November 14, 2019 Newsletter

Dear Friends,

Tangents:
On this day in…
1666-First blood transfusion.
1840, Claude Monet was born.
1896, the leading magazine for automobile enthusiasts, The Horseless Age, reported that Great Britain had just abolished the “red flag law,” which required motorists to be preceded by a person on foot waving a red flag as a warning to all other users of the road that an automobile was approaching
1948, Prince Charles, Prince of Wales, was born.

On Nov. 14, 1972, the Dow Jones Industrial Average closed above 1,000 for the first time, ending the day at 1,003.16. Go to article »
Today, the DJIA closed at 27,781.96 – a gain of +2,669.44% in 47 years!

More than 50% of all insects may have disappeared since 1970. –from Bloomberg.
Let us mourn the end of paper maps. -Bloomberg.

PHOTOS OF THE DAY

The Flood water at Fishlake, in Doncaster, South Yorkshire, as parts of England endured a months worth of rain in 24 hours, with scores of people rescued or forced to evacuate their homes.
CREDIT: RICHARD MCCARTHY/PA

Tourists push their luggage in flooded ST. Mark’s Square, in Venice.
CREDIT: LUCA BRUNO/ AP

Workers of Kilted Christmas Tree Company in Kinross, Scotland begin harvesting a field of around 50,000 Nordmann trees before they are sold for homes across Scotland for the Christmas season.
CREDIT: DUNCAN MCGLYNN

Market Closes for November 14^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:

The SPDR S&P Retail exchange-traded fund has risen 7.7% in 2019, trailing behind the S&P 500, which is up 23%. Investors will get their next look at whether retail stocks might be able to stage a rebound Friday, when the Commerce Department releases retail sales figures for the month of October.
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canada’s equity benchmark hit a record high, posting its 10th consecutive gain even as pot and energy stocks slumped. The S&P/TSX Composite Index rose 0.1% to 16,972.18. Rate- sensitive stocks led the way as bond yields retreated, with real estate up 0.9% and utilities both gaining 0.9%. Canopy Growth Corp. posted the steepest declining, losing 14% to the lowest since December 2017. The company reported revenue that missed the lowest analyst estimate and said it’s unlikely to meet its previous sales guidance. Today, 150 of 233 shares rose, while 78 fell; 7 of 11 sectors were higher.

Commodities
* Western Canada Select crude oil traded at a $16.50 discount to WTI, the narrowest gap in four weeks
* Spot gold rose 0.6% to $1,471.70
FX/Bonds
* The Canadian dollar was little changed at C$1.3249 per U.S. dollar
* The 10-year government bond yield fell 8 basis points to 1.47%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 12.7872| 0.2| 16/9
Industrials | 11.0497| 0.6| 26/6
Materials | 6.7516| 0.4| 32/15
Utilities | 6.6454| 0.8| 15/1
Real Estate | 5.5056| 0.9| 23/1
Consumer Discretionary | 2.8153| 0.4| 13/3
Information Technology | 0.5661| 0.1| 5/4
Communication Services | -0.5508| -0.1| 4/3
Consumer Staples | -1.1409| -0.2| 3/7
Health Care | -8.0845| -3.7| 2/8
Energy | -22.1555| -0.8| 12/20
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stock indexes were mixed and bonds advanced as the risk rally stalled below all-time highs amid mixed economic data and mounting concern over a partial trade deal. The yen gained along with gold. The S&P 500 eked out its third gain in a row, but continued to trade under records reached over the last week sparked by hopes the U.S. and China would soon hammer out an agreement. That hasn’t happened, and there’s been an abundance of signs that negotiations are stumbling. Both the Nasdaq Composite and the Dow Jones Industrial Average ended the day barely changed. Tech lead decliners as Cisco Systems Inc. tumbled after earnings fell short of expectations, a signal companies are holding off on purchases amid the trade standoff. Walmart Inc., which had risen earlier after earnings, fell. Boeing Co. continued its torrid week, rising 1.4%.A mixed bag of U.S.  economic data Thursday, rising producer prices and more initial jobless claims than expected, also gave traders few reasons to change bets. The benchmark 10-year Treasury yield fell toward 1.80%, pushing its weekly decline to more than 10 basis points and ending talks of a reflation trade. Oil pared gains after a government report showed American inventories rose.
“We’re in a good place but I think this overhang with the trade talks, everyone was optimistic about the phase-one deal and rightfully so. But we have yet to have that finalized and I think that’s still driving the market,” Paul Brigandi, managing director at Direxion, said by phone. “And you see that when there’s new headlines about the deal hitting a snag or if there’s a tweet about positive development, then we rally. It’s still very much on the market’s mind — it’s the biggest driver right now, more so than the Fed or any chatter around rates.” The gloomy figures out of Asia are serving as a reminder of the impact that ongoing trade tensions are having on the global economy. Investors looking for a resolution are still awaiting news of a signing date and location for a U.S.-China phase-one trade deal that’s been on the cards for weeks. President Donald Trump said that talks are moving “very rapidly.” Elsewhere, European shares slipped as data showed Germany narrowly dodged a recession last quarter. Stocks declined in Hong Kong and Tokyo after a report showing Japan’s economy slowed sharply in the third quarter. Shares rose in Shanghai, Seoul and Sydney.
Here are some key events coming up this week:
* U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.3%.
* The U.K.’s FTSE 100 Index dipped 0.7%.
* The MSCI Asia Pacific Index sank 0.5%.
* The MSCI Emerging Market Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro gained 0.1% at 1.1016.
* The British pound gained 0.3% to 1.2886.
* The Japanese yen increased 0.4% 108.38.
Bonds
* The yield on 10-year Treasuries sank seven basis points.
* Germany’s 10-year yield decreased four basis points.
* Britain’s 10-year yield declined four basis points.
* Japan’s 10-year yield fell three basis points.
Commodities
* West Texas Intermediate crude fell 0.2% to $57.00.
* Gold gained 0.6% to 1,472.30.
–With assistance from Cormac Mullen, Yakob Peterseil and Claire Ballentine.
Have a great evening.

Be magnificent!
As ever,

Carolann

First learn the meaning of what you say, and then speak.
                                                -Epictetus, 55-135 AD

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
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www.carolannsteinhoff.com