Category: Events

Dear Friends,

Tangents:
On Oct. 7, 1985 Palestinian gunmen hijacked the Italian cruise ship Achille Lauro in the Mediterranean with more than 400 people aboard.  Go to article »

Neils Bohr, mathematician, b.1885
Vladimir Putin, President, b. 1952
Yo-Yo Ma, cellist, b.1955.

‘Luxury’ 2,700-year-old toilet discovered in Jerusalem.  It was private AND ergonomically designed! Very fancy. 

How to break a phone addiction.

Chipmunks cause an energy crisis. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Mustasinur Rahman Alvi, 23, from Barishal, Bangladesh, snapped the farmers as they floated through a canal collecting water lilies. Mustasinur says that pink lilies and green lily pads cover the 10,000-acre canal and wetlands area in Barishal Division, Bangladesh and that the flowers are only in bloom during the seasonal flooding which begins in August and ends in November
CREDIT: MUSTASINUR RAHMAN ALVI/ CATERS NEWS AGENCY

The London skyline is seen as the sun begins to set behind it on what has been a warm and sunny day for most of the country. This incredible picture was taken almost 30 miles away from the City of London
CREDIT: RICK FINDLER / STORY PICTURE AGENCY

National Gallery’s Poussin and the Dance exhibition. A pair of performers from Hetain Patel’s upcoming live performance, Baa’s Gold dance amongst the Poussin and Classical Artworks. Posed in front of A Dance to the Music of Time c1634
CREDIT: JULIAN SIMMONDS FOR THE TELEGRAPH

Australian endurance swimmer Chloe McCardel approaches France at sunrise during her attempt to swim across the English Channel to equal the World Record, currently held at 43 crossings, before attempting her record breaking 44th crossing due on Sunday
CREDIT: GARETH FULLER/ PA WIRE

Market Closes for October 7^th, 2021

Market Index	Close	Change
Dow Jones	34754.94	+337.95
		+0.98%
S&P 500	4399.76	+36.21
		+0.83%
NASDAQ	14654.02	+152.11 +1.05%
TSX	20416.21	+224.55
		+1.11%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27678.21	+149.34
		+0.54%
HANG SENG	24701.73	+735.24
		+3.07%
SENSEX	59677.83	+488.10
		+0.82%
FTSE 100*	7078.04	+82.17 +1.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.565	1.505
CND. 30 Year Bond	2.042	1.991
U.S.    10 Year Bond	1.5729	1.5224
U.S. 30 Year Bond	2.1263	2.0782

Currencies

BOC Close	Today	Previous
Canadian $	0.7967	0.7942
US $	1.2552	1.2591
Euro Rate 1 Euro=		Inverse
Canadian $	1.4503	0.6895
US $	1.1554	0.8655

Commodities

Gold	Close	Previous
London Gold Fix	1759.70	1753.20
Oil
WTI Crude Future	78.30	77.43

Market Commentary:
     On this day in 1896, the Dow Jones Industrial Average began continuous daily publication. Its 12 members were the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, American Spirits Manufacturing, General Electric, Laclede Gas, National Lead, U.S. Cordage, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities advanced on Thursday with tech and consumer discretionary stocks leading the way.  The S&P/TSX Composite rose for the third day, climbing 1.1% in Toronto. The move was the biggest since rising 1.2% on June 1. Today, information technology stocks led the market higher, as all sectors gained; 188 of 234 shares rose, while 44 fell. Shopify contributed the most to the index gain, increasing 3.4%. Richelieu Hardware had the largest increase, rising 7.0%.
Insights
* In the past year, the index had a similar or greater gain 13 times. The next day, it advanced 10 times for an average 0.5% and declined three times for an average 0.6%
* This year, the index rose 17%, heading for the best year since 2019
* So far this week, the index rose 1.3%, heading for the biggest advance since the week ended Aug. 27
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 29% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Sept. 7, 2021 and 32.4% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.7% in the past 5 days and fell 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 9.95% compared with 9.38% in the previous session and the average of 7.90% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 69.1285| 3.0| 14/0
* Financials | 45.0218| 0.7| 26/2
* Energy | 37.2105| 1.4| 21/1
* Materials | 28.9482| 1.3| 42/13
* Consumer Discretionary | 16.6663| 2.3| 12/1
* Industrials | 10.0533| 0.4| 26/4
* Real Estate | 7.2839| 1.2| 19/6
* Communication Services | 3.6949| 0.4| 5/2
* Consumer Staples | 3.0861| 0.4| 9/4
* Health Care | 2.1579| 1.1| 6/3
* Utilities | 1.2866| 0.1| 9/7
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 45.6900| 3.4| -8.9| 22.2
* Brookfield Asset | | | |
* Management | 16.2000| 2.3| -27.4| 34.0
* Magna International | 9.2960| 4.9| 42.3| 14.0
* Algonquin Power | -0.7290| -0.9| -10.7| -12.7
* Canadian Pacific | -1.7590| -0.4| -17.0| -3.1
* Canadian National | -7.3630| -1.2| -51.1| 4.8

US
By Elaine Chen and Vildana Hajric
(Bloomberg) — U.S. equities rose on Thursday, bolstered by progress on U.S. debt-ceiling talks and easing concerns about Europe’s energy crunch. The S&P 500 climbed as much as 1.5% before nearly halving gains on China’s plans to tighten its supervision over technology companies. The advance was led by the materials and consumer discretionary sectors, extending a three-day rally to 2.3%. The yield on the U.S. 10-year Treasury note climbed to 1.57%, the highest since June. “We’ve had a 24-hour stretch where we’ve pulled back from a few of the key risk drivers that have been concerning markets,” said Giorgio Caputo, senior portfolio manager at J O Hambro Capital Management. Markets have been buffeted in the past month by worries about an energy crisis, elevated inflation, reduced stimulus and slower growth. However, the prospect of a short-term U.S. debt limit extension is easing concern over political bickering. Natural gas prices were also lower on Thursday after signals Russia may increase supplies to Europe. “The volatility we’ve seen in the markets here this week — where we’re up one day, down the next — is really a reflection of the news cycles and the different news that we’ve been receiving,” Chris Gaffney, president of world markets at TIAA Bank, said by phone.
Up next, all eyes will be on Friday’s U.S. nonfarm payrolls, which may shed light on the Federal Reserve’s timeline to cut bond purchases. There is growing optimism the report will show the kind of “decent” jobs growth Fed Chair Jerome Powell said he wants.  U.S. initial jobless claims fell more than expected last week and ADP employment figures beat expectations for September. “Both really reflect that the job market is strengthening and that people are getting back to work,” Gaffney said of the latest employment data. “That certainly bodes well for the markets going forward in that the more people that are working, the more spending can occur as people get back to work.” Oil reversed losses after the U.S. Energy Department said it has no plans to tap oil reserves. The dollar was little changed. Gold fell.

Here are some events to watch this week:
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1554
* The British pound rose 0.3% to $1.3617
* The Japanese yen fell 0.2% to 111.60 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.57%
* Germany’s 10-year yield was little changed at -0.19%
* Britain’s 10-year yield was little changed at 1.08%
Commodities
* West Texas Intermediate crude rose 1.8% to $78.85 a barrel
* Gold futures fell 0.3% to $1,755.80 an ounce
–With assistance from Namitha Jagadeesh, Akshay Chinchalkar, Cecile Gutscher and Andreea Papuc.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Once the game is over, the King and the pawn go back into the same box. -Italian Proverb.

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. 6, 1981, Egyptian President Anwar Sadat was shot to death by Islamic militants while reviewing a military parade.  Go to article »

These are the world’s 50 best restaurants for 2021.  Reservations required … and probably a plane ticket. 

Noma is still the world’s best restaurant.

The Nobel Prize in chemistry has been awarded to Benjamin List and David W.C. MacMillan, two scientists honored for creating “an ingenious tool for building molecules” that helped develop new drugs and made chemistry greener.

Grey Poupon has a wine now.  Exhausted from all the weird food news? Take a load off with some mustard wine! 

Planet with iron rainfall is even more extreme than scientists thought.  That’s (literally!) so metal. 

Sunlight affects whether languages have a word for “blue.”

PHOTOS OF THE DAY

Artist Lakwena Maciver unveils her expansive, immersive floorscape titled – Back in the Air: A Meditation on Higher Ground, commissioned by theCoLAB Temple in partnership with Westminster City Council and 180 Studios at The Artist’s Garden, a vast undiscovered half-acre roof terrace on top of Temple Underground Station in London
CREDIT: JEFF BILBERT FOR THE TELEGRAPH

Rescuers help a stranded humpback whale (Megaptera novaeangliae) on the shores of Argentine sea at Nueva Atlantis, some 350 Km south-east of Buenos Aires, on October 3. – During the last 48 hours, two unusual strandings of humpback whales were recorded in the Province of Buenos Aires. In both cases, rescue teams were able to return both whales to the sea
CREDIT: FUNDACION MUNDO MARINO/AFP VIA GETTY IMAGES

Two marine biologists off Koh Tao Island, Thailand, attach fragments of damaged corals onto an electrified metal structure. This has been reported to improve skeletal growth, resilience and resistance to bleaching of these recovered coral fragments, In the past three decades, the Earth has lost 50% of its coral reefs
CREDIT: SIRACHAI ARUNRUGSTICHAI / NATUREPL.COM
Market Closes for October 6^th, 2021

Market Index	Close	Change
Dow Jones	34416.99	+102.32
		+0.30%
S&P 500	4363.55	+17.83
		+0.41%
NASDAQ	14501.91	+68.08 +0.47%
TSX	20191.66	+8.23
		+0.04%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27528.87	-293.25
		-1.05%
HANG SENG	23966.49	-137.66
		-0.57%
SENSEX	59189.73	-555.15
		-0.93%
FTSE 100*	6995.87	-81.23 -1.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.505	1.537
CND. 30 Year Bond	1.991	1.2019
U.S.    10 Year Bond	1.5224	1.5258
U.S. 30 Year Bond	2.0782	2.0975

