February 10, 2021 Newsletter

Dear Friends,

Tangents:
1763 France ceded Canada to England under the Treaty of Paris, which ended the French and Indian War.  Go to article »

1906 – British battleship HMS Dreadnought launches after only 100 days, renders all other capital ships obsolete with its revolutionary design.

More than 650 silver Roman coins found in a jug in Turkey.  A truly epic piggy bank. 

Aunt Jemima finally has a new name.  Fare ye well, Ms. Jemima. Hello, Pearl Milling Company

A meteorologist lost his wallet in Antarctica in the 1960s. He just got it back.

Scientists 3-D-printed a steak. (h/t Mike Smedley)

Ode to music, in all shapes and forms.  -from the NY Times.
The foot-long conch is an extremely rare example of a “seashell horn” from the Paleolithic period. And it still works. A musician recently coaxed three notes from the 17,000-year-old shell. Listen here
We also asked Manfred Honeck, the music director of the Pittsburgh Symphony Orchestra and a leading Beethoven conductor, to guide us through the beginning of the end of the mighty Ninth Symphony. In the orchestra’s new interpretation, Honeck has rethought each bar of the music leading into the “Ode to Joy.”
“What makes Beethoven so special is that everything has a purpose,” says Honeck. “The melody starts from piano” — in the sense of “quietly, softly” — “creating a long journey until the full, joyful song.”

PHOTOS OF THE DAY

Alessandro Haemmerle of Austria catches some air during the FIS Freestyle Ski Cross And Snowboard Cross World Championships Men’s and Women’s Snowboard Cross Qualifications in Idre Fjall, Sweden
CREDIT: NISSE SCHMIDT/AGENCE ZOOM

A staff member at Royal Botanic Garden Edinburgh clears snow from the Queen Mother’s Garden
CREDIT: KATIELEE ARROWSMITH/SWNS

A cat strolls through incense sticks drying at a home-industry factory, ahead of the Chinese Lunar New Year, in Tangerang, on the outskirts of Jakarta, Indonesia
CREDIT: WILLY KURNIAWAN/REUTERS

Lucile Randon, who assumed the name of Sister Andre in 1944, has just survived coronavirus, and is now looking forward to her 117th birthday on Thursday.
CREDIT:  NICHOLAS TUCAT/AFP VIA GETTY IMAGES
Market Closes for February 10^th , 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1938, “Fannie Mae” was born, as the National Mortgage Association of Washington was created as a subsidiary of the Reconstruction Finance Corp. Its mission: to buy and sell home mortgages insured by the Federal Housing Administration, in order to create a liquid market for mortgage debt that would encourage lenders to continue making home loans.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained for an eighth session Wednesday, their longest rally since November 2019, as cannabis stocks surged. The S&P/TSX Composite Index closed 0.3% higher after briefly trading in the red. Marijuana stocks led the charge while energy and tech also gained. Oil extended its longest winning streak in two years in New York as a decline in U.S. crude inventories further showcased how global supplies are shrinking. Brookfield Asset Management Inc. plans to raise at least $7.5 billion for a new climate-focused fund, as the Canadian investment firm builds out an ESG business led by former Bank of England Governor Mark Carney.
Commodities
* Western Canadian Select crude oil traded at a $11.50 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,842.46 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.2703 per U.S. dollar
* The 10-year Canada government bond yield edged lower to 0.989%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the eighth day, climbing 0.3 percent, or 49.16 to 18,457.78 in Toronto. Today, energy stocks led the market higher, as 6 of 11 sectors gained; 116 of 220 shares rose, while 102 fell. Shopify Inc. contributed the most to the index gain, increasing 1.9 percent. Aurora Cannabis Inc. had the largest increase, rising 21.3 percent.
Insights
* The index advanced 4 percent in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on
Feb. 10, 2021 and 65.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 3 percent in the past 5 days and rose 2.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
27.4 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.85t
* 30-day price volatility little changed to 13.93 percent
compared with 13.93 percent in the previous session and the average of 10.56 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 26.3036| 1.2| 13/8
Information Technology | 24.7379| 1.2| 3/7
Health Care | 22.1798| 6.5| 7/2
Materials | 11.3722| 0.5| 27/24
Real Estate | 3.2451| 0.6| 21/5
Consumer Staples | 0.2906| 0.0| 6/5
Communication Services | -0.5826| -0.1| 3/3
Utilities | -2.1963| -0.2| 8/8
Consumer Discretionary | -3.6494| -0.5| 6/7
Financials | -12.5110| -0.2| 12/14
Industrials | -20.0280| -0.9| 10/19
US
By Claire Ballentine and Olivia Raimonde
(Bloomberg) — U.S. stocks headed for a second straight drop while Treasury yields dipped after a tame inflation reading raised worries that short-term economic growth remains lackluster. Technology shares led the declines, while the Dow Jones Industrial Average was little changed. The 10-year Treasury yield fell back below 1.15% after the core consumer price index was unchanged last month. Stocks started the day at an all-time high on speculation the weak reading on prices meant growth could accelerate without bringing destabilizing inflation. The CPI data are part of an intensifying debate in financial markets over the course of inflation. Despite the muted January figure, investors continue to worry that price pressures are set to increase in the months ahead as Congress passes an aid bill and more vaccinations spur consumer spending. “The stock market has seen a strong rally over the past six trading days, so I think it’s just using the inflation data as an excuse to take a breather,” said Matt Maley, chief market strategist at Miller Tabak + Co. Twitter Inc. climbed after reporting a jump in revenue.
Lyft Inc. rallied as the co-founder said the ride-hailing company will “absolutely” turn a quarterly profit this year. European shares edged lower, while stocks in Asia gained. Outside of equities, the moves were relatively muted. Oil prices climbed. The dollar turned lower following the inflation report. Surging Inflation May Force Fed to Resort to Yield Curve-Control Elsewhere, platinum rallied to a six-year high on expectations it will benefit from tight supplies and investment demand. Bitcoin slipped below $45,000. Yields on the 30-year Treasury were holding just below 2% after crossing that threshold earlier this week.
Here are some key events coming up:
* Federal Reserve Chair Jerome Powell will speak on a webinar Wednesday.
* Lunar New Year public holidays begin in nations across Asia, with China breaking for a week.
* Bank of Russia’s policy decision comes Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.4% as of 12:05 p.m. in New York.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index rose 0.8%.
* The MSCI Emerging Market Index gained 1.1%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro added 0.1% to $1.2134.
* The British pound rose 0.2% to $1.3844.
* The Japanese yen slipped 0.1% to 104.68 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 1.14%.
* The yield on two-year Treasuries was unchanged at 0.11%.
* Germany’s 10-year yield rose one basis point to -0.44%.
* Britain’s 10-year yield climbed two basis points to 0.48%.
Commodities
* West Texas Intermediate crude gained 0.6% to $58.73 a barrel.
* Gold fell 0.1% to $1,836.45 an ounce.
–With assistance from Anchalee Worrachate.
Have a great night.

Be magnificent!
As ever,

Carolann

Let me tell you the secret that has led me to my goal.  My strength lies solely in my tenacity. -Louis Pasteur, 1822-1895

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