Category: Events

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

The biggest firework display in the South East of England, Leeds Castle puts on a spectacular show. Credit: Tony Watson/Alamy News

The sun rises over the now empty vines and the misty downs. The excellent harvest has been completed and grapes that will make Ambriel sparkling wine, in the Redfold Vineyard. Pulborough, West Sussex, UK are now pressed and in tanks. Credit:  Guy Bell/Alamy News

A woman poses for a selfie at the “Never again” poppy installation at Koenigsplatz in Munich, southern Germany as Europe prepares to mark the Centenary of the ending of the First World War. Credit: Christof Stache/AFP/Getty Images
Market Closes for November 6^th, 2018

Market Index	Close	Change
Dow Jones	25635.01	+173.31   +0.68%
S&P 500	2755.45	+17.14   +0.63%
NASDAQ	7375.965	+47.114   +0.64%
TSX	15292.71	+75.01
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	22147.75	+248.76
		+1.14%
HANG SENG	26120.96	+186.57
		+0.72%
SENSEX	34991.91	+40.99
		+0.12%
FTSE 100*	7040.68	-63.16
		-0.89%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.533		2.517
CND. 30 Year Bond		2.559		2.549
U.S.    10 Year Bond		3.2218		3.2008
U.S. 30 Year Bond		3.4389		3.4282

Currencies

BOC Close	Today	Previous
Canadian $	0.76204	0.76293
US $	1.31227	1.31073
Euro Rate 1 Euro=		Inverse
Canadian $	1.49944	0.66692
US $	1.14262	0.87520

Commodities

Gold	Close	Previous
London Gold Fix	1232.25	1232.10
Oil
WTI Crude Future	62.21	63.10

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed U.S. peers higher for a second day, boosted by pot stocks and utilities. The increase comes as Americans go to the polls to vote in the midterm elections, with congressional races seen as a referendum on President Donald Trump’s policies.
     The S&P/TSX Composite Index rose 0.5%, also helped by energy. The telecom and industrial sectors were the only ones to post a decline.
Stocks
* Tahoe Resources now sees full-year gold production at the low end of the company’s forecast of 400k to 475k oz.
* Alaris Royalty Corp fell 6.9 percent after third-quarter results. Management commentary suggested “that certain investment partners are facing challenges,” CIBC analyst Scott Fromson writes.
* Thomson Reuters Corp rose 4.6 percent after a report that the company is looking to make “substantive” acquisitions to boost its legal and tax units after selling a majority stake in its financial terminal business.
* Katanga Mining Ltd fell 25 percent after reporting that its revenue in the coming quarters will be hurt by a temporarily suspension of cobalt sales at Kamoto Project in Democratic Republic of Congo.
Commodities
* Western Canada Select crude oil traded at a $42.25 discount to WTI
* Gold fell 0.4 percent to $1,227.70 an ounce FX/Bonds
* The Canadian dollar fell 0.1 percent at C$1.3128 per U.S. dollar
* The Canada 10-year government bond yield gained to 2.529%
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks climbed, with the biggest tech companies among the best performers, in relatively light volume as the U.S. midterm elections got underway. The Nasdaq was the best performing major U.S. gauge, with Apple, Amazon and Facebook leading the way. The Stoxx Europe 600 Index slid a second day. Oil traded near the lowest level in seven months as concerns over a supply crunch eased. Investors watched for developments on trade as China’s vice president said Beijing remained ready to discuss a deal with Washington.
     Government bonds in Europe and the U.S. were mixed, but mostly little changed. The euro recovered from disappointing manufacturing data to gain, while the pound strengthened despite no apparent progress on Brexit negotiations. The dollar fell for a second day.
     Caution prevailed in markets Tuesday, with few standout moves as investors braced for any fallout from the vote, particularly congressional races seen as a referendum on the policies of President Donald Trump. Democrats are expected to take control of the House of Representatives but fall short in the Senate. Meanwhile, investors have one eye on the U.K., where Theresa May is redoubling efforts to reach a Brexit deal.
     “All eyes are on the U.S. midterm elections today, which have resulted in a slight risk-friendly bias to markets, but a dearth of activity,” said Kit Juckes, a London-based global fixed-income strategist at Societe Generale SA. Expectations for policy gridlock are “the corner-stone of what feels like a consensual view that growth will slow,” he wrote in a note.
     Elsewhere, equities climbed in Japan, Australia, South Korea and Hong Kong, but underperformed in China. WTI oil fluctuated between small gains and losses.
Here are some key events coming up this week:
* On Tuesday, U.S. mid-term elections will determine whether Republicans keep control of Congress, and set the stage for Trump’s 2020 re-election bid
* Federal Reserve policy makers are expected to leave the main interest rate unchanged Thursday at their penultimate gathering of 2018
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4 percent as of 10:26 a.m. New York time; the Nasdaq Composite added 0.8 percent.
* The Stoxx Europe 600 Index dipped 0.2 percent.
* The MSCI Emerging Market Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro advanced 0.1 percent to $1.1417.
* The Japanese yen fell 0.1 percent to 113.28 per dollar.
* The British pound added 0.3 percent to $1.3079, the strongest in almost three weeks.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries was little changed at 3.2 percent.
* Germany’s 10-year yield was little changed at 0.43 percent.
* Britain’s 10-year yield rose three basis points to 1.53 percent.
Commodities
* West Texas Intermediate crude fell 0.3 percent to $62.90 a barrel.
* Copper rose 0.1 percent to $2.7595 a pound..
* Gold slipped 0.2 percent to $1,229.54 an ounce.

Have a wonderful evening.  

Be magnificent!

As ever,

Karen

“Challenges are what make life interesting and overcoming them is what makes life meaningful.” –Joshua J. Marine

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

Swans fly over a lake in Rongcheng, east China’s Shandong Province. Credit: Xinhua/Alamy Live News

Hot-air balloons rise up in the sky during early morning hours over the hills of scenic historical Cappadocia region, a UNESCO world heritage site, in Central Anatolia’s Nevsehir province, Turkey. Credit: Behcet Alkan/Anadolu Agency/Getty Images

Local villagers perform traditional dance for tourists at a chrysanthemum base in Yaogujiang Village, Majiang County, southwest China’s Guizhou Province. Credit: Xinhua/Barcroft Images
Market Closes for November 5^th, 2018

Market Index	Close	Change
Dow Jones	25461.70	+190.87   +0.76%
S&P 500	2378.31	+15.25   +0.56%
NASDAQ	7328.852	-28.142   -0.38%
TSX	15217.70	+98.42
		+0.65%

International Markets

Market Index	Close	Change
NIKKEI	21898.99	-344.67
		-1.55%
HANG SENG	25934.39	-551.96
		-2.08%
SENSEX	34950.92	-60.73
		-0.17%
FTSE 100*	7103.84	+9.72
		+0.14%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.517		2.534
CND. 30 Year Bond		2.549		2.571
U.S.    10 Year Bond		3.2008		3.2121
U.S. 30 Year Bond		3.4282		3.4540

Currencies

BOC Close	Today	Previous
Canadian $	0.76293	0.76261
US $	1.31073	1.31129
Euro Rate 1 Euro=		Inverse
Canadian $	1.49519	0.66881
US $	1.14073	0.87663

Commodities

Gold	Close	Previous
London Gold Fix	1232.10	1231.15
Oil
WTI Crude Future	63.10	63.14

