Month: October 2020

Dear Friends,

Tangents: Happy Friday.

1793- Marie Antoinette executed.
1853- Crimean War
On Oct. 16, 1964, China detonated its first atomic bomb. Go to article »

Noah Wester, b. 1758
Oscar Wilde, b. 1854

Some planets may be better for life than Earth. -Bloomberg.

Experts find more than 2,000 ruin sites near the proposed “Maya Train” route in Mexico. The laser elevation data showed “archaeological monuments” along 277 miles of the proposed route. 

PHOTOS OF THE DAY

Gardeners at Longleat House in Wiltshire, UK, have been carting out one of the biggest jobs in horticulture by giving the giant maze its bi-annual trim. Made up of more than 16,000 English yew trees, the maze contains 1.7 miles of pathways over an area which measures more than 64,000 sqft. It is one of the largest mazes in the world with a journey through the labyrinth of winding paths taking anywhere between 15 minutes and an hour. It takes a team of six gardeners around eight weeks to complete the extensive clipping process. As the hedges are more than 6.5ft high, they use a mix of ladders and platforms to reach the top sections.
CREDIT: ZACHARYCULPIN/BNPS

Sunrise on the Leeds and Liverpool Canal near Skipton, North Yorkshire, UK.
CREDIT: LORNE CAMPBELL/ GUZELIAN

A nature lover takes a walk around the glaciers at Mountains Cilo, foothills of Uludoruk with a height of 4,135, in Yuksekova district of Hakkari, Turkey. Mountains Cilo was declared a national park and this was launched with the aim of promoting the regions and revitalizing tourism, by establishing an atmosphere of trust.
CREDIT: OZKAN BILGIN/ANADOLU AGENCY VIA GETTY IMAGES

Hannah Byrd and daughter Lottie, 2, admire the stunning autumn colour in the Equinox borders at RHS Garden Wisley, Surrey this morning. The RHS is celebrating Autumn Colour Week from Monday 19^th October as part of the charity’s Grow At Home This Autumn campaign to encourage the new generation of lockdown gardeners to keep up the hobby.
CREDIT: OLIVER DIXON

The sun breaks through the clouds as it rises behind Whitby pier this morning on the Yorkshire Coast, UK.
CREDIT: ANDREW MCCAREN/LNP

Market Closes for October 16^th, 2020 

Market Index	Close	Change
Dow Jones	28606.31	+112.11
		+0.39%
S&P 500	3483.81	+0.47
		+0.01%
NASDAQ	11671.556	-42.314 -0.36%
TSX	16438.75	-62.28
		-0.38%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23410.63	-96.60
		-0.41%
HANG SENG	24386.79	+228.25
		+0.94%
SENSEX	39982.98	+254.57
		+0.64%
FTSE 100*	5919.58	+87.06 +1.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.575	0.569
CND. 30 Year Bond	1.164	1.154
U.S.    10 Year Bond	0.7456	0.7356
U.S. 30 Year Bond	1.5288	1.5167

Currencies

BOC Close	Today	Previous
Canadian $	0.75812	0.75617
US $	1.31904	1.32245
Euro Rate 1 Euro=		Inverse
Canadian $	1.54585	0.64689
US $	1.17195	0.85328

Commodities

Gold	Close	Previous
London Gold Fix	1891.90	1910.05
Oil
WTI Crude Future	40.88	40.96

Market Commentary:
On this day in 1833, the New York Stock Exchange hiked its initiation fee for new members to $150—or more than $3,100 in today’s money.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets ended the Friday’s session in the red, paring earlier gains.
The S&P/TSX Composite Index fell 0.4% in Toronto, pairing earlier gains of as much as 0.3%. Health care and materials stocks were the worst performers, while utilities were the best performers.
A rally in Canadian transport stocks continued to gain momentum, backed by a pickup in e-commerce as consumers favor online shopping amid a resurgence of coronavirus in parts of the country. The S&P/TSX Industrials Index, comprised mainly of transportation, engineering and construction firms, has seen the biggest rally among sectors on the main benchmark, led by Cargojet Inc., Canadian Pacific Railway Ltd. and TFI International Inc.
Commodities
* Western Canada Select crude oil traded at a $9.10 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,899.97 an ounce
FX/Bonds
* The Canadian dollar climbed 0.2% to C$1.3191 per U.S. dollar
* The 10-year government bond yield rose slightly to 0.570%
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks were mixed as giant technology companies dropped amid Friday’s expiration of equity options, tempering optimism with better-than estimated economic data. The dollar fell.
The S&P 500 closed little changed, while still notching its longest weekly advance since August, and the Nasdaq 100 fell. Amazon.com Inc. slumped as Citigroup Inc. said its statement on a recent sales event lacked the usual “biggest day ever” notation. The Dow Jones Industrial Average outperformed as Boeing Co. climbed after Europe’s regulator said the 737 Max plane may return to the region’s skies by year-end. Pfizer Inc. jumped after saying it could seek emergency-use authorization for its Covid-19 vaccine in the U.S. by late November if the shot is shown to be effective.
Earlier Friday, equities rallied as U.S. retail sales rose in September at the fastest pace in three months, while consumer sentiment ticked up in early October. Meanwhile, manufacturing production unexpectedly declined last month. The figures underscore the uneven pace of the economic rebound that’s being threatened by a new acceleration in coronavirus infections and Congress’s failure to agree on a fresh stimulus package.
“It’s encouraging we are seeing people willing to spend,” said Jeffrey Kleintop, chief global investment strategist for Charles Schwab, adding that the concern is “if we don’t get a stimulus deal, how much longer can that be sustained?” House Speaker Nancy Pelosi told Democratic colleagues that a divide persists with the White House over a number of components of the fiscal stimulus she’s attempting to negotiate, even as an agreement nears on a coronavirus testing program. President Donald Trump’s economic adviser Larry Kudlow said in an interview with Fox Business Network it will be difficult for lawmakers to “execute” a relief package before the Nov. 3 election. Investors also monitored negotiations between Britain and the European Union, which are set to continue next week even after Boris Johnson said he believes a trade deal is now unlikely.
These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time.
* The Stoxx Europe 600 Index jumped 1.3%.
* The MSCI Asia Pacific Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro advanced 0.1% to $1.172.
* The British pound climbed 0.1% to $1.2922.
* The Japanese yen was little changed at 105.40 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 0.74%.
* Britain’s 10-year yield advanced less than one basis point to 0.182%.
* Germany’s 10-year yield dipped one basis point to -0.62%.
Commodities
* West Texas Intermediate crude fell 0.1% to $40.91 a barrel.
* Gold lost 0.3% to $1,902.22 an ounce.
–With assistance from Adam Haigh, Robert Brand, Todd White, Katherine Greifeld, Vildana Hajric and Sarah Ponczek.
Have a wonderful weekend everyone.

Be magnificent!
As ever,
Carolann
Storms make the oak grow deeper roots.
               -George Herbert, 1593-1633

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:

1918-Mata Hari executed.
Virgil, b. 70 BC
John Kenneth Galbraith, b. 1908
P.G. Wodehouse, b. 1881
Friedrich Nietzsche, b. 1844
Duchess Sarah Ferguson, b. 1959

Take a tour through New York City’s East Village, the neighborhood that used to be the home of punks and poets. -NY Times.

1964 – It was announced that Soviet leader Nikita S. Khrushchev had been removed from office. Go to article »

PHOTOS OF THE DAY

Ryde Pier on the Isle of Wight, England, as the Island Line train passes a rainbow.
CREDIT: SIENNA ANDERSON/PICTUREEXCLUSIVE.COM

Head gardener John Moore trims the Boston Ivy at Churchill College at Cambridge University as the leaves turn red in the autumn weather in the sculpture by Nigel Hall
CREDIT: GEOFF ROBINSON PHOTOGRPHY

People gather for the public unveil of the newest work by artist Luciano Garbati, ‘Medusa With The Head of Perseus’, at Collect Pond Park in Manhattan, New York
CREDIT: REUTERS/BRENDAN MCDERMID
Market Closes for October 15^th, 2020 

Market Index	Close	Change
Dow Jones	28494.20	-19.80
		-0.07%
S&P 500	3483.34	-5.33
		-0.15%
NASDAQ	11713.871	-54.858 -0.47%
TSX	16501.03	+45.63
		+0.28%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23507.23	-119.50
		-0.51%
HANG SENG	24158.54	-508.55
		-2.06%
SENSEX	39728.41	-1066.33
		-2.61%
FTSE 100*	5832.52	-102.54 -1.73%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.569	0.582
CND. 30 Year Bond	1.154	1.176
U.S.    10 Year Bond	0.7356	0.7256
U.S. 30 Year Bond	1.5167	1.5074

Currencies

BOC Close	Today	Previous
Canadian $	0.75617	0.76070
US $	1.32245	1.31457
Euro Rate 1 Euro=		Inverse
Canadian $	1.54841	0.64583
US $	1.17087	0.85407

Commodities

Gold	Close	Previous
London Gold Fix	1910.05	1891.30
Oil
WTI Crude Future	40.96	41.04

