Category: Newsletters

Dear Friends,

Tangents: Happy Friday.

Gustavus Adolphus Day: Swedish king killed in 1632

1861 – James Naismith, the inventor of basketball, was born in Ontario, Canada.  Go to article »

Autumn carries more gold in its pocket than all the other seasons. -Jim Bishop.

In Greek mythology, autumn began when Persephone was abducted by Hades to be the Queen of the Underworld.  In distress Persephone’s mother, Demeter – the goddess of the harvest – caused all the crops on Earth to die until her daughter was allowed to return, marking spring.

We typically think of “fall” as the North American version of the word autumn, but it was in fact in widespread usage in England until relatively recently.  Originally a shortening of the phrase fall of the leaf, the phrase was common in England in the 17^th century.  The word autumn entered English from the French automne and didn’t become common usage until the 18^th century.

PHOTOS OF THE DAY

This is the hauntingly beautiful set of 200 life-size soldiers set up at the historic Blenheim Palace in Oxfordshire, UK, to mark Remembrance Sunday this year. The soldiers, made from recycled materials by a local artist, will be stood among 75 poppy wreaths in a display which will mark those who gave their lives in the two World Wars, when many displays and events had to be cancelled due to coronavirus.
CREDIT: PETE SEAWARD/HYDE NEWS & PICTURES LTD

A Blue tit is reflected at the edge of a garden pool looking for seeds hidden in the autumn leaf litter in Aberystwyth, Ceredigion, Wales, UK.
CREDIT: PHILIP JONES/ALAMY LIVE NEWS

The International Space Station (ISS) moving in front of the sun by Astrophotographer Andrew McCarthy. These are the clearest images ever taken of the International Space Station (ISS) moving in front of both the moon and the sun.
CREDIT: ANDREW MCCARTHY/SWNS.COM

Good morning Vietnam – fishermen on bamboo stilts try to make a catch with nets against a glorious sunrise. They are around ten kilometres from shore and use their hand-made nets, made with two longer bamboo sticks, to scoop up fish and shrimp from the shallow water. The stillness of the surface of the water gives it a serene, mirror-like appearance. 
CREDIT: NGUYEN THI QUY/SOLENT NEWS & PHOTO AGENCY

Market Closes for November 6^th, 2020 

Market Index	Close	Change
Dow Jones	28323.40	-66.78
		-0.24%
S&P 500	3509.44	-1.01
		-0.03%
NASDAQ	11895.229	+4.302 +0.04%
TSX	16282.83	-15.34
		-0.09%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24325.23	+219.95
		+0.91%
HANG SENG	25712.97	+17.05
		+0.07%
SENSEX	41893.06	+552.90
		+1.34%
FTSE 100*	5910.02	+3.84 +0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.645	0.612
CND. 30 Year Bond	1.225	1.193
U.S.    10 Year Bond	0.8185	0.7663
U.S. 30 Year Bond	1.6000	1.5263

Currencies

BOC Close	Today	Previous
Canadian $	0.76701	0.76676
US $	1.30377	1.30420
Euro Rate 1 Euro=		Inverse
Canadian $	1.54857	0.64576
US $	1.18776	0.84192

Commodities

Gold	Close	Previous
London Gold Fix	1938.45	1900.15
Oil
WTI Crude Future	37.14	38.79

Market Commentary:
On this day in 1851, Charles Henry Dow was born on his family’s farm in Sterling, Conn. After toiling as a reporter with the Springfield (Mass.) Daily Republican and the Providence (R.I.) Morning Star and Evening Press, he founded Dow, Jones & Co. in 1882 and devised the Dow Jones Industrial Average in 1896.

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities slipped Friday but posted their best week since April with cannabis and tech leading the gains. The S&P/TSX Composite Index fell 0.1% Friday, though advanced 4.5% on the week. Marijuana shares including Aurora Cannabis Inc. and Cronos Group Inc. surged as Democrat Joe Biden took the lead in Pennsylvania, putting him on the cusp of victory in the presidential race. Oil pared its weekly gain as a resurgent pandemic raised the risk of further demand destruction, while the market awaits the outcome of a tightly contested U.S. election. Canadian lumber companies that pulled in record earnings are optimistic about next year despite lower wood prices, as they see the wave of home building and renovations continuing. Canada’s economy added 83,600 jobs in October, the fewest since the recovery began in May, as the country suffers through a second wave of coronavirus cases and fresh lockdowns.
Commodities
* Western Canada Select crude oil traded at a $9.45 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,952.77 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3057 per U.S. dollar
* The 10-year government bond yield rose 3.3 basis points to 0.645%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite declined slightly to 16,282.83 in Toronto, ending a 4-day gain. The loss follows the previous session’s increase of 1.9 percent. Enbridge Inc. contributed the most to the index decline, decreasing 3.5 percent. Ballard Power Systems Inc. had the largest drop, falling 6.5 percent. Today, 126 of 222 shares fell, while 93 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* So far this week, the index rose 4.5 percent, heading for the biggest advance since the week ended April 10
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 2.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 9.4 percent below its 52-week high on Feb. 20, 2020 and 45.7 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.5 on a trailing basis and 22.2 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 fell to 15.13 percent compared with 15.36 percent in the previous session and the average of 14.90 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -50.4682| -3.0| 3/20
Financials | -8.4223| -0.2| 8/16
Consumer Discretionary | -1.3595| -0.2| 3/10
Real Estate | -1.0314| -0.2| 12/14
Materials | -0.4655| 0.0| 26/25
Communication Services | 1.1520| 0.1| 2/5
Consumer Staples | 4.8505| 0.7| 8/3
Industrials | 6.6249| 0.3| 11/17
Utilities | 7.4034| 0.9| 9/7
Health Care | 8.7670| 5.0| 4/6
Information Technology | 17.5959| 1.1| 7/3

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks registered the biggest weekly increase since April with the labor market strengthening and Joe Biden on the verge of winning the presidential election. The S&P 500 fell less than 0.05% in the wake of a four-day rally added more than $1.5 trillion to the value of stocks. The benchmark index climbed 7.3% this week. Technology again outperformed, with the Nasdaq 100 finishing green on Friday and up 9.4% this week. Hiring outpaced expectations in October, defying calls for a slowdown in the economy as the virus continues to spread at a record pace.
Investors remain focused on the outcome of the presidential election, where Joe Biden is widely expected to win a tight race. Democrats appear to have only a long-shot chance at Senate control, stoking expectation that any aid package will be thin and Biden won’t be able to roll back President Donald Trump’s tax cuts. Without a massive spending bill, the Federal Reserve may increase its monetary support to keep the economic recovery on track. “Fiscal stimulus should be supportive even if it is less than expected, and we still expect a vaccine to become widely available by the second quarter of next year,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
Yields jumped after a report showed the labor market improved in October by more than forecast. Ten-year note yields climbed back above 0.80% and the dollar lingered at a more than two-year low. Votes are still being tallied in the U.S., with Biden tightening his hold on the race by taking the lead over Trump in Georgia and Pennsylvania.  The president, however, questioned the credibility of the election, raising the prospect of a long stalemate as he challenges the results. “Markets have risen under a variety of political regimes, but where it seems to do the best is a period of divided government in Washington when you have limited prospects for sweeping changes in legislation that would affect very legislative sensitive industries,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab Corp.
The U.S. became the first country to top 100,000 coronavirus infections in a single day. Fed Chair Jerome Powell warned this week that mounting infection rates are a risk to the recovery. Meanwhile, France warned of a “violent” second wave as it joined European countries including Italy and Poland in reporting new highs in daily infections. Elsewhere, crude oil declined for a second day and gold was little changed. “Given the big rally that we’ve had over a couple days, it’s going to have to take a pause at some point,” said Jim Paulsen, chief investment strategist at Leuthold Group.

These are some of the main moves in markets:
Stocks
The S&P 500 Index was little changed at 3,509.44 as of 4:06 p.m.
New York time, the first retreat in a week.
The Nasdaq 100 Index increased 0.1% to 12,091.35, reaching the highest in more than two months on its fifth straight advance.
The Stoxx Europe 600 Index declined 0.2% to 366.40, the first retreat in more than a week.
The MSCI All-Country World Index rose 0.2% to 592.85, reaching the highest in more than two months on its fifth straight advance.
Currencies
The Bloomberg Dollar Spot Index dipped 0.3% to 1,149.91, the lowest in more than two years.
The Japanese yen appreciated 0.2% to 103.29 per dollar, the strongest in eight months.
The euro gained 0.5% to $1.1881, the strongest in more than two months.
Bonds
The yield on 10-year Treasuries jumped six basis points to 0.82%, the biggest surge in more than a month.
The yield on 30-year Treasuries climbed eight basis points to 1.60%, the largest surge in more than a month.
Germany’s 10-year yield climbed two basis points to -0.62%.
Britain’s 10-year yield increased four basis points to 0.274%, the highest in more than a week.
Commodities
West Texas Intermediate crude decreased 3.6% to $37.40 a barrel, the biggest dip in more than a week.
Gold strengthened 0.1% to $1,952.39 an ounce, the highest in more than seven weeks.
–With assistance from Kamaron Leach and Casey Wagner.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Opportunity is missed by most people because it is dressed in overalls and looks like work.
                                                                                 -Thomas A. Edison, 1847-1931      

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: Guy Fawkes Day; Sadie Hawkins Day
1935 – Parker Brothers began marketing the board game “Monopoly.”  Go to article »

A ‘fast radio burst,’ complete with X-ray emissions, may have been detected from inside our galaxy for the first time.  Hello? Do we have some neighbors we haven’t met yet? -CNN
Prehistoric hunters weren’t all male. Women killed big game, too, a new discovery suggests.  Looks like our ancestors brought home the bacon — literally.

Archaeologists discovered a 9,000-year-old female skeleton buried with a “big-game hunting kit” in Peru, challenging a belief that male members of the ancient society hunted while females gathered.

Humans and Neanderthals may have been at war for 100,000 years.

Area man discovers it’s illegal to cook chickens in a Yellowstone hot spring. (h/t Mike Smedley)

And finally, 300 million potential exit strategies:

A new report from NASA on the number of possibly habitable planets in the Milky Way puts the total at more than double the estimate of seven years ago.

Out of at least 100 billion stars in our galaxy, about four billion are sunlike. Supposing that even 7 percent of them have an Earth-size object orbiting in their “goldilocks” zone — neither too hot nor too cold for liquid water — adds up to 300 million.

“We want to be very conservative in case nature has any surprises regarding habitability,” said one of the authors of the report, which was based on almost a decade’s worth of data collected by NASA’s Kepler spacecraft. “So we are lowballing the estimates intentionally.” –NYTimes.

