Category: Events

Dear Friends,

Tangents: Happy Monday.

December 6, 1897~London becomes the world’s first city to host licensed taxicabs.  The term “taxicab” was firs used in the late 1800s when the single horse-drawn Hansom cab invented in 1834 by architect Joseph Hansom was refined and redesigned by John Chapman to include a mechanized taximeter to measure journey fares.

1996~Federal Reserve Chairman Alan Greenspan questioned whether the stock market was overvalued due to investors’ “irrational exuberance.” 
The 25th Anniversary of “Irrational Exuberance”.  Go to article »
1865~13^th Amendment ratified.  Slavery abolished.

PHOTOS OF THE DAY
The northern lights over Arabaar farm in southern Iceland
CREDIT: Owen Humphreys/PA
The Japanese-US surfer Kanoa Igarashi rides a wave on day 4 of the World Surf League Haleiwa Challenger
CREDIT: Brian Bielmann/AFP/Getty Images
Actors dressed as spies from the early 1900s visit Covent Garden during a tour of London landmarks to promote a new film, The King’s Man
CREDIT: Ben Queenborough/Rex/Shutterstock

Market Closes for December 6th, 2021

Market Index	Close	Change
Dow Jones	35227.03	+646.95
		+1.87%
S&P 500	4591.67	+53.24
		+1.17%
NASDAQ	15225.15	+139.68 +0.93%
TSX	20861.10	+227.83
		+1.10%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27927.37	-102.20
		-0.36%
HANG SENG	23349.38	-417.31
		-1.76%
SENSEX	56747.17	-949.32
		-1.65%
FTSE 100*	7232.28	+109.96 +1.54%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.525	1.439
CND. 30 Year Bond	1.798	1.732
U.S.    10 Year Bond	1.4342	1.3430
U.S. 30 Year Bond	1.7704	1.6727

Currencies

BOC Close	Today	Previous
Canadian $	0.7838	0.7785
US $	1.2758	1.2846
Euro Rate 1 Euro=		Inverse
Canadian $	1.4397	0.6946
US $	1.1284	0.8862

Commodities

Gold	Close	Previous
London Gold Fix	1767.55	1765.00
Oil
WTI Crude Future	69.49	66.26

Market Commentary:
     On this day in 1994, Orange County, Calif., filed for bankruptcy protection after Robert Citron, its chief investment officer, lost billions of dollars speculating on derivatives and betting that interest rates would not rise. When asked (a year earlier) why this wasn’t risky, Mr. Citron said, “I am one of the largest investors in America. I know these things.”
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rose as markets rebounded from last week’s selloff, led higher by financial and energy stocks. The S&P/TSX Composite climbed 1.1 percent to 20,861.10 in Toronto. The move follows the previous session’s decrease of 0.6 percent. Today, financials stocks led the market higher, as all sectors gained; 211 of 233 shares rose, while 20 fell. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.7 percent. Dye & Durham Ltd. had the largest increase, rising 9.3 percent.
Insights
* In the past year, the index had a similar or greater gain 11 times. The next day, it advanced seven times for an average 0.4 percent and declined four times for an average 0.8 percent
* This year, the index rose 20 percent, heading for the best year in at least 10 years
* This quarter, the index rose 3.9 percent
* The index advanced 19 percent in the past 52 weeks. The MSCI AC Americas Index gained 22 percent in the same period
* The S&P/TSX Composite is 4.3 percent below its 52-week high on Nov. 16, 2021 and 20.6 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and fell 2.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 14.52 percent compared with 14.13 percent in the previous session and the average of 10.43 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 41.0299| 0.6| 25/3
* Energy | 40.4481| 1.5| 19/4
* Industrials | 36.3163| 1.5| 26/3
* Information Technology | 27.3919| 1.2| 15/0
* Materials | 25.8380| 1.1| 48/6
* Consumer Discretionary | 15.8987| 2.2| 13/0
* Consumer Staples | 12.5284| 1.7| 13/0
* Utilities | 9.6501| 1.0| 16/0
* Real Estate | 9.6040| 1.5| 22/2
* Communication Services | 5.9312| 0.6| 5/2
* Health Care | 3.1853| 1.9| 9/0
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset Management | 19.6500| 2.7| -29.8| 40.0
* Canadian Natural Resources | 15.0700| 3.5| 250.4| 75.6
* Canadian Pacific | 14.7700| 3.6| 32.4| 3.7
* TC Energy | -0.8840| -0.2| 65.7| 13.8
* Tourmaline Oil | -1.3270| -1.5| -3.7| 139.4
* TD Bank | -14.4200| -1.2| -13.6| 31.3

US
By Peyton Forte and Vildana Hajric
(Bloomberg) — U.S. equities rebounded from Friday’s selloff as investors took comfort in reports that cases of the omicron variant have been relatively mild. The S&P 500 rose 1.2%, erasing last week’s losses, while the technology-heavy Nasdaq 100 gained 0.9%. The mood across markets was calmer on Monday as investors pointed to good news from South Africa that showed hospitals haven’t been overwhelmed by the latest wave of Covid cases. However, the Cboe volatility index remained elevated. “Although we do expect this volatility to continue, it very well could be a buying opportunity,” said Ryan Detrick, chief market strategist at LPL Financial, in a note. “We’ve been living with Covid-19 for more than 20 months now. We’ve seen several variants and managed to move forward, and we expect a similar playbook to work once again.”
Oil rose after Saudi Arabia boosted crude prices, signaling confidence in the demand outlook. U.S. natural gas fell on forecasts for warmer weather, easing some previous inflationary pressures. And the 10-year Treasury yield advanced to 1.43%. Initial data from South Africa are “a bit encouraging regarding the severity,” Anthony Fauci, U.S. President Joe Biden’s chief medical adviser, said on Sunday. Though, at the same time, he cautioned that it’s too early to be definitive. “Admittedly, we don’t know how effective current vaccines are against omicron, or how transmissible it is, but we do know that the appetite for another nationwide shutdown is quite low and that these questions should be answered over the coming weeks,” Detrick said. The VIX, or so-called fear gauge, fell roughly three points to 27 on Monday after it failed to initially match a high corresponding to when the S&P 500 dropped below its Sept. 20 low last week. “That marked the beginning of what turned out to be the strongest October rally since 2015,” said Chris Larkin, managing director of trading at E*TRADE Financial.
“While past is rarely prologue, it should give seasoned traders out there something to think about … This suggests reduced volatility concerns even though the market had fallen to fresh lows.” The Stoxx Europe 600 index gained 1.3% while shares in Japan, China and Hong Kong fell on tech weakness. Evergrande’s dollar bonds declined sharply and shares plunged 20% to a record low after the firm moved closer to a debt restructuring. China also cut the amount of cash most banks must hold in reserve, acting to counter the economic slowdown in a move that puts its central bank on a different policy path than many of its peers. Later this week, attention will turn to U.S. consumer price index, which is expected to show the largest annual advance in decades, giving the Federal Reserve more leeway to deliver swifter policy tightening in its more hawkish tilt. “That’s a set up where stocks can continue to rally, although I think we all need to expect a more ‘normal’ 2022 from a return standpoint,” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “Once the market accepts this new Fed paradigm, the reality will set in that the Fed is still very accommodative. QE is still ongoing and even if there are two rate increases in 2022, that still puts the Fed funds rate well below 1% at year-end.”

Here are some key events to watch this week:
* Reserve Bank of Australia policy decision Tuesday
* Euro area GDP Tuesday
* Reserve Bank of India rate decision Wednesday
* Olaf Scholz set to replace Angela Merkel as chancellor Wednesday
* European Central Bank President Christine Lagarde speaks at a conference Wednesday
* Federal Reserve Bank of Minneapolis President Neel Kashkari speaks Thursday
* Reserve Bank of Australia Governor Philip Lowe speaks Thursday
* China CPI, PPI, money supply, new yuan loans, aggregate financing Thursday
* U.S. CPI Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 1.9%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.1283
* The British pound rose 0.2% to $1.3257
* The Japanese yen fell 0.6% to 113.48 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 1.43%
* Germany’s 10-year yield was little changed at -0.39%
* Britain’s 10-year yield declined one basis point to 0.74%
Commodities
* West Texas Intermediate crude rose 5.3% to $69.80 a barrel
* Gold futures fell 0.2% to $1,780 an ounce
–With assistance from Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

The difference between genius and stupidity is that genius has its limits. –Albert Einstein, 1879-1955.

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

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

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

Dear Friends,

Tangents: Happy Friday.

On Dec. 3, 1984, more than 4,000 people died after a cloud of gas escaped from a pesticide plant operated by a Union Carbide subsidiary in Bhopal, India. Go to article »

Joseph Conrad, author, b. 1857.
Maria Callas, singer, b. 1923.
Julianne Moore, actress, b. 1961.

Hundreds of birds dropped dead in Spain. (h/t Scott Kominers) 

Lego has made a set that can’t be taken apart.

It’s December and it hasn’t snowed in Denver yet.  Denver has never entered December without measurable snow since it started keeping records back when Chester A. Arthur was President.

But there are blizzard warnings for Hawaii???  There could be up to a foot of snow and 100-mph wind gusts!

There’s a shortage of Santas this holiday season.  Yet another supply chain disruption caused by the pandemic.

