Category: Newsletters

Dear Friends,

Tangents: Happy Monday.
Chrysanthemum Day, Japan.
490 BC ~Battle of Marathon.

William the Conqueror, d.1087.
Leo Tolstoy, writer, b. 1828.
Hugh Grant, actor, b. 1960

Also on this day:
On Sept. 9, 1976, Communist Chinese leader Mao Tse-tung died in Beijing at age 82.  Go to article »

Go: Book your tickets to Belgrade, Lagos, London, Paris and São Paulo: Our art critic recommends 28 shows worth traveling for. -from The New York Times.

PHOTOS OF THE DAY

A man paddle-boards with his small dog on a very warm September evening in Aberystwyth, Wales.
CREDIT: KEITH MORRIS/ ALAMY LIVE NEWS

A rowing boat depicting Viserion, a Game of Thrones dragon, takes part in Matlock Bath Illuminations and Venetian Nighyts in Derbyshire, which runs until October 27.
CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH

Rowers from the Hondarribia team compete with their ‘trainera’ boat in the traditional “Bandera de la Concha’ traineras race in San Sebastian, Spain.
CREDIT: JAVIER ETXEZARRETA/EPA-EFE/REX

Market Closes for September 09, 2019

Market Index	Close	Change
Dow Jones	26835.51	+38.05 +0.14%
S&P 500	2978.43	-0.28 -0.01%
NASDAQ	8087.438	-15.636 -0.19%
TSX	16495.09	-40.24
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21318.42	+118.85
		+0.56%
HANG SENG	26681.40	-9.36
		-0.04%
SENSEX	37145.45	+163.68
		+0.44%
FTSE 100*	7235.81	-46.53
		-0.64%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.353		1.283
CND. 30 Year Bond		1.555		1.499
U.S.    10 Year Bond		1.6438		1.5602
U.S. 30 Year Bond		2.1281		2.0250

Currencies

BOC Close	Today	Previous
Canadian $	0.75944	0.76164
US $	1.31676	1.31296
Euro Rate 1 Euro=		Inverse
Canadian $	1.45501	0.68728
US $	1.10499	0.90498

Commodities

Gold	Close	Previous
London Gold Fix	1523.70	1529.10
Oil
WTI Crude Future	57.85	56.52

Market Commentary:
Even with last week’s 1.5% gain, the S&P 500 is up just 0.83% this summer, on track for its worst summer performance since 2015, when it fell 7.2%. Since 1950, the S&P 500 has averaged a gain of 1.09% in the period from June 21 to September 21, rising 67% of the time, according to Dow Jones Market Data.

On this day in 2008, in the depths of the financial crisis, Lehman Brothers shares fell 45% after Korea Development Bank, which had been in talks with Lehman about providing a capital infusion, said it had closed the door on a possible deal.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark fell for a second session as Shopify Inc. slid the most since June and gold stocks retreated alongside weakness in the precious metal. The S&P/TSX Composite Index lost 0.2% to 16,495. The technology sector led the decline as Shopify tumbled 5.9%, a victim of broader weakness in software stocks as investors re-evaluate this year’s rally. Materials stocks lost 1.8% as gold prices fell for a third day. The metal, which is considered a safe haven, retreated after U.S. Treasury Secretary Steven Mnuchin said the U.S. and China have made “a lot of progress” in trade talks.
In other moves:
Stocks
* NuVista Energy Ltd. was the biggest gainer, adding 11%. Energy stocks were strong after Saudi Arabia’s new energy minister indicated that OPEC and its allies will continue production cuts.
* Air Canada fell 1.3%. The stock won’t be added to the S&P/TSX 60 Index when it’s rebalanced on Sept. 23, defying traders’ expectations
* AltaGas Ltd. rose 2.4% after being upgraded to outperform at BMO Capital Markets
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold fell 0.3% to $1,504.50 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3164 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.34%, the highest in five weeks
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks were mixed as investors ditched the companies behind the latest risk-on rally, while sovereign bond yields rose in Europe and America. High-flying health-care shares led declines Monday, as some on Wall Street including Goldman’s Asad Haider sounded the alarm to a “potential onslaught of drug pricing headlines in the coming weeks following Congress’s August recess.” Megacap tech names also retreated. Stocks coveted ortheir high dividendyields, including real-estate and utility names, retreated as the 10-year rate topped 1.6%.
“The fact that we’ve had a bit of a reversal in the Treasury market has scared some of the momentum players,” said Charlie Smith, founding partner and chief investment officer at Fort Pitt Capital Group in Pittsburgh. German bunds led the drop in sovereign debt, with yields on longer-dated notes climbing more than shorter-dated securities, as traders pared back expectations that the European Central Bank will unveil a big stimulus package this week. Rates on longer-dated Treasury notes climbed more than those on shorter-dated securities, reversing an inversion in the yield curve. Treasury Secretary Steven Mnuchin said earlier that the U.S. and China have made “lots of progress” on trade talks. “Trade sentiment is driving the market movements on the margin up and down,” Aaron Clark, portfolio manager at GW&K Investment Management, said by phone. “The commentary that we’ve heard over the past week or so, clearly markets have taken note of that and already priced some of that in.”
Elsewhere, oil advanced after Saudi Arabia’s new energy minister signaled that OPEC and its allies will continue with production cuts, as the group prepares to gather in Abu Dhabi. A benchmark for emerging-market shares climbed for a fourth straight session, putting it on track for the highest close in five weeks.
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.
These are the main moves in markets:
Stocks
*The S&P 500 Index was little changed at 2,978.10 as of 3:20 p.m. New York time.
*The Dow Jones Industrial Average gained 0.2% to 26,843.27, the highest in almost six weeks.
*The Nasdaq Composite Index fell 0.3% to 8,080.34.
Currencies
*The Bloomberg Dollar Spot Index dipped 0.1% to 1,208.18,
*reaching the lowest in more than two weeks on its fifth straight decline.
Bonds
*The yield on two-year Treasuries gained four basis points to 1.58%, the highest in more than two weeks.
*The yield on 10-year Treasuries rose seven basis points to 1.63%, the highest in almost four weeks.
*Germany’s 10-year yield gained five basis points to -0.59%, the highest in a month.
Commodities
*Gold depreciated 0.4% to $1,500.60 an ounce, the weakest in more than two weeks.
*West Texas Intermediate crude gained 2.7% to $58.04 a barrel, the highest in almost six weeks.
–With assistance from Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Only put off until tomorrow what you are willing to die having left undone.
                                                                -Pablo Picasso, 1881-1973

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!
1916~ The first self-service grocery store, Piggly Wiggly, was opened in Memphis, Tenn., by Clarence Saunders.  Go to article »
1920~first radio broadcast of a prizefight.

SEPTEMBER
      by Louis Jenkins
One evening the breeze blowing in the window turns cold and you pull the blankets around you.  The leaves of the maples along Wallace Avenue have already turned and whoever it was you loved does not come around anymore.  It’s all right.  Things change with the cycle of the seasons and evolve.  A mistake, a wrong turn takes one elsewhere.  But perhaps there are forces other than chance at work here…

International Literacy Day is Sunday.

These are not books, lumps of lifeless paper, but minds alive on the shelves.  From each of the goes out its own voice….and just as the touch of a button on our set will fill the room with music, so by taking down one of these volumes and opening it, one can call into range the voice of a man far distant in time and space, and hear him speaking to us, mind to mind,
heart to heart. ~Gilbert Highet

PHOTOS OF THE DAY

A photographer has captured the start of Autumn tones across Corfe in Dorset, United Kingdom.
CREDIT: DAVID SIMS/COVER IMAGES

People enjoy an afternoon at Coney Island as the beach season begins to wind down in New York City. Summer officially ends on September 23 this year.
CREDIT: SPENCER PLATT/ GETTY IMAGES

A ground squirrel smells a daisy in Vienna, Austria looking for the perfect lunch.
CREDIT: DICK VAN DUIJN/ SWNS.COM

Market Closes for September 06, 2019

Market Index	Close	Change
Dow Jones	26797.46	+69.31 +0.26%
S&P 500	2978.71	+2.71 +0.09%
NASDAQ	8103.074	-13.754 -0.17%
TSX	16535.33	-39.48
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21199.57	+113.63
		+0.54%
HANG SENG	26690.76	+175.23
		+0.66%
SENSEX	36981.77	+337.35
		+0.92%
FTSE 100*	7282.34	+11.17
		+0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.283		1.267
CND. 30 Year Bond		1.499		1.507
U.S.    10 Year Bond		1.5602		1.5586
U.S. 30 Year Bond		2.0250		2.0495

Currencies

BOC Close	Today	Previous
Canadian $	0.76164	0.75597
US $	1.31296	1.32280
Euro Rate 1 Euro=		Inverse
Canadian $	1.45710	0.68630
US $	1.10978	0.90108

Commodities

Gold	Close	Previous
London Gold Fix	1529.10	1546.10
Oil
WTI Crude Future	56.52	56.30

