October 1, 2020 Newsletter

Dear Friends,

Tangents: Harvest full moon tonight.  There will be  two full moons in October this year, the Harvest moon tonight and a rare blue moon on  Halloween, October 31^st
 

 
1908 – Henry Ford introduced the Model T automobile to the market; each car cost $825.Go to Article >>

1890: Yosemite National Park established.
Jimmy Carter, 39^th President, b. 1924.
Julie Andrews, b. 1935.

Scientists find evidence of a long-ago supernova near Earth.

October – The eighth month of the ancient Roman calendar (Latin octo, “eight”) when the year began in March.  The old Dutch name was Wynmaand, the Old English name Winmōnath, “wine month” or the time of vintage.  Another old English name was Winterfylleth, perhaps meaning “winter full moon”, but possibly from fyllan, “to fell”, a  time of tree-felling.  In the French Revolutionary calendar, the equivalent month was Vendémiaire, “time of vintage”, corresponding to the period from September 23^rd to October 22^nd. –Brewster’s Dictionary.
PHOTOS OF THE DAY

Riders and their horses pass through autumn colors in the woods near Cremona, Alberta, Canada.
CREDIT: JEFF MCINTOSH/THE CANADIAN PRESS VIA AP

A model walks the runway during the Kenzo Womenswear Spring/ Summer 2021 show as part of Paris Fashion Week
CREDIT: KRISTY SPAROW/ GETTY IMAGES

Harry Potter fan Joey Bruce during the unveiling of the new statue at Leicester Square in London, England. The statue is part of the “ Scenes in the Square” film trail
CREDIT; IAN GAVAN/GETTY IMAGES

The “Knittingdale”, a model hospital created by great-great-grandmother Margaret Seaman, 91, at a photocall at the Forum in Norwich. Mrs. Seaman made the woollen masterpiece, which features four wards, an X-ray department, a coffee shop and car park ticket machines, at the home she shares with her 72-year-old daughter Tricia Wilson in Caister-on-Sea, Norfolk, to raise funds for the NHS
CREDIT: JOE GIDDENS/PA WIRE
Market Closes for October 1^st, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1928, the Dow Jones Industrial Average assumed its modern form, adding 10 new members so that it comprised 30 of the country’s greatest growth stocks. Among them were such giants as American Smelting, Nash Motors, Postum, Texas Gulf Sulphur and Victor Talking Machine.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets rose for the first time in three sessions Thursday as technology and real-estate stocks outperformed.
The S&P/TSX Composite Index climbed 0.4%. Constellation Software led the rally in tech stocks, while Brookfield Property Partners was among the best real estate stocks. The energy sector was the worst performer, led by large to medium-cap companies such as Suncor and Cenovus.
Meanwhile, Prime Minister Justin Trudeau mapped out a new plan for Canada’s infrastructure bank as his government looks for ways to spur long-term economic growth after the Covid-19 pandemic. The new strategy commits C$10 billion ($7.5 billion) over three years through the Canada Infrastructure Bank and is expected to create 60,000 jobs across the country, the government said Thursday.
Moreover, the number of insolvency filings in Canada plunged to the lowest level since 1997 as massive cash injections from the federal government kept households afloat during the Covid-19 pandemic.
Commodities
* Western Canada Select crude oil traded at a $10.95 discount to West Texas Intermediate
* Spot gold rose 1% to $1,905 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3280 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.551%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.4 percent at 16,184.54 in Toronto. The move follows the previous session’s decrease of 0.6 percent.
Shopify Inc. contributed the most to the index gain, increasing 2.9 percent. Ballard Power Systems Inc. had the largest increase, rising 8.7 percent.
Today, 161 of 223 shares rose, while 59 fell; 9 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 0.7 percent, heading for the  biggest advance since the week ended Aug. 28
* This year, the index fell 5.2 percent, heading for the worst year since 2018
* The index declined 1.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.9 percent below its 52-week high on Feb. 20, 2020 and 44.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.7 percent in the past 5 days and fell 2.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 on a trailing basis and 23.3 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$2.46t
* 30-day price volatility rose to 15.20 percent compared with 15.15 percent in the previous session and the average of 13.08 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 43.4095| 2.6| 9/1
Materials | 17.1881| 0.7| 43/9
Financials | 8.7660| 0.2| 19/7
Real Estate | 7.1797| 1.4| 25/2
Consumer Discretionary | 6.9314| 1.2| 13/0
Utilities | 5.5878| 0.7| 14/2
Industrials | 1.2027| 0.1| 20/8
Consumer Staples | 0.6857| 0.1| 6/5
Health Care | 0.4992| 0.3| 4/5
Communication Services | -0.0214| 0.0| 4/2
Energy | -28.2780| -1.6| 4/18
US
By Vildana Hajric
(Bloomberg) — U.S. stocks advanced, led by gains in the biggest technology companies, as investors weighed the chances Democratic lawmakers and the White House will reach a deal for a fiscal-stimulus package. Oil tumbled on concern the market may be oversupplied.
The Nasdaq 100 reached the highest in almost a month as Amazon.com, Microsoft and Tesla rose. The S&P 500 Index’s advance was limited by declines in energy producers. Trading was volatile, with stocks pushed around by the latest developments in efforts to forge a stimulus bill acceptable to Democrats and Republicans. Talks were set to continue Thursday as officials sought a breakthrough.
European stocks closed slightly higher. Gold advanced, while Treasury yields dipped. Oil tumbled to about $39 a barrel on concern about oversupply amid sluggish economic growth.
U.S. stock markets have been whipsawed this week by speculation over whether lawmakers will agree to provide new pandemic-relief aid amid high unemployment and growing rates of infection in some areas. While the S&P 500 Index is up more than 50% from its March low, it’s still down more than 5% from a record high reached last month.
In Asia, the Tokyo Stock Exchange halted trading for the entire day Thursday because of technical problems. The exchange will replace hardware and restart its system, aiming to resume trading Friday.
Here are some key events coming up:
* The September U.S. employment report on Friday will be the last before the November election.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.2%.
* The MSCI Emerging Market Index rose 0.3%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* The British pound fell 0.2% to $1.2889.
* The Japanese yen fell 0.1% to 105.56 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 0.68%.
* Germany’s 10-year yield fell one basis point to -0.54%.
* Britain’s 10-year yield climbed less than one basis point to 0.23%.
* New Zealand’s 10-year yield climbed two basis points to 0.505%.
Commodities
* West Texas Intermediate crude tumbled 3.8% to $38.70 a barrel.
* Gold strengthened 1% to $1,905.27 an ounce.
* Silver rose 2.5% to $23.81 per ounce.
–With assistance from Adam Haigh and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Lying to ourselves is more deeply ingrained than lying to others.
                                        -Fyodor Dostoyevsky, 1821-1881

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