October 10, 2019 Newsletter

Dear Friends,

Tangents:
Giuseppi Verdi, b. 1813
1845~ US Naval Academy established.

On Oct. 10, 1973, Vice President Spiro T. Agnew pleaded no contest to one count of federal income tax evasion and resigned his office. Go to article »
Humans can’t regrow amputated limbs like salamanders can, but we apparently can regrow damaged cartilage, a new study says.-CNN.

Crossing
 -by Jericho Brown

The water is one thing, and one thing for miles.
The water is one thing, making this bridge
Built over the water another.  Walk it
Early, walk it back when the day grows dim, everyone
Rising just to find a way toward rest again.
We work, start o one side of the day
Like a planet’s only sun, our eyes straight
Until the flame sinks.  The flame sinks.  Thank God
I’m different.  I’ve figured and counted.  I’m not crossing
To cross back.  I’m set
On something vast.  It reaches
Long as the sea.  I’m more than a conqueror, bigger
Than bravery.  I don’t march.  I’m the one who leaps.

PHOTOS OF THE DAY

Hindu devotees submerge a clay idol of the Hindu goddess Durga on the final day of the Durga Puja festival in Dhaka.
CREDIT: MUNIR UZ ZAMAN/AF

General view inside the stadium during the Rugby World Cup 2019 Group A game between Scotland and Russia at Shizuoka Stadium Ecopa.
CREDIT: ADAM PRETTY/GETTY IMAGES

Pope Francis greats a group from Croatia during the weekly general audience in St. Peter’s Square at the Vatican.
CREDIT: EPA/ FABIO FRUSTACI

Market Closes for October 10^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 2008, the Dow Jones Industrial Average swung 1,019 points in the blue-chip index’s most volatile session ever. It ended down 128 points on the day, concluding the worst week in its 112-year history.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a second day even as cannabis stocks tumbled to their lowest level since 2017, as cautious optimism on a U.S.-China trade deal continued. The S&P/TSX Composite Index added 0.3% to 16,422.68, with technology stocks leading the gain. Hexo Corp. slid 23% after it became the latest cannabis company to lower earnings expectations. That weighed on the sector, with Aphria Inc. down 14% and Canopy Growth Corp. falling 11%. Today, 132 of 233 shares rose, while 93 fell; 7 of 11 sectors were higher.
Commodities
* Western Canada Select crude oil traded at a $15.85 discount to WTI
* Spot gold fell 1% to $1,498.20 per ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3297 per U.S. dollar
* The Canada 10-year government bond yield rose 10 basis points to 1.41%, the biggest gain since Sept. 5
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 18.4448| 0.7| 26/4
Financials | 16.9603| 0.3| 23/4
Industrials | 12.5426| 0.7| 20/11
Information Technology | 8.9546| 1.0| 5/4
Materials | 8.6032| 0.5| 29/17
Communication Services | 2.0929| 0.2| 3/4
Consumer Discretionary | 0.5021| 0.1| 9/7
Utilities | -1.6338| -0.2| 7/9
Real Estate | -1.9772| -0.3| 6/17
Consumer Staples | -8.2787| -1.2| 1/9
Health Care | -13.3973| -6.0| 3/7
US
By Vildana Hajric
(Bloomberg) — Stocks gained and Treasury yields jumped as investors kept a careful eye on the latest trade developments amid high-level meetings between American and Chinese officials. The pound surged on talk of a Brexit deal. Banks and automakers led the S&P 500 Index higher, though there were plenty of gyrations along the way after an overnight session that saw futures whipsawed by headlines giving conflicting signs of progress on the negotiations. The dollar fell, brushing off a weak inflation reading. Ten-year Treasury yields rose past 1.65% as bonds rallied globally. China’s yuan climbed the most in a month. Among the latest developments on trade:
* Both China and the U.S. signaled cautious optimism in securing a partial deal for a temporary truce on tariffs
* The discussions extended into the afternoon Thursday
* President Donald Trump said in a Twitter post that he plans to meet with Vice Premier Liu He on Friday, adding “They want to make a deal, but do I?”

Markets have grown jittery against a backdrop of deteriorating economic data and fresh tensions between the U.S. and China in recent days, as they prepare for the first face-to- face talks between senior officials since July. Investor nerves were on full display Thursday as a series of headlines roiled markets, with traders attempting to digest reports on everything from the duration of the talks to the potential currency pact. “China trade talks are really dominating everything and we’ve seen how unpredictable they can be,” Chris Gaffney, president of world markets at TIAA, said by phone. “We’ve seen it move just back and forth so dramatically. I think everyone’s really going to have to wait until a deal gets actually done.” Elsewhere on Thursday, the Stoxx Europe 600 Index and the British pound extended gains after U.K. Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could “see a pathway to a possible deal” on Brexit. Crude rose after OPEC Secretary-General Mohammad Barkindo said members and allies including Russia will do “whatever it takes” to prevent another oil slump as the global economy weakens. Asian shares ended the session mixed, with Japanese equities recouping their declines by the close, South Korea down and Hong Kong and Shanghai notching modest gains.
Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.6% at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.7%.
* The MSCI Emerging Market Index increased 0.5%.
* The Nikkei-225 Stock Average added 0.5%
Currencies
* The Bloomberg Dollar Spot Index sank 0.4%.
* The euro gained 0.3% to $1.1006.
* The British pound advanced 2% to $1.2447.
* The offshore yuan increased 0.4% to 7.1108 per dollar.
* The Japanese yen weakened 0.4% to 107.95 per dollar.
Bonds
* The yield on 10-year Treasuries rose eight basis points to 1.66%.
* Germany’s 10-year yield rose eight basis points to -0.47%.
* Britain’s 10-year yield jumped 13 basis points to 0.58%.
Commodities
* West Texas Intermediate crude gained 2.1% to $53.69 a barrel.
* Gold fell 0.8% to $1,493.83 an ounce.
–With assistance from Sybilla Gross, Christopher Anstey, Yakob
Peterseil and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Determine never to be idle.  No person will have occasion to complain of the want of time who never loses any.  It is wonderful how much may be done if we are always doing. 
                                                          –Thomas Jefferson, 1743-1826.

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