Category: Newsletters

Dear Friends, 

Tangents:
Joseph Conrad, writer, b. 1857
Carlos Montoya, b. 1903
Maria Callas, b. 1923
Julianne Moore, actor, b. 1961
Darryl Hannah, actor, b. 1961

Scientists find a black hole so massive it shouldn’t theoretically exist. (h/t Ellen Kominers) 
“Sesame Street” turns 50. (h/t Alisair Lowe) 

All a man can betray is his conscience.-Joseph Conrad.

It’s a great thing to be recognized for something that you’ve done.  But it’s a moment in time.  You can’t live off of those accolades and make them the sum total of your importance in life, or your purpose in life.  You can’t let them define who you are.  Those awards, they’re wonderful.  But they’re never going to define you.  I define myself by my ability to give.  I define myself by my ability to understand.  I define myself by my ethics and by my truth.  These are the things that inform who I am, other than exterior moments that ebb and flow. –Goldie Hawn.

From The New York Times today:

And finally, take a spin around Titan

Saturn’s largest moon, almost 900 million cold miles from the sun, has gasoline for rain, soot for snow and layers of ice that float on subsurface oceans of ammonia. But besides Earth, Titan is the only world in the universe known to harbor liquid on its surface.

Now there’s a map to guide the search for possible life there. Awash in organic materials, Titan has risen to the top of the list of homes, as our cosmos reporter calls it, for Possible Weird Life Out There.

PHOTOS OF THE DAY

A white snow owl as it flies purposefully across the sky. Taken by photographer Hamas Bouresli, the sequence shows the owl staring directly at the camera, its piercing yellow eyes show. In another shot, the owl beats its wings as it purposefully flies off in search of prey in Southern Kuwait. Hamad said: There is an organisation in Kuwait that brings owls to Kuwait for education purposes.
CREDIT: DR HAMAD BOURESLI/CATERS NEWS

Stockbreeders try to return to their town with their live stocks due to harsh winter conditions right after they have taken the hundreds of small cattle to meadow at Karlidere village of Mus in Turkey.
CREDIT: IBRAHIM YALDIZ/ANADOLU AGENCY BIA GETTY IMAGE

This is the moment a big brown bear recreated Baloo’s iconic back-scratching scene from Disney classic The Jungle Nook – standing on his hind legs and even doing the full rub down. Photographer Erik Mandre captured the moment the huge mammal backed up against a tree and rubbed against the bark to satisfy a hard-to-reach itch. The cute shots bring to life the scene where Baloo serenades Mowgli while rubbing his back against a tree during the classic tune The Bare Necessities.
CREDIT: KENNEDY NEWS AND MEDIA/ERIK MAND

Market Closes for December 03^rd, 2019  

Market Index	Close	Change
Dow Jones	27502.81	-280.23
		-1.01%
S&P 500	3093.20	-20.67
		-0.66%
NASDAQ	8520.645	-47.342 -0.55%
TSX	16892.18	-89.29
		-0.53%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23379.81	-149.69
		-0.64%
HANG SENG	26391.30	-53.42
		-0.20%
SENSEX	40675.45	-126.72
		-0.31%
FTSE 100*	7158.76	-127.18 -1.75%

 

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.447	1.534
CND. 30 Year Bond	1.550	1.616
U.S.    10 Year Bond	1.7157	1.8206
U.S. 30 Year Bond	2.1636	2.2682

 

Currencies

BOC Close	Today	Previous
Canadian $	0.75217	0.75145
US $	1.32949	1.33076
Euro Rate 1 Euro=		Inverse
Canadian $	1.47340	0.67870
US $	1.10825	0.90233

 

Commodities

Gold	Close	Previous
London Gold Fix	1461.15	1460.15
Oil
WTI Crude Future	56.10	55.96

 

Market Commentary:
On this day in 1984, in one of the worst industrial disasters in modern history, a Union Carbide pesticide plant leaked a lethal cloud of methyl isocyanate gas into the midnight breezes blowing through the residential alleyways of Bhopal, India. In the days and weeks that followed, some 3,800 people died from exposure to the toxic gas, and thousands more suffered permanent disabilities. By early 2001, Dow Chemical had acquired Union Carbide for $7.3 billion

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.5 percent, or 89.29 to 16,892.18 in Toronto. The move was the biggest since falling 0.8 percent on Oct. 8. Today, financials stocks led the market lower, as 6 of 11 sectors lost; 149 of 233 shares fell, while 81 rose. Canadian National Railway Co. contributed the most to the index decline, decreasing 2.2 percent. First Quantum Minerals Ltd. had the largest drop, falling 6.1 percent.

Insights
* This quarter, the index rose 1.4 percent
* This year, the index rose 18 percent, heading for the best year in at least 10 years
* The index advanced 11 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Nov. 28, 2019 and 22.6 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 0.8 percent in the past 5 days and rose 1.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.1 on a trailing basis and 15.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.61t
* 30-day price volatility rose to 4.70 percent compared with 4.49 percent in the previous session and the average of 5.22 percent over the past month

================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -57.6676| -1.0| 3/24
Industrials | -24.4136| -1.3| 5/27
Energy | -23.1026| -0.8| 7/25
Consumer Discretionary | -6.9757| -1.0| 3/13
Communication Services | -2.2302| -0.2| 1/6
Real Estate | -1.5278| -0.3| 13/12
Consumer Staples | 0.2507| 0.0| 6/4
Health Care | 1.9439| 0.9| 5/5
Utilities | 2.7664| 0.3| 8/8
Materials | 10.8189| 0.6| 29/17
Information Technology | 10.8603| 1.2| 1/8

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks dropped around the world and bonds rallied after President Donald Trump aimed his tariff weapon on economies from South America to Europe and China, denting hopes for a global recovery. The S&P 500 Index fell for a third day, though it pared some of its losses in afternoon trading. The morning brought a flood of trade headlines that rattled markets, with the Trump administration signaling the U.S. plans to move forward with tariffs on Chinese goods if no deal is reached before the mid- December deadline. The president had earlier indicated he’d be willing to wait another year before striking an agreement with China. He also threatened levies on France after hitting steel from Brazil and Argentina.
Treasuries surged, driving yields down the most since August, as gold, the yen and the Swiss franc paced gains among haven assets. The cost to protect North American investment- grade debt against default jumped as trade-war induced volatility shook markets. Jefferies warned currency traders to buckle up before the tariff deadline, saying “put your helmet back on.” The flurry of trade news roiled global markets just as investors started dipping their toes into riskier waters. A rush to assets that usually outperform during times of economic growth pushed U.S. stocks to record highs last month. But renewed tariff tension and signs of profit deterioration could make traders again more cautious amid the longest bull market on record. “The narrative on trade has quickly been turned upside down as negative headlines on tariffs have ignited a risk-averse tone in the markets,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. “Today’s headlines are a short reminder of the downside risks that still remain across the investing landscape.”
Chinese state media said Tuesday the government would soon publish a list of “unreliable entities” that could lead to sanctions against American companies. Meantime, France said the European Union would retaliate if the U.S. follows through on a threat to hit about $2.4 billion of French products with levies.
In afternoon trading, U.S. equities trimmed their declines amid a rally in defensive companies such as real estate and utilities. Despite Tuesday’s losses, the S&P 500 was still up 23% this year. “Let’s keep in mind that 2019 has been a remarkable year in the markets,” said Mike Loewengart, vice president of investment strategy at E*Trade Financial Corp. “Regardless of trade tensions, it’s natural to see a bit of a dip.”
Elsewhere, oil rose as traders focused on the upcoming OPEC+ meeting that could lead to deeper supply cuts by some of the biggest crude producers.
Here are some key events coming up this week:
* Germany releases factory-order data for October on Thursday.
* Saudi Aramco’s initial public offering is scheduled to be priced on Thursday, with Riyadh looking to raise more than $25 billion.
* Friday brings the U.S. jobs report, where estimates are for non-farm payrolls to rise by 190,000 in November.

These are the main moves in markets:
Stocks
* The S&P 500 dipped 0.7% to 3,093.20 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.6%.
* The MSCI Asia Pacific Index fell 0.3%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro was little changed at $1.108.
* The Japanese yen appreciated 0.3% to 108.64 per dollar.
Bonds
* The yield on 10-year Treasuries slid 11 basis points to 1.71%.
* Germany’s 10-year yield sank seven basis points to -0.35%.
* Britain’s 10-year yield dipped seven basis points to 0.67%.
Commodities
* The Bloomberg Commodity Index advanced 0.3%.
* West Texas Intermediate crude climbed to $56.10 a barrel.
* Gold gained 1% to $1,484.40 an ounce.
–With assistance from Joanna Ossinger, Andreea Papuc, Todd
White, Sam Potter, Yakob Peterseil, Sophie Caronello, Sarah Ponczek and Luke Kawa.

Have a great night.

Be magnificent!
As ever,

Carolann

It’s not whether you get knocked down, it’s whether you get back up.
                                                     -Vince Lombardi, 1913-1970

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:

1804 – Napoleon was crowned emperor of France.  Go to article »
1859 – Georg Seurat, painter, b.

Everybody’s looking for the future.  They’re never in the present.  So when they arrive at the future, it’s not there not present for it.  If you get the idea that this is the moment you have, it is the only moment that you have, then you live in the present, and you move with the flow, because this is the point of arrival. Right now.  -Deepak Chopra.

ICYMI
America braces for a possible french fry shortage.

