October 24, 2019 Newsletter

Dear Friends,

Tangents:
1940 The 40-hour work week went into effect in the United States. Go to article >>
Shape-shifters and hoverbikes steal the Tokyo Motor Show.
The 20 defining comedy sketches of the past 20 years. –BLOOMBERG.
Space homes will be built out of what’s already there. 

PHOTOS OF THE DAY

Members of the public visit the Calaverandia theme park, installed on the occasion of the Day of the Dead celebrations in Guadalajara, Mexico.
CREDIT: FRANCISCO GUASCO/EPA

Acrobats perform in the Millennium Bridge in front of St Paul’s Cathedral to celebrate the opening of the Ivy Asia, St Paul’s restaurant that will be officially open on Monday 18 November.

Museum technician Jessie Giovane Staniland checks the original R2-D2, used in the 1977 Star Wars film, as it arrives at V&A Dundee where it will be the centrepiece of the forthcoming Hello, Robot exhibition.
CREDIT: JANE BARLOW/PA

Suzuki’s Hanare concept car is displayed during the Tokyo Motor Show, in Tokyo, Japan.
CREDIT: SOE ZEYA TUN/REUTERS

Market Closes for October 24^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
October  24, 1929~ The Dow closed down 2.1% on record volume of 12.895 million shares.
Canada
By Kristine Owram
(Bloomberg) — Canadian equities gained as gold prices rebounded past the $1,500 mark, boosting mining stocks. The S&P/TSX Composite Index added 0.2% to 16,369.32, its first gain since Monday. Technology shares led the increase as Shopify Inc. jumped 8.8%, the most since December, although shares were weaker in post-market trading. Materials also gained 1.8% as the S&P/TSX Gold Index rose to its highest in more than five weeks. In total, 95 of 233 shares rose, while 132 fell; 5 of 11 sectors were higher.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Spot gold rose 0.7% to $1,506.10 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3073 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.52%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 31.7069| 1.8| 32/16
Information Technology | 27.6215| 3.4| 7/2
Industrials | 6.1692| 0.3| 17/14
Consumer Discretionary | 2.7229| 0.4| 6/10
Health Care | 0.9516| 0.4| 7/3
Real Estate | -2.3211| -0.4| 11/14
Utilities | -2.3839| -0.3| 3/13
Communication Services | -2.7005| -0.3| 1/6
Consumer Staples | -6.1894| -0.9| 1/9
Financials | -8.0638| -0.1| 6/20
Energy | -14.1188| -0.5| 4/25
US
By Rita Nazareth, Claire Ballentine and Vildana Hajric
(Bloomberg) — Technology shares led gains in U.S. stocks as investors assessed a raft of  corporate earnings against the backdrop of a global economic slowdown. Treasuries advanced. The S&P 500 Index traded above 3,000, approaching a record. Microsoft Corp. jumped after earnings beat expectations, while a positive outlook from Lam Research Corp. spurred a rebound in chipmakers. Tesla Inc. surged after posting a surprise profit. The Dow Jones Industrial Average underperformed as 3M Co.’s results showed the industrial downturn continued to hobble the manufacturer. Twitter Inc. tumbled on a disappointing forecast. Read: With Record in Grasp, Tech Has Become S&P 500’s Biggest Problem Investors also watched the latest developments in the trade dispute between the world’s two largest economies. China aims to buy at least $20 billion of agricultural products in a year if it signs a partial trade deal with the U.S., people familiar with the matter said. Vice President Mike Pence’s next big China policy speech was set for Thursday in Washington. More on earnings:
* PayPal Holdings Inc. reported earnings that beat estimates, sparking a stock rally.
* Comcast Corp.’s profit topped forecasts amid an increase in internet subscribers.
* Ford Motor Co. slumped after the company cut its full-year forecast by $500 million.
* EBay Inc. slipped after giving a revenue forecast that fell short of analysts’ estimates.
* Xilinx Inc.’s outlook trailed expectations, in part because of the blacklist against Huawei Technologies Co.
* After the close of regular trading, Amazon.com Inc., Intel Corp. and Visa Inc. are due to report results.

“For the most part, the forward guidance has not been as negative as some had expected,” said Chris Gaffney, president of world markets at TIAA. “Not a stellar earnings season so far, but nothing to really scare investors about an upcoming recession.” Investors also digested mixed economic reports on Thursday. Two key measures of U.S. business investment posted declines that were worse than analysts expected in September. Other data indicated consumers are still healthy enough to keep spending and driving growth. “There is some nervousness that is good enough to avoid any signs within the broad market of irrational exuberance or animal spirits,” said John Stoltzfus, the chief investment strategist at Oppenheimer & Co. “Overall, the story is reflecting a watch- and-wait kind of scenario as investors and traders really absorb the news coming across on earnings.” Elsewhere, the European Central Bank kept monetary stimulus unchanged in the final meeting of Mario Draghi’s presidency, an eight-year period in which he prevented a euro zone breakup but was unable to meet his inflation goal. Oil rose after a surprise U.S. crude stockpile draw coupled with an outage at a key North Sea pipeline tempered weak economic data from Germany.
These are some of the main moves in markets:
Stocks
* The S&P 500 gained 0.2% to 3,011.05 as of 11:30 a.m. New York time.
* The Dow Jones Industrial Average fell 0.1%.
* The Nasdaq Composite Index jumped 0.7%.
* The Stoxx Europe 600 Index increased 0.5%.
* The MSCI Asia Pacific Index advanced 0.4%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell 0.3% to $1.1093.
* The British pound dipped 0.7% to $1.2825.
* The Japanese yen strengthened 0.1% to 108.57 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.74%.
* Germany’s 10-year yield declined one basis point to -0.41%.
* Britain’s 10-year yield declined six basis points to 0.621%.
Commodities
* The Bloomberg Commodity Index advanced 0.3%.
* West Texas Intermediate crude gained 0.2% to $56.09 a barrel.
* Gold added 0.6% to $1,504.70 an ounce.
Have a great night.

Be magnificent!
As ever,

Carolann

Invention, it must be humbly admitted, does not consist in creating out of void, but out of chaos.
                                                             -Mary Wollstonecraft Shelley, 1797-1851

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