September 23, 2019 Newsletter

Dear Friends,

Tangents:
Birthday: Bruce Springsteen turns 70 today.
1846~ Planet Neptune discovered.

Want to wish this WWII vet a happy 100th birthday? Then send him one of the 100 birthday cards he’s asked for. -CNN
On Sept. 23, 1952, Republican vice-presidential candidate Richard M. Nixon went on television to deliver what came to be known as the “Checker”‘ speech as he denied allegations of improper campaign financing.  Go to article »
 
“Now Main Street’s whitewashed windows and  vacant stores
Seems like there ain’t nobody wants to come down here no more
They’re closing down the textile mill across the railroad tracks
Foreman says these jobs are going boys and they ain’t never coming back to your hometown…

Last night me and Kate we laid in bed talking about getting out
Packing up our bags maybe heading south
I’m thirty-five we got a boy of our own now
Last night I sat him up behind the wheel and said son take a good look around
This is your hometown.” -Bruce Springsteen, b.1949.

PHOTOS OF THE DAY

CREDIT: HEATHCLIFF O’MALLEY FOR THE TELEGRAPH

Participants wave during the Oktoberfest parade, at the 186^th ‘Oktoberfest’ beer festival in Munich, Germany
CREDIT: MATTHAIS SCHRADER/AP

People take part in a ceremony to mark the ‘death’ of the Pizol glacier (Pizolgletscher) above Mels, eastern Switzerland). In a study earlier this year, researchers of ETH technical university in Zurich determined that more than 90 percent of Alpine glaciers will disappear by 2100 if greenhouse gas emissions are left unchecked.
CREDIT: FABRICE COFFRIN/AFP/GETTY IMAGES

Dazzling with its colour, this picture of an exotic bird taken in a British Zoo has won an international photo competition. Wedding photographer Ann Aveyard beat off hundreds of entries from all over the world to bag the top prize in the Our Colorful World competition run by the Society of International Nature and Wildlife Photographers. The weaver bird was making its nest when Ann managed to get the picture at Marwell Zoo, near Winchester.
CREDIT: ANN AVEYARDS/SWNS.COM

Market Closes for September 23^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1998, Wall Street’s top investment banks, encouraged by the Federal Reserve, completed marathon negotiations for a $3.65 billion bailout of the giant hedge fund Long-Term Capital Management, which lost nearly $2 billion in a single month when the mathematical models designed by two Nobel laureates failed.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares lost ground Monday, after reaching a record last week. Telecommunications stocks led declines after at least two political parties zeroed in on telcos as part of pledges to save Canadians money. Miners outperformed, as gold, silver prices rose. The S&P/TSX Composite fell 0.2% at 16,867.20 in Toronto. Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 1.8%. Osisko Gold Royalties Ltd. had the largest drop, falling 10%.
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold rose 0.4% to $1,522.90 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3259 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.370%
Insights
* This month, the index rose 2.6%
* This quarter, the index rose 3%
* This year, the index rose 18%, heading for the best year in at least 10 years
* The index advanced 4% in the past 52 weeks.
* The S&P/TSX Composite is 0.5% below its 52-week high on Sept. 20, 2019 and 22% above its low on Dec. 24

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -20.4560| -0.4| 10/17
Industrials | -7.8104| -0.4| 16/16
Communication Services | -7.3449| -0.8| 0/7
Information Technology | -5.8265| -0.7| 3/6
Consumer Discretionary | -2.3330| -0.3| 3/13
Health Care | -0.5040| -0.2| 3/6
Real Estate | -0.4923| -0.1| 9/14
Energy | -0.2839| 0.0| 15/16
Consumer Staples | -0.0791| 0.0| 7/3
Utilities | 1.4481| 0.2| 8/7
Materials | 11.1900| 0.6| 37/11
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks ended slightly lower in thin trading amid American data that was largely in line with estimates and more assurance that Federal Reserve officials stand ready to act if needed. Treasuries rose. The S&P 500 fell less than a point, notching a second straight drop even after getting a boost from IHS Markit data that signaled the U.S. economy remains the global leader. Volume was 28% below the 30-day average. Data from Germany and France fell far short of estimates, sending stocks in the region down 0.8%. U.S. futures had been higher overnight on signs of easing trade tensions. American money-market interest rates held steady. The U.S. data bolstered confidence that the recession signals emanating from the bond market are overdone, while the gloomy data from the heart of the euro area was a stark reminder to investors of the fragility of the global economy. While markets remain on edge ahead of next month’s planned high-level trade talks between the U.S. and China, they’re also fixated on any action or messaging from the world’s major central banks that could support growth.
“Global growth is slowing but U.S. economic growth is still chugging along,” Ryan Nauman, market strategist at  Informa Financial Intelligence, said by phone. “It’s promising news, promising data, but it’s not an all clear quite yet.” With Tokyo shut for a holiday stocks in Asia were mixed, eventually edging lower overall as Shanghai shares dropped. Equities in India continued a surge. The onshore yuan fell amid caution in the run-up to next week’s national holidays, and the Korean won sank as exports continued to deteriorate.
These are some key events coming up this week:
* San Francisco Fed President Mary Daly delivers remarks in Salem, Oregon.
* Decisions are due Wednesday from central banks in New Zealand and Thailand. Thursday brings a monetary policy decision in the Philippines.
* Core PCE — the Fed’s preferred inflation measure — is forecast for 1.8%, the strongest reading since January. That’s due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.01% as of 4 p.m. New York time.
* The Dow Jones Industrial Average added 0.1%.
* The Stoxx Europe 600 Index sank 0.8%.
* The Shanghai Composite Index fell 1%.
* The MSCI Emerging Market Index dipped 0.6%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The euro declined 0.2% to $1.0998.
* The British pound declined 0.3% to $1.2435.
* The onshore yuan dipped 0.5% to 7.125 per dollar.
* The Japanese yen rose 0.1% to 107.44 per dollar.
Bonds
* The yield on 10-year Treasuries declined one basis point to 1.71%.
* The yield on two-year Treasuries fell one basis point to 1.67%.
* Germany’s 10-year yield decreased six basis points to -0.59%.
* Japan’s 10-year yield was unchanged at -0.207%.
Commodities
* West Texas Intermediate crude added 0.7% to $58.48 a barrel.
* Gold futures climbed 1% to $1,530.80 an ounce.
–With assistance from Justina Vasquez, Samuel Potter and
Vildana Hajric.
Have a great night.

Be magnificent!
As ever,

Carolann

Most of the change we think we see in life
is due to truths being in and out of favour.
                     -Robert Frost, 1874-1963

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