Market Commentary:
Copper prices have rebounded 4.5% in the past two sessions, the best two-day stretch for the industrial metal since November 2018, according to Dow Jones Market Data. The rally is an encouraging sign to investors who use copper as a barometer for the world economy and growth in China. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,535.33 in Toronto. The move follows the previous session’s increase of 0.8 percent. Shopify Inc. contributed the most to the index decline,  decreasing 3.4 percent. Eldorado Gold Corp. had the largest drop, falling 5.6 percent. Today, 136 of 239 shares fell, while 97 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index rose 0.6 percent
* This quarter, the index rose 0.9 percent
* This year, the index rose 15 percent, heading for the best year since 2016
* The index advanced 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 3.5 percent in the same period
* The S&P/TSX Composite is 0.8 percent below its 52-week high on April 23, 2019 and 20 percent above its low on Dec. 24, 2018
* 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$2.54 trillion
* 30-day price volatility fell to 11.18 percent compared with 11.39 percent in the previous session and the average of 9.38 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -43.7086| -2.3| 5/42
Information Technology | -16.3118| -1.7| 2/8
Industrials | -8.6497| -0.5| 15/15
Energy | -3.6646| -0.1| 24/14
Consumer Discretionary | -1.7611| -0.2| 7/8
Real Estate | -1.7322| -0.3| 5/18
Utilities | -1.2725| -0.2| 5/11
Communication Services | 4.0685| 0.4| 4/3
Health Care | 6.0751| 2.3| 7/4
Consumer Staples | 7.5260| 1.1| 5/5
Financials | 19.9526| 0.4| 18/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -12.6200| -3.4| -28.9| 165.7
Barrick Gold | -10.1300| -3.3| 32.1| 27.8
Canadian National | -8.5200| -1.3| 23.0| 21.0
Bank of Nova Scotia| 3.9280| 0.6| -3.8| 5.9
Couche-Tard | 6.5610| 2.5| 54.1| 25.8
TD Bank | 6.9180| 0.7| -30.5| 7.5
================================================================
Biggest | |Index Points| Volume VS |YTD Change
Gainers | % Change | Move |20D AVG (%)| (%)
================================================================
NexGen Energy | 9.5| 0.3390| 82.0| -28.2
NuVista Energy| 6.0| 0.1770| -45.1| -52.5
Canopy Growth | 4.3| 2.3400| 62.9| -0.4
================================================================
| |Index Points| Volume VS |YTD Change
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
Eldorado Gold | -5.6| -0.8170| 31.8| 203.5
MAG Silver | -5.3| -0.4570| 10.3| 55.0
Novagold Resources | -5.1| -0.7690| 30.3| 64.8

* The benchmark 10-year bond fell and the yield rose 1.4 basis points to 1.281 percent
* The S&P 500 Index advanced slightly, up 0.1 percent

US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks advanced and Treasuries were mixed as Federal Reserve Chairman Jerome Powell’s latest comments did little to alter views on Federal Reserve policy. The dollar fell. The S&P 500 headed for its second weekly gain after the Fed chief’s last comments before the Sept. 18 policy meeting cemented views that the central bank will cut rates. Tech shares weighed on major averages amid fresh antitrust concerns. Stocks rose earlier after hiring data signaled a strong labor market that isn’t too strong to deter further easing. The two-year Treasury yield edged higher, while the dollar headed for its fourth straight decline. Oil erased losses to turn higher.
“Jobs have been a bit of a roller coaster these past few months. Today’s miss along with downward revisions for the prior two months solidifies that jobs gains are moderating,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial. “And it’s below expectations and depressed enough to fuel the Fed’s drive to cut rates this month, so in some ways there is something to like for everyone.” Elsewhere, China cut the amount of cash banks must hold as reserves, injecting liquidity into an economy facing headwinds to growth. The MSCI Asia Pacific Index headed for its biggest weekly advance since June. The pound trimmed some of its recent gains as political turmoil in Britain dragged on. The Bloomberg Softs Spot Subindex tracking coffee, sugar, and cotton headed for the 10th straight week of declines, the longest stretch since 1991 when the index started.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% as of 2:36 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.3%.
* The U.K.’s FTSE 100 Index fell 0.2%.
* The MSCI Asia Pacific Index gained 0.6%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro fell 0.1% at $1.1030.
* The British pound sank 0.4% to $1.2286.
* The Japanese yen advanced 0.1% to 106.89 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than a basis point to 1.55%.
* The yield on two-year Treasuries rose 1 basis point at 1.52%.
* Germany’s 10-year yield fell three basis points to -0.62%.
* Britain’s 10-year yield declined nine basis points to 0.511%.
Commodities
* Gold rose 0.2% to $1,528.80 an ounce.
* WTI oil dropped 0.8% to $55.83 a barrel.
* Brent crude decreased 0.4% to $60.68 a barrel.

–With assistance from Adam Haigh and Laura Curtis.
Have  a wonderful weekend everyone.

Be magnificent!
As ever,
Carolann

It is never too late to be what you might have been.
                                   -George Eliot, 1819-1880

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:

Birthdays today:
1905~ Arthur Koestler, writer.
1929~ Bob Newhart, actor.
1940~Raquel Welch, actor.

On Sept. 5, 1972, Palestinian terrorists attacked the Israeli Olympic team at the summer games in Munich; 11 Israeli athletes and coaches, five terrorists and a police officer were killed.
Go to article »

The Loch Ness Monster may just be a giant eel.

THE POET FOR J.K.
His genius is sired f misery or magic;
he dwells between disaster and the dream.
He might have been sedate; but the only tragic
ecstasy is musical to him.
In every chaos he will wish a cure;
in life, a higher mystery of sorrow;
in death, the last existence that is pure.
Curiosity betrays him to tomorrow.
Necromantic passion, final terror
is his bequest: The wound was all he had
to multiply.  Balancing the rope of error,
he shall fall to doom.  He shall be mad,
sadly deceived, he shall, live, and he shall die
a master of all mummery.
                     -Allen Ginsberg

Television has made dictatorship impossible, but democracy unbearable. – Shimon Peres, 1923-2016

PHOTOS OF THE DAY

Sunflower silhouette against the sky shortly before sunrise in Freiburg, southern Germany.
CREDIT: PATRICK SEEGER/DPA/AFP

The Unending Attraction of Nature, billed as Austria’s largest ever public art installation, open in Klagenfurt. FOR FOREST is a temporary art intervention by Klaus Littmann which transforms Worthersee football Stadium into a native central European forest, with almost 300 trees, carefully installed over the existing pitch. FOR FOREST is open daily free to access and on view until 27 October 2019.
CREDIT: UNIMO

Detail view / during the 74^th Tour of Spain 2019, Stage 11 a 180km stage from Saint Palais to Urdax-Dantxarinea
CREDIT: JUSTIN SETTERFIELD /GETTY IMAGES

Market Closes for September 05, 2019

Market Index	Close	Change
Dow Jones	26728.15	+372.68 +1.41%
S&P 500	2976.00	+38.22 +1.30%
NASDAQ	8116.828	+139.949 +1.75%
TSX	16574.81	+125.97
		+0.77%

International Markets

Market Index	Close	Change
NIKKEI	21085.94	+436.80
		+2.12%
HANG SENG	26515.53	-7.70
		-0.03%
SENSEX	36644.42	-80.32
		-0.22%
FTSE 100*	7271.17	-40.09
		-0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.267		1.135
CND. 30 Year Bond		1.507		1.410
U.S.    10 Year Bond		1.5586		1.4657
U.S. 30 Year Bond		2.0495		1.9699

Currencies

BOC Close	Today	Previous
Canadian $	0.75597	0.75622
US $	1.32280	1.32237
Euro Rate 1 Euro=		Inverse
Canadian $	1.46010	0.68488
US $	1.10380	0.90596

Commodities

Gold	Close	Previous
London Gold Fix	1546.10	1537.85
Oil
WTI Crude Future	56.30	56.26

Market Commentary:
The yield on the benchmark 10-year U.S. Treasury note, which is tied to everything from student debt to mortgage loans, fell to 1.456% Wednesday, moving closer to its record low of 1.366% set in July 2016.
     Christine Lagarde pledged to review the European Central Bank’s negative rates. Ms. Lagarde, the likely next president of the ECB, held out an olive branch to the bank’s German critics at a confirmation hearing, promising to review the costs and benefits of controversial policy tools.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose for a second day, rallying along with global markets after a raft of U.S. economic data bolstered confidence in the North American economy and as trade tensions eased. The S&P/TSX Composite Index rose 0.8% to 16,575. Health Care stocks led the market higher, as 8 of 11 sectors gained. Canadian National Rail contributed the most to the index advance, advancing 2.3%. Descartes Systems saw the largest gain, rising about 10%. Barrick Gold was the biggest drag on the index, declining 7.4%. Toronto home sales and prices rose in August as demand continued to outstrip supply. Sales in Toronto jumped 13% to 7,711 from the same period last year, the Toronto Real Estate Board said in a report Thursday. That was largely driven by a boost in detached-home sales, which soared 21% over last year. On a seasonally adjusted basis, total sales rose 0.8% from July. The benchmark price, which accounts for the type of home sold, rose 4.9% to C$802,400 ($606,600), largely driven by gains in the condo apartment sector.

