Category: Events

Dear Friends,

Tangents:

Nicholas Kristof, a journalist for The New York Times, recently published a piece entitled “Trump  Is Inspirational …for Poetry.”  He held a poetry contest for his readers and readers accepted the invite by submitting 2,750 poems.  With the help of the Poetry Society of America, he picked the winners.  Here are a couple of the several he published:

Lisa Grunberger, an associate professor at Temple University who is Jewish wrote about the vandalism of her house in Philadelphia. An excerpt:

A “J” spray-painted on my olive green house in South Philly,
Its white-hooked tail grazes my daughter’s head.

A skinhead, says my neighbor Jorge,
Un racist blanco, no entiendo,

Holding my hand inside his hand
Far longer than any gringo would.

He smells of sawdust and cologne.
I shoot a picture with my phone

Of my daughter underneath the “J.”
Evidence is always good to gather.

She traces the letter with her small finger.
She’s just learning about how letters

Make words, and words make sentences.
Doesn’t yet know sentences can kill:

Arbeit macht frei. Sentences can lie:
Make America Great Again. Sentences

Can heal: I have a dream. She’s fished
A pen from my bag and draws a “K” beside the “J.”

Lee Robinson, a retired lawyer in Comfort, Tex., ended her elegy on an uplifting note. Her poem, condensed here, is called “Who Says Trump and Poetry Are Incompatible?”

We know a poem can be maniacal, the best ones
Always unpredictable. Don’t poets sometimes rave?
Pound for example: profound, but mad as the Hatter,
And maybe a traitor. As for the tweets, if Dylan Thomas
Were still with us, might not he tweet his late-night sullen art?
Perhaps only poetry, after prose has failed us,
Is brave and big enough for this Trumpian time.
Think of Wordsworth, The world is too much with us,
Or Arnold: And we are here as on a darkling plain.
Dickinson would tell us to turn the TV off, the phone
And iPad too: The Soul selects her own Society.
Did Lewis Carroll’s Jabberwock foretell our president
Come whiffling through the tulgey wood, and burbling… But if I had to choose one poem to give to him, 

I’d give him Angelou: You may shoot me with your words,
You may cut me with your eyes,
You may kill me with your hatefulness,
But still, like air, I’ll rise.

On Oct. 31, 1984, Indian Prime Minister Indira Gandhi was assassinated near her residence by two Sikh security guards.
Go to article »

PHOTOS OF THE DAY

The Tianjin Binhai New Area Library, called ‘the eye of Binhai’, is located at the cultural centre of Binhai New Area in Tianjin, China.
CREDIT: VCG/VCG VIA GETTY

A view of the River Mersey and the city skyline as the sun rises over Liverpool.

The sun behind a windmill belonging to Miller Nigel Moon in Whissendine.

People cross the over the first 3D road crossing in France, created to encourage motorists to slow down in proximity to a school in Cysoing, northern France, the first 3D road crossing in France is being tested in Cysoling, northern France, to encourage motorists to slow down, similar to a system already in place in India, Iceland and Belgium.
Market Closes for October 31^st, 2017

Market Index	Close	Change
Dow Jones	23377.24	+28.50   +0.12%
S&P 500	2575.26	+2.43   +0.09%
NASDAQ	6727.668	+28.705   +0.43%
TSX	16025.59	+22.81
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	22011.61	-0.06
		—
HANG SENG	28245.54	-90.65
		-0.32%
SENSEX	33213.13	-53.03
		-0.16%
FTSE 100*	7493.08	+5.27
		+0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.952		1.957
CND. 30 Year Bond		2.303		2.314
U.S.    10 Year Bond		2.3739		2.3684
U.S. 30 Year Bond		2.8714		2.8818

Currencies

BOC Close	Today	Previous
Canadian $	0.77575	0.77950
US $	1.28907	1.28287
Euro Rate 1 Euro=		Inverse
Canadian $	1.50154	0.66598
US $	1.16483	0.85850

Commodities

Gold	Close	Previous
London Gold Fix	1270.15	1272.00
Oil
WTI Crude Future	54.38	54.15

Market Commentary:
Number of the Day
55%
The percentage of companies in the S&P 500 that reported both better-than-expected third-quarter earnings and sales that notched a stock-price gain during the trading session that followed. That is lower than the average going back to 2015, but it is an improvement from the 49% of companies that got a boost from topping estimates in the second quarter.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark posted a third consecutive record high and a third monthly increase, boosted by energy stocks as oil marked its best October since 2011.
     The S&P/TSX Composite Index added 23 points or 0.1 percent to 16,025.59. For the month of October, the benchmark rose 2.5 percent.
     The energy sector gained 0.8 percent Tuesday as West Texas Intermediate prices added 0.4 percent to the highest since February. Baytex Energy Corp. jumped 5.7 percent and Torc Oil & Gas Ltd. rose 4.6 percent.
     Materials stocks weighed to the downside, losing 0.4 percent as gold prices fell. Eldorado Gold Corp. tumbled 6.9 percent.
     In other moves:
                            Stocks
* Shopify Inc. lost 8.5 percent amid signs the tech company’s growth rate is starting to slow
* Colliers International Group Inc. jumped 7.9 percent after third-quarter revenue beat the highest analyst estimate
* Canadian Western Bank added 4.8 percent to the highest since 2014. The bank is buying about C$900 million of loans and leases from ECN Capital Corp.
                            Commodities
* Western Canada Select crude oil traded at a $13.15 discount to WTI, the widest gap since March
* Aeco natural gas traded at a $1.29 discount to Henry Hub
* Gold fell 0.6 percent to $1,270.50 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.2896 per U.S. dollar, the lowest since mid-July
* The Canada 10-year government bond yield was little changed at 1.95 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks capped the best month since February and the dollar strengthened as investors assessed the prospects for tax cuts and the next Federal Reserve chairman. The euro slipped as data showed inflation unexpectedly slowed in the region.
     The S&P 500 Index finished October with a gain of more than 2 percent and the Dow Jones Industrial Average added nearly 1,000 points in the period, spurred by strong economic data, rising expectations for tax cuts and robust corporate earnings. Small caps led advances Tuesday to erase a loss for October. Facebook Inc. was little changed as its executives testified before Congress. 
     The 10-year Treasury yield held near 2.37 percent, four basis points higher than when it ended September. The greenback gained versus major peers to cap a second straight monthly advance. Oil headed for its first back-to-back monthly gains of the year. Gold fell for a second month.
     Tuesday’s trading undid most of Monday’s moves as investors stare down a torrent of decisions with the potential to move markets. President Donald Trump signaled he’ll name a new Fed chair Thursday, while Wednesday brings the central bank’s rate decision and some specifics on tax plans. Markets remain on edge after the first indictments from Robert Mueller, which may may pose a danger to tax cuts. The news flow has overshadowed a robust corporate earnings season and fresh data showing the U.S. economy on firm footing. In Europe, Spanish equities outperformed Tuesday as the government in Madrid won the power struggle against Catalan separatists. Bonds in the region edged lower after data showed the economy appeared to be strengthening. A drop in China’s factory gauge sparked some caution in Asia, with equity benchmarks mixed. Japanese stocks ended the day slightly lower after the Bank of Japan maintained its key policy rate.
     The European data came amid mixed signals about the global economy. China’s official factory gauge fell this month, though the country’s economy continues to defy predictions of a sharper slowdown. The euro-area’s unemployment rate inched lower in September as the economy expanded for an 18th consecutive quarter, but consumer inflation unexpectedly slowed in October, complicating the European Central Bank’s task as it considers tightening policy.
     Here are some key upcoming events this week:
* The U.S. central bank’s next rate decision is on Wednesday, with economists expecting policy makers to hold rates for now and to increase them at the December meeting.
* The U.S. October payroll report comes out Friday.
* Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues — particularly North Korea — will probably be in focus.
* A probable Bank of England rate hike on Thursday will be the first in a decade.
* The slew of earnings releases will culminate with Apple Inc. results.
* Germany’s markets are closed for a public holiday.

     And these are the main moves in markets:
                          Stocks
* The S&P 500 rose 0.1 percent to 2,575.31 at 4 p.m. in New York. It added 2.2 percent in the month, the most since February.
* The Russell 2000 Index jumped 0.9 percent, rebounding from a rout Monday and headed for a 0.6 percent gain in October.
* The Stoxx Europe 600 Index increased 0.3 percent to the highest in more than five months. It rose 1.8 percent in the month.
* Spain’s IBEX Index gained 0.7 percent to the highest since Aug. 16.
                          Currencies
* The Bloomberg Dollar Spot Index increased 0.1 percent.
* The euro dipped 0.1 percent to $1.1634.
* The British pound rose less than 0.05 percent to $1.3212.
                          Bonds
* The yield on 10-year Treasuries climbed less than one basis point to 2.37 percent.
* Germany’s 10-year yield fell less than one basis point to 0.36 percent, the lowest in two weeks.
* Britain’s 10-year yield dipped one basis point to 1.335 percent, the lowest in more than a week.
                          Commodities
* West Texas Intermediate crude rose 0.4 percent to $54.38 a barrel, the highest in more than six months. 
* Gold futures decreased 0.5 percent to $1,271.50 an ounce.
                           Asia
* Japan’s Topix index declined 0.3 percent at the close of trading in Tokyo, while the Nikkei 225 Stock Average was flat. SoftBank declined 4.6 percent. 
* Australia’s S&P/ASX 200 Index fell 0.2 percent. 
* The Kospi in Seoul climbed 0.9 percent. 
* Hong Kong’s Hang Seng Index was steady while the Shanghai Composite Index was up 0.1 percent.
* The Japanese yen declined 0.2 percent to 113.36 per dollar.
Have a fabulous evening.

 

Be magnificent!

 

As ever,

 

Carolann

 

Whenever you find yourself on the side of the majority, it is time to pause and reflect.
                                                                                   -Mark Twain, 1835-1910

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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 Monday!