PHOTOS OF THE DAY

Visitors enjoy the stunning autumn colour at Leonardslee Lakes and Gardens, near Horsham in West Sussex, England.
CREDIT: OLIVER DIXON

The 45-foot high inflatable sculpture aims to highlight primate species whose lives and habitats are under threat from the sprawling concrete jungles of the modern world. Golden Monkey installation, by Australian ecological artist Lisa Roet, which makes its UK debut on the exterior of Inverleith House at the Royal Botanic Garden Edinburgh.
CREDIT: JANE BARLOW/PA WIRE

Hundreds of Hindu devotees gather in front of Shri Shri Loknath Brahmachari Ashram temple for the Rakher Upobash, a religious festival called as Kartik Brati, in Barodi. Sitting in front of candle light, they fast and pray in earnest to the gods for their favours during the ritual.
CREDIT: JOY SAHA/PACIFIC PRESS
​​​​​​​
Farmers harvest water lilies from Vam Co Dong River in Moc Hoa District, Long An Province, Vietnam. Water lilies are an iconic symbol in the country and the flowers are immediately sent to market before landing on meal tables.
CREDIT: NGUYEN SANH QUOC HUY/TRIANGLE NEWS

Market Closes for November 5^th, 2020 

Market Index	Close	Change
Dow Jones	28390.18	+542.52
		+1.95%
S&P 500	3510.45	+67.01
		+1.95%
NASDAQ	11890.926	+300.146 +2.95%
TSX	16298.17	+299.43
		+1.87%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24105.28	+410.05
		+1.73%
HANG SENG	25695.92	+809.78
		+3.25%
SENSEX	41340.16	+724.02
		+1.78%
FTSE 100*	5906.18	+22.92 +0.39%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.612	0.616
CND. 30 Year Bond	1.193	1.196
U.S.    10 Year Bond	0.7663	0.7662
U.S. 30 Year Bond	1.5263	1.5444

Currencies

BOC Close	Today	Previous
Canadian $	0.76676	0.76142
US $	1.30420	1.31333
Euro Rate 1 Euro=		Inverse
Canadian $	1.54246	0.64831
US $	1.18269	0.84553

Commodities

Gold	Close	Previous
London Gold Fix	1900.15	1908.30
Oil
WTI Crude Future	38.79	39.15

Market Commentary:
On this day in 1999 Webvan Group went public, selling 25 million shares at an initial offering price of $15. The stock soared to $34, giving the company a peak market capitalization of more than $8.5 billion, and closed at $24.875. But the online grocery-delivering service had so far generated only $4.2 million in sales—on which it made a net loss of $111.1 million. In July, 2001, with its stock down to five cents a share, Webvan filed for bankruptcy protection.

Canada
By Michael Bellusci
(Bloomberg) — Canadian shares rose for a fourth straight session Thursday as the U.S. has yet to declare a victor in its presidential election. The S&P/TSX Composite Index gained 1.9%, the most since June 5, with 10 of 11 sectors higher on the day. Materials led the way with a gain of 6.1%, while cannabis shares also surged. Gold touched a six-week high and copper advanced for a fourth straight session, boosted by a declining dollar and the outlook for further central-bank stimulus as investors await the final outcome of the U.S. presidential election.
CI Financial Corp. said it agreed to acquire Doyle Wealth Management Inc., a Florida-based registered investment advisory firm with around $1.1 billion in assets. Meanwhile, General Motors Co. says it will invest as much as C$1.3 billion ($997 million) to reopen its assembly plant in Oshawa, Ontario, under the terms of a tentative deal reached with its Canadian union. Bank of Canada senior deputy governor Carolyn Wilkins will be departing from the central bank in December, before her term officially ends next year.
Commodities
* Western Canada Select crude oil traded at a $9.75 discount to West Texas Intermediate
* Spot gold rose 2.5% to $1,949.70 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.3048 per U.S. dollar
* The 10-year government bond yield was little changed around 0.613%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.9 percent, or 299.43 to 16,298.17 in Toronto. The move was the biggest since rising 2.1 percent on June 5. Today, materials stocks led the market higher, as 10 of 11 sectors gained; 170 of 222 shares rose, while 52 fell. Shopify Inc. contributed the most to the index gain, increasing 3.8 percent. Aurora Cannabis Inc. had the largest increase, rising 40.6 percent.
Insights
* In the past year, the index had a similar or greater gain 15 times. The next day, it declined eight times for an average 4.1 percent and advanced seven times for an average 1.7 percent
* So far this week, the index rose 4.6 percent, heading for the biggest advance since the week ended April 10
* This year, the index fell 4.5 percent, heading for the worst year since 2018
* The index declined 2.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 9.3 percent below its 52-week high on Feb. 20, 2020 and 45.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 4 percent in the past 5 days and fell 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.8 on a trailing basis and 22.2 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$2.46t
* 30-day price volatility rose to 15.36 percent compared with 14.45 percent in the previous session and the average of 14.92 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 149.1015| 6.1| 49/3
Information Technology | 46.4970| 2.9| 9/1
Industrials | 39.5787| 2.0| 25/3
Consumer Discretionary | 17.3157| 3.0| 10/3
Consumer Staples | 16.6063| 2.4| 9/2
Health Care | 9.5335| 5.8| 9/1
Energy | 8.1692| 0.5| 10/13
Utilities | 8.1505| 0.9| 11/5
Financials | 7.5871| 0.2| 14/12
Real Estate | 1.1444| 0.2| 18/8
Communication Services | -4.2508| -0.5| 6/1

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — Stocks rallied globally as investors rushed back into technology and health-care firms on bets that the U.S. election results will mean no major tax hikes or regulatory changes that would derail the sectors. The dollar weakened to  the lowest level in more than two years. The S&P 500 jumped more than 1% for a fourth consecutive day and is headed for the best week since April. The tech-heavy Nasdaq 100 surged 2.6%, pushing its advance this week more than 9%. Federal Reserve officials kept interest rates near zero and made no change to asset purchases as the results of U.S. presidential and congressional elections remain uncertain.
“We’re seeing a resumption in leadership from technology,” said Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute. “It appears markets really like the combination they think is most likely in terms of leadership going forward and that would be a Biden presidency with a Republican Senate.” Vote counting continues in a handful of key states, with Democrat Joe Biden potentially needing to win just one to unseat President Donald Trump. That outcome could be accompanied by a divided legislature that is less likely to pass a multi-trillion-dollar stimulus package. “In the short-run, the focus will remain on the prospects for a new fiscal package out of Congress, which may be possible before year-end once the election results are settled,” said Jason Pride, chief investment officer of private wealth at Glenmede. “But for now, the size, scope, and timing of that next package still remains unclear.”
Tech Haters Schooled in Risk of Valuations as Timing Tool The dollar retreated the most versus the euro since March. Oil declined for the first time in four sessions. Increases in tech shares and some strong corporate results buoyed the Stoxx Europe 600 index. Uber Technologies Inc. and Peloton Interactive Inc. will release results after the close of U.S. trading. Elsewhere, U.K. government bonds reversed an early advance as investors shifted their focus to the slower pace of debt- buying implied by the Bank of England’s new asset-purchase targets. Bitcoin climbed by more than $1,000 to over $15,000, more than doubling its value in 2020.

These are some key events coming up:
* The key U.S. non-farm payrolls report is due Friday.
* Earnings are due this week from companies including Macquarie Group Ltd. and
Toyota Motor Corp. on Friday.

These are some of the main moves in markets:
Stocks
The S&P 500 Index climbed 1.9% to 3,510.41 as of 4:02 p.m. New York time, the highest in more than three weeks.
The Dow Jones Industrial Average increased 1.9% to 28,390.51, the highest in almost three weeks.
The Nasdaq Composite Index increased 2.6% to 11,890.93, the highest in two months.
The Nasdaq 100 Index jumped 2.6% to 12,078.07, the highest in more than three weeks.
The Stoxx Europe 600 Index advanced 1% to 367.12, hitting the highest in almost three weeks with its fifth straight advance.
The MSCI All-Country World Index increased 2.2% to 591.61, the highest in more than three weeks on the biggest climb in more than 20 weeks.
Currencies
The Bloomberg Dollar Spot Index sank 1% to 1,153.07, the lowest in more than two years on the largest decrease in more than seven months.
The euro increased 0.9% to $1.1827, the strongest in almost two weeks on the biggest increase in five months.
The Japanese yen appreciated 1% to 103.53 per dollar, the strongest in eight months on the largest rise in almost 10 weeks.
Bonds
The yield on two-year Treasuries increased less than one basis point to 0.15%.
The yield on 10-year Treasuries gained one basis point to 0.77%.
The yield on 30-year Treasuries dipped one basis point to 1.54%, the lowest in almost three weeks.
Germany’s 10-year yield advanced less than one basis point to -0.64%.
Britain’s 10-year yield jumped three basis points to 0.234%.
Commodities
West Texas Intermediate crude fell 1.6% to $38.52 a barrel, the largest fall in a week.
Gold surged 2.5% to $1,950.65 an ounce, the highest in almost seven weeks on the biggest jump in more than seven months.

Have a great night.

Be magnificent!
As ever,

Carolann

Only people who are capable of loving  strongly can also suffer great sorrow,
but this same necessity of loving serves to counteract their grief
and heals them.           -Leo Tolstoy, 1828-1910

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

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

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

Dear Friends,

Tangents:
On Nov. 4, 2008, Barack Hussein Obama was elected the 44th president of the United States, as the country chose him as its first black chief executive. Go to article »

1922: King Tut’s tomb found.
1946: UNESCO founded.
1916: Walter Cronkite Jr., journalist b. 1916.

Here are the best TV shows and movies hitting streaming services this month. –NYT

This 5-minute meditation routine will calm you down.  For whatever is stressing you out today. –CNN.

The mysterious radio signal is coming from inside the galaxy. -Bloomberg.

Giant swimming prehistoric paper clip lived 200 years.-Bloomberg.

