Month: September 2021

Dear Friends,

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

1452-Gutenberg Bible published.
1955- James Dean killed in auto collision.

Elie Wiesel, activist, b. 1928.
Truman Capote, writer, b. 1924.

Dollar Tree will sell more stuff for more than $1.  You could say Dollar Tree is … branching out. 

‘Squid Game’ is the latest Netflix obsession.  It’s somehow even more ominous than it sounds.

Hawaii’s Kilauea volcano erupts, lava fountains form in park. 
PHOTOS OF THE DAY

This couple of comical fish seems to be serenading a third one that’s dancing. Dancing Mudskipper by Leo Liu of Singapore shows three mudskippers, amphibious fish that live in mudflats and connected mangrove ecosystems, and is a runner-up in the Mangrove Photography Awards 2021 
CREDIT: MEDIADRUMWORLD.COM/LEO LIU

A lady looks at the centrepiece called ‘One Thousand Springs’ created by Japanese artist Chiharu Shiota, part of the Japan Festival, which is a celebration of the country’s breath-taking plants, art and culture, at the Royal Botanic Gardens in Kew, London
CREDIT: STEVE PARSONS/PA

St Isaac’s Cathedral in St Petersburg, Russia, prepares to host a wedding ceremony of Grand Duke George Mikhailovich of Russia, a descendant of the Romanov dynasty, and his fiancée, Italian citizen Rebecca (Victoria) Bettarini
CREDIT: PETER KOVALEV//TASS VIA GETTY IMAGES

Residents of Spain’s La Palma were struggling on Thursday to come to terms with the devastation wrought by the Cumbre Vieja volcano, which has been ejecting a destructive cocktail of ash, smoke and lava for more than 10 days.
CREDIT: SPANISH INSTITUTE OF OCEANGRAPHY/HANDOUT VIA XINHUA

Market Closes for September 30^th, 2021

Market Index	Close	Change
Dow Jones	33843.92	-546.80
		-1.59%
S&P 500	4307.54	-54.92
		-1.19%
NASDAQ	14448.58	-63.86 -0.44%
TSX	20070.25	-87.89
		-0.44%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29452.66	-91.63
		-0.31%
HANG SENG	24575.64	-87.86
		-0.36%
SENSEX	59126.36	-286.91
		-0.48%
FTSE 100*	7086.42	-21.74 -0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.509	1.509
CND. 30 Year Bond	1.992	1.992
U.S.    10 Year Bond	1.4873	1.5167
U.S. 30 Year Bond	2.0449	2.0604

Currencies

BOC Close	Today	Previous
Canadian $	0.7885	0.7841
US $	1.2682	1.2753
Euro Rate 1 Euro=		Inverse
Canadian $	1.4691	0.6806
US $	1.1583	0.8633

Commodities

Gold	Close	Previous
London Gold Fix	1737.15	1733.75
Oil
WTI Crude Future	75.03	74.83

Market Commentary:
⚓ On this day in 1720, after hitting nearly 1,000 in the summer, the price of South Sea Co. stock plunged to 180 a share on the London stock market. One legislator proposed tying each South Sea director up in a sack with a monkey and a snake, and throwing them into the river; angry mobs assaulted and nearly lynched stockbrokers in the streets.
Canada
By Divya Balji
(Bloomberg) — Canadian stocks fluctuated between gains and losses Thursday, ending the month with its biggest monthly decline in almost a year. The S&P/TSX Composite fell 0.4% at the close in Toronto, bringing its monthly decline to 2.5%, the worst since October 2020. A measure of 10-day historical volatility spiked to the highest since July amid a selloff in tech stocks and a surge in Treasury yields and as investors weighed global supply chain risks. The benchmark also posted its first quarterly decline since March last year. Seven of the 11 major industry groups fell, with consumer discretionary and industrials leading losses, while materials and consumer staples companies gained. Sleep Country Canada was the biggest loser with a 7.3% decline, falling in tandem with U.S. retailers as supply chain concerns heightened.  Lithium Americas Corp. was the top-performing stock Thursday, rising 8.2% after JPMorgan initiated coverage on the stock with a buy-equivalent rating. About 139 of 234 shares fell, while 93 rose and two were unchanged. Some Canadian provinces are closed for the Truth and Reconciliation National Day, but the Toronto Stock Exchange was open for trading.
Insights
* This year, the index rose 15%, heading for the best year since 2019
* This quarter, the index fell 0.5%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 2.5%, heading for the biggest decline since October 2020
* So far this week, the index fell 1.6%, heading for the biggest decline since the week ended Feb. 26
* The index advanced 24.5% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The Canada S&P/TSX is 3.96% below its 52-week high on Sept. 7, 2021 and 30.2% above its low on Oct. 30, 2020
* The Canada S&P/TSX is down 1.91% in the past 5 days and fell 2.49% in the past 30 days
* Canada S&P/TSX is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* Canada S&P/TSX’s members have a total market capitalization of C$3.18 trillion
* 30-day price volatility little changed to 9.52% compared with 9.51% in the previous session and the average of 7.13% over the past month  
Macro
* The Canadian dollar fell 0.65% to 1.2674 against the U.S. dollar
* The benchmark 10-year bond fell and the yield rose 0.68 basis points to 1.509%  

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — Volatility continued to roil financial markets, with U.S. equities notching their biggest monthly selloff since March 2020. Stocks pushed lower on Thursday even after confirmation that the House passed a nine-week spending bill to avert a U.S. government shutdown. For traders, that was just one within a  litany of risks. Investors are also bracing for the Federal Reserve to wind down its stimulus amid mounting fears about slowing economic growth, elevated inflation, supply-chain bottlenecks, a global energy crunch and regulatory risks emanating from China. Political wrangling in Washington is threatening to push the U.S. into default and force President Joe Biden to scale back his spending agenda. Democratic Senator Joe Manchin wants the social-spending package cut by more than half to $1.5 trillion. House Speaker Nancy Pelosi was pressing ahead with a vote on a bipartisan infrastructure bill, even though progressive Democrats said they have the numbers to stall it until the Senate agrees on a more expansive tax and spending package. “The old adage, the market climbs a wall of worry, is not lost on us,” said Tom Mantione, managing director at UBS Private Wealth Management.
“Worries about China, the pandemic, the debt ceiling and tax legislation are weighing on investors right now, but it is important to understand which issues may create structural change and which ones create short-term volatility that investors can take advantage of.” The S&P 500 closed at the lowest level since July, extending its September losses to almost 5%.  Economically sensitive companies like industrials and financials were among the worst performers on Thursday. The slide almost wiped out the index’s gains for the quarter. A near-record technical streak for the S&P 500 has some bulls worried that a sharp pullback is overdue. “The S&P 500 has now gone an incredible 317 trading days in a row above its 200-day moving average, one of the longest streaks ever,” according to Ryan Detrick, chief market strategist at LPL Financial. “What we are getting at is a 5-7% pullback could potentially come at any time given we haven’t had one in so long.”
Elsewhere, oil closed the month almost 10% higher after a tumultuous session during which China was said to order its top energy companies to secure energy supplies at all costs amid shortages, prompting the White House to reiterate its own concerns over rising prices.

Here are some events to watch this week:
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro fell 0.1% to $1.1581
* The British pound rose 0.4% to $1.3475
* The Japanese yen rose 0.6% to 111.29 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.52%
* Germany’s 10-year yield advanced one basis point to -0.20%
* Britain’s 10-year yield advanced three basis points to 1.02%
Commodities
* West Texas Intermediate crude rose 0.2% to $75.01 a barrel
* Gold futures rose 2% to $1,756.70 an ounce
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Vildana Hajric and Elaine Chen.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Youth is happy because it has the capacity to see beauty.  Anyone who keeps the ability to see beauty never grows old. -Franz Kafka, 1883-1924.

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: Michaelmas, St. Michael’s Day
1978 Pope John Paul I was found dead in his Vatican apartment a little more than one month after becoming head of the Roman Catholic Church.  Go to article »

Miguel de Cervantes, writer, b. 1547
Horatio Nelson, naval hero, b. 1758
Enrico Fermi, physicist, b. 1901

AI completed Beethoven’s uncompleted Tenth Symphony.

Climbers reach the bottom of Yemen’s Well of Hell for the first time. 

Sea slugs have figured out how to be solar-powered. (h/t Scott Kominers)

PHOTOS OF THE DAY

Yves Saint Laurent fashion show during Paris Women’s Fashion Week Spring/Summer 2022 
CREDIT: KCS PRESSE / MEGA THEMEGAAGENCY.COM

Australia Zoo release adorable image of baby egret bird. Eduardo is an orphaned cattle egret chick who came into care at the Australia Zoo Wildlife Hospital from another veterinary clinic. Although orphaned, Eduardo is a perfectly healthy baby bird who will be raised by a dedicated wildlife carer, until he is old enough to be released into the wild
CREDIT: AUSTRALIA ZOO/TRIANGLE NEWS

A soldier poses for the media as he walks between recently installed solar panels at the Defence School of Transport (DST), Normandy Barracks
CREDIT: CHRISTOPHER FURLONG/GETTY IMAGES

The sun shines between recently installed solar panels at the Defence School of Transport (DST), Normandy Barracks, in Leconfield
CREDIT: CHRISTOPHER FURLONG/GETTY IMAGES

Market Closes for September 29^th, 2021

Market Index	Close	Change
Dow Jones	34390.72	+90.73
		+0.26%
S&P 500	4359.46	+6.83
		+0.16%
NASDAQ	14512.44	-34.24 -0.24%
TSX	20158.14	-16.00
		-0.08%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29544.29	-639.67
		-2.12%
HANG SENG	24663.50	+163.11
		+0.67%
SENSEX	59413.27	-254.33
		-0.43%
FTSE 100*	7108.16	+80.06 +1.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.509	1.503
CND. 30 Year Bond	1.992	1.977
U.S.    10 Year Bond	1.5167	1.5374
U.S. 30 Year Bond	2.0604	2.0860

Currencies

BOC Close	Today	Previous
Canadian $	0.7841	0.7884
US $	1.2753	1.2683
Euro Rate 1 Euro=		Inverse
Canadian $	1.4791	0.6761
US $	1.1598	0.8622

Commodities

Gold	Close	Previous
London Gold Fix	1733.75	1755.30
Oil
WTI Crude Future	74.83	75.29

Market Commentary:
     On this day in 1987, only 13 trading days before the Crash of 1987, Charles Schwab launched its IPO, selling 8 million shares of stock to the public at an original price of $16.50 apiece. Just 20 days later, as the stock market plunged 23% in a single day, Schwab’s stock was hammered down to $6.50 a share.
Canada
By Divya Balji
(Bloomberg) — Canadian stocks fell for a second day as tech companies dragged the benchmark index lower. The S&P/TSX Composite declined to 20,158.14 in Toronto, putting it on track for its biggest monthly decline since October. Lightspeed Commerce contributed the most to the index decline and had the largest move, decreasing 12% after Spruce Point Capital Management said it sees as much as 80% downside risk to the stock. Today, 123 of 234 shares fell, while 107 rose. Five of 11 sectors were lower, led by information technology, healthcare and material stocks. Consumer staples, energy and utility companies rose.

Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* This quarter, the index was little changed, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 2.1 percent, heading for the biggest decline since October 2020
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 31 percent in the same period
* The S&P/TSX Composite is 3.5 percent below its 52-week high on Sept. 7, 2021 and 30.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and fell 2.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 9.51 percent compared with 9.55 percent in the previous session and the average of 7.02 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -33.9761| -1.5| 2/13
* Materials | -16.1058| -0.7| 11/44
* Health Care | -2.9225| -1.4| 1/8
* Communication Services | -1.3424| -0.1| 3/4
* Consumer Discretionary | -0.9129| -0.1| 4/9
* Real Estate | 1.9229| 0.3| 15/8
* Utilities | 2.9656| 0.3| 10/6
* Industrials | 4.3035| 0.2| 16/13
* Financials | 4.9070| 0.1| 19/8
* Energy | 11.9699| 0.5| 14/9
* Consumer Staples | 13.1766| 1.8| 12/1
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Lightspeed Commerce| | | |
* Inc | -14.5500| -11.7| 256.8| 40.2
* Shopify | -13.3100| -1.0| -15.2| 19.5
* Barrick Gold | -6.1720| -2.2| 8.2| -21.7
* Agnico Eagle Mines | 3.7120| 3.5| 50.1| -27.2
* George Weston | 4.0930| 6.4| 41.9| 43.6
* Canadian Natural | | | |
* Resources | 5.6810| 1.5| -56.8| 51.3

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks pared most of their gains into the close as a rally in technology companies fizzled out. The Nasdaq 100 notched its third straight day of losses after earlier climbing about 1%. Dip buyers helped push the S&P 500 higher, with defensive industries such as utilities and consumer staples among the best performers.  The dollar rose to the highest level since November 2020, while Treasuries were little changed. President Joe Biden and his aides scrambled to break a deadlock among Democrats that has stalled progress on his economic plans as the White House and Congress are staring down deadlines to keep the government running and avoid a default. Federal Reserve Chair Jerome Powell voiced cautious optimism that supply-chain disruptions lifting inflation would ultimately prove temporary. “Jitters surrounding elevated levels of inflation and slowing growth are likely to remain for some time,” said Fiona Cincotta, senior financial-markets analyst at City Index. “U.S. debt-ceiling discussions could be in focus amid a quiet economic calendar.” The U.S. Treasury is likely to exhaust its ability to borrow as soon as late October, according to the Congressional Budget Office, in the latest warning to lawmakers following their failed efforts to address the debt ceiling this week.
A majority of investors harbor fears of persistently high inflation, with a 20% pullback in stocks seen as more likely than a 20% rally, according to a Citigroup Inc. survey of clients. Though most expected modest gains next year in the S&P 500, price pressures and a policy reversal by the Fed are big risks, according to the survey of more than 90 pension, mutual and hedge funds this month. A gauge of U.S. pending home sales rebounded in August to a seven-month high as prospective buyers welcomed more attractive pricing and additional inventory. The figures suggest housing activity is firming after retreating from the record-high levels seen last year.

Some corporate highlights:
* Walgreens Boots Alliance Inc. is weighing an acquisition of Evolent Health Inc., the health-care group that has been under activist investor pressure to consider a sale, according to people familiar with the matter.
* Merck & Co. has agreed to buy drugmaker Acceleron Pharma Inc. for $180 per share, according to people familiar with the matter.
* Boeing Co. rallied after the aerospace giant was upgraded to outperform at Bernstein on prospects of a travel rebound.
* Morgan Stanley slumped after Oppenheimer downgraded the shares, citing a lack of upside to its valuation.

Here are some events to watch this week:
* House Financial Services Committee hearing on the Fed, Treasury’s pandemic response, Thursday
* China Caixin manufacturing PMI, non-manufacturing PMI, Thursday
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.8% to $1.1594
* The British pound fell 0.9% to $1.3420
* The Japanese yen fell 0.4% to 111.99 per dollar
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.53%
* Germany’s 10-year yield declined one basis point to -0.21%
* Britain’s 10-year yield was little changed at 0.99%
Commodities
* West Texas Intermediate crude fell 0.9% to $74.61 a barrel
* Gold futures fell 0.7% to $1,725.10 an ounce
–With assistance from Andreea Papuc and Srinivasan Sivabalan.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

With humbleness, kindness, and self-sacrifice, you will take the weapon from any enemy. 
Any fire dies if there is insufficient wood. –Buddha, 563 BC-483 BC.

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

Cabrillo Day: discovery of California, 1542.

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

How neutron star collisions flooded Earth with gold and other precious metals. 

These are the best restaurants in California.

You could live in a town where mail is delivered only by people jumping from boats. 
PHOTOS OF THE DAY

A double rainbow gleams after a storm near Atherfield on the Isle of Wight
CREDIT: SIENNA ANDERSON/PICTUREEXCLUSIVE.COM

With HMS Lancaster’s mission complete, she headed West back towards the Norwegian Sea. As the sun set on the first clear sky since being in the high north. The ships company were treated to a spectacular display courtesy of the Aurora Borealis. With the sky alive with dancing swirls and streaks of green, awestruck sailors stared to the skies
CREDIT: ROYAL NAVY/LPHOT KYLE HELLER

People stand on the west pier in Whitby to watch the sunrise this morning on the Yorkshire coast
CREDIT: ANDREW MCCAREN/LNP

A model walks the runway during the Victoria/Tomas Womenswear Spring/Summer 2022 show as part of Paris Fashion Week
CREDIT: THIERRY CHESNOT/GETTY IMAGES

Market Closes for September 28^th, 2021

Market Index	Close	Change
Dow Jones	34299.99	-569.38
		-1.63%
S&P 500	4352.63	-90.48
		-2.04%
NASDAQ	14546.68	-423.29 -2.83%
TSX	20174.14	-289.28
		-1.41%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30183.96	-56.10
		-0.19%
HANG SENG	24500.39	+291.61
		+1.20%
SENSEX	59667.60	-410.28
		-0.68%
FTSE 100*	7028.10	-35.30 -0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.503	1.411
CND. 30 Year Bond	1.977	1.914
U.S.    10 Year Bond	1.5374	1.4871
U.S. 30 Year Bond	2.0860	1.9944

Currencies

BOC Close	Today	Previous
Canadian $	0.7884	0.7919
US $	1.2683	1.2629
Euro Rate 1 Euro=		Inverse
Canadian $	1.4823	0.6746
US $	1.1687	0.8557

Commodities

Gold	Close	Previous
London Gold Fix	1755.30	1746.80
Oil
WTI Crude Future	75.29	75.45

Market Commentary:
     On this day in 1987, the cover of Fortune magazine asked, “ARE STOCKS TOO HIGH?” Heck no, answered the cover story. “New ways of valuing shares give some surprising answers…. Clearly, something is going on that the old analytical concepts cannot account for.” Just 14 trading days later, the stock market dropped 23%.
Canada
By Divya Balji
(Bloomberg) — Canadian stocks sank, with tech stocks dragging the benchmark index lower as rising Treasury yields pushed investors to rotate out of growth stocks and into value. The S&P/TSX Composite fell 1.4% to 20,174.14 in Toronto. All 11 sectors dropped with information technology and consumer discretionary companies as the biggest losers.  Shopify Inc. contributed the most to the index decline, decreasing 4.8%. Converge Technology Solutions Corp. had the largest drop, falling 8.2 percent.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it advanced after all four occasions
* This year, the index rose 16 percent, heading for the best year since 2019
* This quarter, the index was little changed
* This month, the index fell 2 percent, heading for the biggest decline since October 2020
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 3.5 percent below its 52-week high on Sept. 7, 2021 and 30.8 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.3 percent in the past 5 days and fell 2.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12- month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 9.55 percent compared with 8.71 percent in the previous session and the average of 6.90 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology| -103.4416| -4.2| 0/15
* Financials | -60.1620| -0.9| 3/25
* Industrials | -26.1558| -1.1| 2/28
* Energy | -23.5387| -0.9| 9/13
* Materials | -20.2006| -0.9| 16/38
* Consumer Discretionary| -16.7291| -2.2| 0/12
* Communication Services| -9.4861| -1.0| 1/6
* Utilities | -9.0652| -1.0| 3/13
* Real Estate | -8.4003| -1.3| 5/20
* Consumer Staples | -7.9820| -1.1| 0/12
* Health Care | -4.1166| -1.9| 1/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -68.7800| -4.8| 31.2| 20.7
* Brookfield Asset | | | |
* Management | -17.2100| -2.4| -2.6| 31.1
* Royal Bank of | | | |
* Canada | -13.7500| -1.1| 9.8| 21.0
* Canadian Natural | | | |
* Resources | 1.3180| 0.4| -47.9| 49.1
* Barrick Gold | 3.3330| 1.2| 16.6| -19.9
* TD Bank | 3.9190| 0.4| 29.4| 18.1

