Category: Events

Dear Friends,

Tangents:
Today’s Birthdays:
1830~ Christine Rosetti
1901~ Walt Disney
1934~ Joan Didion
1946~ Jose Carreras

EXPERIENCE YOSEMITE:
Two filmmakers have created Project Yosemite, a time-lapse video that presents beautiful vistas of the California national park.  Craggy mountains, sweeping forests, and shining bodies of water can be seen in Colin Delehanty and Sheldon Neill’s work.  You can find the footage at www.projectyose.com. –CSM
PHOTOS OF THE DAY

Swans meander along The River Trent as the sun rises over Nottingham, as parts of the UK wake up to sub zero temperatures. Credit: SWNS.COM

Buyers share a joke during the annual Mistletoe and Holly Auctions held at Tenbury Wells, central England. The auctions, which have been held in Tenbury Wells for over 100 years, attract a range of buyers including florists, stately home owners, grocers, market stall holders, hoteliers, garden centres, and members of the public looking to decorate their homes for the Christmas season. Credit: Oli Scarff/AFP/Getty Images

Drone image shows Winchester Cathedral going multi coloured for Christmas. Credit: Chris Gorman/Bigladder
Market Closes for December 5^th, 2018

Market Index	Close	Change
Dow Jones	25027.07	Closed
S&P 500	2700.06	Closed
NASDAQ	7158.426	Closed
TSX	15176.96	+113.37
		+0.75%

International Markets

Market Index	Close	Change
NIKKEI	21919.33	-116.72
		-0.53%
HANG SENG	26819.68	-440.76
		-1.62%
SENSEX	35884.41	-249.90
		-0.69%
FTSE 100*	6921.84	-100.92
		-1.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.133		2.171
CND. 30 Year Bond		2.252		2.262
U.S.    10 Year Bond		2.9136		2.9136
U.S. 30 Year Bond		3.1727		3.1727

Currencies

BOC Close	Today	Previous
Canadian $	0.74768	0.75414
US $	1.33746	1.32602
Euro Rate 1 Euro=		Inverse
Canadian $	1.51775	0.65887
US $	1.13480	0.88122

Commodities

Gold	Close	Previous
London Gold Fix	1240.30	1230.30
Oil
WTI Crude Future	52.89	53.25

Market Commentary:
The stock market is a device for transferring money from the impatient to the patient. -Warren Buffett.
Canada
Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.8 percent at 15,182.64 in Toronto. The move follows the previous session’s decrease of 1.4 percent. Suncor Energy Inc. contributed the most to the index gain, increasing 3.3 percent. Cominar Real Estate Investment Trust had the largest increase, rising 5.5 percent. Today, 147 of 245 shares rose, while 87 fell; 9 of 11 sectors were higher, led by energy stocks.
US
US markets closed for a day of mourning for George H.W. Bush.

International Markets Commentary:
By Samuel Potter
     (Bloomberg) — European and Asian stocks dropped on Wednesday following the rout on Wall Street, though declines were contained and U.S. equity futures rose after China pledged to start delivering on trade agreements reached with America.
     The pound gained as traders weighed the latest on Brexit. Global markets were left reeling following Tuesday’s steep sell-off in New York, but nerves appeared to steady after China’s Commerce Ministry said Beijing will start to quickly implement specific items where there’s consensus with the U.S. and will push forward on trade negotiations within the 90-day “timetable and road map.” While the Stoxx Europe 600 Index slumped 1.2 percent, that was far less than the 3.2 percent plunge recorded by the S&P 500 a day earlier. Futures for America’s benchmark gauge advanced, though the U.S. market is closed on Wednesday to mark the death of President George H. W. Bush.
     Stocks fell in Japan, Korea, Australia and Hong Kong, and China’s yuan gave up some of its recent surge. The pound edged higher as investors digested legal advice over Prime Minister Theresa May’s Brexit deal, which confirmed that the so-called customs backstop — the insurance mechanism that kicks in if the Irish border issue cannot be resolved — could remain “indefinitely.” Benchmark German bunds rose before reversing, while Italian bonds jumped on mounting optimism for a positive end to the country’s budget spat with the EU.
     The break in trading in the U.S. offers respite to investors after a roller coaster few days, and a chance to reassess what might be behind the latest bout of selling. From the trade war to flattening Treasury yield curve there’s no shortage of culprits, but the underlying narrative appears to be mounting concern that the global growth picture is not as robust as it seems.
     China’s announcement, another twist in the trade war saga, was a dose of positive news. It ended days of silence from the Asian nation following a weekend meeting between Presidents Donald Trump and Xi Jinping. Upbeat statements from Trump had not been immediately matched by Beijing, helping fuel the equity tumult.
     Elsewhere, Australia’s dollar slid after weaker-than- anticipated economic growth for the third quarter. West Texas oil prices were little changed around $53 a barrel as traders await this week’s critical OPEC gathering. Bitcoin extends losses, dropping as much as 5.9 percent.
Some of the key events investors will be focused on this week:
* U.S. financial markets are closed Wednesday for a national day
of mourning to honor former President George H.W. Bush. Fed Chairman Jerome Powell’s testimony to Congress scheduled for Wednesday has been canceled.
* 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
* Futures on the S&P 500 Index gained 0.6 percent.
* The Stoxx Europe 600 Index sank 1.2 percent to the lowest in more than a week on the biggest tumble in six weeks.
* The U.K.’s FTSE 100 Index sank 1.4 percent to the lowest in more than eight months on the largest tumble in almost eight weeks.
* Germany’s DAX Index decreased 1.2 percent to the lowest in more than a week on the biggest dip in more than two weeks.
* The MSCI Asia Pacific Index decreased 1.1 percent to the lowest in a week on the largest dip in more than two weeks.
* The MSCI Emerging Market Index decreased 1.3 percent, the biggest dip in more than two weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest in more than a week.
* The euro gained 0.1 percent to $1.1352.
* The British pound climbed 0.01 percent to $1.2730, the first advance in a week.
* The Japanese yen declined 0.3 percent to 113.13 per dollar, the biggest drop in more than a week.
Bonds
* Germany’s 10-year yield gained one basis point to 0.28 percent, the first advance in a week and the biggest rise in more than a week.
* Britain’s 10-year yield jumped three basis points to 1.316 percent, the first advance in more than a week and the largest surge in almost three weeks.
* The spread of Italy’s 10-year bonds over Germany’s decreased 11 basis points to 2.7832 percentage points to the smallest premium in almost 10 weeks.
Commodities
* West Texas Intermediate crude was little changed at $53.11 a barrel, after reaching the highest in two weeks.
* Gold was little changed at $1,238 an ounce.
–With assistance from Cormac Mullen and Adam Haigh.

Have a great night.

Be magnificent!

As ever,

True originality consists not in a new manner but in a new vision.
                                                -Edith Wharton, 1862-1937

Carolann 

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 4, 1980 – The rock group Led Zeppelin announced it was disbanding after the death in September of drummer John Bonham.

See:  All the Vermeers in the world.  A new app, from the Mauritshuis museum in the Netherlands and Google, provides a virtual gallery of the artist’s works.

DECEMBER ~ “Now the shortest days are on us and darkness descends soon after four o’clock.  I can come in from the garden to the welcome of a warm fire and the prospect of a long peaceful evening spent with all those books which have been accumulating on my table.  Some have inspired me to use more herbs in the kitchen or to experiment with old ideas like using Saponaria leaves and roots as a gentle soap to revitalise old and faded fabrics.  A satisfying occupation when hard frosts make outdoor activities unattractive, but you must have a supply of roots ready dug and handy.  Soapwort reminds me of a hot day in Ethiopia when we came upon a large patch of it growing beside a lake, and sure enough this was where the women did their laundry.”  -from A Countrywoman’s Notes  by Rosemary Verey.
PHOTOS OF THE DAY

Protestors are reflected in a puddle as they wave European flags to demonstrate against Brexit in front of the Parliament in London, UK. Credit: AP Photo/Frank Augstein

Employees of the ProAurum gold house decorate, what they say is Europe’s most expensive Christmas tree made of 2.018 Vienna philharmonic gold coins, valued at 2.3 million euros in Munich, Germany. Credit: The Telegraph

The Shard Celebrates the ‘London Sky’, as western Europe’s highest festive lights display returns, The Shard’s annual festive lights display – Shard Lights – will illuminate the top 20 storeys of the building throughout December. This year’s theme is ‘reflection’ and is inspired by images taken by the general public of The Shard against the ever-changing London sky. Credit: Shard Lights
Market Closes for December 4^th, 2018

Market Index	Close	Change
Dow Jones	25027.07	-799.36   -3.10%
S&P 500	2700.06	-90.31   -3.24%
NASDAQ	7158.426	-283.086   -3.80%
TSX	15063.59	-211.39
		-1.38%

International Markets

Market Index	Close	Change
NIKKEI	22036.05	-538.71
		-2.39%
HANG SENG	27260.44	+78.40
		+0.29%
SENSEX	36134.31	-106.69
		-0.29%
FTSE 100*	7022.76	-27.95
		-0.40%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.171		2.236
CND. 30 Year Bond		2.262		2.353
U.S.    10 Year Bond		2.9136		2.9697
U.S. 30 Year Bond		3.1727		3.2559

Currencies

BOC Close	Today	Previous
Canadian $	0.75414	0.75769
US $	1.32602	1.31980
Euro Rate 1 Euro=		Inverse
Canadian $	1.50396	0.66491
US $	1.13419	0.88168

Commodities

Gold	Close	Previous
London Gold Fix	1230.30	1217.55
Oil
WTI Crude Future	53.25	52.95

