Category: Newsletters

Dear Friends,

Tangents:

Carolann is out of the office today, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Hot air balloon fly over Albuquerque, New Mexico at the Albuquerque International Balloon Fiesta.
CREDIT: JERRY LARSON/AP

A rainbow appears over the Baltic Sea in Timmerndorfer Strand, northern Germany.
CREDIT: AP/MICHAEL PROBST

Vinatge cars race down the beach during The Race of Gentlemen in Wildwood, New Jersey, USA.
CREDIT: JOSE F. MORENO/ THE PHILADELPHIA INQUIRER

Market Closes for October 07^th, 2019  

Market Index	Close	Change
Dow Jones	26478.02	-95.70 -0.36%
S&P 500	2938.79	-13.22 -0.45%
NASDAQ	7956.293	-26.181 -0.33%
TSX	16421.75	-27.60
		-0.17%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21375.25	-34.95
		-0.16%
HANG SENG	25821.03	-289.28
		-1.11%
SENSEX	37531.98	-141.33
		-0.38%
FTSE 100*	7197.88	+42.50 +0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.301	1.233
CND. 30 Year Bond	1.487	1.422
U.S.    10 Year Bond	1.5580	1.5255
U.S. 30 Year Bond	2.0484	2.0144

Currencies

BOC Close	Today	Previous
Canadian $	0.75126	0.75129
US $	1.33109	1.33105
Euro Rate 1 Euro=		Inverse
Canadian $	1.46049	0.68470
US $	1.09721	0.91140

Commodities

Gold	Close	Previous
London Gold Fix	1499.15	1517.10
Oil
WTI Crude Future	52.75	52.81

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,421.82 in Toronto. The move follows the previous session’s increase of 0.5 percent. Royal Bank of Canada contributed the most to the index decline, decreasing 0.3 percent. Hexo Corp. had the largest drop, falling 6.6 percent. Today, 127 of 233 shares fell, while 103 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 15 percent, heading for the best year since 2016
* The index advanced 3 percent in the past 52 weeks. The MSCI AC Americas Index gained 1.7 percent in the same period
* The S&P/TSX Composite is 3.1 percent below its 52-week high on Sept. 20, 2019 and 19.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and fell 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12- month basis
* S&P/TSX Composite’s members have a total market capitalizationof C$2.53 trillion
* 30-day price volatility fell to 7.58 percent compared with7.60 percent in the previous session and the average of 9.59 percent over the past month
US
By Brendan Walsh and Vildana Hajric
(Bloomberg) — U.S. equities declined as investors tried to gauge the outlook for a trade deal between China and the Trump administration. Treasuries slipped and the dollar gained. The S&P 500 Index ended the day about half a percentage point lower after bouncing between small gains and small losses in light volume. Sentiment got a boost on speculation that China is ready to do a deal, while pessimists focused on a report that senior Chinese officials have indicated the range of topics they’re willing to discuss at upcoming talks has narrowed considerably. After the close of New York markets, the U.S. placed eight Chinese technology companies on a blacklist because of alleged human-rights violations, a move that may add to tensions between the countries. In the wake of a slew of weak data and with protectionism portrayed as the main impediment to global growth, investor focus will return to foreign trade this week as Chinese Vice Premier Liu He and an entourage of officials head to Washington to resume talks with their U.S. counterparts. As economic indicators flash warnings, traders have ramped up bets for further Federal Reserve rate cuts. They’ll search for new clues on the policy path when minutes from the latest Fed meeting are released in coming days.
“Given the high level of uncertainty that’s out there and the cross-currents — the cross-currents being escalating geopolitical risks on the one hand and increased monetary easing on the part of the world’s global central banks — it’s really difficult at this point to determine which force is going to gain the upper hand,” said Ed Campbell, a portfolio manager and managing director at QMA. The Stoxx Europe 600 index climbed as foodmaker and telecom companies advanced. The pound dipped as European leaders cast doubt on reaching a Brexit agreement in time for the U.K.’s Oct.31 deadline. The dollar strengthened. Japanese equities closed little changed, while Shanghai markets are yet to re-open after holidays. Hong Kong was also shuttered for a holiday, leaving traders with limited options to respond — or not — to escalating violence in the city, where protesters set fires and vandalized train stations and banks over the weekend. The yuan dropped in offshore trading by the most since late September. Elsewhere, West Texas-grade oil steadied following its
biggest weekly decline since July.
Here are some key events coming up this week:
* Chinese Vice Premier Liu He visits Washington for trade talks with his U.S. counterparts.
* Fed Chair Jerome Powell speaks Tuesday on the final day of NABE’s annual conference in Denver; on the following day, minutes are released on the last policy meeting of the Fed’s rate-setting committee.
* Chinese President Xi Jinping and Indian Prime Minister Narendra Modi reportedly will meet at an unofficial summit.
* The U.S. releases a key measure of inflation on Thursday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index slipped 0.5% at the close of trade in New York.
* The Stoxx Europe 600 Index climbed 0.7%.
* Japan’s Topix index was little changed.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The pound slipped 0.3% to $1.2296.
* The euro was little changed at $1.0975.
* The Japanese yen slipped 0.3% to 107.27 per dollar.
* The offshore yuan weakened 0.3% to 7.1312 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to1.56%.
* Germany’s 10-year yield rose one basis point to -0.58%.
* The U.K.’s 10-year yield rose one basis point to 0.45%.
Commodities
* West Texas Intermediate crude rose 0.2% to $52.92 a barrel.
* Gold fell 0.8% to $1,492.09 an ounce.
* Copper gained 0.5% to $2.574 a pound.

–With assistance from David Wilson, Cormac Mullen and Todd
White.

Have a great evening.

Be magnificent!
As ever,

Isabel

Don’t be seduced onto thinking that which does not make a profit is without value.
                                                           – Arthur Miller, 1915-2005

Isabel Luo,
Assistant to Carolann Steinhoff

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

Tangents:

Carolann is out of the office today, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

This artist’s impression shows a spectacular pterosaur that soared above the dinosaurs 96 million years ago has been dug up… at a sheep station in the Australian outback. The crested creature had a 13 foot wingspan and enormous elongated jaws filled with razor sharp teeth to kill its prey. They were spike shaped for catching fish and other marine animals. Its remains were unearthed by a farmer at Winton, Queensland- home of Waltzing Matilda – and they are among the best even discovered. The terrifying animal would have been at the top of the food chain because of its size – and teeth. It has been named Ferrodraco lentoni – Latin for ‘iron dragon’.
CREDIT: TRAVIS R.TISCHLER/ SWNS.COM

Stunning sunrise over the city of London this morning, UK.
CREDIT: WAYNEH/SPLASHNEWS.COM

The crashing waves form arcs of water in front of the promenade in the early morning light at Seaburn in Sunderland, UK.
CREDIT: SIMON WOODLEY/SWNS

Market Closes for October 04^th, 2019  

Market Index	Close	Change
Dow Jones	26573.72	+372.68 +1.42%
S&P 500	2952.01	+41.38 +1.42%
NASDAQ	7982.473	+110.208 +1.40%
TSX	16449.35	+80.32
		+0.49%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26573.72	+68.46
		+0.32%
HANG SENG	2952.01	-289.28
		-1.11%
SENSEX	7982.473	-433.56
		-1.14%
FTSE 100*	16449.35	+77.74 +1.10%

 

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.233	1.251
CND. 30 Year Bond	1.422	1.442
U.S.    10 Year Bond	1.5255	1.5341
U.S. 30 Year Bond	2.0144	2.0321

Currencies

BOC Close	Today	Previous
Canadian $	0.75129	0.74974
US $	1.33105	1.33379
Euro Rate 1 Euro=		Inverse
Canadian $	1.46112	0.68441
US $	1.09772	0.91098

Commodities

Gold	Close	Previous
London Gold Fix	1517.10	1492.60
Oil
WTI Crude Future	52.81	52.45

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose Friday, paring back some overall losses this week, after health care and energy stocks underperformed. Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession. The S&P/TSX Composite rose 0.5% to 16,449.35 Friday. Materials and information technology stocks gained while health care stocks dropped. Meanwhile, Canada’s political party leaders are making affordability the central talking point of their election campaigns, rolling out targeted measures to alleviate the financial strain besetting voters.
Commodities
* Western Canada Select crude oil traded at a $14.45 discount to WTI
* Gold spot price flat around $1,504.19 per ounce
FX/Bonds
* The Canadian dollar gained 0.1% C$1.3318 per U.S. dollar
* The Canada 10-year government bond yield fell 1.9 basis points to 1.232%
Insights
* So far this week, the S&P/TSX Composite has gained 15%, heading for the best year since 2016

