Category: Events

Dear Friends,

Tangents:
On this day in 1846, German astronomer Johann Galle and assistant Heinrich d’Arrest discovered planet Neptune.

1990 Iraq threatened to destroy Middle East oil fields and attack Israel if other nations tried to force it from Kuwait. Go to article »

Euripides, playwright, b.480 BC.
John Coltrane, musician, b. 1926
Ray Charles, musician, b. 1930
Julio Iglesias, singer, b. 1943.
Bruce Springsteen, musician, b. 1949.

People who eat more dairy fat have lower risk of heart disease, study suggests.  Repeat this to yourself the next time you tear into a wheel of brie. 

Bitcoin for beginners: Here’s what to know before you invest in crypto.  Step 1: Actually, confidently, truly understanding what Bitcoin is
 
See the world:
This week The New York Times Magazine is publishing its annual Voyages issue, in which writers and photographers capture snapshots of life from around the world.
In the Alps, a photographer offers a glimpse into her Swiss childhood with a beautiful photo essay. In Athens, a writer gave his 7-year-old daughter an in-person classics education.
In Kyiv, Ukraine, a writer partied her way through the city’s underground nightlife scene. And a photographer documented a visit to her parents near Kyoto, Japan — a ritual that the pandemic had disrupted.
A writer who could’ve gone anywhere in the world chose Spokane, Wash. — for a minor-league baseball game. And on a trip to Las Vegas, a writer and his oldest friends celebrated life, while mourning the friends they had lost. — Sanam Yar, a Morning writer

“This is how bad climate change is getting: wildfires in the West, floods in the East, freezing cold in Texas. Billy Joel’s going to have to write an update for 2021 and call it, ‘Actually, We Did Start the Fire.’” — SETH MEYERS

“The pandemic, systemic racism, income inequality, immigration, gun violence — but here’s the thing. If we don’t address climate change, none of those issues will matter at all. The car is going off a cliff and we’re fiddling with the radio.” — JIMMY KIMMEL

“How could anyone be opposed to trying to fix this? Even if you run an oil company, you and your children and their children are going to have to live on in the world. There’s no Planet B.” — JIMMY KIMMEL
PHOTOS OF THE DAY

Snooty the ‘smiling’ Lemon shark in Florida a winner in the 2021 Ocean Photography Awards. The annual awards focus on adventure, conservation and exploration of the deep blue sea
CREDIT: GALICE HOARAU/OCEAN PHOTOGRAPHY AWARDS/TNG

Artists perform on stage during the 4th Budapest Demographic Summit in Budapest, Serbia.The biannual demographic summit, which was first organised in 2015, offers a forum for “pro-family thinker” decision-makers, scientists, researchers, and church representatives of the same sort to exchange their thoughts about connections between demographics and sustainability
CREDIT: AP PHOTO/LASZLO BALOGH

A combination photograph showing Fulani and Tuareg nomads from several Sahel and Sahara countries took part in a three-day pastoral festival, the Cure Salee, held on the outskirts of the old commercial town of Ingall, northern Niger
CREDIT: MICHELE CATTANI/AFP VIA GETTY IMAGES

A firefighter watches flame and smoke rise into the air as trees burn during the Windy Fire in the Sequoia National Forest near Johnsondale, California
CREDIT: PATRICK. T. FALLON/AFP
Market Closes for September 23^rd, 2021

Market Index	Close	Change
Dow Jones	34764.82	+506.50
		+1.48%
S&P 500	4448.98	+53.34
		+1.21%
NASDAQ	15052.25	+155.40 +1.04%
TSX	20461.93	+60.44
		+0.30%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29639.40	-200.31
		-0.67%
HANG SENG	24510.98	+289.44
		+1.20%
SENSEX	59885.36	+958.03
		+1.63%
FTSE 100*	7078.35	-5.02 -0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.345	1.213
CND. 30 Year Bond	1.851	1.754
U.S.    10 Year Bond	1.4301	1.3040
U.S. 30 Year Bond	1.9398	1.8125

Currencies

BOC Close	Today	Previous
Canadian $	0.79018	0.78293
US $	1.2655	1.2773
Euro Rate 1 Euro=		Inverse
Canadian $	1.4854	0.67324
US $	1.1737	0.85196

Commodities

Gold	Close	Previous
London Gold Fix	1773.40	1774.45
Oil
WTI Crude Future	73.45	72.33

Market Commentary:
On this day in 1998, Wall Street’s top investment banks, encouraged by the Federal Reserve, completed marathon negotiations for a $3.65 billion bailout of the giant hedge fund Long-Term Capital Management, which lost nearly $2 billion in a single month when the mathematical models designed by two Nobel laureates failed.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 60.44 to 20,461.93 in Toronto.
Energy stocks jumped with oil. Financials also rose, with Royal Bank of Canada contributing the most to the index gain, increasing 1.4%. BlackBerry Ltd. had the largest increase, rising 11%.
Today, 107 of 235 shares rose, while 126 fell; 7 of 11 sectors were higher, led by financials stocks.
Brent crude futures settled at the highest level in almost  three years as supplies shrink at a time when a global energy crunch makes it increasingly likely oil will be tapped for power generation.
Insights
* This year, the index rose 17 percent, heading for the best year since 2019
* This quarter, the index rose 1.5 percent
* This month, the index fell 0.6 percent, heading for the biggest decline since October 2020
* So far this week, the index was little changed
* The index advanced 29 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 2.1 percent below its 52-week high on Sept. 7, 2021 and 32.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.7 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.3 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$3.22t
* 30-day price volatility rose to 8.63 percent compared with 8.59 percent in the previous session and the average of 6.93 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 64.3267| 1.0| 21/7
Energy | 35.9402| 1.4| 20/3
Consumer Discretionary | 4.9193| 0.6| 11/2
Health Care | 3.9006| 1.9| 6/3
Industrials | 2.5032| 0.1| 17/13
Information Technology | 0.8736| 0.0| 7/8
Communication Services | 0.2265| 0.0| 4/3
Real Estate | -2.4878| -0.4| 6/19
Consumer Staples | -4.8582| -0.7| 3/10
Utilities | -11.1801| -1.2| 1/15
Materials | -33.7763| -1.5| 11/43
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Royal Bank of Canada| 17.2000| 1.4| -20.6| 22.5
TD Bank | 12.5100| 1.2| 63.7| 15.7
Canadian Natural | | | |
Resources | 8.9680| 2.5| -47.1| 44.9
Franco-Nevada | -6.2160| -2.7| 26.0| 5.3
Barrick Gold | -6.2900| -2.2| 20.7| -19.7
Wheaton Precious | | | |
Metals | -6.8390| -4.2| 13.8| -6
US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — U.S. stocks rallied for a second day as investors embraced the Federal Reserve’s bullish economic outlook while downplaying the risk of contagion from turmoil in Chinese debt markets.
Yields jumped worldwide after the Bank of England moved closer to raising rates and the dollar weakened.
The S&P 500 registered its biggest two-day gain since July, jumping 2.2%, with the Fed signaling on Wednesday that it’s on track to start scaling back asset purchases this year as the recovery takes hold. Yields climbed globally led by the U.K. market, where the 10-year gilt yield topped 0.90% for the first time since May after the Bank of England opened the door to a 2021 rate increase to contain a surge in inflation.
Treasury yields surged, led by the 30-year, which rose about 12 basis points in the biggest increase in more than a year.
“A hawkish Fed was surprisingly welcomed by equity markets as it was seen as a confirmation of continued strength and ‘substantial progress’ made by the economy in recovering from the COVID shock,” said Anu Gaggar, global investment strategist at Commonwealth Financial Network. “While we are far from the end of QE and near-zero rates, the tide seems to be beginning to change. So far, the market had welcomed bad news as good news, but a market reacting to signs of an economy able to stand on its own without the monetary policy crutches is a refreshing change.”

Even with Thursday’s jump in yields, confidence is building that markets can ride out a pullback in Fed stimulus, unlike 2013 when the so-called taper tantrum triggered large losses in bonds and equities. Investors are betting that the economic and profit recovery will be strong enough to outweigh a reduction in asset purchases, while ultra-low rates will continue to support riskier assets even as concerns linger about contagion from China’s real-estate woes.
“The turbo-charged taper — a little bit of a surprise, it was coming in a relatively short period that they’re planning for this, but the markets are OK with that at the end of the day,” Paul Donovan, UBS’s global chief economist, said during a Bloomberg TV interview.
Meanwhile, the British pound rallied and gilts declined as traders brought forward wagers on a Bank of England rate hike to 0.25% after officials said developments since its August meeting  appear to have strengthened the case for modest tightening.
Stocks briefly pared gains during European market hours after a report that Chinese authorities signaled reluctance to bail out Evergrande, even as Beijing injected more cash into the financial system and regulators instructed the embattled property developer to avoid a near-term default.
Fears of an Evergrande failure have caused a sharp rise in borrowing costs for other junk-rated Chinese developers and cast doubt on the health of some smaller Chinese banks.
Elsewhere, emerging-market stocks climbed for a third day.
Turkey’s lira slumped to record low against the dollar after the central bank unexpectedly cut interest rates.
Oil gained and gold declined, while Bitcoin steadied around $44,000.
Here are key events to watch this week:
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday

Here are the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4:03 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 1.5%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.1740
* The British pound rose 0.7% to $1.3723
* The Japanese yen fell 0.5% to 110.28 per dollar
Bonds
* The yield on 10-year Treasuries advanced 12 basis points to 1.42%
* Germany’s 10-year yield advanced seven basis points to -0.26%
* Britain’s 10-year yield advanced 11 basis points to 0.91%
Commodities
* West Texas Intermediate crude rose 1.4% to $73.21 a barrel
* Gold futures fell 1.8% to $1,747.30 an ounce
–With assistance from Elizabeth Stanton and Edward Bolingbroke.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Divide each difficulty into as many parts as is feasible and necessary to resolve it. –Rene Descartes, 1596-1650.

