October 21, 2019 Newsletter

Dear Friends,

Tangents:  Happy Monday!
Today is the reopening of the Museum of Modern Art in New York.. I got a chance to see it when I was in New York a couple of weeks ago and I think it’s impressive.
The Museum of Modern Art in New York has reopened after a four-month, $450 million expansion. Here’s what to know before you go –NY Times.

Egypt unveils the discovery of 30 ancient coffins with mummies inside 
Around Halloween? Spooky AND historically significant!  -CNN.

The 15 weirdest galaxies in our universe.  –Bloomberg.

On Oct. 21, 1879, Thomas Edison invented a workable electric light at his laboratory in Menlo Park, N.J. Go to article »

Alfred Nobel, who established the Nobel was born on this day in 1833.
Dizzie Gillespie, musician, b. 1917

1967~ Vietnam War protestors stormed the Pentagon.

King Charles ll wrote this to his sister Henrietta on this day in 1664:  You have heard of our taking New Amsterdam, which lies just by New England.  ‘Tis a place of great importance to trade.  It did belong to England heretofore, but the Dutch by degrees drove our people out and built a very good town, but we have got the better of it, and ‘tis now called New York. -The Book of Days.

PHOTOS OF THE DAY

The sun rises over a pumpkin field near Christchurch, Dorset.
CREDIT: RACHEL BAKER/SWNS.COM

This photograph of clouds in Snowdonia beneath a layer of warm air – called a temperature inversion – was overall winner in the weather photographer of the year competition for Gareth Mon Jones, of Anglesey.
CREDIT: GARETH JONES/ RMETS/ BAV MEDIA

The Berry Man joins October Plenty traditional autumn procession by The Lions Part actors ensemble at the Imperial war Museum Gardens in London.
CREDIT: GUY CORBISHLEY/ALAMY LIVE NEWS

People watch sheep crossing the city during the “Fiesta de la Transhumancia” Festival in Madrid, Spain. The festival was started in 1994 to recognize the tradition.
CREDIT: XAUME OLLEROS/GETTY IMAGES 
           
Market Closes for October 21^st , 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Here are the world’s best and worst pension systems.-Bloomberg.
On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, predicted the coming demise of the bull market in a lead editorial entitled “The Turn in the Tide.”  However, since Hamilton had already predicted the death of the bull market in January of 1927 and June and July of 1928, nobody listened. This time—if only by sheer luck—he turned out to be right, as the stock market crashed just three days later.
Canada
By Kristine Owram
(Bloomberg) — Stocks rose and the loonie gained to its highest in three months as Canadians headed to the polls Monday, bolstered by positive signs on trade talks. The S&P/TSX Composite Index added 0.3% to 16,418.45. Knight Therapeutics Inc. was the biggest gainer on the benchmark, adding 14% after it said it will buy a majority stake in a competitor. Hudson’s Bay Co. added 6.1% on a C$1.9 billion take-private deal. Today, 138 of 233 shares rose, while 90 fell; 10 of 11 sectors were higher, led by technology stocks.
Commodities
* Western Canada Select crude oil traded at a $17 discount to WTI
* Spot gold fell 0.5% to $1,487.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% C$1.3086 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.57%
Insights
* This month, the index fell 1.4%
* This year, the index rose 15%, heading for the best year since 2016
* The S&P/TSX Composite is 3.1% below its 52-week high on Sept.
20, 2019 and 19.2% above its low on Dec. 24
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 18.9083| 0.3| 20/7
Energy | 14.5569| 0.5| 23/9
Industrials | 13.1468| 0.7| 27/5
Information Technology | 11.2681| 1.4| 9/0
Communication Services | 4.2436| 0.5| 5/2
Utilities | 3.3118| 0.4| 11/3
Consumer Staples | 2.7274| 0.4| 9/1
Consumer Discretionary | 1.7894| 0.3| 9/6
Health Care | 1.4264| 0.7| 4/5
Real Estate | 0.7937| 0.1| 11/13
Materials | -30.8518| -1.7| 12/37
US
By Rita Nazareth, Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks advanced amid positive signs on trade talks and as investors awaited earnings from some of the world’s biggest companies. Treasuries fell. The S&P 500 Index climbed to a one-month high, surpassing the 3,000 level, led by energy and financial shares. Apple Inc. rallied to a record, while Teva Pharmaceutical Industries Ltd. surged after saying it has an agreement to settle thousands of opioid lawsuits. The Dow Jones Industrial Average underperformed major equity gauges as Boeing Co. tumbled on pessimism over the 737 Max crisis. The British pound dropped after Prime Minister Boris Johnson was thwarted in his latest attempt to get a Brexit deal approved. Investors monitored the latest developments on trade talks between the two largest economies, with U.S. President Donald Trump saying China has indicated that negotiations over an initial deal are advancing. Earlier Monday, Commerce Secretary Wilbur Ross said it was more important to get details of the agreement right than it was for Trump to sign it at the expected meeting with Chinese President Xi Jinping next month in Chile.
“What’s most important is that negotiations continue. That will help with confidence,” said Don Townswick, director of equity strategies at Conning, which has about $171 billion in global assets under management. “Earnings have been coming in fairly strong, at least relative to expectations. And that’s important.” With industry heavyweights McDonald’s Corp., Caterpillar Inc. and Amazon.com Inc. all scheduled to deliver earnings this week, investors will get numerous chances to see how corporations are withstanding the effects of trade tension, slowing growth and Brexit. “The needle is pointing mildly positive,” David Sowerby, portfolio manager at Ancora Advisors. “As much as the trade issue is a headwind, I think companies are quite sensible in how they are spending their capital on healthy cash flow growth.”
Here are some key events coming up this week:
* Earnings season is in full swing with companies reportingincluding: Amazon.com, Microsoft, Daimler, Kia Motors, McDonald’s, Procter & Gamble, Caterpillar and UBS.
* Thursday brings monetary policy decisions from the European Central Bank and Bank Indonesia.
* U.S. factory orders for business equipment will provide a look into the strength of capital investment in September. The figures will show to what extent the latest tranche of tariffs on China and others is impacting investment decisions.

These are the main moves in markets:
Stocks
* The S&P 500 climbed 0.7% to 3,006.73 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.6%.
* The MSCI Asia Pacific Index increased 0.4%.
* The MSCI Emerging Market Index added 0.5%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro decreased 0.2% to $1.1148.
* The British pound declined 0.2% to $1.2962.
* The Japanese yen fell 0.2% to 108.64 per dollar.
Bonds
* The yield on 10-year Treasuries jumped four basis points to 1.80%.
* Germany’s 10-year yield increased four basis points to -0.34%.
* Britain’s 10-year yield rose four basis points to 0.75%.
Commodities
* The Bloomberg Commodity Index slid 0.5%.
* West Texas Intermediate crude fell 0.9% to $53.31 a barrel.
* Gold lost 0.4% to $1,488.10 an ounce.
–With assistance from Sybilla Gross, Adam Haigh, Todd White,
Samuel Potter, Sarah Ponczek and Lu Wang.

Have a great night!

Be magnificent!
As ever,

Carolann

You cannot change the circumstances but you can change yourself. That is something you have charge of.
                                                               -Emmanuel James Rohn, 1930-2009

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