Market Commentary:
On this day in 1982, the Garn-St. Germain Act, which partially deregulated interest rates, was enacted. Congress thought it was rescuing the savings & loan industry by enabling S&Ls to compete more aggressively for loans and deposits. Signing the bill, Pres. Ronald Reagan said, “It provides a long-term solution for troubled thrift institutions… All in all, I think we hit the jackpot.” But the S&Ls ended up competing themselves into a giant hole, and taxpayers got stuck bailing them out with hundreds of billions of dollars in emergency aid.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares reversed their earlier losses to rise for the first time this week, led by communication services stocks.
The S&P/TSX Composite Index rose 0.3% in Toronto, paring earlier losses of as much as 1%. Communication services and consumer discretionary stocks were the best performers, while health-care companies were the worst.
Meanwhile, Canada’s main opposition party is cautioning the central bank against financing Justin Trudeau’s spending plans beyond immediate pandemic emergency measures, thrusting the Bank of Canada into a political firestorm.
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,907.28 an ounce
FX/Bonds
* The Canadian dollar fell 0.5% to C$1.3218 per U.S. dollar
* The 10-year government bond yield fell to 0.566%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 16,501.03 in Toronto. The move follows the previous session’s decrease of 0.3 percent. Toronto-Dominion Bank contributed the most to the index gain, increasing 0.9 percent. Aritzia Inc. had the largest increase, rising 13.1 percent.
Today, 129 of 223 shares rose, while 88 fell; 9 of 11 sectors were higher, led by industrials stocks.
Insights
* So far this week, the index fell 0.4 percent
* This year, the index fell 3.3 percent, heading for the worst year since 2018
* The index advanced 0.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 8.2 percent below its 52-week high on Feb. 20, 2020 and 47.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and rose 0.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.3 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.52t
* 30-day price volatility little changed to 15.54 percent compared with 15.55 percent in the previous session and the average of 14.64 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 12.9546| 0.6| 18/9
Financials | 11.6150| 0.3| 13/12
Communication Services | 8.2755| 1.0| 6/0
Utilities | 6.3668| 0.7| 15/1
Energy | 5.6354| 0.3| 11/12
Consumer Discretionary | 4.4135| 0.7| 8/5
Information Technology | 2.1199| 0.1| 6/4
Real Estate | 1.9293| 0.4| 20/7
Consumer Staples | 1.8351| 0.3| 8/3
Health Care | -1.3348| -0.8| 4/6
Materials | -8.2015| -0.3| 20/29
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks pared losses as traders awaited news on negotiations over a fresh round of stimulus amid a resurgence in coronavirus cases around the globe. The dollar climbed.
In a volatile session, the S&P 500 came off session lows as banks rebounded from a two-day selloff. House Speaker Nancy Pelosi told Democrats that a Covid-19 relief package won’t wait until January as she was scheduled to have another call with Treasury Secretary Steven Mnuchin. President Donald Trump said he’d go over $1.8 trillion in stimulus. Equities slumped earlier as Europe’s biggest cities clamped down to curb the virus, adding to concern that further restrictions could cause more economic damage.
Investors also assessed data showing an unexpected surge in jobless claims to the highest since August — a troubling sign for a labor market whose recovery from the pandemic was already slowing. Covid-19’s recent march across the Midwest has caught up with the region’s most populous states: Illinois, Ohio and Michigan. Governments around the world are grappling with how to devise targeted strategies that slow the spread of the virus, without resorting to the kind of broad national lockdowns that have decimated the economy.
“What we see the market doing today is reflecting what we think is still a lot of uncertainty,” said David Spika, president of GuideStone Capital Management. “So we do think it’s appropriate for the market to be consolidating some here.”
Elsewhere, the U.K.’s chief Brexit negotiator, David Frost, said he’s “surprised” and “disappointed” by the European Union’s stance at summit talks in Brussels Thursday.
     Here are some key events coming up:
* European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fund and the World Bank Group. Through Oct. 18.

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% at 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 2.1%.
* The MSCI Asia Pacific Index dipped 1.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4%.
* The euro decreased 0.4% to $1.1704.
* The British pound fell 0.8% to $1.2912.
* The Japanese yen weakened 0.2% to 105.38 per dollar.
Bonds
* The yield on 10-year Treasuries decreased less than one basis point to 0.72%.
* Germany’s 10-year yield fell three basis points to -0.61%.
* Britain’s 10-year yield sank four basis points to 0.18%.
Commodities
* The Bloomberg Commodity Index climbed 0.5%.
* West Texas Intermediate crude dipped 0.8% to $40.72 a barrel.
* Gold strengthened 0.2% to $1,904.62 an ounce.
–With assistance from Adam Haigh, Todd White, Cecile Gutscher, Lynn Thomasson, Katherine Greifeld and Claire Ballentine.
Have a great night.

Be magnificent!

As ever,

Carolann

I’m always asking that question: ”What do you want to be remembered for?”  
If you are fortunate, someone with moral authority will ask that question early enough
in your life so that you will continue to ask it as you go through life.  It is a question
that induces you to renew yourself, because it pushes you to see yourself as a
different person – the person you can become.
                                                                    –Peter F. 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:
William Penn, founded PA, b. 1644
Dwight Eisenhower, 34^th US President, b. 1890
e.e. cummings, b. 1894

On Oct. 14, 1964, civil rights leader Martin Luther King Jr. was named winner of the Nobel Peace Prize. Go to article »

Famed Chef’s Take on Cacio e Pepe Pasta Improves a ‘Perfect’ Dish.  Yotam Ottolenghi tackles a classic.

These Handmade Driving Machines Are Like Nothing Else on the Road–Bloomberg Pursuits.
PHOTOS OF THE DAY

The night sky above Battle Abbey.
Over the next week debris cast by the trail of Halley’s Comet will be visible in the night sky in the form of the Orionid meteor shower.
CREDIT: JIM HOLDEN

Buddhist monks from Bhutan perform the Black Hat mask dance at the Bhutan temple in Bodhgaya.
CREDIT: GETTY IMAGES

Paragliders rise above the morning Autumn mist over Devils Dyke just north of Brighton as dryer more settled weather is forecast for later in the week throughout Britain.
CREDIT: SIMON DACK/ALAMY LIVE NEWS
Market Closes for October 14^th, 2020 

Market Index	Close	Change
Dow Jones	28514.00	-165.81
		-0.58%
S&P 500	3488.67	-23.26
		-0.66%
NASDAQ	11768.730	-95.166 -0.80%
TSX	16455.40	-55.43
		-0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23626.73	+24.95
		+0.11%
HANG SENG	24667.09	+17.41
		+0.07%
SENSEX	40794.74	+169.23
		+0.42%
FTSE 100*	5935.06	-34.65 -0.58%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.582	0.586
CND. 30 Year Bond	1.176	1.189
U.S.    10 Year Bond	0.7256	0.7272
U.S. 30 Year Bond	1.5074	1.5114

Currencies

BOC Close	Today	Previous
Canadian $	0.76070	0.7256
US $	1.31457	1.5074
Euro Rate 1 Euro=		Inverse
Canadian $	1.54456	0.64743
US $	1.17495	0.85110

Commodities

Gold	Close	Previous
London Gold Fix	1891.30	1925.50
Oil
WTI Crude Future	41.04	40.20

Market Commentary:
On this day in 1980, the decade’s IPO boom got off to a roaring start as Genentech went public at an initial offering price of $35. It closed the day’s trading at $71.25, a 103.6% gain, one of the highest first-day returns for a stock in history.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities fell on Wednesday, extending their losses into second day, led by technology companies.
The S&P/TSX Composite index fell 0.3% in Toronto, after earlier rising as much as 0.4%. Tech and health-care stocks fell the most, while materials outperformed. Wealthsimple Inc. raised money from an investor group led by Technology Crossover Ventures that will give the Canadian investment firm unicorn status. The Toronto-based startup closed a fresh round of C$114 million ($87 million) in funding led by Menlo Park, California-based TCV that values it at more than $1 billion, the company said in a statement Wednesday.
Commodities
* Western Canada Select crude oil traded at a $9.65 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,901.65 an ounce
FX/Bonds
* The Canadian dollar fell slightly to C$1.3145 per U.S. dollar
* The 10-year government bond yield fell to 0.582%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3 percent, or 55.43 to 16,455.40 in Toronto. The move was the biggest since falling 1.1 percent on Oct. 6.
Shopify Inc. contributed the most to the index decline, decreasing 2.2 percent. Trillium Therapeutics Inc. had the largest drop, falling 5.3 percent.
Today, 128 of 223 shares fell, while 92 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index fell 3.6 percent, heading for the worst year since 2018
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 8.4 percent below its 52-week high on Feb. 20, 2020 and 47.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.4 percent in the past 5 days and rose 0.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.2 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility fell to 15.55 percent compared with 15.71 percent in the previous session and the average of 14.52 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -32.3362| -1.8| 2/8
Financials | -27.5426| -0.6| 5/21
Energy | -8.3381| -0.5| 10/13
Communication Services | -7.2068| -0.8| 0/7
Real Estate | -4.8235| -0.9| 4/23
Health Care | -2.7168| -1.6| 1/9
Utilities | -2.3294| -0.3| 6/9
Consumer Staples | -2.1320| -0.3| 4/7
Consumer Discretionary | 0.3179| 0.1| 7/6
Industrials | 5.2815| 0.3| 13/14
Materials | 26.3830| 1.0| 40/11
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks dropped after Treasury Secretary Steven Mnuchin down played the chances of striking a stimulus deal before the election.
Traders also parsed earnings from big banks, with Wells Fargo & Co. tumbling 6% after posting a profit slump and warning that net interest income could “get a little bit softer” in 2021. Bank of America Corp. slid amid an increase in trading revenue that was just a fraction of its competitors’ gains, while Goldman Sachs Group Inc. outperformed after earnings per share jumped to a record that was almost twice as high as analysts predicted. Energy stocks joined a rally in oil, with Concho Resources Inc. soaring 10% on a news report that ConocoPhillips is in talks to acquire the company.
Mnuchin said at a conference that getting a stimulus agreement “before the election and executing on that would be difficult.” His remarks came after another in a long series of calls with House Speaker Nancy Pelosi that have failed to seal a deal. While he hoped for bipartisan support for Senate Majority Leader Mitch McConnell’s latest idea — a vote on a narrow bill next week to help small businesses — Democratic leaders have no appetite for piecemeal measures now.
“This has been an ongoing drama,” said Paul Nolte, portfolio manager at Kingsview Investment Management. “They’re getting close, they’re not getting close, we’re still talking, we’re not talking. The latest twist I heard is nothing is going to get done until the election. That’s why I think you’re getting the market selling off a little bit.”
Meanwhile, the Joe Biden campaign on Wednesday denied a New York Post report that said the former vice president met with a senior official from a Ukrainian energy firm that was at the center of a controversy over the dismissal of a prosecutor investigating the company.
     Here are some key events coming up:
* Morgan Stanley’s earnings are scheduled for Thursday.
* U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of a European Union trade deal.
* European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fundand the World Bank Group. Through Oct. 18.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 0.7% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index decreased 0.1%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The euro advanced 0.1% to $1.1753.
* The Japanese yen appreciated 0.4% to 105.08 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 0.72%.
* Germany’s 10-year yield dipped two basis points to -0.58%.
* Britain’s 10-year yield decreased two basis points to 0.22%.
Commodities
* The Bloomberg Commodity Index advanced 0.6%.
* West Texas Intermediate crude rose 2.1% to $41.03 a barrel.
* Gold added 0.6% to $1,903.40 an ounce.