PHOTOS OF THE DAY

Kosovo artist Alkent Pozhegu works on the final touches of an image made with grain and seed, depicting the portrait of Joe Biden, the US Democratic presidential nominee, in the town of Gjakova.  The United States started voting on November 3, 2020, in an election amounting to a referendum on Donald Trump’s uniquely brash and bruising presidency, which Democratic opponent and frontrunner Joe Biden urged Americans to end to restore “our democracy.” 
CREDIT: ARMEND NIMANI/AFP VIA GETTY IMAGES

An osprey rests on a dead piece of wood near the Quhe River in Quzhou City, east China.
CREDIT: COVER IMAGES

A spectacular ‘wave’ of knitted poppies is lighting up a church in Callington as Cornwall, UK, launches its annual fundraising appeal. The display at St Mary’s Church features around 9,000 knitted poppies, alongside figures of soldiers and wooden crosses placed in the ground.
CREDIT: JAMES DADZITIS/SWNS
Market Closes for November 4^th, 2020 

Market Index	Close	Change
Dow Jones	27847.66	+367.63
		+1.34%
S&P 500	3443.44	+74.28
		+2.20%
NASDAQ	11590.781	+430.209 +3.85%
TSX	15992.71	+53.56
		+0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23695.23	+399.75
		+1.72%
HANG SENG	24886.14	-53.59
		-0.21%
SENSEX	40616.14	+355.01
		+0.88%
FTSE 100*	5883.26	+96.49 +1.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.616	0.688
CND. 30 Year Bond	1.196	1.273
U.S.    10 Year Bond	0.7662	0.8993
U.S. 30 Year Bond	1.5444	1.6800

Currencies

BOC Close	Today	Previous
Canadian $	0.76142	0.76132
US $	1.31333	1.31350
Euro Rate 1 Euro=		Inverse
Canadian $	1.53962	0.64951
US $	1.17230	0.85302

Commodities

Gold	Close	Previous
London Gold Fix	1908.30	1889.90
Oil
WTI Crude Future	39.15	37.66

Market Commentary:
Yields on 10-year Treasuries rose to as high as 0.94% shortly after polls closed on the East Coast. As it became obvious that some form of divided government is far more likely than polls had implied, yields tumbled back to as low as 0.78%.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for a third straight session Wednesday as investors awaited the final outcome of the U.S. presidential election.
The S&P/TSX Composite Index rose 0.4%, with tech shares leading the way. Lightspeed POS Inc. and Shopify Inc. both rose more than 5%. It was a mixed session with five of 11 groups closing lower. Materials and some marijuana shares, including Aurora Cannabis Inc., dropped.
Oil surged by the most in a month, swept up in a broader market rally as a tightly contested U.S. presidential contest suggested even a new administration would be restrained from enacting its most ambitious objectives.
The search is officially on for a new senior deputy governor at the Bank of Canada. With Carolyn Wilkins moving on when her term ends May 1, the Ottawa-based central bank published the job posting Wednesday.
Commodities
* Western Canada Select crude oil traded at a $10.00 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,902.75 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3129 per U.S. dollar
* The 10-year government bond yield fell 7.2 basis points to 0.617%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4 percent, or 60.21 to 15,999.36 in Toronto. The index advanced to the highest closing level since Oct. 27.
Today, information technology stocks led the market higher, as 6 of 11 sectors gained; 121 of 223 shares rose, while 100 fell.
Shopify Inc. contributed the most to the index gain,
increasing 5.4 percent. Finning International Inc. had the largest increase, rising 11.6 percent.
Insights
* This year, the index fell 6.2 percent, heading for the worst year since 2018
* The index declined 4 percent in the past 52 weeks. The MSCI AC  Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 11 percent below its 52-week high on Feb. 20, 2020 and 43.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.6 percent in the past 5 days and fell 1.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.5 on a trailing basis and 21.8 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$2.45t
* 30-day price volatility fell to 14.45 percent compared with 15.69 percent in the previous session and the average of 14.90 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 71.9905| 4.7| 9/1
Financials | 38.6597| 0.8| 19/7
Communication Services | 11.3674| 1.4| 7/0
Real Estate | 7.2719| 1.4| 24/3
Consumer Staples | 5.9591| 0.9| 11/0
Energy | 3.0254| 0.2| 9/14
Consumer Discretionary | -0.5437| -0.1| 9/3
Health Care | -2.4873| -1.5| 5/5
Utilities | -2.8661| -0.3| 2/13
Industrials | -21.8249| -1.1| 15/13
Materials | -50.9593| -2.0| 11/41
US
By Claire Ballentine and Kamaron Leach
(Bloomberg) — After a wild election night sowed confusion across U.S. markets, investors frantically bid up stocks Wednesday, sending major averages to the biggest rallies in five months, as they grew more confident that the tightly contested outcome would ensure key elements of the bull market remain intact for years to come.
A narrow victory by either Democratic challenger Joe Biden or President Donald Trump, coupled with a split legislature,will make it unlikely that Trump’s 2017 corporate tax cuts – an important driver to stock gains — are rolled back, as Biden has pledged to do. The failure by the Democrats to clearly sweep Congress and the White House does pare back bets that traders had made on a massive fiscal stimulus package, though some aid remains likely this year. At the same time it adds to pressure on the Federal Reserve — another crucial force behind the bull market — to pump money into an economy that was throttled by the pandemic.
The fading prospects for a multitrillion-dollar package also prompted investors to bid up Treasury bonds amid a diminishing of inflationary pressures, sending yields lower by the most since April. The Nasdaq 100 surged more than 4% in its
best rally since April. Financial and industrial shares lagged behind as investors turned from companies that are most closely tied to the economy’s prospects. “Part of what is going on is tech is rallying strongly, which is pushing the market up, and the reason tech is rallying is because it sold off, it was uniquely exposed to higher yields, higher taxes,” said Alicia Levine, chief strategist at BNY Mellon Investment Management. “That created a viscous reversion trade into cyclicals with the expectation yields were
moving up with the prospect of further stimulus.”
The 10-year Treasury yield tumbled below 0.80% as traders cheered the prospects for less debt-funded spending. Still, a private payrolls report on Wednesday fell short of estimates and the services sector expanded at the slowest pace in five months. With millions of votes in battleground states still being counted, and close contests in several key states, the presidential outcome may not be decided for days, or longer. The Trump campaign said it is suing in Pennsylvania and Michigan to halt vote counts that were trending toward Biden. It’s clear that the election is turning out to be messier and more drawn-out than Wall Street had hoped.
“There will be very little cooperation on fiscal policy, very little cooperation relative to policy related to containing COVID, very little cooperation on infrastructure, or basically anything that will stimulate the economy,” said George Pearkes, Bespoke Investment Group’s global macro strategist. “If that’s the case, then what we’ve got is a repeat of the last recovery, almost to the letter.”
Meanwhile, Uber Technologies Inc. and Lyft Inc. jumped after California voters approved a measure to protect the companies’ business models from efforts to reclassify their drivers in the state as employees. Back in global markets, the dollar weakened against many of its major peers, while gold slipped. In Asia, Alibaba Group Holding Ltd. tumbled 7.5% in Hong Kong after China halted the initial public offering of Ant Group Co., in which Alibaba owns about a one-third stake.
Follow along here for our real-time news updates and analysis.
     These are some key events coming up:
* Federal Reserve policy decision on Thursday.
* The key U.S. non-farm payrolls report is due Friday.
* Earnings are due this week from companies including Bristol- Myers Squibb Co., AstraZeneca Plc and Nintendo Co. on Thursday; Macquarie Group Ltd. and Toyota Motor Corp. are set for on Friday.

These are some of the main moves in global financial markets:
Stocks
*The S&P 500 Index jumped 2.2% to 3,443.53 as of 4:00 p.m. New York time, the highest in more than a week on the largest surge in five months.
*The Nasdaq 100 Index surged 4.4% to 11,777.02, the highest in almost three weeks on the biggest jump in seven months.
*The Dow Jones Industrial Average increased 1.3% to 27,849.84, the highest in more than a week.
*The MSCI All-Country World Index climbed 1.9% to 579.11, the highest in more than a week on the biggest increase in 20 weeks.
*The Stoxx Europe 600 Index rose 2.1% to 363.31, the highest in more than two weeks.
Currencies
*The Bloomberg Dollar Spot Index decreased 0.2% to 1,164.53, the lowest in more than a week.
*The euro was little changed at $1.1717, the strongest in a week.
*The Japanese yen was little changed at 104.52 per dollar.
Bonds
*The yield on two-year Treasuries declined two basis points to 0.14%, the lowest in more than two weeks on the largest decrease in almost 10 weeks.
*The yield on 10-year Treasuries sank 13 basis points to 0.77%, the lowest in more than a week on the biggest tumble in more than seven months.
*The yield on 30-year Treasuries decreased 14 basis points to 1.55%, the lowest in almost three weeks on the largest tumble in
almost seven months.
*Germany’s 10-year yield fell two basis points to -0.64%, the biggest fall in more than a week.
Commodities
*West Texas Intermediate crude gained 3.4% to $38.94 a barrel, the highest in more than a week on the largest rise in more than four weeks.
*Gold weakened 0.2% to $1,904.85 an ounce.
–With assistance from Casey Wagner and Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

Gratitude is one of the least articulate of the emotions, especially when it is deep.
                                                                      -Felix Frankfurter, 1882-1965

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

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

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

Dear Friends,

Tangents:
Visit the drastic cliffs and clear waters of Asturias, a region in Spain nicknamed Natural Paradise.
Asturias boasts a range of biosphere reserves and forests — oak, beech, chestnut, birch — and a mostly unspoiled coastline, with turquoise blue waters surrounded by imposing cliffs and green pastures. Once an industrial and mining powerhouse, a third of the area is now environmentally protected. -NYT

1911 The Chevrolet Motor Car Co. was founded in Detroit by Louis Chevrolet and William C. Durant.  Go to article »
PHOTOS OF THE DAY

Hurricane Eta is seen churning in the Caribbean Sea toward Nicaragua in this satellite image taken over the Gulf of Mexico. U.S. 
CREDIT: NOAA/HANDOUT VIA REUTERS

The whale’s tail of a sculpture caught the front carriage of a metro train as it rammed through the end of an elevated section of rails with the driver escaping injuries in Spijkenisse, near Rotterdam, Netherlands.
CREDIT: AP PHOTO/PETER DEJONG

Autumnal scene as boats float in Killin, Stirlingshire after heavy rains during Storm Aiden, Scotland.
CREDIT: ROBERT PERRY
Market Closes for November 3^rd, 2020 

Market Index	Close	Change
Dow Jones	27480.03	+554.98
		+2.06%
S&P 500	3369.16	+58.92
		+1.78%
NASDAQ	11160.574	+202.963 +1.85%
TSX	15939.15	+242.28
		+1.54%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23295.48	+318.35
		+1.39%
HANG SENG	24939.73	+479.72
		+1.96%
SENSEX	40261.13	+503.55
		+1.27%
FTSE 100*	5786.77	+131.80 +2.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.688	0.635
CND. 30 Year Bond	1.273	1.223
U.S.    10 Year Bond	0.8993	0.8502
U.S. 30 Year Bond	1.6800	1.6211

Currencies

BOC Close	Today	Previous
Canadian $	0.76132	0.75606
US $	1.31350	1.32264
Euro Rate 1 Euro=		Inverse
Canadian $	1.53917	0.64970
US $	1.17180	0.85338

Commodities

Gold	Close	Previous
London Gold Fix	1889.90	1881.85
Oil
WTI Crude Future	37.66	36.81

