September 30, 2019 Newsletter

Dear Friends,

Tangents:
1452~ Gutenberg Bible published
1955 ~ James Dean killed in auto collision.
1968 – The Boeing 747 is rolled out and shown to the public for the first time.  Go to article »
PHOTOS OF THE DAY

A Reversed Retrogress, part of leading contemporary South African artist Mary Sibande’s first UK solo exhibition, ‘Came Apart at the Seams’, Exhibited at Somerset House between 3^rd October-5^th January 2020.
CREDIT- JEFF GILBERT FOR THE TELEGRAPH

A prototype of SpaceXs Starship is pictures at the company’s Texas launch facility in Boca Chica near Brownsville, Texas. The Starship spacecraft is a massive vehicle meant to take people to the Moon, Mars and beyond.
CREDIT: LOREN ELLIOTT/ GETTY IMAGES

People queue to say a final farewell to former French President Jacques Chirac as the coffin lie in state at the Saint-Louis-des-Invalides memorial complex in central Paris – Former French president Jacques Chirac died on September 26, 2019 at the age of 86.
CREDIT- PHILIPPE LOPEZ/AFP

Market Closes for September 30^th, 2019  

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Monday as marijuana shares weighed on the index, while prices of crude, gold, and silver all weakened. The S&P/TSX Composite Index fell 0.2% to 16,658.63. Health care, materials, and energy posted the biggest sector declines. Oil recorded its weakest quarter since late last year as fears over a global economic slowdown overshadowed an unprecedented attack on Saudi Arabia’s key energy facilities. Meanwhile, regulators halted Enbridge Inc.’s plan to convert Canada’s largest crude pipeline network to contract service, handing a win to oil producers who had argued the change was unfair and would limit their access to the system. Separately, BMO said Ontario altering its marijuana wholesale model would “initially create a challenging  transition period.” Even with today’s decline, the Canadian benchmark stock index added 1.3% during September, its best month since June.
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold spot price fell 1.6% to $1,472.94
FX/Bonds
* The Canadian dollar flat around C$1.324 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.366%
Insights
* This quarter, the SPTSX index rose 1.7 percent

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -30.3459| -1.1| 4/28
Materials | -28.9604| -1.6| 13/35
Financials | -7.7442| -0.1| 10/15
Health Care | -4.9479| -2.1| 4/6
Real Estate | -0.2757| 0.0| 9/16
Communication Services | 0.9584| 0.1| 4/3
Utilities | 1.6207| 0.2| 8/7
Consumer Staples | 4.4578| 0.7| 9/1
Consumer Discretionary | 7.7867| 1.1| 14/2
Information Technology | 9.6417| 1.1| 7/2
Industrials | 12.1727| 0.7| 22/10
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks advanced for the third quarter in a row as investors weighed the latest turns in the trade war between the world’s two largest economies. The dollar rose and Treasuries edged higher. The S&P 500 gained for a third month out of the last four after rebounding from August’s downturn. Tech fueled the rise after the Trump administration partially refuted a report it would target Chinese capital, reversing losses sparked by the news Friday. Ten-year Treasury yields erased an early advance to trade lower around 1.67%, more than 30 basis points lower than it was at the end of June, after data showed weakening business activity. The dollar pushed quarterly gains toward 2.7%. The pound fell as Prime Minister Boris Johnson fought off allegations of sexual impropriety and plots in Parliament to oust him over his Brexit plans. West Texas oil fell below $55 a barrel. Gold dipped for a second day, though it was still set for a fourth quarterly gain.
“Investors continue to be people who are pulling petals off a daisy saying ‘there will be an accord, there won’t be an accord, there will be an accord, there won’t be.’ Nobody really knows for sure — at least I don’t,” Sam Stovall, chief investment strategist at CFRA, said about trade between the U.S. and China in a phone interview. “Based on the market’s lack of fear, the majority expect some sort of discussion to occur October 10th and that there will be encouraging developments as we move forward.” The month is finishing much as it began, with foreign-trade uncertainty once again muddying the outlook for investors.Citigroup said that restricting access to U.S. finance would amount America’s most extreme potential move against China, while a Treasury official said over the weekend that the U.S. has no plans “at this time” to stop Chinese companies fromlisting on American exchanges. Beijing on Monday vowed to keep opening up its financial markets and encouraging foreign investment, and released a positive report on manufacturing. Elsewhere, Chinese equities fell in the final session before a week-long holiday. Financial markets and offices in Taipei closed Monday due to the approach of Typhoon Mitag.
Here are some key events coming up this week:
* Australia’s monetary policy decision is set for Tuesday, with markets and economists leaning toward a third interest-rate cut for 2019.
* Euro-zone CPI for September is scheduled for Tuesday.
* There’s a slew of U.S. data including ISM manufacturing on Tuesday, the ADP employment report on Wednesday and the monthly jobs report on Friday.
* The Reserve Bank of India sets policy on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.5% as of 4 p.m. New York time.
* The Nasdaq Composite Index gained 0.8%.
* The Stoxx Europe 600 Index increased 0.4%.
* The U.K.’s FTSE 100 Index fell 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The British pound rose 0.1% at $1.2301.
* The euro declined 0.4% to $1.0901.
* The Japanese yen decreased 0.2% to 108.11 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.67%.
* Britain’s 10-year yield dipped one basis point to 0.48%.
* Germany’s 10-year yield advanced less than one basis point to -0.57%.
Commodities
* West Texas Intermediate crude sank 2.9% to $54.27 a barrel.
* Gold decreased 1.8% to $1,480.00 an ounce.
–With assistance from Adam Haigh, Todd White and Sarah Ponczek.
Have a great night.

Be magnificent!
As ever,

Carolann

In solitude the mind gains strength and learns to lean upon itself.
                                               -Laurence Sterne, 1713-1768

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
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www.carolannsteinhoff.com