September 1, 2020 Newsletter

Dear Friends,

Tangents:
One of the classic harbingers of autumn draws near: the Corn Moon, or the Harvest Moon. It will be on full display later this week. –CNN.

1939 – World War II begins. Go to article »
1941 -Jewish people living in Germany are required to wear a yellow star of David.

Take a virtual tour through Malawi, a southeastern African nation full of breathtaking sunrises and majestic cliffs.-The New York Times.

PHOTOS OF THE DAY

A multi-coloured neon sign that reads “Everything Is Going To Be Alright” by Turner Prize winning artist Martin Creed has been unveiled in the grounds of Braemar Castle, Aberdeenshire.
CREDIT: JANE BARLOW/PA

Lady Gaga accepts the Best Collaboration award for “Rain on Me” with Ariana Grande onstage during the 2020 MTV Video Music Awards.
CREDIT: KEVIN WINTER/MTV VMAS 2020/GETTY IMAGES FOR MTV

Thousands of trays packed with fish are laid out to dry under the sun in at Long Hai fish market in Vietnam.
CREDIT: KHANH PHAN/SOLENT NEWS & PHOTO AGENCY

Market Closes for September 1st, 2020 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1862, the San Francisco Stock and Exchange Board was founded by 37 brokers to organize trading in silver and gold mining stocks–primarily based at the booming Comstock Lode in Virginia City, Nevada
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities reversed an early drop Tuesday with information technology shares leading the way. The S&P/TSX Composite Index rose 0.8%, ending a three-day decline, with nine of 11 sectors advancing. Health care and materials stocks fell. Oil edged higher with a pickup in economic activity in the U.S. and China stirring hopes that a recovery in crude consumption may be underway. One of the world’s fastest-moving efforts to develop a Covid-19 vaccine is falling behind rivals, its advance appearing to be stymied by political tensions between China and Canada and concerns the shot may not work as well as others.
Commodities
* Western Canada Select crude oil traded at a $9.75 discount to West Texas Intermediate
* Spot gold rose 0.1% to $1,968.78 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to $1.3079 per U.S. dollar
* The 10-year government bond yield fell 4.2 basis points to 0.580%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.8 percent at 16,644.99 in Toronto. The move follows the previous session’s decrease of 1.1 percent. Today, information technology stocks led the market higher, as 9 of 11 sectors gained; 143 of 221 shares rose, while 73 fell. Shopify Inc. contributed the most to the index gain, increasing 6.7 percent. Kinaxis Inc. had the largest increase, rising 7.9 percent.
Insights
* This quarter, the index rose 7.3 percent
* This year, the index fell 2.5 percent, heading for the worst year since 2018
* The index advanced 1.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 20 percent in the same period
* The S&P/TSX Composite is 7.4 percent below its 52-week high on Feb. 20, 2020 and 49 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.6 on a trailing basis and 24.4 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$2.51t
* 30-day price volatility rose to 10.36 percent compared with 10.16 percent in the previous session and the average of 10.87 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 89.8135| 5.3| 10/0
Energy | 15.9430| 0.8| 20/4
Consumer Discretionary | 13.0665| 2.3| 13/0
Industrials | 12.9380| 0.7| 23/4
Utilities | 2.3825| 0.3| 9/6
Financials | 2.2029| 0.0| 20/5
Real Estate | 1.5574| 0.3| 16/10
Consumer Staples | 0.1790| 0.0| 5/6
Communication Services | 0.0692| 0.0| 5/2
Health Care | -2.4958| -1.6| 1/8
Materials | -5.1014| -0.2| 21/28
US
By Vildana Hajric
(Bloomberg) — U.S. stocks notched fresh records, with tech shares in the lead as investors snapped up work-from-home winners. Zoom Video Communications Inc. led a rally in companies well positioned for stay-at-home orders, while Apple Inc. pulled the S&P 500 Index to a fresh high after August’s blowout gain. The dollar erased losses as data showed U.S. manufacturing expanded last month at the fastest pace since 2018. Treasury yields dipped.
Stocks have churned ever higher as investors anticipate a flood of cash coming into the market, with last week’s announcement from the Federal Reserve that the central bank will maintain an easy-money policy adding fuel to the trade. Meanwhile, Chinese factory data Tuesday signaled rising global demand for exports after the initial shock of the pandemic, a good sign for the world economy. “The big theme right now is the unrelenting, record- breaking rally in tech stocks,” said Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital Corp. “The landscape for stocks is great but there’s still, from a macro perspective, a lot of unknowns as to the progression of the virus and, of course, the implications for global growth.”
Oil climbed toward $43 a barrel as the pickup in economic activity in the U.S. and China signaled a pronounced recovery in crude consumption. The Stoxx Europe 600 slumped, with travel and leisure shares among the worst performers. In Asia, equity indexes were mixed. South Korean shares rose, while Australia’s stock benchmark dropped to the lowest since early August.
Here are some key events to watch this week:
* Australia GDP is due Wednesday.
* U.S. jobless claims for the week ended Aug. 29 are due Thursday.
* U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.

Here are the main market moves:
Stocks
* The S&P 500 Index rose 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.3%.
* The MSCI Asia Pacific Index increased 0.5%.
* The MSCI Emerging Market Index increased 1.5%.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The euro fell 0.2% to $1.1908.
* The Japanese yen was little changed at 105.95 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 0.67%.
* Germany’s 10-year yield fell two basis points to -0.42%.
* Britain’s 10-year yield fell two basis points to 0.29%.
Commodities
* West Texas Intermediate crude rose 0.6% to $42.88 a barrel.
* Copper fell 1.4% to $3.019 a pound.
* Gold rose 0.1% to $1,969.56 an ounce.
–With assistance from Joanna Ossinger, Gregor Stuart Hunter, Vassilis Karamanis, Todd White, Anchalee Worrachate and Andreea Papuc.

Have a great night.

Be magnificent!
As ever,

Carolann

We all live with the objective of being happy; or lives are all different and yet the same.
                                                                                   -Anne Frank, 1929-1945

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