September 13, 2019 Newsletter

Dear Friends,

Tangents: Happy Friday!   It’s the full harvest moon tonight and Friday, the 13^th.  Enjoy.

Talk about an incentive
Green pastures, olive groves and $27,000. That’s what you’d get if you move to the Italian region of Molise. Where are our suitcases? –CNN.

September 13, 1882
Ottawa lumber baron John Rudolphus Booth creates his own railway network. It connects Ottawa to Coteau-Landing, Quebec. Booth will then create the Ottawa, Arnprior and Parry Sound Railway Company, the largest private railway company in the world.  Go to article »

Toyota is taking the best solar panels money can buy, combining them with super-efficient batteries and decades of experience manufacturing automobiles and trying to make a car that will run forever. –Bloomberg.

The fascinating history of the 60 Minutes stopwatch. –Bloomberg.

PHOTOS OF THE DAY

A gannet comes into land on Bass Rock in Dunbar, Scotland. The 107m high slab of volcanic rock off the coast of Scotland is home to 150,000 birds and is the worlds largest colony of Northern gannets.
CREDIT: TOM WHITE/GETTY IMAGES

A keeper tends his pigeons on the roof of his house in the old quarters of New Delhi, India. Pigeon flying, locally known as Kabootar Bazi, is a popular hobby among people living in the old quarters of the capital city.
CREDIT: SAJJAD HUSSAIN/AFP/GETTY IMAGES

An aerial view shows the Hong Kong-Zhuhai-Macau bridge, a key infrastructure in the Greater Bay Area project, during sunrise off Zhuhai, Guangdongprovince, China.
CREDIT: CHINA-HONGKONG/BRIDGE

A member of staff at Morton & Eden holds an Extremely rare early Islamic gold coin which is expected to fetch £1.4m at auction in London. Measuring a 20mm across, about the size of the modern £1 piece, it is one of the world’s rarest and most treasured Islamic gold coins from the first dynasty of Islam, he Umayyad gold dinar dated 105h(723AD).
CREDIT: VICTORIA JONES/PA WIRE

Market Closes for September 13^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1982, Forbes published its first list of the 400 wealthiest people in America. It contained just 13 billionaires, ten of whom derived their fortunes from the oil industry. The country’s richest man was shipping magnate Daniel Ludwig, worth “above $2 billion.” Amazon founder Jeff Bezos topped this year’s list with a fortune of $131 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed at a record high after a fourth consecutive gain, beating the previous record set in April. The S&P/TSX Composite rose 0.2% to 16,682.42. Royal Bank of Canada contributed the most to the index gain, increasing 1%. SNC-Lavalin Group Inc. had the largest increase, rising 11%. On Friday, 148 of 239 shares rose, while 85 fell; 6 of 11 sectors were higher, led by health-care stocks. The index rose 0.9% for the week.
Insights
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 42.0959| 0.8| 21/4
Energy | 14.2397| 0.5| 35/4
Industrials | 4.1417| 0.2| 19/9
Health Care | 2.6456| 1.0| 9/2
Utilities | 2.1010| 0.3| 12/4
Real Estate | 0.0579| 0.0| 11/14
Consumer Discretionary | -0.9852| -0.1| 8/7
Materials | -1.8152| -0.1| 23/24
Consumer Staples | -2.6478| -0.4| 5/5
Communication Services | -4.9071| -0.5| 4/3
Information Technology | -15.7891| -1.7| 4/6

Commodities
* Western Canada Select crude oil traded at a $12.30 discount to WTI
* Gold fell 0.5% to $1,492.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3281 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.51%
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks finished the week mixed as Treasury yields jumped to six-week highs and the dollar slipped. All three major U.S. indexes still closed higher for a third consecutive week after being whipsawed by a rotation from growth to value shares by some investors. Apple weighed on the Nasdaq Friday. Equity indexes in Europe and Asia finished the week in the green thanks to easing trade fears and a new round of central bank stimulus. “We’re going to see volatility in the market,” said Alan Adelman, a senior fund manager at Frost Investment Advisors, which oversees $4.7 billion. “We’ve seen it this week — it may  not come in absolute price moves — but we’re going to see volatility.” The pound posted the biggest weekly gain since May after the Times reported possible progress in Brexit negotiations related to the contentious Irish backstop. Prime Minister Boris Johnson will meet EU President Jean-Claude Juncker next week.The euro strengthened this week and most government bonds retreated in the wake of the European Central Bank’s moves to support growth, with one policy maker saying a new easing package was a possible mistake. Optimism over a trade deal is growing ahead of expected high-level talks next month between the world’s two largest economies.
“With holiday spending on the horizon and inflation at bay, we could continue to see momentum in the retail sector,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial Corp. “A healthy consumer can help inject some energy into other sectors of the economy. That said, trade tensions are a key focal point and rising tariffs between the U.S. and China could threaten this critical indicator.” Elsewhere, WTI crude fluctuated around $55 a barrel, poised for a weekly drop following a warning from the International Energy Agency of a “daunting” surplus of crude in 2020.
Here are the main moves in markets:
Stocks
*The S&P 500 Index declined 0.1% to 3,007.28 as of 4:03 p.m. NewYork time, the largest drop in more than a week.
*The Dow Jones Industrial Average rose 0.1% to 27,218.90, reaching the highest in more than six weeks on its eigth consecutive advance.
*The Nasdaq Composite Index fell 0.2% to 8,176.72, the largest drop in more than a week.
*The Stoxx Europe 600 Index increased 0.3% to 391.79, the highest in 10 weeks.
*Germany’s DAX Index jumped 0.5% to 12,468.53, hitting the highest in more than seven weeks with its eighth consecutive advance.
Currencies
*The Bloomberg Dollar Spot Index declined 0.2% to 1,206.52, the
lowest in three weeks.
Bonds
*The yield on two-year Treasuries rose eight basis points to 1.80%, the highest in more than six weeks.
*The yield on 10-year Treasuries climbed 13 basis points to 1.90%, reaching the highest in more than six weeks on its eighth straight advance and the biggest surge in almost three years.
*Germany’s 10-year yield gained seven basis points to -0.45%, the highest in more than six weeks on the largest advance in more than a week.
Commodities
*West Texas Intermediate crude fell 0.3% to $54.95 a barrel, the lowest in more than a week.
*Gold weakened 0.8% to $1,487.01 an ounce.
–With assistance from Andrew Cinko and Laura Curtis.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

I don’t like people who have never fallen or
stumbled.  Their virtue is lifeless and it isn’t
of  much value.  Life hasn’t revealed its
beauty to them.
                           –Boris Pasternak, 1890-1960, from Dr. Zhivago, 1958

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