Category: Newsletters

Dear Friends,

Tangents:

F. Scott Fitzgerald, writer, b. 1896
Jim Henson, muppet creator, b. 1936

1950: Operation Magic Carpet concludes after having transported 45,000 Yemenite Jews to Israel.

On Sept. 24, 1996, the United States and the world’s other major nuclear powers signed a treaty to end all testing and development of nuclear weapons. Go to article »

Scientists find 115,000-year-old human footprints in Saudi Arabia.-Bloomberg.

Rolling Stone is giving its list of 500 Greatest Albums of All Time a major update.  Good news for fans of pop, soul and hip-hop. –CNN

The New Year’s Eve ball drop at Times Square is going virtual this year.  Real ones know that at home on the couch was already the best way to watch, even before Covid-19.-CNN

Pandemic baking has gotten weird.

Most of us aren’t traveling right now. But that doesn’t mean we can’t live vicariously.
The Times Magazine’s annual Voyages issue takes us up, up and away from it all with a climb through the Tetons in Wyoming, above, to Naples, Italy where a writer took comfort in paintings by Caravaggio and to Istanbul’s public baths (weeks before lockdown). The trips helped our travelers and writers understand what we’ve lost.
And a little closer to home, our architecture critic “strolled” around Times Square with Jerold Kayden, a professor at Harvard’s
design school, for his latest virtual tour around New York City. –The New York Times.
PHOTOS OF THE DAY

Maasai men of Matapato attend the Olng’esherr (meat-eating) passage ceremony to unite two age-sets; the older Ilpaamu and the younger Ilaitete into senior elder-hood as the final rite of passage, after the event was initially postponed due to COVID-19 outbreak in Maparasha hills of Kajiado, Kenya
CREDIT: REUTERS/THOMAS MUKOYA

French primary school teacher and tattoo enthusiast Sylvain Helaine, known as Freaky Hoody, poses during a photo session in Palaiseau, a south of Paris suburb, France

Frankie Frezzell (R), 2, and Lucille Wilson (L), 3, wait in line dressed as Ruth Bader Ginsburg to view the casket of the Associate Justice who is lying in repose at the U.S. Supreme
CREDIT:WIN MACNAMEE/GETTY IMAGES
Market Closes for September 24th, 2020 

Market Index	Close	Change
Dow Jones	26815.44	+52.31
		+0.20%
S&P 500	3246.59	+9.67
		+0.30%
NASDAQ	10672.266	+39.281 +0.37%
TSX	15912.26	+95.15
		+0.60%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23087.82	-258.67
		-1.11%
HANG SENG	23311.07	-431.44
		-1.82%
SENSEX	36553.60	-1114.82
		-2.96%
FTSE 100*	5822.78	-76.48 -1.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.557	0.557
CND. 30 Year Bond	1.077	1.081
U.S.    10 Year Bond	0.6675	0.6773
U.S. 30 Year Bond	1.4058	1.4220

Currencies

BOC Close	Today	Previous
Canadian $	0.74888	0.74736
US $	1.33533	1.33804
Euro Rate 1 Euro=		Inverse
Canadian $	1.55845	0.64166
US $	1.16709	0.85683

Commodities

Gold	Close	Previous
London Gold Fix	1873.40	1906.00
Oil
WTI Crude Future	40.16	39.73

Market Commentary:
On this day in 1974, John C. Bogle incorporated the Vanguard Group of Investment Cos. to administer—and to be owned by—the Vanguard family of mutual funds. For the first time, large numbers of investors were able to have their money professionally managed without having to pay exorbitant fees to the fund managers.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose Thursday after a weak previous session.
The S&P/TSX Composite Index advanced 0.6%. Canada’s materials index jumped, leading nine of eleven sectors higher.
Health care remained a laggard, falling for a seventh consecutive session. Gold rebounded from a two-month low after the dollar weakened and the metal approached a technical support level.
Meanwhile, oil gained as optimism that Congress may resume talks over another round of economic stimulus provided a glimmer of hope for an otherwise dreary demand outlook. Prime Minister Justin Trudeau appears to have sweetened an ambitious spending plan enough to push it through parliament and avoid an election.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold rose 0.4% to $1,870 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3352 per U.S. dollar
* The 10-year government bond edged lower to 0.555%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 15,912.26 in Toronto. The move follows the previous session’s decrease of 2 percent. Barrick Gold Corp. contributed the most to the index gain, increasing 2.1 percent. Kinross Gold Corp. had the largest increase, rising 7.2 percent.
Today, 144 of 223 shares rose, while 75 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index fell 1.8 percent
* This quarter, the index rose 2.6 percent
* This month, the index fell 3.6 percent
* This year, the index fell 6.7 percent, heading for the worst year since 2018
* The index declined 5.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.3 percent in the same period
* The S&P/TSX Composite is 11.5 percent below its 52-week high on Feb. 20, 2020 and 42.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.1 percent in the past 5 days and fell 4.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.4 on a trailing basis and 22.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.42t
* 30-day price volatility rose to 14.57 percent compared with
14.40 percent in the previous session and the average of 11.78 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 62.0349| 2.6| 43/9
Financials | 17.1100| 0.4| 16/10
Industrials | 8.3479| 0.4| 20/8
Energy | 7.8149| 0.4| 14/7
Consumer Discretionary | 5.1193| 0.9| 9/4
Real Estate | 4.0539| 0.8| 14/12
Communication Services | 2.4230| 0.3| 4/3
Utilities | 1.9543| 0.2| 10/6
Consumer Staples | 1.7603| 0.2| 7/3
Health Care | -3.3516| -2.2| 2/8
Information Technology | -12.1134| -0.8| 5/5
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks whipsawed as investors weighed the chances of a compromise on a new stimulus package amid concern over an uptick in global coronavirus cases. The dollar fell.
The S&P 500 pared most of its earlier rally after optimism faded that Congress would reach a spending deal with the White House. Stocks surged midday on news that Treasury Secretary Steven Mnuchin and the Democratic House leader were open to fresh talks. But a report that Speaker Nancy Pelosi’s fresh overture deviated only slightly from previous offers sparked concern that the two sides would remain far apart. The stock gauge still closed above a key support level: Its average price of the past 100 days.
House Democrats have started drafting a stimulus proposal of roughly $2.4 trillion, according to multiple officials. While smaller than the $3.4 trillion package the House passed in May, the new proposal remains much larger than what Senate Republicans have said they could accept. President Donald Trump has indicated he’d be willing to go as high as $1.5 trillion.
“The odds of Phase 4 stimulus are a close call,” wrote Aneta Markowska, chief economist at Jefferies LLC in New York. “While still possible, there is a high risk that it does not happen this year. Without it, we would expect the economy to hit a major speed bump in Q4.” The risk of a slowdown in the economic recovery has risen with the lack of another stimulus package, prompting Goldman Sachs Group Inc. economists to cut their forecast for U.S. growth in the fourth quarter. Federal Reserve Chairman Jerome
Powell reiterated that “it’s likely that additional fiscal support will be needed,” while Fed Bank of St. Louis President James Bullard said the economy may be close to a “full recovery” by year-end.
High-frequency data that tracks economic activity show a slowdown in the recovery from the height of the lockdowns, with Americans again cutting back on flights and going out to eat less often. As Europe reemerged as a hot spot for Covid-19, the U.K. reported the highest number of new cases in a single day since the start of the pandemic, while France’s new infections jumped to a record. Republican lawmakers vowed that the presidential transition after November’s election will occur without disruption, in a rebuke to President Donald Trump’s refusal to commit to a peaceful transfer of power. Democratic presidential nominee Joe Biden’s search for a Treasury secretary is widely seen as focusing on Lael Brainard of the Fed, a choice that would keep both Wall Street and progressives in line.
     These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 0.3% at 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1%.
* The MSCI Asia Pacific Index sank 1.8%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1%.
* The euro climbed 0.1% to $1.1673.
* The Japanese yen was little changed at 105.41 per dollar.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 0.66%.
* Germany’s 10-year yield climbed less than one basis point to -0.50%.
* Britain’s 10-year yield advanced less than one basis point to 0.219%.
Commodities
* West Texas Intermediate crude advanced 0.7% to $40.22 a barrel.
* Gold strengthened 0.4% to $1,870.16 an ounce.
* Silver strengthened 2.1% to $23.25 per ounce.
–With assistance from Joanna Ossinger, Adam Haigh, Constantine
Courcoulas, Cecile Gutscher, Lynn Thomasson, Casey Wagner, Vildana Hajric and Claire Ballentine.

Have a great night.

Be magnificent!

As ever,

Carolann

Do the best you can until you know better. Then when you know better, do better.
                                                                           -Maya Angelou, 1928-2014

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:
September 23, 1846- Neptune discovered.

Euripides, playwright, b. 480 BCE.
John Coltrane, musician, b. 1926
Ray Charles, b. 1930.
Bruce Springsteen, b. 1949.

Take a virtual tour of Montana, where the trout are plentiful and the crafting of fly-fishing rods is an art. -The New York Times.

Why there is no speed limit in the superfluid universe.

On Sept. 23, 1952, Republican vice-presidential candidate Richard M. Nixon went on television to deliver what came to be known as the ”Checkers” speech as he denied
allegations of improper campaign financing. Go to article »

-from Bloomberg today:
Researchers build the first human bionic eye.

Chitin could build tools and habitats on Mars.

What is a minimally good life?