Currencies

BOC Close	Today	Previous
Canadian $	0.7942	0.7949
US $	1.2591	1.2581
Euro Rate 1 Euro=		Inverse
Canadian $	1.4553	0.6872
US $	1.1558	0.8652

Commodities

Gold	Close	Previous
London Gold Fix	1753.20	1754.55
Oil
WTI Crude Future	77.43	78.93

Market Commentary:
     On this day in 1979, Paul Volcker, who became chairman of the Federal Reserve only two months earlier, made his first major announcement, and it was a doozy: The Fed was raising interest rates a full percentage point, to 12%, and would take tough measures to control the money supply. Mr. Volcker’s announcement, made on a Saturday night, became known as “the Saturday Night Massacre” for its murderous effect on bond prices—but it also broke the back of inflation.
Canada
By Natasha Abellard
(Bloomberg) — Canadian stocks closed little changed, reversing earlier declines that were triggered by inflation concerns. The tech industry led the gainers, rising almost 2% rise. The S&P/TSX Composite closed up 0.04% in Toronto. Shopify contributed the most to the index gain, increasing 2.6%. Equinox Gold had the largest increase, rising 6.3%. Today, 99 of 234 shares rose, while 131 fell; 5 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 16%, heading for the best year since 2019
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 3.4% below its 52-week high on Sept. 7, 2021 and 31% above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and fell 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 9.38% compared with 9.41% in the previous session and the average of 7.80% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 38.3994| 1.7| 9/6
* Materials | 12.5609| 0.6| 34/21
* Industrials | 7.0702| 0.3| 9/21
* Utilities | 3.5245| 0.4| 8/8
* Real Estate | 1.9516| 0.3| 15/9
* Consumer Staples | -0.3692| 0.0| 5/8
* Communication Services | -1.2164| -0.1| 1/4
* Health Care | -2.6407| -1.3| 4/5
* Consumer Discretionary | -9.9423| -1.4| 4/9
* Financials | -15.7562| -0.2| 8/20
* Energy | -25.3488| -0.9| 2/20
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 33.2800| 2.6| -12.7| 18.2
* Canadian Pacific | 7.1740| 1.8| -31.4| -2.7
* Enbridge | 6.4670| 0.9| -31.8| 25.3
* TD Bank | -4.9300| -0.5| 185.2| 18.9
* Canadian Natural | | | |
* Resources | -7.0810| -1.8| -21.9| 57.8
* Suncor Energy | -7.1400| -2.5| -35.1| 27.0

US
By Natalia Kniazhevich and Vildana Hajric
(Bloomberg) — Stocks whipsawed in heavy trading as Republicans were poised to offer Democrats a way to end the debt limit impasse. The S&P 500 and Nasdaq 100 both gained, erasing earlier losses of more than 1%, after Senate Minority Leader Mitch McConnell said he planned to offer a short-term debt ceiling increase that would last into December. The turbulence came as the benchmark S&P 500 has logged four straight days of 1% moves amid a growing list of concerns including the debt ceiling, inflation and surging energy prices. European equities also halved losses as natural gas prices – up as much as 40% at one point — turned lower after Russia’s President Vladimir Putin said the country is ready to help. “With the latest news that Republicans are willing to come to the table and negotiate an extension, equities (and yields) have rallied back,” Anna Han, a Wells Fargo Securities strategist, said in an email. “It’s certainly not all peachy, but it does bring short-term relief to one of the various macro risks we have been watching.” The yield on the U.S. 10-year Treasury note was little changed as investors considered the U.S. economic outlook. ADP employment data beat analyst expectations ahead of Friday’s U.S. nonfarm payrolls, cementing predictions the Federal Reserve will taper stimulus next month. A strong U.S. jobs report could assuage worries about ongoing hiring challenges.
However, the market remains volatile on concerns elevated inflation may persist longer than the central bank expects, especially in the face of an energy crunch this winter. “To be sure, the beat on private payroll numbers is a positive but there’s no shortage of catalysts out there that could move the market,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial, adding that positive labor data could prompt the Fed to tighten policy at a quicker pace. “But the fact that hiring is up, shouldn’t be discounted. It’s definitely a good thing in terms of recovery.” If job gains in the ADP data does translate to Friday’s report, analysts expect the Fed to announce taper plans for asset purchases in early November. Fed chair Jerome Powell said he was looking for “decent” job growth. “We’re in quite a different labor market in that for many sectors there is a shortage of workers,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Hopefully we’re in the midst of seeing more labor supply with kids back in school, Covid under control and the end of the extra unemployment benefits.” Crude oil in New York fell, the dollar was stronger against major peers, and Bitcoin jumped above $54,000.

Here are some events to watch this week:
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data 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 0.6%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1558
* The British pound fell 0.3% to $1.3588
* The Japanese yen was little changed at 111.39 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.52%
* Germany’s 10-year yield was little changed at -0.18%
* Britain’s 10-year yield declined one basis point to 1.07%
Commodities
* West Texas Intermediate crude fell 2.4% to $77.06 a barrel
* Gold futures rose 0.3% to $1,765.50 an ounce
–With assistance from Kamaron Leach, Peyton Forte and Nathan Hager.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

Losing is not as bad as wanting more. –Laozi, 571 BC-c. 5^th century BC.

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 October 5, 1947, in the first televised White House address, President Truman asked Americans to refrain from eating meat on Tuesdays and poultry on Thursdays to help stockpile grain for starving people in Europe.  Go to article »

1877-Chief Joseph surrenders.
Tecumseh, Shawnee chief, d. 1813
Bob Geldof, singer/activist, b. 1951
Kate Winslet, actress, b. 1975.

William Shatner, 90, is headed to space on Jeff Bezos’ Blue Origin mission.  Captain Kirk would be proud. 

Censored letters between Marie-Antoinette and her rumored lover revealed in full with X-rays.  Among the censored words: “beloved,” “tender friend,” “adore,” and “madly,” ooh

The Earth isn’t as bright as it once was.  Not like, smarts-wise. That would be a really insulting thing to hear this early in the morning. 

Syukuro Manabe, Klaus Hasselmann and Giorgio Parisi win Nobel Prize for physics.
The 2021 award goes to the three scientists for ground-breaking work in predicting global warming and for the understanding of complex physical systems.

The Late Night Hosts weighed in on the Facebook outage yesterday:

“People started noticing something was wrong this morning when they felt happy for more than 30 minutes.” — JAMES CORDEN

“For hours, users were left in suspense about whether their second cousin thinks the vaccine gives your pancreas Wi-Fi.” — STEPHEN COLBERT

“So if you wanted to share photos, you had to go door-to-door with Polaroids of your brunch,” Stephen Colbert joked.

“As the panic grew, Facebook did not say what might be causing the outage. Now, I’m no computer expert, but my theory is a just god?” — STEPHEN COLBERT

“Now, clearly, this is the day the machines have risen up and are taking over, but don’t panic: They only know our thoughts, feelings, family, friends,
location, facial patterns and banking data.” — STEPHEN COLBERT

“It was so bad that the only way Facebook could let the world know what was going on — and this is true — was by posting a message on Twitter. ” — STEPHEN COLBERT

“That must hurt. Facebook communicating problems on Twitter? That’s like Burger King running out of fries and having to announce it on a Big Mac.” — STEPHEN COLBERT

“Yes, Facebook’s entire site crashed. They were like, ‘Oh, my god, this is the best press we’ve had in months!’” — JIMMY FALLON

“Facebook was only down for a day and in that short time, everyone got the vaccine.” — JIMMY FALLON

“Before Facebook, I had no problems with any of my aunts or uncles. It was all — all birthday checks in the mail.” — JIMMY KIMMEL

“I gotta check out Facebook one of these days. I hear bad things.” — STEPHEN COLBERT

“With no social media, I ended up spending most of the day talking to my son. He’s really nice!” — JAMES CORDEN
PHOTOS OF THE DAY

John Moore the head gardener at Churchill College in Cambridge trimming the wall of Boston Ivy on Tuesday morning as it turns red in the autumn weather. One of the largest walls of Boston Ivy in Britain is turning a blaze of red today as Britain is set to see an Indian summer later this week
CREDIT: GEOFF ROBINSON

A polar bear plays in the Fireweed plants on an island off the Hudson Bay Canada
CREDIT: DENNIS FAST/MERCURY PRESS

People visit an art piece by Turkish-American new media digital artist Refik Anadol’s entitled ‘Machine Hallucination Space: Metaverse Lot 1’ at the Digital Art Fair Asia in Hong Kong, China
CREDIT: JEROME FAVRE/EPA-EFE/SHUTTERSTOCK

Market Closes for October 5^th, 2021

Market Index	Close	Change
Dow Jones	34314.67	+311.75
		+0.92%
S&P 500	4345.72	+45.26
		+1.05%
NASDAQ	14433.83	+178.35 +1.25%
TSX	20183.43	+131.17
		+0.65%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27822.12	-622.77
		-2.19%
HANG SENG	24104.15	+67.78
		+0.28%
SENSEX	59744.88	+445.56
		+0.75%
FTSE 100*	7077.10	+66.09 +0.94%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.537	1.483
CND. 30 Year Bond	1.2019	1.959
U.S.    10 Year Bond	1.5258	1.4789
U.S. 30 Year Bond	2.0975	2.0442

Currencies

BOC Close	Today	Previous
Canadian $	0.7949	0.7944
US $	1.2581	1.2588
Euro Rate 1 Euro=		Inverse
Canadian $	1.4592	0.6853
US $	1.1600	0.8622

