Category: Events

Dear Friends,

Tangents: Happy Friday.

On Sept. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania. Go to article »

13 coffins thought to have mummies were discovered after 2,500 years in an Egyptian well.  Oh, no no no. This is 2020, and we don’t trust anything anymore. Leave those things ALONE.  –CNN.

Starbucks is fully transitioning from straws to long-awaited sippy cup lids .  That’s “strawless lids,” if you want to make it sound more grown-up. –CNN.
 
Frank Frazetta’s “A Princess of Mars” painting sold for a bargain $1.2 million.-Bloomberg.
Azerbaijan rug is woven to look like it’s melting. – Scott Kominers, Bloomberg.
At least 11 fish species are able to walk. –Bloomberg.

PHOTOS OF THE DAY

Ali Brady plays with her dog as the sun goes down at Garrylucas Beach, Co. Cork, Ireland.
CREDIT: DAVID CREEDON/ ALAMY LIVE NEWS

Havering Hoard: A Bronze Age Mystery Original description: A gallery assistant looks at a socketed axe on display during a preview of the Havering Hoard: A Bronze Age Mystery exhibition at the Museum of London Docklands, east London. The exhibition features a selection of the 453 artefacts from the largest bronze-age hoard to be found in London, which were discovered at a site overlooking the River Thames in 2018.
CREDIT: AARON CHOWN/PA WIRE

A woman walks along The Embarcadero under an orange smoke-filled sky in San Francisco, California, US. More than 300,000 acres are burning across the northwestern state including 35 major wildfires, with at least five towns “substantially destroyed” and mass evacuations taking place.
CREDT: BRITTANY HOSEA- SMALL/ AFP VIA GETTY IMAGES
Market Closes for September 11th, 2020 

Market Index	Close	Change
Dow Jones	27665.64	+131.06
		+0.48%
S&P 500	3340.97	+1.78
		+0.05%
NASDAQ	10853.547	-66.046 -0.60%
TSX	16222.46	+37.14
		+0.23%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23406.49	+171.02
		+0.74%
HANG SENG	24503.31	+189.77
		+0.78%
SENSEX	38854.55	+14.23
		+0.04%
FTSE 100*	6032.09	+28.77 +0.48%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.549	0.567
CND. 30 Year Bond	1.061	1.079
U.S.    10 Year Bond	0.6658	0.6804
U.S. 30 Year Bond	1.4129	1.4206

Currencies

BOC Close	Today	Previous
Canadian $	0.75881	0.75845
US $	1.31785	1.31848
Euro Rate 1 Euro=		Inverse
Canadian $	1.56105	0.64059
US $	1.18454	0.84421

Commodities

Gold	Close	Previous
London Gold Fix	1966.25	1947.20
Oil
WTI Crude Future	37.33	37.30

Market Commentary:
On this day in 1789, Alexander Hamilton was sworn in as the first Secretary of the U.S. Treasury.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities eked out a gain Friday and finished the week little changed after sessions of volatility in information technology stocks.
The S&P/TSX Composite Index rose 0.2% Friday, and 0.03% for the week. Seven of 11 sectors finished higher for the day, with laggards coming from information technology and health care.
Teck Resources Ltd. gained 10.7% after Metal Bulletin reported that seaborne premium prices rose on Chinese demand.
Empire Co. also jumped after an upgrade from TD.
The prospect of a slowdown in the economic recovery and the risk of a second wave of Covid-19 has hurt the loonie of late.
Oil’s weakness is also a factor in the currency’s 1.1% drop against the greenback this month.
Commodities
* Western Canada Select crude oil traded at a $8.00 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,942 an ounce
FX/Bonds
* The Canadian dollar rose 0.02% to $1.3190 per U.S. dollar
* The 10-year government bond yield fell to 1.6 basis points to 0.547%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 16,222.46 in Toronto. The move follows the previous session’s decrease of 1.2 percent. Canadian National Railway Co. contributed the most to the index gain, increasing 1.6 percent. Teck Resources Ltd. had the largest increase, rising 10.7 percent.
Today, 114 of 221 shares rose, while 107 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.6 percent
* This year, the index fell 4.9 percent, heading for the worst year since 2018
* The index declined 2.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 9.7 percent below its 52-week high on Feb. 20, 2020 and 45.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.46t
* 30-day price volatility rose to 12.99 percent compared with 12.97 percent in the previous session and the average of 10.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 34.2526| 0.7| 22/3
Industrials | 22.1081| 1.1| 20/8
Consumer Staples | 6.3186| 0.9| 9/2
Communication Services | 3.4289| 0.4| 3/5
Energy | 3.1201| 0.2| 11/13
Utilities | 2.6003| 0.3| 10/6
Consumer Discretionary | 0.7279| 0.1| 8/5
Health Care | -2.0283| -1.3| 2/7
Real Estate | -2.0629| -0.4| 11/16
Materials | -7.5050| -0.3| 18/32
Information Technology | -23.8107| -1.5| 0/10
US
By Vildana Hajric
(Bloomberg) — U.S. stocks ended a volatile session with major averages mixed, as declines in technology shares continued after a five-month rally came to a halt last week.
The S&P 500 ended little changed, while the Nasdaq 100 fell for the fifth time in seven days to cap its worst week since March. The tech-heavy index traveled 3% from high to low Friday and is 11% from its Sept. 2 record. The rout comes after a torrid August capped a 58% rally from late March. Apple Inc. has plunged 16% from its 10-day old high, but remains only at the lowest in a month.
“You see this kind of volatility when there is a vacuum of information for investors, and we don’t have good data,” said Erika Karp, founder and CEO of Cornerstone Capital Group. “Markets can adapt when there is certainty, but when there is extreme uncertainty and when we’re in a period of transition, you’re going to get volatility.” Most stock in the S&P 500 rose, with three up for every two down. The Dow Jones Industrial Average advanced on rallies in Nike, Dow and Caterpillar. The small-cap Russell 2000 index lost 0.7%.
Tech, the scene of fervent bullish options activity, gave up early gains for a second day, as investors assessed whether the pullback had run its course. Selling picked up Friday after Bloomberg reported SoftBank Group Corp. is considering revamping a controversial strategy of using derivatives to invest in tech companies. Microsoft took a hit after a report that China doesn’t favor a forced sale of TikTok’s U.S. operations.
Treasuries advanced, sending the 10-year yield below 0.67%, while the dollar weakened. The yen was flat, oil climbed little changed and gold slumped. Global stocks notched the first back-to-back weekly declines since March after a rally that added $7 trillion to U.S. equity values. The pandemic is continuing to upend the global economy, with U.S. data showing cracks in recent labor- market strength and virus cases continuing to climb globally.
“When you see these short-term, sudden moves after a run-up like we’ve had, it doesn’t mean you avoid the sector, but you have to be prepared that it’s the price of admission of being there,” said Charles Day, a managing director and private wealth advisor at UBS Global Wealth Management. “Investors should stay invested, we’re still positive on equities.”
In Europe, traders are closely watching comments from European Central Bank officials after President Christine Lagarde spurred a rally in the euro on Thursday when she delivered relatively mild comments on the currency’s surge.
Chief Economist Philip Lane set a tougher tone on Friday, signaling more monetary stimulus may be needed. Meanwhile, the British pound headed for its biggest weekly drop since March as Brexit talks frayed.

     These are the main moves in markets:
Stocks
*The S&P 500 rose 0.1% as of 4 p.m. in New York.
*The Nasdaq Composite Index lost 0.6%.
*The Nasdaq 100 Index dropped 0.6%.
Currencies
*The Bloomberg Dollar Spot Index fell 0.2%.
*The Japanese yen was little changed at 106.09 per dollar.
*The euro increased 0.2% to $1.1842.
Bonds
*The yield on two-year Treasuries decreased one basis point to 0.13%, the lowest in a week.
*The yield on 10-year Treasuries dipped one basis point to 0.67%, the lowest in a week.
*The yield on 30-year Treasuries fell one basis point to 1.41%, the lowest in a week.
Commodities
*West Texas Intermediate crude rose 0.6% to $37.52 a barrel.
*Gold futures lost 0.7% to $1,950.60 an ounce.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Do all the good your can, in all the ways you can, to all the souls you can, in every place you can, at all the times you can, with all the zeal you can,
every time you can.       

                                                                                                                                                                       -John Wesley, 1703-1791

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 10, 1939: Canada declares war on Germany, joining Britain and France in entering the Second World War. Go to article »

The discovery of rust on the moon shows how much fascination Earth’s closest neighbor still holds. — Stephen Carter, Bloomberg.

World wildlife plummets more than two-thirds in 50 years. -Bloomberg.

La Nina is here, threatening even bigger storms and wildfires. –Bloomberg.

Bloomberg Photos: A preview of the apocalypse as California burns.