PHOTOS OF THE DAY

Waves batter Tynemouth pier at sunrise on a cold, sub zero beginning to December on the north east coast, England.
CREDIT: ALAN DAWSON/ALAMY LIVE NEWS

Fireworks at the end of the Winter Festival in Oban on the west coast of Scotland as part of the celebrations for St. Andrew’s Day.
CREDIT: NICK EDGINGTON/BAV MEDIA

Japanese monkeys soak in a hot spring at a Hakodate Tropical Botanical Garden in Hakodate, northern Japan.
CREDIT: YOHEI FUKAI/AP

Market Closes for December 02^nd, 2019  

Market Index	Close	Change
Dow Jones	27783.04	-268.37
		-0.96%
S&P 500	3113.87	-27.11
		-0.86%
NASDAQ	8567.988	-97.483 -1.13%
TSX	16981.47	-58.73
		-0.34%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23529.50	+235.59
		+1.01%
HANG SENG	26444.72	+98.23
		+0.37%
SENSEX	40802.17	+8.36
		+0.02%
FTSE 100*	7285.94	-60.59 -0.82%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.534	1.463
CND. 30 Year Bond	1.616	1.555
U.S.    10 Year Bond	1.8206	1.7758
U.S. 30 Year Bond	2.2682	2.2054

Currencies

BOC Close	Today	Previous
Canadian $	0.75145	0.75296
US $	1.33076	1.32810
Euro Rate 1 Euro=		Inverse
Canadian $	1.47421	0.67833
US $	1.10780	0.90269

Commodities

Gold	Close	Previous
London Gold Fix	1460.15	1454.65
Oil
WTI Crude Future	55.96	55.17

Market Commentary:
On this day in 1719, the first great modern “stock bubble” hit its peak, as shares in the Mississippi Co. reached their all-time high of 10,025 livres each in trading on the rue Quincampoix (the Wall Street of Paris). The Mississippi Co. was financier John Law’s scheme to refinance the French debt and colonize North America, but its success was contingent on an ever-growing supply of new investors. The supply maxed out Dec. 2, and it was all downhill from there.  A year later, the stock had lost roughly 70%.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks retreated as global trade risks appeared to grow and domestic consumer confidence fell for a second month. The S&P/TSX Composite Index lost 0.3% to 16,981.47, the lowest in more than a week. Software stocks were weak on both sides of the border as trade tensions ratcheted up again, with Celestica Inc. down 2.9% and Constellation Software Inc. falling 1.9%. Financials slid 0.5% ahead of earnings from five of Canada’s largest banks this week. Centerra Gold Inc. had the largest drop, falling 11% after a rock slide at its flagship mine in Kyrgyzstan. Today, 146 of 233 shares fell, while 80 rose; 7 of 11 sectors were lower.
Commodities
* Western Canada Select crude oil traded at a $20.60 discount to WTI, the widest gap in three weeks
* Spot gold fell 0.3% to $1,468.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3300 per U.S. dollar
* The 10-year government bond yield gained 7 basis points to 1.54%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -29.5720| -0.5| 6/19
Energy | -10.2219| -0.4| 6/25
Industrials | -8.8171| -0.5| 8/23
Information Technology | -7.2374| -0.8| 3/6
Communication Services | -7.2133| -0.8| 1/6
Real Estate | -2.3022| -0.4| 6/19
Health Care | -1.4432| -0.7| 2/8
Utilities | 0.5322| 0.1| 9/6
Consumer Discretionary | 1.0048| 0.1| 9/7
Consumer Staples | 1.4329| 0.2| 7/3
Materials | 5.1171| 0.3| 26/21
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks dropped on concern over global trade risks and disappointing factory data. The dollar and bonds declined. The S&P 500 Index fell the most in almost eight weeks on concern the U.S. will slap fresh tariffs on China and after President Donald Trump reinstated levies on steel and aluminum from Argentina and Brazil. The risk-off mood spread to Europe, where shares had the biggest slump in two months. The greenback  slid against most major peers, while Treasury 10-year yields jumped. The latest developments on trade overshadowed hope that the world’s two largest economies were close to signing the first part of a trade deal. Meantime, an unexpected decline in U.S. manufacturing showed the sector lacked momentum in an environment of corporate investment cutbacks, subdued global demand and a still-simmering trade war. “It’s all part of the same narrative, right?” Tom Porcelli, chief U.S. economist at RBC Capital Markets, told Bloomberg TV. “There’s a narrative problem in the manufacturing space and the narrative problem obviously stems from trade. Until you actually can sign this deal, I think that manufacturing will remain under pressure.”
The American manufacturing miss countered signs of recovery in China and Europe. It also revived concern about the U.S. economy and could reignite bets on further Federal Reserve easing, according to Eimear Daly, a currency strategist at Macquarie Bank. Earlier Monday, Trump again called on the Fed to loosen monetary policy. Traders also monitored the latest on retail after Black Friday hit a record $7.4 billion in U.S. online sales. American shoppers are on track to spend an estimated $9.4 billion on Cyber Monday — a record — boosting an already robust holiday shopping season. Yet a gauge of retailers in the S&P 500 dropped on Monday, joining broader market losses.
More on corporate news:
* Roku Inc. sank after Morgan Stanley cut its rating and warned that revenue and gross profit growth may “slow meaningfully” next year.
* Apache Corp. tumbled after the company’s update on an exploratory oil well off the coast of Suriname offered little indication as to whether it will be commercially viable.
* Biogen Inc. slumped after being downgraded at Robert W. Baird, which warned investors ahead of a company presentation at a medical meeting later this week.

Elsewhere, oil rebounded from the biggest weekly loss since October on speculation OPEC+ could defy expectations by deepening production cuts.
Here are some key events coming up this week:
* Saudi Aramco’s initial public offering is scheduled to be priced on Thursday.
* Friday brings the U.S. jobs report, where estimates are for non-farm payrolls to rise by 190,000 in November.

These are the main moves in markets:
Stocks
* The S&P 500 fell 0.9% to 3,113.87 at 4 p.m. New York time.
* The Stoxx Europe 600 Index sank 1.6%.
* The MSCI Asia Pacific Index jumped 0.7%.
Currencies
* The Bloomberg Dollar Spot Index slid 0.3%.
* The euro rose 0.6% to $1.1081.
* The Japanese yen added 0.5% to 108.97 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 1.82%.
* Germany’s 10-year yield jumped eight basis points to -0.28%.
* Britain’s 10-year yield rose climbed basis points to 0.739%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude rose 1.4% to $55.96 a barrel.
* Gold decreased 0.3% to $1,468.60 an ounce.
–With assistance from Adam Haigh, Yakob Peterseil, Sam Potter and Sarah Ponczek.
Have a great night.

Be magnificent!
As ever,

Carolann

If life were predictable it would cease to be life, and be without flavor.
                                                      -Eleanor Roosevelt, 1884-1962

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!

1877 US inventor Thomas Edison demonstrates his hand-cranked phonograph for the first time. Go to article »

1989 -Czechoslovakia ends communist rule.

Under capitalism, man exploits man.  Under communism, it’s just the opposite. -John Kenneth Galbraith.

From Bloomberg today:  This avatar-style robot is helping disabled people experience the outside world. It allows them to remotely see through its eyes, talk with its voice and gesture with its arms and avoid isolation.

PHOTOS OF THE DAY

A lighting installation made to resemble huge dandelions on Mykoly Vashcuka Street, at night, Vinnytsia, central Ukraine.
CREDIT:UKRINFORM/BARCROFT MEDIA

The river Severn has flooded fields near lower Apperley in Gloucestershire, UK.
CERDIT: STEVE PARSONS/PA WIRE

Morning fog rolls across the countryside surrounding Glastonbury Tor, Somerset, UK.
CREDIT: JASON BRYANT/APEX

Sheep walking in Chinese larch forest, Tianquan Lake in Xuyi, east China’s Jiangsu Province.
CREDIT: XINHUA/ALAMY LIVE NEWS

Market Closes for November 29^th, 2019  

Market Index	Close	Change
Dow Jones	28051.41	-112.59
		-0.40%
S&P 500	3140.98	-12.65
		-0.40%
NASDAQ	8665.473	-39.702 -0.46%
TSX	17040.20	-74.32
		-0.43%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23293.91	-115.23
		-0.49%
HANG SENG	26346.49	-547.24
		-2.03%
SENSEX	40793.81	-336.36
		-0.82%
FTSE 100*	7346.53	-69.90 -0.94%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.463	1.469
CND. 30 Year Bond	1.555	1.574
U.S.    10 Year Bond	1.7758	–
U.S. 30 Year Bond	2.2054	–

Currencies

BOC Close	Today	Previous
Canadian $	0.75296	0.75292
US $	1.32810	1.32816
Euro Rate 1 Euro=		Inverse
Canadian $	1.46323	0.68342
US $	1.10175	0.90765

Commodities

Gold	Close	Previous
London Gold Fix	1454.65	1454.35
Oil
WTI Crude Future	55.17	58.11

