Category: Events

Dear Friends,

Tangents:

Composed upon Westminster Bridge, September 3, 1802
                                           -William Wordsworth

Earth has not anything to show more fair: 
Dull would he be of soul who could pass by 
A sight so touching in its majesty: 
This City now doth, like a garment, wear 
The beauty of the morning; silent, bare, 
Ships, towers, domes, theatres, and temples lie 
Open unto the fields, and to the sky; 
All bright and glittering in the smokeless air. 
Never did sun more beautifully steep 
In his first splendour, valley, rock, or hill; 
Ne’er saw I, never felt, a calm so deep! 
The river glideth at his own sweet will: 
Dear God! the very houses seem asleep; 
And all that mighty heart is lying still! 

September 20, 1873 Panic swept the New York Stock Exchange in the wake of railroad bond defaults and bank failures.

PHOTOS OF THE DAY

It could be twit-twoo love as a pair of young barn owls share a kiss. The romantic owlets, which are only 10 weeks old, affectionately preen each other as they each fly in and land on post. These beautiful pictures were taken by 56-year-old Gavin Bickerton-Jones in Old Buckenham Country Park, Norfolk, on one of the pair’s first forays from their nesting box. Credit: Gavin Bickerton-Jones/Solent News & Photo Agency

‘Lest We Forget’ programme of dance performed by English National Ballet at Sadler’s Wells Theatre, London, UK. Credit: Alastair Muir

Steam and cooling towers of a lignite power plant are reflected in a pond in Peitz, eastern Germany. Credit: Patrick Pleul/DPA Via Ap
Market Closes for September 20^th, 2018

Market Index	Close	Change
Dow Jones	26656.98	+251.22   +0.95%
S&P 500	2930.79	+22.84   +0.79%
NASDAQ	8028.234	+78.197   +0.98%
TSX	16210.91	+60.99
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	23674.93	+2.41
		+0.01%
HANG SENG	27477.67	+70.30
		+0.26%
SENSEX	37121.22	-169.45
		-0.45%
FTSE 100*	7367.32	+36.20
		+0.49%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.428		2.420
CND. 30 Year Bond		2.433		2.430
U.S.    10 Year Bond		3.0645		3.0626
U.S. 30 Year Bond		3.1989		3.2098

Currencies

BOC Close	Today	Previous
Canadian $	0.77479	0.77372
US $	1.29067	1.29245
Euro Rate 1 Euro=		Inverse
Canadian $	1.52014	0.65783
US $	1.17779	0.84904

Commodities

Gold	Close	Previous
London Gold Fix	1203.30	1200.20
Oil
WTI Crude Future	70.80	71.12

Market Commentary:
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks climbed to their highest level this month on Thursday as negotiations for a U.S. trade deal continued. The loonie strengthened against a weak greenback as Nafta talks are set to continue after high-level meetings Wednesday failed to reach an agreement.
    The S&P/TSX Composite Index rose 0.5 percent, with health-care companies leading gains thanks to a rebound in pot stocks.
    Utilities, energy and materials companies were the only declining sectors. The massive swings in cannabis-related stocks continued with Tilray Inc. falling close to 18 percent in the U.S.
                            Stocks
* Aurora Cannabis Inc. surged 12.7 percent alongside other pot stocks; Canopy Growth Corp. climbed 6.5 percent
* New Gold Inc. fell 9 percent, as balance sheet concerns remained despite a deal to sell the Mesquite mine
* Eldorado Gold Corp. fell 6.5 percent; the company confirmed that its Greek subsidiary filed an application for EU750 million in damages from Greece 
* Celestica Inc. fell 4.8 percent after Dell EMC was said to terminate a contract with the company 
                            Commodities
* Western Canada Select crude oil traded at a $33.75 discount to WTI
* Gold gained 0.3 percent to $1,212.20 an ounce
                             FX/Bonds
* The Canadian dollar gained 0.1 percent C$1.29049 per U.S.dollar
* The Canada 10-year government bond yield gained to 2.428%
US
By Vildana Hajric
    (Bloomberg) — U.S. stock benchmarks reached new highs Thursday on news from China about tariff and currency moves that could ease trade tensions. Treasury yields remained near their highest level this year. The dollar slid.
    The S&P 500 Index soared to a record close — led by the technology, health-care and financial sectors — lodging its biggest gain in over a month. The Dow Jones Industrial Average also reached a new pinnacle, with 28 of 30 constituents flashing green. Most European and Asian shares also gained.  Trade conflicts that had stocks gyrating early in the week have since cooled off. China is said to be planning to cut the average tariff rate it charges on imports from the majority of its trading partners as soon as next month. On Wednesday, Premier Li Keqiang his government wouldn’t devalue the currency in order to boost its exports amid the trade war. The yield on 10-year Treasuries held above 3 percent, near its high for the year. The greenback weakened after a report said the U.S. and Canada are unlikely to reach a deal on Nafta in Washington this week; jobless data was solid but did little to change the mood. The pound surged after August retail sales came in higher than expected.
    “The dollar has generally strengthened on tariff fears, especially against EM currencies,” Pravit Chintawongvanich, an equity derivatives strategist at Wells Fargo Securities, said by phone. “What you’re seeing today is the opposite of that. EM equities and DM equities ex-U.S. are catching up. Today is a continuation of the risk-on theme we’ve seen in the last couple days.”
    Equity markets have so far remained resilient in the face of rising bond yields, suggesting investors are comfortable with the outlook for corporate earnings and global growth even as borrowing costs rise along with trade tensions. Ahead of the Fed meeting next week some other central banks topped the agenda on Thursday, with Norway’s policy makers raising interest rates for the first time in seven years as the SNB kept deposit rates unchanged.
    Elsewhere, emerging-market assets continued to rally off the lows seen earlier this month, with the rand among the leading developing-world currencies as the South African Reserve Bank held its key interest rate at a two-year low. Norway’s krone retreated as investors saw the central bank’s rate trajectory as dovish, while the Swiss franc strengthened.
    West Texas crude dropped after U.S. President Donald Trump resumed his criticism of OPEC on Twitter.
Here are some key events coming up this week:
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
These are the main moves in markets:
                            Stocks
* The S&P 500 Index gained 0.8 percent as of 4 p.m. New York time to its highest on record.
* The Dow Jones Industrial Average rose 1 percent, also reaching a record high.
* The Stoxx Europe 600 Index jumped 0.7 percent.
* The U.K.’s FTSE 100 Index climbed 0.5 percent.
* The MSCI Emerging Market Index jumped 0.9 percent to the highest in more than two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index decreased 0.4 percent to the lowest in eight weeks.
* The euro climbed 0.9 percent to $1.1779.
* The British pound rose 1 percent to $1.3271.
* The Japanese yen sank 0.1 percent to 112.41 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose less than one basis point to 3.07 percent, the highest in more than four months.
* Germany’s 10-year yield decreased two basis points to 0.47 percent.
* Britain’s 10-year yield fell two basis points to 1.585 percent.
                            Commodities
* The Bloomberg Commodity Index rose 0.6 percent, approaching a six-week high.
* West Texas Intermediate crude fell 0.4 percent to $70.80 a barrel.
* LME copper fell 0.6 percent to $6,082.00 a metric ton.
* Gold rose 0.3 percent to $1,207.28 an ounce.
–With assistance from Adam Haigh, Andreea Papuc and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

However impenetrable it seems, if you don’t try it, then you can never do it.
                                                                    -Andrew J. Wiles, b. 1953

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 19, 957 The United States conducted its first underground nuclear test, in the Nevada desert.

I read an interview with David Ellsberg in the Financial Times recently in which he portends that Trump’s behavior toward North Korea has inched the world closer to nuclear war.  Ellsberg is the guy who released the Pentagon Papers in 1971 and was at the forefront of planning disaster preparedness in the event of a nuclear war in his job at the Rand corporation and latterly in the Nixon Administration.  His book, The Doomsday Machine: Confessions of a Nuclear War Planner, has recently been published after years of rejection by publishers.  The renewed conversation on the possibility of a nuclear war and publishers’ willingness to put his book in print finally is disturbing at the very least.

