Category: Events

Dear Friends,

Tangents:
On Oct. 4, 1957, the Space Age began as the Soviet Union launched Sputnik, the first man-made satellite, into orbit.  Go to article »

259: The number of people worldwide who’ve died since 2011 while taking selfies.

PHOTOS OF THE DAY

A woman cleans the sculpture ‘Tennis Player’ during the launch of Gunther von Hagens’ Body Worlds museum in London. The exhibition of the human body is opening at a permanent museum site at Piccadilly Circus. It features real bodies, donated to be preserved by plastination – a process invented by von Hagen. CREDIT: AP PHOTO/FRANK AUGSTEIN

A gaggle of geese go walkabout past a traditional thatched cottage on a Donegal farm. Ardara, County Donegal, Ireland. CREDIT: RICHARD WAYMAN/ALAMY LIVE NEWS

Couple beneath a glorious midnight skyscape on the Crimean peninsula. A heart-warming moment between a loving couple as they’re lit up under a stunning night sky. CREDIT: ANDREI SHELIAKIN/CATERS NEWS
Market Closes for October 4th, 2018

Market Index	Close	Change
Dow Jones	26627.48	-200.91     -0.75%
S&P 500	2901.61	-23.90   -0.82%
NASDAQ	7879.512	-145.573   -1.81 %
TSX	16006.67	-65.38
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	23975.62	-135.34
		-0.56%
HANG SENG	26623.87	-467.39
		-1.73%
SENSEX	35169.16	-806.47
		-2.24%
FTSE 100*	7418.34	-91.94
		-1.22%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.558		2.507
CND. 30 Year Bond		2.542		2.484
U.S.    10 Year Bond		3.1833		3.0836
U.S. 30 Year Bond		3.3432		3.2343

Currencies

BOC Close	Today	Previous
Canadian $	0.77373	0.78051
US $	1.29248	1.28125
Euro Rate 1 Euro=		Inverse
Canadian $	1.48812	0.67199
US $	1.15138	0.86853

Commodities

Gold	Close	Previous
London Gold Fix	1201.20	1187.25
Oil
WTI Crude Future	74.33	75.30

Market Commenrtary:
It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. -Charlie Munger
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed their U.S. peers lower amid a rise in global bond yields and growing signs of strain in U.S.-China relations after a Bloomberg report revealed China used a tiny chip in a hack that infiltrated U.S. companies. The S&P/TSX Composite Index fell 0.4 percent, to the lowest since Sept. 13, dragged lower by health care and tech shares.  Rail and media shares offset losses elsewhere. The loonie extended a decline against the dollar ahead of Canadian unemployment and trade data on Friday.
                            Stocks
* Manulife Financial Corp fell 2.8 percent after Muddy Waters revealed a short position in the stock, saying its life-insurance subsidiary just concluded a trial with a hedge fund that could lead to billions in losses.
* Hudbay Minerals Inc fell 6 percent after a report that the company is in talks to buy Chilean miner Mantos Copper, according to people familiar with the matter.
* Energy Fuels rose 1.4 percent after Noble Capital Markets analyst Mark Reichman upgraded the shares to outperform from hold.
                            Commodities
* Western Canada Select crude oil traded at a $43.25 discount to WTI
* Gold was little changed at $1,203.30 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.4 percent at C$1.2920 per U.S. dollar
* The Canada 10-year government bond yield gained 0.7 basis points to 2.553%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell the most since June and volatility spiked higher as the rout in Treasuries that took yields to multiyear highs fueled a repricing of risk assets. The S&P 500 dropped to a three-week low, with nine of the 11 main sectors retreating. High-dividend-yielding stocks dropped after the 10-year yield poked above 3.2 percent for the first time in seven years. Technology shares fell the most, with the Nasdaq 100 Index notching its worst day since June following Bloomberg’s report that China infiltrated American companies with hardware hacks. Higher rates lifted financial firms.
     The bond rout rippled through global financial markets even as Treasuries stabilized Thursday. Emerging-market shares sank the most since February, European government bonds fell and commodities from crude to copper tumbled.
     The Turkish lira led developing-nation currencies lower, closely followed by Russia’s ruble. “This withdrawal of liquidity and gradual tightening of monetary policy” is reverberating across financial markets, Bob Baur, chief global economist at Principal Global Investors, said in an interview with Bloomberg Television. “We look for 10-year Treasury yields to hit 3.5 at some point — later this year, early next year — and I think that’s going to be a real problem for stock markets.”
     Data underscoring the strength of the American economy sparked the Treasury selloff, sending yields higher fast enough to spook equity investors who had pushed stocks toward records on the heels of the new Nafta agreement. Fed Chairman Jerome Powell stoked rate worries when he said the central bank could eventually boost its benchmark past the neutral level.
     Adding to the rising risk sentiment were growing signs of strain in U.S.-China relations that could exacerbate the trade war. Along with the hacking report, Vice President Mike Pence laid out allegations of Chinese election interference in a harshly worded speech, and Alibaba co-founder Jack Ma warned the tariff dispute will destroy commerce.
    “It has to do with this story about the hacking,” Matt Maley, equity strategist, at Miller Tabak + Co, said. “This is going to raise the stress in the trade tensions with China.  China is very important to a lot of these tech cos.”
     The bond slump likely also reflects the growing impact of the world’s major central banks stepping back from stimulus. The ECB this month cut monthly asset purchases in half, while the Fed balance sheet unwind continues. Meanwhile, resurgent commodity prices are raising the prospect of a fresh tailwind to inflation.
    In credit, borrowing costs have been advancing amid the Treasury slump. Global investment-grade corporate bond yields rose to the highest since July 2012, Bloomberg index data show. The instability may have affected Europe’s primary market as two borrowers pulled bond sales.
    Here are some key events coming up this week:
* The U.S. government’s September jobs report is in focus Friday, with investors looking for signs of wage growth that could accelerate Fed tightening plans.
* The Reserve Bank of India’s policy decision is due Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 1 percent as of 4 p.m. in New York.
* The Nasdaq 100 Index slid 2.1 percent, the most since mid-June.
* Super Micro Computer sank almost 50 percent after the Bloomberg’s report that China implanted tiny chips on motherboards supplied by the company. 
* The Stoxx Europe 600 Index lost 1.1 percent, the most since August.
* The MSCI Asia Pacific Index sank 1 percent to the lowest in three weeks on the largest tumble in more than four weeks.
* The MSCI Emerging Market Index sank 2.5 percent to the lowest in more than three weeks on the biggest tumble in more than six months.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent after hitting the highest in seven weeks with its sixth straight advance.
* The euro increased 0.3 percent to $1.1516, the first advance in more than a week and the biggest climb in two weeks.
* The Japanese yen jumped 0.6 percent to 113.843 per dollar, the biggest increase in four weeks.
                            Bonds
* The yield on 10-year Treasuries rose one basis point to 3.19 percent, the highest in more than seven years.
* The two-year rate was flat at 2.878 percent.
* Germany’s 10-year yield increased six basis points to 0.53 percent, the highest in a week.
* The spread of Italy’s 10-year bonds over Germany’s decreased one basis point to 2.828 percentage points.
                            Commodities
* West Texas Intermediate crude fell 2.5 percent to $74.55 a barrel, the largest fall in more than a week.
* Gold futures were flat at $1,203.2 an ounce.
–With assistance from Adam Haigh, Tom Freke, Samuel Potter and Sophie Caronello.

Have a great night.
 

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:
On Oct. 3, 1990, West Germany and East Germany ended 45 years of postwar division, declaring the creation of a new unified country. Go to article »

Llamas. Bagels. Even mosquitoes. They’re all getting the respect they deserve, now that they’re among 70 new emoji Apple’s rolling out. -5things@CNN.com
While we’re all still debating whether Pluto is a planet (it is!!), scientists found an object called  “the Goblin” lurking at the edge of our solar system. -5things@CNN.com

Good luck is what happens when preparation meets opportunity; bad luck is what happens when lack of preparation meets a challenge. – Paul Krugman, Economist, NY Times Op-Ed, March 3, 2006
PHOTOS OF THE DAY

Lightening strikes the spire of One World Trade Center in lower Manhattan as a thunder storm moves through the New York City, US. Credit: UPI/Barcroft Images

British Museum stone conservator Kasia Weglowska, prepares a 1.8 ton head which is part of the final installations for the I Am Ashurbanipal: king of the world, king of Assyria, exhibition at the British Museum, London. Credit: Nick Ansell/PA

EastEnders hardman Jake Wood and rugby stars Thom Evans and Max Evans taking part in a ballet class taught by Bennet Gartside at the Royal Opera House in London. Credit: Andrej Uspenski/PA
Market Closes for October 3^rd, 2018

Market Index	Close	Change
Dow Jones	26828.39	+54.45   +0.20%
S&P 500	2925.51	+2.08   +0.07%
NASDAQ	8025.086	+25.539   +0.32%
TSX	16072.05	+54.83
		+0.34%

International Markets

Market Index	Close	Change
NIKKEI	24110.96	-159.66
		-0.66%
HANG SENG	27091.26	-35.12
		-0.13%
SENSEX	35975.63	-550.51
		-1.51%
FTSE 100*	7510.28	+35.73
		+0.48%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.532		2.464
CND. 30 Year Bond		2.520		2.452
U.S.    10 Year Bond		3.1681		3.0538
U.S. 30 Year Bond		3.3249		3.2049

