November 30, 2021 Newsletter

Dear Friends,

Tangents: St. Andrew’s Day, Christian calendar.

On Nov. 30, 1995, President Clinton became the first U.S. chief executive to visit Northern Ireland.  Go to article »

Winston Churchill, statesman, b.1874
Mark Twain, author, b.1835
Jonathan Swift, writer, b.1667
Abbie Hoffman, activist, b.1936
Ben Stiller, comic actor, b.1965

First lady Jill Biden unveils her first White House holiday decorations.  Snowflakes! Butterflies! The theme this year: “Gifts from the Heart.”

Pub-goers snowed in for three days at UK’s highest inn.  This the start of either a romantic comedy or a horror film

Study suggests the sun is a likely source of the Earth’s water.  

In less than a century, the Arctic will be trading snow for rain.

A normie’s guide to the cryptoverse.
PHOTOS OF THE DAY
A wildfire burns along the western ridge of the mountain
CREDIT: Walt Unks/AP
A freight train negotiates Morant’s Curve near Lake Louise
CREDIT: Patrick T Fallon/AFP/Getty Images
Crown Prince Akishino (centre) sits with his son and daughter in the garden of their Akasaka imperial residence
CREDIT: Kazuhiro Nogi/Imperial Household /JI/AFP/Getty Images

Market Closes for November 30th, 2021

Market
Index
Close Change
Dow
Jones
34483.72 -652.22
-1.86%
S&P 500 4567.00 -88.27
-1.90%
NASDAQ 15537.69 -245.14

-1.55%

TSX 20659.99 -489.01
-2.31%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 27821.76 -462.16
-1.63%
HANG
SENG
23475.26 -376.98
-1.58%
SENSEX 57064.87 -195.71
-0.34%
FTSE 100* 7059.45 -50.50

0.71%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.568 1.617
CND.
30 Year
Bond
1.885 1.941
U.S.   
10 Year Bond
1.4443 1.4987
U.S.
30 Year Bond
  1.7911   1.8545

Currencies

BOC Close Today Previous  
Canadian $ 0.7828 0.7847
US
$
1.2774 1.2744
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4688 0.6902
US
$
1.1341 0.8817

Commodities

Gold Close Previous
London Gold
Fix
1795.95 1800.80
 
Oil
WTI Crude Future 66.18 69.95

Market Commentary:
     On this day in 1999, entrepreneur Marc Ostrofsky of Houston sold the rights to the internet address business.com for $7.5 million, a record price for a domain name. Mr. Ostrofsky paid $150,000 for it in 1996—a price that was then considered absurd.  “Everyone thought I was a fool,” he said. But in three years, he had earned roughly a 470% annualized return on his investment.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped, following global markets lower as governments consider the potential impact of the omicron variant and Ottawa eyes tightening travel restrictions. The S&P/TSX Composite fell 2.3% to 20,659.99 in Toronto. The move was the biggest since the index fell 2.7% on Oct. 28, 2020. Today, financials stocks led the market lower, as all sectors lost; 206 of 233 shares fell, while 26 rose. Shopify Inc. contributed the most to the index decline, decreasing 3%. Birchcliff Energy Ltd. had the largest drop, falling 7.2%.

Insights
* This year, the index rose 19%, heading for the best year since 2019
* This month, the index fell 1.8%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 5.2% below its 52-week high on Nov. 16, 2021 and 20.6% above its low on Nov. 30, 2020
* The S&P/TSX Composite is down 3.7% in the past 5 days and fell 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.34t
* 30-day price volatility rose to 13.06% compared with 11.13% in the previous session and the average of 9.74% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -187.6503| -2.8| 2/26
* Energy | -67.1986| -2.4| 2/21
* Information Technology| -62.2249| -2.5| 2/13
* Industrials | -54.7819| -2.2| 1/29
* Materials | -38.4987| -1.6| 13/42
* Consumer Discretionary| -22.3678| -3.0| 0/13
* Real Estate | -20.2899| -3.1| 1/23
* Consumer Staples | -11.2836| -1.5| 1/12
* Utilities | -10.1118| -1.1| 2/14
* Communication Services| -9.6477| -1.0| 0/7
* Health Care | -4.9578| -2.7| 2/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -46.2100| -3.0| 117.1| 35.0
* TD Bank | -43.5000| -3.7| 187.2| 25.3
* Royal Bank of Canada | -33.9300| -2.6| 94.0| 20.8
* Osisko Mining | 0.3900| 6.5| 59.9| -15.7
* Centerra Gold | 0.5340| 3.9| 98.8| -36.2
* Nuvei | 1.2780| 2.4| 99.1| 61.7

US
By Rita Nazareth
(Bloomberg) — Stocks sank after Federal Reserve Chair Jerome Powell weighed an earlier end to bond tapering, with traders boosting their wagers on the pace of interest-rate hikes. In a wild trading session for markets, the Treasury curve flattened sharply — with the premium of the 30-year rate over the five-year yield tumbling. Powell also told a Senate banking committee that it’s time to stop using the word “transitory” to describe inflation. The S&P 500 slumped almost 2%, while the Cboe Volatility Index extended its biggest monthly surge since February 2020. “Powell just added gasoline to the fire by finally admitting that inflation isn’t going away as fast as anyone would like,” said Ryan Detrick, chief market strategist at LPL Financial. “A faster tapering is probably coming as a result, and that has markets worried the punch bowl is leaving the party.” Money markets now show 55 basis points of rate tightening – – more than two standard quarter-point increases — priced in by the end of 2022. That’s up from about 50 basis points on Monday.
The first full hike remains priced for July. Fed officials have consistently said they want to wrap up the taper before lifting borrowing costs from near zero — where they’ve been since the pandemic began. Powell, in his opening remarks, said the recent rise in Covid-19 cases and the emergence of the omicron strain pose “downside risks to employment and economic activity and increased uncertainty for inflation.” During the following question-and-answer period, he focused more on the evidence of elevated prices since officials met Nov. 2-3.

More comments:
* “Investors may have expected Powell to run for cover as the omicron variant threatens growth,” said Mike Bailey, director of research at FBB Capital Partners. “However, he did an about-face and signaled faster tapering, spooking markets.”
* “With potential changes in policy on the horizon, market participants should expect additional market volatility in this uncharted territory,” said Charlie Ripley, senior investment strategist at Allianz Investment Management.
* “We believe the underlying fundamentals of the economy and an upcoming robust vaccine response to the new threats” will allow the market to rebound from the near-term selloff, said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Concern about the impacts of omicron weighed on markets earlier Tuesday, with Moderna Inc. executives saying the many mutations suggest new shots will be needed.
The current generation of vaccines probably will protect against severe disease in people infected by the variant, according to BioNTech SE’s chief.
The University of Oxford said there’s no evidence existing shots won’t provide some protection against the strain.
U.S. consumer confidence slid to a nine-month low in November as a pickup in Covid-19 cases and accelerating inflation weighed on Americans’ views about the economy.

Final sales for Cyber Monday fell short of estimates as scarce inventory kept shoppers from breaking out their credit cards at the start of the holiday shopping season.
Some corporate highlights:
* Pfizer Inc. had its best monthly advance in 30 years as renewed virus fears revive the market’s focus on vaccine makers.
* AT&T Inc. tumbled after the company’s chief executive officer of communications told investors at a conference he expects customer growth to slow.
* Nasdaq Inc. partnered with Amazon.com Inc. to shift its North American exchanges to the cloud starting in 2022.

Some key events to watch this week:
* China Caixin manufacturing PMI, Wednesday
* Euro zone manufacturing PMI, Wednesday
* U.S. construction spending, ISM Manufacturing, Fed’s Beige Book on Wednesday
* OPEC, allies may re-evaluate plans for reviving oil supplies, Thursday
* U.S. initial jobless claims, Thursday
* U.S. jobs report, factory orders, durable goods on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.6%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World index fell 1.4%

Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.1341
* The British pound fell 0.1% to $1.3301
* The Japanese yen rose 0.4% to 113.03 per dollar

Bonds
* The yield on 10-year Treasuries declined six basis points to 1.44%
* Germany’s 10-year yield declined three basis points to -0.35%
* Britain’s 10-year yield declined five basis points to 0.81%

Commodities
* West Texas Intermediate crude fell 4.9% to $66.55 a barrel
* Gold futures fell 0.7% to $1,773.30 an ounce
–With assistance from Andreea Papuc, Robert Brand, Emily Graffeo, Vildana Hajric, Peyton Forte and Edward Bolingbroke.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Be careful about reading health books.  You may die of a misprint. –Mark Twain, 1835-1910.

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

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

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

November 29, 2021 Newsletter

Dear Friends,

Tangents: Happy Monday.
November 29, 1961: 1961 Enos the chimp was launched from Cape Canaveral aboard the Mercury-Atlas 5 spacecraft, which orbited Earth twice before returning.  Go to article »

November 29, 2018: Tens of thousands of Indian farmers protest the agrarian crisis stemming from environmental degradation, the decrease in landholding size, plateauing of crop yields from the present farm technology, and withdrawal of state support at parliament in Delhi.

1989-Czechoslovakia ends.
Joel Coen, film-maker b. 1954
C.S. Lewis, author, b. 1878
Louisa May Alcott, author, b. 1832.

Tony Bennett leaves his heart onstage in a moving final concert with Lady Gaga.  The 95-year-old legend has lived “The Good Life” indeed.

