Category: Events

Dear Friends,

Tangents:
1921 – King George V proclaims Canada’s Coat of Arms, with white and red as the official Canadian colours. Go to article »
1783 – Man’s first flight in a balloon.

November 21, 1995: The Dow Jones tops 5,000 for the first time (today’s close was 24,464.69).

The BBC podcast The Food Chain explores issues related to what we eat, from how restaurant reviewers do their work to the celebrity status of chefs today.  Food writers and chefs also share their “life in five dishes.”
You can check it out at http://bit.ly/foodchainpodcast.

PHOTOS OF THE DAY

The Great Geysir, is a geyser in southwestern Iceland. Geysir lies in the Haukadalur valley on the slopes of Laugarfjall hill. Eruptions at Geysir car hurl boiling water up to 70 metres (230 ft) in the air. However, eruptions may be infrequent, and have in the past stopped altogether for years at a time. Credit: CAG Photography

Autumn colours are seen at Rurikoin Temple. Credit: The Asahi Shimbun

‘Leda and the swan’ fresco discovered during an evacuation of a bedroom in a house along via del Vesuvio. Credit: Rex

A picture taken on November 19, 2018 shows a snow-covered landscape at the Fichtelberg mountain in Oberwiesenthal, eastern Germany, as new snowfalls are expected in parts of Saxony and Saxony-Anhalt. Credit: Bernd Marz/DPA/AFP
Market Closes for November 21^st, 2018

Market Index	Close	Change
Dow Jones	24464.64	-0.95   —
S&P 500	2649.93	+8.04   +0.30%
NASDAQ	6972.250	+63.427   +0.92%
TSX	15095.02	+218.02
		+1.47%

International Markets

Market Index	Close	Change
NIKKEI	21507.54	-75.58
		-0.35%
HANG SENG	25971.47	+131.13
		+0.51%
SENSEX	35199.80	-274.71
		-0.77%
FTSE 100*	7050.23	+102.31
		+1.47%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.358		2.349
CND. 30 Year Bond		2.417		2.409
U.S.    10 Year Bond		3.0627		3.0628
U.S. 30 Year Bond		3.3155		3.3155

Currencies

BOC Close	Today	Previous
Canadian $	0.75583	0.75169
US $	1.32304	1.33033
Euro Rate 1 Euro=		Inverse
Canadian $	1.50639	0.66384
US $	1.13858	0.87829

Commodities

Gold	Close	Previous
London Gold Fix	1223.00	1221.60
Oil
WTI Crude Future	54.43	53.33

Market Commentary:
On this day in 1792, the Insurance Company of North America debuted for trading, pricing its initial public offering at $10 a share. If you’d bought 100 shares that day, they’d have been worth more than $10.1 million by 1998.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks rebounded from two days of losses as major U.S. equity benchmarks also rose in light pre-Thanksgiving trading thanks to a rally in tech and energy shares.
     The S&P/TSX Composite Index rose 1.5 percent, its biggest one-day percentage gain since May 2016, with cannabis, materials and industrials stocks pacing gains. All 11 sectors rose on Wednesday.
     Justin Trudeau’s finance minister, Bill Morneau, earlier unveiled corporate tax breaks valued at C$14 billion ($10.5 billion) over six years in a fiscal update in Ottawa, the government’s biggest support for businesses since taking power.
Stocks
* Metro Inc. rose 3.1 percent after its chief executive said the company is positive about 2019 prospects, noting square footage in the grocer industry is moderate.
* Ascent Industries Corp. plunged 65 percent after Health Canada said in a letter that it intends to revoke the Canadian producer’s and dealer’s licenses issued to unit Agrima Botanicals. 
* Copper Mountain Mining Corp. rose 3.3 percent after Clarksons Platou initiated coverage with a buy recommendation.
Commodities
* Western Canada Select crude oil traded at a $35.90 discount to WTI
* Gold gained 0.4 percent to $1,225.90 an ounce
FX/Bonds
* The Canadian dollar gained 0.4 percent to C$1.3249 per U.S. dollar
* The Canada 10-year government bond yield gained 0.8 basis points to 2.353%
US
By Vildana Hajric
     (Bloomberg) — Stocks rose Wednesday as tech rallied and surging oil pushed energy shares higher. The dollar fell and Treasuries clawed back from an early retreat amid speculation the Federal Reserve may soften its stance on raising interest rates.
     Most major U.S. equity benchmarks were up in light pre-Thanksgiving trading, although they gave back some ground in the afternoon to finish near session lows, with the Dow Jones Industrial Average ending flat. The small-capitalization Russell 2000 Index climbed 1.3 percent to pace the gains, and the Nasdaq 100 Index wiped out nearly half of its decline from Tuesday. 
     Energy was the strongest group in the S&P 500 Index, as WTI crude rebounded from a one-year low to leap back above $54 a barrel. Apple Inc. surrendered an earlier gain to close down for a third straight day, bringing its loss this week to 8.6 percent.
     “The FANGs were doing all the heavy lifting for the indexes, and now that that’s come unwound somewhat,” said Craig Brothers, head of fixed income at Bel Air Investment Advisors. “Tech had an oversize effect on the rally and an oversize effect on the selloff because it’s such a big portion of the indexes.”
Here are some of the equity moves:
* Foot Locker Inc. jumped 15 percent, the most since May, after posting strong third-quarter earnings. 
* CBS Corp. rose amid speculation of a coming merger with Viacom Inc., which also saw its stock climb.
* Gap Inc. added almost 5 percent despite reporting weak earnings as investors appeared to finally buy the dip on a company that had lost almost 10 percent this month.
     The dollar weakened after MNI reported the Fed is considering ending a cycle of interest rate hikes as early as the spring. In addition, U.S. data showed that durable goods orders declined and filings for unemployment benefits rose.
     “The market is really trading on technicals, a lot of the tech names are very overvalued,” Rahul Shah, chief executive officer of Ideal Asset Management. “For a name like Apple, you could argue that some buyers are coming in at this level. But overall, today’s action might be an oversold bounce. I wouldn’t read it as a shift in the tenor of the market.”
     Banks and telecommunications companies led an advance in the Stoxx Europe 600 Index as optimism for a compromise on Italy’s budget buoyed stocks. The euro gained and Italian bonds firmed on reports the Italian government may be open to budget revisions as the European Union took a first step toward imposing fines on the country.
     Apple’s plunge Tuesday hit suppliers in Asia, sending the leading benchmark tracking Asia-Pacific stocks lower. Oil Investors are weighing industry data that showed U.S. crude inventories unexpectedly fell last week against doubts about OPEC’s plans to cut output.
     Investor sentiment remains susceptible to the volatility that’s rocked markets since October. Traders are having to contend with the Trump Administration’s trade war, as well as the president’s calls on the Federal Reserve to back off from raising rates as corporate credit spreads at two-year highs reflect investor angst about borrowing costs.
     “There are still concerns, particularly over China and the path of the Fed and that will likely continue,” said Jennifer Ellison, principal at San-Francisco based BOS, which manages $4.5 billion. “It’s part of the volatility we’re in.”
     Elsewhere, emerging-market shares climbed, and an index tracking developing-nation currencies reached the highest since August. Bitcoin advanced after a recent sell-off.
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
* The S&P 500 rose 0.3 percent to 2,649.93 and the Nasdaq 100 gained 0.8 percent.
* The Stoxx Europe 600 surged 1.3 percent.
* The MSCI All-Country World Index increased 0.4 percent.
* The MSCI Emerging Market Index climbed 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index slid 0.1 percent.
* The euro jumped 0.1 percent to $1.1384.
* The Japanese yen declined 0.3 percent to 113.07 per dollar.
* The British pound dipped 0.1 percent to $1.2776.
* The MSCI Emerging Markets Currency Index rose 0.1 percent to the highest since August.
Bonds
* The yield on 10-year Treasuries was little changed 3.0609 percent.
* Germany’s 10-year yield climbed three basis points to 0.376 percent.
* Britain’s 10-year yield added one basis point to 1.396 percent.
Commodities
* The Bloomberg Commodity Index increased 0.5 percent.
* West Texas Intermediate crude rose 2 percent to $54.48 a barrel, the largest gain in seven weeks.
* Gold climbed 0.3 percent to $1,225.56 an ounce.
–With assistance from Cecile Gutscher, Eddie van der Walt and Robert Brand.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Everything comes gradually at its appointed hour.
                                       -Ovid, 43 BC-17 AD

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:
1910~ Mexico Revolution Day.
On Nov. 20, 1945, 24 Nazi leaders went on trial before an international war crimes tribunal in Nuremberg, Germany. Go to article »

NUMBERS IN THE NEWS:
7,000
Estimated number of migrants from Central America at or near the Mexico-USA border.  Many say they are fleeing poverty and violence in their home countries.

69
Percentage of Americans who say they feel sympathy for immigrants who enter the US illegally.  75% of Republican voters say illegal immigration is a “very big” problem, versus 19% of Democratic voters.

640 Million
Value (in dollars) of luxury goods imported by North Korea from China in 2017, according to a South Korea report.  The trade is in defiance of United nations sanctions, and includes items such as sedans, liquor, watches, and TVs.

2,400
Age (in years) of a 75-foot-long ship found in the Black Sea, 1-1/2 miles down.  It is the oldest intact wreck ever found.  A similar ship is depicted on ancient Greek vases telling the story of Odysseus’ escape for the Sirens.