PHOTOS OF THE DAY
The chocolate box village of Prestbury, on the western edge of the Cotswolds and close to Cheltenham racecourse, is home, supposedly, to more than two dozen ghosts – including the Black Abbott in the churchyard and spectral shepherd on Swindon Lane. More comforting is 17th century thatched Shaw Green Cottage, tucked away down a lane with a garden on both sides. It is Grade II-listed with flagstone floors, timber beams and uprights, marble worktops and a deep butler sink. The inglenook fireplace is used as a wine store. £595,000. Knight Frank, 01242 246 951
CREDIT: Knight Frank
Anthony Van Dyck’s Portrait of Jacob De Witte and Portrait of Maria Nutius go on view at Sotheby’s before a sale on 8 December
CREDIT: Tristan Fewings/Getty Images for Sotheby’s
A tarantula is boxed at El Dorado international airport. Authorities seized 232 tarantulas, a scorpion with seven young, nine spider eggs and 67 cockroaches that were bound for Germany. The specimens were carried in a suitcase by two Germans who said the animals were wanted for academic and research purposes
CREDIT: Secretary for the Environment/EPA

Market Closes for December 3rd, 2021

Market Index	Close	Change
Dow Jones	34580.08	-59.71
		-0.17%
S&P 500	4538.43	-38.67
		-0.84%
NASDAQ	15085.47	-295.85 -1.92%
TSX	20633.27	-128.76
		-0.62%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28029.57	+276.20
		+1.00%
HANG SENG	23766.69	-22.24
		-0.09%
SENSEX	57696.46	-764.83
		-1.31%
FTSE 100*	7122.32	-6.89 -0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.439	1.507
CND. 30 Year Bond	1.732	1.814
U.S.    10 Year Bond	1.3430	1.4443
U.S. 30 Year Bond	1.6727	1.7625

Currencies

BOC Close	Today	Previous
Canadian $	0.7785	0.7810
US $	1.2846	1.2804
Euro Rate 1 Euro=		Inverse
Canadian $	1.4533	0.6881
US $	1.1314	0.8839

Commodities

Gold	Close	Previous
London Gold Fix	1765.00	1789.25
Oil
WTI Crude Future	66.26	66.50

Market Commentary:
     On this day in 1998, shares in Temco Service Industries, a tiny building-maintenance firm, suddenly they went bonkers, leaping 126% in a few minutes on record volume. The reason: Ticketmaster Online-CitySearch went public under the ticker symbol TMCS, which some traders confused with Temco’s ticker symbol TMCO.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities sank as markets whipsaw amid concerns over the omicron variant. The S&P/TSX Composite fell 0.6 percent to 20,633.27 in Toronto. The move follows the previous session’s increase of 1.5 percent. Shopify contributed the most to the index decline, decreasing 2.4 percent. Lithium Americas Corp. had the largest drop, falling 8.7 percent. Today, 157 of 233 shares fell, while 71 rose; 10 of 11 sectors were lower.
Insights
* This year, the index rose 18 percent, poised for the best year since 2019
* This quarter, the index rose 2.8 percent
* This week, the index fell 2.3 percent, the biggest decline since the week ended Jan. 29
* The index advanced 19 percent in the past 52 weeks. The MSCI AC Americas Index gained 22 percent in the same period
* The S&P/TSX Composite is 5.3 percent below its 52-week high on Nov. 16, 2021 and 19.3 percent above its low on Jan. 29, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.28t
* 30-day price volatility rose to 14.13 percent compared with 14.09 percent in the previous session and the average of 10.22 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -57.3564| -2.4| 1/14
* Industrials | -24.5109| -1.0| 2/27
* Financials | -21.2513| -0.3| 7/21
* Energy | -10.7991| -0.4| 11/10
* Consumer Discretionary | -6.5975| -0.9| 4/9
* Real Estate | -6.4946| -1.0| 3/21
* Health Care | -3.7515| -2.2| 2/7
* Materials | -0.5792| 0.0| 24/30
* Consumer Staples | -0.1087| 0.0| 5/8
* Utilities | -0.0677| 0.0| 7/8
* Communication Services | 2.7694| 0.3| 5/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -34.6600| -2.4| 36.0| 25.9
* Brookfield Asset Management | -20.5600| -2.8| -30.0| 36.3
* TD Bank | -11.5100| -0.9| 1.5| 32.9
* Royal Bank of Canada | 4.9470| 0.4| -22.8| 23.0
* CIBC | 8.8050| 2.1| 24.0| 28.9
* Bank of Montreal | 14.2600| 2.4| 58.9| 42.6

US
By Rita Nazareth
(Bloomberg) — In a week marked by vertiginous swings in financial markets, a sharp selloff in huge technology companies dragged down stocks on Friday. Traders just had a lot to digest over the past few days, from Federal Reserve Chair Jerome Powell’s hawkish tilt to uncertainty about how the omicron coronavirus outbreak could affect the global reopening. A mixed U.S. jobs report did nothing to prevent another bout of intense volatility. The reason is: there’s a perception that the data wouldn’t be a game changer, with policy makers likely to follow through with faster tapering of asset purchases amid elevated inflation. Stocks extended their weekly slide. Electric-vehicle maker Tesla Inc. sank about 6.5% and Facebook parent Meta Platforms Inc. approached a bear market after a 19.7% plunge from a recent peak. Apple Inc. slipped after news reports that phones of a number of U.S. State Department employees were hacked. China’s companies listed in the U.S. slid amid ride-hailing giant Didi Global Inc.’s preparations to leave American exchanges and regulators’ plans to force foreign firms to open their books or risk delisting. Haven assets like Treasuries, the Japanese yen, the Swiss franc and gold climbed.

Comments:
* “Today’s non-farm payroll report looks ‘messy’ to me. Best to wait for the revisions next month before sounding the stagflation alarm too loudly. And, if you think this report will push back the accelerated taper mentioned by Fed Chairman Jerome Powell this week, you would be mistaken,” said Jamie Cox, managing partner for Harris Financial Group.
* “The economy is strong, but the labor market is reaching its full potential, and inflationary forces are already elevated, which is why the Fed is feeling more urgency to complete their tapering early,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
* “This is a reminder of the uncertainty on the pace of the jobs recovery. It will give the Federal Reserve pause as it considers accelerating its monetary policy tightening. A slower pace would be welcomed by markets,” said Ben Laidler, global markets strategist at multi-asset investment platform eToro.  The U.S. Treasury again stopped short of labeling any foreign economies as manipulators of their exchange rates, while continuing to say that Taiwan and Vietnam met all three criteria for the designation. Switzerland dropped off the list, last published in April, of countries exceeding the three thresholds, with officials saying it violated two of the criteria while narrowly missing a third.
The Fed’s march toward higher rates presents greater risk for stock investors, and the likelihood of a correction in the S&P 500 next year is “elevated,” according to Bank of America’s Savita Subramanian.
“We are in an environment where the dividend yield on the S&P 500 is below where cash yields are likely to be in a year or two,” the strategist told Bloomberg TV.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.7%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1310
* The British pound fell 0.5% to $1.3239
* The Japanese yen rose 0.3% to 112.74 per dollar
Bonds
* The yield on 10-year Treasuries declined nine basis points to 1.36%
* Germany’s 10-year yield declined two basis points to -0.39%
* Britain’s 10-year yield declined six basis points to 0.75%
Commodities
* West Texas Intermediate crude fell 0.2% to $66.37 a barrel
* Gold futures rose 1.2% to $1,783.80 an ounce
–With assistance from Sunil Jagtiani, Robert Brand and Sophie Caronello.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

If you would take, you must first give, this is the beginning of intelligence. -Lao Tzu, 571 BCE-c. 5^th century BCE

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

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

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

Dear Friends,

Tangents:
December 2, 1969~1969 The Boeing 747 jumbo jet debuted.  Go to article »

December 2, 2020~The UK licenses the Pfizer-BioNTech Covid-19 vaccine for emergency use.
1823~ Monroe Doctrine declared.
Britney Speares, singer, b. 1981.
George Seurat, painter, b. 1859.

Today’s date is a palindrome and an ambigram; you can read it upside down. (h/t Scott Kominers) 

Look back at the year 2021 in pictures.  You’ll gasp, you’ll laugh, you’ll cry … and then cry a little more …

Astronauts celebrate record-breaking chile harvest in space with taco night.  Space tacos! Space tacos!
PHOTOS OF THE DAY
The Rockettes perform at the Rockefeller Center Christmas tree lighting ceremony
CREDIT: NBC/Getty Images
A man fishes at North Lake in Irvine. Dense fog covered much of Orange County
CREDIT: Paul Bersebach/AP
People visit Antony Gormley’s Angel of the North after overnight snowfall
CREDIT: Lee Smith/Reuters

Market Closes for December 2^nd, 2021

Market Index	Close	Change
Dow Jones	34639.79	+617.75
		+1.82%
S&P 500	4577.10	+64.06
		+1.42%
NASDAQ	15381.32	+127.27 +0.83%
TSX	20762.03	+297.43
		+1.45%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27753.37	-182.25
		-0.65%
HANG SENG	23788.93	+130.01
		+0.55%
SENSEX	58461.29	+776.50
		+1.35%
FTSE 100*	7129.21	-39.47 -0.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.507	1.496
CND. 30 Year Bond	1.814	1.813
U.S.    10 Year Bond	1.4443	1.4037
U.S. 30 Year Bond	1.7625	1.7393

Currencies

BOC Close	Today	Previous
Canadian $	0.7810	0.7801
US $	1.2804	1.2819
Euro Rate 1 Euro=		Inverse
Canadian $	1.4469	0.6911
US $	1.1301	0.8849

Commodities

Gold	Close	Previous
London Gold Fix	1789.25	1804.40
Oil
WTI Crude Future	66.50	65.57