Currencies

BOC Close	Today	Previous
Canadian $	0.77677	0.77994
US $	1.28739	1.28214
Euro Rate 1 Euro=		Inverse
Canadian $	1.47812	0.67653
US $	1.14816	0.87096

Commodities

Gold	Close	Previous
London Gold Fix	1204.70	1189.35
Oil
WTI Crude Future	76.41	75.23

Market Commentary:
On this day in 2008, in the depths of the financial crisis, President Bush signed into law a $700 billion plan to rescue the U.S. financial system. Meanwhile, Wells Fargo trumped Citigroup’s offer with a proposed $15 billion takeover of Wachovia with no government aid.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed U.S. peers higher as a global selloff in government bonds deepened and trading volume surged. The yield on 10-year Canadian government debt jumped to the highest in more than four years as traders bet on faster interest rate hikes in the wake of a revised free-trade agreement with the U.S.
     The S&P/TSX Composite Index gained 0.3 percent, led by health care, and pot stocks, energy and technology groups. Rate-sensitive sectors such as utilities and consumer staples led declines.
                            Stocks
* Norbord Inc. fell 3 percent, along with U.S. peers, as lumber/oriented strand board prices declined more, and buyers remained concerned about additional downside risk, CIBC wrote, citing trade journals.
* Canopy Growth Corp. rose 8 percent ahead of its second-quarter earnings Thursday from its largest shareholder, Constellation Brands.
* Enbridge Inc. gained 1.5 percent after entering a second agreement with Michigan committing to a “range of measures” to protect the Straits of Mackinac and the Great Lakes
                            Commodities
* Western Canada Select crude oil traded at a $41.75 discount to WTI
* Gold fell 0.4 percent to $1,202.30 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.2 percent at C$1.2851 per U.S. dollar
* The Canada 10-year government bond yield gained 6.8 basis points to 2.527%
US
By Jeremy Herron and Vildana Hajric
     (Bloomberg) — U.S. stocks edged higher after flirting with records as a selloff in Treasuries deepened amid a surge in trading volume. Crude rallied above $76 a barrel and the dollar rose. The S&P 500 Index eked out a gain after earlier climbing to within a whisker of an all-time high. Steep losses in rate-sensitive shares from utilities to real-estate firms weighed on the measure. Banks surged as 30-year Treasury yields popped to the highest since 2014, while the two-year rate jumped to a pre-crisis high and 10-year yields hit levels last seen in 2011.
     The moves were sparked by data on private payrolls and American services industries that underscored the economy’s robustness at the same time Chairman Jerome Powell signaled the Federal Reserve will press on with rate hikes. More than two million 10-year Treasury futures contracts traded before the 3 p.m. settlement, about 170 percent above average.
     The retreat in equities rekindled discussions of the tug-of-war between rising rates and stocks, as investors weigh allocations. The equity gains come days after the Trump administration clinched a new Nafta deal, removing some investor angst that the trade wars would spiral out of control.
     While political risks remain in Europe and Washington, there’s few signs they’ll spilling into financial markets.  “It will likely become an issue when higher yields lead to slower economic activity through the interest rate sensitive housing and durable goods areas,” Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management, said.
     “These things tend to go too far too soon and tend to correct when the enthusiasm for growth gives way to worries about the weight of higher debt servicing costs.” Elsewhere, crude in New York rose past $76 a barrel, trading near the highest level in almost four years, while aluminum in London rose the most since 2011. European shares rallied, and emerging-market equities slipped. MSCI Inc.’s Asia Pacific share index fell for a third day, with Japanese and South Korean equities leading declines. The rupiah and the rupee remained under pressure on surging oil prices. In India, the focus was also back on the country’s financial sector after Prime Minister Narendra Modi’s government took control of a financial firm.
Here are some key events coming up this week:
* American factory orders for August are due Thursday; data on the trade balance will come Friday.
* The U.S. government’s September jobs report is also due on Friday.
* The Reserve Bank of India’s policy decision is due Friday.
These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.1 percent at 4 p.m. in New York. It had been on track for a record close.
* The Dow Jones Industrial Average rose 0.3 percent, adding to an all-time high.
* The Russell 2000 Index gained 1 percent.
* The Stoxx Europe 600 Index jumped 0.5 percent
* The MSCI Asia Pacific Index sank 0.7 percent to the lowest in more than two weeks.
* The MSCI Emerging Market Index slipped 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index climbed 0.4 percent, hitting the highest in almost four weeks with its fifth straight advance.
* The euro fell for a sixth day, dropping 0.3 percent to $1.1518.
* The Japanese yen declined 0.7 percent to 114.43 per dollar.
                            Bonds
* The yield on 10-year Treasuries climbed nine basis points to 3.15 percent.
* The 30-year rate topped 3.30 percent, rising nine basis points. Two-year yields climbed four basis points to 2.8516 percent.
* Italy’s 10-year yield decreased 14 basis points to 3.31 percent, the first retreat in a week and the biggest tumble in more than two weeks.
                            Commodities 
* West Texas Intermediate crude climbed 1.4 percent to $76.27 a barrel, the highest in almost four years.
* Gold futures fell 0.4 percent to $1,202.20 an ounce.
–With assistance from Adam Haigh, Samuel Potter and Edward Bolingbroke.

Have a great night.

Be magnificent!

As ever,

Carolann

 

Alone we can do so little; together we can do so much.
                                       -Helen Keller, 1880-1968

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:
October 2, 1869 ~ Mahatma Gandhi’s birthday, Indian spiritual leader, advocate of non-violent resistance as a tool against tyranny.
He was assassinated in the garden of his home in New Delhi, January 30, 1948.  On the anniversary of Gandhi’s birth (Gandhi Jayanti), thousands gather at the park on Jumna River at Delhi where Gandhi’s body was cremated.  Hymns are sung, verses from the Gita, the Koran, and the Bible are recited, and cotton thread is spun on small spinning wheels (one of Gandhi’s favorite activities).  Other observances are held at his birthplace (Porbandar, India) and throughout India on this public holiday.

“Whatever you do will be insignificant, but it is very important that you do it.” -Mahatma Gandhi.

PHOTOS OF THE DAY

Indian school children with their head tonsured and dressed like Mahatma Ghandi assemble during a event at a school in Chennai ahead of Ghandi’s 149th birth anniversary. – Indians all over the country celebrate Ghandi’s birthday on October 2. Credit: ARUN SANKAR/AFP/GETTY IMAGES

Church secretary Jacqui Tait opens the doors to the 200 year old Liberton Kirk in South Edinburgh, Scotland. CREDIT: DUNCAN MCGLYNN

Award winning pumpkins at the RHS Harvest Festival Show in London. CREDIT: HEATHCLIFF O’MALLEY FOR THE TELEGRAPH

Autumn colours in New England, US. CREDIT: KYLE DEMPSEY/MEDIADRUMWORLD.CO
Market Closes for October 2nd, 2018

Market Index	Close	Change
Dow Jones	26773.94	+122.73     +0.46%
S&P 500	2923.43	-1.16   -0.04%
NASDAQ	7999.547	-37.755   -0.47%
TSX	16017.23	-87.20  -0.54%

International Markets

Market Index	Close	Change
NIKKEI	24270.62	+24.86
		+0.10%
HANG SENG	27126.38	-662.14
		-2.38%
SENSEX	36526.14	+299.00
		+0.83 %
FTSE 100*	7474.55	-21.12
		-0.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.464		2.507
CND. 30 Year Bond		2.452		2.484
U.S.    10 Year Bond		3.0538		3.0836
U.S. 30 Year Bond		3.2049		3.2343

Currencies

BOC Close	Today	Previous
Canadian $	0.77994	0.78051
US $	1.28214	1.28125
Euro Rate 1 Euro=		Inverse
Canadian $	1.48066	0.67530
US $	1.15470	0.86585

Commodities

Gold	Close	Previous
London Gold Fix	1189.35	1187.25
Oil
WTI Crude Future	75.23	75.30