PHOTOS OF THE DAY

Flames above vehicles on Highway 162 as the Bear Fire burns in Oroville, California.
CREDIT: AP PHOTO/NOAH BERGER

Andy Lewis walks infront of the moon in Moab Utah, USA.
CREDIT: RENAN OZTURK/CATERS NEWS

Escapees ride during the 11th stage of the 107th edition of the Tour de France cycling race, 167 km between Chatelaillon Plage and Poitiers.
CREDIT: MARCO BERTORELLO/AFP

Market Closes for September 10th, 2020 

Market Index	Close	Change
Dow Jones	27534.58	-405.89
		-1.45%
S&P 500	3339.19	-59.77
		-1.76%
NASDAQ	10919.594	-221.970 -1.99%
TSX	16185.32	-198.28
		-1.21%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23235.47	+202.93
		+0.88%
HANG SENG	24313.54	-155.39
		-0.64%
SENSEX	38840.32	+646.40
		+1.69%
FTSE 100*	6003.32	-9.52 -0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.567	0.596
CND. 30 Year Bond	1.079	1.108
U.S.    10 Year Bond	0.6804	0.7001
U.S. 30 Year Bond	1.4206	1.4570

Currencies

BOC Close	Today	Previous
Canadian $	0.75845	0.76047
US $	1.31848	1.31497
Euro Rate 1 Euro=		Inverse
Canadian $	1.55786	0.64191
US $	1.18156	0.84634

Commodities

Gold	Close	Previous
London Gold Fix	1947.20	1910.95
Oil
WTI Crude Future	37.30	38.05

Market Commentary:
On this day in 1831, the Madrid Stock Exchange (La Bolsa de Madrid) was established.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities reversed course Thursday after rising in early trading. The S&P/TSX Composite Index dropped 1.2%, with all sectors declining. Energy stocks were among the laggards as oil dipped on growing crude stockpiles. The Bank of Canada plans to maintain extraordinary stimulus for as long as needed to help the nation’s economy fully recover from the crisis, Governor Tiff Macklem said. CI Financial Corp., Canada’s largest independent mutual fund manager by market value, may seek a U.S. listing as it ramps up a strategy of buying smaller wealth management firms.
Commodities
* Western Canada Select crude oil traded at a $7.35 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,943 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4% to $1.3193 per U.S. dollar
* The 10-year government bond yield fell 3.1 basis points to 0.565%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 1.2 percent at 16,185.32 in Toronto. The move follows the previous session’s increase of 1.8 percent. Shopify Inc. contributed the most to the index decline, decreasing 1.3 percent. Enerplus Corp. had the largest drop, falling 8.5 percent. Today, 178 of 221 shares fell, while 41 rose; all sectors were lower, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.3 percent
* This year, the index fell 5.1 percent, heading for the worst year since 2018
* The index declined 2.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 9.9 percent below its 52-week high on Feb. 20, 2020 and 44.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 3.1 percent in the past 5 days and fell 2.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.49t
* 30-day price volatility rose to 12.97 percent compared with 12.82 percent in the previous session and the average of 10.72 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -54.4430| -1.2| 1/22
Energy | -35.9058| -1.9| 2/22
Materials | -31.7591| -1.2| 14/36
Information Technology | -25.3137| -1.6| 1/9
Utilities | -13.9446| -1.7| 0/16
Consumer Staples | -12.0668| -1.7| 1/10
Communication Services | -9.9786| -1.1| 3/5
Consumer Discretionary | -5.4116| -1.0| 3/10
Real Estate | -4.4652| -0.9| 4/23
Industrials | -3.9865| -0.2| 8/20
Health Care | -0.9996| -0.7| 4/5
US
By Claire Ballentine and Katherine Greifeld
(Bloomberg) — A fresh selloff in mega cap technology shares sent stocks to the fourth loss in five days as investors remain worried that valuations got stretched too far in a five-month rally. Treasuries rose with the dollar. The S&P 500 dropped as much as 2.1%. Volatility has been even more prevalent in the Nasdaq 100, where close-to-close runs have been at least 1% for seven sessions. Energy companies, a small cohort in major averages, plunged as crude dropped back toward $37 a barrel in New York. Treasuries reversed losses as the equity decline picked up speed. Gold turned lower, while copper tumbled. The dollar strengthened versus major peers. Volatility continued to grip American financial markets after a rally that added $7 trillion to U.S. equity values over five months. Reasons for caution were plenty, though no single factor alone set the tone. Signs mounted that the pandemic continues to upend the global economy. In the U.S., data showed cracks in recent labor-market strength, while Europe re-emerged as a virus hot spot. Congress remained far apart on a fresh relief bill.
“We likely have not seen the full correction play out yet,” said Matt Forester, chief investment officer at BNY Mellon Lockwood Advisors. “It’s difficult to point to a specific catalyst, but currency volatility rose today on concerns about a hard Brexit and we’ve seen some worse news about the virus in Europe. In Europe, the pound fell amid renewed Brexit tensions. The euro jumped 0.7% the region’s central bank was said to agree that there’s no reason to overreact to the currency’s strength. BP Plc slipped after making its first venture into offshore wind power with a $1.1 billion purchase of U.S. assets from Norway’s Equinor ASA. After a volatile few days, technology stocks are still front and center with a fragile rally under threat. Yesterday, the S&P 500 rose the most since June overnight and the Nasdaq rebounded following an 11% rout that took the gauge down to its 50-day moving average, a closely-watched technical level. “It is too early to declare that the growth rally has ended, but this week should be a reminder for investors that while the exuberance remains, the storm is never far away,” Geir Lode, head of international global equities at Federated Hermes, wrote in a note to clients.
Here are some key events coming up:
* U.S. CPI data is due Friday, with consumer prices expected to have risen in August.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.8% as of 4 p.m. New York time.
* The Nasdaq 100 lost 2.1%.
* The Stoxx Europe 600 Index declined 0.6%.
* The MSCI Asia Pacific Index advanced 0.7%.
* The MSCI Emerging Market Index increased 0.4%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%.
* The euro gained 0.2% to $1.183.
* The British pound fell 1.6% to $1.2789.
* The Japanese yen rose 0.1% to 106.11 per dollar.
* The offshore yuan was little changed at 6.8315 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 0.68%.
* The yield on two-year Treasuries fell two basis points to 0.1389%.
* Germany’s 10-year yield jumped one basis point to -0.43%.
* Britain’s 10-year yield gained one basis point to 0.247%.
* Japan’s 10-year yield dipped less than one basis point to 0.028%.
Commodities
* West Texas Intermediate crude dropped 2.5% to $37.08 a barrel.
* Brent crude decreased 2.3% to $39.84 a barrel.
* Gold futures 0.2% to $1,952.10 an ounce.
–With assistance from Anchalee Worrachate and Cecile Gutscher.

Have a great night.

Be magnificent!
As ever,

Carolann

Nothing is improbable until it moves into past tense.
                                     -George Ade, 1866-1944

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:

490 BC – Battle of Marathon.

On Sept. 9, 1976, Communist Chinese leader Mao Tse-tung died in Beijing at age 82.  Go to article »

One of the world’s best restaurants will re-open after all. –Bloomberg.

Cat owners fall into one of five categories, researchers say.  Are you a “conscientious caretaker” or a “tolerant guardian?” –CNN.

Maserati’s rebirth starts with a 630-horsepower supercar. –Bloomberg.

PHOTOS OF THE DAY

The Star Gallery attracts many tourists in Shanghai, China.
CREDIT: TOPPHOTO/ALAMY LIVE NEWS
Palestinian children head to school for Bedouin students on the third day of the school year, at Am Kusa Bedouin community, south of the West Bank city of Hebron.
CREDIT: ABED AL HASHLAMOUN/EPA-EFE/SHUTTERSTOCK
Dawn over Coquet Island, a small island 1.2 kilometres off Amble on the Northumberland coast.
CREDIT: OWEN HUMPHREYS/PA WIRE

Market Closes for September 9th, 2020 

Market Index	Close	Change
Dow Jones	27940.47	+439.58
		+1.60%
S&P 500	3398.96	+67.12
		+2.01%
NASDAQ	11141.566	+293.876 +2.74%
TSX	16383.60	+284.09
		+1.76%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23032.54	-241.59
		-1.04%
HANG SENG	24468.93	-155.41
		-0.63%
SENSEX	38193.92	-171.43
		-0.43%
FTSE 100*	6012.84	+82.54 +1.39%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.596	0.563
CND. 30 Year Bond	1.108	1.074
U.S.    10 Year Bond	0.7001	0.6788
U.S. 30 Year Bond	1.4570	1.4213

Currencies

BOC Close	Today	Previous
Canadian $	0.76047	0.75497
US $	1.31497	1.32456
Euro Rate 1 Euro=		Inverse
Canadian $	1.55212	0.64428
US $	1.18035	0.84721

Commodities

Gold	Close	Previous
London Gold Fix	1910.95	1928.45
Oil
WTI Crude Future	38.05	36.76