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: Autumn Equinox today.
If you’ve patiently waited to break out the decorations and the pumpkin spice, now’s your time. It’s the first day of fall in the Northern Hemisphere!
The autumn equinox arrives today, and we’re in the stretch when the curtains of darkness are closing at their most rapid pace of the year. But take heart: As our days grow shorter, celestial delights are coming into sharp focus, and bird-watchers will find plenty to see, too.

On Sept. 22, 1862, President Abraham Lincoln issued the preliminary Emancipation Proclamation, declaring all slaves in rebel states should be free as of Jan. 1, 1863.  Go to article »

To fight a blue catfish invasion, fishermen are doing something shocking. (They’re shocking them.) (h/t Judy Lowery)

Humanity is early in the universe. So will we be the grabby aliens?
 
Number in the News:
11,013
Feet above sea level, the height of Mount Etna, Europe’s tallest volcano.  Just six months ago, the summit was 100 feet shorter, but 50 eruptions since February have increased the height of the Sicilian mountain. -Live Science.

PHOTOS OF THE DAY

Members of The Druid Order perform at ceremony to celebrate the autumn equinox on Primrose Hill in London
CREDIT: NEIL HALL/EPA-EFE/SHUTTERSTOCK

“Bamboo Basket Seller” The image recived a merit award in the AAP Magazine #20 TRAVELS photographic competition. The most well-known of Tat Vien village, Hung Yen province – the North of Vietnam, was the bamboo basket for fishing, it was a simple tool made by bamboo, rhombus and flexible so that the farmer could lay it under stream to catch the small fish
CREDIT: HOANG LONG LY

Incredible pictures show a snowy owl posing for the camera mid-flight. The owl can be seen majestically gliding over the snow with its piercing yellow eyes directly focused on the camera.These breath-taking snaps were taken in Ontario, Canada, by photographer and retired family physician, Gail Bisson, of Cape Breton, Canada. Gail said: “It took about 30 minutes to get to a respectful photographable distance from the owl
CREDIT: GAIL BISSON/CATERS NEWS
Market Closes for September 22^nd, 2021

Market Index	Close	Change
Dow Jones	34258.32	+338.48
		+1.00%
S&P 500	4395.64	+41.45
		+0.95%
NASDAQ	14896.85	+150.45 +1.02%
TSX	20401.49	+157.20
		+0.78%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29639.40	-200.31
		-0.67%
HANG SENG	24221.54	+122.40
		+0.51%
SENSEX	58927.33	-77.94
		-0.13%
FTSE 100*	7083.37	+102.39 +1.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.213	1.227
CND. 30 Year Bond	1.754	1.783
U.S.    10 Year Bond	1.3040	1.3243
U.S. 30 Year Bond	1.8125	1.8558

Currencies

BOC Close	Today	Previous
Canadian $	0.78293	0.78049
US $	1.2773	1.2812
Euro Rate 1 Euro=		Inverse
Canadian $	1.4931	0.66977
US $	1.1690	0.85546

Commodities

Gold	Close	Previous
London Gold Fix	1774.45	1757.75
Oil
WTI Crude Future	72.33	70.56

Market Commentary:
On this day in 1985, finance ministers and central bankers of the U.S., France, Germany, Japan and the U.K. announced measures to reduce the value of the U.S. dollar, which was near all-time highs. The “Plaza Accord” worked, as the dollar began a decade-long decline, spurring U.S. exports and creating a windfall for U.S. investors in foreign stocks.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8%, or 157.2 to 20,401.49 in Toronto.
The move was the biggest gain since July 21.
Gainers included cannabis, energy, and tech stocks.
Oil advanced after U.S. crude inventories slid to the lowest since October 2018 amid a global energy crunch expected to increase demand. 
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
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 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
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and rose 0.3 percent 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 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility rose to 8.59 percent compared with 8.28 percent in the previous session and the average of 6.85 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 46.8183| 0.7| 24/4
Energy | 43.6348| 1.8| 21/2
Information Technology | 27.9016| 1.1| 11/4
Materials | 11.4377| 0.5| 29/20
Consumer Discretionary | 10.9137| 1.4| 13/0
Real Estate | 5.4236| 0.8| 20/5
Utilities | 4.5103| 0.5| 9/7
Industrials | 4.4177| 0.2| 21/8
Health Care | 3.8078| 1.8| 8/1
Communication Services | -0.3042| 0.0| 4/3
Consumer Staples | -1.3640| -0.2| 6/7
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 22.4100| 1.6| -21.1| 30.2
Canadian Natural | | | |
Resources | 13.2500| 3.9| 10.2| 41.4
Brookfield Asset | | | |
Management | 12.6500| 1.8| -21.4| 35.9
Couche-Tard | -3.0040| -1.1| -53.0| 12.3
Canadian National | -3.8900| -0.6| -59.2| 4.8
Franco-Nevada | -5.8580| -2.5| -3.9| 8.2
US
By Elaine Chen and Vildana Hajric
(Bloomberg) — Stocks closed higher and the Treasury yield curve flattened after Federal Reserve officials signaled they would probably begin tapering their bond-buying program soon.
The dollar strengthened versus its major peers, while oil gained.
The S&P 500 had jumped earlier, rising for the for the first time in five trading sessions, as concerns about China Evergrande Group’s debt woes eased.
The benchmark index rose 1%, the biggest-one day increase since July.
Shorter-maturity Treasury notes fell while longer-maturity debt edged higher, flattening the yield curve, after revisions to Fed’s dot-plot forecasts for fed funds target showed a 2022 median of 0.25%, up from 0.125% prior, while 2023 rate forecasts were also dragged higher.
“If you take a step back, the Fed’s stance is still accommodative and it’s reasonable for the Fed to want to return to a state of normalcy if the economy is as robust as the data suggests,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial. “And given the recent volatility, it’s likely that investors are viewing the taper projection and potential 2022 rate hikes as a vote of confidence that the recovery is on track.”
If progress toward the Fed’s employment and inflation goals “continues broadly as expected, the committee judges that a moderation in the pace of asset purchases may soon be warranted,” the U.S. central bank’s policy-setting Federal Open Market Committee said Wednesday in a statement following a two-day meeting.
Fed Chair Jerome Powell said during a press conference that tapering could end around mid-2022 and that most on the committee favor a gradual pace. That could mean the Fed makes an announcement in November, potentially creating an eight-month taper process.
Earlier, basic resources and energy were among the leading gainers in the Stoxx Europe 600 index as commodity prices steadied after Beijing moved to contain fears of a spiraling debt crisis at Evergrande that could ravage demand from the property sector.
China avoided a major selloff as trading resumed following a holiday, after the country’s central bank boosted its injection of short-term cash into the financial system.
The Fed’s timeline for tapering stimulus and any shifts in expectations for interest-rate increases are key for investors, who have grown used to central-bank stimulus supporting asset prices.
The revision follows a period of market volatility stoked by Evergrande’s woes.
China’s wider property-sector curbs are also feeding into concerns about a slowdown in the economic recovery from the pandemic.
“What markets are relieved by was that given the events of this week in terms of China, Evergrande, the debt ceiling dysfunction, some of the growth slowdown,” said Michael Arone, chief investment strategist at State Street Global Advisors’ U.S. SPDR business. “Some of what we’ve been seeing in markets, I think the risk was that the Fed would announce tapering and a timeline today. I think that would have been an unexpected surprise that would have created some volatility and some negative reaction by investors, and that didn’t happen, and so investors are happy.”
Elsewhere, Governing Council member Madis Muller said the European Central Bank may boost its regular asset purchases once the pandemic-era emergency stimulus comes to an end.
In Japan, the central bank left its main monetary policy settings unchanged.
Markets in South Korea and Hong Kong were closed for a holiday.    
Here are key events to watch this week:
* Bank of England rate decision, Thursday
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday
Some of the main moves in markets: 
Stocks
* The S&P 500 rose 1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1694
* The British pound fell 0.3% to $1.3620
* The Japanese yen fell 0.5% to 109.79 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.30%
* Germany’s 10-year yield was little changed at -0.32%
* Britain’s 10-year yield was little changed at 0.80%
Commodities
* West Texas Intermediate crude rose 2.1% to $71.97 a barrel
* Gold futures fell 0.6% to $1,767.60 an ounce
–With assistance from Kamaron Leach.
Have a nice evening.

Be magnificent!

As ever,

Carolann

Don’t mind anything anyone tells you about anyone else.  Judge everyone and everything for yourself.  -Henry James, 1843-1916.

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:
46 BC Julius Caesar celebrates first of four triumphal processions in Rome – over Gaul, Egypt, Pontus and Africa with leader of the Gauls Vercingetorix led in chains. Go to article »

New gravitational wave detector picks up possible signals from the beginning of time. 

