Month: September 2021

Dear Friends,

Tangents:  It is Yom Kippur, the Day of Atonement. The Jewish holy day began last night at sundown and is considered the most important and sacred of Jewish religious holidays.

September 16, 1620: Mayflower Day – Pilgrims deported from England.

September 16, 1630: The Massachusetts village of Shawmut changed its name to Boston.  Go to article »

1810-Mexican Independence Day

The best new restaurants in London, as chosen by top chefs.

Rivian beats Tesla, GM and Ford to build the first electric pickup truck.  For when you want to be environmentally responsible but still have to haul a few loads to the dump.

RuPaul has a new namesake: A rainbow-colored fly.  And it’s fabulous, baby!

Meghan and Harry are named ‘icons’ in Time’s list of 100 most influential people.  We’re going to need a new word for “power couple.”

The Crystal Cabin Awards recognize the airplane interior designs of the future.  See, a future with more legroom is possible!

You’ll be eating algae soon.
PHOTOS OF THE DAY

A SpaceX Falcon 9 rocket, with four private citizens onboard, lifts off in this time-exposure photo from Kennedy Space Center’s Launch Pad 39-A
CREDIT: AP PHOTO/JOHN RAOUX

Corfe Castle captured in a stunning misty sunrise
CREDIT: RACHELBAKER/BNPS

Ocean Photographer of the Year winner Aimee Jan. A green turtle, surrounded by glass fish. “I was out snorkelling when one of my colleagues told me there was a turtle under a ledge in a school of glass fish, about 10 metres down,” says photographer Aimee Jan. “When I dived down to look, the fish separated around the turtle perfectly. I said to her: ‘I think I just took the best photo I have ever taken’.” Ningaloo Reef, Western Australia
CREDIT: AIMEE JAN

Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al-Nahyan inspects the Grenadier Guards in London
CREDIT: REUTERS/HANNAH MCKAY
Market Closes for September 16^th, 2021

 

Market Index	Close	Change
Dow Jones	34751.32	-63.07
		-0.18%
S&P 500	4473.75	-6.95
		-0.16%
NASDAQ	15181.93	+20.40 +0.13%
TSX	20602.10	-91.69
		-0.44%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30323.34	-188.37
		-0.62%
HANG SENG	24667.85	-365.36
		-1.46%
SENSEX	59141.16	+417.96
		+0.71%
FTSE 100*	7027.48	+10.99 +0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.235	1.220
CND. 30 Year Bond	1.775	1.770
U.S.    10 Year Bond	1.3344	1.3022
U.S. 30 Year Bond	1.8800	1.8626

Currencies

BOC Close	Today	Previous
Canadian $	0.78849	0.79204
US $	1.2682	1.2626
Euro Rate 1 Euro=		Inverse
Canadian $	1.4926	0.66997
US $	1.1769	0.84969

Commodities

Gold	Close	Previous
London Gold Fix	1796.95	1792.75
Oil
WTI Crude Future	72.61	72.61

Market Commentary:
On this date in 1777, the merchant banker Nathan Mayer Rothschild was born in a decrepit, eight-foot-wide house in the Judengasse ghetto of Frankfurt, Germany, to Mayer Amschel Rothschild, a mail-order antique dealer, and Gutle Schnapper Rothschild.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 20,602.10 in Toronto.
     The move follows the previous session’s increase of 0.7%.
Silver tumbled to the lowest since December as signs of a robust economic recovery spurred speculation that policy makers could soon reduce stimulus.
     Gold dropped to the lowest in more than a month.
Today, materials stocks led the market lower, as 7 of 11 sectors lost; 140 of 229 shares fell, while 84 rose.
     Barrick Gold Corp. contributed the most to the index decline, decreasing 4.0%. Endeavour Silver Corp. had the largest drop, falling 6.6%.
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 2.2 percent
* So far this week, the index was little changed
* 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 1.4 percent below its 52-week high on Sept. 7, 2021 and 33.6 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 0.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.5 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$3.26t
* 30-day price volatility rose to 6.49 percent compared with 6.33 percent in the previous session and the average of 7.07 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -70.2601| -3.0| 5/49
Energy | -14.6445| -0.6| 5/17
Industrials | -12.6513| -0.5| 13/16
Consumer Discretionary | -10.7689| -1.4| 4/8
Utilities | -3.7423| -0.4| 3/11
Consumer Staples | -2.2164| -0.3| 7/6
Health Care | -1.2096| -0.6| 3/5
Real Estate | 0.3139| 0.0| 14/11
Communication Services | 1.2542| 0.1| 4/3
Information Technology | 10.0585| 0.4| 7/5
Financials | 12.1827| 0.2| 19/9
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Barrick Gold | -12.1500| -4.0| 99.2| -18.1
Wheaton Precious | | | |
Metals | -9.8180| -5.6| 61.9| -0.7
Magna International | -9.1220| -4.7| 33.9| 7.3
Nuvei | 4.0450| 6.6| 45.2| 125.0
TD Bank | 5.5830| 0.5| -17.7| 15.3
Shopify | 6.9860| 0.5| -27.3| 30.1
US
By Vildana Hajric
(Bloomberg) — U.S. stocks closed mostly lower after swinging between gains and losses ahead of tomorrow’s expiration of options and futures, a quarterly event that usually brings increased volume and volatility.
     Treasury yields rose for a second day and the dollar strengthened.
The materials and energy sectors lead the S&P 500 lower a day after the index posted its biggest gain since August on Wednesday.
     The equity market benchmark is down about 1% this month amid lingering concern about a broader pullback in the wake of a string of record gains.
     The Nasdaq Composite finished in positive territory for a second day following a five-session slide.
“After seven months of gains, equity markets have been choppier mid-way through September,” said Keith Lerner, chief market strategist at Truist Advisory Services.
     “This is actually quite normal from a historical seasonal standpoint, though the ongoing carousel of concerns continues.”  Markets fluctuated as investors weighed the impact of mixed economic data on the Federal Reserve’s plans to taper stimulus. Fed policy makers meet next week.
Retail sales unexpectedly increase in August, suggesting that demand for goods remains strong.
     A separate report showed weekly jobless claims increased.
“It remains to be seen if this will reverse the slight downward trend we’ve seen in the market these past few weeks,”  said Mike Loewengart, managing director of investment strategy at E*Trade Financial.
Meanwhile, casino stocks with operations in Macau extended drops amid the government’s tightening grip on the gambling hub.
Travel and leisure companies led gains in Europe’s Stoxx 600 Index as Ryanair Holdings Plc lifted its growth target.
Investors continue to assess the outlook for economic reopening amid the delta virus strain outbreak and rising costs fueled by higher commodity prices and pandemic-related supply snarls.
     The United Nations said the global economy is expected to undergo its fastest recovery in almost five decades this year, but warned about deepening inequities between advanced and developing nations.
“Investors are really trying to weigh the tug-of-war of concerns between how soon will the Fed taper,” said Art Hogan, chief strategist at National Securities.
Shares fell in Asia, where the debt crisis at China Evergrande Group and Beijing’s latest push to rein in private industries hurt sentiment. Technology stocks slid as China slowed approvals for video games to enforce stricter criteria for content. 
     Some of the main moves in markets: 
Stocks
* The S&P 500 fell 0.2% as of 4:08 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.4% to $1.1767
* The British pound fell 0.3% to $1.3795
* The Japanese yen fell 0.3% to 109.70 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.33%
* Germany’s 10-year yield was little changed at -0.30%
* Britain’s 10-year yield advanced four basis points to 0.82%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 2.3% to $1,754.20 an ounce
–With assistance from Elaine Chen.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Any idiot can face a crisis—it’s this day-to-day living that wears you out. -Anton Chekov, 1860-1904.

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:
Today in history: The first Costco Warehouse opens in 1983 on Fourth Avenue South in Seattle. The first store is a warehouse with a hot dog stand in front. The warehouse concept is pioneered by Price Club in San Diego in 1976; Costco and Price Club merge in 1993. At first, only small businesses can buy at Costco from about 4,000 items at 8 to 9 percent over wholesale prices. Later, Costco expands to include retail customers. The company’s headquarters is in Issaquah. (Compiled from HistoryLink.org)

2001 President George W. Bush identified Osama bin Laden as the prime suspect in the Sept. 11 terrorist attacks, and told Americans to prepare for a long, difficult war against terrorism. Go to article »

1940~Battle of Britain Day
1971~Greenpeace founded.
1890: Agatha Christie, author, b.

SpaceX will launch 4 space tourists on a 3-day trip in space.  The bragging rights will be astronomical. 

Ancient spider caring for her offspring is trapped in 99 million-year-old amber.  With gentle hands and the heart of a fighter, she’s a survivor. 