New Zealand politician cycles to hospital in labor, gives birth.  And this is NOT the first time she’s done this

Archaeologists find an ancient Roman mosaic in the U.K. (h/t Alistair Lowe)

PHOTOS OF THE DAY
Snow covers the hills around Haut-Koenigsbourg castle
CREDIT: Patrick Hertzog/AFP/Getty Images
Walkers enjoy a snowy stroll in Lancashire
CREDIT: Christopher Thomond/The Guardian
A giant star is installed atop the Mare de Deu tower of the Sagrada Familia basilica, before the inauguration of the Spanish architect Antonio Gaudi’s building
CREDIT: Pau Barrena/AFP/Getty Images

Market Closes for November 29th, 2021

Market
Index
Close Change
Dow
Jones
35135.94 +236.60
+0.68%
S&P 500 4655.27 +60.65
+1.32%
NASDAQ 15782.84 +291.18

+1.88%

TSX 21148.94 +23.04
+0.11%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 28283.92 -467.70
-1.63%
HANG
SENG
23852.24 -228.28
-0.95%
SENSEX 57260.58 +153.43
+0.27%
FTSE 100* 7109.95 +65.92

+0.94%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.617 1.604
CND.
30 Year
Bond
1.941 1.955
U.S.   
10 Year Bond
1.4987 1.4731
U.S.
30 Year Bond
  1.8545   1.8213

Currencies

BOC Close Today Previous  
Canadian $ 0.7847 0.7818
US
$
1.2744 1.2791
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4384 0.6942
US
$
1.1287 0.8859

Commodities

Gold Close Previous
London Gold
Fix
1800.80 1788.15
 
Oil
WTI Crude Future 69.95 78.39

Market Commentary:
     On this day in 1912, John Marks Templeton was born in Winchester, Tenn., to Vella Handly and Harvey Maxwell Templeton, a lawyer and cotton-gin operator. He went on to found the Templeton Growth Fund and invent the disclipline of global investing.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities ended the day slightly higher after Friday’s sell-off as fears ease over the new omicron coronavirus strain. The S&P/TSX Composite rose 0.1% at 21,148.94 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1.9%. Lithium Americas Corp. had the largest increase, rising 14.2%. In midday trading, 155 of 233 shares rose, while 74 fell; 8 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 0.8%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 27% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Nov. 16, 2021 and 23.9% above its low on Nov. 30, 2020
* The S&P/TSX Composite is down 1% in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.2 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$3.33t
* 30-day price volatility fell to 11.19% compared with 11.22% in the previous session and the average of 9.66% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 37.3422| 1.5| 39/14
* Industrials | 25.0998| 1.0| 20/10
* Energy | 19.8565| 0.7| 21/2
* Consumer Staples | 8.1926| 1.1| 9/3
* Consumer Discretionary | 6.6538| 0.9| 9/4
* Real Estate | 5.6787| 0.9| 20/4
* Utilities | 1.6588| 0.2| 10/6
* Communication Services | 0.8853| 0.1| 5/2
* Health Care | -2.1623| -1.2| 2/7
* Information Technology | -5.7620| -0.2| 10/4
* Financials | -13.4600| -0.2| 10/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian National | 12.6800| 1.9| 0.5| 17.8
* Canadian Natural Resources | 10.7100| 2.5| 20.2| 75.7
* Waste Connections | 9.6580| 3.1| 40.9| 34.3
* TD Bank | -7.4600| -0.6| 33.7| 30.7
* Shopify | -11.3200| -0.7| 31.2| 38.4
* Enbridge | -13.0800| -1.9| 0.1| 20.0

US
By Rita Nazareth
(Bloomberg) — Stocks climbed and bonds fell as a relative sense of calm returned to global markets, with investors reassessing their worst-case scenarios for the omicron coronavirus strain. In a broad-based rally, the S&P 500 posted the biggest advance in more than a month — wiping out its November losses. The Nasdaq 100 outperformed major equity benchmarks amid gains in technology giants such as Apple Inc. and Microsoft Corp. Treasury 10-year yields topped 1.5%, while the U.S. dollar was little changed. President Joe Biden cautioned Americans against panicking over the new variant, while Federal Reserve Chair Jerome Powell said omicron poses risks to both sides of the central bank’s mandate to achieve stable prices and maximum employment.
Pfizer Inc. will know within two to three weeks how well its Covid-19 vaccine holds up against omicron, according to its top executive. “Investors are evidently making an assumption today that omicron may not be as bad as had been feared on Friday, and that vaccines may still prove effective,” wrote Fawad Razaqzada, an analyst with ThinkMarkets. “It will take some time — possibly a couple of weeks at least — to understand this variant better.  So, what might happen going forward is that we will see elevated levels of volatility.” A forward-looking gauge of U.S. home purchases rebounded in October to a 10-month high, signaling steady housing demand. The National Association of Realtors’ index of pending home sales rose 7.5% from a month earlier. The median estimate in a Bloomberg survey of economists called for a 1% advance.

Some other corporate highlights:
* Jack Dorsey, the co-founder and chief executive officer of Twitter Inc., is stepping down from the helm of the social network, ceding the position to tech head Parag Agrawal.
* Hertz Global Holdings Inc. plans to repurchase as much as $2 billion of its common stock, the latest move to realign its finances just months after exiting bankruptcy protection.
* Walmart Inc. said Chief Financial Officer Brett Biggs plans to step down by early 2023, ending a run of more than two decades with the retail giant.

Some key events to watch this week:
* Powell will appear at a Senate Banking Committee hearing alongside Treasury Secretary Janet Yellen on Tuesday. They’re set to speak again on the following day at the House Financial Services Committee.
* China PMIs, Tuesday
* Euro zone CPI, Tuesday
* U.S. Conference Board consumer confidence, Tuesday
* China Caixin manufacturing PMI, Wednesday
* Euro zone manufacturing PMI, Wednesday
* U.S. construction spending, ISM Manufacturing, Fed’s Beige Book on Wednesday
* OPEC, allies may re-evaluate plans for reviving oil supplies, Thursday
* U.S. initial jobless claims, Thursday
* U.S. jobs report, factory orders, durable goods on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.3%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.7%

Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.1280
* The British pound fell 0.2% to $1.3304
* The Japanese yen fell 0.3% to 113.67 per dollar

Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.51%
* Germany’s 10-year yield advanced two basis points to -0.32%
* Britain’s 10-year yield advanced four basis points to 0.86%

Commodities
* West Texas Intermediate crude rose 2.2% to $69.68 a barrel
* Gold futures fell 0.2% to $1,784.70 an ounce
–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric, Emily Graffeo and Sophie Caronello.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Nearly all men can stand adversity, but if you want to  test a man’s character, give him power.  –Abraham Lincoln, 1809-1865.

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

November 26, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.
Happy first day of Hanukkah, which begins Sunday evening.

On Nov. 26, 1942, President Roosevelt ordered nationwide gasoline rationing, beginning December 1. Go to article »

November 26, 2008: Mumbai attacks – a series of terrorist attacks occur, killing approximately 166 people.  The attacks were carried out by 10 members of Lashkar-e-Taiba, a Pakistan based extremist Islamist terrorist organisation.

Tina Turner, singer, b. 1938.
John Harvard, Harvard University founder, b.1607.
Charles M. Schultz, creator of “Peanuts” , b. 1922.

Feast your eyes on Time’s 100 top photos of 2021.

Is Tiddles a psychocat? (h/t Lara Williams)

Forget gas and hydrogen. Your next boiler should be a heat pump. 

PHOTOS OF THE DAY
The tunnel of lights at the Royal Botanic Gardens
CREDIT: Peter Summers/Getty Images
After years of renovation the 2,700-metre Avenue of the Sphinxes was reopened in a grand ceremony showcasing Egypt’s second-most-visited heritage site after the Giza pyramids
CREDIT: Islam Safwat/Getty Images
A giant menorah is placed in front of Brandenburg Gate for the Jewish holiday of Hanukah
CREDIT: Michele Tantussi/Reuters
A cat wearing a dress is seen in a transparent rucksack at the annual Pet Expo
CREDIT:  AFP/Getty Images

Market Closes for November 26th, 2021

Market
Index
Close Change
Dow
Jones
34899.34 -905.04
-2.53%
S&P 500 4594.62 -106.84
-2.27%
NASDAQ 15491.66 -353.57

-2.23%

TSX 21125.90 -487.28
-2.25%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 28751.62 -747.66
-2.53%
HANG
SENG
24080.52 -659.64
-2.67%
SENSEX 57107.15 -1687.94
-2.87%
FTSE 100* 7044.03 -266.34

-3.64%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.604 1.760
CND.
30 Year
Bond
1.955 2.063
U.S.   
10 Year Bond
1.4731 1.6341
U.S.
30 Year Bond
  1.8213   1.9594

Currencies

BOC Close Today Previous  
Canadian $ 0.7818 0.7905
US
$
1.2791 1.2650
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4487 0.6903
US
$
1.1326 0.8829

Commodities

Gold Close Previous
London Gold
Fix
1788.15 1782.05
 
Oil
WTI Crude Future 78.39 78.39

Market Commentary:
On this day in 1990, the Shanghai Securities Exchange was re-established in China, 31 years after it was closed by the new Communist regime
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities sunk the most in 13 months as all sectors dove into the red amid concerns over a new strain of the Covid-19 virus. The S&P/TSX Composite fell 2.3% at 21,125.90 in Toronto. Oil and gas stocks led losses, as all sectors dropped; 220 of 233 shares fell, while 12 rose. MEG Energy Corp. had the largest drop, falling 9.3%.