Tamed
  by Tyree Daye
I was the unbroken horse
of that town, slept standing up,
held on to the breeze like wildflowers.

I kept caterpillars in jars,
my mama let them go,
I figured they just disappeared.

There are moments you can hear God
say things soft-spoken, the sun
settling between thin pines.
 
Collected crickets in 2 liter bottles,
dropped them on a path far from the house
one or two at the bottom drowning
in the last swig of cola, the smell of mama’s
leaf pile faint and almost gone.

My mama would say
to kill a cricket
is a sin against the night.

PHOTOS OF THE DAY

Skeleton themed lantern during a Halloween lantern carnival in Liverpool.

A duck cleans her feathers during on a lake in the town of Novogrudok, Belarus.
Market Closes for October 30^th, 2017

Market Index	Close	Change
Dow Jones	23348.74	-85.45   -0.36%
S&P 500	2572.83	-8.24   -0.32%
NASDAQ	6698.965	-2.298   -0.03%
TSX	16002.78	+49.27
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	22011.67	+3.22
		+0.01%
HANG SENG	28336.19	-102.66
		-0.36%
SENSEX	33266.16	+108.94
		+0.33%
FTSE 100*	7487.81	-17.22
		-0.23%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.957		1.988
CND. 30 Year Bond		2.314		2.339
U.S.    10 Year Bond		2.3684		2.4155
U.S. 30 Year Bond		2.8818		2.9292

Currencies

BOC Close	Today	Previous
Canadian $	0.77950	0.78028
US $	1.28287	1.28160
Euro Rate 1 Euro=		Inverse
Canadian $	1.49466	0.66905
US $	1.16509	0.85830

Commodities

Gold	Close	Previous
London Gold Fix	1272.00	1266.45
Oil
WTI Crude Future	54.15	53.90

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose further into record territory as a deal in the medical marijuana sector sent health stocks higher and energy shares rose with the price of oil.
     The S&P/TSX Composite Index added 47 points or 0.3 percent to 16,000.97 at 9:58 a.m. in Toronto. The health care sector rose 2.7 percent as pot producer Canopy Growth Corp. jumped 13 percent. Alcohol giant Constellation Brands Inc. is buying 9.9 percent of Canopy in a deal that values the company at roughly C$2.5 billion.
     Energy stocks rose 1.2 percent as the price of West Texas Intermediate crude added 0.8 percent to its highest level in six months. Precision Drilling Corp. gained 10 percent for a total two-day increase of 21 percent following better-than-expected results.
     In other moves:
                          Stocks
* Element Fleet Management Corp. added 6.4 percent. The company has attracted interest from private equity firms, according to people familiar with the matter
* Baytex Energy Corp. rose 4.3 percent, adding to Friday’s 7.7 percent gain. Investors shrugged off a downgrade at Barclays
* Aphria Inc. gained 6.8 percent, boosted by the Constellation- Canopy deal
* Cenovus Inc. added 0.7 percent after naming Alex Pourbaix its new chief executive officer
                          Commodities
* Western Canada Select crude oil traded at a $12.70 discount to WTI
* Aeco natural gas traded at a $1.74 discount to Henry Hub
* Gold rose 0.2 percent to $1,273.90 an ounce.
                          FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2838 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 1.98 percent, the lowest since early September
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell, with small caps bearing the brunt of selling, and Treasuries advanced as markets struck a tone of caution at the start of a week stuffed with catalysts. The euro gained.
     The Russell 2000 Index sank the most since August and the S&P 500 Index retreated from a record amid reports that proposed cuts to corporate taxes would occur in phases over several years. Markets generally shrugged off the first charges from Robert Mueller’s investigation. Apple Inc. rose on signs of strong demand for its latest phone, buoying the Nasdaq 100 Index. The company headlines another week of major earnings, with its report due Thursday.
     Ten-year Treasury yields fell below 2.4 percent, with President Donald Trump’s choice to lead the Federal Reserve due any day. The dollar slumped versus the euro, with the Fed, Bank of England and Bank of Japan slated to meet this week. In Europe, equities nudged higher, with markets showing little sign of distress as the Spanish government took control of the Catalan government. The British pound strengthened ahead of the BOE rate decision Thursday.
     The federal investigation into whether President Donald Trump’s campaign colluded with Russia took a major turn Monday as authorities charged three people, and could pose a danger to the White House at a time that Trump is working to push his tax plan through Congress. The phase-in plan for corporate tax cuts has been considered, but may not yet be final, said a member of the House Ways and Means Committee, who asked not to be named because the discussions are private.
     “Smaller companies are more affected by those taxes than the larger companies and so they’re going to be the ones that would benefit the most,” Don Riley, Chief Investment Officer at Pennsylvania-based Wiley Group, said by phone. “That’s why you see they tend to react more over the whole tax thing.”
     Elsewhere, equity benchmarks fluctuated in Japan and Chinese shares fell, with the Shanghai Composite Index tumbling the most in more than two months as the nation’s bond slump deepened amid mounting deleveraging concerns. And profit reports due this week from some of the world’s largest companies — including Apple Inc. — may show if there’s enough juice in the earnings season to propel a leg higher for global shares.
     Here are some key upcoming events this week:
* Trump has said he’ll reveal his choice to lead the Fed by Friday.
* The U.S. central bank’s next rate decision is on Wednesday, with economists expecting policy makers to hold rates for now and to increase them at the December meeting.
* The U.S. October payroll report comes out Friday. On Monday, personal income and spending data comes out, which features the Fed’s preferred inflation gauge.
* Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues — particularly North Korea — will probably be in focus.
* A probable BOE rate hike on Thursday will be the first in a decade.
* Euro-area GDP growth is seen slowing, while GDP reports from France and Spain and national CPI prints from the big four euro-zone economies are also among data piling up this week.
* The slew of earnings releases will culminate with Apple Inc. results.

     And these are the main moves in markets:

                                Stocks
* The Russell 2000 fell 1.2 percent as of 4 p.m. in New York, the most since Aug. 17.
* The S&P 500 lost 0.3 percent and the Dow Jones Industrial Average fell the same amount. The Nasdaq 100 Index rose 0.2 percent.
* The Stoxx Europe 600 Index rose 0.1 percent, the highest in more than five months.
* Spain’s IBEX Index gained 2.4 percent to the highest since August.
                            Currencies
* The Bloomberg Dollar Spot Index decreased 0.3 percent.
* The euro increased 0.4 percent to $1.1657.
* The British pound gained 0.7 percent to $1.3128.
                            Bonds
* The yield on 10-year Treasuries decreased four basis points to 2.37 percent.
* Germany’s 10-year yield fell two basis points to 0.37 percent.
* Spain’s 10-year yield dropped nine basis points to 1.49 percent.
                            Commodities
* West Texas Intermediate crude climbed 0.5 percent to ed at $54.15 a barrel,
the highest in eight months. 
* Brent extended its two-year high as OPEC and Russia signaled they’ll prolong supply cuts. The global benchmark rose 0.8 percent to settle at $60.90 a barrel.
* Gold added 0.14 percent to $1,273.60 an ounce.

 

Have a wonderful evening everyone.  🙂 

 

Be magnificent!

I am asking whether it is possible for a human being living psychologically in any society
to clear violence from himself inwardly.
If it is, the very process will produce a different way of living in this world.
Krishnamurti

 

As ever,

 

Carolann

 

An hour of practice is worth five hours of foot-dragging.
                                  -Pancho Segura,  b. 1921

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:  HAPPY FRIDAY!
On this day in 1904, the New York City subway formally opens. The first line, operated by the Interborough Rapid Transit Co., traveled 9.1 miles from City Hall in lower Manhattan to 145th Street in Harlem by way of Grand Central and Times Square.
Birthdays:
Theodore Roosevelt, 26^th US President, 1858
Dylan Thomas, poet, 1914
Marlene Dietrich, actor, 1901
Sylvia Plath, poet, 1932

PHOTOS OF THE DAY

Italian artist Graziano Cecchini coloured Rome’s famed Trevi Fountain red in protest, his mission being that, Rome has to be more beautiful than now, he said.

Two white storks stand close to each other on their nest on a tree in Zerbolo, Italy.
Market Closes for October 27^th, 2017

Market Index	Close	Change
Dow Jones	23434.19	+33.33   +0.14%
S&P 500	2581.07	+20.67   +0.81%
NASDAQ	6701.262	+144.48   +2.20%
TSX	15953.51	+61.88
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	22008.45	+268.67
		+1.24%
HANG SENG	28438.85	+236.47
		+0.84%
SENSEX	33157.22	+10.09
		+0.03%
FTSE 100*	7505.03	+18.53
		+0.25%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.988		2.034
CND. 30 Year Bond		2.339		2.379
U.S.    10 Year Bond		2.4155		2.4609
U.S. 30 Year Bond		2.9292		2.9714

Currencies

BOC Close	Today	Previous
Canadian $	0.78028	0.77833
US $	1.28160	1.28480
Euro Rate 1 Euro=		Inverse
Canadian $	1.48766	0.67220
US $	1.16078	0.86149

Commodities

Gold	Close	Previous
London Gold Fix	1266.45	1273.75
Oil
WTI Crude Future	53.90	52.64