Market Commentary:
On this day in 1974, the day after President Gerald Ford pardoned Richard Nixon for the Watergate scandal, the Dow Jones Industrial Average sank 2.2% to 662.94 on fears that the pardon would not bring full closure to the scandal. The Dow, however, proceeded to soar by 24.9% over the next year.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Wednesday after a three-day rout, while the Bank of Canada reiterated its pledge to keep interest rates at historic lows for years to come. The S&P/TSX Composite Index rose 1.8%, the most since June 5. Materials and consumer staples led all sectors higher. The Canada Pension Plan Investment Board has promoted Edwin Cass to the newly created role of chief investment officer amid a push to more than double its assets under management. Husky Energy Inc. said there is opportunity for a government equity stake in the partly-constructed White Rose platform. Meanwhile, National Bank of Canada is shifting its sector allocation this month, citing a more cautious view given Washington’s “failure” to deploy more coronavirus relief.
Commodities
* Western Canada Select crude oil traded at a $7 discount to West Texas Intermediate
* Spot gold gained 0.8% to $1,947.85 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to $1.3151 per U.S. dollar
* The 10-year government bond yield rose 2.7 basis points to 0.587%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1.8 percent at 16,383.60 in Toronto. The move was the biggest since rising 2.1 percent on June 5 and follows the previous session’s decrease of 0.7 percent. Today, materials stocks led the market higher, as all sectors gained; 179 of 221 shares rose, while 41 fell. Shopify Inc. contributed the most to the index gain, increasing 3.0 percent. Ivanhoe Mines Ltd. had the largest increase, rising 8.1 percent.
Insights
* In the past year, the index had a similar or greater gain 17 times. The next day, it declined 10 times for an average 3.9 percent and advanced seven times for an average 1.7 percent
* This quarter, the index rose 5.6 percent
* This year, the index fell 4 percent, heading for the worst year since 2018
* The index declined 0.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 8.8 percent below its 52-week high on Feb. 20, 2020 and 46.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.6 percent in the past 5 days and fell 1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.1 on a trailing basis and 23.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.45t
* 30-day price volatility rose to 12.82 percent compared with 11.72 percent in the previous session and the average of 10.62 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 92.4566| 3.7| 48/2
Financials | 50.3967| 1.1| 25/0
Information Technology | 41.2776| 2.7| 7/3
Industrials | 28.2628| 1.5| 20/8
Energy | 26.0777| 1.4| 17/7
Consumer Staples | 23.3889| 3.5| 11/0
Utilities | 11.7541| 1.4| 15/1
Communication Services | 4.9572| 0.6| 5/3
Consumer Discretionary | 2.0659| 0.4| 7/6
Health Care | 1.8074| 1.2| 8/1
Real Estate | 1.6445| 0.3| 16/10
US
By Katherine Greifeld and Claire Ballentine
(Bloomberg) — U.S. stocks rebounded from a three-day rout, as dip buyers poured into beaten-down tech shares to send the Nasdaq 100 to its best day since April. The dollar fell versus major peers. The S&P 500 Index rose the most since June, though finished well off its session highs. The Nasdaq gains followed an 11% rout took it down to the average price over the past 50 days. Tesla also bounced off that closely watched level after suffering its biggest selloff. Computer chip and hardware makers rose, led by Advanced Micro Devices Inc. and Apple Inc. Shares climbed broadly in Europe. “Dip buyers have been handsomely reward for the last 12 years,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab & Co. “There’s substantial amounts of capital on the sidelines still available to come into the market.”
Treasuries retreated and Bloomberg’s dollar index turned lower. The pound headed for its longest declining streak since March on worries that talks could collapse over changes to the Brexit withdrawal deal. Volatility remains a feature on U.S. equity markets, where a three-day rout plunged the Nasdaq 100 into correction before the Wednesday bounce. Investors will be on guard for any signs the selling may resume. Thursday brings the European Central Bank’s latest policy decision and weekly jobless claims data in the U.S.. “The market was sprinting so fast and it just seemed very reasonable for it to pause and catch its breath and decide what it wants to do next — and that’s where we are today,” said Lawrence Creatura, a portfolio manager at PRSPCTV Capital LLC. Elsewhere, crude oil climbed just above $40 a barrel in London. Yields on New Zealand’s three-year bonds dropped into negative territory for the first time.

Here are some key events coming up:
* The ECB is expected to hold rates steady on Thursday butindicate that downside risks have intensified, suggesting further easing is possible before year-end.
* The U.S. releases initial jobless claims numbers Thursday.
* U.S. CPI data is due Friday, with consumer prices expected to have risen in August.

These are the main moves in markets:
Stocks
* The S&P 500 increased 2% as of 4 p.m. New York time.
* The Nasdaq 100 jumped 3%.
* The Stoxx Europe 600 Index climbed 1.6%.
* Germany’s DAX Index rose 2.1%.
* The MSCI Asia Pacific Index declined 0.8%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%.
* The euro was gained 0.3% to $1.1809.
* The Japanese yen weakened 0.1% to 106.18 per dollar.
* The British pound rose 0.2% to $1.3008.
Bonds
* The yield on 10-year Treasuries climbed two basis points to 0.695%.
* The two-year rate was little changed at 0.14%
* Germany’s 10-year yield gained three basis points to -0.46%.
* Britain’s 10-year yield gained five basis points to 0.237%.
Commodities
* West Texas Intermediate crude climbed 3.5% to $38.06 a barrel.
* Gold futures rose 0.7% to $1,958 an ounce.
–With assistance from Constantine Courcoulas.

Have a great night.

Be magnificent!
As ever,

Carolann

A person’s greatest virtue is his ability to correct his mistakes and continually make a new person of himself.
                                                                                                             -Yang-Ming Wang, 1472-1529

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: Carolann is away from office today, I am writing the newsletter on her behalf.

PHOTOS OF THE DAY

A friendly dolphin leaps clear out of the water to greet a jet-ski rider off the south coast of England.
CREDIT: STEVE HAMILTON/JURASSICJETSKITOURS/BNP

An osprey catching trout for its lunch. The photo shows the tight grip the osprey has on the trout who was caught in a small lochan hide in Aviemore, Scotland.
CREDIT: LIAM MCBRIDE/CATERS NEWS

A sunny start to the week as the sun rises over Ely Cathedral in Cambridgeshire, UK on Monday morning with temperatures set to reach the mid 20s later in the week.
CREDIT: ANDREW SHARPE/BAV MEDIA
Market Closes for September 8th, 2020 

Market Index	Close	Change
Dow Jones	27500.89	-632.42
		-2.25%
S&P 500	3331.84	-95.12
		-2.78%
NASDAQ	10847.691	-465.444 -4.11%
TSX	16099.52	-118.49
		-0.73%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23274.13	+184.18
		+0.80%
HANG SENG	24624.34	+34.69
		+0.14%
SENSEX	38365.35	-51.88
		-0.14%
FTSE 100*	5930.30	-7.10 -0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.563	0.596
CND. 30 Year Bond	1.074	1.102
U.S.    10 Year Bond	0.6788	0.7180
U.S. 30 Year Bond	1.4213	1.4714

Currencies

BOC Close	Today	Previous
Canadian $	0.75497	0.76576
US $	1.32456	1.30590
Euro Rate 1 Euro=		Inverse
Canadian $	1.55840	0.64168
US $	1.17654	0.84995

Commodities

Gold	Close	Previous
London Gold Fix	1928.45	1940.45
Oil
WTI Crude Future	36.76	39.77

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) — Canadian equities fell for a third-straight session Tuesday, led by a drop in information technology stocks. Weak crude oil prices helped push energy shares lower. The S&P/TSX Composite Index lost 0.7%, with seven of eleven sectors lower. Investors found safe havens in utilities and
materials.
Crude in London tumbled below $40 a barrel for the first time since late June and futures in New York also sank in the wake of faltering demand and weaker equities dampening market sentiment.
The Bank of Canada will probably brush off the economy’s stronger-than-expected rebound and stick to its narrative of a long and bumpy recovery that will require extraordinary support
for years to come.
Canadian crude prices strengthened after Suncor Energy Inc. lowered its production guidance.
Commodities
* Western Canada Select crude oil traded at a $8.75 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,928.90 an ounce

FX/Bonds
* The Canadian dollar fell 1% to $1.3224 per U.S. dollar
* The 10-year government bond yield fell 3.0 basis points to 0.566%

Insights
* So far this week, the index fell 2.9 percent, heading for the biggest decline since the week ended June 12
* This quarter, the index rose 4.5 percent
* This year, the index fell 5 percent, heading for the worst year since 2018
* The index declined 1.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 9.8 percent below its 52-week high on Feb. 20, 2020 and 45.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.5t
* 30-day price volatility rose to 11.89 percent compared with 11.02 percent in the previous session and the average of 10.89 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -64.4108| -3.9| 0/10
Financials | -34.7946| -0.7| 6/19
Materials | -33.3875| -1.3| 12/37
Energy | -32.5211| -1.6| 3/20
Industrials | -18.2635| -0.9| 7/20
Consumer Staples | -12.2654| -1.8| 0/11
Communication Services | -10.6873| -1.2| 0/8
Utilities | -9.7076| -1.2| 0/16
Consumer Discretionary | -9.3613| -1.6| 1/12
Real Estate | -4.3600| -0.9| 5/22
Health Care | -1.1224| -0.7| 3/6
US
By Adam Haigh
(Bloomberg) — Stocks in Asia were set to resume declines after signs of stabilization from earlier in the week were upended by heavy losses on Wall Street. The dollar and Treasuries climbed.
Equity futures declined in Japan, Hong Kong and Australia. The selloff in U.S. technology shares picked up steam Tuesday as investors fled the high flyers that fueled a historic rally. Tesla suffered the worst rout in its history and is now down 34% in September. Brent crude tumbled below $40 for the first time since June as a stalling consumption recovery in Asia and increased supply from OPEC+ signaled a bleak short-term outlook.
Investors are grappling with the recent market turbulence, assessing whether the pullback for equities is a sign of market health or the start of a larger drawdown that has further to go. For now, traders are seeking the safety of haven assets, pushing Treasury yields lower and strengthening the dollar. “The path of least resistance for the market may well be to test the downside,” said Peter Chatwell, head ofmulti asset strategy at Mizuho International Plc. “Ultimately, if there is more selloff, I suspect real money investors will take the opportunity to buy the dip.”
Meantime, investors are monitoring progress on fighting the pandemic. AstraZeneca Plc has put on hold a phase 3 study testing a Covid-19 vaccine, STAT reported.
Here are some key events coming up:
* The ECB will probably hold rates on Thursday but indicate that downside risks have intensified, suggesting further easing is possible before year-end.
* U.S. CPI data is due Friday, with consumer prices expected to rise in August for a third straight month.

