April 27, 2020 Newsletter

Dear Friends,

Tangents:

People in Spain have been ‘walking’ fishbowls and chickens to get around stay-at-home orders
Okay, maybe not “literally anything.” -from CNN.

Happy birthday, Hubble. 

Songs written for big Broadway stages can also succeed in close quarters, it turns out.
That’s what our co-chief theater critic discovered from “Take Me to the World: A Sondheim 90th Birthday Celebration,” a star-studded streaming tribute to the master songwriter
Despite tech problems, the at-home performances from a cavalcade of singers — including Meryl Streep, Patti LuPone and Neil Patrick Harris — brought theater fans a moment of comfort and reflection.
In other streamable video, here’s what to tune into tonight. -from The New York Times.

On April 26, 1986, the world’s worst nuclear accident occurred at the Chernobyl plant in the Soviet Union. An explosion and fire in the No. 4 reactor sent radioactivity into the atmosphere; at least 31 Soviets died immediately. Go to article »

PHOTOS OF THE DAY

Ramadan Holy month begins with sighting of crescent moon over Shard, London.
CREDIT: GUY CORBISHLEY/ALAMY LIVE NEWS

An aerial view shows of a giant landart painting entitled ‘Beyond Crisis’ by Swiss-French artist Saype, in the alpine resort of Leysin, Switzerland.
CREDIT: VALENTIN FLAURAUD/EPA/SHUTTERSTOCK

A ewe has defied odds of a million to one by giving birth to a set of five healthy lambs – name after characters from The Simpsons.
The incredibly rare quintuplet set were born on Easter Sunday and gave farm manager, James Marshall, quite a shock when they arrived at Castletown Estate.
CREDIT: SWNS

Market Closes for April 27th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1896, Wallace Hume Carothers was born in Burlington, Iowa. He later joined DuPont, where he invented the synthetic fabric used in rugs, parachutes and pantyhose: nylon.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities advanced Monday alongside U.S. stocks as major economies edged toward reopening and corporate earnings season continued. Crude fell after the biggest oil ETF said it would sell out of its June WTI futures position amid ballooning physical storage levels. The S&P/TSX Composite Index gained 1.5% to its highest level since March 10. Health care stocks rallied led by Canopy Growth Corp. Real estate firms and utilities also climbed. Meanwhile, it could be August before Ontario’s economy is fully back in business after the coronavirus pandemic eases, a time frame that depends heavily on the province seeing a continued decline in cases.
Commodities
* Western Canada Select crude oil traded at a $6.25 discount to West Texas Intermediate
* Spot gold fell 0.8% to about $1,716 an ounce
FX/Bonds
* The Canadian dollar rose 0.4% to C$1.4045 per U.S. dollar
* The 10-year government bond yield gained 3.7 basis points to 0.619%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.5 percent, or 221.75 to 14,642.11 in Toronto. The index advanced to the highest closing level since March 10. Toronto-Dominion Bank contributed the most to the index gain, increasing 3.6 percent. Mag Silver Corp. had the largest
increase, rising 19.4 percent. Today, 175 of 230 shares rose, while 53 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 17 times. The next day, it declined 11 times for an average 3.4 percent and advanced six times for an average 1.8 percent
* This month, the index rose 9.4 percent, heading for the biggest advance in at least 10 years
* The index declined 12 percent in the past 52 weeks. The MSCI AC Americas Index lost 3.7 percent in the same period
* The S&P/TSX Composite is 18.5 percent below its 52-week high on Feb. 20, 2020 and 31.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.8 percent in the past 5 days and rose 15 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.5 on a trailing basis and 18.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.2t
* 30-day price volatility fell to 60.20 percent compared with 68.50 percent in the previous session and the average of 85.67 percent over the past month
=============================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
=============================================
Financials | 123.4185| 3.0| 26/0
Industrials | 27.1462| 1.6| 25/6
Utilities | 27.1379| 3.6| 16/0
Real Estate | 21.5981| 4.9| 25/1
Energy | 10.8467| 0.6| 16/13
Health Care | 10.7478| 7.4| 10/0
Consumer Discretionary | 10.2869| 2.0| 14/1
Communication Services | 7.0455| 0.8| 7/1
Consumer Staples | -1.0181| -0.2| 4/7
Materials | -3.2569| -0.2| 24/22
Information Technology | -12.2005| -1.0| 8/2
US
By Luke Kawa and Sarah Ponczek
(Bloomberg) — Stocks advanced as major economies moved toward reopening and policy makers in Japan and Europe sought to reduce pressure on credit markets. The dollar weakened and oil took another dive. The S&P 500 Index climbed to its highest close since March 10, led by financial companies after a surprisingly good earnings report from Deutsche Bank and amid continued talk of easing lockdowns. The Stoxx Europe 600 Index also rose after Covid-19 deaths slowed in Spain, Italy and France and the countries signaled tentative moves to reopen their economies. The misery for West Texas oil continued and futures in New York traded near $13 a barrel amid a glut of crude. Treasury yields rose amid a report that European regulators will provide banks with a fourth round of capital relief and as the Bank of Japan ratcheted up its stimulus measures with plans to buy as many government bonds as needed.
     With the S&P 500 Index up more than 25% since its lows in March but still down more than 10% this year, investors are waiting on a slew of corporate earnings this week and forecasts on what’s to come, with reports due from Amazon.com Inc., Barclays Plc and Samsung Electronics Co. For now, traders are focused on the positive, with all 11 of the S&P 500’s major subgroups gaining on the day. “There’s a glimmer of light today in some of the breadth coming back to the market,” said Lindsey Bell, chief investment strategist at Ally Invest. “It could be a sign investors feel more confident that we’re getting out of the woods.” Stocks held gains throughout the day amid good news on the fight against the pandemic. A coronavirus vaccine could be available as early as this year, according to a coalition funding nine projects. U.S. cases rose at the slowest pace this month, while the U.K. reported the lowest daily increase in deaths since March. New York recorded 337 deaths, down sharply from daily peaks earlier this month.
These are the main moves in markets:
Stocks
* The S&P 500 advanced 1.4% at the close of trade in New York.
* The Stoxx Europe 600 Index climbed 1.8%.
* The MSCI Asia Pacific Index advanced 2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%.
* The euro rose 0.1% to $1.0832.
* The Japanese yen appreciated 0.3% to 107.24 per dollar.
Bonds
* The yield on 10-year Treasuries increased six basis points to 0.66%.
* Germany’s 10-year yield climbed two basis points to -0.45%.
* Britain’s 10-year yield advanced one basis point to 0.301%.
Commodities
* The Bloomberg Commodity Index decreased 1.1%.
* West Texas Intermediate crude dropped 23% to $13.11 a barrel.
* Gold fell 0.8% to $1,716.15 an ounce.
–With assistance from Adam Haigh, David Wilson, Yakob Peterseil and Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

The more I see the less I know for sure.
                  -John Lennon, 1940-1980

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