US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — U.S. stocks gained along with Treasuries after solid hiring data quelled recession fears without crushing the odds of future Federal Reserve easing. The dollar declined. The S&P 500 rose the most in seven weeks — though still suffered its third weekly loss — after payrolls slightly missed estimates for September, while August’s reading was revised upward. Traders trimmed their bets on the results, but the odds still favored a Fed rate cut this month. Chair Jerome Powell did little to change the speculation, saying Friday the economy “faces some risks” but is overall “in a good place.” Tech paced the advance, with Apple Inc. leading benchmark members amid reports of stronger-than-expected sales of its newest phone. The 10-year Treasury rate dropped for the seventh session in a row, and the dollar fell for a fourth straight day. West Texas oil rose toward $53 a barrel. “This one comes in pretty close to neutral in terms of the slowdown. It’s not encouraging, it doesn’t look like a re- acceleration in growth, but it also probably puts at bay some of the fears that have come in around the ISM manufacturing and ISM services numbers,” said Luke Tilley, chief economist at money manager Wilmington Trust Corp. in Delaware.
“This should make people and investors comfortable that we still have enough job growth to keep consumer spending on the positive side.” Today’s job numbers followed a string of disappointing economic data this week that had fueled concerns a slowdown in manufacturing could spread to the consumer, and in turn ratcheted up bets that the Fed will reduce rates this month. The burst of rate-cut optimism helped snap a two-day losing streak
that reached 3% in the S&P 500 Index Thursday. Elsewhere, European shares advanced along with the euro. India pulled the trigger on another rate cut on Friday, the fifth in the cycle so far. China remains closed for a holiday. Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.4%, the most since Aug. 16, at 4 p.m. New York time.
* The Nasdaq Composite Index gained 1.4%, while the Dow Jones Industrial Average advanced by 1.4%.
* The Stoxx Europe 600 Index increased 0.5%.
* The MSCI Emerging Market Index gained 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro rose by 0.1% to $1.0980.
* The British pound slid 0.3% to $1.2295.
* The Japanese yen rose 0.1% to 106.87 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 1.51%.
* The yield on two-year Treasuries added two basis points to 1.41%.
* Germany’s 10-year yield advanced less than one basis point to -0.58%.
* Japan’s 10-year yield sank two basis points to -0.211%.
Commodities
* West Texas Intermediate crude fell 0.5% to $52.16 a barrel.
* Gold was steady at $1,513.90 an ounce.

–With assistance from Charlotte Ryan and Yakob Peterseil.

Have a great evening.

Be magnificent!
As ever,

Isabel

Kind words can be short and easy to speak, but their echoes are truly endless.
                                                      – Mother Teresa, 1910-1997

Isabel Luo,
Assistant to Carolann Steinhoff

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:

Carolann is out of the office today, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Gardener David Brown trimming the largest wall of Boston Ivy in the UK at St John’s College Cambridge.
CREDIT: GEOFF ROBINSON

The Royal Air force Aerobatic Team, The Red Arrows flypast the Golden Gate Bridge, San Francisco. The Red Arrows are currently deployed on Exercise, it is the first time they have been to North America since 2008 and the deployment will be the most ambitious tour of Canada and the United States ever undertaken by the team.
CREDIT: SGT ASHLEY KEATES- RAF

A woman in yukata (casual summer kimono) poses for a photo at Fushimi Inari Taisha in Kyoto, Japan.
CREDIT: MATTHEW CHILDS/REUTERS

Market Closes for October 03^rd, 2019  

Market Index	Close	Change
Dow Jones	26201.04	+122.42 +0.47%
S&P 500	2910.63	+23.02 +0.80%
NASDAQ	7872.266	+87.020 +1.12%
TSX	16369.03	+58.06
		+0.36%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21341.74	-436.87
		-2.01%
HANG SENG	26110.31	+67.62
		+0.26%
SENSEX	38106.87	-198.54
		-0.52%
FTSE 100*	7077.64	-44.90 -0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.251	1.311
CND. 30 Year Bond	1.442	1.488
U.S.    10 Year Bond	1.5341	1.5923
U.S. 30 Year Bond	2.0321	2.0800

Currencies

BOC Close	Today	Previous
Canadian $	0.74974	0.75081
US $	1.33379	1.33189
Euro Rate 1 Euro=		Inverse
Canadian $	1.46259	0.68370
US $	1.09656	0.91190

Commodities

Gold	Close	Previous
London Gold Fix	1492.60	1473.45
Oil
WTI Crude Future	52.45	52.64

Market Commentary:
On this day in 2008, in the depths of the financial crisis, President Bush signed into law a $700 billion plan to rescue the U.S. financial system after the House reversed itself and voted to pass the legislation.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Thursday after falling for the past four sessions. The S&P/TSX Composite rose 0.4% to 16,369.03 in Toronto. Marijuana-exposed stocks rebounded while Shopify Inc. led information technology shares higher. Eight of the 11 main sectors gained. Linamar Corp. lost 10% after flagging softening conditions in key markets. CIBC downgraded the stock while BMO defended the auto-parts firm.
Commodities
* Western Canada Select crude oil traded at a $14.35 discount to WTI
* Gold spot price rose 0.4% to $1,505.90 per ounce
FX/Bonds
* The Canadian dollar remained flat at C$1.3335 per U.S. dollar
* The Canada 10-year government bond yield fell 6 basis points to 1.246%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — U.S. stocks advanced as investors ramped up bets that the Federal Reserve will cut rates this month to shore up an economy showing increasing signs of weakness. Treasuries rallied. The S&P 500 rose the  most in a month after roaring back from a drop of more than 1% sparked by the weakest reading on the services sector in three years. Odds the Federal Reserve cuts at its next meeting spiked as the data came just after the worst factory numbers in a decade. Investors are also finding their footing after the benchmark fell around 3% over the last two sessions, with one of the hardest hit sectors, tech, pacing gains. The yield on 10-year Treasurie dropped for the sixth straight day, while the dollar fell for a third time in a row.
     “This downturn is starting to spread and that means the tea leaf readers at the Fed are going to be teeing up a third rate cut this year when they next meet again at the end of this month,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “Policymakers are going to need a bigger gun to stop this avalanche of bad news from dragging down business and consumer confidence even further. Rate cuts are coming. Lots of them. Bet on it.” This week’s march of weak data confirmed investor concerns that the global economy is struggling for traction, and may be seeping from the manufacturing sector into consumer sentiment, as the U.S.-China trade war churns in the background. That’s also driving bets that the Fed will pump more stimulus into the economy this year. Focus now turns to the nonfarm payrolls figure on Friday, when Federal Reserve Chairman Jerome Powell will also speak. Elsewhere, the yen continued to strengthen along with gold. West Texas crude fell below $53 a barrel.
Here are some key events coming up this week:
* The monthly “nonfarm” jobs report is due on Friday.
* Federal Reserve Chairman Jerome Powell is set to speak Friday.
* The Reserve Bank of India sets policy on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8%, the most since Sept. 5, at 4 p.m. New York time.
* The Nasdaq Composite Index gained 1.1%, while the Dow Jones Industrial Average added 0.5%.
* The Stoxx Europe 600 Index was little changed.
* FTSE 100 Index dropped 0.6%.
* The MSCI Emerging Market Index increased 0.3%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.2%.
* The euro rose 0.1% at $1.0970.
* The British pound climbed 0.3% to $1.2343.
* The Japanese yen rose 0.3% to 106.88 per dollar.
Bonds
* The yield on 10-year Treasuries dipped six basis points to 1.53%.
* The yield on two-year Treasuries fell nine basis points to 1.39%.
* Germany’s 10-year yield sank five basis points to -0.60%.
* Britain’s 10-year yield decreased four basis points to 0.458%.
Commodities
* West Texas Intermediate crude fell 0.7% to $52.26 a barrel.
* Gold rose 0.2% to $1,511.00 an ounce.

–With assistance from Steve Matthews, Adam Haigh, Todd White
and Molly Smith.

Have a great evening.

Be magnificent!
As ever,

Isabel

I think all great innovation are built on rejections.
                                     – Louise Nevelson, 1899-1988

Isabel Luo,
Assistant to Carolann Steinhoff

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:
1187 – Siege of Jerusalem: Saladin captures Jerusalem after 88 years of Crusader rule.  Go to article »

Mahatma Gandhi, b. 1869.
In the attitude of silence the soul finds the path in a clearer light, and what is elusive and deceptive
resolves itself into crystal clearness.  Our life is a long and arduous quest after truth.  -Mahatma Gandhi.

1950~ Peanuts comic strip debuts.
Sting, b.1951.

Researchers find the tallest known tree in the Amazon. –Bloomberg.
What it’s like to become an overnight millionaire. -Bloomberg.

