September 06, 2019 Newsletter

Dear Friends,

Tangents: Happy Friday!
1916~ The first self-service grocery store, Piggly Wiggly, was opened in Memphis, Tenn., by Clarence Saunders.  Go to article »
1920~first radio broadcast of a prizefight.

SEPTEMBER
      by Louis Jenkins
One evening the breeze blowing in the window turns cold and you pull the blankets around you.  The leaves of the maples along Wallace Avenue have already turned and whoever it was you loved does not come around anymore.  It’s all right.  Things change with the cycle of the seasons and evolve.  A mistake, a wrong turn takes one elsewhere.  But perhaps there are forces other than chance at work here…

International Literacy Day is Sunday.

These are not books, lumps of lifeless paper, but minds alive on the shelves.  From each of the goes out its own voice….and just as the touch of a button on our set will fill the room with music, so by taking down one of these volumes and opening it, one can call into range the voice of a man far distant in time and space, and hear him speaking to us, mind to mind,
heart to heart. ~Gilbert Highet

PHOTOS OF THE DAY

A photographer has captured the start of Autumn tones across Corfe in Dorset, United Kingdom.
CREDIT: DAVID SIMS/COVER IMAGES

People enjoy an afternoon at Coney Island as the beach season begins to wind down in New York City. Summer officially ends on September 23 this year.
CREDIT: SPENCER PLATT/ GETTY IMAGES

A ground squirrel smells a daisy in Vienna, Austria looking for the perfect lunch.
CREDIT: DICK VAN DUIJN/ SWNS.COM

Market Closes for September 06, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Copper prices have rebounded 4.5% in the past two sessions, the best two-day stretch for the industrial metal since November 2018, according to Dow Jones Market Data. The rally is an encouraging sign to investors who use copper as a barometer for the world economy and growth in China. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,535.33 in Toronto. The move follows the previous session’s increase of 0.8 percent. Shopify Inc. contributed the most to the index decline,  decreasing 3.4 percent. Eldorado Gold Corp. had the largest drop, falling 5.6 percent. Today, 136 of 239 shares fell, while 97 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index rose 0.6 percent
* This quarter, the index rose 0.9 percent
* This year, the index rose 15 percent, heading for the best year since 2016
* The index advanced 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 3.5 percent in the same period
* The S&P/TSX Composite is 0.8 percent below its 52-week high on April 23, 2019 and 20 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.54 trillion
* 30-day price volatility fell to 11.18 percent compared with 11.39 percent in the previous session and the average of 9.38 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -43.7086| -2.3| 5/42
Information Technology | -16.3118| -1.7| 2/8
Industrials | -8.6497| -0.5| 15/15
Energy | -3.6646| -0.1| 24/14
Consumer Discretionary | -1.7611| -0.2| 7/8
Real Estate | -1.7322| -0.3| 5/18
Utilities | -1.2725| -0.2| 5/11
Communication Services | 4.0685| 0.4| 4/3
Health Care | 6.0751| 2.3| 7/4
Consumer Staples | 7.5260| 1.1| 5/5
Financials | 19.9526| 0.4| 18/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -12.6200| -3.4| -28.9| 165.7
Barrick Gold | -10.1300| -3.3| 32.1| 27.8
Canadian National | -8.5200| -1.3| 23.0| 21.0
Bank of Nova Scotia| 3.9280| 0.6| -3.8| 5.9
Couche-Tard | 6.5610| 2.5| 54.1| 25.8
TD Bank | 6.9180| 0.7| -30.5| 7.5
================================================================
Biggest | |Index Points| Volume VS |YTD Change
Gainers | % Change | Move |20D AVG (%)| (%)
================================================================
NexGen Energy | 9.5| 0.3390| 82.0| -28.2
NuVista Energy| 6.0| 0.1770| -45.1| -52.5
Canopy Growth | 4.3| 2.3400| 62.9| -0.4
================================================================
| |Index Points| Volume VS |YTD Change
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
Eldorado Gold | -5.6| -0.8170| 31.8| 203.5
MAG Silver | -5.3| -0.4570| 10.3| 55.0
Novagold Resources | -5.1| -0.7690| 30.3| 64.8

* The benchmark 10-year bond fell and the yield rose 1.4 basis points to 1.281 percent
* The S&P 500 Index advanced slightly, up 0.1 percent

US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks advanced and Treasuries were mixed as Federal Reserve Chairman Jerome Powell’s latest comments did little to alter views on Federal Reserve policy. The dollar fell. The S&P 500 headed for its second weekly gain after the Fed chief’s last comments before the Sept. 18 policy meeting cemented views that the central bank will cut rates. Tech shares weighed on major averages amid fresh antitrust concerns. Stocks rose earlier after hiring data signaled a strong labor market that isn’t too strong to deter further easing. The two-year Treasury yield edged higher, while the dollar headed for its fourth straight decline. Oil erased losses to turn higher.
“Jobs have been a bit of a roller coaster these past few months. Today’s miss along with downward revisions for the prior two months solidifies that jobs gains are moderating,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial. “And it’s below expectations and depressed enough to fuel the Fed’s drive to cut rates this month, so in some ways there is something to like for everyone.” Elsewhere, China cut the amount of cash banks must hold as reserves, injecting liquidity into an economy facing headwinds to growth. The MSCI Asia Pacific Index headed for its biggest weekly advance since June. The pound trimmed some of its recent gains as political turmoil in Britain dragged on. The Bloomberg Softs Spot Subindex tracking coffee, sugar, and cotton headed for the 10th straight week of declines, the longest stretch since 1991 when the index started.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% as of 2:36 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.3%.
* The U.K.’s FTSE 100 Index fell 0.2%.
* The MSCI Asia Pacific Index gained 0.6%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro fell 0.1% at $1.1030.
* The British pound sank 0.4% to $1.2286.
* The Japanese yen advanced 0.1% to 106.89 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than a basis point to 1.55%.
* The yield on two-year Treasuries rose 1 basis point at 1.52%.
* Germany’s 10-year yield fell three basis points to -0.62%.
* Britain’s 10-year yield declined nine basis points to 0.511%.
Commodities
* Gold rose 0.2% to $1,528.80 an ounce.
* WTI oil dropped 0.8% to $55.83 a barrel.
* Brent crude decreased 0.4% to $60.68 a barrel.

–With assistance from Adam Haigh and Laura Curtis.
Have  a wonderful weekend everyone.

Be magnificent!
As ever,
Carolann

It is never too late to be what you might have been.
                                   -George Eliot, 1819-1880

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