Month: November 2020

Dear Friends,

Tangents: Full Moon tonight – Beaver Moon.

According to the Old Farmer’s Almanac, the November full phase is called the Full Beaver Moon, as it is when beavers usually went into their lodges for winter. This beaver moon will undergo a penumbral lunar eclipse, which is when the moon enters the outer part of the Earth’s shadow, called the penumbra.

1016 -Cnut the Great [Canute], King of Denmark, claims the English throne after the death of Edmund, “Ironside”.

Jonathan Swift, b. 1667
Mark Twain, b. 1835
Winston Churchill, b. 1874
Abbie Hoffman, b. 1936
Ben Stiller, b. 1965.

On this day in 1990, after months of joyous destruction by border guards and regular citizens, the Berlin Wall was finally levelled to the ground.

1979 The album “The Wall” by Pink Floyd was released.  Go to article »

That strange silver monolith in Utah that drew otherworldly theories has disappeared.  We really don’t need any more mysteries this year. So, wherever you are, silver monolith, we hope you’re happy. –CNN

PHOTOS OF THE DAY

Frozen fog covers the trees in the Taunus region near Frankfurt, Germany.
CREDIT: AP PHOTO/MICHAEL PROBST

Tourists walk amidst fresh snow at the trekking spot named Triund, near Dharamsala, India.
CREDIT: SANJAY BAID/EPA-EFE/SHUTTERSTOCK

A foggy sunburst through Durdle Door on the Jurassic coast.
CREDIT: RACHELBAKER/BNPS

An Oriental Darter (Anhinga melanogaster) tosses up its catch of a small fish at a lake outside Putrajaya, Malaysia.
CREDIT: AP PHOTO/VINCENT THIAN

Market Closes for November 30^th, 2020 

Market Index	Close	Change
Dow Jones	29638.64	-271.73
		-0.91%
S&P 500	3621.63	-16.72
		-0.46%
NASDAQ	12198.738	-7.109 -0.06%
TSX	17190.25	-206.31
		-1.19%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26433.62	-211.09
		-0.79%
HANG SENG	26341.49	-553.19
		-2.06%
SENSEX	44149.72	-110.02
		-0.25%
FTSE 100*	6266.19	-101.39 -1.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.673	0.679
CND. 30 Year Bond	1.168	1.191
U.S.    10 Year Bond	0.8422	0.8373
U.S. 30 Year Bond	1.5679	1.5699

Currencies

BOC Close	Today	Previous
Canadian $	0.76898	0.76949
US $	1.30043	1.29956
Euro Rate 1 Euro=		Inverse
Canadian $	1.55188	0.64438
US $	1.19337	0.83797

Commodities

Gold	Close	Previous
London Gold Fix	1779.30	1807.40
Oil
WTI Crude Future	45.34	45.51

Market Commentary:
The S&P 500 hit another record close on Friday, its 26th record close this year. The Nasdaq also hit a record close on Friday, its 45th record close this year.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities slid Monday but still capped off a strong November as vaccine optimism buoyed stocks throughout the month. The S&P/TSX Composite Index rose 10.3% in the best monthly gain since April. On Monday, energy shares led the decline while tech was among gainers. OPEC talks ended without an agreement on next year’s oil output, with ministers punting the final decision into a second day of discussions as tensions in the cartel simmered. Private equity firm Sandpiper Group also won its battle to replace the board of Artis Real Estate Investment Trust, taking control of a property portfolio with heavy exposure to oil-producing regions of Canada that have taken a severe economic hit in the pandemic.
Commodities
* Western Canada Select crude oil traded at a $11.35 discount to West Texas Intermediate, as of yesterday
* Spot gold fell 0.7% to $1,775.81 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.2977 per U.S. dollar
* The 10-year government bond yield edged higher to 0.679%
–With assistance from Derek Decloet and Kristine Owram.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 1.1 percent at 17,205.43 in Toronto. The move was the biggest since falling 2.7 percent on Oct. 28 and follows the previous session’s increase of 0.3 percent. Canadian National Railway Co. contributed the most to the index decline, decreasing 3.9 percent. Crescent Point Energy Corp. had the largest drop, falling 9.7 percent. Today, 149 of 222 shares fell, while 70 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 10 percent, heading for the biggest advance since April
* This year, the index rose 0.7 percent, heading for the best year since 2019
* The index advanced 1 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 4.3 percent below its 52-week high on Feb. 20, 2020 and 54 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 10 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.8 on a trailing basis and 23.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.67t
* 30-day price volatility rose to 15.44 percent compared with 14.86 percent in the previous session and the average of 15.36 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -104.4387| -2.0| 3/23
Energy | -86.2654| -4.2| 1/22
Industrials | -36.6914| -1.7| 9/19
Real Estate | -7.5435| -1.3| 3/22
Communication Services| -6.7128| -0.8| 1/6
Utilities | -6.4095| -0.7| 5/11
Consumer Discretionary| -6.2573| -1.0| 3/9
Consumer Staples | -0.5816| -0.1| 5/6
Health Care | 1.2276| 0.6| 4/6
Materials | 12.6881| 0.5| 32/19
Information Technology| 34.6716| 2.0| 4/6

US
By Vildana Hajric and Kamaron Leach
(Bloomberg) — U.S. stocks fell from records as investors assessed the prospects for risk assets after a blistering month long rally. The dollar strengthened. The S&P 500 dropped the most in more than a week, though the benchmark index still registered its best month since April. Global stocks and American small caps posted their best months on record. Broad selling sent the Dow Jones Industrial Average lower. The tech-heavy Nasdaq indexes that trailed in November fared better, briefly touching another record high on Monday. Gold slumped and Bitcoin rallied back to an all-time high. “The market may be getting tired from its very strong November and simultaneous all time highs (DJIA, S&P and Russell 2K), which could push the benchmarks into a traditional mid- December low,” said Sam Stovall, chief investment strategist at CFRA Research.
The rapid pace to a coronavirus vaccine has given investors the confidence to price in a return to normalcy and faster economic growth, helping lift shares of companies that were hardest hit by the pandemic. Over the weekend, U.S. Surgeon General Jerome Adams said the federal government hopes to quickly review and approve requests from two drugmakers for emergency approval of their Covid-19 vaccines. “November has been such an unbelievable move up,” said Andrew Mies, chief investment officer of 6 Meridian. “All that is being driven by the vaccine.” Shares of Moderna Inc. surged 20% on Monday after the company said it plans to request clearance for its coronavirus vaccine in the U.S. and Europe. The MSCI World Index soared 13% in November, the best performance on record. The risk-on mood across markets has hurt demand for haven assets. Gold posted its largest monthly decline in four years. Even after gaining on Monday, the dollar slumped 2.4% in November.
Oil edged lower in New York. OPEC+ began two days of potentially complicated talks to hash out the size of its oil- production cuts next year, with the group’s president calling for caution in a fragile market. Elsewhere, the MSCI Asia Pacific Index sank 1.6% on Monday, the biggest loss in a month. Bitcoin took less than three years to replicate the euphoric ascent that catapulted the cryptocurrency into the mainstream consciousness. The world’s largest digital-asset gained as much as 8.7% to $19,351, according to data compiled by Bloomberg. It traded at a few cents for several years after its late 2008 launch by an unknown software developer in the wake of the global financial crash.
These are some key events coming up:
* The Reserve Bank of Australia holds a policy meeting on Tuesday.
* Federal Reserve Chairman Jerome Powell testifies before Congress on Tuesday and Wednesday.
* The U.S. employment report on Friday is expected to show more Americans headed back to work in November, though at a slower pace than last month.

Here are some of the main moves in markets:
Stocks
The S&P 500 Index declined 0.5% to 3,621.82 as of 4:01 p.m. New York time, the lowest in a week on the largest drop in more than a week.
The Dow Jones Industrial Average decreased 0.9% to 29,643.97, the lowest in a week on the biggest dip in more than a week.
The Nasdaq Composite Index dipped 0.1% to 12,198.74, the first retreat in more than a week.
The MSCI All-Country World Index sank 0.9% to 617.87, the lowest in a week on the biggest dip in a month.
The Stoxx Europe 600 Index sank 1% to 389.36, the lowest in a week on the largest decrease in more than a month.
Currencies
The Bloomberg Dollar Spot Index jumped 0.3% to 1,144.98, the highest in a week on the biggest increase in three weeks.
The euro decreased 0.3% to $1.1927, the largest decrease in almost three weeks.
The Japanese yen weakened 0.3% to 104.40 per dollar, the biggest fall in a week.
Bonds
The yield on 10-year Treasuries rose one basis point to 0.85%.
The yield on 30-year Treasuries increased one basis point to 1.58%.
Germany’s 10-year yield rose two basis points to -0.57%.
Britain’s 10-year yield climbed two basis points to 0.305%, the biggest surge in almost three weeks.
Commodities
West Texas Intermediate crude sank 0.7% to $45.19 a barrel, the largest decrease in more than two weeks.
Gold depreciated 0.7% to $1,776.09 an ounce, the weakest in five months.
–With assistance from Claire Ballentine.

Have a great night.

Be magnificent!

As ever,

Carolann

Enthusiasm is the most important thing in life.
                -Tennessee Williams, 1911-1983

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.
1942 The French navy at Toulon scuttled its ships and submarines to keep them out of the hands of the Nazis.  Go to article »

Jimi Hendrix, b. 1942
Bruce Lee, b. 1940
Gail Sheehy, b. 1937.

Archaeologists found a grave and more than 12,000 artifacts, including an ink bottle, doll fragments and coins, at the site of a historic Black church in Colonial Williamsburg.

Here are seven new books to watch for in December.

Read about Adriene Mishler, the reigning queen of pandemic yoga

While Covid-19 has emptied some urban neighborhoods, including the tonier parts of Manhattan and San Francisco, most of the wealthy’s favorite haunts have only gotten more popular. Here is where the super-rich live

The Rockettes perform at Thanksgiving Parade while wearing masks.  Pulling off a flawless precision dance number? Impressive. Doing it in toy soldier hats and masks? Legendary. 

