Category: Events

Dear Friends,

Tangents: Happy Friday.

Guy Fawkes Day, England.

1935 Parker Brothers began marketing the board game “Monopoly.”  Go to article »
Art Garfunkel, musician, b.1941.
Sam Shepard, actor, playwright, b. 1943

Marie Antoinette’s diamond bracelets expected to fetch up to $4 million at auction.  Is it too early to do a little high-end holiday shopping?

Identifying ‘habitable worlds’ is a top priority for astronomers in the decade ahead.  Pile in, friends, we’re off to find a new home! 

A high school principal is apologizing for lack of sportsmanship after the football team won a game 106-0.  106 points?! This honestly sounds exhausting for both teams. 

The astronomy and astrophysics priorities for the next decade. 

Scientists claim algorithm can predict suicidal thoughts in teens.

Giant spiders invade Georgia. (h/t Mike Smedley).

PHOTOS OF THE DAY
Tourists walk on the Perito Moreno Glacier at Los Glaciares national park. World leaders are gathered in Scotland at the Cop26 climate summit to push nations to ratchet up efforts to curb climate change. Experts say the amount of energy unleashed by planetary warming could melt much of the planet’s ice, raise global sea levels and increase extreme weather events
CREDIT: Natacha Pisarenko/AP
People stand on paddle boards on lake Sukko situated in the mountains of the Abrau Peninsula. This artificial pond, with its bald cypress trees planted in the mid-1930s, is considered a natural landmark. It repeats a constant cycle of running dry and refilling with each year’s wet season
CREDIT: Marina Lystseva/Tass
Relief masks of the wives of Ionian warriors, found during excavations in the Neonteikhos ancient settlement, are exhibited after restoration at the Izmir Archeology Museum
CREDIT: Anadolu Agency/Getty
A man walks in the snow
CREDIT: Anadolu Agency/Getty

Market Closes for November 5^th, 2021

Market Index	Close	Change
Dow Jones	36327.95	+203.72
		+0.56%
S&P 500	4697.53	+17.47
		+0.37%
NASDAQ	15971.59	+31.28 +0.20%
TSX	21455.82	+113.69
		+0.53%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29611.57	-182.80
		-0.61%
HANG SENG	24870.51	-354.68
		-1.41%
SENSEX	60067.62	+295.70
		+0.49%
FTSE 100*	7303.96	+24.05 +0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.590	1.656
CND. 30 Year Bond	1.959	2.021
U.S.    10 Year Bond	1.4513	1.5262
U.S. 30 Year Bond	1.8870	1.9631

Currencies

BOC Close	Today	Previous
Canadian $	0.8026	0.8028
US $	1.2460	1.2457
Euro Rate 1 Euro=		Inverse
Canadian $	1.4414	0.6938
US $	1.1568	0.8645

Commodities

Gold	Close	Previous
London Gold Fix	1796.15	1763.45
Oil
WTI Crude Future	81.27	78.81

Market Commentary:
     On this day in 1991, British media mogul Robert Maxwell committed suicide by diving off his yacht into the sea off the Canary Islands. Earlier in 1991, he had taken his Mirror Group public—but the company could not service its massive debts. Mr. Maxwell was secretly manipulating the stock price of one of his other companies, and he had illegally transferred more than $1 billion in employee pension money.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities extended gains Friday as oil prices rose and shares in the materials sector led the index. The S&P/TSX Composite climbed for the third day, rising 0.5%, or 113.69 to a record 21,455.82 in Toronto. Enbridge Inc. contributed the most to the index gain, increasing 3.0%.  Canada Goose Holdings Inc. had the largest increase, rising 19.3%. Today, 156 of 233 shares rose, while 75 fell; eight of 11 sectors were higher, led by materials and energy stocks.
Insights
* This year, the index rose 23 percent, heading for the best annual return in at least 10 years
* So far this week, the index rose 2 percent
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Nov. 5, 2021 and 32.3 percent above its low on Nov. 5, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 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$3.36t
* 30-day price volatility fell to 10.17 percent compared with 10.20 percent in the previous session and the average of 10.28 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 41.9321| 1.5| 16/7
* Materials | 37.4012| 1.6| 46/9
* Financials | 20.1046| 0.3| 15/13
* Industrials | 13.2844| 0.5| 17/12
* Consumer Discretionary | 6.1281| 0.8| 9/4
* Consumer Staples | 4.9827| 0.6| 10/3
* Utilities | 1.6056| 0.2| 12/3
* Real Estate | 0.0570| 0.0| 14/10
* Health Care | -1.6209| -0.8| 4/5
* Communication Services | -2.3710| -0.2| 5/2
* Information Technology | -7.7888| -0.3| 8/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Enbridge | 21.9400| 3.0| 198.0| 32.4
* Canadian Natural Resources | 13.1800| 3.0| 20.5| 77.2
* Barrick Gold | 12.6000| 4.4| 37.4| -14.9
* BCE | -7.2950| -1.8| 109.3| 16.2
* Shopify | -13.3800| -0.9| -0.8| 32.4
* TC Energy | -17.7500| -3.9| 28.2| 23.8

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — A rally in companies that stand to benefit the most from an economic rebound drove stocks higher after solid jobs data and encouraging results from Pfizer Inc.’s Covid-19 pill study.  Treasury 10-year yields sank below 1.5%. All major equity benchmarks climbed to records, with the S&P 500 posting its fifth consecutive weekly rally — the longest since August 2020.  Industrial and commodity shares outpaced technology firms, though the Nasdaq 100 still rose for a 10^th straight day.  Airlines, cruise operators, hotels and small caps jumped. Pfizer’s chief told Bloomberg Television the company is aiming to submit data from its experimental pill to U.S. regulators by the Nov. 25 Thanksgiving holiday. The U.S. labor market got back on track in October, with a larger-than-forecast and broad-based payrolls gain, indicating greater progress filling millions of vacancies as the effects of the delta variant faded.
Nonfarm payrolls increased 531,000 after large upward revisions to the prior two months. The unemployment rate fell to 4.6%, while the labor-force participation rate was unchanged. Average hourly earnings came in line with estimates, rising the most since February. “The strong jobs report is a welcome sign that the delta wave-driven slowdown was indeed transitory.  This bodes well for the expansion, which is set to continue in the coming months, driving earnings and economically sensitive sectors higher,” said Matt Peron, director of research at Janus Henderson Investors. “Investors are looking for a modestly growing economy as the Fed starts pulling back the reins, and the October jobs report seems to fit that bill,” said Lindsey Bell, Ally Invest’s chief markets and money strategist. “This is the strong progress from the job market that we wanted to see. Some of the pandemic-driven headwinds preventing people from taking open jobs have started to abate, and given strong demand, we expect to see even better numbers in the months ahead,” said Jeff Buchbinder, equity strategist at LPL Financial. President Joe Biden said Friday that the U.S. economy is recovering from the pandemic faster and stronger than expected. Meantime, Federal Reserve Bank of Kansas City President Esther George noted that bottlenecks contributing to high inflation will persist well into 2022 amid broadening price pressures, suggesting officials should not wait too long to respond.

Some other corporate highlights:
* Airbnb Inc. reported earnings that beat analysts’ estimates, proving the vacation-rental giant’s resilience even as the delta variant of Covid-19 prompted new travel concerns and restrictions.
* Sports-betting company DraftKings Inc. reported third-quarter sales that missed Wall Street estimates, due in part to unfavorable NFL game outcomes.
* Peloton Interactive Inc. cut its annual revenue forecast by as much as $1 billion and lowered its projections for subscribers and profit margins, underscoring the fitness company’s struggles
to adjust to a post-pandemic economy.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.2%
* The Russell 2000 Index rose 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.1566
* The British pound was little changed at $1.3493
* The Japanese yen rose 0.4% to 113.36 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 1.45%
* Germany’s 10-year yield declined six basis points to -0.28%
* Britain’s 10-year yield declined 10 basis points to 0.85%
Commodities
* West Texas Intermediate crude rose 3.5% to $81.53 a barrel
* Gold futures rose 1.4% to $1,818.90 an ounce
–With assistance from Sunil Jagtiani, Srinivasan Sivabalan and Sophie Caronello.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

The art of living lies not in eliminating but in growing with troubles. –Bernard M. Baruch, 1870-1965.

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

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

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

Dear Friends,

Tangents:  It’s Diwali, the cultural and religious festival of lights celebrated by many with South Asian heritage.

On Nov. 4, 2008, Barack Hussein Obama was elected the 44th president of the United States, as the country chose him as its first black chief executive.  Go to article »
1946: UNESCO founded.
1922: King Tut’s tomb found.

Tesla’s ‘full self-driving’ delights and annoys with Jekyll-and-Hyde personality, drivers say.  That sounds like a fairly complicated relationship to have with a car.

How to enjoy working out if you hate exercise.  The key is to trick yourself into thinking you’re having fun.

Shiba whale wallets with billion raise alarm of crypto sleuths. 
Cannibal coronal mass ejection.
Your underarm deodorant might cause cancer.
Oxford scientists find gene that doubles risk of dying from Covid-19.

