November 13, 2020 Newsletter

Dear Friends,

Tangents: Happy Friday.

Not only is today Friday the 13th, it’s also World Kindness Day. Because the world could use it more than ever, we give you 25 ways to spread goodwill. –CNN.

St. Augustine, b.354.
Robert Louis Stevenson, b.1850
Whoopi Goldberg, b.1949
Holland Tunnel opened, New York City, 1927.

On Nov. 13, 1956, the Supreme Court struck down laws calling for racial segregation on public buses. Go to article »
1980: US spacecraft Voyager 1 sends back first close-up pictures of Saturn

From the late night hosts:
Jimmy Kimmel welcomed viewers Thursday for what he called “Day 9 of Squattergate.”

With Trump officially declared the winner in Alaska, Kimmel offered a potential solution.
“Why don’t we just make him president of Alaska?” Kimmel said Thursday. “He’d love it. It even sounds like the names of his wives and daughters: Melania, Ivana, Ivanka — Alaska.”

“When Trump finally concedes, he’ll probably do it in a Bugatti, wearing diamond-encrusted Cartier sunglasses and the necklace from the Titanic. ‘[as Trump] Thanks for all your donations, but unfortunately, it wasn’t enough to stop the deep state. If you need me, I’ll be vacationing in Fiji.’” — SETH MEYERS

“My man, Donald Jobless Trump — this guy never misses a hustle. I bet as we speak he’s ripping out the copper wiring from the White House walls.” — TREVOR NOAH

“According to the website, at least half of each donation will go to paying off the campaign’s debts. One last grift for the road. Before he finally leaves, someone better check under the MAGA hat for the White House silverware.” — STEPHEN COLBERT

PHOTOS OF THE DAY

A surfer silhouetted against the waves at Tynemouth, near North Shields, UK.
CREIDT: OWEN HUMPHREYS/PA WIRE

This soggy owl was too wet to woo after getting caught in torrential rain. The bedraggled bird hung a dripping wet wing out and even attempted an unsuccessful spin dry before giving up and looking decidedly grumpy about the sorry situation. The baby owls funny antics were caught on camera by IT consultant Rob Mousley, as he walked through woodland on Noordhoek Common in Cape Town, South Africa.
CREDIT: ROB MOUSLEY/ CATERS NEWS

A man pushes his bike with his dog sitting on the back rack along a street in Kawasaki, Kanagawa prefecture, Japan.
CREDIT: CHARLY TRIBALLEAU/AFP VIA GETTY IMAGES

