Month: October 2021

Dear Friends,

Tangents: Happy Friday.  Happy Hallowe’en.
On this day in 1822, in the heat of the earliest frenzy for investing in emerging markets, the 6% bonds of the Kingdom of Poyais, near Nicaragua, traded at 81.5% of their par value on the London Stock Exchange, just behind Chile (at 84% of par). Unfortunately, Poyais was a fictitious country fabricated by a Scottish scamster, Gregor MacGregor, and the bonds soon turned out to be worthless.

October 29, 1969: Internet created between Stanford and UCLA.

Rome airport reveals plans for flying taxis.  Hey now, that sounds pretty close to flying cars! The future we were promised is almost here! 

Canada and USA unveil 2022 Winter Olympic uniforms.  Fashionable puffy coats for all!

Endangered condors are now making babies without males. (h/t Scott Kominers)

Scientists understand a little more about why dogs tilt their heads when listening.

Scientists re-create an old “primordial soup” experiment and find something new.

Meta might release a smartwatch.

The Hamptons are trying to climate-proof themselves.

Five hundred 3-D maps of Mayan and Olmec ruins reveal striking similarities. 

A giant space-spider web. 

The best movie vampires ever.  Some are kinda scary. Some are kinda sexy. Some are kinda … both? 

“Lycanthrope” is another word for what familiar fantasy figure? 
A. a vampire
B. a ghost
C. a demon
D. a werewolf
 
Take CNN’s new Halloween quiz to see if you’re correct!

Photos of the Day
Children play on the Art Eggcident urban art installation by the Dutch artist Henk Hofstra during the Hecho en Casa festival at the Parque de la Familia
CREDIT: Esteban Félix/AP
A grey seal with her newborn pup on the beach at Horsey in Norfolk, as the pupping season begins at one the UK’s most important sites for the mammals. Friends of Horsey Seals, which monitors the colony and carries out regular counts of the new arrivals, has installed a voluntary beach closure. It is using seal wardens to ensure members of the public keep a safe distance from the protective mothers and their pups
CREDIT: Joe Giddens/PA
An aerial view shows a giant land-art fresco, bottom right, by French-Swiss artist Saype, painted for his worldwide Beyond Walls project. The fresco covers 1,500 sq metres and was created using biodegradable paint produced on site with charcoal, chalk, water and milk proteins. Beyond Walls aims to create the largest symbolic human chain around the world
CREDIT: Valentin Flauraud/AP

Market Closes for October 29^th, 2021

Market Index	Close	Change
Dow Jones	35819.56	+89.08
		+0.25%
S&P 500	4605.38	+8.96
		+0.19%
NASDAQ	15498.39	+50.27 +0.33%
TSX	21037.07	-160.46
		-0.76%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28892.69	+72.60
		+0.25%
HANG SENG	25377.24	-178.49
		-0.70%
SENSEX	59306.93	-677.77
		-1.13%
FTSE 100*	7237.57	-11.90 -0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.723	1.672
CND. 30 Year Bond	2.003	1.960
U.S.    10 Year Bond	1.5521	1.5712
U.S. 30 Year Bond	1.9238	1.9721

Currencies

BOC Close	Today	Previous
Canadian $	.8071	0.8100
US $	1.2391	1.2345
Euro Rate 1 Euro=		Inverse
Canadian $	1.4323	0.6982
US $	1.1560	0.8651

Commodities

Gold	Close	Previous
London Gold Fix	1803.50	1795.25
Oil
WTI Crude Future	83.57	82.81

Market Commentary:
On Oct. 29, 1929, stock prices collapsed on the New York Stock Exchange amid panic selling. Thousands of investors were wiped out.  Go to article »
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities fell Friday after the country’s economy grew less than expected in the third quarter, sparking uncertainty in the nation’s recovery. The S&P/TSX Composite fell 0.8% in Toronto. The move follows the previous session’s increase of 1.2%. Royal Bank of Canada contributed the most to the index decline, decreasing 1.8%.  Aecon Group had the largest drop, falling 9.5%. Today, 156 of 233 shares fell, while 75 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 20 times. The next day, it advanced 15 times for an average 0.9% and declined five times for an average 0.7%
* This year, the index rose 21%, heading for the best year in at least 10 years
* This month, the index rose 4.8%, heading for the biggest advance since November 2020
* So far this week, the index fell 0.8%
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 39% in the same period
* The S&P/TSX Composite is 1.3% below its 52-week high on Oct. 26, 2021 and 36.4% 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 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.34t
* 30-day price volatility rose to 11.29% compared with 11.16% in the previous session and the average of 10.14% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -91.6760| -1.4| 2/26
* Materials | -37.9364| -1.6| 11/43
* Energy | -15.0058| -0.5| 6/17
* Information Technology | -5.0778| -0.2| 10/5
* Consumer Staples | -4.8871| -0.7| 7/6
* Utilities | -3.4650| -0.4| 9/7
* Real Estate | -2.1707| -0.3| 8/16
* Communication Services | -1.8231| -0.2| 2/5
* Health Care | -0.7148| -0.4| 3/6
* Consumer Discretionary | 0.1922| 0.0| 3/9
* Industrials | 2.1007| 0.1| 14/16
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of | | | |
* Canada | -22.8600| -1.8| 0.0| 23.2
* Brookfield Asset | | | |
* Management | -16.2100| -2.1| 180.2| 43.1
* Bank of Nova Scotia| -10.6300| -1.5| 8.3| 17.9
* Shopify | 5.4710| 0.4| 52.6| 25.7
* Suncor Energy | 5.6940| 1.7| 46.1| 52.5
* Waste Connections | 8.1950| 2.8| 114.2| 29.0

US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — U.S. stocks rose  Friday as traders weighed disappointing earnings and bond-market gyrations amid concerns over inflation and monetary tightening. The S&P 500 gained 0.2% after opening lower on underwhelming results from Amazon.com Inc. and Apple Inc. The gains brought the benchmark index up 6.9% for October, its biggest monthly increase since last November. Meanwhile, the Nasdaq 100 pushed 0.5% higher, offset by gains in Tesla Inc. as well as Meta Platforms Inc. after its name change from Facebook Inc. “It looks like investors already have a bit of a sugar high as Halloween approaches,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “Most of us were prepared for a bumpy ride today following yesterday’s announcements from Apple and Amazon. Fortunately, today’s positive reports from companies like Exxon and Chevron helped change the narrative.”
Elsewhere, inflation pressures and the prospect of interest-rate hikes whipsawed bond markets. The yield on the U.S. 10-year Treasury fell to 1.55% after earlier gains.  And in Europe, bonds extended a retreat after data on Eurozone economic growth and inflation topped analysts’ estimates, reinforcing a growing conviction interest-rate increases are on the horizon after only a mild pushback from the leader of the European Central Bank. Markets are grappling with a number of crosscurrents. Generally positive corporate performance has helped to underpin global equities. But inflation risks from supply-chain snarls and costlier raw materials are boosting expectations for rate hikes and dimming the economic outlook. “Almost any data series you look at, be it the bond market, be it inflation, GDP, the labor market, anything is still showing these signs of fibrillation and that’s going to take some time to sort out,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman, on Bloomberg Radio and TV’s “Surveillance.” The latest GDP data in the U.S. showed growth slowed more than expected in the third quarter, hampered by supply chains and a surge in Covid-19 cases. A separate report showed that weekly jobless claims fell to a pandemic low, and personal spending slowed in line with analysts’ estimates in September. The Stoxx Europe 600 Index erased losses, but still secured its fourth straight weekly advance. The U.S. dollar strengthened. Crude oil gained. In cryptocurrencies, Bitcoin rose to $62,300 and Ether rallied to a record high.

Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 1% to $1.1559
* The British pound fell 0.8% to $1.3684
* The Japanese yen fell 0.4% to 113.98 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.56%
* Germany’s 10-year yield advanced three basis points to -0.11%
* Britain’s 10-year yield advanced three basis points to 1.03%
Commodities
* West Texas Intermediate crude rose 0.6% to $83.33 a barrel
* Gold futures fell 1% to $1,784.70 an ounce
–With assistance from Nathan Hager and Kamaron Leach.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Moral courage, the courage of one’s convictions, the courage to see things through.  The world is in a constant conspiracy against the brave. 
It’s the age-old struggle – the roar of the crowd on one side and the voice of your conscience on the other. -General Douglas MacArthur, 1880-1964.

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 Oct. 28, 1886, the Statue of Liberty, a gift from the people of France, was dedicated in New York Harbor by President Grover Cleveland. Go to article »

October 28, 1636: Harvard University founded.
Bill Gates, founder of Microsoft, b. 1955.
Julia Roberts, actress, b. 1967.
Erasmus, writer, b. 1467.

A few reasons to think U.S.-China relations aren’t as bad as they seem.

Noodle the pug’s ‘Bones or No Bones’ routine determines what kind of day millions of people will have.  If Noodle has bones, it’s a risk-taking, full-energy kind of day! If he doesn’t, it’s more of a conservative, self-care day. Yes, it makes perfect sense!