Market Commentary:
On this day in 1912, John Marks Templeton was born in Winchester, Tenn., to Vella Handly and Harvey Maxwell Templeton, a lawyer and cotton-gin operator. He went on to found the Templeton Growth Fund and invent the discipline of global investing.
Canada
By Bloomberg Automation
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian stocks fell as the U.S. market resumed with shorter trading hours after the Thanksgiving holiday. However, the S&P/TSX Index closed out November with biggest monthly gain since January of this year. The S&P/TSX Composite Index fell 0.4% to 17,040.20 on Friday. Energy stocks led the market lower, as oil fell after bearish OPEC signals. Canadian National contributed the most to the index decline, decreasing 1.3%. Aurora Cannabis had the largest drop, falling 4.9%. Gildan Activewear provided the biggest boost to the index, advancing 3.5%. MAG Silver had the biggest gain, rising 3.7%. Meanwhile, Canada’s economy slowed sharply in the third quarter, as weaker exports an drawn down business inventories masked a rebound in domestic demand. The Canadian dollar pared earlier losses after data showed the economy slowed to a 1.3% annualized pace in 3Q, matching analyst estimates
Commodities
* Western Canada Select crude oil traded at a $19.35 discount toWTI
* Spot gold rose 0.5% to $1,463.95 an ounce
FX/Bonds
* The Canadian dollar was unchanged at C$1.3282 per U.S. dollar
* The 10-year government bond yield slightly higher to 1.460%
Insights
* So far this week, the index rose 0.5%
* This month, the index rose 3.4%, heading for the biggest advance since January
* This year, the index rose 19%, heading for the best year in at least 10 years
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period

Canadian National Railway Co. contributed the most to the index decline, decreasing 1.3 percent. Aurora Cannabis Inc. had the largest drop, falling 4.6 percent. Today, 132 of 233 shares fell, while 93 rose; 9 of 11 sectors were lower, led by energy stocks.

* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.63t
* 30-day price volatility rose to 4.35 percent compared with 4.00 percent in the previous session and the average of 5.53 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -30.1918| -1.1| 1/30
Industrials | -18.5442| -1.0| 9/23
Financials | -13.2746| -0.2| 12/14
Information Technology | -9.0597| -1.0| 1/7
Health Care | -4.0211| -1.8| 5/5
Consumer Staples | -2.7192| -0.4| 2/7
Real Estate | -1.9894| -0.3| 10/15
Consumer Discretionary | -1.7004| -0.2| 4/10
Utilities | -1.2659| -0.2| 9/7
Communication Services | 2.2227| 0.2| 5/2
Materials | 6.1974| 0.3| 35/12
* The benchmark 10-year bond rose and the yield fell 0.3 basis points to 1.466 percent
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks dropped from record highs in thE wake of lower European and Asian equities, rounding out a lackluster finale to the third straight month of gains for global benchmarks. The dollar strengthened. The S&P 500, Nasdaq 100 and Dow Jones Industrial Average all finished lower as trading resumed on Wall Street after the Thanksgiving break. Shares of energy and consumer discretionary goods companies were the biggest decliners, with overall trading volume about 16% below the 30-day average. The Stoxx Europe 600 Index slumped, while Asian shares closed lower. Treasuries were mixed as they returned to trading post- holiday. The dollar posted a ninth straight session of gains, the longest winning streak since January 2016. U.S. equity
markets closed at 1 p.m. New York time, while bond trading ended an hour later. ”It looks like it will be a lazy day with the U.S. half day of trading,” said Didier Anthamatten, senior portfolio manager at Unigestion SA. “Very low liquidity and most of the traders digesting the turkey.” Investors are hungry for evidence of progress on a China- U.S. trade deal, with the next batch of American tariffs on Chinese goods due to begin Dec. 15 and additional tension building over Hong Kong.
China’s foreign ministry warned again of unspecified retaliation for U.S. President Donald Trump’s signing of legislation that expresses support for protesters in Hong Kong. “The real issue is not the Hong Kong bill,” Macquarie Group’s Thierry Wizman told Bloomberg TV. “The real issue is whether or not if you do not see convergence on those negotiations by Dec. 15, do we get an increase, a scheduled increase, in those U.S. tariffs and does thatderail the negotiations?” Elsewhere, West Texas-grade oil traded dropped below $57  barrel amid signals OPEC and allied crude producers are averse to deepening output cuts when they convene next week. The won closed lower in normal trading hours after the Bank of Korea kept its policy rate unchanged, as expected.
These are the main moves in markets:
Stocks
*The S&P 500 Index sank 0.4% to 3,140.98 as of 1:20 p.m. New York time, the first retreat in more than a week and the largest
decrease in more than seven weeks.
*The Nasdaq Composite Index dipped 0.5% to 8,665.47, the first retreat in more than a week.
*The Dow Jones Industrial Average fell 0.4% to 28,051.41, hitting the lowest in a week with the first retreat in more than a week.
*Germany’s DAX Index declined 0.1% to 13,236.38, the lowest in a week.
*The MSCI All-Country World Index sank 0.5% to 546.67, the lowest in a week on the largest decrease in more than seven weeks.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,209.08, the first retreat in more than a week.
*The euro climbed 0.1% to $1.1017.
*The Japanese yen was little changed at 109.47 per dollar, the biggest climb in more than a week.
*The British pound increased 0.2% to $1.2934, the strongest in more than a week.
Bonds
*The yield on two-year Treasuries decreased one basis point to 1.61%.
*The yield on 10-year Treasuries advanced one basis point to 1.78%, the highest in more than a week.
*Germany’s 10-year yield gained less than one basis point to -0.36%.
*Britain’s 10-year yield increased two basis points to 0.697%, the highest in a week.
Commodities
*West Texas Intermediate crude sank 4.6% to $55.42 a barrel, the lowest in more than a week on the biggest tumble in more than 10 weeks.
*Gold strengthened 0.6% to $1,463.92 an ounce, the highest in more than a week on the largest climb in more than four weeks.
–With assistance from Todd White.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Gratitude is not only the greatest of virtues,  but the parent of all others.
                                                        -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:

On Nov. 28, 1943, President Roosevelt, British Prime Minister Winston Churchill and Soviet leader Josef Stalin met in Tehran during World War II.  Go to article »

From Rosemary Verey, A Countrywoman’s Notes,  my treasured book from which I derive a great deal of pleasure:
“Keeping a diary seems to run in my husband’s family.  His mother and grandfather both kept one  for a long span of years and he himself has kept a diary without a break since he went to Eton in 1926.  Between the three generations the diaries cover well over 100 years.  They are a wonderful record and as I read them people and places long since forgotten flash through my memory and events are recaptured with varying vividness.  I feel full of remorse that I have not mastered the art of spending even five minutes each evening recording the day’s happenings.  I have made several short-lived attempts, sometimes as a New Year resolution, as a genuine desire to keep a record of what was going on in the garden and the countryside.  I have recently been admonished for my idleness and in consequence my new diary is a full four weeks old.  It has the usual factual evidence of events; visitors, jelly-making from the quince crop, the mowing machine breaking down, the greenhouse roof collapsing and the glow of this autumn’s leaves.  In my attempt to make the diary of some practical help I would like to discover whether our vegetable and fruit growing efforts are an economy or an elaborately planned and time consuming extravagance.  Being a countrywoman I take it for granted that a vegetable patch is essential.  Its success or failure depends on efficient planning but is it uneconomical?  I do not believe it is but some people as they walk round my garden comment that each cabbage must cost a fortune.  Only my full year’s records will tell.  I shall have to be scrupulous and include the cost of every item, from seeds and sprays to the time spent digging, weeding and harvesting.  It will be even more difficult to assess the pleasure, such as those wonderful autumn raspberries, the variety called September, or the earliest of early potatoes, or the salads freshly picked and garnished with herbs.” –Rosemary Verey, 1979.

PHOTOS OF THE DAY

A skateboarder performs inside the Triennale in a skatepark installation called “OoooOoO”  by south Korean artist Koo jeon A and curated by Julia Peyton-Jones and Lorenza Baroncelli in Milan.
CREDIT: MIGUEL MEDINA/AFP

Camels during the Red Bull Racing Hump Day at Ghantoot Racing and Polo Club in Abu Dhabi, United Arab Emirates.
CREDIT: FRANCOIS NEL/GETTY IMAGES

Flamingos bask under the morning sun in their lake enclosure at the Jurong Bird Park in Singapore.
CREDIT: WALLACE WOON/EPA

Market Closes for November 28^th, 2019  

Market Index	Close	Change
Dow Jones	–	–
S&P 500	–	–
NASDAQ	–	–
TSX	17114.52	+13.95
		+0.08%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23409.14	+28.63
		+0.12%
HANG SENG	26893.73	+60.27
		+0.22%
SENSEX	41130.17	+109.56
		+0.27%
FTSE 100*	7416.43	+13.35 +0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.469	1.475
CND. 30 Year Bond	1.574	1.579
U.S.    10 Year Bond	–	–
U.S. 30 Year Bond	–	–

Currencies

BOC Close	Today	Previous
Canadian $	0.75292	0.75287
US $	1.32816	1.32825
Euro Rate 1 Euro=		Inverse
Canadian $	1.46234	0.68384
US $	1.10103	0.90824

Commodities

Gold	Close	Previous
London Gold Fix	1454.35	1454.65
Oil
WTI Crude Future	58.11	58.41

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 17,114.52 in Toronto. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 0.5 percent. Aurora Cannabis Inc. had the largest increase, rising 3.6 percent. Today, 137 of 233 shares rose, while 88 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 0.9 percent
* This month, the index rose 3.8 percent, heading for the biggest advance since January
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* The index advanced 13 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on Nov. 28, 2019 and 24.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 4.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.63t
* 30-day price volatility fell to 4.00 percent compared with
4.22 percent in the previous session and the average of 5.63
percent over the past month

================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 10.1614| 0.6| 33/15
Financials | 4.2626| 0.1| 12/13
Health Care | 3.6750| 1.7| 10/0
Communication Services | 2.8233| 0.3| 4/2
Energy | 2.0648| 0.1| 14/16
Utilities | 0.1945| 0.0| 14/2
Real Estate | 0.0000| 0.8| 17/8
Information Technology | -0.2089| 0.0| 5/3
Consumer Discretionary | -1.5875| -0.2| 6/10
Industrials | -2.6180| -0.1| 16/15
Consumer Staples | -4.0509| -0.6| 6/4

* The benchmark 10-year bond rose and the yield fell 0.9 basis points to 1.467 percent
US

US markets closed for Thanksgiving Day.