Here are some of the most notable equity movers today:
Just Energy Rallies as Canaccord Sees Urgent Need for a Deal Gold, Silver Miners Tumble as Prices Fall on Trade Talk Hopes Energy Stocks Extend Rise on Bullish Crude Inventory Draw Descartes Gains as ‘Solid’ 2Q Validates M&A Strategy, RBC Says
Ratings
* NGD CN: New Gold Upgraded to Sector Perform at RBC
* PAAS CN: Pan American Silver Upgraded to Outperform at RBC Pan American Raised as RBC Expects Rebound in Free Cash Flow
* QSR CN: Restaurant Brands Rated New Hold at Deutsche Bank; PT $73
* TXG CN: Torex Gold Resources Cut to Sector Perform at RBC; PT C$24
Commodities
* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Gold spot price fell 2.2% to $1,518.16 an ounce at 4pm ET
FX/Bonds
* The Canadian dollar fell 0.05% to C$0.7558 per U.S. dollar as of 4pm ET
* The Canada 10-year government bond yield rose to 1.267% as of 4pm ET
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks surged and Treasuries tumbled after a raft of data bolstered confidence in the American economy and trade tensions eased. The dollar edged lower. The S&P 500 jumped to a five-week high, led by Tech shares, after China and the U.S. agreed to trade talks early next month. Banks rallied as yields on two year notes jumped as much as 14 basis points, which would have been the largest full-day increase in a decade, before inching back. Defensive sectors retreated as strong private payrolls data and a hot reading on the services sector tamped down recession angst. The dollar pared early losses, but still headed for its third decline in a row. The pound padded Wednesday’s surge after the U.K. Parliament blocked a no-deal Brexit and an early election. West Texas crude fell to around $56 a barrel.
“Escalating U.S.-China trade tensions have been the biggest equity headwind for months, so a relief rally on news high-level trade talks are planned for early October is no surprise,” said Alec Young, managing director of global markets research at FTSE Russell. “The bottom line is that stocks need earnings growth to move forward, and you can’t get that without progress on U.S.- China trade.” The glimmer of hope in the global trade war — officials from the U.S. and China had been struggling to agree on new talks — adds to a broad risk-on mood that took hold Wednesday, when British lawmakers moved to block an imminent no-deal Brexit and Hong Kong’s leader sought to quell unrest in Asia’s key financial hub. After the strong economic readings, focus is now likely to shift to remarks from Federal Reserve Chairman Jerome Powell and the latest U.S. jobs report, both due Friday.
Elsewhere, Florida orange groves seemingly escaped major damage from Hurricane Dorian, but concern is now turning to soy, corn and cotton fields as well as livestock in Georgia and the Carolinas as the storm churns northward.
Here are some key events coming up:
* Fed speakers this week include Fed chair Jerome Powell on Friday.
* The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 160,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3%.

These are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.7%.
* The U.K.’s FTSE 100 Index declined 0.6%.
* The MSCI Asia Pacific Index jumped 1.1%.
* The MSCI Emerging Market Index gained 1.2%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro climbed 0.1% to $1.1041.
* The British pound gained 0.5% to $1.2318.
* The Japanese yen fell 0.5% to 106.89 per dollar.
Bonds
* The yield on 10-year Treasuries climbed 9 basis points to1.56%.
* Germany’s 10-year yield rose nine basis points to -0.584%.
* Britain’s 10-year yield gained 11 basis points to 0.605%.
Commodities
* Gold dipped 2.2% to $1,526.40 an ounce.
* West Texas Intermediate was little changed at $56.26 a barrel.
–With assistance from Charlotte Ryan and Samuel Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Success is to be measured not so much by the position that one has reached
in life as by the obstacles which he has overcome.
                                                         -Booker T. Washington, 1856-1915

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 4,1781, City of Los Angeles founded.
September 4, 1888 George Eastman received a patent for his roll-film camera and registered his trademark: Kodak.  Go to article »

Late-night comedy: President Trump spent most of the weekend golfing and tweeting, and some hosts wondered whether that was just as well. “Making Trump monitor the hurricane would be like making your 4-year-old do the dishes,” Seth Meyers said. “After about five minutes, you’d be like, ‘You know what, Tyler? Just go out and play.’”-The New York Times.

According to The Economist Intelligence Unit:
The world’s most livable cities 2019
1. Vienna, Austria
2. Melbourne, Australia
3. Sydney, Australia
4. Osaka, Japan
5. Calgary, Canada
6. Vancouver, Canada
7. Toronto, Canada
7. Tokyo, Japan
9. Copenhagen, Denmark
10. Adelaide, Australia
The world’s least livable cities 2019
1. Damascus, Syria
2. Lagos, Nigeria
3. Dhaka, Bangladesh
4. Tripoli, Libya
5. Karachi, Pakistan
6. Port Moresby, Papua New Guinea
7. Harare, Zimbabwe
8. Douala, Cameroon
9. Algiers, Algeria
10. Caracas, Venezuela

PHOTOS OF THE DAY

A red squirrel going nuts for a spot of yoga in Copeland, Cumbria.
CREDIT: DAVID FOX / SWNS

Aerial shots of Icelandic glacial rivers look like works of art as they flow towards the sea. The stunning variety of colours and patterns are formed by the sediment carried in the meltwater. Biochemistry scientist Andro Loria photographed the beautiful glacier rivers over the course of 18 months flying over Iceland’s four man rivers.
CREDIT: ANDRO LORIA / SOLENT NEWS

Feeding sea birds are disturbed by waves that break against the shoreline as the sun rises over the North Sea on September 3, 2019 in Saltburn By The Sea, England.
CREDIT: IAN FORSYTH/GETTY IMAGES

Market Closes for September 04, 2019

Market Index	Close	Change
Dow Jones	26355.47	+237.45 +0.91%
S&P 500	2937.78	+31.51 +1.08%
NASDAQ	7976.879	+102.720 +1.30%
TSX	16448.84	+49.61
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	20649.14	+23.98
		+0.12%
HANG SENG	26523.23	+995.38
		+3.90%
SENSEX	36724.74	+161.83
		+0.44%
FTSE 100*	7311.26	+ 43.07
		+0.59%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.135		1.117
CND. 30 Year Bond		1.410		1.390
U.S.    10 Year Bond		1.4657		1.4573
U.S. 30 Year Bond		1.9699		1.9526

Currencies

BOC Close	Today	Previous
Canadian $	0.75622	0.74960
US $	1.32237	1.33404
Euro Rate 1 Euro=		Inverse
Canadian $	1.45897	0.68541
US $	1.10331	0.90637

Commodities

Gold	Close	Previous
London Gold Fix	1537.85	1525.96
Oil
WTI Crude Future	56.26	53.94

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — The Bank of Canada’s reluctance to signal a potential interest rate cut created some unease with stock investors Wednesday. The S&P/TSX Composite Index reversed an early morning rally and closed 0.3% higher after the central bank’s decision, which contained few hints on future policy, bucking a global trend toward easing. The probability of a rate cut in October dropped to about 50% compared with about 60% on Tuesday, according to data compiled by Bloomberg. In comparison, the S&P 500 Index soared 1.1%.“The market response/interpretation for today’s announcement was largely one of disappointment – as the Bank of Canada was unable to succumb to the market’s more dovish bias,”  Candice Bangsund, a portfolio manager at Fiera Capital, said by email.
The Canadian dollar rose by the most in more than two months as traders expect the second-best currency among Group-of-10 currencies this year may hold steady as the central bank said stronger than-expected growth and inflation on target mean the current degree of monetary stimulus is appropriate. Not everyone’s disconcerted. “The Bank of Canada is acting prudently at this time, said Brooke Thackray, analyst at Horizons ETFs Management (Canada) Inc. “It is keeping as much ammunition as possible to fight a potential slowdown in the future. Investors respect this position and realize that there is still time for the Bank of Canada to act on an appropriate basis in the future.” Bank of Canada resisting pressure from investors to signal it will soon follow global peers in easing monetary policy was a wise move,” according to Ed Devlin, a managing director at Pacific Investment Management Co. Canada’s in a slightly different spot than rest of world in terms of consumer debt/cycle, so cutting rates could help in the short term, but hurt longer term, he said.

==================================
Here are some of the most notable equity movers today:
==================================
Dirtt Plunges as Analysts Downgrade Ratings After Forecast
CutAdvantage Oil Test is ‘Significant Positive Development’:
ScotiaRestaurant Brands Offering by Holder Prices 17m Shares

Materials were the best performing stocks after the U.S.
dollar fell and Hong Kong tensions eased. Healthcare was the only sector in the red.