Commodities

Gold	Close	Previous
London Gold Fix	1754.55	1757.05
Oil
WTI Crude Future	78.93	77.62

Market Commentary:
On this day in 1993, Daimler-Benz became the first German company to be listed on the New York Stock Exchange.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 20,183.43 in Toronto. The move was the biggest since rising 0.8 percent on Sept. 22 and follows the previous session’s decrease of 0.5 percent. Royal Bank of Canada contributed the most to the index gain, increasing 0.8 percent. Stelco Holdings Inc. had the largest increase, rising 8.6 percent. Today, 155 of 234 shares rose, while 76 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* The index advanced 23 percent in the past 52 weeks. The MSCIAC Americas Index gained 28 percent in the same period
* The S&P/TSX Composite is 3.4 percent below its 52-week high on Sept. 7, 2021 and 30.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and fell 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility rose to 9.41 percent compared with 9.24 percent in the previous session and the average of 7.73 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 58.7683| 0.9| 24/4
* Energy | 24.0885| 0.9| 16/7
* Industrials | 18.6050| 0.8| 24/6
* Materials | 12.2345| 0.5| 30/23
* Consumer Staples | 7.6268| 1.0| 10/3
* Consumer Discretionary | 7.5675| 1.0| 11/2
* Information Technology | 3.0617| 0.1| 10/5
* Health Care | 2.9565| 1.5| 7/2
* Communication Services | 1.2451| 0.1| 6/1
* Real Estate | 0.2732| 0.0| 14/10
* Utilities | -5.2611| -0.6| 3/13
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Royal Bank of Canada| 10.3800| 0.8| 31.2| 21.7
* TD Bank | 10.2400| 1.0| 257.3| 19.4
* Suncor Energy | 9.8300| 3.5| -13.1| 30.3
* TC Energy | -3.1260| -0.7| 131.5| 18.6
* Constellation | | | |
* Software | -3.3440| -1.2| 4.4| 23.3
* Enbridge | -4.2180| -0.6| -6.4| 24.2

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — Stocks rebounded from Monday’s rout and Treasuries fell as investors assessed the state of the economy before a key payroll report Friday. The S&P 500 and Nasdaq 100 gained — led by advances in mega-cap tech names — while the 10-year yield spiked to 1.53%. Investors are anxiously awaiting the latest labor market data for a signal on the Federal Reserve’s next move. An ISM reading on the U.S. services sector activity came in better than expected Tuesday, likely keeping the Fed on track to announce a pullback in bond-buying. The advances helped ease concerns of a market correction as the S&P 500 rose back above its 100-day moving average. A wall of worry has been building amid elevated inflation, fading recovery indicators, a spreading energy crisis, and U.S. political bickering. The Nasdaq 100’s gain came after a measure of its relative strength fell to the lowest since March. “While some parts of the stock market have declined more than others, we still have a ways to go before reaching an actual correction in the major stock indexes,” said David Bahnsen, chief investment officer at Newport Beach, California-based wealth management firm The Bahnsen Group. “It is impossible to get overly worried about these incredibly modest market declines, which are mostly concentrated in highly overpriced technology stocks.”
The S&P 500 information technology sector is down about 6% from a high in August as rising inflation and Treasury yields have prompted a rotation out of high-growth companies trading at a premium. Meanwhile, the energy sector is up 17% from a low in September as Europe braces for a winter energy crunch. European natural gas contracts soared on Tuesday to an unprecedented 114 euros per megawatt-hour, compared with 15.49 euros in February. Crude oil in New York also gained for a fourth day. “I think we’re going to most likely continue this pattern of pretty rapid sector shifts,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “You’ve got these rotational corrections that have been happening under the surface, and yes, the deterioration has been more significant recently in the Nasdaq, but throughout the course of this year, you’ve seen various periods where breadth deterioration was more severe in areas like the Nasdaq or small cap.”
The latest Fed commentary ahead of the U.S. nonfarm-payrolls data came on Monday from St. Louis Fed President James Bullard who said elevated price pressures may be changing the mentality of businesses and consumers by making them more accustomed to higher inflation. “The nonfarm payrolls report will be released on Friday and will give us a sense of how the Delta variant has impacted the employment environment,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “We don’t expect the report to have a meaningful market impact; Covid-19 cases are also on the decline again, and Federal Reserve communication points to reducing their market support as long as the report is ‘decent.’” The dollar rose, rebounding from a three-day selloff. Bitcoin extended a rally, surpassing the $50,000 mark. And equities in Europe and Hong Kong rose, while those in Japan fell.
Here are some events to watch this week:
* Rate decision in New Zealand on Wednesday
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1.4%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1599
* The British pound rose 0.1% to $1.3625
* The Japanese yen fell 0.5% to 111.46 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.53%
* Germany’s 10-year yield advanced three basis points to -0.19%
* Britain’s 10-year yield advanced seven basis points to 1.08%
Commodities
* West Texas Intermediate crude rose 2.1% to $79.22 a barrel
* Gold futures fell 0.4% to $1,761.10 an ounce
–With assistance from Nathan Hager and Lu Wang.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

If you want to lift yourself up, lift up someone else. -Booker T. Washington, 1856-1915.     

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

St. Francis of Assisi, b. 1181

Nobel Prize in Physiology or Medicine:
The 2021 award goes to David Julius and Ardem Patapoutian for identifying the receptors that allow humans to perceive temperature and touch.

William Shatner is going to space. 

Mick Jagger went to a Charlotte bar and nobody noticed.

Unleashing the atom made humans think of the deep future.

PHOTOS OF THE DAY

A beautiful sunrise and horses on a fresh autumnal morning on Bamburgh beach in Northumberland this morning
CREDIT: SOMIN WOODLEY / SWNS

Cooks crafting their famed dim sum specialities in Shanghai’s Yu Garden district. The image, taken by Ian Douglas Scott, was the runner-up in the food and travel category at the National Geographic Traveller (UK) Photography Competition 2021
CREDIT: IAN DOUGLAS SCOTT?NATIONAL GEOGRAPHIC

A rainbow over St Mary’s Lighthouse in Whitley Bay
CREDIT: OWEN HUMPHREYS/PA WIRE

Market Closes for October 4^th, 2021

Market Index	Close	Change
Dow Jones	34002.92	-323.54
		-0.94%
S&P 500	4300.46	-56.58
		-1.30%
NASDAQ	14255.48	-311.22 -2.14%
TSX	20052.25	-98.62
		-0.49%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28444.89	-326.18
		-1.13%
HANG SENG	24036.37	-539.27
		-2.19%
SENSEX	59299.32	+533.74
		+0.91%
FTSE 100*	7011.01	-16.16 -0.23%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.483	1.468
CND. 30 Year Bond	1.959	1.955
U.S.    10 Year Bond	1.4789	1.4650
U.S. 30 Year Bond	2.0442	2.0336

Currencies

BOC Close	Today	Previous
Canadian $	0.7944	0.79154
US $	1.2588	1.2633
Euro Rate 1 Euro=		Inverse
Canadian $	1.4627	0.6837
US $	1.1620	0.8607

Commodities

Gold	Close	Previous
London Gold Fix	1757.05	1742.80
Oil
WTI Crude Future	77.62	75.88

Market Commentary:
     On this day in 1903, John Vincent Atanasoff was born just west of Hamilton, N.Y., to Ivan Atanasoff, a Bulgarian-born electrical engineer, and math teacher Iva Purdy. From 1939 through 1941, working at Iowa State with a $650 research grant, he developed the world’s first electronic digital computer.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed lower Monday but outperformed their U.S. peers, as a drop in health care and technology shares was offset by strength in commodities. The S&P/TSX Composite fell 0.5 percent to 20,052.25 in Toronto. The index dropped to the lowest closing level since July 20 after the previous session’s increase of 0.4 percent. Today, information technology stocks led the market lower, as 9 of 11 sectors lost; 141 of 234 shares fell, while 88 rose. Energy and materials were the only sectors that gained. Shopify Inc. contributed the most to the index decline, decreasing 3.1 percent. Lightspeed Commerce Inc. had the largest drop, falling 8.5 percent.
Insights
* This year, the index rose 15 percent, heading for the best year since 2019
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 29 percent in the same period
* The S&P/TSX Composite is 4 percent below its 52-week high on Sept. 7, 2021 and 30.1 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 2 percent in the past 5 days and fell 3.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 9.24 percent compared with 9.41 percent in the previous session and the average of 7.64 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -67.2381| -2.9| 0/15
* Industrials | -30.0327| -1.3| 7/23
* Financials | -27.0233| -0.4| 8/20
* Health Care | -6.0085| -2.9| 0/9
* Real Estate | -3.9062| -0.6| 3/20
* Consumer Discretionary | -3.2565| -0.4| 5/8
* Consumer Staples | -2.9877| -0.4| 5/8
* Communication Services | -2.4849| -0.3| 3/3
* Utilities | -0.1743| 0.0| 9/7
* Materials | 15.1198| 0.7| 32/21
* Energy | 29.3939| 1.1| 16/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -40.9900| -3.1| -10.5| 15.1
* Brookfield Asset | | | |
* Management | -13.4600| -1.9| -30.8| 29.6
* Lightspeed Commerce| | | |
* Inc | -9.1830| -8.5| 34.8| 26.5
* Enbridge | 4.2180| 0.6| -23.3| 24.9
* Sun Life Financial | 6.4630| 2.4| 13.6| 17.8
* Canadian Natural | | | |
* Resources | 12.0200| 3.1| -37.8| 56.7

