Month: December 2021

Dear Friends,

Tangents:

Happy New Year!

Carolann is away from office this afternoon, I’ll be writing the newsletter on behalf of her.

PHOTOS OF THE DAY
Sydney harbour
CREDIT: Wendell Teodoro/Getty Images
Betty White was best-known as Rose Nylund in the Golden Girls. 1922-2021
CREDIT: PR
A fieldfare at the Tsitsin botanical garden in Moscow, Russia
CREDIT: Vasily Fedosenko/Tass

Market Closes for December 31^st, 2021

Market Index	Close	Change
Dow Jones	36338.30	-59.78
		-0.16%
S&P 500	4766.18	-12.55
		-0.26%
NASDAQ	15644.97	-96.59 -0.61%
TSX	21222.84	-71.80
		-0.34%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28791.71	-115.17
		-0.40%
HANG SENG	23397.67	+285.66
		+1.24%
SENSEX	58253.82	+459.50
		+0.80%
FTSE 100*	7384.54	-18.47 -0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.428	1.449
CND. 30 Year Bond	1.679	1.716
U.S.    10 Year Bond	1.5101	1.5083
U.S. 30 Year Bond	1.9032	1.9170

Currencies

BOC Close	Today	Previous
Canadian $	0.7912	0.7849
US $	1.2639	1.2741
Euro Rate 1 Euro=		Inverse
Canadian $	1.4371	0.6959
US $	1.1370	0.8795

Commodities

Gold	Close	Previous
London Gold Fix	1805.85	1794.25
Oil
WTI Crude Future	76.99	76.99

Market Commentary:
     On this day in 1857, Britain’s Queen Victoria decided to make Ottawa the capital of Canada. Go to article »
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks closed out their best year in over a decade amid a rebound in oil prices, despite the S&P/TSX Composite Index dipping on the last trading day of 2021.
The benchmark rose 22% this year, its best annual performance since a roughly 31% rise in 2009.
It was buoyed by a resurgence in energy stocks, which had underperformed for several years but rebounded in 2021 along with crude prices as demand bounced back from the pandemic.
“Coincidentally, (2009) was the year coming out of the last bear market,” said Craig Basinger, chief market strategist at Purpose Investments Inc. in Toronto, referring to the recovery that followed the 2008 financial crisis. Basinger said Canada’s benchmark index performs well during economic rebounds, and did so again this year as the world recovered from the initial outbreak of the Covid-19 pandemic.
Despite its best year in over a decade, the key Canadian index still underperformed its U.S. counterpart by about five percentage points.
The S&P 500 Index rose 27% and posted 70 record highs in 2021.
Canada’s financial and energy industries account for the majority of the rise in the Composite index this year, said Jeff Mo, portfolio manager with Mawer Investment Management in Calgary. “It’s a very narrow universe, where you have a situation where two sectors are contributing to 75% of the performance,” he said, adding that U.S. equity performance was more broad-based.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This quarter, the index rose 5.7%
* This month, the index rose 2.7%
* So far this week, the index was little changed
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on Nov. 16, 2021 and 22.7% above its low on Jan. 29, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% 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 15.44% compared with 15.42% in the previous session and the average of 14.54% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -43.3700| -1.9| 2/14
* Financials | -34.7686| -0.5| 5/22
* Consumer Staples | -4.0291| -0.5| 3/9
* Health Care | -2.5149| -1.5| 2/6
* Industrials | -0.8321| 0.0| 14/15
* Consumer Discretionary | -0.5066| -0.1| 7/6
* Communication Services | -0.4283| 0.0| 5/2
* Materials | 1.7716| 0.1| 32/18
* Real Estate | 1.9005| 0.3| 20/3
* Utilities | 2.0252| 0.2| 13/3
* Energy | 8.9385| 0.3| 24/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -31.0200| -2.2| -50.7| 21.2
* Brookfield Asset Management | -7.7050| -1.0| -5.9| 46.3
* TD Bank | -3.2480| -0.3| 0.8| 34.8
* Imperial Oil | 1.2610| 1.9| -37.7| 88.8
* Suncor Energy | 1.5960| 0.5| -69.2| 48.2
* Enbridge | 1.9440| 0.3| -59.3| 21.4

US
By Stephen Kirkland and Emily Graffeo
(Bloomberg) — U.S. stocks ended the year with a rally few predicted back in January, even after a slide late in the final trading day.
The S&P 500 and Nasdaq 100 both fell on Friday in a choppy session with thin volumes. But that performance follows a banner year for equities, with the S&P 500 and Nasdaq 100 surging about 27%, surpassing even the most bullish outlooks at the start of the year.
The benchmark S&P 500 closed the year out at 4766, down less than 30 points from its 70th record close reached mid-week. That’s still a far cry from levels predicted by analysts in a January survey, where the top projection was 4,400 and average of 22 estimates was 4,074.
Trading was light as investors drew a line under a strong year for global equities as economies recovered from the pandemic.
Bond investors are nursing losses as many central banks move toward tighter monetary settings to fight inflation.
How the coronavirus and those policy shifts shape economic reopening are key for the outlook.
“If there is one thing that we have learned this year, it is that the U.S. economy has proven to be resilient in the face of pandemic-related challenges,” said Brett Ryan, senior U.S. economist at Deutsche Bank. While omicron and fiscal uncertainty present risks, “the economy would still expand at a well-above- trend pace even if these risks are realized,” he said
Elsewhere, the dollar was lower against most of its Group- of 10-peers on Friday, while oil declined, paring the biggest annual advance since 2009.
Bitcoin rallied for a second session, paring its biggest monthly drop since May to trade around $48,000.
Traders are continuing to monitor China’s struggling property developers. A Chinese state-owned enterprise will take a 29% stake in China South City Holdings Ltd., in the latest sign of the authorities stepping up support for ailing real- estate firms.
The spotlight was also on talks by telephone between U.S. President Joe Biden and Russian President Vladimir Putin. The Kremlin said Putin was satisfied with the outcome of the discussions. The U.S. and its allies have raised alarm over a potential Russian invasion of Ukraine.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4:00 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.1378
* The British pound rose 0.2% to $1.3530
* The Japanese yen was unchanged at 115.08 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.51%
* Germany’s 10-year yield was little changed at -0.18%
* Britain’s 10-year yield was little changed at 0.97%
Commodities
* West Texas Intermediate crude fell 1.9% to $75.52 a barrel
* Gold futures rose 0.9% to $1,830.90 an ounce
–With assistance from Sunil Jagtiani, Vildana Hajric and Robert Brand.

Have a wonderful weekend.

Be magnificent!

As ever,

Isabel

I am always doing what I cannot do yet, in order to learn how to do it. – Vincent Van Gogh, 1853 – 1890

Assistant to Carolann Steinhoff,

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:

Carolann is away from office this afternoon, I’ll be writing the newsletter on behalf of her.

PHOTOS OF THE DAY
The winter funfair in full flow at the Liverpool Waterfront
CREDIT: Peter Byrne/PA
Germany’s Karl Geiger soars through the air during the trial round of the Four Hills ski jumping tournament
CREDIT: Christof Stache/AFP/Getty
An aerial view of Skanderbeg Square illuminated with decorations and surrounded by a Christmas market
CREDIT: Gent Shkullaku/AFP/Getty

Market Closes for December 30^th, 2021

Market Index	Close	Change
Dow Jones	36398.08	-90.55
		-0.25%
S&P 500	4778.73	-14.33
		-0.30%
NASDAQ	15741.57	-24.65 -0.16%
TSX	21294.64	-50.01
		-0.23%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28791.71	-115.17
		-0.40%
HANG SENG	23112.01	+25.47
		+0.11%
SENSEX	57794.32	-12.17
		-0.02%
FTSE 100*	7403.01	-17.68 -0.24%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.449	1.484
CND. 30 Year Bond	1.716	1.768
U.S.    10 Year Bond	1.5083	1.5496
U.S. 30 Year Bond	1.9170	1.9610

Currencies

BOC Close	Today	Previous
Canadian $	0.7849	0.7818
US $	1.2741	1.2790
Euro Rate 1 Euro=		Inverse
Canadian $	1.4428	0.6931
US $	1.1324	0.8831

Commodities

Gold	Close	Previous
London Gold Fix	1794.25	1805.20
Oil
WTI Crude Future	76.99	76.56