Market Commentary:
Daily Factoid
$66 billion
The price tag of CVS Health’s offer to buy Aetna.  If a deal is struck, it would rank as the year’s largest.
Canada
By Kristine Owram
     (Bloomberg) — After seven weeks of steady gains, Canadian stocks hit a new record high for the first time since February, boosted by a mid-day rally in energy shares.
     The S&P/TSX Composite Index added 62 points or 0.4 percent to 15,953.51, ahead of the last record close of 15,922.37 hit on Feb. 21. The energy sector provided the bulk of the gains, rising 1.9 percent as the price of crude jumped 2.4 percent. Oil prices jumped on indications the situation between Iraq and the Kurds remains fragile.
     The benchmark has added 6.5 percent since its recent low on Sept. 8, outpacing a 4.9 percent increase in the S&P 500 Index and a 3.6 percent gain in the MSCI World Index.
     In other moves:
                            Stocks
* Nevsun Resources Ltd. jumped 13 percent, the most since 2012, after releasing a technical study that most analysts viewed positively
* Precision Drilling Corp. added 9.8 percent on a loss that was narrower than analysts expected
* Celestica Inc. tumbled 9.7 percent. The company’s revenue forecast was below the average analyst estimate
* Cameco Corp. lost 6.3 percent after reporting a surprise loss and lower its uranium production guidance
* Saputo Inc. added 5.7 percent. The dairy producer is buying Australia’s Murray Goulburn Co-operative Co. for $1 billion.
                           Commodities
* Western Canada Select crude oil traded at a $12.90 discount to WTI
* Aeco natural gas traded at a $1.52 discount to Henry Hub, the narrowest since mid-September
* Gold rose 0.2 percent to $1,268.50 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2824 per U.S. dollar, the first gain in seven trading days
* The Canada 10-year government bond yield fell five basis points to 1.99 percent, the lowest since early September
US
By Robert Brand and Sarah Ponczek
     (Bloomberg) — Technology shares surged on stellar profit at Amazon.com Inc. and Alphabet Inc., sending the Nasdaq 100 to a record on its biggest gain since March of last year.
     The S&P 500 Index also hit a new high, after the U.S. saw its strongest consecutive quarters of growth in gross domestic product in three years. Bonds rose as speculation mounted about the next Federal Reserve chair.
     “The GDP number is pretty much kind of a continuing series of upside surprises in the global economy,” Krishna Memani, chief investment officer at OppenheimerFunds Inc., said by phone. “Growth has been significantly better, perhaps better than what most of us had expected, and it continues to surprise on the upside. That’s not just in the U.S.”
     Recent data have also underscored the strengthening recovery in the euro-area, with JPMorgan Chase & Co. saying European companies are showing profit growth that’s twice the pace of their U.S. counterparts in the third quarter. That’s helping propel the Stoxx Europe 600 Index to its best annual performance since 2013.
     Positive earnings surprises from companies including Volkswagen AG boosted confidence, though miners underperformed as the greenback’s run hit industrial-metal prices. As stocks gained, the euro headed for its worst week since November. The pound dropped as concerns about the Brexit process lingered.
     Spanish stocks continued to lag as Europe’s worst constitutional crisis for decades came to head. Catalan lawmakers Friday voted to set up an independent state. Spain’s prime minister dismissed the regional government, dissolved its parliament and called a regional election for Dec. 21.
     In the U.S., House Republicans unlocked a process to cut taxes by the end of the year. Treasury yields fell on a report that President Donald Trump is leaning toward nominating Federal Reserve Governor Jerome Powell to lead the U.S. central bank, a move that would signal continuity in monetary policy.
     A potential Powell nomination brings “more of a relief that, although the Fed may tighten, they’re not really taking on a hawkish stance,” David James, who helps oversee $6 billion at James Investment Research in Xenia, Ohio, said by phone.
     Oil rose, with West Texas Intermediate crude at about a six-month high and Brent crude climbing past $60 a barrel for the first time since July 2015.
     Earlier, Japan’s stocks rose, sending the Nikkei 225 Stock Average through 22,000 for the first time since 1996 and ending their seventh week of gains. Shares also advanced in Hong Kong and Seoul.
     These are some of the remaining events on the slate for the coming week:
* President Donald Trump has said he’ll reveal his choice to lead the Fed by Nov. 3.
* The Fed’s next rate decision is on Nov. 1, with economists expecting the central bank to keep rates at 1.25 percent and to increase them at the December meeting.
* The U.S. October payroll report comes out Nov. 3.
     And here are the main moves in markets:
                           Stocks
* The S&P 500 Index climbed 0.81 percent at 4:05 p.m. New York time.
* The Nasdaq 100 Stock Index added 2.91 percent.
* The Stoxx Europe 600 Index rose 0.55 percent.
* The U.K.’s FTSE 100 Index increased 0.25 percent.
* Germany’s DAX Index advanced 0.64 percent to the highest on record.
                           Currencies
* The Bloomberg Dollar Spot Index climbed less than 0.05 percent. 
* The euro dipped 0.4 percent to $1.16, the weakest in 14 weeks.
* The British pound declined 0.3 percent to $1.3127. 
                           Bonds
* The yield on 10-year Treasuries fell four basis points to 2.42 percent. 
* Germany’s 10-year yield declined three basis points to 0.38 percent. 
* Britain’s 10-year yield dipped four basis points to 1.348 percent.
                           Commodities
* West Texas Intermediate crude rose 2.5 percent to $53.97 a barrel, the highest in about six months; Brent crude rose 1.9 percent to $60.40, the highest in about two years.  
* Gold gained 0.5 percent to $1,272.96 an ounce. 
* Copper dipped 2.2 percent to $6,830 a metric ton.
                            Asia
* Japan’s Topix index rose 1 percent at the end of the session in Tokyo. The Nikkei 225 Stock Average added 1.2 percent.
* Australia’s S&P/ASX 200 Index declined 0.2 percent to complete its first weekly slide in four.
* South Korea’s Kospi index climbed 0.7 percent.
* Hong Kong’s Hang Seng Index gained 0.7 percent, while the Shanghai Composite Index was little changed.

 

Have a fabulous weekend everyone.

 

Be magnificent!

An eye for an eye only ends up making the whole world blind.
Mahatma Gandhi

As ever,

 

Carolann

 

I only want people around me who can do the impossible.
                                         -Elizabeth Arden, 1878-1966

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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. 26, 1994, Prime Minister Yitzhak Rabin of Israel and Prime Minister Abdel Salam Majali of Jordan signed a peace treaty in a ceremony attended by President Clinton.
Go to article »
October 26,1992 – Charlottetown Accord Rejected in Referendum.
PHOTOS OF THE DAY

Autumn leaves reflect on the surface  of Tsutanuma Pond in Towada, Aomori, Japan.

A baby boar orphaned by the loss of its mother is taken in by a herd of cows who treat her like one of their own – and even let her snuggle up to them. The little wild boar started turning up to a dairy farm after her mother was hit by a car on a nearby road. To the surprise of farmers the cattle began showing a motherly attitude towards the boar and accepted her into the heard.  Now the young animal follows her new family around the fields on the farm in Franche-Comte, in the Besancon area of France, close to the Swiss Border.

The ruins of Whitby Abbey in North Yorkshire are lit in lights to celebrate Halloween.
Market Closes for October 26^th, 2017

Market Index	Close	Change
Dow Jones	23400.86	+71.40   +0.31%
S&P 500	2560.40	+3.25   +0.13%
NASDAQ	6556.773	-7.118   -0.11%
TSX	15891.63	+36.86
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	21739.78	+32.16
		+0.15%
HANG SENG	28202.38	-100.51
		-0.36%
SENSEX	33147.13	+104.63
		+0.32%
FTSE 100*	7486.50	+39.29
		+0.53%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.034		2.045
CND. 30 Year Bond		2.379		2.390
U.S.    10 Year Bond		2.4609		2.4317
U.S. 30 Year Bond		2.9714		2.9404

Currencies

BOC Close	Today	Previous
Canadian $	0.77833	0.78165
US $	1.28480	1.27934
Euro Rate 1 Euro=		Inverse
Canadian $	1.49724	0.66790
US $	1.16535	0.85811

Commodities

Gold	Close	Previous
London Gold Fix	1273.75	1275.00
Oil
WTI Crude Future	52.64	51.88

Market Commentary:
Number of the Day
$2 billion
Venezuela’s state-owned oil company has about $2 billion in bond  payments due over the next several days, causing investors to brace for a possible default that could lead to one of the largest and most complicated debt restructurings in history.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose as investors digested a heap of earnings and a big deal in the construction space, while the loonie weakened to the lowest since July.
     The S&P/TSX Composite Index added 37 points or 0.2 percent to 15,891.63. The industrial sector led the gains, rising 1.2 percent as shares of Aecon Group Inc. jumped 19 percent. The engineering firm agreed to be acquired by a Chinese buyer for C$1.19 billion. Prime Minister Justin Trudeau said the deal will be examined “very carefully.”
     Energy shares added 0.8 percent and financials rose 0.5 percent, but a large chunk of those gains were offset by a 1.8 percent drop in the materials sector. Teck Resources Ltd. tumbled 8.4 percent and Barrick Gold Corp. lost 7.7 percent on third-quarter results.    In other moves:
                         Stocks
* ECN Capital Corp. rose 5.9 percent after agreeing to buy Triad Financial Services Inc. for $100 million
* Waste Connections Inc. added 3.7 percent on better-than- expected results. CEO Ron Mittelstaedt said the company will put the “vast majority” of its $495 million in cash towards acquisitions
* Agnico Eagle Mines Ltd. gained 3.8 percent after beating estimates for the third quarter in a row
                         Commodities
* Western Canada Select crude oil traded at a $12.60 discount to WTI
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold lost 0.7 percent to $1,266.30 an ounce, the lowest since early August
                          FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.2853 per U.S. dollar, its sixth consecutive drop and the lowest since mid-July
* The Canada 10-year government bond yield fell one basis point to 2.04 percent
US
By Adam Haigh
     (Bloomberg) — Asian stocks looked set to follow gains in U.S. equities as earnings and congressional action on tax reform boosted confidence in the growth outlook.
     Futures on the Nasdaq 100 Stock Index were buoyed by stellar profit at Amazon.com Inc. and Alphabet Inc., and the S&P 500 Index climbed as results from Twitter Inc. and Ford Motor Co. topped estimates, showing strength in the American economy ahead of the first reading on gross domestic product for the third quarter. Equity-index futures were higher in Japan, Hong Kong and South Korea. The dollar rallied to its highest since July 12 after the U.S. House passed a budget resolution seen as advancing the prospects for tax reform.
     In Europe, European Central Bank President Mario Draghi outlined plans to halve its monthly bond purchases to 30 billion euros ($35 billion) from 60 billion euros starting in January, but he also indicated that zero percent interest rates could remain at current levels until “well past” whenever it finally decides to end its quantitative easing measures, dragging down the euro.
     House Republicans adopted a budget resolution unlocking a process to cut taxes by the end of the year. President Donald Trump continued to string out his decision on the next Federal Reserve leader, giving mixed signals on his preference.
     These are some of the remaining events on the slate for this week:
* Japan CPI is due on Friday.
* The advance reading on U.S. third-quarter GDP is due Friday morning in Washington. Economists surveyed by Bloomberg expect growth of 2.6 percent.
* President Donald Trump has said he’ll reveal his choice to lead the Fed by Nov. 3. The Fed’s next rate decision is on Nov. 1, with economists expecting the central bank to keep rates at 1.25 percent and to increase them at the December meeting.

