Posted on

June 23, 2017 Newsletter

Dear Friends,

Tangents:
1817 – Bank of Montreal incorporated with £250,000 capital; Canada’s oldest. 200th Year in business
1896 – Wilfrid Laurier leads Liberals to victory in the 8th general election, beating Tupper’s Conservatives.
1974 – John Diefenbaker sworn in as an MP for a record 12th consecutive time.
1985 – Terrorist bomb downs Air India Flight 182 Boeing 747 from Toronto off the coast of Ireland.

On this day in 1989, director Tim Burton’s version of Batman, starring Michael Keaton, is released in theaters. 
PHOTOS OF THE DAY

A photographer captures the rare moment a group of wasps blow water bubbles.  Lim Choo How, 49, form Kedah, Malaysia, was walking around a factory compound when he noticed the wasp flying round a nest, absorbing water and blowing water away to keep their nest dry.  Lim, who has practiced photography as a hobby for 12 years, rushed back to his office to pick up his camera.  He said: this behavior is rare in macro photography.
CREDIT LIM CHOO HOW/CATERS NEWS

A festival goer in costume on day 1 of the Glastonbury Festival 2017 at Worthy Farm, Pilton in Glastonbury, England.
CREDIT: IAN GAVAN/GETTY IMAGES

Aerial view of the Glastonbury Festival site in Pilton, Somerset, June 22, 2017.  The massive site becomes a city in the countryside for the five days of the biggest festival in Europe with over 150 thousand people enjoying thousands of live acts.
FRANCIS HAWKINS/SWNS.COM
Market Closes for June 23rd, 2017

Market

Index

 Close Change
Dow

Jones

 21394.76 -2.53

 

-0.01%
 
S&P 500 2438.30 +3.80

 

+0.16%
 
NASDAQ 6265.250 +28.565

 

+0.46%
 
TSX 15322.55 +102.65

 
+0.67%

International Markets

Market

Index

 Close Change
NIKKEI 20132.67 +22.16
+0.11%
HANG

SENG

 25670.05 -4.48
-0.02%
SENSEX 31138.21 -152.53
-0.49%
FTSE 100* 7424.13 -15.16
-0.20%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.479 1.497
CND.

30 Year

Bond

 1.977 1.992
U.S.   

10 Year Bond

 2.1423 2.1477
U.S.

30 Year Bond

 2.7147 2.7170

Currencies

BOC Close Today Previous  
Canadian $ 0.75378 0.75583
US

$

 1.32665 1.32305
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.47554 0.67772
US

$

 1.11526 0.89665

Commodities

Gold Close Previous
London Gold

Fix

 1255.70 1250.80
     
Oil Close Previous
WTI Crude Future 42.81 42.54

Market Commentary:
Number of the Day
$1.50
The British pound was trading around $1.27 on Friday, one year after the U.K.’s vote on the Brexit referendum. Before the vote’s results, the pound was at $1.50.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher, buoyed by rebounding commodity prices, but Friday’s gain wasn’t enough to prevent energy shares from posting their sixth consecutive weekly loss.
     The S&P/TSX Composite Index added 100 points or 0.7 percent to 15,319.56. Materials shares added 1.8 percent and energy stocks gained 1.2 percent as crude oil, gold and copper prices all rose. However, oil remained in a bear market and the TSX energy index lost 1 percent on the week.
     The information technology index fell 0.6 percent as BlackBerry Ltd. tumbled 13 percent, the most since January 2015. The company reported surprisingly weak first-quarter revenue from software sales.
     In other moves:
* Dream Office Real Estate Investment Trust gained 4.5 percent after selling C$1.7 billion of assets
* Hudson’s Bay Co. fell 5.4 percent following five days of gains. An activist investor is targeting the retailer and urging it to unlock the value of its real estate portfolio
* Home Capital Group Inc. fell 2.1 percent following Thursday’s 27 percent gain.
US
By Jeremy Herron and Meenal Vamburkar
     (Bloomberg) — U.S. stocks halted a three-day slide, while Treasury yields and the dollar edged lower as a week dominated by crude’s tumble into a bear market ended with the three major American assets largely unchanged.
     The S&P 500 Index finished the period virtually where it began, as rallies in health-care and tech shares offset a rout in energy producers. Small caps rallied Friday to end higher on the week. Crude capped a fifth straight weekly decline after falling into a bear market. The dollar slipped a third day, though not enough to erase a slight gain in the week. The 10- year Treasury yield fell less than one basis point in the five days as a parade of Federal Reserve officials said little to alter views on the timing for rate increases. Gold rose for a third day to offset a two-day slump and finish the week flat.
     Read more about British markets one year after the Brexit vote
     Weakness in energy prices were the theme of the week, with oil in New York and London dropping into a bear market on concerns that expanding supply in the U.S. and Libya will counter OPEC output cuts. Few signs of contagion emerged though, leaving everything from gold to the dollar to U.S. equities to churn in tight ranges as the traditionally slow summer season began. Europe focused on the negotiations to untangle Britain from the union, while U.S. investors rotated back into technology shares two weeks after pummeling the high flying group.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose less 0.2 percent to 2,438.16 at 4 p.m. in New York. The index rallied 0.8 percent Monday to close above 2,350 for the first time, only to slide over three days and end 0.2 percent higher in the week.
* The Russell 2000 Index jumped 0.7 percent to cap a weekly gain of 0.6 percent. The operator of the index reshuffled membership Friday.
* Health-care shares in the S&P 500 posted the best week since November amid signs the Trump administration won’t come after drug prices and some positive lab results from biotech firms.
* Energy producers slumped more than 3 percent for their worst week since February 2016.
* The Stoxx Europe 600 Index slipped 0.2 percent, capping a third straight weekly decline. The FTSE 100 Index lost 0.2 percent, for a 0.5 percent drop in the five days.
* The MSCI Emerging Markets Index rose 0.4 percent to finish 1 percent higher in the week.
     Commodities
* West Texas Intermediate crude added 27 cents Friday to settle at $43.01 a barrel, cutting its loss this week to about 4 percent.
* Gold futures rose 0.6 percent to $1,257.10 an ounce, for a third day of gains. 
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent. It added 0.2 percent for the week, after rallying Monday and Tuesday on Fed rate-hike expectations.
* The pound strengthened 0.4 percent to $1.2726, paring its drop this week to 0.5 percent. The euro climbed 0.4 percent to $1.1200.
* The yen rose less than 0.1 percent to 111.29 per dollar. 
     Bonds
* The yield on 10-year Treasuries added less than one basis point to 2.15 percent. It’s virtually unchanged for the week.
* U.K. 10-year gilt yields rose two basis points to 1.03 percent, led by losses in shorter-dated securities as U.K. money markets push odds of a rate hike by the end of 2017 over sixty percent.

 

Have a wonderful weekend everyone.

 

Be magnificent!

The important question for me is,
is the body a source for creating, for realizing yourself,
for realizing what life is all about?  You ask this question
and you go where it takes you and then you ask another question
and then again you follow.  So this understanding of the body, of the unity within the body
and the innumerable areas which it reveals to you is what I call realization.
Chandralekha

As ever,

 

Carolann

 

Science is organized knowledge.  Wisdom is organized life.
                                       -Immanuel Kant, 1724-1804

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 21, 2017 Newsletter

Dear Friends,

Tangents:
It’s official – HAPPY SUMMER!!!

Sumer is icumen in,
Lhude sing cuccu!
Growth sed, and bloweth me [meadow]
A springeth the wude nu.
        -Anonymous, “Cuckoo Song, c. 1250

Charles Greville, Memoirs, June 21, 1837:
At twelve She [Queen Victoria] held a Council, at which She presided with as much ease as if She had been doing nothing else all her life, and though Lord Lansdowne or Bathurst had contrived between them to make some confusion with the Council papers, She was not put out by it.  She looked very well, and though so small in stature, and without any pretension to beauty, the gracefulness of her manner and the good expression of her countenance give her on the whole a very agreeable appearance, and with her youth inspire an excessive interest in all who approach her, and which I can’t help feeling myself. –from The Book of Days.
PHOTOS OF THE DAY

Revelers gather to celebrate the festival of Summer Solstice at Stonehenge in Wiltshire, England. CHRIS J RATCLIFFE/AGENCE FRANCE-PRESSE/GETTY IMAGES

People take part in the 15th annual Times Square yoga event celebrating the Summer Solstice, in New York on Wednesday. The event marked the international day of yoga. TIMOTHY A. CLARY/AGENCE FRANCE-PRESSE/GETTY IMAGES

A reveler walks among the tepee tents at the Glastonbury Festival of Music and Performing Arts in Somerset, England. OLI SCARFF/AGENCE FRANCE-PRESSE/GETTY IMAGES

Aymara Indians hold up their hands to receive the first rays of sunlight in a New Year’s ritual in the ruins of the ancient city of Tiwanaku, Bolivia, on Wednesday. Bolivia’s Aymara Indians are celebrating the year 5,525 as well as the Southern Hemisphere’s winter solstice. JUAN KARITA/ASSOCIATED PRESS
Market Closes for June 21st, 2017

Market

Index

 Close Change
Dow

Jones

 21411.54 -55.60

 

-0.26%
 
S&P 500 2435.72 -1.31

 

-0.05%
 
NASDAQ 6233.953 +45.922

 

+0.74%
 
TSX 15131.59 -18.01

 
-0.12%

International Markets

Market

Index

 Close Change
NIKKEI 20138.79 -91.62
-0.45%
HANG

SENG

 25694.58 -148.46
-0.57%
SENSEX 31283.64 -13.89
-0.04%
FTSE 100* 7447.79 -24.92
-0.33%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.489 1.501
CND.