============================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
============================
Materials | 19.6292| 1.0| 34/13
Financials | 11.8907| 0.2| 18/8
Consumer Staples | 4.4830| 0.7| 8/2
Energy | 4.2096| 0.2| 29/9
Information Technology | 3.4853| 0.4| 7/3
Industrials | 2.4680| 0.1| 14/17
Communication Services | 2.1885| 0.2| 6/1
Consumer Discretionary | 2.0714| 0.3| 12/4
Utilities | 1.4120| 0.2| 12/4
Real Estate | 1.2289| 0.2| 16/8
Health Care | -3.4415| -1.4| 5/6
Ratings
* CAR-U CN: Canadian Apartment Downgraded to Hold at Canaccord; PT C$55.50
* CGY CN: Calian Group Rated New Buy at Canaccord; PT C$40
* CHP-U CN: Choice Properties REIT Upgraded to Buy at Canaccord; PT C$15.25
* GRT-U CN: Granite REIT Upgraded to Buy at Canaccord; PT C$70
* ONC CN: Oncolytics Biotech Rated New Buy at Roth Capital
* PD CN: Precision Drilling Upgraded to Action List Buy at TD; PT C$4.50
* WCN CN: Waste Connections Reinstated at Macquarie With Outperform
Commodities
* Western Canada Select crude oil traded at a $11.80 discount to WTI
* Gold spot price rose 0.5% to $1,554.61 an ounce at 4pm ET
FX/Bonds
* The Canadian dollar rose 0.8% to C$0.7559 per U.S. dollar as of 4pm ET
* The Canada 10-year government bond yield rose to 1.132% as of 4PM ET
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks advanced as a broad easing of risks across the globe gave investors a reprieve. The dollar fell the most since June, while Treasuries were mixed. The S&P 500 rebounded from Tuesday’s losses along with European and Asian shares as political tensions appeared to subside in Hong Kong, Italy and the U.K., while indicators in China and Europe hinted global economic growth may not be as bad as some expected. Technology shares, which led yesterday’s decline that was the first in four sessions, paced the advance. The 10-year Treasury yield traded around 1.45%, while the dollar gained versus the yen. Equities in Hong Kong rose the most since 2018 after embattled leader Carrie Lam said she formally withdrew legislation to allow extraditions to China, the detonator for three months of often-violent protests. In the U.K., the pound held gains after a law that would block a no-deal Brexit passed a key Vote in Parliament. The euro advanced after purchasing managers indexes for the region beat expectations, while the onshore Chinese yuan gained following another stronger-than- forecast currency fixing.
“The main news is geopolitical, with less risk in Hong Kong, and Italy and the U.K. Investors are reacting positively to the lower geopolitical risks even though there’s still concerns over trade tensions as well as slower economic growth,” said Kate Warne, an investment strategist at Edward Jones. “Overall, it’s a positive day. It’s about offsetting the worries of yesterday which really focused, I think, on geopolitical risks.” Traders are rushing back into riskier assets as event risks seem to be receding, from a possible Chinese crackdown in Hong Kong to confrontations between the European Union and two of its biggest members. At the same time, investors remain on the alert for any news on China-U.S. trade talks. And remaining in the background is the upcoming Federal Reserve meeting, and the speculation surrounding how much the central bank may cut this year to stave off a potential economic slowdown.
Elsewhere, oil futures climbed above $56 a barrel. The Canadian dollar gained after the Bank of Canada left interest rates unchanged. In the U.S., with Florida orange groves seemingly escaping major damage from Hurricane Dorian, concern now turns to soy, corn and cotton fields as well as livestock in Georgia and the Carolinas as the storm churns northward.
Here are some key events coming up:
* Fed speakers this week include Fed chair Jerome Powell on Friday.
* The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 160,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.1% as of 4 p.m. New York time.
* The Nasdaq Composite Index gained 1.3%.
* The Stoxx Europe 600 Index advanced 0.9%
* The U.K.’s FTSE 100 Index climbed 0.6%.
* The MSCI Emerging Market Index jumped 1.8%
Currencies
* The Bloomberg Dollar Spot Index sank 0.6%, the biggest slide since June 20.
* The euro gained 0.5% to $1.1031.
* The British pound increased 1.2% to $1.2222.
* The Japanese yen weakened 0.4% to 106.36 per dollar.
Bonds
* The yield on 10-year Treasuries was steady at 1.45%.
* The yield on two-year Treasuries fell two basis points to 1.43%.
* Britain’s 10-year yield jumped eight basis points to 0.493%.
* Germany’s 10-year yield climbed three basis points to -0.67%.
Commodities
* West Texas Intermediate crude advanced 4.4% to $56.31 a barrel.
* Gold rose 0.5% to $1,564.10 an ounce.
–With assistance from Robert Brand.
Have a great night.

Be magnificent!
As ever,

Carolann
A smile is an inexpensive way to change your looks.
                           -Benjamin Franklin, 1706-1790

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

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

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

Dear Friends,

Tangents:
September 3, 1783 ~ Treaty of Paris signed, ending the American Revolution.
On Sept. 3, 1976, the unmanned U.S. spacecraft Viking 2 landed on Mars to take the first close-up, color photographs of the planet’s surface.  Go to article »

September

If you’re familiar with Romance languages, you’ll recognize the first syllable of this month as “seven.” That seems to make “September” an odd name for the year’s ninth month.

But it made sense in ancient Rome.

A mosaic of the Roman months found in Tunisia that dates to the third century A.D.  DeAgostini/Getty Images.

There, the Greek-influenced calendar had only 10 months. A few were named for gods: March for Mars, April for Aphrodite, May for Maia and June for Juno. But the rest were numbered, and some are still with us. October was the eighth month, November the ninth and December the 10th.

According to tradition, a calendar reform around 713 B.C. introduced two new months to account for the 60 or so extra winter days. They were January, for the god Janus, and February, for the purification celebration known as Februa.

In later adjustments, the original fifth and sixth months (which had been pushed to seventh and eighth) were renamed for Julius Caesar and Caesar Augustus: July and August. –The New York Times.

PHOTOS OF THE DAY

A striking red yacht slices through a serene Arctic landscape punctuated by craggy glaciers. The boat’s crimson sails are almost glowing as it sails between dramatic glaciers on the west coast of Greenland. Professional photographer Kah-Wai Lin was sailing ay night in the Disko Bay around Ilulissat Icefjord, the sea mouth within one of the world’s fastest moving and most active glaciers, called Sermeq Kujalleq.
CREDIT: KAH-WAI LIN/ SOLENT NEWS & PHOTO AGENCY

Cotswold Wildlife Park, Burford, Oxfordshire, Primate and small Mammals keeper Estelle Morgan, has become surrogate mum to Porcupette named Diablo. Diablo has become best friends with Estelle’s Sausage dog, Fig.
CREDIT: TOM WREN/ SWNS

Michael Schrimsher, a resident of Jupiter, Florida watches crashing waves from Hurricane Dorian at the Jupiter Beach Park as it approaches the east coast of Florida, USA.
CREDIT: ANDREW WEST/ THE NEWS-PRESS VIA USA TODAY NETWORK/SIPA USA

Market Closes for September 03, 2019

Market Index	Close	Change
Dow Jones	26118.02	-285.26 -1.08%
S&P 500	2906.27	-20.19 -0.69%
NASDAQ	7874.160	-88.722 -1.11
TSX	16399.23	-42.84
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	20625.16	+4.97
		+0.02%
HANG SENG	25527.85	-98.70
		-0.39%
SENSEX	36562.91	-769.88
		-2.06%
FTSE 100*	7268.19	-13.75
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.117		1.164
CND. 30 Year Bond		1.390		1.428
U.S.    10 Year Bond		1.4573		1.4961
U.S. 30 Year Bond		1.9526		1.9626

Currencies

BOC Close	Today	Previous
Canadian $	0.74960	0.75035
US $	1.33404	1.33272
Euro Rate 1 Euro=		Inverse
Canadian $	1.46355	0.68327
US $	1.09709	0.91151

Commodities

Gold	Close	Previous
London Gold Fix	1525.96	1540.20
Oil
WTI Crude Future	53.94	55.10

Market Commentary:
Platinum is the latest target for investors seeking to raise their exposure to precious metals. Prices rose 8.9% last week, their biggest weekly gain since 2011.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks declined, in tandem with global markets, on concerns over economic growth and geopolitical tensions. Consumer discretionary and industrials were the worst performing stocks, while the healthcare sector — led by pot stocks — outperformed. The S&P/TSX Composite Index fell 0.3%, or 42.84 to 16,399.23. The move is the biggest since falling 1.3% on Aug.23. The MSCI AC Americas Index declined 0.7%. Toronto-Dominion Bank contributed the most to the index decline, sliding 0.8%. Finning International Inc. had the largest drop, falling 6.6%. Meanwhile, The Bank of Canada is expected to open the door further to interest rate cuts at a decision Wednesday, amid worries U.S.-China tensions will curb a relatively robust expansion at home. In a policy statement due at 10 a.m. that’s likely to keep benchmark rates unchanged at 1.75% for now, economists expect Governor Stephen Poloz will underline his unease with the global trade outlook and signal a greater willingness to join the Federal Reserve and other central banks in cutting borrowing costs, as early as next month.
================================================================
Here are some of the most notable equity movers today:
================================================================
Lithium Stocks Sag as Electric-Car Sales Fall for First Time
TheScore Surges to 4-Year High After Private Equity Investment
Crescent Point Rises as Analysts Applaud $682 Million Asset Sale
Laurentian Bank Sheds 4.6% in Three Days After ‘Tough’ Quarter
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -27.4953| -0.5| 6/19
Industrials | -25.0804| -1.3| 7/24
Consumer Discretionary | -10.4136| -1.5| 1/15
Consumer Staples | -5.4869| -0.8| 5/5
Energy | -1.6247| -0.1| 28/12
Information Technology | -1.0370| -0.1| 4/6
Communication Services | 1.5181| 0.2| 4/3
Real Estate | 3.0030| 0.5| 21/4
Health Care | 6.2833| 2.5| 7/4
Utilities | 7.4245| 1.0| 14/2
Materials | 10.0724| 0.5| 26/20

Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | -7.8310| -0.8| -14.3| 5.5
Canadian Pacific | -7.4000| -2.3| 13.8| 29.3
Suncor Energy | -6.8440| -1.6| 20.9| 0.5
Wheaton Precious Metals | 3.1820| 2.6| 22.0| 50.7
Fortis Inc | 4.1850| 2.5| 101.4| 23.8
TC Energy | 7.3870| 1.6| 30.2| 42.2
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Crescent Point | Energy | 6.4| 1.0550| 134.3| 8.0
Canopy Growth | 5.6| 2.7430| -9.2| -9.2
Kinross Gold | 4.7| 2.7720| 7.3| 57.5
Biggest Losers | % Change |Points Move| (%) | (%)
================================================================
Finning International | -6.6| -1.7840| 210.3| -9.5
Gran Tierra | -5.8| -0.3030| -6.8| -40.3
Turquoise Hill | -5.2| -0.2110| 2.4| -75.6
Ratings
* CORV CN: Correvio Pharma Corp Rated New Overweight at Cantor; PT $6
* CPG CN: Crescent Point Energy Raised to Buy at Eight Capital; PT C$8.65
Commodities
* Western Canada Select crude oil traded at a $11.00 discount to WTI
* Gold spot price rose 1.1% to $1,545.57 an ounce at 4pm ET
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3340 per U.S. dollar as of 4pm ET
* The Canada 10-year government bond yield fell to 1.131% as of 4PM ET
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks fell as trade talks between the U.S. and China struck another stumbling block, while Treasuries rose and the dollar declined after an American gauge of manufacturing
signaled contraction for the first time in three years. The S&P 500 dropped for the first time in four sessions as Chinese and American officials struggled to agree on a schedule for negotiations after Washington rejected Beijing’s request to delay tariffs that took effect over the weekend, according to a Bloomberg report. Technology shares weighed on benchmarks after Huawei Technologies accused the U.S. government of harassing workers and attacking its internal network. Boeing led losses on the Down Jones Industrial Average. The 10-year Treasury yield slid and the dollar dropped against peers after the Institute for Supply Management’s purchasing managers index fell to 49.1 in August, which when below 50 indicates manufacturing contracted. The reading joins a slew of weak numbers produced by factory gauges across the globe, and boosted bets on deep rate cuts by the Federal Reserve this year.
“People felt better last week because there was better verbal communication, comments going on out of the United States and abroad. But actions speak louder than words and neither side backed off lifting their tariffs on this prescribed date,” Jim Paulsen, chief investment strategist at the Leuthold Group, said in an interview. “There’s a difference between where we were Friday and where we are now in terms of the tariffs actually going into effect. That and a weak manufacturing number out of China and now a weak manufacturing number in the United States just reinforces that trade is having a negative impact.” September has begun with a rocky start for risk assets as traders remain sensitive to the twists and turns of the Sino-U.S. trade war, and the first big economic data of the month reminded investors the global economy remains on shaky ground partly as a result. With mistrust on both sides, officials from the world’s two largest economies are struggling to agree on basic terms of re engagement.
Elsewhere, the pound turned higher after U.K. Prime Minister Boris Johnson lost his majority in the House of Commons amid the ongoing Brexit brinkmanship. West Texas-grade crude oil slipped below $54 a barrel amid concerns an economic slowdown from the trade war may dent demand. The eye of Hurricane Dorian has started to move northwest off the U.S. coast, while the storm continues to pound Grand Bahama Island.
Here are some key events coming up:
* Bank of England Governor Mark Carney speaks before Treasury Committee on Wednesday alongside colleagues Andy Haldane, Jonathan Haskel and Gertjan Vlieghe, on the bank’s August Inflation Report; he’ll then appear alone to discuss the U.K.’s economic relationship with the EU.
* Fed speakers this week include New York Fed’s John Williams on Wednesday and Fed chair Jerome Powell on Friday.
* The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 158,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.

These are the main moves in markets:
Stocks
* The S&P 500 Index sank 0.9% as of 3:00 p.m. New York time.
* The Dow Jones Industrial Average fell 1.2%.
* The Stoxx Europe 600 Index slipped 0.2%.
* The MSCI Asia Pacific Index fell 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro was little changed at $1.0965.
* The British pound rose 0.2% to $1.2095, after briefly falling to the lowest since 2017.
* The Japanese yen gained 0.2% to 106.04 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.46%.
* The yield on two-year Treasuries dropped four basis points to 1.46%.
* Britain’s 10-year yield decreased one basis point to 0.406%.
Commodities
* West Texas Intermediate crude fell 1.8% to $54.11 a barrel.
* Gold rose 1.5% to $1,552.50 an ounce.
* Copper decreased 0.9% to $2.52 a pound.
–With assistance from Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

You may have to fight a battle more than once to win it.
                          -Margaret Hilda Thatcher, 1925-2013

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: HAPPY LONG LABOR DAY WEEKEND!

It’s almost September, which means it’s almost time for Apple to unveil its new iPhones. The tech giant is expected to show some new stuff on September 10.

August 30, 1963 A hot-line communications link between Washington, D.C., and Moscow went into operation.
Go to article >>

September is one of the biggest months for publishing houses, and this year in no exception.  A preview from The New York Times:
Here are 17 new titles to watch for next month (and everything to read and watch before you get your hands on Margaret Atwood’s much-anticipated book).

I am currently reading Where the Crawdads Sing by Delia Owens.  It is  an amazing book and I highly recommend it.  It has topped The New York Times best seller list for fiction in 2019 for 20 non-consecutive weeks.

PHOTOS OF THE DAY

An artist is putting the finishing touches to a spectacular coastal painting for the new Jane Austen TV drama- using a huge advertising billboard. David Downes was commissioned by ITV to create the stunning landscape painting for ‘Sanditon’ which started last Sunday. However, rather than opting for a traditional poster, the artist was asked to produce the magnificent painting by hand.
CREDIT: ZACHAYCULPIN/BNPS

Australian surfer Owen Wright competes to win the 2019 Tahiti Pro at Teahupoo, Tahiti.

A misty morning sunrise at White Mill Bridge, Sturminster Marshall, Dorset, UK.
CREDIT: RACHEL READ/ SWNS>COM

Claire Hetherington from the National Trust picks flowers from the stunning dahlia border in the restored walled garden of The Vyne near Basingstoke in Hampshire. The Vyne recently reintroduced dahlias to its garden, creating a 55m long border containing over 250 plants from nearly 40 varieties that are cut and sold in the properties shop. Dahlias were much loved by The Vyne’s Victorian head gardener Mr Broomfield, who regularly won awards for them at local agricultural shows.
CREDIT: ZACHARYCULPIN/BNPS

Market Closes for August 30th, 2019

Market Index	Close	Change
Dow Jones	26403.28	+41.03 +0.16%
S&P 500	2926.46	+1.88 +0.06%
NASDAQ	7962.883	-10.511 -0.13%
TSX	16442.07	+57.58
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	20704.37	+243.44
		+1.19%
HANG SENG	25724.73	+21.23
		+0.08%
SENSEX	37332.79	+263.86
		+0.71%
FTSE 100*	7207.18	+22.86
		+0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.164		1.147
CND. 30 Year Bond		1.428		1.399
U.S.    10 Year Bond		1.4961		1.4945
U.S. 30 Year Bond		1.9626		1.9640

Currencies

BOC Close	Today	Previous
Canadian $	0.75035	0.75250
US $	1.33272	1.32890
Euro Rate 1 Euro=		Inverse
Canadian $	1.46631	0.68199
US $	1.10024	0.90889

Commodities

Gold	Close	Previous
London Gold Fix	1540.20	1537.15
Oil
WTI Crude Future	55.10	56.71

Market Commentary:
On this day in 1930, with the Dow at 240, Warren Buffett was born in Omaha, Neb., to stockbroker Howard Buffett and homemaker Leila Stahl Buffett. The Dow is now at 26362, and Mr. Buffett is the world’s most famous investor and chairman and CEO of sprawling conglomerate Berkshire Hathaway.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.4 percent, or 57.58 to 16,442.07 in Toronto. The index advanced to the highest closing level since July 30. TC Energy Corp. contributed the most to the index gain, increasing 1.1 percent. Hudbay Minerals Inc. had the largest increase, rising 4.9 percent. Today, 157 of 239 shares rose, while 71 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 2.5 percent, heading for the biggest advance since the week ended Jan. 11
* This month, the index was little changed
* The index advanced 0.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 0.7 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on April 23, 2019 and 19.3 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 15.1 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$2.51 trillion
* 30-day price volatility rose to 11.17 percent compared with
11.11 percent in the previous session and the average of 8.47 percent over the past month

================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 18.3983| 1.0| 36/9
Financials | 17.3516| 0.3| 20/6
Industrials | 12.1812| 0.7| 23/6
Utilities | 3.1094| 0.4| 11/4
Consumer Staples | 2.9209| 0.4| 8/2
Energy | 2.4307| 0.1| 11/25
Consumer Discretionary | 2.3257| 0.3| 13/3
Real Estate | 2.2691| 0.4| 20/5
Communication Services | 2.0042| 0.2| 4/3
Health Care | -1.2937| -0.5| 3/6
Information Technology | -4.1254| -0.4| 8/2
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TC Energy | 4.7490| 1.1| 12.6| 39.9
TD Bank | 4.3070| 0.5| 23.3| 6.4
Enbridge Inc | 3.7580| 0.6| -27.8| 5.0
Cenovus Energy | -1.4570| -1.7| -2.8| 21.0
Canadian Natural | | | |
Resources | -2.4760| -0.9| -19.0| -3.4
Shopify | -6.5470| -1.8| 38.4| 171.6
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Hudbay Minerals | 4.9| 0.3920| -23.1| -30.8
Interfor | 4.4| 0.2530| 8.9| -7.4
CAE | 4.3| 2.7500| 14.3| 38.9
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
Birchcliff Energy | -6.4| -0.2280| 15.3| -41.8
Peyto Exploration | -4.8| -0.1880| -34.4| -54.8
ARC Resources | -4.1| -0.6070| -36.5| -30.6

