November 14, 2017 Newsletter

Dear Friends,

Tangents:
1666: First blood transfusion.
Prince of Wales, Prince Charles, b. 1948.
Claude Monet, b. 1840
Aaron Copeland, composer, b. 1900

We went to see the movie Vincent on the weekend, on Vincent Van Gogh’s life story.  It will leave you mesmerized – truly a masterpiece of a film.  Don’t miss it!

This is interesting…
When I was washing a recyclable bottle of Snapple to return to the store, I noticed writing on the inside label identified as “Real Fact” #1410.
It’s quite an amazing fact: There are more people on Facebook today than there were on the Earth 200 years ago.   You can get all the “Real Facts” at snapple.com.
PHOTOS OF THE DAY

Officers from Nature Conservation Agency (BKSDA) and environmental activists try to refloat nine stranded sperm whales in Aceh Besar, Indonesia.

Archeologists work at the No. 3 Horse and Chariot Pit, one of a cluster of tombs belonging to noble families of the Zheng State, near the city of Xinzheng in central China’s Henan Province.
Market Closes for November 14^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On Nov. 14, 1972, the Dow Jones Industrial Average closed above 1,000 for the first time, ending the day at 1,003.16.
Also on November 14, 1986, Ivan Boesky, one of Wall Street’s top arbitrageurs and traders, settles with the government on charges of securities fraud, implicating Michael Milken of Drexel Burnham Lambert.
Canada
By Natalie Wong
(Bloomberg) — Canadian stocks fell for the fifth day in a row as commodities dropped amid signs of shaky demand that reignited glut concerns around the world.
The S&P/TSX Composite Index fell 0.7 percent to 15,913.13. Energy stocks dropped 2.5 percent amid signs of softening demand in the oil market. Precision Drilling Corp. dropped 8.4 percent as Templeton Global Advisors exited its equity investment in the company.
Telecom was the only sector that flashed green with a 0.4 percent gain. Rogers Communications Inc. gained 1.1 percent and BCE Inc. added 0.4 percent.
In other moves:

                               Stocks
* Ivanhoe Mines Ltd. fell 8.2 percent as all major metals dropped on the LME after reports showed China’s economic expansion slowed
* Premium Brands Holdings Corp. dropped 6.7 percent after disappointing earnings results
* Brookfield Property Partners LP gained 0.7 percent, after bidding about $14.8 billion to acquire the stake it doesn’t already hold in U.S. mall owner GGP Inc.
Commodities
* Western Canada Select crude oil traded at a $14.15 discount to WTI
* Aeco natural gas traded at a $1.25 discount to Henry Hub
* Gold rose 0.1 percent to $1,280.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.04 percent to C$1.2737 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 1.95 percent
US
By Randall Jensen
(Bloomberg) — U.S. stocks slipped amid signs of a commodities glut and uncertain prospects for American tax cuts, while the dollar lost the most since September as the American yield curve flattened further ahead of inflation data.
The S&P 500 Index fell for the third time in four days. Energy and materials producers led losses as Bloomberg’s commodity index declined the most in six months. Crude slid the most in more a month after a tepid demand forecast. Miners led Europe’s equity benchmark to its longest slide in a year. The greenback touched a three-week low, while the euro soared on optimism over the region’s economy.
Investors will turn to data on U.S. consumer prices and retail sales Wednesday for clues on the strength of the world’s largest economy after the flattest American yield curve in a decade and weak data from China raised concern that growth is slowing. Volatility has increased since equities reached records a week ago, while credit spreads have widened as a sense of caution gripped global markets.
The House may vote on its version of the tax cut bill as soon as Thursday, while the Senate continues to hammer out its take. Goldman Sachs Group Inc. said in a note Tuesday the debate is moving faster than they expected, boosting the odds that tax reform will be enacted by early next year to 80 percent from 65 percent.

     Here are some key events investors are watching this week:
* BOE officials address the bank’s future on Thursday, while Draghi speaks a second time Friday.
* A string of Fed appearances may further illuminate the FOMC’s commitment to a December hike.
* U.S. CPI and retail sales data will be released Wednesday morning

      These are the main moves in markets:
Stocks
* The S&P 500 Index dropped 0.2 percent to 2,578.91 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index sank 0.6 percent, after hitting the lowest in seven weeks with its sixth consecutive decline.
* The MSCI All-Country World Index fell 0.1 percent.
* The MSCI Emerging Market Index declined 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.5 percent, touching lowest in almost three weeks on the largest dip since Sept. 7.
* The euro climbed 1.1 percent to $1.1794, reaching the strongest in almost three weeks on its fifth consecutive advance.
* The British pound gained 0.4 percent to $1.3168.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.3771 percent, the first retreat in a week.
* Germany’s 10-year yield declined two basis points to 0.39 percent, the biggest drop in more than a week.
* Britain’s 10-year yield dropped one basis point to 1.321 percent.
Commodities
* Gold rose 0.2 percent at $1,281 an ounce.
* West Texas Intermediate crude fell 2.1 percent to $55.55 a barrel.

Have a wonderful evening everyone.

The noblest moral law
is that we should unremittingly
work for the good of mankind.
Mahatma Gandhi

Be magnificent!

As ever,

Carolann

Age does not matter if the matter does not age.
                   -Carlos Pena Romulo, 1898-1985

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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
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www.carolannsteinhoff.com