30 Year

Bond

 1.999 2.009
U.S.   

10 Year Bond

 2.1564 2.1547
U.S.

30 Year Bond

 2.7244 2.7326

Currencies

BOC Close Today Previous  
Canadian $ 0.75025 0.75373
US

$

 1.33289 1.32674
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48841 0.67186
US

$

 1.11668 0.89551

Commodities

Gold Close Previous
London Gold

Fix

 1242.50 1242.20
     
Oil Close Previous
WTI Crude Future 42.31 43.23

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed following a roller-coaster day that saw the benchmark spike on falling oil inventories, then fall back into the red.
     The S&P/TSX Composite Index fell 1 point to 15,148.53. Financial stocks fell 0.5 percent and energy shares lost 0.2 percent, offsetting a 1.5 percent gain in materials.
     The energy index jumped then fell, taking the broader market along with it, after data showed U.S. crude and gasoline stockpiles fell last week but crude output jumped. Oil fell 1.6 percent to $42.53 a barrel, deepening a slump that saw prices enter a bear market on Tuesday.
     In other moves:
* Baytex Energy Corp. was the biggest decliner on the energy index, losing 7.5 percent after it was cut to underperform at Macquarie
* Sears Canada Inc. plunged 23 percent to a record low after people familiar with the matter said it was preparing to seek court protection from creditors
* Concordia International Corp. jumped 20 percent, the most since November, after it hired a financial adviser to explore options including a sale
* Cenovus Energy Inc. fell 3.3 percent, adding to Tuesday’s 8.1 percent drop. The company’s CEO will retire in October as it grapples with investor concerns about a ~$13 billion acquisition.
US
By Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell as oil’s worsening slump weighed on energy and industrial shares, overshadowing fresh rallies in high flying technology and biotech companies.
     Brent crude slid beneath $45 a barrel to join West Texas Intermediate in a bear market as stockpiles in America remain above seasonal averages and Libya resumed some production. That sent energy shares in the S&P 500 Index to the lowest level in two months. The equity benchmark almost eked out a gain as chipmakers led a rally in its biggest component, tech shares. Treasuries were virtually unchanged after erasing losses, while the dollar slipped.
     Oil’s slide into a bear market is showing some signs of spilling over into other assets, with energy junk bonds at the cheapest since November, though contagion remains largely contained. Persistently lower commodity prices raises the specter that inflation will have trouble rising toward levels central banks prefer even as the Federal Reserve reiterates its intention to tighten monetary policy.
     The rebound in biotech comes on signs that the Trump administration has softened its stance on drug pricing and as breakthroughs such as Clovis Oncology Inc.’s cancer treatment renew investor interest. 
     Read more: Liquor Titans to Coal Miners: the Chinese Stocks in MSCI’s Club
     Here are some of the key events on the agenda:
* Still to come on the Fed speaker list: Jerome Powell, James Bullard and Loretta Mester.
* New Zealand’s central bank is expected to leave its benchmark interest rate at a record low when it meets on Thursday.
     And here are the main moves in markets:
     Stocks
* The S&P 500 Index fell 0.1 percent to 2,435.61 as of 4 p.m. in New York. Exxon Mobil Corp. and Chevron Corp. contributed the most to the decline..
* The Nasdaq 100 Index climbed 1 percent, continuing its rebound from a two-week selloff. It’s still 1.8 percent from its June 8 high.
* The Stoxx Europe 600 lost 0.2 percent, with financial shares leading the way.
* The MSCI Emerging Markets Index slid 0.2 percent.
* Saudi Arabian equities jumped amid a palace reshuffle. Chinese shares rose after winning entry into MSCI Inc.’s emerging- markets gauge.
     Commodities
* Brent crude entered a bear market, plunging below $45 a barrel for the first time since November as skepticism that a supply glut will ease worsens. The world benchmark settled $1.20 lower at $44.82, down 22 percent from its January peak.
* West Texas oil lost almost $1 to settle at $42.53. Futures tumbled more than 2 percent on Tuesday, touching the lowest since August.
* Gold futures rose 0.2 percent to $1,245.96 an ounce after falling for five straight days.
* Zinc rose the most in five months, leading other industrial metals higher amid signs of shrinking global supply.
     Currencies
* The pound grabbed the center of the G-10 currency stage for a second day, after remarks from Bank of England Chief Economist Andy Haldane contrasted sharply with the tone set by the bank’s Governor Mark Carney just the day before. Sterling rose more than one cent before paring gains to $1.2663.
* The Bloomberg Dollar Spot Index fell 0.1 percent after rising 0.3 percent on Tuesday and 0.4 percent the previous day. The euro climbed 0.3 percent to $1.1162 after two days of declines.
* The yen was little changed at 111.421 per dollar, after gaining 0.1 percent on Tuesday.
     Bonds
* The yield on 10-year Treasuries was virtually unchanged at 2.16 percent, after declining three basis points on Tuesday.
* Investors still aren’t demanding higher overall premiums for the riskiest corporate debt and the $18.4 billion iShares iBoxx High Yield Corporate Bond ETF has gained 3.9 percent this year, even as credit spreads for energy companies widened to the highest since September after crude slid below $43 a barrel.
* The yield on U.K. benchmark bonds rose four basis points.

Have a wonderful evening everyone.

 

Be magnificent!

I have always fought not to project but to be myself.
To retain my own scale, which is a dot, but a vibrating dot, a pulsating dot that is what I’d like to be.
I would like to remain that pulsating dot
which can reach out to the whole world, to the universe.
Chandralekha

 

As ever,

Carolann

 

There is nothing like practice.
-Alan Hovhaness, 1911-2000

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 20, 2017 Newsletter

Dear Friends,

Tangents:
On June 20, 1967, boxer Muhammad Ali was convicted in Houston of violating Selective Service laws by refusing to be drafted. The conviction was later overturned by the Supreme Court.
Go to article »

PHOTOS OF THE DAY

A jellyfish is illuminated at Mystic Aquarium in Mystic, Connecticut.  The aquarium was founded in 1973.
CREDIT: TIMOTHY A. CLARY/AFP/GETTY IMAGES

Chipmunks look out near the ninth hole during the fourth round of the US Open golf tournament at Erin Hills in Erin, Wisconson, UK.
CREDIT: DAVID J. PHILLIPS
Market Closes for June 20th, 2017

Market

Index

 Close Change
Dow

Jones

 21467.14 -61.85

 

-0.29%
 
S&P 500 2437.03 -16.43

 

-0.67%
 
NASDAQ 6188.031 -50.981

 

-0.82%
 
TSX 15149.60 -116.44

 
-0.76%

International Markets

Market

Index

 Close Change
NIKKEI 20230.41 +162.66
+0.81%
HANG

SENG

 25843.04 -81.51
-0.31%
SENSEX 31297.53 -14.04
-0.04%
FTSE 100* 7472.71 -51.10
-0.68%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.501 1.541
CND.

30 Year

Bond

 2.009 2.044
U.S.   

10 Year Bond

 2.1547 2.1879
U.S.