Market Commentary:
On this day in 1941, Theodore Benna, the future creator of the 401(k), was born in Manns Choice, Pa.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities surged as investors bought the dip after a two-day plunge. S&P/TSX Composite rose 1.5 percent to 20,762.03 in Toronto. The move was the biggest gain since April 1 and follows the previous session’s decrease of 0.9 percent. Today, financial stocks led the market higher, as 10 of 11 sectors gained; 177 of 233 shares rose, while 55 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 4.9 percent. Bombardier Inc. had the largest increase, rising 8.4 percent.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This year, the index rose 19 percent, poised for the best year since 2019
* This quarter, the index rose 3.4 percent
* So far this week, the index fell 1.7 percent
* The index advanced 20 percent in the past 52 weeks. The MSCI AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 4.7 percent below its 52-week high on Nov. 16, 2021 and 20.6 percent above its low on Dec. 2, 2020
* The S&P/TSX Composite is down 3.9 percent in the past 5 days and fell 1.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 14.09 percent compared with 13.29 percent in the previous session and the average of 10.06 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 141.8309| 2.2| 25/3
* Industrials | 47.2973| 2.0| 27/3
* Energy | 32.8865| 1.2| 21/2
* Consumer Staples | 19.3130| 2.7| 13/0
* Consumer Discretionary | 18.9955| 2.6| 11/2
* Communication Services | 13.3037| 1.3| 7/0
* Real Estate | 12.1232| 1.9| 23/1
* Information Technology | 5.0505| 0.2| 12/3
* Health Care | 4.3114| 2.6| 9/0
* Utilities | 2.3527| 0.3| 9/6
* Materials | -0.0404| 0.0| 20/35
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* TD Bank | 57.1500| 4.9| 51.3| 34.2
* Royal Bank of Canada | 23.7400| 1.9| 48.8| 22.5
* Brookfield Asset | | | |
* Management | 21.2700| 3.0| -24.3| 40.2
* Franco-Nevada | -4.0730| -1.8| 11.9| 4.7
* CIBC | -12.4300| -2.8| 155.6| 26.3
* Shopify | -15.1600| -1.0| 12.4| 29.0

US
By Rita Nazareth and Peyton Forte
(Bloomberg) — Stocks notched their biggest advance since October as dip buyers scooped up some of the hardest-hit shares during a two-day selloff. Treasuries retreated. Companies that stand to benefit the most from economic growth drove gains in the S&P 500, with small caps and travel stocks surging.  The Dow Jones Industrial Average climbed almost 2%, led by aerospace giant Boeing Co.  Tech shares underperformed. The U.S. is inching ahead on efforts to boot Chinese firms off stock exchanges for not complying with disclosure requirements. Volatility has gripped financial markets this week, stirred by Federal Reserve Chair Jerome Powell’s hawkish tone and the spread of the omicron coronavirus strain. The turmoil may offer investors a chance to position for a trend reversal in reopening and commodity trades, according to JPMorgan Chase & Co. strategists.
While it’s likely that the variant is more transmissible, early reports suggest it may also be less deadly, they added. “What we’re seeing is the propensity to buy the dip,” said Aoifinn Devitt, chief investment officer at Moneta Group. “And why are we buying the dip? Because there’s just so much money sitting on the sidelines. Even though these short bouts of volatility are surprising and certainly have sent a chill through markets, we still have a significant bank of equity returns to enjoy year to date.” Applications for U.S. state unemployment benefits rose by less than forecast last week, suggesting additional progress in the job market. The figures came a day before the monthly employment report, which is projected to show payrolls increased by 550,000 in November. Fed Governor Randal Quarles, Atlanta Fed President Raphael Bostic and his San Francisco counterpart Mary Daly laid out the case for speeding up the removal of policy support amid higher inflation — adding their voices to the message delivered by Powell this week. Treasury Secretary Janet Yellen said sheunderstands the “reasoning” behind the central bank’s plans to reduce asset purchases.

Some other corporate highlights:
* Apple Inc. told its component suppliers that demand for the iPhone 13 lineup has weakened, people familiar with the matter said.
* U.S. antitrust officials sued to block Nvidia Corp.’s proposed $40 billion takeover of Arm Ltd., saying the deal would harm competition in the semiconductor market.
* Exxon Mobil Corp. will award U.S. employees below-inflation pay increases in early 2022. The oil giant will boost salaries by an average of 3.6% for those who performed with “merit,” according to a company document seen by Bloomberg.
* Grab Holdings Ltd., Southeast Asia’s biggest ride-hailing and delivery company, sank in its first day of trading after completing its merger with Altimeter Growth Corp., the largest deal yet for a special-purpose acquisition company.

Oil prices are primed for gains as Thursday’s decision by OPEC+ to proceed with planned production increases won’t derail an ongoing structural bull market, according to analysts at Goldman Sachs Group Inc. The investment bank sees “very clear upside risks” to its forecast for Brent to average $85 a barrel in 2023.
Key events to watch this week:
* U.S. jobs report, factory orders, durable goods on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 1.8%
* The MSCI World index rose 0.7%
* The Russell 2000 Index rose 2.7%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1300
* The British pound rose 0.2% to $1.3299
* The Japanese yen fell 0.3% to 113.17 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.43%
* Germany’s 10-year yield declined three basis points to -0.37%
* Britain’s 10-year yield declined one basis point to 0.81%
Commodities
* West Texas Intermediate crude rose 2% to $66.90 a barrel
* Gold futures fell 0.8% to $1,769.30 an ounce
–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric and Sophie Caronello.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Intuition is perception via the unconscious. –Carl Jung, 1875-1961.

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

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

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

Dear Friends,

Tangents: St. Andrew’s Day, Christian calendar.

On Nov. 30, 1995, President Clinton became the first U.S. chief executive to visit Northern Ireland.  Go to article »

Winston Churchill, statesman, b.1874
Mark Twain, author, b.1835
Jonathan Swift, writer, b.1667
Abbie Hoffman, activist, b.1936
Ben Stiller, comic actor, b.1965

First lady Jill Biden unveils her first White House holiday decorations.  Snowflakes! Butterflies! The theme this year: “Gifts from the Heart.”

Pub-goers snowed in for three days at UK’s highest inn.  This the start of either a romantic comedy or a horror film. 

Study suggests the sun is a likely source of the Earth’s water.  

In less than a century, the Arctic will be trading snow for rain.

A normie’s guide to the cryptoverse.
PHOTOS OF THE DAY
A wildfire burns along the western ridge of the mountain
CREDIT: Walt Unks/AP
A freight train negotiates Morant’s Curve near Lake Louise
CREDIT: Patrick T Fallon/AFP/Getty Images
Crown Prince Akishino (centre) sits with his son and daughter in the garden of their Akasaka imperial residence
CREDIT: Kazuhiro Nogi/Imperial Household /JI/AFP/Getty Images

Market Closes for November 30^th, 2021

Market Index	Close	Change
Dow Jones	34483.72	-652.22
		-1.86%
S&P 500	4567.00	-88.27
		-1.90%
NASDAQ	15537.69	-245.14 -1.55%
TSX	20659.99	-489.01
		-2.31%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27821.76	-462.16
		-1.63%
HANG SENG	23475.26	-376.98
		-1.58%
SENSEX	57064.87	-195.71
		-0.34%
FTSE 100*	7059.45	-50.50 0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.568	1.617
CND. 30 Year Bond	1.885	1.941
U.S.    10 Year Bond	1.4443	1.4987
U.S. 30 Year Bond	1.7911	1.8545

Currencies

BOC Close	Today	Previous
Canadian $	0.7828	0.7847
US $	1.2774	1.2744
Euro Rate 1 Euro=		Inverse
Canadian $	1.4688	0.6902
US $	1.1341	0.8817

Commodities

Gold	Close	Previous
London Gold Fix	1795.95	1800.80
Oil
WTI Crude Future	66.18	69.95

Market Commentary:
     On this day in 1999, entrepreneur Marc Ostrofsky of Houston sold the rights to the internet address business.com for $7.5 million, a record price for a domain name. Mr. Ostrofsky paid $150,000 for it in 1996—a price that was then considered absurd.  “Everyone thought I was a fool,” he said. But in three years, he had earned roughly a 470% annualized return on his investment.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped, following global markets lower as governments consider the potential impact of the omicron variant and Ottawa eyes tightening travel restrictions. The S&P/TSX Composite fell 2.3% to 20,659.99 in Toronto. The move was the biggest since the index fell 2.7% on Oct. 28, 2020. Today, financials stocks led the market lower, as all sectors lost; 206 of 233 shares fell, while 26 rose. Shopify Inc. contributed the most to the index decline, decreasing 3%. Birchcliff Energy Ltd. had the largest drop, falling 7.2%.
Insights
* This year, the index rose 19%, heading for the best year since 2019
* This month, the index fell 1.8%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 5.2% below its 52-week high on Nov. 16, 2021 and 20.6% above its low on Nov. 30, 2020
* The S&P/TSX Composite is down 3.7% in the past 5 days and fell 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.34t
* 30-day price volatility rose to 13.06% compared with 11.13% in the previous session and the average of 9.74% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -187.6503| -2.8| 2/26
* Energy | -67.1986| -2.4| 2/21
* Information Technology| -62.2249| -2.5| 2/13
* Industrials | -54.7819| -2.2| 1/29
* Materials | -38.4987| -1.6| 13/42
* Consumer Discretionary| -22.3678| -3.0| 0/13
* Real Estate | -20.2899| -3.1| 1/23
* Consumer Staples | -11.2836| -1.5| 1/12
* Utilities | -10.1118| -1.1| 2/14
* Communication Services| -9.6477| -1.0| 0/7
* Health Care | -4.9578| -2.7| 2/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -46.2100| -3.0| 117.1| 35.0
* TD Bank | -43.5000| -3.7| 187.2| 25.3
* Royal Bank of Canada | -33.9300| -2.6| 94.0| 20.8
* Osisko Mining | 0.3900| 6.5| 59.9| -15.7
* Centerra Gold | 0.5340| 3.9| 98.8| -36.2
* Nuvei | 1.2780| 2.4| 99.1| 61.7

US
By Rita Nazareth
(Bloomberg) — Stocks sank after Federal Reserve Chair Jerome Powell weighed an earlier end to bond tapering, with traders boosting their wagers on the pace of interest-rate hikes. In a wild trading session for markets, the Treasury curve flattened sharply — with the premium of the 30-year rate over the five-year yield tumbling. Powell also told a Senate banking committee that it’s time to stop using the word “transitory” to describe inflation. The S&P 500 slumped almost 2%, while the Cboe Volatility Index extended its biggest monthly surge since February 2020. “Powell just added gasoline to the fire by finally admitting that inflation isn’t going away as fast as anyone would like,” said Ryan Detrick, chief market strategist at LPL Financial. “A faster tapering is probably coming as a result, and that has markets worried the punch bowl is leaving the party.” Money markets now show 55 basis points of rate tightening – – more than two standard quarter-point increases — priced in by the end of 2022. That’s up from about 50 basis points on Monday.
The first full hike remains priced for July. Fed officials have consistently said they want to wrap up the taper before lifting borrowing costs from near zero — where they’ve been since the pandemic began. Powell, in his opening remarks, said the recent rise in Covid-19 cases and the emergence of the omicron strain pose “downside risks to employment and economic activity and increased uncertainty for inflation.” During the following question-and-answer period, he focused more on the evidence of elevated prices since officials met Nov. 2-3.