PHOTOS OF THE DAY
People light earthen lamps on the banks of the Sarayu during Deepotsav celebrations on the eve of the Hindu festival Diwali
Sanjay Kanojia/AFP/Getty
Aurora borealis is seen in Glacier Bay, Alaska, in this image from a late-night time-lapse video
Glacier Bay National Park and Pr/Reuters
Autumn colours on Derwent island, Derwentwater in the Lake District,
Photograph: Owen Humphreys/PA

Market Closes for November 4^th, 2021

Market Index	Close	Change
Dow Jones	36124.23	-33.35
		-0.09%
S&P 500	4680.06	+19.49
		+0.42%
NASDAQ	15940.31	+128.73 +0.81%
TSX	21342.13	+77.03
		+0.36%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29794.37	+273.47
		+0.93%
HANG SENG	25225.19	+200.44
		+0.80%
SENSEX	60067.62	+295.70
		+0.49%
FTSE 100*	7279.91	+31.02 +0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.656	1.733
CND. 30 Year Bond	2.021	2.068
U.S.    10 Year Bond	1.5262	1.6034
U.S. 30 Year Bond	1.9631	2.0203

Currencies

BOC Close	Today	Previous
Canadian $	0.8028	0.8070
US $	1.2457	1.2390
Euro Rate 1 Euro=		Inverse
Canadian $	1.4392	0.6948
US $	1.1554	0.8655

Commodities

Gold	Close	Previous
London Gold Fix	1763.45	1790.45
Oil
WTI Crude Future	78.81	80.86

Market Commentary:
     On this day in 1929, in an attempt to calm panicking investors, the New York Stock Exchange said it would be open for trading only three hours a day that week. The investing public took no comfort, trading an astounding 6 million shares in just 180 minutes—more than twice the level of a normal full day’s trading just weeks earlier. The Dow Jones Industrial Average dropped 5.8%, putting it down 32.4% in two months.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities set a fresh record Thursday after some regulations on banks were lifted and consumer sectors extended gains. The S&P/TSX Composite rose for the second day, climbing 0.4%, or 77.03 to 21,342.13 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 3.7%. Spin Master Corp. had the largest increase, rising 14.6%. Today, 138 of 233 shares rose, while 85 fell; 9 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* So far this week, the index rose 1.5 percent
* The index advanced 33 percent in the past 52 weeks. The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on Nov. 4, 2021 and 34.3 percent above its low on Nov. 4, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 6.4 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 16.5 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$3.35t
* 30-day price volatility rose to 10.20 percent compared with 10.19 percent in the previous session and the average of 10.24 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 16.2598| 0.7| 7/8
* Industrials | 15.8023| 0.6| 20/9
* Consumer Staples | 13.0849| 1.7| 7/6
* Consumer Discretionary | 12.0145| 1.6| 11/2
* Energy | 9.6797| 0.3| 13/8
* Materials | 6.9618| 0.3| 33/19
* Communication Services | 5.3945| 0.5| 5/2
* Utilities | 4.4636| 0.5| 9/7
* Real Estate | 4.1164| 0.6| 16/6
* Health Care | -0.6715| -0.3| 3/5
* Financials | -10.0915| -0.1| 14/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | 53.4900| 3.7| 13.6| 33.6
* Suncor Energy | 8.6960| 2.7| 25.3| 51.2
* Couche-Tard | 7.0370| 2.6| 25.9| 13.9
* CIBC | -7.3070| -1.5| 12.6| 37.9
* Manulife Financial | -12.9500| -3.8| 231.8| 6.1
* Lightspeed Commerce Inc | -29.3800| -27.6| 591.3| -1.0

US
By Rita Nazareth and Nathan Hager
(Bloomberg) — As traders pared their bets on the pace of tightening by the Federal Reserve, stocks climbed to another record and bond yields slumped. Technology and retail shares drove gains in the S&P 500, while the Nasdaq 100 extended its rally into a ninth straight day — the longest winning run since December. A bullish outlook from chip giant Qualcomm Inc. added to signs the industry crunch is easing. Short-maturity U.S. Treasury yields sank as global investors reassessed the outlook for monetary policy after the Bank of England defied expectations by keeping rates on hold.  The decision followed weeks of speculation that the BOE would become the first major central bank to raise borrowing costs since the start of the pandemic.
It also came a day after Fed Chair Jerome Powell announced a start to a reduction in asset purchases, while saying officials can be patient on hikes. Interest-rate futures, which had priced in two quarter-point increases in 2022, shifted the second one into 2023. “We thought that the extent of market pricing for Fed hikes really around the middle of next year was awfully full, and that should come down,” Mark Cabana, head of U.S. rates strategy at Bank of America Global Research, told Bloomberg Television. “It has come down, especially with the Bank of England guidance that we have received.” Applications for U.S. state unemployment benefits fell last week to the lowest since March 2020, pointing to fewer dismissals amid strong demand for labor. The data precede Friday’s employment report, which is forecast to show nonfarm payrolls rose by 450,000 in October. “So far this week we’ve gotten pretty good news on the labor-market front,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “With the Fed starting to take a step back from their accommodative stance, in aggregate, this could stand as another proof point of solid gains when it comes our economic recovery.”

After the close of regular trading:
* Peloton Interactive Inc. cut its annual revenue forecast by as much as $1 billion and lowered its projections for subscribers and profit margins, underscoring the fitness company’s struggles
to adjust to a post-pandemic economy.
* Airbnb Inc. reported record sales and earnings that beat analysts’ estimates, proving the vacation-rental giant’s resilience even as the delta variant of Covid-19 prompted new travel concerns and restrictions.
* Uber Technologies Inc. forecast adjusted income for the fourth quarter that fell short of expectations, overshadowing its first quarterly profit as a public company.

Here are some events to watch this week:
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.1557
* The British pound fell 1.4% to $1.3502
* The Japanese yen rose 0.3% to 113.71 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 1.52%
* Germany’s 10-year yield declined six basis points to -0.22%
* Britain’s 10-year yield declined 13 basis points to 0.94%
Commodities
* West Texas Intermediate crude fell 2.1% to $79.13 a barrel
* Gold futures rose 1.8% to $1,794.90 an ounce
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Sophie Caronello, Vildana Hajric and Emily Graffeo.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

I do not fear the 10,000 kicks you have practiced once; I fear the one kick you have practiced 10,000 times. –Bruce Lee, 1940-1973.

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:
1839 The first Opium War between China and Britain broke out. Go to Article >>

PHOTOS OF THE DAY
Workers prepare garlands of marigolds at a wholesale flower market in preparation for Diwali
CREDIT: Mayank Makhija/NurPhoto/Rex/Shutterstock
Artists perform on the banks of the Sarayu River on the eve of Diwali.
CREDIT: Rajesh Kumar Singh/AP
Standing With Giants, an art installation at Hampton Court Palace. It comprises more than 100 specially commissioned silhouettes of soldiers, including Indian soldiers who camped in Home Park, Hampton Court, during the first world war
CREDIT: Matt Dunham/AP

Market Closes for November 3^rd, 2021

Market Index	Close	Change
Dow Jones	36157.58	+104.95
		+0.29%
S&P 500	4660.57	+29.92
		+0.65%
NASDAQ	15811.59	+161.99 +1.04%
TSX	21265.10	+95.09
		+0.45%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29520.90	-126.18
		-0.43%
HANG SENG	25024.75	-74.92
		-0.30%
SENSEX	59771.92	-257.14
		-0.43%
FTSE 100*	7248.89	-25.92 -0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.733	1.724
CND. 30 Year Bond	2.068	2.052
U.S.    10 Year Bond	1.6034	1.5488
U.S. 30 Year Bond	2.0203	1.9589

Currencies

BOC Close	Today	Previous
Canadian $	0.8070	0.8057
US $	1.2390	1.2412
Euro Rate 1 Euro=		Inverse
Canadian $	1.4386	0.6951
US $	1.1610	0.8613

Commodities

Gold	Close	Previous
London Gold Fix	1790.45	1793.80
Oil
WTI Crude Future	80.86	83.91

Market Commentary:
On this day in 1999, just over nine months after breaking 2500 for the first time, the Nasdaq Composite Index rose 46.88 points to break the 3000 barrier, closing at 3028.51 on its fourth-highest volume yet on record, 1.33 billion shares.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities finished close to an all-time record amid strength in the health-care sector and positive sentiment in U.S. markets following the Federal Reserve decision. The S&P/TSX Composite rose 0.4% to 21,265.10 in Toronto. The index advanced to the highest closing level since Oct. 25 after the previous session’s decrease of 0.4%. Today, financial stocks led the market higher, as eight of 11 sectors gained; 147 of 233 shares rose, while 84 fell. Shopify Inc. contributed the most to the index gain, increasing 1.1%.  SSR Mining Inc. had the largest increase, rising 9.8%.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* The index advanced 33% in the past 52 weeks. The MSCI AC Americas Index gained 39% in the same period
* The S&P/TSX Composite is 0.2% below its 52-week high on Oct. 26, 2021 and 34.7% above its low on Nov. 3, 2020
* The S&P/TSX Composite is up 1.5% in the past 5 days and rose 5.5% 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 2.5% 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 10.19% compared with 10.32% in the previous session and the average of 10.24% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 54.0173| 0.8| 26/2
* Materials | 15.1270| 0.6| 38/16
* Information Technology | 15.1190| 0.6| 7/8
* Real Estate | 9.2073| 1.4| 20/4
* Consumer Discretionary | 7.1132| 1.0| 9/4
* Health Care | 6.7226| 3.5| 8/0
* Consumer Staples | 3.0771| 0.4| 12/1
* Communication Services | 1.5427| 0.2| 4/3
* Utilities | -0.2098| 0.0| 4/12
* Industrials | -6.6202| -0.3| 13/17
* Energy | -10.0034| -0.3| 6/17
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 15.7600| 1.1| -52.5| 28.8
* Royal Bank of Canada | 14.6400| 1.1| -51.7| 26.4
* TD Bank | 9.6110| 0.8| -62.1| 26.7
* Canadian Natural  Resources | -4.0360| -0.9| -34.1| 71.9
* Suncor Energy | -5.3830| -1.6| -9.7| 47.3
* Waste Connections | -7.0730| -2.3| 32.4| 27.8
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed to a record after the Federal Reserve signaled monetary policy will remain accommodative even as the central bank starts reducing its massive bond-buying program this month. In a feat not seen since January 2018, the S&P 500, the Dow Jones Industrial Average, the Nasdaq 100 and the Russell 2000 closed at their all-time highs for a second straight day. The Treasury curve steepened after Fed Chair Jerome Powell sought to stress that tapering doesn’t mean rate hikes are coming soon.  He said officials can be patient on tightening, but won’t flinch from action if warranted by inflation. The dollar fell. “Powell was very careful not to make any missteps today, sticking carefully to his script that their focus is on tapering, not raising rates,” wrote Seema Shah, chief strategist at Principal Global Investors. “That’s a shame, because interest-rate hikes are all that markets want to talk about!” Traders largely maintained bets on the timing of rate increases from the level they were at before the Fed decision. Money-market derivatives show about 55 basis points of rate hikes by the end of 2022. The first one is seen coming around July, with about a 70% chance it happens the month before, overnight index swaps show.