Market Commentary:
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite fell 1.4 percent at 15,063.59 in Toronto. The move was the biggest since falling 2.5 percent on Oct. 24 and follows the previous session’s increase of 0.5 percent.
     Today, financials stocks led the market lower, as 9 of 11 sectors lost; 183 of 245 shares fell, while 56 rose. Canadian National Railway Co. contributed the most to the index decline, decreasing 3.5 percent. Aphria Inc. had the largest drop, falling 21.2 percent.
Commodities
* Western Canada Select crude oil traded at a $22.50 discount to WTI
* Gold rose to $1,230.30 an ounce
FX/Bonds
* The Canadian dollar dropped to C$1.32602 per U.S. dollar
* The Canada 10-year government bond yield dropped to 2.171 percent
US
By Sarah Ponczek, Vildana Hajric and Luke Kawa
     (Bloomberg) — U.S. stocks plunged, with the Dow Jones Industrial Average tumbling almost 800 points, as a litany of concerns wiped out the rally.
     Trade-sensitive shares sank as angst mounted that the U.S. and China made no meaningful progress on the trade front this weekend. Financial shares got hammered as the yield curve continued to flatten, with the latest nudge from a hawkish comment by a Federal Reserve official.
     Losses accelerated and trading volumes in S&P 500 futures spiked after contracts for broke below their 200-day moving average. Adding to the risk aversion was news that U.K. Prime Minister Theresa May’s push to avoid a so-called “hard Brexit” may be at risk.
     “Today’s move feels like the market is a scorned lover. It had believed, for whatever reason, that progress was being made at the G-20 and that turns out to be murky — it feels lied to,” said Michael Antonelli, a managing director at Robert W Baird & Co. “Then a pile of negative Brexit news, Williams starts to ramp up hawkish talk, then we have our yield curve acting like it got run over and boom, we puke.”
     Major movers in U.S. stocks: Square plunged 12 percent as
 investors ditched stocks that had led the latest rally to all- time highs.  Banks were the worst performing sector in the S&P 500, led by declines in Bank of America, JPMorgan and Wells Fargo UPS and FedEx tumbled, making the Dow Jones Transportation Average Index one of the worst performing major U.S. indexes, amid concern about increasing competition from Amazon Air President Donald Trump suggested Tuesday that he could extend a 90-day truce in his trade war with China, while his top White House economic adviser backtracked from the president’s announcement that Beijing had agreed to reduce tariffs on U.S.- made cars. The developments again called into question the extent of a trade agreement the White House said Trump had struck with Chinese President Xi Jinping over dinner at the Group of 20 summit on Saturday.
     “Yes, there is a halt in tariffs,” said Delores Rubin, senior equities trader at Deutsche Bank Wealth Management. But “we haven’t resolved anything yet.” In the Treasury market, all eyes remain on the yield curve after three-year yields climbed above those of their five-year peers on Monday, potentially foreshadowing the end of the Fed’s tightening campaign. The more closely watched part of the curve — the gap between two-year and 10-year yields — remains upwardly sloped.
     Traders are even starting to bet that the Fed will cut interest rates as soon as 2020. The swaps market has moved up the timing for when it sees the hiking cycle peaking, toward the end of 2019 or early 2020, a period when the Fed’s own projections indicate tightening will still be under way. Swaps indicate about 5 basis points of a cut priced in by mid-2020.
     “Any breakthroughs on trade also brings the Fed back into the picture,” Dan Skelly, Morgan Stanley equity model portfolio solutions head, said on Bloomberg TV. “If you look at the market the last week or so you saw the market pop on both the dovish Fed — or a perceived dovish Fed, if you will — as well as the trade headlines. And it’s hard to have both, in our opinion. And so these positive updates potentially on trade just bring the Fed back even faster.”
Here are some of the key events investors will be watching this week:
* U.S. financial markets are set to close Wednesday for a national day of mourning to honor former President George H.W. Bush. Fed Chairman Jerome Powell’s testimony to Congress scheduled for Wednesday has been canceled.
* Friday brings the U.S. monthly employment report for November.
* China November trade data are due on Saturday.
And these are the main moves in markets:
Stocks
* The S&P 500 fell 3.2 percent to 2,700.06 as of 4:06 p.m. in New York, while the Dow Jones Industrial Average dropped 3.1 percent to 25,027.07 and the Nasdaq Composite Index eased 3.8 percent to 7,158.43.
* The Stoxx Europe 600 eased 0.8 percent. 
* The U.K.’s FTSE 100 slumped 0.6 percent. 
* Germany’s DAX Index fell 1.1 percent.
* The MSCI Emerging Market Index eased 0.5 percent.
* The MSCI Asia Pacific Index fell 0.9 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed. 
* The euro fell 0.1 percent to $1.1341.
* The British pound fell 0.1 percent to $1.2713.
* The Japanese yen rose 0.8 percent to 112.77 per dollar.
Bonds
* The yield on 30-year bond tumbled nine basis points to 3.17 percent, while yields on five-year notes dropped three basis points to 2.79 percent, or a basis point lower than on two-year notes.
* Germany’s 10-year yield fell four basis points to 0.26 percent.
Commodities
* West Texas Intermediate crude rose 0.3 percent to $52.81 a barrel
* Gold rose 0.7 percent at $1,238 an ounce.
* LME copper fell 1.4 percent to $6,209 per metric ton. 
–With assistance from Liz Capo McCormick.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

The journey of a thousand miles begins with a single step.
                                     -Lao Tzu, 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:  Happy Hanukkah to all who are celebrating!

1891 – Basketball created
1935 – Woody Allen b.
1940, Richard Pryor b.
1945 – Bette Midler b.
1955 – Rosa Parks arrested.
1967 Surgeons in Cape Town, South Africa, led by Dr. Christiaan Barnard performed the first human heart transplant.

How to make God laugh: Tell Him your future plans. -Woody Allen

UNUSUAL VEGETABLE SOURCE:
Those behind La Caverne got creative when they discovered there was an unused parking garage in Paris – they decided to set up an urban farm.  La Caverne grows, mushrooms, endives, and microgreens.  Check out www.instagram.com/lacavern_urbanfarm to see the farmers at work and some of the products that are being grown where cars were once parked.

A celebrity wedding venue in India

The actress Priyanka Chopra and the singer Nick Jonas tied the knot this weekend in the northern Indian city of Jodhpur (where your Back Story writer was born).

Among the many dazzling details of the closely watched wedding was the venue: the Umaid Bhawan Palace.

The Umaid Bhawan Palace, in northern India.  Strdel/Agence France-Presse — Getty Images 

Named after one of Jodhpur’s kings, Maharajah Umaid Singh, the grandiose sandstone structure took 15 years to build and was completed in 1943. Peacocks strut around its surrounding manicured gardens. Intricately carved pillars hold up its dome.

But perhaps most remarkable is its noble origin story. It is said that the palace was built as a mass relief program, employing thousands of local residents when the city was hit by a crippling drought.

After the Indian government ceased to recognize Indian royalty in 1971, the palace was split into three parts: the royal residence where Mr. Singh’s grandson now lives, a luxury hotel and a museum. From The New York Times, December 3, 2018

PHOTOS OF THE DAY

A local fisherman sit atop stilts as they wait to catch fish in Ahangama, Sri Lanka. Credit: Buddhika Weerasinghe/Getty Images

Fire breather Rob Sim demonstrates his art as part of a weekend of festivities in Victorian theme at the former residence of Queen Victoria at Osborne House, Isle of Wight. Credit: Russell Sach for The Telegraph

People dressed as Santa Claus take part in the 9^th edition of the Santa Claus ‘Papa Noel’ rally in Turin, Italy. Credit: Marco Bertorello/AFP/Getty Images
Market Closes for December 3^rd, 2018

Market Index	Close	Change
Dow Jones	25826.43	+287.97   +1.13%
S&P 500	2790.37	+30.20   +1.09%
NASDAQ	7441.512	+110.975   +1.51%
TSX	15274.98	+77.16
		+0.51%

International Markets

Market Index	Close	Change
NIKKEI	22574.76	+223.70
		+1.00%
HANG SENG	27182.04	+675.29
		+2.55%
SENSEX	36241.00	+46.70
		+0.13%
FTSE 100*	7062.41	+82.71
		+1.18%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.236		2.270
CND. 30 Year Bond		2.353		2.393
U.S.    10 Year Bond		2.9697		2.9933
U.S. 30 Year Bond		3.2559		3.2933

Currencies

BOC Close	Today	Previous
Canadian $	0.75769	0.75220
US $	1.31980	1.32944
Euro Rate 1 Euro=		Inverse
Canadian $	1.49844	0.66736
US $	1.13549	0.88068

Commodities

Gold	Close	Previous
London Gold Fix	1217.55	1226.25
Oil
WTI Crude Future	52.95	50.93