Air Canada slumped 8.9%, the most since June 2020, as the Canadian government announced tightened travel restrictions. The Canadian benchmark fell about 2% this week, its biggest slump since January as the World Health Organization said that a strain of coronavirus recently discovered by South African researchers poses a threat that could deal a setback to efforts to slow the spread of Covid-19. With only five weeks left to the end of the year, the TSX is still up about 21% this year while the S&P 500 Index is higher by about 1 percentage point.
Insights
* This year, the index rose 21 percent, heading for the best year in at least 10 years
* This month, the index rose 0.4 percent
* So far this week, the index fell 2 percent, heading for the biggest decline since the week ended Jan. 29
* The index advanced 22 percent in the past 52 weeks. The MSCI AC Americas Index gained 26 percent in the same period
* The S&P/TSX Composite is 3.1 percent below its 52-week high on Nov. 16, 2021 and 23.4 percent above its low on Nov. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.2 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$3.41t
* 30-day price volatility rose to 11.22 percent compared with 8.66 percent in the previous session and the average of 9.73 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -131.3777| -1.9| 0/28
* Energy | -105.9314| -3.7| 0/23
* Information Technology| -76.2715| -3.0| 0/15
* Industrials | -56.3655| -2.2| 1/29
* Materials | -49.1990| -2.0| 5/49
* Consumer Discretionary| -17.0952| -2.2| 1/12
* Consumer Staples | -15.6989| -2.1| 0/13
* Real Estate | -14.4558| -2.2| 0/24
* Communication Services| -11.0708| -1.1| 0/7
* Health Care | -6.5978| -3.4| 1/8
* Utilities | -3.2002| -0.3| 4/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -55.7100| -3.4| 12.7| 39.4
* Canadian Natural Resources | -24.4600| -5.4| 102.9| 71.5
* Suncor Energy | -22.7700| -6.5| 106.6| 49.0
* Brookfield Renewable Partners | 0.2580| 0.4| 55.5| -16.1
* Kirkland Lake | 0.3140| 0.3| -6.9| -2.0
* Northland Power | 0.4860| 0.8| -10.0| -14.5

US
By Emily Graffeo and Srinivasan Sivabalan
(Bloomberg) — U.S. stocks slid in a selloff across global markets amid growing fears a new coronavirus variant identified in South Africa could spark fresh outbreaks and scuttle a fragile economic recovery. Haven assets surged. It’s the worst post-Thanksgiving performance for the S&P 500 since 1941, when President Franklin D. Roosevelt signed a bill to officially establish the fourth Thursday in November as a national holiday. The Russell 2000 sank 3.7% and the Nasdaq 100 was dragged to its lowest close in a little more than two weeks. Travel and leisure stocks tumbled, while stay-at-home shares gained. In Europe, the Stoxx 600 closed down 3.7%, the most since June 2020. Oil fell through $70 a barrel in New York for the first time since late September. Treasuries jumped on haven bids, sending the 10-year yield down the most since March 2020 on a closing basis, while traders pushed back bets on the Federal Reserve hiking rates. The Japanese yen emerged as the main haven currency of the day, with the dollar falling. The World Health Organization and scientists in South Africa were said to be working “at lightning speed” to ascertain how quickly the B.1.1.529 variant can spread and whether it’s resistant to vaccines.
The new threat adds to the wall of worry investors are already contending with in the form of elevated inflation, monetary tightening and slowing growth. “This is not trivial,” said Jay Hatfield, chief executive and founder of Infrastructure Capital Management. “So it makes sense for people to rebalance because there’s tons of uncertainty and that’s never good for buying stocks.” Carnival Corp. and Royal Caribbean Cruises Ltd. dropped more than 10% while United Airlines Holdings Inc. dropped 9.6%. Zoom Video Communications Inc. and Peloton Interactive Inc. gained at least 5%, while Moderna Inc. jumped more than 20% and Pfizer Inc. climbed to a record. “It’s terrible news,” Ipek Ozkardeskaya, a senior analyst at Swissquote, said in emailed comments. “The new Covid variant could hit the economic recovery, but this time, the central banks won’t have enough margin to act. They can’t fight inflation and boost growth at the same time. They have to choose.”
The selloff comes after global markets adopted a Jekyll-and-Hyde posture for months, with equities rallying to newer records even as concerns intensified over a toxic combination of high inflation and slower growth. Investors poured almost $900 billion into equity exchange-traded and long-only funds in 2021 — exceeding the combined total from the past 19 years. “At these valuations any sort of headline is going to cause this pullback,” Brian Vendig, MJP Wealth Advisors President, said in an interview with Bloomberg TV. “You definitely don’t want to be 100% in risk assets — whether its interest rate risk, inflation risk, policy risk and now another cue for the health-care crisis letting us all know we’re not out of the pandemic.” Traders pushed back the expected timing of a first 25-basis-point rate increase by the Federal Reserve to September from June, while briefly pricing out any more hikes unit 2023. The rally in Treasuries pushed the 10-year yield down 16 basis points to close around 1.47%, its largest single-session decline since March 2020. They also bet on less than a 10-basis-point hike by the Bank of England next month, compared with 35 basis points projected a month ago. They called for seven basis points of tightening by the European Central Bank by December 2022 as against nine basis points seen Thursday.
The yen and Swiss franc found bids from safety-conscious traders, while the dollar posted a modest loss.  A gain for the euro, the biggest component of the Bloomberg Dollar Spot Index, also curbed the greenback. MSCI Inc.’s Asia-Pacific equity gauge slid to the lowest since early October.  Some of the worst-hit assets were in emerging markets. The currency of South Africa, where the virus strain was identified, lost 1.8% and the Turkish lira dropped 2.9%. While the selling continued unabated, some investors said it’s important not to get carried away by short-term jitters. “We must not forget the backdrop that this was a market that was headed towards another 25% year,” said Cate Faddis, Grace Capital President. “When the market gets ahead of itself it finds a reason, any reason to come back down to earth. A 2% move is not very significant in light of the year we have had.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.3% as of 2:25 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average fell 2.5%
* The MSCI World index fell 2.2%

Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.9% to $1.1315
* The British pound rose 0.1% to $1.3339
* The Japanese yen rose 1.8% to 113.25 per dollar

Bonds
* The yield on 10-year Treasuries declined 16 basis points to 1.47%
* Germany’s 10-year yield declined eight basis points to -0.34%
* Britain’s 10-year yield declined 14 basis points to 0.82%

Commodities
* West Texas Intermediate crude fell 13% to $68.15 a barrel
* Gold futures were little changed
–With assistance from Stephen Kirkland, Chiara Remondini, Jan-Patrick Barnert, Lisa Pham, Michael Msika, Cecile Gutscher, Lu

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

My general attitude to life is to enjoy every minute of every day. 
I never do anything with a feeling of, “Oh God, I’ve got to do this today.” –Richard Branson, b. 1950.

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

November 25, 2021 Newsletter

Dear Friends,

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

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

PHOTOS OF THE DAY
The Tough Guy balloon is displayed on Sixth Avenue during the Macy’s Thanksgiving Day parade
CREDIT: Jeenah Moon/AP
A passenger with a baby snuggled under their coat arrives at Penn station. An estimated 53.4 million people will travel for the Thanksgiving holiday this year
CREDIT: David Dee Delgado/Getty Images
St George’s Hall at Windsor Castle sports a 20ft Christmas tree
CREDIT: Steve Parsons/PA

Market Closes for November 25th, 2021

Market
Index
Close Change
Dow
Jones
S&P 500
NASDAQ
TSX 21613.18 +64.75
+0.30%

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 29499.28 +196.62
+0.67%
HANG
SENG
24740.16 +54.66
+0.22%
SENSEX 28795.09 +454.10
+0.78%
FTSE 100* 7310.37 +24.05

+0.33%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.760 1.781
CND.
30 Year
Bond
2.063 2.079
U.S.   
10 Year Bond
1.6341
U.S.
30 Year Bond
      —   1.9594

Currencies

BOC Close Today Previous  
Canadian $ 0.7905 0.7897
US
$
1.2650 1.2663
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4179 0.7053
US
$
1.1209 0.8922

Commodities

Gold Close Previous
London Gold
Fix
1782.05 1789.15
 
Oil
WTI Crude Future 78.39

Market Commentary:
     Everyone wants to make the same three things: money, a name, and a difference.  What creates diversity in the human race is how we prioritize the three. -Roy H. Williams, The Wizard of Ads.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities climbed for the third day as technology stocks recovered from the sector’s plunge earlier this week.  The S&P/TSX Composite rose 0.3%, or 64.75 to 21,613.18 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 0.7%. Dye & Durham Ltd. had the largest increase, rising 3.7%. Today, 139 of 233 shares rose, while 89 fell; 8 of 11 sectors were higher, led by tech and healthcare stocks.

Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* This month, the index rose 2.7 percent
* So far this week, the index rose 0.3 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 28 percent in the same period
* The S&P/TSX Composite is 0.8 percent below its 52-week high on Nov. 16, 2021 and 26.2 percent above its low on Nov. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.4t
* 30-day price volatility fell to 8.66 percent compared with 8.73 percent in the previous session and the average of 9.70 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 27.1407| 0.4| 22/6
* Information Technology | 20.6265| 0.8| 14/1
* Energy | 7.5336| 0.3| 12/10
* Communication Services | 3.6323| 0.4| 5/2
* Consumer Discretionary | 3.3417| 0.4| 9/4
* Real Estate | 3.1231| 0.5| 21/3
* Industrials | 2.7722| 0.1| 20/9
* Health Care | 1.4828| 0.8| 7/2
* Consumer Staples | -0.0764| 0.0| 6/7
* Utilities | -0.5495| -0.1| 8/7
* Materials | -4.2867| -0.2| 16/37
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 11.7900| 0.7| -64.6| 44.4
* Royal Bank of Canada | 6.3310| 0.5| -73.4| 26.9
* Bank of Nova Scotia| 5.5670| 0.8| -53.6| 21.9
* Barrick Gold | -1.3580| -0.5| -79.0| -14.6
* Canadian National | -1.4810| -0.2| -49.8| 18.3
* Couche-Tard | -1.6450| -0.6| -35.2| 10.4

US: US MARKETS CLOSED FOR THANKSGIVING.
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann

The secret of man’s being is not only to live but to have something to live for. –Fyodor Dostoevsky, 1821-1881.

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

November 24, 2021 Newsletter

Dear Friends,

Tangents:

November 24th, 1859: Charles Darwin’s Origin of Species is published, which put forth the theory of evolution and described the process of natural selection.
Ignorance more frequently begets confidence than does knowledge. -Charles Darwin, 1809-1882.

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

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

Can plants that suck metals from soil replace mining?
NASA’s mission to smack an asteroid. Making travel plans? We asked a VIP concierge for his insider tips. 

PHOTOS OF THE DAY
Corals fertilise billions of offspring by casting sperm and eggs into the Pacific Ocean. Australia’s Great Barrier Reef is spawning in an explosion of colour as the World Heritage-listed natural wonder recovers from life-threatening coral bleaching episodes
CREDIT: Gabriel Guzman/Calypso Productions/AP
A first-of-its-kind asteroid deflection spacecraft lifts off overnight from Vandenberg Space Force Base on a 10-month mission to collide with an asteroid
CREDIT: Gene Blevins/Zuma Press Wire/Rex/Shutterstock
A man plays a saxophone during a vigil for Ahmaud Arbery outside the Glynn county courthouse as jury deliberates whether Greg McMichael, his son, Travis McMichael, and William Bryan murdered him
CREDIT: Marco Bello/Reuters

Market Closes for November 24th, 2021

Market
Index
Close Change
Dow
Jones
35804.38 -9.42
-0.03%
S&P 500 4701.46 +10.76
+0.23%
NASDAQ 15845.23 +70.09

+0.44%

TSX 21548.43 +94.66
+0.44%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 29302.66 -471.45
-1.58%
HANG
SENG
24685.50 +33.92
+0.14%
SENSEX 58340.99 -323.34
-0.55%
FTSE 100* 7286.32 +19.63

+0.27%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.781 1.807
CND.
30 Year
Bond
2.079 2.144
U.S.   
10 Year Bond
1.6341 1.6651
U.S.
30 Year Bond
  1.9594   2.0229

Currencies

BOC Close Today Previous  
Canadian $ 0.7897 0.7892
US
$
1.2663 1.2671
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4186 0.7049
US
$
1.1202 0.8926

Commodities

Gold Close Previous
London Gold
Fix
1789.15 1816.05
 
Oil
WTI Crude Future 78.39 78.45

MARKET COMMENTARY:
     On this day in 1998, America Online took over Netscape Communications for roughly $4.2 billion.
CANADA
By Stefanie Marotta
(Bloomberg) — Canadian equities climbed for the second consecutive day as companies in the technology sector offset losses in consumer staples. The S&P/TSX Composite rose 0.4%, or 94.66, to 21,548.43 in Toronto. The gain was the biggest since it rose 0.9% on Nov. 12. Shopify Inc. contributed the most to the index gain, increasing 3.3%. Docebo Inc. had the largest increase, rising 5.5%. Today, 129 of 233 shares rose, while 101 fell; 7 of 11 sectors were higher, led by information technology stocks.

Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* This month, the index rose 2.4 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 28 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on Nov. 16, 2021 and 25.8 percent above its low on Nov. 30, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 1.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility fell to 8.73 percent compared with 9.05 percent in the previous session and the average of 9.75 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 58.6264| 2.4| 8/6
* Energy | 26.7429| 0.9| 14/8
* Financials | 15.5736| 0.2| 13/15
* Real Estate | 5.7217| 0.9| 22/2
* Industrials | 4.5750| 0.2| 21/9
* Communication Services | 3.5768| 0.4| 5/2
* Health Care | 3.1247| 1.7| 9/0
* Materials | -0.9528| 0.0| 27/27
* Consumer Discretionary | -1.6023| -0.2| 5/8
* Utilities | -2.9060| -0.3| 4/12
* Consumer Staples | -17.8191| -2.3| 1/12
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | 51.7600| 3.3| 47.9| 43.3
* Canadian Natural Resources | 11.0400| 2.5| 17.0| 79.8
* Suncor Energy | 7.6590| 2.2| 3.4| 58.0
* Magna International | -3.1440| -1.5| 8.2| 16.0
* Canadian Pacific | -3.1940| -0.7| -28.0| 7.1
* Couche-Tard | -13.1600| -4.6| 239.0| 11.1

US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — Stocks climbed as investors shrugged off tapering concerns highlighted in minutes of the Federal Reserve’s last meeting. The dollar gained and the Treasury yield curve flattened as short-end rates rose. The S&P 500 rose, after briefly dipping following release of the minutes, with real estate and energy stocks leading gains. The tech-heavy Nasdaq 100 outperformed major benchmarks. Trading volume has been less than average ahead of the U.S. Thanksgiving holiday. A gauge of the dollar jumped to the highest since July 2020. Data earlier today showed a resilient U.S. consumer despite accelerating inflation. The Nov. 2-3 meeting minutes noted the committee “would not hesitate to take appropriate actions to address inflation pressures.”
Since then, inflation surged to the highest rate since 1990 and Fed officials have said it may be appropriate to discuss quickening the pace of tapering at the December meeting. That’s triggered a jump in Treasury yields, with the two-year rate soaring to the highest since early March 2020 and markets bringing forward bets on rate hikes. “We need to be careful here about loading up on risk,” Emily Roland, co-chief investment strategist at John Hancock Investment Management, said on Bloomberg TV. “We want to own some cyclicality to play this continued rebound and this continued unfolding of the recovery here, but we want to just pump the brakes a little bit.” U.S. personal spending rose in October from a month earlier by more than expected, while a closely watched inflation measure posted the largest annual increase in three decades.
In addition, data showed 199,000 people made initial jobless claims in the period ended Nov. 20, the least since 1969, while orders placed with U.S. factories for business equipment rose in October by more than forecast, highlighting solid momentum for capital investment at the start of the fourth quarter. “There are hints that the job market is pretty good in today’s numbers,” Marvin Loh, global macro strategist at State Street Corporation, said on Bloomberg TV. “If there are signs that the job market is going to heal itself faster then let’s say than the second half of next year, rate hikes are going to be live. But having said that, we’re already pricing in mid-2022 and starting to think about May of 2022, so I don’t see how much more we can get from an aggressive side of things.” Damping inflation is now center-stage for policy makers, with ultra-loose, pandemic-era stimulus set to be wound down. At the same time, investors are on the edge over the resurgence in Covid-19, notably in Europe.

Oil edged slightly lower a day after U.S. stockpiles rose and the day after the announcement of a coordinated release crude from strategic reserves. The White House announced on Tuesday a release of 50 million barrels from its reserves in coordination with the U.S., China, Japan, India, the U.K., and South Korea. The Mexican peso tumbled after President Lopez Obrador tapped Deputy Finance Minister Victoria Rodriguez to lead Banxico.
Here are some key events this week:
* Bank of Korea policy decision Thursday
* U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday
* Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed

Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1206
* The British pound fell 0.4% to $1.3331
* The Japanese yen fell 0.2% to 115.37 per dollar

Bonds
* The yield on 10-year Treasuries declined three basis points to 1.63%
* Germany’s 10-year yield was little changed at -0.23%
* Britain’s 10-year yield was little changed at 1.00%

Commodities
* West Texas Intermediate crude fell 0.3% to $78.26 a barrel
* Gold futures rose 0.2% to $1,790 an ounce
–With assistance from Robert Brand, Andreea Papuc, Sunil Jagtiani, Akshay Chinchalkar and Srinivasan Sivabalan.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

I have a foreboding of an America in my children’s  or my grandchildren’s time – when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties decline, unable to distinguish between what feels good and what’s true we slide, almost without noticing, back to superstition and darkness.  The dumbing down of America is most evident in the slow decay of substantive content in the enormously-influential media, the 30-second sound bites (now down to 10 seconds or less), the lowest common denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of
celebration of ignorance. -Carl Sagan, 1934-1996; The Demon-Haunted World, 1995.

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

November 23, 2021 Newsletter

Dear Friends,

Tangents:
November 23, 1963: The first episode of the British science-fiction television  series ‘Doctor Who” airs.  The show is still running and has become a landmark of British popular culture.

1936: Life magazine premiered.
Billy The Kid, outlaw, b. 1859.
Harpo Marx, comic actor, b. 1888.

