Category: Newsletters

Dear Friends,

Tangents:
Birthday: Bruce Springsteen turns 70 today.
1846~ Planet Neptune discovered.

Want to wish this WWII vet a happy 100th birthday? Then send him one of the 100 birthday cards he’s asked for. -CNN
On Sept. 23, 1952, Republican vice-presidential candidate Richard M. Nixon went on television to deliver what came to be known as the “Checker”‘ speech as he denied allegations of improper campaign financing.  Go to article »
 
“Now Main Street’s whitewashed windows and  vacant stores
Seems like there ain’t nobody wants to come down here no more
They’re closing down the textile mill across the railroad tracks
Foreman says these jobs are going boys and they ain’t never coming back to your hometown…

Last night me and Kate we laid in bed talking about getting out
Packing up our bags maybe heading south
I’m thirty-five we got a boy of our own now
Last night I sat him up behind the wheel and said son take a good look around
This is your hometown.” -Bruce Springsteen, b.1949.

PHOTOS OF THE DAY

CREDIT: HEATHCLIFF O’MALLEY FOR THE TELEGRAPH

Participants wave during the Oktoberfest parade, at the 186^th ‘Oktoberfest’ beer festival in Munich, Germany
CREDIT: MATTHAIS SCHRADER/AP

People take part in a ceremony to mark the ‘death’ of the Pizol glacier (Pizolgletscher) above Mels, eastern Switzerland). In a study earlier this year, researchers of ETH technical university in Zurich determined that more than 90 percent of Alpine glaciers will disappear by 2100 if greenhouse gas emissions are left unchecked.
CREDIT: FABRICE COFFRIN/AFP/GETTY IMAGES

Dazzling with its colour, this picture of an exotic bird taken in a British Zoo has won an international photo competition. Wedding photographer Ann Aveyard beat off hundreds of entries from all over the world to bag the top prize in the Our Colorful World competition run by the Society of International Nature and Wildlife Photographers. The weaver bird was making its nest when Ann managed to get the picture at Marwell Zoo, near Winchester.
CREDIT: ANN AVEYARDS/SWNS.COM

Market Closes for September 23^th, 2019  

Market Index	Close	Change
Dow Jones	26949.99	+14.92 +0.06%
S&P 500	2991.78	-0.29 -0.01%
NASDAQ	8112.461	-5.213 -0.06%
TSX	16867.20	-32.49
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	22079.09	+34.64
		+0.16%
HANG SENG	26222.40	-213.27
		-0.81%
SENSEX	39090.03	+1075.41
		+2.83%
FTSE 100*	7326.08	-18.84 -0.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.377	1.385
CND. 30 Year Bond	1.528	1.527
U.S.    10 Year Bond	1.7267	1.7215
U.S. 30 Year Bond	2.1729	2.1616

Currencies

BOC Close	Today	Previous
Canadian $	0.75405	0.75365
US $	1.32616	1.32688
Euro Rate 1 Euro=		Inverse
Canadian $	1.45797	0.68589
US $	1.09939	0.90960

Commodities

Gold	Close	Previous
London Gold Fix	1501.90	1500.70
Oil
WTI Crude Future	58.49	58.09

Market Commentary:
On this day in 1998, Wall Street’s top investment banks, encouraged by the Federal Reserve, completed marathon negotiations for a $3.65 billion bailout of the giant hedge fund Long-Term Capital Management, which lost nearly $2 billion in a single month when the mathematical models designed by two Nobel laureates failed.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares lost ground Monday, after reaching a record last week. Telecommunications stocks led declines after at least two political parties zeroed in on telcos as part of pledges to save Canadians money. Miners outperformed, as gold, silver prices rose. The S&P/TSX Composite fell 0.2% at 16,867.20 in Toronto. Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 1.8%. Osisko Gold Royalties Ltd. had the largest drop, falling 10%.
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold rose 0.4% to $1,522.90 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3259 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.370%
Insights
* This month, the index rose 2.6%
* This quarter, the index rose 3%
* This year, the index rose 18%, heading for the best year in at least 10 years
* The index advanced 4% in the past 52 weeks.
* The S&P/TSX Composite is 0.5% below its 52-week high on Sept. 20, 2019 and 22% above its low on Dec. 24

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -20.4560| -0.4| 10/17
Industrials | -7.8104| -0.4| 16/16
Communication Services | -7.3449| -0.8| 0/7
Information Technology | -5.8265| -0.7| 3/6
Consumer Discretionary | -2.3330| -0.3| 3/13
Health Care | -0.5040| -0.2| 3/6
Real Estate | -0.4923| -0.1| 9/14
Energy | -0.2839| 0.0| 15/16
Consumer Staples | -0.0791| 0.0| 7/3
Utilities | 1.4481| 0.2| 8/7
Materials | 11.1900| 0.6| 37/11
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks ended slightly lower in thin trading amid American data that was largely in line with estimates and more assurance that Federal Reserve officials stand ready to act if needed. Treasuries rose. The S&P 500 fell less than a point, notching a second straight drop even after getting a boost from IHS Markit data that signaled the U.S. economy remains the global leader. Volume was 28% below the 30-day average. Data from Germany and France fell far short of estimates, sending stocks in the region down 0.8%. U.S. futures had been higher overnight on signs of easing trade tensions. American money-market interest rates held steady. The U.S. data bolstered confidence that the recession signals emanating from the bond market are overdone, while the gloomy data from the heart of the euro area was a stark reminder to investors of the fragility of the global economy. While markets remain on edge ahead of next month’s planned high-level trade talks between the U.S. and China, they’re also fixated on any action or messaging from the world’s major central banks that could support growth.
“Global growth is slowing but U.S. economic growth is still chugging along,” Ryan Nauman, market strategist at  Informa Financial Intelligence, said by phone. “It’s promising news, promising data, but it’s not an all clear quite yet.” With Tokyo shut for a holiday stocks in Asia were mixed, eventually edging lower overall as Shanghai shares dropped. Equities in India continued a surge. The onshore yuan fell amid caution in the run-up to next week’s national holidays, and the Korean won sank as exports continued to deteriorate.
These are some key events coming up this week:
* San Francisco Fed President Mary Daly delivers remarks in Salem, Oregon.
* 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%, the strongest reading since January. That’s due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.01% as of 4 p.m. New York time.
* The Dow Jones Industrial Average added 0.1%.
* The Stoxx Europe 600 Index sank 0.8%.
* The Shanghai Composite Index fell 1%.
* The MSCI Emerging Market Index dipped 0.6%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The euro declined 0.2% to $1.0998.
* The British pound declined 0.3% to $1.2435.
* The onshore yuan dipped 0.5% to 7.125 per dollar.
* The Japanese yen rose 0.1% to 107.44 per dollar.
Bonds
* The yield on 10-year Treasuries declined one basis point to 1.71%.
* The yield on two-year Treasuries fell one basis point to 1.67%.
* Germany’s 10-year yield decreased six basis points to -0.59%.
* Japan’s 10-year yield was unchanged at -0.207%.
Commodities
* West Texas Intermediate crude added 0.7% to $58.48 a barrel.
* Gold futures climbed 1% to $1,530.80 an ounce.
–With assistance from Justina Vasquez, Samuel Potter and
Vildana Hajric.
Have a great night.

