Category: Events

Dear Friends,

Tangents:
On Oct. 17, 1931, mobster Al Capone was convicted of income tax evasion and sentenced to 11 years in prison. He was released in 1939.
Go to article »
Also on this day, in 1919, the Radio Corporation of America is founded.
October 17,1989: San Francisco earthquake.

Check out the SkySafari 5 app to learn more about what you’re seeing in the sky.  In addition to showing you what the sky looked like 10,000 years ago or what it may look like in the future, the app features photos from NASA missions and will help you figure out which planet or star you’re gazing at.  It’s $2.99 for iOS and Android.
PHOTOS OF THE DAY

The sun rises over the Notre-Dame de Strasbourg cathedral in eastern France.

The sky over central London is turned orange as the remains of Hurricane Ophelia whips up dust from the Sahara desert. 80 mph winds and storm conditions have hit Ireland already today.

A thrill seeking woman gets a soaking as she stands in front of a splashing wave which hit the promenade at the Penzance in Cornwall, UK, which was whipped up by gale force winds from ex hurricane Ophelia.

A pumpkin of 432 kg (952 pounds) in weight grown by psychologist Alexander Chusov from Elektrogorsk, Moscow Region, at a Russian Record Book ceremony gets the award as the largest pumpkin in Russia.
Market Closes for October 17^th, 2017

Market Index	Close	Change
Dow Jones	22997.44	+40.48   +0.18%
S&P 500	2559.36	+1.72   +0.07%
NASDAQ	6623.656	-0.349   -0.01%
TSX	15816.90	+14.20
		+0.09%

International Markets

Market Index	Close	Change
NIKKEI	21336.12	+80.56
		+0.38%
HANG SENG	28697.49	+4.69
		+0.02%
SENSEX	32609.16	-24.48
		-0.08%
FTSE 100*	7516.17	-10.80
		-0.14%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.014		2.028
CND. 30 Year Bond		2.358		2.382
U.S.    10 Year Bond		2.2998		2.2998
U.S. 30 Year Bond		2.8035		2.8184

Currencies

BOC Close	Today	Previous
Canadian $	0.79853	0.79896
US $	1.25230	1.25163
Euro Rate 1 Euro=		Inverse
Canadian $	1.47355	0.67864
US $	1.17667	0.84986

Commodities

Gold	Close	Previous
London Gold Fix	1284.75	1303.30
Oil
WTI Crude Future	51.88	51.87

Market Commentary:
Number of the Day
60%
The most recent survey of Wall Street newsletter writers by Investors Intelligence suggested that more than 60% of them are bullish, up from 47% early last month.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks edged closer to an all-time high as an aerospace deal sent Bombardier Inc. shares soaring and the telecom sector rose ahead of earnings.
     The S&P/TSX Composite Index added 14 points or 0.1 percent to 15,816.90, the highest close since February. Telecom shares led the way, gaining 0.7 percent. Rogers Communications Inc. will report third-quarter results later this week.
     The industrial sector gained 0.3 percent as Bombardier jumped 16 percent, the biggest gain in 19 months. Airbus SE is taking a majority stake in the company’s C Series jetliner program, a move that analysts said will boost sales and cut production costs.
     In other moves:

                             Stocks
* Home Capital Group Inc. fell 1.5 percent and Equitable Group Inc. lost 1.9 percent after Canada’s banking regulator toughened its mortgage qualifying rules
* Aphria Inc. tumbled 13 percent and Canopy Growth Corp. lost 4.7 percent. The Toronto Stock Exchange said Monday it may delist pot stocks that flout U.S. law
* Thomson Reuters Corp. added 1.7 percent after it was upgraded to outperform at Scotiabank
                         Commodities
* Western Canada Select crude oil traded at a $10.55 discount to WTI, the smallest gap since August
* Aeco natural gas traded at a $2.69 discount to Henry Hub
* Gold fell 1.3 percent to $1,283.00 an ounce, the biggest drop in almost four weeks
                          FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2526 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.02 percent, the lowest in more than a month
US
By Brendan Walsh
     (Bloomberg) — The dollar strengthened to a one-week high on speculation the next Federal Reserve chairman will be more hawkish as the Dow Jones Industrial Average briefly topped the 23,000 level for the first time.
     The blue-chip equity gauge, which closed just shy of the big round number, was lifted by earnings that beat estimates at UnitedHealth Group Inc. and Johnson & Johnson. The S&P 600 also edged higher. Gold and copper declined, sending a measure of commodities to the biggest drop in a week.
    John Taylor, who is known for a policy rule that would suggest higher interest rates were he to replace Janet Yellen, was said to have impressed President Donald Trump in an interview last week. That prompted investors to lift bets on a rate increase in December, and sent the dollar up versus all the Group of 10 currencies. A host of Fed speakers and the publication of the Beige Book this week may provide further clues about the U.S. policy path.
     U.S. homebuilders’ confidence rebounded to a five-month high, indicating concern over fallout from major hurricanes has been alleviated. U.S. factory production rose last month for the first time since June.
     The pound weakened after Governor Mark Carney said the Bank of England is making contingency plans for a “hard” exit from the European Union. The euro slumped after Spain cut its growth forecast for 2018 to 2.3 percent from 2.6 percent, acknowledging the impact of an escalating political crisis in Catalonia, a region that accounts for a fifth of the country’s output. The Spanish state is turning up the pressure on separatist leaders to drop their push for independence.
     Here are some key events coming up this week:
* Among Fed speakers lined up this week are Philadelphia Fed President Pat Harker on Tuesday, and New York Fed President Bill Dudley and Dallas Fed President Robert Kaplan on Wednesday.
* China releases data for GDP, industrial production and retail sales on Thursday.

      Here are the main moves in markets:
                          Stocks
* The S&P 500 rose 0.1 percent at the close in New York.
* The Dow Jones Industrial Average rose 0.2 percent to 22,997.44.
* The Stoxx Europe 600 closed 0.3 percent lower.
* The MSCI Emerging Market Index sank 0.4 percent, the first retreat in more than a week.
                          Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent
* The euro dipped 0.3 percent to $1.1767.
* The British pound declined 0.5 percent to $1.3185.
* The Japanese yen was little changed at 112.22 per dollar.
                          Bonds
* The yield on 10-year Treasuries was little changed at 2.3 percent.
* Britain’s 10-year yield fell six basis points to 1.27 percent.
* Spain’s 10-year yield fell two basis points to 1.53 percent.
                          Commodities
* West Texas Intermediate rose 0.2 percent to $52 a barrel
* Gold declined 0.8 percent to $1,285.97 an ounce.
* Copper sank 1.2 percent to $3.2015 a pound, the first retreat in more than a week.

Have a wonderful evening everyone.

 

Be magnificent!

Where we suffer we have made it into a personal affair.
We shut out all the suffering of mankind.
Krishnamurti

As ever,

 

Carolann

 

 

Nothing is a waste of time if you use the experience wisely.
                                         -Auguste Rodin, 1840-1917

 

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 1793, Marie Antoinette is beheaded during the French Revolution.
Hong Kong, Oct. 16–Communist China announced tonight that it had exploded its first atom bomb. Peking pledged that it would never be the first to use nuclear weapons in the future. 
go to article >>

BIRTHDAYS:
1854, Oscar Wilde
1946, Suzanne Somers

PRIME NUMBERS:
90
Days it took to build Berlin’s Tegel airport in 1948.  Berliners voted Sept. 24 to keep it open, since the new airport – which took 15 years of planning before construction began in 2006 – still has no completion date.

40
Rockets fired by the Afghan Taliban in an attempt to hit US Defense Secretary James Mattis’s plane, hours after he’d left Kabul during an unannounced visit Sept. 27.  No one was hurt.

7
Countries named in Donald Trump’s new travel ban, issued Sept. 24.  Nearly all citizens from Iran, Libya, Syria, Yemen, Somalia, Chad, and North Korea are banned.  Those from Iraq and Venezuela face restrictions.

1.1      
MILLION
Asylum-seekers who fled to Europe in 2015 and 2016 and are still waiting to hear the status of their applications.

5.8
TRILLION
Tax revenue (in dollars) analysts say a Republican tax reform plan could cost over 10 years.  The GOP says it will recoup $3.6 trillion of that by eliminating certain tax deductions.

Sources: The Washington Post, CNN, The New York Times, Newsweek, The Washington Post, Reuters.

Don’t talk, just act.
Don’t say, just show.
Don’t promise, just prove.
PHOTOS OF THE DAY

The National Choreographic Center of Creteil and the French Val-Marne presents the show ‘Pixel’, a dance that combines
the human body with digital images and music, during the 45^th International Cervantino Festival in Guanajuato, Mexico.
CREDIT:  ULISES RUIZ BASURTO/EPA

Japanese maples and colourful acers highlight the magnificent array of autumn colours at Westonbirt Arboretum at Tetbury, Gloucestershire.
CREDIT: WENN

Visitors attend “Birgu by Candlelight”, an annual event during which most street lights are switched off and the city is lit up by candlelight to create a magical ambience, in the medieval city of Birgu, also known as Vittoriosa, Malta.

