Month: August 2017

Dear Friends,

Tangents:

Lammas: 1^st harvest, Wicca

Homou’o: hooting at hunger, Ghana

1990:World Wide Web established.
1789: U.S. Customs established.

On August 1, 1936, 100,000 saluted Adolf Hitler on his entrance at the opening of the Berlin Olympics.
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AUGUST ~ LEO, PERIDOT
                 VIRGO

The days seem to shorten.  The nights, deep and warm, grow longer.  Apples are on the trees.  The first fruits are gathered.  It’s the Celtic feast of Lugh, Christina Lammastide, when the first grains are ground and baked and placed upon the alter.  For the Celts, Lugh ordained the feast be  held in honor of his mother Tailltiu, the Earth Mother.

PHOTOS OF THE DAY

August Sunflowers, perfect for all the family on a sunny day. Cadwell Farm in Ickleford, Hertfordshire, has an unusal seasonal opportunity for the whole family to pick their own sunflowers now that the lavender is past its best, which is what the farm is more famous for. Keiko and Yuko, sisters on a day trip from Finchley in London with baby Aoi, 1
CREDIT: DAVID ROSE FOR THE TELEGRAPH

This tranquil scene shows a fisherman patiently waiting to catch trout on a perfectly still lake. The spectacular Domomiti Brenta mountain range is perfectly reflected on the body of water as the sun sets behind. The beautiful image was captured at the Adamello Brenta National Park in Italy by amateur photographer Simone Aglioni.
CREDIT: SIMONE AGLIONI/SOLENT

Two mantises face off before a dual which left only one insect standing. Perfectly balanced on the stem of a flower the two mantises prepare for battle, showing colours to warn the other of their strength. The exquisite pair were photographed in Konarak, a small city located in the south-east of Iran, by Ali Akbar Khandan, 35, who by chance came across the deadly but natural display.
CREDIT: ALI AKBAR KHANDAN/SOLENT NEWS & PHOTO AGENCY
Market Closes for August 1st, 2017

Market Index	Close	Change
Dow Jones	21962.62	+71.50   +0.33%
S&P 500	2475.82	+5.52   +0.22%
NASDAQ	6362.938	+14.814   +0.23%
TSX	15213.43	+69.56
		+0.46%

International Markets

Market Index	Close	Change
NIKKEI	19985.79	+60.61
		+0.30%
HANG SENG	27540.23	+216.24
		+0.79%
SENSEX	32575.17	+60.23
		+0.19%
FTSE 100*	7423.66	+51.66
		+0.70%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.959		1.996
CND. 30 Year Bond		2.383		2.420
U.S.    10 Year Bond		2.2532		2.3103
U.S. 30 Year Bond		2.8544		2.9194

Currencies

BOC Close	Today	Previous
Canadian $	0.79734	0.79636
US $	1.25417	1.25571
Euro Rate 1 Euro=		Inverse
Canadian $	1.47992	0.67571
US $	1.18002	0.84744

Commodities

Gold	Close	Previous
London Gold Fix	1270.95	1261.10
Oil		Previous
WTI Crude Future	49.16	49.04

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day, boosted by strong earnings in the technology and industrials sectors.
     The S&P/TSX Composite Index added 58 points or 0.4 percent to close at 15,202.10. Technology shares led the way with a 3 percent gain, bolstered by a 14 percent jump at Shopify Inc. That increase was the largest since September and came as Shopify beat analysts’ revenue estimates for the ninth quarter in a row.
     Industrials added 1 percent as Air Canada jumped 9.6 percent to a record high. The airline, already Canada’s top- performing industrial stock this year, boosted its profit outlook for this year and next. WestJet Airlines Ltd. rose 3 percent following its own better-than-expected quarterly results.
     In other moves:
* Guyana Goldfields Inc. tumbled 15 percent after reporting lower grades and higher costs
* Thomson Reuters Corp. added 5.4 percent, its biggest gain since 2009, after it reported second-quarter earnings that beat analyst estimates and boosted its full-year forecast
* Hudson’s Bay Co. gained 5.1 percent. An activist investor said Monday it may call for new directors if the company ignores its suggestions for unlocking value.
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — U.S. stocks flirted with all-time highs amid the latest batch of corporate results. Treasuries climbed with the dollar as data gave mixed signals on the strength of American economic growth.
     The Dow Jones Industrial Average closed at a record and moved within reach of 22,000, while the S&P 500 Index retreated from a historic high. The Bloomberg dollar index edged up after posting a fifth straight monthly loss in July, as a reading on manufacturing last month fell short of expectations and data showed spending by U.S. consumers barely grew in June. The yield on 10-year Treasury notes slipped to 2.25 percent. Crude fell back after topping $50 a barrel.
     As economic data largely supports the global growth story and company earnings in many cases beat estimates, investors will be forgiven for diving further into a bull market that’s propelled equity markets the world over to unprecedented levels. But with valuations well above average, monetary policy poised to turn hawkish and a U.S. administration mired in controversy there remains a degree of caution in markets.
     Figures from gross domestic product and economic confidence to joblessness and manufacturing output signaled the euro-area economy was gaining steam, but it wasn’t enough to reverse a drop in the euro and most benchmark government bonds rose.
     Meanwhile, the Reserve Bank of Australia held the benchmark at 1.5 percent while warning that a rising currency is expected to subdue inflation and weigh on the outlook for growth and employment. The Aussie fluctuated, dipping below 80 U.S. cents and jumping as high as 80.43 cents.
     Here are some key upcoming events:
* Apple earnings hit after the U.S. close. Analysts expect a somewhat cautious outlook due to potential delays in the new iPhone introduction.
* Brazil’s Congress votes on Wednesday on whether to put President Michel Temer on trial.
* 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 will probably show employers added about 180,000 workers in July. That’s Friday.
* Rate decisions are due in India (Wednesday), Czech Republic and Ukraine (Thursday), and Romania (Friday).
      And here are some of the key moves in markets:
                          Stocks
* The S&P 500 Index rose 0.2 percent, falling just short of the all-time high it reached last week.
* The Dow added 73 points to 21,963.92, a new record, and closed in on its round-number milestone.
* The MSCI All-Country World Index climbed 0.4 percent to the highest on record. * The Stoxx Europe 600 Index increased 0.6 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro decreased 0.3 percent to $1.1802.
* The British pound declined 0.1 percent to $1.3203.
                          Bonds
* The yield on 10-year Treasuries fell four basis points to 2.25 percent.
* Germany’s 10-year yield dropped five basis points to 0.49 percent, the lowest in a month.
* Britain’s 10-year yield slipped two basis points to 1.21 percent.
                          Commodities
* West Texas Intermediate crude fell 1.9 percent to $49.21 a barrel, the first retreat in more than a week.
* Gold was essentially unchanged at $1,269.53 an ounce.
                          Asia
* The MSCI Asia-Pacific Index rose to the highest since 2007 as equity indexes from Tokyo to Sydney advanced. Japan’s Topix index added 0.6 percent. Banks rallied after Sumitomo Mitsui Financial Group Inc. reported a 31 percent increase in net income for the June quarter.
* Australia’s S&P/ASX 200 Index closed 0.9 percent higher, while South Korea’s Kospi index ended up 0.8 percent.
* The Hang Seng Index in Hong Kong rose 0.8 percent, while the Shanghai Composite Index climbed 0.6 percent.
* The yen fell 0.2 percent to 110.49 per dollar, having climbed 1.9 percent in July.
* The Aussie dollar slipped 0.3 percent to 79.77 cents.

Have a wonderful evening everyone.

 

Be magnificent!

Each one has a special nature peculiar to himself which he must follow
and through which he will find his way to freedom.
Swami Vivekananda

As ever,

 

Carolann

 

The mill cannot grind with water that’s past.
–George Herbert, 1593-1633

 

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:
Birthday: J.K. Rowling, b. 1965.

We had the singular summer pleasure yesterday of watching an outdoor baseball game on a brilliantly warm and sunny  July day with the requisite hot-dogs and beer….the stands at Safeco Field in Seattle were packed with animated fans who wildly cheered when the Mets were defeated by the Mainers at the top of the ninth inning.  A contingent of Canadian fans could be seen and heard in the stands, cheering Canadian pitcher James Paxton from Ladner, B.C. who gave a stellar performance;  the Canadians held signs that were painted in red with the chant (which could also be loudly heard) eh eh eh eh…. Summer is truly a magical time! 🙂 

On July 31, 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface.
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PHOTOS OF THE DAY

Prime Minister Theresa May, the Duke and Duchess of Cambridge, King Philippe and Queen Mathilde watch the poppies fall from the roof of the Menin Gate in Ypres, Belgium for the official commemorations marking the 100^th anniversary of the Battle of Passchendale. CREDIT: ANDREW MATTHEWS/PA
Rare special Citroen model cars are displayed inside the Royal Palace of Mafra, Portugal during the World 2017 2CV Meeting. CREDIT: JOSE MANUAL RIBEIRO/AFP
Market Closes for July 31^st, 2017

Market Index	Close	Change
Dow Jones	21891.12	+60.81   +0.28%
S&P 500	2470.30	-1.80   -0.07%
NASDAQ	6348.125	-26.552   -0.42%
TSX	15143.87	+15.22
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	19925.18	-34.66
		-0.17%
HANG SENG	27323.99	+344.60
		+1.28%
SENSEX	32514.94	+205.06
		+0.63%
FTSE 100*	7372.00	+3.63
		+0.05%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.061		2.028
CND. 30 Year Bond		2.468		2.451
U.S.    10 Year Bond		2.2888		2.2871
U.S. 30 Year Bond		2.8961		2.8922

