November 15, 2019 Newsletter

Dear Friends,

Tangents: Happy Friday!
1948 – Mackenzie King retires after 22 years as Prime Minister of Canada.  Go to article »

POINTS OF PROGRESS:
ANTARTICA
NASA reports the atmosphere’s ozone hole near the South Pole is the smallest since its first detection.  This year, the hole in the protective ozone layer is 3.6 million square miles, compared with its peak in 2006 at 10.3 million square miles.  Scientists say this year’s record is due to weather patterns rather than human behavior, but still, fewer harmful rays are reaching Earth’s surface.  Thanks to the 1987 Montreal Protocol, every country in the world has banned many ozone-damaging refrigerant and aerosol chemicals; scientists day this has helped with gradual ozone restoration.-The Associated Press.

IRAN
For the first time in 40 years, Iranian women attended a national soccer match.  An activist, remembered as “Blue Girl,” resorted to self-immolation after being prohibited from entering the stadium in early September.  Pressure from women’s rights advocates and FIFA made Iranian authorities change  the rules to include women attendees for World Cup-qualifying matches.  More than 3,000 of them sat in a women-only section on oct. 10.  Advocates are unsure if this new policy will endure, though, and consistent access to the stadium will be monitored. -Reuters.

PHOTOS OF THE DAY

Visitors view “Ramanujan Summation” 1/12,2018-2019, by Anselm Kiefer at the preview of a new exhibition called “Superstrings, Runes, The Norns, Gordian Knot” by Anselm Kiefer. The works include large scale paintings and installations that draw on the scientific concept of string theory and are on display at the White Cube Gallery in Bermondsey, London, UK.
CREDIT: STEPHEN CHUNG/LNP

Cuban, Beatriz Estevez,29, performs as a human statue in the streets of Havana.-Estevez dropped out of law school and found her personal and economic fulfilment in art. Daughter of a naval engineer, Beatriz earns in one day what her father earns in a month of work for the Cuban state.
CREDIT: YAMIL LAGE/AFP VIA GETTY IMAGES

People pose with Anonymous “Head and Neck of Giraffe” taxidermy art work during ‘The Child Within Me’ exhibition at the Abdulmecit Efendi mansion in Instanbul, Turkey, 14 November 2019. Since the opening of the 16^th Istanbul Biennial on 20 September, the exhibition has been visited by approximately 100,000 people and has been extended until 29 December due to intense interest.
CREDIT: ERDEM SAHIN/EPA-EFE/REX

Market Closes for November 15^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1867, the first practical stock ticker went “online,” as Thomas Edison’s improved gizmo made continuous nationwide transmission of stock prices possible for the first time.

Natural gas prices are 30% below where they traded a year ago, allowing U.S. consumers to benefit from cheaper heating costs, but putting pressure on gas producers.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the 11th day, climbing 0.3 percent, or 56.29 to 17,028.47 in Toronto. Enbridge Inc. contributed the most to the index gain, increasing 1.0 percent. Detour Gold Corp. had the largest increase, rising 10.9 percent. Today, 126 of 233 shares rose, while 102 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index rose 0.9 percent
* This year, the index rose 19 percent, heading for the best year in at least 10 years
* The index advanced 12 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on Nov. 15, 2019 and 23.6 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 15.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.61 trillion
* 30-day price volatility fell to 4.95 percent compared with 5.03 percent in the previous session and the average of 6.75 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 29.0422| 1.0| 24/7
Financials | 10.7453| 0.2| 12/15
Industrials | 5.8069| 0.3| 17/15
Consumer Staples | 5.4932| 0.8| 8/2
Real Estate | 4.2556| 0.7| 20/4
Information Technology | 4.0000| 0.5| 7/2
Communication Services | 1.7974| 0.2| 4/3
Utilities | 1.3090| 0.2| 6/9
Materials | 0.0625| 0.0| 16/31
Consumer Discretionary | -0.4341| -0.1| 8/8
Health Care | -5.7814| -2.7| 4/6

The benchmark 10-year bond fell and the yield rose 2.1 basis points to 1.486 percent.
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks rose to all-time highs and Treasuries edged lower after an American official hinted that the U.S. and China are close to locking down a partial trade deal. The dollar declined. The S&P 500 reached another record and gained for the sixth week in a row, the longest streak in two years, after White House economic adviser Larry Kudlow said late Thursday negotiations between the two countries were nearing the final stages. Both the Dow Jones Industrial Average, which past 28,000 for the first time, and the Nasdaq Composite also hit all-time highs. Health care companies as well as trade sensitive tech shares led the advance. Applied Materials Inc. surged after the maker of chip equipment boosted its sales forecast. The benchmark 10-year Treasury yield rose for the first time this week, while the dollar dropped for a second day following a mixed bag of retail sales figures and weak factory numbers. The yen fell along with gold.
“The markets have priced in the fact that it may not get done even though you’ve seen it move higher. But if you look at whenever they say ‘trade war is on, trade tariffs are off,’ — if you look at that maneuver, it’s volatile to a point but it’s not significant,” Matt Lloyd, chief investment strategist at Advisors Asset Management, said by phone. “Most of us have gotten used to it. We’ve re-calibrated. It’s like the boy who cried wolf.” Concerns about the chances of the U.S. and China completing a phase-one pact had propelled Treasuries earlier this week, and acted as a headwind to a stock rally that keeps taking American gauges to record highs. The S&P 500 closed slightly higher on Thursday, though a mixed bag of global economic data has also given investors plenty to think about. Elsewhere, European, emerging-market and Asian stocks gained. China’s yuan strengthened against the dollar.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.4%.
* The MSCI Asia Pacific Index gained 0.6%.
* The MSCI Emerging Market Index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The euro gained 0.3% to $1.1054.
* The British pound rose 0.2% to $1.2904.
* The onshore yuan increased 0.3% to 7.0043 per dollar.
* The Japanese yen dipped 0.2% to 108.68 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 1.83%.
* Germany’s 10-year yield increased one basis point to -0.34%.
* Britain’s 10-year yield advanced two basis points to 0.725%.
* Japan’s 10-year yield decreased less than one basis point to -0.068%.
Commodities
* West Texas Intermediate crude rose 1.6% at $57.70 a barrel.
* Gold fell 0.3% to $1,468.40 an ounce.
–With assistance from Namitha Jagadeesh, Samuel Potter and Claire Ballentine.
Have a wonderful weekend everyone!

Be magnificent!
As ever,
Carolann

Don’t be afraid of hard work.  Nothing worthwhile  comes easily.
                                            -Gertrude Belle Elion, 1918-1999

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