Some corporate highlights:
* In late trading, Qualcomm Inc., the world’s largest smartphone chipmaker, gave a stronger-than-expected outlook for the current quarter. Video-game publisher Electronic Arts Inc.’s revenue forecast was broadly in line with analysts’ estimates. Fox Corp. reported quarterly sales and earnings that beat Wall Street’s expectations.
* CVS Health Corp. jumped Wednesday after raising its annual forecast.
* Video-game company Activision Blizzard Inc. tumbled on an outlook that was seen as disappointing.

The Treasury announced the first reduction in its quarterly sale of longer-term debt in more than five years, reflecting diminishing borrowing needs as the wave of pandemic-relief spending ebbs. U.S. companies added the most jobs in four months, suggesting employers are making progress in filling a near-record number of open positions. The data precede Friday’s monthly employment report from the Labor Department, which is forecast to show that private payrolls increased by 408,000 in October. Service providers expanded at a record pace in October, powered by resilient demand and stronger business activity.

Here are some events to watch this week:
* OPEC+ meeting on output, Thursday
* Bank of England rate decision, Thursday
* U.S. trade, initial jobless claims, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.1605
* The British pound rose 0.5% to $1.3680
* The Japanese yen was little changed at 114.01 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.59%
* Germany’s 10-year yield was little changed at -0.17%
* Britain’s 10-year yield advanced four basis points to 1.07%
Commodities
* West Texas Intermediate crude fell 4.9% to $79.82 a barrel
* Gold futures fell 0.9% to $1,772.70 an ounce
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Emily Graffeo, Nathan Hager and Lu Wang.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Most of the misery of the world has been caused by wars. 
And when the wars were over, no one ever knew what they were all about. -Margaret Mitchell, 1900-1949, Gone with the Wind.

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: Day of the Dead, Mexico.
               All souls Day, Roman Catholic.

On Nov. 2, 1976, former Georgia Gov. Jimmy Carter defeated Republican incumbent Gerald R. Ford, becoming the first U.S. president from the Deep South since the Civil War.  Go to article »

Daniel Boone, frontiersman, b. 1734.
Marie Antoinette, Queen Consort of Louis XVI of France, b. 1755.

Microsoft unveiled a PowerPoint about its own PowerPoint metaverse.

Facebook is shutting down facial recognition.

The metaverse is already here: It’s Minecraft.

Has a treatment for Alzheimer’s been sitting on pharmacy shelves for decades?

PHOTOS OF THE DAY
Performers wait to march in a Día de los Muertos (Day of the Dead) procession through Olvera Street
CREDIT: Mario Tama/Getty Images
Jewel-toned leaves illuminate an autumn day in Shandong province
CREDIT: Xinhua/Rex/Shutterstock
High school students help to bury victims of the second world war in Johannis cemetery. The remains, most likely of civilians, were found during construction work in the city last year
CREDIT: Matthias Rietschel/AP

Market Closes for November 2^nd, 2021

Market Index	Close	Change
Dow Jones	36052.63	+138.79
		+0.39%
S&P 500	4630.65	+16.98
		+0.37%
NASDAQ	15649.60	+53.68 +0.34%
TSX	21170.01	-77.00
		-0.36%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29520.90	-126.18
		-0.43%
HANG SENG	25099.67	-54.65
		-0.22%
SENSEX	60029.06	-109.40
		-0.18%
FTSE 100*	7274.81	-13.81 -0.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.724	1.748
CND. 30 Year Bond	2.052	2.043
U.S.    10 Year Bond	1.5488	1.557
U.S. 30 Year Bond	1.9589	1.9576

Currencies

BOC Close	Today	Previous
Canadian $	0.8057	0.8085
US $	1.2412	1.2369
Euro Rate 1 Euro=		Inverse
Canadian $	1.4371	0.6958
US $	1.1579	0.8637

Commodities

Gold	Close	Previous
London Gold Fix	1793.80	1769.15
Oil
WTI Crude Future	83.91	84.05

Market Commentary:
     On this day in 1920, the first widespread commercial radio broadcast hits the air. The broadcast was made by Leo Rosenberg, speaking through a retooled telephone mouthpiece from a wooden shack on the roof of a Westinghouse factory. His first words were: “We shall now broadcast the election returns.”
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities trailed U.S. peers to close lower on the day, as Bausch Health Cos.’s revenue miss weighed down the health care sector and oil prices fell. The S&P/TSX Composite fell 0.4% to 21,170.01 in Toronto. The move follows the previous session’s increase of 1%. Shopify Inc. contributed the most to the index decline, decreasing 3.1%. Bausch Health had the largest drop, falling 9.3%. Today, 141 of 233 shares fell, while 87 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 21%, heading for the best year in at least 10 years
* The index advanced 35% in the past 52 weeks. The MSCI AC Americas Index gained 40% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Oct. 26, 2021 and 36% above its low on Nov. 2, 2020
* The S&P/TSX Composite is unchanged in the past 5 days and rose 5.1% 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 16.4 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$3.35t
* 30-day price volatility rose to 10.32% compared with 10.23 percent in the previous session and the average of 10.24 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -46.3944| -1.9| 9/6
* Materials | -34.2960| -1.4| 11/41
* Energy | -27.3610| -0.9| 2/21
* Health Care | -8.2071| -4.1| 1/7
* Utilities | -3.2815| -0.4| 3/12
* Communication Services | -3.0483| -0.3| 1/6
* Real Estate | -2.4739| -0.4| 6/18
* Consumer Discretionary | 0.7325| 0.1| 6/7
* Consumer Staples | 6.0639| 0.8| 10/3
* Industrials | 7.9023| 0.3| 15/15
* Financials | 33.3562| 0.5| 23/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -45.8800| -3.1| 9.0| 27.4
* Nutrien | -17.5100| -5.0| 110.8| 37.2
* Suncor Energy | -11.2800| -3.3| 26.3| 49.7
* Waste Connections | 4.7030| 1.6| -24.4| 30.8
* Bank of Montreal | 4.8130| 0.8| 3.3| 41.2
* Royal Bank of  Canada | 13.7500| 1.1| 11.1| 25.0

US
By Rita Nazareth and Emily Graffeo
(Bloomberg) — The relentless rally in stocks pushed major U.S. benchmarks to their all-time highs just a day before the Federal Reserve’s policy decision. Underpinning that strength is the fact that profit margins have held up incredibly well, despite soaring commodity prices and supply-chain snarls. Many companies have been able to pass through rising costs to consumers, with the majority beating earnings estimates. Regardless of what the Fed may say or do Wednesday, there’s a perception the U.S. will still have comparatively low rates, which bodes well for stocks. “The fundamentals are very, very strong here and the backdrop is also very strong because we see economic growth delayed, not derailed into 2022,” Katie Nixon, chief investment officer for the wealth management business at Northern Trust, told Bloomberg Television. “The Fed is going to be on hold for longer than the market thinks. So it really is a constructive environment for risk assets.”
Treasury two-year yields joined a global slide in short-term rates that was unleashed by the Australian central bank’s dovish statement ahead of the Fed decision. With U.S. policy makers expected to start scaling back their asset-purchase program soon, economists surveyed by Bloomberg are closely divided on whether a rate liftoff will be next year or early 2023. “The Fed has managed expectations perfectly in terms of preparing the markets for what is likely to be speed tapering,” said Win Thin, global head of currency strategy at Brown Brothers Harriman. “Most officials seem to agree that it’s better to get tapering over as quickly as possible in order to leave the Fed maximum flexibility to hike rates when needed.”

Some corporate highlights:
* Bed Bath & Beyond Inc. soared in late trading after announcing accelerated share buybacks and the launch of a new digital marketplace for merchandise from third-party producers.  Lyft Inc. reported third-quarter revenue 73% higher than last year. T-Mobile US Inc. missed analysts’ subscriber-growth estimates.
* Pfizer Inc. climbed Tuesday after boosting its forecast for the year on the strength of its Covid-19 vaccine sales. It also projected 2022 revenue for the shot above analysts’ expectations.
* Avis Budget Group Inc. soared amid a flurry of retail-crazed activity as the rental-car company said it will play a big role in the adoption of electric vehicles in the U.S.
* Tesla Inc. slipped as billionaire Elon Musk cast doubt on Hertz Global Holdings Inc. plan to buy 100,000 electric vehicles and downplayed the deal’s potential.

