September 19, 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

People do rafting on a rubber inflatable boat through the faster rapids at Koprucay of Koprulu Canyon in Manavgat district of Antalya, Turkey.
CREDIT: MUSTAFA CIFTI/GETTY IMAGE

Members of the Macedonian army guard of honour perform in Skopje, North Macedonia. Macedonian and Croatian army guard of honor show their skills in joint exercise in the capital Skopje. Macedonian and Croatian army guard of honour show their skills in joint exorcize in the capital Skopje, Macedonia.
CREDIT: GEORGI LICOVSKI/EPA

Customers play bingo at the MECCA Bingo Hall in the East End of Glasgow, Scotland on August 15, 2019. Historically loved by British grandmothers, the game sees players win payouts if they match sets of numbers between one and 90 announced by a caller – traditionally shouting “bingo!” when they mark off all their numbers .
CREDIT: ANDY BUCHANAN/ AFP

Market Closes for September 19^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 2000, The International Monetary Fund issued its World Economic Outlook report, forecasting that “growth is projected to increase in all major regions of the world.” Just weeks later, most regions of the world were tilting toward recession.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose for the fourth time this week but gave up some of its gains into the close as pot stocks retreated. The S&P/TSX Composite closed up 0.4% at 16,859.77 after earlier adding as much as 0.7%. The health-care sector led the decline, falling 3.3% as a growing number of vaping-related illnesses weighed on cannabis stocks. Barrick Gold Corp. contributed the most to the index gain, increasing 3.8%. First Quantum Minerals Ltd. had the largest increase, rising 10.3%. Today, 147 of 239 shares rose, while 86 fell; 8 of 11 sectors were higher, led by materials stocks.
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold fell 0.6% to $1,499.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3261 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.43
US
By Brendan Walsh
(Bloomberg) — U.S. equities ended the day near where they started as investors failed to find a catalyst to lift the benchmark stock index to an all-time high. The dollar sank and Treasuries rose amid a slew of fresh monetary policy decisions. The S&P 500 Index closed little changed, within 1% of a record, as gains in software companies offset losses for carmakers. After getting a boost from positive comments on trade by White House economic adviser Larry Kudlow early in the day, equities took a leg down after a report about a U.S. official threatening steeper tariffs against China. The yen, pound and Swiss franc led Group-of-10 currency gains after their respective central banks left borrowing rates unchanged. The slate of monetary policy decisions, hot on the heels of the Federal Reserve’s interest-rate cut Wednesday, comes just as the OECD cut its world growth forecast to 2.9% from 3.2% as intensifying trade conflicts take a toll on confidence. Investors continue to focus on the outlook for negotiations between the U.S. and China as trade deputies from both nations meet.
Elsewhere, banks pushed the Europe Stoxx 600 higher. Treasuries advanced while European government bonds slipped. Shares fell in Hong Kong and nudged up in Shanghai. China’s yuan dropped as traders weighed the odds of the People’s Bank of China lowering borrowing costs. Australia’s dollar slumped after the unemployment rate rose. Oil gained amid contrasting reports about whether Saudi Arabia asked Iraq for crude to supply its domestic refineries.
These are some key events to keep an eye on this week:
* Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.

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 rose 0.6%. The MSCI AC Asia Pacific Index slipped 0.1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1%.The euro rose 0.1% to $1.1044.Japan’s yen strengthened 0.4%
to 108.05 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.79%.
* Germany’s 10-year yield was little changed at -0.51%.The U.K.’s 10-year yield was little changed at 0.63%
Commodities
* West Texas Intermediate crude rose 0.5% to $58.38 a barrel.
* Gold strengthened 0.3% to $1,497.80 an ounce.

–With assistance from Laura Curtis.

Have a great evening.

Be magnificent!
As ever,

Isabel

If it weren’t for the last minute, nothing would get done.
                                            – Rita Mae Brown, 1944

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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www.carolannsteinhoff.com