Category: Newsletters

Dear Friends,

Tangents:
Frank Sinatra, b. 1915
Gustave Flaubert, b. 1821

Dec. 12^th, 1901 – Marconi Claims to Have Received a Transatlantic Radio Signal in Morse Code. Go to article »

Our ignorance of history makes us libel our own times.  People have always been like this. -Gustave Flaubert.

A heated session of the British Parliament turned to chaos Monday night when a member of the House of Commons grabbed a five-foot-long, silver-gilt mace and tried to leave the chamber.

Lloyd Russell-Moyle, center foreground in light blue suit and glasses, was intercepted while trying to remove a ceremonial mace.  Reuters 

The mace represents the crown’s authority, and Parliament can’t sit or pass laws without it.

Traditionally, the person in charge of guarding the mace — and restoring order after rare mace-snatchings — is the sergeant-at-arms.

The sergeant’s role, which dates to 1415, is to escort the speaker of the house before each sitting, carrying the mace during the procession, and to maintain order during the sitting.

You can’t miss the sergeant — the traditional uniform includes a frilly lace collar and cuffs, silk stockings and black patent-leather shoes. A sword can also come in handy.

After Monday’s breach of protocol, the troublemaking lawmaker said: “They stopped me before I got out of the chamber and I wasn’t going to struggle with someone wearing a huge sword on their hip.” -from The New York Times, December 12, 2018

PHOTOS OF THE DAY

The sun sets behind the Statue of Liberty from Battery Park. Credit: Gary Hershorn/Getty Images

Dog walkers at dawn under a fireglow sky on the beach at Tynemouth, on the coast of northeast England. Credit: Owen Humphreys/PA Wire

Sun rays fall through the clouds over the banking district as a runner passes by in Frankfurt, Germany. Credit: AP Photo/Michael Probst

Internationally acclaimed artist Olafur Eliasson, working in collaboration with leading geologist Minik Rosing, will display blocks of melting ice across two public sites in the centre of London to create a major artwork, Ice Watch. Supported by Bloomberg Philanthropies, Ice Watch will serve as a visceral reminder of the impact of climate change. Credit: Alex Lentati/Evening Standard/Eyevine
Market Closes for December 12^th, 2018

Market Index	Close	Change
Dow Jones	24527.27	+157.03   +0.64%
S&P 500	2651.07	+14.29   +0.54%
NASDAQ	7098.313	+66.481   +0.95%
TSX	14783.06	+115.23
		+0.79%

International Markets

Market Index	Close	Change
NIKKEI	21602.75	+454.73
		+2.15%
HANG SENG	26186.71	+415.04
		+1.61%
SENSEX	35779.07	+629.06
		+1.79%
FTSE 100*	6880.19	+79.17
		+1.16%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.132		2.081
CND. 30 Year Bond		2.280		2.228
U.S.    10 Year Bond		2.9096		2.8790
U.S. 30 Year Bond		3.1497		3.1261

Currencies

BOC Close	Today	Previous
Canadian $	0.74906	0.74730
US $	1.33500	1.33814
Euro Rate 1 Euro=		Inverse
Canadian $	1.51856	0.65852
US $	1.13750	0.87912

Commodities

Gold	Close	Previous
London Gold Fix	1245.30	1245.30
Oil
WTI Crude Future	51.15	51.65

Market Commentary:
On this day in 1914, the New York Stock Exchange reopened after closing in July amid jitters over the outbreak of World War I. By the end of 1915, the stock market had risen nearly 82% as Western Europe supplied its war effort with American-made goods and weapons.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks closed the session higher, with the broader U.S. market, after the S&P/Toronto Stock Exchange Composite Index reached a two-year low yesterday. The best performing sector was technology, led by Shopify Inc.’s three-day advance.
     The S&P/Toronto Stock Exchange Composite Index rose 0.8 percent. Real estate was the worst performing sector on the TSX, led by Canadian Apartment Properties REIT, which fell 4.3 percent after announcing an offering of C$250 million in a bought deal.
     Meanwhile, Canadian exporters are worrying they could be caught in the cross hairs amid tensions between Canada and China after Canada’s arrest of Huawei Technologies Co. CFO and as China’s spy agency detained former Canadian diplomat Michael Kovrig. China is one of Canada’s biggest buyers of agricultural products, from oilseeds to softwood lumber, and is a growing market for the nation’s banks, insurers and luxury-goods makers.
Stocks
* Maxar Technologies Ltd. rose 7.6 percent after falling for 3 days
* Kelt Exploration Ltd. climbed 7.3 percent, to post a 2-day gain of 9.7 percent
* Pretium Resources Inc., Endeavour Mining Corp and Iamgold Corp. were among some the best performing precious metals miners as gold, silver rose
* Bombardier Inc. gained 2.6 percent amid plans to debut a $73 million luxury jet
* Pot stock Aphria Inc. fell 4.5 percent after rising for the last 2 sessions
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold gained 0.2 percent to $1,244.40 an ounce
FX/Bonds
* The Canadian dollar rose 0.2 percent to C$1.3368 per U.S. dollar
* The Canada 10-year government bond yield gained 4.2 basis points to 2.12 percent
US
By Sarah Ponczek and Luke Kawa
     (Bloomberg) — U.S. stocks advanced as the outlook for trade took a positive turn and the British prime minister defeated a challenge to her leadership.
     The S&P 500 rose 0.5 percent after an afternoon slump that pared its gain by more than half. It marked the fourth straight day that investors sold an early rally, a trend that’s a stark reversal from months where traders bought any meaningful dip.
     Oil’s retreat coincided with the move, amid reports that deep discord exists among OPEC members ahead of planned output cuts.
     “We’re in a stock market correction. All rallies are suspect,” said Michael Antonelli, the managing director at Robert W. Baird & Co. The early gains came as signs emerged that trade tensions would ease, first after the arrested Huawei executive was granted bail and then when President Donald Trump suggested he could use his influence to calm that situation as part of a deal with China. For its part, China hinted that it would ease access to local markets. The Asian country is also making its first sizable purchase of U.S. soybeans since the countries imposed tariffs.
     The British pound surged the most in a month on speculation Theresa May will survive the vote of confidence and mostly held onto the gains after her victory was confirmed. Treasuries and the dollar both slipped as data showed a key measure of U.S. inflation picked up as expected in November.
     While developments on trade tends and Brexit have been at the forefront for investors, they’re also keeping watch on the risk of a shutdown of parts of the U.S. government. Trump is at odds with Democratic leaders in Congress over funding for a border wall with Mexico.
     Elsewhere, India’s bonds rallied after an ally of Prime Minister Narendra Modi was named as the new central bank chief.
Here are some key events on the calendar this week:
* The European Central Bank is set to end asset purchases at its final policy meeting of 2018 on Thursday.
* China industrial production, retail sales data for November is due Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.5 percent at the close of trading in New York.
* The Stoxx Europe 600 Index jumped 1.7 percent to the highest in a week.
* The Nikkei-225 Stock Average added 2.2 percent.
* The MSCI Emerging Market Index advanced 1.6 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.4 percent.
* The euro increased 0.5 percent to $1.1373.
* The British pound jumped 1 percent to $1.2615.
* The Japanese yen gained 0.1 percent to 113.24 per dollar.
Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.91 percent.
* Germany’s 10-year yield climbed five basis points to 0.28 percent.
* Britain’s 10-year yield jumped nine basis points to 1.28 percent.
Commodities
* West Texas Intermediate crude fell 1 percent to $51.14 a barrel.
* Gold advanced 0.2 percent to $1,245.86 an ounce.
–With assistance from Andreea Papuc, Adam Haigh, Christopher Anstey, Samuel Potter and Robert Brand.

Have a great evening. 

Be magnificent!

As ever,

Carolann

It is better to know some of the questions than all of the answers.
                                             -James Grover Thurber, 1894-1961

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

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

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

Dear Friends,

Tangents:
1946~UNICEF founded.
1936~Edward VIII abdicates to marry Wallis Simpson.
John F. Kerry, b.1943
On Dec. 11, 1941, Germany and Italy declared war on the United States; the U.S. responded in kind.  Go to article »

PHOTOS OF THE DAY

A woman takes pictures in a forest on a bank of the Yenisei River covered with snow and hoarfrost with the air temperature at about -16 degrees of Celsius outside the Siberian city of Krasnoyarsk. Credit: The Telegraph

The Fearless Girl statue is unveiled at her new home facing the New York Stock Exchange (NYSE) during an event held by the city of New York and State Street Global Advisors, New York, USA. Credit: Timothy A. Clary/AFP/Getty Images

Retired businessman Brian Moodie herds his flock of turkeys along the street near his home in Camelon, Stirlingshire. Christmas holds no fear for the birds who are strictly off the menu on December 25. Mr. Moodie, who will be having steak pie for Christmas dinner, started keeping turkeys in his back garden eight years ago in a bid to help conserve rare breeds. They are the ultimate free range turkeys who even know how to cross the road as they are taken for a stroll around the town each day. Credit: Jane Barlow/PA Wire
Market Closes for December 11^th, 2018

Market Index	Close	Change
Dow Jones	24370.24	-53.02   -0.22%
S&P 500	2636.78	-0.94   -0.04%
NASDAQ	7031.832	+11.311   +0.16%
TSX	14667.83	-60.45
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	21148.02	-71.48
		-0.34%
HANG SENG	25771.67	+19.29
		+0.07%
SENSEX	35150.01	+190.29
		+0.54%
FTSE 100*	6806.94	+85.40
		+1.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.081		2.056
CND. 30 Year Bond		2.228		2.214
U.S.    10 Year Bond		2.8790		2.8557
U.S. 30 Year Bond		3.1261		3.1309

Currencies

BOC Close	Today	Previous
Canadian $	0.74730	0.74636
US $	1.33814	1.33984
Euro Rate 1 Euro=		Inverse
Canadian $	1.51511	0.66002
US $	1.13224	0.88320

