September 26, 2019 Newsletter

Dear Friends,

Tangents:
1960~ first televised Presidential debate.

1687: Acropolis in Athens attacked by Venetian army trying to eject Turks, damaging the Parthenon. Learn More >>

T.S. Eliot, poet, b. 1888.
We shall not cease from our exploration, and at the end of all our exploring, we shall arrive where we started and know the place for the first time. -T.S. Eliot, 1888-1965

Octopuses are intelligent aliens living among us –from Bloomberg News.
Prehistoric babies drank animal milk from bottles. -from Bloomberg News.

PHOTOS OF THE DAY

The futuristic new airport, which is expected to become one of the busiest in the world, was opened by China’s President Xi Jinping.
CREDIT:AFP

Dame Helen Mirren arrives for the premiere of “Catherine the Great” at Curzon Theatre, Mayfair, London.
CREDIT: SCOTT GARFITT/PA

Participants dressed in traditional dress for rehearsals for Garba, a folk dance, in preparations for the upcoming Navratri, a festival during which devotees worship the Hindu Goddess Durga, in Ahemdabad, India.
CREDIT: AMIT DAVE/ REUTERS

Market Closes for September 26^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1955, President Dwight D. Eisenhower suffered a heart attack, sparking a 6.62% drop in the Dow. The fall remains one of the index’s worst daily losses of the past 100 years.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks pared an early decline, parroting U.S. shares and closing Thursday slightly higher. Utilities were the best performing stocks, while materials were the worst, showing investors flocking to defensive names amid U.S. political turmoil. The S&P/TSX Composite Index was slightly higher, up 0.04% to 16,790. Brookfield Asset Management contributed the most to the index advance, increasing 1.9%. Kinaxis had the largest percentage gain, rising 3.4%. First Quantum Minerals was the biggest drag on the index and had the biggest percentage decline, falling 11%. Meanwhile, Goldman Sachs was positive on Canadian oil-sands stocks despite multiple headwinds, while software company Lightspeed POS Inc. is addressing “both sides of the coin,” profit and growth, given investor demands.
Ratings
* SYZ CN: Sylogist Cut to Market Perform at Cormark Securities; PT C$13
* CFX CN: Canfor Pulp Products Raised to Sector Outperform at Scotiabank
* CVE CN: Cenovus Energy Upgraded to Buy at Goldman
* FM CN: First Quantum Minerals Downgraded to Market Perform at BMO
* IMO CN: Imperial Oil Downgraded to Neutral at Goldman; PT C$39
* OGC CN: OceanaGold Upgraded to Strong Buy at Raymond James; PT C$5.75
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price was flat at $1,504.47
FX/Bonds
* The Canadian dollar fell 0.05% to C$1.3274 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.362%
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — U.S. stocks ended a tumultuous session lower, with Treasuries rose as the latest political turmoil and trade headlines damped demand for risk assets. The S&P 500 Index slide for fourth time in five days in trading about 15% below the 30-day average. Stocks were under pressure after the release of a whistle-blower complaint central to the latest political drama and reports the U.S. is unlikely to extend a waiver allowing American firms to supply China’s Huawei Technologies. Defensive shares rose as Treasury yields fell. Crude oil advanced on news the U.S. will send military equipment to Saudi Arabia. Impeachment and trade headlines continued to hit markets already on edge over signs of slowing global economic growth. The U.S. move to add air defense coverage in Saudi Arabia added to geopolitical unease. Data in the U.S. Thursday signaled the world’s largest economy remains on solid footing, though was unable to bolster market sentiment.
“Markets appear to be more focused on President Trump’s foreign trade policy than his risk of impeachment,” Mike Ryan, Americas Chief Investment Officer at UBS Global Wealth Management, said in a note. “The wild card here is how this may impact White House decisions on trade negotiations. In addition, we will need to monitor for whether further polarization in Washington could have a knock-on effect on bipartisan cooperation over budget issues or infrastructure spending.” In Asia, equities in Japan, Hong Kong and India helped drag the regional gauge up as shares in China and Australia fell. The New Zealand dollar climbed and traders trimmed bets for more easing after the central bank governor said interest-rate cuts are working.
These are some key events coming up this week:
* Core PCE — the Fed’s preferred inflation measure — is due Friday. The forecast is for 1.8%.

Here are the main moves in markets:
Stocks
* The S&P 500 Index lost 0.2% as of 4 p.m. New York time.
* The Nasdaq 100 slipped 0.4%.
* The Stoxx Europe 600 Index advanced 0.6%.
* The MSCI Asia Pacific Index increased 0.2%.
* The MSCI Emerging Market Index advanced 0.3%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro lost 0.2% to $1.0920.
* The British pound fell 0.3% to $1.232.
* The Japanese yen fell 0.1% to 107.88 per dollar.
Bonds
* The yield on 10-year Treasuries fell five basis points to 1.69%.
* Germany’s 10-year yield declined one basis point to -0.58%.
* Britain’s 10-year yield was unchanged at 0.537%.
Commodities
* Gold futures were flat around $1,512 an ounce.
* West Texas Intermediate crude was little changed at $56.50 a barrel.

–With assistance from Adam Haigh, Cormac Mullen and Samuel
Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Nothing ever becomes real till it is experienced.
                                -John Keats, 1795-1821

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