Be magnificent!
As ever,

Carolann

Most of the change we think we see in life
is due to truths being in and out of favour.
                     -Robert Frost, 1874-1963

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:

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

PHOTOS OF THE DAY

Macca the baby seal at the Blue reef centre in Tynemouth after being rescued by skippers from the Billy Shiel’s Farne island boats who found her drowning in the North sea about 45 minutes out of Seahouses on the Northumberland coast.
CREDIT: OWEN HUMPHREYS/PA

Luke Herram’s Museum of the Moon’ at English Heritage’s Illuminating Rievaulx installation at Rievaulx Abbey, near Helmsley, North Yorkshire.
CREDIT: DANNY LAWSON/PA WIRE

Sunrise in the woods at Ashley Heath, Doset.
CREDIT: NICK LUCAS/SWNS
Market Closes for September 20^th, 2019  

Market Index	Close	Change
Dow Jones	26935.07	-159.72 -0.59%
S&P 500	2992.07	-14.72 -0.49%
NASDAQ	8117.676	-65.203 -0.80%
TSX	16899.69	+41.34
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	22079.09	+34.64
		+0.16%
HANG SENG	26435.67	-33.28
		-0.13%
SENSEX	38014.62	+1921.15
		+5.32%
FTSE 100*	7344.92	-11.50
		-0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.385	1.433
CND. 30 Year Bond	1.527	1.579
U.S.    10 Year Bond	1.7215	1.7840
U.S. 30 Year Bond	2.1616	2.2277

Currencies

BOC Close	Today	Previous
Canadian $	0.75365	0.75396
US $	1.32688	1.32633
Euro Rate 1 Euro=		Inverse
Canadian $	1.46216	0.68392
US $	1.10196	0.90747

Commodities

Gold	Close	Previous
London Gold Fix	1500.70	1503.50
Oil
WTI Crude Future	58.09	58.13

Market Commentary:
On this day in 2000, juvenile delinquency spread to online investing, as the SEC brought a case of securities fraud against a minor for the first time in its 66-year history. The SEC alleged that on at least 11 occasions, Jonathan Lebed manipulated microcap stocks by posting hundreds of false and misleading statements at online message boards. Lebed, who racked up nearly $800,000 in illegal gains, was 14 years old at the time.
Canada
By Divya Balji, Nick Lichtenberg and Yueqi Yang
(Bloomberg) — After a week of fresh highs, Canadian stocks are still cheap.
The S&P/TSX Composite Index is trading below the five-year average of its forward price-to-earnings ratio, despite hitting seven records since Sept. 13. Relative to U.S. equities, the main Canadian stock gauge is valued about 13% lower. The nation’s stock market has rebounded from a bout of late-summer volatility as global markets plunged, roiled by trade tensions and geopolitical risks. The reversal of momentum stocks, a surge in oil prices and the easing of trade tensions propelled almost 50% of the benchmark index this month. Energy and financial stocks, which were lagging the broader gauge, bounced back.
In a world of low interest rates, “it’s far better to borrow money and buy ownership than it is to buy bonds for example,” said Thomas Caldwell, chairman and founder of Caldwell
Securities Ltd.
“The market isn’t a homogeneous thing,” he said. “It’s made up of big caps, midcaps, small caps and in all kinds of diffesinsrent industries. The mid-to-small caps lag the market. So that whole sector is underpriced.” One technical analysis may shed some light. Bloomberg’s Fear and Greed indicator, a measure of buying strength versus selling strength, for the S&P/TSX rose to a 7-month high during this month’s rally, but still fell short of the January peak. In January, stocks soared 8.5% — the most since 2009. Foreign investors may be making a comeback. After four months of net outflows, overseas investors returned with almost C$2 billion ($1.5 billion) of capital in July, according to a report from Statistics Canada. Caldwell acknowledged that markets will continue to be choppy: “There’s a lot of stuff out there that can add some angst on a short term basis.”
“I still think that it makes more sense to be an owner of things in this interest rate environment. You might have pullbacks but I’m an eternal optimist and it has served me well over 55 years in this business,” he said.
Here’s a recap of what happened this week:
Stocks
* The S&P/TSX Composite Index is on pace to have the best month since April.
* Value investing has returned, pushing energy and financial stocks to the top sectors and tech as the worst so far this month.
Bonds
* The spread between U.S. and Canadian 2- year yields tightened to about 11 basis points, compared to about 16 basis points on Sept. 13
* Bank of Nova Scotia raised C$1.5 billion after selling its first senior bail-in bonds in its home market one year after regulation opened the spigot for the sales.
–With assistance from Esteban Duarte.
US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — U.S. equities struggled to gain traction at the end of a busy week for central bank meetings, with investors’ focus shifting back to the trade war and geopolitical tensions.
The S&P 500 Index edged higher, putting the gauge within 1% of its July 26 closing record, while the Nasdaq Composite slumped as Netflix Inc. weighed on the tech-heavy gauge. The Stoxx Europe 600 Index advanced. The pound fell as the Irish government damped hopes of an imminent breakthrough in Brexit negotiations. Oil prices climbed amid still-elevated tensions in the Middle East as President Donald Trump stepped up sanctions on Iran.
U.S. equity trading may be volatile because of a quarterly event known as “quadruple witching,” when options and futures on indexes and stocks expire. The moves bring some of the busiest trading days of the year.
After a slew of monetary policy decisions this week, traders are now looking toward negotiations between the U.S. and China as trade deputies from both nations prepare to meet. On Wednesday, the Federal Reserve cut borrowing costs for a second time this year as major central banks around the world move to soften the blow of a protectionist spat that has created headwinds for global growth.
“There’s a fair amount of risk to the outlook at this point, but the market seems to have a relatively rosy outlook,” said Michael Reynolds, investment strategy officer at Glenmede Trust. “Trade is one of those things that seems to be getting better although I feel like it goes through cycles.”
Elsewhere, Asian stocks saw modest gains on reduced volumes, except in India, where equities soared after the country cut its corporate tax rate. Hong Kong shares slipped while the Shanghai Composite Index added just 0.2% after China’s modest cut to a reference rate for bank loans failed to impress investors.
Here are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.1% as of 11:26 a.m. New York time.
* The Stoxx Europe 600 Index advanced 0.4%.
* The MSCI Asia Pacific Index climbed 0.4%.
* The MSCI Emerging Market Index climbed 0.5%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro fell 0.3% to $1.1009.
* The British pound decreased 0.2% to $1.2603.
* The Japanese yen gained 0.1% to 107.92 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 1.77%.
* Germany’s 10-year yield fell one basis point to -0.52%.
* Britain’s 10-year yield slipped one basis point to 0.62%.
Commodities
* Gold rose 0.3% to $1,503.78 an ounce.
* West Texas Intermediate crude gained 0.7% to $58.56 a barrel.

–With assistance from Adam Haigh, Todd White, Lu Wang and
Constantine Courcoulas.

Have a great evening.

Be magnificent!
As ever,
Isabel

A champion is afraid of losing. Everyone else is afraid of winning.

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 for a conference, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

People do rafting on a rubber inflatable boat through the faster rapids at Koprucay of Koprulu Canyon in Manavgat district of Antalya, Turkey.
CREDIT: MUSTAFA CIFTI/GETTY IMAGE

Members of the Macedonian army guard of honour perform in Skopje, North Macedonia. Macedonian and Croatian army guard of honor show their skills in joint exercise in the capital Skopje. Macedonian and Croatian army guard of honour show their skills in joint exorcize in the capital Skopje, Macedonia.
CREDIT: GEORGI LICOVSKI/EPA

Customers play bingo at the MECCA Bingo Hall in the East End of Glasgow, Scotland on August 15, 2019. Historically loved by British grandmothers, the game sees players win payouts if they match sets of numbers between one and 90 announced by a caller – traditionally shouting “bingo!” when they mark off all their numbers .
CREDIT: ANDY BUCHANAN/ AFP

Market Closes for September 19^th, 2019

Market Index	Close	Change
Dow Jones	27094.79	-52.29 -0.19%
S&P 500	3006.79	+0.06 +%
NASDAQ	8182.879	+5.487 +0.07%
TSX	16858.35	+58.06
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	22044.45	+83.74
		+0.38%
HANG SENG	26468.95	-285.17
		-1.07%
SENSEX	36093.47	-470.41
		-1.29%
FTSE 100*	7356.42	+42.37
		+0.58%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.433		1.437
CND. 30 Year Bond		1.579		1.589
U.S.    10 Year Bond		1.7840		1.7961
U.S. 30 Year Bond		2.2277		2.2420

Currencies

BOC Close	Today	Previous
Canadian $	0.75396	0.75264
US $	1.32633	1.32865
Euro Rate 1 Euro=		Inverse
Canadian $	1.46453	0.68281
US $	1.10420	0.90563

Commodities

Gold	Close	Previous
London Gold Fix	1503.50	1502.10
Oil
WTI Crude Future	58.13	58.11