Market Commentary:
Microsoft eclipsed Apple as the largest U.S. company by market value for the first time since 2003. Microsoft closed Friday with a market cap of $851.36 billion, nearly $4 billion higher than the iPhone maker.
On this day in 1777, the U.S. borrowed money from a foreign government for the first time. The Continental Congress authorized Benjamin Franklin and Silas Deane, the American commissioners to France, to obtain a loan of 2 million pounds from the French monarchy.
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks opened mostly higher Monday, with the S&P/Toronto Stock Exchange Composite Index gaining 0.4 percent. Energy and materials stocks led the rise, while health care stocks were among the biggest decliners.
     The energy sector advanced 1.7 percent as of 10:27 a.m. in Toronto, with 83 percent of its members gaining. Large cap oil producers, including Canadian Natural Resources and Cenovus Energy, are poised to benefit from Alberta ordering an unprecedented output cut. On the downside, the news is seen as a negative for those with downstream operations including Suncor Energy, according to analysts.
     Pot stocks led among the decliners, after Aphria Inc., one of Canada’s biggest cannabis companies, was attacked as a short call by Quintessential Capital Management founder Gabriel Grego. In a conference in New York on Monday, he said the company has diverted about half of its net assets into inflated investments held by insiders. He added that Aphria is a “black hole,” according to a report he ran in conjunction with Hindenburg Research, a forensic analysis firm based in New York.
Stocks
* Energy companies jump on Alberta’s output cut order:
** Canadian Natural Resources gained as much as 16 percent, its biggest intraday gain in 10 years
** Crescent Point Energy gains 10 percent
** Whitecap Resources climbs 16 percent, biggest gain in 8 years
** Tamarack Valley Energy gains 11 percent, most since December
** Cenovus Energy gains as much as 13 percent in biggest intraday gain on record
* Aphria Inc. plummeted 27.5 percent on being called a “black hole” by the short-seller who targeted Folli Follie
** Aurora Cannabis Inc., Canopy Growth also traded lower
Commodities
* Western Canada Select crude oil traded at a $31.90 discount to WTI
* Gold rose 0.9 percent to $1,231.10 an ounce
FX/Bonds
* The Canadian dollar gained 0.9 percent to C$1.31804 per U.S. dollar
* The Canada 10-year government bond yield rose 1.4 basis points to 2.228 percent
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — Stocks rallied after the U.S. and China declared a truce in their trade war, while the dollar weakened and oil gained. A portion of the U.S. yield curve inverted for the first time in more than a decade.
     The benchmark S&P 500 Index jumped more than 1 percent, building on gains posted during the biggest weekly increase in almost seven years, after leaders of the two countries agreed to hold off on new tariffs and intensify trade talks. European and Asian shares closed higher. The difference between three- and five-year Treasury yields dropped below zero, in what could be the first signal that the market is putting the Federal Reserve on notice that the end of its tightening cycle is approaching.
     Major movers in U.S. stocks: Exxon Mobile, Halliburton and Kinder Morgan led a rise in energy shares, the best performing section in the S&P 500  PepsiCo and Coca-Cola helped weigh down consumer staples “The very positive reaction from stock means that for the time being, investors have put behind them the concern that the tariff war might escalate,” said Donald Selkin, chief market strategist at Newbridge Securities. “On the other hand, there are issues out there which could cause a cooling off of the current optimism.”
     Oil was jolted higher by efforts across the globe to support prices as Saudi Arabia and Russia extended their pact to manage the market and Canada’s largest producing province ordered unprecedented supply cuts. Optimism was dented slightly after Qatar said it was leaving OPEC, just as the group prepares to meet this week.
     The truce between President Donald Trump and President Xi Jinping at the Group of 20 summit in Argentina has gone some way in calming investor fears over the state of global growth after a tumultuous period for risk assets. The U.S. had been scheduled to push ahead on Jan. 1 with increased tariffs on $200 billion worth of Chinese goods. Going forward, investors will assess the prospects for an end-of-year equity rally, while oil traders will continue to focus on any OPEC-related headlines to gauge the likely scale of production cuts.
     “It’s easy to see the trade deal as a half empty — that it’s just a postponement and that they’ll work together but that there really isn’t any kind of resolution,” said Jeff Kleintop, chief global investment strategist at Schwab Center for Financial Research. “But I think you can see it as a half glass full. ”
     Elsewhere, the pound erased a gain as the threat of a vote to bring down British Prime Minister Theresa May’s government looms should Parliament reject her Brexit deal. That raises the stakes even further as lawmakers begin debating her plan this week. China’s yuan climbed with emerging market assets. Gold and copper rallied, as did most other commodities.
Coming Up
* U.S. financial markets are set to close Wednesday for a national day of mourning to honor former President George H.W. Bush. 
* Federal Reserve Chairman Jerome Powell’s testimony to Congress scheduled for Wednesday has been canceled.
* China November trade data is due on Saturday.
These are the main moves in markets:
Stocks
* The S&P 500 gained 1.1 percent to 2,790.36 as of 4:02 p.m. in New York, while the Dow Jones Industrial Average increased 1.1 percent to 25,826.43 and the Nasdaq Composite Index rose 1.5 percent to 7,441.51.
* The Stoxx Europe 600 rose 1 percent. 
* The U.K.’s FTSE 100 rallied 1.2 percent.
* Germany’s DAX Index gained 1.9 percent.
* The MSCI Emerging Market Index climbed 2.2 percent.
* The MSCI Asia Pacific Index increased 2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent. 
* The euro gained 0.2 percent to $1.1342.
* The British pound weakened less than 0.1 percent to $1.2723.
* The Japanese yen weakened less than 0.1 percent to 113.65 per dollar.
Bonds
* The yield on benchmark 10-year Treasuries fell less than one basis point to 2.98 percent. The three-year note yield increased four basis points to 2.84 percent as the yield on the five-year note rose two basis points to 2.83 percent.
* Germany’s 10-year yield fell less than one basis point to 0.31 percent.
Commodities
* West Texas Intermediate crude jumped 4.4 percent to $53.19 a barrel. 
* Gold rose. 0.7 percent at $1,230.62 an ounce, after reaching the highest in a month.
* LME copper climbed 1.6 percent to $6,295 per metric ton, after reaching the highest in almost 10 weeks on the biggest increase in a month. 
–With assistance from Katherine Greifeld.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

If you can’t feed a hundred people, then feed just one.
                           -Mother Teresa, 1910-1997

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!

St. Andrew’s Day

Mark Twain, b. 1835
Winston Churchill, b. 1874
Abbie Hoffman, b. 1936
Ben Stiller, b.1965

1924 – November 30 – Communications – RCA sends First wireless transmission of photographs by radio from London to New York City using the wirephoto technology, invented by Winnipeger William Stephenson; takes 20 to 25 minutes per photo; Stephenson first showed the process was in London December 27, 1922; his work laid laid some of the groundwork for the invention of television. London, England.  Go to article

From The New York Times, November 30, 2018:

Details of the last minutes of a doomed Lion Air flight emerged this week thanks to data from the Boeing jet’s so-called black boxes.

Planes did not always have these data recorders. During the first half of aviation’s history, crashes mostly remained a mystery.

A data recorder retrieved from Lion Air Flight 610, which crashed into the Java Sea a month ago.   Ulet Ifansasti/Getty Images

Enter David Warren, an Australian whose father was killed in an air crash. In the mid-1950s, after helping investigate a plane wreck, he came up with a way to capture information from any plane’s last minutes.

His idea: Embed recording devices that, in case of impact, would cease overwriting old data with new. He prototyped his Flight Memory Unit in 1957.

Flight-data recorders and cockpit voice recorders are now standard, and have helped explain crashes and improve airline safety.

Why are these bright orange units called “black boxes?”

Some think the first one was black, but others point to the term’s meaning in science: a complex entity whose result is known, even if its inner workings are not.

PHOTOS OF THE DAY

The Victorian gothic features of Bradford City Hall are picked out in vivid colours as the building is transformed into a giant canvas for a light show by world-leading 3D projection specialists the Colour Project. Credit: Asadour Guzelian

A dog jumps to catch a flying disk as it plays among ginkgo leaves at Yoyogi park in Tokyo, Japan. Credit: Issei Kato/Reuters

A woman takes pictures on Red Square in front of St Basil’s Cathedral as it snows in Moscow. Credit: Natalia Kolesnikova/AFP
Market Closes for November 30^th, 2018

Market Index	Close	Change
Dow Jones	25538.46	+199.62   +0.79%
S&P 500	2759.98	+22.22   +0.81%
NASDAQ	7330.535	+57.452   +0.79%
TSX	15197.82	+3.78
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	22351.06	+88.46
		+0.40%
HANG SENG	26506.75	+55.72
		+0.21%
SENSEX	36194.30	+23.89
		+0.07%
FTSE 100*	6980.24	-62.52
		-0.89%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.270		2.305
CND. 30 Year Bond		2.393		2.412
U.S.    10 Year Bond		2.9933		3.0298
U.S. 30 Year Bond		3.2933		3.3245

Currencies

BOC Close	Today	Previous
Canadian $	0.75220	0.75329
US $	1.32944	1.32751
Euro Rate 1 Euro=		Inverse
Canadian $	1.50433	0.66470
US $	1.13163	0.88368

Commodities

Gold	Close	Previous
London Gold Fix	1226.25	1213.25
Oil
WTI Crude Future	50.93	51.45