* The benchmark 10-year bond fell and the yield rose 1.7 basis points to 1.164 percent

US
By Vildana Hajric
(Bloomberg) — U.S. equities saw their first monthly decline since May, as consumer sentiment slid and a tariff deadline in the Sino-American trade war loomed. Treasuries slipped after a key measure of inflation came in as expected, while the euro fell to a two-year low against the dollar. The S&P 500 fluctuated throughout Friday’s session, finishing almost unchanged on the day, after rallying Thursday on a pause in trade threats between the U.S. and China. But new tariffs on more than $110 billion in Chinese imports are set to take effect Sunday, and President Donald Trump shows little sign of backing down. Meanwhile, a hurricane is heading toward Florida, threatening businesses like amusement park operators and cruise lines. Data on the world’s largest economy showed personal spending accelerated in July, exceeding forecasts. Household consumption remained solid at the start of the third quarter, but the University of Michigan consumer sentiment index dropped to its lowest since October 2016. The Federal Reserve’s preferred measure of underlying inflation continues to fall short of its goal.
“The U.S. consumer is strong, but if they lose confidence and slow their spending that would be negative for the U.S. picture, which is currently the outlier — remaining strong while the rest of the world is slowing,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. The Stoxx Europe 600 Index rose for a second day. Equity benchmarks in Tokyo and Seoul led gains across most of Asia, though shares in Hong Kong lagged the rally after news broke that prominent protest figures were arrested, and Shanghai’s index closed lower for the fourth time this week. The pound slipped as lawmakers lost a bid to block Prime Minister Boris Johnson’s plan to suspend parliament. The euro dropped below $1.10 for the first time in since May 2017 as traders closed out hedges at month’s end and data showed inflation remained stubbornly low. Bunds reversed early losses while Italian bonds declined as coalition talks faltered. Argentina’s bonds extended declines after S&P Global Ratings cut the country’s foreign- and local- currency credit ratings. West Texas crude fell the most in two weeks and gold fell.
Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.7%.
* The U.K.’s FTSE 100 Index rose 0.3%.
* Germany’s DAX Index increased 0.8%.
* The MSCI Emerging Markets Index climbed 1.5%, a three-week high.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to a two-year high.
* The euro decreased 0.6% to $1.0991.
* The British pound declined 0.1% to $1.2168.
* The Japanese yen increased 0.3% to 106.21 per dollar.
Bonds
* The yield on 10-year Treasuries gained less than one basis point to 1.50%.
* The yield on two-year Treasuries fell two basis points to 1.50%.
* Britain’s 10-year yield climbed four basis points to 0.479%.
* Germany’s 10-year yield declined one basis point to -0.70%.
Commodities
* West Texas Intermediate crude fell 3% to $55.04 a barrel.
* Gold fell 0.3% to $1,523.78 an ounce.
–With assistance from Adam Haigh, Laura Curtis, Elena Popina and Sarah Ponczek.
Have a terrific weekend everyone.

Be magnificent!

As ever,

Carolann

No act of kindness, no matter how small, is ever wasted.
                                     -Aesop, c.620 BCE-564 BCE.

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

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

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

Dear Friends,

Tangents:
On Aug. 29, 1991, the Supreme Soviet, the parliament of the U.S.S.R., suspended all activities of the Communist Party, bringing an end to the institution.  Go to article »

John Locke, philosopher, b. 1632

The actions of men are the best interpreters of their thoughts. -John Locke, 1632-1704.

It rained so much in California that this year’s lemons are gigantic.

PHOTOS OF THE DAY

A handout released via NASA Worldview shows a satellite image of earth, the red dots indicate fires around the globe on 27 August 2019. The fires raging in the Amazon rainforest are the ones being most reported on in August 2019. However, satellite imagery shows that the amount of rainforest fires around the world is much bigger.
CREDIT: NASA

The new Barbie edition that will be launched to commemorate the Mexican Day of the Dead. The doll’s makeup is based in the traditional Catrina, traditional Mexican icon of the Day of the Dead created by cartoonist Jose Guadalupe Posada back in 1912. Mexico celebrates the Day of the Dead, Dia de Muertos, on 02 November.
CREDIT: PAUL JORDAN/ HANDOUT/EPA-EFE/REX

Lightning strikes above Humber bridge near Kingston upon Hull, East Riding of Yorkshire. The UK had a flurry of storms last night with the lightning strikes and rain.
CREDIT: CALVIN TAYLOR LEE/ SWNS.COM

Market Closes for August 29th, 2019

Market Index	Close	Change
Dow Jones	26362.25	+326.15 +1.25%
S&P 500	2924.58	+36.64 +1.27%
NASDAQ	7973.395	+116.513 +1.48%
TSX	16384.49	+112.84
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	20460.93	-18.49
		-0.09%
HANG SENG	25703.50	+88.02
		+0.34%
SENSEX	37068.93	-382.91
		-1.02%
FTSE 100*	7184.32	+69.61
		+0.98%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.147		1.126
CND. 30 Year Bond		1.399		1.372
U.S.    10 Year Bond		1.4945		1.4794
U.S. 30 Year Bond		1.9640		1.9714

Currencies

BOC Close	Today	Previous
Canadian $	0.75250	0.75158
US $	1.32890	1.33053
Euro Rate 1 Euro=		Inverse
Canadian $	1.46961	0.68045
US $	1.10588	0.90426

Commodities

Gold	Close	Previous
London Gold Fix	1537.15	1532.95
Oil
WTI Crude Future	56.71	55.78

Market Commentary:
On this day in 2000, OM Group of Sweden launched the world’s first hostile takeover bid for a stock exchange when it offered 822 million pounds sterling (then valued at $1.2 billion) to buy the London Stock Exchange. The hostile bid was eventually rebuffed by LSE shareholders.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose for a fourth day, the longest advance in almost two months, as markets rallied on optimism that the U.S. and China may avoid the worst threats to their hundreds of billions in annual trade. The S&P/TSX Composite Index climbed 0.7% on Thursday in Toronto to 16,384.49. Nine of the 11 sectors gained, as energy, industrials and financials rallied the most. Materials and real estate were the worst performing sectors. Meanwhile, Canada in the second quarter recorded its largest inflow of foreign direct investment in four years, another sign global trade tensions haven’t reduced the appetite for investing in the Canadian economy. Direct investment from abroad rose to C$18.7 billion ($14 billion), Statistics Canada reported Thursday.
In other moves:
Stocks
* BRP gained 16% after second quarter revenue beat the highest estimate
* Ensign Energy rose 12%, after reaching a 52-week low on Aug. 27; other energy stocks, such as MEG Energy and Precision Drilling, also rose as crude advanced a 3rd day
* Gold miners such as Detour Gold, Alamos Gold, Centerra Gold fell as bullion declined
Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI
* Gold spot price fell 0.7% to $1,528.63 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3296 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.149%
US
By Vildana Hajric
(Bloomberg) — U.S. equities rallied Thursday after China indicated it wouldn’t immediately retaliate against the latest American tariff increase. Treasuries edged down, while a dollar gauge hit a two-year high. The S&P 500 Index rose for the second straight day after a spokesman for China’s commerce ministry said that escalating the trade war won’t benefit either side and that it was more important to discuss removing the extra duties. Stocks across Asia trimmed declines on the remarks, while the Stoxx Europe 600 Index closed higher. Market sentiment remains delicate after President Donald Trump’s recent pronouncements on trade and as investors await resolution. Trump said Thursday that the U.S. and China are scheduled to have a conversation about trade today. U.S. economic growth slowed in the second quarter by more than initially reported, on weaker readings for categories including exports and inventories. Still, consumer spending remained robust, topping forecasts.
“Positive news on trade has investors looking to move back into some of the equity markets and maybe a little more risk on,” Chris Gaffney, president of world markets at TIAA, said by phone. “The GDP number — while there was a slight pullback in second-quarter estimates, consumers still are looking strong. That’s the key. The earnings component was very good — corporate profits are looking robust.” Meanwhile, the bond rally paused for breath after the yield on 30-year U.S. Treasuries sank to a record low of 1.90% Wednesday. Treasury Secretary Steven Mnuchin said issuing ultra- long U.S. bonds is “under very serious consideration,” possiblysetting up a move that would mark a historic revamp of the $16 trillion Treasuries market. Gold turned lower, while West Texas crude held at about $56 a barrel.
In Europe, Italy’s bonds jumped and its equities outperformed as the country moved toward forming a new government. The pound declined on the increasing risk of a no-deal Brexit. The euro touched a session high after a European Central Bank policy maker said the region’s economy isn’t weak enough to warrant the resumption of bond purchases. The Chinese mainland yuan strengthened for the first time in 11 sessions.
Events to keep an eye on this week:
* Bank of Korea policy decision and briefing is on Friday.
* Euro-zone CPI data for August is also due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.3% as of 2:58 p.m. New York time.
* The Stoxx Europe 600 Index increased 1% to near a four-week high.
* The U.K.’s FTSE 100 Index rose 1%.
* The MSCI Emerging Market Index increased 0.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to the highest in almost two years.
* The euro declined 0.2% to $1.1057.
* The British pound fell 0.3% to $1.218.
* The Japanese yen fell 0.4% to 106.50 per dollar.
Bonds
* The yield on 10-year Treasuries gained two basis points to 1.49%.
* The yield on two-year Treasuries advanced three basis points to 1.53%.
* Germany’s 10-year yield increased two basis points to -0.69%.
* Britain’s 10-year yield fell one basis point to 0.436%.
Commodities
* West Texas Intermediate crude increased 1.4% to $56.57 a barrel.
* Gold fell 0.6% to $1,529.21 an ounce.
–With assistance from Min Jeong Lee, Andreea Papuc and Yakob Peterseil.
Have a great night.