PHOTOS OF THE DAY

People out in the wind and rain in Dublin city centre, Ireland.
CREDIT: NIALL CARSON/PA

Judges converse in Westminster Abbey before the Judge’s Ceremony in London. The legal year begins at the beginning of October and since the middle ages has been marked with a procession of judges from Temple Bar to Westminster Abbey for a religious service.
CREDIT: PETER SUMMERS/GETTY IMAGES

A formation of the People’s Liberation Army (PLA) Navy marches in a military parade celebrating the 70^th anniversary of the founding of the People’s Republic of China.
CREDIT: BARCROFT MEDIA

Market Closes for October 02^nd, 2019  

Market Index	Close	Change
Dow Jones	26078.62	-494.42 -1.86%
S&P 500	2887.61	-52.64 -1.79%
NASDAQ	7785.246	-123.439 -1.56%
TSX	16310.97	-136.69
		-0.83%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21778.61	-106.63
		-0.49%
HANG SENG	26042.69	-49.58
		-0.19%
SENSEX	38305.41	-361.92
		-0.94%
FTSE 100*	7122.54	-237.78 -3.23%

 

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.311	1.349
CND. 30 Year Bond	1.488	1.510
U.S.    10 Year Bond	1.5923	1.6370
U.S. 30 Year Bond	2.0800	2.0939

Currencies

BOC Close	Today	Previous
Canadian $	0.75081	0.75649
US $	1.33189	1.32189
Euro Rate 1 Euro=		Inverse
Canadian $	1.45976	0.68505
US $	1.09600	0.91241

Commodities

Gold	Close	Previous
London Gold Fix	1473.45	1485.30
Oil
WTI Crude Future	52.64	53.62

Market Commentary:
October is often considered a spooky month for investors, but history suggests the fears are overblown.
The crashes of 1929 and 1987 and the tumult of 2008 have given the month a bad reputation.
Over the past two decades, however, October has been the second-best month of the year for the S&P 500, according to the Stock Trader’s Almanac.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Wednesday, led by the financials and energy sectors. Oil fell to the lowest level in almost two months after swelling U.S. inventories added to a pessimistic and weakening economic backdrop. The S&P/TSX Composite lost 0.8% to 16,311, as equities declined for a fourth straight session in Toronto. Manulife Financial Corp. dropped 3.4%, a laggard among financials. Eight of eleven industry groups sectors fell. Meanwhile, Tom Palmer took the helm at Newmont Goldcorp Corp. shortly after bullion had its longest streak of quarterly gains since 2011. Now investors are looking to partake of that windfall.
Commodities
* Western Canada Select crude oil traded at a $14 discount to WTI
* Gold spot price rose 1.5% to $1,500.63
FX/Bonds
* The Canadian dollar fell 0.7% to C$1.3319 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.313%
Insights
* The S&P/TSX Composite is 3.8 percent below its 52-week high on Sept. 20, 2019 and 18.4 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 2.8 percent in the past 5 days and fell 0.8 percent in the past 30 days

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -83.0178| -1.5| 3/24
Energy | -49.2578| -1.8| 1/31
Industrials | -23.0753| -1.3| 1/31
Information Technology | -5.1874| -0.6| 1/8
Communication Services | -2.4852| -0.3| 1/6
Real Estate | -0.8266| -0.1| 11/12
Utilities | -0.4474| -0.1| 7/6
Health Care | -0.1041| 0.0| 5/5
Consumer Staples | 2.1909| 0.3| 6/4
Consumer Discretionary | 7.1681| 1.0| 5/11
Materials | 18.3715| 1.0| 35/13
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks tumbled to the lowest since August as another disappointing report fueled fears that the American economy is slowing. Treasuries climbed with gold and the yen on demand for haven assets. The S&P 500’s two-day slump was the most in two months as private payrolls fell short of estimates a day after a manufacturing gauge slumped to the lowest in a decade. The index plunged below 2,900 and took out its average price for the past 100 days, levels it hadn’t breached in a month. Carmakers sank after quarterly sales reports from Ford and General Motors added to concern over thinning profit margins in the industry. All S&P 500 sectors but one sank more than 1%, with industries most sensitive to economic growth dropping the most. Tech and industrials plunged 2%. The Dow Jones Industrial Average tumbled nearly 500 points. The hiring numbers pushed the 10-year Treasury yield lower for a fifth straight day as it pushed below 1.6%. The yen rose versus the dollar and gold spiked above $1,500. The equity rout spread to Europe, where the Stoxx 600 saw its biggest slide in 10 months and the FTSE 100 dropped the most since 2016. Oil fell below $53 a barrel after a report showed U.S. crude inventories increased.
The disappointing data out of the U.S. and Europe, as well as weak earnings reports from automakers this week, is forcing investors to reconsider their strategies. The most recent economic numbers are driving concerns that a slowdown, which had been mostly confined to manufacturing, may be spreading to the consumer as the U.S.-China trade war drags on. Those fears increased bets that the Federal Reserve will cut rates this month. Focus now turns to services PMI data on Thursday and the nonfarm payrolls data on Friday. “In addition to ISM yesterday, you had auto sales data. You had Honda, Toyota, Nissan with double-digit declines. Much worse than expected,” Willie Delwiche, investment strategist at Baird, said by phone. “It raises enough questions about how resilient is the consumer at this point. We haven’t seen enough to say ‘Yeah, the consumer is folding,’ but questions are starting to intensify.”
Here are some key events coming up this week:
* The monthly jobs report is due on Friday.
* Federal Reserve Chairman Jerome Powell is set to speak Friday.
* The Reserve Bank of India sets policy on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.8% as of 4 p.m. New York time.
* The Nasdaq Composite Index dropped 1.6%, while the Dow Jones Industrial Average slid 1.9%.
* The Stoxx Europe 600 Index sank 2.7%.
* The U.K.’s FTSE 100 Index sank 3.2%.
* The MSCI Asia Pacific Index dipped 0.4%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro advanced 0.2% to $1.0959.
* The Japanese yen gained 0.5% to 107.19 per dollar.
Bonds
* The yield on 10-year Treasuries decreased four basis points to 1.59%.
* Britain’s 10-year yield climbed three basis points to 0.500%.
* Japan’s 10-year yield dipped two basis points to -0.164%.
Commodities
* West Texas Intermediate crude lost 2% to $52.56 a barrel.
* Gold increased 1.1% to $1,505.60 an ounce.
–With assistance from Sybilla Gross, Adam Haigh, Elena Mazneva, Sophie Caronello and Todd White.
Have  a great night.

Be magnificent!

As ever,

Carolann

The great aim of education is not knowledge but action.
                                  -Herbert Spencer, 1820-1903

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 Rosh Hashanah from yesterday.

Jimmy Carter, 39^th President, b. 1924.
Julie Andrews, actress, b. 1935
2008 A $700 billion financial industry bailout won lopsided passage in the Senate, 74-25, after it was loaded with tax breaks and other sweeteners. Go to article »

This article appeared in the Wall Street Journal on September 19^th, 2019:
The Brief Splendor of Autumn, and of Keats
                             -By Christopher J. Scalia
The autumnal equinox isn’t until Monday, and my favorite football team has already lost to its archrival. Fortunately I have a fall ritual that never disappoints: Every September I read John Keats’s “To Autumn.” That tradition has special significance this season, the ode’s 200th anniversary.
I’ve loved “To Autumn” since I first read it in college. I was entranced then, as now, by the way in which the poem captures this season’s fleeting beauty. From its famous opening line (“Season of mists and mellow fruitfulness”) to the quiet music of its final image (“gathering swallows twitter in the skies”), it evokes the delicate abundance of these weeks. Keats’s writing affects me the way the season itself does: I wish the poem would last longer even as I know its power lies in its brevity.
The brevity of Keats’s own life adds a tragic poignance to his poetry. He wrote much of his best verse when he was 23. He had abandoned a medical career to devote himself to poetry two years earlier. He published his first collection in 1817 and a long poetic romance in 1818. Undeterred by bad reviews and meager sales, he continued writing even as he cared for his sick brother, Tom, who died of tuberculosis in December 1818. (Their mother had died of the same disease eight years earlier.)
John Keats’s resolve bore fruit. In January and February 1819, he wrote the dark romance “The Eve of St. Agnes”; in the spring, the haunting ballad “La Belle Dame Sans Merci” and a handful of fine sonnets; and over several months, the six poems that we now know as his Great Odes, including “To Autumn.”
These odes also include “Ode on a Grecian Urn,” with its famous statement: “ ‘Beauty is truth, truth beauty,’—that is all / Ye know on earth, and all ye need to know.” The power of artistic expression is more tenuous in “Ode to a Nightingale,” composed in the May of Keats’s annus mirabilis. Its speaker yearns to escape the pain of everyday life “on the viewless wings of Poesy,” only to find the spell is ephemeral. The poem’s influence lingers: F. Scott Fitzgerald, Tony Bennett, Jackson Browne and the Britpop band Blur all pinched its phrase “tender is the night” for their own purposes.
Not everything Keats wrote that year was excellent. He abandoned a long poem he had started the year before, tried rewriting it, and again left it incomplete. He wrote a tragedy that wasn’t staged until 1950 (no tragedy there). He started and abandoned a second play. And he used the word “adieu” an awful lot. The forgotten duds amid famous successes remind us that Keats could have used some ripening.
But 1819 would be his last year of writing poetry. The following February, Keats coughed up some blood. He knew what that meant. He wrote to a friend, “That drop of blood is my death-warrant;—I must die.” Keats moved to Rome in the hope that the climate would mitigate his tuberculosis. He died there in February 1821.
Keats had asked to have his headstone inscribed, “Here lies one whose name was writ in water.” An epitaph full of beauty—but, as 200 years have shown, not truth. The seasons turn, yet Keats reminds me still that fleeting splendor has a captivating power of its own.