Commodities

Gold	Close	Previous
London Gold Fix	1245.30	1243.30
Oil
WTI Crude Future	51.65	51.00

Market Commentary:
On this day in 2008, fund adviser Bernard Madoff was arrested by federal agents, accused in separate SEC and FBI complaints of a multibillion-dollar fraud.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks fell 0.4 percent on Tuesday, extending a four-day rout, in their longest losing streak since mid-November, as the index slid to its lowest level in two years.
     The S&P/Toronto Stock Exchange Composite Index failed to stage a comeback despite a late-session spike in pot stocks after the New York Post reported that New York Governor Andrew Cuomo will introduce a plan for legalizing recreational marijuana.
     Health care and consumer staples sectors led gains helped by pot stocks and earnings from North West Co., which topped the highest analyst estimate. Some beaten-down energy stocks caught a bid as oil advanced. Miners also gained as metal prices climbed on trade optimism between U.S. and China.
Stocks
* NuVista Energy Ltd and Trican Well Service Ltd were among outperformers within the energy sector. 
* First Quantum Minerals Ltd. rose 6.5 percent; Teck Resources Ltd advanced 3.9 percent. 
* Aphria Inc. rose 8.9 percent, while Canopy Growth climbed 6.2 percent.
* Maxar Technologies Ltd fell 6.9 percent after saying its chief operations officer will retire.
* WestJet Airlines Ltd fell 6 percent, extending a three-day slide.
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold fell 0.1 percent to $1,241.90 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.33923 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 2.08 percent
US
By Sarah Ponczek and Brendan Walsh
     (Bloomberg) — U.S. stocks ended little changed after a volatile session as investors weighed the prospects for a trade deal and an agreement to fund the American government.
     The S&P 500 Index started out strong, took a turn down, then recovered from the day’s lows as key Senate leaders signaled a desire to avoid a government shutdown hours after Donald Trump threatened to do so in a spat over funding for his border wall. Carmakers rose as China signaled it may cut tariffs on auto imports, but investors were cautious about a broader deal. The dollar climbed.
     U.S. markets have been whipsawed in recent weeks as traders searched Trump’s tweets for clues about the outlook for trade talks, tried to decide if a stock selloff could prompt the Federal Reserve to pare back rate increases and evaluated economic data that signaled a slowdown may be coming. Monday’s session saw the S&P 500 Index’s biggest full reversal since Feb. 6 as it erased a 1.9 percent decline and ended 0.2 percent higher, while Tuesday saw gains as big as 1.4 percent and losses as deep as 0.6 percent.
     “It went from headline excitement to cold reality challenges,” said Mike Bailey, the director of research at FBB Capital Partners. “You’ve got a pretty skeptical market out there.” The news on car tariffs followed reports that Chinese Vice Premier Liu He discussed a timetable for trade talks with Treasury Secretary Steven Mnuchin. Yet investors also have an eye on the continuing flap over Canada’s arrest of the chief financial officer of Huawei Technologies Co., and the Washington Post reported that the Trump administration is preparing a series of actions this week to condemn China for efforts to steal U.S. technology. And among a plethora of political risks, the U.K. is struggling to put its Brexit deal back on track and fears linger over the possibility a French protest movement could escalate further.
     Elsewhere, the Stoxx Europe 600 Index climbed the most in six weeks. India’s assets saw a choppy session, with stocks initially roiled by a surprise resignation of the central bank governor Monday, before posting a recovery. Emerging-market shares edged higher.
     Here are some key events on the calendar this week:
* The European Central Bank is set to cap asset purchases at its final policy meeting of 2018 on Thursday.
* China industrial production, retail sales data for November is due Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index rose 1.5 percent.
* The MSCI All-Country World Index added 0.1 percent
* The MSCI Emerging Market Index rose 0.2 percent.
* The Nikkei-225 Stock Average slipped 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro fell 0.3 percent to $1.1323.
* The Japanese yen was little changed at 113.38 per dollar.
* The British pound fell 0.6 percent to $1.2491.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.87 percent.
* Germany’s 10-year yield fell one basis point to 0.23 percent.
* Britain’s 10-year yield fell one basis point to 1.18 percent.
Commodities
* The Bloomberg Commodity Index fell 0.1 percent.
* West Texas Intermediate crude rose 1.4 percent to $51.70 a barrel.
* Gold slipped 0.1 percent to $1,243.12 an ounce.
–With assistance from Andreea Papuc, Christopher Anstey, Todd White, Lu Wang and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

Never let the fear of striking out get in your way.
      -George Herman Ruth “Babe”, 1895-1948

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:
December 10, 1896: Alfred Nobel d.

This evening in Stockholm, Nobel laureates will feast on a banquet with Swedish royalty after receiving their Nobel Prizes. It’s one of many traditions associated with the 117-year-old honors.

But another — in which laureates are awakened at the Grand Hotel Stockholm by young women in white carrying candles — may be fading into history.

The chemistry Nobel laureate William Knowles and his wife, Nancy, receiving the Queen of Lights in 2001.  Bertil Ericson/Associated Press

The ceremony reflects a Swedish custom honoring St. Lucia, who represents the triumph of light over darkness.

But a manager at the hotel said that the tradition would not continue this year “due to fire risk” in the laureates’ rooms. A version will still take place in the lobby and in one of the hotel’s restaurants.

Not every Nobel laureate enjoyed the wake-up call.

When women wearing white came to the American novelist Saul Bellow in 1976, for example, he was irritated.

“I scowled, and then my face formed the smile which is obligatory on such occasions,” he later told a biographer. -from The New York Times, December 10, 2018

PHOTOS OF THE DAY

Police look at a burnt car in Beaubourg street in Paris, on Sunday, a day after a “yellow vest” protests as part of a fourth weekend of nationwide protests in France. Credit: Eric Feferberg/AFP/Getty Images

A pram inside an abandoned home in Northern Ireland. These haunting images capture abandoned homes across Northern Ireland – complete with old prams, uneaten food tins, toys and dusty wedding photographs. Captured by an urban explorer known as Unseen Decay they show rural houses that have been empty for up to 30 years. Atmospheric images show old wooden beds still with the sheets on, wardrobe full of clothes, birthday cards and religious texts. Credit: Unseen Decay/Mercury Press

Participants make their way in the 9^th Edition of the Nautic SUP Paris Crossing stand up paddle competition on the river Seine in Paris, France. Credit: Reuters/Gonzalo Fuentes
Market Closes for December 10^th, 2018

Market Index	Close	Change
Dow Jones	24423.26	+34.31   +0.14%
S&P 500	2637.72	+4.64   +0.18%
NASDAQ	7020.520	+51.268   +0.74%
TSX	14728.28	-66.85
		-0.45%

International Markets

Market Index	Close	Change
NIKKEI	21219.50	-459.18
		-2.12%
HANG SENG	25752.38	-311.38
		-1.19%
SENSEX	34959.72	-713.53
		-2.00%
FTSE 100*	6721.54	-56.57
		-0.83%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.056		2.072
CND. 30 Year Bond		2.214		2.234
U.S.    10 Year Bond		2.8557		2.8450
U.S. 30 Year Bond		3.1309		3.1403

Currencies

BOC Close	Today	Previous
Canadian $	0.74636	0.75054
US $	1.33984	1.33238
Euro Rate 1 Euro=		Inverse
Canadian $	1.52136	0.65728
US $	1.13544	0.88072

Commodities

Gold	Close	Previous
London Gold Fix	1243.30	1242.55
Oil
WTI Crude Future	51.00	52.61

