November 08, 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

WHOI biologist Stephanie Jenouvrier holds a young emperor penguin during fieldwork in Antarctica. See National News story NNpenguins. Emperor penguins could be wiped out by climate change within 80 years, warns a new study . The fate of the birds- some of the most striking and charismatic creatures on Earth- is largely tied to the fate of sea ice which they use as a base for breeding. Emperor penguins tend to build their colonies on ice with extremely specific conditions. It must be locked in to the shoreline of the Antarctic continent, but close enough to open seawater for the birds to access food for themselves and their young.
CREDIT: STEPHANIE JENOUVRIER, WOODS HOLE

Join intrepid explores Marco Polo, Phileas Fogg and Amelia Earhart on an expedition through lands familiar and exotic on a magical journey through snowy scenes and festive celebrations in the grand rooms of Chatsworth this Christmas.
CREDIT: CHARLOTTE GRAHAM

A visitor walks near Lanterns during the Seoul Lantern Festival, which held from Nov. 1-17, along Cheonggye stream in Seoul, South Korea.
CREDIT: AP PHOTO/ LEE JIN MAN

Market Closes for November 08^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1993, in one of the hottest IPOs yet, Boston Chicken went public at an initial price of $20 a share. The stock leapt 142.5% to close at $48.50, or 269 times earnings, giving it a market value of $800 million—even though the restaurant company lost $5.9 million on revenues of just $8.3 million in the previous year. Less than five years later, Boston Chicken filed for bankruptcy protection. McDonald’s later bought the chicken chain for just $173.5 million.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities hovered near fresh all- time highs on Friday, despite President Donald Trump saying that the U.S. hasn’t agreed to roll back all tariffs on China. The S&P/TSX Composite Index rose for the sixth day, gaining 0.4% to 16,877.42. Health Care stocks led the market higher, led by pot stocks. Real estate and materials were the only underperforming sectors. Enbridge Inc contributed the most to the index advance, increasing 2.2%. Canopy Growth had the largest gain, rising 13 %. Inter Pipeline was the biggest drag on the index, declining 3.5%. Altus Group had the biggest drop, falling 7.2%. Meanwhile, Alberta loosened crude-oil production limits for the second time in two weeks, exempting new conventional wells from output caps in a bid to spur drilling and boost employment.
Commodities
* Western Canada Select crude oil traded at a $22.85 discount to WTI
* Spot gold fell 0.7% to 1,458.27 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% C$1.3228 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.582%
US
By Vildana Hajric
(Bloomberg) — U.S. equities finished a week of dueling tariff headlines on a high note, as investors tried to anticipate the next moves in the trade war with China. Ten-year Treasury yields gained, while the dollar rose and West Texas crude held above $57 a barrel. The S&P 500 Index ticked up to a new closing high Friday, surpassing a record set the previous session and registering its fifth consecutive weekly gain, sparked by optimism that global growth troubles are dissipating. Tech shares and health-care stocks led advancers, while energy and utilities slid. The Dow Jones Industrial Average ended the session little changed, while the Nasdaq Composite also reached a record. Investors have been whipsawed the past two days amid an onslaught of contradictory headlines about progress toward an interim deal in the U.S.-China trade war. Officials from the two countries both said Thursday that a phase-one agreement would feature pledges to roll back tariffs on each others’ goods in phases, but President Donald Trump said Friday that the U.S. hasn’t agreed to a rollback, dimming hopes for a preliminary trade deal anytime soon.
“Investors figure that, by and large, something will get done. Investors think that some trade deal is going to come over the coming months, very possibly by year’s end,” said Rick Bensignor, the founder of Bensignor Group and a former strategist for Morgan Stanley. “It’s a positive step towards doing something that shows two countries can come together and get some stuff done.” Insurance and financial companies weighed on the Stoxx Europe 600 Index, but the gauge still scored a weekly gain as well. China’s exports declined less than expected in October as optimism rose about an interim trade deal, though imports contracted for a sixth straight month. The offshore yuan edged lower though stayed stronger than 7 per dollar. Elsewhere, an early rally for Asian stocks fizzled, leaving most shares down in the region. Hong Kong equities were among the worst performing after the death of student protester threatened to inflame demonstrations planned for this weekend. Japanese 10-year government bond yields climbed alongside their Australian peers.
Here are the main moves in markets:
Stocks
*The S&P 500 Index gained 0.3% to 3,093.06 as of 4:05 p.m. New York time, the highest on record.
*The Stoxx Europe 600 Index fell 0.3% to 405.42, the first retreat in more than a week and the biggest fall in a week. Germany’s DAX Index decreased 0.5% to 13,228.56, the first retreat in more than a week and the largest dip in a month.
*The MSCI Emerging Market Index sank 0.9% to 1,063.60, the biggest dip in more than two months.
Currencies
*The Bloomberg Dollar Spot Index advanced 0.2% to 1,204.32, hitting the highest in more than three weeks with its fifth straight advance.
*The euro dipped 0.3% to $1.1021, reaching the weakest in four weeks on its fifth consecutive decline.
*The British pound sank 0.3% to $1.2783, hitting the weakest in more than three weeks with its fifth consecutive decline.
*The Japanese yen strengthened 0.1% to 109.21 per dollar.
*The offshore yuan weakened 0.2% to 6.9871 per dollar, the largest decrease in more than three weeks.
Bonds
*The yield on 10-year Treasuries increased two basis points to 1.94%, the highest in 14 weeks.
*The yield on two-year Treasuries advanced one basis point to 1.67%, the highest in six weeks.
*Germany’s 10-year yield declined three basis points to -0.26%, the biggest fall in a week.
*Britain’s 10-year yield declined less than one basis point to 0.789%.
Commodities
*West Texas Intermediate crude advanced 0.5% to $57.44 a barrel, the highest in more than six weeks.
*Gold depreciated 0.7% to $1,458.33 an ounce, the weakest in almost 14 weeks.

–With assistance from Joanna Ossinger, Adam Haigh and
Constantine Courcoulas.

Have a great evening.

Be magnificent!
As ever,

Isabel

It is not the mountain that we conquer but ourselves.
                                   – Edmund Percival Hillary, 1919-2008

Isabel Luo,
Assistant to Carolann Steinhoff

Queensbury Securities Inc.,
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Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

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