Category: Newsletters

Dear Friends,

Tangents:

Birthday: Leonard Cohen, 1934.

I lost my way, I forgot to call on your name. The raw heart beat against the world, and the tears were for my lost victory. But you are here. You have always been here. The world is all forgetting, and the heart is a rage of directions, but your name unifies the heart, and the world is lifted into its place. Blessed is the one who waits in the traveller’s heart for his turning. –from Poem 50, Leonard Cohen.

Do not forget old friends
you knew long before I met you
the times I know nothing about
being someone 
who lives by himself
and only visits you on a raid 
-from Do Not Forget Old Friends, Selected Poems, Leonard Cohen

On Sept. 21, 1938, a hurricane struck parts of New York and New England, causing widespread damage and claiming more than 600 lives.
Go to article »

PHOTOS OF THE DAY

A child walks through the colour lit fountain in Nice, France.
CREDIT: ERIC GAILLARD/REUTERS

Alba, an albino orangutan, sits on a branch of a tree while eating watermelon at Nyaru Menten Orangutan Rehabilition Centre in Central Kalimantan, Indonesia.
The conservation group says it wants to create a 5-hectare “forest land” for the world’s only known albino orangutan after rescuing it from villagers five months ago. The 5-year-old orangutan can’t be safely returned to the wild because of health issues related to her albinism.
CREDIT: BORNEO ORANGUTAN SURVIVAL (BOS) FOUNDATION

Hindus perform rituals as part of their prayers during “Pitra Paksha”, a period of sixteen days when Hindus pay homage to their ancestors, in Ahmedabad, India.
CREDIT:  AMIT DAVE/REUTERS
Market Closes for September 21^st, 2017

Market Index	Close	Change
Dow Jones	22359.23	-53.36   -0.24%
S&P 500	2500.60	-7.64   -0.30%
NASDAQ	6422.691	-33.353   -0.52%
TSX	15454.92	+65.33
		+0.42%

International Markets

Market Index	Close	Change
NIKKEI	20347.48	+37.02
		+0.18%
HANG SENG	28110.33	-17.47
		-0.06%
SENSEX	32370.04	-30.47
		-0.09%
FTSE 100*	7263.90	-8.05
		-0.11%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.120		2.104
CND. 30 Year Bond		2.460		2.450
U.S.    10 Year Bond		2.2765		2.2641
U.S. 30 Year Bond		2.8042		2.8058

Currencies

BOC Close	Today	Previous
Canadian $	0.81123	0.81181
US $	1.23269	1.23182
Euro Rate 1 Euro=		Inverse
Canadian $	1.47201	0.67934
US $	1.19414	0.83742

Commodities

Gold	Close	Previous
London Gold Fix	1292.10	1311.30
Oil
WTI Crude Future	50.20	50.41

Market Commentary:
On this day in 1931, Britain abandons the gold standard.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a sixth day, their longest streak of gains in six months, boosted by a global rally in financial stocks following Wednesday’s hawkish shift from the U.S. Federal Reserve.
     The S&P/TSX Composite Index added 65 points or 0.4 percent to 15,454.92, its highest level since June and its longest consecutive string of gains since March. Financials, which account for 34 percent of the benchmark, rose 0.7 percent. Bank of Nova Scotia gained 1.8 percent.
     The industrials sector added 0.8 percent as Canadian Pacific Railway Ltd. gained 2.4 percent, and the energy sector rose 0.7 percent, outpacing the 0.3 percent gain in West Texas Intermediate crude prices.
     In other moves:
                              Stocks
* ShawCor Ltd. rose 12 percent, the biggest gain in five years, after TD Securities initiated coverage with a buy rating
* Air Canada rose 2.2 percent, adding to Wednesday’s 11 percent gain. The company updated its targets at an investor day and was upgraded to outperform at Cowen & Co.
* Student Transportation Inc. gained 3.2 percent after the stock was raised to outperform at National Bank Financial
                              Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI, the narrowest gap in nearly two weeks
* Aeco natural gas traded at a $2.51 discount to Henry Hub, three cents wider than Wednesday
* Gold tumbled 1.7 percent to $1,290.60 an ounce, the lowest since August
                               FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2333 per U.S. dollar, the fifth consecutive day of declines
* The Canada 10-year government bond yield rose two basis points to 2.12 percent, the highest in three years.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell from records, while Treasuries and the dollar were mixed as investors assessed the impact of the Federal Reserve’s signal that it intends to raise rates again this year. Gold tumbled and emerging-market assets slumped.
     The S&P 500 Index retreated for the first time in five days, with technology shares leading declines as Apple Inc.’s selloff resumed. The dollar was little changed after rallying Wednesday, while Treasuries pared gains after a 10-year note auction. Metals from copper to iron ore slumped. The yen touched a two-month low as the Bank of Japan kept its monetary stimulus unchanged. West Texas crude declined.
     U.S. equity markets continued to churn in one of the tightest ranges in history, with investors reluctant to add to bets that have pushed benchmark indexes to records. While the Fed’s decision boosted the dollar and Treasury yields, those moves faltered Thursday as investors looked past the prospects for a December rate hike to discount the likelihood that further increases will come in 2018 as inflation remains tepid.
     Markets have also kept an eye on tensions over North Korea, with Donald Trump Thursday ordering new sanctions on individuals, companies and banks doing business with the country. Reaction to China’s credit downgrade by S&P Global Ratings was muted during U.S. hours, though base metals continued declines.
     What to watch out for the rest of this week:
* Mario Draghi will be giving the keynote speech at the annual conference of the European Systemic Risk Board.
* Theresa May meets with her cabinet today to see how far she can go in promising money to the EU to advance Brexit negotiations, people familiar said. Her big speech is Friday.
* The euro-area’s September consumer confidence data is due today.
* Campaigning continues in Germany before the Sept. 24 election.
* The OECD publishes the Interim Economic Outlook in Paris.
     
     Here are the main moves in markets:                           
                           Stocks
* The S&P 500 Index fell 0.3 percent to 2,500.77 as of 4 p.m. in New York.
* The Dow Jones Industrial Average fell to 22,359.90, halting a nine-day winning streak.
* Apple lost 1.7 percent to the lowest since Aug. 1.
* The Stoxx Europe 600 Index rose 0.2 percent to the highest in a month. 
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent after earlier touching the highest in more than two weeks.
* The euro climbed 0.5 percent to $1.1950.
* The Japanese yen fell 0.1 percent to 112.334 per dollar, hitting the weakest in more than two months.
                            Bonds
* The yield on 10-year Treasuries rose one basis point to 2.28 percent in a fifth straight day of declines in the note.
* Germany’s 10-year yield climbed one basis points to 0.46 percent, the highest in more than six weeks.
                            Commodities
* West Texas Intermediate crude fell 14 cents to settle at $50.55 a barrel.
* Gold futures decreased 1.7 percent to $1,293.90 an ounce, the weakest in four weeks.
* Copper futures declined 1.1 percent to $2.936 a pound.

 

Have a wonderful evening everyone.

 

Be magnificent!

Every day we see or read of appalling things happening in the world as the result of violence in man.
You may say, “I can’t do anything about it,” or “How can I influence the world?”
I think you can tremendously influence the world if you yourself are not violent,
if you lead actually every day a peaceful life – a life which is not competitive, ambitious, envious –
a life which does not create enmity.
Small fires can become ablaze.
Krishnamurti

As ever,

 

Carolann

 

I think success has no rules, but you can learn a lot from failure.
                                                 -Jean Kerr, 1922-2003

 

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 Sept. 20, 1973, Billie Jean King defeated Bobby Riggs in straight sets 6-4, 6-3, 6-3 in a $100,000 winner-take-all tennis match.
Go to article »

Life advice from Shep Hyken:

Show up early,
stay late,
do your best,
always say thank you,
give people more than
they expect,
and follow up.

PHOTOS OF THE DAY

Constance Devernay of the Scottish Ballet, dressed in a Sugar Plum Fairy costume, launches an appeal encouraging members of the public to ‘buy a bauble’ from the set of The Nutcracker to fund its restoration of the set, at the Scottish Ballet headquarters in Glasgow, Tramway.
CREDIT: ANDREW MILLIGAN/PA WIRE

Pigeons bathe in a fountain in central Kiev, Ukraine.
CREDIT: REUTERS/GLEB GARANICH

Vivid red Virgina Creeper on the impressive tower and turrets of the Swinton Park Hotel, near Masham, North Yorkshire – under cobalt blue skies, and reflecting perfectly in lake on the 200 acre estate.
CREDIT: PAUL KINGSTON/NNP

Acrobats perform at the contest for the 10^th China Acrobats Golden Chrysanthemum Awards Penglai, east of China’s Shandong Province.
CREDIT: XINHUA/EYEVINE
Market Closes for September 20^th, 2017

Market Index	Close	Change
Dow Jones	22412.59	+41.79     +0.19%
S&P 500	2508.24	+1.59   +0.06%
NASDAQ	6456.043	-5.280   -0.08%
TSX	15383.59	+90.62
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	20310.46	+11.08
		+0.05%
HANG SENG	28127.80	+76.39
		+0.27%
SENSEX	32400.51	-1.86
		-0.01%
FTSE 100*	7271.95	-3.30
		-0.05%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.104		2.092
CND. 30 Year Bond		2.450		2.448
U.S.    10 Year Bond		2.2641		2.2446
U.S. 30 Year Bond		2.8058		2.8167

Currencies

BOC Close	Today	Previous
Canadian $	0.81181	0.81359
US $	1.23182	1.22912
Euro Rate 1 Euro=		Inverse
Canadian $	1.46552	0.68235
US $	1.18972	0.84053

Commodities

Gold	Close	Previous
London Gold Fix	1311.30	1309.60
Oil
WTI Crude Future	50.41	49.48

