December 31, 2019 Newsletter

Dear Friends,

Tangents:

Wishing everyone a very Happy New Year!!

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

PHOTOS OF THE DAY

Performers at the preview of The New Years Day Parade on Convent garden piazza, London, UK.
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Animal figures on display during Ice Fantasy 2020, a festival of ice sculpture, at the Peter and Paul Fortress in St. Petersburg, Russia.
CREDIT: ALEXANDER DEMIANCHUK/ TASS VIA GETTY IMAGES

Dog walkers and families enjoy a wonderful misty morning in Richmond Park, London as forecasters predict unseasonably warm weather and possibly the warmest New Year’s Eve for over 170 years.
CREDIT: ALEX LENTATI/LNP

Market Closes for December 31^st, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 2008, the Dow Jones Industrial Average ended the year down 33.8%, its largest percentage drop since 1931.
Canada
By Aoyon Ashraf
(Bloomberg) — Shares in the S&P/TSX Composite Index fell 0.2% on Tuesday, closing out the decade with the biggest annual gain since 2009. The benchmark index gained 19% this year, though it ended on a weaker note, following a three-day decline. Materials stocks led the market lower on Tuesday as nine of 11 sectors fell. Health care was the strongest sector as pot stocks rallied to close out the dismal year, one day after the industry’s first exchange-traded fund fell to a record low. Hudson’s Bay Co. jumped 21% as Chairman Richard Baker and his partners were said to consider raising their offer to take the retailer private. Meanwhile, Canaccord Genuity Group Inc. earned top spot for arranging IPOs for the first time in its history. The Toronto- based firm also extended its streak of managing the largest number of Canadian equity financings for the third year in a row.
Commodities
* Western Canada Select crude oil traded at a $22.50 discount to WTI
* Spot gold rose 0.2% to $1,517.61 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.7% to C$1.2985 per U.S. dollar
* The 10-year government bond yield rose about 4 basis points to 1.702%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks capped one of the best years of the past decade with a slight gain, pushing the S&P 500 to an annual advance of 29% and a record $5.9 trillion in value added. The dollar fell for a fourth session and Treasuries slumped. The Nasdaq 100 Index notched a 38% gain for the year, its best since 2009. Bloomberg’s dollar index was set to end the year lower by about 1% after a 2.9% slump in the fourth quarter. Ten-year Treasuries yielded 1.92%, down more than 75 basis points in the year. Gold looked to cap its best year since 2010, while crude oil pared its rise to 35%. European equities slipped Tuesday, but notched a 23% gain in 2019, the most since 2009. With several major markets shuttered and trading volumes depressed before the New Year’s holiday, the dominant moves on Tuesday were themes expected by many to feature heavily in 2020 — — a weakening dollar, stabilizing global economy and easing of U.S.-China trade tensions. The lull across markets on Tuesday draws a line under a year of spectacular returns for many asset classes.

Here are some events to watch for this week:
* Most global markets will be closed on Jan. 1. U.S. fixed- income markets also close early at 2 p.m. EST Tuesday.
* China’s Caixin manufacturing PMI comes Thursday.
* Federal Open Market Committee minutes will be released on Friday.
* U.S. ISM manufacturing is due Friday. The Institute for Supply Management’s PMI is forecast to show a contraction for a fifth straight month.

These are some of the moves in major markets:
Stocks
* The S&P 500 Index rose 0.3% at 4 p.m. New York time.
* The Nasdaq 100 Index gained 0.3%.
* The Dow Jones Industrial Average added 0.3%.
* The Stoxx Europe 600 Index decreased 0.1%.
* The MSCI Asia Pacific Index sank 0.2%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* The British pound increased 1%.
* The euro advanced 0.2% to $1.1216.
* The Japanese yen strengthened 0.2% to 108.65 per dollar.
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.92%.
* Germany’s 10-year rate ended the year at -0.185%
Commodities
* West Texas Intermediate crude fell 0.8% to $61.19 a barrel.
* Gold climbed 0.1% to $1,520.20 an ounce.

–With assistance from Todd White and Vildana Hajric.

Have a great evening.

Be magnificent!
As ever,

Isabel

It always seems impossible until it’s done.
                                                – Nelson Rolihlahla Mandela, 1918 –2013

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