Category: Newsletters

Dear Friends,

Tangents: Happy Friday.

Robert F. Kennedy, b. 1925
Gene Tierney, b. 1920
Edwin Hubble, American astronomer, b. 1889

On Nov. 20, 1945, 24 Nazi leaders went on trial before an international war crimes tribunal in Nuremberg, Germany. Go to article »

Time is just as priceless.  Diamonds may be forever, but that doesn’t mean they have to take eons to form. Australian scientists have found a way to make them in minutes.  -CNN
Researchers have created a map of all 20,000 global bee species to help conserve the insects we rely on to pollinate crops. 

Hyperbaric oxygen therapy could reverse aging

Central Park has a new celebrity bird

At the fearful height of the pandemic in April, Simon Gronowski, an 89-year-old Holocaust survivor, began playing jazz tunes on his piano from his apartment window in Brussels, bringing relief to his besieged neighbors throughout the lockdown that lasted into late May.  “Music is a means of communication, of connection,” said Mr. Gronowski, who taught himself how to play the piano as a teenager after escaping the Nazis. Piano was a way for him to connect with his sister who had died in Auschwitz.  Throughout the summer and into the fall, jazz tunes have become a near-constant presence across New York City. The makeshift outdoor shows have been therapeutic for musicians and fans alike. -NY Times.

What you learn from reading 100 books in two years.

For a break from the news, check out The Times’s annual list of 100 notable books. – By David Leonhardt, NY Times.
Every November, after the editors of The Times Book Review have wrapped up their big end-of-year issues, they immediately turn their attention to the following year. They start by creating a working list of nominees for the next iteration of 100 Notable Books — the one that will be published almost a year later.  In the subsequent months, the editors add to the list, knowing all the while that they will need to conduct a ruthless winnowing at the end, down to 50 books of fiction and 50 of nonfiction, spanning every genre. “It’s a lot of triage and hard choices,” Pamela Paul, the Book Review editor, told me.
Today, Pamela and her colleagues released the new list. The Times has published a version of it every year since 1968 (although the early ones were longer), and publishers say it often has a big effect on a book’s sales.

PHOTOS OF THE DAY

Berries are seen on tree branches covered with ice after freezing rain in Vladivostok, Russia.
CREDIT: REUTERS/YURI MALTSEV

It’s the Lion Spring! – as a young lion cub leaps towards its unwitting father. The king of the jungle seems unaware of the youngster flying towards his mane as he walks on. Having recently finished feasting upon a wildebeest, the cub was excitable and ready to play at the Maasi Mara National Reserve, in Kenya.
CREDIT: JIE FISCHER/SOLENT NEWS & PHOTO AGENCY

Contestants celebrate after the traditional “Gongbo archery” competition in Nyingchi, southwest China’s Tibet Autonomous Region,. A traditional archery competition was held in Nyingchi to celebrate the Gongbo New Year. This year, more than 260 archery enthusiasts from Nyingchi participated in the competition. “Gongbo archery”, with a history of over 1,500 year, is a traditional folk sports competition which is unique to Nyingchi. It has been listed as an intangible cultural heritage of Tibet. 
CREDIT: XINHUA/SHUTTERSTOCK

The sun rises during a Manhattanhenge sunrise along  42nd Street behind the skyline of midtown Manhattan and the Empire State Building in New York City as seen from Weehawken, New Jersey, US.
CREDIT: GARY HERSHORN/GETTY IMAGES

Market Closes for November 20^th, 2020 

Market Index	Close	Change
Dow Jones	29263.48	-219.75
		-0.75%
S&P 500	3557.54	-24.33
		-0.68%
NASDAQ	11854.969	-49.745 -0.42%
TSX	17019.10	+109.29
		+0.65%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25527.37	-106.97
		-0.42%
HANG SENG	26451.54	+94.57
		+0.36%
SENSEX	43882.25	+282.29
		+0.65%
FTSE 100*	6351.45	+17.10 +0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.654	0.674
CND. 30 Year Bond	1.166	1.201
U.S.    10 Year Bond	0.8211	0.8293
U.S. 30 Year Bond	1.5151	1.5453

Currencies

BOC Close	Today	Previous
Canadian $	0.76378	0.76594
US $	1.30927	1.30559
Euro Rate 1 Euro=		Inverse
Canadian $	1.55234	0.64419
US $	1.18565	0.84342

Commodities

Gold	Close	Previous
London Gold Fix	1857.35	1876.10
Oil
WTI Crude Future	42.15	41.74

Market Commentary:
On this day in 1991, Cascade International Inc., a fashion chain ranked No. 26 on BusinessWeek’s 1990 list of “hot growth companies,” said its chairman, Victor Incendy, had disappeared—along with more than 200 of Cascade’s stores. Mr. Incendy had claimed that Cascade had between 255 and 400 outlets—in reality there were fewer than 30. The company had reported earning $11 million the previous year; it actually lost $7 million. Mr. Incendy has never been found.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Friday and extended their gain for a third straight week, while Ontario braces for more coronavirus-driven shutdowns. The S&P/TSX Composite Index gained 0.6%, with tech shares leading the way Friday. Industrials and consumer discretionary lagged behind. Shopify Inc. expects a banner holiday season as the worsening pandemic encourages more consumers to shop online and buy from the small businesses that sell through its platform. Oil rose to the highest in nearly three months with positive Covid-19 vaccine developments paving the way for a more sustained recovery in oil demand.
Commodities
* Western Canada Select crude oil traded at a $11.75 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,871 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3094 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to 0.650%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6 percent, or 109.29 to 17,019.10 in Toronto. The index advanced to the highest closing level since Feb. 26. Shopify Inc. contributed the most to the index gain, increasing 2.6 percent. Aurinia Pharmaceuticals Inc. had the largest increase, rising 7.9 percent. Today, 159 of 222 shares rose, while 58 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 2.1 percent
* This month, the index rose 9.2 percent
* This year, the index fell 0.3 percent, heading for the worst year since 2018
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 5.3 percent below its 52-week high on Feb. 20, 2020 and 52.3 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.6 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.59t
* 30-day price volatility rose to 15.25 percent compared with 15.15 percent in the previous session and the average of 14.89 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 44.2823| 2.8| 10/0
Materials | 25.7282| 1.1| 42/8
Financials | 16.1471| 0.3| 20/6
Energy | 14.1628| 0.8| 14/8
Utilities | 6.5832| 0.8| 13/3
Consumer Staples | 4.0146| 0.6| 7/4
Health Care | 1.3342| 0.7| 7/2
Communication Services | 0.5908| 0.1| 4/3
Real Estate | -0.0089| 0.0| 19/6
Consumer Discretionary | -0.7732| -0.1| 7/6
Industrials | -2.7523| -0.1| 16/12

US
By Katherine Greifeld and Claire Ballentine
(Bloomberg) — The S&P 500 Index extended a weekly decline as traders weighed a conflict between the White House and Federal Reserve over emergency lending programs along with assurances that the government has plenty of room to help the economy. The benchmark equity gauge slumped in the wake of the disagreement over releasing government funds to further shore up growth, even as Treasury Secretary Steven Mnuchin said he will try to revive stimulus talks with congressional Democrats. Pfizer Inc. rose after filing for emergency approval of its Covid-19 vaccine. Gilead Sciences Inc. fell after authorities advised against using its remdesivir drug to treat Covid-19.
The Stoxx Europe 600 Index posted its third week of gains — the best streak since July — amid a rotation into economically sensitive sectors. Mining and energy firms led the gauge higher Friday. Global stocks hit a record Monday, but have eased off the highs in a choppy week of trading, with investors now analyzing the rare show of discord between Mnuchin and Fed Chair Jerome Powell that erupted amid a resurgence of virus cases and with months to go before a vaccine is widely available. The S&P 500 posted a 0.8% weekly decline. “This public spat between the Fed and the Treasury is not a very good sign for the markets,” said John Praveen, managing director at QMA. “It kind of casts a shadow on market confidence.” Mnuchin said lawmakers should redirect unspent stimulus funding, including money he’s pulling back from the Fed. But the Fed pushed back, saying the programs served a vital role. In other markets, Asian equities climbed. Precious metals gained. Bitcoin advanced past $18,500.

These are the main moves in markets:
Stocks
* The S&P 500 index fell 0.7% as of 4 p.m. in New York.
* The Stoxx Europe 600 index gained 0.5%.
* The MSCI Asia Pacific Index rose 0.5%.
* The MSCI Emerging Market Index advanced 0.7%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1% to $1.1859.
* The pound rose 0.2% to $1.3288.
* The yen slipped 0.1% to 103.82 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 0.83%.
* Germany’s 10-year yield dipped one basis point to -0.585%.
* The U.K.’s 10-year yield fell two basis points to 0.3%.
Commodities
* West Texas Intermediate crude rose 1% to $42.15 a barrel.
* Gold rose 0.4% to $1,873.21 an ounce.
–With assistance from Todd White, Gregor Stuart Hunter, Joanna Ossinger and Robert Brand.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Keep true to the dreams of your youth.
    -Friedrich Von Schiller,  1759-1805

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

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

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

Dear Friends,

Tangents:  November 19, 1863~ Lincoln’s Gettysburg Address

Peter Drucker, management guru, b. 1909.
Ted Turner, media mogul, b. 1938.
Indira Gandhi, Indian politician, b. 1917.
Indira Gandhi, Indian politician, b. 1917.
Meg Ryan, b. 1961.
Jodie Foster, b. 1962.

Blame it on the asteroid: Dinosaurs were thriving on Planet Earth — until an asteroid wiped them out 66 million years ago, a new study says.-CNN

Riled up over toast: Author and television chef, Nigella Lawson, revealed that she butters her toast — twice. And our mates across the pond are really angry about it.-CNN

$1 million: The amount George Clooney gave to each of his 14 closest friends.

Scientists discover a new, exotic, blue mineral in Russia.-Bloomberg.

These shrimp leave the water to walk around on land.-Bloomberg.