Market Commentary:
On this day in 2000, The International Monetary Fund issued its World Economic Outlook report, forecasting that “growth is projected to increase in all major regions of the world.” Just weeks later, most regions of the world were tilting toward recession.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose for the fourth time this week but gave up some of its gains into the close as pot stocks retreated. The S&P/TSX Composite closed up 0.4% at 16,859.77 after earlier adding as much as 0.7%. The health-care sector led the decline, falling 3.3% as a growing number of vaping-related illnesses weighed on cannabis stocks. Barrick Gold Corp. contributed the most to the index gain, increasing 3.8%. First Quantum Minerals Ltd. had the largest increase, rising 10.3%. Today, 147 of 239 shares rose, while 86 fell; 8 of 11 sectors were higher, led by materials stocks.
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold fell 0.6% to $1,499.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3261 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.43
US
By Brendan Walsh
(Bloomberg) — U.S. equities ended the day near where they started as investors failed to find a catalyst to lift the benchmark stock index to an all-time high. The dollar sank and Treasuries rose amid a slew of fresh monetary policy decisions. The S&P 500 Index closed little changed, within 1% of a record, as gains in software companies offset losses for carmakers. After getting a boost from positive comments on trade by White House economic adviser Larry Kudlow early in the day, equities took a leg down after a report about a U.S. official threatening steeper tariffs against China. The yen, pound and Swiss franc led Group-of-10 currency gains after their respective central banks left borrowing rates unchanged. The slate of monetary policy decisions, hot on the heels of the Federal Reserve’s interest-rate cut Wednesday, comes just as the OECD cut its world growth forecast to 2.9% from 3.2% as intensifying trade conflicts take a toll on confidence. Investors continue to focus on the outlook for negotiations between the U.S. and China as trade deputies from both nations meet.
Elsewhere, banks pushed the Europe Stoxx 600 higher. Treasuries advanced while European government bonds slipped. Shares fell in Hong Kong and nudged up in Shanghai. China’s yuan dropped as traders weighed the odds of the People’s Bank of China lowering borrowing costs. Australia’s dollar slumped after the unemployment rate rose. Oil gained amid contrasting reports about whether Saudi Arabia asked Iraq for crude to supply its domestic refineries.
These are some key events to keep an eye on this week:
* Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.

Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.6%. The MSCI AC Asia Pacific Index slipped 0.1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1%.The euro rose 0.1% to $1.1044.Japan’s yen strengthened 0.4%
to 108.05 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.79%.
* Germany’s 10-year yield was little changed at -0.51%.The U.K.’s 10-year yield was little changed at 0.63%
Commodities
* West Texas Intermediate crude rose 0.5% to $58.38 a barrel.
* Gold strengthened 0.3% to $1,497.80 an ounce.

–With assistance from Laura Curtis.

Have a great evening.

Be magnificent!
As ever,

Isabel

If it weren’t for the last minute, nothing would get done.
                                            – Rita Mae Brown, 1944

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 for a conference, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Stunning clouds at St. Mary’s Lighthouse in Whitley Bay on the North East coast before sunrise. PA Photo.
CREDIT: OWEN HUMPHREYS/PA WIRE

A person paddle boards down the Basingstoke canal near to Dogmersfield in Hampshire.
CREDIT: ANDREW MATTHEWS/PA WIRE

Children wearing a panda costume group together during the official reveal of the mascots for the Beijing 2022 Winter Olympic and Paralympic Games at Shougang Ice Hockey Arena, Shougang Park, Shijingshan District, Beijing.
CREDIT: NOEL CELIS/AFP

Market Closes for September 18^th, 2019

Market Index	Close	Change
Dow Jones	27147.08	+36.28 +0.13%
S&P 500	3006.73	+1.03 +0.03%
NASDAQ	8177.391	-8.625 -0.11%
TSX	16800.29	-34.46
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	21960.71	-40.61
		-0.18%
HANG SENG	26754.12	-36.12
		-0.13%
SENSEX	36563.88	+82.79
		+0.23%
FTSE 100*	7314.05	-6.35
		-0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.437		1.449
CND. 30 Year Bond		1.589		1.623
U.S.    10 Year Bond		1.7961		1.8013
U.S. 30 Year Bond		2.2420		2.2680

Currencies

BOC Close	Today	Previous
Canadian $	0.75264	0.75486
US $	1.32865	1.32475
Euro Rate 1 Euro=		Inverse
Canadian $	1.46593	0.68216
US $	1.10323	0.90643

Commodities

Gold	Close	Previous
London Gold Fix	1502.10	1497.20
Oil
WTI Crude Future	58.11	59.34

Market Commentary:
On this day in 1974, at a seminar sponsored by the Institute of Chartered Financial Analysts, Benjamin Graham, the father of value investing, declared that his valuation formulas enabled him to estimate that the fair value of the Dow industrials was around 750. The Dow closed that day at 652, but it surged 3.4% the next day as word of Graham’s analysis spread—and it rose past 750 just six months later.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Wednesday after gaining for the previous six sessions. The S&P/TSX Composite lost 0.2% to 16,800. Materials stocks were the worst performers as metal-commodities including copper, gold, and silver all dropped. Energy shares also weakened as investors continue to assess the return of Saudi Arabia’s crude production. Meanwhile, Tim Hortons is scaling back Beyond Meat offerings in all Canadian provinces except British Columbia and Ontario, BNN Bloomberg reported.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI, the widest gap since July
* Gold fell 0.5% to $1,493.50 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3286 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.43%
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -26.5032| -1.4| 8/38
Energy | -17.3908| -0.6| 5/35
Consumer Discretionary | -5.6647| -0.8| 2/13
Industrials | -3.2499| -0.2| 11/19
Information Technology | -1.1082| -0.1| 5/5
Real Estate | 0.9174| 0.2| 14/11
Utilities | 1.2026| 0.2| 11/4
Health Care | 1.6055| 0.6| 7/4
Consumer Staples | 1.6858| 0.3| 6/4
Communication Services | 3.4690| 0.4| 4/3
Financials | 10.5982| 0.2| 11/14
US
By Brendan Walsh and Vildana Hajric
(Bloomberg) — The dollar rallied and Treasuries pared gains as Federal Reserve policy makers cast doubt on the need for further easing after lowering their main interest rate for a second time this year. Stocks erased losses as financial companies that benefit from higher rates rallied. The S&P 500 Index ended little changed, wiping out a drop that at one point reached the biggest in four weeks, as Fed Chair Jerome Powell promised at a press conference to be vigilant against any signs of economic slowdown. Banks were the best performers. Ten-year Treasury yields dipped just below 1.8%. While Fed policy makers were widely expected to reduce their benchmark rate by a quarter-point, investors were more focused on the outlook for further cuts this year. Five officials think the rate at year end should be higher than it is after today’s cut, five wanted the rate cut today but are not projecting any more cuts, and seven are projecting one more quarter-point cut by December.
“I view the guidance we received as mixed,” said Eric Winograd, senior U.S. economist at AllianceBernstein. “They want to stop the economy from slipping into a recession but aren’t going to do anything to push growth higher.” Elsewhere, FedEx Corp. tumbled after the company slashed its profit outlook, blaming a global economy weakened by trade tensions. Stocks were mixed in Asia. Europe’s equity benchmark barley budged. Precious metals fell. Oil ticked lower after tumbling Tuesday, when Saudi Aramco said it had revived 41% of capacity at a key crude-processing complex days after a devastating aerial attack that wrecked vital equipment and rocked global energy markets.

Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index advanced 0.2%.
* The Nikkei-225 Stock Average fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The British pound fell 0.1% to $1.2493.
* The euro declined 0.3% to $1.1035.
* The Japanese yen fell 0.3% to 108.4 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.79%.
* Germany’s 10-year yield fell four basis points to -0.51%.
* Japan’s 10-year yield slipped three basis points to -0.20%
Commodities
* West Texas Intermediate crude fell 2.1% to $58.11 a barrel.
* The Bloomberg Commodity Index decreased 0.5%.
* Gold fell 0.4% to $1,495.14 an ounce.
–With assistance from Adam Haigh, Todd White, Robert Brand and
Nancy Moran.
Have a great evening.

Be magnificent!
As ever,

Isabel

It is better to fail at originality than to succeed in imitation.

                             – Herman Melville, 1819-1891

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:
1920: National Football League formed.
1862: Battle of Antietam, 25,000 killed.

If you’ve got $100,000 to spare, you can spend one night — one night! — in an igloo at the North Pole. -CNN.