Nature’s peace will flow into you as sunshine flows into trees.  The winds will blow their own freshness into you, and the storms their energy, while cares will drop away from you like the leaves of Autumn. –John Muir

PHOTOS OF THE DAY

South Korean President Moon Jae-in and North Korean leader Kim Jong-un attend a luncheon in Pyongyang, North Korea, during a high-stakes summit intended to salvage nuclear diplomacy negotiations between their countries. Credit: Pyeongyang Press Corps Via Reuters

Ballerinas arriving at the premiere of NUREYEV at the Curzon Mayfair, the new film by Jacqui and David Morris about the life of legendary ballet dancer Rudolf Nureyev which hits cinemas nationwide on 25 September. Credit: Jeff Moore

View of the work “Viewing Machine” by Danish-Icelander artist Olafur Eliasson, displayed at the Inhotim Centre for Contemporary Art in Brumadinho, some 60 km southeast of Belo Horizonte, Minas Gerais, Brazil. Credit: Mauro Pimentel/AFP/Getty Images
Market Closes for September 19^th, 2018

Market Index	Close	Change
Dow Jones	26405.76	+158.80   +0.61%
S&P 500	2907.95	+3.64   +0.13%
NASDAQ	7950.039	-6.068   -0.08%
TSX	16149.92	-46.12
		-0.28%

International Markets

Market Index	Close	Change
NIKKEI	23672.52	+251.98
		+1.08%
HANG SENG	27407.37	+322.71
		+1.19%
SENSEX	37121.22	-169.45
		-0.45%
FTSE 100*	7331.12	+30.89
		+0.42%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.420		2.382
CND. 30 Year Bond		2.430		2.401
U.S.    10 Year Bond		3.0626		3.0477
U.S. 30 Year Bond		3.2098		3.1947

Currencies

BOC Close	Today	Previous
Canadian $	0.77372	0.77063
US $	1.29245	1.29766
Euro Rate 1 Euro=		Inverse
Canadian $	1.50845	0.66293
US $	1.16712	0.85681

Commodities

Gold	Close	Previous
London Gold Fix	1200.20	1201.90
Oil
WTI Crude Future	71.12	69.85

Market Commentary:
On this day in 2008, in the depths of the financial crisis, Treasury Secretary Henry Paulson presented a plan to use taxpayer money to buy “hundreds of billions” of dollars worth of illiquid assets from U.S. banks. The SEC also issued a short-selling ban on hundreds of financial shares, and stocks rebounded for the second straight day.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks halted a three-day streak of gains as officials continue to work toward a trade U.S. trade deal, with Canadian Foreign Minister Chrystia Freeland telling reporters talks are still productive but negotiators need to do more work.  The S&P/TSX Composite Index fell 0.3 percent, with health-care, telecom and industrials leading losses. Materials, tech and financials were the only groups that gained.
     The loonie strengthened against the dollar for a second day.
                            Stocks
* TMAC Resources Inc. rose 2.6 percent after Macquarie initiated coverage with an outperform recommendation; TMAC filed a prospectus to offer shares via BMO Nesbitt Burns and CIBC World
                            Markets
* Aphria Inc. and Canopy Growth fell 7.3 percent and 5.8 percent, respectively, taking a breather even as cannabis producer Tilray gained as much as 94% before trimming gains.
* Australis Capital closed at $2.93 on its first trading day after parent company Aurora completed distribution of Australis’ shares and warrants.
                            Commodities
* Western Canada Select crude oil traded at a $32 discount to  WTI
* Gold gained 0.5 percent to $1,208.30 an ounce
                            FX/Bonds
* The Canadian dollar gained 0.4 percent C$1.2922 per U.S. dollar
* The Canada 10-year government bond yield gained 2.8 basis points to 2.411%
US
By Randall Jensen
    (Bloomberg) — U.S. equities edged higher and Treasuries declined as investors assessed the latest developments in the varied trade disputes. The dollar fell. The S&P 500 Index gained for a second day, getting a lift from banking stocks as the 10-year Treasury yield rose toward its highest level of the year, while rate-sensitive utilities weighed. Grocers dropped on a report that said Amazon Inc. is considering opening as many as 3,000 cashier less stores. Shares of Caterpillar Inc. and The Boeing Co. helped push up the Dow Jones Industrial Average after China said it won’t devalue its currency.
     The dollar fell against most major currencies after a report said the U.S. and Canada are unlikely to reach a deal on Nafta in Washington this week. Emerging-market equities advanced for the fifth time in six sessions as their currencies strengthened. West Texas crude climbed above $71 a barrel.  “We continue to ignore concerns over escalation of trade.  We knew we’d get this latest round and that China would  retaliate,” Art Hogan, chief market strategist at B Riley FBR Inc., said. “Right now it feels like an endless round of one-upsmanship and tit-for-tat retaliation. The market is willing to look at this as a brutal negotiation process and not a mutually destructive trade war just yet.”
     While the threat to global growth remains, investors have had months to form a view on the trade war and stock markets have been signaling an improving sentiment of late: A basket of global shares is rising for the seventh time in eight sessions.  But that perspective could be in jeopardy if tariffs have a bigger-than-expected impact on the economy. As the week grinds on, Brexit remains a key item on the agenda as the U.K. and European Union battle against the clock for an accord.
     Here are some key events coming up this week:
* European PMIs are due on Thursday; U.S. PMIs out Friday
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.1 percent to 2,907.95 as of 4:00 p.m. in New York. 
* The Nasdaq Composite Index fell 0.1 percent. 
* The Dow Jones industrial gained 0.6 percent, touching the highest since January. 
* The Russell 2000 Index declined 0.5 percent.
* The MSCI World Index of developed countries rose 0.4 percent to the highest in almost three weeks.
* The MSCI Emerging Market Index climbed 1.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent to the lowest in three weeks.
* The euro rose less than 0.1 percent.
* The Japanese yen gained 0.1 percent.
* The Turkish lira advanced 2.1 percent to 6.2508 per dollar.
* South Africa’s rand gained 1.8 percent to 14.6485 per dollar.
* The MSCI Emerging Markets Currency Index climbed 0.3 percent.
                            Bonds
* The yield on 10-year Treasuries rose two basis points to 3.08 percent.
* Germany’s 10-year yield gained less than one basis point to 0.49 percent.
* Italy’s 10-year yield gained six basis points to 2.852 percent.
                            Commodities
* The Bloomberg Commodity Index gained 0.8 percent.
* West Texas Intermediate crude rose 1.9 percent to $71.15 a barrel, headed for the highest since July. 
* Gold climbed 0.4 percent to $1,203.15 an ounce.
–With assistance from Vildana Hajric, Eddie van der Walt, Samuel Potter and Todd White.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

In a real dark night of the soul it is always three o’clock in the morning.
                                                    -F. Scott Fitzgerald, 1896-1940

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:  Yom Kippur begins at sundown.
G’mar Hatima Tova.
Yom Tov.

Yesterday, the Tokyo Stock Exchange was closed in observance of Respect for the Aged Day.  Isn’t that a terrific idea?

French winemakers are cheering an “incredible” 2018.

September 18,1759 – The French surrendered Quebec to the British.  Go to article >>

On this day in 1851, the first edition of The New York Times was printed. (See the front page here.) 

Happy birthday to The New York Times 

Then called The New-York Daily Times, the paper was founded by Henry Jarvis Raymond and George Jones. 

The first edition cost one penny and lacked any imagery or color. 

The founders declared that the newspaper would be issued every morning but Sunday, “for an indefinite number of years to come.” (Ten years later, The Times was among several papers that started Sunday editions to accommodate demand for news of the Civil War.) 

During a time when sensationalist journalism was commonplace in media, The Times vowed to avoid such tactics in favor of neutral, fact-based reporting. 

“We do not believe that everything in Society is either exactly right or exactly wrong,” Mr. Raymond said in the introductory article of the paper’s first edition. “What is good we desire to preserve and improve; what is evil, to exterminate, or reform.” 

Throughout the years, the paper would shorten its name to The New-York Times and eventually drop the hyphen in favor of its current style. Read more about the history of The Times here. 

Adriana Lacy wrote today’s Back Story, New York Times, September 18, 2018.

PHOTOS OF THE DAY

A giant balloon of Papa Smurf floats during the Balloon Day Parade along the downtown boulevards, as part of the “Comic Strip Festival”, in Brussels, Belgium. Credit: Eric Vidal/Reuters

Circus 1903 at the Southbank Centre, which includes stunningly created, larger-than-life puppet elephants alongside a huge cast of the most unique, amazing and dangerous circus acts. From acrobats to contortionists, jugglers to trapeze, high wire performers and much more. Credit: Julian Simmonds for The Telegraph.

