November 18, 2020 Newsletter

Dear Friends,

Tangents:
Micky Mouse, b. 1928

The first successful sound-synchronized animated cartoon, Walt Disney’s “Steamboat Willie” starring Mickey Mouse, premiered in New York.  Go to article » 1916- British General Douglas Haig finally calls off the first Battle of the Somme in World War 1 after more than 1 million soldiers had been killed or wounded.

Travel tradition with a twist.  National Geographic unveiled its best travel destinations for 2021 — but with options that reflect the times we’re in. -CNN

Anglia Ruskin University is recreating ancient smells.-Bloomberg.

What aromas define the space around us now? We asked Times readers what smells they would archive if they could. Here’s what they told us.-NYT.

In northeastern Thailand, throngs of crowds gather just after sunset to watch shrimp climb out of the water and scramble along the rocks all night long. A graduate biology student decided to try to figure out what was behind the shrimps’ long march.  Watcharapong Hongjamrassilp, from the University of California, Los Angeles, recorded the shrimp as they traveled up to 65 feet upstream; some even stayed out of water for 10 minutes or more. Further observations and lab experiments showed that the shrimp, most of which were young, probably leave the water when the current becomes too strong for them to fight.
The tourists might be the most surprising part of all. “We have crayfish festivals, we have all kinds of things,” said an ecologist who praised the new research, “but generally it’s people eating them, not watching them move.” –NYT.

“But down in D.C. the president is slowly, agonizingly going through the five stages of narcissistic grief: denial, denial, denial, denial, denial and denial. I know that’s six,
but Rudy is demanding a recount.” — STEPHEN COLBERT

“Turns out, Rudy has tried to wrestle power away from the current longstanding campaign leadership in an internal campaign coup. Wait, they’re attempting a coup inside their coup?
That is coup coup!” — STEPHEN COLBERT
PHOTOS OF THE DAY

Young boys play with water lillies as they harvest them by boat on a lake in Kalir Bazar, Bangladesh.
CREDIT: REEZWAN RAHMAN/SOLENT NEWS & PHOTO AGENCY

The worlds first Christmas song for dogs has been released with the aim of creating moment for all members of the family to enjoy, from parents to pets. Raise the Woof! Is available to stream now on Spotify & Amazon Music, with the music video available on YouTube: https://www.youtube.com/watch?v=jgZXT19l8II&feature=youyu.be
CREDIT: JOE PEPLER/PINPEP/COVER IMAGES

An attendant poses holding the recently discovered “Madeleine penitente”, a painting by Salai, Leonardo da Vinci’s closest collaborator, at The Articurial Auction House in Paris ahead of its scheduled auction
CREDIT: ALAIN JOCARD/AFP VIA GETTY IMAGES

Three-year-old, Lillian Mason, pictured having fun with her umbrella on a damp day in Swansea, Wales, as rain falls across the UK during the wet spell of Autumnal weather which is forecast to continue for the rest of the week.
CREDIT: ROBERT MELEN
Market Closes for November 18^th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:

• The real yield, or what investors earn from their bond holdings after compensating for inflation, on a Bloomberg Barclays investment-grade corporate-bond index has fallen to around 0.2%, according to data compiled from FactSet, from above 0.3% at the beginning of November
• On this day in 1883, spurred by the American Railway Association, whose members were frustrated at their inability to calculate standardized arrival and departure times across the country, the U.S. divided into four simple time zones for the first time, replacing the old “system” in which each state had dozens of mini-zones where time differed by a few minutes from the next. No longer would it be noon in Chicago, 11:27 a.m. in Omaha, 11:41 a.m. in St. Paul, and 11:50 a.m. in St. Louis.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities retreated Wednesday, snapping a three-day winning streak as traders assessed potential lockdowns and rising COVID-19 cases.
The S&P/TSX Composite Index fell 0.3%, with eight of eleven sectors dropping. Materials fell as gold prices declined, while consumer staples also underperformed.
Air Canada doesn’t want to see Prime Minister Justin Trudeau’s government take an equity stake as part of a relief package for the hard-hit sector.
Ontario may impose severe lockdown measures in Toronto and some surrounding areas in coming days, as the coronavirus “is spreading at an alarming rate,” Premier Doug Ford said.
Meanwhile, with the expiration of an $8.4 billion play for the Cogeco group, investors are asking what’s next for rival Rogers Communications Inc.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,870.50 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3078 per U.S. dollar
* The 10-year government bond yield rose 1.9 basis point to 0.707%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 16,889.82 in Toronto. The move follows the previous session’s increase of 0.3 percent.
Today, materials stocks led the market lower, as 8 of 11 sectors lost; 138 of 222 shares fell, while 83 rose. Barrick Gold Corp. contributed the most to the index decline, decreasing 3.6 percent. SilverCrest Metals Inc. had the largest drop, falling 8.2 percent.
Insights
* This year, the index fell 1 percent, heading for the worst year since 2018
* The index declined 0.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 6 percent below its 52-week high on Feb. 20, 2020 and 51.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.4 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.59t
* 30-day price volatility fell to 15.25 percent compared with 15.52 percent in the previous session and the average of 14.85 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -64.9034| -2.7| 10/42
Energy | -17.3921| -0.9| 12/10
Consumer Staples | -12.7769| -1.8| 1/10
Utilities | -9.0045| -1.0| 0/16
Real Estate | -6.7442| -1.2| 4/22
Communication Services | -5.3293| -0.6| 1/6
Industrials | -1.5945| -0.1| 19/9
Health Care | -1.4818| -0.7| 3/7
Consumer Discretionary | 0.2109| 0.0| 7/6
Information Technology | 20.5730| 1.3| 6/4
Financials | 40.2074| 0.8| 20/6
US
By Claire Ballentine
(Bloomberg) — U.S. stocks slumped as fresh restrictions to curtail the spread of coronavirus overshadowed signs that scientists are making fast progress toward a vaccine. The dollar held near its lowest level in two years.
The S&P 500 Index closed at its lows of the day after New York City shut schools because of rising infections. Pfizer Inc. advanced after saying that its Covid-19 vaccine was 95% effective, paving the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot within days. Lowe’s Cos Inc. slumped after earnings trailed analysts’ expectations, while Target Corp. advanced on soaring sales. Cryptocurrency mania continued its comeback, with Bitcoin surging past $18,000 for the first time since December 2017 before erasing its advance.
After gains that pushed stocks to record highs earlier this week, money managers remained focused on the latest coronavirus data showing disturbingly high infection rates in Europe and the U.S. Wednesday marked the first time the S&P 500 had dropped for two consecutive days since late October.
“Investors are taking a well-earned timeout after the news of the last couple weeks saw sentiment surge to levels that suggested excessive optimism,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “Progress toward a vaccine is promising and suggests a light at the end of the tunnel, but there’s no telling for sure how long that tunnel is.”
Elsewhere, equity gauges closed green across Europe. The pound continued its advance amid hopes of a Brexit deal and data showing stronger-than-expected inflation. The Nikkei 225 Stock Average lost 1.1% after Tokyo reported a record number of new Covid-19 infections, but overall Asian stocks were slightly higher on the day.

     Here are some events to watch out for this week:
* Brexit talks look set to continue as the U.K. and EU approach the latest deadline.
* Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Through Nov. 19.
* Bank Indonesia rate decision Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.2% at 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.4%.
* The MSCI Asia Pacific Index increased 0.1%.
* The MSCI Emerging Market Index climbed 0.4%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.1% to $1.1854.
* The British pound rose 0.2% to $1.3269.
* The Japanese yen strengthened 0.3% to 103.86 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 0.87%.
* Germany’s 10-year yield rose one basis point to -0.56%.
* Britain’s 10-year yield rose one basis point to 0.33%.
Commodities
* West Texas Intermediate crude gained 0.6% to $41.69 a barrel.
* Gold fell 0.6% to $1,869.54 an ounce.

–With assistance from Joanna Ossinger, Todd White and Anchalee Worrachate.
Have a great night.

Be magnificent!
As ever,

Carolann

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.
   –Nelson Rolihlahla Mandela, 1918-2013

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