September 26, 2018 Newsletter

Dear Friends,

Tangents:
September 26, 1950 – United Nations troops recaptured the South Korean capital of Seoul from the North Koreans.
1960: First televised Presidential debate.

T.S Eliot, b. 1888

   -from The Love Song of J. Alfred Prufrock by T.S. Eliot, 1915:
                                                            I grow old … I grow old …
I shall wear the bottoms of my trousers rolled.

Shall I part my hair behind? Do I dare to eat a peach?
I shall wear white flannel trousers, and walk upon the beach.
I have heard the mermaids singing, each to each.

I do not think that they will sing to me.

I have seen them riding seaward on the waves
Combing the white hair of the waves blown back
When the wind blows the water white and black.

We have lingered in the chambers of the sea
By sea-girls wreathed with seaweed red and brown
                                                            Till human voices wake us, and we drown.

PHOTOS OF THE DAY

General view of the catwalk and the Eiffel tower prior the Saint Laurent show as part of the Paris Fashion Week Womenswear Spring/Summer 2019 in Paris, France. Credit: Stephane Cardinale – Corbis/Corbis Via Getty Images
Aerial views of cars waiting at a toll station during the Mid-Autumn Festival in Zhengzhou, Henan Province of China. Chinese people celebrate the Mid-Autumn Festival on the fifteenth day of the eighth lunar month. Credit: Cui Guanghua/VCG Via Getty Images
A lovable Labrador which spends its days at the rink after being saved from euthanasia. Benny, five, has been learning to skate for a year after his owner, former coach Cheryl Del Sangro, 56, took him along to a practice on a whim. During that first foray on the ice last winter adorable Benny scooted around on the ice after his owner, gleefully – and skillfully- picking up pucks. It inspired Cheryl – who had rescued the pup from death row at a shelter when he was just a few months old – to take him under her wing as her newest student. The animal lover has since taken Benny training once every two weeks at the Las Vegas Ice Centre, teaching him an array of tricks including turns, crossovers and bunny hops. Credit: Rick Vierkandt/Swns.com
Market Closes for September 26^th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks slightly recovered Wednesday morning after Prime Minister Justin Trudeau said Canada has a “broad range of paths” ahead in Nafta talks, but will continue to work toward a trilateral deal. Trudeau spoke at a press conference at the United Nations on Wednesday.
     The S&P/TSX Composite Index climbed 0.4 percent, with telecom and consumer discretionary stocks climbing most. Health care firm saw the largest decline, as pot stocks continued their wild price swings.
                           Stocks
* Canada Goose climbed more than 7 percent after DA Davidson initiated coverage on a handful of brand apparel names including GOOS with a buy rating
* Aurora Cannabis Inc. fell 3.4 percent after climbing on Tuesday following a quarterly report stating revenue growth should accelerate 
* MTY Food Group Inc. climbed 2.5 percent after completing purchase of sweetFrog Premium Frozen Yogurt
                            Commodities
* Western Canada Select crude oil traded at a $34 discount to WTI
* Gold fell 0.5 percent to $1,199.10 an ounce FX/Bonds
* The Canadian dollar weakened 0.09 percent to C$1.2965 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.451%
US
By Vildana Hajric and Brendan Walsh
     (Bloomberg) — U.S. stocks fell and Treasuries rose after the Federal Reserve signaled it’ll keep raising interest rates even as inflation remains tepid. The S&P 500 fell 0.3 percent, with the bulk of losses coming in the final 20 minutes of trading. Equities earlier gained after the central bank suggested inflation remained tepid, only to reverse as Chairman Jerome Powell said the Fed could raise rates past the perceived neutral level. He also raised concern about fiscal policy, calling its path “unsustainable.” The dollar was little changed after swinging between small gains and losses.  Powell addressed financial markets directly in his comments, saying that officials “judged the overall vulnerabilities to be moderate” while acknowledging some asset prices are in the “upper reach of their historical ranges.”  American equities closed Friday at a record, while the 10-year yield rose to near its highest of the year. Oil prices hit a four-year high Tuesday before pulling back amid news U.S. production topped 11 billion barrels a day.
    The Fed’s statement provided ammunition for hawks and doves alike as investors parsed the language for clues on monetary policy. Officials’ projections for the future path of rates steepened, even as the Fed acknowledged inflation shows no signs of accelerating.  “The market shouldn’t be too surprised by anything,” said Michael Ning, the chief investment officer at PhaseCapital. “I have to give the Fed credibility for being very consistent, and they delivered.”
     Investors will also be monitoring a news conference by President Donald Trump scheduled for 5 p.m. New York time.  Elsewhere, Japan’s Topix ended just below its highest point in almost eight months, while stocks rallied in Hong Kong as traders returned from a holiday and Chinese shares rose after MSCI Inc. said it’s considering increasing the country’s weight in its global indexes.
Here are some key events coming up this week:
* Thursday sees durable goods, GDP data and jobless claims for the U.S.
And these are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.3 percent as of the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The Nikkei 225 rose 0.4 percent.
* The MSCI Emerging Market Index climbed 0.5 percent.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1 percent to $1.1749.
* The British pound weakened 0.1 percent to $1.3169.
* The Japanese yen rose 0.2 percent to 112.78 per dollar.
                             Bonds
* The yield on 10-year Treasuries declined four basis points to 3.05 percent.
* Germany’s 10-year yield dipped one basis point to 0.53 percent.
* The U.K.’s 10-year yield fell four basis points to 1.59 percent
                            Commodities
* West Texas Intermediate crude decreased 1 percent to $71.59 a barrel.
* Gold declined 0.5 percent to $1,194.71 an ounce.
* Copper fell 0.2 percent to $2.819 per pound.
–With assistance from Marvin G. Perez, Ravil Shirodkar, Andreea Papuc, Luke Kawa, Sid Verma, Eddie van der Walt, Cormac Mullen and Steve Matthews

Have a great night.

Be magnificent!

As ever,

Carolann

Abused patience turns to fury.
-Thomas Fuller, 1608-1661

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