What lies beneath: Volcanic secrets revealed.
PHOTOS OF THE DAY

Perfection: The little white hut & mountains that surround Buttermere lake in Cumbria reflect in to the still waters this morning in the Lake District
CREDIT: ANDREW MCCAREN/LNP

A fish leaps on the weir of the River Tyne at Hexham in Northumberland as it travels upstream to spawn
CREDIT: OWEN HUMPHREYS/PA WIRE

Mark McCormack (4) plays with work by Irish artist Patrick O’Reilly in Merrion square, Dublin, as the city centre is set to host an outdoor sculpture trail featuring 12 life-size works by the artist. The trail, which has been installed in six locations in the heart of the capital, opens on Culture Night this Friday and continues for two weeks
CREDIT: BRIAN LAWLESS/PA WIRE

A young Afghan girl looks at the camera as she plays outside her house in Kabul, Afghanistan
CREDIT: AP PHOTO/FELIPE DANA
Market Closes for September 15^th, 2021

Market Index	Close	Change
Dow Jones	34814.39	+236.82
		+0.68%
S&P 500	4480.70	+37.65
		+0.85%
NASDAQ	15161.53	+123.77 +0.82%
TSX	20693.79	+140.54
		+0.68%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30511.71	-158.39
		-0.52%
HANG SENG	25033.21	-469.02
		-1.84%
SENSEX	58723.20	+476.11
		+0.82%
FTSE 100*	7016.49	-17.57 -0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.220	1.173
CND. 30 Year Bond	1.770	1.741
U.S.    10 Year Bond	1.3022	1.2836
U.S. 30 Year Bond	1.8626	1.8592

Currencies

BOC Close	Today	Previous
Canadian $	0.79204	0.7879
US $	1.2626	1.2691
Euro Rate 1 Euro=		Inverse
Canadian $	1.4918	0.67035
US $	1.1815	0.84637

Commodities

Gold	Close	Previous
London Gold Fix	1792.75	1793.90
Oil
WTI Crude Future	72.61	70.46

Market Commentary:
On this day in 1890, British investment bank Baring Brothers disclosed that its loans to Argentina and Chile had gone bad and that the firm would go bust unless the Bank of England came to its aid. The BOE assumed £28.5 million of Baring’s liabilities. 
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 20,693.79 in Toronto.
     The move was the biggest daily gain since Aug. 27 and follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain, increasing 1.2%.
     Denison Mines Corp. had the largest increase, rising 8.8%. Today, 138 of 229 shares rose, while 86 fell; 6 of 11 sectors were higher, led by energy stocks.
Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.6 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 1 percent below its 52-week high on Sept. 7, 2021 and 34.2 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.9 percent 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 16.6 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 6.33 percent compared with 6.07 percent in the previous session and the average of 7.10 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 57.8806| 2.3| 21/2
Financials | 38.9466| 0.6| 18/10
Information Technology | 22.5060| 0.9| 10/2
Materials | 17.5537| 0.7| 27/25
Industrials | 13.5457| 0.6| 20/9
Real Estate | 3.3442| 0.5| 16/7
Health Care | -0.4388| -0.2| 4/4
Utilities | -1.8247| -0.2| 9/7
Consumer Discretionary | -2.5436| -0.3| 5/8
Consumer Staples | -2.9551| -0.4| 5/8
Communication Services | -5.4969| -0.5| 3/4
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 17.6800| 1.2| 6.5| 29.5
Suncor Energy | 12.5900| 5.1| 11.8| 16.1
Royal Bank of | | | |
Canada | 11.2200| 0.9| -3.2| 23.9
Intact Financial | -2.4910| -1.4| 27.1| 13.7
Restaurant Brands | -2.5280| -1.4| 400.6| 3.9
Barrick Gold | -3.5950| -1.2| 21.2| -14.6
US
By Vildana Hajric
(Bloomberg) — Stocks rose the most in almost three weeks as the concern that has weighed on investor sentiment about a slowdown in economic growth eased.
     Crude oil jump and bond yields rose.
Energy shares helped push the S&P 500 up 0.9% and into positive territory for only the second time in eight trading sessions.
     The tech-heavy Nasdaq 100 rose for the first time in more than a week.
     Treasuries fell after rallying Tuesday on a lower-than-forecast inflation report, while the dollar weakened against most major peers.
After surging 20% to record highs through the first eight months of the year, the S&P 500 began September on a losing note as concern increased that a pullback in stimulus and the delta variant of the Covid 19 virus risked derailing the recovery from the pandemic.
     The S&P hasn’t closed higher by 1% or more since July 23.
“In this case, investors might be chasing economic breadcrumbs, like Hansel and Gretel,” said Mike Bailey, director of research at FBB Capital Partners.
     “Investors are showing their growing enthusiasm every step of the way as we inch toward a full economic recovery.”
Composite volume across all exchanges surpassed 10 billion shares for the third straight day on Tuesday, the longest streak since mid-June, according to data compiled by Frank Cappelleri at Instinet LLC.
Oil clung to gains after a U.S. government report showing a bigger-than-expected decline in crude stockpiles signaled a rapidly tightening market.
     Global benchmark Brent crude rose above $75 a barrel for the first time since early August, while U.S. crude futures surged as much as 3.6% on Wednesday.
While Tuesday’s U.S. inflation print could be seen as reducing pressure on the Federal Reserve to start pulling back on loose monetary policy, investors remain wary of a range of obstacles.
     These include the impact of the delta virus variant and rising costs on economic reopening, as well as China’s drive to rein in private industries.
“We have tested the 50-day average on the S&P 500. You could argue nine to ten times this year, we never broke it with any conviction,” Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management, said during an interview with Bloomberg TV. “Everybody is worried about where the next 5 to 10% correction comes from. What nobody is thinking about is that the next 10% move could be to the upside.”
Going into the year-end, investors will also have to digest debate around the U.S. debt ceiling, President Joe Biden’s tax package, infrastructure spending and Fed tapering, she added.
Asian stocks dropped after reports showed China’s economy took a knock in August from stringent virus controls and tight curbs on property and as authorities told major lenders to China
Evergrande Group not to expect interest payments due next week on bank loans.
     A debt restructuring could raise the prospect of wider social unrest and contagion in credit markets.
     Here are some events to watch this week:
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.1818
* The British pound rose 0.2% to $1.3844
* The Japanese yen rose 0.3% to 109.36 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.30%
* Germany’s 10-year yield advanced three basis points to -0.31%
* Britain’s 10-year yield advanced four basis points to 0.78%
Commodities
* West Texas Intermediate crude rose 3.1% to $72.65 a barrel
* Gold futures fell 0.7% to $1,795.30 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann

I’m sick of just liking people.  I wish to God I could meet somebody I could respect. –J.D. Salinger, 1919-2010, Franny and Zooey.

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. 14, 1959, the Soviet space probe Luna 2 became the first man-made object to reach the moon as it crashed onto the lunar surface.  Go to article »

The best fashion from the 2021 Met Gala.  There are some prime Halloween costume ideas in here. 

Native artifacts discovered in the belly of a 13-foot-5-inch alligator.  Alligators eat all sorts of things, but … an ancient dart point?!

Scientists want to resurrect the woolly mammoth. They just got $15 million to make it happen.  Hmmm. It seems like they made a movie like this, and it didn’t end well …

Scientists create matter from pure light.

The common cold fights Covid.

CityLab: What’s behind all these  immersive Van Gogh shows?

PHOTOS OF THE DAY

Lightning strikes One World Trade Center in New York City during a thunderstorm
CREDT: GARY HERSHORN/GETTY IMAGES

The launch of The Blue Paradox, an immersive experience exploring the ocean plastic pollution crisis hosted by SC Johnson in partnership with Conservation International, at Exhibition London. The two-week educational event opens to the public on September 15 and features a 360-degree digital projection of the ocean’s surface to examine how businesses, governments and individuals can work together to create a more sustainable world
CREDIT: DAVID PARRY/PA WIRE

Visitors stand with umbrellas near the step pyramid of the third dynasty Ancient Egyptian Pharaoh Djoser (27th century BC) at the Saqqara Necropolis south of Egypt’s capital Cairo
CREDIT: KHALED DESOUKI/AFP VIA GETTY IMAGES

Conservator James Preston uses a pointing spoon atop scaffold erected inside the stone circle at Stonehenge as specialist contractors from SSH Conservation repair defects from previous repairs, carried out the 1950’s, on a trilithon in the stone circle and carry out vital conservation work at Stonehenge
CREDIT: BEN BIRCHALL/PA WIRE

The moon is seen behind a mosque in the city of Almaty, Kazakhstan 
CREDIT: REUTERS/PAVEL MIKHEYEV

Market Closes for September 14^th, 2021

Market Index	Close	Change
Dow Jones	34577.57	-292.06
		-0.84%
S&P 500	4443.05	-25.68
		-0.57%
NASDAQ	15037.76	-67.82 -0.45%
TSX	20553.25	-113.16
		-0.55%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30670.10	+222.73
		+0.73%
HANG SENG	25502.23	-311.58
		-1.21%
SENSEX	58247.09	+69.33
		+0.12%
FTSE 100*	7034.06	-34.37 -0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.173	1.220
CND. 30 Year Bond	1.741	1.782
U.S.    10 Year Bond	1.2836	1.3259
U.S. 30 Year Bond	1.8592	1.9044

Currencies

BOC Close	Today	Previous
Canadian $	0.7879	0.7907
US $	1.2691	1.2646
Euro Rate 1 Euro=		Inverse
Canadian $	1.4983	0.6674
US $	1.1806	0.8470

Commodities

Gold	Close	Previous
London Gold Fix	1793.90	1794.60
Oil
WTI Crude Future	70.46	70.45