2001 Wall Street trading resumed for the first time since the Sept. 11 terrorist attacks – its longest shutdown since the Depression; the Dow lost 684.81 points, its worst one-day point drop to date.  Go to article »

PHOTOS OF THE DAY

Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, UK, ahead of Halloween. The family run farm is expected to harvest thousands of pumpkins in the coming weeks to supply shops and business throughout England.
CREDIT: DANNY LAWSON/PA WIRE

The Empire state building is lit in red, white and green to celebrate Mexican Independence Day as the moon rises in New York City.
CREDIT: GARY HERSHORN/ GETTY IMAGES

A picture taken with drone Shows French-Swiss artist Saype posing in his giant biodegradable land art painting at the Parc des Bastions in Geneva, Switzerland. With an overall area of 1,000 square meters, the 75 metre long and 15 metre wide painting was created using biodegradable pigments out of charcoal, chalk, water and milk proteins. The art piece in the Parc des Bastions along with a second one in the Parc de la Grange marks the third step of the worldwide ‘Beyond Walls Project’ aiming at creating the longest symbolic human chain around the world prompting values such as togetherness, kindness and openness to the world.
CREDIT: VALENTIN FLAURAUD/EPA-EFE/REX
 
Market Closes for September 17^th, 2019

Market Index	Close	Change
Dow Jones	27110.80	+33.98 +0.13%
S&P 500	3005.70	+7.74 +0.26%
NASDAQ	8186.016	+32.473 +0.40%
TSX	16834.75	+83.44
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	22001.32	+13.03
		+0.06%
HANG SENG	26790.24	-334.31
		-1.23%
SENSEX	36481.09	-642.22
		-1.73%
FTSE 100*	7320.40	-1.01
		-0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.449		1.482
CND. 30 Year Bond		1.623		1.670
U.S.    10 Year Bond		1.8013		1.8467
U.S. 30 Year Bond		2.2680		2.3183

Currencies

BOC Close	Today	Previous
Canadian $	0.75486	0.75521
US $	1.32475	1.32414
Euro Rate 1 Euro=		Inverse
Canadian $	1.46653	0.68188
US $	1.10717	0.90320

Commodities

Gold	Close	Previous
London Gold Fix	1497.20	1503.10
Oil
WTI Crude Future	59.34	62.90

Market Commentary:
On this day in 1998, stocks took a worldwide pounding after Fed Chairman Alan Greenspan told Congress that there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.” The Dow slumped 2.7% to 7874. Analysts were pessimistic, but in three weeks U.S. stocks bottomed then went straight up.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.5 percent, or 83.44 to 16,834.75 in  Toronto. The move was the biggest since rising 0.8 percent on Sept. 5. Barrick Gold Corp. contributed the most to the index gain, increasing 5.8 percent. Detour Gold Corp. had the largest increase, rising 6.4 percent. Today, 148 of 239 shares rose, while 84 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 2.8 percent
* This year, the index rose 18 percent, heading for the best year in at least 10 years
* The index advanced 4.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 4 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Sept. 17, 2019 and 22.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 1.8 percent in the past 5 days and rose 4.2 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 15.5 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$2.57 trillion
* 30-day price volatility fell to 10.73 percent compared with 11.00 percent in the previous session and the average of 10.78 percent over the past month
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 41.9668| 2.3| 31/14
Financials | 27.2563| 0.5| 22/4
Industrials | 14.9676| 0.8| 21/8
Communication Services | 9.5956| 1.0| 6/1
Consumer Discretionary | 8.8588| 1.3| 7/8
Consumer Staples | 6.7831| 1.0| 7/2
Real Estate | 5.1471| 0.9| 24/1
Utilities | 1.7082| 0.2| 10/6
Health Care | -3.3976| -1.3| 4/7
Information Technology | -7.4883| -0.8| 3/6
Energy | -21.9606| -0.8| 13/27

* The benchmark 10-year bond rose and the yield fell 2.8 basis points to 1.454 percent

US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — Treasuries rallied and stocks eked out a gain a day before the Federal Reserve is expected to cut interest rates. Oil plunged as Saudi Arabia restarted the plant damaged in a weekend attack. Crude gave back some of Monday’s 15% surge as Saudi officials said they had restored just under half the output lost at the Abqaiq plant, one of the world’s biggest oil facilities. The S&P 500 Index posted a small advance, with dividend paying real estate shares faring best. Ten-year Treasury yields fell toward 1.8% and the dollar weakened after the New York Fed took action to calm money markets, injecting billions in cash to quell a surge in short-term rates that was threatening to drive up borrowing costs for companies and consumers. As U.S. policy makers get ready to decide interest rates, investors are also trying to gauge the risk of a potential oil shortage weighing on a global economy that already seemed to be slowing down. Meanwhile, concerns linger about trade tensions, with U.S. and Chinese working-level negotiators set to resume talks in the next week, before a meeting of top officials in October. The Saudi attack has reminded investors about the risks of geopolitical tensions escalating, according to Nela Richardson, an investment strategist at Edward Jones in St. Louis.
“We’ve pointed to U.S. trade escalation, we’ve pointed to Brexit, but we’ve seen that over the course of the last two years, unexpected triggers of risk can pop up,” she said. “And we don’t always know where that’s going to come from.” The Stoxx Europe 600 edged lower. Equities in Shanghai and Hong Kong slid after China’s central bank disappointed investors when it refrained from lowering a key interest rate. Italian bonds fell after former Prime Minster Matteo Renzi left the Democratic Party, raising the prospect of further government instability. Emerging market stocks headed for their first decline in five sessions.
These are some key events to keep an eye on this week:
* The Federal Reserve is widely expected to lower U.S. interest rates in response to slowing global economic growth and muted inflation. Chairman Jerome Powell will hold a post-decision press conference Wednesday.
* The Bank of Japan monetary policy decision is on Thursday, followed by a briefing from Governor Haruhiko Kuroda.
* Bank Indonesia and Bank of England also decide policy on Thursday.
* Australia jobs figures are out Thursday.
* Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% at the close of trading in New York.
* The Stoxx Europe 600 Index slid less than 0.1%.
* The Shanghai Composite Index declined 1.7%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The British pound rose 0.6% to $1.25.
* The Japanese yen was little changed at 108.16 per dollar.
* The euro rose 0.7% to $1.1072.
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.8%.
* Germany’s 10-year yield rose one basis point to -0.48%.
* Britain’s 10-year yield was little changed at 0.69%.
Commodities
* Gold climbed 0.3% to $1,503.13 an ounce.
* WTI crude dropped 6.1% to $59.06 a barrel.
–With assistance from Gregor Stuart Hunter, Andreea Papuc and
Laura Curtis.
Have a great evening.

Be magnificent!
As ever,

Carolann

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.
                                  -Nelson Rolihlahla Mandela, 1918-2013

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

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

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

Dear Friends,

Tangents:
September 16, 1620: Mayflower Day ~Pilgrims deported from England.

1810: Mexican Independence Day.

Happy Oktoberfest!  The annual celebration of culture, sausage and beer begins Saturday in Germany. -CNN.

PHOTOS OF THE DAY

A yoga class takes place on the water in front of the sculpture “Search for Enlightenment” by sculptor and owner of Sculpture by the Lakes, Simon Gudgeon.
CREDIT: ZACHARYCULPIN/BNPS

Participants compete in the cycle leg, during IRONMAN Wales.
CREDIT: CHARLIE CROWHURST/GETTY IMAGES EUROPE

A Harvest full moon, which occurs just before the Autumn Equinox, signaling the start of a new season, rises at the sculpture of the ‘Couple’ by artist Sean Henry at Newbiggin-by-the-Sea in Northumberland.
CREDIT: OWEN HUMPHREYS/PA
Market Closes for September 13^th, 2019

Market Index	Close	Change
Dow Jones	27076.82	-142.70 -0.52%
S&P 500	2997.96	-9.43 -0.31%
NASDAQ	8153.543	-23.170 -0.28%
TSX	16751.31	+68.89
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	21988.29	+228.68
		+1.05%
HANG SENG	27124.55	-228.14
		-0.83%
SENSEX	37123.31	-261.68
		-0.70%
FTSE 100*	7321.41	-46.05
		-0.63%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.482		1.512
CND. 30 Year Bond		1.670		1.713
U.S.    10 Year Bond		1.8467		1.9011
U.S. 30 Year Bond		2.3183		2.3745

Currencies

BOC Close	Today	Previous
Canadian $	0.75521	0.75286
US $	1.32414	1.32828
Euro Rate 1 Euro=		Inverse
Canadian $	0.45710	0.68629
US $	1.10042	0.90875

Commodities

Gold	Close	Previous
London Gold Fix	1503.10	1515.20
Oil
WTI Crude Future	62.90	54.85

