March 05, 2020 Newsletter
Dear Friends,
Tangents:
Pause a minute….
One of the worst days so far for the Coronavirus was the 10th of February. On that day, 108 persons in CHINA died of Corona virus.
BUT, ON THE SAME DAY
26,283 people died of Cancer
24,641 people died of Heart Disease
4,300 people died of Diabetes
and on that day, Suicide, unfortunately took more lives than
the virus did, by 28 times.
Moreover, Mosquitoes kill 2,740 people every day, HUMANS
kill 1,300 fellow humans every day and Snakes kill 137
people every day.
So, wash your hands and keep your hands away from your face. Virus entry points are eyes, nose, mouth.
March 5, 1770: Boston Massacre.
March 5, 1946: Winston Churchill’s “Iron Curtain” speech in Fulton, Missouri, popularizes the term and draws attention to the division of Europe.
“From Stettin in the Baltic to Trieste in the Adriatic an iron curtain has descended across the continent.” -Winston Churchill, 1946.
FROM Bloomberg today:
NASA picked a name for its newest Mars rover.
The brain has a nightly rinse cycle.
PHOTOS OF THE DAY
Kennel Huntsman Fred Morby of the Duke of Buccleuch’s Hunt looks across the River Tweed near Kelso. The Big Cheviot and Anglo Scottish Border are on the skyline.
CREDIT: CHRIS STRICKLAND/ALAMY LIVE NEWS
A blazing sunset behind Glastonbury Tor.
CREDIT: JASON BRYANT/APEX
A surfer in Ussuri Bay during a snowfall on the south-eastern coast of Russky Island, Vladivostok: originally a part of indigenous Hawaiian culture, surfing came first to Europe in 1767.
CREDIT: YURI SMITYUK/TASS/GETTY IMAGES
Market Closes for March 5th ,2020
Market Index |
Close | Change |
Dow Jones |
26121.28 | -969.58 |
-3.58% | ||
S&P 500 | 3023.94 | -106.18 |
-3.39% | ||
NASDAQ | 8738.594 | -279.494
-3.10% |
TSX | 16553.99 | -225.54 |
-1.34% |
International Markets
Market Index |
Close | Change |
NIKKEI | 21329.12 | +229.06 |
+1.09% | ||
HANG SENG |
26767.87 | +545.80 |
+2.08% | ||
SENSEX | 38470.61 | +61.13 |
+0.16% | ||
FTSE 100* | 6705.43 | -110.16
-1.62% |
Bonds
Bonds | % Yield | Previous % Yield | |
CND. 10 Year Bond |
0.846 | 1.008 | |
CND. 30 Year Bond |
1.170 | 1.307 | |
U.S. 10 Year Bond |
0.9184 | 1.0571 | |
U.S. 30 Year Bond |
1.5468 | 1.7046 |
Currencies
BOC Close | Today | Previous |
Canadian $ | 0.74609 | 0.74712 |
US $ |
1.34032 | 1.33847 |
Euro Rate 1 Euro= |
Inverse | |
Canadian $ | 1.50591 | 0.66405 |
US $ |
1.12355 | 0.89004 |
Commodities
Gold | Close | Previous |
London Gold Fix |
1641.85 | 1615.50 |
Oil | ||
WTI Crude Future | 45.90 | 46.78 |
Market Commentary:
On this day in 1923, Montana’s Old-Age Pension Law—the first state law that provided retirement pensions and stood up to constitutional challenges—was enacted, setting a key precedent for the creation of Social Security a decade later.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian shares fell Thursday as volatility sparked by the spread of the coronavirus continued to grip financial markets. Gold rose to the highest in more than a week. The S&P/TSX Composite fell 1.3% to 16,553.99 in Toronto. The move follows the previous session’s increase of 2.2%. Consumer discretionary stocks were among the laggards as nine of 11 sectors fell. Spin Master Corp. plunged 39% after posting a disappointing forecast, prompting an analyst downgrade. Canada will force the country’s three largest telecommunications companies to cut prices on some wireless services by 25% within two years. Meanwhile, Warren Buffett’s Berkshire Hathaway Inc. is pulling out of a gas export project in Quebec after weeks of rail blockades and an oversupplied market eroded the facility’s appeal, according to local reports.
Commodities
* Western Canada Select crude oil traded at a $13.75 discount to West Texas Intermediate
* Spot gold gained 0.9% to $1,1,657.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3402 per U.S. dollar
* The 10-year government bond yield tumbled 16.5 basis points to 0.846%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -107.7784| -2.0| 2/24
Industrials | -48.9492| -2.6| 3/28
Energy | -35.4426| -1.4| 3/26
Consumer Discretionary| -26.1105| -4.1| 2/14
Communication Services| -17.6754| -1.9| 0/8
Information Technology| -14.8391| -1.4| 4/6
Health Care | -4.7497| -2.6| 3/6
Utilities | -3.0858| -0.3| 4/11
Real Estate | -2.9988| -0.5| 4/20
Consumer Staples | 8.5568| 1.3| 9/1
Materials | 27.5554| 1.5| 30/17
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks tumbled as volatility sparked by the spread of the coronavirus woes continued to grip financial markets. Treasury yields sank to record lows and haven assets surged. The S&P 500 fell more than 3%, erasing the majority of Wednesday’s steep gains, as wild swings piled up. The benchmark has had the most volatile week since S&P Global Ratings cut the U.S. debt rating in 2011. Banks and tech shares led losses. Investor confidence has been shaken as cases of the virus continue to multiply across the world’s largest economy despite efforts by authorities to contain the outbreak. The 10-year yield sank to as low as 0.90%, while the dollar plunged against the yen. Gold climbed and oil slid. “It’s definitely volatile. Once things get to this point, it normally takes a few weeks for things to settle down,” Michael Shaoul, chief executive officer at Marketfield Asset Management LLC, told Bloomberg TV.
“All we know now is that we don’t really understand what’s going to happen next. It’s probably four, six, eight weeks before we’re going to have any useful information as to what the trajectory of the virus is or what the actual economic fallout looks like.” Risk assets have whipsawed this week, with traders still on edge amid a rise in virus cases around the world and governments extending quarantines and travel restrictions. An industry association warned the outbreak could cost airlines as much as $113 billion in lost revenue. The S&P 500 has rebounded since the Federal Reserve pledged action on Friday, but it remains more than 10% below last month’s all-time high.
These are the main moves in markets:
Stocks
* The S&P 500 Index dropped 3.4% as of 4 p.m. New York time.
* The Dow Jones Industrial Average fell 3.6%.
* The Stoxx Europe 600 Index fell 1.4%.
* The MSCI Asia Pacific Index gained 1.4%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* The euro climbed 0.8% to $1.1226.
* The British pound gained 0.7% to $1.2966.
* The Japanese yen strengthened 1.3% to 106.16 per dollar.
Bonds
* The yield on 10-year Treasuries sank 14 basis points to 0.91%.
* The yield on two-year Treasuries decreased 11 basis points to 0.58%.
* Germany’s 10-year yield fell five basis points at -0.69%.
Commodities
* West Texas Intermediate crude fell 1.9% at $45.89 a barrel.
* Gold strengthened 1.9% to $1,674.10 an ounce.
–With assistance from Adam Haigh, Todd White, Katherine Greifeld, Liz Capo McCormick and Claire Ballentine.
Have a great night.
Be magnificent!
As ever,
Carolann
A man should hear a little music, read a little poetry, and see a fine picture every day of his life,
in order that worldly cares may not obliterate the sense of the beautiful which God has
implanted in the human soul.
-J.W. Goethe, 1749-1842
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