PHOTOS OF THE DAY

Morning fog in Kvaerndrup, Fyn island, Denmark
CREDIT: MICHAEL BAGER/ EPA -EFE/ SHUTTERSTOCK

A yacht sails ahead of an approaching rainstorm over The Mediterranean Sea, near the coast of the French Riviera city of Nice, southern France
CREDIT: VALERY HACHE/ AFP VIA GETTY IMAGES

Ben Taylor of the Little Car Company in partnership with Aston Martin driving an electric Aston Martin DB5 with an original DB5 in the background.
CREDIT: PAUL GROVER FOR THE TELEGRAPH

Sir Anthony Gormley with his latest work “look II” on West Hoe Pier, Plymouth
CREDIT: DALE CHERRY FOR THE TELEGRAPH
Market Closes for September 23rd, 2020 

Market Index	Close	Change
Dow Jones	26763.13	-525.05
		-1.92%
S&P 500	3236.92	-78.65
		-2.37%
NASDAQ	10632.984	-330.653 -3.02%
TSX	15817.11	-325.78
		-2.02%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23346.49	-13.81
		-0.06%
HANG SENG	23742.51	+25.66
		+0.11%
SENSEX	37668.42	-65.66
		-0.17%
FTSE 100*	5899.26	+69.80 +1.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.557	0.555
CND. 30 Year Bond	1.081	1.080
U.S.    10 Year Bond	0.6773	0.6691
U.S. 30 Year Bond	1.4220	1.4233

Currencies

BOC Close	Today	Previous
Canadian $	0.74736	0.75168
US $	1.33804	1.33035
Euro Rate 1 Euro=		Inverse
Canadian $	1.56061	0.64078
US $	1.16634	0.85739

Commodities

Gold	Close	Previous
London Gold Fix	1906.00	1909.35
Oil
WTI Crude Future	39.73	39.60

Market Commentary:
On this day in 1998, Wall Street’s top investment banks, encouraged by the Federal Reserve, completed marathon negotiations for a $3.65 billion bailout of the giant hedge fund Long-Term Capital Management, which lost nearly $2 billion in a single month when the mathematical models designed by two Nobel laureates failed.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Wednesday as confidence in the economic recovery waned. Shares in the U.S. also retreated amid warnings from Federal Reserve officials on the need for more stimulus.
The S&P/TSX Composite Index sank 2%, the most since June 11. Nine of 11 sectors retreated, with materials and health care among the laggards. Aurora Cannabis Inc. lost 28% after a weak earnings report.
Gold’s slump this week is forcing investors to ask whether the haven asset is taking a breather or facing an even sharper decline. Prime Minister Justin Trudeau says his government will launch a campaign to create 1 million jobs in Canada, returning employment to pre-pandemic levels.
Commodities
* Western Canada Select crude oil traded at a $10.60 discount to West Texas Intermediate
* Spot gold fell 2% to $1,860 an ounce
FX/Bonds
* The Canadian dollar weakened 0.6% to C$1.3383 per U.S. dollar
* The 10-year government bond edged lower to 0.557%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 2 percent at 15,817.11 in Toronto. The move was the biggest since falling 4.1 percent on June 11 and follows the previous session’s increase of 1 percent.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 205 of 223 shares fell, while 16 rose.
Shopify Inc. contributed the most to the index decline, decreasing 3.0 percent. Aurora Cannabis Inc. had the largest drop, falling 29.1 percent.
Insights
* In the past year, the index had a similar or greater loss 17 times. The next day, it advanced 11 times for an average 3.8 percent and declined six times for an average 5 percent
* This month, the index fell 4.2 percent
* This quarter, the index rose 1.9 percent
* This year, the index fell 7.3 percent, heading for the worst year since 2018
* The index declined 6.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 8 percent in the same period
* The S&P/TSX Composite is 12 percent below its 52-week high on Feb. 20, 2020 and 41.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.9 percent in the past 5 days and fell 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.1 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.47t
* 30-day price volatility rose to 14.40 percent compared with 13.28 percent in the previous session and the average of 11.65 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -129.7538| -5.1| 1/51
Energy | -58.2727| -3.2| 2/20
Financials | -54.5791| -1.2| 0/26
Information Technology| -36.0200| -2.3| 1/9
Industrials | -12.3276| -0.6| 3/24
Utilities | -10.7467| -1.3| 0/16
Communication Services| -10.7314| -1.3| 1/6
Real Estate | -10.1197| -2.0| 1/26
Health Care | -8.1271| -5.1| 0/10
Consumer Discretionary| 2.2855| 0.4| 5/8
Consumer Staples | 2.6104| 0.4| 2/9
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — Stocks slumped to an eight-week low amid warnings from Federal Reserve officials on the need for more stimulus to lift the world’s largest economy from a coronavirus-induced recession. The dollar rallied.
The S&P 500 closed near the threshold that many investors consider to be a market correction, while the Nasdaq 100 tumbled more than 3%, led by giants Apple Inc. and Amazon.com Inc. Fed Chairman Jerome Powell reiterated there’s a long way to go for the economic rebound, which will likely require more support.
The need for further aid was also stressed by Vice Chairman Richard Clarida, Governor Randal Quarles and regional chiefs Charles Evans, Loretta Mester and Eric Rosengren.
The warnings come days after Congress all but ended its pursuit of a bipartisan spending bill to focus on replacing Ruth Bader Ginsburg on the Supreme Court. It’s another blow to investors who are also watching virus cases tick higher in the U.S. amid a resurgence in infections around the world. Traders are growing cautious about the strength of the economic recovery, with the chances for Congressional stimulus withering ahead of a contentious election battle. The benchmark gauge of U.S. equities is poised for its first monthly slide since March.
“Markets are digesting and grappling with this idea that the growth expectations that investors have might not materialize,” said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “As the fiscal impulse in the U.S. starts to wane, some of these expectations for a slow and steady recovery are shaken.”
On corporate news, Tesla Inc. plunged after its “Battery Day” event fell short of expectations. Nike Inc. rallied on solid earnings, while GoodRx Holdings Inc. — which operates a telemedicine site and platform to track drug prices — surged in its trading debut.

     These are some events to watch this week:
* Powell and Treasury Secretary Steven Mnuchin will testify before a Senate committee on the economic response to the pandemic on Thursday.
* U.S. initial jobless claims are due Thursday.

Here are some of the main moves in markets:
Stocks
* The S&P 500 declined 2.4% at 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.6%.
* The MSCI Asia Pacific Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.7%.
* The euro fell 0.4% to $1.1659.
* The Japanese yen depreciated 0.4% to 105.40 per dollar.
Bonds
* The yield on 10-year Treasuries was unchanged at 0.67%.
* Germany’s 10-year yield was unchanged at -0.51%.
* Britain’s 10-year yield increased two basis points to 0.218%.
Commodities
* West Texas Intermediate crude fell 0.7% to $39.52 a barrel.
* Gold depreciated 2.1% to $1,859.48 an ounce.
* Silver depreciated 7.3% to $22.62 per ounce.
–With assistance from Constantine Courcoulas, Adam Haigh, Todd
White, Cecile Gutscher, Lynn Thomasson, Vildana Hajric, Vassilis Karamanis and Claire Ballentine.
Have  a great night.

Be magnificent!
As ever,

Carolann

You better live every day like your last because one day you’re going to be right.
                                                                           -Ray Charles, 1930-2004

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

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

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

Dear Friends,

Tangents:  Today is the Autumnal equinox – two moments in the year when the Sun is exactly above the Equator and day and night are of equal length; also, either of the two points in the sky where the ecliptic (the Sun’s annual pathway) and the celestial equator intersect.

“Pi Earth” circles its star once every 3.14 days.

Maybe Nero wasn’t so bad?

One old TV set disrupted a whole village’s broadband service.

Acorn woodpeckers have prolonged wars while other birds spectate.

The first man to climb Everest 10 times has died at 72.  Ang Rita Sherpa was known as the “snow leopard.” –CNN.

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

A view of Tu Hwnt I’r Bont Tea Rooms in Llanrwst, North Wales, UK, which is covered in Virginia Creeper that has started its change into autumnal colours.
CREDIT: PETER BYRNE/PA WIRE

A car is silhouetted against the setting sun, in Shawnee, Kasas, USA. Sunsets have been more vibrant than normal recently as smoke from western wildfires drifts across the United States.
CREDIT: AP PHOTO/ CHARLIE RIEDEL

A race horse is sprayed with water to cool it down following a race at Warwick Racecourse, UK.
CREDIT: DAVID DAVIES/PA WIRE

Pod of 250 Pilot whales stranded in Macquarie Harbour on Tasmania’s west cost.
CREDIT: TELEGRAPH, SEPTEMBER 22, 2020
Market Closes for September 22^nd, 2020 

Market Index	Close	Change
Dow Jones	27288.18	+140.48
		+0.52%
S&P 500	3315.50	+34.44
		+1.05%
NASDAQ	10963.637	+184.839 +1.71%
TSX	16161.22	+179.45
		+1.12%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23360.30	+40.93
		+0.18%
HANG SENG	23716.85	-233.84
		-0.98%
SENSEX	37734.08	-300.06
		-0.79%
FTSE 100*	5829.46	+25.17 +0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.555	0.551
CND. 30 Year Bond	1.080	1.076
U.S.    10 Year Bond	0.6691	0.6675
U.S. 30 Year Bond	1.4233	1.4168

Currencies

BOC Close	Today	Previous
Canadian $	0.75168	0.75141
US $	1.33035	1.33084
Euro Rate 1 Euro=		Inverse
Canadian $	1.55769	0.64198
US $	1.17089	0.85405

Commodities

Gold	Close	Previous
London Gold Fix	1909.35	1950.85
Oil
WTI Crude Future	39.60	39.31