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — The selloff in risk assets accelerated Tuesday amid mounting concern over the debt-ceiling impasse in Washington, with stocks suffering their worst rout since May. During a Senate hearing Tuesday, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen both warned that a U.S. default due to a failure to raise the debt ceiling would have catastrophic consequences. Republicans blocked a Democratic move in the Senate to raise the debt limit for the second time in as many days – escalating tensions less than three weeks before the Treasury potentially runs out of capacity to avert a federal payments default. “We would expect a deal to get done, but it appears as though both sides are a bit more entrenched compared to previous periods,” said Brian Price, head of investment management at Commonwealth Financial Network. “A government shutdown is a risk factor that we’ll be watching in the coming days and weeks.” Yellen warned that her department will effectively run out of cash around Oct. 18 unless legislative action is taken to suspend or increase the debt limit. Heated remarks from Senator Elizabeth Warren also weighed on markets. After slamming Powell on his track record over financial regulation, Warren said he’s a “dangerous man to head up the Fed” and that’s why she’ll oppose his renomination.
The S&P 500 extended its September selloff, with technology shares underperforming economically sensitive companies. The Nasdaq 100 tumbled the most since March. The yield on Treasury 30-year bonds climbed more than 10 basis points earlier Tuesday. The dollar rallied. Brent slipped from a three-year high above $80 a barrel, dragged lower by a rout in U.S. equities. U.S. consumer confidence dropped in September for a third straight month, suggesting concerns over the delta variant and higher prices continue to dampen sentiment. Home prices surged 19.7% in July – once again posting the biggest jump in more than 30 years.
Here are some events to watch this week:
* Japan’s ruling party votes to elect leader, Wednesday
* Central bank chiefs Andrew Bailey (BOE), Haruhiko Kuroda (BOJ), Christine Lagarde (ECB) and Jerome Powell (Fed) participate in an ECB Forum panel, Wednesday
* House Financial Services Committee hearing on the Fed, Treasury’s pandemic response, Thursday
* China Caixin manufacturing PMI, non-manufacturing PMI, Thursday
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.9%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World index fell 1.9%
* The Russell 2000 Index fell 2.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.1% to $1.1683
* The British pound fell 1.2% to $1.3539
* The Japanese yen fell 0.5% to 111.51 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.54%
* Germany’s 10-year yield advanced two basis points to -0.20%
* Britain’s 10-year yield advanced four basis points to 0.99%
Commodities
* West Texas Intermediate crude fell 0.8% to $74.81 a barrel
* Gold futures fell 1.1% to $1,733.20 an ounce
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Ksenia Galouchko and Vildana Hajric.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

He who uses only the sight of his eye is acted on by what he sees; it is the intuition of the spirit that gives
the assurance of certainty.  That the sight of the eyes is not equal to the intuition of the spirit is a thing long
acknowledged.  And yet stupid people rely on what they see. –Chuan Tzu, c.369 BC-286 BC.

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 Sept. 27, 1964, the Warren Commission issued a report concluding that Lee Harvey Oswald acted alone in assassinating President John F. Kennedy.  Go to article »

Danish artist took a museum’s money and called it art.

The NASA probe Lucy will take a wild ride to Jupiter’s moons. (h/t Alistair Lowe) 

Meet the double-charm tetraquark.

A winged microchip is humanity’s smallest-ever flying structure. (h/t Ellen Kominers)

‘Shang-Chi and the Legend of the Ten Rings’ is the biggest movie of 2021 so far .  Who dares think they can best Marvel?!

PHOTOS OF THE DAY

A ferocious gull dives in to face off with an arctic fox which is trying to steal a chick from its nest. With beak gaping, the large gull appears to roar at the fox, which bares its teeth in response as the two go head to head. The unusual encounter was captured by a lucky photographer on the Alkefjellet cliff, on Norway’s Svalbard archipelago. Despite its aggressive efforts, the gull was unable to scare off the fox which snatched a chick from the nest and swiftly killed it before skulking back off into the rocks with its prey.
CREDIT: RUSSELL MILLNER/SOLENT NEWS & PHOTO AGENCY

Elisa Cosetti of Italy dives from the 21.5 metre platform during the final competition day of the sixth stop of the Red Bull Cliff Diving World Series at Polignano a Mare, Puglia, Italy.
CREDIT: RED BULL CONTENT POOL/INPHO/SHUTTERSTOCK

The British Royal Air Force Red Arrows flying display team performs during the Malta International Airshow off the coast of Qawra, Malta.

Market Closes for September 27^th, 2021

Market Index	Close	Change
Dow Jones	34869.37	+71.37
		+0.21%
S&P 500	4443.11	-12.37
		-0.28%
NASDAQ	14969.97	-77.73 -0.52%
TSX	20463.42	+60.76
		+0.30%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30240.06	-8.75
		-0.03%
HANG SENG	24208.78	+16.62
		+0.07%
SENSEX	60077.88	+29.41
		+0.05%
FTSE 100*	7063.40	+11.92 +0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.411	1.377
CND. 30 Year Bond	1.914	1.903
U.S.    10 Year Bond	1.4871	1.4509
U.S. 30 Year Bond	1.9944	1.9833

Currencies

BOC Close	Today	Previous
Canadian $	0.7919	0.7903
US $	1.2629	1.2653
Euro Rate 1 Euro=		Inverse
Canadian $	1.4772	0.6769
US $	1.1697	0.8549

Commodities

Gold	Close	Previous
London Gold Fix	1746.80	1750.00
Oil
WTI Crude Future	75.45	74.13

Market Commentary:
     On this day in 1974, the field of behavioral finance was born, as Science, the journal of the American Association for the Advancement of Science, published “Judgment under Uncertainty: Heuristics and Biases.” This underwhelmingly titled article was the first major research paper to demonstrate that humans do not always make risky decisions rationally—a contention that is still disputed by mainstream economists.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed on Monday, led by health care and energy stocks. The S&P/TSX Composite rose 0.3% to 20,463.42 in Toronto. The index advanced to the highest closing level since Sept. 17 after the previous session’s decline of 0.3%. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.7%. Enerplus Corp. had the largest increase, rising 10%.
Insights
* This year, the index rose 17%, heading for the best year since 2019
* This quarter, the index rose 1.5%
* This month, the index fell 0.6%, heading for the biggest decline since October 2020
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on Sept. 7, 2021 and 32.7% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.5% in the past 5 days and fell 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility rose to 8.71% compared with 8.67% in the previous session and the average of 6.82% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 48.5358| 1.9| 22/1
* Financials | 34.7177| 0.5| 17/11
* Materials | 11.1899| 0.5| 30/22
* Industrials | 4.4511| 0.2| 16/14
* Health Care | 4.2480| 2.0| 6/2
* Consumer Discretionary | 4.2014| 0.6| 8/5
* Consumer Staples | -5.1531| -0.7| 5/8
* Communication Services | -5.6512| -0.6| 1/6
* Real Estate | -7.2579| -1.1| 4/21
* Utilities | -7.5786| -0.8| 2/13
* Information Technology | -20.9400| -0.9| 2/13
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 17.5700| 1.7| 69.9| 17.7
* Suncor Energy | 9.5210| 3.6| -9.1| 24.2
* Canadian National | 7.3640| 1.2| -47.1| 6.0
* Shopify | -4.3960| -0.3| 11.4| 26.8
* Brookfield Asset | | | |
* Management | -7.1890| -1.0| -17.2| 34.3
* Waste Connections | -8.2820| -2.7| 4.4| 24.8

US
By Rita Nazareth
(Bloomberg) — As Treasury yields pushed higher after a hawkish tilt from the Federal Reserve last week, some of the world’s largest technology companies continued to sell off. A slide in bonds sent the rate on the benchmark 10-year note briefly above 1.5% — a level not seen since June. That’s prompted the tech-heavy Nasdaq 100 to underperform major equity benchmarks. Meantime, economically sensitive companies – like energy, financial and smaller firms — advanced. Traders pulled forward wagers on a rate hike after Fed Chair Jerome Powell said the central bank could start tapering its asset purchases in November, while officials updated their forecasts — with half of them seeing tightening by the end of 2022. A spike in Treasury yields has added to concerns about lofty equity valuations, particularly in the tech industry, which has powered the bull-market rally. “Yields are rising sharply, reflecting investors’ expectations about monetary tightening amid surging inflationary pressures,” said Fawad Razaqzada, an analyst at ThinkMarkets. “If yields climb higher, this could weigh especially on the overstretched growth stocks in the technology sector, which have low dividend yields.” For Razaqzada, investors might prefer the relative safety of government debt and fixed-coupon payments — rather than buying severely overvalued stocks — just as the Fed starts to reduce the pace of its stimulus program. Fed Governor Lael Brainard said the labor market may soon meet her yardstick for scaling back asset purchases, while the Covid-19 delta variant could raise upside risks for inflation. New York Fed President John Williams noted that moderating bond-buying may soon be warranted, and his Chicago counterpart Charles Evans said he sees “a first move” on raising rates in 2023.

Some corporate highlights:
* Amazon.com Inc.’s price target was cut at Morgan Stanley, which said the online retailer’s profits could come under pressure as a result of a rising headcount and higher wages.
* Facebook Inc. is pausing work on rolling out an Instagram Kids site after the social-networking company came under criticism for its negative effect on children, especially on teenage girls.
* Wells Fargo & Co. agreed to pay $37 million to settle U.S. claims that it overcharged almost 800 commercial customers that used its foreign-exchange services.
     Elsewhere, Brent closed at the highest in nearly three years amid signs of a global energy crunch.
Though the oil benchmark met some resistance as it neared the $80-a-barrel level, Goldman Sachs Group Inc. said it could hit $90 by year-end as the market is in a bigger deficit than many realize.