Market Commentary:
Anxious About Election Day? So Is Everybody Else: Nervous or exhausted, a bipartisan crop of Americans are planning strategies for Tuesday including sorting Legos and anchoring outside of cellphone reach.
With the pandemic pounding the travel industry, major hotel operators such as Marriott International, Hilton Worldwide and Hyatt Hotels are dipping their toes into the personal-office business.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for a second straight session ahead of results from Tuesday’s U.S. presidential election.
The S&P/TSX Composite Index gained 1.5%, most since September 9. Ten of eleven sectors rallied, with health care being the only laggard. Tech and financials led the way.
Oil rose to the highest in a week alongside a broad market rally, drawing support from signs that OPEC+ may delay a planned output increase as well as a weaker dollar.
Ontario unveiled a new five-color system for deciding when to ramp up or relax Covid-19 restrictions and said it will allow restaurants, gyms and other businesses to reopen in some regions where they’re currently closed.
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to West Texas Intermediate
* Spot gold rose +0.6% to $1,907 an ounce
FX/Bonds
* The Canadian dollar rose 0.5% to C$1.3149 per U.S. dollar
* The 10-year government bond yield rose 5.2 basis points to 0.688%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.5 percent, or 242.28 to 15,939.15 in Toronto. The move was the biggest since rising 1.8 percent on Sept. 9.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 183 of 223 shares rose, while 38 fell. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 5.8 percent. Hudbay Minerals Inc. had the largest increase, rising 7.9 percent.
Insights
* This year, the index fell 6.6 percent, heading for the worst year since 2018
* The index declined 3.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.8 percent in the same period
* The S&P/TSX Composite is 11.3 percent below its 52-week high on Feb. 20, 2020 and 42.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and fell 1.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.4 on a trailing basis and 21.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.41t
* 30-day price volatility rose to 15.69 percent compared with 15.27 percent in the previous session and the average of 14.92 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 105.2412| 2.3| 25/1
Information Technology | 38.6519| 2.6| 10/0
Industrials | 33.2768| 1.7| 24/4
Energy | 18.9741| 1.1| 20/2
Consumer Discretionary | 12.2451| 2.2| 11/2
Materials | 11.3981| 0.5| 39/13
Consumer Staples | 9.2953| 1.4| 7/4
Utilities | 9.1087| 1.1| 15/1
Real Estate | 7.0413| 1.4| 22/4
Communication Services | 2.7577| 0.3| 5/2
Health Care | -5.7106| -3.3| 5/5
US
By Claire Ballentine and Kamaron Leach
(Bloomberg) — U.S. stocks capped the biggest two-day rally since September, led by a surge in bank shares as Treasury yields spiked on speculation that Congress will deliver a spending bill once the election is decided. The dollar weakened
and crude oil increased the most in almost a month.
The S&P 500 climbed 1.8%, bringing the two-day increase to 3.2%. Financial firms rallied 2.2%, also the most since September. Democratic nominee Joe Biden leads President Donald Trump in the final polls, with some investors speculating his victory would bring a surge in federal spending.
     Meanwhile, Alibaba Group Holding Ltd.’s U.S.-traded shares tumbled 8.1% after China halted the initial public offering of Ant Group Co., in which Alibaba owns about a one-third stake. Treasuries fell and a gauge of the dollar dropped the most in more than three weeks as a risk-on mood prevailed. Oil extended gains after jumping on Monday on increasing signs OPEC+ will delay a planned easing of output cuts.
“It’s a reflection of the market’s belief there is not going to be a whole lot of uncertainty after election day,” said Matt Stucky, portfolio manager for equities at Northwestern Mutual Wealth Management Co. “The worst outcome for election day is a really uncertain winner scenario where it’s going to take weeks and a lot of legal back and forth before the decision is ultimately made.”
While trades reflecting a Democratic sweep held firm, betting markets aren’t convinced. One gauge slipped to just over 50% odds of the so-called Blue Wave — that Democrats oust President Trump and take Congressional majorities. Traders hedged prospects of post-vote volatility, driving a measure of expected swings in China’s yuan to its highest level in more than nine years. ”The ghost of 2016, from both polling and market expectations, looms large,” Michael Purves, chief executive officer of Tallbacken Capital Advisors, wrote in a note.
Elsewhere, the benchmark credit derivatives index measuring the perceived risk of U.S. high-yield companies gained by the most in almost two months, implying lower probability of default. Markets are reflecting more optimism following weeks of speculation that a contested election outcome may produce no clear winner for some time and roil markets. Polls continue to indicate that Biden is ahead, though the race looks tight in some battleground states, some of which are seeing virus cases soar.
“The market’s upward bias, and underlying leadership of energy, industrials, and materials sectors, imply a Blue wave that incorporates the potential for the passage of stimulus and infrastructure spending bills,” said Sam Stovall, chief investment strategist at CFRA Research.
In Europe, mining shares climbed, helped by the slumping dollar. Banks rallied after BNP Paribas SA joined its European peers in posting lower-than-expected bad-loan provisions from the pandemic.

These are some key events coming up:
* EIA crude oil inventory report on Wednesday.
* Fed policy decision on Thursday.
* The key U.S. non-farm payrolls report is due Friday.
* Earnings are due this week from companies including Alibaba Group Holding Ltd.,  AstraZeneca Plc, Nintendo Co., Macquarie Group Ltd. and Toyota Motor Corp.

These are some of the main moves in financial markets:
Stocks
* The S&P 500 Index jumped 1.8% to 3,369.16 as of 4:05 p.m. New York time, the highest in a week on the largest surge in more than four weeks.
* The Dow Jones Industrial Average surged 2.1% to 27,480.03, the highest in more than a week on the biggest jump in 16 weeks.
* The Nasdaq Composite Index increased 1.9% to 11,160.57, the largest climb in more than three weeks.
* The MSCI All-Country World Index surged 1.8% to 567.82, the highest in a week on the biggest jump in almost four months.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.5% to 1,166.86, hitting the lowest in a week with the first retreat in a week and the largest dip in more than three weeks.
* The euro climbed 0.6% to $1.1713, the first advance in more than a week and the biggest increase in five weeks.
* The Japanese yen strengthened 0.2% to 104.55 per dollar, the largest gain in a week.
Bonds
* The yield on 10-year Treasuries climbed four basis points to 0.89%, the highest in five months.
* The yield on 30-year Treasuries increased five basis points to 1.66%, the highest in more than a week.
* Germany’s 10-year yield gained two basis points to -0.62%, the highest in a week on the biggest rise in more than a week.
Commodities
* West Texas Intermediate crude climbed 2.8% to $37.83 a barrel, the highest in a week.
* Gold strengthened 0.6% to $1,907.13 an ounce, the highest in a week.
–With assistance from Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

Generosity is giving more than you can, and pride is taking less than you need.
                                                                       -Kahlil Gibran, 1883-1931

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: Día de los Muertos, Day of the Dead, Mexico.
                 All Souls Day, Roman Catholic.

Day of the Dead by Nancy Poer:
Marigolds splash orange on homemade shrines.  Cemeteries glow at night with luminaria and lively visiting families. Tantalizing aromas of food prepared for the Mexican Day of the Dead rise up to entice the living and those in spirit.  Street vendors hawk grinning candy skeletons playing guitars or driving low-rider cars.
  Most of us believe that the spirit lives on after death, but we don’t do much about it. But celebrating the dead is good medicine for the soul, filling that space with family, remembrance, place, community, and continuity.
  For all those same good reasons, more people are caring for their own at death.  Those who do this consider it a natural transition, and claim their right to bathe and dress a loved one, to build the casket, or hold a blessing vigil at home.  Such loving care and funeral ritual (it is legal), brings completion and deep connectedness at life’s greatest threshold.
  But what if our loved ones die suddenly or far away?  Can we still connect?  It is time to know again what the ancients knew – the spirit lives on.  Love never dies.  When we are able to create an opening in our grief, the dead can be there.  Read to them.  Speak to them.  Imagine your loved ones being able to hear you and respond.  Ask them a question when you go to sleep and listen for their insights, inspirations, and ideas on awakening.   Let us give them a place in our hearts, often, maybe daily.  Light a candle.  Say a prayer.  Smell the flowers and send the fragrant joy to them.  Remember the good times and drink a full cup of gratitude for all the inspiration and love the departed poured into our lives.

A look back at Sean Connery’s unforgettable roles. The dashing actor’s work went way beyond Bond.-CNN.

1947 – Howard Hughes piloted his huge wooden airplane, the Spruce Goose, on its only flight, which lasted about a minute over Long Beach Harbor in California. Go to article »

Twenty years ago today, three astronauts stepped aboard the International Space Station.  Once derided as a poster child for government waste, the I.S.S. is now seen as a linchpin for future economic activity in space.  From Chris Hadfield’s performance of David Bowie’s “Space Oddity” to the invention of the first zero-gravity coffee cup, the orbiting outpost has hosted its share of defining moments as well as hundreds of residents from many countries.  Our Science writers take you through the space station’s first 20 years and offer you a visual tour of humanity’s high-tech home in the sky.-NYTimes

140,000: That’s roughly how many gas stations there are in the US, and more than half of them are selling gas for less than $2 a gallon right now. It’s all due to plummeting oil prices and less demand. 

PHOTOS OF THE DAY

Saru Shrestha, 36, picks marigold flowers from a field onto a traditional basket to sell in the markets ahead of the Tihar festival on the outskirts of Kathmandu, Nepal.
CREDIT: SKANDA GAUTAM/ZUMA WIRE/SHUTTERSTOCK

A woman carries her baby as she places fishes for sale at a market in Abobo neighborhood, in the suburbs of Abidjan, Ivory Coast.
CREDIT: AP PHOTO/LEO CORREA

The church in Kenmore, Perthshire is surrounded by trees displaying their autumn colours.
CREDIT: LESLEY MARTIN

Market Closes for November 2^nd, 2020 

Market Index	Close	Change
Dow Jones	26925.05	+423.45
		+1.60%
S&P 500	3310.24	+40.28
		+1.23%
NASDAQ	10957.613	+46.022 +0.42%
TSX	15696.87	+116.23
		+0.75%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23295.48	+318.35
		+1.39%
HANG SENG	24460.01	+352.59
		+1.46%
SENSEX	39757.58	+143.51
		+0.36%
FTSE 100*	5654.97	+77.70 +1.39%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.635	0.663
CND. 30 Year Bond	1.223	1.253
U.S.    10 Year Bond	0.8502	0.8720
U.S. 30 Year Bond	1.6211	1.6570

Currencies

BOC Close	Today	Previous
Canadian $	0.75606	0.75069
US $	1.32264	1.33211
Euro Rate 1 Euro=		Inverse
Canadian $	1.53940	0.64960
US $	1.16388	0.85919

Commodities

Gold	Close	Previous
London Gold Fix	1881.85	1870.30
Oil
WTI Crude Future	36.81	35.79

Market Commentary:
On this day in 1920, the first widespread commercial radio broadcast hit the air as station KDKA in Pittsburgh sent out bulletins on the presidential election to an audience of hundreds of ham radio operators. The broadcast was made by Leo Rosenberg, speaking through a retooled telephone mouthpiece from a wooden shack on the roof of a Westinghouse factory. His first words were: “We shall now broadcast the election returns.”