More comments:
* “Investors may have expected Powell to run for cover as the omicron variant threatens growth,” said Mike Bailey, director of research at FBB Capital Partners. “However, he did an about-face and signaled faster tapering, spooking markets.”
* “With potential changes in policy on the horizon, market participants should expect additional market volatility in this uncharted territory,” said Charlie Ripley, senior investment strategist at Allianz Investment Management.
* “We believe the underlying fundamentals of the economy and an upcoming robust vaccine response to the new threats” will allow the market to rebound from the near-term selloff, said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Concern about the impacts of omicron weighed on markets earlier Tuesday, with Moderna Inc. executives saying the many mutations suggest new shots will be needed.
The current generation of vaccines probably will protect against severe disease in people infected by the variant, according to BioNTech SE’s chief.
The University of Oxford said there’s no evidence existing shots won’t provide some protection against the strain.
U.S. consumer confidence slid to a nine-month low in November as a pickup in Covid-19 cases and accelerating inflation weighed on Americans’ views about the economy.
Final sales for Cyber Monday fell short of estimates as scarce inventory kept shoppers from breaking out their credit cards at the start of the holiday shopping season.
Some corporate highlights:
* Pfizer Inc. had its best monthly advance in 30 years as renewed virus fears revive the market’s focus on vaccine makers.
* AT&T Inc. tumbled after the company’s chief executive officer of communications told investors at a conference he expects customer growth to slow.
* Nasdaq Inc. partnered with Amazon.com Inc. to shift its North American exchanges to the cloud starting in 2022.

Some key events to watch this week:
* China Caixin manufacturing PMI, Wednesday
* Euro zone manufacturing PMI, Wednesday
* U.S. construction spending, ISM Manufacturing, Fed’s Beige Book on Wednesday
* OPEC, allies may re-evaluate plans for reviving oil supplies, Thursday
* U.S. initial jobless claims, Thursday
* U.S. jobs report, factory orders, durable goods on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.6%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.1341
* The British pound fell 0.1% to $1.3301
* The Japanese yen rose 0.4% to 113.03 per dollar
Bonds
* The yield on 10-year Treasuries declined six basis points to 1.44%
* Germany’s 10-year yield declined three basis points to -0.35%
* Britain’s 10-year yield declined five basis points to 0.81%
Commodities
* West Texas Intermediate crude fell 4.9% to $66.55 a barrel
* Gold futures fell 0.7% to $1,773.30 an ounce
–With assistance from Andreea Papuc, Robert Brand, Emily Graffeo, Vildana Hajric, Peyton Forte and Edward Bolingbroke.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Be careful about reading health books.  You may die of a misprint. –Mark Twain, 1835-1910.

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

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

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

Dear Friends,

Tangents: Happy Monday.
November 29, 1961: 1961 Enos the chimp was launched from Cape Canaveral aboard the Mercury-Atlas 5 spacecraft, which orbited Earth twice before returning.  Go to article »

November 29, 2018: Tens of thousands of Indian farmers protest the agrarian crisis stemming from environmental degradation, the decrease in landholding size, plateauing of crop yields from the present farm technology, and withdrawal of state support at parliament in Delhi.

1989-Czechoslovakia ends.
Joel Coen, film-maker b. 1954
C.S. Lewis, author, b. 1878
Louisa May Alcott, author, b. 1832.

Tony Bennett leaves his heart onstage in a moving final concert with Lady Gaga.  The 95-year-old legend has lived “The Good Life” indeed.

New Zealand politician cycles to hospital in labor, gives birth.  And this is NOT the first time she’s done this! 

Archaeologists find an ancient Roman mosaic in the U.K. (h/t Alistair Lowe)

PHOTOS OF THE DAY
Snow covers the hills around Haut-Koenigsbourg castle
CREDIT: Patrick Hertzog/AFP/Getty Images
Walkers enjoy a snowy stroll in Lancashire
CREDIT: Christopher Thomond/The Guardian
A giant star is installed atop the Mare de Deu tower of the Sagrada Familia basilica, before the inauguration of the Spanish architect Antonio Gaudi’s building
CREDIT: Pau Barrena/AFP/Getty Images

Market Closes for November 29^th, 2021

Market Index	Close	Change
Dow Jones	35135.94	+236.60
		+0.68%
S&P 500	4655.27	+60.65
		+1.32%
NASDAQ	15782.84	+291.18 +1.88%
TSX	21148.94	+23.04
		+0.11%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28283.92	-467.70
		-1.63%
HANG SENG	23852.24	-228.28
		-0.95%
SENSEX	57260.58	+153.43
		+0.27%
FTSE 100*	7109.95	+65.92 +0.94%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.617	1.604
CND. 30 Year Bond	1.941	1.955
U.S.    10 Year Bond	1.4987	1.4731
U.S. 30 Year Bond	1.8545	1.8213

Currencies

BOC Close	Today	Previous
Canadian $	0.7847	0.7818
US $	1.2744	1.2791
Euro Rate 1 Euro=		Inverse
Canadian $	1.4384	0.6942
US $	1.1287	0.8859

Commodities

Gold	Close	Previous
London Gold Fix	1800.80	1788.15
Oil
WTI Crude Future	69.95	78.39

Market Commentary:
     On this day in 1912, John Marks Templeton was born in Winchester, Tenn., to Vella Handly and Harvey Maxwell Templeton, a lawyer and cotton-gin operator. He went on to found the Templeton Growth Fund and invent the disclipline of global investing.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities ended the day slightly higher after Friday’s sell-off as fears ease over the new omicron coronavirus strain. The S&P/TSX Composite rose 0.1% at 21,148.94 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1.9%. Lithium Americas Corp. had the largest increase, rising 14.2%. In midday trading, 155 of 233 shares rose, while 74 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 0.8%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 27% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Nov. 16, 2021 and 23.9% above its low on Nov. 30, 2020
* The S&P/TSX Composite is down 1% in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.33t
* 30-day price volatility fell to 11.19% compared with 11.22% in the previous session and the average of 9.66% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 37.3422| 1.5| 39/14
* Industrials | 25.0998| 1.0| 20/10
* Energy | 19.8565| 0.7| 21/2
* Consumer Staples | 8.1926| 1.1| 9/3
* Consumer Discretionary | 6.6538| 0.9| 9/4
* Real Estate | 5.6787| 0.9| 20/4
* Utilities | 1.6588| 0.2| 10/6
* Communication Services | 0.8853| 0.1| 5/2
* Health Care | -2.1623| -1.2| 2/7
* Information Technology | -5.7620| -0.2| 10/4
* Financials | -13.4600| -0.2| 10/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian National | 12.6800| 1.9| 0.5| 17.8
* Canadian Natural Resources | 10.7100| 2.5| 20.2| 75.7
* Waste Connections | 9.6580| 3.1| 40.9| 34.3
* TD Bank | -7.4600| -0.6| 33.7| 30.7
* Shopify | -11.3200| -0.7| 31.2| 38.4
* Enbridge | -13.0800| -1.9| 0.1| 20.0

US
By Rita Nazareth
(Bloomberg) — Stocks climbed and bonds fell as a relative sense of calm returned to global markets, with investors reassessing their worst-case scenarios for the omicron coronavirus strain. In a broad-based rally, the S&P 500 posted the biggest advance in more than a month — wiping out its November losses. The Nasdaq 100 outperformed major equity benchmarks amid gains in technology giants such as Apple Inc. and Microsoft Corp. Treasury 10-year yields topped 1.5%, while the U.S. dollar was little changed. President Joe Biden cautioned Americans against panicking over the new variant, while Federal Reserve Chair Jerome Powell said omicron poses risks to both sides of the central bank’s mandate to achieve stable prices and maximum employment.
Pfizer Inc. will know within two to three weeks how well its Covid-19 vaccine holds up against omicron, according to its top executive. “Investors are evidently making an assumption today that omicron may not be as bad as had been feared on Friday, and that vaccines may still prove effective,” wrote Fawad Razaqzada, an analyst with ThinkMarkets. “It will take some time — possibly a couple of weeks at least — to understand this variant better.  So, what might happen going forward is that we will see elevated levels of volatility.” A forward-looking gauge of U.S. home purchases rebounded in October to a 10-month high, signaling steady housing demand. The National Association of Realtors’ index of pending home sales rose 7.5% from a month earlier. The median estimate in a Bloomberg survey of economists called for a 1% advance.

