Month: August 2017

Dear Friends,

Tangents:
On Aug. 16, 1977, singer Elvis Presley died at Graceland Mansion in Memphis, Tenn., at age 42.
Go to article »

On this day in 1974, the Ramones play their first public gig at CBGB’s in downtown Manhattan.

HIKE INSPIRATION:
If the beautiful weather inspires you to set out on a jaunt, the app MAP MY HIKE can enhance the experience for you.  In addition to recording your journey, the app also lets you store the best hikes you’ve taken, tell others about them and get ideas for other hikes.  Map My Hike is free for iOS and Android.

SURF HELP
If you’re planning to surf this summer, get information about conditions before you go with the Surfline app, which is free for iOS and Android.  It lets you know about what’s happening with the waves and when the weather will turn grim, requiring you to call it a day.  The app also provides real-time footage of beaches.

You will get all you want in life if you help enough other people get what they want. –Zig Ziglar.
PHOTOS OF THE DAY

As part of the UK-India Year of Culture 2017 and Indian Independence Day Celebrations the Indian Naval Band and a group of Bollywood style dancers visit Calton Hill. CREDIT: STEVEN SCOTT TAYLOR/ALAMY LIVE NEWS

A mantis rests on a lotus seedpod in Xuyi County of Huai’an City, east China’s Jiangsu Province. CREDIT: XINHUA/ZHOU HAIJUN

Nine year old Rory Scott from Bonar Bridge herds sheep as farmers gather at Lairg auction for the great sale of lambs in Lairg, Scotland. Lairg market hosts the annual lamb sale, which is the biggest one day livestock market in Europe, when some twenty thousand sheep from all over the north of Scotland are bought and sold. CREDIT: JEFF J MITCHELL/GETTY IMAGES
Market Closes for August 16th, 2017

 

Market Index	Close	Change
Dow Jones	22024.87	+25.88    +0.12%
S&P 500	2468.11	+3.50   +0.14%
NASDAQ	6345.109	+12.096   +0.19%
TSX	15082.21	-15.63
		-0.10%

 

International Markets

 

Market Index	Close	Change
NIKKEI	19729.28	-24.03
		-0.12%
HANG SENG	27409.07	+234.11
		+0.86%
SENSEX	31770.89	+321.86
		+1.02%
FTSE 100*	7433.03	+49.18
		+0.67%

 

Bonds

 

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.870		1.906
CND. 30 Year Bond		2.311		2.349
U.S.    10 Year Bond		2.2220		2.2728
U.S. 30 Year Bond		2.8073		2.8488

 

Currencies

 

BOC Close	Today	Previous
Canadian $	0.79215	0.78407
US $	1.26239	1.27540
Euro Rate 1 Euro=		Inverse
Canadian $	1.48614	0.67288
US $	1.17721	0.84946

 

Commodities

 

Gold	Close	Previous
London Gold Fix	1272.75	1270.30
Oil
WTI Crude Future	46.78	47.55

Market Commentary:
Number of the Day
$1.5 billion
The approximate profit that Warren Buffett’s Berkshire Hathaway made on its $3 billion investment in General Electric in the depths of the financial crisis. Berkshire sold the last of the GE stock it got as part of the deal in the second quarter, a new filing revealed this week.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks flashed green as Nafta renegotiation talks began Wednesday in Washington D.C.
     The S&P/TSX Composite Index added 0.3 percent to 15,143.02 at around 9:50 am.  Health care gained 0.8 percent as Valeant
Pharmaceuticals International Inc. jumped 1.5 percent.
     Materials rose 0.7 percent, snapping a three-day slump, as Hudbay Minerals Inc. rose 7.2 percent, becoming the top- performing stock on the index, and First Quantum Minerals Ltd.
increased 2.9 percent despite reduced supply to Zambia mine and complex.
     In other moves:
* Prometic Life Sciences Inc. dropped 3.7 percent becoming the worst-performing stock on the index, after being cut to sector perform at the National Bank of Canada yesterday and amid the CFO Greg Weaver’s departure
* Energy rose 0.5 percent after falling for six-days straight as Pason Systems Inc. added 1.5 percent and Baytex Energy Corp.
increased 1.3 percent. Oil halted its slide amid industry data that showed U.S. crude stockpiles declined again, further trimming an inventory surplus.
US
By MARLEY JAY
     New York (AP) — U.S. stocks rose slightly Wednesday as Urban Outfitters and Target helped retailers rally. That was enough to cancel out more losses for energy companies.
     Urban Outfitters and Target did better in the second quarter than analysts expected, and Target raised its forecasts for the year. That helped companies that sell clothing and other retailers. Technology companies and firms that make and sell household goods also traded higher.
     A wide variety of retailers saw their shares sink the day before based on weak earnings reports. With Wal-Mart and Ross Stores in line to report their own results Thursday, investors could change their minds again.
     “This sector is not for the faint of heart,” said JJ Kinahan, chief strategist for TD Ameritrade. “The market is trying to figure out who the winners and losers are going to be.”
     He said turbulence for retailers will be a constant as online competition keeps growing and customers want more features like same-day delivery.
     The Standard & Poor’s 500 index picked up 3.50 points, or 0.1 percent, to 2,468.11. The Dow Jones industrial average added 25.88 points, or 0.1 percent, to 22,024.87. The Nasdaq composite gained 12.10 points, or 0.2 percent, to 6,345.11. The Russell 2000 index of smaller companies inched up 0.30 points to 1,383.53.
     Clothing and accessories retailer Urban Outfitters had a better second quarter than Wall Street expected, and analysts said there are some signs the company’s business is recovering after years of struggles. The stock rose $2.94, or 17.5 percent, to $19.76. Even with those gains, it’s down 31 percent this year and recently traded at eight-year lows, far below its price of $45 a share in early 2015.
     Target gained $1.96, or 3.6 percent, to $56.31. The company raised its annual estimates after it did better than analysts expected in the second quarter.
     Gap climbed 50 cents, or 2.3 percent, to $22.57. Express added 27 cents, or 4.8 percent, to $5.84. Retailers had struggled a day earlier after poor results and lower forecasts from Dick’s Sporting Goods and Advance Auto Parts. The S&P 500 index of retailers climbed 1.7 percent Wednesday after a 2.3 percent plunge the day before.
     Benchmark U.S. crude lost 77 cents, or 1.6 percent, to $46.78 a barrel in New York. Brent crude, used to price international oils, dipped 53 cents, or 1 percent, to $50.27 a barrel in London. That pulled energy companies down further. EOG Resources fell $2.04, or 2.3 percent, to $84.98 and Marathon Oil fell 34 cents, or 2.9 percent, to $11.19.
     Energy companies have slumped this month, but their second- quarter profits have improved dramatically compared to a year ago. A year ago the companies were struggling to make money thanks to a prolonged slump in oil prices. But for more than a year, U.S. crude has mostly stayed between $40 and $55 a barrel.
     Stocks made bigger gains earlier in the day, but they slipped after a group of CEOs, including the heads of 3M and Campbell Soup, said they were leaving a manufacturing jobs group over comments about made by President Donald Trump about the racially charged violence in Charlottesville, Virginia this past weekend.
     Trump then tweeted that he is ending that council as well as a strategy and policy group. The furor could create more obstacles for Trump’s pro-business agenda of tax cuts and infrastructure spending.
     The Dow rose as much as 86 points earlier on.     
After an early gain, the dollar dipped to 110.16 yen from 110.58 yen. The euro rebounded to $1.1769 from $1.1734.
     Bond prices turned higher. The yield on the 10-year Treasury note fell to 2.23 percent from 2.27 percent.
     With bond yields falling, banks and financial companies turned lower as well. Lower bond yields mean lower interest rates on loans and fewer profits for banks.
     Lincoln National fell $1.03, or 1.4 percent, to $71.14 and Bank of America gave up 28 cents, or 1.1 percent, to $24.19.
Regions Financial sank 14 cents, or 1 percent, to $14.34.
     The minutes from the Federal Reserve’s meeting last month did not include many details about the central bank’s plans for letting its balance sheet shrink. The notes showed a divided Fed, as some members of its policy committee think that interest rates should stay about where they are because inflation is still low. But others felt that interest rates should be raised because delays might lead to dangerously high inflation later.
     Fed officials unanimously agreed to leave the interest rates unchanged.
     Gold rose $3.20 to $1,282.90 an ounce. Silver climbed 23 cents, or 1.4 percent, to $16.94. Copper jumped 6 cents, or 2.4 percent, to $2.95 a pound.
     In other energy trading, wholesale gasoline lost 2 cents to $1.56 a gallon. Heating oil fell 3 cents to $1.57 a gallon. Natural gas shed 5 cents to $2.89 per 1,000 cubic feet.
     France’s CAC 40 rose 0.7 percent, and Germany’s DAX and the FTSE i100 in Britain rose by the same amount. Tokyo’s Nikkei 225 retreated 0.1 percent while the Hang Seng in Hong Kong rose 0.9 percent. The South Korean Kospi advanced 0.6 percent.
 

Have a wonderful evening everyone.

 

Be magnificent!