14
Years that crude oil has been flowing from a damaged well into the Gulf of Mexico.   The cumulative volume of the offshore oil spill – 300 to 700 barrels daily – will soon surpass that of BP’s 2010 disaster.

34.2
Length (in miles) of the Hong Kong-Zhuhai-Macau Bridge, the longest sea crossing in the world, which opened October 23^rd.  Part bridge, part tunnel, the new link is seen by some as Beijing’s bid for more control over autonomous territories such as Hong Kong.

PHOTOS OF THE DAY

A photographer has captured stunning aerial images of the Netherlands by shooting from a helicopter with its door removed. Jeffrey Milstein has gained international praise for his artistic, God’s eye views of urban areas. His latest series focuses on the green-tinged Dutch landscape of Amsterdam and Rotterdam. Credit: Jeffrey Milstein/Cover Images

A big wave surfer drops a wave during a tow-in surf session at Praia do Norte in Nazare, Portugal. Credit: Pedro Fiúza/Nurphoto/SIPA USA

Scotland wakes up to sub zero temperatures as Scandinavian winds bring temperatures to as low as -5. Views here across Loch Ness, Inverness. Credit: Euan Cherry/Wenn
Market Closes for November 20^th, 2018

Market Index	Close	Change
Dow Jones	24465.64	-551.80   -2.21%
S&P 500	2641.89	-48.84   -1.82%
NASDAQ	6908.824	-119.653   -1.70%
TSX	14877.00	-194.01
		-1.29%

International Markets

Market Index	Close	Change
NIKKEI	21583.12	-238.04
		-1.09%
HANG SENG	25840.34	-531.66
		-2.02%
SENSEX	35474.51	-300.37
		-0.84%
FTSE 100*	6947.92	-52.97
		-0.76%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.349		2.356
CND. 30 Year Bond		2.409		2.422
U.S.    10 Year Bond		3.0628		3.0628
U.S. 30 Year Bond		3.3155		3.3221

Currencies

BOC Close	Today	Previous
Canadian $	0.75169	0.75929
US $	1.33033	1.31702
Euro Rate 1 Euro=		Inverse
Canadian $	1.51249	0.66116
US $	1.13690	0.87958

Commodities

Gold	Close	Previous
London Gold Fix	1221.60	1211.85
Oil
WTI Crude Future	53.33	56.76

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks fell for a second day as their U.S. counterparts extended their slide amid a global sell- off in riskier assets led by technology shares. All major benchmarks in the U.S. were down more than 1.5 percent.
     The S&P/TSX Composite Index fell 1.3 percent, with transportation stocks leading the way. Canadian tech shares bucked the trend to rebound on Tuesday while the Nasdaq Composite index fell for a third session.
     The loonie fell against the dollar to trade around the lowest level since late June. CIBC Capital Markets wrote in a report that Canada’s heightened sensitivity to higher interest rates will prevent the central bank from raising borrowing costs much beyond current levels.
Stocks
* Bombardier Inc gained 4.4 percent after reports that the company is the front-runner to win a New Jersey Transit rail car contract.
* Metro Inc fell 0.7 percent ahead of 4Q results before the market open on Wednesday
* Flexible Solutions International Inc fell 2.6 percent despite being upgraded to buy at Greenridge Global
Commodities
* Western Canada Select crude oil traded at a $37 discount to WTI
* Gold fell 0.3 percent to $1,222.20 an ounce FX/Bonds
* The Canadian dollar fell nearly 1 percent to C$1.3302 per U.S. dollar
* The Canada 10-year government bond yield fell 0.7 basis points to 2.345%
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. stocks fell Tuesday as sinking oil prices hit energy companies, tech hardware continued to plunge with Apple Inc. leading the way, and retailers saw little joy from the coming Christmas shopping season. Treasuries advanced with the dollar and gold fell.
     All major benchmarks were down more than 1.5 percent. The S&P 500 Index briefly slid 10 percent below its September record close before clawing back just above the threshold. The Nasdaq Composite Index was almost 14 percent below the closing high it reached in August. And the Dow Jones Industrial Average shed more than 500 points, or 2.1 percent, as angst spread across global equity markets.
     “The fact that we haven’t seen a fast bounce or hard bounce, shows the market is exploring where prices should be,” Brad McMillan, chief investment officer for Commonwealth Financial Network. “But it’s hopefully a sign that we’re starting to find a bottom here.”
     Investors pointed to escalating trade tensions, signs of a looming slowdown in retail growth and cracks in the credit market as reasons for the decline. Tech hardware was the worst performing group in the S&P 500, followed by transportation and energy as oil slid to its lowest price in more than a year.           The Nasdaq 100 Index fell as much as 3 percent early in the session but retraced almost half the decline during the afternoon. “There’s clearly a concern about a global growth slowdown,” said Alec Young, managing director of global markets research at FTSE Russell. “Not so much in the U.S., but internationally driven. Trade has an impact on the tech supply chain, so it’s impacting the technology sector. The market wants more dovish Fed talk. The Fed has been giving guidance based on the U.S. economy, but in recent months the market has become more focused on the global growth slowdown, and we haven’t heard about that from the Fed.”
Here are some of the equity moves:
* Apple slumped again, down almost 5 percent, bringing its plunge from a recent high to around 24 percent.
* Target Corp. fell 11 percent after its sales forecast disappointed; Kohl’s Corp. and L Brands Inc. also sank on weak earnings.
* Union Pacific Corp. slid 6 percent, its third consecutive decline, while Norfolk Southern Corp. and CSX Corp. both were lower as well.
* Devon Energy Corp. sank more than 7 percent to the lowest since April 2016, and Marathon Oil Corp. lost over 6 percent.
     “There’s a lot of trade fears, a lot of mega-cap tech selling, and it’s one of those things that happens when there’s a correction,” said Dan Miller, director of equities at GW&K Investment. “I’ve seen this too many times before but there’s enough things out there that people are pointing to and it’s created a heavy level of fear.”
     WTI crude slipped below $54 for the first time since October 2017. In bond markets, the yield on 10-year Treasuries fell to the lowest level since September. A credit-default swap index of mostly high-yield issuers in Europe reached the highest in almost two years, signaling renewed nerves about the asset class.
     The sell-off in momentum stocks continued a slump that began last month, with the latest blow coming from renewed concern that demand for Apple’s iPhones has slowed. At the same time, the Trump administration is considering tighter curbs on technology exports, a step that Deutsche Bank AG says would have a “profound and long lasting adverse impact” on relations between the U.S. and China.
     And calls for dip-buying have turned into notes of caution. Goldman Sachs recommended investors hold more cash. Ray Dalio, head of Bridgewater Associates, the world’s largest hedge fund firm, said that investors should expect low returns for a long time after enjoying years of low interest rates from central- bank stimulus.
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
* The S&P 500 declined 1.8 percent to 2,641.89, while the Dow Jones Industrial Average fell 552 points, or 2.2 percent, to 24,465.64. 
* The Stoxx Europe 600 Index sank 1.1 percent, hitting the lowest since December 2016.
* The U.K.’s FTSE 100 Index retreated 1.3 percent.
* Germany’s DAX Index lost 1.6 percent, reaching the lowest in almost two years.
* The MSCI Emerging Market Index dropped 1.7 percent.
* The MSCI Asia Pacific Index slid 1.3 percent, the biggest decrease in two weeks.
Currencies
* The Bloomberg Dollar Spot Index gained 0.5 percent.
* The euro dropped 0.8 percent to $1.1367, the first retreat in more than a week.
* The British pound declined 0.6 percent to $1.2783.
* The Japanese yen fell 0.1 percent to 112.70 per dollar.
Bonds
* The yield on 10-year Treasuries declined one basis point to 3.0537 percent, the lowest since September
* Germany’s 10-year yield dipped two basis points to 0.35 percent.
* Britain’s 10-year yield advanced one basis point to 1.383 percent.
Commodities
* West Texas Intermediate crude slid 6.1 percent to $53.32 a barrel, the lowest since October 2017.
* Gold fell 0.2 percent to $1,221.95 an ounce.
–With assistance from Andreea Papuc and Todd White.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Money dignifies what is frivolous if unpaid for.
                       -Virginia Woolf, 1882-1912

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. 19, 1863, President Abraham Lincoln delivered the Gettysburg Address as he dedicated a national cemetery at the site of the Civil War battlefield in Pennsylvania. Go to article »
Puerto Rico Discovery Day
Meg Ryan, b. 1961
Jodie Foster, b. 1962

Gary and I  had an interesting time yesterday attending the One Day University in Vancouver.  The speakers were Professor Seth Lerer, a Distinguished Professor of Literature at the University of California at San Diego.   His lecture was entitled Four Books that Changed the World.
The second lecture was given by David Helfand who is a Professor of Astronomy at Columbia University.  His lecture was entitled What We Know About the Universe (and What We Don’t Know).
Both stimulating and fascinating topics.   Professor Sara Mednick was also scheduled to give a lecture but was unable to get out of California due to the fires.
One Day University takes place in many cities in North America by an array of distinguished professors from many universities who lecture on a myriad of varied and interesting topics.  You can see if there is anything that you’d be interested in attending in future by viewing their full schedules at www.onedayu.com.
PHOTOS OF THE DAY

A little owl marches across a rooftop in Worcestershire. Credit: Pete Walden/Caters News Agency

Paul Zizka surveys the gorgeous Scottish landscape at the Quiraing on the Isle of Skye. Credit: Paul Zizka/Caters News Agency

Families visit the beach as an exceptionally large Atlantic swell hits the Cornish coast at sunset, in Porthtowan, Cornwall. Credit: Mike Newman/Alamy Live News