Some other corporate highlights:
* Jack Dorsey, the co-founder and chief executive officer of Twitter Inc., is stepping down from the helm of the social network, ceding the position to tech head Parag Agrawal.
* Hertz Global Holdings Inc. plans to repurchase as much as $2 billion of its common stock, the latest move to realign its finances just months after exiting bankruptcy protection.
* Walmart Inc. said Chief Financial Officer Brett Biggs plans to step down by early 2023, ending a run of more than two decades with the retail giant.

Some key events to watch this week:
* Powell will appear at a Senate Banking Committee hearing alongside Treasury Secretary Janet Yellen on Tuesday. They’re set to speak again on the following day at the House Financial Services Committee.
* China PMIs, Tuesday
* Euro zone CPI, Tuesday
* U.S. Conference Board consumer confidence, Tuesday
* China Caixin manufacturing PMI, Wednesday
* Euro zone manufacturing PMI, Wednesday
* U.S. construction spending, ISM Manufacturing, Fed’s Beige Book on Wednesday
* OPEC, allies may re-evaluate plans for reviving oil supplies, Thursday
* U.S. initial jobless claims, Thursday
* U.S. jobs report, factory orders, durable goods on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.3%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.1280
* The British pound fell 0.2% to $1.3304
* The Japanese yen fell 0.3% to 113.67 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.51%
* Germany’s 10-year yield advanced two basis points to -0.32%
* Britain’s 10-year yield advanced four basis points to 0.86%
Commodities
* West Texas Intermediate crude rose 2.2% to $69.68 a barrel
* Gold futures fell 0.2% to $1,784.70 an ounce
–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric, Emily Graffeo and Sophie Caronello.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Nearly all men can stand adversity, but if you want to  test a man’s character, give him power.  –Abraham Lincoln, 1809-1865.

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

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

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

Dear Friends,

Tangents: Happy Friday.
Happy first day of Hanukkah, which begins Sunday evening.

On Nov. 26, 1942, President Roosevelt ordered nationwide gasoline rationing, beginning December 1. Go to article »

November 26, 2008: Mumbai attacks – a series of terrorist attacks occur, killing approximately 166 people.  The attacks were carried out by 10 members of Lashkar-e-Taiba, a Pakistan based extremist Islamist terrorist organisation.

Tina Turner, singer, b. 1938.
John Harvard, Harvard University founder, b.1607.
Charles M. Schultz, creator of “Peanuts” , b. 1922.

Feast your eyes on Time’s 100 top photos of 2021.

Is Tiddles a psychocat? (h/t Lara Williams)

Forget gas and hydrogen. Your next boiler should be a heat pump. 

PHOTOS OF THE DAY
The tunnel of lights at the Royal Botanic Gardens
CREDIT: Peter Summers/Getty Images
After years of renovation the 2,700-metre Avenue of the Sphinxes was reopened in a grand ceremony showcasing Egypt’s second-most-visited heritage site after the Giza pyramids
CREDIT: Islam Safwat/Getty Images
A giant menorah is placed in front of Brandenburg Gate for the Jewish holiday of Hanukah
CREDIT: Michele Tantussi/Reuters
A cat wearing a dress is seen in a transparent rucksack at the annual Pet Expo
CREDIT:  AFP/Getty Images

Market Closes for November 26^th, 2021

Market Index	Close	Change
Dow Jones	34899.34	-905.04
		-2.53%
S&P 500	4594.62	-106.84
		-2.27%
NASDAQ	15491.66	-353.57 -2.23%
TSX	21125.90	-487.28
		-2.25%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28751.62	-747.66
		-2.53%
HANG SENG	24080.52	-659.64
		-2.67%
SENSEX	57107.15	-1687.94
		-2.87%
FTSE 100*	7044.03	-266.34 -3.64%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.604	1.760
CND. 30 Year Bond	1.955	2.063
U.S.    10 Year Bond	1.4731	1.6341
U.S. 30 Year Bond	1.8213	1.9594

Currencies

BOC Close	Today	Previous
Canadian $	0.7818	0.7905
US $	1.2791	1.2650
Euro Rate 1 Euro=		Inverse
Canadian $	1.4487	0.6903
US $	1.1326	0.8829

Commodities

Gold	Close	Previous
London Gold Fix	1788.15	1782.05
Oil
WTI Crude Future	78.39	78.39

Market Commentary:
On this day in 1990, the Shanghai Securities Exchange was re-established in China, 31 years after it was closed by the new Communist regime
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities sunk the most in 13 months as all sectors dove into the red amid concerns over a new strain of the Covid-19 virus. The S&P/TSX Composite fell 2.3% at 21,125.90 in Toronto. Oil and gas stocks led losses, as all sectors dropped; 220 of 233 shares fell, while 12 rose. MEG Energy Corp. had the largest drop, falling 9.3%.
Air Canada slumped 8.9%, the most since June 2020, as the Canadian government announced tightened travel restrictions. The Canadian benchmark fell about 2% this week, its biggest slump since January as the World Health Organization said that a strain of coronavirus recently discovered by South African researchers poses a threat that could deal a setback to efforts to slow the spread of Covid-19. With only five weeks left to the end of the year, the TSX is still up about 21% this year while the S&P 500 Index is higher by about 1 percentage point.
Insights
* This year, the index rose 21 percent, heading for the best year in at least 10 years
* This month, the index rose 0.4 percent
* So far this week, the index fell 2 percent, heading for the biggest decline since the week ended Jan. 29
* The index advanced 22 percent in the past 52 weeks. The MSCI AC Americas Index gained 26 percent in the same period
* The S&P/TSX Composite is 3.1 percent below its 52-week high on Nov. 16, 2021 and 23.4 percent above its low on Nov. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility rose to 11.22 percent compared with 8.66 percent in the previous session and the average of 9.73 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -131.3777| -1.9| 0/28
* Energy | -105.9314| -3.7| 0/23
* Information Technology| -76.2715| -3.0| 0/15
* Industrials | -56.3655| -2.2| 1/29
* Materials | -49.1990| -2.0| 5/49
* Consumer Discretionary| -17.0952| -2.2| 1/12
* Consumer Staples | -15.6989| -2.1| 0/13
* Real Estate | -14.4558| -2.2| 0/24
* Communication Services| -11.0708| -1.1| 0/7
* Health Care | -6.5978| -3.4| 1/8
* Utilities | -3.2002| -0.3| 4/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -55.7100| -3.4| 12.7| 39.4
* Canadian Natural Resources | -24.4600| -5.4| 102.9| 71.5
* Suncor Energy | -22.7700| -6.5| 106.6| 49.0
* Brookfield Renewable Partners | 0.2580| 0.4| 55.5| -16.1
* Kirkland Lake | 0.3140| 0.3| -6.9| -2.0
* Northland Power | 0.4860| 0.8| -10.0| -14.5

US
By Emily Graffeo and Srinivasan Sivabalan
(Bloomberg) — U.S. stocks slid in a selloff across global markets amid growing fears a new coronavirus variant identified in South Africa could spark fresh outbreaks and scuttle a fragile economic recovery. Haven assets surged. It’s the worst post-Thanksgiving performance for the S&P 500 since 1941, when President Franklin D. Roosevelt signed a bill to officially establish the fourth Thursday in November as a national holiday. The Russell 2000 sank 3.7% and the Nasdaq 100 was dragged to its lowest close in a little more than two weeks. Travel and leisure stocks tumbled, while stay-at-home shares gained. In Europe, the Stoxx 600 closed down 3.7%, the most since June 2020. Oil fell through $70 a barrel in New York for the first time since late September. Treasuries jumped on haven bids, sending the 10-year yield down the most since March 2020 on a closing basis, while traders pushed back bets on the Federal Reserve hiking rates. The Japanese yen emerged as the main haven currency of the day, with the dollar falling. The World Health Organization and scientists in South Africa were said to be working “at lightning speed” to ascertain how quickly the B.1.1.529 variant can spread and whether it’s resistant to vaccines.
The new threat adds to the wall of worry investors are already contending with in the form of elevated inflation, monetary tightening and slowing growth. “This is not trivial,” said Jay Hatfield, chief executive and founder of Infrastructure Capital Management. “So it makes sense for people to rebalance because there’s tons of uncertainty and that’s never good for buying stocks.” Carnival Corp. and Royal Caribbean Cruises Ltd. dropped more than 10% while United Airlines Holdings Inc. dropped 9.6%. Zoom Video Communications Inc. and Peloton Interactive Inc. gained at least 5%, while Moderna Inc. jumped more than 20% and Pfizer Inc. climbed to a record. “It’s terrible news,” Ipek Ozkardeskaya, a senior analyst at Swissquote, said in emailed comments. “The new Covid variant could hit the economic recovery, but this time, the central banks won’t have enough margin to act. They can’t fight inflation and boost growth at the same time. They have to choose.”
The selloff comes after global markets adopted a Jekyll-and-Hyde posture for months, with equities rallying to newer records even as concerns intensified over a toxic combination of high inflation and slower growth. Investors poured almost $900 billion into equity exchange-traded and long-only funds in 2021 — exceeding the combined total from the past 19 years. “At these valuations any sort of headline is going to cause this pullback,” Brian Vendig, MJP Wealth Advisors President, said in an interview with Bloomberg TV. “You definitely don’t want to be 100% in risk assets — whether its interest rate risk, inflation risk, policy risk and now another cue for the health-care crisis letting us all know we’re not out of the pandemic.” Traders pushed back the expected timing of a first 25-basis-point rate increase by the Federal Reserve to September from June, while briefly pricing out any more hikes unit 2023. The rally in Treasuries pushed the 10-year yield down 16 basis points to close around 1.47%, its largest single-session decline since March 2020. They also bet on less than a 10-basis-point hike by the Bank of England next month, compared with 35 basis points projected a month ago. They called for seven basis points of tightening by the European Central Bank by December 2022 as against nine basis points seen Thursday.
The yen and Swiss franc found bids from safety-conscious traders, while the dollar posted a modest loss.  A gain for the euro, the biggest component of the Bloomberg Dollar Spot Index, also curbed the greenback. MSCI Inc.’s Asia-Pacific equity gauge slid to the lowest since early October.  Some of the worst-hit assets were in emerging markets. The currency of South Africa, where the virus strain was identified, lost 1.8% and the Turkish lira dropped 2.9%. While the selling continued unabated, some investors said it’s important not to get carried away by short-term jitters. “We must not forget the backdrop that this was a market that was headed towards another 25% year,” said Cate Faddis, Grace Capital President. “When the market gets ahead of itself it finds a reason, any reason to come back down to earth. A 2% move is not very significant in light of the year we have had.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.3% as of 2:25 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average fell 2.5%
* The MSCI World index fell 2.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.9% to $1.1315
* The British pound rose 0.1% to $1.3339
* The Japanese yen rose 1.8% to 113.25 per dollar
Bonds
* The yield on 10-year Treasuries declined 16 basis points to 1.47%
* Germany’s 10-year yield declined eight basis points to -0.34%
* Britain’s 10-year yield declined 14 basis points to 0.82%
Commodities
* West Texas Intermediate crude fell 13% to $68.15 a barrel
* Gold futures were little changed
–With assistance from Stephen Kirkland, Chiara Remondini, Jan-Patrick Barnert, Lisa Pham, Michael Msika, Cecile Gutscher, Lu
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