 

      And here are the main moves in markets:
                             Stocks
* Futures on the Nasdaq 100 rose 0.3 percent in the final minutes of Thursday trading after the tech giants reported results. They were up 0.1 percent as of 7 a.m. Tokyo time.
* Futures on the S&P 500 Index were little changed. The underlying index climbed 0.1 percent Thursday and the Dow Jones Industrial Average rose 0.3 percent.
* Futures on Japan’s Nikkei 225 added 0.6 percent. Contracts on Australia’s S&P/ASX 200 Index, South Korea’s Kospi index and Hong Kong’s Hang Seng Index all rose 0.2 percent.
                             Currencies
* The Bloomberg Dollar Spot Index increased 0.7 percent.
* The euro was at $1.1654 after dropping 1.4 percent Thursday.
* The Aussie bought 76.61 U.S. cents.
                              Bonds
* The yield on 10-year Treasuries increased three basis points to 2.46 percent Thursday.
* Australia’s 10-year yield rose five basis points to 2.80 percent.
                              Commodities
* West Texas Intermediate crude climbed 0.2 percent to $52.76 a barrel, extending a 0.9 percent advance on Thursday.
* Gold was at $1,267.16 an ounce after dipped 0.8 percent in the previous session.

 

 

Have a wonderful evening everyone.

 

Be magnificent!

Facts are not frightening.
But if you try to avoid them, turn your back and run, then that is frightening.
Krishnamurti

As ever,

 

Carolann

Success isn’t permanent, and failure isn’t fatal.
                       -Mike Ditka, b. 1939

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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. 25, 1971, the United Nations General Assembly voted to admit mainland China and expel Taiwan.
Go to article »

On this day in 1854, James Cardigan leads an ill-fated charge of the Light Brigade cavalry against well-defended Russian artillery during the Crimean War. It was later revealed that the order to charge was not given intentionally, but the event was nonetheless immortalized in a famous poem by Alfred Tennyson.

Pablo Picasso, b. 1881
Geoffrey Chaucer, d. 1400

St. Crispin’s Day, England, France:  the day of the Battle of Agincourt.   Shakespeare makes Crispin Crispian one person, and not two brothers.  Hence Henry V says to his soldiers:

And Crsipin Crispinian shall ne’er go by –
But we in it shall be remembered.
     –Henry V, IV, iii(1598)
PHOTOS OF THE DAY

After the harvest: Winemaker Brian Shirley enjoys the autumn colours breaking out at his vineyard south of the Mendip Hills in Somerset.
CREDIT: JASON BRYANT/APPEX

High priestess passes the Olympic flame at the Temple of Hera during a lighting ceremony of the Olympic flame in ancient Olympia in Olympia, Greece. The flame will be transported by torch relay to the Pyeongchang, South Korea, which will host the 2018 Winter Olympics.

A woman uses the escalators under “Life Line” by artist David Svensson located at the new city line station of Odenplan in Stockholm. “Life Line” is a 350 square meter light work inspired by a child’s heartbeat. The two new commuter train stations Odenplan station and Stockholm city station are a brand new arena for artwork.

Leonardo da Vinci’s Salvator Mundi on show at Christie’s Kings Street, before it is offered at auction by Christie’s new York on the 15^th November as part of the Post-War and Contemporary Art Evening Auction on 15 November, the estimate in the region of 100 million dollars.
Market Closes for October 25^th, 2017

Market Index	Close	Change
Dow Jones	23329.46	-112.30   -0.48%
S&P 500	2557.15	-11.98   -0.47%
NASDAQ	6563.891	-34.539   -0.52%
TSX	15854.77	-50.37
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	21707.62	-97.55
		-0.45%
HANG SENG	28302.89	+147.92
		+0.53%
SENSEX	33042.50	+435.16
		+1.33%
FTSE 100*	7447.21	-79.33
		-1.05%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.045		2.065
CND. 30 Year Bond		2.390		2.396
U.S.    10 Year Bond		2.4317		2.4189
U.S. 30 Year Bond		2.9404		2.9331

Currencies

BOC Close	Today	Previous
Canadian $	0.78165	0.78919
US $	1.27934	1.26712
Euro Rate 1 Euro=		Inverse
Canadian $	1.51135	0.66166
US $	1.18135	0.84649

Commodities

Gold	Close	Previous
London Gold Fix	1275.00	1276.45
Oil
WTI Crude Future	51.88	52.29

Market Commentary:
Number of the Day
$712 billion
High-grade companies, excluding financial institutions, have issued about $712 billion in bonds so far this year, the most ever for a comparable period, according to Dealogic records going back to 1995.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s stock benchmark posted its biggest drop in two weeks amid declines in industrial, energy and financial shares, while the loonie fell to its lowest since July.
     The S&P/TSX Composite Index lost 50 points or 0.3 percent to 15,854.77. The industrial sector was the biggest decliner, falling 0.8 percent as shares of Bombardier Inc. tumbled 4.9 percent. Moody’s cut the company’s debt rating, citing high leverage and execution risk.
     Financials fell 0.4 percent and energy shares lost 0.7 percent as the price of crude fell 0.6 percent. The biggest surge in U.S. oil output in half a decade overshadowed record overseas demand.
     In other moves:
                            Stocks
* Roots Corp. tumbled 17 percent in its trading debut, making it the second-worst first day for a large Canadian IPO this year
* Eldorado Gold Corp. lost 12 percent, bringing its three-day decline to 39 percent. The miner on Monday cut the production forecasts for its flagship project in Turkey for the second time this year
* Canadian National Railway Co. fell 1.1 percent, moderating an earlier loss of as much as 3.6 percent on higher-than-expected operating costs
                            Commodities
* Western Canada Select crude oil traded at a $12.70 discount to WTI
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold was little changed at $1,275.40 an ounce
                            FX/Bonds
* The Canadian dollar weakened 1 percent to C$1.2800 per U.S. dollar, the lowest since July, following dovish signals from the Bank of Canada
* The Canada 10-year government bond yield fell two basis points to 2.04 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks dropped the most in seven weeks while the dollar slumped as an uneven batch of corporate earnings reports thwarted a risk-on rally and turmoil in Washington threatened the president’s tax overhaul.
     The S&P 500 Index fell for the second time this week, with weak results hammering shares in Chipotle Mexican Grill Inc. and Advanced Micro Devices Inc. Ten-year Treasury yields narrowed after reaching their highest since March, and gold rose as investors sought havens from slumping equity markets.
     Wednesday’s stock retreat comes the day after Republican senators Jeff Flake and Bob Corker publicly criticized President Donald Trump just as he tries to push through big changes in the U.S. tax code.
     “The whole Jeff Flake episode at the end of the day yesterday took some time to sink into the markets,” Michael O’Rourke, chief market strategist at JonesTrading Institutional Services LLC, said by phone. “If you’re at the point where you have Flake and then Corker coming after the president, he’s really going to have to negotiate to get the tax reform he wants.”
     The loonie fell after Canada’s central bank warned it would remain “cautious” when considering future rate increases, while Mexico’s peso rallied. Sterling jumped as accelerating U.K. growth spurred rate-hike bets. The rand plunged after South Africa’s finance minister signaled the country would ramp up debt to help plug the budget deficit.
     Investors are looking hard this week at earnings and economic data for indications of broadening growth that may sustain the rallies even as the Federal Reserve and other central banks start to pull back on stimulus. 
     The European Central Bank is expected to announce a reduction in the size of its monthly bond buying at its policy meeting Thursday, the biggest scheduled event for markets this week. U.S. orders for business equipment increased more than forecast in September, pointing toward economic growth for the quarter.
     The Stoxx Europe 600 Index declined as companies in the region reported mixed results. Benchmarks in Asia were largely higher, but Japan’s Nikkei finally snapped its record run of gains. India’s S&P BSE Sensex jumped as much as 1.6 percent after Prime Minister Narendra Modi’s government said late on Tuesday it will inject an unprecedented 2.11 trillion rupees ($32 billion) into the banks over two years to revive growth.    
     These are some of the key events coming up:
* South Korea reports on GDP and Hong Kong on imports and exports, while Japan reports on CPI later in the week.
* The U.S. economy probably expanded at about a 2.5 percent annualized pace in the third quarter, restrained in part by the effects of two hurricanes, economists forecast the government to report on Friday.
* Companies reporting earnings this week include Alphabet Inc., Microsoft Corp. and Twitter Inc. in the technology sector. Ford Motor Co. and Volkswagen AG headline cars. European banks reporting include UBS Group AG, Deutsche Bank AG and Barclays Plc.
* The week also boasts rate decisions from Norges Bank and Riksbank.