Light art projects will illuminate buildings by artists from the Netherlands and abroad. The projects are all connected in a walking route through the city centre making Eindhoven an open-air museum in the night. Credit: Nicolas Economou/Nurphoto/SIPA USA
Market Closes for November 19^th, 2018

Market Index	Close	Change
Dow Jones	25017.44	-395.78   -1.56%
S&P 500	2690.73	-45.54   -1.66%
NASDAQ	7028.477	-219.396   -3.03%
TSX	15071.01	-84.49
		-0.56%

International Markets

Market Index	Close	Change
NIKKEI	21821.16	+140.82
		+0.65%
HANG SENG	26372.00	+188.47
		+0.72%
SENSEX	35774.88	+317.72
		+0.90%
FTSE 100*	7000.89	-7.03
		-0.10%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.356		2.364
CND. 30 Year Bond		2.422		2.420
U.S.    10 Year Bond		3.0628		3.0628
U.S. 30 Year Bond		3.3221		3.3180

Currencies

BOC Close	Today	Previous
Canadian $	0.75929	0.76072
US $	1.31702	1.31454
Euro Rate 1 Euro=		Inverse
Canadian $	1.50849	0.66291
US $	1.14538	0.87307

Commodities

Gold	Close	Previous
London Gold Fix	1222.40	1211.85
Oil
WTI Crude Future	56.76	56.46

Market Commentary:
$ ~ On this day in 1792, the Insurance Company of North America held its IPO at $10 a share in the same room where the Declaration of Independence was adopted 16 years earlier. More than 660 investors signed up for shares. If an investor had spent $1,000 to buy 100 shares on the first day, they would have been worth more than $10.1 million by 1998.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed their U.S. peers lower amid mounting pessimism about escalating trade tensions between the U.S. and China after remarks by Vice President Pence over the weekend. The biggest stocks in the technology and internet sectors saw some of the steepest declines Monday, as a darker outlook for growth pushed investors to further step back from the one-time trading favorites.
The S&P/TSX Composite Index fell 0.6 percent, breaking a three-day advance, with pot and tech shares leading losses. Telecom, energy and industrial stocks posted gains.
Stocks
* Bombardier Inc. rebounded 23 percent after a Citigroup analyst said Friday’s 20 percent drop was excessive because a regulatory review of the company’s executive stock-sale plan “appears routine.”
* Cameco Corp rose 2.7 percent after BofAML upgraded the stock to buy from underperform (PT C$20 from C$10.50) on an improving uranium sector outlook. 
* Enbridge Inc. rose 2.5 percent as Height Securities wrote that its Line 3 Replacement project should get a certificate of need from the Minnesota Public Utility Commission.
Commodities
* Western Canada Select crude oil traded at a $39.25 discount to WTI
* Gold gained 0.1 percent to $1,224.40 an ounce
FX/Bonds
* The Canadian dollar fell 0.2 percent to C$1.3179 per U.S. dollar
* The Canada 10-year government bond yield fell 0.6 basis points to 2.354%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — Weakness in some of the biggest technology companies sent U.S. stocks tumbling Monday as pessimism about escalating trade tensions between the Trump Administration and China added to concerns about potential new regulations coming for the industry. The dollar steadied and Treasuries crept higher for a fifth straight session.
     All major American benchmarks were down more than 1.5 percent. Software developers and semiconductor manufacturers were the worst performing groups in the S&P 500 Index. The Nasdaq 100 Index plunged more than 3 percent to the lowest since April on renewed concern that trade fights will tamp down global demand and disrupt supply chains for the major technology companies that have carried the bull market for almost 10 years.
     In addition, the biggest drop in homebuilder sentiment in more than four years hammered the housing sector. “The easiest way to stop the selloff would be for Trump and [Chinese President] Xi to reach some kind of agreement, even if it’s just no new tariffs and/or keeping the rate at 10 percent through Jan. 1,” said Max Gokhman, head of asset allocation for Pacific Life Fund Advisors. “The U.S. equity market is starting to price in the supply chain disruption, which is doubly painful because of stretched margins.”
Here are some of the key moves:
* Apple Inc. sank following reports that it had cut production orders for the three iPhone models it unveiled in September. 
* Facebook Inc. dropped as its public image remains under pressure. Snap Inc. and Twitter Inc. tumbled too as social media shares were broadly punished.
* Nvidia Corp.’s two-day plunge reached nearly 28 percent after its disappointing earnings, as chipmaker shares remained in a tailspin.
* Salesforce.com fell 9 percent, the most since February 2016. 
* The SPDR S&P Homebuilders ETF reversed an earlier gain to trade lower following the housing sentiment report.
     “You’re seeing weakness in semiconductors because of Nvidia’s weak earnings that were released last week,” said Ryan Nauman, market strategist at Informa Financial Intelligence. “Facebook is having some more issues with potentially covering up the Russia hack in the 2016 election. Apple, they’re getting downgraded based on demand. A lot of companies and analysts are concerned that the demand for the iPhone has decreased. The trade concern isn’t helping Apple much either with the supply chain.”
Investors are reassessing markets after several weeks of volatility spurred by fears of trade conflicts. The Asia-Pacific Economic Cooperation failed to agree on a joint statement for the first time in its history, and U.S. Vice President Mike Pence attacked China at a weekend summit, quashing optimism that relations would improve at Group-of-20 meetings starting next week. In addition, rising U.S. interest rates are pushing up financing costs and threatening global growth.
     “Any margin for safety with global growth rates is gone,” said Tim Courtney, chief investment officer of Exencial Wealth Advisors in Oklahoma City. “Now we’re going into a period of slow growth. We’re in no-man’s land — sitting, stuck in a slow growing, slow inflationary environment.”
     In Europe, the Stoxx 600 Index fell following a plunge in Renault SA on misconduct allegations against the carmaker’s leader, Carlos Ghosn. European bonds mostly edged lower. The pound fluctuated as U.K. Prime Minister Theresa May appealed to business leaders to help deliver her Brexit deal, and Gibraltar emerged as a fresh sticking point.
     Elsewhere, the Australian and New Zealand currencies slipped after Pence’s remarks. Bitcoin fell below $5,000 for the first time since October 2017. Crude closed in on $57 a barrel as energy stocks rebounded.
Coming Up:
* Bank of England Governor Mark Carney appears before parliament on Tuesday.
* 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
* The S&P 500 sank 1.7 percent to 2,690.73, while the Nasdaq 100 plunged 3.3 percent.
* The Stoxx Europe 600 Index dipped 0.3 percent.
* The U.K.’s FTSE 100 Index gained 0.1 percent.
* The MSCI All-Country World Index dropped 1 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro climbed 0.3 percent to $1.1451.
* The British pound added 0.1 percent to $1.285.
* The Japanese yen rose 0.3 percent to 112.54 per dollar.
Bonds
* The yield on 10-year Treasuries declined 1 basis point to 3.0537 percent.
* Britain’s 10-year yield decreased three basis point to 1.378 percent.
* Germany’s 10-year yield jumped one basis point to 0.373 percent.
Commodities
* The Bloomberg Commodity Index gained 1.1 percent.
* West Texas Intermediate crude climbed 0.5 percent to $56.76 a barrel.
* Natural gas rose 7 percent to $4.583 per mmbtu.
* Gold was little changed at $1,223.43.
–With assistance from Andreea Papuc and Todd White.

Have a great evening everyone.

Be magnificent!

As ever,

 

Carolann

 

I hadn’t been aware that here were doors closed to me until I started knocking on them.
  -Gertrude Belle Elion, 1918-1999

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!

1885 – Louis Riel hanged, led North West Rebellion, Manitoba.

1982 – Space Shuttle Columbia completes its 1st operational flight

Two new Netflix shows come out today. Michael Douglas ages grudgingly in “The Kominsky Method,” while “Narcos: Mexico” moves drug-war drama to a new locale. In theaters, Potter-mania is on with “Fantastic Beasts: The Crimes of Grindelwald,” and Viola Davis leads a group of fierce “Widows.” -from CNN
PHOTOS OF THE DAY

The original torch of the Statue of Liberty rests on a hydraulically stabilised transporter in New York. The torch, which was removed in 1984 and replaced by a replica, was being moved into what will become its permanent home at a new museum on Liberty Island. Credit: AP Photo/Richard Drew

A rider trains a horse before an exhibition at the Sicab 2018 International Horse fair in Sevilla, Spain. Credit: Cristina Quicler/AFP/Getty Images

An Indian camel herder walks with his camels at the Pushkar Camel Fair in Pushkar, in the western state of Rajasthan. Thousands of livestock traders from the region come to the traditional camel fair where livestock, mainly camels, are traded. The annual five day camel and livestock fair is one of the world’s largest camel fairs. Credit: Himanshu Sharma/AFP/Getty Images
Market Closes for November 16^th, 2018

Market Index	Close	Change
Dow Jones	25413.22	+123.95   +0.49%
S&P 500	2736.27	+6.07   +0.22%
NASDAQ	7247.871	-11.161   -0.15%
TSX	15155.50	+10.62
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	21680.34	-123.28
		-0.57%
HANG SENG	26183.53	+80.19
		+0.31%
SENSEX	35457.16	+196.62
		+0.56%
FTSE 100*	7013.88	-24.13
		-0.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.364		2.389
CND. 30 Year Bond		2.420		2.439
U.S.    10 Year Bond		3.0628		3.1103
U.S. 30 Year Bond		3.3180		3.3592

