September 18, 2019 Newsletter

Dear Friends,

Tangents:

Carolann is out of the office for a conference, I will be writing the Newsletter on her behalf.

PHOTOS OF THE DAY

Stunning clouds at St. Mary’s Lighthouse in Whitley Bay on the North East coast before sunrise. PA Photo.
CREDIT: OWEN HUMPHREYS/PA WIRE

A person paddle boards down the Basingstoke canal near to Dogmersfield in Hampshire.
CREDIT: ANDREW MATTHEWS/PA WIRE

Children wearing a panda costume group together during the official reveal of the mascots for the Beijing 2022 Winter Olympic and Paralympic Games at Shougang Ice Hockey Arena, Shougang Park, Shijingshan District, Beijing.
CREDIT: NOEL CELIS/AFP

Market Closes for September 18^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1974, at a seminar sponsored by the Institute of Chartered Financial Analysts, Benjamin Graham, the father of value investing, declared that his valuation formulas enabled him to estimate that the fair value of the Dow industrials was around 750. The Dow closed that day at 652, but it surged 3.4% the next day as word of Graham’s analysis spread—and it rose past 750 just six months later.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Wednesday after gaining for the previous six sessions. The S&P/TSX Composite lost 0.2% to 16,800. Materials stocks were the worst performers as metal-commodities including copper, gold, and silver all dropped. Energy shares also weakened as investors continue to assess the return of Saudi Arabia’s crude production. Meanwhile, Tim Hortons is scaling back Beyond Meat offerings in all Canadian provinces except British Columbia and Ontario, BNN Bloomberg reported.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI, the widest gap since July
* Gold fell 0.5% to $1,493.50 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3286 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.43%
================================================================
| Index Points |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -26.5032| -1.4| 8/38
Energy | -17.3908| -0.6| 5/35
Consumer Discretionary | -5.6647| -0.8| 2/13
Industrials | -3.2499| -0.2| 11/19
Information Technology | -1.1082| -0.1| 5/5
Real Estate | 0.9174| 0.2| 14/11
Utilities | 1.2026| 0.2| 11/4
Health Care | 1.6055| 0.6| 7/4
Consumer Staples | 1.6858| 0.3| 6/4
Communication Services | 3.4690| 0.4| 4/3
Financials | 10.5982| 0.2| 11/14
US
By Brendan Walsh and Vildana Hajric
(Bloomberg) — The dollar rallied and Treasuries pared gains as Federal Reserve policy makers cast doubt on the need for further easing after lowering their main interest rate for a second time this year. Stocks erased losses as financial companies that benefit from higher rates rallied. The S&P 500 Index ended little changed, wiping out a drop that at one point reached the biggest in four weeks, as Fed Chair Jerome Powell promised at a press conference to be vigilant against any signs of economic slowdown. Banks were the best performers. Ten-year Treasury yields dipped just below 1.8%. While Fed policy makers were widely expected to reduce their benchmark rate by a quarter-point, investors were more focused on the outlook for further cuts this year. Five officials think the rate at year end should be higher than it is after today’s cut, five wanted the rate cut today but are not projecting any more cuts, and seven are projecting one more quarter-point cut by December.
“I view the guidance we received as mixed,” said Eric Winograd, senior U.S. economist at AllianceBernstein. “They want to stop the economy from slipping into a recession but aren’t going to do anything to push growth higher.” Elsewhere, FedEx Corp. tumbled after the company slashed its profit outlook, blaming a global economy weakened by trade tensions. Stocks were mixed in Asia. Europe’s equity benchmark barley budged. Precious metals fell. Oil ticked lower after tumbling Tuesday, when Saudi Aramco said it had revived 41% of capacity at a key crude-processing complex days after a devastating aerial attack that wrecked vital equipment and rocked global energy markets.

Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index advanced 0.2%.
* The Nikkei-225 Stock Average fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The British pound fell 0.1% to $1.2493.
* The euro declined 0.3% to $1.1035.
* The Japanese yen fell 0.3% to 108.4 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.79%.
* Germany’s 10-year yield fell four basis points to -0.51%.
* Japan’s 10-year yield slipped three basis points to -0.20%
Commodities
* West Texas Intermediate crude fell 2.1% to $58.11 a barrel.
* The Bloomberg Commodity Index decreased 0.5%.
* Gold fell 0.4% to $1,495.14 an ounce.
–With assistance from Adam Haigh, Todd White, Robert Brand and
Nancy Moran.
Have a great evening.

Be magnificent!
As ever,

Isabel

It is better to fail at originality than to succeed in imitation.

                             – Herman Melville, 1819-1891

Isabel Luo, Assistant to Carolann Steinhoff

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
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Fax: 778.430.5828
www.carolannsteinhoff.com