30 Year Bond

 2.7326 2.7849

Currencies

BOC Close Today Previous  
Canadian $ 0.75373 0.75677
US

$

 1.32674 1.32141
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.47722 0.67695
US

$

 1.11342 0.89814

Commodities

Gold Close Previous
London Gold

Fix

 1242.20 1248.15
     
Oil Close Previous
WTI Crude Future 43.23 44.20

Market Commentary:
Number of the Day
1.66%
The S&P 500’s tech sector rose 1.66% on Monday, its largest single-day percentage gain of 2017.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks dropped to a 2017 low as oil entered a bear market after falling to the lowest level in nine months.
     The S&P/TSX Composite Index fell 0.8 percent to 15,149.60 at the close, as energy stocks dropped 2 percent. Crude oil fell 2.2 percent to 43.23 per barrel.
     Cenovus Energy Inc. sank 8.1 percent to an all-time low following CEO Brian Ferguson’s retirement announcement. Meg Energy Corp. fell 4.4 percent, the lowest all year.
     In other moves:
* Enbridge Inc. dropped 2 percent, Suncor Energy Inc. dropped 2.3 percent, and Canadian National Railway Co. fell 1.3 percent
* Financials moved down 0.5 percent as Canadian Western Bank slipped 1.7 percent and Manulife Financial Corp. fell 0.9 percent
* Home Capital Group Inc. rose 4.3 percent, after selling $874 million of commercial loans to KingSett
* Copper fell 1.2 percent after posting the biggest decline in six weeks, as the advancing dollar makes raw materials priced in greenbacks more expensive in other currencies.
US
By Jeremy Herron and Meenal Vamburkar
     (Bloomberg) — U.S. stocks fell the most in a month, retreating from all-time highs as crude oil slid into a bear market on concern the global supply glut will persist. China’s yuan got a small bump after MSCI Inc. added the nation’s domestic stocks to its emerging-markets index.
     The S&P 500 Index lost 0.7 percent for its biggest decline since May 17 as energy producers and companies whose profits are most linked to economic growth, including makers of non- essential consumer goods and industrial producers, led declines. The dollar rose as Fed officials continued to reiterate a moderately hawkish stance on monetary policy. Treasuries rose.
     The MSCI decision will add 222 China A-share stocks starting in May 2018. The index provider delayed its decision on the status of Argentina’s stocks and will consult on the possible inclusion of Saudi Arabia in the index. China’s $6.8 trillion onshore market is the world’s second largest and accounts for 9 percent of global stock value, but had been rejected for index inclusion three times by MSCI over issues including capital controls and long trading halts. Hong Kong shares retreated ahead of the decision.
     Stocks in the U.S. faltered as the weakness in crude and other commodities dents arguments from American central bankers that weak inflation rates will be transitory, even as the economy shows few signs of distress and haven assets have not been in demand. The Fed raised rates last week. Stocks had barreled to fresh highs after a series of geopolitical concerns seems to have faded, though formal negotiations over Britain’s exit from the European Union began somewhat contentiously.
     Read more: Torturous Road to Brexit Seen by Most in Barclays Investor Poll
     Here are some of the key upcoming events:
* Still to come on the Fed speaker list: Eric Rosengren, Robert Kaplan, Jerome Powell, James Bullard and Loretta Mester.
     Here are the main moves in markets:
     Stocks
* The S&P 500 fell 0.7 percent to 2,437.08 at 4 p.m. in New York. Energy stocks and consumer discretionary producers slumped 1.3 percent to lead the gauge lower. Industrial and phone stocks fell 1.1 percent.
* The Dow Jones Industrial Average dropped 0.3 percent after it ended Monday at a record, while the Nasdaq Composite Index declined 0.8 percent.
* The Stoxx Europe 600 erased a gain to end 0.7 percent lower. The U.K.’s FTSE 100 Index declined 0.7 percent.
     Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent after advancing 0.4 percent on Monday. The measure touched the lowest level since October last week.
* The British pound fell 0.8 percent to $1.2631 for a second day of losses as Bank of England Governor Mark Carney said he is still worried about the impact of Brexit on the economy.
* The euro was down 0.2 percent to $1.1126.
* The yen gained 0.1 percent to 111.445 per dollar. The currency retreated 0.6 percent on Monday.
     Bonds
* The yield on 10-year Treasuries fell three basis points to 2.16 percent, after rising four basis points Monday. The yield curve flattened amid demand for longer-dated maturities.
* Benchmark yields in the U.K. fell four basis points.
     Commodities
* West Texas oil fell more than 20 percent from its highest close this year. It was down more than 2 percent Tuesday to settle at $43.23 a barrel, the lowest since August.
* Gold futures slipped 0.2 percent to $1,244 an ounce, after closing Monday at the lowest in more than a month.
* Copper posted its biggest loss in six weeks as the dollar strengthened.
Have a wonderful evening everyone.

 

Be magnificent!

I see these things with an intense joy,
and while I observe, there is no observer, only a beauty almost like love.
For an instant, I am absent, myself and my problems, my anxieties, my troubles: nothing but this wonder exists.
Krishnamurti

As ever,

 

Carolann

There are some things you learn best in calm, and some in storm.
                                                          -Willa Carter, 1873-1947

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 19, 2017 Newsletter

Dear Friends,

Tangents:
On this day in 1953, Julius and Ethel Rosenberg, who were convicted of conspiring to pass atomic secrets to the Soviet Union, are executed at Sing Sing Prison in Ossining, New York.
On June 19, 1964, the Civil Rights Act of 1964 was approved after surviving an 83-day filibuster in the United States Senate.
Go to article »

SIGNIFICANT NUMBERS:
29
Percentage of corals in Australia’s Great Barrier Reef that died in 2016.  Researchers blame rising sea temperatures, linked to climate change.
662
Million
Vacation days not taken in 2016.  More than half of US workers didn’t use all their time off.
PHOTOS OF THE DAY

Engines moving along the production line at a Volkswagen facility in Chemnitz, Germany, as the company celebrated production of its 15 millionth engine. HENDRIK SCHMIDT/DPA/ZUMA PRESS

A Porsche seemed barely visible as it raced Sunday in the 24 Hours of Le Mans race in France. KER ROBERTSON/GETTY IMAGES
Market Closes for June 19th, 2017

Market

Index

 Close Change
Dow

Jones

 21528.99 +144.71

 

+0.68%
 
S&P 500 2452.52 +19.37

 

+0.80%
 
NASDAQ 6239.012 +87.253

 

+1.42%
 
TSX 15271.40 +78.86

 
+0.52%

International Markets

Market

Index

 Close Change
NIKKEI 20067.75 +124.49
+0.62%
HANG

SENG

 25924.55 +298.06
+1.16%
SENSEX 31311.57 +255.17
+0.82%
FTSE 100* 7523.81 +60.27
+0.81%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.541 1.524
CND.

30 Year

Bond

 2.044 2.036
U.S.   

10 Year Bond

 2.1879 2.1514
U.S.

30 Year Bond

 2.7849 2.7759

Currencies

BOC Close Today Previous  
Canadian $ 0.75677 0.75642
US

$

 1.32141 1.32202
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.47325 0.67877
US

$

 1.11490 0.89694

Commodities

Gold Close Previous
London Gold

Fix

 1248.15 1255.40
     
Oil Close Previous
WTI Crude Future 44.20 44.74

Market Commentary:
Number of the Day
$32 billion
The total market value lost Friday in the “Death by Amazon” index, a custom basket of stocks deemed most vulnerable to encroachment by the online retail giant.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks gained as financial shares rose along with bond yields, and Hudson’s Bay Co. got a big boost from an activist investor.
     The S&P/TSX Composite Index closed up 73 points or 0.5 percent to 15,266.04, helped by gains in financials, health care and consumer discretionary stocks that offset a decline in energy. 
     Hudson’s Bay rose as much as 18 percent, the most in more than two years, after Land & Buildings Investment Management acquired 4.3 percent of the company and urged it to monetize its real estate portfolio. This pushed consumer discretionary stocks to a 1.5 percent gain.
    Health-care stocks rose 4.1 percent as Valeant Pharmaceuticals International Inc. soared 5.9 percent after its largest shareholder, billionaire John Paulson, joined the board. Financials gained 0.8 percent after earlier rising 1.4 percent, the most since April.
     In other moves:
* ProMetic Life Sciences Inc. rose 10.9 percent, recovering from an 11 percent drop last Friday after offering shares to the market at a discount
* Shopify Inc. gained 3.7 percent amid a broader rally in tech stocks
* Eldorado Gold Corp. rose 5.4 percent; regulatory and deal uncertainties made it relatively cheap after it fell 18 percent this year
* Energy stocks fell 0.4 percent as Enbridge Inc. dropped 2.9 percent and Suncor Energy Inc. slid 8 percent.
US
By Jeremy Herron and Luzi Ann Javier
     (Bloomberg) — U.S. technology shares led gains that sent benchmark equity indexes to fresh records, while hawkish comments from a Federal Reserve official boosted the dollar and Treasury yields.
     The Nasdaq 100 Index jumped the most since November, as large-cap tech stocks rebounded from two weeks of declines, though not enough to recoup all of the losses that started June 9. The S&P 500 Index and Dow Jones Industrial Average ended at all-time highs. Treasuries fell after William Dudley said halting the tightening cycle now would imperil the economy. The dollar rose to the highest versus the yen since June 2, while gold slipped to a one-month low as haven demand ebbed.
     In Asia, the focus is on the MSCI Inc. decision on whether to include China A shares in its global indexes; Hong Kong stocks surged in advance of Tuesday’s announcement. Oil continued to languish at about $45 per barrel as U.S. drillers continue to add rigs, blunting OPEC-led efforts to rebalance an oversupplied market.
     The rebound in tech shares exemplified the risk-on mood among investors as the week began, with Apple Inc. leading a rebound in the some of the year’s highest fliers — though the tech indexes remain about 2 percent below records achieved earlier this month. Commodities continued to slump, damping inflation expectations even as the Fed insists tighter policy remains appropriate. And a cloud of uncertainty remains over both U.K. leadership and the outlook for Brexit negotiations. 
     “Risk assets around the world are rallying again as the ‘carry party’ resumes,” Societe Generale SA strategist Kit Juckes wrote in a client note. Fed Chair Janet Yellen “did nothing to persuade the market” to take its hawkish outlook for the path of interest rates seriously, he said.
     Here are some of the key upcoming events:
* Vice-Chair Stanley Fischer speaks tomorrow, as Fed speakers dominate the week. Then the list reads: Eric Rosengren, Robert Kaplan, Jerome Powell, James Bullard and Loretta Mester.
* MSCI announces whether it approved Chinese-listed stocks in its global benchmarks. The $6.8 trillion onshore market is the world’s second-largest and accounts for 9 percent of global stock value, but has been rejected for index inclusion three times by MSCI over issues including capital controls and long trading halts. MSCI’s decision is expected Tuesday after the close of U.S. markets.
* The International Paris Air Show is underway.      
Here are the main moves in markets:
     Stocks
* The S&P 500 Index rose 0.8 percent to a record 2,453.25 as of 4 p.m. in New York. Tech shares in the measure jumped 1.7 percent while health-care shares added 1.1 percent.
* The Dow Jones Industrial Average also closed at an all-time high, adding more than 140 points to 21,527.
* The Nasdaq 100 jumped 1.6 percent, the most since Nov. 7. It’s still about 2 percent short of its best ever finish on June 8.
* Apple surged almost 3 percent, while chipmakers from Micron Technology Inc. to Advanced Micro Devices Inc. added more than 4 percent.
* Small caps in the Russell 2000 Index rose 0.8 percent. That index sits about 0.5 percent below its record set June 13.
* The Stoxx Europe 600 jumped 0.9 percent after falling 0.5 percent last week.
     Currencies
* The Bloomberg Dollar Spot Index advanced 0.4 percent. The measure added to gains after Dudley said he is confident that the economic expansion has a way to run and that wage growth is likely to quicken, though inflation is lower than the Fed would like.
* The yen declined 0.7 percent to 111.595 per dollar.
* The pound fell 0.4 percent to $1.2732. The euro dropped 0.4 percent to $1.1153.
     Bonds
* The yield on 10-year Treasuries rose four basis points to 2.19 percent.
* Argentina will test investor confidence by offering its first 100-year bond barely a year after finally settling a protracted legal dispute tied to a $95 billion default.
* U.K. 10-year yields rose one basis point to 1.03 percent; those in Germany increased less than one basis point to 0.28 percent.
     Commodities
* West Texas Intermediate oil slipped 1.2 percent to settle at $44.20 a barrel. Crude has fallen four weeks straight as U.S. drillers continue to add rigs, blunting OPEC-led efforts to rebalance an oversupplied market.
* Gold futures slid 0.8 percent to settle at $1,246.70 an ounce, capping an eighth decline in nine sessions. The metal has fallen 4 percent since trading at a seven-month high on June 6.