We must learn to love those who think exactly opposite to us.
We have humanity for the background, but each must have his own individuality and his own thought.
Push the sects forward and forward till each man and woman are sects unto themselves.
We must learn to love the man who differs from us in opinion.
We must learn that differentiation is the life of thought.
We have one common goal, and that is the perfection of the human soul, the god within us.
Swami Vivekananda

As ever, 

Carolann

 

Do not seek to follow in the footsteps of the men of old; seek what they sought.
                                                                       -Matsuo Basho, 1644-1694

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

Dear Friends, 

Tangents:
Napoleon Bonaparte, French emperor, b. August 15^th, 1769.

On Aug. 15, 1947, India and Pakistan became independent after some 200 years of British rule.
Go to article »

PHOTOS OF THE DAY

Jockey Luigi Bruschelli of the “Bruco” (Caterpillar) parish struggles with his horse on the starting ropes of the third practices for the Palio of Seina. CREDIT: STEFANO RELLANDINI/REUTERS.

Hundreds of revelers try to navigate their hand-made rafts in the port of the northern Spanish Basque city of San Sebastian during the “Abordaje” (boarding) festival event. CREDIT: GARI GARAIALDE/AFP.

French bullfighter Sebastian Castella fights a bull during the third bullfighting as part of Malaga’s Fair, southern Spain. CREDIT: JORGE ZAPATA/EFE.
Market Closes for August 15th, 2017 

Market Index	Close	Change
Dow Jones	21998.99	+5.28    +0.02%
S&P 500	2464.61	-1.23   -0.05%
NASDAQ	6333.012	-7.221   -0.11%
TSX	15097.84	-22.07
		-0.15%

International Markets

Market Index	Close	Change
NIKKEI	19753.31	+216.21
		+1.11%
HANG SENG	27174.96	-75.27
		-0.28%
SENSEX	31449.03	+235.44
		+0.75%
FTSE 100*	7383.85	+29.96
		+0.41%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.906		1.877
CND. 30 Year Bond		2.349		2.318
U.S.    10 Year Bond		2.2728		2.2220
U.S. 30 Year Bond		2.8488		2.8120

Currencies

BOC Close	Today	Previous
Canadian $	0.78407	0.78591
US $	1.27540	1.27241
Euro Rate 1 Euro=		Inverse
Canadian $	1.49689	0.66805
US $	1.17353	0.85213

Commodities

Gold	Close	Previous
London Gold Fix	1270.30	1282.30
Oil
WTI Crude Future	47.55	47.59

Market Commentary:
On this day in 1971, President Richard Nixon ends direct international convertibility of the U.S. dollar to gold.
Canada
By Natalie Wong
(Bloomberg) — Canadian stocks weakened for the fifth day in six as losses in energy and materials stocks overcame gains in health care, amid diminishing rhetoric between North Korea and the U.S.
The S&P/TSX Composite Index fell 0.2 percent to 15,097.84.
Energy stocks dropped 0.6 percent, cementing a six-day slump, as Precision Drilling Corp. lost 5.6 percent and CES Energy Solutions Corp. slipped 3 percent.
Materials lost 0.4 percent, dropping to the lowest price in over two weeks, as Intertape Polymer Group Inc. lost 3.5 percent after Scotiabank cut the stock to sector outperform, B2Gold Corp. decreased 3.4 percent and First Quantum Minerals Ltd. fell 3.4 percent as Zambia’s power restrictions hit the Kansanshi pit.
Health care gained 1 percent, snapping a four-day loss, as Prometic Life Sciences Inc. jumped 3.8 percent after falling for four days straight after the sudden departure of CFO Greg Weaver, which the Canadian Imperial Bank of Commerce said was a negative sign for the company.
In other moves:
* Nevsun Resources Ltd. jumped 5 percent, snapping a five-day loss, after being resumed at market perform at Raymond James; it was the top-performing stock in the index
* Badger Daylighting Ltd. fell 6 percent, the worst-performing stock in the index. Shares jumped 14.8 percent yesterday after second quarter earnings beat the highest analyst’s estimate.
US
By Eric J. Weiner
(Bloomberg) — The dollar rallied and U.S. stocks fell, halting a two-day advance, as the threat of war with North Korea diminished. Treasuries extended losses after U.S. retail sales exceeded forecasts last month, boosting speculation that the Federal Reserve might raise interest rates again this year.
The S&P 500 Index and Nasdaq Composite Index drifted lower, while the Dow Jones Industrial Average rose slightly for a third straight day. Meanwhile, traditional havens such as gold and the yen slumped. Oil shrugged off early losses to post a gain. The CBOE Volatility Index, also known as the VIX, continued to tumble amid a return to calm in the stock market.
The Stoxx Europe 600 Index edged up after the German economy extended its growth spurt in the second quarter, albeit at a slower pace than expected. The British pound dropped to a five-week low after U.K. inflation unexpectedly held steady in July, clouding the outlook for rate increases.
July retail sales in the world’s biggest economy advanced by the most in any month this year, bolstering the case for more policy tightening. Federal Reserve Bank of New York President William Dudley earlier said he favored another rate hike in 2017.
Meanwhile, Japan’s currency — a haven in times of global tension — slumped after a North Korean media report indicated that dictator Kim Jong Un had decided not to launch a threatened missile attack on Guam. In addition, South Korean President Moon Jae-in vowed to avoid a conflict at any cost.
In Germany, data showed the economy expanded 0.6 percent in the second quarter, driven by domestic demand. That missed estimates slightly, but was accompanied by a revision in the first-quarter number. The euro retreated.
Here are some key events to watch this week:
* On Wednesday, the Federal Open Market Committee will issue minutes from its July policy meeting that may hold clues to the Federal Reserve’s next rate hike. The same day, euro-area second-quarter GDP data is due.
* Chinese tech titans Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are among the companies reporting results this week.
And here are the main moves in markets:
Stocks
* The S&P 500 and Nasdaq Composite closed down 0.1 percent. The Dow gained five points, or less than 0.1 percent, and the Russell 2000 Index dropped 0.8 percent.
* The Stoxx Europe 600 Index increased 0.1 percent.
* The MSCI All-Country World Index declined 0.1 percent.
* Germany’s DAX Index jumped 0.1 percent.
* The U.K.’s FTSE 100 Index surged 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.4 percent.
* The euro fell 0.4 percent to $1.1739, the lowest in three weeks.
* The British pound dipped 0.8 percent to $1.2865.
* The Japanese yen decreased 0.8 percent to 110.54 per dollar, the biggest decline since July 3.
Bonds
* The yield on 10-year Treasuries climbed four basis points to 2.26 percent, the highest in a week.
* Germany’s 10-year yield advanced three basis points to 0.43 percent, the highest in a week.
* Britain’s 10-year yield gained one basis point to 1.08 percent.
Commodities
* Gold declined 0.7 percent to $1,273.09 an ounce.
* West Texas Intermediate crude rose less than 0.1 percent to $47.61 a barrel after falling 2.5 percent on Monday.
Asia
* Japan’s Topix index finished the day 1.1 percent higher and Australia’s S&P/ASX 200 Index gained 0.5 percent at the close. Hong Kong’s Hang Seng index dropped 0.3 percent as the Shanghai Composite Index rose 0.4 percent.
* Markets in South Korea and India are closed Tuesday for holidays.

Have a wonderful evening everyone.

 

Be magnificent!

The golden rule of conduct therefore, is mutual toleration,
seeing that we will never think alike and we shall see the Truth
in fragments and from different angles of vision.
Conscience is not the same thing for all.
While, therefore, it is a good guide for individual conduct,
imposition of that conduct upon all will be an insufferable interference
with everybody’s freedom of conscience.
Mahatma Gandhi

As ever, 

Carolann

 

Never interrupt your enemy when he is making a mistake.
                                   -Napoleon Bonaparte, 1769-1821

 

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

Dear Friends,

Tangents:
On Aug. 14, 1945, President Truman announced that Japan had surrendered unconditionally, ending World War II.
Go to article »
Be yourself; everyone else is already taken.

PHOTOS OF THE DAY

Sir Mo Farah stands at the tip of the Coca-Cola London Eye as he bids a final farewell to British track athletics after winning gold in the 10,000m and silver in the 5000m at the IAAF World Championships in his home city. CREDIT: Martin Rickell/PA

A  cardboard tower with a height of 20 meters and a weight over a ton is brought down during the street festival “Les Jeux du Castrum” in Yverdon-les-Bains, Switzerland.  The piece and performance designed by French artist Olivier Grossetete has brought back to life a replica of the former 19^th century “Tour de la Plaine” tower from Yverdon-les-Bains. CREDIT: Valentin Flauand/Keystone VIA AP.
Market Closes for August 14th, 2017 

MarketIndex	Close	Change
DowJones	21993.71	+135.39   +0.62%
S&P 500	2465.84	+24.52  +1.00%
NASDAQ	6340.234	+83.679  +1.34%
TSX	15119.91	+86.53
		+0.58%

International Markets

MarketIndex	Close	Change
NIKKEI	19537.10	-192.64
		-0.98%
HANGSENG	27250.23	+366.72
		+1.36%
SENSEX	31449.03	+235.44
		+0.75%
FTSE 100*	7353.89	+43.93
		+0.60%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		1.877		1.853
CND.30 Year Bond		2.318		2.294
U.S.   10 Year Bond		2.2220		2.1888
U.S.30 Year Bond		2.8120		2.7855

Currencies

BOC Close	Today	Previous
Canadian $	0.78591	0.78872
US$	1.27241	1.26788
Euro Rate1 Euro=		Inverse
Canadian $	1.49889	0.66716
US$	1.17796	0.84893

