Category: Newsletters

Dear Friends,

Tangents: Happy Friday.

Departure of the swallows, Capistrano, California
1956 – Hungarian Revolution
1989 – Hungarian Independence

1981: US national debt hits $1 trillion.

On Oct. 23, 1983, a suicide truck-bombing at Beirut International Airport in Lebanon killed 220 U.S. Marines, 18 sailors and 3 Army soldiers; a near-simultaneous attack on
French forces killed 58 paratroopers. Go to article »

Fleetwood Mac’s ‘Dreams’ returns to the charts, thanks to viral TikTok video.  It started with a guy drinking Ocean Spray and vibing on a skateboard, and now the whole world’s joined in. 
 
Guinness is making a non-alcoholic version of its iconic stout.  For when you want a full-bodied beer without the, er, full-body effects. 

 Fall’s vibrant, showy display has begun at the Brooklyn Botanic Garden.

“And Americans have a tough choice to make now: Do they vote for Joe Biden on Nov. 3? Or do they vote for him early, because the ultimate mute button is in your hands.” — STEPHEN COLBERT
PHOTOS OF THE DAY

A kingfisher surrounded by crisp, red autumnal leaves in Hemel Hempstead, Herts. Captured by Liam Edwards.
CREDIT: SWNS.COM

Landscape photographer Andrew Turner captured this beautiful atmospheric shot of mist over the silhouetted peaks of the Austrian Alps from the window of a plane while on an early morning flight from Brighton to Cyprus
CREDIT: ANDREW TURNER/WENN

This is the incredible moment diver Gemma Care gets up close and personal with sharks in the English Channel to show how harmless some of the predators are. Gemma, 32, has swum with sharks all over the world but this is the first time she has spent time with them in ‘home waters.’ She spent two days interacting with blue sharks 20 miles off the Devon coast.
CREDIT: GEMMACARE/BNPS
Market Closes for October 23rd, 2020 

Market Index	Close	Change
Dow Jones	28335.57	-28.09
		-0.10%
S&P 500	3465.39	+11.90
		+0.34%
NASDAQ	11548.281	+42.275 +0.37%
TSX	16304.08	+24.72
		+0.15%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23516.59	+42.32
		+0.18%
HANG SENG	24918.59	+132.65
		+0.54%
SENSEX	40685.50	+127.01
		+0.31%
FTSE 100*	5860.28	+74.63 +1.29%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.639	0.663
CND. 30 Year Bond	1.238	1.259
U.S.    10 Year Bond	0.8429	0.8646
U.S. 30 Year Bond	1.6410	1.6826

Currencies

BOC Close	Today	Previous
Canadian $	0.76172	0.76138
US $	1.31281	1.31341
Euro Rate 1 Euro=		Inverse
Canadian $	1.55720	0.64218
US $	1.18615	0.84306

Commodities

Gold	Close	Previous
London Gold Fix	1900.95	1924.15
Oil
WTI Crude Future	39.67	40.47

Market Commentary:
On this day in 1907, the Panic of 1907 deepened, as hundreds of nervous depositors besieged New York’s biggest trust companies, demanding their deposits back in cash after a crash in speculative copper stocks threatened the solvency of the trusts. J.P. Morgan, acting as the country’s unofficial central banker, loaned $3 million to the Trust Co. of America, helping to calm the panicky public.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell for a second straight week as traders prep for a slew of corporate earnings and U.S. election implications.
The S&P/TSX Composite Index was relatively flat Friday, gaining 0.2%, though dropped 0.8% this week. Tech stocks outperformed while consumer discretionary and energy were among laggards.
Prime Minister Justin Trudeau said his government is in “continual discussions” with airlines over aid for an industry buckling under the financial strain caused by Covid-19.
Meanwhile, Chorus Aviation Inc. rallied after the company received a preliminary, non-binding acquisition proposal from a third party. Alberta’s two-year experiment with OPEC-style crude production curbs is coming to an end after a Covid-driven collapse in demand led the Canadian province’s battered oil- sands industry to idle more output than required.
Commodities
* Western Canada Select crude oil traded at a $10.40 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,903.11 an ounce
FX/Bonds
* The Canadian dollar rose 0.02% to C$1.3137 per U.S. dollar
* The 10-year government bond yield fell 2.7 basis points to 0.633%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2 percent, or 24.72 to 16,304.08 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 2.0 percent. Corus Entertainment Inc. had the largest increase, rising 9.8 percent.
Today, 104 of 223 shares rose, while 113 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index fell 0.8 percent
* This month, the index rose 1.1 percent
* This year, the index fell 4.5 percent, heading for the worst year since 2018
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.3 percent below its 52-week high on Feb. 20, 2020 and 45.9 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25 on a trailing basis and 23.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.5t
* 30-day price volatility little changed to 12.93 percent compared with 12.94 percent in the previous session and the average of 14.96 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 28.0754| 0.6| 22/3
Information Technology | 20.0677| 1.2| 6/4
Industrials | 8.5282| 0.4| 17/10
Real Estate | 1.3962| 0.3| 20/7
Utilities | 1.0134| 0.1| 6/9
Consumer Staples | -0.5955| -0.1| 4/7
Communication Services | -0.6383| -0.1| 3/4
Health Care | -0.7953| -0.5| 3/6
Consumer Discretionary | -5.0903| -0.8| 5/8
Energy | -12.5374| -0.7| 4/18
Materials | -14.7133| -0.6| 14/37
US
By Todd White
(Bloomberg) — Most U.S. stocks rose after the Trump administration resuscitated hopes for a spending package.  Treasuries remained higher.
The S&P 500 edged higher to pare a weekly decline. It erased losses after White House Chief of Staff Mark Meadows said he expects a deal in a day or so. Tech shares underperformed after Intel Inc. plunged more than 10%, dragging chipmakers lower. American Express Co. also faltered following earnings.
Gilead Sciences Inc. rose after its antiviral therapy become the first drug formally cleared to treat Covid-19. The 10-year Treasury yield slipped to 0.83%. Oil slipped below $40 a barrel in New York. Investors remain focused on Washington, where lawmakers are haggling over a financial spending bill to prop up the economy before the Nov. 3, though optimism that a deal will come at some point this year has helped drive Treasury rates higher in recent days. Concerns remain that rising virus cases will force additional business closures. The final presidential debate appeared to do little to alter the trajectory of a race that Democrat Joe Biden leads according to polls.
Europe’s equities market notched its first increase this week. Barclays Plc jumped after reporting improved stocks trading, lifting U.K. banking shares. Carmakers climbed after Daimler AG raised its profit forecast and Renault SA topped revenue estimates, the latest signs the global auto industry is emerging from its worst slump in decades. “The focus is shifting toward de-risking,” said Eleanor Creagh, a market strategist at Saxo Capital Markets, on Bloomberg TV. “There’s a range of outcomes from the elections that could have a huge capacity to change market sentiment and dynamics very quickly.” Growing coronavirus infections around the world continued to weigh on markets. U.S. cases exceeded 70,000 for the first day since late July. In Europe, governments have started deploying curfews and other restrictions more widely.
Elsewhere, China’s yuan climbed after an official with the country’s foreign exchange watchdog said Friday the currency’s appreciation has been “relatively moderate.”
Here are the major moves in markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
* The Nasdaq 100 Index added 0.3%.
* The Stoxx Europe 600 Index gained 0.6%.
* The MSCI Asia Pacific Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The British pound decreased 0.3% to $1.3038.
* The euro rose 0.4% to $1.186.
* The Japanese yen strengthened 0.1% to 104.72 per dollar.
* The Turkish lira weakened 0.4% to 7.9673 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 0.84%.
* The two-year rate was flat at 0.15%
* Germany’s 10-year yield fell one basis point to -0.574%.
* Britain’s 10-year yield slipped to 0.28%.
Commodities
* West Texas Intermediate crude lost 2.3% to $39.70 a barrel.
* Gold futures fell less than 0.1% to $1,904 an ounce.
–With assistance from Adam Haigh and Scott Schnipper.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Genius consists of equal parts of natural aptitude and hard work.
                                                  -Andre Maurois, 1885-1967

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:
Franz Liszt, b. 1811
Sarah Bernhardt, b. 1844
Doris Lessing, b. 1919
Timothy Leary, b. 1920
Annette Funicello, b. 1942
Catherine Deneuve, b. 1942
Deepak Chopra, b. 1946

Egypt has added a restaurant to the site of the Giza pyramids.  Dinner with a view? That’s an understatement. 