Market Commentary:
On this day in 1960, President Eisenhower signed into law the Real Estate Investment Trust Act. The act created REITs, enabling retail investors to buy shares in commercial real estate for the first time.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada stocks fell on Tuesday, led by health-care companies. The S&P/TSX Composite index dropped 0.6% in Toronto, with most major groups moving lower. Consumer-discretionary shares advanced. Shopify contributed the most to the benchmark’s decline, decreasing 1.5%. Interfor Corp. had the largest drop, falling 5.3%. On the M&A front, Teck Resources is exploring options for its metallurgical coal business, including a sale or spinoff that could value the unit at as much as $8 billion, people with knowledge of the matter said.
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 1.9 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on Sept. 7, 2021 and 33.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 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$3.25t
* 30-day price volatility rose to 6.07 percent compared with 5.88 percent in the previous session and the average of 7.14 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -38.3223| -0.6| 10/18
* Energy | -23.4660| -0.9| 5/17
* Information Technology | -23.0314| -0.9| 4/8
* Industrials | -17.8695| -0.7| 5/23
* Communication Services | -14.6071| -1.4| 0/7
* Health Care | -4.0840| -1.8| 3/6
* Consumer Staples | -1.2148| -0.2| 4/8
* Real Estate | -0.2329| 0.0| 11/11
* Utilities | 0.1391| 0.0| 7/7
* Consumer Discretionary | 3.0116| 0.4| 8/5
* Materials | 6.5085| 0.3| 31/22
* ================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -21.8200| -1.5| 88.7| 27.9
* Canadian National | -10.5700| -1.5| -22.9| 4.1
* Royal Bank of Canada | -7.2490| -0.6| -0.9| 22.8
* Couche-Tard | 1.8400| 0.6| -9.7| 16.1
* Franco-Nevada | 2.3030| 1.0| 27.9| 12.4
* Nuvei | 2.9600| 5.1| 25.8| 110.4
================================================================
US
By Liz Capo McCormick and Vildana Hajric
(Bloomberg) — Treasuries rallied and U.S. stocks declined after a less-than-forecast increase in inflation was seen as giving Federal Reserve officials more flexibility when it comes to pulling back on stimulus. The dollar fluctuated. Yields on benchmark 10-year notes fell 5 basis points to 1.26%, narrowing the yield gap between short- and longer-maturity U.S. debt. The financial, industrial and energy sectors led the S&P 500 lower even after the Labor Department reported that the consumer price index increased 0.3% from July. Economists called for a 0.4% gain. The Dow Jones Industrial Average was weighed down by Goldman Sachs Group Inc. and Caterpillar Inc. “It appears that the continued rally in Treasuries is due to speculation that some people have that the CPI data pushes off the Fed” tapering, said Blake Gwinn, strategist at RBC Capital Markets. Gwinn said he doesn’t agree with that view, and continues to see the Fed’s announced the start of its reduction in asset purchases in November or December.
The CPI figures offer some validation of views among Fed officials and the Biden administration that high inflation will prove temporary. The report could also help blunt criticism from Republicans that President Joe Biden’s economic stimulus is spurring damaging inflation as he seeks to sell a $3.5 trillion long-term tax-and-spending package that’s also running into opposition from moderate Democrats. The focus was firmly on price pressures, with a gauge of commodities around a decade-high. The global stock-market rally is facing headwinds amid concerns about the delta virus strain and risks from elevated inflation, which is being stoked by Covid-19 related supply disruptions. “Today’s selloff in equities is simply a continuation of the weakness we saw last week,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “Although the August CPI report all but guarantees no taper announcement at next week’s FOMC meeting, the clear and present danger is around a slowing economy.”
Elsewhere, Japan’s Nikkei 225 Stock Average closed at the highest level since 1990. Hong Kong and China wavered as traders evaluated the troubles of indebted developer China Evergrande Group, Beijing’s regulatory curbs and a virus flareup. 

Here are some events to watch this week:
* China retail sales, property prices, industrial production, Wednesday
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4:02 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1804
* The British pound fell 0.2% to $1.3806
* The Japanese yen rose 0.3% to 109.67 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.27%
* Germany’s 10-year yield declined one basis point to -0.34%
* Britain’s 10-year yield was little changed at 0.74%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 0.7% to $1,807.20 an ounce
–With assistance from Kamaron Leach.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

The mark of the immature man is that he wants to die nobly for a cause, while the mark of the mature man
is that he wants to live humbly for one. -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

Dear Friends,

Tangents: Happy Monday.

On Sept. 13, 1993, at the White House, Israeli Prime Minister Yitzhak Rabin and PLO chairman Yasser Arafat shook hands after signing an accord granting limited Palestinian autonomy.  Go to article »

September 13, 1814~Sar Spangled Banner inspired by the attack on Fort McHenry.

A company will pay someone $1,300 to watch 13 horror movies in October.  You couldn’t pay us $1.3 million to do that. Scaredy cats unite! 

Here’s who won at the 2021 MTV Video Music Awards last night.  Caution: You WILL get some of these songs stuck in your head today

There is such a thing as too much free time. (h/t Mike Smedley)

A parrot with a broken beak invented a tool. (h/t Alistair Lowe)

Area company aims to resurrect woolly mammoths. (h/t Ellen Kominers)

PHOTOS OF THE DAY

A stunning view of the Milky Way captured the over Hartland Quay in Devon
CREDIT: LEE ROGERS/APEX

L’Arc de Triomphe wrapped as designed by the late artist Christo. – Work has begun on wrapping the Arc de Triomphe in Paris in silvery-blue fabric as a posthumous tribute to the artist Christo, who had dreamt of the project for decades. Bulgarian-born Christo, a longtime Paris resident, had plans for sheathing the imposing war memorial at the top of the Champs-Elysees while renting an apartment near it in the 1960s
CREDIT: GEOFFOY VAN DER HASSELT/AFP VIA GETTY IMAGES

An ultra-Orthodox Jewish man holds a chicken for the Kapparot ritual in the Mea Shearim neighbourhood in Jerusalem, Israel. Kapparot begins by reciting a prayer and then spinning the bird over their head to release the sins accumulated over the past year, ahead of the high-holiday of Yom Kippur, the Day of Atonement. After the Kapparot ritual is performed the bird is slaughtered and donated to charity
CREDIT: ABIR SULTAN/EPA-EFE/SHUTTERSTOCK

An idol of the elephant-headed Hindu god Ganesha is pictured in an artificial pond after it was immersed by devotees on the fourth day of the ten-day-long Ganesh Chaturthi festival in New Delhi 
CREDIT: SAJJAD HUSSAIN/AFP VIA GETTY IMAGES

Market Closes for September 13^th, 2021

Market Index	Close	Change
Dow Jones	34869.63	+264.91
		+0.76%
S&P 500	4468.73	+10.15
		+0.23%
NASDAQ	15105.58	-9.91 -0.07%
TSX	20666.41	+33.35
		+0.16%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30447.37	+65.53
		+0.22%
HANG SENG	25813.81	-392.10
		-1.50%
SENSEX	58177.76	-127.31
		-0.22%
FTSE 100*	7068.43	+39.23 +0.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.220	1.237
CND. 30 Year Bond	1.782	1.801
U.S.    10 Year Bond	1.3259	1.3411
U.S. 30 Year Bond	1.9044	1.9323

Currencies

BOC Close	Today	Previous
Canadian $	0.7907	0.7877
US $	1.2646	1.2695
Euro Rate 1 Euro=		Inverse
Canadian $	1.4937	0.6695
US $	1.1811	0.8467

Commodities

Gold	Close	Previous
London Gold Fix	1794.60	1788.25
Oil
WTI Crude Future	70.45	69.72

Market Commentary:
     On this day in 1982, Forbes published its first “rich list” of the 400 wealthiest people in America.  The first Forbes Four Hundred (minimum net worth for inclusion: $100 million) contained just 13 billionaires, ten of whom derived their fortunes from the oil industry.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares climbed on Monday with natural resources companies outperforming. The S&P/TSX Composite rose 0.2% in Toronto. The move was the biggest since rising 0.5% on Sept. 2 and follows the prior session’s decrease of 0.4%. Energy and materials stocks outperformed with as the prices for oil and gold rose. TC Energy contributed the most to the index’s gain, climbing 2.8%. Crescent Point Energy posted the largest percentage increase, rising 14%.
Insights
* This year, the index is up 19%, heading for the best year since 2019
* This quarter, the index has gained 2.5%
* The index has advanced 27% in the past 52 weeks. The MSCI AC Americas Index has risen 35% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Sept. 7, 2021, and 33% above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.7% in the past five days and has added 0.7% 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 16.5 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$3.25t
* 30-day price volatility fell to 5.88% compared with 5.90% in the previous session and the average of 7.27% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 60.2975| 2.4| 21/2
* Financials | 19.9537| 0.3| 19/8
* Materials | 10.3162| 0.4| 35/19
* Health Care | 0.4514| 0.2| 2/7
* Communication Services | 0.2017| 0.0| 3/4
* Real Estate | -0.2856| 0.0| 19/6
* Consumer Discretionary | -1.8325| -0.2| 5/8
* Utilities | -1.9569| -0.2| 9/7
* Consumer Staples | -4.7827| -0.6| 3/9
* Industrials | -20.4447| -0.8| 10/19
* Information Technology | -28.5674| -1.2| 2/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TC Energy | 11.6600| 2.8| 185.6| 21.3
* Canadian Natural | | | |
* Resources | 10.9900| 3.1| 93.7| 43.5
* Suncor Energy | 8.9200| 3.7| 60.2| 12.6
* Lightspeed Commerce| | | |
* Inc | -5.0750| -4.7| 56.2| 67.2
* Shopify | -11.9000| -0.8| 163.9| 29.9
* Canadian National | -14.1800| -1.9| 10.5| 5.7

US
By Kamaron Leach and Lu Wang
(Bloomberg) — U.S. stocks snapped a five-day slide, with energy companies leading the gains as crude oil extended a rally to a six-week high. Bonds yields declined and the dollar was little changed versus its major peers. The benchmark S&P 500 closed in the green after fluctuating between gains and losses for much of the trading session. A drop in Moderna helped to keep the Nasdaq 100 in negative territory. OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere. Industrial metals rose, with aluminum reaching $3,000 a ton in London for the first time in 13 years amid supply disruptions.  “The market is not overvalued, but it is not as undervalued as it once was,” said Brian Wesbury, chief economist at First Trust Advisors. “A slowdown in GDP will likely slow profit growth, while rising inflation will eventually lift long term interest rates. Tax hikes are still a threat, as are tougher Covid-related restrictions that limit a service-sector recovery.” Traders are marking time ahead of critical inflation data that traders will use to assess expectations about the timing of stimulus withdrawal and interest-rate hikes. A report on Tuesday may show consumer prices in the U.S. moderated in August.
Elsewhere, Chinese technology shares tumbled after a report that officials are seeking to break up Ant Group Co.’s Alipay. The country’s online platforms were also told to protect the rights of workers in the so-called gig economy. MSCI Inc.’s Asia-Pacific index retreated for the third time in four sessions. Global stocks have been buoyed this year by robust earnings reports and a rapid recovery from the pandemic-induced recession. With valuations becoming stretched, sentiment soured over the past weeks, amid concerns that economic growth may stall as the delta variant of the coronavirus disrupts the anticipated return to normalcy, while inflation remains sticky. Retail and travel stocks declined. “Since the beginning of last week, realism has started to set into global equity markets as a long list of shocks percolate through the markets leading to an accelerated slowdown in economic activity in the U.S., a more subdued rebound in Europe and an unknown slowdown in China where the regulatory crackdown and its impact on investments are yet to be measured,” Sebastien Galy, a senior macro strategist at Nordea Investment, wrote in a note to clients.
Meanwhile, President Joe Biden’s $3.5 trillion tax-and-spending plan faces challenges.  Democrat Senator Joe Manchin has cast doubt on the timeline for pushing Biden’s economic agenda through Congress, and proposed tax rates may be watered down to boost the chances of the package being passed. 