Mr. Scalia is a co-editor of Justice Antonin Scalia’s book “On Faith: Lessons From an American Believer.”

-from ODE TO AUTUMN
            -John Keats
…while barred clouds bloom the soft-dying day
And touch the stubble-plains with rosy hue;
Then in a wailful choir the smaill gnats mourn
Among the river-sallows, borne aloft
Or sinking as the light wind lives or dies;
And full-grown lambs loud bleat from hilly bourn;
Hedge-crickets sing; and now with treble soft
The redbreast whistles from a garden-croft;
And gathering swallows twitter in the skies.

PHOTOS OF THE DAY
 
A gallery assistant observe Tony Cragg’s sculpture Constant Change, 2005, during a press preview at Bonhams New Bond Street, London, ahead of its sale by auction ay Bonhams’ Post -War and Contemporary Sale on October 3. The stainless steel, 4.5m tall sculpture is expected to fetch between £450,000 – £600,000.
CREDIT: AARON CHOWN/PA WIRE

The aurora shines above Dunstanburgh Castle in Northumberland, UK. For one of the first times this year the aurora was viable from parts of Northern England.
CREDIT: CRAIG MCDEARMID/SWNS.COM

Hot air balloons glide over Goreme district during early morning at the historical Cappadocia region, located in Central Anatolia’s Nevsehir province, Turkey. Cappadocia is preserved as a UNESCO World Heritage site and is famous for its chimney rocks, hot air balloon trips, underground cities and boutique hotels carved into rocks. In Turkey’s one of the most important tourism regions Cappadocia, local and foreign tourists get the chance of enjoying the scenery participating air balloon tours in the early hours of the morning,
CREDIT: SERCAN KUCUKSAHIN/ANADOLU AGENCY VIA GETTY IMAGES

Market Closes for October 01^st, 2019  

Market Index	Close	Change
Dow Jones	26573.04	-343.79 -1.28%
S&P 500	2940.25	-36.49 -1.23%
NASDAQ	7908.684	-90.654 -1.13%
TSX	16447.66	-210.97
		-1.27%

International Markets

Market Index	Close	Change
NIKKEI	21885.24	+129.40
		+0.59%
HANG SENG	26092.27	+137.46
		+0.53%
SENSEX	38305.41	-361.92
		-0.94%
FTSE 100*	7360.32	-47.89 -0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.349	1.364
CND. 30 Year Bond	1.510	1.529
U.S.    10 Year Bond	1.6370	1.6680
U.S. 30 Year Bond	2.0939	2.1133

Currencies

BOC Close	Today	Previous
Canadian $	0.75649	0.75496
US $	1.32189	1.32457
Euro Rate 1 Euro=		Inverse
Canadian $	1.44544	0.69183
US $	1.09347	0.91452

Commodities

Gold	Close	Previous
London Gold Fix	1485.30	1489.90
Oil
WTI Crude Future	53.62	54.07

Market Commentary:
On this day in 1970, Walmart went public over-the-counter, issuing 300,000 shares at an initial price of $16.50. Today, the nation’s largest retailer and private employer has a market value of about $340 billion. 
The S&P 500 jumped and will now enter the fourth quarter with its biggest year-to-date gain in more than two decades.
The broad stock-market index has rallied nearly 19% this year—its best performance in the first three quarters of a year since 1997. The advance comes alongside a rally in both bonds and commodities. For the quarter, the S&P gained 1.2%. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 1.3 percent, or 210.97 to 16,447.66 in Toronto. The move was the biggest loss since Aug. 23. Today, financials stocks led the market lower, as 10 of 11 sectors lost; 185 of 233 shares fell, while 46 rose. Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.6 percent. Bombardier Inc. had the largest drop, falling 10.6 percent.
Insights
* In the past year, the index had a similar or greater loss 10 times. The next day, it advanced six times for an  average 0.6 percent and declined four times for an average 0.9 percent
* This year, the index rose 15 percent, heading for the best year since 2016
* The index advanced 2.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 0.4 percent in the same period
* The S&P/TSX Composite is 2.9 percent below its 52-week high on Sept. 20, 2019 and 19.4 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 2.1 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.56 trillion
* 30-day price volatility rose to 8.38 percent compared with 7.56 percent in the previous session and the average of 10.19 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -73.5061| -1.3| 2/25
Energy | -48.2263| -1.8| 1/30
Industrials | -40.6539| -2.2| 1/30
Health Care | -12.7293| -5.5| 1/9
Consumer Discretionary | -8.9980| -1.2| 3/13
Real Estate | -8.2751| -1.4| 2/23
Materials | -6.7240| -0.4| 20/29
Information Technology | -6.6746| -0.8| 1/8
Consumer Staples | -5.6673| -0.8| 2/8
Utilities | -1.7972| -0.2| 9/7
Communication Services | 2.2804| 0.2| 4/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -25.8700| -2.6| 82.7| 10.9
Canadian National | -21.5100| -3.5| 37.2| 13.5
Suncor Energy | -13.3800| -2.9| -26.7| 6.4
CCL Industries | 1.2140| 2.2| 87.0| 9.1
Shopify | 1.3260| 0.5| -21.0| 119.4
Kinross Gold | 1.4240| 2.6| -12.7| 42.3

================================================================
Biggest | |Index Points| Volume VS |YTD Change
Gainers | % Change | Move |20D AVG (%)| (%)
================================================================
Semafo | 4.0| 0.4040| -34.3| 49.8
Yamana Gold | 2.9| 0.8110| 16.5| 34.6
Detour Gold | 2.8| 0.6910| -21.4| 73.5
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
Bombardier | -10.6| -2.8710| 112.1| -21.2
Bausch Health | -10.0| -6.3930| 76.8| 3.0
Hudbay Minerals | -8.8| -0.6710| 51.4| -32.5

* The benchmark 10-year bond rose and the yield fell 0.9 basis points to 1.352 percent
US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — Stocks slid and Treasuries rose after a gauge of U.S. manufacturing posted the weakest reading since the end of the last recession, fueling fears of an impending global slowdown and boosting haven assets. The S&P 500 fell the most in five weeks and pushed through a key support level after the Institute for Supply Management’s factory index slipped to the lowest since June 2009. Banks led the decline as rates moved lower, followed by industrial companies. The 10-year Treasury yield tumbled to 1.64% and the dollar weakened against major peers. Gold and the Japanese yen advanced. “We are clearly seeing a very weak backdrop for manufacturing. The concern is the contagion effect into the services economy, which is the driving force of the U.S. economy,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management. “We cannot take this lightly and we think the Fed shouldn’t take it lightly either.”
The weak factory gauge, which came on the heels of similarly disappointing numbers out of Europe on Tuesday, renewed concerns about a global economic slump amid the U.S.- China trade war and sparked another round of speculation about how much the Federal Reserve will cut interest rates this year. Investors may get some signals from the slew of Fed speakers this week, which include Chairman Jerome Powell on Friday, when the latest jobs report will also be released. Elsewhere, European shares fell the most in almost seven weeks following data that showed the region’s manufacturing sector slumped last month and inflation slowed. The euro advanced after the European Union was said to be ready to consider a time limit on the Irish Brexit backstop. Oil fell to the lowest in almost a month amid a grim outlook for global energy demand. Asian markets were subdued as Hong Kong and China were closed for holidays, while Australia’s dollar slid after the central bank cut its benchmark interest rate to a record low.
Here are some key events coming up this week:
* There’s a slew of U.S. numbers this week, including the ADP employment report on Wednesday and the monthly jobs report on Friday.
* Federal Reserve Chairman Jerome Powell set to speak Friday.
* The Reserve Bank of India sets policy on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.2% as of 4 p.m. New York time.
* The Nasdaq Composite Index dropped 1.1%, while the Dow Jones Industrial Average lost 1.3%.
* The Stoxx Europe 600 Index sank 1.3%.
* The U.K.’s FTSE 100 Index fell 0.7%.
* The MSCI Asia Pacific Index gained 0.4%.
* The MSCI Emerging Market Index declined 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro rose 0.3% to $1.0929.
* The British pound fell 0.2% to $1.2270.
* The Japanese yen rose 0.4% to 107.68 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 1.64%.
* Germany’s 10-year yield rose one basis point to -0.57%.
* Britain’s 10-year yield fell one basis point to 0.47%.
Commodities
* Gold rose 1% to $1,487.60 an ounce.
* West Texas Intermediate crude fell 0.9% to $53.56 a barrel.
–With assistance from Cormac Mullen, Samuel Potter and Brendan Walsh.
Have a great night.