Flames rise behind Ledson Winery in Kenwood, near Santa Rosa, California. At least 40 people are confirmed dead with hundreds still missing. Officials expect the death toll to rise, and now estimate that 5,700 structures have been destroyed.
Market Closes for October 16^th, 2017

Market Index	Close	Change
Dow Jones	22956.96	+85.24   +0.37%
S&P 500	2557.64	+4.47   +0.18%
NASDAQ	6624.004	+18.203   +0.28%
TSX	15802.70	-4.47
		-0.03%

International Markets

Market Index	Close	Change
NIKKEI	21255.56	+100.38
		+0.47%
HANG SENG	28692.80	+216.37
		+0.76%
SENSEX	32633.64	+200.95
		+0.62%
FTSE 100*	7526.97	-8.47
		-0.11%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.028		2.036
CND. 30 Year Bond		2.382		2.391
U.S.    10 Year Bond		2.2998		2.2730
U.S. 30 Year Bond		2.8184		2.8042

Currencies

BOC Close	Today	Previous
Canadian $	0.79896	0.80202
US $	1.25163	1.24685
Euro Rate 1 Euro=		Inverse
Canadian $	1.47643	0.67731
US $	1.17961	0.84774

Commodities

Gold	Close	Previous
London Gold Fix	1303.30	1299.60
Oil
WTI Crude Future	51.87	51.45

Market Commentary:
Number of the Day
$3.3 billion
The amount investors poured into emerging-market equity funds last week, the largest net inflow in 21 weeks.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks were less than 150 points shy of their closing record as gains in oil and copper drove a gauge of commodities to its highest level in six months.
     The S&P/TSX Composite Index fell 4.5 points or less than 0.1 percent to 15,802.70 at the market close in Toronto. Information technology stocks were the biggest gainers, rising 0.6 percent.
     The energy sector rose 0.2 percent as West Texas Intermediate prices rose above $52 a barrel amid supply disruptions due to tensions between Iraqi forces and Kurds.
     In other moves:
                          Stocks
* Bombardier Inc. rose 2.6 percent. The company is exploring options for its aerospace assets including a sale of some operations, according to people familiar with the matter
* ShawCor Ltd. fell 3.7 percent after the stock was downgraded at Industrial Alliance Securities
* Magna International Inc. fell 2.8 percent. The stock was downgraded to sell at Goldman Sachs, which said it’s time for investors to trim their auto exposure
                          Commodities
* Western Canada Select crude oil traded at an $11.15 discount to WTI
* Aeco natural gas traded at a $2.67 discount to Henry Hub
* Gold fell 0.6 percent to $1,296.30 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2522 per U.S. dollar
* The Canada 10-year government bond yield fell about 1 basis point to 2.028 percent, the lowest in a month
US
By Sarah Ponczek
     (Bloomberg) — The S&P 500 Index rose to a record as gains in oil and copper drove a gauge of commodities to a six-month high. Treasuries fell after Federal Reserve Chair Janet Yellen suggested gradual rate increases are warranted despite soft inflation.
     The pound broke a five-day winning streak on speculation that Brexit talks could be headed for a breakdown. Spain’s IBEX 35 Index declined and the euro weakened amid the stand-off over independence for Catalonia. The dollar extended gains after people familiar with the matter said Stanford University economist John Taylor, a candidate to be the next Fed chairman, made a favorable impression on President Donald Trump after an interview.
     WTI crude rose to a two-week high on concern tensions between Iraqi forces and Kurds will disrupt supplies, while copper surged to the highest since July 2014.
     Yellen said on Sunday her “best guess” is consumer prices will soon accelerate after a period of surprising softness, a forecast echoed by European Central Bank President Mario Draghi and Bank of England Governor Mark Carney. A host of Fed speakers and the publication of the Beige Book this week may provide further clues about the U.S. policy path.
     In Spain, investors are awaiting the next move in a crisis that has weighed on Spanish assets and may also roil the euro. Catalan President Carles Puigdemont defended his region’s claim to independence as the Spanish government signaled it will move ahead with the process of suspending self-rule this week. Puigdemont has until Thursday morning to back down, Deputy Prime Minister Soraya Saenz de Santamaria said.
     Elsewhere, Mexico’s peso fell to a five-month low after President Donald Trump’s administration made aggressive demands during a fourth round of negotiations on the future of the North American Free Trade Agreement. Developing-nation stocks extended gains.
     Here are some key events coming up this week:
* Among Fed speakers lined up this week are Philadelphia Fed President Pat Harker on Tuesday, and New York Fed President Bill Dudley and Dallas Fed President Robert Kaplan On Wednesday. The Fed’s Beige Book will also be published on Wednesday.
* U.S. economic data will include a couple of September housing reports. Beginning construction on new homes and sales of previously owned properties will probably show the negative effects of Hurricanes Harvey and Irma on demand and building.
* China releases data for GDP, industrial production and retail sales on Thursday.
* Earnings season gets into full swing with major U.S. financial firms including Morgan Stanley, Goldman Sachs Group Inc. and Blackstone Group LP. posting results. Netflix Inc. and General Electric Co. are also reporting.
* Bank of England Governor Mark Carney appears before the U.K. Parliament’s Treasury Committee for the first time since June’s election on Tuesday.

      Here are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.2 percent at the close in New York.
* The Stoxx Europe 600 Index closed little changed.
* Spain’s IBEX Index decreased 0.8 percent.
* The MSCI Emerging Market Index added 0.5 percent to the highest in six years.
                           Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent.
* The euro decreased 0.2 percent to $1.1792.
* The British pound slipped 0.3 percent to $1.3249, the first retreat in a week.
* The Japanese yen weakened 0.3 percent to 112.16 per dollar.
                           Bonds
* The yield on 10-year Treasuries rose three basis points to 2.3 percent.
* Germany’s 10-year yield declined three basis points to 0.37 percent.
* Britain’s 10-year yield dipped three basis points to 1.33 percent.
* Spain’s 10-year yield decreased four basis points to 1.55 percent.
                           Commodities
* WTI crude rose 0.8 percent to $51.86 a barrel.
* Gold slipped 0.7 percent to $1,294.40 an ounce.
* Copper climbed 3.4 percent to $3.239 a pound, the highest in three years. 

 

Have a wonderful evening everyone.

 

Be magnificent!

Nonviolence is the summit of bravery.
Mahatma Gandhi

As ever,

 

Carolann

 

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

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
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. 13, 1943, Italy declared war on Germany, its one-time Axis partner.
Go to article »
1812 – British and Canadians Victorious at Queenston Heights; Gen Isaac Brock dies.
1925- Lenny Bruce was born.
1941- Paul Simon was born.

October
    -Robert Frost
O hushed October morning mild,
Thy leaves have ripened to the fall;
Tomorrow’s wind, if it be wild,
Should waste them all.
The crows above the forest call;
Tomorrow they may form and go.
O hushed October morning mild,
Begin the hours of this day slow.
Make the day seem to us less brief.
Hearts not averse to being beguiled,
Beguile us in the way you know.
Release one leaf at break of day;
At noon release another leaf;
One from our trees, one far away.
Retard the sun with gentle mist;
Enchant the land with amethyst.
Slow, slow!
For the grapes’ sake, if they were all,
Whose leaves already are burnt with frost,
Whose clustered fruit must else be lost—
For the grapes’ sake along the wall.

 

PHOTOS OF THE DAY

A cheetah cub chases the gazelle fawn in Kenya’s Masai Mara National Reserve during The Great Migration.

A San Diego Cal Fire firefighter monitors a flare up on the head of a wildfire (the Southern LNU Complex), off High Road above the Sonoma Valley, in Sonoma, California.
A wind shift caused flames to move quickly up hill and threaten homes in the area.  Three days after the fires began, firefighters were still unable to gain control of the blazes that had turned entire Northern California neighborhoods to ash and destroyed thousands of homes and business.

Sophia, a life-like humanoid robot, is pictured at the UN headquarters in New York.
Sophia was here attending a meeting on “The Future of Everything – Sustainable Development in the Age of Rapid Technological Change”.
Market Closes for October 13^th, 2017

Market Index	Close	Change
Dow Jones	22871.72	+30.71   +0.13%
S&P 500	2553.17	+2.24   +0.09%
NASDAQ	6605.801	+14.291   +0.22%
TSX	15807.17	+64.97
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	21155.18	+200.46
		+0.96%
HANG SENG	28476.43	+17.40
		+0.06%
SENSEX	32432.69	+250.47
		+0.78%
FTSE 100*	7535.44	-20.80
		-0.28%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.036		2.082
CND. 30 Year Bond		2.391		2.437
U.S.    10 Year Bond		2.2730		2.3195
U.S. 30 Year Bond		2.8042		2.8491

Currencies

BOC Close	Today	Previous
Canadian $	0.80202	0.80160
US $	1.24685	1.24751
Euro Rate 1 Euro=		Inverse
Canadian $	1.47403	0.67841
US $	1.18220	0.84588

Commodities

Gold	Close	Previous
London Gold Fix	1299.60	1290.25
Oil
WTI Crude Future	51.45	50.60