PHOTOS OF THE DAY

Insulating foam covers part of the Rhône Glacier near Gletsch to prevent it from melting due to global heating. Swiss glaciers lost 1% of their volume in 2021, despite heavy snow and a cool summer
CREDIT: Fabrice Coffrini/AFP/Getty Images

A Catrina skull made with 18,000 cempasuchil (marigold) flowers is displayed outside the Church of Santa Prisca as part of Day of the Dead celebrations
CREDIT: Anadolu Agency/Getty Images

Attendees place stones of remembrance for victims during a ceremony in Schenley Park to commemorate three years since the attack on the Tree of Life synagogue, where 11 people were killed
CREDIT: Alexandra Wimley/AP

Market Closes for October 28^th, 2021

Market Index	Close	Change
Dow Jones	35730.48	+239.79
		+0.68%
S&P 500	4596.52	+44.74
		+0.98%
NASDAQ	15448.12	+212.28 +1.39%
TSX	21197.53	+242.55
		+1.16%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28820.09	-278.15
		-0.96%
HANG SENG	25555.73	-73.01
		-0.28%
SENSEX	59984.70	-1158.63
		-1.89%
FTSE 100*	7249.47	-3.80 -0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.672	1.615
CND. 30 Year Bond	1.960	1.937
U.S.    10 Year Bond	1.5712	1.5413
U.S. 30 Year Bond	1.9721	1.9507

Currencies

BOC Close	Today	Previous
Canadian $	0.8100	0.8089
US $	1.2345	1.2363
Euro Rate 1 Euro=		Inverse
Canadian $	1.4422	0.6934
US $	1.1682	0.8560

Commodities

Gold	Close	Previous
London Gold Fix	1795.25	1785.55
Oil
WTI Crude Future	82.81	82.66

Market Commentary:
     On this day in 1976, more than 184 years after stock trading began on Wall Street, Alice Jarcho became the first woman ever to work regularly on the floor of the New York Stock Exchange.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities advanced as earnings continued to pour in. The S&P/TSX Composite rose 1.2% in Toronto, its biggest gain since June 1 and follows the previous session’s decrease of 1% Today, information technology stocks led the market higher, as 10 of 11 sectors gained; 159 of 233 shares rose, while 70 fell. Shopify contributed the most to the index gain, jumping 7.0%. Suncor Energy had the largest increase, rising 13.4%.
Insights
* In the past year, the index had a similar or greater gain 11 times. The next day, it advanced eight times for an average 0.6% and declined three times for an average 0.6%
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 5.6%, heading for the biggest advance since November 2020
* So far this week, the index was little changed
* The index advanced 36% in the past 52 weeks. The MSCI AC Americas Index gained 41% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Oct. 26, 2021 and 37.5% above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 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$3.3t
* 30-day price volatility rose to 11.16% compared with 10.78% in the previous session and the average of 10.06% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 111.3210| 4.9| 12/3
* Energy | 60.9528| 2.2| 15/7
* Industrials | 27.5188| 1.1| 25/5
* Financials | 26.2308| 0.4| 22/6
* Consumer Discretionary | 8.1151| 1.1| 13/0
* Communication Services | 7.3211| 0.8| 5/1
* Utilities | 5.5831| 0.6| 11/5
* Consumer Staples | 5.2490| 0.7| 12/1
* Real Estate | 1.4721| 0.2| 18/6
* Health Care | 0.7880| 0.4| 7/1
* Materials | -12.0151| -0.5| 19/35
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 92.7800| 7.0| 242.1| 25.2
* Suncor Energy | 39.1300| 13.4| 163.3| 49.9
* Brookfield Asset | | | |
* Management | 13.2700| 1.8| 10.5| 46.1
* Kirkland Lake | -2.5650| -2.5| -22.8| 3.1
* Agnico Eagle Mines | -3.0020| -2.5| -23.9| -23.7
* Barrick Gold | -7.2860| -2.5| -1.3| -18.4

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — Tech shares faltered in late trading after results from Amazon.com Inc. and Apple Inc. fell short of expectations, marring what had been a strong earnings period for heavyweights in the sector. The biggest exchange-traded fund tracking the Nasdaq 100 slid 0.7% as of 4:35 p.m. in New York, after Amazon warned its holiday profit could be zapped by higher costs and Apple’s sales missed forecasts. The online retailer lost 5% and the iPhone maker dropped 4.8%. The late action overshadowed a strong cash session that saw U.S. stocks rally to an all-time high on optimism that Corporate America was delivering on lofty earnings expectations. Apple and Amazon are the second and third biggest companies in the S&P 500 behind Microsoft Corp., accounting for almost 10% of the index by weighting. The measure is on track for its best month in a year, though Friday’s session is setting up poorly for bulls. The Treasury yield curve inverted between 20 and 30 years on Thursday for the first time since the U.S. government reintroduced a two-decade maturity in 2020. Two-year rates fell below 0.5% after a torrid two day increase.
Investors have been bombarded by earnings all week from some of America’s biggest companies.
Industrial bellwether Caterpillar Inc. rose after an earnings beat. Ford Motor Co. soared after lifting forecasts and resuming dividends.  eBay Inc. dropped after reporting disappointing results late Wednesday. After the close of regular trading, excluding financial firms, companies in the S&P 500 that announced results have boosted net-profit margins by 40 basis points to 12.4% from the previous quarter, according to data compiled by Bank of America Corp. The improvement has spread across major industries, with all but energy and consumer staples posting better margins. Earlier, a report showed that the U.S. economy expanded at an annual rate of 2% in the three months through September, lower than the 2.6% median estimate in a Bloomberg survey, as consumer spending slowed. The GDP price index also slowed from the last quarter, though it still rose more than analysts’ expectations.  A separate report showed that weekly jobless claims fell to a pandemic low. When 20-year Treasury issuance began in May 2020, yields in the sector were about 25 basis points lower than 30-year yields. While expectations for Federal Reserve rate increases beginning next year have flattened the curve generally, demand for the 20-year point appears to be more muted than for longer tenor securities.
The euro gained and European bonds fell after European Central Bank President Christine Lagarde said higher inflation might be around for longer than expected, though the monetary authority expects prices to start moderating next year. The ECB earlier left borrowing costs unchanged and said bond-buying would continue at a moderately lower pace. The Stoxx Europe 600 Index rose. Global stocks are still near all-time peaks, supported by a robust corporate earnings season so far, with profit margins widening on average despite cost pressures. The risk is sentiment could weaken if investors lose confidence in the ability of policy makers to contain inflation while nurturing the economic rebound.  “As long as the economy is not going through recession or anything disastrous, but if things are delayed, if we’re going on the right path, but at a slower pace — which means the policy support persists for longer — still positive for markets,” said Lee Ferridge, head of North America multi-asset strategy at State Street, on Bloomberg TV and Radio’s “Surveillance.”  

Here are some events to watch this week:
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday
These are the main moves in markets: 
Stocks
* The S&P 500 rose 1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.7% to $1.1679
* The British pound rose 0.3% to $1.3789
* The Japanese yen rose 0.2% to 113.58 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.57%
* Germany’s 10-year yield advanced four basis points to -0.14%
* Britain’s 10-year yield advanced two basis points to 1.01%
Commodities
* West Texas Intermediate crude rose 0.6% to $83.12 a barrel
* Gold futures were little changed
–With assistance from Nathan Hager.

Have a nice evening.

Be magnificent!
As ever,

Carolann

Don’t be humble; you’re not that great. –Golda Meir, 1898-1978.

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 Oct. 27, 1904, the first rapid transit subway, the IRT, opened in New York City.  Go to article »

Theodore Roosevelt, 26^th US President, b. 1858.
Dylan Thomas, poet, b. 1914.
Marlene Dietrich, actor, b. 1901.
John Cleese, actor, b. 1939.
Sylvia Plath, poet, b. 1932
Fran Leibowitz, author, b. 1950.
 
Bloomberg Opinion: Three reasons why inflation isn’t here to stay.

China may have just had a Sputnik moment.

Hertz will let Uber drivers rent electric cars.

Poaching is causing female African elephants to evolve without tusks.

PHOTOS OF THE DAY
Joggers run through the fog hanging over harvested fields as sun rises on a foggy cold autumn morning
CREDIT: AFP/Getty Images
The Cumbre Vieja volcano erupts again on La Palma in the Canary Islands
CREDIT: Miguel Calero/EPA
A woman visits the Olympic Park 100 days before the start of the 2022 Beijing Winter Olympics, which are followed by the Paralympics in March 2022
CREDIT: Roman Pilipey/EPA
Patterns formed by crystallised minerals on the surface of evaporation ponds of the Dead Sea, which has lost a third of its surface area since 1960
CREDIT: Menahem Kahana/AFP/Getty Images

Market Closes for October 27^th, 2021

Market Index	Close	Change
Dow Jones	35490.69	-266.19
		-0.74%
S&P 500	4551.68	-23.11
		-0.51%
NASDAQ	15235.84	+0.13 +–%
TSX	20954.99	-218.46
		-1.03%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29098.24	-7.77
		-0.03%
HANG SENG	25628.74	-409.53
		-1.57%
SENSEX	61143.33	-206.93
		-0.34%
FTSE 100*	7253.27	-24.35 -0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.615	1.630
CND. 30 Year Bond	1.937	2.011
U.S.    10 Year Bond	1.5413	1.6079
U.S. 30 Year Bond	1.9507	2.0407

Currencies

BOC Close	Today	Previous
Canadian $	0.8089	0.8071
US $	1.2363	1.2390
Euro Rate 1 Euro=		Inverse
Canadian $	1.4345	0.6971
US $	1.1603	0.8618

Commodities

Gold	Close	Previous
London Gold Fix	1785.55	1805.25
Oil
WTI Crude Future	82.66	84.65