On Oct. 22, 1962, President John F. Kennedy announced an air and naval blockade of Cuba, following the discovery of Soviet missile bases on the island.  Go to article »

How slow-breathing helps the body.
A green-furred puppy was born in Sardinia. 
A rare Shakespeare folio sold for a record $10 million. –Scott Kominers

Fabio Ferrari/LaPresse/AP
As sunlight weaves through Alpine peaks, so do cyclists racing in the 18th stage of the Giro d’Italia, which runs from Pinzolo to Laghi di Cancano, in northern Italy, on Oct. 22, 2020.
PHOTOS OF THE DAY

A Scottish photographer has captured a stunning sunset selfie perching on 150-foot- tall cliffs. Steve Birrell, 44, from Shetland, set his camera up and walfer 40 meters away to the edge of Calders Geo, in Esha Ness, for this perfectly timed shot. Using a remote trigger Steve was able to perfectly frame himself in the shot at a gap in the cliffs level with the setting autumn sun.
CREDIT: STEVE BIRRELL//MAGNUS NEWS

The Peace Monument, and the US Capitol behind it, is enshrouded in fog in Washington.
CREDIT: JIM LO SCALZO/EPA – EFE/SHUTTERSTOCK

Long time exposure picture shows the buildings of the banking district in Frankfurt, Germany.
CREDIT: MICHAEL PROBST/AP
Market Closes for October 22nd, 2020 

Market Index	Close	Change
Dow Jones	28363.66	+152.84
		+0.54%
S&P 500	3453.49	+17.93
		+0.52%
NASDAQ	11506.008	+21.314 +0.19%
TSX	16274.68	+44.45
		+0.27%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23474.27	-165.19
		-0.70%
HANG SENG	24786.13	+31.71
		+0.13%
SENSEX	40558.49	-148.82
		-0.37%
FTSE 100*	5785.65	+9.15 +0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.663	0.619
CND. 30 Year Bond	1.259	1.219
U.S.    10 Year Bond	0.8646	0.8192
U.S. 30 Year Bond	1.6826	1.6285

Currencies

BOC Close	Today	Previous
Canadian $	0.76138	0.76094
US $	1.31341	1.31417
Euro Rate 1 Euro=		Inverse
Canadian $	1.55241	0.64416
US $	1.18197	0.84605

Commodities

Gold	Close	Previous
London Gold Fix	1924.15	1898.40
Oil
WTI Crude Future	40.47	39.83

Market Commentary:
On this day in 1929, Yale professor Irving Fisher, one of the nation’s foremost economists, stated in the New York Herald Tribune, “The breaks of the past few days have driven stocks down to hard rock. I believe that we will have a ragged market for a few weeks and then the beginning of a mild bull movement that will gain momentum next year.” Prof. Fisher was half-right: The market was “ragged,” losing a quarter of its value by the end of the year. Then it stayed ragged for years on end.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks closed higher Thursday after turning negative earlier in the session, snapping a four-day losing streak.
The S&P/TSX Composite Index gained 0.3%, with communication services leading the way. Rogers Communications rallied 12% after it reported earnings and said it plans to review its investments in Cogeco if the company won’t accept a takeover bid led by Altice USA. National Bank of Canada Chief Executive Officer Louis Vachon expects a new burst of mergers and acquisitions to help fuel earnings in the bank’s capital-markets business, continuing the strength it showed in the early days of the pandemic.
Meanwhile, Canada will start offering Covid-19 tests to travelers upon arrival in Alberta as part of a pilot program to reduce quarantine times and give the beleaguered province a boost.
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to West Texas Intermediate
* Spot gold fell 1% to $1,904.62 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3134 per U.S. dollar
* The 10-year government bond yield rose 4.3 basis points to 0.665%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 16,279.36 in Toronto. The move was the biggest since rising 0.6 percent on Oct. 8 and follows the previous session’s decrease of 0.3 percent.
Today, financials stocks led the market higher, as 6 of 11 sectors gained; 116 of 223 shares rose, while 106 fell. Rogers Communications Inc. contributed the most to the index gain and had the largest move, increasing 11.6 percent.
Insights
* So far this week, the index fell 1 percent, heading for the biggest decline since the week ended Sept. 4
* This month, the index rose 1 percent
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 0.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 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
* The S&P/TSX Composite is down 1.3 percent in the past 5 days and rose 0.8 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 23.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.49t
* 30-day price volatility fell to 12.94 percent compared with 13.42 percent in the previous session and the average of 14.97 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 39.3948| 0.9| 20/6
Energy | 34.3813| 2.0| 22/1
Communication Services | 29.0347| 3.5| 6/1
Health Care | 3.5314| 2.1| 8/2
Consumer Discretionary | 1.3271| 0.2| 7/6
Industrials | 0.3687| 0.0| 14/14
Utilities | -0.0366| 0.0| 8/8
Real Estate | -0.6342| -0.1| 10/16
Consumer Staples | -5.0003| -0.7| 3/8
Information Technology | -20.8275| -1.3| 5/5
Materials | -32.3999| -1.3| 13/39
US
By Vildana Hajric and Anchalee Worrachate
(Bloomberg) — U.S. stocks rose as banks rallied on a jump in Treasury yields jumped, while lawmakers in Washington continue to haggle over a spending bill.
The S&P 500 pared its weekly decline as financial firms rallied almost 2%. The 10-year Treasury yield popped to 0.84%, its highest since June. Energy producers also surged, rebounding with oil from a prior-day selloff. Small caps rose 1.5%.
Investors remained fixated on Washington, where lawmakers continue to work toward a package to bolster the economy. While House speaker Nancy Pelosi signaled optimism on a deal with the administration, opposition remains in the Republican-controlled Senate, making a pact before the election less likely. Tech shares underperformed. AT&T Inc. rallied after the phone giant added more wireless subscribers than analysts estimated. Data showed a drop in jobless claims, suggesting the
labor market is still gradually recovering.
“Earnings are heating up and they are generally coming in healthy and better than expected. But with the stimulus saga dragging on and the election looming, macro influences will continue to dominate market internals until there’s some clarity,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note.
In Europe, the Stoxx Europe 600 Index was lower. Luxury handbags and scarves house Hermes International rose after surpassing analysts’ sales estimates on a rebound in demand from Asia. The MSCI Asia Pacific Index slid. Gold declined, and copper slipped after topping $7,000 a ton for the first time in more than two years. With no meaningful progress on fiscal policy, markets “are reacting to the heightened political instability that comes with the confirmation of efforts to manipulate the presidential race,” said Eleanor Creagh, a Sydney-based strategist at Saxo Capital Markets. “The ability for either candidate to seize upon accusations of foreign interference is heightened and raises the probability of a contested outcome, particularly as the race could be closer than polls currently indicate.”
Around the world, there is also increasing evidence that the pandemic is worsening. German infections have jumped to a record and Spain’s heath minister said the spread of coronavirus is out of control in certain parts of the country. U.S. hospitalizations for Covid-19 have reached a two-month high.
Here are some key events coming up:
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.

These are some of the main market moves:
Stocks
* The S&P 500 Index rose 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 ended lower by 0.02%.
* The Stoxx Europe 600 Index dropped 0.2%.
* The MSCI Asia Pacific Index decreased 0.8%.
* The MSCI Emerging Market Index fell 0.4%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The euro fell 0.3% to $1.1822.
* The British pound decreased 0.4% to $1.3093.
* The Japanese yen weakened 0.2% to 104.83 per dollar.
Bonds
* The yield on 10-year Treasuries added two basis points to 0.84%.
* The two year rate added one basis point to 0.15%
* Germany’s 10-year yield rose one basis point to -0.58%.
* Britain’s 10-year yield climbed three basis points to 0.27%.
Commodities
* West Texas Intermediate crude increased 1.4% to $40.60 a barrel.
* Gold futures weakened 1.4% to $1,902.20 an ounce.
Have a great night.

Be magnificent!
As ever,

Carolann

Success is walking from failure to failure with no loss of enthusiasm.
                                                 –Winston Churchill, 1874-1965

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:
S.T. Coleridge, poet, b. 1772
Alfred Nobel, b. 1833
Dizzy Gillespie, b. 1717

1854:  Florence Nightingale with a staff of 38 nurses is sent to the Crimean War.
1967: Vietnam War protesters storm Pentagon.

On Oct. 21, 1879, Thomas Edison invented a workable electric light at his laboratory in Menlo Park, N.J. Go to article »

Enjoy this fall poem for Halloween (sound on!).

PHOTOS OF THE DAY

Avid surfer and filmmaker Spencer Frost, 25, took his friends Guy Williament, 27, and Fraser Dovell, 23, on a trip to Iceland to find the perfect wave. The trio had to wear extra-thick wetsuits to survive in the two-degree water – which was littered with icy obstacles. They had to wait for gaps in the storm and got dressed in -20 temperatures – and could only stay in the water for an hour before going hypothermic.
CREDIT: GUY WILLIMENT/SWNS

A Rothschild subspecies of Giraffe browse on ol-Kokwe Island on Lake Baringo where it now faces a threat from the rising waters of the lake that have already forced an evacuation of smaller species of wildlife like antelopes and warthog off the island due to habitat loss, near Marigat, Baringo county on the Kenyan Rift Valley.
CREDIT: TONY KARUMBA/AFP/GETTY IMAGES

Here’s a look at the fastest car in the world. Shelby SuperCars (SSC) North America has set a new top speed record for a production car, with its SSC Tuatara recording a two-way average of 316.11mph in Nevada. 
The runs took place on a seven-mile stretch of closed road in the desert near Las Vegas with British racing driver Oliver Webb at the wheel.
The supercar, built by Shelby SuperCars North America, hit a top speed of 331mph on the second run on October 10. However, for the record to stand the car must set a speed in both directions to account for the wind. The first run saw 301mph on the speedometer.
CREDIT: MEGA

Market Closes for October 21^st, 2020 

Market Index	Close	Change
Dow Jones	28210.82	-97.97
		-0.35%
S&P 500	3435.56	-7.56
		-0.22%
NASDAQ	11484.695	-31.799 -0.28%
TSX	16230.23	-43.03
		-0.26%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23639.46	+72.42
		+0.31%
HANG SENG	24754.42	+184.88
		+0.75%
SENSEX	40707.31	+162.94
		+0.40%
FTSE 100*	5776.50	-112.72 -1.91%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.619	0.612
CND. 30 Year Bond	1.219	1.217
U.S.    10 Year Bond	0.8192	0.7940
U.S. 30 Year Bond	1.6285	1.0624

Currencies

BOC Close	Today	Previous
Canadian $	0.76094	0.76174
US $	1.31417	1.31278
Euro Rate 1 Euro=		Inverse
Canadian $	1.55851	0.64164
US $	1.18593	0.84322

Commodities

Gold	Close	Previous
London Gold Fix	1898.40	1905.60
Oil
WTI Crude Future	39.83	41.46