Have a great night.

Be magnificent!

As ever

Carolann

In the fields of observation, chance favors only the prepared mind.
                                                       -Louis Pasteur, 1822-1895

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:
Bruce Lee, actor, b. 1940
Jimi Hendrix, guitarist, b. 1942
1961 Gordie Howe becomes 1st to play in 1,000 NHL games Go to article >>

1895~ Swedish chemist Alfred Nobel’s will establishes the Nobel Prize.

THE GREEN FLASH

le rayon vert

And the sea’s skin heaves, saurian,
and the spikes of the agave bristle
like a tusked beast bowing to charge
tonight the full moon will soar floating
without any moral or simile
the wind will bend the longbows of the arching casuarinas
the lizard will still scuttle
and the sun will sink silently with a stake in its eye
bleeding behind the shrouding sail
of a skeletal schooner.
You can feel the earth cooling,
you can feel its myth cooling
and watch your own heart go out like the red throbbing dot
of a hospital machine, with a green flash
next to Pigeon Island.
                           -by Derek Walcott, winner of the Nobel Prize in Literature in 1992.

PHOTOS OF THE DAY

Lightning strike in the sea off the shore of Artemida, Greece.
CREDIT: VASSILIS TRIANDAFYLLOU/REUTERS

A royal Navy officer (right) alongside a guardsman, as sailors from the Royal Navy Perform the Changing of the Guard ceremony at Buckingham Palace, London, for the second time in its 357-year history.
CREDIT: KIRSTY O’CONNOR/PA

A great tit lands on a rock, with its reflection in the water surrounding it producing an almost perfect mirror image.
CREDIT: PAUL SEWER/SOLENT NEWS & PHOTO AGENCY
 
An artisan gives a traditional Chrismas wooden nutcracker his moustache at the Seiffener Volkskunst manfactory in Seiffen, Germany. Seiffen, a village located in the Ore Mountains close to the Czech Border, is a home to a number of manufactories that specialize in wooden Christmas ornaments and decorations.
CREDIT: SEAN GALLUP/GETTY IMAGES

Market Closes for November 27^th, 2019  

Market Index	Close	Change
Dow Jones	28164.00	+42.32 +0.15%
S&P 500	3153.63	+13.11 +0.42%
NASDAQ	8705.176	+57.242 +0.66%
TSX	17100.57	+64.69
		+0.38%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23437.77	+64.45
		+0.28%
HANG SENG	26954.00	+40.08
		+0.15%
SENSEX	41020.61	+199.31
		+0.49%
FTSE 100*	7429.78	+26.44 +0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.475	1.439
CND. 30 Year Bond	1.579	1.547
U.S.    10 Year Bond	1.7654	1.7363
U.S. 30 Year Bond	2.1887	2.1741

Currencies

BOC Close	Today	Previous
Canadian $	0.75287	0.75341
US $	1.32825	1.32729
Euro Rate 1 Euro=		Inverse
Canadian $	1.46104	0.68444
US $	1.09997	0.90911

Commodities

Gold	Close	Previous
London Gold Fix	1454.65	1458.40
Oil
WTI Crude Future	58.11	58.41

Market Commentary:
On this day in 1991, in a voice vote not recorded by the customary roll call—so that infuriated constituents wouldn’t know for sure who was to blame—both houses of Congress passed legislation bailing out the dying savings and loan industry. The bailout bill—the Resolution Trust Corporation Refinancing, Restructuring and Improvement Act of 1991—sank another $25 billion of taxpayers’ money directly into the S&L bailout, while authorizing up to $35 billion in new borrowings to finance the government’s purchase of bad loans.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose to a record for a third straight day, led by pot stocks and the consumer sector. The S&P/TSX Composite Index rose 0.4%, or 64.69 to 17,100.57. Shopify contributed the most to the advance, measured in index points, increasing 2.2%. Hudson’s Bay had the largest percentage gain, rising 11%, after Catalyst Capital Group made a bid for the retailer. Bank of Nova Scotia was the biggest drag on the index, declining 0.4%. TMX Group had the biggest percentage decline, falling 4.7%, after saying that its board is probing allegations against the CEO.
Commodities
* Western Canada Select crude oil traded at a $19.35 discount to WTI
* Spot gold fell 0.4% to $1,455.07 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3282 per U.S. dollar
* The 10-year government bond yield rose 2.4 basis points to 1.474%
Insights
* This month, the index rose 3.7%, heading for the biggest advance since January
* This year, the index rose 19%, heading for the best year in at least 10 years
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The Canada S&P/TSX is 0.02% below its 52-week high on Nov. 27, 2019 and 24% above its low on Dec. 24, 2018
* The Canada S&P/TSX is up 0.56% in the past 5 days and rose 4.2% in the past 30 days
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. equities rallied as the risk-on mood that’s driven American benchmarks to consecutive record highs showed few signs of abating. The dollar strengthened and Treasury yields rose. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average closed at all-time levels for a third straight day. Data on U.S. gross domestic product and claims for unemployment beat analysts’ expectations. The Stoxx Europe 600 benchmark rose to within 1% of its record close, with 14 of 19 sector groups advancing. “There’s a lot to be thankful for in today’s GDP revision – – namely the strength of the consumer,” said Mike Loewengart, vice president of investment strategy at E*Trade Financial Corp. “If our economy is one thing, it’s resilient.” Equities climbed across Asia except in China, where data showed the economy slowing further, as investors continue to monitor developments on trade. President Donald Trump declared Tuesday that talks on the first phase of a deal were nearly done after negotiators from both sides spoke by telephone.
Investors are searching among trade developments and the final earnings-season reports for reasons to stay positive on stocks, and as a global benchmark of developing and emerging-market equities hovers just below its all-time record. “It’s been the same story for the past four to six weeks,” said Juha Seppala, director of macro asset allocation strategy for UBS Asset Management. “You have cloudy skies lifting a little bit and the sun is showing up, not fully but there are positive signs.” Elsewhere, a benchmark stock index in Australia ended the day close to a record high after the country’s central bank laid out a road map for interest-rate cuts and quantitative easing. Bitcoin turned higher after 10 straight sessions of declines, the worst streak on record.
Here are some key events coming up this week:
* The U.S. celebrates Thanksgiving on Thursday, when equity and bond markets will be shut.
* Euro area inflation for October is due Friday.
* The Bank of Korea sets policy on Friday.

These are the main moves in markets:
Stocks
*The S&P 500 Index climbed 0.4% to 3,153.71 as of 4:01 p.m. New
York time, the highest on record.
*The Dow Jones Industrial Average gained 0.1% to 28,165.56, the
highest on record.
*The Nasdaq Composite Index increased 0.6% to 8,705.18, the
highest on record.
*The MSCI All-Country World Index advanced 0.3% to 549.71, the
highest in 22 months.
Currencies
*The Bloomberg Dollar Spot Index gained 0.2% to 1,209.38, hitting the highest in more than six weeks with its seventh straight advance.
*The euro fell 0.2% to $1.1001, the weakest in almost seven weeks.
*The Japanese yen depreciated 0.4% to 109.55 per dollar, hitting the weakest in six months with its sixth straight decline and the largest dip in almost three weeks.
*The British pound climbed 0.4% to $1.2905.
Bonds
*The yield on two-year Treasuries gained four basis points to 1.63%, the largest rise in more than two weeks.
*The yield on 10-year Treasuries advanced two basis points to 1.77%.
*Germany’s 10-year yield was unchanged at -0.37%, the lowest in more than three weeks.
*Britain’s 10-year yield advanced three basis points to 0.675%, the biggest rise in more than two weeks.
Commodities
*Gold depreciated 0.5% to $1,454.88 an ounce, the weakest in more than 16 weeks on the largest fall in more than two weeks.
*West Texas Intermediate crude decreased 0.5% to $58.09 a barrel.
*Copper was unchanged at $2.70 a pound, the highest in more than two weeks.

Have a great night.

Be magnificent!
As ever,

Carolann

Find people who will make you better.
                -Michelle Obama, b.1964

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

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

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

Dear Friends,

Tangents:
John Harvard, Harvard University founder, b. 1607.
Charles M. Schultz, creator of “Peanuts”, b. 1922.
Tina Turner, singer b. 1938

There’s a review of the new musical about Tina Turner (Tina: The Tina Turner Musical) that just made it to Broadway in the latest edition of the New Yorker magazine.  It was playing in London when I was there last month to critical acclaim. 

43 BC~ Second Triumvirate alliance of Roman leader Octavian (later Caesar Augustus), Marcus Aemilius Lepidus, and Mark Antony formed. Go to article »

Jupiter’s great red spot isn’t dying anytime soon. 
A comet from another solar system is zipping toward Earth.