This aerial view shows French artist Saype posing inside his giant land art fresco representing a little girl dropping an origami boat into Lake Geneva that he painted to support the cause of the NGO SOS Mediterranee. The giant fresco covering 5,000 square meters was produced with biodegradable paints made from natural pigments. Credit: Fabrice Coffrini/AFP/Getty Images
Market Closes for September 18^th, 2018

Market Index	Close	Change
Dow Jones	26246.96	+184.84   +0.71%
S&P 500	2905.12	+16.32   +0.56%
NASDAQ	7956.105	+60.314   +0.76%
TSX	16187.93	+105.62
		+0.66%

International Markets

Market Index	Close	Change
NIKKEI	23420.54	+325.87
		+1.41%
HANG SENG	27084.66	+151.81
		+0.56%
SENSEX	37290.67	-294.84
		-0.78%
FTSE 100*	7300.23	-1.87
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.382		2.342
CND. 30 Year Bond		2.401		2.357
U.S.    10 Year Bond		3.0477		2.9903
U.S. 30 Year Bond		3.1947		3.1309

Currencies

BOC Close	Today	Previous
Canadian $	0.77063	0.76695
US $	1.29766	1.30386
Euro Rate 1 Euro=		Inverse
Canadian $	1.51461	0.66024
US $	1.16718	0.85676

 

Gold	Close	Previous
London Gold Fix	1201.90	1201.95
Oil
WTI Crude Future	69.85	68.91

Market Commentary:
Canada
By Tatiana Darie
   (Bloomberg) — Canadian stocks followed their global peers higher on Tuesday as top-level Nafta negotiations are set to resume in Washington, where Republicans are warning time is running out for Canada to join the U.S.-Mexico trade deal. The S&P/TSX Composite Index rose 0.7 percent, the most in two months, with health care extending gains to the highest levels since mid-2016 as marijuana stocks rallied again. Real estate fell the most. The loonie strengthen against the dollar, climbing to the highest in nearly three weeks. Canada manufacturing sales rose more than expected in July.
                            Stocks
* Aurora Cannabis Inc. led cannabis peers higher while Tilray Inc. gained another 29 percent after receiving approval from the U.S. government to import medical cannabis into the country for a clinical trial. 
* Lumber stocks, including West Fraser Timber Co. Ltd. And Canfor Corp, fell as futures plunged to the lowest since July 2017 on the Chicago Mercantile Exchange. 
* Canadian grocers such as Loblaw, Empire and Metro Inc. rose after Macquarie analyst Christopher Li wrote that they should be able to manage a likely Amazon.com launch of free two-hour delivery from Whole Foods stores in Canada.
                            Commodities
* Western Canada Select crude oil traded at a $32 discount to WTI
* Gold fell 0.3 percent to $1,202.80 an ounce FX/Bonds
* The Canadian dollar gained 0.5 percent C$1.2982 per U.S. dollar
* The Canada 10-year government bond yield gained 4.4 basis points to 2.380%
US
By Vildana Hajric and Sarah Ponczek
   (Bloomberg) — Global equity markets climbed Tuesday, shrugging off the latest salvos in the trade war between the U.S. and China. Treasuries retreated and oil rose. President Donald Trump announced 10 percent tariffs on $200 billion in Chinese goods to start later this month. The rate would jump to 25 in January if Beijing refuses to offer concessions. China, in return, said it would levy duties on $60 billion of U.S. goods.
   Still, the S&P 500 Index registered its biggest gain in almost three weeks, led by technology stocks, which had been hammered in Monday’s session. Asia equities recovered from early weakness, with benchmarks in Japan and Shanghai jumping. The Stoxx Europe 600 Index also closed higher.
   “The market is properly looking at this as a type of de-escalation of the escalated tensions,” said Brian Jacobsen, a multi-asset strategist at Wells Fargo Asset Management. “The 10 percent tariffs are weaker than the 25 percent originally threatened. China retaliated with $60 billion compared to the U.S.’s $200 billion. This could be the start of the tapering of trade tensions.”
   Treasuries declined, pushing the yield on 10-year U.S. bonds above 3 percent, as most European government bonds drifted lower. Italian debt dropped earlier after a report of yet more tension over the country’s impending budget, though it later reversed the move after Finance Minister Giovanni Tria spelled out his fiscal balancing act at a Bloomberg event.
   Trump had vowed to increase pressure on China if the Asian nation retaliated against U.S. tariffs, which raises the risk of even more escalation between the world’s two biggest economies. However the rhetoric has been running for months, and many assets have priced in rising tensions, helping to cushion the latest blows.
   Elsewhere, the Australian dollar shrugged off trade concerns to reverse earlier losses as the central bank reaffirmed its next interest-rate move would likely be higher.
Turkey’s lira fell for a third day. The U.S. dollar fluctuated.
Oil jumped after Saudi Arabia expressed comfort with Brent oil prices rising above $80 a barrel. West Texas crude briefly breached $70 a barrel.
Here are some key events coming up this week:
* Japanese trade-flow numbers are due on Wednesday.
* The Bank of Japan holds its policy meeting on Wednesday.
* Britain releases inflation data on Wednesday.
* European PMIs are due on Thursday.
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.5 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.1 percent.
* The U.K.’s FTSE 100 Index fell less than 0.05 percent.
* The MSCI Emerging Market Index climbed 0.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index advanced 0.1 percent.
* The euro declined 0.1 percent to $1.1669.
* The British pound fell 0.1 percent to $1.3143.
* The Japanese yen declined 0.4 percent to 112.33 per dollar, the weakest in two months.
                            Bonds
* The yield on 10-year Treasuries jumped six basis points to 3.05 percent, the highest in almost four months.
* Germany’s 10-year yield rose two basis points to 0.48 percent, the highest in almost 14 weeks.
* Britain’s 10-year yield climbed three basis points to 1.568 percent.
                            Commodities
* West Texas Intermediate crude climbed 1.3 percent to $69.84 a barrel.
* LME copper gained 2.4 percent to $6,086.00 a metric ton.
* Gold fell 0.2 percent to $1,198.56 an ounce.
–With assistance from Andreea Papuc, Samuel Potter and Luke Kawa.

Have a great night.
 

Be magnificent!
 

As ever,

Carolann

 

Everyone rises to their level of incompetence.
                  -Laurence J. Peter, 1919-1990

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 17, 1917 – Income Tax comes into effect; supposedly only a wartime measure.  Go to article >>

1920: national Football League formed.
Ken Kesey, writer, b. 1935.
Take what you can use and let the rest go by. -Ken Kesey.
PHOTOS OF THE DAY

Breezy conditions in Camber, East Sussex, ideal conditions for these kite-surfers as they take to the waves in great numbers. Credit: Paul Lawrenson/Alamy Live news

Reenactment of the Battle of Prestonpans which was the first significant conflict in the Jacobite rising of 1745. The battle took place on 21 September 1745, with the Jacobeans successfully defeating the British Army. Credit: SWNS

Kenya’s Eliud Kipchoge celebrates on the podium during the winner’s ceremony after winning the Berlin Marathon setting a new world record of 2:01:39. Credit: John MacDougall/AFP/Getty Images
Market Closes for September 17^th, 2018

Market Index	Close	Change
Dow Jones	26062.12	-92.55   -0.35%
S&P 500	2888.80	-16.18   -0.56%
NASDAQ	7895.793	-114.250   -1.43%
TSX	16082.31	+68.82
		+0.43%

International Markets

Market Index	Close	Change
NIKKEI	23094.67	+273.35
		+1.20%
HANG SENG	26932.85	-353.56
		-1.30%
SENSEX	37585.51	-505.13
		-1.33%
FTSE 100*	7302.10	-1.94
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.342		2.345
CND. 30 Year Bond		2.357		2.361
U.S.    10 Year Bond		2.9903		2.9959
U.S. 30 Year Bond		3.1309		3.1309

Currencies

BOC Close	Today	Previous
Canadian $	0.76695	0.76707
US $	1.30386	1.30366
Euro Rate 1 Euro=		Inverse
Canadian $	1.52346	0.65640
US $	1.16838	0.85588

Commodities

Gold	Close	Previous
London Gold Fix	1201.95	1209.80
Oil
WTI Crude Future	68.91	68.99

