Category: Newsletters

Dear Friends,

Tangents:
Robert F. Kennedy, senator, b. 1925
Edwin Hubble, American astronomer, b. 1889
On Nov. 20, 1945, 24 Nazi leaders went on trial before an international war crimes tribunal in Nuremberg, Germany.
Go to article »

PHOTOS OF THE DAY

Visitors look at the monumental painting “The Market of Our Democracy” by Russian painter Ilya Glazunov exhibited at his gallery in downtown Moscow.

A man drives a carriage during the 20^th edition of a parade of horses throughout the streets of Paris leading up to the 2017 Paris Horse Salon.

Swans on the racecourse as runners and riders clear ‘Ruby’s Double’ during the Donohue Marquees Risk of Thunder Steeplechase during day two of the Winter Festival as Punchestown Racecourse, Country Kildare.

London’s Regent Street was transformed into a festive wonderland today as over 800,000 revellers enjoyed the Hamleys annual Christmas Toy Parade.

Capillary Formation from Multi-Cellular Spheroids by Alex Justin which has been entered in the Cambridge University engineering department’s 13^th annual photo competition.
Market Closes for November 20^th, 2017

Market Index	Close	Change
Dow Jones	23430.33	+72.09   +0.31%
S&P 500	2582.14	+3.29   +0.13%
NASDAQ	6790.715	+7.924   +0.12%
TSX	16004.40	+5.83
		+0.04%

International Markets

Market Index	Close	Change
NIKKEI	22261.76	-135.04
		-0.60%
HANG SENG	29260.31	+61.27
		+0.21%
SENSEX	33359.90	+17.10
		+0.05%
FTSE 100*	7389.46	+8.78
		+0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.955		1.972
CND. 30 Year Bond		2.294		2.296
U.S.    10 Year Bond		2.3666		2.3736
U.S. 30 Year Bond		2.7801		2.8237

Currencies

BOC Close	Today	Previous
Canadian $	0.78019	0.78273
US $	1.28174	1.27758
Euro Rate 1 Euro=		Inverse
Canadian $	1.50426	0.66478
US $	1.17361	0.85207

Commodities

Gold	Close	Previous
London Gold Fix	1286.20	1284.35
Oil
WTI Crude Future	56.09	56.55

Market Commentary:
On this day in 1991, fashion chain Cascade International announces that its chairman, Victor Incendy, has disappeared — along with more than 200 of Cascades stores. Incendy had claimed that Cascade had between 255 and 400 outlets — but in reality, there are fewer than 30.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark eked out a small gain as increases in pipeline shares offset declines in other commodity stocks.
     The S&P/TSX Composite Index added 6 points, or less than 0.1 percent, to 16,004.40, the highest in a week. Energy shares fell 0.4 percent even as pipeline stocks rose after Nebraska approved an alternate route for TransCanada Corp.’s Keystone XL pipeline.
     The telecom index rose 0.5 percent and consumer- discretionary stocks gained 1 percent, offsetting a 0.8 percent decline in materials.
     In other moves:
                          Stocks
* TransCanada Corp. rose 1.6 percent after Nebraska’s ruling removed one of the last hurdles to its $8 billion pipeline, which has been in the works since 2008
* Aurora Cannabis Inc. jumped 6.2 percent and CanniMed Therapeutics Inc. rose 2 percent. Aurora plans to take its C$582-million takeover bid directly to CanniMed’s shareholders
* Bombardier Inc. fell 1 percent. The company is selling $1 billion of bonds to refinance notes maturing in 2019
                          Commodities
* Western Canada Select crude oil traded at a $15.75 discount to WTI, the widest gap since December 2016, as traders continue to weigh the fallout from a TransCanada pipeline spill
* Aeco natural gas traded at a $1.41 discount to Henry Hub, unchanged from Friday
* Gold fell 1.6 percent to $1,275.30 an ounce, the biggest drop in two months
                           FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2817 per U.S. dollar, the lowest since Nov. 1
* The Canada 10-year government bond yield rose two basis points to 1.96 percent
US
By Sarah Ponczek and Julie Verhage
     (Bloomberg) — The dollar gained and stocks rose, driving gold to its biggest drop in two months, as Congress took a holiday break from tax talks and markets absorbed political developments in the Americas and Europe.
     At the start of a truncated Thanksgiving week, investors were unfazed by the news that Fed Chair Janet Yellen had tendered her resignation. The S&P 500 Index climbed after two down weeks, although it gave up some of the gains late in the session on reports that the U.S. is poised to sue to block AT&T Inc.’s proposed takeover of Time Warner Inc.
     “Very near term, stocks face cross currents associated with year-end tax-related strategies as well as a potential postponement in tax reform legislation that could cause the pause in the rally to linger,” Bruce Bittles, chief investment strategist at Baird, said in a note Monday. “But any weakness that does develop is anticipated to be limited in both time and price.”
     As the dollar gained, precious metals declined, with gold recording its biggest drop since September. Silver and platinum also fell. West Texas intermediate crude retreated after surging the most in two weeks in the previous trading session.
     Yellen submitted her resignation to President Donald Trump, effective upon the swearing in of her replacement, Jerome Powell. The Fed minutes are due out Wednesday, which will allow investors to gauge officials’ eagerness to boost the benchmark interest rate in December, a move widely expected by the market. Treasuries edged lower.
     From a monetary policy perspective, the news of Yellen’s resignation “shouldn’t really affect anything,” Ernie Cecilia, the chief investment officer at Bryn Mawr Trust Co., said by phone. “If anything, Jerome Powell should be close to a continuation of the kind of monetary policy that Janet was doing. So I wouldn’t think there would be any kind of ripple on the monetary side.”
     In Europe, a month of exploratory coalition talks in Germany ended in a dramatic collapse on a dispute over migration policy. The upshot is that the region’s dominant country remains hamstrung on the global stage, potentially affecting everything from policy toward the European Union, Turkey and Russia to government spending. Chancellor Angela Merkel said that she’s skeptical about forming a minority government and would prefer new elections if she can’t put together a majority.
     Nevertheless, the Stoxx Europe 600 Index advanced and Germany’s DAX rebounded from a seven-week low, with investors judging that the talks’ failure won’t threaten the economy. The euro declined.
     Pound and gilts traders will focus on a potential downgrade to the U.K. growth outlook this week and the government’s efforts toward agreeing on a Brexit “divorce” bill. Sterling was boosted on Monday by reports that the U.K. was preparing to make an enhanced divorce bill offer to the EU ahead of crucial talks starting next month.
     Chilean stocks posted their worst rout in six years after surprise election results dashed expectations that billionaire Sebastian Pinera would easily win next month’s presidential run- off. The IPSA index dropped 5.9 percent, its worst performance since August 2011.

      Here are some key events coming up this week:
* Minutes from the Reserve Bank of Australia’s November meeting are due Tuesday, while those from the European Central Bank’s October meeting due out on Thursday could show dissent in the discussion about tapering.
* Federal Reserve Chair Janet Yellen gives a talk at New York University.
* Reports on sales of previously owned homes and durable goods orders for October are due in the U.S.
* The minutes from the Fed’s latest policy meeting are out on Wednesday.
* On Tuesday, Taiwan updates on October unemployment and Hong Kong’s October CPI is out. Singapore 3Q GDP is due on Thursday. New Zealand October trade and South Korea November consumer confidence are due later in the week.
* The U.K. announces its budget Wednesday.
* Argentina, Hungary, Kenya, Nigeria and South Africa set monetary policy this week.
     These are the main moves in markets:
                           Stocks
* The S&P 500 Index increased 0.13 percent at 4:03 p.m. New York time.
* The Stoxx Europe 600 Index jumped 0.7 percent to 386.39.
* The U.K.’s FTSE 100 Index increased 0.1 percent.
* Germany’s DAX Index jumped 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index climbed 0.4 percent , the first gain in a week.
* The euro dipped 0.5 percent to $1.173.
* The British pound climbed 0.2 percent to $1.3235, the strongest in almost three weeks.
* The Japanese yen declined 0.5 percent to 112.62 per dollar.                            
                           Bonds
* The yield on 10-year Treasuries rose two basis points to 2.36 percent.
* Germany’s 10-year yield gained less than one basis point to 0.36 percent, the lowest in more than a week.
* Britain’s 10-year yield fell less than one basis point to 1.292 percent.
                           Commodities
* West Texas Intermediate crude fell 0.8 percent to $56.09 a barrel.
* Gold sank 1.2 percent to $1,277.33 an ounce.
* Copper gained 0.8 percent to $6,828 a ton.

Have a wonderful evening everyone.

 

Be magnificent!

Economic equality is the master key to nonviolent independence.
Mahatma Gandhi

As ever,

Carolann

 

These are not books, lumps of lifeless paper, but minds alive on the shelves.
                                                                    -Gilbert Highet, 1906-1978

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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!

On this day in 1970, Stanford Research Institute scientist Douglas Engelbart obtains a patent for his X-Y Position Indicator for a Display System. Today, we know it as the computer mouse.

Also on this day in 1816, Lord Byron wrote to Thomas Moore:
My gondola is, at this present , waiting for me on the canal; but I prefer writing to you in the house, it being autumn – and rather an English autumn than otherwise.   It is my intention to remain at Venice during the winter, probably, as it has always been (next to the East) the greenest island of my imagination.  It has not disappointed me; though its evident decay would, perhaps, have that effect upon others.  But I have been familiar with ruins too long to dislike desolation.  Besides, I have fallen in love, which, next to falling into the canal (which would be of no use, as I can swim) is the best or the worst thing I could do.  I have got some extremely good apartments in the house of a “Merchant of Venice”, who, is a good deal occupied with business, and has a wife in her twenty-second year.  Marianna (that is her name) is in her appearance altogether like an antelope. –from The Book of Days.

