Category: Events

Dear Friends,

Tangents: Chrysanthemum Day, Japan.

September 9, 490 BC: Battle of Marathon.
William the Conqueror, d. 1087.
Leo Tolstoy, author, b. 1828

The ‘world’s best’ cities for 2021?  San Francisco has been crowned the “world’s best” city, according to Time Out.

The Poem:
Flight
   by Christian Witman

In the end we love the line love cannot cross.
In the end we fall for what we fail.

Forget friendship. Ardor.
Forget the years that only grow harder

as the soul recedes in what the years bring,
grown alien to any touchable thing.

Touch me. As I am. As you can.
My heart a bird’s heart just beyond your hand.

                                                                after Anna Akhmatova
PHOTOS OF THE DAY

An incredible rainbow Aurora over Kirkjufell mountain in Iceland. English photographer Ben Bush captured the aurora dancing over the peak around 5am this morning
CREDIT: BEN BUSH/BAV MEDIA

A man with pigeons cools off near a fountain on a sunny autumn day in central Kiev, Ukraine
CREDIT: REUTERS/GLEB GARANICH

Members of the Royal Southern Yacht Club and the Island Sailing Club take part in the annual Brambles cricket match between the clubs, which takes place on the Bramble Bank sandbank in the middle of the Solent at low tide
CREDIT: ANDREW MATTHEWS/PA WIRE

A woman and child walk past a display of US flags to commemorate the 20th anniversary of 9/11 with the annual Waves of Flags display and remembrance at Pepperdine University in Malibu, California
CREDIT: FREDERIC J.BROWN/AFP VIA GETTY IMAGES

Market Closes for September 9^th, 2021

Market Index	Close	Change
Dow Jones	34879.38	-151.69
		-0.43%
S&P 500	4493.28	-20.79
		-0.46%
NASDAQ	15248.25	-38.39 -0.25%
TSX	20705.27	-36.52
		-0.18%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30008.19	-173.02
		-0.57%
HANG SENG	25716.00	-604.93
		-2.30%
SENSEX	58305.07	+54.81
		+0.09%
FTSE 100*	7024.21	-71.32 -1.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.173	1.206
CND. 30 Year Bond	1.739	1.778
U.S.    10 Year Bond	1.2971	1.3376
U.S. 30 Year Bond	1.8977	1.9557

Currencies

BOC Close	Today	Previous
Canadian $	0.7896	0.7879
US $	1.2665	1.2691
Euro Rate 1 Euro=		Inverse
Canadian $	1.4978	0.6677
US $	1.1826	0.8456

Commodities

Gold	Close	Previous
London Gold Fix	1786.00	1802.15
Oil
WTI Crude Future	68.14	69.30

Market Commentary:
     On this day in 1974, the day after President Gerald R. Ford pardoned Richard Nixon for the Watergate scandal, Wall Street tanked, with the Dow Jones Industrial Average down 2.2%. The pardon, claimed one broker, “weakens confidence in [Ford’s] Administration and in his ability to deal with Congress on economic problems.” The Dow, however, proceeded to soar by 24.9% over the next year.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.2%, or 36.52 to 20,705.27 in Toronto. The index dropped to the lowest closing level since Sept. 1. Industrials stocks led the market lower Thursday as 9 of 11 sectors declined; 145 of 229 shares fell, while 82 rose. Canadian Pacific Railway Ltd. contributed the most to the index decline, decreasing 3.9%. Transcontinental Inc. had the largest drop, falling 4.9%. The Bank of Canada released guidance for the first time on how it plans to eventually reduce monetary stimulus, saying it will first raise interest rates before curbing its holdings of government bonds.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.7 percent
* So far this week, the index fell 0.6 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on Sept. 7, 2021 and 34.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 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$3.26t
* 30-day price volatility rose to 5.85 percent compared with 5.82 percent in the previous session and the average of 7.67 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | -28.9770| -1.1| 16/13
* Energy | -11.7397| -0.5| 10/12
* Communication Services | -8.4025| -0.8| 0/7
* Consumer Staples | -8.2707| -1.1| 1/12
* Materials | -6.8188| -0.3| 14/40
* Consumer Discretionary | -3.0887| -0.4| 5/8
* Utilities | -2.1608| -0.2| 5/10
* Real Estate | -1.0318| -0.2| 9/16
* Health Care | -0.3577| -0.2| 3/6
* Financials | 5.2867| 0.1| 13/15
* Information Technology | 29.0454| 1.2| 7/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Pacific | -16.7300| -3.9| 45.0| -0.6
* Canadian National | -16.4100| -2.1| 58.1| 8.6
* Enbridge | -7.7650| -1.1| 3.2| 24.6
* Lightspeed Commerce| | | |
* Inc | 6.3260| 6.2| 30.4| 74.8
* Nutrien | 9.5780| 3.1| 35.9| 29.4
* Shopify | 20.8900| 1.4| 6.1| 32.3
US
By Richard Richtmyer and Elaine Chen
(Bloomberg) — U.S. stocks fell in volatile trading as mixed economic data kept investors on edge about the timing of stimulus tapering even as the relentless spread of the Covid-19  delta variant undermines global growth. The S&P 500 notched a fourth straight decline after erasing an intraday gain that had brought it to within 0.4% of its all-time high. The dollar weakened and 10-year U.S. Treasury yields declined. European equities fell, with the Stoxx 600 erasing the initial advance it saw after the European Central Bank said it will slow its emergency support but keep policy accommodative. Thursday’s volatility came as data showed initial unemployment claims in the U.S., where calls for the Federal Reserve to start reducing its asset purchases have been growing, fell to a pandemic-era low as the labor market continues to recover.  At the same time, there’s increasing evidence that the delta variant may impede the recovery. More U.S. companies have been expressing concern about it. Microsoft Corp. on Thursday indefinitely delayed a full reopening of its offices.
The Biden administration plans to order executive branch employees, federal contractors and millions of health-care workers to be vaccinated and require large private employers to mandate shots or testing. Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, pointed out that the afternoon swoon in stocks coincided with a Treasury auction and follow-on activity in the bond market where investors were buying Treasuries aggressively, pushing down yields.  “It looked like algorithms or other quick-moving traders were at work in the equities market following what happened in the bond market,” Zaccarelli said.
Underlying that, “there’s a general feeling in the market that growth is slowing down in the U.S. There’s concern that what’s happening with the delta variant is impacting consumer behavior, potentially business behavior,” he said. While Thursday’s jobs report showed a stronger-than-expected labor market, other recent readings on the economy have been mixed. The Federal Reserve’s Beige Book survey showed U.S. economic activity accelerated in the past two months as consumers pulled back on spending due to safety concerns. However, shortages meant inflationary trends remained stubborn, according to the findings. Further evidence of global price pressures came from China, where factory-gate inflation surged. Still, calls for a reduction in bond purchases are strengthening. Fed Bank of New York President John Williams said it could be appropriate for policy makers to begin tapering this year. Dallas President Robert Kaplan said based on the current outlook he would back a September announcement of a tapering in bond purchases and a possible start in October. Chinese technology stocks slid after officials told firms including Tencent Holdings Ltd. and NetEase Inc. to end their focus on profit in gaming. The selloff extended to the U.S., where NetEase and Alibaba Group Holding declined. Digital Realty, which manages technology-related properties, tumbled 5% after entering into forward sale agreements with banks for 6.25 million shares at $160.50 each.

What to watch this week:
* U.S. President Joe Biden may make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.1826
* The British pound rose 0.5% to $1.3837
* The Japanese yen rose 0.5% to 109.71 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.30%
* Germany’s 10-year yield declined four basis points to -0.36%
* Britain’s 10-year yield was little changed at 0.74%
Commodities
* West Texas Intermediate crude fell 1.9% to $67.97 a barrel
* Gold futures rose 0.2% to $1,796.70 an ounce
–With assistance from Vildana Hajric.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Happiness is when what you think, what you say, and what you do are in harmony. –Mohandas Karamchand Gandhi, 1869-1948.

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

Dear Friends,

Tangents:
On Sept. 8, 1974, President Ford granted an unconditional pardon to former President Nixon.  Go to article »

A brief history of the Twin Towers.

Area scientists find the biggest comet on record.

This premature supernova was triggered by a dead star.  If this doesn’t boggle your mind, we don’t know what will.

Duck mimics human sound during mating display.  An Australian musk duck has been recorded saying “You bloody fool” in the first documented instance of the species mimicking human speech. (Yes, you read that correctly.)

Builders discover stash of 239 gold coins worth up to $356,000.  Talk about bang for your buck. 

