Month: November 2020

Dear Friends,

Tangents:
The solar system is putting on a show this week with all seven planets visible in the sky — so grab your telescope and marvel at this rare  wonder.

Archaeologists in Egypt found more than 100 painted wooden coffins, some containing mummies, dating back 2,500 years.

November 16, 1973 – Skylab 4, with three astronauts on board, was launched from Cape Canaveral, Fla., on an 84-day mission.  Go to article »

Jump-start your immunity.  With coronavirus and flu season, winter will be brutal for our bodies. These foods can help fight off infectious diseases. –CNN.

Gary and I watched the live SpaceX launch yesterday afternoon.  It was amazing! 
Elon Musk’s SpaceX launches four astronauts into orbit in NASA mission. Sunday’s blast-off of the Crew Dragon capsule from Cape Canaveral, Fla., was the start of a roughly 27-hour trip to link up with the space station, The Wall Street Journal’s Andy Pasztor reports. Last week NASA designated SpaceX’s Falcon 9 rocket and Dragon capsule as safe to transport astronauts for routine crew rotation and other operational flights serving the international laboratory.-WSJ.

PHOTOS OF THE DAY

Mr. Zhou is fishing using trained ducks in traditional way on Hongze Lake Wetland close to Suqian town, China
CREDIT: ALEX PLAVEVSKI/EPA-EFE/SHUTTERSTOCK

Wind surfers in the Irish Sea near Lytham St Annes in Lancashire enjoying the stormy weather
CREDIT: MARK MCNEILL/BAV MEDIA

Issa Kassissieh, wearing a Santa Claus costume, sits next to a Christmas tree on a salt formation in the Dead Sea, in an event organised by Israel’s tourism ministry, as Israel gears up for the holiday season, amid the coronavirus disease (COVID-19) crisis, near Ein Bokeq, Israel
CREDIT: REUTERS/AMOR COHEN
Market Closes for November 16^th, 2020 

Market Index	Close	Change
Dow Jones	29950.44	+470.63
		+1.60%
S&P 500	3626.91	+41.76
		+1.16%
NASDAQ	11924.129	+94.844 +0.80%
TSX	16889.81	+214.17
		+1.28%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25906.93	+521.06
		+2.05%
HANG SENG	26381.67	+224.81
		+0.86%
SENSEX	43637.98	+194.98
		+0.45%
FTSE 100*	6421.29	+104.90 +1.66%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.737	0.729
CND. 30 Year Bond	1.295	1.277
U.S.    10 Year Bond	0.9045	0.8897
U.S. 30 Year Bond	1.6602	1.6422

Currencies

BOC Close	Today	Previous
Canadian $	0.76472	0.76058
US $	1.30767	1.31479
Euro Rate 1 Euro=		Inverse
Canadian $	1.54994	0.64519
US $	1.18526	0.84369

Commodities

Gold	Close	Previous
London Gold Fix	1890.90	1874.85
Oil
WTI Crude Future	41.34	40.13

Market Commentary:
On this day in 1999, Jay Walker, the founder of Priceline.com, bought 2.1 million shares of Priceline’s stock from Delta Air Lines (an early backer of the company) for $59.93 per share. Delta locked in a gain of more than $120 million on shares for which it paid less than $2 million. A year later, Mr. Walker sold those same shares for $8 million—losing $117 million by buying his own stock at the top and selling it at the bottom
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Monday after Moderna Inc.’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial.
The S&P/TSX Composite Index closed at the day’s high, advancing 1.3% to the highest since February 26. Energy, financials and real estate led the way, while tech and consumer staples were among laggards. Oil gained the most in a week amid signals a Covid-19 vaccine is highly effective.
On the deal front, Endeavour Mining Corp., the acquisitive gold producer backed by Egyptian billionaire Naguib Sawiris, agreed to buy Teranga Gold Corp. in the latest deal to reshape the sector.
Canadian home sales dropped for the first time since April, as the real estate rush of recent months eased.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold fell 0.02% to $1,888.85 an ounce
FX/Bonds
* The Canadian dollar fell 0.3% to C$1.3093 per U.S. dollar
* The 10-year government bond yield rose 1.1 basis points to 0.739%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.3 percent, or 214.17 to 16,889.81 in Toronto.
The move was the biggest since rising 1.9 percent on Nov. 5. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 6.6 percent. Enerplus Corp. had the largest increase, rising 8.8 percent.
Today, 150 of 222 shares rose, while 71 fell; 7 of 11 sectors were higher, led by financials stocks.
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 16 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 2.5 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 26.3 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$2.55t
* 30-day price volatility little changed to 15.92 percent compared with 15.93 percent in the previous session and the average of 14.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 121.3185| 2.4| 24/2
Energy | 59.3586| 3.3| 20/3
Industrials | 14.0972| 0.7| 21/7
Real Estate | 11.2368| 2.1| 22/4
Consumer Discretionary | 11.1122| 1.8| 11/2
Communication Services | 7.6802| 0.9| 7/0
Health Care | 1.6984| 0.9| 6/4
Consumer Staples | -1.5407| -0.2| 5/6
Information Technology | -1.5734| -0.1| 4/6
Utilities | -3.0174| -0.3| 6/10
Materials | -6.2118| -0.3| 24/27
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks gained after positive news on a Covid-19 vaccine, sending shares tied to an economic reopening higher while stay-at-home tech companies lagged behind. Oil climbed.
The Dow Jones Industrial Average briefly touched an intraday record after Moderna Inc.’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial. Shares of the drugmaker surged as much as 15%.
Companies poised to benefit from a reopening, such as cruise lines and air carriers, outperformed. Lockdown favorite Zoom Video Communications Inc. slumped along with some of the biggest tech names, weighing on the Nasdaq 100 and helping drag other indexes from their highs of the day.
The vaccine news adds yet another driver to a global stocks rotation into value and cyclical sectors that have been hardest hit by the pandemic, and out of more defensive industries like technology. U.S. equity futures were up earlier after advisers to President-elect Joe Biden said they opposed a nationwide shutdown despite surging virus cases.
“Today’s vaccine news should make investors more tolerant of the surging virus cases, permitting them to look through to the strong dynamics that seem to be taking shape for 2021,” said Seema Shah, chief strategist at Principal Global Investors. “Easy monetary policy, fiscal stimulus, recovering economic growth — there are many reasons for investors to be optimistic as we move closer to the end of this awful year.”
Still, concerns about a sustainable economic recovery persist amid a flare-up in virus cases around the world. The pandemic continues to escalate in Europe and the U.S. American coronavirus cases have topped 11 million. Germany must live with “considerable restrictions” against the spread of Covid-19 for at least the next four to five months, its economy minister said.
Treasury yields held steady and the dollar slipped. Crude pushed higher as the vaccine news boosted the outlook for demand. China’s oil processing rebounded in October to match a record, as consumption in Asia continues to vastly outpace that of regions still afflicted with the virus.
Elsewhere, European equities rose, following Asian shares higher after a slew of countries Sunday signed the world’s largest regional free-trade agreement, encompassing nearly a third of the globe’s population and gross domestic product. Australia’s stock exchange was hit by a software issue that forced it to close for most of Monday’s session.
In the U.S., the stock rotation continued following the best week for S&P value stocks versus S&P growth shares since 2008. The Russell 2000 Index of small-caps rallied as much as 2.2% to a record, while the tech-heavy Nasdaq 100 rose half as much. “It’s the same trend we’ve been seeing over the past several weeks which is a move toward value, toward companies that will rebound when Covid goes away,” said Christopher Grisanti, chief equity strategist at MAI Capital Management. “We have facts on the ground which can truly change the environment in a three- to six-month period.”
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.
* OPEC+ Joint Ministerial Monitoring Committee meets Tuesday.
* U.S. retail sales due Tuesday.
* Bank Indonesia rate decision Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.6% as of 1:50 p.m. New York time; the Dow Jones Industrial Average added 1%.
* The Stoxx Europe 600 Index rose 1.2%.
* The MSCI Asia Pacific Index surged 1.4%.
* The MSCI Emerging Market Index rose 1.2%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2%.
* The euro rose 0.1% to $1.1841.
* The British pound was little changed at $1.3187.
* The Japanese yen rose 0.1% to 104.56 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 0.90%.
* Germany’s 10-year yield was little changed at -0.55%.
* Britain’s 10-year yield rose one basis point to 0.35%.
Commodities
* West Texas Intermediate crude rose 2.6% to $41.19 a barrel.
* Gold fell 0.1% to $1,887.45 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Sam Potter, Yakob Peterseil, Katherine Greifeld and Cecile Gutscher.

Have a great night.

Be magnificent!
As ever,

Carolann

The most damaging phrase in the language is “We’ve always done it this way.”
                                                                    -Grace Hopper, 1902-1992

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.

Not only is today Friday the 13th, it’s also World Kindness Day. Because the world could use it more than ever, we give you 25 ways to spread goodwill. –CNN.

St. Augustine, b.354.
Robert Louis Stevenson, b.1850
Whoopi Goldberg, b.1949
Holland Tunnel opened, New York City, 1927.

On Nov. 13, 1956, the Supreme Court struck down laws calling for racial segregation on public buses. Go to article »
1980: US spacecraft Voyager 1 sends back first close-up pictures of Saturn

From the late night hosts:
Jimmy Kimmel welcomed viewers Thursday for what he called “Day 9 of Squattergate.”

With Trump officially declared the winner in Alaska, Kimmel offered a potential solution.
“Why don’t we just make him president of Alaska?” Kimmel said Thursday. “He’d love it. It even sounds like the names of his wives and daughters: Melania, Ivana, Ivanka — Alaska.”