This 23-year-old woman has been to every country in the world. (h/t Scott Kominers)

Number in the News:
  62.8 TRILLION
Digits of pi calculation by a team of Swiss researchers and their supercomputer.  The previous record calculated 50 trillion figures.
PHOTOS OF THE DAY

A lightning bolt is seen over the Black Sea off the resort village of Dagomys, Lazarevsky Distric

The full moon, also known as the harvest moon, rises above Birmingham, at sunset
CREDIT: JACOB KING/PA WIRE

The windy fire burns along a ridge in Sequoia National Forest, California
CREDIT: AP PHOTO/NOAH BERGER

Thousands of birds including knot and oystercatcher, congregate and perform spectacular murmurations at Snettisham, Norfolk. This spectacular happens when a high tide forces the birds from their feeding ground on The Wash, further up the beach and onto the shingle, before the tide recedes and they can feed on the mudflats again
CREDIT: PAUL MARRIOTT
Market Closes for September 21^st, 2021

Market Index	Close	Change
Dow Jones	33919.84	-50.63
		-0.15%
S&P 500	4354.19	-3.54
		-0.08%
NASDAQ	14746.40	+32.50 +0.22%
TSX	20244.29	+89.75
		+0.45%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29839.71	-660.34
		-2.16%
HANG SENG	24221.54	+122.40
		+0.51%
SENSEX	59005.27	+514.34
		+0.88%
FTSE 100*	6980.98	+77.07 +1.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.227	1.224
CND. 30 Year Bond	1.783	1.764
U.S.    10 Year Bond	1.3243	1.3107
U.S. 30 Year Bond	1.8558	1.8471

Currencies

BOC Close	Today	Previous
Canadian $	0.78049	0.77973
US $	1.2812	1.2825
Euro Rate 1 Euro=		Inverse
Canadian $	1.5025	0.66557
US $	1.1727	0.85273

Commodities

Gold	Close	Previous
London Gold Fix	1757.75	1755.95
Oil
WTI Crude Future	70.56	70.29

Market Commentary:
On this day in 1931, U.S. stocks tumbled a day after the Bank of England abandoned the gold standard.  The Dow Jones Industrial Average fell 6.2% to an intraday low of 104.79, and the New York Stock Exchange authorities debated closing the market.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 20,244.29 in Toronto.
The move follows the previous session’s decrease of 1.6%
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 4.0%.
Bausch Health Cos. had the largest increase, rising 8.1%.
Today, 149 of 235 shares rose, while 82 fell; all sectors were higher, led by energy stocks.
Gold advanced as the dollar edged lower and investors weighed the potential for spillover effects from the debt crisis at developer China Evergrande Group, bolstering demand for haven assets.
Oil also gained with supply constraints in focus.
Prime Minister Justin Trudeau won a third term in Canada’s snap election though fell short of regaining the majority he was seeking, forcing him to rely on smaller parties in another fragmented parliament.
Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* This quarter, the index rose 0.4 percent
* This month, the index fell 1.6 percent, heading for the biggest decline since October 2020
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 3.1 percent below its 52-week high on Sept. 7, 2021 and 31.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.5 percent in the past 5 days and fell 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.1 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$3.18t
* 30-day price volatility rose to 8.28 percent compared with 8.21 percent in the previous session and the average of 6.77 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 20.8428| 0.8| 17/6
Financials | 19.9846| 0.3| 12/16
Industrials | 8.3279| 0.4| 20/9
Communication Services | 7.3904| 0.7| 6/1
Information Technology | 7.3655| 0.3| 9/6
Consumer Staples | 7.1488| 1.0| 9/4
Health Care | 5.6123| 2.8| 5/3
Real Estate | 4.9965| 0.8| 24/1
Utilities | 4.6065| 0.5| 14/2
Consumer Discretionary | 2.5804| 0.3| 7/6
Materials | 0.8818| 0.0| 26/28
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Asset | | | |
Management | 27.1100| 4.0| 13.1| 33.5
Enbridge | 7.1650| 1.0| -13.3| 23.5
Canadian National | 6.7660| 1.1| -49.5| 5.5
Teck Resources | -3.1410| -3.2| -10.7| 28.7
Royal Bank of | | | |
Canada | -3.9530| -0.3| -25.9| 19.8
Canadian Pacific | -5.2260| -1.4| -16.7| -6.2
US
By Kamaron Leach and Elaine Chen
(Bloomberg) — U.S. stocks fell in the final minutes of trading a day after registering the biggest slide in four months as traders assessed risks from China’s crackdown on the real-estate sector and this week’s Federal Reserve meeting.
The S&P 500 had whipsawed investors through the session after opening broadly higher, which had initially suggested some improvement in sentiment after concerns about fallout from China
Evergrande Group’s debt woes roiled global markets Monday.
The industrial, communication services and utilities sectored weighed on the benchmark index. Disney slumped the most since May after the company forecast slower subscriber growth.
“Investors remain on the edge of their seats as they await tomorrow’s update from the Fed as well as details around if and how the Chinese government will respond to the Evergrande crisis,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors.
The Stoxx Europe 600 index climbed about 1%, rebounding from the biggest slump in two months.
Aside from worries over Evergrande’s ability to make good on $300 billion of liabilities, investors are also positioning for the two-day Fed meeting that started Tuesday, where policy makers are expected to start laying the groundwork for paring stimulus.
Treasury yields were mostly flat and the dollar was little changed. “We have the virus that’s kicked in again as a concern,” said John A. Carey, a money manager at Pioneer Investment Management Inc. “And then there’s the situation in Washington with the still uncertain outlook for various tax and spending plans, and so it’s hard for people to know which way to go.”
A Hong Kong gauge of real-estate firms steadied, after developers disputed a report of pressure from the Chinese government.
Evergrande slid deeper in equity and credit markets.
Concerns remain about broader contagion after S&P Global Ratings said the developer is on the brink of default.
China’s markets reopen on Wednesday after holidays.
Elsewhere, Bitcoin slid for a third day in volatile trading, tumbling as much as 7.6% before trading around $42,000. Oil finished higher after a two-day slide, while iron ore futures took a breather following Monday’s rout, though stayed below $100 a ton on China’s steel output curbs.

Here are key events to watch this week:
* Bank of Japan rate decision, Wednesday
* Federal Reserve rate decision, Wednesday
* Bank of England rate decision, Thursday
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:08 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1725
* The British pound was little changed at $1.3660
* The Japanese yen rose 0.2% to 109.21 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.32%
* Germany’s 10-year yield was little changed at -0.32%
* Britain’s 10-year yield advanced one basis point to 0.81%
Commodities
* West Texas Intermediate crude rose 0.4% to $70.56 a barrel
* Gold futures rose 0.7% to $1,775.50 an ounce
Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

There is no more important lesson to be learned or habit to be formed than that of right judgement and of delighting in good characters and noble actions. -Aristotle, 384 BC-322 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: Full harvest moon tonight.
Canada goes to the polls.

1873 Panic swept the New York Stock Exchange in the wake of railroad bond defaults and bank failures. Go to article »

Something big just hit Jupiter.

Something big hit a Middle Eastern city 3,600 years ago, possibly inspiring the story of Sodom.

French slackliner crosses the Seine from the Eiffel Tower in breathtaking stunt.  Slacklining is like tightrope walking, except the line isn’t pulled taut. Why would anyone do that, you ask? It is a mystery. 

The Netherlands, the world’s tallest nation, is getting shorter.  “Hey, fun fact, did you know The Netherlands is the world’s tallest nation?” — all of us, today, to anyone who will listen.
PHOTOS OF THE DAY

The Harvest Moon sets behind the Statue of Liberty before sunrise in New York City.
CREDIT: FROM TELEGRAPH, SEPTEMBER 20, 2021

An auction house employee poses for photographers with a painting entitled ‘La Jeunesse’ by French artist Emile Munier during a photocall for the 19th Century and British Impressionist art sale at Bonhams in London, Britain.
CREDIT: FACUNDO ARRIZABALAGA/EPA-EFE/SHUTTERSTOCK

A contestant holds four Pomeranians during the FCI-CACIB Zakarpattia 2021 International Dog Show at the Avanhard Stadium, Uzhhorod, Zakarpattia Region, western Ukraine. 
CREDIT: UKRINFORM/SHUTTERSTOCK
Florist Judith Blacklock puts the finishing touches on a floral carousel installation in Halkin Arcade designed by florists Neill Strain and Judith Blacklock for the Belgravia in Bloom festival, running from September 20-26, London, UK.
CREDIT: JOHN NGUYEN/ PA WIRE
Market Closes for September 20^th, 2021

Market Index	Close	Change
Dow Jones	33970.47	-614.41
		-1.78%
S&P 500	4357.73	-75.26
		-1.70%
NASDAQ	14713.90	-330.07 -2.19%
TSX	20154.54	-335.82
		-1.64%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30500.05	+176.71
		+0.58%
HANG SENG	24099.14	-821.62
		-3.30%
SENSEX	58490.93	-524.96
		-0.89%
FTSE 100*	6903.91	-59.73 -0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.224	1.288
CND. 30 Year Bond	1.764	1.818
U.S.    10 Year Bond	1.3107	1.3633
U.S. 30 Year Bond	1.8471	1.9017

Currencies

BOC Close	Today	Previous
Canadian $	0.77973	0.7830
US $	1.2825	1.2771
Euro Rate 1 Euro=		Inverse
Canadian $	1.5040	0.66489
US $	1.1727	0.85274

Commodities

Gold	Close	Previous
London Gold Fix	1755.95	1747.95
Oil
WTI Crude Future	70.29	71.97