Currencies

BOC Close	Today	Previous
Canadian $	0.80145	0.80436
US $	1.24773	1.24322
Euro Rate 1 Euro=		Inverse
Canadian $	1.47745	0.67684
US $	1.18410	0.84452

Commodities

Gold	Close	Previous
London Gold Fix	1267.55	1264.90
Oil		Previous
WTI Crude Future	50.17	49.71

Market Commentary:
*On this day in 1914, the New York Stock Exchange closes its doors. The exchange stays shut for four-and-a-half months amid the outbreak of World War I.*
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rallied as financials broke a three-day slump, offsetting losses in health care and tech companies.
     The S&P/TSX Composite Index rose 0.1 percent to 15,143.87. Financial stocks added 0.4 percent as Manulife Financial Corp. increased 0.9 percent and the Canadian Imperial Bank of Commerce gained 0.6 percent. 
     Materials extended a two-day gain, adding 0.3 percent as Ivanhoe Mines Ltd. jumped 2.7 percent and Norbord Inc. increased 5.6 percent after being raised to outperform at Credit Suisse.
     Health care fell 1.4 percent, continuing a three-day slump, as Valeant Pharmaceuticals International Inc. dropped 2 percent, Prometic Life Sciences Inc. lost 1.9 percent and Canopy Growth Corp. slipped 1.3 percent. 
     In other moves:
* Tech decreased 0.5 percent, falling for the third-day straight as Blackberry Ltd. slipped 3.5 percent and Sierra Wireless Inc. lost 1.3 percent
* Exchange Income Corp. rose as much as 7.8 percent, the most in three weeks, the best-performing stock in the index
* B2gold Corp. fell 6.9 percent, the most since May, the worst- performing stock in the index after gold production reached 121,448 oz.
US
By Robert Brand and Jeremy Herron
     (Bloomberg) — U.S. stocks slumped Monday despite a strong performance for the month, spurred by healthy corporate results and growing optimism in the strength of the global economy. Treasuries slid and the dollar added to its biggest monthly retreat since January.
     The S&P 500 Index swung between gains and losses on light volume, but the gauge still posted its fourth straight monthly gain. European shares retreated for July. Copper rose to a two- year high and iron ore surged. The dollar pushed its decline this month to 2.6 percent, while the 10-year Treasury yield held near 2.30 percent. West Texas Intermediate crude traded above $50 a barrel for the first time since May.
     U.S. stocks stumbled to the end of July after powering to fresh records amid evidence of resilient growth around the world. China’s official factory gauge showed continued expansion in June, even as it slipped amid government efforts to curb financial risks. Japan’s industrial output expanded in June, while numbers on Friday showed the U.S. economy accelerating in the second quarter.
     “Global expansion dynamics are well underway,” analysts at Candriam Investors Group wrote in a report. “The European recovery is well on track and is leading to above-trend growth in 2017-18. This has led us to increase our profit earnings expectations for euro-zone equities. The economic news flow is starting to become more supportive in the U.S., while emerging markets are benefiting from a good economic momentum.”
     Meanwhile, the slew of corporate earnings continues. Apple Inc., Tesla Inc., Berkshire Hathaway Inc. and Toyota Motor Corp. are all set to unveil results this week. HSBC’s second-quarter profit beat analysts’ estimates as outgoing Chief Executive Officer Stuart Gulliver boosted revenue while also trimming costs, and the lender said it will spend up to $2 billion buying back stock.
     Terminal users can read more in our Markets Live blog.
     In a packed week, here are some of the key events:
* There’s a stack of data on the U.S. economy due this week; highlights include jobs data that probably shows employers added about 180,000 workers in July. That’s Friday. Also watch out for manufacturing and automaker data on Tuesday.
* Brazil’s Congress votes on whether to put President Michel Temer on trial on Wednesday.
* The Bank of England announces a monetary-policy decision on Thursday, with investors expecting the key rate to remain at a record low 0.25 percent.
* Australia (Tuesday), India (Wednesday), Czech Republic and Ukraine (Thursday), and Romania (Friday) also announce rate decisions.
* The U.S. Energy Information Administration releases monthly reports Monday.
     Here are some of the key moves in markets:
     Stocks
* The S&P 500 closed down less than 0.1. at 2,470.3, but posted a gain of 1.9 percent in July.
* The Nasdaq 100 Index dropped 0.5 percent, paring its monthly advance to 4.1 percent.
* The Stoxx Europe 600 Index slipped 0.1 percent, for it second straight monthly loss.
* The MSCI All-Country World Index advanced 0.2 percent.
* The U.K.’s FTSE 100 Index increased less than 0.1 percent.
* The MSCI Emerging Market Index climbed 0.4 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent and posted its fifth straight monthly drop.
* The euro rose 0.8 percent to $1.184.
* The British pound added 0.5 percent to $1.3196.
     Bonds
* The yield on 10-year Treasuries declined less than one basis point to 2.29 percent.
* Germany’s 10-year yield was little changed at 0.54 percent.
* Britain’s 10-year yield rose one basis point to 1.23 percent.
     Commodities
* West Texas Intermediate crude gained 1.1 percent to $50.25 a barrel, reversing earlier losses.
* Copper climbed 0.6 percent to $2.89 a pound, the highest in more than two years.
* Gold rose less than 0.1 percent to $1,270.25 an ounce.
     Asia* The Japanese yen increased 0.1 percent to 110.58 per dollar, the strongest in six weeks.
* Japan’s Topix index closed 0.2 percent lower after swinging between gains and losses. Australia’s S&P/ASX 200 Index rose 0.3 percent and South Korea’s Kospi index added 0.1 percent. Hong Kong’s Hang Seng Index added 1.1 percent. HSBC was among the biggest contributors to the advance.

 

Have a wonderful evening everyone.

 

Be magnificent!

You are unique as you are here and now.
You are never the same.  You will never be the same again.  You have never before been what you are now. You will never be it again.
Swami Prajnanpad.

As ever,

 

Carolann

 

Success breeds confidence.
-Beryl Markhan, 1902-1986

 

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:

I read in the Globe & Mail today about the recent demise of Dr. Shigeaki Hinorhara, at the age of 105 years.  I found his remarkable story to be inspiring.
   He is known as the father of longevity in Japan and cautioned against gluttony, early retirement and vigorously championed annual medical checkups, climbing stairs regularly and just having fun.  He died in Tokyo of respiratory failure.  His obituary states that he wrote a musical for children at 88 and a best selling book when he was 101.  It goes on to state that, “In the early 1950s, Dr. Hinohara pioneered a system of complete annual physicals – called ‘human dry dock’ that has been credited with helping to lengthen the average lifespan of Japanese people….He imposed few inviolable health rules, although he did recommend some basic guidelines: Avoid obesity, take the stairs (he did, two steps at a time) and carry your own packages and luggage.…Don’t underestimate the beneficial effects of music and the company of animals; both can be therapeutic.  Don’t retire, but if you must, do so a lot later than the age of 65.  And prevail over pain simply by enjoying yourself.  ‘We all remember how as children, when we were having fun, we often forgot to eat or sleep,’ he often said.  ‘I believe we can keep that attitude as adults – it is best not to tire the body with too many rules such as lunchtime and bedtime.’  Dr. Hinohara maintained his weight at about 130 pounds.  His diet was Spartan: coffee, milk and orange juice with a tablespoon of olive oil for breakfast; milk and a few biscuits for lunch; vegetables with a small portion of fish and rice for dinner.  (He would consume 3 ½ ounces of lean meat twice a week). 
   After spending his first six decades supporting his family, Dr. Hinohara devoted the remainder of his life largely to volunteer work.
   In 2000, he conceived a musical version of Leo Buscaglia’s book The Fall of Freddie the Leaf, which was performed in Japan and played off-off-Broadway in New York.  He wrote scores of books in Japanese, including Living Long, Living Good (2001) which sold more than one million copies.
   Until the last few months, he would work up to 18 hours a day.  Using a cane, he would exercise by taking 2,000 or more steps a day…”

And on this day in…
1866: Beatrix Potter, writer was born.
1929: Jacqueline oO  Kennedy first lady was born.

