November 21, 2017 Newsletter

Dear Friends,

Tangents:
November 21, 1783: Man’s first flight in a balloon.
Goldie Hawn,  actress, b. 1945
Voltaire, author, b. 1694
Harpo Marx, comedian, b. 1888
Marlo Thomas, actor, b. 1937
Bjork, singer/songwriter, b. 1965 

Also on this day in 1980, 76% of U.S. televisions that are turned on are tuned in to “Dallas” to find out who shot J.R. Ewing.
On Nov. 21, 1995, the presidents of three rival Balkan states agreed to make peace in Bosnia, ending nearly four years of terror and ethnic bloodletting that have left a quarter of a million people dead in the worst war in Europe since World War II.
Go to article » 

When you pray, move your feet. – African proverb.

INTERESTING ARTICLE: 8000-YEAR OLD ROCK ART INCLUDES THE WORLD’S OLDEST IMAGES OF DOGS

                                                           – by Megan Gannon, November 20, 2017
Etched into the rock walls of dried-out valleys and slopes in the Arabian Peninsula, the 8,000-year-old hunting scenes even feature some dogs on leashes. Those images —the oldest archaeological evidence of dog leashes —suggest humans were controlling and training dogs even before they settled down into farming communities.
The dog carvings come from the rock-art sites of Shuwaymis and Jubbah in northwestern Saudi Arabia. While documenting thousands of rock-art panels there, Maria Guagnin, an archaeologist at the Max Planck Institute for the Science of Human History in Germany, counted 156 dogs at Shuwaymis and 193 at Jubbah.
Similar to the modern Canaan breed in their appearance, the dogs in the engravings have pricked ears, short snouts and curled tails —and they look distinct from the hyenas and wolves depicted elsewhere in the rock-art panels, according to a study by Guagnin and her colleagues, published online Nov. 16 in the Journal of Anthropological Archaeology, as first reported by Science magazine. [What Your Dog’s Breed Says About You]
The dogs are often shown helping humans hunt lions, ibexes, gazelles, horses and other prey. Some dogs in the hunting packs are on leashes, tethered to the waists of hunters (whose hands are then free to shoot arrows). The researchers speculated that these leashed dogs might represent young dogs in training, older ones at risk of injury or valuable scent dogs. 
This suggests not only are some human populations controlling their hunting dogs by the Pre-Neolithic, but that some dogs may perform different hunting tasks than others,” Guagnin and her colleagues wrote. “Some may be used only to track prey scents, while others are used to corral and attack prey, protect human hunters, or help haul meat back to camp.”
Genetic and archaeological evidence suggests that dogs were domesticated from a gray wolf ancestor at least 15,000 years ago, and perhaps as early as 40,000 years ago. Archaeologists still debate when and where this took place, and how humans controlled dogs or used them for activities like hunting in prehistory.
The rock-art sites of Shuwaymis and Jubbah fill in a piece of that puzzle. The images have not been directly dated, but Guagnin has estimated that they date back 8,000—or possibly even 9,000 —years, to the pre-Neolithic era, before farming got its start. That would mean domestic dogs were in the Arabian Peninsula much earlier than previously believed. (The oldest dog remains ever found in the region date to the fourth millennium B.C. in what is now Yemen.) 
The images also rival 8,000-year-old paintings of dogs on pottery from Iran, previously thought to be the oldest depictions of dogs. Additionally, the hunting scenes represent the earliest known evidence of dog leashes in the archaeological record worldwide, the study claims.
Originally published on Live Science. 
PHOTOS OF THE DAY

A new bronze cast of George Frederik Watt’s 20-foot high statue of a horse and horseman ‘Physical Energy’ goes on display at the Royal Academy in Piccadilly, London.