FROM THE LATE NIGHT HOSTS:
“Apparently, el Presidente has even canceled his plans to travel to Mar-a-Lago for Thanksgiving, deciding to stay in Washington instead. Smart move. The minute he steps out of there, you know they’re changing all the locks.” — STEPHEN COLBERT

“Meanwhile, Trump was like, ‘If Don Jr. asks, I’ll still be at Mar-a-Lago.’” — JIMMY FALLON

“And according to one official, there is a ‘bunker mentality’ in the White House — somewhere between Archie and Hitler.” — JIMMY KIMMEL

“Basically if you work for Donald Trump, there are two possible outcomes: You get fired or you get Covid.” — JIMMY KIMMEL
PHOTOS OF THE DAY

Tourist taking the Bailong elevators in Zhangjiajie, China’s Hunan province. Towering more than 300 metres up the cliff face that inspired the landscape for the blockbuster movie “Avatar”, the world’s highest outdoor lift whisks brave tourists to breathtaking views.
CREDIT: WANG ZHAO/AFP

Specially designed roundels are unveiled at Oxford Circus to celebrate the UK launch of PlayStation 5
CREDIT: MATT CROSSICK/PA

Undated handout artist impression issued by ESA of space debris in low Earth orbit (LEO). The UK will play a critical role in building “The Claw”, the first satellite to remove space junk.
CREDIT: ESA/PA WIRE
Market Closes for November 19^th, 2020 

Market Index	Close	Change
Dow Jones	29483.23	+44.81
		+0.15%
S&P 500	3581.87	+14.08
		+0.39%
NASDAQ	11904.715	+103.111 +0.87%
TSX	16909.81	+19.99
		+0.12%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25634.34	-93.80
		-0.36%
HANG SENG	26356.97	-187.32
		-0.71%
SENSEX	43599.96	-580.09
		-1.31%
FTSE 100*	6334.35	-50.89 -0.80%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.674	0.703
CND. 30 Year Bond	1.201	1.247
U.S.    10 Year Bond	0.8293	0.8685
U.S. 30 Year Bond	1.5453	1.6000

Currencies

BOC Close	Today	Previous
Canadian $	0.76594	0.76446
US $	1.30559	1.30811
Euro Rate 1 Euro=		Inverse
Canadian $	1.55068	0.64488
US $	1.18773	0.84195

Commodities

Gold	Close	Previous
London Gold Fix	1876.10	1889.05
Oil
WTI Crude Future	41.74	41.82

Market Commentary:
On this day in 1792, in the same room where the Declaration of Independence was adopted 16 years earlier, the Insurance Company of North America held its initial public offering at $10 a share. More than 660 investors from all walks of life signed up for shares. If you’d spent $1,000 to buy 100 shares on the first day, they’d have been worth more than $10.1 million by 1998.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares managed to eke out a gain Thursday as investors continued to weigh tougher lockdown measures.
The S&P/TSX Composite Index gained 0.1% as tech shares led the advance. Consumer staples lagged.
Ontario will unveil new public health measures on Friday to try to contain rising Covid-19 cases and hospitalizations, Premier Doug Ford said.
West Fraser Timber Co. offered to buy Norbord Inc., taking advantage of high demand for wood products during a pandemic-fueled surge in homebuilding.
Commodities
* Western Canada Select crude oil traded at a $11.60 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,867.63 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3056 per U.S. dollar
* The 10-year government bond yield fell 2.3 basis points to 0.680%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.1 percent at 16,909.81 in Toronto. The move follows the previous session’s decrease of 0.3 percent.
Shopify Inc. contributed the most to the index gain, increasing 3.6 percent. Norbord Inc. had the largest increase, rising 11.1 percent.
Today, 110 of 222 shares rose, while 108 fell; 6 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 1.4 percent
* This year, the index fell 0.9 percent, heading for the worst year since 2018
* The index declined 0.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 5.9 percent below its 52-week high on Feb. 20, 2020 and 51.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2 percent in the past 5 days and rose 3.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.4 on a trailing basis and 22.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.59t
* 30-day price volatility fell to 15.15 percent compared with 15.25 percent in the previous session and the average of 14.86 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 36.6184| 2.3| 7/3
Industrials | 8.7859| 0.4| 20/8
Energy | 5.0590| 0.3| 16/6
Consumer Discretionary | 1.3396| 0.2| 8/4
Communication Services | 1.3179| 0.2| 5/2
Health Care | 0.1880| 0.1| 5/5
Real Estate | -1.1582| -0.2| 12/14
Utilities | -2.6099| -0.3| 3/13
Financials | -3.4031| -0.1| 13/13
Consumer Staples | -6.6288| -1.0| 6/5
Materials | -19.5208| -0.8| 15/35
US
By Vildana Hajric
(Bloomberg) — U.S. stocks were mixed, with tech shares outperforming the broader market as investors weighed the impact of tougher virus restrictions on economic growth along with the outlook for widespread vaccine distribution within months.
The S&P 500 Index swung between small gains and losses, while the Nasdaq 100 climbed. Tesla Inc. rose to a record as investors bet that the global car market will be dominated by electric cars in decades ahead. In Europe, cyclical shares led stocks lower. Norwegian Air Shuttle ASA plunged 16% after seeking protection from creditors amid the travel-industry upheaval caused by the pandemic.
Treasury yields slipped and the dollar held steady after U.S. weekly jobless claims came in higher than forecast. Gold dropped for a fourth day amid a drawdown in bullion-backed exchange-traded funds.
The bullish fever that lifted the MSCI World Index to an all-time high Monday has softened, with virus cases surging in many parts of the world and public health facilities being pushed to the brink. New York City announced it will close schools and South Australia began one of the world’s toughest lockdowns, with even outdoor exercise and dog-walking banned. In Tokyo, the virus alert was raised to the highest levels as daily infections topped 500 for the first time.
It all means that investors are grappling with how long and how severe the pandemic will be in the months ahead. There’s plenty of economic stress now as businesses struggle under lockdowns, but scientists are also rapidly advancing several vaccine candidates to get life back to normal.
“There’s the push-pull of short-term versus long-term and that’s what investors are looking at right now,” said Chris Gaffney, president of world markets at TIAA Bank. “There are some very serious risks in the short term, especially with the lockdowns.” In a report published Thursday, the International Monetary Fund noted progress on a vaccine, but also said elevated asset prices point to a disconnect from the real economy and a potential threat to financial stability. “While global economic activity has picked up since June, there are signs that the recovery may be losing momentum, and the crisis is likely to leave deep, unequal scars,” officials at the Washington-based fund said. “Uncertainty and risks are exceptionally high.”
In other markets, the MSCI Asia Pacific Index fell for the first time in 14 days, ending the longest winning run since 1988. Commodities dropped and Bitcoin steadied after surging past $18,000 on Wednesday.
Turkey’s lira strengthened after the country’s new central bank governor raised the benchmark interest rate.

     These are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at 1:48 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.8%.
* The MSCI Asia Pacific Index declined 0.2%.
* The MSCI Emerging Market Index dipped 0.6%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was little changed at $1.1851.
* The British pound decreased 0.2% to $1.3243.
* The Japanese yen was little changed at 103.82 per dollar.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 0.85%.
* Germany’s 10-year yield fell two basis points to -0.57%.
* Britain’s 10-year yield declined one basis point to 0.32%.
Commodities
* West Texas Intermediate crude fell 1% to $41.42 a barrel
* Gold weakened 0.5% to $1,863.65 an ounce.
–With assistance from Andreea Papuc, Jan-Patrick Barnert and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

In Wall Street, the man who does not change his mind will soon have no change to mind.
                                                                                   -William D. Gann, 1878-1955
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents:
Micky Mouse, b. 1928

The first successful sound-synchronized animated cartoon, Walt Disney’s “Steamboat Willie” starring Mickey Mouse, premiered in New York.  Go to article » 1916- British General Douglas Haig finally calls off the first Battle of the Somme in World War 1 after more than 1 million soldiers had been killed or wounded.

Travel tradition with a twist.  National Geographic unveiled its best travel destinations for 2021 — but with options that reflect the times we’re in. -CNN

Anglia Ruskin University is recreating ancient smells.-Bloomberg.

What aromas define the space around us now? We asked Times readers what smells they would archive if they could. Here’s what they told us.-NYT.

In northeastern Thailand, throngs of crowds gather just after sunset to watch shrimp climb out of the water and scramble along the rocks all night long. A graduate biology student decided to try to figure out what was behind the shrimps’ long march.  Watcharapong Hongjamrassilp, from the University of California, Los Angeles, recorded the shrimp as they traveled up to 65 feet upstream; some even stayed out of water for 10 minutes or more. Further observations and lab experiments showed that the shrimp, most of which were young, probably leave the water when the current becomes too strong for them to fight.
The tourists might be the most surprising part of all. “We have crayfish festivals, we have all kinds of things,” said an ecologist who praised the new research, “but generally it’s people eating them, not watching them move.” –NYT.

“But down in D.C. the president is slowly, agonizingly going through the five stages of narcissistic grief: denial, denial, denial, denial, denial and denial. I know that’s six,
but Rudy is demanding a recount.” — STEPHEN COLBERT

“Turns out, Rudy has tried to wrestle power away from the current longstanding campaign leadership in an internal campaign coup. Wait, they’re attempting a coup inside their coup?
That is coup coup!” — STEPHEN COLBERT
PHOTOS OF THE DAY

Young boys play with water lillies as they harvest them by boat on a lake in Kalir Bazar, Bangladesh.
CREDIT: REEZWAN RAHMAN/SOLENT NEWS & PHOTO AGENCY

The worlds first Christmas song for dogs has been released with the aim of creating moment for all members of the family to enjoy, from parents to pets. Raise the Woof! Is available to stream now on Spotify & Amazon Music, with the music video available on YouTube: https://www.youtube.com/watch?v=jgZXT19l8II&feature=youyu.be
CREDIT: JOE PEPLER/PINPEP/COVER IMAGES

An attendant poses holding the recently discovered “Madeleine penitente”, a painting by Salai, Leonardo da Vinci’s closest collaborator, at The Articurial Auction House in Paris ahead of its scheduled auction
CREDIT: ALAIN JOCARD/AFP VIA GETTY IMAGES

Three-year-old, Lillian Mason, pictured having fun with her umbrella on a damp day in Swansea, Wales, as rain falls across the UK during the wet spell of Autumnal weather which is forecast to continue for the rest of the week.
CREDIT: ROBERT MELEN
Market Closes for November 18^th, 2020 

Market Index	Close	Change
Dow Jones	29438.42	-344.93
		-1.16%
S&P 500	3567.79	-41.74
		-1.16%
NASDAQ	11801.605	-97.738 -0.82%
TSX	16889.82	-58.24
		-0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25728.14	-286.48
		-1.10%
HANG SENG	26544.29	+129.20
		+0.49%
SENSEX	44180.05	+227.34
		+0.52%
FTSE 100*	6385.24	+19.91 +0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.703	0.691
CND. 30 Year Bond	1.247	1.245
U.S.    10 Year Bond	0.8685	0.8603
U.S. 30 Year Bond	1.6000	1.6105