Market Commentary:
On this day in 1985, finance ministers and central bankers of the U.S., France, Germany, Japan and the U.K., meeting at the Plaza Hotel in New York City, announced coordinated measures to reduce the foreign-currency value of the U.S. dollar, which was near all-time highs. The “Plaza Accord” worked, as the dollar began a decade-long decline, spurring U.S. exports and creating a windfall for U.S. investors in foreign stocks.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rallied Tuesday after a weak Monday, led by consumer staples and tech shares.
The S&P/TSX Composite Index rose 1%, with all eleven sectors gaining. Toronto’s consumer staples index closed at a record high. Shares including Metro Inc. and Empire Co. both gained more than 3%.
Meanwhile, Transat AT Inc. fell to an eight-year low as investors bet against a travel recovery and the completion of a takeover by Air Canada.
Ford Motor Co. reached a tentative contract agreement with the union representing its Canadian production workers that saves its only vehicle-assembly plant there.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,902.50 an ounce
FX/Bonds
* The Canadian dollar rose 0.01% to C$1.3307 per U.S. dollar
* The 10-year government bond yield advanced to 0.555%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1 percent at 16,142.89 in Toronto. The move was the biggest since rising 1.8 percent on Sept. 9 and follows the previous session’s decrease of 1.3 percent.
Today, information technology stocks led the market higher, as all sectors gained; 152 of 223 shares rose, while 67 fell.
Shopify Inc. contributed the most to the index gain, increasing 2.7 percent. Aurora Cannabis Inc. had the largest increase, rising 15.2 percent.
Insights
* This month, the index fell 2.2 percent
* This quarter, the index rose 4 percent
* This year, the index fell 5.4 percent, heading for the worst year since 2018
* The index declined 4.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 10.2 percent below its 52-week high on Feb. 20, 2020 and 44.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.8 percent in the past 5 days and fell 2.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 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$2.44t
* 30-day price volatility rose to 13.28 percent compared with 12.95 percent in the previous session and the average of 11.52 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 37.4215| 2.4| 10/0
Energy | 30.5936| 1.7| 19/4
Industrials | 25.6980| 1.3| 21/7
Consumer Staples | 21.9253| 3.2| 11/0
Utilities | 12.4683| 1.5| 16/0
Communication Services | 12.2806| 1.5| 7/0
Materials | 10.5550| 0.4| 25/24
Consumer Discretionary | 7.4294| 1.4| 10/3
Financials | 2.0209| 0.0| 14/12
Real Estate | 0.6810| 0.1| 14/12
Health Care | 0.0439| 0.0| 5/5
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed as dip buyers emerged after the market selloff, tempering concern over remarks from Federal Reserve officials that pointed to a slow economic recovery. The dollar rose.
Most groups in the S&P 500 advanced, with retailers and tech companies among the biggest gainers. The Nasdaq 100 notched a back-to-back rally, while the Dow Jones Industrial Average underperformed amid a drop in banks. Equities fell earlier Tuesday as Fed Chairman Jerome Powell said the economy has a long way to go before fully recovering and will need further support. Meanwhile, Chicago Fed President Charles Evans noted that rates could rise before the inflation target is reached. Nike Inc. rallied in late trading as the sportswear maker returned to profit and posted far better revenue than predicted.
American stocks are still heading toward their first monthly slide since March on concern Congress hasn’t agreed on another fiscal stimulus package, while an increase in global virus cases has raised the specter of more lockdowns. British Prime Minister Boris Johnson announced new restrictions that are likely to last six months and told people to work from home if possible, saying the country is at a “perilous turning point” for the virus.
“We think equities will move higher over the medium term, thanks to the likely development of a successful vaccine, an end to election uncertainty, the passage of new U.S. fiscal stimulus, and continued extraordinary global monetary support,” wrote Mark Haefele, chief investment officer of global wealth management at UBS Group AG. “However, the path to ‘more normal’ is likely to be bumpy,” he said, adding that “we therefore expect volatility to persist over the balance of the year.”
These are some events to watch this week:
* Powell appears before the House Select Subcommittee on the coronavirus to discuss the central bank’s response on Wednesday.
* New Zealand rate decision on Wednesday.
* U.S. initial jobless claims are due Thursday.

These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 1.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.2%.
* The MSCI Asia Pacific Index fell 0.8%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.5%.
* The euro decreased 0.5% to $1.1708.
* The Japanese yen depreciated 0.3% to 104.98 per dollar.
Bonds
* The yield on 10-year Treasuries advanced one basis point to 0.67%.
* Germany’s 10-year yield advanced three basis points to -0.51%.
* Britain’s 10-year yield gained five basis points to 0.203%.
Commodities
* West Texas Intermediate crude advanced 0.7% to $39.60 a barrel.
* Gold depreciated 0.5% to $1,902.20 an ounce.
–With assistance from Joanna Ossinger, Andreea Papuc, Todd
White, Yakob Peterseil, Lynn Thomasson, Claire Ballentine and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

Life’s a bit like mountaineering – never look down.
             -Sir Edmund Percival Hillary, 1919-2008

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: Last day of summer today.

From Bloomberg today:
Milk products can now be 3D-printed. (h/t Mike Smedley)

People are booking flights to nowhere. (h/t Ellen Kominers)

Archaeologists unearth 2,500-year-old sarcophagi. (h/t Scott Kominers)

2001 – Congress approved $15 billion to help an airline industry reeling from the Sept. 11 terrorist attacks. Go to article »

The four most promising other worlds for life in the solar system.

When researchers attached cameras to Pacific Northwest orcas, a marvelous underwater world was revealed. Have a look and a listen.–The Seattle Times.
PHOTOS OF THE DAY

Moonset Behind the Statue of Liberty in New York City, USA.
CREDIT: GARY HERSHORN/GETTY IMAGES

Bear fight it out in the middle of the river over their fish dinner. This hungry beat proves he’s definitely not one to be messed with – punching his rival square on the nose as the pair faced off over a juicy salmon. Photographer Valerio Ferraro was watching the pair scrap over wild salmon in Kamchatka, Russia when two of the brown bears both fancied the same fish for dinner. The two enormous beasts stood up on their back legs and squared off – until one of the bears thew a right hook and claimed victory, before strutting off with salmon in mouth. Valerio said:” It was certainly a bear I didn’t want to mess with.”
CREDIT: VALERIO FERRARO/ CATERS NEWS

Sunset over the Irish Sea in Blackpool, UK.
CREDIT: KARL HOUGHTON/BAV MEDIA

These incredible images show swallows darting through a jagged opening in a farm building in North Tuddenham in Norfolk, UK. The smashed window was their “door” into a shed where they have raised three broods this summer. It will soon be time for them to fly south for the winter with their offspring to Namibia or South Africa, a journey that will take them six weeks.
CREDRT: VINCE BURTON/ SWNS. COM
Market Closes for September 21^st, 2020 

Market Index	Close	Change
Dow Jones	27147.70	-509.72
		-1.84%
S&P 500	3281.06	-38.41
		-1.16%
NASDAQ	10778.797	-14.458 -0.13%
TSX	15981.77	-217.19
		-1.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23360.30	+40.93
		+0.18%
HANG SENG	23950.69	-504.72
		-2.06%
SENSEX	38034.14	-811.68
		-2.09%
FTSE 100*	5804.29	-202.76 -3.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.551	0.580
CND. 30 Year Bond	1.076	1.102
U.S.    10 Year Bond	0.6675	0.6953
U.S. 30 Year Bond	1.4168	1.4532

Currencies

BOC Close	Today	Previous
Canadian $	0.75141	0.75737
US $	1.33084	1.32037
Euro Rate 1 Euro=		Inverse
Canadian $	1.56626	0.63846
US $	1.17690	0.84969

Commodities

Gold	Close	Previous
London Gold Fix	1950.85	1936.25
Oil
WTI Crude Future	39.31	41.11

Market Commentary:
On this day in 1931, the day after the Bank of England abandoned the gold standard, U.S. stocks tumbled. The Dow plunged 6.2% to an intraday low of 104.79, and the New York Stock Exchange authorities debated closing the market. But NYSE President Richard Whitney insisted that the market should remain open, and the executives compromised by instituting a temporary ban on short-selling. By day’s end, stocks had recovered almost all their lost ground, with the Dow closing down less than 1%.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dropped Monday as investors assess a clouded economic outlook amid rising coronavirus cases.
The S&P/TSX Composite Index fell 1.3% to its lowest level since July 14. Nine of 11 sectors retreated, while information technology and consumer staples gained.
Oil dropped as U.S. equities slid to a two-month low on mounting concerns over prolonged coronavirus restrictions while Libya signaled the resumption of some crude exports. Russ Girling, the man who spent a decade battling to build the controversial Keystone XL crude oil pipeline, is stepping down as TC Energy Corp.’s chief executive officer with the project still uncompleted.
Meanwhile, Prime Minister Justin Trudeau is set to unveil a new plan to try to contain the spread of Covid-19 and recharge Canada’s pandemic-battered economy, according to a senior government official.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold fell 2% to $1,912.83 an ounce
FX/Bonds
* The Canadian dollar fell 0.8% to C$1.3304 per U.S. dollar
* The 10-year government bond yield fell 2.8 basis points to 0.549%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 1.3 percent, or 217.19 to 15,981.77 in Toronto.
The move was the biggest since falling 1.4 percent on Sept. 4.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 193 of 223 shares fell, while 29 rose.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.1 percent. First Majestic Silver Corp. had the largest drop, falling 9.3 percent.
Insights
* This month, the index fell 3.2 percent
* This quarter, the index rose 3 percent
* This year, the index fell 6.3 percent, heading for the worst year since 2018
* The index declined 5.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.6 percent in the same period
* The S&P/TSX Composite is 11.1 percent below its 52-week high on Feb. 20, 2020 and 43 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.3 percent in the past 5 days and fell 3.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.4 on a trailing basis and 23.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.47t
* 30-day price volatility rose to 12.95 percent compared with 12.47 percent in the previous session and the average of 11.39 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -80.2481| -3.1| 2/50
Financials | -68.9228| -1.5| 2/24
Energy | -42.9524| -2.3| 1/22
Industrials | -18.1327| -0.9| 5/23
Consumer Discretionary | -14.2101| -2.6| 1/12
Real Estate | -10.6764| -2.1| 1/25
Communication Services | -9.8736| -1.2| 0/7
Utilities | -5.9065| -0.7| 5/11
Health Care | -5.1227| -3.1| 0/10
Consumer Staples | 2.6088| 0.4| 7/4
Information Technology | 36.2429| 2.4| 5/5
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks pared losses as a rebound in some tech giants tempered concern over cloudy prospects for economic stimulus and a report about suspicious transactions at global banks. Bonds and the dollar rose.
After approaching the threshold that many investors consider to be a market correction, the S&P 500 came off session lows as the Nasdaq 100 climbed. Commodity and industrial shares still led the benchmark gauge to its lowest in almost two months. JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. slumped more than 2%. Carnival Corp. and American Airlines Group Inc. paced losses in travel companies on worries that an increase in coronavirus cases could prompt further lockdown measures.
The eruption of a partisan battle over replacing Supreme Court Justice Ruth Bader Ginsburg damaged already-slim prospects for another round of fiscal stimulus. Speaker Nancy Pelosi and House Democrats released a stopgap government funding bill without support from the White House or Senate Republicans.
Federal Reserve Chairman Jerome Powell said the economy is improving, but has a long way to go before a full recovery from the pandemic. Former Food and Drug Administration Commissioner Scott Gottlieb warned the U.S. may experience “at least one more cycle” of the virus in the fall and winter.
Meanwhile, a new investigation by the International Consortium of Investigative Journalists said some big global banks “kept profiting from powerful and dangerous players” in the past two decades even after the U.S. imposed penalties. “Maybe there are worries we will see another wave of lockdowns. We also have U.S. political risk rising,” according to Jeffrey Kleintop, chief global investment strategist at Charles Schwab Corp. “There are some concerns there could be more fines in place on financial-services institutions,” and that could further hit earnings estimates, he said.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 1.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index sank 3.2%.
* The MSCI Asia Pacific Index slid 1%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.6%.
* The euro sank 0.7% to $1.1763.
* The Japanese yen weakened 0.1% to 104.72 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 0.67%.
* Germany’s 10-year yield fell five basis points to -0.53%.
* Britain’s 10-year yield declined three basis points to 0.157%.
Commodities
* West Texas Intermediate crude fell 3.6% to $39.64 a barrel.
* Gold depreciated 2.1% to $1,910.78 an ounce.
* Silver sank 8% to $24.63 per ounce.
–With assistance from Adam Haigh, Gregor Stuart Hunter,
Anchalee Worrachate, Lynn Thomasson, Vildana Hajric and Nancy Moran.
Have a great night.