Here are some events to watch this week:
* Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen to testify at a Senate Banking Committee hearing Tuesday
* European Central Bank President Christine Lagarde speaks Tuesday at the ECB Forum on Central Banking
* Japan’s ruling party votes to elect leader, Wednesday
* Central bank chiefs Andrew Bailey (BOE), Haruhiko Kuroda (BOJ), Christine Lagarde (ECB) and Jerome Powell (Fed) participate in an ECB Forum panel, Wednesday
* House Financial Services Committee hearing on the Fed, Treasury’s pandemic response, Thursday
* China Caixin manufacturing PMI, non-manufacturing PMI, Thursday
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.2%
* The Russell 2000 Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1698
* The British pound rose 0.2% to $1.3705
* The Japanese yen fell 0.2% to 111.00 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.48%
* Germany’s 10-year yield was little changed at -0.22%
* Britain’s 10-year yield advanced three basis points to 0.95%
Commodities
* West Texas Intermediate crude rose 2.1% to $75.50 a barrel
* Gold futures were little changed
–With assistance from Andreea Papuc and Srinivasan

Have  a lovely evening.

Be magnificent!
As ever,

Carolann

For time is the longest distance between two places. –Tennessee Williams, 1911-1983.

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

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

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

Dear Friends,

Tangents: Happy Friday.

1869 Financiers Jay Gould and James Fisk tried to corner the gold market, sending Wall Street into a panic and leaving thousands of investors in financial ruin.  Go to article »

F. Scott Fitzgerald, b. 1896.

Newly discovered footprints suggest North America was populated much earlier than we think.

Happy 30th birthday to “The Low End Theory” and “Nevermind,” born on this day in 1991, and I am so very old. 

The weird and wonderful outfits of fans at golf’s Ryder Cup.  It’s like the Kentucky Derby, but with … cheese-heads. 

Apophis: The asteroid we thought might hit us. 
PHOTOS OF THE DAY

An art installation titled Forever Home by artist Richard Woods, commissioned by The Climate Coalition to mark Great Big Green Week, is unveiled at Fountain Abbey, The National Trust property in Yorkshire
CREDIT: NIGEL RODDIS/PA WIRE

Sunrirse over St Mary’s Lighthouse at Whitley Bay on the North East coast of England
CREDIT: OWEN HUMPHREYS/ PA WIRE

Sergio Garcia of Spain and team Europe plays his shot from the seventh tee during Friday Morning Foursome Matches of the 43rd Ryder Cup at Whistling Straits
CREDIT: RICHARD HEATHCOTE/GETTY IMAGES
Market Closes for September 24^th, 2021

Market Index	Close	Change
Dow Jones	34798.00	+33.18
		+0.10%
S&P 500	4455.48	+6.50
		+0.15%
NASDAQ	15047.70	-4.54 -0.03%
TSX	20402.66	-59.27
		-0.29%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30248.81	+609.41
		+2.06%
HANG SENG	24192.16	-318.82
		-1.30%
SENSEX	60048.47	+163.11
		+0.27%
FTSE 100*	7051.48	–26.87 -0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.377	1.345
CND. 30 Year Bond	1.903	1.851
U.S.    10 Year Bond	1.4509	1.4301
U.S. 30 Year Bond	1.9833	1.9398

Currencies

BOC Close	Today	Previous
Canadian $	0.79030	0.79018
US $	1.2653	1.2655
Euro Rate 1 Euro=		Inverse
Canadian $	1.4828	0.67442
US $	1.1718	0.85336

Commodities

Gold	Close	Previous
London Gold Fix	1750.00	1773.40
Oil
WTI Crude Future	74.13	73.45

Market Commentary:
On this day in 1869, Wall Street had its first “Black Friday.” After word leaked that speculator Jay Gould, who was trying to “corner” the gold market, had sold out two days earlier, gold—and stock—prices plummeted. The market was in such chaos that one witness said, “Bids running from 135 to 160 were made at one and the same time in different parts of the room.”
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 20,402.66 in Toronto.
The move follows the previous session’s increase of 0.3%.
The index has fallen for a third week with concerns building around China Evergrande Group.
Shopify Inc. contributed the most to the index decline Friday, decreasing 2.1%.
Denison Mines Corp. had the largest drop, falling 7.7%.
Today, 149 of 234 shares fell, while 79 rose; 9 of 11 sectors were lower, led by information technology stocks.
Oil rose for the fifth straight week with the global energy crunch set to boost demand for crude as stockpiles decline from the U.S. to China.
Insights
* This year, the index rose 17 percent, heading for the best year since 2019
* This quarter, the index rose 1.2 percent
* This month, the index fell 0.9 percent, heading for the biggest decline since October 2020
* So far this week, the index fell 0.4 percent
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on Sept. 7, 2021 and 32.3 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 8.67 percent compared with 8.63 percent in the previous session and the average of 6.94 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -39.0543| -1.6| 4/11
Financials | -6.8641| -0.1| 11/16
Health Care | -5.8325| -2.7| 0/9
Consumer Discretionary | -5.2841| -0.7| 2/11
Materials | -4.5875| -0.2| 18/32
Utilities | -4.1075| -0.4| 3/13
Real Estate | -3.7650| -0.6| 4/21
Industrials | -3.7265| -0.2| 12/18
Communication Services | -1.1836| -0.1| 3/4
Consumer Staples | 4.1017| 0.6| 6/7
Energy | 11.0404| 0.4| 16/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -30.5300| -2.1| -38.8| 27.2
Cameco | -4.2520| -5.7| 9.3| 49.1
Lightspeed Commerce| | | |
Inc | -3.0300| -2.2| -33.5| 70.7
Canadian Natural | | | |
Resources | 2.2230| 0.6| -74.6| 45.8
TC Energy | 4.0780| 1.0| 3.0| 21.5
Couche-Tard | 4.6520| 1.7| -40.7| 13.2
US
By Rita Nazareth
(Bloomberg) — For all the turmoil in global markets earlier in the week, stocks managed to stay in the green.
Traders shrugged off concerns over a Federal Reserve pullback in stimulus, contagion risks from distressed developer China Evergrande Group and Beijing’s latest crackdown on cryptocurrencies.
The S&P 500 staged a late-day rebound, extending its weekly advance, with energy and financial companies among the biggest gainers.
Bitcoin tumbled alongside crypto-related shares like Riot Blockchain Inc. and Marathon Digital Holdings Inc.
The Nasdaq Golden Dragon China Index — which tracks some of the Asian nation’s biggest firms listed in the U.S. — sank.
“This week promised to be lively and it didn’t disappoint,” wrote Craig Erlam, senior market analyst at Oanda. “Buy the dip is alive, and well it seems because the end result is that Evergrande remains at risk, central banks will soon be tightening and are increasingly concerned that inflation may not be quite as transitory as previously thought.”
In another blow to investor sentiment, the world’s second-largest economy said crypto-related transactions will now be considered illicit financial activity.
Traders remained on guard for what Chinese regulators may target next as the government also tightens its grip on sectors ranging from private education to digital gaming, e-cigarettes, property and insurance.
Traders pulled $28.6 billion from U.S. equity funds in the week through Sept. 22 — the most since February 2018, according to a Bank of America Corp. note, which cited EPFR Global data.
Even after the massive outflow from equities, BofA private clients remained heavily exposed to stocks, with about 65% of assets under management invested in the asset class.

The U.S. economy has met the central bank’s conditions for starting to reduce its asset purchases soon, according to two regional Fed bank presidents.
“I support starting to dial back our purchases in November and concluding them over the first half of next year,” Fed Bank of Cleveland President Loretta Mester noted. Separately, her Kansas City counterpart Esther George said “the criteria for substantial further progress have been met,” referring to the central bank’s taper test.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.15% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1719
* The British pound fell 0.3% to $1.3672
* The Japanese yen fell 0.4% to 110.76 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.45%
* Germany’s 10-year yield advanced three basis points to -0.23%
* Britain’s 10-year yield advanced two basis points to 0.92%
Commodities
* West Texas Intermediate crude rose 0.9% to $73.96 a barrel
* Gold futures fell 0.1% to $1,747.70 an ounce
–With assistance from Sunil Jagtiani, Abigail Moses and Kamaron Leach.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

To see we must forget the name of the thing we are looking at. -Clause Monet, 1840-1926.

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

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

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

Dear Friends,

Tangents:
On this day in 1846, German astronomer Johann Galle and assistant Heinrich d’Arrest discovered planet Neptune.

1990 Iraq threatened to destroy Middle East oil fields and attack Israel if other nations tried to force it from Kuwait. Go to article »

Euripides, playwright, b.480 BC.
John Coltrane, musician, b. 1926
Ray Charles, musician, b. 1930
Julio Iglesias, singer, b. 1943.
Bruce Springsteen, musician, b. 1949.

People who eat more dairy fat have lower risk of heart disease, study suggests.  Repeat this to yourself the next time you tear into a wheel of brie. 