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks inched closer to an all-time high, touching their highest level in eight months as the telecom, energy and financial sectors boosted the benchmark.
     The S&P/TSX Composite Index rose 65 points or 0.4 percent to 15,807.17, the highest close since Feb. 22. The benchmark gained 0.5 percent on the week.
     Telecom stocks were the biggest gainers, adding 0.9 percent, while energy shares rose 0.5 percent. West Texas Intermediate rose above $51 a barrel after China’s crude imports jumped to the second highest on record. Financials gained 0.5 percent even as bond yields fell the most since early September.
     In other moves:
                             Stocks
* SSR Mining Inc. tumbled 8.3 percent, the most since March. Production at its Marigold mine fell 30 percent quarter-over- quarter
* ProMetic Life Sciences Inc. rose 5.1 percent after its plasminogen replacement therapy was accepted by the U.S. Food and Drug Administration
* TFI International Inc. rose 4.4 percent, the most in a year. RBC upgraded the stock to outperform, saying it’s well positioned to capitalize on improving sector trends
                            Commodities
* Western Canada Select crude oil traded at an $11.35 discount to WTI, widening for the first time in a week and a half
* Aeco natural gas traded at a $2.97 discount to Henry Hub
* Gold rose 0.6 percent to $1,301.50 an ounce, the highest since Sept. 25
                            FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2482 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.04 percent, the lowest in more than a month
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks climbed to record highs and Treasuries rallied after a core inflation reading slowed, adding to evidence that economic growth continues apace without stoking price increases. The dollar pared losses.
     Bonds in Europe gained after a report that the European Central Bank may continue asset purchases for at least nine months after it starts tapering in January. The Stoxx Europe 600 Index climbed, led by steelmakers and miners as most industrial metals gained and crude oil rose back above $51 a barrel.
    “There’s nothing here to suggest why the core number was as weak as it is, but that’s just consistent with the trends that we’ve seen,” said Phil Orlando, chief equity strategist at Federated Investors Inc. “Inflation has been befuddling everyone for a really long time.”
     Excluding food and energy, so-called core prices rose 0.5 percent in September, below an estimate of 0.6 percent. At the same time, a Commerce Department report also released Friday showed U.S. retail sales rose in September by the most in more than two years, as Americans replaced storm-damaged cars and paid higher prices at the gasoline pump. Excluding autos and gas, sales still increased at the second-fastest pace since January.
     The inflation data bolstered the view that U.S. inflation below the Federal Reserve’s target may be structural rather than transitory, prompting traders to slightly reduce the odds of another rate increase in December.
     “The presumption that, with a softer inflation print, it would mean that maybe the Fed is not going to be as aggressive as people expected,” said Chris Verrone, head of technical analysis at Strategas Research in New York.
     Back in Europe, central bank officials are considering reducing quantitative easing to 30 billion euros ($36 billion) a month from the current pace of 60 billion euros, according to officials familiar with the debate. While the central bank’s governors are split on the need to identify an end date for purchases, a pledge to keep buying bonds until September — with the proviso that it could be extended if needed — may offer grounds for compromise, they said.
     In the U.S., Tenet Healthcare Corp., other hospital chains and health insurers fell as President Donald Trump’s move to cut off subsidies to insurers is likely to have a “profoundly destabilizing” impact that could range from lower earnings estimates to deal making to credit downgrades. The late-Thursday announcement is fueling fears that the payments, known as cost- sharing reduction subsidies, may end immediately.
     Elsewhere, gold strengthened for a sixth day and bitcoin surged to a fresh record above $5,800.
     Here are the main moves in markets:
                             Stocks
* S&P 500 Index rose 0.1 percent to 2,553.17 at 4:14 p.m. in New York. The Dow Jones Industrial Average increased 0.1 percent and the Nasdaq Composite Index gained 0.2 percent. All three indexes hit record highs.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The MSCI All-Country World Index rose 0.2 percent.
* Spain’s IBEX Index fell 0.2 percent.
* The MSCI Emerging Market Index rose 0.5 percent
                            Currencies
* The Bloomberg Dollar Spot Index was little changed after slumping as much as 0.3 percent.
* The euro was little changed at $1.1825.
* The Turkish lira rose 0.7 percent.
                            Bonds
* Spain’s 10-year yield fell three basis points to 1.61 percent.
* Germany’s 10-year yield fell four basis points to 0.40 percent.
* U.S.’s 10-year yield fell four basis points to 2.28 percent, round out the best week since the five days ending Sept. 8.
                            Commodities
* West Texas Intermediate crude rose 76 cents to $51.36 a barrel, after climbing earlier to the highest in more than a week.
* Gold futures increased 0.7 percent to $1,302.85 an ounce.
                            Asia
* Japan’s Nikkei 225 rose 1 percent, finishing the week at the highest since 1996. Fast Retailing Co., the gauge’s biggest component, climbed 5.5 percent as overseas sales rose. The broader Topix index rose 0.5 percent.
* Hong Kong’s Hang Seng Index was little changed, while China’s benchmark gained 0.2 percent and South Korea’s Kospi index fell 0.1 percent.

 

Have a wonderful evening everyone!

 

Be magnificent!

Nonviolence is not a cloistered virtue to be practiced
by the individual for peace and final salvation,
but it is a rule of conduct for society,
if it is to live consistently with human dignity
and make progress towards  the attainment of peace
for which it has been yearning for ages past.
Mahatma Gandhi

As ever,

 

Carolann

 

Know how to live the time that is given to you.
                                 -Dario Fo, 1926-2016

 

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 this day in 1810, the German festival Oktoberfest was first held in Munich.
On Oct. 12, 2000, the Navy destroyer Cole was attacked in an al-Qaeda suicide bombing while in port in Aden, Yemen, killing 17 sailors and injuring dozens more.
Go to article »
October 12, 1970 – Canadian Army troops from Camp Petawawa deploy in Ottawa to meet FLQ terrorist threats
October 12, 1999 – World population reaches 6 billion.

POINTS OF PROGRESS:

THE NETHERLANDS
All Dutch trains are now powered by the wind.  In January, Dutch railway company NS switched to using wind power, generated from newly constructed wind farms, for 100% of the energy it needs to move roughly 600,000 daily passengers.  The decision means that NS has cut carbon emissions equivalent to those emitted by the annual production of electricity for Amsterdam.  On Jan. 1,2018, all major Dutch airports will begin getting all their electricity from wind power.  –CLEAN TECHNICA

AUSTRALIA
The land Down Under now generates enough renewable energy to power 70 % of its homes.  Despite the ramp up in output, renewable contribute only 18.8 % of energy to the national grid, which fossil fuels still dominate.  However, the steep uptick in renewable generation in recent years means that Australia will reach its goal to have 20 % of its energy come from such sources by 2018, instead of its original 2020 target.  When renewable energy started in 2016-17 are completed, there will be enough renewable energy to power 90 % of homes.  TREEHUGGER, FUTURISM.

LOS ANGELES
Animal shelters in the City of Angels may soon reach “no kill” status.  Thanks to the No-Kill Los Angeles movement, led by Best Friends Animal Society and a small army of volunteers, the rate at which homeless animals are  put down has plummeted in the city since NKLA started in 2012.  That year, the city’s shelters euthanized 18,000 cats and dogs, but in 2016 that number fell by 82 % to 3,236.  Working with a network of groups across the city, NKLA aims to make Los Angeles a no-kill city by year’s end. –LOS ANGELES TIMES.
PHOTOS OF THE DAY

In this aerial image, volcanic ash spews from the crater of Mt. Shinmoedake in Kirisima, Kagoshima, Japan. The eruption sends a plume of ash 300 meters into the air. The volcano, part of the Kirishmia range in southern Kyushu, straddles the border of Miyazaki and Kagoshima prefectures. It previously erupted September 7, 2011.
CREDIT: THE ASAHI SHIMBUN VIA GETTY IMAGES

All gardens need a sprucing up after the summer, and this week marks the end of the four-week-long task at the home of Lord Barnard – Raby Castle in Teesdale, County Durham. A team of gardeners using shears, hedge trimmers and a cherry picker have been cutting the curvaceous, evergreen Old English Yew hedges that date back to the 18^th century and dominate the ornamental walled garden of the medieval fortress of Raby Castle. Pictured is Gardener Craig Nodding using a cherry picker and hedge trimmer to delicately clip the 4 metre high Old English Yew, which date back 300 years.

Lights from 2,807 LED form the number “15” on the twin domes of Singapore’s Esplanade. Esplanade, Theaters on the Bay, will be projecting the light show from Oct. 12 to 31 as part of its 150^th anniversary celebrations.
Market Closes for October 12^th, 2017

Market Index	Close	Change
Dow Jones	22841.01	-31.88   -0.14%
S&P 500	2550.79	-4.45   -0.17%
NASDAQ	6591.512	-12.037   -0.18%
TSX	15747.03	-53.37
		-0.34%

International Markets

Market Index	Close	Change
NIKKEI	20954.72	+73.45
		+0.35%
HANG SENG	28459.03	+69.46
		+0.24%
SENSEX	32182.22	+348.23
		+1.09%
FTSE 100*	7556.24	+22.43
		+0.30%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.082		2.105
CND. 30 Year Bond		2.437		2.459
U.S.    10 Year Bond		2.3195		2.3445
U.S. 30 Year Bond		2.8491		2.8776

Currencies

BOC Close	Today	Previous
Canadian $	0.80160	0.80269
US $	1.24751	1.24582
Euro Rate 1 Euro=		Inverse
Canadian $	1.47577	0.67761
US $	1.18297	0.84533

Commodities

Gold	Close	Previous
London Gold Fix	1290.25	1289.25
Oil
WTI Crude Future	50.60	51.30

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most in five weeks as energy shares tumbled following a bearish report on crude prices from the International Energy Agency.
     The S&P/TSX Composite Index lost 58 points or 0.4 percent to 15,742.20, the biggest drop since Sept. 5. The energy sector fell 1.1 percent, closely tracking the 1.4 percent decline in West Texas Intermediate crude prices. The IEA said progress in clearing the global oil glut may stall next year.
     Consumer staples were the biggest gainers, adding 1.3 percent as Alimentation Couche-Tard Inc. jumped 3.9 percent. The company is buying back 4.4 million shares from Metro Inc., a move that Eight Capital called “an elegant solution.”
     In other moves:
                            Stocks
* Kirkland Lake Gold Ltd., the best performer on the S&P/TSX this year, fell 8.9 percent. The stock was downgraded by two analysts after third-quarter production results missed estimates
* Shaw Communications Inc. lost 3.7 percent. Scotia Capital downgraded the stock, saying Shaw will need to spend more to make its wireless network “truly competitive”
* Canopy Growth Corp. fell 3.8 percent. The stock was cut to sell at Canaccord Genuity
                           Commodities
* Western Canada Select crude oil traded at an $11.15 discount to WTI
* Aeco natural gas traded at a $2.08 discount to Henry Hub
* Gold rose 0.6 percent to $1,293.30 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2473 per U.S. dollar, its first decline in three trading days
* The Canada 10-year government bond yield fell three basis points to 2.08 percent, the biggest drop this month
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks retreated and the dollar rose slightly as investors weighed the prospects for tax reform and the Federal Reserve’s next policy move. Crude slumped following an inventory report.
     The S&P 500 Index traded lower and pulled back from an all- time high as energy producers slid with oil nearing $50 a barrel and telephone shares sank after AT&T Inc. reported a substantial loss of video subscribers in the third quarter. JPMorgan Chase & Co. and Citigroup Inc. were lower after reporting third-quarter results.
     The dollar was higher for the first time this week, while Treasury yields fell after data showed a spike in gasoline costs pushed wholesale prices higher by the most in five months. The pound slumped after Brexit talks were said to reach a deadlock. The yen edged higher versus the dollar, showing little reaction after Bank of Japan Governor told reporters in Washington that he intends maintain stimulus to hit an inflation target of 2 percent. Bitcoin surged to a fresh record, climbing above $5,300.
     The Trump administration’s tax plan remains nebulous, as the president was said to voice frustration with certain aspects of the existing framework. Some Congressional Republicans have aired concerns, while Treasury Secretary Steven Mnuchin reiterated his confidence that a plan will get passed this year. In the meantime, investors will look to consumer price data Friday for the latest clue on inflation in attempts to assess the Fed’s next move.
     “We are very much keeping an eye on the potential tax reform process,” Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said by phone. “The other thing we’re focusing on is all indicators of inflation, especially post-CPI tomorrow.”
     The selection of Fed Chair Janet Yellen’s replacement is also coming into focus. President Donald Trump is meeting this week with Stanford University economist and rates hawk John Taylor, who’s on the shortlist of candidates, according to people familiar.
     Meanwhile, the European Union said scant progress has been made in the latest round of Brexit talks, increasing the chances of a messy departure as time is running out to clinch a deal. Lack of sufficient progress adds to pressure on businesses to speed up contingency plans for what could be a chaotic withdrawal in March 2019.
     West Texas oil extended losses after three days of gains. Crude stockpiles will fall this year for the first time since prices slumped four years ago, the IEA said Thursday. Gold climbed for a fifth day. In Asia, Japanese stocks extended gains, with the Nikkei 225 Stock Average ending at the highest level since 1996.
     What’s coming up this week:
* The active Atlantic hurricane season will probably figure prominently in U.S. data on retail sales and consumer prices.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index declined 0.2 percent to 2,550.93, and the Nasdaq Composite Index also fell 0.2 percent.
* JPMorgan slipped 0.9 percent and Citi lost 3.4 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI All-Country World Index rose less than 0.1 percent to a record.
* The MSCI AC Asia Pacific Index jumped 0.4 percent to the highest in about 10 years.
* Japan’s Topix index gained 0.2 percent to 1,700.13, the highest in more than 10 years.
* The MSCI Emerging Market Index sat at the highest in more than six years.
                             Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro dipped 0.2 percent to $1.1835.
* The British pound rose 0.3 percent to $1.3262.
* The Japanese yen advanced 0.2 percent to 112.28 per dollar, the strongest in more than two weeks.
                             Bonds
* The yield on 10-year Treasuries decreased three basis points to 2.3177 percent, the lowest in two weeks.
* Germany’s 10-year yield fell two basis points to 0.445 percent.
* Britain’s 10-year yield was little changed at 1.381 percent.
* Japan’s 10-year yield was essentially unchanged at 0.062 percent, the highest in two weeks.
                             Commodities
* West Texas Intermediate crude declined 1.3 percent to $50.65 a barrel.
* Gold increased 0.1 percent to $1,293.45 an ounce, the highest in more than two weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

