Category: Events

Dear Friends,

Tangents:
On Dec. 19, 1998, President Bill Clinton was impeached on charges of perjury and obstruction of justice by a divided House of Representatives, which recommended virtually along party lines that the Senate remove the nation’s 42d President from office. Go to article »

ICYMI:

How the Chinese say “trade”

China and the U.S. may have declared a truce in their trade war, but it’s far from over.

This gives us the opportunity for a language lesson.

Flags at a bilateral meeting of China and the U.S. in Beijing in April.  Jason Lee/Reuters

The English word “trade” is Germanic, originally meaning “track” or “path.” Its modern usage evolved from a Dutch word referring to “means of living,” as in the carpentry trade. Over time, the trade of buying and selling goods came to be called simply “trade.”

In Mandarin Chinese, the word for trade is “màoyì” (“trade war” is “màoyì zhàn,” pronounced MAU-ee-jahn).

The character mào (?) means “to trade,” while yì (?) means “to exchange.”

Yì also has the meaning “easy,” and the character appears in the Chinese word for “easy,” which is “róngyì” (??).

Of course, trade between China and the U.S. is anything but easy these days. -from The New York Times, December 19, 2018

PHOTOS OF THE DAY

A man walks on the boundary wall of a golf course as the sun sets on a cold winter in Srinagar. Credit: Reuters/Danish Ismail

A man stands by an installation depicting “2019” in the Red Square in Moscow, Russia. Credit: Reuters/Maxim Shemetov

Giant waves at Shore Acres State Park, Oregon, U.S. Credit: Wright Aura Photography Via Reuters
Market Closes for December 19^th, 2018

Market Index	Close	Change
Dow Jones	23323.66	-351.98   -1.49%
S&P 500	2506.96	-39.20   -1.54%
NASDAQ	6636.828	-147.084   -2.17%
TSX	14264.06	-152.83
		-1.06%

International Markets

Market Index	Close	Change
NIKKEI	20987.92	-127.53
		-0.60%
HANG SENG	25865.39	+51.14
		+0.20%
SENSEX	36484.33	+137.25
		+0.38%
FTSE 100*	6765.94	+70.99
		+1.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.959		2.013
CND. 30 Year Bond		2.123		2.183
U.S.    10 Year Bond		2.7548		2.8210
U.S. 30 Year Bond		2.9807		3.0731

Currencies

BOC Close	Today	Previous
Canadian $	0.74184	0.74288
US $	1.34800	1.34611
Euro Rate 1 Euro=		Inverse
Canadian $	1.53407	0.65186
US $	1.13806	0.87871

Commodities

Gold	Close	Previous
London Gold Fix	1246.30	1241.65
Oil
WTI Crude Future	47.20	46.24

Market Commentary:
On this day in 1927, the Dow industrials closed above 200 for the first time, finishing the day at 200.93. It had taken the Dow nearly 22 years to double. The index closed at 23323.66 today. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell to their lowest level since July 2016, making a dramatic reversal following a U.S. Federal Reserve policy meeting that downplayed the recent market sell-off. 
     The S&P/TSX Composite Index lost 1.1 percent to 14,264.06 after rising as much as 0.9 percent earlier in the day. Energy was the only sector that gained as crude prices rose 2.1 percent.
     Health care and materials were the biggest decliners, sliding 4.1 percent and 3.7 percent respectively. Pot stocks weighed on the health sector, with Aphria Inc. down 8 percent, while gold stocks fell along with the price of the yellow metal.
     Yamana Gold Inc. slid 9.1 percent, the most since February 2017.
In other moves:
Stocks
* Home Capital Group Inc. tumbled 15 percent, the most since May 2017, after Warren Buffett’s Berkshire Hathaway Inc. said it will “substantially exit” its investment in the company
* Kinross Gold Corp. fell 6.8 percent. The stock was downgraded to underperform at Credit Suisse
* Emblem Corp. gained 5.3 percent after Aleafia Health Inc. agreed to buy the cannabis company for C$173.2 million. Aleafia lost 4.2 percent
Commodities
* Western Canada Select crude oil traded at a $16.25 discount to WTI
* Gold fell 0.6 percent to $12246.00 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3499 per U.S. dollar
* The Canada 10-year government bond yield fell 5 basis points to 1.97 percent, the lowest in a year
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. stocks careened to a 15-month low after Jerome Powell failed to quell investor angst that the Federal Reserve’s tightening policy will throttle economic growth.
     The S&P 500 Index dropped 1.5 percent after policy makers raised rates for the fourth time this year and lowered their forecast for hikes next year to two from three. Markets had been priced for just one. Treasury yields slid and the dollar erased losses as Powell said the Fed’s balance sheet normalization would continue “on automatic pilot.”
     Investors had anticipated a less aggressive approach after U.S. stocks tumbled into a correction amid concern that global growth is slowing.
     “This hike is a vote of confidence in our economy for 2018, but essentially that’s a wrap,” said Mike Loewengart, vice president of investment strategy for E*Trade Financial Corp.
     “We’re now in some uncharted territory as 2019 comes into focus.” Amid the recent volatility in stocks and other risky assets, President Donald Trump had stepped up pressure on the central bank to avoid more tightening in the runup to the announcement. Powell said today that political considerations play no role in Fed policy.
     The tech-heavy Nasdaq indexes underperformed Wednesday as Facebook Inc. tumbled as much as 7 percent on mounting concerns over user privacy. FedEx Corp. sank as much as 12 percent after its executives warned that signs of a global trade slowdown are emerging.
     Beyond the Fed, trade and politics remain dominant themes. The U.S. Senate will vote as soon as Wednesday on a bipartisan spending bill to avoid a partial federal shutdown and keep the government funded until Feb. 8. Meanwhile, Treasury Secretary Steven Mnuchin said America and China are planning to hold meetings in January to negotiate a broader trade truce.
     Elsewhere, the yield on benchmark Japanese notes slipped to within striking distance of 0 percent before a rapid turnaround as the surge in demand triggered a margin call. Asian shares were mixed following a disappointing market debut for SoftBank Group’s Japanese telecom business. The Stoxx Europe 600 Index snapped a four-day losing streak. Italian debt surged after the European Commission decided against launching a disciplinary procedure over the country’s budget.
Here are some events investors will focus on in the coming days:
* The Bank of Japan’s monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda. A Bank of England decision is also Thursday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.5 percent at the close of trade in New York.
* The Stoxx Europe 600 Index increased 0.3 percent.
* The Nikkei-225 Stock Average fell 0.6 percent to the lowest since March.
* The MSCI Emerging Market Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro rose 0.1 percent to $1.1376.
* The Japanese yen fell 0.1 percent to 112.6 per dollar.
* The British pound fell 0.1 percent to $1.2621.
Bonds
* The yield on 10-year Treasuries fell five basis points to 2.77 percent.
* Germany’s 10-year yield was little changed at 0.24 percent.
* Britain’s 10-year yield fell one basis point to 1.27 percent.
* Italy’s 10-year yield plunged 17 basis points to 2.77 percent.
Commodities
* West Texas Intermediate crude increased 2.1 percent to $47.20 a barrel.
* Gold fell 0.6 percent to $1,242.40 an ounce.
–With assistance from Cormac Mullen, Adam Haigh, Christopher Anstey, Eddie van der Walt, Samuel Potter and Luke Kawa.

Have a great night.

Be magnificent!

As ever,

Carolann

Deep in their roots, all flowers keep the light.
                 -Theodore Roethke, 1908-1963

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:
Antonio Stradivari, violinmaker, b. 1737
Steven Spielberg, film-maker, b. 1947

1987 Ivan F. Boesky was sentenced to three years in prison for plotting Wall Street’s biggest insider-trading scandal. Go to article »

What do curators do when a more-than-500-year-old marble Renaissance sculpture slips off its platform and smashers into hundreds of pieces?  Find out at the Metropolitan Museum of Art’s You Tube channel, where curators reveal the process behind restoration and curation.  Also featured are 360-degree tours of famous spots in the New York museum, explorations of unusual musical instruments, and a showcase of the museum’s Costume Institute, which hosts the annual Met Gala.  See more at www.youtube.com/user/metmuseum. -CSM, 12/10/18.

