November 05, 2019 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Ava Cunnington, 2, places a poppy on the Martin Water War memorial art installation at Beverley Minister in Beverly, East Yorkshire. The poppy installation is created in remembrance of all those who died in the Battle of Normandy, France in 1944 and the fate that awaited them as they disembarked the landing craft.
CREDIT: DAN ROWLANDS/SWNS.COM

Italian Armed Forces day, Napoli, Campania, Italy.
CREDIT: ZUMA PRESS, INC./ALAMY LIVE NEWS

The daughter of the ‘Wombles’ author has donated her mum’s womble memorabilia and toys to charity – ‘recycling’  them just like her famous characters. Kate Robertson was a little girl when She mispronounced ‘Wimbledon’ as ‘Wombledon’ on a walk with her mother Elisabeth on the famous common. Her mum was immediately inspired and created The Wombles – furry creatures who help the environment by collecting and recycling rubbish in creative ways. They appeared in books and a highly successful TV show in the UK in the 1970’s – and even a chart-topping hit.

Market Closes for November 05^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1999, U.S. District Court Judge Thomas Penfield Jackson found that Microsoft was a monopoly, and the U.S. Justice Department began plans to enforce the company’s breakup. The next trading day, more than $10 billion worth of Microsoft shares were traded, as the stock dropped as low as $84.375, an 8.5% loss. Less than two years later, a Federal appeals court overturned much of Judge Jackson’s ruling.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose for a third straight session on Tuesday, even as Shopify Inc. and other tech stocks underperformed. Industrials, consumer staples and financials were among the top performing sectors. The S&P/TSX Composite advanced 0.1% to 16,681.92 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1%. Endeavour Mining Corp. had the largest increase, rising 8.7%, after releasing its earnings. Shopify extended its loss after an anonymous post on Value Investors Club suggested shorting the stock. Gold miners fell after futures posted the biggest loss in more than a month as investors weighed up prospects for a first-phase U.S.-China trade deal.
Commodities
* Western Canada Select crude oil traded at a $22.20 discount to WTI
* Spot gold fell 1.7% to 1,484.88 an ounce
FX/Bonds
* The Canadian dollar weakened slightly to C$1.3161 per U.S. dollar
* The Canada 10-year government bond yield rose 4.8 basis points to 1.601%

US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. equities hovered near record highs Tuesday before closing mostly lower as investors digested the latest earnings and economic data while awaiting more news about trade talks between America and China. Ten-year Treasury yields hit their highest since September, oil rose for a third day, and gold slipped below $1,500 an ounce. The S&P 500 Index declined from Monday’s record, with financial and energy shares leading gainers, while health-care and real estate firms lagged. The Dow Jones Industrial Average rose to a fresh record. News that U.S. service industries expanded more than forecast in October triggered a brief equity rally but dimmed hopes for a December rate cut from the Federal Reserve. The Stoxx Europe 600 Index nudged higher. Investors have been in a more bullish mood lately amid signs of progress in the trade war, which is alleviating one of the biggest headaches for markets as they approach year-end. Add in solid earnings and rebounding growth expectations, and a risk-on rotation has been taking hold.
In the latest trade news, China is reviewing locations in the U.S. where President Xi Jinping would be willing to meet with President Donald Trump to sign a pact, people familiar with the plans said.“There was some enthusiasm around the trade headlines and people are just taking a step back and remembering that that story-line is very hard to predict,” said Craig Birk, chief investment officer at Personal Capital, which oversees $10 billion. “There’s just as much risk as there is cause for optimism on the so called phase one deal attempting to be hammered out.” Meanwhile, markets got further support after China’s central bank reduced the cost of one-year funds to banks for the first time since 2016, easing concerns about tightening liquidity. And Bank of Japan Governor Haruhiko Kuroda suggested his nation could issue more super-long term bonds, reflecting a desire for a steeper yield curve. Japanese shares led gains as Tokyo traders caught up after a long weekend, with more modest advances in Shanghai, Hong Kong and Seoul. Australia’s dollar rose after its central bank left interest rates unchanged and said past easing steps are offering support.

Stocks
*The S&P 500 Index fell 0.1% to 3,074.68 as of 4:02 p.m. New York time.
*The Dow Jones Industrial Average jumped 0.1% to 27,492.43, the highest on record.
*The Nasdaq Composite Index was little changed at 8,434.68.
*The Stoxx Europe 600 Index increased 0.2% to 404.23, the highest in more than four years.
*Germany’s DAX Index advanced 0.1% to 13,148.50, the highest in more than 17 months.
Currencies
*The Bloomberg Dollar Spot Index rose 0.2% to the highest in almost three weeks.
Bonds
*The yield on two-year Treasuries gained four basis points to 1.62%, the highest in a week on the largest gain in more than two weeks.
*The yield on 10-year Treasuries advanced eight basis points to 1.85%, the highest in more than seven weeks.
*Germany’s 10-year yield advanced four basis points to -0.31%,
the highest in almost 16 weeks on the largest rise in almost
four weeks.
Commodities
*West Texas Intermediate crude advanced 1.1% to $57.16 a barrel, the highest in six weeks.
*Gold depreciated 1.7% to $1,484.79 an ounce, the weakest in more than two weeks on the largest dip in almost six weeks.

–With assistance from Ishika Mookerjee, Abhishek Vishnoi,
Andreea Papuc and Yakob Peterseil.

Have a great evening.

Be magnificent!
As ever,

Isabel

A short saying oft contains much wisdom.
                                          -Sophocles, 497/6 – winter 406/5 BC

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com