Canada
By Michael Bellusci
(Bloomberg) — Canadian equities advanced Monday asmarijuana shares gained on the prospect of Democrats winning in Tuesday’s U.S. elections, ushering in a new era for pot legislation. The S&P/TSX Composite Index rose 0.8% as pot producers including Aurora Cannabis and Cronos Group Inc. gained over 10%. Nine of eleven sectors rose. Joe Biden’s favorable odds have also been helping clean energy stocks in recent months. However, if the former vice president does win, there could be some pullback right after the election, Jefferies said. Oil rose the most in more than three weeks as Russian producers met with Energy Minister Alexander Novak to discuss the possibility of delaying an easing of OPEC+ output cuts by three months. Ontario’s online gaming industry is anticipating the provincial government will move ahead soon with regulatory changes to allow private operators into the market.
Commodities
* Western Canada Select crude oil traded at a $9.40 discount to West Texas Intermediate
* Spot gold rose +0.9% to $1,895.50 an ounce
FX/Bonds
* The Canadian dollar rose 0.7% to C$1.3230 per U.S. dollar
* The 10-year government bond yield fell 2.7 basis points to 0.635%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 15,696.87 in Toronto. The move was the biggest since rising 1.2 percent on Oct. 7 and follows the previous session’s decrease of 0.6 percent. Today, industrials stocks led the market higher, as 9 of 11 sectors gained; 177 of 223 shares rose, while 45 fell. Canadian National Railway Co. contributed the most to the index gain, increasing 2.5 percent. Aurora Cannabis Inc. had the largest increase, rising 16.2 percent.
Insights
* This year, the index fell 8 percent, heading for the worst year since 2018
* The index declined 5.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.8 percent in the same period
* The S&P/TSX Composite is 12.7 percent below its 52-week high on Feb. 20, 2020 and 40.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.4 percent in the past 5 days and fell 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25 on a trailing basis and 22.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.39t
* 30-day price volatility fell to 15.27 percent compared with 15.53 percent in the previous session and the average of 14.90 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 44.0260| 2.3| 26/2
Materials | 34.0852| 1.4| 45/6
Financials | 26.8916| 0.6| 21/5
Utilities | 10.9525| 1.3| 16/0
Health Care | 9.6862| 6.0| 7/3
Consumer Staples | 7.7868| 1.2| 9/2
Real Estate | 3.9814| 0.8| 24/3
Energy | 2.2145| 0.1| 16/7
Consumer Discretionary | 0.1508| 0.0| 8/5
Communication Services | -2.1505| -0.3| 2/5
Information Technology | -21.3806| -1.4| 3/7

US
By Sarah Ponczek and Claire Ballentine
(Bloomberg) — U.S. stocks rebounded from the worst week since March as investors bet on the energy, materials and industrial sectors ahead of Tuesday’s U.S. presidential election. Crude oil rose the most in more than three weeks. Dip buyers helped the benchmark S&P 500 finish up 1.2%, though it closed down from the highs of the day. It slumped 5.6% last week. The tech-heavy Nasdaq 100 lagged behind, weighted down by Apple Inc. and Amazon.com Inc. as investors rotated from so-called work-from-home stocks and into sectors that would benefit from more stimulus. “There’s a lot of general positioning before this event, investors are a little bit jittery,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. “You layer in a few of the other uncertainties — it’s still the Covid situation, with things going on in Europe and parts of the U.S. in the Midwest, investors were reminded that the uncertainty in that situation can still dominate markets.” With one day before the American presidential election, volatility returned, with the Chicago Board Options Exchange’s Volatility Index, or fear gauge, remaining elevated. Polls continue to show Democrat Joe Biden ahead, though battleground states remain tight. The U.S. reported a slight slowdown in virus cases over the weekend, but several states continued to notch record numbers of infections. Once the U.S. election passes, investors will contend with the Federal Reserve delivering a policy decision Thursday before the October jobs report Friday. Earnings will continue to roll in, with PayPal Holdings Inc., Expedia Group Inc. and Take-Two Interactive Software Inc. among the firms reporting.
Oil clawed back earlier losses amid signals that Russia, a key OPEC ally, is in talks to possibly postpone the group’s planned output hike in January. Russia, which depends on crude as a key export, saw the ruble weaken to the lowest level since March against the dollar. Virus developments are also front and center, with daily cases continuing to surge in many parts of the world. The U.K.’s prime minister ordered England into a four-week partial lockdown, all but shuttering the economy, while other European countries prepared to increase restrictions. “Going into an election, there’s always, always jitters, there’s volatility,” said Quincy Krosby, chief market strategist at Prudential Financial. “But we have the question mark regarding the surge of the coronavirus. And the question is, how much does it jeopardize the recovery?” In other markets, gold advanced while the yield on 10-year Treasuries declined. The Bloomberg Dollar Spot index gained for a fourth day.
These are some key events coming up:
* Earnings are due from companies including Nintendo Co., Macquarie Group Ltd., Toyota Motor Corp., Alibaba Group Holding Ltd. and AstraZeneca Plc.
* U.S. Presidential election on Tuesday.
* EIA crude oil inventory report on Wednesday.
* Fed policy decision on Thursday.
* The U.S. labor market report is due Friday.

These are some of the main moves in financial markets worldwide:
Stocks
The S&P 500 Index climbed 1.2% to 3,310.23 as of 4:02 p.m. New York time, the largest increase in three weeks.
The Dow Jones Industrial Average jumped 1.6% to 26,924.66, the biggest surge in almost four weeks.
The Nasdaq Composite Index rose 0.4% to 10,957.61.
The Stoxx Europe 600 Index surged 1.6% to 347.86, the biggest jump in five weeks.
The MSCI All-Country World Index surged 1.3% to 557.96, the largest jump in four weeks.
Currencies
The Bloomberg Dollar Spot Index rose 0.1% to 1,173.18, the highest in almost four weeks.
The euro decreased 0.1% to $1.1639, hitting the weakest in more than five weeks with its sixth consecutive decline.
The British pound declined 0.2% to $1.2918, the weakest in more than two weeks.
The Japanese yen depreciated 0.1% to 104.81 per dollar, the weakest in a week.
Bonds
The yield on 10-year Treasuries declined two basis points to 0.85%.
The yield on 30-year Treasuries declined three basis points to 1.63%.
Germany’s 10-year yield fell one basis point to -0.64%, the lowest in almost eight months.
Germany’s 10-year yield fell one basis point to -0.64%, the lowest in almost eight months.
Commodities
West Texas Intermediate crude surged 3.5% to $37.05 a barrel, the biggest jump in almost four weeks.
Copper rose 1.3% to $3.09 a pound, the largest rise in more than a week.
Gold strengthened 0.9% to $1,895.31 an ounce, the biggest rise in more than a week.
–With assistance from Kamaron Leach and Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

Heard melodies are sweet, but those unheard, are sweeter.
                                               -John Keats, 1795-1821

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

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

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

Dear Friends,

Tangents: Happy Friday.

Full moon tomorrow night for Halloween -second full moon this month, so a rare occasion.
Trick or treat? Halloween will include the first blue moon visible in every time zone since 1944. Here’s what that could mean for your horoscope. –NYTimes.

Yes, you have to switch your clock back an hour on Sunday. Experts in winter depression say the loss of daylight — just as coronavirus infections spike again and election tension comes to a head — could make this an unusually difficult stretch. They recommend taking practical steps now to protect your mood and mental health. (Perhaps we can all take comfort in a bit of friluftsliv, a Nordic concept of outdoor life.) –Seattle Times.
On Oct. 30, 1974, Muhammad Ali knocked out George Foreman in the eighth round of a 15-round bout in Kinshasa, Zaire, to regain his world heavyweight title. Go to article »

Here’s a decent short list of classic horror movies to watch this weekend. Here’s a long list.  Happy Halloween!
PHOTOS OF THE DAY

Northern Lights, photographed from Soertinden on Kvaloya, near Tromsoe
CREDIT: RUNE STOLTZ BERTINUSSEN/NTB/SCANPIX NORWAY

A surfer rides a large wave at Praia do Norte in Nazare, Portugal 
CREDIT: RAFAEL MARCHANTER/REUTERS

An adventurer captured in the heart of an ice cave as he explores a glacier in Iceland
CREDIT: MEDIADRUMIMAGES/@ICECAVEHUNTER//MAGNUS.BJARKI

The Suri dress up in floral headdresses in the Omo Valley, Ethiopia
CREIDT: MEDIADRUMIMAGES/ANDREA ANGRISANI

A kingfisher catching a small fish in its beak
CREDIT: JOHN PRINGLE/CATERS NEWS
Market Closes for October 30th, 2020 

Market Index	Close	Change
Dow Jones	26501.60	-157.51
		-0.59%
S&P 500	3269.96	-40.15
		-1.21%
NASDAQ	10911.590	-274.003 -2.45%
TSX	15580.64	-90.07
		-0.57%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22977.13	-354.81
		-1.52%
HANG SENG	24107.42	-479.18
		-1.95%
SENSEX	39614.04	-135.78
		-0.34%
FTSE 100*	5577.27	-4.48 -0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.663	0.630
CND. 30 Year Bond	1.253	1.216
U.S.    10 Year Bond	0.8720	0.8263
U.S. 30 Year Bond	1.6570	1.6101

Currencies

BOC Close	Today	Previous
Canadian $	0.75069	0.75090
US $	1.33211	1.33174
Euro Rate 1 Euro=		Inverse
Canadian $	1.55161	0.64449
US $	1.16478	0.85853

Commodities

Gold	Close	Previous
London Gold Fix	1870.30	1869.95
Oil
WTI Crude Future	35.79	36.17

Market Commentary:
On this day in 1989, Mitsubishi Estate Co. agreed to pay $846 million for 51% of Rockefeller Center in New York City, setting off mass hysteria among U.S. pundits, who claimed that America’s patrimony was being scooped up by the Japanese. By 1996 the Mitsubishi affiliate was so financially troubled that it sold Rockefeller Center for less than $400 million.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell on Friday and posted the biggest weekly decrease since the pandemic-led market meltdown in March.
The S&P/TSX Composite Index dropped 0.6% in Toronto, bringing the decline this week to 4.4%. Tech stocks were the worst performers, led by routs in Shopify and Celestica.
Meanwhile, Fidelity Investments is tilting some Canadian funds toward holding more assets outside the country on concern that the nation’s debt binge will weigh on returns and depress the value of the loonie.
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to West Texas Intermediate
* Spot gold rose +0.6% to $1,878.3 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3322 per U.S. dollar
* The 10-year government bond yield rose to 0.664%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.6 percent at 15,580.64 in Toronto. The index dropped to the lowest closing level since July 9 after the previous session’s increase of 0.5 percent.
Today, information technology stocks led the market lower, as 9 of 11 sectors lost; 135 of 223 shares fell, while 84 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.3 percent. SNC-Lavalin Group Inc. had the largest drop, falling 9.8 percent.
Insights
* So far this week, the index fell 4.4 percent, heading for the biggest decline since the week ended March 20
* This month, the index fell 3.4 percent
* This year, the index fell 8.7 percent, heading for the worst year since 2018
* The index declined 5.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.3 percent in the same period
* The S&P/TSX Composite is 13.3 percent below its 52-week high on Feb. 20, 2020 and 39.5 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 22.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.4t
* 30-day price volatility rose to 15.53 percent compared with 15.47 percent in the previous session and the average of 14.90 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -57.6818| -3.7| 3/7
Utilities | -18.2729| -2.1| 1/15
Industrials | -13.5110| -0.7| 6/22
Financials | -11.1984| -0.2| 11/15
Communication Services | -8.8279| -1.1| 0/7
Consumer Discretionary | -8.5324| -1.5| 2/11
Consumer Staples | -6.6870| -1.0| 0/11
Real Estate | -2.9476| -0.6| 9/17
Health Care | -2.4042| -1.5| 3/7
Energy | 3.2311| 0.2| 11/10
Materials | 36.7749| 1.5| 38/13
US
By Vildana Hajric
(Bloomberg) — U.S. stocks dropped, capping their biggest weekly rout since March, after earnings from the largest tech companies disappointed investors concerned that a slowing economy will damp profit.
The Nasdaq 100 declined about 2.6% after Apple Inc.’s iPhone sales and Twitter Inc.’s user growth both missed estimates, though Google parent Alphabet Inc. jumped after reporting a rebound in advertising. The S&P 500 Index dropped 5.6% over the past five days, the worst-ever loss in the week leading to a presidential election. Ten-year Treasury yields jumped to the highest since June.
The tech slump, coming after an unprecedented run higher this year, is adding to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities posted the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dented sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record.
“Today’s action is a reminder of just how fickle markets can be,” said Yousef Abbasi, global market strategist at StoneX. “The earnings themselves were not awful, but the market has priced tech to near perfection and thus one fly — maybe even a fruit fly — in the ointment could perpetuate a sell-off.”