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks bucked the global trend to move higher on Monday. Shares extended gains for a second session as U.S. stocks fell amid the latest American threats to expand tariffs on Chinese goods. Canadian Foreign Affairs Minister Chrystia Freeland told reporters earlier that negotiators continue to hold discussions in Washington.
     The S&P/TSX Composite Index rose 0.4 percent, the most in three weeks, boosted by a rally in health care and material shares. Cannabis-related shares rose after reports that Coca- Cola Co. is in talks with the marijuana producer to develop the beverages. Materials rose as gold rallied amid rising concern about a U.S.-China trade war.
                            Stocks
* Aurora Cannabis Inc. led pot stocks higher, closing up 9.1 percent, after the Coca-Cola report; CEO Terry Booth told Bloomberg TV that his company has had talks with three different beverage companies while declining to comment on the Coca-Cola speculation.
* Bausch Health Companies Inc. rose 0.9 percent, erasing earlier losses, after insiders including CEO Joseph Papa disclosed buying shares; Barclays also assumed coverage with an overweight recommendation.
* West Fraser Timber Co Ltd rose 1 percent after reporting it’s proceeding with a buyback of up to 5.52 million shares.
                            Commodities
* Western Canada Select crude oil traded at a $35 discount to WTI
* Gold gained 0.3 percent to $1,205.10 an ounce
                            FX/Bonds
* The Canadian dollar was little changed percent C$1.3029 per U.S. dollar
* The Canada 10-year government bond yield lost 0.5 basis points to 2.336%
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks tumbled the most in a month as investors grappled with the latest American threats to expand tariffs on Chinese goods. The dollar slipped and emerging-market currencies declined.
     The S&P 500 Index retreated Monday after five straight days of gains, with technology companies including Amazon.com Inc., Apple Inc. and Microsoft Corp. leading decliners. Semiconductor stocks also slumped, and the Nasdaq 100 Index saw its biggest drop since June. Investors sought refuge in consumer-staple and energy stocks such as Procter & Gamble Co. and Exxon Mobil Corp.
     Shares in Hong Kong and China declined on news that President Donald Trump had instructed aides to proceed with tariffs on $200 billion in Chinese products. Beijing has already said it will retaliate, according to people familiar with the decision. Trump said he would make an announcement on China trade after U.S. financial markets close.
     “The vector for trade-related global equity weakness today is tech, rather than China and emerging markets,” said Naufal Sanaullah, chief macro strategist at EIA All Weather Partners. “If the recent weakness in U.S. tech represents sufficient digestion of 10 percent tariffs on another $200 billion in Chinese imports, then any announcement could mark a short-term bottom in tech and it becomes all about the U.S. dollar again.”
     The Stoxx Europe 600 Index closed higher, with fashion store Hennes & Mauritz AB beating forecasts to help retailers outperform. Italian bonds rallied while other core European debt turned lower. Benchmark U.S. Treasury yields hovered just under 3 percent.
     Elsewhere, oil wavered as international supply concerns were overshadowed by a looming demand drop. Emerging-market stocks weakened and their currencies were led lower by a slide in India’s rupee, South Korea’s won and Turkey’s lira. Base metals including copper as the looming trade conflict spurred concerns about demand.
     Here are some key events coming up this week:
* South Korean President Moon Jae-in visits Pyongyang for a summit with Kim Jong Un Tuesday.
* Japanese trade-flow numbers are due on Wednesday.
* The Bank of Japan holds its policy meeting on Wednesday.
* Britain releases inflation data on Wednesday
* European PMIs are due on Thursday
* The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.6 percent as of 4 p.m. New York time
* The Stoxx Europe 600 Index rose 0.1 percent.
* The U.K.’s FTSE 100 Index fell less than 0.05 percent.
* The MSCI Emerging Market Index sank 1.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.5 percent to $1.1684.
* The British pound gained 0.7 percent to $1.3162.
* The Japanese yen rose 0.2 percent to 111.82 per dollar.
* The MSCI Emerging Markets Currency Index declined 0.2 percent.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.99 percent.
* Germany’s 10-year yield increased one basis point to 0.46 percent.
* Britain’s 10-year yield rose one basis point to 1.536 percent.
                            Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas Intermediate crude fell 0.4 percent to $68.71 a barrel.
* LME copper fell 0.5 percent to $5,945.00 a metric ton.
* Gold rose 0.4 percent to $1,200.08 an ounce.
–With assistance from Adam Haigh, Eddie van der Walt, Jessica Summers and Luke Kawa. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Today is only one day in all the days that will ever be.  But what will happen
in all the other days that ever come can depend on what you do today.
                                                     -Ernest Hemingway, 1899-1961

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

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

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

Dear Friends,

Tangents: HAPPY FRIDAY!

DEPENDING ON THE WIND

1.
A score of years ago I felled a hundred pines to build a house. 

Two stories, seven rooms in all.

                                            I built my love a home.

                                                                              Our
daughter was in orbit in the womb.

                                                  Mountains spun off like the arm
of a galaxy into the emptiness our windows framed.

                                                                          “What a
view!” our friends exclaimed, and “Sunsets to die for every single
night!” 

2.
Vertigo of solitude, distillate of loneliness for blood, my wife
untrue, my daughter flown, I, like a widower or worse, move
among the rooms I made.
                                    Where once I was not alone, now each
closed door is panic, and spaces grow immense with memory, like
shadows at dusk: abandonment’s avatar, grief’s cynosure.
                                                                                  Gone
that arrangement of allegiances called family we never really know
before it ends.
                      Like love itself, it isn’t true till then.
                                                                        I have no
family now but remembrances of tiny joys, tinier dramas we used
to call our life, like pollen over everything: brightly colored
clothespins on the line, a cross-shaped coral earring whose match is
lost, books of fairy tales we read aloud at night.
                                                                   I must be dumb as a
gunnysack of hammers.
                                 Wind still blows through open windows
like it always used to do.
                                 What did I love that made me believe it
would last?

                                                                  -James Galvin

PHOTOS OF THE DAY

Lighting designers Motoko Ishii and Akari-Lisa Ishii present a two-day special light show on the Eiffel Tower to celebrate the Japanese cultural season and 160 years of diplomatic relations between France and Japan in Paris, France. Credit: Charles Platiau/Reuters

A woman looks at books piled up at the entrance of Municipal Library of Prague in Prague, Czech Republic. Credit: David Cerny/Reuters

A paddle-boarder enjoys the calm sea just before sunset on a beautiful end to the day at Heacham, Norfolk. Credit: Paul Marriott
Market Closes for September 14^th, 2018

Market Index	Close	Change
Dow Jones	26154.67	+8.68   +0.03%
S&P 500	2904.98	+0.80   +0.03%
NASDAQ	8010.043	-3.667   -0.05%
TSX	16013.49	+11.78
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	23094.67	+273.35
		+1.20%
HANG SENG	27286.41	+271.92
		+1.01%
SENSEX	38090.64	+372.68
		+0.99%
FTSE 100*	7304.04	+22.47
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.345		2.329
CND. 30 Year Bond		2.361		2.347
U.S.    10 Year Bond		2.9959		2.9737
U.S. 30 Year Bond		3.1309		3.1128

Currencies

BOC Close	Today	Previous
Canadian $	0.76707	0.76904
US $	1.30366	1.30033
Euro Rate 1 Euro=		Inverse
Canadian $	1.51625	0.65958
US $	1.16289	0.85993

Commodities

Gold	Close	Previous
London Gold Fix	1209.80	1195.60
Oil
WTI Crude Future	68.99	68.59

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks were little changed, closing in the green for only the second time out of the past 11 sessions. The late rally wasn’t enough to pull shares higher for a week, with equities down 0.5 percent. On the trade front, no talks in Washington are expected before Monday, according to an official familiar with the plans. House Democratic Leader Nancy Pelosi told reporters earlier that a new Nafta deal should include Canada.
     The S&P/TSX Composite Index rose less than 0.1 percent, with health care leading gains as pot stocks recovered from a plunge on Thursday. Consumer staples and materials declined as gold prices extended losses for a second session.
                            Stocks
* AltaGas Ltd fell for a third day, dropping 2.7 percent, after plans to spin off its Canadian assets via an IPO; Scotiabank analyst Robert Hope said that the IPO route is generally subject to execution risk and, shares may take a “wait-and-see approach” before reflecting the expected proceeds
* Aphria Inc. and Canopy Growth Corp. rebounded from a selloff on Thursday, rising 13 percent and 8.4 percent, respectively, even as immigration experts told Bloomberg that U.S. border guards have broad powers to question Canadians on their current and past drug use and could declare users inadmissible to the U.S.
* Newstrike Brands Ltd rallied 5.2 percent after Bloomberg BNN reported that it has approached at least four companies about a potential sale.
                            Commodities
* Western Canada Select crude oil traded at a $36 discount to WTI
* Gold fell 0.8 percent to $1,198.40 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.3 percent C$1.30327 per U.S. dollar
* The Canada 10-year government bond yield gained 1.8 basis points to 2.346%
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks posted a late rally to close mostly higher for a fifth consecutive day, led by gains in the financial and energy sectors. The dollar strengthened after U.S. 10-year note yields briefly climbed past 3 percent.
     The S&P 500 and Dow finished just in the green after slumping midday, when Bloomberg News reported that President Donald Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products. Financial markets were whipsawed this week by conflicting reports on the status of trade relations between the world’s two largest economies. The Nasdaq closer lower, though up for the week.   
     “When the headlines hit, the knee-jerk reaction in the market is to either sell off or gain immediately,” Quincy Krosby, chief market strategist at Prudential Financial Inc, said by phone. “The president has had a couple of tweets suggesting he’s in no hurry to craft an agreement, but despite this, talks are apparently going to resume. And the question will be whether or not that leads to more negotiations.”
     The push for additional tariffs is despite the U.S. Treasury secretary’s attempt to restart talks with Beijing to resolve the trade war, according to four people familiar with the matter.
     Stocks also finished higher in Europe and Asia amid optimism for U.S.-China trade talks and action by Turkey and Russia to support their currencies that helped foster a positive mood. Miners and carmakers led the advance in the Stoxx Europe 600 Index, following a rally in most Asian benchmarks as they extended their rebound from the worst run of losses in 16 years. Oil posted its third straight weekly advance as traders keep watch on Hurricane Florence.
     From cooling U.S. inflation to central-bank meetings in Europe, the U.K. Turkey and Russia, it was a busy week for investors. American retail sales figures for August showed households took a breather from spending, though the data was still indicative of a strong job market and more after-tax pay.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose less than 0.1 percent to 2,904.97 as of 4:05 p.m. in New York, while the Dow Jones Industrial Average gained less than 0.1 percent to 26,154.67 and the Nasdaq Composite Index slipped less than 0.1 percent to 8,010.04.
* The Stoxx Europe 600 rose 0.4 percent.
* The U.K.’s FTSE 100 gained 0.3 percent.
* Germany’s DAX Index edged 0.6 percent higher.
* The MSCI Emerging Market Index jumped 1 percent.
* The MSCI Asia Pacific Index increased 1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, the first gain in three days.
* The euro weakened 0.5 percent to $1.1632.
* The British pound fell 0.3 percent to $1.3065.
* The Japanese yen weakened 0.1 percent to 112.01 per dollar.
                            Bonds
* The yield on 10-year Treasuries increased two basis points to 2.99 percent, while the two-year note yield climbed two basis points to 2.77 percent.
* Germany’s 10-year yield rose three basis points to 0.45 percent.
                            Commodities
* West Texas Intermediate crude rose 05 percent to $68.93 a barrel.
* Gold dropped 0.6 percent to $1,194.14 an ounce to finish the week lower.
–With assistance from Robert Brand. 