Art News:
A painting by Leonardo da Vinci that preserves the artist’s own handprints sold for more than $450 million at auction November 15th, “obliterating the previous world record for the most expensive work of art at auction,” according to Christie’s Auction House.
At one time, though, the very same painting went for a song — in 1958, it sold for a mere 45 British pounds, which is the equivalent of 990.50 pounds ($1,304) today. That’s because it wasn’t until the late 2000s that anyone realized the painting was a da Vinci. [Leonardo Da Vinci’s 10 Best Ideas]
Art experts now estimate that the painting — titled “Salvator Mundi,” or “Savior of the World” — was made around 1500. But between the mid-1600s and 2005, this piece of da Vinci’s work was lost. The painting now known to be his was thought to be a copy by one of his students, and it was heavily damaged by crude attempts at conservation.
According to Christie’s, the reconstructed history of the painting goes something like this: da Vinci painted it around 1500, leaving behind a few sketches by his hand that tie him to the imagery. At some point, Charles I of England, a great art collector, acquired the piece. It probably hung in his wife’s chambers. Charles I was executed in 1649 after a civil war between the Royalists and the English and Scottish parliaments, which were seeking to curb the monarchy’s power. The artwork was sold in October 1951 to a mason named John Stone. [11 Hidden Secrets in Famous Works of Art]
Stone kept the painting until 1660, when Charles I’s son Charles II returned from exile to retake the English throne. (The intervening years had been a short-lived experiment in republican government run by Oliver Cromwell.) Stone then returned the da Vinci to the new king. Its path then becomes murky. It probably stayed at the Palace of Whitehall in London until the late 1700s, passing from Charles II’s possession to his brother James II, when that monarch took the throne, according to Christie’s. No one knows what happened next. The painting disappears from the historical record until 1900, when it was sold not as a da Vinci but as a work of Bernardino Luini, one of the great master’s students.
The painting bounced from hand to hand, including in the 1958 auction, when it sold for not much more than what people pay for an iPhone X today. It wasn’t until after 2005, when the painting appeared in an auction of a U.S. estate, that anyone realized what it really was.
In 2011, the painting was unveiled as a real da Vinci at an exhibit at The National Gallery in London.
Christ’s skin tone is blended with a technique called sfumato, in which the artist presses the heel of his hand into the paint to blur it. Infrared imaging of the painting revealed that these handprints are still pressed into the paint, particularly on the left side of the forehead.
The painting was sold for $80 million in 2013 to Swiss art dealer Yves Bouvier, who then sold it for $127.5 million the following year to Russian investor Dmitry Rybolovlev. The markup led to a viscious legal battle between Rybolovlev and Bouvier. Rybolovlev is now being investigated in Monaco over whether he improperly used his political clout against Bouvier in that dispute, The Guardian recently reported. Rybolovlev’s name has also surfaced in the ongoing investigation about potential links between Donald Trump’s presidential campaign and Russia, according to The Guardian, as Rybolovlev once bought a Florida property from Trump for $95 million.
The previous record-holder for the priciest “old master” painting was “Massacre of the Innocents” by Peter Paul Rubens, which sold for $76.7 million in 2002, according to Christie’s. The previous record-holder for the most expensive da Vinci was his “Horse and Rider,” which sold for $11,481,865 at Christie’s in 2001.
Original article on Live Science.
PHOTOS OF THE DAY

An aerial view of the Ephesus is seen in Selcuk district of Izmir, Turkey. With recent findings, establishment dating back to 6,000 B.C., (Neolithic age) Ephesus antique city, which is in the UNESCO’s World Heritage List, attracts millions of foreign and domestic tourists from all over the world annually starting by 1920.

A minibus loaded with balloons drives along the coastal road by the beach in Gaza City.

A dog stands in the middle of an interactive light display during the opening evening of the Durham Lumiere event. The Lumiere festival is the UK’s largest light festival and comes to the City of Durham for the fifth time bringing large scale projections and light installations across the city to landmark locations.
Market Closes for November 17^th, 2017

Market Index	Close	Change
Dow Jones	23358.24	-100.12   -0.43%
S&P 500	2578.84	-6.80   -0.26%
NASDAQ	6782.789	-10.502   -0.15%
TSX	15994.25	+58.88
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	22396.80	+45.68
		+0.20%
HANG SENG	29199.04	+180.28
		+0.62%
SENSEX	33342.80	+235.98
		+0.71%
FTSE 100*	7380.68	-6.26
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.937		1.972
CND. 30 Year Bond		2.276		2.296
U.S.    10 Year Bond		2.3417		2.3736
U.S. 30 Year Bond		2.7770		2.8237

Currencies

BOC Close	Today	Previous
Canadian $	0.78273	0.78376
US $	1.27758	1.27591
Euro Rate 1 Euro=		Inverse
Canadian $	1.50626	0.66390
US $	1.17901	0.84814

Commodities

Gold	Close	Previous
London Gold Fix	1284.35	1280.00
Oil
WTI Crude Future	56.55	55.14

Market Commentary:
Number of the Day
$7,998
The fresh record hit by bitcoin Friday morning in Asia, after the digital currency recovered from a slump of more than 25% over four days. Bitcoin has risen more than 700% this year.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day but not enough to prevent a weekly decline, the first since early September.
     The S&P/TSX Composite Index gained 63 points or 0.4 percent to 15,998.57, but fell 0.3 percent on the week. 
     On Friday, the materials sector gained 1.1 percent as both base and precious metals prices rose. Eldorado Gold Corp. added 6.6 percent and Semafo Inc. gained 4.7 percent.
     The energy index added 0.6 percent, failing to keep up with the 2.6 percent jump in the price of crude. NexGen Energy Ltd. rose 8.7 percent and Baytex Energy Corp. gained 6.3 percent.
     In other moves:
                         Stocks
* Teck Resources Ltd. rose 3.4 percent. The miner is paying a supplemental dividend of 40 cents per share and buying back stock equivalent to another 40 cents a share
* TransCanada Corp. fell 0.9 percent. The company had to shut its Keystone oil pipeline after a spill in South Dakota, days before a Nebraska regulator will decide whether an extension to the pipeline can proceed
* Mainstreet Health Investments Inc. jumped 13 percent. The company is buying Care Investment Trust for $425 million
                         Commodities
* Western Canada Select crude oil traded at a $15.65 discount to WTI, the widest gap since January, following the Keystone spill
* Aeco natural gas traded at a $1.38 discount to Henry Hub
* Gold rose 1.4 percent to $1,296.50 an ounce, the biggest gain since May
                          FX/Bonds
* The Canadian dollar was little changed at C$1.2761 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 1.94 percent after inflation eased for the first time in four months
US
By Randall Jensen
     (Bloomberg) — U.S. stocks failed to add to the best rally in two months as the Treasury yield curve flattened further, raising concern about economic growth. The dollar dropped as the yen and gold gained.
     The S&P 500 Index slipped Friday to cap a second week of losses. The spread between two- and 10-year Treasury yields hit the tightest level in a decade. The greenback remained linked to political developments in Washington, where the Senate girded for negotiations on its version of tax reform. The risk-off tone comes before a week shortened by the Thanksgiving holiday in the U.S.
     It’s been tumultuous week in the U.S. as shares saw the biggest gain and the largest drop in two months after touching records a week earlier. Investors are trying to gauge whether benchmarks will continue a march to all-time highs on strong earnings and faster growth spurred by corporate tax cuts or if they will be pulled down amid lofty valuations, the flattest yield curve in a decade and a selloff in junk bonds.
     The odds American firms will get a tax break improved Thursday after the House approved its version of the legislation. The Senate is still debating its own plan, trying to reduce the 10-year debt impact below $1.5 trillion. Adding to the discussion, Federal Reserve Bank of Dallas President Robert Kaplan said Friday the government’s debt-to-GDP is possibly at unsustainable levels.
     Elsewhere, bitcoin hovered under $8000. Commodities rebounded from the recent selloff. West Texas crude jumped to around $56 a barrel as Saudi Arabia moved to dispel doubts over Russia’s readiness to extend output curbs. The Japanese yen gained the most in more than two months against the dollar.
     Emerging market shares headed for the highest close in six years.

      These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.3 percent to 2,578.80 as 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.3 percent., falling for the eighth time in nine days.
* Japan’s Nikkei 225 Stock Average climbed 0.2 percent to the highest in a week.
* The MSCI Emerging Market Index increased 1.2 percent, set to close at the highest level since August 2011.                  
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent, touching the lowest in more than three weeks.
* The euro gained 0.2 percent to $1.1791.
* The British pound rose 0.1 percent to $1.3210.
* The Japanese yen climbed 0.9 percent to 112.09 per dollar, the biggest gain since Sept. 8.                            
                            Bonds
* The yield on 10-year Treasuries fell three basis points to 2.345 percent, falling for the third day this week.
* Germany’s 10-year yield dipped two basis points to 0.36 percent, the lowest in more than a week.
* Britain’s 10-year yield gained one basis point to 1.294 percent.                         
                            Commodities
* West Texas Intermediate crude advanced 2.6 percent to $56.59 a barrel.
* Gold gained 1.2 percent to $1,293.99 an ounce, the biggest gain in more than two months.

 

Have a wonderful weekend everyone.

 

Be magnificent!

 

As ever,

 

Carolann

 

Every exit is an entry to somewhere else.
                       -Tom Stoppard, b. 1937

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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:
1885 – Louis Riel is hanged in the North West Mounted Police barracks in Regina.
On this day in 1907, Oklahoma officially becomes the 46th U.S. state.

SMARTIFY YOURSELF
By using the Smartify app, you can hold your phone in front of a piece of art to identify the work and learn how it was created.  The app is currently usable for works of art in galleries including New York’s Metropolitan Museum of Art, Los Angeles’s J. Paul Getty Museum, and London’s National Portrait Gallery.  It’s free for iOS and Android.

An Ancient Skull, and Telltale Signs of a Deadly Wave:
In 1929, a geologist found bone fragments embedded in a creek bank on the northern coast of Papua New Guinea.  Analysis would show it belonged to a human who lived 6,000 years ago.
  New research suggest the remains – known as the Aitape skull – could be something more: the earliest known victim of a tsunami.
  The findings may offer historical context for how ancient humans living along the Pacific Ocean’s coasts faced fierce natural hazards.
  Researchers found that the sediment collected from the skull site contained fossilized deep sea diatoms, microscopic organisms that were a sign that ocean water had drowned the area at some point.  They also found geochemical signals that provided evidence that tsunami had struck around 6,000 years ago.

-Nichola St. Fleur, NYTimes.
PHOTOS OF THE DAY

Ice sculptor Darren Jackson puts the finishing touches to an ice sculpture of two stags, which makes up part of a forthcoming exhibition, “The Ice Adventure: A Journey Through Frozen Scotland”, in Edinburgh, Scotland.