A woman harvests marigold flowers ahead of the upcoming Hindu Tihar (Diwali) festival in Ichangu Narayan village, on the outskirts of Kathmandu.
CREDIT: PRAKASH MATHEMA/AFP VIA GETTY IMAGE
Market Closes for November 13^th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1878, the first telephones were installed on the trading floor of the New York Stock Exchange, just over two years after Alexander Graham Bell invented the telephone
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Friday to cap off a second straight weekly advance, helped by Monday’s bullish news from Pfizer Inc.’s vaccine study.
The S&P/TSX Composite Index gained 0.6% Friday, with eight of 11 sectors rising. Health care shares led the way, while consumer staples lagged.
Enbridge Inc.’s battle with Michigan escalated on Friday as the governor took new legal action to shut down a key pipeline that supplies Central Canadian refineries.
Oil declined for a second session as rising Covid-19 cases threatened to derail demand with tougher restrictions in major U.S. cities on the horizon.
Canadian firms continue to struggle as debt loads and uncertainty mount, according to a survey by the country’s statistics agency.
Commodities
* Western Canada Select crude oil traded at a $9.70 discount to West Texas Intermediate
* Spot gold rose 0.6% to $1,888.1 an ounce
FX/Bonds
* The Canadian dollar fell 0.02% to C$1.3143 per U.S. dollar
* The 10-year government bond yield rose 1.0 basis points to 0.730%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 16,675.64 in Toronto. The move follows the previous session’s decrease of 1.1 percent.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 3.2 percent. Trillium Therapeutics Inc. had the largest increase, rising 10.3 percent.
Today, 153 of 222 shares rose, while 64 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 2.4 percent
* This year, the index fell 2.3 percent, heading for the worst year since 2018
* The index declined 1.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 16 percent in the same period
* The S&P/TSX Composite is 7.2 percent below its 52-week high on Feb. 20, 2020 and 49.3 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.2 on a trailing basis and 22.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.54t
* 30-day price volatility rose to 15.93 percent compared with 15.87 percent in the previous session and the average of 14.86 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 34.6877| 0.7| 19/7
Industrials | 22.4043| 1.1| 24/4
Materials | 20.4122| 0.8| 37/12
Consumer Discretionary | 9.4017| 1.5| 9/4
Energy | 6.7509| 0.4| 18/4
Health Care | 6.1176| 3.3| 9/1
Information Technology | 5.1774| 0.3| 9/1
Real Estate | 4.6274| 0.9| 20/6
Utilities | -4.7380| -0.5| 3/13
Communication Services | -5.6313| -0.6| 2/4
Consumer Staples | -5.7595| -0.8| 3/8
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed to a record as the rotation to economically-sensitive industries regained momentum even with a surge in coronavirus cases that could lead to more restrictions and crimp growth. Both the S&P 500 and the Russell 2000 Index of small caps rallied to all-time highs, while the Dow Jones Industrial Average rose to pre-pandemic levels. All major groups in the equity benchmark advanced, with energy, industrial and financial companies among the biggest gainers. The tech-heavy Nasdaq 100 underperformed major gauges, with stay-at-home winner Zoom Video Communications Inc. tumbling. Walt Disney Co. jumped on solid results, and Cisco Systems Inc. climbed after upbeat sales projections. Tesla Inc., whose Chief Executive Officer Elon Musk tweeted he may have Covid-19, fell. DoorDash Inc., the biggest U.S. food delivery platform, filed for an initial public offering.
The risk-on mood fueled a rotation into value and cyclical sectors, whereas more defensive industries underperformed. Stock funds attracted a record amount after positive results for a coronavirus vaccine, adding $44.5 billion in the week through Nov. 11, according to Bank of America Corp. and EPFR Global data. While the latest figures on Covid-19 continued to fuel concern, with the surge in U.S. infections now spread to 49 states, the S&P 500 notched a second weekly rally. “You have this push-pull,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management’s Ascent Private Wealth Group. “As people become more optimistic, you get the recovery in the more cyclical sectors, and then as the optimism wanes a bit, you go back into the tech stocks.”
New York’s daily Covid-19 cases exceeded 5,000, the highest for the state since April, as New York City Mayor Bill de Blasio warned parents to prepare for city schools to halt in-person classes as soon as Monday. California, Oregon and Washington state urged arriving people to self-quarantine, while Illinois reported a record number of daily infections and hospitalizations, a day after Chicago announced a stay-home advisory. Federal Reserve Bank of St. Louis President James Bullard and New York head John Williams both voiced concerns about the economic impact of the pandemic, echoing previous comments from Fed Chairman Jerome Powell. U.S. consumer sentiment unexpectedly declined in early November as an increase in Covid-19 infections and the election prompted Americans to reassess their outlooks.
Meanwhile, a key measure of prices paid to U.S. producers decelerated in October, consistent with a pandemic that continues to limit pricing power. U.S. stocks are poised for “a digestion period,” according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. He cited the S&P 500’s track record since 1990 after days when more than 60% of its component stocks reached 20-day highs, as they did Monday. There were 25 instances mentioned in a report Thursday. A month later, the S&P 500 was unchanged on average. Gains were posted over three-, six- and 12 months, with the latter period bringing an average increase of 12.5%. These are some of the main moves in markets:
Stocks
* The S&P 500 gained 1.4% at 4 p.m. New York time.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index climbed 0.1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.4%.
* The euro advanced 0.2% to $1.1832.
* The Japanese yen appreciated 0.5% to 104.65 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 0.90%.
* Germany’s 10-year yield decreased one basis point to -0.55%.
* Britain’s 10-year yield fell one basis point to 0.338%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude fell 2.3% to $40.18 a barrel.
* Gold rose 0.6% to $1,887.63 an ounce.

–With assistance from Adam Haigh, Yakob Peterseil, Robert Brand,
Lynn Thomasson, Ksenia Galouchko, David Wilson, Vildana Hajric and Sarah Ponczek.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The aim of argument, or of discussion, should not be victory, but progress.
                                                                -Joseph Joubert, 1754-1824

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