Be magnificent!
As ever,
Carolann

What is history but a fable agreed upon?
         -Napoleon Bonaparte, 1769-1821

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

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

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

Dear Friends,

Tangents:
1452~ Gutenberg Bible published
1955 ~ James Dean killed in auto collision.
1968 – The Boeing 747 is rolled out and shown to the public for the first time.  Go to article »
PHOTOS OF THE DAY

A Reversed Retrogress, part of leading contemporary South African artist Mary Sibande’s first UK solo exhibition, ‘Came Apart at the Seams’, Exhibited at Somerset House between 3^rd October-5^th January 2020.
CREDIT- JEFF GILBERT FOR THE TELEGRAPH

A prototype of SpaceXs Starship is pictures at the company’s Texas launch facility in Boca Chica near Brownsville, Texas. The Starship spacecraft is a massive vehicle meant to take people to the Moon, Mars and beyond.
CREDIT: LOREN ELLIOTT/ GETTY IMAGES

People queue to say a final farewell to former French President Jacques Chirac as the coffin lie in state at the Saint-Louis-des-Invalides memorial complex in central Paris – Former French president Jacques Chirac died on September 26, 2019 at the age of 86.
CREDIT- PHILIPPE LOPEZ/AFP

Market Closes for September 30^th, 2019  

Market Index	Close	Change
Dow Jones	26916.83	+96.58 +0.36%
S&P 500	2976.74	+14.95 +0.50%
NASDAQ	7999.340	+59.713 +0.75%
TSX	16658.63	-35.64
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	21755.84	-123.06
		-0.56%
HANG SENG	26092.27	+137.46
		+0.53%
SENSEX	38667.33	-155.24
		-0.40%
FTSE 100*	7408.21	-18.00 -0.24%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.364	1.358
CND. 30 Year Bond	1.529	1.545
U.S.    10 Year Bond	1.6680	1.6801
U.S. 30 Year Bond	2.1133	2.1286

Currencies

BOC Close	Today	Previous
Canadian $	0.75496	0.75535
US $	1.32457	1.32389
Euro Rate 1 Euro=		Inverse
Canadian $	1.44382	0.69260
US $	1.09003	0.91741

Commodities

Gold	Close	Previous
London Gold Fix	1489.90	1506.40
Oil
WTI Crude Future	54.07	55.91

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Monday as marijuana shares weighed on the index, while prices of crude, gold, and silver all weakened. The S&P/TSX Composite Index fell 0.2% to 16,658.63. Health care, materials, and energy posted the biggest sector declines. Oil recorded its weakest quarter since late last year as fears over a global economic slowdown overshadowed an unprecedented attack on Saudi Arabia’s key energy facilities. Meanwhile, regulators halted Enbridge Inc.’s plan to convert Canada’s largest crude pipeline network to contract service, handing a win to oil producers who had argued the change was unfair and would limit their access to the system. Separately, BMO said Ontario altering its marijuana wholesale model would “initially create a challenging  transition period.” Even with today’s decline, the Canadian benchmark stock index added 1.3% during September, its best month since June.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price fell 1.6% to $1,472.94
FX/Bonds
* The Canadian dollar flat around C$1.324 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.366%
Insights
* This quarter, the SPTSX index rose 1.7 percent

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -30.3459| -1.1| 4/28
Materials | -28.9604| -1.6| 13/35
Financials | -7.7442| -0.1| 10/15
Health Care | -4.9479| -2.1| 4/6
Real Estate | -0.2757| 0.0| 9/16
Communication Services | 0.9584| 0.1| 4/3
Utilities | 1.6207| 0.2| 8/7
Consumer Staples | 4.4578| 0.7| 9/1
Consumer Discretionary | 7.7867| 1.1| 14/2
Information Technology | 9.6417| 1.1| 7/2
Industrials | 12.1727| 0.7| 22/10
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks advanced for the third quarter in a row as investors weighed the latest turns in the trade war between the world’s two largest economies. The dollar rose and Treasuries edged higher. The S&P 500 gained for a third month out of the last four after rebounding from August’s downturn. Tech fueled the rise after the Trump administration partially refuted a report it would target Chinese capital, reversing losses sparked by the news Friday. Ten-year Treasury yields erased an early advance to trade lower around 1.67%, more than 30 basis points lower than it was at the end of June, after data showed weakening business activity. The dollar pushed quarterly gains toward 2.7%. The pound fell as Prime Minister Boris Johnson fought off allegations of sexual impropriety and plots in Parliament to oust him over his Brexit plans. West Texas oil fell below $55 a barrel. Gold dipped for a second day, though it was still set for a fourth quarterly gain.
“Investors continue to be people who are pulling petals off a daisy saying ‘there will be an accord, there won’t be an accord, there will be an accord, there won’t be.’ Nobody really knows for sure — at least I don’t,” Sam Stovall, chief investment strategist at CFRA, said about trade between the U.S. and China in a phone interview. “Based on the market’s lack of fear, the majority expect some sort of discussion to occur October 10th and that there will be encouraging developments as we move forward.” The month is finishing much as it began, with foreign-trade uncertainty once again muddying the outlook for investors.Citigroup said that restricting access to U.S. finance would amount America’s most extreme potential move against China, while a Treasury official said over the weekend that the U.S. has no plans “at this time” to stop Chinese companies fromlisting on American exchanges. Beijing on Monday vowed to keep opening up its financial markets and encouraging foreign investment, and released a positive report on manufacturing. Elsewhere, Chinese equities fell in the final session before a week-long holiday. Financial markets and offices in Taipei closed Monday due to the approach of Typhoon Mitag.
Here are some key events coming up this week:
* Australia’s monetary policy decision is set for Tuesday, with markets and economists leaning toward a third interest-rate cut for 2019.
* Euro-zone CPI for September is scheduled for Tuesday.
* There’s a slew of U.S. data including ISM manufacturing on Tuesday, the ADP employment report on Wednesday and the monthly jobs report on Friday.
* The Reserve Bank of India sets policy on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.5% as of 4 p.m. New York time.
* The Nasdaq Composite Index gained 0.8%.
* The Stoxx Europe 600 Index increased 0.4%.
* The U.K.’s FTSE 100 Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The British pound rose 0.1% at $1.2301.
* The euro declined 0.4% to $1.0901.
* The Japanese yen decreased 0.2% to 108.11 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.67%.
* Britain’s 10-year yield dipped one basis point to 0.48%.
* Germany’s 10-year yield advanced less than one basis point to -0.57%.
Commodities
* West Texas Intermediate crude sank 2.9% to $54.27 a barrel.
* Gold decreased 1.8% to $1,480.00 an ounce.
–With assistance from Adam Haigh, Todd White and Sarah Ponczek.
Have a great night.

Be magnificent!
As ever,

Carolann

In solitude the mind gains strength and learns to lean upon itself.
                                               -Laurence Sterne, 1713-1768

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!

It took decades, but someone finally found Mark Twain’s signature in a cave he helped make famous in “The Adventures of Tom Sawyer.” -CNN.

On Sept. 27, 1964, the Warren Commission issued a report concluding that Lee Harvey Oswald acted alone in assassinating President John F. Kennedy. Go to article »

Separately, Anthony Mancinelli, from upstate New York, was recognized as the world’s oldest working barber by Guinness World Records. He died last week at 108, after recently — and reluctantly — retiring. -NY Times.

Today is Ancestor Appreciation Day.
It is certainly desirable to be well descended but the glory belongs to our ancestors. -Plutarch.