Commodities

Gold	Close	Previous
London GoldFix	1282.30	1286.10
Oil
WTI Crude Future	47.59	48.82

Market Commentary:
Number of the Day
60
The number of consecutive trading sessions in which the Dow industrials has not moved 1% or more in either direction, the longest streak in more than a decade.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks, which had fallen every day last week, rebounded amid a broader tech rally as concern eased about escalating rhetoric over North Korea, leading to gains across global share markets.
     The S&P/TSX Composite Index jumped 0.6 percent to 15,119.91. Technology gained 1.3 percent as Kinaxis Inc. rose 3.4 percent, Shopify Inc. increased 2.8 percent and BlackBerry Ltd. added 2.3 percent.
     Industrials rose as much as 1.6 percent, the most since March, as Badger Daylighting Ltd. soared 14.8 percent after earnings per share for the second quarter beat the highest analyst estimate.
     Health care dropped 0.8 percent, continuing a four-day slump, as Prometic Life Sciences Inc. lost 5 percent ahead of second quarter results, becoming the worst performing stock in the index. Knight Therapeutics Inc. fell 3.5 percent despite announcing today that it has amended its loan agreement with Crescita Therapeutics Inc. to receive early repayment of $2.5 million of the loan.
     In other moves:
* Consumer staples increased as much as 1.5 percent, the most since April, as Premium Brands Holding Corp. jumped 7.3 percent after second quarter revenue and earnings per share beat analyst estimates
* Telecom stocks gained 1 percent as Telus Corp. added 1.2 percent.
US
By Eric J. Weiner
     (Bloomberg) — Stocks gained and volatility receded as the prospect of war between the U.S. and North Korea cooled. Havens such as gold, Treasuries and the yen fell. Oil retreated.
     U.S. shares were broadly higher, with the S&P 500 Index gaining the most since April and the Dow Jones Industrial Average and Nasdaq Composite Index also rising. Volatility retreated, as the CBOE Volatility Index, or VIX, fell below 12.5 after topping 16 on Aug. 10.
     The Stoxx Europe 600 Index posted its first gain in four days, tracking increases across markets including South Korea, Australia and Hong Kong. Most European government bonds followed Treasuries lower. Bitcoin posted yet another surge.
     Volatility gauges jumped last week and risk assets tumbled as the sudden increase in tension around the Korean peninsula jolted markets globally. The reaction was exacerbated by rich valuations in numerous asset classes, many of which had barely corrected this year. White House officials sought to calm the crisis on Sunday by assuring that war was not about to break out, and media attention shifted to strife within the U.S.
following the violent white-supremacist rally in Charlottesville, Virginia, over the weekend.
     Meanwhile, there was a mixed bag of data out of Asia on Monday. Japan’s second-quarter growth topped estimates, reflecting better domestic demand. China’s economy posted its worst showing this year as curbs on property, excess borrowing and industrial overcapacity began to have an impact.
          Here are the big events to watch this week:
* A crowded U.S. data docket will give some indication of whether second-half GDP will outperform the first half. July retail sales are expected to rise from June, while housing starts and industrial production may be muted.
* On Wednesday, the Federal Open Market Committee will issue minutes from a July policy meeting that may hold clues to the Federal Reserve’s next rate hike. The same day, Euro-area second-quarter GDP data is due.
* Chinese tech titans Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are among the companies reporting results this week. After rising 76 percent in 2017, Alibaba shares trade at a multiple of 65 times earnings. Tencent is trading at 56 times profits after a 71 percent jump.
* Russia’s factory output growth probably dipped to 3.3% in July year-on-year from 3.5% in June. The data is due in the early part of the week.
     And here are the main moves in markets:
                            Stocks
* The S&P 500 finished up 1 percent. The Dow added 0.6 percent, while the Nasdaq Composite rose 1.3 percent.
* The Stoxx Europe 600 climbed 1.1 percent.
* The U.K.’s FTSE 100 Index gained 0.6 percent.
* Germany’s DAX Index advanced 1.3 percent, its biggest rally in a month.
* The MSCI All-Country World Index increased 0.7 percent. 
                           Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent.
* The euro dipped 0.3 percent to $1.1786.
* The British pound fell 0.4 percent to $1.2967.
* The Japanese yen slid 0.4 percent to 109.66 per dollar, the first retreat in a week.
                             Bonds
* The yield on 10-year Treasuries increased three basis points to 2.22 percent.
* Britain’s 10-year yield gained one basis point to 1.07 percent.
* Germany’s 10-year yield rose two basis points to 0.41 percent.
                          Commodities
* West Texas Intermediate crude plunged 2.8 percent to $47.47 a barrel.
* Gold dipped 0.6 percent to $1,282.14 an ounce, its first retreat in a week.* Japan’s Topix index finished 1.1 percent lower.
* South Korea’s Kospi index advanced 0.6 percent.
* Australia’s S&P/ASX 200 index rose 0.7 percent.
* The Shanghai Composite Index added 0.9 percent, while in Hong Kong the Hang Seng Index gained 1.4 percent. 

Have a wonderful evening everyone.

Be magnificent!

 

Differentiation, infinitely contradictory, must remain,
but it is not necessary that we should hate each other;
it is not necessary therefore that we should fight each other.
Swami Vivekananda

As ever,

Carolann 

He who wonders discovers that this in itself is wonder.

                                      -M.C. Escher, 1898-1972

 

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

Dear Friends,

Tangents:
August 11, 1928, Virginia Woolf Diary: 

At Charleston we had tea from bright blue cups under the pink light of the giant hollyhock.  We are all a little drugged with the country; a little bucolic I thought. It was lovely enough – made me envious of its country peace; the trees all standing securely – why did my eye catch the trees? The look of things has a great power over me.  Even now, I have to watch the rooks beating up against the wind, which is high, and still I say to myself instinctively “What’s the phrase for that?”  and try to make more and more vivid the roughness of the air current and the tremor of the rook’s wings slicing as if the air were full of ridges and ripples and roughnesses.  They rise and sink, up and down, as if the exercise rubbed and braced them like swimmers in rough water.  But what a little I can get down into my pen of what is so vivid to my eyes, and not only to my eyes; also to some nervous fibre, or fanlike membrane in my species. 

Only Robinson Crusoe had everything done by Friday.

On Aug. 11, 1965, deadly rioting and looting broke out in the predominantly black Watts section of Los Angeles. 
Go to article »
On this day in 1992, the world’s largest shopping center, the $650-million, 4.2-million-square-foot Mall of America, opens in Bloomington, Minn.
PHOTOS OF THE DAY

The Red Arrows perform a colourful display above yachts at Falmouth in Cornwall. CREDIT: APEX

The Clipper 2017-18 Round the World Yacht Race fleet has departed Portsmouth Harbour, headed to Albert Dock, Liverpool, for the eleventh edition of the biennial challenge, the only race of its kind which trains non-professional sailors to complete a circumnavigation. The Race Start is 20 August. CREDIT: ONEDITION

Dancers from ‘Tutu’, perform at St Margaret’s Lock in their spoof Swan Lake costumes in Edinburgh, Scotland. Their Edinburgh Festival Fringe show is an invitation to those who love dance to experience familiar favourites, in an opportunity to explore some of the most famous and significant works in the repertoire from Swan Lake to Pina Bausch in a fun way with a twist. CREDIT: ROBERTO RICCIUTI/GETTY IMAGES
Market Closes for August 11th, 2017 

Market Index	Close	Change
Dow Jones	21858.32	+14.31    +0.07%
S&P 500	2441.42	+3.21   +0.13%
NASDAQ	6256.555	+39.683   +0.64%
TSX	15038.45	-35.80
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	19729.74	-8.97
		-0.05%
HANG SENG	26883.51	-560.49
		-2.04%
SENSEX	31213.59	-317.74
		-1.01%
FTSE 100*	7309.96	-79.98
		-1.08%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.853		1.855
CND. 30 Year Bond		2.294		2.296
U.S.    10 Year Bond		2.1888		2.2010
U.S. 30 Year Bond		2.7855		2.7782

Currencies

BOC Close	Today	Previous
Canadian $	0.78872	0.78468
US $	1.26788	1.27440
Euro Rate 1 Euro=		Inverse
Canadian $	1.49924	0.66701
US $	1.18247	0.84568

Commodities

Gold	Close	Previous
London Gold Fix	1286.10	1284.40
Oil
WTI Crude Future	48.82	48.59