Market Commentary:
On this day in 1979, Lee Iacocca becomes chairman of Chrysler Corp. Over the next few years, he would overhaul the company and bring it back from the brink of bankruptcy, thanks in large part to  a $1.5 billion emergency loan from the U.S.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a fifth day to their highest level in more than three months, led by energy shares amid growing optimism that crude markets are returning to balance.
     The S&P/TSX Composite Index added 97 points or 0.6 percent to 15,389.60, the highest close since June 9. On Tuesday, the benchmark erased its losses for the year and is now up 0.7 percent.
     The energy sector was the biggest gainer Wednesday, rising 1.4 percent as the price of West Texas Intermediate crude added 1.9 percent. Industrials gained 1.2 percent and consumer discretionary stocks rose 0.8 percent.
     In other moves:
                         Stocks
* Air Canada jumped 11 percent to a record high. The airline held an investor day Tuesday and released 2018 to 2020 guidance, while the stock was upgraded to outperform at Cowen & Co.
* BlackBerry Ltd. added 8.6 percent, the most since May, after partnering with Delphi Automotive Plc to provide the operating system for its self-driving car technology
* Cenovus Energy jumped 8.4 percent following reports that it’s nearing a sale of its Alberta natural gas assets
                         Commodities
* Western Canada Select crude oil traded at a $11.60 discount to WTI, 40 cents narrower than Tuesday
* Aeco natural gas traded at a $1.96 discount to Henry Hub, little changed
* Gold lost 0.5 percent to $1,303.70 an ounce, the lowest in nearly four weeks
                          FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2325 per U.S. dollar as the Fed adopted a more hawkish tone
* The Canada 10-year government bond yield rose one basis point to 2.11 percent, the highest in three years.
US
By Jeremy Herron and Lu Wang
     (Bloomberg) — Treasuries tumbled while the dollar surged after the Federal Reserve struck a more hawkish tone than markets anticipated. U.S. stocks were little changed.
     Bloomberg’s dollar index rose after the central bank set an October start for shrinking its balance sheet and maintained a forecast for another rate increase this year. The 10-year Treasury yield approached 2.30 percent. The S&P 500 Index dipped below 2,500 before ending at a fresh record, as banks rallied on the prospect for higher rates. A slump in Apple Inc. dragged tech shares lower. Gold futures fell.
     While policy makers left the benchmark interest rate unchanged, markets showed a hawkish reaction to officials’ forecast for where rates will be at the end of the year. U.S. central bankers are counting on steady growth and low unemployment to raise inflation closer to their goal, which would support their policy of gradual tightening through interest-rate increases and a reversal of quantitative easing.
     “Catching the equity market off guard was the dot plot indicating that 12 of the 16 voting members project a December rate hike,” said Quincy Krosby, Chief Market Strategist at Prudential Financial.“There remains an ongoing tug of war between those who think the economy is still too weak to handle another rate hike versus those who say that financial conditions and a strengthening global economy warrant the move towards rate normalization.”
     Elsewhere, Spanish assets showed resilience even as the government cracked down on an illegal separatist referendum planned in its largest economic region. the New Zealand dollar jumped after a poll put the ruling National Party back in the lead ahead of the main opposition Labour Party ahead of this weekend’s election. And the fixing of the yuan remained in focus as investors try to gauge where the People’s Bank of China wants the currency. Read more about the importance of the fixings here.
     Terminal subscribers can read more in our Markets Live blog.
     What to watch out for this week:
* The Bank of Japan is predicted to stand pat when it reviews policy Thursday.
* Brexit strategy is in focus as Theresa May prepares to outline her revised approach on Friday.
* Campaigning continues in Germany, days before the Sept. 24 election. New Zealand goes to the polls on Sept. 23.

      Here are the main moves in markets:

                               Stocks
* The S&P 500 Index rose 0.1 percent to 2,508.19 as of 4 p.m. in New York. The index closed at an all-time high, but hasn’t moved more than 0.3 percent for five sessions.
* Financial shares rose 0.6 percent while shares in consumer staple producers fell 0.9 percent and tech shares lost 0.5 percent.
* The Stoxx Europe 600 Index fell less than 0.1 percent.
* The MSCI All-Country World Index lost 0.2 percent after earlier touching a record high.
* The MSCI Emerging Market Index was little changed.
                            Currencies
* The Bloomberg Dollar Spot Index surged 0.5 percent.
* The yen slid 0.5 percent to 112.16 per dollar.
* The euro dropped 0.9 percent to $1.1885.
                              Bonds
* The yield on 10-year Treasuries advanced two basis points to 2.27 percent, the highest since July.
                              Commodities
* Gold futures dropped 0.5 percent to $1,304.30 an ounce.
* West Texas Intermediate crude advanced 1.9 percent to settle at $50.41 a barrel, the highest in more than seven weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

When there is space between you and the object you are observing
you well know there is no love, and without love, however hard you try to reform the world
or bring about a new social order or however much you talk about improvements,
you will only create agony.
So it is up to you.
Krishnamurti

As ever,

 

Carolann

 

The best way to pay for a lovely moment is to enjoy it.
                                         -Richard Bach, b. 1936

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:

The weeks of September and early October have always been among my favourites in the year…. equally alluring charm.  The urgency is over.  It happens almost overnight; the berries ripen, the garden defies attention – too late to introduce extra colours to the borders and too early to put them all to bed for winter.  So I can sit back and enjoy it all, perhaps making some constructive plans but always postponing my activities until later.  Often these days have a stillness that is unique – not a rustle of wind, early morning mists that mask distant trees, red apples hanging on as long as they can, until ready for storing.  This year our quince crop is terrific, every branch hanging low with the weight of the downy but hard fruit.  We will know when they are ready for picking by their strong scent; outside, this is quite pleasant, but a large basketful waiting in the larder makes an almost nauseous smell.  They are like gold; not one must be wasted.  We must cut them, boil them, strain them through muslin and make them into a fine clear amber jelly.  The autumn hedgerows are bountiful, too, bursting with fruit for the picking.  There are sloes for sloe gin, hips, haws, elderberries and crab-apples for jellies, to be carefully labeled and stored for the winter.  The taste of elderberries on their own has no subtlety but mixed with other things they can add a richness of flavor and colour.  Another of my favourite jellies is made from the small grapes of our Strawberry Vine.  Years ago, Vita Sackville-West recommended it and added that one could buy the vine from Clarence Elliott, Joe Elliot’s father.  We have never regretted buying ours; planted with its roots outside and climbing under an open verandah roof, it produces a prolific crop each autumn. –Rosemary Verey, A Countrywoman’s Notes,  Frances Lincoln ed., 2009 [first published in 1989].

PHOTOS OF THE DAY

A stag reaches for the leaves of a tree at Study Royal, Near Ripon, North Yorkshire.
CREDIT:  CHARLOTTE GRAHAM

Horses of the Cavalry honorary escort are tested with noise, music and smoke during a training session the day before Prinsjesdag in The Hague, Netherlands. The horses escort the King and Queen of The Netherlands during their coach ride at Prinsjesdag, the opening of the parliamentary year.
CREDIT: PATRICK VAN KATWIJK/GETTY IMAGES
Market Closes for September 19^th, 2017

Market Index	Close	Change
Dow Jones	22370.80	+39.45   +0.18%
S&P 500	2506.65	+2.78   +0.11%
NASDAQ	6461.324	+6.686   +0.10%
TSX	15292.97	+56.30
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	20299.38	+389.88
		+1.96%
HANG SENG	28051.41	-108.36
		-0.38%
SENSEX	32402.37	-21.39
		-0.07%
FTSE 100*	7275.25	+21.97
		+0.30%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.092		2.081
CND. 30 Year Bond		2.448		2.435
U.S.    10 Year Bond		2.2446		2.2305
U.S. 30 Year Bond		2.8167		2.8026

Currencies

BOC Close	Today	Previous
Canadian $	0.81359	0.81358
US $	1.22912	1.22913
Euro Rate 1 Euro=		Inverse
Canadian $	1.47422	0.67832
US $	1.19941	0.83374

Commodities

Gold	Close	Previous
London Gold Fix	1309.60	1312.10
Oil
WTI Crude Future	49.48	49.91