And on, On July 28, 1914, Austria-Hungary declared war on Serbia. World War I began as declarations of war by other European nations quickly followed.
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PHOTOS OF THE DAY

This is the moment a trout taunted a drenched osprey who dived into water after him and missed – by flipping with joy behind its back. The osprey was clearly having a bad morning as its breakfast managed to slip through its talons twice – once dropping back into the lake and the second time luring the bird of prey in after it. But it was third time lucky for the stunning bird, known for their fish hunting prowess, who eventually managed to soar off with its hefty catch. CREDIT: ROGER JEPSON/MERCURY PRESS

I’ve got a frog in my throat. A long legged heron tirelessly attempts to prepare its slippery lunch for the plunge. In a battle that lasted 20 minutes, the grey heron persevered to victory when it perfectly positioned the frog head first down its beak. Photographer Akihiro Asami, 70, captured the dual at a secluded park in Yokohama City, Japan, hidden behind a fence 20 metres away. CREDIT: AKIHIRO ASAMI/SOLENT NEWS & PHOTO AGENCY

Seven-year-old George Stowell and his four-year-old sister Tilly bury themselves in a ‘Brick Pit’ filled with thousands of lego bricks at BrickLive a Lego fan event where Lego builders and fans demonstrate their building skills at the Excel centre from July 27 to July 30 in East London. CREDIT: CHRISTOPHER PLEDGER
Market Closes for July 28th, 2017

Market Index	Close	Change
Dow Jones	21830.31	+33.76   +0.15%
S&P 500	2472.10	-3.32   -0.13%
NASDAQ	6374.676	-7.510   -0.12%
TSX	15128.65	-62.71
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	19959.84	-119.80
		-0.60%
HANG SENG	26979.39	-151.78
		-0.56%
SENSEX	32309.88	-73.42
		-0.23%
FTSE 100*	7368.37	-74.64
		-1.00%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.028		1.996
CND. 30 Year Bond		2.451		2.420
U.S.    10 Year Bond		2.2871		2.3103
U.S. 30 Year Bond		2.8922		2.9194

Currencies

BOC Close	Today	Previous
Canadian $	0.80436	0.79636
US $	1.24322	1.25571
Euro Rate 1 Euro=		Inverse
Canadian $	1.46078	0.68457
US $	1.17499	0.85107

Commodities

Gold	Close	Previous
London Gold Fix	1264.90	1261.10
Oil		Previous
WTI Crude Future	49.71	49.04

Market Commentary:
Number of the Day
51
Sen. John McCain (R., Ariz.) cast one of three GOP no votes that sank Senate Republicans’ latest effort to roll back the Affordable Care Act. GOP Sens. Susan Collins of Maine and Lisa Murkowski of Alaska also joined with Democrats to block the measure in a 49-51 vote.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks declined as losses in consumer discretionary and consumer staples shares offset a gain in materials companies.
     The S&P/TSX Composite Index fell 0.4 percent to 15,128.65. Consumer discretionary stocks lost 1.2 percent, falling to the lowest since April, as Restaurant Brands International Inc. dropped 2.3 percent and Magna International Inc. slipped 2 percent.
     Consumer staples retreated 1.1 percent, continuing a three- day slump, as Loblaw Cos Ltd. fell 1 percent after being downgraded to equal-weight at Barclays, George Weston Ltd. slipped 2.6 percent after second quarter adjusted earnings per share missed estimates and Alimentation Couche-Tard Inc. lost 2 percent.
     Materials gained 0.3 percent as Kirkland Lake Gold Ltd. rose 5.8 percent, continuing a three-day rally, and Iamgold Corp. increased 4.8 percent after 2017 operating profit improved by double digits. Eldorado Gold Corp. fell 7.6 percent, the intraday lowest in over a year, after being downgraded to hold at Canaccord.
     In other moves:
* MacDonald Dettwiler & Associates Ltd. jumped 8.4 percent, the most intraday since 2012, after second quarter operating EPS beat estimates; it was the best-performing stock in the index
* Mitel Networks Corp. gained 5.8 percent, after jumping 6.9 percent yesterday, after its agreement to buy competitor ShoreTel Inc. for $530 million spurred an upgrade to outperform at National Bank yesterday.
US
By Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell amid disappointing earnings that have rattled technology shares, while the dollar weakened and gold climbed after data showed the American economy expanding at a slower-than-expected pace.
     The S&P 500 Index ended the busiest week of earnings virtually unchanged from where it began, while the Nasdaq 100 Index fell in the five days as tech results failed to lift the high-flying sector. Chevron Corp. was the latest blue chip to rally on earnings, pushing the Dow Jones Industrial Average to a 1.2 percent gain in the week. The dollar fell against all most G-10 peers, while Treasury yields retreated as the rate of inflation slowed last quarter. Oil capped the best week of the year.
     While the U.S. economy rebounded in the second quarter, results for the first three months of the year showed the economy had slightly more tepid growth than previously reported. Before Friday’s selloff, signs of economic recovery had boosted stocks in the U.S. and globally to records. Technology shares have led the charge, with companies in the sector soaring 22 percent this year for the best performance among 11 groups in the S&P 500.
     “With Amazon’s earnings falling short of estimates, the U.S. market may readjust its expectations,” said Hideyuki Ishiguro, a senior strategist at Daiwa Securities Co. in Tokyo. “Investors are becoming increasingly wary over the historically low volatility levels, with a host of key economic data coming out in the U.S.”
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index fell 0.1 percent to 2,472.08 as of 4 p.m. in New York, 0.46 point lower for the week.
* Amazon.com Inc. lost 2.3 percent, while Starbucks Corp. fell 9.3 percent.
* Tobacco shares retreated after U.S. regulators proposed cutting nicotine levels in cigarettes. Altria Group Inc. tumbled 9.4 percent to lead declines in tobacco shares.
* The Stoxx Europe 600 Index declined 1.1 percent, the lowest in almost 14 weeks.
* Germany’s DAX Index fell 0.5 percent.
     Currencies
* The Bloomberg Dollar Spot Index declined 0.4 percent.
* The euro increased 0.6 percent to $1.1748.
* The British pound advanced 0.5 percent to $1.3135, the strongest since September.
* The Japanese yen gained 0.4 percent to 111.79 per dollar, the strongest in almost six weeks.
     Bonds
* The yield on 10-year Treasuries fell two basis points to 2.29 percent.
* Germany’s 10-year yield climbed one basis point to 0.54 percent.
* Britain’s 10-year yield advanced two basis points to 1.218 percent.
     Commodities
* West Texas Intermediate crude climbed 1.3 percent to settle at $49.71, the highest in eight weeks with its fifth straight advance. The contract surged 8.6 percent in the week.
* Copper rallied 5.3 percent the five days, the most since February.
* Gold futures climbed 0.7 percent to $1,274.80 an ounce, the strongest in six weeks.
     Asia
* The MSCI Asia Pacific Index dropped 0.6 percent, erasing its gain for the week. Tech shares in the gauge fell 1.5 percent.
* South Korea’s Kospi index slumped 1.7 percent, the most since November, with Samsung tumbling 4.1 percent. Hong Kong’s Hang Seng Index lost 0.5 percent, with Tencent dropping 0.9 percent.
* Benchmark indexes in Australia, Taiwan and Singapore were down more than 0.7 percent. The Shanghai Composite Index rose 0.1 percent.
* Japan’s Topix index fell 0.4 percent. Data on Friday showed that while household spending in Japan rose 2.3 percent, its first gain in more than a year, Japan’s key price gauge was unchanged in June.

 

Have a wonderful weekend everyone.

 

Be magnificent!

For you, now, meditation involves establishing within yourself,
the reality of these two unavoidable rules – difference and change.
Try as hard as possible to convince yourself
that these two rules can neither be changed nor avoided.
Swami Prajnanpad

As ever,

 

Carolann

 

Be nice to people on your way up because you’ll meet
them on your way down.
                        -Wilson Mizner, 1876-1933

 

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:
Birthdays:
1943, Mick Jagger
1894, Aldous Huxley
1856, George Bernard Shaw
1875, Carl Jung

And….
On July 26, 1947, President Truman signed the National Security Act, creating the Department of Defense, the National Security Council, the Central Intelligence Agency and the Joint Chiefs of Staff.
Go to article »

PHOTOS OF THE DAY

Fireflies seeking mates light up in synchronized bursts inside a forest at Santa Clara sanctuary near the town of Nanacamilpa, Tlaxcala state, Mexico. CREDIT: EDGARD GARRIDO/REUTERS.

This stunning photograph shows lightning striking a tree. Weather photographer Christophe Suarez captures the jaw-dropping image near a village called Novalaise, close to Chambary in the French Alps. The picture shows lightning bolt flare yellow as it hits the tree. There are also mysterious points of lightning spreading left and right from the strike, which Christophe says are “most probably corona discharges on a fence”. CREDIT: CHRISTOPHE SUAREZ/COVER IMAGES.

An aerial view of the Datong Panda Power Plan where solar panels are placed to form the pattern of a panda in Datong, Shanxi Province of China. The worlds first panda power plant will officially start operations on 10 August 2017, where it will have a total installed capacity of 100MW upon completion, providing 3.2 billion kWh of green energy in 25 years. This is equivalent to saving 1.056 million tons of standard coal or reducing 2.74 million tons of CO2 emission according to the company. CREDIT: HOW HWEE YOUNG/EPA.