Market Commentary:
     On this day in 1978, the Full Employment and Balanced Growth Act of 1978 was signed into law by President Jimmy Carter. Also known as the Humphrey-Hawkins Act after its co-sponsors, the law requires the Federal Reserve Board to take unemployment and inflation into account as it sets interest rates. It also requires the Fed chairman to testify before Congress twice a year.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities fell as the country’s central bank signaled that rate hikes might be coming sooner than previously thought. The S&P/TSX Composite retreated for a second day, dropping 1% in Toronto. The move was the biggest since the benchmark fell 1.4% on Sept. 28. Today, financials stocks led the market lower, as 9 of 11 sectors lost; 192 of 233 shares fell, while 40 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.3%. Denison Mines had the largest drop, falling 7.7%.
Insights
* In the past year, the index had a similar or greater loss 11 times. The next day, it advanced nine times for an average 1% and declined twice for an average 0.5%
* This year, the index rose 20%, heading for the best year in at least 10 years
* This month, the index rose 4.4%, heading for the biggest advance since November 2020
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 34% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on Oct. 26, 2021 and 35.9% above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.1% in the past 5 days and rose 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.34t
* 30-day price volatility rose to 10.78% compared with 10.40% in the previous session and the average of 9.95% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -62.0066| -0.9| 2/26
* Energy | -52.2273| -1.8| 2/21
* Information Technology | -27.2178| -1.2| 1/14
* Materials | -24.5975| -1.0| 14/41
* Industrials | -22.0426| -0.9| 2/28
* Consumer Staples | -14.2009| -1.9| 1/12
* Consumer Discretionary | -10.4513| -1.4| 1/12
* Utilities | -6.4756| -0.7| 4/12
* Health Care | -5.9092| -3.0| 0/9
* Real Estate | 0.5980| 0.1| 9/14
* Communication Services | 6.0745| 0.6| 4/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Royal Bank of Canada | -16.9200| -1.3| -21.2| 25.2
* Suncor Energy | -11.2800| -3.7| 0.5| 32.2
* Brookfield Asset | | | |
* Management | -9.1160| -1.2| 7.7| 43.6
* Brookfield | | | |
* Infrastructure | 1.9290| 1.3| 11.5| 17.5
* Shaw Communications | 2.0520| 1.9| 49.4| 58.6
* Rogers Communications| 4.5990| 3.4| 66.5| -1.8

US
By Vildana Hajric and Kamaron Leach
(Bloomberg) — U.S. stocks dropped from all-time highs, with shares of small companies leading declines, and Treasuries gained on an uptick in growth concerns. The S&P 500 and Dow Jones Industrial Average fell after setting closing records Tuesday. The tech-heavy Nasdaq 100 set an intraday record before closing barely in the green with Google parent Alphabet Inc., Amazon.com Inc. and Tesla Inc. rallying. Robinhood Markets Inc. slumped after missing revenue estimates. The Russell 2000 slumped 1.9%, the biggest decline since late September. “Earnings are one of the bigger factors with better than expected results out of a lot of sectors,” said Ross Mayfield, investment strategy analyst at Baird. “Some of the fears of inflation or margin pressure are not yet being realized despite the problem being so well-known and probably discounted by the market a bit.” Long bonds continued to outperform shorter-maturity U.S. debt ahead of the government’s auctions of five-year notes Wednesday and a seven-year sale Thursday.
The yield difference between 5- and 30-year bonds narrowed to as little as 78 basis points, the lowest since March 2020. Mining and energy stocks led a retreat in the Stoxx Europe 600 index as prices of raw materials including aluminum and iron ore fell along with crude oil. Germany’s DAX underperformed after Europe’s biggest economy cut its 2021 growth forecast, citing the lingering effects of the pandemic and a supply squeeze. Bund yields dropped along with those on other European bonds. Investors are counting on earnings to support equity prices, and so far the reporting season has been solid overall. But worries remain that over time rising raw material and wage costs and supply-chain snarls could crimp margins and weigh on the global economy recovery.
“Equities moved higher last week, fully recovering from the September dip. That said, in our view, last week’s positive performance does not create headwinds for performance ahead,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “Market positioning is still approximately neutral, which could point to further upside potential in equity markets. We believe recent positive market moves could be the beginning of a now-earlier ‘Santa Clause rally.’”  The debt crisis in China’s property sector continues to hang over the market: authorities told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group’s woes. Meanwhile, a top Chinese regulator called on companies to make “active preparations” to meet payments on offshore bonds. Bitcoin fell below $60,000.  On the virus front, a Food and Drug Administration panel gave its backing to the Pfizer Inc. and BioNTech SE vaccine for young children.

Here are some events to watch this week:
* Earnings: Amazon, Apple, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group
* Australia CPI, Wednesday
* U.S. wholesale inventories, U.S. durable goods, Wednesday
* Bank of Japan monetary policy decision, briefing, Thursday
* ECB rates decision, President Christine Lagarde briefing, Thursday
* U.S. GDP, initial jobless claims, Thursday
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4:07 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1600
* The British pound fell 0.2% to $1.3739
* The Japanese yen rose 0.3% to 113.85 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 1.53%
* Germany’s 10-year yield declined six basis points to -0.18%
* Britain’s 10-year yield declined 12 basis points to 0.99%
Commodities
* West Texas Intermediate crude fell 3% to $82.10 a barrel
* Gold futures rose 0.3% to $1,799.20 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Men too involved in details usually become unable to deal with great matters. –Francois Duc de La Rochefoucauld, 1613-1680.

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:
October 26, 1825: The Erie Canal opened, connecting Lake Erie and the Hudson River in upstate New York. Go to article »

Leon Trotsky, revolutionary, b. 1879.
Hillary Rodham Clinton, politician, Former First Lady, b. 1947.
 
Jeff Bezos’ Blue Origin wants to build a tourism space station nearly as big as the ISS.  For when you really, REALLY wanna get away. 

Why some people get scared easily and others don’t.  Scaredy-cats unite! No horror movies for us!
 
Neutron star collisions are a goldmine of heavy elements, study finds. 

Japan’s monarchy just lost another royal.
PHOTOS OF THE DAY
The former princess Mako and her husband, Kei Komuro, at the start of a press conference to announce their marriage registration and her leaving the royal family, at the Grand Arc hotel
CREDIT: Nicolas Datiche/AFP/Getty Images

A child stands on dried out land as drought stalks the parched fields around the remote Afghan district, where the climate crisis is proving a deadlier foe than the country’s recent conflicts
CREDIT: Hoshang Hashimi/AFP/Getty Images
An installation called Sinking House is partly submerged to highlight the climate crisis before Cop26
CREDIT: Rebecca Naden/Reuters

Market Closes for October 26^th, 2021

Market Index	Close	Change
Dow Jones	35756.88	+15.73
		+0.04%
S&P 500	4574.79	+8.31
		+0.18%
NASDAQ	15235.71	+9.00 +0.06%
TSX	21173.45	-111.39
		-0.52%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29106.01	+505.60
		+1.77%
HANG SENG	26038.27	-93.76
		-0.36%
SENSEX	61350.26	+383.21
		+0.63%
FTSE 100*	7277.62	+54.80 +0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.630	1.653
CND. 30 Year Bond	2.011	2.051
U.S.    10 Year Bond	1.6079	1.6307
U.S. 30 Year Bond	2.0407	2.0812

Currencies

BOC Close	Today	Previous
Canadian $	0.8071	0.8076
US $	1.2390	1.2381
Euro Rate 1 Euro=		Inverse
Canadian $	1.4367	0.6960
US $	1.1596	0.8624

Commodities

Gold	Close	Previous
London Gold Fix	1805.25	1808.25
Oil
WTI Crude Future	84.65	84.26

Market Commentary:
     On this day in 1825, the Erie Canal was inaugurated as New York City hosted a flotilla of boats with a parade, banquet and fireworks display after they traversed the 363-mile run from Lake Erie. Financed with $6 million in stock and bonds and eight years in the making, the canal cut shipping time from New York to Buffalo from three weeks to eight days—and slashed the cost of transporting goods from $100 a ton to $15. Suddenly the American frontier was opened to a two-way flood of commerce.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities declined, ending a 14-day rally. The S&P/TSX Composite fell 0.5% in Toronto. The move was the biggest since falling 1.4% on Sept. 28 and follows the previous session’s increase of 0.3%. Shopify contributed the most to the index decline, decreasing 4.4%. BRP had the largest drop, falling 8%. Today, 163 of 233 shares fell, while 67 rose; 9 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 21%, heading for the best year in at least 10 years
* This month, the index rose 5.5%, heading for the biggest advance since November 2020
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Oct. 26, 2021 and 37.3% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.4% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 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$3.36t
* 30-day price volatility fell to 10.40% compared with 10.41% in the previous session and the average of 9.91% over the past month.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -69.9287| -2.9| 4/11
* Materials | -20.4877| -0.8| 16/38
* Consumer Staples | -10.6051| -1.4| 0/13
* Consumer Discretionary | -10.3808| -1.4| 3/10
* Energy | -7.2268| -0.3| 7/16
* Industrials | -5.6675| -0.2| 10/19
* Health Care | -4.1017| -2.0| 0/9
* Real Estate | -2.3972| -0.4| 6/18
* Utilities | -1.7556| -0.2| 2/13
* Communication Services | 0.2630| 0.0| 4/3
* Financials | 20.8869| 0.3| 15/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -60.5200| -4.4| 61.0| 17.5
* Couche-Tard | -7.1510| -2.6| 4.2| 10.1
* First Quantum | | | |
* Minerals | -4.5290| -3.8| -18.2| 29.4
* Bank of Montreal | 2.8340| 0.5| 182.2| 42.5
* Bank of Nova Scotia| 5.3990| 0.8| -71.6| 20.6
* TD Bank | 9.6110| 0.9| -72.4| 25.6