Market Commentary:
On this day in 2010, the BP oil well that had spilled millions of barrels of oil into the Gulf of Mexico was sealed after several failed efforts.
Number of the Day
$1 trillion
The value of Norway’s sovereign-wealth fund reached $1 trillion on Tuesday, powered by strong growth in stocks and the falling dollar.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks turned positive for the year, surpassing their 2016 closing price for the first time since June in a broad-based rally led by telecom and financial stocks.
     The S&P/TSX Composite Index rose 56 points or 0.4 percent to 15,292.97, bringing its year-to-date gain to less than 0.1 percent. All sectors advanced except utilities, which slipped 0.1 percent.
     Telecom stocks gained 0.9 percent, led by a 1.5 percent rise at Rogers Communications Inc. Financial shares added 0.5 percent, while the energy sector rose 0.4 percent despite a 0.9 percent drop in West Texas Intermediate crude prices.
     In other moves:
                              Stocks
* Spin Master Corp. fell 0.9 percent. Toymakers were pressured as Toys “R” Us Inc. filed for bankruptcy, but one analyst said any weakness represents a buying opportunity
* Air Canada lost 1.4 percent. The airline held an investor day and released new targets for 2018 to 2020, including an annual Ebitdar margin of 17 percent to 20 percent
* Concordia International Corp. fell 2.6 percent after the company’s debt was cut to CCC- by S&P
                              Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI, unchanged from Monday
* Aeco natural gas traded at a $1.84 discount to Henry Hub, the widest in a week
*Gold rose 0.3 percent to $1,314.60
                              FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2279 per U.S. dollar
* The Canada 10-year government bond yield rose one basis point to 2.09 percent, the highest since October 2014
US
By Jeremy Herron
     (Bloomberg) — Major U.S equity benchmarks padded all-time highs, the dollar fell and Treasuries edged lower after Donald Trump gave a speech to the United Nations and as the Federal Reserve began a two-day meeting.
     The S&P 500 Index climbed for a third day, though equities remain stuck in one of the tightest ranges in decades. The CBOE Volatility Index slumped toward 10. Europe’s equity benchmark followed many Asian peers lower, while Japanese shares surged after a holiday.
     The pound swung before jumping after a report Foreign Secretary Boris Johnson may resign should Prime Minister Theresa May oppose his Brexit demands. The euro rose for a fourth day, while the dollar slipped against all but one of its G-10 peers. Benchmark WTI crude fell below $50 per barrel.
     Financial markets remained largely calm on Tuesday as Trump’s speech to the UN did little to alter views on the tensions over North Korea’s nuclear ambitions. Attention will turn to Wednesday’s Fed decision, with a focus on details on unwinding part of the central bank’s $4.5 trillion balance sheet.
     “We are not overly concerned about” the Fed’s quantitative- tightening plans, Merrill Lynch and U.S. Trust head of fixed- income strategy Matthew Diczok told Bloomberg TV. “If you model it out, over about the next three years they’ll take out about $1.3 trillion or so. That’s only a third of what they put into the market. So it’s going to be very slow, very gradual, very deliberate and it shouldn’t lead to any near-term fireworks into the market at all.”
     What to watch out for this week:
* Brexit strategy is in focus as Theresa May prepares to outline her revised approach on Friday.
* The Fed’s rate decision is Wednesday.
* The Bank of Japan is predicted to stand pat when it reviews policy Thursday. The BOJ probably won’t reveal when it will unwind stimulus, but could signal determination to keep the yield curve under control.
* Indonesia, the Philippines and South Africa are among countries also reviewing monetary policy this week.
* Home construction and sales of previously owned properties are the highlights of the week’s U.S. economic calendar.
* Campaigning continues in Germany, days before the Sept. 24 election. New Zealand goes to the polls on Sept. 23.

      Here are the main moves in markets:

                                 Stocks
* The S&P 500 Index climbed 0.1 percent to 2,506.64 as of 4 p.m. in New York.
* The Dow Jones Industrial Average added 0.2 percent to 22,370.70, and the Nasdaq Composite Index rose 0.1 percent.
* The Stoxx Europe 600 Index was virtually unchanged after erasing earlier declines.
* The MSCI All-Country World Index increased 0.3 percent to the highest on record.
* The MSCI Emerging Market Index dropped 0.2 percent.
                               Currencies
* The Bloomberg Dollar Spot Index decreased 0.1 percent, with the greenback dropping versus all G-10 peers save the Swiss franc.
* The euro climbed 0.4 percent to $1.1997, the strongest in more than a week.
                               Bonds
* The yield on 10-year Treasuries was slightly higher at 2.2375 percent.
* The bond-market selloff that pushed intermediate and long-term Treasury yields up from 2017 lows reached Sept. 8 is on the brink of making five-year notes a buy, according to technical analysis by Aaron Kohli at BMO Capital Markets.
* Toys ‘‘R’’ Us Inc. succumbed to what it called a “dangerous game of dominoes” that toppled it in a matter of days.
                               Commodities
* Gold futures slipped less than 0.1 percent to settle at $1,310.60 an ounce as of 1:39 p.m. in New York.
* West Texas Intermediate crude fell for the first time in more than a week as traders awaited storage data that may show the longest expansion of U.S. crude inventories in almost half a year.
* WTI futures lost 0.9 percent to settle at $49.48 a barrel.
* Coal will drop and stabilize about 10 percent lower than current levels after tight supply and strong demand from Asian consumers drove prices to near $100 a ton, according to producer New Hope Corp.

 

Have a wonderful evening everyone.

 

Be magnificent!

As long as individuality survives, that is,
as long as you continue to see others as separate from you,
a feeling of hostility towards them cannot fail to prevail.
Swami Prajnanpad

As ever,

 

Carolann

 

The surest test of discipline is its absence.
                      -Clara Barton, 1821-1912

 

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 Monday!

1851 – New York Times first published.
Respect for the Aged Day, Japan.

POINTS OF PROGRESS:
DENMARK: Bicycle theft has hit a new low in Denmark.  Danes are famously crazy about bicycles, with 90 % of the country’s 5.7 million people estimated to own and ride them.  Last year about 52,465 bicycles were stolen in Denmark – down from 125,371 in 1994, according to Danmarks Statistik.  That’s the year insurance companies began requiring the use of a new, more secure locking protocol for bikes, a move now creited with the huge drop in thefts. –the Copenhagen Post.

GHANA: The West African country has launched its first satellite with help from the Japan Aerospace Exploration Agency.  Ghana’s 2.2-pound GhanaSat-1 is expected to monitor environmental activity as well as serve as an educational tool in the nation’s high schools.  Ghana is one of several countries – including Mongolia, Nigeria, and Bangladesh – to receive aid from Japan’s Joint Global Multi-nation Birds Satellite Project. –Geek.com

UNITED STATES: Buses with Wi-Fi allow students to spend their commuting time on homework.  In rural South Carolina’s Berkeley County, Google has equipped 28 school buses with free Wi-Fi and has given the school district    1,700 stripped-down laptops on which students can do homework.  Google has invested more than $1billion in a data center complex in Berkeley County. –The Associated Press.

EGYPT: Twelve years after Al-Azhar Park was dedicated, the people of Cairo continue to enjoy it.  The lovely 88-acre park was created on the site of a 500-year old garbage dump near the old city, using a $30 million donation from the Aga Khan.  The park has also been a model for projects in Bamako, Mali; Zanzibar, Tanzania; and Kabul, Afghanistan. –Deutsche Welle.
PHOTOS OF THE DAY

Bristol artist ‘Voyder’ works on a mural portrait of (left to right) Jimi Hendrix, Mick Jagger and Sergei Rachmaninoff on the front of Colston Hall, Bristol, celebrating artists who have played at the music venue on its 150th anniversary. 
CREDIT: BEN BIRCHALL/PA

Concertgoers calling themselves ‘The Wizards of Odd’ arrive for the Nocturnal Wonderland music festial at Glen Helen Regional Park in SanBernardino, California, USA.
CREDIT: PAUL BUCK/EPA

The aerobatic squadron ‘Red Arrows’ from Britain perform during the Athens Flying Week air show in Tanagara Air Force Base, Greece.
CREDIT: ALEXANDROS BELTES/EPA
Market Closes for September 18^th, 2017

Market Index	Close	Change
Dow Jones	22331.35	+63.01   +0.28%
S&P 500	2503.96	+3.73   +0.15%
NASDAQ	6454.641	+6.173   +0.10%
TSX	15246.50	+73.47
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	19909.50	+102.06
		+0.52%
HANG SENG	28159.77	+352.18
		+1.27%
SENSEX	32423.76	+151.15
		+0.47%
FTSE 100*	7253.28	+37.81
		+0.52%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.081		2.088
CND. 30 Year Bond		2.435		2.435
U.S.    10 Year Bond		2.2305		2.2005
U.S. 30 Year Bond		2.8026		2.7684

Currencies

BOC Close	Today	Previous
Canadian $	0.81358	0.82001
US $	1.22913	1.21949
Euro Rate 1 Euro=		Inverse
Canadian $	1.46924	0.68063
US $	1.19535	0.83658

Commodities

Gold	Close	Previous
London Gold Fix	1312.10	1322.85
Oil
WTI Crude Future	49.91	49.89

Market Commentary:
On this day in 1997, Coopers & Lybrand and Price Waterhouse announce plans to merge, creating the world’s biggest accounting firm and chopping the so-called Big Six accounting giants down to five.
Number of the Day
35%
The decline in Equifax’s shares in September, on pace to be the worst month ever for the stock.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained for a third day, hitting their highest in 6 weeks, as a risk-on mood propelled most sectors higher.
     The S&P/TSX Composite Index rose 64 points or 0.4 percent to 15,236.67, the highest close since Aug. 8. Consumer discretionary stocks paced the advance, rising 1.1 percent as Restaurant Brands International Inc. climbed 3.4 percent.
     The energy index rose 0.6 percent as the price of crude was little changed. Encana Corp. led the gains, up 3.4 percent.
     In other moves:
                           Stocks
* Labrador Iron Ore Royalty Corp. jumped 9 percent after its third-quarter dividend of C$1 a share topped expectations
* Kinross Gold Corp. lost 5.3 percent. The company is spending more than $800m to maintain production levels
* Potash Corp. of Saskatchewan Inc. gained 3.5 percent and Agrium Inc. added 3.6 percent amid a recovery in prices for some key crop nutrients
                           Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI, 25 cents narrower than Friday
* Aeco natural gas traded at a $1.67 discount to Henry Hub, 7.6 percent wider than Friday’s close
* Gold fell 1.1 percent percent to $1,306.90 an ounce, the lowest in more than two weeks
                            FX/Bonds
* The Canadian dollar weakened 0.9 percent to C$1.2299 per U.S. dollar, the biggest drop since February
* The Canada 10-year government bond yield fell one basis point to 2.08 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks advanced to fresh records, while the dollar halted a two-day drop and Treasuries slipped as investors remained optimistic about the economy. Gold fell as demand for havens faded.
     The S&P 500 Index held above 2,500 to notch a fresh record after briefly losing an advance that reached 0.3 percent. The Dow Jones Industrial Average added to its all-time high. Earlier, equities from Asia to Europe gained. The dollar climbed versus the euro and pound. The 10-year Treasury yield hit 2.23 percent. Gold tumbled, while oil was little changed.
     Markets maintained a risk-on stance after last week’s gains, with investors turning attention to this week’s Federal Reserve meeting. While the central bank is widely expected to keep the benchmark rate unchanged, close attention will be paid to the chance of an increase later in the year and on whether officials will announce the start of a reduction in the bank’s $4.5 trillion balance sheet.
     “QE certainly is over; QT is about to begin,” Anthony Crescenzi, Pimco portfolio manager, told Bloomberg TV’s Francine Lacqua and Tom Keene. “That’s quantitative tightening. It’s illogical to think that quantitative easing would help markets but quantitative tightening won’t hurt. It seems markets are taking the Fed’s quantitative tightening in stride. It will be like Fed Chair Janet Yellen has said, like watching paint dry.”
     In the background, geopolitical risks refuse to dissipate. The U.S. seeks a peaceful resolution to the tension with North Korea, but is prepared to use military force if diplomatic efforts fail to end the nuclear standoff, Secretary of State Rex Tillerson told CBS. The comments were made ahead of U.S. President Donald Trump’s first address before the United Nations on Tuesday.
     What to watch out for this week:
* U.K. Prime Minister Theresa May has reshuffled her team of top Brexit negotiators in preparation for talks entering a new phase.
* The BOJ is predicted to stand pat Thursday and probably won’t reveal when it’ll unwind stimulus, but could signal determination to keep the yield curve under control.
* Indonesia, the Philippines and South Africa are among countries settling monetary policy.
* The final days of Germany’s parliamentary campaign will play out before the Sept. 24 vote. New Zealand goes to the polls on Sept. 23.