In Europe, equities edged higher. Tech stocks also faltered as did Danish drug giant Novo Nordisk A/S, whose earnings disappointed analysts. Banks rose after Spain’s BBVA SA and the U.K.’s NatWest Group Plc reported improved pictures for soured loans.
Elsewhere, spot gold prices rose. Crude oil slumped in New York.
Here are the main market moves:
Stocks
* The S&P 500 Index decreased 1.2% as of 4 p.m. New York time.
* The Nasdaq 100 Index dropped 2.6%.
* The Stoxx Europe 600 Index rose 0.2%.
* The MSCI Asia Pacific Index sank 1.7%.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The British pound increased 0.2% to $1.2954.
* The Japanese yen fell 0.1% to 104.68 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 0.87%.
* Germany’s 10-year yield climbed one basis point to -0.63%.
* Britain’s 10-year yield increased four basis points to 0.26%.
Commodities
* West Texas Intermediate crude fell 1.6% to $35.60 a barrel.
* Gold strengthened 0.6% to $1,878.61 an ounce.

–With assistance from Joanna Ossinger, Adam Haigh, Yakob Peterseil, Todd White and Robert Brand.
Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

I am an optimist, because I don’t see the point in being anything else.
                                                       -Abraham Lincoln, 1809-1865

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

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

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

Dear Friends,

Tangents:
1969: Internet created-between Stanford and UCLA.

2015: China announces the end of their one-child policy after 35 years.

Here are 16 new books to look for in November.-NYT.

Taiwan has gone 200 days without a local Covid case.

Juno mission observes ‘sprites’ dancing in Jupiter’s atmosphere.  Fun fact of the day: “Sprites” and “elves” are types of quick, bright flashes of light. They happen on Earth, too. -CNN.

PHOTOS OF THE DAY

Royal Academy of Dance final year ‘class bubble’ students: Nicole and Amy (L-R) practice in the early morning light over London wetlands ready for World Ballet Day 2020.
CREDIT: GUY CORBISHLEY/ALAMY LIVE NEWS

A cyclist, who gave his name as Lehboy, balances a basketball on his head while riding outside the Brooklyn Federal Courthouse in New York.
CREDIT: BRENDAN MCDERMID/REUTERS

Hetty the fox checks out a mouse in the stables A keen wildlife photographer has snapped a series of photos of wild animals in a spooky set-up ahead of Halloween.
CREDIT: RICHARD BOWLER/COVER IMAGES

Market Closes for October 29th, 2020 

Market Index	Close	Change
Dow Jones	26659.11	+139.16
		+0.52%
S&P 500	3310.11	+39.08
		+1.19%
NASDAQ	11185.594	+180.726 +1.64%
TSX	15670.70	+84.13
		+0.54%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23331.94	-86.57
		-0.37%
HANG SENG	24586.60	-122.20
		-0.49%
SENSEX	39749.85	-172.61
		-0.43%
FTSE 100*	5581.75	-1.05 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.630	0.592
CND. 30 Year Bond	1.216	1.174
U.S.    10 Year Bond	0.8263	0.7693
U.S. 30 Year Bond	1.6101	1.5537

Currencies

BOC Close	Today	Previous
Canadian $	0.75090	0.75086
US $	1.33174	1.33180
Euro Rate 1 Euro=		Inverse
Canadian $	1.55480	0.64317
US $	1.16750	0.85653

Commodities

Gold	Close	Previous
London Gold Fix	1869.95	1905.70
Oil
WTI Crude Future	36.17	37.39

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

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets bounced back from three-day selling pressure as utilities stocks outperform. The S&P/TSX Composite index rose 0.5%, paring earlier loss of as much as 0.5%. Utilities and real estate sectors outperformed. Tech was the worst performer, after Shopify fell 5% even after beating revenue and profit estimates for the third quarter. Meanwhile, the Bank of Montreal is exploring options for its asset management operations, as the Canadian firm considers scaling back the business’s international footprint, people with knowledge of the matter said.
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,869.8 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3317 per U.S. dollar
* The 10-year government bond yield rose to 0.630%
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5 percent at 15,670.70 in Toronto. The move was the biggest since rising 0.6 percent on Oct. 8 and follows the previous session’s decrease of 2.7 percent. Today, financials stocks led the market higher, as 8 of 11 sectors gained; 172 of 223 shares rose, while 50 fell. Royal Bank of Canada contributed the most to the index gain, increasing 1.9 percent. Alamos Gold Inc. had the largest increase, rising 12.5 percent.
Insights
* So far this week, the index fell 3.9 percent, heading for the biggest decline since the week ended March 20
* This month, the index fell 2.8 percent
* This year, the index fell 8.2 percent, heading for the worst year since 2018
* The index declined 4.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 9 percent in the same period
* The S&P/TSX Composite is 12.8 percent below its 52-week high on Feb. 20, 2020 and 40.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 3.7 percent in the past 5 days and fell 3.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.1 on a trailing basis and 22.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.39t
* 30-day price volatility rose to 15.47 percent compared with 15.34 percent in the previous session and the average of 14.88 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 58.0895| 1.3| 20/6
Materials | 35.6461| 1.5| 43/9
Utilities | 15.0369| 1.8| 15/1
Real Estate | 8.8518| 1.8| 24/2
Consumer Discretionary | 5.4016| 1.0| 8/5
Communication Services | 4.9141| 0.6| 7/0
Health Care | 2.6732| 1.6| 9/1
Industrials | 1.9614| 0.1| 19/9
Consumer Staples | -0.5703| -0.1| 5/6
Energy | -1.6284| -0.1| 15/8
Information Technology | -46.2345| -2.9| 7/3

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks bounced back a day after their biggest rout in four months, with investors encouraged by better-than-forecast economic data even as they kept a wary eye on growing coronavirus infections. The S&P 500 Index 1.2%, the most since Oct. 12, after President Donald Trump said he plans “a very big package” of stimulus following the election. The dollar and Treasury yields rose after reports showed a decline in weekly jobless claims and a surge in third-quarter economic growth that reversed much of the pandemic collapse.
An exchange-traded fund that tracks the Nasdaq 100 edged lower after the close of regular trading following a flurry of earnings releases. Twitter Inc.’s new-user numbers disappointed, while revenue for Alphabet Inc. beat estimates. Amazon.com Inc. projected operating income that trailed estimates after reporting better-than-forecast sales. Even with Thursday’s gains, global equities are headed for the worst weekly decline since March amid new lockdown measures and U.S. politicians’ failure to agree to a stimulus plan before the Nov. 3 election. The Covid-19 surge in the Midwest rose to a record, led by single-day highs in Kansas, Iowa and South Dakota as the region’s outbreak spread toward both coasts. Anthony Fauci, the government’s top infectious disease doctor, said the earliest a vaccine might be available is late December or early January.
“The market clearly has concerns about Covid and shutdowns but it would not surprise me at all if in a week or two there’s a completely different narrative,” said Evan Brown, head of multi-asset strategy at UBS Asset Management. “Ultimately we’re going to get a safe and effective vaccine.” In Europe, stocks edged lower. The euro extended its decline after the European Central Bank paved the way for a package of fresh easing in December to deal with a worsening economic outlook. Stocks slumped in Asia, with losses for the main indexes in Japan, Australia and Hong Kong.
Here are the main market moves:
Stocks
* The S&P 500 Index rose 1.2% as of 4 p.m. New York time.
* The Nasdaq 100 Index increased 1.9%.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index decreased 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3%.
* The British pound declined 0.4% to $1.2936.
* The euro weakened 0.6% to $1.1678.
* The Japanese yen fell 0.3% to 104.64 per dollar.
Bonds
* The yield on 10-year Treasuries rose six basis points to 0.83%.
* Germany’s 10-year yield declined one basis point to -0.64%.
* Britain’s 10-year yield rose one basis point to 0.22%.
Commodities
* WTI crude declined 2.7% to $36.38 a barrel.
* Gold weakened 0.4% to $1,870.01 an ounce.
–With assistance from Adam Haigh, Todd White, Yakob Peterseil and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

Originality and the feeling of one’s own dignity are achieved only through work and struggle.
                                                                                 -Fyodor Dostoyevsky, 1821-1881

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

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

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

Dear Friends,

Tangents:
Bill Gates, Microsoft founder, b. 1955
Julia Roberts, actress, b. 1967.

1636- Harvard University founded.
October 28, 1904: St. Louis police try a new investigation method – fingerprints.
On Oct. 28, 1886, the Statue of Liberty, a gift from the people of France, was dedicated in New York Harbor by President Grover Cleveland. Go to article »

Weekly Dives to the Titanic Will Begin in May.

The expeditions will be the first in 15 years to take guests to the famous wreck.