PHOTOS OF THE DAY

A closed chairlift is seen at the ski resort of Passo Tonale in the Dolomites, Italy,  which has become a virtual ghost town after the government decision to close everything down in fear of the rising numbers of coronavirus.
CREDIT: REUTERS/GUGLIELMO MANGIAPANE

Misty view from the Kilpatrick Hills looking towards Dumbarton, Scotland, UK.
CREDIT: MICHAEL MCGURK

A group of cormorants fiercely battle each other for a fish. The four birds flocked around another which had made a catch. Following the brief scuffle the victor emerged and swallowed the trout whole. The photographs were taken at the Ed R. Levin County Park in Milpitas, California, on the West Coast of the United States. 
CREDIT: JUDY TSENG/SOLENT NEWS & PHOTO AGENCY

A baby Sumatran orangutan has been born at Prague Zoo, Czech Republic. The unnamed baby ape has been hailed as “the most precious in Europe. Zookeepers said its mother Mawar has been taking good care of her baby and has started drinking milk. The baby is the sole great-grandchild of an orangutan imported to the zoo from forests in Sumatra.
CREDIT: MIROSLAV BOBEK/TRIRANGE NEWS

Market Closes for November 27^th, 2020 

Market Index	Close	Change
Dow Jones	29910.37	+37.90
		+0.13%
S&P 500	3638.35	+8.70
		+0.24%
NASDAQ	12205.848	+111.446 +0.92%
TSX	17396.56	+45.22
		+0.26%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26644.71	+107.40
		+0.40%
HANG SENG	26894.68	+75.23
		+0.28%
SENSEX	44149.72	-110.02
		-0.25%
FTSE 100*	6367.58	+4.65 +0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.679	0.686
CND. 30 Year Bond	1.191	1.205
U.S.    10 Year Bond	0.8373	0.8816
U.S. 30 Year Bond	1.5699	1.6237

Currencies

BOC Close	Today	Previous
Canadian $	0.76949	0.76806
US $	1.29956	1.30199
Euro Rate 1 Euro=		Inverse
Canadian $	1.55488	0.64314
US $	1.19646	0.83580

Commodities

Gold	Close	Previous
London Gold Fix	1807.40	1810.20
Oil
WTI Crude Future	45.51	45.51

Market Commentary:
On this day in 1991, in a voice vote not recorded by the customary roll call—so that infuriated constituents wouldn’t know for sure who was to blame—both houses of Congress passed legislation bailing out the dying savings and loan industry. The bailout bill—the Resolution Trust Corporation Refinancing, Restructuring and Improvement Act of 1991—sank another $25 billion of taxpayers’ money directly into the S&L bailout, while authorizing up to $35 billion in new borrowings to finance the government’s purchase of bad loans.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities advanced for a fourth straight week after a strong showing from energy and marijuana companies. The S&P/TSX Composite Index rose 0.3% Friday, posting its longest winning streak since May, with cannabis stocks leading the charge after an updated U.S. House schedule showed a vote will be held on marijuana decriminalization next week. Real estate and materials underperformed. Gold plunged while copper soared amid increasing optimism that a vaccine will spur a global economic recovery from the pandemic-led recession. Prime Minister Justin Trudeau said widespread vaccination against Covid-19 will begin early in 2021, and is expected to inoculate a majority of Canadians by this time next year.
Commodities
* Western Canada Select crude oil traded at a $11.20 discount to West Texas Intermediate, as of yesterday
* Spot gold fell 1.5% to $1,787.79 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2990 per U.S. dollar
* The 10-year government bond yield fell 1.3 basis points to 0.673%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the seventh day, climbing 0.3 percent, or 45.22 to 17,396.56 in Toronto. The index advanced to the highest closing level since Feb. 24. Enbridge Inc. contributed the most to the index gain, increasing 1.1 percent. Aurora Cannabis Inc. had the largest increase, rising 17.9 percent. Today, 129 of 222 shares rose, while 91 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index rose 2.2 percent
* This month, the index rose 12 percent, heading for the biggest advance in at least 10 years
* This year, the index rose 2 percent, heading for the best year since 2019
* The index advanced 1.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 3.2 percent below its 52-week high on Feb. 20, 2020 and 55.7 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 27.1 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.66t
* 30-day price volatility fell to 14.86 percent compared with 15.31 percent in the previous session and the average of 15.27 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 13.4236| 0.7| 20/3
Information Technology | 12.8808| 0.8| 8/1
Health Care | 9.8550| 4.7| 7/3
Industrials | 5.1885| 0.2| 19/8
Communication Services | 4.3557| 0.5| 4/3
Consumer Staples | 3.7004| 0.5| 11/0
Utilities | 3.4906| 0.4| 13/3
Financials | 2.7554| 0.1| 9/17
Consumer Discretionary | 0.4442| 0.1| 8/5
Real Estate | -2.9496| -0.5| 8/18
Materials | -7.9378| -0.3| 22/30

US
By Vildana Hajric
(Bloomberg) — U.S. stocks rose in to a record in thin post-holiday volume as investors assessed valuations with pandemic still raging in parts of Europe and the U.S. Oil retreated amid rising tensions among OPEC+ members. The S&P 500 closed at an all-time high after rallying 11% in November. Trading volume was only 60% of the average over the past year. The Nasdaq 100 Index jumped 0.8%. The stock market closed at 1 p.m. in New York, while bond trading ends an hour later. Treasuries advanced and the dollar headed for a second weekly decline. “If you start looking out over the horizon, there are a lot of things that have lined up incredibly well,” said Mark Stoeckle, a Boston-based fund manager at Adams Funds with $2.5 billion of assets. “You have the vaccines, you have a plan to get them out, you’ve got incredibly low interest rates for likely a very long time.”
     The Stoxx Europe 600 index edged higher. The dollar weakened versus major peers. The 10-year Treasury yield slipped below 0.84%. Global stocks are on track for the best month on record, up 13%, and that’s lifted valuations to near the highest in about 20 years. Still, sentiment remains fragile as the virus toll continues to rise in Europe and the U.S., while economic recoveries wobble. Investors are pinning their hopes on a swift rollout of vaccines, but the logistical challenges are considerable. “To see whether the market will continue to have legs we will have to have confirmation of those vaccine hopes,” Nannette Hechler-Fayd’ Herbe, Credit Suisse’s chief investment officer for international wealth management and global head of economics and research, said in an interview with Bloomberg TV. “So very quickly now we want to see approvals, we want to see production outlooks as far as the vaccines’ broader distribution is concerned.”
Political clarity has also driven risk assets this month, as President-elect Joe Biden continues his transition to power. President Donald Trump said he’ll relinquish power if the Electoral College affirms Biden’s win, but he signaled he may never formally concede defeat, and may skip the Democrat’s inauguration.
     In China, data showed profits at industrial enterprises surged at the fastest pace in a single month in almost nine years in October, a further sign the country’s economic recovery is gathering pace.
Here are the main moves in markets:
Stocks
* The S&P 500 climbed 0.3% at 1 p.m. in New York.
* The Stoxx Europe 600 index added 0.4%.
* The MSCI Asia Pacific Index rose 0.2%.
* The MSCI Emerging Markets Index rose 0.1%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro rose 0.3% to $1.1955.
* The British pound lost 0.3% to $1.3313.
* The yen was at 104.24 per dollar, up 0.2%.
Bonds
* The yield on 10-year Treasuries four basis points to 0.84%.
* Germany’s 10-year yield was little changed at -0.59%.
Commodities
* West Texas Intermediate crude decreased 0.7% to $45.38 a barrel.
* Gold futures fell 1.2% to $1,790 an ounce.
–With assistance from Robert Brand and Francine Lacqua.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

I invent nothing, I rediscover.
-Auguste Rodin, 1840-1917

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

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

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

Dear Friends,

Tangents:
John Harvard, Harvard University founder, b. 1607.
Charles M. Shultz, creator of Peanuts, b. 1922.
Tina Turner, singer, b. 1938

2000 Florida Secretary of State Katherine Harris certified Republican George W. Bush the winner over Democrat Al Gore in the state’s presidential balloting by 537 votes.  Go to article »

Travel, virtually: Tour 52 places around the world. Admire some abstract architecture. And foster the spirit of travel at home. –NY Times.

Be one with your couch: Marathon the 50 best movies on Netflix right now. Or you could host a virtual game night. –NY Times.

Be sentimental: Peruse a greatest hits list of Modern Love essays — just be sure to have some tissues handy.    There’s also no shortage of holiday-inspired movies and TV shows to watch.-NY Times.

From the late-night hosts:
“Seriously, there’s a name from the past. Even Michael Flynn was like, ‘Damn, I totally forgot about Michael Flynn.’” — JIMMY FALLON

“Actually, it does turn out that the brief they give Biden is a little different than the one they give Trump. I’ll show you what I mean. For instance, Biden’s brief says, ‘Iran building nuclear arsenal,’ while Trump’s brief says, ‘Iran make big fireworks that go boom-boom.’” — JIMMY FALLON

“And finally, Biden’s brief says, ‘Canada extends border restrictions with U.S.,’ while Trump’s says, ‘Americans betrayed by Beliebers.’” — JIMMY FALLON

PHOTOS OF THE DAY

Refugee Settlement Sudan, Mrs Tsegay, mother of six, is stands on the banks of the Tekeze River as she awaits the arrival of her relatives. An umbrella protects her and her youngest child from the sun.
CREDIT: JOOST BASTMEIJER FOR THE TELEGRAPH

An elderly couple, Rod and May Proctor,  have spent the last month transforming their home into a real life Candy Lane for Christmas – featuring a brilliant light parade and a sweet shop. Couple in their 70s have transformed their house into a candy themed light parade for Christmas while isolating due to coronavirus.
CREDIT: ALEX COUSINS/SWNS 

People can get in the festive spirit with a magical interactive light experience at a British safari park this Christmas. Land of Light features 72,000 LED lights that have been used to create 17 illuminated scenes on a 2km route at Longleat in Wiltshire.
CREDIT: ZACHARYCULPIN/BNPS

Market Closes for November 26^th, 2020 

Market Index	Close	Change
Dow Jones	N/A	N/A
S&P 500	N/A	N/A
NASDAQ	N/A	N/A
TSX	17351.34	+38.27
		+0.22%

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26537.31	+240.45
		+0.91%
HANG SENG	26819.45	+149.70
		+0.56%
SENSEX	44259.74	+431.64
		+0.98%
FTSE 100*	6362.93	-28.16 -0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.686	0.710
CND. 30 Year Bond	1.205	1.226
U.S.    10 Year Bond	0.8816	0.8816
U.S. 30 Year Bond	1.6237	1.6270

Currencies

BOC Close	Today	Previous
Canadian $	0.76806	0.76903
US $	1.30199	1.30035
Euro Rate 1 Euro=		Inverse
Canadian $	1.55079	0.64483
US $	1.19110	0.83956

Commodities

Gold	Close	Previous
London Gold Fix	1810.20	1799.60
Oil
WTI Crude Future	45.51	45.51

