November 23, 2016 Newsletter

Dear Friends,

Tangents:

On November 23^rd, 1940, George Beardmore wrote in his journal: (Birmingham had been bomber the two previous nights.  He was there to meet his wife Jean and baby daughter and take them to his lodgings in Bromsgrove.)

In New Street Station itself chaos and old night were reigning, also complete ignorance of what was happening.  No trains were arriving from the south and I quickly discovered that no official lived who could tell me how long a passenger from Rugby would take to go to Stafford (for this was Jean’s roundabout route) and come back to Birmingham.  By 6 p.m. a small group of people like me had gathered in the lee of a tin-plate advertisement  on the bridge crossing the lines peering out into the darkness for the first sign of an approaching train.  My compassion was sufficiently roused to take a girl and young fellow, who were starving and seemed completely lost – they were waiting for the arrival of parents from Camden Town – across to the Midland Hotel and give them beef sandwiches and beer before returning to the pitchy hell of the station to meet a train that did not contain Jean…I telephoned the Cottage and heard that  Jean had just arrived at Bromsgrove…
   Jean’s story was characteristic of her.  She had been turned out of the Stafford train at Tamworth and she was wondering what one normally does in Tamworth on a dark night when the ticket inspector said:  “That post office van is going to Birmingham.  You can ask the driver and tell him Mr. Taylor sent you.”  Of course, the carrying of passengers in a mail van is as illegal as you can get, but presently Jean found herself sitting

With the baby among bags of letters and parcels in the rear of the van…” –from The Book of Days.

On Nov. 23, 1943, during World War II, United States forces seized control of the Tarawa and Makin atolls from the Japanese.

November 23, 1936: First Globe & Mail published.
PHOTOS OF THE DAY

From left, Jack, Nikki and Rae Forbes of Asheville, N.C., wear hats to fit the holiday as they head through the terminal after arriving at Denver International Airport early Wednesday. Travelers are criss-crossing the country Wednesday, clogging airport terminals in a rush to reach their Thanksgiving Day destinations. David Zalubowski/AP

Pavilions are seen on a lake during a snow day in Xi’an, Shaanxi province, China on Tuesday. Reuters

The rising sun casts a warm, glowing light where two swimmers are silhouetted near the island of Ruegen in Stralsund, Germany on Wednesday. Stefan Sauer/AP
Market Closes for November 23^rd, 2016

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Jeremy Herron
     (Bloomberg) — Canadian stocks fluctuated after a four-day rally, as a rout in gold futures sent miners tumbling while investors continued to pile into financial services shares.
     The S&P/TSX Composite Index fell 0.1 percent to 15,080.91 at 4 p.m. in Toronto, after closing Tuesday at the highest level since June 2015. The equity benchmark is up 16 percent in 2016, making it the top performer among developed markets tracked by Bloomberg. Canadian shares are about 11 percent more expensive than their peers in the S&P 500 Index.
     The runup in Canada’s equity benchmark faltered as global shares were little changed amid rising expectations for higher U.S. interest rates. Investors have sought riskier assets since the U.S. election fueled speculation the new administration will implement policies that bolster the world’s largest economy. Gold prices fell below $1,200 Wednesday as the metal’s appeal as a store of value wanes on bets inflation is set to rise.
     Financial stocks, which account for about a third of the S&P/TSX, climbed 0.5 percent, while gold miners led materials producers lower by 2.6 percent. Royal Bank of Canada and Toronto-Dominion Bank, the nation’s two largest banks, both gained at least 0.6 percent. Barrick Gold Corp. lost 4.5 percent
US
By Camila Russo
     (Bloomberg) — The Dow Jones Industrial Average added to its all-time high and the Russell 2000 Index extended a rally to 14 days as data fueled speculation that the world’s largest economy can withstand higher rates that the Federal Reserve has signaled may be imminent.
     Industrial stocks rose the most, with Caterpillar Inc. and United Technologies Corp. adding more than 1 percent on the durable goods data. American Express Co. led advances among financial shares as as the yield on 10-year Treasury notes surged. REITs, utilities and phone shares have struggled in the latest rally as the need for their high dividend yields has waned as bonds plunge. Microsoft Corp. slid 1.2 percent to weigh on technology shares.
     The S&P 500 Index rose 0.1 percent to a record 2,204.61 at 4 p.m. in New York. The Dow rose past 19,080, adding to an all- time high. The Russell 2000 Index of small caps climbed 0.5 percent to the most ever. It’s up 16 percent during its longest winning streak since 1996.
     Stock benchmarks have advanced on speculation Donald Trump’s pledges to cut taxes and increase fiscal spending will boost companies that benefit from economic growth. The fresh equity records also came as American companies ended a five- quarter decline in profits. U.S. markets will be closed on Thursday for the Thanksgiving holiday.
     “The market is quite bullish at the moment but we run into a holiday, so I think people will probably take some chips off the table,” said Christian Zogg, head of equity and fixed income at LLB Asset Management in Vaduz, Liechtenstein. “The market is basically waiting for some concrete measures on the tax side and fiscal spending. So far, there is not much concrete to calculate, so I think today will be rather quiet.”
     Traders are pricing in a 100 percent chance that the Fed will raise interest rates next month, compared with a 68 percent probability at the start of November. Fed officials saw a strengthening case to raise interest rates as the labor market tightened, with some saying a hike should happen in December, according to minutes of their November gathering released Wednesday in Washington.
     The S&P 500 has rallied 3 percent since the U.S. presidential election and is headed for its first monthly increase since July, led by commodity producers and financial companies.
     Among shares active, Deere & Co. jumped after the agricultural-equipment maker posted quarterly net income that was more than double the average analyst estimate. Peers CNH Industrial NV climbed.
     Eli Lilly & Co. tumbled after its Alzheimer’s drug failed to slow the progress of the disease in a final-stage trial. Biogen Inc. slid 8.8 percent.

Have  a wonderful evening everyone.

Be magnificent! 

As an individual, a specific entity, you have physical, mental, and nervous limits, among others.
If you know your own limits and try to stay within these limits,
you are free.
Swami Prajnanpad

As ever,

Carolann

Sometimes you will never know the value of a
moment until it becomes a memory.
                               –Dr. Seuss, 1904-1991

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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