“When Trump finally concedes, he’ll probably do it in a Bugatti, wearing diamond-encrusted Cartier sunglasses and the necklace from the Titanic. ‘[as Trump] Thanks for all your donations, but unfortunately, it wasn’t enough to stop the deep state. If you need me, I’ll be vacationing in Fiji.’” — SETH MEYERS

“My man, Donald Jobless Trump — this guy never misses a hustle. I bet as we speak he’s ripping out the copper wiring from the White House walls.” — TREVOR NOAH

“According to the website, at least half of each donation will go to paying off the campaign’s debts. One last grift for the road. Before he finally leaves, someone better check under the MAGA hat for the White House silverware.” — STEPHEN COLBERT

PHOTOS OF THE DAY

A surfer silhouetted against the waves at Tynemouth, near North Shields, UK.
CREIDT: OWEN HUMPHREYS/PA WIRE

This soggy owl was too wet to woo after getting caught in torrential rain. The bedraggled bird hung a dripping wet wing out and even attempted an unsuccessful spin dry before giving up and looking decidedly grumpy about the sorry situation. The baby owls funny antics were caught on camera by IT consultant Rob Mousley, as he walked through woodland on Noordhoek Common in Cape Town, South Africa.
CREDIT: ROB MOUSLEY/ CATERS NEWS

A man pushes his bike with his dog sitting on the back rack along a street in Kawasaki, Kanagawa prefecture, Japan.
CREDIT: CHARLY TRIBALLEAU/AFP VIA GETTY IMAGES

A woman harvests marigold flowers ahead of the upcoming Hindu Tihar (Diwali) festival in Ichangu Narayan village, on the outskirts of Kathmandu.
CREDIT: PRAKASH MATHEMA/AFP VIA GETTY IMAGE
Market Closes for November 13^th, 2020 

Market Index	Close	Change
Dow Jones	29479.81	+399.64
		+1.37%
S&P 500	3585.69	+48.68
		+1.38%
NASDAQ	11829.285	+119.696 +1.02%
TSX	16687.04	+104.86
		+0.63%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25385.87	-135.01
		-0.53%
HANG SENG	26156.86	-12.52
		-0.05%
SENSEX	43443.00	+85.81
		+0.20%
FTSE 100*	6316.39	-22.55 -0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.729	0.720
CND. 30 Year Bond	1.277	1.273
U.S.    10 Year Bond	0.8897	0.8977
U.S. 30 Year Bond	1.6422	1.6385

Currencies

BOC Close	Today	Previous
Canadian $	0.76058	0.76120
US $	1.31479	1.31372
Euro Rate 1 Euro=		Inverse
Canadian $	1.55598	0.64268
US $	1.18345	0.84499

Commodities

Gold	Close	Previous
London Gold Fix	1874.85	1860.95
Oil
WTI Crude Future	40.13	41.12

Market Commentary:
On this day in 1878, the first telephones were installed on the trading floor of the New York Stock Exchange, just over two years after Alexander Graham Bell invented the telephone
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Friday to cap off a second straight weekly advance, helped by Monday’s bullish news from Pfizer Inc.’s vaccine study.
The S&P/TSX Composite Index gained 0.6% Friday, with eight of 11 sectors rising. Health care shares led the way, while consumer staples lagged.
Enbridge Inc.’s battle with Michigan escalated on Friday as the governor took new legal action to shut down a key pipeline that supplies Central Canadian refineries.
Oil declined for a second session as rising Covid-19 cases threatened to derail demand with tougher restrictions in major U.S. cities on the horizon.
Canadian firms continue to struggle as debt loads and uncertainty mount, according to a survey by the country’s statistics agency.
Commodities
* Western Canada Select crude oil traded at a $9.70 discount to West Texas Intermediate
* Spot gold rose 0.6% to $1,888.1 an ounce
FX/Bonds
* The Canadian dollar fell 0.02% to C$1.3143 per U.S. dollar
* The 10-year government bond yield rose 1.0 basis points to 0.730%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 16,675.64 in Toronto. The move follows the previous session’s decrease of 1.1 percent.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 3.2 percent. Trillium Therapeutics Inc. had the largest increase, rising 10.3 percent.
Today, 153 of 222 shares rose, while 64 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 2.4 percent
* This year, the index fell 2.3 percent, heading for the worst year since 2018
* The index declined 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 7.2 percent below its 52-week high on Feb. 20, 2020 and 49.3 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.2 on a trailing basis and 22.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.54t
* 30-day price volatility rose to 15.93 percent compared with 15.87 percent in the previous session and the average of 14.86 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 34.6877| 0.7| 19/7
Industrials | 22.4043| 1.1| 24/4
Materials | 20.4122| 0.8| 37/12
Consumer Discretionary | 9.4017| 1.5| 9/4
Energy | 6.7509| 0.4| 18/4
Health Care | 6.1176| 3.3| 9/1
Information Technology | 5.1774| 0.3| 9/1
Real Estate | 4.6274| 0.9| 20/6
Utilities | -4.7380| -0.5| 3/13
Communication Services | -5.6313| -0.6| 2/4
Consumer Staples | -5.7595| -0.8| 3/8
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed to a record as the rotation to economically-sensitive industries regained momentum even with a surge in coronavirus cases that could lead to more restrictions and crimp growth. Both the S&P 500 and the Russell 2000 Index of small caps rallied to all-time highs, while the Dow Jones Industrial Average rose to pre-pandemic levels. All major groups in the equity benchmark advanced, with energy, industrial and financial companies among the biggest gainers. The tech-heavy Nasdaq 100 underperformed major gauges, with stay-at-home winner Zoom Video Communications Inc. tumbling. Walt Disney Co. jumped on solid results, and Cisco Systems Inc. climbed after upbeat sales projections. Tesla Inc., whose Chief Executive Officer Elon Musk tweeted he may have Covid-19, fell. DoorDash Inc., the biggest U.S. food delivery platform, filed for an initial public offering.
The risk-on mood fueled a rotation into value and cyclical sectors, whereas more defensive industries underperformed. Stock funds attracted a record amount after positive results for a coronavirus vaccine, adding $44.5 billion in the week through Nov. 11, according to Bank of America Corp. and EPFR Global data. While the latest figures on Covid-19 continued to fuel concern, with the surge in U.S. infections now spread to 49 states, the S&P 500 notched a second weekly rally. “You have this push-pull,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management’s Ascent Private Wealth Group. “As people become more optimistic, you get the recovery in the more cyclical sectors, and then as the optimism wanes a bit, you go back into the tech stocks.”
New York’s daily Covid-19 cases exceeded 5,000, the highest for the state since April, as New York City Mayor Bill de Blasio warned parents to prepare for city schools to halt in-person classes as soon as Monday. California, Oregon and Washington state urged arriving people to self-quarantine, while Illinois reported a record number of daily infections and hospitalizations, a day after Chicago announced a stay-home advisory. Federal Reserve Bank of St. Louis President James Bullard and New York head John Williams both voiced concerns about the economic impact of the pandemic, echoing previous comments from Fed Chairman Jerome Powell. U.S. consumer sentiment unexpectedly declined in early November as an increase in Covid-19 infections and the election prompted Americans to reassess their outlooks.
Meanwhile, a key measure of prices paid to U.S. producers decelerated in October, consistent with a pandemic that continues to limit pricing power. U.S. stocks are poised for “a digestion period,” according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. He cited the S&P 500’s track record since 1990 after days when more than 60% of its component stocks reached 20-day highs, as they did Monday. There were 25 instances mentioned in a report Thursday. A month later, the S&P 500 was unchanged on average. Gains were posted over three-, six- and 12 months, with the latter period bringing an average increase of 12.5%. These are some of the main moves in markets:
Stocks
* The S&P 500 gained 1.4% at 4 p.m. New York time.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index climbed 0.1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.4%.
* The euro advanced 0.2% to $1.1832.
* The Japanese yen appreciated 0.5% to 104.65 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 0.90%.
* Germany’s 10-year yield decreased one basis point to -0.55%.
* Britain’s 10-year yield fell one basis point to 0.338%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude fell 2.3% to $40.18 a barrel.
* Gold rose 0.6% to $1,887.63 an ounce.

–With assistance from Adam Haigh, Yakob Peterseil, Robert Brand,
Lynn Thomasson, Ksenia Galouchko, David Wilson, Vildana Hajric and Sarah Ponczek.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The aim of argument, or of discussion, should not be victory, but progress.
                                                                -Joseph Joubert, 1754-1824

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:
Auguste Rodin, French sculptor, b. 1840.
Neil Young, singer songwriter, b. 1945

In Anglo-Saxon times, November was known as Blotmonaþ (blood month or sacrifice month).  Another Saxon name was Windomōnath, “wind month” when fishermen beached their boats and stopped fishing until the next spring.

No sun – no moon!
No morn -no noon –
No dawn – no dusk – no proper time of day.
No warmth, no cheerfulness, no healthful ease.
No comfortable feel in any member –
No shade, no shine, no butterflies, no bees.
No fruits, no flowers, no leaves, no birds –
November!
       -Thomas Hood, 1844.

On Nov. 12, 1942, the World War II naval Battle of Guadalcanal began. The Americans eventually won a major victory over the Japanese. Go to article »

Fans of “The Crown” prepare for Diana.  The face that launched a thousand tabloid stories is taking center stage in the fourth season of the Netflix series, which begins airing Nov. 15. The new season takes us back to the beginning of Diana and Prince Charles’s disastrous love story, when the world was thrilled to believe in what seemed like a fairy tale.  The season also introduces us to Gillian Anderson as Prime Minister Margaret Thatcher, the latest in a long line of Thatcher impersonators.  Accuracy was a major focus, the show’s creator said. The research team relied heavily on advisers with direct knowledge of the events. “The more I’ve learned about the intricacies of this marriage and this relationship, the harder it’s been to pick sides,” said Emma Corrin, who plays Diana. -from The New York Times.

A rave review for Barack Obama’s latest: The former president’s new memoir, “A Promised Land,” comes out Nov. 17 and our review is in: The author Chimamanda Ngozi Adichie says it brims with warmth, humor and introspection. The former president, she writes, “is as fine a writer as they come.”  This is the first of two volumes, and it starts as Mr. Obama charts his initial political campaigns and ends with a meeting in Kentucky in 2011 where he is introduced to the SEAL team that killed Osama bin Laden. The book focuses more on politics than home life, but when he does write about his family, “it is with a beauty close to nostalgia,” Ms. Adichie says.

PHOTOS OF THE DAY

A general view is seen of poppies projected onto the sails of the Opera House in Sydney, Australia
CREDIT: JENNY EVANS/GETTY IMAGES

RAF veteran Alan McQuillin, 97, observes the two minute silence outside his home in Cirencester, Gloucestershire, on Armistice Day
CREDIT: JACOB KING/PA WIRE

 A royal banquet hosted by Crown Prince Hyomyeong for his mother’s birthday in 1828 is reenacted at Changdeok Palace in Seoul, South Korea
CREDIT: YONHAP/EPA-EFE/SHUTTERSTOCK

People walk under flower arches at the Dubai Miracle Garden, the world’s largest flower garden, in the United Arab Emirates
CREDIT: KARIM SAHIB/AFP
Market Closes for November 12^th, 2020 

Market Index	Close	Change
Dow Jones	29080.17	-317.46
		-1.08%
S&P 500	3537.01	-35.65
		-1.00%
NASDAQ	11709.590	-76.841 -0.65 %
TSX	16582.18	-191.96
		-1.14%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25520.88	+171.28
		+0.68%
HANG SENG	26169.38	-57.60
		-0.22%
SENSEX	43357.19	-236.48
		-0.54%
FTSE 100*	6338.94	-43.16 -0.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.720	0.776
CND. 30 Year Bond	1.273	1.331
U.S.    10 Year Bond	0.8977	0.9753
U.S. 30 Year Bond	1.6385	1.7415

Currencies

BOC Close	Today	Previous
Canadian $	0.76120	0.7656
US $	1.31372	1.3062
Euro Rate 1 Euro=		Inverse
Canadian $	1.55120	0.64466
US $	1.18077	0.84690

Commodities

Gold	Close	Previous
London Gold Fix	1860.95	1865.67
Oil
WTI Crude Future	41.12	41.45