US
By Vildana Hajric and Peyton Forte
(Bloomberg) — U.S. stocks declined Monday as a selloff in technology stocks resumed on the threat of persistently high  inflation. The S&P 500 fell 1.3% — dipping below its 100-day moving average — while the Nasdaq 100 shed 2.2% and the Dow Jones Industrial Average slid 0.9%. The losses were led by high-growth technology companies – including Amazon.com Inc. and Facebook Inc. — while vaccine makers also fell on Merck & Co.’s announcement about an effective Covid-19 drug. Energy stocks, meanwhile, rose along with oil prices. “There’s a wall of worry that markets are trying to climb at the moment,” said Deutsche Bank strategist Jim Reid in a note. “We have an energy crisis, supply chain issues, higher inflation, signs of weaker growth, and lots of talk about stagflation.” Global markets have taken a risk-off turn amid a growing list of worries, just as investors have been bracing for the Federal Reserve to begin tapering stimulus as early as next month. Higher inflation and Treasury yields make the premium investors pay for high-growth stocks less attractive. The risk to earnings may also be higher for some tech companies. “Technology stocks are most likely getting hit the hardest because higher interest rates means higher discount rates for future earnings,” said Brian Price, head of investment management for Commonwealth Financial Network. “I would expect this dynamic to continue as long as inflation expectations remain at the higher end.” Fears of a spreading energy crisis also added to concerns about inflation Monday with European power and gas prices surging before the onset of winter. The power contract for November in Germany hit a record while natural-gas futures extended a rally.
Meanwhile, crude oil in New York surged to the highest since 2014 as OPEC+ agreed to an output hike for November. “The post-pandemic recovery appears to be stumbling,” said Fiona Cincotta, senior financial markets analyst at City Index. “Supply shortages and a worsening energy crunch mean prices are rising and elevated inflation may not be as transitory as the Fed initially thought.” President Joe Biden warned Monday that the U.S. government was also at risk of breaking its legal debt limit, describing the risk as a “meteor” headed for the economy. The yield on the U.S. 10-year Treasury rose to 1.48%, paring back earlier gains. The dollar slid for a third day. And equities in Europe, Japan and Hong Kong fell. Markets in mainland Chinese are closed through Thursday for the Golden Week holidays. 

Here are some events to watch this week:
* Reserve Bank of Australia policy decision Tuesday
* Rate decision in New Zealand on Wednesday
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data Friday
* Annual Nobel announcements start on Monday, with the Peace Prize being awarded on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1621
* The British pound rose 0.5% to $1.3613
* The Japanese yen rose 0.1% to 110.93 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.48%
* Germany’s 10-year yield advanced one basis point to -0.21%
* Britain’s 10-year yield was little changed at 1.01%
Commodities
* West Texas Intermediate crude rose 2.2% to $77.54 a barrel
* Gold futures rose 0.6% to $1,769.50 an ounce
–With assistance from Joanna Ossinger and Srinivasan Sivabalan.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Practice is the best of all instructors. -Publilius Syrus, 85 BC-43 BC.

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.

1908 Henry Ford introduced the Model T automobile to the market; each car cost $825.  Go to article »

1890-Yosemite National Park established.
Julie Andrews, actress, b. 1935.
Jimmy Carter,39^th President, b. 1924.

Earth is dimming. 

The final days of the world’s oldest bank. 

The original ‘Scream’ house is on Airbnb — and you can book a stay on Halloween.  This has big “first person to bite the dust in a horror movie” energy. 

PHOTOS OF THE DAY

The only lighthouse in London – at Trinty Buoy Wharf near Canning Town – emits a beam for the first time since it closed for duty in the late 19^th century. It is part of an art installation, The Sonic Ray by Artangel, encoding and transmitting the sound of Longplayer, Jem Finer’s 1000 year-long musical composition, to Richard Wilson’s cleaved ship sculpture, Slice of Reality, in north Greenwich.
CREDIT: IAN WEST/PA

A long exposure photo shows light trails from traffic and tram rails in Frankfurt, Germany
CREDIT: MICHAEL PROBST/AP

Lightning forks over the Gulf of Iskenderun in Hatay, Turkey 
BURAK MILLI/ANADOLU AGENCY VIA GETTY IMAHES

Market Closes for October 1^st, 2021

Market Index	Close	Change
Dow Jones	34326.46	+482.54
		+1.43%
S&P 500	4357.04	+49.50
		+1.15%
NASDAQ	14566.70	+118.12 +0.82%
TSX	20150.87	+80.62
		+0.40%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28771.07	-681.59
		-2.31%
HANG SENG	MARKET CLOSE	N.A
		N.A
SENSEX	58765.58	-360.78
		-0.61%
FTSE 100*	7027.07	-59.35 -0.84%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.468	1.509
CND. 30 Year Bond	1.955	1.992
U.S.    10 Year Bond	1.4650	1.4873
U.S. 30 Year Bond	2.0336	2.0449

Currencies

BOC Close	Today	Previous
Canadian $	0.79154	0.7885
US $	1.2633	1.2682
Euro Rate 1 Euro=		Inverse
Canadian $	1.4650	0.68258
US $	1.1597	0.86230

Commodities

Gold	Close	Previous
London Gold Fix	1742.80	1737.15
Oil
WTI Crude Future	75.88	75.03

Market Commentary:
     On this day in 1928, the Dow Jones Industrial Average assumed its modern form, adding ten new members so that it comprised 30 of the country’s greatest growth stocks. Among them were such giants as American Smelting, Nash Motors, Postum, Texas Gulf Sulphur and Victor Talking Machine.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4 percent at 20,150.87 in Toronto. The move was the biggest since rising 0.8 percent on Sept. 22 and follows the previous session’s decrease of 0.4 percent. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.8 percent. Air Canada had the largest increase, rising 6.5 percent. Today, 118 of 234 shares rose, while 107 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* So far this week, the index fell 1.2 percent, heading for the biggest decline since the week ended July 16
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 29 percent in the same period
* The S&P/TSX Composite is 3.6 percent below its 52-week high on Sept. 7, 2021 and 30.7 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility fell to 9.41 percent compared with 9.52 percent in the previous session and the average of 7.31 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 47.1780| 0.7| 18/10
* Industrials | 20.2479| 0.9| 16/12
* Energy | 15.7409| 0.6| 18/4
* Consumer Discretionary | 6.7956| 0.9| 10/3
* Real Estate | 4.0975| 0.7| 19/6
* Health Care | -0.3545| -0.2| 2/7
* Information Technology | -1.1222| 0.0| 8/7
* Communication Services | -2.0299| -0.2| 3/4
* Utilities | -2.1235| -0.2| 5/11
* Materials | -3.5300| -0.2| 16/34
* Consumer Staples | -4.2787| -0.6| 3/9
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 19.2100| 1.8| 96.4| 18.7
* Brookfield Asset | | | |
* Management | 11.8400| 1.7| -41.2| 32.2
* Nutrien | 10.6900| 3.3| -22.1| 38.7
* Wheaton Precious | | | |
* Metals | -3.0000| -2.0| 9.3| -12.1
* Franco-Nevada | -4.5230| -2.1| -44.3| 1.0
* Shopify | -9.5190| -0.7| -27.3| 18.8

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed as prospects for a pickup in growth outweighed concern over inflation pressures at a time when the Federal Reserve is getting ready to wind down its pandemic-era stimulus. Promising results for Merck & Co.’s experimental Covid-19 pill triggered a rally in companies that stand to benefit from an economic reopening.  Commodity and financial shares were among the biggest gainers in the S&P 500, while a gauge of small caps jumped 1.7%. Airlines, cruise operators, hotels and amusement parks soared. “We continue to advise investors to buy winners from global growth,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “Positive sentiment will return as recent headwinds abate and the focus shifts back to the outlook for solid economic growth and strong earnings.” A measure of American manufacturing expanded at the fastest pace in four months, bolstered by robust demand for factory goods and burgeoning inventory. U.S. consumer sentiment edged higher in late September, though remained near a pandemic low. The personal consumption expenditures index — which the Fed uses for its inflation target — had the biggest annual increase since 1991.
Former U.S. Treasury Secretary Lawrence Summers said investors may be tuning into the risk of an overheating U.S. economy and the chance that pushes the central bank into a faster withdrawal of monetary policy stimulus. The reopening of the global economy will likely lead to high inflation for the next 12 to 18 months, said BlackRock Inc. Vice Chairman Philipp Hildebrand. Despite Friday’s rally in stocks, the S&P 500 still suffered its biggest weekly slide since February. “There’s a lot to sift through for investors, and I think that’s what you’re seeing with the increase in volatility,” said Ryan Nauman, market strategist at Zephyr. Favoring stocks in some U.S. industries and avoiding others mattered less in the third quarter than it has in decades. A comparison of the S&P 500’s main groups shows as much. The biggest gain was 2.3%, posted by financial stocks, and the largest drop was 4.6% for industrial shares. The gap of 6.9 percentage points between first and last place was the smallest in any quarter since the sector indexes were first calculated in 1989, according to data compiled by Bloomberg. The prior record was 8.1 points, set in 1989’s third quarter.

Some corporate highlights:
* Cryptocurrency-exposed stocks like Riot Blockchain Inc. and Marathon Digital Holdings Inc. joined a rally in Bitcoin.
* Zoom Video Communications Inc. and Five9 Inc. scrapped their $14.7 billion merger agreement.
* Southwest Airlines Co. was upgraded to overweight from neutral at JPMorgan Chase & Co.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 1.4%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.1598
* The British pound rose 0.6% to $1.3550
* The Japanese yen rose 0.2% to 111.03 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.47%
* Germany’s 10-year yield declined three basis points to -0.22%
* Britain’s 10-year yield declined two basis points to 1.00%
Commodities
* West Texas Intermediate crude rose 0.9% to $75.74 a barrel
* Gold futures rose 0.2% to $1,760.30 an ounce
–With assistance from David Wilson.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

About the worst thing a man can do is to let a dream die. -Louis L’Amour, 1908-1988.