Market Commentary:
Canada
By Tatiana Darie
(Bloomberg) — Canadian stocks fell, while U.S. stocks were mixed, amid declines in pot and technology shares. Energy stocks pared recent gains as oil slid.
     The S&P/TSX Composite Index fell 0.5 percent, with gold miners, consumer staples and utilities offsetting weakness elsewhere. Cannabis stocks dropped as PepsiCo said it had no plans to invest in the business because of the federal ban in the U.S. Total short interest in the marijuana group hit $3.1 billion last week, up from just over $2 billion at the end of June.
                             Stocks
* Gold and silver equities rallied after spot gold price above its 50-DMA as budget turmoil in Italy boosted demand for the metal as a safe haven. Goldman Sachs “three reasons to buy gold” call may also be contributing to the rally.
* Methanex Corp. fell 0.6 percent after its largest shareholder, M&G Investment Management, cut its stake in the company again, saying it’s become “repeatedly frustrated with the market valuation” of the methanol company
* Pembina Pipeline Corp. rose 1 percent after Canaccord analyst David Galison wrote that the company stands to benefit most from Canada’s LNG project
                            Commodities
* Western Canada Select crude oil traded at a $40.75 discount to WTI
* Gold rose 1.3 percent to $1,207.10 an ounce FX/Bonds
* The Canadian dollar was little changed at C$1.2819 per U.S. dollar
* The Canada 10-year government bond yield fell 4.3 basis points to 2.459%
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — U.S. stocks ended an up-and-down session mostly lower as Amazon.com’s wage increase pressured retailers and small caps slumped to a two-month low as trade tensions eased. The dollar, Treasuries and commodities advanced. 
     The S&P 500 Index edged lower. Retailers led declines after Amazon raised the minimum wage for all its employees. Small caps remained under pressure after the new Nafta deal, while Boeing Co. and Caterpillar Inc. led the Dow Jones Industrial Average to a fresh record. Comments from Federal Reserve Chairman Jerome Powell shrugging off inflation worries added to pressure on equities.
     Amazon’s wage move raised the specter that competitors will have to make a similar move, threatening profit margins at a time when input costs have also been on the rise. Otherwise, trade largely set the tone, with multinationals continuing to benefit from a reduction in tension and domestically focused companies under pressure. Meanwhile, political drama in Washington still swirls around President Donald Trump’s Supreme Court nominee.
    European shares slid as concern mounted that Italy’s budget could lead to a debt crisis. The region’s common currency touched the lowest in six weeks. Emerging-market equities tumbled amid weak data and as Mohamed El-Erian warned against rushing into the group.
     Elsewhere, the dollar climbed against almost all its major peers. Indonesia’s rupiah fell past 15,000 per dollar for the first time since 1998 a day after inflation came in slower than forecast. The pound slumped as Brexit and the annual conference of the governing Conservative Party continued to dominate headlines.
Here are some key events coming up this week:
* U.K. Prime Minister Theresa May speaks Oct. 3. in Birmingham.
* A central bank policy decision from the Reserve Bank of India is due Friday.
* U.S. employment reports for September also due Friday.

These are the main moves in markets:
Stocks
* The S&P 500 fell less than 0.1 percent at 4 p.m. in New York.
* The Dow added 0.5 percent and the Nasdaq 100 Index fell 0.2 percent. The Russell 2000 Index fell 1 percent.
* The Stoxx Europe 600 Index dipped 0.5 percent to the lowest in almost two weeks.
* The MSCI Emerging Market Index declined 1.2 percent to the lowest in almost two weeks.
* The MSCI Asia Pacific Index declined 0.8 percent to the lowest in two weeks on the biggest drop in almost four weeks.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.2 percent to the highest in three weeks.
* The euro dipped 0.4 percent to $1.1554, reaching the weakest in almost six weeks on its fifth straight decline.
* The British pound declined 0.5 percent to $1.298.
* The Japanese yen rose 0.3 percent to 113.611 per dollar.
Bonds
* The yield on 10-year Treasuries decreased four basis points to 3.05 percent.
* Germany’s 10-year yield fell five basis points to 0.42 percent, the lowest in almost three weeks.
* Italy’s 10-year yield gained 15 basis points to 3.448 percent, the highest in more than four years.
Commodities
* West Texas Intermediate fell 0.2 percent to $75.14 a barrel after hitting the highest in almost four years.
* Gold futures climbed 1.3 percent to $1,207.70 an ounce.
–With assistance from Mark Cranfield, Andreea Papuc and Samuel Potter.

Have a great night.

Be magnificent!
As ever,

Carolann

Life must be understood backwards; but it must be lived forwards.
                                              -Soren Kierkegaard, 1812-1855

 

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:
October~ Green becomes gold.  Orange pumpkins appear on the porches.  Tasseled, colored corn hangs mysteriously on the doorframe.  The world is on fire – it is becoming the sun!  the maples redden.  The poplars become flaming torches.  Leaves drift weightlessly across the lawn and city parks.  Twilight echoes with crows cawing.  It is time to turn over a new leaf….No longer immersed in nature’s greenness, we find ourselves detached from her….Perhaps the dead can help us.  The month ends with Celtic Samhain, Christian All souls and All Saints – Hallowe’en – when the veil between the worlds is thinnest and the spirits of the ancestors come with their gifts. -CD

October 1, 2008 – A $700 billion financial industry bailout won lopsided passage in the Senate, 74-25, after it was loaded with tax breaks and other sweeteners.

PHOTOS OF THE DAY

Actors participate in a street performance called ‘The Fisherwives’, by Bru Theatre Group, representing part of the fishing community from 100 years ago, at the Spanish Arch in Galway, Ireland. Credit: Clodagh Kilcoyne/Reuters

Performers entertain the crowd at the Arts by the Sea Festival in Bournemouth. Credit: Thomas Faull/Alamy Live News

The towers of the Deutsche Bank are illuminated by the setting sun in Frankfurt, Germany. Credit: Michael Probst/AP
Market Closes for October 1st, 2018

Market Index	Close	Change
Dow Jones	26651.21	+192.90     +0.73%
S&P 500	2924.59	+10.61   +0.36%
NASDAQ	8037.301	-9.052   -0.11%
TSX	16104.43	+31.29  +0.19%

International Markets

Market Index	Close	Change
NIKKEI	24245.76	+125.72
		+0.52%
HANG SENG	27788.52	+72.85
		+0.26%
SENSEX	36526.14	+299.00
		+0.83%
FTSE 100*	7495.67	-14.53
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.507		2.426
CND. 30 Year Bond		2.484		2.420
U.S.    10 Year Bond		3.0836		3.0612
U.S. 30 Year Bond		3.2343		3.2074

Currencies

BOC Close	Today	Previous
Canadian $	0.78051	0.77364
US $	1.28125	1.29258
Euro Rate 1 Euro=		Inverse
Canadian $	1.48344	0.67411
US $	1.15783	0.86369

Commodities

Gold	Close	Previous
London Gold Fix	1187.25	1185.40
Oil
WTI Crude Future	75.30	73.25

Market Commentary:
On this day in 2008, in the depths of the financial crisis, conglomerate General Electric turned to billionaire investor Warren Buffett to inject at least $3 billion into the company. GE also said it would sell at least $12 billion in stock to other investors.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks climbed after Prime Minister  Justin Trudeau reached an agreement with the U.S. late Sunday to join a new trade deal.  Hours earlier, Bloomberg News reported that a Royal Dutch Shell Plc-led group is poised to announce Monday that it’s moving forward on a C$40 billion ($31 billion) natural gas terminal in Canada, one of the country’s biggest construction projects.
     The S&P/TSX Composite Index rose 0.2 percent, with energy and health care stocks leading gains. Oil jumped to the highest level in nearly four years as a slowdown in American drilling added to concern over supply losses from Iran and Venezuela.
Shares of technology companies fell the most.
                           Stocks
* MEG Energy Corp. soared 38 percent after Husky Energy Inc. made a $2.6 billion hostile bid; Husky fell 6.5 percent
* Martinrea International Inc. jumped about 10.5 percent on the trade deal, which removed the threat of tariffs; Magna International Inc. and Linamar Corp. also climbed 
* Saputo Inc. rose 5.7 percent along with other dairy producers which joined auto makers and railroads climbing higher on tariffs announcement 
                          Commodities
* Western Canada Select crude oil traded at a $36 discount to WTI
* Gold fell about 0.3 percent to $1,193 an ounce FX/Bonds
* The Canadian dollar rose 0.8 percent to C$1.2807 per U.S. dollar
* The Canada 10-year government bond yield gained to 2.509%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks ended mixed, with multinational companies rising and domestically focused small caps sinking the most since July after the last-minute clinching of a new Nafta deal. Canada’s dollar remained higher, while Mexico’s peso gave back its rise.
     The S&P 500 Index finished higher but more stocks fell than rose in the market-cap weighted index. Industrial titan Boeing Co. led the advance among blue chips, while the Russell 2000 Index fell more than 1.5 percent. General Electric Co. surged after replacing its chief executive, while Tesla Inc. rallied after Elon Musk settled with regulators. The loonie jumped 0.8 percent versus the dollar. Oil topped $75 a barrel in New York.
      A measure of confidence returned to markets after American and Canadian representatives announced a trade deal to be known as the U.S. Mexico Canada Agreement, making modest revisions to the old Nafta framework. Political drama in Washington still swirled around Donald Trump’s Supreme Court nominee, but investors remained focus on a spate of corporate news and economic data due this week.
     In Europe, the broad equity gauge rose for the fourth day in five, led by oil and chemical companies. Italian bonds extended their slide from last week, dragging European debt lower as uncertainty persisted over a budget accord. Investors will be watching the market closely; the ECB has cut monthly bond purchases in half to 15 billion euros ($17 billion) starting this month. The euro turned lower even as data showed growth in factory output slid to the weakest pace in two years in the single currency area.
     In Asia, volumes were below normal in a number of markets – – it’s Labor Day in Australia, Hong Kong is shut and China is out through Oct. 7. Japan’s blue-chip Nikkei 225 Average closed at its highest level in nearly 27 years.
Here are some key events coming up this week:
* U.K. Conservative Party in second day of its annual conference Monday. Prime Minister Theresa May speaks Oct. 3. in Birmingham.
* Central bank policy decision are scheduled by the Reserve Bank of Australia on Tuesday and Reserve Bank of India on Friday.
* U.S. employment reports for September also due Friday.
These are the main moves in markets:
                           Stocks
* The S&P 500 rose 0.4 percent at 4 p.m. in New York, after rising as much as 0.8 percent.
* The Russell 2000 Index fell 1.4 percent, the most since July.
* The Nasdaq 100 Index rose to an intraday record before paing the gain to finish little changed. 
* The Stoxx Europe 600 Index advanced 0.2 percent.
* The MSCI Emerging Market Index slipped 0.2 percent.
* Japan’s Nikkei 225 Stock Average jumped 0.5 percent to the highest in about 27 years.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro dipped 0.2 percent for a fourth day of losses.
* The Mexican peso ended virtually unchanged at 18.715 per dollar. It rose as much as 1.2 percent.
* The Canadian dollar jumped 0.8 percent to C$1.28041 per U.S. dollar, the strongest in 19 weeks.
* The Japanese yen fell 0.2 percent to 113.96 per dollar, the weakest in about 11 months.
                           Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.087 percent.
* The yield on two-year Treasuries increased less than one basis point to 2.82 percent.
* Italy’s 10-year yield climbed 15 basis points to 3.295 percent.
                          Commodities 
* The Bloomberg Commodity Index gained 1.4 percent to the highest since June. 
* West Texas Intermediate crude advanced 3.1 percent to $75.52 a barrel, the highest in almost four years.
* Gold futures lost 0.2 percent to $1,193.20 an ounce.
–With assistance from Brandon Kochkodin, Cormac Mullen and Todd White.