Market Commentary:
On this day in 1929, William Peter Hamilton, editor of The Wall Street Journal and one of the leading advocates of the “Dow Theory” of technical analysis, predicted the coming demise of the bull market in a lead editorial entitled “The Turn in the Tide.” However, since Mr. Hamilton had already predicted the death of the bull market in January of 1927, as well as in both June and July of 1928, nobody listened. This time—if only by sheer luck—he turned out to be right, as the stock market crashed just three days later.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Wednesday while U.S. shares fluctuated. The S&P/TSX Composite Index lost 0.3%, with five of 11 sectors lower. Industrials lagged behind as Canadian National Railway dipped 6.1% after 3Q earnings. Jagmeet Singh signaled his social-democratic lawmakers won’t back a Conservative push for a special committee to investigate alleged mishandling of Covid-19 spending, lowering the odds of a snap election in Canada. Oil and gasoline futures tumbled the most in more than two weeks after a U.S. government report showed swelling fuel stockpiles and slowing demand as the coronavirus pandemic rages. On the deal front, TD said Cogeco Communications’s acquisition of Quebec’s third-largest cable provider is “not the type of shareholder-friendly initiative” investors are looking for after the company rejected a takeover bid.
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to West Texas Intermediate
* Spot gold rose 0.9% to $1,924.22 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3139 per U.S. dollar
* The 10-year government bond yield edged higher to 0.613%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.3 percent, or 43.03 to 16,230.23 in Toronto. The index dropped to the lowest closing level since Oct. 2. Today, industrials stocks led the market lower, as 5 of 11 sectors lost; 82 of 223 shares fell, while 139 rose. Canadian National Railway Co. contributed the most to the index decline, decreasing 6.1 percent. Ballard Power Systems Inc. had the largest drop, falling 6.5 percent.
Insights
* This month, the index rose 0.7 percent
* This year, the index fell 4.9 percent, heading for the worst year since 2018
* The index declined 1.1 percent in the past 52 weeks. The MSCI  AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 9.7 percent below its 52-week high on Feb. 20, 2020 and 45.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and rose 1.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 on a trailing basis and 23.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.49t
* 30-day price volatility fell to 13.42 percent compared with 14.42 percent in the previous session and the average of 14.97 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -53.5784| -2.6| 11/17
Information Technology | -40.6157| -2.4| 2/8
Energy | -26.7025| -1.5| 4/19
Communication Services | -3.3215| -0.4| 1/5
Consumer Staples | -2.9376| -0.4| 7/4
Health Care | 3.6613| 2.2| 8/2
Utilities | 3.6710| 0.4| 10/6
Consumer Discretionary | 4.1754| 0.7| 10/3
Real Estate | 4.3168| 0.8| 22/4
Financials | 23.9471| 0.5| 22/4
Materials | 44.3620| 1.8| 42/10
US
By Sarah Ponczek and Casey Wagner
(Bloomberg) — U.S. stocks ended a volatile session slightly lower as the White House and Democrats neared an aid deal but signaled it’s unlikely to become law before the election. Treasury yields climbed and the dollar retreated. The S&P 500 Index closed lower after an up-and-down session that saw the index whipsawed by takes on the progress toward a deal. House Speaker Nancy Pelosi continued talks with White House representatives even as the odds remained long for a deal that could pass in the Senate. Small caps lagged behind. “You look at the trading today and it’s almost like watching a cat with a laser pointer,” Mark Hackett, chief of investment research at Nationwide, said by phone. “Pelosi comes out midday and says she’s excited about the deal, and then two minutes later says she doesn’t think a deal will get done, and the market’s reacting. Investors are fixated on the shiny object, which is the stimulus deal.”
Energy producers were among the worst performers as oil fell toward $40 a barrel in New York. Social media firms fared better after Snap Inc. reported strong earnings, with Twitter Inc. and Facebook Inc. both up more than 5% at one point. Of the 84 companies in the gauge that have reported earnings this season, only 10 have missed analyst profit forecasts. Tesla Inc. rose ahead of financial results later Wednesday. Netflix Inc. sank the most since March after subscribers fell short of predictions. A surge in copper lifted materials producers. The U.S. 10-year yield broke above 0.8% to the highest since June and European yields also rose after Democratic House Speaker Nancy Pelosi expressed hope for political compromise on a bill this week. Rates came back from their peak as negotiations dragged on Wednesday.
European stocks slumped for a third day, with gold miners Fresnillo Plc and Centamin Plc falling after cutting production guidance. Telecom equipment maker Ericsson was a bright spot, climbing after a profit beat. “Markets are pretty aggressively priced and we’re getting a lot information about earnings season,” said George Pearkes, global macro strategist at Bespoke Investment Group. “This is just stocks doing what stocks do, which is sometimes go up and sometimes go down, and whether it’s because of stimulus or something else is kind of irrelevant.” Pelosi said Tuesday she also hoped that fresh stimulus spending would be retroactive, although the Republican Senate majority leader has warned the White House against a bigger Democrat-led deal before the election. The administration said it hopes to get a deal in the next 48 hours and that its offer is now up to $1.88 trillion, below the $2.2 trillion Pelosi has pushed for. “The rise in yields suggests that the market thinks a stimulus deal will be forthcoming and that the Democrats are set to take both the presidency and the Senate at the Nov. 3 election,” said John Hardy, chief foreign-exchange strategist at Saxo Bank.
Elsewhere, the yen headed for its best day versus the dollar since August. The pound jumped after European Union chief Brexit negotiator Michel Barnier said a deal is within reach. Copper traded near a two-year high on supply disruptions in Chile. Oil dropped toward $40 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles.
Here are some key events this week:
* Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.
* U.S. jobless claims come Thursday.
Here are some of the main market moves:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Nasdaq 100 Index lost 0.1%.
* The Stoxx Europe 600 Index decreased 1.3%.
* The MSCI Asia Pacific Index rose 0.8%.
* The MSCI Emerging Market Index gained 0.4%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.5%.
* The euro increased 0.3% to $1.186.
* The British pound surged 1.6% to $1.3149.
* The Japanese yen strengthened 0.9% to 104.53 per dollar.
Bonds
* The yield on 10-year Treasuries jumped three basis points to 0.81%.
* The yield on two-year Treasuries climbed one basis point to 0.15%.
* Germany’s 10-year yield gained one basis point to -0.59%.
* Britain’s 10-year yield climbed five basis points to 0.242%.
Commodities
* West Texas Intermediate crude fell 4% to $40.04 a barrel.
* Gold futures strengthened 0.6% to $1,927.50 an ounce.
–With assistance from Todd White

Have a great night.

Be magnificent!
As ever,

Carolann

Everything is possible.
The impossible just takes longer.
               -Dan Brown, b. 1964

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

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

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

Dear Friends,

Tangents:
Notice that autumn is more the season of the soul than of nature. –Friedrich Nietzsche, 1844-1900.

Sky watchers, take note. The Orionid meteor shower peaks early tomorrow morning, lighting up the darkness with the remnants of Halley’s Comet.

Christopher Wren, b. 1632
Mickey Mantle, b. 1931

1864- President Abraham Lincoln formally establishes Thanksgiving as a national holiday.

Archaeologists unearth ‘huge number’ of sealed Egyptian sarcophagi.  And we’re going to leave them sealed, right? … RIGHT?!

Archaeologists discovered a giant, 2,000-year-old image of a cat etched onto a hillside at a UNESCO heritage site known as the Nazca Lines in Peru.

On Oct. 20, 1973, in the so-called Saturday Night Massacre, President Nixon abolished the office of special Watergate prosecutor Archibald Cox, accepted the resignation of Attorney General Elliot L. Richardson and fired Deputy Attorney General William B. Ruckelshaus.  Go to article »

Take a virtual rafting tour through a scenic Alaskan forest (without any of the physical exertion). –NYT.

“Trump then added, ‘Listening to scientists is the craziest thing in the whole wide flat world.’” — JIMMY FALLON

PHOTOS OF THE DAY

The barque Sedov, one of the world’s largest tall ships which belongs to Russia’s Federal Agency for Fishery (Rosrybolovstvo), arrives in Murmansk on Russia’s Arctic coast. The Sedov is making a voyage from Vladivostok to Kaliningrad along the Northern Sea Route in the Arctic Ocean
CREDIT: TELEGRAPH, OCTOBER 20, 2020

Competitors practicing for ‘ The Full Power’ Kite and foil wind surfing Competition held on Tarifa’s Beach off the southern tip of spain near Gibraltar and world famous for its very strong winds.
CREDIT: LEO MASON SPORTS/ ALAMY LIVE NEWES

The sky glows red as the sun rises this morning over the Cow & Calf pub on Ilkley moor in Yorkshire as the UK expects heavy rain & gales this week.
CREDIT:ANDREW MCCAREN/LNP
Market Closes for October 20^th, 2020

Market Index	Close	Change
Dow Jones	28308.79	+113.37
		+0.40%
S&P 500	3446.61	+19.69
		+0.57%
NASDAQ	11516.496	+37.613 +0.33%
TSX	16282.38	+8.31
		+0.05%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23567.04	-104.09
		-0.44%
HANG SENG	24569.54	+27.28
		+0.11%
SENSEX	40544.37	+112.77
		+0.28%
FTSE 100*	5889.22	+4.57 -0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.612	0.591
CND. 30 Year Bond	1.217	1.178
U.S.    10 Year Bond	0.7940	0.7723
U.S. 30 Year Bond	1.0624	1.5617

Currencies

BOC Close	Today	Previous
Canadian $	0.76174	0.75798
US $	1.31278	1.31929
Euro Rate 1 Euro=		Inverse
Canadian $	1.55237	0.64418
US $	1.18250	0.84566

Commodities

Gold	Close	Previous
London Gold Fix	1905.60	1905.05
Oil
WTI Crude Future	41.46	40.83