Nonviolence and cowardice go ill together.
I can imagine a fully armed man to be at heart a coward.
Possession f arms implies an element of fear, if not cowardice.
But true nonviolence is impossible without the possession of unadulterated fearlessness.
Mahatma Gandhi

As ever,

 

Carolann

 

Write what should not be forgotten.
            -Isabel Allende, b. 1942

 

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 11^th, 1975: Saturday Night Live premieres.

On Oct. 11, 1968, Apollo 7, the first manned Apollo mission, was launched with astronauts Wally Schirra, Donn Fulton Eisele and R. Walter Cunningham aboard.
Go to article »

POINTS OF PROGRESS:
JORDAN
The water poor nation has begun growing vegetables in its sand dunes. With backing from Norway and the European Union, the Middle Eastern kingdom will use sun and seawater to power and irrigate its Sahara Forest Project, which aims to produce 130 metric tons (143.3 tons) of organic vegetables in an area equivalent to the size of four soccer fields.  Solar panels will provide power to the project, which includes outdoor planting space, two saltwater-cooled greenhouses, a water desalination unit, and salt ponds for salt production. –Agence France-Presse

PERU
Construction on the South American nation’s biggest wind farm has begun.  The project, backed by multinational energy company Enel, is expected to be operational in the first half of 2018 and provide enough energy to power 480,00 homes and prevent around 288,000 metric tons (317,466 tons) of carbon emissions each year.  “Our aim in Peru is to become the leading player in renewable energy,” said Antonio Cammisecra, chief executive of Enel Green Power. CNBC

INDIA
An Indian company is working to revolutionize the disposable cutlery market.  Indian company Bakey’s is now the world’s first mass producer of edible spoons.  The company has come up with a way to replace plastic spoons with edible, biodegradable, nutritious ones.  The primary ingredient, millet, uses 1/60^th as much water as rice, so cofounder Narayana Peesapaty is encouraging farmers to switch from rice to millet.  Increased millet production could also bring down millet prices, helping to make the cost of millet-based spoons competitive with that of plastic spoons.  The new spoons come in sweet and savory flavors and don’t crack or dissolve in hot or cold liquids.  Indians discard 120 billion pieces of plastic cutlery every year. Forbes, Digital Trends.

KAZAKHSTAN
Wild tigers are set to soon roam free in the Central Asian country; they became extinct there 70 years ago.  The first tigers will be introduced to Kazakhstan’s lli-Balkhash region, their historical range, in 2025, following restoration of natural forests and the reintroduction of native wildlife on which the tigers feed.  The World Wildlife Fund-supported project, which will relocate tigers from elsewhere in Asia, would be a world first.  Since 1900, poaching and territory loss has robbed wild tigers of 90 % of their range.  About 3,900 wild tigers remain in the world. The Guardian, Dutch News.

Opportunity is missed by most people because it is dressed in overalls, and looks like work. –Thomas Edison.
PHOTOS OF THE DAY

This is nature under a completely different spotlight.  Taken in a pitch black studio with ultraviolet lights, the vivid images show beautiful flowers and pollen-covered insects in a strange fluorescent light.  The altered lighting shows up stunning patterns on a dragonflys wings and leaves insects and spiders eyes glowing bright blue. Plants also take on a more sinister shade, radiating a deep purple against the black background. Don Komarechka, from Barrie, Canada, took the photos in a specifically configured studio in his back garden.
CREDIT: DON KOMARECHKA/CATERS NEWS

SpaceX launches a Falcon 9 rocket at 5:37a.m. PDT Monday from Vandenberg Air Force Base in California with the third set of 10 new-generation satellites for Iridium’s voice and data relay network.  The Falcon 9’s first stage booster successfully landed on a platform in the Pacific Ocean in a few minutes after liftoff.
CREDIT: GENE BLEVINS VIA ZUMA WIRE

The window cleaner on the 124^th floor What a pane … A solo window cleaner wipes the windows of the world’s tallest building, wiping down the glass as he sits 435 metres from the ground.  The window cleaner, harnessed to heavy duty climbing cables, can be seen going it solo as he takes on the daunting task of cleaning the half a mile high building. The Burj Khalifa in Dubai is currently the tallest building in the world, standing at 800 metres, almost twice the size as the Empire State Building. The building is so high that if the solo climber was to fall from this height it would take roughly 10 seconds before he reached the ground.  Amateur photographer Teovel Iradon, 29, a civil engineer from the Philippines, had been looking for a good vantage point to picture the fog blanketing the city.
CREDIT: TEOVEL IRADON/SOLENT NEWS & PHOTO AGENCY
Market Closes for October 11^th, 2017

Market Index	Close	Change
Dow Jones	22872.89	+42.21   +0.18%
S&P 500	2555.24	+4.60   +0.18%
NASDAQ	6603.547	+16.295   +0.25%
TSX	15800.40	+30.04
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	20881.27	+57.76
		+0.28%
HANG SENG	28389.57	-101.26
		-0.36%
SENSEX	31833.99	-90.42
		-0.28%
FTSE 100*	7533.81	-4.46
		-0.06%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.105		2.121
CND. 30 Year Bond		2.459		2.482
U.S.    10 Year Bond		2.3445		2.3499
U.S. 30 Year Bond		2.8776		2.8880

Currencies

BOC Close	Today	Previous
Canadian $	0.80269	0.79900
US $	1.24582	1.25156
Euro Rate 1 Euro=		Inverse
Canadian $	1.47750	0.67682
US $	1.18601	0.84317

Commodities

Gold	Close	Previous
London Gold Fix	1289.25	1291.40
Oil
WTI Crude Future	51.30	50.92

Market Commentary:
On this day in 1982, the Dow Jones Industrial Average closes above 1000 for the first time, rising above the peak it set in the bull market of the 1960s to close at 1012.79. The previous record high of 995.15 had been set in February 1966.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks narrowed in on an all-time high, adding to a rally that has seen the country’s benchmark gain more than 5 percent in a month.
     The S&P/TSX Composite Index rose 30 points or 0.2 percent to 15,800.40, its highest close since Feb. 22. That was one day after the TSX hit its all-time closing high of 15,922.37.
     All sectors gained except consumer discretionary, which slipped 0.2 percent as Magna International Inc. fell 1.2 percent. Materials stocks rose 0.3 percent as copper prices jumped 1.1 percent, while energy shares added 0.2 percent.
     In other moves:
                            Stocks
* Pretium Resources Inc. jumped 24 percent, the most since 2013. The company produced 82,203 ounces of gold at its new Brucejack mine in the third quarter
* ShawCor Ltd. gained 8.6 percent after it was upgraded to outperform at National Bank Financial
* Gluskin Sheff & Associates Inc. tumbled 9.7 percent, the most since January 2016. Two analysts downgraded the stock following the departure of long-time portfolio manager Jeannine LiChong
                            Commodities
* Western Canada Select crude oil traded at an $11.15 discount to WTI
* Aeco natural gas traded at a $2.59 discount to Henry Hub
* Gold fell 0.4 percent to $1,285.80 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.2456 per U.S. dollar, the biggest gain in more than a month
* The Canada 10-year government bond yield fell two basis points to 2.10 percent
US
By Sarah Ponczek
     (Bloomberg) — The dollar weakened, longer-maturity U.S. debt gained and U.S. stocks hit record highs after traders interpreted the minutes from the last Federal Reserve meeting as slightly dovish even though policy makers are expected to raise rates again this year.
     “What came out today has kind of been the narrative since Yellen — the narrative being that there’s going to be a rate hike in December — but at the same time there’s increasing concern about inflation,” said Jim Paulsen, chief investment strategist at Leuthold Group LLC. “Well Yellen sort of laid out both of those in her testimony.”
     The euro strengthened and Spanish assets rallied as the country’s government maintained a hard line on Catalonia’s independence bid. Spain’s benchmark IBEX 35 Index jumped to a week-high. Spanish Prime Minister Mariano Rajoy stopped short of suspending Catalonia’s government Wednesday, though starting a process that could lead to that. The Spanish relief rally failed to lift equities elsewhere, however, with the Stoxx Europe 600 little changed.
     Rajoy said he would seek an explanation from Carles Puigdemont after the Catalan president’s announcement late Tuesday that he had a mandate for independence but would hold off and instead seek talks with the Spanish government. The formal demand for clarity may be a first step toward disbanding the regional government and moving control to Madrid. While it averted an immediate confrontation, it means the uncertainty lingers.
     Several Fed officials said their decision on whether to raise rates this year “would depend importantly on whether the economic data in coming months increased their confidence” on inflation rising toward their 2 percent target. Market-implied odds of a Fed rate hike by year-end were unchanged around 75%, based on January 2018 fed fund futures, after the release of the minutes from the Sept. 20 policy meeting.
     Earlier, Japan’s Nikkei 225 advanced to the highest in almost twenty-one years and the Dow Jones Industrial Average reached a fresh record high. The MSCI Emerging Market Index climbed to a six-year high.
     What’s coming up this week:
* The ECB’s Peter Praet speaks on monetary policy under the heading of ‘European Exit Strategies’ on Wednesday afternoon in New York.
* Earnings season begins for major U.S. banks, led by JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Wells Fargo & Co.
* The active Atlantic hurricane season will probably figure prominently in U.S. data on retail sales and consumer prices.