PHOTOS OF THE DAY

Kashmiri farmers pluck saffron flowers from a saffron field in Pampore, the summer capital of Indian Kashmir. The saffron growers said this year the yield has been low so far due to less rainfall. Pampore is famous for its high quality saffron and Kashmir is the only place in India and one of the few places in the world, where the world’s most expensive spice grows.
CREDIT: FAROOQ KHAN/EPA-EFE/SHUTTERSTOCK

A nursery assistant at Arden Lea Nurseries, Hesketh Bank, Lancashire, inspects the cyclamen which will be shortly leaving the Nursery and heading for the Christmas market. They bloom continuously throughout the winter months.
CREDIT: LORNE CAMPBELL/GUZELIAN

Residents are silhouetted as they watch the Blue Ridge Fire burning in Yorba Linda, California, U.S.
CREDIT: RINGO CHIU/REUTERS

Market Closes for October 28th, 2020 

Market Index	Close	Change
Dow Jones	26519.95	-943.24
		-3.43%
S&P 500	3271.11	-119.57
		-3.53%
NASDAQ	11004.867	-426.484 -3.73%
TSX	15586.57	-434.37
		-2.71%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23418.51	-67.29
		-0.29%
HANG SENG	24708.80	-78.39
		-0.32%
SENSEX	39922.46	-599.64
		-1.48%
FTSE 100*	5582.80	-146.19 -2.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.592	0.599
CND. 30 Year Bond	1.174	1.188
U.S.    10 Year Bond	0.7693	0.7676
U.S. 30 Year Bond	1.5537	1.5530

Currencies

BOC Close	Today	Previous
Canadian $	0.75086	0.75836
US $	1.33180	1.31864
Euro Rate 1 Euro=		Inverse
Canadian $	1.56489	0.63902
US $	1.17501	0.85105

Commodities

Gold	Close	Previous
London Gold Fix	1905.70	1898.45
Oil
WTI Crude Future	37.39	39.57

Market Commentary:
The yuan stabilized on Wednesday in both the onshore market and in freer offshore markets in Hong Kong and elsewhere, after having surged in recent months. China is giving investors more power in setting the value of the yuan, a move analysts said was likely intended to boost the currency’s international appeal rather than to drive it lower.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell with global markets as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic. The S&P/TSX Composite Index fell 2.7%, the most since June 11, and dipped below its 200-day moving average for the first time since Sept. 23. All 11 main industry groups were in the red, with materials, tech and energy leading the way lower. Gold fell to a three-week low as the U.S. dollar rose on haven demand amid escalating concern about the European virus spike. Oil also plunged with rising U.S. stockpiles adding to virus woes. Meanwhile, The Bank of Canada reinforced its commitment to keeping interest rates at historical lows over the next few years to support an economic recovery that’s being hampered by a second wave of Covid-19 cases.
Commodities
* Western Canada Select crude oil traded at a $10.35 discount to West Texas Intermediate
* Spot gold fell 1.7% to $1,876 an ounce
FX/Bonds
* The Canadian dollar fell about 1% to C$1.3314 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.592%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 2.7 percent, or 434.37 to 15,586.57 in Toronto. The move was the biggest since falling 4.1 percent on June 11. Today, materials stocks led the market lower, as all sectors lost; 216 of 223 shares fell, while 7 rose. Shopify Inc. contributed the most to the index decline, decreasing 4.0 percent. Silvercorp Metals Inc. had the largest drop, falling 11.1 percent.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it advanced 10 times for an average 4.1 percent and declined twice for an average 6.7 percent
* This month, the index fell 3.3 percent
* This year, the index fell 8.7 percent, heading for the worst year since 2018
* The index declined 4.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.7 percent in the same period
* The S&P/TSX Composite is 13.3 percent below its 52-week high on Feb. 20, 2020 and 39.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 4 percent in the past 5 days and fell 4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24 on a trailing basis and 22.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.46t
* 30-day price volatility rose to 15.34 percent compared with 13.26 percent in the previous session and the average of 14.87 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -112.1088| -4.5| 1/51
Financials | -106.7500| -2.4| 0/26
Information Technology| -62.2407| -3.7| 0/10
Energy | -47.8623| -2.8| 0/23
Industrials | -31.9911| -1.6| 1/27
Communication Services| -21.6721| -2.6| 0/7
Utilities | -17.1325| -2.0| 0/16
Consumer Discretionary| -14.5327| -2.5| 0/13
Consumer Staples | -8.6708| -1.3| 1/10
Real Estate | -7.1589| -1.4| 3/24
Health Care | -4.2663| -2.6| 1/9

US
By Sarah Ponczek and Claire Ballentine
(Bloomberg) — Stocks tumbled in the U.S. and Europe as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic. The S&P 500 Index fell 3.5%, the biggest drop since June, amid a surge in Covid-19 hospitalizations, especially in the Midwest. Energy shares sank with oil prices, and technology stocks were also among the worst performers, with Microsoft Corp. down after a disappointing forecast. The VIX Index, a measure of expected U.S. equity volatility, climbed to the highest level since June. The U.S. and European stock benchmarks are both down more than 5% this week as virus cases surge and after American lawmakers failed to agree on an economic aid package before the Nov. 3 election. Analysts are also warning about increased volatility ahead of the presidential vote and in its aftermath, with some saying that a contested outcome is still a worrisome possibility.
“We’ve obviously got the election hanging over our heads. Then obviously Covid accelerating to the degree that it has both here in the U.S. as well as in Europe,” said Lori Heinel, deputy global chief investment officer at State Street Global Advisors. “And then you’ve got the lack of stimulus, which in our estimation is still necessary to get us through this period until we get an ultimate medical solution. It’s the triple whammy right now.” The Stoxx Europe 600 Index fell to a five-month low, losing 3% as German Chancellor Angela Merkel reached a deal for a one- month partial lockdown to curb the spread of the virus. After the market closed, France imposed a new nationwide lockdown.
Elsewhere, oil fell sharply on concern raging infections will sap demand. The dollar jumped and gold slumped. An exchange-traded fund tracking junk-rated corporate bonds fell to a one-month low. Bitcoin headed to its biggest drop in a month. In Asia, stocks fared better. The MSCI Asia Pacific Index edged lower, and markets in South Korea and Shanghai posted modest gains. In China, indicators tracked by Bloomberg showed the recovery continued to display mixed signals while remaining broadly steady in October.
These are some events to watch this week:
* Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Haruhiko Kuroda and President Christine Lagarde.
* The Chinese Communist Party’s Central Committee holds its plenum through Friday, where it’s expected to chart the course for the economy’s development for the next 15 years.
* Brexit negotiating teams have started intense daily talks, and these are likely to continue as both sides push to finalize a deal by the middle of November.
* The first reading of U.S. third-quarter GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.
Here are the main moves in markets:
Stocks
* The S&P 500 Index dropped 2.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 3%.
* The MSCI Asia Pacific Index fell 0.5%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.6%.
* The British pound declined 0.5% to $1.2981.
* The Japanese yen gained 0.1% to 104.35 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 0.77%.
* Germany’s 10-year yield fell one basis point to -0.63%.
* Britain’s 10-year yield decreased two basis points to 0.21%.
Commodities
* West Texas Intermediate crude sank 5.6% to $37.36 a barrel.
* Gold weakened 1.6% to $1,878.26 an ounce.
–With assistance from Adam Haigh, Greg Ritchie, Todd White and Sophie Caronello.

Have a great night.

Be magnificent!
As ever,

Carolann

There is no traffic jam along the extra mile.
                       -Roger Staubach, b.1942

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:
Theodore Roosevelt, 26^th US President, b.  1858
Marlene Dietrich, b. 19014
Dylan Thomas, poet, b. 1914
Sylvia Plath, poet, b. 1932
Fran Lebowitz, author, b. 1950

October 27^th, 1982: China announces its population has reached 1 billion plus people. Go to article>>

Asteroid Bennu has been hanging out with Earth for over a million years.   It’s been here all this time but has never hung out with us? … Oh, wait. –CNN

PHOTOS OF THE DAY

Surfers and bodyboarders make the most of the huge waves pounding, world renowned surfing beach, El Confital, on Gran Canaria as Atlantic autumn swells roll in.
CREDIT: ALAN DAWSON/ALAMY LIVE NEWS

An agile bird doing the splits on reed stems. This splayed leg pose allows bearded reedlings to look out for potential predators, such as hawks, before eating reed seeds below.
CREDIT: JOHN COBHAM/SOLENT NEWS & PHOTO AGENCY

Francesca Bromham, aged 6, looks up at a 13-foot-high animatronic skeleton which forms part of Halloween display from Samsung to demonstrate the power of their SmartThings technology at The Old Bury in Stevenage, England.
The Old Bury, the oldest house in Stevenage, has been given a modern Halloween style makeover by Samsung using their SmartThings technology. The 300-year-old property has been transformed using projection mapping, a 13-foot-high animatronic skeleton, a live-action dance troupe and a field of smart-tech powered pumpkins.
CREDIT: HANDOUT/GETTY IMAGES FOR THE OLD BURY

Market Closes for October 27th, 2020 

Market Index	Close	Change
Dow Jones	27463.19	-222.19
		-0.80%
S&P 500	3390.68	-10.29
		-0.30%
NASDAQ	11431.352	+72.415 +0.64%
TSX	16020.94	-58.61
		-0.36%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23485.80	-8.54
		-0.04%
HANG SENG	24787.19	-131.59
		-0.53%
SENSEX	40522.10	+376.60
		+0.94%
FTSE 100*	5728.99	-63.02 -1.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.599	0.627
CND. 30 Year Bond	1.188	1.213
U.S.    10 Year Bond	0.7676	0.8010
U.S. 30 Year Bond	1.5530	1.5909

Currencies

BOC Close	Today	Previous
Canadian $	0.75836	0.75705
US $	1.31864	1.32092
Euro Rate 1 Euro=		Inverse
Canadian $	1.55441	0.64333
US $	1.17880	0.84832

Commodities

Gold	Close	Previous
London Gold Fix	1898.45	1903.65
Oil
WTI Crude Future	39.57	38.56

Market Commentary:
Since 1928, the market has usually risen in the last full week before a presidential election. The S&P 500 has been up in 70% of those weeks, according to Dow Jones Market Data. The gains are even more frequent if measured from the Tuesday before the election to Election Day. The index has risen in 91% of those instances.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets declined for a second day on Tuesday, led lower by financials stocks. The S&P/TSX Composite Index fell 0.4% in Toronto.  The financial and consumer discretionary sectors fell the most, while tech and materials stocks outperformed. Meanwhile, Cenovus Energy is planning to eliminate as much as 25% of its workforce following its acquisition of Husky Energy. Total job cuts would be about 2,150 positions with most taking place in Calgary, Alberta.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,907.6 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3170 per U.S. dollar
* The 10-year government bond yield fell to 0.599%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.4 percent, or 58.61 to 16,020.94 in Toronto. The index dropped to the lowest closing level since Sept. 24. Royal Bank of Canada contributed the most to the index decline, decreasing 1.7 percent. Aurora Cannabis Inc. had the largest drop, falling 9.5 percent. Today, 121 of 223 shares fell, while 100 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 0.6 percent
* This year, the index fell 6.1 percent, heading for the worst year since 2018
* The index declined 2.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 10.8 percent below its 52-week high on Feb. 20, 2020 and 43.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.6 percent in the past 5 days and fell 0.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.6 on a trailing basis and 23 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$2.47t
* 30-day price volatility fell to 13.26 percent compared with 13.32 percent in the previous session and the average of 14.84 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -77.4798| -1.7| 6/20
Energy | -10.2393| -0.6| 7/16
Consumer Discretionary | -9.2112| -1.6| 7/6
Industrials | -6.3311| -0.3| 12/15
Communication Services | -5.0732| -0.6| 1/6
Consumer Staples | -3.2592| -0.5| 4/7
Utilities | -2.9483| -0.3| 5/11
Real Estate | -1.6270| -0.3| 6/21
Health Care | 0.2524| 0.2| 5/4
Materials | 23.1039| 0.9| 41/11
Information Technology | 34.2105| 2.1| 6/4