Market Commentary:
On this day in 1984, Stanford professors Sandy Lerner and Leonard Bosack founded Cisco Systems to make improved network-switching equipment. The company went public in 1990, with shares peaking at $80.06 in March 2000 before tumbling alongside other tech stocks. The stock closed Friday at $46.44, giving Cisco a market value of about $210 billion. 
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks clawed back from their session low, as the U.S. market advanced on a technology rally.
     The S&P/Toronto Stock Exchange Composite Index closed lower by 0.5 percent after an intraday decline of 1.3 percent. Auto parts and energy were the worst performing sectors.
     Auto-parts makers continue to lag as U.S.-China trade tension and demand concern weigh on the sector. The suppliers and automakers will get some relief if tariff rhetoric abates or a firm truce is achieved in 2019, according to Bloomberg Intelligence analyst Kevin Tynan. “Talk of tariffs driving input costs higher, which weighed heavily in 2018, may abate as global new-vehicle demand is late-cycle enough to be acutely susceptible to external macroeconomic shocks in key regions,” Tynan said.
     The energy sector took a beating as oil prices fell to their worst in two weeks due to growing doubts about whether OPEC and its allies can deliver enough output cuts to offset oversupply. Telecommunication stocks also closed lower today amid concern over equipment supplied by Huawei Technologies Co.
Stocks
* Aphria Inc. gained 8.7 percent, erasing Friday’s loss. 
* Badger Daylighting Ltd. rose 7.1 percent after saying David Calnan is resigning from the board. 
* Shopify Inc. climbed 4.2 percent, along with the broader tech sector.
* Goldcorp Inc. was among the best performing gold miners, up 2.9 percent, even as gold fell. The miners got a boost as geopolitical tensions and volatility in equity markets bolstered haven demand prospects.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold futures fell 0.25 percent to $1,249.50 an ounce
FX/Bonds
* The Canadian dollar dropped 0.6 percent to C$1.3406 per U.S. dollar, as of 4:12 pm
* The Canada 10-year government bond yield dropped 2.0 basis points to 2.056 percent
US
By Sarah Ponczek and Brendan Walsh
     (Bloomberg) — Gut-wrenching volatility extended into a 12th week Monday as U.S. equities plunged and recovered, with the Dow Jones Industrial Average reversing a 508-point decline as tech shares bounced.
     Major U.S. indexes finished in the green, buoyed by rallies in Facebook Inc. and Microsoft Corp. The pound tumbled as traders took a grim view of the outlook for the U.K. after Theresa May delayed a crucial Brexit vote. The dollar jumped and oil dropped.
     Investors found an excuse to buy the dip Monday after the S&P 500 fell to the lowest intraday level since April, continuing a volatile period for U.S. equities. Traders may need to steel themselves for the possibility of the U.K. leaving the European Union without a deal, another worry amid already fragile sentiment in financial markets and lingering trade-war fears.
     But for now, traders were happy to buy shares of the biggest tech companies. “Tech is running this market; it’s unbelievable,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter, said in an interview.
     U.K. Prime Minister May postponed a key parliamentary Brexit vote rather than risk a bruising defeat, and wouldn’t commit to a new date for a vote. The EU Court of Justice said that Britain could unilaterally choose to change tack and stay in the union, while European Council President Donald Tusk made clear the deal would not be renegotiated.
     Auto companies led the retreat in the Stoxx Europe 600 Index as concern about the strength of China’s economy lingered.
     Elsewhere, Asian stocks fell. India’s rupee weakened as exit polls showed Prime Minister Narendra Modi’s party was set for tight electoral contests in key states and as the central bank governor, Urjit Patel, resigned. Oil erased some of Friday’s rally triggered by OPEC and its allies agreeing on production cuts. Emerging-market shares and currencies fell.
Here are some key events on the calendar this week:
* The European Central Bank is set to cap asset purchases at its final policy meeting of 2018 on Thursday. 
* China industrial production, retail sales data for November is due Friday. 
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index declined 1.9 percent.
* The MSCI All-Country World Index dipped 0.8 percent with its fifth consecutive decline.
* The MSCI Emerging Market Index fell 2 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.5 percent.
* The euro fell 0.2 percent to $1.1354.
* The Japanese yen decreased 0.5 percent to 113.26 per dollar.
* The British pound sank 1.3 percent to $1.2562, the weakest in almost 20 months.
* The MSCI Emerging Markets Currency Index sank 0.8 percent, the most in two months.
Bonds
* The yield on 10-year Treasuries was little changed at 2.85 percent.
* Germany’s 10-year yield was little changed at 0.24 percent.
* Britain’s 10-year yield declined seven basis points to 1.19 percent, the lowest in 16 weeks.
Commodities
* West Texas Intermediate tumbled fell 3.3 percent to $50.89 a barrel.
* Copper slipped 1.3 percent to $2.725 a pound.
* Gold dipped 0.4 percent to $1,244.05 an ounce.
–With assistance from Haidi Lun, Shery Ahn, Cormac Mullen, Adam Haigh, Eddie van der Walt and Christopher Anstey.

Have a great night.

Be magnificent!

As ever,

Carolann

I hold it to be a proof of great prudence for men to abstain from threats and insulting words toward anyone, for neither diminishes the strength of the enemy.
-Niccolò Machiavelli, 1469-1527

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!

1941~ Japanese attack Pearl Harbour.

ICYMI
A special World War II spy

You may have read that the Bank of England is looking for a new face for its 50-pound note (worth about $65).

There have been many suggestions: the former prime minister Margaret Thatcher, the mathematician Alan Turing and the physicist Stephen Hawking.

Noor Inayat Khan in an undated photograph.  Hidayat Inayat-Khan, via Soefi Museum

One lesser-known name caught our attention: Noor Inayat Khan, who spied for Britain during World War II.

Ms. Khan wasn’t what one would expect of a British spy. She was born a princess to Indian royalty, and she was a musician and a writer. But she spoke French and had excellent radio skills. She became the first female radio operator sent by Britain into occupied France.

She did the work of six radio operators, moving constantly and dyeing her hair blond to avoid detection. Her work became crucial to the war effort.

Ms. Khan never made it home; she was captured and executed at the Dachau concentration camp in 1944. She was 30.

Read more about her here. –The New York Times, December 7, 2018.

PHOTOS OF THE DAY

A rare orphaned wildcat kitten has been rescued after it preyed upon an Aberdeenshire farmer’s chickens to survive, Scotland, UK. Credit Steve Piper

Hikers walk along the Skaftafellsjokul Glacier in Southern Iceland. Credit: Owen Humphreys/PA Wire

Pictures have revealed the extraordinary trails stars make in the night sky as the earth rotates. The surreal-looking circular patterns in the sky above a lighthouse, windmill and statues. Other spectacular shots show the stars blazing their way past a wooden lodge, above a church during the aurora and streaming around a forest. The remarkable photographs were taken in Ukraine, Nepal and Iceland by travel photograph Yehven Samuchenko from Odessa, Ukraine. Credit: Mediadumimages/Yehven Samuchenko
Market Closes for December 7^th, 2018

Market Index	Close	Change
Dow Jones	24388.95	-428.78   -1.72%
S&P 500	2633.08	-26.74   -0.99%
NASDAQ	6969.254	-219.004   -3.05%
TSX	14795.13	-141.87
		-0.95%

International Markets

Market Index	Close	Change
NIKKEI	21678.68	+177.06
		+0.82%
HANG SENG	26063.76	-92.62
		-0.35%
SENSEX	35673.25	+361.12
		+1.02%
FTSE 100*	6778.11	+101.82
		+1.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.072		2.090
CND. 30 Year Bond		2.234		2.235
U.S.    10 Year Bond		2.8450		2.8955
U.S. 30 Year Bond		3.1403		3.1624

Currencies

BOC Close	Today	Previous
Canadian $	0.75054	0.74706
US $	1.33238	1.33857
Euro Rate 1 Euro=		Inverse
Canadian $	1.51743	0.65901
US $	1.13889	0.87805

Commodities

Gold	Close	Previous
London Gold Fix	1242.55	1235.90
Oil
WTI Crude Future	52.61	51.49

Market Commentary:
On this day in 1999, Yahoo was added to the S&P 500, sending the stock surging 32% in a single week.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks ended lower Friday with the S&P/Toronto Stock Exchange Composite Index down just under 1 percent. The index lost 2.65 percent this week. Consumer discretionary and information technology led Friday’s decline.
     In the U.S., the S&P 500 fell 2.3% to cap worst week since March.
     The Cannabis sector climbed Friday morning after Altria Group Inc. agreed to buy a minority stake in Cronos Group Inc., the fourth-largest Canadian cannabis producer by market value. Pot stocks had been poised for their worst weekly loss in six weeks as of Thursday’s close.
     Energy stocks lost a bit of their early rally, despite OPEC agreeing to a larger than expected production cut. The S&P/TSX energy index ended the day up 0.1 percent.
     Huawei Technologies Co. was back on the radar after a lawyer representing Canada said during a bail hearing earlier today that Chief Financial Officer Meng Wanzhou is being prosecuted for fraud.
Stocks
* DiaMedica Therapeutics dropped 50% after its IPO
* Cardinal Energy fell 8.1% after cutting its dividend 
* Shopify fell 6.9% 
* National Access Cannabis surged 16.7% after its sales and corporate update
* Cronos Group gained 22% after a deal with Altria Group 
Commodities
* Western Canada Select crude oil traded at a $15 discount to WTI
* Gold gained 0.7 percent to $1,246.80 an ounce
FX/Bonds
* The Canadian dollar fell 0.5 percent to C$1.33 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 2.07%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks plunged, with technology shares again bearing the worst of the selling as the Trump administration pressed its trade war with China and the latest batch of economic data added to concern that growth has peaked.
     Oil surged after OPEC agreed to cut output. The S&P 500 tumbled more than 50 points and is on course for a weekly rout of 4.4 percent, which would be the worse on a closing basis since March. Stocks fell to session lows after breaching the 2,650 level that had stopped earlier declines.
     Trade remained in focus, with investors monitoring a court appearance by a Huawei executive whose arrest was seen as a blow to the China-U.S. trade truce. The Federal Reserve’s Lael Brainard struck a hawkish tone in comments at a conference.
     Netflix, Amazon and Alphabet sank at least 2.5 percent to lead losses among megacap tech shares.Nvidia and Advanced Micro Devise tumbled more than 6 percent as chipmakers cratered.Energy shares were the only S&P 500 group to rise after the OPEC deal. Interest-rate futures put the probability of a Federal Reserve rate increase at its Dec. 18-19 meeting above 70 percent
     Stocks had opened higher after the November jobs report showed moderation in the labor market, giving succor to proponents for a slower pace of Fed interest-rate increases. Treasuries fluctuated on the data before settling higher as risk aversion increased. The dollar remained lower.
     “After coming off craziness yesterday, it’s really a time to look ahead,” said Joe “JJ” Kinahan, chief market strategist at TD Ameritrade. “I still fear the last half hour or so only because any weakness in the last half hour and you could see some selling into the close as people want to take off risk into the weekend.”
     U.S. payrolls and wages rose by less than forecast in November while the unemployment rate held at the lowest in almost five decades. The report comes with financial markets on edge over whether Fed Chair Jerome Powell is closer to pausing.
     Market-implied U.S. rate expectations have been sinking amid the tumult in equities, but hawkish views still exist among Fed officials, including Powell. He delivered a bullish assessment of the U.S. economy and the job market Thursday night.
     “It was a Goldilocks report,” said Alec Young, managing director of global markets research at FTSE Russell. “Weak enough to convince investors the Fed can slow their tightening, but strong enough not to get people more worried about a recession.”
     Away from jobs and rates, markets have are closely watching developments in the U.S. trade war with China. Trump tweeted Friday that talks are “going very well,” though he supplied no details.
     In Europe, stocks rebounded from the worst day in more than two years, while Asian shares posted modest gains as investors sought to end a bruising week on a more upbeat note. Italian debt climbed as European bonds largely drifted. The pound was steady as U.K. Prime Minister Theresa May was said to be weighing a plan to postpone the vote on her Brexit deal.
     Oil rallied after OPEC broke an impasse over production curbs, agreeing on a larger-than-expected cut with allies after two days of fractious negotiations in Vienna. The cartel and its partners agreed to remove 1.2 million barrels a day from the market, with OPEC itself shouldering 800,000 barrels of the burden. Cryptocurrencies continued their slide with a fresh bout of losses after U.S. regulators dashed hopes that a Bitcoin exchange-traded fund would appear before the end of this year.
These are the main moves in markets:
Stocks
* The S&P 500 fell 2.2 percent as of 2:04 p.m. in New York, while the Dow Jones Industrial Average slumped 2.2 percent and the Nasdaq Composite Index erased 2.7 percent.
* The Stoxx Europe 600 rose 0.8 percent. 
* The U.K.’s FTSE 100 rallied 1.4 percent.
* Germany’s DAX Index gained less than 0.1 percent.
* The MSCI Emerging Market Index climbed 0.4 percent.
* The MSCI Asia Pacific Index increased 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent. 
* The euro gained 0.2 percent to $1.1392.
* The British pound weakened less than 0.2 percent to $1.2751.
* The Japanese yen gained less than 0.1 percent to 112.65 per dollar.
Bonds
* The yield on benchmark 10-year Treasuries dropped one basis point to 2.88 percent. The three-year note yield fell one basis point to 2.75 percent as the yield on the five-year note dropped two basis points to 2.73 percent.
* Germany’s 10-year yield rose two basis points to 0.25 percent.
Commodities
* West Texas Intermediate crude jumped 4.2 percent to $53.63 a barrel. 
* Gold rose 0.7 percent at $1,246 an ounce.
* LME copper climbed 1.1 percent to $6,136 per metric ton, the first increase in four days.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Life is what happens to you while you’re busy making other plans.
                                                 -John W. Lennon, 1940-1980