PHOTOS OF THE DAY

This incredible image shows the moment a British surfer is believed to have broke then world record for the biggest wave ever ridded. Credit: Jorge Leal/SWNS

People visit the exhibition “winter lights” with various illuminations trees and lakes in the Palmengarten in Frankfurt, Germany. Credit: AP Photo/Michael Probst

Snow covers the roofs of the so-called “Alter Flecken” (old spot), the historic core of downtown Freudenberg with its half-timbered houses from the 17^th century in the heart of the federal state of North Rhine-Westphalia near the city of Siegen, Germany. Credit” Reuters/Wolfgang Rattay
Market Closes for December 18^th, 2018

Market Index	Close	Change
Dow Jones	23675.64	+82.66   +0.35%
S&P 500	2546.16	+0.22   +0.01%
NASDAQ	6783.910	+30.178   +0.45%
TSX	14416.39	+54.24
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	21115.45	-391.43
		-1.82%
HANG SENG	25814.25	-273.73
		-1.05%
SENSEX	36347.08	+77.01
		+0.21%
FTSE 100*	6701.59	-71.65
		-1.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.013		2.046
CND. 30 Year Bond		2.183		2.219
U.S.    10 Year Bond		2.8210		2.8588
U.S. 30 Year Bond		3.0731		3.1159

Currencies

BOC Close	Today	Previous
Canadian $	0.74288	0.74557
US $	1.34611	1.34125
Euro Rate 1 Euro=		Inverse
Canadian $	1.53090	0.65321
US $	1.13728	0.87929

Commodities

Gold	Close	Previous
London Gold Fix	1241.65	1235.35
Oil
WTI Crude Future	46.24	49.88

Market Commentary:
On this day in 1899, the Dow suffered its fifth-worst daily percentage loss of all time, rocked by news of heavy casualties in the battle against rebels in the Philippines. The index plunged 8.7%, or 5.57 points, to close the day at 58.27. [P.S. It’s 23,675 today]
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks opened higher, with the S&P/Toronto Stock Exchange Composite Index gaining 0.5 percent. Info tech and consumer discretionary stocks led the rise, while energy and health care fell.
     Aphria Inc. and Rapid Dose Therapeutics Inc. announced today that they have expanded the scope of a previously announced agreement that entails launching RDT’s QuickStrip in the German cannabis market. “Germany is one of the most sought- after cannabis markets today,” Aphria President Jakob Ripshtein said in a statement.
     The number of Canadian workers receiving unemployment benefits dropped for the third month, in part because of the expiry of an extended benefit imposed in the aftermath of the 2014 oil price drop, according to Statistics Canada. An estimated 439,600 Canadians received unemployment benefits in October, which is down 1.5 percent from September.
Stocks
* Advantage Oil & Gas (AAV CT) dropped 6.2 percent
* Aphria Inc. (APHA CT) jumped 4.5 percent after announcing it will work with Rapid Dose Therapeutics to introduce QuickStrip in Germany
* Baytex Energy Corp. (BTE CT) dropped 4.3 percent 
* Westshore Terminals Investment Corp. (WTE CT) rose 4.0 percent
Commodities
* Western Canada Select crude oil traded at a $17 discount to WTI
* Gold dropped 0.13 percent to $1,250 an ounce
FX/Bonds
* The Canadian dollar weakened by 0.15 percent to C$1.34264 per U.S. dollar
* The Canada 10-year government bond yield gained 0.4 basis points to 2.046 percent
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks held near a 14-month low in a volatile session that saw the gauge swing almost 2 percent from trough to peak. Oil tumbled.
     The S&P 500 Index ended virtually unchanged as investors braced for Wednesday’s Federal Reserve policy decision. Consumer and technology companies were the best performers, while energy shares sank along with crude. The benchmark U.S. oil grade dropped more than 8 percent at one point, tumbling past $46 a barrel as traders fretted about the outlook for growth.
     Treasuries and the Japanese yen advanced amid a lingering mood of caution after Chinese President Xi Jinping offered no fresh commitments to stimulate the world’s second-biggest economy in a keynote speech. Treasury Secretary Steven Mnuchin said the U.S. and China are planning to hold meetings next month to seek a trade truce. The dollar slipped and the euro strengthened.
     With equities beaten down in recent weeks, stock investors are increasingly pinning their hopes on the U.S. Federal Reserve taking a dovish turn Wednesday. While a rate hike is widely expected, historically the central bank has rarely raised borrowing costs during such market turmoil. President Donald Trump continued with his criticism of policy makers, warning them to avoid “yet another mistake” just hours before their two- day meeting begins.
     “We’re still in a very treacherous trading environment here, and I don’t think we’ve seen any signs yet that we’re getting out of that,” said Matt Forester, the chief investment officer at BNY Mellon’s Lockwood Advisors. “We have to continually be careful.”
     And beyond the Fed looms more trouble for markets: on Friday night, spending authority expires for a swathe of the U.S. government unless Trump and Congress reach a deal.
Here are some events investors will be watching in the days ahead:
* The Fed holds its final policy meeting of 2018 on Tuesday and Wednesday. The rate decision will be followed by a press conference with Chairman Jerome Powell.
* The Bank of Japan’s monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda. A Bank of England decision is also Thursday.
* A partial U.S. government shutdown could start this week if lawmakers and Trump fail to resolve how much money to allocate for Trump’s wall along the Mexican border.
And these are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index dipped 0.8 percent.
* The Nikkei-225 Stock Average fell 1.8 percent to the lowest since March.
* The MSCI Emerging Market Index fell 0.5 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro rose 0.1 percent to $1.1364.
* The Japanese yen strengthened 0.2 percent to 112.57 per dollar.
Bonds
* The yield on 10-year Treasuries declined three basis points to 2.82 percent.
* Germany’s 10-year yield dipped one basis point to 0.24 percent.
* Britain’s 10-year yield rose two basis points to 1.28 percent.
Commodities
* West Texas Intermediate crude declined 7.3 percent to $46.24 abarrel.
* Gold rose 0.3 percent to $1,249.17 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Christopher Anstey,
Samuel Potter, Todd White, Lu Wang and Alex Nussbaum.

Have a great night.

Be magnificent!

As ever,

Carolann

He who awaits much can expect little.
  -Gabriel Garcia Márquez,  1927-2014

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:
Saturnalia: The ancient Roman festival of Saturn began on December 17^th and ended on December 23^rd; it was the precursor to Christmas.  It involved feasting, gift-giving, gambling and role reversals – e.g., Roman Masters  served their slaves.
1790: Aztec calendar stone discovered.
On Dec. 17, 1903, Orville and Wilbur Wright made the first successful man-powered airplane flight, near Kitty Hawk, N.C.  Go to article »
Untouched 4,400-year-old tomb discovered in Egypt.
PHOTOS OF THE DAY

A young couple takes happy snaps in front of the snow-covered roofs of the so-called “Alter Flecken” (old spot), the historic core of downtown Freudenberg with is half-timbered houses from the 17th century in the heart of the federal state of North Rhine-Westphalia near the city of Siegen, Germany. Credit: Wolfgang Rattay/Reuters

A frosty sunset is seen through icicles in Peremilova village, 65 km (40,6 miles) north of Moscow, Russia. Temperatures in the Moscow region have dropped to -12 degree Celsius. Credit: Alexander Zemlianichenko/AP

The Geminid Meteor Shower over Sycamore Gap in Northumberland in the early hours. Credit: Daniel Monk/Bav Media
Market Closes for December 17^th, 2018

Market Index	Close	Change
Dow Jones	23592.98	-507.53   -2.11%
S&P 500	2545.94	-54.01   -2.08%
NASDAQ	6573.734	-156.931   -2.27%
TSX	14362.65	-232.42
		-1.59%

International Markets

Market Index	Close	Change
NIKKEI	21506.88	+132.05
		+0.62%
HANG SENG	26087.98	-6.81
		-0.03%
SENSEX	36270.07	+307.14
		+0.85%
FTSE 100*	6773.24	-71.93
		-1.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.046		2.102
CND. 30 Year Bond		2.219		2.276
U.S.    10 Year Bond		2.8588		2.8895
U.S. 30 Year Bond		3.1159		3.1433

Currencies

BOC Close	Today	Previous
Canadian $	0.74557	0.74705
US $	1.34125	1.33860
Euro Rate 1 Euro=		Inverse
Canadian $	1.52199	0.65703
US $	1.13475	0.88125

Commodities

Gold	Close	Previous
London Gold Fix	1235.35	1235.35
Oil
WTI Crude Future	49.88	51.20

Market Commentary:
The stock market is a device for transferring money from the impatient to the patient. -Warren Buffett.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell to their lowest close since September 2016 with every sector in the red, as crude prices settled below $50 a barrel for the first time in 14 months.
     The S&P/TSX Composite Index lost 1.6 percent to 14,362.65. Health-care stocks led the retreat, losing 4.6 percent as pot shares retreated amid a broader risk-off mood. Aurora Cannabis Inc. fell 5.5 percent.
     The energy sector slid 2.3 percent to the lowest since February 2016 as West Texas Intermediate prices fell 2.6 percent amid rising U.S. inventories. Cenovus Energy Inc. lost 4 percent while Canadian Natural Resources Ltd. fell 3.3 percent.
In other moves:
Stocks
* Shopify Inc. lost 7.4 percent, bringing its two-day decline to 19 percent, the most ever. The company said Friday that it would sell 2.6 million shares to strengthen its balance sheet, its second equity capital raise this year
* Katanga Mining Ltd. slid 9.5 percent. The company has agreed to settle with Canadian regulators over an investigation into its accounting practices
* Superior Plus Corp. added 1.3 percent after RBC Capital Markets upgraded the stock to outperform
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold rose 0.8 percent to $1,247.40 an ounce, the highest since July
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3414 per U.S. dollar, the weakest since June 2017
* The Canada 10-year government bond yield fell 5 basis points to 2.05 percent, the lowest since January
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. equity indexes slid to their lowest close in 14 months as investors weighed the impact of the Federal Reserve on growth in an economy already anxious over trade, geopolitical tensions and a possible government shutdown.
     The S&P 500 Index finished Monday’s session its lowest level since October 2017. The technology, health-care and consumer sectors led the rout, but no segment of the benchmark went unscathed. Insurance stocks plunged after a court ruling jeopardized Obamacare, while Johnson & Johnson sank on fresh worries its asbestos scandal will intensify.
     At one point, the Dow Jones Industrial Average dropped more than 600 points. The Russell 2000 Index of smaller companies entered a bear market. The dollar dropped, while Treasuries gained. West Texas crude settled below $50 for the first time since October 2017 as glut fears grew.
     Investors will be scrutinizing the Fed’s statement Wednesday, as well as Jerome Powell’s news conference, for clues as to its intentions for 2019. One market observer has already weighed in: President Donald Trump tweeted Monday that it was “incredible” the central bank was considering a rate hike, given low inflation and a strong dollar.
     “The stock market, in particular, is very vulnerable to all of these speculations as to what’s going on, politically what’s going on outside our borders, who’s tweeting what, what the Fed’s going to do on Wednesday,” Terri Spath, chief investment officer at Sierra Mutual Funds, told Bloomberg TV.
     Global growth forecasts for next year are being trimmed as a trade war between the biggest economies bites and markets reel from a volatile 2018. Meanwhile, political uncertainty still grips investors. There are yet more personnel changes within the Trump administration and confusion remains over Britain’s future relationship with the European Union.
     U.S. Interior Secretary Ryan Zinke will leave at the end of the year amid a swirl of federal investigations. Investors will keep monitoring Brexit developments after Theresa May’s team pushed back against reports they are warming to a second referendum.
     Retailers led declines in the Stoxx Europe 600 Index as Asos Plc plunged after warning that its Christmas shopping season got off to a disastrous start.
Coming Up
* The Federal Reserve holds its final policy meeting of 2018 on Tuesday and Wednesday. The rate decision will be followed by a press conference with Chairman Jerome Powell. 
* The Bank of Japan’s monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda. A Bank of England decision is also Thursday.
* Chinese President Xi Jinping marks the 40th anniversary of Deng Xiaoping’s opening of the nation’s economy to the world with a keynote speech at a conference scheduled for Tuesday. 
* A partial U.S. government shutdown could start this week if lawmakers and Trump fail to resolve how much money to allocate for Trump’s wall along the Mexican border.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 2.1 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dropped 1.1 percent, the biggest fall in a week.
* The U.K.’s FTSE 100 Index fell 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent.
* The euro rose 0.4 percent to $1.1346.
* The British pound jumped 0.3 percent to $1.2615.
* The Japanese yen increased 0.6 percent to 112.77 per dollar, the strongest in more than a week.
Bonds
* The yield on 10-year Treasuries dipped three basis points to 2.86 percent, the lowest in over a week.
* Germany’s 10-year yield gained less than one basis point to 0.26 percent.
* Britain’s 10-year yield rose three basis points to 1.266 percent.
Commodities
* The Bloomberg Commodity Index dipped 1.2 percent to the lowest in almost 18 months.
* West Texas intermediate crude declined 3.8 percent to $49.28 a barrel.
* Gold climbed 0.6 percent to $1,246.33 an ounce.
–With assistance from Susanne Barton, Masaki Kondo, Cormac Mullen, Adam Haigh and Eddie van der Walt.