These are the main moves in markets:
Stocks
* The S&P 500 fell 2.8% and the Nasdaq 100 dropped 4.8%.
* Futures on Japan’s Nikkei 225 declined 0.7%.
* Hang Seng futures dropped 0.6%.
* Futures on Australia’s S&P/ASX 200 Index retreated 1.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%.
* The yen was at 106.04 per dollar.
* The offshore yuan traded at 6.8527 per dollar.
* The euro bought $1.1778.
Bonds
* The yield on 10-year Treasuries declined four basis points to 0.68%.
Commodities
* West Texas Intermediate crude retreated 7.4% to $36.84 a barrel.
* Gold was at $1,932.02 an ounce.

–With assistance from Andreea Papuc, Olivia Konotey-Ahulu and Dave Liedtka.
Have a wonderful evening everyone.

Be magnificent!
As ever,

Isabel

The greater the obstacle, the more glory in overcoming it.

                           -Jean Baptiste Poquelin “Moliere” , 1622-1673

Isabel Luo
Assistant to Carolann Steinhoff

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 Labor Day Weekend Friday!

Vast size of prehistoric megalodon shark, which had a fin as long as a human, revealed for the first time.  Well, we’re very happy this fellow is extinct. –CNN

Airbnb’s CEO says people are booking months long stays during the pandemic.  People really, REALLY want to get away from it all. –CNN

Why the French love to complain, according to the BBC.

Wanna see a baby encountering her first waterfall? Of course you do. –Bloomberg.

1781 – City of Los Angeles founded.
1888 – George Eastman received a patent for his roll-film camera and registered his trademark: Kodak.  Go to article »

PHOTOS OF THE DAY

Anissa Barbato from New York looks out over the city from the Edge, the highest outdoor sky deck in the Western Hemisphere on September 2, 2020 as it reopened to the public in New York.
CREDIT: TIMOTHY A. CLARY/AFP/GETTY IMAGES

Starlings near the beach at Crosby, Sefton in Merseyside.
CREDIT: PETER BYRNE/PA

A hover fly visits a cosmos flower.
CREDIT: CHRISTOPHER COX

Gardner Stuart Barlow begins to trim back the copper and green beech which make up the Murray Star Maze at Scone Palace near Perth, Scotland.
CREDIT: DUNCAN MCGLYNN

Market Closes for September 4th, 2020 

Market Index	Close	Change
Dow Jones	28133.31	-159.42
		-0.56%
S&P 500	3426.96	-28.10
		-0.81%
NASDAQ	11313.137	-144.965 -1.27%
TSX	16218.01	-230.88
		-1.40%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23205.43	-260.10
		-1.11%
HANG SENG	24695.45	-312.15
		-1.25%
SENSEX	38357.18	-633.76
		-1.63%
FTSE 100*	5799.08	-51.78 -0.88%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.596	0.536
CND. 30 Year Bond	1.102	1.040
U.S.    10 Year Bond	0.7180	0.6347
U.S. 30 Year Bond	1.4714	1.3597

Currencies

BOC Close	Today	Previous
Canadian $	0.76576	0.76177
US $	1.30590	1.31273
Euro Rate 1 Euro=		Inverse
Canadian $	1.54691	0.64645
US $	1.18456	0.84420

Commodities

Gold	Close	Previous
London Gold Fix	1940.45	1947.05
Oil
WTI Crude Future	39.77	41.37

Market Commentary:
On this day in 1882, Thomas Alva Edison opened the first central generating system Pearl Street Station, making electric lighting and power possible in New York City — and the world. At 3 p.m., he flipped a switch at 23 Wall Street, turning on 106 electric lamps in the offices of his financial backer, J.P. Morgan’s investment bank Drexel, Morgan & Co.
Canada
By Divya Balji
(Bloomberg) — A sell-off of technology shares in the U.S. is reverberating in Canada, even though the sector makes up only a 10th of the nation’s stock market. The small contribution of tech stocks to Canada’s market helped the S&P/TSX Composite Index outperform its U.S. counterpart Thursday: Canada was down 1.5%, while the S&P 500 Index plunged 3.5%. But as the rout continued for a second day, the TSX became collateral damage. The equity market fell for a second session on Friday as traders honed in on lofty valuations of tech stocks, brushing past solid jobs data from both the U.S. and Canada. The Canadian benchmark ended the week 2.9% lower, its biggest slump since June 12, while the S&P 500 fell 2.3%.
A drop in the price of oil and gold also weighed on the nation’s stock market, with mining and energy stocks making up about 26% of the index. With markets closed Monday for Labor Day, investors have a shortened week packed with central bank rate decisions and economic data releases. Commodities investors will be watching the European Central Bank’s rate decision due Sept. 10 as top central banks debate how best to execute monetary policy. Closer to home, the Bank of Canada will release its policy statement on Sept. 9 and Governor Tiff Macklem will give an economic progress report the next day.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.4 percent, or 230.88 to 16,218.01 in Toronto. The index dropped to the lowest closing level since July 31. Shopify Inc. contributed the most to the index decline, decreasing 4.5 percent. Kinaxis Inc. had the largest drop, falling 6.6 percent. Today, 181 of 221 shares fell, while 37 rose; all sectors were lower, led by information technology stocks.
Insights
* So far this week, the index fell 2.9 percent, heading for the biggest decline since the week ended June 12
* This quarter, the index rose 4.5 percent
* This year, the index fell 5 percent, heading for the worst year since 2018
* The index declined 1.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 9.8 percent below its 52-week high on Feb. 20, 2020 and 45.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 23.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.5t
* 30-day price volatility rose to 11.89 percent compared with 11.02 percent in the previous session and the average of 10.89 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -64.4108| -3.9| 0/10
Financials | -34.7946| -0.7| 6/19
Materials | -33.3875| -1.3| 12/37
Energy | -32.5211| -1.6| 3/20
Industrials | -18.2635| -0.9| 7/20
Consumer Staples | -12.2654| -1.8| 0/11
Communication Services | -10.6873| -1.2| 0/8
Utilities | -9.7076| -1.2| 0/16
Consumer Discretionary | -9.3613| -1.6| 1/12
Real Estate | -4.3600| -0.9| 5/22
Health Care | -1.1224| -0.7| 3/6
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks bounced back from a sharp selloff but still closed at a two-week low as mega cap tech shares sold off. Losses for Amazon.com, Microsoft Corp. and Facebook Inc. pushed the tech-heavy Nasdaq 100 down more than 5% at one point, though it pared those declines to just over 1% as the day wore on and investors spotted bargains. Gains in financial shares limited losses in the S&P 500 Index, which ended the week down 2.3% at the lowest level since Aug. 21.
Treasury yields jumped while the dollar slipped. Oil fell below $40 a barrel to reach the lowest since late June. The worst of Friday’s stock selloff appeared to stem from concern that the recent run-up in tech shares wasn’t tied to broad investor sentiment, but instead was driven by outsize options trades from one firm. The Financial Times reported that SoftBank bought billions of dollars in tech derivatives before the rout that began Thursday.
Traders are seeking to find an appropriate valuation for tech stocks and gauge the health of the U.S. economy as the coronavirus pandemic rages on after having killed more than 180,000 Americans. While the industry is generating blockbuster profits during the stay-at-home lockdowns, there’s also evidence that high-flying names have become overheated. “It’s those crowded names that were over-owned that are being sold again,” said Dan Russo, chief market strategist at Chaikin Analytics. “It’s the lofty valuations, the stocks just were stretched.”
Elsewhere, emerging-market stocks fell for a third day. European shares slumped. Asian shares dropped, with Australia’s benchmark recording the biggest decline since May.
Here are the latest market moves:
Stocks
* The S&P 500 Index fell 0.8% at 4 p.m. New York time.
* The Nasdaq 100 Index fell 1.3%.
* The Stoxx Europe 600 Index fell 1.1%.
* The MSCI Asia Pacific Index dropped 1.2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro was little changed at $1.1847.
* The Japanese yen was little changed at 106.21 per dollar.
Bonds
* The yield on 10-year Treasuries increased eight basis points to 0.71%.
* Germany’s 10-year yield rose two basis points to -0.48%.
* Britain’s 10-year yield climbed three basis points to 0.26%.
Commodities
* West Texas Intermediate crude fell 4.5% to $39.51 a barrel.
* Gold rose 0.2% to $1,935.23 an ounce.
* Silver rose 1.3% to $26.93 per ounce.
–With assistance from Adam Haigh, Todd White, David Wilson, Robert Brand and Sophie Caronello.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

I can believe anything provided it is incredible.
                           -Oscar Wilde, 1854-1900

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:

Mariah Carey’s tell-all; a J.F.K. biography; new fiction from Elena Ferrante; and tales of Cold War espionage: All are on our list of 15 books to watch for in September. -NYT.

