August 30, 2019 Newsletter

Dear Friends,

Tangents: HAPPY LONG LABOR DAY WEEKEND!

It’s almost September, which means it’s almost time for Apple to unveil its new iPhones. The tech giant is expected to show some new stuff on September 10.

August 30, 1963 A hot-line communications link between Washington, D.C., and Moscow went into operation.
Go to article >>

September is one of the biggest months for publishing houses, and this year in no exception.  A preview from The New York Times:
Here are 17 new titles to watch for next month (and everything to read and watch before you get your hands on Margaret Atwood’s much-anticipated book).

I am currently reading Where the Crawdads Sing by Delia Owens.  It is  an amazing book and I highly recommend it.  It has topped The New York Times best seller list for fiction in 2019 for 20 non-consecutive weeks.

PHOTOS OF THE DAY

An artist is putting the finishing touches to a spectacular coastal painting for the new Jane Austen TV drama- using a huge advertising billboard. David Downes was commissioned by ITV to create the stunning landscape painting for ‘Sanditon’ which started last Sunday. However, rather than opting for a traditional poster, the artist was asked to produce the magnificent painting by hand.
CREDIT: ZACHAYCULPIN/BNPS

Australian surfer Owen Wright competes to win the 2019 Tahiti Pro at Teahupoo, Tahiti.

A misty morning sunrise at White Mill Bridge, Sturminster Marshall, Dorset, UK.
CREDIT: RACHEL READ/ SWNS>COM

Claire Hetherington from the National Trust picks flowers from the stunning dahlia border in the restored walled garden of The Vyne near Basingstoke in Hampshire. The Vyne recently reintroduced dahlias to its garden, creating a 55m long border containing over 250 plants from nearly 40 varieties that are cut and sold in the properties shop. Dahlias were much loved by The Vyne’s Victorian head gardener Mr Broomfield, who regularly won awards for them at local agricultural shows.
CREDIT: ZACHARYCULPIN/BNPS

Market Closes for August 30th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1930, with the Dow at 240, Warren Buffett was born in Omaha, Neb., to stockbroker Howard Buffett and homemaker Leila Stahl Buffett. The Dow is now at 26362, and Mr. Buffett is the world’s most famous investor and chairman and CEO of sprawling conglomerate Berkshire Hathaway.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.4 percent, or 57.58 to 16,442.07 in Toronto. The index advanced to the highest closing level since July 30. TC Energy Corp. contributed the most to the index gain, increasing 1.1 percent. Hudbay Minerals Inc. had the largest increase, rising 4.9 percent. Today, 157 of 239 shares rose, while 71 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 2.5 percent, heading for the biggest advance since the week ended Jan. 11
* This month, the index was little changed
* The index advanced 0.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 0.7 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on April 23, 2019 and 19.3 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 15.1 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$2.51 trillion
* 30-day price volatility rose to 11.17 percent compared with
11.11 percent in the previous session and the average of 8.47 percent over the past month

================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 18.3983| 1.0| 36/9
Financials | 17.3516| 0.3| 20/6
Industrials | 12.1812| 0.7| 23/6
Utilities | 3.1094| 0.4| 11/4
Consumer Staples | 2.9209| 0.4| 8/2
Energy | 2.4307| 0.1| 11/25
Consumer Discretionary | 2.3257| 0.3| 13/3
Real Estate | 2.2691| 0.4| 20/5
Communication Services | 2.0042| 0.2| 4/3
Health Care | -1.2937| -0.5| 3/6
Information Technology | -4.1254| -0.4| 8/2
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TC Energy | 4.7490| 1.1| 12.6| 39.9
TD Bank | 4.3070| 0.5| 23.3| 6.4
Enbridge Inc | 3.7580| 0.6| -27.8| 5.0
Cenovus Energy | -1.4570| -1.7| -2.8| 21.0
Canadian Natural | | | |
Resources | -2.4760| -0.9| -19.0| -3.4
Shopify | -6.5470| -1.8| 38.4| 171.6
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Hudbay Minerals | 4.9| 0.3920| -23.1| -30.8
Interfor | 4.4| 0.2530| 8.9| -7.4
CAE | 4.3| 2.7500| 14.3| 38.9
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
Birchcliff Energy | -6.4| -0.2280| 15.3| -41.8
Peyto Exploration | -4.8| -0.1880| -34.4| -54.8
ARC Resources | -4.1| -0.6070| -36.5| -30.6

* The benchmark 10-year bond fell and the yield rose 1.7 basis points to 1.164 percent

US
By Vildana Hajric
(Bloomberg) — U.S. equities saw their first monthly decline since May, as consumer sentiment slid and a tariff deadline in the Sino-American trade war loomed. Treasuries slipped after a key measure of inflation came in as expected, while the euro fell to a two-year low against the dollar. The S&P 500 fluctuated throughout Friday’s session, finishing almost unchanged on the day, after rallying Thursday on a pause in trade threats between the U.S. and China. But new tariffs on more than $110 billion in Chinese imports are set to take effect Sunday, and President Donald Trump shows little sign of backing down. Meanwhile, a hurricane is heading toward Florida, threatening businesses like amusement park operators and cruise lines. Data on the world’s largest economy showed personal spending accelerated in July, exceeding forecasts. Household consumption remained solid at the start of the third quarter, but the University of Michigan consumer sentiment index dropped to its lowest since October 2016. The Federal Reserve’s preferred measure of underlying inflation continues to fall short of its goal.
“The U.S. consumer is strong, but if they lose confidence and slow their spending that would be negative for the U.S. picture, which is currently the outlier — remaining strong while the rest of the world is slowing,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. The Stoxx Europe 600 Index rose for a second day. Equity benchmarks in Tokyo and Seoul led gains across most of Asia, though shares in Hong Kong lagged the rally after news broke that prominent protest figures were arrested, and Shanghai’s index closed lower for the fourth time this week. The pound slipped as lawmakers lost a bid to block Prime Minister Boris Johnson’s plan to suspend parliament. The euro dropped below $1.10 for the first time in since May 2017 as traders closed out hedges at month’s end and data showed inflation remained stubbornly low. Bunds reversed early losses while Italian bonds declined as coalition talks faltered. Argentina’s bonds extended declines after S&P Global Ratings cut the country’s foreign- and local- currency credit ratings. West Texas crude fell the most in two weeks and gold fell.
Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.7%.
* The U.K.’s FTSE 100 Index rose 0.3%.
* Germany’s DAX Index increased 0.8%.
* The MSCI Emerging Markets Index climbed 1.5%, a three-week high.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to a two-year high.
* The euro decreased 0.6% to $1.0991.
* The British pound declined 0.1% to $1.2168.
* The Japanese yen increased 0.3% to 106.21 per dollar.
Bonds
* The yield on 10-year Treasuries gained less than one basis point to 1.50%.
* The yield on two-year Treasuries fell two basis points to 1.50%.
* Britain’s 10-year yield climbed four basis points to 0.479%.
* Germany’s 10-year yield declined one basis point to -0.70%.
Commodities
* West Texas Intermediate crude fell 3% to $55.04 a barrel.
* Gold fell 0.3% to $1,523.78 an ounce.
–With assistance from Adam Haigh, Laura Curtis, Elena Popina and Sarah Ponczek.
Have a terrific weekend everyone.

Be magnificent!

As ever,

Carolann

No act of kindness, no matter how small, is ever wasted.
                                     -Aesop, c.620 BCE-564 BCE.

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