Market Commentary:
On this day in 1803, the U.S. Senate ratified the Louisiana Purchase Treaty, under which the U.S. paid France less than 3 cents an acre for 828,000 square miles of territory stretching from the Mississippi River to the Rockies and from the Gulf of Mexico to the Canadian border. The U.S. financed the deal by borrowing $11.25 million in 6% bonds from European investors.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks were flat Tuesday as traders assessed corporate earnings and the economic recovery.
The S&P/TSX Composite Index closed down less than a point, with seven of 11 sectors lower. Materials and energy stocks were the top gainers while health care and tech fell.
Gold rose on renewed optimism for a pre-election aid package in the U.S., while the U.S. dollar fell to a one-week low. TC Energy Corp. plans to start construction of its expanded NOVA Gas Transmission system in December after winning government approval for the project that will help alleviate bottlenecks for Western Canadian producers.
A Quebec judge approved a plan giving lenders of Cirque du Soleil Entertainment Group control of the live performance company as it prepares to relaunch some of its shows.
Commodities
* Western Canada Select crude oil traded at a $10.85 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,910 an ounce
FX/Bonds
* The Canadian dollar rose 0.5% to C$1.3130 per U.S. dollar
* The 10-year government bond yield rose 1.7 basis points to 0.609%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite declined slightly to 16,273.26 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 0.6 percent. Spin Master Corp. had the largest drop, falling 7.5 percent.
Today, 113 of 223 shares fell, while 105 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* This month, the index rose 0.9 percent
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 0.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.4 percent below its 52-week high on Feb. 20, 2020 and 45.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and rose 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 on a trailing basis and 23.2 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$2.49t
* 30-day price volatility fell to 14.42 percent compared with 14.60 percent in the previous session and the average of 15.05 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -16.6267| -1.0| 0/10
Health Care | -4.5508| -2.7| 1/9
Financials | -4.3637| -0.1| 9/17
Industrials | -3.9226| -0.2| 13/14
Utilities | -3.0046| -0.3| 3/12
Communication Services | -1.6312| -0.2| 2/5
Consumer Staples | -1.5079| -0.2| 4/7
Real Estate | 0.8030| 0.2| 9/17
Consumer Discretionary | 3.3980| 0.6| 8/5
Energy | 12.2100| 0.7| 20/3
Materials | 18.3783| 0.7| 36/14
US
By Todd White
(Bloomberg) — U.S. stocks rose even as lawmakers remained unable to clinch a fresh aid package to bolster the economic recovery. The dollar weakened.
The S&P 500 bounced back from Monday’s selloff as House Speaker Nancy Pelosi continued to negotiate with the White House on a deal near $2 trillion. The Republican-controlled Senate continued to signal it favored a bill about one-quarter that size. Both houses of Congress need to approve any legislation.
Stocks got a boost when Federal Reserve Bank of Chicago President Charles Evans said he’s “somewhat optimistic” about a
2021 economic recovery. Futures on the Nasdaq 100 turned lower after the cash market closed when both Netflix Inc. and Texas Instruments Inc. reported results. Tech shares mostly shook off the U.S. Justice Department’s decision to sue Google for allegedly abusing its power. Treasuries slumped, along with government bonds in Europe. Oil climbed toward $41 a barrel.
A rally built on stimulus hopes has investors weighing Pelosi’s deadline of striking a deal today against speculation that the looming election will prove too much of a hurdle to overcome. Yet with Federal Reserve policy makers urging for more fiscal support to complement unprecedented monetary aid, many in the market may be willing to let the deadline come and go.
“The behavior of markets is reflecting optimism that there’s going to be big stimulus by January,” said John Normand, head of cross-asset fundamental strategy at JPMorgan Chase & Co. “I don’t think it’s necessarily a faith that Pelosi and Mnuchin and McConnell will agree to anything substantive by Pelosi’s deadline of today. It’s more of a look-through dynamic.”
In Europe, stocks edged lower. UBS gained after the Swiss firm’s traders performed better than most of their Wall Street rivals in the third quarter. Leaders in Europe intensified efforts to slow coronavirus contagion, reviving lockdowns in some areas after piecemeal curbs made little impact on a disease that has infected 4.9 million people regionally.
Meanwhile, global cases exceeded 40 million, with the pandemic showing no signs of slowing. In the U.S., surges in Wisconsin and other battleground states pose a challenge for President Donald Trump two weeks before he stands for re-election.
Here are some key events this week:
* Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.

Here are some of the main market moves:
Stocks
* The S&P 500 Index gained 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 Index gained 0.3%.
* The Stoxx Europe 600 Index decreased 0.4%.
* The MSCI Asia Pacific Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro rose 0.5% to $1.1825
* The British pound slipped 0.1% to $1.2933.
* The Japanese yen was little changed at 105.48 per dollar.
Bonds
* The yield on 10-year Treasuries increased 2.6 basis points to 0.7957%.
* Germany’s 10-year yield increased two basis points to -0.606%.
* Italy’s 10-year yield rose one basis point to 0.73%.
Commodities
* West Texas Intermediate crude rose 1.5% to $41.46a barrel.
* Gold futures added 0.1% to $1,913.20 an ounce.
–With assistance from Lu Wang and Andreea Papuc.
Have a great night.

Be magnificent!
As ever,
Carolann

The triumph can’t be had without the struggle.
           -Wilma Glodean Rudolph, 1940-1994

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:
John Le Carre, b. 1931

Physicists keep trying to break relativity and keep failing. 

Obscure Automaker Has the World’s Fastest Car
The world has a new fastest car. On Oct. 10, the reptilian SSC Tuatara hypercar posted an average speed of 316.11 mph (508.73 km/h) while driving on a seven-mile stretch of two-lane Highway 160 outside Las Vegas. 

On Oct. 19, 1987, the stock market crashed as the Dow Jones Industrial Average plunged 508 points, or 22.6 percent in value – its second biggest percentage drop. Go to article »

PHOTOS OF THE DAY

A runner passes trees displaying autumn foliage in Kensington Palace Gardens, in central London.
CREDIT: DOMINIC LIPINSKI/PA WIRE

The weather this weekend had the odd spell of sunshine, but was otherwise cold but dry, so people were out on walks taking in the autumn colour as they walked through a tunnel of trees at Halnaker near Chichester, West Sussex.
CREDIT: SIMON CZAPP/SOLENT NEWS & PHOTO AGENCY

The playful Ring-Tailed Lemurs have been given pumpkins for the autumn season ahead of Halloween. Not only can the lemurs eat the pumpkins, they are also great for enrichment. Running up to Halloween the farm will be hosting a number of spooky themed events for children and some of the animals.
CREDIT: OLIVER DIXON

Market Closes for October 19^th, 2020 

Market Index	Close	Change
Dow Jones	28195.42	-410.89
		-1.44%
S&P 500	3426.92	-56.89
		-1.63%
NASDAQ	11478.883	-192.673 -1.65%
TSX	16274.07	-164.68
		-1.00%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23671.13	+260.50
		+1.11%
HANG SENG	24542.26	+155.47
		+0.64%
SENSEX	40431.60	+448.62
		+1.12%
FTSE 100*	5884.65	-34.93 -0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.591	0.575
CND. 30 Year Bond	1.178	1.164
U.S.    10 Year Bond	0.7723	0.7456
U.S. 30 Year Bond	1.5617	1.5288

Currencies

BOC Close	Today	Previous
Canadian $	0.75798	0.75812
US $	1.31929	1.31904
Euro Rate 1 Euro=		Inverse
Canadian $	1.55240	0.64416
US $	1.17670	0.84984

Commodities

Gold	Close	Previous
London Gold Fix	1905.05	1891.90
Oil
WTI Crude Future	40.83	40.88

Market Commentary:
On this day in 1885, Charles Merrill was born in Green Grove Springs, Fla., the son of a family doctor. With Edmund C. Lynch, he founded Merrill, Lynch & Co. in 1914 to “bring Wall Street to Main Street.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks reversed an early gain Monday, while U.S. shares fell to the lowest in almost two weeks as a stalemate over coronavirus relief legislation continued. The S&P/TSX Composite Index fell 1%, the most since Oct. 6, with 10 of 11 sectors losing. Health care was the lone gainer, with pot companies including Aurora Cannabis Inc. and Canopy Growth Corp. both rising over 10%. Business sentiment in Canada improved over the summer but remains near historical lows as uncertainty around the path of the virus curbs demand and sales prospects, according to the Bank of Canada. Brookfield Asset Management will buy an Indian developer’s commercial properties for $2 billion, the biggest real estate deal in the South Asian nation. Altice USA Inc. raised its bid for Cogeco Inc. and Cogeco Communications Inc. to $8.4 billion, but the offer was quickly turned down by the Canadian cable firm’s controlling shareholder. Citi sees low odds of a deal occurring.
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,902 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3189 per U.S. dollar
* The 10-year government bond yield rose 1.0 basis points to 0.585%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1 percent, or 164.68 to 16,274.07 in Toronto. The move was the biggest since falling 1.1 percent on Oct. 6. Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.8 percent. Silvercorp Metals Inc. had the largest drop, falling 5.1 percent. Today, 168 of 223 shares fell, while 53 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 4.6 percent, heading for the worst year since 2018
* The index declined 0.6 percent in the past 52 weeks. The MSCI  AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 9.4 percent below its 52-week high on Feb. 20, 2020 and 45.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.7 percent in the past 5 days and rose 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.9 on a trailing basis and 23.2 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$2.52t
* 30-day price volatility fell to 14.60 percent compared with 14.91 percent in the previous session and the average of 15.08 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -51.2989| -1.1| 2/24
Materials | -43.6090| -1.7| 8/44
Energy | -20.5593| -1.2| 3/19
Industrials | -16.3788| -0.8| 9/19
Communication Services | -12.1730| -1.4| 0/7
Utilities | -10.3272| -1.2| 2/14
Information Technology | -7.1530| -0.4| 6/4
Consumer Staples | -5.6316| -0.8| 2/9
Consumer Discretionary | -1.5633| -0.3| 7/6
Real Estate | -1.5312| -0.3| 7/19
Health Care | 5.5295| 3.4| 7/3
US
By Vildana Hajric
(Bloomberg) — U.S. stocks fell to the lowest in almost two weeks as Congress remained apart on a fresh government spending deal, denting hopes for a breakthrough before the election.  Treasuries slipped with the dollar. The S&P 500 Index fell more than 1.5% as opposition to a sizable aid package hardened in the Republican-controlled Senate and House Speaker told her caucus negotiators are still trying to reach a deal. Data showed key parts of the American economy are slowing two weeks ahead of the vote, while Federal Reserve officials warn the growth will slow without additional federal spending. Futures had advanced overnight on signs of progress toward a deal and the latest data from China showing its economy continues to rebound. The 10-year Treasury yield rose above 0.76% and the dollar weakened versus major peers.
“As the hope for stimulus before the election fades, the market kind of fades with it,” said Christopher Grisanti, chief equity strategist at MAI Capital Management. “The market was pricing in some kind of stimulus and without it there’s disappointment.” In Europe, stock slumped while the pound jumped by the most since August as British officials signalled they were ready to water down controversial lawbreaking Brexit legislation, a move which could reopen talks with the European Union over future trading relationships. Elsewhere, oil dropped before an OPEC+ meeting to assess the state of the market as demand comes under pressure from the threat of new virus restrictions.