Here are some events to watch this week:
* U.S. consumer-price index, Tuesday
* Apple product-launch event, Tuesday
* China retail sales, property prices, industrial production, Wednesday
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4:07 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1808
* The British pound was little changed at $1.3835
* The Japanese yen was little changed at 110.01 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.32%
* Germany’s 10-year yield was little changed at -0.33%
* Britain’s 10-year yield declined one basis point to 0.74%
Commodities
* West Texas Intermediate crude rose 1.3% to $70.65 a barrel
* Gold futures rose 0.2% to $1,794.80 an ounce
–With assistance from Vildana Hajric.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Ignorance is preferable to error; and he is less remote form the truth who believes nothing, than he who believes what is wrong. -Thomas Jefferson, 1743-1826.

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.

September 10, 1845: King Willem II opens Amsterdam Stock exchange.  Go to article »

Pumpkin season is upon us.  Is fall here yet? Pumpkin Spice Lattes are already back in action. 

‘Dog bone’ asteroid spied by astronomers in new photos.  Just when you thought references to weird celestial objects couldn’t get more ridiculous, astronomers have spotted an asteroid that just happens to look a lot like a dog bone.

Facebook and Ray-Ban are rolling out smart glasses.  The question is: Will anyone buy them?

$600,000,000:
That’s the eye-popping value of an art collection coming to market following the high-profile divorce proceedings of New York real estate developer Harry Macklowe and his wife, Linda. It’s “the highest estimate ever placed on any collection to come to auction,” said Sotheby’s. The 65 artworks include those from Pablo Picasso, Andy Warhol, Alberto Giacometti, Jeff Koons, Mark Rothko and Cy Twombly.

PHOTOS OF THE DAY

The ‘Tribute in Light’ public art installation commemorating the 9/11 2001 terrorist attacks, shining up from the city skyline of lower Manhattan in preparation for the 20th anniversary, in New York
CREDIT: SHIP SOMODEVILLA/GETTY IMAGES

A man performs on his wakeboard on a wakeboarding lake in Suesel, northern Germany.
CREDIT: AP PHOTO/MICHAEL PROBST

Tavrida art festival in the Crimea, Russia
CREDIT: VIKTOR KOROTAEV/KOMMERSANT/SIPA USA

Market Closes for September 10^th, 2021

Market Index	Close	Change
Dow Jones	34607.72	-271.66
		-0.78%
S&P 500	4458.58	-34.70
		-0.77%
NASDAQ	15115.50	-132.75 -0.87%
TSX	20633.06	-72.21
		-0.35%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30381.84	+373.65
		+1.25%
HANG SENG	26205.91	+489.94
		+1.91%
SENSEX	58305.07	+54.81
		+0.09%
FTSE 100*	7029.20	+4.99 +0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.237	1.173
CND. 30 Year Bond	1.801	1.739
U.S.    10 Year Bond	1.3411	1.2971
U.S. 30 Year Bond	1.9323	1.8977

Currencies

BOC Close	Today	Previous
Canadian $	0.7877	0.7896
US $	1.2695	1.2665
Euro Rate 1 Euro=		Inverse
Canadian $	1.4994	0.6669
US $	1.1811	0.8466

Commodities

Gold	Close	Previous
London Gold Fix	1788.25	1786.00
Oil
WTI Crude Future	69.72	68.14

Market Commentary:
     On this day in 1960, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela convened in Baghdad to form the Organization of the Petroleum Exporting Countries, which nearly brought the industrial world to its knees in the 1970s by jacking up the price of oil.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell this week after rising for the previous two, as calls for a correction in stocks increased .  The S&P/TSX Composite fell for the fourth day, dropping 0.35%, or 72.21 to 20,633.06 in Toronto on Friday.  The move was the biggest since falling 0.4% on Aug. 26. Shopify Inc. contributed the most to the index decline, decreasing 1.1%. Equinox Gold Corp. had the largest drop, falling 4.6%. Today, 148 of 229 shares fell, while 78 rose; 9 of 11 sectors were lower, led by health care, real estate and financial stocks.
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 2.3 percent * So far this week, the index fell 0.9 percent, heading for the biggest decline since the week ended July 16
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Sept. 7, 2021 and 33.8 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 16.5 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$3.26t
* 30-day price volatility rose to 5.90 percent compared with 5.85 percent in the previous session and the average of 7.54 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -20.1678| -0.3| 11/17
* Materials | -16.0266| -0.7| 15/38
* Information Technology | -12.3050| -0.5| 7/5
* Industrials | -7.2989| -0.3| 13/16
* Communication Services | -5.8656| -0.6| 1/6
* Real Estate | -5.3465| -0.8| 2/23
* Health Care | -3.9845| -1.8| 0/9
* Utilities | -3.5170| -0.4| 2/13
* Consumer Staples | -2.7167| -0.4| 8/5
* Consumer Discretionary | 1.1361| 0.1| 8/5
* Energy | 3.8905| 0.2| 11/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -15.7500| -1.1| -10.5| 30.9
* Brookfield Asset | | | |
* Management | -8.7040| -1.2| -10.7| 33.8
* Canadian National | -5.8800| -0.8| -39.0| 7.7
* Waste Connections | 2.2710| 0.8| 19.3| 28.3
* Teck Resources | 3.6070| 3.6| 59.3| 38.7
* Cameco | 5.4600| 6.8| 109.6| 81.8

US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities notched their biggest weekly decline since mid-June in volatile trading as investors assessed the latest read on the economy after more strategists weighed in with cautious comments on the market. The S&P 500 fell 0.8%, pushing its loss for the holiday shortened week to 1.7%. Apple Inc. was the biggest decliner in the Dow Jones Industrial Average on Friday, after a court ordered the iPhone maker to make a change to the way it generates money from its App Store. Gold posted its first weekly decline since early August after data on U.S. producer prices rekindled debate over when the Federal Reserve will pull back on stimulus. Markets have been volatile as the continued spread of Covid-19 has undermined the economic recovery and lifted supply-shock inflation, even as central banks reaffirm an accommodative stance. In the U.S., equities have been whipsawed amid mixed economic data and a lack of clarity on the Fed’s timeline for reducing its asset purchases. On Friday, data showed the producer price index for final demand, a key measure of inflation, increased more than expected last month. “Investors have been assessing rising Covid cases, slowing growth, elevated levels of inflation and uncertainty over when the Fed could start tapering,” said Fiona Cincotta, senior financial markets analyst at City Index. “The data has been mixed and the messages from the Fed have been mixed, leaving little clarity for the markets, which traditionally struggle with uncertainty.”
Strategists from almost all the top Wall Street banks have come out this week with a nervous message about the U.S. stock market. The common themes in their analysis include valuations at historical extremes, a near non-stop rally for seven months, an economy that looks soft and the imminent tapering of Fed stimulus. Apple dropped 3.3%, the most since earl May. A federal judge said Friday that the company must let app developers steer consumers to outside payment methods. In Europe, the Stoxx 600 fell 0.3%, with telecommunications and utilities underperforming, while miners and technology led the gainers. The European equities benchmark posted a second weekly loss, the first time that’s happened since the end of April, as investors reduced their risk on concern that central bank stimulus measures might get pulled back quickly. Traders on Friday were also focused on trade tensions with China. The Biden administration is weighing a new investigation into Chinese subsidies after the U.S. president urged China’s Xi Jinping to cooperate on a phone call. The Shanghai Composite Index climbed to a six-year high. A Hong Kong gauge of Chinese technology companies jumped after a clarification China has slowed rather than frozen new game approvals. Oil rose, with investors shrugging off China’s confirmation that it has released crude from its strategic reserves. 
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1813
* The British pound was little changed at $1.3831
* The Japanese yen fell 0.1% to 109.86 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.34%
* Germany’s 10-year yield advanced three basis points to -0.33%
* Britain’s 10-year yield advanced two basis points to 0.76%
Commodities
* West Texas Intermediate crude rose 2.1% to $69.60 a barrel
* Gold futures fell 0.5% to $1,790.20 an ounce
–With assistance from Eric Lam, Sunil Jagtiani and Anchalee Worrachate.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Habits change into character. –Ovid, 43 BCE-17 CE.

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: Chrysanthemum Day, Japan.

September 9, 490 BC: Battle of Marathon.
William the Conqueror, d. 1087.
Leo Tolstoy, author, b. 1828

The ‘world’s best’ cities for 2021?  San Francisco has been crowned the “world’s best” city, according to Time Out.

The Poem:
Flight
   by Christian Witman

In the end we love the line love cannot cross.
In the end we fall for what we fail.

Forget friendship. Ardor.
Forget the years that only grow harder

as the soul recedes in what the years bring,
grown alien to any touchable thing.