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: St. Nicholas Day, Europe.

December 6, 1865: 13^th Amendment ratified; slavery abolished.
Whenever I hear anyone arguing for slavery, I fell a strong impulse to see it tried on him personally. -Abraham Lincoln.

Pantone has chosen ‘Living Coral’ as the 2019 color of the year
Good, we need some more brightness in our lives.  –CNN.

BEHIND THE SCENES:  for a fascinating peek behind the scenes of a world-renowned performance hall, take a look at the Royal Opera House’s YouTube channel.  Showcasing livestreamed ballet rehearsals, insights into choreography, and lessons on the history of costuming, the channel reveals the background activities that keep the ROH’s wheels turning.  Also on offer are highlight reels of famous performances and trailers and showtimes for upcoming performances.  See www.youtube.com/user/RoyalOperaHouse. –CSM.
PHOTOS OF THE DAY

English Heritage employee Kate Maughan-Brown enjoys ‘Enchanted’ at Brodsworth Hall near Doncaster, which is one of the houses and castles across the country being opened-up after dark by English Heritage as part of their ‘Enchanted’ events season. Brodsworth Hall is one of the most complete surviving examples of a Victorian country house. Credit: Danny Lawson/PA

The sun is about to rise over the buildings of the banking district in Frankfurt, Germany. Credit: AP Photo/Michael Probst

The Open Siberia Snowkiting Cup 2018, which was held in Novosibirsk, on the Obsk sea, on the Boomerang beach – Hundreds of snow-kiters and winter windsurfers have faced -25 temperatures while showcasing their epic skills on the slopes. Ilnar Salakhiev, 43, attended the Open Siberia Snowkiting Cup 2018 which started on November 27 and had more than 100 participants. Credit: Ilnar Salakhiev/Caters News
Market Closes for December 6^th, 2018

Market Index	Close	Change
Dow Jones	24947.67	-79.40   -0.32%
S&P 500	2695.95	-4.11   -0.15%
NASDAQ	7188.258	+29.832   +0.42%
TSX	14937.00	-245.63
		-1.62%

International Markets

Market Index	Close	Change
NIKKEI	21501.62	-417.71
		-1.91%
HANG SENG	26156.38	-663.30
		-2.47%
SENSEX	35312.13	-572.28
		-1.59%
FTSE 100*	6704.05	-247.83
		-3.58%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.090		2.133
CND. 30 Year Bond		2.235		2.252
U.S.    10 Year Bond		2.8955		2.9136
U.S. 30 Year Bond		3.1624		3.1727

Currencies

BOC Close	Today	Previous
Canadian $	0.74706	0.74768
US $	1.33857	1.33746
Euro Rate 1 Euro=		Inverse
Canadian $	1.52320	0.65651
US $	1.13772	0.87895

Commodities

Gold	Close	Previous
London Gold Fix	1235.90	1240.30
Oil
WTI Crude Future	51.49	52.89

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks fell Thursday, with the S&P/Toronto Stock Exchange Composite Index losing 1.6 percent. Energy led the drop while health care rebounded.
     Energy stocks took a dive alongside crude oil after OPEC ended talks without a deal on oil production cuts for the first time in nearly five years. Talks will start again tomorrow at 9 a.m. in Vienna, a delegate said.
     Additionally as oil falls and a potential U.S-China trade war threatens the global expansion, investors are fully pricing in just one more increase from the Canadian central bank over the next two years. It would only take a small disappointment — economic growth falling slightly below 2 percent, for example — to eliminate even those chances.
Stocks
* Dollarama plunged 12% after reporting profit that missed estimates
* Detour Gold fell 6.9% ahead of vote on John Paulson’s board-overhaul plan 
* Energy laggards:
** Cenovus Energy -7.7% 
** Baytex Energy -7.4% 
** Pengrowth Energy -7.3% 
** Tamarack Valley Energy -7.2% 
Commodities
* Western Canada Select crude oil traded at a $18.50 discount to WTI
* Gold gained 0.08 percent to $1,238.10 an ounce
FX/Bonds
* The Canadian dollar dropped 0.1 percent to C$1.3373 per U.S. dollar
* The Canada 10-year government bond yield fell 5 basis points to 2.081%
US
By Vildana Hajric and Jeremy Herron
     (Bloomberg) — U.S. equities closed up from the lows of the day after a late rally in large technology stocks helped to propel the Nasdaq 100 higher in what was the biggest reversal for the index since April. 
     The S&P 500 and Dow Jones Industrial Average ended in negative territory. Financial markets remained volatile on bets that the trade truce between China and the U.S. won’t last after the arrest of Huawei’s chief financial officer. Bank shares in the S&P 500 fell as much as 3.9 percent before closing down 1.4 percent, as Treasury yields slid to the lowest since August.
     Helping to ease anxiety were comments from two regional Federal Reserve presidents urging policy caution from the U.S. central bank amid mounting economic uncertainties and recent volatility in financial markets.
     “The biggest qualm is the trade war escalating and this is haunting the markets,” said Naeem Aslam, chief market analyst at Think Markets U.K. in London, in an email. “It is arduous to find bulls in the market and it seems to me that this game is about to become uglier.”
     Oil continued to be a drag on financial markets, with West Texas Intermediate back to $51 a barrel as OPEC ministers seek a deal to cut output. Energy producers in the S&P 500 sank more than 3 percent, and emerging-market equities plunged.
     Traders pointed to a spate of other catalysts for the renewed risk-off tone that’s gripping financial markets. Bank of Japan Governor Haruhiko Kuroda said economic risks from abroad could be severe, and the Fed’s Beige Book report showed fading optimism over growth prospects at U.S. firms even as most districts continued to report a modest expansion. The pound drifted as U.K. Prime Minister Theresa May searched for a compromise to avoid a crushing defeat on her Brexit deal in a key vote in Parliament next week.
     “There are so many forces weighing against markets right now, whether it’s the China slowdown, weak European data, Fed hikes, uncertainty around trade and now Brexit as well,” Bilal Hafeez, head of fixed-income research for EMEA at Nomura, told Bloomberg TV. “We really need to see some stabilization in any of those factors to see markets stabilize now.”
     Whether or not it triggered the slide, Canada’s arrest of the Huawei CFO and reports it may extradite her to the U.S. are a blow to already fragile sentiment, just days after an apparent breakthrough on trade between America and China. The start of the futures session was marred by a sudden and unexpected plunge that sent a shock wave across equity markets.
     “The arrest of the Huawei Technologies CFO gives no confidence that anything the administration came back with after Saturday night’s dinner could possibly be positive,” said Bob Iaccino, chief market strategist at Chicago-based Path Trading Partners, in an email. “This is a huge negative.”
Some of the key events investors will be focused on this week:
* OPEC ministers meet again in Vienna Friday. 
* Friday brings the U.S. monthly employment report for November.
* China November trade data are due on Saturday.
And here are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent as of 4:09 p.m. in New York, while the Dow Jones Industrial Average slumped 0.3 percent and the Nasdaq Composite Index rose 0.4 percent and the Nasdaq 100 climbed 0.6 percent.
* The Stoxx Europe 600 sank 3.1 percent. 
* The MSCI Emerging Market Index slumped 2.3 percent.
* The MSCI Asia Pacific Index fell 1.8 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent. 
* The euro rose 0.3 percent to $1.1380.
* The British pound gained 0.4 percent to $1.2783.
* The Japanese yen strengthened 0.6 percent to 112.50 per dollar.
Bonds
* The yield on benchmark 10-year Treasuries fell four basis points to 2.87 percent. The three-year note yield dropped four basis points to 2.76 percent as the yield on the five-year note eased four basis points to 2.74 percent.
* Germany’s 10-year yield fell four basis points to 0.24 percent.
Commodities
* West Texas Intermediate crude slumped 2.3 percent to $51.68 a barrel. 
* Gold edged 0.1 percent higher to $1,238.27 an ounce.
* LME copper fell 1.7 percent to $6,070 per metric ton, the third straight decline.
–With assistance from Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

We are what we repeatedly do.  Excellence, then, is not an act but a habit.
                                                                  -Aristotle, 384 BC-322 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:
Today’s Birthdays:
1830~ Christine Rosetti
1901~ Walt Disney
1934~ Joan Didion
1946~ Jose Carreras