–With assistance from Albertina Torsoli, Adam Haigh, Todd White, Lynn Thomasson and Claire Ballentine.
Have a great night.

Be magnificent!
As ever,

Carolann

Nature does not hurry, yet everything is accomplished. -Lao Tzu

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:
Paul Simon, b. 1941.
Lenny Bruce, b. 1925
On Oct. 13, 1943, Italy declared war on Germany, its one-time Axis partner. Go to article »

Tourist returns stolen artifacts to Pompeii after suffering ‘curse’ for 15 years; Her troubles were actually pretty serious so, c’mon, you can lay off now, Pompeiian curse. -CNN

Take a virtual tour of the small islands speckling the waters surrounding Britain, preserved by caretakers.-NYT.

The rise and rise of creativity.-Bloomberg.

Black hole “spaghetti-fies” a star. –Mike Smedley

Prehistoric footprints offer a vivid snapshot of daily life. –Ellen Kominers
PHOTOS OF THE DAY

A stunning sunset at St. Catherine’s Lighthouse at the most southern point of the Isle of Wight, UK.
CREDIT: BNPS

A baby elephant cuddles up to its mother as she lays on the ground and is treated to a dust shower on a hot day after grazing the planes of Amboseli National Park in Kenya. The pictures were taken by cotton trader Nilesh Shah. The 43 year old said after colossal gazing these elephants found a soft sandy spot, which provided a moment of respite on a hot day. They sprinkle dust on themselves and over others, as it keeps the heat and pests both at bay. Mr Shah added the little ones use this opportunity to cuddle up to their mums. 
CREDIT: NILESH SHAH/SOLENT NEWS

A man rows his boat during sunset at Dal lake in Srinagar, India.
CREDIT: MONEY SHARMA/ AFP VIA GETTY IMAGES
Market Closes for October 13^th, 2020 

Market Index	Close	Change
Dow Jones	28679.81	-151.71
		-0.55%
S&P 500	3511.93	-22.29
		-0.63%
NASDAQ	11863.895	-12.364 -0.10%
TSX	16510.83	-51.98
		-0.31%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23601.78	+43.09
		+0.18%
HANG SENG	24649.68	+530.55
		+2.20%
SENSEX	40625.51	+31.71
		+0.08%
FTSE 100*	5969.71	-31.67 -0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.586	0.628
CND. 30 Year Bond	1.189	1.231
U.S.    10 Year Bond	0.7272	0.7737
U.S. 30 Year Bond	1.5114	1.5731

Currencies

BOC Close	Today	Previous
Canadian $	0.76098	0.76164
US $	1.31410	1.31295
Euro Rate 1 Euro=		Inverse
Canadian $	1.54358	0.64784
US $	1.17463	0.85133

Commodities

Gold	Close	Previous
London Gold Fix	1925.50	1887.45
Oil
WTI Crude Future	40.20	40.60

Market Commentary:
On this day in 1691, Sir Stephen Evance incorporated the Company for Making Hollow Sword Blades in the North of England, one of the earliest companies to issue stock—and the predecessor of the South Sea Co., whose own stock caused a speculative fever that overheated and nearly destroyed the British financial system in 1720.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell with broader markets Tuesday on speculation that recent gains have outpaced prospects for a quick end to the stalemate over fresh economic stimulus in the U.S.
The S&P/TSX Composite index fell 0.3% on Tuesday. Financials, energy and consumer discretionaries were the worst performing sectors, while tech and industrials outperformed.
Within the energy sector, the oil market will suffer a long-lasting blow from the coronavirus, with demand taking years to recover and peaking at a lower level, the International Energy Agency said.
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to West Texas Intermediate
* Spot gold fell 1.6% to $1,893.02 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3139 per U.S. dollar
* The 10-year government bond yield fell to 0.587%

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 16,510.83 in Toronto. The move follows the previous session’s increase of 0.2 percent.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.7 percent. Enerplus Corp. had the largest drop, falling 5.6 percent.
Today, 150 of 223 shares fell, while 73 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 3.2 percent, heading for the worst year since 2018
* The index advanced 0.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 8.1 percent below its 52-week high on Feb. 20, 2020 and 47.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 1.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.3 on a trailing basis and 23.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility fell to 15.71 percent compared with 16.07 percent in the previous session and the average of 14.48 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -48.4104| -1.0| 4/22
Materials | -17.8733| -0.7| 11/41
Energy | -14.9425| -0.8| 5/18
Consumer Discretionary | -4.8337| -0.8| 5/8
Real Estate | -3.9856| -0.8| 10/17
Consumer Staples | -3.7882| -0.5| 4/7
Utilities | -0.6499| -0.1| 5/11
Health Care | 0.4054| 0.2| 4/6
Communication Services | 5.4601| 0.6| 3/4
Industrials | 16.2806| 0.8| 16/12
Information Technology | 20.3697| 1.2| 6/4
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks fell on speculation that recent gains have outpaced prospects for a quick end to the stalemate over fresh economic stimulus. Treasuries and the dollar climbed.
Banks led losses in the S&P 500, with JPMorgan Chase & Co. and Citigroup Inc. sinking as investors worried that third- quarter earnings signaled just a pause in pain from soured loans. Eli Lilly & Co. tumbled after putting its government- sponsored antibody test on hold due to potential safety concerns, hours after Johnson & Johnson paused its Covid-19 vaccine trial. Amazon.com Inc. closed little changed and Apple Inc. slumped after Monday’s surge in big tech. The online retailer kicked off its Prime Day sale event, while the tech giant unveiled its iPhone 12 line with 5G speed. Prospects for U.S. fiscal stimulus before Election Day dimmed on Tuesday, with House Speaker Nancy Pelosi demanding the Trump administration revamp its latest offer and Senate Republican leader Mitch McConnell pushing a smaller-scale strategy that she quickly rejected. His proposal to vote next week on just one provision appeared to stoke opposition even from President Donald Trump, who tweeted “Go big or go home!!”
“It’s been a rollercoaster ride in terms of communication from both sides,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. “There are still going to be significant pockets of stress in the economy,” and a fiscal package could help bridge the gap until we do get a vaccine, he added.
Meanwhile, Democrats grilled U.S. Supreme Court nominee Amy Coney Barrett for hours about abortion rights, health-care law, guns and election disputes but made little progress derailing her likely Senate confirmation and a strengthened conservative majority on the court.
Here are some key events coming up:
* Results from Wells Fargo, Bank of America and Goldman Sachs are due Wednesday; Morgan Stanley’s earnings are scheduled for Thursday.
* U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of a European Union trade deal.
* European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fund and the World Bank Group. Through Oct. 18.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.5%.
* The MSCI Asia Pacific Index rose 0.1%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.5%.
* The euro decreased 0.6% to $1.1747.
* The Japanese yen weakened 0.1% to 105.48 per dollar.
Bonds
* The yield on 10-year Treasuries slid five basis points to 0.73%.
* Germany’s 10-year yield fell one basis point to -0.56%.
* Britain’s 10-year yield decreased three basis points to 0.239%.
Commodities
* The Bloomberg Commodity Index fell 0.3%.
* West Texas Intermediate crude rose 2% to $40.22 a barrel.
* Gold slid 1.5% to $1,893.74 an ounce.
–With assistance from Andreea Papuc, Joanna Ossinger, Yakob Peterseil, Cecile Gutscher and Lynn Thomasson.

Have a great night.

Be magnificent!
As ever,

Carolann

Worry never robs tomorrow of its sorrow, it only saps today of its joy.
                                                       -Leo Buscaglia, 1924-1998

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.
John Lennon, b. 1940.

The world’s first 3D-printed boat debuted in Italy. The 6.5-meter, 800-kilogram MAMBO watercraft, made of ultra-durable fiberglass by a robotic algorithm, was a highlight of the Genoa International Boat Show. –Bloomberg.

On Oct. 9, 1967, Latin American guerrilla leader Che Guevara was executed in Bolivia while attempting to incite revolution. Go to article »

The World Food Program wins 2020 Nobel Peace Prize. 

Handwriting may engage the brain more than typing. 
PHOTOS OF THE DAY

Matthew Ball and Mayara Magri perform Carousel, If I Loved You, pas de deux by Kenneth MacMillan during the “The Royal Ballet: Back on Stage” photocall at The Royal Opera House in London
CREDIT: ALASTAIR MUIR FOR THE TELEGRAPH

People take part in a yoga class at Ocean Park’s aquarium, as a new activity to attract visitors amid a drop in tourists due to the coronavirus disease outbreak, in Hong Kong, China
CREDIT: TYRONE SIU/ REUTERS

Market Closes for October 9^th, 2020 

Market Index	Close	Change
Dow Jones	28586.90	+161.39
		+0.57%
S&P 500	3477.14	+30.31
		+0.88%
NASDAQ	11579.945	+158.966   +1.39%
TSX	16562.81	+28.27
		+0.17%

 

International Markets

Market Index	Close	Change
NIKKEI	23619.69	-27.38
		-0.12%
HANG SENG	24119.13	-74.22
		-0.31%
SENSEX	40509.49	+326.82
		+0.81%
FTSE 100*	6016.65	+38.62   +0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.628	0.610
CND. 30 Year Bond	1.231	1.200
U.S.    10 Year Bond	0.7737	0.7685
U.S. 30 Year Bond	1.5731	1.5703

Currencies

BOC Close	Today	Previous
Canadian $	0.76164	0.75765
US $	1.31295	1.31987
Euro Rate 1 Euro=		Inverse
Canadian $	1.55324	0.64381
US $	1.18301	0.84530

Commodities

Gold	Close	Previous
London Gold Fix	1887.45	1884.50
Oil
WTI Crude Future	40.60	41.19