PHOTOS OF THE DAY

A man whose Victorian ancestors buried a stunning fossil because it threatened their religious beliefs has had it dug up and put it on display for the first time ever. Cider brandy maker Julian Temperley knew that a 90 million-year-old ichthyosaurus fossil was buried in the garden at his family’s home in Thorney, Somerset. His god-fearing ancestors had kept it hidden away for years after its discovery in 1850, worried they would be ‘denying god’ by flashing it around. But flooding forced Julian to dig it up for good recently and after paying £3,000 for it to be cleaned he’s now having its image printed on his bottles of cider brandy.
CREDIT: RICHARD AUSTIN/ SWNS.COM

A rainbow over St Mary’s Lighthouse in Whitley Bay, UK.
CREDIT: OWEN HUMPHREYS/ PA WIRE

A musician plays the violin as fans arrive outside the stadium prior to the Rugby World Cup 2019 Group B game between Italy and Canada at Fukuoka Hakatanomori  Stadium in Fukuoka, Japan.
CREDIT: MARK KOLBE/GETTY IMAGES

People walk around the coronation figure of August the Strong’s during the press preview to mark the opening of August the Strong’s Royal State Apartments and the Porcelain Cabinet at Residenzschloss in Dresden, eastern Germany.
CREDIT: AP PHOTO/JENS MEYER

Market Closes for September 27^th, 2019  

Market Index	Close	Change
Dow Jones	26820.25	-70.87 -0.26%
S&P 500	2961.79	-15.83 -0.53%
NASDAQ	7939.629	-91.032 -1.13%
TSX	16694.27	-96.13
		-0.57%

International Markets

Market Index	Close	Change
NIKKEI	21878.90	-169.34
		-0.77%
HANG SENG	25954.81	-87.12
		-0.33%
SENSEX	38822.57	-167.15
		-0.43%
FTSE 100*	7426.21	+75.13 +1.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.358	1.361
CND. 30 Year Bond	1.545	1.545
U.S.    10 Year Bond	1.6801	1.6691
U.S. 30 Year Bond	2.1286	2.1447

Currencies

BOC Close	Today	Previous
Canadian $	0.75535	0.75349
US $	1.32389	1.32715
Euro Rate 1 Euro=		Inverse
Canadian $	1.44834	0.69044
US $	1.09400	0.91407

Commodities

Gold	Close	Previous
London Gold Fix	1506.40	1528.75
Oil
WTI Crude Future	55.91	56.41

Market Commentary:
At least two of the market’s traditional haven assets have so far shrugged off signs that Democrats may be moving toward impeachment. Gold and the Japanese yen, both popular destinations for nervous investors, are broadly unchanged for the week through Thursday. The yield on the 10-year Treasury note has inched lower, falling 0.069 percentage points. Yields fall as bond prices rise.
 
The Ukrainian hryvnia is the best-performing currency out of 41 tracked by The Wall Street Journal, topping its peers with a more than 14% year-to-date rise. Investors have been drawn by Ukraine’s double-digit yields and promises of economic reform.
On this day in 1985, Philip Morris agreed to buy General Foods for $120 per share, or $5.75 billion, the largest takeover on record at the time outside the oil industry.  
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks posted a weekly decline as marijuana shares weakened Friday, while U.S. equities also suffered a down session after a report that the Trump administration is considering opening a new front in its trade war with China. The S&P/TSX Composite Index fell 0.6% Friday to 16,694. Health care stocks were the worst performers as ten of eleven sectors fell. The Horizons Marijuana Life Sciences ETF (HMMJ CN) lost 5.5%. Additionally, Ontario is exploring allowing cannabis producers to ship directly to retailers, BNN Bloomberg reported, citing several unnamed people familiar with the matter.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price fell 0.5% to about $1,497 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3244 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.357%
Insights
* Canadian stocks fell 1.2% on the week, the biggest decline since the week ended Aug. 2
* This quarter, the index rose 1.9%
* This month, the index rose 1.5%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -31.6674| -1.7| 12/37
Industrials | -15.4315| -0.8| 10/21
Information Technology | -12.7087| -1.5| 0/9
Communication Services | -10.1974| -1.1| 0/7
Energy | -7.8079| -0.3| 5/26
Consumer Staples | -7.0270| -1.0| 2/8
Consumer Discretionary | -6.4832| -0.9| 5/11
Health Care | -5.3265| -2.2| 1/9
Real Estate | -4.7148| -0.8| 4/21
Utilities | -3.2977| -0.4| 7/9
Financials | 8.5486| 0.2| 15/12
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — A week dominated by political drama in Washington ended with the specter of a deepening trade war, sending U.S. stocks to a three-week low and bolstering demand for haven assets. The S&P 500 fell 1.1% in the five days to pare its gain in the third quarter to about half a percent. Friday brought the latest drama after a report that the Trump administration is considering sweeping limits to capital-market investments, forcing Wall Street to assess the impact on potentially billions of dollars of assets. Stocks most sensitive to trade and ones linked to China paced the selling. The index bounced from its lows after dipping below a key technical indicator. Stocks were under pressure for most of the week, but the start of an impeachment inquiry of Donald Trump on Tuesday brought the steepest selling, as another major risk was added a market on edge over slowing global growth. The dollar advanced and Treasuries rose in the week. Heading into the weekend, stocks started stronger before the latest salvo from the Trump administration in its spat with China over trade rattled the market. Trade tensions had shown signs of easing in recent weeks ahead of a Chinese delegation’s visit next month for high-level talks.
“This back and forth escalation like ‘oh, we’re going to play nice and come to the table and the next day we’re going to limit money flows to this other country’ is just silly and it’s really playing with fire,” Jennifer Ellison, principal at San Francisco-based BOS, said by phone. “This is all part of what makes the economy tick and we could take some steps backwards if we really get this wrong.” A U.S. crackdown on capital flows would expose a new pressure point in the economic dispute and cause disruption well beyond the hundreds of billions in tariffs the two sides have levied against each other. The Invesco China Technology ETF dropped 1.6%, with losses accelerating midday. The iShares China Large-Cap ETF fell 1.4% while the broader iShares MSCI China ETF was off 1.9%. The KraneShares CSI China Internet Fund lost 2.6%. The news overshadowed data showing the U.S. economy cooled a bit in August. Tech shares were already under pressure after Micron Technologies lead losses after it cut its profit forecast, citing the U.S.-China trade war. Elsewhere, Bitcoin slipped for a sixth session close to the $8,000 mark, in its longest losing streak in almost a year. Earlier in Asia, Japanese equities tumbled as a swath of companies traded without the right to the next dividend payment. Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 lost 1.4%.
* The Stoxx Europe 600 Index added 0.5%.
* The MSCI Asia Pacific Index declined 0.9%.
* The MSCI Emerging Market Index declined 0.8%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.2% to $1.0938.
* The British pound declined 0.2% to $1.2307.
* The Japanese yen weakened 0.1% to 107.96 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 1.68%.
* Germany’s 10-year yield gained one basis point to -0.57%.
* Britain’s 10-year yield dipped one basis point to 0.513%.
Commodities
* Gold declined 0.7% to $1,504.40 an ounce.
* West Texas Intermediate crude fell 1.2% to $55.69 a barrel.
–With assistance from Constantine Courcoulas.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Those who do not remember the past are condemned to repeat it.
                                              -George Santayana, 1863-1952

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:
1960~ first televised Presidential debate.

1687: Acropolis in Athens attacked by Venetian army trying to eject Turks, damaging the Parthenon. Learn More >>

T.S. Eliot, poet, b. 1888.
We shall not cease from our exploration, and at the end of all our exploring, we shall arrive where we started and know the place for the first time. -T.S. Eliot, 1888-1965

Octopuses are intelligent aliens living among us –from Bloomberg News.
Prehistoric babies drank animal milk from bottles. -from Bloomberg News.

PHOTOS OF THE DAY

The futuristic new airport, which is expected to become one of the busiest in the world, was opened by China’s President Xi Jinping.
CREDIT:AFP

Dame Helen Mirren arrives for the premiere of “Catherine the Great” at Curzon Theatre, Mayfair, London.
CREDIT: SCOTT GARFITT/PA

Participants dressed in traditional dress for rehearsals for Garba, a folk dance, in preparations for the upcoming Navratri, a festival during which devotees worship the Hindu Goddess Durga, in Ahemdabad, India.
CREDIT: AMIT DAVE/ REUTERS

Market Closes for September 26^th, 2019  

Market Index	Close	Change
Dow Jones	26891.12	-79.59 -0.30%
S&P 500	2981.34	-3.53 -0.12%
NASDAQ	8030.660	-46.724 -0.58%
TSX	16788.07	+3.78
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	22048.24	+28.09
		+0.13%
HANG SENG	26041.93	+96.58
		+0.37%
SENSEX	38989.74	+396.22
		+1.03%
FTSE 100*	7351.08	+61.09 +0.84%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.361	1.402
CND. 30 Year Bond	1.545	1.569
U.S.    10 Year Bond	1.6691	1.7337
U.S. 30 Year Bond	2.1447	2.1856

Currencies

BOC Close	Today	Previous
Canadian $	0.75349	0.75375
US $	1.32715	1.32671
Euro Rate 1 Euro=		Inverse
Canadian $	1.44953	0.68988
US $	1.09221	0.91558

Commodities

Gold	Close	Previous
London Gold Fix	1528.75	1520.65
Oil
WTI Crude Future	56.41	56.32