Market Commentary:
2008 The federal government announced an emergency $85 billion loan to rescue AIG, the world’s largest insurance company. Go to article »
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose for a fifth straight session as oil prices surged after a devastating attack in Saudi Arabia knocked out half its production. Additionally, nearly all of the kingdom’s oil shipments to Canada travel to New Brunswick, home to a single refinery, Irving Oil Ltd.’s Saint John plant, which can process about 299,000 barrels a day. The refinery relied on Saudi crude for more than 40% of its supplies in July, Statistics Canada data show. The S&P/TSX Composite gained 0.4% Monday, with energy lifting the index. Consumer staples lagged given weakness from Alimentation Couche-Tard Inc. Pot stocks also dropped. Aurora Cannabis Inc. was downgraded to hold at Stifel.
Insights
* The S&P/TSX Composite is up 1.6 percent in the past 5 days and rose 3.7 percent in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 115.6537| 4.2| 36/4
Real Estate | 5.7508| 1.0| 18/7
Materials | 3.8623| 0.2| 22/23
Utilities | 2.3891| 0.3| 10/6
Information Technology | -2.0710| -0.2| 3/7
Health Care | -4.1357| -1.5| 6/5
Communication Services | -7.8162| -0.8| 0/7
Consumer Discretionary | -7.9116| -1.1| 5/11
Industrials | -10.3542| -0.6| 13/17
Financials | -12.3147| -0.2| 12/14
Consumer Staples | -14.1625| -2.1| 2/8
================================================================
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold fell 0.6% to $1,497.90 an ounce
FX/Bonds
* The Canadian dollar gained 0.3% to C$1.3284 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.9%
US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — U.S. stocks slipped, oil surged and investors sought out assets considered to be havens in times of trouble after a strike on Saudi Arabia’s crude production heightened geopolitical risk. Losses for automakers helped drag the S&P 500 Index down the most in almost two weeks, though the gauge came off its lows of the day in afternoon trading. Treasuries yields fell the most in three weeks. Brent oil posted a record intraday jump, adding as much as 19%, as news of the devastating strike on the world’s largest exporter also sent currencies of commodity-linked nations higher, including Canada’s dollar. The developments in the Middle East are testing sentiment after a bullish start to the month for global equities and other riskier assets. President Donald Trump promised to help allies following the infrastructure attack after stating over the weekend that the U.S. is “locked and loaded.” Several administration officials said Sunday that they had substantial evidence that Iran was to blame, not the Iranian-backed Houthi rebels in Yemen who claimed responsibility.
“You’re seeing the oil and gas stocks up because of supply- demand, but you’re seeing the rest of the market falter because of that uncertainty over how it’s going to affect the consumer going forward,” said Carter Henderson, portfolio specialist at Fort Pitt Capital Group, which has more than $2 billion in assets under management. “There’s a lot of things going on around the globe that we need to pay attention to.” Elsewhere, the pound retreated after no signs of progress in Prime Minister Boris Johnson’s first face-to-face meeting on Brexit with European Commission President Jean-Claude Juncker. The Stoxx Europe 600 Index fell the most in three weeks. Shares in Asia were mixed after China data missed estimates, with Hong Kong equities underperforming, while those in South Korea rose after a holiday. Japanese markets were closed.

These are some key events to keep an eye on this week:
* The Federal Reserve is widely expected to lower U.S. interest rates in response to slowing global economic growth and muted inflation. Chairman Jerome Powell will hold a post-decision press conference Wednesday.
* The Bank of Japan monetary policy decision is on Thursday, followed by a briefing from Governor Haruhiko Kuroda.
* Bank Indonesia and Bank of England also decide policy on Thursday.
* Australia jobs figures are out Thursday.
* Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% at the close of trading in New York.
* The Stoxx Europe 600 Index sank 0.6%.
* The MSCI Emerging Markets Index slipped 0.1%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3%.
* The euro decreased 0.6% to $1.1006.
* The British pound sank 0.6% to $1.2427.
* Canada’s dollar rose 0.3% to $0.7549.
* The Japanese yen was little changed at 108.06 per dollar.
Bonds
* The yield on 10-year Treasuries sank six basis points to 1.84%.
* Germany’s 10-year yield fell three basis points to -0.48%.
* Britain’s 10-year yield fell seven basis points to 0.69%.
Commodities
* West Texas Intermediate crude jumped 13% to $61.73 a barrel, near a four-month high.
* Silver added 2.6% to $17.89 an ounce.
* Gold climbed 0.7% to $1,499.01 an ounce.
–With assistance from Adam Haigh, Andreea Papuc, Yakob
Peterseil, Laura Curtis and Samuel Potter.
Have a great night!

Be magnificent!
As ever,

Carolann

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

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

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

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

Dear Friends,

Tangents: Happy Friday!   It’s the full harvest moon tonight and Friday, the 13^th.  Enjoy.

Talk about an incentive
Green pastures, olive groves and $27,000. That’s what you’d get if you move to the Italian region of Molise. Where are our suitcases? –CNN.

September 13, 1882
Ottawa lumber baron John Rudolphus Booth creates his own railway network. It connects Ottawa to Coteau-Landing, Quebec. Booth will then create the Ottawa, Arnprior and Parry Sound Railway Company, the largest private railway company in the world.  Go to article »

Toyota is taking the best solar panels money can buy, combining them with super-efficient batteries and decades of experience manufacturing automobiles and trying to make a car that will run forever. –Bloomberg.

The fascinating history of the 60 Minutes stopwatch. –Bloomberg.

PHOTOS OF THE DAY

A gannet comes into land on Bass Rock in Dunbar, Scotland. The 107m high slab of volcanic rock off the coast of Scotland is home to 150,000 birds and is the worlds largest colony of Northern gannets.
CREDIT: TOM WHITE/GETTY IMAGES

A keeper tends his pigeons on the roof of his house in the old quarters of New Delhi, India. Pigeon flying, locally known as Kabootar Bazi, is a popular hobby among people living in the old quarters of the capital city.
CREDIT: SAJJAD HUSSAIN/AFP/GETTY IMAGES

An aerial view shows the Hong Kong-Zhuhai-Macau bridge, a key infrastructure in the Greater Bay Area project, during sunrise off Zhuhai, Guangdongprovince, China.
CREDIT: CHINA-HONGKONG/BRIDGE

A member of staff at Morton & Eden holds an Extremely rare early Islamic gold coin which is expected to fetch £1.4m at auction in London. Measuring a 20mm across, about the size of the modern £1 piece, it is one of the world’s rarest and most treasured Islamic gold coins from the first dynasty of Islam, he Umayyad gold dinar dated 105h(723AD).
CREDIT: VICTORIA JONES/PA WIRE

Market Closes for September 13^th, 2019

Market Index	Close	Change
Dow Jones	27219.52	+37.07 +0.14%
S&P 500	3007.39	-2.18 -0.07%
NASDAQ	8176.715	-17.753 -0.22%
TSX	16682.42	+39.14
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	21988.29	+228.68
		+1.05%
HANG SENG	27352.69	+265.06
		+0.98%
SENSEX	37384.99	+280.71
		+0.76%
FTSE 100*	7367.46	+22.79
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.512		1.452
CND. 30 Year Bond		1.713		1.671
U.S.    10 Year Bond		1.9011		1.7715
U.S. 30 Year Bond		2.3745		2.2557

Currencies

BOC Close	Today	Previous
Canadian $	0.75286	0.75702
US $	1.32828	1.32097
Euro Rate 1 Euro=		Inverse
Canadian $	1.47135	0.67965
US $	1.10771	0.90276

Commodities

Gold	Close	Previous
London Gold Fix	1515.20	1490.65
Oil
WTI Crude Future	54.85	55.09

Market Commentary:
On this day in 1982, Forbes published its first list of the 400 wealthiest people in America. It contained just 13 billionaires, ten of whom derived their fortunes from the oil industry. The country’s richest man was shipping magnate Daniel Ludwig, worth “above $2 billion.” Amazon founder Jeff Bezos topped this year’s list with a fortune of $131 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed at a record high after a fourth consecutive gain, beating the previous record set in April. The S&P/TSX Composite rose 0.2% to 16,682.42. Royal Bank of Canada contributed the most to the index gain, increasing 1%. SNC-Lavalin Group Inc. had the largest increase, rising 11%. On Friday, 148 of 239 shares rose, while 85 fell; 6 of 11 sectors were higher, led by health-care stocks. The index rose 0.9% for the week.
Insights
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 42.0959| 0.8| 21/4
Energy | 14.2397| 0.5| 35/4
Industrials | 4.1417| 0.2| 19/9
Health Care | 2.6456| 1.0| 9/2
Utilities | 2.1010| 0.3| 12/4
Real Estate | 0.0579| 0.0| 11/14
Consumer Discretionary | -0.9852| -0.1| 8/7
Materials | -1.8152| -0.1| 23/24
Consumer Staples | -2.6478| -0.4| 5/5
Communication Services | -4.9071| -0.5| 4/3
Information Technology | -15.7891| -1.7| 4/6