Have a wonderful weekend.

Be magnificent! 

As ever,

 

Carolann

 

Through the unknown, we’ll find the new.
         -Charles Baudelaire, 1821-1867

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 13, 1759 – James Wolfe’s army defeats Montcalm’s French forces at the Battle of Québec on the Plains of Abraham.
Go to article >>

PHOTOS OF THE DAY

Bavarian herdsmen in traditional dress drive their livestock during the return of the cattle from the summer pastures in the mountains near Oberstdorf, Germany. In autumn, herds fed on alpine pastures in the mountains during summer are led down to the valley where they spend the winter. Credit: AP Photo/Matthias Schrader

A mother teaches her three cubs to survive in the forest on the Russian border near Kajaani, Finland. She is making them keep watch for any approaching males. Each of the brown bear cubs take their turn keeping watch while the family relaxes by a nearby river – before they all patrol the area as a family. They are protecting their territory from adult male bears, who have been known to attack and kill young cubs. Russian border near Kajaani, Finland. Credit: Alex Perov/Solent News & Photo Agency

A polar bear seems to be having a rest in this hilarious photo from the Comedy Wildlife Photography Awards. Credit: Denise Dupras/CWPA/Barcroft Images
Market Closes for September 13^th, 2018

Market Index	Close	Change
Dow Jones	26145.99	+147.07   +0.57%
S&P 500	2904.18	+15.26   +0.53%
NASDAQ	8013.711	+59.482   +0.75%
TSX	16001.71	-47.31
		-0.29%

International Markets

Market Index	Close	Change
NIKKEI	22821.32	+216.71
		+0.96%
HANG SENG	27014.49	+669.45
		+2.54%
SENSEX	37717.96	+304.83
		+0.81%
FTSE 100*	7281.57	-31.79
		-0.43%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.329		2.336
CND. 30 Year Bond		2.347		2.352
U.S.    10 Year Bond		2.9737		2.9626
U.S. 30 Year Bond		3.1128		3.1063

Currencies

BOC Close	Today	Previous
Canadian $	0.76904	0.76950
US $	1.30033	1.29955
Euro Rate 1 Euro=		Inverse
Canadian $	1.52013	0.65784
US $	1.16904	0.85541

Commodities

Gold	Close	Previous
London Gold Fix	1195.60	1189.85
Oil
WTI Crude Future	68.59	70.37

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks extended losses, falling for the ninth out of 10 straight sessions, as officials remain tight-lipped about any progress on trade talks with the U.S. Earlier, Prime Minister Justin Trudeau declined to comment on a hard deadline for the deal. A tech rebound pushed U.S. stocks higher.
     The S&P/TSX Composite Index fell 0.3 percent to the lowest since May 29, dragged down by health care. Pot stocks plunged today as analysts highlighted signs of weakening momentum in the near term. Industrials and real estate led gains.
                            Stocks
* Dollarama Inc. fell 17 percent after its forecast for full- year gross margin missed estimates
* Aphria Inc. and other cannabis stocks plunged as Canaccord recommended reducing exposure on negative technical signals; the manager of a new marijuana-focused mutual fund cautioned investors should get ready for “scary down days”
* ATS Automation Tooling Systems Inc. gained 6.8 percent after agreeing to acquire KMW to strengthen its offerings in the electric vehicle market
                            Commodities
* Western Canada Select crude oil traded at a $34.50 discount to WTI
* Gold fell 0.4 percent to $1,206.40 an ounce
                            FX/Bonds
* The Canadian dollar was little changed at C$1.2997 per U.S. dollar
* The Canada 10-year government bond yield fell 0.9 basis point to 2.323%
US
By Sarah Ponczek
     (Bloomberg) — Gains in the information technology and health care sectors helped to propel U.S. stocks higher for a fourth day. Turkey’s lira jumped after a rate hike, and the dollar fell after data showed a gauge of underlying U.S. inflation unexpectedly cooled in August.
     Equities pulled back earlier from the day’s highs after President Donald Trump tweeted that U.S. isn’t under pressure to reach a trade agreement with China. While speculation on trade continues to dictate investor sentiment, the consumer price data and the resumption of the rally in tech kept shares afloat. The MSCI Asia Pacific Index climbed for the first time in 11 sessions, with equities rallying in Shanghai and Hong Kong.
     “The big thing about tech today is it feels like a relief rally,” said Chris Zaccarelli, chief investment officer at Independence Advisor Alliance in Charlotte, North Carolina. “There was extreme pessimism in terms of what was happening with tariffs potentially being put in place this week.”
     The pound rose after the Bank of England kept rates steady as expected, and strengthened more as the greenback slipped. The euro also climbed, after the ECB’s predicted hold and as President Mario Draghi expressed confidence on wage growth and the outlook for inflation. Turkey’s lira surged after the larger-than-expected move by the Turkish central bank.
     In the end, markets appear to be giving a cautious welcome to the earlier news that the U.S. and Chinese governments are working out the details for a new round of trade talks, just days after Trump threatened to slap tariff hikes on nearly all goods from China. Emerging-market assets — among the hardest hit by the protectionist spat — rallied.
     Elsewhere, crude oil pared two days of gains made on the outlook for tighter supply. The potential impact on commodities from Hurricane Florence faded with lower wind speeds.
     Here are some key events coming up this week:
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.5 percent as of 4:04 p.m. in New York, while the Dow Jones Industrial Average gained 0.6 percent and the Nasdaq Composite Index jumped 0.8 percent.
* The Stoxx Europe 600 fell 0.2 percent.
* The U.K.’s FTSE 100 fell 0.4 percent.
* Germany’s DAX Index climbed 0.2 percent higher.
* The MSCI Emerging Market Index gained 1.4 percent.
* The MSCI Asia Pacific Index rose 1 percent, after reaching the highest in a week on the first advance in more than two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 03 percent.
* The euro gained 0.5 percent to $1.1684, reaching the strongest in more than two weeks on the biggest increase in more than two weeks.
* The British pound rose 0.5 percent to $1.3106, the strongest in six weeks.
* The Turkish lira jumped 4.1 percent to 6.0925 per dollar, reaching the strongest in more than two weeks on the largest jump in more than four weeks.
                            Bonds
* The yield on 10-year Treasuries gained less than one basis point to 2.97 percent, while the two-year note yield rose less than one basis point to 2.75 percent.
* Germany’s 10-year yield rose one basis point to 0.42 percent.
* Britain’s 10-year yield rose two basis points to 1.50 percent.
* Italy’s 10-year yield fell one basis points to 2.95 percent.
                            Commodities
* West Texas Intermediate crude dropped 2.3 percent to $68.78 a barrel.
* Gold slipped 0.4 percent to $1,201.43 an ounce. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Looking back, I have this to regret, that too often when I loved,
I did not say so.  -David Grayson, 1870-1946

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:
How Newfoundland became a place of refuge on 9/11 and rolled out the welcome mat to passengers diverted by air traffic shutdown 
Go to article >>

This might be the oldest drawing ever found.