Have a great evening.

Be magnificent!

As ever,

 

Carolann

 

It is a profitable thing, if one is wise, to seem foolish.
                                 -Aeschylus, c.525 BC-456 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: Happy Friday!

1503 – Astronomer Nostradamus is born.
1911 – Amundsen reaches the South Pole.
1979 – The album “London Calling” by the Clash was released. Go to article »
PHOTOS OF THE DAY

Visitors stand in front of monumental silk lanterns depicting a palace, installed at the Foucaud Park in Gaillac, southwestern France, during the Lantern Festival. Monumental silk sculptures are exhibited in Gaillac from December 1, 2018 to February 6, 2019, as part of the Chinese traditional Lantern Festival marking the end of celebrations for the Chinese Lunar New Year period. Credit: Eric Cabanis/AFP/Getty Images

Dawn breaks and silhouettes Tower Bridge and commuters crossing the River Thames in London, UK. Credit: Reuters/Henry Nicholls

The Nutcracker performed by The English National Ballet at the London Coliseum. London, UK. Rina Kanehara as Clare, Fernando Carratala Coloma The Nutcracker. Credit: Alastair Muir

A 26 foot Christmas tree that Colin Furze has put in his house in Stamford, Lincolnshire, UK. The tree starts in his lounge (pictured) goes into his bedroom and then out through the roof. The 38-year-old YouTuber cut down the huge Norway Spruce fir tree, cut it in to three sections, and remarkably managed to squeeze into his three-bedroom house-with the tip of the tree poking out of the roof. Credit: The Telegraph
Market Closes for December 14^th, 2018

Market Index	Close	Change
Dow Jones	24100.51	-496.87   -2.02%
S&P 500	2599.95	-50.59   -1.91%
NASDAQ	6910.664	-159.669   -2.26%
TSX	14595.07	-155.28
		-1.05%

International Markets

Market Index	Close	Change
NIKKEI	21374.83	-441.36
		-2.02%
HANG SENG	26094.79	-429.56
		-1.62%
SENSEX	35962.33	+33.29
		+0.09%
FTSE 100*	6845.17	-32.33
		-0.47%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.102		2.158
CND. 30 Year Bond		2.276		2.327
U.S.    10 Year Bond		2.8895		2.9131
U.S. 30 Year Bond		3.1433		3.1694

Currencies

BOC Close	Today	Previous
Canadian $	0.74705	0.74903
US $	1.33860	1.33507
Euro Rate 1 Euro=		Inverse
Canadian $	1.51375	0.66061
US $	1.13084	0.88430

Commodities

Gold	Close	Previous
London Gold Fix	1235.35	1245.75
Oil
WTI Crude Future	51.20	52.58

Market Commentary:
The desire to get rich fast is pretty dangerous. – Charlie Munger
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks headed lower on rising concern over the health of the global economy. The S&P/Toronto Stock Exchange Composite Index fell 1.1 percent, led by tech and energy stocks, while health care, boosted by pot stocks, was the only outperformer.
     The mining royalty company Wheaton Precious Metals Corp. was the best performing stock within the S&P/TSX. The stock surged the most since 2008 as investors breathed a sigh of relief after it reached a settlement with the Canadian government that will mean a lower tax bill than many feared.
     Meanwhile, the Canadian e-commerce company, Shopify Inc. was the worst performing stock on the TSX, after announcing its second capital raise this year. The stock fell as the company planned a sale of 2.6 million Class A subordinate voting shares to strengthen its balance sheet, which follows a 4.8-million share offering earlier this year.
Stocks
* Wheaton Precious Metals Corp. rose 14 percent
* Shopify Inc. plunged 13 percent
* Weed stocks Aphria Inc. and Aurora Cannabis Inc. rose after Ontario said it will open cannabis retail stores in phases in response to a national supply shortage of marijuana,
* Alamos Gold Inc. dropped 6.6 percent, after announcing two employees are feared dead after a mining accident. The news comes after the miner’s stock slumped yesterday on Turkey challenges.
* Detour Gold Corp. fell 9.6 percent one day after a shakeup to its board Thursday 
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold dropped 0.4 percent to $1,242.30 an ounce
FX/Bonds
* The Canadian dollar weakened by 0.3 percent to C$1.33905 per U.S. dollar
* The Canada 10-year government bond yield dropped 5.8 basis points to 2.096 percent
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks closed at their lowest level since April, with Treasuries rising alongside the yen, as mounting concern over the health of the global economy overshadowed positive trade developments and signs of strength from the American consumer.
     The S&P 500 Index tumbled 1.9 percent Friday, after testing February lows, erasing the week’s gains. Health-care and technology stocks were among the biggest decliners. The Dow Jones Industrial Average sank almost 500 points, led by Johnson & Johnson’s biggest rout in years amid mounting legal peril.
     Retailers retreated even after monthly data indicated U.S. consumers are still spending. Oil and gold fell. The sour mood on Wall Street came after equities slumped from Asia to Europe on concern that Chinese growth is slowing. President Donald Trump attributed the latest data to his trade war, even suggesting a deal could come soon. Investors took little solace in that, and earlier signs that trade tension was easing didn’t do much to calm nerves.
     “People see the challenges into 2019, and it’s the same litany of fundamental challenges with revenue growth, global growth, all of these questions,” said Yousef Abbasi, director of U.S. institutional equities and global market strategist at INTL FCStone. “They want to see something positive, but at the same time, they’re hesitant to react when it’s a small positive. It almost seems like they want the whole kit and caboodle.”
     Lackluster data also sent the euro down, as France’s “Yellow Vests” movement exacerbated a decline in the region’s PMI data to the lowest in more than four years. The pound slid after European leaders rebuffed Prime Minister Theresa May’s pleas to help her sell her Brexit agreement to a skeptical British parliament.
     Growth concerns came back into focus midweek after European Central Bank President Mario Draghi said economic risks were moving to the downside, while in China retail sales and industrial production figures for November fell significantly short of estimates. The weak readings from Europe on car sales and manufacturing simply added to the gloom.
Here are some key events for investors in the days ahead:
* The Federal Reserve holds its final policy meeting of 2018 on Tuesday and Wednesday. The rate decision will be followed by a press conference with Chairman Jerome Powell. 
* A partial U.S. government shutdown could start next week if lawmakers and President Trump fail to resolve how much money to allocate for Trump’s wall along the Mexican border.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.9 percent as of 4 p.m. New York time, the biggest drop in a week.
* The Stoxx Europe 600 Index dipped 0.6 percent.
* The U.K.’s FTSE 100 Index decreased 0.5 percent.
* Germany’s DAX Index fell 0.5 percent.
* The MSCI Emerging Markets Index gained 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.3 percent to the highest in over a month.
* The euro sank 0.5 percent to $1.1303.
* The British pound dipped 0.5 percent to $1.2582.
* The Japanese yen rose 0.2 percent to 113.39 per dollar, its biggest climb in over a week.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.89 percent, the first retreat in a week.
* Germany’s 10-year yield declined three basis points to 0.25 percent, the biggest decrease in more than a week.
* Britain’s 10-year yield declined five basis points to 1.24 percent.
Commodities
* West Texas Intermediate crude decreased 2.8 percent to $51.09 a barrel.
* Gold decreased 0.3 percent to $1,238.42 an ounce.
–With assistance from Matt Turner, Adam Haigh and Yakob Peterseil.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