PHOTOS OF THE DAY

A bald eagle drags its opponent through water as the pair battle for territory above a canal. The aggressor swooped down to attack its rival – locking talons and dragging it across the water’s surface. The photos of the tussle, which lasted just seconds, were captured by American wildlife photographer Chris Covington, in the North West state of Washington in the United States
CREDIT: CHRIS, COVINGTON/SOLENT NEWS & PHOTO AGENCY

A misty but beautiful morning over Trinity Methodist Church in Harrogate, Yorkshire. The UK is set for another hot day today as the mini heat wave continues
CREDIT: RICHARD MAUDE / SWNS.COM

A slow shutter speed photograph shows commuters on vehicles making their way along a busy highway in Shanghai 
CREDIT: HECTOR RETAMAL/AFP VIA GETTY IMAGES

Skateboarders take over the Stand outside Somerset House, Skate the strand launches as part of inside out festival
CREDIT: PAUL GROVER FOR THE TELEGRAPH

Market Closes for September 8^th, 2021

Market Index	Close	Change
Dow Jones	35031.07	-68.93
		-0.20%
S&P 500	4514.07	-5.96
		-0.13%
NASDAQ	15286.64	-87.69 -0.57%
TSX	20741.79	-64.84
		-0.31%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30181.21	+265.07
		+0.89%
HANG SENG	26320.93	-32.70
		-0.12%
SENSEX	58250.26	-29.22
		-0.05%
FTSE 100*	7095.53	-53.84 -0.75%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.206	1.232
CND. 30 Year Bond	1.778	1.789
U.S.    10 Year Bond	1.3376	1.3732
U.S. 30 Year Bond	1.9557	1.9868

Currencies

BOC Close	Today	Previous
Canadian $	0.7879	0.7907
US $	1.2691	1.2647
Euro Rate 1 Euro=		Inverse
Canadian $	1.4998	0.6667
US $	1.1818	0.8462

Commodities

Gold	Close	Previous
London Gold Fix	1802.15	1821.60
Oil
WTI Crude Future	69.30	68.35

Market Commentary:
On this day in 1916, the U.S. Congress enacted the Revenue Act of 1916, creating the federal estate tax.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3%, or 64.84 to 20,741.79 in Toronto. The move was the biggest since falling 0.4% on Aug. 26. Today, information technology stocks led the market lower, as 5 of 11 sectors lost; 117 of 229 shares fell, while 108 rose. Shopify Inc. contributed the most to the index decline, decreasing 3.6%. Ballard Power Systems Inc. had the largest drop, falling 8.6%. Meanwhile, the Bank of Canada expressed optimism about the prospects of a strong recovery later this year despite a run of weak data, keeping expectations intact for a resumption of bond tapering in October.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.9 percent
* The index advanced 29 percent in the past 52 weeks. The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on Sept. 7, 2021 and 34.5 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 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$3.27t
* 30-day price volatility rose to 5.82 percent compared with 5.69 percent in the previous session and the average of 7.75 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -61.3043| -2.5| 2/10
* Materials | -25.8948| -1.1| 23/30
* Financials | -11.4666| -0.2| 13/14
* Health Care | -6.4333| -2.7| 2/7
* Consumer Discretionary | -1.6507| -0.2| 4/9
* Real Estate | 4.8268| 0.8| 21/4
* Industrials | 5.0417| 0.2| 11/18
* Energy | 5.9476| 0.2| 8/15
* Consumer Staples | 7.8841| 1.0| 8/4
* Communication Services | 8.8724| 0.9| 4/2
* Utilities | 9.3292| 1.0| 12/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -54.6900| -3.6| 52.6| 30.5
* First Quantum | | | |
* Minerals | -7.4300| -7.5| 13.4| 3.7
* Nutrien | -7.0740| -2.3| 1.2| 25.5
* BCE | 5.8640| 1.4| 329.3| 23.0
* Canadian Pacific | 7.8980| 1.9| -10.7| 3.5
* Enbridge | 10.3100| 1.4| -2.2| 26.0
US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities retreated as investors reassessed valuations in light of global economic risks including the spread of the Covid-19 delta variant and reductions in central bank stimulus. The Nasdaq 100 notched its biggest drop in two weeks, with losses in mega caps including Apple Inc. and Facebook Inc. among the biggest contributors to the decline. The S&P 500 fell for a third day since it closed at a record on Sept. 2. The Dow Jones Industrial Average extended its retreat from last month’s all-time high to more than 1.5%. Europe’s Stoxx 600 dropped to a three-week low. Cryptocurrency-exposed stocks slumped as a selloff in Bitcoin continued. Wednesday’s declines came as money managers from Morgan Stanley to Citigroup have turned cautious on U.S. equities. Many investors have begun to see relative U.S. valuations as excessive even as growth elsewhere suffers from renewed Covid lockdowns and travel curbs. They doubt the world is ready for an eventual tapering of central-bank stimulus even as inflation accelerates due to supply shocks. End-of-year seasonality and valuation concerns are adding to the gloomy mood. “Momentum definitely seems to be slowing as far as the recovery is concerned,” Fiona Cincotta, a senior financial markets analyst at City Index, said by phone. “Before we’d been hearing that the Fed would tighten monetary policy and that’s what was unnerving the market.
Now, it’s actually slightly softer data and also rising Covid cases.” Morgan Stanley this week cut U.S. stocks to underweight and global equities to equal-weight, citing “outsized risks” to growth through October. Extremely bullish positioning means corrections can be amplified, Citigroup said. Credit Suisse Group AG said it has a small underweight on the U.S. market. In Europe, growth concerns were compounded by speculation that the European Central Bank is getting ready to slow down emergency stimulus.  EQT AB slumped in Stockholm after partners in the private equity firm sold a part of their holdings earlier than expected. Meanwhile, the continued spread of Covid-19 is curbing economic activity around the world. The Philippines backtracked on easing curbs in the capital region, while Japan may extend state of emergency orders. Taiwan identified a delta variant outbreak in New Taipei City. Equities climbed for an eighth day in Japan, supported by hopes for economic stimulus from the next prime minister. Pakistan’s stocks benchmark slid to the lowest since May after MSCI downgraded the country to a frontier market from an emerging market. Bitcoin posted second-day losses in the wake of El Salvador’s rocky implementation of a law that makes the cryptocurrency legal tender. Coinbase Global Inc. slumped after the Securities and Exchange Commission warned the company against launching a product that would allow consumers to earn interest on their crypto holdings. Other crypto-linked stocks also fell, including declines of more than 5% in Marathon Digital Holdings Inc. and Riot Blockchain Inc.
What to watch this week:
* U.S. President Joe Biden may make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term
* ECB President Christine Lagarde holds a press conference after the bank’s rate decision Thursday
* China PPI, CPI, new yuan loans, money supply, aggregate financing, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1%
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.2% to $1.1819
* The British pound was little changed at $1.3774
* The Japanese yen was little changed at 110.27 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.34%
* Germany’s 10-year yield was little changed at -0.32%
* Britain’s 10-year yield was little changed at 0.74%
Commodities
* West Texas Intermediate crude rose 1.4% to $69.34 a barrel
* Gold futures fell 0.4% to $1,791 an ounce
–With assistance from Sunil Jagtiani.
Have a terrific evening.

Be magnificent!

As ever,

Carolann

He who mistrusts most should be trusted least. –Theognis, 570 BC-485 BC.

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

Dear Friends,

Tangents:
On Sept. 7, 1940, the German air force began its blitz on London during World War II. Go to article »
1914~Opening of NY Post Office.

Queen Elizabeth I, b. 1533.
Grandma Moses, painter. b. 1860.
Buddy Holly, singer, b. 1936

Watch a plane fly through a tunnel (and set a Guinness World Record).  In total, Dario Costa set five records with his feat. 

Brain-machine interfaces keep getting more comfortable.

PHOTOS OF THE DAY

A view shows a Lion’s sculpture against a twilight sky at Venice Lido on the fourth day of the 77th Venice Film Festival
CREDIT: TIZIANA RABI / AFP

People standing on salt formations in the Dead Sea near Ein Bokek, Israel
CREDIT: MUAMMAR AWAD/XINHUA NEWS AGANCY / EYEVINE

People play volleyball at Mission Beach as smoke from the Valley Fire fills the air during a record-setting heat wave in San Diego County. The Valley Fire was burning out of control in east San Diego County.
CREDIT: ZUMA PRESS/PA IMAGES

Autumnal weather arrives in Somerset as fog settles over St Peter’s Church, Evercreech Village, Somerset 
CREDIT: JASON BRYANT/APEX

Market Closes for September 7^th, 2021

Market Index	Close	Change
Dow Jones	35100.00	-269.09
		-0.76%
S&P 500	4520.03	-15.40
		-0.34%
NASDAQ	15374.33	+10.81 +0.07%
TSX	20806.63	-14.80
		-0.07%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29916.14	+256.25
		+0.86%
HANG SENG	26353.63	+190.00
		+0.73%
SENSEX	58279.48	-17.43
		-0.03%
FTSE 100*	7149.37	-37.81 -0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.232	1.189
CND. 30 Year Bond	1.789	1.750
U.S.    10 Year Bond	1.3732	1.3223
U.S. 30 Year Bond	1.9868	1.9433

Currencies

BOC Close	Today	Previous
Canadian $	0.7907	0.7980
US $	1.2647	1.2531
Euro Rate 1 Euro=		Inverse
Canadian $	1.4980	0.6676
US $	1.1845	0.8443

Commodities

Gold	Close	Previous
London Gold Fix	1821.60	1812.55
Oil
WTI Crude Future	68.35	69.29

Market Commentary:
📈 On this day in 1950, as the Japanese economy started struggling back to its feet, the Tokyo Stock Exchange began calculating its share-price index—which in 1970 became the Nikkei 225 average—with a retroactive starting date of May 16, 1949.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,806.63 in Toronto. The move follows the previous session’s increase of 0.1% Canadian Pacific Railway Ltd. contributed the most to the index decline, decreasing 1.0%. New Gold Inc. had the largest drop, falling 4.9%.  Gold fell the most in more than a month as the dollar strengthened and inflation-adjusted rates advanced after the Labor Day break. Today, 146 of 229 shares fell, while 77 rose; 6 of 11 sectors were lower, led by industrials stocks.
Insights
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.2 percent
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on Sept. 7, 2021 and 34.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1 percent in the past 5 days and rose 1.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 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$3.27t
* 30-day price volatility fell to 5.69 percent compared with 5.70 percent in the previous session and the average of 7.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | -19.3747| -0.8| 14/15
* Materials | -13.3281| -0.6| 8/43
* Real Estate | -4.6670| -0.7| 4/21
* Utilities | -4.6043| -0.5| 4/12
* Consumer Staples | -3.9046| -0.5| 1/11
* Health Care | -0.4107| -0.2| 3/6
* Consumer Discretionary | 0.0926| 0.0| 6/7
* Communication Services | 0.9058| 0.1| 3/4
* Information Technology | 3.5162| 0.1| 10/2
* Energy | 9.2878| 0.4| 9/12
* Financials | 17.6757| 0.3| 15/13
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Pacific | -4.0420| -1.0| 87.0| 1.6
* Barrick Gold | -3.9660| -1.3| -6.4| -12.3
* Wheaton Precious | | | |
* Metals | -3.4500| -1.9| 27.3| 7.7
* Enbridge | 6.0710| 0.9| 53.1| 24.2
* TD Bank | 7.3590| 0.7| 4.6| 15.4
* Nutrien | 8.1080| 2.7| 14.8| 28.4