Market Commentary:
I’d be a bum on the street with a tin cup , if the markets were always efficient. –Warren Buffett.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets slid on Thursday after three consecutive days of gains as energy and health care underperformed.
The S&P/TSX Composite Index fell 1.1% in Toronto, the most in more than two weeks. Energy stocks were the worst performers as oil dropped after an unexpected increase in U.S. stockpiles and a Federal Reserve warning that a vaccine may not be enough to get the economy back on track.
Materials were the best performing stocks as gold advanced after record U.S. Covid cases lifted the appeal of the haven metal.
Meanwhile, Brookfield Asset Management Inc. is launching a reinsurance business and plans to distribute shares in the new entity to its investors in the form of a $500 million special dividend.
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,875.60 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3132 per U.S. dollar
* The 10-year government bond yield fell 6 basis points to 0.719%
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks slumped and Treasuries rallied as a resurgence in coronavirus cases added to concern about tougher restrictions that could slow down the economic recovery without further stimulus.
The S&P 500 sank as much as 1.5% as New York City – the early epicenter of the pandemic in the U.S. — prepared for the possibility of closing its schools while Chicago issued an advisory urging residents to avoid leaving home except for work and other essential activities. The Trump administration is stepping back from talks on a relief package and leaving it up to Congress to revive negotiations with House Speaker Nancy Pelosi, according to people familiar with the situation. All major groups in the American equity benchmark fell, with energy and financial companies among the worst performers. Benchmark 10-year Treasury yields moved away from the cusp of 1%.
Three of the world’s top central bankers warned that the prospect of a Covid-19 vaccine isn’t enough to put an end to the economic challenges created by the pandemic. Coronavirus infections and hospitalizations are rising in 49 U.S. states, compared with a week ago, according to Covid Tracking Project data. Deaths, a lagging indicator, are climbing in 35. And the velocity at which records are being shattered suggests any decline may yet be far off. New York State saw nearly 10,000 new coronavirus cases over two days, as Governor Andrew Cuomo urged people to “buckle down.” “We’re experiencing a bit of exhaustion for the market as we focus on the troubling near-term Covid trends and the potential for a few tough months ahead,” said Yousef Abbasi, global market strategist at StoneX. JPMorgan Asset Management is cutting its projections for cross-asset returns over the next decade and signaling more pain for 60/40 allocations that have long formed the bedrock of traditional portfolios. Strategists at the firm reduced their estimate for global equities by 1.4 percentage point to 5.1% a year in the next decade, citing elevated valuations in U.S. large caps. They forecast negative inflation-adjusted returns across almost all sovereign bonds over the next 10 to 15 years, with yields remaining low even after rates normalize.
On the trade front, President Trump signed an order prohibiting U.S. investments in Chinese firms determined to be owned or controlled by the country’s military. Relations between the U.S. and China have deteriorated following the signing of a deal early in the year. Trump also has repeatedly vowed to punish Beijing over the coronavirus pandemic, its treatment of Muslim minorities and the crackdown on protesters in Hong Kong.
These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.9%.
* The MSCI Asia Pacific Index rose 0.2%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.1%.
* The euro climbed 0.3% to $1.1809.
* The Japanese yen strengthened 0.3% to 105.11 per dollar.
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 0.88%.
* Germany’s 10-year yield slid three basis points to -0.54%.
* Britain’s 10-year yield sank seven basis points to 0.348%.
Commodities
* The Bloomberg Commodity Index fell 0.4%.
* West Texas Intermediate crude dipped 1.1% to $40.98 a barrel.
* Gold climbed 0.6% to $1,876.59 an ounce.
–With assistance from Andreea Papuc, Adam Haigh, Todd White, Yakob Peterseil,
Lynn Thomasson, David Wilson, Ksenia Galouchko, and Vildana Hajric.

Have a great night.

Be magnificent!

As ever,

Carolann

The real voyage of discovery consists not in seeking new landscapes, but in having new eyes.
                                                                                          -Marcel Proust, 1871-1922

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. 11, 1918, fighting in World War I came to an end with the signing of an armistice between the Allies and Germany. Go to article »

Dazzling fireballs are about to light up the night sky.  Grab a lawn chair, and gaze at the stars — the Northern Taurid meteor shower peaks today and tomorrow.

Archaeologists in Norway discover a rare Viking burial site with a feast hall, cult house and ship.  And they found it without digging into the earth.

Under the Sea: The clicks of bickering dolphins; the burbling of a hydrothermal vent. Scientists have long listened to the sounds of the oceans, but only recently
have they turned to the deepest parts of the sea.

One of the biggest ever diamonds has been found in Botswana.

From  The New York Times:

Falling for sopranos:

We’ve asked some of our favorite artists to choose five minutes or so they would play to make their friends love classical music, the piano, Baroque music and more. Now we’ve collected recordings to inspire love for the soaring soprano voice. You’ll want to turn your volume up for this one.
The novelist Ann Patchett suggests turning first to Renée Fleming, “who makes the most impossible repertoire seem effortless.” Ms. Fleming herself recommends going directly to the recordings of Leontyne Price, who makes “rapturous music unforgettable.” And for Kira Thurman, a historian, the sheer power of Jessye Norman’s voice “is enough to make your eyes water.”

What Is Luxury? A Major New Exhibition Offers an Answer

Qilin, around 1736-96
“It arrived in the museum’s collection in the early 20th century,” Gabet says. “It’s a good example of cloisonné [a technique to decorate metalwork] in China.”  This qilin, Gabet says, is “representative of the taste of the great court of China in the 18th century and also the taste of collectors in Europe in the mid 19th century.”
SOURCE: Musée des Arts Décoratifs, Paris / Christophe Dellière

PHOTOS OF THE DAY

People admire the view from the Penshaw Monument in Sunderland, Tyne and Wear, which has been illuminated red ahead of Armistice Day.
CREDIT: OWEN HUMPHREYS/PA

The Angel of The North in Gateshead is decorated with a poppy ahead of Armistice Day.
CREDIT: LEE SMITH/REUTERS

Rays of misty autumn sunshine cast pools of light over the Eildon Hills and surrounding fields near Melrose, Scottish Borders.
CREDIT: PHIL WILKINSON/ALAMY LIVE NEWS

Indonesian photographer @jjnmatt won the Animals2020 photo contest by Agora with this colourful photo of an iguana that gathered the highest number of votes on the free-to-use mobile app Agora and won the top prize of $1,000.
CREDIT: @jjnmatt/AGORA

Market Closes for November 11^th, 2020 

Market Index	Close	Change
Dow Jones	29397.63	-23.29
		-0.08%
S&P 500	3572.66	+27.13
		+0.77%
NASDAQ	11786.43	+232.575 +2.01 %
TSX	16774.14	+158.77
		+0.96%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25349.60	+444.01
		+1.78%
HANG SENG	26226.98	-74.50
		-0.28%
SENSEX	43593.67	+316.02
		+0.73%
FTSE 100*	6382.10	+85.25 +1.35%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.776	0.776
CND. 30 Year Bond	1.331	1.331
U.S.    10 Year Bond	0.9753	0.9595
U.S. 30 Year Bond	1.7415	1.7415

Currencies

BOC Close	Today	Previous
Canadian $	0.7656	0.76761
US $	1.3062	1.30275
Euro Rate 1 Euro=		Inverse
Canadian $	1.5385	0.6500
US $	1.1778	0.8490

Commodities

Gold	Close	Previous
London Gold Fix	1865.67	1867.30
Oil
WTI Crude Future	41.45	41.36

Market Commentary:
On this day in 1993, The Wall Street Journal published a survey of ten market pundits, asking them when the bull market, then 1,127 days old, would end. Nearly every one predicted a 10% decline by mid-1994, and famed market forecaster Joe Granville declared that the Dow would drop to about 2900 by the spring of 1994. By March 1994, the Dow was at 3800.

Canada
By Aoyon Ashraf
(Bloomberg) — The Canadian equity market advanced on Wednesday, hitting its highest level since August after tech stocks outperformed. The S&P/TSX Composite Index rose about 1% in Toronto, bringing its three-day increase to 3%. The gauge is just shy of erasing its yearly losses. The tech index rose 5.3% on Wednesday, the most since Sept. 1, driven by Shopify Inc. Materials were the worst performers as gold miners fell. Meanwhile, Canada is struggling to contain rising Covid-19 infection rates as a second wave engulfs the nation, threatening to stifle an economic rebound that began in summer. Ontario, where nearly 40% of the country’s population lives, reported a record 1,388 new cases Tuesday. The province’s capital, Toronto, said it’s forcing casinos, meeting centers, indoor bars and restaurants to stay closed into December.
Commodities
* Western Canada Select crude oil traded at a $9.80 discount to West Texas Intermediate
* Spot gold fell 0.7% to $1,864.75 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3065 per U.S. dollar
* The 10-year government bond yield rose 3 basis points to 0.776%

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed as giant tech companies rallied in a shift back to the safety trade that has powered this year’s gains amid speculation the economic recovery will be slow with a virus resurgence. The S&P 500 rose to the highest since Sept. 2, while the Nasdaq 100 jumped more than 2%. Heavyweights Apple Inc. and Amazon.com Inc. surged alongside some stay-at-home shares that were hit hard by this week’s selloff such as Zoom Video Communications Inc. The Dow Jones Industrial Average underperformed, and banks slumped. The Russell 2000 Index of smaller stocks halted a two-day rally which was driven by expectations that a return to normal would be on the horizon after positive vaccine developments. Treasury futures were little changed, with the cash market closed for a U.S. holiday. The dollar advanced.
With fears of further economic pain growing amid the threat of tougher measures to contain the virus, traders piled back into companies with solid balance sheets and a suite of products that benefit from social distancing. New York City’s average of people testing positive for Covid-19 is approaching the safety threshold that would force a shutdown of schools, with the mayor citing one “last chance” to halt a second wave. The pandemic has killed more than 1.2 million people around the world since late January and sent the economy into the worst recession in living memory. “We are still going to be in for a slower economic growth environment,” said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management. “We could see some reopening rollback as the Covid case counts continue to climb.”
While the recent rotation into cheaper value stocks slowed down on Wednesday, JPMorgan Chase & Co. strategists said the shift into those companies can endure much longer after years of lagging behind growth shares. There’s still room for further normalization as a large part of the initial rally was driven by the short-covering of short-momentum strategies — which buy the past year’s winners and sell its losers, according to them. “Our equity strategy team believes that we are on the cusp of a sustained rally in value comparable to what we saw in 2016-2017,” said strategists including Davide Silvestrini and Marko Kolanovic. “This rotation has room to continue much further given the material underperformance we have witnessed in recent years.”
Elsewhere, talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates. Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic hits fuel demand.
These are some key events coming up:
* European Central Bank President Christine Lagarde, Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled
“Central Banks in a Shifting World.”
* U.S. CPI data for October is due on Thursday.
* Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.

These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 1.1%.
* The MSCI Asia Pacific Index gained 0.7%.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.2%.
* The euro decreased 0.3% to $1.1781.
* The Japanese yen depreciated 0.1% to 105.41 per dollar.
Bonds
* Germany’s 10-year yield fell two basis points to -0.51%.
* Britain’s 10-year yield rose one basis point to 0.413%.
Commodities
* The Bloomberg Commodity Index gained 0.1%.
* West Texas Intermediate crude advanced 0.3% to $41.49 a barrel.
* Gold fell 0.7% to $1,864.28 an ounce.
–With assistance from Adam Haigh, Michael Msika, Todd White, Cecile Gutscher, Lynn Thomasson, Ye Xie, Ksenia Galouchko, Vildana Hajric, Sophie Caronello and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

Do what thy manhood bids thee do, from none but self expect applause.
He noblest lives and noblest dies who makes and keeps his self-made laws.
         -Sir Richard Burton, 1821-1890, The Kasidah: Of Haji Abdu El-Yezdi

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:
1871- Stanley finds Livingstone.
1925, Richard Burton, actor, b.
1928 – Hirohito was enthroned as Emperor of Japan.  Go to article »
1951- area codes introduced.
1983- Microsoft releases Window.