Have a great evening.

Be magnificent!

As ever,

Carolann

 

Courage is rightly esteemed the firs of human  qualities because,
as has been said, it is the quality which guarantees all others.
                                             -Sir Winston Churchill, 1874-1965

                                   

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: Happy Friday!

Cabrillo Day ~ Discovery of California in 1542.

Tomorrow is Michaelmas ~ St. Michael’s Day: “ An esoteric Christian picture of the meeting between higher self and lower self is that of Michael and the Dragon.  Michael is consciousness; the Dragon pure impulse.  Though they are polarities, they are also alike.  Michael means ‘He who is like God’ and the Dragon is Lucifer (the Light Bearer), the great angel who took himself to be greater than  God.  Casting Lucifer from the Heavens, Michael struck a gem from Lucifer’s crown.  This became the Philosopher’s Stone – the magical substance that alchemists’  believed could turn lead into gold.  It stands for transformation and is our guide on paths of wisdom (gnosis).  The alchemical rule, ‘As above, so below’ assures us that ultimately all is one.  We are one with our Dragon.  The gem from Lucifer’s crown can also be the Holy Grail – love.  Out of love, we may embrace the Dragon.  For only by love can that which is flawed – both in ourselves and in the world – be made whole again.” -John Miller.

On Sept. 28, 1924, two United States Army planes landed in Seattle, Washington, having completed the first round-the-world flight in 175 days. Go to article »

PHOTOS OF THE DAY

A young visitor to Te Papa Museum in Wellington New Zealand poses for a photo inside a life-size replica of Blue Whale heart. Credit: Mark Baker/AP

A spectacular and dangerous traditional activity creating a canopy made from flying shards of molten metal performed at Yaozitou Village in north China to celebrate the harvest. The tradition was started 500 years ago as a cheap alternative to fireworks. Credit: Chen Xiaodong/Eyevine

Rievaulx Abbey bathed in coloured light ahead of Illuminating Rievaulx, a three night light and sound installation at the 11^th-century abbey ruins in North Yorkshire. Credit: Danny Lawson/PA Wire
Market Closes for September 28^th, 2018

Market Index	Close	Change
Dow Jones	26458.31	+18.38   +0.07%
S&P 500	2913.98	-0.02   —
NASDAQ	8046.352	+4.383   +0.05%
TSX	16073.14	-131.48
		-0.81%

International Markets

Market Index	Close	Change
NIKKEI	24120.04	+323.30
		+1.36%
HANG SENG	27788.52	+72.85
		+0.26%
SENSEX	36227.14	-97.03
		-0.27%
FTSE 100*	7510.20	-35.24
		-0.47%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.426		2.421
CND. 30 Year Bond		2.420		2.419
U.S.    10 Year Bond		3.0612		3.0555
U.S. 30 Year Bond		3.2074		3.1856

Currencies

BOC Close	Today	Previous
Canadian $	0.77364	0.76687
US $	1.29258	1.30389
Euro Rate 1 Euro=		Inverse
Canadian $	1.49991	0.66671
US $	1.16034	0.86182

Commodities

Gold	Close	Previous
London Gold Fix	1185.40	1194.25
Oil
WTI Crude Future	73.25	72.12

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks fell, sending a key index to a 1.3 percent loss for the third quarter, as trade uncertainty continues to weigh on shares. The U.S. and Mexico are about to advance a trade deal agreed last month that excludes Canada, the Financial Times reported, adding that the Mexican government said it will publish the text of the deal at 6pm local time (7pm in Toronto).
     The S&P/TSX Composite Index declined 0.8 percent on Friday, with autos, retailers and energy leading losses. Pot stocks recovered from a recent selloff, outperforming the broader market. The loonie was stronger on Friday to close out a quarter in which it was one of only four G-10 currencies to rally against the greenback.
                            Stocks
* Canadian Apartment Properties REIT fell 0.4 percent after RBC analyst Neil Downey downgraded shares to sector perform from outperform
* BlackBerry Ltd gained 10 percent after better-than-expected second-quarter earnings; Morgan Stanley analyst James Faucette wrote in a note that the company’s 2020 growth expectations are “too high”
* Aecon Group Inc. rose 0.3 percent after Bridging North America reached financial close to design, build, finance, operate and maintain the Gordie Howe International Bridge Project for the Windsor-Detroit Bridge Authority
                            Commodities
* Western Canada Select crude oil traded at a $34.90 discount to WTI
* Gold gained about 0.7 percent to $1,195.20 an ounce
                            FX/Bonds
* The Canadian dollar gained 1 percent to C$1.2916 per U.S. dollar
* The Canada 10-year government bond yield gained 0.4 basis points to 2.423%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks ended virtually unchanged to cap the best quarterly advance in five years. The dollar edged higher.  The S&P 500 Index saw the best quarter since 2013, even as the benchmark experienced its first weekly loss in three weeks. Financial shares paced losses, while technology firms led gains.  Facebook shares declined more than 2 percent after the tech giant said a security breach affected about 50 million users.
     Tesla Inc. tumbled the most in five years after securities regulators filed a lawsuit against Elon Musk’s carmaker.  Oil had the longest run of weekly gains in four months as energy giants to Wall Street banks predicted the return of $100 crude on an impending supply crunch. The dollar erased earlier gains after data showed U.S. consumer spending cooled in August, while the 10-year Treasury yield traded near 3.05 percent.  “When you look underneath the surface and you look at the market, this year has been a year when the market has just frankly been resilient,” Jay Gragnani, head of research at Nasdaq Dorsey Wright, said by phone. “There’s lots of talks of trade wars between China and the Canadian discussion. If you haven’t paid attention to the market, it certainly hasn’t felt like a very good year, but really you look underneath the surface and you’ve seen some pretty decent gains.”
     In Europe, Italy’s populists won their battle to fund costly campaign promises, while infighting over Brexit is embroiling the U.K.’s Conservative Party. The Stoxx Europe 600 Index retreated, led by a plunge in Italian shares as the country’s benchmark headed for the biggest drop in more than two years. The nation’s yields climbed the most in four months after the government set a wider budget deficit than some investors had anticipated.
     The yen’s slide to the weakest level this year helped stoke Japanese stocks as Asian equities advanced from Sydney to Shanghai.
These are the main moves in markets:
                            Stocks
* The S&P 500 was unchanged at 2,913.93 as of 4 p.m. in New York. The measure rallied more than 7 percent in the third quarter.
* The Nasdaq composite rose less than 0.1 percent, while small caps advanced.
* The Stoxx Europe 600 Index dipped 0.8 percent. 
* Italy’s FTSE MIB Index sank 3.7 percent, the most in more than two years.
* Emerging-market stocks fell 0.4 percent.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed. 
* The euro decreased 0.3 percent to $1.1612. 
* The British pound fell 0.3 percent to $1.3039. 
* The Japanese yen dropped 0.2 percent at 113.60 per dollar.
                            Bonds
* The yield on 10-year Treasuries was little changed at 3.05 percent. 
* Germany’s 10-year yield decreased six basis points to 0.46 percent, the largest tumble in four months. 
* Britain’s 10-year yield sank four basis points to 1.556 percent. 
* Japan’s 10-year yield climbed one basis point to 0.13 percent.
* Italy’s 10-year yield jumped 33 basis points to 3.216 percent, the highest in four weeks on the biggest surge in four months.
                            Commodities
* West Texas Intermediate crude increased 1.7 percent to $73.34 a barrel. 
* Gold gained 0.8 percent to $1,192.25 an ounce. 
* Copper rose 0.8 percent to $2.80 a pound.
–With assistance from Adam Haigh and Robert Brand.

Have a wonderful weekend.

Be magnificent!

 

As ever,

 

Carolann

 

Determine never to be idle.  No person will have occasion to complain
of the want of time who never loses any.  It is wonderful how much
may be done if we are always doing.
                                                     -Thomas Jefferson,1743-1826

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 Sept. 27, 1964, the Warren Commission issued a report concluding that Lee Harvey Oswald acted alone in assassinating President John F. Kennedy. Go to article »

The Back Story, NYT:

The illustrations that appear on Google’s home page to celebrate special occasions, like its 20th birthday today, began as a sly out-of-office message.