Two Bedouin men walk their camel in Bidiya, Oman.
Market Closes for November 16^th, 2017

Market Index	Close	Change
Dow Jones	23458.36	+187.08   +0.80%
S&P 500	2585.64	+21.02   +0.82%
NASDAQ	6793.293	+87.085   +1.30%
TSX	15935.05	+56.57
		+0.36%

International Markets

Market Index	Close	Change
NIKKEI	22351.12	+322.80
		+1.47%
HANG SENG	29018.76	+167.07
		+0.58%
SENSEX	33106.82	+346.38
		+1.06%
FTSE 100*	7386.94	+14.33
		+0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.972		1.908
CND. 30 Year Bond		2.296		2.244
U.S.    10 Year Bond		2.3736		2.3204
U.S. 30 Year Bond		2.8237		2.7631

Currencies

BOC Close	Today	Previous
Canadian $	0.78376	0.78327
US $	1.27591	1.27669
Euro Rate 1 Euro=		Inverse
Canadian $	1.50191	0.66582
US $	1.17713	0.84952

Commodities

Gold	Close	Previous
London Gold Fix	1280.00	1282.20
Oil
WTI Crude Future	55.14	55.33

Market Commentary:
Number of the Day
70
The weighted average maturity of U.S. debt has exceeded 70 months for the past year, near a multidecade high and up from 49 months in 2008. The Treasury Department is now looking to issue more short-term debt.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks snapped a seven-day losing streak, as most major sectors — with the exception of energy — moved higher.
     The S&P/TSX Composite Index added 57 points or 0.4 percent to 15,935.37, the biggest gain since Nov. 6. Technology shares rose 1.2 percent as Shopify Inc. jumped 6 percent, part of a broader tech rally in the U.S.
     Financials had the biggest influence to the upside, rising 0.7 percent, while energy fell 0.3 percent, tracking the decline in the price of crude.
     In other moves:
                        Stocks
* Seven Generations Energy Ltd. tumbled 9.2 percent to the lowest in 20 months after issuing its 2018-19 growth outlook
* Aurora Cannabis Inc. lost 13 percent, the most in a year. It will issue warrants to raise C$100 million in financing
* Restaurant Brands International Inc. gained 2.8 percent. The fast food operator is favored by 10 hedge funds, 13F filings show
                        Commodities
* Western Canada Select crude oil traded at a $14.20 discount to WTI
* Aeco natural gas traded at a $1.48 discount to Henry Hub
* Gold was little changed at $1,278.20 an ounce
                        FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2754 per U.S. dollar
* The Canada 10-year government bond yield rose six basis points to 1.97 percent, the biggest gain since early September
US
By Randall Jensen
     (Bloomberg) — U.S. stocks gained the most in two months amid a rally in technology shares and rising odds of corporate tax cuts. Treasuries fell and the dollar traded little changed.
     The S&P 500 Index rose within 0.5 percent of a record as results from Cisco Systems Inc. boosted tech shares and earnings from Wal-Mart Stores Inc. spurred consumer staples. Equities in Europe and Japan halted the longest slumps in a year. A slide in commodities eased following an injection of cash by China’s central bank into its financial system. Treasury yields pushed higher after two sessions of declines.
     Chances American firms will get a tax break appeared to improve after Republican Senator Ron Johnson, who had declared his opposition to the Senate’s tax plan, said he is optimistic his concerns can be addressed. The House passed its version of the bill Thursday.
     Investors seem to be regaining their appetite for risk after several days of global declines in stocks and high-yield credit that had many questioning whether the selloff could become a rout. Volatility measures had been climbing since the record high reached last week in equities gave way to days of decline. Global growth remains resilient and earnings forecasts strong, despite uncertainty surrounding U.S. tax overhaul, the path for China’s economy, and the U.K.’s exit from the European Union.
     “We’re just running out of time to have a correction, we’ve only got six weeks left (this year), and I think we’re seeing more positive data,” Mariann Montagne, a portfolio manager at Minnesota-based Gradient Investments, which manages $1.8 billion, said by phone. “It looked like we were going to get that pullback, but we’re seeing progress on the earnings front and the political front.”

     Here are some key events slated for the remainder of this week:
* A string of Fed appearances may further illuminate the FOMC’s commitment to a December hike.
    And these are the main moves in markets:
                       Stocks
* The S&P 500 Index gained 0.8 percent to 2,585.65 as of 4 p.m. in New York, on track for the largest gain since Sept. 11.
* The Dow Jones Industrial Average advanced 185.84 points to 23,457.12, the biggest rise in two months.
* The Nasdaq Composite Index rose 1.3 percent, touching a record on the biggest advance in three weeks.
* The Stoxx Europe 600 Index advanced 0.8 percent, the first advance in more than a week.
* The MSCI All-Country World Index gained 0.8 percent.
* The MSCI Emerging Market Index rose 1.4 percent.
                       Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.2 percent to $1.1769, the biggest decrease in more than a week.
* The Japanese yen dropped 0.1 percent to 112.96 per dollar.
* The British pound climbed 0.1 percent to $1.3182, the strongest in more than two weeks.
                        Bonds
* The yield on 10-year Treasuries rose five basis points to 2.368 percent.
* Britain’s 10-year yield gained two basis points to 1.309 percent.
                        Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas Intermediate crude decreased 0.4 percent to $55.13 a barrel.
* Gold rose less than 0.1 percent to $1,278.73 an ounce.

 

Have a lovely evening everyone.

 

Be magnificent!

It is this desire to express himself that leads him to search for riches and power.
But he must understand that to accumulate material wealth is not to find this fulfillment.
What brings him back too himself is the interior light, and not exterior objects.
Rabindranath Tagore

 

As ever,

 

Carolann

 

It is always the simple that produces the marvelous.
                                   -Amelia Barr, 1831-1919

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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 this day in 1971, the microprocessor is officially born as Intel introduces its new 4004 chip. The holder of the commercial rights, Busicom of Japan, sees no use for the chip and sells its entire interest to Intel for $60,000.

PHOTOS OF THE DAY

A harvest mouse collects berries in Morpeth, Northumberland. These adorable creatures are often seen climbing through meadows and hedgerows but due to the change in farming, sightings are becoming few and far between.
CREDIT: ROGER COAN/SWNS

Dancers, who perform a section of their routine with their faces completely covered by wigs, on stage during in an open technical rehearsal for Scottish Dance Theatre production YAMA (mountain in Japanese) at Dundee Rep in Tay Square, Dundee.

(Left to right) A Ferrari F-40 1987, a Ferrari Testarossa Spyder 1986 and Ferrari 275 GTB/4 1967 on display at the ‘Ferrari:  Under the Skin’ exhibition at the Design Museum in London.
Market Closes for November 16^th, 2017

Market Index	Close	Change
Dow Jones	23271.28	-138.19   -0.59%
S&P 500	2563.66	-15.21   -0.59%
NASDAQ	6706.207	-31.665   -0.47%
TSX	15873.10	-40.02
		-0.25%

International Markets

Market Index	Close	Change
NIKKEI	22028.32	-351.69
		-1.57%
HANG SENG	28851.69	-300.43
		-1.03%
SENSEX	32760.44	-181.43
		-0.55%
FTSE 100*	7372.61	-41.81
		-0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.908		1.955
CND. 30 Year Bond		2.244		2.281
U.S.    10 Year Bond		2.3204		2.3753
U.S. 30 Year Bond		2.7631		2.8331

Currencies

BOC Close	Today	Previous
Canadian $	0.78327	0.78522
US $	1.27669	1.27353
Euro Rate 1 Euro=		Inverse
Canadian $	1.50401	0.66489
US $	1.17805	0.84886

Commodities

Gold	Close	Previous
London Gold Fix	1282.20	1274.60
Oil
WTI Crude Future	55.33	55.70

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at their lowest level in three weeks as falling commodity prices weighed on the benchmark amid a growing global risk-off mood.
     The S&P/TSX Composite Index lost 35 points or 0.2 percent to 15,878.48. The index has fallen six days in a row, the longest streak of declines since January 2016.
     Energy shares declined 0.6 percent as the price of crude fell near $55 a barrel, its lowest level in almost two weeks. Russia is said to be casting doubt on whether OPEC should extend output cuts.
     The consumer staples sector was the only significant gainer, adding 0.4 percent. Premium Brands Holdings Corp. gained 4.9 percent, rebounding from Tuesday’s 6.6 percent drop, after BMO Capital Markets upgraded the stock to outperform.
     In other moves:
                            Stocks
* Martinrea International Inc. jumped 11 percent to the highest since mid-2015. The company beat earnings estimates and said it’s relatively well positioned even if Nafta is scrapped
* Home Capital Group Inc. rose 3.3 percent after third-quarter earnings beat estimates, even as the company struggles to regain customers
* Boardwalk Real Estate Investment Trust fell 6.4 percent. Third-quarter funds from operations missed estimates
                            Commodities
* Western Canada Select crude oil traded at a $14.15 discount to WTI, unchanged from Tuesday
* Aeco natural gas traded at a $1.54 discount to Henry Hub, the widest gap this month
* Gold fell 0.4 percent to $1,277.70 an ounce
                             FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2767 per U.S. dollar, the lowest in more than a week
* The Canada 10-year government bond yield fell four basis points to 1.91 percent, the biggest drop this month
US
— U.S. stocks fell to a three-week low, while the dollar slumped with Treasury yields as concerns persisted over global growth and the prospects for tax cuts.
     The S&P 500 notched its fourth drop in five days, retreating from near session highs in the final half hour of trading on a report that a key Republican opposes the Senate’s latest tax bill. Energy shares led declines as crude continued its slide toward $55 a barrel. A renewed commodities slump overshadowed data showing the U.S. consumer remains robust, while inflation data helped boost bank shares.
     The latest batch of data from the U.S. helped ease concern that the world’s economic growth engine was starting to sputter after the flattest yield curve in a decade spooked investors. Stocks still fell partly on the threat that cracks in the market for high-yield debt could spread and on new obstacles to the passage of tax reform. At the same time, weak data out of China stirred anxiety of a slowdown there, sending commodities prices into a tailspin.
     Investors had a raft of potential market-moving news to digest Wednesday, as President Donald Trump returned from his 12-day Asia trip to a domestic political landscape buffeted by a Congressional battle over tax cuts and a controversial Senate race in Alabama. The House looks set to vote on its version of the tax plan, while the Senate’s latest version would expand temporary cuts for businesses, boosting optimism among investors.
     “When a market wants to move higher, it moves higher, nothing bothers it. But when a market needs to pull back, everything seems to bother it. Every headline bothers it,” Quincy Krosby, chief market strategist at Prudential Financial Inc, said by phone. “That’s where we are right now, but if history is any guide, by history I mean the last eight years, buyers will start to pick up some of the names that they wanted to go into but were waiting for a pullback.”
     Here are some key events investors are watching this week:
* Bank of England officials address the bank’s future on Thursday, while European Central Bank chief Mario Draghi speaks Friday.
* A string of Fed appearances may further illuminate the FOMC’s commitment to a December hike.
   And these are the main moves in markets:
                             Stocks
* The S&P 500 Index fell 0.6 percent to 2,564.71 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.5 percent for its seventh consecutive decline.
* The MSCI All-Country World Index declined 0.4 percent, reaching the lowest in almost three weeks on its fifth consecutive decline.
* The MSCI Emerging Market Index fell 0.6 percent, hitting the lowest in almost three weeks with its fifth consecutive decline.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent, after touching the lowest in almost four weeks.
* The euro was little changed at $1.1797, reaching the strongest in almost four weeks on its sixth consecutive advance.
* The British pound rose 0.1 percent at $1.3175.
* The Japanese yen advanced 0.3 percent to 113.09 per dollar, after touching the strongest in almost four weeks on the biggest increase in almost 10 weeks.
                            Bonds
* The yield on 10-year Treasuries declined five basis points to 2.32 percent.
* Germany’s 10-year yield dipped two basis points to 0.38 percent.
* Britain’s 10-year yield fell four basis points to 1.286 percent, the largest drop in almost two weeks.
                            Commodities
* Gold fell 0.1 percent to $1,278.69 an ounce, after touching the highest in almost four weeks on the biggest gain in a week.
* West Texas Intermediate crude fell 0.8 percent to $55.27 a barrel, touching the lowest in almost two weeks.