      Here are the main moves in markets:

                                Stocks
* The S&P 500 rose 0.1 percent to 2,504 at 4 p.m. in New York.
* The Stoxx Europe 600 Index gained 0.3 percent, the highest in almost six weeks.
* The MSCI All-Country World Index increased 0.2 percent to the highest on record.
* The MSCI Emerging Market Index climbed 0.8 percent to the highest in more than six years.
                             Currencies
* The Bloomberg Dollar Spot Index climbed 0.3 percent.
* The euro slipped 0.1 percent to $1.1931.
* The British pound declined 0.8 percent to $1.3483. Bank of England Governor Mark Carney reiterated that inflationary pressure may be mounting.
                             Bonds
* The yield on 10-year Treasuries increased two basis points to 2.23 percent, the highest in more than a month.
* Germany’s 10-year yield rose two basis points to 0.455 percent.
* Britain’s 10-year yield decreased one basis point to 1.30 percent, the first retreat in more than a week.
                             Commodities
* Gold futures fell 1.1 percent to $1,311.50 an ounce, the weakest in almost three weeks.
* West Texas Intermediate crude hit a wall at $50 a barrel and settled at $49.91.

 

Have a wonderful evening everyone.

 

Be magnificent!

It is not others who must change, but you.
Swami Prajnanpad

As ever,

 

Carolann

 

Curiosity is one of the permanent and certain characteristics of a vigorous mind.
                                                                    -Samuel Johnson, 1709-1784

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 Everyone.
1940: Battle of Britain Day.
1890: Agatha Christie was born.
1971: Greenpeace founded.
On Sept. 15, 1963, four black girls were killed when a bomb went off during Sunday services at a Baptist church in Birmingham, Alabama, in the deadliest act of the civil rights era.
Go to article »

The Poem:

Starlings
     -by Michael Longley

Sitting up against a sea wall
Eating fish and chips, we count
The starlings, a dozen or so
Swaggering opportunists
Unexpected on the shingle.
Shall we throw them leftover,
Dear brother?  Greasy fingers.
Spangled iridescences.
Is this Bangor or Ballyholme?
A blink and they attract thousands
And thousands more starlings, a shape-
Shifting bird-cloud, shitlegs
Sky-dancing.  No collisions.
Wherever you are, Peter,
Can you spot on your radar
Angels?  They’re starlings really,
Heavenly riffraff flocking
Before they flap down to roost.
PHOTOS OF THE DAY

After four years trying, a part time photographer has finally captured his dream shot of a Jaguar in a cave. Jamen Percy, 35, who works in digital advertising and design has been trying to snap a rare shot of a Jaguar lurking in Mayan cave since 2013. After years of calamities including a flood destroying his camera, Jamen finally did it.
CREDIT: CATERS NEWS AGENCY

Stunning images show the vast and empty stillness of flooded rice fields. They are sectioned off in blocks with a network of streams perfectly flooding each area with the right amount of water. Unusually these photos were not taken in China or Japan or even Asia, where people normally associate rice fields, but in Corum, Turkey.  Photographer Fikret Dilek Uyar, 41, from Ankara, Turkey, waited days for the rain to stop so he could capture the beauty of the rice fields.
CREDIT: FIKRET DILET UYAR/SOLENT NEWS

German Chancellor Angela Merkel gets out of an Audi Aicon autonomous electric concept car at the 2017 IAA Frankfurt Auto Show in Frankfurt am Main, Germany.
The Frankfurt Auto Show is taking place during a turbulent period for the auto industry.
Leading companies have been rocked by the self-inflicted diesel emissions scandal. At the same time the industry is on the verge of a new era as automakers commit themselves more and more to a future that will one day be dominated by electric cars.
CREDIT: SEAN GALLUP/GETTY IMAGES
Market Closes for September 15^th, 2017

Market Index	Close	Change
Dow Jones	22268.34	+64.86   +0.29%
S&P 500	2500.23	+4.61   +0.18%
NASDAQ	6448.469	+19.385   +0.30%
TSX	15173.03	+0.31
		—

International Markets

Market Index	Close	Change
NIKKEI	19909.50	+102.06
		+0.52%
HANG SENG	27807.59	+30.39
		+0.11%
SENSEX	32272.61	+30.68
		+0.10%
FTSE 100*	7215.47	-79.92
		-1.10%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.088		2.056
CND. 30 Year Bond		2.435		2.413
U.S.    10 Year Bond		2.2005		2.1847
U.S. 30 Year Bond		2.7684		2.7669

Currencies

BOC Close	Today	Previous
Canadian $	0.82001	0.82127
US $	1.21949	1.21763
Euro Rate 1 Euro=		Inverse
Canadian $	1.45685	0.68641
US $	1.19464	0.83708

Commodities

Gold	Close	Previous
London Gold Fix	1322.85	1324.55
Oil
WTI Crude Future	49.89	49.89

Market Commentary:
On this day in 2008, Lehman Brothers files for bankruptcy protection.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their biggest weekly gain since February as oil prices rose the most in seven weeks, boosting energy shares.
     The S&P/TSX Composite Index was little changed Friday, up less than one point to 15,173.03 despite a spike in volatility near the close amid index rebalancing. Its gain for the week was 1.3 percent, the most in seven months.
     The materials and energy sectors both fell Friday, down 0.4 percent and 0.3 percent respectively, while consumer discretionary shares were the biggest gainer, up 0.8 percent. The sector was led by a 9.8 percent jump in shares of online poker company Stars Group Inc., which raised its 2017 guidance.
     In other moves:

                                 Stocks
* Empire Co. Ltd. rose 9.8 percent, adding to Thursday’s 14 percent gain. Several analysts upgraded the stock as the grocery retailer’s turnaround gained steam
* Organigram Holdings Inc. jumped 17 percent. The pot producer signed a memorandum of understanding to distribute recreational marijuana in New Brunswick
* Oceanagold Corp. lost 5.5 percent as the spot price of gold fell 1.9 percent on the week, its biggest weekly loss since early July 
                            Commodities
* Western Canada Select crude oil traded at a $12.25 discount to WTI, unchanged from Thursday
* Aeco natural gas traded at a $1.56 discount to Henry Hub, 22 percent wider than Thursday
* Gold fell 0.3 percent to $1,325.20 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2184 per U.S. dollar
* The Canada 10-year government bond yield gained three basis points to 2.09 percent, the highest in three years.
US
By Brendan Walsh and Dani Burger
     (Bloomberg) — U.S. stocks capped the best week since January, with the S&P 500 Index climbing above 2,500 for the first time, as investors showed resilience in the face of a North Korean missile test. The dollar weakened after an unexpected decline in August retail sales raised concern over the economy’s strength.
     Investors largely shrugged off the latest rise in tensions on the Korean peninsula and a terrorist attack in London, with haven assets from the yen to gold declining. The S&P 500 took the round-number milestone in the final minutes of trading to end the week with a 1.6 percent advance. The Dow Jones Industrial Average also closed at a record. The greenback pared its biggest weekly gain since February as the Bank of England’s hawkish shift bolstered the pound. Oil ended near $50 a barrel to cap its best week since July. Yields on 10-year Treasuries topped 2.2 percent.
     With economic themes back in the foreground, markets are showing signs of becoming conditioned to provocative actions from North Korea, which has launched more than a dozen missiles this year and tested a nuclear device. The August decline in sales and downward revisions to the prior months make it more likely that consumption, the biggest part of the economy, will be hard-pressed to match the 3.3 percent growth pace of the prior quarter.
     “Retail sales were weak but some of that is built in because you caught a piece of the hurricanes,” said Andrew Brenner, the head of international fixed income at Natalliance Securities. “Central banks trump everything else right now. They’re going to become much more important in the next wave of where markets move.”
     Volume was unusually high Friday because of a quarterly event known as quadruple witching, when futures and options contracts on indexes and individual stocks expire.