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a fourth day in five as natural gas prices boosted energy stocks and cannabis shares rose ahead of the U.S. midterm elections. The S&P/TSX Composite Index added 98 points or 0.7 percent to 15,217.70, the highest in nearly two weeks. Health-care stocks led the gains, up 4.6 percent, as Canopy Growth Corp. rose 7.4 percent. Cannabis legalization is on the ballot in four states and the outcome of the midterms could determine the path for legalization south of the Canadian border.
     The energy sector added 2.2 percent as natural gas futures posted their biggest gain in two years. Advantage Oil & Gas Ltd. rose 12 percent and Birchcliff Energy Ltd. gained 8.3 percent. In other moves:
Stocks
* NexGen Energy Ltd. jumped 14 percent and Cameco Corp. added 8.5 percent after the U.S. Supreme Court supported a Virginia ban on uranium mining 
* Green Organic Dutchman Holdings Ltd. surged 37 percent, adding to Friday’s 21 percent gain. A post-IPO lockup on the company’s shares expired Friday
* Ensign Energy Services Inc. rose 7.1 percent, the most since March. The company’s third-quarter loss was narrower than estimated
Commodities
* Western Canada Select crude oil traded at a $42 discount to WTI
* Aeco natural gas traded at a 84 cent discount to Henry Hub, the narrowest gap in a month
* Gold fell 0.1 percent to $1,232.30 an ounce FX/Bonds
* The Canadian dollar was little changed at C$1.3109 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 2.52 percent
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks climbed, with Warren Buffett’s Berkshire Hathaway Inc. powering gains in the S&P 500 Index. Treasury yields edged lower. The U.S. conglomerate rose the most since July after the world’s most famous stock-picker revealed he’d been buying back his firm’s own shares. Investors were also hunting bargains after last month’s downtown and weighing the outlook for Tuesday’s midterm elections. Financial and energy shares climbed, while Apple slumped on a report it wouldn’t boost iPhone production. Facebook and Amazon also sank. Oil fell for a sixth straight day.
     Tech’s underperformance continued a trend seen in the past few weeks, with the S&P 500 Index down less than 6 percent since the end of August, compared with drop of almost 10 percent for the Nasdaq 100. For the full year, tech indexes are still faring better.
     Politics and central banks loom large in a busy week for global markets. U.S. congressional elections, seen as a referendum on the policies of President Donald Trump, take place Tuesday. Investors also are on alert for any trade developments after White House economic adviser Larry Kudlow last week downplayed the potential for a quick deal between the U.S. and China. Up ahead is the Federal Reserve policy meeting Thursday, when officials are expected to keep the benchmark rate unchanged but give clues for moves into 2019.
     “Early this week here, people are trying to resolve some of the uncertainty with this election,” said Jerry Braakman, the chief investment officer at Santa Ana, California-based First American Trust. “There’s not a great deal of value anywhere in the market, and that’s why were seeing increased volatility.”
     Elsewhere, crude climbed as sanctions on Iran oil snapped back into place Monday. The pound strengthened a third day in four on signs of further progress in Brexit negotiations. Emerging-market currencies and shares fell after stocks in Asia closed mostly lower. The Stoxx Europe 600 Index fell into the red in relatively thin trading.
Here are some key events coming up this week:
* On Tuesday, U.S. mid-term elections will determine whether Republicans keep control of Congress, and set the stage for Trump’s 2020 re-election bid
* Reserve Bank of Australia November policy decision Tuesday 
* Federal Reserve policy makers are expected to leave the main interest rate unchanged Thursday at their penultimate gathering of 2018
* Trump plans to meet Russian President Vladimir Putin on the sidelines of Armistice Day celebrations Nov. 11
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.6 percent as of 4 p.m. in New York; the Nasdaq Composite slumped 0.4 percent; the Dow Jones Industrial Average rose 0.8 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
* The MSCI Emerging Market Index declined 0.4 percent, the first retreat in a week.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro climbed 0.2 percent to $1.1409.
* The Japanese yen was little changed at 113.2 per dollar.
* The British pound jumped 0.6 percent to $1.3041.
* The MSCI Emerging Markets Currency Index sank 0.1 percent.
Bonds
* The yield on 10-year Treasuries fell one basis point to 3.2 percent.
* Germany’s 10-year yield was little changed at 0.42 percent.
* Britain’s 10-year yield rose one basis point to 1.5 percent, its sixth straight increase.
Commodities
* The Bloomberg Commodity Index rose 0.4 percent to the highest in a week.
* West Texas Intermediate crude fell 0.5 percent to $62.80 a barrel.
* Copper decreased 1.9 percent to $2.755 a pound.
* Gold slipped 0.2 percent to $1,231.04 an ounce.

Have a wonderful evening.  

Be magnificent!

As ever,

Karen

“If you cannot do great things, do small things in a great way.” –Napoleon Hill

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

Mount Fuji, the highest mountain in Japan, is seen from Fujikawaguchiko, Yamanashi prefecture, Japan. Credit: Behrouz Mehri/AFP

A swan stretches its wings at Loch Faskally, in Pitlochry, Scotland. Credit: Reuters/Russell Cheyne

Beautiful autumn colour and low cloud is reflected in Loweswater in Loweswater, United Kingdom. After the long summer, colder and more wintery weather has now settled in across the country. Credit: Tom White/Getty Images
Market Closes for November 2^nd, 2018

Market Index	Close	Change
Dow Jones	25270.83	-109.91   -0.43%
S&P 500	2723.06	-17.31   -0.63%
NASDAQ	7356.996	-77.061   -1.04%
TSX	15119.28	-30.87
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	22243.66	+556.01
		+2.56%
HANG SENG	26486.35	+1070.35
		+4.21%
SENSEX	35011.65	+579.68
		+1.68%
FTSE 100*	7094.12	-20.54
		-0.29%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.534		2.482
CND. 30 Year Bond		2.571		2.520
U.S.    10 Year Bond		3.2121		3.1322
U.S. 30 Year Bond		3.4540		3.3760

Currencies

BOC Close	Today	Previous
Canadian $	0.76261	0.76412
US $	1.31129	1.30869
Euro Rate 1 Euro=		Inverse
Canadian $	1.49324	0.66968
US $	1.13876	0.87814

Commodities

Gold	Close	Previous
London Gold Fix	1231.15	1214.95
Oil
WTI Crude Future	63.14	63.69