  

Have a wonderful evening everyone.

 

Be magnificent!

If the recognized leaders of mankind who have control over the engines of destructions
were wholly to renounce their use, with full knowledge of its implications, permanent peace can be obtained. This is clearly impossible without the Great Powers of the earth renouncing their imperialistic design. This again seems impossible without great nations ceasing to believe in soul-destroying competition and to desire to multiply wants and, therefore, increase their material possessions.
Mahatma Gandhi

As ever,

Carolann

 

It takes twenty years to make an overnight success.
                                 -Eddie Cantor, 1892-1964

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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:
1666: First blood transfusion.
Prince of Wales, Prince Charles, b. 1948.
Claude Monet, b. 1840
Aaron Copeland, composer, b. 1900

We went to see the movie Vincent on the weekend, on Vincent Van Gogh’s life story.  It will leave you mesmerized – truly a masterpiece of a film.  Don’t miss it!

This is interesting…
When I was washing a recyclable bottle of Snapple to return to the store, I noticed writing on the inside label identified as “Real Fact” #1410.
It’s quite an amazing fact: There are more people on Facebook today than there were on the Earth 200 years ago.   You can get all the “Real Facts” at snapple.com.
PHOTOS OF THE DAY

Officers from Nature Conservation Agency (BKSDA) and environmental activists try to refloat nine stranded sperm whales in Aceh Besar, Indonesia.

Archeologists work at the No. 3 Horse and Chariot Pit, one of a cluster of tombs belonging to noble families of the Zheng State, near the city of Xinzheng in central China’s Henan Province.
Market Closes for November 14^th, 2017

Market Index	Close	Change
Dow Jones	23409.47	-30.23   -0.13%
S&P 500	2578.91	-5.93   -0.23%
NASDAQ	6737.871	-19.724   -0.29%
TSX	15902.88	-123.38
		-0.77%

International Markets

Market Index	Close	Change
NIKKEI	22380.01	-0.98
		—
HANG SENG	29152.12	-30.06
		-0.10%
SENSEX	32941.87	-91.69
		-0.28%
FTSE 100*	7414.42	-0.76
		-0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.955		1.969
CND. 30 Year Bond		2.281		2.307
U.S.    10 Year Bond		2.3753		2.3984
U.S. 30 Year Bond		2.8331		2.8797

Currencies

BOC Close	Today	Previous
Canadian $	0.78522	0.78844
US $	1.27353	1.26833
Euro Rate 1 Euro=		Inverse
Canadian $	1.50270	0.66547
US $	1.17990	0.84753

Commodities

Gold	Close	Previous
London Gold Fix	1274.60	1284.30
Oil
WTI Crude Future	55.70	56.74

Market Commentary:
On Nov. 14, 1972, the Dow Jones Industrial Average closed above 1,000 for the first time, ending the day at 1,003.16.
Also on November 14, 1986, Ivan Boesky, one of Wall Street’s top arbitrageurs and traders, settles with the government on charges of securities fraud, implicating Michael Milken of Drexel Burnham Lambert.
Canada
By Natalie Wong
(Bloomberg) — Canadian stocks fell for the fifth day in a row as commodities dropped amid signs of shaky demand that reignited glut concerns around the world.
The S&P/TSX Composite Index fell 0.7 percent to 15,913.13. Energy stocks dropped 2.5 percent amid signs of softening demand in the oil market. Precision Drilling Corp. dropped 8.4 percent as Templeton Global Advisors exited its equity investment in the company.
Telecom was the only sector that flashed green with a 0.4 percent gain. Rogers Communications Inc. gained 1.1 percent and BCE Inc. added 0.4 percent.
In other moves:

                               Stocks
* Ivanhoe Mines Ltd. fell 8.2 percent as all major metals dropped on the LME after reports showed China’s economic expansion slowed
* Premium Brands Holdings Corp. dropped 6.7 percent after disappointing earnings results
* Brookfield Property Partners LP gained 0.7 percent, after bidding about $14.8 billion to acquire the stake it doesn’t already hold in U.S. mall owner GGP Inc.
Commodities
* Western Canada Select crude oil traded at a $14.15 discount to WTI
* Aeco natural gas traded at a $1.25 discount to Henry Hub
* Gold rose 0.1 percent to $1,280.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.04 percent to C$1.2737 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 1.95 percent
US
By Randall Jensen
(Bloomberg) — U.S. stocks slipped amid signs of a commodities glut and uncertain prospects for American tax cuts, while the dollar lost the most since September as the American yield curve flattened further ahead of inflation data.
The S&P 500 Index fell for the third time in four days. Energy and materials producers led losses as Bloomberg’s commodity index declined the most in six months. Crude slid the most in more a month after a tepid demand forecast. Miners led Europe’s equity benchmark to its longest slide in a year. The greenback touched a three-week low, while the euro soared on optimism over the region’s economy.
Investors will turn to data on U.S. consumer prices and retail sales Wednesday for clues on the strength of the world’s largest economy after the flattest American yield curve in a decade and weak data from China raised concern that growth is slowing. Volatility has increased since equities reached records a week ago, while credit spreads have widened as a sense of caution gripped global markets.
The House may vote on its version of the tax cut bill as soon as Thursday, while the Senate continues to hammer out its take. Goldman Sachs Group Inc. said in a note Tuesday the debate is moving faster than they expected, boosting the odds that tax reform will be enacted by early next year to 80 percent from 65 percent.

     Here are some key events investors are watching this week:
* BOE officials address the bank’s future on Thursday, while Draghi speaks a second time Friday.
* A string of Fed appearances may further illuminate the FOMC’s commitment to a December hike.
* U.S. CPI and retail sales data will be released Wednesday morning

      These are the main moves in markets:
Stocks
* The S&P 500 Index dropped 0.2 percent to 2,578.91 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index sank 0.6 percent, after hitting the lowest in seven weeks with its sixth consecutive decline.
* The MSCI All-Country World Index fell 0.1 percent.
* The MSCI Emerging Market Index declined 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.5 percent, touching lowest in almost three weeks on the largest dip since Sept. 7.
* The euro climbed 1.1 percent to $1.1794, reaching the strongest in almost three weeks on its fifth consecutive advance.
* The British pound gained 0.4 percent to $1.3168.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.3771 percent, the first retreat in a week.
* Germany’s 10-year yield declined two basis points to 0.39 percent, the biggest drop in more than a week.
* Britain’s 10-year yield dropped one basis point to 1.321 percent.
Commodities
* Gold rose 0.2 percent at $1,281 an ounce.
* West Texas Intermediate crude fell 2.1 percent to $55.55 a barrel.

 

Have a wonderful evening everyone.

 

The noblest moral law
is that we should unremittingly
work for the good of mankind.
Mahatma Gandhi

Be magnificent!

 

 

As ever,

 

Carolann

 

Age does not matter if the matter does not age.
                   -Carlos Pena Romulo, 1898-1985

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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!
1871, Stanley finds Livingstone.
1951, Area codes introdued
1983, Microsoft releases Windows.
On Nov. 10, 1982, the newly finished Vietnam Veterans Memorial was opened to its first visitors in Washington, D.C.
Go to article »

PHOTOS OF THE DAY

A brown-hooded kingfisher sits on a branch with a freshly caught frog in its beak.  Riaan Marais who took the photo said, ‘We were doing a boat safari on the Rufiji river in Selous Game Reserve, Tanzania when I spotted the bird with the frog on an overhanging branch on the river bank. It most probably caught the frog in the reeds along the river’s edge as this is where these frogs stay.  The kingfisher must have caught the Common Reed Frog just before I took the image, as the frog was still alive, I had a brief moment to take the image before the bird flew off with the frog’.
CREDIT: RIAAN MARAIS/SOLENT NEWS & PHOTO AGENCY

A woman plays with her three dogs at the beach after sunset in Del Mar, California, USA.