‘Every Which Way’ The British Evacuees Association Memorial after it was unveiled today by HRH The Duke of Gloucester at The National Memorial Arboretum in Alrewas, Staffordshire. The bronze sculpture by Maurice Blik PPRBS FRSA, is to remember and commemorate the evacuation in WWII which led to the displacement of 3.5 million people, most of whom were children leaving the cities to live in the countryside. Many former evacuees attended the service, including television presenter and Patron of the Association, Michael Aspel OBE, who spent five years living in Chard, Somerset after he was evacuated from London. CREDIT: CHRISTPHER FURLONG/GETTY IMAGES.
Market Closes for July 26th, 2017 

Market Index	Close	Change
Dow Jones	21711.01	+97.58    +0.45%
S&P 500	2477.83	+0.70   +0.03%
NASDAQ	6422.746	+10.573   +0.16%
TSX	15171.39	-30.98
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	20050.16	+94.96
		+0.48%
HANG SENG	26941.02	+88.97
		+0.33%
SENSEX	32382.46	+154.19
		+0.48%
FTSE 100*	7452.32	+17.50
		+0.24%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.971		1.885
CND. 30 Year Bond		2.353		2.250
U.S.    10 Year Bond		2.2872		2.2375
U.S. 30 Year Bond		2.8922		2.8087

Currencies

BOC Close	Today	Previous
Canadian $	0.80339	0.79746
US $	1.24473	1.25399
Euro Rate 1 Euro=		Inverse
Canadian $	1.46106	0.68444
US $	1.17379	0.85194

Commodities

Gold	Close	Previous
London Gold Fix	1248.10	1248.55
Oil	Close	Previous
WTI Crude Future	48.75	45.62

Market Commentary:
On this day in 1786, the earliest known U.S. stock and bond tables are published in the Massachusetts Centinel.
Canada
By Natalie Wong
     (Bloomberg) — Canadian equities fell as industrial stocks slid to the lowest level in more than two months, outweighing gains in raw-material producers.
     The S&P/TSX composite index fell 0.2 percent to 15,171.39 at the close of trading. Industrials dropped 1.1 percent, the most among 11 industry groups, to the lowest since May 18.
Canadian National Railway Co. lost 2.4 percent, Westjet Airlines Ltd. slipped 2.8 percent and Air Canada decreased 1.6 percent.
     Consumer-staples shares slipped 0.8 percent. Loblaw Cos Ltd. lost 3.8 percent and Metro Inc. fell 1.8 percent as Canadian grocers face a 2018 wage spike on top of a food price war. Weston (George) Ltd. declined to the lowest in four months.
     Materials stocks gained 1.2 percent. Hudbay Minerals Inc.
was the best performer, rising 6.3 percent as copper prices rallied two-year high on the outlook for demand in China. B2Gold Corp rose 3.7 percent, ending a six-day streak of declines.
Yamana Gold Inc. increased 5.2 percent.
     In other moves:
* Celestica Inc. dropped 5.7 percent, the most since Jan. 2016, and was the worst-performing stock on the index after its third quarter revenue guidance midpoint missed the lowest analyst estimate
* Exchange Income Corp. rose 5 percent, cutting a four-day decline of 13 percent, becoming the best-performing industrials stock
* Health care rose 0.3 percent as Canopy Growth Corp. jumped 5.1 percent, the intraday highest since May.
US
By Jeremy Herron
     (Bloomberg) — Treasuries rose, the dollar fell and U.S.
stocks ended little changed after the Federal Reserve signaled that inflation remains persistently below its target even as the economy picks up steam. Oil surged to an eight-week high.
     The Bloomberg Dollar Spot Index fell to the lowest in more than a year, while the 10-year Treasury yield slipped back below 2.3 percent after the Fed held rates steady and indicated it would start unwinding its balance sheet “relatively soon.” The S&P 500 Index erased gains in the final 15 minutes of trading.
Results from AT&T Inc. to Boeing Co. bolstered other major indexes. Facebook Inc. rose 2 percent in late trading after reporting its earnings. Crude climbed above $48 a barrel as stockpiles shrank.
     The Fed that inflation remains below the central bank’s 2 percent target even as near-term risks to the economic outlook appear “roughly balanced,” fueling speculation the central bank won’t rush to raise rates. Balancing that dovish bent, the start of balance-sheet reduction another milestone as the Fed looks to return policy to a more normalized level.
     The central bank decision overshadowed a raft of corporate earnings, during a season that’s seen more than 80 percent of S&P 500 companies that have delivered earnings beat forecasts. That’s boosted optimism in the global economy and pushing volatility toward record lows.

          Here are some key events coming up:
* Results from Facebook Inc., Deutsche Bank AG, Nomura Holdings Inc., BNP Paribas SA and UBS Group AG are among those expected this week.

    Here are the main moves in markets:
Stocks
* The S&P 500 gained less than 0.1 percent to end at 2,477.87 as of 4 p.m. in New York, extending its all-time high by less than one point. It rose as much as 0.2 percent earlier in the session, with earnings delivering outsize moves for some stocks.
* The Dow Jones Industrial Average rose above 21,700 for the first time. Small caps in the Russell 2000 Index slid 0.6 percent.
* Boeing Co. jumped 9.9 percent to a record, while AT&T added 5 percent, the most since 2009.
* The Stoxx Europe 600 Index advanced 0.5 percent, the biggest gain in a week.
* The U.K.’s FTSE 100 Index increased 0.2 percent.
* Germany’s DAX Index climbed 0.3 percent.

     Currencies
* The Bloomberg Dollar Spot Index fell 0.6 percent.
* The yen rose 0.6 percent to 111.247 per dollar after declining 0.7 percent on Tuesday. 

     Commodities
* Gold futures erased losses to trade 0.7 percent higher at $1,266 an ounce.
* West Texas Intermediate crude advanced 1.8 percent to settle at $48.75 a barrel, the highest since May 30. Government data showed U.S. crude and products stockpiles tumbled last week to their lowest levels since the start of the year.
* Copper gained 1.7 percent to settle at $6.329 a metric ton in London. Read more about copper’s rally here.
* The Bloomberg Commodity Index climbed 0.7 percent. 

     Bonds
* The yield on 10-year Treasuries fell five basis points to 2.29 percent, after surging eight basis points in the previous session.
* Germany’s 10-year yield decreased one basis point to 0.56 percent.
* Britain’s 10-year yield declined three basis points to 1.233 percent after data showed the U.K. economy expanded 0.3 percent in the second quarter, matching estimates.
 

Have a wonderful evening everyone.

Be magnificent!

Answer for yourselves what your great soldiers and generals would do,
if their wives and daughters and mothers refused to countenance their participation
in militarism in any shape or form.
Mahatma Gandhi

 

As ever, 

Carolann

 

Everything is theoretically impossible, until it is done.
                           -Robert A. Heinlein, 1907-1988 

 

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:
St. James the Great Day (Christian calendar).
Pilgrimage of St. Anne d’Auray, France. 

On July 25, 1943, King Victor Emmanuel announced to Italy that he had accepted the “resignations” of Premier Benito Mussolini and his entire cabinet, leading to the end of Italy’s alliance with Nazi Germany in World War II.
Go to article » 

PHOTOS OF THE DAY

People enjoy the beach as they look at a forest fire in La Croix-Valmer, near Saint-Tropez in the French Riviera, on Tuesday. Firefighters battle blazes that have consumed swaths of land in southeastern France for a second day, with one inferno out of control near the chic resort of Saint-Tropez, emergency services say. VALERY HACHE/AGENCE FRANCE-PRESSE/GETTY IMAGES

Women wearing traditional tailored Chinese dresses walk among the lotus flowers in Zepan Village, Xingtai, in north China’s Hebei Province. MU YU/ZUMA PRESS
Market Closes for July 25^th, 2017 

Market Index	Close	Change
Dow Jones	21613.43	+100.26    +0.47%
S&P 500	2477.09	+7.18   +0.29%
NASDAQ	6412.172	+1.364   +0.02%
TSX	15203.37	+74.68
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	19955.20	-20.47
		-0.10%
HANG SENG	26852.05	+5.22
		+0.02%
SENSEX	32228.27	-17.60
		-0.05%
FTSE 100*	7434.82	+57.09
		+0.77%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.021		1.922
CND. 30 Year Bond		2.364		2.271
U.S.    10 Year Bond		2.3247		2.2552
U.S. 30 Year Bond		2.9070		2.8345

Currencies

BOC Close	Today	Previous
Canadian $	0.79961	0.79950
US $	1.25061	1.25078
Euro Rate 1 Euro=		Inverse
Canadian $	1.45663	0.68652
US $	1.16474	0.85856

Commodities

Gold	Close	Previous
London Gold Fix	1254.40	1255.55
Oil	Close	Previous
WTI Crude Future	47.77	46.19

Market Commentary:
Number of the Day
9.1
The intraday low for the VIX on Tuesday morning, putting the index on pace for a new record for lowest-ever close. The current closing record is 9.31, set in 1993.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, propelled higher by energy shares as oil prices posted their biggest gain since November.
     The S&P/TSX Composite Index added 74 points or 0.5 percent to close at 15,202.37. Energy stocks rose 1.4 percent, led by an 8.6 percent gain at Baytex Energy Corp. and a 7.6 percent rise at MEG Energy Corp. The price of West Texas Intermediate jumped 3.3 percent as Saudi Arabia pledged deeper cuts to its crude exports. 
     The materials index gained 0.7 percent as copper prices rose to a two-year high. Hudbay Minerals Inc. added 7.8 percent and First Quantum Minerals Ltd. rose 6.5 percent.
     In other moves:
* Westshore Terminals Investment Corp. jumped 14 percent, the biggest increase since 2000, after British Columbia Premier John Horgan indicated he doesn’t plan to push for a ban of U.S. coal shipments
* Cott Corp. gained 6.4 percent. Refresco Group NV is buying Cott’s soda business for $1.25 billion
* AGT Food & Ingredients Inc. rose 5.3 percent after PointNorth Capital Inc. disclosed a 9.75 percent stake in the food producer.
US
By Jeremy Herron
     (Bloomberg) — A bevy of corporate earnings pulled U.S. stocks to fresh records, while Treasuries tumbled the most in a month as the Federal Reserve began its policy meeting. Oil surged.
     Earnings from Caterpillar Inc. and McDonald’s Corp. led to outsize gains in the Dow Jones Industrial Average, while Alphabet Inc.’s disappointing results weighed on technology indexes. Banks advanced as sovereign debt yields rose, while a rally in copper aided miners. The euro touched the highest in almost two years after German business confidence data beat expectations. Saudi Arabia’s promise to further cut crude exports spurred the biggest rally in oil since November.
     Markets took a risk-on tone Tuesday as generally positive earnings and economic data bolstered confidence in the strength of the global economy. The data come as the Fed will weigh robust global growth against feeble inflation and mixed U.S.
economic data. Expectations are for policy makers to keep rates on hold; clues to the fate of its balance sheet will be key.
          Here are some key events coming up this week:
* Fed policy makers will deliver their rate decision on Wednesday.
* Donald Trump’s son and former Trump campaign Chairman Paul Manafort will go before Senate committees on Wednesday.
* The U.S. economy probably gained traction in the second quarter as spending by American consumers picked up after a lull early this year. The gross domestic product report follows the two-day Fed policy meeting.
* Results from Facebook Inc., Deutsche Bank AG, Nomura Holdings Inc., BNP Paribas SA and UBS Group AG are among those expected this week.