Market Commentary:
On this date in 1929, the most famous banker in the U.S., Charles E. Mitchell of National City Bank, stated as he boarded a transatlantic cruise liner: “There is nothing to worry about in the financial situation in the United States.” Less than five weeks later, the Crash of 1929 ushered in the Great Depression.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 1.6%, or 335.82 to 20,154.54 in Toronto.
     The move was the biggest since falling 1.8% on Jan. 29.
Today, financials stocks led the market lower, as all sectors lost; 200 of 235 shares fell, while 34 rose.
     Shopify Inc. contributed the most to the index decline, decreasing 3.2%.
NFI Group Inc. had the largest drop, falling 23.6%.
Canadian Prime Minister Justin Trudeau appears set to retain power in a close election Monday, but may fall short of regaining the parliamentary majority he’s been coveting.
Gold advanced as fears of a spillover from debt woes of Asian real estate developer China Evergrande Group stoked demand for havens, outweighing concerns that the Federal Reserve’s reduction in stimulus could come soon.
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%, 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%, heading for the biggest decline since October 2020
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on Sept. 7, 2021 and 30.7% above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 2.5% 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 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% 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 8.21% compared with 6.56% in the previous session and the average of 6.76% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -112.8961| -1.8| 1/27
Energy | -63.5696| -2.5| 0/23
Information Technology| -55.4132| -2.2| 4/11
Industrials | -42.9231| -1.8| 3/26
Materials | -17.7064| -0.8| 10/45
Consumer Discretionary| -10.4044| -1.4| 3/11
Health Care | -10.3254| -4.9| 1/8
Real Estate | -9.5436| -1.5| 2/23
Consumer Staples | -5.5221| -0.7| 1/12
Communication Services| -4.6533| -0.5| 1/6
Utilities | -2.8624| -0.3| 8/8
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -46.6800| -3.2| 38.0| 27.7
Royal Bank of Canada | -19.0700| -1.5| 35.5| 20.2
Brookfield Asset | | | |
Management | -18.3100| -2.6| -8.0| 28.4
Constellation | | | |
Software | 2.0330| 0.7| 8.6| 32.9
Franco-Nevada | 2.9560| 1.3| -8.4| 10.0
Barrick Gold | 5.7970| 2.0| 8.2| -16.7
US
By Kamaron Leach and Peyton Forte
(Bloomberg) — U.S. stocks fell the most in about four months amid a global rout sparked by investor angst over China’s real-estate sector and Federal Reserve tapering.
The S&P 500 pared losses in the last hour of trading to 1.7% as traders emerged to buy the dip again after the benchmark bounced off closely watched moving averages.
     The index was down as much as 2.9% at one point, the biggest slide since October 2020. Treasuries gained along with the dollar before Wednesday’s Fed meeting, where policy makers are expected to start laying the groundwork for paring stimulus. “If the market is ripe for a correction, ‘tis the season for one,” said Anne Wickland, Portfolio Manager at Easterly Investment Partners LLC. “Most selloffs seem to occur at the end of the third quarter, beginning of the fourth as investors start to adjust future expectations.”
The S&P  500’s drop was an opportunity to buy stocks as the global economic recovery is poised to pick up momentum, according to JPMorgan Chase & Co. strategists led by Marko Kolanovic.
The Stoxx Europe 600 index dropped 1.7% to a two-month low.
Raw materials led the broad-based retreat as iron ore extended a slump below $100 a ton and base metals declined after China stepped up restrictions on industrial activity.
Hong Kong shares slumped amid the biggest selloff in property stocks in more than a year as traders tracked the risk of contagion from the debt crisis at developer China Evergrande Group, which is fueling new fears about China’s growth path. “China is not investable, not at this point — even on a government level because you just really don’t know what protection you’re going to have or what the currency is going to do,” Ed Yardeni, president of Yardeni Research, said in an interview on Bloomberg TV.
Aside from Evergrande and the prospect of reduced Fed stimulus, financial markets also face risks from uncertainty over the outlook for President Joe Biden’s $4 trillion economic agenda as well as the need to raise or suspend the U.S. debt ceiling.
     Investors were already fretting over a slowing global recovery from the pandemic and inflation stoked by commodity prices.
Treasury Secretary Janet Yellen said the U.S. government will run out of money to pay its bills sometime in October without action on the debt ceiling, warning of “economic catastrophe” unless lawmakers take the necessary steps.
Meanwhile, Bitcoin briefly fell below $43,000.
     WTI crude oil extended a drop toward $70 a barrel.
Here are key events to watch this week:
* Bank of Japan rate decision, Wednesday
* Federal Reserve rate decision, Wednesday
* Bank of England rate decision, Thursday
* Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery, Friday
     Some of the main moves in markets:
 Stocks
* The S&P 500 fell 1.7% as of 4:06 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.1728
* The British pound fell 0.6% to $1.3662
* The Japanese yen rose 0.5% to 109.40 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.31%
* Germany’s 10-year yield declined four basis points to -0.32%
* Britain’s 10-year yield declined five basis points to 0.79%
Commodities
* West Texas Intermediate crude fell 1.6% to $70.81 a barrel
* Gold futures rose 0.8% to $1,765.50 an ounce
–With assistance from Vildana Hajric and Lu Wang.
Have a great night.

Be magnificent!

As ever,

Carolann

In politics stupidity is not a handicap. -Napoleon Bonaparte, 1769-1821.

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

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

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

Dear Friends,

Tangents: Happy Friday.

It’s Hispanic Heritage Month — and yes, it starts in the middle of September and runs to the middle of October. The date structure is a nod to several important dates in Latin American countries.

2001 Wall Street trading resumed for the first time since the Sept. 11 terrorist attacks – its longest shutdown since the Depression; the Dow lost 684.81 points,
its worst one-day point drop to date.  Go to article »

1920-National Football League formed.
1862-Battle of Antietam, 25,000 killed.

Dizzying glass box observatory to open high above New York.  All you acrophobes out there say, “Aaaaaah!”

When did humans start wearing clothes? A discovery in a Moroccan cave sheds some light. you’d ponder in the shower and then think about until the water turned cold. 

A message in a bottle Japanese high school students sent 37 years ago washed up in Hawaii.

How to clean your glasses.

Future Martians could build bricks out of human blood.

PHOTOS OF THE DAY

Elephants gathered at a watering hole underneath the milky way. The pictures show the beautifully illuminated constellation overlooking animals in stunning clarity at the Antares Bush Camp in South Africa’s Greater Kruger
CREDIT: @THESAFARIEXPERT /CATERS NEW

A lizard looks very chilled out as it enjoys a spot of sunbathing. The cold blooded Forest Chameleon was pictured in it’s owners back garden in Padang, West Sumatra, Indonesia
CREDIT: YAN HIDAYAT/SOLENT NEWS & PHOTO AGENCY

Members of medieval music group Maranella (left to right) Jed Armstrong with a 1400-1450 Citole, Marilyn Farrington with a medieval harp, Peter Farrington with a Frame Drum, and Elizabeth Armstrong with English Bag Pipes in the grounds of Castle Bolton in North Yorkshire, ahead of performing during Medieval Music in the Dales
CREDIT: DANNY LAWSON/PA WIRE

More than 660,000 white flags carpet the National Mall to commemorate the American lives lost to Covid-19 in Washington DC. The installation, called ‘In America: Remember’ is the work of artist Suzanne Brennan Firstenberg. It officially opens to the public on 17 September
CREDIT: JIM LO SCALZO/EPE-EFE/SHUTTERSTOCK

Market Closes for September 17^th, 2021

Market Index	Close	Change
Dow Jones	34584.88	-166.44
		-0.48%
S&P 500	4432.99	-40.76
		-0.91%
NASDAQ	15043.97	-137.95 -0.91%
TSX	20490.36	-111.74
		-0.54%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30500.05	+176.71
		+0.58%
HANG SENG	24920.76	+252.91
		+1.03%
SENSEX	59015.89	-125.27
		-0.21%
FTSE 100*	6963.64	-63.84 -0.91%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.288	1.235
CND. 30 Year Bond	1.818	1.775
U.S.    10 Year Bond	1.3633	1.3344
U.S. 30 Year Bond	1.9017	1.8800

Currencies

BOC Close	Today	Previous
Canadian $	0.7830	0.78849
US $	1.2771	1.2682
Euro Rate 1 Euro=		Inverse
Canadian $	1.7535	0.5702
US $	1.3730	0.7283

Commodities

Gold	Close	Previous
London Gold Fix	1747.95	1796.95
Oil
WTI Crude Future	71.97	72.61

Market Commentary:
     On this day in 1998, stock markets took a world-wide pounding after Federal Reserve Chairman Alan Greenspan told Congress that there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell for a second week as materials shares dipped on commodity headwinds.  The S&P/TSX Composite fell for the second day, dropping 0.5%, or 111.74 to 20,490.36 in Toronto. The index dropped to the lowest closing level since Aug. 23. Today, financials stocks led the market lower, as 8 of 11 sectors lost; 147 of 229 shares fell, while 75 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.5%. NexGen Energy Ltd. had the largest drop, falling 9.3%. Justin Trudeau and his Conservative rival are nearly tied heading into the final weekend of Canada’s election campaign, leaving the prime minister with decent odds of holding on to power. 
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 1.6 percent
* So far this week, the index fell 0.7 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 1.9 percent below its 52-week high on Sept. 7, 2021 and 32.9 percent above its low on Oct. 30, 2020 * S&P/TSX Composite is trading at a price-to earnings ratio of 19.3 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility rose to 6.56 percent compared with 6.49 percent in the previous session and the average of 6.97 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -65.9451| -1.0| 5/23
* Energy | -31.3887| -1.2| 2/21
* Materials | -16.7726| -0.7| 23/28
* Consumer Staples | -13.6137| -1.8| 5/8
* Communication Services | -2.6607| -0.3| 1/6
* Utilities | -2.6374| -0.3| 4/10
* Real Estate | -1.5483| -0.2| 10/15
* Consumer Discretionary | -0.9904| -0.1| 6/5
* Health Care | 0.4743| 0.2| 7/2
* Industrials | 8.5397| 0.3| 9/20
* Information Technology | 14.7895| 0.6| 3/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of | | | |
* Canada | -18.9700| -1.5| 289.3| 22.1
* Canadian Natural | | | |
* Resources | -10.9900| -3.0| 36.8| 39.0
* Brookfield Asset | | | |
* Management | -10.4200| -1.5| 651.4| 31.9
* Ballard Power | | | |
* Systems | 1.6830| 5.2| 81.3| -32.2
* Canadian National | 17.1500| 2.4| 638.1| 7.4
* Shopify | 19.6200| 1.3| 347.2| 31.9