      And here are the main moves in markets:
                          Stocks
* The S&P 500 Index fell 0.47 percent Wednesday in New York, while the Dow Jones Industrial Average declined 0.48 percent and the Nasdaq Composite Index dropped 0.52 percent.
* The Stoxx Europe 600 Index fell 0.57 percent.
* The U.K.’s FTSE 100 Index decreased 1.1 percent.
* Germany’s DAX Index dropped 0.46 percent.
                          Currencies
* The Bloomberg Dollar Spot Index decreased 0.2 percent.
* The euro gained 0.3 percent to $1.1801.
* The British pound climbed 0.9 percent to $1.3249.
* The rand fell 2.2 percent to 14.0609 per dollar, the weakest in about 10 months.
* The Mexican peso rose 1 percent against the greenback; the Canadian dollar sank 1 percent.
                           Bonds
* The yield on 10-year Treasuries gained two basis points to 2.44 percent.
* Germany’s 10-year yield climbed one basis point to 0.48 percent.
* Britain’s 10-year yield gained five basis points to 1.404 percent, the highest in almost nine months.
                           Commodities
* Gold rose 0.1 percent to $1,277.61 an ounce.
* West Texas Intermediate crude dipped 0.5 percent to $52.21 a barrel.
                            Asia
* Japan’s Topix index fell 0.3 percent and the Nikkei 225 declined 0.5 percent at the end of trading in Tokyo. Australia’s S&P/ASX 200 Index rose 0.1 percent. The Hang Seng Index climbed 0.5 percent, while the Shanghai Composite Index gained 0.3 percent. India’s Sensex advanced 1.3 percent.
* The Japanese yen gained 0.1 percent to 113.75 per dollar.

 

Have a wonderful evening everyone.

 

Be magnificent!

He who seeks to understand violence belongs to no country, no religion, no political party, no particular system.
What matters to him is the complete understanding of humanity.
According to one school violence is found inside a man;
according to another, it is the result of his social and cultural heritage.
Neither of these viewpoints interests us:
they have no importance; what is important is the way that we are violent,
not the reason for it.
Krishnamurti

As ever,

 

Carolann

 

Minds are like parachutes.  They only function when they are open.
                                                   -James Dewar, 1842-1923

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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:
1993 – Toronto Blue Jays win second World Series on Joe Carter’s three-run homer in the bottom of the 9th.

On October 24^th, 1664, King Charles ll wrote to his sister Henrietta:  You have heard of our taking of New Amsterdam, which lies just by New England.  ‘Tis a place of great importance to trade.  It did belong to England heretofore, but the Dutch by degrees drove our people out and built a very good town, but we have the better of it, and ‘tis now called New York. –from The Book of Days.
PHOTOS OF THE DAY

Priestesses perform during the final dress rehearsal for the lighting of the Olympic flame at Ancient Olympia, southwestern Greece.  The flame will be transported by torch relay to the Pyeongchang, South Korea, which will host the Feb. 9-25, 2018 Winter Olympics.
CREDIT:  AP PHOTO/PETROS GIANNAKOURIS

Steam locomotive 46100 Royal Scot pulling the ‘Bognor Belle’ tour of Sussex photographed here by local artist Michael Saunders near Arundel.

The Lake of Lights at Talkin Tarn lake near Brampton in Cumbria, where hundreds of lights in the surrounding woodland represent a cherished memory of a relative friend or loved one no longer with us.

Apple picker Paul Mason admires a huge crop of apples gathered at orchards in West Lydford, Somerset, UK.  The apples are harvested in their millions from mid September to November and will be sent to Showering’s Cider Mill in nearby Shepton Mallet.
Market Closes for October 24^th, 2017

Market Index	Close	Change
Dow Jones	23441.76	+167.80   +0.72%
S&P 500	2569.13	+4.15   +0.16%
NASDAQ	6598.430	+11.604   +0.18%
TSX	15905.14	+49.38
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	21805.17	+108.52
		+0.50%
HANG SENG	28154.97	-150.91
		-0.53%
SENSEX	32607.34	+100.62
		+0.31%
FTSE 100*	7526.54	+2.09
		+0.03%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.065		2.025
CND. 30 Year Bond		2.396		2.371
U.S.    10 Year Bond		2.4189		2.3664
U.S. 30 Year Bond		2.9331		2.8841

Currencies

BOC Close	Today	Previous
Canadian $	0.78919	0.79071
US $	1.26712	1.26469
Euro Rate 1 Euro=		Inverse
Canadian $	1.49123	0.67059
US $	1.17686	0.84972

Commodities

Gold	Close	Previous
London Gold Fix	1276.45	1274.90
Oil
WTI Crude Future	52.29	51.72

Market Commentary:
On this day in 2007, Facebook sells a 1.6% stake to Microsoft for $240 million.
Number of the Day
16
The number of consecutive days the Nikkei Stock Average has risen, extending a record set Monday.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks came within a point of their all-time closing high before moderating their gains, with energy stocks moving into the red.
     The S&P/TSX Composite Index rose 49 points or 0.3 percent to close at 15,905.14. The benchmark rose as much as 0.4 percent earlier in the trading day.
     Industrials were the biggest gainers, adding 1 percent as Finning International Inc. rose 3.3 percent and Ritchie Bros. Auctioneers added 2.6 percent. Both stocks benefited from Caterpillar Inc.’s blowout quarter.
     Energy stocks fell 0.3 percent even as the price of crude gained 1.1 percent. Secure Energy Services Inc. lost 3 percent and Encana Corp. fell 2.9 percent.
     In other moves:
                         Stocks
* Nevsun Resources Ltd. tumbled 7.8 percent ahead of earnings scheduled for Oct. 26 and a technical study on its Timok project in Serbia
* Martinrea International Inc. rose 6.1 percent to the highest in two years. Cormark Securities upgraded the stock to top pick
* West Fraser Timber Co. Ltd. gained 4.6 percent to a record high after third-quarter earnings beat the highest analyst estimate
                        Commodities
* Western Canada Select crude oil traded at a $12.85 discount to WTI, the widest gap since early September
* Aeco natural gas traded at a $2.17 discount to Henry Hub
* Gold fell 0.2 percent to $1,275.00 an ounce, the lowest in more than two weeks
                         FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2678 per U.S. dollar, the lowest since mid-August
* The Canada 10-year government bond yield rose four basis points to 2.06 percent, the biggest gain in six weeks
US
By Adam Haigh
     (Bloomberg) — Equities in Asia look set to follow gains in the U.S. on optimism in the world economy and encouraging earnings reports that buoyed the dollar and lifted government bond yields.
     Profit at Caterpillar Inc., long seen as a bellwether for global growth, reinforced the view that the international economic expansion is the most synchronized since the start of the decade. Alongside solid manufacturing readings from Europe, Japan and the U.S., that pushed 10-year Treasury yields to 2.42 percent and lifted the greenback to the highest level since July.
     More indications of broadening global growth are coming as the Federal Reserve and other central banks start to pull back on emergency monetary stimulus. The European Central Bank is expected to announce a reduction in the size of its monthly stimulus spend at its policy meeting Thursday, the biggest scheduled event for markets this week.
     In the U.S., an intensifying war of words between President Donald Trump and Republican U.S. Senator Bob Corker of Tennessee has muddied the prospects for tax reform. In a speech highly critical of Trump, Arizona Republican Jeff Flake announced he wouldn’t seek re-election to his Senate seat, raising further uncertainty about the overhaul’s fate.
     These are some of the key events coming up:
* Australia updates on third-quarter inflation on Wednesday, a key reading for the monetary policy outlook. South Korea reports on GDP and Hong Kong on imports and exports, while Japan reports on CPI later in the week.
* The U.S. economy probably expanded at about a 2.5 percent annualized pace in the third quarter, restrained in part by the effects of two hurricanes, economists forecast the government to report on Friday.
* Companies reporting earnings this week include Alphabet Inc., Microsoft Corp. and Twitter Inc. in the technology sector. Ford Motor Co., Volkswagen AG and Boeing Co. headline cars and planes. Coca-Cola Co. and brewer Heineken NV join European banks including UBS Group AG, Deutsche Bank AG and Barclays Plc.
* The week also boasts rate decisions from the Bank of Canada, Norges Bank and Riksbank.
     And here are the main moves in markets:
                           Stocks
* Futures on the S&P 500 Index were little changed as of 7 a.m. in Tokyo. The gauge climbed 0.2 percent on Tuesday, when the Dow Jones Industrial Average jumped 0.7 percent to a record high.
* Futures on Japan’s Nikkei 225 Stock Average added 0.5 percent in Singapore. The underlying index is up for the past 16 days.
* Contracts on Australia’s S&P/ASX 200 Index rose 0.3 percent and Hang Seng Index futures gained 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index climbed 0.3 percent to the highest in almost 15 weeks on Tuesday.
* The yen traded at 113.92 per dollar.
* The euro traded at $1.1765 after increasing 0.1 percent Tuesday.
* The kiwi bought 69.05 U.S. cents.
                           Bonds
* The yield on 10-year Treasuries climbed five basis points to 2.42 percent on Tuesday, the highest in about seven months.
* Australia’s 10-year yield gained 4 basis points to 2.81 percent.
                           Commodities
* Gold was at $1,276.74 an ounce. It fell 0.4 percent in the previous session.
* West Texas Intermediate crude was little changed at $52.51 a barrel following an advance of 1.1 percent.

 

Have a wonderful evening everyone.

 

Be magnificent!

Nations cohere because there is mutual regard among
individuals composing therm.
Some day we must extend the national law
to the universe,
even as we have extended the family law
to form nations – a larger family.
Mahatma Gandhi

A ever,

 

Carolann

 

Peace is when time doesn’t matter as it passes by.
                                -Maria Schell, 1926-2005

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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 Monday!