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. stocks rose to all-time highs as corporate earnings helped boost sentiment amid lingering concerns about inflation and growth. The S&P 500 and Dow Jones Industrial Average set records as Tuesday’s round of earnings kicked off, with United Parcel Service Inc. and General Electric Co. gaining after strong results. Facebook Inc. dropped as a pledge to buy back more shares and increase spending on digital offerings was offset by a revenue miss. Big-tech peers Twitter Inc., Alphabet Inc. and Microsoft Inc. are reporting after close of regular trading. “I don’t think anybody’s too worried about the big tech names,” said Ross Mayfield, investment strategy analyst at Baird. “Their performances are all incredibly strong in absolute standards that the bar is just so high for them at this point that it can be harder to meet expectations.”
The Stoxx Europe 600 index also rose 0.8% to close at a record high. Reckitt Benckiser Group Plc gained after the maker of Strepsils throat lozenges raised its sales forecast and Novartis AG advanced on news it may spin off its generic-drug unit. The 10-year U.S. Treasury yield fell and the dollar gained. The debate over price pressures continues: former Treasury Secretary Lawrence Summers said officials are unlikely to deal with “inflation reality” successfully until it’s fully recognized. “We’re coming off a 40-plus-year bond-bull market,” said Megan Horneman, portfolio strategy director, Verdence Capital Advisors, on Bloomberg TV and Radio’s “Surveillance.” “And right now we’re looking at interest rates that should be a lot higher from here. So with duration, as high as it is in the fixed income market, you have to be very cautious around fixed income.”
Earnings season is helping to counter concerns that elevated inflation and tightening monetary policy will slow the recovery from the pandemic. Some 81% of S&P 500 members have reported better-than-expected results so far, though Citigroup Inc. warned that profit growth may be close to peaking. WTI crude oil traded above $84 a barrel as investors weighed the outlook for U.S. stockpiles and prospects for talks that may eventually help to revive an Iranian nuclear accord, allowing a pickup in crude exports.
Here are some events to watch this week:
* Earnings: Amazon, Apple, Microsoft, Twitter, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group
* Australia CPI, Wednesday
* U.S. wholesale inventories, U.S. durable goods, Wednesday
* Bank of Japan monetary policy decision, briefing, Thursday
* ECB rates decision, President Christine Lagarde briefing, Thursday
* U.S. GDP, initial jobless claims, Thursday
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1599
* The British pound was little changed at $1.3763
* The Japanese yen fell 0.4% to 114.13 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.61%
* Germany’s 10-year yield was little changed at -0.12%
* Britain’s 10-year yield declined three basis points to 1.11%
Commodities
* West Texas Intermediate crude rose 1% to $84.58 a barrel
* Gold futures fell 0.7% to $1,794.90 an ounce
–With assistance from Nathan Hager.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Two things are bad for the heart – running up stairs and running down people. –Bernard M. Baruch, 1870-1965.

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

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

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

Dear Friends,

Tangents:
October 25, 2001 Microsoft released the Windows XP operating system. Go to article »

Pablo Picasso, artist, b. 1881.

The most powerful space telescope ever will look back in time.

Adele makes record-breaking return to UK chart top spot with new single.  She just knew we all needed a good cry right now

No, your kid probably shouldn’t watch ‘Squid Game,’ and here’s why.  (There’s literal murder in it.)

PHOTOS OF THE DAY
Siberian cats at the Tayozhny Krai kennel
CREDIT: Andrei Samsonov/Tass
Retired couple Tony and Marie Newton tend to their ‘Four Seasons’ garden as it bursts into autumnal colour at their home
CREDIT: Jacob King/PA
Women prepare red peppers to make the traditional popular dipping sauce Ajvar at the agricultural cooperative Krusha. Traditionally, Ajvar is prepared in autumn when the peppers are most abundant, conserved in glass jars and consumed during the year
CREDIT: Armend Nimani/AFP/Getty Images

Market Closes for October 25^th, 2021

Market Index	Close	Change
Dow Jones	35741.15	+64.13
		+0.18%
S&P 500	4566.48	+21.58
		+0.47%
NASDAQ	15226.71	+136.51 +0.90%
TSX	21284.84	+68.69
		+0.32%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28600.41	-204.44
		-0.71%
HANG SENG	26132.03	+5.10
		+0.02%
SENSEX	60967.05	+145.43
		+0.24%
FTSE 100*	7222.82	+18.27 +0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.653	1.651
CND. 30 Year Bond	2.051	2.045
U.S.    10 Year Bond	1.6307	1.6324
U.S. 30 Year Bond	2.0812	2.0683

Currencies

BOC Close	Today	Previous
Canadian $	0.8076	0.8088
US $	1.2381	1.2364
Euro Rate 1 Euro=		Inverse
Canadian $	1.4376	0.6956
US $	1.1611	0.8612

Commodities

Gold	Close	Previous
London Gold Fix	1808.25	1779.30
Oil
WTI Crude Future	84.26	84.61

Market Commentary:
     On this day in 2000, AT&T announced it would break itself up into four separate businesses: broadband, wireless, business services and consumer services. After years of slowing growth, the floundering behemoth was finally showing that its all-things-to-all-people strategy was a failure. “It’s really the end of an icon,” said analyst Ken McGee, “and no matter how they try to put a positive spin on it, it’s the death of a corporate giant.”
Canada
By Divya Balji and Kristine Owram
(Bloomberg) — The Canadian stock market posted its longest streak of gains ever as a rally in commodities pushed the benchmark higher for a 14th straight session. The S&P/TSX Composite Index rose 0.3% to an all-time high Monday. It has added about C$237 billion ($191 billion) in market value during its recent winning streak, according to data compiled by Bloomberg. U.S. oil prices hit $85 a barrel for the first time since 2014 and metals prices also climbed, fueling Monday’s rally. Energy and materials make up about 25% of the Canadian benchmark. “The TSX is one of the best inflation hedges you can find,” Stefane Marion, chief economist and strategist at National Bank of Canada, said via phone.  In a recent analysis, Marion found that the S&P/TSX posted an annualized return of 2.3% during inflationary periods due to its commodity exposure, versus a decline of 5.9% for the S&P 500. The Canadian stock market has been on a tear amid a surge in cyclical and value stocks as the nation’s economy reopens thanks to a waning Covid-19 pandemic.
Energy, real estate and financials are the top gainers on the S&P/TSX this year. Last week, the nation’s most populous province unveiled a plan to lift all public health restrictions related to the pandemic in the next six months, bringing a return to normal life into view for residents. Foreign investors are also optimistic on the nation’s equity market. They’ve added more than $22 billion as of the end of August, thanks in part to the run in cyclicals and also due to a strong Canadian dollar. The loonie is the best-performing currency against the U.S. dollar among its G-10 peers this year, rising about 2.7%. While the S&P/TSX has gained 22.1% this year, slightly surpassing the 21.6% advancement in the S&P 500, Canadian stocks are still cheap compared to the U.S. The price to earnings ratio for Canadian equities is about 15.8 times compared to the 21 times for the S&P 500.

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the 14th day, climbing 0.3 percent, or 68.69 to 21,284.84 in Toronto. Suncor Energy Inc. contributed the most to the index gain, increasing 3.1 percent. Cominar Real Estate Investment Trust had the largest increase, rising 12.1 percent. Today, 156 of 233 shares rose, while 73 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* This month, the index rose 6.1 percent, heading for the biggest advance since November 2020
* The index advanced 31 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 Oct. 25, 2021 and 38 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 4.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.3 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$3.34t
* 30-day price volatility rose to 10.41 percent compared with 10.39 percent in the previous session and the average of 9.88 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 36.9453| 1.5| 50/5
* Energy | 23.4933| 0.8| 20/3
* Financials | 22.9648| 0.3| 17/11
* Consumer Staples | 5.4473| 0.7| 10/3
* Information Technology | 4.7006| 0.2| 9/6
* Real Estate | 1.8062| 0.3| 14/9
* Health Care | 1.0886| 0.5| 5/4
* Utilities | -0.1167| 0.0| 7/8
* Consumer Discretionary | -5.2583| -0.7| 5/6
* Communication Services | -9.7063| -1.0| 2/5
* Industrials | -12.6534| -0.5| 17/13
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Suncor Energy | 9.0070| 3.1| 23.5| 36.4
* Bank of Montreal | 8.0520| 1.3| 222.9| 41.8
* Brookfield Asset | | | |
* Management | 7.1910| 0.9| 2.5| 45.8
* Restaurant Brands | -7.9460| -4.8| 113.3| -6.4
* Rogers Communications | -8.4440| -5.8| 284.6| -4.6
* Canadian National | -8.8060| -1.2| 18.0| 18.2

US
By Vildana Hajric
(Bloomberg) — U.S. stocks rose to another record high as traders geared for a string of earnings reports from technology heavyweights including Facebook Inc., while keeping in mind inflation concerns and rising Covid-19 risks. Consumer discretionary, energy and materials sectors led the S&P 500 to an all-time high. PayPal Holdings Inc. rose after the company said it isn’t pursuing an acquisition of Pinterest Inc., ending days of speculation over a potential $45 billion deal. Tesla Inc. advanced after receiving an order for 100,000 cars from Hertz Global Holdings Inc. “This year, broad market indices have benefited from robust earnings growth—the rising tide lifts all boats adage has been in full effect,” said Principal Global Investors Chief Strategist Seema Shah. “But as the economy slows and market conditions become more challenging, selectivity will be key.  Staying overweight equities, with a focus on factors such as quality, will be increasingly important for investors aiming to balance portfolios in the market environment ahead.”
Oil pared gains after hitting $85 a barrel for the first time since 2014 with traders focused on upcoming talks between Iran and the European Union that may lead to a revival of a 2015 nuclear deal. Yields on shorter-maturity Treasuries fell and the dollar edged higher after Federal Reserve Chair Jerome Powell flagged that inflation could stay higher for longer, fueling investor concern that sticky price increases may force policy makers to raise borrowing costs. Gold advanced above $1,800 an ounce. Global equities have remained resilient despite risks from price pressures stoked by supply-chain bottlenecks and higher energy costs.
Treasury Secretary Janet Yellen is among those counseling the inflation situation reflects temporary pain that will ease in the second half of 2022. Investors are wary that tighter monetary policy to keep inflation in check will stir volatility. Traders are also monitoring an outbreak of the delta virus strain in China that is expected to worsen. The nation sought to allay concerns about the economy’s slowdown with a lengthy state media commentary outlining how the government is managing risks and remains confident about achieving its targets for the year. The Stoxx Europe 600 index edged higher. The basic-resources sector advanced as crude oil and metals rose earlier, while banks increased on HSBC Holdings Plc’s bright outlook.
Here are some events to watch this week:
* Earnings: Amazon, Apple, Facebook, Microsoft, Twitter, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group
* Australia CPI, Wednesday
* U.S. wholesale inventories, U.S. durable goods, Wednesday
* Bank of Japan monetary policy decision, briefing, Thursday
* ECB rates decision, President Christine Lagarde briefing, Thursday
* U.S. GDP, initial jobless claims, Thursday
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.3% to $1.1611
* The British pound was little changed at $1.3765
* The Japanese yen fell 0.2% to 113.72 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.63%
* Germany’s 10-year yield declined one basis point to -0.11%
* Britain’s 10-year yield was little changed at 1.14%
Commodities
* West Texas Intermediate crude fell 0.4% to $83.45 a barrel
* Gold futures rose 0.7% to $1,808.10 an ounce
–With assistance from Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Believe me, every heart has its secret sorrow which the world knows not;
and oftentimes we call a man cold, when he is only sad. -Henry Wadsworth Longfellow, 1807-1882.