Have you collected many house plants over the past few months? Here’s how to take care of them. -NYT.

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 »

PHOTOS OF THE DAY

A misty sunrise is seen over Stonehenge.
CREDIT: NICK BULL/PICTUREEXCLUSIVE.COM

A red squirrel and a woodpecker appear to have an argument over some nuts in woodland near Lockerbie.
CREDIT: KAREN CRAWFORD/SWNS.COM

The corn full moon rises over Red Square, Moscow in Russia.
CREDIT: SEFA KARACAN/ANADOLU AGENCY VIA GETTY IMAGES

Market Closes for September 3rd, 2020 

Market Index	Close	Change
Dow Jones	28292.73	-807.77
		-2.78%
S&P 500	3455.06	-125.78
		-3.51%
NASDAQ	11458.102	-598.341 -4.96%
TSX	16448.90	-249.06
		-1.49%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23465.53	+218.38
		+0.94%
HANG SENG	25007.60	-112.49
		-0.45%
SENSEX	38990.94	-95.09
		-0.24%
FTSE 100*	5850.86	-90.09 -1.52%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.536	0.550
CND. 30 Year Bond	1.040	1.059
U.S.    10 Year Bond	0.6347	0.6494
U.S. 30 Year Bond	1.3597	1.3807

Currencies

BOC Close	Today	Previous
Canadian $	0.76177	0.76653
US $	1.31273	1.30457
Euro Rate 1 Euro=		Inverse
Canadian $	1.55565	0.64282
US $	1.18505	0.84385

Commodities

Gold	Close	Previous
London Gold Fix	1947.05	1972.35
Oil
WTI Crude Future	41.37	41.51

Market Commentary:
On this day in 1946, the S&P index plunges by 6.73%, leading the U.S. Securities and Exchange Commission to appoint an investigative task force that concludes 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 fell the most since late June, led by a rout in technology shares.
The S&P/TSX Composite Index lost 1.5% on Thursday. All 11 sectors retreated, led by a 4.5% drop in technology shares. Broader decliners included Dye & Durham Ltd. and Ballard Power Systems Inc., both falling at least 10%.
Oil dipped to its lowest level in nearly a month with a stronger dollar, looming extra supplies from Iraq and depressed demand all contributing to the bearish sentiment.
The global copper market could be on the cusp of a historic supply squeeze as Chinese demand runs red hot and exchange inventories plunge to their lowest levels in more than a decade.
Commodities
* Western Canada Select crude oil traded at a $9.00 discount to West Texas Intermediate
* Spot gold fell 0.6% to $1,930 an ounce

FX/Bonds
* The Canadian dollar fell 0.6% to $1.3126 per U.S. dollar
* The 10-year government bond yield fell 1.0 basis points to 0.538%
US
By Claire Ballentine
(Bloomberg) — U.S. equities tumbled by the most in almost three months as the rotation away from high-flying tech stocks gained steam, with investors questioning the sustainability of lofty valuations.
The S&P 500 Index retreated from a record high and fell more than 3.5%, its biggest drop since early June, amid declines in Apple, Microsoft, Amazon and Facebook. The Nasdaq 100 sank 5%, its largest decline since March. European stocks erased gains and finished more than 1% lower. Treasury yields dipped and the dollar rose. Global equities are pulling back hard from unprecedented highs as investors question the justification for steep
valuations as the pandemic rages on. While data Thursday showed applications for jobless claims fell last week, U.S. investors may need evidence of a fuller economic recovery after a 60% run- up in the S&P 500 since its March lows.
“What we’re seeing here just a little bit of a reckoning,” said Nancy Prial, co-chief executive officer at Essex Investment Management. “It’s too soon to say whether this is a pause that refreshes or whether this is the beginning of a more meaningful downturn in big tech. Most of these are great companies with really robust growth opportunities, but the stocks are very
richly valued.”
The Cboe Volatility Index — a measure of expected price swings for the S&P 500 Index known as Wall Street’s “fear gauge” — rose to the highest level since June. Bitcoin fell as much as 7.6%.
Elsewhere, oil slumped. Major equity gauges in Asia were mixed.
Here are some key events to watch this week:
* U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.

Here are the main market moves:

Stocks
* The S&P 500 Index sank 3.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 1.4%.
* The MSCI Asia Pacific Index fell 0.3%.
* The MSCI Emerging Market Index dipped 1%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.2%.
* The euro was little changed at $1.1853.
* The Japanese yen rose less than 0.1% to 106.13 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 0.63%.
* Germany’s 10-year yield fell one basis point to -0.49%.
* Britain’s 10-year yield rose less than one basis point to 0.23%.
Commodities
* West Texas Intermediate crude declined 0.5% to $41.29 a barrel.
* Gold fell 0.6% to $1,930.71 an ounce.

–With assistance from Adam Haigh, Cecile Gutscher, Yakob Peterseil, Todd White, Nancy Moran and Sophie Caronello.

Have a great night.

Be magnificent!
As ever,

Carolann

Poetry is language at its most distilled and most powerful.
                                                                   -Rita Dove, 1952–

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:
1666- Great Fire of London.
1864- Sherman enters Atlanta
1965- Singapore separates from the Federation of Malaysia and gains its independence.
On Sept. 2, 1945, Japan formally surrendered in ceremonies aboard the USS Missouri, ending World War II. Go to article »

Have five minutes? That’s enough to fall in love with the violin.-The NY Times.

This 84-year-old grandma has become a celebrity in the video game world for her charming YouTube videos.-NYT.

Dictionary.com has added a bunch of words related to culture, identity and race — plus some modern slang.  It’s time to get familiar with words like deadname, janky and Pinxy.-CNN 
 
Do you know your serifs?  It’s time to become a typography nerd by learning the basic anatomy of letters. Trust us — it’s fascinating. (Click here to view.) -CNN.

PHOTOS OF THE DAY

A man runs on a small road in the outskirts of Frankfurt, Germany, before sunrise.
CREDIT: MICHAEL PROBST/AP

Birds are scattered as a jetskier powers across the sea on a beautiful end to the day just before sunset at Heacham in Norfolk
CREDIT: PAUL MARRIOTT

The full harvest moon shines behind St Mary’s Lighthouse in Whitley Bay.
CREDIT: OWEN HUMPHREYS/PA

Above Glasgow’s tower block.
CREDIT: GERARD FERRY/ ALAMY LIVE NEWS
Market Closes for September 2nd, 2020 

Market Index	Close	Change
Dow Jones	29100.50	+454.84
		+1.59%
S&P 500	3580.84	+54.19
		+1.54%
NASDAQ	12056.84	+116.78 +0.98%
TSX	16700.25	+55.26
		+0.33%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23247.15	+109.08
		+0.47%
HANG SENG	25120.09	-64.76
		-0.26%
SENSEX	39086.03	+185.23
		+0.48%
FTSE 100*	5940.95	+78.90 +1.35%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.550	0.574
CND. 30 Year Bond	1.059	1.100
U.S.    10 Year Bond	0.6494	0.6689
U.S. 30 Year Bond	1.3807	1.4200

Currencies

BOC Close	Today	Previous
Canadian $	0.76653	0.76548
US $	1.30457	1.30637
Euro Rate 1 Euro=		Inverse
Canadian $	1.54662	0.64657
US $	1.18554	0.84350

Commodities

Gold	Close	Previous
London Gold Fix	1972.35	1957.35
Oil
WTI Crude Future	41.51	42.76