Market Commentary:
On Dec. 30, 1972, the United States halted its heavy bombing of North Vietnam.  Go to article »
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 21,294.64 in Toronto.
The move was the biggest since falling 1 percent on Dec. 20 and follows the previous session’s increase of 0.5 percent.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 1.1 percent.
Energy Fuels Inc/Canada had the largest drop, falling 4.6 percent.
Today, 111 of 241 shares fell, while 125 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* This quarter, the index rose 6.1 percent
* This month, the index rose 3.1 percent
* So far this week, the index rose 0.3 percent
* The index advanced 21 percent in the past 52 weeks. The MSCI AC Americas Index gained 25 percent in the same period
* The S&P/TSX Composite is 2.3 percent below its 52-week high on Nov. 16, 2021 and 23.1 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 1.8 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 19.3 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility little changed to 15.42 percent compared with 15.42 percent in the previous session and the average of 14.49 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -24.9963| -0.9| 5/27
* Financials | -21.0168| -0.3| 10/17
* Industrials | -16.3780| -0.6| 9/20
* Consumer Discretionary | -1.0732| -0.1| 7/7
* Utilities | -0.5082| -0.1| 9/6
* Communication Services | 0.1490| 0.0| 5/2
* Health Care | 0.5152| 0.3| 7/1
* Real Estate | 1.2305| 0.2| 20/2
* Consumer Staples | 1.3665| 0.2| 5/6
* Information Technology | 3.9375| 0.2| 10/6
* Materials | 6.7638| 0.3| 38/17
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Brookfield Asset Management | -8.3060| -1.1| -69.9| 47.7
* Canadian National | -4.1680| -0.6| -59.0| 10.9
* Agnico Eagle Mines | 2.5670| 2.3| -51.2| -25.2
* Couche-Tard | 2.7650| 0.9| -46.4| 22.9
* Barrick Gold | 5.2420| 1.8| -43.6| -15.7

US
By Jessica Menton
(Bloomberg) — U.S. stocks drifted away from all-time highs Thursday, as high-flying technology shares lost momentum in the afternoon to push the S&P 500 mildly lower.
The benchmark gauge edged down 0.3%, falling to session lows in the final minutes of trading after it notched its 70^th record close of 2021 on Wednesday.
Seven of the 11 sectors in the index finished lower, led by declines in technology while real estate stocks rose.
The tech-heavy Nasdaq 100 fell 0.4%, dragged lower by declines in Big Tech companies like Microsoft Corp. and Apple Inc.
The Dow Jones industrial average also lost 0.3%, snapping its six-day winning streak.
Trading remained quiet Thursday as the year draws to a close, with many investors having closed out their positions for 2021.
The S&P 500 is up 5% this month, leaving it 27% higher for the year as fears ebb about the potential impact of the fast- spreading omicron variant of Covid-19.
The index is on pace for its best annual percentage gain since 2019, when it rallied nearly 29%.
“There’s certainly lower trading volumes this week due to the holidays,” David Capitão Morais, portfolio manager at Brainvest Wealth Management, said in an interview. “Seasonality is also playing an important role for markets right now, with this month on pace for one of the best Decembers for stocks in years.”
The final trading week of the year sets up a bullish time for investors. Monday kicked off an annual event known as the “Santa Claus rally,” which includes the last five trading sessions of the year and the first two trading days of the new year.
Since 1969, the S&P 500 has averaged a gain of 1.3% over the seven-day span, according to The Stock Trader’s Almanac.
The S&P 500 rose 1.4% on Monday, its best start to the so-called Santa Claus rally in 21 years, according to LPL Financial.
Investors have been encouraged by reports that have said the omicron variant appears to cause less severe symptoms.
Data Thursday showed applications for U.S. state unemployment benefits unexpectedly fell last week, indicating still-solid labor demand despite the latest wave of coronavirus infections. New unemployment claims are near their lowest level since 1969.
Still, investors are uncertain about the economic impact of omicron, which is spreading fast. Data showed global Covid-19 infections rose by almost a third to a record 1.73 million on Wednesday.
Shares of U.S. airlines and other travel-related companies were mixed Thursday as rising omicron cases forced the cancellation of hundreds more flights.
Cruise line stocks including Carnival Corp. and Royal Caribbean Cruises Ltd. dipped after the Centers for Disease Control and Prevention said cruise ships should be avoided even if passengers are vaccinated due to the risk of Covid-19.

Sectors in Focus
* Biogen Inc. shares fell after Samsung Group denied a Korean media report that the U.S. drugmaker was in talks to sell itself to the company.
* Chinese companies listed in the U.S. rebounded Thursday after a five-day slump as investors piled back into stocks hurt by Beijing’s crackdown this year.
* Lexicon Pharmaceuticals climbed 6.5% in extended trading after saying it has submitted a new drug application to the FDA seeking approval for sotagliflozin for the treatment of heart failure in adults with type 2 diabetes.
* Didi Global Inc. shares fell after the Chinese ride-hailing firm reported a $4.7 billion loss for the third quarter.
–With assistance of Bloomberg Automation.
Have a nice evening.

Be magnificent!

As ever,

Isabel

Our deeds determine us, as much as we determine our deeds. – Mary Ann Evans “George Eliot”, 1819-1880.

Assistant to Carolann Steinhoff,

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:

Carolann is away from office this afternoon, I’ll be writing the newsletter on behalf of her.

PHOTOS OF THE DAY
Photographing ice sculptures at the Harbin Ice and Snow World. The 38th Harbin ice festival will begin on 5 January
CREDIT: AFP/Getty
A winter swimmer takes to the water of the half-frozen Houhai lake
CREDIT: Wu Hong/EPA
A woman photographs recently unloaded new cars covered in several inches of ice after the ship carrying them was caught in severe weather in the Sea of Japan
CREDIT: Tatiana Meel/Reuters

Market Closes for December 29^th, 2021

Market Index	Close	Change
Dow Jones	36488.63	+90.42
		+0.25%
S&P 500	4793.06	+6.71
		+0.14%
NASDAQ	15766.21	-15.51 -0.10%
TSX	21344.65	+114.97
		+0.54%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28906.88	-162.28
		-0.56%
HANG SENG	23086.54	-194.02
		-0.83%
SENSEX	57806.49	-90.99
		-0.16%
FTSE 100*	7420.69	+48.59 +0.66%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.484	1.438
CND. 30 Year Bond	1.768	1.747
U.S.    10 Year Bond	1.5496	1.4927
U.S. 30 Year Bond	1.9610	1.9052

Currencies

BOC Close	Today	Previous
Canadian $	0.7818	0.7806
US $	1.2790	1.2811
Euro Rate 1 Euro=		Inverse
Canadian $	1.4514	0.6890
US $	1.1348	0.8812

Commodities

Gold	Close	Previous
London Gold Fix	1805.20	1792.80
Oil
WTI Crude Future	76.56	73.74

Market Commentary:
1999: The Nasdaq composite index closed above 4,000 for the first time, ending the day at 4,041.46.
Go to article »
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.5 percent, or 114.97 to 21,344.65 in Toronto.
The index advanced to the highest closing level since Nov. 25.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.1 percent.
Interfor Corp. had the largest increase, rising 13.5 percent.
Today, 147 of 241 shares rose, while 91 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* This quarter, the index rose 6.3 percent
* This month, the index rose 3.3 percent
* The index advanced 21 percent in the past 52 weeks. The MSCI AC Americas Index gained 26 percent in the same period
* The S&P/TSX Composite is 2.1 percent below its 52-week high on Nov. 16, 2021 and 23.4 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 3.9 percent in the past 5 days and rose 1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.2 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$3.4t
* 30-day price volatility rose to 15.42 percent compared with 15.33 percent in the previous session and the average of 14.29 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 70.3651| 1.0| 21/7
* Energy | 29.8423| 1.1| 25/6
* Industrials | 11.4363| 0.4| 18/12
* Consumer Discretionary | 9.5388| 1.2| 11/3
* Real Estate | 8.0454| 1.2| 22/0
* Utilities | 5.9560| 0.6| 9/6
* Communication Services | 5.6211| 0.6| 5/2
* Consumer Staples | 3.2755| 0.4| 7/5
* Materials | -2.6179| -0.1| 17/38
* Health Care | -8.0249| -4.7| 2/6
* Information Technology | -18.4621| -0.8| 10/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset Management | 15.8100| 2.1| -36.5| 49.3
* TD Bank | 15.1200| 1.3| -26.0| 35.6
* Bank of Nova Scotia| 12.1600| 1.6| 61.6| 32.6
* Barrick Gold | -3.0480| -1.1| 33.3| -17.2
* Tilray | -3.2420| -10.5| 36.0|n/a
* Shopify | -24.9900| -1.8| -22.2| 23.9