When the company’s founders, Sergey Brin and Larry Page, left for Burning Man in 1998, they added a drawing of the annual festival’s logo to their home page as a wink that they were away. The first Google Doodle was a hit.

A Google Doodle celebrating the birthday of Roger Hargreaves, the creator of the “Mr. Men” and “Little Miss” children’s books. Alamy

Google now employs a team of more than a dozen “Doodlers” to keep up with global demand for designs.
A few of the thousands of Doodles have caused controversy, including one honoring the Japanese-American activist Yuri Kochiyama, who expressed support for terrorists including Osama bin Laden.

But other Doodles have stirred creativity.

Ryan Germick, whose title is principal designer, Doodleland, said 40 million songs had been created with an interactive guitar Doodle celebrating Les Paul’s 96th birthday. And the Birth of Hip-Hop Doodle allowed visitors to mix samples from classic breakbeats, which he called the Doodles’ high-water mark.

Living in Doodleland, however, comes with a cost for Mr. Germick: seeing Doodles everywhere.

“Like at the supermarket,” he said in 2016, “the cucumbers and tomatoes are arranged a certain way and I’m like, ‘You know what, if I had a watermelon, that could work as a G.’ ”

Robb Todd wrote today’s Back Story, New York Times, September 27, 2018

PHOTOS OF THE DAY

A photographer has captured the oh no moment when a fish realizes its about to be gobbled down by a heron. The amazing snaps show the fish with its mouth wide open as if its life is flashing before its eyes – moments before the herons beak clamps down on it. Credit: Dave Potts/Mercury Press

An aerial view shows a surfer paddling out during a free surf session in Flackstad, Northern Norway, at the eve of the Lofoten Masters 2018. – Lofoten Masters 2018 is the most northern Surf contest, hold from September 27 to 30, in Unstad, within the Arctic circle. Credit: Photo by Oliver Morin/AFP

A drone shot showing the last of the summer sun shining through the remains of Corfe Castle in Dorset. Credit: Photograph by Chris Gorman/Bigladder.
Market Closes for September 27^th, 2018

Market Index	Close	Change
Dow Jones	26439.93	+54.65   +0.21%
S&P 500	2914.00	+8.03   +0.28%
NASDAQ	8041.969	+51.603   +0.65%
TSX	16204.62	+35.34
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	23796.74	-237.05
		-0.99%
HANG SENG	27715.67	-101.20
		-0.36%
SENSEX	36324.17	-218.10
		-0.60%
FTSE 100*	7545.44	+33.95
		+0.45%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.421		2.414
CND. 30 Year Bond		2.419		2.419
U.S.    10 Year Bond		3.0555		3.0480
U.S. 30 Year Bond		3.1856		3.1823

Currencies

BOC Close	Today	Previous
Canadian $	0.76687	0.76811
US $	1.30389	1.30182
Euro Rate 1 Euro=		Inverse
Canadian $	1.51793	0.65891
US $	1.16402	0.85909

Commodities

Gold	Close	Previous
London Gold Fix	1194.25	1201.90
Oil
WTI Crude Future	72.12	71.57

Market Commentary:
On this day in 1985, Philip Morris agreed to buy General Foods for $120 per share, or $5.75 billion, the largest takeover on record outside the oil industry. Many Philip Morris shareholders were angry that the tobacco company was diversifying into a slow-growing business like processed food.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks gained, following U.S. peers higher, getting a boost from a rally in energy and technology shares. The loonie weakened for a second day as the U.S. dollar strengthened against major peers after the latest Federal Reserve rate hike.
     The S&P/TSX Composite Index rose 0.2 percent, with energy stocks leading gains amid a rally in oil prices and hopes for a Canadian LNG project. Health stocks extended losses as pot shares fell on proposed regulations in Ontario to limit cannabis producers to one location.
                            Stocks  
* Cenovus Energy Inc. rose 9 percent after signing deals to transport about 100,000 barrels a day of heavy crude by rail to the U.S. Gulf Coast from Alberta as a pipeline bottleneck depresses Canadian oil prices.
* Painted Pony Energy gained for a fifth day, rose 6.3 percent, after a report said Shell Canada and its partners are set to announce a decision on a liquefied natural gas terminal in western Canada.
* Tourmaline Oil Corp. gained 8 percent after Tudor Pickering named it its preferred, long-term pick on the LNG Canada theme.
                            Commodities
* Western Canada Select crude oil traded at a $35.25 discount to WTI
* Gold fell about 1 percent to $1,187.50 an ounce
                             FX/Bonds
* The Canadian dollar fell 0.2 percent to C$1.3041 per U.S. dollar
* The Canada 10-year government bond yield gained 0.5 basis points to 2.415%
US
By Brendan Walsh and Vildana Hajric
     (Bloomberg) — U.S. stocks climbed and the dollar jumped to a two-week high after the Federal Reserve cited a strong economy when it raised interest rates. Gains in the largest tech companies made the Nasdaq the best performing major gauge, with both Apple Inc. and Amazon.com Inc. up about 2 percent. The likelihood of more Fed rate increases stretching into next year helped lift the greenback the most in a month. Argentina’s peso weakened a fourth day even after the country won a promise of extra cash from the
     International Monetary Fund. Ten-year Treasury yields held steady; the euro fell. Volume in the S&P 500 Index was about 9 percent below average as some traders turned their attention to a U.S. Senate panel hearing testimony from Supreme Court nominee Brett Kavanaugh and a woman who accuses him of sexual assault.
     U.S. stock traders brushed aside concerns that trade tensions could increase and accepted the outlook for higher borrowing costs a day after Fed officials signaled policy tightening was here to stay, even as President Donald Trump said he was “not happy” about Wednesday’s rate increase. He also struck a downbeat tone about trade talks with Canada, and accused China of trying to interfere in U.S. congressional elections in November.
     “The stock market’s telling me the trade thing is not that big of a deal,” said Jeffrey Saut, the chief investment strategist at Raymond James. “Trump always asks for the moon and then walks back his position and declares victory.”  Elsewhere, the Stoxx Europe 600 ended higher after declines in Asian shares. The euro fell with Italian bonds and equities before Italy’s coalition government agreed on a 2019 budget deficit. Crude climbed as U.S. Energy Secretary Rick Perry said the nation’s strategic oil reserves won’t be tapped to expand global supplies.
These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.3 percent as of the close of trading in New York
* The Stoxx Europe 600 Index rose 0.3 percent.
* The MSCI All-Country World Index was little changed.
* Italy’s FTSE MIB Index sank 0.6 percent.
* The Nikkei 225 fell 1 percent, breaking an eight-day winning streak.
                            Currencies
* The Bloomberg Dollar Spot Index gained 0.5 percent to the highest since Sept. 11.
* The euro fell 0.8 percent to $1.1651.
* The pound fell 0.7 percent to $1.308.
* The Japanese yen declined 0.6 percent to 113.38 per dollar.
* The Turkish lira advanced 1.7 percent to the strongest in a month.
* The MSCI Emerging Markets Currency Index increased 0.2 percent.
                            Bonds
* The yield on 10-year Treasuries was little changed at 3.05 percent.
* Germany’s 10-year yield was little changed at 0.53 percent.
* Britain’s 10-year yield edged higher to 1.6 percent.
* Italy’s 10-year yield rose three basis points to 2.88 percent.
                            Commodities
* West Texas Intermediate crude advanced 0.9 percent to $72.20 a barrel, approaching the highest in almost four years.
* Copper dropped 1.8 percent to $2.7765 a pound.
* Gold declined 0.9 percent to $1,184.12 an ounce, the weakest since mid-August.
–With assistance from Adam Haigh, Andreea Papuc, Cormac Mullen, Christopher Anstey, Eddie van der Walt, Yakob Peterseil and Andrew Cinko.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

It is certainly desirable to be well descended, but the glory belongs to our ancestors.
                                                                                           -Plutarch, c.46-c.125

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

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

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

Dear Friends,

Tangents:
September 26, 1950 – United Nations troops recaptured the South Korean capital of Seoul from the North Koreans.
1960: First televised Presidential debate.

T.S Eliot, b. 1888

   -from The Love Song of J. Alfred Prufrock by T.S. Eliot, 1915:
                                                            I grow old … I grow old …
I shall wear the bottoms of my trousers rolled.

Shall I part my hair behind? Do I dare to eat a peach?
I shall wear white flannel trousers, and walk upon the beach.
I have heard the mermaids singing, each to each.

I do not think that they will sing to me.

I have seen them riding seaward on the waves
Combing the white hair of the waves blown back
When the wind blows the water white and black.

We have lingered in the chambers of the sea
By sea-girls wreathed with seaweed red and brown
                                                            Till human voices wake us, and we drown.