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower amid conflicting messages on trade from the White House but still managed to post their biggest weekly gain since May. The S&P/TSX Composite Index lost 0.2 percent to 15,119.28 Friday, reversing an earlier gain. The benchmark posted a weekly gain of 1.6 percent, the most in six months, as global stocks recovered somewhat from October’s rout.
     Energy stocks lost 1 percent Friday as crude prices retreated, with Encana Corp. falling 5.9 percent, adding to Thursday’s 12 percent decline. Investors were not pleased with the company’s $5.5 billion purchase of Newfield Exploration Co., a reversal in strategy for the oil and gas company.
In other moves:
Stocks
* Sleep Country Canada Holdings Inc. tumbled 13 percent, the most on record, after two analysts downgraded the stock following “tepid” earnings
* Interfor Corp. jumped 15 percent, the most since 2011. Other forestry stocks also gained as lumber prices climbed to a three- week high
* The Green Organic Dutchman Holdings Ltd. gained 21 percent as a post-IPO share lockup expired
Commodities
* Western Canada Select crude oil traded at a $44.10 discount to WTI
* Aeco natural gas traded at a $2.11 discount to Henry Hub * Gold fell 0.4 percent to $1,233.30 an ounce FX/Bonds * The Canadian dollar weakened 0.1 percent to C$1.3103 per U.S. dollar
* The Canada 10-year government bond yield rose 5 basis points to 2.53 percent
US
By Jeremy Herron, Sarah Ponczek and Vildana Hajric
     (Bloomberg) — Stocks fell as trade concerns held center stage and Apple’s poor forecast hit tech-heavy indexes. Treasuries declined after U.S. hiring rebounded more than forecast in October. The S&P 500 dropped for the first time in four days, although was still on track for its best week in six months. Indexes pared some of Friday’s loss after President Donald Trump said he thinks the U.S. will reach a trade deal with China, which appeared to counter earlier remarks by his adviser Larry Kudlow. Tech led the decline, with the Nasdaq 100 sliding nearly 2 percent as Apple retreated after underwhelming sales forecasts.
     The 10-year Treasury yield rose the most in a month to 3.20 percent and the dollar gained as investors speculated the Federal Reserve won’t be deterred from its rate-hike path after a jobs report showed annual wage gains passed 3 percent for the first time since 2009. West Texas crude fell below $63 a barrel. Crowded Trades and Hedge Funds: Bloomberg Reporters Talk Markets “Trade negotiations will continue to be front and center,” Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, said in an interview. “At the same time, the jobs numbers were quite robust. This will push the Fed to continue raising rates.”
     Doubts remain on the capacity of earnings to deliver. Apple’s disappointing forecast for the key holiday period suggested weaker-than-expected demand for the company’s pricier new iPhones. Next up is mid-term elections next week. Analysts also doubted the Trump administration’s ability to end the trade tensions any time soon.
     Talks between the U.S. and China may not be straightforward, with intellectual property theft still a stumbling block. A Chinese state-owned company was charged Thursday with conspiring to steal trade secrets from American chipmaker Micron Technology Inc. as the Justice Department steps up actions against the Asian nation in cases of suspected economic espionage.
     Elsewhere, the Stoxx Europe 600 Index headed for its best week in two years and equities from Hong Kong to Tokyo surged, taking gains on the MSCI Asia Pacific Index to 5 percent for the week. Emerging-market shares jumped the most since March 2016. The euro fell on reports that the ECB was considering new dovish measures.
     Meanwhile, WTI declined as fears over a supply disruption eased after the U.S. was said to agree on giving waivers to eight nations to continue importing Iranian crude. Bloomberg’s gauge of industrial metals extended a rebound from a 15-month low as copper, zinc and nickel led gains in other raw materials.
Here are the main moves in markets:
Stocks
* The S&P 500 fell 0.8 percent at 2:50 p.m. in New York.
* The Nasdaq 100 dropped 1.6 percent.
* The Stoxx Europe 600 Index advanced 0.3 percent. 
* The MSCI Emerging Market Index jumped 2.6 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent. 
* The euro fell 0.3 percent to $1.1379. 
* The British pound dropped 0.5 percent to $1.2953. 
* The Japanese yen dipped 0.5 percent to 113.25 per dollar.
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.19 percent. 
* Germany’s 10-year yield advanced four basis points to 0.44 percent. 
* Britain’s 10-year yield increased five basis points to 1.500 percent. 
* Japan’s 10-year yield climbed one basis point to 0.129 percent.
Commodities
* West Texas Intermediate crude dipped 1 percent to $63.08 a barrel.
* Gold fell 0.5 percent at $1,232.70 an ounce. 
* Copper increased 2.6 percent to $2.80 a pound.

Have a wonderful weekend.  

Be magnificent!

As ever,

Karen

“Determine that the thing can and shall be done, and then we shall find the way.” –Abraham Lincoln

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. 1, 1952, the United States exploded the first hydrogen bomb, in a test at Eniwetok in the Marshall Islands.  Go to article »
PHOTOS OF THE DAY

A frosty and misty start to the day over the Cambridgeshire Fens near Ely. Credit Geoff Robinson

Sun rays fall through trees in the Taunus region near Frankfurt, Germany. Credit: Michael Probst/AP

A visitor takes photographs at a Furoshiki exhibition in a giant Furoshiki Japanese architect and art director Tsuyoshi Tane in Paris, France. Credit: Alain Jocard/AFP/Getty Images
Market Closes for November 1^st, 2018

Market Index	Close	Change
Dow Jones	25380.74	+264.98   +1.06%
S&P 500	2740.37	+28.63   +1.06%
NASDAQ	7434.059	+128.160   +1.75%
TSX	15150.15	+122.87
		+0.82%

International Markets

Market Index	Close	Change
NIKKEI	21687.65	-232.81
		-1.06%
HANG SENG	25416.00	+436.31
		+1.75%
SENSEX	34431.97	-10.08
		-0.03%
FTSE 100*	7114.66	-13.44
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.482		2.492
CND. 30 Year Bond		2.520		2.529
U.S.    10 Year Bond		3.1322		3.1492
U.S. 30 Year Bond		3.3760		3.3953

Currencies

BOC Close	Today	Previous
Canadian $	0.76412	0.75991
US $	1.30869	1.31594
Euro Rate 1 Euro=		Inverse
Canadian $	1.49286	0.66985
US $	1.14104	0.87639

Commodities

Gold	Close	Previous
London Gold Fix	1214.95	1225.40
Oil
WTI Crude Future	63.69	65.31

Market Commentary:
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks opened mixed Thursday, with the S&P/Toronto Stock Exchange Composite Index rising about 0.5 percent. U.S. stocks faded following a two-day rally, with investors assessing the latest economic data and earnings before Apple reports after the close. Materials and energy led gains, while health care and info tech stocks fell.
     The Canadian dollar is starting November stronger against a weak U.S. dollar; against the rest of the G-10, the loonie is only up versus the greenback and the yen.
     TransCanada Corp. said it’s moving forward with a C$1.5 billion ($1.1 billion) expansion of its NOVA Gas Transmission Ltd. system. The project will offer Western Canadian natural gas producers some much needed relief from a pipeline bottleneck that sent local prices close to zero earlier this year. Demand for gas in Alberta is growing in the power generation, oil sands, petrochemical, industrial and utilities sectors.
Stocks
* Encana Corp. plunges 16 percent following an announcement it’s acquiring Newfield Exploration Inc. for $5.5 billion
* Hudbay Minerals rises 8.5 percent as sales beat consensus 
* Turquoise Hill Resources rises 8.1 percent ahead of its third- quarter earnings report after market close today
* Canadian Natural Resources rises 7.5 percent after cutting its oil production forecast for the full year
Commodities
* Western Canada Select crude oil traded at a $43 discount to WTI
* Gold gained 1.3 percent to $1,230.60 an ounce FX/Bonds
* The Canadian dollar was little changed at C$1.30787 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.508%
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose for a third day, continuing a torrid rebound from the October sell-off as investors greeted the latest batch of earnings optimistically amid signs of easing trade tension. The dollar sank, and oil tumbled.
     The risk-on mood that’s suddenly gripped American equity markets sent the S&P 500 to its best three-day advance in two years. Earnings that for weeks had done little to jolt shares higher contributed to Thursday’s gain, with DowDuPont rallying the most since 2015 and NXP Semiconductors leading a rally in chipmakers. Homebuilders that got trounced in October rallied, while utility stocks that had been in favor slumped.
     In after-hours earnings moves, Apple fell 3.4 percent after iPhone sales missed, while Starbucks jumped on its results. Caesars Entertainment rose and U.S. Steel retreated. Equities also got a lift from a President Donald Trump tweet claiming progress in trade negotiations with China. The dollar extended its sell-off to the most since March after it ended October at the highest in more than a year. The 10-year Treasury yield slipped after data on manufacturing missed estimates ahead of Friday’s jobs report. Emerging-market assets surged. Brazil’s Ibovespa stock index closed at a record high on optimism over the newly elected government. Investors welcome any reason to be positive after a tumultuous October, the worst month for global shares since May 2012. While risks abound from the likes of European politics and slowing Chinese growth, bulls are hoping some of the momentum garnered at the end of last month from firm U.S. economic data can be sustained. The focus turns to Apple Thursday, then to the monthly U.S. jobs report Friday.
     In Europe, the Stoxx 600 Index advanced with telecoms and travel companies leading the way. While strong results from the likes of ING Groep NV helped buoy sentiment, not all the news was positive, with Royal Dutch Shell Plc declining after profit fell short of expectations.
Here are some key events still to come this week:
* Earnings season includes: Macquarie, Alibaba, Exxon Mobil
* On Friday, the final U.S. jobs report before the November midterm elections may show hiring improved and that the unemployment rate held at a 48-year low.
And these are the main moves in markets:
Stocks
* The S&P 500 Index increased 1 percent as of 4 p.m. New York time, capping a three-day surge of 3.75 percent.
* The Nasdaq 100 rose 1.5 percent, pushing its three-day rally past 5 percent.
* The Dow Jones Industrial Average climbed 1.1 percent and small caps jumped 2.2 percent.
* The Stoxx Europe 600 Index gained 0.4 percent to the highest in more than two weeks.
* The MSCI All-Country World Index climbed 1.1 percent.
* The MSCI Emerging Market Index rose 2 percent.
Currencies
* The Bloomberg Dollar Spot Index sank 0.8 percent, the steepest slide since March.
* The euro jumped 0.9 percent to $1.14, the biggest increase in six weeks.
* The Japanese yen increased 0.2 percent to 112.689 per dollar.
* The MSCI Emerging Markets Currency Index jumped 0.9.
* The offshore yuan gained 0.9 percent to 6.91 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 3.14 percent.
* The two-year yield fell two basis points to 2.8465 percent
* Germany’s 10-year yield increased one basis point to 0.399 percent.
* Britain’s 10-year yield gained two basis points to 1.455 percent.
Commodities
* The Bloomberg Commodity Index gained 0.5 percent, the biggest climb in more than two weeks.
* West Texas Intermediate crude decreased 2.8 percent to $63.50 a barrel.
* Gold climbed 1.7 percent to $1,235.4 an ounce.
–With assistance from Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