 

Have a wonderful evening everyone.

 

Be magnificent!

One must become poor inwardly
for then there is no seeking, no asking,
no desire – nothing!
It is inward poverty
that can see the truth of a life in which
there is no conflict at all.
Krishnamurti

As ever,

Carolann

 

I like the dreams of the future better than the history of the past.
                                             -Thomas Jefferson, 1943-1826

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 16, 2017 Newsletter

Dear Friends,

Tangents:
June 16, 1936 – Bob Brown discovers a major oilfield at Turner Valley; beginning of Alberta’s oil boom.
PHOTOS OF THE DAY

Bjork performs a DJ set onstage during Sonar Festival 2017 in Barcelona, Spain.
SANTIAGO FELIPE/REDFERNS

Mount Sinabung spews out volcanic ash in North Sumatra, Indonesia on June 15,2017.  Mount Sinabung is one of Indonesia’s 129 active volcanoes.
XINHUA/BANCROFT IMAGE

Lavender plantation, Huocheng County, IliKazakh Autonomous Prefecture, Xinjiang Uygur Autonomous Regio, China.
REX FEATURES
Market Closes for June 16th, 2017

Market

Index

 Close Change
Dow

Jones

 21384.28 +24.38

 

+0.11%
 
S&P 500 2433.06 +0.60

 

+0.02%
 
NASDAQ 6151.758 -13.743

 

-0.22%
 
TSX 15207.78 +47.36

 
+0.31%

International Markets

Market

Index

 Close Change
NIKKEI 19943.26 +111.44
+0.56%
HANG

SENG

 25626.49 +61.15
+0.24%
SENSEX 31056.40 -19.33
-0.06%
FTSE 100* 7463.54 +44.18
+0.60%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.524 1.530
CND.

30 Year

Bond

 2.036 2.052
U.S.   

10 Year Bond

 2.1514 2.1620
U.S.

30 Year Bond

 2.7759 2.7872

Currencies

BOC Close Today Previous  
Canadian $ 0.75642 0.75366
US

$

 1.32202 1.32686
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48069 0.67536
US

$

 1.12003 0.89284

Commodities

Gold Close Previous
London Gold

Fix

 1255.40 1254.55
     
Oil Close Previous
WTI Crude Future 44.74 44.46

Market Commentary:
On this day in 1812, the State of New York charters a new institution called City Bank of New York, capitalized at $2 million, with $800,000 already raised. Today it’s a called Citigroup.
$36.73 billion
The People’s Bank of China on Friday injected a net 250 billion yuan ($36.73 billion) into the financial system—more than it has on any single day since mid-January, in a move that suggests Chinese authorities are now more concerned about financial turmoil inside the country than money flowing out of it.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher Friday, snapping a four-day losing streak that drove the benchmark into a brief loss for the year to date.
     The S&P/TSX Composite Index added 32 points or 0.2 percent to 15,192.39 as gains in energy offset a big decline in consumer stocks. The benchmark fell 1.8 percent on the week, its biggest weekly loss since February.
     Energy stocks rose 1.1 percent as the price of crude gained 0.6 percent. The consumer staples index fell 1.2 percent and the consumer discretionary index lost 1 percent after Amazon.com Inc. agreed to buy Whole Foods Market Inc. for $13.7 billion, raising fears of increased grocery competition.
     In other moves:
* Empire Co. Ltd. lost 3.6 percent, Loblaw Cos. Ltd. fell 3.6 percent and North West Co. Inc. slipped 3 percent on news of the Amazon-Whole Foods deal
* ProMetic Life Sciences Inc. tumbled 11 percent after offering 31 million shares for C$1.70 a share, 15 percent below Wednesday’s closing price
* Aimia Inc. added 10 percent following a two-day decline, including a 27 percent slump on Wednesday after the loyalty- program operator said it would suspend its dividend
US
By Jeremy Herron
    (Bloomberg) — U.S. stocks eked out a gain, while the dollar weakened with Treasury yields after poor housing data and a slump in consumer sentiment added to signs the American economy’s growth rate may be slower than forecast. Oil rose with metals.
     Food retailers led losses in the S&P 500 Index after Amazon.com Inc. agreed to buy Whole Foods Market Inc. The benchmark for American equity pushed into the green in the final minute of trading during an event known as quadruple witching, when futures and options contracts expire. Tech shares slipped, pointing the Nasdaq 100 Index to a second straight weekly decline. The dollar capped a weekly drop after new-home construction faltered for a third month and consumer confidence fell the most since October. Oil pared a fourth straight weekly decline.
     Equities largely weathered a week that saw the Federal Reserve hike rates and renewed tumult in Washington that continues to delay the Trump administration’s policy agenda. Data Friday ratcheted up concerns that slower U.S. growth may take hold just as the Fed’s third hike since December lands. Oil’s woes add to slowing inflation. In France, newly elected Emmanuel Macron looks set for an historic majority in the National Assembly on Sunday.
     “The data this week has not been encouraging,” said Mariann Montagne, a portfolio manager at Gradient Investments LLC, which oversees about $1.4 billion. “We need to see consumer spending pick up and more confidence across the board before we can get going again. We’re in a weird limbo, coupled with the the summer doldrums. But if we had great numbers coming out, there would be decisions made.”
     Here’s what investors will be facing in the next few days:
* France completes its election with a second round of voting on Sunday that’s expected to hand President Macron an overwhelming legislative majority.
*MSCI Inc. announces on Tuesday the results of its 2017 Annual Market Classification Review, including whether the MSCI Argentina and MSCI China A indexes will be added to the emerging-markets gauge.
     Here are the major movers:
     Stocks
* The S&P 500 rose less than one point to 2,433.14 as of 4 p.m. in New York, leaving it higher by 0.1 percent for the week.
* The Nasdaq 100 lost 0.3 percent, giving it a 1.1 percent slide in the week. It’s at the lowest since May 19.
* Amazon climbed 2.5 percent while Whole Foods spiked 29 percent to the highest since April 2015. Food retailers in the S&P 500 lost 5.1 percent.
* The Stoxx Europe 600 Index rose 0.7 percent, paring its weekly decline to 0.5 percent.
* The MSCI Emerging Market Index fell 0.1 percent to cap a 1.4 percent decline in the week.
     Currencies
* The yen rose 0.1 percent to 110.865 per dollar, after dropping 1.2 percent in the previous session, the most since January.
* The Bloomberg Dollar Spot Index fell 0.3 percent as the greenback underperformed all Group of 10 peers. It slid 0.3 percent on the week.
* The euro rose 0.5 percent to $1.1199.
     Bonds
* The yield on 10-year Treasury notes fell one basis point to 2.15 percent, after Thursday’s four-basis point jump. The rate dropped on Wednesday to 2.13 percent, the lowest level since November.
* German benchmark bund yields lost one basis points to 0.27 percent.
     Commodities
* West Texas crude futures rose 0.6 percent to settle at $44.74 a barrel. Oil fell more than 2 percent for the week to cap its longest run of weekly losses since 2015. OPEC member Libya restored production and the surplus in the U.S. shows little sign of abating.
* Gold rose 0.1 percent to $1,254.82. The metal is heading for a second weekly loss, falling 0.9 percent.