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 dollar derives its name from a Spanish and Austrian coin called the thaler, named after a silver-mining town in Bohemia.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Wednesday after corporate earnings from a pair of retailers, and helped by M&A activity.
The S&P/TSX Composite Index rose 0.3%. Consumer staples led nine of eleven sectors higher, with Alimentation Couche-Tard Inc beating earnings expectations.
Cogeco Inc.’s controlling family spurned a plan by Altice USA to acquire the business for $7.8 billion — a deal that would let it obtain the Canadian cable  company’s U.S. assets and sell the rest to Rogers Communications Inc.
Meanwhile, Exxon Mobil Corp.’s Imperial Oil shut down its oil-sands mine after a spill from a pipeline that supplies diluent to the operation, adding to the woes of Canada’s beleaguered energy industry.
Commodities
* Western Canada Select crude oil traded at a $9.40 discount to West Texas Intermediate
* Spot gold fell 1.4% to $1,942.08 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to $1.3052 per U.S. dollar
* The 10-year government bond yield fell 2.4 basis points to 0.550%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3 percent, or 52.98 to 16,697.97 in Toronto.
Today, consumer staples stocks led the market higher, as 9of 11 sectors gained; 124 of 221 shares rose, while 94 fell.
Alimentation Couche-Tard Inc. contributed the most to the index gain, increasing 7.5 percent. Cogeco Communications Inc. had the largest increase, rising 15.0 percent.
Insights
* This quarter, the index rose 7.6 percent
* This year, the index fell 2.1 percent, heading for the worst year since 2018
* The index advanced 1.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 22 percent in the same period
* The S&P/TSX Composite is 7.1 percent below its 52-week high on Feb. 20, 2020 and 49.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 3.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.7 on a trailing basis and 24.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility rose to 10.38 percent compared with
10.36 percent in the previous session and the average of 10.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Consumer Staples | 28.5766| 4.3| 9/2
Communication Services | 23.9593| 2.8| 8/0
Financials | 20.5908| 0.4| 17/8
Utilities | 16.8251| 2.1| 16/0
Consumer Discretionary | 10.2411| 1.8| 7/6
Materials | 8.4688| 0.3| 15/33
Industrials | 5.1035| 0.3| 19/9
Real Estate | 3.8005| 0.8| 18/9
Health Care | 0.3201| 0.2| 4/4
Energy | -5.8619| -0.3| 6/18
Information Technology | -59.0502| -3.3| 5/5
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. equities rose alongside European stocks as the nearly relentless rally in risk assets continued, but with a twist as tech shares underperformed. The dollar rose the most in two weeks.
The S&P 500 was set for an all-time high, with some of this year’s least-loved shares helping fuel the rally. The Russell 1000 Value Index rose 1.1%, almost double its growth counterpart’s gain. Utilities and financial stocks — two of the three worst performing sectors in 2020 — each rose more than
1%. The Stoxx Europe 600 Index added the most in three weeks. The euro slid further below $1.20, a level it breached for the first time in more than two years Tuesday. Oil slumped with precious metals and Treasury yields dipped.
The rally in global stocks has pushed major indexes to record highs as traders bet that a flood of liquidity unleashed by central banks will make its way to equity markets. The rotation away from the tech titans that have led gains this year — with Apple, Tesla and Zoom Video all slumping Wednesday — could signal confidence in a broader economic recovery from the pandemic.
“We’ve seen all the major central banks stay very accommodative,” said Chris Gaffney, president of world markets at TIAA Bank. “Negative real yields across the globe are almost forcing people into finding investments that have a potential for gain.” Amid the risk-on rally, key U.S. markets now appear to be pricing in chances of a delayed or inconclusive result from the November presidential election, JPMorgan Chase & Co. analysts said.
Elsewhere, 10-year bunds rose along with most of their sovereign peers across Europe, benefiting Germany, which took in 33 billion euros ($39 billion) of orders for its first green bonds.
Here are some key events to watch this week:
* U.S. jobless claims for the week ended Aug. 29 are due Thursday.
* Eurozone retail sales data for the month of July to be released on Thursday.
* U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.

Here are the main market moves:
Stocks
* The S&P 500 Index gained 1.5% as of 3:24 p.m. New York time.
* The Stoxx Europe 600 Index jumped 1.7%.
* The MSCI AC Asia Pacific Index increased 0.2%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro fell 0.6% to $1.1836.
* The Japanese yen fell 0.3% to 106.25 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 0.65%.
* Germany’s 10-year yield sank six basis points to -0.48%.
* Britain’s 10-year yield decreased six basis points to 0.23%.
Commodities
* West Texas Intermediate crude fell 3.3% to $41.35 a barrel.
* Gold declined 1.3% to $1,944.19 an ounce.
* Silver decreased 2.3% to $27.47 per ounce.

–With assistance from Adam Haigh, Olivia Konotey-Ahulu, Todd White and Kamaron Leach.
Have a great night.

Be magnificent!
As ever,

Carolann

Leadership is the ability to hide your panic from others.
                                   -Lao Tzu,  c. 6^th century 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:
One of the classic harbingers of autumn draws near: the Corn Moon, or the Harvest Moon. It will be on full display later this week. –CNN.

1939 – World War II begins. Go to article »
1941 -Jewish people living in Germany are required to wear a yellow star of David.

Take a virtual tour through Malawi, a southeastern African nation full of breathtaking sunrises and majestic cliffs.-The New York Times.

PHOTOS OF THE DAY

A multi-coloured neon sign that reads “Everything Is Going To Be Alright” by Turner Prize winning artist Martin Creed has been unveiled in the grounds of Braemar Castle, Aberdeenshire.
CREDIT: JANE BARLOW/PA

Lady Gaga accepts the Best Collaboration award for “Rain on Me” with Ariana Grande onstage during the 2020 MTV Video Music Awards.
CREDIT: KEVIN WINTER/MTV VMAS 2020/GETTY IMAGES FOR MTV

Thousands of trays packed with fish are laid out to dry under the sun in at Long Hai fish market in Vietnam.
CREDIT: KHANH PHAN/SOLENT NEWS & PHOTO AGENCY

Market Closes for September 1st, 2020 

Market Index	Close	Change
Dow Jones	28645.66	+215.61
		+0.76%
S&P 500	3526.65	+26.34
		+0.75%
NASDAQ	11939.668	+164.212 +1.39%
TSX	16644.99	+130.55
		+0.79%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23138.07	-1.69
		-0.01%
HANG SENG	25184.85	+7.80
		+0.03%
SENSEX	38900.80	+272.51
		+0.71%
FTSE 100*	5862.05	-101.52 -1.70%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.574	0.622
CND. 30 Year Bond	1.100	1.164
U.S.    10 Year Bond	0.6689	0.7048
U.S. 30 Year Bond	1.4200	1.4747

Currencies

BOC Close	Today	Previous
Canadian $	0.76548	0.76684
US $	1.30637	1.30405
Euro Rate 1 Euro=		Inverse
Canadian $	1.55682	0.64233
US $	1.19172	0.83912

Commodities

Gold	Close	Previous
London Gold Fix	1957.35	1957.35
Oil
WTI Crude Future	42.76	42.61

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, Nevada
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities reversed an early drop Tuesday with information technology shares leading the way. The S&P/TSX Composite Index rose 0.8%, ending a three-day decline, with nine of 11 sectors advancing. Health care and materials stocks fell. Oil edged higher with a pickup in economic activity in the U.S. and China stirring hopes that a recovery in crude consumption may be underway. One of the world’s fastest-moving efforts to develop a Covid-19 vaccine is falling behind rivals, its advance appearing to be stymied by political tensions between China and Canada and concerns the shot may not work as well as others.
Commodities
* Western Canada Select crude oil traded at a $9.75 discount to West Texas Intermediate
* Spot gold rose 0.1% to $1,968.78 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to $1.3079 per U.S. dollar
* The 10-year government bond yield fell 4.2 basis points to 0.580%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.8 percent at 16,644.99 in Toronto. The move follows the previous session’s decrease of 1.1 percent. Today, information technology stocks led the market higher, as 9 of 11 sectors gained; 143 of 221 shares rose, while 73 fell. Shopify Inc. contributed the most to the index gain, increasing 6.7 percent. Kinaxis Inc. had the largest increase, rising 7.9 percent.
Insights
* This quarter, the index rose 7.3 percent
* This year, the index fell 2.5 percent, heading for the worst year since 2018
* The index advanced 1.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 20 percent in the same period
* The S&P/TSX Composite is 7.4 percent below its 52-week high on Feb. 20, 2020 and 49 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.6 on a trailing basis and 24.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.51t
* 30-day price volatility rose to 10.36 percent compared with 10.16 percent in the previous session and the average of 10.87 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 89.8135| 5.3| 10/0
Energy | 15.9430| 0.8| 20/4
Consumer Discretionary | 13.0665| 2.3| 13/0
Industrials | 12.9380| 0.7| 23/4
Utilities | 2.3825| 0.3| 9/6
Financials | 2.2029| 0.0| 20/5
Real Estate | 1.5574| 0.3| 16/10
Consumer Staples | 0.1790| 0.0| 5/6
Communication Services | 0.0692| 0.0| 5/2
Health Care | -2.4958| -1.6| 1/8
Materials | -5.1014| -0.2| 21/28
US
By Vildana Hajric
(Bloomberg) — U.S. stocks notched fresh records, with tech shares in the lead as investors snapped up work-from-home winners. Zoom Video Communications Inc. led a rally in companies well positioned for stay-at-home orders, while Apple Inc. pulled the S&P 500 Index to a fresh high after August’s blowout gain. The dollar erased losses as data showed U.S. manufacturing expanded last month at the fastest pace since 2018. Treasury yields dipped.
Stocks have churned ever higher as investors anticipate a flood of cash coming into the market, with last week’s announcement from the Federal Reserve that the central bank will maintain an easy-money policy adding fuel to the trade. Meanwhile, Chinese factory data Tuesday signaled rising global demand for exports after the initial shock of the pandemic, a good sign for the world economy. “The big theme right now is the unrelenting, record- breaking rally in tech stocks,” said Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital Corp. “The landscape for stocks is great but there’s still, from a macro perspective, a lot of unknowns as to the progression of the virus and, of course, the implications for global growth.”
Oil climbed toward $43 a barrel as the pickup in economic activity in the U.S. and China signaled a pronounced recovery in crude consumption. The Stoxx Europe 600 slumped, with travel and leisure shares among the worst performers. In Asia, equity indexes were mixed. South Korean shares rose, while Australia’s stock benchmark dropped to the lowest since early August.
Here are some key events to watch this week:
* Australia GDP is due Wednesday.
* U.S. jobless claims for the week ended Aug. 29 are due Thursday.
* U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.