Be magnificent!
As ever,

Carolann

Would that I could discover truth as easily as I can uncover falsehood.
                                        -Marcus Tullius Cicero, 106 BCE-43 BCE

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.
Rosh Hashanah starts tonight.
And, needless to say, a pandemic is a strange time to be celebrating the Jewish New Year. –CNN

In honor of the start of Rosh Hashana, the Jewish New Year, here’s a recipe for a delicious brisket. Coca-Cola, along with chunks of fresh ginger, are the ingredients behind the sweet-and-sour sauce. For more ideas, the Cooking team curated a collection of holiday recipes.-New York Times

1851: New York Times first published
1947: US Air Force established.

The Hubble telescope captures a crisp image of Jupiter and Europa.-Bloomberg.

Sept 18, 1970 – Rock musician Jimi Hendrix died of a drug overdose at age 27. Go to article »

Jimi Hendrix, who died 50 years ago today, had a vast impact on pop culture and Seattle. He was like a comet that “burned everybody’s eyelids off and then he left,” says guitarist Jabrille “Jimmy James” Williams. He and other music luminaries are a testament to the way Hendrix’s spirit lives on — as do the effects of the racism Hendrix endured. Get to know him through books, movies and music.
He is buried at Greenwood Memorial Park in Renton.–Seattle Times.
PHOTOS OF THE DAY

A whale breaching off the coast of Australia. The spectacular sight was seen during the northern migration of humpback whales off Port Macquarie, NSW, Australia
CREDIT: JODIE LOWE/ TRIANGLE NEWS

Dolphins off Bempton Cliffs in East Yorkshire.
CREDIT: ROB HARRISON/ MAGNUS NEWS

Waves hit the lighthouse during stormy weather at Mangalsala, Riga, Latvia
CREDIT: TOMS KALNINS/EPA -EFE/SHUTTERSTOCK

A red deer stag is pictured in front of Windsor Castle at sunrise. The deer park enclosure in Windsor Great Park is hone to a herd of around 500 red deer descended from forty hinds and two stags introduced by the Duke of Edinburgh in 1979.
CREDIT: MARK KERRISON/ALAMY LIVE NEWS
Market Closes for September 18th, 2020 

Market Index	Close	Change
Dow Jones	27657.42	-244.56
		-0.88%
S&P 500	3319.47	-37.54
		-1.12%
NASDAQ	10793.281	-116.995 -1.07%
TSX	16198.97	-47.75
		-0.29%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23360.30	+40.93
		+0.18%
HANG SENG	24455.41	+114.56
		+0.47%
SENSEX	38845.82	-134.03
		-0.34%
FTSE 100*	6007.05	-42.87 -0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.580	0.575
CND. 30 Year Bond	1.102	1.095
U.S.    10 Year Bond	0.6953	0.6887
U.S. 30 Year Bond	1.4532	1.4388

Currencies

BOC Close	Today	Previous
Canadian $	0.75737	0.75975
US $	1.32037	1.31622
Euro Rate 1 Euro=		Inverse
Canadian $	1.56338	0.63964
US $	1.18405	0.84456

Commodities

Gold	Close	Previous
London Gold Fix	1936.25	1961.80
Oil
WTI Crude Future	41.11	40.97

Market Commentary:
On this day in 1873, Jay Cooke & Co. of Philadelphia, one of the nation’s largest investment banks, collapsed as a result of failed speculations in railroad stocks—triggering the Panic of 1873. Mr. Cooke—and the entire financial world—were taken completely by surprise. Just the night before, he had lavishly entertained President Ulysses S. Grant at the Cooke family mansion in Chelton Hills, Pa.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets ended the week in the red, erasing early gains on Friday.
The S&P/TSX Composite index fell 0.3%, after earlier advancing as much as 0.4%. Only technology, consumer staples and utilities closed higher, while communication services was the worst-performing sector. Canada Goose shares rose 1.9% after UBS said its growth potential in China is underappreciated by the market. UBS said its ‘Evidence Lab’ global luxury goods consumer survey confirmed enduring high Chinese demand for luxury despite the pandemic, as well as Chinese consumers’ increasing awareness of and affinity for the brand.
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to West Texas Intermediate
* Spot gold rose 0.4% to $1,951.36 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3194 per U.S. dollar
* The 10-year government bond yield rose to 0.576%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3 percent, or 48.94 to 16,197.78 in Toronto. The index dropped to the lowest closing level since Sept. 10. Canadian National Railway Co. contributed the most to the index decline, decreasing 1.5 percent. Corus Entertainment Inc. had the largest drop, falling 7.9 percent.
Today, 142 of 221 shares fell, while 77 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.4 percent
* This year, the index fell 5.1 percent, heading for the worst year since 2018
* The index declined 3.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 10 percent in the same period
* The S&P/TSX Composite is 9.9 percent below its 52-week high on Feb. 20, 2020 and 45 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 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$2.47t
* 30-day price volatility little changed to 12.47 percent compared with 12.45 percent in the previous session and the average of 11.23 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -27.6417| -0.6| 8/17
Industrials | -14.3251| -0.7| 11/17
Materials | -13.1495| -0.5| 18/32
Energy | -12.9880| -0.7| 8/16
Communication Services | -11.7619| -1.4| 0/8
Real Estate | -5.4763| -1.1| 4/21
Consumer Discretionary | -2.5998| -0.5| 4/9
Health Care | -0.1776| -0.1| 4/5
Consumer Staples | 2.4006| 0.3| 7/4
Utilities | 3.2429| 0.4| 6/10
Information Technology | 34.7218| 2.4| 7/3
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets. The dollar strengthened and Treasuries were little changed.
The S&P 500 fell for a third day after fluctuating between gains and losses ahead of a so-called “quadruple witching” on Friday, a quarterly event that typically fuels trading and sometimes volatility as large derivatives positions roll over. Losses accelerated after the benchmark index fell below its 50- day moving average. The Nasdaq 100 also closed below that technical threshold. Oracle Corp. edged lower after the U.S. said it will ban some transactions over TikTok, and it would be shut down unless a deal is concluded by Nov. 12. Apple Inc. and Microsoft Corp. weighted on the Nasdaq Composite.
“Investors are facing a conflict between this incredibly high level of uncertainty but also a fear of missing out, fear the markets could continue to move higher,” said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “That tension between uncertainty and FOMO is palpable.”
The Stoxx Europe 600 Index fell, weighed down by declines in travel and leisure shares on the threat of wider restrictions to stem the spread of coronavirus. Although activity on major gauges was modest, there were bigger moves in single-name stocks swept up in a bout of mergers and acquisitions.
Investors are on the lookout for more U.S. fiscal stimulus after the Federal Reserve indicated this week that interest rates will stay low for years to come. Data continues to show a patchy recovery path around the world as coronavirus infections surge. France’s daily cases rose by more than 10,000 to the highest since the end of lockdown in May. “The market is somehow uninspired following recent central bank meetings,” said Robert Greil, chief strategist at Merck Finck Privatbankiers AG. “It is waiting for the next support step, be it from their side or regarding the U.S. fiscal program to be agreed finally.”
Elsewhere, gold climbed. Crude oil traded around $41 a barrel and finished up on the week.
     These are some of the main moves in markets:
Stocks
*The S&P 500 Index declined 1.1% to 3,319.27 as of 4:01 p.m. New York time, the lowest in more than six weeks on the largest drop in more than a week.
*The Dow Jones Industrial Average declined 0.9% to 27,657.29, the lowest in more than a week on the biggest drop in more than a week.
*The Nasdaq Composite Index dipped 1.1% to 10,793.28, the lowest in more than five weeks.
*The Nasdaq 100 Index sank 1.3% to 10,936.98, the lowest in more than five weeks.
*The Stoxx Europe 600 Index sank 0.7% to 368.78, the largest decrease in more than a week.
Currencies
*The Bloomberg Dollar Spot Index increased 0.2% to 1,163.36, the first advance in more than a week.
*The euro was little changed at $1.1849.
*The British pound declined 0.4% to $1.2922, the first retreat in a week and the biggest drop in more than a week.
*The Japanese yen appreciated 0.1% to 104.59 per dollar, hitting the strongest in more than six months with its fifth straight advance.
Bonds
*The yield on 10-year Treasuries increased one basis point to 0.69%.
*The yield on 30-year Treasuries gained one basis point to 1.45%.
*Germany’s 10-year yield advanced one basis point to -0.49%, the biggest rise in more than a week.
*Britain’s 10-year yield fell less than one basis point to 0.183%, the lowest in a week.
Commodities
*West Texas Intermediate crude decreased 0.2% to $40.90 a barrel.
*Gold strengthened 0.3% to $1,950.87 an ounce.
*Natural gas increased 1.4% to $2.07 per MMBtu.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Somewhere, something incredible is waiting to be known.         
                                            -Carl Sagan, 1934-1996

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:
1759 – The French surrendered Quebec to the British.  Go to article »
1862 – Battle of Antietam, 25000 killed.
1997 – Apple Inc names co-founder Steve Job interim CEO.
Jim Carrey will play Joe Biden on ‘SNL’.  Seems promising, but we’re gonna have to see the white wig first.-CNN

Elon Musk’s next big thing is 40,000 satellites beaming broadband all over the world, Bloomberg Businessweek reports. He hopes low-Earth orbits
will help him succeed where so many others have failed. -Bloomberg.