I am not afraid of storms for I am learning how to sail my ship.
                                          -Louisa May Alcott, 1832-1888

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

Clouds reflecting in the calm water at Newlyn harbour in Cornwall. Credit: Simon Maycock/Alamy Live News

Swans are pictured ahead of the Turkish Airlines Open at the Regnum Carya Golf & Spa Resort in Antalya, Turkey. Credit: Warren Little/Getty Images

A surfing Prairie Falcon appears to be walking on the wings of a Great Horned Owl in an attempt to ambush it. Credit: Rob Palmer/Caters News Agency
Market Closes for October 31^st, 2018

Market Index	Close	Change
Dow Jones	25115.76	+241.12   +0.97%
S&P 500	2711.71	+29.08   +1.08%
NASDAQ	7305.898	+144.248   +2.01%
TSX	15028.55	+134.05
		+0.90%

International Markets

Market Index	Close	Change
NIKKEI	21920.46	+463.17
		+2.16%
HANG SENG	24979.69	+394.16
		+1.63%
SENSEX	34442.05	+550.92
		+1.63%
FTSE 100*	7128.10	+92.25
		+1.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.492		2.443
CND. 30 Year Bond		2.529		2.485
U.S.    10 Year Bond		3.1492		3.1114
U.S. 30 Year Bond		3.3953		3.3558

Currencies

BOC Close	Today	Previous
Canadian $	0.75991	0.76272
US $	1.31594	1.31110
Euro Rate 1 Euro=		Inverse
Canadian $	1.48891	0.67163
US $	1.13144	0.88383

Commodities

Gold	Close	Previous
London Gold Fix	1225.40	1230.80
Oil
WTI Crude Future	65.31	66.18

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks rose alongside their U.S. peers as megacap tech shares that bore the brunt of October’s rout paced the Wednesday rebound. The rally trimmed some of the S&P/TSX Composite index’s losses this month but the benchmark still ended October lower by 6.5%, its worst monthly performance since 2011.
     The S&P/TSX Composite Index rose 0.9 percent on Wednesday, with health care and technology shares leading gains. Telecom shares fell.
Stocks
* Precision Drilling Corp. and Trinidad Drilling Ltd rose 0.3 percent and 0.6 percent, respectively, after the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Act with respect to the companies’ pending deal.
* Methanex Corp rose 0.4 percent after Scotia Capital analyst Benoit Laprade upgraded shares to sector outperform from sector perform.
* Blackbird Energy Inc. was halted after reporting a merger with Pipestone Oil; Haywood analyst Christopher Jones saw potential for selling pressure once BBI CN shares resume given what Haywood believes to be an investor base that has held the name in hopes of a premium takeout scenario.
Commodities
* Western Canada Select crude oil traded at a $43.00 discount to
WTI
* Gold fell 0.6 percent to $1,217.00 an ounce
FX/Bonds
* The Canadian dollar fell 0.3 percent at C$1.3157 per U.S. dollar
* The Canada 10-year government bond yield gained 4.2 basis points to 2.490%
US
By Jeremy Herron and Vildana Hajric
     (Bloomberg) — U.S. stocks rallied for a second day to close out one of the worst months of the bull market on an upbeat note. The dollar added to a 16-month high and Treasury yields jumped. The S&P 500 Index capped its biggest two-day surge since February, paring its biggest monthly decline since 2011 to 7 percent. The Nasdaq 100 Index jumped 2.3 percent, but still fell the most in any month during the bull market. Megacap tech shares that bore the brunt of October’s rout paced the Wednesday rebound, with Netflix and EBay surging more than 5 percent. The FANG cohort rallied after Facebook’s earnings topped expectations.
     Private payrolls data calmed nerves about the strength of the economy, lifting the dollar. Treasuries fell after the government said it will raise the amount of long-term debt it sells this quarter. “People have been skittish over the last month and it’s been pretty volatile, it’s unnerved a lot of folks,” Mike Loewengart, vice president of investment strategy at E*Trade Financial, said in an interview. “When we see a reading today such as ADP, it further illustrates that fundamentals remain sound.” Equity bulls will be hoping this rebound can last following a series of bounces in the past few weeks that quickly gave way to declines as some $8 trillion was wiped off stock markets globally. The MSCI All-Country World Index has dropped almost 8 percent in October, the worst monthly performance since May 2012.
     In Europe, miners and energy companies led the way as almost every sector on the Stoxx Europe 600 Index climbed. Italian bonds bucked a decline as the risk-on mood sent core European debt lower. The euro drifted down as inflation accelerated in October and underlying price pressures increased, handing policy makers a headache after growth data disappointed.
     The pound rebounded after Tuesday’s slump. Corporate results may be key to sustaining the share gains: attention will next turn to earnings from Apple Inc. after the close on Thursday. But there are risks in the background, from the American midterm elections to trade talks with China. 
     Meanwhile, the U.S. jobs report is due Friday — private data surprised to the upside on Wednesday. In Asia, Japanese stocks were the stand-out performers as indexes rose across the board. China’s overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback. The yen edged lower after the Bank of Japan left its monetary stimulus unchanged and kept its 10-year bond yield target at about zero percent.
     Elsewhere, gold fell and oil edged up from a two-month low. In emerging markets, the Indian rupee pared a drop after the finance ministry moved to diffuse growing tensions with the central bank. Developing-nation stocks jumped as currencies edged lower.
Here are some key events coming up this week:
* This week’s earnings season highlights include: Macquarie, Apple, Alibaba, Credit Suisse, Exxon Mobil, and Shell.
* A monetary policy decision is due in the U.K.
* On Friday, the final U.S. jobs report before the November midterm elections may show hiring improved and that the unemployment rate held at a 48-year low.
And these are the main moves in markets:
Stocks
* The S&P 500 Index advanced 1.1 percent as of 4 p.m. New York time.
* The Nasdaq 100 rose 2.3 percent, and the Nasdaq composite added 2 percent.
* The Stoxx Europe 600 Index surged 1.7 percent to the highest in almost two weeks on the biggest jump in seven months.
* The MSCI Asia Pacific Index surged 2 percent to the highest in a week on the largest jump in almost eight months.
* The MSCI Emerging Market Index gained 1.6 percent to the highest in a week on the biggest rise in almost three weeks.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2 percent to the highest in more than 17 months.
* The euro fell 0.2 percent to $1.1322.
* The British pound advanced 0.4 percent to $1.2761.
* The Japanese yen decreased 0.1 percent to 112.93 per dollar, the weakest in almost four weeks.
Bonds
* The yield on 10-year Treasuries increased two basis points to 3.14 percent. The rate at the end of September was 3.06 percent.
* The two-year yield added two basis points to 2.87. It rose from 2.82 percent last month.
* Germany’s 10-year yield advanced two basis points to 0.39 percent. The rate has fallen 9 basis points in October.
Commodities
* West Texas Intermediate crude advanced 0.3 percent to $66.39 a barrel. Oil’s down 9 percent in the month, the most since July 2016.
* Gold futures decreased 0.7 percent to $1,216.90 an ounce. It’s up 1.7 percent in the month.