Here are the main market moves:
Stocks
* The S&P 500 Index rose 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.3%.
* The MSCI Asia Pacific Index increased 0.5%.
* The MSCI Emerging Market Index increased 1.5%.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The euro fell 0.2% to $1.1908.
* The Japanese yen was little changed at 105.95 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 0.67%.
* Germany’s 10-year yield fell two basis points to -0.42%.
* Britain’s 10-year yield fell two basis points to 0.29%.
Commodities
* West Texas Intermediate crude rose 0.6% to $42.88 a barrel.
* Copper fell 1.4% to $3.019 a pound.
* Gold rose 0.1% to $1,969.56 an ounce.
–With assistance from Joanna Ossinger, Gregor Stuart Hunter, Vassilis Karamanis, Todd White, Anchalee Worrachate and Andreea Papuc.

Have a great night.

Be magnificent!
As ever,

Carolann

We all live with the objective of being happy; or lives are all different and yet the same.
                                                                                   -Anne Frank, 1929-1945

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

Japanese company successfully tests a manned flying car for the first time.  Finally, we’re one step closer to the cool future we were promised. –CNN.

An animal that roamed with the dinosaurs went into a hibernation-like state to survive.  Quarantine goals-CNN

The world’s most spectacular festivals –Let’s not forget what it feels like to be together in celebration — eating laughing, making art and hey,
maybe even enjoying some fireworks. (Click here to view). -CNN.

Malawi is often overshadowed by its better-known neighbors in southeastern Africa: Tanzania, with its abundant wildlife; Zambia, with Victoria Falls; and Mozambique, with its picture-perfect beaches.
The country, in fact, has plenty of natural beauty. But, for the photographer Marcus Westberg, it wasn’t the landscapes that made a lasting impression — but the people.
Here are some of his photographs, paired with an essay by him. Whether on assignment or going to the market for vegetables, he writes, “time and time again I have found myself staying far longer than intended.” –The New York Times.

PHOTOS OF THE DAY

Yann Elies, Queguiner Materiaux – Leucemie Espoir 19, competes during the first stage of the 51st edition of La Solitaire du Figaro solo sailing race, off the coast of Saint-Quay-Portrieux, in Saint-Brieuc Bay, northwestern France.
CREDIT: LOIC VENANCE/AFP VIA GETTY IMAGES

Honda CB R1000 R Formula EWC N°5 French rider Mike di Meglio competes in the lead during the 43rd Le Mans 24-hours endurance moto race in Le Mans, north-western France.
CREDIT: JEAN-FRANCOIS MONIER/AFP VIA GETTY IMAGES

A woman picks jasmine flowers at a village in Gharbiya province, Egypt.
CREDIT: XINHUA/SHUTTERSTOCK

Dancers from The Royal Ballet perform beside the Regent’s Canal in London on August 30, 2020, one of three performances they put on daily on weekends to experience performing in front of a live socially-distanced audience.
CREDIT: ISABEL INFANTES/AFP VIA GETTY IMAGES

Market Closes for August 31st, 2020 

Market Index	Close	Change
Dow Jones	28430.05	-223.82
		-0.78%
S&P 500	3500.31	-7.70
		-0.22%
NASDAQ	11775.457	+79.823 +0.68%
TSX	16514.44	-191.35
		-1.15%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23139.76	+257.11
		+1.12%
HANG SENG	25177.05	-245.01
		-0.96%
SENSEX	38628.29	-839.02
		-2.13%
FTSE 100*	5963.57	-36.42 -0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.622	0.633
CND. 30 Year Bond	1.164	1.196
U.S.    10 Year Bond	0.7048	0.7211
U.S. 30 Year Bond	1.4747	1.5010

Currencies

BOC Close	Today	Previous
Canadian $	0.76684	0.76354
US $	1.30405	1.30969
Euro Rate 1 Euro=		Inverse
Canadian $	1.55700	0.64226
US $	1.19397	0.83754

Commodities

Gold	Close	Previous
London Gold Fix	1957.35	1923.85
Oil
WTI Crude Future	42.61	42.97

Market Commentary:
With last week’s rally, the Dow returned to positive territory for the year for the first time on a closing basis since February. It is up 0.4% for the year, while the S&P has added 8.6% in 2020 and the tech-laden Nasdaq has surged 30%. 
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks retreated for a third day, with information technology among the few gainers. The S&P/TSX Composite Index fell 1.2%, the most since June 26. Nine of 11 sectors declined, with tech and materials higher. Silver rounded out the longest run of monthly gains since 2010 as investors sought a haven in precious metals. Canada’s summer rebound may fizzle out this fall as months of high unemployment and uncertain business take their toll, according to the global chief economist of Manulife Investment Management. On the deal front, Whitecap Resources Inc. gained 1.6% after buying NAL Resources Limited, a deal that analysts viewed positively, saying it added scale. Canada has agreed to buy more than 100 million Covid-19 vaccinations from Novavax Inc. and Johnson & Johnson, Prime Minister Justin Trudeau said Monday.
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,968.65 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4% to $1.3047 per U.S. dollar
* The 10-year government bond yield edged lower to 0.628%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 1.1 percent, or 191.35 to 16,514.44 in Toronto. The move was the biggest since falling 1.7 percent on June 26. Today, financials stocks led the market lower, as 9 of 11 sectors lost; 169 of 221 shares fell, while 48 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.7 percent. Norbord Inc. had the largest drop, falling 6.0 percent.
Insights
* This month, the index rose 2.1 percent
* The index advanced 0.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 19 percent in the same period
* The S&P/TSX Composite is 8.1 percent below its 52-week high on Feb. 20, 2020 and 47.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.7 percent in the past 5 days and rose 2.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.4 on a trailing basis and 24.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55t
* 30-day price volatility rose to 10.16 percent compared with 9.46 percent in the previous session and the average of 11.01 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -74.5086| -1.5| 4/21
Energy | -49.0351| -2.4| 1/23
Industrials | -26.9058| -1.4| 3/24
Consumer Discretionary | -16.5427| -2.9| 0/13
Communication Services | -15.4464| -1.8| 0/8
Consumer Staples | -12.1905| -1.8| 0/11
Real Estate | -9.3093| -1.8| 3/23
Utilities | -6.6392| -0.8| 5/11
Health Care | -1.5563| -1.0| 3/6
Materials | 2.8457| 0.1| 27/21
Information Technology | 17.9441| 1.1| 2/8
US
By Vildana Hajric
(Bloomberg) — Most stocks fell after China threw a wrench into U.S. companies’ efforts to buy TikTok, while a jump in Apple Inc. powered the Nasdaq 100 to a record high. The Dow Jones Industrial Average led losses after its components were revamped, with Microsoft Corp. and Walmart Inc. slumping on concern China could block a possible sale of the video app. Apple Inc.’s surge as the stock split 4-for-1 lifted the Nasdaq 100 past 12,000 for the first time. Two stocks fell for every one that rose on the S&P 500, but the index notched a fifth consecutive monthly advance. With the S&P 500 up 7% and 10-year Treasury yields almost 20 basis points higher this month, traders have taken comfort in the global economy’s recovery from virus shutdowns and relentless gains in tech shares. Still, with U.S. infections ticking up again and India becoming the world’s epicenter for new cases, the pandemic is far from beaten and investors will be scouring data this week for clues on the outlook.
“To add equity exposure here is doing so at a time where the market is priced for perfection,” said Dave Donabedian, chief investment officer of CIBC Private Wealth Management. “To bet against the market here is a fool’s errand because you’re going against the Fed and a tide of liquidity.” The Dow Industrial’s composition changed Monday after Apple’s split, with the iPhone maker’s weighting down to 2.9% from 12%. To maintain tech’s relative sway in the blue-chip index, the overseers added Salesforce.com, ending Exxon Mobil’s long run. Amgen and Honeywell also joined, replacing Pfizer and Raytheon. Tesla Inc.’s 5-for-1 split also took effect, sending the shares up more than 10%.
Elsewhere, European shares slumped. Equities in Japan outperformed peers in Asia, bolstered by Berkshire Hathaway Inc.’s purchase of stakes in five major trading companies. The yen gave back some of Friday’s gain, the biggest in five months, as Japan searched for a new prime minister. Silver rose, outperforming gold.
Here are some key events to watch this week:
* Reserve Bank of Australia hands down its policy decision Tuesday.
* ISM manufacturing data is due Tuesday in the U.S, Australia GDP is due Wednesday.
* U.S. jobless claims for the week ended Aug. 29 are due Thursday.
* U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.