EXPERIENCE YOSEMITE:
Two filmmakers have created Project Yosemite, a time-lapse video that presents beautiful vistas of the California national park.  Craggy mountains, sweeping forests, and shining bodies of water can be seen in Colin Delehanty and Sheldon Neill’s work.  You can find the footage at www.projectyose.com. –CSM
PHOTOS OF THE DAY

Swans meander along The River Trent as the sun rises over Nottingham, as parts of the UK wake up to sub zero temperatures. Credit: SWNS.COM

Buyers share a joke during the annual Mistletoe and Holly Auctions held at Tenbury Wells, central England. The auctions, which have been held in Tenbury Wells for over 100 years, attract a range of buyers including florists, stately home owners, grocers, market stall holders, hoteliers, garden centres, and members of the public looking to decorate their homes for the Christmas season. Credit: Oli Scarff/AFP/Getty Images

Drone image shows Winchester Cathedral going multi coloured for Christmas. Credit: Chris Gorman/Bigladder
Market Closes for December 5^th, 2018

Market Index	Close	Change
Dow Jones	25027.07	Closed
S&P 500	2700.06	Closed
NASDAQ	7158.426	Closed
TSX	15176.96	+113.37
		+0.75%

International Markets

Market Index	Close	Change
NIKKEI	21919.33	-116.72
		-0.53%
HANG SENG	26819.68	-440.76
		-1.62%
SENSEX	35884.41	-249.90
		-0.69%
FTSE 100*	6921.84	-100.92
		-1.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.133		2.171
CND. 30 Year Bond		2.252		2.262
U.S.    10 Year Bond		2.9136		2.9136
U.S. 30 Year Bond		3.1727		3.1727

Currencies

BOC Close	Today	Previous
Canadian $	0.74768	0.75414
US $	1.33746	1.32602
Euro Rate 1 Euro=		Inverse
Canadian $	1.51775	0.65887
US $	1.13480	0.88122

Commodities

Gold	Close	Previous
London Gold Fix	1240.30	1230.30
Oil
WTI Crude Future	52.89	53.25

Market Commentary:
The stock market is a device for transferring money from the impatient to the patient. -Warren Buffett.
Canada
Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.8 percent at 15,182.64 in Toronto. The move follows the previous session’s decrease of 1.4 percent. Suncor Energy Inc. contributed the most to the index gain, increasing 3.3 percent. Cominar Real Estate Investment Trust had the largest increase, rising 5.5 percent. Today, 147 of 245 shares rose, while 87 fell; 9 of 11 sectors were higher, led by energy stocks.
US
US markets closed for a day of mourning for George H.W. Bush.

International Markets Commentary:
By Samuel Potter
     (Bloomberg) — European and Asian stocks dropped on Wednesday following the rout on Wall Street, though declines were contained and U.S. equity futures rose after China pledged to start delivering on trade agreements reached with America.
     The pound gained as traders weighed the latest on Brexit. Global markets were left reeling following Tuesday’s steep sell-off in New York, but nerves appeared to steady after China’s Commerce Ministry said Beijing will start to quickly implement specific items where there’s consensus with the U.S. and will push forward on trade negotiations within the 90-day “timetable and road map.” While the Stoxx Europe 600 Index slumped 1.2 percent, that was far less than the 3.2 percent plunge recorded by the S&P 500 a day earlier. Futures for America’s benchmark gauge advanced, though the U.S. market is closed on Wednesday to mark the death of President George H. W. Bush.
     Stocks fell in Japan, Korea, Australia and Hong Kong, and China’s yuan gave up some of its recent surge. The pound edged higher as investors digested legal advice over Prime Minister Theresa May’s Brexit deal, which confirmed that the so-called customs backstop — the insurance mechanism that kicks in if the Irish border issue cannot be resolved — could remain “indefinitely.” Benchmark German bunds rose before reversing, while Italian bonds jumped on mounting optimism for a positive end to the country’s budget spat with the EU.
     The break in trading in the U.S. offers respite to investors after a roller coaster few days, and a chance to reassess what might be behind the latest bout of selling. From the trade war to flattening Treasury yield curve there’s no shortage of culprits, but the underlying narrative appears to be mounting concern that the global growth picture is not as robust as it seems.
     China’s announcement, another twist in the trade war saga, was a dose of positive news. It ended days of silence from the Asian nation following a weekend meeting between Presidents Donald Trump and Xi Jinping. Upbeat statements from Trump had not been immediately matched by Beijing, helping fuel the equity tumult.
     Elsewhere, Australia’s dollar slid after weaker-than- anticipated economic growth for the third quarter. West Texas oil prices were little changed around $53 a barrel as traders await this week’s critical OPEC gathering. Bitcoin extends losses, dropping as much as 5.9 percent.
Some of the key events investors will be focused on this week:
* U.S. financial markets are closed Wednesday for a national day
of mourning to honor former President George H.W. Bush. Fed Chairman Jerome Powell’s testimony to Congress scheduled for Wednesday has been canceled.
* Friday brings the U.S. monthly employment report for November.
* China November trade data are due on Saturday.
And here are the main moves in markets:
Stocks
* Futures on the S&P 500 Index gained 0.6 percent.
* The Stoxx Europe 600 Index sank 1.2 percent to the lowest in more than a week on the biggest tumble in six weeks.
* The U.K.’s FTSE 100 Index sank 1.4 percent to the lowest in more than eight months on the largest tumble in almost eight weeks.
* Germany’s DAX Index decreased 1.2 percent to the lowest in more than a week on the biggest dip in more than two weeks.
* The MSCI Asia Pacific Index decreased 1.1 percent to the lowest in a week on the largest dip in more than two weeks.
* The MSCI Emerging Market Index decreased 1.3 percent, the biggest dip in more than two weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest in more than a week.
* The euro gained 0.1 percent to $1.1352.
* The British pound climbed 0.01 percent to $1.2730, the first advance in a week.
* The Japanese yen declined 0.3 percent to 113.13 per dollar, the biggest drop in more than a week.
Bonds
* Germany’s 10-year yield gained one basis point to 0.28 percent, the first advance in a week and the biggest rise in more than a week.
* Britain’s 10-year yield jumped three basis points to 1.316 percent, the first advance in more than a week and the largest surge in almost three weeks.
* The spread of Italy’s 10-year bonds over Germany’s decreased 11 basis points to 2.7832 percentage points to the smallest premium in almost 10 weeks.
Commodities
* West Texas Intermediate crude was little changed at $53.11 a barrel, after reaching the highest in two weeks.
* Gold was little changed at $1,238 an ounce.
–With assistance from Cormac Mullen and Adam Haigh.

Have a great night.

Be magnificent!

As ever,

True originality consists not in a new manner but in a new vision.
                                                -Edith Wharton, 1862-1937

Carolann 

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:
December 4, 1980 – The rock group Led Zeppelin announced it was disbanding after the death in September of drummer John Bonham.

See:  All the Vermeers in the world.  A new app, from the Mauritshuis museum in the Netherlands and Google, provides a virtual gallery of the artist’s works.

DECEMBER ~ “Now the shortest days are on us and darkness descends soon after four o’clock.  I can come in from the garden to the welcome of a warm fire and the prospect of a long peaceful evening spent with all those books which have been accumulating on my table.  Some have inspired me to use more herbs in the kitchen or to experiment with old ideas like using Saponaria leaves and roots as a gentle soap to revitalise old and faded fabrics.  A satisfying occupation when hard frosts make outdoor activities unattractive, but you must have a supply of roots ready dug and handy.  Soapwort reminds me of a hot day in Ethiopia when we came upon a large patch of it growing beside a lake, and sure enough this was where the women did their laundry.”  -from A Countrywoman’s Notes  by Rosemary Verey.
PHOTOS OF THE DAY

Protestors are reflected in a puddle as they wave European flags to demonstrate against Brexit in front of the Parliament in London, UK. Credit: AP Photo/Frank Augstein

Employees of the ProAurum gold house decorate, what they say is Europe’s most expensive Christmas tree made of 2.018 Vienna philharmonic gold coins, valued at 2.3 million euros in Munich, Germany. Credit: The Telegraph

The Shard Celebrates the ‘London Sky’, as western Europe’s highest festive lights display returns, The Shard’s annual festive lights display – Shard Lights – will illuminate the top 20 storeys of the building throughout December. This year’s theme is ‘reflection’ and is inspired by images taken by the general public of The Shard against the ever-changing London sky. Credit: Shard Lights
Market Closes for December 4^th, 2018

Market Index	Close	Change
Dow Jones	25027.07	-799.36   -3.10%
S&P 500	2700.06	-90.31   -3.24%
NASDAQ	7158.426	-283.086   -3.80%
TSX	15063.59	-211.39
		-1.38%

International Markets

Market Index	Close	Change
NIKKEI	22036.05	-538.71
		-2.39%
HANG SENG	27260.44	+78.40
		+0.29%
SENSEX	36134.31	-106.69
		-0.29%
FTSE 100*	7022.76	-27.95
		-0.40%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.171		2.236
CND. 30 Year Bond		2.262		2.353
U.S.    10 Year Bond		2.9136		2.9697
U.S. 30 Year Bond		3.1727		3.2559

Currencies

BOC Close	Today	Previous
Canadian $	0.75414	0.75769
US $	1.32602	1.31980
Euro Rate 1 Euro=		Inverse
Canadian $	1.50396	0.66491
US $	1.13419	0.88168

Commodities

Gold	Close	Previous
London Gold Fix	1230.30	1217.55
Oil
WTI Crude Future	53.25	52.95