Blue Man Group perform on stage on November 8, 2017 in Milan, Italy.
Market Closes for November 10^th, 2017

Market Index	Close	Change
Dow Jones	23422.21	-39.73   -0.17%
S&P 500	2582.30	-2.32   -0.09%
NASDAQ	6750.938	+0.884   +0.01%
TSX	16039.26	-42.83
		-0.27%

International Markets

Market Index	Close	Change
NIKKEI	22681.42	-187.29
		-0.82%
HANG SENG	29120.92	-15.65
		-0.05%
SENSEX	33314.56	+63.63
		+0.19%
FTSE 100*	7432.99	-51.11
		-0.68%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.969		1.933
CND. 30 Year Bond		2.307		2.270
U.S.    10 Year Bond		2.3984		2.3310
U.S. 30 Year Bond		2.8797		2.8075

Currencies

BOC Close	Today	Previous
Canadian $	0.78844	0.78877
US $	1.26833	1.26780
Euro Rate 1 Euro=		Inverse
Canadian $	1.47950	0.67590
US $	1.16650	0.85726

Commodities

Gold	Close	Previous
London Gold Fix	1284.30	1284.80
Oil
WTI Crude Future	56.74	57.17

Market Commentary:
On this day in 1494, the first edition of Luca Pacioli’s Summa de Arithmetica, Geometria, Proportioni et Proportionalita is printed in Venice. The book contains 36 brief chapters on accounting and, for the first time, popularizes the concept of double-entry bookkeeping.
Number of the Day
2,654
The number of new or limited-time items that the 100 biggest restaurant chains added to their menus last year, up 46% from 2015. That’s helping revive sales, but it’s also stretching supply chains
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a third day amid a broader global selloff as concern grows that U.S. tax reform is encountering stumbling blocks.
     The S&P/TSX Composite Index lost 6 points or less than 0.1 percent to 16,076.12 at 9:51 a.m. in Toronto. Financials fell 0.4 percent as Manulife Financial Corp. lost 1.5 percent, giving up some of Thursday’s 4.1 percent gain.
     Industrials lost 0.2 percent. Ritche Bros. Auctioneers Inc. tumbled 7.7 percent, the biggest decliner on the benchmark, after third-quarter earnings missed the lowest analyst estimate.
     In other moves:

                             Stocks
* Klondex Mines Ltd. fell 6.9 percent after the miner reported a wider loss and lower sales than expected
* Just Energy Group Inc. fell 5.4 percent, adding to Thursday’s 9.7 percent drop. The stock was downgraded to hold at TD Securities after weak earnings
* Enerflex Ltd. lost 4.1 percent after third-quarter revenue missed the lowest analyst estimate
* Torstar Corp. rose 4.6 percent. Fairfax Financial Holdings Ltd. is buying 13.3 percent of the company’s Class B shares
* CAE Inc. fell 3.2 percent after earnings missed estimates
                            Commodities
* Western Canada Select crude oil traded at a $14.30 discount to WTI, the widest gap since March
* Aeco natural gas traded at a $1.05 discount to Henry Hub
* Gold fell 0.2 percent to $1,285.20 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2694 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 1.96 percent
US
By Sarah Ponczek
     (Bloomberg) — Treasuries fell for a third day and U.S. stocks limped to the end of a week that saw a bout of volatility return to global financial markets.
     The S&P 500 Index slumped, posting its first down week since early September. The move was led in part by health-care shares, which dropped as the industry grapples with how to handle Amazon as a potential competitor. Energy stocks also struggled as crude slipped below $57 a barrel amid rising tensions in the Persian Gulf.
     “Market participants expect OPEC to extend the production cuts beyond March 2018 and stocks to decline further,” commodities analysts at Commerzbank wrote in a note to clients Friday. “That said, the reduction of stocks should be sluggish even if the agreement to cut production is extended. What’s more, the higher price level should lead to a further rise in U.S. shale oil production. Oil is already much too expensive even if the latest developments in Saudi Arabia justify a certain risk premium on the oil price.”
     The yield on 10-year Treasuries punched through 2.4 percent, joining a spike in European sovereign rates with inflation worries ratcheting up. The dollar was little changed as President Donald Trump’s Asia trip wound down. High-yield debt steadied, the largest junk bond exchange-traded fund rose after three days of declines.
     Carmakers led the Stoxx Europe 600 Index to its biggest two-day drop since August, with most industry sectors declining. Stocks in Asia fell after a rally earlier in the week that saw them touch record highs. Yields on core European bond yields rose.
     Global equities hit historic highs during the week as investors were encouraged by solid earnings and synchronized economic growth. But they sold off sharply on Thursday as the U.S. Senate revealed that its tax plan would delay cuts to the corporate rate until 2019. The move fed growing pessimism about the prospects for meaningful U.S. fiscal reform, which had buoyed share prices in the U.S. On Friday, economists at the University of Michigan reported that consumer sentiment in November fell by the most in a year.
     “We think Americans are confused by the current tax cut proposals, which will radically change how workers will pay Uncle Sam,” Chris Rupkey, chief financial economist with Bank of Tokyo-Mitsubishi UFJ Ltd., wrote in an email. “Washington uncertainty is back. Big time. Bet on it.
     In addition, traders have begun preparing for a series of potential interest rate increases by the Federal Reserve over the next 12 months.
     “You have a Fed that with a 4.1 percent unemployment rate appears to be on cruise control for three or four hikes over the next year,” said Dennis DeBusschere, head of portfolio strategy at Evercore ISI. “In the context of there being very little inflation, if they do that it implies tighter financial conditions, which will help flatten yield curves and increase risk premiums a bit. That has a lot to do with what’s going on right now.”

 

      Here are key events investors were watching:
* Economists at the University of Michigan released preliminary consumer sentiment figures for November.
* European Central Bank Executive Board member Yves Mersch spoke at a conference in Windsor, U.K.
     These are the main moves in markets:
                            Stocks
* The S&P 500 fell 0.1 percent to 2,582.30 and was down 0.2 percent for the week.
* The Stoxx Europe 600 Index slid 0.4 percent to the lowest in more than two weeks.
* The U.K.’s FTSE 100 Index dropped 0.7 percent.
* Germany’s DAX Index dipped 0.4 percent.
* The MSCI Emerging Market Index declined 0.6 percent, the biggest drop in more than three weeks. 
                            Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro gained 0.2 percent to $1.1668.
* The British pound climbed 0.4 percent to $1.3198.
* The Japanese yen dropped less than 0.1 percent to 113.55 per dollar.
* South Africa’s rand sank 0.9 percent to 14.3772 per dollar, the weakest in a year.
                            Bonds
* The yield on 10-year Treasuries rose six basis points to 2.402 percent, the largest climb in three weeks.
* Germany’s 10-year yield increased four basis points to 0.41 percent, the highest in more than two weeks.
* Britain’s 10-year yield surged eight basis points to 1.342 percent, the largest increase since September.
                            Commodities
* West Texas Intermediate crude slipped 0.6 percent to $56.83 a barrel.
* Gold dropped 0.7 percent to $1,275.67 an ounce.
* Copper fell 0.4 percent to $3.07 a pound.

 

 

Have a fabulous weekend everyone.

 

Be magnificent!

Unity is and intellectual concept.
On an emotional level unity is serenity, equality, and equilibrium.
Swami Prajnanpad

As ever,

 

Carolann

A schedule defends from chaos and whim.
                          -Annie Dillard, b. 1945

 

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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. 9, 1989, East Germany lifted restrictions on emigration or travel to the West, and within hours tens of thousands of East and West Berliners swarmed across the infamous Berlin Wall for a boisterous celebration.
Go to article »
The following day, celebrating Germans begin to tear the wall down.
November 9, 1938: Kristallnacht, Crystal Night – pogrom against Jews in Germany.
November 9^th, 1942, James Agate wrote in his diary, Ego, (the Torch landings at Casablanca, Algiers and Oran had taken place the day before):

A glorious day, in every sense of the word.  Alexander’s great victory [Alamein] and the invasion by the Americans of French North Africa have put people of this country into better fettle than they have known since 1925, when, at Melbourne on the third day of the second Test Match, Hobbs and Sutcliffe put on 283 runs for England’s first wicket and sent the Stock Exchange up two points. –from The Book of Days.

1965 – East Coast blackout.

PHOTOS OF THE DAY

This photo of the Aurora over Loch Lomond in southern Scotland was sent in by reader Jaymes Harris.
CREDIT:  JAYMES HARRIS

An aerial view of Dawn Redwood trees in Nanjing, China.

A world map in the form of a set of gores for a terrestrial globe, from 1507 by cartographer Martin Waldseemueller is displayed at Christie’s auction rooms in London. The map is the first map to name America, and is expected to fetch £600,000-900,000 when it goes under the hammer on December 13.

Big wave surfer Andrew Cotton drops a wave during a surf session at Praia do Norte in Nazare, Portugal.
Market Closes for November 9^th, 2017

Market Index	Close	Change
Dow Jones	23461.94	-101.42   -0.43%
S&P 500	2584.67	-9.71   -0.37%
NASDAQ	6750.055	-39.063   -0.58%
TSX	16081.33	-24.01
		-0.15%

International Markets

Market Index	Close	Change
NIKKEI	22868.71	-45.11
		-0.20%
HANG SENG	29136.57	+228.97
		+0.79%
SENSEX	33250.93	+32.12
		+0.10%
FTSE 100*	7484.10	-45.62
		-0.61%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.933		1.917
CND. 30 Year Bond		2.270		2.250
U.S.    10 Year Bond		2.3310		2.3325
U.S. 30 Year Bond		2.8075		2.7902

Currencies

BOC Close	Today	Previous
Canadian $	0.78877	0.78579
US $	1.26780	1.27261
Euro Rate 1 Euro=		Inverse
Canadian $	1.47578	0.67761
US $	1.16405	0.85907

Commodities

Gold	Close	Previous
London Gold Fix	1284.80	1284.00
Oil
WTI Crude Future	57.17	56.81

Market Commentary:
Number of the Day
$57.6 billion
Global spending on hardware and software related to artificial intelligence could expand to $57.6 billion in 2021 from $12 billion this year, according to International Data Corp.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their first two-day streak of losses in two months, as a global risk-off climate weighed on the benchmark’s biggest sectors.
     The S&P/TSX Composite Index fell 23 points or 0.1 percent to 16,082.09. Combined with Wednesday’s 0.2 percent drop, it marks the first consecutive drops since the recent rally began on Sept. 8.
     Materials stocks were the biggest decliners, losing 0.8 percent as copper traders turned bearish for the first time since September and nickel slumped by the most in almost seven weeks. Lundin Mining Corp. fell 3.7 percent.
     Energy and financial shares both lost 0.1 percent, and industrials lost 0.2 percent.
     In other moves:

                               Stocks
* NexGen Energy Ltd. jumped 24 percent, the most in 20 months, amid Cameco Corp.’s plan to shut the world’s biggest uranium mines for most of 2018. Cameco rose 3 percent on speculation the move would lead to higher prices
* Just Energy Group Inc. tumbled 9.7 percent to the lowest since mid-2015. The company said Ebitda fell below expectations given mild summer weather and hurricane disruptions
* Uni-Select Inc. lost 8.6 percent to the lowest since mid-2015. Third-quarter earnings missed the lowest analyst estimate
                          Commodities
* Western Canada Select crude oil traded at a $14.15 discount to WTI
* Aeco natural gas traded at a $1.05 discount to Henry Hub, the widest gap in eight trading days
* Gold rose 0.3 percent to $1,287.50 an ounce, the highest in more than three weeks
                          FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.2678 per U.S. dollar, the strongest in two and a half weeks
* The Canada 10-year government bond yield rose one basis point to 1.93 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks stumbled Thursday, with losses widening after the Senate revealed that its tax plan would delay cuts to the corporate rate until 2019. Treasuries turned higher and the dollar extended losses.
     All major U.S. equity gauges fell, with selling heaviest in technology shares that had been on a 10-day surge. Semiconductor stocks tumbled after Intel Corp. hired away a key executive at Advanced Micro Devices Inc. to run its new graphics chip business. 
     “The market wants to see tax cuts this year,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas. “That’s the reason were seeing the selloff now.
     The bond market took its main cue from technical factors, as sovereign debt halted a rally that started two-weeks ago. Corporate credit faltered amid a glut of year-end issuance, with the starkest declines coming among the lowest-rated companies. Volatility spiked as investors appear to be growing increasingly pessimistic about the prospects for meaningful fiscal reform with both houses of Congress struggling to put forward tax proposals that have reasonable chances of becoming law.
     “Policy makers hope to pass a tax plan by Thanksgiving,” said Mark McCormick, North American head of foreign-exchange strategy at Toronto-Dominion Bank. “But the looming political trade-offs and divergence in House and Senate proposals argue this deadline is nothing short of a holiday miracle.”
     European equities fell the most since August as basic- resources shares dropped following a decline in industrial- metals prices. Inflation concerns also crept into markets, as the European Commission was the latest authority to raise growth forecasts. Sterling fluctuated amid a resumption in Brexit talks, while oil looked to halt a two-day drop.
     President Donald Trump wrapped up his visit to Beijing with little in the way of trade concessions and no agreement on how to handle North Korea. It’s been a year since Trump’s election win and investors are taking stock of his promises to get tough on trade, cut taxes and slash regulations. Meanwhile, reports of fresh arrests in Saudi Arabia’s crackdown on corruption added to geopolitical concerns.