A military carrier pigeon message turned up 110 years after it was sent.  Better late than never, as they say. -CNN

This Italian town was known for its old folks. Then they vanished.  The town is now picture-perfect, but its residents have been driven away -CNN

PHOTOS OF THE DAY

A person walks their dog in the morning mist at sunrise in Greenwich Park in south London, UK.
CREDIT: DANIEL LEAL-OLIVAS/AFP

Can we help moo? A lost calf is tended to by some inquisitive horses in this hear-warming scene. The adorable images were captured by professional equine photographer Sandy Sharkey in countryside near Ottowa, Canada. Sandy said “I was driving when I noticed three horses in a shady area way off in the distance. They caught my eye because they were all gathered around something on the ground. Through my telephoto lens, I could see the focus of their attention: a newborn baby calf. There were cows in the same field, but not close by and no obvious mother for this little calf.” “I watched as the horses gently licked and nudged the baby until he finally struggled to stand. The mother cow then appeared from behind some trees and began to bond with her hours-old calf. The unfolding of this little story made my day”.
CREDIT: SOLENT NEWS & PHOTO AGENCY

Aerial photo of a large chrysanthemum base in Ninghai County, Zhejiang Province, China.
CREDIT: COSTFOTO/BARCROFT MEDIA VIA GETTY IMAGES

Market Closes for November 10^th, 2020 

Market Index	Close	Change
Dow Jones	29420.92	+262.95
		+0.90%
S&P 500	3545.33	-4.97
		-0.14%
NASDAQ	11553.855	-159.927 -1.37%
TSX	16615.37	+139.51
		+0.85%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24905.59	+65.75
		+0.26%
HANG SENG	26301.48	+285.31
		+1.10%
SENSEX	43277.65	+680.22
		+1.60%
FTSE 100*	6296.85	+110.56 +1.79%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.776	0.749
CND. 30 Year Bond	1.331	1.320
U.S.    10 Year Bond	0.9595	0.9235
U.S. 30 Year Bond	1.7415	1.7089

Currencies

BOC Close	Today	Previous
Canadian $	0.76761	0.76903
US $	1.30275	1.30033
Euro Rate 1 Euro=		Inverse
Canadian $	1.53947	0.64957
US $	1.18171	0.84623

Commodities

Gold	Close	Previous
London Gold Fix	1867.30	1940.80
Oil
WTI Crude Future	41.36	40.29

Market Commentary:
Corporate balance sheets and income statements can trace their heritage to this day in 1494, as the first edition of Luca Pacioli’s “Summa de Arithmetica, Geometria, Proportioni et Proportionalita” was printed in Venice. The book contained 36 brief chapters on accounting and, for the first time, popularized the concept of double-entry bookkeeping, which offsets assets against liabilities and revenues against expenses.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose for a second day, led by cyclical stocks such as energy and financials. The S&P/TSX Composite index gained 0.9% on Tuesday, after rising 1.2% yesterday. The gauge closed at the highest since Sept. 2. Energy, financials and communication services were the best performers, while materials and tech stocks were the worst. In Canadian company news, Brookfield Asset Management Inc. is embarking on an aggressive move into the secondary market for private assets, the first step in what Chief Executive Officer Bruce Flatt says could become a $50 billion business.
Commodities
* Western Canada Select crude oil traded at a $9.85 discount to West Texas Intermediate
* Spot gold rose 0.6% to $1,873.33 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3038 per U.S. dollar
* The 10-year government bond yield rose 3 basis points to 0.776%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8 percent, or 139.51 to 16,615.37 in Toronto. The index advanced to the highest closing level since Sept. 2. Enbridge Inc. contributed the most to the index gain, increasing 4.8 percent. Enerplus Corp. had the largest increase, rising 11.6 percent. Today, 127 of 222 shares rose, while 94 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 2.6 percent, heading for the worst year since 2018
* The index declined 1.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 7.5 percent below its 52-week high on Feb. 20, 2020 and 48.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 4.2 percent in the past 5 days and rose 0.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.3 on a trailing basis and 22.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility rose to 15.34 percent compared with 15.18 percent in the previous session and the average of 14.73 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 115.7772| 2.4| 17/9
Energy | 71.3119| 4.0| 22/1
Communication Services | 18.6998| 2.2| 7/0
Industrials | 9.8843| 0.5| 13/15
Real Estate | 5.8230| 1.1| 20/6
Consumer Discretionary | 5.1197| 0.8| 11/2
Utilities | 3.2413| 0.4| 9/7
Consumer Staples | 3.0312| 0.4| 6/5
Health Care | -3.3931| -1.7| 5/5
Information Technology | -28.2822| -1.9| 3/7
Materials | -61.6893| -2.5| 14/37

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — Stocks dropped amid a selloff in big tech and speculation that this month’s rally has outpaced prospects for an economic rebound as coronavirus cases surge. Treasuries fell. The S&P 500 retreated from a two-month high as the slide in technology shares outweighed gains in industrial and energy companies. The Nasdaq 100 slumped as much as 2.7% on Tuesday. Amazon.com Inc. sank as the online-retail giant faced an antitrust complaint from the European Union, while American depositary receipts of Alibaba Group Holding Ltd. tumbled after China tightened the scrutiny over internet behemoths. Meanwhile, the Dow Jones Industrial Average outperformed as Boeing Co. extended its November rally to more than 30% on news that regulators could lift the 737 Max grounding as soon as next week. The Russell 2000 Index of small caps climbed to the highest since August 2018.
After all the enthusiasm that lifted global equities and sent havens into a tailspin, some analysts said the moves may have gone too far. The coronavirus shot still has several hurdles to clear, there’s concern over fiscal stimulus, the transition of power to President-elect Joe Biden and a virus resurgence. The U.S. reported a record 142,907 new infections on Monday, and Governor Phil Murphy said New Jersey’s jump in cases is “devastating.” Despite the uncertainties, the S&P 500’s valuations are near the highest levels since the dot-com era. “You still have a tremendous amount of uncertainty out there, and while equities may continue to climb a wall of worry, the stock market is still subject to the rules of gravity,” said Jonathan Boyar, managing director at Boyar Value Group.
With the Nasdaq Composite Index down for a second straight session, an ominous double-top pattern is forming. That should put all eyes on the 50- and 100-day moving averages as the first and second line of support for the tech-heavy gauge. Megacaps extended the slide that accompanied Monday’s rotation out of pandemic favorites and into value stocks, and potentially setting up a test of the 11,000 level around the 100-day line.
Meanwhile, China unveiled regulations to root out monopolistic practices in the internet industry, seeking to curtail the growing influence of corporations like Alibaba and Tencent Holdings Ltd. The rules, which sent both stocks tumbling and sparked a wider selloff in the nation’s equities, landed about a week after new restrictions on the finance sector that triggered the shock suspension of Ant Group Co.’s $35 billion initial public offering.
These are some key events coming up:
* Alibaba holds its annual Singles’ Day on Wednesday, an online global shopping phenomenon that had $38 billion of sales last year.
* European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World.”
* U.S. CPI data for October is due on Thursday.
* Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index dropped 0.2% at 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.9%.
* The MSCI Asia Pacific Index decreased 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was little changed at $1.1811.
* The Japanese yen strengthened 0.1% to 105.30 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 0.96%.
* Germany’s 10-year yield rose two basis points to -0.49%.
* Britain’s 10-year yield climbed three basis points to 0.401%.
Commodities
* The Bloomberg Commodity Index gained 1.7%.
* West Texas Intermediate crude increased 2.7% to $41.39 a barrel.
* Gold strengthened 0.8% to $1,877.15 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Todd White, Cecile Gutscher, Lynn Thomasson, Lu Wang, Vildana Hajric, Sophie Caronello, Nancy Moran and Claire Ballentine.

Have a great night.

Be magnificent!
As ever,

Carolann

The quality of mercy is not strain’d.
It droppeth as the gentle rain from heaven
Upon the place beneath:  it is twice blest;
It blesseth him that gives and him that takes.
               -William Shakespeare,  1564-1616, The Merchant of Venice.

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:

1938-Kristallnacht
1965- East Coast blackout
1989 – Berlin Wall opened.

Scientists find two new species of freakishly adorable Australian mammals. 

There’s an English word that hasn’t changed sound or meaning in 8,000 years.

Every year, millions of pilgrims descend on the central Iraqi city of Karbala to commemorate the religious holiday of Arbaeen. Take a tour of the festivities last year. –NYTimes.

Want a private jet that matches your Porsche? Help is at hand. 

Fallen leaves lying on the grass in the November sun bring more happiness than the daffodils. –Cyril Connolly.
PHOTOS OF THE DAY

Truffle hunter Carlo Marenda pets his dog Buc as they search for white truffles through the Langhe Countryside in Roddi, near Alba, north-western Italy
CREDIT: MARCO VERTORELLO/AFP

Horticulture farmers work on seasonal flower plants to meet the high demand ahead of the Hindu religious festival Diwali in the East Midnapore district, some 90 km west of Kolkata, India
CREDIT: DIBYANGSHU SARKAR/AFP

A farmer carries harvested paddy across a field at sunset in Darragiri village, some 100 kms from Guwahati, the capital city of Indias northeastern state of Assam 
CREDIT: BIJU BORO/AFP VIA GETTY IMAGES
Market Closes for November 9^th, 2020 

Market Index	Close	Change
Dow Jones	29157.97	+834.57
		+2.95%
S&P 500	3550.50	+41.06
		+1.17%
NASDAQ	11713.781	-181.448 -1.53%
TSX	16475.86	+193.03
		+1.19%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24839.84	+514.61
		+2.12%
HANG SENG	26016.17	+303.20
		+1.18%
SENSEX	42597.43	+704.37
		+1.68%
FTSE 100*	6186.29	+276.27 +4.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.749	0.645
CND. 30 Year Bond	1.320	1.225
U.S.    10 Year Bond	0.9235	0.8185
U.S. 30 Year Bond	1.7089	1.6000

Currencies

BOC Close	Today	Previous
Canadian $	0.76903	0.76701
US $	1.30033	1.30377
Euro Rate 1 Euro=		Inverse
Canadian $	1.53619	0.65906
US $	1.18138	0.84647

Commodities

Gold	Close	Previous
London Gold Fix	1940.80	1938.45
Oil
WTI Crude Future	40.29	37.14