Market Commentary:
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite fell 1.4 percent at 15,063.59 in Toronto. The move was the biggest since falling 2.5 percent on Oct. 24 and follows the previous session’s increase of 0.5 percent.
     Today, financials stocks led the market lower, as 9 of 11 sectors lost; 183 of 245 shares fell, while 56 rose. Canadian National Railway Co. contributed the most to the index decline, decreasing 3.5 percent. Aphria Inc. had the largest drop, falling 21.2 percent.
Commodities
* Western Canada Select crude oil traded at a $22.50 discount to WTI
* Gold rose to $1,230.30 an ounce
FX/Bonds
* The Canadian dollar dropped to C$1.32602 per U.S. dollar
* The Canada 10-year government bond yield dropped to 2.171 percent
US
By Sarah Ponczek, Vildana Hajric and Luke Kawa
     (Bloomberg) — U.S. stocks plunged, with the Dow Jones Industrial Average tumbling almost 800 points, as a litany of concerns wiped out the rally.
     Trade-sensitive shares sank as angst mounted that the U.S. and China made no meaningful progress on the trade front this weekend. Financial shares got hammered as the yield curve continued to flatten, with the latest nudge from a hawkish comment by a Federal Reserve official.
     Losses accelerated and trading volumes in S&P 500 futures spiked after contracts for broke below their 200-day moving average. Adding to the risk aversion was news that U.K. Prime Minister Theresa May’s push to avoid a so-called “hard Brexit” may be at risk.
     “Today’s move feels like the market is a scorned lover. It had believed, for whatever reason, that progress was being made at the G-20 and that turns out to be murky — it feels lied to,” said Michael Antonelli, a managing director at Robert W Baird & Co. “Then a pile of negative Brexit news, Williams starts to ramp up hawkish talk, then we have our yield curve acting like it got run over and boom, we puke.”
     Major movers in U.S. stocks: Square plunged 12 percent as
 investors ditched stocks that had led the latest rally to all- time highs.  Banks were the worst performing sector in the S&P 500, led by declines in Bank of America, JPMorgan and Wells Fargo UPS and FedEx tumbled, making the Dow Jones Transportation Average Index one of the worst performing major U.S. indexes, amid concern about increasing competition from Amazon Air President Donald Trump suggested Tuesday that he could extend a 90-day truce in his trade war with China, while his top White House economic adviser backtracked from the president’s announcement that Beijing had agreed to reduce tariffs on U.S.- made cars. The developments again called into question the extent of a trade agreement the White House said Trump had struck with Chinese President Xi Jinping over dinner at the Group of 20 summit on Saturday.
     “Yes, there is a halt in tariffs,” said Delores Rubin, senior equities trader at Deutsche Bank Wealth Management. But “we haven’t resolved anything yet.” In the Treasury market, all eyes remain on the yield curve after three-year yields climbed above those of their five-year peers on Monday, potentially foreshadowing the end of the Fed’s tightening campaign. The more closely watched part of the curve — the gap between two-year and 10-year yields — remains upwardly sloped.
     Traders are even starting to bet that the Fed will cut interest rates as soon as 2020. The swaps market has moved up the timing for when it sees the hiking cycle peaking, toward the end of 2019 or early 2020, a period when the Fed’s own projections indicate tightening will still be under way. Swaps indicate about 5 basis points of a cut priced in by mid-2020.
     “Any breakthroughs on trade also brings the Fed back into the picture,” Dan Skelly, Morgan Stanley equity model portfolio solutions head, said on Bloomberg TV. “If you look at the market the last week or so you saw the market pop on both the dovish Fed — or a perceived dovish Fed, if you will — as well as the trade headlines. And it’s hard to have both, in our opinion. And so these positive updates potentially on trade just bring the Fed back even faster.”
Here are some of the key events investors will be watching this week:
* U.S. financial markets are set to close Wednesday for a national day of mourning to honor former President George H.W. Bush. Fed Chairman Jerome Powell’s testimony to Congress scheduled for Wednesday has been canceled.
* Friday brings the U.S. monthly employment report for November.
* China November trade data are due on Saturday.
And these are the main moves in markets:
Stocks
* The S&P 500 fell 3.2 percent to 2,700.06 as of 4:06 p.m. in New York, while the Dow Jones Industrial Average dropped 3.1 percent to 25,027.07 and the Nasdaq Composite Index eased 3.8 percent to 7,158.43.
* The Stoxx Europe 600 eased 0.8 percent. 
* The U.K.’s FTSE 100 slumped 0.6 percent. 
* Germany’s DAX Index fell 1.1 percent.
* The MSCI Emerging Market Index eased 0.5 percent.
* The MSCI Asia Pacific Index fell 0.9 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed. 
* The euro fell 0.1 percent to $1.1341.
* The British pound fell 0.1 percent to $1.2713.
* The Japanese yen rose 0.8 percent to 112.77 per dollar.
Bonds
* The yield on 30-year bond tumbled nine basis points to 3.17 percent, while yields on five-year notes dropped three basis points to 2.79 percent, or a basis point lower than on two-year notes.
* Germany’s 10-year yield fell four basis points to 0.26 percent.
Commodities
* West Texas Intermediate crude rose 0.3 percent to $52.81 a barrel
* Gold rose 0.7 percent at $1,238 an ounce.
* LME copper fell 1.4 percent to $6,209 per metric ton. 
–With assistance from Liz Capo McCormick.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

The journey of a thousand miles begins with a single step.
                                     -Lao Tzu, 6^th century 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:  Happy Hanukkah to all who are celebrating!

1891 – Basketball created
1935 – Woody Allen b.
1940, Richard Pryor b.
1945 – Bette Midler b.
1955 – Rosa Parks arrested.
1967 Surgeons in Cape Town, South Africa, led by Dr. Christiaan Barnard performed the first human heart transplant.

How to make God laugh: Tell Him your future plans. -Woody Allen

UNUSUAL VEGETABLE SOURCE:
Those behind La Caverne got creative when they discovered there was an unused parking garage in Paris – they decided to set up an urban farm.  La Caverne grows, mushrooms, endives, and microgreens.  Check out www.instagram.com/lacavern_urbanfarm to see the farmers at work and some of the products that are being grown where cars were once parked.

A celebrity wedding venue in India

The actress Priyanka Chopra and the singer Nick Jonas tied the knot this weekend in the northern Indian city of Jodhpur (where your Back Story writer was born).

Among the many dazzling details of the closely watched wedding was the venue: the Umaid Bhawan Palace.

The Umaid Bhawan Palace, in northern India.  Strdel/Agence France-Presse — Getty Images 

Named after one of Jodhpur’s kings, Maharajah Umaid Singh, the grandiose sandstone structure took 15 years to build and was completed in 1943. Peacocks strut around its surrounding manicured gardens. Intricately carved pillars hold up its dome.

But perhaps most remarkable is its noble origin story. It is said that the palace was built as a mass relief program, employing thousands of local residents when the city was hit by a crippling drought.

After the Indian government ceased to recognize Indian royalty in 1971, the palace was split into three parts: the royal residence where Mr. Singh’s grandson now lives, a luxury hotel and a museum. From The New York Times, December 3, 2018

PHOTOS OF THE DAY

A local fisherman sit atop stilts as they wait to catch fish in Ahangama, Sri Lanka. Credit: Buddhika Weerasinghe/Getty Images

Fire breather Rob Sim demonstrates his art as part of a weekend of festivities in Victorian theme at the former residence of Queen Victoria at Osborne House, Isle of Wight. Credit: Russell Sach for The Telegraph

People dressed as Santa Claus take part in the 9^th edition of the Santa Claus ‘Papa Noel’ rally in Turin, Italy. Credit: Marco Bertorello/AFP/Getty Images
Market Closes for December 3^rd, 2018

Market Index	Close	Change
Dow Jones	25826.43	+287.97   +1.13%
S&P 500	2790.37	+30.20   +1.09%
NASDAQ	7441.512	+110.975   +1.51%
TSX	15274.98	+77.16
		+0.51%

International Markets

Market Index	Close	Change
NIKKEI	22574.76	+223.70
		+1.00%
HANG SENG	27182.04	+675.29
		+2.55%
SENSEX	36241.00	+46.70
		+0.13%
FTSE 100*	7062.41	+82.71
		+1.18%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.236		2.270
CND. 30 Year Bond		2.353		2.393
U.S.    10 Year Bond		2.9697		2.9933
U.S. 30 Year Bond		3.2559		3.2933

Currencies

BOC Close	Today	Previous
Canadian $	0.75769	0.75220
US $	1.31980	1.32944
Euro Rate 1 Euro=		Inverse
Canadian $	1.49844	0.66736
US $	1.13549	0.88068

Commodities

Gold	Close	Previous
London Gold Fix	1217.55	1226.25
Oil
WTI Crude Future	52.95	50.93