Be magnificent!
As ever,

Carolann

Reputation is what other people know about you.  Honor is what you know about yourself.
                                                                                   -Lois McMaster Bujold, b.1949

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 Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream” speech in front of the Lincoln Memorial.  Go to article »
In the end, we will remember not the words of our enemies, but the silence of our friends.  -Martin Luther King Jr.
 
Scientists may have found a black hole so massive it shouldn’t exist. –Bloomberg.

Life on certain exoplanets may glow in the dark, helping us spot it. –Bloomberg.

More than 20,000 people threw tomatoes at the La Tomatina festival in Buñol, Spain.

PHOTOS OF THE DAY

A junk boat passes the skyline as seen from the Tsim She Tsim waterfront in Hong Kong, China.
CREDIT: REUTERS/ KAI PFAFFENBACH

People walk their dogs through a layer of morning mist by Chesterton Windmill, Warwickshire.
CRESIT; JACOB KING/PA

People out punting on the river in Cam in Cambridge.
CREDIT: JAMES LINSELL-CLARK/SWNS

Market Closes for August 28th, 2019

Market Index	Close	Change
Dow Jones	26036.10	+258.20 +1.00%
S&P 500	2887.94	+18.78 +0.65%
NASDAQ	7856.883	+29.937 +0.38%
TSX	16271.65	+88.06
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	20479.42	+23.34
		+0.11%
HANG SENG	25615.48	-48.59
		-0.19%
SENSEX	37451.84	-189.43
		-0.50%
FTSE 100*	7114.71	+25.13
		+0.35%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.126		1.125
CND. 30 Year Bond		1.372		1.386
U.S.    10 Year Bond		1.4794		1.4727
U.S. 30 Year Bond		1.9714		1.9514

Currencies

BOC Close	Today	Previous
Canadian $	0.75158	0.75222
US $	1.33053	1.32940
Euro Rate 1 Euro=		Inverse
Canadian $	1.47420	0.67833
US $	1.10798	0.90255

Commodities

Gold	Close	Previous
London Gold Fix	1532.95	1503.80
Oil
WTI Crude Future	55.78	54.93

Market Commentary:
On this day in 2000, the New York Stock Exchange began trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8 of a dollar. In theory, investors would benefit from lower trading costs, but cynics worried that brokers would make more money than ever. The first to adopt decimal pricing: Anadarko Petroleum, FedEx, Forest City Enterprises, Gateway, Hughes Supply, and MSC Software.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose for a third straightsession, highlighted by a strong rally for energy after oil inventory data. The S&P/TSX Composite Index climbed 0.5% to 16,271.65. Energy led the way, while health care also rose after a weak session Tuesday for marijuana stocks. Information technology and industrials were the only two laggards Wednesday. Meanwhile, Enbridge Inc.’s proposed shift to long-term crude shipping contracts on its Mainline pipeline network is drawing the ire of a growing number of producers, and now Canada’s energy regulator is getting involved, which could delay the process.
In other moves:
Stocks
* MEG Energy gained 9.9%
* Peyto rose 8.8%
* Crescent Point advanced 7.7%
* Labrador Iron Ore Royalty dropped 4%
* Shopify fell 2.9%
* Kinaxis lost 2.6%
Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI
* Gold spot price fell 0.2% to $1,548.40 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3303 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.128%
US
By Robert Brand and Vildana Hajric
(Bloomberg) — U.S. stocks closed near session highs Wednesday amid light trading as investors awaited new
developments in the increasingly unpredictable Sino-American trade war. Ten-year Treasury yields held steady after hitting a three-year low, while the dollar edged higher. The S&P 500 Index climbed for the second day in three as a rally in Texas crude pushed energy shares higher. With the exception of utilities, sectors across the benchmark registered increases, although trading volume was about 15% lower than average. President Donald Trump’s recent pronouncements on trade have left investors jumpy as they await his next moves and as optimism for a resolution becomes more difficult to sustain. With the latest round of tariffs from both sides due to be staggered from Sept. 1, China appears to be bracing for the worst and the U.S. leader’s credibility is becoming a key impediment to a deal. In addition, traders have to contend with Trump’s attacks on the Federal Reserve, which have clouded the outlook for monetary policy.
“We’re one headline or one tweet away from triumph or tragedy almost every single day right now,” Arthur Hogan, chief market strategist at National Securities Corp., told Bloomberg TV. “We’re really on a knife’s edge. And that’s what makes trading really difficult.” Technology companies and insurers led a decline on the Stoxx Europe 600 index. Benchmarks nudged higher in Sydney and Seoul, were little changed in Tokyo, and dropped in Shanghai and Hong Kong. The euro slipped, the pound weakened and gilts climbed after U.K. Prime Minister Boris Johnson said he will ask the Queen to suspend parliament from mid-September to mid-October, increasing the risk of a no deal Brexit. European bonds advanced, with Italian benchmark yields hitting record lows as talks to form a coalition government progressed. Crude oil extended gains after an industry report showed a bigger-than-expected drop in American crude inventories and as Iran all but ruled out a meeting with the U.S.
Events to keep an eye on this week:
* The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.
* Bank of Korea policy decision and briefing is on Friday.
* Euro-zone CPI data for August is also due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.7% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.2%.
* The U.K.’s FTSE 100 Index rose 0.4%.
* The MSCI Emerging Market Index rose 0.1%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2% to a nine-month high.
* The euro dipped 0.1% to $1.1075, the weakest in more than two years.
* The British pound slid 0.6% to $1.2213.
* The Japanese yen fell 0.4% to 106.19 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 1.47%.
* The yield on two-year Treasuries declined three basis points to 1.50%.
* Britain’s 10-year yield fell six basis points to 0.44%.
* Germany’s 10-year yield fell two basis points to -0.71%.
Commodities
* West Texas Intermediate crude gained 1.8% to $55.94 a barrel.
* Gold fell 0.2% to $1,538.99 an ounce.
–With assistance from Andreea Papuc.
Have a great night.

Be magnificent!
As ever,

Carolann

There is only one corner of the universe you can be certain of improving, and that’s your own self.
                                                                 -Aldous Huxley, 1894-1963
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:
Want to live a long, long life? Be an optimist 
Positive, upbeat, optimistic thinking can add years to your life. That’s according to a new study which found men and women with the highest levels of optimism had an 11% to 15% longer life span, on average, than those who practiced little positive thinking. The highest scoring optimists also had the greatest odds of living to age 85 or beyond. 
Previous studies of twins have found only about 25% of our optimism is programmed by our genes. The rest is up to us and how we respond to life’s lemons. 
Here’s the even better news: If you tend to be a sourpuss about the stresses in your life, don’t worry. It turns out you can actually train your brain to be more positive. -CNN Health.

1945 American troops began landing in Japan following the surrender of the Japanese government in World War II.   Go to article »

Mother Teresa born 1910.
1979~Lord Mountbatten assassinated.

PHOTOS OF THE DAY

A mill is pictured in the mist in Groningen, Netherlands.
CREDIT: SIESE VEENSTRA/AFP/ GETTY IMAGES

Dancers take a selfie as they wait to perform during the Notting Hill Carnival in West London.
CREDIT: AARON CHOWN/PA

Cavalcade of Minis gather at the BMW Mini plant in Oxford before a cavalcade around part of the Oxford Eastern and Northern bypass to the annual car show in Cutteslowe Park. Georgina Hobbs  from Guildford with a 1978 mini 850 police van at the Cowley works before setting off.
CREDIT: JOHN LAWRENCE

Market Closes for August 27th, 2019

Market Index	Close	Change
Dow Jones	25777.90	+120.93 +0.47%
S&P 500	2869.16	-9.22 -0.32%
NASDAQ	7826.945	-26.790 -0.34%
TSX	16183.59	+84.80
		+0.53%

International Markets

Market Index	Close	Change
NIKKEI	20456.08	+195.04
		+0.96%
HANG SENG	25664.07	-16.26
		-0.06%
SENSEX	37641.27	+147.15
		+0.39%
FTSE 100*	7089.58	-5.40
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.125		1.214
CND. 30 Year Bond		1.386		1.467
U.S.    10 Year Bond		1.4727		1.5367
U.S. 30 Year Bond		1.9514		2.0401

Currencies

BOC Close	Today	Previous
Canadian $	0.75222	0.75451
US $	1.32940	1.32535
Euro Rate 1 Euro=		Inverse
Canadian $	1.47417	0.67835
US $	1.10890	0.90179

Commodities

Gold	Close	Previous
London Gold Fix	1503.80	1503.80
Oil
WTI Crude Future	54.93	53.64