Have a wonderful weekend everyone.

 

Be magnificent!

 

We ask ourselves
is it possible to break through this heavy conditioning of centuries immediately
and not enter into another conditioning – to be free,
so that the mind can be altogether new, sensitive,
alive, aware, intense, capable?
Krishnamurti

 

As ever,

Carolann

 

Facing it, always facing it.  That’s the way to get through.  Face it.
                                                     -Joseph Conrad, 1857-1924

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 15, 2017 Newsletter

Dear Friends,

Tangents:
1215: Magna Carta chartered.

PRIME NUMBERS:
5.9 MILLION
Canadians, ages 65 and older, compared with 5.8 million Canadians ages 14 or younger.  The number of seniors in Canada has surpassed the number of children for the first time.

18,000
New plant and animal species discovered by scientists in 2016, including the sorting-hat spider and a centipede that can swim.

55,000+
Amount in (US dollars) raised through crowdfunding campaigns for Steven Jones, a homeless man who assisted injured children at the scene of the Manchester, England, bombing.

500
Members of a burglary gang spanning across Europe that authorities say they have broken up.  The group is thought to be responsible for a fifth of German break-ins.

44
Percentage of young Republicans in the United States ages 18 to 29 who have left the party at some point since December 2015.  Of that group, roughly half returned to the GOP, while the rest switched to the Democratic Party.
PHOTOS OF THE DAY

Three owls squeeze out of a hole as they wait for their parents to return with food.
Caters News Agency

A storm is pictured in Lincoln, Nevraska, USA.
John Finny/WENN
Market Closes for June 15th, 2017

Market

Index

 Close Change
Dow

Jones

 21359.90 -14.66

 

-0.07%
 
S&P 500 2432.46 -5.46

 

-0.22%
 
NASDAQ 6165.500 -29.392

 

-0.47%
 
TSX 15160.42 -9.71

 
-0.06%

International Markets

Market

Index

 Close Change
NIKKEI 19831.82 -51.70
-0.26%
HANG

SENG

 25565.34 -310.56
-1.20%
SENSEX 31075.73 -80.18
-0.26%
FTSE 100* 7419.36 -55.04
-0.74%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.530 1.490
CND.

30 Year

Bond

 2.052 2.035
U.S.   

10 Year Bond

 2.1620 2.1256
U.S.

30 Year Bond

 2.7872 2.7670

Currencies

BOC Close Today Previous  
Canadian $ 0.75366 0.75506
US

$

 1.32686 1.32439
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.47907 0.67610
US

$

 1.11471 0.89709

Commodities

Gold Close Previous
London Gold

Fix

 1254.55 1275.50
     
Oil Close Previous
WTI Crude Future 44.46 44.73

Market Commentary:
On this day in 1911, Charles Flint merges Tabulating Machine Co. with Computing Scale Co. of America and International Time Recording Co. to form Computing-Tabulating-Recording Co., the ancestor of IBM.

2.1 million
Gasoline inventories in the U.S. rose by 2.1 million barrels, the Energy Information Administration said Wednesday, compared with the survey’s expectation of a 700,000 decline, underlining worries about global crude-oil oversupply extending to products.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a fourth day, reaching a new low for the year as slumping raw-material prices pressured mining companies and energy producers.
     The S&P/TSX Composite Index lost 0.1 percent to 15,160.42, its lowest since December 6. Materials stocks dropped 0.8 percent as precious and base metal prices fell. Hudbay Minerals Inc. lost 5.8 percent.
     Energy stocks slid 0.7 percent as oil prices fell 0.6 percent to $44.46 a barrel, their lowest level since November. Baytex Energy Corp. tumbled 8.6 percent and Crew Energy Inc. dropped 5.5 percent.
     In other moves:
* Home Capital Group Inc. gained 13 percent to its highest close since April. The company reached a settlement with regulators and investors over fraudulent mortgages
* North West Co. Inc. added 4.7 percent following an upgrade at Industrial Alliance Securities
* Teck Resources Ltd. fell 3.8 percent. The miner said it expects realized coal prices to fall to $160 to $165 a tonne in the second quarter.
US
By Jeremy Herron and Brian Chappatta
     (Bloomberg) — U.S. stocks fell for the fourth time in five days as selling in technology shares resumed. The dollar advanced with Treasury yields, while gold weakened as traders digested the more hawkish tone struck by the Federal Reserve.
     Equity benchmarks slipped from near record levels, technology shares pacing declines. Commodity producers also retreated, as crude fell to a seven-month low and gold slid more than 1.5 percent. European stocks dropped to levels last seen in April. The greenback strengthened and 10-year Treasury yields climbed as the Fed suggested the strength of the labor market will ultimately prevail over weakness in inflation. Emerging- market equities tumbled more than 1 percent. 
Investors resumed selling the major technology shares that have contributed most to equity records this year, as the threat of higher interest rates prompted a shift from growth into value shares. Softening commodity prices did little bolster arguments that inflation will pick up the pace, even as the U.S. labor market remains on strong footing — raising the specter that central bank officials made a policy error.
     Meanwhile, Washington remained in focus as the special counsel investigating Russia’s interference in the 2016 election was said to be planning to interview two top U.S. intelligence officials about whether President Donald Trump sought their help to get the FBI to back off a related probe of former National Security Adviser Michael Flynn.
     Here are the key remaining events investors will be watching this week:
* The Bank of Japan concludes a two-day meeting on Friday. While economists don’t expect any significant changes to monetary policy, they will parse the BOJ’s statement and Governor Haruhiko Kuroda’s comments for clues to the outlook for inflation.
     Here are the major movers:
     Stocks
* The S&P 500 Index fell 0.2 percent to 2,432.49 at 4 p.m. in New York, paring losses that reached 0.8 percent.
* Tech shares in the measure lost 0.5 percent, while bond proxies from real estate to utilities led gains.
* The tech-heavy Nasdaq indexes retreated at least 0.4 percent. The Dow Jones Industrial Average slipped 0.1 percent from a fresh record.
* The Stoxx Europe 600 Index retreated 0.4 percent.
* Emerging-market equities tumbled 1.2 percent.
     Currencies
* The Bloomberg Dollar Spot Index rose 0.6 percent following three days of losses.
* The yen was 0.7 percent weaker at 110.34 per dollar after climbing 0.5 percent Wednesday.
* The British pound weakened 0.1 percent to $1.2741 and the euro retreated 0.6 percent to $1.1151.
     Bonds
* The yield on 10-year Treasury notes rose three basis points to 2.16 percent, after dropping 8.5 basis points Wednesday to 2.13 percent, the lowest level since November.
* European bonds tracked the move in Treasuries on Wednesday, with the yield on benchmark U.K. bonds rising 11 basis points to 1.03 percent and those of French and German peers increasing six basis points.
     Commodities
* West Texas crude futures fell 0.6 percent to settle at $44.46 a barrel, the lowest in seven months. It tumbled 3.7 percent in the previous session after data showed U.S. gasoline supplies unexpectedly rose for a second week.
* Gold futures sank 1.7 percent to close at $1,254.60 an ounce, notching the biggest drop since Dec. 15.
* Copper fell 0.7 percent to settle at $5,661 a ton on the London Metal Exchange, in a fourth straight decline, longest stretch of losses since March 9.

Have a wonderful evening everyone.

 

Be magnificent!

My country and your country,
my God and your God – all that is the fragmentation of thought.
Krishnamurti

As ever,

 

Carolann

 

Beware of missing chances; otherwise it may be altogether too late some day.
                                                                           -Franz Liszt, 1811-1886

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 14, 2017 Newsletter

Dear Friends,

Tangents:
1951: Univac computer unveiled.