Touch me. As I am. As you can.
My heart a bird’s heart just beyond your hand.

                                                                after Anna Akhmatova
PHOTOS OF THE DAY

An incredible rainbow Aurora over Kirkjufell mountain in Iceland. English photographer Ben Bush captured the aurora dancing over the peak around 5am this morning
CREDIT: BEN BUSH/BAV MEDIA

A man with pigeons cools off near a fountain on a sunny autumn day in central Kiev, Ukraine
CREDIT: REUTERS/GLEB GARANICH

Members of the Royal Southern Yacht Club and the Island Sailing Club take part in the annual Brambles cricket match between the clubs, which takes place on the Bramble Bank sandbank in the middle of the Solent at low tide
CREDIT: ANDREW MATTHEWS/PA WIRE

A woman and child walk past a display of US flags to commemorate the 20th anniversary of 9/11 with the annual Waves of Flags display and remembrance at Pepperdine University in Malibu, California
CREDIT: FREDERIC J.BROWN/AFP VIA GETTY IMAGES

Market Closes for September 9^th, 2021

Market Index	Close	Change
Dow Jones	34879.38	-151.69
		-0.43%
S&P 500	4493.28	-20.79
		-0.46%
NASDAQ	15248.25	-38.39 -0.25%
TSX	20705.27	-36.52
		-0.18%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30008.19	-173.02
		-0.57%
HANG SENG	25716.00	-604.93
		-2.30%
SENSEX	58305.07	+54.81
		+0.09%
FTSE 100*	7024.21	-71.32 -1.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.173	1.206
CND. 30 Year Bond	1.739	1.778
U.S.    10 Year Bond	1.2971	1.3376
U.S. 30 Year Bond	1.8977	1.9557

Currencies

BOC Close	Today	Previous
Canadian $	0.7896	0.7879
US $	1.2665	1.2691
Euro Rate 1 Euro=		Inverse
Canadian $	1.4978	0.6677
US $	1.1826	0.8456

Commodities

Gold	Close	Previous
London Gold Fix	1786.00	1802.15
Oil
WTI Crude Future	68.14	69.30

Market Commentary:
     On this day in 1974, the day after President Gerald R. Ford pardoned Richard Nixon for the Watergate scandal, Wall Street tanked, with the Dow Jones Industrial Average down 2.2%. The pardon, claimed one broker, “weakens confidence in [Ford’s] Administration and in his ability to deal with Congress on economic problems.” The Dow, however, proceeded to soar by 24.9% over the next year.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.2%, or 36.52 to 20,705.27 in Toronto. The index dropped to the lowest closing level since Sept. 1. Industrials stocks led the market lower Thursday as 9 of 11 sectors declined; 145 of 229 shares fell, while 82 rose. Canadian Pacific Railway Ltd. contributed the most to the index decline, decreasing 3.9%. Transcontinental Inc. had the largest drop, falling 4.9%. The Bank of Canada released guidance for the first time on how it plans to eventually reduce monetary stimulus, saying it will first raise interest rates before curbing its holdings of government bonds.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.7 percent
* So far this week, the index fell 0.6 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 0.9 percent below its 52-week high on Sept. 7, 2021 and 34.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.5 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$3.26t
* 30-day price volatility rose to 5.85 percent compared with 5.82 percent in the previous session and the average of 7.67 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | -28.9770| -1.1| 16/13
* Energy | -11.7397| -0.5| 10/12
* Communication Services | -8.4025| -0.8| 0/7
* Consumer Staples | -8.2707| -1.1| 1/12
* Materials | -6.8188| -0.3| 14/40
* Consumer Discretionary | -3.0887| -0.4| 5/8
* Utilities | -2.1608| -0.2| 5/10
* Real Estate | -1.0318| -0.2| 9/16
* Health Care | -0.3577| -0.2| 3/6
* Financials | 5.2867| 0.1| 13/15
* Information Technology | 29.0454| 1.2| 7/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Pacific | -16.7300| -3.9| 45.0| -0.6
* Canadian National | -16.4100| -2.1| 58.1| 8.6
* Enbridge | -7.7650| -1.1| 3.2| 24.6
* Lightspeed Commerce| | | |
* Inc | 6.3260| 6.2| 30.4| 74.8
* Nutrien | 9.5780| 3.1| 35.9| 29.4
* Shopify | 20.8900| 1.4| 6.1| 32.3
US
By Richard Richtmyer and Elaine Chen
(Bloomberg) — U.S. stocks fell in volatile trading as mixed economic data kept investors on edge about the timing of stimulus tapering even as the relentless spread of the Covid-19  delta variant undermines global growth. The S&P 500 notched a fourth straight decline after erasing an intraday gain that had brought it to within 0.4% of its all-time high. The dollar weakened and 10-year U.S. Treasury yields declined. European equities fell, with the Stoxx 600 erasing the initial advance it saw after the European Central Bank said it will slow its emergency support but keep policy accommodative. Thursday’s volatility came as data showed initial unemployment claims in the U.S., where calls for the Federal Reserve to start reducing its asset purchases have been growing, fell to a pandemic-era low as the labor market continues to recover.  At the same time, there’s increasing evidence that the delta variant may impede the recovery. More U.S. companies have been expressing concern about it. Microsoft Corp. on Thursday indefinitely delayed a full reopening of its offices.
The Biden administration plans to order executive branch employees, federal contractors and millions of health-care workers to be vaccinated and require large private employers to mandate shots or testing. Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, pointed out that the afternoon swoon in stocks coincided with a Treasury auction and follow-on activity in the bond market where investors were buying Treasuries aggressively, pushing down yields.  “It looked like algorithms or other quick-moving traders were at work in the equities market following what happened in the bond market,” Zaccarelli said.
Underlying that, “there’s a general feeling in the market that growth is slowing down in the U.S. There’s concern that what’s happening with the delta variant is impacting consumer behavior, potentially business behavior,” he said. While Thursday’s jobs report showed a stronger-than-expected labor market, other recent readings on the economy have been mixed. The Federal Reserve’s Beige Book survey showed U.S. economic activity accelerated in the past two months as consumers pulled back on spending due to safety concerns. However, shortages meant inflationary trends remained stubborn, according to the findings. Further evidence of global price pressures came from China, where factory-gate inflation surged. Still, calls for a reduction in bond purchases are strengthening. Fed Bank of New York President John Williams said it could be appropriate for policy makers to begin tapering this year. Dallas President Robert Kaplan said based on the current outlook he would back a September announcement of a tapering in bond purchases and a possible start in October. Chinese technology stocks slid after officials told firms including Tencent Holdings Ltd. and NetEase Inc. to end their focus on profit in gaming. The selloff extended to the U.S., where NetEase and Alibaba Group Holding declined. Digital Realty, which manages technology-related properties, tumbled 5% after entering into forward sale agreements with banks for 6.25 million shares at $160.50 each.

What to watch this week:
* U.S. President Joe Biden may make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.1826
* The British pound rose 0.5% to $1.3837
* The Japanese yen rose 0.5% to 109.71 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.30%
* Germany’s 10-year yield declined four basis points to -0.36%
* Britain’s 10-year yield was little changed at 0.74%
Commodities
* West Texas Intermediate crude fell 1.9% to $67.97 a barrel
* Gold futures rose 0.2% to $1,796.70 an ounce
–With assistance from Vildana Hajric.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Happiness is when what you think, what you say, and what you do are in harmony. –Mohandas Karamchand Gandhi, 1869-1948.

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. 8, 1974, President Ford granted an unconditional pardon to former President Nixon.  Go to article »

A brief history of the Twin Towers.

Area scientists find the biggest comet on record.

This premature supernova was triggered by a dead star.  If this doesn’t boggle your mind, we don’t know what will.

Duck mimics human sound during mating display.  An Australian musk duck has been recorded saying “You bloody fool” in the first documented instance of the species mimicking human speech. (Yes, you read that correctly.)

Builders discover stash of 239 gold coins worth up to $356,000.  Talk about bang for your buck. 

PHOTOS OF THE DAY

A bald eagle drags its opponent through water as the pair battle for territory above a canal. The aggressor swooped down to attack its rival – locking talons and dragging it across the water’s surface. The photos of the tussle, which lasted just seconds, were captured by American wildlife photographer Chris Covington, in the North West state of Washington in the United States
CREDIT: CHRIS, COVINGTON/SOLENT NEWS & PHOTO AGENCY

A misty but beautiful morning over Trinity Methodist Church in Harrogate, Yorkshire. The UK is set for another hot day today as the mini heat wave continues
CREDIT: RICHARD MAUDE / SWNS.COM

A slow shutter speed photograph shows commuters on vehicles making their way along a busy highway in Shanghai 
CREDIT: HECTOR RETAMAL/AFP VIA GETTY IMAGES

Skateboarders take over the Stand outside Somerset House, Skate the strand launches as part of inside out festival
CREDIT: PAUL GROVER FOR THE TELEGRAPH

Market Closes for September 8^th, 2021

Market Index	Close	Change
Dow Jones	35031.07	-68.93
		-0.20%
S&P 500	4514.07	-5.96
		-0.13%
NASDAQ	15286.64	-87.69 -0.57%
TSX	20741.79	-64.84
		-0.31%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30181.21	+265.07
		+0.89%
HANG SENG	26320.93	-32.70
		-0.12%
SENSEX	58250.26	-29.22
		-0.05%
FTSE 100*	7095.53	-53.84 -0.75%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.206	1.232
CND. 30 Year Bond	1.778	1.789
U.S.    10 Year Bond	1.3376	1.3732
U.S. 30 Year Bond	1.9557	1.9868

Currencies

BOC Close	Today	Previous
Canadian $	0.7879	0.7907
US $	1.2691	1.2647
Euro Rate 1 Euro=		Inverse
Canadian $	1.4998	0.6667
US $	1.1818	0.8462