Market Commentary:
If you spend more than 14 minutes a year worrying about the markets, you’ve wasted 12 minutes. -Peter Lynch, Fidelity Investments.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares eked out gains with lighter than usual trading volume amid the Thanksgiving holiday in the U.S. The S&P/TSX Composite index rose 0.2% in Toronto on Thursday. Health care stocks outperformed, led by gains in cannabis firms. In contrast, industrial companies and financial firms underperformed the benchmark. Score Media & Gaming Inc. rallied after Canada’s Justice Minister David Lametti unveiled proposed legislation to legalize single-event sports betting. And as Covid-19 cases surge across Canada, Bank of Montreal and Canadian Imperial Bank of Commerce are extending work-from- home plans for some employees by at least four months.
Commodities
* Western Canada Select crude oil traded at a $11.20 discount to West Texas Intermediate, as of yesterday
* Spot gold was up 0.5% to $1,815.71 an ounce
FX/Bonds
* The Canadian dollar slipped 0.1% to C$1.3019 per U.S. dollar
* The 10-year government bond yield fell to 0.687%
–With assistance from Robert Tuttle.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.2 percent, or 38.27 to 17,351.34 in Toronto. The index advanced to the highest closing level since Feb. 24. Shopify Inc. contributed the most to the index gain, increasing 1.5 percent. Trillium Therapeutics Inc. had the largest increase, rising 6.9 percent. Today, 137 of 222 shares rose, while 82 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 2 percent
* This month, the index rose 11 percent, heading for the biggest advance in at least 10 years
* This year, the index rose 1.7 percent, heading for the best year since 2019
* The index advanced 1.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 3.4 percent below its 52-week high on Feb. 20, 2020 and 55.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.6 percent in the past 5 days and rose 7.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 27 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.65t
* 30-day price volatility fell to 15.31 percent compared with 15.40 percent in the previous session and the average of 15.21 percent over the past month

================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 28.0303| 1.2| 44/8
Information Technology | 20.3302| 1.2| 8/2
Real Estate | 4.7940| 0.9| 22/4
Health Care | 2.8994| 1.4| 9/1
Utilities | 2.0621| 0.2| 10/5
Consumer Staples | 0.8724| 0.1| 8/3
Consumer Discretionary | 0.0710| 0.0| 6/7
Communication Services | -0.2671| 0.0| 5/2
Energy | -3.5571| -0.2| 4/19
Industrials | -7.4084| -0.3| 10/16
Financials | -9.5484| -0.2| 11/15

US
US markets are closed for Thanksgiving Day.

Have a great night.

Be magnificent!
As ever,

Carolann

Reputation is what other people know about you.  Honor is what you know about yourself.
                                                                                 -Lois McMaster Bujold, b. 1949

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:
I started reading a new book last night and in the introduction there is a quote from Ludwig Van Beethoven, referencing his feelings about his deafness.  It made me think that so many people must be feeling similar despair right now brought on by the isolation that this Pandemic has wrought.  So, I thought I’d share his words with you:

“For me there can be no relaxation with my  fellow men, no refined conversation, no mutual exchange of ideas.  I must live almost alone, like one who has been banished.  I can mix with society only as much as true necessity demands.  If I approach near to people a hot terror seizes upon me, and I fear being exposed to the danger that my condition might be noticed….
  But what a humiliation for me when someone standing next to me heard a flute in the distance and I heard nothing, or someone standing next to me heard a shepherd singing and again I heard nothing.  Such incidents drove me almost to despair.” –Ludwig Van Beethoven.

On Nov. 25, 1986, the Iran-Contra affair erupted as President Reagan and Attorney General Edwin Meese revealed that profits from secret arms sales to Iran had been diverted to Nicaraguan rebels. Go to article »

Andrew Carnegie, financier, b. 1835.
Joe DiMaggio, baseball player, b. 1914.

An amateur astronomer may have found the source of the “Wow!” signal.

Does Monet beat the Dow? An investigation. –Bloomberg.

PHOTOS OF THE DAY

Puddles are for splashing in, not drinking: Archie, 2, from London splashing in the paddling pool in the V&A garden, where WaterAid laid 144 pairs of wellies to highlight the 144 million children, women and men worldwide who drink from surface water like ponds, lakes and even puddles. 
CREDIT: TELEGRAPH NOVEMBER 25, 2020

Christmas trees are harvested at a plantation near Milnathort in Perth and Kinross.
CREDIT: IAIM MASTERTON / ALAMY LIVE NEWS

A Kashmir villager wrapped in woolen blanket walks on a snow covered road a day after the season’s first snowfall on the outskirts of Srinagar, Indian controlled Kashmir
CREDIT: APPHOTO/MUKHTAR KHAN
Market Closes for November 25^th, 2020 

Market Index	Close	Change
Dow Jones	29872.47	-173.77
		-0.58%
S&P 500	3629.65	-5.76
		-0.16%
NASDAQ	12094.402	+57.617 +0.48%
TSX	17313.07	+38.82
		+0.22%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26296.86	+131.27
		+0.50%
HANG SENG	26669.75	+81.55
		+0.31%
SENSEX	43828.10	-694.92
		-1.56%
FTSE 100*	6391.09	-41.08 -0.64%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.710	0.718
CND. 30 Year Bond	1.226	1.226
U.S.    10 Year Bond	0.8816	0.8816
U.S. 30 Year Bond	1.6270	1.6079

Currencies

BOC Close	Today	Previous
Canadian $	0.76903	0.76926
US $	1.30035	1.29994
Euro Rate 1 Euro=		Inverse
Canadian $	1.54951	0.64537
US $	1.19161	0.83920

Commodities

Gold	Close	Previous
London Gold Fix	1799.60	1840.20
Oil
WTI Crude Future	45.51	44.71

Market Commentary:
On this day in 1835, Andrew Carnegie, future steel king, was born in Dunfermline, County Fife, Scotland. Carnegie came to the U.S. when he was 13 and went on to forge the steel industry that made America’s railroads, bridges and automobiles possible; he also established the public library system. In 1901 Carnegie became the world’s richest man, selling out to J.P. Morgan for $400 million; but by his death in 1919 he had given away $350 million.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets pared back earlier losses to end Wednesday’s session in the green.
The S&P/TSX Composite index rose 0.2%, after falling as much 0.3% earlier in Toronto. Tech stocks were the best performers, led by Shopify and others. Meanwhile, consumer discretionary were the worst performing stocks. Among the miners, the Pebble mine in Alaska was dealt a potentially lethal blow after the U.S. Army Corps of Engineers rejected a permit for the project. Northern Dynasty Minerals tumbled about 50% in Toronto.
Elsewhere, Canadian entrepreneur Gary Ng has been accused by the country’s investment regulator of falsifying documents and creating fake brokerage accounts to secure the money to buy one of Vancouver’s oldest investment firms, PI Financial Corp.
Commodities
* Western Canada Select crude oil traded at a $11.20 discount to West Texas Intermediate
* Spot gold was flat at $1,806 an ounce
FX/Bonds
* The Canadian dollar was flat C$1.2997 per U.S. dollar
* The 10-year government bond yield fell to 0.707%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.2 percent, or 38.82 to 17,313.07 in Toronto. The index advanced to the highest closing level since Feb. 24. Shopify Inc. contributed the most to the index gain, increasing 4.3 percent. Jamieson Wellness Inc. had the largest increase, rising 8.0 percent.
Today, 133 of 222 shares rose, while 84 fell; 5 of 11 sectors were higher, led by information technology stocks.
Insights
* This month, the index rose 11 percent, heading for the biggest advance in at least 10 years
* This year, the index rose 1.5 percent, heading for the best year since 2019
* The index advanced 1.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 3.7 percent below its 52-week high on Feb. 20, 2020 and 55 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.5 percent in the past 5 days and rose 6.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 27 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.65t
* 30-day price volatility little changed to 15.40 percent compared with 15.40 percent in the previous session and the average of 15.20 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 45.5229| 2.8| 7/3
Materials | 26.2662| 1.2| 40/11
Utilities | 3.6399| 0.4| 10/6
Real Estate | 1.5998| 0.3| 16/10
Energy | 1.5872| 0.1| 9/13
Health Care | -0.3275| -0.2| 5/5
Consumer Staples | -1.1316| -0.2| 6/5
Communication Services | -1.1879| -0.1| 3/4
Industrials | -1.6671| -0.1| 20/7
Consumer Discretionary | -8.2015| -1.2| 7/5
Financials | -27.2526| -0.5| 10/15
US
By Yakob Peterseil and Vildana Hajric
(Bloomberg) — The rotation out of tech shares and into cyclicals, sparked by promising vaccine news, reversed Wednesday as investors cast a wary eye on a batch of data that suggest a possible slowdown in economic growth. Treasuries edged higher.
The S&P 500 Index retreated from an all-time high, while the Dow Jones Industrial Average fell back below 30,000. The tech-heavy Nasdaq indexes edged higher. Volume dwindled into the closing auction as traders headed out for the Thursday holiday that will keep markets closed. A deluge of data brought the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable goods orders and a widening trade deficit. Minutes from the Federal Reserve’s latest meeting did little to alter views. The central bank discussed providing more guidance on its bond-buying strategy during the Nov. 4-5 policy meeting. Traders are also assessing the pandemic’s effect on the economy as cases continue to rise and more jurisdictions tighten restrictions.
“The market is caught between two powerful impulses — optimism for the post-pandemic world and fear because present reality is that the pandemic is exploding throughout the country,” said Jeff Klingelhofer, co-head of investments and portfolio manager at Thornburg Investment Management, which has $44 billion in total client assets. “Markets could be choppy, but downside is likely limited by the vaccine.” Small caps slumped. The Russell 2000 is still up 20% in November, headed for the best month in its 41-year history. Gold was little changed, Bitcoin pulled back from near a record and the 10-year Treasury yield fell. The dollar weakened.
The mediocre economic data dimmed positive vaccine news and the formal start of President-elect Joe Biden’s transition to power — including the selection of Janet Yellen as Treasury secretary — that had fueled optimism about the outlook for risk assets. At the same time, restrictions to curb surging coronavirus cases threaten to slow the world’s economic recovery. An MSCI gauge of global shares stalled on Wednesday after gaining 13% in November, still set for the best month since 1988.
“We remain on fragile footing heading into the winter as cases continue to climb globally,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “And since the markets are forward looking, this data will likely be taken in stride. The markets tend to cheer on certainty so the presidential transition and vaccine developments are two factors it’s latched onto lately.”
In Europe, the Stoxx Europe 600 Index edged lower, as cyclicals such as mining and energy firms fell, offsetting advances in defensives including utility shares. ABN Amro Bank NV and Commerzbank AG dropped more than 3% and led euro-area lenders lower after the European Central Bank said the industry will probably have to set aside more money to soak up losses when government pandemic support ends.
Here are some key events coming up:
* Thursday sees a policy decision and briefing from the Bank of Korea.
* U.S. celebrates the Thanksgiving holiday on Thursday. The stock market closes at 1 p.m. on Friday.
* The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.

