November 19, 2019 Newsletter

Dear Friends,

Tangents:
1493~ Puerto Rico Discovery Day
1863~ Abraham Lincoln’s Gettysburg Address.

“Fourscore and seven years ago our fathers brought forth on this continent a new nation, conceived in liberty and dedicated to the proposition that all men are created equal….It is rather for us the living, to be here dedicated to the great task remaining before us – that from theses honored dead we take increased devotion to that cause for which they here gave the last full measure of devotion – that  we here highly resolve that these dead shall not have died in vain, that this nation shall have  anew birth of freedom, and that government of the people, by the people, for the people shall not perish form the earth.” -Abraham Lincoln.
For more information on the Gettysburg Address, see www.loc.gov/exhibits/gadd/

2007 ~Amazon.com Inc. introduced the Kindle, an electronic book-reading device. Go to article »
PHOTOS OF THE DAY

HM Queen Elizabeth II riding her horse accompanied by Head Groom Terry Pendry in the grounds of Windsor Castle in Windsor, England UK.
CREDIT: RICAHRD GILLARD

Visitors enjoy autumn colours at Korankei Valley on November 17, 2019 in Toyota, Aichi, Japan.
CREDIT: THE ASAHI SHIMBUNI VIA GETTY IMAGES

A child dances in front of a ‘Lucid Motion’ exhibition at Artechouse in Washinton, U.S.
CREDIT: REUTERS/YARA NARDI

Market Closes for November 19^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 2008, new data showed U.S. consumer prices in October registered their largest single-month decline since before World War II. The drop added to concern over deflation, and the Dow shed 427.47 points.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian equities fell for a second session as investors weighed the latest trade developments and crude oil dropped the most in seven weeks. The S&P/TSX Composite declined slightly to 17,011.40 in Toronto. Marijuana stocks rebounded after a weak session Monday, with the Horizons Marijuana Life Sciences Index ETF advancing4.6%. Also, for the first time this year, the Canadian economy is coming in below analyst expectations, according to a closely watched gauge of economic surprises.
Commodities
* Western Canada Select crude oil traded at a $18.90 discount to WTI
* Spot gold edged higher to $1,472.50
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3271 per U.S. dollar
* The 10-year government bond yield fell 4 basis points to 1.447%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -16.6394| -0.6| 7/25
Industrials | -13.2689| -0.7| 9/22
Real Estate | -3.6408| -0.6| 8/15
Communication Services | -1.5884| -0.2| 4/3
Consumer Staples | -1.3381| -0.2| 4/6
Consumer Discretionary | -0.7127| -0.1| 7/9
Information Technology | 0.0142| 0.0| 7/2
Utilities | 1.8653| 0.2| 7/9
Health Care | 5.1802| 2.6| 5/5
Financials | 7.5345| 0.1| 16/11
Materials | 8.8758| 0.5| 34/14
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — The Nasdaq Composite climbed to a fresh record on the back of gains in megacap tech companies even as the Dow Jones Industrial Average sank following disappointing reports from retailers. Gains in Facebook, Broadcom and Tesla lifted the Nasdaq while Home Depot was the biggest drag on the Dow after the company cut its annual forecast for the second time this year. Investors also mulled the implications of a report that U.S. and Chinese negotiators may link the size of tariff rollbacks to terms set during talks in May. Ten-year Treasury yields dipped below 1.8%, while oil tumbled for a second day. The dollar edged higher against its major peers after President Donald Trump said he “protested” U.S. interest rates that he considers too high in a meeting with Federal Reserve Chairman Jerome Powell at the White House. The Fed said Powell’s remarks were “consistent” with his recent public comments.
Investors remain sensitive to any signs of whether U.S. consumers can continue supporting economic growth and are looking for developments on trade after months of closely watched negotiations. One challenge for stocks across developed markets lies in the MSCI World Index’s 21% advance this year, which has propelled the benchmark to its highest estimated price-earnings ratio since 2017. ”More and more people are concluding that the economy has some strength, that it’s strong enough to support rising stock prices,” said Kate Warne, an investment strategist at Edward D Jones & Co. in St. Louis. “While consumer spending is falling, it’s not falling off a cliff. Overall most of the news has been good, investors are feeling more confident.” Elsewhere, European stocks ended lower. Equities fell in Tokyo and climbed in Shanghai. Gold held steady.
Here are some key events coming up this week:
* U.S. economic indicators due for release include initial jobless claims on Thursday.
* Britain holds its first televised leadership debate before next month’s election Tuesday.
* Federal Reserve speakers this week include district bank presidents John Williams, Loretta Mester and Neel Kashkari.
* European central bankers speaking this week include European Central Bank President Christine Lagarde, Bundesbank chief Jens Weidmann, along with Yves Mersch, Luis de Guindos, Pablo Hernandez de Cos and Philip Lane.
* China announces its loan prime rates, a benchmark for borrowing costs, on Wednesday.

These are the main moves in markets:
Stocks
* The S&P 500 Index slipped less than 0.1% at the close of trade in New York; the Nasdaq Composite gained 0.2%; the Dow fell 0.4%.
* The Stoxx Europe 600 Index fell 0.1%
* The MSCI Emerging Market Index gained 0.4%.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The pound fell 0.2% to $1.2926.
* The euro increased less than 0.1% to $1.1077.
* The Japanese yen gained 0.1% to 108.55 per dollar.
Bonds
* The yield on 10-year Treasuries dipped three basis points to 1.78%.
* Germany’s 10-year yield was little changed at -0.34%.
* Australia’s 10-year yield declined four basis points to 1.13%.
Commodities
* West Texas Intermediate crude declined 3.2% to $55.25 a barrel.
* Gold was little changed at $1,472.17 an ounce.
–With assistance from Andreea Papuc, Michael Msika, Todd White and Yakob Peterseil.
Have a great night.

Be magnificent!
As ever,

Carolann

Prosperity is not without many fears and distastes,
and adversity is not without comforts and hopes.
                             -Francis Bacon, 1561-1626

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