September 03, 2019 Newsletter

Dear Friends,

Tangents:
September 3, 1783 ~ Treaty of Paris signed, ending the American Revolution.
On Sept. 3, 1976, the unmanned U.S. spacecraft Viking 2 landed on Mars to take the first close-up, color photographs of the planet’s surface.  Go to article »

September

If you’re familiar with Romance languages, you’ll recognize the first syllable of this month as “seven.” That seems to make “September” an odd name for the year’s ninth month.

But it made sense in ancient Rome.

A mosaic of the Roman months found in Tunisia that dates to the third century A.D.  DeAgostini/Getty Images.

There, the Greek-influenced calendar had only 10 months. A few were named for gods: March for Mars, April for Aphrodite, May for Maia and June for Juno. But the rest were numbered, and some are still with us. October was the eighth month, November the ninth and December the 10th.

According to tradition, a calendar reform around 713 B.C. introduced two new months to account for the 60 or so extra winter days. They were January, for the god Janus, and February, for the purification celebration known as Februa.

In later adjustments, the original fifth and sixth months (which had been pushed to seventh and eighth) were renamed for Julius Caesar and Caesar Augustus: July and August. –The New York Times.

PHOTOS OF THE DAY

A striking red yacht slices through a serene Arctic landscape punctuated by craggy glaciers. The boat’s crimson sails are almost glowing as it sails between dramatic glaciers on the west coast of Greenland. Professional photographer Kah-Wai Lin was sailing ay night in the Disko Bay around Ilulissat Icefjord, the sea mouth within one of the world’s fastest moving and most active glaciers, called Sermeq Kujalleq.
CREDIT: KAH-WAI LIN/ SOLENT NEWS & PHOTO AGENCY

Cotswold Wildlife Park, Burford, Oxfordshire, Primate and small Mammals keeper Estelle Morgan, has become surrogate mum to Porcupette named Diablo. Diablo has become best friends with Estelle’s Sausage dog, Fig.
CREDIT: TOM WREN/ SWNS

Michael Schrimsher, a resident of Jupiter, Florida watches crashing waves from Hurricane Dorian at the Jupiter Beach Park as it approaches the east coast of Florida, USA.
CREDIT: ANDREW WEST/ THE NEWS-PRESS VIA USA TODAY NETWORK/SIPA USA

Market Closes for September 03, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Platinum is the latest target for investors seeking to raise their exposure to precious metals. Prices rose 8.9% last week, their biggest weekly gain since 2011.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks declined, in tandem with global markets, on concerns over economic growth and geopolitical tensions. Consumer discretionary and industrials were the worst performing stocks, while the healthcare sector — led by pot stocks — outperformed. The S&P/TSX Composite Index fell 0.3%, or 42.84 to 16,399.23. The move is the biggest since falling 1.3% on Aug.23. The MSCI AC Americas Index declined 0.7%. Toronto-Dominion Bank contributed the most to the index decline, sliding 0.8%. Finning International Inc. had the largest drop, falling 6.6%. Meanwhile, The Bank of Canada is expected to open the door further to interest rate cuts at a decision Wednesday, amid worries U.S.-China tensions will curb a relatively robust expansion at home. In a policy statement due at 10 a.m. that’s likely to keep benchmark rates unchanged at 1.75% for now, economists expect Governor Stephen Poloz will underline his unease with the global trade outlook and signal a greater willingness to join the Federal Reserve and other central banks in cutting borrowing costs, as early as next month.
================================================================
Here are some of the most notable equity movers today:
================================================================
Lithium Stocks Sag as Electric-Car Sales Fall for First Time
TheScore Surges to 4-Year High After Private Equity Investment
Crescent Point Rises as Analysts Applaud $682 Million Asset Sale
Laurentian Bank Sheds 4.6% in Three Days After ‘Tough’ Quarter
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -27.4953| -0.5| 6/19
Industrials | -25.0804| -1.3| 7/24
Consumer Discretionary | -10.4136| -1.5| 1/15
Consumer Staples | -5.4869| -0.8| 5/5
Energy | -1.6247| -0.1| 28/12
Information Technology | -1.0370| -0.1| 4/6
Communication Services | 1.5181| 0.2| 4/3
Real Estate | 3.0030| 0.5| 21/4
Health Care | 6.2833| 2.5| 7/4
Utilities | 7.4245| 1.0| 14/2
Materials | 10.0724| 0.5| 26/20

Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | -7.8310| -0.8| -14.3| 5.5
Canadian Pacific | -7.4000| -2.3| 13.8| 29.3
Suncor Energy | -6.8440| -1.6| 20.9| 0.5
Wheaton Precious Metals | 3.1820| 2.6| 22.0| 50.7
Fortis Inc | 4.1850| 2.5| 101.4| 23.8
TC Energy | 7.3870| 1.6| 30.2| 42.2
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Crescent Point | Energy | 6.4| 1.0550| 134.3| 8.0
Canopy Growth | 5.6| 2.7430| -9.2| -9.2
Kinross Gold | 4.7| 2.7720| 7.3| 57.5
Biggest Losers | % Change |Points Move| (%) | (%)
================================================================
Finning International | -6.6| -1.7840| 210.3| -9.5
Gran Tierra | -5.8| -0.3030| -6.8| -40.3
Turquoise Hill | -5.2| -0.2110| 2.4| -75.6
Ratings
* CORV CN: Correvio Pharma Corp Rated New Overweight at Cantor; PT $6
* CPG CN: Crescent Point Energy Raised to Buy at Eight Capital; PT C$8.65
Commodities
* Western Canada Select crude oil traded at a $11.00 discount to WTI
* Gold spot price rose 1.1% to $1,545.57 an ounce at 4pm ET
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3340 per U.S. dollar as of 4pm ET
* The Canada 10-year government bond yield fell to 1.131% as of 4PM ET
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks fell as trade talks between the U.S. and China struck another stumbling block, while Treasuries rose and the dollar declined after an American gauge of manufacturing
signaled contraction for the first time in three years. The S&P 500 dropped for the first time in four sessions as Chinese and American officials struggled to agree on a schedule for negotiations after Washington rejected Beijing’s request to delay tariffs that took effect over the weekend, according to a Bloomberg report. Technology shares weighed on benchmarks after Huawei Technologies accused the U.S. government of harassing workers and attacking its internal network. Boeing led losses on the Down Jones Industrial Average. The 10-year Treasury yield slid and the dollar dropped against peers after the Institute for Supply Management’s purchasing managers index fell to 49.1 in August, which when below 50 indicates manufacturing contracted. The reading joins a slew of weak numbers produced by factory gauges across the globe, and boosted bets on deep rate cuts by the Federal Reserve this year.
“People felt better last week because there was better verbal communication, comments going on out of the United States and abroad. But actions speak louder than words and neither side backed off lifting their tariffs on this prescribed date,” Jim Paulsen, chief investment strategist at the Leuthold Group, said in an interview. “There’s a difference between where we were Friday and where we are now in terms of the tariffs actually going into effect. That and a weak manufacturing number out of China and now a weak manufacturing number in the United States just reinforces that trade is having a negative impact.” September has begun with a rocky start for risk assets as traders remain sensitive to the twists and turns of the Sino-U.S. trade war, and the first big economic data of the month reminded investors the global economy remains on shaky ground partly as a result. With mistrust on both sides, officials from the world’s two largest economies are struggling to agree on basic terms of re engagement.
Elsewhere, the pound turned higher after U.K. Prime Minister Boris Johnson lost his majority in the House of Commons amid the ongoing Brexit brinkmanship. West Texas-grade crude oil slipped below $54 a barrel amid concerns an economic slowdown from the trade war may dent demand. The eye of Hurricane Dorian has started to move northwest off the U.S. coast, while the storm continues to pound Grand Bahama Island.
Here are some key events coming up:
* Bank of England Governor Mark Carney speaks before Treasury Committee on Wednesday alongside colleagues Andy Haldane, Jonathan Haskel and Gertjan Vlieghe, on the bank’s August Inflation Report; he’ll then appear alone to discuss the U.K.’s economic relationship with the EU.
* Fed speakers this week include New York Fed’s John Williams on Wednesday and Fed chair Jerome Powell on Friday.
* The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 158,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.

These are the main moves in markets:
Stocks
* The S&P 500 Index sank 0.9% as of 3:00 p.m. New York time.
* The Dow Jones Industrial Average fell 1.2%.
* The Stoxx Europe 600 Index slipped 0.2%.
* The MSCI Asia Pacific Index fell 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro was little changed at $1.0965.
* The British pound rose 0.2% to $1.2095, after briefly falling to the lowest since 2017.
* The Japanese yen gained 0.2% to 106.04 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.46%.
* The yield on two-year Treasuries dropped four basis points to 1.46%.
* Britain’s 10-year yield decreased one basis point to 0.406%.
Commodities
* West Texas Intermediate crude fell 1.8% to $54.11 a barrel.
* Gold rose 1.5% to $1,552.50 an ounce.
* Copper decreased 0.9% to $2.52 a pound.
–With assistance from Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

You may have to fight a battle more than once to win it.
                          -Margaret Hilda Thatcher, 1925-2013

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