Market Commentary:
On this day in 1731, Benjamin Banneker, the brilliant African-American mathematician and inventor, was born on a farm in Ellicott’s Mills, Md. In 1752 he built what is believed to be the first clock made entirely in America. Banneker later published an authoritative annual almanac and helped conduct the land survey that laid out the boundaries of Washington, D.C.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks jumped on Monday with global equity markets after Pfizer Inc. said its Covid-19 vaccine prevented more than 90% of infections in a large-scale study.
The S&P/TSX Composite Index climbed 1.2% in Toronto, paring some an early gain of as much as much as 2.7%. The index closed Monday session at its highest since Oct. 15.
The risk-on rally was fueled by traders piling into cyclical stocks, including energy, which as a group climbed almost 10% today. Suncor Energy Inc. and Canadian Natural Resources Ltd., the largest Canadian oil producers, rose more than 20% on Monday. Real estate and financial stocks, two of the worst- performing sectors this year, also had a big day, with each rising more than 4%. Some of the positive momentum was blunted by a selloff in technology stocks such Shopify Inc., which have benefited from stay-at-home orders in the pandemic, and gold miners. The loonie rose 0.3% to C$1.3010 per U.S. dollar. Air Canada soared 29% despite missing operating revenue estimates for the third quarter as the brighter prospect for a vaccine improved sentiment toward travel, and as the airline’s cash burn rate gained. The airline said it expects flight capacity in the fourth quarter will be 75% lower than in the same quarter last year.
The Canadian government said Sunday it will begin discussions on providing financial support to airlines, airports and the aerospace sector.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1.2 percent at 16,475.86 in Toronto. The index advanced to the highest closing level since Oct. 15 after the previous session’s decrease of 0.1 percent.
Today, financials stocks led the market higher, as 8 of 11 sectors gained; 138 of 222 shares rose, while 82 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 5.7 percent. Air Canada had the largest increase, rising 28.6 percent.
Insights
* This year, the index fell 3.4 percent, heading for the worst year since 2018
* The index declined 2.4 percent in the past 52 weeks. The MSCI  AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 8.3 percent below its 52-week high on Feb. 20, 2020 and 47.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 5 percent in the past 5 days and fell 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.7 on a trailing basis and 22.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.5t
* 30-day price volatility rose to 15.18 percent compared with 15.13 percent in the previous session and the average of 14.77 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 183.6276| 4.0| 23/2
Energy | 162.9617| 10.0| 21/2
Industrials | 35.6963| 1.7| 22/6
Consumer Discretionary| 29.8014| 5.0| 11/2
Real Estate | 25.2469| 5.0| 20/6
Communication Services| 23.7719| 2.9| 6/1
Health Care | 12.9176| 7.1| 8/2
Utilities | 11.4758| 1.3| 12/4
Consumer Staples | -9.8338| -1.4| 3/8
Materials | -130.2387| -5.0| 9/42
Information Technology| -152.3998| -9.1| 3/7
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed and bonds tumbled after a large-scale coronavirus vaccine study delivered the most- promising results in the battle against the worst pandemic in a century, tempering concern over tougher lockdowns. Equities pared gains as Senate Majority Leader Mitch McConnell said President Donald Trump is “100% within his rights” to investigate any possible voting irregularities and request recounts in the presidential race and has no obligation to accept media projections that Joe Biden won. The Federal Reserve warned that asset prices in key markets could take a hit if the coronavirus pandemic’s economic impact worsens in coming months. The S&P 500 still closed at a two-month high amid strong trading volume on news the coronavirus shot being developed by Pfizer Inc. and BioNTech SE prevented over 90% of infections.
The Nasdaq 100 fell amid a selloff in giants such as Amazon.com Inc. and Netflix Inc.
Meanwhile, several block sales in 10-year Treasury futures added fuel to the pressure on notes, with the benchmark rate soaring to the highest since March. A measure of credit-market risk eased to pre-pandemic levels, and junk-rated companies hit the market in droves to take advantage of a plunge in borrowing costs. Oil surged, while gold, the Japanese yen and the Swiss franc slumped. The dollar rose.

Investors pulled out of haven assets and poured cash into markets that are closely tied to economic growth, with the value of the MSCI All Country Index jumping by as much as $1.8 trillion after the latest vaccine developments. President-elect Biden announced a new coronavirus task force as his transition team seeks to fulfill a campaign promise to develop a dramatically different approach than President Trump’s to contain the outbreak. He warned of a “dark winter” and many more deaths as the pandemic continues to spread unabated. The top infectious disease expert in the U.S. Anthony Fauci said the shot being developed by Pfizer will have a “major impact” on everything we do with regards to Covid-19 going forward.
“The bull market has a ton of ammunition to keep going,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “With more certainty around the election, a strong quarter of earnings across many sectors, and extremely positive news on the vaccine front, there is little to hold us back.”
Elsewhere, the Australian dollar-yen cross — a commonly watched risk barometer — surged by most since June. The Turkish lira soared after the resignation of the country’s economy czar and the dismissal of the central bank chief.
These are some key events coming up:
* Alibaba holds its annual Singles’ Day on Wednesday, an online global shopping phenomenon that had $38 billion of sales last year
* European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Federal Reserve Chair Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World”
* Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.

These are some of the main moves in markets:
Stocks
* The S&P 500 jumped 1.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index surged 4%.
* The MSCI Asia Pacific Index climbed 0.5%.
* The MSCI Emerging Market Index increased 1.4%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro fell 0.4% to $1.183.
* The Japanese yen depreciated 2% to 105.41 per dollar.
Bonds
* The yield on 10-year Treasuries climbed 13 basis points to 0.95%.
* Germany’s 10-year yield climbed 11 basis points to -0.51%.
* Britain’s 10-year yield jumped 10 basis points to 0.372%.
Commodities
* The Bloomberg Commodity Index dipped 0.1%.
* West Texas Intermediate crude surged 8.3% to $40.21 a barrel.
* Gold depreciated 4.2% to $1,868.50 an ounce.

–With assistance from Joanna Ossinger, Andreea Papuc, Adam Haigh, Anchalee Worrachate, Lynn Thomasson, Cecile Gutscher,
Claire Ballentine, Nancy Moran, Sophie Caronello, Katherine Greifeld and Jan-Patrick Barnert.
Have a great night.

Be magnificent!
As ever,

Carolann

Deprived if all else, one remains undisgraced if still endowed
with strength of character.  -Tiruvalluvar,

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.

Gustavus Adolphus Day: Swedish king killed in 1632

1861 – James Naismith, the inventor of basketball, was born in Ontario, Canada.  Go to article »

Autumn carries more gold in its pocket than all the other seasons. -Jim Bishop.

In Greek mythology, autumn began when Persephone was abducted by Hades to be the Queen of the Underworld.  In distress Persephone’s mother, Demeter – the goddess of the harvest – caused all the crops on Earth to die until her daughter was allowed to return, marking spring.

We typically think of “fall” as the North American version of the word autumn, but it was in fact in widespread usage in England until relatively recently.  Originally a shortening of the phrase fall of the leaf, the phrase was common in England in the 17^th century.  The word autumn entered English from the French automne and didn’t become common usage until the 18^th century.

PHOTOS OF THE DAY

This is the hauntingly beautiful set of 200 life-size soldiers set up at the historic Blenheim Palace in Oxfordshire, UK, to mark Remembrance Sunday this year. The soldiers, made from recycled materials by a local artist, will be stood among 75 poppy wreaths in a display which will mark those who gave their lives in the two World Wars, when many displays and events had to be cancelled due to coronavirus.
CREDIT: PETE SEAWARD/HYDE NEWS & PICTURES LTD

A Blue tit is reflected at the edge of a garden pool looking for seeds hidden in the autumn leaf litter in Aberystwyth, Ceredigion, Wales, UK.
CREDIT: PHILIP JONES/ALAMY LIVE NEWS

The International Space Station (ISS) moving in front of the sun by Astrophotographer Andrew McCarthy. These are the clearest images ever taken of the International Space Station (ISS) moving in front of both the moon and the sun.
CREDIT: ANDREW MCCARTHY/SWNS.COM

Good morning Vietnam – fishermen on bamboo stilts try to make a catch with nets against a glorious sunrise. They are around ten kilometres from shore and use their hand-made nets, made with two longer bamboo sticks, to scoop up fish and shrimp from the shallow water. The stillness of the surface of the water gives it a serene, mirror-like appearance. 
CREDIT: NGUYEN THI QUY/SOLENT NEWS & PHOTO AGENCY

Market Closes for November 6^th, 2020 

Market Index	Close	Change
Dow Jones	28323.40	-66.78
		-0.24%
S&P 500	3509.44	-1.01
		-0.03%
NASDAQ	11895.229	+4.302 +0.04%
TSX	16282.83	-15.34
		-0.09%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24325.23	+219.95
		+0.91%
HANG SENG	25712.97	+17.05
		+0.07%
SENSEX	41893.06	+552.90
		+1.34%
FTSE 100*	5910.02	+3.84 +0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.645	0.612
CND. 30 Year Bond	1.225	1.193
U.S.    10 Year Bond	0.8185	0.7663
U.S. 30 Year Bond	1.6000	1.5263

Currencies

BOC Close	Today	Previous
Canadian $	0.76701	0.76676
US $	1.30377	1.30420
Euro Rate 1 Euro=		Inverse
Canadian $	1.54857	0.64576
US $	1.18776	0.84192

Commodities

Gold	Close	Previous
London Gold Fix	1938.45	1900.15
Oil
WTI Crude Future	37.14	38.79

Market Commentary:
On this day in 1851, Charles Henry Dow was born on his family’s farm in Sterling, Conn. After toiling as a reporter with the Springfield (Mass.) Daily Republican and the Providence (R.I.) Morning Star and Evening Press, he founded Dow, Jones & Co. in 1882 and devised the Dow Jones Industrial Average in 1896.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities slipped Friday but posted their best week since April with cannabis and tech leading the gains. The S&P/TSX Composite Index fell 0.1% Friday, though advanced 4.5% on the week. Marijuana shares including Aurora Cannabis Inc. and Cronos Group Inc. surged as Democrat Joe Biden took the lead in Pennsylvania, putting him on the cusp of victory in the presidential race. Oil pared its weekly gain as a resurgent pandemic raised the risk of further demand destruction, while the market awaits the outcome of a tightly contested U.S. election. Canadian lumber companies that pulled in record earnings are optimistic about next year despite lower wood prices, as they see the wave of home building and renovations continuing. Canada’s economy added 83,600 jobs in October, the fewest since the recovery began in May, as the country suffers through a second wave of coronavirus cases and fresh lockdowns.
Commodities
* Western Canada Select crude oil traded at a $9.45 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,952.77 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3057 per U.S. dollar
* The 10-year government bond yield rose 3.3 basis points to 0.645%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite declined slightly to 16,282.83 in Toronto, ending a 4-day gain. The loss follows the previous session’s increase of 1.9 percent. Enbridge Inc. contributed the most to the index decline, decreasing 3.5 percent. Ballard Power Systems Inc. had the largest drop, falling 6.5 percent. Today, 126 of 222 shares fell, while 93 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* So far this week, the index rose 4.5 percent, heading for the biggest advance since the week ended April 10
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 2.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 9.4 percent below its 52-week high on Feb. 20, 2020 and 45.7 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.5 on a trailing basis and 22.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.5t
* 30-day price volatility fell to 15.13 percent compared with 15.36 percent in the previous session and the average of 14.90 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -50.4682| -3.0| 3/20
Financials | -8.4223| -0.2| 8/16
Consumer Discretionary | -1.3595| -0.2| 3/10
Real Estate | -1.0314| -0.2| 12/14
Materials | -0.4655| 0.0| 26/25
Communication Services | 1.1520| 0.1| 2/5
Consumer Staples | 4.8505| 0.7| 8/3
Industrials | 6.6249| 0.3| 11/17
Utilities | 7.4034| 0.9| 9/7
Health Care | 8.7670| 5.0| 4/6
Information Technology | 17.5959| 1.1| 7/3