The secret of success is to know something nobody else knows.
                              -Aristotle Socrates Onassis, 1906-1975

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:
Today is Saint Lucia Day:  Lucia was a Sicilian girl caught up in the persecutions of Diocletian.  For refusing to marry a pagan, she was tormented and killed.  Her name derives from Latin lux, or light; she is patron saint of sufferers of eye trouble (as well as writers, known to be susceptible to eye strain!).
  In Sicily, Lucia is still honored by bonfires and torchlight parades.  In Sweden the observance of her day begins before sunrise.  The eldest daughter of the house is the Lussibruden, or Lucia Bride.  She wears a white dress with a red sash, and an evergreen wreath with lighted candles atop her head.  She serves saffron buns and coffee, first to her mother and then to the household.  She is followed by her sisters, carrying candles, and by her brothers in tall, pointed hats decorated with stars.  All sing carols offering thanks to the Queen of Light.
  Lucia’s attributes may derive from pagan traditions.  The feminine elements of midwinter and night are complemented by the starboys who follow her.  Like the moon, she brings radiance amidst the darkness.  She wears white to show…becoming a bride.  But, as the oldest girl, she is ready for marriage and childbearing (hence her red sash).  Her gifts of food and drink give evidence of earth’s abundance.
  However one may understand Luciadagen, the spectacle is breathtaking and the ritual is particularly joyful for children. ~John Miller
For more information on St. Lucia and Luciadagen, see www.umkc.edu/imc/stlucia.htm.

December 13^th, 2000 – Republican George W. Bush claimed the presidency 36 days after Election Day. Go to article »

PHOTOS OF THE DAY

Weather service technician Rene Sosna uses snowshoes as he walks back to the station of the German Meteorological Service after measuring the snow depth, in the Harz region, central Germany. Credit: Klaus-Dietmar Gabbert/AFP/Getty Images

A Mary Poppins stunt double rides on top of the Coca-Cola London Eye ahead of the European premiere of Mary Poppins Returns at the Royal Albert Hall. Credit: Kirsty O’Connor/PA

102-year-old great-grandmother Irene O’Shea during her skydive tandem jump in the South Australia town of Wellington, she is now believed to have become the world’s oldest skydiver after plunging 14,000 feet (4,300 metres) through the South Australian sky. Credit: Bryce Sellick/AGP/Getty Images
Market Closes for December 13^th, 2018

Market Index	Close	Change
Dow Jones	24597.38	+70.11   +0.29%
S&P 500	2650.54	-0.53   -0.02%
NASDAQ	7070.336	-27.976   -0.39%
TSX	14750.35	-32.71
		-0.2%

International Markets

Market Index	Close	Change
NIKKEI	21816.19	+213.44
		+0.99%
HANG SENG	26524.35	+337.64
		+1.29%
SENSEX	35929.64	+150.57
		+0.42%
FTSE 100*	6877.50	-2.96
		-0.04%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.158		2.132
CND. 30 Year Bond		2.327		2.280
U.S.    10 Year Bond		2.9131		2.9096
U.S. 30 Year Bond		3.1694		3.1497

Currencies

BOC Close	Today	Previous
Canadian $	0.74903	0.74906
US $	1.33507	1.33500
Euro Rate 1 Euro=		Inverse
Canadian $	1.51641	0.65945
US $	1.13583	0.88042

Commodities

Gold	Close	Previous
London Gold Fix	1245.75	1245.30
Oil
WTI Crude Future	52.58	51.15

Market Commentary:
On this day in 1961, the longest bull market ever for the Dow industrials ground to a halt. The index peaked at 734.91, up 0.89 point for the day and 355% for the previous 12 1/2 years. Within six months, the Dow would bottom at 535.76, a 27% plunge. The blue-chip index closed at 24527.27 Wednesday.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks lost their earlier gains and closed the session 0.2 percent lower, led mostly by two-day decline in pot stocks. The Horizons Marijuana Life Sciences ETF fell 8 percent in last two days, ahead of potential legalization in New Jersey on December 17. Aphria Inc. was among the worst performing pot stocks, with two-day slump of 14 percent.
     Canada’s mining sector received much investor attention after Paulson & Co. convinced shareholders of Detour Gold Corp. to overthrow the bulk of the Canadian miner’s board of directors, including its interim CEO, ending a nasty six-month proxy battle. Meanwhile Private equity firm Waterton Global Resource Management plans to nominate a majority slate of directors and propose a new CEO at Hudbay Minerals Inc. in an effort to improve its performance.
     On the economic data side, Toronto new home prices dropped the fastest in more than two decades in October, adding further evidence that tighter mortgage lending has slowed a boom in the city. Statistics Canada’s price index for new Toronto homes fell 1.4 percent in October from a year earlier, the most since September 1996. Across the country, the price increase of 0.1 percent was the slowest since 2010.
Stocks
* Empire Co. rose 11 percent as it posted second-quarter adjusted EPS that beat the highest estimate 
* AltaGas rose 10 percent after reporting a cut to dividend, and further asset sales 
* Baytex Energy Corp. climbed 8.4 percent. Cormark Securities Inc. said Canadian energy companies are garnering investors’ attention. 
* Alamos Gold Inc. fell 6.4 percent after Desjardins downgraded the stock on reports from local press in Turkey that development activities have slowed at company’s Kirazl? project
* Aurora Cannabis Inc. fell 6.6 percent, after company said it will invest C$10 million in High Tide
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold dropped 0.2 percent to $1,247.10 an ounce FX/Bonds
* The Canadian dollar remained flat around C$1.3353 per U.S. dollar
* The Canada 10-year government bond yield dropped 2.4 basis points to 2.15 percent
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. equities languished Thursday, with small caps leading declines, as trade tensions continued to weigh on financial markets. The dollar jumped after the European Central Bank sounded a cautious note on growth.
     The S&P 500 Index finished the session little changed, with about three decliners in the benchmark for every two that rose.
     Utilities advanced, while banks came under pressure. The Dow Jones Industrial Average eked out a gain, led by Procter & Gamble and McDonald’s. The greenback edged higher as U.S. jobless claims came in below estimates. Treasuries were little changed.
     Investors are studying the latest moves in the global trade tug of war, after Chinese importers resumed buying U.S. soybeans and Beijing reiterated that its officials were in close contact with Washington counterparts on negotiating details of a broader deal.
     But worries remain: China detained a second citizen of Canada for questioning, further heightening tensions between the two countries, and Trump administration officials on Wednesday signaled that Beijing will have to do more to end the tariff war. U.S. Commerce Secretary Wilbur Ross said on Thursday that there have been “frequent conversations” with China, which gave a good road map to resolving many issues.
     “On the fixed-income side, investors are focused on economic growth and what the Fed is thinking about for next year,” said Jim Barnes, director of fixed income at Bryn Mawr Trust. “On the equity side, it continues to trade on headline news related to trade. That’s been happening for a while and it continues to happen.”
     The ECB kept interest rates unchanged, confirmed an end to its asset-purchase program and provided more details on its reinvestment plan. Speaking after the decision, President Mario Draghi said the balance of risks to the euro area had moved to the downside.
     The pound gained after European Union leaders were said to be set to discuss issuing a declaration on the Irish backstop that would help Prime Minister Theresa May get a Brexit deal through Parliament. The Stoxx Europe 600 Index finished lower, while Hong Kong and Chinese shares outperformed as equities across Asia extended their rebound.
     West Texas crude climbed above $53 a barrel after Saudi Arabia was said to be planning to slash exports to the U.S. in the coming weeks. Gold declined.
Still to come this week:
* China industrial production, retail sales data for November is due Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4:02 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.2 percent.
* The U.K.’s FTSE 100 Index declined less than 0.05 percent.
* Germany’s DAX Index fell less than 0.05 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro declined 0.1 percent to $1.1361.
* The British pound climbed 0.3 percent to $1.2664.
* The Japanese yen dipped 0.3 percent to 113.60 per dollar.
Bonds
* The yield on 10-year Treasuries gained less than one basis point to 2.91 percent.
* Germany’s 10-year yield rose one basis point to 0.29 percent.
* Britain’s 10-year yield climbed one basis point to 1.289 percent.
Commodities
* West Texas Intermediate crude rose 3.7 percent to $53.04 a barrel, its biggest gain in more than a week.
* Gold fell 0.2 percent to $1,242.78 an ounce.
–With assistance from Luke Kawa, Sydney Maki, Austin Weinstein, Sarah Ponczek, Adam Haigh and Todd White.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Never be afraid to sit awhile and think.
     -Lorraine Hansberry,  1930-1965

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:
Frank Sinatra, b. 1915
Gustave Flaubert, b. 1821

Dec. 12^th, 1901 – Marconi Claims to Have Received a Transatlantic Radio Signal in Morse Code. Go to article »

Our ignorance of history makes us libel our own times.  People have always been like this. -Gustave Flaubert.

A heated session of the British Parliament turned to chaos Monday night when a member of the House of Commons grabbed a five-foot-long, silver-gilt mace and tried to leave the chamber.

Lloyd Russell-Moyle, center foreground in light blue suit and glasses, was intercepted while trying to remove a ceremonial mace.  Reuters 

The mace represents the crown’s authority, and Parliament can’t sit or pass laws without it.

Traditionally, the person in charge of guarding the mace — and restoring order after rare mace-snatchings — is the sergeant-at-arms.

The sergeant’s role, which dates to 1415, is to escort the speaker of the house before each sitting, carrying the mace during the procession, and to maintain order during the sitting.