Market Index	Close	Change
Dow Jones	26385.28	-106.93   -0.40%
S&P 500	2905.97	-9.59   -0.33%
NASDAQ	7990.367	-17.104   -0.21%
TSX	16169.28	+9.78
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	24033.79	+93.53
		+0.39%
HANG SENG	27816.87	+317.48
		+1.15%
SENSEX	36542.27	-109.79
		-0.30%
FTSE 100*	7511.49	+3.93
		+0.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.414		2.459
CND. 30 Year Bond		2.419		2.467
U.S.    10 Year Bond		3.0480		3.0964
U.S. 30 Year Bond		3.1823		3.2258

Currencies

BOC Close	Today	Previous
Canadian $	0.76811	0.77206
US $	1.30182	1.29523
Euro Rate 1 Euro=		Inverse
Canadian $	1.52893	0.65405
US $	1.17438	0.85150

Commodities

Gold	Close	Previous
London Gold Fix	1201.90	1202.75
Oil
WTI Crude Future	71.57	72.58

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks slightly recovered Wednesday morning after Prime Minister Justin Trudeau said Canada has a “broad range of paths” ahead in Nafta talks, but will continue to work toward a trilateral deal. Trudeau spoke at a press conference at the United Nations on Wednesday.
     The S&P/TSX Composite Index climbed 0.4 percent, with telecom and consumer discretionary stocks climbing most. Health care firm saw the largest decline, as pot stocks continued their wild price swings.
                           Stocks
* Canada Goose climbed more than 7 percent after DA Davidson initiated coverage on a handful of brand apparel names including GOOS with a buy rating
* Aurora Cannabis Inc. fell 3.4 percent after climbing on Tuesday following a quarterly report stating revenue growth should accelerate 
* MTY Food Group Inc. climbed 2.5 percent after completing purchase of sweetFrog Premium Frozen Yogurt
                            Commodities
* Western Canada Select crude oil traded at a $34 discount to WTI
* Gold fell 0.5 percent to $1,199.10 an ounce FX/Bonds
* The Canadian dollar weakened 0.09 percent to C$1.2965 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.451%
US
By Vildana Hajric and Brendan Walsh
     (Bloomberg) — U.S. stocks fell and Treasuries rose after the Federal Reserve signaled it’ll keep raising interest rates even as inflation remains tepid. The S&P 500 fell 0.3 percent, with the bulk of losses coming in the final 20 minutes of trading. Equities earlier gained after the central bank suggested inflation remained tepid, only to reverse as Chairman Jerome Powell said the Fed could raise rates past the perceived neutral level. He also raised concern about fiscal policy, calling its path “unsustainable.” The dollar was little changed after swinging between small gains and losses.  Powell addressed financial markets directly in his comments, saying that officials “judged the overall vulnerabilities to be moderate” while acknowledging some asset prices are in the “upper reach of their historical ranges.”  American equities closed Friday at a record, while the 10-year yield rose to near its highest of the year. Oil prices hit a four-year high Tuesday before pulling back amid news U.S. production topped 11 billion barrels a day.
    The Fed’s statement provided ammunition for hawks and doves alike as investors parsed the language for clues on monetary policy. Officials’ projections for the future path of rates steepened, even as the Fed acknowledged inflation shows no signs of accelerating.  “The market shouldn’t be too surprised by anything,” said Michael Ning, the chief investment officer at PhaseCapital. “I have to give the Fed credibility for being very consistent, and they delivered.”
     Investors will also be monitoring a news conference by President Donald Trump scheduled for 5 p.m. New York time.  Elsewhere, Japan’s Topix ended just below its highest point in almost eight months, while stocks rallied in Hong Kong as traders returned from a holiday and Chinese shares rose after MSCI Inc. said it’s considering increasing the country’s weight in its global indexes.
Here are some key events coming up this week:
* Thursday sees durable goods, GDP data and jobless claims for the U.S.
And these are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.3 percent as of the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The Nikkei 225 rose 0.4 percent.
* The MSCI Emerging Market Index climbed 0.5 percent.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1 percent to $1.1749.
* The British pound weakened 0.1 percent to $1.3169.
* The Japanese yen rose 0.2 percent to 112.78 per dollar.
                             Bonds
* The yield on 10-year Treasuries declined four basis points to 3.05 percent.
* Germany’s 10-year yield dipped one basis point to 0.53 percent.
* The U.K.’s 10-year yield fell four basis points to 1.59 percent
                            Commodities
* West Texas Intermediate crude decreased 1 percent to $71.59 a barrel.
* Gold declined 0.5 percent to $1,194.71 an ounce.
* Copper fell 0.2 percent to $2.819 per pound.
–With assistance from Marvin G. Perez, Ravil Shirodkar, Andreea Papuc, Luke Kawa, Sid Verma, Eddie van der Walt, Cormac Mullen and Steve Matthews

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Abused patience turns to fury.
-Thomas Fuller, 1608-1661

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: Full Moon tonight.
I watched it rise last night and it was spectacular; tonight should be even better.

September 25, 1676: Greenwich Mean Time established.
And on this day in 1493, Christopher Columbus set sail from Cadiz, Spain, with a flotilla of 17 ships on his second voyage to the Western Hemisphere. Go to article >>

Back Story , New York Times, September 25, 2018:

William Faulkner, born on this day in 1897 in New Albany, Miss., won two Pulitzers and the Nobel Prize in Literature. His Southern-rooted fiction, heartbreaking, dark and perverse, is often remembered for its long, winding sentences. His work appears in almost every listing of the best American novels. 

What’s less known about Faulkner is that he was a devotee of mysteries — Agatha Christie, Dashiell Hammett, Dorothy Sayers — and that he tried his hand at the genre. 

William Faulkner in 1962. Neal Boenzi/The New York Times 

In 1946, he won second prize in the annual Ellery Queen Mystery Magazine contest, for the story “An Error in Chemistry.” (Its big reveal involved a whiskey toddy). 

The story later appeared in “Knight’s Gambit,” a mystery collection by Faulkner featuring a mild-mannered yet shrewd country lawyer from Mississippi. Reviews were mixed, but The Times gave it a thumbs up. 

Faulkner rarely discussed his love of mysteries, perhaps considering them lowbrow, but he seemed to understand their importance to his writing. 

A friend recalled visiting a library with him, so Faulkner could “exchange a stack of mystery stories for a new stack. I asked him, ‘Why do you read all of these damn mysteries?’ and he said, ‘Bud, no matter what you write, it’s a mystery of one kind or another.’ ” 

Nancy Wartik wrote today’s Back Story.

PHOTOS OF THE DAY

Mist hovers around fields near Glastonbury Tor in Somerset as the autumn chill sets in. Credit: Apex

The harvest moon casts the City’s skyline in dramatic hues as it rises over London. The name has its origins in it being the nearest full moon to the autumnal equinox when the last of the harvest was traditionally brought in. Credit: Peter Macdiarmid/LNP

Birds sit in their cages during a bird singing competition in Thailand’s southern province of Narathiwat. Over 1,600 birds from Thailand, Malaysia and Singapore took part in the annual contest. Credit: Madaree Tohlala/AFP/Getty Images
Market Closes for September 25^th, 2018

Market Index	Close	Change
Dow Jones	26492.21	-69.84   -0.26%
S&P 500	2915.56	-3.81   -0.13%
NASDAQ	8007.473	+14.225   +0.18%
TSX	16159.50	-47.82
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	23940.26	+70.33
		+0.29%
HANG SENG	27499.39	-454.19
		-1.62%
SENSEX	36652.06	+347.04
		+0.96%
FTSE 100*	7507.56	+49.15
		+0.66%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.459		2.446
CND. 30 Year Bond		2.467		2.455
U.S.    10 Year Bond		3.0964		3.0814
U.S. 30 Year Bond		3.2258		3.2174

Currencies

BOC Close	Today	Previous
Canadian $	0.77206	0.77227
US $	1.29523	1.29488
Euro Rate 1 Euro=		Inverse
Canadian $	1.52384	0.65624
US $	1.17650	0.84998

Commodities

Gold	Close	Previous
London Gold Fix	1202.75	1198.70
Oil
WTI Crude Future	72.58	73.08