After the recent rally in equities, technical indicators are signaling heightened volatility. Not only is the S&P 500 pushing the limits of its trading envelope — built around moving price averages — but the widening of its upper and lower bands can also be a precursor to greater swings.  Furthermore, the gauge’s 14-day relative strength index is above 70, which is seen by some traders as a threshold for being considered overbought.
Here are some events to watch this week:
* Fed rate decision, U.S. factory orders and durable goods, Wednesday
* OPEC+ meeting on output, Thursday
* Bank of England rate decision, Thursday
* U.S. trade, initial jobless claims, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1581
* The British pound fell 0.4% to $1.3616
* The Japanese yen was little changed at 113.95 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.54%
* Germany’s 10-year yield declined six basis points to -0.16%
* Britain’s 10-year yield declined two basis points to 1.04%
Commodities
* West Texas Intermediate crude fell 0.6% to $83.51 a barrel
* Gold futures fell 0.4% to $1,789.10 an ounce

–With assistance from Andreea Papuc, Srinivasan Sivabalan, Sophie Caronello, Nathan Hager and Kamaron Leach.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

An example of a really responsible system is the system the Romans used when they built an arch. 
The guy who created the arch stool under it as the scaffolding was removed. 
It’s like packing your won parachute. -Charles Munger, b. 1924.

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: All Saints Day

On Nov. 1, 1952, the United States exploded the first hydrogen bomb, in a test at Eniwetok in the Marshall Islands.  Go to article »

1993: European Union established.

1512:  Michelangelo unveiled his painting of the ceiling of the Vatican’s Sistine Chapel.

Here are the best celebrity Halloween costumes this year.  So. Much. Body paint!

Hebrew speakers mock Facebook’s corporate rebrand to Meta because it sounds similar to the Hebrew word for ‘dead’.  Whoops.

PHOTOS OF THE DAY

The northern lights shine over Belhaven bridge in Scotland
CREDIT: Owen Humphreys/PA

A house is covered by ash from the volcano that continues to erupt
CREDIT: Emilio Morenatti/AP

A performer at a Halloween show at the River View Park
CREDIT: Luis Robayo/AFP/Getty Images

A dog dressed as Peter Pan is seen at the Haute Dog Howl’oween parade at Marina Vista Park in Long Beach
CREDIT: Chelsea Guglielmino/Getty Images

Market Closes for November 1^st, 2021

Market Index	Close	Change
Dow Jones	35913.84	+94.28
		+0.26%
S&P 500	4613.67	+8.29
		+0.18%
NASDAQ	15595.91	+97.52 +0.63%
TSX	21247.01	+209.94
		+1.00%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29647.08	+754.39
		+2.61%
HANG SENG	25154.32	-222.92
		-0.88%
SENSEX	60138.46	+831.53
		+1.40%
FTSE 100*	7288.62	+51.05 +0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.748	1.723
CND. 30 Year Bond	2.043	2.003
U.S.    10 Year Bond	1.557	1.5521
U.S. 30 Year Bond	1.9576	1.9238

Currencies

BOC Close	Today	Previous
Canadian $	0.8085	0.8071
US $	1.2369	1.2391
Euro Rate 1 Euro=		Inverse
Canadian $	1.4354	0.6967
US $	1.1605	0.8617

Commodities

Gold	Close	Previous
London Gold Fix	1769.15	1803.50
Oil
WTI Crude Future	84.05	83.57

Market Commentary:
     On this day in 1990, the Washington Post’s front page blared: BIG BANKS’ WOES MAY FORCE MERGERS; LENDING CUTBACKS COULD AFFECT ECONOMY FOR YEARS, EXPERTS FEAR. In the end, the money-center banks survived and grew bigger than ever.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian stocks extended gains Monday, with shares in the technology and health care sectors leading returns. The S&P/TSX Composite index rose 1% at 21,247.01 in Toronto. The move follows the previous session’s decrease of 0.8%. Shopify Inc. contributed the most to the index gain, increasing 4.6%.  Westport Fuel Systems Inc. had the largest increase, rising 15.7%. Today, 176 of 233 shares rose, while 55 fell; 10 of 11 sectors were higher, led by information technology stocks.
Insights
* In the past year, the index had a similar or greater gain 18 times. The next day, it advanced 14 times for an average 0.4 percent and declined four times for an average 0.7 percent
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* The index advanced 36 percent in the past 52 weeks. The MSCI AC Americas Index gained 42 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Oct. 26, 2021 and 37.8 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 5.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 16.5 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$3.31t
* 30-day price volatility fell to 10.23 percent compared with 11.29 percent in the previous session and the average of 10.20 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 76.0911| 3.2| 13/2
* Energy | 42.7751| 1.5| 23/0
* Financials | 35.6600| 0.5| 25/3
* Materials | 18.5242| 0.8| 39/16
* Consumer Discretionary | 11.4004| 1.6| 12/1
* Consumer Staples | 11.1505| 1.5| 11/2
* Utilities | 5.8238| 0.6| 13/3
* Health Care | 5.7066| 3.0| 9/0
* Communication Services | 3.8148| 0.4| 3/3
* Industrials | 0.4792| 0.0| 17/13
* Real Estate | -1.4796| -0.2| 11/12
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 64.9100| 4.6| 84.0| 31.5
* Couche-Tard | 8.9100| 3.4| 86.4| 10.6
* Enbridge | 8.2990| 1.1| -28.6| 28.8
* Wheaton Precious | | | |
* Metals | -2.1260| -1.4| -7.6| -7.3
* Thomson Reuters | -2.4340| -1.4| 76.3| 40.9
* TFI International | -2.8170| -3.6| 236.3| 101.8

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks advanced to another record as solid corporate earnings overshadowed disappointing manufacturing data. The S&P 500 rebounded from earlier losses, led by gains in energy and consumer-discretionary firms. The Dow Jones Industrial Average touched the 36,000 level for the first time. A gauge of small caps climbed 2.7%. A group of retail-trader favorites like GameStop Corp. and AMC Entertainment Holdings Inc. had its best day since late August. More than 80% of companies in the S&P 500 reporting third-quarter results have topped Wall Street estimates. That has laid the groundwork for a rally in stocks since the earnings season began. Meanwhile, data showed persistent supply-chain challenges weighed on manufacturers in October. Fed officials meet this week as investors fret the economy is facing the most-widespread supply crunch since the oil crisis of 1973. “There’s no shortage of things to worry about,” said Evan Brown, head of asset allocation at UBS Asset Management. “I would just say that stocks climb the wall of worry. We do anticipate more of a rotation as people gain more faith that the economy is on sounder footing. We should see rebalancing from growth stocks into value stocks.” For Morgan Stanley strategist Michael Wilson, the bullish trend for equities may continue into the Thanksgiving holiday later this month, but “not much longer” as the Fed is expected to start tapering and earnings growth will slow further into next year. Some other corporate highlights:

* Electric-vehicle giant Tesla Inc. jumped amid a lithium supply deal and the start of the COP26 climate summit.
* Zillow Group Inc. is looking to sell about 7,000 homes for $2.8 billion, according to people familiar with the matter.
* Moderna Inc. slumped after its Covid-19 shot failed to secure U.S. regulatory authorization in teenagers.

Here are some events to watch this week:
* Reserve Bank of Australia policy decision, Tuesday
* Fed rate decision, U.S. factory orders and durable goods, Wednesday
* OPEC+ meeting on output, Thursday
* Bank of England rate decision, Thursday
* U.S. trade, initial jobless claims, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

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 0.3%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.4% to $1.1606
* The British pound fell 0.1% to $1.3662
* The Japanese yen was little changed at 113.99 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.56%
* Germany’s 10-year yield was little changed at -0.10%
* Britain’s 10-year yield advanced three basis points to 1.06%
Commodities
* West Texas Intermediate crude rose 0.5% to $83.96 a barrel
* Gold futures rose 0.6% to $1,794.90 an ounce
–With assistance from Sunil Jagtiani, Srinivasan Sivabalan, Nathan Hager, Emily Graffeo, Kamaron Leach and Sophie Caronello.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

A man will fight harder for his interests than for his rights. –Napoleon Bonaparte, 1769-1821.

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 Hallowe’en.
On this day in 1822, in the heat of the earliest frenzy for investing in emerging markets, the 6% bonds of the Kingdom of Poyais, near Nicaragua, traded at 81.5% of their par value on the London Stock Exchange, just behind Chile (at 84% of par). Unfortunately, Poyais was a fictitious country fabricated by a Scottish scamster, Gregor MacGregor, and the bonds soon turned out to be worthless.

October 29, 1969: Internet created between Stanford and UCLA.

Rome airport reveals plans for flying taxis.  Hey now, that sounds pretty close to flying cars! The future we were promised is almost here! 

Canada and USA unveil 2022 Winter Olympic uniforms.  Fashionable puffy coats for all!

Endangered condors are now making babies without males. (h/t Scott Kominers)

Scientists understand a little more about why dogs tilt their heads when listening.

Scientists re-create an old “primordial soup” experiment and find something new.

Meta might release a smartwatch.

The Hamptons are trying to climate-proof themselves.

Five hundred 3-D maps of Mayan and Olmec ruins reveal striking similarities. 

A giant space-spider web. 

The best movie vampires ever.  Some are kinda scary. Some are kinda sexy. Some are kinda … both? 

“Lycanthrope” is another word for what familiar fantasy figure? 
A. a vampire
B. a ghost
C. a demon
D. a werewolf
 
Take CNN’s new Halloween quiz to see if you’re correct!