Currencies

BOC Close	Today	Previous
Canadian $	0.76446	0.7639
US $	1.30811	1.30926
Euro Rate 1 Euro=		Inverse
Canadian $	1.55054	0.64493
US $	1.18533	0.84365

Commodities

Gold	Close	Previous
London Gold Fix	1889.05	1885.60
Oil
WTI Crude Future	41.82	41.43

Market Commentary:

• The real yield, or what investors earn from their bond holdings after compensating for inflation, on a Bloomberg Barclays investment-grade corporate-bond index has fallen to around 0.2%, according to data compiled from FactSet, from above 0.3% at the beginning of November
• On this day in 1883, spurred by the American Railway Association, whose members were frustrated at their inability to calculate standardized arrival and departure times across the country, the U.S. divided into four simple time zones for the first time, replacing the old “system” in which each state had dozens of mini-zones where time differed by a few minutes from the next. No longer would it be noon in Chicago, 11:27 a.m. in Omaha, 11:41 a.m. in St. Paul, and 11:50 a.m. in St. Louis.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities retreated Wednesday, snapping a three-day winning streak as traders assessed potential lockdowns and rising COVID-19 cases.
The S&P/TSX Composite Index fell 0.3%, with eight of eleven sectors dropping. Materials fell as gold prices declined, while consumer staples also underperformed.
Air Canada doesn’t want to see Prime Minister Justin Trudeau’s government take an equity stake as part of a relief package for the hard-hit sector.
Ontario may impose severe lockdown measures in Toronto and some surrounding areas in coming days, as the coronavirus “is spreading at an alarming rate,” Premier Doug Ford said.
Meanwhile, with the expiration of an $8.4 billion play for the Cogeco group, investors are asking what’s next for rival Rogers Communications Inc.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,870.50 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3078 per U.S. dollar
* The 10-year government bond yield rose 1.9 basis point to 0.707%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 16,889.82 in Toronto. The move follows the previous session’s increase of 0.3 percent.
Today, materials stocks led the market lower, as 8 of 11 sectors lost; 138 of 222 shares fell, while 83 rose. Barrick Gold Corp. contributed the most to the index decline, decreasing 3.6 percent. SilverCrest Metals Inc. had the largest drop, falling 8.2 percent.
Insights
* This year, the index fell 1 percent, heading for the worst year since 2018
* The index declined 0.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 6 percent below its 52-week high on Feb. 20, 2020 and 51.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.4 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.59t
* 30-day price volatility fell to 15.25 percent compared with 15.52 percent in the previous session and the average of 14.85 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -64.9034| -2.7| 10/42
Energy | -17.3921| -0.9| 12/10
Consumer Staples | -12.7769| -1.8| 1/10
Utilities | -9.0045| -1.0| 0/16
Real Estate | -6.7442| -1.2| 4/22
Communication Services | -5.3293| -0.6| 1/6
Industrials | -1.5945| -0.1| 19/9
Health Care | -1.4818| -0.7| 3/7
Consumer Discretionary | 0.2109| 0.0| 7/6
Information Technology | 20.5730| 1.3| 6/4
Financials | 40.2074| 0.8| 20/6
US
By Claire Ballentine
(Bloomberg) — U.S. stocks slumped as fresh restrictions to curtail the spread of coronavirus overshadowed signs that scientists are making fast progress toward a vaccine. The dollar held near its lowest level in two years.
The S&P 500 Index closed at its lows of the day after New York City shut schools because of rising infections. Pfizer Inc. advanced after saying that its Covid-19 vaccine was 95% effective, paving the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot within days. Lowe’s Cos Inc. slumped after earnings trailed analysts’ expectations, while Target Corp. advanced on soaring sales. Cryptocurrency mania continued its comeback, with Bitcoin surging past $18,000 for the first time since December 2017 before erasing its advance.
After gains that pushed stocks to record highs earlier this week, money managers remained focused on the latest coronavirus data showing disturbingly high infection rates in Europe and the U.S. Wednesday marked the first time the S&P 500 had dropped for two consecutive days since late October.
“Investors are taking a well-earned timeout after the news of the last couple weeks saw sentiment surge to levels that suggested excessive optimism,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “Progress toward a vaccine is promising and suggests a light at the end of the tunnel, but there’s no telling for sure how long that tunnel is.”
Elsewhere, equity gauges closed green across Europe. The pound continued its advance amid hopes of a Brexit deal and data showing stronger-than-expected inflation. The Nikkei 225 Stock Average lost 1.1% after Tokyo reported a record number of new Covid-19 infections, but overall Asian stocks were slightly higher on the day.

     Here are some events to watch out for this week:
* Brexit talks look set to continue as the U.K. and EU approach the latest deadline.
* Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Through Nov. 19.
* Bank Indonesia rate decision Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.2% at 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.4%.
* The MSCI Asia Pacific Index increased 0.1%.
* The MSCI Emerging Market Index climbed 0.4%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.1% to $1.1854.
* The British pound rose 0.2% to $1.3269.
* The Japanese yen strengthened 0.3% to 103.86 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 0.87%.
* Germany’s 10-year yield rose one basis point to -0.56%.
* Britain’s 10-year yield rose one basis point to 0.33%.
Commodities
* West Texas Intermediate crude gained 0.6% to $41.69 a barrel.
* Gold fell 0.6% to $1,869.54 an ounce.

–With assistance from Joanna Ossinger, Todd White and Anchalee Worrachate.
Have a great night.

Be magnificent!
As ever,

Carolann

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.
   –Nelson Rolihlahla Mandela, 1918-2013

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:
Birds have scandals, too.  A flightless parrot has been named Bird of the Year after a lengthy and bitter election campaign marred by voter fraud. -CNN.

Racing pigeon sells for $1.9 million at auction. –Bloomberg.

Sports of the Times: Chris Nikic, 21, is the first person with Down syndrome to complete an Ironman triathlon, offering a lesson in perseverance and hope.

Gamers are onto something.  Playing video games can improve your mental health. So says a study by University of Oxford that singles out two games.-CNN.

1869 – The Suez Canal opened in Egypt, linking the Mediterranean and the Red seas. Go to article »

Earth has a new mini-moon, sort of. 

Take a virtual tour of the fabled Honey Forest in northeastern Turkey, which is home to the beekeeping traditions of the Hemshin people. The forest is full of the prized hornbeam trees that have been used for generations to keep bees.
PHOTOS OF THE DAY

A view shows a statue by Lebanese artist, Hayat Nazer, which is made entirely out of broken glass and debris of the August 4 port explosion, near the port of Beirut, Lebanon.
CREDIT: REUTERS/MOHAMED AZAKIR

A surfer wades out into the sea on Brighton beach, UK, for an early morning surf.
CREDIT: ANDY WEEKES

The Shard Christmas lights are switched on in London, UK.
CREDIT: JEREMY SELWYN/EVENIING STANDARD/ EYEVINE
Market Closes for November 17^th, 2020 

Market Index	Close	Change
Dow Jones	29783.35	-167.09
		-0.56%
S&P 500	3609.53	-17.38
		-0.48%
NASDAQ	11899.344	-24.785 -0.21%
TSX	16948.06	+58.25
		+0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26014.62	+107.69
		+0.42%
HANG SENG	26415.09	+33.42
		+0.13%
SENSEX	43952.71	+314.73
		+0.72%
FTSE 100*	6365.33	-55.96 -0.87%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.691	0.737
CND. 30 Year Bond	1.245	1.295
U.S.    10 Year Bond	0.8603	0.9045
U.S. 30 Year Bond	1.6105	1.6602

Currencies

BOC Close	Today	Previous
Canadian $	0.7639	0.76472
US $	1.30926	1.30767
Euro Rate 1 Euro=		Inverse
Canadian $	1.55335	0.64377
US $	1.18644	0.84286

Commodities

Gold	Close	Previous
London Gold Fix	1885.60	1890.90
Oil
WTI Crude Future	41.43	41.34

Market Commentary:
On this day in 1927, President Calvin Coolidge said America was “entering upon a new era of prosperity.” Although Coolidge may not have been the first to use the words “new era,” his remarks christened the bull market of the 1920s. In this “new era” market, according to many investors, you couldn’t pay too much for a good stock; if you just waited long enough, it would make you rich. That worked for a while. Then it stopped working—for more than a quarter of a century
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks advanced Tuesday while U.S. equities dropped in the midst of a surge in virus cases.
The S&P/TSX Composite Index gained 0.3%, with energy and real estate shares leading the advance. Materials dropped as gold prices stalled. Keystone XL is receiving an investment from Canadian indigenous groups in a deal that TC Energy Corp. hopes will help save its embattled oil pipeline project from being scrapped by U.S. President-elect Joe Biden.
Transat AT Inc. told shareholders it’s seeking to allay antitrust issues pinpointed by the European Union over its takeover by Air Canada and hopes to win approval by February. Bank of Canada Governor Tiff Macklem called on the country’s banks and businesses to act more quickly to disclose their exposure to risks posed by global warming.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,881 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3089 per U.S. dollar
* The 10-year government bond yield fell 4.4 basis points to 0.639%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3 percent, or 58.25 to 16,948.06 in Toronto. The index advanced to the highest closing level since Feb. 26. Royal Bank of Canada contributed the most to the index gain, increasing 1.7 percent. Trillium Therapeutics Inc. had the largest increase, rising 10.8 percent.
Today, 116 of 222 shares rose, while 101 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 0.7 percent, heading for the worst year since 2018
* The index declined 0.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 5.7 percent below its 52-week high on Feb. 20, 2020 and 51.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2 percent in the past 5 days and rose 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.4 on a trailing basis and 23.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.59t
* 30-day price volatility fell to 15.52 percent compared with 15.92 percent in the previous session and the average of 14.83 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 55.5985| 1.1| 21/4
Energy | 24.7893| 1.3| 17/6
Real Estate | 6.5496| 1.2| 22/4
Consumer Staples | 2.5563| 0.4| 4/6
Health Care | 0.8220| 0.4| 6/4
Utilities | 0.2543| 0.0| 11/5
Information Technology | -0.7586| 0.0| 7/2
Communication Services | -0.9928| -0.1| 2/5
Consumer Discretionary | -1.2387| -0.2| 4/9
Industrials | -7.1327| -0.3| 11/17
Materials | -22.1834| -0.9| 11/39
US
By Claire Ballentine
(Bloomberg) — Stocks pulled back from record highs as investor focus turned to the surge in virus cases and new lockdown measures, overshadowing optimism that Covid-19 vaccines will eventually end the pandemic.
Pharmacy chains were among the worst performers on the S&P 500 Index after Amazon.com Inc. unveiled a new push into prescription drugs. Tesla Inc. jumped on news the carmaker will join the benchmark U.S. gauge. Treasury yields dipped along with the dollar as Federal Reserve Chair Jerome Powell said the U.S. economy still has a “long way to go” before it fully recovers from the pandemic. Investors are taking a pause after sending stocks to all- time highs Monday in the wake of news that Moderna Inc.’s vaccine was shown to be 94.5% effective in a clinical trial. Wide distribution of a shot is still months away, and cases are spreading quickly in the U.S. and Europe. Chancellor Angela Merkel warned that the situation in Germany remains “very serious,” while Ohio, Illinois and Pennsylvania announced new restrictions tied to the virus. “Markets find themselves in a seemingly awkward moment as they attempt to weigh the near-term Covid trends and the potential for a very tough few months for the economy against the optimism and progress around vaccine development,” said Yousef Abbasi, global market strategist at StoneX.
Elsewhere, Asian stocks were slightly higher. In Europe, travel and leisure companies led declines as more lockdown rules were announced. The pound rose on signs the U.K. and European Union are nearing a breakthrough on Brexit as early next week.
Here are some events to watch out for this week:
* Brexit talks look set to continue as the U.K. and EU approach the latest deadline.
* Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Through Nov. 19.
* Bank Indonesia rate decision Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.2%.
* The MSCI Asia Pacific Index climbed 0.2%.
* The MSCI Emerging Market Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2%.
* The euro increased 0.1% to $1.1864.
* The British pound advanced 0.4% to $1.3251.
* The Japanese yen strengthened 0.4% to 104.2 per dollar.
Bonds
* The yield on 10-year Treasuries sank four basis points to 0.87%.
* Germany’s 10-year yield declined two basis points to -0.56%.
* Britain’s 10-year yield fell two basis points to 0.32%.
Commodities
* West Texas Intermediate crude rose 0.1% to $41.38 a barrel.
* Gold fell 0.4% to $1,881.34 an ounce.
–With assistance from Andreea Papuc, Vildana Hajric, Yakob Peterseil and Cecile Gutscher
Have a great night.