Market Commentary:
On this day in 2008, in the depths of the financial crisis, federal regulators seized Washington Mutual and struck a deal to sell the bulk of its operations to JPMorgan. It was the largest bank failure in U.S. history.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks fell for a second day as trade tensions with the U.S. continued and global markets declined. U.S. Trade Representative Robert Lighthizer said the U.S. won’t wait for Canada on new Nafta pact. President Donald Trump and Prime Minister Justin Trudeau attended the same luncheon at the United Nations General Assembly, where the pair had a brief handshake suggesting lingering resentment.
     The S&P/TSX Composite Index fell 0.3 percent, with consumer-discretionary and energy companies declining the most. Pot stocks rallied after Aurora Cannabis forecast revenue growth acceleration in fiscal 2019.
                            Stocks
* Martinrea International fell 4.9 percent as other auto players took a hit after BMW was the latest car company to lower its profit outlook, citing trade tensions and pricing pressure; Magna International Inc. declined 4.7 percent
* Barrick Gold Corp. rose as much as 5.4 percent after Citi analyst Alexander Hacking upgraded to buy from neutral, writing that the Randgold deal will add “most successful CEO” in the sector and solidifies capital allocation by removing M&A overhang/accelerating assets sales.
* Air Canada fell 2.5 percent after NTSB found tired pilots caused a near miss on a runway in San Francisco in 2017
                            Commodities
* Western Canada Select crude oil traded at a $34.50 discount to WTI
* Gold gained 0.1 percent to $1,205.60 an ounce
                            FX/Bonds
* The Canadian dollar gained 0.01 percent to C$1.2953 per U.S. dollar
* The Canada 10-year government bond yield gained to 2.459%
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks edged lower as oil drillers rallied with crude while industrial shares lagged behind.  Treasuries fell as the Federal Reserve started its two-day policy meeting.  U.S. benchmarks were mixed, with automobile and utility shares weighing on the S&P 500 Index, while a gain for Amazon.com Inc. helped lift the Nasdaq. President Donald Trump told the United Nations that the trade deficit with China “is just not acceptable,” stoking fears of greater trade tensions. Brent oil climbed to a four-year high.
     Benchmark Treasury yields touched 3.1 percent and the dollar weakened slightly. Core European bonds slipped, but Italian notes rallied as the country crept closer to a budget.  The Stoxx Europe 600 Index posted its seventh gain in eight days, and Japanese equities rose to the highest since January.
     Riskier assets are drifting in the face of mounting  political, trade and policy headwinds and investors look toward what could be a long and bruising conflict between the U.S. and China following the Asian nation’s decision to call off planned talks after the latest round of tariffs. Adding to political concerns are reports that U.S. Deputy Attorney General Rod Rosenstein, who oversees a probe into Russian interference in the American election, may be poised to leave his post, while the nomination of Brett Kavanaugh to the U.S. Supreme Court continues to be mired in controversy.
     Investors are also looking forward to the Federal Reserve.  The central bank’s policy meeting this week will likely see interest rates increased for the third time in 2018 and feature fresh projections for the next few years.  “What will be more interesting will be to find out” the number of rate hikes anticipated for next year, Iain Stealey, portfolio manager at JPMorgan Global Strategic Bond Fund, who expects two Fed rate hikes this year and two in the first half of 2019, said on Bloomberg TV. “Inflation is above target, so they can keep going on this sort of slow normalization.”
     Elsewhere, Brent climbed above $81 a barrel, reaching the highest since November 2014, while most metals fell. The pound added to gains made Monday when the currency was buoyed by increasing talk of a second U.K. referendum on the final Brexit deal.
     Here are some key events coming up this week:
* Japanese Prime Minister Shinzo Abe meets with President Donald Trump in New York to discuss trade.
* The Fed decision on Wednesday will be followed by a press conference with Chairman Jerome Powell.
* Thursday sees durable goods, GDP data and jobless claims for the U.S.
These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.1 percent as of the close of trading in New York; the Dow Jones Industrial Average sank 0.3 percent; the Nasdaq Composite rose 0.2 percent.
* The Stoxx Europe 600 Index gained 0.5 percent.
* The U.K.’s FTSE 100 Index increased 0.7 percent to the highest in more than three weeks.]
* The MSCI Emerging Markets Index was little changed.
* The Nikkei 225 increased 0.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index decreased less than 0.1 percent.
* The euro increased 0.2 percent to $1.1768.
* The British pound gained 0.5 percent to $1.3185.
* The Japanese yen fell 0.1 percent to 112.94 per dollar.
                             Bonds
* The yield on 10-year Treasuries were little changed at 3.09 percent after hitting the highest since May.
* Germany’s 10-year yield rose three basis points to 0.54 percent.
* Britain’s 10-year yield climbed two basis points to 1.63 percent.
* Italy’s 10-year yield declined seven basis points to 2.87 percent, the biggest fall in more than a week.
                            Commodities
* West Texas Intermediate crude rose 0.3 percent $72.28 a barrel, while Brent rose 0.7 percent to $81.74.
* Gold advanced 0.2 percent to $1,201.13 an ounce.
–With assistance from Andreea Papuc, Brandon Kochkodin, Christopher Anstey, Yakob Peterseil and Samuel Potter.

Have a great night.

Be magnificent!

As ever, 

Carolann

When you come to the end of your rope, tie a knot and hang one.
                                 -Franklin Delano Roosevelt, 1882-1945

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

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

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

Dear Friends,

Tangents:  Autumn officially arrived yesterday.
On Sept. 24, 1996, the United States and the world’s other major nuclear powers signed a treaty to end all testing and development of nuclear weapons. 
Go to article »

1936- F. Scott Fitzgerald b.

US poet Danez Smith wins Forward prize for best collection
Poets are “opening the window and looking out at the world” as readership increases. – from The Financial Times, September 22, 2018.

The Poem

it won’t be a bullet
                       -by Danez Smith

becoming a little moon – brightwarm in me one night.
thank god. i can go quietly. the doctor will explain death
& i’ll go practice.

in the catalogue of ways to kill a black boy, find me
buried between the pages stuck together
with red stick. ironic, predictable. look at me.

i’m not the kind of black man who dies on the news.
i’m the kind who grows thinner & thinner & thinner
until light outweighs us, & we become it, family
gathered around my barely body telling me to go
toward myself. 

From “Don’t Call Us Dead” (Chatto Poetry), winner of the 2018 Frorward Prize for Best Collection.   The competition is sponsored by Bookmark Content. -FT.

PHOTOS OF THE DAY

A cow’s silhouette against the almost full moon in Aitrang, Germany. Credit: Karl-Josef Hildenbrand/AFP

The Sydney Opera House has received carbon neutral certification five years ahead of schedule through a range of initiatives, including replacing incandescent bulbs in the Concert Hall with custom LED lights, upgrading its seawater cooling and waste management systems and in its recycling room. Credit: James D. Morgan/Getty

Actors and staff at the Bristol Old Vic theater (left to right) Actor Simon Callow, Poet Miles Chambers, Chief Executive Emma Stenning and Artistic Director Tom Morris stand in newly created openings in the building’s original frontage as the oldest continuously working theatre in the English speaking world, built in 1766, is reopening to the public after a £26M renovation project. Credit: Ben Birchall/PA Wire
Market Closes for September 24^th, 2018

Market Index	Close	Change
Dow Jones	26562.05	-181.45   -0.68%
S&P 500	2919.37	-10.30   -0.35%
NASDAQ	7993.250	+6.295   +0.08%
TSX	16207.32	-16.81
		-0.10%

International Markets

Market Index	Close	Change
NIKKEI	23869.93	+195.00
		+0.82%
HANG SENG	27499.39	-454.19
		-1.62%
SENSEX	36305.02	-536.58
		-1.46%
FTSE 100*	7458.41	-31.82
		-0.42%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.446		2.430
CND. 30 Year Bond		2.455		2.440
U.S.    10 Year Bond		3.0814		3.0628
U.S. 30 Year Bond		3.2174		3.2006

Currencies

BOC Close	Today	Previous
Canadian $	0.77227	0.77418
US $	1.29488	1.29168
Euro Rate 1 Euro=		Inverse
Canadian $	1.52124	0.65736
US $	1.17481	0.85120

Commodities

Gold	Close	Previous
London Gold Fix	1198.70	1208.35
Oil
WTI Crude Future	73.08	71.78

Market Commentary
On this day in 1998, eBay went public on the Nasdaq, selling about 3.5 million shares at an initial offering price of $18 a share that gave the e-commerce company a projected market cap of $715 million. Today, eBay is worth roughly $35 billion. 
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed their global peers lower amid rising trade tensions.  The loonie weakened against the dollar for a second day as concern that Nafta will take a back-burner to the China impasse is putting a damper on traders’ enthusiasm for the Canadian dollar. Prime Minister Justin Trudeau and President Donald Trump are not expected to sit down at the United Nations General Assembly this week as Nafta negotiations hang in the balance, the Toronto Star reported.
    The S&P/TSX Composite Index fell 0.1 percent on Monday, with telecom, consumer discretionary and industrials leading losses. Pot stocks recovered from a selloff on Friday and energy rose as oil rallied.
                            Stocks
* Barrick Gold Corp rose 5.8 percent after agreeing to buy Randgold Resources Ltd. for about $5.4 billion, creating a global gold mining behemoth with a focus on Africa and the Americas; On a call with analysts Randgold CEO Mark Bristow ruled out selling its top assets after the merger with Barrick.
* Calfrac Well Services Ltd fell 2.5 percent while Trican Well Service Ltd fell 2.6 percent after Scotia Capital analyst Vladislav Vlad downgraded the stocks to sector perform from sector utperform.
* Enbridge Inc fell 1.6 percent after Citi resumed coverage of Enbridge Inc. with a neutral recommendation.
                            Commodities 
* Western Canada Select crude oil traded at a $33.75 discount to WTI
* Gold gained 0.2 percent to $1,203.40 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.3 percent C$1.2946 per U.S. dollar
* The Canada 10-year government bond yield gained 1.6 basis points to 2.442%
US
By Sarah Ponczek and Brendan Walsh
     (Bloomberg) — Stocks slipped on growing concern about the outlook for global trade and U.S. politics. Oil rallied toward a four-year high. Industrial shares led the S&P 500 Index lower after China warned it won’t meet with American officials unless they stop threatening to expand tariffs, while reports that Deputy Attorney General Rod Rosenstein will leave his post also weighed on stocks. The Nasdaq 100 eked out a gain as the largest tech shares advanced. Comcast Corp. plunged after agreeing to buy Sky Plc.
     European sovereign bond yields jumped as Central Bank President Mario Draghi predicted a pickup in underlying inflation. Automakers were the worst performers as the Stoxx Europe 600 fell. An uptick in political tensions and the escalation in cross-Pacific trade tensions are testing global equities, which have posted two strong weeks of gains in part due to optimism that economies can weather any potential tariffs. JPMorgan Chase & Co. said it’s starting to factor into its strategy a growing potential for a “Phase III” of the tariff war next year affecting all Chinese imports, which would lead to weaker growth in the country and hit U.S. stocks.
     “Geopolitical disruption can certainly grab headlines and rock capital markets in the short term,” said Kristina Hooper, chief global market strategist at Invesco Ltd. “However, I continue to caution that investors focus on the geopolitical disruption that actually has the potential to impact fundamentals – and that is trade. Everything else is just noise.”
     Coming up this week is the Federal Reserve’s policy meeting that will likely see interest rates increased for the third time this year, with markets increasingly pricing for another one in December.
    Elsewhere, Hong Kong stocks fell as holidays in China and Japan reduced volume. Indian shares and the rupee slid as cracks appear in Asia’s best-performing stock market this year amid concerns about troubles in the non-bank financial sector.
     Emerging-market shares weakened and their currencies edged lower. Brent crude climbed above $80 a barrel as OPEC and its allies signaled less urgency to boost output despite U.S. pressure. The pound strengthened on increasing talk of a second U.K. referendum on the final Brexit deal.
Here are some key events coming up this week:
* Japanese Prime Minister Shinzo Abe meets with President Donald Trump in New York to discuss trade.
* The Fed decision on Wednesday will be followed by a press conference with Chairman Jerome Powell.
* Thursday sees durable goods, GDP data and jobless claims for the U.S.
These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.4 percent as of the close of trading in New York; the Nasdaq Composite rose 0.1 percent while the Dow Jones Industrial Average slid 0.7 percent.
* The Stoxx Europe 600 Index sank 0.6 percent.
* The MSCI All-Country World Index dipped 0.5 percent.
* The MSCI Emerging Markets Index decreased 1.1 percent, the first retreat in a week.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro was little changed at $1.1746.
* The British pound added 0.3 percent to $1.3113.
* The Japanese yen slipped 0.2 percent to 112.77 per dollar.
* The Turkish lira surged 2.5 percent to 6.1388 per dollar.
                            Bonds
* The yield on 10-year Treasuries increased two basis points to 3.08 percent, hitting the highest since May.
* Germany’s 10-year yield increased five basis points to 0.51percent.
* Britain’s 10-year yield rose six basis points to 1.61 percent.
                            Commodities
* The Bloomberg Commodity Index gained 0.5 percent to the highest in six weeks.
* West Texas Intermediate crude climbed 2.1 percent to $72.26 a barrel, approaching the highest in almost four years.
* Copper fell 1.1 percent to 2.8265 per pound.
* Gold slipped 0.1 percent to $1,198.85 an ounce.
–With assistance from Adam Haigh, Christopher Anstey, Eddie van der Walt and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