Here are the main moves in markets:
Stocks
* The S&P 500 Index slid 0.2% as of 4 p.m. New York time.
* The Nasdaq 100 rose 0.6%.
* The Dow average lost 0.6%
* The Stoxx Europe 600 Index declined 0.1%.
* The MSCI Asia Pacific Index was little changed.
* The MSCI Emerging Market Index fell 0.4%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro gained 0.2% to $1.1914.
* The British pound rose 0.1% to $1.3378.
* The onshore yuan strengthened 0.3% to 6.574 per dollar.
* The Japanese yen was little changed at 104.4 per dollar.
Bonds
* The yield on 10-year Treasuries declined one basis point to 0.87%.
* The yield on two-year Treasuries was little changed at 0.16%.
* Germany’s 10-year yield fell one basis point to -0.58%.
* Britain’s 10-year yield declined to 0.318%.
* Japan’s 10-year yield dipped less than one basis point to 0.021%.
Commodities
* West Texas Intermediate crude gained 3.6% to $45.62 a barrel.
* Brent crude gained 1.5% to $48.59 a barrel.
* Gold futures were flat at $1,810.70 an ounce.

–With assistance from Adam Haigh and David Wilson.
Have a great day.

Be magnificent!

As ever,

Carolann

Music is a higher revelation than all wisdom and philosophy.
                              -Ludwig Van Beethoven, 1770-1827

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:
Henri Toulouse-Lautrec, painter, b. 1864.
Benedict de Spinoza, philosopher, b. 1632
Dale Carnegie, writer, b. 1888.

On Nov. 24, 1963, Jack Ruby shot and mortally wounded Lee Harvey Oswald, the accused assassin of President Kennedy. Go to article »

The Times Book Review released its list of the year’s 10 best books. –NY Times.

Read an in-depth conversation with the cellist Yo-Yo Ma.

Evolutionary transitions suggest intelligent life is rare. –Bloomberg.

So it begins: A monolith appears in the Utah desert.-Bloomberg.

Everything you ever wanted to know about the color palette of Garfield comics.

Researchers are also using a convolutional neural network, a type of A.I. that is especially well suited to analyzing photographs and other images, to identify ancient civilizations in millions of square miles of Google Earth imagery.

PHOTOS OF THE DAY

This tiny burrowing owl tilts his head in curiosity as he spots a photographer taking his picture in the small town of Diessen in the Netherlands.
CREDIT: ALBERT BEUKHOF/SOLENT NEWS & PHOTO AGENCY

Two people walk through early morning frost during sunrise in Epping Forest, east London, UK.
CREDIT: VICTORIA JONES/PA WIRE

The stunning Christmas light display pictured at Hever Castle in Kent, UK, which started this weekend, photographed by drone. Hever Castle’s annual Christmas event sees a Peter Pan themed trail in the grounds as well as the chance to witness the enchantment of the Castle and gardens festooned with fabulous colours and twinkling lights. Tickets must be booked in advance. The castle which dates back to the 13th century was once the childhood home of Anne Boleyn, second wife of Henry VIII and Mother of Elizabeth I, set in 125 acres of glorious grounds.
CREDIT: OLIVER DIXON

Market Closes for November 24^th, 2020 

Market Index	Close	Change
Dow Jones	30046.24	+454.97
		+1.54%
S&P 500	3635.41	+57.82
		+1.62%
NASDAQ	12036.785	+156.151 +1.31%
TSX	17274.25	+179.71
		+1.05%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26165.59	+638.22
		+2.50%
HANG SENG	26588.20	+102.00
		+0.39%
SENSEX	44523.02	+445.87
		+1.01%
FTSE 100*	6432.17	+98.33 +1.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.718	0.691
CND. 30 Year Bond	1.226	1.198
U.S.    10 Year Bond	0.8816	0.8553
U.S. 30 Year Bond	1.6079	1.5537

Currencies

BOC Close	Today	Previous
Canadian $	0.76926	0.76439
US $	1.29994	1.30823
Euro Rate 1 Euro=		Inverse
Canadian $	1.54585	0.64690
US $	1.18916	0.84093

Commodities

Gold	Close	Previous
London Gold Fix	1840.20	1875.70
Oil
WTI Crude Future	44.71	42.88

Market Commentary:
On this day in 1998, America Online took over Netscape Communications for roughly $4.2 billion.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares rose with the global markets, as investors piled into risk assets. The S&P/TSX Composite index rose 1.1% to the highest since Feb. 24. Pot stocks were the best performing sector, while materials were the worst as gold prices fell. Cannabis stocks surged as President-elect Joe Biden started his formal transition after the General Services Administration acknowledged that he was the apparent winner of the Nov. 3 election.
Commodities
* Western Canada Select crude oil traded at a $11.60 discount to West Texas Intermediate
* Spot gold fell 1.7% to $1,806.46 an ounce
FX/Bonds
* The Canadian dollar rose about 0.6% to C$1.3073 per U.S. dollar
* The 10-year government bond yield rose to 0.716%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.1 percent, or 179.71 to 17,274.25 in Toronto. The move was the biggest since rising 1.3 percent on Nov. 16. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 4.4 percent. Aurora Cannabis Inc. had the largest increase, rising 27.7 percent. Today, 141 of 222 shares rose, while 76 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 11 percent, heading for the biggest advance in at least 10 years
* This year, the index rose 1.2 percent, heading for the best year since 2019
* The index advanced 1.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 3.9 percent below its 52-week high on Feb. 20, 2020 and 54.6 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 6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.9 on a trailing basis and 23.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.62t
* 30-day price volatility rose to 15.40 percent compared with 15.23 percent in the previous session and the average of 15.20 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 106.0662| 2.0| 24/2
Energy | 74.4243| 3.8| 23/0
Consumer Discretionary | 14.2278| 2.2| 10/3
Communication Services | 8.8595| 1.0| 6/1
Health Care | 8.1872| 4.1| 6/4
Industrials | 4.7903| 0.2| 19/9
Utilities | 3.4249| 0.4| 11/4
Real Estate | 1.4617| 0.3| 14/12
Consumer Staples | -3.6600| -0.5| 4/6
Information Technology | -14.2902| -0.9| 4/5
Materials | -23.7775| -1.0| 20/30

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — The Dow Jones Industrial Average topped 30,000 for the first time and investors piled into risk assets as a series of market-friendly developments unleashed animal spirits on Wall Street. The S&P 500 Index hit a record, spurred by the formal start of President-elect Joe Biden’s transition, news that all but removed the threat of a contested transfer of power. Investors also woke up with a clear sense of what Biden’s Treasury Department will have in policy preferences after he nominated Janet Yellen to the post. A third promising vaccine candidate added to the euphoria, boosting bets that the economy can soar next year. The rotation into risk assets was widespread. Small caps in the Russell 2000 added another 1.9%, pushing its November rally past 20%. Tesla Inc. tacked on another 6.4% and is now worth $500 billion. Carnival Corp. jumped 11%, Planet Fitness Inc. rose 8% and MGM Resorts International added 9%. Four stocks rose for every one that fell in the S&P 500, while only three Dow companies dropped. Bitcoin rose to a three-year high, topping $19,000 as it closed in on a record. The record runs come in the face of more troubling news on the virus front, with cases rising and more states enacting restrictions ahead of the Thanksgiving holiday. Wednesday will also bring a flood of economic indicators, from jobless claims to readings on consumer confidence and personal income. Trading volumes have been elevated in what is normally a calm week. More than 12 billion shares changed hands yesterday, up 75% from the Monday before last year’s holiday.
“There’s nothing else to buy. People have this excess cash and they’re buying into the market and they’re chasing it,” Gene Goldman, chief investment officer at Cetera Financial Group, said. “People are ignoring the short term and just jumping in and buying. All the short terms news is being ignored for long term optimism.” Energy companies in the S&P 500 surged 4% on the back of oil’s advance past $45 for the first time since March. The dollar weakened versus major peers and Treasuries slipped. Gold fell toward $1,800 an ounce. As the S&P 500 pushes its November surge past 11%, a growing chorus is saying the rally can persist. Even after the latest advance, four of the 11 S&P 500 groups remain at least 8% below when the index set a record on Feb. 19. Expectation is mounting that as investors grow confident the vaccine will spark an economic boom, cash will continue flooding into the likes of banks, utilities and energy companies that have underperformed. “Everybody’s just ecstatic with the vaccine news,” said Jerry Braakman, chief investment officer of First American Trust, in Santa Ana, California, which manages around $2 billion. “We had to slug through the election results, there’s a sense of relief that we didn’t decay into anarchy. That was definitely holding back the economy. We know how well stock markets do with recovery and its vision ahead.” The rotation has been on display all month. Energy shares have surged almost 40%, while financial firms have rallied about 20%. Treasury yields have advanced and gold has stumbled. “Even though we’ve seen this pretty sharp rotation into cyclical stocks, we think this could go on for much longer given how unbalanced many investors’ portfolios are when,” said Bill Callahan, investment strategist at Schroders. “With the vaccine announcement it really doesn’t matter if the vaccine is distributed in the second quarter or third quarter next year, there is a light at the end of the tunnel.”

Here are some key events coming up:
* Minutes of the most recent Federal Open Market Committee meeting are due Wednesday.
* U.S. jobless claims, GDP and personal spending data come Wednesday.
* U.K. expected on Wednesday to deliver the government’s spending plans for next year.
* Thursday sees a policy decision and briefing from the Bank of Korea.
* U.S. celebrates the Thanksgiving holiday on Thursday.
* The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.6% as of 4 p.m. New York time.
* The Dow average added 1.5% to 30,045.
* The Stoxx Europe 600 Index rose 0.9%.
* The MSCI Asia Pacific Index rose 0.9%.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%.
* The euro climbed 0.4% to $1.1890.
* The British pound gained 0.3% to $1.3358.
* The Japanese yen was little changed at 104.54 per dollar.
Bonds
* The yield on 10-year Treasuries jumped two basis points to 0.88%.
* The yield on two-year Treasuries increased less than one basis
point to 0.16%.
* Germany’s 10-year yield gained three basis points to -0.56%.
* Japan’s 10-year yield climbed one basis point to 0.025%.
Commodities
* West Texas Intermediate crude surged 4.2% to $44.84 a barrel.
* Brent crude climbed 3.9% to $47.87 a barrel.
* Gold futures weakened 1.8% to $1,811 an ounce.
–With assistance from Todd White.

Have a great night.

Be magnificent!
As ever, 

Carolann

Be true to your work, your word, and your friend.  -Henry David Thoreau, 1817-1862

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

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

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

Dear Friends,

Tangents:
On Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States.  Go to article »

November 23,1936: Life magazine premiered.

Barack Obama took nearly four years to publish his White House memoir — longer than any other president in the past century. One factor: He wrote the book himself.

Archaeologists found the nearly 2,000-year-old remains of two people frozen in time by the volcanic eruption that buried the ancient Roman town of Pompeii. –NY Times.

Oxford’s 2020 Word of the Year is [gestures at everything].

What if plants have personalities?

Understanding the dark universe and primordial galaxy formation. 