Be magnificent!
As ever,

Carolann

Inspiration exists, but it has to find you working.
                             -Pablo Picasso, 1881-1973

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

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

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

Dear Friends,

Tangents:
The solar system is putting on a show this week with all seven planets visible in the sky — so grab your telescope and marvel at this rare  wonder.

Archaeologists in Egypt found more than 100 painted wooden coffins, some containing mummies, dating back 2,500 years.

November 16, 1973 – Skylab 4, with three astronauts on board, was launched from Cape Canaveral, Fla., on an 84-day mission.  Go to article »

Jump-start your immunity.  With coronavirus and flu season, winter will be brutal for our bodies. These foods can help fight off infectious diseases. –CNN.

Gary and I watched the live SpaceX launch yesterday afternoon.  It was amazing! 
Elon Musk’s SpaceX launches four astronauts into orbit in NASA mission. Sunday’s blast-off of the Crew Dragon capsule from Cape Canaveral, Fla., was the start of a roughly 27-hour trip to link up with the space station, The Wall Street Journal’s Andy Pasztor reports. Last week NASA designated SpaceX’s Falcon 9 rocket and Dragon capsule as safe to transport astronauts for routine crew rotation and other operational flights serving the international laboratory.-WSJ.

PHOTOS OF THE DAY

Mr. Zhou is fishing using trained ducks in traditional way on Hongze Lake Wetland close to Suqian town, China
CREDIT: ALEX PLAVEVSKI/EPA-EFE/SHUTTERSTOCK

Wind surfers in the Irish Sea near Lytham St Annes in Lancashire enjoying the stormy weather
CREDIT: MARK MCNEILL/BAV MEDIA

Issa Kassissieh, wearing a Santa Claus costume, sits next to a Christmas tree on a salt formation in the Dead Sea, in an event organised by Israel’s tourism ministry, as Israel gears up for the holiday season, amid the coronavirus disease (COVID-19) crisis, near Ein Bokeq, Israel
CREDIT: REUTERS/AMOR COHEN
Market Closes for November 16^th, 2020 

Market Index	Close	Change
Dow Jones	29950.44	+470.63
		+1.60%
S&P 500	3626.91	+41.76
		+1.16%
NASDAQ	11924.129	+94.844 +0.80%
TSX	16889.81	+214.17
		+1.28%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25906.93	+521.06
		+2.05%
HANG SENG	26381.67	+224.81
		+0.86%
SENSEX	43637.98	+194.98
		+0.45%
FTSE 100*	6421.29	+104.90 +1.66%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.737	0.729
CND. 30 Year Bond	1.295	1.277
U.S.    10 Year Bond	0.9045	0.8897
U.S. 30 Year Bond	1.6602	1.6422

Currencies

BOC Close	Today	Previous
Canadian $	0.76472	0.76058
US $	1.30767	1.31479
Euro Rate 1 Euro=		Inverse
Canadian $	1.54994	0.64519
US $	1.18526	0.84369

Commodities

Gold	Close	Previous
London Gold Fix	1890.90	1874.85
Oil
WTI Crude Future	41.34	40.13

Market Commentary:
On this day in 1999, Jay Walker, the founder of Priceline.com, bought 2.1 million shares of Priceline’s stock from Delta Air Lines (an early backer of the company) for $59.93 per share. Delta locked in a gain of more than $120 million on shares for which it paid less than $2 million. A year later, Mr. Walker sold those same shares for $8 million—losing $117 million by buying his own stock at the top and selling it at the bottom
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Monday after Moderna Inc.’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial.
The S&P/TSX Composite Index closed at the day’s high, advancing 1.3% to the highest since February 26. Energy, financials and real estate led the way, while tech and consumer staples were among laggards. Oil gained the most in a week amid signals a Covid-19 vaccine is highly effective.
On the deal front, Endeavour Mining Corp., the acquisitive gold producer backed by Egyptian billionaire Naguib Sawiris, agreed to buy Teranga Gold Corp. in the latest deal to reshape the sector.
Canadian home sales dropped for the first time since April, as the real estate rush of recent months eased.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold fell 0.02% to $1,888.85 an ounce
FX/Bonds
* The Canadian dollar fell 0.3% to C$1.3093 per U.S. dollar
* The 10-year government bond yield rose 1.1 basis points to 0.739%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.3 percent, or 214.17 to 16,889.81 in Toronto.
The move was the biggest since rising 1.9 percent on Nov. 5. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 6.6 percent. Enerplus Corp. had the largest increase, rising 8.8 percent.
Today, 150 of 222 shares rose, while 71 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 1 percent, heading for the worst year since 2018
* The index declined 0.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 6 percent below its 52-week high on Feb. 20, 2020 and 51.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.5 percent in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.3 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55t
* 30-day price volatility little changed to 15.92 percent compared with 15.93 percent in the previous session and the average of 14.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 121.3185| 2.4| 24/2
Energy | 59.3586| 3.3| 20/3
Industrials | 14.0972| 0.7| 21/7
Real Estate | 11.2368| 2.1| 22/4
Consumer Discretionary | 11.1122| 1.8| 11/2
Communication Services | 7.6802| 0.9| 7/0
Health Care | 1.6984| 0.9| 6/4
Consumer Staples | -1.5407| -0.2| 5/6
Information Technology | -1.5734| -0.1| 4/6
Utilities | -3.0174| -0.3| 6/10
Materials | -6.2118| -0.3| 24/27
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks gained after positive news on a Covid-19 vaccine, sending shares tied to an economic reopening higher while stay-at-home tech companies lagged behind. Oil climbed.
The Dow Jones Industrial Average briefly touched an intraday record after Moderna Inc.’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial. Shares of the drugmaker surged as much as 15%.
Companies poised to benefit from a reopening, such as cruise lines and air carriers, outperformed. Lockdown favorite Zoom Video Communications Inc. slumped along with some of the biggest tech names, weighing on the Nasdaq 100 and helping drag other indexes from their highs of the day.
The vaccine news adds yet another driver to a global stocks rotation into value and cyclical sectors that have been hardest hit by the pandemic, and out of more defensive industries like technology. U.S. equity futures were up earlier after advisers to President-elect Joe Biden said they opposed a nationwide shutdown despite surging virus cases.
“Today’s vaccine news should make investors more tolerant of the surging virus cases, permitting them to look through to the strong dynamics that seem to be taking shape for 2021,” said Seema Shah, chief strategist at Principal Global Investors. “Easy monetary policy, fiscal stimulus, recovering economic growth — there are many reasons for investors to be optimistic as we move closer to the end of this awful year.”
Still, concerns about a sustainable economic recovery persist amid a flare-up in virus cases around the world. The pandemic continues to escalate in Europe and the U.S. American coronavirus cases have topped 11 million. Germany must live with “considerable restrictions” against the spread of Covid-19 for at least the next four to five months, its economy minister said.
Treasury yields held steady and the dollar slipped. Crude pushed higher as the vaccine news boosted the outlook for demand. China’s oil processing rebounded in October to match a record, as consumption in Asia continues to vastly outpace that of regions still afflicted with the virus.
Elsewhere, European equities rose, following Asian shares higher after a slew of countries Sunday signed the world’s largest regional free-trade agreement, encompassing nearly a third of the globe’s population and gross domestic product. Australia’s stock exchange was hit by a software issue that forced it to close for most of Monday’s session.
In the U.S., the stock rotation continued following the best week for S&P value stocks versus S&P growth shares since 2008. The Russell 2000 Index of small-caps rallied as much as 2.2% to a record, while the tech-heavy Nasdaq 100 rose half as much. “It’s the same trend we’ve been seeing over the past several weeks which is a move toward value, toward companies that will rebound when Covid goes away,” said Christopher Grisanti, chief equity strategist at MAI Capital Management. “We have facts on the ground which can truly change the environment in a three- to six-month period.”
Here are some events to watch out for this week:
* Brexit talks look set to continue as the U.K. and EU approach the latest deadline.
* Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Through Nov. 19.
* OPEC+ Joint Ministerial Monitoring Committee meets Tuesday.
* U.S. retail sales due Tuesday.
* Bank Indonesia rate decision Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.6% as of 1:50 p.m. New York time; the Dow Jones Industrial Average added 1%.
* The Stoxx Europe 600 Index rose 1.2%.
* The MSCI Asia Pacific Index surged 1.4%.
* The MSCI Emerging Market Index rose 1.2%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2%.
* The euro rose 0.1% to $1.1841.
* The British pound was little changed at $1.3187.
* The Japanese yen rose 0.1% to 104.56 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 0.90%.
* Germany’s 10-year yield was little changed at -0.55%.
* Britain’s 10-year yield rose one basis point to 0.35%.
Commodities
* West Texas Intermediate crude rose 2.6% to $41.19 a barrel.
* Gold fell 0.1% to $1,887.45 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Sam Potter, Yakob Peterseil, Katherine Greifeld and Cecile Gutscher.