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — U.S. stocks fell the most in a month and bond yields rose as investors evaluated the resilience of the global recovery amid concerns about the delta virus strain and risks from China. The 0.9% drop in the S&P 500 came amid the quarterly expiration of options and futures on Friday, which can trigger volatility. The materials, utilities and technology sectors pushed the benchmark index into the red for a second day, erasing gains from earlier in the week. The index dipped below its 50-day moving average, a key technical level that has provided support during previous market selloffs this year. The tech-heavy Nasdaq 100 slumped 1.2%, the biggest drop since May. Casinos extended declines amid tightening restrictions in Macau, while miners led a drop in Europe’s Stoxx 600 Index as iron ore slumped toward $100 a ton. “September is starting off in typical fashion, with stocks struggling to maintain optimism in the face of a likely pending shift in Fed policy, slower growth and uncomfortably high inflation,” Bloomberg Intelligence’s Gina Martin Adams wrote in a note.
The University of Michigan’s preliminary sentiment index showed U.S. consumer sentiment rose slightly in early September but remained close to a near-decade low, while buying conditions deteriorated to their worst since 1980 because of high prices. Asian equities were mixed amid the debt crisis at China Evergrande Group and a short-term cash injection by the central bank to help soothe nerves. “We’re not necessarily in a period of a lot of negative catalysts, we’re in a period of a lack of positive catalysts,” said Randy Frederick, managing director of trading and derivatives with the Schwab Center for Financial Research. “And we may not get a huge amount of upside momentum until we get something positive like potentially earnings, which is still a couple of weeks out.” Global equities posted a second weekly drop, restrained by the impact of the delta variant on economic reopening, the implications of elevated inflation and the upheavals in China. The Federal Reserve will probably hint at its meeting next week that it’s moving toward scaling back monthly asset purchases and make a formal announcement in November, according a Bloomberg survey of economists.
Meanwhile, European Central Bank Governing Council member Martins Kazaks said in a Bloomberg interview that the euro area’s inflation outlook may turn out higher than currently anticipated if the coronavirus doesn’t inflict any further shocks. Oil slipped, while gold advanced. An index of commodity prices dipped, but remains in sight of a record hit in 2011, underscoring the inflation concerns rippling across the world economy.  
Some of the main moves in markets: 
Stocks
* The S&P 500 fell 0.9% as of 4:05 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.1730
* The British pound fell 0.4% to $1.3737
* The Japanese yen fell 0.2% to 109.95 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.37%
* Germany’s 10-year yield advanced two basis points to -0.28%
* Britain’s 10-year yield advanced three basis points to 0.85%
Commodities
* West Texas Intermediate crude fell 0.9% to $71.98 a barrel
* Gold futures fell 0.3% to $1,752.10 an ounce
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Among other things, you’ll find that you’re not the first person who was ever confused and frightened and even sickened by human behavior.  You’re by no means alone on that score, you’ll be excited and stimulated to know.  Many, many men have been just as troubled morally and spiritually as you are right now.  Happily, some of them kept records of their troubles.  You’ll learn from them – if you want to.  Just as someday, if you have something to offer, someone will learn something from you.  It’s a beautiful reciprocal arrangement.  And it isn’t education.  It’s history.  It’s poetry. – J.D. Salinger 1919-2010, The Catcher in the Rye.

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

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

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

Dear Friends,

Tangents:  It is Yom Kippur, the Day of Atonement. The Jewish holy day began last night at sundown and is considered the most important and sacred of Jewish religious holidays.

September 16, 1620: Mayflower Day – Pilgrims deported from England.

September 16, 1630: The Massachusetts village of Shawmut changed its name to Boston.  Go to article »

1810-Mexican Independence Day

The best new restaurants in London, as chosen by top chefs.

Rivian beats Tesla, GM and Ford to build the first electric pickup truck.  For when you want to be environmentally responsible but still have to haul a few loads to the dump.

RuPaul has a new namesake: A rainbow-colored fly.  And it’s fabulous, baby!

Meghan and Harry are named ‘icons’ in Time’s list of 100 most influential people.  We’re going to need a new word for “power couple.”

The Crystal Cabin Awards recognize the airplane interior designs of the future.  See, a future with more legroom is possible!

You’ll be eating algae soon.
PHOTOS OF THE DAY

A SpaceX Falcon 9 rocket, with four private citizens onboard, lifts off in this time-exposure photo from Kennedy Space Center’s Launch Pad 39-A
CREDIT: AP PHOTO/JOHN RAOUX

Corfe Castle captured in a stunning misty sunrise
CREDIT: RACHELBAKER/BNPS

Ocean Photographer of the Year winner Aimee Jan. A green turtle, surrounded by glass fish. “I was out snorkelling when one of my colleagues told me there was a turtle under a ledge in a school of glass fish, about 10 metres down,” says photographer Aimee Jan. “When I dived down to look, the fish separated around the turtle perfectly. I said to her: ‘I think I just took the best photo I have ever taken’.” Ningaloo Reef, Western Australia
CREDIT: AIMEE JAN

Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al-Nahyan inspects the Grenadier Guards in London
CREDIT: REUTERS/HANNAH MCKAY
Market Closes for September 16^th, 2021

 

Market Index	Close	Change
Dow Jones	34751.32	-63.07
		-0.18%
S&P 500	4473.75	-6.95
		-0.16%
NASDAQ	15181.93	+20.40 +0.13%
TSX	20602.10	-91.69
		-0.44%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30323.34	-188.37
		-0.62%
HANG SENG	24667.85	-365.36
		-1.46%
SENSEX	59141.16	+417.96
		+0.71%
FTSE 100*	7027.48	+10.99 +0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.235	1.220
CND. 30 Year Bond	1.775	1.770
U.S.    10 Year Bond	1.3344	1.3022
U.S. 30 Year Bond	1.8800	1.8626

Currencies

BOC Close	Today	Previous
Canadian $	0.78849	0.79204
US $	1.2682	1.2626
Euro Rate 1 Euro=		Inverse
Canadian $	1.4926	0.66997
US $	1.1769	0.84969

Commodities

Gold	Close	Previous
London Gold Fix	1796.95	1792.75
Oil
WTI Crude Future	72.61	72.61

Market Commentary:
On this date in 1777, the merchant banker Nathan Mayer Rothschild was born in a decrepit, eight-foot-wide house in the Judengasse ghetto of Frankfurt, Germany, to Mayer Amschel Rothschild, a mail-order antique dealer, and Gutle Schnapper Rothschild.
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 20,602.10 in Toronto.
     The move follows the previous session’s increase of 0.7%.
Silver tumbled to the lowest since December as signs of a robust economic recovery spurred speculation that policy makers could soon reduce stimulus.
     Gold dropped to the lowest in more than a month.
Today, materials stocks led the market lower, as 7 of 11 sectors lost; 140 of 229 shares fell, while 84 rose.
     Barrick Gold Corp. contributed the most to the index decline, decreasing 4.0%. Endeavour Silver Corp. had the largest drop, falling 6.6%.
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 2.2 percent
* So far this week, the index was little changed
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on Sept. 7, 2021 and 33.6 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 0.6 percent 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 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility rose to 6.49 percent compared with 6.33 percent in the previous session and the average of 7.07 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -70.2601| -3.0| 5/49
Energy | -14.6445| -0.6| 5/17
Industrials | -12.6513| -0.5| 13/16
Consumer Discretionary | -10.7689| -1.4| 4/8
Utilities | -3.7423| -0.4| 3/11
Consumer Staples | -2.2164| -0.3| 7/6
Health Care | -1.2096| -0.6| 3/5
Real Estate | 0.3139| 0.0| 14/11
Communication Services | 1.2542| 0.1| 4/3
Information Technology | 10.0585| 0.4| 7/5
Financials | 12.1827| 0.2| 19/9
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Barrick Gold | -12.1500| -4.0| 99.2| -18.1
Wheaton Precious | | | |
Metals | -9.8180| -5.6| 61.9| -0.7
Magna International | -9.1220| -4.7| 33.9| 7.3
Nuvei | 4.0450| 6.6| 45.2| 125.0
TD Bank | 5.5830| 0.5| -17.7| 15.3
Shopify | 6.9860| 0.5| -27.3| 30.1
US
By Vildana Hajric
(Bloomberg) — U.S. stocks closed mostly lower after swinging between gains and losses ahead of tomorrow’s expiration of options and futures, a quarterly event that usually brings increased volume and volatility.
     Treasury yields rose for a second day and the dollar strengthened.
The materials and energy sectors lead the S&P 500 lower a day after the index posted its biggest gain since August on Wednesday.
     The equity market benchmark is down about 1% this month amid lingering concern about a broader pullback in the wake of a string of record gains.
     The Nasdaq Composite finished in positive territory for a second day following a five-session slide.
“After seven months of gains, equity markets have been choppier mid-way through September,” said Keith Lerner, chief market strategist at Truist Advisory Services.
     “This is actually quite normal from a historical seasonal standpoint, though the ongoing carousel of concerns continues.”  Markets fluctuated as investors weighed the impact of mixed economic data on the Federal Reserve’s plans to taper stimulus. Fed policy makers meet next week.
Retail sales unexpectedly increase in August, suggesting that demand for goods remains strong.
     A separate report showed weekly jobless claims increased.
“It remains to be seen if this will reverse the slight downward trend we’ve seen in the market these past few weeks,”  said Mike Loewengart, managing director of investment strategy at E*Trade Financial.
Meanwhile, casino stocks with operations in Macau extended drops amid the government’s tightening grip on the gambling hub.
Travel and leisure companies led gains in Europe’s Stoxx 600 Index as Ryanair Holdings Plc lifted its growth target.
Investors continue to assess the outlook for economic reopening amid the delta virus strain outbreak and rising costs fueled by higher commodity prices and pandemic-related supply snarls.
     The United Nations said the global economy is expected to undergo its fastest recovery in almost five decades this year, but warned about deepening inequities between advanced and developing nations.
“Investors are really trying to weigh the tug-of-war of concerns between how soon will the Fed taper,” said Art Hogan, chief strategist at National Securities.
Shares fell in Asia, where the debt crisis at China Evergrande Group and Beijing’s latest push to rein in private industries hurt sentiment. Technology stocks slid as China slowed approvals for video games to enforce stricter criteria for content. 
     Some of the main moves in markets: 
Stocks
* The S&P 500 fell 0.2% as of 4:08 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.4% to $1.1767
* The British pound fell 0.3% to $1.3795
* The Japanese yen fell 0.3% to 109.70 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.33%
* Germany’s 10-year yield was little changed at -0.30%
* Britain’s 10-year yield advanced four basis points to 0.82%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 2.3% to $1,754.20 an ounce
–With assistance from Elaine Chen.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Any idiot can face a crisis—it’s this day-to-day living that wears you out. -Anton Chekov, 1860-1904.

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:
Today in history: The first Costco Warehouse opens in 1983 on Fourth Avenue South in Seattle. The first store is a warehouse with a hot dog stand in front. The warehouse concept is pioneered by Price Club in San Diego in 1976; Costco and Price Club merge in 1993. At first, only small businesses can buy at Costco from about 4,000 items at 8 to 9 percent over wholesale prices. Later, Costco expands to include retail customers. The company’s headquarters is in Issaquah. (Compiled from HistoryLink.org)

2001 President George W. Bush identified Osama bin Laden as the prime suspect in the Sept. 11 terrorist attacks, and told Americans to prepare for a long, difficult war against terrorism. Go to article »

1940~Battle of Britain Day
1971~Greenpeace founded.
1890: Agatha Christie, author, b.