On this day in 2001, Apple releases the iPod.
1956: Hungarian Revolution.
1989: Hungarian Independence.
1993 – Toronto Blue Jays win second World Series on Joe Carter’s three-run homer in the bottom of the 9th.

POINTS OF PROGRESS:

THE NETHERLANDS
The Dutch are now the world’s No. 2 exporter of food – and they are doing it sustainably.  The tiny low-lying nation is second only to the United States, which has 270 times the landmass, in food exports by value (US agricultural exports are valued at $149 billion).  Using science and technology to push the boundaries of agriculture, the nation has also cut the use of water by 90 % and that of antibiotics by 60 %; it’s also almost entirely eradicated the use of pesticides. –National Geographic, World Economic Forum, Worldatlas.

ZIMBABWE
The landlocked country’s rhino population has more than doubled.  In the 1990’s, the rhino population in Zimbabwe dropped to a little more than 300, but now, thanks largely to the work of pioneering conservationist Clive Stockil, it is home to 700 rhinos.  Mr. Stockil, chairman of the Lowveld Rhino Trust and a driving force behind the Save Valley Conservancy, one of the largest private game reserves in Africa, has helped to combat the two biggest threats to rhinos – habitat loss and poaching. –Chicago Tonight.
PHOTOS OF THE DAY

Perseid meteors named as ‘Orinoid’ streak across the sky over Kula town on Manisa, Turkey.

A cheetah climbs an Acacia Tree during sunrise in Masai Mara, Kenya.

Australian artist Irene Barberis (left) with her design The Tapestry of Light: Intersections of Illumination, at Canterbury Cathedral in Kent.
Market Closes for October 23^rd, 2017

Market Index	Close	Change
Dow Jones	23273.96	-54.67   -0.23%
S&P 500	2564.98	-10.23   -0.40%
NASDAQ	6586.828	-42.225   -0.64%
TSX	15855.76	-1.46
		-0.01%

International Markets

Market Index	Close	Change
NIKKEI	21696.65	+239.01
		+1.11%
HANG SENG	28305.88	-181.36
		-0.64%
SENSEX	32506.72	+116.76
		+0.36%
FTSE 100*	7524.45	+1.22
		+0.02%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.025		2.029
CND. 30 Year Bond		2.371		2.373
U.S.    10 Year Bond		2.3664		2.3845
U.S. 30 Year Bond		2.8841		2.8969

Currencies

BOC Close	Today	Previous
Canadian $	0.79071	0.79194
US $	1.26469	1.26272
Euro Rate 1 Euro=		Inverse
Canadian $	1.48584	0.67302
US $	1.17486	0.85116

Commodities

Gold	Close	Previous
London Gold Fix	1274.90	1281.20
Oil
WTI Crude Future	51.72	51.47

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed after giving up earlier gains, as declines in energy shares offset increases in most other sectors.
     The S&P/TSX Composite Index closed down 1 point or less than 0.1 percent to 15,855.76 after earlier rising as much as 0.3 percent. The energy sector was the biggest decliner, losing 0.6 percent as gains in the price of crude moderated throughout the day. Baytex Energy Corp. fell 4.4 percent.
     Consumer staples added 0.7 percent, led by a 1.5 percent gain in shares of Alimentation Couche-Tard Inc. Technology rose 0.6 percent and telecom stocks gained 0.3 percent.
     In other moves:
                                  Stocks
* Eldorado Gold Corp. tumbled 28 percent, the most ever, to its lowest level since 2003. The company cut its 2017 production forecast for its flagship mine in for the second time this year
* Canfor Corp. rose 6.3 percent after third-quarter earnings beat the highest analyst estimate
* Hudson’s Bay Co. fell 1.8 percent. Executive Chairman Richard Baker is assuming the CEO role again, while activist investor Jonathan Litt said he plans to call a special shareholder meeting
                                Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI, 50 cents higher than Friday’s close
* Aeco natural gas traded at a $2.54 discount to Henry Hub
* Gold was little changed at $1,277.70 an ounce
                                FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2651 per U.S. dollar, the lowest in more than two months
* The Canada 10-year government bond yield was little changed at 2.03 percent
US
By Samuel Potter and Sarah Ponczek
     (Bloomberg) — U.S. stock indexes saw their first declines in more than a week as investors prepared for a big week of earnings reports and monitored the progress of tax legislation.
     “Earnings will be center stage, and then tax reform,” Ernie Cecilia, the chief investment officer at Bryn Mawr Trust Co. in Pennsylvania, said by phone. “Those are the two, whatever order you want to put them in.”
     The S&P 500 Index and Dow Jones Industrial Average both fell Monday, pulled down by technology and industrial stocks. Europe’s bonds were broadly stronger as Treasuries steadied. West Texas crude approached $52 a barrel after OPEC reported record compliance with pledged production cuts. The dollar advanced to a 14-week high. 
     There’s no shortage of other potential catalysts out there for investors this week, from the reaction to the election in Japan to the boiling Catalonia crisis and very different moves toward autonomy in parts of Italy. Central banks also loom large, with a pivotal European Central Bank meeting due and the possible unveiling of President Donald Trump’s pick for Federal Reserve chair. The U.S. president said Monday that he’s “very, very close” to announcing his nominee.
     The euro weakened as Catalan separatists planned their response to Spain Prime Minister Mariano Rajoy’s moves to stamp his authority on the region. European stocks got support from the common currency’s slip, while Spanish shares underperformed. The pound advanced as U.K. Prime Minister Theresa May told Parliament that progress had been made in Brexit talks. In Japan, Shinzo Abe’s election victory sent the Nikkei to the longest winning streak on record.
     These are some of the key events coming up:
* The U.S. economy probably expanded at about a 2.5 percent annualized pace in the third quarter, restrained in part by the effects of two hurricanes, economists forecast the government to report on Friday.
* Among other U.S. data this week, orders for big-ticket durable goods probably increased in a sign of firmer manufacturing growth.
* Australia updates on third-quarter inflation on Wednesday, while South Korea reports on GDP and Hong Kong on imports and exports. Japan reports on CPI later in the week.
* The European Central Bank holds a policy meeting on Thursday at which it’s expected to announce its stimulus plan for 2018.
* Brazil, Argentina, Russia and Canada also announce rate decisions in the coming days.
* Companies reporting earnings this week include Alphabet Inc., Microsoft Corp. and Twitter Inc. in the technology sector. Ford Motor Co., Volkswagen AG and Boeing Co. headline cars and planes. Fast food giant McDonald’s Corp., Coca-Cola Co. and brewer Heineken NV join European banks including UBS Group AG, Deutsche Bank AG and Barclays Plc.

      And here are the main moves in markets:
                            Stocks
* S&P 500 Index fell 0.4 percent Monday, the biggest decrease in almost seven weeks; the Dow declined 0.23 percent.
* The Nasdaq Composite Index dropped 0.67 percent.
* The Stoxx Europe 600 Index gained about 0.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index climbed 0.1 percent to its highest in more than 14 weeks.
* The euro fell 0.3 percent to $1.1748, the weakest in two weeks.
* The pound rose 0.1 percent to $1.3198.
                            Bonds
* The yield on 10-year Treasuries declined one basis point to 2.37 percent.
* Germany’s 10-year yield dropped two basis points to 0.43 percent.
* Britain’s 10-year yield fell two basis points to 1.312 percent.
                            Commodities
* Gold climbed 0.1 percent to $1,281.94 an ounce.
* West Texas Intermediate crude increased 0.1 percent to $51.91 a barrel.
                             Asia
* Japan’s Topix index climbed 0.8 percent, cementing a rally to the highest since mid 2007. The Nikkei jumped to once again hit the highest since 1996.
* MSCI’s Asia Pacific Index added 0.1 percent. South Korea’s Kospi index was little changed. Hong Kong’s Hang Seng fell 0.6 percent. Australia’s S&P/ASX 200 lost 0.2 percent. 

 

Have a splendid evening.

 

Be magnificent!

Give with faith and never without faith.
Give with  dignity.  Give with humility.  Give with joy.
And give with understanding of the effects of your gift.
Taittiriya Upanishad

As ever,

 

Carolann

 

When your work speaks for itself, don’t interrupt.
–Henry J. Kaiser, 1882-1967

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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 20, 1671 – New France Intendant Jean Talon orders bachelors to marry Filles du Roy or lose hunting and trading rights.

On this day in 1803, the U.S. Senate ratified the Louisiana Purchase.
PHOTOS OF THE DAY

A woman walks down the stairs in Berlin.

A boy walks at a shopping mall in Tokyo, Japan.

Cast perform during a performance of TORUK – The First Flight by Cirque du Soleil at Qudos Bank Arena in Sydney, Australia.

Fountains decorated on Place de la Concorde in Paris, France as part of Fiac 2017 (International Contemporary Art Fair).