On this day in 1777, the Continental Congress in Philadelphia adopted the Stars and Stripes as the national flag.
PHOTOS OF THE DAY

A hot-air balloon is raised in honor of Flag Day in Hoboken, N.J. ASHLEE ESPINAL/REUTERS

A boy stands in front of a mural in Nairobi, Kenya. DAI KUROKAWA/EUROPEAN PRESSPHOTO AGENCY

Pittsburgh Penguins captain Sidney Crosby hoists the Stanley Cup during the team’s victory parade in Pittsburgh. LAKE FONG/PITTSBURGH POST-GAZETTE /ASSOCIATED PRESS
Market Closes for June 14th, 2017

Market

Index

 Close Change
Dow

Jones

 21374.56 +46.09

 

 

+0.22%
 
S&P 500 2437.92 -2.43

 

-0.10%
 
NASDAQ 6194.891 -25.479

 

-0.41%
 
TSX 15170.13 -209.62

 
-1.36%

International Markets

Market

Index

 Close Change
NIKKEI 19883.52 -15.23
-0.08%
HANG

SENG

 25875.90 +23.80
+0.09%
SENSEX 31155.91 +52.42
+0.17%
FTSE 100* 7474.40 -26.04
-0.35%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.490 1.561
CND.

30 Year

Bond

 2.035 2.112
U.S.   

10 Year Bond

 2.1256 2.2092
U.S.

30 Year Bond

 2.7670 2.8640

Currencies

BOC Close Today Previous  
Canadian $ 0.75506 0.75533
US

$

 1.32439 1.32393
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48578 0.67305
US

$

 1.12186 0.89138

Commodities

Gold Close Previous
London Gold

Fix

 1275.50 1262.00
     
Oil Close Previous
WTI Crude Future 44.73 46.46

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell to their lowest since December as oil prices plunged and falling bond yields weighed on financials.
     The S&P/TSX Composite Index fell 210 points or 1.4 percent to 15,170.13, the lowest close since December 9. The market is now down 0.8 percent for the year.
     Energy stocks lost 3.1 percent as the price of crude fell 3.7 percent to $44.73, the lowest since November, as gasoline stockpiles rose. The materials index tumbled 3.2 percent as lower gold prices weighed on miners and financials lost 0.5 percent after the U.S. Federal Reserve hiked interest rates and said it will do so one more time this year.
     In other moves
* Aimia Inc. tumbled 27 percent to a record low after it suspended dividends on its common and preferred shares, including those scheduled to be paid at the end of the month
* Home Capital Group Inc. added 7.4 percent. The company is reportedly in talks with a group of banks to replace a costly loan from a pension fund
* MEG Energy Corp. and Baytex Energy Corp both fell more than 8 percent along with the price of crude.
US
By Jeremy Herron and Elena Popina
     (Bloomberg) — The dollar all but erased losses while most U.S. stocks slipped from records after Federal Reserve Chair Janet Yellen suggested weak readings on inflation won’t persist as the central bank continued its path of tightening. Treasuries rallied on slower price acceleration.
     The greenback was little changed versus the euro after weakening as much as 0.8 percent during the session. Technology stocks led declines on equity benchmarks, as Yellen reiterated the central bank’s intention of continuing to raise rates as data improve, even as inflation readings fall short of expectations. Data earlier Wednesday showing a deceleration in price gains sparked a Treasury rally that shaved as many as 11 basis points from the 10-year yield.
     “Everyone is concerned about the path of interest rate increases as well as the methodology for reducing the balance sheet, and this is creating a little bit of volatility intraday,” Chad Morganlander, a money manager at Stifel, Nicolaus & Co. in Florham Park, New Jersey, said by phone. “The volatility should creep higher in the course of the summer months as Fed moves further in adjusting the balance sheet.”
     The Fed’s actions and words struck a careful balance between showing resolve to continue tightening in response to falling unemployment while acknowledging the persistence of unexpectedly low inflation this year. Policy makers agreed to raise their benchmark lending rate for the third time in six months, maintained their outlook for one more hike in 2017 and set out some details for how they intend to shrink their $4.5 trillion balance sheet this year.
     Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week. Investors have reined in expectations for a Bank of England interest-rate increase after the election shock.
     Markets largely ignored a shooting that wounded the third- highest ranked U.S. House Republican and at least four others at a congressional baseball practice in Alexandria, Virginia. The gunman later died from injuries in a shootout with police.
     Here are the major movers:
     Stocks
* The S&P 500 fell 0.1 percent to 2,437.91 at 4 p.m. in New York, after fluctuating for most of the session.
* The tech-heavy Nasdaq indexes fell 0.4 percent, while small caps lost 0.6 percent. The Dow Jones Industrial Average edged higher to a fresh record, led by gains in Home Depot Inc. and Travelers Cos.
* The Stoxx Europe 600 Index erased gains to close lower by 0.3 percent.
* MSCI’s emerging-market index added 0.3 percent, paring gains after the Fed decision.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, trimming a drop that reached 0.7 percent.
* The yen was 0.5 percent stronger at 109.565 per dollar.
* The pound fell 0.1 percent to $1.2747 after it strengthened 0.8 percent Tuesday.
* The Canadian dollar rose 0.1 percent, gaining for a fifth day. The euro added 0.1 percent to 1.1219.
     Bonds
* The yield on 10-year Treasury notes fell eight basis points to 2.14 percent. It slipped to 2.10 earlier in the session.
* The yield on U.K. gilts dropped 11 basis points to 0.93 percent after rising seven points on Tuesday.
     Commodities
* West Texas crude futures fell 3.7 percent to settle at $44.73 a barrel, the lowest since November. The U.S. government reported gasoline and other petroleum product stockpiles swelled last month. WTI has fallen 19 percent this year from its peak of $55.24 on Jan. 3.
* Spot gold fell to the lowest level in more than two weeks after the Fed’s decision. The metal fell as much as 0.7 percent to $1,257.28 an ounce. It earlier rose more than 1 percent.

 

Have a wonderful evening everyone.

 

Be magnificent!

When one lives with concepts one never learns.  The concepts become static.
You may change them but the very transformation of one concept to another is still static, is still fixed. But to have the sensitivity to feel, seeing that life is not a movement of two separate activities, the external and the inward, to see that it is one, to realize that the inter-relationship is this movement, is this ebb and flow of sorrow and pleasure and joy and depression, loneliness and escape, to perceive nonverbally this life as a whole, not fragmented, nor broken up, is to learn.
Krishnamurti

As ever,

 

Carolann

 

He who undervalues himself is justly undervalued by others.
                                              -William Hazlitt, 1778-1830

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 13, 2017 Newsletter

Dear Friends,

Tangents:

Birthday: William Butler Yeats, June 13, 1865

The Song of Wandering Aengus

                       -BY WILLIAM BUTLER YEATS
I went out to the hazel wood,
Because a fire was in my head,
And cut and peeled a hazel wand,
And hooked a berry to a thread;
And when white moths were on the wing,
And moth-like stars were flickering out,
I dropped the berry in a stream
And caught a little silver trout.

When I had laid it on the floor
I went to blow the fire a-flame,
But something rustled on the floor,
And someone called me by my name:
It had become a glimmering girl
With apple blossom in her hair
Who called me by my name and ran
And faded through the brightening air.

Though I am old with wandering
Through hollow lands and hilly lands,
I will find out where she has gone,
And kiss her lips and take her hands;
And walk among long dappled grass,
And pluck till time and times are done,
The silver apples of the moon,
The golden apples of the sun.

Source: The Wind Among the Reeds (1899)

www.poets.org/exh/wbyea/
On June 13, 1966, the Supreme Court issued its landmark Miranda vs. Arizona decision, ruling that criminal suspects must be informed of their constitutional rights prior to questioning by police.
Go to article »
PHOTOS OF THE DAY

A worker carrying a buoy for a fiber-optic cable near Bilbao in Spain, as Facebook and Microsoft join forces to lay a fiber-optic cable across the Atlantic to link Europe and the U.S. VINCENT WEST/REUTERS

A swimmer passing under the ‘Museum of the Moon’ by British artist Luke Jerram at the Saint-Georges swimming pool in Rennes, France. DAMIEN MEYER/AGENCE FRANCE-PRESSE/GETTY IMAGES

The main pack of riders rolling past cows in Switzerland during the fourth stage of the 81st Tour de Suisse. GIAN EHRENZELLER/ASSOCIATED PRESS
Market Closes for June 13th, 2017

Market

Index

 Close Change
Dow

Jones

 21328.47 +92.80

 

+0.44%
 
S&P 500 2440.35 +10.96

 

+0.45%
 
NASDAQ 6220.371 +44.906

 

+0.73%
 
TSX 15379.75 -4.05

 
-0.03%

International Markets

Market

Index

 Close Change
NIKKEI 19898.75 -9.83
-0.05%
HANG

SENG

 25852.10 +144.06
+0.56%
SENSEX 31103.49 +7.79
+0.03%
FTSE 100* 7500.44 -11.43
-0.15%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.561 1.489
CND.

30 Year

Bond

 2.112 2.075
U.S.   

10 Year Bond

 2.2092 2.2127
U.S.