Bitcoin for beginners: Here’s what to know before you invest in crypto.  Step 1: Actually, confidently, truly understanding what Bitcoin is
 
See the world:
This week The New York Times Magazine is publishing its annual Voyages issue, in which writers and photographers capture snapshots of life from around the world.
In the Alps, a photographer offers a glimpse into her Swiss childhood with a beautiful photo essay. In Athens, a writer gave his 7-year-old daughter an in-person classics education.
In Kyiv, Ukraine, a writer partied her way through the city’s underground nightlife scene. And a photographer documented a visit to her parents near Kyoto, Japan — a ritual that the pandemic had disrupted.
A writer who could’ve gone anywhere in the world chose Spokane, Wash. — for a minor-league baseball game. And on a trip to Las Vegas, a writer and his oldest friends celebrated life, while mourning the friends they had lost. — Sanam Yar, a Morning writer

“This is how bad climate change is getting: wildfires in the West, floods in the East, freezing cold in Texas. Billy Joel’s going to have to write an update for 2021 and call it, ‘Actually, We Did Start the Fire.’” — SETH MEYERS

“The pandemic, systemic racism, income inequality, immigration, gun violence — but here’s the thing. If we don’t address climate change, none of those issues will matter at all. The car is going off a cliff and we’re fiddling with the radio.” — JIMMY KIMMEL

“How could anyone be opposed to trying to fix this? Even if you run an oil company, you and your children and their children are going to have to live on in the world. There’s no Planet B.” — JIMMY KIMMEL
PHOTOS OF THE DAY

Snooty the ‘smiling’ Lemon shark in Florida a winner in the 2021 Ocean Photography Awards. The annual awards focus on adventure, conservation and exploration of the deep blue sea
CREDIT: GALICE HOARAU/OCEAN PHOTOGRAPHY AWARDS/TNG

Artists perform on stage during the 4th Budapest Demographic Summit in Budapest, Serbia.The biannual demographic summit, which was first organised in 2015, offers a forum for “pro-family thinker” decision-makers, scientists, researchers, and church representatives of the same sort to exchange their thoughts about connections between demographics and sustainability
CREDIT: AP PHOTO/LASZLO BALOGH

A combination photograph showing Fulani and Tuareg nomads from several Sahel and Sahara countries took part in a three-day pastoral festival, the Cure Salee, held on the outskirts of the old commercial town of Ingall, northern Niger
CREDIT: MICHELE CATTANI/AFP VIA GETTY IMAGES

A firefighter watches flame and smoke rise into the air as trees burn during the Windy Fire in the Sequoia National Forest near Johnsondale, California
CREDIT: PATRICK. T. FALLON/AFP
Market Closes for September 23^rd, 2021

Market Index	Close	Change
Dow Jones	34764.82	+506.50
		+1.48%
S&P 500	4448.98	+53.34
		+1.21%
NASDAQ	15052.25	+155.40 +1.04%
TSX	20461.93	+60.44
		+0.30%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29639.40	-200.31
		-0.67%
HANG SENG	24510.98	+289.44
		+1.20%
SENSEX	59885.36	+958.03
		+1.63%
FTSE 100*	7078.35	-5.02 -0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.345	1.213
CND. 30 Year Bond	1.851	1.754
U.S.    10 Year Bond	1.4301	1.3040
U.S. 30 Year Bond	1.9398	1.8125

Currencies

BOC Close	Today	Previous
Canadian $	0.79018	0.78293
US $	1.2655	1.2773
Euro Rate 1 Euro=		Inverse
Canadian $	1.4854	0.67324
US $	1.1737	0.85196

Commodities

Gold	Close	Previous
London Gold Fix	1773.40	1774.45
Oil
WTI Crude Future	73.45	72.33

Market Commentary:
On this day in 1998, Wall Street’s top investment banks, encouraged by the Federal Reserve, completed marathon negotiations for a $3.65 billion bailout of the giant hedge fund Long-Term Capital Management, which lost nearly $2 billion in a single month when the mathematical models designed by two Nobel laureates failed.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 60.44 to 20,461.93 in Toronto.
Energy stocks jumped with oil. Financials also rose, with Royal Bank of Canada contributing the most to the index gain, increasing 1.4%. BlackBerry Ltd. had the largest increase, rising 11%.
Today, 107 of 235 shares rose, while 126 fell; 7 of 11 sectors were higher, led by financials stocks.
Brent crude futures settled at the highest level in almost  three years as supplies shrink at a time when a global energy crunch makes it increasingly likely oil will be tapped for power generation.
Insights
* This year, the index rose 17 percent, heading for the best year since 2019
* This quarter, the index rose 1.5 percent
* This month, the index fell 0.6 percent, heading for the biggest decline since October 2020
* So far this week, the index was little changed
* The index advanced 29 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 2.1 percent below its 52-week high on Sept. 7, 2021 and 32.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.7 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 8.63 percent compared with 8.59 percent in the previous session and the average of 6.93 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 64.3267| 1.0| 21/7
Energy | 35.9402| 1.4| 20/3
Consumer Discretionary | 4.9193| 0.6| 11/2
Health Care | 3.9006| 1.9| 6/3
Industrials | 2.5032| 0.1| 17/13
Information Technology | 0.8736| 0.0| 7/8
Communication Services | 0.2265| 0.0| 4/3
Real Estate | -2.4878| -0.4| 6/19
Consumer Staples | -4.8582| -0.7| 3/10
Utilities | -11.1801| -1.2| 1/15
Materials | -33.7763| -1.5| 11/43
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Royal Bank of Canada| 17.2000| 1.4| -20.6| 22.5
TD Bank | 12.5100| 1.2| 63.7| 15.7
Canadian Natural | | | |
Resources | 8.9680| 2.5| -47.1| 44.9
Franco-Nevada | -6.2160| -2.7| 26.0| 5.3
Barrick Gold | -6.2900| -2.2| 20.7| -19.7
Wheaton Precious | | | |
Metals | -6.8390| -4.2| 13.8| -6
US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — U.S. stocks rallied for a second day as investors embraced the Federal Reserve’s bullish economic outlook while downplaying the risk of contagion from turmoil in Chinese debt markets.
Yields jumped worldwide after the Bank of England moved closer to raising rates and the dollar weakened.
The S&P 500 registered its biggest two-day gain since July, jumping 2.2%, with the Fed signaling on Wednesday that it’s on track to start scaling back asset purchases this year as the recovery takes hold. Yields climbed globally led by the U.K. market, where the 10-year gilt yield topped 0.90% for the first time since May after the Bank of England opened the door to a 2021 rate increase to contain a surge in inflation.
Treasury yields surged, led by the 30-year, which rose about 12 basis points in the biggest increase in more than a year.
“A hawkish Fed was surprisingly welcomed by equity markets as it was seen as a confirmation of continued strength and ‘substantial progress’ made by the economy in recovering from the COVID shock,” said Anu Gaggar, global investment strategist at Commonwealth Financial Network. “While we are far from the end of QE and near-zero rates, the tide seems to be beginning to change. So far, the market had welcomed bad news as good news, but a market reacting to signs of an economy able to stand on its own without the monetary policy crutches is a refreshing change.”

Even with Thursday’s jump in yields, confidence is building that markets can ride out a pullback in Fed stimulus, unlike 2013 when the so-called taper tantrum triggered large losses in bonds and equities. Investors are betting that the economic and profit recovery will be strong enough to outweigh a reduction in asset purchases, while ultra-low rates will continue to support riskier assets even as concerns linger about contagion from China’s real-estate woes.
“The turbo-charged taper — a little bit of a surprise, it was coming in a relatively short period that they’re planning for this, but the markets are OK with that at the end of the day,” Paul Donovan, UBS’s global chief economist, said during a Bloomberg TV interview.
Meanwhile, the British pound rallied and gilts declined as traders brought forward wagers on a Bank of England rate hike to 0.25% after officials said developments since its August meeting  appear to have strengthened the case for modest tightening.
Stocks briefly pared gains during European market hours after a report that Chinese authorities signaled reluctance to bail out Evergrande, even as Beijing injected more cash into the financial system and regulators instructed the embattled property developer to avoid a near-term default.
Fears of an Evergrande failure have caused a sharp rise in borrowing costs for other junk-rated Chinese developers and cast doubt on the health of some smaller Chinese banks.
Elsewhere, emerging-market stocks climbed for a third day.
Turkey’s lira slumped to record low against the dollar after the central bank unexpectedly cut interest rates.
Oil gained and gold declined, while Bitcoin steadied around $44,000.
Here are key events to watch this week:
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday

Here are the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4:03 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 1.5%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.1740
* The British pound rose 0.7% to $1.3723
* The Japanese yen fell 0.5% to 110.28 per dollar
Bonds
* The yield on 10-year Treasuries advanced 12 basis points to 1.42%
* Germany’s 10-year yield advanced seven basis points to -0.26%
* Britain’s 10-year yield advanced 11 basis points to 0.91%
Commodities
* West Texas Intermediate crude rose 1.4% to $73.21 a barrel
* Gold futures fell 1.8% to $1,747.30 an ounce
–With assistance from Elizabeth Stanton and Edward Bolingbroke.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Divide each difficulty into as many parts as is feasible and necessary to resolve it. –Rene Descartes, 1596-1650.

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: Autumn Equinox today.
If you’ve patiently waited to break out the decorations and the pumpkin spice, now’s your time. It’s the first day of fall in the Northern Hemisphere!
The autumn equinox arrives today, and we’re in the stretch when the curtains of darkness are closing at their most rapid pace of the year. But take heart: As our days grow shorter, celestial delights are coming into sharp focus, and bird-watchers will find plenty to see, too.

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

To fight a blue catfish invasion, fishermen are doing something shocking. (They’re shocking them.) (h/t Judy Lowery)

Humanity is early in the universe. So will we be the grabby aliens?
 
Number in the News:
11,013
Feet above sea level, the height of Mount Etna, Europe’s tallest volcano.  Just six months ago, the summit was 100 feet shorter, but 50 eruptions since February have increased the height of the Sicilian mountain. -Live Science.