Have a wonderful evening. 

Be magnificent!

As ever,

Karen

“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.” Pele

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 Scillonian passenger ferry passes through a rainbow in Mounts Bay, Mousehole, Cornwall, UK. Credit:  Simon Maycock/Alamy Lives News

East Village Annual Halloween Dog Parade In New York Original description: Dogs dressed in costume compete at the East Village annual Halloween dog parade at the East River Park Amphitheatre in New York City. Credit: UPI/Barcroft Images

A woodpecker made by Chilean artist Mauricio Garcia and winner of the public art contest “IdeasTorreEntel” is seen in Santiago as part of the “Hecho en Casa” (Made at Home) art installation. Credit: Martin Bernetti/AFP
Market Closes for October 30^th, 2018

Market Index	Close	Change
Dow Jones	24874.64	+431.72   +1.77%
S&P 500	2685.36	+44.11   +1.67%
NASDAQ	7161.648	+111.356   +1.58%
TSX	14897.01	+175.26
		+1.19%

International Markets

Market Index	Close	Change
NIKKEI	21457.29	+307.49
		+1.45%
HANG SENG	24585.53	-226.51
		-0.91%
SENSEX	33891.13	-176.27
		-0.52%
FTSE 100*	7035.85	+9.53
		+0.14%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.443		2.392
CND. 30 Year Bond		2.485		2.432
U.S.    10 Year Bond		3.1114		3.0868
U.S. 30 Year Bond		3.3558		3.3349

Currencies

BOC Close	Today	Previous
Canadian $	0.76272	0.76151
US $	1.31110	1.31319
Euro Rate 1 Euro=		Inverse
Canadian $	1.48731	0.67235
US $	1.13440	0.88153

Commodities

Gold	Close	Previous
London Gold Fix	1230.80	1233.85
Oil
WTI Crude Future	66.18	67.04

Market Commentary:
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks opened Tuesday trading mostly higher, with about two-thirds of issues rising in the S&P/Toronto Stock Exchange Composite Index. U.S. stocks also gained, led by real estate and consumer staples, after 7 declines in 8 days. The S&P/TSX Composite rose about 0.5 percent, led by health care and industrials. Only energy and utilities weakened.
     The Canadian dollar held its ground against the greenback Tuesday following 3 days of declines ahead of planned parliamentary testimony by Bank of Canada Governor Stephen Poloz. The loonie trailed other commodity-related currencies such as the Australian and New Zealand dollars as oil dipped, but outperformed most G-10 peers.
     Pot stocks accounted for more than a third of the 11 percent decline in the S&P/TSX Venture Composite Index so far this quarter, with cannabis companies making up 10 of the 15 biggest contributors to the benchmark’s downside through Oct. 29. This has exacerbated a longer-term slump in the commodity- heavy, small-cap index that has seen it lose about 80 percent from its 2007 high amid weakness in Canadian crude and metals prices.
Stocks
* Guyana Goldfields Inc. plunged about 53 percent, with trading halted two minutes into trading 
* Aphria Inc. was up 8.8 percent after announcing approval of common shares for listing on the New York Stock Exchange and the start of trading Nov. 2
* Manulife Financial Corp. jumped 5.8 percent, saying it was “confident it would prevail” in suit related to Mosten
* Waste Connections Inc. dropped 4.9 percent after third-quarter revenue met analyst estimates 
Commodities
* Western Canada Select crude oil traded at a $42 discount to WTI
* Gold gained 1.4 percent to $1,226.5 an ounce FX/Bonds
* The Canadian dollar was little changed at C$1.31285 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.412%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks ended a tumultuous day sharply higher, with all major averages rising at least 1.4 percent as volatility continues to grip equity markets during earnings season. Treasuries fell and the dollar rose.
     The S&P 500 Index twice erased gains that topped 1 percent before finally securing a rebound in the final hour of trading. All 11 main groups rose, with consumer and commodity shares pacing gains. The average flirted with a correction earlier Tuesday and is still down more than 8 percent in October, on track for its worst month of the bull market. More than four shares rose for every one that fell in the S&P 500. Earnings drove some of the biggest moves. Take-Two Interactive and Under Armour surged on strong results. General Electric slumped to the lowest since 2009. Facebook edged higher in after-hours trading following its report. An ETF tracking homebuilders surged the most since April.
     The Tuesday rally was welcomed by U.S. stock investors on edge after largely stellar earnings have failed to provide sustained relief to selling that began amid concern that rising rates will crimp economic growth. Attention will turn to major tech results including from Apple and Friday’s jobs report. Trade also remains in focus, while the American midterm elections on Nov. 6 have started creeping into the calculus.
     “The largest risks are the trade war and rising rates,” said Michael O’Rourke, JonesTrading’s chief market strategist. “When it comes to the midterm elections, most people are looking at them optimistically in the sense that usually after midterms the stock market rallies. The stock market is going to do what it’s going to do whether you vote Republican or Democrat.”
     The Stoxx Europe 600 Index failed to sustain momentum from Asia — it opened higher after good earnings for BP and Volkswagen, but corporate results were mixed overall before ending little changed. The euro edged down after underwhelming economic data.
     The MSCI Asia Pacific Index halted a five-day losing streak after Trump held out the possibility of a trade deal with China, even as his administration prepares for a possible expansion of tariffs. China’s stocks climbed as authorities said they’d encourage long-term funds to invest. The yuan was little changed after earlier hitting its weakest against the greenback in a decade.
Here are some key events coming up this week:
* This week’s earnings season highlights include: Facebook, Komatsu, Macquarie, Apple, Alibaba, China Telecom, Fanuc, Airbus, Credit Suisse, Exxon Mobil, and Shell.
* Monetary policy decisions are due in Japan and the U.K.
* On Friday, the final U.S. jobs report before the November midterm elections may show hiring improved as payrolls rose about 190,000, and the unemployment rate held at a 48-year low of 3.7 percent, analysts forecast.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.6 percent at 4 p.m. in New York.
* The Nasdaq 100 rose 1.4 percent. The Dow Jones Industrial Average was higher by 1.8 percent.
* The Stoxx Europe 600 Index rose 0.1 percent.
* The MSCI Asia Pacific Index increased 0.5 percent, the first advance in more than a week and the largest climb in almost two weeks.
* The MSCI Emerging Market Index declined 0.2 percent, reaching the lowest in almost 20 months on its sixth straight decline.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.1 percent to the highest in more than 17 months.
* The euro fell 0.1 percent to $1.1367, the weakest in almost 11 weeks.
* The British pound dipped 0.5 percent to $1.2732.
* The Japanese yen sank 0.4 percent to 112.79 per dollar.
Bonds
* The yield on 10-year Treasuries gained two basis points to 3.11 percent.
* The two-year rate rose two basis points to 2.84 percent.
* Germany’s 10-year yield was unchanged at 0.37 percent.
Commodities
* West Texas Intermediate crude fell 0.5 percent to $66.75 a barrel.
* Gold futures sank 0.1 percent to $1,226.30 an ounce.

