February 11, 2020 Newsletter

Dear Friends,

Tangents:

1847 – Inventor Thomas Alva Edison was born in Milan, Ohio. Go to article »

Many of life’s failures are people who did not realize how close they were to success when they gave up. –Thomas Edison, 1847-1931.

1990 – Nelson Mandela released after 27 years imprisonment in South Africa.

You can now download 150,000 illustrations of the natural world.

PHOTOS OF THE DAY

The British-built Solar Orbiter spacecraft, built for NASA and the European Space Agency, lifts off from pad 41 aboard a United Launch Alliance Atlas V rocket at the Cape Canaveral Air Force Station in Florida, USA.
CREDIT: JOE RIMKUS JR/REUTERS

Worshippers gather around candles stuck to jars of honey, arranged as a cross, during mass for the ‘santification of honey’ at the Presentation of the Blessed Virgin church in the town of Blagoevgrad, Bulgaria. Honey and beehives are sanctified by performing a ritual for health and rich harvest, marking the day of St. Haralampus, Orthodox patron saint of bee-keepers.
CREDIT: VALENTINA PETROVA/AP

A model walks the runway for the Jason Wu Collection during February 2020- New York Fashion Week: The shows at Skylight Modern.
CREDIT: DIMITRIOS KAMBOURIS/GETTY IMAGES

Team GB Archer Tom Hall (L) and Warwick Castle Bowman Lewis Copson go ahead at Warwick Castle in preparation for the Festival of Archery.
CREDIT: JOHN LAWRENCE FOR THE TELEGRAPH

Market Closes for February 11^th , 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1922, AT&T said it was planning for a nationwide chain of “radiotelephone” stations that would engage in “toll broadcasting.” AT&T proposed 38 stations across the U.S., which anyone could use for a fee (much like a phone booth) to make a radio broadcast. The company did not plan to produce programming itself, but would simply offer “the channels through which anyone with whom it makes a contract can send out their own programs.” It was the earliest known proposal for commercial broadcasting (and, like many AT&T innovations, made more money for other companies).
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian shares rose for a second-straight session, closing at a record high. Meanwhile, Canadian National Railway Co. said it will have to shut down “significant” parts of its network as an Indigenous protest against a west coast pipeline escalates, the latest backlash against the country’s oil and gas industry. The S&P/TSX Composite rose 0.2%, or 36.54, to 17,777.11 in Toronto. Gold posted its first decline in five sessions as investors looked past concerns about the coronavirus to boost equities, weakening demand for haven assets. Copper and other base metals advanced.
Commodities
* Western Canada Select crude oil traded at a $15.75 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,568.15 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3291 per U.S. dollar
* The 10-year government bond yield gained 3.9 basis points to 1.350%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 16.5037| 0.3| 23/4
Materials | 12.7240| 0.7| 33/13
Energy | 6.9552| 0.2| 18/10
Consumer Discretionary | 6.5460| 0.9| 13/3
Utilities | 4.3986| 0.5| 15/1
Health Care | 2.0246| 1.0| 7/2
Industrials | 0.4637| 0.0| 22/9
Real Estate | -0.8680| -0.1| 10/13
Information Technology | -1.6318| -0.1| 5/5
Communication Services | -2.9655| -0.3| 2/5
Consumer Staples | -7.6181| -1.1| 3/8

US
By Todd White
(Bloomberg) — U.S. stocks fought off a late-session swoon to close at fresh heights Tuesday, amid reports that the Federal Trade Commission is looking into acquisitions by some of the country’s biggest tech companies. The S&P 500 Index faded from session highs after the FTC news, with Facebook Inc. and Microsoft Corp. among the decliners. Health-care and consumer-discretionary shares led the day’s advancers. The Dow Jones Industrial Average and Nasdaq 100 were little changed. Ten-year Treasury yields rose, while the dollar dropped for the first time in five sessions. Investors have been more bullish lately despite the coronavirus outbreak, signaling some confidence that central banks could ease policy in the event growth slows down. In remarks to Congress Tuesday, Federal Reserve Chairman Jerome Powell, while positive about the American economic outlook, said the central bank is keeping a close eye on fallout from the epidemic, which continues to disrupt travel and trade.
“With fundamentals strong, a robust employment situation and inflation on track, Powell’s cautiously optimistic stance isn’t too surprising, especially since coronavirus fears and trade tensions are at bay,” said Mike Loewengart, vice president of investment strategy at E-Trade Financial. “What remains to be seen is the lasting effect of the coronavirus on global growth, which is already tepid.” Oil bounced back from Monday’s swoon and gold fell. Bitcoin surged back above $10,000. European and Asian equity benchmarksclosed higher.
Here are some key events coming up:
* Earnings season continues with reports including MGM Resorts International and Softbank on Wednesday; Thursday will bring Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.
* A key contest for Democrat presidential hopefuls unfolds Tuesday, when the state of New Hampshire holds a primary vote.
* Thursday sees a gauge of underlying U.S. inflation, the core consumer price index. It is forecast to increase to 0.2% in January, a faster pace than in December.
* China and the U.S. on Friday lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.

These are the main moves in markets:

Stocks
*The S&P 500 Index increased 0.2% to 3,357.77 as of 4:02 p.m. New York time, the highest on record.
*The Stoxx Europe 600 Index advanced 0.9% to 428.48, the highest on record.
*The MSCI Asia Pacific Index gained 0.6% to 169.93.
*The MSCI Emerging Market Index climbed 1.1% to 1,098.98.
Currencies
*The Bloomberg Dollar Spot Index declined 0.2% to 1,205.58, the first retreat in a week and the largest drop in more than a week.
*The British pound gained 0.3% to $1.2956, the biggest rise in more than a week.
*The euro gained 0.1% to $1.0919, the first advance in more than a week.
*The Japanese yen was little changed at 109.79 per dollar.
Bonds
*The yield on 10-year Treasuries advanced two basis points to 1.59%.
*Germany’s 10-year yield gained two basis points to -0.39%.
*Britain’s 10-year yield increased one basis point to 0.569%.
Commodities
*West Texas Intermediate crude advanced 0.9% to $50 a barrel.
*Gold weakened 0.2% to $1,568.25 an ounce, the first retreat in a week.
*LME copper increased 0.1% to $5,667 per metric ton.

–With assistance from Vildana Hajric and Claire Ballentine.
Have a great night.

Be magnificent!
As ever,

Carolann

In a nation of millions, and in a world of billions,
the individual is still the first and basic agent of change.
                                                              -Lyndon B. Johnson, 1908-1973

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