November 1, 2021 Newsletter

Dear Friends,

Tangents: All Saints Day

On Nov. 1, 1952, the United States exploded the first hydrogen bomb, in a test at Eniwetok in the Marshall Islands.  Go to article »

1993: European Union established.

1512:  Michelangelo unveiled his painting of the ceiling of the Vatican’s Sistine Chapel.

Here are the best celebrity Halloween costumes this year.  So. Much. Body paint!

Hebrew speakers mock Facebook’s corporate rebrand to Meta because it sounds similar to the Hebrew word for ‘dead’.  Whoops.

PHOTOS OF THE DAY

The northern lights shine over Belhaven bridge in Scotland
CREDIT: Owen Humphreys/PA

A house is covered by ash from the volcano that continues to erupt
CREDIT: Emilio Morenatti/AP

A performer at a Halloween show at the River View Park
CREDIT: Luis Robayo/AFP/Getty Images

A dog dressed as Peter Pan is seen at the Haute Dog Howl’oween parade at Marina Vista Park in Long Beach
CREDIT: Chelsea Guglielmino/Getty Images

Market Closes for November 1^st, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1990, the Washington Post’s front page blared: BIG BANKS’ WOES MAY FORCE MERGERS; LENDING CUTBACKS COULD AFFECT ECONOMY FOR YEARS, EXPERTS FEAR. In the end, the money-center banks survived and grew bigger than ever.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian stocks extended gains Monday, with shares in the technology and health care sectors leading returns. The S&P/TSX Composite index rose 1% at 21,247.01 in Toronto. The move follows the previous session’s decrease of 0.8%. Shopify Inc. contributed the most to the index gain, increasing 4.6%.  Westport Fuel Systems Inc. had the largest increase, rising 15.7%. Today, 176 of 233 shares rose, while 55 fell; 10 of 11 sectors were higher, led by information technology stocks.
Insights
* In the past year, the index had a similar or greater gain 18 times. The next day, it advanced 14 times for an average 0.4 percent and declined four times for an average 0.7 percent
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* The index advanced 36 percent in the past 52 weeks. The MSCI AC Americas Index gained 42 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Oct. 26, 2021 and 37.8 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 5.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.31t
* 30-day price volatility fell to 10.23 percent compared with 11.29 percent in the previous session and the average of 10.20 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 76.0911| 3.2| 13/2
* Energy | 42.7751| 1.5| 23/0
* Financials | 35.6600| 0.5| 25/3
* Materials | 18.5242| 0.8| 39/16
* Consumer Discretionary | 11.4004| 1.6| 12/1
* Consumer Staples | 11.1505| 1.5| 11/2
* Utilities | 5.8238| 0.6| 13/3
* Health Care | 5.7066| 3.0| 9/0
* Communication Services | 3.8148| 0.4| 3/3
* Industrials | 0.4792| 0.0| 17/13
* Real Estate | -1.4796| -0.2| 11/12
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 64.9100| 4.6| 84.0| 31.5
* Couche-Tard | 8.9100| 3.4| 86.4| 10.6
* Enbridge | 8.2990| 1.1| -28.6| 28.8
* Wheaton Precious | | | |
* Metals | -2.1260| -1.4| -7.6| -7.3
* Thomson Reuters | -2.4340| -1.4| 76.3| 40.9
* TFI International | -2.8170| -3.6| 236.3| 101.8

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks advanced to another record as solid corporate earnings overshadowed disappointing manufacturing data. The S&P 500 rebounded from earlier losses, led by gains in energy and consumer-discretionary firms. The Dow Jones Industrial Average touched the 36,000 level for the first time. A gauge of small caps climbed 2.7%. A group of retail-trader favorites like GameStop Corp. and AMC Entertainment Holdings Inc. had its best day since late August. More than 80% of companies in the S&P 500 reporting third-quarter results have topped Wall Street estimates. That has laid the groundwork for a rally in stocks since the earnings season began. Meanwhile, data showed persistent supply-chain challenges weighed on manufacturers in October. Fed officials meet this week as investors fret the economy is facing the most-widespread supply crunch since the oil crisis of 1973. “There’s no shortage of things to worry about,” said Evan Brown, head of asset allocation at UBS Asset Management. “I would just say that stocks climb the wall of worry. We do anticipate more of a rotation as people gain more faith that the economy is on sounder footing. We should see rebalancing from growth stocks into value stocks.” For Morgan Stanley strategist Michael Wilson, the bullish trend for equities may continue into the Thanksgiving holiday later this month, but “not much longer” as the Fed is expected to start tapering and earnings growth will slow further into next year. Some other corporate highlights:

* Electric-vehicle giant Tesla Inc. jumped amid a lithium supply deal and the start of the COP26 climate summit.
* Zillow Group Inc. is looking to sell about 7,000 homes for $2.8 billion, according to people familiar with the matter.
* Moderna Inc. slumped after its Covid-19 shot failed to secure U.S. regulatory authorization in teenagers.

Here are some events to watch this week:
* Reserve Bank of Australia policy decision, Tuesday
* Fed rate decision, U.S. factory orders and durable goods, Wednesday
* OPEC+ meeting on output, Thursday
* Bank of England rate decision, Thursday
* U.S. trade, initial jobless claims, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.4% to $1.1606
* The British pound fell 0.1% to $1.3662
* The Japanese yen was little changed at 113.99 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.56%
* Germany’s 10-year yield was little changed at -0.10%
* Britain’s 10-year yield advanced three basis points to 1.06%
Commodities
* West Texas Intermediate crude rose 0.5% to $83.96 a barrel
* Gold futures rose 0.6% to $1,794.90 an ounce
–With assistance from Sunil Jagtiani, Srinivasan Sivabalan, Nathan Hager, Emily Graffeo, Kamaron Leach and Sophie Caronello.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

A man will fight harder for his interests than for his rights. –Napoleon Bonaparte, 1769-1821.

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