February 06th, 2020 Newsletter

Dear Friends,

Tangents:

The Poem

ACQUAINTED WITH THE NIGHT
                     -by Robert Frost

I have been one acquainted with the night.
I have walked out in rain—and back in rain.
I have outwalked the furthest city light.

I have looked down the saddest city lane.
I have passed by the watchman on his beat
And dropped my eyes, unwilling to explain.

I have stood still and stopped the sound of feet
When far away an interrupted cry
Came over houses from another street,

But not to call me back or say good-bye;
And further still at an unearthly height,
One luminary clock against the sky

Proclaimed the time was neither wrong nor right. 
I have been one acquainted with the night.

PHOTOS OF THE DAY

Starlings create spectacular shapes performing their daily murmuration, over Brighton Palace Pier, as dusk falls.
CREDIT: SIMON DACK/ALAMY LIVE NEWS

A main highway devastated by severe flooding near Mataura in New Zealand’s South Island.

Severe flooding forced thousands of residents in New Zealand’s South Island to flee their homes and left hundreds of tourists stranded at the remote Milford Sound beauty spot.
CREDIT: NEW ZEALAND ROADS AGENCY/STR/AFP/GETTY IMAGES

People take in Submerge, an immersive installation inspired by the Pantone Color of the Year 2020 at ARTECHOUSE NYC, located at Chelsea Market in Manhattan, NYC.

Classic Blue is the name of the Pantone Color of the Year for 2020.
CREDIT: SETH HARRISON/ THE JOURNAL NEWS/USA TODAY NETWORK/ SIPA USA

Market Closes for February 06^th , 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1808, the Milan Stock Exchange (Borsa Valori di Milano, now called La Borsa Italiana) was established.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose to a second consecutive record, as strong corporate earnings overwhelmed continued uncertainty surrounding the economic impact of the coronavirus. The S&P/TSX Composite Index rose 0.6% to 17,757.49, led by consumer staples and communication services. BCE Inc. was one of the biggest contributors to the benchmark’s gain, rising 2.1% after it reported fourth-quarter earnings and boosted its dividend by 5%. Suncor Energy Inc. was the biggest obstacle in the market, falling 3.7% after its quarterly output fell and operating earnings per share missed estimates. Today, 8 of 11 sectors gained; 162 of 232 shares rose, while 68 fell.
Commodities
* Western Canada Select crude oil traded at a $17.35 discount to WTI
* Spot gold rose 0.4% to $1,569.50 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3293 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to 1.37%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 48.8131| 0.9| 25/2
Materials | 16.5838| 0.9| 32/15
Communication Services | 13.1580| 1.4| 7/1
Consumer Staples | 11.8259| 1.7| 10/1
Industrials | 9.2018| 0.5| 21/10
Utilities | 8.7254| 1.0| 13/2
Real Estate | 6.5950| 1.1| 24/1
Information Technology | 6.4760| 0.6| 5/5
Consumer Discretionary | -3.2741| -0.5| 9/8
Health Care | -3.3841| -1.5| 4/6
Energy | -8.8277| -0.3| 12/17

US
By Claire Ballentine
(Bloomberg) — U.S. stocks continued their relentless push higher even as the economic impact from the deadly coronavirus remains murky. Treasuries were mixed and gold advanced. The S&P 500 Index’s four-day rally hit 3.7% as major equity benchmarks added to all-time highs on the strength of solid corporate results and signs that central banks stand ready to act if growth falters. The torrid ascent has some firms warning about a sense of euphoria taking over among investors, especially as the coronavirus epidemic continues to spread and China’s economy remains virtually locked down. Treasuries edged higher and gold climbed in a sign of some demand for haven assets.
In corporate news, Boeing spiked 3.6% after saying it fixed a software bug in its grounded plane. Twitter Inc. rallied 15% after topping projections for fourth-quarter revenue. Strong results helped powered the Stoxx Europe 600 Index to a record. Crude oil edged above $51 a barrel in New York. “A lot of the moves this week have been explained by a relief rally that the coronavirus seems to be slowing somewhat, clearly there was a lot of uncertainty embedded in market behavior coming in,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. “It does still have a number of question marks still out there.”
Here are some key events coming up:
* German industrial production is due on Friday.
* The U.S. employment report for January is set for Friday release.
* Australia’s central bank chief speaks and takes questions at a parliamentary committee.

And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.4%.
* The MSCI Asia Pacific Index increased 1.8%.
* The MSCI Emerging Market Index gained 1.3%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell 0.2% to $1.098.
* The onshore yuan was little changed at 6.9708 per dollar.
* The Japanese yen fell 0.1% to 109.98 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.65%.
* Germany’s 10-year yield fell one basis point to -0.37%.
* Japan’s 10-year yield rose two basis points to -0.024%.
Commodities
* West Texas Intermediate crude rose 0.5% to $51.01 a barrel.
* Gold futures rose 0.5% to $1,570 an ounce.

–With assistance from Yakob Peterseil and Adam Haigh.
Have a great night.

Be magnificent!
As ever,

Carolann

It is a funny thing about life; if you refuse to accept anything but the best,  you very often get it.
-W. Somerset Maugham, 1874-1965

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