Following a $1 billion theft, a German museum finds it’s uninsured.

With American Thanksgiving on Thursday, there are lots of terrific cooking guides and recipe suggestions in the papers this week.  On the weekend, there was this one in the New York Times and  Gary and I decided to make it last night.  It is really a terrific side dish:

Roasted Brussels Sprouts With Garlic
From MARK BITTMAN

INGREDIENTS

• 1 pint brussels sprouts (about a pound)
• 4 to 6 tablespoons extra virgin olive oil, to coat bottom of pan
• 5 cloves garlic, peeled
•  Salt and pepper to taste
• 1 tablespoon balsamic vinegar

PREPARATION

1. Heat oven to 400 degrees. Trim bottom of brussels sprouts, and slice each in half top to bottom. Heat oil in cast-iron pan over medium-high heat until it shimmers; put sprouts cut side down in one layer in pan. Put in garlic, and sprinkle with salt and pepper.
2. Cook, undisturbed, until sprouts begin to brown on bottom, and transfer to oven. Roast, shaking pan every 5 minutes, until sprouts are quite brown and tender, about 10 to 20 minutes.
3. Taste, and add more salt and pepper if necessary. Stir in balsamic vinegar, and serve hot or warm.

PHOTOS OF THE DAY

A black-and-white ruffed lemur tries to grab a photographer’s camera by dropping down from a tree by its tail at the Andasibe National Park in Madagascar. The cheeky lemur hung upside down and tried to grab a camera from a photographer who was trying to take its photo.
CREDIT: LUCA BRACALI/SWNS.COM

Prince Charles attends a community event focused on Oceans at Lawson Tama Stadium during his visit to The Solomon Islands.
CREDIT: TIM ROOKE/REX

A lunging lioness misses out on a meal of zebra in Kenya.
CREDIT: JENNY VARLEY/CATERS NEWS

Aerial view of Brazil’s Flamengo fans surrounding a bus carrying the Flamengo football team during a celebration parade after their Libertadores Final football match victory against Argentina’s River Plate, Rio de Janeiro.
CREDIT: CARL DE SOUZA/AFP VIA GETTY IMAGES

Market Closes for November 26^th, 2019

Market Index	Close	Change
Dow Jones	28121.68	+55.21 +0.20%
S&P 500	3140.52	+6.88 +0.22%
NASDAQ	8647.934	+15.445 +0.18%
TSX	17035.88	+3.02
		+0.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23373.32	+80.51
		+0.35%
HANG SENG	26913.92	-79.12
		-0.29%
SENSEX	40821.30	-67.93
		-0.17%
FTSE 100*	7403.14	+6.85 +0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.439	1.469
CND. 30 Year Bond	1.547	1.574
U.S.    10 Year Bond	1.7363	1.7517
U.S. 30 Year Bond	2.1741	2.1971

Currencies

BOC Close	Today	Previous
Canadian $	0.75341	0.75163
US $	1.32729	1.33044
Euro Rate 1 Euro=		Inverse
Canadian $	1.46338	0.68335
US $	1.10253	0.90700

Commodities

Gold	Close	Previous
London Gold Fix	1458.40	1464.45
Oil
WTI Crude Future	58.41	57.94

Market Commentary:
A strong open sesame for Alibaba in Hong Kong. Alibaba’s Hong Kong-listed shares rose nearly 7% in their debut, after the Chinese online-retail giant completed the biggest stock offering so far this year.
Silicon Valley is adjusting to a new reality as $100 billion evaporates. Once Silicon Valley’s highest-flying darlings, companies from WeWork to Uber Technologies have collectively lost about $100 billion in value this year, prompting some start-up executives to talk up profitability over growth.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 17,035.88 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 5.2 percent. Silvercorp Metals Inc. had the largest increase, rising 7.0 percent. Today, 102 of 233 shares rose, while 126 fell; 5 of 11 sectors were higher, led by information technology stocks.

Insights
* This month, the index rose 3.4 percent, heading for the biggest advance since January
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* The index advanced 13 percent in the past 52 weeks. The MSCI AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Nov. 25, 2019 and 23.7 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.62t
* 30-day price volatility rose to 4.17 percent compared with 4.16 percent in the previous session and the average of 5.77 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 23.5297| 2.6| 8/1
Industrials | 12.6167| 0.7| 15/17
Materials | 12.0109| 0.7| 29/20
Consumer Staples | 6.5138| 1.0| 9/1
Consumer Discretionary | 1.1717| 0.2| 8/8
Real Estate | -0.5899| -0.1| 10/13
Utilities | -1.2008| -0.2| 7/9
Health Care | -1.8834| -0.9| 1/8
Communication Services | -2.0809| -0.2| 2/5
Financials | -23.2707| -0.4| 8/19
Energy | -23.8012| -0.9| 5/25
* The benchmark 10-year bond rose and the yield fell 2.7 basis points to 1.438 percent
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. equities closed at all-time highs for a second consecutive day after President Donald Trump said he’s been talking to Chinese President Xi Jinping and that they continue to work for a trade deal. Treasuries rose. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite climbed to fresh records. China said earlier that negotiators “reached consensus” on certain issues in a phone call and agreed to stay in contact on the remaining points. The Stoxx Europe 600 Index edged higher for a third day, while Asian shares were mixed. “This phase one trade agreement between the U.S. and China would be at least a step in the right direction,” said Dave Campbell, a principal of San Francisco based BOS, which manages about $4.5 billion. “Markets would interpret that pretty positively — in fact, they’re already starting to lean that way.” The dollar was mixed versus major peers after five consecutive days of gains. Brazil’s central bank intervened in the foreign exchange market for the first time in three months, selling greenbacks to prop up the real after it slumped to a record low. Crude oil gained. Hopes that a partial trade deal is just around the corner have pushed a global benchmark of stocks to within 1% of an all- time high. A flurry of buyouts has also helped.
”We’re getting to the point where they need to show us the money,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. “Talk is one thing but an actual deal on paper, pen to paper, is what is going to dramatically change the market narrative.” Investors are continuing to weigh the dispute’s impact on the world’s largest economy. Federal Reserve Governor Lael Brainard painted a mostly positive picture of the near-term outlook for the U.S. economy while advocating longer-term changes in the conduct of monetary policy in an era of low interest rates and subdued inflation. Elsewhere, Bitcoin fell for a 10th day, its longest losing streak on record.
Here are some key events coming up this week:
* U.S. consumer spending data is due Wednesday, along with GDP, jobless claims and durable goods.
* The U.S. celebrates Thanksgiving on Thursday, when equity and bond markets will be shut.
* Euro-area inflation for October is due Friday.
* The Bank of Korea sets policy on Friday.
These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.1% to 3,140.40 as of 4:01 p.m. New York time, the highest on record.
* The Dow Jones Industrial Average climbed 0.1% to 28,120.73, the highest on record.
* The Nasdaq Composite Index increased 0.2% to 8,647.93, the highest on record.
* The MSCI All-Country World Index gained 0.1% to 547.93, the highest in 22 months.
Currencies
* The Bloomberg Dollar Spot Index was little changed at 1,207.48, hitting the highest in six weeks with its sixth straight advance.
* The euro advanced 0.1% to $1.1024, the first advance in a week.
* The Japanese yen depreciated 0.1% to 109.04 per dollar, hitting the weakest in two weeks with its fifth straight decline.
* The British pound dipped 0.3% to $1.2864.
Bonds
* The yield on two-year Treasuries dipped three basis points to 1.58%, the largest decrease in more than a week.
* The yield on 10-year Treasuries declined one basis point to 1.74%, the lowest in more than three weeks.
* Germany’s 10-year yield fell two basis points to -0.37%, the lowest in more than three weeks.
* Britain’s 10-year yield dipped five basis points to 0.65%, the lowest in more than three weeks.
Commodities
* Gold strengthened 0.5% to $1,462.44 an ounce, the first advance in a week and the largest climb in more than a week.
* West Texas Intermediate crude advanced 0.6% to $58.37 a barrel.
* Copper climbed 1.3% to $2.70 a pound, the highest in more than two weeks.
–With assistance from Andreea Papuc.
Have a great night.

Be magnificent!
As ever,

Carolann

And the trouble is, if you don’t risk anything, you risk even more.
                                                            -Erica Jong, b. 1942

 

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

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

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

Dear Friends,

Tangents:

On Nov. 25, 1986, the Iran-Contra affair erupted as President Reagan and Attorney General Edwin Meese revealed that profits from secret arms sales to Iran had been diverted to Nicaraguan rebels. Go to article »

The Beverly Hills setting of the “Godfather” horse-head scene is in bankruptcy protection.

-from today’s New York Times:
The 2010s are about over. What did we live through, culturally speaking?
Gwyneth Paltrow became a lifestyle brand, superhero spandex took over, Broadway persevered, black art and gay culture came of age, and bingeing became a thing. And then there was #MeToo.
Our Culture staff took a look back at what we watched, heard, read, liked and shared.
Have a nostalgic evening.

