November 3, 2017 Newsletter

Dear Friends,

Tangents: Happy Friday!

Daylight Saving Time ends November 5^th; remember to set your clocks back Saturday night.

Whenever it is a damp, drizzly November in my soul…I account it high time to get to sea as soon as I can. -Ishmael in Moby Dick, Herman Melville.

November 3, 1911    The Chevrolet Motor Car Co. was founded in Detroit by Louis Chevrolet and William C. Durant.

Louis Chevrolet at the wheel of his prototype for the 1912 Chevrolet The Chevrolet Motor Car Company was founded on November 3, 1911 by Louis Chevrolet, a race car driver and automotive engineer and William C. Durant, the founder of General Motors who, after five years, lost control of the company in 1910.

PHOTOS OF THE DAY

A bird silhouetted by the rising sun as it perched on Chalvington church’s spire on a cool misty autumnal morning in East Sussex, UK.
CREDIT: PETER CRIPSS/ALAMY LIVE NEWS

Autumn leaves are illuminated as the test lighting takes place at Eikando Zenrinji Temple in Kyoto, Japan. The night illumination begins from November 7.

Thousands of Starlings perform a acrobatic show above the remains of the Brighton West Pier at sunset, UK.

Autumn colours reflect in Derwent water at Keswick in Cumbria.

A skier makes a jump during the 100 Days Out 2018 PyeongChang Winter Olympics Celebration – Team USA in Times Square in New York City.
Market Closes for November 3^rd, 2017

International Markets

Bonds

Currencies

Commodities

Market  Commentary:
Number of the Day
$900 billion
Apple shares are up to $174.10 before the bell, putting the tech giant within inches of hitting a market value of $900 billion for the first time.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their longest string of weekly gains since 2006 as the country’s benchmark closed slightly higher Friday, boosted by energy stocks.
     The S&P/TSX Composite Index added 5 points or less than 0.1 percent to close at 16,020.16 Friday. It rose 0.4 percent on the week, marking its eighth straight weekly gain.
     Energy stocks rose 0.8 percent as the price of crude gained 2 percent to its highest since mid-2015. Baytex Energy Corp. jumped 6.9 percent and Parkland Fuel Corp. added 4.9 percent.
     Offsetting that gain, the materials sector fell 0.7 percent as copper and gold prices declined. First Majestic Silver Corp. tumbled 7 percent.
     In other moves:
                           Stocks
* Genworth MI Canada Inc. rose 6.1 percent to a record high after third-quarter earnings beat estimates and two analysts upgraded the stock
* Bombardier Inc. added 6.1 percent to the highest since January 2015, when Chief Executive Officer Alain Bellemare took the reins and began his turnaround plan
* Stella-Jones Inc. fell 5.7 percent, the most since January. Management guided to the bottom range of its previous Ebitda margin forecast and said some softness in railroad ties persists
                           Commodities
* Western Canada Select crude oil traded at a $14.25 discount to WTI, the biggest gap since March
* Aeco natural gas traded at a 79-cent discount to Henry Hub
* Gold fell 0.7 percent to $1,269.20 an ounce.
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2769 per U.S. dollar after Canada added more jobs than expected in October for the biggest-ever two-month gain in full-time employment
* The Canada 10-year government bond yield was little changed at 1.96 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks capped the longest string of weekly gains since 2013 as Apple Inc. results and strong services sector data added to optimism in the economy. The dollar rose, while Treasuries edged higher as the latest jobs report did little to alter views on the timing for higher interest rates.
     The S&P 500 Index finished higher for an eighth week as Apple jumped 2.6 percent to a record. The Cboe Volatility Index headed for the lowest close on record. The dollar added to gains after the services sector looked robust. The 10-year Treasury yield slipped to 2.33 percent. Crude topped $55 a barrel on reports Mexico’s state-owned oil company made a major discovery. An index of emerging-market currencies declined the most in a month amid Venezuela’s plan to restructure its debt.
     Payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions. Based on fed fund futures, the odds for a rate hike in December were unchanged at a high level. Investors are also weighing the impact of House Republican leaders’ sweeping tax plan, which includes lowering the corporate tax rate to 20 percent from 35 percent.
     Meanwhile, President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment. While the risk of contagion is low, an index of emerging-market currencies declined for the first time this week.

     Here are some of the remaining scheduled events this week:
* Trump left for an 11-day trip to Asia, his first as president, on Friday. Trade and security issues — particularly North Korea — will probably be in focus.
* Warren Buffett’s Berkshire Hathaway Inc. is among companies announcing results.
* iPhone X debuted in stores.

      Here are the main moves in markets:

                                 Stocks
* The S&P 500 rose 0.3 percent to a record 2,587.69 at 4 p.m. in New York, to notch a weekly gain of 0.3 percent. It was the eighth straight weekly advance, the longest run since November 2013.
* The Dow Jones Industrial Average was little changed, ending the week higher by 0.4 percent at an all-time high.
* The Nasdaq 100 Index rose 0.9 percent, capping a weekly gain of 1.3 percent. It closed at a record.
* The VIX lost 9 percent to 9.08. A close at that level would be a record low.
* The Stoxx Europe 600 Index rose 0.3 percent. 
                             Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent to erase a loss for the week.
* A Bloomberg basket of emerging market currencies fell 0.7 percent.
* The euro lost less than 0.1 percent to $1.1610.
* The British pound was little changed at $1.3075.
                              Bonds
* The yield on 10-year Treasuries fell one basis point to 2.33 percent. The rate fell seven basis points in the week.
* Germany’s 10-year yield decreased less than one basis point to 0.37 percent.
                              Commodities
* West Texas Intermediate crude settled at $54.64 a barrel, near a 28-month high. Futures rose for a fourth straight week.
* Gold futures fell 0.6 percent to $1,270.50 an ounce. The contract ended a week ago at $1,271.80.
                               Asia
* Australia’s S&P/ASX 200 Index rose 0.5 percent, and South Korea’s Kospi index rose by the same amount.
* Hong Kong’s Hang Seng Index rose 0.3 percent. The Shanghai Composite Index fell 0.3 percent.
* Apple suppliers in Taiwan advanced. Hon Hai Precision Industry Co., the main assembler of Apple devices, rose as much as 1.8 percent; Wistron Corp., another Apple assembler, gained 2.5 percent and Genius Electronic Optical Co. climbed 2.8 percent.
* The Japanese yen climbed less than 0.05 percent to 114.07 per dollar.

Have a wonderful weekend everyone.

Be magnificent!

Until a radical change takes place and we wipe out all nationalities,
all ideologies, all religious division, and establish a global relationship – psychologically and
inwardly first, then organized in the outside world  – we shall go on with war.
Krishnamurti

As ever,

Carolann

Never be afraid to sit awhile and think.
            -Lorraine Hansberry, 1930-1965

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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www.carolannsteinhoff.com