October 16, 2020 Newsletter

Dear Friends,

Tangents: Happy Friday.

1793- Marie Antoinette executed.
1853- Crimean War
On Oct. 16, 1964, China detonated its first atomic bomb. Go to article »

Noah Wester, b. 1758
Oscar Wilde, b. 1854

Some planets may be better for life than Earth. -Bloomberg.

Experts find more than 2,000 ruin sites near the proposed “Maya Train” route in Mexico. The laser elevation data showed “archaeological monuments” along 277 miles of the proposed route. 

PHOTOS OF THE DAY

Gardeners at Longleat House in Wiltshire, UK, have been carting out one of the biggest jobs in horticulture by giving the giant maze its bi-annual trim. Made up of more than 16,000 English yew trees, the maze contains 1.7 miles of pathways over an area which measures more than 64,000 sqft. It is one of the largest mazes in the world with a journey through the labyrinth of winding paths taking anywhere between 15 minutes and an hour. It takes a team of six gardeners around eight weeks to complete the extensive clipping process. As the hedges are more than 6.5ft high, they use a mix of ladders and platforms to reach the top sections.
CREDIT: ZACHARYCULPIN/BNPS

Sunrise on the Leeds and Liverpool Canal near Skipton, North Yorkshire, UK.
CREDIT: LORNE CAMPBELL/ GUZELIAN

A nature lover takes a walk around the glaciers at Mountains Cilo, foothills of Uludoruk with a height of 4,135, in Yuksekova district of Hakkari, Turkey. Mountains Cilo was declared a national park and this was launched with the aim of promoting the regions and revitalizing tourism, by establishing an atmosphere of trust.
CREDIT: OZKAN BILGIN/ANADOLU AGENCY VIA GETTY IMAGES

Hannah Byrd and daughter Lottie, 2, admire the stunning autumn colour in the Equinox borders at RHS Garden Wisley, Surrey this morning. The RHS is celebrating Autumn Colour Week from Monday 19^th October as part of the charity’s Grow At Home This Autumn campaign to encourage the new generation of lockdown gardeners to keep up the hobby.
CREDIT: OLIVER DIXON

The sun breaks through the clouds as it rises behind Whitby pier this morning on the Yorkshire Coast, UK.
CREDIT: ANDREW MCCAREN/LNP

Market Closes for October 16^th, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1833, the New York Stock Exchange hiked its initiation fee for new members to $150—or more than $3,100 in today’s money.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets ended the Friday’s session in the red, paring earlier gains.
The S&P/TSX Composite Index fell 0.4% in Toronto, pairing earlier gains of as much as 0.3%. Health care and materials stocks were the worst performers, while utilities were the best performers.
A rally in Canadian transport stocks continued to gain momentum, backed by a pickup in e-commerce as consumers favor online shopping amid a resurgence of coronavirus in parts of the country. The S&P/TSX Industrials Index, comprised mainly of transportation, engineering and construction firms, has seen the biggest rally among sectors on the main benchmark, led by Cargojet Inc., Canadian Pacific Railway Ltd. and TFI International Inc.
Commodities
* Western Canada Select crude oil traded at a $9.10 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,899.97 an ounce
FX/Bonds
* The Canadian dollar climbed 0.2% to C$1.3191 per U.S. dollar
* The 10-year government bond yield rose slightly to 0.570%
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks were mixed as giant technology companies dropped amid Friday’s expiration of equity options, tempering optimism with better-than estimated economic data. The dollar fell.
The S&P 500 closed little changed, while still notching its longest weekly advance since August, and the Nasdaq 100 fell. Amazon.com Inc. slumped as Citigroup Inc. said its statement on a recent sales event lacked the usual “biggest day ever” notation. The Dow Jones Industrial Average outperformed as Boeing Co. climbed after Europe’s regulator said the 737 Max plane may return to the region’s skies by year-end. Pfizer Inc. jumped after saying it could seek emergency-use authorization for its Covid-19 vaccine in the U.S. by late November if the shot is shown to be effective.
Earlier Friday, equities rallied as U.S. retail sales rose in September at the fastest pace in three months, while consumer sentiment ticked up in early October. Meanwhile, manufacturing production unexpectedly declined last month. The figures underscore the uneven pace of the economic rebound that’s being threatened by a new acceleration in coronavirus infections and Congress’s failure to agree on a fresh stimulus package.
“It’s encouraging we are seeing people willing to spend,” said Jeffrey Kleintop, chief global investment strategist for Charles Schwab, adding that the concern is “if we don’t get a stimulus deal, how much longer can that be sustained?” House Speaker Nancy Pelosi told Democratic colleagues that a divide persists with the White House over a number of components of the fiscal stimulus she’s attempting to negotiate, even as an agreement nears on a coronavirus testing program. President Donald Trump’s economic adviser Larry Kudlow said in an interview with Fox Business Network it will be difficult for lawmakers to “execute” a relief package before the Nov. 3 election. Investors also monitored negotiations between Britain and the European Union, which are set to continue next week even after Boris Johnson said he believes a trade deal is now unlikely.
These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time.
* The Stoxx Europe 600 Index jumped 1.3%.
* The MSCI Asia Pacific Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro advanced 0.1% to $1.172.
* The British pound climbed 0.1% to $1.2922.
* The Japanese yen was little changed at 105.40 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 0.74%.
* Britain’s 10-year yield advanced less than one basis point to 0.182%.
* Germany’s 10-year yield dipped one basis point to -0.62%.
Commodities
* West Texas Intermediate crude fell 0.1% to $40.91 a barrel.
* Gold lost 0.3% to $1,902.22 an ounce.
–With assistance from Adam Haigh, Robert Brand, Todd White, Katherine Greifeld, Vildana Hajric and Sarah Ponczek.
Have a wonderful weekend everyone.

Be magnificent!
As ever,
Carolann
Storms make the oak grow deeper roots.
               -George Herbert, 1593-1633

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