Currencies

BOC Close	Today	Previous
Canadian $	0.76072	0.75872
US $	1.31454	1.31801
Euro Rate 1 Euro=		Inverse
Canadian $	1.50108	0.66619
US $	1.14189	0.87574

Commodities

Gold	Close	Previous
London Gold Fix	1211.85	1203.25
Oil
WTI Crude Future	56.46	56.46

Market Commentary:
On this day in 1999, Jay Walker, the founder of priceline.com, bought 2.1 million shares of Priceline’s stock from Delta Air Lines, an early backer of Priceline, for $59.93 per share. Delta locked in a gain of more than $120 million on shares for which it paid less than $2 million. A year later, Walker sold those same shares for $8 million—losing $117 million by buying his own stock at the top and selling it at the bottom.
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks were mixed in early trading, with the S&P/Toronto Stock Exchange Composite Index little changed. Six out of 11 industry groups gained, with materials leading, while health care fell the most.
     The Canadian dollar strengthened for a second day against the greenback as oil prices recover amid increasing confidence that OPEC will cut production.
     Ontario is limiting pot producers’ retail exposure, issuing rules about store licenses that could throw several retail partnerships into disarray. A company is not eligible for a cannabis retail license if it’s more than 9.9 percent owned or controlled by one or more licensed producers, the province said in rules issued this week. The move could set back ambitions of several retailers, including Canopy Growth Corp.’s wholly owned Tokyo Smoke, and Alcanna Inc., which is 25 percent owned by Aurora Cannabis Inc.
Stocks
* Bombardier Inc. plunged 12 percent as its executive stock sale program is under review by Quebec’s financial markets regulator
* Baytex Energy Corp. rose 5.5 percent as Alberta Investment Management took a new position in the company in the third quarter
* TORC Oil & Gas rose 6.3 percent after confirming its monthly dividend for the month of November
Commodities
* Western Canada Select crude oil traded at a $43.00 discount to WTI
* Gold rose 0.6 percent to $1,222.30 an ounce
FX/Bonds
* The Canadian dollar rose 0.3 percent to C$1.31389 per U.S. dollar
* The Canada 10-year government bond yield fell 1.2 basis points to 2.373 percent
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks finished the day higher as trade hopes rose, but they couldn’t compensate for a rocky week in which the retail picture soured and technology shares languished. Treasuries advanced and the dollar retreated.
     Equity markets have reacted swiftly to trade-related headlines in recent days as investors look for any hint that the threat of more tariffs will be removed, and the S&P 500 Index surged Friday after U.S. President Donald Trump appeared to signal a willingness to reach a deal with China at this month’s G-20 summit. But those gains were tempered by flagging consumer and retail shares. Department-store chain Nordstrom Inc. declined on disappointing results, following letdowns from Macy’s Inc. and Dillard’s Inc. Technology stocks wavered as chipmaker Nvidia Inc. had its worst trading day in a decade after issuing a lower-than-expected fourth-quarter outlook.
     At the same time, California utilities PG&E Corp. and Edison International began to recover from steep losses brought on by the wildfires that swept the state. Energy firms also advanced as crude continued its rally after a record losing streak. All told, the S&P 500 fell 1.6 percent on the week.
     “There’s a lot of things that the market’s wondering about with Trump’s latest announcement on trade. It’s obviously an unsettled issue and something that will continue to drive the markets for a few weeks,” said Curtis Holden, senior investment officer at Tanglewood Total Wealth Management, who added:
“You’re seeing some anxiety, too, over Christmas spending, which is typical for this time of year.” Equity markets remain volatile as the slowing Chinese economy and uncertain outlook for earnings coincide with investors’ adjusting to the effects of tightening U.S. monetary policy. Political tensions in Europe — from the U.K. to Italy – – are also hitting sentiment. Sterling advanced as investors grappled with Britain’s political turmoil, while oil hovered around $57 a barrel in New York.
     Some of the pressure on the dollar and bond yields followed remarks by Federal Reserve Vice Chairman Richard Clarida, who said on Friday that policy is getting close to neutral and there
is some evidence of global slowing.
     The British pound managed to rebound after posting the biggest drop in more than two years Thursday as several ministers resigned. Prime Minister Theresa May is defying demands to quit as her detractors plot a vote of no confidence over disquiet with her proposed Brexit deal.
The Stoxx Europe 600 Index had its worst week in three. Asian shares were led lower by declines in Japan, even as those in China and Hong Kong climbed. Emerging market stocks and currencies edged higher. Gold climbed alongside nickel and aluminum.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.2 percent to the lowest in more than two weeks.
* The U.K. FTSE 100 Index decreased 0.3 percent.
* The MSCI Emerging Market Index increased 0.7 percent to the highest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index declined 0.6 percent to the lowest in over a week.
* The euro gained 0.8 percent to $1.1416, the strongest in more than a week.
* The British pound advanced 0.4 percent to $1.2827.
* The Japanese yen gained 0.7 percent to 112.81 per dollar, the biggest gain in four months.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 3.07 percent, the lowest in more than six weeks.
* Germany’s 10-year yield climbed one basis point to 0.37 percent.
* Britain’s 10-year yield gained four basis points to 1.412 percent.
Commodities
* West Texas Intermediate crude increased 0.6 percent to $56.80 a barrel.
* Gold increased 0.7 percent to $1,222.03 an ounce, the highest in more than a week.
* LME copper gained 0.3 percent to $6,205.00 a metric ton.
* The Bloomberg Commodity Index gained 1.3 percent.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

 

Don’t ever take a fence down until you know why it was put up.
                                            -Robert Frost, 1874-1963

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:
It’s official:

• Word of the year

Oxford Dictionaries has chosen “toxic” as its international word of the year, beating other candidates like “gaslighting,” “incel” and “techlash.” 

1943: Gypsies condemned by Himmler, over 500,000 killed.

On Nov. 15, 1969, a quarter of a million protesters staged a peaceful demonstration in Washington, D.C., against the Vietnam War.  Go to article »

PHOTOS OF THE DAY

Mt. Sakurajima spews out a massive column of smoke and ash in Kagoshima, Japan. The eruption occurred at around 12:45am at the mountain’s Minamidake summit vent. The is the first time that the active volcano southern Kyushu has spewed smoke of 4,000 meters or higher since an eruption on July 16th. It marked a third such eruption this year. Credit: The Asahi Shimbun Via Getty Images

French Shepherd Gaetan Meme, 24-years-old, herds a flock of sheep in the mountains near the Col Du Glandon, in the French Alps. – Gaetan Shepherds a flock of 1,300 sheep in the Alpine Pastures. Credit: Jeff Pachoud/AFP/Getty Images

The city of Kronberg lies in the fog as the sun rises in Kronberg, Germany. Credit: AP Photo/Michael Probst
Market Closes for November 15^th, 2018

Market Index	Close	Change
Dow Jones	25289.27	+208.77   +0.83%
S&P 500	2730.20	+28.62   +1.06%
NASDAQ	7259.031	+122.638   +1.72%
TSX	15144.88	+11.76
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	21803.62	-42.86
		-0.20%
HANG SENG	26803.62	-42.86
		-0.20%
SENSEX	35260.54	+118.55
		+0.34%
FTSE 100*	7038.01	-10.37
		-0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.389		2.434
CND. 30 Year Bond		2.439		2.469
U.S.    10 Year Bond		3.1103		3.1250
U.S. 30 Year Bond		3.3592		3.3667

Currencies

BOC Close	Today	Previous
Canadian $	0.75872	0.75531
US $	1.31801	1.32395
Euro Rate 1 Euro=		Inverse
Canadian $	1.49313	0.66973
US $	1.13294	0.88266

Commodities

Gold	Close	Previous
London Gold Fix	1203.25	1202.10
Oil
WTI Crude Future	56.46	56.25