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.

On Oct. 22, 1962, President John F. Kennedy announced an air and naval blockade of Cuba, following the discovery of Soviet missile bases on the island.  Go to article »

5 expert tips to stress less this fall.  Print them out. Recite them. Get them tattooed. Whatever helps! 

Here’s a good cookie recipe.
 
More evidence for new fundamental physics from CERN. 

Scientists nearly achieve absolute zero, at which light becomes liquid (!!!). (h/t Mike Smedley)

The super-rich have a new club.

The hot new thing is buying property in Italy.

PHOTOS OF THE DAY
Waves crash on the shore at sunrise at St Mary’s lighthouse in Tyne and Wear on the north-east coast
CREDIT: Owen Humphreys/PA
Youngsters grapple with a large pumpkin at Tulleys farm in Crawley. The farm’s annual ‘pick your own pumpkins’ event takes place throughout October, with approximately 450,000 pumpkins available
CREDIT: Dan Kitwood/Getty Images
The Syrian artist Khaled Dawwa works on a clay sculpture depicting a street in Syria, destroyed by government forces and their allies
CREDIT: Joel Saget/AFP/Getty Images
A member of Sotheby’s staff wears a pair of Mughal spectacles with diamond lenses, in diamond-mounted frames. The spectacles are part of the forthcoming Arts of the Islamic World and India auction and are estimated to fetch £1.5-2.5m
CREDIT: Alberto Pezzali/AP

Market Closes for October 22^nd, 2021

Market Index	Close	Change
Dow Jones	35677.02	+73.94
		+0.21%
S&P 500	4544.90	-4.88
		-0.11%
NASDAQ	15090.20	-125.50 -0.82%
TSX	21216.15	+3.76
		+0.02%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28804.85	+96.27
		+0.34%
HANG SENG	26126.93	+109.40
		+0.42%
SENSEX	60821.62	-101.88
		-0.17%
FTSE 100*	7204.55	+14.25 +0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.651	1.696
CND. 30 Year Bond	2.045	2.090
U.S.    10 Year Bond	1.6324	1.7011
U.S. 30 Year Bond	2.0683	2.1474

Currencies

BOC Close	Today	Previous
Canadian $	0.8088	0.8085
US $	1.2364	1.2368
Euro Rate 1 Euro=		Inverse
Canadian $	1.4403	0.6943
US $	1.1649	0.8584

Commodities

Gold	Close	Previous
London Gold Fix	1779.30	1778.00
Oil
WTI Crude Future	84.61	83.25

Market Commentary:
     On this day in 1929, Yale professor Irving Fisher, one of the nation’s foremost economists, wrote in the New York Herald Tribune, “The breaks of the past few days have driven stocks down to hard rock. I believe that we will have a ragged market for a few weeks and then the beginning of a mild bull movement that will gain momentum next year.” Prof. Fisher was half-right: The market was “ragged,” losing a quarter of its value by the end of the year. Then it stayed ragged for years.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities are gaining for a 13^th straight day as news that the China Evergrande Group narrowly escaped default helped investor sentiment. The S&P/TSX Composite is up 0.2% in Toronto on Friday, with the materials sector leading the mornings advance. Meanwhile, Canadian retail sales slipped in September due to supply chain issues, leading consumers to spend more on services instead of hard goods. Barrick Gold contributed the most to the index gain, increasing 2.6%. New Gold Inc. had the largest increase, rising 6%. In early trading, 155 of 233 shares rose, while 72 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 5.8%, heading for the biggest advance since November 2020
* So far this week, the index rose 1.4%
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 0% below its 52-week high on Oct. 22, 2021 and 37.7% above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.2 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$3.34t
* 30-day price volatility fell to 10.39%compared with 10.48Z%in the previous session and the average of 9.69% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 43.7291| 1.8| 50/5
* Financials | 26.2206| 0.4| 23/5
* Energy | 12.4386| 0.4| 17/6
* Industrials | 2.9745| 0.1| 13/14
* Real Estate | 2.7505| 0.4| 21/2
* Consumer Staples | 0.8808| 0.1| 9/4
* Utilities | 0.4532| 0.0| 10/5
* Communication Services | -1.7831| -0.2| 2/4
* Consumer Discretionary | -2.7044| -0.4| 6/7
* Health Care | -3.2350| -1.6| 2/7
* Information Technology | -67.1820| -2.7| 4/11
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Barrick Gold | 7.6570| 2.6| 20.0| -14.2
* Royal Bank of Canada | 6.9270| 0.5| -26.5| 27.3
* Canadian Natural | | | |
* Resources | 5.3550| 1.2| -47.0| 73.4
* Magna International | -2.1940| -1.1| -28.9| 12.7
* Lightspeed Commerce | | | |
* Inc | -2.4660| -2.3| -27.8| 34.3
* Shopify | -61.0400| -4.2| 152.9| 23.0

US
By Nathan Hager and Vildana Hajric
(Bloomberg) — U.S. equities fell on Friday after the chairman of the Federal Reserve signaled some concern about inflation. The S&P 500 slid 0.1% and the Nasdaq 100 retreated 0.9% as Jerome Powell said the central bank was monitoring price pressures carefully and would adapt accordingly. Global supply-chain constraints and shortages that have led to elevated inflation “are likely to last longer than previously expected, likely well into next year,” Powell said, while adding that “it is still the most likely case” that as those constraints ease. Investors are increasingly concerned higher cost pressures and global supply-chain bottlenecks will push the Fed to raise interest rates faster than expected.  However, a solid start to the earnings season had offset those fears with the benchmark S&P 500 topping a record on Thursday. “The market is getting more worried that we are in some kind of a longer term inflation rise,” said Jim Bianco, president and founder of Bianco Research, on Bloomberg TV and Radio’s “Surveillance.” Stocks won’t like if the Fed responds to inflation and bonds won’t like it if they don’t, he said. “That’s not a good scenario.” The 10-year U.S. Treasury yield fell to 1.64% but still remained higher for the week.
The dollar edged lower, on track for a second week of declines. And gold gained. The losses came after the S&P 500 struggled for a direction earlier in the session after disappointing tech earnings overnight. A warning on ad spending from Snap Inc. wiped out more than $100 billion of market value from the social media company and its peers including Facebook Inc., Google-owner Alphabet Inc., Pinterest Inc. and Twitter Inc.
Meanwhile, Intel Corp. also fell on lower-than-expected sales amid component shortages.
“A double whammy of bad news for the tech sector could well mean that record highs are out of reach for now,” Fiona Cincotta, senior financial markets analyst at City Index, wrote in a note. Despite the threat of price pressures, however, global stocks are set for a third weekly advance helped by the ongoing recovery from the health crisis. Stocks in Europe gained on Friday, led by consumer shares on positive earnings.  Equities in Asia also rose after China Evergrande Group pulled back from the brink of a default, easing concerns about a contagion from the property developer’s woes.  Crude oil gained, Bitcoin fell to $60,900, and Russia’s ruble surged after the country’s central bank raised borrowing costs by more than economists’ expectations.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1644
* The British pound fell 0.2% to $1.3762
* The Japanese yen rose 0.5% to 113.43 per dollar
Bonds
* The yield on 10-year Treasuries declined six basis points to 1.64%
* Germany’s 10-year yield was little changed at -0.11%
* Britain’s 10-year yield declined six basis points to 1.15%
Commodities
* West Texas Intermediate crude rose 1.9% to $84.07 a barrel
* Gold futures rose 0.7% to $1,795.10 an ounce
–With assistance from Robert Brand and Sunil Jagtiani.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Train yourself to let go of the things you fear to lose. –George Lucas, b.1944.

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 Oct. 21, 1879, Thomas Edison invented a workable electric light at his laboratory in Menlo Park, N.J.  Go to article »
1967: Vietnam war protestors storm the Pentagon
Alfred Nobel, established Nobel Prize, b.1833.
Dizzie Gillespie, musician, b. 1917.

Ford’s hybrid pickup truck is almost sold out for the 2022 model year.

Why Santa Fe is the new American mecca for modern architecture.