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks rose in thin trading as the slump in tech stocks abated amid speculation the economic recovery can weather the surge in coronavirus cases.
Treasuries fell along with the dollar.
After spending much of the session little changed, the S&P 500 rose to reach the 70th record close of the year.
The Dow Jones Industrial Average also ended the day at an all-time high, while the Russell 2000, a proxy for the reopening trade, rebounded.
The tech-heavy Nasdaq 100, too, staged a comeback, erasing earlier losses.
Omicron fears are easing on growing evidence that the fast-spreading strain leads to milder symptoms, even as worldwide Covid-19 cases rose above 1 million for a second straight day.
Coronavirus developments along with Federal Reserve policy tightening and China’s outlook rank among the key risks for 2022.
“We just might get a relatively calm last week of the year after all,” Matt Maley, chief market strategist for Miller Tabak + Co. wrote. “That said, thin markets can change on a dime, so investors will want to stay nimble.”
Treasuries fell, sending the 10-year yield up as much as 7.4 basis points to 1.55%, breaching the 50-day moving average that has contained it since Nov. 29.
The dollar weakened against all of its Group-of-10 peers except the yen.
“I think the economy is going to be very strong, I think the Fed will continue its policy of keeping rates very low, disappointing aggressive people,” Margie Patel, senior portfolio manager at Allspring Global Investments, said on Bloomberg TV.  “And I think the stock market may well surprise on the upside and have another very, very good year after a very good year in ‘21.”
What to watch this week:
* U.S. initial jobless claims, Thursday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* 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 0.3% to $1.1348
* The British pound rose 0.4% to $1.3484
* The Japanese yen fell 0.1% to 114.97 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 1.55%
* Germany’s 10-year yield advanced five basis points to -0.18%
* Britain’s 10-year yield advanced nine basis points to 1.01%
Commodities
* West Texas Intermediate crude rose 0.7% to $76.50 a barrel
* Gold futures fell 0.3% to $1,805.40 an ounce

–With assistance from Andreea Papuc, Marcus Wong and Robert Brand.
Have a nice evening.

Be magnificent!

As ever,

Isabel

It is better to know some of the questions than all the answers. – James Grover Thurber, 1894-1961.

Assistant to Carolann Steinhoff,

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 Dec. 23, 1986, the experimental airplane Voyager, piloted by Dick Rutan and Jeana Yeager, completed the first non-stop, around-the-world flight without refueling as it landed safely at Edwards Air Force Base in California.  Go to article »

Astronomers discover the largest group of rogue planets yet.

Joan Didion’s six-decade career was nothing short of remarkable.

PHOTOS OF THE DAY
The moon rises behind Lee’s Summit Magic Tree, which is covered with more than 12,000 lights, attracting thousands of visitors every Christmas
CREDIT: Charlie Riedel/AP
A composite image shows doors decorated with Christmas wreaths in Edinburgh’s New Town
CREDIT: Jane Barlow/PA
Pelicans scavenge at the Sydney fish market where 350 tonnes of seafood are expected to be sold over the Christmas period
CREDIT: Jenny Evans/Getty Images

Market Closes for December 23^rd, 2021

Market Index	Close	Change
Dow Jones	35950.56	+196.67
		+0.55%
S&P 500	4725.79	+29.23
		+0.62%
NASDAQ	15653.38	+131.49 +0.85%
TSX	21218.93	+148.88
		+0.71%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28798.37	+236.16
		+0.83%
HANG SENG	23193.64	+91.31
		+0.40%
SENSEX	57315.28	+384.72
		+0.68%
FTSE 100*	7373.34	+31.68 +0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.438	1.419
CND. 30 Year Bond	1.747	1.725
U.S.    10 Year Bond	1.4927	1.4515
U.S. 30 Year Bond	1.9052	1.8490

Currencies

BOC Close	Today	Previous
Canadian $	0.7806	0.7789
US $	1.2811	1.2838
Euro Rate 1 Euro=		Inverse
Canadian $	1.4512	0.6891
US $	1.1326	0.8829

Commodities

Gold	Close	Previous
London Gold Fix	1792.80	1793.75
Oil
WTI Crude Future	73.74	72.86

Market Commentary:
     On this day in 1732, Richard Arkwright, one of the fathers of the Industrial Revolution, was born in Preston in Lancashire, England. After working as an apprentice wigmaker, in 1769 he invented the first practical machine for spinning cotton into thread, then built the first functional textile mill.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities rose for the third consecutive day, as information technology stocks posted the largest gains. The S&P/TSX Composite Index climbed 0.7%, or 148.88 to 21,218.93 in Toronto. The index advanced to the highest closing level since Nov. 25 and is heading for its best year since 2009. Shopify Inc., Canada’s largest company by market value, contributed the most to the index gain, increasing 3.6%. Cryptocurrency miner Hut 8 Mining Corp. had the largest percentage increase, rising 7.6%. Today, 170 of 241 shares rose, while 69 fell; 9 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This quarter, the index rose 5.7%
* This month, the index rose 2.7%
* So far this week, the index rose 2.3%, heading for the biggest advance since the week ended Oct. 15
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on Nov. 16, 2021 and 22.7% above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 2.3% in the past 5 days and fell 1.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.2 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$3.38t
* 30-day price volatility fell to 15.35% compared with 15.44% in the previous session and the average of 13.35% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 57.3038| 2.5| 13/3
* Financials | 56.4970| 0.8| 22/6
* Materials | 10.8768| 0.4| 40/15
* Consumer Discretionary | 7.4951| 1.0| 13/1
* Energy | 5.9707| 0.2| 17/14
* Consumer Staples | 5.0985| 0.6| 6/6
* Industrials | 3.9947| 0.2| 20/10
* Health Care | 2.2935| 1.4| 8/0
* Real Estate | 0.9188| 0.1| 19/4
* Utilities | -0.5041| -0.1| 8/7
* Communication Services | -1.0728| -0.1| 4/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 49.3200| 3.6| -34.8| 28.0
* Brookfield Asset Management | 13.7100| 1.8| -58.9| 47.0
* Royal Bank of Canada | 10.2600| 0.8| 1.1| 27.8
* Agnico Eagle Mines | -1.8950| -1.7| -6.9| -26.3
* Tourmaline Oil | -2.8990| -3.3| -43.0| 139.5
* Canadian Pacific | -5.0310| -0.9| -45.0| 3.4

US
By Peyton Forte
(Bloomberg) — Stocks rose to a record on speculation the economic recovery can weather the coronavirus flareup. Bonds fell. Trading volume was low ahead of the holidays.  Electric-vehicle startup Nikola Corp. surged amid optimism about deliveries. U.S.-listed shares of JD.com Inc. sank on Tencent Holdings Ltd.’s plan to distribute over $16 billion of the Chinese e-commerce firm’s stock as a one-time dividend. Crocs Inc., the colorful clog maker, plunged after agreeing to buy casual-shoe brand Heydude for $2.5 billion.  Bitcoin climbed above $50,000. U.S. consumer sentiment increased in December as households grew more upbeat about the economy. Sales of new homes rose in November to a seven-month high, while orders for durable goods beat forecasts. Consumer spending — adjusted for inflation — stagnated as the fastest price gains in nearly four decades eroded purchasing power. Jobless claims were little changed last week. Merck & Co.’s Covid-19 pill was cleared by U.S. regulators, giving high-risk patients another at-home treatment option. New York City is limiting crowds and adding more health and safety measures for revelers at the New Year’s Eve ball drop in Times Square.  People infected with omicron are 50% to 70% less likely than those with delta to be admitted to hospitals, the U.K. Health Security Agency said. “We’re still in a pretty good spot for equities,” said Anu Gaggar, global investment strategist at Commonwealth. “Real rates remain low and liquidity conditions remain quite easy, household and corporate balance-sheets are healthy and consumer confidence also remains high. It is not time to head for the exits.”

What to watch this week:
* Friday: U.S. markets are closed. U.K. markets close earlier

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1335
* The British pound rose 0.5% to $1.3418
* The Japanese yen fell 0.3% to 114.39 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.49%
* Germany’s 10-year yield advanced four basis points to -0.25%
* Britain’s 10-year yield advanced four basis points to 0.92%
Commodities
* West Texas Intermediate crude rose 1.5% to $73.83 a barrel
* Gold futures rose 0.4% to $1,809.90 an ounce
–With assistance from Andreea Papuc and Namitha Jagadeesh.

Happy Holidays everyone.  I’ll be off for a few days, beginning tomorrow, Christmas Eve.  US markets are closed tomorrow.

As always,

Carolann

Genius is eternal patience. –Michelangelo Di Lodovico Buonarroti Simoni, 1475-1564.

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:
December 22, 2005 Astronomers announced the discovery of two more rings encircling the planet Uranus.  Go to article »
12/22/1989: Berlin’s Brandenburg Gate re-opens after nearly 30 years, effectively ending the division of East and West Germany.

Giacomo Puccini, composer, b.1858
Ralph Fiennes, actor, b. 1962

Scientists find an intact dinosaur embryo inside a fossilized egg. 