PHOTOS OF THE DAY

Members of The Druid Order perform at ceremony to celebrate the autumn equinox on Primrose Hill in London
CREDIT: NEIL HALL/EPA-EFE/SHUTTERSTOCK

“Bamboo Basket Seller” The image recived a merit award in the AAP Magazine #20 TRAVELS photographic competition. The most well-known of Tat Vien village, Hung Yen province – the North of Vietnam, was the bamboo basket for fishing, it was a simple tool made by bamboo, rhombus and flexible so that the farmer could lay it under stream to catch the small fish
CREDIT: HOANG LONG LY

Incredible pictures show a snowy owl posing for the camera mid-flight. The owl can be seen majestically gliding over the snow with its piercing yellow eyes directly focused on the camera.These breath-taking snaps were taken in Ontario, Canada, by photographer and retired family physician, Gail Bisson, of Cape Breton, Canada. Gail said: “It took about 30 minutes to get to a respectful photographable distance from the owl
CREDIT: GAIL BISSON/CATERS NEWS
Market Closes for September 22^nd, 2021

Market Index	Close	Change
Dow Jones	34258.32	+338.48
		+1.00%
S&P 500	4395.64	+41.45
		+0.95%
NASDAQ	14896.85	+150.45 +1.02%
TSX	20401.49	+157.20
		+0.78%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29639.40	-200.31
		-0.67%
HANG SENG	24221.54	+122.40
		+0.51%
SENSEX	58927.33	-77.94
		-0.13%
FTSE 100*	7083.37	+102.39 +1.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.213	1.227
CND. 30 Year Bond	1.754	1.783
U.S.    10 Year Bond	1.3040	1.3243
U.S. 30 Year Bond	1.8125	1.8558

Currencies

BOC Close	Today	Previous
Canadian $	0.78293	0.78049
US $	1.2773	1.2812
Euro Rate 1 Euro=		Inverse
Canadian $	1.4931	0.66977
US $	1.1690	0.85546

Commodities

Gold	Close	Previous
London Gold Fix	1774.45	1757.75
Oil
WTI Crude Future	72.33	70.56

Market Commentary:
On this day in 1985, finance ministers and central bankers of the U.S., France, Germany, Japan and the U.K. announced measures to reduce the value of the U.S. dollar, which was near all-time highs. The “Plaza Accord” worked, as the dollar began a decade-long decline, spurring U.S. exports and creating a windfall for U.S. investors in foreign stocks.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8%, or 157.2 to 20,401.49 in Toronto.
The move was the biggest gain since July 21.
Gainers included cannabis, energy, and tech stocks.
Oil advanced after U.S. crude inventories slid to the lowest since October 2018 amid a global energy crunch expected to increase demand. 
Insights
* This year, the index rose 17 percent, heading for the best year since 2019
* This quarter, the index rose 1.2 percent
* This month, the index fell 0.9 percent, heading for the biggest decline since October 2020
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on Sept. 7, 2021 and 32.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.4 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 19.4 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility rose to 8.59 percent compared with 8.28 percent in the previous session and the average of 6.85 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 46.8183| 0.7| 24/4
Energy | 43.6348| 1.8| 21/2
Information Technology | 27.9016| 1.1| 11/4
Materials | 11.4377| 0.5| 29/20
Consumer Discretionary | 10.9137| 1.4| 13/0
Real Estate | 5.4236| 0.8| 20/5
Utilities | 4.5103| 0.5| 9/7
Industrials | 4.4177| 0.2| 21/8
Health Care | 3.8078| 1.8| 8/1
Communication Services | -0.3042| 0.0| 4/3
Consumer Staples | -1.3640| -0.2| 6/7
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 22.4100| 1.6| -21.1| 30.2
Canadian Natural | | | |
Resources | 13.2500| 3.9| 10.2| 41.4
Brookfield Asset | | | |
Management | 12.6500| 1.8| -21.4| 35.9
Couche-Tard | -3.0040| -1.1| -53.0| 12.3
Canadian National | -3.8900| -0.6| -59.2| 4.8
Franco-Nevada | -5.8580| -2.5| -3.9| 8.2
US
By Elaine Chen and Vildana Hajric
(Bloomberg) — Stocks closed higher and the Treasury yield curve flattened after Federal Reserve officials signaled they would probably begin tapering their bond-buying program soon.
The dollar strengthened versus its major peers, while oil gained.
The S&P 500 had jumped earlier, rising for the for the first time in five trading sessions, as concerns about China Evergrande Group’s debt woes eased.
The benchmark index rose 1%, the biggest-one day increase since July.
Shorter-maturity Treasury notes fell while longer-maturity debt edged higher, flattening the yield curve, after revisions to Fed’s dot-plot forecasts for fed funds target showed a 2022 median of 0.25%, up from 0.125% prior, while 2023 rate forecasts were also dragged higher.
“If you take a step back, the Fed’s stance is still accommodative and it’s reasonable for the Fed to want to return to a state of normalcy if the economy is as robust as the data suggests,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial. “And given the recent volatility, it’s likely that investors are viewing the taper projection and potential 2022 rate hikes as a vote of confidence that the recovery is on track.”
If progress toward the Fed’s employment and inflation goals “continues broadly as expected, the committee judges that a moderation in the pace of asset purchases may soon be warranted,” the U.S. central bank’s policy-setting Federal Open Market Committee said Wednesday in a statement following a two-day meeting.
Fed Chair Jerome Powell said during a press conference that tapering could end around mid-2022 and that most on the committee favor a gradual pace. That could mean the Fed makes an announcement in November, potentially creating an eight-month taper process.
Earlier, basic resources and energy were among the leading gainers in the Stoxx Europe 600 index as commodity prices steadied after Beijing moved to contain fears of a spiraling debt crisis at Evergrande that could ravage demand from the property sector.
China avoided a major selloff as trading resumed following a holiday, after the country’s central bank boosted its injection of short-term cash into the financial system.
The Fed’s timeline for tapering stimulus and any shifts in expectations for interest-rate increases are key for investors, who have grown used to central-bank stimulus supporting asset prices.
The revision follows a period of market volatility stoked by Evergrande’s woes.
China’s wider property-sector curbs are also feeding into concerns about a slowdown in the economic recovery from the pandemic.
“What markets are relieved by was that given the events of this week in terms of China, Evergrande, the debt ceiling dysfunction, some of the growth slowdown,” said Michael Arone, chief investment strategist at State Street Global Advisors’ U.S. SPDR business. “Some of what we’ve been seeing in markets, I think the risk was that the Fed would announce tapering and a timeline today. I think that would have been an unexpected surprise that would have created some volatility and some negative reaction by investors, and that didn’t happen, and so investors are happy.”
Elsewhere, Governing Council member Madis Muller said the European Central Bank may boost its regular asset purchases once the pandemic-era emergency stimulus comes to an end.
In Japan, the central bank left its main monetary policy settings unchanged.
Markets in South Korea and Hong Kong were closed for a holiday.    
Here are key events to watch this week:
* Bank of England rate decision, Thursday
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday
Some of the main moves in markets: 
Stocks
* The S&P 500 rose 1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1694
* The British pound fell 0.3% to $1.3620
* The Japanese yen fell 0.5% to 109.79 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.30%
* Germany’s 10-year yield was little changed at -0.32%
* Britain’s 10-year yield was little changed at 0.80%
Commodities
* West Texas Intermediate crude rose 2.1% to $71.97 a barrel
* Gold futures fell 0.6% to $1,767.60 an ounce
–With assistance from Kamaron Leach.
Have a nice evening.

Be magnificent!

As ever,

Carolann

Don’t mind anything anyone tells you about anyone else.  Judge everyone and everything for yourself.  -Henry James, 1843-1916.

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:
46 BC Julius Caesar celebrates first of four triumphal processions in Rome – over Gaul, Egypt, Pontus and Africa with leader of the Gauls Vercingetorix led in chains. Go to article »

New gravitational wave detector picks up possible signals from the beginning of time. 

This 23-year-old woman has been to every country in the world. (h/t Scott Kominers)

Number in the News:
  62.8 TRILLION
Digits of pi calculation by a team of Swiss researchers and their supercomputer.  The previous record calculated 50 trillion figures.
PHOTOS OF THE DAY

A lightning bolt is seen over the Black Sea off the resort village of Dagomys, Lazarevsky Distric

The full moon, also known as the harvest moon, rises above Birmingham, at sunset
CREDIT: JACOB KING/PA WIRE

The windy fire burns along a ridge in Sequoia National Forest, California
CREDIT: AP PHOTO/NOAH BERGER

Thousands of birds including knot and oystercatcher, congregate and perform spectacular murmurations at Snettisham, Norfolk. This spectacular happens when a high tide forces the birds from their feeding ground on The Wash, further up the beach and onto the shingle, before the tide recedes and they can feed on the mudflats again
CREDIT: PAUL MARRIOTT
Market Closes for September 21^st, 2021

Market Index	Close	Change
Dow Jones	33919.84	-50.63
		-0.15%
S&P 500	4354.19	-3.54
		-0.08%
NASDAQ	14746.40	+32.50 +0.22%
TSX	20244.29	+89.75
		+0.45%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29839.71	-660.34
		-2.16%
HANG SENG	24221.54	+122.40
		+0.51%
SENSEX	59005.27	+514.34
		+0.88%
FTSE 100*	6980.98	+77.07 +1.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.227	1.224
CND. 30 Year Bond	1.783	1.764
U.S.    10 Year Bond	1.3243	1.3107
U.S. 30 Year Bond	1.8558	1.8471

Currencies

BOC Close	Today	Previous
Canadian $	0.78049	0.77973
US $	1.2812	1.2825
Euro Rate 1 Euro=		Inverse
Canadian $	1.5025	0.66557
US $	1.1727	0.85273

Commodities

Gold	Close	Previous
London Gold Fix	1757.75	1755.95
Oil
WTI Crude Future	70.56	70.29