      Here are the key events investors are watching:
* The Philippines’ central bank announced its rate decision.
* A number of central bankers were scheduled to speak Thursday, including the ECB’s Benoit Coeure, Yves Mersch, Vitro Constancio and Villeroy de Galhau and Sabine Lautenschlager.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index fell 0.4 percent to 2,584.62, while the tech-heavy Nasdaq 100 Index dropped 0.5 percent.
* The Stoxx Europe 600 Index sank 1.1 percent, the biggest decrease since July.
* The MSCI Asia Pacific Index gained 0.1 percent to the highest in about 10 years.
* The MSCI Emerging Market Index dipped 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent. 
* The euro gained 0.4 percent to $1.1644, the largest increase in a two weeks. 
* The British pound rose 0.2 percent percent to $1.3148. 
* The Japanese yen gained 0.4 percent to 113.37 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell less then 1 basis point to 2.3292 percent.
* Germany’s 10-year yield climbed five basis points to 0.375 percent.
* Britain’s 10-year yield advanced four basis points to 1.265 percent.
                           Commodities
* West Texas Intermediate crude increased 0.5 percent to $57.07 a barrel.
* Gold gained 0.4 percent to $1,286.14 an ounce, the highest in three weeks.
* Copper fell 0.3 percent to $3.09 a pound, the lowest in a month.

 

Have a wonderful evening everyone.

 

Be magnificent!

I do not know of any religion apart from human activity.
It provides a moral basis to all other activities which they would otherwise lack,
reducing life to a maze of “sound and fury signifying nothing.”
Mahatma Gandhi

As ever,

 

Carolann

 

Deep in their roots, all flowers keep the light.
                     -Theodore Roethke, 1908-1963

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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:

AMAZING NATURE STORY: Gary just called me to tell me his experience from a few minutes before the call: he was driving south along the island Highway returning to Victoria from Sidney; as he was sitting at a red light in Saanich, looking out the window, he watched a rabbit hopping around in the field adjacent to the road.  Then, in a flash, a bald eagle appeared out of nowhere and snatched the rabbit up!  The rabbit was so heavy, the eagle could only fly about 3 feet from the ground until I guess he found an acceptable dining room amongst the fields.  Pretty awesome!

On November 8, 1960, Massachusetts Senator John F. Kennedy defeated Vice President Richard M. Nixon for the presidency.
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Also on this day, in 1895, German scientist Wilhelm Conrad Rontgen becomes the first person to observe X-rays, a discovery that occurred accidentally in his lab when he was conducting an unrelated test.

And in 1519, Cortes conquers Mexico.
b. 1656, Edmund Halley, astronomer.
b. 1900, Margaret Mitchell, writer.
b. 1949, Bonnie Raitt, singer.

If you want to kill any idea in the world, get a committee working on it.  -Charles Kettering, 1876-1958.
PHOTOS OF THE DAY

Starling murmuration over Burscough, Merseyside.

A 36 metre Giant Redwood tree is lit up for Christmas at Wakehurst Place in Haywards Heath, England. 1800 low-energy lamps are being hung by specialists from Wakehurst’s Conservation and Woodlands unit in a process that takes two days. The fully lit tree can be seen by pilots flying into nearby Gatwick Airport.

A snow covered chapel is seen after the first snowfall of the season in the western Austrian village of Tulfes.

Canoeists take part in the annual Hawaiki nui va’a race from the island of Huahine in French Polynesia.
Market Closes for November 8^th, 2017

Market Index	Close	Change
Dow Jones	23563.36	+6.13   +0.03%
S&P 500	2594.38	+3.74   +0.14%
NASDAQ	6789.117	+21.334   +0.32%
TSX	16105.35	-26.44
		-0.16%

International Markets

Market Index	Close	Change
NIKKEI	22913.82	-23.78
		-0.10%
HANG SENG	28907.60	-86.74
		-0.30%
SENSEX	33218.81	-151.95
		-0.46%
FTSE 100*	7529.72	+16.61
		+0.22%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.917		1.893
CND. 30 Year Bond		2.250		2.224
U.S.    10 Year Bond		2.3325		2.3127
U.S. 30 Year Bond		2.7902		2.7747

Currencies

BOC Close	Today	Previous
Canadian $	0.78579	0.78258
US $	1.27261	1.27782
Euro Rate 1 Euro=		Inverse
Canadian $	1.47551	0.67773
US $	1.15944	0.86249

Commodities

Gold	Close	Previous
London Gold Fix	1284.00	1275.60
Oil
WTI Crude Future	56.81	57.20

Market Commentary:
Number of the Day
23%
The percentage decline since 2015 in the average price per square foot of apartments sold in New York’s Trump Tower.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks dropped the most in two weeks as weak earnings offset gains in health care.
     The S&P/TSX Composite Index lost 0.2 percent to 16,105.35. Info tech shares fell 1.3 percent as CGI Group Inc. lost 2.2 percent after its fourth-quarter revenue missed the lowest analyst estimate. Mitel Networks Corp. dropped 2.6 percent.
     Consumer discretionary lost 1 percent as Linamar Corp. dropped 14 percent, the most since 2009, after auto parts and industrial segments missed third-quarter estimates.
     In other moves:
                          Stocks
* Pason Systems Inc. tumbled 6.1 percent. Third-quarter earnings missed estimates and the stock was downgraded at National Bank Financial
* SSR Mining Inc. dropped 9.1 percent after posting disappointing third-quarter production results
* Iamgold Corp. jumped 7.3 percent, extending gains after third- quarter adjusted earnings per share from continuing operations beat the highest analyst estimate
* Valeant Pharmaceuticals International Inc. added 5 percent to Tuesday’s 17 percent post-earnings gain
                          Commodities
* Western Canada Select crude oil traded at a $14.05 discount to WTI
* Aeco natural gas traded at a $1.01 discount to Henry Hub
* Gold rose 0.5 percent to $1,281.60 an ounce
                          FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.2726 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.91 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks rose as a surge in technology shares more than made up for weakness in financial firms sparked by concerns that the Republican tax bill faces an uphill battle in Congress. The dollar fell with Treasuries and crude.
     All of the major U.S. equity gauges were higher, led by the Nasdaq 100 Index. Meanwhile, the KBW Bank Index plunged for a fourth straight day on speculation about the viability of Trump’s business-friendly programs following Tuesday’s election results. KBW described the vote as a “bloodbath” that could push Congressional Republicans to strike a more populist tone on taxes.
     “Democrats took the governor’s mansion in Virginia and New Jersey and picked up state legislative seats in almost every state with seats up for grabs yesterday,” Christopher Low, chief economist at FTN Financial, wrote in an email. “Off-year elections tend to be about turnout, and the party out of power tends to gain as their voters are usually the easiest to get to the polls. Nevertheless, it should serve as a reminder to Republicans in Congress their time to pass legislation is limited, especially if they undermine their base by failing to get anything done.”
     However, some investors were more sanguine about U.S. taxes, noting that the stock market’s climb has been largely divorced from political wrangling.
     “A lot of people want to tie the markets in these past months to these events but in reality it has little to do with it,” Brian Kraus, head of the investment consulting team at Hartford Funds, said in an interview at Bloomberg’s New York headquarters. “It’s due to strong earnings, low interest rates and global synchronized growth — not what happened in the election in Virginia last night.”
     Traders are also looking at geopolitics as Trump continues his tour of Asia with a central mission of rallying the world to stand up to North Korea. Calling out Russia and China by name, the president said Wednesday that all responsible nations must join forces to deny Kim Jong Un’s regime of support. He’s also expected to discuss trade with his Chinese counterpart, Xi Jinping.
     “In the big picture it’s all the exogenous events that could happen,” said Sean Simko, head of fixed income portfolio management at SEI Investments Co. “It’s something you see everyday in the headlines. You get North Korea bubbling up from time to time, we heard something in the past two days but prior to that it’s been about two weeks since we heard something from them. You have that going on, what’s going on in Spain, you have oil moving. It’s a lot of moving pieces right now, like a jigsaw puzzle.”
     Saudi Arabian stocks rose, even as nervousness among regional investors about perceptions of risks stemming from the kingdom battered neighboring markets. The main equities benchmark erased losses of as much as 1.1 percent to finish Wednesday at its session high.
     European shares slipped following disappointing results from Credit Agricole SA. The euro strengthened and core government bond yields nudged lower. The pound fell amid tensions in the U.K. government, where Prime Minister Theresa May is weighing whether to fire a cabinet member only seven days after her defense secretary quit in a sexual harassment scandal.    
     Here are key events to watch out for this week:
* U.S. consumer sentiment probably cooled in early November from a more than 13-year high; the University of Michigan’s report is out on Friday.
* OPEC releases its World Oil Outlook.
* Argentina’s central bank unexpectedly raised borrowing costs. Mexico, New Zealand and Malaysia are also holding monetary- policy meetings this week.
* The European Commission’s chief Brexit negotiator Michel Barnier and U.K. Brexit Secretary David Davis resume talks.
* Earnings season continues with announcements from Walt Disney Co., Adidas AG, and Siemens AG. European financial companies set to report include Allianz SE and Zurich Insurance Group AG.