Have a great night.

Be magnificent!
As ever,

Carolann

The most damaging phrase in the language is “We’ve always done it this way.”
                                                                    -Grace Hopper, 1902-1992

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.

Not only is today Friday the 13th, it’s also World Kindness Day. Because the world could use it more than ever, we give you 25 ways to spread goodwill. –CNN.

St. Augustine, b.354.
Robert Louis Stevenson, b.1850
Whoopi Goldberg, b.1949
Holland Tunnel opened, New York City, 1927.

On Nov. 13, 1956, the Supreme Court struck down laws calling for racial segregation on public buses. Go to article »
1980: US spacecraft Voyager 1 sends back first close-up pictures of Saturn

From the late night hosts:
Jimmy Kimmel welcomed viewers Thursday for what he called “Day 9 of Squattergate.”

With Trump officially declared the winner in Alaska, Kimmel offered a potential solution.
“Why don’t we just make him president of Alaska?” Kimmel said Thursday. “He’d love it. It even sounds like the names of his wives and daughters: Melania, Ivana, Ivanka — Alaska.”

“When Trump finally concedes, he’ll probably do it in a Bugatti, wearing diamond-encrusted Cartier sunglasses and the necklace from the Titanic. ‘[as Trump] Thanks for all your donations, but unfortunately, it wasn’t enough to stop the deep state. If you need me, I’ll be vacationing in Fiji.’” — SETH MEYERS

“My man, Donald Jobless Trump — this guy never misses a hustle. I bet as we speak he’s ripping out the copper wiring from the White House walls.” — TREVOR NOAH

“According to the website, at least half of each donation will go to paying off the campaign’s debts. One last grift for the road. Before he finally leaves, someone better check under the MAGA hat for the White House silverware.” — STEPHEN COLBERT

PHOTOS OF THE DAY

A surfer silhouetted against the waves at Tynemouth, near North Shields, UK.
CREIDT: OWEN HUMPHREYS/PA WIRE

This soggy owl was too wet to woo after getting caught in torrential rain. The bedraggled bird hung a dripping wet wing out and even attempted an unsuccessful spin dry before giving up and looking decidedly grumpy about the sorry situation. The baby owls funny antics were caught on camera by IT consultant Rob Mousley, as he walked through woodland on Noordhoek Common in Cape Town, South Africa.
CREDIT: ROB MOUSLEY/ CATERS NEWS

A man pushes his bike with his dog sitting on the back rack along a street in Kawasaki, Kanagawa prefecture, Japan.
CREDIT: CHARLY TRIBALLEAU/AFP VIA GETTY IMAGES

A woman harvests marigold flowers ahead of the upcoming Hindu Tihar (Diwali) festival in Ichangu Narayan village, on the outskirts of Kathmandu.
CREDIT: PRAKASH MATHEMA/AFP VIA GETTY IMAGE
Market Closes for November 13^th, 2020 

Market Index	Close	Change
Dow Jones	29479.81	+399.64
		+1.37%
S&P 500	3585.69	+48.68
		+1.38%
NASDAQ	11829.285	+119.696 +1.02%
TSX	16687.04	+104.86
		+0.63%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25385.87	-135.01
		-0.53%
HANG SENG	26156.86	-12.52
		-0.05%
SENSEX	43443.00	+85.81
		+0.20%
FTSE 100*	6316.39	-22.55 -0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.729	0.720
CND. 30 Year Bond	1.277	1.273
U.S.    10 Year Bond	0.8897	0.8977
U.S. 30 Year Bond	1.6422	1.6385

Currencies

BOC Close	Today	Previous
Canadian $	0.76058	0.76120
US $	1.31479	1.31372
Euro Rate 1 Euro=		Inverse
Canadian $	1.55598	0.64268
US $	1.18345	0.84499

Commodities

Gold	Close	Previous
London Gold Fix	1874.85	1860.95
Oil
WTI Crude Future	40.13	41.12

Market Commentary:
On this day in 1878, the first telephones were installed on the trading floor of the New York Stock Exchange, just over two years after Alexander Graham Bell invented the telephone
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Friday to cap off a second straight weekly advance, helped by Monday’s bullish news from Pfizer Inc.’s vaccine study.
The S&P/TSX Composite Index gained 0.6% Friday, with eight of 11 sectors rising. Health care shares led the way, while consumer staples lagged.
Enbridge Inc.’s battle with Michigan escalated on Friday as the governor took new legal action to shut down a key pipeline that supplies Central Canadian refineries.
Oil declined for a second session as rising Covid-19 cases threatened to derail demand with tougher restrictions in major U.S. cities on the horizon.
Canadian firms continue to struggle as debt loads and uncertainty mount, according to a survey by the country’s statistics agency.
Commodities
* Western Canada Select crude oil traded at a $9.70 discount to West Texas Intermediate
* Spot gold rose 0.6% to $1,888.1 an ounce
FX/Bonds
* The Canadian dollar fell 0.02% to C$1.3143 per U.S. dollar
* The 10-year government bond yield rose 1.0 basis points to 0.730%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 16,675.64 in Toronto. The move follows the previous session’s decrease of 1.1 percent.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 3.2 percent. Trillium Therapeutics Inc. had the largest increase, rising 10.3 percent.
Today, 153 of 222 shares rose, while 64 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 2.4 percent
* This year, the index fell 2.3 percent, heading for the worst year since 2018
* The index declined 1.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 7.2 percent below its 52-week high on Feb. 20, 2020 and 49.3 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.2 on a trailing basis and 22.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.54t
* 30-day price volatility rose to 15.93 percent compared with 15.87 percent in the previous session and the average of 14.86 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 34.6877| 0.7| 19/7
Industrials | 22.4043| 1.1| 24/4
Materials | 20.4122| 0.8| 37/12
Consumer Discretionary | 9.4017| 1.5| 9/4
Energy | 6.7509| 0.4| 18/4
Health Care | 6.1176| 3.3| 9/1
Information Technology | 5.1774| 0.3| 9/1
Real Estate | 4.6274| 0.9| 20/6
Utilities | -4.7380| -0.5| 3/13
Communication Services | -5.6313| -0.6| 2/4
Consumer Staples | -5.7595| -0.8| 3/8
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed to a record as the rotation to economically-sensitive industries regained momentum even with a surge in coronavirus cases that could lead to more restrictions and crimp growth. Both the S&P 500 and the Russell 2000 Index of small caps rallied to all-time highs, while the Dow Jones Industrial Average rose to pre-pandemic levels. All major groups in the equity benchmark advanced, with energy, industrial and financial companies among the biggest gainers. The tech-heavy Nasdaq 100 underperformed major gauges, with stay-at-home winner Zoom Video Communications Inc. tumbling. Walt Disney Co. jumped on solid results, and Cisco Systems Inc. climbed after upbeat sales projections. Tesla Inc., whose Chief Executive Officer Elon Musk tweeted he may have Covid-19, fell. DoorDash Inc., the biggest U.S. food delivery platform, filed for an initial public offering.
The risk-on mood fueled a rotation into value and cyclical sectors, whereas more defensive industries underperformed. Stock funds attracted a record amount after positive results for a coronavirus vaccine, adding $44.5 billion in the week through Nov. 11, according to Bank of America Corp. and EPFR Global data. While the latest figures on Covid-19 continued to fuel concern, with the surge in U.S. infections now spread to 49 states, the S&P 500 notched a second weekly rally. “You have this push-pull,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management’s Ascent Private Wealth Group. “As people become more optimistic, you get the recovery in the more cyclical sectors, and then as the optimism wanes a bit, you go back into the tech stocks.”
New York’s daily Covid-19 cases exceeded 5,000, the highest for the state since April, as New York City Mayor Bill de Blasio warned parents to prepare for city schools to halt in-person classes as soon as Monday. California, Oregon and Washington state urged arriving people to self-quarantine, while Illinois reported a record number of daily infections and hospitalizations, a day after Chicago announced a stay-home advisory. Federal Reserve Bank of St. Louis President James Bullard and New York head John Williams both voiced concerns about the economic impact of the pandemic, echoing previous comments from Fed Chairman Jerome Powell. U.S. consumer sentiment unexpectedly declined in early November as an increase in Covid-19 infections and the election prompted Americans to reassess their outlooks.
Meanwhile, a key measure of prices paid to U.S. producers decelerated in October, consistent with a pandemic that continues to limit pricing power. U.S. stocks are poised for “a digestion period,” according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. He cited the S&P 500’s track record since 1990 after days when more than 60% of its component stocks reached 20-day highs, as they did Monday. There were 25 instances mentioned in a report Thursday. A month later, the S&P 500 was unchanged on average. Gains were posted over three-, six- and 12 months, with the latter period bringing an average increase of 12.5%. These are some of the main moves in markets:
Stocks
* The S&P 500 gained 1.4% at 4 p.m. New York time.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index climbed 0.1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.4%.
* The euro advanced 0.2% to $1.1832.
* The Japanese yen appreciated 0.5% to 104.65 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 0.90%.
* Germany’s 10-year yield decreased one basis point to -0.55%.
* Britain’s 10-year yield fell one basis point to 0.338%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude fell 2.3% to $40.18 a barrel.
* Gold rose 0.6% to $1,887.63 an ounce.

–With assistance from Adam Haigh, Yakob Peterseil, Robert Brand,
Lynn Thomasson, Ksenia Galouchko, David Wilson, Vildana Hajric and Sarah Ponczek.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The aim of argument, or of discussion, should not be victory, but progress.
                                                                -Joseph Joubert, 1754-1824

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:
Auguste Rodin, French sculptor, b. 1840.
Neil Young, singer songwriter, b. 1945

In Anglo-Saxon times, November was known as Blotmonaþ (blood month or sacrifice month).  Another Saxon name was Windomōnath, “wind month” when fishermen beached their boats and stopped fishing until the next spring.

No sun – no moon!
No morn -no noon –
No dawn – no dusk – no proper time of day.
No warmth, no cheerfulness, no healthful ease.
No comfortable feel in any member –
No shade, no shine, no butterflies, no bees.
No fruits, no flowers, no leaves, no birds –
November!
       -Thomas Hood, 1844.