Here are the main market moves:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.6%.
* Japan’s Topix index gained 0.8%.
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1%.
* The euro rose 0.2% to $1.1932.
* The Japanese yen weakened 0.5% to 105.90 per dollar.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 0.71%.
* Italy’s 10-year yield rose five basis points to 1.09%.
* Germany’s 10-year yield increased one basis point to -0.40%.
Commodities
* West Texas Intermediate crude fell 0.4% to $42.81 a barrel.
* Gold rose 0.2% to $1,969.53 an ounce.
* Silver strengthened 2.6% to $28.21 per ounce.
–With assistance from Joanna Ossinger, Andreea Papuc, Constantine Courcoulas and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

When you repeat a mistake, it is not a mistake anymore: it is a decision.
                                                                 -Paulo Coelho, b. 1947

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
Feast of St. Augustine.

On Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream” speech
in front of the Lincoln Memorial. Go to article »
“In the end, we will remember not the words of our enemies, but the silence of our friends.” -Martin Luther King Jr., 1929-1968.

The latest entry in our architecture critic Michael Kimmelman’s virtual tour of New York City: Jackson Heights, Queens. –The NY Times.

Amazon’s new wearable health device can judge the tone of your voice .  Why pay for that feature when we already have in-laws and workplace rivals to do it for free? –CNN

Johann W. von Goethe, b.1749.

PHOTOS OF THE DAY

A photographer snapped a herd of deer bathing in a picturesque loch with the water so calm it perfectly mirrored the animals. Paul Young captured the striking image while vising Glencoe, Scottish Highlands, UK.
CREDIT: PAUL YOUNG/ SWNS.COM

Two jay birds battling mid- air for food in the British countryside. Gary Jones, 54, snapped the birds “locked together in combat” in Galloway Forest Park, Scotland after they both spotted food.
CREDIT: GARY JONES/ CATERS NEWS

People watch the sunset from a park in Kansas City, Missouri, as a hot summer day comes to an end. Sunsets have been a bit more colorful than normal as smoke from California wildfires drifts into the central part of the country.
CREDIT: AP PHOTO/CHARLIE RIEDEL

A coastal roll cloud passes over the Puertito del Buceo marina during a storm in Montevideo, Uruguay.
CREDIT: MARIANA SUAREZ/AFP VIA GETTY IMAGES
Market Closes for August 28th, 2020 

Market Index	Close	Change
Dow Jones	28653.87	+161.60
		+0.57%
S&P 500	3508.01	+23.46
		+0.67%
NASDAQ	11695.633	+70.296 -0.60%
TSX	16705.79	-25.70
		-0.15%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22882.65	-326.21
		-1.41%
HANG SENG	25422.06	+140.91
		+0.56%
SENSEX	39467.31	+353.84
		+0.90%
FTSE 100*	5963.57	-36.42 -0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.633	0.665
CND. 30 Year Bond	1.196	1.196
U.S.    10 Year Bond	0.7211	0.7505
U.S. 30 Year Bond	1.5010	1.5083

Currencies

BOC Close	Today	Previous
Canadian $	0.76354	0.76195
US $	1.30969	1.31242
Euro Rate 1 Euro=		Inverse
Canadian $	1.55925	0.64133
US $	1.19055	0.83995

Commodities

Gold	Close	Previous
London Gold Fix	1923.85	1932.95
Oil
WTI Crude Future	42.97	43.04

Market Commentary:
On this day in 2000, the New York Stock Exchange began trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8th of a dollar. In theory, investors would benefit from lower trading costs, but cynics worried that brokers would make more money than ever. The first to adopt decimal pricing: Anadarko Petroleum, FedEx, Forest City Enterprises, Gateway, Hughes Supply and MSC Software.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Friday as a rally in materials shares failed to offset a drop in consumer staples.
The S&P/TSX Composite Index fell 0.2%, as consumer staples led seven of eleven sectors lower. George Weston Ltd fell 2.6% to its lowest since June 11.
Gold climbed, recovering from Thursday’s drop, as the dollar sank with investors weighing the impact of the Federal Reserve’s new approach to setting U.S. monetary policy.
Stock-market bull Brian Belski is reinstating his year-end target for Canadian stocks and he expects the S&P/TSX Composite to rise 8.8% over the next four months.
Gross domestic product plunged by an annualized 38.7% in the three months through June, adding to an 8.2% drop in the first quarter, Statistics Canada said Friday in Ottawa. But household disposable income surged on the back of state transfers, much of which has yet to be spent.
Commodities
* Western Canada Select crude oil traded at an $11.00 discount to West Texas Intermediate
* Spot gold rose 1.8% to $1,964.84 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to $1.3084 per U.S. dollar
* The 10-year government bond yield fell 3.2 basis points to 0.634%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2 percent, or 25.7 to 16,705.79 in Toronto.
Today, financials stocks led the market lower, as 7 of 11 sectors lost; 95 of 221 shares fell, while 123 rose.
Shopify Inc. contributed the most to the index decline, decreasing 1.3 percent. OceanaGold Corp. had the largest drop, falling 6.2 percent.
Insights
* So far this week, the index rose 1.1 percent
* This month, the index rose 3.3 percent
* The index advanced 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 7 percent below its 52-week high on Feb. 20, 2020 and 49.5 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.7 on a trailing basis and 24.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55t
* 30-day price volatility fell to 9.46 percent compared with 9.53 percent in the previous session and the average of 11.31 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -33.8213| -0.7| 7/18
Information Technology | -14.7068| -0.9| 5/5
Consumer Staples | -13.8828| -2.0| 1/10
Industrials | -11.3443| -0.6| 10/17
Utilities | -9.3379| -1.1| 2/13
Communication Services | -7.3812| -0.8| 1/7
Real Estate | -0.5032| -0.1| 21/5
Health Care | 1.9137| 1.2| 7/2
Consumer Discretionary | 2.6966| 0.5| 8/5
Energy | 4.1208| 0.2| 18/6
Materials | 56.5512| 2.3| 43/7
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks capped the week with fresh highs and the dollar weakened to a more than two-year low as the Federal Reserve’s new inflation approach rippled through global markets.
The benchmark S&P 500 closed at an all-time high for a sixth consecutive trading session, while the Nasdaq Composite also reached unseen levels a day after Jerome Powell signaled that the Fed will stay accommodative for longer through more tolerance toward consumer-price increases. The Dow Jones Industrial Average turned positive for the year. The Stoxx Europe 600 Index retreated as the euro strengthened against the dollar, which posted its worst daily decline in about three months against a basket of its peers. Gold advanced.
“Stocks seem to be enjoying the best of both worlds as they are seeing signs of improving economic momentum while monetary stimulus continues to be very accommodative — and more fiscal stimulus is likely on the way,” said Yousef Abbasi, global market strategist at StoneX. “Yesterday’s action by the Fed likely provides risk-assets with the assurance they need – easy money is here to stay.”
The greenback was also hurt by a surge in the yen on news that Japanese Prime Minister Shinzo Abe will resign due to health reasons. European bonds pared earlier declines after a euro-area economic-confidence measure improved. Powell’s shift provided another tailwind for stocks globally, which are heading for a fifth week of gains as investors monitor progress on vaccine developments for the pandemic. It also helped move the U.S. yield curve to its steepest in two months.
Treasury securities mostly rebounded from Thursday’s rout, benefiting from some buying to match duration changes in benchmark indexes at month-end. “The Fed still has the market’s back and the market is responding positively to that prospect,” said Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute. “That was confirmation that yes, we are going to see these lower rates for longer.”
Elsewhere, crude oil fluctuated as Hurricane Laura weakened while crossing over land in the refinery and LNG-rich Gulf of Mexico region. Emerging-market currencies gained, with South Africa’s rand strengthening as much as 2%.

     Here are the main market moves:
Stocks
*The S&P 500 Index rose 0.7% to 3,507.95 as of 4:01 p.m. New York time, hitting the highest on record with its seventh consecutive advance.
*The Dow Jones Industrial Average increased 0.6% to 28,653.32, the highest in about six months.
*The Nasdaq Composite Index gained 0.6% to 11,695.63, the highest on record.
*The Stoxx Europe 600 Index decreased 0.5% to 368.80, the lowest in a week.
Currencies
*The Bloomberg Dollar Spot Index sank 0.9% to 1,161.61, the lowest in more than two years on the largest decrease in more than three months.
*The euro jumped 0.6% to $1.1898, the strongest in more than a week on the biggest increase in a month.
*The Japanese yen appreciated 1.1% to 105.36 per dollar, the strongest in more than four weeks on the largest jump in five months.
Bonds
*The yield on two-year Treasuries decreased two basis points to 0.13%, the lowest in more than two weeks on the biggest tumble in more than 11 weeks.
*The yield on 10-year Treasuries declined two basis points to 0.73%, the first retreat in a week and the largest drop in more than a week.
*The yield on 30-year Treasuries decreased less than one basis point to 1.51%, the first retreat in a week.
Commodities
*West Texas Intermediate crude dipped 0.1% to $42.98 a barrel.
*Gold strengthened 1.8% to $1,963.79 an ounce, the highest in more than a week on the biggest increase in more than a week.
*Copper increased 1.3% to $3.03 a pound, hitting the highest in more than a week with its fifth straight advance and the largest climb in more than a week.
–With assistance from Katherine Greifeld and David Wilson.
Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

However impenetrable it seems, if you don’t try it, then you can never do it.
                                                                     -Andrew J Wiles, b. 1953

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