November 9, 2021 Newsletter

Dear Friends,

Tangents:
On Nov. 9, 1989, East Germany lifted restrictions on emigration or travel to the West, and within hours tens of thousands of East and West Berliners swarmed across the infamous Berlin Wall for a boisterous celebration.  Go to article »
 
Adele debuts new song ‘Hold On’ in Amazon holiday ad.  You can’t just spring Adele on us; we need to be emotionally prepared! 

Earth’s continents might be 700 million years older than we thought.

Nasa says next person on the moon will be 2025 at the earliest. 

PHOTOS OF THE DAY
A perfect rainbow arches across the A69 in Northumberland, completing an autumnal scene
CREDIT: Hannah McKay/Reuters
A waxing crescent moon sets behind the Statue of Liberty
CREDIT: John Angelillo/UPI/Rex
A dog owner pauses while one of her dogs sniffs a row of telephone boxes. The UK Office of Communications (Ofcom) has laid out new rules to preserve the iconic red phone boxes in areas with poor mobile coverage and where they are in frequent use. The guidelines should save about 5,000 boxes
CREDIT: Leon Neal/Getty Images

Market Closes for November 9^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1731, Benjamin Banneker, the Black mathematician and inventor, was born on a farm in Ellicott’s Mills, Md.  In 1752, he built what is believed to be the first clock made entirely in America.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities rose Tuesday as gains in tech shares helped lift the benchmark index. The S&P/TSX Composite advanced for a fifth day, climbing 0.2%, or 37.98 to 21,594.52 in Toronto.  Oil rallied. Shopify Inc. contributed the most to the index gain, increasing 1.3%. Pretium Resources Inc. had the largest increase, rising 19.1%. Today, 136 of 233 shares rose, while 94 fell; seven of 11 sectors were higher, led by information technology and consumer staples stocks.
Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* The index advanced 31 percent in the past 52 weeks. The MSCI AC Americas Index gained 32 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on Nov. 9, 2021 and 31.2 percent above its low on Nov. 9, 2020
* The S&P/TSX Composite is up 2 percent in the past 5 days and rose 5.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility fell to 8.91 percent compared with 10.20 percent in the previous session and the average of 10.34 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 19.7857| 0.8| 10/5
* Materials | 12.2347| 0.5| 32/22
* Consumer Staples | 10.6772| 1.4| 11/2
* Communication Services | 3.3725| 0.3| 5/2
* Real Estate | 2.2415| 0.3| 16/7
* Utilities | 1.7730| 0.2| 11/5
* Financials | 1.2308| 0.0| 16/12
* Health Care | -1.5909| -0.8| 3/6
* Industrials | -2.4063| -0.1| 13/16
* Consumer Discretionary | -3.6165| -0.5| 7/6
* Energy | -5.7251| -0.2| 12/11
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 19.2400| 1.3| -29.5| 34.6
* Couche-Tard | 4.8800| 1.7| -1.4| 16.1
* Canadian Pacific | 4.8610| 1.1| -12.6| 9.7
* Tourmaline Oil | -3.3270| -3.3| 50.5| 174.3
* First Quantum Minerals | -4.1060| -3.7| -12.5| 20.9
* Ballard Power Systems | -5.2930| -12.7| 73.4| -29.4

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. stocks halted the longest rally since 2017, sending major indexes lower from all-time highs as Treasuries surged. The S&P 500 fell for the first time in nine sessions, led by a drop in financial shares that came under pressure as the 10-year yield slumped to the lowest level in seven weeks. Tesla Inc. sank as much as 13% after a tweet by investor Michael Burry. PayPal Holdings Inc. fell after its guidance disappointed. And General Electric Co. rose after saying it will split into three companies. Global equities are hovering near all-time highs as investors weigh strong earnings, easing travel curbs and U.S. infrastructure spending against the risk of persistent inflation that may lead to tighter monetary policy. Data Tuesday showed the producer price index accelerated in October, further fueling concerns about inflationary pressures in the economy. “There’s no denying that pricing pressure looms large,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Though there were no surprises with the PPI read, it could be viewed as somewhat of a disappointment in that inflation hasn’t eased up in the slightest.” Fresh consumer price data on Wednesday could add to the debate over monetary policy, which saw another wildcard Tuesday with news that Fed Governor Lael Brainard was interviewed by President Joe Biden as he contemplates whether to tap Fed Chair Jerome Powell for a second term or not.
Meanwhile, shifts in positioning have fueled gains in long-end Treasuries, taking the 30-year yield down to its lowest level since July. The yield on the U.S. 10-year note fell to 1.44%. “We are at the point of the cycle where policy is shifting to be somewhat less accommodative,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, told Bloomberg TV. “We do think financial conditions ultimately are going to tighten by the middle of next year and investors don’t seem to care. They’re hooked on the IV of very low real interest rates.” Bitcoin pared back gains after soaring past $68,000 for the first time. Crude oil rose more than 3% in New York after a bearish report. And gold gained.
What to watch this week:
* China’s Communist Party’s decision-making Central Committee meets through Thursday
* China PPI Wednesday
* U.S. wholesale inventories, CPI, initial jobless claims Wednesday
* U.S. bond market is closed in observance of Veterans Day Thursday
* China holds its annual Singles’ Day, the world’s biggest shopping festival, when e-commerce giants like Alibaba and JD.com Inc. lure buyers with bargains Thursday

Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1596
* The British pound was little changed at $1.3561
* The Japanese yen rose 0.3% to 112.87 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.44%
* Germany’s 10-year yield declined five basis points to -0.30%
* Britain’s 10-year yield declined three basis points to 0.82%
Commodities
* West Texas Intermediate crude rose 3% to $84.40 a barrel
* Gold futures rose 0.4% to $1,834.50 an ounce
–With assistance from Kamaron Leach and Sophie Caronello.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

A really great man is known by three signs – generosity in the design, humanity in the execution, moderation in success. -Otto von Bismarck, 1815-1898.

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