PHOTOS OF THE DAY

The Churchill Arms on Kensington Church Street, West London switches on its display of Christmas lights.
CREDIT: PAUL DAVEY/SWNS

Chinese People’s Liberation Army soldiers riding horses as they Patrol along the border of Khunjerab Pass in Kashgar in China’s western Xinjiang region.
CREDIT:AFP

Prince Charles visits Solomon Islands: The Prince of Wales and Duchess of Cornwall just finished a tour of New Zealand. It was their third joint visit to New Zealand. It was their third joint visit to New Zealand and first in four years.
CREDIT: CHRIS JACKSON/GETTY IMAGES

A newborn lamb sticks its tongue out standing next to its mother in the lambing sheds at The Olde House, Chapel Amble, Cornwall, where the milder Cornish weather affords the workings farm two lambing seasons over the year, around 500 lambs are expected to be born this autumn.
CREDIT: BEN BIRCHALL/PA

Market Closes for November 25^th, 2019  

Market Index	Close	Change
Dow Jones	28066.47	+190.85 +0.68%
S&P 500	3133.64	+23.35 +0.75%
NASDAQ	8632.488	+112.603 +1.32%
TSX	17032.86	+78.02
		+0.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23292.81	+179.93
		+0.78%
HANG SENG	26993.04	+397.96
		+1.50%
SENSEX	40889.23	+529.82
		+1.31%
FTSE 100*	7396.29	+69.48 +0.95%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.469	1.474
CND. 30 Year Bond	1.574	1.581
U.S.    10 Year Bond	1.7517	1.7689
U.S. 30 Year Bond	2.1971	2.2181

Currencies

BOC Close	Today	Previous
Canadian $	0.75163	0.75216
US $	1.33044	1.32950
Euro Rate 1 Euro=		Inverse
Canadian $	1.46469	0.68274
US $	1.10091	0.90834

Commodities

Gold	Close	Previous
London Gold Fix	1464.45	1467.05
Oil
WTI Crude Future	57.94	57.70

Market Commentary:
On this day in 2008, the U.S. pledged to pump another $800 billion into ailing credit markets, much of it directly from the Fed. The central bank planned to buy up to $600 billion of debt issued or backed by mortgage-finance firms such as Fannie Mae and Freddie Mac. With support from the Treasury, the Fed would also provide as much as $200 billion in financing to boost consumer lending.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5 percent at 17,032.86 in Toronto. The move was the biggest since rising 0.7 percent on Nov. 1 and follows the previous session’s decrease of 0.3 percent. Today, financials stocks led the market higher, as 8 of 11 sectors gained; 158 of 233 shares rose, while 69 fell. Alimentation Couche-Tard Inc. contributed the most to the index gain, increasing 3.5 percent. Martinrea International Inc. had the largest increase, rising 4.6 percent.

Insights
* This month, the index rose 3.3 percent, heading for the biggest advance since January
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* The index advanced 13 percent in the past 52 weeks. The MSCI AC Americas Index gained 19 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Nov. 25, 2019 and 23.6 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.61t
* 30-day price volatility rose to 4.16 percent compared with 4.04 percent in the previous session and the average of 5.90 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 24.0666| 0.4| 21/6
Energy | 23.6582| 0.9| 22/8
Industrials | 14.2132| 0.8| 24/8
Consumer Staples | 12.1503| 1.8| 8/2
Consumer Discretionary | 8.2220| 1.2| 11/5
Information Technology | 7.1392| 0.8| 8/1
Real Estate | 2.8569| 0.5| 21/2
Communication Services | 1.9632| 0.2| 5/2
Health Care | -1.6153| -0.8| 5/5
Utilities | -3.2822| -0.4| 8/7
Materials | -11.3470| -0.6| 25/23

* The benchmark 10-year bond rose and the yield fell 0.1 basis points to 1.472 percent
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. equities closed at records amid optimism over China trade relations and a fresh wave of merger and acquisition activity. The dollar strengthened. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite Indexes reached all-time highs after China said over the weekend that it will tighten intellectual property rules, a move aimed at boosting the chances of a trade deal between the two largest economies. Tech shares led the gains. Charles Schwab Corp. agreed to buy TD Ameritrade Holding Corp., while LVMH purchased U.S. jeweler Tiffany & Co. “I don’t think we would be seeing these types of deals if the outlook for markets and the economy weren’t favorable,” said Adam Phillips, director of portfolio strategy for EP Wealth Advisors. “This is one additional piece we can look at to see the outlook for markets is a positive one.” The Stoxx Europe 600 Index advanced, with all 19 industry sectors closing in the green. Equities climbed across Asia, led by those in Hong Kong, where local elections brought a landslide victory to pro-democracy candidates. The dollar gained versus the euro and yen.
While doubts about the rally remain and haven investments such as bonds seem well-supported, stocks globally are approaching a third month of gains. The S&P 500 Index is building on an advance from Friday, when President Donald Trump said he was “very close” to a trade pact with Chinese President Xi Jinping, even as Treasuries hold on to most of their two-week surge. “Markets are relatively optimistic about a phase one trade deal happening, but obviously there’s more uncertainty until President Trump and President Xi sit down and sign something more formal,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. Elsewhere, China was planning a record sale of sovereign bonds in dollars, with a potential $6 billion offering, according to people familiar with the discussions. West Texas- grade oil futures drifted higher. Bitcoin dropped as much as 11% before paring the decline.
Here are some key events coming up this week:
* Federal Reserve Chairman Jerome Powell speaks on Monday at the Greater Providence Chamber of Commerce annual dinner in Providence, Rhode Island.
* Alibaba starts trading in Hong Kong on Tuesday.
* Reserve Bank of Australia Governor Philip Lowe will give a speech on unconventional monetary policy on Tuesday evening in Sydney.
* U.S. consumer spending data is due Wednesday, along with GDP, jobless claims and durable goods.
* The U.S. celebrates Thanksgiving on Thursday, when equity and bond markets will be shut.
* The Bank of Korea sets policy on Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.7% to 3,133.57 as of 4:01 p.m. New York time, the highest on record with the largest gain in more than a week.
* The Dow Jones Industrial Average advanced 0.7% to 28,065.39, the highest on record with the biggest gain in more than a week.
* The Nasdaq Composite Index surged 1.3% to 8,632.49, the highest on record with the largest jump in more than six weeks.
* The MSCI All-Country World Index advanced 0.7% to 547.17, the highest in 22 months on the biggest gain in more than a week.
Currencies
* The Bloomberg Dollar Spot Index was little changed at 1,207.43, hitting the highest in six weeks with its fifth straight advance.
* The euro fell 0.1% to $1.1011, the weakest in more than a week.
* The Japanese yen depreciated 0.3% to 108.94 per dollar, the weakest in almost two weeks on the largest fall in more than a week.
* The British pound jumped 0.5% to $1.2902, the first advance in a week and the biggest increase in two weeks.
Bonds
* The yield on two-year Treasuries declined one basis point to 1.62%.
* The yield on 10-year Treasuries dipped one basis point to 1.76%.
* Germany’s 10-year yield climbed one basis point to -0.35%.
* Britain’s 10-year yield fell one basis point to 0.696%, the lowest in more than three weeks.
Commodities
* Gold depreciated 0.5% to $1,454.95 an ounce, the weakest in more than 16 weeks.
* West Texas Intermediate crude advanced 0.4% to $57.98 a barrel.
* Copper gained 0.1% to $2.66 a pound.
Have a great night.

Be magnificent!
As ever,

Carolann

Art is not what you see, but what you make others see.
                                                             -Edgar Degas, 1834-1917

 

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:
1859~ On The Origin Of Species published, Charles Darwin.

On Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States.  Go to article »

Meanwhile in Massachusetts
-by Jacqueline Bouvier Kennedy

Meanwhile in Massachusetts Jack Kennedy dreamed

Walking the shore by the Cape Cod Sea
Of all the things he was going to be.

He breathed in the tang of the New England fall
And back in his mind he pictured it all,
The burnished New England countryside
Names that a patriot says with pride
Concord and Lexington, Bunker Hill
Plymouth and Falmouth and Marstons Mill
Winthrop and Salem, Lowell, Revere
Quincy and Cambridge, Louisburg Square.
This was his heritage — this was his share
Of dreams that a young man harks in the air.
The past reached out and tracked him now

He would heed that touch; he didn’t know how.
Part he must serve, a part he must lead
Both were his calling, both were his need.

Part he was of New England stock
As stubborn, close guarded as Plymouth Rock
He thought with his feet most firm on the ground
But his heart and his dreams were not earthbound
He would call New England his place and his creed
But part he was of an alien breed
Of a breed that had laughed on Irish hills
And heard the voices in Irish rills.

The lilt of that green land danced in his blood
Tara, Killarney, a magical flood
That surged in the depth of his too proud heart
And spiked the punch of New England so tart
Men would call him thoughtful, sincere
They would not see through to the Last Cavalier.

He turned on the beach and looked toward his house.

On a green lawn his white house stands
And the wind blows the sea grass low on the sands
There his brothers and sisters have laughed and played
And thrown themselves to rest in the shade.
The lights glowed inside, soon supper would ring
And he would go home where his father was King.
But now he was here with the wind and the sea
And all the things he was going to be.