SEPTEMBER
   -by Louis Jenkins
One evening the breeze blowing in the window turns cold
and you pull the
blankets around you.  The leaves of the maples along Wallace Avenue have
already turned and whoever it was you loved does not come around anymore,
It’s all right.  Things change with the cycle of the seasons and evolve.  A mistake,
a wrong turn takes one elsewhere.  But perhaps there are forces other than
chance at work here…
PHOTOS OF THE DAY

The Virginia creeper covering the Tu Hwnt I’r Bont Tearoom on the banks of the River Conwy in Llanrwst, north Wales, begins to change colour as autumn sets in. Credit: Peter Byrne/PA

A Messerschmitt bubble car of the year 1958, left, and a BMW Isetta of the year 1958, right, are displayed at the “Automechanika” car supplier fair inFrankfurt, Germany. Credit: Michael Probst/AP

In this satellite image taken on Tuesday, Hurricane Florence churns through the Atlantic Ocean toward the U.S. East Coast. Followed to the east first by Hurricane Isaac and then Hurricane Helene. Florence is expected to make landfall by late Thursday to near Category 5 strength along the Virginia, North Carolina and South Carolina coastline. Credit: NOAA Via Getty Image
Market Closes for September 12^th, 2018

Market Index	Close	Change
Dow Jones	25998.92	+27.86   +0.11%
S&P 500	2888.92	+1.03   +0.04%
NASDAQ	7954.230	-18.243   -0.23%
TSX	16049.02	-45.23
		-0.28%

International Markets

Market Index	Close	Change
NIKKEI	22604.61	-60.08
		-0.27%
HANG SENG	26345.04	-77.51
		-0.29%
SENSEX	37717.96	+304.83
		+0.81%
FTSE 100*	7313.36	+39.82
		+0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.336		2.339
CND. 30 Year Bond		2.352		2.351
U.S.    10 Year Bond		2.9626		2.9755
U.S. 30 Year Bond		3.1063		3.1185

Currencies

BOC Close	Today	Previous
Canadian $	0.76950	0.75996
US $	1.29955	1.31587
Euro Rate 1 Euro=		Inverse
Canadian $	1.51115	0.66178
US $	1.16277	0.86001

Commodities

Gold	Close	Previous
London Gold Fix	1189.85	1196.60
Oil
WTI Crude Future	70.37	69.25

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks resumed losses, bucking a global trend, as trade uncertainty weighed on sentiment. Mexico’s chief Nafta negotiator is headed to Washington as the nation reiterated that it’s prepared to pursue a new trade deal with the U.S., even if it ends up excluding Canada. Meanwhile, Canadian Foreign Affairs Minister Freeland plans to return to Washington Wednesday night for a day of talks, Reuters reported.
     The S&P/TSX Composite Index fell 0.3 percent, dragged down by industrials, energy, financials and telecom shares. Materials was the second best-performing sector as precious metal prices surged on reports that the U.S. is proposing new round of trade talks with China.
                            Stocks
* New Gold Inc. rallied 22 percent on reports it’s working with BMO Capital Markets to help find a buyer and evaluate other options as the company explores a sale; earlier, New Gold named former Richmont Mines chief Renaud Adams its new CEO
* Bausch Health, formerly known as Valeant Pharmaceuticals, gained 13 percent after its patent for antibiotic Xifaxan was extended until 2029
* Transcontinental Inc rose 0.4 percent after National Bank Financial analyst Adam Shine upgraded it to outperform from sector perform
                            Commodities
* Western Canada Select crude oil traded at a $33.50 discount to WTI
* Gold gained 0.7 percent to $1,211 an ounce
                            FX/Bonds
* The Canadian dollar was gained 0.5 percent at C$1.3004 per U.S. dollar
* The Canada 10-year government bond yield fell 0.5 basis point to 2.333%
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks were mixed as a slump in technology and financial shares offset optimism that trade talks with China will resume before the Trump administration imposes another round of tariffs. Crude oil posted its best two-day increase since June.
     The Dow Jones Industrial Average was whipsawed by a Wall Street Journal report that the U.S. was reaching out to Chinese officials, fluctuating by over 200 points. Comments later from 3M’s chief financial officer on rising raw material costs helped to push the Dow into the red. The Nasdaq was lower much of the day, while the S&P 500 was little changed. Chipmakers dropped earlier after Goldman and Stifel downgraded several U.S. peers amid mounting industry concerns.
     Semiconductors are “a key indicator for the broader technology sector, and for the general stock market going forward,” Matt Maley, an equity strategist at Miller Tabak & Co., wrote in an email. “If the semis do indeed break-down from here as we move through the rest of September, it could/should lead to investors to rotate away from the tech stocks in a more meaningful fashion than they did last week.”
     Brent crude traded near a two-month high as shrinking oil inventories pointed to an increasingly tight global market. Meanwhile, Hurricane Florence threatens to disrupt fuel supplies as it moves toward North Carolina.
     Central banks are back in the spotlight this week. Market participants are watching for policy meetings scheduled for the European Central Bank and Bank of England, as well as Turkish and Russian central banks. Meanwhile, investors will be gauging the potential for extreme weather to disrupt economic activity, as threats from trade tension and Brexit negotiations linger.
     Here are some key events coming up this week:
* Policy decisions from the Bank of England and the European Central Bank on Thursday.
* Australia employment is due Thursday.
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index was little changed as of 4:08 p.m. in New York, while the Dow Jones Industrial Average rose 0.1 percent and the Nasdaq Composite Index slumped 0.2 percent.
* The Stoxx Europe 600 rose 0.5 percent.
* The U.K.’s FTSE 100 gained 0.6 percent.
* Germany’s DAX Index increased 0.5 percent.
* The MSCI Emerging Market Index rose 0.3 percent, rising from a 16 month low.
* The MSCI Asia Pacific Index rose 0.1 percent, after hitting the lowest in 13 months.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 0.5 percent.
* The euro gained 0.2 percent to $1.1626.
* The British pound was little changed at $1.3049.
* The Japanese yen strengthened 0.3 percent to 111.27 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell one basis points to 2.96 percent, while the two-year note yield was little changed at 2.75 percent.
* Germany’s 10-year yield fell two basis points to 0.41 percent.
* Britain’s 10-year yield fell two basis points to 1.48 percent.
* Italy’s 10-year yield rose one basis point to 2.94 percent.
                            Commodities
* West Texas Intermediate crude rose 1.4 percent to $70.25 a barrel.
* Gold gained 0.6 percent to $1,205.76 an ounce. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Forever is composed of nows.
-Emily Dickinson, 1830-1886

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. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania. 
Go to article »

PHOTOS OF THE DAY

Bianca Burton (left) and Erin Schultheis walk around the Pepperdine University’s annual display of flags honouring the victims on the 9/11 terrorist attacks, Monday, Sept. 10, 2018, in Malibu Calif. Terrorists used hijacked planes to crash Sept. 11, 2001, into the World Trade Centers, the Pentagon and a field in Pennsylvania. Nearly 3,000 people were killed in the attacks. Credit: AP Photo/Jae C. Hong

People wait for a train on the platform at the newly opened Cortland Street 1 train station in New York City, US. The Cortland Street 1 train station was buried in debris following the 9/11 terrorist attacks and had been closed since that day 17 years ago. Credit: Drew Angerer/Getty Images

Dancers perform the Abbots Bromley Horn Dance, an English folk dance whose origins date back to the middle ages, in the Village of Abbots Bromley in Staffordshire. Credit: Aaron Chown/PA Wire
Market Closes for September 11^th, 2018

Market Index	Close	Change
Dow Jones	25971.06	+113.99   +0.44%
S&P 500	2887.89	+10.76   +0.37%
NASDAQ	7972.473	+48.313   +0.61%
TSX	16094.25	+37.16
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	22664.69	+291.60
		+1.30%
HANG SENG	26422.55	-190.87
		-0.72%
SENSEX	37413.13	-509.04
		-1.34%
FTSE 100*	7273.54	-5.76
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.339		2.286
CND. 30 Year Bond		2.351		2.300
U.S.    10 Year Bond		2.9755		2.9314
U.S. 30 Year Bond		3.1185		3.0810

Currencies

BOC Close	Today	Previous
Canadian $	0.76552	0.75996
US $	1.30631	1.31587
Euro Rate 1 Euro=		Inverse
Canadian $	1.51552	0.65984
US $	1.16016	0.86195

Commodities

Gold	Close	Previous
London Gold Fix	1196.60	1198.90
Oil
WTI Crude Future	69.25	67.54