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

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

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

Dear Friends,

Tangents:
On Sept. 30, 1938, British, French, German and Italian leaders agreed at a meeting in Munich that Nazi Germany would be allowed to annex Czechoslovakia’s Sudetenland. Go to article »

1452-Gutenberg Bible published.
1955- James Dean killed in auto collision.

Elie Wiesel, activist, b. 1928.
Truman Capote, writer, b. 1924.

Dollar Tree will sell more stuff for more than $1.  You could say Dollar Tree is … branching out. 

‘Squid Game’ is the latest Netflix obsession.  It’s somehow even more ominous than it sounds.

Hawaii’s Kilauea volcano erupts, lava fountains form in park. 
PHOTOS OF THE DAY

This couple of comical fish seems to be serenading a third one that’s dancing. Dancing Mudskipper by Leo Liu of Singapore shows three mudskippers, amphibious fish that live in mudflats and connected mangrove ecosystems, and is a runner-up in the Mangrove Photography Awards 2021 
CREDIT: MEDIADRUMWORLD.COM/LEO LIU

A lady looks at the centrepiece called ‘One Thousand Springs’ created by Japanese artist Chiharu Shiota, part of the Japan Festival, which is a celebration of the country’s breath-taking plants, art and culture, at the Royal Botanic Gardens in Kew, London
CREDIT: STEVE PARSONS/PA

St Isaac’s Cathedral in St Petersburg, Russia, prepares to host a wedding ceremony of Grand Duke George Mikhailovich of Russia, a descendant of the Romanov dynasty, and his fiancée, Italian citizen Rebecca (Victoria) Bettarini
CREDIT: PETER KOVALEV//TASS VIA GETTY IMAGES

Residents of Spain’s La Palma were struggling on Thursday to come to terms with the devastation wrought by the Cumbre Vieja volcano, which has been ejecting a destructive cocktail of ash, smoke and lava for more than 10 days.
CREDIT: SPANISH INSTITUTE OF OCEANGRAPHY/HANDOUT VIA XINHUA

Market Closes for September 30^th, 2021

Market Index	Close	Change
Dow Jones	33843.92	-546.80
		-1.59%
S&P 500	4307.54	-54.92
		-1.19%
NASDAQ	14448.58	-63.86 -0.44%
TSX	20070.25	-87.89
		-0.44%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29452.66	-91.63
		-0.31%
HANG SENG	24575.64	-87.86
		-0.36%
SENSEX	59126.36	-286.91
		-0.48%
FTSE 100*	7086.42	-21.74 -0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.509	1.509
CND. 30 Year Bond	1.992	1.992
U.S.    10 Year Bond	1.4873	1.5167
U.S. 30 Year Bond	2.0449	2.0604

Currencies

BOC Close	Today	Previous
Canadian $	0.7885	0.7841
US $	1.2682	1.2753
Euro Rate 1 Euro=		Inverse
Canadian $	1.4691	0.6806
US $	1.1583	0.8633

Commodities

Gold	Close	Previous
London Gold Fix	1737.15	1733.75
Oil
WTI Crude Future	75.03	74.83

Market Commentary:
⚓ On this day in 1720, after hitting nearly 1,000 in the summer, the price of South Sea Co. stock plunged to 180 a share on the London stock market. One legislator proposed tying each South Sea director up in a sack with a monkey and a snake, and throwing them into the river; angry mobs assaulted and nearly lynched stockbrokers in the streets.
Canada
By Divya Balji
(Bloomberg) — Canadian stocks fluctuated between gains and losses Thursday, ending the month with its biggest monthly decline in almost a year. The S&P/TSX Composite fell 0.4% at the close in Toronto, bringing its monthly decline to 2.5%, the worst since October 2020. A measure of 10-day historical volatility spiked to the highest since July amid a selloff in tech stocks and a surge in Treasury yields and as investors weighed global supply chain risks. The benchmark also posted its first quarterly decline since March last year. Seven of the 11 major industry groups fell, with consumer discretionary and industrials leading losses, while materials and consumer staples companies gained. Sleep Country Canada was the biggest loser with a 7.3% decline, falling in tandem with U.S. retailers as supply chain concerns heightened.  Lithium Americas Corp. was the top-performing stock Thursday, rising 8.2% after JPMorgan initiated coverage on the stock with a buy-equivalent rating. About 139 of 234 shares fell, while 93 rose and two were unchanged. Some Canadian provinces are closed for the Truth and Reconciliation National Day, but the Toronto Stock Exchange was open for trading.
Insights
* This year, the index rose 15%, heading for the best year since 2019
* This quarter, the index fell 0.5%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 2.5%, heading for the biggest decline since October 2020
* So far this week, the index fell 1.6%, heading for the biggest decline since the week ended Feb. 26
* The index advanced 24.5% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The Canada S&P/TSX is 3.96% below its 52-week high on Sept. 7, 2021 and 30.2% above its low on Oct. 30, 2020
* The Canada S&P/TSX is down 1.91% in the past 5 days and fell 2.49% in the past 30 days
* Canada S&P/TSX is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* Canada S&P/TSX’s members have a total market capitalization of C$3.18 trillion
* 30-day price volatility little changed to 9.52% compared with 9.51% in the previous session and the average of 7.13% over the past month  
Macro
* The Canadian dollar fell 0.65% to 1.2674 against the U.S. dollar
* The benchmark 10-year bond fell and the yield rose 0.68 basis points to 1.509%  

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — Volatility continued to roil financial markets, with U.S. equities notching their biggest monthly selloff since March 2020. Stocks pushed lower on Thursday even after confirmation that the House passed a nine-week spending bill to avert a U.S. government shutdown. For traders, that was just one within a  litany of risks. Investors are also bracing for the Federal Reserve to wind down its stimulus amid mounting fears about slowing economic growth, elevated inflation, supply-chain bottlenecks, a global energy crunch and regulatory risks emanating from China. Political wrangling in Washington is threatening to push the U.S. into default and force President Joe Biden to scale back his spending agenda. Democratic Senator Joe Manchin wants the social-spending package cut by more than half to $1.5 trillion. House Speaker Nancy Pelosi was pressing ahead with a vote on a bipartisan infrastructure bill, even though progressive Democrats said they have the numbers to stall it until the Senate agrees on a more expansive tax and spending package. “The old adage, the market climbs a wall of worry, is not lost on us,” said Tom Mantione, managing director at UBS Private Wealth Management.
“Worries about China, the pandemic, the debt ceiling and tax legislation are weighing on investors right now, but it is important to understand which issues may create structural change and which ones create short-term volatility that investors can take advantage of.” The S&P 500 closed at the lowest level since July, extending its September losses to almost 5%.  Economically sensitive companies like industrials and financials were among the worst performers on Thursday. The slide almost wiped out the index’s gains for the quarter. A near-record technical streak for the S&P 500 has some bulls worried that a sharp pullback is overdue. “The S&P 500 has now gone an incredible 317 trading days in a row above its 200-day moving average, one of the longest streaks ever,” according to Ryan Detrick, chief market strategist at LPL Financial. “What we are getting at is a 5-7% pullback could potentially come at any time given we haven’t had one in so long.”
Elsewhere, oil closed the month almost 10% higher after a tumultuous session during which China was said to order its top energy companies to secure energy supplies at all costs amid shortages, prompting the White House to reiterate its own concerns over rising prices.

Here are some events to watch this week:
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro fell 0.1% to $1.1581
* The British pound rose 0.4% to $1.3475
* The Japanese yen rose 0.6% to 111.29 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.52%
* Germany’s 10-year yield advanced one basis point to -0.20%
* Britain’s 10-year yield advanced three basis points to 1.02%
Commodities
* West Texas Intermediate crude rose 0.2% to $75.01 a barrel
* Gold futures rose 2% to $1,756.70 an ounce
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Vildana Hajric and Elaine Chen.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Youth is happy because it has the capacity to see beauty.  Anyone who keeps the ability to see beauty never grows old. -Franz Kafka, 1883-1924.

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: Michaelmas, St. Michael’s Day
1978 Pope John Paul I was found dead in his Vatican apartment a little more than one month after becoming head of the Roman Catholic Church.  Go to article »

Miguel de Cervantes, writer, b. 1547
Horatio Nelson, naval hero, b. 1758
Enrico Fermi, physicist, b. 1901

AI completed Beethoven’s uncompleted Tenth Symphony.

Climbers reach the bottom of Yemen’s Well of Hell for the first time. 