My general attitude to life is to enjoy every minute of every day. 
I never do anything with a feeling of, “Oh God, I’ve got to do this today.” –Richard Branson, b. 1950.

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

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

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

Dear Friends,

Tangents: St. Catherine’s Day, Canada, France
On Nov. 25, 1986, the Iran-Contra affair erupted as President Reagan and Attorney General Edwin Meese revealed that profits from secret arms sales to Iran had been
diverted to Nicaraguan rebels. Go to article »

Andrew Carnegie, financier, b.1835.
Joe DiMaggio, baseball player, b. 1914.

PHOTOS OF THE DAY
The Tough Guy balloon is displayed on Sixth Avenue during the Macy’s Thanksgiving Day parade
CREDIT: Jeenah Moon/AP
A passenger with a baby snuggled under their coat arrives at Penn station. An estimated 53.4 million people will travel for the Thanksgiving holiday this year
CREDIT: David Dee Delgado/Getty Images
St George’s Hall at Windsor Castle sports a 20ft Christmas tree
CREDIT: Steve Parsons/PA

Market Closes for November 25^th, 2021

Market Index	Close	Change
Dow Jones	—
S&P 500	—
NASDAQ	—
TSX	21613.18	+64.75
		+0.30%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29499.28	+196.62
		+0.67%
HANG SENG	24740.16	+54.66
		+0.22%
SENSEX	28795.09	+454.10
		+0.78%
FTSE 100*	7310.37	+24.05 +0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.760	1.781
CND. 30 Year Bond	2.063	2.079
U.S.    10 Year Bond	—	1.6341
U.S. 30 Year Bond	—	1.9594

Currencies

BOC Close	Today	Previous
Canadian $	0.7905	0.7897
US $	1.2650	1.2663
Euro Rate 1 Euro=		Inverse
Canadian $	1.4179	0.7053
US $	1.1209	0.8922

Commodities

Gold	Close	Previous
London Gold Fix	1782.05	1789.15
Oil
WTI Crude Future	—	78.39

Market Commentary:
     Everyone wants to make the same three things: money, a name, and a difference.  What creates diversity in the human race is how we prioritize the three. -Roy H. Williams, The Wizard of Ads.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities climbed for the third day as technology stocks recovered from the sector’s plunge earlier this week.  The S&P/TSX Composite rose 0.3%, or 64.75 to 21,613.18 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 0.7%. Dye & Durham Ltd. had the largest increase, rising 3.7%. Today, 139 of 233 shares rose, while 89 fell; 8 of 11 sectors were higher, led by tech and healthcare stocks.
Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* This month, the index rose 2.7 percent
* So far this week, the index rose 0.3 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 28 percent in the same period
* The S&P/TSX Composite is 0.8 percent below its 52-week high on Nov. 16, 2021 and 26.2 percent above its low on Nov. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.4t
* 30-day price volatility fell to 8.66 percent compared with 8.73 percent in the previous session and the average of 9.70 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 27.1407| 0.4| 22/6
* Information Technology | 20.6265| 0.8| 14/1
* Energy | 7.5336| 0.3| 12/10
* Communication Services | 3.6323| 0.4| 5/2
* Consumer Discretionary | 3.3417| 0.4| 9/4
* Real Estate | 3.1231| 0.5| 21/3
* Industrials | 2.7722| 0.1| 20/9
* Health Care | 1.4828| 0.8| 7/2
* Consumer Staples | -0.0764| 0.0| 6/7
* Utilities | -0.5495| -0.1| 8/7
* Materials | -4.2867| -0.2| 16/37
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 11.7900| 0.7| -64.6| 44.4
* Royal Bank of Canada | 6.3310| 0.5| -73.4| 26.9
* Bank of Nova Scotia| 5.5670| 0.8| -53.6| 21.9
* Barrick Gold | -1.3580| -0.5| -79.0| -14.6
* Canadian National | -1.4810| -0.2| -49.8| 18.3
* Couche-Tard | -1.6450| -0.6| -35.2| 10.4
US: US MARKETS CLOSED FOR THANKSGIVING.
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann

The secret of man’s being is not only to live but to have something to live for. –Fyodor Dostoevsky, 1821-1881.

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

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

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

Dear Friends,

Tangents:

November 24^th, 1859: Charles Darwin’s Origin of Species is published, which put forth the theory of evolution and described the process of natural selection.
Ignorance more frequently begets confidence than does knowledge. -Charles Darwin, 1809-1882.

On Nov. 24, 1963, Jack Ruby shot and mortally wounded Lee Harvey Oswald, the accused assassin of President Kennedy. Go to article »

Benedict de Spinoza, philosopher, b. 1632.
Henri Toulouse-Lautrec, painter, b.1864.
Dale Carnegie, b. 1888.

Can plants that suck metals from soil replace mining?
NASA’s mission to smack an asteroid. Making travel plans? We asked a VIP concierge for his insider tips. 

PHOTOS OF THE DAY
Corals fertilise billions of offspring by casting sperm and eggs into the Pacific Ocean. Australia’s Great Barrier Reef is spawning in an explosion of colour as the World Heritage-listed natural wonder recovers from life-threatening coral bleaching episodes
CREDIT: Gabriel Guzman/Calypso Productions/AP
A first-of-its-kind asteroid deflection spacecraft lifts off overnight from Vandenberg Space Force Base on a 10-month mission to collide with an asteroid
CREDIT: Gene Blevins/Zuma Press Wire/Rex/Shutterstock
A man plays a saxophone during a vigil for Ahmaud Arbery outside the Glynn county courthouse as jury deliberates whether Greg McMichael, his son, Travis McMichael, and William Bryan murdered him
CREDIT: Marco Bello/Reuters

Market Closes for November 24^th, 2021

Market Index	Close	Change
Dow Jones	35804.38	-9.42
		-0.03%
S&P 500	4701.46	+10.76
		+0.23%
NASDAQ	15845.23	+70.09 +0.44%
TSX	21548.43	+94.66
		+0.44%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29302.66	-471.45
		-1.58%
HANG SENG	24685.50	+33.92
		+0.14%
SENSEX	58340.99	-323.34
		-0.55%
FTSE 100*	7286.32	+19.63 +0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.781	1.807
CND. 30 Year Bond	2.079	2.144
U.S.    10 Year Bond	1.6341	1.6651
U.S. 30 Year Bond	1.9594	2.0229

Currencies

BOC Close	Today	Previous
Canadian $	0.7897	0.7892
US $	1.2663	1.2671
Euro Rate 1 Euro=		Inverse
Canadian $	1.4186	0.7049
US $	1.1202	0.8926

Commodities

Gold	Close	Previous
London Gold Fix	1789.15	1816.05
Oil
WTI Crude Future	78.39	78.45

MARKET COMMENTARY:
     On this day in 1998, America Online took over Netscape Communications for roughly $4.2 billion.
CANADA
By Stefanie Marotta
(Bloomberg) — Canadian equities climbed for the second consecutive day as companies in the technology sector offset losses in consumer staples. The S&P/TSX Composite rose 0.4%, or 94.66, to 21,548.43 in Toronto. The gain was the biggest since it rose 0.9% on Nov. 12. Shopify Inc. contributed the most to the index gain, increasing 3.3%. Docebo Inc. had the largest increase, rising 5.5%. Today, 129 of 233 shares rose, while 101 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* This month, the index rose 2.4 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 28 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on Nov. 16, 2021 and 25.8 percent above its low on Nov. 30, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 1.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility fell to 8.73 percent compared with 9.05 percent in the previous session and the average of 9.75 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 58.6264| 2.4| 8/6
* Energy | 26.7429| 0.9| 14/8
* Financials | 15.5736| 0.2| 13/15
* Real Estate | 5.7217| 0.9| 22/2
* Industrials | 4.5750| 0.2| 21/9
* Communication Services | 3.5768| 0.4| 5/2
* Health Care | 3.1247| 1.7| 9/0
* Materials | -0.9528| 0.0| 27/27
* Consumer Discretionary | -1.6023| -0.2| 5/8
* Utilities | -2.9060| -0.3| 4/12
* Consumer Staples | -17.8191| -2.3| 1/12
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | 51.7600| 3.3| 47.9| 43.3
* Canadian Natural Resources | 11.0400| 2.5| 17.0| 79.8
* Suncor Energy | 7.6590| 2.2| 3.4| 58.0
* Magna International | -3.1440| -1.5| 8.2| 16.0
* Canadian Pacific | -3.1940| -0.7| -28.0| 7.1
* Couche-Tard | -13.1600| -4.6| 239.0| 11.1