Market Commentary:
Microsoft eclipsed Apple as the largest U.S. company by market value for the first time since 2003. Microsoft closed Friday with a market cap of $851.36 billion, nearly $4 billion higher than the iPhone maker.
On this day in 1777, the U.S. borrowed money from a foreign government for the first time. The Continental Congress authorized Benjamin Franklin and Silas Deane, the American commissioners to France, to obtain a loan of 2 million pounds from the French monarchy.
Canada
By Janine Wolf
     (Bloomberg) — Canadian stocks opened mostly higher Monday, with the S&P/Toronto Stock Exchange Composite Index gaining 0.4 percent. Energy and materials stocks led the rise, while health care stocks were among the biggest decliners.
     The energy sector advanced 1.7 percent as of 10:27 a.m. in Toronto, with 83 percent of its members gaining. Large cap oil producers, including Canadian Natural Resources and Cenovus Energy, are poised to benefit from Alberta ordering an unprecedented output cut. On the downside, the news is seen as a negative for those with downstream operations including Suncor Energy, according to analysts.
     Pot stocks led among the decliners, after Aphria Inc., one of Canada’s biggest cannabis companies, was attacked as a short call by Quintessential Capital Management founder Gabriel Grego. In a conference in New York on Monday, he said the company has diverted about half of its net assets into inflated investments held by insiders. He added that Aphria is a “black hole,” according to a report he ran in conjunction with Hindenburg Research, a forensic analysis firm based in New York.
Stocks
* Energy companies jump on Alberta’s output cut order:
** Canadian Natural Resources gained as much as 16 percent, its biggest intraday gain in 10 years
** Crescent Point Energy gains 10 percent
** Whitecap Resources climbs 16 percent, biggest gain in 8 years
** Tamarack Valley Energy gains 11 percent, most since December
** Cenovus Energy gains as much as 13 percent in biggest intraday gain on record
* Aphria Inc. plummeted 27.5 percent on being called a “black hole” by the short-seller who targeted Folli Follie
** Aurora Cannabis Inc., Canopy Growth also traded lower
Commodities
* Western Canada Select crude oil traded at a $31.90 discount to WTI
* Gold rose 0.9 percent to $1,231.10 an ounce
FX/Bonds
* The Canadian dollar gained 0.9 percent to C$1.31804 per U.S. dollar
* The Canada 10-year government bond yield rose 1.4 basis points to 2.228 percent
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — Stocks rallied after the U.S. and China declared a truce in their trade war, while the dollar weakened and oil gained. A portion of the U.S. yield curve inverted for the first time in more than a decade.
     The benchmark S&P 500 Index jumped more than 1 percent, building on gains posted during the biggest weekly increase in almost seven years, after leaders of the two countries agreed to hold off on new tariffs and intensify trade talks. European and Asian shares closed higher. The difference between three- and five-year Treasury yields dropped below zero, in what could be the first signal that the market is putting the Federal Reserve on notice that the end of its tightening cycle is approaching.
     Major movers in U.S. stocks: Exxon Mobile, Halliburton and Kinder Morgan led a rise in energy shares, the best performing section in the S&P 500  PepsiCo and Coca-Cola helped weigh down consumer staples “The very positive reaction from stock means that for the time being, investors have put behind them the concern that the tariff war might escalate,” said Donald Selkin, chief market strategist at Newbridge Securities. “On the other hand, there are issues out there which could cause a cooling off of the current optimism.”
     Oil was jolted higher by efforts across the globe to support prices as Saudi Arabia and Russia extended their pact to manage the market and Canada’s largest producing province ordered unprecedented supply cuts. Optimism was dented slightly after Qatar said it was leaving OPEC, just as the group prepares to meet this week.
     The truce between President Donald Trump and President Xi Jinping at the Group of 20 summit in Argentina has gone some way in calming investor fears over the state of global growth after a tumultuous period for risk assets. The U.S. had been scheduled to push ahead on Jan. 1 with increased tariffs on $200 billion worth of Chinese goods. Going forward, investors will assess the prospects for an end-of-year equity rally, while oil traders will continue to focus on any OPEC-related headlines to gauge the likely scale of production cuts.
     “It’s easy to see the trade deal as a half empty — that it’s just a postponement and that they’ll work together but that there really isn’t any kind of resolution,” said Jeff Kleintop, chief global investment strategist at Schwab Center for Financial Research. “But I think you can see it as a half glass full. ”
     Elsewhere, the pound erased a gain as the threat of a vote to bring down British Prime Minister Theresa May’s government looms should Parliament reject her Brexit deal. That raises the stakes even further as lawmakers begin debating her plan this week. China’s yuan climbed with emerging market assets. Gold and copper rallied, as did most other commodities.
Coming Up
* U.S. financial markets are set to close Wednesday for a national day of mourning to honor former President George H.W. Bush. 
* Federal Reserve Chairman Jerome Powell’s testimony to Congress scheduled for Wednesday has been canceled.
* China November trade data is due on Saturday.
These are the main moves in markets:
Stocks
* The S&P 500 gained 1.1 percent to 2,790.36 as of 4:02 p.m. in New York, while the Dow Jones Industrial Average increased 1.1 percent to 25,826.43 and the Nasdaq Composite Index rose 1.5 percent to 7,441.51.
* The Stoxx Europe 600 rose 1 percent. 
* The U.K.’s FTSE 100 rallied 1.2 percent.
* Germany’s DAX Index gained 1.9 percent.
* The MSCI Emerging Market Index climbed 2.2 percent.
* The MSCI Asia Pacific Index increased 2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent. 
* The euro gained 0.2 percent to $1.1342.
* The British pound weakened less than 0.1 percent to $1.2723.
* The Japanese yen weakened less than 0.1 percent to 113.65 per dollar.
Bonds
* The yield on benchmark 10-year Treasuries fell less than one basis point to 2.98 percent. The three-year note yield increased four basis points to 2.84 percent as the yield on the five-year note rose two basis points to 2.83 percent.
* Germany’s 10-year yield fell less than one basis point to 0.31 percent.
Commodities
* West Texas Intermediate crude jumped 4.4 percent to $53.19 a barrel. 
* Gold rose. 0.7 percent at $1,230.62 an ounce, after reaching the highest in a month.
* LME copper climbed 1.6 percent to $6,295 per metric ton, after reaching the highest in almost 10 weeks on the biggest increase in a month. 
–With assistance from Katherine Greifeld.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

If you can’t feed a hundred people, then feed just one.
                           -Mother Teresa, 1910-1997

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!

St. Andrew’s Day

Mark Twain, b. 1835
Winston Churchill, b. 1874
Abbie Hoffman, b. 1936
Ben Stiller, b.1965

1924 – November 30 – Communications – RCA sends First wireless transmission of photographs by radio from London to New York City using the wirephoto technology, invented by Winnipeger William Stephenson; takes 20 to 25 minutes per photo; Stephenson first showed the process was in London December 27, 1922; his work laid laid some of the groundwork for the invention of television. London, England.  Go to article

From The New York Times, November 30, 2018:

Details of the last minutes of a doomed Lion Air flight emerged this week thanks to data from the Boeing jet’s so-called black boxes.

Planes did not always have these data recorders. During the first half of aviation’s history, crashes mostly remained a mystery.

A data recorder retrieved from Lion Air Flight 610, which crashed into the Java Sea a month ago.   Ulet Ifansasti/Getty Images

Enter David Warren, an Australian whose father was killed in an air crash. In the mid-1950s, after helping investigate a plane wreck, he came up with a way to capture information from any plane’s last minutes.

His idea: Embed recording devices that, in case of impact, would cease overwriting old data with new. He prototyped his Flight Memory Unit in 1957.

Flight-data recorders and cockpit voice recorders are now standard, and have helped explain crashes and improve airline safety.

Why are these bright orange units called “black boxes?”

Some think the first one was black, but others point to the term’s meaning in science: a complex entity whose result is known, even if its inner workings are not.

PHOTOS OF THE DAY

The Victorian gothic features of Bradford City Hall are picked out in vivid colours as the building is transformed into a giant canvas for a light show by world-leading 3D projection specialists the Colour Project. Credit: Asadour Guzelian

A dog jumps to catch a flying disk as it plays among ginkgo leaves at Yoyogi park in Tokyo, Japan. Credit: Issei Kato/Reuters

A woman takes pictures on Red Square in front of St Basil’s Cathedral as it snows in Moscow. Credit: Natalia Kolesnikova/AFP
Market Closes for November 30^th, 2018

Market Index	Close	Change
Dow Jones	25538.46	+199.62   +0.79%
S&P 500	2759.98	+22.22   +0.81%
NASDAQ	7330.535	+57.452   +0.79%
TSX	15197.82	+3.78
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	22351.06	+88.46
		+0.40%
HANG SENG	26506.75	+55.72
		+0.21%
SENSEX	36194.30	+23.89
		+0.07%
FTSE 100*	6980.24	-62.52
		-0.89%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.270		2.305
CND. 30 Year Bond		2.393		2.412
U.S.    10 Year Bond		2.9933		3.0298
U.S. 30 Year Bond		3.2933		3.3245

Currencies

BOC Close	Today	Previous
Canadian $	0.75220	0.75329
US $	1.32944	1.32751
Euro Rate 1 Euro=		Inverse
Canadian $	1.50433	0.66470
US $	1.13163	0.88368

Commodities

Gold	Close	Previous
London Gold Fix	1226.25	1213.25
Oil
WTI Crude Future	50.93	51.45

