September 1, 2017 Newsletter

Dear Friends,

Tangents:  Happy Friday!

September 1^st, 1939: WORLD WAR II BEGINS
Nazi Germany invaded Poland.
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I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones. –Albert Einstein

Also on this day in 1939, Comic actor, Lily Tomlin  born, who famously said “Why is it when we talk to god we’re praying – but when God talks to us, we’re schizophrenic?”

Labor Day on Monday:
Holding hands at midnight
‘Neath a starry sky…
Nice work if you can get it,
And you can get it, if you try.
–Ira Gershwin, American songwriter/lyricist, 1896-1983

Don’t be busy, be productive.
PHOTOS OF THE DAY

A trio of damselfies captured on a leaf by photographer Alberto Panizaa with their limbs locked around each other. The insects were waiting for the day to warm up sufficiently for their hunting trip to begin.’
CREDIT: ALBERTO GHIZZI PANIZZA/SOLENT NEWS & PHOTO AGENCY

Visitors interact with a piece by artists Marc Schmitz and Dolgor Ser-Od called Siren, during a preview for the Folkestone Triennial arts exhibition.
CREDIT: GARETH FULLER/PA

A sculpture by artist Antony Gormley titled Another Time XV111 2013 (middle), during a preview for the Folkestone Triennial arts exhibition.
CREDIT: GARETH FULLER/PA

Artists work on a sandcastle at the Landschaftspark (lit.’Landscape Park’) in Duisburg, Germany. Artists from Duisburg want to break the Guinness World Record for the tallest sandcastle in the world.
CREDIT: INA FASSBENDER/DPA/ALAMY LIVE NEWS
Market Closes for September 1^st, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Number of the Day
67%
Wells Fargo said 3.5 million “potentially unauthorized” customer accounts were opened as a result of improper sales tactics, a 67% increase over the 2.1 million figure it made public last fall, as the bank said its sales-practices scandal was far broader than it had previously acknowledged.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell, ending a three-day streak of gains, as a report that Amazon.com Inc. is bringing same-day grocery delivery to Canada weighed on consumer staples.
     The S&P/TSX Composite Index lost 20 points or 0.1 percent to 15,191.60. The benchmark gained 0.9 percent on the week, its best weekly performance since mid-July.
     Consumer staples stocks fell 0.9 percent to the lowest since March as grocery retailers tumbled. Empire Co. Ltd., which owns the Sobeys chain, lost 4.7 percent, Loblaw Cos. Ltd. fell 3.5 percent and George Weston Ltd. lost 2.3 percent.
     The energy index was the only significant gainer, rising 0.4 percent as the price of West Texas Intermediate crude added 0.1 percent.
     In other moves:
* Alaris Royalty Corp. rose 5.6 percent. The company has contributed $85 million to a new partner in exchange for $11.1 million of distributions
* Canadian Western Bank gained 3.4 percent following upgrades at Scotia Capital and RBC Capital Markets
* BRP Inc. fell 1.7 percent. The Ski-Doo maker’s full-year forecast missed the average analyst estimate.
US
By Dave Liedtka and Julie Verhage
     (Bloomberg) — U.S. stocks rose and Treasuries declined as reports showing a gain in consumer sentiment and an increase in manufacturing offset a mediocre August employment report.
     “The report was marginally disappointing for those looking for higher inflation, but not too far from our expectations,” Andrew Hollenhorst, chief U.S. economist at Citigroup Global Markets, wrote in a report. “Markets, and the Fed, will remain in “wait and see” mode -– primarily focused on prospects for inflation and potentially stimulative government policy.”
     The Stocks Europe 600 Index gained a third day, with media companies among the winners after Vivendi SA sales beat estimates. The LME Index of six industrial metals soared to the highest in almost three years, with copper leading the charge. Gasoline prices fell for the first time in almost two weeks, after rising 25 percent last month, as traders assessed the impact of Tropical Storm Harvey. Japan’s benchmark bond yield fell below zero percent for the first time since November.
     Nonfarm payrolls rose by 156,000, below the median estimate of 180,000 in a Bloomberg survey of economists, and revisions for the prior two months subtracted 41,000 jobs, according to Labor Department data on Friday. The unemployment rate rose to 4.4 percent from 4.3 percent.
     U.S. factories ramped up in August to the fastest pace of expansion in six years, driven by employment gains, figures from the Institute for Supply Management showed. And consumer sentiment climbed to a three-month high amid an improving outlook for household finances and the economy, according to a University of Michigan report.
     Among other key events this week:
* Most markets in the Middle east were closed today.
* U.S. markets are closed Monday.

     And here are the main moves in markets:
                          Stocks
* The S&P 500 Index rose 0.2 percent to 2,476.55 as of 4:02 p.m. in New York.
* The Nasdaq 100 Index edged 0.1 percent higher, while the Dow Jones Industrial Average climbed 0.2 percent higher.
* The U.K.’s FTSE 100 Index rose 0.1 percent
* Germany’s DAX Index gained 0.7 percent
                          Currencies
* The Bloomberg Dollar Spot Index was little changed after trading near its lowest level in more than two years.
* The euro fell 0.4 percent to $1.1863 after Bloomberg News reported that the European Central Bank may not be ready to finalize its decision on next year’s bond-purchase plan until before the current program expires.
                          Bonds
* The yield on 10-year Treasuries rose four basis points to 2.16 percent, while the two-year note yield rose two basis point to 1.34 percent.
* Germany’s 10-year yield rose two basis points to 0.38 percent.
                          Commodities
* West Texas Intermediate crude rose 0.1 percent to $47.34 a barrel.
* Gold rose 0.3 percent to $1,325.95 an ounce.
* Gasoline for October delivery fell 2 percent to $1.743 a gallon.

Have a wonderful weekend everyone.

Be magnificent!

An individual is a separate entity without connection.
A person is an individual connected.
Swami Prajnanpad

As ever,

Carolann

Bravery never goes out of fashion.
-William Makepeace Thackeray, 1811-1863

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com