On Nov. 12, 1942, the World War II naval Battle of Guadalcanal began. The Americans eventually won a major victory over the Japanese. Go to article »

Fans of “The Crown” prepare for Diana.  The face that launched a thousand tabloid stories is taking center stage in the fourth season of the Netflix series, which begins airing Nov. 15. The new season takes us back to the beginning of Diana and Prince Charles’s disastrous love story, when the world was thrilled to believe in what seemed like a fairy tale.  The season also introduces us to Gillian Anderson as Prime Minister Margaret Thatcher, the latest in a long line of Thatcher impersonators.  Accuracy was a major focus, the show’s creator said. The research team relied heavily on advisers with direct knowledge of the events. “The more I’ve learned about the intricacies of this marriage and this relationship, the harder it’s been to pick sides,” said Emma Corrin, who plays Diana. -from The New York Times.

A rave review for Barack Obama’s latest: The former president’s new memoir, “A Promised Land,” comes out Nov. 17 and our review is in: The author Chimamanda Ngozi Adichie says it brims with warmth, humor and introspection. The former president, she writes, “is as fine a writer as they come.”  This is the first of two volumes, and it starts as Mr. Obama charts his initial political campaigns and ends with a meeting in Kentucky in 2011 where he is introduced to the SEAL team that killed Osama bin Laden. The book focuses more on politics than home life, but when he does write about his family, “it is with a beauty close to nostalgia,” Ms. Adichie says.

PHOTOS OF THE DAY

A general view is seen of poppies projected onto the sails of the Opera House in Sydney, Australia
CREDIT: JENNY EVANS/GETTY IMAGES

RAF veteran Alan McQuillin, 97, observes the two minute silence outside his home in Cirencester, Gloucestershire, on Armistice Day
CREDIT: JACOB KING/PA WIRE

 A royal banquet hosted by Crown Prince Hyomyeong for his mother’s birthday in 1828 is reenacted at Changdeok Palace in Seoul, South Korea
CREDIT: YONHAP/EPA-EFE/SHUTTERSTOCK

People walk under flower arches at the Dubai Miracle Garden, the world’s largest flower garden, in the United Arab Emirates
CREDIT: KARIM SAHIB/AFP
Market Closes for November 12^th, 2020 

Market Index	Close	Change
Dow Jones	29080.17	-317.46
		-1.08%
S&P 500	3537.01	-35.65
		-1.00%
NASDAQ	11709.590	-76.841 -0.65 %
TSX	16582.18	-191.96
		-1.14%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25520.88	+171.28
		+0.68%
HANG SENG	26169.38	-57.60
		-0.22%
SENSEX	43357.19	-236.48
		-0.54%
FTSE 100*	6338.94	-43.16 -0.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.720	0.776
CND. 30 Year Bond	1.273	1.331
U.S.    10 Year Bond	0.8977	0.9753
U.S. 30 Year Bond	1.6385	1.7415

Currencies

BOC Close	Today	Previous
Canadian $	0.76120	0.7656
US $	1.31372	1.3062
Euro Rate 1 Euro=		Inverse
Canadian $	1.55120	0.64466
US $	1.18077	0.84690

Commodities

Gold	Close	Previous
London Gold Fix	1860.95	1865.67
Oil
WTI Crude Future	41.12	41.45

Market Commentary:
I’d be a bum on the street with a tin cup , if the markets were always efficient. –Warren Buffett.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets slid on Thursday after three consecutive days of gains as energy and health care underperformed.
The S&P/TSX Composite Index fell 1.1% in Toronto, the most in more than two weeks. Energy stocks were the worst performers as oil dropped after an unexpected increase in U.S. stockpiles and a Federal Reserve warning that a vaccine may not be enough to get the economy back on track.
Materials were the best performing stocks as gold advanced after record U.S. Covid cases lifted the appeal of the haven metal.
Meanwhile, Brookfield Asset Management Inc. is launching a reinsurance business and plans to distribute shares in the new entity to its investors in the form of a $500 million special dividend.
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,875.60 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3132 per U.S. dollar
* The 10-year government bond yield fell 6 basis points to 0.719%
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks slumped and Treasuries rallied as a resurgence in coronavirus cases added to concern about tougher restrictions that could slow down the economic recovery without further stimulus.
The S&P 500 sank as much as 1.5% as New York City – the early epicenter of the pandemic in the U.S. — prepared for the possibility of closing its schools while Chicago issued an advisory urging residents to avoid leaving home except for work and other essential activities. The Trump administration is stepping back from talks on a relief package and leaving it up to Congress to revive negotiations with House Speaker Nancy Pelosi, according to people familiar with the situation. All major groups in the American equity benchmark fell, with energy and financial companies among the worst performers. Benchmark 10-year Treasury yields moved away from the cusp of 1%.
Three of the world’s top central bankers warned that the prospect of a Covid-19 vaccine isn’t enough to put an end to the economic challenges created by the pandemic. Coronavirus infections and hospitalizations are rising in 49 U.S. states, compared with a week ago, according to Covid Tracking Project data. Deaths, a lagging indicator, are climbing in 35. And the velocity at which records are being shattered suggests any decline may yet be far off. New York State saw nearly 10,000 new coronavirus cases over two days, as Governor Andrew Cuomo urged people to “buckle down.” “We’re experiencing a bit of exhaustion for the market as we focus on the troubling near-term Covid trends and the potential for a few tough months ahead,” said Yousef Abbasi, global market strategist at StoneX. JPMorgan Asset Management is cutting its projections for cross-asset returns over the next decade and signaling more pain for 60/40 allocations that have long formed the bedrock of traditional portfolios. Strategists at the firm reduced their estimate for global equities by 1.4 percentage point to 5.1% a year in the next decade, citing elevated valuations in U.S. large caps. They forecast negative inflation-adjusted returns across almost all sovereign bonds over the next 10 to 15 years, with yields remaining low even after rates normalize.
On the trade front, President Trump signed an order prohibiting U.S. investments in Chinese firms determined to be owned or controlled by the country’s military. Relations between the U.S. and China have deteriorated following the signing of a deal early in the year. Trump also has repeatedly vowed to punish Beijing over the coronavirus pandemic, its treatment of Muslim minorities and the crackdown on protesters in Hong Kong.
These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.9%.
* The MSCI Asia Pacific Index rose 0.2%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.1%.
* The euro climbed 0.3% to $1.1809.
* The Japanese yen strengthened 0.3% to 105.11 per dollar.
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 0.88%.
* Germany’s 10-year yield slid three basis points to -0.54%.
* Britain’s 10-year yield sank seven basis points to 0.348%.
Commodities
* The Bloomberg Commodity Index fell 0.4%.
* West Texas Intermediate crude dipped 1.1% to $40.98 a barrel.
* Gold climbed 0.6% to $1,876.59 an ounce.
–With assistance from Andreea Papuc, Adam Haigh, Todd White, Yakob Peterseil,
Lynn Thomasson, David Wilson, Ksenia Galouchko, and Vildana Hajric.

Have a great night.

Be magnificent!

As ever,

Carolann

The real voyage of discovery consists not in seeking new landscapes, but in having new eyes.
                                                                                          -Marcel Proust, 1871-1922

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 Nov. 11, 1918, fighting in World War I came to an end with the signing of an armistice between the Allies and Germany. Go to article »

Dazzling fireballs are about to light up the night sky.  Grab a lawn chair, and gaze at the stars — the Northern Taurid meteor shower peaks today and tomorrow.

Archaeologists in Norway discover a rare Viking burial site with a feast hall, cult house and ship.  And they found it without digging into the earth.

Under the Sea: The clicks of bickering dolphins; the burbling of a hydrothermal vent. Scientists have long listened to the sounds of the oceans, but only recently
have they turned to the deepest parts of the sea.

One of the biggest ever diamonds has been found in Botswana.

From  The New York Times:

Falling for sopranos:

We’ve asked some of our favorite artists to choose five minutes or so they would play to make their friends love classical music, the piano, Baroque music and more. Now we’ve collected recordings to inspire love for the soaring soprano voice. You’ll want to turn your volume up for this one.
The novelist Ann Patchett suggests turning first to Renée Fleming, “who makes the most impossible repertoire seem effortless.” Ms. Fleming herself recommends going directly to the recordings of Leontyne Price, who makes “rapturous music unforgettable.” And for Kira Thurman, a historian, the sheer power of Jessye Norman’s voice “is enough to make your eyes water.”

What Is Luxury? A Major New Exhibition Offers an Answer

Qilin, around 1736-96
“It arrived in the museum’s collection in the early 20th century,” Gabet says. “It’s a good example of cloisonné [a technique to decorate metalwork] in China.”  This qilin, Gabet says, is “representative of the taste of the great court of China in the 18th century and also the taste of collectors in Europe in the mid 19th century.”
SOURCE: Musée des Arts Décoratifs, Paris / Christophe Dellière

PHOTOS OF THE DAY

People admire the view from the Penshaw Monument in Sunderland, Tyne and Wear, which has been illuminated red ahead of Armistice Day.
CREDIT: OWEN HUMPHREYS/PA

The Angel of The North in Gateshead is decorated with a poppy ahead of Armistice Day.
CREDIT: LEE SMITH/REUTERS

Rays of misty autumn sunshine cast pools of light over the Eildon Hills and surrounding fields near Melrose, Scottish Borders.
CREDIT: PHIL WILKINSON/ALAMY LIVE NEWS

Indonesian photographer @jjnmatt won the Animals2020 photo contest by Agora with this colourful photo of an iguana that gathered the highest number of votes on the free-to-use mobile app Agora and won the top prize of $1,000.
CREDIT: @jjnmatt/AGORA

Market Closes for November 11^th, 2020 

Market Index	Close	Change
Dow Jones	29397.63	-23.29
		-0.08%
S&P 500	3572.66	+27.13
		+0.77%
NASDAQ	11786.43	+232.575 +2.01 %
TSX	16774.14	+158.77
		+0.96%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25349.60	+444.01
		+1.78%
HANG SENG	26226.98	-74.50
		-0.28%
SENSEX	43593.67	+316.02
		+0.73%
FTSE 100*	6382.10	+85.25 +1.35%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.776	0.776
CND. 30 Year Bond	1.331	1.331
U.S.    10 Year Bond	0.9753	0.9595
U.S. 30 Year Bond	1.7415	1.7415

Currencies

BOC Close	Today	Previous
Canadian $	0.7656	0.76761
US $	1.3062	1.30275
Euro Rate 1 Euro=		Inverse
Canadian $	1.5385	0.6500
US $	1.1778	0.8490

Commodities

Gold	Close	Previous
London Gold Fix	1865.67	1867.30
Oil
WTI Crude Future	41.45	41.36

Market Commentary:
On this day in 1993, The Wall Street Journal published a survey of ten market pundits, asking them when the bull market, then 1,127 days old, would end. Nearly every one predicted a 10% decline by mid-1994, and famed market forecaster Joe Granville declared that the Dow would drop to about 2900 by the spring of 1994. By March 1994, the Dow was at 3800.