US
By Vildana Hajric
(Bloomberg) — Tech shares rose after Advanced Micro Devices Inc. announced a $35 billion takeover of another chipmaker, helping to blunt concern about the impact of growing coronavirus infections. Oil climbed. The tech strength wasn’t enough to buoy the S&P 500 Index, which declined for a second straight day. Almost four stocks fell for every one that rose, with banks bearing the brunt of selling. Xilinx Inc. surged after agreeing to be bought by AMD. Megacap tech names including Amazon.com Inc. and Apple Inc. also gained as investors sought out companies that fare well during lockdowns.
The Stoxx Europe 600 Index fell to its lowest since May amid concern about the faster spread of the coronavirus on the continent. BP Plc warned of many challenges ahead as the pace of recovery in oil demand remained uncertain. Stocks have been knocked around in recent weeks by speculation about whether lawmakers will pass a fiscal stimulus package, but with almost no possibility of that happening before Americans vote Nov. 3, investors were looking for fresh insight into corporate America’s health. A U.S. consumer confidence report came in worse than forecast Tuesday as data showed Covid-19 hospitalizations have risen at least 10% in the past week in 32 states and the nation’s capital. “Covid case counts and hospitalizations continue to rise — these will continue to be closely watched as investors gauge the likelihood of more stringent mitigation measures,” said Yousef Abbasi, global market strategist at StoneX.
Elsewhere, the dollar slipped and Treasury yields dipped. Crude oil climbed as U.S. Gulf producers shut production ahead of Tropical Storm Zeta. Bitcoin rose past $13,500, approaching levels not seen since just after the burst of the cryptocurrency market bubble almost three years ago.
These are some events to watch this week:
* The Chinese Communist Party’s Central Committee holds its all- important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.
* Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.
* Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.
* The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1%.
* The MSCI Asia Pacific Index rose 0.2%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.1%.
* The British pound rose 0.2% to $1.3055.
* The Japanese yen strengthened 0.3% to 104.49 per dollar.
Bonds
* The yield on 10-year Treasuries dipped three basis points to 0.77%.
* Germany’s 10-year yield decreased four basis points to -0.62%.
* Britain’s 10-year yield fell four basis points to 0.23%.
Commodities
* West Texas Intermediate crude added 2.2% to $39.42 a barrel.
* Gold strengthened 0.3% to $1,908.13 an ounce.
–With assistance from Nancy Moran, Andreea Papuc, David Wilson and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

If you want to achieve excellence, you can get there today.  As of this second,
quit doing less-than-excellent work.
                                                 -Thomas J. Watson, 1874-1956

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:

Check out 11 new books that Times editors recommend.

How a pair of raccoons (probably) broke into a bank.  Carefully, we would assume.

There’s water on the Moon. 

These tiny-winged dinosaurs were probably terrible at flying.-Ellen Kominers

On Oct. 25, 1971, the United Nations General Assembly voted to admit mainland China and expel Taiwan. Go to article »

PHOTOS OF THE DAY

Clear night over Ladybower Reservoir in the Peak District.
CREDIT: GREG BUTLER/BAV MEDIA

Morning fog blankets the Przemyskie Foothills, near Cisowa, southeastern Poland.
CREDIT: DAREK DELMANOWICZ/EPA-EFE/SHUTTERSTOCK

A seagull flies to catch a piece of bread thrown by a tourist on the coast of the Baltic Sea in Timmendorfer Strand, northern Germany.
CREDIT: MICHAEL PROBST/AP

Market Closes for October 26th, 2020 

Market Index	Close	Change
Dow Jones	27685.38	-650.19
		-2.29%
S&P 500	3400.97	-64.42
		-1.86%
NASDAQ	11358.938	-189.343 -1.64%
TSX	16079.55	-224.53
		-1.38%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23494.34	-22.25
		-0.09%
HANG SENG	24918.78	+132.65
		+0.54%
SENSEX	40145.50	-540.00
		-1.33%
FTSE 100*	5792.01	-68.27 -1.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.627	0.639
CND. 30 Year Bond	1.213	1.238
U.S.    10 Year Bond	0.8010	0.8429
U.S. 30 Year Bond	1.5909	1.6410

Currencies

BOC Close	Today	Previous
Canadian $	0.75705	0.76172
US $	1.32092	1.31281
Euro Rate 1 Euro=		Inverse
Canadian $	1.56003	0.64101
US $	1.18102	0.84672

Commodities

Gold	Close	Previous
London Gold Fix	1903.65	1900.95
Oil
WTI Crude Future	38.56	39.67

Market Commentary
On this day in 1825, the Erie Canal was inaugurated as New York City hosted a flotilla of boats with a parade, banquet and fireworks display after they traversed the 363-mile run from Lake Erie. Financed with $6 million in stock and bonds and eight years in the making, the canal cut shipping time from New York to Buffalo from three weeks to eight days—and slashed the cost of transporting goods from $100 a ton to $15. Suddenly the American frontier was opened to a two-way flood of commerce.

Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares fell with the broader equity markets, on rising investor concerns that climbing coronavirus cases will hurt the global economy, and on dimming prospects for fiscal aid from Washington before the presidential election. The S&P/TSX Composite index fell 1.4% in Toronto, the most since Sept. 23. Almost all sectors were in the red, except for tech, which was helped by Shopify Inc.
     Meanwhile, healthcare and consumer discretionary were the worst performers. The TSX fell below its 100-day moving average and touched the lower end of its trading envelope, first time since Sept. 23. However, this sell-off could be a good opportunity for investors to buy into the equity markets, according to Canaccord Genuity’s technical analyst Javed Mirza. His analysis suggests a new intermediate-term (3-6 months) equity market rally is underway and investors should take advantage of any short-term equity market weakness to “aggressively minimize cash balance.” On the short-term, Mirza  sees important support for the TSX around 15,222 level and major resistance near 17,848.
     Meanwhile, one of Canada’s largest public-pension managers, Ontario Municipal Employees’ Retirement System, aims to double its C$25 billion ($19 billion) of infrastructure investments in its home country within a decade.
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to West Texas Intermediate
* Spot gold was flat at $1,902.9 an ounce
FX/Bonds
* The Canadian dollar fell 0.5% to C$1.3196 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.626%
–With assistance from Divya Balji.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 1.4 percent at 16,079.55 in Toronto. The move was the biggest since falling 2 percent on Sept. 23 and follows the previous session’s increase of 0.2 percent. Royal Bank of Canada contributed the most to the index decline, decreasing 1.9 percent. Vermilion Energy Inc. had the largest drop, falling 9.0 percent. Today, 210 of 223 shares fell, while 12 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 0.3 percent
* This year, the index fell 5.8 percent, heading for the worst year since 2018
* The index declined 2 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 10.5 percent below its 52-week high on Feb. 20, 2020 and 43.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.7 on a trailing basis and 23 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 13.32 percent compared with 12.93 percent in the previous session and the average of 14.92 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -78.5670| -1.7| 2/24
Industrials | -39.1160| -1.9| 0/28
Energy | -32.3887| -1.9| 1/22
Materials | -25.9340| -1.0| 4/48
Communication Services | -15.0111| -1.7| 0/7
Consumer Discretionary | -12.9680| -2.1| 0/13
Real Estate | -8.2292| -1.6| 1/26
Utilities | -6.9292| -0.8| 1/15
Consumer Staples | -5.6511| -0.8| 1/9
Health Care | -5.4021| -3.1| 1/9
Information Technology | 5.6548| 0.3| 1/9

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — The S&P 500 Index posted its biggest drop in a month on concern rising coronavirus cases will hurt the global economy and as prospects dimmed for fiscal aid from Washington before the presidential election. Losses for energy and industrial companies sent the benchmark gauge down 2.9% at one point, though stocks pared losses in the afternoon amid recoveries for the biggest technology companies and as House Speaker Nancy Pelosi voiced optimism on a stimulus deal. Boeing Co., Lockheed Martin Corp. and Raytheon Technologies Corp. slid on China’s plan to sanction the companies over arms sales to Taiwan.
In Europe, a gauge of tech stocks fell the most since March after German software maker SAP SE plunged 22% following a cut to its sales forecast and warnings that the pandemic will hurt business through mid-2021.  The dollar strengthened and Treasuries rose, sending yields on the 10-year lower. Oil futures and copper declined, while gold was little changed. Investors remain focused on the prospect of a U.S. stimulus deal, even as time runs out to finish an aid package before the election. On the virus front, U.S. infections have hit a record in recent days. Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposition to restrictions.
“Fiscal stimulus seems to not be coming as quickly as we thought and the virus is coming quicker than we imagined,” said Keith Buchanan, portfolio manager for GLOBALT Investments in Atlanta. “Putting those two together is somewhat of a reality check for the markets.” Pelosi, Mnuchin Trade Blame on Unending Stimulus Stalemate In Washington, Pelosi and Treasury Secretary Steven Mnuchin again attempted to reconcile differences on a virus relief package. Differences between the two sides “have narrowed,” but “the more it narrows, the more conditions come up on the other side,” White House economic adviser Larry Kudlow told reporters. “The overwhelming consensus in the market is that while the economic recovery to date is impressive, it still needs help,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “It’s not ready to stand on its own, and so some fiscal support is necessary and does not really seem to be forthcoming before year-end.”
In other markets, the MSCI Asia Pacific Index slipped, with Japan and South Korea posting declines. Emerging-market stocks were also lower. Turkey’s lira weakened past 8 per dollar for the first time. The central bank rattled investors last week by unexpectedly keeping rates on hold, and geopolitical risks have sapped interest in Turkish assets.

These are some events to watch this week:
* The Chinese Communist Party’s Central Committee holds its all- important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.
* Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.
* Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.
* The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.

Here are the major moves in markets:
Stocks
* The S&P 500 Index decreased 1.9% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 1.8%.
* The MSCI Asia Pacific Index dipped 0.4%.
* The MSCI Emerging Market Index declined 0.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%.
* The euro fell 0.5% to $1.1807.
* The British pound fell 0.2% to $1.3019.
* The Japanese yen weakened 0.1% to 104.85 per dollar.
Bonds
* The yield on 10-year Treasuries declined four basis points to 0.80%.
* Germany’s 10-year yield was little changed at -0.58%.
* Britain’s 10-year yield was little changed at 0.27%.
Commodities
* West Texas Intermediate crude declined 3.2% to $38.56 a barrel.
* Gold was little changed at $1,902.20 an ounce.
–With assistance from Andreea Papuc and Anchalee Worrachate.

Have a great night.

Be magnificent!
As ever,

Carolann

The most  important thing in communication is hearing what isn’t said.
                                                        –Dr. Peter Drucker, 1909-2005

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