Market Commentary:
On this day in 1971, the money-market mutual fund was born as the prospectus for the Reserve Fund, created by Bruce Bent and Henry Brown, became effective. Mutual funds were then able to compete directly with banks, offering daily income dividends, daily redemptions and a constant net asset value per share.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks edged higher as U.S. peers rebounded for the first time in six days, with technology shares pacing gains due to speculation trade tensions will ease. The S&P/TSX Composite Index rose 0.08%, with pot stocks and technology leading the way. Consumer discretionary and real estate were among the laggards.
     The loonie climbed against the dollar. Credit Agricole’s foreign-exchange strategist Eric Viloria wrote today that the Canadian dollar will keep gaining in the coming year amid ongoing policy normalization by the Bank of Canada and a constructive trajectory for trade relations with the U.S.
Stocks
* Detour Gold Corp. gained 0.8 percent after Paulson & Co. increased its stake in Detour Gold and called for the immediate resignation of CEO Michael Kenyon and Chairman Alex Morrison. 
* Computer Modelling Group Ltd. fell 10 percent after Echelon Wealth Partners analyst Amr Ezzat downgraded to hold from buy (PT C$8.50 from C$11), on a “challenging environment” going forward.
* Iamgold Corp. gained 7.4 percent after reporting in a filing that a work stoppage at Rosebel Gold Mine in Suriname has ended and normal operations will resume. 
Commodities
* Western Canada Select crude oil traded at a $43.00 discount to WTI
* Gold gained 0.3 percent to $1,213.60 an ounce
FX/Bonds
* The Canadian dollar gained 0.5 percent to C$1.3185 per U.S. dollar
* The Canada 10-year government bond yield fell 4.5 basis points
to 2.386%
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks rose for the first time in six days, with beaten-down technology shares leading the rebound on speculation trade tensions will ease. The pound plunged as Brexit again threw the U.K. government into turmoil. The dollar was little changed, while oil and Treasuries jumped. Trade-sensitive industrial shares led the S&P 500 Index higher in afternoon trading amid hope that China and the U.S. would de-escalate their trade spat before the G20 summit later this month, even as the threat of new tariffs looms. Technology, materials and energy stocks also reacted positively to the news, offsetting a decline in consumer stocks brought on by disappointing results from department stores.
     For all the worries assailing investors — Brexit, the trade dispute and Italian budget stress — they are at least receiving a steady message from the U.S. central bank. In a question-and-answer session late Wednesday, Federal Reserve Chairman Jerome Powell played down recent turbulence in equities, saying volatility was only one of many factors that board members take into account when setting policy. “Maybe if we can get progress in trade relations, that could be a boost,” Jason Browne, chief investment strategist at FundX Investment Group, said in an interview. “But the benefits are likely to get offset from expectations of continued hikes from the Fed. That’s part of the challenge right now.”
     Sterling tumbled after Brexit Secretary Dominic Raab announced his resignation, the highest-profile of several departures on Thursday. Brexit-backer Jacob Rees-Mogg later joined calls for a vote of no confidence in Prime Minster Theresa May. The events throw into doubt her ability to secure Parliament’s support for the exit plan — and even to survive as leader. As the Westminster resignations rolled in, gilts surged, but at a press conference late Thursday, the premier reiterated her commitment to the exit deal. FTSE 100 Index futures surged.
     Elsewhere, emerging-market shares rallied and their currencies strengthened. In Asia, Japanese stocks edged lower, while Hong Kong shares jumped after Tencent Holdings Ltd. earnings beat expectations. Chinese equities outperformed as reports indicated officials have outlined a series of potential concessions to the Trump administration. The Australian dollar climbed after a strong local jobs report.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.1 percent as of 4:01 p.m. New York time; the Nasdaq Composite Index added 1.7 percent.
* The Stoxx Europe 600 Index declined 1.1 percent to the lowest in more than two weeks.
* The U.K.’s FTSE 100 Index rose 0.1 percent in heavy volume.
* The MSCI Emerging Market Index gained 1.5 percent to the highest in a week.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.05 percent.
* The euro gained 0.2 percent to $1.1335.
* The British pound decreased 1.6 percent to $1.2783, the weakest in more than two weeks.
* The Japanese yen rose 0.1 percent to 113.56 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 3.11 percent, the lowest in more than two weeks.
* Germany’s 10-year yield decreased four basis points to 0.36 percent.
* Britain’s 10-year yield decreased 13 basis points to 1.373 percent, the lowest in more than 11 weeks.
Commodities
* West Texas Intermediate crude climbed 0.4 percent to $56.44 a barrel.
* Gold gained 0.2 percent to $1,213.67 an ounce.
* LME copper gained 1.5 percent to $6,184 a metric ton.
–With assistance from Christopher Anstey, Charlotte Ryan,
Andreea Papuc, Adam Haigh, Cecile Gutscher, Sheldon Reback, Samuel Potter and Yakob Peterseil.

Have a great evening. 

Be magnificent!

As ever,

 

Carolann

 

Man is able to do what he is unable to imagine.
                                  -Rene Char, 1907-1988

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

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

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

Dear Friends,

Tangents:
1666: first blood transfusion.
1948: Prince Charles, Prince of Wales, b.
1840: Claude Monet, b.

ICYMI (in today’s New York Times):

Would you order books, clothing and appliances from a company whose name accidentally evoked a mortuary? Or, deliberately, ruthless persistence? 

Ina Fassbender/DPA, via Agence France-Presse — Getty Images 

In 1994, Jeff Bezos considered many potential names before choosing Amazon, referencing one of the world’s longest rivers. Now, 24 years later, his bookseller has expanded into one of the world’s largest retailers, and it’s splitting its second headquarters between a Washington suburb and a New York neighborhood. 

Would it have been as successful had Mr. Bezos stuck with Cadabra? He liked the echo of magic — but people tended to hear it as “cadaver.” 

He hasn’t ever fully given up on Relentless.com, which still forwards to Amazon. (The company’s naming is recounted in “The Everything Store,” by Brad Stone, and was confirmed by Allison Flicker, an Amazon spokeswoman.) 

Worth noting: Amazon’s corporate arrival in New York City, confirmed this week, is something of a homecoming for Mr. Bezos, who was working at a New York hedge fund when the idea for Amazon was born. 

Andrea Kannapell wrote today’s Back Story, NY TIMES, November 14^th, 2018.

PHOTOS OF THE DAY

This is the dramatic moment a lightning storm struck five miles out to sea off to create a spectacular night sky. Photographer Jamie Russell took the snap which shows a menacing storm cloud being lit by the moon. In the foreground the lights of Isle of Wight coastal town of Sandown can be seen, just before it is hit by the squall. Credit: Islandvisions/BNPS

Aerial picture shows traffic on an elevated intersection in downtown Shanghai. Credit: Johannes Eisele/AFP/Getty Images

An aircraft passes the half moon over Frankfurt, Germany. Credit: AP Photo/Michael Probst
Market Closes for November 14^th, 2018

Market Index	Close	Change
Dow Jones	25080.50	-205.99   -0.81%
S&P 500	2701.58	-20.60   -0.76%
NASDAQ	7136.395	-64.480   -0.90%
TSX	15133.12	+1.34
		+0.01%

International Markets

Market Index	Close	Change
NIKKEI	21846.48	+35.96
		+0.16%
HANG SENG	25654.43	-138.44
		-0.54%
SENSEX	35141.99	-2.50
		-0.01%
FTSE 100*	7033.79	-19.17
		-0.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.434		2.456
CND. 30 Year Bond		2.469		2.491
U.S.    10 Year Bond		3.1250		3.1397
U.S. 30 Year Bond		3.3667		3.3592

Currencies

BOC Close	Today	Previous
Canadian $	0.75531	0.75554
US $	1.32395	1.32355
Euro Rate 1 Euro=		Inverse
Canadian $	1.49848	0.66734
US $	1.13179	0.88356

Commodities

Gold	Close	Previous
London Gold Fix	1202.10	1205.55
Oil
WTI Crude Future	56.25	55.69

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks bucked Wednesday’s global losing trend to close mainly flat thanks to a rally in gold miners and stellar results from luxury parka maker Canada Goose Holdings. U.S. peers, however, saw a fifth straight loss as investors remained on edge amid ongoing concerns over trade, political turmoil and economic growth.
     The S&P/TSX Composite Index closed up 0.01 percent, rising for the first time in five sessions. Gold miners rose as precious-metal prices got a boost from investors seeking shelter from Brexit turmoil. Meanwhile, pot stocks, real estate and industrials were the session’s laggards.
Stocks
* Tahoe Resources Inc. surged 49 percent after Pan American Silver agreed to buy the company for “base purchase price” of $1.07 billion. Analysts said Pan American’s offer is unlikely to see rival bid.
* CAE Inc. jumped 8.5 percent after a Macquarie analyst upgraded the maker of flight simulators, citing M&A, stronger organic outlook and valuation.
* Stelco Holdings Inc. surged 9.7 percent a day after reporting higher-than-expected profit and projecting stable prices.
Commodities
* Western Canada Select crude oil traded at a $40.50 discount to WTI
* Gold gained 0.9 percent to $1,212.0 an ounce FX/Bonds
* The Canadian dollar is little changed at C$1.3237 per U.S. dollar
* The Canada 10-year government bond yield fell 3 basis points to 2.423%
US
By Jeremy Herron and Vildana Hajric
     (Bloomberg) — U.S. stocks fell for a fifth straight day as investors remained on edge over trade, political turmoil and economic growth. Crude halted its longest losing streak on record. The S&P 500 Index slumped to the lowest in two weeks after a key Democrat raised questions about the revamped Nafta deal and selling in Apple Inc. rekindled worry that mega cap tech earnings have peaked. An afternoon respite from the selling sparked by U.K. Prime Minister Theresa May clinching a Brexit deal with her cabinet gave way to a tumble into the close.
     Goldman Sachs’s woes continued, with the bank down 13 percent in four days to the lowest since November 2016. Treasuries rose with gold as investors sought out havens ahead of comments from Federal Reserve Chairman Jerome Powell at 6 p.m. New York time. West Texas crude climbed above $56 a barrel after plunging for a record 12 straight days. Natural gas surged as unseasonably cold weather threatens the U.S. Northeast. Bitcoin tumbled to the lowest level of the year. PG&E Corp. plummeted as much as 32 percent after the company said it had exhausted its revolving credit lines to deal with wildfires.
     “There’s a lot of different factors that are weighing on risk assets,” said Mark Heppenstall, chief investment officer, Penn Mutual Asset Management. “From individual company concerns, to wildfires in California, to some very odd behavior in the price of oil and natural gas. The other thing is the Fed is probably going to be put to its real first test where the markets may begin to question how wise it is.”
     Comments from a key Democrat rekindled concern that the revamped Nafta deal won’t end tensions among North American partners at the same time that negotiations with China remain fraught. Trade has weighed on equity markets since the U.S. began slapping tariffs on goods as a key part of the agenda to revamp deals. Markets got a reprieve from the rout in crude, but questions remain about the sharp downturn in the tech sector and the future of interest rates. Brexit and Italian risks linger, and key reports on the crude market are also imminent.
Focus will turn this evening to Federal Reserve Chairman Jerome Powell, with some observers expecting him to calm worries about the central bank pushing its interest rate-hike cycle too far. That comes after the latest read on China’s economy, where retail sales missed estimates, though industrial production held up.
     In Europe, the Stoxx 600 was dragged down by sectors including mining and energy, though good news for autos helped offset the slide. The pound had weakened after inflation undershot estimates, but trimmed the drop as traders wait to see if Theresa May can persuade colleagues to back her Brexit deal. Italy’s 10-year bonds slipped after the government submitted a defiant budget to the European Commission on Tuesday.
Coming Up
* Powell discusses national and global economic issues with Dallas Fed President Robert Kaplan at an event hosted by the Dallas Fed. 
* Theresa May will ask her divided Cabinet ministers to back her Brexit deal or quit at a meeting on Wednesday.
* Policy decisions are coming from central banks in Mexico, Philippines, and Thailand.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.8 percent at 4:04 p.m. New York time. 
* The Nasdaq 100 lost 0.8 percent. The Russell 2000 slid 0.8 percent.
* The Stoxx Europe 600 Index lost 0.6 percent.
* The MSCI Asia Pacific Index dipped 0.2 percent to the lowest in two weeks.
* The MSCI Emerging Market Index advanced less than 0.1 percent, the first advance in a week.
Currencies
* The Bloomberg Dollar Spot Index was flat.
* The euro gained less than 0.1 percent to $1.1285.
* The British pound fell 0.5 percent to $1.291.
* The Japanese yen added 0.1 percent to 113.65 per dollar.
Bonds
* The yield on 10-year Treasuries slid three basis points to 3.11 percent.
* The two-year rate slipped three basis points to 2.85 percent.
* Germany’s 10-year yield fell less than one basis point to 0.41 percent.
* Britain’s 10-year yield dipped two basis points to 1.501 percent.
Commodities
* West Texas Intermediate crude jumped 1 percent to $56.26 a barrel, the first advance in almost three weeks and the largest surge in six weeks.
* Gold futures rose 0.8 percent to $1,211.40 an ounce.
* Natural gas futures surged 17 percent.
–With assistance from Sophie Caronello, Adam Haigh and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