                                  Stocks
* The S&P 500 Index rose 0.2 percent to 2,500.22 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.3 percent at the close.
* The MSCI All-Country World Index climbed 0.2 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
* The U.K.’s FTSE 100 Index sank 1.1 percent.
                                Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro climbed 0.2 percent to $1.1941.
* The British pound gained 1.3 percent to $1.3568, the strongest in almost 15 months.
* The Japanese yen dipped 0.6 percent to 110.92 per dollar.
                                 Bonds
* The yield on 10-year Treasuries rose one basis point to 2.2 percent, a three-week high.
* Germany’s 10-year yield increased two basis points to 0.43 percent, hitting the highest in almost four weeks.
* Britain’s 10-year yield rose seven basis points to 1.3 percent.
                                Commodities
* Gold fell 0.6 percent to $1,321.69 an ounce.
* West Texas Intermediate rose 0.1 percent to $49.93 a barrel. Prices rose almost 5 percent in the week, buoyed by higher demand forecasts.

Have a wonderful weekend everyone!

 

Be magnificent!

If I change, will the world have any value?
That is a wrong question, if ne may point.  It is wrong because you are the rest of humanity.
Krishnamurti

As ever,

 

Carolann

 

People need dreams, there’s as much nourishment in ‘em as food. -Dorothy Graham, 1923-2012

 

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:
BEAUTY OF MUSHROOMS:
Artist and photographer Jill Bliss will change your view of mushrooms with her photos, which you can find at http://bit.ly/mushroomphotos.  Bliss arranges mushrooms and other objects she sees in nature almost like bouquets.

On this day in 1901, Vice President Theodore Roosevelt is sworn in as president after William B. McKinley dies of gunshot wounds inflicted eight days earlier.

On Sept. 14, 1959, the Soviet space probe Luna 2 became the first man-made object to reach the moon as it crashed onto the lunar surface.
Go to article »

I always did something I was a little not ready to do.  I think that’s how you grow. –Marissa Mayer.
PHOTOS OF THE DAY

Stranded sheep seek the safety of higher ground as they gather on a wall in Wensleydale, North Yorkshire after the River Ure burst its banks following heavy rain deposited by Storm Aileen.
CREDIT: PAUL KINGSTON/NORTH NEWS

Continuing the baby animal theme, a baby Sumatran orangutan is bathed after arriving at a wildlife center at Ratchaburi province in Thailand.
CREDIT:  KEREK WONGSA/REUTERS

Humanroid robot YuMi conducts the Lucca Philharmonic Orchestra performing a concert alongside Italian tenor Andrea Bocceli at the Verdi Theatre in Pisa, Italy.
CREDIT: REMO CASILLI/REUTERS
Market Closes for September 14^th, 2017

Market Index	Close	Change
Dow Jones	22203.48	+45.30     +0.20%
S&P 500	2495.62	-2.75   -0.11%
NASDAQ	6429.086	-31.102   -0.48%
TSX	15172.72	+45.91
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	19807.44	-58.38
		-0.29%
HANG SENG	27777.20	-116.88
		-0.42%
SENSEX	32241.93	+55.52
		+0.17%
FTSE 100*	7295.39	-84.31
		-1.14%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.056		2.068
CND. 30 Year Bond		2.413		2.421
U.S.    10 Year Bond		2.1847		2.1900
U.S. 30 Year Bond		2.7669		2.7886

Currencies

BOC Close	Today	Previous
Canadian $	0.82127	0.82134
US $	1.21763	1.21753
Euro Rate 1 Euro=		Inverse
Canadian $	1.45071	0.68932
US $	1.19143	0.83933

Commodities

Gold	Close	Previous
London Gold Fix	1324.55	1327.55
Oil
WTI Crude Future	49.89	49.30

Market Commentary:
Number of the Day
27%
The percent decline for bitcoin since hitting a record high on Sept. 2. The digital currency is on pace for its seventh-straight down day.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained as grocery shares got a boost from strong earnings and as crude oil prices closed at a 6-week high.
     The S&P/TSX Composite Index rose 46 points or 0.3 percent to 15,172.72, the highest since Sept. 1. Consumer staples were the biggest gainers, adding 0.9 percent as Empire Co. Ltd. jumped 14 percent, the most in 17 years. A turnaround at the owner of the Sobeys grocery chain appeared to accelerate, as earnings beat the highest analyst estimate.
     The energy sector rose 0.7 percent as the price of crude gained 1.2 percent. MEG Energy Corp., Crescent Point Energy Corp. and Secure Energy Services Inc. all added more than 4 percent.
     In other moves:
                            Stocks
* Ivanhoe Mines Ltd. lost 3 percent and Tahoe Resources Inc. fell 3.2 percent as the price of copper fell for a third day
* CAE Inc. fell 2.2 percent after losing a contract with the U.S. Army
* Loblaw Cos. Ltd. gained 1.2 percent, George Weston Ltd. added 1 percent and Metro rose 0.9 percent, boosted by Empire’s successful quarter
                            Commodities
* Western Canada Select crude oil traded at a $12.40 discount to WTI, the widest gap in seven trading days
* Aeco natural gas traded at a $1.38 discount to Henry Hub, half the gap seen on Tuesday, as some producers cut back output and pipeline maintenance work ended
* Gold rose 0.1 percent to $1,325.40 an ounce, the first gain in four days
                            FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2184 per U.S. dollar
* The Canada 10-year government bond yield was unchanged at 2.07 percent
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks slipped and the dollar retreated as investors weighed renewed threats from North Korea. Oil topped $50 a barrel for the first time in a month.
     The S&P 500 Index edged off an all-time high even as oil’s rally boosted energy shares. The Dow Jones Industrial Average rose a fifth straight day to a fresh record. The greenback weakened versus most major peers, while the pound jumped as the Bank of England signaled the possibility of stimulus reduction. Treasuries fell after U.S. inflation quickened, supporting an uptick in expectations for an increase in borrowing costs this year.
     “Traders are really getting worked up by the resurgence of the policy tightening theme,” said John Hardy, the head of foreign-exchange strategy at Saxo in Hellerup, Denmark.
     Chinese retail sales, industrial production and fixed-asset investment all slowed last month after a lackluster July as efforts to rein in credit expansion and reduce excess capacity in the world’s second-largest economy hit home. U.S. consumer prices increased 0.4 percent in August, after a 0.1 percent rise the prior month. Filings for jobless benefits in the U.S. unexpectedly settled back last week, underscoring a resilient labor market.
     Still to come this week:
* U.S. retail sales and industrial production data are due Friday.

      Here are the main moves in markets:

                                  Stocks
* The S&P 500 Index closed 0.1 percent lower.
* The Stoxx Europe 600 Index closed 0.1 percent higher.
* Germany’s DAX Index fell 0.1 percent, the first retreat in more than a week.
* The U.K.’s FTSE 100 Index fell 1.1 percent to the lowest since May.
                                 Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.2 percent to $1.1903.
* The British pound gained 1.4 percent to $1.3397, the strongest in about a year.
* The Japanese yen was little changed at 110.52 per dollar.
                                  Bonds
* The yield on 10-year Treasuries was little changed at 2.19 percent.
* Germany’s 10-year yield rose one basis point to 0.41 percent.
* Britain’s 10-year yield rose nine basis points to 1.23 percent.
                                  Commodities
* Gold rose 0.4 percent to $1,327.28 an ounce. 
* West Texas Intermediate crude gained 0.8 percent to $49.69 a barrel and earlier touched $50.50. 
* Copper fell 0.7 percent to $2.9595 a pound, the lowest in more than three weeks.

 

Have  a wonderful evening everyone.

 

Be magnificent!

Society cannot be changed unless man changes.
Man, you and others, have created these societies
for generations upon generations.
Krishnamurti

As ever,

 

Carolann

 

Habit rules the unreflecting herd.
-William Wordsworth, 1770-1850

 

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 1814, Francis Scott Key writes a poem called “The Defence of Fort McHenry” after witnessing the bombardment of the fort by the British during the War of 1812. The poem would later be set to the music of a popular English drinking tune, and would become America’s national anthem in 1931, The Star Spangled Banner.

Also on  Sept. 13, 1993, at the White House, Israeli Prime Minister Yitzhak Rabin and PLO chairman Yasser Arafat shook hands after signing an accord granting limited Palestinian autonomy.
Go to article »

September 13, 1773, James Boswell wrote in his Journal of a Tour to the Hebrides:
The room where we lay was a celebrated one.  Dr. Johnson’s bed was the very bed in which the grandson of the unfortunate King James II [Bonnie Prince Charlie] lay on one of the nights after the failure of his rash attempt in 1745-6, while he was eluding the pursuit of the emissaries of government, which had offered thirty thousand pounds as a reward for apprehending him.  To see Dr. Samuel Johnson lying in that bed, in the Isle of Skye, in the house of Miss Flora Macdonald, struck me with such a group of ideas as it is not easy for words to describe, as they passed through the mind.  He smiled, and said, “I have had no ambitious thoughts in it.” – from The Book of Days.
(Flora Macdonald assisted the Prince in his escape from Benbecula to Skye in the Hebrides, disguising him as her maid.)