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks registered the biggest weekly increase since April with the labor market strengthening and Joe Biden on the verge of winning the presidential election. The S&P 500 fell less than 0.05% in the wake of a four-day rally added more than $1.5 trillion to the value of stocks. The benchmark index climbed 7.3% this week. Technology again outperformed, with the Nasdaq 100 finishing green on Friday and up 9.4% this week. Hiring outpaced expectations in October, defying calls for a slowdown in the economy as the virus continues to spread at a record pace.
Investors remain focused on the outcome of the presidential election, where Joe Biden is widely expected to win a tight race. Democrats appear to have only a long-shot chance at Senate control, stoking expectation that any aid package will be thin and Biden won’t be able to roll back President Donald Trump’s tax cuts. Without a massive spending bill, the Federal Reserve may increase its monetary support to keep the economic recovery on track. “Fiscal stimulus should be supportive even if it is less than expected, and we still expect a vaccine to become widely available by the second quarter of next year,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
Yields jumped after a report showed the labor market improved in October by more than forecast. Ten-year note yields climbed back above 0.80% and the dollar lingered at a more than two-year low. Votes are still being tallied in the U.S., with Biden tightening his hold on the race by taking the lead over Trump in Georgia and Pennsylvania.  The president, however, questioned the credibility of the election, raising the prospect of a long stalemate as he challenges the results. “Markets have risen under a variety of political regimes, but where it seems to do the best is a period of divided government in Washington when you have limited prospects for sweeping changes in legislation that would affect very legislative sensitive industries,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab Corp.
The U.S. became the first country to top 100,000 coronavirus infections in a single day. Fed Chair Jerome Powell warned this week that mounting infection rates are a risk to the recovery. Meanwhile, France warned of a “violent” second wave as it joined European countries including Italy and Poland in reporting new highs in daily infections. Elsewhere, crude oil declined for a second day and gold was little changed. “Given the big rally that we’ve had over a couple days, it’s going to have to take a pause at some point,” said Jim Paulsen, chief investment strategist at Leuthold Group.

These are some of the main moves in markets:
Stocks
The S&P 500 Index was little changed at 3,509.44 as of 4:06 p.m.
New York time, the first retreat in a week.
The Nasdaq 100 Index increased 0.1% to 12,091.35, reaching the highest in more than two months on its fifth straight advance.
The Stoxx Europe 600 Index declined 0.2% to 366.40, the first retreat in more than a week.
The MSCI All-Country World Index rose 0.2% to 592.85, reaching the highest in more than two months on its fifth straight advance.
Currencies
The Bloomberg Dollar Spot Index dipped 0.3% to 1,149.91, the lowest in more than two years.
The Japanese yen appreciated 0.2% to 103.29 per dollar, the strongest in eight months.
The euro gained 0.5% to $1.1881, the strongest in more than two months.
Bonds
The yield on 10-year Treasuries jumped six basis points to 0.82%, the biggest surge in more than a month.
The yield on 30-year Treasuries climbed eight basis points to 1.60%, the largest surge in more than a month.
Germany’s 10-year yield climbed two basis points to -0.62%.
Britain’s 10-year yield increased four basis points to 0.274%, the highest in more than a week.
Commodities
West Texas Intermediate crude decreased 3.6% to $37.40 a barrel, the biggest dip in more than a week.
Gold strengthened 0.1% to $1,952.39 an ounce, the highest in more than seven weeks.
–With assistance from Kamaron Leach and Casey Wagner.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Opportunity is missed by most people because it is dressed in overalls and looks like work.
                                                                                 -Thomas A. Edison, 1847-1931      

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: Guy Fawkes Day; Sadie Hawkins Day
1935 – Parker Brothers began marketing the board game “Monopoly.”  Go to article »

A ‘fast radio burst,’ complete with X-ray emissions, may have been detected from inside our galaxy for the first time.  Hello? Do we have some neighbors we haven’t met yet? -CNN
Prehistoric hunters weren’t all male. Women killed big game, too, a new discovery suggests.  Looks like our ancestors brought home the bacon — literally.

Archaeologists discovered a 9,000-year-old female skeleton buried with a “big-game hunting kit” in Peru, challenging a belief that male members of the ancient society hunted while females gathered.

Humans and Neanderthals may have been at war for 100,000 years.

Area man discovers it’s illegal to cook chickens in a Yellowstone hot spring. (h/t Mike Smedley)

And finally, 300 million potential exit strategies:

A new report from NASA on the number of possibly habitable planets in the Milky Way puts the total at more than double the estimate of seven years ago.

Out of at least 100 billion stars in our galaxy, about four billion are sunlike. Supposing that even 7 percent of them have an Earth-size object orbiting in their “goldilocks” zone — neither too hot nor too cold for liquid water — adds up to 300 million.

“We want to be very conservative in case nature has any surprises regarding habitability,” said one of the authors of the report, which was based on almost a decade’s worth of data collected by NASA’s Kepler spacecraft. “So we are lowballing the estimates intentionally.” –NYTimes.

PHOTOS OF THE DAY

Visitors enjoy the stunning autumn colour at Leonardslee Lakes and Gardens, near Horsham in West Sussex, England.
CREDIT: OLIVER DIXON

The 45-foot high inflatable sculpture aims to highlight primate species whose lives and habitats are under threat from the sprawling concrete jungles of the modern world. Golden Monkey installation, by Australian ecological artist Lisa Roet, which makes its UK debut on the exterior of Inverleith House at the Royal Botanic Garden Edinburgh.
CREDIT: JANE BARLOW/PA WIRE

Hundreds of Hindu devotees gather in front of Shri Shri Loknath Brahmachari Ashram temple for the Rakher Upobash, a religious festival called as Kartik Brati, in Barodi. Sitting in front of candle light, they fast and pray in earnest to the gods for their favours during the ritual.
CREDIT: JOY SAHA/PACIFIC PRESS
​​​​​​​
Farmers harvest water lilies from Vam Co Dong River in Moc Hoa District, Long An Province, Vietnam. Water lilies are an iconic symbol in the country and the flowers are immediately sent to market before landing on meal tables.
CREDIT: NGUYEN SANH QUOC HUY/TRIANGLE NEWS

Market Closes for November 5^th, 2020 

Market Index	Close	Change
Dow Jones	28390.18	+542.52
		+1.95%
S&P 500	3510.45	+67.01
		+1.95%
NASDAQ	11890.926	+300.146 +2.95%
TSX	16298.17	+299.43
		+1.87%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24105.28	+410.05
		+1.73%
HANG SENG	25695.92	+809.78
		+3.25%
SENSEX	41340.16	+724.02
		+1.78%
FTSE 100*	5906.18	+22.92 +0.39%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.612	0.616
CND. 30 Year Bond	1.193	1.196
U.S.    10 Year Bond	0.7663	0.7662
U.S. 30 Year Bond	1.5263	1.5444

Currencies

BOC Close	Today	Previous
Canadian $	0.76676	0.76142
US $	1.30420	1.31333
Euro Rate 1 Euro=		Inverse
Canadian $	1.54246	0.64831
US $	1.18269	0.84553

Commodities

Gold	Close	Previous
London Gold Fix	1900.15	1908.30
Oil
WTI Crude Future	38.79	39.15

Market Commentary:
On this day in 1999 Webvan Group went public, selling 25 million shares at an initial offering price of $15. The stock soared to $34, giving the company a peak market capitalization of more than $8.5 billion, and closed at $24.875. But the online grocery-delivering service had so far generated only $4.2 million in sales—on which it made a net loss of $111.1 million. In July, 2001, with its stock down to five cents a share, Webvan filed for bankruptcy protection.

Canada
By Michael Bellusci
(Bloomberg) — Canadian shares rose for a fourth straight session Thursday as the U.S. has yet to declare a victor in its presidential election. The S&P/TSX Composite Index gained 1.9%, the most since June 5, with 10 of 11 sectors higher on the day. Materials led the way with a gain of 6.1%, while cannabis shares also surged. Gold touched a six-week high and copper advanced for a fourth straight session, boosted by a declining dollar and the outlook for further central-bank stimulus as investors await the final outcome of the U.S. presidential election.
CI Financial Corp. said it agreed to acquire Doyle Wealth Management Inc., a Florida-based registered investment advisory firm with around $1.1 billion in assets. Meanwhile, General Motors Co. says it will invest as much as C$1.3 billion ($997 million) to reopen its assembly plant in Oshawa, Ontario, under the terms of a tentative deal reached with its Canadian union. Bank of Canada senior deputy governor Carolyn Wilkins will be departing from the central bank in December, before her term officially ends next year.
Commodities
* Western Canada Select crude oil traded at a $9.75 discount to West Texas Intermediate
* Spot gold rose 2.5% to $1,949.70 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.3048 per U.S. dollar
* The 10-year government bond yield was little changed around 0.613%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.9 percent, or 299.43 to 16,298.17 in Toronto. The move was the biggest since rising 2.1 percent on June 5. Today, materials stocks led the market higher, as 10 of 11 sectors gained; 170 of 222 shares rose, while 52 fell. Shopify Inc. contributed the most to the index gain, increasing 3.8 percent. Aurora Cannabis Inc. had the largest increase, rising 40.6 percent.
Insights
* In the past year, the index had a similar or greater gain 15 times. The next day, it declined eight times for an average 4.1 percent and advanced seven times for an average 1.7 percent
* So far this week, the index rose 4.6 percent, heading for the biggest advance since the week ended April 10
* This year, the index fell 4.5 percent, heading for the worst year since 2018
* The index declined 2.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 9.3 percent below its 52-week high on Feb. 20, 2020 and 45.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 4 percent in the past 5 days and fell 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.8 on a trailing basis and 22.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.46t
* 30-day price volatility rose to 15.36 percent compared with 14.45 percent in the previous session and the average of 14.92 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 149.1015| 6.1| 49/3
Information Technology | 46.4970| 2.9| 9/1
Industrials | 39.5787| 2.0| 25/3
Consumer Discretionary | 17.3157| 3.0| 10/3
Consumer Staples | 16.6063| 2.4| 9/2
Health Care | 9.5335| 5.8| 9/1
Energy | 8.1692| 0.5| 10/13
Utilities | 8.1505| 0.9| 11/5
Financials | 7.5871| 0.2| 14/12
Real Estate | 1.1444| 0.2| 18/8
Communication Services | -4.2508| -0.5| 6/1

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — Stocks rallied globally as investors rushed back into technology and health-care firms on bets that the U.S. election results will mean no major tax hikes or regulatory changes that would derail the sectors. The dollar weakened to  the lowest level in more than two years. The S&P 500 jumped more than 1% for a fourth consecutive day and is headed for the best week since April. The tech-heavy Nasdaq 100 surged 2.6%, pushing its advance this week more than 9%. Federal Reserve officials kept interest rates near zero and made no change to asset purchases as the results of U.S. presidential and congressional elections remain uncertain.
“We’re seeing a resumption in leadership from technology,” said Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute. “It appears markets really like the combination they think is most likely in terms of leadership going forward and that would be a Biden presidency with a Republican Senate.” Vote counting continues in a handful of key states, with Democrat Joe Biden potentially needing to win just one to unseat President Donald Trump. That outcome could be accompanied by a divided legislature that is less likely to pass a multi-trillion-dollar stimulus package. “In the short-run, the focus will remain on the prospects for a new fiscal package out of Congress, which may be possible before year-end once the election results are settled,” said Jason Pride, chief investment officer of private wealth at Glenmede. “But for now, the size, scope, and timing of that next package still remains unclear.”
Tech Haters Schooled in Risk of Valuations as Timing Tool The dollar retreated the most versus the euro since March. Oil declined for the first time in four sessions. Increases in tech shares and some strong corporate results buoyed the Stoxx Europe 600 index. Uber Technologies Inc. and Peloton Interactive Inc. will release results after the close of U.S. trading. Elsewhere, U.K. government bonds reversed an early advance as investors shifted their focus to the slower pace of debt- buying implied by the Bank of England’s new asset-purchase targets. Bitcoin climbed by more than $1,000 to over $15,000, more than doubling its value in 2020.

