September 18, 2020 Newsletter

Dear Friends,

Tangents: Happy Friday.
Rosh Hashanah starts tonight.
And, needless to say, a pandemic is a strange time to be celebrating the Jewish New Year. –CNN

In honor of the start of Rosh Hashana, the Jewish New Year, here’s a recipe for a delicious brisket. Coca-Cola, along with chunks of fresh ginger, are the ingredients behind the sweet-and-sour sauce. For more ideas, the Cooking team curated a collection of holiday recipes.-New York Times

1851: New York Times first published
1947: US Air Force established.

The Hubble telescope captures a crisp image of Jupiter and Europa.-Bloomberg.

Sept 18, 1970 – Rock musician Jimi Hendrix died of a drug overdose at age 27. Go to article »

Jimi Hendrix, who died 50 years ago today, had a vast impact on pop culture and Seattle. He was like a comet that “burned everybody’s eyelids off and then he left,” says guitarist Jabrille “Jimmy James” Williams. He and other music luminaries are a testament to the way Hendrix’s spirit lives on — as do the effects of the racism Hendrix endured. Get to know him through books, movies and music.
He is buried at Greenwood Memorial Park in Renton.–Seattle Times.
PHOTOS OF THE DAY

A whale breaching off the coast of Australia. The spectacular sight was seen during the northern migration of humpback whales off Port Macquarie, NSW, Australia
CREDIT: JODIE LOWE/ TRIANGLE NEWS

Dolphins off Bempton Cliffs in East Yorkshire.
CREDIT: ROB HARRISON/ MAGNUS NEWS

Waves hit the lighthouse during stormy weather at Mangalsala, Riga, Latvia
CREDIT: TOMS KALNINS/EPA -EFE/SHUTTERSTOCK