Have a wonderful evening. 

Be magnificent!

As ever,

Karen

“The most wasted day of all is that on which we have not laughed”. Nicholas Chamfort

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!

ICYMI
Science may be backing up lavender’s reputation in folk medicine for reducing stress and anxiety.
A study found that sniffing linalool, an alcohol component of lavender odor, was akin to taking a Valium. It worked on the same parts of a mouse’s brain, but without the dizzying side effects. Relief could be triggered simply by inhaling.
Hideki Kashiwadani, a physiologist and neuroscientist at Kagoshima University in Japan and an author of the study, believes this new insight is a key step in developing lavender-derived compounds for clinical use in humans. Since anxiety disorders affect nearly a fifth of all adults in the U.S., this may come as welcome news. Read more »
from The New York Times, October 26, 2018                                                 

FYI~ I’ll be attending an investment conference in New York for the next few days.  Arriving back on Wednesday evening next week, but available by email if you need to contact me.

PHOTOS OF THE DAY

A Murmuration of Starlings, Ludes, France. Credit: Gutner/Sipa/Rex

Emirati competitors sail their dhows as they take part in the Dalma Sailing Festival, off of the coast of Dalma island in the Persian Gulf. Credit: Karim Sahib/AFP

A surfer rides the artic waves in Norway. The imposing mountain in the distance resembles a tidal wave. Credit: Tomarcherphoto/Caters News
Market Closes for October 26^th, 2018

Market Index	Close	Change
Dow Jones	24688.31	-296.24   -1.19%
S&P 500	2658.69	-46.88   -1.73%
NASDAQ	7167.211	-151.125   -2.07%
TSX	14888.26	-35.82
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21184.60	-84.13
		-0.40%
HANG SENG	24717.63	-276.83
		-1.11%
SENSEX	33349.31	-340.78
		-1.01%
FTSE 100*	6939.56	-64.54
		-0.92%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.393		2.452
CND. 30 Year Bond		2.429		2.476
U.S.    10 Year Bond		3.0755		3.1205
U.S. 30 Year Bond		3.3098		3.3444

Currencies

BOC Close	Today	Previous
Canadian $	0.76288	0.76495
US $	1.31082	1.30728
Euro Rate 1 Euro=		Inverse
Canadian $	1.49571	0.66858
US $	1.14123	0.87625

Commodities

Gold	Close	Previous
London Gold Fix	1230.80	1230.55
Oil
WTI Crude Future	67.59	67.33

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks ended the week on a sour note, posting their biggest weekly loss since February. In theU.S., a rout in technology shares deepened Friday, pushing the S&P500 index close to a 10% correction.
     The S&P/TSX Composite Index fell 0.2 percent, with healthcare and communication services leading losses. Energy, industrials and materials were the only bright spots on Friday. The Canadian 10-year yield dropped to the lowest level in a month.
Stocks
* Lundin Mining Corp. rose 6.3 percent after being upgraded at  RBC to outperform from sector perform (PT C$8) as the “valuation and implied upside to target are more compelling after the recent pullback.”
* Canopy Growth fell despite being pitched at the Invest For Kids Conference in Chicago earlier this week. Cannabis peers also dropped amid a risk-off trading session.
* Barrick Gold Corp. and Goldcorp Inc. were among the best- performing gold stocks on Friday as prices for the yellow metal rose amid increased volatility.
Commodities
* Western Canada Select crude oil traded at a $43.25 discount to WTI
* Gold gained 0.3 percent to $1,236.00 an ounce
FX/Bonds
* The Canadian dollar fell 0.14 percent at C$1.3088 per U.S. dollar
* The Canada 10-year government bond yield fell 5.5 basis points to 2.390%
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — A rout in technology shares deepened Friday, threatening to push the S&P 500 Index into corrective territory along with the Nasdaq Composite Index, in one of the most volatile weeks this year. Treasuries and gold rose as investors sought refuge.
     The S&P 500 finished just short of a 10 percent decline from its record September high, and remains on pace for the worst month since 2009. The tech-heavy Nasdaq indexes bore the brunt of selling after Amazon.com and Alphabet sank on disappointing results. The Chicago Board Options Exchange Volatility Index shows price swings are the greatest since February. Investors got a brief reprise after a report showed the U.S. economy expanded at a high-than-forecast 3.5 percent pace last quarter.
     “It’s a very treacherous environment because you see these big up days and then they get their heads handed to them,” said Donald Selkin, chief market strategist at Newbridge Securities. “There’s no consistency. It’s vicious, it’s nerve wracking. There’s no consistency.” The rout that had largely been contained to equities spilled into other assets Friday. Gold spiked toward the highest since July and the rally in Treasuries pushed the two-year note yield down 10 basis points this week. Yields on benchmark 10- year notes have slumped 11 basis points, the biggest weekly decline since May.
     In Europe, the Stoxx Europe 600 Index continued its retreat, heading for the biggest monthly drop in three years. Asian shares sank deeper into a bear market earlier. Core European bonds gained as the risk-off mood spread. Markets remain on edge after more than $6.7 trillion was lost from global equities’ value since late September, as lofty expectations for earnings were tested amid heightened trade tensions and tightening financial conditions.
     Meanwhile, West Texas oil briefly dipped back below $67 a barrel and copper closed the week lower. The offshore yuan extended this week’s slide to trade at the weakest since January 2017, while the yen pushed higher. Emerging-market stocks tumbled to the lowest in 19 months, capping a fifth straight week of losses.
These are the main moves in markets:
Stocks
* The S&P 500 dropped 1.7 percent to 2,658.57 as of 4:04 p.m. in New York, while the Dow Jones Industrial Average fell 1.2 percent to 24,688.31 and the Nasdaq Composite Index declined 2.1 percent to 7,167.21.
* The Stoxx Europe 600 dropped 0.8 percent. 
* The U.K.’s FTSE 100 slumped 0.9 percent.
* Germany’s DAX Index fell 0.9 percent.
* The MSCI Emerging Market Index eased 0.9 percent.
* The MSCI Asia Pacific Index slumped 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent, after reaching a 17-month high. 
* The euro gained 0.3 percent to $1.1411.
* The British pound rose 0.2 percent to $1.2836.
* The Japanese yen strengthened 0.6 percent to 111.77 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 3.08 percent, while the two-year note yield eased four basis points to 2.81 percent.
* Germany’s 10-year yield fell five basis points to 0.35 percent.
Commodities
* West Texas Intermediate crude rose 0.7 percent to $67.80 a barrel.
* Gold rose. 0.2 percent at $1,234.70 an ounce.
–With assistance from Robert Brand and David Wilson.