These are some key events coming up:
* The key U.S. non-farm payrolls report is due Friday.
* Earnings are due this week from companies including Macquarie Group Ltd. and
Toyota Motor Corp. on Friday.

These are some of the main moves in markets:
Stocks
The S&P 500 Index climbed 1.9% to 3,510.41 as of 4:02 p.m. New York time, the highest in more than three weeks.
The Dow Jones Industrial Average increased 1.9% to 28,390.51, the highest in almost three weeks.
The Nasdaq Composite Index increased 2.6% to 11,890.93, the highest in two months.
The Nasdaq 100 Index jumped 2.6% to 12,078.07, the highest in more than three weeks.
The Stoxx Europe 600 Index advanced 1% to 367.12, hitting the highest in almost three weeks with its fifth straight advance.
The MSCI All-Country World Index increased 2.2% to 591.61, the highest in more than three weeks on the biggest climb in more than 20 weeks.
Currencies
The Bloomberg Dollar Spot Index sank 1% to 1,153.07, the lowest in more than two years on the largest decrease in more than seven months.
The euro increased 0.9% to $1.1827, the strongest in almost two weeks on the biggest increase in five months.
The Japanese yen appreciated 1% to 103.53 per dollar, the strongest in eight months on the largest rise in almost 10 weeks.
Bonds
The yield on two-year Treasuries increased less than one basis point to 0.15%.
The yield on 10-year Treasuries gained one basis point to 0.77%.
The yield on 30-year Treasuries dipped one basis point to 1.54%, the lowest in almost three weeks.
Germany’s 10-year yield advanced less than one basis point to -0.64%.
Britain’s 10-year yield jumped three basis points to 0.234%.
Commodities
West Texas Intermediate crude fell 1.6% to $38.52 a barrel, the largest fall in a week.
Gold surged 2.5% to $1,950.65 an ounce, the highest in almost seven weeks on the biggest jump in more than seven months.

Have a great night.

Be magnificent!
As ever,

Carolann

Only people who are capable of loving  strongly can also suffer great sorrow,
but this same necessity of loving serves to counteract their grief
and heals them.           -Leo Tolstoy, 1828-1910

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. 4, 2008, Barack Hussein Obama was elected the 44th president of the United States, as the country chose him as its first black chief executive. Go to article »

1922: King Tut’s tomb found.
1946: UNESCO founded.
1916: Walter Cronkite Jr., journalist b. 1916.

Here are the best TV shows and movies hitting streaming services this month. –NYT

This 5-minute meditation routine will calm you down.  For whatever is stressing you out today. –CNN.

The mysterious radio signal is coming from inside the galaxy. -Bloomberg.

Giant swimming prehistoric paper clip lived 200 years.-Bloomberg.

PHOTOS OF THE DAY

Kosovo artist Alkent Pozhegu works on the final touches of an image made with grain and seed, depicting the portrait of Joe Biden, the US Democratic presidential nominee, in the town of Gjakova.  The United States started voting on November 3, 2020, in an election amounting to a referendum on Donald Trump’s uniquely brash and bruising presidency, which Democratic opponent and frontrunner Joe Biden urged Americans to end to restore “our democracy.” 
CREDIT: ARMEND NIMANI/AFP VIA GETTY IMAGES

An osprey rests on a dead piece of wood near the Quhe River in Quzhou City, east China.
CREDIT: COVER IMAGES

A spectacular ‘wave’ of knitted poppies is lighting up a church in Callington as Cornwall, UK, launches its annual fundraising appeal. The display at St Mary’s Church features around 9,000 knitted poppies, alongside figures of soldiers and wooden crosses placed in the ground.
CREDIT: JAMES DADZITIS/SWNS
Market Closes for November 4^th, 2020 

Market Index	Close	Change
Dow Jones	27847.66	+367.63
		+1.34%
S&P 500	3443.44	+74.28
		+2.20%
NASDAQ	11590.781	+430.209 +3.85%
TSX	15992.71	+53.56
		+0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23695.23	+399.75
		+1.72%
HANG SENG	24886.14	-53.59
		-0.21%
SENSEX	40616.14	+355.01
		+0.88%
FTSE 100*	5883.26	+96.49 +1.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.616	0.688
CND. 30 Year Bond	1.196	1.273
U.S.    10 Year Bond	0.7662	0.8993
U.S. 30 Year Bond	1.5444	1.6800

Currencies

BOC Close	Today	Previous
Canadian $	0.76142	0.76132
US $	1.31333	1.31350
Euro Rate 1 Euro=		Inverse
Canadian $	1.53962	0.64951
US $	1.17230	0.85302

Commodities

Gold	Close	Previous
London Gold Fix	1908.30	1889.90
Oil
WTI Crude Future	39.15	37.66

Market Commentary:
Yields on 10-year Treasuries rose to as high as 0.94% shortly after polls closed on the East Coast. As it became obvious that some form of divided government is far more likely than polls had implied, yields tumbled back to as low as 0.78%.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for a third straight session Wednesday as investors awaited the final outcome of the U.S. presidential election.
The S&P/TSX Composite Index rose 0.4%, with tech shares leading the way. Lightspeed POS Inc. and Shopify Inc. both rose more than 5%. It was a mixed session with five of 11 groups closing lower. Materials and some marijuana shares, including Aurora Cannabis Inc., dropped.
Oil surged by the most in a month, swept up in a broader market rally as a tightly contested U.S. presidential contest suggested even a new administration would be restrained from enacting its most ambitious objectives.
The search is officially on for a new senior deputy governor at the Bank of Canada. With Carolyn Wilkins moving on when her term ends May 1, the Ottawa-based central bank published the job posting Wednesday.
Commodities
* Western Canada Select crude oil traded at a $10.00 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,902.75 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3129 per U.S. dollar
* The 10-year government bond yield fell 7.2 basis points to 0.617%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4 percent, or 60.21 to 15,999.36 in Toronto. The index advanced to the highest closing level since Oct. 27.
Today, information technology stocks led the market higher, as 6 of 11 sectors gained; 121 of 223 shares rose, while 100 fell.
Shopify Inc. contributed the most to the index gain,
increasing 5.4 percent. Finning International Inc. had the largest increase, rising 11.6 percent.
Insights
* This year, the index fell 6.2 percent, heading for the worst year since 2018
* The index declined 4 percent in the past 52 weeks. The MSCI AC  Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 11 percent below its 52-week high on Feb. 20, 2020 and 43.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.6 percent in the past 5 days and fell 1.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.5 on a trailing basis and 21.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.45t
* 30-day price volatility fell to 14.45 percent compared with 15.69 percent in the previous session and the average of 14.90 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 71.9905| 4.7| 9/1
Financials | 38.6597| 0.8| 19/7
Communication Services | 11.3674| 1.4| 7/0
Real Estate | 7.2719| 1.4| 24/3
Consumer Staples | 5.9591| 0.9| 11/0
Energy | 3.0254| 0.2| 9/14
Consumer Discretionary | -0.5437| -0.1| 9/3
Health Care | -2.4873| -1.5| 5/5
Utilities | -2.8661| -0.3| 2/13
Industrials | -21.8249| -1.1| 15/13
Materials | -50.9593| -2.0| 11/41
US
By Claire Ballentine and Kamaron Leach
(Bloomberg) — After a wild election night sowed confusion across U.S. markets, investors frantically bid up stocks Wednesday, sending major averages to the biggest rallies in five months, as they grew more confident that the tightly contested outcome would ensure key elements of the bull market remain intact for years to come.
A narrow victory by either Democratic challenger Joe Biden or President Donald Trump, coupled with a split legislature,will make it unlikely that Trump’s 2017 corporate tax cuts – an important driver to stock gains — are rolled back, as Biden has pledged to do. The failure by the Democrats to clearly sweep Congress and the White House does pare back bets that traders had made on a massive fiscal stimulus package, though some aid remains likely this year. At the same time it adds to pressure on the Federal Reserve — another crucial force behind the bull market — to pump money into an economy that was throttled by the pandemic.
The fading prospects for a multitrillion-dollar package also prompted investors to bid up Treasury bonds amid a diminishing of inflationary pressures, sending yields lower by the most since April. The Nasdaq 100 surged more than 4% in its
best rally since April. Financial and industrial shares lagged behind as investors turned from companies that are most closely tied to the economy’s prospects. “Part of what is going on is tech is rallying strongly, which is pushing the market up, and the reason tech is rallying is because it sold off, it was uniquely exposed to higher yields, higher taxes,” said Alicia Levine, chief strategist at BNY Mellon Investment Management. “That created a viscous reversion trade into cyclicals with the expectation yields were
moving up with the prospect of further stimulus.”
The 10-year Treasury yield tumbled below 0.80% as traders cheered the prospects for less debt-funded spending. Still, a private payrolls report on Wednesday fell short of estimates and the services sector expanded at the slowest pace in five months. With millions of votes in battleground states still being counted, and close contests in several key states, the presidential outcome may not be decided for days, or longer. The Trump campaign said it is suing in Pennsylvania and Michigan to halt vote counts that were trending toward Biden. It’s clear that the election is turning out to be messier and more drawn-out than Wall Street had hoped.
“There will be very little cooperation on fiscal policy, very little cooperation relative to policy related to containing COVID, very little cooperation on infrastructure, or basically anything that will stimulate the economy,” said George Pearkes, Bespoke Investment Group’s global macro strategist. “If that’s the case, then what we’ve got is a repeat of the last recovery, almost to the letter.”
Meanwhile, Uber Technologies Inc. and Lyft Inc. jumped after California voters approved a measure to protect the companies’ business models from efforts to reclassify their drivers in the state as employees. Back in global markets, the dollar weakened against many of its major peers, while gold slipped. In Asia, Alibaba Group Holding Ltd. tumbled 7.5% in Hong Kong after China halted the initial public offering of Ant Group Co., in which Alibaba owns about a one-third stake.
Follow along here for our real-time news updates and analysis.
     These are some key events coming up:
* Federal Reserve policy decision on Thursday.
* The key U.S. non-farm payrolls report is due Friday.
* Earnings are due this week from companies including Bristol- Myers Squibb Co., AstraZeneca Plc and Nintendo Co. on Thursday; Macquarie Group Ltd. and Toyota Motor Corp. are set for on Friday.