US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — Stocks climbed as investors shrugged off tapering concerns highlighted in minutes of the Federal Reserve’s last meeting. The dollar gained and the Treasury yield curve flattened as short-end rates rose. The S&P 500 rose, after briefly dipping following release of the minutes, with real estate and energy stocks leading gains. The tech-heavy Nasdaq 100 outperformed major benchmarks. Trading volume has been less than average ahead of the U.S. Thanksgiving holiday. A gauge of the dollar jumped to the highest since July 2020. Data earlier today showed a resilient U.S. consumer despite accelerating inflation. The Nov. 2-3 meeting minutes noted the committee “would not hesitate to take appropriate actions to address inflation pressures.”
Since then, inflation surged to the highest rate since 1990 and Fed officials have said it may be appropriate to discuss quickening the pace of tapering at the December meeting. That’s triggered a jump in Treasury yields, with the two-year rate soaring to the highest since early March 2020 and markets bringing forward bets on rate hikes. “We need to be careful here about loading up on risk,” Emily Roland, co-chief investment strategist at John Hancock Investment Management, said on Bloomberg TV. “We want to own some cyclicality to play this continued rebound and this continued unfolding of the recovery here, but we want to just pump the brakes a little bit.” U.S. personal spending rose in October from a month earlier by more than expected, while a closely watched inflation measure posted the largest annual increase in three decades.
In addition, data showed 199,000 people made initial jobless claims in the period ended Nov. 20, the least since 1969, while orders placed with U.S. factories for business equipment rose in October by more than forecast, highlighting solid momentum for capital investment at the start of the fourth quarter. “There are hints that the job market is pretty good in today’s numbers,” Marvin Loh, global macro strategist at State Street Corporation, said on Bloomberg TV. “If there are signs that the job market is going to heal itself faster then let’s say than the second half of next year, rate hikes are going to be live. But having said that, we’re already pricing in mid-2022 and starting to think about May of 2022, so I don’t see how much more we can get from an aggressive side of things.” Damping inflation is now center-stage for policy makers, with ultra-loose, pandemic-era stimulus set to be wound down. At the same time, investors are on the edge over the resurgence in Covid-19, notably in Europe.

Oil edged slightly lower a day after U.S. stockpiles rose and the day after the announcement of a coordinated release crude from strategic reserves. The White House announced on Tuesday a release of 50 million barrels from its reserves in coordination with the U.S., China, Japan, India, the U.K., and South Korea. The Mexican peso tumbled after President Lopez Obrador tapped Deputy Finance Minister Victoria Rodriguez to lead Banxico.
Here are some key events this week:
* Bank of Korea policy decision Thursday
* U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday
* Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1206
* The British pound fell 0.4% to $1.3331
* The Japanese yen fell 0.2% to 115.37 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.63%
* Germany’s 10-year yield was little changed at -0.23%
* Britain’s 10-year yield was little changed at 1.00%
Commodities
* West Texas Intermediate crude fell 0.3% to $78.26 a barrel
* Gold futures rose 0.2% to $1,790 an ounce
–With assistance from Robert Brand, Andreea Papuc, Sunil Jagtiani, Akshay Chinchalkar and Srinivasan Sivabalan.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

I have a foreboding of an America in my children’s  or my grandchildren’s time – when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties decline, unable to distinguish between what feels good and what’s true we slide, almost without noticing, back to superstition and darkness.  The dumbing down of America is most evident in the slow decay of substantive content in the enormously-influential media, the 30-second sound bites (now down to 10 seconds or less), the lowest common denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of
celebration of ignorance. -Carl Sagan, 1934-1996; The Demon-Haunted World, 1995.

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

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

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

Dear Friends,

Tangents:
November 23, 1963: The first episode of the British science-fiction television  series ‘Doctor Who” airs.  The show is still running and has become a landmark of British popular culture.

1936: Life magazine premiered.
Billy The Kid, outlaw, b. 1859.
Harpo Marx, comic actor, b. 1888.

Australian journalist apologizes for not listening to Adele’s new album before interview.  Her record label did not go easy on him …

US government issues Thanksgiving ransomware warning.  A Nigerian prince is not bringing $50 million to your holiday dinner if you click this link.

Tiffany is selling its most expensive piece of jewelry ever.  A kiss on the hand may be quite continental, but 578 diamonds are a girl’s best friend!

An absolutely bonkers plan to give Mars a magnetosphere. 

This Goldman analyst became a star of the “Great British Bake Off.”  

PHOTOS OF THE DAY
A house and a barn are surrounded by flood waters on a farm in British Columbia
CREDIT: Darryl Dyck/AP
A man passes a closed Christmas market next to St Stephen’s Cathedral. Austria went into a nationwide lockdown on Monday to combat soaring coronavirus infections
CREDIT: Vadim Ghirdă/AP
The Mughal garden is covered with fallen leaves from Chinar trees
CREDIT: Anadolu Agency/Getty Images

Market Closes for November 23^rd, 2021

Market Index	Close	Change
Dow Jones	35813.80	+194.55
		+0.55%
S&P 500	4690.70	+7.76
		+0.17%
NASDAQ	15775.14	-79.62 -0.50%
TSX	21453.77	+33.00
		+0.15%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29774.11	+28.24
		+0.09%
HANG SENG	24651.58	-299.76
		-1.20%
SENSEX	58664.33	+198.44
		+0.34%
FTSE 100*	7266.69	+11.23 +0.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.807	1.763
CND. 30 Year Bond	2.144	2.095
U.S.    10 Year Bond	1.6651	1.6236
U.S. 30 Year Bond	2.0229	1.9615

Currencies

BOC Close	Today	Previous
Canadian $	0.7892	0.7873
US $	1.2671	1.2701
Euro Rate 1 Euro=		Inverse
Canadian $	1.4255	0.7015
US $	1.1250	0.8890

Commodities

Gold	Close	Previous
London Gold Fix	1816.05	1861.10
Oil
WTI Crude Future	78.45	76.75

MARKET COMMENTARY:
     On this day in 1954, the Dow Jones Industrial Average closed at a record high of 382.74, finally surpassing its previous high—set a quarter-century earlier on Sept. 3, 1929.
CANADA
By Stefanie Marotta
(Bloomberg) — Canadian equities quelled a four-day losing streak, edging higher as companies in the energy and financials sectors climb. The S&P/TSX Composite rose 0.2 percent at 21,453.77 in Toronto. The gain follows the previous session’s decrease of 0.6 percent. Today, energy stocks led the market higher, as 7 of 11 sectors gained; 97 of 233 shares rose, while 134 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 2.4 percent. Organigram Holdings Inc. had the largest increase, rising 8.9 percent.
Insights
* This year, the index rose 23 percent, heading for the best year in at least 10 years
* This month, the index rose 2 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on Nov. 16, 2021 and 25.9 percent above its low on Nov. 23, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and rose 1.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility fell to 9.05 percent compared with 9.32 percent in the previous session and the average of 9.79 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 59.4050| 2.2| 21/2
* Financials | 35.8606| 0.5| 13/14
* Industrials | 7.6491| 0.3| 8/22
* Communication Services | 4.0324| 0.4| 7/0
* Consumer Staples | 1.7691| 0.2| 6/7
* Real Estate | 0.8329| 0.1| 13/10
* Health Care | 0.6683| 0.4| 3/6
* Utilities | -2.7995| -0.3| 6/10
* Consumer Discretionary | -3.7395| -0.5| 5/8
* Materials | -28.2760| -1.1| 12/43
* Information Technology | -42.3976| -1.7| 3/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | 28.5700| 2.4| 61.7| 32.4
* Canadian Natural Resources | 15.6500| 3.7| 109.4| 75.4
* Suncor Energy | 9.4190| 2.8| 162.7| 54.6
* Barrick Gold | -6.1730| -2.0| -18.8| -14.0
* Brookfield Asset Management | -7.0880| -0.9| 53.2| 41.9
* Shopify | -26.4300| -1.7| 11.8| 38.7

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. shares rose on the back of gains in cyclicals, while the technology sector extended losses as rising Treasury yields damped the outlook for growth stocks. The S&P 500 ended the day higher, after swinging between gains and losses in the last hour of trading. Energy and financial stocks led the advance. The tech-heavy Nasdaq 100 slid, building on Monday’s last-hour selloff. The Treasury curve steepened, with the 10-year yield rising to a one-month high. A currency crisis deepened in Turkey, with the lira weakening past 13 per U.S. dollar. Zoom Video Communications Inc. tumbled on signs of slowing growth. Traders pruned bets for a dovish-for-longer Federal Reserve after Jerome Powell was selected for a second term. The chair himself sought to strike a balance in his policy approach, saying the central bank would use tools at its disposal to support the economy as well as to prevent inflation from becoming entrenched. 
     “Looking at the market today, obviously things that are sensitive to rates” are moving, Jerry Braakman, chief investment officer of First American Trust in Santa Ana, California, said by phone. “Tech is showing a little bit of weakness, financials are showing strength. That’s reflective of that move in the yield curve.”  Despite recent declines, U.S. stocks have been trading near records, giving rise to concerns about valuations as investors weigh prospects for growth amid rising inflation and a persistent pandemic. “The market is still overbought and needs to digest some of the recent gains,” Sam Stovall, chief investment strategist at CFRA Research, said by phone.
The dollar traded at its highest level since September 2020. The Japanese yen fell past 115 per dollar for the first time since 2017. Fed Bank of Atlanta President Raphael Bostic said Monday the U.S. central bank may need to speed up the removal of monetary stimulus and allow for an earlier-than-planned increase in interest rates. Turkey’s lira sank the most in the world, reaching yet another record low, after President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation.  His unorthodox view that higher rates fuel inflation has sent the currency down for nine successive years, spurring a 43% plunge in 2021 alone. Zoom Video dropped as analysts including from Citigroup Inc. said slowing incremental growth and the lowest new-customer additions in three years were concerning. Urban Outfitters Inc. is down 9.4% as supply chain disruptions and pressure from higher costs weighed on third-quarter results. Oil climbed as a landmark plan from consumer countries to tap their strategic oil reserves was less severe than markets expected. While the headline size of the U.S. release is large, a significant chunk of the crude will be borrowed — to be returned later — leaving traders expecting tighter balances down the line. The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K.