PHOTOS OF THE DAY

Undated handout photo issued by Rahaf Al-Mutlaq of her painting an eye using emojis

Artists Yienma (L) and Felix (R) pose with their installation titled ‘Galerie Des Cadence’ which is displayed in the gallery Halle Nord, during the 16th Mapping Festival, in Geneva, Switzerland

It is Ten (10) years since Scottish Land & Estates introduced The Wildlife Estates Scotland (WES) accreditation system to promote the best habitat and wildlife management practices across farms and Estates in Scotland.

People enjoy the scenery of rime-covered trees along the Mudanjiang River in Ning’an City, northeast China’s Heilongjiang Province

Market Closes for November 23^rd, 2020 

Market Index	Close	Change
Dow Jones	29591.27	+327.79
		+1.12%
S&P 500	3577.59	+20.05
		+0.56%
NASDAQ	11880.633	+25.663 +0.22%
TSX	17094.53	+75.43
		+0.44%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25527.37	-106.97
		-0.42%
HANG SENG	26486.20	+34.66
		+0.13%
SENSEX	44077.15	+194.90
		+0.44%
FTSE 100*	6333.84	-17.61 -0.28%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.691	0.654
CND. 30 Year Bond	1.198	1.166
U.S.    10 Year Bond	0.8553	0.8211
U.S. 30 Year Bond	1.5537	1.5151

Currencies

BOC Close	Today	Previous
Canadian $	0.76439	0.76378
US $	1.30823	1.30927
Euro Rate 1 Euro=		Inverse
Canadian $	1.55234	0.64419
US $	1.18565	0.84342

Commodities

Gold	Close	Previous
London Gold Fix	1875.70	1857.35
Oil
WTI Crude Future	42.88	42.15

Market Commentary:
On this day in 1954, the Dow Jones Industrial Average closed at a record high of 382.74, finally surpassing its previous high—set a quarter-century earlier on Sept. 3, 1929.  It is up +7,600% since then.

Canada
By Michael Bellusci
(Bloomberg) — More than seven months after starting a bull market rally, Canada’s stock market has finally turned positive for the year. The S&P/TSX Composite Index climbed 0.3% on Monday in intraday trade, clawing its way back into the green for 2020. Earlier this year, the Covid-19 outbreak sent the index down 37%. The Canadian benchmark rose above the 17,063.43 level on an intraday basis today as vaccine progress buoyed investor sentiment. This has been a year for the history books. As quickly as the Canadian market plunged into bear-market territory in March, it surged even more rapidly into a bull zone as governments and central banks reacted with stimulus programs. Since its March 23 bottom, the S&P/TSX Composite Index recouped about C$893 billion ($683 billion) in market value — with plenty of bumps along the way. Stock bulls have a lot to point to: promising vaccine results, the end of U.S. elections, signs of an economic recovery, better-than-expected quarterly profits and general corporate optimism that the worst of the crisis is over.
For the naysayers, fresh waves of virus cases around the world, including partial lockdowns in some major cities, means global growth could be painfully slow with international trade nowhere near where it was before Covid-19. Meanwhile, U.S. fiscal stimulus talks have stalled and getting a vaccine approved and delivered to Americans could take until spring or summer next year, at the earliest. Put it all together and there are plenty of reasons to expect a bumpy ride. Canada’s stock market, laden with value plays, stands to gain a lot from an effective vaccine delivered next year. But it could still be volatile with the potential for a split House and Senate and no U.S. fiscal package in sight. Here’s a look at what propped up Canada’s stock market and what held it back:
Technology
     Despite a small weighting on the S&P/TSX Composite, tech stocks have been the best performers this year as investors sought companies that would do better in a scarred global economy where most people continue to work from home and more shop online. Shopify Inc. has had a blistering run with its shares more than doubling as a flood of merchants focused on e-commerce during the coronavirus pandemic. That has made it the most valuable firm on the Toronto benchmark, surpassing the market stalwart Royal Bank of Canada. Supply chain software provider Kinaxis Inc. and network provider for the real estate industry Real Matters Inc. have also surged 80% and 60% respectively. At almost 10% of the Canadian benchmark, the tech sector’s impact is still small compared to the nation’s banks, miners and energy companies. So while its shares have surged this year, helping offset some losses on the benchmark, its epic rally hasn’t helped the TSX in the same manner that FAANG stocks have for the S&P 500, now up 11% so far this year.
Gold
     Worsening virus projections and fears of a widening economic slowdown propelled the price of precious metals to record highs this year. In a pandemic-struck world, awash in stimulus from central banks and governments, the attraction of a hard asset that carries no counterparty risk proved difficult to ignore. That helped the S&P/TSX Materials Index, home to more than 30 Canada-based precious metals miners, surge 15% this year, making it the second-best performing group after tech. Making up 14% of the broader Canadian benchmark, the group has even surpassed energy. It now has the second-biggest weighting in the benchmark — a first since 2004, according to data compiled by Bloomberg.
The Stalwarts
     Financial stocks, which include banks, insurers and asset managers, make up more than 30% of the S&P/TSX Composite Index and have lagged the record-breaking comeback on the benchmark since the March-low. While the sector has reversed some of its losses amid optimism on vaccine progress, it’s still in the red this year. The Big Six banks are slated to report in a couple of weeks and strong profit growth or an improving outlook for loan losses, which would suggest a solid economic recovery, could give the equity market another lift.
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4 percent, or 75.43 to 17,094.53 in Toronto. The index advanced to the highest closing level since Feb. 25. Suncor Energy Inc. contributed the most to the index gain, increasing 8.7 percent. Vermilion Energy Inc. had the largest increase, rising 13.7 percent. Today, 123 of 222 shares rose, while 99 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index rose 9.7 percent
* This year, the index was little changed, heading for the best year since 2019
* The index advanced 0.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 4.9 percent below its 52-week high on Feb. 20, 2020 and 53 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.2 percent in the past 5 days and rose 4.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.7 on a trailing basis and 23.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.61t
* 30-day price volatility fell to 15.23 percent compared with 15.25 percent in the previous session and the average of 15.08 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 75.1168| 4.0| 22/1
Financials | 51.0723| 1.0| 18/8
Utilities | 5.0222| 0.6| 11/5
Consumer Discretionary | 3.8913| 0.6| 7/6
Industrials | 1.9366| 0.1| 17/11
Real Estate | 1.3769| 0.2| 13/13
Health Care | 1.3643| 0.7| 6/4
Consumer Staples | -1.1531| -0.2| 6/5
Communication Services | -1.6290| -0.2| 3/4
Information Technology | -4.1682| -0.3| 5/5
Materials | -57.4076| -2.4| 15/37

US
By Claire Ballentine and Kamaron Leach
(Bloomberg) — U.S. stocks climbed as investors piled into companies that will benefit most from a return to normal economic activity. Tech shares lagged behind, while gold slumped. The S&P 500 briefly extended gains on news that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. She recently said the recovery will be uneven and lackluster if Congress doesn’t spend more to fight unemployment and keep small businesses afloat. “The market would view Janet Yellen’s appointment as market-friendly. At the very least, she is likely to work well with Chair Powell,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
The Nasdaq 100 was little changed, while the Russell 2000 of smaller companies jumped almost 2%. AstraZeneca Plc became the latest firm to deliver positive vaccine developments, bolstering demand for cruise-line operators and airlines. Small caps are up about 18% in November, on track for the best month ever. Vaccine successes lately have added to a risk-on mood in markets and investors have snapped up assets that could benefit from the end of lockdowns and travel restrictions even as the virus rages across the nation. Investors have also started to anticipate Congress will again deliver a spending bill to stave off the economic effects of new restrictions aimed at slowing the virus.
“In the short-term, anything is possible and from a humanitarian perspective it is awful that the people who currently need the most help are not getting it,” said Jonathan Boyar, managing director at Boyar Value Group. “But with multiple viable vaccines on the horizon, I think the market will largely look through the horrible headlines. There certainly, however, will be some fits and starts along the way.” U.S. vaccinations against Covid-19 will “hopefully” start in less than three weeks, said Moncef Slaoui, head of the government’s Operation Warp Speed, on CNN’s “State of the Union” on Sunday. An advisory panel of the Food and Drug Administration is meeting on Dec. 10 to discuss emergency use authorizations.

Here are some key events coming up:
* Minutes of the most recent Federal Open Market Committee meeting are due Wednesday.
* U.S. jobless claims, GDP and personal spending data come Wednesday.
* U.K. expected on Wednesday to deliver the government’s spending plans for next year.
* Thursday sees a policy decision and briefing from the Bank of Korea.
* U.S. celebrates the Thanksgiving holiday on Thursday.
* The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.

These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.2%.
* The MSCI Asia Pacific Index climbed 0.3%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The euro declined 0.2% to $1.1839.
* The Japanese yen depreciated 0.6% to 104.50 per dollar.
Bonds
* The yield on 10-year Treasuries climbed three basis points to 0.85%.
* Germany’s 10-year yield advanced less than one basis point to  -0.58%.
* Britain’s 10-year yield climbed two basis points to 0.318%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude climbed 1.2% to $42.94 a barrel.
* Gold depreciated 1.9% to $1,836.26 an ounce.
–With assistance from Todd White and Anchalee Worrachate.

Have a great night.

Be magnificent!
As ever,

Carolann

Do not pray for easy lives, pray to be stronger men. – John F. Kennedy. 1917-1963

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

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

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

Dear Friends,

Tangents: Happy Friday.

Robert F. Kennedy, b. 1925
Gene Tierney, b. 1920
Edwin Hubble, American astronomer, b. 1889

On Nov. 20, 1945, 24 Nazi leaders went on trial before an international war crimes tribunal in Nuremberg, Germany. Go to article »

Time is just as priceless.  Diamonds may be forever, but that doesn’t mean they have to take eons to form. Australian scientists have found a way to make them in minutes.  -CNN
Researchers have created a map of all 20,000 global bee species to help conserve the insects we rely on to pollinate crops. 

Hyperbaric oxygen therapy could reverse aging

Central Park has a new celebrity bird

At the fearful height of the pandemic in April, Simon Gronowski, an 89-year-old Holocaust survivor, began playing jazz tunes on his piano from his apartment window in Brussels, bringing relief to his besieged neighbors throughout the lockdown that lasted into late May.  “Music is a means of communication, of connection,” said Mr. Gronowski, who taught himself how to play the piano as a teenager after escaping the Nazis. Piano was a way for him to connect with his sister who had died in Auschwitz.  Throughout the summer and into the fall, jazz tunes have become a near-constant presence across New York City. The makeshift outdoor shows have been therapeutic for musicians and fans alike. -NY Times.

What you learn from reading 100 books in two years.