Market Commentary:
Libor’s days are numbered.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose for a second day as gold and silver prices soared amid trade and recession fears. Oil also jumped by more than $1 per barrel. The S&P/TSX Composite Index climbed 0.5% to 16,183.59. Materials and information technology outperformed while cannabis shares lagged. The Horizons Marijuana Life Sciences ETF (HMMJCN) lost 4.1%, down to its lowest since November of 2017. Meanwhile, the gap between Transat’s share price and Air Canada’s takeover bid is sitting at the widest ever — indicating investors aren’t confident the deal will get done.
Stocks
* Silvercorp Metals jumped 11.5%
* Iamgold rose 7.9%
* Acreage Holdings lost 11.4%
* MediPharm Labs fell 8.2%
* Organigram Holdings fell 7.9%
* Canopy Growth dropped 6%
Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI
* Gold spot gained 1% to $1,543.09 an ounce
FX/Bonds
* The Canadian dollar fell 0.3% to C$1.3299 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.127%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks finished lower after a seesaw session as investors digested the most recent twists in the tumultuous trade talks between the U.S. and China. Treasuries rose, while the dollar was little changed. The S&P 500 fell Tuesday after Chinese officials questioned statements by President Donald Trump about trade discussions between the two countries. Banks led losers as the 10-year Treasury yield fell below 1.50%. Philip Morris International Inc. slid after confirming it was in merger talks with Altria Group Inc. The greenback was steady against major currencies. The euro fell following data showing Germany was on the brink of a recession, while the pound gained as opposition politicians stepped up efforts to prevent a no-deal Brexit. West Texas crude rose to almost $55 a barrel.
Trump’s apparent de-escalation of trade tensions at the G-7 meetings had helped ease investor nerves before Beijing questioned some of those comments. Adding to the uncertainty, Germany offered up fresh evidence that protectionism is weighing on global growth. Volatility remains relatively high as traders reflect on previous periods of calm in the trade war that were quickly ended by surprises. “From Friday to now has been just head-spinning on the trade issue,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “Mid-year, we basically said the trade war needs to get worse before it gets better and there will be a lot of saber-rattling. I think we’re still in the midst of that. I don’t think the president’s recent comments marked the beginning of a solid or consistent trajectory to a resolution here.”
Elsewhere, Hong Kong Chief Executive Carrie Lam said her government can handle unrest without assistance from Chinese forces, and still wants to hold talks with protesters despite a flare-up in violence.
Events to keep an eye on this week:
* The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.
* Bank of Korea policy decision and briefing is on Friday.
* Euro-zone CPI data for August is also due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.6%.
* The MSCI Asia Pacific Index advanced 0.6%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.1% at $1.109.
* The British pound gained 0.6% to $1.2288, the strongest in over a month.
* The Japanese yen increased 0.4% to 105.74 per dollar.
Bonds
* The yield on 10-year Treasuries declined six basis points to 1.47%, a three-year low.
* The yield on two-year Treasuries fell two basis points to 1.52%.
* Germany’s 10-year yield decreased three basis points to -0.69%.
* Britain’s 10-year yield gained two basis points to 0.50%.
Commodities
* Gold advanced 1% to $1,543.08 an ounce.
* West Texas Intermediate crude climbed 2.4% to $54.95 a barrel.
–With assistance from Andreea Papuc and Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

He that plants trees loves others beside himself.
                            -Thomas Fuller 1654-1734

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:
Christopher Columbus, b. 1451.
Ben Bradlee, journalist, editor, b. 1921
August 26, 1883- Krakatoa erupts, killing 36,000.

Also on Aug. 26, 1920, the 19th Amendment to the U.S. Constitution, guaranteeing women the right to vote, was declared in effect.  Go to article »

MR. FEAR
He follows us, he keeps track.
Each day his lists are longer.
Here, death. And here,
something like it.

Mr. Fear, we say in our dreams,
what do you have for me tonight?
And he looks through his sack,
his black sack of troubles.

Maybe he smiles when he finds
the right one. Maybe he’s sorry.
Tell me, Mr. Fear,
what must I carry

away from your dream?
Make it small, please.
Let it fit in my pocket,
let it fall through

the hole in my pocket.
Fear, let me have
a small brown bat
and a purse of crickets

like the ones I heard
singing last night
out there in the stubbly field
before I slept, and met you.
               -Lawrence Raab

Our greatest foes, and whom we must chiefly combat, are within. -Cervantes, 1547-1616.

PHOTOS OF THE DAY

An aerial picture shows the G7 leaders at a round table during the G7 summit.
Credit: G7

Animals and competitors at the Annual Agricultural Show at Masham, North Yorkshire.
Credit: Charlotte  Graham/ Mercury Press

Credits: Chris Gorman/ Big Ladder

Market Closes for August 26th, 2019

Market Index	Close	Change
Dow Jones	25898.83	+269.93 +1.05%
S&P 500	2878.38	+31.27 +1.10%
NASDAQ	7853.734	+101.968 +1.32%
TSX	16098.79	+61.21
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	20261.04	-449.87
		-2.17%
HANG SENG	25680.33	-499.00
		-1.91%
SENSEX	37494.12	+792.96
		+2.16%
FTSE 100*	7094.98	-33.20
		-0.47%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.214		1.172
CND. 30 Year Bond		1.467		1.432
U.S.    10 Year Bond		1.5367		1.5351
U.S. 30 Year Bond		2.0401		2.0252

Currencies

BOC Close	Today	Previous
Canadian $	0.75451	0.75285
US $	1.32535	1.32905
Euro Rate 1 Euro=		Inverse
Canadian $	1.47108	0.61756
US $	1.10995	0.81848

Commodities

Gold	Close	Previous
London Gold Fix	1503.80	1502.05
Oil
WTI Crude Future	53.64	54.11

Market Commentary:
Germany in uproar as negative rates threaten savings obsession.-Bloomberg

Federal-funds futures show nearly 90% of investors expect the Federal Reserve bank to cut rates at least two more times this year, CME Group data show. That’s up from about 57% a month ago.

Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks closed higher, following U.S. shares up after optimistic remarks from French and U.S. leaders about developments in the Sino-American trade war. The S&P/TSX Composite Index climbed 0.4% to 16,098.79. Shopify Inc. advanced 3.1%, leading information technology stocks higher. Consumer discretionary and staples also rose. On the commodities front, gold erased gains after U.S. President Donald Trump said China wants to make a deal on trade, while oil dropped amid conflicting signals about the prospect for a thaw in trade talks.
In other moves:
Stocks
* Cresco Labs rose 10.8%
* Bombardier gained 5.7%
* Gran Tierra Energy advanced 2.5%
* CES Energy Solutions lost 7.5%
* Baytex Energy dropped 6.4%
* Cascades fell 4.2%
Ratings
* SMF CN: Semafo Downgraded to Hold at Desjardins; PT C$6
* RX CN: Biosyent Upgraded to Buy at Bloom Burton & Co; PT C$9
Commodities
* Western Canada Select crude oil traded at a $12.85 discount to WTI
* Gold spot price gained 0.1% to $1,528.82 an ounce
FX/Bonds
* The Canadian dollar climbed 0.2% to C$1.3257 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.215%
US
By Vildana Hajric
(Bloomberg) — Stocks rallied after optimistic remarks from French and U.S. leaders about developments in the Sino-American trade war. The dollar strengthened while 10-year Treasury yields were little changed. All three main U.S. equity indexes recovered some ground following Friday’s swoon after President Donald Trump said prospects for a trade deal were better now than at any time since talks began last year. France’s Emmanuel Macron said things were moving forward between the U.S. and China. The S&P 500 Index closed near session highs in broad-based rally led by tech companies, but volume was thin — almost 20% below average. Addressing reporters at the end of the Group of 7 meetings in France, Trump said the Chinese “want to make a deal very badly.
” The American president also said he’s not looking into auto tariffs for Japan right now. The trade war’s latest twists and turns punctuated an already tumultuous August, with markets buffeted by signs of slowing global economic growth and violent protests in Hong Kong. Regardless of Monday’s developments, the risk of recession may have crept higher as protectionism escalated Friday, when Trump announced fresh levies on Chinese imports and called for American companies to pull out of Asia’s largest economy after China said it would impose retaliatory tariffs on U.S. goods.“In the short term, it’s definitely difficult to navigate the trading environment,” Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital, said in an interview at Bloomberg’s New York headquarters. “It’s a case of near-term fear, elevated volatility, very fragile investor sentiment. Investors are watching the headlines and trading on the headlines and that’s obviously created even more volatility in
the marketplace.”
The Euro Stoxx 50 Index gained after Trump’s China comments. The euro slipped as German business confidence fell to the lowest in almost seven years. Asia stocks fell broadly, led by Hong Kong, in trading that had mostly closed before Trump’s remarks. The onshore yuan weakened for an eighth straight session. Britain’s markets were closed for a holiday. Elsewhere, oil gave up earlier gains as traders digested the latest news on tariffs. The yen gave back some of its 1% increase from the previous session.
Here are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.1% as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 1.1%
* Europe’s Stoxx 50 Index gained 0.4%.
* Germany’s DAX Index increased 0.4%.
* The MSCI emerging Market Index sank 1.3% to near an eight-month low.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%, the biggest gain in a week.
* The euro declined 0.4% to $1.1095.
* The Japanese yen weakened 0.7% to 106.16 per dollar, the biggest drop in almost two weeks.
Bonds
* The yield on 10-year Treasuries climbed less than one basis point to 1.54%.
* The yield on two-year Treasuries rose one basis point to 1.54%.
* Germany’s 10-year yield climbed one basis point to -0.67%.
Commodities
* Gold climbed 0.1% to $1,528.96 an ounce.
* West Texas Intermediate crude fell 0.6% to $53.82 a barrel, a two-week low.
–With assistance from Andreea Papuc, Adam Haigh and Todd White.
Have  a great night.

Be magnificent!

As ever,

Carolann

Great things are done by a series of small things brought together.
                                               -Vincent Van Gogh, 1853-1890

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