To cope with modern life, try embracing the original tenets of stoicism, skepticism, cynicism and epicureanism. — Andreas Kluth.

Scientists find a family tree in a 5,700-year-old tomb.

Scientists find a 50,000-year-old social network.

Why Finnish babies sleep in cardboard boxes.

PHOTOS OF THE DAY
Geometric neon snowflakes created by the artist Hannah Ayre surround the Scottish city’s Christmas tree on the Mound
CREDIT: Jane Barlow/PA
Derek Yung, an artist, creates a sand drawing on Sai Wan beach
CREDIT: Peter Parks/AFP/Getty Images
An ancient figurine of a Roman pantomimus that was recovered off the coast of Caesarea is displayed at the Israeli Antiquities Authority laboratory. Maritime archaeologists found several precious artefacts off the coast of Caesarea, including hundreds of silver coins from two shipwrecks dating over a millennium
CREDIT: Ahmad Gharabli/AFP/Getty Images

Market Closes for December 22^nd, 2021

Market Index	Close	Change
Dow Jones	35753.89	+261.19
		+0.74%
S&P 500	4696.56	+47.33
		+1.02%
NASDAQ	15521.89	+180.80 +1.18%
TSX	21070.05	+145.18
		+0.69%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28562.21	+44.62
		+0.16%
HANG SENG	23102.33	+131.00
		+0.57%
SENSEX	56930.56	+611.55
		+1.09%
FTSE 100*	7341.66	+44.25 +0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.419	1.441
CND. 30 Year Bond	1.725	1.760
U.S.    10 Year Bond	1.4515	1.4617
U.S. 30 Year Bond	1.8490	1.8627

Currencies

BOC Close	Today	Previous
Canadian $	0.7789	0.7744
US $	1.2838	1.2931
Euro Rate 1 Euro=		Inverse
Canadian $	1.4543	0.6876
US $	1.1328	0.8827

Commodities

Gold	Close	Previous
London Gold Fix	1793.75	1796.30
Oil
WTI Crude Future	72.86	71.22

Market Commentary:
     On this day in 1973, meeting in Tehran, the oil ministers of OPEC’s six Persian Gulf member countries said they would unilaterally raise the price of crude oil to $7 per barrel—and that it would go up again, to $11.65, on Jan. 1, 1974. In two-and-a-half months, OPEC had raised the price of oil by 128%.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities climbed for the second straight day in Toronto, led higher by real estate, materials and financial stocks. The S&P/TSX Composite climbed 0.7%, or 145.18 to 21,070.05, to its highest closing level since Dec. 8. Royal Bank of Canada contributed the most to the index gain, increasing 0.8%. Bank of Montreal and TD Bank were also among the top three contributors to the index move. Tech company Dye & Durham Ltd. had the largest percentage increase Wednesday, rising 11.3%. Today, 199 of 241 shares rose, while 36 fell; all sectors were higher, led by financial stocks.
Insights
* This year, the index rose 21%, heading for the best year in at least 10 years
* This quarter, the index rose 5%
* This month, the index rose 2%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 3.3% below its 52-week high on Nov. 16, 2021 and 21.8% above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 1.4% in the past 5 days and fell 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 16 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$3.35t
* 30-day price volatility rose to 15.44% compared with 15.38% in the previous session and the average of 13.08% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 56.3220| 0.8| 25/3
* Materials | 23.5081| 1.0| 45/7
* Energy | 18.5321| 0.7| 25/5
* Industrials | 12.2595| 0.5| 26/4
* Information Technology | 12.2060| 0.5| 12/4
* Real Estate | 7.2573| 1.1| 22/0
* Consumer Staples | 5.3946| 0.7| 7/5
* Utilities | 3.5066| 0.4| 15/1
* Consumer Discretionary | 3.0226| 0.4| 13/1
* Communication Services | 2.9365| 0.3| 6/1
* Health Care | 0.2294| 0.1| 3/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Royal Bank of Canada  9.9570| 0.8| -38.9| 26.8
* Bank of Montreal  9.8110| 1.7| -26.0| 39.9
* TD Bank  8.8650| 0.8| 3.0| 32.7
* Canopy Growth  -0.7640| -3.6| -15.2| -61.6
* WSP Global  -1.3150| -1.4| 78.0| 48.4
* Lightspeed Commerce Inc  -1.3880| -2.8| -54.2| -41.6

US
By Namitha Jagadeesh
(Bloomberg) — Stocks closed near session highs on speculation that the omicron coronavirus variant won’t derail the economic recovery. The S&P 500 climbed for a second day, the dollar fell and bonds were little changed. Pfizer Inc. advanced as its Covid-19 pill gained clearance for emergency use in the U.S. Amazon.com Inc. rebounded, following a drop of more than 1% after Bloomberg News reported the U.S. Federal Trade Commission is pushing forward with antitrust scrutiny of the company’s cloud computing business. Sales of previously owned U.S. homes increased for a third consecutive month in November, while consumer confidence rose in December by more than expected as Americans’ outlook for employment and the economy improved. Omicron may be less likely to land patients in the hospital than the delta strain, according to a trio of studies of preliminary data. “Many investors believe that omicron would only have a temporary impact on the economic activity and should not be a problem for the overall positive trend in equities,” said Ipek Ozkardeskaya, senior analyst at Swissquote Group.

What to watch this week:
* Bank of Japan Governor Haruhiko Kuroda speaks Thursday
* U.S. initial jobless claims, personal income, durable goods, University of Michigan consumer sentiment, new home sales on Thursday
* Friday: U.S. markets are closed. European markets close earlier

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.1334
* The British pound rose 0.7% to $1.3359
* The Japanese yen was unchanged at 114.10 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.45%
* Germany’s 10-year yield advanced one basis point to -0.29%
* Britain’s 10-year yield advanced one basis point to 0.89%
Commodities
* West Texas Intermediate crude rose 2.5% to $72.93 a barrel
* Gold futures rose 0.9% to $1,805.30 an ounce
–With assistance from Andreea Papuc.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Talent hits a target no one else can hit; Genius hits a target no one else can see. –Arthur Schopenhauer, 1788-1860.

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: First day of winter; shortest day of the year!
Let us love winter for it is the spring of genius.-Pietro Aretino.

Today is 12/21/21, which, aside from being visually pleasing, is mathematically significant. According to Scott Duke Kominers, 12/21 and 21/12 both have palindrome ambigram 180° symmetry. I’ll let you Google what that means!

December 21, 1620: Pilgrims land at Plymouth, Mass.

If you go to McDonald’s in Japan, prepare to be disappointed by your French fry order.

A plunge in Earth’s magnetic field 41,000 years ago saw  auroras at the equator. 

Queen Elizabeth II will not travel to Sandringham for Christmas.  She’ll be staying put at Windsor Castle as the new coronavirus variant surges.

PHOTOS OF THE DAY
Revellers touch the Celtic carved entrance stone at the 5,000-year-old stone age tomb of Newgrange in County Meath, Ireland. Entry inside the chamber is closed for the second year because of the Covid pandemic
CREDIT: Clodagh Kilcoyne/Reuters
Amy Russell, a shaman and healer, lighting a candle on the altar stone while waiting to observe the sunrise during at Drombeg stone circle outside Glandore in Cork, Ireland
CREDIT: David Creedon/Alamy Live News/Alamy Live News.
Dawn at Castlerigg, Cumbria
CREDIT: Christopher Thomond/The Guardian
People watch the moody sky over Castlerigg in Cumbria
CREDIT: Christopher Thomond/The Guardian

Market Closes for December 21^st, 2021

Market Index	Close	Change
Dow Jones	35492.70	+560.54
		+1.60%
S&P 500	4649.23	+81.21
		+1.78%
NASDAQ	15341.09	+360.15 +2.40%
TSX	20924.87	+386.66
		+1.88%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28517.59	+579.78
		+2.08%
HANG SENG	22971.33	+226.47
		+1.00%
SENSEX	56319.01	+497.00
		+0.89%
FTSE 100*	7297.41	+99.38 +1.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.441	1.392
CND. 30 Year Bond	1.760	1.741
U.S.    10 Year Bond	1.4617	1.4225
U.S. 30 Year Bond	1.8627	1.8511

Currencies

BOC Close	Today	Previous
Canadian $	0.7744	0.7727
US $	1.2931	1.2942
Euro Rate 1 Euro=		Inverse
Canadian $	1.4573	0.6862
US $	1.1286	0.8861

Commodities

Gold	Close	Previous
London Gold Fix	1796.30	1807.70
Oil
WTI Crude Future	71.22	68.23