Commodities

Gold	Close	Previous
London Gold Fix	1802.15	1821.60
Oil
WTI Crude Future	69.30	68.35

Market Commentary:
On this day in 1916, the U.S. Congress enacted the Revenue Act of 1916, creating the federal estate tax.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3%, or 64.84 to 20,741.79 in Toronto. The move was the biggest since falling 0.4% on Aug. 26. Today, information technology stocks led the market lower, as 5 of 11 sectors lost; 117 of 229 shares fell, while 108 rose. Shopify Inc. contributed the most to the index decline, decreasing 3.6%. Ballard Power Systems Inc. had the largest drop, falling 8.6%. Meanwhile, the Bank of Canada expressed optimism about the prospects of a strong recovery later this year despite a run of weak data, keeping expectations intact for a resumption of bond tapering in October.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.9 percent
* The index advanced 29 percent in the past 52 weeks. The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on Sept. 7, 2021 and 34.5 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 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$3.27t
* 30-day price volatility rose to 5.82 percent compared with 5.69 percent in the previous session and the average of 7.75 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -61.3043| -2.5| 2/10
* Materials | -25.8948| -1.1| 23/30
* Financials | -11.4666| -0.2| 13/14
* Health Care | -6.4333| -2.7| 2/7
* Consumer Discretionary | -1.6507| -0.2| 4/9
* Real Estate | 4.8268| 0.8| 21/4
* Industrials | 5.0417| 0.2| 11/18
* Energy | 5.9476| 0.2| 8/15
* Consumer Staples | 7.8841| 1.0| 8/4
* Communication Services | 8.8724| 0.9| 4/2
* Utilities | 9.3292| 1.0| 12/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -54.6900| -3.6| 52.6| 30.5
* First Quantum | | | |
* Minerals | -7.4300| -7.5| 13.4| 3.7
* Nutrien | -7.0740| -2.3| 1.2| 25.5
* BCE | 5.8640| 1.4| 329.3| 23.0
* Canadian Pacific | 7.8980| 1.9| -10.7| 3.5
* Enbridge | 10.3100| 1.4| -2.2| 26.0
US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities retreated as investors reassessed valuations in light of global economic risks including the spread of the Covid-19 delta variant and reductions in central bank stimulus. The Nasdaq 100 notched its biggest drop in two weeks, with losses in mega caps including Apple Inc. and Facebook Inc. among the biggest contributors to the decline. The S&P 500 fell for a third day since it closed at a record on Sept. 2. The Dow Jones Industrial Average extended its retreat from last month’s all-time high to more than 1.5%. Europe’s Stoxx 600 dropped to a three-week low. Cryptocurrency-exposed stocks slumped as a selloff in Bitcoin continued. Wednesday’s declines came as money managers from Morgan Stanley to Citigroup have turned cautious on U.S. equities. Many investors have begun to see relative U.S. valuations as excessive even as growth elsewhere suffers from renewed Covid lockdowns and travel curbs. They doubt the world is ready for an eventual tapering of central-bank stimulus even as inflation accelerates due to supply shocks. End-of-year seasonality and valuation concerns are adding to the gloomy mood. “Momentum definitely seems to be slowing as far as the recovery is concerned,” Fiona Cincotta, a senior financial markets analyst at City Index, said by phone. “Before we’d been hearing that the Fed would tighten monetary policy and that’s what was unnerving the market.
Now, it’s actually slightly softer data and also rising Covid cases.” Morgan Stanley this week cut U.S. stocks to underweight and global equities to equal-weight, citing “outsized risks” to growth through October. Extremely bullish positioning means corrections can be amplified, Citigroup said. Credit Suisse Group AG said it has a small underweight on the U.S. market. In Europe, growth concerns were compounded by speculation that the European Central Bank is getting ready to slow down emergency stimulus.  EQT AB slumped in Stockholm after partners in the private equity firm sold a part of their holdings earlier than expected. Meanwhile, the continued spread of Covid-19 is curbing economic activity around the world. The Philippines backtracked on easing curbs in the capital region, while Japan may extend state of emergency orders. Taiwan identified a delta variant outbreak in New Taipei City. Equities climbed for an eighth day in Japan, supported by hopes for economic stimulus from the next prime minister. Pakistan’s stocks benchmark slid to the lowest since May after MSCI downgraded the country to a frontier market from an emerging market. Bitcoin posted second-day losses in the wake of El Salvador’s rocky implementation of a law that makes the cryptocurrency legal tender. Coinbase Global Inc. slumped after the Securities and Exchange Commission warned the company against launching a product that would allow consumers to earn interest on their crypto holdings. Other crypto-linked stocks also fell, including declines of more than 5% in Marathon Digital Holdings Inc. and Riot Blockchain Inc.
What to watch this week:
* U.S. President Joe Biden may make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term
* ECB President Christine Lagarde holds a press conference after the bank’s rate decision Thursday
* China PPI, CPI, new yuan loans, money supply, aggregate financing, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1%
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.2% to $1.1819
* The British pound was little changed at $1.3774
* The Japanese yen was little changed at 110.27 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.34%
* Germany’s 10-year yield was little changed at -0.32%
* Britain’s 10-year yield was little changed at 0.74%
Commodities
* West Texas Intermediate crude rose 1.4% to $69.34 a barrel
* Gold futures fell 0.4% to $1,791 an ounce
–With assistance from Sunil Jagtiani.
Have a terrific evening.

Be magnificent!

As ever,

Carolann

He who mistrusts most should be trusted least. –Theognis, 570 BC-485 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. 7, 1940, the German air force began its blitz on London during World War II. Go to article »
1914~Opening of NY Post Office.

Queen Elizabeth I, b. 1533.
Grandma Moses, painter. b. 1860.
Buddy Holly, singer, b. 1936

Watch a plane fly through a tunnel (and set a Guinness World Record).  In total, Dario Costa set five records with his feat. 

Brain-machine interfaces keep getting more comfortable.

PHOTOS OF THE DAY

A view shows a Lion’s sculpture against a twilight sky at Venice Lido on the fourth day of the 77th Venice Film Festival
CREDIT: TIZIANA RABI / AFP

People standing on salt formations in the Dead Sea near Ein Bokek, Israel
CREDIT: MUAMMAR AWAD/XINHUA NEWS AGANCY / EYEVINE

People play volleyball at Mission Beach as smoke from the Valley Fire fills the air during a record-setting heat wave in San Diego County. The Valley Fire was burning out of control in east San Diego County.
CREDIT: ZUMA PRESS/PA IMAGES

Autumnal weather arrives in Somerset as fog settles over St Peter’s Church, Evercreech Village, Somerset 
CREDIT: JASON BRYANT/APEX

Market Closes for September 7^th, 2021

Market Index	Close	Change
Dow Jones	35100.00	-269.09
		-0.76%
S&P 500	4520.03	-15.40
		-0.34%
NASDAQ	15374.33	+10.81 +0.07%
TSX	20806.63	-14.80
		-0.07%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29916.14	+256.25
		+0.86%
HANG SENG	26353.63	+190.00
		+0.73%
SENSEX	58279.48	-17.43
		-0.03%
FTSE 100*	7149.37	-37.81 -0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.232	1.189
CND. 30 Year Bond	1.789	1.750
U.S.    10 Year Bond	1.3732	1.3223
U.S. 30 Year Bond	1.9868	1.9433

Currencies

BOC Close	Today	Previous
Canadian $	0.7907	0.7980
US $	1.2647	1.2531
Euro Rate 1 Euro=		Inverse
Canadian $	1.4980	0.6676
US $	1.1845	0.8443

Commodities

Gold	Close	Previous
London Gold Fix	1821.60	1812.55
Oil
WTI Crude Future	68.35	69.29

Market Commentary:
📈 On this day in 1950, as the Japanese economy started struggling back to its feet, the Tokyo Stock Exchange began calculating its share-price index—which in 1970 became the Nikkei 225 average—with a retroactive starting date of May 16, 1949.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,806.63 in Toronto. The move follows the previous session’s increase of 0.1% Canadian Pacific Railway Ltd. contributed the most to the index decline, decreasing 1.0%. New Gold Inc. had the largest drop, falling 4.9%.  Gold fell the most in more than a month as the dollar strengthened and inflation-adjusted rates advanced after the Labor Day break. Today, 146 of 229 shares fell, while 77 rose; 6 of 11 sectors were lower, led by industrials stocks.
Insights
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.2 percent
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on Sept. 7, 2021 and 34.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1 percent in the past 5 days and rose 1.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 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$3.27t
* 30-day price volatility fell to 5.69 percent compared with 5.70 percent in the previous session and the average of 7.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | -19.3747| -0.8| 14/15
* Materials | -13.3281| -0.6| 8/43
* Real Estate | -4.6670| -0.7| 4/21
* Utilities | -4.6043| -0.5| 4/12
* Consumer Staples | -3.9046| -0.5| 1/11
* Health Care | -0.4107| -0.2| 3/6
* Consumer Discretionary | 0.0926| 0.0| 6/7
* Communication Services | 0.9058| 0.1| 3/4
* Information Technology | 3.5162| 0.1| 10/2
* Energy | 9.2878| 0.4| 9/12
* Financials | 17.6757| 0.3| 15/13
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Pacific | -4.0420| -1.0| 87.0| 1.6
* Barrick Gold | -3.9660| -1.3| -6.4| -12.3
* Wheaton Precious | | | |
* Metals | -3.4500| -1.9| 27.3| 7.7
* Enbridge | 6.0710| 0.9| 53.1| 24.2
* TD Bank | 7.3590| 0.7| 4.6| 15.4
* Nutrien | 8.1080| 2.7| 14.8| 28.4