30 Year Bond

 2.8640 2.8686

Currencies

BOC Close Today Previous  
Canadian $ 0.75533 0.75051
US

$

 1.32393 1.33243
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48425 0.67374
US

$

 1.12109 0.89199

Commodities

Gold Close Previous
London Gold

Fix

 1262.00 1266.40
     
Oil Close Previous
WTI Crude Future 46.46 46.08

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed as gains in energy shares offset declines in telecom and financials.
     The S&P/TSX Composite Index slipped 4 points or less than 0.1 percent to 15,379.75. Energy shares gained 0.4 percent as the price of crude rose for a third straight day, rebounding from last week’s sharp decline. Birchcliff Energy Ltd. rose 2.6 percent.
     The telecom index tumbled 0.9 percent after Shaw Communications Inc. said it will sell a data-service business and buy new spectrum, pressuring shares of its three biggest competitors. Shaw gained 2.7 percent.
     In other moves:
* Sierra Wireless Inc. added 6.2 percent as the broader tech sector rebounded from a two-day rout
* Quebecor Inc. gained 3.1 percent. The company will sell spectrum licenses to Shaw for C$430 million
* Sears Canada Inc. tumbled 24 percent to its lowest level ever. The retailer said there’s “significant doubt” about its ability to keep operating as obligations exceed cash flow
* Sleep Country Canada Holdings Inc. jumped 4.6 percent after analysts at GMP said the company is likely to benefit from a potential bankruptcy filing at Sears Canada.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks snapped a two-day slide to close at fresh records as technology shares rebounded from the worst drop of the year. The dollar weakened and Treasuries were steady as the Federal Reserve policy meeting kicked off.
     The Dow Jones Industrial Average and the S&P 500 Index ended at all-time highs, while the Nasdaq 100 Index bounced back from its biggest two-day drop since September. European and emerging-market equities advanced. Sterling rose for the first time since the U.K. election. Ten-year Treasury yields held near 2.21 percent and the dollar slipped versus major peers before the Fed is projected to raise rates Wednesday.
     The rebound in tech shares carried through to U.S. trading, affording investors a break from the selloff as the sector resumed its rose as the key driver of global equity gains. Drama in Washington continued to demand attention, with U.S. Attorney General Jeff Sessions slated to testify to lawmakers. 
     He will likely face pressure to explain his role in the firing of James Comey and contacts that he and associates of President Donald Trump had with Russian officials, with markets looking for any indication that the administration’s business- friendly agenda will be delayed.
     Here are the key events investors will be watching this week:
* Fed policy makers are expected to raise their benchmark interest rate for the second time this year on Wednesday. Since that’s widely anticipated, the more market-sensitive elements of the meeting will relate to signals on future policy — either the path for rates or plans to cut the $4.5 trillion balance sheet.
* Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week.
     Here are the main moves in markets:
     Stocks
* The S&P 500 added 0.5 percent to 2,440.35 as of 4 p.m. in New York. The Dow rose 92.80 points to 21,328.47.
* The Nasdaq 100 climbed 0.8 percent, rebounding from its worst two-day drop of the year. It’s still 2.3 percent below it’s all- time high.
* The Stoxx Europe 600 Index rose 0.6 percent, after dropping 1 percent on Monday. Tech shares rose 1.6 percent.
* MSCI’s Emerging Markets Index added 0.1 percent.
     Currencies
* The pound strengthened 0.8 percent to $1.2755 after sliding 0.7 percent on Monday; it stayed higher as U.K. data showed inflation resumed its upward march last month.
* The euro was flat at $1.1209.
* The Bloomberg Dollar Spot Index fell by 0.2 percent.
* The yen dropped 0.1 percent to 110.05 per dollar, after Monday’s 0.3 percent gain. 
     Bonds
* The yield on 10-year Treasuries was little changed at 2.21 percent; before today it climbed for four straight sessions.
* German benchmark yields rose two basis points and French yields rose one basis point, while U.K. yields added seven basis points.
     Commodities
* West Texas crude futures rose 0.8 percent to settle at $46.46, as OPEC reported rising production, offsetting expectations of a further decline in U.S. stockpiles.
* Gold slipped 0.1 percent to $1,268.50, its fifth day of losses and the longest losing streak in a month as investors anticipate a Fed rate hike.
Have a wonderful evening everyone.

 

Be magnificent!

You are the product of your environment.
That is why you are not able to see beyond the habits and social conventions
that are rooted deep within you.  If you wish to see beyond them,
you must first of all free yourself from the normal way in which you interpret facts.
Swami Prajnanpad

As ever,

 

Carolann

 

There is nothing as sweet as a comeback, when you are down and out,
about to lose, and out of time.   -Anne Lamott, b. 1954

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 12, 2017 Newsletter

Dear Friends,

Tangents:
On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.”
Go to article »
PHOTOS OF THE DAY

Shepherds move sheep during sunset in the Tatvan district of Bitlis, Turkey. ALI IHSAN OZTURK/ANADOLU AGENCY/GETTY IMA

A deer peers from a grain field near Reitwein, Germany. PATRICK PLEUL/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for June 12th, 2017

Market

Index

 Close Change
Dow

Jones

 21235.67 -36.30

 

-0.17%
 
S&P 500 2429.39 -2.38

 

-0.10%
 
NASDAQ 6175.465 -32.454

 

-0.52%
 
TSX 15383.80 -89.41

 
-0.58%

International Markets

Market

Index

 Close Change
NIKKEI 19908.58 -104.68
-0.52%
HANG

SENG

 25708.04 -322.25
-1.24%
SENSEX 31095.70 -166.36
-0.53%
FTSE 100* 7511.87 -15.46
-0.21%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.489 1.428
CND.

30 Year

Bond

 2.075 2.036
U.S.   

10 Year Bond

 2.2127 2.2058
U.S.

30 Year Bond

 2.8686 2.8617

Currencies

BOC Close Today Previous  
Canadian $ 0.75051 0.74253
US

$

 1.33243 1.34675
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49291 0.66983
US

$

 1.12044 0.89250

Commodities

Gold Close Previous
London Gold

Fix

 1266.40 1266.55
     
Oil Close Previous
WTI Crude Future 46.08 45.83

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower after briefly spiking more than 100 points earlier in the trading day, as technology shares tumbled for a second day and most other sectors traded in the red.
     The S&P/TSX Composite Index lost 89 points or 0.6 percent to 15,383.80. Tech stocks tumbled 2.1 percent amid a bigger rout in the sector. BlackBerry Ltd. lost 5 percent and Sierra Wireless Inc. fell 4.2 percent.
     The raw-materials index lost 0.8 percent as both base and precious metals fell, and financial shares slipped 0.7 percent even as bond yields rose. Energy stocks also fell, losing 0.6 percent, despite a gain in the price of crude.
     In other moves:
* Eldorado Gold Corp. fell 6.9 percent, the biggest decliner on the materials index. The company will be deleted from S&P/TSX 60 Index on June 19
* Intertape Polymer Group Inc. gained 1.7 percent. The company is buying Canadian Technical Tape Ltd. for approximately $63 million
* CCL Industries Inc. added 3.3 percent after S&P Dow Jones Indices said it will be added to the S&P/TSX 60 Index.
US
By Jeremy Herron
     (Bloomberg) — U.S. technology shares fell a second day after spreading to Asia and Europe on concern the group had risen too far too quickly. The pound retreated as an embattled Theresa May fought to survive the fallout from the British general election.
     The Nasdaq 100 Index capped its biggest two-day decline since September after closing Thursday with a 21 percent gain for the year. Samsung Electronics Co., ASML Holding NV and Tencent Holdings Ltd. led declines in Europe and Asia. Energy shares advanced, mitigating losses in the S&P 500 Index, as crude topped $46 a barrel. Treasuries and the dollar were little changed two days before the Federal Reserve’s policy decision.0
     The sudden slide in tech stocks, which had helped send global equities to repeated record levels this year, blindsided many investors after markets largely brushed aside last week’s trio of risk events. The question now is whether the drops represent merely a pause or a more fundamental crack in the U.S. stock bull market. The Nasdaq 100 fell as much as 2 percent before paring losses into the close.
     Meanwhile, in Washington the drama continues. Attorney General Jeff Sessions will testify Tuesday to the Senate Intelligence Committee to answer questions about alleged Russian meddling in the 2016 presidential election. And the Fed is this week set to lift rates, leading a pack of central banks that are mostly nodding in the direction of removing ultra-accommodative policy.
     Here’s what investors will be watching:
* Sessions will testify before the Senate on Tuesday.
* Fed policy makers are forecast to raise their benchmark interest rate for the second time this year on Wednesday.
* Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week.
     Here are the main moves in markets:
     Stocks
* The tech-heavy Nasdaq 100 fell 0.6 percent at 4 p.m. in New York, adding to its 2.4 percent rout on Friday. Apple fell 2.5 percent while Microsoft Corp. slid 0.8 percent.
* Losses in the S&P 500 Index were muted, with the benchmark gauge down 0.1 percent. Energy and phone shares advanced more than 0.6 percent.
* The Stoxx Europe 600 Index slid 1 percent, with ASML Holding dropping 3.8 percent.
* France’s CAC 40 lost 1.1 percent even as Emmanuel Macron headed for a clear majority in the National Assembly. His success appears to be largely priced in.
* Emerging market equities slid 1.1 percent.
     Currencies
* The pound fell 0.7 percent to $1.2656. The currency lost 1.6 percent on Friday.
* The euro strengthened 0.1 percent to $1.1203.
* The Bloomberg Dollar Spot Index fell 0.1 percent after gaining 0.5 percent over the previous three sessions.
     Bonds
* The yield on 10-year Treasuries rose one basis point to 2.21 percent.
* U.K. benchmark yields decreased four basis points, after dropping three basis points on Friday.
* French yields slipped five basis points while those in Germany fell one basis point.
* Italian 10-year yields tumbled seven basis points.
     Commodities
* West Texas crude futures rose 0.6 to settle at $46.08 a barrel after Saudi Arabia and Russia sought to reassure investors that coordinated production cuts by OPEC and its partners are draining a global glut.
* Gold futures posted the longest losing streak in three months as investors anticipate the Fed will raise rates Wednesday. Bullion slipped 0.2 percent to settle at $1,268.90, for a fourth day of losses.
* Tin rebounded from the worst week since 2015, while copper declined.