PHOTOS OF THE DAY

A triceratops skeleton is displayed ahead of its sale at the Hôtel Drouot auction house
CREDIT: Christophe Archambault/AFP/Getty Images

A man wearing a suit made of mirrors attends a fashion exhibition
CREDIT: Wana News Agency/Reuters

Lava flows from the Cumbre Vieja volcano, destroying houses in La Laguna
CREDIT: Saul Santos/AP

Market Closes for October 21st, 2021

Market Index	Close	Change
Dow Jones	35603.08	-6.26
		-0.02%
S&P 500	4549.78	+13.59
		+0.30%
NASDAQ	15215.70	+94.02 +0.62%
TSX	21212.39	+24.20
		+0.11%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28708.58	-546.97
		-1.87%
HANG SENG	26017.53	-118.49
		-0.45%
SENSEX	60923.50	-336.46
		-0.55%
FTSE 100*	7190.30	-32.80 -0.45%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.696	1.642
CND. 30 Year Bond	2.090	2.039
U.S.    10 Year Bond	1.7011	1.6567
U.S. 30 Year Bond	2.1474	2.1343

Currencies

BOC Close	Today	Previous
Canadian $	0.8085	0.8120
US $	1.2368	1.2316
Euro Rate 1 Euro=		Inverse
Canadian $	1.4374	0.6957
US $	1.1623	0.8604

Commodities

Gold	Close	Previous
London Gold Fix	1778.00	1779.55
Oil
WTI Crude Future	83.25	83.87

Market Commentary:
     On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, predicted the coming demise of the bull market in a lead editorial. Since he had already predicted the death of the bull market in January 1927, June 1928 and July 1928, nobody listened. This time—if only by sheer luck—he turned out to be right, as the stock market crashed just three days later.
Canada
By Natasha Abellard
(Bloomberg) — Canadian stocks rose today for a 12^th straight day, its longest streak since January 2019. The S&P/TSX Composite gained 0.1% in Toronto as investors weighed the rollout of corporate earnings and inflation concerns. Shopify contributed the most to the index gain, increasing 0.6%. Stantec had the largest increase, rising 9.8%. Today, 116 of 233 shares rose, while 111 fell; 6 of 11 sectors were higher, led by industrials.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 5.7%, heading for the biggest advance since November 2020
* So far this week, the index rose 1.4%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 33% in the same period
* The S&P/TSX Composite is 0.1% below its 52-week high on Oct. 21, 2021 and 37.6% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.9% in the past 5 days and rose 4.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.2 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$3.34t
* 30-day price volatility fell to 10.48% compared with 10.51% in the previous session and the average of 9.59%over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | 30.2367| 1.2| 19/11
* Information Technology | 27.2979| 1.1| 13/2
* Financials | 13.2184| 0.2| 20/8
* Consumer Staples | 5.7025| 0.8| 9/4
* Utilities | 1.3123| 0.1| 11/5
* Real Estate | 0.7179| 0.1| 13/10
* Health Care | -0.2572| -0.1| 3/4
* Consumer Discretionary | -0.8028| -0.1| 6/7
* Communication Services | -5.0437| -0.5| 0/7
* Materials | -13.4238| -0.5| 21/31
* Energy | -34.7608| -1.2| 1/22
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 12.9600| 0.9| -37.9| 28.8
* Brookfield Asset | | | |
* Management | 11.6500| 1.6| -13.3| 43.1
* Canadian National | 11.4700| 1.7| 123.0| 17.4
* Suncor Energy | -6.1090| -2.1| -7.1| 30.9
* Nutrien | -7.6480| -2.2| -13.3| 41.3
* Enbridge | -8.1590| -1.1| -24.8| 29.3

US
By Vildana Hajric and Nathan Hager
(Bloomberg) — U.S. stocks rose to the first all-time high since Sept. 2, powered by a spate of strong corporate results and positive news on the fight against the virus. A late-session rally lifted the S&P 500 0.3% for a seventh straight gain, the longest streak since July.  Shares in stocks that benefit from a strong economy rallied after better-than-expected earnings at Tesla Inc., Pool Corp. and Tractor Supply Co. The mood soured after the cash session, when Snap Inc. plunged more than 25% after reporting results that missed estimates. The owner of the Snapchat app warned that global supply chain issues are discouraging advertisers from trying to reach new customers. Other social media stocks slumped in afterhours, with Facebook Inc. and Twitter Inc. each down 6%. Alphabet Inc. slid almost 3%.
The gains during regular trading ended the longest drought without a record close since November 2020. The S&P 500 has climbed 5% since JPMorgan Chase & Co. kicked off reporting season, following a month of losses. The steady rise in stocks sent the Cboe Volatility Index to its lowest close since before the pandemic. “I think it’s OK that investors are looking at earnings and going through them with a very fine-toothed comb,” Liz Young, head of investment strategy at SoFi, said on Bloomberg’s “QuickTake Stock” streaming program. “We’re in a time-period where we are finally, it seems like, going to shift away from markets that are driven by monetary policy and back to markets that are driven by fundamentals.” Market-implied expectations for U.S. inflation for the next half-decade have surged to the highest in 15 years as more investors have been losing faith in the Federal Reserve narrative that rising prices will be “transitory.” The five-year Treasury yield climbed above 1.21%, the highest since February 2020, as traders increased their bets the Fed may tighten policy sooner than expected. Solid economic reports on Thursday also strengthened predictions.
The latest jobless claims report unexpectedly declined to the lowest since March 2020. Sales of previously owned U.S. homes also rose in September by the most in a year.  Meanwhile, Congressional Democrats are at odds over both the tax and spending aspects of President Joe Biden’s economic package. “Good jobs plus high inflation creates a significant one-two punch against the Fed’s accommodative stance,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial.  “Easing and even rate increases down the road could start to be accelerated if we see more momentum like this, which perversely could create headwinds for the market.” With stocks at highs, traders are braced for swings in the market while also keeping a close eye on company margins, pricing power and outlooks. “At a stock level, you really need to focus on companies that have pricing power” and can pass along costs, Steve Chiavarone, vice president and general manager at Federated Global Investment, said on Bloomberg TV’s “Surveillance.” “If you can’t, and it starts eating away at your margin, I think you need to expect to get punished.” Crude oil slipped, the dollar was stronger against peers and Bitcoin fell from an all-time peak. 

Events to watch this week:
* Fed Chair Jerome Powell takes part in policy panel discussion, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1623
* The British pound fell 0.3% to $1.3788
* The Japanese yen rose 0.3% to 114.02 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.68%
* Germany’s 10-year yield advanced two basis points to -0.10%
* Britain’s 10-year yield advanced five basis points to 1.20%
Commodities
* West Texas Intermediate crude fell 0.9% to $82.64 a barrel
* Gold futures were little changed
–With assistance from Andreea Papuc and Abigail Moses.
Have a great night.

Be magnificent!

As ever,

Carolann

If you’re not making mistakes, you’re not trying hard enough.  -Vince Lombardi, 1913-1970.

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: Hunter’s Full Moon of 2021 is tonight.

On Oct. 20, 1973, in the so-called Saturday Night Massacre, President Nixon abolished the office of special Watergate prosecutor Archibald Cox, accepted the resignation of Attorney General Elliot L. Richardson and fired Deputy Attorney General William B. Ruckelshaus.  Go to article »

Elon Musk will become a trillionaire with SpaceX, Morgan Stanley says. 

This atomic clock will transform deep space exploration. 
See Nicole Kidman as Lucille Ball in first trailer for ‘Being the Ricardos’.  Featuring the iconic grape-stomping scene.
The latest supply chain shortage: white truffles and blue paint.
PHOTOS OF THE DAY

Visitors to Expo 2020 Dubai watch the spectacular four-storey indoor waterfall inside DP World’s Flow Pavilion. The expo, which was delayed by a year by the pandemic, runs until March 2022
CREDIT: DP World

Members of the Korean Confederation of Trade Unions, dressed as people from the Netflix series Squid Game, during a rally against the government’s labour policy
CREDIT: Sanghwan Jung/Rex/Shutterstock

Devotees pour water on to a Buddha figurine as they worship at the holy Shwedagon Pagoda on the full moon day of Thadingyut, which marks the end of Buddhist lent
CREDIT: Lynn Bo Bo/EPA

Market Closes for October 20^th, 2021

Market Index	Close	Change
Dow Jones	35609.34	+152.03
		+0.43%
S&P 500	4536.19	+16.56
		+0.37%
NASDAQ	15121.68	-7.41 -0.05%
TSX	21188.19	+101.20
		+0.48%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29255.55	+40.03
		+0.14%
HANG SENG	26136.02	+438.81
		+1.35%
SENSEX	61259.96	-456.09
		-0.74%
FTSE 100*	7223.10	+5.57 +0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.642	1.628
CND. 30 Year Bond	2.039	2.005
U.S.    10 Year Bond	1.6567	1.6443
U.S. 30 Year Bond	2.1343	2.0933

Currencies

BOC Close	Today	Previous
Canadian $	0.8120	0.8087
US $	1.2316	1.2365
Euro Rate 1 Euro=		Inverse
Canadian $	1.4349	0.6969
US $	1.1651	0.8583

Commodities

Gold	Close	Previous
London Gold Fix	1779.55	1767.85
Oil
WTI Crude Future	83.87	82.96