You may have to fight a battle more than once to win it.
                                -Margaret Thatcher, 1925-2013

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. 13, 1956, the Supreme Court struck down laws calling for racial segregation on public buses.  Go to article »
PHOTOS OF THE DAY

Men dressed as demons take part in the traditional Correfoc (firewalk or street parade with fireworks) in Inca, Mallorca, Spain. Correfoc is a traditional festival of Catalonia and the Balearic Islands. People dressed as devils and “fire animals” mingle with the audience and dance to the music. Credit: DPA Picture Alliance/Alamy Live News

A sunbird gathers honey from a flower at the Fuzhou National Forest Park in Fuzhou, capital of southeast China’s Fujian Province. Credit: The Telegraph

The staircase of the Bristol Kempinski Hotel in Berlin’s Charlottenburg district. Credit: Paul Zinken/AFP/Getty Images
Market Closes for November 13^th, 2018

Market Index	Close	Change
Dow Jones	25286.49	-100.69   -0.40%
S&P 500	2722.18	-4.04   -0.15%
NASDAQ	7200.875	+0.006   —
TSX	15131.78	-24.62
		-0.16%

International Markets

Market Index	Close	Change
NIKKEI	21810.52	-459.36
		-2.06%
HANG SENG	25792.87	+159.69
		+0.62%
SENSEX	35144.49	+331.50
		+0.95%
FTSE 100*	7053.76	+0.68
		+0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.456		2.504
CND. 30 Year Bond		2.491		2.527
U.S.    10 Year Bond		3.1397		3.1856
U.S. 30 Year Bond		3.3592		3.3867

Currencies

BOC Close	Today	Previous
Canadian $	0.75554	0.75797
US $	1.32355	1.31931
Euro Rate 1 Euro=		Inverse
Canadian $	1.49400	0.66934
US $	1.12878	0.88591

Commodities

Gold	Close	Previous
London Gold Fix	1205.55	1224.15
Oil
WTI Crude Future	55.69	60.19

Market Commentary:
On this day in 1878, the first telephones were installed on the trading floor of the New York Stock Exchange, just over two years after Alexander Graham Bell invented the telephone.
U.S. crude for December delivery dropped more than 2% to $58.64 a barrel on Tuesday, after having lost 0.4% on Monday, which marked its 11th consecutive daily decline—the longest such streak on record, according to Dow Jones Market Data analysis going back to 1983.  (JSo happy we sold all our oil shares 4 years ago!)
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks extended declines for a fourth day on Tuesday, capping the longest losing streak in a month. U.S. peers also fell as a slump in oil prices dragged down energy companies. The S&P/TSX Composite Index fell 0.2 percent, with pot and energy shares the biggest laggards. Communications and technology companies led gains.
Stocks
* NuVista Energy Ltd. extended losses for a second day, falling 5.4 percent, after weaker-than-expected 3Q results on Monday; the stock was defended at Desjardins, with analyst Chris MacCulloch saying earnings “generally surprised to the upside,” and tempered 2019 growth signaled capital discipline.
* Vermilion Energy Inc. erased gains, slipping 0.3 percent, despite an upgrade to strong buy from outperform at Raymond James. “We rarely suggest valuation is a catalyst but this a real exception,” analyst Kurt Molnar said.
* Premium Brands Holdings Corp. plunged 17 percent after its 3Q adj. EPS and Ebitda missed the lowest estimates; with the EPS miss marking the 5th consecutive miss for the company.
Commodities
* Western Canada Select crude oil traded at a $40 discount to WTI
* Gold fell 0.1 percent to $1,202.20 an ounce
FX/Bonds
* The Canadian dollar is little changed at C$1.3240 per U.S. dollar
* The Canada 10-year government bond yield fell 4.5 basis points to 2.455%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks finished the session lower as a surge in optimism over trade talks with China was offset by a plunge in crude prices. The pound rallied on reports of advancement toward a Brexit deal.
     The S&P 500 ended Tuesday well off the day’s highs as West Texas crude hit a nine-month low, falling the most since 2011, after U.S. President Donald Trump criticized Saudi Arabia’s plan to cut output. The Dow Jones Industrial Average slid as Exxon Mobil and Chevron dropped. Treasuries climbed and the dollar fell from an 18-month high.
     Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the U.S. and China are talking on “all levels” of government. That followed an overnight report that China’s Vice Premier Liu He will pave the way for a meeting between the leaders of the two biggest economies later this month. Caterpillar, 3M and megacap technology shares that react to trade headlines paced those gains in major equity benchmarks.
     “What I think is going on in the market is a bit of a consolidation of the activity that took place yesterday. It’s a little bit of a repositioning of people’s portfolios,” said Steve Ricchiuto, chief U.S. economist at Mizuho Americas. “It’s reflected in very little price change and thin market behavior, a market where you’re seeing a rotation within asset classes.”
     Britain’s pound surged after three days of losses as the U.K. and the European Union agreed on a draft Brexit divorce deal. Trade worries and Brexit negotiations have hung over markets for months, clouding the economic outlook and helping compound an ongoing sell-off in equities. While comments from Chinese Premier Li Keqiang in Singapore Tuesday hinted at a more optimistic outlook, sentiment overall remains fragile as the Federal Reserve pursues its path of policy normalization and tech companies continue to slide.
     The Stoxx Europe 600 Index rose for the first time in three days, with telecom firms leading the way after Vodafone Group Plc’s results. The euro recovered from its weakest against the dollar since June 2017. Emerging market equities and currencies were steady.
Coming up this week:
* Tuesday marks the deadline set by the EU for Italy to revise its budget.
* Chinese industrial production and retail sales data due Wednesday.
* Fed Chairman Jerome Powell discusses national and global economic issues with Dallas Fed President Robert Kaplan at an event hosted by the Dallas Fed. * U.S. consumer inflation probably rebounded in October after easing in September. The consumer price index data is projected to show a 0.3 percent increase from the prior month.
* Policy decisions are coming from central banks in Mexico, Philippines, and Thailand.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent as of 4:04 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.7 percent.
* The U.K.’s FTSE Index rose less than 0.05 percent. 
* The MSCI Emerging Market Index fell less than 0.05 percent.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro gained 0.6 percent to $1.1283, the first advance in a week.
* The British pound gained 0.8 percent to $1.2956.
* The Japanese yen rose less than 0.05 percent to 113.79 per dollar.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 3.14 percent.
* Germany’s 10-year yield rose one basis point to 0.41 percent.
* Britain’s 10-year yield gained seven basis points to 1.521 percent.
Commodities
* West Texas Intermediate crude fell 7.8 percent to $55.23 a barrel, an 11-month low.
* LME copper rose 0.4 percent to $6,073.00 a metric ton.
* Gold climbed 0.1 percent to $1,201.93 an ounce.
* The Bloomberg Commodity Index fell 0.7 percent to an eight- week low.
–With assistance from Andreea Papuc, Luke Kawa and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Do what you can, with what you have, where you are.
                          -Theodore Roosevelt, 1858-1919

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!
On November 9 in…
1938: Kristallnacht, Germany.
1989: Berlin Wall opened ~ On Nov. 9, 1989, East Germany lifted restrictions on emigration or travel to the West, and within hours tens of thousands of East and West Berliners swarmed across the infamous Berlin Wall for a boisterous celebration.
Go to article »

ICYMI:
Recently, a visitor has been paddling around a lake in New York’s Central Park: a brightly colored duck. 