Market Commentary:
Number of the Day
58
The number of consecutive sessions the S&P 500 had gone without a move of 1% or more in either direction, the second longest such streak of the current bull market.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell, continuing a week-long slump, as escalating military tensions between the U.S. and North Korea continue to spook markets around the world.
     The S&P/TSX Composite Index dropped 0.3 percent to 15,028.19 at around 9:46 a.m. Telecom stocks fell 0.7 percent, slumping for the third-day, as Telus Corp. lost 2.2 percent after its second quarter adjusted basic earnings per share missed the lowest analyst estimate. 
     Materials slipped 0.7 percent, breaking a two-day rally.
Intertape Polymer Group Inc. fell 6.7 percent after full-year adjusted Ebitda forecast trailed estimates, Pretium Resources Inc. lost 2.4 percent and B2Gold Corp. decreased 1.5 percent.
     In other moves:
* CES Energy Solutions Corp. jumped as much as 7.4 percent, the most intraday since January, after falling for five-days straight. It reported revenue for the second quarter that beat the highest analyst estimate yesterday after market close
* Boardwalk Real Estate Investment Trust dropped 8 percent, the most since February, after it was downgraded to underperform at the Bank of Montreal. It became the worst performing stock on the index
* Enerplus Corp. rose 5.7 percent becoming the top-performing stock in the index after it forecast production for the full year of 84,000 to 86,000 boe/d
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose and volatility eased as markets showed signs of stabilizing after days of verbal sparring between the U.S. and North Korea. The dollar fell after American inflation remained subdued.
     The S&P 500 Index rebounded from its worst day since May as a measure of calm returned to global equity markets roiled by tensions on the Korean peninsula. The latest reading on core prices showed a below-forecast rise, making it tougher for the central bank to stay on its tightening course. That pushed the greenback lower and boosted gold.
     The calm on Friday wasn’t enough to undo the damage done by the geopolitical confrontation that rattled markets all week.
The S&P 500 had its worst period since March, European shares fell the most since Trump’s election and the credit had its deepest slump in a year. While the CBOE Volatility Index slipped Friday, it’s still higher by almost 50 percent in the week, the most since January 2016. Gold stood at a two-month high and the yen briefly pushed through 109 per dollar.
     The week of angst continued a sobering pattern for financial markets in August, when volatility tends to rise even as many investors head for vacation. The latest saber rattling has some firms preparing contingencies for the weekend — just in case, especially with little in the way of economic data or central bank action to focus on in the coming week.
     Some big investors have been warning now would be a good time to reduce levels of risk in portfolios. Ray Dalio, who leads the world’s largest hedge fund at Bridgewater Associates, recommends investors consider placing 5 percent to 10 percent of their assets in gold as a hedge against current political and economic risks.
          Here are the main moves in markets:
                             Stocks
* The S&P 500 added 0.1 percent to 2,441.42 as of 4 p.m. in New York, paring its weekly slide to 1.4 percent, the most since March.
* The Stoxx Europe 600 Index declined 1 percent, for five-day retreat of 2.7 percent, the most since Nov. 4.
* The MSCI All-Country World Index was down 0.1 percent Friday and 1.5 percent in the week.
* The CBOE Volatility Index lost 2.7 percent, after yesterday’s 44 percent rise.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent, sparked by the latest CPI report.
* The euro jumped 0.5 percent to $1.1833.
* The British pound rose 0.3 percent to $1.3015.
* The Japanese yen increased 0.2 percent to 109.016 per dollar, the strongest in more than 15 weeks.
                             Bonds
* The yield on 10-year Treasuries fell one basis point to 2.19 percent.
* Germany’s 10-year yield dipped three basis points to 0.382 percent, the lowest in almost six weeks.
                          Commodities
* West Texas Intermediate crude rose 0.5 percent to settle Friday at $48.82 a barrel. The contract fell 1.5 percent in the week.
* Gold futures rose 0.5 percent to $1,296.80 an ounce, the strongest in two months. 
                              Asia
* The MSCI Asia Pacific Index fell 0.8 percent and was headed for a 1.2 percent slide this week.
* Australia’s S&P/ASX 200 Index fell 1.2 percent at the close in Sydney. The Hang Seng Index in Hong Kong tumbled 2 percent and China’s Shanghai Composite Index was down 1.6 percent.
* South Korea’s Kospi index lost 1.7 percent and volatility on the Kospi 200 surged as much as 27 percent. Japanese markets are
closed for the Mountain Day public holiday.

Have a wonderful weekend everyone.

Be magnificent!

To love is to understand and feel that the other person is different.

Swami Prajnanpad

As ever,

Carolann 

Procrastination is the thief of time.

       -Edward Young, 1683-1765 

 

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

Dear Friends,

Tangents:

With Earth’s first Clay They did the Last
Man knead.
And there of the Last harvest sow’d the Seed:
And the first Morning of Creation wrote
What the Last Dawn of Reckoning shall read.
Yesterday this Day’s Madness did prepare;
To-morrow’s Silence, Triumph or Despair:
Drink; for you know not whence you came,
nor why:
Drink; for you know not why you go, nor
where.
–from The Rubaiyat of Omar Khayyam

1846 – Smithsonian Institution established.
On this day in 1944, U.S. forces overcome Japanese resistance on Guam during World War II.
1945 – Japan surrenders.
1965- Watts Riot, Los Angeles
August 10, 1876 – Alexander Graham Bell makes the world’s First long-distance telephone call from the Bell homestead to a shoe and boot store in Paris, Ontario; using a 13 km long telegraph line strung from Brantford. Brantford, Ontario.
PHOTOS OF THE DAY

These hummingbirds perfectly symmetrical, making them incredibly pleasing on the eye. As they can be seen eating from flowers, with their wings spread, the birds appear almost perfectly symmetrical. The different breeds, including Buff Tailed Coronet and Fawn Breasted Brilliant, can be seen with matching details on either side of their body. CREDIT: HYMAKAR VALLURI/CATERS NEWS.

A man walks through the rain in Regents Park, London, as wet weather continues to hit the UK. CREDIT: VICTORIA JONES/PA

(L-R) Annie Hagg, Nikita Lebedev and Roxanna Kadyrova perform in ‘Staging Wittgenstein’ at the Edinborough International Festival at Greyfriars Kirk in Edinburgh, Scotland. Staging Wittgenstein is a combination of physical art, comedy and suspense, based on a nearly 100-year-old piece of philosophy, performers wear human-size latex balloons to explore and celebrate language. CREDIT: MARK RUNNACLES/GETTY IMAGES
Market Closes for August 10th, 2017 

Market Index	Close	Change
Dow Jones	21844.01	-204.69    -0.93%
S&P 500	2438.21	-35.81   -1.45%
NASDAQ	6216.871	-135.460   -2.13%
TSX	15074.25	-143.08
		-0.94%

International Markets

Market Index	Close	Change
NIKKEI	19729.74	-8.97
		-0.05%
HANG SENG	27444.00	-313.09
		-1.13%
SENSEX	31531.33	-266.51
		-0.84%
FTSE 100*	7389.94	-108.12
		-1.44%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.855		1.910
CND. 30 Year Bond		2.296		2.343
U.S.    10 Year Bond		2.2010		2.2476
U.S. 30 Year Bond		2.7782		2.8237

Currencies

BOC Close	Today	Previous
Canadian $	0.78468	0.78747
US $	1.27440	1.26988
Euro Rate 1 Euro=		Inverse
Canadian $	1.50034	0.66653
US $	1.17727	0.84943

Commodities

Gold	Close	Previous
London Gold Fix	1284.40	1261.80
Oil
WTI Crude Future	48.59	49.17

Market Commentary:
Number of the Day
$2.6 trillion
The amount U.S. companies now hold in funds outside the country
Canada
By Natalie Wong
(Bloomberg) — Canadian stocks extended a decline to a third day, falling the most since mid-June, as losses in info tech and health care offset gains in materials.
The S&P/TSX Composite Index fell 0.9 percent to 15,074.25.
Tech dropped a third day, falling 2.2 percent, as Shopify Inc. slumped 6.9 percent, the most in a month, and Sierra Wireless Inc. lost 3.7 percent.
Health care fell 1.5 percent as Knight Therapeutics Inc. dropped 7 percent and Prometic Life Sciences Inc. slipped 3.9 percent, after dropping as much as 22 percent intraday, the lowest in almost three years, amid the Galapagos lung drug data.
Materials gained 0.7 percent as SSR Mining Inc. rose 12.5 percent and Credit Suisse wrote that the company is likely to reach the higher end of year production and Pan American Silver Corp. jumped 10.7 percent.
In other moves:
* Nevsun Resources Ltd. dropped 16.4 percent after cutting Bisha mine life and disappointing analysts, and was the worst- performing stock on the index
* Energy dropped 1.5 percent as Parex Resources Inc. fell 5.9 percent on a legal charge related to settlement of litigation involving the 2012 acquisition of Ramshorn International Ltd. and Nexgen Energy Ltd. lost 5.5 percent
* Financials dropped 1.5 percent as Element Fleet Management Corp. lost 8.9 percent on 2Q results that included shrinking net interest margins and Manulife Financial Corp. fell 4.7 percent, after it acknowledged that it has challenging businesses amid spinoff speculation
* Aimia Inc. rose 20.1 percent, the most since 2009, as redemptions held steady
US
By Jeremy Herron
(Bloomberg) — Rising geopolitical tension rattled financial markets around the world Thursday, sending U.S. stocks to the biggest loss since May and stoking demand for haven assets.
The S&P 500 Index halted an unprecedented stretch of calm on American equity markets and the CBOE Volatility Index spiked to its highest since April after President Donald Trump dialed up his warning to North Korea on threats to American allies.
Gold surged to a nine-week high, the yen advanced below 110 per dollar and Treasuries strengthened.
Risk assets succumbed Thursday to a third day of saber rattling by Trump and Kim Jong Un, as the spat threatened to boil over into military confrontation. The selloff in U.S.
stocks halted a streak of 15 days without a swing of 0.3 percent in either direction for the S&P 500 and jolted the VIX above 16 for only the fourth time this year. Gold futures neared $1,300 and crude slumped toward $48 a barrel.
“The markets in general are very on edge and they’re very leery about risk,” said Mariann Montagne, a portfolio manager at Gradient Investments LLC, which oversees about $1.4 billion.
“When earnings are not beating expectations there’s a sell off in the companies, and we’re just not seeing that money reinvested because of the geopolitical risks.”
Geopolitical tensions may be the trigger for the latest bout of risk aversion, but with global equities trading near record highs and yield premiums on high-yield debt creeping up, some of the biggest names in the asset management industry have already been warning that it’s time to take risk off the table.
Pimco told investors to pare U.S. equities and junk bonds, but keep exposure to real assets, such as inflation-linked debt, commodities and gold. T. Rowe Price cut its stock allocation to the lowest level since 2000. Morgan Stanley strategists said investors should consider betting against U.S. junk-bonds as recent price weakness may be the beginning of a correction.
Here are some important upcoming events:
* The central bank’s inflation puzzle means Friday’s CPI data in the U.S. will get close attention.
Here are the main moves in markets:
Stocks
* The S&P 500 Index lost 1.5 percent to 2,438.25 at 4 p.m. in New York. That’s the steepest slide since May 17 and the lowest close since July 11.
* The VIX rose 45 percent to 16.12, it’s highest closing price of Donald Trump’s presidency.
* The Nasdaq Composite Index sank 2.1 percent and the Dow Jones Industrial Average lost 200 points.
* The Stoxx Europe 600 Index declined 1 percent to the lowest since March 27.
* The MSCI Emerging Market Index fell 1.4 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro rose 0.1 percent to $1.1772.
* The British pound fell 0.2 percent to $1.2978.
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.20 percent, the lowest since June 26.
* Germany’s 10-year yield decreased two basis points to 0.41 percent, the lowest in six weeks.
* Britain’s 10-year yield dipped three basis points to 1.081 percent, the lowest in more than six weeks.
Commodities
* West Texas Intermediate crude rose fell 2 percent to settle at $48.59 a barrel.
* Gold climbed 0.5 percent to $1,283.28 an ounce, the strongest in two months.