Market Commentary:
On this day in 1953, trading on the New York Stock Exchange totaled just 900,000 shares, the last day (so far, at least) on which total daily trading volume was less than one million shares.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for the second week in a row alongside U.S. stocks.
The S&P/TSX Composite Index gained 0.2% Friday to the highest level since Sept. 2, bringing its weekly gain to 2.2%.
Materials and tech shares led the way while eight of 11 sectors retreated.
     School re-openings across Canada allowed a torrent of parents to return to work, the strongest evidence yet of how critical childcare will be to a successful economic recovery.
Prime Minister Justin Trudeau unveiled a new plan Friday to help businesses pay rent amid a second wave of coronavirus in Canada.
Commodities
* Western Canada Select crude oil traded at a $9 discount to West Texas Intermediate
* Spot gold rose 1.8% to $1,928.74 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.3118 per U.S. dollar
* The 10-year government bond yield edged higher to 0.628%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2 percent, or 28.27 to 16,562.81 in Toronto. The index advanced to the highest closing level since Sept. 2.
Shopify Inc. contributed the most to the index gain, increasing 1.9 percent. Eldorado Gold Corp. had the largest increase, rising 10.1 percent.
Today, 91 of 223 shares rose, while 123 fell; 3 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 2.2 percent, heading for the biggest advance since the week ended Aug. 7
* This year, the index fell 2.9 percent, heading for the worst year since 2018
* The index advanced 1.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 19 percent in the same period
* The S&P/TSX Composite is 7.8 percent below its 52-week high on Feb. 20, 2020 and 48.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.4 on a trailing basis and 23.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility little changed to 16.07 percent compared with 16.06 percent in the previous session and the average of 14.22 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 80.0022| 3.2| 38/13
Information Technology | 20.8534| 1.2| 5/5
Industrials | 5.2657| 0.3| 12/16
Consumer Discretionary | -1.0526| -0.2| 7/5
Health Care | -1.5691| -0.9| 5/5
Real Estate | -1.6934| -0.3| 5/20
Utilities | -3.1483| -0.4| 6/8
Consumer Staples | -3.6531| -0.5| 3/8
Communication Services | -5.0609| -0.6| 1/6
Energy | -25.7365| -1.4| 2/18
Financials | -35.9362| -0.8| 7/19
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks rallied, with the S&P 500 posting its biggest weekly increase since July, as traders bet lawmakers are moving closer to providing more fiscal stimulus.
Treasury yields were mostly flat and the dollar slipped.
The benchmark equity gauge rose for a third day with President Donald Trump saying he now wants an even bigger package than what Democrats offered. For the week, the index finished up 3.8%. The tech-heavy Nasdaq 100 jumped 1.5% on Friday, with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.
“We’ve had this whipsaw around wondering if there will be more fiscal stimulus, which I think we desperately need to keep the economy rolling,” said Ron Temple, head of U.S. equity at Lazard Asset Management LLC.
European stocks rose as a host of companies raised outlooks, from Denmark’s drug maker Novo Nordisk A/S to German online clothing retailer Zalando SE. Stocks fell in Spain, where the government’s cabinet met to declare a state of emergency for Madrid to control Covid-19. Italy’s 10-year bond yield fell a record low. Investors ended a volatile week with a risk-on attitude.
With Trump recuperating from Covid-19 in the final stretch of the election campaign, they’re increasingly betting a Joe Biden victory is likely. Speculation is moving now to whether Democrats will sweep Congress too and then enact massive stimulus. “There’s also the possibly you could see a Democratic sweep
in the election and that raises the prospects for higher taxes, which would be a negative, but also for really pronounced stimulus and that could take some of the more extreme risks off the table,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management Treasury Secretary Steven Mnuchin headed into talks with
House Speaker Nancy Pelosi on Friday carrying a White House offer of $1.8 trillion for economic stimulus, according to people familiar with the matter. Senate Majority Leader Mitch McConnell said earlier it was unlikely an agreement could be reached in Congress before the election.
Elsewhere, Vanguard Group Inc. returned about $21 billion in managed assets to government clients in China as part of a global shift to focus on low-cost funds for individual investors, according to people familiar with the matter.
Oil in New York edged lower with Hurricane Delta’s top sustained winds weakening as the storm approached the U.S. Gulf Coast.
These are some of the main moves in global markets:
Stocks
* The S&P 500 Index climbed 0.9% to 3,477.10 as of 4:01 p.m. New York time, the highest in more than five weeks.
* The Dow Jones Industrial Average rose 0.6% to 28,586.97, the highest in more than five weeks.
* The Nasdaq Composite Index increased 1.4% to 11,579.95, the highest in more than five weeks.
* The Nasdaq 100 Index jumped 1.5% to 11,725.85, the highest in five weeks.
* The Stoxx Europe 600 Index gained 0.6% to 370.35, the highest in more than three weeks.
Currencies
* The Bloomberg Dollar Spot Index declined 0.7% to 1,162.56, the lowest in more than three weeks on the biggest drop in six weeks.
* The euro rose 0.6% to $1.1824, the strongest in three weeks.
* The Japanese yen appreciated 0.4% to 105.61 per dollar, the strongest in a week on the biggest advance in more than three weeks.
Bonds
* The yield on 10-year Treasuries decreased one basis point to 0.77%.
* The yield on 30-year Treasuries dipped two basis points to 1.57%.
* Germany’s 10-year yield declined less than one basis point to -0.53%, the lowest in a week.
* Britain’s 10-year yield fell one basis point to 0.28%, the lowest in a week.
Commodities
* West Texas Intermediate crude decreased 1.6% to $40.54 a barrel.
* Gold strengthened 1.8% to $1,928.68 an ounce, the highest in three weeks on the biggest climb in more than seven weeks.
* Copper gained 1.2% to $3.08 a pound, the highest in three weeks.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

From that hour Siddhartha ceased to fight against his destiny.  There shone in his face the serenity of knowledge,
of one who is no longer confronted with conflict of desires, who has found salvation, who is in harmony with the
stream of events, with the stream of life, full of sympathy and compassion, surrendering himself to the stream,
belonging to the unity of all things.                                                – Hermann Hesse, 1877-1962, Siddhartha

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:
In need of some escapism? Here’s an updated list of the 50 best TV shows to check out on Netflix. -NYT.

1871 – Great Chicago Fire.
2001 – US President George W. Bush announces the establishment of the Office of Homeland Security.
2004 – Lifestyle guru Martha Stewart reported to prison to begin serving a sentence for lying about a stock sale. Go to article »

PHOTOS OF THE DAY

Turkeys are seen at Chilcott Turkeys farm in Owermoigne, England.  Mark Chilcott of free-range Chilcott Turkeys farm has reared 1200 smaller turkeys to cater for the low demand for large birds due to the COVID-19 Rule of Six and smaller gatherings this coming Christmas.
CREDIT: FINNBARR WEBSTER/GETTY IMAGES

Shiite pilgrims arrive Karbala, Iraq, for the Arbaeen ritual. Arbaeen holiday marks the end of the forty day mourning period after the anniversary of the martyrdom of Imam Hussein, the Prophet Muhammad’s grandson in the 7th century.
CREDIT: AP PHOTO/ANMAR KHALIL

Twins Buddy Mae Walker (L) and Eleanor Walker (R), examine each other through their child respirators provided by the non-profit TeamRaccoonPDX in Portland, Oregon. The children were told their grandparents sent them space suits to keep them safe. The family sought out the respirators after police used tear gas near their residential street in  Portland.
CREDIT: NATHAN HOWARD/GETTY IMAGES

Market Closes for October 8^th, 2020 

Market Index	Close	Change
Dow Jones	28425.51	+122.05
		+0.43%
S&P 500	3446.83	+27.38
		+0.80%
NASDAQ	11420.980	+56.381 +0.50%
TSX	16534.54	+106.24
		+0.65%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23647.07	+224.25
		+0.96%
HANG SENG	24193.35	-49.51
		-0.20%
SENSEX	40182.67	+303.72
		+0.76%
FTSE 100*	5978.03	+31.78 +0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.610	0.624
CND. 30 Year Bond	1.200	1.196
U.S.    10 Year Bond	0.7685	0.7868
U.S. 30 Year Bond	1.5703	1.5872

Currencies

BOC Close	Today	Previous
Canadian $	0.75765	0.75403
US $	1.31987	1.32620
Euro Rate 1 Euro=		Inverse
Canadian $	1.55216	0.64426
US $	1.17600	0.85034

Commodities

Gold	Close	Previous
London Gold Fix	1884.50	1913.40
Oil
WTI Crude Future	41.19	39.95