Market Commentary:
On this day in 1955, President Dwight D. Eisenhower suffered a heart attack, sparking a 6.62% drop in the Dow. The fall remains one of the index’s worst daily losses of the past 100 years.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks pared an early decline, parroting U.S. shares and closing Thursday slightly higher. Utilities were the best performing stocks, while materials were the worst, showing investors flocking to defensive names amid U.S. political turmoil. The S&P/TSX Composite Index was slightly higher, up 0.04% to 16,790. Brookfield Asset Management contributed the most to the index advance, increasing 1.9%. Kinaxis had the largest percentage gain, rising 3.4%. First Quantum Minerals was the biggest drag on the index and had the biggest percentage decline, falling 11%. Meanwhile, Goldman Sachs was positive on Canadian oil-sands stocks despite multiple headwinds, while software company Lightspeed POS Inc. is addressing “both sides of the coin,” profit and growth, given investor demands.
Ratings
* SYZ CN: Sylogist Cut to Market Perform at Cormark Securities; PT C$13
* CFX CN: Canfor Pulp Products Raised to Sector Outperform at Scotiabank
* CVE CN: Cenovus Energy Upgraded to Buy at Goldman
* FM CN: First Quantum Minerals Downgraded to Market Perform at BMO
* IMO CN: Imperial Oil Downgraded to Neutral at Goldman; PT C$39
* OGC CN: OceanaGold Upgraded to Strong Buy at Raymond James; PT C$5.75
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price was flat at $1,504.47
FX/Bonds
* The Canadian dollar fell 0.05% to C$1.3274 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.362%
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — U.S. stocks ended a tumultuous session lower, with Treasuries rose as the latest political turmoil and trade headlines damped demand for risk assets. The S&P 500 Index slide for fourth time in five days in trading about 15% below the 30-day average. Stocks were under pressure after the release of a whistle-blower complaint central to the latest political drama and reports the U.S. is unlikely to extend a waiver allowing American firms to supply China’s Huawei Technologies. Defensive shares rose as Treasury yields fell. Crude oil advanced on news the U.S. will send military equipment to Saudi Arabia. Impeachment and trade headlines continued to hit markets already on edge over signs of slowing global economic growth. The U.S. move to add air defense coverage in Saudi Arabia added to geopolitical unease. Data in the U.S. Thursday signaled the world’s largest economy remains on solid footing, though was unable to bolster market sentiment.
“Markets appear to be more focused on President Trump’s foreign trade policy than his risk of impeachment,” Mike Ryan, Americas Chief Investment Officer at UBS Global Wealth Management, said in a note. “The wild card here is how this may impact White House decisions on trade negotiations. In addition, we will need to monitor for whether further polarization in Washington could have a knock-on effect on bipartisan cooperation over budget issues or infrastructure spending.” In Asia, equities in Japan, Hong Kong and India helped drag the regional gauge up as shares in China and Australia fell. The New Zealand dollar climbed and traders trimmed bets for more easing after the central bank governor said interest-rate cuts are working.
These are some key events coming up this week:
* Core PCE — the Fed’s preferred inflation measure — is due Friday. The forecast is for 1.8%.

Here are the main moves in markets:
Stocks
* The S&P 500 Index lost 0.2% as of 4 p.m. New York time.
* The Nasdaq 100 slipped 0.4%.
* The Stoxx Europe 600 Index advanced 0.6%.
* The MSCI Asia Pacific Index increased 0.2%.
* The MSCI Emerging Market Index advanced 0.3%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro lost 0.2% to $1.0920.
* The British pound fell 0.3% to $1.232.
* The Japanese yen fell 0.1% to 107.88 per dollar.
Bonds
* The yield on 10-year Treasuries fell five basis points to 1.69%.
* Germany’s 10-year yield declined one basis point to -0.58%.
* Britain’s 10-year yield was unchanged at 0.537%.
Commodities
* Gold futures were flat around $1,512 an ounce.
* West Texas Intermediate crude was little changed at $56.50 a barrel.

–With assistance from Adam Haigh, Cormac Mullen and Samuel
Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Nothing ever becomes real till it is experienced.
                                -John Keats, 1795-1821

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

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

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

Dear Friends,

Tangents:
1676: Greenwich Mean Time established.

The Anne Frank of Poland: A journal kept by Renia Spiegel, a Jewish girl who lived in Poland and was murdered by the Nazis in 1942, has been released in English. -NY Times.

German court rules hangovers are an illness 
You still probably shouldn’t make that case to your boss.-CNN

1956 – The first trans-Atlantic telephone cable went into service.  Go to article »
1897: William Faulkner, b.

The past is not dead.  In fact, it’s not even past. –Wm. Faulkner, 1897-1962.

PHOTOS OF THE DAY

Thousands attired in Zulu traditional regalia gathered to commemorate King Shaka’s Day Celebration near the grave of the great Zulu King Shaka at Kwadukuza, some 98 kilometres north of Durban.
CREDIT: RAJESH JANTILAL AFP/GETTY IMAGES

Participants walk maintaining a human tower or “castellers” during the Saint Merce celebrations in San Jaume square in Barcelona, Spain.
CREDIT: AP PHOTO/EMILIO MORENATTI

A worker lights a bidi, a local cigarette hand rolled with tobacco leaf, at an idol making workshop ahead of the upcoming Hindu festival of Durga Puja in New Delhi, India.
CREDIT: REUTERS/ANUSHREE FADNAVIS

Market Closes for September 25^th, 2019  

Market Index	Close	Change
Dow Jones	26970.71	+162.94 +0.61%
S&P 500	2984.87	+18.27 +0.62%
NASDAQ	8077.383	+83.756 +1.05%
TSX	16784.29	-14.04
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	22020.15	-78.69
		-0.36%
HANG SENG	25945.35	-335.65
		-1.28%
SENSEX	38593.52	-503.62
		-1.29%
FTSE 100*	7289.99	-1.44 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.402	1.307
CND. 30 Year Bond	1.569	1.479
U.S.    10 Year Bond	1.7337	1.6456
U.S. 30 Year Bond	2.1856	2.1036

Currencies

BOC Close	Today	Previous
Canadian $	0.75375	0.75536
US $	1.32671	1.32387
Euro Rate 1 Euro=		Inverse
Canadian $	1.45189	0.68876
US $	1.09436	0.91378

Commodities

Gold	Close	Previous
London Gold Fix	1520.65	1522.10
Oil
WTI Crude Future	56.32	57.17

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell for a third session as gold declined and the U.S. dollar strengthened amid signs of easing trade tension between U.S. and China. Even Shopify’s bounce back after an eight-day loss couldn’t help the index eke out a gain. The S&P/TSX Composite Index was down 0.08 % to 16,784. The MSCI AC Americas Index advanced 0.6%. Materials stocks led the market lower, as 5 of 10 sectors fell. Barrick Gold contributed the most to the index decline, falling 3.4%. Eldorado Gold had the largest drop, falling 8.1%. Shopify provided the biggest boost to the index and had the largest gain, advancing 6.9%. Meanwhile, Fairfax Financial Holdings Ltd.’s Prem Watsa lost more than C$160 million ($121 million) just in his top five listed Canadian investments, according to the latest filings compiled by Bloomberg on Tuesday. BlackBerry’s abysmal fiscal second-quarter earnings, which saw one of its staunchest bulls join the bear camp, was the prime offender. The stock fell 23% on Tuesday and extended declines Wednesday to the lowest in six years.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price fell 1.8% to $1,504.17 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3266 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.397%
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — U.S. stocks rose as renewed signs of easing trade tensions diverted attention from the swirling impeachment drama in Washington. The dollar rallied the most since March. The S&P 500 halted a three-day slide, with tech and bank shares pacing the gain. Equities rattled by the political turmoil in America turned higher after President Donald Trump suggested a trade deal with China was possible and then moved toward a pact with Japan. The advance recouped most of Tuesday’s drop sparked by the start of a formal impeachment inquiry of Trump. “Markets are way more interested in a trade deal with China,” Jamie Cox, managing partner for Harris Financial Group in Richmond, VA. “Now that the Congress is deadlocked into impeachment, the president can close a deal with China to boost the global economy into 2020, just in time for ballots to be cast.” In company news, Philip Morris and Altria both advanced after ending merger talks, while Marathon surged on activist intervention. Nike Inc. rose to a record after strong results.
Financials paced gains as Treasury yields turned higher. The dollar rallied versus major peers, rising more than 1% versus the pound and 0.7% versus the yen. The impeachment push added a fresh element of risk into markets already on edge over trade and signs of slowing global growth, but trade has reliably been the biggest determinant of asset moves, and Trump’s conciliatory comments toward China helped ease some angst over the political upheaval. “You can’t trade this stuff right now, it’s impossible,” Michael Purves, chief executive officer at Tallbacken Capital Advisors LLC, said on Bloomberg TV Wednesday. “There’s so many different scenarios, you almost have t ignore it and keep investing the way you would.” In Europe, the mood was more dour. Equities slumped amid rising concern that growth is flagging. U.K. shares fell as parliament reconvened amid Brexit turmoil. Asian benchmarks retreated, with losses of more than 1% in Hong Kong, South Korea, mainland China and India. Crude futures declined after Saudi Aramco said it was ahead of schedule in restoring output.
These are some key events coming up this week:
* Trump will hold a press conference in New York at 4 p.m.
* Thailand decides on monetary policy on Wednesday, followed by the Philippines on Thursday.
* Core PCE — the Fed’s preferred inflation measure — is forecast for 1.8%. That’s due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.6% as of 4 p.m. New York time.
* The Nasdaq 100 Index added 1.2%.
* The Stoxx Europe 600 Index fell 0.6%.
* Switzerland’s SMI Index dropped 1.2%.
* The MSCI Asia Pacific Index sank 0.7%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.6%.
* The British pound sank 1.1% to $1.235.
* The euro fell 0.7% to $1.0942.
* The Japanese yen weakened 0.7% to 107.82 per dollar.
Bonds
* The yield on 10-year Treasuries increased eight basis points to 1.73%.
* The yield on two-year Treasuries rose five basis points to 1.68%.
* Britain’s 10-year yield declined two basis points to 0.509%.
* Japan’s 10-year yield fell two basis points to -0.255%.
Commodities
* West Texas Intermediate crude sank 1.3% to $56.53 a barrel.
* The Bloomberg Commodity Index declined 0.8%.
* Gold futures tumbled 1.9% to $1,510.60 an ounce.