     Here are the main moves in markets:
     Stocks
* The S&P 500 added 0.3 percent to close at a record 2,477.18 at 4 p.m. in New York.
* McDonald’s and Caterpillar added at least 5 percent to pace gains. Alphabet lost 3 percent.
* The Dow Jones Industrial Average rose 99.91 points to finish short of its record from July 19.
* The Stoxx Europe 600 Index rose 0.5 percent.
* The MSCI All-Country World Index rose 0.3 percent.
* Germany’s DAX Index increased 0.6 percent, the biggest jump in almost two weeks.
* The MSCI Emerging Market Index fell 0.3 percent, the largest dip in more than two weeks.

     Currencies
* The euro rose 0.1 percent to $1.1656, and earlier touched the strongest in more than two years on a closing basis.
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The Japanese yen fell 0.7 percent to 111.869 per dollar, the first retreat in more than a week.

     Commodities
* Gold fell 0.2 percent to $1,253.28 an ounce.
* West Texas Intermediate crude surged 3.3 percent to settle at $47.89 a barrel, the largest jump since November.
* Iron ore rose 2.2 percent to 521 yuan per metric ton.
* Copper posted its highest close in more than two years and shares in producers of the metal rallied. The metal for three- month delivery rose 3.3 percent to settle at $6,225 a metric ton in London.

     Bonds
* The yield on 10-year Treasuries rose seven basis points to 2.33 percent, the most in a month.
* Germany’s 10-year yield rose six basis points to 0.566 percent.
* Britain’s 10-year yield rose seven basis points to 1.258 percent, the highest in more than a week.
* France’s 10-year yield rose seven basis points to 0.812 percent, the first advance in more than a week.
 

Have a wonderful evening everyone.

 

Be magnificent!

The real ornament of a woman is her character, her purity.
Mahatma Gandhi

As ever,
 

Carolann

It takes a great man to be a good listener.
                  -Calvin Coolidge, 1872-1933

 

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

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Dear Friends,

Tangents:

Pioneer Day: Mormons enter Salt Lake City, Utah, July 24^th, 1847. 

Birthdays:
1783: Simon Bolivar, South America liberator.
1802: Alexandre Dumas, writer.
1898: Amelia Earhart, aviatrix.
1900: Zelda Fitzgerald, writer.
1970: Jennifer Lopez, actor. 

On July 24, 1959, during a visit to the Soviet Union, Vice President Richard M. Nixon got into a discussion at a U.S. exhibition with Soviet leader Nikita Khrushchev that was dubbed the ”kitchen debate.”
Go to article » 

PHOTOS OF THE DAY

Russian and Maltese ballet dancers from various Moscow and Malta theatres perform during the premiere of “Crystal Pallace” by Russian contemporary composer Alexey Shor, as part of the celebrations commemorating the 50^th anniversary of diplomatic relations between Malta and Russia, in Vallette, Malta. CREDIT: DARRIN ZAMMIT LUPI/REUTERS.

An alphorn player leaves after taking part in a group performance during the 16^th International Alphorn Festival in Nendaz, south-western Switzerland. Over 180 alphorn players performed in Nendaz during the three-day festival. CREDIT: VALENTIN FLAURAUD/EPA.
Market Closes for July 24^th, 2017 

Market Index	Close	Change
Dow Jones	21513.17	-66.90    -0.31%
S&P 500	2471.50	-1.04   -0.04%
NASDAQ	6410.809	+23.055   +0.36%
TSX	15124.46	-58.67
		-0.39%

International Markets

Market Index	Close	Change
NIKKEI	19975.67	-124.08
		-0.62%
HANG SENG	26846.83	+140.74
		+0.53%
SENSEX	32245.87	+216.98
		+0.68%
FTSE 100*	7377.73	-75.18
		-1.01%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.922		1.885
CND. 30 Year Bond		2.271		2.250
U.S.    10 Year Bond		2.2552		2.2375
U.S. 30 Year Bond		2.8345		2.8087

Currencies

BOC Close	Today	Previous
Canadian $	0.79950	0.79746
US $	1.25078	1.25399
Euro Rate 1 Euro=		Inverse
Canadian $	1.45623	0.68670
US $	1.16425	0.85892

Commodities

Gold	Close	Previous
London Gold Fix	1255.55	1248.55
Oil	Close	Previous
WTI Crude Future	46.19	45.62

Market Commentary:
On this day in 1987, the corporate assets of ZZZZ Best Co. are sold at bankruptcy auction in Los Angeles for $62,000. Less than four months earlier, the carpet-cleaning company run by 21-year-old whiz kid Barry Minkow had a stock-market value of roughly $300 million, having more than quadrupled since its IPO in 1986. But ZZZZ Best had virtually no customers, revenues or assets, and Minkow had set up an elaborate system of phantom offices and phony account records. Minkow served five years in federal prison.

Number of the Day
7
The number of consecutive sessions that the CBOE Volatility Index, or VIX, has closed under 10, the longest such streak in the index’s history.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell as materials and industrials underperformed, offsetting a rise in technology.
     The S&P/TSX composite index fell 0.4 percent to 15,128.69.
Materials slipped 1.4 percent, the most intraday in two weeks, as Barrick Gold Corp. lost 4.9 percent and Yamana Gold Inc.
dropped 5.8 percent.
     Industrials retreated 0.8 percent, the lowest intraday in two months, as Canadian National Railway Co. fell 1.2 percent and Exchange Income Corp. dropped 7.9 percent, the worst- performing stock in the index, despite being defended by Canaccord Genuity today after short-seller Marc Cohodes sent the company’s stock tumbling last week.
     Information technology jumped 1.5 percent as Sierra Wireless Inc. rose 3.6 percent and Shopify Inc. gained 4.3 percent.
     In other moves:
* Energy fell 0.3 percent, continuing a three-day slump, as Nexgen Energy Ltd. lost 3 percent and Cenovus Energy Inc.
slipped 0.2 percent
* Turquoise Hill Resources Ltd. rose 4.8 percent, the highest intraday since May, and became the top-performing stock on the index
* Utilities lost 0.3 percent as Hydro One Ltd. dropped 0.3 percent and Algonquin Power & Utilities Corp. lost 1 percent.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks ended mixed while Alphabet Inc.
slipped in after-hours trading as its results disappointed. The dollar stabilized after falling to a 15-month low to start a week packed with corporate results and a Federal Reserve rate decision.
     The Nasdaq 100 Index closed at a record, while the S&P 500 Index was little changed as its two largest groups by weighting advanced to offset broader declines. Alphabet Inc.’s shares dropped 2.7 percent as of 4:30 p.m. in New York after the Google parent reported results. The 10-year Treasury yield rose, the dollar strengthened. The euro fell for the first time in three days as data showed the region’s economy cooling. Crude gained.
     Earnings from industry bellwethers including Amazon.com Inc. and GlaxoSmithKline Plc and central bank policy discussions are set to provide the latest tests for the equity bull market, which has propelled the value of shares globally to $78 trillion. The euro-area manufacturing figures indicate that gross domestic product is expanding at the weakest pace in six months, adding further doubts about the sustainability of the stock rally at a time when the strong euro is weighing on exporters.
     Investors are also bracing for further surprises from Washington after President Donald Trump sought to impose order in his White House in the face of a widening Russia probe.
Senior adviser Jared Kushner confirmed four contacts with Russians during his father-in-law’s presidential campaign and the transition, but he described the encounters as unmemorable.
Donald Trump Jr. and former Trump campaign Chairman Paul Manafort will go before Senate committees on Wednesday.
          Here are some key events coming up this week:
* The U.K. begins post-Brexit trade talks with the U.S. in Washington.
* China posts industrial profits for last month, with early indicators pointing upward.
* Japanese June data also due this week may show sluggish CPI, even amid a tightening labor market and increased household spending.
* The U.S. central bank is expected to make no change to policy on Wednesday with investors and economists parsing the statement for clues on how officials plan to proceed in reducing their massive portfolio.
* The U.S. economy probably gained traction in the second quarter as spending by American consumers picked up after a lull early this year. The gross domestic product report follows the two-day Federal Reserve monetary policy meeting.
* Russia, Brazil, Colombia, Turkey and Nigeria announce rate decisions.
* Alphabet and Facebook Inc. results are on the calendar this week, as are those from Deutsche Bank AG, Nomura Holdings Inc., BNP Paribas SA and UBS Group AG.
     And these are the notable moves in markets: Stocks
* The S&P 500 fell 0.1 percent at 4 p.m. in New York. The measure is little changed since closing July 19 at a record.
Utility shares led declines, while banks and tech shares paced gains.
* The Nasdaq 100 Index rose 0.3 percent to close at a record.
* The Stoxx Europe 600 Index fell 0.2 percent to the lowest in more than three months on a closing basis.
* The U.K.’s FTSE 100 Index slumped 1 percent in the largest decrease since June 15.
* The DAX Index lost 0.3 percent to the lowest in more than three months as authorities said they are studying possible collusion among German automakers.
* The MSCI Emerging Market Index rose 0.4 percent to the highest in more than two years.
     Currencies
* The euro fell 0.2 percent to $1.1646.
* The British pound rose less than 0.1 percent to $1.30344, the biggest gain in more than a week.
* The Bloomberg Dollar Spot Index was little changed near the lowest in almost 15 months.
* The Japanese yen rose 0.1 percent to 111.074 per dollar on its fifth straight advance.
     Commodities
* West Texas Intermediate crude rose 1.3 percent to settle at $46.34 a barrel. Saudi Arabia pledged deep cuts to its crude exports, while Halliburton Co. said the shale boom is slowing down.
* Gold futures were little changed at $1,261.10 an ounce.
     Bonds
* The yield on 10-year Treasuries added one basis point to 2.25 percent.
* Germany’s 10-year yield were little changed at 0.508 percent on its seventh consecutive decline.
* Britain’s 10-year yield rose one basis point to 1.188 percent.