US
By Richard Richtmyer and Kamaron Leach
(Bloomberg) — U.S. stocks slipped from near records after traders returned from the long weekend to worries that the economic recovery is faltering. The S&P 500 and Dow Jones Industrial Average declined, while gains in heavyweight tech stocks including Netflix Inc., Amazon.com Inc. and Apple Inc. pushed the Nasdaq 100 higher even as about seven out of every 10 stocks in that gauge dropped. European markets slipped as investors speculated that euro-zone policy makers may get ready to roll back stimulus.  The greenback strengthened for a second day amid rising bond yields and softer commodity prices.  Bitcoin plunged as El Salvador became the first country to adopt it as legal tender Tuesday. The broad retreat in equities came after investors on Friday left for a three-day holiday weekend with markets near all-time highs following a much weaker-than-expected U.S. jobs report. And there won’t be much by way of data this week to ease their minds about the outlook for the third quarter, with growth estimates already having been reduced recently.  At the same time, concerns about the Covid-19 delta variant impeding re-openings in the U.S. are pressuring some corners of the market.  “The delta variant concerns are weighing down on overall third-quarter growth,” said Haris Khurshid, portfolio manager at Fate Capital management.  “The next couple of weeks are going to be pretty rocky. We’re seeing investors become more picky with their stocks not only because of the delta concern but also because of fading fiscal stimulus, legislative policies and an overall slowing recovery in some sectors” On Tuesday, data showed Chinese exports and imports grew faster than estimated in August, easing some concerns that the pandemic is delaying economic re openings and creating global supply-chain bottlenecks.
Even so, investors remain nervous over the prospects for a growth slowdown and tapering of support outside the U.S., especially in Europe. The Stoxx 600 dropped 0.5% as investors focused on the European Central Bank’s Thursday meeting where policy makers will decide if they’ll dial down emergency stimulus. Bank of America said it sees the “Goldilocks combination” of accelerating growth and lower real yields coming to an end. In Australia, the central bank stuck with a planned reduction in bond purchases, even though a majority of analysts had expected policy makers to hold off the tapering. U.S. Treasury yields rose, with the 10-year rate increasing 5 basis points. The dollar advanced the most since Aug. 26. Japan’s Nikkei 225 rose for a seventh straight session, touching 30,000 for the first time since April, boosted by an index reshuffle and optimism that a new prime minister will usher in favorable policies. MSCI Inc.’s gauge for global stocks halted a seven-day rally. Chinese stocks traded in the U.S. including Alibaba Group Holding and Baidu Inc. rallied after equities in China advanced amid renewed demand for technology shares and the surprise trade data. Vertex Pharmaceuticals dropped to a three-week low after Morgan Stanley cut its stock recommendation to underweight. Bitcoin plunged as much as 17% to its lowest level in a month. El Salvador bought 400 coins as it adopted the cryptocurrency as legal tender.  Tuesday’s drop came amid news that the government disconnected its Bitcoin wallet to fix problems and tests are being run tests to make it available for download later in the day. 

What to watch this week:
* U.S. President Joe Biden will likely make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term
* Dallas Fed President Robert Kaplan holds a virtual town hall discussion Wednesday
* ECB President Christine Lagarde holds a press conference after the bank’s rate decision Thursday
* China PPI, CPI, new yuan loans, money supply, aggregate financing, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3%
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.2% to $1.1841
* The British pound fell 0.4% to $1.3782
* The Japanese yen fell 0.4% to 110.28 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.37%
* Germany’s 10-year yield advanced five basis points to -0.32%
* Britain’s 10-year yield advanced four basis points to 0.74%
Commodities
* West Texas Intermediate crude fell 1.4% to $68.35 a barrel
* Gold futures fell 2% to $1,796.40 an ounce
–With assistance from Andreea Papuc.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

If you can’t fly then run.
If you can’t run then walk.
If you can’t walk then crawl, but whatever you do, you have to keep moving forward. -Martin Luther King Jr., 1929-1968.

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

September 3, 1783~Treaty of Paris ended the American Revolution.

On Sept. 3, 1976, the unmanned U.S. spacecraft Viking 2 landed on Mars to take the first close-up, color photographs of the planet’s surface.  Go to article »

Is this the world’s most beautiful mosquito? 

The FAA now says Richard Branson’s flight to space veered off course.  File that under billionaire problems a lot of us will never have to face.  

A 70-year-old woman started solo travel long before it was trendy.   She quit her job, visited 66 countries and wrote a book about it. 

PHOTOS OF THE DAY

The 1979 Aston Martin Bulldog concept car, now fully restored is unveiled at the Hampton Court Concours of Elegance today
CREDIT: TIM CLARKE FOR THE DAILY TEPEGRAPH

A woman carries her baby through flood water at Old Fangak, South Sudan. This is an entry by Peter Caton in the Moscow International Foto awards 
CREDIT: MEDIADRUMWORLD.COM/PETER CATON

People ride stand-up paddle boards past floating ice and icebergs in Disko Bay in Ilulissat, Greenland. Greenland in 2021 is experiencing one of its biggest ice-melt years in recorded history. Scientists studying the Greenland Ice Sheet observed rainfall on the highest point in Greenland for the first time ever in August
CREDIT: MARIO TAMA/GETTY IMAGES

Market Closes for September 3^rd, 2021

Market Index	Close	Change
Dow Jones	35369.09	-74.73
		-0.21%
S&P 500	4535.44	-1.51
		-0.03%
NASDAQ	15363.52	+32.34 +0.21%
TSX	20828.34	+33.22
		+0.16%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29128.11	+584.60
		+2.05%
HANG SENG	25901.99	-188.44
		-0.72%
SENSEX	58429.95	+277.41
		+0.48%
FTSE 100*	7138.35	-25.55 -0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.189	1.157
CND. 30 Year Bond	1.750	1.720
U.S.    10 Year Bond	1.3223	1.2835
U.S. 30 Year Bond	1.9433	1.8970

Currencies

BOC Close	Today	Previous
Canadian $	0.7980	0.7967
US $	1.2531	1.2551
Euro Rate 1 Euro=		Inverse
Canadian $	1.4883	0.6719
US $	1.1877	0.8420

Commodities

Gold	Close	Previous
London Gold Fix	1812.55	1811.80
Oil
WTI Crude Future	69.29	69.99

Market Commentary:
     On this day in 1946, the S&P 500 plunged by 6.73%, leading the U.S. Securities and Exchange Commission to appoint an investigative task force. It concluded that the crash was caused when believers in the Dow Theory of technical analysis all sold at once.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks gained for a sixth week in seven, with gold rallying Friday after a report showed the U.S. economy added fewer jobs than forecast. The S&P/TSX Composite rose for the third day, climbing 0.1%, or 26.31 to 20,821.43 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1.9%.  New Gold Inc. had the largest increase, rising 14%. Today, 114 of 229 shares rose, while 111 fell; 4 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.3 percent
* So far this week, the index rose 0.9 percent
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Sept. 3, 2021 and 35 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.6 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$3.27t
* 30-day price volatility fell to 5.70 percent compared with 5.79 percent in the previous session and the average of 8.10 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 43.7060| 1.9| 49/5
* Information Technology | 8.3380| 0.3| 9/3
* Energy | 1.9715| 0.1| 9/13
* Utilities | 0.0724| 0.0| 9/5
* Real Estate | -0.7786| -0.1| 9/15
* Consumer Discretionary | -0.8295| -0.1| 7/6
* Industrials | -1.1608| 0.0| 11/18
* Health Care | -2.9210| -1.2| 0/9
* Communication Services | -3.8954| -0.4| 0/7
* Consumer Staples | -5.5039| -0.7| 4/9
* Financials | -12.6793| -0.2| 7/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian National | 14.8200| 1.9| 62.0| 13.6
* Shopify | 9.0710| 0.6| -40.4| 35.4
* Barrick Gold | 6.1970| 2.0| 23.8| -11.2
* Nutrien | -3.1400| -1.0| -50.7| 25.1
* Couche-Tard | -4.7150| -1.6| -13.4| 16.2
* Canadian Pacific | -11.8900| -2.8| 138.1| 2.6

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — The long-awaited jobs report triggered small moves in the equity market, with investors weighing whether a sharp slowdown in U.S. hiring would make the Federal Reserve delay a reduction in economic stimulus. Traders turned to the perceived safety of technology giants, while most groups in the S&P 500 fell. Volume was low ahead of the Labor Day holiday. The Treasury curve steepened, with the gap between 5- and 30-year yields increasing. Investors also assessed a Bloomberg News report saying that Senate Democrats are discussing a wider range of tax proposals than President Joe Biden envisioned, including levies on stock buybacks, carbon emissions and executive compensation. The addition of 235,000 jobs in August — the smallest gain in seven months — suggests central bankers will need to see improvement before starting to slow bond buying, according to several analysts. Meantime, President Biden said the economic recovery remains “durable and strong,” blaming the retrenchment in hiring on the spread of the delta variant of coronavirus.

Comments:
* “This is a major miss and screams delta disruption,” said Seema Shah, chief strategist at Principal Global Investors.
“Today’s very weak number will likely sway the Fed to a November taper, if not later.”
* “The jobs report means slower economic growth, but also means the Fed is not going to tighten any time soon, and that should significantly limit any negative impact on markets,” said Brad McMillan, chief investment officer at Commonwealth Financial Network.
* “I don’t think it’s going to change much for the Fed taper timeline,” said Zhiwei Ren, portfolio manager at Penn Mutual Asset Management. “The consensus is November, December. We have a number that was weak, but if we look below the surface, it’s quite strong actually because of wage growth.” In the run-up to the jobs report, equity funds attracted $19.2 billion of inflows, trailed by the $12.7 billion allocated to bonds, according to Bank of America Corp. The firm cited EPFR Global data for the week through Wednesday. Outflows from cash funds were the biggest in seven weeks, with $23 billion exiting.

