October 29, 2019 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Deer stags rutting in a frost and mist covered landscape on a bright winter morning in Richmond Park, London. The UK is due to see brighter weather over the next few days, following days of heavy rain which caused flooding in parts.
CREDIT: BRN CAWTHRA/LNP

A Nepalese youth plays with sparkles during Deepawali(Diwali), the ‘festival of lights’, also known as Tihar celebration, in Kathmandu, Nepal, 28 October 2019. Tihar is the second major festival for Nepalese Hindus and celebrates the  victory of light over darkness.
CREDIT: NARENDRA SHRESTHA/EPA-EFE/REX

Pairs bronze medalist Evgenia Tarasova and Vladimir Morozov of Russia perform during the exhibition gala at the 2019 Skate Canada International ISU Grand Prix event in Kelowna, BC.
CREDIT: GEOFF ROBINS/AFP

Market Closes for October 29^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1969, the first ancestor of the internet was born. The world’s first communication between computers at separate sites occured over the ARPANET when Charley Kline, working at UCLA, logged into the computer system at Stanford Research Institute at 10:30 p.m. The first attempt crashed the system when Kline typed the letter G of LOGIN, but eventually he got through.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares edged higher Tuesday asmaterials-exposed equities gained despite spot pricing dipping as traders awaited the outcome of a Federal Reserve meeting for clues on the pace of further U.S. monetary easing. The S&P/TSX Composite rose 0.2% to 16,418.14 in Toronto. The index advanced to the highest closing level since Oct. 21 after the previous session’s decrease of 0.1%. 129 of 233 shares rose, while 100 fell; 5 of 11 sectors were higher, led by materials stocks. Come Wednesday, Canada will probably have the highest policy interest rate among the world’s major economies.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Spot gold fell 0.3% to $1,488.62 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3087 per U.S. dollar
* The Canada 10-year government bond yield fell 2.6 basis points to 1.599%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks ended a lackluster session lower Mas trade headlines and a spate of corporate earnings weighed on shares ahead of tomorrow’s expected rate cut by the Federal Reserve. Treasuries edged higher. The S&P 500 negative in the final half hour after earlier hitting a fresh record. Health-care shares rose on strong results from Merck and Pfizer. A report that China and the U.S. might not sign a partial deal next month, a day after President Donald Trump’s assertion that negotiations were ahead of to the battle. Lenders got a lift after Treasury Secretary Steven Mnuchin said he’d be open to looser bank rules. Alphabet and Akami earnings dropped the Nasdaq indexes. “The big thing is markets are really trying to figure out how they should feel about earnings — earnings aren’t coming in as bad as we expected but that still doesn’t mean they’re good,” Shawn Cruz, manager of trader strategy at TD Ameritrade, said by phone. “Investors are trying to figure out where they should be moving right now in light of all the information that we’re getting.”
Elsewhere yields on Japanese 10-year bonds hit the highest since June and their Australian counterparts jumped almost nine basis points, yet the sell-off cooled during European hours, with yields on German and U.S. peers halting their recent surge. The pound reversed a drop after the U.K.’s main opposition party said it will back an early election. Investors are struggling for fresh impetus to extend the record-breaking rally in U.S. stocks. Optimism on the China trade front from President Donald Trump is aiding the bull case, and an anticipated Fed rate cut on Wednesday may add further fuel. Still, recent economic data has come in mixed and while earnings are topping estimates on average, the bar was low.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index slipped 0.1% at 4 p.m. New York time.
* The Nasdaq 100 fell 0.8% and the Dow Jones Industrial Average was little changed.
* The Stoxx Europe 600 lost 0.2%.
* Japan’s Topix index climbed 0.9%.
* India’s Sensex Index surged 1.5%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The yen rose 0.1% to 108.83 per dollar.
* Britain’s pound was little changed at $1.2862.
* The euro added 0.1% to $1.1112.
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.83%.
* The two-year rate fell one basis points to 1.64%.
* Germany’s 10-year yield decreased two basis points to -0.35%.
Commodities
* The Bloomberg Commodity Index advanced 0.2%.
* U.S. natural gas futures surged 6.2%.
* Gold futures fell 0.3% to $1,492.10 an ounce.
* West Texas Intermediate crude decreased 0.5% to $55.54 a barrel.

–With assistance from Andreea Papuc and Todd White.
Have a great evening.

Be magnificent!
As ever,

Isabel

We realize the importance of our voices only when we are silenced.
                                      – Malala Yousafzai, 1997— Present

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
(C): 250.881.0801
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www.carolannsteinhoff.com