US
By Richard Richtmyer and Kamaron Leach
(Bloomberg) — U.S. stocks slipped from near records after traders returned from the long weekend to worries that the economic recovery is faltering. The S&P 500 and Dow Jones Industrial Average declined, while gains in heavyweight tech stocks including Netflix Inc., Amazon.com Inc. and Apple Inc. pushed the Nasdaq 100 higher even as about seven out of every 10 stocks in that gauge dropped. European markets slipped as investors speculated that euro-zone policy makers may get ready to roll back stimulus.  The greenback strengthened for a second day amid rising bond yields and softer commodity prices.  Bitcoin plunged as El Salvador became the first country to adopt it as legal tender Tuesday. The broad retreat in equities came after investors on Friday left for a three-day holiday weekend with markets near all-time highs following a much weaker-than-expected U.S. jobs report. And there won’t be much by way of data this week to ease their minds about the outlook for the third quarter, with growth estimates already having been reduced recently.  At the same time, concerns about the Covid-19 delta variant impeding re-openings in the U.S. are pressuring some corners of the market.  “The delta variant concerns are weighing down on overall third-quarter growth,” said Haris Khurshid, portfolio manager at Fate Capital management.  “The next couple of weeks are going to be pretty rocky. We’re seeing investors become more picky with their stocks not only because of the delta concern but also because of fading fiscal stimulus, legislative policies and an overall slowing recovery in some sectors” On Tuesday, data showed Chinese exports and imports grew faster than estimated in August, easing some concerns that the pandemic is delaying economic re openings and creating global supply-chain bottlenecks.
Even so, investors remain nervous over the prospects for a growth slowdown and tapering of support outside the U.S., especially in Europe. The Stoxx 600 dropped 0.5% as investors focused on the European Central Bank’s Thursday meeting where policy makers will decide if they’ll dial down emergency stimulus. Bank of America said it sees the “Goldilocks combination” of accelerating growth and lower real yields coming to an end. In Australia, the central bank stuck with a planned reduction in bond purchases, even though a majority of analysts had expected policy makers to hold off the tapering. U.S. Treasury yields rose, with the 10-year rate increasing 5 basis points. The dollar advanced the most since Aug. 26. Japan’s Nikkei 225 rose for a seventh straight session, touching 30,000 for the first time since April, boosted by an index reshuffle and optimism that a new prime minister will usher in favorable policies. MSCI Inc.’s gauge for global stocks halted a seven-day rally. Chinese stocks traded in the U.S. including Alibaba Group Holding and Baidu Inc. rallied after equities in China advanced amid renewed demand for technology shares and the surprise trade data. Vertex Pharmaceuticals dropped to a three-week low after Morgan Stanley cut its stock recommendation to underweight. Bitcoin plunged as much as 17% to its lowest level in a month. El Salvador bought 400 coins as it adopted the cryptocurrency as legal tender.  Tuesday’s drop came amid news that the government disconnected its Bitcoin wallet to fix problems and tests are being run tests to make it available for download later in the day. 

What to watch this week:
* U.S. President Joe Biden will likely make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term
* Dallas Fed President Robert Kaplan holds a virtual town hall discussion Wednesday
* ECB President Christine Lagarde holds a press conference after the bank’s rate decision Thursday
* China PPI, CPI, new yuan loans, money supply, aggregate financing, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3%
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.2% to $1.1841
* The British pound fell 0.4% to $1.3782
* The Japanese yen fell 0.4% to 110.28 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.37%
* Germany’s 10-year yield advanced five basis points to -0.32%
* Britain’s 10-year yield advanced four basis points to 0.74%
Commodities
* West Texas Intermediate crude fell 1.4% to $68.35 a barrel
* Gold futures fell 2% to $1,796.40 an ounce
–With assistance from Andreea Papuc.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

If you can’t fly then run.
If you can’t run then walk.
If you can’t walk then crawl, but whatever you do, you have to keep moving forward. -Martin Luther King Jr., 1929-1968.

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

Dear Friends,

Tangents: Happy Friday

September 3, 1783~Treaty of Paris ended the American Revolution.

On Sept. 3, 1976, the unmanned U.S. spacecraft Viking 2 landed on Mars to take the first close-up, color photographs of the planet’s surface.  Go to article »

Is this the world’s most beautiful mosquito? 

The FAA now says Richard Branson’s flight to space veered off course.  File that under billionaire problems a lot of us will never have to face.  

A 70-year-old woman started solo travel long before it was trendy.   She quit her job, visited 66 countries and wrote a book about it. 

PHOTOS OF THE DAY

The 1979 Aston Martin Bulldog concept car, now fully restored is unveiled at the Hampton Court Concours of Elegance today
CREDIT: TIM CLARKE FOR THE DAILY TEPEGRAPH

A woman carries her baby through flood water at Old Fangak, South Sudan. This is an entry by Peter Caton in the Moscow International Foto awards 
CREDIT: MEDIADRUMWORLD.COM/PETER CATON

People ride stand-up paddle boards past floating ice and icebergs in Disko Bay in Ilulissat, Greenland. Greenland in 2021 is experiencing one of its biggest ice-melt years in recorded history. Scientists studying the Greenland Ice Sheet observed rainfall on the highest point in Greenland for the first time ever in August
CREDIT: MARIO TAMA/GETTY IMAGES

Market Closes for September 3^rd, 2021

Market Index	Close	Change
Dow Jones	35369.09	-74.73
		-0.21%
S&P 500	4535.44	-1.51
		-0.03%
NASDAQ	15363.52	+32.34 +0.21%
TSX	20828.34	+33.22
		+0.16%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29128.11	+584.60
		+2.05%
HANG SENG	25901.99	-188.44
		-0.72%
SENSEX	58429.95	+277.41
		+0.48%
FTSE 100*	7138.35	-25.55 -0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.189	1.157
CND. 30 Year Bond	1.750	1.720
U.S.    10 Year Bond	1.3223	1.2835
U.S. 30 Year Bond	1.9433	1.8970

Currencies

BOC Close	Today	Previous
Canadian $	0.7980	0.7967
US $	1.2531	1.2551
Euro Rate 1 Euro=		Inverse
Canadian $	1.4883	0.6719
US $	1.1877	0.8420

Commodities

Gold	Close	Previous
London Gold Fix	1812.55	1811.80
Oil
WTI Crude Future	69.29	69.99

Market Commentary:
     On this day in 1946, the S&P 500 plunged by 6.73%, leading the U.S. Securities and Exchange Commission to appoint an investigative task force. It concluded that the crash was caused when believers in the Dow Theory of technical analysis all sold at once.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks gained for a sixth week in seven, with gold rallying Friday after a report showed the U.S. economy added fewer jobs than forecast. The S&P/TSX Composite rose for the third day, climbing 0.1%, or 26.31 to 20,821.43 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1.9%.  New Gold Inc. had the largest increase, rising 14%. Today, 114 of 229 shares rose, while 111 fell; 4 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.3 percent
* So far this week, the index rose 0.9 percent
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Sept. 3, 2021 and 35 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.6 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$3.27t
* 30-day price volatility fell to 5.70 percent compared with 5.79 percent in the previous session and the average of 8.10 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 43.7060| 1.9| 49/5
* Information Technology | 8.3380| 0.3| 9/3
* Energy | 1.9715| 0.1| 9/13
* Utilities | 0.0724| 0.0| 9/5
* Real Estate | -0.7786| -0.1| 9/15
* Consumer Discretionary | -0.8295| -0.1| 7/6
* Industrials | -1.1608| 0.0| 11/18
* Health Care | -2.9210| -1.2| 0/9
* Communication Services | -3.8954| -0.4| 0/7
* Consumer Staples | -5.5039| -0.7| 4/9
* Financials | -12.6793| -0.2| 7/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian National | 14.8200| 1.9| 62.0| 13.6
* Shopify | 9.0710| 0.6| -40.4| 35.4
* Barrick Gold | 6.1970| 2.0| 23.8| -11.2
* Nutrien | -3.1400| -1.0| -50.7| 25.1
* Couche-Tard | -4.7150| -1.6| -13.4| 16.2
* Canadian Pacific | -11.8900| -2.8| 138.1| 2.6

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — The long-awaited jobs report triggered small moves in the equity market, with investors weighing whether a sharp slowdown in U.S. hiring would make the Federal Reserve delay a reduction in economic stimulus. Traders turned to the perceived safety of technology giants, while most groups in the S&P 500 fell. Volume was low ahead of the Labor Day holiday. The Treasury curve steepened, with the gap between 5- and 30-year yields increasing. Investors also assessed a Bloomberg News report saying that Senate Democrats are discussing a wider range of tax proposals than President Joe Biden envisioned, including levies on stock buybacks, carbon emissions and executive compensation. The addition of 235,000 jobs in August — the smallest gain in seven months — suggests central bankers will need to see improvement before starting to slow bond buying, according to several analysts. Meantime, President Biden said the economic recovery remains “durable and strong,” blaming the retrenchment in hiring on the spread of the delta variant of coronavirus.

Comments:
* “This is a major miss and screams delta disruption,” said Seema Shah, chief strategist at Principal Global Investors.
“Today’s very weak number will likely sway the Fed to a November taper, if not later.”
* “The jobs report means slower economic growth, but also means the Fed is not going to tighten any time soon, and that should significantly limit any negative impact on markets,” said Brad McMillan, chief investment officer at Commonwealth Financial Network.
* “I don’t think it’s going to change much for the Fed taper timeline,” said Zhiwei Ren, portfolio manager at Penn Mutual Asset Management. “The consensus is November, December. We have a number that was weak, but if we look below the surface, it’s quite strong actually because of wage growth.” In the run-up to the jobs report, equity funds attracted $19.2 billion of inflows, trailed by the $12.7 billion allocated to bonds, according to Bank of America Corp. The firm cited EPFR Global data for the week through Wednesday. Outflows from cash funds were the biggest in seven weeks, with $23 billion exiting.