SpaceX will launch 4 space tourists on a 3-day trip in space.  The bragging rights will be astronomical. 

Ancient spider caring for her offspring is trapped in 99 million-year-old amber.  With gentle hands and the heart of a fighter, she’s a survivor. 

What lies beneath: Volcanic secrets revealed.
PHOTOS OF THE DAY

Perfection: The little white hut & mountains that surround Buttermere lake in Cumbria reflect in to the still waters this morning in the Lake District
CREDIT: ANDREW MCCAREN/LNP

A fish leaps on the weir of the River Tyne at Hexham in Northumberland as it travels upstream to spawn
CREDIT: OWEN HUMPHREYS/PA WIRE

Mark McCormack (4) plays with work by Irish artist Patrick O’Reilly in Merrion square, Dublin, as the city centre is set to host an outdoor sculpture trail featuring 12 life-size works by the artist. The trail, which has been installed in six locations in the heart of the capital, opens on Culture Night this Friday and continues for two weeks
CREDIT: BRIAN LAWLESS/PA WIRE

A young Afghan girl looks at the camera as she plays outside her house in Kabul, Afghanistan
CREDIT: AP PHOTO/FELIPE DANA
Market Closes for September 15^th, 2021

Market Index	Close	Change
Dow Jones	34814.39	+236.82
		+0.68%
S&P 500	4480.70	+37.65
		+0.85%
NASDAQ	15161.53	+123.77 +0.82%
TSX	20693.79	+140.54
		+0.68%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30511.71	-158.39
		-0.52%
HANG SENG	25033.21	-469.02
		-1.84%
SENSEX	58723.20	+476.11
		+0.82%
FTSE 100*	7016.49	-17.57 -0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.220	1.173
CND. 30 Year Bond	1.770	1.741
U.S.    10 Year Bond	1.3022	1.2836
U.S. 30 Year Bond	1.8626	1.8592

Currencies

BOC Close	Today	Previous
Canadian $	0.79204	0.7879
US $	1.2626	1.2691
Euro Rate 1 Euro=		Inverse
Canadian $	1.4918	0.67035
US $	1.1815	0.84637

Commodities

Gold	Close	Previous
London Gold Fix	1792.75	1793.90
Oil
WTI Crude Future	72.61	70.46

Market Commentary:
On this day in 1890, British investment bank Baring Brothers disclosed that its loans to Argentina and Chile had gone bad and that the firm would go bust unless the Bank of England came to its aid. The BOE assumed £28.5 million of Baring’s liabilities. 
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 20,693.79 in Toronto.
     The move was the biggest daily gain since Aug. 27 and follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain, increasing 1.2%.
     Denison Mines Corp. had the largest increase, rising 8.8%. Today, 138 of 229 shares rose, while 86 fell; 6 of 11 sectors were higher, led by energy stocks.
Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.6 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 1 percent below its 52-week high on Sept. 7, 2021 and 34.2 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 6.33 percent compared with 6.07 percent in the previous session and the average of 7.10 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 57.8806| 2.3| 21/2
Financials | 38.9466| 0.6| 18/10
Information Technology | 22.5060| 0.9| 10/2
Materials | 17.5537| 0.7| 27/25
Industrials | 13.5457| 0.6| 20/9
Real Estate | 3.3442| 0.5| 16/7
Health Care | -0.4388| -0.2| 4/4
Utilities | -1.8247| -0.2| 9/7
Consumer Discretionary | -2.5436| -0.3| 5/8
Consumer Staples | -2.9551| -0.4| 5/8
Communication Services | -5.4969| -0.5| 3/4
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 17.6800| 1.2| 6.5| 29.5
Suncor Energy | 12.5900| 5.1| 11.8| 16.1
Royal Bank of | | | |
Canada | 11.2200| 0.9| -3.2| 23.9
Intact Financial | -2.4910| -1.4| 27.1| 13.7
Restaurant Brands | -2.5280| -1.4| 400.6| 3.9
Barrick Gold | -3.5950| -1.2| 21.2| -14.6
US
By Vildana Hajric
(Bloomberg) — Stocks rose the most in almost three weeks as the concern that has weighed on investor sentiment about a slowdown in economic growth eased.
     Crude oil jump and bond yields rose.
Energy shares helped push the S&P 500 up 0.9% and into positive territory for only the second time in eight trading sessions.
     The tech-heavy Nasdaq 100 rose for the first time in more than a week.
     Treasuries fell after rallying Tuesday on a lower-than-forecast inflation report, while the dollar weakened against most major peers.
After surging 20% to record highs through the first eight months of the year, the S&P 500 began September on a losing note as concern increased that a pullback in stimulus and the delta variant of the Covid 19 virus risked derailing the recovery from the pandemic.
     The S&P hasn’t closed higher by 1% or more since July 23.
“In this case, investors might be chasing economic breadcrumbs, like Hansel and Gretel,” said Mike Bailey, director of research at FBB Capital Partners.
     “Investors are showing their growing enthusiasm every step of the way as we inch toward a full economic recovery.”
Composite volume across all exchanges surpassed 10 billion shares for the third straight day on Tuesday, the longest streak since mid-June, according to data compiled by Frank Cappelleri at Instinet LLC.
Oil clung to gains after a U.S. government report showing a bigger-than-expected decline in crude stockpiles signaled a rapidly tightening market.
     Global benchmark Brent crude rose above $75 a barrel for the first time since early August, while U.S. crude futures surged as much as 3.6% on Wednesday.
While Tuesday’s U.S. inflation print could be seen as reducing pressure on the Federal Reserve to start pulling back on loose monetary policy, investors remain wary of a range of obstacles.
     These include the impact of the delta virus variant and rising costs on economic reopening, as well as China’s drive to rein in private industries.
“We have tested the 50-day average on the S&P 500. You could argue nine to ten times this year, we never broke it with any conviction,” Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management, said during an interview with Bloomberg TV. “Everybody is worried about where the next 5 to 10% correction comes from. What nobody is thinking about is that the next 10% move could be to the upside.”
Going into the year-end, investors will also have to digest debate around the U.S. debt ceiling, President Joe Biden’s tax package, infrastructure spending and Fed tapering, she added.
Asian stocks dropped after reports showed China’s economy took a knock in August from stringent virus controls and tight curbs on property and as authorities told major lenders to China
Evergrande Group not to expect interest payments due next week on bank loans.
     A debt restructuring could raise the prospect of wider social unrest and contagion in credit markets.
     Here are some events to watch this week:
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.1818
* The British pound rose 0.2% to $1.3844
* The Japanese yen rose 0.3% to 109.36 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.30%
* Germany’s 10-year yield advanced three basis points to -0.31%
* Britain’s 10-year yield advanced four basis points to 0.78%
Commodities
* West Texas Intermediate crude rose 3.1% to $72.65 a barrel
* Gold futures fell 0.7% to $1,795.30 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann

I’m sick of just liking people.  I wish to God I could meet somebody I could respect. –J.D. Salinger, 1919-2010, Franny and Zooey.

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. 14, 1959, the Soviet space probe Luna 2 became the first man-made object to reach the moon as it crashed onto the lunar surface.  Go to article »

The best fashion from the 2021 Met Gala.  There are some prime Halloween costume ideas in here. 

Native artifacts discovered in the belly of a 13-foot-5-inch alligator.  Alligators eat all sorts of things, but … an ancient dart point?!

Scientists want to resurrect the woolly mammoth. They just got $15 million to make it happen.  Hmmm. It seems like they made a movie like this, and it didn’t end well …

Scientists create matter from pure light.

The common cold fights Covid.

CityLab: What’s behind all these  immersive Van Gogh shows?

PHOTOS OF THE DAY

Lightning strikes One World Trade Center in New York City during a thunderstorm
CREDT: GARY HERSHORN/GETTY IMAGES

The launch of The Blue Paradox, an immersive experience exploring the ocean plastic pollution crisis hosted by SC Johnson in partnership with Conservation International, at Exhibition London. The two-week educational event opens to the public on September 15 and features a 360-degree digital projection of the ocean’s surface to examine how businesses, governments and individuals can work together to create a more sustainable world
CREDIT: DAVID PARRY/PA WIRE

Visitors stand with umbrellas near the step pyramid of the third dynasty Ancient Egyptian Pharaoh Djoser (27th century BC) at the Saqqara Necropolis south of Egypt’s capital Cairo
CREDIT: KHALED DESOUKI/AFP VIA GETTY IMAGES

Conservator James Preston uses a pointing spoon atop scaffold erected inside the stone circle at Stonehenge as specialist contractors from SSH Conservation repair defects from previous repairs, carried out the 1950’s, on a trilithon in the stone circle and carry out vital conservation work at Stonehenge
CREDIT: BEN BIRCHALL/PA WIRE

The moon is seen behind a mosque in the city of Almaty, Kazakhstan 
CREDIT: REUTERS/PAVEL MIKHEYEV

Market Closes for September 14^th, 2021

Market Index	Close	Change
Dow Jones	34577.57	-292.06
		-0.84%
S&P 500	4443.05	-25.68
		-0.57%
NASDAQ	15037.76	-67.82 -0.45%
TSX	20553.25	-113.16
		-0.55%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30670.10	+222.73
		+0.73%
HANG SENG	25502.23	-311.58
		-1.21%
SENSEX	58247.09	+69.33
		+0.12%
FTSE 100*	7034.06	-34.37 -0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.173	1.220
CND. 30 Year Bond	1.741	1.782
U.S.    10 Year Bond	1.2836	1.3259
U.S. 30 Year Bond	1.8592	1.9044

Currencies

BOC Close	Today	Previous
Canadian $	0.7879	0.7907
US $	1.2691	1.2646
Euro Rate 1 Euro=		Inverse
Canadian $	1.4983	0.6674
US $	1.1806	0.8470

Commodities

Gold	Close	Previous
London Gold Fix	1793.90	1794.60
Oil
WTI Crude Future	70.46	70.45