Have a wonderful evening everyone.

 

Be magnificent!

One person is not another person.

What is hem the?  He is unique.

Swami Prajnanpad

As ever,

Carolann 

 

Much learning does not teach understanding.

                -Heraclitus,  c. 535BC-c.475 BC

 

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

Dear Friends,

Tangents:

Know your greens:  an edited extract from “A Rhyming Alphabet of Medicinal Plants” (2016) by Dr. Henry Oakley:

A is for Aconitum

of which Pliny said:  If swallowed in error
                              One ended up dead.

Aconitum napellus, wolf’s bane, is so poisonous that Theophrastus (circa 340 BC) reported that death was the punishment for possessing it.
  Dioscorides (70 AD) wrote that the seed heads and roots were placed on raw meat for killing wolves.
  His contemporary Pliny Secundus added;  “There is no poison in the world so quick in operation.”

B is for Borage
Which we put in our Pimm’s
But it contains more odd toxins
Than one can find I your MIMS

Borago officinalis, borage, was held in high esteem by Nicholas Culpeper in the 17^th century for its exhilarating qualities and for driving away sadness and melancholy, until it came under suspicion for causing damage to the liver, genetic abnormalities and cancer.
  Borage used to be added to flavor summer alcoholic drinks, but the UK medicines regulatory agency now advises against this. MIMS is the monthly pharmacopoeia received by UK physicians.

C is for Cynara
The super cardoon,
It’s in flower at the moment
But will be eaten quite soonCynara cardunculus, the cardoon or artichoke thistle.  The flower heads are eaten.  Dodoens (1552) thought them a cure for stinking armpits and that they engendered lust.  Presumably in that order.
  Galen (c 200AD) said they were indigestible unless cooked.  However, he related that other authors recommended the flower heads soaked in stron wine, to “stir up lust in the body.”

On Aug. 9, 1945, the United States exploded a nuclear device over Nagasaki, Japan, instantly killing an estimated 39,000 people. The explosion came three days after the atomic bombing of Hiroshima.
Go to article »
PHOTOS OF THE DAY

The hats of officials sit on a coat rack outside a meeting between Defence Secretary Jim Mattis and Vietnam Defence Minister Gen. Ngo Xuan Lich at the Pentagon, Washington D.C.
CREDIT: ANDREW HARNIK/AP PHOTO

NASA astronaut Randy Bresnik took this image of the moon rising from the International Space Station.  He wrote on Twitter: “Gorgeous moon rise! Such great detail when seen from Space. Next full moon marks #Eclipse2017. Well be watching from @Space_Station.”
CREDIT: NASA/AFP/GETTY IMAGES

Men and women from the local area work 10 hours a day, to farm red chilli peppers, in Sariakandi, Bangledesh.
CREDIT: SOLENT NEWS/REX/SHUTTERSTOCK
Market Closes for August 9^th, 2017

Market Index	Close	Change
Dow Jones	22048.70	-36.64   -0.17%
S&P 500	2473.57	-1.35   -0.05%
NASDAQ	6352.332	-18.128   -0.28%
TSX	15206.52	-49.83
		-0.33%

International Markets

Market Index	Close	Change
NIKKEI	19738.71	-257.30
		-1.29%
HANG SENG	27757.09	-97.82
		-0.35%
SENSEX	31797.84	-216.35
		-0.68%
FTSE 100*	7498.06	-44.67
		-0.59%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.910		1.940
CND. 30 Year Bond		2.343		2.370
U.S.    10 Year Bond		2.2476		2.2690
U.S. 30 Year Bond		2.8237		2.8512

Currencies

BOC Close	Today	Previous
Canadian $	0.78747	0.78945
US $	1.26988	1.26671
Euro Rate 1 Euro=		Inverse
Canadian $	1.49304	0.66977
US $	1.17559	0.85064

Commodities

Gold	Close	Previous
London Gold Fix	1271.05	1261.80
Oil
WTI Crude Future	49.56	49.17

Market Commentary:
On this day in 2007, fallout from defaulting subprime mortgages forced BNP Paribas SA to freeze three of its funds that were at one point worth more than $2 billion. The move is now considered one of the key early events of the financial crisis.
Number of the Day
0.24%
The percent the S&P 500 fell on Tuesday, its largest decline since July 6.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell as investors continued to reel from growing tension between the U.S. and North Korea and energy stocks took a hit from an unexpected increase in gasoline supplies.
     The S&P/TSX Composite Index fell 39 points or 0.3 percent to 15,217.33. Health-care stocks tumbled 5.1 percent. Valeant Pharmaceuticals International Inc. lost 9.6 percent as investors continued to digest earnings that included lower revenue guidance for the year.
     The energy index fell 0.4 percent even as the price of oil gained 0.8 percent. U.S. government data showed a decline in crude stockpiles but a jump in gasoline inventories.
     In other moves:
* Callidus Capital Corp. lost 21 percent after the Wall Street Journal reported that its top shareholder Catalyst Capital Group Inc., which also shares a founder with Callidus, is the subject of whistleblower complaints
* Semafo Inc. jumped 18 percent following an upgrade to outperform at Credit Suisse
* Kinaxis Inc. fell 17 percent. Several analysts issued downgrades after the company slashed its full-year sales forecast
* Stantec Inc. rose 9.4 percent after second-quarter earnings beat the highest analyst estimate
* Finning International Inc. gained 8.9 percent on better-than- expected results.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks ended little changed, while Treasuries pared gains as American government officials tried to ease concerns the country was headed for armed conflict with North Korea. Crude fell on a jump in gasoline stockpiles.
     The S&P 500 Index almost erased losses in the final hour of trading and the CBOE Volatility Index pared an advance as Secretary of State Rex Tillerson signaled military confrontation was not imminent. He was one of several officials in the Trump administration who sought to fine-tune the message on how it will address North Korean threats. 
     Trump’s statement Tuesday that could unleash “fire and fury” against Kim Jong Un’s regime sparked demand for haven assets from the yen to Treasuries. Those trades began reversing late Wednesday as investors grew more confident the situation wouldn’t escalate. Still, emerging-market shares fell the most since June and gold jumped to an eight-week high Wednesday. The 10-year Treasury yield fell as much as five basis points before trimming that to a single point.
     “Trump in his reactions is something new for all of us,” Geraldine Sundstrom, portfolio manager at Pimco Europe, said in an interview on Bloomberg TV. “Given the nature of the threats, given the players are new, it makes the situation a little bit unusual,” said Sundstrom, who recommended safe haven trades and minimizing risks through duration. 
     Among the key events looming this week:
* U.K. factory output for June is due Thursday, with industrial production for France on Friday.
* This week’s Federal Reserve speakers aren’t done: keep a keen ear out for comments by New York Fed boss Bill Dudley on Thursday.
* Argentina, Mexico, New Zealand, Peru, the Philippines, Serbia and Zambia set monetary policy.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index lost less than 0.1 percent to 2,474.01 at 4 p.m. in New York, all but erasing losses that reached 0.5 percent.
* The CBOE Volatility Index 3 percent, well off its session high of a 15 percent spike.
* The Stoxx Europe 600 Index declined 0.7 percent.
* The MSCI All-Country World Index sank 0.4 percent.
* The MSCI Emerging Market Index sank 1 percent, the biggest dip in almost eight weeks.
                             Currencies
* The euro added less than 0.1 percent to $1.1757, the weakest in almost two weeks.
* The Bloomberg Dollar Spot Index was little changed.
* The British pound increased 0.1 percent to $1.3001, the first advance in a week.
* South Africa’s rand sank 0.6 percent to 13.455 per dollar, the weakest in more than four weeks.
                             Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.24 percent.
* Germany’s 10-year yield declined five basis points to 0.428 percent, the lowest in six weeks.
* Britain’s 10-year yield fell five basis points to 1.109 percent, the lowest in six weeks.
* France’s 10-year yield decreased four basis points to 0.714 percent, the lowest in six weeks.
                             Commodities
* Gold surged 1.3 percent to $1,279.64 an ounce, the biggest jump in two months.
* West Texas Intermediate crude climbed 0.2 percent to $49.26 a barrel.
                             Asia
* Japan’s Topix index fell 1.1 percent, the most since May 18. Australia’s S&P/ASX 200 Index bucked the region-wide downward trend to add 0.4 percent. The Hang Seng Index in Hong Kong lost 0.4 percent and China’s Shanghai Composite Index was down 0.2 percent.
* The Japanese yen advanced 0.6 percent to 109.70 per dollar, the strongest in eight weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