Some corporate highlights:
* Travel companies such as Carnival Corp. and American Airlines Group Inc. fell as employment in leisure and hospitality — which had posted strong gains recently — was flat in August.
* Moderna Inc. said it completed its submission to U.S. regulators for clearance of a booster dose of its Covid-19 vaccine.
* Forte Biosciences Inc. plummeted after its only product in development failed to have an effect on a common skin disease.
* Broadcom Inc., one of the world’s largest chipmakers, climbed after giving a bullish sales forecast, helped by demand for components used in corporate computer networks and smartphones.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.1880
* The British pound rose 0.2% to $1.3864
* The Japanese yen rose 0.2% to 109.70 per dollar
Bonds
* The yield on 10-year Treasuries rose four basis points to 1.32%
* Germany’s 10-year yield advanced two basis points to -0.36%
* Britain’s 10-year yield advanced four basis points to 0.72%
Commodities
* West Texas Intermediate crude fell 1% to $69.26 a barrel
* Gold futures rose 1.1% to $1,831 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Yakob Peterseil, Katie Greifeld, Kamaron Leach and Elaine Chen.
Have a wonderful long  Labor Day weekend.

Be magnificent!
As ever,

Carolann

I invented my life by taking for granted that everything I did not like would have an opposite, which I would like. -Coco Chanel, 1883-1971.

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

Dear Friends,

Tangents:
September  2, 1666~Great Fire of London.
1864~Sherman enters Atlanta.
On Sept. 2, 1945, Japan formally surrendered in ceremonies aboard the USS Missouri, ending World War II. Go to article »

Nothing can prepare you for these rock formations. (h/t Alexandra Ivanoff)

Female octopuses throw things at harassing males, whereas female hummingbirds solve the problem by pretending to be males.

Deep-sea bacteria could kill cancer. 

A single neuron is more computationally complex than you might think.

PHOTOS OF THE DAY

Wildlife photographer Paul Goldstein captured these stunning murmurmations of wading birds in North Norfolk. He explains: From the Arctic and beyond, waders in their thousands are beginning to make their landfall at RSPB Snettisham on the Wash in North Norfolk
CREDIT: PAUL GOLDSTEIN/COVER-IMAGES.COM

Incredible jaws-eye-view camera angle shows a shark’s vision of a photographer taking its photo. The GoPro camera is visible just below the float. Here is the other view of the moment the shark takes the bait.
CREDIT: EUAN RANNACHAN/ MAHNUS NEWS

A woman in kimono walks past a falla during the Fallas festival in Valencia Spain.
CREDIT: JOSE JORDAN/AFP VIA GETTY IMAGES

National Trust conservator Samantha Taylor cleans a rare Elizabethan globe before it is moved into a new display case at Petworth House in West Sussex, that will allow visitors to view the detail up-close for the first time
CREDIT: ANDREW MATTHEWS/PA WIRE

People navigate heavy rains and flooded walkways at the Billie Jean King National Tennis Center as the remnants of Hurricane Ida hit the area in Flushing Meadows, New York
CREDIT: JUSTIN LANE/EPA-EFE/SHUTTERSTOCK

Market Closes for September 2^nd, 2021

Market Index	Close	Change
Dow Jones	35443.82	+131.29
		+0.37%
S&P 500	4536.95	+12.86
		+0.28%
NASDAQ	15331.18	+21.80 +0.14%
TSX	20795.12	+105.54
		+0.51%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28543.51	+92.49
		+0.33%
HANG SENG	26090.43	+62.14
		+0.24%
SENSEX	57852.54	+514.33
		+0.90%
FTSE 100*	7163.90	+14.06 +0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.157	1.181
CND. 30 Year Bond	1.720	1.742
U.S.    10 Year Bond	1.7644	1.2936
U.S. 30 Year Bond	1.8970	1.9133

Currencies

BOC Close	Today	Previous
Canadian $	0.7967	0.7923
US $	1.2551	1.2621
Euro Rate 1 Euro=		Inverse
Canadian $	1.4904	0.6710
US $	1.1874	0.8422

Commodities

Gold	Close	Previous
London Gold Fix	1811.80	1814.85
Oil
WTI Crude Future	69.99	68.59

Market Commentary:
     On this day in 1776, a committee led by Thomas Jefferson recommended to the Continental Congress that the U.S. create a basic unit of currency called the “dollar.” The U.S. dollar derived its name from a Spanish and Austrian coin originally called the “thaler,” named for Joachimsthal, a silver-mining town in Bohemia.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada’s main stock exchange extended its gain into second day, after energy companies outperformed as oil prices gained. The S&P/TSX Composite index climbed 0.5% in Toronto, posting a two-day gain of 1%. Almost sectors were in the green, with energy and health care being the best performers and information technology the only loser. On the commercial real estate front, Oxford Properties Group and Canada Pension Plan Investment Board are exploring the sale of Toronto’s Royal Bank Plaza in a deal that could be worth more than $1 billion, according to a person with knowledge of the plans.
Insights
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.1 percent
* So far this week, the index rose 0.7 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 28 percent in the same period * The S&P/TSX Composite is 0.1 percent below its 52 week high on Sept. 2, 2021 and 34.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.4 percent in the past 5 days and rose 2.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 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$3.25t
* 30-day price volatility rose to 5.79 percent compared with 5.69 percent in the previous session and the average of 8.20 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 46.6280| 1.9| 19/4
* Industrials | 27.0673| 1.1| 20/9
* Financials | 13.5857| 0.2| 15/12
* Consumer Discretionary | 5.7823| 0.8| 8/5
* Materials | 5.7005| 0.2| 17/35
* Consumer Staples | 4.7889| 0.6| 5/7
* Health Care | 3.3904| 1.4| 6/2
* Utilities | 2.2880| 0.2| 12/4
* Communication Services | 0.9959| 0.1| 5/1
* Real Estate | 0.8071| 0.1| 17/8
* Information Technology | -5.4948| -0.2| 5/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Natural | | | |
* Resources | 15.2900| 4.4| -32.4| 43.4
* Canadian National | 9.9320| 1.3| 45.7| 11.5
* Canadian Pacific | 9.2920| 2.2| 115.0| 5.5
* Nuvei | -3.4100| -5.7| 73.6| 95.1
* First Quantum | | | |
* Minerals | -3.5420| -3.6| -28.5| 9.5
* Shopify | -5.9870| -0.4| 6.1| 34.6

US
By Rita Nazareth
(Bloomberg) — Stocks advanced ahead of Friday’s jobs data that will shape bets on the path of interest rates and the Federal Reserve’s massive bond-buying program.
The dollar retreated.     The S&P 500 closed at a fresh record, with energy and industrial shares among the biggest gainers. Tech underperformed. The U.S. probably added 725,000 jobs in August –  a more moderate pace compared to each of the prior two months, but stronger than gains seen early this year. Atlanta Federal Reserve President Raphael Bostic said “we’re going to let the economy continue to run until we see signs of inflation,” before stepping in on rates. Treasury yields have barely budged since Fed Chair Jerome Powell last week said the central bank could begin tapering its asset purchases this year. But that calm faces a test with the jobs data. The potential for volatility comes from the fact that when officials gather this month, they will release fresh projections for the fed funds rate. And with the labor market pivotal for policy now, Friday’s report is seen as laying the foundation for these forecasts. “Most market watchers aren’t expecting the U.S central bank to announce its taper plans until its November meeting at the earliest, a full three non-farm payroll (NFP) reports from now,” Matt Weller, global head of research at Forex.com and City Index, wrote in a note to clients.  “Nonetheless, traders will still key in on Friday’s big jobs report to see if the labor market is recovering as expected.” Investors’ concerns about economic growth are overdone, opening the way for potential gains in cyclical assets in the near future, according to Goldman Sachs Group Inc.
While economically sensitive sectors dominated the leaderboard in the first half of 2021, they’ve lagged in recent months as the delta coronavirus variant prompted concerns about the pace of the recovery. “The market is worrying too much about global cyclical risks from Delta outbreaks and China’s slowdown, and our Fed forecast is still more dovish than the market’s,” Goldman strategists led by Zach Pandl said in a note. “So we think some further relief in cyclical assets — higher equities and higher bond yields — is likely over the near term.” Meantime, Bill Gross, who co-founded Pacific Investment Management Co. in the 1970s and retired in 2019, said longer-term Treasury yields are so low that the funds that buy them belong in the “investment garbage can.”  Ten-year yields are likely to climb to 2% over the next 12 months, he wrote.  The benchmark bond rate is currently around 1.3%. Some corporate highlights:

* After the close of regular trading, Broadcom Inc. — one of the world’s largest chipmakers — gave a bullish sales forecast. Meantime, Hewlett Packard Enterprise Co.’s lackluster outlook indicated its corporate and government customers aren’t spending on computer gear as soon as predicted.
* Virgin Galactic Holdings Inc. slid as the U.S. Federal Aviation Administration won’t allow the company to fly its space plane until an investigation is complete into whether a July 11 flight deviation threatened public safety.
* The U.S. Department of Energy has authorized Exxon Mobil Corp. to receive crude from the Strategic Petroleum Reserve to kickstart the production of fuels while most oil production in the Gulf of Mexico remains shut. The shares rose.
* Netflix Inc. rallied after Citigroup Inc. raised its price target for the video-streaming company.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.1873
* The British pound rose 0.5% to $1.3834
* The Japanese yen was little changed at 109.94 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.29%
* Germany’s 10-year yield declined one basis point to -0.38%
* Britain’s 10-year yield declined one basis point to 0.68%
Commodities
* West Texas Intermediate crude rose 1.6% to $69.69 a barrel
* Gold futures fell 0.2% to $1,812 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Elena Popina, Thyagu Adinarayan, Vildana Hajric and Kamaron Leach.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It ain’t what they call you, it’s what you answer to. -W.C. Fields, 1880-1946.