Photos of the Day
Children play on the Art Eggcident urban art installation by the Dutch artist Henk Hofstra during the Hecho en Casa festival at the Parque de la Familia
CREDIT: Esteban Félix/AP
A grey seal with her newborn pup on the beach at Horsey in Norfolk, as the pupping season begins at one the UK’s most important sites for the mammals. Friends of Horsey Seals, which monitors the colony and carries out regular counts of the new arrivals, has installed a voluntary beach closure. It is using seal wardens to ensure members of the public keep a safe distance from the protective mothers and their pups
CREDIT: Joe Giddens/PA
An aerial view shows a giant land-art fresco, bottom right, by French-Swiss artist Saype, painted for his worldwide Beyond Walls project. The fresco covers 1,500 sq metres and was created using biodegradable paint produced on site with charcoal, chalk, water and milk proteins. Beyond Walls aims to create the largest symbolic human chain around the world
CREDIT: Valentin Flauraud/AP

Market Closes for October 29^th, 2021

Market Index	Close	Change
Dow Jones	35819.56	+89.08
		+0.25%
S&P 500	4605.38	+8.96
		+0.19%
NASDAQ	15498.39	+50.27 +0.33%
TSX	21037.07	-160.46
		-0.76%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28892.69	+72.60
		+0.25%
HANG SENG	25377.24	-178.49
		-0.70%
SENSEX	59306.93	-677.77
		-1.13%
FTSE 100*	7237.57	-11.90 -0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.723	1.672
CND. 30 Year Bond	2.003	1.960
U.S.    10 Year Bond	1.5521	1.5712
U.S. 30 Year Bond	1.9238	1.9721

Currencies

BOC Close	Today	Previous
Canadian $	.8071	0.8100
US $	1.2391	1.2345
Euro Rate 1 Euro=		Inverse
Canadian $	1.4323	0.6982
US $	1.1560	0.8651

Commodities

Gold	Close	Previous
London Gold Fix	1803.50	1795.25
Oil
WTI Crude Future	83.57	82.81

Market Commentary:
On Oct. 29, 1929, stock prices collapsed on the New York Stock Exchange amid panic selling. Thousands of investors were wiped out.  Go to article »
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities fell Friday after the country’s economy grew less than expected in the third quarter, sparking uncertainty in the nation’s recovery. The S&P/TSX Composite fell 0.8% in Toronto. The move follows the previous session’s increase of 1.2%. Royal Bank of Canada contributed the most to the index decline, decreasing 1.8%.  Aecon Group had the largest drop, falling 9.5%. Today, 156 of 233 shares fell, while 75 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 20 times. The next day, it advanced 15 times for an average 0.9% and declined five times for an average 0.7%
* This year, the index rose 21%, heading for the best year in at least 10 years
* This month, the index rose 4.8%, heading for the biggest advance since November 2020
* So far this week, the index fell 0.8%
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 39% in the same period
* The S&P/TSX Composite is 1.3% below its 52-week high on Oct. 26, 2021 and 36.4% above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 16.3 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$3.34t
* 30-day price volatility rose to 11.29% compared with 11.16% in the previous session and the average of 10.14% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -91.6760| -1.4| 2/26
* Materials | -37.9364| -1.6| 11/43
* Energy | -15.0058| -0.5| 6/17
* Information Technology | -5.0778| -0.2| 10/5
* Consumer Staples | -4.8871| -0.7| 7/6
* Utilities | -3.4650| -0.4| 9/7
* Real Estate | -2.1707| -0.3| 8/16
* Communication Services | -1.8231| -0.2| 2/5
* Health Care | -0.7148| -0.4| 3/6
* Consumer Discretionary | 0.1922| 0.0| 3/9
* Industrials | 2.1007| 0.1| 14/16
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of | | | |
* Canada | -22.8600| -1.8| 0.0| 23.2
* Brookfield Asset | | | |
* Management | -16.2100| -2.1| 180.2| 43.1
* Bank of Nova Scotia| -10.6300| -1.5| 8.3| 17.9
* Shopify | 5.4710| 0.4| 52.6| 25.7
* Suncor Energy | 5.6940| 1.7| 46.1| 52.5
* Waste Connections | 8.1950| 2.8| 114.2| 29.0

US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — U.S. stocks rose  Friday as traders weighed disappointing earnings and bond-market gyrations amid concerns over inflation and monetary tightening. The S&P 500 gained 0.2% after opening lower on underwhelming results from Amazon.com Inc. and Apple Inc. The gains brought the benchmark index up 6.9% for October, its biggest monthly increase since last November. Meanwhile, the Nasdaq 100 pushed 0.5% higher, offset by gains in Tesla Inc. as well as Meta Platforms Inc. after its name change from Facebook Inc. “It looks like investors already have a bit of a sugar high as Halloween approaches,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “Most of us were prepared for a bumpy ride today following yesterday’s announcements from Apple and Amazon. Fortunately, today’s positive reports from companies like Exxon and Chevron helped change the narrative.”
Elsewhere, inflation pressures and the prospect of interest-rate hikes whipsawed bond markets. The yield on the U.S. 10-year Treasury fell to 1.55% after earlier gains.  And in Europe, bonds extended a retreat after data on Eurozone economic growth and inflation topped analysts’ estimates, reinforcing a growing conviction interest-rate increases are on the horizon after only a mild pushback from the leader of the European Central Bank. Markets are grappling with a number of crosscurrents. Generally positive corporate performance has helped to underpin global equities. But inflation risks from supply-chain snarls and costlier raw materials are boosting expectations for rate hikes and dimming the economic outlook. “Almost any data series you look at, be it the bond market, be it inflation, GDP, the labor market, anything is still showing these signs of fibrillation and that’s going to take some time to sort out,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman, on Bloomberg Radio and TV’s “Surveillance.” The latest GDP data in the U.S. showed growth slowed more than expected in the third quarter, hampered by supply chains and a surge in Covid-19 cases. A separate report showed that weekly jobless claims fell to a pandemic low, and personal spending slowed in line with analysts’ estimates in September. The Stoxx Europe 600 Index erased losses, but still secured its fourth straight weekly advance. The U.S. dollar strengthened. Crude oil gained. In cryptocurrencies, Bitcoin rose to $62,300 and Ether rallied to a record high.

Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 1% to $1.1559
* The British pound fell 0.8% to $1.3684
* The Japanese yen fell 0.4% to 113.98 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.56%
* Germany’s 10-year yield advanced three basis points to -0.11%
* Britain’s 10-year yield advanced three basis points to 1.03%
Commodities
* West Texas Intermediate crude rose 0.6% to $83.33 a barrel
* Gold futures fell 1% to $1,784.70 an ounce
–With assistance from Nathan Hager and Kamaron Leach.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Moral courage, the courage of one’s convictions, the courage to see things through.  The world is in a constant conspiracy against the brave. 
It’s the age-old struggle – the roar of the crowd on one side and the voice of your conscience on the other. -General Douglas MacArthur, 1880-1964.

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

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

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

Dear Friends,

Tangents:
On Oct. 28, 1886, the Statue of Liberty, a gift from the people of France, was dedicated in New York Harbor by President Grover Cleveland. Go to article »

October 28, 1636: Harvard University founded.
Bill Gates, founder of Microsoft, b. 1955.
Julia Roberts, actress, b. 1967.
Erasmus, writer, b. 1467.

A few reasons to think U.S.-China relations aren’t as bad as they seem.

Noodle the pug’s ‘Bones or No Bones’ routine determines what kind of day millions of people will have.  If Noodle has bones, it’s a risk-taking, full-energy kind of day! If he doesn’t, it’s more of a conservative, self-care day. Yes, it makes perfect sense!

PHOTOS OF THE DAY

Insulating foam covers part of the Rhône Glacier near Gletsch to prevent it from melting due to global heating. Swiss glaciers lost 1% of their volume in 2021, despite heavy snow and a cool summer
CREDIT: Fabrice Coffrini/AFP/Getty Images

A Catrina skull made with 18,000 cempasuchil (marigold) flowers is displayed outside the Church of Santa Prisca as part of Day of the Dead celebrations
CREDIT: Anadolu Agency/Getty Images

Attendees place stones of remembrance for victims during a ceremony in Schenley Park to commemorate three years since the attack on the Tree of Life synagogue, where 11 people were killed
CREDIT: Alexandra Wimley/AP

Market Closes for October 28^th, 2021

Market Index	Close	Change
Dow Jones	35730.48	+239.79
		+0.68%
S&P 500	4596.52	+44.74
		+0.98%
NASDAQ	15448.12	+212.28 +1.39%
TSX	21197.53	+242.55
		+1.16%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28820.09	-278.15
		-0.96%
HANG SENG	25555.73	-73.01
		-0.28%
SENSEX	59984.70	-1158.63
		-1.89%
FTSE 100*	7249.47	-3.80 -0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.672	1.615
CND. 30 Year Bond	1.960	1.937
U.S.    10 Year Bond	1.5712	1.5413
U.S. 30 Year Bond	1.9721	1.9507

Currencies

BOC Close	Today	Previous
Canadian $	0.8100	0.8089
US $	1.2345	1.2363
Euro Rate 1 Euro=		Inverse
Canadian $	1.4422	0.6934
US $	1.1682	0.8560

Commodities

Gold	Close	Previous
London Gold Fix	1795.25	1785.55
Oil
WTI Crude Future	82.81	82.66