The duck, which quickly became a star on social media, is known as a yu?nyang (??) in China. In English, it’s a Mandarin duck. Why? 

A duck (or yu?nyang) in Taipei, Taiwan. Sam Yeh/Agence France-Presse — Getty Images 

The fowl’s vibrant plumage recalls the dress of government bureaucrats centuries ago, called mandarins in the West. The same connection applied to the dialect those officials used. Even mandarin oranges got the linguistic overlay.

But mandarin is not a Chinese word. Its etymology is disputed.

Some say that during the Qing dynasty, visiting Westerners heard people calling government officials of the ruling class “m?n dàrén” (???): Manchu for “big man” or “boss.”

Others say the term comes from “menteri,” Malay for “court councilor” or “minister,” and that the 16th-century Portuguese who used Malaysia as a steppingstone to China wrote it as “mandarin.”

The duck in Central Park has been solo, but in China, its cousins are believed to be lifelong couples. There is a saying: A pair of Mandarin ducks is more enviable than an immortal.

Amy Chang Chien wrote today’s back story.
-from The New York Times, November 9, 2018

PHOTOS OF THE DAY

A photovoltaic power station built under an inter-village poverty relief program in Huojiaping Village of Yihe Township, Suide County, northwest China’s Shaanxi Province. Located on the Loess Plateau, Suide County has abundant sunshine and idle lands which are ideal for the construction of photovoltaic power stations. Currently, local authorities are working with a provincial branch of electricity service provider State Grid on a 33-mega watt photovoltaic power station. Credit: Xinhua/Barcroft Images

Artist, Suzie Gutteridge pictured amongst her art installation entitled, ‘Binding the Past to the present though remembrance’. The installation on display at Salisbury Cathedral in Wiltshire commemorates the Frist World Was. Suzie held over 15 Community workshops to help create project. Over 5000 hand-felted poppies were stitched on to 100 puttees. Puttees were used by soldiers in World War I. They are a long strip of cloth that wound spirally round the leg from ankle to knee for protection and support. Suzie said, “The project has been an amazing and humbling experience”. Credit: Zachary Culpin/Solent News & Photo Agency

A Swedish art collective have claimed responsibility for a series of fairy houses that have popped up on the Isle of Man. Credit: Visit Isle of Man/Mikael Buck
Market Closes for November 9^th, 2018

Market Index	Close	Change
Dow Jones	25989.30	-201.92   -0.77%
S&P 500	2781.01	-25.82   -0.92%
NASDAQ	7406.902	-123.983   -1.65%
TSX	15274.44	-83.03
		-0.54%

International Markets

Market Index	Close	Change
NIKKEI	22250.25	-236.67
		-1.05%
HANG SENG	25601.92	-625.80
		-2.39%
SENSEX	35158.55	-79.13
		-0.22%
FTSE 100*	7105.34	-35.34
		-0.49%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.504		2.544
CND. 30 Year Bond		2.527		2.562
U.S.    10 Year Bond		3.1856		3.2373
U.S. 30 Year Bond		3.3867		3.4337

Currencies

BOC Close	Today	Previous
Canadian $	0.75797	0.76074
US $	1.31931	1.31450
Euro Rate 1 Euro=		Inverse
Canadian $	1.49585	0.66852
US $	1.13381	0.88198

Commodities

Gold	Close	Previous
London Gold Fix	1224.15	1229.95
Oil
WTI Crude Future	60.19	60.67

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks ended the week on a sour note and U.S. stocks also turned sharply lower Friday amid a fresh round of selling in technology shares sparked by weak earnings. Crude capped its longest losing streak on record.
     The S&P/TSX Composite Index fell 0.5%, with pot and tech shares pacing losses. Gold miners dropped as spot metal prices headed for the longest slump in 17 months. Utilities, consumer staples and industrials were among the sectors that posted gains.
Stocks
* TransCanada Corp fell 1.7 percent as its $8 billion Keystone XL pipeline may face another eight months of delay after a court ruling raised issues with a 4-year-old environmental review.
* STEP Energy Services Ltd extended losses, falling 14 percent, as competitive pressures in the sector are expected to intensify in 2019, according to TD Securities.
* Great-West Lifeco Inc fell 0.3 percent after a report that it’s seeking to sell its U.S. operation that specializes in annuities, executive benefits and life-insurance products, people with knowledge of the matter said.
Commodities
* Western Canada Select crude oil traded at a $42.25 discount to WTI
* Gold fell 1.3 percent to $1,209,70 an ounce FX/Bonds
* The Canadian dollar fell 1.2 percent at C$1.3202 per U.S. dollar
* The Canada 10-year government bond yield fell 3.9 basis points to 2.5%
US
By Brendan Walsh and Jeremy Herron
     (Bloomberg) — U.S. stocks fell amid a fresh round of selling in technology shares sparked by weak earnings, while crude capped its longest losing streak ever on concern over a supply glut. Large-cap tech names dragged the Nasdaq 100 to a loss of more than 1.5 percent and trimmed a weekly advance for the S&P 500. Chipmaker Skyworks plunged after results signaled a slowdown in smartphone demand. West Texas Intermediate crude capped a 10th straight loss, sending small-cap energy shares tumbling more than 2.5 percent. Walt Disney’s strong earnings minimized damage in the Dow Jones Industrial Average.
     Mexican stocks erased a second day of losses after the nation’s president-elect said he won’t change any banking laws. The peso turned higher. Europe’s main equity gauge dropped after disappointing forecasts from Richemont and Thyssenkrupp AG. Treasury yields edged lower after the Federal Reserve on Thursday reiterated its plan for “further gradual” rate increases.
     Investors have their eyes open to any signs the economic cycle is peaking. While lower oil prices seem mostly driven by a surge in supply, not a drop in demand, there are more worrisome signs coming out of China. Data there show softer producer-price gains, weak car sales and a disappointing outlook from a top online travel company, helping to reignite lingering concerns about the health of the world’s second-biggest economy.
     Asian financial shares performed particularly poorly following news that Beijing plans to set quotas for banks to pump credit into private companies. The offshore yuan held this week’s drop as there was little sign of an end to the U.S.-China trade war in the wake of the midterm elections.
     Elsewhere, the pound weakened amid ongoing speculation over a potential Brexit deal. Emerging-market stocks and currencies slid.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.9 percent as of 4 p.m. in New York. It rose 2.1 percent in the week for a second straight advance.
* The Nasdaq 100 Index lost 1.7 percent, while the Russell 2000 fell 1.6 percent.
* The Stoxx Europe 600 Index dipped 0.4 percent.
* The Nikkei-225 Stock Average declined 1.1 percent.
* The MSCI Emerging Market Index sank 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2 percent.
* The euro declined 0.3 percent to $1.1333.
* The Mexican peso rose 0.3 percent to 20.132 per dollar.
* The Japanese yen rose 0.2 percent to 113.82 per dollar.
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.19 percent.
* The two-year rate lost four basis points to 2.93 percent.
* Germany’s 10-year yield dipped five basis points to 0.41 percent.
* Italy’s 10-year yields was up one basis point to 3.40 percent.
Commodities
* West Texas Intermediate crude dipped 0.8 percent to settle at $60.19 a barrel. It is now lower for the year.
* Gold futures sank 1.3 percent to $1,209.50 an ounce, hitting the weakest in a month.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

 

Carolann

 

We live, not as we wish to, but as we can.
                    -Menander, c. 342-c.292

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

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

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

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

Brazilian Lucas Chumbo big waves surfer drops a wave during a surf session at Praia do Norte in Nazare, Portugal. CREDIT: Octavio Passos/Getty Images

After a voyage of more than 20,000 km, York Minster has taken delivery of a brand new concert grand piano in a project financed and led by Bresbode Pianos of Leeds. The piano will be on loan to the cathedral by kind permission of Bresbode’s for the next two years during the renovation of the Minister’s grand organ. CREDIT: Charlotte Graham

Russian honour guards march during the military parade at Red Square in Moscow, as Russia marks the 77th anniversary of the 1941 historical parade, when Red Army soldier marched past the Kremlin walls towards the front line to fight Nazi Germany troops during World War Two. CREDIT: Mladen Antonov/AFP/Getty Images 
Market Closes for November 8^th, 2018

Market Index	Close	Change
Dow Jones	26191.22	+10.92   +0.04%
S&P 500	2806.83	-7.06   -0.25%
NASDAQ	7530.887	-39.867   -0.53%
TSX	15357.47	-11.96   -0.08%

International Markets

Market Index	Close	Change
NIKKEI	22486.92	+401.12
		+1.82%
HANG SENG	26227.72	+80.03
		+0.31%
SENSEX	35237.68	+245.77
		+0.70%
FTSE 100*	7140.68	+23.40
		+0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.544	2.533
CND. 30 Year Bond	2.562	2.555
U.S.    10 Year Bond	3.2373	3.2355
U.S. 30 Year Bond	3.4337	3.4407

Currencies

BOC Close	Today	Previous
Canadian $	0.76074	0.76248
US $	1.31450	1.31151
Euro Rate 1 Euro=		Inverse
Canadian $	1.49394	0.66937
US $	1.13656	0.87985

Commodities

Gold	Close	Previous
London Gold Fix	1229.95	1231.60
Oil
WTI Crude Future	60.67	61.67