Have a wonderful evening everyone.

 

Be magnificent!

How can we be free to look and learn when our minds from the moment we are born
to the moment we die are shaped by a particular culture in the narrow pattern of “me?”
For centuries we have been conditioned by nationality, caste, class, tradition,
religion, language, education, literature, art, custom, convention,
propaganda of all kinds, economic pressure, the food we eat, the climate we live in,
our family, our friends, our experience – every influence you can think of –
and therefore our responses to every problem conditioned.
Are you aware that you are conditioned?
Krishnamurti

As ever,

Carolann

 

The courage to imagine the otherwise is our greatest resource, adding color and suspense to all our life.
                                                                                       -Daniel J. Boorstin, 1914-2004

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

Posted on

June 9, 2017 Newsletter

Dear Friends,

Tangents:
1534 – Jacques Cartier sails into the river he names the St. Lawrence, on the Saint’s feast day.

1934: Donald Duck, cartoon, was born.

1898: Hong Kong lease signed from Britain.

On this day in 1973, Secretariat becomes the first horse since Citation in 1948 to win the Triple Crown.

Number of the Day :
318
The latest results of the U.K. general election indicate the Conservative party won 318 seats in Parliament, less than the 330 it had before the election and short of the 326 it would have needed to retain a majority.
PHOTOS OF THE DAY

People cross Westminster Bridge in front of the Houses of Parliament in London the day after Britain’s national elections.MARKUS SCHREIBER/ASSOCIATED PRESS

Larry the cat sits outside 10 Downing Street in London. CARL COURT/GETTY IMAGES
Market Closes for June 9th, 2017

Market

Index

 Close Change
Dow

Jones

 21271.97 +89.44

 

+0.42%
 
S&P 500 2430.08 -3.71

 

-0.15%
 
NASDAQ 6207.918 -113.846

 

-1.80%
 
TSX 15472.41 +49.33

 
+0.32%

International Markets

Market

Index

 Close Change
NIKKEI 20013.26 +104.00
+0.52%
HANG

SENG

 26030.29 -32.77
-0.13%
SENSEX 31262.06 +48.70
+0.16%
FTSE 100* 7527.33 +77.35
+1.04%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.428 1.417
CND.

30 Year

Bond

 2.036 2.032
U.S.   

10 Year Bond

 2.2058 2.1902
U.S.

30 Year Bond

 2.8617 2.8510

Currencies

BOC Close Today Previous  
Canadian $ 0.74253 0.74066
US

$

 1.34675 1.35015
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50774 0.66324
US

$

 1.11954 0.89323

Commodities

Gold Close Previous
London Gold

Fix

 1266.55 1273.10
     
Oil Close Previous
WTI Crude Future 45.83 45.64

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher as financial shares posted their biggest three-day gain since December and energy shares rallied following two days of declines.
     The S&P/TSX Composite Index added 50 points or 0.3 percent to 15,473.21. The benchmark gained 0.2 percent on the week. Financial stocks rose 1.1 percent for a three-day gain of 2.4 percent as bond yields rose. Energy shares jumped 1.3 percent as the price of oil gained for the first time since Tuesday.
     Raw-materials stocks lost 0.8 percent as gold miners fell with the price of the yellow metal. Asanko Gold Inc. tumbled 7.6 percent.
     In other moves:
* Enghouse Systems Ltd. lost 11 percent after reporting second- quarter earnings that missed the lowest analyst estimate
* Hudson’s Bay Co. fell 11 percent. The retailer announced plans to cut 2,000 jobs after posting a wider-than-expected loss last quarter
* Home Capital Group Inc. rose 7.8 percent following reports that private equity firm Catalyst Capital Group has proposed a strategic partnership with the troubled mortgage lender.
US
By Samuel Potter
     (Bloomberg) — A selloff in technology shares spoiled an otherwise buoyant day in the U.S. stock market as companies from Apple Inc. to Nvidia Corp. tumbled. The British pound dropped as the U.K.’s ruling Conservative Party lost its parliamentary majority, plunging the country into uncertainty just days before Brexit negotiations were due to start.
     Sterling fell the most in eight months as the election intended to strengthen Prime Minister Theresa May’s hand in negotiations with the European Union instead left her battling to survive. The currency’s retreat gave British stocks a boost, as the FTSE 100 Index gained around 1 percent. U.K. bonds rose.
     Outside of Britain, investors turned their attention to sinking technology stocks following early enthusiasm that had pushed U.S. equity indexes to new intraday highs. The move lower began when Robert Boroujerdi, global chief investment officer at Goldman Sachs Group Inc., warned that low volatility in Facebook Inc., Amazon.com Inc., Apple, Microsoft Corp. and Google parent Alphabet Inc. may be blinding investors to risks such as cyclicality and regulation. The S&P 500 technology index plunged 2.7 percent.
     The U.K. vote capped a series of major events this week — including former FBI Director James Comey’s testimony before the Senate Intelligence Committee on Thursday — that passed with relatively little fuss. Attention will now turn to the week ahead, when the Fed is expected to raise interest rates and the Bank of England, the Bank of Japan and the Swiss National Bank also meet.
     “For now, the results of the U.K. elections do not appear to be threatening the global growth story,” Mark Haefele, global chief investment officer at UBS Group AG, said in a note to clients. But for Britain,“political uncertainty is likely to more than offset any benefit from a marginally weaker pound,” he said.
     Here’s what investors will be facing next:
* French voters go to the polls over the weekend, this time as part of a two-step process for parliamentary elections. The outcome will decide how much control new President Emmanuel Macron will have to enact his legislative agenda.
* Federal Reserve policy makers are forecast to raise their benchmark interest rate for the second time this year at the conclusion of a two-day meeting next week. Central banks in Japan and Britain are also scheduled to weigh in with policy decisions.
     Here are the main moves in markets:
     Stocks
* The S&P 500 fell 0.1 percent, while the Dow Jones Industrial Average rose 0.4 percent. The tech-heavy Nasdaq Composite Index dropped 1.8 percent, and the Nasdaq 100 Stock Index plunged 2.4 percent.
* Apple led decliners in the S&P 500, sinking 3.7 percent, while Microsoft, Amazon, Facebook and Google all lost more than 1 percent.
* The FTSE 100 climbed 1 percent. The Stoxx Europe 600 Index added 0.3 percent.
     Currencies
* The pound weakened 1.8 percent to $1.2734 per dollar, while the yen retreated 0.2 percent to 110.26 and the euro slipped 0.2 percent to $1.1197.
* The Bloomberg Dollar Spot Index added 0.2 percent.
     Bonds
* The yield on 10-year Treasuries rose two basis points to 2.21 percent.
* U.K. gilt yields dropped three basis point after climbing three basis points on Thursday.
* German bund yields rose one basis point to 0.26 percent. French 10-year yields were essentially flat.
     Commodities
* West Texas crude rose 0.5 percent to $45.86 a barrel, after two days of losses. Oil has slumped this week as an unexpected increase in U.S. stockpiles cast doubt on OPEC’s ability to rebalance world crude markets.
* Gold fell 0.8 percent to $1,269.40 an ounce, declining a third day. 
     Asia
* Japan’s Nikkei 225 Stock Average jumped 0.5 percent. SoftBank Group Corp. rallied 7.4 percent to the highest in 17 years after agreeing to buy Boston Dynamics from Google parent Alphabet Inc.

 

Have a wonderful weekend everyone.

 

Be magnificent!

Have you ever tried living with yourself?
If so, you will begin to see that yourself is not a static state,
it is a fresh living thing.
And to live with a living thing your mind must also be alive,
And it cannot be alive if it is caught in opinions, judgements, and values.
Krishnamurti

As ever,

Carolann

 

It is better to know some of the questions than all of the answers.
                                                  -James Thurber, 1894-1961

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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