Market Commentary:
     On this day in 1976, more than 184 years after stock trading began on Wall Street, Alice Jarcho became the first woman ever to work regularly on the floor of the New York Stock Exchange.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities advanced as earnings continued to pour in. The S&P/TSX Composite rose 1.2% in Toronto, its biggest gain since June 1 and follows the previous session’s decrease of 1% Today, information technology stocks led the market higher, as 10 of 11 sectors gained; 159 of 233 shares rose, while 70 fell. Shopify contributed the most to the index gain, jumping 7.0%. Suncor Energy had the largest increase, rising 13.4%.
Insights
* In the past year, the index had a similar or greater gain 11 times. The next day, it advanced eight times for an average 0.6% and declined three times for an average 0.6%
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 5.6%, heading for the biggest advance since November 2020
* So far this week, the index was little changed
* The index advanced 36% in the past 52 weeks. The MSCI AC Americas Index gained 41% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Oct. 26, 2021 and 37.5% above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 16.5 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$3.3t
* 30-day price volatility rose to 11.16% compared with 10.78% in the previous session and the average of 10.06% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 111.3210| 4.9| 12/3
* Energy | 60.9528| 2.2| 15/7
* Industrials | 27.5188| 1.1| 25/5
* Financials | 26.2308| 0.4| 22/6
* Consumer Discretionary | 8.1151| 1.1| 13/0
* Communication Services | 7.3211| 0.8| 5/1
* Utilities | 5.5831| 0.6| 11/5
* Consumer Staples | 5.2490| 0.7| 12/1
* Real Estate | 1.4721| 0.2| 18/6
* Health Care | 0.7880| 0.4| 7/1
* Materials | -12.0151| -0.5| 19/35
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 92.7800| 7.0| 242.1| 25.2
* Suncor Energy | 39.1300| 13.4| 163.3| 49.9
* Brookfield Asset | | | |
* Management | 13.2700| 1.8| 10.5| 46.1
* Kirkland Lake | -2.5650| -2.5| -22.8| 3.1
* Agnico Eagle Mines | -3.0020| -2.5| -23.9| -23.7
* Barrick Gold | -7.2860| -2.5| -1.3| -18.4

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — Tech shares faltered in late trading after results from Amazon.com Inc. and Apple Inc. fell short of expectations, marring what had been a strong earnings period for heavyweights in the sector. The biggest exchange-traded fund tracking the Nasdaq 100 slid 0.7% as of 4:35 p.m. in New York, after Amazon warned its holiday profit could be zapped by higher costs and Apple’s sales missed forecasts. The online retailer lost 5% and the iPhone maker dropped 4.8%. The late action overshadowed a strong cash session that saw U.S. stocks rally to an all-time high on optimism that Corporate America was delivering on lofty earnings expectations. Apple and Amazon are the second and third biggest companies in the S&P 500 behind Microsoft Corp., accounting for almost 10% of the index by weighting. The measure is on track for its best month in a year, though Friday’s session is setting up poorly for bulls. The Treasury yield curve inverted between 20 and 30 years on Thursday for the first time since the U.S. government reintroduced a two-decade maturity in 2020. Two-year rates fell below 0.5% after a torrid two day increase.
Investors have been bombarded by earnings all week from some of America’s biggest companies.
Industrial bellwether Caterpillar Inc. rose after an earnings beat. Ford Motor Co. soared after lifting forecasts and resuming dividends.  eBay Inc. dropped after reporting disappointing results late Wednesday. After the close of regular trading, excluding financial firms, companies in the S&P 500 that announced results have boosted net-profit margins by 40 basis points to 12.4% from the previous quarter, according to data compiled by Bank of America Corp. The improvement has spread across major industries, with all but energy and consumer staples posting better margins. Earlier, a report showed that the U.S. economy expanded at an annual rate of 2% in the three months through September, lower than the 2.6% median estimate in a Bloomberg survey, as consumer spending slowed. The GDP price index also slowed from the last quarter, though it still rose more than analysts’ expectations.  A separate report showed that weekly jobless claims fell to a pandemic low. When 20-year Treasury issuance began in May 2020, yields in the sector were about 25 basis points lower than 30-year yields. While expectations for Federal Reserve rate increases beginning next year have flattened the curve generally, demand for the 20-year point appears to be more muted than for longer tenor securities.
The euro gained and European bonds fell after European Central Bank President Christine Lagarde said higher inflation might be around for longer than expected, though the monetary authority expects prices to start moderating next year. The ECB earlier left borrowing costs unchanged and said bond-buying would continue at a moderately lower pace. The Stoxx Europe 600 Index rose. Global stocks are still near all-time peaks, supported by a robust corporate earnings season so far, with profit margins widening on average despite cost pressures. The risk is sentiment could weaken if investors lose confidence in the ability of policy makers to contain inflation while nurturing the economic rebound.  “As long as the economy is not going through recession or anything disastrous, but if things are delayed, if we’re going on the right path, but at a slower pace — which means the policy support persists for longer — still positive for markets,” said Lee Ferridge, head of North America multi-asset strategy at State Street, on Bloomberg TV and Radio’s “Surveillance.”  

Here are some events to watch this week:
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday
These are the main moves in markets: 
Stocks
* The S&P 500 rose 1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.7% to $1.1679
* The British pound rose 0.3% to $1.3789
* The Japanese yen rose 0.2% to 113.58 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.57%
* Germany’s 10-year yield advanced four basis points to -0.14%
* Britain’s 10-year yield advanced two basis points to 1.01%
Commodities
* West Texas Intermediate crude rose 0.6% to $83.12 a barrel
* Gold futures were little changed
–With assistance from Nathan Hager.

Have a nice evening.

Be magnificent!
As ever,

Carolann

Don’t be humble; you’re not that great. –Golda Meir, 1898-1978.

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

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

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

Dear Friends,

Tangents:
On Oct. 27, 1904, the first rapid transit subway, the IRT, opened in New York City.  Go to article »

Theodore Roosevelt, 26^th US President, b. 1858.
Dylan Thomas, poet, b. 1914.
Marlene Dietrich, actor, b. 1901.
John Cleese, actor, b. 1939.
Sylvia Plath, poet, b. 1932
Fran Leibowitz, author, b. 1950.
 
Bloomberg Opinion: Three reasons why inflation isn’t here to stay.

China may have just had a Sputnik moment.

Hertz will let Uber drivers rent electric cars.

Poaching is causing female African elephants to evolve without tusks.

PHOTOS OF THE DAY
Joggers run through the fog hanging over harvested fields as sun rises on a foggy cold autumn morning
CREDIT: AFP/Getty Images
The Cumbre Vieja volcano erupts again on La Palma in the Canary Islands
CREDIT: Miguel Calero/EPA
A woman visits the Olympic Park 100 days before the start of the 2022 Beijing Winter Olympics, which are followed by the Paralympics in March 2022
CREDIT: Roman Pilipey/EPA
Patterns formed by crystallised minerals on the surface of evaporation ponds of the Dead Sea, which has lost a third of its surface area since 1960
CREDIT: Menahem Kahana/AFP/Getty Images

Market Closes for October 27^th, 2021

Market Index	Close	Change
Dow Jones	35490.69	-266.19
		-0.74%
S&P 500	4551.68	-23.11
		-0.51%
NASDAQ	15235.84	+0.13 +–%
TSX	20954.99	-218.46
		-1.03%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29098.24	-7.77
		-0.03%
HANG SENG	25628.74	-409.53
		-1.57%
SENSEX	61143.33	-206.93
		-0.34%
FTSE 100*	7253.27	-24.35 -0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.615	1.630
CND. 30 Year Bond	1.937	2.011
U.S.    10 Year Bond	1.5413	1.6079
U.S. 30 Year Bond	1.9507	2.0407

Currencies

BOC Close	Today	Previous
Canadian $	0.8089	0.8071
US $	1.2363	1.2390
Euro Rate 1 Euro=		Inverse
Canadian $	1.4345	0.6971
US $	1.1603	0.8618

Commodities

Gold	Close	Previous
London Gold Fix	1785.55	1805.25
Oil
WTI Crude Future	82.66	84.65

Market Commentary:
     On this day in 1978, the Full Employment and Balanced Growth Act of 1978 was signed into law by President Jimmy Carter. Also known as the Humphrey-Hawkins Act after its co-sponsors, the law requires the Federal Reserve Board to take unemployment and inflation into account as it sets interest rates. It also requires the Fed chairman to testify before Congress twice a year.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities fell as the country’s central bank signaled that rate hikes might be coming sooner than previously thought. The S&P/TSX Composite retreated for a second day, dropping 1% in Toronto. The move was the biggest since the benchmark fell 1.4% on Sept. 28. Today, financials stocks led the market lower, as 9 of 11 sectors lost; 192 of 233 shares fell, while 40 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.3%. Denison Mines had the largest drop, falling 7.7%.
Insights
* In the past year, the index had a similar or greater loss 11 times. The next day, it advanced nine times for an average 1% and declined twice for an average 0.5%
* This year, the index rose 20%, heading for the best year in at least 10 years
* This month, the index rose 4.4%, heading for the biggest advance since November 2020
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 34% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on Oct. 26, 2021 and 35.9% above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.1% in the past 5 days and rose 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 16.3 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$3.34t
* 30-day price volatility rose to 10.78% compared with 10.40% in the previous session and the average of 9.95% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -62.0066| -0.9| 2/26
* Energy | -52.2273| -1.8| 2/21
* Information Technology | -27.2178| -1.2| 1/14
* Materials | -24.5975| -1.0| 14/41
* Industrials | -22.0426| -0.9| 2/28
* Consumer Staples | -14.2009| -1.9| 1/12
* Consumer Discretionary | -10.4513| -1.4| 1/12
* Utilities | -6.4756| -0.7| 4/12
* Health Care | -5.9092| -3.0| 0/9
* Real Estate | 0.5980| 0.1| 9/14
* Communication Services | 6.0745| 0.6| 4/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Royal Bank of Canada | -16.9200| -1.3| -21.2| 25.2
* Suncor Energy | -11.2800| -3.7| 0.5| 32.2
* Brookfield Asset | | | |
* Management | -9.1160| -1.2| 7.7| 43.6
* Brookfield | | | |
* Infrastructure | 1.9290| 1.3| 11.5| 17.5
* Shaw Communications | 2.0520| 1.9| 49.4| 58.6
* Rogers Communications| 4.5990| 3.4| 66.5| -1.8