Here are some key events this week:
* Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.
* Australia central bank minutes are out Tuesday.
* The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index slipped 1.6% at 4 p.m. in New York.
* The Nasdaq 100 lost 1.8% while the Dow Jones Industrial Average fell 1.4%.
* The Stoxx Europe 600 Index lost 0.3%.
* The MSCI Asia Pacific Index rose 0.8%.
* The MSCI Emerging Market Index rose 0.5%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro climbed 0.4% to $1.1769.
* The British pound increased 0.2% to $1.2942.
* The onshore yuan strengthened 0.2% to 6.685 per dollar.
* The Japanese yen was flat at 105.42 per dollar.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 0.76%.
* The yield on two-year Treasuries climbed one basis point to 0.145%.
* Germany’s 10-year yield gained one basis point to -0.61%.
* Japan’s 10-year yield jumped less than one basis point to 0.026%.
* Britain’s 10-year yield climbed two basis points to 0.201%.
Commodities
* West Texas Intermediate crude fell 0.7% to $40.59 a barrel.
* Brent crude dropped 1.1% to $42.43 a barrel.
* Gold futures slipped 0.1% to $1,904.20 an ounce.
–With assistance from Claire Ballentine and Andreea Papuc.

Have a great night.

Be magnificent!

As ever,

Carolann

Carry out a random act of kindness, with no expectation of reward,
safe in the knowledge that one day someone might do the same for you.
                                                            -Diana Spencer, 1961-1997

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.

1793- Marie Antoinette executed.
1853- Crimean War
On Oct. 16, 1964, China detonated its first atomic bomb. Go to article »

Noah Wester, b. 1758
Oscar Wilde, b. 1854

Some planets may be better for life than Earth. -Bloomberg.

Experts find more than 2,000 ruin sites near the proposed “Maya Train” route in Mexico. The laser elevation data showed “archaeological monuments” along 277 miles of the proposed route. 

PHOTOS OF THE DAY

Gardeners at Longleat House in Wiltshire, UK, have been carting out one of the biggest jobs in horticulture by giving the giant maze its bi-annual trim. Made up of more than 16,000 English yew trees, the maze contains 1.7 miles of pathways over an area which measures more than 64,000 sqft. It is one of the largest mazes in the world with a journey through the labyrinth of winding paths taking anywhere between 15 minutes and an hour. It takes a team of six gardeners around eight weeks to complete the extensive clipping process. As the hedges are more than 6.5ft high, they use a mix of ladders and platforms to reach the top sections.
CREDIT: ZACHARYCULPIN/BNPS

Sunrise on the Leeds and Liverpool Canal near Skipton, North Yorkshire, UK.
CREDIT: LORNE CAMPBELL/ GUZELIAN

A nature lover takes a walk around the glaciers at Mountains Cilo, foothills of Uludoruk with a height of 4,135, in Yuksekova district of Hakkari, Turkey. Mountains Cilo was declared a national park and this was launched with the aim of promoting the regions and revitalizing tourism, by establishing an atmosphere of trust.
CREDIT: OZKAN BILGIN/ANADOLU AGENCY VIA GETTY IMAGES

Hannah Byrd and daughter Lottie, 2, admire the stunning autumn colour in the Equinox borders at RHS Garden Wisley, Surrey this morning. The RHS is celebrating Autumn Colour Week from Monday 19^th October as part of the charity’s Grow At Home This Autumn campaign to encourage the new generation of lockdown gardeners to keep up the hobby.
CREDIT: OLIVER DIXON

The sun breaks through the clouds as it rises behind Whitby pier this morning on the Yorkshire Coast, UK.
CREDIT: ANDREW MCCAREN/LNP

Market Closes for October 16^th, 2020 

Market Index	Close	Change
Dow Jones	28606.31	+112.11
		+0.39%
S&P 500	3483.81	+0.47
		+0.01%
NASDAQ	11671.556	-42.314 -0.36%
TSX	16438.75	-62.28
		-0.38%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23410.63	-96.60
		-0.41%
HANG SENG	24386.79	+228.25
		+0.94%
SENSEX	39982.98	+254.57
		+0.64%
FTSE 100*	5919.58	+87.06 +1.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.575	0.569
CND. 30 Year Bond	1.164	1.154
U.S.    10 Year Bond	0.7456	0.7356
U.S. 30 Year Bond	1.5288	1.5167

Currencies

BOC Close	Today	Previous
Canadian $	0.75812	0.75617
US $	1.31904	1.32245
Euro Rate 1 Euro=		Inverse
Canadian $	1.54585	0.64689
US $	1.17195	0.85328

Commodities

Gold	Close	Previous
London Gold Fix	1891.90	1910.05
Oil
WTI Crude Future	40.88	40.96

Market Commentary:
On this day in 1833, the New York Stock Exchange hiked its initiation fee for new members to $150—or more than $3,100 in today’s money.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets ended the Friday’s session in the red, paring earlier gains.
The S&P/TSX Composite Index fell 0.4% in Toronto, pairing earlier gains of as much as 0.3%. Health care and materials stocks were the worst performers, while utilities were the best performers.
A rally in Canadian transport stocks continued to gain momentum, backed by a pickup in e-commerce as consumers favor online shopping amid a resurgence of coronavirus in parts of the country. The S&P/TSX Industrials Index, comprised mainly of transportation, engineering and construction firms, has seen the biggest rally among sectors on the main benchmark, led by Cargojet Inc., Canadian Pacific Railway Ltd. and TFI International Inc.
Commodities
* Western Canada Select crude oil traded at a $9.10 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,899.97 an ounce
FX/Bonds
* The Canadian dollar climbed 0.2% to C$1.3191 per U.S. dollar
* The 10-year government bond yield rose slightly to 0.570%
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks were mixed as giant technology companies dropped amid Friday’s expiration of equity options, tempering optimism with better-than estimated economic data. The dollar fell.
The S&P 500 closed little changed, while still notching its longest weekly advance since August, and the Nasdaq 100 fell. Amazon.com Inc. slumped as Citigroup Inc. said its statement on a recent sales event lacked the usual “biggest day ever” notation. The Dow Jones Industrial Average outperformed as Boeing Co. climbed after Europe’s regulator said the 737 Max plane may return to the region’s skies by year-end. Pfizer Inc. jumped after saying it could seek emergency-use authorization for its Covid-19 vaccine in the U.S. by late November if the shot is shown to be effective.
Earlier Friday, equities rallied as U.S. retail sales rose in September at the fastest pace in three months, while consumer sentiment ticked up in early October. Meanwhile, manufacturing production unexpectedly declined last month. The figures underscore the uneven pace of the economic rebound that’s being threatened by a new acceleration in coronavirus infections and Congress’s failure to agree on a fresh stimulus package.
“It’s encouraging we are seeing people willing to spend,” said Jeffrey Kleintop, chief global investment strategist for Charles Schwab, adding that the concern is “if we don’t get a stimulus deal, how much longer can that be sustained?” House Speaker Nancy Pelosi told Democratic colleagues that a divide persists with the White House over a number of components of the fiscal stimulus she’s attempting to negotiate, even as an agreement nears on a coronavirus testing program. President Donald Trump’s economic adviser Larry Kudlow said in an interview with Fox Business Network it will be difficult for lawmakers to “execute” a relief package before the Nov. 3 election. Investors also monitored negotiations between Britain and the European Union, which are set to continue next week even after Boris Johnson said he believes a trade deal is now unlikely.
These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time.
* The Stoxx Europe 600 Index jumped 1.3%.
* The MSCI Asia Pacific Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro advanced 0.1% to $1.172.
* The British pound climbed 0.1% to $1.2922.
* The Japanese yen was little changed at 105.40 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 0.74%.
* Britain’s 10-year yield advanced less than one basis point to 0.182%.
* Germany’s 10-year yield dipped one basis point to -0.62%.
Commodities
* West Texas Intermediate crude fell 0.1% to $40.91 a barrel.
* Gold lost 0.3% to $1,902.22 an ounce.
–With assistance from Adam Haigh, Robert Brand, Todd White, Katherine Greifeld, Vildana Hajric and Sarah Ponczek.
Have a wonderful weekend everyone.

Be magnificent!
As ever,
Carolann
Storms make the oak grow deeper roots.
               -George Herbert, 1593-1633

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:

1918-Mata Hari executed.
Virgil, b. 70 BC
John Kenneth Galbraith, b. 1908
P.G. Wodehouse, b. 1881
Friedrich Nietzsche, b. 1844
Duchess Sarah Ferguson, b. 1959

Take a tour through New York City’s East Village, the neighborhood that used to be the home of punks and poets. -NY Times.