Market Commentary:
On this day in 1988, private-equity firm KKR won the bidding war to do a leveraged buyout of RJR Nabisco for more than $25 billion, generating over $1 billion in fees for Wall Street—and setting the high-water mark for the LBO craze and junk-bond binge of the 1980s.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks eked out a gain for a third day to post their best monthly performance since June as the U.S., Canada and Mexico signed a new trade deal. Meanwhile, U.S. stocks also rose as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.
     The S&P/TSX Composite Index rose 0.02% on Friday, with health stocks at the front of the pack. Financials and energy shares were the sole underperformers. The head of an Aurora Cannabis Inc. unit said in an interview that the companies that will dominate the global cannabis industry are going to emerge within the next two years amid a flurry of mergers and acquisitions.
Stocks
* Galaxy Digital Holdings fell 4.2 percent after GMP analyst Deepak Kaushal downgraded shares to speculative buy from buy.
* TransCanada erased losses to close little changed after reports that the company can resume certain pre-construction activities, including engineering and meeting with stakeholders, for the Keystone XL oil pipeline following a federal court decision; however, the pipeline will get a new supplemental review from the U.S.
* Enbridge got approval to increase its B.C. gas line to maximum pressure. The company sees capacity on 9L2 segment from Station 9 to Huntingdon increasing to 1.4 bcf/d “over the next few days” after Oct. 9 rupture.
Commodities
* Western Canada Select crude oil traded at a $29 discount to WTI
* Gold fell 0.2 percent to $1,221.40 an ounce
FX/Bonds
* The Canadian dollar slipped 0.08 percent to C$1.3293 per U.S. dollar
* The Canada 10-year government bond yield fell 3.3 basis points to 2.268%
US
By Vildana Hajric and Brendan Walsh
     (Bloomberg) — U.S. stocks gained as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.
     The S&P 500 Index posted its largest weekly advance since 2011, helped by a dovish turn from the Federal Reserve. Microsoft capped its best weekly gain since 2015 and finished the five days as the world’s most valuable company, surpassing Apple. Oil’s brief dip below $50 a barrel Friday sent energy producers lower and buoyed airlines. Optimistic trade comments from U.S. and Chinese officials provided support for equities ahead of a Saturday dinner meeting between Donald Trump and Xi Jinping.
     Ten-year Treasury yields resumed their drop toward 3 percent, while the dollar pushed higher. Crude capped its biggest monthly slump in a decade. Emerging-market equities slipped, though Chinese stocks advanced even as data showed the economy remains in a rough patch. The euro weakened with the region’s shares after data showed inflation easing in the region.
     Any sign of a trade truce could tame the greenback’s gains and boost riskier assets including emerging-market currencies and stocks. Trump on Thursday gave conflicting signals on his expectations for reaching a deal with Xi this weekend, as officials work on the contours of an accord that may delay ramping up tariffs on the Asian country in January. Goldman Sachs, however, said an escalation of tensions is the most likely outcome.
     “The market really wants to see a deal with China,” said Peter Mallouk, the co-chief investment officer of Creative Planning, a wealth-management firm with about $36 billion in assets. “If we can get any kind of trade indication in the coming weeks that there was a path to getting a deal done, I think people would be surprised how positively the market would react to that kind of news.”
     The best-case scenario: what the Trump-Xi dinner could yield.
     The first official gauge of China’s economy in November showed manufacturing activity continued to worsen, indicating the authorities will need to keep using stimulus measures as economic growth slows. On Thursday in the U.S., minutes from the Federal Reserve’s last policy meeting showed the central bank preparing for a more flexible path in 2019.
Coming Up
* Trump and Chinese President Xi Jinping will meet at the G-20 summit of world leaders in Argentina that kicked off Friday. Russia’s Vladimir Putin and Saudi Arabia’s Mohammed bin Salman are likely to discuss oil policy. 
* Ford, Fiat Chrysler, other automakers report November U.S. sales on Monday. 
* Fed Chairman Jerome Powell testifies on the economic outlook before Congress’s Joint Economic Committee on Wednesday. 
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8 percent at the close of trade in New York; the gauge gained 4.8 percent this week and 1.8 percent in November.
* The Stoxx Europe 600 Index fell 0.2 percent. 
* The Nikkei-225 Stock Average rose 0.4 percent for its sixth consecutive gain. 
* The MSCI Emerging Market Index decreased 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.4 percent. 
* The euro dipped 0.7 percent to $1.1319. 
* The British pound decreased 0.4 percent to $1.2744. 
* The Japanese yen was little changed at 113.52 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 3.01 percent, the lowest in more than 10 weeks. 
* Germany’s 10-year yield fell one basis point to 0.31 percent, the lowest in more than 14 weeks. 
* Britain’s 10-year yield was little changed at 1.36 percent. 
Commodities
* West Texas Intermediate crude decreased 1.5 percent to $50.68 a barrel. 
* Gold fell 0.2 percent to $1,222.35 an ounce. 
* Copper fell 0.1 percent to $2.7875 a pound.
–With assistance from Adam Haigh, Christopher Anstey and Robert Brand.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Change is inevitable.  Change is constant.
           -Benjamin Disraeli, 1804-1881

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

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

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

Dear Friends,

Tangents:
On Nov. 29, 1947, the U.N. General Assembly passed a resolution calling for Palestine to be partitioned between Arabs and Jews. Go to article »

1989: Czechoslovakia ends Communist rule.

Under capitalism, man exploits man.   Under communism, it’s just the opposite.  –John Kenneth Galbraith, 1908-2006

PHOTOS OF THE DAY

Participants in the 2018 Siberian Snowkiting Cup compete on the surface of the Novosibirsk Reservoir. Credit: Itar-Tass News Agency/Alamy Live News

Goldfinch bird does the splits as it tries to balance between two teasel plants in Hawick, Scottish Borders. Credit: Mediadrumimages/Ron McCombe

A two-masted schooner is dwarfed by a 300 foot tall turquoise iceberg off the coast of Scoresbysund, West Greenland. Credit: James Rushforth/Solent News & Photo Agency

Israeli archeologist Ronit Lupu of the IAA Antiquities Theft Prevention Unit holds a rare stone mask dating to the Neolithic (new stone age) period which was found the Pnei Hever region of southern Hebron mount, at the Rockefeller archeological museum in Jerusalem. The mask is made of pinkish-yellow limestone, carefully shaped with stone tools to resemble a human face, 4 holes were drilled along the perimeter of the mask, probably in order to tie it to the face of a living person, or maybe to a pole or other designated artefact in order to display it. Credit: Gali Tibbon/AGP/Getty Images
Market Closes for November 29^th, 2018

Market Index	Close	Change
Dow Jones	25338.84	-27.59   -0.11%
S&P 500	2737.76	-6.03   -0.22%
NASDAQ	7273.082	-18.510   -0.25%
TSX	15194.04	+22.79
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	22262.60	+85.58
		+0.39%
HANG SENG	26451.03	-231.53
		-0.87%
SENSEX	36170.41	+453.46
		+1.27%
FTSE 100*	7038.95	+34.43
		+0.49%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.305		2.328
CND. 30 Year Bond		2.412		2.414
U.S.    10 Year Bond		3.0298		3.0571
U.S. 30 Year Bond		3.3245		3.3459

Currencies

BOC Close	Today	Previous
Canadian $	0.75329	0.75347
US $	1.32751	1.32720
Euro Rate 1 Euro=		Inverse
Canadian $	1.51254	0.66114
US $	1.13938	0.87767

Commodities

Gold	Close	Previous
London Gold Fix	1213.25	1221.20
Oil
WTI Crude Future	51.45	50.29

Market Commentary:
On this day in 1912, John Marks Templeton was born in Winchester, Tenn. He went on to found the Templeton Growth Fund and invented the discipline of global investing.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks inched up for a second day, fueled by a rally in heavy Canadian crude, outperforming the U.S. market where trade anxiety before the highly anticipated sit-down between the U.S. and China weighed on sentiment.
     The S&P/TSX Composite Index rose 0.2 percent, with energy and consumer staples pacing gains. Six of the 11 subsectors fell. Anticipation that the Alberta government might impose production cuts to reduce a glut of crude in the west of the country sent the price of heavy Canadian crude up. Meanwhile, Tenaris SA is suspending work at a steel-pipe plant in Sault Ste. Marie, Ontario, and put part of the blame on U.S. metal tariffs.
Stocks
* Canadian Imperial Bank of Commerce fell 3.2 percent after reporting profit that missed analysts’ expectations for the first time in almost four years. analysts blamed lower-than- expected revenues in Canadian and U.S. operations.
* Bombardier rose 1.9 percent after the finance chief said the company is reviewing options to renegotiate existing deal with Caisse; Caisse de Depot et Placement du Quebec CEO Michael Sabia said in an interview that Bombardier’s team is “doing a lot of the right things.”
* Enbridge rose 2.4 percent after Height Capital Markets noted that the co.’s Line 5 replacement project is a step closer to becoming a “done deal” as legislation expected to hit Michigan governor Rick Snyder’s desk by year-end.
Commodities
* Western Canada Select crude oil traded at a $30.00 discount to WTI
* Gold gained 0.02 percent to $1,223.90 an ounce FX/Bonds
* The Canadian dollar slipped 0.09 percent to C$1.3287 per U.S. dollar
* The Canada 10-year government bond yield fell 2.4 basis points to 2.300%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — U.S. stocks fell for the first time in four days as fresh trade anxiety outweighed a dovish shift by the Fed ahead of a highly anticipated sit-down between the U.S. and China. Treasuries rose, while the dollar dropped.
     The S&P 500’s late rally faltered as speculation that President Donald Trump won’t be able to tamp down his trade spat with China at the G-20 meeting hurt sentiment. Tech firms that led Wednesday’s rally paced declines. Banks also fell as the 10- year Treasury yield held near its lowest level since September as Fed minutes appeared to signal the central bank is preparing for a more flexible path. Chairman Jay Powell sparked the biggest stock rally since March with dovish comments.
     “The G-20 meeting is a binary event — no one knows what the outcome is,” Nathan Thooft, Manulife Asset Management’s head of global asset allocation, said in an interview at Bloomberg’s New York headquarters. “The optimists are looking for some evidence of thawing in the China, US trade dynamics, the pessimists are saying there’s no way they’re going to resolve it.”
     Trade and political developments vied for attention Thursday as Trump heads to Buenos Aires to meet President Xi Jinping. The latest twist in Robert Mueller’s investigation threatened to distract Trump after his former lawyer, Michael Cohen, pleaded guilty to new crimes related to the his business dealings in Russia. While the dovish Fed turn potentially removed a market overhang, the trade tensions remained a problem for investors concerned that global growth is slowing.
     In Europe, shares and bonds rose, while the pound fell as U.K. Prime Minister Theresa May raised the prospect of a “no deal” Brexit. Deutsche Bank AG slid after prosecutors said its headquarters were being searched in a money laundering probe.
Coming Up
* Trump and Chinese President Xi Jinping plan to meet at the G-20 meeting of world leaders in Argentina that kicks off on Friday.
* Thursday sees the release of the minutes from the Federal Open Market Committee’s November meeting.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent as of 4 p.m. New York time.
* The Dow Jones Industrial Average dropped 0.1 percent. 
* The Nasdaq composite declined 0.3 percent, while the Nasdaq 100 fell 0.1 percent. 
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Emerging Market Index rose 0.5 percent.
* The MSCI Asia Pacific Index increased 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent. 
* The euro climbed 0.2 percent to $1.1392.
* The British pound declined 0.3 percent to $1.2785.
* The Japanese yen rose 0.3 percent to 113.39 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 3.03 percent, the first decline in four days.
* Germany’s 10-year yield fell three basis points to 0.32 percent, the lowest in more than 14 weeks.
* Britain’s 10-year yield dipped three basis points to 1.345 percent, the lowest in more than three months.
Commodities
* West Texas Intermediate crude rose 2.1 percent to $51.34 a barrel.
* Gold was steady at $1,230.10 an ounce.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Champions keep playing until they get it right.
                        -Billie Jean King, b. 1943

 

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

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

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