October 04, 2019 Newsletter

Tangents:

Carolann is out of the office today, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

This artist’s impression shows a spectacular pterosaur that soared above the dinosaurs 96 million years ago has been dug up… at a sheep station in the Australian outback. The crested creature had a 13 foot wingspan and enormous elongated jaws filled with razor sharp teeth to kill its prey. They were spike shaped for catching fish and other marine animals. Its remains were unearthed by a farmer at Winton, Queensland- home of Waltzing Matilda – and they are among the best even discovered. The terrifying animal would have been at the top of the food chain because of its size – and teeth. It has been named Ferrodraco lentoni – Latin for ‘iron dragon’.
CREDIT: TRAVIS R.TISCHLER/ SWNS.COM

Stunning sunrise over the city of London this morning, UK.
CREDIT: WAYNEH/SPLASHNEWS.COM

The crashing waves form arcs of water in front of the promenade in the early morning light at Seaburn in Sunderland, UK.
CREDIT: SIMON WOODLEY/SWNS

Market Closes for October 04^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose Friday, paring back some overall losses this week, after health care and energy stocks underperformed. Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession. The S&P/TSX Composite rose 0.5% to 16,449.35 Friday. Materials and information technology stocks gained while health care stocks dropped. Meanwhile, Canada’s political party leaders are making affordability the central talking point of their election campaigns, rolling out targeted measures to alleviate the financial strain besetting voters.
Commodities
* Western Canada Select crude oil traded at a $14.45 discount to WTI
* Gold spot price flat around $1,504.19 per ounce
FX/Bonds
* The Canadian dollar gained 0.1% C$1.3318 per U.S. dollar
* The Canada 10-year government bond yield fell 1.9 basis points to 1.232%
Insights
* So far this week, the S&P/TSX Composite has gained 15%, heading for the best year since 2016

US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — U.S. stocks gained along with Treasuries after solid hiring data quelled recession fears without crushing the odds of future Federal Reserve easing. The dollar declined. The S&P 500 rose the most in seven weeks — though still suffered its third weekly loss — after payrolls slightly missed estimates for September, while August’s reading was revised upward. Traders trimmed their bets on the results, but the odds still favored a Fed rate cut this month. Chair Jerome Powell did little to change the speculation, saying Friday the economy “faces some risks” but is overall “in a good place.” Tech paced the advance, with Apple Inc. leading benchmark members amid reports of stronger-than-expected sales of its newest phone. The 10-year Treasury rate dropped for the seventh session in a row, and the dollar fell for a fourth straight day. West Texas oil rose toward $53 a barrel. “This one comes in pretty close to neutral in terms of the slowdown. It’s not encouraging, it doesn’t look like a re- acceleration in growth, but it also probably puts at bay some of the fears that have come in around the ISM manufacturing and ISM services numbers,” said Luke Tilley, chief economist at money manager Wilmington Trust Corp. in Delaware.
“This should make people and investors comfortable that we still have enough job growth to keep consumer spending on the positive side.” Today’s job numbers followed a string of disappointing economic data this week that had fueled concerns a slowdown in manufacturing could spread to the consumer, and in turn ratcheted up bets that the Fed will reduce rates this month. The burst of rate-cut optimism helped snap a two-day losing streak
that reached 3% in the S&P 500 Index Thursday. Elsewhere, European shares advanced along with the euro. India pulled the trigger on another rate cut on Friday, the fifth in the cycle so far. China remains closed for a holiday. Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.4%, the most since Aug. 16, at 4 p.m. New York time.
* The Nasdaq Composite Index gained 1.4%, while the Dow Jones Industrial Average advanced by 1.4%.
* The Stoxx Europe 600 Index increased 0.5%.
* The MSCI Emerging Market Index gained 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro rose by 0.1% to $1.0980.
* The British pound slid 0.3% to $1.2295.
* The Japanese yen rose 0.1% to 106.87 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 1.51%.
* The yield on two-year Treasuries added two basis points to 1.41%.
* Germany’s 10-year yield advanced less than one basis point to -0.58%.
* Japan’s 10-year yield sank two basis points to -0.211%.
Commodities
* West Texas Intermediate crude fell 0.5% to $52.16 a barrel.
* Gold was steady at $1,513.90 an ounce.

–With assistance from Charlotte Ryan and Yakob Peterseil.

Have a great evening.

Be magnificent!
As ever,

Isabel

Kind words can be short and easy to speak, but their echoes are truly endless.
                                                      – Mother Teresa, 1910-1997

Isabel Luo,
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
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www.carolannsteinhoff.com