     Here are the main moves in markets:                           
                          Stocks
* The S&P 500 Index rose 0.1 percent to a record 2,555.24 at 4:16 p.m. in New York, the second consecutive all-time high. The Dow Jones Industrial Average reached an all-time high of 22,872.89, while the Nasdaq Composite Index gained 0.3 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI All-Country World Index rose 0.1 percent.
* Spain’s IBEX Index rose 1.3 percent.
* The MSCI Emerging Market Index rose 0.5 percent.
                          Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro climbed 0.5 percent to $1.1867.
* The Turkish lira strengthened 1.6 percent.                            
                           Bonds
* Spain’s 10-year yield fell six basis points to 1.64 percent.
* Germany’s 10-year yield increased two basis points to 0.46 percent.
* U.S.’s 30-year yield fell two basis points to 2.88 percent.
                           Commodities
* West Texas Intermediate crude rose 39 cents to $51.31 a barrel.
* Gold futures rose 0.4 percent to $1,293.07 an ounce.
* Copper climbed 1.2 percent to $3.10 a pound.

 

Have a wonderful evening everyone.

 

Be magnificent!

Non-violence is the law of our species,
just as violence is the law of the beasts.
In the savage man, the spirit is not awake;
he does not know the other law as he knows that of physical force.
Human dignity demands that one refer to a superior law,
which implements the force of the spirit.
Mahatma Gandhi

As ever,

 

Carolann

 

Have patience.  All things are difficult before they become easy.
                                                      -Saadi, c.1208-c.1291

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 this day in 1886, the tuxedo dinner jacket makes its American debut at the autumn ball in Tuxedo Park, N.Y.

 

Never wish that life were easier, wish that you were better. –Jim Rohn
PHOTOS OF THE DAY

Ben Cadden riding Winx walks through the shallow waters of Altona Beach during a recovery session in Melbourne, Australia.
CREDIT: VINCE CALIGIURI/GETTY IMAGES

Boats sail past the ‘Victory Lighthouse’ during the 49^th Barcolana regatta in the Gulf of Trieste. With some 2072 vessels, The Barcelona has the most participants of any sailing regatta in the world.
CREDIT: ALBERTO PIZZOLI/AFP/GETTY IMAGES

French breeders demonstrate with their animals in Lyon to draw attention to rising wolf attacks on sheep hers and against the agriculture ministry’s 2018-2023 “wolf plan”. France’s agriculture ministry has said it wants to stop the attacks, though it has not said how. Its new “wolf plan” is set to be negotiated and put into place from early 2018.
CREDIT: JEAN-PHILIPPE KSIAZEK/AFP/GETTY IMAGES

Trees covered in snow on the shore of Manzherok Lake in Maima District of Russia’s Republic of Altai in Siberia.
CREDIT:  KIRILL KUKHMAR/TASS VIA GETTY IMAGES
Market Closes for October 10^th, 2017

Market Index	Close	Change
Dow Jones	22830.68	+69.61   +0.31%
S&P 500	2550.69	+5.96   +0.23%
NASDAQ	6587.250	+7.519   +0.11%
TSX	15774.39	+46.07
		+0.29%

International Markets

Market Index	Close	Change
NIKKEI	20823.51	+132.80
		+0.64%
HANG SENG	28490.83	+164.24
		+0.58%
SENSEX	31924.41	+77.52
		+0.24%
FTSE 100*	7538.27	+30.38
		+0.40%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.121		2.124
CND. 30 Year Bond		2.482		2.492
U.S.    10 Year Bond		2.3499		2.3661
U.S. 30 Year Bond		2.8880		2.9032

Currencies

BOC Close	Today	Previous
Canadian $	0.79900	0.79774
US $	1.25156	1.25354
Euro Rate 1 Euro=		Inverse
Canadian $	1.47858	0.67632
US $	1.18139	0.84646

Commodities

Gold	Close	Previous
London Gold Fix	1291.40	1261.80
Oil
WTI Crude Future	50.92	49.29

Market Commentary:
Number of the Day
2.1% 
Growth in commercial and industrial loans in the U.S. in late September, down from 8.8% a year ago.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark gained, briefly touching its highest closing level since February, while the loonie strengthened the most this month.
     The S&P/TSX Composite Index rose 42 points or 0.3 percent to 15,770.36. It earlier rose as much as 0.4 percent, nearing the all-time high reached nearly eight months ago.
     The financial sector was the biggest gainer, adding 0.6 percent. Manulife Financial Corp. rose 2 percent and Toronto- Dominion Bank added 0.9 percent. Energy shares were flat despite a 2.7 percent jump in West Texas Intermediate crude prices on signals that the world’s biggest crude exporters may extend or deepen supply cuts.
     In other moves:
                            Stocks
* Ritchie Bros. Auctioneers Inc. fell 6.4 percent, the most since July, following auction metrics that were lower than analysts had expected
* Shopify Inc. fell 5.8 percent to the lowest in two months. The stock is now down 21 percent since short-seller Citron Research attacked the stock last week
* Guyana Goldfields Inc. jumped 6.3 percent after the stock was upgraded to buy at Clarus Securities
                            Commodities
* Western Canada Select crude oil traded at an $11.15 discount to WTI, unchanged since Thursday
* Aeco natural gas traded at a $2.30 discount to Henry Hub
* Gold rose 0.7 percent to $1,290.60 an ounce, the highest this month
                             FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2516 per U.S. dollar, the biggest gain since September
* The Canada 10-year government bond yield fell one basis point to 2.12 percent
US
By Sarah Ponczek and Cormac Mullen
     (Bloomberg) — U.S. stocks climbed to record highs as Wal- Mart Stores Inc. led a rally in consumer shares, and energy producers climbed along with oil prices. The euro strengthened after Catalonia’s president stepped back from declaring immediate independence from Spain.
     The dollar weakened against most major currencies as President Donald Trump’s feud with Senator Bob Corker clouded the outlook for his much-heralded tax reform. Traders are also waiting for minutes from the Federal Reserve’s last meeting, which may provide more details on the path of interest rates and balance sheet tapering. The S&P 500 Index, Dow Jones Industrial Average and Nasdaq Composite Index all set record highs.
     “The economy is kind of just chugging along here,” said Brian Frank, portfolio manager at Key Biscayne, Florida-based Frank Capital Partners LLC. “It seems like investors just aren’t able to put their finger on any risk in front of them.”
     Catalan President Carles Puigdemont, addressing the regional parliament in Barcelona, said while an Oct. 1 referendum had given him the mandate to pursue independence, he would “suspend” the result for a period of some weeks for dialogue with Prime Minister Mariano Rajoy’s administration. He suggested that the European Union should be involved in the talks, and sought to reassure companies fleeing the region. The IBEX fell before he spoke. The region’s common currency gained for a third day.
     In the U.K., sterling continued to recover from last week’s drop after U.K. Prime Minister Theresa May won public support from Brexit hardliners in her cabinet for outlining contingency plans for leaving the European Union without a deal. The pound was also boosted by a fourth straight month of gains in U.K. like-for-like retail sales, and manufacturing and construction data that beat forecasts.
     Elsewhere, Turkey’s lira recouped some of yesterdays losses even as the U.S. signaled the crisis between the two countries could drag on. Gold gained as the greenback weakened, and West Texas oil rose above $50 a barrel before U.S. government data forecast to show crude inventories extended declines for a third week. Japan’s Topix index closed at the highest since July 2007 and Korean stocks staged a catch-up rally after a week-long holiday. 
     What’s coming up this week:
* Minutes from the most recent Federal Reserve meeting are due Wednesday.
* API and EIA crude data are delayed to Wednesday and Thursday, respectively, because of Monday’s U.S. holiday.
* The International Monetary Fund and World Bank hold their annual fall meetings this week.
* Earnings season begins for major U.S. banks, led by JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. Also reporting will be BlackRock Inc., Domino’s Pizza Inc., Samsung Electronics Co., German container company Gerresheimer AG, U.K. grocery wholesaler Booker Group Plc, and Sky Plc.
* The active Atlantic hurricane season will probably figure prominently in U.S. data on retail sales and consumer prices.
     Here are the main moves in markets:                          
Stocks
* The S&P 500 Index rose 0.2 percent to close at 2,550.66 at 4:02 p.m. in New York, after climbing to a record 2,555.23. The Dow Jones Industrial Average gained 0.3 percent, and touch a high of 22,850.51. The Nasdaq reached a record 6,608.301, and finished the day up 0.1 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI All-Country World Index rose 0.4 percent.
* Spain’s IBEX Index fell 0.9 percent.
* The MSCI Emerging Market Index rose 1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro climbed 0.7 percent to $1.1816.
* The Turkish lira gained 0.2 percent.                            
Bonds
* Spain’s 10-year yield rose two basis points to 1.70 percent.
* Germany’s 10-year yield was little changed at 0.44 percent.
* Britain’s 10-year yield climbed about one basis points to 1.36 percent.                         
Commodities
* West Texas Intermediate crude rose $1.36 to $50.94 a barrel.
* Gold futures added 0.4 percent to $1,288.45 an ounce.
* Copper climbed 1 percent to $3.06 a pound.