You can’t miss the sergeant — the traditional uniform includes a frilly lace collar and cuffs, silk stockings and black patent-leather shoes. A sword can also come in handy.

After Monday’s breach of protocol, the troublemaking lawmaker said: “They stopped me before I got out of the chamber and I wasn’t going to struggle with someone wearing a huge sword on their hip.” -from The New York Times, December 12, 2018

PHOTOS OF THE DAY

The sun sets behind the Statue of Liberty from Battery Park. Credit: Gary Hershorn/Getty Images

Dog walkers at dawn under a fireglow sky on the beach at Tynemouth, on the coast of northeast England. Credit: Owen Humphreys/PA Wire

Sun rays fall through the clouds over the banking district as a runner passes by in Frankfurt, Germany. Credit: AP Photo/Michael Probst

Internationally acclaimed artist Olafur Eliasson, working in collaboration with leading geologist Minik Rosing, will display blocks of melting ice across two public sites in the centre of London to create a major artwork, Ice Watch. Supported by Bloomberg Philanthropies, Ice Watch will serve as a visceral reminder of the impact of climate change. Credit: Alex Lentati/Evening Standard/Eyevine
Market Closes for December 12^th, 2018

Market Index	Close	Change
Dow Jones	24527.27	+157.03   +0.64%
S&P 500	2651.07	+14.29   +0.54%
NASDAQ	7098.313	+66.481   +0.95%
TSX	14783.06	+115.23
		+0.79%

International Markets

Market Index	Close	Change
NIKKEI	21602.75	+454.73
		+2.15%
HANG SENG	26186.71	+415.04
		+1.61%
SENSEX	35779.07	+629.06
		+1.79%
FTSE 100*	6880.19	+79.17
		+1.16%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.132		2.081
CND. 30 Year Bond		2.280		2.228
U.S.    10 Year Bond		2.9096		2.8790
U.S. 30 Year Bond		3.1497		3.1261

Currencies

BOC Close	Today	Previous
Canadian $	0.74906	0.74730
US $	1.33500	1.33814
Euro Rate 1 Euro=		Inverse
Canadian $	1.51856	0.65852
US $	1.13750	0.87912

Commodities

Gold	Close	Previous
London Gold Fix	1245.30	1245.30
Oil
WTI Crude Future	51.15	51.65

Market Commentary:
On this day in 1914, the New York Stock Exchange reopened after closing in July amid jitters over the outbreak of World War I. By the end of 1915, the stock market had risen nearly 82% as Western Europe supplied its war effort with American-made goods and weapons.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks closed the session higher, with the broader U.S. market, after the S&P/Toronto Stock Exchange Composite Index reached a two-year low yesterday. The best performing sector was technology, led by Shopify Inc.’s three-day advance.
     The S&P/Toronto Stock Exchange Composite Index rose 0.8 percent. Real estate was the worst performing sector on the TSX, led by Canadian Apartment Properties REIT, which fell 4.3 percent after announcing an offering of C$250 million in a bought deal.
     Meanwhile, Canadian exporters are worrying they could be caught in the cross hairs amid tensions between Canada and China after Canada’s arrest of Huawei Technologies Co. CFO and as China’s spy agency detained former Canadian diplomat Michael Kovrig. China is one of Canada’s biggest buyers of agricultural products, from oilseeds to softwood lumber, and is a growing market for the nation’s banks, insurers and luxury-goods makers.
Stocks
* Maxar Technologies Ltd. rose 7.6 percent after falling for 3 days
* Kelt Exploration Ltd. climbed 7.3 percent, to post a 2-day gain of 9.7 percent
* Pretium Resources Inc., Endeavour Mining Corp and Iamgold Corp. were among some the best performing precious metals miners as gold, silver rose
* Bombardier Inc. gained 2.6 percent amid plans to debut a $73 million luxury jet
* Pot stock Aphria Inc. fell 4.5 percent after rising for the last 2 sessions
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold gained 0.2 percent to $1,244.40 an ounce
FX/Bonds
* The Canadian dollar rose 0.2 percent to C$1.3368 per U.S. dollar
* The Canada 10-year government bond yield gained 4.2 basis points to 2.12 percent
US
By Sarah Ponczek and Luke Kawa
     (Bloomberg) — U.S. stocks advanced as the outlook for trade took a positive turn and the British prime minister defeated a challenge to her leadership.
     The S&P 500 rose 0.5 percent after an afternoon slump that pared its gain by more than half. It marked the fourth straight day that investors sold an early rally, a trend that’s a stark reversal from months where traders bought any meaningful dip.
     Oil’s retreat coincided with the move, amid reports that deep discord exists among OPEC members ahead of planned output cuts.
     “We’re in a stock market correction. All rallies are suspect,” said Michael Antonelli, the managing director at Robert W. Baird & Co. The early gains came as signs emerged that trade tensions would ease, first after the arrested Huawei executive was granted bail and then when President Donald Trump suggested he could use his influence to calm that situation as part of a deal with China. For its part, China hinted that it would ease access to local markets. The Asian country is also making its first sizable purchase of U.S. soybeans since the countries imposed tariffs.
     The British pound surged the most in a month on speculation Theresa May will survive the vote of confidence and mostly held onto the gains after her victory was confirmed. Treasuries and the dollar both slipped as data showed a key measure of U.S. inflation picked up as expected in November.
     While developments on trade tends and Brexit have been at the forefront for investors, they’re also keeping watch on the risk of a shutdown of parts of the U.S. government. Trump is at odds with Democratic leaders in Congress over funding for a border wall with Mexico.
     Elsewhere, India’s bonds rallied after an ally of Prime Minister Narendra Modi was named as the new central bank chief.
Here are some key events on the calendar this week:
* The European Central Bank is set to end asset purchases at its final policy meeting of 2018 on Thursday.
* China industrial production, retail sales data for November is due Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.5 percent at the close of trading in New York.
* The Stoxx Europe 600 Index jumped 1.7 percent to the highest in a week.
* The Nikkei-225 Stock Average added 2.2 percent.
* The MSCI Emerging Market Index advanced 1.6 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.4 percent.
* The euro increased 0.5 percent to $1.1373.
* The British pound jumped 1 percent to $1.2615.
* The Japanese yen gained 0.1 percent to 113.24 per dollar.
Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.91 percent.
* Germany’s 10-year yield climbed five basis points to 0.28 percent.
* Britain’s 10-year yield jumped nine basis points to 1.28 percent.
Commodities
* West Texas Intermediate crude fell 1 percent to $51.14 a barrel.
* Gold advanced 0.2 percent to $1,245.86 an ounce.
–With assistance from Andreea Papuc, Adam Haigh, Christopher Anstey, Samuel Potter and Robert Brand.

Have a great evening. 

Be magnificent!

As ever,

Carolann

It is better to know some of the questions than all of the answers.
                                             -James Grover Thurber, 1894-1961

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:
1946~UNICEF founded.
1936~Edward VIII abdicates to marry Wallis Simpson.
John F. Kerry, b.1943
On Dec. 11, 1941, Germany and Italy declared war on the United States; the U.S. responded in kind.  Go to article »

PHOTOS OF THE DAY

A woman takes pictures in a forest on a bank of the Yenisei River covered with snow and hoarfrost with the air temperature at about -16 degrees of Celsius outside the Siberian city of Krasnoyarsk. Credit: The Telegraph

The Fearless Girl statue is unveiled at her new home facing the New York Stock Exchange (NYSE) during an event held by the city of New York and State Street Global Advisors, New York, USA. Credit: Timothy A. Clary/AFP/Getty Images

Retired businessman Brian Moodie herds his flock of turkeys along the street near his home in Camelon, Stirlingshire. Christmas holds no fear for the birds who are strictly off the menu on December 25. Mr. Moodie, who will be having steak pie for Christmas dinner, started keeping turkeys in his back garden eight years ago in a bid to help conserve rare breeds. They are the ultimate free range turkeys who even know how to cross the road as they are taken for a stroll around the town each day. Credit: Jane Barlow/PA Wire
Market Closes for December 11^th, 2018

Market Index	Close	Change
Dow Jones	24370.24	-53.02   -0.22%
S&P 500	2636.78	-0.94   -0.04%
NASDAQ	7031.832	+11.311   +0.16%
TSX	14667.83	-60.45
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	21148.02	-71.48
		-0.34%
HANG SENG	25771.67	+19.29
		+0.07%
SENSEX	35150.01	+190.29
		+0.54%
FTSE 100*	6806.94	+85.40
		+1.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.081		2.056
CND. 30 Year Bond		2.228		2.214
U.S.    10 Year Bond		2.8790		2.8557
U.S. 30 Year Bond		3.1261		3.1309

Currencies

BOC Close	Today	Previous
Canadian $	0.74730	0.74636
US $	1.33814	1.33984
Euro Rate 1 Euro=		Inverse
Canadian $	1.51511	0.66002
US $	1.13224	0.88320

Commodities

Gold	Close	Previous
London Gold Fix	1245.30	1243.30
Oil
WTI Crude Future	51.65	51.00

