December 12, 2019 Newsletter

Dear Friends,

Tangents: Full Moon tonight!

Ratno Sardi
Above, part of a painting found in a cave in Indonesia that is at least 43,900 years old. In a paper published on Wednesday, scientists said it’s “the oldest pictorial record of storytelling and the earliest figurative artwork in the world.”

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

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

1998 – The House Judiciary Committee approved a fourth article of impeachment against President Bill Clinton and submitted the case to the full House.  Go to article »

PHOTOS OF THE DAY

A walker stands at the trig point at the Cowper Stone end of Stanage Edge to watch the moon rise.
CREDIT: CHARLOTTE GRAHAM

A life size king mannequin of Anne of Cleves, the fourth wife of King Henry VIII, is gently brushed and cleaned as part of the cleaning and maintenance of exhibitions at Sudeley Castle in Winchcombe, Gloucestershire. Katherine Parr, the last and surviving wife of King Henry VIII, lived, died and is buried within the grounds of the castle.
CREDIT: BEN BIRCHALL/PA

A girl goes  to school just before sunrise in Frankfurt, Germany.
CREDIT: AP PHOTO/MICHAEL PROBST

Market Closes for December 12^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1914, the New York Stock Exchange reopened after closing in July amid jitters over the outbreak of World War I. By the end of 1915, the stock market had risen nearly 82% as Western Europe supplied its war effort with American-made goods and weapons.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks rose Thursday for the first time this week as Bloomberg reported that U.S. negotiators reached terms for a phase-one trade deal with China that awaits President Trump’s approval. The S&P/TSX Composite advanced slightly to 16,946.90 in Toronto. Health care stocks led six of 11 sectors higher. Barrick Gold Corp.’s chief said the gold miner has the financial heft it needs to support its loftiest ambitions — and someday those might include a merger with Freeport-McMoRan Inc. Meanwhile, Bank of Canada Governor Stephen Poloz said he expects global interest rates to remain low for years, due to the effects of structural forces such as sluggish productivity and population growth.
Commodities
* Western Canada Select crude oil traded at a $22.00 discount to WTI, the widest gap in more than a month
* Spot gold fell 0.3% to $1,469.79 an ounce
FX/Bonds
* The Canadian dollar edged lower to C$1.3181 per U.S. dollar
* The 10-year government bond yield jumped 8.6 basis points to 1.669%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Health Care | 12.4652| 5.7| 6/4
Energy | 12.0573| 0.4| 27/5
Consumer Discretionary | 6.7348| 0.9| 13/3
Financials | 5.7901| 0.1| 16/11
Materials | 3.1264| 0.2| 25/24
Industrials | 1.6182| 0.1| 16/16
Information Technology | -0.9552| -0.1| 4/5
Communication Services | -3.2685| -0.3| 2/5
Utilities | -8.7387| -1.1| 0/16
Real Estate | -10.0473| -1.8| 0/24
Consumer Staples | -11.5077| -1.7| 0/10
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks rose to records as optimism grew that the Trump administration will clinch a deal with China on trade and avert fresh tariffs. The pound fell ahead of the first exit polls in the U.K. general election. The S&P 500 rallied after a Bloomberg report that U.S. officials had reached a deal in principle that only needed Trump’s approval. The president held an afternoon meeting with trade advisers, and a deal could be announced as soon as today, according to people briefed on the plans. A potential deal would likely prevent fresh levies due to take hold Sunday. A breakthrough on trade would remove a major overhang for equity investors just a day after the Federal Reserve signaled it is no rush to raise interest rates as the economy shows steady improvement. Trade headlines whipsawed stocks all day, as investor optimism rose and fell with the latest negotiation-by-tweet.
“With the deadline coming up here in a few days, it’s not entirely a surprise that they are getting close to a deal or closing in on a deal,” said Ryan Nauman, a market strategist at Informa Financial Intelligence’s Zephyr. “I still would like to see signatures on paper before I completely jump in in terms of enthusiasm that a deal is done.” Thursday’s gain in American stocks pushed the MSCI All- Country index to its first record since January 2018. The spike in Treasury yields boosted financial stocks, lifting the S&P 500 Financial index past its closing high from May 2007. In Europe, the central bank said it would maintain bond buying and keep rates low until it gets near its inflation goal. The Swiss franc nudged higher after the central bank left rates unchanged. The pound fell as U.K. voters went to the polls. Elsewhere, Saudi Aramco shares jumped for a second day, pushing the oil giant’s value beyond the $2 trillion mark. Oil futures rose. The lira gained as the Turkish central bank delivered another interest-rate cut that exceeded forecasts.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.9% at 4 p.m. New York time.
* The Dow Jones Industrial Average jumped 0.8%.
* The Stoxx Europe 600 Index rose 0.3%.
* The MSCI All-World Index rose 0.8% to a record.
* The MSCI Asia Pacific Index rose 0.6%.
Currencies
* The Bloomberg Dollar Spot Index was flat.
* The euro was flat at $1.113.
* The British pound lost 0.2% to $1.3166.
* The Japanese yen fell 0.7% to 109.35 per dollar.
Bonds
* The yield on 10-year Treasuries rose 11 basis points to 1.897%.
* The two-year Treasury rate added five basis points to 1.66%.
* Germany’s 10-year yield spiked to -0.27%.
Commodities
* West Texas Intermediate crude climbed 0.9% to $59.31 a barrel.
* Gold futures fell 0.1% to $1,474.20 an ounce.
–With assistance from Jeremy Herron and Sam Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Don’t count the days, make the days count.
                                                   -Muhammad Ali, 1942-2016

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

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

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