For a break from the news, check out The Times’s annual list of 100 notable books. – By David Leonhardt, NY Times.
Every November, after the editors of The Times Book Review have wrapped up their big end-of-year issues, they immediately turn their attention to the following year. They start by creating a working list of nominees for the next iteration of 100 Notable Books — the one that will be published almost a year later.  In the subsequent months, the editors add to the list, knowing all the while that they will need to conduct a ruthless winnowing at the end, down to 50 books of fiction and 50 of nonfiction, spanning every genre. “It’s a lot of triage and hard choices,” Pamela Paul, the Book Review editor, told me.
Today, Pamela and her colleagues released the new list. The Times has published a version of it every year since 1968 (although the early ones were longer), and publishers say it often has a big effect on a book’s sales.

PHOTOS OF THE DAY

Berries are seen on tree branches covered with ice after freezing rain in Vladivostok, Russia.
CREDIT: REUTERS/YURI MALTSEV

It’s the Lion Spring! – as a young lion cub leaps towards its unwitting father. The king of the jungle seems unaware of the youngster flying towards his mane as he walks on. Having recently finished feasting upon a wildebeest, the cub was excitable and ready to play at the Maasi Mara National Reserve, in Kenya.
CREDIT: JIE FISCHER/SOLENT NEWS & PHOTO AGENCY

Contestants celebrate after the traditional “Gongbo archery” competition in Nyingchi, southwest China’s Tibet Autonomous Region,. A traditional archery competition was held in Nyingchi to celebrate the Gongbo New Year. This year, more than 260 archery enthusiasts from Nyingchi participated in the competition. “Gongbo archery”, with a history of over 1,500 year, is a traditional folk sports competition which is unique to Nyingchi. It has been listed as an intangible cultural heritage of Tibet. 
CREDIT: XINHUA/SHUTTERSTOCK

The sun rises during a Manhattanhenge sunrise along  42nd Street behind the skyline of midtown Manhattan and the Empire State Building in New York City as seen from Weehawken, New Jersey, US.
CREDIT: GARY HERSHORN/GETTY IMAGES

Market Closes for November 20^th, 2020 

Market Index	Close	Change
Dow Jones	29263.48	-219.75
		-0.75%
S&P 500	3557.54	-24.33
		-0.68%
NASDAQ	11854.969	-49.745 -0.42%
TSX	17019.10	+109.29
		+0.65%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25527.37	-106.97
		-0.42%
HANG SENG	26451.54	+94.57
		+0.36%
SENSEX	43882.25	+282.29
		+0.65%
FTSE 100*	6351.45	+17.10 +0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.654	0.674
CND. 30 Year Bond	1.166	1.201
U.S.    10 Year Bond	0.8211	0.8293
U.S. 30 Year Bond	1.5151	1.5453

Currencies

BOC Close	Today	Previous
Canadian $	0.76378	0.76594
US $	1.30927	1.30559
Euro Rate 1 Euro=		Inverse
Canadian $	1.55234	0.64419
US $	1.18565	0.84342

Commodities

Gold	Close	Previous
London Gold Fix	1857.35	1876.10
Oil
WTI Crude Future	42.15	41.74

Market Commentary:
On this day in 1991, Cascade International Inc., a fashion chain ranked No. 26 on BusinessWeek’s 1990 list of “hot growth companies,” said its chairman, Victor Incendy, had disappeared—along with more than 200 of Cascade’s stores. Mr. Incendy had claimed that Cascade had between 255 and 400 outlets—in reality there were fewer than 30. The company had reported earning $11 million the previous year; it actually lost $7 million. Mr. Incendy has never been found.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Friday and extended their gain for a third straight week, while Ontario braces for more coronavirus-driven shutdowns. The S&P/TSX Composite Index gained 0.6%, with tech shares leading the way Friday. Industrials and consumer discretionary lagged behind. Shopify Inc. expects a banner holiday season as the worsening pandemic encourages more consumers to shop online and buy from the small businesses that sell through its platform. Oil rose to the highest in nearly three months with positive Covid-19 vaccine developments paving the way for a more sustained recovery in oil demand.
Commodities
* Western Canada Select crude oil traded at a $11.75 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,871 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3094 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to 0.650%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6 percent, or 109.29 to 17,019.10 in Toronto. The index advanced to the highest closing level since Feb. 26. Shopify Inc. contributed the most to the index gain, increasing 2.6 percent. Aurinia Pharmaceuticals Inc. had the largest increase, rising 7.9 percent. Today, 159 of 222 shares rose, while 58 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 2.1 percent
* This month, the index rose 9.2 percent
* This year, the index fell 0.3 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 5.3 percent below its 52-week high on Feb. 20, 2020 and 52.3 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.6 on a trailing basis and 23 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$2.59t
* 30-day price volatility rose to 15.25 percent compared with 15.15 percent in the previous session and the average of 14.89 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 44.2823| 2.8| 10/0
Materials | 25.7282| 1.1| 42/8
Financials | 16.1471| 0.3| 20/6
Energy | 14.1628| 0.8| 14/8
Utilities | 6.5832| 0.8| 13/3
Consumer Staples | 4.0146| 0.6| 7/4
Health Care | 1.3342| 0.7| 7/2
Communication Services | 0.5908| 0.1| 4/3
Real Estate | -0.0089| 0.0| 19/6
Consumer Discretionary | -0.7732| -0.1| 7/6
Industrials | -2.7523| -0.1| 16/12

US
By Katherine Greifeld and Claire Ballentine
(Bloomberg) — The S&P 500 Index extended a weekly decline as traders weighed a conflict between the White House and Federal Reserve over emergency lending programs along with assurances that the government has plenty of room to help the economy. The benchmark equity gauge slumped in the wake of the disagreement over releasing government funds to further shore up growth, even as Treasury Secretary Steven Mnuchin said he will try to revive stimulus talks with congressional Democrats. Pfizer Inc. rose after filing for emergency approval of its Covid-19 vaccine. Gilead Sciences Inc. fell after authorities advised against using its remdesivir drug to treat Covid-19.
The Stoxx Europe 600 Index posted its third week of gains — the best streak since July — amid a rotation into economically sensitive sectors. Mining and energy firms led the gauge higher Friday. Global stocks hit a record Monday, but have eased off the highs in a choppy week of trading, with investors now analyzing the rare show of discord between Mnuchin and Fed Chair Jerome Powell that erupted amid a resurgence of virus cases and with months to go before a vaccine is widely available. The S&P 500 posted a 0.8% weekly decline. “This public spat between the Fed and the Treasury is not a very good sign for the markets,” said John Praveen, managing director at QMA. “It kind of casts a shadow on market confidence.” Mnuchin said lawmakers should redirect unspent stimulus funding, including money he’s pulling back from the Fed. But the Fed pushed back, saying the programs served a vital role. In other markets, Asian equities climbed. Precious metals gained. Bitcoin advanced past $18,500.

These are the main moves in markets:
Stocks
* The S&P 500 index fell 0.7% as of 4 p.m. in New York.
* The Stoxx Europe 600 index gained 0.5%.
* The MSCI Asia Pacific Index rose 0.5%.
* The MSCI Emerging Market Index advanced 0.7%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1% to $1.1859.
* The pound rose 0.2% to $1.3288.
* The yen slipped 0.1% to 103.82 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 0.83%.
* Germany’s 10-year yield dipped one basis point to -0.585%.
* The U.K.’s 10-year yield fell two basis points to 0.3%.
Commodities
* West Texas Intermediate crude rose 1% to $42.15 a barrel.
* Gold rose 0.4% to $1,873.21 an ounce.
–With assistance from Todd White, Gregor Stuart Hunter, Joanna Ossinger and Robert Brand.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Keep true to the dreams of your youth.
    -Friedrich Von Schiller,  1759-1805

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:  November 19, 1863~ Lincoln’s Gettysburg Address

Peter Drucker, management guru, b. 1909.
Ted Turner, media mogul, b. 1938.
Indira Gandhi, Indian politician, b. 1917.
Indira Gandhi, Indian politician, b. 1917.
Meg Ryan, b. 1961.
Jodie Foster, b. 1962.

Blame it on the asteroid: Dinosaurs were thriving on Planet Earth — until an asteroid wiped them out 66 million years ago, a new study says.-CNN

Riled up over toast: Author and television chef, Nigella Lawson, revealed that she butters her toast — twice. And our mates across the pond are really angry about it.-CNN

$1 million: The amount George Clooney gave to each of his 14 closest friends.

Scientists discover a new, exotic, blue mineral in Russia.-Bloomberg.

These shrimp leave the water to walk around on land.-Bloomberg.

FROM THE LATE NIGHT HOSTS:
“Apparently, el Presidente has even canceled his plans to travel to Mar-a-Lago for Thanksgiving, deciding to stay in Washington instead. Smart move. The minute he steps out of there, you know they’re changing all the locks.” — STEPHEN COLBERT

“Meanwhile, Trump was like, ‘If Don Jr. asks, I’ll still be at Mar-a-Lago.’” — JIMMY FALLON

“And according to one official, there is a ‘bunker mentality’ in the White House — somewhere between Archie and Hitler.” — JIMMY KIMMEL

“Basically if you work for Donald Trump, there are two possible outcomes: You get fired or you get Covid.” — JIMMY KIMMEL
PHOTOS OF THE DAY

Tourist taking the Bailong elevators in Zhangjiajie, China’s Hunan province. Towering more than 300 metres up the cliff face that inspired the landscape for the blockbuster movie “Avatar”, the world’s highest outdoor lift whisks brave tourists to breathtaking views.
CREDIT: WANG ZHAO/AFP

Specially designed roundels are unveiled at Oxford Circus to celebrate the UK launch of PlayStation 5
CREDIT: MATT CROSSICK/PA

Undated handout artist impression issued by ESA of space debris in low Earth orbit (LEO). The UK will play a critical role in building “The Claw”, the first satellite to remove space junk.
CREDIT: ESA/PA WIRE
Market Closes for November 19^th, 2020 

Market Index	Close	Change
Dow Jones	29483.23	+44.81
		+0.15%
S&P 500	3581.87	+14.08
		+0.39%
NASDAQ	11904.715	+103.111 +0.87%
TSX	16909.81	+19.99
		+0.12%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25634.34	-93.80
		-0.36%
HANG SENG	26356.97	-187.32
		-0.71%
SENSEX	43599.96	-580.09
		-1.31%
FTSE 100*	6334.35	-50.89 -0.80%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.674	0.703
CND. 30 Year Bond	1.201	1.247
U.S.    10 Year Bond	0.8293	0.8685
U.S. 30 Year Bond	1.5453	1.6000

Currencies

BOC Close	Today	Previous
Canadian $	0.76594	0.76446
US $	1.30559	1.30811
Euro Rate 1 Euro=		Inverse
Canadian $	1.55068	0.64488
US $	1.18773	0.84195

Commodities

Gold	Close	Previous
London Gold Fix	1876.10	1889.05
Oil
WTI Crude Future	41.74	41.82