Market Commentary:
On this day in 1988, private-equity firm KKR won the bidding war to do a leveraged buyout of RJR Nabisco for more than $25 billion, generating over $1 billion in fees for Wall Street—and setting the high-water mark for the LBO craze and junk-bond binge of the 1980s.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks eked out a gain for a third day to post their best monthly performance since June as the U.S., Canada and Mexico signed a new trade deal. Meanwhile, U.S. stocks also rose as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.
     The S&P/TSX Composite Index rose 0.02% on Friday, with health stocks at the front of the pack. Financials and energy shares were the sole underperformers. The head of an Aurora Cannabis Inc. unit said in an interview that the companies that will dominate the global cannabis industry are going to emerge within the next two years amid a flurry of mergers and acquisitions.
Stocks
* Galaxy Digital Holdings fell 4.2 percent after GMP analyst Deepak Kaushal downgraded shares to speculative buy from buy.
* TransCanada erased losses to close little changed after reports that the company can resume certain pre-construction activities, including engineering and meeting with stakeholders, for the Keystone XL oil pipeline following a federal court decision; however, the pipeline will get a new supplemental review from the U.S.
* Enbridge got approval to increase its B.C. gas line to maximum pressure. The company sees capacity on 9L2 segment from Station 9 to Huntingdon increasing to 1.4 bcf/d “over the next few days” after Oct. 9 rupture.
Commodities
* Western Canada Select crude oil traded at a $29 discount to WTI
* Gold fell 0.2 percent to $1,221.40 an ounce
FX/Bonds
* The Canadian dollar slipped 0.08 percent to C$1.3293 per U.S. dollar
* The Canada 10-year government bond yield fell 3.3 basis points to 2.268%
US
By Vildana Hajric and Brendan Walsh
     (Bloomberg) — U.S. stocks gained as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.
     The S&P 500 Index posted its largest weekly advance since 2011, helped by a dovish turn from the Federal Reserve. Microsoft capped its best weekly gain since 2015 and finished the five days as the world’s most valuable company, surpassing Apple. Oil’s brief dip below $50 a barrel Friday sent energy producers lower and buoyed airlines. Optimistic trade comments from U.S. and Chinese officials provided support for equities ahead of a Saturday dinner meeting between Donald Trump and Xi Jinping.
     Ten-year Treasury yields resumed their drop toward 3 percent, while the dollar pushed higher. Crude capped its biggest monthly slump in a decade. Emerging-market equities slipped, though Chinese stocks advanced even as data showed the economy remains in a rough patch. The euro weakened with the region’s shares after data showed inflation easing in the region.
     Any sign of a trade truce could tame the greenback’s gains and boost riskier assets including emerging-market currencies and stocks. Trump on Thursday gave conflicting signals on his expectations for reaching a deal with Xi this weekend, as officials work on the contours of an accord that may delay ramping up tariffs on the Asian country in January. Goldman Sachs, however, said an escalation of tensions is the most likely outcome.
     “The market really wants to see a deal with China,” said Peter Mallouk, the co-chief investment officer of Creative Planning, a wealth-management firm with about $36 billion in assets. “If we can get any kind of trade indication in the coming weeks that there was a path to getting a deal done, I think people would be surprised how positively the market would react to that kind of news.”
     The best-case scenario: what the Trump-Xi dinner could yield.
     The first official gauge of China’s economy in November showed manufacturing activity continued to worsen, indicating the authorities will need to keep using stimulus measures as economic growth slows. On Thursday in the U.S., minutes from the Federal Reserve’s last policy meeting showed the central bank preparing for a more flexible path in 2019.
Coming Up
* Trump and Chinese President Xi Jinping will meet at the G-20 summit of world leaders in Argentina that kicked off Friday. Russia’s Vladimir Putin and Saudi Arabia’s Mohammed bin Salman are likely to discuss oil policy. 
* Ford, Fiat Chrysler, other automakers report November U.S. sales on Monday. 
* Fed Chairman Jerome Powell testifies on the economic outlook before Congress’s Joint Economic Committee on Wednesday. 
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8 percent at the close of trade in New York; the gauge gained 4.8 percent this week and 1.8 percent in November.
* The Stoxx Europe 600 Index fell 0.2 percent. 
* The Nikkei-225 Stock Average rose 0.4 percent for its sixth consecutive gain. 
* The MSCI Emerging Market Index decreased 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.4 percent. 
* The euro dipped 0.7 percent to $1.1319. 
* The British pound decreased 0.4 percent to $1.2744. 
* The Japanese yen was little changed at 113.52 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 3.01 percent, the lowest in more than 10 weeks. 
* Germany’s 10-year yield fell one basis point to 0.31 percent, the lowest in more than 14 weeks. 
* Britain’s 10-year yield was little changed at 1.36 percent. 
Commodities
* West Texas Intermediate crude decreased 1.5 percent to $50.68 a barrel. 
* Gold fell 0.2 percent to $1,222.35 an ounce. 
* Copper fell 0.1 percent to $2.7875 a pound.
–With assistance from Adam Haigh, Christopher Anstey and Robert Brand.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Change is inevitable.  Change is constant.
           -Benjamin Disraeli, 1804-1881

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

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

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

Dear Friends,

Tangents:
On Nov. 29, 1947, the U.N. General Assembly passed a resolution calling for Palestine to be partitioned between Arabs and Jews. Go to article »

1989: Czechoslovakia ends Communist rule.

Under capitalism, man exploits man.   Under communism, it’s just the opposite.  –John Kenneth Galbraith, 1908-2006

PHOTOS OF THE DAY

Participants in the 2018 Siberian Snowkiting Cup compete on the surface of the Novosibirsk Reservoir. Credit: Itar-Tass News Agency/Alamy Live News

Goldfinch bird does the splits as it tries to balance between two teasel plants in Hawick, Scottish Borders. Credit: Mediadrumimages/Ron McCombe

A two-masted schooner is dwarfed by a 300 foot tall turquoise iceberg off the coast of Scoresbysund, West Greenland. Credit: James Rushforth/Solent News & Photo Agency

Israeli archeologist Ronit Lupu of the IAA Antiquities Theft Prevention Unit holds a rare stone mask dating to the Neolithic (new stone age) period which was found the Pnei Hever region of southern Hebron mount, at the Rockefeller archeological museum in Jerusalem. The mask is made of pinkish-yellow limestone, carefully shaped with stone tools to resemble a human face, 4 holes were drilled along the perimeter of the mask, probably in order to tie it to the face of a living person, or maybe to a pole or other designated artefact in order to display it. Credit: Gali Tibbon/AGP/Getty Images
Market Closes for November 29^th, 2018

Market Index	Close	Change
Dow Jones	25338.84	-27.59   -0.11%
S&P 500	2737.76	-6.03   -0.22%
NASDAQ	7273.082	-18.510   -0.25%
TSX	15194.04	+22.79
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	22262.60	+85.58
		+0.39%
HANG SENG	26451.03	-231.53
		-0.87%
SENSEX	36170.41	+453.46
		+1.27%
FTSE 100*	7038.95	+34.43
		+0.49%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.305		2.328
CND. 30 Year Bond		2.412		2.414
U.S.    10 Year Bond		3.0298		3.0571
U.S. 30 Year Bond		3.3245		3.3459

Currencies

BOC Close	Today	Previous
Canadian $	0.75329	0.75347
US $	1.32751	1.32720
Euro Rate 1 Euro=		Inverse
Canadian $	1.51254	0.66114
US $	1.13938	0.87767

Commodities

Gold	Close	Previous
London Gold Fix	1213.25	1221.20
Oil
WTI Crude Future	51.45	50.29

Market Commentary:
On this day in 1912, John Marks Templeton was born in Winchester, Tenn. He went on to found the Templeton Growth Fund and invented the discipline of global investing.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks inched up for a second day, fueled by a rally in heavy Canadian crude, outperforming the U.S. market where trade anxiety before the highly anticipated sit-down between the U.S. and China weighed on sentiment.
     The S&P/TSX Composite Index rose 0.2 percent, with energy and consumer staples pacing gains. Six of the 11 subsectors fell. Anticipation that the Alberta government might impose production cuts to reduce a glut of crude in the west of the country sent the price of heavy Canadian crude up. Meanwhile, Tenaris SA is suspending work at a steel-pipe plant in Sault Ste. Marie, Ontario, and put part of the blame on U.S. metal tariffs.
Stocks
* Canadian Imperial Bank of Commerce fell 3.2 percent after reporting profit that missed analysts’ expectations for the first time in almost four years. analysts blamed lower-than- expected revenues in Canadian and U.S. operations.
* Bombardier rose 1.9 percent after the finance chief said the company is reviewing options to renegotiate existing deal with Caisse; Caisse de Depot et Placement du Quebec CEO Michael Sabia said in an interview that Bombardier’s team is “doing a lot of the right things.”
* Enbridge rose 2.4 percent after Height Capital Markets noted that the co.’s Line 5 replacement project is a step closer to becoming a “done deal” as legislation expected to hit Michigan governor Rick Snyder’s desk by year-end.
Commodities
* Western Canada Select crude oil traded at a $30.00 discount to WTI
* Gold gained 0.02 percent to $1,223.90 an ounce FX/Bonds
* The Canadian dollar slipped 0.09 percent to C$1.3287 per U.S. dollar
* The Canada 10-year government bond yield fell 2.4 basis points to 2.300%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — U.S. stocks fell for the first time in four days as fresh trade anxiety outweighed a dovish shift by the Fed ahead of a highly anticipated sit-down between the U.S. and China. Treasuries rose, while the dollar dropped.
     The S&P 500’s late rally faltered as speculation that President Donald Trump won’t be able to tamp down his trade spat with China at the G-20 meeting hurt sentiment. Tech firms that led Wednesday’s rally paced declines. Banks also fell as the 10- year Treasury yield held near its lowest level since September as Fed minutes appeared to signal the central bank is preparing for a more flexible path. Chairman Jay Powell sparked the biggest stock rally since March with dovish comments.
     “The G-20 meeting is a binary event — no one knows what the outcome is,” Nathan Thooft, Manulife Asset Management’s head of global asset allocation, said in an interview at Bloomberg’s New York headquarters. “The optimists are looking for some evidence of thawing in the China, US trade dynamics, the pessimists are saying there’s no way they’re going to resolve it.”
     Trade and political developments vied for attention Thursday as Trump heads to Buenos Aires to meet President Xi Jinping. The latest twist in Robert Mueller’s investigation threatened to distract Trump after his former lawyer, Michael Cohen, pleaded guilty to new crimes related to the his business dealings in Russia. While the dovish Fed turn potentially removed a market overhang, the trade tensions remained a problem for investors concerned that global growth is slowing.
     In Europe, shares and bonds rose, while the pound fell as U.K. Prime Minister Theresa May raised the prospect of a “no deal” Brexit. Deutsche Bank AG slid after prosecutors said its headquarters were being searched in a money laundering probe.
Coming Up
* Trump and Chinese President Xi Jinping plan to meet at the G-20 meeting of world leaders in Argentina that kicks off on Friday.
* Thursday sees the release of the minutes from the Federal Open Market Committee’s November meeting.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent as of 4 p.m. New York time.
* The Dow Jones Industrial Average dropped 0.1 percent. 
* The Nasdaq composite declined 0.3 percent, while the Nasdaq 100 fell 0.1 percent. 
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Emerging Market Index rose 0.5 percent.
* The MSCI Asia Pacific Index increased 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent. 
* The euro climbed 0.2 percent to $1.1392.
* The British pound declined 0.3 percent to $1.2785.
* The Japanese yen rose 0.3 percent to 113.39 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 3.03 percent, the first decline in four days.
* Germany’s 10-year yield fell three basis points to 0.32 percent, the lowest in more than 14 weeks.
* Britain’s 10-year yield dipped three basis points to 1.345 percent, the lowest in more than three months.
Commodities
* West Texas Intermediate crude rose 2.1 percent to $51.34 a barrel.
* Gold was steady at $1,230.10 an ounce.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Champions keep playing until they get it right.
                        -Billie Jean King, b. 1943

 

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

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

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

Dear Friends,

Tangents:
1995 – November 28 – Rail – Ottawa privatizes the publicly owned Canadian National Railways (CN) through an initial public offering (IPO), after 78 years as a Crown corporation; Canada’s largest Crown corporation and one of the largest state-run enterprises in the industrialized world; issue will raise $2.6 billion for the government of Canada. CN will go on to acquire the Illinois Central (1999), Wisconsin Central (2001), the rail and marine holdings of Great Lakes Transportation LLC (2004), and BC Rail (2004). Ottawa, Ontario.