Australian journalist apologizes for not listening to Adele’s new album before interview.  Her record label did not go easy on him …

US government issues Thanksgiving ransomware warning.  A Nigerian prince is not bringing $50 million to your holiday dinner if you click this link.

Tiffany is selling its most expensive piece of jewelry ever.  A kiss on the hand may be quite continental, but 578 diamonds are a girl’s best friend!

An absolutely bonkers plan to give Mars a magnetosphere

This Goldman analyst became a star of the “Great British Bake Off.”  

PHOTOS OF THE DAY
A house and a barn are surrounded by flood waters on a farm in British Columbia
CREDIT: Darryl Dyck/AP
A man passes a closed Christmas market next to St Stephen’s Cathedral. Austria went into a nationwide lockdown on Monday to combat soaring coronavirus infections
CREDIT: Vadim Ghirdă/AP
The Mughal garden is covered with fallen leaves from Chinar trees
CREDIT: Anadolu Agency/Getty Images

Market Closes for November 23rd, 2021

Market
Index
Close Change
Dow
Jones
35813.80 +194.55
+0.55%
S&P 500 4690.70 +7.76
+0.17%
NASDAQ 15775.14 -79.62

-0.50%

TSX 21453.77 +33.00
+0.15%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 29774.11 +28.24
+0.09%
HANG
SENG
24651.58 -299.76
-1.20%
SENSEX 58664.33 +198.44
+0.34%
FTSE 100* 7266.69 +11.23

+0.15%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.807 1.763
CND.
30 Year
Bond
2.144 2.095
U.S.   
10 Year Bond
1.6651 1.6236
U.S.
30 Year Bond
  2.0229   1.9615

Currencies

BOC Close Today Previous  
Canadian $ 0.7892 0.7873
US
$
1.2671 1.2701
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4255 0.7015
US
$
1.1250 0.8890

Commodities

Gold Close Previous
London Gold
Fix
1816.05 1861.10
 
Oil
WTI Crude Future 78.45 76.75

MARKET COMMENTARY:
     On this day in 1954, the Dow Jones Industrial Average closed at a record high of 382.74, finally surpassing its previous high—set a quarter-century earlier on Sept. 3, 1929.
CANADA
By Stefanie Marotta
(Bloomberg) — Canadian equities quelled a four-day losing streak, edging higher as companies in the energy and financials sectors climb. The S&P/TSX Composite rose 0.2 percent at 21,453.77 in Toronto. The gain follows the previous session’s decrease of 0.6 percent. Today, energy stocks led the market higher, as 7 of 11 sectors gained; 97 of 233 shares rose, while 134 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 2.4 percent. Organigram Holdings Inc. had the largest increase, rising 8.9 percent.

Insights
* This year, the index rose 23 percent, heading for the best year in at least 10 years
* This month, the index rose 2 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on Nov. 16, 2021 and 25.9 percent above its low on Nov. 23, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and rose 1.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility fell to 9.05 percent compared with 9.32 percent in the previous session and the average of 9.79 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 59.4050| 2.2| 21/2
* Financials | 35.8606| 0.5| 13/14
* Industrials | 7.6491| 0.3| 8/22
* Communication Services | 4.0324| 0.4| 7/0
* Consumer Staples | 1.7691| 0.2| 6/7
* Real Estate | 0.8329| 0.1| 13/10
* Health Care | 0.6683| 0.4| 3/6
* Utilities | -2.7995| -0.3| 6/10
* Consumer Discretionary | -3.7395| -0.5| 5/8
* Materials | -28.2760| -1.1| 12/43
* Information Technology | -42.3976| -1.7| 3/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | 28.5700| 2.4| 61.7| 32.4
* Canadian Natural Resources | 15.6500| 3.7| 109.4| 75.4
* Suncor Energy | 9.4190| 2.8| 162.7| 54.6
* Barrick Gold | -6.1730| -2.0| -18.8| -14.0
* Brookfield Asset Management | -7.0880| -0.9| 53.2| 41.9
* Shopify | -26.4300| -1.7| 11.8| 38.7

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. shares rose on the back of gains in cyclicals, while the technology sector extended losses as rising Treasury yields damped the outlook for growth stocks. The S&P 500 ended the day higher, after swinging between gains and losses in the last hour of trading. Energy and financial stocks led the advance. The tech-heavy Nasdaq 100 slid, building on Monday’s last-hour selloff. The Treasury curve steepened, with the 10-year yield rising to a one-month high. A currency crisis deepened in Turkey, with the lira weakening past 13 per U.S. dollar. Zoom Video Communications Inc. tumbled on signs of slowing growth. Traders pruned bets for a dovish-for-longer Federal Reserve after Jerome Powell was selected for a second term. The chair himself sought to strike a balance in his policy approach, saying the central bank would use tools at its disposal to support the economy as well as to prevent inflation from becoming entrenched. 

     “Looking at the market today, obviously things that are sensitive to rates” are moving, Jerry Braakman, chief investment officer of First American Trust in Santa Ana, California, said by phone. “Tech is showing a little bit of weakness, financials are showing strength. That’s reflective of that move in the yield curve.”  Despite recent declines, U.S. stocks have been trading near records, giving rise to concerns about valuations as investors weigh prospects for growth amid rising inflation and a persistent pandemic. “The market is still overbought and needs to digest some of the recent gains,” Sam Stovall, chief investment strategist at CFRA Research, said by phone.
The dollar traded at its highest level since September 2020. The Japanese yen fell past 115 per dollar for the first time since 2017. Fed Bank of Atlanta President Raphael Bostic said Monday the U.S. central bank may need to speed up the removal of monetary stimulus and allow for an earlier-than-planned increase in interest rates. Turkey’s lira sank the most in the world, reaching yet another record low, after President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation.  His unorthodox view that higher rates fuel inflation has sent the currency down for nine successive years, spurring a 43% plunge in 2021 alone. Zoom Video dropped as analysts including from Citigroup Inc. said slowing incremental growth and the lowest new-customer additions in three years were concerning. Urban Outfitters Inc. is down 9.4% as supply chain disruptions and pressure from higher costs weighed on third-quarter results. Oil climbed as a landmark plan from consumer countries to tap their strategic oil reserves was less severe than markets expected. While the headline size of the U.S. release is large, a significant chunk of the crude will be borrowed — to be returned later — leaving traders expecting tighter balances down the line. The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K.

Here are some key events this week:
* Reserve Bank of New Zealand rate decision Wednesday
* U.S. FOMC minutes, consumer income, wholesale inventories, new home sales, GDP, initial jobless claims, U.S. durable goods, University of Michigan consumer sentiment. All Wednesday
* Bank of Korea policy decision Thursday
* U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday
* Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index fell 0.2%

Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.1249
* The British pound fell 0.1% to $1.3380
* The Japanese yen fell 0.2% to 115.15 per dollar

Bonds
* The yield on 10-year Treasuries advanced six basis points to 1.68%
* Germany’s 10-year yield advanced eight basis points to -0.22%
* Britain’s 10-year yield advanced six basis points to 1.00%

Commodities
* West Texas Intermediate crude rose 2.6% to $78.74 a barrel
* Gold futures fell 0.8% to $1,794.50 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Akshay Chinchalkar and Srinivasan Sivabalan.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway, 1899-1961.

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

November 22, 2021 Newsletter

Dear Friends,

Tangents:
November 22, 1972: The United States ends the 22 year travel restriction to China.

2010: Debt-struck Ireland applied for a massive EU-IMF loan to stem the flight of capital from its banks. Go to article »
1963-John F. Kennedy assassinated.
1859-charles Darwin publishes On The Origin Of Species.

Charles DeGaulle, French leader, b.  1890.
George Eliot, author, b. 1819.
Hoagie Carmichael, composer, b. 1899.
Jamie Lee Curtis, actor, b. 1958.
Scarlett Johansson, actor, b. 1984.

Here, watch some soothing live video of bald eagles on Hilton Head Island. (h/t Alistair Lowe)

PHOTOS OF THE DAY
Sustainable Christmas trees are harvested for rental by a tree grower in De Glind. The trees are planted back after Christmas in January and grown without fertilisers or chemical pesticides
CREDIT: Koen van Weel/EPA
A winter swimming enthusiast makes their way through a partly frozen lake during snowfall at a park in Liaoning province
CREDIT: AFP/Getty Images
Polar bears spar near the Hudson Bay community in Manitoba
CREDIT: Carlos Osorio/Reuters

Market Closes for November 22nd, 2021

Market
Index
Close Change
Dow
Jones
35619.25 +17.27
+0.05%
S&P 500 4682.94 -15.02
-0.32%
NASDAQ 15854.76 -202.68

-1.26%

TSX 21420.77 -134.26
-0.62%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 29774.11 +28.24
+0.09%
HANG
SENG
24951.34 -98.63
-0.39%
SENSEX 58465.89 -1170.12
-1.96%
FTSE 100* 7255.46 +31.89

+0.44%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.763 1.658
CND.
30 Year
Bond
2.095 2.010
U.S.   
10 Year Bond
1.6236 1.5462
U.S.
30 Year Bond
  1.9615   1.9100

Currencies

BOC Close Today Previous  
Canadian $ 0.7873 0.7908
US
$
1.2701 1.2646
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4274 0.7006
US
$
1.1238 0.8898

Commodities

Gold Close Previous
London Gold
Fix
1861.10 1860.30
 
Oil
WTI Crude Future 76.75 76.10

Market Commentary:
     On this day in 1937, the law committee of the New York Stock Exchange delivered a harshly-worded letter to William O. Douglas, chairman of the U.S. Securities and Exchange Commission, declaring that the NYSE’s leaders would refuse to appoint an independent president or even to apologize for claiming that the SEC has contributed to the stock-market crash. In response, Mr. Douglas growled, “All right, then, we’ll take the Exchange over.” It marked the end of Wall Street’s days as an unsupervised private club.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities dropped for the fourth consecutive day as technology stocks tumbled.  The S&P/TSX Composite fell 0.6 percent, or 134.26 to 21,420.77 in Toronto. Shopify Inc. contributed the most to the index decline, decreasing 4.9 percent. Docebo Inc. had the largest drop, falling 7.0 percent. In midday trading, 142 of 233 shares fell, while 86 rose; 9 of 11 sectors were lower, led by information technology stocks.