 

 

Have a wonderful evening everyone.

 

Be magnificent!

The sum total of the experience of the sages of the world is available to us
and would be for all time to come.
Moreover, there are not many fundamental truths,
but there is only one fundamental truth which is Truth itself,
otherwise known as nonviolence
Mahatma Gandhi

 

 

As ever,

Carolann

Courage is grace under pressure.
         -Ernest Hemingway, 1899-1961

 

 

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:

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

PHOTOS OF THE DAY

Thousands of light pink flamingos flock together and span across a backstop of stunning scenery. From sunset to sunrise, the tall pink birds maintain a close flock which creates a sea of identical figures. The Greater and Lesser flamingos mass together in their thousands at Lake Bogoria, in Africa’s Kenyan rift valley, to feed on the abundance of bacteria.  Photographer Marco Gaiotti, 34, from Geneoa, Italy, had been on safari when he decided to journey off and capture this amazing ritual.
CREDIT: MARCO GAIOTTI/CLICKALPS/SOLENT NEWS & PHOTO AGENCY

Incredible images capture thousands of Mobula rays swimming around the bay of Cabo, Mexico. Von Karmel Henson, 30, from the Philippines, took the images snorkeling on holidays in Cabo San Lucas.
CREDIT:  VON KARMEL HENSON/CATERS NEWS

Drone footage of the hidden lakes in Iceland. Iceland’s hidden lakes are revealed, crystal clear, for the first time in this stunning video. Aurel Manea, 34, had only seen grainy footage and heard rumours of these mysterious lakes. So when his friend revealed to him that he had some rough directions, he decided to go and find them.
CREDIT: AUREL MANEA/CATERS NEWS
Market Closes for October 6^th, 2017

Market Index	Close	Change
Dow Jones	22773.67	-1.72   -0.01%
S&P 500	2458.37	-3.73   -0.15%
NASDAQ	6590.180	+4.824   +0.07%
TSX	15720.98	-55.32
		-0.35%

International Markets

Market Index	Close	Change
NIKKEI	20690.71	+62.15
		+0.30%
HANG SENG	28458.04	+78.86
		+0.28%
SENSEX	31814.22	+222.19
		+0.70%
FTSE 100*	7522.87	+14.88
		+0.20%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.124		2.100
CND. 30 Year Bond		2.492		2.479
U.S.    10 Year Bond		2.3661		2.3480
U.S. 30 Year Bond		2.9032		2.8904

Currencies

BOC Close	Today	Previous
Canadian $	0.79774	0.79576
US $	1.25354	1.25666
Euro Rate 1 Euro=		Inverse
Canadian $	1.47110	0.67977
US $	1.17355	0.85212

Commodities

Gold	Close	Previous
London Gold Fix	1261.80	1274.50
Oil
WTI Crude Future	49.29	50.79

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most in nearly five weeks as oil prices tumbled 3 percent in the biggest weekly decline since May.
     The S&P/TSX Composite Index lost 48 points, or 0.3 percent, to 15,728.32. Energy stocks fell 1.1 percent, the most since August, with declines led by Baytex Energy Corp., down 5.4 percent, and Crew Energy Inc., off 4.4 percent.
     The materials sector was the biggest outperformer, adding 0.2 percent after earlier falling as much as 0.9 percent. Gold prices reversed earlier losses to rise 0.1 percent, pushing Kirkland Lake Gold Ltd. up 5.7 percent.
     In other moves:
                              Stocks
* Element Fleet Management Corp. rose 10 percent, the most since June. U.S. hedge funds Marcato Capital Management and Sachem Head Capital have taken a stake and urge it to explore a sale
* Shopify Inc. fell 2.6 percent. It lost 16 percent since Wednesday, when short-seller Citron Research called the company a “get-rich-quick scheme”
* Aritzia Inc. fell 5.8 percent, the most ever, after the retailer reported second-quarter revenue that missed the lowest analyst estimate
                             Commodities
* Western Canada Select crude oil traded at a $11.15 discount to WTI
* Aeco natural gas traded at a $2.51 discount to Henry Hub
* Gold rose 0.1 percent to $1,271.60 an ounce
                             FX/Bonds
* The Canadian dollar rose 0.3 percent to C$1.2535 per U.S. dollar as Canada’s labor market showed more signs of tightening in September
* The Canada 10-year government bond yield rose two basis points to 2.12 percent
US
By STAN CHOE
     New York (AP) — U.S. stocks faded from their record highs on Friday, and the Standard & Poor’s 500 index was on track to snap out of its longest winning streak in four years. Treasury yields climbed after a report showed that wages across the country rose more than expected last month, which economists said should keep the Federal Reserve on pace to raise interest rates.
     The government’s jobs report, often the most anticipated economic data of each month, was unusually difficult to parse after damage from recent hurricanes dragged down employment from Texas to Florida.
     KEEPING SCORE: The Standard & Poor’s 500 index fell 7 points, or 0.3 percent, to 2,545, as of 11:20 a.m. Eastern time. If it stays there, it would be the first loss for the index in nine days.
     The Dow Jones industrial average lost 27, or 0.1 percent, to 22,748, and the Nasdaq composite fell 12, or 0.2 percent, to 6,572. All three indexes closed at records on Thursday.
     WASHOUT JOBS REPORT: Employers cut more jobs last month than they added, the first time that’s happened in seven years. It’s a sharp turnaround from earlier this year, when the strengthening job market was encouraging investors to push stocks higher and higher.
     Economists had been warning of a particularly weak figure and cautioned not to take too much away from the report. Hurricanes Harvey and Irma meant the closure of thousands of businesses, and drops in employment at restaurants and bars were a big driver of last month’s decline.
     Other recent economic data have been more encouraging, including particularly strong reports on the nation’s manufacturing and services sectors earlier this week.
     Friday’s jobs report contained some encouraging signs. Average hourly wages jumped 2.9 percent in September from a year earlier, more than economists expected. Some of that may be due to how many lower-wage jobs were lost following the hurricanes, but the government also revised up its figure for wage growth in August.
     YIELDS RISE: Stronger wage growth could push up inflation and keep the Federal Reserve on its course to slowly raise interest rates off their record lows.
     The yield on the 10-year Treasury rose to 2.36 percent from 2.35 percent late Thursday after earlier touching 2.39 percent, its highest level since May.
     The two-year yield climbed to 1.51 percent from 1.49 percent, and the 30-year yield held steady at 2.89 percent.
     DIVIDENDS DOWN: Higher interest rates make bonds more attractive to investors looking for income, and that undercuts demand for stocks that pay relatively big dividends.
     Telecom stocks in the S&P 500 fell 1.5 percent, the largest drop among the 11 sectors that make up the index. Other traditional dividend payers were also weak. Real estate stocks fell 0.7 percent, and utilities dropped 0.4 percent.
     WAREHOUSE WEAKNESS: Costco Wholesale fell the most in the S&P 500 despite reporting stronger earnings for the latest quarter than expected. Analysts pointed to a slight drop in its membership renewal rates, among other factors.
     Costco lost $10.01, or 6 percent, to $157.06.
     COMMODITIES: Benchmark U.S. crude sank $1.60, or 3.2 percent, to $49.19per barrel. Brent crude, the international standard, lost $1.78 to $55.22 per barrel.
     MARKETS OVERSEAS: The FTSE 100 in London rose 0.1 percent, France’s CAC 40 fell 0.5 percent and Germany’s DAX dipped 0.2 percent.
     Japan’s Nikkei 225 rose 0.3 percent, and the Hang Seng in Hong Kong added 0.3 percent.
     CURRENCIES: The dollar slipped to 112.81 Japanese yen from 112.85 yen late Thursday. The euro rose to $1.1721 from $1.1708, and the British pound fell to $1.3045 from $1.3116.

 

Have a wonderful Thanksgiving weekend everyone!

 

Be magnificent!

As ever,

 “Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.” Oprah Winfrey

Karen

 

“When you practice gratefulness, there is a sense of respect toward others.” Dalai Lama

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:

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

PHOTOS OF THE DAY

Farmer Verity Bachelor sits with the new pumpkin crop at “PYO Pumpkins” in Hoo, England. The company began in 2009 and allows families to visit the site to pick their own pumpkins, ahead of Halloween events on October 31.
CREDIT: LEON NEAL/GETTY IMAGES

A red deer stag during the deer rutting season in Richmond Park, Richmond upon Thames.
CREDIT: DOMINIC LIPINKSI/PA
Market Closes for October 5^th, 2017

Market Index	Close	Change
Dow Jones	22775.39	+113.75   +0.50%
S&P 500	2552.07	+14.33   +0.56%
NASDAQ	6585.356	+50.729   +0.78%
TSX	15776.30	+55.30
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	20628.56	+1.90
		+0.01%
HANG SENG	28379.18	+205.97
		+0.73%
SENSEX	31592.03	-79.68
		-0.25%
FTSE 100*	7507.99	+40.41
		+0.54%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.100		2.125
CND. 30 Year Bond		2.479		2.492
U.S.    10 Year Bond		2.3480		2.3247
U.S. 30 Year Bond		2.8904		2.8657

Currencies

BOC Close	Today	Previous
Canadian $	0.79576	0.80167
US $	1.25666	1.24740
Euro Rate 1 Euro=		Inverse
Canadian $	1.47163	0.67952
US $	1.17106	0.85393

Commodities

Gold	Close	Previous
London Gold Fix	1274.50	1274.25
Oil
WTI Crude Future	50.79	49.98

