January 09, 2020 Newsletter

Dear Friends,

Tangents:
On Jan. 9, 2007, Steven P. Jobs introduced Apple’s long-awaited entry into the cellphone world, the iPhone.   Go to article »

Take a VR Tour of a Supertall Luxury Tower
New York’s Billionaire’s Row is rife with supertall towers: Central Park Tower, 432 Park Avenue, and 111 West 57th Street are all close to a quarter-mile high. Critics complain about the mega-sized shadows these oligarchic skyscrapers cast on Central Park (or that many owners may pay little-to-no property tax). But then there’s the exhilaration and occasional terror of actually being in an apartment at the cruising altitude of a helicopter. We borrowed virtual reality cameras from Google and took a 91-story ride on an exterior hoist to film life at 1,420 feet. This is what life is like at the very top of Manhattan real estate.
-from Bloomberg.

PHOTOS OF THE DAY

The light projection ‘En-Trance’ by Projektil is on show at the Church of St. Leodegar during the pre-opening of the Lilu Light Festival in Lucerne, Switzerland.
CREDIT: URS FLUEELER/EPA-EFE/REX

A woman rides her bike in an alley that leads to the Reichenau island near Constance, Germany.
CREDIT: MICHAEL PROBST/AP

A bird flies above Poleymieux au Mont d’Or, near Lyon, as the Alps mountains are seen behind the foggy plains around Lyon, central France.
CREDIT: LAURENT CIPRIANI/AP

Dancers from the Edinburgh Chinese Education Centre perform a Chinese Dragon dance to launch the 2020 Chinese New Year celebrations and the Year of the Rat on Calton Hill, Edinburgh.
CREDIT: JANE BARLOW/PA

Market Closes for January 09^th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1790, Treasury Secretary Alexander Hamilton submitted to Congress his “Report on the Public Credit,” which proposed buying up distressed bonds to consolidate the national debt. U.S. and state bonds, which had been trading at a fraction of their value, immediately surged in price. In one of the earliest, and most shocking, cases of insider trading on record, several members of Congress hired sailboats and stagecoaches to take them south faster than the news could travel by foot, allowing them to snap up bonds at bargain prices before Southern newspapers spread the news of Hamilton’s proposals.
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian stocks rose to a record high as the risk of a Gulf war receded, with gains in most sectors offsetting a decline in materials and communications shares. The S&P/TSX Composite Index added 0.4% to 17,235.57 in Toronto, the biggest gain since Dec. 6. Information technology stocks led the market higher as 9 of 11 sectors rose. Shopify Inc. contributed the most to the index gain, increasing 3%. Aritzia Inc. had the largest increase, rising 17%. Canadian crude prices neared their biggest discount to West Texas Intermediate in more than a month as Alberta eased its crude output limits.
Commodities
* Western Canada Select crude oil traded at a $22.85 discount to WTI
* Spot gold fell 0.5% to $1,552.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3065 per U.S. dollar
* The 10-year government bond yield fell 2 basis point to 1.61%
Insights
* So far this week, the index rose 1%, heading for the biggest advance since the week ended Nov. 8
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 26% in the same period
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 1.7% in the past 30 days
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 22.3188| 2.2| 8/2
Energy | 22.2266| 0.8| 18/12
Industrials | 12.0795| 0.6| 23/6
Financials | 9.4757| 0.2| 23/4
Consumer Staples | 5.3021| 0.8| 10/1
Consumer Discretionary | 3.9649| 0.6| 11/5
Utilities | 3.2736| 0.4| 10/4
Real Estate | 3.0361| 0.5| 22/3
Health Care | 2.6076| 1.3| 8/2
Communication Services | -4.7817| -0.5| 0/7
Materials | -11.7454| -0.6| 14/31
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks rose to fresh records as investor appetite for risk returned after America and Iran
stepped back from the brink of war. The S&P 500, Dow Jones Industrial Average and Nasdaq indexes all closed at all-time highs as the conflict between the U.S. and Iran deescalated. Oil fell below $60 a barrel in New York, gold declined for a second day and the Japanese yen dropped to a two-week low versus the dollar. The greenback gained against major currencies for a third straight day after jobless claims fell by more than expected, adding to signs of economic strength ahead of the U.S. payrolls report Friday. Ten-year Treasury yields declined following a government auction. In company news, retail took a hit from signs of poor sales before earnings ramp up next week. Bed Bath & Beyond Inc. slid 19% after results missed analyst estimates, while Kohl’s Corp. also slumped following a disappointing holiday season. “Things have calmed down a bit and with the market hitting new intra-day highs today it seems investors are willing to buy the very little dip we got due to these geopolitical issues,” said Jennifer Ellison, principal at San Francisco-based BOS.
“Markets go up and down despite what happens geopolitically, and in many cases geopolitical issues like this really don’t have a direct economic impact.” If the relative geopolitical calm holds, it will allow traders to switch focus to the next clue on the health of the world’s biggest economy, which will come with the non-farm jobs report. Adding to sentiment, the partial trade deal between the U.S. and China looks locked in as China’s vice premier will visit Washington next week for a signing ceremony. Elsewhere, the pound touched its lowest in two weeks after Bank of England Governor Mark Carney said policy makers are debating merits of more monetary stimulus. European and emerging-market shares rose.
Here are some events to watch for this week:
* The U.S. monthly non-farm employment report is due Friday.

These are moves in major markets:
Stocks
* The S&P 500 Index gained 0.7% as of 4 p.m. New York time.
* The Nasdaq 100 Index rose 0.9%.
* The Stoxx Europe 600 Index climbed 0.3%.
* Germany’s DAX Index jumped 1.3%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The British pound decreased 0.3% to $1.3058.
* The euro was little changed at $1.1107.
* The Japanese yen weakened 0.4% to 109.51 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to1.85%.
* Britain’s 10-year yield was little changed at 0.819%.
Commodities
* West Texas Intermediate crude was steady at $59.59 a barrel.
* Gold dropped 0.4% to $1,553.40 an ounce.
–With assistance from Todd White.

Have a great night.
Be magnificent!
As ever,

Carolann

Your attitude, not your aptitude, will determine your altitude.
                                                   -Zig Ziglar, 1926-2012

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