Market Commentary:
On this day in 1931, U.S. stocks tumbled a day after the Bank of England abandoned the gold standard.  The Dow Jones Industrial Average fell 6.2% to an intraday low of 104.79, and the New York Stock Exchange authorities debated closing the market.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 20,244.29 in Toronto.
The move follows the previous session’s decrease of 1.6%
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 4.0%.
Bausch Health Cos. had the largest increase, rising 8.1%.
Today, 149 of 235 shares rose, while 82 fell; all sectors were higher, led by energy stocks.
Gold advanced as the dollar edged lower and investors weighed the potential for spillover effects from the debt crisis at developer China Evergrande Group, bolstering demand for haven assets.
Oil also gained with supply constraints in focus.
Prime Minister Justin Trudeau won a third term in Canada’s snap election though fell short of regaining the majority he was seeking, forcing him to rely on smaller parties in another fragmented parliament.
Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* This quarter, the index rose 0.4 percent
* This month, the index fell 1.6 percent, heading for the biggest decline since October 2020
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 3.1 percent below its 52-week high on Sept. 7, 2021 and 31.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.5 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 19.3 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 8.28 percent compared with 8.21 percent in the previous session and the average of 6.77 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 20.8428| 0.8| 17/6
Financials | 19.9846| 0.3| 12/16
Industrials | 8.3279| 0.4| 20/9
Communication Services | 7.3904| 0.7| 6/1
Information Technology | 7.3655| 0.3| 9/6
Consumer Staples | 7.1488| 1.0| 9/4
Health Care | 5.6123| 2.8| 5/3
Real Estate | 4.9965| 0.8| 24/1
Utilities | 4.6065| 0.5| 14/2
Consumer Discretionary | 2.5804| 0.3| 7/6
Materials | 0.8818| 0.0| 26/28
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Asset | | | |
Management | 27.1100| 4.0| 13.1| 33.5
Enbridge | 7.1650| 1.0| -13.3| 23.5
Canadian National | 6.7660| 1.1| -49.5| 5.5
Teck Resources | -3.1410| -3.2| -10.7| 28.7
Royal Bank of | | | |
Canada | -3.9530| -0.3| -25.9| 19.8
Canadian Pacific | -5.2260| -1.4| -16.7| -6.2
US
By Kamaron Leach and Elaine Chen
(Bloomberg) — U.S. stocks fell in the final minutes of trading a day after registering the biggest slide in four months as traders assessed risks from China’s crackdown on the real-estate sector and this week’s Federal Reserve meeting.
The S&P 500 had whipsawed investors through the session after opening broadly higher, which had initially suggested some improvement in sentiment after concerns about fallout from China
Evergrande Group’s debt woes roiled global markets Monday.
The industrial, communication services and utilities sectored weighed on the benchmark index. Disney slumped the most since May after the company forecast slower subscriber growth.
“Investors remain on the edge of their seats as they await tomorrow’s update from the Fed as well as details around if and how the Chinese government will respond to the Evergrande crisis,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors.
The Stoxx Europe 600 index climbed about 1%, rebounding from the biggest slump in two months.
Aside from worries over Evergrande’s ability to make good on $300 billion of liabilities, investors are also positioning for the two-day Fed meeting that started Tuesday, where policy makers are expected to start laying the groundwork for paring stimulus.
Treasury yields were mostly flat and the dollar was little changed. “We have the virus that’s kicked in again as a concern,” said John A. Carey, a money manager at Pioneer Investment Management Inc. “And then there’s the situation in Washington with the still uncertain outlook for various tax and spending plans, and so it’s hard for people to know which way to go.”
A Hong Kong gauge of real-estate firms steadied, after developers disputed a report of pressure from the Chinese government.
Evergrande slid deeper in equity and credit markets.
Concerns remain about broader contagion after S&P Global Ratings said the developer is on the brink of default.
China’s markets reopen on Wednesday after holidays.
Elsewhere, Bitcoin slid for a third day in volatile trading, tumbling as much as 7.6% before trading around $42,000. Oil finished higher after a two-day slide, while iron ore futures took a breather following Monday’s rout, though stayed below $100 a ton on China’s steel output curbs.

Here are key events to watch this week:
* Bank of Japan rate decision, Wednesday
* Federal Reserve rate decision, Wednesday
* Bank of England rate decision, Thursday
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:08 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1725
* The British pound was little changed at $1.3660
* The Japanese yen rose 0.2% to 109.21 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.32%
* Germany’s 10-year yield was little changed at -0.32%
* Britain’s 10-year yield advanced one basis point to 0.81%
Commodities
* West Texas Intermediate crude rose 0.4% to $70.56 a barrel
* Gold futures rose 0.7% to $1,775.50 an ounce
Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

There is no more important lesson to be learned or habit to be formed than that of right judgement and of delighting in good characters and noble actions. -Aristotle, 384 BC-322 BC.

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: Full harvest moon tonight.
Canada goes to the polls.

1873 Panic swept the New York Stock Exchange in the wake of railroad bond defaults and bank failures. Go to article »

Something big just hit Jupiter.

Something big hit a Middle Eastern city 3,600 years ago, possibly inspiring the story of Sodom.

French slackliner crosses the Seine from the Eiffel Tower in breathtaking stunt.  Slacklining is like tightrope walking, except the line isn’t pulled taut. Why would anyone do that, you ask? It is a mystery. 

The Netherlands, the world’s tallest nation, is getting shorter.  “Hey, fun fact, did you know The Netherlands is the world’s tallest nation?” — all of us, today, to anyone who will listen.
PHOTOS OF THE DAY

The Harvest Moon sets behind the Statue of Liberty before sunrise in New York City.
CREDIT: FROM TELEGRAPH, SEPTEMBER 20, 2021

An auction house employee poses for photographers with a painting entitled ‘La Jeunesse’ by French artist Emile Munier during a photocall for the 19th Century and British Impressionist art sale at Bonhams in London, Britain.
CREDIT: FACUNDO ARRIZABALAGA/EPA-EFE/SHUTTERSTOCK

A contestant holds four Pomeranians during the FCI-CACIB Zakarpattia 2021 International Dog Show at the Avanhard Stadium, Uzhhorod, Zakarpattia Region, western Ukraine. 
CREDIT: UKRINFORM/SHUTTERSTOCK
Florist Judith Blacklock puts the finishing touches on a floral carousel installation in Halkin Arcade designed by florists Neill Strain and Judith Blacklock for the Belgravia in Bloom festival, running from September 20-26, London, UK.
CREDIT: JOHN NGUYEN/ PA WIRE
Market Closes for September 20^th, 2021

Market Index	Close	Change
Dow Jones	33970.47	-614.41
		-1.78%
S&P 500	4357.73	-75.26
		-1.70%
NASDAQ	14713.90	-330.07 -2.19%
TSX	20154.54	-335.82
		-1.64%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30500.05	+176.71
		+0.58%
HANG SENG	24099.14	-821.62
		-3.30%
SENSEX	58490.93	-524.96
		-0.89%
FTSE 100*	6903.91	-59.73 -0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.224	1.288
CND. 30 Year Bond	1.764	1.818
U.S.    10 Year Bond	1.3107	1.3633
U.S. 30 Year Bond	1.8471	1.9017

Currencies

BOC Close	Today	Previous
Canadian $	0.77973	0.7830
US $	1.2825	1.2771
Euro Rate 1 Euro=		Inverse
Canadian $	1.5040	0.66489
US $	1.1727	0.85274

Commodities

Gold	Close	Previous
London Gold Fix	1755.95	1747.95
Oil
WTI Crude Future	70.29	71.97

Market Commentary:
On this date in 1929, the most famous banker in the U.S., Charles E. Mitchell of National City Bank, stated as he boarded a transatlantic cruise liner: “There is nothing to worry about in the financial situation in the United States.” Less than five weeks later, the Crash of 1929 ushered in the Great Depression.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 1.6%, or 335.82 to 20,154.54 in Toronto.
     The move was the biggest since falling 1.8% on Jan. 29.
Today, financials stocks led the market lower, as all sectors lost; 200 of 235 shares fell, while 34 rose.
     Shopify Inc. contributed the most to the index decline, decreasing 3.2%.
NFI Group Inc. had the largest drop, falling 23.6%.
Canadian Prime Minister Justin Trudeau appears set to retain power in a close election Monday, but may fall short of regaining the parliamentary majority he’s been coveting.
Gold advanced as fears of a spillover from debt woes of Asian real estate developer China Evergrande Group stoked demand for havens, outweighing concerns that the Federal Reserve’s reduction in stimulus could come soon.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it advanced after all four occasions
* This year, the index rose 16%, heading for the best year since 2019
* This quarter, the index was little changed, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 2.1%, heading for the biggest decline since October 2020
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on Sept. 7, 2021 and 30.7% above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 2.5% in the past 5 days and fell 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 8.21% compared with 6.56% in the previous session and the average of 6.76% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -112.8961| -1.8| 1/27
Energy | -63.5696| -2.5| 0/23
Information Technology| -55.4132| -2.2| 4/11
Industrials | -42.9231| -1.8| 3/26
Materials | -17.7064| -0.8| 10/45
Consumer Discretionary| -10.4044| -1.4| 3/11
Health Care | -10.3254| -4.9| 1/8
Real Estate | -9.5436| -1.5| 2/23
Consumer Staples | -5.5221| -0.7| 1/12
Communication Services| -4.6533| -0.5| 1/6
Utilities | -2.8624| -0.3| 8/8
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -46.6800| -3.2| 38.0| 27.7
Royal Bank of Canada | -19.0700| -1.5| 35.5| 20.2
Brookfield Asset | | | |
Management | -18.3100| -2.6| -8.0| 28.4
Constellation | | | |
Software | 2.0330| 0.7| 8.6| 32.9
Franco-Nevada | 2.9560| 1.3| -8.4| 10.0
Barrick Gold | 5.7970| 2.0| 8.2| -16.7
US
By Kamaron Leach and Peyton Forte
(Bloomberg) — U.S. stocks fell the most in about four months amid a global rout sparked by investor angst over China’s real-estate sector and Federal Reserve tapering.
The S&P 500 pared losses in the last hour of trading to 1.7% as traders emerged to buy the dip again after the benchmark bounced off closely watched moving averages.
     The index was down as much as 2.9% at one point, the biggest slide since October 2020. Treasuries gained along with the dollar before Wednesday’s Fed meeting, where policy makers are expected to start laying the groundwork for paring stimulus. “If the market is ripe for a correction, ‘tis the season for one,” said Anne Wickland, Portfolio Manager at Easterly Investment Partners LLC. “Most selloffs seem to occur at the end of the third quarter, beginning of the fourth as investors start to adjust future expectations.”
The S&P  500’s drop was an opportunity to buy stocks as the global economic recovery is poised to pick up momentum, according to JPMorgan Chase & Co. strategists led by Marko Kolanovic.
The Stoxx Europe 600 index dropped 1.7% to a two-month low.
Raw materials led the broad-based retreat as iron ore extended a slump below $100 a ton and base metals declined after China stepped up restrictions on industrial activity.
Hong Kong shares slumped amid the biggest selloff in property stocks in more than a year as traders tracked the risk of contagion from the debt crisis at developer China Evergrande Group, which is fueling new fears about China’s growth path. “China is not investable, not at this point — even on a government level because you just really don’t know what protection you’re going to have or what the currency is going to do,” Ed Yardeni, president of Yardeni Research, said in an interview on Bloomberg TV.
Aside from Evergrande and the prospect of reduced Fed stimulus, financial markets also face risks from uncertainty over the outlook for President Joe Biden’s $4 trillion economic agenda as well as the need to raise or suspend the U.S. debt ceiling.
     Investors were already fretting over a slowing global recovery from the pandemic and inflation stoked by commodity prices.
Treasury Secretary Janet Yellen said the U.S. government will run out of money to pay its bills sometime in October without action on the debt ceiling, warning of “economic catastrophe” unless lawmakers take the necessary steps.
Meanwhile, Bitcoin briefly fell below $43,000.
     WTI crude oil extended a drop toward $70 a barrel.
Here are key events to watch this week:
* Bank of Japan rate decision, Wednesday
* Federal Reserve rate decision, Wednesday
* Bank of England rate decision, Thursday
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday
     Some of the main moves in markets:
 Stocks
* The S&P 500 fell 1.7% as of 4:06 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.1728
* The British pound fell 0.6% to $1.3662
* The Japanese yen rose 0.5% to 109.40 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.31%
* Germany’s 10-year yield declined four basis points to -0.32%
* Britain’s 10-year yield declined five basis points to 0.79%
Commodities
* West Texas Intermediate crude fell 1.6% to $70.81 a barrel
* Gold futures rose 0.8% to $1,765.50 an ounce
–With assistance from Vildana Hajric and Lu Wang.
Have a great night.