Market Commentary:
On this day in 1803, the Senate ratified the Louisiana Purchase Treaty, under which the U.S. paid France less than 3 cents an acre for 828,000 square miles of territory stretching from the Mississippi River to the Rockies and from the Gulf of Mexico to the Canadian border. With the stroke of a pen, the U.S. nearly doubled in size. The U.S. financed the deal by borrowing $11.25 million in 6% bonds from European investors.
Canada
By Natasha Abellard
(Bloomberg) — Canadian stocks rallied for an 11th straight day as positive earnings reports outweighed any inflation concerns. The S&P/TSX Composite gained 0.5% in Toronto. Financials stocks led the market higher, as 7 of 11 sectors gained; 140 of 233 shares rose, while 86 fell. Canadian National Railway contributed the most to the index gain, increasing 5%. Capstone Mining Corp. had the largest increase, rising 7.1%.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 5.6%, heading for the biggest advance since November 2020
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period * The S&P/TSX Composite is 0% below its 52-week high on Oct. 20, 2021 and 37.4% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 2.8% in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 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$3.32t
* 30-day price volatility rose to 10.51% compared with 10.49% in the previous session and the average of 9.49% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 42.9860| 0.6| 20/7
* Industrials | 40.7947| 1.7| 16/14
* Energy | 12.1481| 0.4| 20/3
* Materials | 5.2466| 0.2| 40/14
* Real Estate | 4.9214| 0.8| 15/7
* Utilities | 2.4979| 0.3| 7/7
* Communication Services | 0.3233| 0.0| 4/3
* Consumer Discretionary | -0.3001| 0.0| 4/9
* Health Care | -0.4775| -0.2| 4/5
* Information Technology | -2.9787| -0.1| 5/9
* Consumer Staples | -3.9540| -0.5| 5/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian National | 33.9100| 5.2| 121.0| 15.4
* Brookfield Asset | | | |
* Management | 10.6400| 1.5| -24.6| 40.9
* Bank of Nova Scotia| 7.3400| 1.1| -50.8| 19.0
* Shopify | -2.1710| -0.2| -29.9| 27.6
* Teck Resources | -2.3990| -2.1| -0.6| 52.6
* Couche-Tard | -3.1780| -1.2| -4.0| 10.0
US
By Vildana Hajric and Nathan Hager
(Bloomberg) — U.S. equities continued their rally into a sixth day, putting the benchmark S&P 500 within reach of an all-time high. The S&P 500 gained 0.4% as traders weighed company earnings against risks from inflationary pressures. Verizon Communications Inc. and Anthem Inc. were higher after better-than-expected results. Meanwhile, Novavax Inc. plunged on another vaccine delay, and Netflix Inc. was lower after an underwhelming outlook. Tesla Inc. will report after markets close. The gains come on the heels of the S&P 500’s best start to an earnings season in the last two years with the index gaining about 3.6% in the first week. Solid corporate results have helped counter concerns stemming from elevated inflation, driving stocks higher.
Elsewhere, crypto shares also rose as Bitcoin surged past a record. “What we see is an earnings season that’s likely to be more volatile than the last several,” said Beata Kirr, co-head of investment strategies at Bernstein Private Wealth Management, on Bloomberg TV and Radio. The past couple quarters of have seen earnings expand 45% year over year, whereas consensus estimates for 2022 is a more moderate 9% year-over-year gain, she explained. “Now that’s still positive,” she said. “And that’s one of the fundamental underpinnings that’s really driving the equity market forward. ”The yield on the 10-year Treasury note was little changed as corporate earnings have taken some of the spotlight away from concerns about stagflation — the combination of lower growth and higher inflation. Still, clouds are gathering over the economic recovery in the face of higher energy costs, global supply-chain bottlenecks and reduced central bank support. The dollar continued to weaken against major peers on Wednesday as traders increased bets central banks around the world will raise interest rates before the Federal Reserve to combat price pressures. Governor Randal Quarles said the Fed is not “behind the curve” with its monetary policy and said he still views current price increases as “transitory.” Oil gained in New York as inventories fell. Base metals declined after China launched a blitz of measures to tackle the energy crisis.
Elsewhere, Congressional Democrats made headway in breaking a stalemate on the president’s multitrillion dollar tax and spending package. “The market is very much testing how equipped companies and the rest of the economy are to be able to manage this type of transition where we have a less aggressive Fed, less supportive
fiscal policy and more normal levels of economic growth,” Kara Murphy, chief investment officer at Kestra Investment Services, said. “There are definitely concerns out there, but for now risk assets seem to be brushing off those concerns.” In Europe, food and beverage companies rose after Nestle SA and Deliveroo Plc forecast faster growth, while retailers fell after Kering SA reported slowing sales at Gucci. In Asia, equities were mixed as traders continued to monitor the debt woes at China’s real-estate developers. China Evergrande Group said it has terminated discussions to sell its property-management arm and asked that its shares resume trading in Hong Kong on Thursday.

Events to watch this week:
* Earnings roll in, including from AT&T Inc., Barclays Plc and Tesla Inc.
* U.S. Conference Board leading index, U.S. existing home sales, jobless claims, Thursday
* Fed Chair Jerome Powell takes part in policy panel discussion, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1652
* The British pound rose 0.2% to $1.3826
* The Japanese yen was little changed at 114.28 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.65%
* Germany’s 10-year yield declined two basis points to -0.13%
* Britain’s 10-year yield declined two basis points to 1.15%
Commodities
* West Texas Intermediate crude rose 1.1% to $83.87 a barrel
* Gold futures rose 0.9% to $1,786.20 an ounce
–With assistance from Abigail Moses and Andreea Papuc.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

He who lives without discipline dies without honor. -Icelandic Proverb.

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:
Kanye West’s new name is Ye.
 
Saudi Arabia is about to out-Disney the Magic Kingdom with this theme park that sits atop a gigantic oil rig. (h/t Mike Smedley)
 
On Oct. 19, 1987, the stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value – its second biggest percentage drop.  Go to article » 
PHOTOS OF THE DAY

Performers enact the Olympic flame handover ceremony for the Beijing 2022 Winter Olympics
Photograph: Alkis Konstantinidis/Reuters

Lava from the Cumbre Vieja volcano continues to flow, as seen from Tajuya on the Canary island of La Palma
Photograph: Susana Vera/Reuters

Visitors walk through lanterns at the royal culture festival at Gyeongbok Palace
Photograph: Lee Jin-man/AP

Princess Mako, the daughter of Crown Prince Akishino and Crown Princess Kiko, walks towards the Three Palace Sanctuaries to pray in the run-up to her marriage at the Imperial Palace
Photograph: Kyodo/Reuters
Market Closes for October 19^th, 2021
 

Market Index	Close	Change
Dow Jones	35457.31	+198.70
		+0.56%
S&P 500	4519.63	+33.17
		+0.74%
NASDAQ	15129.09	+107.28     +0.71%
TSX	21086.99	+101.62
		+0.48%

 
 
 
 
 
 

 

 

 

 
 
 

International Markets

Market Index	Close	Change
NIKKEI	29215.52	+190.06
		+0.65%
HANG SENG	25787.21	+377.46
		+1.49%
SENSEX	61716.05	-49.54
		-0.08%
FTSE 100*	7217.53	+13.70   +0.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.628	1.588
CND. 30 Year Bond	2.005	1.969
U.S.    10 Year Bond	1.6443	1.6002
U.S. 30 Year Bond	2.0933	2.0336

Currencies

BOC Close	Today	Previous
Canadian $	0.8087	0.8080
US $	1.2365	1.2376
Euro Rate 1 Euro=		Inverse
Canadian $	1.4384	0.6952
US $	1.1632	0.8569

Commodities

Gold	Close	Previous
London Gold Fix	1767.85	1772.65
Oil
WTI Crude Future	82.96	82.44

Market Commentary:
On this day in 1853, in the wake of the collapse of the railroad investment-banking firm run by Simeon Draper, Wall Street crashed, and several brokerage firms went under.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities extended their hot streak, advancing for a 10th straight day on solid corporate earnings reports and lessened inflation concerns.
The S&P/TSX Composite climbed 0.5% in Toronto, a fresh record high for the index.
Health care stocks were the best performers, as 7 of 11 sectors gained; 150 of 234 shares rose, while 79 fell.
Shopify contributed the most to the index gain, increasing 1.2%.
Tilray Inc. had the largest increase, rising 15.7%.
Insights
* This year, the index rose 21%, heading for the best year in at least 10 years
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 0%below its 52-week high on Oct. 19, 2021 and 36.8% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 3.2% in the past 5 days and rose 2.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 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% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.31t
* 30-day price volatility rose to 10.49% compared with 10.41% in the previous session and the average of 9.44% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 34.2609| 0.5| 19/9
Information Technology | 27.7267| 1.2| 11/4
Energy | 15.0128| 0.5| 12/10
Health Care | 11.8049| 6.1| 9/0
Industrials | 5.9476| 0.2| 18/12
Materials | 5.5154| 0.2| 33/19
Real Estate | 5.4573| 0.8| 22/3
Communication Services | -0.0518| 0.0| 5/2
Consumer Staples | -0.5695| -0.1| 7/6
Consumer Discretionary | -1.0462| -0.1| 7/6
Utilities | -2.4387| -0.3| 7/8
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 17.6600| 1.2| -31.2| 27.8
TD Bank | 16.4300| 1.5| -53.6| 23.3
Bank of Nova Scotia | 8.3470| 1.2| -65.2| 17.7
Fortis | -2.7790| -1.5| 122.7| 6.7
Constellation | | | |
Software | -2.9830| -1.0| -14.3| 33.2
Teck Resources | -3.1750| -2.7| -4.8| 55.8
US
By Vildana Hajric and Kamaron Leach
(Bloomberg) — U.S. equities extended a rally on Tuesday as solid corporate results helped counter concerns stemming from elevated inflation.
The S&P 500 rose 0.7% as earnings at Travelers Cos. And Johnson & Johnson beat expectations while higher commodity and freight costs weighed on shares of Procter & Gamble Co.
Crypto  stocks were also higher as Bitcoin closed at a record following the launch of the first futures exchange-traded fund.
A fifth day of gains brings the benchmark index within half a percent away from an all-time high as the market grapples with the prospect of tighter monetary policy amid rising prices.
The dollar was weaker against major peers as traders raised bets central banks around the world would raise interest rates before the Federal Reserve.
Meanwhile, global bond yields were mixed with the U.S. 10-year Treasury yield higher at 1.64%.
“Another week of upbeat results could be the boost that bulls are after to recapture those record levels,” said Fiona Cincotta, senior financial markets analyst at City Index.