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose for the first time in eight sessions, following U.S. shares higher as technology companies rebounded. The Canadian government is poised to release a blueprint to reform the World Trade Organization as countries adjust to a newly protectionist America that has threatened to leave the organization entirely.
     “We had a very productive, constructive conversation. The atmosphere continues to be cordial. There continues to be goodwill on both sides,” Foreign Affairs Minister Chrystia Freeland said Tuesday after meeting U.S. Trade Representative Robert Lighthizer in Washington. “It is a truism of trade negotiations that nothing is done until everything is done.”
     The S&P/TSX Composite Index rose 0.2 percent to 15,094.25, with all sectors but one climbing. Technology and health-care companies were the best performers. Utilities fell.
     In other moves:
                            Stocks
* Aurora Cannabis soared more than 10 percent after the firm reached a deal on Monday to acquire South America-focused ICC Labs Inc.
* Precision Drilling climbed 5.4 percent as the U.S. rig count held steady in the week ended Sept. 7 with completion crews starting to recover
* Parex Resources kept rising after reporting a Capachos Andina discovery on Monday
* Northland Power gained as much as 5.4 percent after BMO upgraded to outperform from market perform (PT to C$28 from C$25), seeing a positive outlook for significant free cash flow per share growth in 2020 when DeBu project comes online
                            Commodities
* Western Canada Select crude oil traded at a $31 discount to WTI
* Gold rose 0.2 percent to $1,202.40 an ounce
                            FX/Bonds
* The Canadian dollar strengthened to C$1.3080 per U.S. dollar, the highest intraday in over a week
* The Canada 10-year government bond yield gained 2.9 basis points to 2.333%
US
By Sarah Ponczek
     (Bloomberg) — Stocks gained as the technology sector rebounded and energy-related shares rallied with crude oil. Treasury two-year note yields rose to a decade high with the U.S. selling debt and expectations becoming cemented for more Federal Reserve rate increases.
     The S&P 500 and Nasdaq rose for a second day, while the Dow recovered from Monday’s losses after investors shook off lingering anxiety about U.S. and Chinese trade relations. Apple, Microsoft, Facebook, Amazon and Google parent Alphabet pushed the tech heavy Nasdaq 100 Index up the most in about two weeks. European shares ended mostly flat. In emerging markets, shares fell while a gauge of currencies erased earlier gains.
     “Tech is strong, rebounding from that selloff it had,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas. “It goes back to second quarter earnings that were exceptionally strong. Obviously we still have trade that hasn’t been worked out, but in spite of a few negatives, this market wants to continue to go higher.”
     Crude rose the most since June as Hurricane Florence threatened U.S. East Coast gasoline markets and sanctions began crimping Iranian oil exports. East Coast motorists may see “dramatic” spikes in gasoline prices, according to AAA, as mass evacuations stretch supplies and Florence’s heavy rains imperil major fuel pipelines.
     Shares fell earlier after the World Trade Organization said China would ask for permission to retaliate against the U.S. due to its failure to modify anti-dumping methodologies.
     Worsening relations between the U.S. and China have been at the top of the agenda, with the Trump administration ready to boost tariffs on even more goods. That’s overshadowed optimism for a trade deal between the EU and the world’s biggest economy. The memory of summertime volatility and weakness in commodities also still provides plenty of reasons for caution as investors brace for meetings of central banks of Argentina, Turkey and Russia this week.
     “People are waiting for some additional news on the trade front,” said Peter Jankovskis, co-chief investment officer at Oakbrook Investments. “That’s a big thing that’s overhanging the market right now.”
     Here are some key events coming up this week:
* Policy decisions from the Bank of England and the European Central Bank on Thursday.
* Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe will meet.
* Apple unveils its latest iPhones on Wednesday.
* Australia employment is due Thursday.
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.4 percent as of 4:03 p.m. in New York, while the Dow Jones Industrial Average gained 0.4 percent and the Nasdaq Composite Index increased 0.6 percent.
* The Stoxx Europe 600 Index dropped less than 0.1 percent.
* The U.K.’s FTSE 100 Index was little changed.
* Germany’s DAX Index eased 01. percent.
* The MSCI Emerging Market Index sank 0.7 percent to the lowest in about 14 months.
* The MSCI Asia Pacific Index declined 0.1 percent, reaching the lowest in about 13 months on its ninth consecutive decline.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed, after rising as much as 0.2 percent.
* The euro was little changed at $1.1588.
* The British pound fell 0.1 percent to $1.3016.
* The Japanese yen weakened 0.4 percent to 111.60 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose five basis points to 2.98 percent, while the two-year note yield increased four basis points to 2.75 percent.
* Germany’s 10-year yield increased three basis points to 0.43 percent, the highest in a month.
* Britain’s 10-year yield rose three basis points to 1.50 percent.
* Italy’s 10-year yield rose four basis points to 2.94 percent.
                            Commodities
* West Texas Intermediate crude rose 2.8 percent to $69.44 a barrel.
* Gold was little changed at $1,196.25 an ounce.
–With assistance from Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Failure is not fatal, but failure to change might be.
                    -John Robert Wooden, 1910-2010

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: Shanah tovah! This is the start of the Hebrew year 5779.

September 10, 1939:  Canada declares war on Germany, joining Britain and France in entering the Second World War. 
Go to article >>
PHOTOS OF THE DAY

A photo taken from the International Space Station by astronaut Ricky Arnold shows Hurricane Florence over the Atlantic Ocean. Credit: @Astro_Ricky/Nasa

Artists perform during the Lollapalooza music festival at the Olympia stadion stadium in Berlin. Credit: Britta Pedersen/AFP/Getty Images

People fly kites on a beach while others sunbathe during the 20^th edition of the International Dieppe Kite Festival in Dieppe, northwestern France. Credit: Charley Triballeau/AFP/Getty Images
Market Closes for September 10^th, 2018

Market Index	Close	Change
Dow Jones	25857.07	-59.47   -0.23%
S&P 500	2877.13	+5.45   +0.19%
NASDAQ	7924.160	+21.619   +0.27%
TSX	16057.09	-33.18
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	22373.09	+66.03
		+0.30%
HANG SENG	26613.42	-360.05
		-1.33%
SENSEX	37922.17	-467.65
		-1.22%
FTSE 100*	7279.30	+1.60
		+0.02%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.286		2.288
CND. 30 Year Bond		2.300		2.299
U.S.    10 Year Bond		2.9314		2.9388
U.S. 30 Year Bond		3.0810		3.1014

Currencies

BOC Close	Today	Previous
Canadian $	0.75996	0.76025
US $	1.31587	1.31535
Euro Rate 1 Euro=		Inverse
Canadian $	1.52592	0.65536
US $	1.15963	0.86235

Commodities

Gold	Close	Previous
London Gold Fix	1198.90	1205.15
Oil
WTI Crude Future	67.54	67.75