Commodities
* Western Canada Select crude oil traded at a $12.30 discount to WTI
* Gold fell 0.5% to $1,492.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3281 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.51%
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks finished the week mixed as Treasury yields jumped to six-week highs and the dollar slipped. All three major U.S. indexes still closed higher for a third consecutive week after being whipsawed by a rotation from growth to value shares by some investors. Apple weighed on the Nasdaq Friday. Equity indexes in Europe and Asia finished the week in the green thanks to easing trade fears and a new round of central bank stimulus. “We’re going to see volatility in the market,” said Alan Adelman, a senior fund manager at Frost Investment Advisors, which oversees $4.7 billion. “We’ve seen it this week — it may  not come in absolute price moves — but we’re going to see volatility.” The pound posted the biggest weekly gain since May after the Times reported possible progress in Brexit negotiations related to the contentious Irish backstop. Prime Minister Boris Johnson will meet EU President Jean-Claude Juncker next week.The euro strengthened this week and most government bonds retreated in the wake of the European Central Bank’s moves to support growth, with one policy maker saying a new easing package was a possible mistake. Optimism over a trade deal is growing ahead of expected high-level talks next month between the world’s two largest economies.
“With holiday spending on the horizon and inflation at bay, we could continue to see momentum in the retail sector,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial Corp. “A healthy consumer can help inject some energy into other sectors of the economy. That said, trade tensions are a key focal point and rising tariffs between the U.S. and China could threaten this critical indicator.” Elsewhere, WTI crude fluctuated around $55 a barrel, poised for a weekly drop following a warning from the International Energy Agency of a “daunting” surplus of crude in 2020.
Here are the main moves in markets:
Stocks
*The S&P 500 Index declined 0.1% to 3,007.28 as of 4:03 p.m. NewYork time, the largest drop in more than a week.
*The Dow Jones Industrial Average rose 0.1% to 27,218.90, reaching the highest in more than six weeks on its eigth consecutive advance.
*The Nasdaq Composite Index fell 0.2% to 8,176.72, the largest drop in more than a week.
*The Stoxx Europe 600 Index increased 0.3% to 391.79, the highest in 10 weeks.
*Germany’s DAX Index jumped 0.5% to 12,468.53, hitting the highest in more than seven weeks with its eighth consecutive advance.
Currencies
*The Bloomberg Dollar Spot Index declined 0.2% to 1,206.52, the
lowest in three weeks.
Bonds
*The yield on two-year Treasuries rose eight basis points to 1.80%, the highest in more than six weeks.
*The yield on 10-year Treasuries climbed 13 basis points to 1.90%, reaching the highest in more than six weeks on its eighth straight advance and the biggest surge in almost three years.
*Germany’s 10-year yield gained seven basis points to -0.45%, the highest in more than six weeks on the largest advance in more than a week.
Commodities
*West Texas Intermediate crude fell 0.3% to $54.95 a barrel, the lowest in more than a week.
*Gold weakened 0.8% to $1,487.01 an ounce.
–With assistance from Andrew Cinko and Laura Curtis.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

I don’t like people who have never fallen or
stumbled.  Their virtue is lifeless and it isn’t
of  much value.  Life hasn’t revealed its
beauty to them.
                           –Boris Pasternak, 1890-1960, from Dr. Zhivago, 1958

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

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

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

Dear Friends,

Tangents:
On Sept. 12, 2001, President George W. Bush labeled the previous day’s terrorist attacks “acts of war” and asked Congress for $20 billion to rebuild and recover.  Go to article »

H.L. Mencken, critic, b. 1880.
An idealist is one who, on noticing that a rose smells better tan a cabbage, concludes that it will also make better soup. -H.L. Mencken.

The Porsche 911 is the most profitable car of the year. -Bloomberg
Tokyo’s iconic Hotel Okura is back, after a $1 billion makeover. -Bloomberg.

PHOTOS OF THE DAY

A gallery assistant poses with the artwork “Dark Matter’ by Palestinian artist Mona Hatoum, part of a multi -artist show at the White Cube Bermondsey in London
CREDIT: NEIL HALL/EPA

A man oversees cows during the traditional cattle drive in bad Hindelang, 700 animals from five mountain pastures are brought to the valley for their winter quarters.
CREDIT: LINO MIRGELER/AFP

An attendee inspects a Hongqi concept electric sports utility vehicle, manufactured by China FAW Group corp., on display during the day two of the IAA Frankfurt Motor Show in Frankfurt.
CREDIT: KRISZTIAN BOCSI/BLOOMBERG
Market Closes for September 12^th, 2019

Market Index	Close	Change
Dow Jones	27182.45	+45.41 +0.17%
S&P 500	3009.57	+8.64 +0.29%
NASDAQ	8194.469	+24.791 +0.30%
TSX	16643.28	+32.14
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	21759.61	+161.85
		+0.75%
HANG SENG	27087.63	-71.43
		-0.26%
SENSEX	37104.28	-166.54
		-0.45%
FTSE 100*	7344.67	+6.64
		+0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.452		1.427
CND. 30 Year Bond		1.671		1.635
U.S.    10 Year Bond		1.7715		1.7403
U.S. 30 Year Bond		2.2557		2.2220

Currencies

BOC Close	Today	Previous
Canadian $	0.75702	0.75787
US $	1.32097	1.31950
Euro Rate 1 Euro=		Inverse
Canadian $	1.46156	0.68420
US $	1.10643	0.90381

Commodities

Gold	Close	Previous
London Gold Fix	1490.65	1498.25
Oil
WTI Crude Future	55.09	55.75

Market Commentary:
Hong Kong Exchange made an offer for its London rival. A proposed $36.6-billion deal would unite two of the world’s major stock exchanges when both regions are under political pressure, with Hong Kong reeling from a summer of protests and London gripped by political paralysis.
Canada
By Divya Balji
(Bloomberg) — The Canadian stock market flirted with a new high Thursday as the intraday record faded in late afternoon trading. The benchmark S&P/TSX Composite Index closed 0.2% higher at 16,643.28, paring a record high reached midday, as trade tensions between the world’s two largest economies showed signs of easing. The key stock gauge is now about 23 points away for closing at a new high. Technology and financial shares were the biggest gainers, while the health-care sector fell, dragged down by pot stocks after Aurora Cannabis Inc. reported a quarterly loss and revenue that missed its own guidance. U.S. administration officials have discussed offering a limited trade agreement to China that would delay and even roll back some U.S. tariffs for the first time in exchange for Chinese commitments on intellectual property and agricultural purchases, according to five people familiar with the matter.
Stocks have been trading in a narrow range all through the summer, even as volatility soared amid concerns surrounding global economic growth. A rally in commodity prices, economic and earnings growth, and the market’s strong correlation with the U.S. propelled Canada’s benchmark index to a record high earlier this year. The unwinding of momentum trades has also helped as investors piled back into sectors with some of the largest contributions — financials and energy.
–With assistance from Kristine Owram.
US
By Vildana Hajric
(Bloomberg) — Stocks eked out a gain on optimism about the outlook for a trade agreement between the U.S. and China and after Europe’s central bank announced a fresh round of stimulus. The S&P 500 Index closed just 0.5% below its all-time high after a report that American officials have discussed offering a limited trade agreement to China. That followed a decision by the European Central Bank to cut its main rate to minus 0.5% and buy 20 billion euros ($22 billion) of bonds a month. The euro gained and sovereign bonds were mixed. Any steps by China and the U.S. to ease tensions ahead of face-to-face talks in Washington in the coming weeks would support sentiment as investors await monetary decisions from more of the world’s major central banks. The ECB changed its guidance on interest rates to say they’ll stay at present or lower levels until the outlook for inflation “robustly” converges to its goal of just below 2%. “It’s a perfect storm of good news,” said Chris Gaffney, president of world markets at TIAA. “Investors are feeling relief now and feeling that perhaps things aren’t quite as bad as they seemed two months ago.”
The Federal Reserve is due to meet next week as economic indicators give mixed signals about whether the record-long expansion will end soon. The dollar weakened. Elsewhere, European equities edged higher. Turkey’s lira rallied after its policy makers cut interest rates by more than forecast. Oil turned lower as the International Energy Agency warned OPEC it faces a “daunting” surplus of crude in 2020. Hong Kong equities bucked the advance in Asia, dragged lower by shares of the city’s exchange following a surprise takeover bid for its London counterpart.
Here are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.3% at the close in New York.
* The Stoxx Europe 600 Index rose 0.2%.
* The Nikkei-225 Stock Average rose 0.8% for its eighth straight
gain, the best streak in a year
Currencies
* The Bloomberg Dollar Spot Index slipped 0.2%.
* The euro rose 0.5% to $1.1065.
* The British pound rose 0.1% to $1.2339.
* The Japanese yen fell 0.3% to 108.14 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 1.78%.
* Germany’s 10-year yield rose five basis points to -0.52%.
* Britain’s 10-year yield rose three basis points 0.67%.
* Italy’s 10-year yield decreased 11 basis points to 0.86%.
Commodities
* Gold added 0.1% to $1,499.21 an ounce.
* West Texas Intermediate crude dipped 1.3% to $55.05 a barrel.
* Silver fell 0.2% to $18.08 per ounce.
–With assistance from Yakob Peterseil and Reade Pickert.
Have a great evening.