He would build empires
And he would have sons
Others would fall
Where the current runs

He would find love
He would never find peace
For he must go seeking
The Golden Fleece

All of the things he was going to be
All of the things in the wind and the sea.
                                -October, 1953

PHOTOS OF THE DAY

A purebred Spanish horse is mounted by a rider during the SICAB International PRE Horse Fair which is dedicated to purebred Spanish horses in Seville, Spain.
CREDIT: REUTERS/MARCELO DEL POZO

The petals of a rose are covered in frost in Herdecke, western Germany.
CREDIT: BERND THISSEN/DPA/AFP VIA GETTY IMAGES

People taste the new wine during the official start of the “Beaujolais Nouveau” edition in the streets of Lyon, central-eastern France.
CREDIT: JEFF PACHOUD/ AFP VIA GETTY IMAGES

Market Closes for November 22^nd, 2019  

Market Index	Close	Change
Dow Jones	27875.62	+109.33 +0.39%
S&P 500	3110.29	+6.75 +0.22%
NASDAQ	8519.887	+13.676 +0.16%
TSX	16954.84	-44.35
		-0.26%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23112.88	+74.30
		+0.32%
HANG SENG	26595.08	+128.20
		+0.48%
SENSEX	40359.41	-215.76
		-0.53%
FTSE 100*	7326.81	+88.26 +1.22%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.474	1.476
CND. 30 Year Bond	1.581	1.585
U.S.    10 Year Bond	1.7689	1.7723
U.S. 30 Year Bond	2.2181	2.2301

Currencies

BOC Close	Today	Previous
Canadian $	0.75216	0.75284
US $	1.32950	1.32831
Euro Rate 1 Euro=		Inverse
Canadian $	1.46544	0.68239
US $	1.10225	0.90724

Commodities

Gold	Close	Previous
London Gold Fix	1467.05	1471.70
Oil
WTI Crude Future	57.70	58.53

Market Commentary:
On this day in 1937, the Law Committee of the New York Stock Exchange delivered a harshly-worded letter to William O. Douglas, chairman of the U.S. Securities and Exchange Commission, declaring that the NYSE’s leaders would refuse to appoint an independent president or even to apologize for claiming that the SEC has contributed to the stock-market crash. In response, Mr. Douglas growled, “All right, then, we’ll take the Exchange over.”
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks had a losing week, falling for a fifth-straight session Friday. U.S. equities edged higher after President Donald Trump said he was “very close” to a trade pact with China even as he warned that Beijing wanted a deal more than he did. The S&P/TSX Composite fell 0.3%, or 44.35 to 16,954.84 on Friday in Toronto. The move was the biggest loss since Oct. 23. Health-care stocks led the decliners Friday after rallying for three sessions. Meanwhile, reports of propane shortages in Ontario and Quebec appear  to be largely manufactured by Canadian National Railway Co., according to the union that began a fourth day on strike at the country’s largest railroad.
Commodities
* Western Canada Select crude oil traded at a $18.90 discount to WTI
* Spot gold fell 0.2% to $1,462.14 an ounce
FX/Bonds
* The Canadian dollar fell about 0.1% to C$1.3292 per U.S. dollar
* The 10-year government bond edged lower to 1.472%
Insights
* This week the index fell 0.4%, its biggest decline since the week ended Oct. 4
* This month, the index is up 2.9%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -21.7930| -0.8| 9/22
Health Care | -10.8560| -4.8| 4/6
Materials | -5.2769| -0.3| 19/27
Financials | -3.4072| -0.1| 14/13
Consumer Staples | -3.3977| -0.5| 2/8
Industrials | -2.4177| -0.1| 17/14
Communication Services | -1.2883| -0.1| 2/5
Information Technology | 0.3149| 0.0| 5/4
Consumer Discretionary | 0.3650| 0.1| 9/7
Utilities | 1.2062| 0.2| 8/8
Real Estate | 2.1982| 0.4| 23/2
US
By Vildana Hajric
(Bloomberg) — U.S. equities edged higher after President Donald Trump said he was “very close” to a trade pact with China even as he warned that Beijing wanted a deal more than he did. Automakers, an industry particularly sensitive to trade, led advances after Trump’s comments in an interview on Fox News. Bitcoin tumbled to a six-month low and the dollar gained. Oil fell and Treasury yields held steady. The S&P 500 Index posted a small weekly loss, its first since early October. It’s been a mixed picture on the trade front this week, suppressing volatility and keeping stocks in a tight range within 1% of a record high. Chinese Vice Premier Liu He has invited Robert Lighthizer to Beijing for further talks later this month, according to people familiar with the matter, and Washington will likely postpone new tariffs scheduled for December even if there’s no deal by then, the South China Morning Post reported.
However, Trump may soon sign a bill supporting Hong Kong’s protesters, a move likely to anger China. He declined to reveal plans when asked Friday. “Stocks’ short-term direction is still all about trade,” said Alec Young, managing director of global markets research at FTSE Russell. “Given precious little substance of late on that front, it’s no surprise stocks are stuck in a tight trading range with volatility at multi month lows.” Elsewhere, European stocks advanced. The pound fell — boosting U.K. equities — following a gloomy reading of company sentiment. Government bonds in Europe rose as a measure of services in the euro area disappointed. Japanese shares steadied after three days of declines, while stocks climbed in Australia and Hong Kong, and slipped in China.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% at the close of trading in New York; it lost 0.3% for the week.
* The Stoxx Europe 600 Index climbed 0.4%.
* The U.K.’s FTSE 100 Index surged 1.2%.
* The MSCI Asia Pacific Index increased 0.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell 0.3% to $1.1021.
* The British pound decreased 0.6% to $1.2835.
* The Japanese yen was little changed at 108.63 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 1.77%.
* Germany’s 10-year yield fell three basis points to -0.36%.
* Britain’s 10-year yield decreased five basis points to 0.7%.
Commodities
* West Texas Intermediate crude fell 1.1% to $57.91 a barrel.
* Gold slipped 0.1% to $1,463.04 an ounce.
–With assistance from Adam Haigh and Constantine Courcoulas.
Have a wonderful weekend everyone!

Be magnificent!
As ever,

Carolann

The ultimate inspiration is the deadline.
                                    -Nolan K. Bushnell, b. 1943

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:

1694~ Voltaire was born.
1783- Man’s first flight in a balloon.
1995- Dow tops 5000 for the first time

PHOTOS OF THE DAY

A surfer drops in on a large wave at Praia do Norte in Nazare, Portugal.
CREDIT: RAFAEL MARCHAN/REUTERS

The Winter Wonderland’s return to Hyde Park today marks the start of the Christmas season in central London. Attractions include 100 rides, a circus, comedy shows, ice shows, a Christmas market, Santa Land, restaurants, cafes and themed bars. The fair will be open every day until Sunday, Jan 5.
CREDIT: CHRIS GORMAN/BIG LADDER

A Humpback whale jumping in the Pacific Ocean at the Uramba Bahia Malaga Natural Park in Colombia.
CREDIT: MIGUEL MEDINA/AFP

Market Closes for November 21^st, 2019

Market Index	Close	Change
Dow Jones	27766.29	-54.80 -0.20%
S&P 500	3103.54	-4.92 -0.16%
NASDAQ	8506.211	-20.521 -0.24%
TSX	16999.19	-6.63
		-0.04%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23038.58	-109.99
		-0.48%
HANG SENG	26466.88	-422.73
		-1.57%
SENSEX	40575.18	-76.47
		-0.19%
FTSE 100*	7238.55	-23.94 -0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.476	1.431
CND. 30 Year Bond	1.585	1.554
U.S.    10 Year Bond	1.7723	1.7431
U.S. 30 Year Bond	2.2301	2.2076

Currencies

BOC Close	Today	Previous
Canadian $	0.75284	0.75153
US $	1.32831	1.33061
Euro Rate 1 Euro=		Inverse
Canadian $	1.46907	0.68070
US $	1.10597	0.90418

Commodities

Gold	Close	Previous
London Gold Fix	1471.70	1468.45
Oil
WTI Crude Future	58.53	57.11

