December 04, 2019

Dear Friends,

Tangents:

1980~The rock group Led Zeppelin announced it was disbanding after the death in September of drummer John Bonham. Go to article »

From today’s New York Times:
Our film critics picked the best films of 2019. And here’s all of our other Best of 2019 lists

PHOTOS OF THE DAY

Choristers sing on the roof of Ely Cathedral Tuesday morning as they rehearse for a busy festive season.
CREDIT: GEOFF ROBINSON

A Lusitano stallion of horse trainer Gari Zoher is pictured during a promotional event for the “Pferd & Jagd” (Horse & Hunt) fair in Hanover, Northern Germany.
CREDIT: SINA SCHULDT/DPA/AFP VIA GETTY IMAGES

Labourers unload building materials from a cargo ship in Gabtoli, on the outskirts of Dhaka, Bangladesh.
CREDIT: MUNIR UZ ZAMAN/AFP VIA GETTY IMAGES

Competitors take part in the first stage of the 2^nd Half marathon of Sables Ica Desert-Peru, in Paracas, Peru.
CREDIT: MARTIN BUREAU/ AFP VIA GETTY IMAGES

Market Closes for December 04^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1991, Charles H. Keating, Jr., the kingpin of the savings & loan crisis, was convicted on 17 charges of California state securities fraud. The former chairman of Lincoln Savings & Loan was found guilty of making false statements and omitting disclosures about the risks of junk bonds that were sold to more than 17,000 investors. Those bonds, sold for roughly $250 million, turned out to be near-worthless.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 16,897.34 in Toronto.The move follows the previous session’s decrease of 0.5 percent. Shopify Inc. contributed the most to the index gain, increasing 5.2 percent. Hudbay Minerals Inc. had the largest increase, rising 11.4 percent. Today, 123 of 233 shares rose, while 104 fell; 5 of 11 sectors were higher, led by energy stocks.

Insights
* This quarter, the index rose 1.4 percent
* This year, the index rose 18 percent, heading for the best year in at least 10 years
* The index advanced 12 percent in the past 52 weeks. The MSCI AC Americas Index gained 15 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Nov. 28, 2019 and 22.6 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and rose 1.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.1 on a trailing basis and 15.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.6t
* 30-day price volatility little changed to 4.70 percent compared with 4.70 percent in the previous session and the average of 5.19 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 26.2585| 1.0| 25/6
Information Technology | 16.6330| 1.8| 5/4
Industrials | 6.0413| 0.3| 20/10
Communication Services | 4.6260| 0.5| 3/4
Utilities | 2.1010| 0.3| 12/4
Real Estate | -1.6594| -0.3| 10/15
Health Care | -1.6947| -0.8| 4/6
Consumer Staples | -8.8724| -1.3| 3/7
Consumer Discretionary | -11.4530| -1.6| 7/9
Financials | -11.9604| -0.2| 17/9
Materials | -14.8610| -0.8| 17/30
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks rose and bonds fell on speculation the U.S. and China will reach a deal that avoids tariffs due to take hold in 11 days. The S&P 500 Index halted a three-day slide after Bloomberg News reported negotiators are getting near an agreement on the amount of tariff relief in a phase-one accord between the world’s two largest economies. President Donald Trump said discussions with China are going very well, just a day after downplaying the urgency of a deal. Treasury 10-year yields climbed, following the biggest decline since August. The dollar dropped. Oil surged.
Investors are watching for any signs of progress in talks between Washington and Beijing as worries increase that Trump may slap more tariffs on China this month. A flood of trade news has whipsawed global markets, with the U.S. also threatening levies on France after hitting steel from Brazil and Argentina. American equities reached record highs in November, driven in part by optimism that at least an initial trade deal was in the offing. “You wake up every single day and see that the number one thing that’s dictating markets is trade,” said Matt Miskin, co- chief investment strategist at John Hancock Investment Management. “If those tariffs are avoided, then the recent gains in the market will likely hold.”
On corporate news:
* Expedia Group Inc. surged as Chief Executive Officer Mark Okerstrom and Chief Financial Officer Alan Pickerill resigned after clashing with the board on the online travel agency’s direction.
* Cloud software stocks fell as disappointing forecasts from Workday Inc. and Salesforce.com Inc. added to concern about slowing growth.
* Peloton Interactive Inc. slumped as a report said it lowered the price of its digital subscription app for workouts in an effort to appeal to more users.
Elsewhere, oil rallied as Energy Information Administration data showed U.S. crude inventories fell more than expected. The British pound touched the highest against the euro since May 2017 as traders stepped up bets on a win for the Conservatives in next week’s election.
Here are some key events coming up this week:
* Germany releases factory-order data for October on Thursday.
* Saudi Aramco’s initial public offering is scheduled to be priced on Thursday, with Riyadh looking to raise more than $25 billion.
* Friday brings the U.S. jobs report, where estimates are for non-farm payrolls to rise by 190,000 in November.

These are the main moves in markets:
Stocks
* The S&P 500 climbed 0.6% to 3,112.76 at 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 1.2%.
* The MSCI Asia Pacific Index dipped 0.7%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro was little changed at $1.1077.
* The British pound climbed 0.8% to $1.3105.
* The Japanese yen weakened 0.2% to 108.85 per dollar.
Bonds
* The yield on 10-year Treasuries rose five basis points to 1.77%.
* Germany’s 10-year yield climbed three basis points to -0.32%.
* Britain’s 10-year yield jumped seven basis points to 0.741%.
Commodities
* West Texas Intermediate crude surged to $58.43 a barrel.
* Gold fell 0.3% to $1,480.20 an ounce.
–With assistance from Adam Haigh, Todd White, Sam Potter and Robert Brand.
Have a  great night.

Be magnificent!
As ever,
Carolann

Do what you can, with what you have, where you are.
                           -Theodore Roosevelt, 1858-1919

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

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

Tel: 778.430.5808
(C): 250.881.0801
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