PHOTOS OF THE DAY

Lightning strikes over the Golden Gate Bridge in San Francisco, California.
CREDIT: JOSH EDELSON/AFP/GETTY IMAGES

A unique LEGO brick build of the character ‘Matilda”, from the Royal Shakespeare Company’s Matilda The Musical at the Cambridge Theatre London, to celebrate Roald Dahl Day which marks the storyteller’s birthday on September 13^th. Five more LEGO Roald Dahl Heroes appeared around the UK today including ‘Charlie’ in Manchester, ‘James’ in Cardiff, ‘George’ in Nottingham, ‘Billy’ in Cornwall and ‘Sophie’ in Northern Ireland.  Over 100,000 bricks were used in the creations.
CREDIT: ANTHONY UPTOWN/PA WIRE

King Penguins marching during sunrise, Falkland Islands – Penguins majestically march on sand before heading out for morning swim.  Wildlife photographer Wim van den Heever, 45, visited the Falkland Islands this year to shoot pictures and scout the area for future tours. Wim’s breathtaking images show a small group of king penguins before they head out to sea at sunrise. Wim said: The sunrise created beautiful vibrant colours and amazing reflections.
CREDIT: WIM VAN DEN HEERVER/CATERS NEWS AGENCY 
Market Closes for September 13^th, 2017

MarketIndex	Close	Change
DowJones	22158.18	+39.32  +0.18%
S&P 500	2498.37	+1.89  +0.08%
NASDAQ	6460.188	+5.906  +0.09%
TSX	15126.81	-16.60
		-0.11%

International Markets

MarketIndex	Close	Change
NIKKEI	19865.82	+89.20
		+0.45%
HANGSENG	27894.08	-78.16
		-0.28%
SENSEX	32186.41	+27.75
		+0.09%
FTSE 100*	7379.70	-20.99
		-0.28%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		2.068		2.043
CND.30 Year Bond		2.421		2.397
U.S.   10 Year Bond		2.1900		2.1655
U.S.30 Year Bond		2.7886		2.7715

Currencies

BOC Close	Today	Previous
Canadian $	0.82134	0.82080
US$	1.21753	1.21833
Euro Rate1 Euro=		Inverse
Canadian $	1.44727	0.69096
US$	1.18870	0.84126

Commodities

Gold	Close	Previous
London GoldFix	1327.55	1326.50
Oil
WTI Crude Future	49.30	48.23

Market Commentary:
Number of the Day
$2 billion
China is preparing to sell $2 billion in bonds this month, its first sale of U.S.-dollar sovereign bonds in more than a decade, in a move
toward expanding its ties with global investors as its economy improves.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell despite a surge in crude prices that lifted energy shares to their biggest gain since July, as falling copper prices weighed on materials shares.
     The S&P/TSX Composite Index fell 17 points or 0.1 percent to 15,126.81. Materials saw the the biggest decline, tumbling 1.8 percent as copper prices also lost 1.8 percent amid rising stockpiles. Teck Resources Ltd. fell 5.4 percent.
     The energy index gained 1.2 percent as West Texas Intermediate jumped 2.2 percent to the highest in five weeks on strong demand forecasts from the International Energy Agency and OPEC. Enerflex Ltd. jumped 7.3 percent and Gran Tierra Energy Inc. added 7.1 percent.
     In other moves:
                           Stocks
* Eldorado Gold Corp. jumped 16 percent. The miner said it received a pair of permits from Greece after it threatened to suspend its investment there
* FirstService Corp. fell 5.2 percent, the most since early 2016 after being downgraded to market perform by analysts at William Blair
* Canadian National Railway Co. lost 1.6 percent as Trans- Pacific spot container rates fell for a third week
                           Commodities
* Western Canada Select crude oil traded at a $12.25 discount to WTI, 6.1 percent wider than Tuesday
* Aeco natural gas traded at a $2.78 discount to Henry Hub. The discount has widened by 74 percent in one week
* Gold fell 0.4 percent to $1,324.20 an ounce, its third day of declines
                            FX/Bonds
* The Canadian dollar rose 0.1 percent to C$1.2180 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.07 percent, the highest since 2014.
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks edged higher and the dollar gained for a third day as investors assessed the latest readings on inflation for clues on the Federal Reserve’s next policy move.
     The S&P 500 Index eked out a gain to end at a record after fluctuating for most of the day. The Dow Jones Industrial Average also closed at a fresh high. Energy shares paced gains as crude surged to a five-week high on a forecast for higher demand. Treasuries retreated.
     The bull run in equities is provoking concern in some corners of the market, with the number of investors seeking protection from a possible plunge jumping. Leon Cooperman, the billionaire founder of hedge fund Omega Advisors, says a correction could start “very soon.” The reduction of bond purchases by central banks in coming months will put pressure on riskier assets including high-yield bonds and equities, according to Citigroup Inc.
     “Central banks will tread carefully and the direct impact of global tapering on the real economy will likely be modest,” Citigroup economists led by Ebrahim Rahbari wrote in a report. “But there is a material risk in our view that major asset price corrections could be triggered by this global tapering.”
     Renewed hope for a U.S. tax overhaul also bolstered the dollar Wednesday, sending it to the longest winning streak in more than a month. Trump administration officials and congressional Republican leaders are promising a new framework in two weeks for the legislation. They’ve shied away from releasing any details about how the changes would affect individuals or corporations.
     Among the key events this week for markets:
* U.S. consumer-price data on Thursday will be watched by investors for clues on the Fed’s policy-tightening path.
* The Bank of England will almost certainly leave policy unchanged Thursday.
* Also scheduled this week is data on China’s August industrial production, retail sales and fixed-asset investment.
* Australia releases jobs numbers on Thursday.

      Here are the main moves in markets:

                                 Stocks
* The S&P 500 Index rose 0.1 percent to close at 2,498.31.
* The Stoxx Europe 600 Index closed little changed.
* The MSCI All-Country World Index slipped 0.2 percent.
* The MSCI Emerging Market Index declined 0.3 percent. 
                             Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent.
* The euro fell 0.7 percent to $1.1882.
* The British pound weakened 0.6 percent to $1.3201.
* The Japanese yen slipped 0.4 percent to 110.62 per dollar, a one-month low.
                              Bonds
* The yield on 10-year Treasuries rose three basis points to 2.2 percent.
* Germany’s 10-year yield was little changed at 0.4 percent.
* Britain’s 10-year yield rose one basis point to 1.14 percent.
   Commodities
* Gold fell 0.4 percent to settle at $1,328 an ounce.
* West Texas Intermediate crude increased 2.2 percent to settle at $49.30 a barrel.
* Copper declined 1.7 percent to $2.9835 a pound, the lowest in more than three weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

The connection of love is total.
In love, difference disappears
and the human soul accomplishes
its object in perfection,
exceeding its own boundaries
and traversing the threshold of infinity.
Rabindranath Tagore

As ever,

 

Carolann

 

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

 

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 1940, the prehistoric Lascaux cave paintings are discovered near Montignac, France, by four teenagers who stumbled upon them after following a dog into the cavern.

Birthdays:
1888, Maurice Chevalier, actor.
1913, Jesse Owens, athlete.
1880, H.L. Mencken, critic.

An idealist is one who, on noticing that a rose smells better than a cabbage, concludes that it will also make better soup. –H.L. Mencken.
On Sept. 12, 1977, South African black student leader Steven Biko died while in police custody, triggering an international outcry.
Go to article »

PHOTOS OF THE DAY

A Japan Self-Defense Force (JSDF) officer inspects the honor guard before the arrival of Japanese Prime Minister Shinzo Abe at the Defense Ministry in Tokyo, Japan.  Japanese Prime Minister Shinzo Abe attended the 51^st JSDF senior officers meeting at the ministry.
CREDIT: EPA/FRANCK ROBICHON

Huge waves batter the seafront in Porthcawl in Wales during the stormy weather conditions.
CREDIT: APEX NEWS

A giant land art painting entitled “A story of the future” by French artist Saype, depicting a young girl reading a book, sits on a hillside in Les Rochers-de-Naye, in Veytaux above Montreux, Switzerland. The artwork covering approximately 6000 square meters (1.5 acres) was made with over 600 litres of biodegradable paint made from natural pigments, water and a milk protein and is part of the celebration of the 125^th birthday of the Glion Rochers-de-Naye train line.
CREDIT: VALENTIN FLAURAUD/KEYSTONE VIA AP

Villagers take part in the rural custom of The Horn Dance, performed every year on Wakes Monday, the first Monday after September 4^th ‘to ensure successful hunting’, at Abbots Bromley, in Staffordshire.
CREDIT: AARON CHOWN/PA WIRE
Market Closes for September 12^th, 2017

Market Index	Close	Change
Dow Jones	22118.86	+61.49   +0.28%
S&P 500	2496.48	+8.37   +0.34%
NASDAQ	6454.281	+22.017   +0.34%
TSX	15143.41	+103.11
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	19776.62	+230.85
		+1.18%
HANG SENG	27972.24	+17.11
		+0.06%
SENSEX	32158.66	+276.50
		+0.87%
FTSE 100*	7400.69	-12.90
		-0.17%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.043		2.025
CND. 30 Year Bond		2.397		2.378
U.S.    10 Year Bond		2.1655		2.1306
U.S. 30 Year Bond		2.7715		2.7453

Currencies

BOC Close	Today	Previous
Canadian $	0.82080	0.82591
US $	1.21833	1.21078
Euro Rate 1 Euro=		Inverse
Canadian $	1.45795	0.68589
US $	1.19665	0.83566

Commodities

Gold	Close	Previous
London Gold Fix	1326.50	1334.20
Oil
WTI Crude Future	48.23	48.07

Market Commentary:
Number of the Day
5.7 million
The number of customers without power in Florida as of early Tuesday morning, a slight drop from the day before but a figure that nonetheless represents 54% of all the customers in the state. Officials say it will take weeks to fully restore power after Hurricane Irma.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most since June 1 as a broad-based relief rally continued, spurring gains in riskier assets as concern that had been focused on North Korea and Hurricane Irma subsided.
     The S&P/TSX Composite Index added 103 points or 0.7 percent to 15,143.41, a second straight gain following five days of declines. Energy stocks jumped 1.1 percent to the highest in a month as the price of West Texas Intermediate crude gained 0.3 percent.
     Financials rose 0.7 percent with all but two members of the sector gaining. Home Capital Group Inc. added 1.5 percent after investors rejected Warren Buffett’s bid to double his stake in the mortgage lender.
     In other moves:

                                 Stocks
* Air Canada rose 4.8 percent. The airline is resuming operations to destinations affected by Hurricane Irma
* Canopy Growth Corp. jumped 6.5 percent, its third day of gains after Ontario said it will open as many as 150 pot stores and Canopy said it will partner with a Spanish pharmaceutical company
* Cascades Inc. gained 4.2 percent. CIBC said a containerboard price hike would add C$2.25 per share to its base-case valuation of Cascades
                                Commodities
* Western Canada Select crude oil traded at an $11.55 discount to WTI, 10 cents narrower than Monday
* Aeco natural gas traded at a $2.70 discount to Henry Hub, the biggest gap since 2005
* Gold fell 0.2 percent to $1,328.80 an ounce
                                FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.2186 per U.S. dollar, the biggest drop this month
* The Canada 10-year government bond yield added two basis points to 2.04 percent, the highest since July.
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks added to records and the dollar held gains while Treasuries fell for a second day as the Trump administration plotted strategy for pushing a tax overhaul.
     The S&P 500, Dow Jones Industrial Average and Nasdaq Composite indexes all closed at unprecedented highs. Apple Inc. slipped, as did some of its biggest suppliers, after investors were underwhelmed at the unveiling of the company’s latest gadgets. The pound jumped as U.K. inflation accelerated more than forecast, and oil rose as producers were said to discuss extending output cuts.
     Demand for riskier assets prevailed Tuesday after North Korea refrained from provocations following the UN Security Council’s move to impose sanctions and as the threat from Hurricane Irma receded. President Donald Trump was said to be planning an aggressive travel schedule to sell the idea of a tax overhaul that he promises will bolster growth.
     “There is no question that the stock market has an expectation that we are going to get tax reform done,” Treasury Secretary Steven Mnuchin said at a New York conference. “The stock market has expectations that we are going to create significant growth. Which is what this president and this administration is focused on.”
     Anticipation surrounding the new iPhone boosted stocks of some European semiconductor makers on speculation they may get a share of the component-manufacturing pie. Apple fell 0.4 percent, and suppliers including Skyworks Solutions Inc., Broadcom Ltd., Cirrus Logic Inc. and Analog Devices Inc. also dropped less than 1 percent. The U.S. company unveiled a new watch that can make calls on its own, an updated version of its Apple TV set-top box, and a top-of-the-line phone that uses facial recognition to unlock it.
     Among the key events this week for markets:
* U.S. retail sales and inflation data are due this week.
* The U.K. reports wage data Wednesday. The Bank of England will almost certainly leave policy unchanged Thursday.
* Also due this week are data on China’s August industrial production, retail sales and fixed-asset investment.
* Australia releases jobs data on Thursday.
* And the Frankfurt Motor Show is still underway.

      Here are the main moves in markets:

                                     Stocks
* The S&P 500 Index rose 0.3 percent to 2,496.49 at the close in New York.
* The Stoxx Europe 600 Index rose 0.5 percent, hitting the highest in five weeks
* The MSCI All-Country World Index gained 0.3 percent to the highest on record.
* The MSCI Emerging Market Index climbed 0.2 percent. 
                                   Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent. 
* The euro rose 0.1 percent to $1.1965. 
* The British pound advanced 0.9 percent to $1.3284, the strongest in a year
* The Japanese yen fell 0.7 percent to 110.18 per dollar, the weakest since Sept. 1.
                                   Bonds
* The yield on 10-year Treasuries increased four basis points to 2.17 percent, the highest in two weeks. 
* Germany’s 10-year yield rose six basis points to 0.4 percent, the highest in three weeks. 
* Britain’s 10-year yield climbed nine basis points to 1.13 percent, the highest in about a month.
                                   Commodities
* Gold bullion futures fell 1.1 percent to settle at $1,335.70 an ounce. 
* West Texas Intermediate crude gained 0.3 percent to settle at $48.23 a barrel
* Copper dropped to the lowest in almost three weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

In the physical world there is an indestructible continuity of relations
between hot and cold, light and darkness, movement and repose,
as well as between the bass and treble notes of a piano.
This is because opposites do not bring confusion to the world; they bring harmony.
Rabindranath Tagore

As ever,

 

Carolann

 

Creativity is the power to connect the seemingly unconnected.
                                              -William Plomer, 1903-1973

 

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: Patriot Day, USA
On Sept. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania.
Go to article »

PHOTOS OF THE DAY

New students at the University of St Andrews take part in the traditional Pier Walk along the harbour walls of St Andrews before the start of the new academic year. The Martinmas Semester starts on Monday September 11, 2017, for all students.
CREDIT: JANE BARLOW/PA

Misty view of the village Corfe Castle in Dorset at sunrise.
CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS
Market Closes for September 11^th, 2017

Market Index	Close	Change
Dow Jones	22057.37	+259.58   +1.19%
S&P 500	2488.11	+26.68   +1.08%
NASDAQ	6432.266	+72.074   +1.13%
TSX	15040.30	+54.98
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	19545.77	+270.95
		+1.41%
HANG SENG	27955.13	+286.66
		+1.04%
SENSEX	31882.16	+194.64
		+0.61%
FTSE 100*	7413.59	+35.99
		+0.49%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.025		1.985
CND. 30 Year Bond		2.378		2.347
U.S.    10 Year Bond		2.1306		2.0541
U.S. 30 Year Bond		2.7453		2.6730

Currencies

BOC Close	Today	Previous
Canadian $	0.82591	0.82349
US $	1.21078	1.21434
Euro Rate 1 Euro=		Inverse
Canadian $	1.44780	0.69070
US $	1.19576	0.83629

Commodities

Gold	Close	Previous
London Gold Fix	1334.20	1346.25
Oil
WTI Crude Future	48.07	47.48

Market Commentary:
On this day in 1789, President George Washington appoints Alexander Hamilton as the first U.S. secretary of the treasury.

Number of the Day
5.9 million
As of Monday morning, about 5.9 million electricity customers in Florida had lost power, according to the state’s disaster agency.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for the first time in six trading days in a classic risk-on rally spurred by investor relief that North Korea hasn’t tested another missile and Hurricane Irma didn’t cause as much damage as feared.
     The S&P/TSX Composite Index added 55 points or 0.4 percent to 15,040.30, its first gain since Aug. 31. Financials had the most influence to the upside as insurers rose, propelled higher by a hurricane that was less destructive than forecast. Manulife Financial Corp. added 1.3 percent and Industrial Alliance Insurance & Financial Services Inc. gained 1.2 percent.
     The materials index was one of only two sectors in the red, falling 0.9 percent. Lower gold prices offset a rebound in copper prices in a busy day for mining news.
     In other moves:
                           Stocks
* Tahoe Resources Inc. surged 34 percent after the Guatemalan Supreme Court reinstated the company’s Escobal mining license
* Alamos Gold Inc. tumbled 16 percent. The company is buying Richmont Mines Inc. for $770 million
* Eldorado Gold Corp. fell 6 percent after the miner said it would suspend its Greek operations over delays to permits and licenses
* Centerra Gold rose 3.3 percent. The company reached a settlement with the Kyrgyz Republic over its Kumtor project
                           Commodities
* Western Canada Select crude oil traded at a $11.65 discount to WTI, 3.6 percent wider than Friday
* Aeco natural gas traded at a $2.66 discount to Henry Hub, the widest in at least three years, as Irma suppressed demand for natural gas
* Gold fell 1.2 percent to $1,331.80 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2122 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.03 percent, the highest since July 31
US
By Brendan Walsh and Samuel Potter
     (Bloomberg) — U.S. stocks rose to a record, the dollar strengthened and Treasuries tumbled as investors piled into riskier assets after Hurricane Irma wreaked less damage than forecast and North Korea failed to exacerbate tensions.
     The S&P 500 Index jumped the most since April to close at its first record in a month and the Dow Jones Industrial Average topped 22,000. Bloomberg’s dollar index rose for the first time in eight days and 10-year Treasury yields climbed past 2.10 percent. European and emerging-market equities also advanced, while gold, the yen and the Swiss franc retreated.
     Pyongyang warned of retaliation if the UN Security Council approves harsher sanctions over its recent nuclear test in a vote Monday. But speculation that the country would mark the anniversary of its founding with another missile over the weekend didn’t come to pass.
     “The better risk environment has seen Treasury yields move higher while the yen retreated,” Chris Scicluna, the head of economic research at Daiwa Capital Markets in London, wrote to clients. Hurricane Irma appeared “not to be quite as catastrophic as had been feared last week” and “thankfully there was no bad weekend news out of North Korea.”
     The U.S. stocks rally was broad, with the ratio of S&P 500 shares that were rising relative to those that were falling at the highest in three months. The VIX “fear gauge” saw its biggest decline in almost three weeks as financial and technology shares led gains.
     Insurers jumped in markets from Europe to Florida, cruise- ship operators rallied and oil advanced amid signs that predictions about Hurricane Irma’s wrath were overdone. By one estimate, damages will total $49 billion instead of an earlier prediction of $200 billion. Still, almost 7 million were without power and millions were displaced in what may go down as one of the worst storms in Florida’s history.
     Meanwhile, Federal Reserve speakers are now in a blackout period before next week’s policy meeting, so investors are likely to devote much of their attention to assessing the impact of natural disasters on U.S. growth.
     The key events this week:
* U.S. retail sales and inflation data are due this week.
* Brexit Secretary David Davis warned U.K. lawmakers that blocking the Repeal Bill could lead to a “chaotic” departure from the EU. The measure goes to a vote Monday.
* The Frankfurt Motor Show is underway.
* Apple Inc. will reveal its newest products on Tuesday, which will probably include new iPhones and a fresh version of the Apple watch.
* The Bank of England will almost certainly leave policy unchanged Thursday, even though the U.K. inflation reading two days earlier may show a pickup.
* Also due this week, India’s trade surplus and China’s August industrial production, retail sales and fixed-asset investment.
* Australia releases jobs data on Thursday.