A red deer stag is pictured in front of Windsor Castle at sunrise. The deer park enclosure in Windsor Great Park is hone to a herd of around 500 red deer descended from forty hinds and two stags introduced by the Duke of Edinburgh in 1979.
CREDIT: MARK KERRISON/ALAMY LIVE NEWS
Market Closes for September 18th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1873, Jay Cooke & Co. of Philadelphia, one of the nation’s largest investment banks, collapsed as a result of failed speculations in railroad stocks—triggering the Panic of 1873. Mr. Cooke—and the entire financial world—were taken completely by surprise. Just the night before, he had lavishly entertained President Ulysses S. Grant at the Cooke family mansion in Chelton Hills, Pa.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets ended the week in the red, erasing early gains on Friday.
The S&P/TSX Composite index fell 0.3%, after earlier advancing as much as 0.4%. Only technology, consumer staples and utilities closed higher, while communication services was the worst-performing sector. Canada Goose shares rose 1.9% after UBS said its growth potential in China is underappreciated by the market. UBS said its ‘Evidence Lab’ global luxury goods consumer survey confirmed enduring high Chinese demand for luxury despite the pandemic, as well as Chinese consumers’ increasing awareness of and affinity for the brand.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold rose 0.4% to $1,951.36 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3194 per U.S. dollar
* The 10-year government bond yield rose to 0.576%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3 percent, or 48.94 to 16,197.78 in Toronto. The index dropped to the lowest closing level since Sept. 10. Canadian National Railway Co. contributed the most to the index decline, decreasing 1.5 percent. Corus Entertainment Inc. had the largest drop, falling 7.9 percent.
Today, 142 of 221 shares fell, while 77 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.4 percent
* This year, the index fell 5.1 percent, heading for the worst year since 2018
* The index declined 3.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 10 percent in the same period
* The S&P/TSX Composite is 9.9 percent below its 52-week high on Feb. 20, 2020 and 45 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.47t
* 30-day price volatility little changed to 12.47 percent compared with 12.45 percent in the previous session and the average of 11.23 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -27.6417| -0.6| 8/17
Industrials | -14.3251| -0.7| 11/17
Materials | -13.1495| -0.5| 18/32
Energy | -12.9880| -0.7| 8/16
Communication Services | -11.7619| -1.4| 0/8
Real Estate | -5.4763| -1.1| 4/21
Consumer Discretionary | -2.5998| -0.5| 4/9
Health Care | -0.1776| -0.1| 4/5
Consumer Staples | 2.4006| 0.3| 7/4
Utilities | 3.2429| 0.4| 6/10
Information Technology | 34.7218| 2.4| 7/3
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets. The dollar strengthened and Treasuries were little changed.
The S&P 500 fell for a third day after fluctuating between gains and losses ahead of a so-called “quadruple witching” on Friday, a quarterly event that typically fuels trading and sometimes volatility as large derivatives positions roll over. Losses accelerated after the benchmark index fell below its 50- day moving average. The Nasdaq 100 also closed below that technical threshold. Oracle Corp. edged lower after the U.S. said it will ban some transactions over TikTok, and it would be shut down unless a deal is concluded by Nov. 12. Apple Inc. and Microsoft Corp. weighted on the Nasdaq Composite.
“Investors are facing a conflict between this incredibly high level of uncertainty but also a fear of missing out, fear the markets could continue to move higher,” said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “That tension between uncertainty and FOMO is palpable.”
The Stoxx Europe 600 Index fell, weighed down by declines in travel and leisure shares on the threat of wider restrictions to stem the spread of coronavirus. Although activity on major gauges was modest, there were bigger moves in single-name stocks swept up in a bout of mergers and acquisitions.
Investors are on the lookout for more U.S. fiscal stimulus after the Federal Reserve indicated this week that interest rates will stay low for years to come. Data continues to show a patchy recovery path around the world as coronavirus infections surge. France’s daily cases rose by more than 10,000 to the highest since the end of lockdown in May. “The market is somehow uninspired following recent central bank meetings,” said Robert Greil, chief strategist at Merck Finck Privatbankiers AG. “It is waiting for the next support step, be it from their side or regarding the U.S. fiscal program to be agreed finally.”
Elsewhere, gold climbed. Crude oil traded around $41 a barrel and finished up on the week.
     These are some of the main moves in markets:
Stocks
*The S&P 500 Index declined 1.1% to 3,319.27 as of 4:01 p.m. New York time, the lowest in more than six weeks on the largest drop in more than a week.
*The Dow Jones Industrial Average declined 0.9% to 27,657.29, the lowest in more than a week on the biggest drop in more than a week.
*The Nasdaq Composite Index dipped 1.1% to 10,793.28, the lowest in more than five weeks.
*The Nasdaq 100 Index sank 1.3% to 10,936.98, the lowest in more than five weeks.
*The Stoxx Europe 600 Index sank 0.7% to 368.78, the largest decrease in more than a week.
Currencies
*The Bloomberg Dollar Spot Index increased 0.2% to 1,163.36, the first advance in more than a week.
*The euro was little changed at $1.1849.
*The British pound declined 0.4% to $1.2922, the first retreat in a week and the biggest drop in more than a week.
*The Japanese yen appreciated 0.1% to 104.59 per dollar, hitting the strongest in more than six months with its fifth straight advance.
Bonds
*The yield on 10-year Treasuries increased one basis point to 0.69%.
*The yield on 30-year Treasuries gained one basis point to 1.45%.
*Germany’s 10-year yield advanced one basis point to -0.49%, the biggest rise in more than a week.
*Britain’s 10-year yield fell less than one basis point to 0.183%, the lowest in a week.
Commodities
*West Texas Intermediate crude decreased 0.2% to $40.90 a barrel.
*Gold strengthened 0.3% to $1,950.87 an ounce.
*Natural gas increased 1.4% to $2.07 per MMBtu.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Somewhere, something incredible is waiting to be known.         
                                            -Carl Sagan, 1934-1996

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