Market Commentary:
On this day in 1871, no, a cow didn’t kick over a lantern, but the barn behind Patrick O’Leary’s cottage at 137 DeKoven St. burst into flames that swiftly spread to engulf almost four square miles in the heart of Chicago, destroying the entire downtown overnight. Real-estate prices exploded, capital poured into the city, and Chicago was reborn as the “city of the big shoulders,” with skyscrapers of brick and stone.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities advanced to their highest level since Sept. 2. The S&P/TSX Composite Index rose 0.7% on Thursday, with marijuana shares leading after positive commentary from U.S. vice president candidate Kamala Harris. Six of eleven sectors rose. Oil climbed to the highest in more than a month as Hurricane Delta forces operators to shut in nearly 92% of crude output in the Gulf of Mexico. RP Investment Advisors LP raised C$213 million ($161 million) from University of Toronto Asset Management, the manager of the university’s pension, endowment and short-term working capital funds, at the beginning of this year. It will invest in the debt of companies that have committed to reducing their carbon footprint. Bank of Canada Governor Tiff Macklem said negative interest rates remain an option, even if policy makers aren’t currently considering such a move.
Commodities
* Western Canada Select crude oil traded at a $9.60 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,893.75 an ounce
FX/Bonds
* The Canadian dollar rose 0.4% to C$1.3200 per U.S. dollar
* The 10-year government bond yield fell 1.7 basis points to 0.607%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second  day, climbing 0.6 percent, or 106.24 to 16,534.54 in Toronto. The index advanced to the highest closing level since Sept. 2. Today, energy stocks led the market higher, as 6 of 11 sectors gained; 162 of 223 shares rose, while 57 fell. Enbridge Inc. contributed the most to the index gain, increasing 3.2 percent. Canopy Growth Corp. had the largest increase, rising 13.0 percent.
Insights
* So far this week, the index rose 2.1 percent, heading for the biggest advance since the week ended Aug. 7
* This year, the index fell 3.1 percent, heading for the worst year since 2018
* The index advanced 1.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 19 percent in the same period
* The S&P/TSX Composite is 8 percent below its 52-week high on Feb. 20, 2020 and 48 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.2 percent in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.4 on a trailing basis and 23.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.51t
* 30-day price volatility rose to 16.06 percent compared with 15.94 percent in the previous session and the average of 14.03 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 71.3422| 4.1| 21/2
Materials | 25.0110| 1.0| 45/7
Health Care | 13.0932| 8.2| 8/2
Consumer Discretionary | 9.7464| 1.6| 12/1
Communication Services | 6.9862| 0.8| 5/2
Real Estate | 5.4811| 1.1| 25/2
Financials | -0.6638| 0.0| 17/7
Utilities | -1.6177| -0.2| 11/5
Consumer Staples | -2.9562| -0.4| 2/9
Industrials | -8.4918| -0.4| 12/15
Information Technology | -11.7073| -0.7| 4/5
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks rose to almost five-week highs as traders speculated that lawmakers will eventually provide more stimulus and corporate deal activity increased. Treasury bond yields dropped and the dollar weakened. The S&P 500 finished up 0.8% after conflicting comments from President Donald Trump and House Speaker Nancy Pelosi whipsawed equity markets earlier in the day. Energy, utilities and financials were the biggest gainers in the benchmark index, with crude oil rallying as Hurricane Delta approached the already battered Louisiana coast. ”It’s likely that there will continue to be near-term volatility due to the back-and-forth over a deal,” UBS Global Wealth Management strategists led by Mark Haefele wrote in a note. “A stimulus deal will be struck eventually, central banks will continue to stay supportive, and medical developments still have scope to surprise, in our view.”
Eaton Vance Corp. leaped after the investment firm agreed to be taken over by Morgan Stanley. IBM surged after saying it will spin off its infrastructure unit.  Regeneron Pharmaceuticals Inc. rose after Trump said its antibody cocktail was the “key” to his quick recovery. The president said he would authorize its emergency use. Bulls are now back in control of a market that’s increasingly betting that a Joe Biden presidential victory and gains by Democrats in Congress will be good for equities. The scenario seems to be somewhat quelling volatility even as risks from a split in government to a resurgence of coronavirus cases threaten the economic rebound.
“At this point the market is likely projecting a Biden victory,” said Bill Fitzpatrick, managing director at Logan Capital Management. “It’s a scenario worth considering that we don’t get results for a month or so after the election, that’s a real possibility.” Meanwhile, Pelosi said there won’t be a standalone bill on airlines without a guarantee the other stimulus items are going to be addressed. Trump had earlier touted progress in talks even though there was no sign the two sides are any closer on a deal.
Elsewhere in markets, airlines led European shares higher, helped by as optimism over a Covid-19 treatment. U.K. jet engine-maker Rolls-Royce Holdings Plc posted its best five-day performance on record, after shoring up its finances. Oil futures rose 3.1% after Gulf of Mexico producers shut in 1.7 million barrels a day of crude production ahead of the storm that’s expected to slam into the Louisiana coast on Friday. Gold increased for a second day.
These are some of the main moves in markets:
Stocks
The S&P 500 Index increased 0.8% to 3,446.85 as of 4:01 p.m. New York time, the highest in almost five weeks.
The Dow Jones Industrial Average rose 0.4% to 28,425.71, the highest in five weeks.
The Nasdaq Composite Index climbed 0.4% to 11,420.98, the highest in almost five weeks.
The Nasdaq 100 Index gained 0.4% to 11,550.94.
The Stoxx Europe 600 Index jumped 0.8% to 368.31, the highest in almost three weeks.
Currencies
The Bloomberg Dollar Spot Index decreased 0.2% to 1,170.35.
The euro was little changed at $1.176.
The Japanese yen was little changed at 106 per dollar, the weakest in almost four weeks.
Bonds
The yield on 10-year Treasuries fell two basis points to 0.76%.
The yield on 30-year Treasuries decreased two basis points to 1.56%.
Germany’s 10-year yield fell three basis points to -0.52%, the largest drop in more than two weeks.
Britain’s 10-year yield declined one basis point to 0.289%, the biggest fall in more than a week.
Commodities
West Texas Intermediate crude climbed 3.2% to $41.26 a barrel, the highest in almost three weeks.
Gold strengthened 0.3% to $1,894.64 an ounce.
Copper gained 0.2% to $3.04 a pound, the highest in more than two weeks.

Have a great night.

Be magnificent!
As ever,

Carolann

There is no path to happiness.  Happiness is the path.
                             –Buddha, c. 5^th-4^th century BCE

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

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

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

Dear Friends,

Tangents:
Niels Bohr, mathematician, b. 1885
Desmond Tutu, b. 1931
Vladimir Putin, b. 1952
Yo-Yo Ma, b. 1955

On Oct. 7, 1985 Palestinian gunmen hijacked the Italian cruise ship Achille Lauro in the Mediterranean with more than 400 people aboard. Go to article »

2001 – US invasion of Afghanistan starts with an air assault and covert operations on the ground.

Here’s how to watch the Draconid meteor shower tonight and tomorrow.  It seems like a good time to stare up into the night sky and contemplate just how cosmically small we are. –CNN.

French professor and researcher in microbiology, genetics and biochemistry Emmanuelle Charpentier and American biochemist Jennifer A. Doudna have won the Nobel Prize in Chemistry “for the development of a method for genome editing.

Take a break and listen to five minutes that will make you love Baroque music. –NYT.

A predecessor to this universe can still be observed today.-Bloomberg.

Grapefruit is a very weird fruit.
     
PHOTOS OF THE DAY

The sun rises over Boscombe beach in Dorset.
CREDIT: ANDREW MATTHES/PA WIRE

An extreme closeup of pink lotus known primarily as blue lotus at a public garden in outskirts of New Delhi, India.
CREDIT: HARISH TYAGI/EPA-EFE/SHUTTERSTOCK

A family of Working Cocker Spaniels at Red Wharf Bay, Anglesey in Wales, who love to pose for a photo for their owner Kelly Roberts a vet during their daily walk.
CREDIT: KELLY ROBERTS/PICTUREEXCLUSIVE.COM
Market Closes for October 7^th, 2020 

Market Index	Close	Change
Dow Jones	28303.46	+530.70
		+1.91%
S&P 500	3419.44	+58.49
		+1.74%
NASDAQ	11364.598	+209.994 +1.88%
TSX	16428.30	+192.17
		+1.18%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23422.82	-10.91
		-0.05%
HANG SENG	24242.86	+262.21
		+1.09%
SENSEX	39878.95	+304.38
		+0.77%
FTSE 100*	5946.25	-3.69 -0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.624	0.564
CND. 30 Year Bond	1.196	1.132
U.S.    10 Year Bond	0.7868	0.7370
U.S. 30 Year Bond	1.5872	1.5366

Currencies

BOC Close	Today	Previous
Canadian $	0.75403	0.75113
US $	1.32620	1.33133
Euro Rate 1 Euro=		Inverse
Canadian $	1.55991	0.64106
US $	1.17623	0.85018

Commodities

Gold	Close	Previous
London Gold Fix	1913.40	1909.60
Oil
WTI Crude Future	39.95	40.67

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average began continuous daily publication. Its 12 members were the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, American Spirits Manufacturing, General Electric, Laclede Gas, National Lead, U.S. Cordage, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets climbed with broader markets on renewed optimism that U.S. lawmakers could still reach an agreement on additional stimulus.
The S&P/TSX Composite index rose 1.2% in Toronto. All eleven sectors rallied, led by health care and consumer discretionary stocks. Pot stock Canopy Growth was the best performing stock, while Maple Leaf Foods posted the biggest drop within the index.
Meanwhile, Barrick Gold Corp.’s Chief Executive Officer Mark Bristow said the gold industry needs more consolidation so it can increase exploration to boost depleting reserves, lure more generalist investors and improve efficiencies.
In real estate, Montreal, like Toronto, is seeing a flurry of condos being put up for sale, suggesting the city’s housing boom may be fading as the effects of the pandemic start to bite.
Commodities
* Western Canada Select crude oil traded at a $9.90 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,887.07 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3267 per U.S. dollar
* The 10-year government bond yield rose 6 basis points to 0.625%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1.2 percent at 16,428.30 in Toronto. The index advanced to the highest closing level since Sept. 15 after the previous session’s decrease of 1.1 percent.
Today, financials stocks led the market higher, as all sectors gained; 154 of 223 shares rose, while 66 fell.
Shopify Inc. contributed the most to the index gain, increasing 3.0 percent. Canopy Growth Corp. had the largest increase, rising 7.9 percent.
Insights
* This year, the index fell 3.7 percent, heading for the worst year since 2018
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 8.6 percent below its 52-week high on Feb. 20, 2020 and 47 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.9 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.2 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.48t
* 30-day price volatility rose to 15.94 percent compared with 15.84 percent in the previous session and the average of 13.94 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 67.1254| 1.4| 23/2
Industrials | 36.2977| 1.8| 25/3
Information Technology | 35.7159| 2.1| 8/2
Energy | 22.2024| 1.3| 20/3
Consumer Discretionary | 14.5703| 2.5| 13/0
Health Care | 5.9747| 3.9| 8/2
Communication Services | 4.0206| 0.5| 4/3
Consumer Staples | 3.0274| 0.4| 4/7
Utilities | 2.3670| 0.3| 11/5
Materials | 0.6671| 0.0| 28/23
Real Estate | 0.2033| 0.0| 10/16
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — Stocks climbed to a more than one-month high on renewed optimism that U.S. lawmakers could still reach an agreement on additional stimulus. Treasuries and the dollar fell.
The S&P 500 gained 1.7% after a barrage of overnight tweets from President Donald Trump advocating a piecemeal approach. Trump sent stocks tumbling late Tuesday by ending talks with Democrats. Speaker Nancy Pelosi signaled openness to a standalone airline relief bill in a conversation with Treasury
Secretary Steven Mnuchin on Wednesday. “The seesaw we’ve seen since yesterday’s plunge is just case and point for the volatility we may encounter as we close in on the election,” said Chris Larkin, managing director of trading and investment product at E*Trade Financial. “That said, with President Trump’s call for aid to airlines, an obviously hard-hit area of the market, traders may be eyeing bullish opportunities.”
Some investors who’ve watched Democratic challenger Joe Biden’s lead in the polls swell in recent days are now speculating that a victory by him would bring an increase of federal spending to boost the economy. Biden leads among likely voters Florida, Iowa and Pennsylvania, Quinnipiac University polls found. Tech stocks also mostly rose, even after a House panel’s proposal late Tuesday for stricter antitrust rules to curb the power of Apple Inc., Alphabet Inc., Facebook Inc. and Amazon.com Inc. The four tech giants account for more than 15% of the S&P 500. Eli Lilly & Co. gained after advances on its Covid-19 antibody drug. “People are now talking again about this blue wave,” or election sweep by Democrats in Congress and the presidency, said Marc Odo, client portfolio manager at Swan Global Investments. “The one thing we do need is a very clear cut result coming out of this election.” Minutes of the Federal Open Market Committee’s Sept. 15-16 meeting released Wednesday showed some U.S. central bankers sought further debate on the future of the Federal Reserve’s asset purchase program when they met last month, signaling they’d be open to altering or increasing bond buying going forward.
Meanwhile, with Trump now out of the hospital, investors continue to monitor the virus’s impact on economic recoveries around the world. Signs are mounting the virus is returning to the New York area, with infections reaching three-month highs. “There is going to be heightened volatility,” said Bryce Doty, senior portfolio manager at Sit Investment Associates. “You have an extraordinary amount of uncertainty between timing of vaccine, when will this current uptick in cases top out.”
Oil fell after U.S. government data showed crude stockpiles increased.
The European Commission, meantime, is close to a deal to procure more of the Covid-19 treatment remdesivir from Gilead Sciences Inc.
Here are some key events coming up:
* The U.S. Vice Presidential debate takes place in Salt Lake City on Wednesday