Market Commentary:
On this day in 2008, fund adviser Bernard Madoff was arrested by federal agents, accused in separate SEC and FBI complaints of a multibillion-dollar fraud.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks fell 0.4 percent on Tuesday, extending a four-day rout, in their longest losing streak since mid-November, as the index slid to its lowest level in two years.
     The S&P/Toronto Stock Exchange Composite Index failed to stage a comeback despite a late-session spike in pot stocks after the New York Post reported that New York Governor Andrew Cuomo will introduce a plan for legalizing recreational marijuana.
     Health care and consumer staples sectors led gains helped by pot stocks and earnings from North West Co., which topped the highest analyst estimate. Some beaten-down energy stocks caught a bid as oil advanced. Miners also gained as metal prices climbed on trade optimism between U.S. and China.
Stocks
* NuVista Energy Ltd and Trican Well Service Ltd were among outperformers within the energy sector. 
* First Quantum Minerals Ltd. rose 6.5 percent; Teck Resources Ltd advanced 3.9 percent. 
* Aphria Inc. rose 8.9 percent, while Canopy Growth climbed 6.2 percent.
* Maxar Technologies Ltd fell 6.9 percent after saying its chief operations officer will retire.
* WestJet Airlines Ltd fell 6 percent, extending a three-day slide.
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold fell 0.1 percent to $1,241.90 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.33923 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 2.08 percent
US
By Sarah Ponczek and Brendan Walsh
     (Bloomberg) — U.S. stocks ended little changed after a volatile session as investors weighed the prospects for a trade deal and an agreement to fund the American government.
     The S&P 500 Index started out strong, took a turn down, then recovered from the day’s lows as key Senate leaders signaled a desire to avoid a government shutdown hours after Donald Trump threatened to do so in a spat over funding for his border wall. Carmakers rose as China signaled it may cut tariffs on auto imports, but investors were cautious about a broader deal. The dollar climbed.
     U.S. markets have been whipsawed in recent weeks as traders searched Trump’s tweets for clues about the outlook for trade talks, tried to decide if a stock selloff could prompt the Federal Reserve to pare back rate increases and evaluated economic data that signaled a slowdown may be coming. Monday’s session saw the S&P 500 Index’s biggest full reversal since Feb. 6 as it erased a 1.9 percent decline and ended 0.2 percent higher, while Tuesday saw gains as big as 1.4 percent and losses as deep as 0.6 percent.
     “It went from headline excitement to cold reality challenges,” said Mike Bailey, the director of research at FBB Capital Partners. “You’ve got a pretty skeptical market out there.” The news on car tariffs followed reports that Chinese Vice Premier Liu He discussed a timetable for trade talks with Treasury Secretary Steven Mnuchin. Yet investors also have an eye on the continuing flap over Canada’s arrest of the chief financial officer of Huawei Technologies Co., and the Washington Post reported that the Trump administration is preparing a series of actions this week to condemn China for efforts to steal U.S. technology. And among a plethora of political risks, the U.K. is struggling to put its Brexit deal back on track and fears linger over the possibility a French protest movement could escalate further.
     Elsewhere, the Stoxx Europe 600 Index climbed the most in six weeks. India’s assets saw a choppy session, with stocks initially roiled by a surprise resignation of the central bank governor Monday, before posting a recovery. Emerging-market shares edged higher.
     Here are some key events on the calendar this week:
* The European Central Bank is set to cap asset purchases at its final policy meeting of 2018 on Thursday.
* China industrial production, retail sales data for November is due Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index rose 1.5 percent.
* The MSCI All-Country World Index added 0.1 percent
* The MSCI Emerging Market Index rose 0.2 percent.
* The Nikkei-225 Stock Average slipped 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro fell 0.3 percent to $1.1323.
* The Japanese yen was little changed at 113.38 per dollar.
* The British pound fell 0.6 percent to $1.2491.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.87 percent.
* Germany’s 10-year yield fell one basis point to 0.23 percent.
* Britain’s 10-year yield fell one basis point to 1.18 percent.
Commodities
* The Bloomberg Commodity Index fell 0.1 percent.
* West Texas Intermediate crude rose 1.4 percent to $51.70 a barrel.
* Gold slipped 0.1 percent to $1,243.12 an ounce.
–With assistance from Andreea Papuc, Christopher Anstey, Todd White, Lu Wang and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

Never let the fear of striking out get in your way.
      -George Herman Ruth “Babe”, 1895-1948

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:
December 10, 1896: Alfred Nobel d.

This evening in Stockholm, Nobel laureates will feast on a banquet with Swedish royalty after receiving their Nobel Prizes. It’s one of many traditions associated with the 117-year-old honors.

But another — in which laureates are awakened at the Grand Hotel Stockholm by young women in white carrying candles — may be fading into history.

The chemistry Nobel laureate William Knowles and his wife, Nancy, receiving the Queen of Lights in 2001.  Bertil Ericson/Associated Press

The ceremony reflects a Swedish custom honoring St. Lucia, who represents the triumph of light over darkness.

But a manager at the hotel said that the tradition would not continue this year “due to fire risk” in the laureates’ rooms. A version will still take place in the lobby and in one of the hotel’s restaurants.

Not every Nobel laureate enjoyed the wake-up call.

When women wearing white came to the American novelist Saul Bellow in 1976, for example, he was irritated.

“I scowled, and then my face formed the smile which is obligatory on such occasions,” he later told a biographer. -from The New York Times, December 10, 2018

PHOTOS OF THE DAY

Police look at a burnt car in Beaubourg street in Paris, on Sunday, a day after a “yellow vest” protests as part of a fourth weekend of nationwide protests in France. Credit: Eric Feferberg/AFP/Getty Images

A pram inside an abandoned home in Northern Ireland. These haunting images capture abandoned homes across Northern Ireland – complete with old prams, uneaten food tins, toys and dusty wedding photographs. Captured by an urban explorer known as Unseen Decay they show rural houses that have been empty for up to 30 years. Atmospheric images show old wooden beds still with the sheets on, wardrobe full of clothes, birthday cards and religious texts. Credit: Unseen Decay/Mercury Press

Participants make their way in the 9^th Edition of the Nautic SUP Paris Crossing stand up paddle competition on the river Seine in Paris, France. Credit: Reuters/Gonzalo Fuentes
Market Closes for December 10^th, 2018

Market Index	Close	Change
Dow Jones	24423.26	+34.31   +0.14%
S&P 500	2637.72	+4.64   +0.18%
NASDAQ	7020.520	+51.268   +0.74%
TSX	14728.28	-66.85
		-0.45%

International Markets

Market Index	Close	Change
NIKKEI	21219.50	-459.18
		-2.12%
HANG SENG	25752.38	-311.38
		-1.19%
SENSEX	34959.72	-713.53
		-2.00%
FTSE 100*	6721.54	-56.57
		-0.83%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.056		2.072
CND. 30 Year Bond		2.214		2.234
U.S.    10 Year Bond		2.8557		2.8450
U.S. 30 Year Bond		3.1309		3.1403

Currencies

BOC Close	Today	Previous
Canadian $	0.74636	0.75054
US $	1.33984	1.33238
Euro Rate 1 Euro=		Inverse
Canadian $	1.52136	0.65728
US $	1.13544	0.88072

Commodities

Gold	Close	Previous
London Gold Fix	1243.30	1242.55
Oil
WTI Crude Future	51.00	52.61

Market Commentary:
On this day in 1984, Stanford professors Sandy Lerner and Leonard Bosack founded Cisco Systems to make improved network-switching equipment. The company went public in 1990, with shares peaking at $80.06 in March 2000 before tumbling alongside other tech stocks. The stock closed Friday at $46.44, giving Cisco a market value of about $210 billion. 
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks clawed back from their session low, as the U.S. market advanced on a technology rally.
     The S&P/Toronto Stock Exchange Composite Index closed lower by 0.5 percent after an intraday decline of 1.3 percent. Auto parts and energy were the worst performing sectors.
     Auto-parts makers continue to lag as U.S.-China trade tension and demand concern weigh on the sector. The suppliers and automakers will get some relief if tariff rhetoric abates or a firm truce is achieved in 2019, according to Bloomberg Intelligence analyst Kevin Tynan. “Talk of tariffs driving input costs higher, which weighed heavily in 2018, may abate as global new-vehicle demand is late-cycle enough to be acutely susceptible to external macroeconomic shocks in key regions,” Tynan said.
     The energy sector took a beating as oil prices fell to their worst in two weeks due to growing doubts about whether OPEC and its allies can deliver enough output cuts to offset oversupply. Telecommunication stocks also closed lower today amid concern over equipment supplied by Huawei Technologies Co.
Stocks
* Aphria Inc. gained 8.7 percent, erasing Friday’s loss. 
* Badger Daylighting Ltd. rose 7.1 percent after saying David Calnan is resigning from the board. 
* Shopify Inc. climbed 4.2 percent, along with the broader tech sector.
* Goldcorp Inc. was among the best performing gold miners, up 2.9 percent, even as gold fell. The miners got a boost as geopolitical tensions and volatility in equity markets bolstered haven demand prospects.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold futures fell 0.25 percent to $1,249.50 an ounce
FX/Bonds
* The Canadian dollar dropped 0.6 percent to C$1.3406 per U.S. dollar, as of 4:12 pm
* The Canada 10-year government bond yield dropped 2.0 basis points to 2.056 percent
US
By Sarah Ponczek and Brendan Walsh
     (Bloomberg) — Gut-wrenching volatility extended into a 12th week Monday as U.S. equities plunged and recovered, with the Dow Jones Industrial Average reversing a 508-point decline as tech shares bounced.
     Major U.S. indexes finished in the green, buoyed by rallies in Facebook Inc. and Microsoft Corp. The pound tumbled as traders took a grim view of the outlook for the U.K. after Theresa May delayed a crucial Brexit vote. The dollar jumped and oil dropped.
     Investors found an excuse to buy the dip Monday after the S&P 500 fell to the lowest intraday level since April, continuing a volatile period for U.S. equities. Traders may need to steel themselves for the possibility of the U.K. leaving the European Union without a deal, another worry amid already fragile sentiment in financial markets and lingering trade-war fears.
     But for now, traders were happy to buy shares of the biggest tech companies. “Tech is running this market; it’s unbelievable,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter, said in an interview.
     U.K. Prime Minister May postponed a key parliamentary Brexit vote rather than risk a bruising defeat, and wouldn’t commit to a new date for a vote. The EU Court of Justice said that Britain could unilaterally choose to change tack and stay in the union, while European Council President Donald Tusk made clear the deal would not be renegotiated.
     Auto companies led the retreat in the Stoxx Europe 600 Index as concern about the strength of China’s economy lingered.
     Elsewhere, Asian stocks fell. India’s rupee weakened as exit polls showed Prime Minister Narendra Modi’s party was set for tight electoral contests in key states and as the central bank governor, Urjit Patel, resigned. Oil erased some of Friday’s rally triggered by OPEC and its allies agreeing on production cuts. Emerging-market shares and currencies fell.
Here are some key events on the calendar this week:
* The European Central Bank is set to cap asset purchases at its final policy meeting of 2018 on Thursday. 
* China industrial production, retail sales data for November is due Friday. 
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index declined 1.9 percent.
* The MSCI All-Country World Index dipped 0.8 percent with its fifth consecutive decline.
* The MSCI Emerging Market Index fell 2 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.5 percent.
* The euro fell 0.2 percent to $1.1354.
* The Japanese yen decreased 0.5 percent to 113.26 per dollar.
* The British pound sank 1.3 percent to $1.2562, the weakest in almost 20 months.
* The MSCI Emerging Markets Currency Index sank 0.8 percent, the most in two months.
Bonds
* The yield on 10-year Treasuries was little changed at 2.85 percent.
* Germany’s 10-year yield was little changed at 0.24 percent.
* Britain’s 10-year yield declined seven basis points to 1.19 percent, the lowest in 16 weeks.
Commodities
* West Texas Intermediate tumbled fell 3.3 percent to $50.89 a barrel.
* Copper slipped 1.3 percent to $2.725 a pound.
* Gold dipped 0.4 percent to $1,244.05 an ounce.
–With assistance from Haidi Lun, Shery Ahn, Cormac Mullen, Adam Haigh, Eddie van der Walt and Christopher Anstey.