Have a wonderful weekend. 

Be magnificent!

As ever,

Carolann

Opportunity is missed by most people because it is dressed in overalls and looks like work.
–Thomas Edison, 1847-1931

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:
1881 ~ Pablo Picasso b.

1923 – October 25 – Frederick Banting & John Macleod of the University of Toronto jointly win the Nobel Prize for Medicine for their discovery of the hormone insulin, which was to save the lives of millions of diabetics. Banting, whose idea launched the research, shares the prize money with Charles Best. Macleod, who supervised the research, shares with J. B. Collip. They are the first Canadians to win a Nobel Prize. Stockholm, Sweden 

PHOTOS OF THE DAY

An incredible display of 15,000 knitted and crocheted poppies at St Peter Mancroft Church in Norwich, Norfolk. Credit: James Linsell-Clark/SWNS.COM

Cornwall hosts beautiful pastel coloured sunrise. Credit: Simon Maycock/Cover Images

A section of the Hong Kong-Zhuhai-Macau Bridge stands in Macau, China. Credit: Justin Chin/Bloomberg
Market Closes for October 25^th, 2018

Market Index	Close	Change
Dow Jones	24984.55	+401.13   +1.63%
S&P 500	2705.57	+49.47   +1.86%
NASDAQ	7318.336	+209.935   +2.95%
TSX	14924.08	+14.95
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	21268.73	-822.45
		-3.72%
HANG SENG	24994.46	-255.32
		-1.01%
SENSEX	33690.09	-343.87
		-1.01%
FTSE 100*	7004.10	+41.12
		+0.59%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.452		2.439
CND. 30 Year Bond		2.476		2.472
U.S.    10 Year Bond		3.1205		3.1091
U.S. 30 Year Bond		3.3444		3.3340

Currencies

BOC Close	Today	Previous
Canadian $	0.76495	0.76667
US $	1.30728	1.30435
Euro Rate 1 Euro=		Inverse
Canadian $	1.48687	0.67255
US $	1.13760	0.87904

Commodities

Gold	Close	Previous
London Gold Fix	1230.55	1235.95
Oil
WTI Crude Future	67.33	66.77

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks managed to eke out a gain on Thursday despite erasing most of their intraday gain toward the market close. U.S. peers saw a bigger rally, as strong earnings pushed benchmark indexes back into the black for the year in the wake of Wednesday’s rout that had wiped out this year’s gains.
     The S&P/TSX Composite Index rose 0.1 percent, with health care snapping a seven-day streak of losses amid a rally in pot shares. Materials were the largest underperformer due to a plunge in gold-mining stocks.
     The loonie weakened against the dollar for the first time in the past four sessions.
Stocks
* AltaGas Ltd fell 2.7 percent after CIBC analyst Robert Catellier anticipated that the company may need to cut its dividend by 40 percent and raise C$1 billion in equity.
* Goldcorp Inc. plunged 18 percent on a “miserable quarter,” falling from the top tier of gold miners as peer Agnico-Eagle Mines Ltd. takes its spot.
* Canfor Corp rallied 7.5 percent after Canfor CEO Don Kayne said on a conference call that lumber pricing is expected to stabilize and move higher amid stronger seasonal demand and strength in the repair and remodel sector.
Commodities
* Western Canada Select crude oil traded at a $43.00 discount to WTI
* Gold little changed to $1,232.00 an ounce
FX/Bonds
* The Canadian dollar fell 0.1 percent at C$1.3069 per U.S. dollar
* The Canada 10-year government bond yield gained 2 basis points to 2.457%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks surged back into positive territory, with the Nasdaq Composite Index registering its biggest increase since March, a day after a broad-based rout sent equities negative for the year. Yields on Treasuries rose and the dollar strengthened to the highest level this year.
     The S&P 500 Index finished higher for the first time in seven days, propelled by strong earnings results from Twitter, Microsoft and Tesla. Amazon and Alphabet reported after the close. The Dow Jones Industrial Average surged 400 points, after tumbling 600 points Wednesday. European stocks edged higher. The sentiment was darker in Asia, where shares fell for a third day, with Japan’s Topix index falling to the lowest in more than a year. Oil advanced from a two-month low.
     “The most important thing to think about today is that we got into a valuation level that’s more constructive,” said Art Hogan, chief market strategist at B Riley FBR. “This is one of the first times in the earnings cycle where we’re getting a positive response on earnings, when stocks actually react positively to their good news — that’s in the action today.”
     “There’s a transition going on and when there’s a transition going on, there’s a lot of volatility both up and down,” Randy Swan, founder of Swan Global Investments, which manages about $5 billion, said in an interview at Bloomberg’s New York headquarters. “People are trying to figure out where things are going to go.”
     Sentiment has been tested in October, with global stocks poised for their worst month in more than six years as the effects of trade tensions and geopolitical uncertainty begin to bite. Investors remain apprehensive as a flood of earnings, while mostly stellar, have come with warnings about the future impact of tariffs and rising costs. Central banks remain in the spotlight, with investors speculating what, if any, impact the market uncertainty will have on policy decisions.  “The question is: can we go the distance?” said Donald Selkin, chief market strategist at Newbridge Securities. “You have to see how it goes.”  Elsewhere, the euro weakened after European Central Bank President Mario Draghi downplayed recent slowdown in economic momentum and Italian fiscal risks, reiterating that growth is returning to potential. The ECB kept its target rate unchanged at zero. 
Here are some key events coming up this week:
* U.S. gross domestic product growth may have slowed in the third quarter, yet remained near its best pace since mid-2015, according to forecasts ahead of Friday’s release.

These are the main moves in markets:
Stocks
* The S&P 500 rose 1.9 percent to 2,705.64 as of 4:01 p.m. in New York, while the Dow Jones Industrial Average gained 1.6 percent to 24,983.37 and the Nasdaq Composite Index increased 3
percent to 7,318.34. All three benchmark indexes are still down this week.
* The Stoxx Europe 600 rose 0.5 percent.
* The U.K.’s FTSE 100 gained 0.6 percent.
* Germany’s DAX Index gained 1 percent for the first increase in seven days.
* The MSCI Emerging Market Index eased 0.4 percent.
* The MSCI Asia Pacific Index slumped 1.9 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro weakened 0.2 percent to $1.1368.
* The British pound fell 0.5 percent to $1.2814.
* The Japanese yen weakened 0.3 percent to 112.55 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 3.13 percent, while the two-year note yield increased two basis points to 2.85 percent.
* Germany’s 10-year yield was little changed at 0.40 percent.
Commodities
* West Texas Intermediate crude rose 0.4 percent to $67.07 a barrel.
* Gold fell 0.3 percent to $1,230.40 an
Have a great night.

Be magnificent!