These are some of the main moves in markets:
Stocks
* The S&P 500 Index rose 1.7% to 3,419.45 as of 4:07 p.m. New York time, the highest in more than a month.
* The Dow Jones Industrial Average gained 1.9% to 28,303.46, the highest in five weeks on the biggest rise in 12 weeks.
* The Nasdaq Composite Index increased 1.9% to 11,364.60, the highest in almost five weeks.
* The Nasdaq 100 Index climbed 1.9% to 11,503.20.
* The Stoxx Europe 600 Index fell 0.1% to 365.45, the first retreat in a week and the largest fall in more than a week.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1% to 1,172.49.
* The euro rose 0.2% to $1.1763.
* The Japanese yen depreciated 0.3% to 105.99 per dollar, the weakest in almost four weeks.
Bonds
* The yield on 10-year Treasuries increased five basis points to 0.79%, the highest in almost four months.
* The yield on 30-year Treasuries increased five basis points to 1.59%, the highest in four months.
* Germany’s 10-year yield gained one basis point to -0.49%, the highest in almost three weeks.
* Britain’s 10-year yield rose two basis points to 0.303%, the highest in more than five weeks.
Commodities
* West Texas Intermediate crude decreased 1.7% to $39.98 a barrel.
* Gold strengthened 0.5% to $1,887.65 an ounce.
* Copper climbed 2.1% to $3.03 a pound, the highest in a week.
Have a great night.

Be magnificent!
As ever,

Carolann

We can try to avoid making choices by doing nothing, but even that is a decision.
                                                                         -Gary Collins, 1938-2012

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

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

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

Dear Friends,

Tangents:
Le Corbusier, architect, b. 1887.

Scientists find intact brain cells in skull of man killed in Vesuvius eruption nearly 2,000 years ago.  Leave the brain cells alone. It’s 2020, OK? Who knows what could happen!

Three scientists were jointly awarded the Nobel Prize in Physics today for their work on understanding black holes, which the committee called “one of the most exotic phenomena in the universe.” -NYT.
Take a virtual tour of Nupi Keithel, a 16th-century bazaar in the Indian state of Manipur where all of the vendors are women.-NYT.

The John D. and Catherine T. MacArthur Foundation named 21 fellows who are being honored this year for their “exceptional creativity” in a wide range of fields and specialties. Known as the “genius” grant, this year’s recipients include the writers N.K. Jemisin and Jacqueline Woodson and the playwright Larissa FastHorse, above. Here’s the full list.
The National Book Award announced the 25 finalists across five categories — fiction, nonfiction, poetry, translated literature and young people’s literature. The winners will be named in November.-NYT.

 On Oct. 6, 1981, Egyptian President Anwar Sadat was shot to death by Islamic militants while reviewing a military parade.  Go to article »
PHOTOS OF THE DAY

A picture taken from Geneva, Switzerland at sunrise shows a ray of light touching “le Mole” mountain, located in the French Alps.
CREDTI: FABRICE COFFRINI/AFP VIA GETTY IMAGES

Conservation semi-feral Welsh Mountain Ponies graze with the stunning landscape of Worm’s Head, Gower, Wakes, in the background. Located at the most Westerly point of the Gower, legend has it that the Vikings believed the rock formation looked like a sleeping dragon, therefore, giving the Norse name “Wurme” meaning dragon or serpent.
CREDIT: JOANN RANDLES/ COVER IMAGES

A Tasmanian devil walking in the wild in mainland Australia. Tasmanian devils have been released into the wild on Australia’s mainland 3,000 years after the feisty marsupials went extinct there, in what conservationists described as a “historic” step.
CREDIT: HANDOUT/AUSSIE ARK/ AFP VIA GETTY IMAGES
Market Closes for October 6^th, 2020 

Market Index	Close	Change
Dow Jones	27772.76	-375.88
		-1.34%
S&P 500	3360.97	-47.66
		-1.40%
NASDAQ	11154.605	-177.880 -1.57%
TSX	16236.13	-174.06
		-1.06%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23433.73	+121.59
		+0.52%
HANG SENG	23980.65	+212.87
		+0.90%
SENSEX	39574.57	+600.87
		+1.54%
FTSE 100*	5949.94	+7.00 +0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.564	0.620
CND. 30 Year Bond	1.132	1.185
U.S.    10 Year Bond	0.7370	0.7817
U.S. 30 Year Bond	1.5366	1.5906

Currencies

BOC Close	Today	Previous
Canadian $	0.75113	0.75410
US $	1.33133	1.32608
Euro Rate 1 Euro=		Inverse
Canadian $	1.56236	0.64006
US $	1.17353	0.85213

Commodities

Gold	Close	Previous
London Gold Fix	1909.60	1903.05
Oil
WTI Crude Future	40.67	39.22

Market Commentary:
On this day in 1846, George Westinghouse, Jr., was born in Central Bridge, N.Y. He later invented the Westinghouse air brake, making train travel safe and comfortable,
and founded the Westinghouse Electric Co.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities reversed an earlier gain Tuesday after President Trump ended stimulus talks until after the election.
The S&P/TSX Composite Index fell 1.1%, with 10 of 11 sectors falling. Materials led the decline as gold extended its drop after Trump signaled a stop to fiscal stimulus talks. Real estate shares advanced.
Ontario raised C$1.5 billion ($1.13 billion) through its largest-ever sale of green bonds in a fresh sign that environmental, social and governance debt is gaining traction in Canada.
Minority shareholders at a GMP Capital Inc. meeting voted 95% in favor of the firm acquiring shares it doesn’t already own in Richardson GMP Ltd. wealth manager.
Commodities
* Western Canada Select crude oil traded at a $9.65 discount to West Texas Intermediate
* Spot gold fell 1.5% to $1,885 an ounce
FX/Bonds
* The Canadian dollar fell 0.3% to C$1.3306 per U.S. dollar
* The 10-year government bond yield fell 4.5 basis points to 0.575%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 1.1 percent at 16,236.13 in Toronto. The move was the biggest since falling 2 percent on Sept. 23 and follows the previous session’s increase of 1.3 percent.
Barrick Gold Corp. contributed the most to the index decline, decreasing 4.5 percent. Centerra Gold Inc. had the largest drop, falling 15.3 percent.
Today, 158 of 223 shares fell, while 60 rose; 10 of 11 sectors were lower, led by materials stocks.
Terminal users can read more in our markets live blog.
Insights
* This year, the index fell 4.8 percent, heading for the worst year since 2018
* The index declined 1.3 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 little changed 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 24.9 on a trailing basis and 23.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.51t
* 30-day price volatility rose to 15.84 percent compared with 15.54 percent in the previous session and the average of 13.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -95.6280| -3.8| 6/46
Information Technology | -29.8492| -1.7| 3/7
Energy | -21.7096| -1.2| 4/18
Consumer Staples | -6.9241| -1.0| 2/8
Communication Services | -6.1966| -0.7| 1/6
Industrials | -5.5373| -0.3| 9/19
Health Care | -3.5885| -2.3| 4/6
Consumer Discretionary | -2.8490| -0.5| 1/12
Financials | -1.2325| 0.0| 5/21
Utilities | -0.7816| -0.1| 10/4
Real Estate | 0.2285| 0.0| 15/11
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks tumbled and bonds soared after President Donald Trump said he is ending stimulus talks until after the election, just hours after Federal Reserve Chairman Jerome Powell renewed his warning that the economy will stumble without additional fiscal support.
The benchmark S&P 500 slumped 1.4% after Trump tweeted his comments late in the trading session, erasing a gain of as much as 0.7%. The Dow Jones Industrial Average and Nasdaq Composite indexes also turned negative. Treasuries surged and the dollar jumped against most its major peers. An ETF that tracks the largest tech stocks fell an additional 0.6% in late trading after a House panel proposed a series of far-reaching antitrust reforms to curb the power of U.S. technology giants including Amazon.com Inc. And Alphabet Inc.
“It was certainly a surprise to the market that had started to price in another stimulus,” Ed Clissold, chief U.S. equity strategist at Ned Davis Research, said in an interview on Bloomberg Television. “It’s going to be difficult for the economy to gain much traction until there is another round of stimulus.” House Speaker Nancy Pelosi had called on Republicans to get on board with a version of the stimulus bill the House passed last week with only Democratic votes. But significant gaps remained between the Democrats’ $2.2 trillion
proposal and a $1.6 trillion offer backed by the White House. “Over the past few trading sessions the market had rallied around stimulus
talks and now it’s almost a slap in the face,” said Gene Goldman, chief investment officer at Cetera Financial Group
There are also lingering concerns about the trajectory of the pandemic and its effect on the economy. New York City’s seven-day average of daily cases is approaching Mayor Bill de Blasio’s warning threshold of 550. In France, the country’s statistics agency, downgraded its growth forecast to zero.
Elsewhere, the pound weakened after a report that the European Union has no plans to offer concessions to Boris Johnson before next week’s Brexit deadline.
Oil rose further after the biggest gain since May.
Here are some key events coming up:
* On Wednesday, the minutes of the Sept. 15-16 meeting of the FOMC could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increase
* The U.S. Vice Presidential debate takes place in Salt Lake City on Wednesday
* Though the final formal round of talks is over, the British government expects trade negotiations to continue up to the EU summit in mid-October.