Have a wonderful evening everyone.

Be magnificent!

Love implies generosity, care, not to hurt another,
not to make them feel guilty, to be generous, courteous,
and behave in such a manner that your words and thoughts are born out of compassion.
Krishnamurti

As ever, 

Carolann

 

He who dares nothing, need hope for nothing.
–Johann Von Schiller, 1759-1805 

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

The peloton in action during the 104^th Tour de France cycling race – The 179.5-km Stage 18 Briancom to Izoard, France. CREDIT: REUTERS/CHRISTIAN HARTMANN.

View of Amir Chakmakh Complex in the historical city of Yazs in central Iran. UNESCO has added the historic city of Yazd to its list of world heritage sites on July 9, 2017. CREDIT: AHMAD HALABISAZ/XINHUA/AVALON.RED
Market Closes for July 21st, 2017 

Market Index	Close	Change
Dow Jones	21580.07	-31.71     -0.15%
S&P 500	2472.54	-0.91   -0.04%
NASDAQ	6387.754	-2.248   -0.04%
TSX	15183.13	-81.51
		-0.53%

International Markets

Market Index	Close	Change
NIKKEI	20099.75	-44.84
		-0.22%
HANG SENG	26706.09	-34.12
		-0.13%
SENSEX	32028.89	+124.49
		+0.39%
FTSE 100*	7452.91	-34.96
		-0.47%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.885		1.899
CND. 30 Year Bond		2.250		2.263
U.S.    10 Year Bond		2.2375		2.2696
U.S. 30 Year Bond		2.8087		2.8514

Currencies

BOC Close	Today	Previous
Canadian $	0.79746	0.79323
US $	1.25399	1.26067
Euro Rate 1 Euro=		Inverse
Canadian $	1.46262	0.68371
US $	1.16641	0.85733

Commodities

Gold	Close	Previous
London Gold Fix	1248.55	1242.15
Oil	Close	Previous
WTI Crude Future	45.62	47.12

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their biggest decline this month as falling oil prices weighed on energy stocks.
     The S&P/TSX Composite Index lost 82 points or 0.5 percent to close at 15,183.13, its biggest drop since June 29. The benchmark was up 0.1 percent on the week.
     Energy shares fell 1 percent as the price of crude tumbled
2.2 percent, its biggest decline in two weeks. A report that OPEC’s July shipments will be the highest this year increased concerns about global oversupply. Spartan Energy Corp. was the biggest decliner on the S&P/TSX energy index, falling 5.2 percent.
     Consumer discretionary shares lost 1 percent as auto suppliers weighed on the index. Swedish parts maker Autoliv Inc.
said it continues to see high inventories of light vehicles, slow sales growth and market uncertainty in North America and China. Magna International Inc. fell 2.8 percent.
     In other moves:
* West Fraser Timber Co. Ltd. lost 1.2 percent. The company said it’s prepared for no Canada-U.S. softwood lumber deal
* Husky Energy Inc. fell 2.7 percent after its second-quarter results missed analyst estimates
* Encana Corp. added 1.4 percent, bucking the broader energy sector decline, after reporting better-than-expected results
US
By Oliver Renick
     (Bloomberg) — Even as the S&P 500 Index clawed its way to a fresh record and squeezed out a third consecutive weekly gain, signs of fading enthusiasm in U.S. stocks have become increasingly difficult to ignore.
     The latest can be seen in the SPDR S&P 500 Trust, the biggest exchange-traded fund tracking the U.S. equity benchmark.
As of Thursday, investors had pulled $3.8 billion out of it in July. That puts the fund on pace for a fourth consecutive monthly outflow, which would be the longest streak since the start of the bull rally in 2009.
     And it isn’t just the $237 billion SPDR fund that’s thinning. Traders took $2.1 billion out of U.S. mutual funds and ETFs in the week ended July 12, ICI data show. That compared with $5.1 billion that went into funds around the world. Bank of America Merrill Lynch’s most recent fund manager survey found allocation to U.S. stocks is the most underweight since 2008.
     “We’ve contributed to that because we’ve been moving money out of large-cap stocks in the U.S.,” Ed Keon, managing director and portfolio manager at Quantitative Management Associates LLC, said by phone. “We’re not bearish, it’s just a question of better growth with lower valuations elsewhere.”
     The S&P 500 touched new highs this week before retreating as an intensifying investigation into President Donald Trump stoked concern that his economic agenda may stall. The benchmark gauge added 0.5 percent in the five days to end at 2,472.54. The Nasdaq 100 Index jumped 1.4 percent, ending the week at a record 5,921.525. The Dow Jones Industrial Average slipped 0.3 percent to 21,580.07.
     Strong earnings growth this year has kept the S&P 500’s price-to-earnings multiple below its March peak, despite the index reaching all-time highs. Even so, most equity valuations outside the U.S. remain more compelling.
     In Europe, German and French shares trade at a trailing P/E of as low as 18.9, compared with the S&P 500’s 21.6. Japanese shares are at 19.2, and emerging-market stocks tracked by MSCI Inc. trade at 16.1. MSCI’s world index excluding the U.S. trades at 19.7.
     Utility shares led the S&P 500’s advance this week, climbing 2.6 percent in their best performance since February as the 10-year Treasury yield dropped nine basis points. Real estate shares added 0.8 percent.
     Technology stocks rallied for the fourth week in five as the Nasdaq 100 Index jumped 1.4 percent. Industrial and financial stocks weighed on the market.
 

Have a wonderful weekend everyone.

Be magnificent!

“The biggest adventure you can take is to live the life of your dreams.”
– Oprah Winfrey

As ever,

Megan

“ It’s all about quality of life and finding a happy balance between work and friends and family.”
– Philip Green

 

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 July 20^th, 1818, the poet John Keats wrote a letter to his beloved youngest brother, Tom.  Keats was on a walking tour of Scotland with Charles Brown.  Later that year, he was summoned home by friends because of Tom’s failing health.   When he returned home, Keats devoted himself to nursing his brother who was dying from tuberculosis – ensuring his own demise from the same disease less than three years later.  Here is part of that letter:

I cannot give you a better idea of Highland life than by describing the place we are in [south of Oban].  The inn or public is by far the best house in the immediate neighbourhood.  It has a white front with tolerable windows.  The table I am writing on surprises me as being a nice flapped mahogany one; at the same time the place has no water-closet nor anything like it.  You may, if you peep, see through the floor chinks into the ground rooms.  The old grandmother of the house seems intelligent though not over clean.  N.B. No snuff being to be had in the village, she made us some.  The guid man is a rough-looking hardy stout man who I think does not speak so much English as the guid wife, who is very obliging and sensible and moreover though stockingless, has a pair of old shoes.  Last night some whisky men sat up clattering Gaelic till I am sure one o’clock to our great annoyance.  There is a Gaelic Testament on the drawers in the next room.  White and blue chinaware has crept all about here.  Yesterday there passed a donkey laden with tin pots.  Opposite the window there are hills in a mist – a few ash trees and a mountain stream at a little distance.  They possess a few head of cattle.  If you had gone round to the back of the house just now, you would have seen more hills in a mist, some dozen wretched black cottages scented of peat smoke which finds its way by the door or a hole in the roof, a girl here and there barefoot.  There was one little thing driving cows down a slope like a mad thing – there was another standing at the cow-house door rather pretty faced all up to the ankles in dirt.

And…
On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon.
Go to article »
PHOTOS OF THE DAY

Italy’s Eugenio Amos and co-driver Sebastien Delaunay of France traversing sand dunes Thursday during the 12th stage of the Silk Way Rally between Jiayuguan and Alxa Youqi, China. FRANCK FIFE/AGENCE FRANCE-PRESSE/GETTY IMAGES

A ballet dance class during the Joinville Dance Festival, which kicked off Wednesday in Joinville, Brazil. LI MING/XINHUA/ZUMA PRESS
Market Closes for July 20^th, 2017

Market Index	Close	Change
Dow Jones	21611.78	-28.97   -0.13%
S&P 500	2473.95	+0.12   —
NASDAQ	6390.004	+4.962   +0.08%
TSX	15263.53	+18.82
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	20144.59	+123.73
		+0.62%
HANG SENG	26740.21	+68.05
		+0.26%
SENSEX	31904.40	-50.95
		-0.16%
FTSE 100*	7487.87	+56.96
		+0.77%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.885		1.899
CND. 30 Year Bond		2.248		2.263
U.S.    10 Year Bond		2.2624		2.2696
U.S. 30 Year Bond		2.8323		2.8514

Currencies

BOC Close	Today	Previous
Canadian $	0.79418	0.79323
US $	1.25916	1.26067
Euro Rate 1 Euro=		Inverse
Canadian $	1.46441	0.68287
US $	1.16301	0.85984

Commodities

Gold	Close	Previous
London Gold Fix	1238.70	1242.15
Oil	Close	Previous
WTI Crude Future	46.79	47.12

Market Commentary:
On this day in 2000, Vietnam opens its stock exchange to trade shares in the nation’s two stocks, Refrigeration Electrical Engineering and Cables and Telecommunications Materials.