Market Commentary:
On this day in 1792, in the same room where the Declaration of Independence was adopted 16 years earlier, the Insurance Company of North America held its initial public offering at $10 a share. More than 660 investors from all walks of life signed up for shares. If you’d spent $1,000 to buy 100 shares on the first day, they’d have been worth more than $10.1 million by 1998.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares managed to eke out a gain Thursday as investors continued to weigh tougher lockdown measures.
The S&P/TSX Composite Index gained 0.1% as tech shares led the advance. Consumer staples lagged.
Ontario will unveil new public health measures on Friday to try to contain rising Covid-19 cases and hospitalizations, Premier Doug Ford said.
West Fraser Timber Co. offered to buy Norbord Inc., taking advantage of high demand for wood products during a pandemic-fueled surge in homebuilding.
Commodities
* Western Canada Select crude oil traded at a $11.60 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,867.63 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3056 per U.S. dollar
* The 10-year government bond yield fell 2.3 basis points to 0.680%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.1 percent at 16,909.81 in Toronto. The move follows the previous session’s decrease of 0.3 percent.
Shopify Inc. contributed the most to the index gain, increasing 3.6 percent. Norbord Inc. had the largest increase, rising 11.1 percent.
Today, 110 of 222 shares rose, while 108 fell; 6 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 1.4 percent
* This year, the index fell 0.9 percent, heading for the worst year since 2018
* The index declined 0.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 5.9 percent below its 52-week high on Feb. 20, 2020 and 51.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2 percent in the past 5 days and rose 3.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.4 on a trailing basis and 22.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.59t
* 30-day price volatility fell to 15.15 percent compared with 15.25 percent in the previous session and the average of 14.86 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 36.6184| 2.3| 7/3
Industrials | 8.7859| 0.4| 20/8
Energy | 5.0590| 0.3| 16/6
Consumer Discretionary | 1.3396| 0.2| 8/4
Communication Services | 1.3179| 0.2| 5/2
Health Care | 0.1880| 0.1| 5/5
Real Estate | -1.1582| -0.2| 12/14
Utilities | -2.6099| -0.3| 3/13
Financials | -3.4031| -0.1| 13/13
Consumer Staples | -6.6288| -1.0| 6/5
Materials | -19.5208| -0.8| 15/35
US
By Vildana Hajric
(Bloomberg) — U.S. stocks were mixed, with tech shares outperforming the broader market as investors weighed the impact of tougher virus restrictions on economic growth along with the outlook for widespread vaccine distribution within months.
The S&P 500 Index swung between small gains and losses, while the Nasdaq 100 climbed. Tesla Inc. rose to a record as investors bet that the global car market will be dominated by electric cars in decades ahead. In Europe, cyclical shares led stocks lower. Norwegian Air Shuttle ASA plunged 16% after seeking protection from creditors amid the travel-industry upheaval caused by the pandemic.
Treasury yields slipped and the dollar held steady after U.S. weekly jobless claims came in higher than forecast. Gold dropped for a fourth day amid a drawdown in bullion-backed exchange-traded funds.
The bullish fever that lifted the MSCI World Index to an all-time high Monday has softened, with virus cases surging in many parts of the world and public health facilities being pushed to the brink. New York City announced it will close schools and South Australia began one of the world’s toughest lockdowns, with even outdoor exercise and dog-walking banned. In Tokyo, the virus alert was raised to the highest levels as daily infections topped 500 for the first time.
It all means that investors are grappling with how long and how severe the pandemic will be in the months ahead. There’s plenty of economic stress now as businesses struggle under lockdowns, but scientists are also rapidly advancing several vaccine candidates to get life back to normal.
“There’s the push-pull of short-term versus long-term and that’s what investors are looking at right now,” said Chris Gaffney, president of world markets at TIAA Bank. “There are some very serious risks in the short term, especially with the lockdowns.” In a report published Thursday, the International Monetary Fund noted progress on a vaccine, but also said elevated asset prices point to a disconnect from the real economy and a potential threat to financial stability. “While global economic activity has picked up since June, there are signs that the recovery may be losing momentum, and the crisis is likely to leave deep, unequal scars,” officials at the Washington-based fund said. “Uncertainty and risks are exceptionally high.”
In other markets, the MSCI Asia Pacific Index fell for the first time in 14 days, ending the longest winning run since 1988. Commodities dropped and Bitcoin steadied after surging past $18,000 on Wednesday.
Turkey’s lira strengthened after the country’s new central bank governor raised the benchmark interest rate.

     These are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at 1:48 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.8%.
* The MSCI Asia Pacific Index declined 0.2%.
* The MSCI Emerging Market Index dipped 0.6%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was little changed at $1.1851.
* The British pound decreased 0.2% to $1.3243.
* The Japanese yen was little changed at 103.82 per dollar.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 0.85%.
* Germany’s 10-year yield fell two basis points to -0.57%.
* Britain’s 10-year yield declined one basis point to 0.32%.
Commodities
* West Texas Intermediate crude fell 1% to $41.42 a barrel
* Gold weakened 0.5% to $1,863.65 an ounce.
–With assistance from Andreea Papuc, Jan-Patrick Barnert and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

In Wall Street, the man who does not change his mind will soon have no change to mind.
                                                                                   -William D. Gann, 1878-1955
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents:
Micky Mouse, b. 1928

The first successful sound-synchronized animated cartoon, Walt Disney’s “Steamboat Willie” starring Mickey Mouse, premiered in New York.  Go to article » 1916- British General Douglas Haig finally calls off the first Battle of the Somme in World War 1 after more than 1 million soldiers had been killed or wounded.

Travel tradition with a twist.  National Geographic unveiled its best travel destinations for 2021 — but with options that reflect the times we’re in. -CNN

Anglia Ruskin University is recreating ancient smells.-Bloomberg.

What aromas define the space around us now? We asked Times readers what smells they would archive if they could. Here’s what they told us.-NYT.

In northeastern Thailand, throngs of crowds gather just after sunset to watch shrimp climb out of the water and scramble along the rocks all night long. A graduate biology student decided to try to figure out what was behind the shrimps’ long march.  Watcharapong Hongjamrassilp, from the University of California, Los Angeles, recorded the shrimp as they traveled up to 65 feet upstream; some even stayed out of water for 10 minutes or more. Further observations and lab experiments showed that the shrimp, most of which were young, probably leave the water when the current becomes too strong for them to fight.
The tourists might be the most surprising part of all. “We have crayfish festivals, we have all kinds of things,” said an ecologist who praised the new research, “but generally it’s people eating them, not watching them move.” –NYT.

“But down in D.C. the president is slowly, agonizingly going through the five stages of narcissistic grief: denial, denial, denial, denial, denial and denial. I know that’s six,
but Rudy is demanding a recount.” — STEPHEN COLBERT

“Turns out, Rudy has tried to wrestle power away from the current longstanding campaign leadership in an internal campaign coup. Wait, they’re attempting a coup inside their coup?
That is coup coup!” — STEPHEN COLBERT
PHOTOS OF THE DAY

Young boys play with water lillies as they harvest them by boat on a lake in Kalir Bazar, Bangladesh.
CREDIT: REEZWAN RAHMAN/SOLENT NEWS & PHOTO AGENCY

The worlds first Christmas song for dogs has been released with the aim of creating moment for all members of the family to enjoy, from parents to pets. Raise the Woof! Is available to stream now on Spotify & Amazon Music, with the music video available on YouTube: https://www.youtube.com/watch?v=jgZXT19l8II&feature=youyu.be
CREDIT: JOE PEPLER/PINPEP/COVER IMAGES

An attendant poses holding the recently discovered “Madeleine penitente”, a painting by Salai, Leonardo da Vinci’s closest collaborator, at The Articurial Auction House in Paris ahead of its scheduled auction
CREDIT: ALAIN JOCARD/AFP VIA GETTY IMAGES

Three-year-old, Lillian Mason, pictured having fun with her umbrella on a damp day in Swansea, Wales, as rain falls across the UK during the wet spell of Autumnal weather which is forecast to continue for the rest of the week.
CREDIT: ROBERT MELEN
Market Closes for November 18^th, 2020 

Market Index	Close	Change
Dow Jones	29438.42	-344.93
		-1.16%
S&P 500	3567.79	-41.74
		-1.16%
NASDAQ	11801.605	-97.738 -0.82%
TSX	16889.82	-58.24
		-0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25728.14	-286.48
		-1.10%
HANG SENG	26544.29	+129.20
		+0.49%
SENSEX	44180.05	+227.34
		+0.52%
FTSE 100*	6385.24	+19.91 +0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.703	0.691
CND. 30 Year Bond	1.247	1.245
U.S.    10 Year Bond	0.8685	0.8603
U.S. 30 Year Bond	1.6000	1.6105

Currencies

BOC Close	Today	Previous
Canadian $	0.76446	0.7639
US $	1.30811	1.30926
Euro Rate 1 Euro=		Inverse
Canadian $	1.55054	0.64493
US $	1.18533	0.84365

Commodities

Gold	Close	Previous
London Gold Fix	1889.05	1885.60
Oil
WTI Crude Future	41.82	41.43

Market Commentary:

• The real yield, or what investors earn from their bond holdings after compensating for inflation, on a Bloomberg Barclays investment-grade corporate-bond index has fallen to around 0.2%, according to data compiled from FactSet, from above 0.3% at the beginning of November
• On this day in 1883, spurred by the American Railway Association, whose members were frustrated at their inability to calculate standardized arrival and departure times across the country, the U.S. divided into four simple time zones for the first time, replacing the old “system” in which each state had dozens of mini-zones where time differed by a few minutes from the next. No longer would it be noon in Chicago, 11:27 a.m. in Omaha, 11:41 a.m. in St. Paul, and 11:50 a.m. in St. Louis.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities retreated Wednesday, snapping a three-day winning streak as traders assessed potential lockdowns and rising COVID-19 cases.
The S&P/TSX Composite Index fell 0.3%, with eight of eleven sectors dropping. Materials fell as gold prices declined, while consumer staples also underperformed.
Air Canada doesn’t want to see Prime Minister Justin Trudeau’s government take an equity stake as part of a relief package for the hard-hit sector.
Ontario may impose severe lockdown measures in Toronto and some surrounding areas in coming days, as the coronavirus “is spreading at an alarming rate,” Premier Doug Ford said.
Meanwhile, with the expiration of an $8.4 billion play for the Cogeco group, investors are asking what’s next for rival Rogers Communications Inc.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,870.50 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3078 per U.S. dollar
* The 10-year government bond yield rose 1.9 basis point to 0.707%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 16,889.82 in Toronto. The move follows the previous session’s increase of 0.3 percent.
Today, materials stocks led the market lower, as 8 of 11 sectors lost; 138 of 222 shares fell, while 83 rose. Barrick Gold Corp. contributed the most to the index decline, decreasing 3.6 percent. SilverCrest Metals Inc. had the largest drop, falling 8.2 percent.
Insights
* This year, the index fell 1 percent, heading for the worst year since 2018
* The index declined 0.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 6 percent below its 52-week high on Feb. 20, 2020 and 51.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.7 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 26.4 on a trailing basis and 23 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$2.59t
* 30-day price volatility fell to 15.25 percent compared with 15.52 percent in the previous session and the average of 14.85 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -64.9034| -2.7| 10/42
Energy | -17.3921| -0.9| 12/10
Consumer Staples | -12.7769| -1.8| 1/10
Utilities | -9.0045| -1.0| 0/16
Real Estate | -6.7442| -1.2| 4/22
Communication Services | -5.3293| -0.6| 1/6
Industrials | -1.5945| -0.1| 19/9
Health Care | -1.4818| -0.7| 3/7
Consumer Discretionary | 0.2109| 0.0| 7/6
Information Technology | 20.5730| 1.3| 6/4
Financials | 40.2074| 0.8| 20/6
US
By Claire Ballentine
(Bloomberg) — U.S. stocks slumped as fresh restrictions to curtail the spread of coronavirus overshadowed signs that scientists are making fast progress toward a vaccine. The dollar held near its lowest level in two years.
The S&P 500 Index closed at its lows of the day after New York City shut schools because of rising infections. Pfizer Inc. advanced after saying that its Covid-19 vaccine was 95% effective, paving the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot within days. Lowe’s Cos Inc. slumped after earnings trailed analysts’ expectations, while Target Corp. advanced on soaring sales. Cryptocurrency mania continued its comeback, with Bitcoin surging past $18,000 for the first time since December 2017 before erasing its advance.
After gains that pushed stocks to record highs earlier this week, money managers remained focused on the latest coronavirus data showing disturbingly high infection rates in Europe and the U.S. Wednesday marked the first time the S&P 500 had dropped for two consecutive days since late October.
“Investors are taking a well-earned timeout after the news of the last couple weeks saw sentiment surge to levels that suggested excessive optimism,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “Progress toward a vaccine is promising and suggests a light at the end of the tunnel, but there’s no telling for sure how long that tunnel is.”
Elsewhere, equity gauges closed green across Europe. The pound continued its advance amid hopes of a Brexit deal and data showing stronger-than-expected inflation. The Nikkei 225 Stock Average lost 1.1% after Tokyo reported a record number of new Covid-19 infections, but overall Asian stocks were slightly higher on the day.

     Here are some events to watch out for this week:
* Brexit talks look set to continue as the U.K. and EU approach the latest deadline.
* Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Through Nov. 19.
* Bank Indonesia rate decision Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.2% at 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.4%.
* The MSCI Asia Pacific Index increased 0.1%.
* The MSCI Emerging Market Index climbed 0.4%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.1% to $1.1854.
* The British pound rose 0.2% to $1.3269.
* The Japanese yen strengthened 0.3% to 103.86 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 0.87%.
* Germany’s 10-year yield rose one basis point to -0.56%.
* Britain’s 10-year yield rose one basis point to 0.33%.
Commodities
* West Texas Intermediate crude gained 0.6% to $41.69 a barrel.
* Gold fell 0.6% to $1,869.54 an ounce.

–With assistance from Joanna Ossinger, Todd White and Anchalee Worrachate.
Have a great night.

Be magnificent!
As ever,

Carolann

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.
   –Nelson Rolihlahla Mandela, 1918-2013

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:
Birds have scandals, too.  A flightless parrot has been named Bird of the Year after a lengthy and bitter election campaign marred by voter fraud. -CNN.

Racing pigeon sells for $1.9 million at auction. –Bloomberg.

Sports of the Times: Chris Nikic, 21, is the first person with Down syndrome to complete an Ironman triathlon, offering a lesson in perseverance and hope.

Gamers are onto something.  Playing video games can improve your mental health. So says a study by University of Oxford that singles out two games.-CNN.

1869 – The Suez Canal opened in Egypt, linking the Mediterranean and the Red seas. Go to article »

Earth has a new mini-moon, sort of. 

Take a virtual tour of the fabled Honey Forest in northeastern Turkey, which is home to the beekeeping traditions of the Hemshin people. The forest is full of the prized hornbeam trees that have been used for generations to keep bees.
PHOTOS OF THE DAY

A view shows a statue by Lebanese artist, Hayat Nazer, which is made entirely out of broken glass and debris of the August 4 port explosion, near the port of Beirut, Lebanon.
CREDIT: REUTERS/MOHAMED AZAKIR

A surfer wades out into the sea on Brighton beach, UK, for an early morning surf.
CREDIT: ANDY WEEKES

The Shard Christmas lights are switched on in London, UK.
CREDIT: JEREMY SELWYN/EVENIING STANDARD/ EYEVINE
Market Closes for November 17^th, 2020 

Market Index	Close	Change
Dow Jones	29783.35	-167.09
		-0.56%
S&P 500	3609.53	-17.38
		-0.48%
NASDAQ	11899.344	-24.785 -0.21%
TSX	16948.06	+58.25
		+0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26014.62	+107.69
		+0.42%
HANG SENG	26415.09	+33.42
		+0.13%
SENSEX	43952.71	+314.73
		+0.72%
FTSE 100*	6365.33	-55.96 -0.87%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.691	0.737
CND. 30 Year Bond	1.245	1.295
U.S.    10 Year Bond	0.8603	0.9045
U.S. 30 Year Bond	1.6105	1.6602

Currencies

BOC Close	Today	Previous
Canadian $	0.7639	0.76472
US $	1.30926	1.30767
Euro Rate 1 Euro=		Inverse
Canadian $	1.55335	0.64377
US $	1.18644	0.84286

Commodities

Gold	Close	Previous
London Gold Fix	1885.60	1890.90
Oil
WTI Crude Future	41.43	41.34

Market Commentary:
On this day in 1927, President Calvin Coolidge said America was “entering upon a new era of prosperity.” Although Coolidge may not have been the first to use the words “new era,” his remarks christened the bull market of the 1920s. In this “new era” market, according to many investors, you couldn’t pay too much for a good stock; if you just waited long enough, it would make you rich. That worked for a while. Then it stopped working—for more than a quarter of a century
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks advanced Tuesday while U.S. equities dropped in the midst of a surge in virus cases.
The S&P/TSX Composite Index gained 0.3%, with energy and real estate shares leading the advance. Materials dropped as gold prices stalled. Keystone XL is receiving an investment from Canadian indigenous groups in a deal that TC Energy Corp. hopes will help save its embattled oil pipeline project from being scrapped by U.S. President-elect Joe Biden.
Transat AT Inc. told shareholders it’s seeking to allay antitrust issues pinpointed by the European Union over its takeover by Air Canada and hopes to win approval by February. Bank of Canada Governor Tiff Macklem called on the country’s banks and businesses to act more quickly to disclose their exposure to risks posed by global warming.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,881 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3089 per U.S. dollar
* The 10-year government bond yield fell 4.4 basis points to 0.639%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3 percent, or 58.25 to 16,948.06 in Toronto. The index advanced to the highest closing level since Feb. 26. Royal Bank of Canada contributed the most to the index gain, increasing 1.7 percent. Trillium Therapeutics Inc. had the largest increase, rising 10.8 percent.
Today, 116 of 222 shares rose, while 101 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 0.7 percent, heading for the worst year since 2018
* The index declined 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 5.7 percent below its 52-week high on Feb. 20, 2020 and 51.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2 percent in the past 5 days and rose 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.4 on a trailing basis and 23.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.59t
* 30-day price volatility fell to 15.52 percent compared with 15.92 percent in the previous session and the average of 14.83 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 55.5985| 1.1| 21/4
Energy | 24.7893| 1.3| 17/6
Real Estate | 6.5496| 1.2| 22/4
Consumer Staples | 2.5563| 0.4| 4/6
Health Care | 0.8220| 0.4| 6/4
Utilities | 0.2543| 0.0| 11/5
Information Technology | -0.7586| 0.0| 7/2
Communication Services | -0.9928| -0.1| 2/5
Consumer Discretionary | -1.2387| -0.2| 4/9
Industrials | -7.1327| -0.3| 11/17
Materials | -22.1834| -0.9| 11/39
US
By Claire Ballentine
(Bloomberg) — Stocks pulled back from record highs as investor focus turned to the surge in virus cases and new lockdown measures, overshadowing optimism that Covid-19 vaccines will eventually end the pandemic.
Pharmacy chains were among the worst performers on the S&P 500 Index after Amazon.com Inc. unveiled a new push into prescription drugs. Tesla Inc. jumped on news the carmaker will join the benchmark U.S. gauge. Treasury yields dipped along with the dollar as Federal Reserve Chair Jerome Powell said the U.S. economy still has a “long way to go” before it fully recovers from the pandemic. Investors are taking a pause after sending stocks to all- time highs Monday in the wake of news that Moderna Inc.’s vaccine was shown to be 94.5% effective in a clinical trial. Wide distribution of a shot is still months away, and cases are spreading quickly in the U.S. and Europe. Chancellor Angela Merkel warned that the situation in Germany remains “very serious,” while Ohio, Illinois and Pennsylvania announced new restrictions tied to the virus. “Markets find themselves in a seemingly awkward moment as they attempt to weigh the near-term Covid trends and the potential for a very tough few months for the economy against the optimism and progress around vaccine development,” said Yousef Abbasi, global market strategist at StoneX.
Elsewhere, Asian stocks were slightly higher. In Europe, travel and leisure companies led declines as more lockdown rules were announced. The pound rose on signs the U.K. and European Union are nearing a breakthrough on Brexit as early next week.
Here are some events to watch out for this week:
* Brexit talks look set to continue as the U.K. and EU approach the latest deadline.
* Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Through Nov. 19.
* Bank Indonesia rate decision Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.2%.
* The MSCI Asia Pacific Index climbed 0.2%.
* The MSCI Emerging Market Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2%.
* The euro increased 0.1% to $1.1864.
* The British pound advanced 0.4% to $1.3251.
* The Japanese yen strengthened 0.4% to 104.2 per dollar.
Bonds
* The yield on 10-year Treasuries sank four basis points to 0.87%.
* Germany’s 10-year yield declined two basis points to -0.56%.
* Britain’s 10-year yield fell two basis points to 0.32%.
Commodities
* West Texas Intermediate crude rose 0.1% to $41.38 a barrel.
* Gold fell 0.4% to $1,881.34 an ounce.
–With assistance from Andreea Papuc, Vildana Hajric, Yakob Peterseil and Cecile Gutscher
Have a great night.

Be magnificent!
As ever,

Carolann

Inspiration exists, but it has to find you working.
                             -Pablo Picasso, 1881-1973

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

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

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