November 22, 2018 Newsletter

Dear Friends,

Tangents:
1859 – On the Origin of Species published, Charles Darwin.
On Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States. Go to article »

Daily Poetry
Start your day with a bit of poetry with the Poem of the Day series, which can be found at www.poetryfoundation.org.  A new audio recording of a poem is added every day, with recent selections including poetry by Yusef Komunyakaa, Rosemarie Waldrop and Johannes Göransson.
PHOTOS OF THE DAY

Spectacular waterspout in the Italian port city pf Salerno, southeast of Naples. The ‘water tornado” appeared on Tuesday afternoon skirting ports and reportedly damaging containers as it finally crossed the shore. Waterspouts are similar to tornadoes, but form over water when cool unstable air passes over warner waters, producing vigorous up-draughts that can turn into a spinning column of water. They generally collapse once they move across solid ground. Credit: Hotel Cetus/Bav Media

Light displays are pictured during a photocall at Kew Gardens in south west London, during an event to promote the launch of the “Christmas at Kew Gardens”. – The Kew at Night Christmas trail is illuminated with numerous art installations especially commissioned. Credit: Tolga Akmen/AFP/Getty Images

Alfie Hobbs (aged 2) from London visits Hyde Park Winter Wonderland’s ‘Secret Forest’ themed magical ice kingdom as visitors get a first look at the woodland animal and mythical creature ice sculptures ahead of the public opening on Thursday, November 22. Credit: David Parry/PA

A man rides a boat as seagulls fly over the waters of the river Yamuna early morning in New Delhi, India. Credit: Reuters/Anushree Fadnavis
Market Closes for November 22^nd, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks failed to gain traction following Wednesday’s rally, closing slightly lower on holiday- hit trading volumes. The S&P/TSX Composite Index fell less than 0.1 percent to 15,091.58 Thursday, fresh off the heels of Wednesday’s 1.5 percent surge. Volume was about 60 percent lower than average due to the U.S. Thanksgiving holiday.
     Health-care stocks were the biggest decliners, losing 1.2 percent amid weakness in the pot sector. Offsetting that was a 0.5 percent gain in materials, boosted by rising gold stocks.
In other moves:
Stocks
* Bombardier Inc. jumped 11 percent, bringing its gains for the week to 50 percent. The rebound follows the worst week for the stock in at least 30 years
* ARC Resources Ltd. added 2.4 percent and Finning International Inc. rose 2 percent. Tax relief in Canada’s fiscal update is positive for both firms, analysts said
* Torstar Corp. gained 11 percent, the most since 2016. Canada’s fiscal update included a package to help the country’s media sector
Commodities
* Gold for immediate delivery was up 0.1% at $1,227.38 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3189 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to
2.37 percent
US
US markets are closed today for Thanksgiving.
By Yakob Peterseil
     (Bloomberg) — U.S. equity futures dropped alongside European stocks on Thursday in a subdued day of trading thanks to the American Thanksgiving holiday. The pound jumped and the euro strengthened after the U.K. and EU had a breakthrough over the Brexit deal.
     The Stoxx Europe 600 Index gave up a chunk of Wednesday’s advance as almost every sector fell, though trading volume was 25 percent below the 30-day average and the gauge finished above its lows on the day. Asian equity benchmarks swung between gains and losses before turning higher, with Japanese stocks getting an end-of-session boost on a report about a possible government rebate. Trading volumes in the region were also depressed.
     Gilts fell as a draft Brexit deal pointing to deep ties between the U.K. and European Union as well as a solution to the Irish border question was agreed at a political level. Prime Minister Theresa May spent more than two hours in Parliament Thursday responding to lawmakers’ largely skeptical questions about the deal. The region’s sovereign debt mainly edged higher.
     West Texas oil traded below $54 a barrel as an increase in U.S. crude inventories added to the recent bearish mood. Investor sentiment remains fragile following the volatility that’s rocked markets since October, wiping out many equity gains for the year. Traders are having to contend with the White House’s protectionism and President Donald Trump’s calls for the Fed to back off from raising rates, as well as corporate credit markets playing catch-up to the broader risk sell-off.
     Elsewhere, Bitcoin declined, emerging-market assets edged higher and gold nudged upward. Treasuries didn’t trade because of the U.S. holiday.
Coming Up
* It’s a shortened trading week because of the Thanksgiving holiday in the U.S. on Thursday. In addition, Black Friday, the day after Thanksgiving, marks the traditional start to the U.S. holiday shopping season.
These are the main moves in markets:
Stocks
* Futures on the S&P 500 Index decreased 0.6 percent as of 2:43 p.m. New York time, to the lowest in more than seven months.
* The Stoxx Europe 600 Index dipped 0.7 percent.
* The U.K.’s FTSE 100 Index dipped 1.3 percent, the largest decrease in six weeks.
* Germany’s DAX Index sank 0.9 percent.
* The MSCI Emerging Market Index gained 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2 percent.
* The euro climbed 0.2 percent to $1.1406.
* The British pound gained 0.8 percent to $1.2881, the strongest in more than a week on the largest rise in more than a week.
* The Japanese yen gained 0.1 percent to 112.97 per dollar.
Bonds
* Germany’s 10-year yield declined one basis point to 0.37 percent.
* Britain’s 10-year yield climbed three basis points to 1.428 percent, the highest in more than a week.
* Italy’s 10-year yield fell two basis points to 3.454 percent, the lowest in more than a week.
Commodities
* West Texas Intermediate crude decreased 1.4 percent to $53.85 a barrel.
* Gold gained 0.1 percent to $1,227.44 an ounce, the highest in more than two weeks.
–With assistance from Marvin G. Perez and Andreea Papuc.

Have a great night.

Be magnificent!

As ever,

Carolann

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