Sea slugs have figured out how to be solar-powered. (h/t Scott Kominers)

PHOTOS OF THE DAY

Yves Saint Laurent fashion show during Paris Women’s Fashion Week Spring/Summer 2022 
CREDIT: KCS PRESSE / MEGA THEMEGAAGENCY.COM

Australia Zoo release adorable image of baby egret bird. Eduardo is an orphaned cattle egret chick who came into care at the Australia Zoo Wildlife Hospital from another veterinary clinic. Although orphaned, Eduardo is a perfectly healthy baby bird who will be raised by a dedicated wildlife carer, until he is old enough to be released into the wild
CREDIT: AUSTRALIA ZOO/TRIANGLE NEWS

A soldier poses for the media as he walks between recently installed solar panels at the Defence School of Transport (DST), Normandy Barracks
CREDIT: CHRISTOPHER FURLONG/GETTY IMAGES

The sun shines between recently installed solar panels at the Defence School of Transport (DST), Normandy Barracks, in Leconfield
CREDIT: CHRISTOPHER FURLONG/GETTY IMAGES

Market Closes for September 29^th, 2021

Market Index	Close	Change
Dow Jones	34390.72	+90.73
		+0.26%
S&P 500	4359.46	+6.83
		+0.16%
NASDAQ	14512.44	-34.24 -0.24%
TSX	20158.14	-16.00
		-0.08%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29544.29	-639.67
		-2.12%
HANG SENG	24663.50	+163.11
		+0.67%
SENSEX	59413.27	-254.33
		-0.43%
FTSE 100*	7108.16	+80.06 +1.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.509	1.503
CND. 30 Year Bond	1.992	1.977
U.S.    10 Year Bond	1.5167	1.5374
U.S. 30 Year Bond	2.0604	2.0860

Currencies

BOC Close	Today	Previous
Canadian $	0.7841	0.7884
US $	1.2753	1.2683
Euro Rate 1 Euro=		Inverse
Canadian $	1.4791	0.6761
US $	1.1598	0.8622

Commodities

Gold	Close	Previous
London Gold Fix	1733.75	1755.30
Oil
WTI Crude Future	74.83	75.29

Market Commentary:
     On this day in 1987, only 13 trading days before the Crash of 1987, Charles Schwab launched its IPO, selling 8 million shares of stock to the public at an original price of $16.50 apiece. Just 20 days later, as the stock market plunged 23% in a single day, Schwab’s stock was hammered down to $6.50 a share.
Canada
By Divya Balji
(Bloomberg) — Canadian stocks fell for a second day as tech companies dragged the benchmark index lower. The S&P/TSX Composite declined to 20,158.14 in Toronto, putting it on track for its biggest monthly decline since October. Lightspeed Commerce contributed the most to the index decline and had the largest move, decreasing 12% after Spruce Point Capital Management said it sees as much as 80% downside risk to the stock. Today, 123 of 234 shares fell, while 107 rose. Five of 11 sectors were lower, led by information technology, healthcare and material stocks. Consumer staples, energy and utility companies rose.

Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* This quarter, the index was little changed, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 2.1 percent, heading for the biggest decline since October 2020
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 31 percent in the same period
* The S&P/TSX Composite is 3.5 percent below its 52-week high on Sept. 7, 2021 and 30.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and fell 2.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 9.51 percent compared with 9.55 percent in the previous session and the average of 7.02 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -33.9761| -1.5| 2/13
* Materials | -16.1058| -0.7| 11/44
* Health Care | -2.9225| -1.4| 1/8
* Communication Services | -1.3424| -0.1| 3/4
* Consumer Discretionary | -0.9129| -0.1| 4/9
* Real Estate | 1.9229| 0.3| 15/8
* Utilities | 2.9656| 0.3| 10/6
* Industrials | 4.3035| 0.2| 16/13
* Financials | 4.9070| 0.1| 19/8
* Energy | 11.9699| 0.5| 14/9
* Consumer Staples | 13.1766| 1.8| 12/1
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Lightspeed Commerce| | | |
* Inc | -14.5500| -11.7| 256.8| 40.2
* Shopify | -13.3100| -1.0| -15.2| 19.5
* Barrick Gold | -6.1720| -2.2| 8.2| -21.7
* Agnico Eagle Mines | 3.7120| 3.5| 50.1| -27.2
* George Weston | 4.0930| 6.4| 41.9| 43.6
* Canadian Natural | | | |
* Resources | 5.6810| 1.5| -56.8| 51.3

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks pared most of their gains into the close as a rally in technology companies fizzled out. The Nasdaq 100 notched its third straight day of losses after earlier climbing about 1%. Dip buyers helped push the S&P 500 higher, with defensive industries such as utilities and consumer staples among the best performers.  The dollar rose to the highest level since November 2020, while Treasuries were little changed. President Joe Biden and his aides scrambled to break a deadlock among Democrats that has stalled progress on his economic plans as the White House and Congress are staring down deadlines to keep the government running and avoid a default. Federal Reserve Chair Jerome Powell voiced cautious optimism that supply-chain disruptions lifting inflation would ultimately prove temporary. “Jitters surrounding elevated levels of inflation and slowing growth are likely to remain for some time,” said Fiona Cincotta, senior financial-markets analyst at City Index. “U.S. debt-ceiling discussions could be in focus amid a quiet economic calendar.” The U.S. Treasury is likely to exhaust its ability to borrow as soon as late October, according to the Congressional Budget Office, in the latest warning to lawmakers following their failed efforts to address the debt ceiling this week.
A majority of investors harbor fears of persistently high inflation, with a 20% pullback in stocks seen as more likely than a 20% rally, according to a Citigroup Inc. survey of clients. Though most expected modest gains next year in the S&P 500, price pressures and a policy reversal by the Fed are big risks, according to the survey of more than 90 pension, mutual and hedge funds this month. A gauge of U.S. pending home sales rebounded in August to a seven-month high as prospective buyers welcomed more attractive pricing and additional inventory. The figures suggest housing activity is firming after retreating from the record-high levels seen last year.

Some corporate highlights:
* Walgreens Boots Alliance Inc. is weighing an acquisition of Evolent Health Inc., the health-care group that has been under activist investor pressure to consider a sale, according to people familiar with the matter.
* Merck & Co. has agreed to buy drugmaker Acceleron Pharma Inc. for $180 per share, according to people familiar with the matter.
* Boeing Co. rallied after the aerospace giant was upgraded to outperform at Bernstein on prospects of a travel rebound.
* Morgan Stanley slumped after Oppenheimer downgraded the shares, citing a lack of upside to its valuation.

Here are some events to watch this week:
* House Financial Services Committee hearing on the Fed, Treasury’s pandemic response, Thursday
* China Caixin manufacturing PMI, non-manufacturing PMI, Thursday
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income, 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 fell 0.1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.8% to $1.1594
* The British pound fell 0.9% to $1.3420
* The Japanese yen fell 0.4% to 111.99 per dollar
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.53%
* Germany’s 10-year yield declined one basis point to -0.21%
* Britain’s 10-year yield was little changed at 0.99%
Commodities
* West Texas Intermediate crude fell 0.9% to $74.61 a barrel
* Gold futures fell 0.7% to $1,725.10 an ounce
–With assistance from Andreea Papuc and Srinivasan Sivabalan.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

With humbleness, kindness, and self-sacrifice, you will take the weapon from any enemy. 
Any fire dies if there is insufficient wood. –Buddha, 563 BC-483 BC.

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

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

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

Dear Friends,

Tangents:
On Sept. 28, 1924, two United States Army planes landed in Seattle, Washington, having completed the first round-the-world flight in 175 days. Go to article »

Cabrillo Day: discovery of California, 1542.

Al Capp, cartoonist, b. 1909
Marcello Mastroianni, actor, b. 1924
Brigitte Bardot, actress, b. 1934
Gwyneth Paltrow, actress, b. 1973

How neutron star collisions flooded Earth with gold and other precious metals. 

These are the best restaurants in California.

You could live in a town where mail is delivered only by people jumping from boats. 
PHOTOS OF THE DAY

A double rainbow gleams after a storm near Atherfield on the Isle of Wight
CREDIT: SIENNA ANDERSON/PICTUREEXCLUSIVE.COM

With HMS Lancaster’s mission complete, she headed West back towards the Norwegian Sea. As the sun set on the first clear sky since being in the high north. The ships company were treated to a spectacular display courtesy of the Aurora Borealis. With the sky alive with dancing swirls and streaks of green, awestruck sailors stared to the skies
CREDIT: ROYAL NAVY/LPHOT KYLE HELLER

People stand on the west pier in Whitby to watch the sunrise this morning on the Yorkshire coast
CREDIT: ANDREW MCCAREN/LNP

A model walks the runway during the Victoria/Tomas Womenswear Spring/Summer 2022 show as part of Paris Fashion Week
CREDIT: THIERRY CHESNOT/GETTY IMAGES

Market Closes for September 28^th, 2021

Market Index	Close	Change
Dow Jones	34299.99	-569.38
		-1.63%
S&P 500	4352.63	-90.48
		-2.04%
NASDAQ	14546.68	-423.29 -2.83%
TSX	20174.14	-289.28
		-1.41%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30183.96	-56.10
		-0.19%
HANG SENG	24500.39	+291.61
		+1.20%
SENSEX	59667.60	-410.28
		-0.68%
FTSE 100*	7028.10	-35.30 -0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.503	1.411
CND. 30 Year Bond	1.977	1.914
U.S.    10 Year Bond	1.5374	1.4871
U.S. 30 Year Bond	2.0860	1.9944

Currencies

BOC Close	Today	Previous
Canadian $	0.7884	0.7919
US $	1.2683	1.2629
Euro Rate 1 Euro=		Inverse
Canadian $	1.4823	0.6746
US $	1.1687	0.8557

Commodities

Gold	Close	Previous
London Gold Fix	1755.30	1746.80
Oil
WTI Crude Future	75.29	75.45