Be magnificent!

As ever,

Carolann

In politics stupidity is not a handicap. -Napoleon Bonaparte, 1769-1821.

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.

It’s Hispanic Heritage Month — and yes, it starts in the middle of September and runs to the middle of October. The date structure is a nod to several important dates in Latin American countries.

2001 Wall Street trading resumed for the first time since the Sept. 11 terrorist attacks – its longest shutdown since the Depression; the Dow lost 684.81 points,
its worst one-day point drop to date.  Go to article »

1920-National Football League formed.
1862-Battle of Antietam, 25,000 killed.

Dizzying glass box observatory to open high above New York.  All you acrophobes out there say, “Aaaaaah!”

When did humans start wearing clothes? A discovery in a Moroccan cave sheds some light. you’d ponder in the shower and then think about until the water turned cold. 

A message in a bottle Japanese high school students sent 37 years ago washed up in Hawaii.

How to clean your glasses.

Future Martians could build bricks out of human blood.

PHOTOS OF THE DAY

Elephants gathered at a watering hole underneath the milky way. The pictures show the beautifully illuminated constellation overlooking animals in stunning clarity at the Antares Bush Camp in South Africa’s Greater Kruger
CREDIT: @THESAFARIEXPERT /CATERS NEW

A lizard looks very chilled out as it enjoys a spot of sunbathing. The cold blooded Forest Chameleon was pictured in it’s owners back garden in Padang, West Sumatra, Indonesia
CREDIT: YAN HIDAYAT/SOLENT NEWS & PHOTO AGENCY

Members of medieval music group Maranella (left to right) Jed Armstrong with a 1400-1450 Citole, Marilyn Farrington with a medieval harp, Peter Farrington with a Frame Drum, and Elizabeth Armstrong with English Bag Pipes in the grounds of Castle Bolton in North Yorkshire, ahead of performing during Medieval Music in the Dales
CREDIT: DANNY LAWSON/PA WIRE

More than 660,000 white flags carpet the National Mall to commemorate the American lives lost to Covid-19 in Washington DC. The installation, called ‘In America: Remember’ is the work of artist Suzanne Brennan Firstenberg. It officially opens to the public on 17 September
CREDIT: JIM LO SCALZO/EPE-EFE/SHUTTERSTOCK

Market Closes for September 17^th, 2021

Market Index	Close	Change
Dow Jones	34584.88	-166.44
		-0.48%
S&P 500	4432.99	-40.76
		-0.91%
NASDAQ	15043.97	-137.95 -0.91%
TSX	20490.36	-111.74
		-0.54%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30500.05	+176.71
		+0.58%
HANG SENG	24920.76	+252.91
		+1.03%
SENSEX	59015.89	-125.27
		-0.21%
FTSE 100*	6963.64	-63.84 -0.91%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.288	1.235
CND. 30 Year Bond	1.818	1.775
U.S.    10 Year Bond	1.3633	1.3344
U.S. 30 Year Bond	1.9017	1.8800

Currencies

BOC Close	Today	Previous
Canadian $	0.7830	0.78849
US $	1.2771	1.2682
Euro Rate 1 Euro=		Inverse
Canadian $	1.7535	0.5702
US $	1.3730	0.7283

Commodities

Gold	Close	Previous
London Gold Fix	1747.95	1796.95
Oil
WTI Crude Future	71.97	72.61

Market Commentary:
     On this day in 1998, stock markets took a world-wide pounding after Federal Reserve Chairman Alan Greenspan told Congress that there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell for a second week as materials shares dipped on commodity headwinds.  The S&P/TSX Composite fell for the second day, dropping 0.5%, or 111.74 to 20,490.36 in Toronto. The index dropped to the lowest closing level since Aug. 23. Today, financials stocks led the market lower, as 8 of 11 sectors lost; 147 of 229 shares fell, while 75 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.5%. NexGen Energy Ltd. had the largest drop, falling 9.3%. Justin Trudeau and his Conservative rival are nearly tied heading into the final weekend of Canada’s election campaign, leaving the prime minister with decent odds of holding on to power. 
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 1.6 percent
* So far this week, the index fell 0.7 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 1.9 percent below its 52-week high on Sept. 7, 2021 and 32.9 percent above its low on Oct. 30, 2020 * S&P/TSX Composite is trading at a price-to earnings ratio of 19.3 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility rose to 6.56 percent compared with 6.49 percent in the previous session and the average of 6.97 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -65.9451| -1.0| 5/23
* Energy | -31.3887| -1.2| 2/21
* Materials | -16.7726| -0.7| 23/28
* Consumer Staples | -13.6137| -1.8| 5/8
* Communication Services | -2.6607| -0.3| 1/6
* Utilities | -2.6374| -0.3| 4/10
* Real Estate | -1.5483| -0.2| 10/15
* Consumer Discretionary | -0.9904| -0.1| 6/5
* Health Care | 0.4743| 0.2| 7/2
* Industrials | 8.5397| 0.3| 9/20
* Information Technology | 14.7895| 0.6| 3/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of | | | |
* Canada | -18.9700| -1.5| 289.3| 22.1
* Canadian Natural | | | |
* Resources | -10.9900| -3.0| 36.8| 39.0
* Brookfield Asset | | | |
* Management | -10.4200| -1.5| 651.4| 31.9
* Ballard Power | | | |
* Systems | 1.6830| 5.2| 81.3| -32.2
* Canadian National | 17.1500| 2.4| 638.1| 7.4
* Shopify | 19.6200| 1.3| 347.2| 31.9

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — U.S. stocks fell the most in a month and bond yields rose as investors evaluated the resilience of the global recovery amid concerns about the delta virus strain and risks from China. The 0.9% drop in the S&P 500 came amid the quarterly expiration of options and futures on Friday, which can trigger volatility. The materials, utilities and technology sectors pushed the benchmark index into the red for a second day, erasing gains from earlier in the week. The index dipped below its 50-day moving average, a key technical level that has provided support during previous market selloffs this year. The tech-heavy Nasdaq 100 slumped 1.2%, the biggest drop since May. Casinos extended declines amid tightening restrictions in Macau, while miners led a drop in Europe’s Stoxx 600 Index as iron ore slumped toward $100 a ton. “September is starting off in typical fashion, with stocks struggling to maintain optimism in the face of a likely pending shift in Fed policy, slower growth and uncomfortably high inflation,” Bloomberg Intelligence’s Gina Martin Adams wrote in a note.
The University of Michigan’s preliminary sentiment index showed U.S. consumer sentiment rose slightly in early September but remained close to a near-decade low, while buying conditions deteriorated to their worst since 1980 because of high prices. Asian equities were mixed amid the debt crisis at China Evergrande Group and a short-term cash injection by the central bank to help soothe nerves. “We’re not necessarily in a period of a lot of negative catalysts, we’re in a period of a lack of positive catalysts,” said Randy Frederick, managing director of trading and derivatives with the Schwab Center for Financial Research. “And we may not get a huge amount of upside momentum until we get something positive like potentially earnings, which is still a couple of weeks out.” Global equities posted a second weekly drop, restrained by the impact of the delta variant on economic reopening, the implications of elevated inflation and the upheavals in China. The Federal Reserve will probably hint at its meeting next week that it’s moving toward scaling back monthly asset purchases and make a formal announcement in November, according a Bloomberg survey of economists.
Meanwhile, European Central Bank Governing Council member Martins Kazaks said in a Bloomberg interview that the euro area’s inflation outlook may turn out higher than currently anticipated if the coronavirus doesn’t inflict any further shocks. Oil slipped, while gold advanced. An index of commodity prices dipped, but remains in sight of a record hit in 2011, underscoring the inflation concerns rippling across the world economy.  
Some of the main moves in markets: 
Stocks
* The S&P 500 fell 0.9% as of 4:05 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.1730
* The British pound fell 0.4% to $1.3737
* The Japanese yen fell 0.2% to 109.95 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.37%
* Germany’s 10-year yield advanced two basis points to -0.28%
* Britain’s 10-year yield advanced three basis points to 0.85%
Commodities
* West Texas Intermediate crude fell 0.9% to $71.98 a barrel
* Gold futures fell 0.3% to $1,752.10 an ounce
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Among other things, you’ll find that you’re not the first person who was ever confused and frightened and even sickened by human behavior.  You’re by no means alone on that score, you’ll be excited and stimulated to know.  Many, many men have been just as troubled morally and spiritually as you are right now.  Happily, some of them kept records of their troubles.  You’ll learn from them – if you want to.  Just as someday, if you have something to offer, someone will learn something from you.  It’s a beautiful reciprocal arrangement.  And it isn’t education.  It’s history.  It’s poetry. – J.D. Salinger 1919-2010, The Catcher in the Rye.

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