September 15, 2021 Newsletter

Dear Friends,

Tangents:
Today in history: The first Costco Warehouse opens in 1983 on Fourth Avenue South in Seattle. The first store is a warehouse with a hot dog stand in front. The warehouse concept is pioneered by Price Club in San Diego in 1976; Costco and Price Club merge in 1993. At first, only small businesses can buy at Costco from about 4,000 items at 8 to 9 percent over wholesale prices. Later, Costco expands to include retail customers. The company’s headquarters is in Issaquah. (Compiled from HistoryLink.org)

2001 President George W. Bush identified Osama bin Laden as the prime suspect in the Sept. 11 terrorist attacks, and told Americans to prepare for a long, difficult war against terrorism. Go to article »

1940~Battle of Britain Day
1971~Greenpeace founded.
1890: Agatha Christie, author, b.

SpaceX will launch 4 space tourists on a 3-day trip in space.  The bragging rights will be astronomical. 

Ancient spider caring for her offspring is trapped in 99 million-year-old amber.  With gentle hands and the heart of a fighter, she’s a survivor. 

What lies beneath: Volcanic secrets revealed.
PHOTOS OF THE DAY

Perfection: The little white hut & mountains that surround Buttermere lake in Cumbria reflect in to the still waters this morning in the Lake District
CREDIT: ANDREW MCCAREN/LNP

A fish leaps on the weir of the River Tyne at Hexham in Northumberland as it travels upstream to spawn
CREDIT: OWEN HUMPHREYS/PA WIRE

Mark McCormack (4) plays with work by Irish artist Patrick O’Reilly in Merrion square, Dublin, as the city centre is set to host an outdoor sculpture trail featuring 12 life-size works by the artist. The trail, which has been installed in six locations in the heart of the capital, opens on Culture Night this Friday and continues for two weeks
CREDIT: BRIAN LAWLESS/PA WIRE

A young Afghan girl looks at the camera as she plays outside her house in Kabul, Afghanistan
CREDIT: AP PHOTO/FELIPE DANA
Market Closes for September 15^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1890, British investment bank Baring Brothers disclosed that its loans to Argentina and Chile had gone bad and that the firm would go bust unless the Bank of England came to its aid. The BOE assumed £28.5 million of Baring’s liabilities. 
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 20,693.79 in Toronto.
     The move was the biggest daily gain since Aug. 27 and follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain, increasing 1.2%.
     Denison Mines Corp. had the largest increase, rising 8.8%. Today, 138 of 229 shares rose, while 86 fell; 6 of 11 sectors were higher, led by energy stocks.
Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles.
Insights
* This year, the index rose 19 percent, heading for the best year since 2019
* This quarter, the index rose 2.6 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 1 percent below its 52-week high on Sept. 7, 2021 and 34.2 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 6.33 percent compared with 6.07 percent in the previous session and the average of 7.10 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 57.8806| 2.3| 21/2
Financials | 38.9466| 0.6| 18/10
Information Technology | 22.5060| 0.9| 10/2
Materials | 17.5537| 0.7| 27/25
Industrials | 13.5457| 0.6| 20/9
Real Estate | 3.3442| 0.5| 16/7
Health Care | -0.4388| -0.2| 4/4
Utilities | -1.8247| -0.2| 9/7
Consumer Discretionary | -2.5436| -0.3| 5/8
Consumer Staples | -2.9551| -0.4| 5/8
Communication Services | -5.4969| -0.5| 3/4
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 17.6800| 1.2| 6.5| 29.5
Suncor Energy | 12.5900| 5.1| 11.8| 16.1
Royal Bank of | | | |
Canada | 11.2200| 0.9| -3.2| 23.9
Intact Financial | -2.4910| -1.4| 27.1| 13.7
Restaurant Brands | -2.5280| -1.4| 400.6| 3.9
Barrick Gold | -3.5950| -1.2| 21.2| -14.6
US
By Vildana Hajric
(Bloomberg) — Stocks rose the most in almost three weeks as the concern that has weighed on investor sentiment about a slowdown in economic growth eased.
     Crude oil jump and bond yields rose.
Energy shares helped push the S&P 500 up 0.9% and into positive territory for only the second time in eight trading sessions.
     The tech-heavy Nasdaq 100 rose for the first time in more than a week.
     Treasuries fell after rallying Tuesday on a lower-than-forecast inflation report, while the dollar weakened against most major peers.
After surging 20% to record highs through the first eight months of the year, the S&P 500 began September on a losing note as concern increased that a pullback in stimulus and the delta variant of the Covid 19 virus risked derailing the recovery from the pandemic.
     The S&P hasn’t closed higher by 1% or more since July 23.
“In this case, investors might be chasing economic breadcrumbs, like Hansel and Gretel,” said Mike Bailey, director of research at FBB Capital Partners.
     “Investors are showing their growing enthusiasm every step of the way as we inch toward a full economic recovery.”
Composite volume across all exchanges surpassed 10 billion shares for the third straight day on Tuesday, the longest streak since mid-June, according to data compiled by Frank Cappelleri at Instinet LLC.
Oil clung to gains after a U.S. government report showing a bigger-than-expected decline in crude stockpiles signaled a rapidly tightening market.
     Global benchmark Brent crude rose above $75 a barrel for the first time since early August, while U.S. crude futures surged as much as 3.6% on Wednesday.
While Tuesday’s U.S. inflation print could be seen as reducing pressure on the Federal Reserve to start pulling back on loose monetary policy, investors remain wary of a range of obstacles.
     These include the impact of the delta virus variant and rising costs on economic reopening, as well as China’s drive to rein in private industries.
“We have tested the 50-day average on the S&P 500. You could argue nine to ten times this year, we never broke it with any conviction,” Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management, said during an interview with Bloomberg TV. “Everybody is worried about where the next 5 to 10% correction comes from. What nobody is thinking about is that the next 10% move could be to the upside.”
Going into the year-end, investors will also have to digest debate around the U.S. debt ceiling, President Joe Biden’s tax package, infrastructure spending and Fed tapering, she added.
Asian stocks dropped after reports showed China’s economy took a knock in August from stringent virus controls and tight curbs on property and as authorities told major lenders to China
Evergrande Group not to expect interest payments due next week on bank loans.
     A debt restructuring could raise the prospect of wider social unrest and contagion in credit markets.
     Here are some events to watch this week:
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.1818
* The British pound rose 0.2% to $1.3844
* The Japanese yen rose 0.3% to 109.36 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.30%
* Germany’s 10-year yield advanced three basis points to -0.31%
* Britain’s 10-year yield advanced four basis points to 0.78%
Commodities
* West Texas Intermediate crude rose 3.1% to $72.65 a barrel
* Gold futures fell 0.7% to $1,795.30 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann

I’m sick of just liking people.  I wish to God I could meet somebody I could respect. –J.D. Salinger, 1919-2010, Franny and Zooey.

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