–With assistance from Sarah Ponczek, Vildana Hajric, Adam Haigh
and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

There is nothing noble in being superior to your fellow man; true nobility
is being superior to your former self.
-Ernest Hemingway, 1899-1961

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

Dear Friends,

Tangents:
Birthday: F. Scott Fitzgerald, writer,  b. 1896

Scientists say they’ve discovered a lost continent, but it’s not sitting at the bottom of the ocean. It’s shoved underneath Europe.-CNN.

The $100 tube of toothpaste is here. 

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 »

PHOTOS OF THE DAY

Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex dance as they visit a Justice Desk initiative in Nyanga township, during their royal tour of South Africa in Cape town, South Africa. The Justice Desk initiative teaches children about their rights and provides self defense classes and female empowerment training to young girls in the community.
CREDIT: CHRIS JACKSON/ GETTY IMAGES

A lion shares a touching moment with his young cub. The pair play together in a rare moment of gentleness between the male lion and the three-month-old cub. The intimate moment was captured by amateur photographer Limor Bahar, who went looking for lions at a reserve in South Africa.
CREDIT: LIMOR BAHAR/SOLENT NEWS & PHOTO AGENCY

Pelicans fly through the sky while they are migrating as the moon is seen behind in Adana, Turkey.
CREDIT: EREN BOZKURT/ANADOLU AGENCY VIA GETTY IMAGES
               
Market Closes for September 24^th, 2019  

Market Index	Close	Change
Dow Jones	26807.77	-142.22 -0.53%
S&P 500	2966.60	-25.18 -0.84%
NASDAQ	7993.629	-118.833 -1.46%
TSX	16798.33	-68.87
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	22098.84	+19.75
		+0.09%
HANG SENG	26281.00	+58.60
		+0.22%
SENSEX	39097.14	+7.11
		+0.02%
FTSE 100*	7291.43	-34.65 -0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.307	1.377
CND. 30 Year Bond	1.479	1.528
U.S.    10 Year Bond	1.6456	1.7267
U.S. 30 Year Bond	2.1036	2.1729

Currencies

BOC Close	Today	Previous
Canadian $	0.75536	0.75405
US $	1.32387	1.32616
Euro Rate 1 Euro=		Inverse
Canadian $	1.45860	0.68559
US $	1.10177	0.90763

Commodities

Gold	Close	Previous
London Gold Fix	1522.10	1501.90
Oil
WTI Crude Future	57.17	58.49

Market Commentary:
On this day in 1998, the dot-com era heated up after eBay went public on the Nasdaq, selling nearly 3.5 million shares at an initial offering price of $18 a share. The stock closed the day at just over $47 a share.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell as BlackBerry tumbled on an earnings miss and reports said U.S. Democrats would launch a formal impeachment inquiry amid the Ukraine controversy. The S&P/TSX Composite fell for the second day, dropping 0.4%, or 68.87 to 16,798.33 in Toronto. The move was the biggest drop since falling 1.3% on Aug. 23. Shopify Inc. contributed the most to the index decline, decreasing 6.%. BlackBerry Ltd. had the largest drop, falling 23%.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI, the widest gap since July
* Gold spot price rose 0.7% to $1,532.12 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3243 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.304%
Insights
* This month, the index rose 2.2%
* This quarter, the index rose 2.5%
* The index advanced 3.6% in the past 52 weeks. The MSCI AC Americas Index gained 1.6% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on Sept. 20, 2019 and 22% above its low on Dec. 24, 2018
* The S&P/TSX Composite is little changed in the past 5 days and rose 4.7% in the past 30 days
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -26.3022| -3.1| 3/6
Financials | -23.3006| -0.4| 8/19
Energy | -18.6171| -0.7| 3/29
Health Care | -11.0710| -4.4| 1/9
Consumer Discretionary | -6.1942| -0.8| 0/16
Industrials | -2.3539| -0.1| 11/21
Real Estate | 0.6835| 0.1| 13/10
Utilities | 2.6049| 0.3| 11/5
Communication Services | 3.8625| 0.4| 5/2
Consumer Staples | 4.5727| 0.7| 9/1
Materials | 7.2478| 0.4| 29/19
================================================================
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — Stocks slid as political turmoil in the U.S. whipsawed shares after reports said Democrats would launch a formal impeachment inquiry amid the Ukraine controversy. The S&P 500 fell the most in a month after it was reported that House Speaker Nancy Pelosi would announce a formal impeachment inquiry of President Donald Trump. The benchmark cut losses earlier in the day after Trump said he would release a complete transcript on Wednesday of his phone call with the Ukrainian president, which is the subject of a congressional investigation and a whistle-blower complaint from an unidentified intelligence official. A host of other factors also weighed on equities. FAANG stocks — made up of Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc., and Google parent Alphabet Inc. — fell after Trump made negative remarks about China and the growing power of social media platforms during his speech at the United Nations Tuesday. Weakening consumer confidence added to the gloom.
The 10-year Treasury yield hit a two-week low, while the dollar fell to session lows. The pound gained after the U.K.’s top judges inflicted an unprecedented legal defeat on Prime Minister Boris Johnson, adding to Brexit chaos. “We’re dealing with a bunch of geopolitical situations and uncertainties,” said Stephen Carl, a trader at Williams Capital Group. “They’re re-highlighting the China trade situation, uncertainties there, that’s coming back into focus. More so today Trump speaking with Ukraine and Iran is in the mix. Domestically Pelosi is potentially talking about impeachment talks. All this coming together in one day today really drove the selling pressure.” The new impeachment push in the U.S. adds to swirling concerns hovering over global markets. Trump’s speech at the United Nations Tuesday ratcheted up tensions between the U.S. and China, keeping markets on edge ahead of planned high-level talks between the world’s two biggest economies in October. His renewed pressure on some of the biggest American companies sent a jolt through technology indexes.
Meanwhile, underwhelming economic indicators are muddying the picture, with the U.S. consumer showing signs of losing momentum adding to worries. Downbeat numbers from Japan and mixed data from Germany were stark reminders of the fragility of global growth. And political risks loom large for investors, from Brexit to a U.S. Congressional investigation into Trump’s dealings with Ukraine. Elsewhere, Oil fell on signs Saudi Arabia is making progress in restoring lost output following a drone attack on its facilities.
These are some key events coming up this week:
* Chicago Fed President Charles Evans will discuss the economic outlook and monetary policy in Illinois on Wednesday.
* Decisions are due Wednesday from central banks in New Zealand and Thailand. Thursday brings a monetary policy decision in the Philippines.
* Core PCE — the Fed’s preferred inflation measure — is forecast for 1.8%. That’s due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.8% as of 4 p.m. New York time.
* The Nasdaq 100 sank 1.4%.
* The Stoxx Europe 600 Index ended virtually unchanged. The DAX Index dropped 0.3% and the FTSE fell 0.5%
* The MSCI Emerging Market Index slid 0.4%.
Currencies
* The Bloomberg Dollar Spot Index slid 0.3%.
* The euro increased 0.2% to $1.1019.
* The British pound jumped 0.5% to $1.2493.
* The Japanese yen rose 0.5% to 107.03 per dollar.
Bonds
* The yield on 10-year Treasuries sank nine basis points to 1.64%.
* The yield on two-year Treasuries declined six basis points to 1.61%.
* Germany’s 10-year yield dropped two basis points to -0.60%.
* Britain’s 10-year yield fell two basis points to 0.528%.
* Japan’s 10-year yield fell three basis points to -0.234%.
Commodities
* West Texas Intermediate crude fell 2.8% to $57.03 a barrel.
* Gold futures rose 0.6% $1,540.40 an ounce.
–With assistance from Yakob Peterseil and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

Do your little bit of good where you are; it’s those little bits of good
put together that overwhelm the world. 
                                         -Desmond Tutu, b. 1931

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

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

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