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

Dear Friends,

Tangents:
On Sept. 1, 1939, World War II began as Nazi Germany invaded Poland. Go to article »

The Wildlife Photographer of the Year competition released some stunning images.  And they remind us of just how wondrous this planet really is.
 
Human infants laugh in a similar pattern to another species, a study finds.  Guess laughter really is the universal language. 

Well, it’s a theory… 

The Diapers.com founder wants to build a utopian megacity.
PHOTOS OF THE DAY

People are silhouetted while riding the Atmosfear double swing, which lifts riders more than 66 meters into the air while spinning at up to 70 km/h, at the Pacific National Exhibition at sunset in Vancouver, British Columbia,
CREDIT: DARRYL DYCK/THA CANADIAN PRESS VIA AP

A visitor attends the immersive art experience “Every wall is a door” by Tokyo based group of artists TeamLab, at Superblue Miami in Miami
CREDIT: CHANDAN KHANNA/AFP VIA GETTY IMAGES

A firefighter attempts to control an active fire off Highway 50 during the Caldor Fire in Meyers, California
CREDIT:DAVID ODISHO/BLOOMBERG

Market Closes for September 1^st, 2021

Market Index	Close	Change
Dow Jones	35312.53	-48.20
		-0.14%
S&P 500	4524.09	+1.41
		+0.03%
NASDAQ	15309.38	+50.14 +0.33%
TSX	20689.58	+106.64
		+0.52%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28451.02	+361.48
		+1.29%
HANG SENG	26028.29	+149.30
		+0.58%
SENSEX	57338.21	-214.18
		-0.37%
FTSE 100*	7149.84	+30.14 +0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.181	1.216
CND. 30 Year Bond	1.742	1.776
U.S.    10 Year Bond	1.2936	1.3088
U.S. 30 Year Bond	1.9133	1.9324

Currencies

BOC Close	Today	Previous
Canadian $	0.7923	0.7928
US $	1.2621	1.2613
Euro Rate 1 Euro=		Inverse
Canadian $	1.4943	0.6692
US $	1.1840	0.8446

Commodities

Gold	Close	Previous
London Gold Fix	1814.85	1798.50
Oil
WTI Crude Future	68.59	68.50

Market Commentary:
     On this day in 1862, the San Francisco Stock and Exchange Board was founded by 37 brokers to organize trading in silver and gold mining stocks—primarily based at the booming Comstock Lode in Virginia City, Nev.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets climbed on Wednesday, driven by gains in industrial shares including railway stocks. The S&P/TSX Composite index rose 0.5% in Toronto. Canadian National Railway and Canadian Pacific Railway led industrials higher, with both advancing more than 3% amid their takeover battle for Kansas City Southern.  Canada Goose was the session’s best performer, climbing 5.4% to reverse a four-day losing streak. Meanwhile, Prime Minister Justin Trudeau, facing an unexpectedly tight re-election race, unveiled a campaign platform promising tens of billions of dollars in spending on new initiatives that he says would be financed by a tax-revenue windfall from an expanding Canadian economy.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.6 percent
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 29 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on Sept. 1, 2021 and 34.2 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.5 percent in the past 5 days and rose 2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.3 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$3.24t
* 30-day price volatility fell to 5.69 percent compared with 5.98 percent in the previous session and the average of 8.31 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | 57.0682| 2.3| 19/10
* Information Technology | 26.5971| 1.1| 10/2
* Financials | 22.6406| 0.4| 21/7
* Energy | 7.5745| 0.3| 13/10
* Real Estate | 4.7582| 0.7| 22/3
* Consumer Discretionary | 3.6516| 0.5| 10/2
* Utilities | 3.6416| 0.4| 13/2
* Communication Services | 2.5989| 0.3| 6/1
* Consumer Staples | -2.5149| -0.3| 10/3
* Health Care | -2.5426| -1.1| 1/8
* Materials | -16.8425| -0.7| 15/38
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian National | 27.6700| 3.8| 304.4| 10.0
* Canadian Pacific | 20.7200| 5.1| 471.8| 3.2
* Shopify | 12.5600| 0.8| -28.4| 35.2
* Suncor Energy | -2.9380| -1.2| 38.2| 9.0
* Couche-Tard | -3.7950| -1.3| 33.6| 16.0
* Barrick Gold | -4.4620| -1.4| -17.4| -12.7

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — The broader stock market almost wiped out its gains, while mega-cap companies rallied as traders turned to defensive shares after economic data suggested a slowdown in the labor-market recovery. The NYSE FANG+ Index of pandemic darlings such as Apple Inc. and Amazon.com Inc. climbed more than 1%. Real-estate, utility and staples firms in the S&P 500 rose, while energy and financial stocks fell. The benchmark gauge of American equities closed little changed, while the Dow Jones Industrial Average retreated. U.S. companies added fewer jobs than expected in August, ADP Research Institute data showed. While manufacturing expanded at a stronger-than-estimated pace, supply-chain bottlenecks were accompanied by labor constraints. Those figures came before Friday’s payrolls data, with economists expecting a deceleration from the rapid gain in the prior month and a drop in the unemployment rate. “The private payrolls numbers have been all over the map during the pandemic, and often not the strongest indicator of how the rest of the jobs report will play out,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial. “With so much pressure on improvement on the labor-market front coming from the Fed, this could send a signal that jobs growth is stagnating. That’s likely a good thing for the markets though, as it means easy-money policy continues.”
For Linda Duessel, senior equity strategist at Federated Hermes, it’s still too early to get bearish on the market. While more Wall Street voices are predicting a pullback soon, she told Bloomberg TV Wednesday that the “unbelievable” landscape of strong earnings and fiscal stimulus means stocks can run higher for longer. Meantime, Citigroup Inc.’s Tobias Levkovich is sticking to his bearish call. The bank’s chief U.S. equity strategist predicts the index will end the year at 4,000 before reaching 4,350 by June 2022.  Both levels sit below its last close of 4,522.68. Underpinning his view are stretched valuations and a planned tax rise that will hurt corporate profits. The Treasury 10-year note’s yield has scope to rise to 1.90% in the coming months, a level it hasn’t exceeded since January 2020, according to JPMorgan Chase & Co. technical strategist Jason Hunter. He cited the “aggressive rally that created extreme overbought conditions” as one of the reasons for his prediction. The benchmark bond rate is currently around 1.3%.

Some corporate highlights:
* Netflix Inc. rallied after saying the sitcom “Seinfeld” would begin streaming on Oct. 1.
* Chinese stocks listed in the U.S. rose for a third straight day, rebounding from a selloff fueled by Beijing’s sweeping regulatory crackdown.
* Workhorse Group Inc. tumbled after a news report that the U.S. Securities and Exchange Commission has opened an investigation into the electric-truck startup.

Here are some key events to watch this week:
* U.S. factory orders, durable goods, trade balance, initial jobless claims Thursday
* U.S. jobs report Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1838
* The British pound was little changed at $1.3768
* The Japanese yen was little changed at 110.05 per dollar
Bonds
* The yield on 10-year Treasuries declined one basis point to 1.30%
* Germany’s 10-year yield advanced one basis point to -0.37%
* Britain’s 10-year yield declined two basis points to 0.69%
Commodities
* West Texas Intermediate crude fell 0.4% to $68.24 a barrel
* Gold futures were little changed
–With assistance from Sunil Jagtiani, Anchalee Worrachate, Cecile Gutscher, Nancy Moran, Heather Burke and Kamaron

Have a lovely evening.

Be magnificent!

As ever,

Carolann

The most profound relationship we’ll ever have is the one with ourselves. –Charlotte Brontë, 1816-1855.

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

Dear Friends, 
Tangents:

1896~Gold discovered, Klondike.
On Aug. 31, 1997, Britain’s Princess Diana died in a car crash in Paris at age 36.  Go to article »

A fake Banksy NFT sold for $336,000. (h/t Scott Kominers)

A Roman priest’s remains were found preserved in Pompeii

Too much or too little sleep could harm your brain.  Hey brain, could you be a little less particular? We’re trying our best out here.

Coffee prices haven’t been this high in 4 years.  Your coffee has to go through a lot to get to your tired mouth every morning, and right now it’s hitting a few snags along the way.
 
 Have you made a life-changing decision during the pandemic? CNN wants to know about it.  Come all ye divorcé/es, career-changers, new parents and cross-country movers. Tell us about it here. 

PHOTOS OF THE DAY

Mel Smothers plays the violin while stuck in traffic with evacuees as residents attempt to flee the Caldor fire in South Lake Tahoe, California
CREDIT: JOSH EDELSON/AFP VIA GETTY IMAGES

U.S. Army Major General Chris Donahue, commander of the 82nd Airborne Division, steps on board a C-17 transport plane as the last U.S. service member to leave Hamid Karzai International Airport in Kabul, Afghanistan
CREDIT: US ARMY VIA REUTERS

Bird Photographer of the Year Awards 2021  Nicolas Reusens from Spain, Silver Award winner in the  Birds in Flight category
CREDIT: NICOLAS REUSENS

People attend ‘The Great Exhibition 2021: SCIENCE’ created by artistic collaboration Luxmuralis, at Lichfield Cathedra
CREDIT: REUTERS/ANDREW BOYERS

Market Closes for August 31^st, 2021

Market Index	Close	Change
Dow Jones	35360.73	-39.11
		-0.11%
S&P 500	4522.68	-6.11
		-0.13%
NASDAQ	15259.23	-6.66 -0.04%
TSX	20582.94	-12.03
		-0.06%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28089.54	+300.25
		+1.08%
HANG SENG	25878.99	+339.45
		+1.33%
SENSEX	57552.39	+662.63
		+1.16%
FTSE 100*	7119.70	-28.31 -0.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.216	1.184
CND. 30 Year Bond	1.776	1.743
U.S.    10 Year Bond	1.3088	1.2785
U.S. 30 Year Bond	1.9324	1.8964