1964 – It was announced that Soviet leader Nikita S. Khrushchev had been removed from office. Go to article »

PHOTOS OF THE DAY

Ryde Pier on the Isle of Wight, England, as the Island Line train passes a rainbow.
CREDIT: SIENNA ANDERSON/PICTUREEXCLUSIVE.COM

Head gardener John Moore trims the Boston Ivy at Churchill College at Cambridge University as the leaves turn red in the autumn weather in the sculpture by Nigel Hall
CREDIT: GEOFF ROBINSON PHOTOGRPHY

People gather for the public unveil of the newest work by artist Luciano Garbati, ‘Medusa With The Head of Perseus’, at Collect Pond Park in Manhattan, New York
CREDIT: REUTERS/BRENDAN MCDERMID
Market Closes for October 15^th, 2020 

Market Index	Close	Change
Dow Jones	28494.20	-19.80
		-0.07%
S&P 500	3483.34	-5.33
		-0.15%
NASDAQ	11713.871	-54.858 -0.47%
TSX	16501.03	+45.63
		+0.28%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23507.23	-119.50
		-0.51%
HANG SENG	24158.54	-508.55
		-2.06%
SENSEX	39728.41	-1066.33
		-2.61%
FTSE 100*	5832.52	-102.54 -1.73%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.569	0.582
CND. 30 Year Bond	1.154	1.176
U.S.    10 Year Bond	0.7356	0.7256
U.S. 30 Year Bond	1.5167	1.5074

Currencies

BOC Close	Today	Previous
Canadian $	0.75617	0.76070
US $	1.32245	1.31457
Euro Rate 1 Euro=		Inverse
Canadian $	1.54841	0.64583
US $	1.17087	0.85407

Commodities

Gold	Close	Previous
London Gold Fix	1910.05	1891.30
Oil
WTI Crude Future	40.96	41.04

Market Commentary:
On this day in 1982, the Garn-St. Germain Act, which partially deregulated interest rates, was enacted. Congress thought it was rescuing the savings & loan industry by enabling S&Ls to compete more aggressively for loans and deposits. Signing the bill, Pres. Ronald Reagan said, “It provides a long-term solution for troubled thrift institutions… All in all, I think we hit the jackpot.” But the S&Ls ended up competing themselves into a giant hole, and taxpayers got stuck bailing them out with hundreds of billions of dollars in emergency aid.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares reversed their earlier losses to rise for the first time this week, led by communication services stocks.
The S&P/TSX Composite Index rose 0.3% in Toronto, paring earlier losses of as much as 1%. Communication services and consumer discretionary stocks were the best performers, while health-care companies were the worst.
Meanwhile, Canada’s main opposition party is cautioning the central bank against financing Justin Trudeau’s spending plans beyond immediate pandemic emergency measures, thrusting the Bank of Canada into a political firestorm.
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,907.28 an ounce
FX/Bonds
* The Canadian dollar fell 0.5% to C$1.3218 per U.S. dollar
* The 10-year government bond yield fell to 0.566%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 16,501.03 in Toronto. The move follows the previous session’s decrease of 0.3 percent. Toronto-Dominion Bank contributed the most to the index gain, increasing 0.9 percent. Aritzia Inc. had the largest increase, rising 13.1 percent.
Today, 129 of 223 shares rose, while 88 fell; 9 of 11 sectors were higher, led by industrials stocks.
Insights
* So far this week, the index fell 0.4 percent
* This year, the index fell 3.3 percent, heading for the worst year since 2018
* The index advanced 0.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 8.2 percent below its 52-week high on Feb. 20, 2020 and 47.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and rose 0.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.3 on a trailing basis and 23.5 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$2.52t
* 30-day price volatility little changed to 15.54 percent compared with 15.55 percent in the previous session and the average of 14.64 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 12.9546| 0.6| 18/9
Financials | 11.6150| 0.3| 13/12
Communication Services | 8.2755| 1.0| 6/0
Utilities | 6.3668| 0.7| 15/1
Energy | 5.6354| 0.3| 11/12
Consumer Discretionary | 4.4135| 0.7| 8/5
Information Technology | 2.1199| 0.1| 6/4
Real Estate | 1.9293| 0.4| 20/7
Consumer Staples | 1.8351| 0.3| 8/3
Health Care | -1.3348| -0.8| 4/6
Materials | -8.2015| -0.3| 20/29
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks pared losses as traders awaited news on negotiations over a fresh round of stimulus amid a resurgence in coronavirus cases around the globe. The dollar climbed.
In a volatile session, the S&P 500 came off session lows as banks rebounded from a two-day selloff. House Speaker Nancy Pelosi told Democrats that a Covid-19 relief package won’t wait until January as she was scheduled to have another call with Treasury Secretary Steven Mnuchin. President Donald Trump said he’d go over $1.8 trillion in stimulus. Equities slumped earlier as Europe’s biggest cities clamped down to curb the virus, adding to concern that further restrictions could cause more economic damage.
Investors also assessed data showing an unexpected surge in jobless claims to the highest since August — a troubling sign for a labor market whose recovery from the pandemic was already slowing. Covid-19’s recent march across the Midwest has caught up with the region’s most populous states: Illinois, Ohio and Michigan. Governments around the world are grappling with how to devise targeted strategies that slow the spread of the virus, without resorting to the kind of broad national lockdowns that have decimated the economy.
“What we see the market doing today is reflecting what we think is still a lot of uncertainty,” said David Spika, president of GuideStone Capital Management. “So we do think it’s appropriate for the market to be consolidating some here.”
Elsewhere, the U.K.’s chief Brexit negotiator, David Frost, said he’s “surprised” and “disappointed” by the European Union’s stance at summit talks in Brussels Thursday.
     Here are some key events coming up:
* European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fund and the World Bank Group. Through Oct. 18.

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% at 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 2.1%.
* The MSCI Asia Pacific Index dipped 1.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4%.
* The euro decreased 0.4% to $1.1704.
* The British pound fell 0.8% to $1.2912.
* The Japanese yen weakened 0.2% to 105.38 per dollar.
Bonds
* The yield on 10-year Treasuries decreased less than one basis point to 0.72%.
* Germany’s 10-year yield fell three basis points to -0.61%.
* Britain’s 10-year yield sank four basis points to 0.18%.
Commodities
* The Bloomberg Commodity Index climbed 0.5%.
* West Texas Intermediate crude dipped 0.8% to $40.72 a barrel.
* Gold strengthened 0.2% to $1,904.62 an ounce.
–With assistance from Adam Haigh, Todd White, Cecile Gutscher, Lynn Thomasson, Katherine Greifeld and Claire Ballentine.
Have a great night.

Be magnificent!

As ever,

Carolann

I’m always asking that question: ”What do you want to be remembered for?”  
If you are fortunate, someone with moral authority will ask that question early enough
in your life so that you will continue to ask it as you go through life.  It is a question
that induces you to renew yourself, because it pushes you to see yourself as a
different person – the person you can become.
                                                                    –Peter F. 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

Dear Friends,

Tangents:
William Penn, founded PA, b. 1644
Dwight Eisenhower, 34^th US President, b. 1890
e.e. cummings, b. 1894

On Oct. 14, 1964, civil rights leader Martin Luther King Jr. was named winner of the Nobel Peace Prize. Go to article »

Famed Chef’s Take on Cacio e Pepe Pasta Improves a ‘Perfect’ Dish.  Yotam Ottolenghi tackles a classic.

These Handmade Driving Machines Are Like Nothing Else on the Road–Bloomberg Pursuits.
PHOTOS OF THE DAY

The night sky above Battle Abbey.
Over the next week debris cast by the trail of Halley’s Comet will be visible in the night sky in the form of the Orionid meteor shower.
CREDIT: JIM HOLDEN

Buddhist monks from Bhutan perform the Black Hat mask dance at the Bhutan temple in Bodhgaya.
CREDIT: GETTY IMAGES

Paragliders rise above the morning Autumn mist over Devils Dyke just north of Brighton as dryer more settled weather is forecast for later in the week throughout Britain.
CREDIT: SIMON DACK/ALAMY LIVE NEWS
Market Closes for October 14^th, 2020 

Market Index	Close	Change
Dow Jones	28514.00	-165.81
		-0.58%
S&P 500	3488.67	-23.26
		-0.66%
NASDAQ	11768.730	-95.166 -0.80%
TSX	16455.40	-55.43
		-0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23626.73	+24.95
		+0.11%
HANG SENG	24667.09	+17.41
		+0.07%
SENSEX	40794.74	+169.23
		+0.42%
FTSE 100*	5935.06	-34.65 -0.58%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.582	0.586
CND. 30 Year Bond	1.176	1.189
U.S.    10 Year Bond	0.7256	0.7272
U.S. 30 Year Bond	1.5074	1.5114

Currencies

BOC Close	Today	Previous
Canadian $	0.76070	0.7256
US $	1.31457	1.5074
Euro Rate 1 Euro=		Inverse
Canadian $	1.54456	0.64743
US $	1.17495	0.85110

Commodities

Gold	Close	Previous
London Gold Fix	1891.30	1925.50
Oil
WTI Crude Future	41.04	40.20