Number of the Day
$86.2 billion
Morgan Stanley’s market capitalization at Wednesday’s close, just below Goldman’s $87.7 billion. Morgan Stanley’s market value hasn’t finished a session above its rival’s in more than a decade
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rose as gains in health care and telecoms offset declines in industrials and energy.
     The S&P/TSX composite index rose 0.1 percent to 15,264.64. Telecoms gained 0.9 percent as Rogers Communications Inc. jumped 1.4 percent after posting strong second-quarter earnings and setting a high bar high for its new CEO.
     Health care gained 1.2 percent, extending a two-day rally, as Valeant Pharmaceuticals International Inc. increased 1.9 percent and Knight Therapeutics Inc. jumped 2.9 percent.
     Industrials fell for a fourth day, dropping 0.4 percent, after Exchange Income Corp. slid 8.2 percent, the worst- performing stock in Canada, as short-seller Marc Cohodes sent the stock tumbling again even as the CEO fought back.
     In other moves:
* Energy shares fell slightly, paring a morning gain, as Encana Corp. dropped 2.9 percent and Crescent Point Energy Corp. lost 4.4 percent ahead of posting second-quarter results next Thursday
* Materials rose 0.2 percent as Yamana Gold Inc. gained 1.3 percent, Eldorado Gold Corp. increased 1.9 percent and Tahoe Resources Inc. jumped 3.3 percent after being raised to hold at Haywood
* Utilities increased 0.3 percent as Hydro One Ltd. posted a 0.8 percent gain, recovering from a morning’s decline when investors soured on Avista’s $3.4b acquisition price.
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks gyrated Thursday following reports that U.S. special counsel Robert Mueller is expanding his investigation of President Donald Trump to examine his financial dealings. The euro climbed after European Central Bank President Mario Draghi signaled the bank would discuss language on bond purchases in the autumn.
     The Nasdaq Composite Index closed at an all-time high for a third straight day, while the S&P 500 Index was little changed and Dow Jones Industrial Average declined. The dollar dropped, and bonds advanced. Gold gained after tumbling 0.5 percent earlier in the session.
     The euro whipsawed, retreating as the central bank deferred the delicate decision on policy normalization until later this year, and then advancing as Draghi pointed to a timeline for policy makers to consider any change in their language.
     “The ECB has maintained a very supportive approach, because inflation remains too low, despite better growth prospects,” said Gilles Pradere, portfolio manager at RAM Active Investments SA.
     Here’s our live blog on the ECB’s policy decision and Draghi’s briefing
     The euro’s jump hit stocks in the region, which erased a gain before fluctuating, and the greenback, which pared an advance as it continued to recover from Tuesday’s lowest close in 11 months. The yen dropped after Japanese policy makers delayed the time-frame for reaching their inflation target — a sign stimulus will be in place for a while to come. Oil climbed a third day.
     And here are the main moves in markets:
     Stocks
* The S&P 500 closed essentially unchanged after an up-and-down session. The Nasdaq 100 Index and Nasdaq Composite added 0.1 percent.
* EARNINGS:
** After-market Thursday: Intuitive Surgical (ISRG), Skyworks Solutions (SWKS), E*TRADE Financial (ETFC), Visa (V), People’s United Financial (PBCT), Cintas (CTAS), Capital One Financial (COF), Microsoft (MSFT), eBay (EBAY)
** Pre-market Friday: Honeywell International (HON), Regions Financial (RF), Synchrony Financial (SYF), Huntington Bancshares (HBAN), Moody’s (MCO), General Electric (GE), Kansas City Southern (KSU), SunTrust Banks (STI), Fifth Third Bancorp (FITB), Colgate-Palmolive (CL), Schlumberger (SLB), Citizens Financial Group (CFG)
* The Stoxx Europe 600 Index fell 0.4 percent.
* The MSCI All-Country World Index gained 0.2 percent, reaching the highest on record with its 10th consecutive advance.
* The U.K.’s FTSE 100 Index added 0.8 percent to the highest in a month.
* Germany’s DAX Index declined less than 0.1 percent.
* The MSCI Emerging Market Index advanced less than 0.1 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent to its lowest level in almost a year.
* The euro rose one basis point to $1.1625, the highest since January 2015.
* The British pound dipped one basis point to $1.2969.
* The Japanese yen slid less than one basis point to 111.94 per dollar.
     Bonds
* The yield on 10-year Treasuries declined one basis point to 2.2624 percent.
* Germany’s 10-year yield dropped one basis point to 0.53 percent for its fifth consecutive decline.
* Britain’s 10-year yield rose one basis point to 1.205 percent.
     Commodities
* Gold rose 0.2 percent to $1,243.61 an ounce.
* West Texas Intermediate crude fell 0.7 percent to $46.79 a barrel, reversing earlier gains.
* The Bloomberg Commodity Index rose 0.1 percent to the highest since May 26.
     Asia
* The Aussie traded lower as a characteristically volatile monthly jobs report for June showed a surge in full-time employment. It’s the best-performing G-10 currency this year, climbing 10 percent.
* Australia’s S&P/ASX 200 Index gained 0.5 percent and Japan’s Topix Index rose 0.7 percent to close at its highest in nearly two years.

Have a wonderful evening everyone.

 

Be magnificent!

What is it exactly that hurts you?
Open your heart and speak.  Open your eyes and see.
At the moment that you look with your eyes wide open,
everywhere you will find differences, an infinite variety.
Swami Prajnanpad

As ever,

Carolann

 

Expect nothing. Live frugally on surprise.
                         -Alice Walker, b. 1944

 

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 July 19, 1979, Sandinista rebels took control of Managua following the flight of President Anastasio Somoza Debayle, completing the defeat of the National Guard and ending the civil war in Nicaragua.
Go to article »

PHOTOS OF THE DAY

Smoke and flames rise from a fire in the village of Podstrana, near the Adriatic coastal town of Split. Montenegro asked for international help to fight wildfires in the Lustica peninsula on the country’s Adriatic coast, while forest fires in neighbouring Croatia spread to suburbs of the coastal city of Split. CREDIT: AFP/GETTY IMAGES

A British photographer took these stunning photographs of the lavender fields of Provence this month (July). Guy Edwardes, from Dorchester, captured the vibrant hues of the rural region during the flowering plant’s harvesting season. The fragrant plant blooms from June to August, and is used in a range of items including soap, cosmetics and honey. CREDIT: GUY EDWARDES/COVER IMAGES
Market Closes for July 19^th, 2017

Market Index	Close	Change
Dow Jones	21640.75	+66.02   +0.31%
S&P 500	2473.83	+13.22   +0.54%
NASDAQ	6385.043	+40.738   +0.64%
TSX	15244.71	+95.14
		+0.63%

International Markets

Market Index	Close	Change
NIKKEI	20020.86	+20.95
		+0.10%
HANG SENG	26672.16	+147.22
		+0.56%
SENSEX	31955.35	+244.36
		+0.77%
FTSE 100*	7430.91	+40.69
		+0.55%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.899		1.895
CND. 30 Year Bond		2.263		2.262
U.S.    10 Year Bond		2.2696		2.3141
U.S. 30 Year Bond		2.8514		2.9039

Currencies

BOC Close	Today	Previous
Canadian $	0.79323	0.78756
US $	1.26067	1.26975
Euro Rate 1 Euro=		Inverse
Canadian $	1.45205	0.68868
US $	1.15171	0.86827

Commodities

Gold	Close	Previous
London Gold Fix	1242.15	1234.10
Oil	Close	Previous
WTI Crude Future	47.12	46.02

Market Commentary:
On this day in 1990, Wall Street sets a then-record when six IPOs take place in a single day. The companies–Command Security, In-Store Advertising, MECA Software, Modtech Holdings, OCharleys, and Wisconsin Pharmacal–raise a total of $100.4 million.

