September 17, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

It’s Hispanic Heritage Month — and yes, it starts in the middle of September and runs to the middle of October. The date structure is a nod to several important dates in Latin American countries.

2001 Wall Street trading resumed for the first time since the Sept. 11 terrorist attacks – its longest shutdown since the Depression; the Dow lost 684.81 points,
its worst one-day point drop to date.  Go to article »

1920-National Football League formed.
1862-Battle of Antietam, 25,000 killed.

Dizzying glass box observatory to open high above New York.  All you acrophobes out there say, “Aaaaaah!”

When did humans start wearing clothes? A discovery in a Moroccan cave sheds some light. you’d ponder in the shower and then think about until the water turned cold. 

A message in a bottle Japanese high school students sent 37 years ago washed up in Hawaii.

How to clean your glasses.

Future Martians could build bricks out of human blood.

PHOTOS OF THE DAY

Elephants gathered at a watering hole underneath the milky way. The pictures show the beautifully illuminated constellation overlooking animals in stunning clarity at the Antares Bush Camp in South Africa’s Greater Kruger
CREDIT: @THESAFARIEXPERT /CATERS NEW

A lizard looks very chilled out as it enjoys a spot of sunbathing. The cold blooded Forest Chameleon was pictured in it’s owners back garden in Padang, West Sumatra, Indonesia
CREDIT: YAN HIDAYAT/SOLENT NEWS & PHOTO AGENCY

Members of medieval music group Maranella (left to right) Jed Armstrong with a 1400-1450 Citole, Marilyn Farrington with a medieval harp, Peter Farrington with a Frame Drum, and Elizabeth Armstrong with English Bag Pipes in the grounds of Castle Bolton in North Yorkshire, ahead of performing during Medieval Music in the Dales
CREDIT: DANNY LAWSON/PA WIRE

More than 660,000 white flags carpet the National Mall to commemorate the American lives lost to Covid-19 in Washington DC. The installation, called ‘In America: Remember’ is the work of artist Suzanne Brennan Firstenberg. It officially opens to the public on 17 September
CREDIT: JIM LO SCALZO/EPE-EFE/SHUTTERSTOCK

Market Closes for September 17^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1998, stock markets took a world-wide pounding after Federal Reserve Chairman Alan Greenspan told Congress that there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell for a second week as materials shares dipped on commodity headwinds.  The S&P/TSX Composite fell for the second day, dropping 0.5%, or 111.74 to 20,490.36 in Toronto. The index dropped to the lowest closing level since Aug. 23. Today, financials stocks led the market lower, as 8 of 11 sectors lost; 147 of 229 shares fell, while 75 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.5%. NexGen Energy Ltd. had the largest drop, falling 9.3%. Justin Trudeau and his Conservative rival are nearly tied heading into the final weekend of Canada’s election campaign, leaving the prime minister with decent odds of holding on to power. 
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 1.6 percent
* So far this week, the index fell 0.7 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 1.9 percent below its 52-week high on Sept. 7, 2021 and 32.9 percent above its low on Oct. 30, 2020 * S&P/TSX Composite is trading at a price-to earnings ratio of 19.3 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility rose to 6.56 percent compared with 6.49 percent in the previous session and the average of 6.97 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -65.9451| -1.0| 5/23
* Energy | -31.3887| -1.2| 2/21
* Materials | -16.7726| -0.7| 23/28
* Consumer Staples | -13.6137| -1.8| 5/8
* Communication Services | -2.6607| -0.3| 1/6
* Utilities | -2.6374| -0.3| 4/10
* Real Estate | -1.5483| -0.2| 10/15
* Consumer Discretionary | -0.9904| -0.1| 6/5
* Health Care | 0.4743| 0.2| 7/2
* Industrials | 8.5397| 0.3| 9/20
* Information Technology | 14.7895| 0.6| 3/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of | | | |
* Canada | -18.9700| -1.5| 289.3| 22.1
* Canadian Natural | | | |
* Resources | -10.9900| -3.0| 36.8| 39.0
* Brookfield Asset | | | |
* Management | -10.4200| -1.5| 651.4| 31.9
* Ballard Power | | | |
* Systems | 1.6830| 5.2| 81.3| -32.2
* Canadian National | 17.1500| 2.4| 638.1| 7.4
* Shopify | 19.6200| 1.3| 347.2| 31.9

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — U.S. stocks fell the most in a month and bond yields rose as investors evaluated the resilience of the global recovery amid concerns about the delta virus strain and risks from China. The 0.9% drop in the S&P 500 came amid the quarterly expiration of options and futures on Friday, which can trigger volatility. The materials, utilities and technology sectors pushed the benchmark index into the red for a second day, erasing gains from earlier in the week. The index dipped below its 50-day moving average, a key technical level that has provided support during previous market selloffs this year. The tech-heavy Nasdaq 100 slumped 1.2%, the biggest drop since May. Casinos extended declines amid tightening restrictions in Macau, while miners led a drop in Europe’s Stoxx 600 Index as iron ore slumped toward $100 a ton. “September is starting off in typical fashion, with stocks struggling to maintain optimism in the face of a likely pending shift in Fed policy, slower growth and uncomfortably high inflation,” Bloomberg Intelligence’s Gina Martin Adams wrote in a note.
The University of Michigan’s preliminary sentiment index showed U.S. consumer sentiment rose slightly in early September but remained close to a near-decade low, while buying conditions deteriorated to their worst since 1980 because of high prices. Asian equities were mixed amid the debt crisis at China Evergrande Group and a short-term cash injection by the central bank to help soothe nerves. “We’re not necessarily in a period of a lot of negative catalysts, we’re in a period of a lack of positive catalysts,” said Randy Frederick, managing director of trading and derivatives with the Schwab Center for Financial Research. “And we may not get a huge amount of upside momentum until we get something positive like potentially earnings, which is still a couple of weeks out.” Global equities posted a second weekly drop, restrained by the impact of the delta variant on economic reopening, the implications of elevated inflation and the upheavals in China. The Federal Reserve will probably hint at its meeting next week that it’s moving toward scaling back monthly asset purchases and make a formal announcement in November, according a Bloomberg survey of economists.
Meanwhile, European Central Bank Governing Council member Martins Kazaks said in a Bloomberg interview that the euro area’s inflation outlook may turn out higher than currently anticipated if the coronavirus doesn’t inflict any further shocks. Oil slipped, while gold advanced. An index of commodity prices dipped, but remains in sight of a record hit in 2011, underscoring the inflation concerns rippling across the world economy.  
Some of the main moves in markets: 
Stocks
* The S&P 500 fell 0.9% as of 4:05 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.1730
* The British pound fell 0.4% to $1.3737
* The Japanese yen fell 0.2% to 109.95 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.37%
* Germany’s 10-year yield advanced two basis points to -0.28%
* Britain’s 10-year yield advanced three basis points to 0.85%
Commodities
* West Texas Intermediate crude fell 0.9% to $71.98 a barrel
* Gold futures fell 0.3% to $1,752.10 an ounce
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Among other things, you’ll find that you’re not the first person who was ever confused and frightened and even sickened by human behavior.  You’re by no means alone on that score, you’ll be excited and stimulated to know.  Many, many men have been just as troubled morally and spiritually as you are right now.  Happily, some of them kept records of their troubles.  You’ll learn from them – if you want to.  Just as someday, if you have something to offer, someone will learn something from you.  It’s a beautiful reciprocal arrangement.  And it isn’t education.  It’s history.  It’s poetry. – J.D. Salinger 1919-2010, The Catcher in the Rye.

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