How much would you pay to live in the Rockefeller apartment?-Bloomberg.

DNA shows Vikings weren’t all Scandinavian. (h/t Scott Kominers)-Bloomberg.

How Italian fishermen solved overfishing and revived the sea. (h/t Alistair Lowe)

There’s a 5D chess game where the pieces time-travel.-Bloomberg.
PHOTOS OF THE DAY

A Tyrannosaurus rex skeleton, named STAN is on display during a press preview at Christie’s Rockefeller Center, in New York City. The skeleton of a 40-foot (12-meter) dinosaur nicknamed “Stan”, one of the most complete Tyrannosaurus rex specimens ever found, will be auctioned in New York next month and could set a record for a sale of its kind. Discovered in 1987 near Buffalo, South Dakota, the 188-bone skeleton took more than three years to excavate.
CREDT:ANGELA WEISS/AFP

Firefighters standing on their fire truck watch as the Bobcat Fire burns on hillsides behind homes in Monrovia, California
CREDIT: RINGO CHIU/ AFP

Turkish painter Nazife Bilgin Hazar reproduces Dutch Post-Impressionist painter Vincent Van Gogh’s “The Starry Night” on a wall of a building in Mersin, Turckey
CREDIT: SERKAN AVCI/ANADOLU AGENCY

Children try to burst soap bubbles during hot weather at Brighton beach in Brighton Britain.
CREDIT: REUTERS/HANNAH MCKAY

Market Closes for September 17th, 2020 

 

Market Index	Close	Change
Dow Jones	27901.98	-130.40
		-0.47%
S&P 500	3357.01	-28.48
		-0.84%
NASDAQ	10910.277	-140.192   -1.27%
TSX	16246.72	-48.94
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	23319.37	-156.16
		-0.67%
HANG SENG	24340.85	-384.78
		-1.56%
SENSEX	38979.85	-323.00
		-0.82%
FTSE 100*	6049.92	-28.56   -0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.575	0.574
CND. 30 Year Bond	1.095	1.113
U.S.    10 Year Bond	0.6887	1.6969
U.S. 30 Year Bond	1.4388	1.4610

Currencies

BOC Close	Today	Previous
Canadian $	0.75975	0.75875
US $	1.31622	1.31795
Euro Rate 1 Euro=		Inverse
Canadian $	1.55924	0.64134
US $	1.18462	0.84414

Commodities

Gold	Close	Previous
London Gold Fix	1961.80	1949.35
Oil
WTI Crude Future	40.97	40.16

Market Commentary:
On this day in 1998, stock markets took a world-wide pounding after Federal Reserve Chairman Alan Greenspan told Congress there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Mr. Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.” The Dow slumped 2.7% and the Nasdaq lost 2.6%. Analysts were uniformly pessimistic, but in three weeks the U.S. stock market bottomed out and then headed straight up.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets fell on Thursday for a second day after tech and materials underperformed.
The S&P/TSX Composite Index fell 0.3% in Toronto. Tech, materials and energy sectors were the worst performers, while consumer staples were the best.
Meanwhile, shares of Canadian apartment companies dropped after the country’s largest province said it plans to freeze residential rents in 2021. New rules announced Thursday apply to the vast majority of rental units in Ontario. Without the change, owners of rent-controlled apartments, condos and houses would have been able to boost rents by 1.5% next year. The legislation also extends a ban on evictions of small businesses.
Among banks, Canadian Imperial Bank of Commerce has cut a number of portfolio managers, analysts and traders as part of a plan to reduce staff by almost 5%, according to people familiar with the matter.
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,948.92 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3151 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.570%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3 percent, or 48.94 to 16,246.72 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 2.0 percent. Vermilion Energy Inc. had the largest drop, falling 5.8 percent. Today, 118 of 221 shares fell, while 99 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.7 percent
* This year, the index fell 4.8 percent, heading for the worst year since 2018
* The index declined 3.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 9.6 percent below its 52-week high on Feb. 20, 2020 and 45.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and fell 2.5 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 23.5 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$2.48t
* 30-day price volatility fell to 12.45 percent compared with 12.53 percent in the previous session and the average of 11.15 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -27.7554| -1.1| 20/29
Information Technology | -21.4800| -1.4| 2/8
Energy | -11.7555| -0.6| 8/16
Financials | -4.2080| -0.1| 12/13
Real Estate | -2.3732| -0.5| 6/19
Consumer Discretionary | -1.6199| -0.3| 9/4
Communication Services | 0.2275| 0.0| 3/5
Health Care | 0.5663| 0.4| 1/8
Utilities | 1.7327| 0.2| 12/4
Consumer Staples | 6.7852| 1.0| 9/2
Industrials | 10.9527| 0.6| 17/10
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks fell and Treasuries gained as investors mulled whether the levels of stimulus being provided is enough amid a gradual economic recovery.
The benchmark S&P 500 dropped for a second day, though it found some support after bouncing off its 50-day moving average.
Technology shares were the biggest decliners, with Apple Inc., Facebook Inc. and Microsoft Corp. weighing on the Nasdaq Composite. Investors snapped up long-term Treasuries, capturing a brief spike higher in yields following the Federal Reserve’s policy decision Wednesday. Although Fed Chair Jerome Powell said the central bank will remain accommodative after relaxing its inflation policy, he didn’t provide clarity as to just how high it can go and for how long. That, along with the lack of fresh details on the Fed’s plans for its bond-buying program, sparked long-end demand. “It remains to be seen how the long-term projection of near zero interest rates and more free-flying inflation will actually play out for the economy,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial Corp. “The somewhat dour tone from the Fed could weigh on investors.”
Meanwhile, the number of Americans applying for jobless benefits resumed its decline. Continuing claims also fell by almost 1 million in the week ended Sept. 5. All eyes remain on central bankers and their role in propping up economies still reeling from the coronavirus shock. Bank of England policymakers said they were exploring negative rates to counter ongoing risks to the labor market after voting unanimously to maintain their key interest rate at 0.1%, causing the pound to slide to an intraday low and pushing gilts higher. Earlier the Bank of Japan kept its asset-purchases and bond-yield targets in place. Recent flare-ups of the virus and a fading post-pandemic recovery have renewed calls for more fiscal support as well. Fed officials have stressed in recent weeks that the U.S. recovery is highly dependent on the nation’s ability to better contain infections, and that further fiscal stimulus is likely needed to support jobs and incomes. “Consumer sentiment data and the employment picture still reflect a fragile economic recovery,” said Matt Miskin, co-chief investment strategist at John Hancock Investments. “Powell did not bring up the need for further fiscal support multiple times yesterday just for the sake of it. Monetary policy has its limits, the lack of fiscal policy support leaves significant risks to this recovery.”
Elsewhere, crude oil climbed above $40 a barrel. Natural gas prices tumbled the most in almost two years after a bigger- than expected increase in stockpiles revived concerns that the glut of the fuel will increase. Gold declined.

    These are some of the main moves in markets:
Stocks
*The S&P 500 Index declined 0.8% to 3,357.02 as of 4:02 p.m. New York time, the largest drop in a week.
*The Dow Jones Industrial Average fell 0.5% to 27,901.71, the first retreat in a week.
*The Nasdaq Composite Index fell 1.3% to 10,910.28, the largest drop in a week.
*The Nasdaq 100 Index sank 1.5% to 11,080.95, the lowest in more than a week.
*The Stoxx Europe 600 Index decreased 0.5% to 371.23, the first retreat in a week.
Currencies
*The Bloomberg Dollar Spot Index sank 0.3% to 1,160.88, its fifth straight decline and the biggest dip in more than a week.
*The British pound was little changed at $1.2971, the strongest in more than a week.
*The euro increased 0.3% to $1.1847.
*The Japanese yen appreciated 0.2% to 104.70 per dollar, the strongest in about six months.
Bonds
*The yield on 10-year Treasuries fell one basis point to 0.69%, the biggest drop in a week.
*The yield on 30-year Treasuries declined three basis points to 1.43%, the largest drop in a week.
*Germany’s 10-year yield fell one basis point to -0.49%, the lowest in more than a week.
*Britain’s 10-year yield dipped three basis points to 0.185%.
Commodities
*West Texas Intermediate crude climbed 2.3% to $41.08 a barrel, the highest in two weeks.
*Gold weakened 0.6% to $1,948.03 an ounce, the largest decrease in two weeks.
*Natural gas fell 12.1% to $1.99 per MMBtu, the lowest in almost seven weeks.
–With assistance from Kamaron Leach, Liz Capo McCormick and Lu Wang.
Have a great night.