Investors are paying close attention to the earnings season to see how higher costs for energy and raw materials are affecting margins.
Crude oil in New York climbed in a volatile session after Russia signaled it may not give Europe extra natural gas without approval for the Nord Stream 2 pipeline.
Meanwhile, base metals took a breather on the race to record highs.
“This earnings season could be highly important for investors, as inflation, labor, supply, and currency risks settle in,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments.
“We will be particularly attuned to companies’ guidance on the path ahead and whether higher costs could reduce corporate margins.”
Fed Governor Christopher Waller said the central bank’s bond-buying program should begin tapering next month. However, he added interest-rate increases are probably “still some time off.”
The comments were the latest in a slew of speeches from Fed officials expected to try to calm market jitters this week.
“They’re probably going to be very careful and cautious on rate hikes because of the fact that they just don’t have enough information on the inflation front,” said Subadra Rajappa, managing director and head of U.S. rates strategy at Société Generale. “We didn’t see the market fully price in three hikes by the end of 2023. And now you’re going to see a little bit of adjustment based on what the Fed’s saying.”

Events to watch this week:
* Earnings roll in, including from AT&T Inc., Barclays Plc, Netflix Inc. and Tesla Inc.
* EIA crude oil inventory report, Wednesday
* China property prices, loan prime rates, Wednesday
* U.S. Conference Board leading index, U.S. existing home sales, jobless claims, Thursday
* Fed Chair Jerome Powell takes part in policy panel discussion, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.1635
* The British pound rose 0.5% to $1.3792
* The Japanese yen was little changed at 114.34 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.64%
* Germany’s 10-year yield advanced four basis points to -0.11%
* Britain’s 10-year yield advanced three basis points to 1.17%
Commodities
* West Texas Intermediate crude rose 0.5% to $82.84 a barrel
* Gold futures rose 0.2% to $1,770.10 an ounce
–With assistance from Nathan Hager.
 
Have a lovely evening.
 
Be magnificent!
As ever,
 
Carolann
 
Maybe this world is another planet’s hell. -Aldous Huxley, 1894-1963.
 
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor
 
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7
 
Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

  

Dear Friends,

Tangents: Happy Monday.
1972 Congress passed the Clean Water Act, overriding President Richard M. Nixon’s veto.  Go to article »

Tony Bennett has set a new Guinness World Record for being the oldest person to release an album of new material.  The man is still churning ’em out at 95 YEARS OLD

A Russian crew safely returned to Earth after 12 days of filming the first feature movie shot in space.

Astronauts walk in space suits during a Mars training mission in Israel’s southern Negev desert. Here’s a look at 33 moving, fascinating and thought-provoking images from the week that was, curated by CNN Photos. PHOTOS OF THE DAY A drone photo shows hot-air balloons gliding over the Cappadocia region, which is listed as an Unesco world heritage site. CREDIT:ANADOLU AGENCY/GETY IMAGES People visit the Kingdom of Permafrost Museum, which is housed inside the Soviet-era tunnels on the outskirts of a city known as the coldest in the world. CREDIT: MAXIM SHEMETOV/REUTERS The paintings ‘Rouen Cathedral Evening’ and ‘Rouen Cathedral Noon by Claude Monet are seen on display at the Pushkin State Museum of Fine Arts. CREDIT: VYACHESLAV PROKOFYEV/TASS

Market Closes for October 18^th, 2021

Market Index	Close	Change
Dow Jones	35258.61	-36.15
		-0.10%
S&P 500	4486.46	+15.09
		+0.34%
NASDAQ	15021.81	+124.47 +0.84%
TSX	20985.37	+57.27
		+0.27%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29025.46	-43.17
		-0.15%
HANG SENG	25409.75	+78.79
		+0.31%
SENSEX	61765.59	+459.64
		+0.75%
FTSE 100*	7203.83	-30.20 -0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.588	1.587
CND. 30 Year Bond	1.969	1.987
U.S.    10 Year Bond	1.6002	1.5738
U.S. 30 Year Bond	2.0336	2.0456

Currencies

BOC Close	Today	Previous
Canadian $	0.8080	0.8083
US $	1.2376	1.2372
Euro Rate 1 Euro=		Inverse
Canadian $	1.4371	0.6958
US $	1.1612	0.8612

Commodities

Gold	Close	Previous
London Gold Fix	1772.65	1798.70
Oil
WTI Crude Future	82.44	82.28

Market Commentary:
     On this day in 1931, President Herbert Hoover announced the creation of an unemployment-relief commission “to cast sunshine into the habitations of despair.” He also used the word “depression” to describe the state of the U.S. economy, adding that it had been “deepened by events from abroad which are beyond the control of either our citizens or our government.”
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities advanced for a ninth straight day to a record high as inflation concerns subsided and the prices of crude oil slipped from multiyear highs.  The S&P/TSX Composite Index closed up 0.3% in Toronto, with tech equities leading the gain.  Shopify contributed the most to the index gain, increasing 2.9%.  Denison Mines had the largest increase, rising 12.8%. Today, 111 of 234 shares rose, while 120 fell; 5 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 20%, heading for the best year in at least 10 years
* The index advanced 28%in the past 52 weeks. The MSCI AC Americas Index gained 29% in the same period
* The S&P/TSX Composite is 0% below its 52-week high on Oct. 18, 2021 and 36.1% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 2.8% in the past 5 days and rose 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.3t
* 30-day price volatility rose to 10.41% compared with 10.38% in the previous session and the average of 9.39% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 44.6309| 1.9| 7/8
* Industrials | 17.7042| 0.7| 24/6
* Financials | 12.2965| 0.2| 16/10
* Consumer Staples | 3.8313| 0.5| 9/4
* Real Estate | 2.2819| 0.4| 18/7
* Utilities | -2.0942| -0.2| 4/12
* Health Care | -2.1102| -1.1| 2/7
* Communication Services | -3.3509| -0.3| 1/6
* Consumer Discretionary | -4.3132| -0.6| 7/6
* Energy | -5.3663| -0.2| 7/16
* Materials | -6.2475| -0.3| 16/38
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 39.8700| 2.9| -42.0| 26.2
* Constellation | | | |
* Software | 7.9810| 2.7| -9.0| 34.5
* Royal Bank of Canada| 6.1310| 0.5| 227.5| 25.5
* Lightspeed Commerce | | | |
* Inc | -3.5580| -3.4| -41.6| 31.4
* Suncor Energy | -4.3450| -1.4| 12.4| 34.4
* Magna International | -6.3250| -3.1| 9.3| 14.7

US
By Vildana Hajric and Nathan Hager
(Bloomberg) — U.S. stocks extended a rebound on Monday as a whipsaw in energy prices relieved some pressure on the market. The S&P 500 added 0.3% and the Nasdaq 100 gained 1% in a continuation of last week’s gains when solid corporate earnings and economic reports were enough to outweigh concerns about energy shortages and supply-chain disruptions. Earlier on Monday OPEC+ failed to meet output targets and Russia opted against sending more natural gas to Europe, pushing commodity prices higher.  However, oil’s decline from a session high eased some fears of inflation and policy tightening. The S&P 500 has now pared back losses from an all-time high to about 1.1%. “The issues that caused the pullback have quieted over the past two weeks, which has rightly allowed stocks to bounce,” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “But these issues are not resolved by any stretch of the imagination.” The yield on the 10-year Treasury note climbed to 1.59% while U.K. yields surged after the Bank of England warned on the need to respond to price pressures. Rate-hike bets have now also picked up in Australia and New Zealand, where inflation accelerated to the fastest pace in 10 years.
The dollar was little changed. “Rising commodity prices — particularly oil prices, which only appear to go in one direction at the moment — are boosting expectations of high inflation becoming more entrenched and a sooner move by the Fed to raise interest rates,” said Fiona Cincotta, senior financial markets analyst at City Index.  On top of that, there are fears the central bank will not be nimble enough to respond to a miscalculation, said Michael Darda, chief economist and market strategist at MKM Holdings. “That’s where we could end up with recessionary risks down the line,” he warned. Speakers from the Federal Reserve this week are expected to try to calm market jitters about future tightening. Additionally, another week of corporate earnings will offer traders more insight into the health of major corporations. “We have used most of the superlatives we know to describe corporate America’s stunning performances over the past two earnings seasons,” said Jeff Buchbinder, equity strategist for LPL Financial. “We expect solid earnings gains during the upcoming third-quarter earnings season, but upside surprises will be smaller.” “Unfortunately, we won’t need as many superlatives,” he added. Stocks in Europe fell while those in Asia were mixed after data China’s economy slowed in the third quarter. Bitcoin rose to $61,320 ahead of the launch of the first futures exchange-traded fund. Gold fell 0.2%.
Events to watch this week:
* Earnings roll in, including from AT&T Inc., Barclays Plc, Johnson & Johnson, Netflix Inc. and Tesla Inc.
* Bank Indonesia rate decision and briefing, Tuesday
* China’s NPC Standing Committee starts a meeting Tuesday that goes on through Oct. 23. A review of anti-monopoly regulations is on the agenda
* U.S. housing starts, Tuesday
* EIA crude oil inventory report, Wednesday
* China property prices, loan prime rates, Wednesday
* U.S. Conference Board leading index, U.S. existing home sales, jobless claims, Thursday
* Fed Chair Jerome Powell takes part in policy panel discussion, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1610
* The British pound fell 0.2% to $1.3730
* The Japanese yen was little changed at 114.32 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.59%
* Germany’s 10-year yield advanced two basis points to -0.15%
* Britain’s 10-year yield advanced three basis points to 1.14%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 0.2% to $1,764.60 an ounce
–With assistance from Kamaron Leach, Abigail Moses and Andreea Papuc.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

There are rich people and there are those that have money.  They are not the same people. -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