When you see that everything is different, that everything is unique,
you become one with the whole.
This is because you no longer judge, compare, or attribute particular characteristics.
Remove the characteristics,
and you no longer have an entity.
Swami Prajnanpad

As ever,

 

Carolann

 

Everyone is the son of his own works.
    -Miguel de Cervantes, 1547-1616

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

Dear Friends,

Tangents:

‘N’em

-Jericho Brown

They said to say goodnight
And not goodbye, unplugged
The TV when it rained.  They hid
Money in mattresses
So to sleep on decision
Some of their children
Were not their children.  Some
Of their parents had no birthdates.
They could sweat a cold out
Of you.  They’d wake without
An alarm telling them to.
Even the short ones reached
Certain shelves.  Even the skinny
Cooked animals too quick
To catch.  And I don’t care
How ugly one of them arrived,
That one got married
To somebody fine.  They fed
Families with change and wiped
Their kitchens clean.
Then another century came.
People like me forgot their names.

Birthdays:
Roger Federer, b. 1981.
Dustin Hoffman, b. 1937

On Aug. 8, 1974, President Richard Nixon announced he would resign following damaging revelations in the Watergate scandal.
Go to article »

PHOTOS OF THE DAY

Buddhist monks clean the dust off of the 15-meter-high Great Buddha at Todaiji Temple in Nara, Japan.
CREDIT: BUDDHIKA WEERASINGHE/GETTY IMAGES

The Plymouth Lido in Devon, is empty as the UK continues to have unsettled weather for the summer holidays.
CREDIT: SWNS

People out punting in the rain on the river Cam in Cambridge.
CREDIT:  SWNS
Market Closes for August 8^th, 2017

Market Index	Close	Change
Dow Jones	22085.34	-33.08   -0.15%
S&P 500	2474.92	-5.99   -0.24%
NASDAQ	6370.461	-13.311   -0.21%
TSX	15256.35	-1.62
		-0.01%

International Markets

Market Index	Close	Change
NIKKEI	19996.01	-59.88
		-0.30%
HANG SENG	27854.91	+164.55
		+0.59%
SENSEX	32014.19	-259.48
		-0.80%
FTSE 100*	7542.73	+10.79
		+0.14%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.940		1.922
CND. 30 Year Bond		2.370		2.352
U.S.    10 Year Bond		2.2690		2.2620
U.S. 30 Year Bond		2.8512		2.8420

Currencies

BOC Close	Today	Previous
Canadian $	0.78945	0.79049
US $	1.26671	1.26504
Euro Rate 1 Euro=		Inverse
Canadian $	1.48819	0.67196
US $	1.17482	0.85119

Commodities

Gold	Close	Previous
London Gold Fix	1261.80	1257.70
Oil
WTI Crude Future	49.17	49.58

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average hits its lowest level ever: 28.48. That marks a 30.5% decline for the blue-chip index over its first 10 weeks. It’s up 77,563% since.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed as lower energy prices offset gains from strong earnings.
     The S&P/TSX Composite Index slipped 1.6 points or less than 0.1 percent to 15,256.35. Stocks briefly plunged around 3:30 p.m. in Toronto after U.S. President Donald Trump said North Korean threats would be met with “fire and fury.”
     Energy shares lost 0.8 percent as oil prices fell 0.5 percent. CES Energy Solutions Corp. sank 4.6 percent and Pason Systems Inc. lost 3.7 percent.
     The consumer discretionary index gained 0.9 percent as Great Canadian Gaming Corp. jumped 18 percent to a record . The casino operator, together with Brookfield Business Partners LP, won a bid to operate gaming facilities in the Toronto area that generate revenue of more than C$1 billion. Brookfield Business Partners rose 7.8 percent.
     In other moves:
* Pretium Resources Inc. tumbled 8.7 percent ahead of second- quarter results, when investors will be looking for an operational update
* Ritchie Bros. Auctioneers Inc. gained 8 percent. Second- quarter results beat analyst estimates
* Martinrea International Inc. rose 6.8 percent on positive second-quarter earnings
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell and a measure of equity volatility spiked higher after President Donald Trump delivered a warning to North Korea amid rising tensions between the nations. Treasuries slipped, while the yen strengthened.
     The S&P 500 Index fell to session lows and the CBOE Volatility Index jumped 11 percent shortly before 3:30 p.m. in New York when Trump said further threats from the country would be met with “fire and fury.” The comments jolted markets from a summer slumber, with U.S. assets largely little changed for most of the session. The 10-year Treasury yield rose. Crude retreated toward $49 a barrel.
     Trump’s comments followed a report in the Washington Post, citing a Defense Intelligence Agency analysis, that Pyongyang successfully developed a miniaturized nuclear warhead that could fit onto its missiles. He said North Korea will be “met with fire and fury and, frankly, power the likes of which the world has never seen before” if Kim Jong Un’s regime continues to threaten the U.S.
     Markets had been listless with few catalysts to give investors reason for conviction. South Africa’s rand fell after President Jacob Zuma survived a no-confidence motion in parliament. The focal point of this week looks set to be Friday’s U.S. inflation data, which may be key to the interest- rate outlook of the world’s biggest economy.
     Also among the key events looming this week:
* U.K. factory output for June is due Thursday, with industrial production for Italy on Wednesday and for France on Friday.
* This week’s Fed speakers aren’t done: keep a keen ear out for comments by New York Fed boss Bill Dudley on Thursday.
* Dutch Prime Minister Mark Rutte resumes talks to form a coalition government on Wednesday.
* Argentina, Mexico, New Zealand, Peru, the Philippines, Serbia and Zambia set monetary policy.
     And here are the main moves in markets:
                           Stocks
* The S&P 500 Index fell 0.2 percent to 2,474.97 at 4 p.m. in New York.
* The Dow Jones Industrial Average fell 32.48 points, while the Nasdaq Composite Index lost 0.2 percent.
* The Stoxx Europe 600 Index erased losses to end higher by 0.2 percent.
* The MSCI All-Country World Index fell 0.1 percent.
                           Currencies
* The euro fell 0.4 percent to $1.1749.
* The Bloomberg Dollar Spot Index rose less than 0.1 percent.
* The British pound decreased 0.4 percent to $1.299, the weakest in more than two weeks on a closing basis.
* South Africa’s rand tumbled 1.2 percent to 13.395 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose two basis points to 2.27 percent.
* Germany’s 10-year yield gained two basis points to 0.47 percent.
* Britain’s 10-year yield increased two basis points to 1.157 percent.
                            Commodities
* Gold futures climbed 0.1 percent to $1,266.20 an ounce.
* West Texas Intermediate crude futures fell 0.5 percent to settle at $49.17 a barrel amid speculation that stockpiles may rise once the summer period of higher demand ends.

 

Have a wonderful evening everyone.

 

Be magnificent!

