November 29, 2021 Newsletter

Dear Friends,

Tangents: Happy Monday.
November 29, 1961: 1961 Enos the chimp was launched from Cape Canaveral aboard the Mercury-Atlas 5 spacecraft, which orbited Earth twice before returning.  Go to article »

November 29, 2018: Tens of thousands of Indian farmers protest the agrarian crisis stemming from environmental degradation, the decrease in landholding size, plateauing of crop yields from the present farm technology, and withdrawal of state support at parliament in Delhi.

1989-Czechoslovakia ends.
Joel Coen, film-maker b. 1954
C.S. Lewis, author, b. 1878
Louisa May Alcott, author, b. 1832.

Tony Bennett leaves his heart onstage in a moving final concert with Lady Gaga.  The 95-year-old legend has lived “The Good Life” indeed.

New Zealand politician cycles to hospital in labor, gives birth.  And this is NOT the first time she’s done this! 

Archaeologists find an ancient Roman mosaic in the U.K. (h/t Alistair Lowe)

PHOTOS OF THE DAY
Snow covers the hills around Haut-Koenigsbourg castle
CREDIT: Patrick Hertzog/AFP/Getty Images
Walkers enjoy a snowy stroll in Lancashire
CREDIT: Christopher Thomond/The Guardian
A giant star is installed atop the Mare de Deu tower of the Sagrada Familia basilica, before the inauguration of the Spanish architect Antonio Gaudi’s building
CREDIT: Pau Barrena/AFP/Getty Images

Market Closes for November 29^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1912, John Marks Templeton was born in Winchester, Tenn., to Vella Handly and Harvey Maxwell Templeton, a lawyer and cotton-gin operator. He went on to found the Templeton Growth Fund and invent the disclipline of global investing.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities ended the day slightly higher after Friday’s sell-off as fears ease over the new omicron coronavirus strain. The S&P/TSX Composite rose 0.1% at 21,148.94 in Toronto. Canadian National Railway Co. contributed the most to the index gain, increasing 1.9%. Lithium Americas Corp. had the largest increase, rising 14.2%. In midday trading, 155 of 233 shares rose, while 74 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 0.8%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 27% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Nov. 16, 2021 and 23.9% above its low on Nov. 30, 2020
* The S&P/TSX Composite is down 1% in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.33t
* 30-day price volatility fell to 11.19% compared with 11.22% in the previous session and the average of 9.66% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 37.3422| 1.5| 39/14
* Industrials | 25.0998| 1.0| 20/10
* Energy | 19.8565| 0.7| 21/2
* Consumer Staples | 8.1926| 1.1| 9/3
* Consumer Discretionary | 6.6538| 0.9| 9/4
* Real Estate | 5.6787| 0.9| 20/4
* Utilities | 1.6588| 0.2| 10/6
* Communication Services | 0.8853| 0.1| 5/2
* Health Care | -2.1623| -1.2| 2/7
* Information Technology | -5.7620| -0.2| 10/4
* Financials | -13.4600| -0.2| 10/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian National | 12.6800| 1.9| 0.5| 17.8
* Canadian Natural Resources | 10.7100| 2.5| 20.2| 75.7
* Waste Connections | 9.6580| 3.1| 40.9| 34.3
* TD Bank | -7.4600| -0.6| 33.7| 30.7
* Shopify | -11.3200| -0.7| 31.2| 38.4
* Enbridge | -13.0800| -1.9| 0.1| 20.0

US
By Rita Nazareth
(Bloomberg) — Stocks climbed and bonds fell as a relative sense of calm returned to global markets, with investors reassessing their worst-case scenarios for the omicron coronavirus strain. In a broad-based rally, the S&P 500 posted the biggest advance in more than a month — wiping out its November losses. The Nasdaq 100 outperformed major equity benchmarks amid gains in technology giants such as Apple Inc. and Microsoft Corp. Treasury 10-year yields topped 1.5%, while the U.S. dollar was little changed. President Joe Biden cautioned Americans against panicking over the new variant, while Federal Reserve Chair Jerome Powell said omicron poses risks to both sides of the central bank’s mandate to achieve stable prices and maximum employment.
Pfizer Inc. will know within two to three weeks how well its Covid-19 vaccine holds up against omicron, according to its top executive. “Investors are evidently making an assumption today that omicron may not be as bad as had been feared on Friday, and that vaccines may still prove effective,” wrote Fawad Razaqzada, an analyst with ThinkMarkets. “It will take some time — possibly a couple of weeks at least — to understand this variant better.  So, what might happen going forward is that we will see elevated levels of volatility.” A forward-looking gauge of U.S. home purchases rebounded in October to a 10-month high, signaling steady housing demand. The National Association of Realtors’ index of pending home sales rose 7.5% from a month earlier. The median estimate in a Bloomberg survey of economists called for a 1% advance.

Some other corporate highlights:
* Jack Dorsey, the co-founder and chief executive officer of Twitter Inc., is stepping down from the helm of the social network, ceding the position to tech head Parag Agrawal.
* Hertz Global Holdings Inc. plans to repurchase as much as $2 billion of its common stock, the latest move to realign its finances just months after exiting bankruptcy protection.
* Walmart Inc. said Chief Financial Officer Brett Biggs plans to step down by early 2023, ending a run of more than two decades with the retail giant.

Some key events to watch this week:
* Powell will appear at a Senate Banking Committee hearing alongside Treasury Secretary Janet Yellen on Tuesday. They’re set to speak again on the following day at the House Financial Services Committee.
* China PMIs, Tuesday
* Euro zone CPI, Tuesday
* U.S. Conference Board consumer confidence, Tuesday
* China Caixin manufacturing PMI, Wednesday
* Euro zone manufacturing PMI, Wednesday
* U.S. construction spending, ISM Manufacturing, Fed’s Beige Book on Wednesday
* OPEC, allies may re-evaluate plans for reviving oil supplies, Thursday
* U.S. initial jobless claims, Thursday
* U.S. jobs report, factory orders, durable goods on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.3%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.1280
* The British pound fell 0.2% to $1.3304
* The Japanese yen fell 0.3% to 113.67 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.51%
* Germany’s 10-year yield advanced two basis points to -0.32%
* Britain’s 10-year yield advanced four basis points to 0.86%
Commodities
* West Texas Intermediate crude rose 2.2% to $69.68 a barrel
* Gold futures fell 0.2% to $1,784.70 an ounce
–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric, Emily Graffeo and Sophie Caronello.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Nearly all men can stand adversity, but if you want to  test a man’s character, give him power.  –Abraham Lincoln, 1809-1865.

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