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained as copper prices jumped the most since July, while the loonie fell to a five-week low as Canada’s trade picture deteriorated.
     The S&P/TSX Composite Index added 55 points or 0.4 percent to 15,776.30, the highest since February. Materials stocks rose 0.8 percent as the price of copper jumped 3 percent. Ivanhoe Mines Ltd. added 6.8 percent and First Quantum Minerals Ltd. rose 4.8 percent.
     The energy sector rose 0.5 percent as West Texas Intermediate crude prices added 1.6 percent, boosted by signs of growing cooperation between Saudi Arabia and Russia. CES Energy Solutions Corp. rose 5.2 percent.
     In other moves:
                            Stocks
* Shopify Inc. fell 2.1 percent, moderating an earlier drop of as much as 9.3 percent. Analysts broadly dismissed a short- seller report that alleges Shopify is a “get-rich-quick scheme”
* Canopy Growth Corp. jumped 6.7 percent, the most since June, a day after Canada proposed a C$1 per gram tax on recreational pot, lower than expected
* TransCanada Corp. rose 1.1 percent. The company has scrapped two pipeline projects and said it expects to record a C$1 billion charge in the fourth quarter
                            Commodities
* Western Canada Select crude oil traded at an $11.25 discount to WTI
* Aeco natural gas traded at a $2.50 discount to Henry Hub
* Gold fell 0.3 percent to $1,269.90 an ounce, the lowest since early August
                             FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.2568 per U.S. dollar, the lowest since August, after Canada’s trade deficit unexpectedly widened in August
* The Canada 10-year government bond yield fell one basis point to 2.10 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks extended records with an eighth straight gain, the dollar rose to a two-month high and Treasuries dipped as a batch of U.S. data and hawkish Fed speakers strengthened the case for higher rates.
     The S&P 500 Index capped its longest winning streak since July 2013, with tech shares pacing gains as the prospect for faster economic growth got a lift from better-than-forecast factory orders. The CBOE Volatility Index closed at a record low in data going back to 1990. U.S. 10-year note yields edged higher, and the dollar pushed its gain in the past month to 2 percent as comments by regional Fed President John Williams reinforced optimism in the economy. The U.S. government releases September jobs data Friday.
     In Asian markets, holidays this week across the region and a lack of major economic data may curb trading. The Japanese yen was little changed after Bank of Japan Deputy Governor Hiroshi Nakaso commented on inflation during a speech in London.
     “The data we’ve had has been pretty good and again hawkish — better than the inflation data we got with the PCE data last week,” Michael O’Rourke, chief market strategist at JonesTrading Institutional Services LLC, said by phone. “There’s more re- pricing necessary in bonds, especially considering we’re seeing pretty good economic data that’s definitely going to keep the Fed on course.”
     European markets firmed Thursday after reports that Catalans were stalling their push for independence from Spain. That sent the nation’s bond yields and equities higher. Minutes from the European Central Bank released showed members discussed how to adjust monetary stimulus next year as policy makers raised concern about the rapid appreciation of the euro.
     Coming Up:
* The U.S. September nonfarm payrolls report, likely to be affected by the impact of hurricanes on southern states, comes out on Friday. Read here why a better look at the data will be coming on Oct. 20.
     Here are the main moves in markets:
                        Stocks
* The S&P 500 Index advanced 0.6 percent to a record 2,552.07 at 4 p.m. New York Time.
* The Dow Jones Industrial Average added 114 points to 22,755, rising for the seventh day in a row to a record.
* The Nasdaq 100 Stock Index rose 1 percent to 6,057.
* The Stoxx Europe 600 Index gained 0.2 percent after falling as much as 0.3 percent.
* Spain’s IBEX Index rose 2.5 percent, the most since in almost six months.
                        Currencies
* The Bloomberg Dollar Spot Index increased 0.6 percent, touching the highest in 11 weeks.
* The Japanese yen fell less than 0.1 percent.
* The Australian dollar dropped 0.9 percent to $0.7793.
* The euro declined 0.5 percent to $1.1705.
* The British pound fell 1 percent to $1.3114, the weakest in four weeks.
                         Bonds
* The yield on 10-year Treasuries rose two basis points to 2.34 percent.
* Germany’s 10-year yield rose less than one basis point to 0.46 percent.
* Spain’s 10-year yield fell 9 basis points to 1.699 percent.
                         Commodities
* West Texas Intermediate crude gained 1.4 percent to settle at $50.86 a barrel.
* Gold fell 0.6 percent to $1,267.80 an ounce.
* Copper surged 2.9 percent to $304 per pound, the biggest gain in more than five weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

“A dream doesn’t become reality through magic; it takes sweat, determination and hard work.” Colin Powell

As ever,

 

Karen

 “Peace begins with a smile..”  Mother Theresa

 

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:

Crying for Power? Your Tears Could Generate Electricity
                   -by Sara G. Miller, Staff Writer | October 4, 2017
What do egg whites and human tears have in common? According to a new study from Ireland, both materials can generate electricity, thanks to an enzyme they contain.
The enzyme, called lysozyme, is also found in saliva and mammalian milk, according to the study, which was published Oct. 2 in the Journal of Applied Physics. The enzyme is anti-bacterial; it attacks the cell walls of bacteria, weakening them.
When lysozyme is in a crystalized form, it also appears to have a property called piezoelectricity, meaning the enzyme can convert mechanical energy (when pressure is applied to it) into electrical energy, the researchers wrote. [7 Biggest Mysteries of the Human Body]
Though the name may sound foreign, “piezoelectricity is used all around us,” lead study author Aimee Stapleton, a postgraduate fellow studying physics at the University of Limerick in Ireland, said in statement. For example, piezoelectric materials such as quartz crystals are used in mobile phones (as the vibrating component) and deep-ocean sonar, according to the statement.
Indeed, materials such as bone, wood, tendons and proteins (including collagen and keratin) have piezoelectric properties, according to the study.
But “the capacity to generate electricity from this particular protein [lysozyme] has not been explored,” Stapleton said.
To study the piezoelectric properties of lysozymes, the scientists applied a crystalized form of the enzyme to films. Researchers then applied mechanical force to these films and recorded the amount of electricity generated.
The scientists found that lysozyme could generate electricity just as well as quartz could. But lysozyme is a biological material, so it could have medical applications. Lysozymes are “nontoxic, so [they] could have many innovative applications, such as electroactive, anti-microbial coatings for medical implants,” Stapleton said.
The researchers think that, in the future, lysozymes could be used to power biomedical devices that are used in people’s bodies, the scientists wrote in the study. The enzymes could also be used to power and control the release of drugs in the body, the study said.
More research is needed, however, before the enzyme can be used for these purposes, the researchers said.
Originally published on Live Science.

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

The spectacular biannual sunrise through a natural sea arch off the North East Coast of England. Occurring once in Autumn and again in Spring, the sun is framed perfectly through the magnesium limestone sea arch on the South Tyneside coast-where at low tide people come to observe this twice yearly sunrise through the ‘natural Stonehenge’.
CREDIT: PAUL KINGSTON/NNP

Canadian nurse Mandy Stantic captured this black bear making use of a discarded sofa at his local dumping ground during one of her regular visits. Appearing chilled, the bear, snapped at this garbage dump in Northern Manitoba, seems to be enjoying all the comforts the landfill had to offer. According to Stantic bears commonly hang around the garbage dump, and despite having moved away from the area, she still has fond memories of going to look for bears there. “You don’t see that very often. He’s just posing, just like a person,” Stantic told CBC.
CREDIT: MANDY STANTIC/COVER IMAGES

People enjoy the last day of the 184^th Oktoberfest beer festival in Munich, Germany.
CREDIT: MATTHIAS BALK/DPA VIA AP
Market Closes for October 4^th, 2017

Market Index	Close	Change
Dow Jones	22661.64	+19.97   +0.09%
S&P 500	2537.74	+3.16   +0.12%
NASDAQ	6534.629	+2.915   +0.04%
TSX	15721.00	-7.51
		-0.05%

International Markets

Market Index	Close	Change
NIKKEI	20626.66	+12.59
		+0.06%
HANG SENG	28379.18	+205.97
		+0.73%
SENSEX	31671.71	+174.33
		+0.55%
FTSE 100*	7467.58	-0.53
		-0.01%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.125		2.111
CND. 30 Year Bond		2.492		2.493
U.S.    10 Year Bond		2.3247		2.3229
U.S. 30 Year Bond		2.8657		2.8625

Currencies

BOC Close	Today	Previous
Canadian $	0.80167	0.80069
US $	1.24740	1.24892
Euro Rate 1 Euro=		Inverse
Canadian $	1.46732	0.68151
US $	1.17631	0.85012

Commodities

Gold	Close	Previous
London Gold Fix	1274.25	1271.25
Oil
WTI Crude Future	49.98	50.42

Market Commentary:
Number of the Day
9
The number of consecutive record closes for the Russell 2000. If it closes Wednesday at a record, it will equal the longest streak ever.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for the first time in six trading days as a short-seller’s report targeting Shopify Inc. pressured technology shares.
     The S&P/TSX Composite Index lost 8 points or 0.1 percent to 15,721.00. Shopify was the biggest obstacle, losing 12 percent after Citron Research called it a “get-rich-quick scheme.” The technology sector lost 1.3 percent.
     Energy shares also fell, losing 0.6 percent as oil slid below $50 a barrel for the first time in two weeks. U.S. government data showed record U.S. exports. Precision Drilling Corp. fell 3.9 percent and Secure Energy Services Inc. lost 3.8 percent.
     In other moves:

                             Stocks
* Canopy Growth Corp. rose 4 percent. Canada’s proposed C$1 per gram tax on recreational pot is lower than expected, Beacon Securities said
* Brookfield Property Partners LP added 2.5 percent after Reuters reported it’s considering selling a stake in its northeast U.S. office portfolio
* Cameco Corp. gained 3.8 percent, erasing some of Tuesday’s 9.1 percent drop, after Scotiabank downgraded it on a “materially weaker fundamental outlook for uranium”
                          Commodities
* Western Canada Select crude oil traded at an $11.20 discount to WTI, 1.8 percent wider than Tuesday
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold rose 0.2 percent to $1,273.70 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2478 per U.S. dollar
* The Canada 10-year government bond yield rose one basis point to 2.13 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks added to records and the dollar declined as developments from Catalonia to Puerto Rico and the Federal Reserve reverberated through financial markets Wednesday.
      The S&P 500 Index edged higher to another all-time high as consumer stocks led the advance. Treasuries erased gains and the dollar pared losses on data showing America’s services industries rose at the fastest clip in 12 years. That offset earlier moves sparked by speculation the Trump administration is close to nominating a new Fed chair.
     The U.S. president rattled the market for Puerto Rico’s debt after saying the obligations may need to be wiped clean, while turmoil in Catalonia sent debt on Europe’s periphery tumbling.
     The dollar and Treasuries appeared to earlier take their cue from reports that Donald Trump is said to be close to picking a successor to Janet Yellen. Investors are assessing the policy implications based on a shortlist of possible candidates that include current Governor Jerome Powell and ex-board member Kevin Warsh.
    “The market generally is expecting higher interest rates, so I don’t think there will be a major shift if Warsh becomes chair,” Ernie Cecilia, the chief investment officer at Bryn Mawr Trust Co. in Pennsylvania, said by phone. “There would be a tilt, it’d be more hawkish, but not so much that it would be a major obstacle for the stock market, but it would be more so within the stock market from a sector basis.”
     Speeches from Russian President Vladimir Putin and U.K. Prime Minister Theresa May also vied for investor attention, while the continued political turmoil tied to Catalonia weighed on the region’s assets.    
     Among the key events coming this week:
* Also this week are data on U.S. trade, durable goods and Friday’s September nonfarm payrolls report.
* China is due to report monthly foreign-exchange reserves Thursday.
* Minutes of the last ECB meeting are the European economic highlight this week.