Currencies

BOC Close	Today	Previous
Canadian $	0.7928	0.7933
US $	1.2613	1.2605
Euro Rate 1 Euro=		Inverse
Canadian $	1.4896	0.6713
US $	1.1810	0.8467

Commodities

Gold	Close	Previous
London Gold Fix	1798.50	1798.50
Oil
WTI Crude Future	68.50	69.21

Market Commentary:
     On this day in 1998, the Dow Jones Industrial Average lost 512.61 points, its second-worst point drop ever (but not even in the top 20 losses by percentage). The front page of The New York Post screamed: KISS YOUR ASSETS GOODBYE! By year end, the Dow was 21.8% higher.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada’s main stock index rose for a seventh straight month in August, the longest winning streak since 2017, as technology shares continued their torrid gains. The S&P/TSX Composite index gained 1.5% this month, helped by strong performances by tech stocks including Shopify Inc.  The benchmark was flat on Tuesday but rose 83% since hitting pandemic low on March 2020.  The S&P/TSX Composite Information Technology index rose 5.8% in August, climbing to highest levels since Jan. 2001. Payments companies Nuvei Corp. and Lightspeed POS Inc. led the monthly advance within the tech index, both of which posted better-than-expected revenue in the second quarter.  In fact, a rebound in corporate earnings might have caught investors and analysts by surprise, which likely have contributed to the bullish rally for the index. “With first and second quarter earnings now behind us, it has become abundantly clear that earnings estimates and revisions across the board have struggled to keep pace with the breadth and depth and pure unadulterated strength of the current earnings recovery,” BMO’s Chief Investment Strategist Brian Belski wrote in a note. He also raised the price target for TSX 7.3% higher for this year, to 22,000 from his previous estimate of 20,500 and expects the “epic positive surprise cycle” likely to continue for the next few quarters.
On the flip side, the natural resources sectors were the worst performers this month as investors sold the materials and energy stocks. Gold miner New Gold Inc. was the worst performer within the materials, in August, after the company lowered its guidance. Within the energy sector, natural gas producer Keyera Corp. posted the worst monthly return, after its second quarter earnings disappointed the investors. On the M&A front, Canadian National Railway Co. was dealt a potentially fatal blow in its $30 billion effort to acquire Kansas City Southern as U.S. regulators rejected a plan to use a voting trust to make the purchase. The setback could prod Kansas City Southern to rethink Canadian National’s offer and send the U.S carrier back into the arms of Canadian Pacific Railway Ltd. CN Rail stock rose 7.4% on the news, while CP Rail shares tumbled 6.3% in Toronto. Meanwhile, the Canadian dollar fell slightly on Tuesday, after Canada’s economy unexpectedly stalled through spring and early summer, raising questions about the resiliency of the nation’s economy. The country’s Gross domestic product fell at an annualized 1.1% pace from April to June. Economists in a Bloomberg survey were anticipating a 2.5% expansion. 

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 20,582.94 in Toronto. Shopify Inc. contributed the most to the index decline, decreasing 1.3 percent. Canadian Pacific Railway Ltd. had the largest drop, falling 4.6 percent. Today, 103 of 229 shares fell, while 122 rose; 7 of 11 sectors were lower, led by financials stocks.

Insights
* This month, the index rose 1.5 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 0.6 percent below its 52-week high on Aug. 31, 2021 and 33.5 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.2 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$3.24t
* 30-day price volatility fell to 5.98 percent compared with 6.63 percent in the previous session and the average of 8.44 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -42.5734| -0.7| 10/18
* Information Technology | -14.1491| -0.6| 10/2
* Consumer Staples | -5.5114| -0.7| 4/7
* Energy | -5.1266| -0.2| 14/9
* Consumer Discretionary | -1.1285| -0.1| 3/9
* Utilities | -0.9566| -0.1| 4/12
* Real Estate | -0.4485| -0.1| 9/16
* Communication Services | 2.1460| 0.2| 4/3
* Health Care | 3.9630| 1.7| 7/2
* Materials | 16.7525| 0.7| 37/15
* Industrials | 34.9884| 1.4| 20/10
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -19.9900| -1.3| 29.4| 34.0
* Canadian Pacific | -19.1900| -4.6| 892.2| -1.8
* Royal Bank of Canada | -14.6000| -1.1| 24.8| 23.9
* Franco-Nevada | 3.4620| 1.4| 22.9| 15.3
* Barrick Gold | 4.7100| 1.5| 15.6| -11.4
* Canadian National | 50.2500| 7.4| 520.1| 6.0

US
By Rita Nazareth and Elaine Chen
(Bloomberg) — The stock-market euphoria abated in the last trading day of August as investors assessed whether lofty valuations can withstand the unwinding of pandemic-era stimulus. The S&P 500 edged lower, while European shares fell on signals the region’s central bank will start discussing a reduction of bond purchases. A decline in financial firms weighed on sentiment after Bloomberg News reported Wells Fargo & Co. risks regulatory action over the pace of restitution. Data Tuesday showed a slide in consumer confidence and the biggest jump in home prices in more than 30 years. American equities still notched their seventh straight monthly advance — the longest winning streak since January 2018 — amid a tonic of strong corporate profits and moderate monetary policy. As the tapering debate heats up at a time when a coronavirus resurgence is delaying re-openings in some parts of the world, there’s been concern about an overstretched stock market. The S&P 500 is currently trading near its highest valuation levels since 2000.“Markets are taking a little bit of a breather,” said Cliff Hodge, chief investment officer at Cornerstone Wealth.
     After making it through strong economic data and stellar corporate earnings, “markets are now trying to grapple with: well, what’s next?” Fourteen streaks of seven months or longer for the S&P 500 have occurred during the past 60 years, according to data compiled by Bloomberg. History points to three outcomes for the gauge after reaching such milestones. Five of them ended in the next month as the index fell. Another four were followed by gains of no more than 3.2% before the streaks ended. The other five delivered advances of 9.7% or more before they concluded — including the most recent streak, which lasted 10 months and ran through January 2018. Corporate insiders, whose buying correctly signaled the bear-market bottom in March 2020, are not afraid of chasing the record-setting rally. More than 1,000 executives and officers have snapped up shares of their own firms this month — the most since May of last year, according to data compiled by the Washington Service.  
Some corporate highlights:
* Zoom Video Communications Inc. tumbled after the stay-at-home darling gave a sales forecast that fell short of some analysts’ estimates.
* Chinese gaming-related stocks listed in the U.S. rebounded from Monday’s drop, with NetEase Inc. and Bilibili Inc. rallying.
* Moderna Inc. climbed after a study showed its Covid-19 vaccine generated more than double the antibodies of a similar shot made by Pfizer Inc. and BioNTech SE.
* Allbirds Inc. is moving ahead with an initial public offering as it expands beyond the wool trainers that have become the unofficial footwear of Silicon Valley.
Here are some key events to watch this week:
* OPEC+ meeting on output Wednesday
* Euro zone manufacturing PMI Wednesday
* U.S. jobs report Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1807
* The British pound was little changed at $1.3749
* The Japanese yen was little changed at 110.01 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.30%
* Germany’s 10-year yield advanced six basis points to -0.38%
* Britain’s 10-year yield advanced 14 basis points to 0.71%
Commodities
* West Texas Intermediate crude fell 1% to $68.50 a barrel
* Gold futures rose 0.3% to $1,817.40 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, David Wilson and Vildana Hajric.
Have a lovely evening.
 
Be magnificent!
As ever,

Carolann
How far that little candle throws his beams!  So shines a good deed in a naughty world. -William Shakespeare, 1564-1616.
 
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

Dear Friends,

Tangents:
On Aug. 30, 2005, Hurricane Katrina struck the Gulf Coast with devastating force, killing more than 1,700 people and flooding New Orleans after the city’s levees failed.  Go to article »

Coffee may reduce risk of death from stroke and heart disease.  Just a little something to tell yourself as you head to the coffee pot for a refill

Greenland expedition discovers ‘world’s northernmost island’.  For when you really, REALLY wanna get away. 

The U.S. withdrawal from Afghanistan is complete: The war is over.

Hurricane Ida’s wrath—in pictures.

An AI figured out why “Macbeth” is so creepy. (h/t Alexandra Ivanoff)

PHOTOS OF THE DAY

Thirsty birds guzzle water from a dripping tap. The Cinnamon-breasted bunting, which has a striped head and brown features, was spotted in Salalah, the largest city in Oman. The little group had come to rehydrate at the tap, commonly used by those who live in the mountains for their camels, after feeding mid-morning. 
CREDIT: AMARDEEP SINGH/ SOLENT NEWS & PHOTO AGENCY UK

Flames surround a chair lift at Sierra-at-Tahoe Resort, a skiing area, during the Caldor fire in Twin Bridges, California.
CREDIT: JOSH EDELSON/AFP VIA GETTY IMAGES

Artists dressed in costumes of Hindu deity lord Krishna and his mythological accomplices wait before they perform as a part of Janmashtami festival to mark the birth of Lord Krishna in Kolkata.
CREDIT: DIBYANGSHU SARKAR/AFP VIA GETTY IMAGES

The Pferdestunt stunt horse riding team are pictured riding through flames at the Medieval festival at Herstmonceux Castle, in East Sussex, UK.
CREDIT: ED BROWN/COVER-IMAGES.COM
Market Closes for August 30^th, 2021

Market Index	Close	Change
Dow Jones	35399.84	-55.96
		-0.16%
S&P 500	4528.79	+19.42
		+0.43%
NASDAQ	15265.89	+136.39 +0.90%
TSX	20594.97	-49.67
		-0.24%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27789.29	+148.15
		+0.54%
HANG SENG	25539.54	+131.65
		+0.52%
SENSEX	56889.79	+765.04
		+1.36%
FTSE 100*	7148.01	+23.03 +0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.184	1.204
CND. 30 Year Bond	1.743	1.752
U.S.    10 Year Bond	1.2785	1.3087
U.S. 30 Year Bond	1.8964	1.9195

Currencies

BOC Close	Today	Previous
Canadian $	0.7933	0.7924
US $	1.2605	1.2620
Euro Rate 1 Euro=		Inverse
Canadian $	1.4871	0.6724
US $	1.1798	0.8476

Commodities

Gold	Close	Previous
London Gold Fix	1798.50	1786.60
Oil
WTI Crude Future	69.21	68.74

Market Commentary:
     On this day in 1930, and with the Dow at 240.42, Warren Edward Buffett was born in Omaha, Neb., to stockbroker Howard Buffett and homemaker Leila Stahl Buffett.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets dropped as cyclical stocks such as materials, financials and health care companies underperformed. The S&P/TSX Composite fell 0.2% in Toronto, following on the previous session’s increase of 0.7%. Materials stocks were the worst performers, led by miners. Consumer staples and tech stocks were the best performers. Royal Bank of Canada contributed the most to the index decline, decreasing 0.9%. Westport Fuel Systems Inc. had the largest drop, falling 5.6%. The national election next month raises the possibility Canada could impose five-year targets to reduce the oil industry’s greenhouse gas emissions or switch to synchronizing rules with those of economic partners, depending on who among the top political parties forms the country’s next government. Terminal users can read more in our markets live blog.