Insights
* This year, the index rose 23 percent, heading for the best year in at least 10 years
* This month, the index rose 2.2 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on Nov. 16, 2021 and 27.3 percent above its low on Nov. 20, 2020
* The S&P/TSX Composite is down 0.9 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.4t
* 30-day price volatility rose to 9.11 percent compared with 9.00 percent in the previous session and the average of 9.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -91.0200| -3.4| 2/13
* Consumer Staples | -7.1588| -0.9| 2/10
* Industrials | -4.1175| -0.2| 10/19
* Health Care | -3.6342| -1.9| 1/8
* Utilities | -2.7279| -0.3| 6/10
* Real Estate | -2.1734| -0.3| 5/19
* Materials | -1.7315| -0.1| 22/30
* Consumer Discretionary | -1.0110| -0.1| 4/9
* Communication Services | 4.3204| 0.4| 4/3
* Energy | 11.3851| 0.4| 13/10
* Financials | 38.1913| 0.6| 17/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -82.0700| -4.9| 24.8| 41.6
* Barrick Gold | -5.3090| -1.7| 25.4| -12.0
* Brookfield Asset Management | -3.4430| -0.5| 10.2| 43.7
* Canadian Natural Resources | 6.1760| 1.5| 49.5| 69.3
* Nutrien | 8.1610| 2.4| 2.7| 43.6
* TD Bank | 18.8400| 1.6| 97.1| 29.8

US
By Vildana Hajric and Srinivasan Sivabalan
(Bloomberg) — Stocks erased gains while Treasury yields rose following President Joe Biden’s nomination of Jerome Powell to head the Federal Reserve for a second term. The dollar climbed. U.S. stocks tumbled into the close, with the S&P 500 falling more than 40 points in the final 45 minutes of trading. The index had spent all of the session higher before a sell-off in tech shares dragged it lower for the day. The Nasdaq 100 fell more than 1%, with Peloton Interactive Inc. and Docusign Inc. sliding at least 5.5%. The U.S. swaps market is now pricing in a full 25 basis point rate hike into the June Fed meeting, with a second increase seen for next November. The dollar climbed, while gold slumped more than 2% and oil gained. Biden had been considering between Powell and Lael Brainard, who he nominated to move up to Vice Chair. The Powell choice comes amid growing concern the U.S. central bank may fall behind the curve in combating sticky inflation. Consumer-price growth is surging at the fastest pace in decades and expectations for price growth are at the highest since 2013. “The whole point is it doesn’t change anything — the same issues are on his plate now, which is are they going to be right that the pop in inflation is going to be transitory and if not, what do they do about it?” David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone. “The choice about Powell’s renomination is all about continuity.”
Shares got a lift overnight from a flurry of potential deals. Vonage Holdings Corp. jumped more than 20% as Ericsson agreed to buy it.  Telecom Italia SpA surged 30% in Europe after KKR & Co. bid for it. “We’re kicking off a busier-than-you-may-think Thanksgiving week in rebound mode,” said Chris Larkin, managing director of trading at E*Trade Financial. “And while the short trading week historically is considered sleepier than others, keep in mind that over the past 15 years the U.S. stock market has tended to gain more ground the month after Thanksgiving than the month before it. So coupled with a busy economic calendar and more retail earnings, traders may have good reason to stay tuned in to the market this week.” U.S. stocks are trading at record levels, outpacing the rest of the world, as investors see few alternatives amid rising inflation and a persistent pandemic that undermines global recovery. Concerns about high valuations and the potential for the economy to run too hot on the back of loose monetary and fiscal policies have interrupted, but not stopped the rally. Oil kept gains on speculation that OPEC and its allies may adjust plans to raise production if the U.S. releases crude reserves in coordination with other nations. Delegates said that even the modest output increase they have penciled in may now be re-evaluated when the group meets next week.

Here are some key events this week:
* Eurozone, U.S. PMI data Tuesday
* Reserve Bank of New Zealand rate decision Wednesday
* U.S. FOMC minutes, consumer income, wholesale inventories, new home sales, GDP, initial jobless claims, U.S. durable goods, University of Michigan consumer sentiment. All Wednesday
* Bank of Korea policy decision Thursday
* U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday
* Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4:03 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.6%

Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.1236
* The British pound fell 0.5% to $1.3389
* The Japanese yen fell 0.8% to 114.86 per dollar

Bonds
* The yield on 10-year Treasuries advanced seven basis points to 1.62%
* Germany’s 10-year yield advanced four basis points to -0.30%
* Britain’s 10-year yield advanced five basis points to 0.93%

Commodities
* West Texas Intermediate crude rose 0.5% to $76.31 a barrel
* Gold futures fell 2.5% to $1,807.90 an ounce
–With assistance from Andreea Papuc, Edward Bolingbroke, Joanna Ossinger and Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoe.  –Muhammad Ali, 1942-2016.

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

November 19, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

1959 Ford Motor Co. announced it was halting production of the unpopular Edsel.  Go to article »

1493~Puerto Rico Discovery Day
November 19, 1863: Lincoln’s Gettysburg Address.

Indira Gandhi, Indian politician, b. 1917
Ted Turner, media mogul, b. 1938
Peter Drucker, management guru, b. 1909
Jodie foster, actor, b. 1962
Meg Ryan, actor, b. 1961
 
 Invisibility cloaks are one step closer to being a thing. 

How to identify that light in the sky.

Maybe we’re teaching our kids all wrong

PHOTOS OF THE DAY
A shadow falls on the moon during a partial lunar eclipse, seen beside the Skytree, the world’s tallest broadcasting tower
CREDIT: Issei Kato/Reuters
An illuminated stag is installed for the London Bridge City Christmas market on the south bank of the Thames
CREDIT: London Bridge City
An environmental activist dressed in plastic waste attends a Fashion Revolution rally to raise climate awareness
CREDIT: Oded Balilty/AP

Market Closes for November 19th, 2021

Market
Index
Close Change
Dow
Jones
35601.98 -268.97
-0.75%
S&P 500 4697.69 -6.58
-0.14%
NASDAQ 16057.44 +63.73

+0.40%

TSX 21555.03 -82.51
-0.38%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 29745.87 +147.21
+0.50%
HANG
SENG
25049.97 -269.75
-1.07%
SENSEX 59636.01 -372.32
-0.62%
FTSE 100* 7223.57 -32.39

-0.45%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.658 1.697
CND.
30 Year
Bond
2.010 2.048
U.S.   
10 Year Bond
1.5462 1.5855
U.S.
30 Year Bond
  1.9100   1.9685

Currencies

BOC Close Today Previous  
Canadian $ 0.7908 0.7936
US
$
1.2646 1.2601
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4267 0.7009
US
$
1.1283 0.8863

Commodities

Gold Close Previous
London Gold
Fix
1860.30 1864.90
 
Oil
WTI Crude Future 76.10 79.01

Market Commentary:
     On this day in 1792, in the same room where the Declaration of Independence was adopted 16 years earlier, the Insurance Company of North America held its initial public offering at $10 a share. More than 660 investors from all walks of life signed up for shares. If you’d spent $1,000 to buy 100 shares on the first day, they’d have been worth more than $10.1 million by 1998.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped for the third day as oil prices fell and companies in the energy sector weighed on the index. The S&P/TSX Composite dropped 0.4 percent, or 82.51 to 21,555.03 in Toronto. The index dropped to the lowest closing level since Nov. 10. Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.8 percent. Lightspeed Commerce Inc. had the largest drop, falling 7.4 percent. Today, 139 of 233 shares fell, while 94 rose; 6 of 11 sectors were lower, led by energy stocks.

Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* This week, the index fell 1 percent, the biggest decline since the week ended Oct. 1
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 31 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on Nov. 16, 2021 and 28.2 percent above its low on Nov. 19, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility rose to 9.00 percent compared with 8.85 percent in the previous session and the average of 9.95 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -56.8554| -2.0| 0/23
* Materials | -22.6302| -0.9| 15/40
* Financials | -17.7169| -0.3| 12/16
* Consumer Staples | -10.2922| -1.3| 4/9
* Consumer Discretionary | -3.4506| -0.4| 5/8
* Health Care | -0.4023| -0.2| 4/5
* Industrials | 1.2787| 0.1| 16/14
* Communication Services | 2.3025| 0.2| 3/4
* Real Estate | 3.3350| 0.5| 12/12
* Utilities | 4.6126| 0.5| 12/4
* Information Technology | 17.3174| 0.7| 11/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -16.3900| -3.8| 2.0| 66.9
* Couche-Tard | -7.6030| -2.6| 11.8| 17.5
* Manulife Financial | -7.2800| -2.2| 59.1| 7.9
* Canadian National | 3.7250| 0.5| -28.9| 17.0
* Brookfield Asset Management | 5.8730| 0.8| 8.6| 44.4
* Shopify | 16.7300| 1.0| -11.4| 48.9

US
By Robert Brand and Vildana Hajric
(Bloomberg) — Stocks fell after hawkish remarks from Federal Reserve officials and mounting concern that another wave of the pandemic in Europe could spur more lockdowns.  Economically sensitive companies like energy, financial and industrial shares retreated, while the technology-heavy Nasdaq 100 outperformed major benchmarks.  The Treasury curve flattened after two members of the central bank’s board said the Fed may need to consider speeding up the reduction of its bond-buying program amid strong economic growth and rising inflation. The dollar rose. While stocks are hovering near records, propped up by robust earnings, a virus resurgence could stall the economic recovery at a time when inflation is raging. Austria became the first western European country to impose widespread restrictions. Parts of Germany also closed non-essential businesses, while the Netherlands has already ordered shops and bars to close early. “It’s been another week of stocks defying gravity in a tense environment,” said Callie Cox, senior investment strategist at Ally Invest. “The road hasn’t been easy, though.  Investors are still digesting the risk of runaway inflation, along with a Covid spike and a new wave of restrictions in Europe.” President Joe Biden’s signature plan to expand the social safety net, address climate change and rewrite tax policies passed the House Friday morning as Speaker Nancy Pelosi united fractious Democrats to send the legislation to the Senate, where its fate remains uncertain.

Some corporate highlights:
* Covid-19 booster shots from Pfizer Inc. and Moderna Inc. received unanimous backing for use in all U.S. adults from public-health advisers.
* Boeing Co. is further slowing down the production of 787 Dreamliners, Dow Jones reported, citing people familiar with the matter.
* Foot Locker Inc. reported sales that missed estimates as a supply-chain crunch pressures the sneaker retailer ahead of the holiday shopping season.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.3%

Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.7% to $1.1290
* The British pound fell 0.4% to $1.3442
* The Japanese yen rose 0.2% to 113.99 per dollar

Bonds
* The yield on 10-year Treasuries declined five basis points to 1.54%
* Germany’s 10-year yield declined seven basis points to -0.34%
* Britain’s 10-year yield declined five basis points to 0.88%

Commodities
* West Texas Intermediate crude fell 3.7% to $76.10 a barrel
* Gold futures fell 0.7% to $1,851.20 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher and Sophie Caronello.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

What is now proved was once only imagined. –William Blake, 1757-1827.

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

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

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

November 18, 2021 Newsletter

Dear Friends,

Tangents: Full Moon aka Beaver Moon. The Beaver Moon gets its name from beaver hunting season, which used to peak this time of year. Plus, beavers start retiring to their lodges for the winter around now, too. Other names for November’s full moon include the Digging Moon (from the Tlingit), the Whitefish Moon (from the Algonquin), and the Frost Moon (from the Cree and Assiniboine).

There will be the longest lunar eclipse in 580 years lasting 3 ½ hours, beginning at 2:18 – 5:47 EST tomorrow morning.  On the morning of Friday, Nov. 19, the full Beaver Moon will take place in a 97%-total lunar eclipse, according to NASA, meaning that nearly all of the moon’s surface will be shrouded in the Earth’s shadow.

November 18, 1883 The United States and Canada adopted a system of standard time zones.  Go to article »

Mickey Mouse, b. 1928.
Margaret Atwood, writer, b. 1939.

Europe’s greenest cities might not be the ones you think.

Adele debuts devastating new song ‘To Be Loved’.  Adele, we can’t take much more of this!!!

Tourists break into Rome’s Colosseum to drink beer.  “Are you not entertained?!!

Los Angeles’ Staples Center is becoming the Crypto.com Arena.  It really just rolls off the tongue, doesn’t it

“Generations of fans have grown up with the Staples Center. For my younger viewers, that name refers to the Staples office supply company. An office is something you used to go to for meetings, which are like very boring in-person emails. Oh, emails are long texts with more words, and words are faceless emojis that remind you you’re a relic of the past and the future no longer belongs to you. Go Cryptos!” — STEPHEN COLBERT

PHOTOS OF THE DAY
A tractor crosses flooded farmland in British Columbia
CREDIT: Darryl Dyck/AP
A sommelier serves beaujolais nouveau on the day of its official release at Hakone Kowakien Yunessun hot spring resort
CREDIT: Franck Robichon/EPA
People in the autumn sun at Cliveden House in Berkshire
CREDIT: Geoffrey Swaine/Rex/Shutterstock

Market Closes for November 18th, 2021

Close Change
Dow
Jones
35870.95 -60.10
-0.17%
S&P 500 4704.54 +15.87
+0.34%
NASDAQ 15993.71 +72.14

+0.45%

TSX 21637.54 -15.48
-0.07%

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 29598.66 -89.67
-0.30%
HANG
SENG
25319.72 -330.36
-1.29%
SENSEX 59636.01 -372.32
-0.62%
FTSE 100* 7255.96 -35.24

-0.48%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.697 1.692
CND.
30 Year
Bond
2.048 2.041
U.S.   
10 Year Bond
1.5855 1.5889
U.S.
30 Year Bond
  1.9685   1.9755

Currencies

BOC Close Today Previous  
Canadian $ 0.7936 0.7928
US
$
1.2601 1.2614
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4330 0.6978
US
$
1.1372 0.8793

Commodities

Gold Close Previous
London Gold
Fix
1864.90 1859.20
 
Oil
WTI Crude Future 79.01 78.36

Market Commentary:
We pay the debts of the last generation by issuing bonds payable by the next generation. – Lawrence J. Peter.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell on Thursday as pot company stocks tumbled for the fourth day and the materials sector weighed on the index. The S&P/TSX Composite edged lower by less than 0.1% to 21,637.54 in Toronto. Today, materials stocks led the market lower, as 7 of 11 sectors lost; 144 of 233 shares fell, while 84 rose. Manulife Financial Corp. contributed the most to the index decline, decreasing 2.6 percent. Cronos Group Inc. had the largest drop, falling 12.4 percent.

Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* So far this week, the index fell 0.6 percent
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 31 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on Nov. 16, 2021 and 28.7 percent above its low on Nov. 19, 2020
* The S&P/TSX Composite is up 0.3 percent in the past 5 days and rose 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 8.85 percent compared with 9.21 percent in the previous session and the average of 10.01 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -22.7096| -0.9| 10/43
* Financials | -21.6085| -0.3| 9/17
* Health Care | -12.2209| -6.0| 1/8
* Consumer Discretionary | -4.6435| -0.6| 3/10
* Communication Services | -0.5885| -0.1| 2/5
* Utilities | -0.5806| -0.1| 9/7
* Consumer Staples | -0.1061| 0.0| 5/8
* Real Estate | 0.9576| 0.1| 17/7
* Industrials | 8.6630| 0.3| 9/21
* Energy | 8.7392| 0.3| 15/8
* Information Technology | 28.6191| 1.1| 4/10
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Manulife Financial | -8.8980| -2.6| 256.1| 10.2
* Barrick Gold | -6.9140| -2.1| 41.5| -9.5
* Tilray | -5.7610| -12.0| 65.2|n/a
* Canadian National | 7.4070| 1.1| 35.9| 16.3
* Canadian Natural Resources | 7.9060| 1.8| -4.9| 73.4
* Shopify | 41.1200| 2.5| -24.0| 47.4

US
By Rita Nazareth and Lu Wang
(Bloomberg) — Technology stocks drove the equity market to a record in a volatile session ahead of Friday’s options expiration. The S&P 500 notched its 66th all-time high of 2021, with the benchmark gauge poised for the second-biggest number of annual records ever — only behind 1995. The tech-heavy Nasdaq 100 outperformed as giant chipmaker Nvidia Corp. boosted its outlook, while Apple Inc. jumped after Bloomberg News reported the company is pushing to accelerate the development of its electric car. Macy’s Inc. and Kohl’s Corp. paced gains in retailers after signaling consumer demand remains robust. “Technology continues to be a key enabler of higher productivity and home to many of the fastest growing companies,” said Scott Brown, a technical strategist at LPL Financial. “So does this mean investors should be shifting all of their assets over to growth stocks again? We don’t necessarily think so, and continue to find opportunities in both growth and value styles.” The next six months could see the S&P 500 hitting 5,200 in an environment of reduced monetary stimulus and outperformance by cyclical companies, according to Mark Haefele, chief investment officer at UBS Global Wealth Management. That would imply a rally of about 11% from current levels.

Some other corporate highlights:
* After the close of regular trading, Applied Materials Inc. — the biggest maker of machinery used to manufacture semiconductors — delivered a weaker forecast than anticipated.
* U.S.-listed Chinese stocks slumped on Thursday after a disappointing revenue outlook from e-commerce giant Alibaba Group Holding Ltd.
* CVS Health Corp. rose after saying it will close 900 stores over the next three years, part of a plan to decrease its store density in some areas.