Market Commentary:
     On this day in 1987, the cover of Fortune magazine asked, “ARE STOCKS TOO HIGH?” Heck no, answered the cover story. “New ways of valuing shares give some surprising answers…. Clearly, something is going on that the old analytical concepts cannot account for.” Just 14 trading days later, the stock market dropped 23%.
Canada
By Divya Balji
(Bloomberg) — Canadian stocks sank, with tech stocks dragging the benchmark index lower as rising Treasury yields pushed investors to rotate out of growth stocks and into value. The S&P/TSX Composite fell 1.4% to 20,174.14 in Toronto. All 11 sectors dropped with information technology and consumer discretionary companies as the biggest losers.  Shopify Inc. contributed the most to the index decline, decreasing 4.8%. Converge Technology Solutions Corp. had the largest drop, falling 8.2 percent.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it advanced after all four occasions
* This year, the index rose 16 percent, heading for the best year since 2019
* This quarter, the index was little changed
* This month, the index fell 2 percent, heading for the biggest decline since October 2020
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 3.5 percent below its 52-week high on Sept. 7, 2021 and 30.8 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.3 percent in the past 5 days and fell 2.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12- month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 9.55 percent compared with 8.71 percent in the previous session and the average of 6.90 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology| -103.4416| -4.2| 0/15
* Financials | -60.1620| -0.9| 3/25
* Industrials | -26.1558| -1.1| 2/28
* Energy | -23.5387| -0.9| 9/13
* Materials | -20.2006| -0.9| 16/38
* Consumer Discretionary| -16.7291| -2.2| 0/12
* Communication Services| -9.4861| -1.0| 1/6
* Utilities | -9.0652| -1.0| 3/13
* Real Estate | -8.4003| -1.3| 5/20
* Consumer Staples | -7.9820| -1.1| 0/12
* Health Care | -4.1166| -1.9| 1/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -68.7800| -4.8| 31.2| 20.7
* Brookfield Asset | | | |
* Management | -17.2100| -2.4| -2.6| 31.1
* Royal Bank of | | | |
* Canada | -13.7500| -1.1| 9.8| 21.0
* Canadian Natural | | | |
* Resources | 1.3180| 0.4| -47.9| 49.1
* Barrick Gold | 3.3330| 1.2| 16.6| -19.9
* TD Bank | 3.9190| 0.4| 29.4| 18.1

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — The selloff in risk assets accelerated Tuesday amid mounting concern over the debt-ceiling impasse in Washington, with stocks suffering their worst rout since May. During a Senate hearing Tuesday, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen both warned that a U.S. default due to a failure to raise the debt ceiling would have catastrophic consequences. Republicans blocked a Democratic move in the Senate to raise the debt limit for the second time in as many days – escalating tensions less than three weeks before the Treasury potentially runs out of capacity to avert a federal payments default. “We would expect a deal to get done, but it appears as though both sides are a bit more entrenched compared to previous periods,” said Brian Price, head of investment management at Commonwealth Financial Network. “A government shutdown is a risk factor that we’ll be watching in the coming days and weeks.” Yellen warned that her department will effectively run out of cash around Oct. 18 unless legislative action is taken to suspend or increase the debt limit. Heated remarks from Senator Elizabeth Warren also weighed on markets. After slamming Powell on his track record over financial regulation, Warren said he’s a “dangerous man to head up the Fed” and that’s why she’ll oppose his renomination.
The S&P 500 extended its September selloff, with technology shares underperforming economically sensitive companies. The Nasdaq 100 tumbled the most since March. The yield on Treasury 30-year bonds climbed more than 10 basis points earlier Tuesday. The dollar rallied. Brent slipped from a three-year high above $80 a barrel, dragged lower by a rout in U.S. equities. U.S. consumer confidence dropped in September for a third straight month, suggesting concerns over the delta variant and higher prices continue to dampen sentiment. Home prices surged 19.7% in July – once again posting the biggest jump in more than 30 years.
Here are some events to watch this week:
* Japan’s ruling party votes to elect leader, Wednesday
* Central bank chiefs Andrew Bailey (BOE), Haruhiko Kuroda (BOJ), Christine Lagarde (ECB) and Jerome Powell (Fed) participate in an ECB Forum panel, Wednesday
* House Financial Services Committee hearing on the Fed, Treasury’s pandemic response, Thursday
* China Caixin manufacturing PMI, non-manufacturing PMI, Thursday
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.9%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World index fell 1.9%
* The Russell 2000 Index fell 2.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.1% to $1.1683
* The British pound fell 1.2% to $1.3539
* The Japanese yen fell 0.5% to 111.51 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.54%
* Germany’s 10-year yield advanced two basis points to -0.20%
* Britain’s 10-year yield advanced four basis points to 0.99%
Commodities
* West Texas Intermediate crude fell 0.8% to $74.81 a barrel
* Gold futures fell 1.1% to $1,733.20 an ounce
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Ksenia Galouchko and Vildana Hajric.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

He who uses only the sight of his eye is acted on by what he sees; it is the intuition of the spirit that gives
the assurance of certainty.  That the sight of the eyes is not equal to the intuition of the spirit is a thing long
acknowledged.  And yet stupid people rely on what they see. –Chuan Tzu, c.369 BC-286 BC.

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

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

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

Dear Friends,

Tangents:
On Sept. 27, 1964, the Warren Commission issued a report concluding that Lee Harvey Oswald acted alone in assassinating President John F. Kennedy.  Go to article »

Danish artist took a museum’s money and called it art.

The NASA probe Lucy will take a wild ride to Jupiter’s moons. (h/t Alistair Lowe) 

Meet the double-charm tetraquark.

A winged microchip is humanity’s smallest-ever flying structure. (h/t Ellen Kominers)

‘Shang-Chi and the Legend of the Ten Rings’ is the biggest movie of 2021 so far .  Who dares think they can best Marvel?!

PHOTOS OF THE DAY

A ferocious gull dives in to face off with an arctic fox which is trying to steal a chick from its nest. With beak gaping, the large gull appears to roar at the fox, which bares its teeth in response as the two go head to head. The unusual encounter was captured by a lucky photographer on the Alkefjellet cliff, on Norway’s Svalbard archipelago. Despite its aggressive efforts, the gull was unable to scare off the fox which snatched a chick from the nest and swiftly killed it before skulking back off into the rocks with its prey.
CREDIT: RUSSELL MILLNER/SOLENT NEWS & PHOTO AGENCY

Elisa Cosetti of Italy dives from the 21.5 metre platform during the final competition day of the sixth stop of the Red Bull Cliff Diving World Series at Polignano a Mare, Puglia, Italy.
CREDIT: RED BULL CONTENT POOL/INPHO/SHUTTERSTOCK

The British Royal Air Force Red Arrows flying display team performs during the Malta International Airshow off the coast of Qawra, Malta.

Market Closes for September 27^th, 2021

Market Index	Close	Change
Dow Jones	34869.37	+71.37
		+0.21%
S&P 500	4443.11	-12.37
		-0.28%
NASDAQ	14969.97	-77.73 -0.52%
TSX	20463.42	+60.76
		+0.30%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30240.06	-8.75
		-0.03%
HANG SENG	24208.78	+16.62
		+0.07%
SENSEX	60077.88	+29.41
		+0.05%
FTSE 100*	7063.40	+11.92 +0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.411	1.377
CND. 30 Year Bond	1.914	1.903
U.S.    10 Year Bond	1.4871	1.4509
U.S. 30 Year Bond	1.9944	1.9833

Currencies

BOC Close	Today	Previous
Canadian $	0.7919	0.7903
US $	1.2629	1.2653
Euro Rate 1 Euro=		Inverse
Canadian $	1.4772	0.6769
US $	1.1697	0.8549

Commodities

Gold	Close	Previous
London Gold Fix	1746.80	1750.00
Oil
WTI Crude Future	75.45	74.13

Market Commentary:
     On this day in 1974, the field of behavioral finance was born, as Science, the journal of the American Association for the Advancement of Science, published “Judgment under Uncertainty: Heuristics and Biases.” This underwhelmingly titled article was the first major research paper to demonstrate that humans do not always make risky decisions rationally—a contention that is still disputed by mainstream economists.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed on Monday, led by health care and energy stocks. The S&P/TSX Composite rose 0.3% to 20,463.42 in Toronto. The index advanced to the highest closing level since Sept. 17 after the previous session’s decline of 0.3%. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.7%. Enerplus Corp. had the largest increase, rising 10%.
Insights
* This year, the index rose 17%, heading for the best year since 2019
* This quarter, the index rose 1.5%
* This month, the index fell 0.6%, heading for the biggest decline since October 2020
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on Sept. 7, 2021 and 32.7% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.5% in the past 5 days and fell 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 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$3.21t
* 30-day price volatility rose to 8.71% compared with 8.67% in the previous session and the average of 6.82% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 48.5358| 1.9| 22/1
* Financials | 34.7177| 0.5| 17/11
* Materials | 11.1899| 0.5| 30/22
* Industrials | 4.4511| 0.2| 16/14
* Health Care | 4.2480| 2.0| 6/2
* Consumer Discretionary | 4.2014| 0.6| 8/5
* Consumer Staples | -5.1531| -0.7| 5/8
* Communication Services | -5.6512| -0.6| 1/6
* Real Estate | -7.2579| -1.1| 4/21
* Utilities | -7.5786| -0.8| 2/13
* Information Technology | -20.9400| -0.9| 2/13
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 17.5700| 1.7| 69.9| 17.7
* Suncor Energy | 9.5210| 3.6| -9.1| 24.2
* Canadian National | 7.3640| 1.2| -47.1| 6.0
* Shopify | -4.3960| -0.3| 11.4| 26.8
* Brookfield Asset | | | |
* Management | -7.1890| -1.0| -17.2| 34.3
* Waste Connections | -8.2820| -2.7| 4.4| 24.8

US
By Rita Nazareth
(Bloomberg) — As Treasury yields pushed higher after a hawkish tilt from the Federal Reserve last week, some of the world’s largest technology companies continued to sell off. A slide in bonds sent the rate on the benchmark 10-year note briefly above 1.5% — a level not seen since June. That’s prompted the tech-heavy Nasdaq 100 to underperform major equity benchmarks. Meantime, economically sensitive companies – like energy, financial and smaller firms — advanced. Traders pulled forward wagers on a rate hike after Fed Chair Jerome Powell said the central bank could start tapering its asset purchases in November, while officials updated their forecasts — with half of them seeing tightening by the end of 2022. A spike in Treasury yields has added to concerns about lofty equity valuations, particularly in the tech industry, which has powered the bull-market rally. “Yields are rising sharply, reflecting investors’ expectations about monetary tightening amid surging inflationary pressures,” said Fawad Razaqzada, an analyst at ThinkMarkets. “If yields climb higher, this could weigh especially on the overstretched growth stocks in the technology sector, which have low dividend yields.” For Razaqzada, investors might prefer the relative safety of government debt and fixed-coupon payments — rather than buying severely overvalued stocks — just as the Fed starts to reduce the pace of its stimulus program. Fed Governor Lael Brainard said the labor market may soon meet her yardstick for scaling back asset purchases, while the Covid-19 delta variant could raise upside risks for inflation. New York Fed President John Williams noted that moderating bond-buying may soon be warranted, and his Chicago counterpart Charles Evans said he sees “a first move” on raising rates in 2023.