Participants crossing the Jiaozhou Bay Bridge as they compete in the 2017 Qingdao International Marathon on the Sea in Qingdao, China.
Market Closes for November 21^st, 2017 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1995, the Dow Jones topped 5000 for the first time.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s stock rally appears to be back on track, with stocks rising the most in nearly two months as a global risk-on trade boosted equities around the world.
     The S&P/TSX Composite Index gained 72 points or 0.5 percent to 16,076.65, the highest close in eight trading days. Materials stocks rose 0.9 percent as copper added 1.2 percent, breaking out above a four-week downtrend.
     The real estate sector gained 0.9 percent as bond yields fell, while consumer discretionary stocks added 0.8 percent.
Cogeco Communications rose 3.9 percent.
     In other moves:
                             Stocks
* Alamos Gold Inc. added 6.1 percent after its purchase of Richmont Mines received final court approval
* Calfrac Well Services Inc. rose 3.5 percent. Morgan Stanley said the firm could sell its international assets at the right price
* Chemtrade Logistics Income Fund fell 2.9 percent after declaring force majeure at a Vancouver plant
                          Commodities
* Western Canada Select crude oil traded at a $16.25 discount to WTI, the widest gap since 2015, as restarting the Keystone pipeline following a leak may take longer than expected
* Aeco natural gas traded at a $1.42 discount to Henry Hub
* Gold rose 0.5 percent to $1,281.70 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2780 per U.S. dollar amid signs of progress in negotiations over the North American Free Trade Agreement
* The Canada 10-year government bond yield fell three basis points to 1.92 percent
US
By Sarah Ponczek and Julie Verhage
     (Bloomberg) — U.S. stocks hit a new high, while the Canadian dollar and Mexican peso scored gains after a report of progress in negotiations over the North American Free Trade Agreement.
     While the approaching Thanksgiving holiday gives traders a chance to pause, equities are heading into the end of the year near their peaks, with investors optimistic about global growth and company earnings. The S&P 500 Index passed the 2,600 mark Tuesday, reaching its highest level on record. Goldman Sachs Group Inc. raised its 2018 target for the index to 2,850 from 2,500, citing an expansion in profits and valuations.
     “Investors can be reassured by the strength and durability of the current economic cycle,” Peter Oppenheimer, Goldman’s chief global equity strategist, said in a note. “While it has already been a long cycle, the unwinding of the financial crisis has also meant that, until recently, it has been sub-par in terms of strength — as is often the case following financial crises.”
     The loonie rose and the peso hit a five-week high after Juan Pablo Castanon, head of Mexico’s business chamber, said in an interview that negotiators were close to finishing work on telecom, energy and digital commerce provisions of Nafta. The dollar declined. The euro climbed after dropping the most in three weeks the day before.
     Gilts advanced amid reports Prime Minister Theresa May has the backing of ministers to offer the European Union more money to break the Brexit deadlock. West Texas crude gained while gold rose after Monday’s big decline.
     Officials have said the European Central Bank is likely to make multiple small adjustments to its guidance on monetary policy next year rather than any major change in language as it ends quantitative easing. Political developments in Germany are being closely watched even though some have concluded that economic growth won’t be threatened by the collapse in talks between Angela Merkel and potential coalition partners. The German Chancellor said she would prefer new elections if she can’t put together a majority.
     The Stoxx Europe 600 Index advanced and German shares outperformed. The MSCI Emerging Market Index reached its highest in more than six years.
     Earlier, stocks in Asia recovered some of their recent losses, with Chinese equities rallying as investors reassessed a crackdown on shadow banking that had shaken confidence. The Australian dollar dropped to a five-month low after suggestions from the central bank that interest rates will stay lower for longer. Turkey’s lira hit a record low against the dollar but pared some of the drop after its central bank tightened liquidity.
    Here are some key events coming up this week:
* Minutes from the European Central Bank’s October meeting due on Thursday could show dissent in the discussion about tapering.
* In Asia, Singapore 3Q GDP is due on Thursday. New Zealand October trade and South Korea November consumer confidence are due later in the week.
* Reports on sales of previously owned homes and durable goods orders for October are due in the U.S.
* The minutes from the Fed’s latest policy meeting are out on Wednesday.
* The U.K. announces its budget Wednesday.
* Argentina, Hungary, Kenya, Nigeria and South Africa set monetary policy this week.
     These are the main moves in markets:
                             Stocks
* The S&P 500 Index climbed 0.65 percent at 4:0 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.4 percent.
* The U.K.’s FTSE 100 Index increased 0.3 percent.
* Germany’s DAX Index jumped 0.8 percent.
* The MSCI Emerging Market Index increased 1.4 percent to the highest in more than six years.         Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro increased less than 0.05 percent to $1.1736.
* The British pound decreased less than 0.05 percent to $1.3232.
* The Mexican peso jumped 1 percent to 18.8037 per dollar; the loonie gained 0.3 percent to C$1.2776 per U.S. dollar.                            
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.36 percent.
* Germany’s 10-year yield fell one basis point to 0.35 percent, the lowest in almost two weeks.
* Britain’s 10-year yield decreased two basis points to 1.274 percent.                          
Commodities
* West Texas Intermediate crude rose 1 percent to $56.97 a barrel.
* Gold increased 0.2 percent to $1,279.77 an ounce.
* Copper gained 1.2 percent to $6,909 a ton.
 

Have a wonderful evening everyone.

Be magnificent!

I must confess that I do not draw a sharp line
or any distinction between economics and ethics.
Mahatma Gandhi

As ever,
Carolann

The family is one of life’s masterpieces.
       -George Santayana, 1863-1952

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President 

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

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