Market Commentary:
     On this day in 1986, Drexel Burnham Lambert, the junk-bond investment-banking powerhouse dominated by Michael Milken, pleaded guilty to six counts of federal securities fraud and paid a fine of $650 million. Just two days earlier, Drexel’s chairman and chief executive, Fred Joseph, had said, “It’s very clear that the firm didn’t do anything wrong.”
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities enjoyed their biggest one-day gain since February as all sectors of the S&P/TSX Composite traded higher with information technology, health care and energy stocks leading the advance. The Composite rose 1.9% to 20,924.87 in Toronto, marking the index’s largest increase since rising 2.1% on Feb. 1. Shopify Inc., Canada’s largest company by market value, contributed the most to the index gain, increasing 6.5%. Nuvei Corp. had the largest percentage increase, rising 16.4%. Today, 222 of 241 shares rose, while 16 fell.
Insights
* In the past year, the index had a similar or greater gain once
* This year, the index rose 20%, heading for the best year in at least 10 years
* This quarter, the index rose 4.3%
* This month, the index rose 1.3%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period * The S&P/TSX Composite is 4% below its 52-week high on Nov. 16, 2021 and 21% above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 1.3% in the past 5 days and fell 2.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 15.9 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$3.29t
* 30-day price volatility rose to 15.38% compared with 14.20% in the previous session and the average of 12.98% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 115.3221| 5.3| 16/0
* Financials | 81.2918| 1.2| 26/2
* Energy | 68.1703| 2.6| 32/0
* Materials | 40.8571| 1.7| 47/6
* Industrials | 25.1912| 1.0| 29/1
* Consumer Staples | 17.0140| 2.2| 10/2
* Consumer Discretionary | 12.3717| 1.7| 13/1
* Real Estate | 11.6130| 1.8| 23/0
* Health Care | 7.8576| 4.9| 8/0
* Utilities | 4.4049| 0.5| 12/3
* Communication Services | 2.5472| 0.3| 6/1
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 84.0300| 6.5| -30.7| 23.2
* Royal Bank of Canada| 15.4200| 1.2| -13.0| 25.8
* Couche-Tard | 15.3100| 5.5| 30.8| 17.1
* Emera | -0.4960| -0.5| -30.8| 15.7
* Franco-Nevada | -2.2400| -1.0| -31.8| 7.2
* Canadian Pacific | -3.2460| -0.6| -58.3| 3.7

US
By Emily Graffeo
(Bloomberg) — Stocks climbed after the biggest three-day drop since September amid appetite for risk assets. Treasuries fell. The technology-heavy Nasdaq 100 rose more than 2%, with chipmaker Micron Technology Inc. jumping on an upbeat forecast. Nike Inc. rallied as revenue in North America increased, offsetting a drop in China. Pfizer Inc. and Merck & Co. closed off session lows as Bloomberg News reported the U.S. Food and Drug Administration was set to authorize their pills to treat coronavirus as soon as this week. President Joe Biden said he still has a chance to strike a deal with Democratic Senator Joe Manchin to get his roughly $2 trillion economic plan through Congress. He’s also considering lifting travel restrictions on people arriving from southern African countries where the omicron variant of coronavirus was first identified. “The omicron’s potential damage to economic activity will be reasonably short and shallow,” said Art Hogan, chief market strategist at National Securities. “With household and corporate balance-sheets in good shape and sentiment still strong, we think it’s reasonable to expect that the economy will manage to navigate the rough waters.” Earlier Tuesday, Credit Suisse Group AG’s global investment committee slashed its stocks allocation to neutral from overweight, citing increasing risks from the omicron variant.

What to watch this week:
* EIA crude oil inventory report Wednesday
* Bank of Japan Governor Haruhiko Kuroda speaks Thursday
* U.S. consumer income, new home sales, U.S. durable goods, University of Michigan consumer sentiment, initial jobless claims. Thursday
* Friday: U.S. markets are closed. European markets close .earlier

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.3%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index rose 1.7%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1282
* The British pound rose 0.5% to $1.3269
* The Japanese yen fell 0.4% to 114.09 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.47%
* Germany’s 10-year yield advanced six basis points to -0.31%
* Britain’s 10-year yield advanced 10 basis points to 0.87%
Commodities
* West Texas Intermediate crude rose 4.2% to $71.47 a barrel
* Gold futures fell 0.4% to $1,788.30 an ounce
–With assistance from Andreea Papuc and Namitha Jagadeesh.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Memory is the diary that we all carry about with us. –Oscar Wilde, 1854-1900.

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 Dec. 20, 1989, the United States launched Operation Just Cause, sending troops into Panama to topple the government of General Manuel Noriega. Go to article »

Bugs are evolving to eat plastic.

The hottest dishes of 2021, according to our resident foodie. –Bloomberg.

PHOTOS OF THE DAY
A woman holds a child as they stand inside a Christmas tree made of lights
CREDIT: Lalo Villar/AP
A rainbow in the sky above the Israeli settlement of Eli, south of Nablus in the occupied West Bank
CREDIT: Jaafar Ashtiyeh/AFP/Getty Images
Pedestrians walk through the snow
CREDIT: Dimitar Dilkoff/AFP/Getty Images

Market Closes for December 20^th, 2021

Market Index	Close	Change
Dow Jones	34932.16	-433.28
		-1.23%
S&P 500	4568.02	-52.62
		-1.14%
NASDAQ	14980.95	-188.73 -1.24%
TSX	20538.22	-200.97
		-0.97%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27937.81	-607.87
		-2.13%
HANG SENG	22744.86	-447.77
		-1.93%
SENSEX	55822.02	-1189.73
		-2.09%
FTSE 100*	7198.03	-71.89 -0.99%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.392	1.323
CND. 30 Year Bond	1.741	1.667
U.S.    10 Year Bond	1.4225	1.4021
U.S. 30 Year Bond	1.8511	1.8064

Currencies

BOC Close	Today	Previous
Canadian $	0.7727	0.7756
US $	1.2942	1.2894
Euro Rate 1 Euro=		Inverse
Canadian $	1.4598	0.6851
US $	1.1278	0.8867

Commodities

Gold	Close	Previous
London Gold Fix	1807.70	1795.70
Oil
WTI Crude Future	68.23	70.86

Market Commentary:
     On this day in 1968, the era of “go-go” mutual funds came crashing to a halt when the SEC suspended trading in Omega Equities, an unregistered “letter stock” that almost single-handedly powered the Mates Investment Fund to its 72.2% return. Within days, it turned out that manager Fred Mates had cooked his fund’s books, using unofficial markups on Omega stock to enhance his returns.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities declined for a third straight day as industrial, information technology and real estate stocks weighed down the market. The S&P/TSX Composite dropped 1%, or 200.97, to 20,538.22 in Toronto, the biggest move since Nov. 30. Today, industrials stocks led the market lower, as 9 of 11 sectors lost; 170 of 241 shares fell, while 64 rose. Canadian National Railway Co. contributed the most to the index decline, decreasing 5.9%. Lundin Mining Corp. had the largest drop, falling 16.9%.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it advanced eight times for an average 1.1% and declined four times for an average 0.8%
* This year, the index rose 18%, poised for the best year since 2019
* This quarter, the index rose 2.3%
* This month, the index fell 0.6%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 20% in the same period
* The S&P/TSX Composite is 5.8% below its 52-week high on Nov. 16, 2021 and 18.7% above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 1% in the past 5 days and fell 4.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 15.7 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$3.31t
* 30-day price volatility rose to 14.20% compared with 14.02% in the previous session and the average of 12.86% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | -65.6786| -2.6| 2/28
* Financials | -58.4283| -0.9| 0/28
* Information Technology | -46.9307| -2.1| 1/15
* Real Estate | -12.7385| -2.0| 0/21
* Materials | -10.7420| -0.5| 25/27
* Consumer Discretionary | -7.3656| -1.0| 2/12
* Health Care | -2.6542| -1.6| 1/7
* Consumer Staples | -1.5352| -0.2| 2/10
* Utilities | -0.8378| -0.1| 10/6
* Communication Services | 1.6294| 0.2| 3/3
* Energy | 4.3074| 0.2| 18/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian National | -40.0700| -5.9| 175.0| 10.4
* Shopify | -33.6000| -2.5| -35.0| 15.6
* Bank of Montreal | -11.4100| -1.9| 35.2| 35.9
* Bausch Health | 2.4630| 3.9| 7.8| 25.9
* Couche-Tard | 2.4750| 0.9| 53.3| 11.0
* Agnico Eagle Mines | 2.6660| 2.5| -2.9| -25.7

US
By Emily Graffeo
(Bloomberg) — Investor sentiment sagged as concern about President Joe Biden’s economic agenda and the omicron coronavirus surge dragged down stocks. Traders said lower volume ahead of the holidays exacerbated market moves. The S&P 500 had its biggest three-day drop since September, led by losses in financial and material shares.
Bonds fell. The dollar was little changed. “There’s kind of two dynamics going on. Probably the most important one is the imminent reduction in liquidity,” said Jay Hatfield, chief executive officer at Infrastructure Capital Management. “On top of that, you have the omicron concern.” Goldman Sachs Group Inc. economists cut their U.S. growth forecasts after Democratic Senator Joe Manchin blindsided the White House by rejecting Biden’s roughly $2 trillion tax-and-spending package. Meanwhile, Europe’s biggest nations weighed more Covid-19 restrictions.

