December 29, 2020 Newsletter

Dear Friends,

Tangents:
1890- Massacre at Wounded Knee.

Pablo Casals, cellist, b. 1876.
Grigori Rasputin, mystic, b. 1916.
Marianne Faithful, singer, b. 1946.
Jude Law, actor, b. 1972.

On Dec. 29, On Dec. 29, 1940, during World War II, Germany began dropping incendiary bombs on London. Go to article »

Ancient snack stall uncovered in Pompeii, revealing bright frescoes and traces of 2,000-year-old street food.  Food carts and fancy advertising: Uniting humanity for thousands of years. 

The 11 meals a Bloomberg food writer remembers most from 2020.

David Attenborough is hopeful that the pandemic made humans appreciate nature more. 

-from The New York Times:
The coronavirus gave 2020 a new dictionary. There are some phrases whose use skyrocketed this year. Our journalists analyzed more than 20,000 business presentations to uncover the new lexicon.
“You’re on mute” was said on 1,000 percent more calls between executives and investors in 2020 compared with 2019. Uses of the word “humbled” rose 200 percent. The phrase “new normal” appeared nearly 3,000 times.

A breathtaking ‘Waltz of the Snowflakes’
No stage. Masks. In one performance, proof that art thrives even in the most challenging of times. (Click here to view) 

PHOTOS OF THE DAY

The waves hit the lighthouse of Mouro’s island in Cantabria, northern Spain. Storm Bella is expected to bring heavy rains and strong winds on its way through the country.
CREDIT: PEDRO PUENTE HOTOS/EPA-EFE/SHUTTERSTOCK

Horses on the gallops in the snow at Sam Drinkwater’s Granary Stables in Upper Strensham, Worcester. In the aftermath of Storm Bella swathes of the UK are braced for a cold snap, with snow and ice warnings in force across the country. 
CREDIT: DAVID DAVIES/PA WIRE

Deep in the Alaskan wilderness, an ice climber rests in a hammock set up in the walls of an ice cave. The explorer David Crane (32) from Salt Lake City, Utah, USA says he is witnessing
CREDIT: MEDIADRUMIMAGES/DAVID CRANE

Squirrels look like they’re about to hit the slopes and go skiing. The rodents were photographed standing on tiny skis and holding onto poles in a snowy back garden. Photographer Geert Weggen managed to capture the charming images after smearing nutpaste on the poles and hanging food above the skis to tempt the squirrels. It took him weeks of waiting to get the right pictures outside his house in the Swedish village of Bisgarden.
CREDIT: GEERT WGGEN/SOLENT NEWS&PHOTO AGENCY
Market Closes for December 29^th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1800, Charles Goodyear was born in New Haven, Conn., the son of a hardware dealer.  He later developed the vulcanizing process for rubber, in which sulfur and nitric acid are added, making rubber tough enough to be used even in automobile tires. But Goodyear wasn’t unable to protect his patents and died a pauper in 1860.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Tuesday after rising for the previous three sessions.
The S&P/TSX Composite Index fell 0.5%, with seven sectors lower. Utilities were a haven while tech lagged.
Oil eked out a gain as prospects for bigger U.S. aid checks dissipated, tamping expectations for a near-term recovery and battering equities markets.
Meanwhile, Canadians are the most confident in more than three years that real estate prices will continue to rise, according to weekly telephone polling, a positive signal for the recovery.
Commodities
* Western Canadian Select crude oil traded at a $15.50 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,879 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.2816 per U.S. dollar
* The 10-year Canada government bond yield fell 1.4 basis points to 0.707%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite is falling 0.5 percent at 17,533.39 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 5.7 percent. Aurora Cannabis Inc. had the largest drop, falling 7.4 percent.
In midday trading, 134 of 222 shares fell, while 86 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* This month, the index rose 2 percent
* This quarter, the index rose 8.8 percent
* This year, the index rose 2.8 percent, poised for the best year since 2019
* The index advanced 2.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on Feb. 20, 2020 and 56.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is unchanged in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.4 on a trailing basis and 23.7 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$2.72t
* 30-day price volatility fell to 8.21 percent compared with 8.64 percent in the previous session and the average of 11.62 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -76.2405| -4.0| 1/9
Materials | -15.3910| -0.6| 13/39
Energy | -12.3989| -0.6| 5/18
Health Care | -8.9588| -4.4| 1/8
Consumer Discretionary | -1.2527| -0.2| 3/10
Communication Services | -1.0887| -0.1| 2/4
Real Estate | -0.8236| -0.2| 11/14
Consumer Staples | 1.0701| 0.2| 6/5
Industrials | 2.6358| 0.1| 12/17
Utilities | 6.6157| 0.7| 14/2
Financials | 15.3131| 0.3| 18/8
US
By Vildana Hajric
(Bloomberg) — U.S. stocks pulled back from record highs, with small-cap shares posting their biggest drop in a month, as prospects faded for bigger government aid checks to individuals.
The dollar weakened. The Russell 2000 Index tumbled almost 2%, while the S&P 500 finished only slightly lower. A gauge of global equities was set to close at a record after the U.S. House backed President Donald Trump’s proposal to boost aid checks for individuals, but pulled back from its high of the day as Senate Republicans blocked an attempt by Democrats to increase the direct payments to $2,000 from $600.
The year is coming to a close with risk assets such as stocks, corporate bonds and Bitcoin just off record highs. As investors try to gauge the impact of the pandemic and the pace of U.S. vaccine distribution, the S&P 500 is set to end the year 15% higher.
On the coronavirus front, more restrictions are being imposed to fight the spread of the new, more infectious strain. Covid-19 hospitalizations in the U.S. reached new highs, while Southern California plans to extend a regional stay-at-home order. South Korea’s daily toll of fatalities rose to a record, while Thailand reported its first virus death since November.
In Europe, the Stoxx 600 rose as the FTSE 100 Index rallied in the first session since the U.K.’s Christmas Eve trade deal with the European Union. Uncertainty about what accord will be struck on financial services weighed on Lloyds Banking Group Plc, NatWest Group Plc and Barclays Plc.
Elsewhere, the pound recouped some of Monday’s decline.
Here are some key events coming up:
* U.S. pending home sales and goods trade balance data are due Wednesday.
* U.S. initial jobless claims figures are published Thursday.
* Most global stock markets are closed Friday for New Year’s Day.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.8%.
* The MSCI Asia Pacific Index jumped 1.4%.
* The MSCI Emerging Market Index increased 1.1%.
Currencies
* The Bloomberg Dollar Spot Index sank 0.4%.
* The euro increased 0.3% to $1.2249.
* The British pound gained 0.4% to $1.3499.
* The Japanese yen strengthened 0.3% to 103.53 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 0.93%.
* Germany’s 10-year yield dipped less than one basis point to -0.58%.
* Britain’s 10-year yield fell four basis points to 0.21%.
Commodities
* West Texas Intermediate crude gained 0.8% to $47.99 a barrel.
* Gold strengthened 0.3% to $1,879.61 an ounce.
–With assistance from Nancy Moran, Andreea Papuc, Cecile Gutscher and Sid Verma.
Have a nice evening.

Be magnificent!
As ever,

Carolann

It is one life whether we spend it in laughing or weeping.
                                                  -Japanese Proverb

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