Canada
By Aoyon Ashraf
(Bloomberg) — The Canadian equity market advanced on Wednesday, hitting its highest level since August after tech stocks outperformed. The S&P/TSX Composite Index rose about 1% in Toronto, bringing its three-day increase to 3%. The gauge is just shy of erasing its yearly losses. The tech index rose 5.3% on Wednesday, the most since Sept. 1, driven by Shopify Inc. Materials were the worst performers as gold miners fell. Meanwhile, Canada is struggling to contain rising Covid-19 infection rates as a second wave engulfs the nation, threatening to stifle an economic rebound that began in summer. Ontario, where nearly 40% of the country’s population lives, reported a record 1,388 new cases Tuesday. The province’s capital, Toronto, said it’s forcing casinos, meeting centers, indoor bars and restaurants to stay closed into December.
Commodities
* Western Canada Select crude oil traded at a $9.80 discount to West Texas Intermediate
* Spot gold fell 0.7% to $1,864.75 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3065 per U.S. dollar
* The 10-year government bond yield rose 3 basis points to 0.776%

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed as giant tech companies rallied in a shift back to the safety trade that has powered this year’s gains amid speculation the economic recovery will be slow with a virus resurgence. The S&P 500 rose to the highest since Sept. 2, while the Nasdaq 100 jumped more than 2%. Heavyweights Apple Inc. and Amazon.com Inc. surged alongside some stay-at-home shares that were hit hard by this week’s selloff such as Zoom Video Communications Inc. The Dow Jones Industrial Average underperformed, and banks slumped. The Russell 2000 Index of smaller stocks halted a two-day rally which was driven by expectations that a return to normal would be on the horizon after positive vaccine developments. Treasury futures were little changed, with the cash market closed for a U.S. holiday. The dollar advanced.
With fears of further economic pain growing amid the threat of tougher measures to contain the virus, traders piled back into companies with solid balance sheets and a suite of products that benefit from social distancing. New York City’s average of people testing positive for Covid-19 is approaching the safety threshold that would force a shutdown of schools, with the mayor citing one “last chance” to halt a second wave. The pandemic has killed more than 1.2 million people around the world since late January and sent the economy into the worst recession in living memory. “We are still going to be in for a slower economic growth environment,” said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management. “We could see some reopening rollback as the Covid case counts continue to climb.”
While the recent rotation into cheaper value stocks slowed down on Wednesday, JPMorgan Chase & Co. strategists said the shift into those companies can endure much longer after years of lagging behind growth shares. There’s still room for further normalization as a large part of the initial rally was driven by the short-covering of short-momentum strategies — which buy the past year’s winners and sell its losers, according to them. “Our equity strategy team believes that we are on the cusp of a sustained rally in value comparable to what we saw in 2016-2017,” said strategists including Davide Silvestrini and Marko Kolanovic. “This rotation has room to continue much further given the material underperformance we have witnessed in recent years.”
Elsewhere, talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates. Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic hits fuel demand.
These are some key events coming up:
* European Central Bank President Christine Lagarde, Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled
“Central Banks in a Shifting World.”
* U.S. CPI data for October is due on Thursday.
* Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.

These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 1.1%.
* The MSCI Asia Pacific Index gained 0.7%.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.2%.
* The euro decreased 0.3% to $1.1781.
* The Japanese yen depreciated 0.1% to 105.41 per dollar.
Bonds
* Germany’s 10-year yield fell two basis points to -0.51%.
* Britain’s 10-year yield rose one basis point to 0.413%.
Commodities
* The Bloomberg Commodity Index gained 0.1%.
* West Texas Intermediate crude advanced 0.3% to $41.49 a barrel.
* Gold fell 0.7% to $1,864.28 an ounce.
–With assistance from Adam Haigh, Michael Msika, Todd White, Cecile Gutscher, Lynn Thomasson, Ye Xie, Ksenia Galouchko, Vildana Hajric, Sophie Caronello and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

Do what thy manhood bids thee do, from none but self expect applause.
He noblest lives and noblest dies who makes and keeps his self-made laws.
         -Sir Richard Burton, 1821-1890, The Kasidah: Of Haji Abdu El-Yezdi

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:
1871- Stanley finds Livingstone.
1925, Richard Burton, actor, b.
1928 – Hirohito was enthroned as Emperor of Japan.  Go to article »
1951- area codes introduced.
1983- Microsoft releases Window.

A military carrier pigeon message turned up 110 years after it was sent.  Better late than never, as they say. -CNN

This Italian town was known for its old folks. Then they vanished.  The town is now picture-perfect, but its residents have been driven away -CNN

PHOTOS OF THE DAY

A person walks their dog in the morning mist at sunrise in Greenwich Park in south London, UK.
CREDIT: DANIEL LEAL-OLIVAS/AFP

Can we help moo? A lost calf is tended to by some inquisitive horses in this hear-warming scene. The adorable images were captured by professional equine photographer Sandy Sharkey in countryside near Ottowa, Canada. Sandy said “I was driving when I noticed three horses in a shady area way off in the distance. They caught my eye because they were all gathered around something on the ground. Through my telephoto lens, I could see the focus of their attention: a newborn baby calf. There were cows in the same field, but not close by and no obvious mother for this little calf.” “I watched as the horses gently licked and nudged the baby until he finally struggled to stand. The mother cow then appeared from behind some trees and began to bond with her hours-old calf. The unfolding of this little story made my day”.
CREDIT: SOLENT NEWS & PHOTO AGENCY

Aerial photo of a large chrysanthemum base in Ninghai County, Zhejiang Province, China.
CREDIT: COSTFOTO/BARCROFT MEDIA VIA GETTY IMAGES

Market Closes for November 10^th, 2020 

Market Index	Close	Change
Dow Jones	29420.92	+262.95
		+0.90%
S&P 500	3545.33	-4.97
		-0.14%
NASDAQ	11553.855	-159.927 -1.37%
TSX	16615.37	+139.51
		+0.85%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24905.59	+65.75
		+0.26%
HANG SENG	26301.48	+285.31
		+1.10%
SENSEX	43277.65	+680.22
		+1.60%
FTSE 100*	6296.85	+110.56 +1.79%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.776	0.749
CND. 30 Year Bond	1.331	1.320
U.S.    10 Year Bond	0.9595	0.9235
U.S. 30 Year Bond	1.7415	1.7089

Currencies

BOC Close	Today	Previous
Canadian $	0.76761	0.76903
US $	1.30275	1.30033
Euro Rate 1 Euro=		Inverse
Canadian $	1.53947	0.64957
US $	1.18171	0.84623

Commodities

Gold	Close	Previous
London Gold Fix	1867.30	1940.80
Oil
WTI Crude Future	41.36	40.29

Market Commentary:
Corporate balance sheets and income statements can trace their heritage to this day in 1494, as the first edition of Luca Pacioli’s “Summa de Arithmetica, Geometria, Proportioni et Proportionalita” was printed in Venice. The book contained 36 brief chapters on accounting and, for the first time, popularized the concept of double-entry bookkeeping, which offsets assets against liabilities and revenues against expenses.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose for a second day, led by cyclical stocks such as energy and financials. The S&P/TSX Composite index gained 0.9% on Tuesday, after rising 1.2% yesterday. The gauge closed at the highest since Sept. 2. Energy, financials and communication services were the best performers, while materials and tech stocks were the worst. In Canadian company news, Brookfield Asset Management Inc. is embarking on an aggressive move into the secondary market for private assets, the first step in what Chief Executive Officer Bruce Flatt says could become a $50 billion business.
Commodities
* Western Canada Select crude oil traded at a $9.85 discount to West Texas Intermediate
* Spot gold rose 0.6% to $1,873.33 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3038 per U.S. dollar
* The 10-year government bond yield rose 3 basis points to 0.776%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8 percent, or 139.51 to 16,615.37 in Toronto. The index advanced to the highest closing level since Sept. 2. Enbridge Inc. contributed the most to the index gain, increasing 4.8 percent. Enerplus Corp. had the largest increase, rising 11.6 percent. Today, 127 of 222 shares rose, while 94 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 2.6 percent, heading for the worst year since 2018
* The index declined 1.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 7.5 percent below its 52-week high on Feb. 20, 2020 and 48.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 4.2 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 26.3 on a trailing basis and 22.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility rose to 15.34 percent compared with 15.18 percent in the previous session and the average of 14.73 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 115.7772| 2.4| 17/9
Energy | 71.3119| 4.0| 22/1
Communication Services | 18.6998| 2.2| 7/0
Industrials | 9.8843| 0.5| 13/15
Real Estate | 5.8230| 1.1| 20/6
Consumer Discretionary | 5.1197| 0.8| 11/2
Utilities | 3.2413| 0.4| 9/7
Consumer Staples | 3.0312| 0.4| 6/5
Health Care | -3.3931| -1.7| 5/5
Information Technology | -28.2822| -1.9| 3/7
Materials | -61.6893| -2.5| 14/37