These are some of the main moves in markets:
Stocks
*The S&P 500 Index declined 1.4% to 3,360.75 as of 4:00 p.m. New York time, the largest drop in almost two weeks.
*The Dow Jones Industrial Average declined 1.3% to 27,770.65, the biggest drop in almost two weeks.
*The Nasdaq Composite Index dipped 1.6% to 11,154.61.
*The Nasdaq 100 Index sank 1.9% to 11,291.27.
*The Stoxx Europe 600 Index gained 0.1% to 365.88, the highest in more than two weeks.
Currencies
*The Bloomberg Dollar Spot Index gained 0.4% to 1,173.78, the biggest rise in almost two weeks.
*The euro fell 0.3% to $1.1751.
*The British pound decreased 0.6% to $1.2907, the biggest dip in two weeks.
*The Japanese yen strengthened 0.1% to 105.60 per dollar.
Bonds
*The yield on 10-year Treasuries decreased four basis points to 0.75%, the biggest tumble in four weeks.
*Germany’s 10-year yield advanced less than one basis point to -0.51%, the highest in more than a week.
*Britain’s 10-year yield declined less than one basis point to 0.287%, the first retreat in a week.
Commodities
*West Texas Intermediate crude climbed 2.3% to $40.13 a barrel.
*Gold weakened 1.3% to $1,888 an ounce, the biggest drop in almost two weeks.
*Copper declined 0.7% to $2.94 a pound.
–With assistance from Lu Wang.
Have a great night.

Be magnificent!
As ever,

Carolann

Life shrinks or expands in proportion to one’s courage.
                                          -Anaïs Nin, 1903-1977

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

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

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

Dear Friends,

Tangents:
Here are nine new songs to kick off your week, including tracks by Maren Morris and Jorja Smith. -NYT.

Some planets may be better for life than Earth. -Bloomberg.

Discoverers of Hepatitis C vaccine win Nobel Prize

On Oct. 4, 1957, the Space Age began as the Soviet Union launched Sputnik, the first man-made satellite, into orbit.  Go to article »
PHOTOS OF THE DAY

A mountaineering team including a Bahraini prince completed the first summit this autumn season of a Himalayan peak in Nepal, after the government made an exception to a coronavirus ban on foreign arrivals.
CREDIT: TASHI LAKPA SHERPA/ SEVEN SUMMIT TREKS/ AFP

Polar bear (Ursus maritimus) cub on ice, Svalbard, Norway.
CREDIT: MEDIADRUMIMAGES/PHILP DALTON/NA

This snow monkey looks like it’s playing a bad game of hide and seek in the Japanese Alps in Japan.
CREDIT: ROIE GALITZ/SOLENT NEWS

Britain’s last timber railway bridge will begin a £25 million facelift – to keep trains chugging over the track. The grade -II listed Barmouth Bridge, North Wales, was built over 150 years ago and it the only wooden bridge left in use for trains.
CREDIT: SIMON TURTON/WALES NEWS
Market Closes for October 5^th, 2020 

Market Index	Close	Change
Dow Jones	28148.64	+465.83
		+1.68%
S&P 500	3408.60	+60.16
		+1.80%
NASDAQ	11332.484	+257.467 +2.32%
TSX	16410.19	+210.94
		+1.30%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23312.14	+282.24
		+1.23%
HANG SENG	23767.78	+308.73
		+1.32%
SENSEX	38973.70	+276.65
		+0.71%
FTSE 100*	5942.94	+40.82 +0.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.620	0.565
CND. 30 Year Bond	1.185	1.120
U.S.    10 Year Bond	0.7817	0.7022
U.S. 30 Year Bond	1.5906	1.4914

Currencies

BOC Close	Today	Previous
Canadian $	0.75410	0.75149
US $	1.32608	1.33068
Euro Rate 1 Euro=		Inverse
Canadian $	1.56255	0.63998
US $	1.17167	0.84866

Commodities

Gold	Close	Previous
London Gold Fix	1903.05	1902.00
Oil
WTI Crude Future	39.22	37.05

Market Commentary:
On this day in 1993, Daimler-Benz became the first German company to be listed on the New York Stock Exchange.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose Monday for a third-straight session, gaining alongside U.S. shares after President Donald Trump said he planned to leave the hospital Monday evening.
The S&P/TSX Composite Index gained 1.3%, the most since Sept. 9. Health care and tech rallies were among leaders as all sectors gained.
Meanwhile, oil climbed the most since May in New York, rallying in tandem with equity markets on optimism over the potential for more U.S. fiscal relief. Gold and silver also rose.
Cineplex Inc. plunged 29% to a record low on Monday, following the decline of cinema stocks after Metro-Goldwyn-Mayer delayed the release of the James Bond movie ‘No Time to Die’ until April due to the pandemic. Canada is drafting a new Covid-19 aid program that will subsidize rent for businesses without putting the onus on commercial landlords to request that help.
Commodities
* Western Canada Select crude oil traded at a $9.90 discount to West Texas Intermediate
* Spot gold rose 0.7% to $1,913.47 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3265 per U.S. dollar
* The 10-year government bond yield rose 5.1 basis points to 0.613%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.3 percent, or 210.94 to 16,410.19 in Toronto.
The move was the biggest since rising 1.8 percent on Sept. 9.
Today, financials stocks led the market higher, as all sectors gained; 191 of 223 shares rose, while 28 fell.
Shopify Inc. contributed the most to the index gain, increasing 3.0 percent. Aphria Inc. had the largest increase, rising 13.8 percent.
Insights
* This year, the index fell 3.8 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 8.7 percent below its 52-week high on Feb. 20, 2020 and 46.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1 percent in the past 5 days and rose 1.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.2 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.48t
* 30-day price volatility rose to 15.54 percent compared with 15.14 percent in the previous session and the average of 13.74 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 51.5733| 1.1| 26/0
Materials | 43.3901| 1.7| 45/5
Information Technology | 37.7967| 2.3| 10/0
Energy | 26.1904| 1.5| 22/1
Industrials | 18.1868| 0.9| 22/6
Utilities | 11.1730| 1.3| 16/0
Consumer Discretionary | 8.1313| 1.4| 10/3
Health Care | 6.4766| 4.3| 8/2
Consumer Staples | 4.5139| 0.6| 10/1
Communication Services | 2.9462| 0.3| 7/0
Real Estate | 0.5506| 0.1| 15/10
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks closed at the highest levels of the day amid optimism that President Donald Trump will leave the hospital and lawmakers will move closer to providing more stimulus. Treasury yields jumped and the dollar weakened.
The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all rebounded from Friday’s swoon in the wake of Trump’s coronavirus disclosure. Regeneron Pharmaceuticals Inc. rallied after Trump was given an experimental antibody treatment made by the drug maker. Energy, health care and technology shares were the biggest gainers in the S&P, pushing the benchmark index up by the most in almost four weeks.
“Fiscal stimulus continues to be a wild card for the market, and uncertainty around the health of the president certainly looms large,” said Chris Larkin, managing director of trading and investment product at E*Trade Financial. “So while there’s a lot of noise out there, experienced traders may find bullish opportunities.” Trump said on Twitter that he’ll leave Walter Reed hospital Monday evening after being treated since Friday for Covid-19. With less than a month until Election Day, Trump’s hospitalization has jolted the presidential campaign, forcing him to scrap rallies and other events as polls show him trailing Joe Biden nationally and in swing states.
On the stimulus front, Trump tweeted from the hospital that a deal needs to get done. House Speaker Nancy Pelosi was optimistic on Friday that a bipartisan stimulus bill can be done. “Absent of vaccine breakthrough, we’re in an economy that is modestly recovering from the lows of March and April, but it can only go so far,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management’s Ascent Private Wealth Group. “Areas of the economy that are susceptible are still feeling the pain. That’s why we need so much stimulus from the Federal Reserve and Congress.” Traders also pointed to polls suggesting a stronger lead for Biden and the possibility that a clear winner will emerge from the Nov. 3 election. U.S. markets have been nervous in recent weeks about a close election and the risk of a long and messy legal battle.
Elsewhere, consumer companies and banks led a broad advance among European stocks. Equities in Asia notched gains, while crude oil rebounded from a three-week low and gold advanced.
Here are some key events coming up:
* The Reserve Bank of Australia is forecast to keep interest rates and its three-year yield target unchanged at 0.25% on Tuesday
* Also Tuesday, Fed Chair Jerome Powell and ECB Chief Economist Philip Lane deliver keynote addresses at the NABE conference
* On Wednesday, the minutes of the Sept. 15-16 meeting of the FOMC could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increase
* The U.S. Vice Presidential debate takes place in Salt Lake City on Wednesday
* Though the final formal round of talks is over, the British government expects trade negotiations to continue up to the EU summit in mid-October.

These are the main moves in markets:
Stocks
*The S&P 500 Index climbed 1.8% to 3,408.56 as of 4:01 p.m. New York time, the highest in a month on the largest increase in almost four weeks.
* The Dow Jones Industrial Average surged 1.7% to 28,148.18, the highest in more than a month on the biggest jump in almost 12 weeks.
*The Nasdaq Composite Index climbed 2.3% to 11,332.48, the highest in more than a month on the largest increase in almost four weeks.
*The Nasdaq 100 Index gained 2.3% to 11,509.06, the biggest rise in more than a week.
*The Stoxx Europe 600 Index rose 0.8% to 365.63, the highest in  more than two weeks on the largest advance in a week.
Currencies
*The Bloomberg Dollar Spot Index sank 0.4% to 1,169.13, the lowest in more than two weeks on the biggest dip in more than five weeks.
*The Japanese yen depreciated 0.5% to 105.77 per dollar, the weakest in more than three weeks on the largest decrease in five weeks.
*The euro climbed 0.6% to $1.1783, the strongest in more than two weeks.
Bonds
*The yield on 10-year Treasuries climbed seven basis points to 0.78%, the highest in almost four months on the largest surge in a month.
*The yield on 30-year Treasuries climbed nine basis points to 1.58%, reaching the highest in almost four months on its sixth straight advance and the biggest surge in a month.
*Germany’s 10-year yield increased three basis points to -0.51%,  the highest in more than a week on the largest climb in more than three weeks.
*Britain’s 10-year yield rose four basis points to 0.288%, the highest in almost five weeks.
Commodities
*West Texas Intermediate crude surged 6.2% to $39.36 a barrel, the largest jump in 20 weeks.
*Gold strengthened 0.6% to $1,911.48 an ounce, the highest in two weeks.
*Copper declined 0.4% to $2.97 a pound.
Have a great night.