Have a great night.

Be magnificent!

As ever,

Carolann

I hold it to be a proof of great prudence for men to abstain from threats and insulting words toward anyone, for neither diminishes the strength of the enemy.
-Niccolò Machiavelli, 1469-1527

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!

1941~ Japanese attack Pearl Harbour.

ICYMI
A special World War II spy

You may have read that the Bank of England is looking for a new face for its 50-pound note (worth about $65).

There have been many suggestions: the former prime minister Margaret Thatcher, the mathematician Alan Turing and the physicist Stephen Hawking.

Noor Inayat Khan in an undated photograph.  Hidayat Inayat-Khan, via Soefi Museum

One lesser-known name caught our attention: Noor Inayat Khan, who spied for Britain during World War II.

Ms. Khan wasn’t what one would expect of a British spy. She was born a princess to Indian royalty, and she was a musician and a writer. But she spoke French and had excellent radio skills. She became the first female radio operator sent by Britain into occupied France.

She did the work of six radio operators, moving constantly and dyeing her hair blond to avoid detection. Her work became crucial to the war effort.

Ms. Khan never made it home; she was captured and executed at the Dachau concentration camp in 1944. She was 30.

Read more about her here. –The New York Times, December 7, 2018.

PHOTOS OF THE DAY

A rare orphaned wildcat kitten has been rescued after it preyed upon an Aberdeenshire farmer’s chickens to survive, Scotland, UK. Credit Steve Piper

Hikers walk along the Skaftafellsjokul Glacier in Southern Iceland. Credit: Owen Humphreys/PA Wire

Pictures have revealed the extraordinary trails stars make in the night sky as the earth rotates. The surreal-looking circular patterns in the sky above a lighthouse, windmill and statues. Other spectacular shots show the stars blazing their way past a wooden lodge, above a church during the aurora and streaming around a forest. The remarkable photographs were taken in Ukraine, Nepal and Iceland by travel photograph Yehven Samuchenko from Odessa, Ukraine. Credit: Mediadumimages/Yehven Samuchenko
Market Closes for December 7^th, 2018

Market Index	Close	Change
Dow Jones	24388.95	-428.78   -1.72%
S&P 500	2633.08	-26.74   -0.99%
NASDAQ	6969.254	-219.004   -3.05%
TSX	14795.13	-141.87
		-0.95%

International Markets

Market Index	Close	Change
NIKKEI	21678.68	+177.06
		+0.82%
HANG SENG	26063.76	-92.62
		-0.35%
SENSEX	35673.25	+361.12
		+1.02%
FTSE 100*	6778.11	+101.82
		+1.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.072		2.090
CND. 30 Year Bond		2.234		2.235
U.S.    10 Year Bond		2.8450		2.8955
U.S. 30 Year Bond		3.1403		3.1624

Currencies

BOC Close	Today	Previous
Canadian $	0.75054	0.74706
US $	1.33238	1.33857
Euro Rate 1 Euro=		Inverse
Canadian $	1.51743	0.65901
US $	1.13889	0.87805

Commodities

Gold	Close	Previous
London Gold Fix	1242.55	1235.90
Oil
WTI Crude Future	52.61	51.49

Market Commentary:
On this day in 1999, Yahoo was added to the S&P 500, sending the stock surging 32% in a single week.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks ended lower Friday with the S&P/Toronto Stock Exchange Composite Index down just under 1 percent. The index lost 2.65 percent this week. Consumer discretionary and information technology led Friday’s decline.
     In the U.S., the S&P 500 fell 2.3% to cap worst week since March.
     The Cannabis sector climbed Friday morning after Altria Group Inc. agreed to buy a minority stake in Cronos Group Inc., the fourth-largest Canadian cannabis producer by market value. Pot stocks had been poised for their worst weekly loss in six weeks as of Thursday’s close.
     Energy stocks lost a bit of their early rally, despite OPEC agreeing to a larger than expected production cut. The S&P/TSX energy index ended the day up 0.1 percent.
     Huawei Technologies Co. was back on the radar after a lawyer representing Canada said during a bail hearing earlier today that Chief Financial Officer Meng Wanzhou is being prosecuted for fraud.
Stocks
* DiaMedica Therapeutics dropped 50% after its IPO
* Cardinal Energy fell 8.1% after cutting its dividend 
* Shopify fell 6.9% 
* National Access Cannabis surged 16.7% after its sales and corporate update
* Cronos Group gained 22% after a deal with Altria Group 
Commodities
* Western Canada Select crude oil traded at a $15 discount to WTI
* Gold gained 0.7 percent to $1,246.80 an ounce
FX/Bonds
* The Canadian dollar fell 0.5 percent to C$1.33 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 2.07%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks plunged, with technology shares again bearing the worst of the selling as the Trump administration pressed its trade war with China and the latest batch of economic data added to concern that growth has peaked.
     Oil surged after OPEC agreed to cut output. The S&P 500 tumbled more than 50 points and is on course for a weekly rout of 4.4 percent, which would be the worse on a closing basis since March. Stocks fell to session lows after breaching the 2,650 level that had stopped earlier declines.
     Trade remained in focus, with investors monitoring a court appearance by a Huawei executive whose arrest was seen as a blow to the China-U.S. trade truce. The Federal Reserve’s Lael Brainard struck a hawkish tone in comments at a conference.
     Netflix, Amazon and Alphabet sank at least 2.5 percent to lead losses among megacap tech shares.Nvidia and Advanced Micro Devise tumbled more than 6 percent as chipmakers cratered.Energy shares were the only S&P 500 group to rise after the OPEC deal. Interest-rate futures put the probability of a Federal Reserve rate increase at its Dec. 18-19 meeting above 70 percent
     Stocks had opened higher after the November jobs report showed moderation in the labor market, giving succor to proponents for a slower pace of Fed interest-rate increases. Treasuries fluctuated on the data before settling higher as risk aversion increased. The dollar remained lower.
     “After coming off craziness yesterday, it’s really a time to look ahead,” said Joe “JJ” Kinahan, chief market strategist at TD Ameritrade. “I still fear the last half hour or so only because any weakness in the last half hour and you could see some selling into the close as people want to take off risk into the weekend.”
     U.S. payrolls and wages rose by less than forecast in November while the unemployment rate held at the lowest in almost five decades. The report comes with financial markets on edge over whether Fed Chair Jerome Powell is closer to pausing.
     Market-implied U.S. rate expectations have been sinking amid the tumult in equities, but hawkish views still exist among Fed officials, including Powell. He delivered a bullish assessment of the U.S. economy and the job market Thursday night.
     “It was a Goldilocks report,” said Alec Young, managing director of global markets research at FTSE Russell. “Weak enough to convince investors the Fed can slow their tightening, but strong enough not to get people more worried about a recession.”
     Away from jobs and rates, markets have are closely watching developments in the U.S. trade war with China. Trump tweeted Friday that talks are “going very well,” though he supplied no details.
     In Europe, stocks rebounded from the worst day in more than two years, while Asian shares posted modest gains as investors sought to end a bruising week on a more upbeat note. Italian debt climbed as European bonds largely drifted. The pound was steady as U.K. Prime Minister Theresa May was said to be weighing a plan to postpone the vote on her Brexit deal.
     Oil rallied after OPEC broke an impasse over production curbs, agreeing on a larger-than-expected cut with allies after two days of fractious negotiations in Vienna. The cartel and its partners agreed to remove 1.2 million barrels a day from the market, with OPEC itself shouldering 800,000 barrels of the burden. Cryptocurrencies continued their slide with a fresh bout of losses after U.S. regulators dashed hopes that a Bitcoin exchange-traded fund would appear before the end of this year.
These are the main moves in markets:
Stocks
* The S&P 500 fell 2.2 percent as of 2:04 p.m. in New York, while the Dow Jones Industrial Average slumped 2.2 percent and the Nasdaq Composite Index erased 2.7 percent.
* The Stoxx Europe 600 rose 0.8 percent. 
* The U.K.’s FTSE 100 rallied 1.4 percent.
* Germany’s DAX Index gained less than 0.1 percent.
* The MSCI Emerging Market Index climbed 0.4 percent.
* The MSCI Asia Pacific Index increased 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent. 
* The euro gained 0.2 percent to $1.1392.
* The British pound weakened less than 0.2 percent to $1.2751.
* The Japanese yen gained less than 0.1 percent to 112.65 per dollar.
Bonds
* The yield on benchmark 10-year Treasuries dropped one basis point to 2.88 percent. The three-year note yield fell one basis point to 2.75 percent as the yield on the five-year note dropped two basis points to 2.73 percent.
* Germany’s 10-year yield rose two basis points to 0.25 percent.
Commodities
* West Texas Intermediate crude jumped 4.2 percent to $53.63 a barrel. 
* Gold rose 0.7 percent at $1,246 an ounce.
* LME copper climbed 1.1 percent to $6,136 per metric ton, the first increase in four days.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Life is what happens to you while you’re busy making other plans.
                                                 -John W. Lennon, 1940-1980