      And these are the main moves in markets:

                              Stocks
* The S&P 500 closed up 0.1 percent Wednesday, while the Nasdaq 100 rose 0.4 percent.
* The Stoxx Europe 600 Index sank less than 0.1 percent.
* The MSCI Asia Pacific Index jumped 0.2 percent to the highest in about 10 years.
* The MSCI Emerging Market Index gained less than 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro rose 0.1 percent to $1.1598.
* The British pound decreased 0.4 percent to $1.3117.
* The Japanese yen rose 0.2 percent to 113.81 per dollar.
                          Bonds
* The yield on 10-year Treasuries added two basis points to to 2.3307.
* Germany’s 10-year yield was little changed at 0.326 percent, the lowest in two months.
* Britain’s 10-year yield decreased less than one basis point to 1.225 percent, the lowest in eight weeks.
                          Commodities
* West Texas Intermediate crude fell 0.7 percent to $56.81 a barrel.
* Gold rose 0.5 percent to $1,281.29 an ounce.
* Copper gained 0.4 percent to $3.10 a pound.

 

Have a wonderful evening everyone.

 

Be magnificent!

Do you live and work in the world?
Always act according to the highest moral standards, both in private and in public.
Always be honest in word and deed, both in private and in public.
Master your emotions and control your senses, both in private and in public.
Be calm and patient, both in private and in public.
Take every opportunity to serve others, both in private and in public.
Be kind and gentle to your children, both in private and in public.
Taittiriya Upanishad

As ever,

 

Carolann

 

A man who limits his interests, limits his life.
                     -Vincent Price, 1911-1993

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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:
November 7,1917 – Russian Revolution.

Joni Mitchell, b. 1943
Albert Camus, existentialist, b. 1913
On this day in 1944, President Franklin Delano Roosevelt is elected to an unprecedented fourth term. He remains the only president to have served more than two terms in office.
1885 – Donald Smith Drives in CPR Last Spike at Craigellachie, BC

As Winter Sets In, A Shrew’s Tiny Brain Gets Even Tinier
Bad news, bears. Hibernation is no longer the coolest thing animals do to survive the winter. 
  As cold weather approaches, tiny mole-like creatures known as red-toothed shrews will shrink their own heads, reducing their skull and brain mass by as much as 20%, according to new research.  When warm weather returns, they will regrow the region.  The study speculates that the shrinking helps them conserve energy when resources are scarce. -Douglas Quenqua, NYT.

Too many have dispensed with generosity in order to practice charity. –Albert Camus.
PHOTOS OF THE DAY

An abyss of red sea can be seen encompassing the adventurous diver, as he swims around the Cenote Carwash – a popular cavern just outside of Tulum, Mexico.  These incredible photographs show a diver exploring a darkening red sea, with just a small wrist flashlight to light up the way.

Rowers out on the River Cam in Cambridge, UK, as the temperatures hit minus 4 degrees.

A beautiful sunrise can be seen amidst a break from heavy rain in Galera Point, Trinidad. The area is where the Caribbean Sea and Atlantic Ocean meet.

Starling mumuration over Tarleton. Last dance before bed as tens of thousands of starlings gather over Martin Mere as the onset of colder weather, and early nights triggers this autumn gathering and winter groupings. The noise they make described as a mumur or chatter, but is quite intense and is thought to form part of a communication of sorts. The interaction between the huge numbers is amazing and is thought to be formed on the single principal of maintain a defined distance to nearest the bird.
Market Closes for November 7^th, 2017

MarketIndex	Close	Change
DowJones	23557.23	+8.81  +0.04%
S&P 500	2589.91	-1.22  -0.05%
NASDAQ	6767.781	-18.654  -0.27%
TSX	16117.01	+24.81
		+0.15%

International Markets

MarketIndex	Close	Change
NIKKEI	22937.60	+389.25
		+1.73%
HANGSENG	28994.34	+397.54
		+1.39%
SENSEX	33370.76	-360.43
		-1.07%
FTSE 100*	7513.11	-49.17
		-0.65%

Bonds

Bonds		% Yield		Previous % Yield
CND.10 Year Bond		1.893		1.925
CND.30 Year Bond		2.224		2.247
U.S.   10 Year Bond		2.3127		2.3163
U.S.30 Year Bond		2.7747		2.7957

Currencies

BOC Close	Today	Previous
Canadian $	0.78258	0.78713
US$	1.27782	1.27044
Euro Rate1 Euro=		Inverse
Canadian $	1.48061	0.67540
US$	1.15870	0.86304

Commodities

Gold	Close	Previous
London GoldFix	1275.60	1270.90
Oil
WTI Crude Future	57.20	57.35

Market Commentary:
Canada
     (Bloomberg) — Canada’s equity benchmark continued the rally that has seen it gain eight of the last nine trading days as health-care stocks jumped and telecom shares moved higher.
     The S&P/TSX Composite Index rose 36 points or 0.2 percent to 16,127.72 at 9:49 a.m. in Toronto, on track for a third consecutive record high. The health-care index was the biggest gainer by far, adding 6.3 percent as Valeant Pharmaceuticals International Inc. jumped 16 percent. Valeant maintained its profit forecast, indicating progress in its recovery plan.
     Telecom shares added 0.4 percent as BCE Inc. gained 0.3 percent. The company is buying Alarmforce Industries Inc. for about $166 million.
     In other moves:
                           Stocks
* Tahoe Resources Inc. tumbled 8.9 percent. The miner’s third- quarter loss was wider than the average analyst estimate
* Alaris Royalty Corp. fell 3.3 percent after reporting an unexpected third-quarter loss
* Cineplex Inc. lost 2.9 percent after revenue missed analyst estimates
* Alarmforce Industries Inc. surged 71 percent. BCE Inc. is buying the company for $166 million
* Finning International Inc. gained 2.3 percent after earnings per share and revenue beat estimates
                            Commodities
* Western Canada Select crude oil traded at a $14.00 discount to WTI
* Aeco natural gas traded at a 93-cent discount to Henry Hub
* Gold fell 0.2 percent to $1,279.20 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.2777 per U.S. dollar as the greenback strengthened
* The Canada 10-year government bond yield fell two basis points to 1.90 percent, the ninth decline in 10 trading days
US
By Sarah Ponczek
     (Bloomberg) — Stocks fell while the dollar strengthened and Treasuries nudged higher as investors turned their attention to fiscal policy, with tax writers from the House of Representatives expected to hammer out their plan this week.
     The S&P 500 Index drifted lower, led by financial companies, which were the worst performing group in the gauge. The Stoxx Europe 600 Index slipped, erasing an earlier advance, but remained close to an all-time high. The Nikkei 225 Stock Average climbed to a level last seen more than 25 years ago.
     “Tax reform is the number one thing on everybody’s minds right now,” said Michael Hanson, the chief U.S. macro strategist at TD Securities in New York. “The Senate has indicated they’re going to announce their own bill Thursday, and that bill is extensively based off of the House bill, but there’s likely to be some important differences.”
     Equity indexes across the Persian Gulf were among the world’s worst performers amid a widening a crackdown on corruption in Saudi Arabia. The kingdom’s Tadawul All Share Index at one point fell the most in a year before regaining some of its losses. Oil slid from Monday’s climb, when it reached the highest price since June 2015.
     “The current news backdrop argues against any correction in the near future: the latest developments in Saudi Arabia justify a risk premium on the oil price,” commodity researchers at Commerzbank AG wrote in a note Tuesday. “President Trump has expressly approved the clean sweep, which is likely to encourage the king and crown prince in their plans to build on their power and to take action against Iran.”
     Investors’ focus on geopolitics sharpened further as President Donald Trump continued his tour of Asia. Speaking next to South Korean President Moon Jae-in in Seoul, Trump said he saw some progress on North Korea and called on the rogue state to “come to the table” and make a deal on its missile and nuclear program. He added that the U.S. and South Korea will act together to confront North Korea’s actions, and the U.S. stands ready to use its full range of military capabilities “if need be.”
     Elsewhere, industrial metals pared some of yesterdays gains and gold declined.
     Here are key events to watch out for this week:
* U.S. consumer sentiment probably cooled in early November from a more than 13-year high; the University of Michigan’s report is out on Friday.
* OPEC releases its World Oil Outlook.
* Argentina, Mexico, New Zealand, Malaysia and Thailand also have monetary-policy decisions this week.
* The European Commission’s chief Brexit negotiator Michel Barnier and U.K. Brexit Secretary David Davis resume talks.
* Earnings season continues with announcements from Walt Disney Co., Adidas AG, and Siemens AG. European financial companies set to report include Banca Monte dei Paschi di Siena SpA, Credit Agricole SA, Allianz SE and Zurich Insurance Group AG.

      And these are the main moves in markets:
                          Stocks
* The S&P 500 slid less than 0.1 percent to 2,590.64.
* The Stoxx Europe 600 fell 0.5 percent.
* Japan’s Nikkei 225 climbed 1.7 percent to the highest since January 1992.
* The MSCI Asia Pacific Index gained 0.9 percent to the highest in about 10 years.
* The MSCI Emerging Market Index jumped 0.3 percent to the highest in more than six years.
                           Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent.
* The euro decreased 0.2 percent to $1.159, the weakest since July.
* The British pound declined less than 0.1 percent to $1.3168.
* The Japanese yen fell 0.2 percent to 113.94 per dollar.
                            Bonds
* The yield on 10-year Treasuries slid less than one basis point to 2.3109 percent.
* Germany’s 10-year yield fell one basis point to 0.327 percent.
* Britain’s 10-year yield decreased three basis points to 1.231 percent.
                            Commodities
* West Texas Intermediate crude dipped 0.2 percent to $57.23 a barrel.
* Gold declined 0.4 percent to $1,276.53 an ounce.
* Copper fell 2.1 percent to $3.09 a pound, the lowest in a month.

 

Have a wonderful evening everyone.

 

Be magnificent!

When restraint and courtesy are added to strength, the latter becomes irresistible.
Mahatma Gandhi

As ever,

 

Carolann

 

I always find it more difficult to say the things I mean than the things I don’t.
                                                         -W. Somerset Maugham, 1874-1965

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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:
Gustavus Adolphus Day: Swedish king killed in 1632.