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — Stocks dropped amid a selloff in big tech and speculation that this month’s rally has outpaced prospects for an economic rebound as coronavirus cases surge. Treasuries fell. The S&P 500 retreated from a two-month high as the slide in technology shares outweighed gains in industrial and energy companies. The Nasdaq 100 slumped as much as 2.7% on Tuesday. Amazon.com Inc. sank as the online-retail giant faced an antitrust complaint from the European Union, while American depositary receipts of Alibaba Group Holding Ltd. tumbled after China tightened the scrutiny over internet behemoths. Meanwhile, the Dow Jones Industrial Average outperformed as Boeing Co. extended its November rally to more than 30% on news that regulators could lift the 737 Max grounding as soon as next week. The Russell 2000 Index of small caps climbed to the highest since August 2018.
After all the enthusiasm that lifted global equities and sent havens into a tailspin, some analysts said the moves may have gone too far. The coronavirus shot still has several hurdles to clear, there’s concern over fiscal stimulus, the transition of power to President-elect Joe Biden and a virus resurgence. The U.S. reported a record 142,907 new infections on Monday, and Governor Phil Murphy said New Jersey’s jump in cases is “devastating.” Despite the uncertainties, the S&P 500’s valuations are near the highest levels since the dot-com era. “You still have a tremendous amount of uncertainty out there, and while equities may continue to climb a wall of worry, the stock market is still subject to the rules of gravity,” said Jonathan Boyar, managing director at Boyar Value Group.
With the Nasdaq Composite Index down for a second straight session, an ominous double-top pattern is forming. That should put all eyes on the 50- and 100-day moving averages as the first and second line of support for the tech-heavy gauge. Megacaps extended the slide that accompanied Monday’s rotation out of pandemic favorites and into value stocks, and potentially setting up a test of the 11,000 level around the 100-day line.
Meanwhile, China unveiled regulations to root out monopolistic practices in the internet industry, seeking to curtail the growing influence of corporations like Alibaba and Tencent Holdings Ltd. The rules, which sent both stocks tumbling and sparked a wider selloff in the nation’s equities, landed about a week after new restrictions on the finance sector that triggered the shock suspension of Ant Group Co.’s $35 billion initial public offering.
These are some key events coming up:
* Alibaba holds its annual Singles’ Day on Wednesday, an online global shopping phenomenon that had $38 billion of sales last year.
* European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World.”
* U.S. CPI data for October is due on Thursday.
* Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index dropped 0.2% at 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.9%.
* The MSCI Asia Pacific Index decreased 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was little changed at $1.1811.
* The Japanese yen strengthened 0.1% to 105.30 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 0.96%.
* Germany’s 10-year yield rose two basis points to -0.49%.
* Britain’s 10-year yield climbed three basis points to 0.401%.
Commodities
* The Bloomberg Commodity Index gained 1.7%.
* West Texas Intermediate crude increased 2.7% to $41.39 a barrel.
* Gold strengthened 0.8% to $1,877.15 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Todd White, Cecile Gutscher, Lynn Thomasson, Lu Wang, Vildana Hajric, Sophie Caronello, Nancy Moran and Claire Ballentine.

Have a great night.

Be magnificent!
As ever,

Carolann

The quality of mercy is not strain’d.
It droppeth as the gentle rain from heaven
Upon the place beneath:  it is twice blest;
It blesseth him that gives and him that takes.
               -William Shakespeare,  1564-1616, The Merchant of Venice.

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:

1938-Kristallnacht
1965- East Coast blackout
1989 – Berlin Wall opened.

Scientists find two new species of freakishly adorable Australian mammals. 

There’s an English word that hasn’t changed sound or meaning in 8,000 years.

Every year, millions of pilgrims descend on the central Iraqi city of Karbala to commemorate the religious holiday of Arbaeen. Take a tour of the festivities last year. –NYTimes.

Want a private jet that matches your Porsche? Help is at hand. 

Fallen leaves lying on the grass in the November sun bring more happiness than the daffodils. –Cyril Connolly.
PHOTOS OF THE DAY

Truffle hunter Carlo Marenda pets his dog Buc as they search for white truffles through the Langhe Countryside in Roddi, near Alba, north-western Italy
CREDIT: MARCO VERTORELLO/AFP

Horticulture farmers work on seasonal flower plants to meet the high demand ahead of the Hindu religious festival Diwali in the East Midnapore district, some 90 km west of Kolkata, India
CREDIT: DIBYANGSHU SARKAR/AFP

A farmer carries harvested paddy across a field at sunset in Darragiri village, some 100 kms from Guwahati, the capital city of Indias northeastern state of Assam 
CREDIT: BIJU BORO/AFP VIA GETTY IMAGES
Market Closes for November 9^th, 2020 

Market Index	Close	Change
Dow Jones	29157.97	+834.57
		+2.95%
S&P 500	3550.50	+41.06
		+1.17%
NASDAQ	11713.781	-181.448 -1.53%
TSX	16475.86	+193.03
		+1.19%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24839.84	+514.61
		+2.12%
HANG SENG	26016.17	+303.20
		+1.18%
SENSEX	42597.43	+704.37
		+1.68%
FTSE 100*	6186.29	+276.27 +4.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.749	0.645
CND. 30 Year Bond	1.320	1.225
U.S.    10 Year Bond	0.9235	0.8185
U.S. 30 Year Bond	1.7089	1.6000

Currencies

BOC Close	Today	Previous
Canadian $	0.76903	0.76701
US $	1.30033	1.30377
Euro Rate 1 Euro=		Inverse
Canadian $	1.53619	0.65906
US $	1.18138	0.84647

Commodities

Gold	Close	Previous
London Gold Fix	1940.80	1938.45
Oil
WTI Crude Future	40.29	37.14

Market Commentary:
On this day in 1731, Benjamin Banneker, the brilliant African-American mathematician and inventor, was born on a farm in Ellicott’s Mills, Md. In 1752 he built what is believed to be the first clock made entirely in America. Banneker later published an authoritative annual almanac and helped conduct the land survey that laid out the boundaries of Washington, D.C.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks jumped on Monday with global equity markets after Pfizer Inc. said its Covid-19 vaccine prevented more than 90% of infections in a large-scale study.
The S&P/TSX Composite Index climbed 1.2% in Toronto, paring some an early gain of as much as much as 2.7%. The index closed Monday session at its highest since Oct. 15.
The risk-on rally was fueled by traders piling into cyclical stocks, including energy, which as a group climbed almost 10% today. Suncor Energy Inc. and Canadian Natural Resources Ltd., the largest Canadian oil producers, rose more than 20% on Monday. Real estate and financial stocks, two of the worst- performing sectors this year, also had a big day, with each rising more than 4%. Some of the positive momentum was blunted by a selloff in technology stocks such Shopify Inc., which have benefited from stay-at-home orders in the pandemic, and gold miners. The loonie rose 0.3% to C$1.3010 per U.S. dollar. Air Canada soared 29% despite missing operating revenue estimates for the third quarter as the brighter prospect for a vaccine improved sentiment toward travel, and as the airline’s cash burn rate gained. The airline said it expects flight capacity in the fourth quarter will be 75% lower than in the same quarter last year.
The Canadian government said Sunday it will begin discussions on providing financial support to airlines, airports and the aerospace sector.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1.2 percent at 16,475.86 in Toronto. The index advanced to the highest closing level since Oct. 15 after the previous session’s decrease of 0.1 percent.
Today, financials stocks led the market higher, as 8 of 11 sectors gained; 138 of 222 shares rose, while 82 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 5.7 percent. Air Canada had the largest increase, rising 28.6 percent.
Insights
* This year, the index fell 3.4 percent, heading for the worst year since 2018
* The index declined 2.4 percent in the past 52 weeks. The MSCI  AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 8.3 percent below its 52-week high on Feb. 20, 2020 and 47.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 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 25.7 on a trailing basis and 22.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.5t
* 30-day price volatility rose to 15.18 percent compared with 15.13 percent in the previous session and the average of 14.77 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 183.6276| 4.0| 23/2
Energy | 162.9617| 10.0| 21/2
Industrials | 35.6963| 1.7| 22/6
Consumer Discretionary| 29.8014| 5.0| 11/2
Real Estate | 25.2469| 5.0| 20/6
Communication Services| 23.7719| 2.9| 6/1
Health Care | 12.9176| 7.1| 8/2
Utilities | 11.4758| 1.3| 12/4
Consumer Staples | -9.8338| -1.4| 3/8
Materials | -130.2387| -5.0| 9/42
Information Technology| -152.3998| -9.1| 3/7
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed and bonds tumbled after a large-scale coronavirus vaccine study delivered the most- promising results in the battle against the worst pandemic in a century, tempering concern over tougher lockdowns. Equities pared gains as Senate Majority Leader Mitch McConnell said President Donald Trump is “100% within his rights” to investigate any possible voting irregularities and request recounts in the presidential race and has no obligation to accept media projections that Joe Biden won. The Federal Reserve warned that asset prices in key markets could take a hit if the coronavirus pandemic’s economic impact worsens in coming months. The S&P 500 still closed at a two-month high amid strong trading volume on news the coronavirus shot being developed by Pfizer Inc. and BioNTech SE prevented over 90% of infections.
The Nasdaq 100 fell amid a selloff in giants such as Amazon.com Inc. and Netflix Inc.
Meanwhile, several block sales in 10-year Treasury futures added fuel to the pressure on notes, with the benchmark rate soaring to the highest since March. A measure of credit-market risk eased to pre-pandemic levels, and junk-rated companies hit the market in droves to take advantage of a plunge in borrowing costs. Oil surged, while gold, the Japanese yen and the Swiss franc slumped. The dollar rose.

Investors pulled out of haven assets and poured cash into markets that are closely tied to economic growth, with the value of the MSCI All Country Index jumping by as much as $1.8 trillion after the latest vaccine developments. President-elect Biden announced a new coronavirus task force as his transition team seeks to fulfill a campaign promise to develop a dramatically different approach than President Trump’s to contain the outbreak. He warned of a “dark winter” and many more deaths as the pandemic continues to spread unabated. The top infectious disease expert in the U.S. Anthony Fauci said the shot being developed by Pfizer will have a “major impact” on everything we do with regards to Covid-19 going forward.
“The bull market has a ton of ammunition to keep going,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “With more certainty around the election, a strong quarter of earnings across many sectors, and extremely positive news on the vaccine front, there is little to hold us back.”
Elsewhere, the Australian dollar-yen cross — a commonly watched risk barometer — surged by most since June. The Turkish lira soared after the resignation of the country’s economy czar and the dismissal of the central bank chief.
These are some key events coming up:
* Alibaba holds its annual Singles’ Day on Wednesday, an online global shopping phenomenon that had $38 billion of sales last year
* European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Federal Reserve Chair Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World”
* Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.

These are some of the main moves in markets:
Stocks
* The S&P 500 jumped 1.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index surged 4%.
* The MSCI Asia Pacific Index climbed 0.5%.
* The MSCI Emerging Market Index increased 1.4%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro fell 0.4% to $1.183.
* The Japanese yen depreciated 2% to 105.41 per dollar.
Bonds
* The yield on 10-year Treasuries climbed 13 basis points to 0.95%.
* Germany’s 10-year yield climbed 11 basis points to -0.51%.
* Britain’s 10-year yield jumped 10 basis points to 0.372%.
Commodities
* The Bloomberg Commodity Index dipped 0.1%.
* West Texas Intermediate crude surged 8.3% to $40.21 a barrel.
* Gold depreciated 4.2% to $1,868.50 an ounce.

–With assistance from Joanna Ossinger, Andreea Papuc, Adam Haigh, Anchalee Worrachate, Lynn Thomasson, Cecile Gutscher,
Claire Ballentine, Nancy Moran, Sophie Caronello, Katherine Greifeld and Jan-Patrick Barnert.
Have a great night.

Be magnificent!
As ever,

Carolann

Deprived if all else, one remains undisgraced if still endowed
with strength of character.  -Tiruvalluvar,

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