US
By Vildana Hajric and Kamaron Leach
(Bloomberg) — U.S. stocks dropped from all-time highs, with shares of small companies leading declines, and Treasuries gained on an uptick in growth concerns. The S&P 500 and Dow Jones Industrial Average fell after setting closing records Tuesday. The tech-heavy Nasdaq 100 set an intraday record before closing barely in the green with Google parent Alphabet Inc., Amazon.com Inc. and Tesla Inc. rallying. Robinhood Markets Inc. slumped after missing revenue estimates. The Russell 2000 slumped 1.9%, the biggest decline since late September. “Earnings are one of the bigger factors with better than expected results out of a lot of sectors,” said Ross Mayfield, investment strategy analyst at Baird. “Some of the fears of inflation or margin pressure are not yet being realized despite the problem being so well-known and probably discounted by the market a bit.” Long bonds continued to outperform shorter-maturity U.S. debt ahead of the government’s auctions of five-year notes Wednesday and a seven-year sale Thursday.
The yield difference between 5- and 30-year bonds narrowed to as little as 78 basis points, the lowest since March 2020. Mining and energy stocks led a retreat in the Stoxx Europe 600 index as prices of raw materials including aluminum and iron ore fell along with crude oil. Germany’s DAX underperformed after Europe’s biggest economy cut its 2021 growth forecast, citing the lingering effects of the pandemic and a supply squeeze. Bund yields dropped along with those on other European bonds. Investors are counting on earnings to support equity prices, and so far the reporting season has been solid overall. But worries remain that over time rising raw material and wage costs and supply-chain snarls could crimp margins and weigh on the global economy recovery.
“Equities moved higher last week, fully recovering from the September dip. That said, in our view, last week’s positive performance does not create headwinds for performance ahead,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “Market positioning is still approximately neutral, which could point to further upside potential in equity markets. We believe recent positive market moves could be the beginning of a now-earlier ‘Santa Clause rally.’”  The debt crisis in China’s property sector continues to hang over the market: authorities told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group’s woes. Meanwhile, a top Chinese regulator called on companies to make “active preparations” to meet payments on offshore bonds. Bitcoin fell below $60,000.  On the virus front, a Food and Drug Administration panel gave its backing to the Pfizer Inc. and BioNTech SE vaccine for young children.

Here are some events to watch this week:
* Earnings: Amazon, Apple, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group
* Australia CPI, Wednesday
* U.S. wholesale inventories, U.S. durable goods, Wednesday
* Bank of Japan monetary policy decision, briefing, Thursday
* ECB rates decision, President Christine Lagarde briefing, Thursday
* U.S. GDP, initial jobless claims, Thursday
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4:07 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1600
* The British pound fell 0.2% to $1.3739
* The Japanese yen rose 0.3% to 113.85 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 1.53%
* Germany’s 10-year yield declined six basis points to -0.18%
* Britain’s 10-year yield declined 12 basis points to 0.99%
Commodities
* West Texas Intermediate crude fell 3% to $82.10 a barrel
* Gold futures rose 0.3% to $1,799.20 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Men too involved in details usually become unable to deal with great matters. –Francois Duc de La Rochefoucauld, 1613-1680.

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

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

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

Dear Friends,

Tangents:
October 26, 1825: The Erie Canal opened, connecting Lake Erie and the Hudson River in upstate New York. Go to article »

Leon Trotsky, revolutionary, b. 1879.
Hillary Rodham Clinton, politician, Former First Lady, b. 1947.
 
Jeff Bezos’ Blue Origin wants to build a tourism space station nearly as big as the ISS.  For when you really, REALLY wanna get away. 

Why some people get scared easily and others don’t.  Scaredy-cats unite! No horror movies for us!
 
Neutron star collisions are a goldmine of heavy elements, study finds. 

Japan’s monarchy just lost another royal.
PHOTOS OF THE DAY
The former princess Mako and her husband, Kei Komuro, at the start of a press conference to announce their marriage registration and her leaving the royal family, at the Grand Arc hotel
CREDIT: Nicolas Datiche/AFP/Getty Images

A child stands on dried out land as drought stalks the parched fields around the remote Afghan district, where the climate crisis is proving a deadlier foe than the country’s recent conflicts
CREDIT: Hoshang Hashimi/AFP/Getty Images
An installation called Sinking House is partly submerged to highlight the climate crisis before Cop26
CREDIT: Rebecca Naden/Reuters

Market Closes for October 26^th, 2021

Market Index	Close	Change
Dow Jones	35756.88	+15.73
		+0.04%
S&P 500	4574.79	+8.31
		+0.18%
NASDAQ	15235.71	+9.00 +0.06%
TSX	21173.45	-111.39
		-0.52%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29106.01	+505.60
		+1.77%
HANG SENG	26038.27	-93.76
		-0.36%
SENSEX	61350.26	+383.21
		+0.63%
FTSE 100*	7277.62	+54.80 +0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.630	1.653
CND. 30 Year Bond	2.011	2.051
U.S.    10 Year Bond	1.6079	1.6307
U.S. 30 Year Bond	2.0407	2.0812

Currencies

BOC Close	Today	Previous
Canadian $	0.8071	0.8076
US $	1.2390	1.2381
Euro Rate 1 Euro=		Inverse
Canadian $	1.4367	0.6960
US $	1.1596	0.8624

Commodities

Gold	Close	Previous
London Gold Fix	1805.25	1808.25
Oil
WTI Crude Future	84.65	84.26

Market Commentary:
     On this day in 1825, the Erie Canal was inaugurated as New York City hosted a flotilla of boats with a parade, banquet and fireworks display after they traversed the 363-mile run from Lake Erie. Financed with $6 million in stock and bonds and eight years in the making, the canal cut shipping time from New York to Buffalo from three weeks to eight days—and slashed the cost of transporting goods from $100 a ton to $15. Suddenly the American frontier was opened to a two-way flood of commerce.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities declined, ending a 14-day rally. The S&P/TSX Composite fell 0.5% in Toronto. The move was the biggest since falling 1.4% on Sept. 28 and follows the previous session’s increase of 0.3%. Shopify contributed the most to the index decline, decreasing 4.4%. BRP had the largest drop, falling 8%. Today, 163 of 233 shares fell, while 67 rose; 9 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 21%, heading for the best year in at least 10 years
* This month, the index rose 5.5%, heading for the biggest advance since November 2020
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Oct. 26, 2021 and 37.3% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.4% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 on a trailing basis and 16.5 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$3.36t
* 30-day price volatility fell to 10.40% compared with 10.41% in the previous session and the average of 9.91% over the past month.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -69.9287| -2.9| 4/11
* Materials | -20.4877| -0.8| 16/38
* Consumer Staples | -10.6051| -1.4| 0/13
* Consumer Discretionary | -10.3808| -1.4| 3/10
* Energy | -7.2268| -0.3| 7/16
* Industrials | -5.6675| -0.2| 10/19
* Health Care | -4.1017| -2.0| 0/9
* Real Estate | -2.3972| -0.4| 6/18
* Utilities | -1.7556| -0.2| 2/13
* Communication Services | 0.2630| 0.0| 4/3
* Financials | 20.8869| 0.3| 15/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -60.5200| -4.4| 61.0| 17.5
* Couche-Tard | -7.1510| -2.6| 4.2| 10.1
* First Quantum | | | |
* Minerals | -4.5290| -3.8| -18.2| 29.4
* Bank of Montreal | 2.8340| 0.5| 182.2| 42.5
* Bank of Nova Scotia| 5.3990| 0.8| -71.6| 20.6
* TD Bank | 9.6110| 0.9| -72.4| 25.6

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. stocks rose to all-time highs as corporate earnings helped boost sentiment amid lingering concerns about inflation and growth. The S&P 500 and Dow Jones Industrial Average set records as Tuesday’s round of earnings kicked off, with United Parcel Service Inc. and General Electric Co. gaining after strong results. Facebook Inc. dropped as a pledge to buy back more shares and increase spending on digital offerings was offset by a revenue miss. Big-tech peers Twitter Inc., Alphabet Inc. and Microsoft Inc. are reporting after close of regular trading. “I don’t think anybody’s too worried about the big tech names,” said Ross Mayfield, investment strategy analyst at Baird. “Their performances are all incredibly strong in absolute standards that the bar is just so high for them at this point that it can be harder to meet expectations.”
The Stoxx Europe 600 index also rose 0.8% to close at a record high. Reckitt Benckiser Group Plc gained after the maker of Strepsils throat lozenges raised its sales forecast and Novartis AG advanced on news it may spin off its generic-drug unit. The 10-year U.S. Treasury yield fell and the dollar gained. The debate over price pressures continues: former Treasury Secretary Lawrence Summers said officials are unlikely to deal with “inflation reality” successfully until it’s fully recognized. “We’re coming off a 40-plus-year bond-bull market,” said Megan Horneman, portfolio strategy director, Verdence Capital Advisors, on Bloomberg TV and Radio’s “Surveillance.” “And right now we’re looking at interest rates that should be a lot higher from here. So with duration, as high as it is in the fixed income market, you have to be very cautious around fixed income.”
Earnings season is helping to counter concerns that elevated inflation and tightening monetary policy will slow the recovery from the pandemic. Some 81% of S&P 500 members have reported better-than-expected results so far, though Citigroup Inc. warned that profit growth may be close to peaking. WTI crude oil traded above $84 a barrel as investors weighed the outlook for U.S. stockpiles and prospects for talks that may eventually help to revive an Iranian nuclear accord, allowing a pickup in crude exports.
Here are some events to watch this week:
* Earnings: Amazon, Apple, Microsoft, Twitter, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group
* Australia CPI, Wednesday
* U.S. wholesale inventories, U.S. durable goods, Wednesday
* Bank of Japan monetary policy decision, briefing, Thursday
* ECB rates decision, President Christine Lagarde briefing, Thursday
* U.S. GDP, initial jobless claims, Thursday
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1599
* The British pound was little changed at $1.3763
* The Japanese yen fell 0.4% to 114.13 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.61%
* Germany’s 10-year yield was little changed at -0.12%
* Britain’s 10-year yield declined three basis points to 1.11%
Commodities
* West Texas Intermediate crude rose 1% to $84.58 a barrel
* Gold futures fell 0.7% to $1,794.90 an ounce
–With assistance from Nathan Hager.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Two things are bad for the heart – running up stairs and running down people. –Bernard M. Baruch, 1870-1965.