Market Commentary:
On this day in 1960, President Eisenhower signed into law the Real Estate Investment Trust Act. The act created REITs, enabling retail investors to buy shares in commercial real estate for the first time.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada stocks fell on Tuesday, led by health-care companies. The S&P/TSX Composite index dropped 0.6% in Toronto, with most major groups moving lower. Consumer-discretionary shares advanced. Shopify contributed the most to the benchmark’s decline, decreasing 1.5%. Interfor Corp. had the largest drop, falling 5.3%. On the M&A front, Teck Resources is exploring options for its metallurgical coal business, including a sale or spinoff that could value the unit at as much as $8 billion, people with knowledge of the matter said.
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 1.9 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on Sept. 7, 2021 and 33.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 6.07 percent compared with 5.88 percent in the previous session and the average of 7.14 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -38.3223| -0.6| 10/18
* Energy | -23.4660| -0.9| 5/17
* Information Technology | -23.0314| -0.9| 4/8
* Industrials | -17.8695| -0.7| 5/23
* Communication Services | -14.6071| -1.4| 0/7
* Health Care | -4.0840| -1.8| 3/6
* Consumer Staples | -1.2148| -0.2| 4/8
* Real Estate | -0.2329| 0.0| 11/11
* Utilities | 0.1391| 0.0| 7/7
* Consumer Discretionary | 3.0116| 0.4| 8/5
* Materials | 6.5085| 0.3| 31/22
* ================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -21.8200| -1.5| 88.7| 27.9
* Canadian National | -10.5700| -1.5| -22.9| 4.1
* Royal Bank of Canada | -7.2490| -0.6| -0.9| 22.8
* Couche-Tard | 1.8400| 0.6| -9.7| 16.1
* Franco-Nevada | 2.3030| 1.0| 27.9| 12.4
* Nuvei | 2.9600| 5.1| 25.8| 110.4
================================================================
US
By Liz Capo McCormick and Vildana Hajric
(Bloomberg) — Treasuries rallied and U.S. stocks declined after a less-than-forecast increase in inflation was seen as giving Federal Reserve officials more flexibility when it comes to pulling back on stimulus. The dollar fluctuated. Yields on benchmark 10-year notes fell 5 basis points to 1.26%, narrowing the yield gap between short- and longer-maturity U.S. debt. The financial, industrial and energy sectors led the S&P 500 lower even after the Labor Department reported that the consumer price index increased 0.3% from July. Economists called for a 0.4% gain. The Dow Jones Industrial Average was weighed down by Goldman Sachs Group Inc. and Caterpillar Inc. “It appears that the continued rally in Treasuries is due to speculation that some people have that the CPI data pushes off the Fed” tapering, said Blake Gwinn, strategist at RBC Capital Markets. Gwinn said he doesn’t agree with that view, and continues to see the Fed’s announced the start of its reduction in asset purchases in November or December.
The CPI figures offer some validation of views among Fed officials and the Biden administration that high inflation will prove temporary. The report could also help blunt criticism from Republicans that President Joe Biden’s economic stimulus is spurring damaging inflation as he seeks to sell a $3.5 trillion long-term tax-and-spending package that’s also running into opposition from moderate Democrats. The focus was firmly on price pressures, with a gauge of commodities around a decade-high. The global stock-market rally is facing headwinds amid concerns about the delta virus strain and risks from elevated inflation, which is being stoked by Covid-19 related supply disruptions. “Today’s selloff in equities is simply a continuation of the weakness we saw last week,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “Although the August CPI report all but guarantees no taper announcement at next week’s FOMC meeting, the clear and present danger is around a slowing economy.”
Elsewhere, Japan’s Nikkei 225 Stock Average closed at the highest level since 1990. Hong Kong and China wavered as traders evaluated the troubles of indebted developer China Evergrande Group, Beijing’s regulatory curbs and a virus flareup. 

Here are some events to watch this week:
* China retail sales, property prices, industrial production, Wednesday
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4:02 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1804
* The British pound fell 0.2% to $1.3806
* The Japanese yen rose 0.3% to 109.67 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.27%
* Germany’s 10-year yield declined one basis point to -0.34%
* Britain’s 10-year yield was little changed at 0.74%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 0.7% to $1,807.20 an ounce
–With assistance from Kamaron Leach.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

The mark of the immature man is that he wants to die nobly for a cause, while the mark of the mature man
is that he wants to live humbly for one. -J.D. Salinger, 1919-2010, The Catcher in the Rye.

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

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

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

Dear Friends,

Tangents: Happy Monday.

On Sept. 13, 1993, at the White House, Israeli Prime Minister Yitzhak Rabin and PLO chairman Yasser Arafat shook hands after signing an accord granting limited Palestinian autonomy.  Go to article »

September 13, 1814~Sar Spangled Banner inspired by the attack on Fort McHenry.

A company will pay someone $1,300 to watch 13 horror movies in October.  You couldn’t pay us $1.3 million to do that. Scaredy cats unite! 

Here’s who won at the 2021 MTV Video Music Awards last night.  Caution: You WILL get some of these songs stuck in your head today

There is such a thing as too much free time. (h/t Mike Smedley)

A parrot with a broken beak invented a tool. (h/t Alistair Lowe)

Area company aims to resurrect woolly mammoths. (h/t Ellen Kominers)

PHOTOS OF THE DAY

A stunning view of the Milky Way captured the over Hartland Quay in Devon
CREDIT: LEE ROGERS/APEX

L’Arc de Triomphe wrapped as designed by the late artist Christo. – Work has begun on wrapping the Arc de Triomphe in Paris in silvery-blue fabric as a posthumous tribute to the artist Christo, who had dreamt of the project for decades. Bulgarian-born Christo, a longtime Paris resident, had plans for sheathing the imposing war memorial at the top of the Champs-Elysees while renting an apartment near it in the 1960s
CREDIT: GEOFFOY VAN DER HASSELT/AFP VIA GETTY IMAGES

An ultra-Orthodox Jewish man holds a chicken for the Kapparot ritual in the Mea Shearim neighbourhood in Jerusalem, Israel. Kapparot begins by reciting a prayer and then spinning the bird over their head to release the sins accumulated over the past year, ahead of the high-holiday of Yom Kippur, the Day of Atonement. After the Kapparot ritual is performed the bird is slaughtered and donated to charity
CREDIT: ABIR SULTAN/EPA-EFE/SHUTTERSTOCK

An idol of the elephant-headed Hindu god Ganesha is pictured in an artificial pond after it was immersed by devotees on the fourth day of the ten-day-long Ganesh Chaturthi festival in New Delhi 
CREDIT: SAJJAD HUSSAIN/AFP VIA GETTY IMAGES

Market Closes for September 13^th, 2021

Market Index	Close	Change
Dow Jones	34869.63	+264.91
		+0.76%
S&P 500	4468.73	+10.15
		+0.23%
NASDAQ	15105.58	-9.91 -0.07%
TSX	20666.41	+33.35
		+0.16%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30447.37	+65.53
		+0.22%
HANG SENG	25813.81	-392.10
		-1.50%
SENSEX	58177.76	-127.31
		-0.22%
FTSE 100*	7068.43	+39.23 +0.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.220	1.237
CND. 30 Year Bond	1.782	1.801
U.S.    10 Year Bond	1.3259	1.3411
U.S. 30 Year Bond	1.9044	1.9323

Currencies

BOC Close	Today	Previous
Canadian $	0.7907	0.7877
US $	1.2646	1.2695
Euro Rate 1 Euro=		Inverse
Canadian $	1.4937	0.6695
US $	1.1811	0.8467

Commodities

Gold	Close	Previous
London Gold Fix	1794.60	1788.25
Oil
WTI Crude Future	70.45	69.72

Market Commentary:
     On this day in 1982, Forbes published its first “rich list” of the 400 wealthiest people in America.  The first Forbes Four Hundred (minimum net worth for inclusion: $100 million) contained just 13 billionaires, ten of whom derived their fortunes from the oil industry.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares climbed on Monday with natural resources companies outperforming. The S&P/TSX Composite rose 0.2% in Toronto. The move was the biggest since rising 0.5% on Sept. 2 and follows the prior session’s decrease of 0.4%. Energy and materials stocks outperformed with as the prices for oil and gold rose. TC Energy contributed the most to the index’s gain, climbing 2.8%. Crescent Point Energy posted the largest percentage increase, rising 14%.
Insights
* This year, the index is up 19%, heading for the best year since 2019
* This quarter, the index has gained 2.5%
* The index has advanced 27% in the past 52 weeks. The MSCI AC Americas Index has risen 35% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Sept. 7, 2021, and 33% above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.7% in the past five days and has added 0.7% 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 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility fell to 5.88% compared with 5.90% in the previous session and the average of 7.27% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 60.2975| 2.4| 21/2
* Financials | 19.9537| 0.3| 19/8
* Materials | 10.3162| 0.4| 35/19
* Health Care | 0.4514| 0.2| 2/7
* Communication Services | 0.2017| 0.0| 3/4
* Real Estate | -0.2856| 0.0| 19/6
* Consumer Discretionary | -1.8325| -0.2| 5/8
* Utilities | -1.9569| -0.2| 9/7
* Consumer Staples | -4.7827| -0.6| 3/9
* Industrials | -20.4447| -0.8| 10/19
* Information Technology | -28.5674| -1.2| 2/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TC Energy | 11.6600| 2.8| 185.6| 21.3
* Canadian Natural | | | |
* Resources | 10.9900| 3.1| 93.7| 43.5
* Suncor Energy | 8.9200| 3.7| 60.2| 12.6
* Lightspeed Commerce| | | |
* Inc | -5.0750| -4.7| 56.2| 67.2
* Shopify | -11.9000| -0.8| 163.9| 29.9
* Canadian National | -14.1800| -1.9| 10.5| 5.7