Market Commentary:
On this day in 1980, the decade’s IPO boom got off to a roaring start as Genentech went public at an initial offering price of $35. It closed the day’s trading at $71.25, a 103.6% gain, one of the highest first-day returns for a stock in history.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities fell on Wednesday, extending their losses into second day, led by technology companies.
The S&P/TSX Composite index fell 0.3% in Toronto, after earlier rising as much as 0.4%. Tech and health-care stocks fell the most, while materials outperformed. Wealthsimple Inc. raised money from an investor group led by Technology Crossover Ventures that will give the Canadian investment firm unicorn status. The Toronto-based startup closed a fresh round of C$114 million ($87 million) in funding led by Menlo Park, California-based TCV that values it at more than $1 billion, the company said in a statement Wednesday.
Commodities
* Western Canada Select crude oil traded at a $9.65 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,901.65 an ounce
FX/Bonds
* The Canadian dollar fell slightly to C$1.3145 per U.S. dollar
* The 10-year government bond yield fell to 0.582%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3 percent, or 55.43 to 16,455.40 in Toronto. The move was the biggest since falling 1.1 percent on Oct. 6.
Shopify Inc. contributed the most to the index decline, decreasing 2.2 percent. Trillium Therapeutics Inc. had the largest drop, falling 5.3 percent.
Today, 128 of 223 shares fell, while 92 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index fell 3.6 percent, heading for the worst year since 2018
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 8.4 percent below its 52-week high on Feb. 20, 2020 and 47.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.4 percent in the past 5 days and rose 0.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.2 on a trailing basis and 23.5 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$2.53t
* 30-day price volatility fell to 15.55 percent compared with 15.71 percent in the previous session and the average of 14.52 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -32.3362| -1.8| 2/8
Financials | -27.5426| -0.6| 5/21
Energy | -8.3381| -0.5| 10/13
Communication Services | -7.2068| -0.8| 0/7
Real Estate | -4.8235| -0.9| 4/23
Health Care | -2.7168| -1.6| 1/9
Utilities | -2.3294| -0.3| 6/9
Consumer Staples | -2.1320| -0.3| 4/7
Consumer Discretionary | 0.3179| 0.1| 7/6
Industrials | 5.2815| 0.3| 13/14
Materials | 26.3830| 1.0| 40/11
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks dropped after Treasury Secretary Steven Mnuchin down played the chances of striking a stimulus deal before the election.
Traders also parsed earnings from big banks, with Wells Fargo & Co. tumbling 6% after posting a profit slump and warning that net interest income could “get a little bit softer” in 2021. Bank of America Corp. slid amid an increase in trading revenue that was just a fraction of its competitors’ gains, while Goldman Sachs Group Inc. outperformed after earnings per share jumped to a record that was almost twice as high as analysts predicted. Energy stocks joined a rally in oil, with Concho Resources Inc. soaring 10% on a news report that ConocoPhillips is in talks to acquire the company.
Mnuchin said at a conference that getting a stimulus agreement “before the election and executing on that would be difficult.” His remarks came after another in a long series of calls with House Speaker Nancy Pelosi that have failed to seal a deal. While he hoped for bipartisan support for Senate Majority Leader Mitch McConnell’s latest idea — a vote on a narrow bill next week to help small businesses — Democratic leaders have no appetite for piecemeal measures now.
“This has been an ongoing drama,” said Paul Nolte, portfolio manager at Kingsview Investment Management. “They’re getting close, they’re not getting close, we’re still talking, we’re not talking. The latest twist I heard is nothing is going to get done until the election. That’s why I think you’re getting the market selling off a little bit.”
Meanwhile, the Joe Biden campaign on Wednesday denied a New York Post report that said the former vice president met with a senior official from a Ukrainian energy firm that was at the center of a controversy over the dismissal of a prosecutor investigating the company.
     Here are some key events coming up:
* Morgan Stanley’s earnings are scheduled for Thursday.
* U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of a European Union trade deal.
* European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fundand the World Bank Group. Through Oct. 18.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 0.7% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index decreased 0.1%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The euro advanced 0.1% to $1.1753.
* The Japanese yen appreciated 0.4% to 105.08 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 0.72%.
* Germany’s 10-year yield dipped two basis points to -0.58%.
* Britain’s 10-year yield decreased two basis points to 0.22%.
Commodities
* The Bloomberg Commodity Index advanced 0.6%.
* West Texas Intermediate crude rose 2.1% to $41.03 a barrel.
* Gold added 0.6% to $1,903.40 an ounce.

–With assistance from Albertina Torsoli, Adam Haigh, Todd White, Lynn Thomasson and Claire Ballentine.
Have a great night.

Be magnificent!
As ever,

Carolann

Nature does not hurry, yet everything is accomplished. -Lao Tzu

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:
Paul Simon, b. 1941.
Lenny Bruce, b. 1925
On Oct. 13, 1943, Italy declared war on Germany, its one-time Axis partner. Go to article »

Tourist returns stolen artifacts to Pompeii after suffering ‘curse’ for 15 years; Her troubles were actually pretty serious so, c’mon, you can lay off now, Pompeiian curse. -CNN

Take a virtual tour of the small islands speckling the waters surrounding Britain, preserved by caretakers.-NYT.

The rise and rise of creativity.-Bloomberg.

Black hole “spaghetti-fies” a star. –Mike Smedley

Prehistoric footprints offer a vivid snapshot of daily life. –Ellen Kominers
PHOTOS OF THE DAY

A stunning sunset at St. Catherine’s Lighthouse at the most southern point of the Isle of Wight, UK.
CREDIT: BNPS

A baby elephant cuddles up to its mother as she lays on the ground and is treated to a dust shower on a hot day after grazing the planes of Amboseli National Park in Kenya. The pictures were taken by cotton trader Nilesh Shah. The 43 year old said after colossal gazing these elephants found a soft sandy spot, which provided a moment of respite on a hot day. They sprinkle dust on themselves and over others, as it keeps the heat and pests both at bay. Mr Shah added the little ones use this opportunity to cuddle up to their mums. 
CREDIT: NILESH SHAH/SOLENT NEWS

A man rows his boat during sunset at Dal lake in Srinagar, India.
CREDIT: MONEY SHARMA/ AFP VIA GETTY IMAGES
Market Closes for October 13^th, 2020 

Market Index	Close	Change
Dow Jones	28679.81	-151.71
		-0.55%
S&P 500	3511.93	-22.29
		-0.63%
NASDAQ	11863.895	-12.364 -0.10%
TSX	16510.83	-51.98
		-0.31%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23601.78	+43.09
		+0.18%
HANG SENG	24649.68	+530.55
		+2.20%
SENSEX	40625.51	+31.71
		+0.08%
FTSE 100*	5969.71	-31.67 -0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.586	0.628
CND. 30 Year Bond	1.189	1.231
U.S.    10 Year Bond	0.7272	0.7737
U.S. 30 Year Bond	1.5114	1.5731

Currencies

BOC Close	Today	Previous
Canadian $	0.76098	0.76164
US $	1.31410	1.31295
Euro Rate 1 Euro=		Inverse
Canadian $	1.54358	0.64784
US $	1.17463	0.85133

Commodities

Gold	Close	Previous
London Gold Fix	1925.50	1887.45
Oil
WTI Crude Future	40.20	40.60

Market Commentary:
On this day in 1691, Sir Stephen Evance incorporated the Company for Making Hollow Sword Blades in the North of England, one of the earliest companies to issue stock—and the predecessor of the South Sea Co., whose own stock caused a speculative fever that overheated and nearly destroyed the British financial system in 1720.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell with broader markets Tuesday on speculation that recent gains have outpaced prospects for a quick end to the stalemate over fresh economic stimulus in the U.S.
The S&P/TSX Composite index fell 0.3% on Tuesday. Financials, energy and consumer discretionaries were the worst performing sectors, while tech and industrials outperformed.
Within the energy sector, the oil market will suffer a long-lasting blow from the coronavirus, with demand taking years to recover and peaking at a lower level, the International Energy Agency said.
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to West Texas Intermediate
* Spot gold fell 1.6% to $1,893.02 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3139 per U.S. dollar
* The 10-year government bond yield fell to 0.587%

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 16,510.83 in Toronto. The move follows the previous session’s increase of 0.2 percent.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.7 percent. Enerplus Corp. had the largest drop, falling 5.6 percent.
Today, 150 of 223 shares fell, while 73 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 3.2 percent, heading for the worst year since 2018
* The index advanced 0.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 8.1 percent below its 52-week high on Feb. 20, 2020 and 47.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 1.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.3 on a trailing basis and 23.6 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$2.53t
* 30-day price volatility fell to 15.71 percent compared with 16.07 percent in the previous session and the average of 14.48 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -48.4104| -1.0| 4/22
Materials | -17.8733| -0.7| 11/41
Energy | -14.9425| -0.8| 5/18
Consumer Discretionary | -4.8337| -0.8| 5/8
Real Estate | -3.9856| -0.8| 10/17
Consumer Staples | -3.7882| -0.5| 4/7
Utilities | -0.6499| -0.1| 5/11
Health Care | 0.4054| 0.2| 4/6
Communication Services | 5.4601| 0.6| 3/4
Industrials | 16.2806| 0.8| 16/12
Information Technology | 20.3697| 1.2| 6/4
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks fell on speculation that recent gains have outpaced prospects for a quick end to the stalemate over fresh economic stimulus. Treasuries and the dollar climbed.
Banks led losses in the S&P 500, with JPMorgan Chase & Co. and Citigroup Inc. sinking as investors worried that third- quarter earnings signaled just a pause in pain from soured loans. Eli Lilly & Co. tumbled after putting its government- sponsored antibody test on hold due to potential safety concerns, hours after Johnson & Johnson paused its Covid-19 vaccine trial. Amazon.com Inc. closed little changed and Apple Inc. slumped after Monday’s surge in big tech. The online retailer kicked off its Prime Day sale event, while the tech giant unveiled its iPhone 12 line with 5G speed. Prospects for U.S. fiscal stimulus before Election Day dimmed on Tuesday, with House Speaker Nancy Pelosi demanding the Trump administration revamp its latest offer and Senate Republican leader Mitch McConnell pushing a smaller-scale strategy that she quickly rejected. His proposal to vote next week on just one provision appeared to stoke opposition even from President Donald Trump, who tweeted “Go big or go home!!”
“It’s been a rollercoaster ride in terms of communication from both sides,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. “There are still going to be significant pockets of stress in the economy,” and a fiscal package could help bridge the gap until we do get a vaccine, he added.
Meanwhile, Democrats grilled U.S. Supreme Court nominee Amy Coney Barrett for hours about abortion rights, health-care law, guns and election disputes but made little progress derailing her likely Senate confirmation and a strengthened conservative majority on the court.
Here are some key events coming up:
* Results from Wells Fargo, Bank of America and Goldman Sachs are due Wednesday; Morgan Stanley’s earnings are scheduled for Thursday.
* U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of a European Union trade deal.
* European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fund and the World Bank Group. Through Oct. 18.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.5%.
* The MSCI Asia Pacific Index rose 0.1%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.5%.
* The euro decreased 0.6% to $1.1747.
* The Japanese yen weakened 0.1% to 105.48 per dollar.
Bonds
* The yield on 10-year Treasuries slid five basis points to 0.73%.
* Germany’s 10-year yield fell one basis point to -0.56%.
* Britain’s 10-year yield decreased three basis points to 0.239%.
Commodities
* The Bloomberg Commodity Index fell 0.3%.
* West Texas Intermediate crude rose 2% to $40.22 a barrel.
* Gold slid 1.5% to $1,893.74 an ounce.
–With assistance from Andreea Papuc, Joanna Ossinger, Yakob Peterseil, Cecile Gutscher and Lynn Thomasson.