1,000+
Age (in years) of a 33-inch-long, possibly pre-Viking sword pulled from a Swedish lake by a vacationing 8-year-old girl this summer. –The Local

PHOTOS OF THE DAY

A swarm of starlings flies over the Altare della Patria monument (Unkown soldier) in the city centre of Rome during senset. Credit: Vincenzo Pinto/AFP
Migratory birds fly around row boats on the Yamuna River on a morning of heavy air pollution in New Delhi. Credit: Noemi Cassanelli/AFP
A long exposure photograph captures Scott Monument along side the 60 metre high Sky Flyer fairground ride which lights up Edinburgh’s Christmas skyline in Princes Street Gardens. Credit: Katielee Arrowsmith/SWNS.COM
Market Closes for November 28^th, 2018

Market Index	Close	Change
Dow Jones	25366.43	+617.70   +2.50%
S&P 500	2743.78	+61.61   +2.30%
NASDAQ	7291.594	+208.894   +2.95%
TSX	15171.25	+227.16
		+1.52%

International Markets

Market Index	Close	Change
NIKKEI	22177.02	+224.62
		+1.02%
HANG SENG	26682.56	+350.60
		+1.33%
SENSEX	35716.95	+203.81
		+0.57%
FTSE 100*	7004.52	-12.33
		-0.18%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.328		2.334
CND. 30 Year Bond		2.414		2.393
U.S.    10 Year Bond		3.0571		3.0553
U.S. 30 Year Bond		3.3459		3.3154

Currencies

BOC Close	Today	Previous
Canadian $	0.75347	0.75207
US $	1.32720	1.32966
Euro Rate 1 Euro=		Inverse
Canadian $	1.50909	0.66265
US $	1.13704	0.87948

Commodities

Gold	Close	Previous
London Gold Fix	1221.20	1223.40
Oil
WTI Crude Future	50.29	51.56

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks rallied as U.S. stocks surged after a dovish tone from the Federal Reserve chairman fueled speculation that the central bank is closer than thought to pausing on rate hikes.
     The S&P/TSX Composite Index rose 1.5 percent, the most in a week, with health-care and information technology leading gains. 
     Telecom was the only group in the red on Wednesday. The loonie broke a three-day streak of losses against the dollar, climbing 0.2 percent.
Stocks
* Descartes Systems Group rose 3.4 percent after reporting revenue for the third quarter of $70.0 million.
* Transcontinental climbed 10 percent after TD Securities analyst Damir Gunja upgraded the rating to buy from hold, PT C$29 from C$31, following the stock’s recent selloff.
* Superior Plus rose 3.4 percent after TD upgraded to action list buy from buy (PT C$16) on valuation and after recent investor meetings.
Commodities
* Western Canada Select crude oil traded at a $33.25 discount to WTI
* Gold gained 0.6 percent to $1,220.80 an ounce
FX/Bonds
* The Canadian dollar rose 0.2 percent to C$1.3273 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis points to 2.324%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — U.S. stocks rallied the most in eight months and the dollar fell after a dovish tone from the Federal Reserve chairman fueled speculation the central bank is closer than thought to pausing on rate hikes.
Stocks that had fallen the most during the six-week slump in American equities led gains after Jerome Powell said rates are “just below” the range of a neutral policy, potentially removing one of the biggest overhangs. Aside from the Treasury market, where shorter-term yields turned lower but only by a few basis points, moves in other asset classes were just as heady:
* The spread between December 2018 and December 2019 eurodollar futures — a measure of how much tightening traders expect next year — briefly touched less than 25 basis points, the equivalent of one Fed hike. It had forecast two earlier this month.
* The two-year Treasury yield fell two basis points to 2.81 percent.
* The Nasdaq 100 Index jumped almost 3 percent, with the Amazon.com and Netflix each higher by at least 5 percent to lead the FANG cohort.
* The Bloomberg Dollar Index sank the most in two weeks, fueling speculation its two-month rally may be over.
* Emerging-market equities hit a three-week high, while the rate on Mexico’s 10-year dollar-denominated bond tumbled by 16 basis points.
* The pound reversed losses sparked by the Bank of England’s warning that a no-deal Brexit could spark a recession.
     The Fed chairman said the economic outlook remains “solid,” bolstering expectations for a rate hike when the central bankmeets next month, but he noted that the effects of higher rates take time to show up in data. All told, investors surmised the Fed is likely to reduce the number of hikes or outright stop them next year.
     “Stocks are rallying dramatically because Chair Powell took a far more dovish tone than he did just a month ago when he said rates were a long way from neutral,” Kristina Hooper, chief global market strategist at Invesco Ltd, said in an email interview. “This is in line with the more dovish tone Vice Chair Richard Clarida has taken in recent weeks, but which the market didn’t believe because it didn’t come from Powell. Now investors are true believers – and are reacting accordingly.”
     Trade also remained in focus, carmaker shares were under pressure after President Donald Trump threatened tariffs and renewed his haranguing of General Motors for closing U.S. plants. Trump heads to the Group of 20 meeting tomorrow where investors will look for progress in his trade war with China.
Coming Up
* Trump and President Xi Jinping plan to meet at the G-20 summit in Argentina that kicks off on Friday.
* Thursday sees the release of the minutes from the Federal Open
Market Committee’s November meeting.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 2.3 percent as of 4 p.m. New York time, the biggest three-day gain since June.
* The Nasdaq 100 rose 3.2 percent and the Dow added 2.5 percent.
* The MSCI Emerging Markets Index rose 1.4 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI All-Country World Index climbed 1.7 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.6 percent.
* The euro advanced 0.7 percent.
* The Japanese yen rose 0.1 percent.
* The British pound gained 0.6 percent.
Bonds
* The yield on 10-year Treasuries was little changed at 3.06 percent.
* Germany’s 10-year yield was steady at 0.35 percent.
* Britain’s 10-year yield declined two basis points to 1.377 percent.
Commodities
* The Bloomberg Commodity Index gained 1.6 percent.
* West Texas Intermediate crude fell 2.1 percent to $50.45 a barrel.
* Gold rose 0.6 percent to $1,226.80 an ounce.
–With assistance from Alexandra Harris and Katherine Greifeld.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

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 Giving Tuesday. Founded by the 92nd Street Y in New York City in 2012 and propelled by social media, it’s now a global movement encouraging charitable donations and service.

At its core: “The idea that no act of giving is too small to make an impact,” one of the organization’s executives told The Times.

That same belief inspired Adolph S. Ochs, the publisher of The Times, to help a man in need on Christmas Day in 1911.

That encounter led Ochs to found the Neediest Cases Fund, our annual charity campaign. And more than a century later, we’re still sharing stories of people in need — and giving readers a way to help — throughout the holiday season.

After all, as one long-time donor summed it up: “We’re all in this together.”

Remy Tumin, a reporter for the 107th annual Neediest Cases campaign, wrote today’s Back Story. – The New York Times, November 27, 2018

Adolph S. Ochs, the former publisher of The Times, circa 1933. The New York Times Photo Archives

Bruce Lee, b. 1940
Jimi Hendrix, b. 1942
Welland Canal

By being yourself, you put something wonderful in the world that was not there before. -Edwin Eliot.
PHOTOS OF THE DAY

Buildings are seen in thick fog in Changzhou, Jiangsu Province of China. China Meteorological Administration issued an orange alert for thick fog. Credit: Chen Wei/VCG Via Getty Images

Tom Doslin of Hawaii wipes out of the legendary Pipeline wave during the first great winter day of surfing in Haleiwa on the Hawaiian North Shore. Credit: Brian Bielmann/AFP/Getty Images

A rainbow forms over St. Mary’s Lighthouse at Whitley Bay, North Tyneside. A “major change” in the UK’s weather is expected in the coming days as Storm Diana sweeps in from the Atlantic. Credit: Owen Humphreys/PA Wire

107-year-old French cyclist Robert Marchand prepares to take the start of a ride on his bike to celebrate his birthday around Privas, southern France. Credit: Jeff Pachoud/AFP/Getty Images
Market Closes for November 27^th, 2018

Market Index	Close	Change
Dow Jones	24748.73	+108.49   +0.44%
S&P 500	2682.20	+8.75   +0.33%
NASDAQ	7082.699	+0.846   +0.01%
TSX	14944.09	-68.56
		-0.46%

International Markets

Market Index	Close	Change
NIKKEI	21952.40	+140.40
		+0.64%
HANG SENG	26331.96	-44.22
		-0.17%
SENSEX	35513.14	+159.06
		+0.45%
FTSE 100*	7016.85	-13.70
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.334		2.354
CND. 30 Year Bond		2.393		2.405
U.S.    10 Year Bond		3.0553		3.0590
U.S. 30 Year Bond		3.3154		3.3171

Currencies

BOC Close	Today	Previous
Canadian $	0.75207	0.75421
US $	1.32966	1.32590
Euro Rate 1 Euro=		Inverse
Canadian $	1.50153	0.66599
US $	1.12926	0.88554

Commodities

Gold	Close	Previous
London Gold Fix	1223.40	1223.65
Oil
WTI Crude Future	51.56	51.63