As ever,

Carolann

 

Everything should be made as simple as possible, but not simpler.
                                                -Albert Einstein, 1879-1965

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

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

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

Dear Friends,
Tangents:
On this day in…
1956: Hungarian Revolution
1989: Hungarian Independence
1993 – October 23 – Baseball – Toronto Blue Jays slugger Joe Carter hits a three-run homer in the bottom of the 9th inning to give Toronto an 8-6 win over the Philadelphia Phillies in Game 6 of the World Series; defending champions take the Series 4-2; First team to win the World Series on Canadian soil. Paul Molitor, who hit .500, is MVP. Toronto, Ontario. -The Morning Meeting, Advisor Analyst.
PHOTOS OF THE DAY

The Hong Kong-Zhuhai-Macau Bridge is lit up in Hong Kong. The bridge, the world’s longest cross-sea project, which has a total length of 55 kilometers (34 miles), will have an opening ceremony in Zhuhai on Oct. 23. Credit: Kin Cheung/AP Photo

People enjoy the view over fog-covered valleys during sunny autumn weather near the peak of Mount Rigi, Switzerland. Credit: Arnd Wiegmann/Reuters

People walk in a field of fireweed, or Kochia scoparia, at the Hitachi Seaside Park in Hitachinaka, Japan. Fireweed is a grass bush that takes on a bright colour in autumn. Credit: Toru Hanai/Reuters

Weighing one tonne, the UK’s largest pumpkin arrives in Covent Garden at the area kicks off 10 days of family fun to celebrate Halloween. Credit: Jeff Moore/Thisismission.com
Market Closes for October 23^rd, 2018

Market Index	Close	Change
Dow Jones	25191.43	-125.98   -0.50%
S&P 500	2740.69	-15.19   -0.55%
NASDAQ	7437.539	-31.090   -0.42%
TSX	15285.17	-127.53
		-0.83%

International Markets

Market Index	Close	Change
NIKKEI	22010.78	-604.04
		-2.67%
HANG SENG	25346.55	-806.60
		-3.08%
SENSEX	33847.23	-287.15
		-0.84%
FTSE 100*	6955.21	-87.59
		-1.24%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.450		2.485
CND. 30 Year Bond		2.488		2.518
U.S.    10 Year Bond		3.1657		3.1978
U.S. 30 Year Bond		3.3662		3.3889

Currencies

BOC Close	Today	Previous
Canadian $	0.76438	0.76358
US $	1.30825	1.30962
Euro Rate 1 Euro=		Inverse
Canadian $	1.50074	0.66634
US $	1.14713	0.87174

Commodities

Gold	Close	Previous
London Gold Fix	1222.30	1227.85
Oil
WTI Crude Future	66.28	69.17

Market Commentary:
I succeeded because I have a long attention span. –Charlie Munger, The Tao of Charlie Munger, David Clark 2017, Scribner.
The key to making money in stocks is not to get scared out of them. -Peter Lynch.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks swung through another volatile session amid a morning rout in U.S. stocks spurred by disappointing results from Caterpillar and 3M. Those results added to worries that rising costs will erode profit margins.
     The Canadian 10-year yield fell to the lowest in nearly a month as bonds rallied. The S&P/TSX Composite Index fell 0.8% to the lowest since April 16, with health care and industrials leading losses.  Consumer staples rose while a rally in gold stocks wasn’t enough to boost materials shares higher.
Stocks
* Barrick Gold Corp. rose 1.9 percent after a report that the company favors taking back control of its separately listed Tanzanian assets after completing its takeover of Africa-focused rival Randgold Resources Ltd., according to people familiar with the situation.
* Crescent Point Energy Corp. and Parkland Fuel Corp. followed energy peers lower as oil traded at its lowest in more than a month after Saudi Arabia reiterated plans to raise output.
* AirBoss of America Corp. rose 2.6 percent after Industrial Alliance Securities analyst Navdeep Malik upgraded shares to buy from hold.
Commodities
* Western Canada Select crude oil traded at a $46 discount to WTI
* Gold gained 0.7 percent to $1,233.70 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3087 per U.S. dollar
* The Canada 10-year government bond yield fell 3.6 basis points to 2.446%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks closed lower for a fifth day, as an afternoon rally from the lowest levels for the S&P 500 since May fell short of pushing benchmark indexes back into positive territory. Treasury yields declined and crude oil tumbled.  The S&P 500 pared to 0.6 percent a loss that took it below 2,700 for the first time since July, while the Nasdaq Composite Index flirted with a correction before paring losses. Defensive sectors from consumer staples to real-estate firms recovered.
     Verizon and McDonald’s advanced on solid results, while Netflix led gains in tech shares. Industrial stocks remained under pressure after disappointing results from Caterpillar and 3M added to worries that rising costs will erode profit margins. The Russell 2000 Index erased gains for the year. Energy producers in the S&P 500 sank more than 2 percent. Texas Instruments reported disappointing results after the market closed.
     “Today we opened down, basically at technical support at 2,700 on the S&P, 7,000 on the Nasdaq 100, this is kind of a picture-perfect day to buy,” said Michael O’Rourke, JonesTrading’s chief market strategist. “But now the question is how far does this rally get, how far does it go?”
     The afternoon rebound in American equities delivered a measure of calm for investor nerves frayed by a monthlong sell-off. U.S. growth data later in the week as well as earnings from companies including Amazon, Alphabet, Microsoft and Intel could be key to where equities go from here. In the meantime, uncertainty over the death of a Saudi journalist, Italy’s budget and Brexit are among the factors weighing on sentiment.
     The Stoxx Europe 600 Index slid to the lowest level since December 2016 and Asian equities teetered on the verge of a bear market. Some of the steepest losses were in Japan, Hong Kong and China, where shares had posted the biggest jump in more than two years a day earlier. Disappointing earnings from Renault and some European tech companies added to the pain in Europe.
     Equities failed to get any reprieve after China announced fresh measures to ease the funding strains of private companies, as top officials seek to restore confidence in the world’s second-largest economy.
     “Trade tensions here are important, interest rate levels are important, but the next week or two, earnings will be important,” said Matt Maley, equity strategist at Miller Tabak + Co. “The fact that some key multinationals are giving disappointing guidance is a problem.” Elsewhere, oil traded near the lowest in almost five weeks. Emerging-market equities slumped as Turkish President Recep Tayyip Erdogan said a team including Saudi generals conducted the killing of writer Jamal Khashoggi.
     Here are some key events coming up this week:
* Earnings season gathers pace with notable highlights including Twitter, UBS, Deutsche Bank, Barclays, Total, Halliburton and Linde.
* Monetary policy decisions are due in Europe, Indonesia, Sweden and Canada.
* ECB policy makers could on Thursday confirm that asset purchases will end this year, reiterating its pledge to keep interest rates at record lows through summer 2019. President Mario Draghi will hold a press conference.
* U.S. gross domestic product growth may have slowed in the third quarter, yet remained near its best pace since mid-2015, according to forecasts ahead of Friday’s release.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.6 percent to 2,740.69 as of 4:05 p.m. in New York, while the Dow Jones Industrial Average dropped 0.5 percent to 25,191.43 and the Nasdaq Composite Index eased 0.4 percent to 7,437.54. 
* The Stoxx Europe 600 fell 1.6 percent. 
* The U.K.’s FTSE 100 declined 1.2 percent.
* Germany’s DAX Index dropped 2.2 percent higher, the fifth straight decline.
* The MSCI Emerging Market Index dipped 2.1 percent.
* The MSCI Asia Pacific Index slumped 2.2 percent.
Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent.
* The euro gained 0.1 percent to $1.1470.
* The British pound rose 0.2 percent to $1.2984.
* The Japanese yen strengthened 0.4 percent to 112.40 per dollar.
Bonds
* The yield on 10-year Treasuries dropped three basis points to 3.17 percent, while the two-year note yield fell three basis points to 2.87 percent.
* Germany’s 10-year yield fell four basis points to 0.41 percent.
Commodities
* West Texas Intermediate crude slumped 4.2 percent to $66.26 a barrel, the first drop in three days.
* Gold gained 0.7 percent to $1,230.45 an ounce.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Justice is the right of the weakest.
         -Joseph Joubert, 1754-1824

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