November 06, 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

A general view of race 4, The Macca’s Run, during the Melbourne Cup Day at Flemington Racecourse in Melbourne, Victoria, Australia.
CREDIT: SCOTT BARBOUR/EPA

The Rose Trip Maroc is a female-oriented trek where teams of three must travel through the southern Moroccan Sahara desert with a compass, a map and a topographical reporter.
CREDIT: JEAN-PHILIPPE KSIAZEK/AFP

Russian servicemen dressed in historical uniforms rehearse for a forthcoming parade on Red Square in Moscow.
CREDIT: KIRILL KUDRYAVTSEV

Market Closes for November 06^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1851, Charles Henry Dow was born on his family’s farm in Sterling, Conn. After toiling as a reporter with the Springfield, Mass., Daily Republican and the Providence, R.I., Morning Star and Evening Press, he founded Dow, Jones & Co. in 1882 and devised the Dow Jones Industrial Average in 1896.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose for the fourth straight day with the reporting season half way done. Consumer staples were the best performing sector Wednesday while pot stocks fell the most. The S&P/TSX Composite rose 0.4% to 16,745.64, the highest closing level in six weeks. Alimentation Couche-Tard Inc. climbed 2.9%, contributing the most to the index’s gain. SSR Mining Inc. performed the best, jumping 8% as third- quarter earnings beat the highest analyst estimate. Meanwhile, Badger Daylighting Ltd. tumbled 22% after cutting its guidance, even as GMP’s Stephen Harris, the most bullish analyst on the stock, defended the company. Meanwhile, GFL Environmental Inc. was on track to be one of Canada’s largest public offerings. Instead it became the latest IPO that failed to entice investors. The Vaughan, Ontario-based company scrapped its share sale Tuesday after investors balked at the waste company’s debt load and growth prospects. It had sought to raise as much as $2.1 billion at the top end of its marketed range of $20 and $24 a share. But banks running the IPO only got support for the offering at about $18 a share, according to people familiar with the matter.

Commodities
* Western Canada Select crude oil traded at a $21.60 discount to WTI
* Spot gold rose 0.5% to 1,490.86 an ounce
FX/Bonds
* The Canadian dollar weakened slightly to C$1.3183 per U.S. dollar
* The Canada 10-year government bond yield fell 4.2 basis points to 1.538%
US
By Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. stocks drifted after reports that any signing of a partial trade deal with China won’t happen until at least December, deflating early-session gains. Treasuries rebounded after dropping for three days. The S&P 500 Index eked out a narrow advance Wednesday while the Nasdaq Composite retreated on word that the signing of a preliminary trade agreement could be delayed as the parties wrangle over a venue. Tech stocks slid and shares in energy companies declined alongside West Texas crude after the EIA reported a big buildup in inventories. Health care and financials rallied. “It seems like markets are really treading water here, trying to decide where to go based on what’s happening with trade later on this year and what’s going on with earnings,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance LLC. The Stoxx Europe 600 Index fluctuated before closing higher as data suggesting that the euro-area economy may be gathering momentum was offset by the International Monetary Fund’s warning of clouds on the horizon.
Banks advanced after Societe Generale SA strengthened its key capital ratio, while global cleaning giant ISS A/S slumped after cutting its full-year outlook. A wave of interest-rate cuts by central banks and mounting hopes of a U.S.-China trade deal have buoyed confidence in markets just as key economic indicators show signs of stabilization. While the latest data from Europe suggest a robust recovery may not be on the cards, the relative improvement eased fears that the global economy was hurtling toward a recession, prompting traders to temper bets for further monetary easing. In Asia, benchmarks rose in Japan and Mumbai, but fell in Shanghai and Sydney. The yuan strengthened past 7 per dollar for a second day, while the greenback held steady as investors awaited fresh developments on the U.S.-China trade front. Bloomberg’s gauge of raw-material spot prices climbed to its highest level since April. Elsewhere, gold, which slumped Tuesday, scored small gains. Emerging-market stocks slipped for the first time in five days.
Here are some key events coming up this week:
* Earnings are due this week from companies including: Walt Disney and Deutsche Telekom.
* A Bank of England monetary decision is due Thursday.
* The USDA World Agricultural Supply and Demand Estimates Report for November comes out Friday.

These are the main moves in markets:

Stocks
*The S&P 500 Index increased 0.1% to 3,076.76 as of 4:02 p.m. New York time.
*The Nasdaq Composite Index declined 0.3% to 8,410.63, the biggest fall in a week.
*The Stoxx Europe 600 Index gained 0.2% to 405.07, the highest in more than four years.
*The MSCI Emerging Market Index declined 0.3% to 1,067.63, the first retreat in a week and the biggest drop in more than two weeks.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,200.90, the highest in almost three weeks.
*The euro declined 0.1% to $1.1068, the weakest in three weeks.
*The British pound decreased 0.2% to $1.2857, the weakest in more than a week.
*The Japanese yen strengthened 0.2% to 108.95 per dollar.
Bonds
*The yield on 10-year Treasuries decreased four basis points to 1.82%.
*The yield on two-year Treasuries dipped two basis points to 1.61%.
*Britain’s 10-year yield declined six basis points to 0.715%, the largest decrease in more than three weeks.
*Germany’s 10-year yield declined two basis points to -0.33%.
Commodities
*West Texas Intermediate crude fell 1.2% to $56.53 a barrel.
*Gold strengthened 0.5% to $1,490.81 an ounce.

–With assistance from Joanna Ossinger, Cormac Mullen, Adam
Haigh and Robert Brand.

Have a great evening.

Be magnificent!
As ever,

Isabel

All men are caught in an inescapable network of mutuality.
                                                     – Martin Luther King Jr, 1929-1968

Isabel Luo,
Assistant to Carolann Steinhoff

Queensbury Securities Inc.,
St. Andrew’s Square,
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Victoria, B.C. V8W 3Y7

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www.carolannsteinhoff.com