Be magnificent!
As ever,

Carolann

The richness I achieve comes from nature, the source of my inspiration.
                                                           -Claude Monet, 1840-1926

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:
1950-“Peanuts” comic strip debuts.
1968-Redwood National Park established.
Mahatma Gandhi, b. 1869
Groucho Marx, b. 1890
Sting, b.1951

Your first look at Jim Carrey as Joe Biden on ‘SNL’ has arrived.  The white wig is a work of art. –CNN.

On Oct. 2, 1967, Thurgood Marshall was sworn in as an associate justice of the U.S. Supreme Court, becoming the first black to serve on the high court.  Go to article »

And finally, new music from Ella Fitzgerald.
The singer’s concert recordings have always had a power that her studio outings could only imply, our jazz critic Giovanni Russonello writes. Of those live albums, few made a longer-lasting impression than “Mack the Knife: Ella in Berlin,” from 1960, widely considered one of her greatest performances. This week, the pleasure grows.
Today, her record label will release “Ella: The Lost Berlin Tapes,” which was recorded at a 1962 concert. Her manager had stashed away the recordings and they were uncovered earlier this year. The new tapes, Giovanni writes, magnify her legacy. – NYT.
PHOTOS OF THE DAY

The moon shines in glorious detail in false colour picture created by Andrew McCarthy which blends over 50,000 images to produce a stunningly detailed image. Taken from Andrew’s garden in California, USA the composite images is created by a variety of post processing techniques to reveal details that are hidden to the naked eye. See SWNS copy SWCAmoon: A photographer has captured world’s most intricate and detailed photos of the moon – combining thousands of images to show with great clarity the moon’s surface.
CREDIT: ANDREW MCCARTHY/SWNS.COM

The Harvest Moon behind Darwen Tower in Lancashire, UK.
CREDIT: LEE MANSFIELD/BAV MEDIA

Birds fly over the medieval Charles Bridge as the sun rises in Prague, Czech Republic.
CREDIT: REUTERS/ DAVID W CERNY
Market Closes for October 2^nd, 2020 

Market Index	Close	Change
Dow Jones	27682.81	-134.09
		-0.48%
S&P 500	3348.42	-32.38
		-0.96%
NASDAQ	11075.016	-251.491 -2.22%
TSX	16199.25	+14.71
		+0.09%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23029.90	-155.22
		-0.67%
HANG SENG	23459.05	+183.52
		+0.79%
SENSEX	38697.05	+629.12
		+1.65%
FTSE 100*	5902.12	+22.67 +0.39%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.565	0.553
CND. 30 Year Bond	1.120	1.102
U.S.    10 Year Bond	0.7022	0.6774
U.S. 30 Year Bond	1.4914	1.4552

Currencies

BOC Close	Today	Previous
Canadian $	0.75149	0.75266
US $	1.33068	1.32862
Euro Rate 1 Euro=		Inverse
Canadian $	1.55912	0.64139
US $	1.17167	0.85348

Commodities

Gold	Close	Previous
London Gold Fix	1902.00	1886.90
Oil
WTI Crude Future	37.05	38.72

Market Commentary:
Ireland’s top court says it knows what bread is, and the stuff Subway uses for its sandwiches isn’t it. To be considered bread under the country’s Value Added Tax Act, which dates to 1972, sugar can make up no more than 2% of the weight of the flour used to make dough for bread, according to the ruling.  Sugar makes up 10% of the weight of Subway’s flour in dough for heated sandwiches, the judgment says. Bread that meets the definition isn’t taxed under the law.
Canada
(MT Newswires)
     Canada’s main stock market, the Toronto Stock Exchange, completed a near 200 points turn around in closing Friday up a modest 15 points at about 16,200, but this came after the Index had dropped to early Friday session lows just above 16,000. This added to the more than 60 points gained Thursday, the first day of the new month and quarter. It comes after September was the first losing month in Canada since March, so the pick up of the last two days may mark some bargain buying.
In comparison, for something of a change, today in the US the S&P lost 1% and the Dow Jones lost 0.5% — although they were above intraday lows — on solid, but restrained, payrolls data and, of course, news that US President Trump had tested positive to COVID-19. Among sectors on the TSX, Financials gained near 0.95%, Materials rose near 0.85% and Energy was up near 0.6%.Story of the day may have involved Suncor Energy Inc. (SU.TO, SU), which is slashing as many as 2,000 jobs, to reflect difficulties stemming from the current oil price environment. Its stock gained 2.9%.
Of commodities, West Texas Intermediate (WTI) crude oil fell more than 4% to the lowest in three weeks on Friday on fading hopes for the United States to pass a new stimulus bill and on demand worries as the Covid-19 pandemic continues to spread, with U.S. President Donald Trump testing positive for the coronavirus. WTI crude for November delivery settled down $1.67 to US$37.05 per barrel, Marketwatch reported, the lowest since Sept.9. Brent crude for December delivery was last seen down $1.76 to US$39.17 while Western Canada Select dropped $1.15 to US$26.58 per barrel.
Meanwhile, gold edged lower on Friday as the U.S. dollar strengthened following a positive Covid-19 diagnosis for the president of the United States. Gold for December delivery closed down $8.70 to US$1,907.60 per ounce in Comex trade. Price: 16199.25, Change: +14.7, Percent Change: +0.1

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite advanced slightly to 16,199.25 in Toronto.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.2 percent. Vermilion Energy Inc. had the largest increase, rising 5.7 percent.
Today, 100 of 223 shares rose, while 120 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 0.8 percent, heading for the biggest advance since the week ended Aug. 28
* This year, the index fell 5.1 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 16 percent in the same period
* The S&P/TSX Composite is 9.9 percent below its 52-week high on Feb. 20, 2020 and 45 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 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$2.48t
* 30-day price volatility fell to 15.14 percent compared with 15.20 percent in the previous session and the average of 13.30 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 43.1397| 0.9| 23/3
Energy | 10.4931| 0.6| 13/10
Communication Services | 6.3492| 0.8| 7/0
Utilities | 4.0821| 0.5| 10/5
Industrials | 2.4985| 0.1| 10/18
Consumer Discretionary | 2.3529| 0.4| 6/7
Real Estate | 0.2495| 0.0| 14/12
Health Care | -1.7735| -1.2| 1/8
Consumer Staples | -2.8303| -0.4| 2/9
Materials | -21.2432| -0.8| 13/39
Information Technology | -28.6333| -1.7| 1/9
US
By Claire Ballentine and Lu Wang
(Bloomberg) — U.S. stocks slumped in volatile trading as investors weighed the implications of President Donald Trump’s positive test for the coronavirus along with renewed efforts to forge agreement on fiscal stimulus.
The Nasdaq 100 led losses amid declines for tech companies  including Apple, Microsoft and Amazon.com. The megacap shares also dragged down the S&P 500 Index, even as most stocks on the gauge gained. A disappointing jobs report that showed less hiring than analysts had estimated underscored the urgency to push through an aid measure, and stocks were pushed around by conflicting signals on the prospects for reaching a compromise in Washington.
Crude oil tumbled for a second day. The yen, often seen as a haven in times of market stress, edged higher amid the increased uncertainty in the runup to the Nov. 3 presidential election. Regeneron Pharmaceuticals rose in after-hours trading after Trump’s doctor said the president was treated with its antibody cocktail.
Traders had already been bracing for turmoil ahead of the ballot and in the months afterward, and the CBOE Volatility Index, known as Wall Street’s fear gauge, jumped the most in a month at one point Friday before paring most of the increase.
“Whether it’s the president’s health situation or the payrolls report, this pandemic is still very much with us,” Anastasia Amoroso, head of cross-asset thematic strategy at JPMorgan Private Bank, said in an interview on Bloomberg Television. “This really raises the specter of the importance for getting the fiscal stimulus done and for making sure people have access to enhanced unemployment benefits.” House Speaker Nancy Pelosi urged airlines to delay job cuts, saying an aid package was on the way. She said negotiations with the White House on a new stimulus will press ahead and Trump’s Covid-19 diagnosis might change the tenor of the talks by emphasizing the seriousness of the pandemic.
While Trump was said to be experiencing only mild symptoms, the president’s diagnosis adds to gloomy developments around the virus as big cities once again turn into hotspots. New York reported the most new cases since May, while London is said to be at a “tipping point” with infections continuing to rise. Thousands of job cuts this week showed how firms are still wrestling with readjustments needed to survive.
In Europe, stocks edged higher. The pound gained on news U.K. Prime Minister Boris Johnson will intervene in the Brexit negotiations for the first time since June when he holds talks with his EU counterpart on Saturday. Investors will also be watching this weekend for news on Trump’s health and the spread of the coronavirus. “To the extent that government functions as normal, markets will be concerned, but not necessarily panic,” said Chris Zaccarelli, chief investment officer for Independent Advisor
Alliance. “However, this incident highlights how Covid-19 continues to be a threat to the economy and markets.”

    These are the main moves in markets:
Stocks
* The S&P 500 Index fell 1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.3%.
* The MSCI Asia Pacific Index declined 0.5%.
* The MSCI Emerging Market Index decreased 0.3%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro dipped 0.3% to $1.1713.
* The British pound advanced 0.3% to $1.2934.
* The Japanese yen strengthened 0.1% to 105.39 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 0.69%.
* Germany’s 10-year yield was little changed at -0.54%.
* Britain’s 10-year yield rose one basis point to 0.24%.
Commodities
* West Texas Intermediate crude sank 4.3% to $37.06 a barrel.
* Gold fell 0.2% to $1,903.17 an ounce.
–With assistance from Chikako Mogi, Nancy Moran, Adam Haigh, Joe Easton, Yakob Peterseil and Robert Brand
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Kind words do not cost much.  Yet they accomplish much.
                                          -Blaise Pascal, 1623-1662

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