      Here are the main moves in markets:

                                  Stocks
* The S&P 500 Index rose 0.1 percent to 2,537.72 as of 4 p.m. New York time.
* The Dow Jones Industrial Average gained 18 points to 22,660 for a sixth record close in a row.
* The Russell 200 Index dropped 0.3 percent, for the biggest loss in a month.
* The Stoxx Europe 600 Index declined 0.1 percent, ending nine straight days of gains.
* Spain’s IBEX Index fell 2.9 percent, the most in more than a year.
* The MSCI Emerging Market Index rose 0.5 percent, rising for the fourth day in a row.
                             Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent, the second day of declines.
* The euro climbed 0.2 percent to $1.1762.
* The British pound increased 0.1 percent to $1.3256.
* The Japanese yen gained 0.1 percent to 112.73 per dollar, falling for the first time in four days.
                             Bonds
* The yield on 10-year Treasuries rose less than one basis point to 2.33 percent, trading near the 200-day moving average.
* Germany’s 10-year yield dipped one basis point to 0.45 percent.
* Britain’s 10-year yield rose two basis points to 1.378 percent.
                             Commodities
* West Texas Intermediate crude dropped 1 percent to settle at $49.98 a barrel, falling for a third day.
* Gold increased 0.3 percent to $1,275.18 an ounce.
* Copper fell 0.2 percent to $2.95 a pound.

 

Have a wonderful evening everyone.

 

Be magnificent!

For me, nonviolence is not a mere philosophical principle.
It rules my life.  It is the rule and breath of my life.
It is a matter not of the intellect but of the heart.
Mahatma Gandhi

As ever,

 

Carolann

 

The opportunity for brotherhood presents itself every time you meet a human being.
                                                                        -Jane Wyman, 1917-2007

 

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

HANDY HELPER:
Need an easy way to be reminded of that party tomorrow or that morning meeting at the office?  The app Any.do brings together a calendar and a to-do list to make sure you’re on top of everything.  It’s free for iOS and Android.

PHOTOS OF THE DAY

Tourists visit the Crescent Spring and Singing and Singing Sand Dune scenic area in Dunhuang, northwest China’s Gansu Province. From Oct. 1 – 8, the eight-day National Day and Mid-Autumn Festival holiday, around 710 million tourist trips will be made across China, according to predications by China National Tourism Administration.
CREDIT: XINHUA NEW AGENCY/EYEVINE

High Court Judges wait in Westminister Abbey, ahead of the annual service to mark the start of the legal year in London, England. The service, conducted by the Dean of Westminister, dates back to the Middle Ages and is attended by over 700 Judges and Senior Judicial figures.
CREDIT: LEON NEAL/GETTY IMAGES

The Nissan LEAF 2.ZERO is unveiled in Europe today, running entirely on electricity and featuring cutting-edge technology and increased automation at the DogA-Norwegian Centre for Design & Architecture in Oslo, Norway.
CREDIT: JOHN PHILLIPS/GETTY IMAGES
Market Closes for October 3^rd, 2017

Market Index	Close	Change
Dow Jones	22641.67	+84.07   +0.37%
S&P 500	2534.58	+5.46   +0.22%
NASDAQ	6531.715	+14.997   +0.23%
TSX	15728.51	+23.52
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	20614.07	+213.29
		+1.05%
HANG SENG	28173.21	+618.91
		+2.25%
SENSEX	31497.38	+213.66
		+0.68%
FTSE 100*	7468.11	+29.27
		+0.39%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.111		2.128
CND. 30 Year Bond		2.493		2.498
U.S.    10 Year Bond		2.3229		2.3390
U.S. 30 Year Bond		2.8625		2.8704

Currencies

BOC Close	Today	Previous
Canadian $	0.80069	0.79925
US $	1.24892	1.25117
Euro Rate 1 Euro=		Inverse
Canadian $	1.46651	0.68189
US $	1.17424	0.85161

Commodities

Gold	Close	Previous
London Gold Fix	1271.25	1273.70
Oil
WTI Crude Future	50.42	50.58

Market Commentary:
On this day in 1913, President Woodrow Wilson signs the Underwood-Simmons Act into law, re-imposing a federal income tax less than 20 years after the U.S. Supreme Court declared in unconstitutional.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a fifth day, propelled by financial and mining stocks and briefly hitting their highest level since February.
     The S&P/TSX Composite Index added 24 points or 0.2 percent to 15,728.51. The benchmark has risen for 14 of the last 17 trading days and is less than 200 points from its all-time closing high set last February.
     The materials sector was the biggest gainer, adding 0.8 percent. Detour Gold Corp. rose 4.7 percent and Guyana Goldfields Inc. added 4.3 percent even as gold prices edged lower. Financial stocks were up 0.4 percent, led by a 1.6 percent gain at Genworth MI Canada Inc. Bank of Montreal rose 1 percent.
     In other moves:
                             Stocks
* Cameco Corp. fell 9.1 percent, the most since November 2016, after the stock was downgraded to underperform at Scotia Capital
* DHX Media Ltd. tumbled 8 percent, backtracking on Monday’s 5.5 percent gain. The company is considering a sale after poor quarterly results
* TMX Group Ltd. lost 4.1 percent, the most since May, after Bank of Nova Scotia and Alberta Investment Management Corp. sold 5.5 million shares in the stock-exchange operator
                            Commodities
* Western Canada Select crude oil traded at an $11 discount to WTI, the narrowest gap since August
* Aeco natural gas traded at a $1.62 discount to Henry Hub, the narrowest in more than two weeks
* Gold fell 0.1 percent to $1,271.50 an ounce, the lowest since early August
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2484 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.11 percent
US
By Randall Jensen
     (Bloomberg) — U.S. equities added to records as car sales boosted industrial shares, while Treasury yields turned lower and the dollar erased gains after touching a two-month high.
     The S&P 500 Index rose for a sixth day to close at another all-time high after American carmakers reported the best month of the year. Treasuries erased losses that had pushed yields above 2.36 percent on the 10-year note, and the dollar retreated from the highest level since July. Oil held above $50 a barrel.
     Traders in the U.S. appear to be taking stock after the themes of tax reform, a potentially more hawkish Federal Reserve chief and strong PMI data helped to drive recent gains for both the greenback and equities. And some investors have already turned attention to events that might set the tone for markets the rest of the week — Fed Chair Janet Yellen’s speech Wednesday and payrolls on Friday.
     “There weren’t too many economic numbers on tap today, but some stories are starting to focus on the upcoming payroll numbers on Friday,” Peter Jankovskis, who helps oversee $1.6 billion as co-chief investment officer of Lisle, Illinois-based Oakbrook Investments, said by phone.“People are really focused on looking ahead to that employment number.”
     Goldman Sachs Group Inc. analysts see the greenback as having room to run, thanks to solid growth prospects and the chance that Fed interest-rate hikes will prove more aggressive than market players currently anticipate. The firm sees the dollar rising against the euro, which could be hurt by political concerns amid the Spanish woes over Catalonia and by elections in Austria and Italy in coming months.
     Among the key events coming this week:
* The U.K.’s Johnson, Davis, Rudd, Fox speak at the Conservative Party Conference.
* Investors will monitor progress toward forming coalition governments in Germany and New Zealand after elections last month left no party in either country with a majority.
* U.S. data this week include trade, durable goods and Friday’s September non-farm payrolls report, which may have less predictive power than usual for the economic outlook due to likely distortions from hurricanes that hit from late August.
* The Reserve Bank of India on Wednesday is projected to keep benchmark rates unchanged.
* China is due to report monthly foreign-exchange reserves Thursday.
* Fed Chair Janet Yellen speaks at an event on Wednesday.
* Minutes of the last ECB meeting are the European economic highlight this week.

      Here are the main moves in markets:

                                 Stocks
* The S&P 500 Index rose 0.2 percent to 2,534.58 as of 4 p.m. New York time.
** Carmakers in the S&P jumped 1.6 percent after data indicated the U.S. auto market probably expanded for the first time this year.
* The Dow Jones Industrial Average added 84 points to 22,641 for another record and its fifth straight day of gains.
* The Stoxx Europe 600 Index rose 0.2 percent, ninth day in a row of increases.
* The MSCI Emerging Market Index jumped 1.2 percent, the most since July.
                              Currencies
* The Bloomberg Dollar Spot Index was little changed after touching the highest in almost 11 weeks.
* The euro increased 0.1 percent to $1.1748.
* The British pound decreased 0.3 percent to $1.3238, the weakest in almost three weeks.
                              Bonds
* The yield on 10-year Treasuries fell one basis point to 2.33 percent.
** A JPMorgan Chase & Co. survey found clients are the most short the world’s largest bond market in more than a decade.
* Germany’s 10-year yield gained one basis point to 0.46 percent.
* Britain’s 10-year yield rose three basis points to 1.353 percent.
                              Commodities
* Gold rose 0.1 percent to $1,272.02 an ounce.
* West Texas Intermediate crude for November delivery declined 0.4 percent to settle at $50.42 a barrel, the lowest in more than a week.

 

Have a wonderful evening everyone.

 

Be magnificent!

To make a decision is an illusion.
Behind the decision
is the hidden belief
that everyone is the same.
Swami Prajnanpad

 

As ever,

 

Carolann

 

What is defeat?  Nothing but education, nothing but the first step to something better
                                                                               -Wendell Phillips, 1811-1884

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