Some corporate highlights:
* Travel companies such as Carnival Corp. and American Airlines Group Inc. fell as employment in leisure and hospitality — which had posted strong gains recently — was flat in August.
* Moderna Inc. said it completed its submission to U.S. regulators for clearance of a booster dose of its Covid-19 vaccine.
* Forte Biosciences Inc. plummeted after its only product in development failed to have an effect on a common skin disease.
* Broadcom Inc., one of the world’s largest chipmakers, climbed after giving a bullish sales forecast, helped by demand for components used in corporate computer networks and smartphones.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.1880
* The British pound rose 0.2% to $1.3864
* The Japanese yen rose 0.2% to 109.70 per dollar
Bonds
* The yield on 10-year Treasuries rose four basis points to 1.32%
* Germany’s 10-year yield advanced two basis points to -0.36%
* Britain’s 10-year yield advanced four basis points to 0.72%
Commodities
* West Texas Intermediate crude fell 1% to $69.26 a barrel
* Gold futures rose 1.1% to $1,831 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Yakob Peterseil, Katie Greifeld, Kamaron Leach and Elaine Chen.
Have a wonderful long  Labor Day weekend.

Be magnificent!
As ever,

Carolann

I invented my life by taking for granted that everything I did not like would have an opposite, which I would like. -Coco Chanel, 1883-1971.

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:
September  2, 1666~Great Fire of London.
1864~Sherman enters Atlanta.
On Sept. 2, 1945, Japan formally surrendered in ceremonies aboard the USS Missouri, ending World War II. Go to article »

Nothing can prepare you for these rock formations. (h/t Alexandra Ivanoff)

Female octopuses throw things at harassing males, whereas female hummingbirds solve the problem by pretending to be males.

Deep-sea bacteria could kill cancer. 

A single neuron is more computationally complex than you might think.

PHOTOS OF THE DAY

Wildlife photographer Paul Goldstein captured these stunning murmurmations of wading birds in North Norfolk. He explains: From the Arctic and beyond, waders in their thousands are beginning to make their landfall at RSPB Snettisham on the Wash in North Norfolk
CREDIT: PAUL GOLDSTEIN/COVER-IMAGES.COM

Incredible jaws-eye-view camera angle shows a shark’s vision of a photographer taking its photo. The GoPro camera is visible just below the float. Here is the other view of the moment the shark takes the bait.
CREDIT: EUAN RANNACHAN/ MAHNUS NEWS

A woman in kimono walks past a falla during the Fallas festival in Valencia Spain.
CREDIT: JOSE JORDAN/AFP VIA GETTY IMAGES

National Trust conservator Samantha Taylor cleans a rare Elizabethan globe before it is moved into a new display case at Petworth House in West Sussex, that will allow visitors to view the detail up-close for the first time
CREDIT: ANDREW MATTHEWS/PA WIRE

People navigate heavy rains and flooded walkways at the Billie Jean King National Tennis Center as the remnants of Hurricane Ida hit the area in Flushing Meadows, New York
CREDIT: JUSTIN LANE/EPA-EFE/SHUTTERSTOCK

Market Closes for September 2^nd, 2021

Market Index	Close	Change
Dow Jones	35443.82	+131.29
		+0.37%
S&P 500	4536.95	+12.86
		+0.28%
NASDAQ	15331.18	+21.80 +0.14%
TSX	20795.12	+105.54
		+0.51%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28543.51	+92.49
		+0.33%
HANG SENG	26090.43	+62.14
		+0.24%
SENSEX	57852.54	+514.33
		+0.90%
FTSE 100*	7163.90	+14.06 +0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.157	1.181
CND. 30 Year Bond	1.720	1.742
U.S.    10 Year Bond	1.7644	1.2936
U.S. 30 Year Bond	1.8970	1.9133

Currencies

BOC Close	Today	Previous
Canadian $	0.7967	0.7923
US $	1.2551	1.2621
Euro Rate 1 Euro=		Inverse
Canadian $	1.4904	0.6710
US $	1.1874	0.8422

Commodities

Gold	Close	Previous
London Gold Fix	1811.80	1814.85
Oil
WTI Crude Future	69.99	68.59

Market Commentary:
     On this day in 1776, a committee led by Thomas Jefferson recommended to the Continental Congress that the U.S. create a basic unit of currency called the “dollar.” The U.S. dollar derived its name from a Spanish and Austrian coin originally called the “thaler,” named for Joachimsthal, a silver-mining town in Bohemia.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada’s main stock exchange extended its gain into second day, after energy companies outperformed as oil prices gained. The S&P/TSX Composite index climbed 0.5% in Toronto, posting a two-day gain of 1%. Almost sectors were in the green, with energy and health care being the best performers and information technology the only loser. On the commercial real estate front, Oxford Properties Group and Canada Pension Plan Investment Board are exploring the sale of Toronto’s Royal Bank Plaza in a deal that could be worth more than $1 billion, according to a person with knowledge of the plans.
Insights
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.1 percent
* So far this week, the index rose 0.7 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 28 percent in the same period * The S&P/TSX Composite is 0.1 percent below its 52 week high on Sept. 2, 2021 and 34.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.4 percent in the past 5 days and rose 2.5 percent 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 16.6 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$3.25t
* 30-day price volatility rose to 5.79 percent compared with 5.69 percent in the previous session and the average of 8.20 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 46.6280| 1.9| 19/4
* Industrials | 27.0673| 1.1| 20/9
* Financials | 13.5857| 0.2| 15/12
* Consumer Discretionary | 5.7823| 0.8| 8/5
* Materials | 5.7005| 0.2| 17/35
* Consumer Staples | 4.7889| 0.6| 5/7
* Health Care | 3.3904| 1.4| 6/2
* Utilities | 2.2880| 0.2| 12/4
* Communication Services | 0.9959| 0.1| 5/1
* Real Estate | 0.8071| 0.1| 17/8
* Information Technology | -5.4948| -0.2| 5/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Natural | | | |
* Resources | 15.2900| 4.4| -32.4| 43.4
* Canadian National | 9.9320| 1.3| 45.7| 11.5
* Canadian Pacific | 9.2920| 2.2| 115.0| 5.5
* Nuvei | -3.4100| -5.7| 73.6| 95.1
* First Quantum | | | |
* Minerals | -3.5420| -3.6| -28.5| 9.5
* Shopify | -5.9870| -0.4| 6.1| 34.6

US
By Rita Nazareth
(Bloomberg) — Stocks advanced ahead of Friday’s jobs data that will shape bets on the path of interest rates and the Federal Reserve’s massive bond-buying program.
The dollar retreated.     The S&P 500 closed at a fresh record, with energy and industrial shares among the biggest gainers. Tech underperformed. The U.S. probably added 725,000 jobs in August –  a more moderate pace compared to each of the prior two months, but stronger than gains seen early this year. Atlanta Federal Reserve President Raphael Bostic said “we’re going to let the economy continue to run until we see signs of inflation,” before stepping in on rates. Treasury yields have barely budged since Fed Chair Jerome Powell last week said the central bank could begin tapering its asset purchases this year. But that calm faces a test with the jobs data. The potential for volatility comes from the fact that when officials gather this month, they will release fresh projections for the fed funds rate. And with the labor market pivotal for policy now, Friday’s report is seen as laying the foundation for these forecasts. “Most market watchers aren’t expecting the U.S central bank to announce its taper plans until its November meeting at the earliest, a full three non-farm payroll (NFP) reports from now,” Matt Weller, global head of research at Forex.com and City Index, wrote in a note to clients.  “Nonetheless, traders will still key in on Friday’s big jobs report to see if the labor market is recovering as expected.” Investors’ concerns about economic growth are overdone, opening the way for potential gains in cyclical assets in the near future, according to Goldman Sachs Group Inc.
While economically sensitive sectors dominated the leaderboard in the first half of 2021, they’ve lagged in recent months as the delta coronavirus variant prompted concerns about the pace of the recovery. “The market is worrying too much about global cyclical risks from Delta outbreaks and China’s slowdown, and our Fed forecast is still more dovish than the market’s,” Goldman strategists led by Zach Pandl said in a note. “So we think some further relief in cyclical assets — higher equities and higher bond yields — is likely over the near term.” Meantime, Bill Gross, who co-founded Pacific Investment Management Co. in the 1970s and retired in 2019, said longer-term Treasury yields are so low that the funds that buy them belong in the “investment garbage can.”  Ten-year yields are likely to climb to 2% over the next 12 months, he wrote.  The benchmark bond rate is currently around 1.3%. Some corporate highlights:

* After the close of regular trading, Broadcom Inc. — one of the world’s largest chipmakers — gave a bullish sales forecast. Meantime, Hewlett Packard Enterprise Co.’s lackluster outlook indicated its corporate and government customers aren’t spending on computer gear as soon as predicted.
* Virgin Galactic Holdings Inc. slid as the U.S. Federal Aviation Administration won’t allow the company to fly its space plane until an investigation is complete into whether a July 11 flight deviation threatened public safety.
* The U.S. Department of Energy has authorized Exxon Mobil Corp. to receive crude from the Strategic Petroleum Reserve to kickstart the production of fuels while most oil production in the Gulf of Mexico remains shut. The shares rose.
* Netflix Inc. rallied after Citigroup Inc. raised its price target for the video-streaming company.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.1873
* The British pound rose 0.5% to $1.3834
* The Japanese yen was little changed at 109.94 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.29%
* Germany’s 10-year yield declined one basis point to -0.38%
* Britain’s 10-year yield declined one basis point to 0.68%
Commodities
* West Texas Intermediate crude rose 1.6% to $69.69 a barrel
* Gold futures fell 0.2% to $1,812 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Elena Popina, Thyagu Adinarayan, Vildana Hajric and Kamaron Leach.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It ain’t what they call you, it’s what you answer to. -W.C. Fields, 1880-1946.

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