JPMorgan Chase & Co. economists said they now expect the Federal Reserve to raise interest rates next September, becoming the latest on Wall Street to jettison a forecast for the central bank to stay on hold through 2022. Goldman Sachs Group Inc. analysts said last month they expect a Fed hike in July. Their counterparts at Morgan Stanley still see officials not shifting rates throughout next year.

What to watch this week:
* Fed’s Richard Clarida and Mary Daly speak at Asia Economic Policy Conference. Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index was little changed

Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.5% to $1.1372
* The British pound rose 0.1% to $1.3501
* The Japanese yen fell 0.1% to 114.24 per dollar

Bonds
* The yield on 10-year Treasuries declined one basis point to 1.58%
* Germany’s 10-year yield declined three basis points to -0.28%
* Britain’s 10-year yield declined four basis points to 0.92%

Commodities
* West Texas Intermediate crude rose 0.4% to $78.67 a barrel
* Gold futures fell 0.4% to $1,864.50 an ounce
–With assistance from Andreea Papuc, Cecile Gutscher, Peyton Forte, Vildana Hajric and Elena Popina.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

It has been said that politics is the second oldest profession.  I have learned that it bears a striking resemblance to the first. -Ronald Reagan, 1911-2004.

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

November 17, 2021 Newsletter

Dear Friends,

Tangents:
Nixon says he’s ‘not a crook,’ Nov. 17, 1973.  Go to article »

The first human trial of an Alzheimer’s vaccine has begun.

Human brains predict perceptions to save energy.

Archaeologists find compelling Old Testament evidence.  

‘Harry Potter’ cast reuniting for retrospective special.  It’s been 20 years since the first film came out. TWENTY. YEARS. 

PHOTOS OF THE DAY
Some of the winners in the Comedy Wildlife Photography Awards 2021:  The competition, which was launched 7 years ago, has soared in popularity and received 7,000 submission this year.


This prairie dog startled an attacking bald eagle long enough to escape to a nearby burrow. A real David vs Goliath story. Winner – Alex Walker’s Serian Creatures on the Land Award

CREDIT: Arthur Trevino/Comedy Wildlife Photography Awards 2021

This pigeon is momentarily blinded by a passing leaf in Oban, Scotland. Winner – Spectrum Photo Creatures in the Air Award

CREDIT: John Spiers/Comedy Wildlife Photography Awards 2021

Raccoon cubs sharing secrets in Kassel, Germany. Winner – Highly Commended

CREDIT: Jan Piecha//Comedy Wildlife Photography Awards 2021

One Western Grey Kangaroo misses its target during a fight near Perth. Winner – Highly Commended.

CREDIT: Lea Scaddan/Comedy Wildlife Photography Awards 2021

Ken Kenson’s Photo of a golden silk monkey landing in a painful position in Yunnan, China is the overall competition winner.
CREDIT: Ken Jensen/Comedy Wildlife Photography Awards 2021

Market Closes for November 17th, 2021

Market
Index
Close Change
Dow
Jones
35931.05 -211.17
-0.58%
S&P 500 4688.67 -12.23
-0.26%
NASDAQ 15921.57 -52.29

-0.33%

TSX 21653.02 -64.14
-0.30%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market
Index
Close Change
NIKKEI 29688.33 -119.79
-0.40%
HANG
SENG
25650.08 -63.70
-0.25%
SENSEX 60008.33 -314.04
-0.52%
FTSE 100* 7291.20 -35.77

-0.49%

Bonds

Bonds % Yield Previous % Yield
CND.
10 Year Bond
1.692 1.785
CND.
30 Year
Bond
2.041 2.123
U.S.   
10 Year Bond
1.5889 1.6335
U.S.
30 Year Bond
  1.9755   2.0285

Currencies

BOC Close Today Previous  
Canadian $ 0.7928 0.7961
US
$
1.2614 1.2561
Euro Rate
1 Euro=
Inverse
Canadian $ 1.4280 0.7003
US
$
1.1321 0.8833

Commodities

Gold Close Previous
London Gold
Fix
1859.20 1859.90
 
Oil
WTI Crude Future 78.36 80.76

Market Commentary:
    On this day in 1927, President Calvin Coolidge said America was “entering upon a new era of prosperity.” His remarks christened the bull market of the 1920s. In the “new era” market, according to many investors, you couldn’t pay too much for a good stock; If you just waited long enough, it would make you rich. That worked for a while. Then it stopped working—for more than a quarter of a century.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities edged lower, weighed down by companies in the technology and industrials sectors. The S&P/TSX Composite fell 0.3 percent at 21,653.02 in Toronto. The move follows the previous session’s increase of 0.2 percent. Shopify Inc. contributed the most to the index decline, decreasing 1.8 percent.  Real Matters Inc. had the largest drop, falling 14.0 percent. Today, 140 of 233 shares fell, while 90 rose; 9 of 11 sectors were lower, led by information technology stocks.

Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on Nov. 16, 2021 and 29.1 percent above its low on Nov. 17, 2020
* The S&P/TSX Composite is up 0.9 percent in the past 5 days and rose 3.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 17.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility rose to 9.21 percent compared with 9.08 percent in the previous session and the average of 10.06 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -28.3040| -1.1| 9/6
* Industrials | -23.1534| -0.9| 11/18
* Financials | -11.3803| -0.2| 11/17
* Energy | -8.2008| -0.3| 3/19
* Health Care | -5.8272| -2.8| 1/8
* Real Estate | -4.8886| -0.8| 3/20
* Consumer Staples | -2.3595| -0.3| 1/12
* Consumer Discretionary | -2.0022| -0.3| 3/10
* Communication Services | -0.1151| 0.0| 3/4
* Utilities | 1.1674| 0.1| 9/7
* Materials | 20.9122| 0.8| 36/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -30.3100| -1.8| -20.6| 43.7
* Canadian Pacific | -13.0500| -2.9| 90.3| 6.7
* TD Bank | -8.4710| -0.7| -27.7| 28.7
* Couche-Tard | 6.1850| 2.1| 80.3| 20.0
* Fairfax Financial Holdings | 6.8490| 6.7| 258.2| 33.7
* Barrick Gold | 7.1600| 2.2| 27.7| -7.6

US
By Rita Nazareth and Emily Graffeo
(Bloomberg) — Stocks fell on concern that inflation could pose a challenge to the global economic rebound, forcing central banks to raise interest rates sooner than expected.

Treasuries rose. Traders took some risk off the table as data signaled homebuilders are struggling to break ground on projects amid high materials prices and ongoing labor shortages. Target Corp. sank after warning that cost pressures are creeping up, stoking fears they will dent profits at retailers.  In late trading, Cisco Systems Inc., the biggest maker of computer networking equipment, slumped on a lackluster revenue forecast, hurt by a shortage of components that’s making it difficult to keep up  with demand. “While we remain structurally bullish on stocks, we do anticipate a push-and-pull of market dynamics into year-end given inflation concerns, supply-chain pressures, labor shortages, and fiscal uncertainty,” said Andrea Bevis, senior vice-president at UBS Private Wealth Management.
Markets could face a rocky time ahead as the economy seeks to emerge from the abrupt impact of the pandemic, according to Goldman Sachs Group Inc. Chief Executive Officer David Solomon. “If interest rates move up, that in of itself will take some of the exuberance out of certain markets,” he said in an interview at the Bloomberg New Economy Forum in Singapore. Inflation is “clearly not as transitory as some might have hoped, but we’re not at the point yet where we could definitively say that it’s ingrained or persistent,” said Giorgio Caputo, senior portfolio manager at J O Hambro Capital Management. The worst quarter for the S&P 500 since the start of the pandemic appears to have driven away some do-it-yourself investors. The retail trading surge that began with lockdowns has now abated, as total equity volume from individual investors fell to 19% in the third quarter, down from 24% at the start of this year, according to Securities and Exchange Commission and market data compiled by Bloomberg Intelligence. 

Some other corporate highlights:
* Amazon.com Inc. is considering shifting its popular co-brand credit card to Mastercard Inc. amid simmering tensions with Visa Inc., a feud that already prompted the retailer to ban the payment giant’s cards in the U.K. starting next year.
* Chobani filed for an initial public offering, disclosing steady growth as the company continues to build on sales of its namesake yogurt brand.
* American Airlines Group Inc. expects travel to rebound to pre-pandemic levels in 2022, said Chief Executive Officer Doug Parker.
* Home-improvement giant Lowe’s Cos. raised its sales forecast for this year. TJX Cos. climbed after the off-price retailer’s results topped estimates.
Elsewhere, oil tumbled as investors considered the prospect of a release of crude supplies from strategic reserves. 

What to watch this week:
* Conference Board U.S. leading index, initial jobless claims, Thursday.
* Fed’s Richard Clarida and Mary Daly speak at Asia Economic Policy Conference, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.3%

Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was unchanged at $1.1320
* The British pound rose 0.5% to $1.3491
* The Japanese yen rose 0.6% to 114.11 per dollar

Bonds
* The yield on 10-year Treasuries declined five basis points to 1.59%
* Germany’s 10-year yield was little changed at -0.25%
* Britain’s 10-year yield declined three basis points to 0.96%

Commodities
* West Texas Intermediate crude fell 3.2% to $78.20 a barrel
* Gold futures rose 0.8% to $1,869.30 an ounce
–With assistance from Andreea Papuc, Cecile Gutscher, Vildana Hajric and Jordan Yadoo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

The secret of success is constancy to purpose. –Benjamin Disraeli, 1804-1881.

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