Market Commentary:
On this day in 1995, the Dow Jones Industrial Average broke through the 5000 barrier for the first time, finishing the day at 5023.55, just nine months after first closing above 4000. Never before had a market milestone fallen so quickly, and even bullish analysts were astonished at the speed of the market’s rise.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian equities were mixed Thursday as traders assessed the status of U.S.-China trade talks. Meanwhile, an eight-month rout in pot stocks that wiped out almost two-thirds of their market value may finally have reached its bottom. The S&P/TSX Composite edged lower to 16,999.19 in Toronto. Health care stocks rallied while materials were the weakest group. Also, Quebec is facing an “emergency” shortage of propane and shipments of oil, grain and metal are grinding to a halt as the impact of a rail strike in Canada threatened to take a multibillion chunk out of the nation’s economy. On the commodities front, oil climbed to a nine-week high while nickel plunged into a bear market as worries about a supply crunch were replaced by concerns that demand will crater.
Commodities
* Western Canada Select crude oil traded at a $18.90 discount to WTI
* Spot gold fell 0.4% to $1,465.29 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3282 per U.S. dollar
* The 10-year government bond yield rose 4.4 basis points to 1.475%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -26.4515| -1.4| 7/42
Industrials | -6.8357| -0.4| 11/21
Real Estate | -2.8731| -0.5| 2/22
Communication Services | -2.0280| -0.2| 3/4
Consumer Discretionary | -1.7611| -0.2| 8/8
Utilities | -1.6714| -0.2| 8/8
Information Technology | 1.2242| 0.1| 4/5
Consumer Staples | 4.6883| 0.7| 8/2
Financials | 4.9273| 0.1| 11/16
Energy | 10.1771| 0.4| 25/6
Health Care | 13.9648| 6.6| 9/1
US
By Vildana Hajric
(Bloomberg) — U.S. equities slid following losses in Europe and Asia as traders weighed conflicting signals about the outlook for a trade deal between Beijing and Washington. The S&P 500 Index fell for a third day, the longest losing streak in almost two months, but remained within 1% of a record high. The dollar held steady and Treasuries dipped as China’s chief trade negotiator reportedly said he was “cautiously optimistic” about reaching a phase-one accord. Pessimists focused on speculation Donald Trump may sign legislation backing Hong Kong protesters, setting up further conflict between the nations. TD Ameritrade soared on reports that Charles Schwab Corp. is in talks to buy the brokerage. Hong Kong’s deteriorating situation may prove crucial to the trade talks, and on Thursday a commentary from China’s state-run news agency accused the U.S. of applying a double standard. China has threatened to retaliate for the passage of the American bill and said supporting the protesters was a “gross” interference in Hong Kong affairs. Traders will be watching for signs of progress ahead of a Dec. 15 deadline for further tariffs. “Investors now are starting to worry again that we may not see that phase one in 2019,” said Chris Gaffney, president of world markets at TIAA. “It’s going to be tough to have the next leg up without a trade deal.” Elsewhere, oil futures rose. European bonds tracked Treasuries lower and emerging-market stocks slid.
Here are some key events coming up this week:
* Economic indicators due for release include U.S. and European PMI data for November on Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2% at the close of trading in New York time.
* The Stoxx Europe 600 Index dipped 0.4%.
* The MSCI Asia Pacific Index declined 0.7%.
* The MSCI Emerging Market Index fell 0.7%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1% to $1.1057.
* The British pound slid 0.1% to $1.2906.
* The Japanese yen was little changed at 108.63 per dollar.
Bonds
* The yield on 10-year Treasuries increased two basis points to 1.77%.
* Germany’s 10-year yield increased two basis points to -0.33%.
* Britain’s 10-year yield jumped two basis points to 0.75%.
Commodities
* West Texas Intermediate crude gained 2.3% to $58.42 a barrel.
* Gold decreased 0.5% to $1,464.50 an ounce.
–With assistance from Kyoungwha Kim, Andreea Papuc, Adam Haigh,
Cormac Mullen, Yakob Peterseil and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

The more you praise and celebrate your life,  the more there is in life to celebrate.
                                                                                                    -Oprah

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

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

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

Dear Friends,

Tangents:

The Poem:
                      DRY SEASON
In the country of the ochre afternoon
it is always still and hot, the dry leaves stirring
infrequently sometimes with the rattling pods
of what they call “women’s tongues,” in
the afternoon country the far hills are very quiet
and heat-hazed, but mostly in the middle
of the country of the afternoon I see the brown heat
of the skin of my first love, so still, so perfect,
so unaltered, and I see how she walked
with her sunburnt hands against the still sea almonds,
to a remembered cove, where she stood on a small dock –
that was when I thought we were immortal
and that love would be folded doves and folded oars
and water lapping against eroding stone
in the ochre country of the afternoon.
                            -by Derek Walcott

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

PHOTOS OF THE DAY

Dancer Zhang Yan of the National Ballet of China as Odette-Odile, principal dancer Sun Ruichen of the National Ballet of China as Prince Siegfried, and dancers of the Beijing Dance Academy perform in a scene from the Swan Lake Ballet staged by Soviet choreographer Pyotr Gusev at the Boris Eifman Children’s Dance Theater, St. Petersburg.
CREDIT: ALEXANDER DEMIANCHUK/TASS

A guest poses with illuminations during a photocall for ‘Christmas at Kew’ in the Royal Botanical Gardens in London.
CREDIT: NEIL HALL/EPA

Aerial photograph of Shanzhou sinkhole courtyard, the only underground ancient residential building in China and even in the world, Sanmenxia, Henan Province, China.
CREDIT: COSTFOTO

Market Closes for November 20^th, 2019  

Market Index	Close	Change
Dow Jones	27821.09	-112.93 -0.40%
S&P 500	3108.46	-11.72 -0.38%
NASDAQ	8526.734	-43.924 -0.51%
TSX	17005.82	-5.58
		-0.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23148.57	-144.08
		-0.62%
HANG SENG	26889.61	-204.19
		-0.75%
SENSEX	40651.64	+181.94
		+0.45%
FTSE 100*	7262.49	-61.31 -0.84%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.431	1.447
CND. 30 Year Bond	1.554	1.580
U.S.    10 Year Bond	1.7431	1.7843
U.S. 30 Year Bond	2.2076	2.2505

Currencies

BOC Close	Today	Previous
Canadian $	0.75153	0.75359
US $	1.33061	1.32698
Euro Rate 1 Euro=		Inverse
Canadian $	1.47365	0.67859
US $	1.10750	0.90294

Commodities

Gold	Close	Previous
London Gold Fix	1468.45	1467.65
Oil
WTI Crude Future	57.11	55.21

Market Commentary:
On this day in 1991, Cascade International Inc., a fashion chain ranked No. 26 on BusinessWeek’s 1990 list of “hot growth companies,” announces that its chairman, Victor Incendy, has disappeared, along with more than 200 of Cascade’s stores. Incendy had claimed that Cascade had between 255 and 400 outlets but in reality, there were fewer than 30.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dropped for a third straight session, following a broad decline in global markets as investors weighed the prospects that the U.S. and China won’t reach the first phase of a trade deal this year. The S&P/TSX Composite declined less than 0.1% to 17,005.82 in Toronto. Stock performance was mixed Wednesday, though marijuana shares rallied again. The Horizons Marijuana Life Sciences Index ETF advanced 6%. Meanwhile, Canadian National Railway slid for a third session, a day after 3,200 workers walked off the job.
Commodities
* Western Canada Select crude oil traded at an $18.75 discount to WTI
* Spot gold flat around $1,472.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3306 per U.S. dollar
* The 10-year government bond yield fell 2.3 basis points to 1.423%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -13.8477| -0.2| 9/17
Industrials | -11.3427| -0.6| 19/12
Communication Services | -2.7979| -0.3| 2/5
Consumer Discretionary | -1.5857| -0.2| 10/6
Consumer Staples | -0.1953| 0.0| 7/3
Real Estate | -0.0464| 0.0| 11/13
Materials | 1.3522| 0.1| 33/16
Information Technology | 2.1011| 0.2| 5/4
Utilities | 2.6301| 0.3| 10/6
Health Care | 7.5873| 3.7| 7/3
Energy | 10.5674| 0.4| 21/9
US
By Sarah Ponczek and Claire Ballentine
(Bloomberg) — The S&P 500 Index posted its biggest loss in a month after a report that Washington and Beijing are unlikely to reach a trade deal this year. The dollar rose and oil jumped. Telecom companies and automakers led losses on the gauge after Reuters said that a pact may be delayed, though the index pared losses following a report that progress is being made. The developments came after China threatened to retaliate for the Senate’s passage of a bill that sought to support Hong Kong’s autonomy from Beijing. The House votes on the measure later Wednesday. After reaching fresh highs Monday, U.S. stocks have retreated on concern about the outlook for trade. While investors are sensitive to any reports on the economy, the potential of a detente between China and the U.S. had driven gains this year that left stocks poised for their best performance since 2013. “The market for most of the year has been trading off of trade — trade hope and trade fear,” said Ed Clissold, chief U.S. strategist at Ned Davis Research Inc. “There were expectations over the last several weeks that some sort of interim deal would get done. And the reality of the situation is setting in.”
Oil jumped, paring Tuesday’s more-than 3% loss, as American crude stockpiles rose less than expected and inventories at a key storage hub shrank by the most since August. Ten-year Treasury yields sank to a two-week low. Travel and leisure companies led the retreat in the Stoxx Europe 600 index. Swedbank AB dropped after a report that American authorities are investigating possible breaches of sanctions against Russia by the Swedish lender. Hong Kong shares fell along with Japanese and South Korean benchmarks. Australian equities slumped after allegations of financial crimes at Westpac Banking Corp. hit financial stocks.
Here are some key events coming up this week:
* U.S. economic indicators due for release include initial jobless claims on Thursday.
* Federal Reserve speakers this week include district bank presidents Loretta Mester and Neel Kashkari.
* European central bankers speaking this week include European Central Bank President Christine Lagarde, Bundesbank chief Jens Weidmann, along with Yves Mersch, Luis de Guindos, Pablo Hernandez de Cos and Philip Lane.

These are the main moves in markets:

Stocks
* The S&P 500 Index fell 0.4% at the close of trading in New York.
* The Stoxx Europe 600 Index dropped 0.4%.
* The MSCI Emerging Markets Index fell 0.5%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The euro fell 0.1% to $1.1072.
* The British pound decreased 0.1% to $1.2918.
* The Japanese yen was little changed at 108.58 per dollar.
Bonds
* The yield on 10-year Treasuries sank five basis points to 1.73%.
* Germany’s 10-year yield dipped one basis point to -0.35%.
* Britain’s 10-year yield was little changed at 0.73%.
* Japan’s 10-year yield sank three basis points to -0.124%.
Commodities
* West Texas Intermediate crude increased 3.4% to $57.11 a barrel.
* Gold was little changed at $1,472.34 an ounce.

–With assistance from Emily Barrett, Adam Haigh, Robert Brand and Sophie Caronello.
Have a great night!

Be magnificent!
As ever,

Carolann

Rise with the hour for which you were made.
                                -Georgia Douglas Johnson, 1880-1966

 

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