St. Patrick’s Cathedral choristers in St. Patrick’s Cathedral for the launch of the Jonathan Swift Festival, marking the 350^th birthday of Ireland’s literary giant.
Market Closes for October 20^th, 2017

Market Index	Close	Change
Dow Jones	23328.63	+165.59   +0.71%
S&P 500	2575.21	+13.11   +0.51%
NASDAQ	6629.055	+23.988   +0.36%
TSX	15857.22	+39.21
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	21457.64	+9.12
		+0.04%
HANG SENG	28487.24	+328.15
		+1.17%
SENSEX	32389.96	-194.39
		-0.60%
FTSE 100*	7523.23	+0.19
		—

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.029		2.015
CND. 30 Year Bond		2.373		2.352
U.S.    10 Year Bond		2.3845		2.3160
U.S. 30 Year Bond		2.8969		2.8373

Currencies

BOC Close	Today	Previous
Canadian $	0.79194	0.80085
US $	1.26272	1.24868
Euro Rate 1 Euro=		Inverse
Canadian $	1.48751	0.67226
US $	1.17802	0.84888

Commodities

Gold	Close	Previous
London Gold Fix	1281.20	1286.40
Oil
WTI Crude Future	51.47	51.29

Market Commentary:
Number of the Day
2.8%
The decline in New Zealand’s currency against the U.S. dollar after the surprise emergence of a Labour-led coalition government there Thursday.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark gained as bank stocks hit a record high, while the loonie weakened to the lowest since August after inflation and retail sales data missed expectations.
     The S&P/TSX Composite Index added 39 points or 0.3 percent to 15,857.22, less than 70 points away from its all-time closing high in February. Nine of 11 sectors rose, led by technology, up 1.2 percent. Shopify Inc. jumped 5.2 percent as investors regained confidence in the stock following a short-seller report earlier in the month.
     An index of bank stocks hit a record as it gained for a sixth consecutive day. Canadian Western Bank rose 1.4 percent.
     In other moves:
                              Stocks
* Canopy Growth Corp. jumped 8 percent following three days of declines. The Toronto Stock Exchange said Monday it may delist pot stocks that flout U.S. federal law
* DHX Media Ltd. gained 0.2 percent after earlier falling as much as 16 percent. A block of 6.2 million shares changed hands at mid-morning, about 10 times an average day’s volume
* New Gold Inc. added 3.4 percent after being upgraded to buy at Canaccord Genuity
                             Commodities
* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Aeco natural gas traded at a $1.79 discount to Henry Hub
* Gold fell 0.7 percent to $1,277.40 an ounce, the lowest in two weeks
                             FX/Bonds
* The Canadian dollar weakened 1 percent to C$1.2615 per U.S. dollar, the lowest since Aug. 30
* The Canada 10-year government bond yield added two basis points to 2.03 percent
US
By Brendan Walsh and Jenna M. Dagenhart
     (Bloomberg) — The dollar climbed, Treasuries fell and U.S. stocks posted a sixth straight weekly gain on bets Donald Trump was closer to pulling off one of his biggest legislative priorities after the Senate approved a budget vehicle for tax cuts.
     All three U.S. equity benchmarks hit records. The dollar reached a three-month high and 10-year Treasury yields approached 2.4 percent amid speculation Trump was moving closer to selecting the next Federal Reserve chief. 
     “A lot of the story line we have been talking about this year is now playing out,” said Mike Wilson, Morgan Stanley’s chief U.S. equity strategist. “We’re going to have a good quarter of earnings again, we now are getting closer to the Fed chair certainty. We have the budget resolution, which is a big step in the direction of tax cuts.”
     European shares erased some of Thursday’s losses on the back of rising metal prices and positive corporate earnings. The euro slipped as investors eyed political developments in Spain and negotiations over Britain’s departure from the European Union. The Canadian dollar tumbled after inflation and retail sales trailed estimates.
     People familiar with the process of selecting the next Fed chief said Trump’s advisers are steering him toward either Jerome Powell, a member of the Fed Board of Governors, or Stanford economist John Taylor. Trump’s goal of rewriting tax laws took a major step forward as the Senate narrowly approved a budget vehicle that could pave the way for a bill.
     Meanwhile, sales of previously owned U.S. homes increased unexpectedly in September, showing demand is stabilizing in the aftermath of hurricanes Harvey and Irma.
     These are some key upcoming events:
* Fed Chair Janet Yellen speaks on Saturday.
* The big highlight of the weekend at China’s Communist Party Congress will be a discussion on reforms for state-owned Chinese companies.
* Japan goes to the polls on Sunday with a win tipped for Prime Minister Shinzo Abe. Read more here.
         Here are the main moves in markets:
                          Stocks
* The S&P 500 Index added 0.5 percent at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.3 percent.
* Japan’s Nikkei 225 Stock Average gained less than 0.05 percent to the highest in about 21 years.
* The MSCI Emerging Market Index increased 0.2 percent.
                         Currencies
* The Bloomberg Dollar Spot Index gained 0.6 percent.
* The euro fell 0.7 percent to $1.1774.
* The British pound increased 0.2 percent to $1.3185.
* The Japanese yen decreased 0.9 percent to 113.52 per dollar, the weakest in 14 weeks.                            
                          Bonds
* The yield on 10-year Treasuries rose six basis points to 2.38 percent, a three-month high.
* Germany’s 10-year yield climbed five basis points to 0.45 percent.
* Britain’s 10-year yield added five basis points to 1.33 percent.
                          Commodities
* West Texas Intermediate crude rose 0.4 percent to $51.47 a barrel.
* Gold dipped 0.7 percent to $1,281.52 an ounce.

 

 

Have a wonderful evening everyone.

 

Be magnificent!

Duties to self, to the family, to the country,
and the world are not independent of one another.
One cannot do good to the country
by injuring himself or his family.
Similarly one cannot serve the country
by injuring the world at large.
Mahatma Gandhi

 

As ever,

 

Carolann

 

Never regret.  If it’s good, it’s wonderful.  If it’s bad, it’s experience.
                                                       -Victoria Holt, 1906-1993

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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:

Hide in the woods instead, and dream
As the beeches turn to their autumn brown
And acorns plop in the swollen stream;
Sit on a rotting log; scrawl down
Rubbish of verses fit for fire,
Gardener, poet, on single pyre,
Liberal, losel, catching the last
Chance of the mothlike summer past, –
Winter’s ahead, and our days are few.
                  -V. Sackville-West

PHOTOS OF THE DAY

Andrew Clark plays basketball in the atrium of the Woodward’s building on a mural places on the ground to mark World Sight Day, in Vancouver, British Columbia.
CREDIT: DARRYL DYCK/THE CANADIAN PRESS VIA AP

Thousands of geese fill the sky as they fly off to find food in nearby fields.  Around 150,000 snow geese spend a few weeks at the Beaudette reservoir, in Victoriaville, Quebec, Canada, to rest before continuing with their migration to the Atlantic coast of the United States of America.  The birds spend the night on the surface of the reservoir, which covers an area of 1.52km squared, where they are sheltered and safe from predators.

Participants ride their horses as they perform the Moroccan javelin sport “tebburide”, which is a centuries-old tradition, during the 10^th Al Jadida Horse Festival in the city of Al Jadida in Morocco. Tebburide, which takes its name from the gunpowder used at the end of the sport, was part of the celebrations after victories against the Spanish in the 15^th Century.
Market Closes for October 19^th, 2017

Market Index	Close	Change
Dow Jones	23163.04	+5.44   +0.02%
S&P 500	2562.10	+0.84   +0.03%
NASDAQ	6605.066	-19.154   -0.29%
TSX	15818.00	+35.84
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	21448.52	+85.47
		+0.40%
HANG SENG	28159.09	-552.67
		-1.92%
SENSEX	32389.96	-194.39
		-0.60%
FTSE 100*	7523.04	-19.83
		-0.26%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.015		2.034
CND. 30 Year Bond		2.352		2.370
U.S.    10 Year Bond		2.3160		2.3411
U.S. 30 Year Bond		2.8373		2.8491

Currencies

BOC Close	Today	Previous
Canadian $	0.80085	0.80213
US $	1.24868	1.24668
Euro Rate 1 Euro=		Inverse
Canadian $	1.47999	0.67568
US $	1.18524	0.84371

Commodities

Gold	Close	Previous
London Gold Fix	1286.40	1280.20
Oil
WTI Crude Future	51.29	52.04

Market Commentary:
On Oct. 19, 1987, the stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value – its second biggest percentage drop.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks resumed their advance, as a rally in industrial and financial shares pushed the benchmark index to within 0.7 percent of this year’s high in February.
     The S&P/TSX Composite Index added 36 points or 0.2 percent to 15,818.00, after erasing an earlier 0.2 percent decline amid a short-lived flight to safety. Industrial stocks were the best performers as Canadian National Railway Co. rose 1.6 percent one day after competitor Canadian Pacific Railway Ltd. jumped 5.1 percent on a boost to its profit forecast.
     Financials gained 0.5 percent as government bond yields backtracked an earlier slump. Royal Bank of Canada rose 0.8 percent.
     In other moves:
                          Stocks
* AltaGas Ltd. gained 4.5 percent after reporting third-quarter earnings that beat the highest analyst estimate
* Cenovus Energy Inc. added 2.4 percent. The company is selling its Palliser oil and gas assets in Alberta for C$1.3 billion
* Ero Copper Corp. was unchanged while Titan Mining Corp. fell 5 percent in their trading debuts. Ero’s initial public offering was the largest by a Canadian mining firm in two years
                          Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI, 10 cents narrower than Wednesday after TransCanada Corp. said its Keystone pipeline resumed normal operations
* Aeco natural gas traded at a $1.83 discount to Henry Hub, 30 percent narrower than Wednesday
* Gold rose 0.6 percent to $1,286.90 an ounce, the first gain this week
                          FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2477 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.02 percent after earlier tumbling as much as six basis points
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks eked out a gain to finish at a fresh all-time high as gains in defensive shares offset declines sparked by Apple Inc. Treasuries rose and the dollar extended losses after a report from Politico that President Donald Trump is leaning toward Jerome Powell as the next Fed chairman.
     The S&P 500 wiped out a slide of 0.5 percent to close higher for a fifth straight day. The Nasdaq Composite Index fell the most in three weeks with Apple pacing declines after a report that the iPhone maker was dialing back orders. The Cboe Volatility Index held above 10, but trimmed a jump of more than 15 percent. Ten-year Treasury yields fell to 2.31 percent and gold approached $1,290 per ounce.
     American traders awoke to find the S&P 500 headed for its biggest drop since August as a host of negative headlines snapped a risk-on sentiment that had dominated in recent days. Investors sought the safest assets, from the Swiss franc to gold, amid concern over politics in New Zealand and Spain, a sharp drop in Hong Kong shares and the bad news from Apple. That sentiment faded as the U.S. day wore on, amid the prospect for higher corporate earnings and data showing firmness in the American labor market.
     Here are the main moves in markets:
                           Stocks
* The S&P 500 Index rose less than 0.1 percent at the close in New York.
* United Continental Holdings Inc. fell the most in eight years after the airline’s profit outlook disappointed investors.
* EBay Inc. fell the most in two months after giving a lackluster profit forecast for the holiday quarter.
* The Stoxx Europe 600 Index dropped 0.6 percent.
* The MSCI Asia Pacific Index dipped 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index lost 0.2 percent.
* The euro climbed 0.4 percent to $1.1833, the strongest in more than a week.
* The British pound slipped 0.4 percent to $1.3156.
* The Japanese yen rose 0.3 percent to 112.56 per dollar.                           
                           Bonds
* The yield on 10-year Treasuries decreased three basis points to 2.31 percent.
* Germany’s 10-year yield was little changed at 0.39 percent.
* Britain’s 10-year yield decreased four basis points to 1.28 percent.                         
                           Commodities
* West Texas Intermediate crude fell 1.3 percent to $51.36 a barrel.
* Gold increased 0.4 percent to $1,286.32 an ounce.
* Copper declined 0.3 percent to $3.1675 a pound.