Be magnificent!
As ever,
Carolann

By nature, men are nearly alike; by practice, they get to be wide apart.
                                                          -Confucius, 551 BC-479 BC.

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

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

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

Dear Friends,

Tangents:
On Sept. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania.  Go to article »
Sorrow was like the wind.  It came in gusts. –Marjorie Kinnan Rawlings, 1896-1953

Robert Frank, the photographer and author of the  ground breaking book, “The Americans” has passed away.  Mr. Frank used a raw style that helped change the course of documentary photography. He died on Monday at 94. –The New York Times.

From Bloomberg today:
Italian village will pay you to move there and start a business
Fossilized footprints hint at Neanderthal social structures. (h/t Scott Kominers) 
Turns out the meaning of life does actually involve the number 42. (h/t Mike Smedley)

PHOTOS OF THE DAY

Children play under a lantern installation ahead of the upcoming mid-autumn festival at a shopping mall in Kuala Lumpur.
CREDIT: MOHD RASFAN/AFP

Apple CEO Tim Cook speaks during the Apple Special Event in the Steve Jobs theatre at Apple Park in Cupertino, to announce iPhone 11 and Apple Watch 5.
CREDIT: JOHN G MABANGLO/EPA

A bee pollen from a sunflower in Idaho Falls, Idaho, USA.
CREDIT: AP/ JOHN ROARK
Market Closes for September 11^th, 2019

Market Index	Close	Change
Dow Jones	27137.04	+227.61 +0.85%
S&P 500	3000.93	+21.54 +%
NASDAQ	8169.680	+85.525 +%
TSX	16611.14	+73.80
		+%

International Markets

Market Index	Close	Change
NIKKEI	21597.76	+205.66
		+0.96%
HANG SENG	27159.06	+475.38
		+1.78%
SENSEX	37270.82	+125.37
		+0.34%
FTSE 100*	7338.03	+70.08
		+0.96%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.427		1.438
CND. 30 Year Bond		1.635		1.620
U.S.    10 Year Bond		1.7403		1.7402
U.S. 30 Year Bond		2.2220		2.2234

Currencies

BOC Close	Today	Previous
Canadian $	075787	0.76053
US $	1.31950	1.31487
Euro Rate 1 Euro=		Inverse
Canadian $	1.45274	0.68835
US $	1.10098	0.90828

Commodities

Gold	Close	Previous
London Gold Fix	1498.25	1509.20
Oil
WTI Crude Future	55.75	57.40

Market Commentary:
JPMorgan CEO James Dimon raised the specter of zero rates. The biggest bank in the U.S. is starting to prepare for how to make money if interest rates in the U.S. drop to zero.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose as technology shares rebounded from a three-day slump, with Shopify Inc. gaining the most in three weeks. The S&P/TSX Composite added 0.5% to 16,611.14 in Toronto. The index advanced to the highest closing level since July 24. The technology sector gained 2.1% as the rotation from momentum to value stocks that began at the start of the week reversed. Shopify contributed the most to the index gain, increasing 3.5%. BlackBerry Ltd. had the largest increase, rising 5.5%. Today, 137 of 239 shares rose, while 95 fell; seven of 11 sectors were higher.
Insights
* The S&P/TSX Composite is 0.4% below its 52-week high on April23 and 21% above its low on Dec. 24
* The S&P/TSX Composite is up 1% in the past 5 days and rose1.7% in the past 30 days
* 30-day price volatility rose to 11.24% compared with 11.18% inthe previous session and the average of 10.13% over the pastmonth
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 43.5286| 0.8| 22/4
Information Technology | 18.1401| 2.1| 10/0
Materials | 8.2394| 0.4| 30/15
Consumer Discretionary | 6.0110| 0.9| 14/2
Communication Services | 5.4291| 0.6| 6/1
Health Care | 3.3162| 1.2| 4/6
Utilities | 0.5050| 0.1| 8/6
Real Estate | -0.2990| -0.1| 9/16
Consumer Staples | -3.2347| -0.5| 5/5
Industrials | -3.3594| -0.2| 14/16
Energy | -4.4667| -0.2| 15/24
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 10.8400| 3.5| 12.1| 142.7
Royal Bank of | | | |
Canada | 9.3310| 0.9| 18.3| 10.5
Bank of Nova Scotia| 6.8960| 1.1| 18.9| 8.3
Canadian Natural | | | |
Resources | -2.0490| -0.7| 9.5| 1.8
Canadian National | -2.7370| -0.4| 5.9| 20.7
TC Energy | -6.7930| -1.5| -0.2| 35.6
================================================================
| | Index |Volume VS |
| | Points | 20D AVG |YTD Change
Biggest Gainers | % Change | Move | (%) | (%)
================================================================
Blackberry | 5.5| 1.8310| 64.9| 2.2
OceanaGold | 4.9| 0.6670| -36.3| -34.9
SNC-Lavalin Group | 4.5| 1.0150| 160.1| -59.2
================================================================
| |Index Points | Volume VS |YTD Change
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
Gran Tierra | -2.5| -0.1380| 8.1| -33.2
Pason Systems | -2.4| -0.2130| 19.5| -10.2
Enerflex | -2.2| -0.1920| 3.4| -18.2

* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Gold rose 0.3% to $1,496.60 an ounce
* The Canadian dollar weakened 0.3% to C$1.3197 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 1.43%
US
By Vildana Hajric
(Bloomberg) — Stocks rallied, with the Nasdaq Composite Index rising to the highest level since July, as the rotation from momentum to value shares that began at the start of the week slowed. Crude oil plunged after President Donald Trump indicated that sanctions on Iran could be eased. The Nasdaq rose for the first time in four days as Apple’s cheaper priced iPhone gave analysts reason to cheer, while the Dow Jones Industrial Average gained for a sixth day and the S&P 500 closed above 3,000 for the first time in six weeks. Trump earlier urged the Federal Reserve to cut interest rates to “zero, or less,” in a tweet, while China moved to lessen the trade war’s repercussions by announcing a range of U.S. goods to be exempted from 25% extra tariffs put in place last year.
“Get a trade deal, get a dovish Fed, decent valuations, lower interest rates, and all of a sudden, you have the tinder potentially for markets to move higher,” Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, said in an interview at Bloomberg’s New York headquarters. Crude oil futures fell as much as 2.8% in London. Trump is preparing to meet with Iranian President Hassan Rouhani later this month, according to people familiar with the matter. Such talks would be unprecedented for an administration that made isolating the Islamic Republic a cornerstone policy. The dollar strengthened, while benchmark Treasury yields lingered near one-month highs.
Equities are rebounding in September on hopes for fresh monetary stimulus from the European Central Bank on Thursday and the Fed next week, while market-supportive measures by China helped lift sentiment. Strong monetary easing is not a given, though, with some investors dialing back their expectations of accommodation and bond traders pulling back from the more bullish sentiment of August.
These are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.4% to 3,000.90 as of 4:04 p.m. New York time, the highest in almost six weeks.
* The Dow Jones Industrial Average gained 0.5% to 27,136.91,reaching the highest in almost six weeks on its sixth consecutive advance.
* The Nasdaq Composite Index rose 0.7% to 8,169.68, the highest in almost six weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to 1,210.84, the biggest advance in a week.
Bonds
* The yield on two-year Treasuries declined less than one basis point to 1.68%, the first retreat in a week.
* The yield on 10-year Treasuries increased less than one basispoint to 1.74%, reaching the highest in a month on its sixth straight advance. Germany’s 10-year yield fell two basis points to -0.56%.
Commodities
* Gold strengthened 0.8% to $1,496.08 an ounce, the first advance in a week.
* West Texas Intermediate crude declined 2.4% to $56.03 a barrel, the largest drop in more than a week.
–With assistance from Andrew Cinko.
Have a great night.