Aldolphe Sax, saxophone inventor, b. 1814.
Sally Field, actor, b. 1946.
James Naismith, basketball creator, b. 1861.
On Nov. 6, 1860, former Illinois congressman Abraham Lincoln defeated three other candidates for the U.S. presidency.
Go to article »

HOW BEETS BECAME BEET-RED:
As the seasons change, a riot of red shows up in the world around us, showcasing some of the most vivid hues that plant biochemistry can create.  The red pigments in maple leaves, called anthocyanins, are the same kind that light up the cranberries…or the ruddy apples you’d put in a pie.
  But as you slide a tray of beets into the oven to roast, you’ll be seeing something that’s completely different at the molecular level. Biologists have discovered a key step in the evolution of this process.
  The pigments that give red beets their incandescent tint are called betalains.  They’re made using an amino acid called tyrosine, the starting material for thousands of compounds made by plants.  A tyrosine-making enzyme, which in most plants gets turned off after a certain amount is made, stays on longer in beets and some related species, producing an overload of the amino acid.  This is likely the pivotal change that gave beets what they would need to develop their special red.  Veronique Greenwood, NYTimes.
PHOTOS OF THE DAY

The moon rises over the Sacre Coeur Basilica in Montmartre in Paris, France.
CREDIT:  CHRISTIAN HARTMANN/REUTERS

A stunning Aurora Borealis lights up the northern Europeanskies.

Fisherman try their luck from a boat in a morning fog at the Liptovska Mara dam near the village of Liptovska Sielnica, Slovakia.

A man representing the Winter King holds a flaming sword as her takes part in a ceremony as they celebrate Samhain at the Glastonbury Dragons Samhain Wild Hunt 2017 in Somerset, England.  To celebrate Samhain, the Glastonbury Dragons, alongside Gwythyr Ap Greidal, the Summer King and the Winter King, Gwyn Ap Nudd, were paraded through the town to the lower slopes of Glastonbury Tor where the event was marked with ritual theatre, dancing and a fire to honour the dead.  The Celtic festival of Samhain, which was later adopted by Christians and became Halloween, is a very important date in the Pagan calendar as it marks the division of the year between the lighter half (summer) and the darker half (winter).
Market Closes for November 6^th, 2017

Market Index	Close	Change
Dow Jones	23548.42	+9.23   +0.04%
S&P 500	2591.13	+3.29   +0.13%
NASDAQ	6786.438	+22.002   +0.33%
TSX	16092.20	+72.04
		+0.45%

International Markets

Market Index	Close	Change
NIKKEI	22548.35	+9.23
		+0.04%
HANG SENG	28596.80	-6.81
		-0.02%
SENSEX	33731.19	+45.63
		+0.14%
FTSE 100*	7562.28	+1.93
		+0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.925		1.956
CND. 30 Year Bond		2.247		2.269
U.S.    10 Year Bond		2.3163		2.3289
U.S. 30 Year Bond		2.7957		2.8106

Currencies

BOC Close	Today	Previous
Canadian $	0.78713	0.78349
US $	1.27044	1.27634
Euro Rate 1 Euro=		Inverse
Canadian $	1.47496	0.67798
US $	1.16098	0.86134

Commodities

Gold	Close	Previous
London Gold Fix	1270.90	1267.20
Oil
WTI Crude Future	57.35	55.64

Market Commentary:
Number of the Day
$103 billion
The enterprise value of Broadcom’s bid on Monday for fellow-chip maker Qualcomm. The $70-per-share offer represents a 28% premium from Thursday’s closing price, before the Journal reported that an approach might happen.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at a fresh high, their fifth in seven trading days, as oil prices soared to levels not seen since mid-2015.
     The S&P/TSX Composite Index gained 72 points or 0.5 percent to 16,092.20. Energy shares jumped 1.6 percent as the price of crude rallied 3.1 percent above $57 a barrel, spurred by widespread arrests that raised fears of instability in Saudi Arabia.
     The materials sector was close behind, gaining 1.5 percent. Nickel closed it its highest level since 2015 and copper rose 1.3 percent. First Quantum Minerals Ltd. added 7.2 percent and Hudbay Minerals Inc. rose 5.2 percent.
     In other moves:
                          Stocks
* Canopy Growth Corp. jumped 14 percent to a record high as most marijuana stocks rallied
* Sierra Wireless Inc. fell 7.2 percent to a nine-month low. CIBC lowered its price target and said it doesn’t recommend buying the shares
* Cogeco Communications Inc. lost 6 percent, the most since July, after Macquarie and Canaccord Genuity downgraded the shares
                          Commodities
* Western Canada Select crude oil traded at a $14 discount to WTI
* Aeco natural gas traded at a 90-cent discount to Henry Hub
* Gold rose 1 percent to $1,281.60 an ounce, the biggest gain since September
                           FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.2708 per U.S. dollar, the highest in two weeks
* The Canada 10-year government bond yield fell three basis points to 1.93 percent, the lowest since early September
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks climbed and bonds advanced, while the dollar slipped as President Donald Trump tried to tackle trade on his Asia tour. A crackdown on corruption in Saudi Arabia sent oil soaring to its highest price in more than two years.
     Equities posted broad gains despite weakness in telephone shares following the collapse of merger talks between Sprint Corp. and T-Mobile U.S. Inc. Technology stocks rose as Broadcom Ltd. geared up for a hostile bid for Qualcomm Inc., in what would be the largest tech deal ever.
     The Stoxx Europe 600 Index climbed after a European purchasing managers index indicated strong momentum at the start of the fourth quarter. The Nikkei 225 Stock Average reached its highest level in more than 21 years. Commodities rallied, and precious metals surged.
     “We have stressed repeatedly that the biggest ‘risk’ to our conservative (oil) price forecast is a destabilization of the situation in Saudi Arabia,” commodity analysts at Commerzbank AG wrote in a note to clients Monday. “The probability at least of such a scenario increased at the weekend after eleven princes, four ministers and dozens of former ministers were arrested in Saudi Arabia. If we also consider the reports of another ballistic missile from Yemen that was intercepted near Riyadh, the crash of a helicopter in Saudi Arabia with a number of government representatives on board, and the completely unexpected resignation of Lebanon’s Saudi-backed prime minister, the tensions in the Middle East become virtually tangible.”
     News out of Asia was a dominant theme for many assets, with investors digesting inflation comments from Bank of Japan Governor Haruhiko Kuroda, remarks on excessive leverage from his Chinese counterpart Zhou Xiaochuan and the grievances on the balance of trade from the U.S. president, who goes on to South Korea and China this week.
     “I think there is a bit too much noise that comes from Trump’s trips abroad to get a decent signal for markets,” said Mark McCormick, North American head of foreign-exchange strategy at Toronto-Dominion Bank. “The good old macro story is still running behind the scenes, so I don’t see Trump headlines offering much impact on the markets this week.”
     McCormick added that Wall Street’s more likely to react to geopolitics than trade chatter.
     “I think you have to keep North Korea on the radar this week, especially if they try to poke the bear over the next two weeks,” he said. “I think many are concerned they might to provoke Trump on the visit, with a missile launch or nuclear test. That would have a much greater impact (though fleeting) than rhetoric on trade or economic policy.”
     News on central bankers also will be closely watched. Federal Reserve Bank of New York President William Dudley plans to retire in the middle of next year. His early departure would mean changes at the Fed’s top three positions within a relatively short period. Trump announced last week that Fed Governor Jerome Powell will be nominated to replace Chair Janet Yellen when her term expires in February. Vice Chairman Stanley Fischer retired in mid-October. But investors are hopeful that despite the moves there won’t be an acceleration of rate hikes on the horizon.
     “The U.S. economy really bottomed out during the summer and has been on a clear upward trend since then,” said Jon Adams, a Chicago-based senior investment strategist with BMO Global Asset Management. “Investors are digesting payrolls figures from Friday as well as tax reform prospects right now. But payrolls in particular really solidified our view that we’re on solid economic footing and there’s really no reason for central banks to get too carried away as far as rate hikes right now.”
     Here are key events to watch out for this week:
* The European Commission’s chief Brexit negotiator Michel Barnier and U.K. Brexit Secretary David Davis resume talks.
* Earnings season continues with announcements from Toyota Motor Corp., BMW AG, Walt Disney Co., Adidas AG, and Siemens AG. European financial companies set to report include Intesa Sanpaolo SpA, Banca Monte dei Paschi di Siena SpA,Credit Agricole SA, Allianz SE and Zurich Insurance Group AG.
* Donald Trump continues on his first official trip to Asia as president, accompanied by Secretary of State Rex Tillerson and a group of U.S. business leaders.
* New Jersey and Virginia will choose new governors Tuesday in an off-year election
* U.S. consumer sentiment probably cooled in early November from a more than 13-year high; the University of Michigan’s report is out on Friday.
* OPEC releases its World Oil Outlook.
* Argentina, Australia, Mexico, New Zealand, Peru, Malaysia, Poland, Serbia and Thailand set monetary policy. \

    And these are the main moves in markets:
                           Stocks
* The S&P 500 Index closed up 0.1 percent at 2,591.13, while the Nasdaq 100 Index added 0.3 percent.
* The Stoxx Europe 600 climbed 0.1 percent.
* The U.K.’s FTSE 100 Index gained less than 0.1 percent to the highest on record.
* Germany’s DAX Index fell less than 0.1 percent.
* Japan’s Nikkei 225 rose less than 0.1 percent to the highest since June 1996.
* The MSCI Emerging Market Index increased 0.7 percent.
                           Currencies
* The Bloomberg Dollar Spot Index dropped 0.3 percent.
* The euro gained less than 0.05 percent to $1.161.
* The British pound climbed 0.7 percent to $1.3174.
* The Japanese yen rose 0.3 percent to 113.75 per dollar.
                            Bonds
* The yield on 10-year Treasuries declined two basis point to 2.316 percent, the lowest in more than two weeks.
* Germany’s 10-year yield fell three basis points to 0.336 percent, the lowest in almost two months.
* Britain’s 10-year yield declined less than one basis point to 1.256 percent, the lowest in more than seven weeks.
* Japan’s 10-year yield decreased three basis points to 0.024 percent, the lowest since September.
                            Commodities
* West Texas Intermediate crude gained 3.1 percent to $57.34 a barrel, the highest since June 2015.
* Gold increased 0.9 percent to $1,281.04 an ounce.
* Copper rose 1.4 percent to $3.16 a pound, the highest in more than a week.

 

Have a wonderful evening everyone.

 

Be magnificent!

It is man’s social nature which distinguishes him from the brute creation.
If it is his privilege to be independent, it is equally his duty to be inter-dependent,
Only an arrogant man will claim to be independent of everybody else and be self-contained.
Mahatma Gandhi

As ever,

 

Carolann

 

Happiness is not a reward – it is a consequence
                  -Robert Green Ingersoll, 1833-1899

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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