Some corporate highlights:
* Amazon.com Inc.’s price target was cut at Morgan Stanley, which said the online retailer’s profits could come under pressure as a result of a rising headcount and higher wages.
* Facebook Inc. is pausing work on rolling out an Instagram Kids site after the social-networking company came under criticism for its negative effect on children, especially on teenage girls.
* Wells Fargo & Co. agreed to pay $37 million to settle U.S. claims that it overcharged almost 800 commercial customers that used its foreign-exchange services.
     Elsewhere, Brent closed at the highest in nearly three years amid signs of a global energy crunch.
Though the oil benchmark met some resistance as it neared the $80-a-barrel level, Goldman Sachs Group Inc. said it could hit $90 by year-end as the market is in a bigger deficit than many realize.

Here are some events to watch this week:
* Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen to testify at a Senate Banking Committee hearing Tuesday
* European Central Bank President Christine Lagarde speaks Tuesday at the ECB Forum on Central Banking
* Japan’s ruling party votes to elect leader, Wednesday
* Central bank chiefs Andrew Bailey (BOE), Haruhiko Kuroda (BOJ), Christine Lagarde (ECB) and Jerome Powell (Fed) participate in an ECB Forum panel, Wednesday
* House Financial Services Committee hearing on the Fed, Treasury’s pandemic response, Thursday
* China Caixin manufacturing PMI, non-manufacturing PMI, Thursday
* Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.2%
* The Russell 2000 Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1698
* The British pound rose 0.2% to $1.3705
* The Japanese yen fell 0.2% to 111.00 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.48%
* Germany’s 10-year yield was little changed at -0.22%
* Britain’s 10-year yield advanced three basis points to 0.95%
Commodities
* West Texas Intermediate crude rose 2.1% to $75.50 a barrel
* Gold futures were little changed
–With assistance from Andreea Papuc and Srinivasan

Have  a lovely evening.

Be magnificent!
As ever,

Carolann

For time is the longest distance between two places. –Tennessee Williams, 1911-1983.

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.

1869 Financiers Jay Gould and James Fisk tried to corner the gold market, sending Wall Street into a panic and leaving thousands of investors in financial ruin.  Go to article »

F. Scott Fitzgerald, b. 1896.

Newly discovered footprints suggest North America was populated much earlier than we think.

Happy 30th birthday to “The Low End Theory” and “Nevermind,” born on this day in 1991, and I am so very old. 

The weird and wonderful outfits of fans at golf’s Ryder Cup.  It’s like the Kentucky Derby, but with … cheese-heads. 

Apophis: The asteroid we thought might hit us. 
PHOTOS OF THE DAY

An art installation titled Forever Home by artist Richard Woods, commissioned by The Climate Coalition to mark Great Big Green Week, is unveiled at Fountain Abbey, The National Trust property in Yorkshire
CREDIT: NIGEL RODDIS/PA WIRE

Sunrirse over St Mary’s Lighthouse at Whitley Bay on the North East coast of England
CREDIT: OWEN HUMPHREYS/ PA WIRE

Sergio Garcia of Spain and team Europe plays his shot from the seventh tee during Friday Morning Foursome Matches of the 43rd Ryder Cup at Whistling Straits
CREDIT: RICHARD HEATHCOTE/GETTY IMAGES
Market Closes for September 24^th, 2021

Market Index	Close	Change
Dow Jones	34798.00	+33.18
		+0.10%
S&P 500	4455.48	+6.50
		+0.15%
NASDAQ	15047.70	-4.54 -0.03%
TSX	20402.66	-59.27
		-0.29%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30248.81	+609.41
		+2.06%
HANG SENG	24192.16	-318.82
		-1.30%
SENSEX	60048.47	+163.11
		+0.27%
FTSE 100*	7051.48	–26.87 -0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.377	1.345
CND. 30 Year Bond	1.903	1.851
U.S.    10 Year Bond	1.4509	1.4301
U.S. 30 Year Bond	1.9833	1.9398

Currencies

BOC Close	Today	Previous
Canadian $	0.79030	0.79018
US $	1.2653	1.2655
Euro Rate 1 Euro=		Inverse
Canadian $	1.4828	0.67442
US $	1.1718	0.85336

Commodities

Gold	Close	Previous
London Gold Fix	1750.00	1773.40
Oil
WTI Crude Future	74.13	73.45

Market Commentary:
On this day in 1869, Wall Street had its first “Black Friday.” After word leaked that speculator Jay Gould, who was trying to “corner” the gold market, had sold out two days earlier, gold—and stock—prices plummeted. The market was in such chaos that one witness said, “Bids running from 135 to 160 were made at one and the same time in different parts of the room.”
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 20,402.66 in Toronto.
The move follows the previous session’s increase of 0.3%.
The index has fallen for a third week with concerns building around China Evergrande Group.
Shopify Inc. contributed the most to the index decline Friday, decreasing 2.1%.
Denison Mines Corp. had the largest drop, falling 7.7%.
Today, 149 of 234 shares fell, while 79 rose; 9 of 11 sectors were lower, led by information technology stocks.
Oil rose for the fifth straight week with the global energy crunch set to boost demand for crude as stockpiles decline from the U.S. to China.
Insights
* This year, the index rose 17 percent, heading for the best year since 2019
* This quarter, the index rose 1.2 percent
* This month, the index fell 0.9 percent, heading for the biggest decline since October 2020
* So far this week, the index fell 0.4 percent
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on Sept. 7, 2021 and 32.3 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 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 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 8.67 percent compared with 8.63 percent in the previous session and the average of 6.94 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -39.0543| -1.6| 4/11
Financials | -6.8641| -0.1| 11/16
Health Care | -5.8325| -2.7| 0/9
Consumer Discretionary | -5.2841| -0.7| 2/11
Materials | -4.5875| -0.2| 18/32
Utilities | -4.1075| -0.4| 3/13
Real Estate | -3.7650| -0.6| 4/21
Industrials | -3.7265| -0.2| 12/18
Communication Services | -1.1836| -0.1| 3/4
Consumer Staples | 4.1017| 0.6| 6/7
Energy | 11.0404| 0.4| 16/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -30.5300| -2.1| -38.8| 27.2
Cameco | -4.2520| -5.7| 9.3| 49.1
Lightspeed Commerce| | | |
Inc | -3.0300| -2.2| -33.5| 70.7
Canadian Natural | | | |
Resources | 2.2230| 0.6| -74.6| 45.8
TC Energy | 4.0780| 1.0| 3.0| 21.5
Couche-Tard | 4.6520| 1.7| -40.7| 13.2
US
By Rita Nazareth
(Bloomberg) — For all the turmoil in global markets earlier in the week, stocks managed to stay in the green.
Traders shrugged off concerns over a Federal Reserve pullback in stimulus, contagion risks from distressed developer China Evergrande Group and Beijing’s latest crackdown on cryptocurrencies.
The S&P 500 staged a late-day rebound, extending its weekly advance, with energy and financial companies among the biggest gainers.
Bitcoin tumbled alongside crypto-related shares like Riot Blockchain Inc. and Marathon Digital Holdings Inc.
The Nasdaq Golden Dragon China Index — which tracks some of the Asian nation’s biggest firms listed in the U.S. — sank.
“This week promised to be lively and it didn’t disappoint,” wrote Craig Erlam, senior market analyst at Oanda. “Buy the dip is alive, and well it seems because the end result is that Evergrande remains at risk, central banks will soon be tightening and are increasingly concerned that inflation may not be quite as transitory as previously thought.”
In another blow to investor sentiment, the world’s second-largest economy said crypto-related transactions will now be considered illicit financial activity.
Traders remained on guard for what Chinese regulators may target next as the government also tightens its grip on sectors ranging from private education to digital gaming, e-cigarettes, property and insurance.
Traders pulled $28.6 billion from U.S. equity funds in the week through Sept. 22 — the most since February 2018, according to a Bank of America Corp. note, which cited EPFR Global data.
Even after the massive outflow from equities, BofA private clients remained heavily exposed to stocks, with about 65% of assets under management invested in the asset class.

The U.S. economy has met the central bank’s conditions for starting to reduce its asset purchases soon, according to two regional Fed bank presidents.
“I support starting to dial back our purchases in November and concluding them over the first half of next year,” Fed Bank of Cleveland President Loretta Mester noted. Separately, her Kansas City counterpart Esther George said “the criteria for substantial further progress have been met,” referring to the central bank’s taper test.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.15% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1719
* The British pound fell 0.3% to $1.3672
* The Japanese yen fell 0.4% to 110.76 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.45%
* Germany’s 10-year yield advanced three basis points to -0.23%
* Britain’s 10-year yield advanced two basis points to 0.92%
Commodities
* West Texas Intermediate crude rose 0.9% to $73.96 a barrel
* Gold futures fell 0.1% to $1,747.70 an ounce
–With assistance from Sunil Jagtiani, Abigail Moses and Kamaron Leach.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

To see we must forget the name of the thing we are looking at. -Clause Monet, 1840-1926.

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