Insights
* This month, the index rose 1.5%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on Aug.27, 2021 and 33.6% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.6% in the past 5 days and rose 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility fell to 6.63% compared with 7.86% in the previous session and the average of 8.58% over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -49.6688| -0.8| 7/21
* Materials | -21.9827| -0.9| 15/38
* Energy | -7.6384| -0.3| 8/14
* Consumer Discretionary | -2.8577| -0.4| 5/6
* Health Care | -1.9359| -0.8| 2/7
* Industrials | -1.6539| -0.1| 18/12
* Utilities | -0.5482| -0.1| 11/4
* Real Estate | 1.3403| 0.2| 19/5
* Communication Services | 4.4084| 0.4| 5/2
* Consumer Staples | 7.9163| 1.0| 11/2
* Information Technology | 22.9555| 0.9| 8/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of | | | |
* Canada | -12.0100| -0.9| -33.1| 25.3
* TD Bank | -6.8510| -0.7| -20.0| 15.1
* Bank of Nova Scotia| -6.7660| -1.0| 40.3| 14.2
* CGI Inc | 3.6590| 2.2| 28.2| 11.6
* Couche-Tard | 3.8520| 1.3| -12.6| 19.6
* Shopify | 14.0500| 0.9| -51.1| 35.8

US
By Rita Nazareth
(Bloomberg) — Stocks climbed, led by some of the world’s largest technology companies.  Traders also assessed the impacts from Tropical Storm Ida, which sank insurers and energy firms, while pushing gasoline higher. The S&P 500 notched its 12th all-time high in August, and the Nasdaq 100 rallied as Apple Inc.’s market value topped $2.5 trillion.  Robinhood Markets Inc. and Charles Schwab Corp. slid as Securities and Exchange Commission’s Chairman Gary Gensler told Barron’s that a full ban of payment for order flow is “on the table.” As the earnings season draws to a close, the S&P 500 is on track for its seventh straight monthly advance — the longest winning streak since January 2018. Federal Reserve Chair Jerome Powell did just enough last week to preserve the view that his goals align with investors’: growth that is fast enough to boost hiring and corporate profits, but not inflation. U.S. pending home sales fell in July, while traders looked to Friday’s payrolls data for a guide as to whether there’s any slowdown. “Tactical investors should tilt portfolios in favor of stocks over bonds,” said Ryan Detrick, chief market strategist at LPL Financial.  “This certainly does not mean that an exogenous shock could not cause stocks to correct. However, when looking at the recent pace of earnings, the policy environment and market history, we fail to see a compelling bear case against equities.”
For veteran strategist Robert Doll, while the equity-market rally may be getting “a little tired,” it has more than enough fuel to continue. A “still good” economy means that stocks will “generally go up,” Doll, chief investment officer at Crossmark Global Investments Inc., said in an interview on Bloomberg TV’s Surveillance Monday. “A good economy means good earnings, so the path of least resistance has been and likely will continue to be to the upside.”

Some other corporate highlights:
* Affirm Holdings Inc. surged after entering a partnership with Amazon.com Inc. to help consumers finance large purchases made on the e-commerce giant’s website.
* Vinco Ventures Inc., a digital media company, and software firm Support.com Inc. extended rallies fueled by retail investors in chatrooms like StockTwits and on Reddit.
* Airlines fell as European Union countries voted to reimpose restrictions on non-essential travel from the U.S. amid a surge in coronavirus cases.
* Chinese gaming stocks listed in the U.S. were under pressure after regulators in Beijing cut back the amount of time minors can play each week, with NetEase Inc. and Bilibili Inc. dropping.

Here are some key events to watch this week:
* OPEC+ meeting on output Wednesday
* Euro zone manufacturing PMI Wednesday
* China Caixin manufacturing PMI Wednesday
* U.S. jobs report Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1799
* The British pound was little changed at $1.3761
* The Japanese yen was little changed at 109.90 per dollar
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.28%
* Germany’s 10-year yield declined two basis points to -0.44%
* Britain’s 10-year yield was little changed at 0.58%
Commodities
* West Texas Intermediate crude rose 0.5% to $69.05 a barrel
* Gold futures fell 0.4% to $1,813.10 an ounce
–With assistance from Andreea Papuc, Robert Brand, Nancy Moran, Vildana Hajric and Kamaron Leach.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

An adventure is only an inconvenience rightly considered.  An inconvenience is only an adventure wrongly considered. –G.K. Chesterton, 1874-1936.

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
a

Dear Friends,

Tangents: Happy Friday.

On Aug. 27, 1962, the United States launched the Mariner 2 space probe, which flew past Venus the following December.  Go to article »

The superyachts are fine, everybody.

Scientists are searching for lost Nazi nuclear cubes.

PICTURES OF THE DAY

Martin Broen explores the otherwordly landscapes of underwater caves and cenotes along the Riviera Maya in Mexico
CREDIT: CATERS NEWS AGENCY

Long exposure picture of Rocket Lab’s Electron takes off into space from Mahia Peninsula, New Zealand
CREDIT: ROCKET LAB/HANDOUT VIA REUTERS

Andy Jones of the USA dives from the 21 metre Stari Most (Old Bridge) during the first competition day of the third stop of the Red Bull Cliff Diving World Series at Mostar, Bosnia and Herzegovina
CREDIT: ROMINA AMATO/RED BULL VIA GETTY IMAGES

Market Closes for August 27^th, 2021

Market Index	Close	Change
Dow Jones	35455.80	+242.68
		+0.69%
S&P 500	4509.37	+39.37
		+0.88%
NASDAQ	15129.50	+183.69 +1.23%
TSX	20644.64	+140.49
		+0.69%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27641.14	-101.15
		-0.36%
HANG SENG	25407.89	-7.80
		-0.03%
SENSEX	56124.72	+175.62
		+0.31%
FTSE 100*	7148.01	+23.03 +0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.204	1.239
CND. 30 Year Bond	1.752	1.786
U.S.    10 Year Bond	1.3087	1.3491
U.S. 30 Year Bond	1.9195	1.9468

Currencies

BOC Close	Today	Previous
Canadian $	0.7924	0.7884
US $	1.2620	1.2684
Euro Rate 1 Euro=		Inverse
Canadian $	1.4886	0.6718
US $	1.1795	0.8478

Commodities

Gold	Close	Previous
London Gold Fix	1786.60	1788.70
Oil
WTI Crude Future	68.74	67.42

Market Commentary:
     On this day in 1878, the day after he returned to his laboratory in Menlo Park, N.J., from a trip to St. Louis, Thomas Edison began experimenting with electric light. By the middle of September (the final date is uncertain), Edison had solved the problem of creating incandescent light.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 20,644.64 in Toronto, closing at a fresh record high to end the week.  Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 4.6%.  Endeavour Silver Corp. had the largest increase, rising 6.4%. Today, 161 of 229 shares rose, while 67 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 1.8 percent
* This week, the index rose 1.5 percent, the biggest advance since the week ended May 28
* The index advanced 23 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Aug. 27, 2021 and 33.9 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.3 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$3.22t
* 30-day price volatility fell to 7.86 percent compared with 8.31 percent in the previous session and the average of 8.76 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 63.9725| 2.8| 51/2
* Energy | 46.4027| 1.9| 22/1
* Information Technology | 24.0529| 1.0| 10/2
* Industrials | 11.6988| 0.5| 19/11
* Consumer Discretionary | 2.6023| 0.3| 7/6
* Health Care | 2.5845| 1.1| 7/2
* Communication Services | 2.5560| 0.3| 5/2
* Real Estate | 1.9427| 0.3| 18/6
* Utilities | 0.3664| 0.0| 8/8
* Consumer Staples | -0.9602| -0.1| 5/8
* Financials | -14.7222| -0.2| 9/19
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Natural | | | |
* Resources | 15.5400| 4.6| 0.1| 38.7
* Shopify | 10.7800| 0.7| -43.3| 34.6
* Barrick Gold | 6.5690| 2.1| -8.0| -11.4
* Bank of Nova Scotia| -3.4670| -0.5| 60.5| 15.4
* TD Bank | -5.0740| -0.5| 53.2| 15.8
* CIBC | -5.3780| -1.2| 168.9| 34.7