Have a great night.

Be magnificent!
As ever,

Carolann

Worry never robs tomorrow of its sorrow, it only saps today of its joy.
                                                       -Leo Buscaglia, 1924-1998

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.
John Lennon, b. 1940.

The world’s first 3D-printed boat debuted in Italy. The 6.5-meter, 800-kilogram MAMBO watercraft, made of ultra-durable fiberglass by a robotic algorithm, was a highlight of the Genoa International Boat Show. –Bloomberg.

On Oct. 9, 1967, Latin American guerrilla leader Che Guevara was executed in Bolivia while attempting to incite revolution. Go to article »

The World Food Program wins 2020 Nobel Peace Prize. 

Handwriting may engage the brain more than typing. 
PHOTOS OF THE DAY

Matthew Ball and Mayara Magri perform Carousel, If I Loved You, pas de deux by Kenneth MacMillan during the “The Royal Ballet: Back on Stage” photocall at The Royal Opera House in London
CREDIT: ALASTAIR MUIR FOR THE TELEGRAPH

People take part in a yoga class at Ocean Park’s aquarium, as a new activity to attract visitors amid a drop in tourists due to the coronavirus disease outbreak, in Hong Kong, China
CREDIT: TYRONE SIU/ REUTERS

Market Closes for October 9^th, 2020 

Market Index	Close	Change
Dow Jones	28586.90	+161.39
		+0.57%
S&P 500	3477.14	+30.31
		+0.88%
NASDAQ	11579.945	+158.966   +1.39%
TSX	16562.81	+28.27
		+0.17%

 

International Markets

Market Index	Close	Change
NIKKEI	23619.69	-27.38
		-0.12%
HANG SENG	24119.13	-74.22
		-0.31%
SENSEX	40509.49	+326.82
		+0.81%
FTSE 100*	6016.65	+38.62   +0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.628	0.610
CND. 30 Year Bond	1.231	1.200
U.S.    10 Year Bond	0.7737	0.7685
U.S. 30 Year Bond	1.5731	1.5703

Currencies

BOC Close	Today	Previous
Canadian $	0.76164	0.75765
US $	1.31295	1.31987
Euro Rate 1 Euro=		Inverse
Canadian $	1.55324	0.64381
US $	1.18301	0.84530

Commodities

Gold	Close	Previous
London Gold Fix	1887.45	1884.50
Oil
WTI Crude Future	40.60	41.19

Market Commentary:
On this day in 1953, trading on the New York Stock Exchange totaled just 900,000 shares, the last day (so far, at least) on which total daily trading volume was less than one million shares.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for the second week in a row alongside U.S. stocks.
The S&P/TSX Composite Index gained 0.2% Friday to the highest level since Sept. 2, bringing its weekly gain to 2.2%.
Materials and tech shares led the way while eight of 11 sectors retreated.
     School re-openings across Canada allowed a torrent of parents to return to work, the strongest evidence yet of how critical childcare will be to a successful economic recovery.
Prime Minister Justin Trudeau unveiled a new plan Friday to help businesses pay rent amid a second wave of coronavirus in Canada.
Commodities
* Western Canada Select crude oil traded at a $9 discount to West Texas Intermediate
* Spot gold rose 1.8% to $1,928.74 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.3118 per U.S. dollar
* The 10-year government bond yield edged higher to 0.628%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2 percent, or 28.27 to 16,562.81 in Toronto. The index advanced to the highest closing level since Sept. 2.
Shopify Inc. contributed the most to the index gain, increasing 1.9 percent. Eldorado Gold Corp. had the largest increase, rising 10.1 percent.
Today, 91 of 223 shares rose, while 123 fell; 3 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 2.2 percent, heading for the biggest advance since the week ended Aug. 7
* This year, the index fell 2.9 percent, heading for the worst year since 2018
* The index advanced 1.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 19 percent in the same period
* The S&P/TSX Composite is 7.8 percent below its 52-week high on Feb. 20, 2020 and 48.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.4 on a trailing basis and 23.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.53t
* 30-day price volatility little changed to 16.07 percent compared with 16.06 percent in the previous session and the average of 14.22 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 80.0022| 3.2| 38/13
Information Technology | 20.8534| 1.2| 5/5
Industrials | 5.2657| 0.3| 12/16
Consumer Discretionary | -1.0526| -0.2| 7/5
Health Care | -1.5691| -0.9| 5/5
Real Estate | -1.6934| -0.3| 5/20
Utilities | -3.1483| -0.4| 6/8
Consumer Staples | -3.6531| -0.5| 3/8
Communication Services | -5.0609| -0.6| 1/6
Energy | -25.7365| -1.4| 2/18
Financials | -35.9362| -0.8| 7/19
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks rallied, with the S&P 500 posting its biggest weekly increase since July, as traders bet lawmakers are moving closer to providing more fiscal stimulus.
Treasury yields were mostly flat and the dollar slipped.
The benchmark equity gauge rose for a third day with President Donald Trump saying he now wants an even bigger package than what Democrats offered. For the week, the index finished up 3.8%. The tech-heavy Nasdaq 100 jumped 1.5% on Friday, with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.
“We’ve had this whipsaw around wondering if there will be more fiscal stimulus, which I think we desperately need to keep the economy rolling,” said Ron Temple, head of U.S. equity at Lazard Asset Management LLC.
European stocks rose as a host of companies raised outlooks, from Denmark’s drug maker Novo Nordisk A/S to German online clothing retailer Zalando SE. Stocks fell in Spain, where the government’s cabinet met to declare a state of emergency for Madrid to control Covid-19. Italy’s 10-year bond yield fell a record low. Investors ended a volatile week with a risk-on attitude.
With Trump recuperating from Covid-19 in the final stretch of the election campaign, they’re increasingly betting a Joe Biden victory is likely. Speculation is moving now to whether Democrats will sweep Congress too and then enact massive stimulus. “There’s also the possibly you could see a Democratic sweep
in the election and that raises the prospects for higher taxes, which would be a negative, but also for really pronounced stimulus and that could take some of the more extreme risks off the table,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management Treasury Secretary Steven Mnuchin headed into talks with
House Speaker Nancy Pelosi on Friday carrying a White House offer of $1.8 trillion for economic stimulus, according to people familiar with the matter. Senate Majority Leader Mitch McConnell said earlier it was unlikely an agreement could be reached in Congress before the election.
Elsewhere, Vanguard Group Inc. returned about $21 billion in managed assets to government clients in China as part of a global shift to focus on low-cost funds for individual investors, according to people familiar with the matter.
Oil in New York edged lower with Hurricane Delta’s top sustained winds weakening as the storm approached the U.S. Gulf Coast.
These are some of the main moves in global markets:
Stocks
* The S&P 500 Index climbed 0.9% to 3,477.10 as of 4:01 p.m. New York time, the highest in more than five weeks.
* The Dow Jones Industrial Average rose 0.6% to 28,586.97, the highest in more than five weeks.
* The Nasdaq Composite Index increased 1.4% to 11,579.95, the highest in more than five weeks.
* The Nasdaq 100 Index jumped 1.5% to 11,725.85, the highest in five weeks.
* The Stoxx Europe 600 Index gained 0.6% to 370.35, the highest in more than three weeks.
Currencies
* The Bloomberg Dollar Spot Index declined 0.7% to 1,162.56, the lowest in more than three weeks on the biggest drop in six weeks.
* The euro rose 0.6% to $1.1824, the strongest in three weeks.
* The Japanese yen appreciated 0.4% to 105.61 per dollar, the strongest in a week on the biggest advance in more than three weeks.
Bonds
* The yield on 10-year Treasuries decreased one basis point to 0.77%.
* The yield on 30-year Treasuries dipped two basis points to 1.57%.
* Germany’s 10-year yield declined less than one basis point to -0.53%, the lowest in a week.
* Britain’s 10-year yield fell one basis point to 0.28%, the lowest in a week.
Commodities
* West Texas Intermediate crude decreased 1.6% to $40.54 a barrel.
* Gold strengthened 1.8% to $1,928.68 an ounce, the highest in three weeks on the biggest climb in more than seven weeks.
* Copper gained 1.2% to $3.08 a pound, the highest in three weeks.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

From that hour Siddhartha ceased to fight against his destiny.  There shone in his face the serenity of knowledge,
of one who is no longer confronted with conflict of desires, who has found salvation, who is in harmony with the
stream of events, with the stream of life, full of sympathy and compassion, surrendering himself to the stream,
belonging to the unity of all things.                                                – Hermann Hesse, 1877-1962, Siddhartha

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