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

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

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

Dear Friends,

Tangents:
October 25, 2001 Microsoft released the Windows XP operating system. Go to article »

Pablo Picasso, artist, b. 1881.

The most powerful space telescope ever will look back in time.

Adele makes record-breaking return to UK chart top spot with new single.  She just knew we all needed a good cry right now

No, your kid probably shouldn’t watch ‘Squid Game,’ and here’s why.  (There’s literal murder in it.)

PHOTOS OF THE DAY
Siberian cats at the Tayozhny Krai kennel
CREDIT: Andrei Samsonov/Tass
Retired couple Tony and Marie Newton tend to their ‘Four Seasons’ garden as it bursts into autumnal colour at their home
CREDIT: Jacob King/PA
Women prepare red peppers to make the traditional popular dipping sauce Ajvar at the agricultural cooperative Krusha. Traditionally, Ajvar is prepared in autumn when the peppers are most abundant, conserved in glass jars and consumed during the year
CREDIT: Armend Nimani/AFP/Getty Images

Market Closes for October 25^th, 2021

Market Index	Close	Change
Dow Jones	35741.15	+64.13
		+0.18%
S&P 500	4566.48	+21.58
		+0.47%
NASDAQ	15226.71	+136.51 +0.90%
TSX	21284.84	+68.69
		+0.32%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28600.41	-204.44
		-0.71%
HANG SENG	26132.03	+5.10
		+0.02%
SENSEX	60967.05	+145.43
		+0.24%
FTSE 100*	7222.82	+18.27 +0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.653	1.651
CND. 30 Year Bond	2.051	2.045
U.S.    10 Year Bond	1.6307	1.6324
U.S. 30 Year Bond	2.0812	2.0683

Currencies

BOC Close	Today	Previous
Canadian $	0.8076	0.8088
US $	1.2381	1.2364
Euro Rate 1 Euro=		Inverse
Canadian $	1.4376	0.6956
US $	1.1611	0.8612

Commodities

Gold	Close	Previous
London Gold Fix	1808.25	1779.30
Oil
WTI Crude Future	84.26	84.61

Market Commentary:
     On this day in 2000, AT&T announced it would break itself up into four separate businesses: broadband, wireless, business services and consumer services. After years of slowing growth, the floundering behemoth was finally showing that its all-things-to-all-people strategy was a failure. “It’s really the end of an icon,” said analyst Ken McGee, “and no matter how they try to put a positive spin on it, it’s the death of a corporate giant.”
Canada
By Divya Balji and Kristine Owram
(Bloomberg) — The Canadian stock market posted its longest streak of gains ever as a rally in commodities pushed the benchmark higher for a 14th straight session. The S&P/TSX Composite Index rose 0.3% to an all-time high Monday. It has added about C$237 billion ($191 billion) in market value during its recent winning streak, according to data compiled by Bloomberg. U.S. oil prices hit $85 a barrel for the first time since 2014 and metals prices also climbed, fueling Monday’s rally. Energy and materials make up about 25% of the Canadian benchmark. “The TSX is one of the best inflation hedges you can find,” Stefane Marion, chief economist and strategist at National Bank of Canada, said via phone.  In a recent analysis, Marion found that the S&P/TSX posted an annualized return of 2.3% during inflationary periods due to its commodity exposure, versus a decline of 5.9% for the S&P 500. The Canadian stock market has been on a tear amid a surge in cyclical and value stocks as the nation’s economy reopens thanks to a waning Covid-19 pandemic.
Energy, real estate and financials are the top gainers on the S&P/TSX this year. Last week, the nation’s most populous province unveiled a plan to lift all public health restrictions related to the pandemic in the next six months, bringing a return to normal life into view for residents. Foreign investors are also optimistic on the nation’s equity market. They’ve added more than $22 billion as of the end of August, thanks in part to the run in cyclicals and also due to a strong Canadian dollar. The loonie is the best-performing currency against the U.S. dollar among its G-10 peers this year, rising about 2.7%. While the S&P/TSX has gained 22.1% this year, slightly surpassing the 21.6% advancement in the S&P 500, Canadian stocks are still cheap compared to the U.S. The price to earnings ratio for Canadian equities is about 15.8 times compared to the 21 times for the S&P 500.

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the 14th day, climbing 0.3 percent, or 68.69 to 21,284.84 in Toronto. Suncor Energy Inc. contributed the most to the index gain, increasing 3.1 percent. Cominar Real Estate Investment Trust had the largest increase, rising 12.1 percent. Today, 156 of 233 shares rose, while 73 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* This month, the index rose 6.1 percent, heading for the biggest advance since November 2020
* The index advanced 31 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Oct. 25, 2021 and 38 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.4 percent in the past 5 days and rose 4.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.3 on a trailing basis and 16.6 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$3.34t
* 30-day price volatility rose to 10.41 percent compared with 10.39 percent in the previous session and the average of 9.88 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 36.9453| 1.5| 50/5
* Energy | 23.4933| 0.8| 20/3
* Financials | 22.9648| 0.3| 17/11
* Consumer Staples | 5.4473| 0.7| 10/3
* Information Technology | 4.7006| 0.2| 9/6
* Real Estate | 1.8062| 0.3| 14/9
* Health Care | 1.0886| 0.5| 5/4
* Utilities | -0.1167| 0.0| 7/8
* Consumer Discretionary | -5.2583| -0.7| 5/6
* Communication Services | -9.7063| -1.0| 2/5
* Industrials | -12.6534| -0.5| 17/13
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Suncor Energy | 9.0070| 3.1| 23.5| 36.4
* Bank of Montreal | 8.0520| 1.3| 222.9| 41.8
* Brookfield Asset | | | |
* Management | 7.1910| 0.9| 2.5| 45.8
* Restaurant Brands | -7.9460| -4.8| 113.3| -6.4
* Rogers Communications | -8.4440| -5.8| 284.6| -4.6
* Canadian National | -8.8060| -1.2| 18.0| 18.2

US
By Vildana Hajric
(Bloomberg) — U.S. stocks rose to another record high as traders geared for a string of earnings reports from technology heavyweights including Facebook Inc., while keeping in mind inflation concerns and rising Covid-19 risks. Consumer discretionary, energy and materials sectors led the S&P 500 to an all-time high. PayPal Holdings Inc. rose after the company said it isn’t pursuing an acquisition of Pinterest Inc., ending days of speculation over a potential $45 billion deal. Tesla Inc. advanced after receiving an order for 100,000 cars from Hertz Global Holdings Inc. “This year, broad market indices have benefited from robust earnings growth—the rising tide lifts all boats adage has been in full effect,” said Principal Global Investors Chief Strategist Seema Shah. “But as the economy slows and market conditions become more challenging, selectivity will be key.  Staying overweight equities, with a focus on factors such as quality, will be increasingly important for investors aiming to balance portfolios in the market environment ahead.”
Oil pared gains after hitting $85 a barrel for the first time since 2014 with traders focused on upcoming talks between Iran and the European Union that may lead to a revival of a 2015 nuclear deal. Yields on shorter-maturity Treasuries fell and the dollar edged higher after Federal Reserve Chair Jerome Powell flagged that inflation could stay higher for longer, fueling investor concern that sticky price increases may force policy makers to raise borrowing costs. Gold advanced above $1,800 an ounce. Global equities have remained resilient despite risks from price pressures stoked by supply-chain bottlenecks and higher energy costs.
Treasury Secretary Janet Yellen is among those counseling the inflation situation reflects temporary pain that will ease in the second half of 2022. Investors are wary that tighter monetary policy to keep inflation in check will stir volatility. Traders are also monitoring an outbreak of the delta virus strain in China that is expected to worsen. The nation sought to allay concerns about the economy’s slowdown with a lengthy state media commentary outlining how the government is managing risks and remains confident about achieving its targets for the year. The Stoxx Europe 600 index edged higher. The basic-resources sector advanced as crude oil and metals rose earlier, while banks increased on HSBC Holdings Plc’s bright outlook.
Here are some events to watch this week:
* Earnings: Amazon, Apple, Facebook, Microsoft, Twitter, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group
* Australia CPI, Wednesday
* U.S. wholesale inventories, U.S. durable goods, Wednesday
* Bank of Japan monetary policy decision, briefing, Thursday
* ECB rates decision, President Christine Lagarde briefing, Thursday
* U.S. GDP, initial jobless claims, Thursday
* G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.3% to $1.1611
* The British pound was little changed at $1.3765
* The Japanese yen fell 0.2% to 113.72 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.63%
* Germany’s 10-year yield declined one basis point to -0.11%
* Britain’s 10-year yield was little changed at 1.14%
Commodities
* West Texas Intermediate crude fell 0.4% to $83.45 a barrel
* Gold futures rose 0.7% to $1,808.10 an ounce
–With assistance from Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Believe me, every heart has its secret sorrow which the world knows not;
and oftentimes we call a man cold, when he is only sad. -Henry Wadsworth Longfellow, 1807-1882.

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