 

Have a wonderful evening everyone.

 

Be magnificent!

I cannot imagine anything nobler or more national than that for, say, one hour in a day,
we should all do the labor that the poor must do,
and thus identify ourselves with them and through them with all mankind.
Mahatma Gandhi

As ever,

 

Carolann

 

A man’s homeland is wherever he prospers.
       -Aristophanes, c. 450 BC- c. 388 BC

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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. 18, 1968, the United States Olympic Committee suspended two black athletes, Tommie Smith and John Carlos, for giving a “black power” salute as a protest during a victory ceremony in Mexico City.
Go to article »

POINTS OF PROGRESS:

SCOTLAND
A type of butterfly not seen in Scotland for 133 years has been sighted.  The white-letter hairstreak was spotted munching on ragwort “in the grassy edge of an arable field,” according to Iain Cowe of Britain’s Butterfly Conservation, who snapped a photo of it.  While Mr. Cowe said the butterfly looked “ragged and worn,” the  first sighting since 1884 has sparked hopes that a breeding colony has been established in the area.  The white-letter hairstreak is prevalent in England and Wales but the population has declined by 72 % over the past decade. –BBC, SMITHSONIAN.
THE BALKANS
The Accursed Mountains continue to open up to outsiders.  The Balkan mountain range, straddling the borders of Albania, Montenegro, and Kosovo, was largely closed to travelers for the past 70 years because of dictatorships and ongoing conflicts often fueled by the fractious relationships among Muslim, Christian and Orthodox communities in the region.  But since 2012, when a German government agency opened a 120-mile circular hiking trail through the pristine region, hikers have been drawn in larger numbers.  It is now seen as a symbol of peace. –FINANCIAL TIMES.
BOLIVIA
The Latin American nation’s infant mortality rate has plummeted.  Between 2008 and 2016, the number of deaths of children under 1 year old has dropped 52 %, from 50 deaths per thousand to 24.  The government said the fall corresponded with a 71.8 % increase in women who were attended by health-care personnel during childbirth.  The government says women have benefited from a raft of other initiatives, including a program called “My Health,” launched in 2013, that provides free health are to residents in  the poorest communities.  -TELESUR
PHOTOS OF THE DAY

The Milky Way is pictured from the top of Schonguetsch mountain (2319m) above Lake Brienz, in the Bernase Oberland, Switzerland.

Autumn coloured vineyards around the castle of Hambach in Hambach near Neustadt an der Weinstrasse, Germany.

Jim Zentveld from Amsterdam tries out Destination U Prototype, a facial coding pod developed by Realeyes to celebrate Thomson rebranding as TUI, in London. The prototype is the first of its kind, using facial coding and emotional measurement technology to guide holidaymakers when selecting a travel destination.

Japanese Shinto priests attend a ritual during an autumn festival at Yasukuni Shrine in Tokyo, Japan.
Market Closes for October 18^th, 2017

Market Index	Close	Change
Dow Jones	23157.60	+160.16   +0.70%
S&P 500	2561.26	+1.90   +0.07%
NASDAQ	6624.219	+0.562   +0.01%
TSX	15782.16	-34.74
		-0.22%

International Markets

Market Index	Close	Change
NIKKEI	21363.05	+26.93
		+0.13%
HANG SENG	28711.76	+14.27
		+0.05%
SENSEX	32584.35	-24.81
		-0.08%
FTSE 100*	7542.87	+26.70
		+0.36%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.034		2.014
CND. 30 Year Bond		2.370		2.358
U.S.    10 Year Bond		2.3411		2.2998
U.S. 30 Year Bond		2.8491		2.8035

Currencies

BOC Close	Today	Previous
Canadian $	0.80213	0.79853
US $	1.24668	1.25230
Euro Rate 1 Euro=		Inverse
Canadian $	1.46965	0.68044
US $	1.17885	0.84829

Commodities

Gold	Close	Previous
London Gold Fix	1280.20	1284.75
Oil
WTI Crude Future	52.04	51.88

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower as energy stocks tumbled, pressured by a widening discount for crude and a general selloff in the space.
     The S&P/TSX Composite Index lost 35 points or 0.2 percent to 15,782.16, the lowest in four trading days. The energy sector fell 1.2 percent as data firm Genscape said flow on TransCanada Corp.’s Keystone pipeline was “essentially shut.” Precision Drilling Corp. fell 4 percent and Paramount Resources Ltd. lost 3.9 percent.
     The decline in energy shares offset a 1.1 percent gain in industrials. Canadian Pacific Railway Ltd. jumped 5.1 percent to the highest since May 2015 after raising its full-year profit forecast.
     In other moves:
                            Stocks
* Magna International Inc. rose 2.5 percent. The stock received a double upgrade to buy from underperform at Bank of America Merrill Lynch, while Nafta talks were extended to 2018
* Corus Entertainment Inc. fell 2.4 percent after fourth-quarter revenue missed the lowest analyst estimate
* Encana Corp. added 2.8 percent. The energy producer expects to increase cash flow about 25 percent a year through 2022
                           Commodities
* Western Canada Select crude oil traded at a $12.10 discount to WTI, the biggest gap in a month, amid the drop in Keystone flow
* Aeco natural gas traded at a $2.63 discount to Henry Hub
* Gold fell 0.2 percent to $1,279.90 an ounce, the metal’s third consecutive decline
                            FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.2460 per U.S. dollar, the biggest gain in six weeks
* The Canada 10-year government bond yield rose two basis points to 2.03 percent, the first increase in eight trading days
US
By Brendan Walsh
     (Bloomberg) — The Dow Jones Industrial Average posted its biggest gain in five weeks and the three major U.S. equity benchmarks closed at records as corporate earnings beat estimates.
     Stocks were bolstered by IBM’s forecast for its first sales growth in five years, which sent its shares to their biggest advance since 2009, and better-than-expected results at Abbott Laboratories and Northern Trust Corp. A gauge of commodities declined as copper and gold slipped. Treasury yields increased after traders added to bets on steeper U.S. interest rates.
     More than 80 percent of the 52 members of the S&P 500 Index that have already reported earnings for the most recent quarter beat analysts’ forecasts.
     Fed funds futures indicate a roughly 80 percent chance that U.S. policy makers will raise rates at their December meeting, up from 72 percent Friday. President Donald Trump’s choice for the next Fed chair will be unveiled before he leaves Nov. 3 for an 11-day trip to Asia and Hawaii, a person familiar with the process said Tuesday. John Taylor was said to have impressed Trump in an interview, buoying gains in the greenback earlier this week given the assumption by many that he would favor tighter policy. 
     Elsewhere, The Stoxx Europe 600 Index rose on wagers the European Central Bank will remain accommodative even as it tapers asset purchases. Stocks in Shanghai gained after Chinese President Xi Jinping laid out a road map to turn the country into a leading global power by 2050. Investors are watching to see whether Xi will push through tough reforms as the world’s second-largest economy faces structural challenges over the next five years.
     Here are some key events coming up this week:
* China releases data for GDP, industrial production and retail sales on Thursday.
* Markets in Malaysia, Singapore and Sri Lanka were closed on Wednesday for holidays.

 

      Here are the main moves in markets:

 

                              Stocks
* The S&P 500 Index rose 0.1 percent at the close in New York.
* The Dow Jones Industrial Average added 0.7 percent
* The Stoxx Europe 600 Index climbed 0.3 percent.
* The U.K.’s FTSE 100 Index gained 0.4 percent.
* Germany’s DAX Index increased 0.4 percent to a record. 
                          Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.2 percent to $1.1794.
* The British pound gained 0.1 percent to $1.3198.
* The Japanese yen sank 0.6 percent to 112.92 per dollar.
                           Bonds
* The yield on 10-year Treasuries increased four basis points to 2.34 percent, the highest in a week. 
* Germany’s 10-year yield climbed three basis points to 0.39 percent. 
* Britain’s 10-year yield jumped four basis points to 1.31 percent.
                           Commodities
* West Texas Intermediate rose 0.2 percent to $52 a barrel.
* Gold dipped 0.3 percent to $1,280.76 an ounce, a one-week low
* Copper fell for a second day, declining 0.6 percent to $3.175 a pound

 

 

Have a wonderful evening everyone.

 

Be magnificent!

Whenever I see an erring man, I say to myself I have also erred;
when I see a lustful man I say to myself, so was I once;
and in this way I feel kinship with everyone in the world
and feel that I cannot be happy without the humblest of us being happy.
Mahatma Gandhi

 

As ever,

 

Carolann

 

Rank does not confer privilege or give power.  It imposes responsibility.
                                                     -Peter Drucker, 1909-2005

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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