
CREDIT: OLIVER DIXON

Market Closes for October 19^th, 2020 

Market Index	Close	Change
Dow Jones	28195.42	-410.89
		-1.44%
S&P 500	3426.92	-56.89
		-1.63%
NASDAQ	11478.883	-192.673 -1.65%
TSX	16274.07	-164.68
		-1.00%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23671.13	+260.50
		+1.11%
HANG SENG	24542.26	+155.47
		+0.64%
SENSEX	40431.60	+448.62
		+1.12%
FTSE 100*	5884.65	-34.93 -0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.591	0.575
CND. 30 Year Bond	1.178	1.164
U.S.    10 Year Bond	0.7723	0.7456
U.S. 30 Year Bond	1.5617	1.5288

Currencies

BOC Close	Today	Previous
Canadian $	0.75798	0.75812
US $	1.31929	1.31904
Euro Rate 1 Euro=		Inverse
Canadian $	1.55240	0.64416
US $	1.17670	0.84984

Commodities

Gold	Close	Previous
London Gold Fix	1905.05	1891.90
Oil
WTI Crude Future	40.83	40.88

Market Commentary:
On this day in 1885, Charles Merrill was born in Green Grove Springs, Fla., the son of a family doctor. With Edmund C. Lynch, he founded Merrill, Lynch & Co. in 1914 to “bring Wall Street to Main Street.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks reversed an early gain Monday, while U.S. shares fell to the lowest in almost two weeks as a stalemate over coronavirus relief legislation continued. The S&P/TSX Composite Index fell 1%, the most since Oct. 6, with 10 of 11 sectors losing. Health care was the lone gainer, with pot companies including Aurora Cannabis Inc. and Canopy Growth Corp. both rising over 10%. Business sentiment in Canada improved over the summer but remains near historical lows as uncertainty around the path of the virus curbs demand and sales prospects, according to the Bank of Canada. Brookfield Asset Management will buy an Indian developer’s commercial properties for $2 billion, the biggest real estate deal in the South Asian nation. Altice USA Inc. raised its bid for Cogeco Inc. and Cogeco Communications Inc. to $8.4 billion, but the offer was quickly turned down by the Canadian cable firm’s controlling shareholder. Citi sees low odds of a deal occurring.
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,902 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3189 per U.S. dollar
* The 10-year government bond yield rose 1.0 basis points to 0.585%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1 percent, or 164.68 to 16,274.07 in Toronto. The move was the biggest since falling 1.1 percent on Oct. 6. Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.8 percent. Silvercorp Metals Inc. had the largest drop, falling 5.1 percent. Today, 168 of 223 shares fell, while 53 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 0.6 percent in the past 52 weeks. The MSCI  AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.4 percent below its 52-week high on Feb. 20, 2020 and 45.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.7 percent in the past 5 days and rose 0.5 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 23.2 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$2.52t
* 30-day price volatility fell to 14.60 percent compared with 14.91 percent in the previous session and the average of 15.08 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -51.2989| -1.1| 2/24
Materials | -43.6090| -1.7| 8/44
Energy | -20.5593| -1.2| 3/19
Industrials | -16.3788| -0.8| 9/19
Communication Services | -12.1730| -1.4| 0/7
Utilities | -10.3272| -1.2| 2/14
Information Technology | -7.1530| -0.4| 6/4
Consumer Staples | -5.6316| -0.8| 2/9
Consumer Discretionary | -1.5633| -0.3| 7/6
Real Estate | -1.5312| -0.3| 7/19
Health Care | 5.5295| 3.4| 7/3
US
By Vildana Hajric
(Bloomberg) — U.S. stocks fell to the lowest in almost two weeks as Congress remained apart on a fresh government spending deal, denting hopes for a breakthrough before the election.  Treasuries slipped with the dollar. The S&P 500 Index fell more than 1.5% as opposition to a sizable aid package hardened in the Republican-controlled Senate and House Speaker told her caucus negotiators are still trying to reach a deal. Data showed key parts of the American economy are slowing two weeks ahead of the vote, while Federal Reserve officials warn the growth will slow without additional federal spending. Futures had advanced overnight on signs of progress toward a deal and the latest data from China showing its economy continues to rebound. The 10-year Treasury yield rose above 0.76% and the dollar weakened versus major peers.
“As the hope for stimulus before the election fades, the market kind of fades with it,” said Christopher Grisanti, chief equity strategist at MAI Capital Management. “The market was pricing in some kind of stimulus and without it there’s disappointment.” In Europe, stock slumped while the pound jumped by the most since August as British officials signalled they were ready to water down controversial lawbreaking Brexit legislation, a move which could reopen talks with the European Union over future trading relationships. Elsewhere, oil dropped before an OPEC+ meeting to assess the state of the market as demand comes under pressure from the threat of new virus restrictions.

Here are some key events this week:
* Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.
* Australia central bank minutes are out Tuesday.
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index slipped 1.6% at 4 p.m. in New York.
* The Nasdaq 100 lost 1.8% while the Dow Jones Industrial Average fell 1.4%.
* The Stoxx Europe 600 Index lost 0.3%.
* The MSCI Asia Pacific Index rose 0.8%.
* The MSCI Emerging Market Index rose 0.5%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro climbed 0.4% to $1.1769.
* The British pound increased 0.2% to $1.2942.
* The onshore yuan strengthened 0.2% to 6.685 per dollar.
* The Japanese yen was flat at 105.42 per dollar.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 0.76%.
* The yield on two-year Treasuries climbed one basis point to 0.145%.
* Germany’s 10-year yield gained one basis point to -0.61%.
* Japan’s 10-year yield jumped less than one basis point to 0.026%.
* Britain’s 10-year yield climbed two basis points to 0.201%.
Commodities
* West Texas Intermediate crude fell 0.7% to $40.59 a barrel.
* Brent crude dropped 1.1% to $42.43 a barrel.
* Gold futures slipped 0.1% to $1,904.20 an ounce.
–With assistance from Claire Ballentine and Andreea Papuc.

Have a great night.

Be magnificent!

As ever,

Carolann

Carry out a random act of kindness, with no expectation of reward,
safe in the knowledge that one day someone might do the same for you.
                                                            -Diana Spencer, 1961-1997

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