If you do not think he is different, he is unique;  he exists in his own right,
there cannot be any relationship.
Swami Prajnanpad

As ever,

 

Carolann

 

The beginning is always today.
-Mary Shelley, 1797-1851

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

Dear Friends,

Tangents:
Carolann is out of the office this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

A handout photo that Flightradar24.com released Friday shows the route a Boeing 787 Dreamliner aircraft took during a test flight the day before. The route resulted in the outline of an airplane on a map. FLIGHTRADAR24/EUROPEAN PRESSPHOTO AGENCY

This is not a mirage… People crossing these enormous sand dunes might be forgiven for thinking they are seeing things as they stumble across a clutter of stunning blue lagoons. But in this desert-like scene just outside the Amazon Basin in northern Brazil, the water remains due to frequent rainfall and a dense layer of rock beneath the sand. The Lencóis Maranhenses National Park – meaning the “Bedsheets of Maranhão” – is given it’s name due to the blanket effect of the white sand. CREDIT: MARCELO ALMEIDA/SOLENT NEWS
Market Closes for August 4^th, 2017

Market Index	Close	Change
Dow Jones	22092.81	+66.71    +0.30%
S&P 500	2476.83	+4.67   +0.19%
NASDAQ	6351.563	+11.211   +0.18%
TSX	15259.97	+66.01
		+0.43%

International Markets

Market Index	Close	Change
NIKKEI	19952.33	-76.93
		-0.38%
HANG SENG	27562.68	+31.67
		+0.12%
SENSEX	32325.41	+87.53
		+0.27%
FTSE 100*	7511.71	+36.94
		+0.49%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.922		1.895
CND. 30 Year Bond		2.352		2.324
U.S.    10 Year Bond		2.2620		2.2194
U.S. 30 Year Bond		2.8420		2.7949

Currencies

BOC Close	Today	Previous
Canadian $	0.79049	0.79474
US $	1.26504	1.25827
Euro Rate 1 Euro=		Inverse
Canadian $	1.48944	0.67139
US $	1.17739	0.84934

Commodities

Gold	Close	Previous
London Gold Fix	1257.70	1268.10
Oil
WTI Crude Future	49.58	49.03

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose amid strong monthly jobs reports on both sides of the border, with technology, industrials and financials leading the gains.
     The S&P/TSX Composite Index added 34 points or 0.2 percent to 15,225.90 at 9:52 a.m. in Toronto. Canada’s unemployment rate fell to 6.3 percent in July, the lowest since 2008, as the labor market added 10,900 jobs during the month. South of the border, employers added 209,000 jobs, ahead of estimates, and the jobless rate fell to 4.3 percent.
     Technology stocks were the biggest gainer in Canada, adding 0.8 percent. Sierra Wireless Inc. rose 4.9 percent, rebounding from Thursday’s 20 percent drop, while Open Text Corp. gained 3.7 percent following results that beat estimates.
     The financials index gained 0.3 percent and industrial shares rose 0.2 percent.
     In other moves:
* First Majestic Silver Corp. fell 7.5 percent after an unexpected second-quarter loss
* Dorel Industries Inc. lost 4.5 percent. Second-quarter revenue and adjusted earnings missed analyst estimates
* Dream Office REIT gained 2.8 percent. The company is buying back 21 million units
US
New York (AP) — U.S. stocks are slipping Thursday as technology and energy companies and banks fall. Big drug companies and industrial firms are rising, and a solid quarter from cereal maker Kellogg helped makers of food and household goods move higher. Smaller companies continue to decline.
     KEEPING SCORE: The Standard & Poor’s 500 index dropped 3 points, or 0.1 percent, to 2,474 as of 3:25 p.m. Eastern time. The Dow Jones industrial average headed for its eighth gain in a row and added 20 points, or 0.1 percent, to 22,036. The Nasdaq composite lost 13 points, or 0.2 percent, to 6,349.  Dozens of companies have reported strong second-quarter results this week as corporate earnings continue to grow. But the market has hardly reacted.
     THE QUOTE: Small companies, which surged in November and December, have struggled lately. The Russell 2000 sank 7 points, or 0.5 percent, to 1,405 after a sharp loss a day ago. Julian Emanuel, an equity strategist for UBS, said that as the dollar continues to lose strength, investors are selling smaller and more domestically-focused companies and buying more international businesses, as the weaker dollar will help their sales outside the U.S.
     “Most people didn’t expect the degree of dollar weakness that we’re seeing,” he said. The ICE U.S. Dollar Index is down 9 percent this year and hasn’t been this low in about 15 months.
     TECH TAKES A TURN: Security software maker Symantec announced disappointing first-quarter sales and its forecasts for the rest of the year weren’t as good as analysts had hoped.
Symantec also said it will sell its website security business to DigiCert for $950 million in cash and a 30 percent stake in DigiCert. Symantec slid 51 cents, or 1.6 percent, to $30.40.
     3D printer maker 3D Systems plunged $3.70, or 21.8 percent, to $13.31 after it fell short of Wall Street estimates in the second quarter and cut its projections for the full year.
Elsewhere, Apple lost $1.35 to $155.79 after a big jump the day before.
     THEY’RE GREAT: Kellogg, the maker of Frosted Flakes, Pop Tarts and Eggo waffles, reported another quarterly decline in sales as revenue from breakfast items slipped and snack food sales were flat. But the results weren’t as bad as experts had expected. Its stock jumped $3.27, or 4.8 percent, to $70.71.
     Consumer products maker Clorox also rose after it disclosed a larger-than-expected profit. It gained $3.19, or 2.4 percent, to $135.16.
     ECONOMIC NEWS: The Institute for Supply Management gave a disappointing report on how U.S. services companies did in July.
The group’s services index slipped to its lowest reading in 11 months as production, orders and hiring all slowed down. It’s a result that suggests the economy is still growing at a steady but modest pace.
     Meanwhile the Bank of England left its key interest rate at a record low and reduced its economic growth forecasts. That sent the British FTSE 100 index 0.9 points higher for the day, as investors were glad the bank probably won’t raise interest rates any time soon. The pound also moved lower.
     The yield on the 10-year Treasury note fell to 2.23 percent from 2.27 percent. That sent interest rates lower, and banks also fell.
     ENERGY: Oil prices turned lower. Benchmark U.S. crude dipped 56 cents, or 1.1 percent, to $49.03 a barrel in New York.
Brent crude, the international standard, fell 35 cents to $52.01 a barrel in London.
     Wholesale gasoline lost 1 cent to $1.63 a gallon. Heating oil fell 2 cents to $1.64 a gallon. Natural gas slipped 1 cent to $2.80 per 1,000 cubic feet.
     ELECTRIFYING: Electric car maker Tesla said it’s confident it can meet its production goals for its new Model 3 sedan, which will cost less than its previous cars. The company also took a smaller net loss than investors expected. Its shares gained $21.27, or 6.5 percent, to $347.16.
     AVON CALLING… FOR HELP: Avon Products took a loss in its latest quarter and said sales weren’t as good as expected. The cosmetics retailer has been struggling for years to revive its business, and it said Thursday that CEO Sheri McCoy will leave the company. Activist investors have put pressure on Avon to find new leadership. The stock lost 37 cents, or 11 percent, to $2.99.
     METALS: Gold dipped $4 to $1,274.40 an ounce. Silver fell 10 cents to $16.63 an ounce. Copper lost less than 1 cent to $2.88 a pound.     CURRENCIES: The dollar fell to 110.06 yen from 110.61 yen.
The euro rose to $1.1866 from $1.1860.
     STOCKS OVERSEAS: In France, the CAC 40 rose 0.5 percent and the DAX in Germany lost 0.2 percent. Japan’s benchmark Nikkei
225 lost 0.3 percent and the Kospi of South Korea dropped 1.7 percent. Hong Kong’s Hang Seng sank 0.3 percent.

 

Have a wonderful weekend everyone.

Be magnificent!

Simply enjoy life and the great pleasures that come with it.-Karolina Kurkova

As ever, 

Megan 

Integrity is the essence of everything successful.-R. Buckminster Fuller

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

Dear Friends,

Tangents:
Carolann is out of the office this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

People enjoy the ‘peach banquet’ at the Laojun Mountain Scenic Area in central China’s Henan Province. WANG ZHONGJI/ZUMA PRESS.

The twin towers of the ‘Bosco Verticale,’ or Vertical Forest, residential buildings frame a view of Milan. LUCA BRUNO/ASSOCIATED PRESS.
Market Closes for August 3rd, 2017 

Market Index	Close	Change
Dow Jones	22026.17	+9.93    +0.05%
S&P 500	2471.56	-6.01   -0.24%
NASDAQ	6340.340	-22.305   -0.35%
TSX	15185.91	-79.72
		-0.52%

International Markets

Market Index	Close	Change
NIKKEI	20029.26	-50.78
		-0.25%
HANG SENG	27531.01	-76.37
		-0.28%
SENSEX	32237.88	-238.86
		-0.74%
FTSE 100*	7474.77	+63.34
		+0.85%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.895		1.938
CND. 30 Year Bond		2.324		2.362
U.S.    10 Year Bond		2.2194		2.2639
U.S. 30 Year Bond		2.7949		2.8482

Currencies

BOC Close	Today	Previous
Canadian $	0.79474	0.79552
US $	1.25827	1.25703
Euro Rate 1 Euro=		Inverse
Canadian $	1.49379	0.66944
US $	1.18698	0.84248

Commodities

Gold	Close	Previous
London Gold Fix	1268.10	1269.60
Oil
WTI Crude Future	49.03	49.59