What to watch this week:
* Reserve Bank of Australia releases minutes of its December rate meeting. Tuesday
* EIA oil inventory report Wednesday
* U.S. consumer income, new home sales, U.S. durable goods, University of Michigan consumer sentiment, initial jobless claims. Thursday
* Friday: U.S. markets are closed. European markets close earlier

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 1.2%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.3% to $1.1278
* The British pound fell 0.3% to $1.3209
* The Japanese yen was little changed at 113.67 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.42%
* Germany’s 10-year yield advanced one basis point to -0.37%
* Britain’s 10-year yield advanced one basis point to 0.77%
Commodities
* West Texas Intermediate crude fell 3.7% to $68.23 a barrel
* Gold futures fell 0.9% to $1,789.40 an ounce
–With assistance from Andreea Papuc and Abigail Moses.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

If any man seeks greatness, let him forget greatness and ask for truth, and he will find both. –Horace Mann, 1796-1859.

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.
Full moon this weekend: Known as the Cold Moon, so-called because this is how December’s full moon was known by Native American tribes.  It is the final full moon of 2021, reaching its peak fullness at 4.35am on 19 December. It comes just three days before the Winter Solstice, which marks the shortest day of the year in the Northern Hemisphere.

On Dec. 17, 1903, Orville and Wilbur Wright made the first successful man-powered airplane flight, near Kitty Hawk, N.C. Go to article »

SATURNALIA, December 17-23: Roman Masters served their slaves.
1790-Aztec calendar stone discovered.

Betty White is turning 100 and we’re all invited.  Long live the queen!

The first true millipede has been discovered in Australia. It has the most legs of any living animal.  We’re running out of days to say it so … #NOSCARYBUGS2021!!!

There’s a reason we can’t help but love holiday songs. They’re basically scientifically engineered ear worms. 
 PHOTOS OF THE DAY
The sun rises behind a cargo ship off the north-east coast of England
CREDIT: Owen Humphreys/PA
Marte Leinan Lund of Norway leaps during a trial jump for the FIS Nordic Combined World Cup
CREDIT: Christian Bruna/EPA
A man relaxes against a lighthouse with his bicycle on the French Caribbean island
CREDIT: Christophe Archambault/AFP/Getty Images

Market Closes for December 17^th, 2021

Market Index	Close	Change
Dow Jones	35365.44	-532.20
		-1.48%
S&P 500	4620.64	-48.03
		-1.03%
NASDAQ	15169.68	-10.75 -0.07%
TSX	20739.01	-0.77
		–%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28545.68	-520.64
		-1.79%
HANG SENG	23192.63	-282.87
		-1.21%
SENSEX	57011.74	-889.40
		-1.54%
FTSE 100*	7269.92	+9.31 +0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.323	1.340
CND. 30 Year Bond	1.667	1.692
U.S.    10 Year Bond	1.4021	1.4106
U.S. 30 Year Bond	1.8064	1.8524

Currencies

BOC Close	Today	Previous
Canadian $	0.7756	0.7828
US $	1.2894	1.2774
Euro Rate 1 Euro=		Inverse
Canadian $	1.4492	0.6901
US $	1.1240	0.8897

Commodities

Gold	Close	Previous
London Gold Fix	1795.70	1768.65
Oil
WTI Crude Future	70.86	72.38

Market Commentary:
     Whatever method you use to pick stocks, your ultimate success or failure will depend o your ability to ignore the worries of the world long enough to allow your investments to succeed.  It isn’t the head but the stomach that determines the fate of the stock picker. -Peter Lynch, Fidelity Investments, Beating the Street, 1994.
Canada:
By Geoffrey Morgan
(Bloomberg) — Canadian financial and energy stocks fell Friday, and those drops in Canada’s two largest industry sectors weighed on the market as the S&P/TSX Composite declined slightly to 20,739.01 in Toronto. Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.5%. Enghouse Systems Ltd. had the largest drop, falling 6.7%. Today, 87 of 233 shares fell, while 143 rose; 3 of 11 sectors were lower, led by financial stocks.
Insights
* This year, the index rose 19%, poised for the best year since 2019
* This quarter, the index rose 3.3%
* So far this week, the index fell 0.7%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on Nov. 16, 2021 and 19.9% above its low on Jan. 29, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.31t
* 30-day price volatility fell to 14.02% compared with 14.13% in the previous session and the average of 12.30% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -50.3197| -0.7| 7/21
* Energy | -25.0659| -1.0| 6/17
* Industrials | -4.1594| -0.2| 19/11
* Health Care | 4.3679| 2.7| 9/0
* Consumer Discretionary | 6.0286| 0.8| 11/2
* Consumer Staples | 6.3752| 0.8| 9/4
* Real Estate | 7.4364| 1.2| 22/1
* Materials | 9.0213| 0.4| 29/24
* Communication Services | 10.4599| 1.1| 6/1
* Utilities | 11.9587| 1.3| 14/2
* Information Technology | 23.3115| 1.1| 11/4
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* TD Bank | -18.0600| -1.5| 98.5| 30.9
* Bank of Montreal | -11.5500| -1.9| 126.4| 38.6
* Canadian Natural Resources | -9.0660| -2.2| -5.4| 63.1
* BCE | 3.4920| 0.9| 111.3| 20.7
* Rogers Communications| 4.1740| 3.0| 30.6| -0.5
* Shopify | 9.0770| 0.7| 116.1| 18.6

US:
By Rita Nazareth
(Bloomberg) — Volatility gripped financial markets, with stock moves magnified by the quarterly expiration of options and futures. In a session of heavy trading volume, the S&P 500 extended its weekly slide. With the holidays fast approaching, it could have been the last day of 2021 with enough liquidity for investors to trade in and out of large positions.  The dollar climbed after Federal Reserve Governor Christopher Waller said rates could rise as early as March, following a decision to end asset purchases sooner than planned.  The Treasury curve flattened, with the spread between five and 30-year bonds near Friday’s lows. In the last couple of days, central banks in the U.S. and Europe have pivoted –- at varying speeds — toward tighter policy. They now see reining in prices as a higher priority than protecting output and employment from further pandemic fallout. Some analysts have warned that the Fed might need to end its upcoming hiking cycle sooner rather than later, with the recent plunge in long-term yields suggesting economic growth could be at risk. Such backdrop has investors questioning whether stocks are due for a rougher patch, following the surge from pandemic lows. It has also put highly valued shares such as tech companies on the spotlight. The cohort of marquee names like Apple Inc., Tesla Inc. and Amazon.com Inc. has faced intense gyrations, surging in the immediate aftermath of Wednesday’s Fed decision, tumbling on the next day and posting mild losses Friday.

Comments:
* “Even though we’re coming from a place of very liquid markets and a lot of accommodation, the directional change and the pull forward in the taper schedule and the potential rate-hike schedule… this is a velocity change that we’re seeing and that’s really what the market is digesting,” Anna Han, equity strategist at Wells Fargo Securities, told Bloomberg Television.
* “Our advice to investors is to stay invested, but be cautious.  While it’s generally a wise idea to stay invested through any downturns or periods of volatility, it’s also important for investors to know their own risk tolerance,” said Robert Schein, chief investment officer at Blanke Schein Wealth Management.
* “The cyclical value sectors such as energy, materials and industrials have historically done well leading up to the start of Fed rate hikes. We wouldn’t be surprised to see value stocks make another run as the economy picks up some speed after the latest waves of Covid-19 variants fade — hopefully soon,” said Jeffrey Buchbinder, equity strategist at LPL Financial.

In another sign that investors are wary about the impacts of tighter policy on frothier industries, the MSCI World Growth Index of companies with stronger earnings expansion has underperformed its value counterpart this month. The old stock market adage of “buy the first hike, sell the penultimate rate hike” could go wrong this time with inflation running hot, according to Bank of America Corp. “Little cracks” were appearing in megacap tech before tightening even began, Michael Hartnett, BofA’s chief investment strategist, wrote in a note. He remains bearish until investor positioning “shows full-blown capitulation” or a credit event on Wall Street causes central banks to announce a reversal of tightening.