Be magnificent!
As ever,

Carolann
He who awaits much can expect little.
-Gabriel Garcia Marquez, 1927-2014

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: 1620: Mayflower Day-Pilgrims deported from England.
1810: Mexican Independence Day
Lauren Bacall, actress, b. 1924
B.B. King, musician, b. 1925

On Sept. 16, 1974, President Ford announced a conditional amnesty program for Vietnam War deserters and draft evaders. Go to article »

PHOTOS OF THE DAY

A Northern Lights display illuminates the sky in Rovaniemi, Finland.
CREDIT: ALEXANDER KUZNETSOV/ALL ABOUT LAPLAND

A person takes a photograph at dawn on Millennium Bridge in London.
CREDIT: HENRY NICHOLLS/REUTERS

A woman controls a ball, on the beach of Barra de Tijuca, Brazil.
CREDIT: ANTONIO LACERDA/EPA-EFE/SHUTTERSTOCK

Market Closes for September 16th, 2020 

Market Index	Close	Change
Dow Jones	28032.38	+36.78
		+0.13%
S&P 500	3385.49	-15.71
		-0.46%
NASDAQ	11050.469	-139.855 -1.25%
TSX	16295.66	-135.61
		-0.83%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23475.53	+20.64
		+0.09%
HANG SENG	24725.63	-7.13
		-0.03%
SENSEX	39302.85	+258.50
		+0.66%
FTSE 100*	6078.48	-27.06 -0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.574	0.556
CND. 30 Year Bond	1.113	1.081
U.S.    10 Year Bond	1.6969	0.6772
U.S. 30 Year Bond	1.4610	1.4304

Currencies

BOC Close	Today	Previous
Canadian $	0.75875	0.75839
US $	1.31795	1.31859
Euro Rate 1 Euro=		Inverse
Canadian $	1.55737	0.64211
US $	1.18166	0.84627

Commodities

Gold	Close	Previous
London Gold Fix	1949.35	1958.70
Oil
WTI Crude Future	40.16	38.28

Market Commentary:
On this day in 1920, slightly before noon, a massive charge of dynamite went off in a horse-drawn wagon parked in front of the Wall Street headquarters of J.P. Morgan & Co. Thirty people were killed immediately, another 10 were mortally wounded and hundreds were injured in a fierce hail of shrapnel and flying glass. “RED PLOT SEEN IN BLAST,” declared The New York Times, but no “Bolshevik” involvement was ever proven and the crime has never been solved. Several buildings along Wall Street are still scarred from the blast.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets halted their three-day winning streak as tech stocks underperformed. The S&P/TSX Composite Index fell 0.8% in Toronto after rising for three consecutive sessions. Tech and consumer discretionary stocks were the worst performers, while health care and energy were the best. Air Canada rose 5.7% after Canada’s transportation minister said the government may loosen the country’s 14-day quarantine period for international travelers.
Commodities
* Western Canada Select crude oil traded at a $7.85 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,958 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3172 per U.S. dollar
* The 10-year government bond yield rose 2 basis points to 0.573%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.8 percent at 16,295.66 in Toronto. The move follows the previous session’s increase of 0.4 percent. Shopify Inc. contributed the most to the index decline and had the largest move, decreasing 4.9 percent. Today, 114 of 221 shares fell, while 100 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index rose 5 percent
* This year, the index fell 4.5 percent, heading for the worst year since 2018
* The index declined 2.7 percent in the past 52 weeks. The MSCI  AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 9.3 percent below its 52-week high on Feb. 20, 2020 and 45.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and fell 1.3 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 23.6 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$2.5t
* 30-day price volatility little changed to 12.53 percent compared with 12.54 percent in the previous session and the average of 11.10 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -56.1830| -3.6| 1/9
Financials | -31.2699| -0.7| 9/16
Industrials | -29.3136| -1.5| 11/17
Consumer Discretionary | -13.7072| -2.4| 4/9
Consumer Staples | -12.5440| -1.8| 1/10
Communication Services | -8.6178| -1.0| 1/7
Utilities | -6.4997| -0.8| 4/12
Materials | -1.5082| -0.1| 24/23
Health Care | 1.8717| 1.2| 6/1
Real Estate | 2.9076| 0.6| 19/7
Energy | 19.2505| 1.0| 20/3
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks fell amid a selloff in technology companies and after Federal Reserve Chairman Jerome Powell’s remarks that he’s not sure if the faster-than expected economic recovery will continue. Earlier Wednesday, equities jumped to session highs after the Fed left rates near zero and signaled it would hold them there through at least 2023. Stocks wiped out gains amid a slide in giants such Adobe, Apple and Facebook. Treasuries fell after Powell stopped short of offering new specifics on the Fed’s approach to the monthly bond purchases that have buttressed markets, saying the program could be adjusted “to make it smaller, make it larger” or target different areas of the yield curve. Fed officials have stressed in recent weeks that the U.S. recovery is highly dependent on the nation’s ability to better control the coronavirus, and that further fiscal stimulus is likely needed to support jobs and incomes. “The recovery has progressed more quickly than generally expected,” Powell said, while cautioning that “the path ahead remains highly uncertain.”
It was the Federal Open Market Committee’s final scheduled meeting before the U.S. presidential election on Nov. 3. “The fact that he’s highlighting the negative potential economic consequences of a lack of Congressional action on fiscal stimulus definitely served to unnerve investors,” said Alec Young, chief investment officer at Tactical Alpha LLC, referring to Powell. The White House strongly signaled Wednesday that it is willing to increase its offer in talks with Democrats, and that Senate Republicans should go along in order to seal a stimulus deal in the next week to 10 days.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.6%.
* The MSCI Asia Pacific Index climbed 0.5%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro declined 0.4% to $1.18.
* The Japanese yen appreciated 0.4% to 104.99 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 0.69%.
* Germany’s 10-year yield fell one basis point to -0.48%.
* Britain’s 10-year yield decreased one basis point to 0.211%.
Commodities
* The Bloomberg Commodity Index increased 0.7%.
* West Texas Intermediate crude jumped 5% to $40.18 a barrel.
* Gold strengthened 0.2% to $1,958.16 an ounce.

–With assistance from Joanna Ossinger, Andreea Papuc, Cecile Gutscher, Lynn Thomasson, Lu Wang, Constantine Courcoulas, Vildana Hajric, Kamaron Leach, Sarah Ponczek and Sophie Caronello.

Have a great night.

Be magnificent.
As ever,

Carolann

The test of a first-rate intelligence is the ability to hold two opposed
ideas in the mind at the same time, and still retain the ability to function.
                                                     -F. Scott Fitzgerald, 1896-1940

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: Greenpeace founded, September 15^th, 1971
September 15, 1928 Scottish bacteriologist Alexander Fleming discovers penicillin while studying influenzas.
1940- Battle of Britain Day.

7-foot-tall robots are stacking store shelves in Tokyo.  They’re friendly … they’re friendly …” you quietly whisper to yourself as you tiptoe around their wide, metal backs. –CNN

Vinyl records are once again outselling CDs. -Bloomberg.

The universe may be too thin. – Ellen Kominers, Bloomberg.
 
On Sept. 15, 1963, four black girls were killed when a bomb went off during Sunday services at a Baptist church in Birmingham, Alabama, in the deadliest act of the civil rights era.Go to article »

PHOTOS OF THE DAY

Colorful umbrellas hang above a street in Bad Mergentheim, Germany. The so-called ‘Umbrella Road’ stretches the city above the Gaensmarkt (Goose Market) to advertise a new traffic concept in the city center until the end of October. 
CREDIT: RONALD WITTEK/EPA-EFE/SHUTTERSTOCK

Incredible drone images capture colourful water lilies being harvested in An Giang Province, Vietnam, Southeast Asia. Water lilies are an iconic symbol in the Mekong Delta and the flowers are immediately sent to market before landing on meal tables. Their stalks are edible and can be eaten raw with either fermented paste or braised sauce, or dunked into sour soup or hotpot.
CREDIT: NGUYEN SANH QUOC HUY/TRIANGE NEWS

Sunrise over the fields of stemmy grassland in Burscough, Lancashire, UK with wrapped bales of hay prepared for silage, haylage for animal winter feed. Silage is fodder made from green foliage crops, which are then after fermentation called ensilage, ensiling or silaging. 
CREDIT: MEDIAWORLDIMAGES/ALAMYLIVENEWS

Grayson Perry stands in front of Very large, Very Expensive Abstract Painting, the centerpiece of his new exhibition The MOST Specialest Relationship, a the Victoria Miro gallery in London. It was inspired by a US road trip. 
CREDIT: HEALTHCLIFF O’MALLEY FOR THE TELEGRAPH

Market Closes for September 15th, 2020 

Market Index	Close	Change
Dow Jones	27995.60	+2.27
		+0.01%
S&P 500	3401.20	+17.66
		+0.52%
NASDAQ	11190.324	+133.674 +1.21%
TSX	16431.27	+71.13
		+0.43%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23454.89	-104.41
		-0.44%
HANG SENG	24732.76	+92.48
		+0.38%
SENSEX	39044.35	+287.72
		+0.74%
FTSE 100*	6105.54	+79.29 +1.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.556	0.553
CND. 30 Year Bond	1.081	1.063
U.S.    10 Year Bond	0.6772	0.6723
U.S. 30 Year Bond	1.4304	1.4116

Currencies

BOC Close	Today	Previous
Canadian $	0.75839	0.75896
US $	1.31859	1.31759
Euro Rate 1 Euro=		Inverse
Canadian $	1.56243	0.64003
US $	1.18492	0.84394

Commodities

Gold	Close	Previous
London Gold Fix	1958.70	1947.40
Oil
WTI Crude Future	38.28	37.26