Be magnificent!
As ever,
Carolann

Be sure you put your feet in the right place, then stand firm.
                                          –Abraham Lincoln, 1809-1865

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

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

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

Dear Friends, 
 
Tangents:

September 10, 1000, Leif Ericson discovers “Vinland” (possibly L’Anse aux Meadows, Canada) reputedly becoming first European to reach North America.  Go to article »

Apple on Tuesday unveiled new iPhones, iPads and watch models while announcing pricing for its upcoming streaming service.-BLOOMBERG.

PHOTOS OF THE DAY
Prince Dudeman stands on Ryan Thor’s head at the 14^th annual Helen Woodward Animal Center “Surf-A-Thon” where more than 70 dogs competed in five different weight classes for “Top Surf Dog 2019” in Del Mar, California.
CREDIT: REUTERS/MIKE BLAKE

Dancers perform during the opening ceremony of the 24^th World Energy Congress (WEC) in the UAE Capital Abu Dhabi.
CREDIT: KARIM SAHIB/AFP/GETTY IMAGES

A dancer performs at the World Energy Congress in Abu Dhabi, United Arab Emirates, Monday, Sept. 9, 2019. Saudi Arabia’s new Energy Minister Prince Abdulaziz bin Salman, as well as the CEO’s of Total SA and ENI SpA, were in Abu Dhabi on Monday at the World Energy Congress.
CREDIT: AP PHOTO/JON GAMBRELL

Market Closes for September 10^th, 2019

Market Index	Close	Change
Dow Jones	26909.43	+73.92   +0.28%
S&P 500	2979.39	+0.96   +0.03%
NASDAQ	8084.156	-3.282   -0.04%
TSX	16537.34	+42.25
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	21392.10	+73.68
		+0.35%
HANG SENG	26683.68	+2.28
		+0.01%
SENSEX	37145.45	+163.68
		+0.44%
FTSE 100*	7267.95	+32.14
		+0.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.438		1.353
CND. 30 Year Bond		1.620		1.555
U.S.    10 Year Bond		1.7402		1.6438
U.S. 30 Year Bond		2.2234		2.1281

Currencies

BOC Close	Today	Previous
Canadian $	0.76053	0.75944
US $	1.31487	1.31676
Euro Rate 1 Euro=		Inverse
Canadian $	1.45188	0.68876
US $	1.10420	0.90563

Commodities

Gold	Close	Previous
London Gold Fix	1509.20	1523.70
Oil
WTI Crude Future	57.40	57.85

Market Commentary:
On this day in 1711, the South Sea Company was chartered in London to trade with Latin America, sell annuities
and manage the public debt. It became the heart of the greatest speculative boom Britain had ever seen, as the
stock rose more than 800% in a few months in 1720, only to later lose roughly 80% of its value in a matter of
weeks.
Canada
By Kristine Owram
(Bloomberg) — Canada’s stock benchmark rose as the discount for Canadian crude narrowed, boosting energy stocks, and beleaguered SNC-Lavalin Group Inc. gained the most since 2008. The S&P/TSX Composite rose 0.3% to 16,537.34 in Toronto. The move follows the previous session’s decrease of 0.2%. Royal Bank of Canada contributed the most to the index gain, increasing 1.1%. SNC-Lavalin Group Inc. had the largest increase, rising 12%. The company’s stock is trading close to the value of its concessions segment alone, according to CIBC, which resumed coverage of the stock Tuesday with an outperform rating. Shopify Inc. was the biggest decliner, falling 6.2% after it announced the purchase of 6 River Systems Inc. for $450 million. Meanwhile, the benchmark 10-year bond yield rose 8.4 basis points to the highest since July 31.
Insights
* The S&P/TSX Composite is 0.8% below its 52-week high on April 23 and 20% above its low on Dec. 24
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose1.2% in the past 30 days
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials     | 38.2763| 0.7        | 17/9
Energy         | 33.9105| 1.2        | 34/4
Health Care  | 5.0011| 1.9          | 8/3
Industrials    | 3.6475| 0.2          | 18/13
Materials      | 2.8717| 0.2          | 25/21
Communication | -1.7056| -0.3   | 7/17
Services
Real Estate  | -0.0739| 0.0         | 2/5
Consumer Staples | -2.0443| -0.3| 4/6
Utilities       | -4.9482| -0.7         | 5/11
Consumer Discretionary | -5.1496| -0.7| 10/5
Information Technology | -27.5208| -3.0| 4/6

* The benchmark 10-year bond fell and the yield rose 8.2 basispoints to 1.435 percent
* The Canadian dollar strengthened 2% to C$1.3148 per U.S. dollar

US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks erased losses in the final moments of trading as investors continued to gravitate to value shares.  Treasury yields rose for a fifth day. The Dow Jones Industrial Average closed positive, while the S&P 500 was little changed and the Nasdaq ended in negative territory. The Dow had briefly turned up midday following a report that China is ready to buy more U.S. agricultural products. “That’s the tug of war that’s going on right now,” said Matt Maley, an equity strategist at Miller Tabak & Co. “It’s between monetary policy and the trade war.” Areas of the market that were previously this year’s best performers fell the most. The opposite was true, too, with energy stocks gaining and small caps outperforming for a second day.
“The rotation from growth to value started a couple of weeks ago, but was out-sized yesterday,” said Michael O’Rourke, JonesTrading’s chief market strategist. “That caught people offside so they need to de-risk more until the situation stabilizes.” The pound fluctuated as embattled British Prime Minister Boris Johnson insisted he won’t ask for another Brexit delay, while U.K. wage and unemployment data beat estimates. Most euro- zone sovereign bonds nudged lower as European Central Bank officials prepare to meet. The recent pullback in the bond rally “is a correction to an outsized move in yields during August, not a turn in the trend,” Kit Juckes, chief global FX strategist at Société Generale SA, wrote in his daily note.
“Last Friday’s U.S. labor market data show, clearly enough for me, that the U.S. economy is slowing slowly but steadily as the global trade slowdown infects it.” Investors are awaiting the ECB’s policy decisions on
Thursday and those next week by the Federal Reserve and Bank of England as they assess how much monetary easing may be looming. Elsewhere, oil plunged after President Donald Trump fired one of his most hawkish advisers. Futures fell as much as 1% after Trump announced that National Security Advisor John Bolton was out.
Here are some key events coming up this week:
* OPEC’s monthly oil market report, which includes demand forecasts and production estimates, is due Wednesday.
* The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference.
* U.S. data for August is due on producer prices Wednesday, and CPI Thursday.

These are the main moves in markets:
Stocks
*The S&P 500 Index was little changed at 2,979.39 as of 4:15 p.m. New York time, the highest in almost six weeks.
*The Dow Jones Industrial Average rose 0.3% to 26,909.43, reaching the highest in almost six weeks on its fifth consecutive advance.
*The Nasdaq Composite Index was little changed at 8,084.16.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,208.73, the first advance in more than a week and the biggest advance in a week.
Bonds
*The yield on two-year Treasuries gained eight basis points to 1.68%, the highest in more than five weeks.
*The yield on 10-year Treasuries rose eight basis points to 1.73%, reaching the highest in a month on its fifth straight advance. Germany’s 10-year yield increased four basis points to -0.55%, the highest in almost five weeks.
Commodities
*Gold depreciated 0.8% to $1,487.02 an ounce, the weakest inalmost five weeks.
*West Texas Intermediate crude dipped 0.5% to $57.57 a barrel,the first retreat in a week.
–With assistance from Lu Wang.

Have a great night.
 
Be magnificent!
As ever,
 
Carolann
 
Develop success from failures.  Discouragement and failure
are two of the surest stepping stones to success.
                                          -Dale Carnegie, 1888-1955
 
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