Market Commentary:
Microsoft is close to becoming the most valuable U.S. company for the first time since 2003, according to Dow Jones Market Data. If the software firm eclipses Apple in market value, it would knock the iPhone maker off the top spot for the first time since 2016, when Google parent Alphabet briefly topped Apple. Apple is valued at $829 billion, while Microsoft is at $817 billion and Amazon.com is at $773 billion. 
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks continued to be weak on Tuesday amid a sell-off in materials as U.S.-China trade jitters and a rally in the U.S. dollar put downward pressure on the space.
     The S&P/TSX Composite Index fell 0.5 percent, with losses in consumer discretionary and materials pacing losses. Communication and real estate were the only sectors in the green.
     The loonie weakened against the dollar for a third day as the rising U.S. 10-year yield helped push spread over comparable Canadian debt to widest since July.
Stocks
* Kinross Gold and Turquoise Hill Resources fell along with U.S. peers in the materials sector as the U.S. signaled it’s likely to go ahead with plans to raise tariffs on Chinese products, adding to concerns about global growth.
* Maple Leaf Foods fell 2.8 percent after announcing plans to build a C$660m poultry facility in London, Ontario.
* Crescent Point Energy fell 2.7 percent after hiring Sayer Energy Advisors to assist in the sale of CPG’s prospective Duvernay oil rights in the Ferrybank area of Alberta, according to offering terms on Sayer’s website.
Commodities
* Western Canada Select crude oil traded at a $33.50 discount to WTI
* Gold fell 0.7 percent to $1,214.20 an ounce 
FX/Bonds
* The Canadian dollar weakened by 0.3 percent to C$1.3295 per U.S. dollar
* The Canada 10-year government bond yield fell 2.7 basis points to 2.322%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — Stocks rose as investors assessed the chances for a detente in the U.S.-China trade tussle. The dollar gained, while Treasuries edged lower. 
     The S&P 500 advanced for a second day in a row, with health care and consumer staple companies pacing gains. President Donald Trump’s economic adviser Larry Kudlow said Wednesday Trump is open to a trade deal with China, which followed threats of more tariffs by the president ahead of meeting with his counterpart Xi Jinping. Small caps dropped. Major retailers got a boost as results from the biggest shopping weekend of the year showed an increase in online shopping.
     Major moves in U.S. stocks: Facebook fell, along with Apple and Google, while Netflix rose 2 percent. General Motors slid after Trump said the U.S. is looking at cutting all its subsidies. United Technologies tumbled after it said it plans to break into three separate companies.Macy’s rose 4 percent after the end of Black Friday shopping.
     The 10-year Treasury yield edged higher, while the dollar gained for a second day after comments by several Federal Reserve officials, including Vice Chairman Richard Clarida who backed gradual rate hikes. The pound weakened as traders mulled prospects for parliamentary approval of the Brexit deal, which Trump said could jeopardize Britain’s ability to strike a trade pact with the U.S. West Texas crude traded above $51 a barrel.
     Elsewhere, emerging market shares climbed. Bitcoin steadied around $3,700 after plunging 14 percent Monday. “The news flow on the U.S.-China trade dispute has certainly been erratic and unpredictable, and the latest reports have weighed on US markets as we speak,” Neil MacKinnon, London-based global macro strategist at VTB Capital and a former U.K. Treasury official, said by phone. “Investors are a little bit anxious that the G20 meeting might not produce an agreement or even a truce on the trade dispute.”
     Trade remains firmly in investors’ minds before leaders of the two biggest economies meet in Buenos Aires at the end of the week. Trump indicated in an interview with the Wall Street Journal published Monday that, besides a scheduled bump-up in tariff rates on $200 billion of Chinese imports in January, he’d also slap new duties on the remaining imports that have so far escaped his levies, depending on how talks proceed.
     Fed speakers will be closely watched for the latest thinking on the trajectory of interest rates. Chairman Jerome Powell’s speech on Wednesday will be parsed for any hints on prospects for a pause in rate increases next year after traders reduced expectations for the pace of monetary policy tightening.
Coming Up
* Presidents Donald Trump and Xi Jinping plan to meet at the G-20 summit in Argentina that kicks off on Friday.
* Federal Reserve Chairman Powell addresses the New York Economic Club on Wednesday.
* Thursday sees the release of the minutes from the Federal Open Market Committee’s November meeting.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dropped 0.3 percent.
* The MSCI All-Country World Index rose 0.1 percent.
* The MSCI Emerging Market Index increased 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent.
* The euro declined fell 0.3 percent to $1.1295.
* The Japanese yen dropped 0.2 percent to 113.78 per dollar.
* The British pound declined 0.7 percent to $1.2734.
* The MSCI Emerging Markets Currency Index fell 0.2 percent.
Bonds
* The yield on 10-year Treasuries rose less than one basis point to 3.06 percent.
* Germany’s 10-year yield declined two basis points to 0.34 percent.
* Britain’s 10-year yield fell three basis points to 1.382 percent.
Commodities
* The Bloomberg Commodity Index declined 0.4 percent.
* West Texas Intermediate rose 0.3 percent to $51.77 a barrel.
* LME copper fell 1 percent to $6,121.50 per metric ton.
* Gold dropped 0.8 percent to $1,219.00 an ounce.
–With assistance from Vildana Hajric and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

One child, one teacher, one book, one pen can change the world.
                                                  -Malala Yousafzai, b. 1997

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:

I watched the film The Seagull on HBO last night and highly recommend it if you haven’t seen it yet.  Anton Chekov’s classic play has been made into this beautiful film.  Film critic Peter Rainer comments that “the best reason to check out the film is for Saoirse Ronan’s tender, wrenching performance as the lovelorn Nina, and, especially , for Annette Benning’s fantastic turn as Irina, the grand dame of the Russian theater whose most tumultuous work occurs offstage.”  I thought both of their performances were terrific and the production overall was great.

POINTS OF PROGRESS:
CYPRUS
The number of green and loggerhead turtle nests on the Mediterranean country’s beaches has more than tripled since conservation efforts began.  In 1978, there were only 300 turtle nests.  Now there are more than 1,000.  The increase is especially significant for green turtle populations, which nest only on the beaches of Cyprus and Turkey. -Voice of America.

NORWAY
The country’s $1 trillion sovereign investment fund has announced a new push against plastics.  The fund, which invests and has voting rights in 268 big companies, offers carrot-and-stick plans to encourage environmental responsibility:  The companies that comply the most with fund expectations are recognized, while the least may be dropped form its investment list.  While the fund’s mandate is not replacement for regulatory legislation, it has the advantage of incentivizing companies to act more quickly.  –Reuters.

INDONESIA
The Wondiwoi tree kangaroo, thought to be extinct, was recently photographed in the wild.  Michael Smith, an amateur botanist from England, saw the tree kangaroo while trekking in  a remote jungle area in West Papua on the island of New Guinea while searching for rhododendrons.  Biologists speculate that the tree kangaroo survived because of the impenetrability of the bamboo forest in the area where it was found, and hope the discovery will lead to protection of its habitat. –National Geographic.

PHOTOS OF THE DAY

After heavy showers on Saturday night, these wild ponies were out grazing on the hill at Chapel Carn Brea in Cornwall on Sunday. Credit: Simon Maycock/Alamy Live News

Men dressed as 1812-era French soldiers take part in re-enact a staged battle near the Belarus village of Bryli. The event marks the 206^th anniversary of the Berezina battle during Napoleon’s army retreat from Russia. About 50,000 people, soldiers from both sides of sides and civilians, were killed during the crossing, which was effected under heavy Russian attack and saved Napoleon and his forces from capture. Credit: Sergei Grits/AP

Steampunk enthusiasts attend the sixth annual Haworth Steampunk Weekend in West Yorkshire. Credit: Oli Scarff/AFP/Getty Images
Market Closes for November 26^th, 2018

Market Index	Close	Change
Dow Jones	24640.24	+354.29   +1.46%
S&P 500	2673.45	+40.89   +1.55%
NASDAQ	7081.852	+142.868   +2.06%
TSX	15012.65	+1.92
		+0.01%

International Markets

Market Index	Close	Change
NIKKEI	21812.00	+165.45
		+0.76%
HANG SENG	26376.18	+448.50
		+1.73%
SENSEX	35354.08	+373.06
		+1.07%
FTSE 100*	7036.00	+89.49
		+1.29%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.354		2.339
CND. 30 Year Bond		2.405		2.390
U.S.    10 Year Bond		3.0590		3.0390
U.S. 30 Year Bond		3.3171		3.3015

Currencies

BOC Close	Today	Previous
Canadian $	0.75421	0.75544
US $	1.32590	1.32374
Euro Rate 1 Euro=		Inverse
Canadian $	1.50191	0.66582
US $	1.13275	0.88282

Commodities

Gold	Close	Previous
London Gold Fix	1223.65	1227.05
Oil
WTI Crude Future	51.63	50.22