Here are some key events this week:
* Reserve Bank of New Zealand rate decision Wednesday
* U.S. FOMC minutes, consumer income, wholesale inventories, new home sales, GDP, initial jobless claims, U.S. durable goods, University of Michigan consumer sentiment. All Wednesday
* Bank of Korea policy decision Thursday
* U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday
* Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.1249
* The British pound fell 0.1% to $1.3380
* The Japanese yen fell 0.2% to 115.15 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 1.68%
* Germany’s 10-year yield advanced eight basis points to -0.22%
* Britain’s 10-year yield advanced six basis points to 1.00%
Commodities
* West Texas Intermediate crude rose 2.6% to $78.74 a barrel
* Gold futures fell 0.8% to $1,794.50 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Akshay Chinchalkar and Srinivasan Sivabalan.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway, 1899-1961.

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

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

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

Dear Friends,

Tangents:
November 22, 1972: The United States ends the 22 year travel restriction to China.

2010: Debt-struck Ireland applied for a massive EU-IMF loan to stem the flight of capital from its banks. Go to article »
1963-John F. Kennedy assassinated.
1859-charles Darwin publishes On The Origin Of Species.

Charles DeGaulle, French leader, b.  1890.
George Eliot, author, b. 1819.
Hoagie Carmichael, composer, b. 1899.
Jamie Lee Curtis, actor, b. 1958.
Scarlett Johansson, actor, b. 1984.

Here, watch some soothing live video of bald eagles on Hilton Head Island. (h/t Alistair Lowe)

PHOTOS OF THE DAY
Sustainable Christmas trees are harvested for rental by a tree grower in De Glind. The trees are planted back after Christmas in January and grown without fertilisers or chemical pesticides
CREDIT: Koen van Weel/EPA
A winter swimming enthusiast makes their way through a partly frozen lake during snowfall at a park in Liaoning province
CREDIT: AFP/Getty Images
Polar bears spar near the Hudson Bay community in Manitoba
CREDIT: Carlos Osorio/Reuters

Market Closes for November 22^nd, 2021

Market Index	Close	Change
Dow Jones	35619.25	+17.27
		+0.05%
S&P 500	4682.94	-15.02
		-0.32%
NASDAQ	15854.76	-202.68 -1.26%
TSX	21420.77	-134.26
		-0.62%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29774.11	+28.24
		+0.09%
HANG SENG	24951.34	-98.63
		-0.39%
SENSEX	58465.89	-1170.12
		-1.96%
FTSE 100*	7255.46	+31.89 +0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.763	1.658
CND. 30 Year Bond	2.095	2.010
U.S.    10 Year Bond	1.6236	1.5462
U.S. 30 Year Bond	1.9615	1.9100

Currencies

BOC Close	Today	Previous
Canadian $	0.7873	0.7908
US $	1.2701	1.2646
Euro Rate 1 Euro=		Inverse
Canadian $	1.4274	0.7006
US $	1.1238	0.8898

Commodities

Gold	Close	Previous
London Gold Fix	1861.10	1860.30
Oil
WTI Crude Future	76.75	76.10

Market Commentary:
     On this day in 1937, the law committee of the New York Stock Exchange delivered a harshly-worded letter to William O. Douglas, chairman of the U.S. Securities and Exchange Commission, declaring that the NYSE’s leaders would refuse to appoint an independent president or even to apologize for claiming that the SEC has contributed to the stock-market crash. In response, Mr. Douglas growled, “All right, then, we’ll take the Exchange over.” It marked the end of Wall Street’s days as an unsupervised private club.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities dropped for the fourth consecutive day as technology stocks tumbled.  The S&P/TSX Composite fell 0.6 percent, or 134.26 to 21,420.77 in Toronto. Shopify Inc. contributed the most to the index decline, decreasing 4.9 percent. Docebo Inc. had the largest drop, falling 7.0 percent. In midday trading, 142 of 233 shares fell, while 86 rose; 9 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 23 percent, heading for the best year in at least 10 years
* This month, the index rose 2.2 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on Nov. 16, 2021 and 27.3 percent above its low on Nov. 20, 2020
* The S&P/TSX Composite is down 0.9 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.4t
* 30-day price volatility rose to 9.11 percent compared with 9.00 percent in the previous session and the average of 9.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -91.0200| -3.4| 2/13
* Consumer Staples | -7.1588| -0.9| 2/10
* Industrials | -4.1175| -0.2| 10/19
* Health Care | -3.6342| -1.9| 1/8
* Utilities | -2.7279| -0.3| 6/10
* Real Estate | -2.1734| -0.3| 5/19
* Materials | -1.7315| -0.1| 22/30
* Consumer Discretionary | -1.0110| -0.1| 4/9
* Communication Services | 4.3204| 0.4| 4/3
* Energy | 11.3851| 0.4| 13/10
* Financials | 38.1913| 0.6| 17/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -82.0700| -4.9| 24.8| 41.6
* Barrick Gold | -5.3090| -1.7| 25.4| -12.0
* Brookfield Asset Management | -3.4430| -0.5| 10.2| 43.7
* Canadian Natural Resources | 6.1760| 1.5| 49.5| 69.3
* Nutrien | 8.1610| 2.4| 2.7| 43.6
* TD Bank | 18.8400| 1.6| 97.1| 29.8

US
By Vildana Hajric and Srinivasan Sivabalan
(Bloomberg) — Stocks erased gains while Treasury yields rose following President Joe Biden’s nomination of Jerome Powell to head the Federal Reserve for a second term. The dollar climbed. U.S. stocks tumbled into the close, with the S&P 500 falling more than 40 points in the final 45 minutes of trading. The index had spent all of the session higher before a sell-off in tech shares dragged it lower for the day. The Nasdaq 100 fell more than 1%, with Peloton Interactive Inc. and Docusign Inc. sliding at least 5.5%. The U.S. swaps market is now pricing in a full 25 basis point rate hike into the June Fed meeting, with a second increase seen for next November. The dollar climbed, while gold slumped more than 2% and oil gained. Biden had been considering between Powell and Lael Brainard, who he nominated to move up to Vice Chair. The Powell choice comes amid growing concern the U.S. central bank may fall behind the curve in combating sticky inflation. Consumer-price growth is surging at the fastest pace in decades and expectations for price growth are at the highest since 2013. “The whole point is it doesn’t change anything — the same issues are on his plate now, which is are they going to be right that the pop in inflation is going to be transitory and if not, what do they do about it?” David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone. “The choice about Powell’s renomination is all about continuity.”
Shares got a lift overnight from a flurry of potential deals. Vonage Holdings Corp. jumped more than 20% as Ericsson agreed to buy it.  Telecom Italia SpA surged 30% in Europe after KKR & Co. bid for it. “We’re kicking off a busier-than-you-may-think Thanksgiving week in rebound mode,” said Chris Larkin, managing director of trading at E*Trade Financial. “And while the short trading week historically is considered sleepier than others, keep in mind that over the past 15 years the U.S. stock market has tended to gain more ground the month after Thanksgiving than the month before it. So coupled with a busy economic calendar and more retail earnings, traders may have good reason to stay tuned in to the market this week.” U.S. stocks are trading at record levels, outpacing the rest of the world, as investors see few alternatives amid rising inflation and a persistent pandemic that undermines global recovery. Concerns about high valuations and the potential for the economy to run too hot on the back of loose monetary and fiscal policies have interrupted, but not stopped the rally. Oil kept gains on speculation that OPEC and its allies may adjust plans to raise production if the U.S. releases crude reserves in coordination with other nations. Delegates said that even the modest output increase they have penciled in may now be re-evaluated when the group meets next week.

Here are some key events this week:
* Eurozone, U.S. PMI data Tuesday
* Reserve Bank of New Zealand rate decision Wednesday
* U.S. FOMC minutes, consumer income, wholesale inventories, new home sales, GDP, initial jobless claims, U.S. durable goods, University of Michigan consumer sentiment. All Wednesday
* Bank of Korea policy decision Thursday
* U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday
* Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4:03 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.1236
* The British pound fell 0.5% to $1.3389
* The Japanese yen fell 0.8% to 114.86 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 1.62%
* Germany’s 10-year yield advanced four basis points to -0.30%
* Britain’s 10-year yield advanced five basis points to 0.93%
Commodities
* West Texas Intermediate crude rose 0.5% to $76.31 a barrel
* Gold futures fell 2.5% to $1,807.90 an ounce
–With assistance from Andreea Papuc, Edward Bolingbroke, Joanna Ossinger and Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoe.  –Muhammad Ali, 1942-2016.

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

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

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