These are some of the main moves in global financial markets:
Stocks
*The S&P 500 Index jumped 2.2% to 3,443.53 as of 4:00 p.m. New York time, the highest in more than a week on the largest surge in five months.
*The Nasdaq 100 Index surged 4.4% to 11,777.02, the highest in almost three weeks on the biggest jump in seven months.
*The Dow Jones Industrial Average increased 1.3% to 27,849.84, the highest in more than a week.
*The MSCI All-Country World Index climbed 1.9% to 579.11, the highest in more than a week on the biggest increase in 20 weeks.
*The Stoxx Europe 600 Index rose 2.1% to 363.31, the highest in more than two weeks.
Currencies
*The Bloomberg Dollar Spot Index decreased 0.2% to 1,164.53, the lowest in more than a week.
*The euro was little changed at $1.1717, the strongest in a week.
*The Japanese yen was little changed at 104.52 per dollar.
Bonds
*The yield on two-year Treasuries declined two basis points to 0.14%, the lowest in more than two weeks on the largest decrease in almost 10 weeks.
*The yield on 10-year Treasuries sank 13 basis points to 0.77%, the lowest in more than a week on the biggest tumble in more than seven months.
*The yield on 30-year Treasuries decreased 14 basis points to 1.55%, the lowest in almost three weeks on the largest tumble in
almost seven months.
*Germany’s 10-year yield fell two basis points to -0.64%, the biggest fall in more than a week.
Commodities
*West Texas Intermediate crude gained 3.4% to $38.94 a barrel, the highest in more than a week on the largest rise in more than four weeks.
*Gold weakened 0.2% to $1,904.85 an ounce.
–With assistance from Casey Wagner and Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

Gratitude is one of the least articulate of the emotions, especially when it is deep.
                                                                      -Felix Frankfurter, 1882-1965

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

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

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

Dear Friends,

Tangents:
Visit the drastic cliffs and clear waters of Asturias, a region in Spain nicknamed Natural Paradise.
Asturias boasts a range of biosphere reserves and forests — oak, beech, chestnut, birch — and a mostly unspoiled coastline, with turquoise blue waters surrounded by imposing cliffs and green pastures. Once an industrial and mining powerhouse, a third of the area is now environmentally protected. -NYT

1911 The Chevrolet Motor Car Co. was founded in Detroit by Louis Chevrolet and William C. Durant.  Go to article »
PHOTOS OF THE DAY

Hurricane Eta is seen churning in the Caribbean Sea toward Nicaragua in this satellite image taken over the Gulf of Mexico. U.S. 
CREDIT: NOAA/HANDOUT VIA REUTERS

The whale’s tail of a sculpture caught the front carriage of a metro train as it rammed through the end of an elevated section of rails with the driver escaping injuries in Spijkenisse, near Rotterdam, Netherlands.
CREDIT: AP PHOTO/PETER DEJONG

Autumnal scene as boats float in Killin, Stirlingshire after heavy rains during Storm Aiden, Scotland.
CREDIT: ROBERT PERRY
Market Closes for November 3^rd, 2020 

Market Index	Close	Change
Dow Jones	27480.03	+554.98
		+2.06%
S&P 500	3369.16	+58.92
		+1.78%
NASDAQ	11160.574	+202.963 +1.85%
TSX	15939.15	+242.28
		+1.54%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23295.48	+318.35
		+1.39%
HANG SENG	24939.73	+479.72
		+1.96%
SENSEX	40261.13	+503.55
		+1.27%
FTSE 100*	5786.77	+131.80 +2.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.688	0.635
CND. 30 Year Bond	1.273	1.223
U.S.    10 Year Bond	0.8993	0.8502
U.S. 30 Year Bond	1.6800	1.6211

Currencies

BOC Close	Today	Previous
Canadian $	0.76132	0.75606
US $	1.31350	1.32264
Euro Rate 1 Euro=		Inverse
Canadian $	1.53917	0.64970
US $	1.17180	0.85338

Commodities

Gold	Close	Previous
London Gold Fix	1889.90	1881.85
Oil
WTI Crude Future	37.66	36.81

Market Commentary:
Anxious About Election Day? So Is Everybody Else: Nervous or exhausted, a bipartisan crop of Americans are planning strategies for Tuesday including sorting Legos and anchoring outside of cellphone reach.
With the pandemic pounding the travel industry, major hotel operators such as Marriott International, Hilton Worldwide and Hyatt Hotels are dipping their toes into the personal-office business.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for a second straight session ahead of results from Tuesday’s U.S. presidential election.
The S&P/TSX Composite Index gained 1.5%, most since September 9. Ten of eleven sectors rallied, with health care being the only laggard. Tech and financials led the way.
Oil rose to the highest in a week alongside a broad market rally, drawing support from signs that OPEC+ may delay a planned output increase as well as a weaker dollar.
Ontario unveiled a new five-color system for deciding when to ramp up or relax Covid-19 restrictions and said it will allow restaurants, gyms and other businesses to reopen in some regions where they’re currently closed.
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to West Texas Intermediate
* Spot gold rose +0.6% to $1,907 an ounce
FX/Bonds
* The Canadian dollar rose 0.5% to C$1.3149 per U.S. dollar
* The 10-year government bond yield rose 5.2 basis points to 0.688%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.5 percent, or 242.28 to 15,939.15 in Toronto. The move was the biggest since rising 1.8 percent on Sept. 9.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 183 of 223 shares rose, while 38 fell. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 5.8 percent. Hudbay Minerals Inc. had the largest increase, rising 7.9 percent.
Insights
* This year, the index fell 6.6 percent, heading for the worst year since 2018
* The index declined 3.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.8 percent in the same period
* The S&P/TSX Composite is 11.3 percent below its 52-week high on Feb. 20, 2020 and 42.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and fell 1.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.4 on a trailing basis and 21.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.41t
* 30-day price volatility rose to 15.69 percent compared with 15.27 percent in the previous session and the average of 14.92 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 105.2412| 2.3| 25/1
Information Technology | 38.6519| 2.6| 10/0
Industrials | 33.2768| 1.7| 24/4
Energy | 18.9741| 1.1| 20/2
Consumer Discretionary | 12.2451| 2.2| 11/2
Materials | 11.3981| 0.5| 39/13
Consumer Staples | 9.2953| 1.4| 7/4
Utilities | 9.1087| 1.1| 15/1
Real Estate | 7.0413| 1.4| 22/4
Communication Services | 2.7577| 0.3| 5/2
Health Care | -5.7106| -3.3| 5/5
US
By Claire Ballentine and Kamaron Leach
(Bloomberg) — U.S. stocks capped the biggest two-day rally since September, led by a surge in bank shares as Treasury yields spiked on speculation that Congress will deliver a spending bill once the election is decided. The dollar weakened
and crude oil increased the most in almost a month.
The S&P 500 climbed 1.8%, bringing the two-day increase to 3.2%. Financial firms rallied 2.2%, also the most since September. Democratic nominee Joe Biden leads President Donald Trump in the final polls, with some investors speculating his victory would bring a surge in federal spending.
     Meanwhile, Alibaba Group Holding Ltd.’s U.S.-traded shares tumbled 8.1% after China halted the initial public offering of Ant Group Co., in which Alibaba owns about a one-third stake. Treasuries fell and a gauge of the dollar dropped the most in more than three weeks as a risk-on mood prevailed. Oil extended gains after jumping on Monday on increasing signs OPEC+ will delay a planned easing of output cuts.
“It’s a reflection of the market’s belief there is not going to be a whole lot of uncertainty after election day,” said Matt Stucky, portfolio manager for equities at Northwestern Mutual Wealth Management Co. “The worst outcome for election day is a really uncertain winner scenario where it’s going to take weeks and a lot of legal back and forth before the decision is ultimately made.”
While trades reflecting a Democratic sweep held firm, betting markets aren’t convinced. One gauge slipped to just over 50% odds of the so-called Blue Wave — that Democrats oust President Trump and take Congressional majorities. Traders hedged prospects of post-vote volatility, driving a measure of expected swings in China’s yuan to its highest level in more than nine years. ”The ghost of 2016, from both polling and market expectations, looms large,” Michael Purves, chief executive officer of Tallbacken Capital Advisors, wrote in a note.
Elsewhere, the benchmark credit derivatives index measuring the perceived risk of U.S. high-yield companies gained by the most in almost two months, implying lower probability of default. Markets are reflecting more optimism following weeks of speculation that a contested election outcome may produce no clear winner for some time and roil markets. Polls continue to indicate that Biden is ahead, though the race looks tight in some battleground states, some of which are seeing virus cases soar.
“The market’s upward bias, and underlying leadership of energy, industrials, and materials sectors, imply a Blue wave that incorporates the potential for the passage of stimulus and infrastructure spending bills,” said Sam Stovall, chief investment strategist at CFRA Research.
In Europe, mining shares climbed, helped by the slumping dollar. Banks rallied after BNP Paribas SA joined its European peers in posting lower-than-expected bad-loan provisions from the pandemic.

These are some key events coming up:
* EIA crude oil inventory report on Wednesday.
* Fed policy decision on Thursday.
* The key U.S. non-farm payrolls report is due Friday.
* Earnings are due this week from companies including Alibaba Group Holding Ltd.,  AstraZeneca Plc, Nintendo Co., Macquarie Group Ltd. and Toyota Motor Corp.

These are some of the main moves in financial markets:
Stocks
* The S&P 500 Index jumped 1.8% to 3,369.16 as of 4:05 p.m. New York time, the highest in a week on the largest surge in more than four weeks.
* The Dow Jones Industrial Average surged 2.1% to 27,480.03, the highest in more than a week on the biggest jump in 16 weeks.
* The Nasdaq Composite Index increased 1.9% to 11,160.57, the largest climb in more than three weeks.
* The MSCI All-Country World Index surged 1.8% to 567.82, the highest in a week on the biggest jump in almost four months.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.5% to 1,166.86, hitting the lowest in a week with the first retreat in a week and the largest dip in more than three weeks.
* The euro climbed 0.6% to $1.1713, the first advance in more than a week and the biggest increase in five weeks.
* The Japanese yen strengthened 0.2% to 104.55 per dollar, the largest gain in a week.
Bonds
* The yield on 10-year Treasuries climbed four basis points to 0.89%, the highest in five months.
* The yield on 30-year Treasuries increased five basis points to 1.66%, the highest in more than a week.
* Germany’s 10-year yield gained two basis points to -0.62%, the highest in a week on the biggest rise in more than a week.
Commodities
* West Texas Intermediate crude climbed 2.8% to $37.83 a barrel, the highest in a week.
* Gold strengthened 0.6% to $1,907.13 an ounce, the highest in a week.
–With assistance from Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

Generosity is giving more than you can, and pride is taking less than you need.
                                                                       -Kahlil Gibran, 1883-1931

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