A man cannot be too careful in the choice of his enemies.
                                           -Oscar Wilde, 1854-1900

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

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

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

Dear Friends,

Tangents: HAPPY FRIDAY!

Leonard Cohen,  b. September 21, 1934

CITY CHRIST
  -by Leonard Cohen
He has returned from countless wars,
Blinded and hopelessly lame.
He endures the morning streetcars
And counts ages in  a Peel Street room.

He is kept in his place like a court jew,
To consult on plagues or hurricanes,
And he never walks with them on the sea
Or joins their lonely sidewalk games.

1938 – A hurricane struck parts of New York and New England, causing widespread damage and claiming more than 600 lives.

PHOTOS OF THE DAY

The Sky Disc of Nebra, made of bronze and gold, from 1,600 BC. displayed at an archeological exhibition in Berlin. Credit: Markus Schreiber/AP

A child like in the exhibition “Children’s Biennial – Dreams & Stories” in the Japanese Palace Dresden, Germany on the installation “Well” by Mark Justiniani. The first Children’s Biennial in Europe. Credit: Sebastian Kahnert/Alamy

Daredevil kayaker Dane Jackson rides the white water rapids towards the rainbow, as he makes his way along the river, in White Salmon, Washington. Credit: John Webster/Caters
Market Closes for September 21^st, 2018

Market Index	Close	Change
Dow Jones	26743.50	+86.52   +0.32%
S&P 500	2929.67	-1.08   -0.04%
NASDAQ	7986.957	-41.275   -0.51%
TSX	16224.13	+9.38
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	23869.93	+195.00
		+0.82%
HANG SENG	27953.58	+475.91
		+1.73%
SENSEX	36841.60	-279.62
		-0.75%
FTSE 100*	7490.23	+122.91
		+1.67%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.430		2.428
CND. 30 Year Bond		2.440		2.433
U.S.    10 Year Bond		3.0628		3.0645
U.S. 30 Year Bond		3.2006		3.1989

Currencies

BOC Close	Today	Previous
Canadian $	0.77418	0.77479
US $	1.29168	1.29067
Euro Rate 1 Euro=		Inverse
Canadian $	1.51799	0.65877
US $	1.17524	0.85089

Commodities

Gold	Close	Previous
London Gold Fix	1208.35	1203.30
Oil
WTI Crude Future	71.78	70.80

Market Commentary:
On this day in 2008, in the depths of the financial crisis, the Federal Reserve converted Morgan Stanley and Goldman Sachs into traditional bank-holding companies, bringing them under the supervision of bank regulators.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks barely climbed on Friday, rising to their highest since the end of August, as negotiations for a U.S. trade deal continued. The loonie weakened, snapping a three-day advance against the greenback.
     The S&P/TSX Composite Index rose less than 0.1 percent, with real estate and industrial companies leading gains. Healthcare names fell the most, declining 2.2 percent, as pot stocks pressured the benchmark. The massive swings in cannabis-related stocks continued as Tilray Inc. saw its biggest two-day drop since coming public.
                           Stocks
* Trican Well Service fell 6.2 percent after two analyst downgrades on Thursday; RBC cut its rating to sector perform and Raymond James lowered its recommendation to outperform
* AltaGas Ltd. climbed 5.9 percent, far outperforming a 0.5 percent advance in Canadian energy stocks 
* Gibson Energy Inc. rose 5.1 percent after NBF and National Bank upgraded their ratings
* Uni-Select Inc. gained 5 percent after being rated a new hold at TD, but with a C$24 price target
                          Commodities
* Western Canada Select crude oil traded at a $33.75 discount to WTI
* Gold fell 0.6 percent to $1,203.50 an ounce FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.29166 per U.S. dollar
* The Canada 10-year government bond yield gained to 2.43%
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — Declines in tech giants including Apple Inc., Amazon Inc. and Facebook Inc. dragged on equity benchmarks, helping erase the session’s gains on a day when quarterly rebalancing spurred volatile trading.
     The S&P 500 Index was little changed Friday but still ended the week up after reaching a record high Thursday. Quadruple witching — when futures and options on indexes and individual stocks expire — and the largest revision to the Global Industry Classification Standard since 1999 may be behind the slide and the higher-than-average volumes.  “Bottom line, new highs are positive in the medium term, but I wouldn’t be chasing stocks at these levels and at a minimum, digestion of this rally shouldn’t surprise anyone,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter, wrote to clients. “Are things better than they were last week? Yes. Are they good enough to get the S&P 500 through 3,000 and above? No, not yet, at least in my opinion.”
     Earlier, the bullish mood that characterized most of the week buoyed global equity markets. Stocks rallied in Europe and Asia, and the MSCI All-Country World Index was poised for a seven-month high. Treasury yields held above 3 percent. The dollar and commodities gained.
The pound sank after Prime Minister Theresa May said the U.K. and European Union were “at an impasse” on Brexit. The euro slipped from a three-month high after data showed euro-area expansion edged lower in September. Italian bonds climbed as Finance Minister Giovanni Tria prepares a draft budget. In Japan, news that the BOJ is trimming purchases of debt maturing in more than 25 years helped boost 20-year and 30-year government bond yields.
Raw materials, stocks and emerging-market assets are all rallying as investors bet the global economic expansion is intact despite the latest data from Europe and the escalating trade war. The Bloomberg Commodity Index climbed to its highest level in more than a month, fueled by gains in crude oil and copper.
     Emerging-market stocks and currencies extended a rally.  Indian stocks bucked the developing-nation trend, however, as a plunge in banks set off an exodus from financial shares.
The big rearrangement of the GICS takes effect Sept. 24, with the creation of the communication services group. The new industry category will include three of the four FANG stocks —
Facebook, Alphabet and Netflix — and could force investors who track indexes based on the classification to reshuffle their money.
These are the main moves in markets:
                           Stocks 
* The S&P 500 Index fell less than 0.05 percent as of 4:04 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.4 percent.
* The U.K.’s FTSE 100 Index climbed 1.7 percent. 
* The MSCI Emerging Market Index rose 1.4 percent to a three-week high.
* The MSCI All-Country World Index increased 0.3 percent.
                           Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent, the biggest gain in a week. 
* The euro fell 0.2 percent to $1.1749. 
* The British pound sank 1.4 percent to $1.3081, the biggest drop in almost a year. 
* The Japanese yen declined 0.1 percent to 112.55 per dollar.
                           Bonds
* The yield on 10-year Treasuries gained less than one basis point to 3.06 percent, a four-month high. 
* Germany’s 10-year yield decreased one basis point to 0.46 percent. 
* Britain’s 10-year yield fell three basis points to 1.553 percent. 
                          Commodities
* The Bloomberg Commodity Index increased 0.6 percent to the highest in six weeks.
* West Texas Intermediate crude gained 0.7 percent to $70.84 a barrel. 
* Gold fell 0.7 percent to $1,198.74 an ounce.
–With assistance from Adam Haigh and Robert Brand.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Opinion is ultimately determined by the feelings, and not by the intellect.
                                                               -Herbert Spencer, 1820-1903

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

Queensbury Securities Inc.,
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