January 10, 2020 Newsletter

Dear Friends,

Tangents:

Carolann is out of the office today, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Dancers of the Spanish National Dance Company perform during rehearsal of the ballet production “The Nutcracker” at the Maestranza Theatre in Sevilla.
CREDIT: CRISTINA QUICLER/AFP VIA GETTY IMAGES

Undated handout issued by the Ministry of Defence of submarines inside the Submarine Escape Training Tank (SETT) at Fort Blockhouse Gosport which is being retired and is being replaced with a new training centre at the submarines service’s base in Faslane, Scotland. The Sett is a 100ft column of water which simulates emerging from a sunken submarine by subjecting the submariner to the same underwater pressures as would be experienced at sea.
CREDIT: BARRY SWAINSBURY/MOD/CROWN

Five new species of exotic songbirds have been found hidden away on three tiny islands off the coast of Eastern Indonesia. The findings are the largest number of new species identified in a small geographically confined area for more than a century. In total researchers discovered 10 new species and subspecies of the birds across Taliabu, Peleng and Batudaka on an exploration trip between November 2013 and January 2014. It brings a long-overlooked pocket of local biodiversity to light, according to the new report.
CREDIT: JAMES EATON/BIRDTOUR ASIA/SWNS

Market Closes for January 10^th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1901, the Spindletop gusher blew its top on a hill near Beaumont, Texas, as a drill hit an oil deposit 1,006 feet below ground, sending “black gold” spouting 100 feet into the air at the astounding rate of 80,000 barrels per day. It took nine days to get the well safely capped. Within a year, 285 competing wells had been sunk and some 600 companies had sprung up. Nearly all of them failed. The major survivors: Gulf (originally the J. M. Guffey Petroleum Co.), Mobil (Magnolia Petroleum Co.) and Texaco (the Texas Co.).
Canada
By Aoyon Ashraf and Bloomberg Automation
(Bloomberg) — Canadian stocks closed the week little changed but near Thursday’s all-time high as miners rallied while pot stocks faltered. The S&P/TSX Composite declined 0.01% to 17,234.49 in Toronto. The move followed the previous session’s increase of 0.4%. Canadian Natural Resources Ltd. contributed the most to the index decline in numbers of points, decreasing 1.4%, as energy stocks fell. Aurora Cannabis Inc. had the largest percentage drop, falling 11%. Barrick Gold provided the biggest boost to the index, advancing 1.4%. Novagold Resources had the biggest gain, rising 7%.
Commodities
* Western Canada Select crude oil traded at a $24.05 discount to WTI
* Spot gold rose 0.5% to $1,560.87 an ounce
FX/Bonds
* The Canadian dollar fell 0.03 to C$1.3060 per U.S. dollar
* The 10-year government bond yield edged lower to 1.588%
Insights
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 0.1% below its 52-week high on Jan. 9, 2020 and 17% above its low on Jan. 10, 2019

US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — U.S. stocks fell from records, while Treasuries rose after the latest jobs report delivered mixed signals on the strength of the economy. The dollar declined versus major currencies. The S&P 500 dropped for the first time in three days after hiring data fell short of estimates and wage growth was the weakest in more than a year. The benchmark still notched a weekly advance as the situation in the Middle East held a tenuous calm. Boeing Corp. slumped, helping to pull down the Dow Jones Industrial Average. Treasuries pushed higher as the wage figures erased any inflation worries. Futures traders maintained the amount of easing they expect from the Federal Reserve. The jobs data ultimately did little to alter investor views on the strength of the economy or the Fed’s next step. With stocks near all-time highs, markets continue to look past the flare-up in tensions with Iran and focus on the potential for a pickup in global economic growth.“This is the opposite of a game-changer. It’s very consistent with everyone’s views going into this report, the Fed stays on hold and the economy is slowing down,” said Nela Richardson, an investment strategist at Edward Jones. “We’re consistent on the overall view the Fed stays pat on short-term rates this year. If anything, this report tilts the Fed a little bit towards being more accommodative, not less.” Elsewhere, European shares rose, while bonds in the region advanced. Gold gained, while West Texas oil dropped below $60 a barrel.

These are moves in major markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Dow Jones Industrial Average dropped 0.5%.
* The Stoxx Europe 600 Index fell 0.1%.
* Germany’s DAX Index gained 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The British pound dropped 0.1% at $1.3059.
* The euro rose 0.1% at $1.1112.
* The Japanese yen was little changed at 109.50 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 1.82%.
* Britain’s 10-year yield fell five basis points to 0.773%.
* Germany’s 10-year yield declined two basis points to -0.198%.
Commodities
* West Texas Intermediate crude dropped 0.9% to $59.05 a barrel.
* Gold rose rose 0.4% at $1,560.30 an ounce.

–With assistance from Constantine Courcoulas and Vildana Hajric.

Have a great evening.

Be magnificent!
As ever,

Isabel

To be somebody you must last.
                              – Ruth Gordon, 1896-1985

Isabel Luo,
Assistant to Carolann Steinhoff

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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www.carolannsteinhoff.com