Corporate highlights:
* Elon Musk offloaded a second batch of Tesla Inc. shares in a matter of days and is now three-quarters of the way done selling 10% of his stake in the company.
* FedEx Corp. jumped after raising its outlook and posting earnings that handily beat analysts’ estimates.
* Rivian Automotive Inc. slumped after the electric-truck maker’s debut earnings report revealed a slower-than-expected increase in production.
* Darden Restaurants Inc., the operator of Olive Garden restaurants, dropped after its forecast fell short of estimates and the company said its chief executive officer will retire next year.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 1.5%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.1239
* The British pound fell 0.7% to $1.3234
* The Japanese yen was little changed at 113.74 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.41%
* Germany’s 10-year yield declined three basis points to -0.38%
* Britain’s 10-year yield was little changed at 0.76%
Commodities
* West Texas Intermediate crude fell 2.7% to $70.45 a barrel
* Gold futures were little changed
–With assistance from Sunil Jagtiani, Abigail Moses, Peyton Forte and Emily Graffeo.
Have  a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
When he shall die, take him and cut him out in little stars, and he will make the face of heaven so fine
that all the world will be in love with night, and pay no worship to the garish sun. –William Shakespeare, 1564-1616.

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:
December 16, 1773 – The Boston Tea Party took place as American colonists boarded a British ship and dumped more than 300 chests of tea overboard to protest tea taxes. Go to article »
1944 – Nazi Germany launches a counteroffensive against the Allies in the Ardennes region of Belgium, beginning the “Battle of the Bulge.”

Margaret Mead, anthropologist, b. 1901.
Jane Austen, novelist, b. 1775.
Ludwig Von Beethoven, composer, b. 1770

We really did buy more alcohol during the early pandemic, study finds.  Oh, if we only knew what was to come.  

‘Shatner in Space’ joins William Shatner on his trip to the final frontier.  Reminder: Shatner is 90 YEARS OLD. And he WENT TO SPACE. 

PHOTOS OF THE DAY
A long-exposure photo shows a regional train leaving a station
CREDIT: Michael Probst/AP

People queue outside a vaccination centre at Chester Cathedral as the coronavirus booster programme is accelerated in England
CREDIT: Peter Byrne/PA
Clouds hover over Foothill Boulevard as a storm moves through the Californian valley, threatening to trigger possible mudslides in neighbourhoods next to the Bobcat Fire burn scar
CREDIT: Robert Gauthier/Los Angeles Times/REX/Shutterstock
                                                                  
Market Closes for December 16^th, 2021

Market Index	Close	Change
Dow Jones	35897.64	-29.79
		-0.08%
S&P 500	4668.67	-41.18
		-0.87%
NASDAQ	15180.43	-385.15 -2.47%
TSX	20739.78	-29.38
		-0.14%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29066.32	+606.60
		+2.13%
HANG SENG	23475.50	+54.74
		+0.23%
SENSEX	57901.14	+113.11
		+0.20%
FTSE 100*	7260.61	+89.86 +1.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.340	1.409
CND. 30 Year Bond	1.692	1.749
U.S.    10 Year Bond	1.4106	1.4599
U.S. 30 Year Bond	1.8524	1.8579

Currencies

BOC Close	Today	Previous
Canadian $	0.7828	0.7792
US $	1.2774	1.2834
Euro Rate 1 Euro=		Inverse
Canadian $	1.4476	0.6908
US $	1.1332	0.8825

Commodities

Gold	Close	Previous
London Gold Fix	1768.65	1776.90
Oil
WTI Crude Future	72.38	70.87

Market Commentary:
     On this day in 1835, a disastrous fire raged through Manhattan, destroying the New York Stock & Exchange Building—but Wall Street breathed a sigh of relief anyway. A strongbox of documents showing who stood to gain and lose from the manipulation of stock prices was rescued from the flames by a brave (or desperate) broker. His grateful peers promptly gave him a generous cash reward.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities slipped Thursday, dragged down by a 3.1% drop in information technology stocks including sharp declines for Shopify Inc. and Lightspeed Commerce Inc. The S&P/TSX Composite fell 0.1 percent to 20,739.78 in Toronto. The move follows the previous session’s increase of 0.6%. Shopify contributed the most to the index decline, decreasing 3.4%. Lithium Americas Corp. had the largest drop, falling 7.3%. Today, 109 of 233 shares fell, while 119 rose; six of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 19%, poised for the best year since 2019
* This quarter, the index rose 3.3%
* So far this week, the index fell 0.7%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on Nov. 16, 2021 and 19.9% above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 0.9% in the past five days and fell 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.31t
* 30-day price volatility fell to 14.13% compared with 14.26% in the previous session and the average of 12.09% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -70.0367| -3.1| 0/15
* Industrials | -14.3673| -0.6| 4/26
* Consumer Discretionary | -3.8088| -0.5| 4/9
* Health Care | -3.6559| -2.2| 1/8
* Consumer Staples | -2.9967| -0.4| 5/8
* Real Estate | -2.3293| -0.4| 10/12
* Communication Services | 2.7534| 0.3| 6/1
* Utilities | 3.1471| 0.3| 11/4
* Energy | 3.4818| 0.1| 13/9
* Financials | 4.7800| 0.1| 19/9
* Materials | 53.6270| 2.3| 46/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -46.5500| -3.4| 54.7| 17.8
* Bank of Montreal | -14.9400| -2.4| 89.7| 41.2
* Brookfield Asset Management | -12.6500| -1.7| 18.7| 42.7
* CIBC | 7.2450| 1.6| 81.6| 34.1
* Barrick Gold | 11.0200| 4.0| 52.2| -17.2
* Royal Bank of Canada | 11.2800| 0.9| -6.0| 25.7

US
By Rita Nazareth
(Bloomberg) — Technology companies drove stocks down on speculation that rate hikes will reduce the appeal of the highly valued industry that has powered the bull market in equities. The Nasdaq 100 sank the most since September, led by losses in giants like Apple Inc. and Tesla Inc.  Software company Adobe Inc. tumbled 10% on disappointing revenue forecasts, while a gauge of chip stocks slumped over 4%. The S&P 500 erased gains that were earlier triggered by bets central banks can tighten policies to fight inflation without derailing the economy. Financial and commodity shares rose. Bitcoin slid. FedEx Corp. climbed in late trading after profit beat estimates. Even with the weakness on Thursday, tech shares remain among the most-notable outperformers of 2021. Valuations have soared to levels last seen during the dot-com bubble, with Apple recently approaching what would be a historic $3 trillion market capitalization. While the outlook for rate hikes threatens the industry’s appeal, several analysts expect the group to still do well due to its strong earnings potential. Meantime, policy makers are weighing measures to fight price pressures while balancing risks to growth. European equities jumped as officials unveiled a gradual pullback of pandemic stimulus, while the pound gained as the Bank of England unexpectedly raised rates. The announcements followed Wednesday’s decision by the Federal Reserve to accelerate the pace at which it tapers asset purchases, while projecting rate hikes through 2024.

Comments:
* “Bitcoin and big tech are getting punished today as investors reallocate some of their more profitable risky bets. The growth outlook still remains upbeat for next year,” with some traders
rotating back into cyclicals, said Edward Moya, senior market analyst at Oanda.
* “While we expect increased stock-market volatility as the Federal Reserve embarks on normalizing policy, equity markets should end the year higher as the economy still remains strong,
which should lead to continued earnings growth,” said Richard Saperstein, chief investment officer at Treasury Partners.
* “I do think that central banks are being reactive, which is good. If inflation does start to moderate as these major central banks are still expecting, we may actually expect some turn in
the policy direction in the later part of next year,” said Janet Mui, investment director at Brewin Dolphin.
Corporate highlights:
* Apple is hiring engineers for a new office in Southern  California to develop wireless chips that could eventually replace components supplied by Broadcom Inc. and Skyworks Solutions Inc.
* Delta Air Lines Inc. projected it will report a profit this quarter, citing strong demand for travel and a decline in jet-fuel prices.
* Reddit Inc., the social-media platform that helped fuel this year’s meme stock frenzy, said it has confidentially filed for an initial public offering.

Applications for state unemployment benefits rose last week — but remained near the lowest levels of the pandemic as the labor market recovery continues.
U.S. housing starts strengthened in November to the fastest pace in eight months, while output at factories advanced solidly.
Here are some key events this week:
* Bank of Japan monetary policy decision, Friday.
* S&P Dow Jones Indices quarterly rebalance effective after markets close, Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.6%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.4% to $1.1332
* The British pound rose 0.5% to $1.3325
* The Japanese yen rose 0.3% to 113.68 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.42%
* Germany’s 10-year yield advanced one basis point to -0.35%
* Britain’s 10-year yield advanced two basis points to 0.76%
Commodities
* West Texas Intermediate crude rose 1.5% to $71.93 a barrel
* Gold futures rose 2% to $1,799.70 an ounce
–With assistance from Andreea Papuc, Namitha Jagadeesh, Emily Graffeo, Vildana Hajric, Peyton Forte and Sophie Caronello.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

How far that little candle throws its beams!  So shines a good deed in a naughty world.-William Shakespeare, 1564-1616.