Market Commentary:
U.S. crude oil lost 11% last week, the steepest weekly percentage decline since January 2016. It fell 7.7% Friday, its biggest one-day drop since July 2015. 
The tech-laden Nasdaq fell 4.3% last week, its biggest weekly percentage decline since March 2018. The Dow fell 4.4% while the S&P 500 lost 3.8%.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks ended Monday little changed after erasing earlier gains of as much as 0.78 percent. In the U.S., beaten-down tech shares helped lead a rebound, with the S&P 500 and Dow Jones Industrial Average each up about 1.5 percent.
     The S&P/TSX Composite Index eked out a 0.01 percent gain, with tech and telecom shares offsetting losses in health care.
     The energy sector fell as gas exploration and production companies dropped, with one analyst citing pricing and pipe bottlenecks. Industrials gained slightly even as General Motors announced that the carmaker has no plans to produce vehicles at a plant in Oshawa, Ontario after December 2019.
Stocks
* Toronto-Dominion Bank and Canadian Imperial Bank of Canada each gained slightly after agreeing to pay $622 million to join Air Canada’s rewards plan.
* Emera Inc. fell 0.3 percent after agreeing to sell its three natural gas-fired generation facilities in New England, known as Bridgeport Energy, Tiverton Power and Rumford Power to an affiliate of the Carlyle Group for $590 million.
* First Quantum Minerals Ltd., Leagold Mining Corp. and Kelt Exploration Ltd. are among the stocks with potential to reward contrarian investors with a year-end rally, a GMP analyst writes.
* Car parts supplier Martinrea International fell 6.8% on news that GM has no plans to manufacture in Oshawa, Ontario beyond 2019. 
Commodities
* Western Canada Select crude oil traded at a $32.50 discount to WTI
* Gold fell 0.05 percent to $1,222.60 an ounce
FX/Bonds
* The Canadian dollar was little changed percent at C$1.3248 per U.S. dollar
* The Canada 10-year government bond yield gained 0.7 basis points to 2.351%
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — Beaten-down tech shares led the strongest session for U.S. stocks in two weeks, extending the run of turbulence that has made this month one of the wildest of the past five years.
     The S&P 500 roared back from the worst week in a month as investors speculated a strong start to the holiday season will keep economic growth on track. Amazon.com and L Brands led gains among retailers, while Microsoft was among the tech leaders.
Here are some major moves in U.S. stocks:
Amazon jumped more than 5 percent as all members of the FAANG cohort rallied more than 1 percent. Retailers Tiffany & Co. and Best Buy Co. surged on a strong start to holiday shopping.CVS Health rallied after it won the New York regulator’s approval for its Aetna deal.
     Positive political developments in Europe and rising oil prices added to optimism, sending the 10-year Treasury yield higher ahead of a slew of Federal Reserve speakers this week, including Chairman Jerome Powell. The dollar advanced, while West Texas crude rose above $51 a barrel following a more than 7 percent slide on Friday.
“Today is a relief rally. I don’t know if it will last through today and to tomorrow, but markets are moving a lot off of not a lot of news,” Larry Benedict, founder of The Opportunistic Trader, said in a phone interview. “Tech is bouncing a little bit. It still looks heavy. FANG stocks have taken massive hits.”
     Investors will scour this week’s Fed speech and policy minutes for clues on the future of rates. After stock markets skidded last week, and with bond traders reducing expectations for the pace of U.S. monetary policy tightening, Powell has the opportunity to shed light on prospects for a pause in a speech Wednesday. The sit-down between Presidents Xi Jinping and Donald Trump has heightened hopes of a resolution to the trade war ahead of the next escalation of tariffs.
     Elsewhere, Italy’s bonds jumped as state officials began studying scenarios for a lower 2019 budget deficit target, while European shares rose after EU leaders signed off over the weekend on the proposed Brexit plan. Bitcoin extended its recent tumble to below $4,000 as cryptocurrencies fell across the board.
Coming Up
* Presidents Donald Trump and Xi Jinping plan to meet at the G-20 summit in Argentina that kicks off on Friday.
* Federal Reserve Vice Chairman Richard Clarida speaks in New York on Tuesday and Powell addresses the New York Economic Club on Wednesday. 
* Thursday sees the release of the minutes from the Federal Open Market Committee’s November meeting.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.6 percent as of 4 p.m. New York time, the most since Nov. 7. 
* The Nasdaq 100 advanced 2.3 percent. 
* The Stoxx Europe 600 Index rose 1.2 percent. 
* Italy’s FTSE MIB Index jumped 2.8 percent, the largest surge in more than five months.
* The MSCI All-Country World Index climbed 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro was little changed at 1.1333.
* The British pound was little changed at $1.2812.
* The Japanese yen dipped 0.6 percent to 113.62 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 3.06 percent, its first advance in more than two weeks.
* Italy’s 10-year yield fell 14 basis points to 3.269 percent, the lowest in almost two months.
* Germany’s 10-year yield climbed two basis points to 0.36 percent.
* Britain’s 10-year yield increased three basis points to 1.413 percent.
Commodities
* West Texas Intermediate crude gained 2.3 percent to $51.58 a barrel.
* Gold fell 0.1 percent to $1,222.50 an ounce.
–With assistance from Todd White.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

And when we think we lead, we are most led.
       -Lord George Gordon Byron, 1788-1824

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!

Full moon tonight!
1936 – Life magazine premiered.
2005 – Ottawa announces $1.9 billion compensation for survivors of abuse at native residential schools. Go to article »

POINTS OF PROGRESS:
EUROPEAN UNION
The European Parliament has voted to ban a wide range of single-use plastics.  Plastic utensils, straws, drink stirrers and plates are some of the items that will be banned by the new measure.  Spurred by public support for a single-use plastics ban, the EU plans to have the measure take effect I 2021.  All member countries – including Britain, if the Brexit transition period has not ended – will be required to work the ban into national law. -BBC

UNITED ARAB EMIRATES
A new anti-desertification  process is currently being tested in Dubai.  According to the United nations, desertification is a global problem, and about 46,000 square miles of arable land are lost each year.  No3w. a nongovernmental organization is using existing infrastructure to fight it.  Across the world, millions of man-made lakes sustain populations in dry areas.  These lakes must be dredged so that they don’t overflow or lose water storage capacity, but many local governments can’t afford the process.  Afforest4Future uses existing dredging companies to remove lake sediment; in turn, dredged sediment can be pumped out and used as topsoil in areas that have already been desertified. –New York Magazine.

PHOTOS OF THE DAY

Autumn colours reflected in Buttermere Lake in the Lake District, Cumbria, UK. Credit: Owen Humphreys/PA Wire

People light lamps at the Banganga pond as they celebrate Dev Diwali festival in Mumbai, India. Credit: AP Photo/Rajanish Kakade  

Visitors look at an art installation by Japanese artist Tatsuo Miyajima titled ‘Mega Death’ during Minimalism: Space. Light. Object exhibition at the National Gallery Singapore. The exhibition features over 150 works that explore the history and legacy of the ‘Minimalism’ art movement and runs from 16 November 2018 to 14 April 2019. Credit: Suhaimi Abdullah/Getty Images
Market Closes for November 23^rd, 2018

Market Index	Close	Change
Dow Jones	24285.95	-178.74   -0.73%
S&P 500	2632.56	-17.37   -0.66%
NASDAQ	6938.984	-33.267   -0.48%
TSX	14992.74	-98.84
		-0.65%

International Markets

Market Index	Close	Change
NIKKEI	21646.55	+139.01
		+0.65%
HANG SENG	25927.68	-91.73
		-0.35%
SENSEX	34981.02	-218.78
		-0.62%
FTSE 100*	6952.86	-7.46
		-0.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.339		2.367
CND. 30 Year Bond		2.390		2.419
U.S.    10 Year Bond		3.0390		3.0627
U.S. 30 Year Bond		3.3015		3.3163

Currencies

BOC Close	Today	Previous
Canadian $	0.75544	0.75808
US $	1.32374	1.31913
Euro Rate 1 Euro=		Inverse
Canadian $	1.50014	0.66661
US $	1.13325	0.88242

Commodities

Gold	Close	Previous
London Gold Fix	1227.05	1226.10
Oil
WTI Crude Future	50.22	54.43