Market Commentary:
On this day in 2008, Lehman Brothers shares fell nearly 7% to $7.25 as the investment bank warned of a large quarterly loss and floated a spinoff plan to raise capital. The stock had lost more than 50% of its value in the two sessions entering the day. 
Canada
By Tatiana Darie
     (Bloomberg) — Canadian fell for a seventh day, the longest losing streak since January 2016, as trade talks continue in Washington. Stocks in the U.S. and Europe gained.
     The S&P/TSX Composite Index fell 0.2%, dragged down by energy and materials. Health care gained as pot stocks continued their rally after Aurora Cannabis Inc. reached a deal to acquire South America-focused ICC Labs Inc.
     In other moves:
                            Stocks
* Onex Corporation rose 3.3 percent after RBC analyst Geoffrey Kwan upgraded shares to top pick from outperform, PT CAD C$111 from C$110, given the stock’s more attractive valuation.
* Cenovus Energy Inc. rose 1.1 percent after being upgraded by JPMorgan to overweight from neutral (PT to C$17 from C$16), and added to the bank’s analyst focus list.
* Iron Bridge Resources Inc rose 21 percent after its board unanimously supported its transaction with Velvet Energy, in which Iron Bridge holders would receive $0.845 per share.
                            Commodities
* Western Canada Select crude oil traded at a $28 discount to WTI
* Gold was little changed to $1,201 an ounce
                            FX/Bonds
* The Canadian dollar was little changed at C$1.3160 per U.S. dollar
* The Canada 10-year government bond yield fell 0.1 percent to 2.286%
–With assistance from Carolina Wilson.
US
By Sarah Ponczek
     (Bloomberg) — Most U.S. stocks hung onto gains to close higher even as FANG weakness and lingering concern over U.S. and China trade tensions weighed on investor optimism. Apple, Amazon.com and Google parent Alphabet were among the biggest losers in the Nasdaq 100 Index.
     The S&P 500 broke a four-day slide, bolstered by increases in Microsoft and Home Depot, while the Dow Jones Industrial Average fell for a second day. The Dow Jones Transportation Average set a record high. The Stoxx Europe 600 Index rose as Italy’s benchmark surged, buoyed by official government comments over the weekend that the country’s impending budget will be pragmatic and within EU fiscal rules. Emerging-market shares slid. Equities sank in Shanghai and Hong Kong, with the latter’s benchmark nearing a bear market in the wake of President Donald Trump’s threat to step up his trade showdown with China.
     “We’ve had so much data come through that we now get into a little bit of a lull,” Mark Hackett, chief of investment research at Nationwide Funds Group, said in an interview at Bloomberg’s New York headquarters. “So unfortunately the only thing that is left is trade, and we’re going to probably get more negative headlines on that than positive.”
     Apple fell for a fourth straight day, the longest losing streak since April, after a weekend tweet from President Trump targeting the iPhone maker. The pressure comes ahead of a week in which Apple will launch new products at the company’s California headquarters.
     “We have the product event coming up and usually we see momentum in Apple stock going into the product event,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said by phone. “We’ll have to see if that turns around, if this is just a one-day event based on the tweets.”
     The pound jumped after European Union chief Brexit negotiator Michel Barnier said a deal with the U.K. is “realistic” and “possible” within eight weeks.
     Worries from the trade ructions to emerging-market turmoil continue to mar the outlook for global equities. Trump’s signal that he’s ready to target a sum of goods equal to virtually all imports from China came as data showed a healthy American labor market with signs of wage inflation that could clear the way for two more Federal Reserve interest rate hikes this year.
     Here are some key events coming up this week:
* Policy decisions from the Bank of England and the European Central Bank on Thursday.
* Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe will meet.
* Apple unveils its latest iPhones on Wednesday
* Australia employment is due Thursday.
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.2 percent as of 4:12 p.m. in New York, while the Dow Jones Industrial Average slipped 0.2 percent and the Nasdaq Composite Index increased 0.3 percent.
* The Stoxx Europe 600 Index climbed 0.5 percent, the largest increase in two weeks.
* The U.K.’s FTSE 100 Index was little changed.
* Germany’s DAX Index climbed 0.2 percent.
* The MSCI Emerging Market Index sank 1.2 percent to the lowest in 14 months.
* The MSCI Asia Pacific Index declined 0.7 percent, reaching the lowest in about 13 months on its eighth consecutive decline.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro gained 0.4 percent to $1.1597.
* The British pound increased 0.8 percent to $1.3026.
* The Japanese yen decreased 0.2 percent to 111.18 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell less than one basis point to 2.94 percent.
* Germany’s 10-year yield increased one basis point to 0.40 percent, the highest in more than a week.
* Britain’s 10-year yield rose one basis point to 1.47 percent.
* Italy’s 10-year yield declined 13 basis points to 2.90 percent.
                            Commodities
* West Texas Intermediate crude dropped 0.2 percent to $67.56 a barrel.
* Gold was little changed at $1,196.45 an ounce.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Science is what you know; philosophy is what you don’t know.
                                   -Bertrand Russell, 1872-1970

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 this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

Aerial view of the Red Beach in Panjin in China’s northeastern Liaoning province. – The beach gets its name from its appearance, which is caused by a type of sea weed that flourishes in the saline-alkali soil. Credit: China Out-/AFP/Getty Images

Whale enthusiasts look out to sea in the hope of spotting a humpback – despite the colossal 30 tonne giant being just beneath them. Two massive 50 ft-long male humpbacks can be seen happily circling under the 20ft boat. Credit: Mike Korostelyov/Solent News

A father and his daughter play in sunset on the seashore in Yantai City, east China’s Shandong Province. Credit: Xinhua/Alamy Live News
Market Closes for September 7^th, 2018

Market Index	Close	Change
Dow Jones	25916.54	-79.33   -0.31%
S&P 500	2871.68	-6.37   -0.22%
NASDAQ	7902.543	-20.183   -0.25%
TSX	16090.27	-10.67
		-0.07%

International Markets

Market Index	Close	Change
NIKKEI	22307.06	-180.88
		-0.80%
HANG SENG	26973.47	-1.35
		-0.01%
SENSEX	38389.82	+147.01
		+0.38%
FTSE 100*	7277.70	-41.26
		-0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.288		2.233
CND. 30 Year Bond		2.299		2.250
U.S.    10 Year Bond		2.9388		2.8731
U.S. 30 Year Bond		3.1014		3.0527

Currencies

BOC Close	Today	Previous
Canadian $	0.76025	0.76041
US $	1.31535	1.31509
Euro Rate 1 Euro=		Inverse
Canadian $	1.52158	0.65721
US $	1.15650	0.86467

Commodities

Gold	Close	Previous
London Gold Fix	1205.15	1196.70
Oil
WTI Crude Future	67.75	67.77

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks were little changed, following U.S. peers lower, as global trade tensions showed no signs of easing, with President Trump threatening more tariffs on China. Meanwhile, a Canadian official said no deal will be reached on Friday, with talks set to continue.
     The S&P/TSX Composite Index fell 0.07 percent, closing off its session lows as tech shares rebounded on Friday. Telecom, industrials and financials led to the downside.
     The Canadian dollar fell against the greenback after the country’s latest jobs data showed an unexpected drop.
     In other moves:
                            Stocks
* Nevsun Resources fell 0.3 percent after Scotia Capital analyst Orest Wowkodaw downgraded to sector perform from sector outperform.
* Tahoe Resources rebounded 9.9 percent after restarting its La Arena mile after signing an agreement with protesters from the community of La Ramada; the CEO also said the company expects to be in a position to restart operations at Escobal
* Horizons Marijuana Life Sciences rose 0.7 percent after becoming the first cannabis-focused fund to break the billion- dollar mark; shares rallied 124 percent since its April 2017 debut on the Toronto Stock Exchange.
                            Commodities
* Western Canada Select crude oil traded at a $27 discount to WTI
* Gold fell 0.2 percent to $1,201.70 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.3 percent to C$1.3181 per U.S. dollar
* The Canada 10-year government bond yield rose 5.6 basis points to 2.289%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell for a fourth straight days after President Donald Trump’s threat to escalate the trade war with China roiled technology and multinational shares. The dollar climbed and Treasuries fell as wage gains bolstered the prospects for further rate hikes.
     The Nasdaq 100 Index capped its worst week since March as Apple slumped on its warning that the Trump administration’s musing over levying virtually everything imported from China would hit a broad range of its products. The S&P 500’s weekly drop was the most since June and Boeing led declines in the Dow Jones Industrial Average. The dollar rallied versus major peers and the offshore Chinese yuan fell the most in a week. The 10- year Treasury yield pushed above 2.94 percent.
     The latest salvo from Trump in the trade war rattled U.S. stocks a day after top American executives made a last-minute push to convince the president to not impose fresh tariffs. Instead, Trump Friday signaled he’s ready to target a sum of goods equal to virtually all imports from China. The tariff drama overshadowed an August jobs report that showed a healthy labor market with signs of wage inflation that could clear the way for two more rate hikes this year.
     “The risks are real and there’s increasing evidence that we’re closer to more of a full blown trade war,” Bong-Seok Choi, director of research at San Francisco-based Wetherby Asset Management, said by phone. “The trade wars only serve as a catalyst for the turning of the cycle. Things can change rather quickly, so the trade war, if a lot of the threats do materialize, I think things will turn very quickly.”
     Emerging-market equities snapped seven days of declines while a gauge of currencies also rose. The Stoxx Europe 600 Index pared its worst weekly slide since March. Equities fell in Japan and Australia, while those in China posted gains. Oil had its worst week since July. Gold fell for the eighth week of the past nine.
     These are the main moves in markets:
                            Stocks]
* The S&P 500 fell 0.2 percent at 4 p.m. in New York.
* The Nasdaq 100 lost 0.3 percent. It’s weekly loss of 2.9 percent was the worst since March.
* The Stoxx Europe 600 added 0.1 percent. It fell 2.2 percent for its worst week since March.
* The MSCI Emerging Market Index rose for the first time in more than a week.
* The MSCI Asia Pacific Index declined a seventh straight day to its lowest in a year.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent.
* The euro dipped 0.5 percent to $1.156.
* MSCI’s emerging-market currency index added 0.1 percent to halt a four-day slide.
* The Japanese yen decreased 0.2 percent to 111 per dollar.
                            Bonds
* The yield on 10-year Treasuries advanced seven basis points to 2.94 percent.
* The two-year yield jumped seven basis points to 2.7025 percent, the highest intraday since July 2008.
* Germany’s 10-year yield climbed three basis points to 0.387 percent.
                           Commodities
* West Texas Intermediate crude fell 2 cents to settle at $67.75. Prices ended the week down 2.9 percent, the most since July.
* Gold futures fell 0.3 percent to end at 1,200.40 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Karen

Happiness cannot be traveled to, owned, earned, worn or consumed. Happiness is the spiritual experience of living every minute with love, grace, and gratitude.     Denis Waitley

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