     Here are the main moves in markets:

                          Stocks
* The S&P 500 Index added 1.1 percent at the close to 2,487.96
* Giant reinsurers like Swiss Re and Munich Re posted their biggest gains of the year.
* The Stoxx Europe 600 Index jumped 1 percent to the highest in a month.
* Brazil’s Ibovespa surged to a record on speculation the government will succeed in pushing through measures to shore up fiscal accounts
* The MSCI All-Country World Index climbed 0.8 percent to the highest on record.
* The MSCI Emerging Market Index increased 0.7 percent to the highest in three years.
                          Currencies
* The Bloomberg Dollar Spot Index gained 0.5 percent for the first advance in more than a week.
* The euro declined 0.7 percent to $1.1952, the first retreat in more than a week.
* The Japanese yen sank 1.5 percent, the most since January, to 109.45 per dollar.
* Russia’s ruble posted the biggest advance in emerging markets, climbing 0.3 percent.
                           Bonds
* The yield on 10-year Treasuries rose eight basis points to 2.13 percent, the highest in a week.
* Germany’s 10-year yield climbed two basis points to 0.33 percent.
* Britain’s 10-year yield increased five basis points to 1.04 percent.
Commodities
* Gold sank 1.1 percent to settle at $1,335.70 an ounce for the biggest tumble in two months.
* West Texas Intermediate rose 1.2 percent to settle at $48.07 a barrel
* Base metals rebound from their biggest drop in 9 months.

 

Have a wonderful evening everyone.

 

Be magnificent!

In nature there is a fundamental unity running through all the diversity we see about us.
Mahatma Gandhi

As ever,

 

Carolann

 

Those whom we support hold us up in life.
-Marie Ebner von Eschenbach, 1830-1965

 

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:  Happy Friday Everyone.

We all live with the objective of being happy; our lives are all different and yet the same. –Anne Frank.

International Literacy Day today.
According to UNESCO, 781 million adults over the age of 15 estimated to be illiterate, approximately 26% of adults in the world today do not know how to read and write.
www.reading.org/meetings/ild/

Birthdays today:
551 BC, philosopher Confucius
1925, actor Peter Sellers
1932, singer Patsy Cline
Also, on Sept. 8, 1974, President Ford granted an unconditional pardon to former President Nixon.
Go to article »

PHOTOS OF THE DAY

Volunteers and patients at the Bethlem Royal Hospital harvest apples from the Victorian orchard in the grounds of the London psychiatric institution which was also the origin of the word Bedlam for chaos or madness. The harvest which is co-ordinated by ‘The Orchard Project’ then goes into making a London’s only cider and apple juice product made entirely from apples found in the capital.
CREDIT: HENRY NICHOLLS/SWNS.COM

Breath-taking images have been released showing the moment a pod of humpback whales emerged from the water to bubble net feed just feet away from a boat of photographers. Other incredible pictured in the series show the moment one 30-ton whale breached the water before making an almighty splash on the way back down to the surface.  Another underwater shot shows an adorable calf resting underneath its mother as they glide through the water.  The pictures were taken by award-winning nature photographer, Tony Wu, in Alaska, USA and the South Pacific.  Tony dedicates his working life to researching and documenting rarely seen marine animals and environments.
CREDIT: TONY WU/NPL/MEDIADRUMWORLD.COM
Market Closes for September 8^th, 2017

Market Index	Close	Change
Dow Jones	21797.79	+13.01   +0.06%
S&P 500	2461.43	-3.67   -0.15%
NASDAQ	6360.191	-37.677   -0.59%
TSX	14985.32	-39.21
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	19274.82	-121.70
		-0.63%
HANG SENG	27668.47	+145.55
		+0.53%
SENSEX	31687.52	+24.78
		+0.08%
FTSE 100*	7377.60	-19.38
		-0.26%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.985		1.940
CND. 30 Year Bond		2.347		2.330
U.S.    10 Year Bond		2.0541		2.0439
U.S. 30 Year Bond		2.6730		2.6640

Currencies

BOC Close	Today	Previous
Canadian $	0.82349	0.82546
US $	1.21434	1.21144
Euro Rate 1 Euro=		Inverse
Canadian $	1.46152	0.68422
US $	1.20355	0.83088

Commodities

Gold	Close	Previous
London Gold Fix	1346.25	1343.50
Oil
WTI Crude Future	47.48	49.09

Market Commentary:
Canada
By Elena Popina
     (Bloomberg) — Canadian stocks fell to a two-week low as investors headed for the exits amid concern over the effects of financial exposure due to Hurricane Irma, he state of manufacturing in China and geopolitical tension surrounding the Korean peninsula.
     The S&P/TSX Composite Index lost 39 or 0.3% to 14,985.32, falling for a 5th day. Materials stocks led the decline, falling 1.2%, while energy companies retreated to the lowest this month.
     In other moves:
     Stocks
* Hudbay Minerals tumbled 10 percent after a bought deal that will see a syndicate of underwriters buy 24m shares at C$10.10 each, below Thursday’s closing price
* Canopy Growth added 1.9 percent. Ontario formed a cannabis control board Friday with plans to open as many as 60 storefronts, CBC reported
* Enghouse Systems lost 3.2% after 3Q EPS missed analyst estimates
* TransCanada fell 0.5%. It’s seeking a 30-day suspension on two project applications
* Lundin Mining fell 5.1%. The stock was downgraded to hold at Berenberg, which said copper stocks are susceptible to an unwinding of speculative positioning
     Commodities
* Western Canada Select crude oil traded at a $11.25 discount to WTI
* Aeco natural gas traded at a $1.51 discount to Henry Hub
* Gold rose less than 0.1 percent to $1,351.10 an ounce
     FX/Bonds
* The Canadian dollar slid 0.2% to C$1.2139 per U.S. dollar, its first decline in 4 days* The Canada 10-year government bond yield rose 5 bps to 1.99%
US
By Andrew Dunn
     (Bloomberg) — The dollar fell to the weakest in more than two years, while stocks were mixed as natural disasters damped expectations for another U.S. rate increase this year.
     The S&P 500 Index was little changed, while the Dow Jones Industrial Average rose after erasing an early decline. The dollar dropped as traders girded for economic damage to Florida from Hurricane Irma, set to make landfall on Sunday. Overnight, the most powerful earthquake in a century shook Mexico, adding to investor anxiety. The Mexican Bolsa and peso both declined.
     Ten-year Treasury yields hovered around 2.07 percent. Copper led a drop in industrial metals. Gold and oil also fell.
     New York Fed President William Dudley and his Kansas City counterpart Esther George were the latest U.S. central bankers to lay out their views ahead of a policy-setting meeting this month. Both reiterated the need to continue raising rates while conceding that low inflation remained a concern. In an interview with CNBC, Dudley said hurricanes could affect the timing of rate hikes.
     Stocks in Europe struggled for traction as the euro stayed above $1.20. A robust economic recovery amid stubbornly low inflation in the euro region is helping propel the common currency’s surge of more than 14 percent against the dollar this year.
     “If the euro stabilizes, or continues a gradual appreciation path as in our base scenario, the ECB could announce — maybe in October — a reduction, starting in January 2018, of the quantitative easing program,” Philippe Ithurbide, global head of research at Amundi Asset Management, said in a report. “Should the euro continue to appreciate rapidly, the ECB could become more dovish and postpone its tapering.”
     Meanwhile, the threat from North Korea lingers. U.S. President Donald Trump said it’s not “inevitable” that the U.S. will wind up in a war with North Korea over its continued development of nuclear weapons, though military action remains an option. Pyongyang may test a missile this weekend to coincide with its “founding day” on Sept. 9.
     The key events this week:
* The White House is considering at least six candidates to succeed Janet Yellen as the next Fed chair, people familiar with the matter said.
* The ECB is said to be studying bond-buying options that stick to existing limits, according to euro-area officials familiar with the matter.
     And here are the main moves in markets:
                             Stocks
* The S&P 500 Index fell less than 0.05 percent as of 11:38 a.m. New York time, while the Dow Jones Industrial Average climbed 0.19 percent.
* The Mexican Bolsa IPC Index fell 0.4 percent.
* The Stoxx Europe 600 Index advanced 0.1 percent.
* Germany’s DAX Index climbed 0.1 percent.
* The U.K.’s FTSE 100 Index fell 0.3 percent.
                             Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent.
* The euro increased 0.1 percent to $1.2034, reaching the strongest in almost three years on its fifth consecutive advance.
* The British pound advanced 0.7 percent to $1.3196.
* The Japanese yen advanced 0.6 percent to 107.76 per dollar, the strongest in 10 months.
* The Mexican peso declined 0.4 percent to 17.7442 per dollar, the biggest fall in more than a week.
                              Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.07 percent.
* Germany’s 10-year yield gained one basis point to 0.32 percent.
* Britain’s 10-year yield increased three basis point to 0.997 percent.
                              Commodities
* Gold fell 0.2 percent to $1,346.23 an ounce.
* West Texas Intermediate crude declined 1.7 percent to $48.28 a barrel.
* Copper fell 2.9 percent to $3.05 a pound, the biggest drop in more than four months.

 

Have a wonderful weekend everyone.

 

Be magnificent!

Two people who have lived together for a long time
have an image of each other which prevents them from really relating to each other.
Therefore, it is important to understand, not intellectually, but actually in your daily life,
how you have built these images about your wife, your husband,
your neighbor, your child, your country, your leaders, your politicians,
your gods – you have nothing but images.
These images create the space between you
and what you observe
and in that space there is conflict.
Krishnamurti

As always,

 

Carolann

Where words fail, music speaks.
-Hans Christian Anderson, 1805-1875

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