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks retreated for a fourth day in five as oil posted its biggest weekly loss since the depths of the last price slump in 2016. The S&P/TSX Composite Index fell 0.5 percent to close at 15,010.78 Friday after earlier losing as much as 1.3 percent.
     The benchmark’s weekly loss was 1 percent. Energy stocks posted the biggest decliners, falling 3 percent as West Texas Intermediate crude prices tumbled 7.7 percent. Futures in London posted their worst week since January 2016. Canadian Natural Resources Ltd. was among the biggest decliners, falling to its lowest since April 2016.
     Materials also weighed on the index, losing 2.3 percent amid weakness in base metal prices. Progress in U.S.-China trade talks is looking less likely ahead of a meeting next week, weighing on the outlook for global growth.
In other moves:
Stocks
* Torex Gold Resources Inc. slid 14 percent, the most in a year, amid the prospect for tougher mining regulations in Mexico
* Canadian Western Bank fell 5.8 percent, the most since 2016. The bank is exposed to the energy patch, which is being hammered by tumbling crude prices
* Cannex Capital Holdings Inc. jumped 12 percent after the cannabis firm secured a $32 million investment from Gotham Green Partners LLC
* Air Canada and WestJet Airlines Ltd. both jumped 3.5 percent. The airlines are poised to benefit from lower fuel prices. WestJet has risen six straight sessions, the longest streak since March 2017.
Commodities
* Western Canada Select crude oil traded at a $35.75 discount to WTI
* Gold fell 0.4 percent to $1,223.20 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.3238 per U.S. dollar
* The Canada 10-year government bond yield fell 3 basis points to 2.34 percent
US
By Vildana Hajric
     (Bloomberg) — Stocks fell and the S&P 500 Index tumbled into a correction in shortened Black Friday trading as energy companies were battered with oil sliding below $51 a barrel, its lowest in a year. Crude’s weakness on signs of oversupply also paced a broad retreat in commodities, and the dollar climbed with Treasuries.
     All major equity benchmarks were lower. The S&P 500 Index had its worst Thanksgiving week performance since 1939, and is down 10 percent from its September high, the technical definition of a correction. Energy was by far the worst performing group on Friday, with companies like Devon Energy Corp. and Marathon Oil Corp. losing at least 4 percent. West Texas Intermediate crude slid 6.3 percent to $51.20 and is down 33 percent since hitting a four-year high of $76.41 last month.
     The break in petroleum prices only adds to the list of issues investors will be weighing this weekend — from trade wars to the likelihood of the economic expansion continuing.
     “There’s a lot of uncertainty to still churn through,” Noah Weisberger, chief U.S. strategist at AB Bernstein, said on Bloomberg TV. “I’m a little bit surprised, you know, going back to October that its taken the market as long as it has — it still hasn’t regained its footing.”
     Trading was very quiet, with volume more than 30 percent below average over the past 30 days. Stock markets closed early at 1 p.m. in New York. Bond markets shut at 2 p.m. “It’s a light volume day,” said Chris Zaccarelli chief investment officer at the Independent Advisor Alliance. “I’m not going to read too much into it.”
     In Europe, sluggish mining shares pushed the Stoxx Europe 600 Index lower. The euro reversed earlier gains as data showed Germany’s growth outlook weakened. The pound handed back much of Thursday’s gains after Spain objected to part of the Brexit plan. Italian bonds led an advance in European debt markets.
     Drops in oil, copper and other industrial raw materials set the Bloomberg Commodity Index on track for the biggest weekly decline since July. But falling commodity prices are just one of several indicators that reinforce investor concern about weakening global growth. Political turmoil in Europe, a lingering uncertainty over the Brexit agreement and a trade war that’s engulfed the world’s biggest economies add to nervousness.
     Slowing growth is one of several prospects that may lead the Federal Reserve toward more caution in 2019 should it raise rates next month.
     “The global economy is slowing down but we’re slowing down from a pretty decent level,” Jonathan Mackay, strategist at Schroder Fund Advisors, said on Bloomberg TV. “It’s a little bit of ‘reality bites’ right now. The picture is still fine. It’s just not as good as it was. And that’s feeding into this technical unwind we’re seeing in the oil market as well.”
     Elsewhere, a drop Chinese equities led regional declines in Asia, with the technology sector weak on concern the U.S. is ratcheting up a campaign against Huawei Technologies Co. Emerging market shares and currencies fell. And Bitcoin was on course for a 22 percent tumble this week.
Coming Up
* Presidents Donald Trump and Xi Jinping plan to meet at the G-20 summit in Argentina next week.
* Federal Reserve Vice Chairman Richard Clarida speaks in New York on Tuesday and Chairman Jerome Powell addresses the New York Economic Club on Wednesday. 
* Next Thursday sees the release of the minutes from the Federal Open Market Committee’s November meeting.
* European Central Bank President Mario Draghi will address the European Parliament’s committee for economic and monetary affairs on Monday.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.7 percent to 2,632.56.
* The Stoxx Europe 600 dipped 0.2 percent.
* The MSCI All-Country World Index declined 0.5 percent.
* The MSCI Emerging Market Index dropped 0.7 percent to the lowest in a week.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent.
* The euro sank 0.6 percent to $1.1334.
* The Japanese yen climbed 0.1 percent to 112.85 per dollar.
* The British pound lost 0.6 percent to $1.2804.
* The MSCI Emerging Markets Currency Index fell 0.2 percent.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 3.039 percent, the lowest since September.
* Germany’s 10-year yield dipped three basis points to 0.34 percent.
* Britain’s 10-year yield retreated five basis points to 1.381 percent.
Commodities
* The Bloomberg Commodity Index declined 1.7 percent to the lowest since July.
* West Texas Intermediate crude sank 6.3 percent to $51.17 a barrel, the lowest in 13 months.
* Gold fell 0.4 percent to $1,223.48 an ounce.
–With assistance from Abhishek Vishnoi, Adam Haigh, Vildana Hajric and Eddie van der Walt.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

If you can’t tolerate critics, don’t do anything new or interesting.
                                                           -Jeff Bezos, b. 1964

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:
1859 – On the Origin of Species published, Charles Darwin.
On Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States. Go to article »

Daily Poetry
Start your day with a bit of poetry with the Poem of the Day series, which can be found at www.poetryfoundation.org.  A new audio recording of a poem is added every day, with recent selections including poetry by Yusef Komunyakaa, Rosemarie Waldrop and Johannes Göransson.
PHOTOS OF THE DAY

Spectacular waterspout in the Italian port city pf Salerno, southeast of Naples. The ‘water tornado” appeared on Tuesday afternoon skirting ports and reportedly damaging containers as it finally crossed the shore. Waterspouts are similar to tornadoes, but form over water when cool unstable air passes over warner waters, producing vigorous up-draughts that can turn into a spinning column of water. They generally collapse once they move across solid ground. Credit: Hotel Cetus/Bav Media

Light displays are pictured during a photocall at Kew Gardens in south west London, during an event to promote the launch of the “Christmas at Kew Gardens”. – The Kew at Night Christmas trail is illuminated with numerous art installations especially commissioned. Credit: Tolga Akmen/AFP/Getty Images

Alfie Hobbs (aged 2) from London visits Hyde Park Winter Wonderland’s ‘Secret Forest’ themed magical ice kingdom as visitors get a first look at the woodland animal and mythical creature ice sculptures ahead of the public opening on Thursday, November 22. Credit: David Parry/PA

A man rides a boat as seagulls fly over the waters of the river Yamuna early morning in New Delhi, India. Credit: Reuters/Anushree Fadnavis
Market Closes for November 22^nd, 2018

Market Index	Close	Change
Dow Jones	24464.69	Closed
S&P 500	2649.93	Closed
NASDAQ	6972.250	Closed
TSX	15091.58	-3.44
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	21646.55	+139.01
		+0.65%
HANG SENG	26019.41	+47.94
		+0.18%
SENSEX	34981.02	-218.78
		-0.62%
FTSE 100*	6960.32	-89.91
		-1.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.367		2.358
CND. 30 Year Bond		2.419		2.417
U.S.    10 Year Bond		3.0627		3.0627
U.S. 30 Year Bond		3.3163		3.3155

Currencies

BOC Close	Today	Previous
Canadian $	0.75808	0.75583
US $	1.31913	1.32304
Euro Rate 1 Euro=		Inverse
Canadian $	1.50454	0.66466
US $	1.14056	0.87677

Commodities

Gold	Close	Previous
London Gold Fix	1226.10	1223.00
Oil
WTI Crude Future	54.43	54.43

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks failed to gain traction following Wednesday’s rally, closing slightly lower on holiday- hit trading volumes. The S&P/TSX Composite Index fell less than 0.1 percent to 15,091.58 Thursday, fresh off the heels of Wednesday’s 1.5 percent surge. Volume was about 60 percent lower than average due to the U.S. Thanksgiving holiday.
     Health-care stocks were the biggest decliners, losing 1.2 percent amid weakness in the pot sector. Offsetting that was a 0.5 percent gain in materials, boosted by rising gold stocks.
In other moves:
Stocks
* Bombardier Inc. jumped 11 percent, bringing its gains for the week to 50 percent. The rebound follows the worst week for the stock in at least 30 years
* ARC Resources Ltd. added 2.4 percent and Finning International Inc. rose 2 percent. Tax relief in Canada’s fiscal update is positive for both firms, analysts said
* Torstar Corp. gained 11 percent, the most since 2016. Canada’s fiscal update included a package to help the country’s media sector
Commodities
* Gold for immediate delivery was up 0.1% at $1,227.38 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3189 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to
2.37 percent
US
US markets are closed today for Thanksgiving.
By Yakob Peterseil
     (Bloomberg) — U.S. equity futures dropped alongside European stocks on Thursday in a subdued day of trading thanks to the American Thanksgiving holiday. The pound jumped and the euro strengthened after the U.K. and EU had a breakthrough over the Brexit deal.
     The Stoxx Europe 600 Index gave up a chunk of Wednesday’s advance as almost every sector fell, though trading volume was 25 percent below the 30-day average and the gauge finished above its lows on the day. Asian equity benchmarks swung between gains and losses before turning higher, with Japanese stocks getting an end-of-session boost on a report about a possible government rebate. Trading volumes in the region were also depressed.
     Gilts fell as a draft Brexit deal pointing to deep ties between the U.K. and European Union as well as a solution to the Irish border question was agreed at a political level. Prime Minister Theresa May spent more than two hours in Parliament Thursday responding to lawmakers’ largely skeptical questions about the deal. The region’s sovereign debt mainly edged higher.
     West Texas oil traded below $54 a barrel as an increase in U.S. crude inventories added to the recent bearish mood. Investor sentiment remains fragile following the volatility that’s rocked markets since October, wiping out many equity gains for the year. Traders are having to contend with the White House’s protectionism and President Donald Trump’s calls for the Fed to back off from raising rates, as well as corporate credit markets playing catch-up to the broader risk sell-off.
     Elsewhere, Bitcoin declined, emerging-market assets edged higher and gold nudged upward. Treasuries didn’t trade because of the U.S. holiday.
Coming Up
* It’s a shortened trading week because of the Thanksgiving holiday in the U.S. on Thursday. In addition, Black Friday, the day after Thanksgiving, marks the traditional start to the U.S. holiday shopping season.
These are the main moves in markets:
Stocks
* Futures on the S&P 500 Index decreased 0.6 percent as of 2:43 p.m. New York time, to the lowest in more than seven months.
* The Stoxx Europe 600 Index dipped 0.7 percent.
* The U.K.’s FTSE 100 Index dipped 1.3 percent, the largest decrease in six weeks.
* Germany’s DAX Index sank 0.9 percent.
* The MSCI Emerging Market Index gained 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2 percent.
* The euro climbed 0.2 percent to $1.1406.
* The British pound gained 0.8 percent to $1.2881, the strongest in more than a week on the largest rise in more than a week.
* The Japanese yen gained 0.1 percent to 112.97 per dollar.
Bonds
* Germany’s 10-year yield declined one basis point to 0.37 percent.
* Britain’s 10-year yield climbed three basis points to 1.428 percent, the highest in more than a week.
* Italy’s 10-year yield fell two basis points to 3.454 percent, the lowest in more than a week.
Commodities
* West Texas Intermediate crude decreased 1.4 percent to $53.85 a barrel.
* Gold gained 0.1 percent to $1,227.44 an ounce, the highest in more than two weeks.
–With assistance from Marvin G. Perez and Andreea Papuc.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

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