US
By Kamaron Leach and Lu Wang
(Bloomberg) — U.S. stocks snapped a five-day slide, with energy companies leading the gains as crude oil extended a rally to a six-week high. Bonds yields declined and the dollar was little changed versus its major peers. The benchmark S&P 500 closed in the green after fluctuating between gains and losses for much of the trading session. A drop in Moderna helped to keep the Nasdaq 100 in negative territory. OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere. Industrial metals rose, with aluminum reaching $3,000 a ton in London for the first time in 13 years amid supply disruptions.  “The market is not overvalued, but it is not as undervalued as it once was,” said Brian Wesbury, chief economist at First Trust Advisors. “A slowdown in GDP will likely slow profit growth, while rising inflation will eventually lift long term interest rates. Tax hikes are still a threat, as are tougher Covid-related restrictions that limit a service-sector recovery.” Traders are marking time ahead of critical inflation data that traders will use to assess expectations about the timing of stimulus withdrawal and interest-rate hikes. A report on Tuesday may show consumer prices in the U.S. moderated in August.
Elsewhere, Chinese technology shares tumbled after a report that officials are seeking to break up Ant Group Co.’s Alipay. The country’s online platforms were also told to protect the rights of workers in the so-called gig economy. MSCI Inc.’s Asia-Pacific index retreated for the third time in four sessions. Global stocks have been buoyed this year by robust earnings reports and a rapid recovery from the pandemic-induced recession. With valuations becoming stretched, sentiment soured over the past weeks, amid concerns that economic growth may stall as the delta variant of the coronavirus disrupts the anticipated return to normalcy, while inflation remains sticky. Retail and travel stocks declined. “Since the beginning of last week, realism has started to set into global equity markets as a long list of shocks percolate through the markets leading to an accelerated slowdown in economic activity in the U.S., a more subdued rebound in Europe and an unknown slowdown in China where the regulatory crackdown and its impact on investments are yet to be measured,” Sebastien Galy, a senior macro strategist at Nordea Investment, wrote in a note to clients.
Meanwhile, President Joe Biden’s $3.5 trillion tax-and-spending plan faces challenges.  Democrat Senator Joe Manchin has cast doubt on the timeline for pushing Biden’s economic agenda through Congress, and proposed tax rates may be watered down to boost the chances of the package being passed. 

Here are some events to watch this week:
* U.S. consumer-price index, Tuesday
* Apple product-launch event, Tuesday
* China retail sales, property prices, industrial production, Wednesday
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4:07 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1808
* The British pound was little changed at $1.3835
* The Japanese yen was little changed at 110.01 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.32%
* Germany’s 10-year yield was little changed at -0.33%
* Britain’s 10-year yield declined one basis point to 0.74%
Commodities
* West Texas Intermediate crude rose 1.3% to $70.65 a barrel
* Gold futures rose 0.2% to $1,794.80 an ounce
–With assistance from Vildana Hajric.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Ignorance is preferable to error; and he is less remote form the truth who believes nothing, than he who believes what is wrong. -Thomas Jefferson, 1743-1826.

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.

September 10, 1845: King Willem II opens Amsterdam Stock exchange.  Go to article »

Pumpkin season is upon us.  Is fall here yet? Pumpkin Spice Lattes are already back in action. 

‘Dog bone’ asteroid spied by astronomers in new photos.  Just when you thought references to weird celestial objects couldn’t get more ridiculous, astronomers have spotted an asteroid that just happens to look a lot like a dog bone.

Facebook and Ray-Ban are rolling out smart glasses.  The question is: Will anyone buy them?

$600,000,000:
That’s the eye-popping value of an art collection coming to market following the high-profile divorce proceedings of New York real estate developer Harry Macklowe and his wife, Linda. It’s “the highest estimate ever placed on any collection to come to auction,” said Sotheby’s. The 65 artworks include those from Pablo Picasso, Andy Warhol, Alberto Giacometti, Jeff Koons, Mark Rothko and Cy Twombly.

PHOTOS OF THE DAY

The ‘Tribute in Light’ public art installation commemorating the 9/11 2001 terrorist attacks, shining up from the city skyline of lower Manhattan in preparation for the 20th anniversary, in New York
CREDIT: SHIP SOMODEVILLA/GETTY IMAGES

A man performs on his wakeboard on a wakeboarding lake in Suesel, northern Germany.
CREDIT: AP PHOTO/MICHAEL PROBST

Tavrida art festival in the Crimea, Russia
CREDIT: VIKTOR KOROTAEV/KOMMERSANT/SIPA USA

Market Closes for September 10^th, 2021

Market Index	Close	Change
Dow Jones	34607.72	-271.66
		-0.78%
S&P 500	4458.58	-34.70
		-0.77%
NASDAQ	15115.50	-132.75 -0.87%
TSX	20633.06	-72.21
		-0.35%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30381.84	+373.65
		+1.25%
HANG SENG	26205.91	+489.94
		+1.91%
SENSEX	58305.07	+54.81
		+0.09%
FTSE 100*	7029.20	+4.99 +0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.237	1.173
CND. 30 Year Bond	1.801	1.739
U.S.    10 Year Bond	1.3411	1.2971
U.S. 30 Year Bond	1.9323	1.8977

Currencies

BOC Close	Today	Previous
Canadian $	0.7877	0.7896
US $	1.2695	1.2665
Euro Rate 1 Euro=		Inverse
Canadian $	1.4994	0.6669
US $	1.1811	0.8466

Commodities

Gold	Close	Previous
London Gold Fix	1788.25	1786.00
Oil
WTI Crude Future	69.72	68.14

Market Commentary:
     On this day in 1960, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela convened in Baghdad to form the Organization of the Petroleum Exporting Countries, which nearly brought the industrial world to its knees in the 1970s by jacking up the price of oil.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell this week after rising for the previous two, as calls for a correction in stocks increased .  The S&P/TSX Composite fell for the fourth day, dropping 0.35%, or 72.21 to 20,633.06 in Toronto on Friday.  The move was the biggest since falling 0.4% on Aug. 26. Shopify Inc. contributed the most to the index decline, decreasing 1.1%. Equinox Gold Corp. had the largest drop, falling 4.6%. Today, 148 of 229 shares fell, while 78 rose; 9 of 11 sectors were lower, led by health care, real estate and financial stocks.
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 2.3 percent * So far this week, the index fell 0.9 percent, heading for the biggest decline since the week ended July 16
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Sept. 7, 2021 and 33.8 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 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility rose to 5.90 percent compared with 5.85 percent in the previous session and the average of 7.54 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -20.1678| -0.3| 11/17
* Materials | -16.0266| -0.7| 15/38
* Information Technology | -12.3050| -0.5| 7/5
* Industrials | -7.2989| -0.3| 13/16
* Communication Services | -5.8656| -0.6| 1/6
* Real Estate | -5.3465| -0.8| 2/23
* Health Care | -3.9845| -1.8| 0/9
* Utilities | -3.5170| -0.4| 2/13
* Consumer Staples | -2.7167| -0.4| 8/5
* Consumer Discretionary | 1.1361| 0.1| 8/5
* Energy | 3.8905| 0.2| 11/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -15.7500| -1.1| -10.5| 30.9
* Brookfield Asset | | | |
* Management | -8.7040| -1.2| -10.7| 33.8
* Canadian National | -5.8800| -0.8| -39.0| 7.7
* Waste Connections | 2.2710| 0.8| 19.3| 28.3
* Teck Resources | 3.6070| 3.6| 59.3| 38.7
* Cameco | 5.4600| 6.8| 109.6| 81.8

US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities notched their biggest weekly decline since mid-June in volatile trading as investors assessed the latest read on the economy after more strategists weighed in with cautious comments on the market. The S&P 500 fell 0.8%, pushing its loss for the holiday shortened week to 1.7%. Apple Inc. was the biggest decliner in the Dow Jones Industrial Average on Friday, after a court ordered the iPhone maker to make a change to the way it generates money from its App Store. Gold posted its first weekly decline since early August after data on U.S. producer prices rekindled debate over when the Federal Reserve will pull back on stimulus. Markets have been volatile as the continued spread of Covid-19 has undermined the economic recovery and lifted supply-shock inflation, even as central banks reaffirm an accommodative stance. In the U.S., equities have been whipsawed amid mixed economic data and a lack of clarity on the Fed’s timeline for reducing its asset purchases. On Friday, data showed the producer price index for final demand, a key measure of inflation, increased more than expected last month. “Investors have been assessing rising Covid cases, slowing growth, elevated levels of inflation and uncertainty over when the Fed could start tapering,” said Fiona Cincotta, senior financial markets analyst at City Index. “The data has been mixed and the messages from the Fed have been mixed, leaving little clarity for the markets, which traditionally struggle with uncertainty.”
Strategists from almost all the top Wall Street banks have come out this week with a nervous message about the U.S. stock market. The common themes in their analysis include valuations at historical extremes, a near non-stop rally for seven months, an economy that looks soft and the imminent tapering of Fed stimulus. Apple dropped 3.3%, the most since earl May. A federal judge said Friday that the company must let app developers steer consumers to outside payment methods. In Europe, the Stoxx 600 fell 0.3%, with telecommunications and utilities underperforming, while miners and technology led the gainers. The European equities benchmark posted a second weekly loss, the first time that’s happened since the end of April, as investors reduced their risk on concern that central bank stimulus measures might get pulled back quickly. Traders on Friday were also focused on trade tensions with China. The Biden administration is weighing a new investigation into Chinese subsidies after the U.S. president urged China’s Xi Jinping to cooperate on a phone call. The Shanghai Composite Index climbed to a six-year high. A Hong Kong gauge of Chinese technology companies jumped after a clarification China has slowed rather than frozen new game approvals. Oil rose, with investors shrugging off China’s confirmation that it has released crude from its strategic reserves. 
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1813
* The British pound was little changed at $1.3831
* The Japanese yen fell 0.1% to 109.86 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.34%
* Germany’s 10-year yield advanced three basis points to -0.33%
* Britain’s 10-year yield advanced two basis points to 0.76%
Commodities
* West Texas Intermediate crude rose 2.1% to $69.60 a barrel
* Gold futures fell 0.5% to $1,790.20 an ounce
–With assistance from Eric Lam, Sunil Jagtiani and Anchalee Worrachate.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Habits change into character. –Ovid, 43 BCE-17 CE.

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