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: St. Nicholas Day, Europe.

December 6, 1865: 13^th Amendment ratified; slavery abolished.
Whenever I hear anyone arguing for slavery, I fell a strong impulse to see it tried on him personally. -Abraham Lincoln.

Pantone has chosen ‘Living Coral’ as the 2019 color of the year
Good, we need some more brightness in our lives.  –CNN.

BEHIND THE SCENES:  for a fascinating peek behind the scenes of a world-renowned performance hall, take a look at the Royal Opera House’s YouTube channel.  Showcasing livestreamed ballet rehearsals, insights into choreography, and lessons on the history of costuming, the channel reveals the background activities that keep the ROH’s wheels turning.  Also on offer are highlight reels of famous performances and trailers and showtimes for upcoming performances.  See www.youtube.com/user/RoyalOperaHouse. –CSM.
PHOTOS OF THE DAY

English Heritage employee Kate Maughan-Brown enjoys ‘Enchanted’ at Brodsworth Hall near Doncaster, which is one of the houses and castles across the country being opened-up after dark by English Heritage as part of their ‘Enchanted’ events season. Brodsworth Hall is one of the most complete surviving examples of a Victorian country house. Credit: Danny Lawson/PA

The sun is about to rise over the buildings of the banking district in Frankfurt, Germany. Credit: AP Photo/Michael Probst

The Open Siberia Snowkiting Cup 2018, which was held in Novosibirsk, on the Obsk sea, on the Boomerang beach – Hundreds of snow-kiters and winter windsurfers have faced -25 temperatures while showcasing their epic skills on the slopes. Ilnar Salakhiev, 43, attended the Open Siberia Snowkiting Cup 2018 which started on November 27 and had more than 100 participants. Credit: Ilnar Salakhiev/Caters News
Market Closes for December 6^th, 2018

Market Index	Close	Change
Dow Jones	24947.67	-79.40   -0.32%
S&P 500	2695.95	-4.11   -0.15%
NASDAQ	7188.258	+29.832   +0.42%
TSX	14937.00	-245.63
		-1.62%

International Markets

Market Index	Close	Change
NIKKEI	21501.62	-417.71
		-1.91%
HANG SENG	26156.38	-663.30
		-2.47%
SENSEX	35312.13	-572.28
		-1.59%
FTSE 100*	6704.05	-247.83
		-3.58%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.090		2.133
CND. 30 Year Bond		2.235		2.252
U.S.    10 Year Bond		2.8955		2.9136
U.S. 30 Year Bond		3.1624		3.1727

Currencies

BOC Close	Today	Previous
Canadian $	0.74706	0.74768
US $	1.33857	1.33746
Euro Rate 1 Euro=		Inverse
Canadian $	1.52320	0.65651
US $	1.13772	0.87895

Commodities

Gold	Close	Previous
London Gold Fix	1235.90	1240.30
Oil
WTI Crude Future	51.49	52.89

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks fell Thursday, with the S&P/Toronto Stock Exchange Composite Index losing 1.6 percent. Energy led the drop while health care rebounded.
     Energy stocks took a dive alongside crude oil after OPEC ended talks without a deal on oil production cuts for the first time in nearly five years. Talks will start again tomorrow at 9 a.m. in Vienna, a delegate said.
     Additionally as oil falls and a potential U.S-China trade war threatens the global expansion, investors are fully pricing in just one more increase from the Canadian central bank over the next two years. It would only take a small disappointment — economic growth falling slightly below 2 percent, for example — to eliminate even those chances.
Stocks
* Dollarama plunged 12% after reporting profit that missed estimates
* Detour Gold fell 6.9% ahead of vote on John Paulson’s board-overhaul plan 
* Energy laggards:
** Cenovus Energy -7.7% 
** Baytex Energy -7.4% 
** Pengrowth Energy -7.3% 
** Tamarack Valley Energy -7.2% 
Commodities
* Western Canada Select crude oil traded at a $18.50 discount to WTI
* Gold gained 0.08 percent to $1,238.10 an ounce
FX/Bonds
* The Canadian dollar dropped 0.1 percent to C$1.3373 per U.S. dollar
* The Canada 10-year government bond yield fell 5 basis points to 2.081%
US
By Vildana Hajric and Jeremy Herron
     (Bloomberg) — U.S. equities closed up from the lows of the day after a late rally in large technology stocks helped to propel the Nasdaq 100 higher in what was the biggest reversal for the index since April. 
     The S&P 500 and Dow Jones Industrial Average ended in negative territory. Financial markets remained volatile on bets that the trade truce between China and the U.S. won’t last after the arrest of Huawei’s chief financial officer. Bank shares in the S&P 500 fell as much as 3.9 percent before closing down 1.4 percent, as Treasury yields slid to the lowest since August.
     Helping to ease anxiety were comments from two regional Federal Reserve presidents urging policy caution from the U.S. central bank amid mounting economic uncertainties and recent volatility in financial markets.
     “The biggest qualm is the trade war escalating and this is haunting the markets,” said Naeem Aslam, chief market analyst at Think Markets U.K. in London, in an email. “It is arduous to find bulls in the market and it seems to me that this game is about to become uglier.”
     Oil continued to be a drag on financial markets, with West Texas Intermediate back to $51 a barrel as OPEC ministers seek a deal to cut output. Energy producers in the S&P 500 sank more than 3 percent, and emerging-market equities plunged.
     Traders pointed to a spate of other catalysts for the renewed risk-off tone that’s gripping financial markets. Bank of Japan Governor Haruhiko Kuroda said economic risks from abroad could be severe, and the Fed’s Beige Book report showed fading optimism over growth prospects at U.S. firms even as most districts continued to report a modest expansion. The pound drifted as U.K. Prime Minister Theresa May searched for a compromise to avoid a crushing defeat on her Brexit deal in a key vote in Parliament next week.
     “There are so many forces weighing against markets right now, whether it’s the China slowdown, weak European data, Fed hikes, uncertainty around trade and now Brexit as well,” Bilal Hafeez, head of fixed-income research for EMEA at Nomura, told Bloomberg TV. “We really need to see some stabilization in any of those factors to see markets stabilize now.”
     Whether or not it triggered the slide, Canada’s arrest of the Huawei CFO and reports it may extradite her to the U.S. are a blow to already fragile sentiment, just days after an apparent breakthrough on trade between America and China. The start of the futures session was marred by a sudden and unexpected plunge that sent a shock wave across equity markets.
     “The arrest of the Huawei Technologies CFO gives no confidence that anything the administration came back with after Saturday night’s dinner could possibly be positive,” said Bob Iaccino, chief market strategist at Chicago-based Path Trading Partners, in an email. “This is a huge negative.”
Some of the key events investors will be focused on this week:
* OPEC ministers meet again in Vienna Friday. 
* Friday brings the U.S. monthly employment report for November.
* China November trade data are due on Saturday.
And here are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent as of 4:09 p.m. in New York, while the Dow Jones Industrial Average slumped 0.3 percent and the Nasdaq Composite Index rose 0.4 percent and the Nasdaq 100 climbed 0.6 percent.
* The Stoxx Europe 600 sank 3.1 percent. 
* The MSCI Emerging Market Index slumped 2.3 percent.
* The MSCI Asia Pacific Index fell 1.8 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent. 
* The euro rose 0.3 percent to $1.1380.
* The British pound gained 0.4 percent to $1.2783.
* The Japanese yen strengthened 0.6 percent to 112.50 per dollar.
Bonds
* The yield on benchmark 10-year Treasuries fell four basis points to 2.87 percent. The three-year note yield dropped four basis points to 2.76 percent as the yield on the five-year note eased four basis points to 2.74 percent.
* Germany’s 10-year yield fell four basis points to 0.24 percent.
Commodities
* West Texas Intermediate crude slumped 2.3 percent to $51.68 a barrel. 
* Gold edged 0.1 percent higher to $1,238.27 an ounce.
* LME copper fell 1.7 percent to $6,070 per metric ton, the third straight decline.
–With assistance from Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

We are what we repeatedly do.  Excellence, then, is not an act but a habit.
                                                                  -Aristotle, 384 BC-322 BC

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
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