Market Commentary:
Canada
By Carolina Wilson
    (Bloomberg) — Canadian stocks closed lower on Thursday for the first time this week, as Wednesday’s rally for weed stocks took a quick turn, pushing shares of cannabis companies into the red.
    The S&P/TSX Composite Index fell less than 0.1 percent, with the health care and energy sectors adding the most downward pressure to the benchmark. Consumer discretionary and telecommunications stocks led gains.
     In energy, oil producers are pressing the government to consider how to revive Enbridge’s proposed Northern Gateway pipeline in a bid to add capacity, but there’s no sign that’s likely. Figures released from Canada’s statistics agency revised down its gross domestic product figures for the last three
years, largely reflecting an even bigger growth slowdown in 2015 and 2016.
Stocks
* Bombardier Inc. plunged 24 percent after making 5,000 job cuts, and selling its Turboprop and training units
* Trican Well Service dropped 14 percent after third-quarter revenue missed the average analyst estimate 
* Altus Group lost 13 percent one day after trading was halted
* Canadian Tire Corp. rose almost 11 percent after the retailer of everything from hockey sticks to hammers posted higher-than- expected profit and raised its dividend
Commodities
* Western Canada Select crude oil traded at a $43 discount to WTI
* Gold lost 0.4 percent to $1,224.30 an ounce
FX/Bonds
* The Canadian dollar fell 0.3 percent to C$1.31510 per U.S. dollar
* The Canada 10-year government bond yield dropped to 2.544%
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks fell from a one-month high as traders awaited the results of a Federal Reserve policy meeting in Washington. Benchmark Treasury yields dipped while the dollar strengthened.
     Tech shares underperformed after Jack Dorsey’s Square Inc. gave a disappointing earnings forecast and Roku Inc. reported slower growth. European stocks pared an earlier advance spurred by strong earnings from companies including AstraZeneca Plc, though they remained in the green after an upbeat day in Asia.
     Oil fell for a ninth straight session. While the resignation of Attorney General Jeff Sessions has threatened to prolong U.S. political uncertainty after Tuesday’s midterm elections, attention may now shift to the Fed meeting.
     Investors largely anticipate interest rates won’t change, so instead they’ll be focused on looking for any signals on the pace of policy tightening into 2019. “After you’ve seen a big move up yesterday, it’s not surprising that markets are somewhat flat,” said Wayne Wicker, the chief investment officer at Vantagepoint Funds. “Fundamentals seem to be solid. Now analysts will move past the midterm elections to focus on calibrating what future growth will be.”
     Meanwhile, Italian bond yields jumped after the European Union warned the nation’s budget deficit will move dangerously close to the bloc’s limit of 3 percent. U.S. filings for unemployment benefits held near an almost five-decade low, indicating a robust job market. China reported a surge in exports and imports for October, months before the next round of tariff hikes in the trade war with the U.S. is set to kick in. 
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of 1:32 p.m. in New York; the Nasdaq 100 sank 0.7 percent.
* The Stoxx Europe 600 Index increased 0.2 percent after gaining as much as 0.8 percent.
* The Nikkei-225 Stock Average rose 1.8 percent to a two-week high
* The MSCI Emerging Market Index slipped 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent.
* The euro fell 0.3 percent to $1.1394.
* The British pound declined 0.3 percent to $1.3087.
* The Japanese yen fell 0.4 percent to 113.92 per dollar, the weakest in almost five weeks.
Bonds
* The yield on 10-year Treasuries declined one basis point to 3.23 percent.
* Germany’s 10-year yield rose one basis point to 0.45 percent.
* The yield on Italy’s 10-year bonds jumped six basis points to 3.39 percent.
Commodities
* Gold fell 0.2 percent to $1,224.70 an ounce, its fifth consecutive decline.
* West Texas Intermediate crude fell 1.3 percent to $60.88 a barrel, the ninth consecutive decline.

Have a wonderful evening.  

Be magnificent!

As ever,

Dani

“I learned this, at least, by my experiment; that if one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” Henry David Thoreau

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

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

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

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

The Ministry of Fun Santa School checks out the view from The London Eye high over London in a private capsule. Credit:  Jeff Spicer/Getty

Race-goers wear figures of horse heads ahead of the running of the Melbourne Cup in Melbourne. Credit: Wiliam West/AFP

The Oxford Street Christmas lights shine after being switched on for the festive season, in London, Britain. Credit:  Henry Nicholls/Reuters
Market Closes for November 7^th, 2018

Market Index	Close	Change
Dow Jones	26180.30	+545.29   +2.13%
S&P 500	2813.89	+58.44   +2.12%
NASDAQ	7570.754	+194.790   +2.64%
TSX	15369.43	+76.72
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	22085.80	-61.95
		-0.28%
HANG SENG	26147.69	+26.73
		+0.10%
SENSEX	35237.68	+245.77
		+0.70%
FTSE 100*	7117.28	+76.60
		+1.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.533		2.533
CND. 30 Year Bond		2.555		2.559
U.S.    10 Year Bond		3.2355		3.2218
U.S. 30 Year Bond		3.4407		3.4389

Currencies

BOC Close	Today	Previous
Canadian $	0.76248	0.76204
US $	1.31151	1.31227
Euro Rate 1 Euro=		Inverse
Canadian $	1.49957	0.66686
US $	1.14339	0.87459

Commodities

Gold	Close	Previous
London Gold Fix	1231.60	1232.25
Oil
WTI Crude Future	61.67	62.21

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks climbed along with their U.S. peers as markets moved past the hurdle of uncertainty presented by the U.S. midterm elections. Pot stocks lifted Canadian equities higher after Michigan voted to legalize recreational marijuana and Missouri approved it for medical use.
     The S&P/TSX Composite Index rose 0.5 percent to the highest since Oct. 22, with pot stocks and technology shares pacing gains. Cannabis, already bolstered by wins in the midterm elections, got an added boost when anti-pot Attorney General Jeff Sessions, a major opponent of marijuana legalization, announced his resignation.
Stocks
* Bombardier Inc rose 2.9 percent after saying its flagship business jet, Global 7500 aircraft, has received Federal Aviation Administration certification 
* Saputo gained 1.3 percent after NBF analyst Vishal Shreedhar (sector perform, PT C$44) wrote in note that Parmalat’s plan to buy Kraft Heinz’s Canadian natural cheese business doesn’t have a major impact on Saputo near-term.
* Encana rose 0.4 percent after Steve Cohen’s Point72 Asset Management reported a 5% passive stake in the company.
Commodities
* Western Canada Select crude oil traded at a $43.50 discount to WTI
* Gold gained 0.1 percent to $1,227.50 an ounce FX/Bonds
* The Canadian dollar was little changed at C$1.3113 per U.S. dollar
* The Canada 10-year government bond yield fell 0.2 basis points to 2.528%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. equities jumped as investors moved past the hurdle of uncertainty presented by the midterm elections and embraced an outlook for Washington gridlock. Riskier assets were in favor after Democrats won control of the House of Representatives and Republicans held the Senate.
     The outcome dims chances that Donald Trump’s signature tax cuts will be reversed, but also makes less likely major fiscal initiatives that might have pushed up interest rates. The dollar slid and Treasuries climbed.
     Tech stocks, which absorbed the brunt of October’s sell-off, led gains as the Nasdaq 100 surged more than 3 percent. Amazon.com and Netflix were among the best performers. Health- care shares rallied as investors saw reduced risk for major changes to the health system, while marijuana stocks gained after Michigan voted to permit recreational use and Attorney General Jeff Sessions — a critic of legalization — resigned. A gauge of volatility expectations declined.
     “We’ve gotten the broad uncertainty out of the way,” said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors.
     The outcome largely matched polling going into the vote, and it’s likely investors will now refocus their attention on other issues. The biggest macro theme remains the trade war after recent warnings from major names including the IMF’s Christine Lagarde and former U.S. Treasury Secretary Hank Paulson. Meanwhile, the Federal Reserve is set to decide interest rates Thursday, and Theresa May is pushing on with efforts to agree a Brexit deal.
     Elsewhere, European stocks rallied and Asian shares were mixed. Shares of Spanish banks surged after they escaped paying billions of euros in back taxes. The euro rallied as data showed German industrial output picked up steam in September.
* The Fed’s next rate decision is Thursday. While policy makers are expected to leave borrowing costs unchanged, observers will be looking for any signals on how much more tightening remains.
* China trade data also come Thursday, with gauges of consumer and factory prices expected on Friday. 
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 2.1 percent as of the close of trading in New York; the Nasdaq Composite added 2.6 percent; the Dow Jones Industrial Average rose 2.1 percent.
* The Stoxx Europe 600 Index rose 1.1 percent.
* The MSCI Emerging Market Index rose 0.9 percent.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro climbed 0.1 percent to $1.144.
* The Japanese yen rose 0.1 percent to 113.52 per dollar.
* The British pound strengthened 0.3 percent to $1.3135.
Bonds
* The yield on 10-year Treasuries fell one basis point to 3.22 percent.
* Germany’s 10-year yield rose one basis point to 0.44 percent.
* Britain’s 10-year yield was little changed at 1.53 percent.
Commodities
* West Texas Intermediate crude fell 1 percent to $61.59 a barrel, its eighth consecutive decline.
* Copper rose 0.4 percent to $2.743 a pound.
* Gold slipped 0.2 percent to $1,225.37 an ounce.

Have a wonderful evening.  

Be magnificent!

As ever,

Karen

“A leader is one who knows the way, goes the way, and shows the way.” John C. Maxwell

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

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