US
By Jennifer Bissell-Linsk and Vildana Hajric
(Bloomberg) — U.S. equities gained to another record high as investors took assurance from comments by Jerome Powell that the withdrawal of stimulus would be gradual. The S&P 500 and Nasdaq 100 rose after the Federal Reserve chairman’s much-anticipated Jackson Hole address, where he reinforced the message that it would be appropriate to begin tapering bond purchases by the end of the year. Treasury yields and the dollar fell. Gold gained. Powell said the economy has now met the test of “substantial further progress” toward the Fed’s inflation objective while the labor market has also made “clear progress.” The remarks come as the latest reading of a closely watched measure of inflation remained elevated, highlighting the case for starting policy normalization despite the threat of the delta virus variant on the economic recovery.  “Investors are breathing a sigh of relief as Powell suggests a kinder, gentler Fed tightening,” said Mike Bailey, director of research at FBB Capital Partners. “Judging by the equity move, my sense is mainstream investors expected a harder line from Powell about tapering starting in the fall and rate hikes locked in for late 2022 or early 2023.”
During the speech, Powell also drew a line between asset purchases and interest rates, saying the Fed wouldn’t be in a hurry to begin increasing rates after it begins tapering its $120-billion-a-month bond-buying program. “I would fully expect that they will formally start slowly cutting asset purchases in October,” said Jeffery Elswick, director of fixed income at Frost Investment Advisors, targeting a September announcement. “But as long as they continue to be ultra-dovish on future rate hikes, I don’t think it will create a huge market reaction– at least initially.” The next risk factors will likely come from economic reports, given the market’s experience with communicating quantitative easing, Kevin Caron, senior portfolio manager at Washington Crossing Advisors, said. “While a policy misstep could happen, while a communication misstep could happen, it’s really more in the economic data itself where we would look for risk,” he said. The Stoxx Europe 600 index gained, on track for the seventh straight month of gains, the longest streak in eight years. Stocks climbed in China, where the central bank signaled targeted steps to cushion the economy. West Texas Intermediate crude had its best week since June 2020. Bitcoin rose above $48,000.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.4% to $1.1796
* The British pound rose 0.5% to $1.3763
* The Japanese yen rose 0.2% to 109.83 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.30%
* Germany’s 10-year yield declined two basis points to -0.42%
* Britain’s 10-year yield declined two basis points to 0.58%
Commodities
* West Texas Intermediate crude rose 2% to $68.74 a barrel
* Gold futures rose 1.5% to $1,821.30 an ounce
–With assistance from Kamaron Leach and Elaine Chen.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

We don’t see things as they are, we see them as we are. –Anaïs Nin, 1903-1977.

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

Dear Friends,

Tangents:
Krakatoa Erupts, 1883 – 36,000 killed.

Christopher Columbus, explorer, b. 1451.
2003: Investigators concluded that NASA’s overconfident management and inattention to safety doomed the space shuttle Columbia as much as damage to the craft did.  Go to article »

An extra artery shows humans are still evolving.

Why are hyperlinks blue?

The search for alien life should broaden its horizons a bit, a new study suggests.

Fossil confiscated in Brazilian police raid is one of the most complete pterosaur skeletons ever found.  This piece of news could send you down the fascinating rabbit hole of illegal (or at best, questionably legal) fossil trades.

PHOTOS OF THE DAY

An aerial view shows a giant landart fresco by French-Swiss artist Saype next to the Moleson summit in Moleson-sur-Gruyeres, Switzerland
CREDIT: VALETIN FLAURUD/EPA-EFE/SHUTTERSTOCK

The Train to the Clouds, the third highest passenger railway in the world, travels through northwestern Argentina, reaching 4,186 meters above sea level on the viaduct ‘La Polvorilla’, near the foothills of the Andes
CREDIT: TRAIN OF THE CLOUDS/HANDOUT/EPA-EFE/SHUTTERSTOCK

Aliens from the planet Hanyana, stars of Fringe show WeCameToDance, explore the mirror maze at Camera Obscura & World of Illusions, Edinburgh during the Edinburgh Fringe Festival
CREDIT: EUAN SHERRY/GERRY IMAGES

Tent city… thousands of people camping at the Reading Festival
CREDIT: VAGNER VIDAL/HYDE NEWS & PICTURE LTD

Bonhams are auctioning works of South African sculptor Stella Shawzin. Pictured is Sasha Thomas with Polo Pony listed at £3,000-5000
CREDIT: FIONA HANSON

Market Closes for August 26^th, 2021

 

Market Index	Close	Change
Dow Jones	35213.12	-192.38
		-0.54%
S&P 500	4470.00	-26.19
		-0.58%
NASDAQ	14945.81	-96.05 -0.64%
TSX	20504.15	-83.17
		-0.40%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27742.29	+17.49
		+0.06%
HANG SENG	25415.69	-278.26
		-1.08%
SENSEX	55949.10	+4.89
		+0.01%
FTSE 100*	7124.98	-25.14 -0.35%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.239	1.249
CND. 30 Year Bond	1.786	1.815
U.S.    10 Year Bond	1.3491	1.3390
U.S. 30 Year Bond	1.9468	1.9482

Currencies

BOC Close	Today	Previous
Canadian $	0.7884	0.7942
US $	1.2684	1.2591
Euro Rate 1 Euro=		Inverse
Canadian $	1.4913	0.6706
US $	1.1756	0.8506

Commodities

Gold	Close	Previous
London Gold Fix	1788.70	1808.45
Oil
WTI Crude Future	67.42	68.41

Market Commentary:
     On this day in 1919, the Coca-Cola Co. successfully sold shares to outsiders for the first time, as a syndicate of banks and brokers from around the country bought 417,000 shares to resell to retail investors at an initial offering price of $40. (An earlier attempt at a stock offering in 1892 failed miserably.)
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 20,504.15 in Toronto, ending a 4-day rally. The loss follows the previous session’s increase of 0.2%. Investors will be listening for any details at tomorrow’s Jackson Hole symposium for when and how the U.S. central bank will start to ease back its massive bond buying program. Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.4%. Lithium Americas Corp. had the largest drop, falling 5.3%. Today, 118 of 229 shares fell, while 108 rose; 6 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 1.1 percent
* So far this week, the index rose 0.8 percent
* The index advanced 22 percent in the past 52 weeks. The MSCI AC Americas Index gained 29 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on Aug. 25, 2021 and 33 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.4 percent in the past 5 days and rose 1.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.3 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$3.24t
* 30-day price volatility rose to 8.31 percent compared with 8.20 percent in the previous session and the average of 8.83 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -60.9712| -0.9| 6/22
* Information Technology | -28.8753| -1.2| 5/7
* Consumer Discretionary | -6.0444| -0.8| 2/11
* Health Care | -2.8152| -1.2| 2/6
* Consumer Staples | -2.4383| -0.3| 9/4
* Materials | -0.9676| 0.0| 28/23
* Energy | 0.0217| 0.0| 10/13
* Utilities | 1.9418| 0.2| 12/4
* Communication Services | 2.2689| 0.2| 5/2
* Real Estate | 2.5784| 0.4| 19/6
* Industrials | 12.1324| 0.5| 10/20
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -26.0100| -2.4| 60.6| 16.4
* Shopify | -25.9600| -1.7| -52.7| 33.6
* Bank of Montreal | -13.7600| -2.3| -13.7| 31.9
* Waste Connections | 2.9430| 1.0| -35.9| 23.7
* Brookfield Asset | | | |
* Management | 4.2500| 0.6| 2.3| 36.8
* Canadian National | 9.1900| 1.4| -12.3| -1.0

US
By Jennifer Bissell-Linsk and Kamaron Leach
(Bloomberg) — U.S. equities fell Thursday as markets turned cautious after explosions in Afghanistan and ahead of a Federal Reserve gathering that may provide more clues about its approach to paring stimulus. The S&P 500 and Nasdaq 100 slid as U.S. and civilian casualties were reported from blasts outside the Kabul airport, escalating tensions as the U.S. evacuates the area. The decline came after non-voting members of the Federal Open Market Committee also made hawkish monetary comments, urging the Fed to start tapering its asset purchase program. Energy shares led the decline as crude oil fell. Treasuries were little changed and the dollar rose. Michael O’Rourke, chief market strategist at Jones Trading, said the quick drop in shares was likely a culmination of the morning news, including the uncertainty created by the explosions and the Fed commentary ahead of Chairman Jerome Powell’s speech at the Jackson Hole symposium. Views are split on whether the address Friday will provide a clearer guide on tapering emergency Fed support.  While the ongoing economic rebound and elevated inflation add to the case for starting policy normalization, the fast-spreading delta virus strain threatens a slower pace of recovery  than some had expected. “While news of bombings at the Kabul airport has resulted in some volatility this morning, it has become consensus that Jackson Hole will be more or less a non-event as investors are moving expectations for any major Fed taper announcement to later this year,” said Christopher Murphy, Susquehanna International Group co-head of derivatives strategy. If Powell fails to hint at when a taper announcement will happen, all eyes will next be on the August jobs report, said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. The latest jobless claims and annualized gross domestic product data Thursday slightly missed estimates. “A strong jobs report on Sept. 3 will lead to increased speculation that the Fed will announce their taper plans at the September FOMC meeting,” he said. “However, any weakness or disappointment in that report will push consensus back to the next Fed meeting.” The Stoxx Europe 600 Index fell, dragged lower by basic resources and travel, while MSCI Inc.’s Asia-Pacific gauge snapped a three-day rally.  WTI crude oil fell, paring back its weekly gain to about 9%. Bitcoin slid to about $47,000. Gold was slightly higher.

Here are some events to watch this week:
* Fed officials participate in the Jackson Hole Economic Policy Symposium on Friday
* July U.S. personal income and spending data Friday. Investors will scrutinize the personal consumption expenditures price index, an inflation measure closely watched by the Fed.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1754
* The British pound fell 0.5% to $1.3698
* The Japanese yen was little changed at 110.03 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.34%
* Germany’s 10-year yield advanced one basis point to -0.41%
* Britain’s 10-year yield was little changed at 0.60%
Commodities
* West Texas Intermediate crude fell 0.8% to $67.84 a barrel
* Gold futures rose 0.2% to $1,794.70 an ounce
–With assistance from Divya Balji, Vildana Hajric and Robert Brand.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

How far you go in life depends on your being tender with the young, compassionate with the aged, sympathetic with the striving, and tolerant of the weak and strong.  Because someday in your life you will have been all of these. –George Washington Carver, 1864-1943.

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