Market Commentary:
On this day in 1890, Baring Brothers, one of England’s leading investment banks, disclosed that its loans to what we would now call “emerging markets,” like Argentina and Chile, had gone bad and that the firm would go bust unless the Bank of England came to its aid. The BOE stepped in, rounding up a rescue syndicate of other investment banks and assuming £28.5 million worth of Barings’ liabilities.
Canada
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4 percent, or 71.13 to 16,431.27 in Toronto. The index advanced to the highest closing level since Sept. 3. Today, industrials stocks led the market higher, as 10 of 11 sectors gained; 146 of 221 shares rose, while 71 fell. Canadian National Railway Co. contributed the most to the index gain, increasing 1.3 percent. Ballard Power Systems Inc. had the largest increase, rising 5.6 percent.
Insights
* This quarter, the index rose 5.9 percent
* This year, the index fell 3.7 percent, heading for the worst year since 2018
* The index declined 1.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 8.6 percent below its 52-week high on Feb. 20, 2020 and 47.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.1 percent in the past 5 days and fell 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.1 on a trailing basis and 23.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.49t
* 30-day price volatility fell to 12.54 percent compared with 13.00 percent in the previous session and the average of 11.03 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 17.2638| 0.9| 19/9
Utilities | 13.4876| 1.7| 16/0
Communication Services | 10.7179| 1.3| 7/1
Real Estate | 8.9068| 1.8| 25/1
Consumer Discretionary | 7.2294| 1.3| 10/3
Materials | 6.0820| 0.2| 25/24
Financials | 5.9267| 0.1| 9/16
Health Care | 1.1272| 0.7| 5/3
Information Technology | 1.0670| 0.1| 7/3
Consumer Staples | 0.8356| 0.1| 9/2
Energy | -1.5203| -0.1| 14/9
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks closed higher as gains in technology shares helped offset a late slide in financials. Crude oil pushed higher, while the dollar was little changed. The S&P 500 rose for a third consecutive trading session, led by communication services, real estate and consumer discretionary shares. JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. pushed financials into the red. “The market’s trying to figure out what to do next, and in those times you always see volatility,” said Jerry Braakman, chief investment officer of First American Trust in Santa Ana, California, which has around $2 billion in assets under management. “We’ve been trying to figure out if this tech run is here to stay.”
In Europe, Hennes & Mauritz AB led a rally among fashion retailers after beating profit estimates. Investors in Germany unexpectedly raised their expectations for the country’s economy. The offshore yuan climbed to the highest level in a year and stocks in Shanghai advanced on evidence that China is accelerating out of the virus slump. Investors are awaiting the Federal Reserve’s policy meeting Wednesday to gauge the outlook for markets following a slide of about 2% in global stocks this month. The Fed is expected to maintain its dovish stance after earlier saying it will shift to a more relaxed approach on inflation. Central bank largesse is shoring up sentiment in the face of risks from the pandemic, the U.S. presidential election and the possibility of a no-deal Brexit.
Here are some key events coming up:
* Wednesday sees the FOMC policy decision and news conference from Chair Jerome Powell.
* Bank of Japan, Bank Indonesia and Bank of England policy decisions come Thursday.
* Friday sees quadruple witching — the quarterly expiration of futures and options on indexes and stocks — in U.S. markets

These are the main moves in markets:
Stocks
The S&P 500 Index increased 0.5% to 3,401.13 as of 4:02 p.m. New York time, the highest in more than a week.
The Dow Jones Industrial Average was little changed at 27,994.42, the highest in more than a week.
The Nasdaq Composite Index rose 1.2% to 11,190.32, the highest in more than a week.
The Stoxx Europe 600 Index gained 0.7% to 370.96, the highest in almost two weeks.
Currencies
The Bloomberg Dollar Spot Index was little changed at 1,165.42, the lowest in more than a week.
The euro dipped 0.2% to $1.1845, the first retreat in a week.
The Japanese yen appreciated 0.3% to 105.46 per dollar, the strongest in more than two weeks.
Bonds
The yield on 10-year Treasuries increased one basis point to 0.68%.
Germany’s 10-year yield climbed less than one basis point to -0.48%.
Britain’s 10-year yield gained two basis points to 0.217%.
Commodities
West Texas Intermediate crude rose 2.8% to $38.29 a barrel, the highest in more than a week.
Gold weakened 0.2% to $1,953.71 an ounce.
Copper dipped 0.3% to $3.06 a pound.
–With assistance from David Wilson.

Have a great night.

Be magnificent!
As ever,

Carolann

Iron rusts from disuse; stagnant water loses its purity and in cold weather
becomes frozen; even so does inaction sap the vigor of the mind.
                                                         -Leonardo da Vinci, 142-1519

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

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

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

Dear Friends,

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

1939 – World’s 1^st practical helicopter, the VS-300 designed by Igor Sikorsky takes (tethered) flight in Stratford, Connecticut.

Area geese adopt duck. -Zoe DeStories, Bloomberg.

A toxic gas on Venus could be a sign of life. –Bloomberg.
There was awe, excitement and plenty of wry jokes about heading there after scientists asserted today that something now alive is the only explanation for the existence of a chemical, phosphine, detected high in the planet’s toxic atmosphere. The discovery needs to be confirmed by additional telescope observations and future space missions.-NY Times.

PHOTOS OF THE DAY

The Milky Way in the background, Jupiter shining bright on the left and even a meteor on the right of this amazing picture of St Michaels’ Mount off the coast of Penzance in Cornwall.
CREDIR: SIMON HUDSON/ SWNS.COM

People at Lake Paranoa in the city of Brasilia, Brazil
CREDIT: JOEDSON ALVES/EPA -EFE/SHUTTERSTOCK

Autumn has arrived in the New Forest, a misty morning at Rockford Common
CREDIT: PETE HUMPHRY /SWNS
Market Closes for September 14th, 2020 

Market Index	Close	Change
Dow Jones	27993.33	+327.69
		+1.18%
S&P 500	3383.54	+42.57
		+1.27%
NASDAQ	11056.652	+203.107 +1.87%
TSX	16360.14	+137.68
		+0.85%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23559.30	+152.81
		+0.65%
HANG SENG	24640.28	+136.97
		+0.56%
SENSEX	38756.63	-97.92
		-0.25%
FTSE 100*	6026.25	-5.84 -0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.553	0.549
CND. 30 Year Bond	1.063	1.061
U.S.    10 Year Bond	0.6723	0.6658
U.S. 30 Year Bond	1.4116	1.4129

Currencies

BOC Close	Today	Previous
Canadian $	0.75896	0.75881
US $	1.31759	1.31785
Euro Rate 1 Euro=		Inverse
Canadian $	1.56359	0.63955
US $	1.18671	0.84267

Commodities

Gold	Close	Previous
London Gold Fix	1947.40	1966.25
Oil
WTI Crude Future	37.26	37.33

Market Commentary:
On this day in 1960, President Dwight D. Eisenhower signed into law the Real Estate Investment Trust Act, which created REITs, enabling retail investors to buy shares in commercial real estate for the first time.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares rose with the global equity markets amid a flurry of deal activity and signs of progress toward a coronavirus vaccine.
The S&P/TSX gained 0.9% in Toronto. Health care, materials stocks were the best performing sectors, while energy and communication services stocks were the worst performers.
Meanwhile, Canada’s largest lenders are warning Prime Minister Justin Trudeau’s government it doesn’t have carte blanche to run massive budget deficits, even though there’s some room for additional spending in the next couple of years.
Commodities
* Western Canada Select crude oil traded at a $7.95 discount to West Texas Intermediate
* Spot gold rose 0.9% to $1,956.35 an ounce
FX/Bonds
* The Canadian dollar was flat at $1.3180 per U.S. dollar
* The 10-year government bond yield was flat at 0.554%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8 percent, or 137.68 to 16,360.14 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 2.0 percent. Mag Silver Corp. had the largest increase, rising 10.0 percent.
Today, 161 of 221 shares rose, while 58 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 5.4 percent
* This year, the index fell 4.1 percent, heading for the worst year since 2018
* The index declined 1.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 9 percent below its 52-week high on Feb. 20, 2020 and 46.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.9 percent in the past 5 days and fell 0.9 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 23.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.47t
* 30-day price volatility little changed to 13.00 percent compared with 12.99 percent in the previous session and the average of 10.93 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 71.3369| 2.8| 45/5
Industrials | 24.3340| 1.2| 19/9
Financials | 20.8409| 0.4| 21/4
Information Technology | 19.7826| 1.3| 7/3
Consumer Discretionary | 9.3579| 1.7| 11/2
Real Estate | 5.8577| 1.2| 23/3
Health Care | 4.2315| 2.8| 9/0
Utilities | 1.5737| 0.2| 7/8
Consumer Staples | 0.7421| 0.1| 6/5
Communication Services | -6.6168| -0.8| 5/3
Energy | -13.7442| -0.7| 8/16
US
By Sarah Ponczek and Casey Wagner
(Bloomberg) — U.S. stocks rose for a second day amid a flurry of deal activity and signs of progress toward a coronavirus vaccine. The dollar weakened and Treasuries were little changed.
Oracle Corp. jumped 4.3% on reports the company beat Microsoft Corp. in negotiations for the U.S. operations of TikTok. Immunomedics Inc. almost doubled after Gilead Sciences Inc. agreed to buy the cancer drugmaker for $21 billion.
The S&P 500 touched a week high before paring gains, while the Nasdaq 100 Index broke a two-day slide. Pfizer Inc. Chief Executive Officer Albert Bourla said it’s “likely” the U.S. will deploy a Covid-19 vaccine to the public before year-end.
“I know that we’re in the middle of a pandemic, but the reality is that the current economic environment has typically been very good for M&A activity,” said Jim Paulsen, chief investment strategist at Leuthold Group. Global stocks are coming off the back of the first consecutive weeks of declines since March and traders remain on edge given the recent reassessment of valuations and volatility in options markets. The Federal Reserve is expected this week to maintain its dovish stance on policy as investors look for signs the global economy is recovering from the pandemic. Strategists at Goldman Sachs Group Inc. and Deutsche Bank AG suggested the
recent pullback in the U.S. is nearing an end.
“The path of least resistance is up,” said Kevin Caron, portfolio manager for Washington Crossing. “We still have a lot of monetary stimulus in the pipeline, there’s still a decent amount of momentum in the market, the underlying data in earnings seem to be reasonably positive.”
The pound strengthened against peers as Prime Minister Boris Johnson faced a rebellion in Parliament against legislation that would override key elements of the divorce
treaty signed with the European Union.
In Asia, stocks rallied with South Korea leading gains. SoftBank Group Corp. shares climbed after Nvidia Corp. agreed to buy the firm’s chip division Arm Ltd. for $40 billion.
Here are some key events coming up:
* China industrial production and retail sales data is due on Tuesday.
* Wednesday sees the FOMC policy decision and news conference from Chair Jerome Powell.
* Bank of Japan, Bank Indonesia and Bank of England policy decisions come Thursday.
* Friday sees quadruple witching for U.S. markets when the quarterly expiration of futures and options on indexes and stocks happens on the same day.