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks moved turned positive again for the year to date as energy stocks boosted the S&P/TSX Composite to a small gain.
     The index gained 21 points or 0.1 percent to 15,286.26 after earlier gaining as much as 0.4 percent. It was the first time the benchmark has traded above its 2017 opening price in five weeks.
     Energy stocks gained 0.3 percent as the price of crude rose 0.2 percent. Canadian Natural Resources Ltd. gained 3.6 percent after second-quarter results beat expectations and it raised its full-year production outlook.
     The consumer discretionary index gained 0.4 percent. Cott Corp. led the sector with a gain of 1.6 percent following second-quarter revenue that beat estimates.
     In other moves:
* Sierra Wireless Inc. tumbled 15 percent. The third-quarter forecast was below analyst estimates and it announced plans to buy Numerex Corp. for $107 million
* Altus Group Ltd. jumped 15 percent following second-quarter results that topped estimates and an upgrade at RBC
* Alamos Gold Inc. rose 9.7 percent. The company beat estimates after eight consecutive quarters of misses
* Seven Generations Energy Ltd. lost 9.4 percent after it cut its 2017 production guidance following an unplanned plant outage
* Home Capital Group Inc. lost 5.7 percent. The troubled lender’s second-quarter results late Wednesday included a wider- than-expected loss
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell, the dollar weakened versus the yen and Treasuries rose after the Wall Street Journal reported Special Counsel Robert Mueller was said to have impaneled a grand jury in the ongoing Russia probe.
     The WSJ report a half hour before the close in New York sent the S&P 500 Index to its lows for the session before the measure reclaimed some ground to finish down 0.3 percent. The Dow Jones Industrial Average eked out a fresh record. Ten-year Treasury yields slumped and the yen strengthened. Crude fell below $49 a barrel, while gold slipped.
     News that Mueller, who is probing Russia’s interference in 2016 U.S. elections as well as possible collusion with Trump campaign, has impaneled a grand jury, briefly rattled markets that have recently shown little reaction to persistent signs of turmoil in Washington. Stocks had traded little changed for most of the session with corporate earnings in focus before Friday’s jobs report.
     Here are some key upcoming events:
* U.S. jobs data on Friday will probably show employers added about 180,000 workers in July.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index lost 0.3 percent as of 4 p.m. in New York.
* The Dow climbed less than 10 points to notch a fresh record.
* The Stoxx Europe 600 Index added 0.1 percent.
* The MSCI All-Country World Index declined 0.2 percent.
* The U.K.’s FTSE 100 Index advanced 0.9 percent to the highest in two weeks.
                           Currencies
* The yen gained 0.7 percent to $109.951.
* The Bloomberg Dollar Spot Index lost 0.1 percent and is down 8.9 percent in the year.
* The British pound declined 0.6 percent to $1.3138, the biggest drop in a month.
                             Bonds
* The yield on 10-year Treasuries declined five basis points to 2.22 percent.
* U.K. 10-year yields slipped nine basis points to 1.15 percent.
* Germany’s 10-year yield fell three basis points to 0.45 percent.
                          Commodities
* West Texas Intermediate crude slid 0.5 percent to $49.35 a barrel.
* Gold futures retreated 0.3 percent to $1,274.50 an ounce.
             
 

Have a wonderful evening everyone.

Be magnificent!

“Slow down and enjoy life. It’s not only the scenery you miss by going to fast – you also miss the sense of where you are going and why.” – Eddie Cantor

 

As ever, 

Megan

 

“If you want to be successful, it’s just this simple. Know what you are doing. Love what you are doing. And believe in what you are doing.” -Will Rogers

 

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

Dear Friends,

Tangents:
TODAY IN HISTORY
1943 – PT-109, a Navy patrol torpedo boat commanded by Lt. John F. Kennedy, sank after being sheared in two by a Japanese destroyer off the Solomon Islands. Kennedy was credited with saving members of the crew.
Go to article »

My doctor gave me two weeks to live.  I hope they’re in August. – Ronnie Shakes.
PHOTOS OF THE DAY

Queensferry Crossing, the new road bridge over the Forth Estuary, viewed from South Queensferry as final works progress ahead of its opening in South Queensferry, Scotland. The bridge is due to open on August 40, 2017, and will be the highest bridge in the UK and the longest three-tower cable-stay bridge in the world.
CREDIT: KEN JACK – CORBIS/GETTY IMAGES VIA GETTY IMAGES

A member of Head First Acrobats performs inside the giant kaleidoscope at Camera Obscura and World of Illusions, Edinburgh, ahead of their Fringe Festival show Elixir.
CREDIT: JANE BARLOW/PA

Jamie Russell captured a stunning colourful sky over St Catherine’s Obratory on St Catherine’s Down, Isle of Wright. He believes that the colours came from the chine below and caused the sky to be filled with colour resembling the Northern Lights.
CREDIT: ISLANDVISIONS/BNPS
Market Closes for August 2nd, 2017

Market Index	Close	Change
Dow Jones	22016.24	+52.32   +0.24%
S&P 500	2476.81	+0.46   +0.02%
NASDAQ	6362.645	-0.293   —
TSX	15269.18	+67.08
		+0.44%

International Markets

Market Index	Close	Change
NIKKEI	20080.04	+94.25
		+0.47%
HANG SENG	27607.38	+67.15
		+0.24%
SENSEX	32476.74	-98.43
		-0.30%
FTSE 100*	7411.43	-12.23
		-0.16%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.938		1.959
CND. 30 Year Bond		2.362		2.383
U.S.    10 Year Bond		2.2639		2.2532
U.S. 30 Year Bond		2.8482		2.8544

Currencies

BOC Close	Today	Previous
Canadian $	0.79552	0.79734
US $	1.25703	1.25417
Euro Rate 1 Euro=		Inverse
Canadian $	1.48960	0.67132
US $	1.18501	0.84387

Commodities

Gold	Close	Previous
London Gold Fix	1269.60	1270.95
Oil
WTI Crude Future	49.59	49.16

Market Commentary:
On this day in 1990, Iraq invades Kuwait. The U.S. stock market falls 19% over the next two-and-a-half months. A year later, the U.S. stock market has rebounded and is up 27%.

Number of the Day
380 points
A massive run-up in Boeing Co. shares in recent days means that the company has been responsible for 380 points on the Dow Jones Industrial Average since it first closed above 21000 five months ago. That’s more than twice as much as the next biggest contributor in the Dow, McDonald’s Corp., which has added 171 points. The Dow closed at 21964 Tuesday.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark closed higher, boosted by strength in energy, financial and consumer staples stocks.
     The S&P/TSX Composite Index gained 64 points or 0.4 percent to 15,265.63, its highest close since June. Energy shares gained 0.6 percent despite a brief plunge in the price of crude following U.S. government data that showed oil inventories rose by 1.1 million barrels last week.
     The financials index added 0.5 percent as Genworth MI Canada Inc. gained 3.5 percent and Intact Financial Corp. rose 2.3 percent. Both reported second-quarter results that beat analyst estimates.
     Consumer staples stocks jumped 0.8 percent as Saputo Inc. gained 2.1 percent, the cheese maker’s second day of gains following results that beat the highest estimate.
     In other moves:
* Cineplex Inc. tumbled 8.2 percent, the most since 2009, on disappointing earnings across the theater sector
* Guyana Goldfields Inc. jumped 9.8 percent following Tuesday’s 15 percent decline. The company was upgraded at BMO on operational issues that are expected to be transient
* Bombardier Inc. jumped 5.5 percent. The company has reportedly reached a rail joint-venture deal with Siemens AG.
US
By Robert Brand and Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell, though Apple Inc. dragged major indexes higher, propelling the Dow Jones Industrial Average past 22,000 for the first time. Renewed weakness in the dollar weighed on small caps, while crude failed to hold above $50 a barrel.
     Apple’s 5 percent gain, sparked by an optimistic sales forecast, took the Dow to a record, boosted the Nasdaq 100 Index and left the S&P 500 Index little changed even as most groups fell. European equities slid as a drop in industrial metals weighed on miners. The euro, coming off its best month since March 2016, continued its surge versus the ailing dollar. Oil rose as record gasoline demand allayed shale boom worries, though it settled off highs for the day.
     Weakness in the dollar and the corresponding euro rally have started to dominate market moves, with the common currency’s longest rally since 2013 sustained by interest-rate differentials as investors lose faith in Donald Trump’s spending plans. U.S. stocks have benefited, with multinationals delivering outsize earnings at the same time European exporters have taken a hit.
     Read more about the euro’s remarkable run.
     Friday’s report on the American labor market may provide the next inflection point, as investors look for clues on the strength of the world’s largest economy and the Federal Reserve’s next policy move.
     Here are some key upcoming events:
* Bank of England Governor Mark Carney may signal a more hawkish tone at its quarterly Inflation Report on Thursday.
The central bank will likely keep rates on hold.
* U.S. jobs data on Friday will probably show employers added about 180,000 workers in July.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index rose less than 0.1 percent to 2,477.17 at 4 p.m. in New York. The Dow was higher by 0.2 percent to 22,010.30 as Apple jumped 5.5 percent.
* The Russell 2000 Index lost 1.1 percent.
* The Stoxx Europe 600 Index fell 0.4 percent.
* The MSCI All-Country World Index was flat.
                             Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro climbed 0.4 percent to $1.1852, the highest level since January 2015.
* The British pound advanced 0.2 percent to $1.3224, the strongest in more than 10 months.
                              Bonds
* The yield on 10-year Treasuries advanced one basis point to 2.27 percent.
* Britain’s 10-year yield climbed two basis points to 1.24 percent, the highest in a week.
* Germany’s 10-year yield gained less than one basis point to 0.49 percent.
                              Commodities
* West Texas Intermediate crude rose 0.9 percent to settle at $49.59 a barrel. Record demand for gasoline helped ease concerns that increasing crude production from America’s shale fields will worsen a global glut.
* Gold futures retreated 0.5 percent to $1,272.20 an ounce.
* Copper was essentially unchanged at $2.88 a pound.                            

 

Have a wonderful evening everyone.

 

Be magnificent!

Expansion is life; contraction is death.
Love is life, hatred is death.
We began to die the day we began to contract, to hate others
and nothing can prevent our death,
until we come back to life, to expansion.
Swami Vivekananda

As ever,

 

Carolann

 

Endurance is patience concentrated.
            -Thomas Carlyle, 1795-1881

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