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 Dec. 15, 1916, the French defeated the Germans in the World War I Battle of Verdun.  Go to article »
1989: General Augusto Pinochet defeated; democracy returns to Chile.

J. Paul Getty, b. 1892.
Sitting Bull, d. 1890.

Art trader accidentally sells an NFT for a fraction of market price.  The “Bored Ape” NFT was worth nearly $300,000, but a distracted human sold it for less than $3,000.

Harley-Davidson is spinning off its electric motorcycle brand.  “Get your battery charging! Head out on the highway!”

New JFK assassination records just dropped.

PHOTOS OF THE YEAR BY DRONE
Chris Gorman is a photojournalist who shoots almost entirely by drone, allowing him to take stunning photos from great heights. -The Telegraph.
A spectacular laser show from Tower Bridge brings in the new year in London. January 1
CREDIT: CHRIS GORMAN / BIG LADDER
Stonehenge could be mistaken for sugar-dusted sweets in this frosty scene, January 24^th
CREDIT: CHRIS GORMAN / BIG LADDER
The sun rises on a cold crisp morning over Arundel Castle in West Sussex. For over 400 years the castle has been the home of the Duke of Norfolk. 22 November
CREDIT: CHRIS GORMAN / BIG LADDER
Misty morning over the quintessentially English village of South Harting in West Sussex. 13 October
CREDIT: CHRIS GORMAN / BIG LADDER

Market Closes for December 15^th, 2021

Market Index	Close	Change
Dow Jones	35927.43	+383.25
		+1.08%
S&P 500	4709.85	+75.76
		+1.63%
NASDAQ	15565.58	+327.94 +2.15%
TSX	20769.16	+120.59
		+0.58%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28459.72	+27.08
		+0.10%
HANG SENG	23420.76	-215.19
		-0.91%
SENSEX	57788.03	-329.06
		-0.57%
FTSE 100*	7170.75	-47.89 -0.66%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.409	1.432
CND. 30 Year Bond	1.749	1.788
U.S.    10 Year Bond	1.4599	1.4411
U.S. 30 Year Bond	1.8579	1.8280

Currencies

BOC Close	Today	Previous
Canadian $	0.7792	0.7775
US $	1.2834	1.2862
Euro Rate 1 Euro=		Inverse
Canadian $	1.4491	0.6901
US $	1.1291	0.8857

Commodities

Gold	Close	Previous
London Gold Fix	1776.90	1787.80
Oil
WTI Crude Future	70.87	70.73

Market Commentary:
On this day in 1886, for the first time, total daily trading volume on the New York Stock Exchange exceeded 1 million shares.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities climbed Wednesday, ending a five-day losing streak, amid gains in the financial and health-care sectors. The S&P/TSX Composite rose 0.6% to 20,769.16 in Toronto. It’s the biggest increase since rising 1.45% on Dec. 7 and follows the previous session’s decrease of 0.5%. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.3 percent. Denison Mines Corp. had the largest increase, rising 8.1 percent. Today, 134 of 233 shares rose, while 96 fell; 9 of 11 sectors were higher, led by financial stocks. Mining and metal stocks weighed down the index, as well as energy stocks despite a late-day rally.
Insights
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.5 percent
* The index advanced 19 percent in the past 52 weeks. The MSCI AC Americas Index gained 25 percent in the same period
* The S&P/TSX Composite is 4.7 percent below its 52-week high on Nov. 16, 2021 and 20.1 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 1.5 percent in the past 5 days and fell 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility rose to 14.26 percent compared with 14.18 percent in the previous session and the average of 11.87 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 60.4936| 0.9| 21/7
* Industrials | 24.5942| 1.0| 17/13
* Information Technology | 24.4969| 1.1| 12/3
* Utilities | 8.3253| 0.9| 13/3
* Consumer Discretionary | 5.8771| 0.8| 9/4
* Consumer Staples | 5.7837| 0.8| 10/3
* Real Estate | 4.1153| 0.7| 20/4
* Health Care | 2.0947| 1.3| 8/1
* Communication Services | 0.3464| 0.0| 2/4
* Energy | -2.2442| -0.1| 9/13
* Materials | -13.2843| -0.6| 13/41
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Brookfield Asset Management | 17.2700| 2.3| 35.0| 45.1
* Royal Bank of Canada | 16.6800| 1.3| 16.9| 24.6
* Canadian National | 11.5000| 1.7| 75.9| 17.5
* Barrick Gold | -3.5510| -1.3| 67.7| -20.4
* Wheaton Precious Metals | -3.8750| -2.4| 89.8| -5.4
* Enbridge | -6.1370| -0.9| 80.2| 16.9

US
By Rita Nazareth
(Bloomberg) — Stocks rallied on speculation that the Federal Reserve will effectively combat surging prices without choking off economic growth. The S&P 500 closed near its all-time high after initially dropping when the Fed statement came out. The Nasdaq 100 jumped almost 2.5%. Treasury yields rose, with money markets shifting to price in three quarter-point hikes by the end of 2022 as signaled by officials. The new forecasts also showed policy makers see another three rate increases in 2023 and two more in 2024. “The big question for markets now is: can the U.S. economy digest this pace of hikes without ending up with a stomach ache?,” said Seema Shah, chief strategist at Principal Global Investors. “After the 20 months we’ve had, perhaps six hikes over a two-year period looks overwhelming. But compared to previous hiking cycles — most pertinently 2004 to 2006 when the Fed made 17 consecutive hikes — we are tentatively confident that the U.S. economy can handle it. Not only that, but U.S. inflation needs it.”

The Fed will double the pace at which it’s scaling back purchases of Treasuries and mortgage-backed securities to $30 billion a month, putting it on track to conclude the program in early 2022, rather than mid-year as initially planned. “The economy has been making rapid progress toward maximum employment,” Fed Chair Jerome Powell said.

More comments:
* “The Fed is signaling that it is taking inflation seriously and, so far, the market believes that the Fed will successfully fight inflation,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
* “This could mark a turning point in the business cycle as we’re actually seeing a market cheering the Fed’s vote of confidence in the economy, as opposed to running higher on stimulus,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial.
* “This isn’t the Fed’s first rodeo when it comes to tapering.  All else equal, investors should not expect Fed tapering to be a disruptive process for markets,” said Jason Pride, chief investment officer of private wealth at Glenmede.  The five-year breakeven rate on Treasury inflation protected securities — or the difference between those yields and the ones on typical Treasuries — approached 2.8%. That suggests the Fed will be challenged to get inflation down toward its 2% target.

Some corporate highlights:
* Chinese firms listed in the U.S. like Alibaba Group Holding Ltd. and Baidu Inc. slid on concerns the U.S. will hit more companies with investment and export sanctions.
* Lowe’s Cos. delivered a revenue outlook that missed analyst estimates and said it expects home-improvement demand to slow next year.
* Eli Lilly & Co. raised its 2021 earnings and revenue forecast and said it expects 2022 sales in a range of $27.8 billion and $28.3 billion, sending shares up the most since June.

Investors also monitored the latest developments on the omicron coronavirus variant. Anthony Fauci, who serves as a medical adviser to President Joe Biden, said on a briefing Wednesday that studies so far show strong antibody responses from existing boosters, though protections against omicron are weaker with just two doses. The strain could make up about 13% of Covid-19 cases in New York and New Jersey, projections from the Centers for Disease Control and Prevention show.

Here are some key events this week:
* BOE rate decision, Thursday.
* ECB rate decision, Thursday.
* U.S. housing starts, initial jobless claims, industrial production, Thursday.
* BOJ monetary policy decision, Friday.
* S&P Dow Jones Indices quarterly rebalance effective after markets close, Friday.
* “Quadruple witching” day in the U.S. market, when options and futures on indexes and equities expire, Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.4%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1294
* The British pound rose 0.3% to $1.3265
* The Japanese yen fell 0.3% to 114.05 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.46%
* Germany’s 10-year yield was little changed at -0.36%
* Britain’s 10-year yield advanced one basis point to 0.74%
Commodities
* West Texas Intermediate crude rose 1.2% to $71.58 a barrel
* Gold futures rose 0.4% to $1,779.30 an ounce
–With assistance from Andreea Papuc, Vildana Hajric, Emily Graffeo, Katie Greifeld, Peyton Forte and Sophie Caronello.
Have a great evening.

Be magnificent!

As ever,

Carolann

The greatest way to live with honor in this world is to be what we pretend to be. –Socrates, c. 470BCE-399 BCE.

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