These are the main moves in markets:
Stocks
*The S&P 500 Index gained 1.3% to 3,383.45 as of 4:00 p.m. New York time.
*The Dow Jones Industrial Average increased 1.2% to 27,992.38, the highest in more than a week.
*The Nasdaq Composite Index climbed 1.9% to 11,056.65.
*The Nasdaq 100 Index advanced 1.7% to 11,277.76.
Currencies
*The Bloomberg Dollar Spot Index declined 0.3% to 1,165.64, the lowest in more than a week.
*The euro increased 0.2% to $1.1864, the strongest in almost two weeks.
*The Japanese yen appreciated 0.4% to 105.70 per dollar, the strongest in more than two weeks on the largest gain in more than two weeks.
*The British pound advanced 0.5% to $1.2855, the biggest gain in more than two weeks.
Bonds
*The yield on 10-year Treasuries advanced one basis point to 0.67%.
*The yield on 30-year Treasuries gained one basis point to 1.42%.
*Germany’s 10-year yield increased less than one basis point to -0.48%.
Commodities
*West Texas Intermediate crude declined 0.1% to $37.29 a barrel.
*Gold strengthened 0.9% to $1,958.15 an ounce, the highest in almost two weeks on the largest gain in more than two weeks.
*Copper advanced 0.9% to $3.07 a pound, the highest in more than two years.
–With assistance from Vildana Hajric and Claire Ballentine.
Have a great night.

Be magnificent!
As ever,

Carolann

The best thing to give to your enemy is forgiveness; to an opponent, tolerance;
to a friend, your heart; to your child, a good example; to a father, deference;
to your mother, conduct that will make her proud of you;
to yourself, respect; to all men, charity.
                                                   –Benjamin Franklin, 1706-1790

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.

On Sept. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania. Go to article »

13 coffins thought to have mummies were discovered after 2,500 years in an Egyptian well.  Oh, no no no. This is 2020, and we don’t trust anything anymore. Leave those things ALONE.  –CNN.

Starbucks is fully transitioning from straws to long-awaited sippy cup lids .  That’s “strawless lids,” if you want to make it sound more grown-up. –CNN.
 
Frank Frazetta’s “A Princess of Mars” painting sold for a bargain $1.2 million.-Bloomberg.
Azerbaijan rug is woven to look like it’s melting. – Scott Kominers, Bloomberg.
At least 11 fish species are able to walk. –Bloomberg.

PHOTOS OF THE DAY

Ali Brady plays with her dog as the sun goes down at Garrylucas Beach, Co. Cork, Ireland.
CREDIT: DAVID CREEDON/ ALAMY LIVE NEWS

Havering Hoard: A Bronze Age Mystery Original description: A gallery assistant looks at a socketed axe on display during a preview of the Havering Hoard: A Bronze Age Mystery exhibition at the Museum of London Docklands, east London. The exhibition features a selection of the 453 artefacts from the largest bronze-age hoard to be found in London, which were discovered at a site overlooking the River Thames in 2018.
CREDIT: AARON CHOWN/PA WIRE

A woman walks along The Embarcadero under an orange smoke-filled sky in San Francisco, California, US. More than 300,000 acres are burning across the northwestern state including 35 major wildfires, with at least five towns “substantially destroyed” and mass evacuations taking place.
CREDT: BRITTANY HOSEA- SMALL/ AFP VIA GETTY IMAGES
Market Closes for September 11th, 2020 

Market Index	Close	Change
Dow Jones	27665.64	+131.06
		+0.48%
S&P 500	3340.97	+1.78
		+0.05%
NASDAQ	10853.547	-66.046 -0.60%
TSX	16222.46	+37.14
		+0.23%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23406.49	+171.02
		+0.74%
HANG SENG	24503.31	+189.77
		+0.78%
SENSEX	38854.55	+14.23
		+0.04%
FTSE 100*	6032.09	+28.77 +0.48%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.549	0.567
CND. 30 Year Bond	1.061	1.079
U.S.    10 Year Bond	0.6658	0.6804
U.S. 30 Year Bond	1.4129	1.4206

Currencies

BOC Close	Today	Previous
Canadian $	0.75881	0.75845
US $	1.31785	1.31848
Euro Rate 1 Euro=		Inverse
Canadian $	1.56105	0.64059
US $	1.18454	0.84421

Commodities

Gold	Close	Previous
London Gold Fix	1966.25	1947.20
Oil
WTI Crude Future	37.33	37.30

Market Commentary:
On this day in 1789, Alexander Hamilton was sworn in as the first Secretary of the U.S. Treasury.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities eked out a gain Friday and finished the week little changed after sessions of volatility in information technology stocks.
The S&P/TSX Composite Index rose 0.2% Friday, and 0.03% for the week. Seven of 11 sectors finished higher for the day, with laggards coming from information technology and health care.
Teck Resources Ltd. gained 10.7% after Metal Bulletin reported that seaborne premium prices rose on Chinese demand.
Empire Co. also jumped after an upgrade from TD.
The prospect of a slowdown in the economic recovery and the risk of a second wave of Covid-19 has hurt the loonie of late.
Oil’s weakness is also a factor in the currency’s 1.1% drop against the greenback this month.
Commodities
* Western Canada Select crude oil traded at a $8.00 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,942 an ounce
FX/Bonds
* The Canadian dollar rose 0.02% to $1.3190 per U.S. dollar
* The 10-year government bond yield fell to 1.6 basis points to 0.547%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 16,222.46 in Toronto. The move follows the previous session’s decrease of 1.2 percent. Canadian National Railway Co. contributed the most to the index gain, increasing 1.6 percent. Teck Resources Ltd. had the largest increase, rising 10.7 percent.
Today, 114 of 221 shares rose, while 107 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 4.6 percent
* This year, the index fell 4.9 percent, heading for the worst year since 2018
* The index declined 2.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 9.7 percent below its 52-week high on Feb. 20, 2020 and 45.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.8 on a trailing basis and 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$2.46t
* 30-day price volatility rose to 12.99 percent compared with 12.97 percent in the previous session and the average of 10.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 34.2526| 0.7| 22/3
Industrials | 22.1081| 1.1| 20/8
Consumer Staples | 6.3186| 0.9| 9/2
Communication Services | 3.4289| 0.4| 3/5
Energy | 3.1201| 0.2| 11/13
Utilities | 2.6003| 0.3| 10/6
Consumer Discretionary | 0.7279| 0.1| 8/5
Health Care | -2.0283| -1.3| 2/7
Real Estate | -2.0629| -0.4| 11/16
Materials | -7.5050| -0.3| 18/32
Information Technology | -23.8107| -1.5| 0/10
US
By Vildana Hajric
(Bloomberg) — U.S. stocks ended a volatile session with major averages mixed, as declines in technology shares continued after a five-month rally came to a halt last week.
The S&P 500 ended little changed, while the Nasdaq 100 fell for the fifth time in seven days to cap its worst week since March. The tech-heavy index traveled 3% from high to low Friday and is 11% from its Sept. 2 record. The rout comes after a torrid August capped a 58% rally from late March. Apple Inc. has plunged 16% from its 10-day old high, but remains only at the lowest in a month.
“You see this kind of volatility when there is a vacuum of information for investors, and we don’t have good data,” said Erika Karp, founder and CEO of Cornerstone Capital Group. “Markets can adapt when there is certainty, but when there is extreme uncertainty and when we’re in a period of transition, you’re going to get volatility.” Most stock in the S&P 500 rose, with three up for every two down. The Dow Jones Industrial Average advanced on rallies in Nike, Dow and Caterpillar. The small-cap Russell 2000 index lost 0.7%.
Tech, the scene of fervent bullish options activity, gave up early gains for a second day, as investors assessed whether the pullback had run its course. Selling picked up Friday after Bloomberg reported SoftBank Group Corp. is considering revamping a controversial strategy of using derivatives to invest in tech companies. Microsoft took a hit after a report that China doesn’t favor a forced sale of TikTok’s U.S. operations.
Treasuries advanced, sending the 10-year yield below 0.67%, while the dollar weakened. The yen was flat, oil climbed little changed and gold slumped. Global stocks notched the first back-to-back weekly declines since March after a rally that added $7 trillion to U.S. equity values. The pandemic is continuing to upend the global economy, with U.S. data showing cracks in recent labor- market strength and virus cases continuing to climb globally.
“When you see these short-term, sudden moves after a run-up like we’ve had, it doesn’t mean you avoid the sector, but you have to be prepared that it’s the price of admission of being there,” said Charles Day, a managing director and private wealth advisor at UBS Global Wealth Management. “Investors should stay invested, we’re still positive on equities.”
In Europe, traders are closely watching comments from European Central Bank officials after President Christine Lagarde spurred a rally in the euro on Thursday when she delivered relatively mild comments on the currency’s surge.
Chief Economist Philip Lane set a tougher tone on Friday, signaling more monetary stimulus may be needed. Meanwhile, the British pound headed for its biggest weekly drop since March as Brexit talks frayed.

     These are the main moves in markets:
Stocks
*The S&P 500 rose 0.1% as of 4 p.m. in New York.
*The Nasdaq Composite Index lost 0.6%.
*The Nasdaq 100 Index dropped 0.6%.
Currencies
*The Bloomberg Dollar Spot Index fell 0.2%.
*The Japanese yen was little changed at 106.09 per dollar.
*The euro increased 0.2% to $1.1842.
Bonds
*The yield on two-year Treasuries decreased one basis point to 0.13%, the lowest in a week.
*The yield on 10-year Treasuries dipped one basis point to 0.67%, the lowest in a week.
*The yield on 30-year Treasuries fell one basis point to 1.41%, the lowest in a week.
Commodities
*West Texas Intermediate crude rose 0.6% to $37.52 a barrel.
*Gold futures lost 0.7% to $1,950.60 an ounce.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Do all the good your can, in all the ways you can, to all the souls you can, in every place you can, at all the times you can, with all the zeal you can,
every time you can.       

                                                                                                                                                                       -John Wesley, 1703-1791

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