Number of the Day
10.2%
The decline in the S&P GSCI commodity index in the first half of 2017, the worst first-half performance since 2010.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose as energy shares posted their biggest gain in two months and Rogers Communications Inc. hit an all-time high.
     The S&P/TSX Composite Index added 95 points or 0.6 percent to 15,244.71, its highest since June 23. Energy shares jumped 2.1 percent after U.S. government data showed significant declines in crude and gasoline stockpiles. Precision Drilling Corp. gained 13 percent and Crew Energy Inc. added 8.7 percent.
     The telecom index gained 0.7 percent as Rogers rose 1.7 percent ahead of earnings Thursday. The industrials index was the only major decliner, falling 0.8 percent.
     In other moves:
* TransAlta Renewables Inc. fell 5.1 percent. Shareholder Alberta Investment Management Co. sold 16.5 million shares
* Saputo Inc. gained 5 percent, the most in nearly a year, after RBC upgraded it to outperform
* Canadian National Railway Co. fell 1.6 percent and Canadian Pacific Railway Ltd. lost 1.3 percent after competitor CSX Corp. didn’t boost its outlook for the year.
US
By Samuel Potter
     (Bloomberg) — Stocks surged Wednesday on earnings strength, with the S&P 500 Index and Nasdaq Composite Index hitting records for a second straight day. The euro retraced some recent gains as European policy makers gathered in Frankfurt before Thursday’s decision on interest rates. Oil advanced.
     Every S&P 500 sector was higher, with energy stocks and materials companies pacing the rise. Vertex Pharmaceuticals Inc. led gainers, adding more than 20 percent after reporting promising results for its cystic fibrosis treatment. Technology remained hot as well, with the Nasdaq 100 Index also reaching an all-time high. The Dow Jones Industrial Average was up as well, but IBM, which reported disappointing quarterly sales, weighed on the index.
     In Europe, it was a day of reversing trends, with the common currency coming off its highest close since August 2015 as investors weighed the European Central Bank’s plans for stimulus measures and the possibility of a change of tone when the decision is announced. The dollar steadied after the implosion of the U.S. health-care reform bill sent it to the lowest since September a day earlier. The Stoxx Europe 600 Index advanced following its largest drop this month. Electrolux AB and ASML Holding NV were among gainers after reporting earnings.
     Read more: Euro Rally at Risk Should Draghi Rein in Hawkish Tone
     Investors will be closely watching Europe’s central bank — as well as the Bank of Japan — this week for clues on the fate of easy monetary policies that have helped stoke growth and spur equity markets to record highs. Amid mixed economic data, anemic inflation numbers and a U.S. administration struggling to implement its agenda, traders may be forgiven for reassessing hawkish expectations.
     “President Draghi will certainly have his work cut out in keeping a lid on the euro at this rate,” Michael Hewson, chief market analyst at CMC Markets U.K., wrote in a note. A move to the 1.20 level is “a distinct possibility on a break of 1.1620 and last year’s high,” he said.
     Here are some other key events coming up:
* The industry-funded American Petroleum Institute was said to report an increase in U.S. crude stockpiles; official data is Wednesday.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
     And here are the main moves in markets:
     Stocks
* The S&P 500 closed up 0.5 percent, while the Nasdaq Composite and Nasdaq 100 increased 0.6 percent.
* The Stoxx Europe 600 climbed 0.8 percent, its biggest gain in a week. The U.K.’s FTSE 100 Index added 0.6 percent.
* The MSCI All-Country World Index rose 0.5 percent to 476.61, the highest on record and its ninth straight day of gains.
     Bonds and Currencies
* The yield on 10-year Treasuries added one basis point to 2.27 percent.
* Germany’s 10-year yield slid one basis point to 0.54 percent.
* Britain’s 10-year yield dropped one basis point to 1.191 percent.
* The Bloomberg Dollar Spot Index rose less than 0.1 percent.
* The euro declined 0.3 percent to $1.1518, the biggest fall in a week.
* The British pound retreated 0.2 percent to $1.302.
* The Japanese yen fell 0.2 percent to 111.82 per dollar.
     Commodities
* Gold dropped 0.1 percent to $1,241.88 an ounce.
* West Texas Intermediate crude rose 1.5 percent to $47.10 a barrel.
* Iron ore added 2.7 percent to reach its highest level since May 3.
     Asia
* Australia’s S&P/ASX 200 Index rose 0.8 percent as bank shares climbed. Analysts said new capital requirements looked fairly benign. More on that story here.
* Chinese shares led in Asia, with the Shanghai Composite Index jumping 1.4 percent. Hong Kong’s Hang Seng Index was up 0.6 percent. Japan’s Topix Index swung between gains and losses, while South Korea’s Kospi Index rose 0.2 percent.  

 

Have a wonderful evening everyone.

 

Be magnificent!

The intellectual aspect is, that love sees and understands.
The emotional aspect is to feel as one with the other person.
Love is unity.  There is no “me” in love, only “you.”
The behavioral aspect is, that love inspires us to give.
There is no expectation; we do not expect to receive.
Such love is wisdom and liberation in itself.
Swami Prajnanpad

As ever,

 

Carolann

 

Talent is only the starting point.
            -Irving Berlin, 1888-1989

 

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 this day in 1999, David Cone pitches the 16th perfect game in major league history and 14th in the modern era, leading the New York Yankees to a 6-0 victory over the Montreal Expos. A 33-minute rain delay interrupts the game in the third inning.
Also…
On July 18, 1936, the Spanish Civil War began as Gen. Francisco Franco led an uprising of army troops based in North Africa.
Go to article »
PHOTOS OF THE DAY

An Atlantic puffin holds a mouthful of sand eels on the island of Skomer, off the coast of Wales. REBECCA NADEN/REUTERS

People take part in the 101st International Four Days Marches in Nijmegen, Netherlands. ROMY ARROYO FERNANDEZ/NURPHOTO/ZUMA PRESS
Market Closes for July 18^th, 2017

Market Index	Close	Change
Dow Jones	21574.73	-54.99     -0.25%
S&P 500	2460.61	+1.47   +0.06%
NASDAQ	6344.305	+29.874   +0.47%
TSX	15149.57	-15.79
		-0.10%

International Markets

Market Index	Close	Change
NIKKEI	19999.91	-118.95
		-0.59%
HANG SENG	26524.94	+54.36
		+0.21%
SENSEX	31710.99	-363.79
		-1.13%
FTSE 100*	7390.22	-13.91
		-0.19%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.860		1.895
CND. 30 Year Bond		2.232		2.262
U.S.    10 Year Bond		2.2590		2.3141
U.S. 30 Year Bond		2.8476		2.9039

Currencies

BOC Close	Today	Previous
Canadian $	0.79193	0.78756
US $	1.26274	1.26975
Euro Rate 1 Euro=		Inverse
Canadian $	1.45906	0.68537
US $	1.15547	0.86545

Commodities

Gold	Close	Previous
London Gold Fix	1240.75	1234.10
Oil	Close	Previous
WTI Crude Future	46.40	46.02

Market Commentary:
Number of the Day
5.2 million
The number of new users added by Netflix Inc. in the second quarter, far more than the 3.2 million it had projected, and well above Wall Street’s consensus estimate of 3.5 million net additions.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks failed to find traction despite higher oil and gold prices, falling for a second day as the benchmark stock index was pressured by a mixed basket of financials, industrials and miners.
     The S&P/TSX Composite Index lost 16 points or 0.1 percent to 15,149.57. Energy stocks edged up 0.2 percent as the price of crude gained 0.8 percent, boosted by fears of a worse-than-usual hurricane season.
     The health-care index was the biggest decliner, losing 0.9 percent as U.S. Republicans were unable to make progress on repealing Obamacare, and still less in replacing it. Materials stocks slipped 0.2 percent even as gold prices rose to the highest this month. Turquoise Hill Resources Ltd. fell 2.4 percent after it announced flat grades and production.
     In other moves:
* Element Fleet Management Corp. jumped 7.6 percent following seven days of declines. Raymond James said current prices represent an attractive entry point
* Dream Global Real Estate Investment Trust fell 5.9 percent. The REIT is buying 135 office and light industrial properties in the Netherlands for C$903 million
* Cameco Corp. fell 3.8 percent after the uranium miner was cut to underperform by analysts at Credit Suisse.
US
By Adam Haigh
     (Bloomberg) — Asian stocks faced a mixed start to trading following a surge in global bonds as investors weigh the potential for tepid economic growth.
     Treasuries climbed with bunds and gilts as weak inflation data combined with concern around the U.S. administration’s ability to enact reforms, leaving investors questioning the strength of the global economy. The dollar held at the lowest level in almost a year, while an uninspiring session for U.S. equities left futures signaling a muted start for Asian stocks. The euro extended its advance ahead of Thursday’s European Central Bank meeting.
     With global equities at record highs, investors are assessing whether earnings results will be strong enough to warrant lofty prices and if economies are in a position to handle higher interest rates. The next clues come from meetings of central banks in Japan and Europe this week and profits due Wednesday at companies including Morgan Stanley and Qualcomm Inc.
     The market-implied probability of a hike from the Federal Reserve by year-end has declined in the past two weeks with Treasury yields. The odds are now about 40 percent, down from 60 percent on July 7, based on the current effective fed funds rate and the forward overnight index swap rate. Part of that is due to signs that Trump’s health-care reform bill is effectively dead in its current form, after two more Republican senators announced their opposition to the plan.
     Here are some key upcoming events:
* The ECB meets Thursday. Bloomberg Intelligence expects no change then, and no rate increase before 2019. Reuters cited unidentified officials as saying the bank is keen to keep asset purchases open-ended.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
     Here are the main moves in markets:
* The yield on 10-year U.S. Treasuries is down seven basis points this week to 2.26 percent after dropping five basis points last week. The Bloomberg Dollar Spot Index sank 0.5 percent on Tuesday to its weakest level since August.
* Gilts with a similar maturity saw yields fall six basis points to 1.21 percent on Tuesday as traders reduced bets on a U.K. rate increase this year following weak inflation data. The pound traded at $1.3043.
* The euro was at $1.1555 after rising 0.7 percent amid speculation the ECB could signal its intent to scale back monetary stimulus at its meeting on Thursday.
* The S&P 500 Index rose 0.1 percent to a record 2,460.61, reversing a loss of 0.4 percent earlier in the session. The Dow Jones Industrial Average declined 0.3 percent. The Nasdaq Composite Index gained for a eighth day to reach an all-time high.
* The Australian dollar traded at 79.16 U.S. cents after surging 1.5 percent.

Have a wonderful evening everyone.

 

Be magnificent!

Whenever there is a touch of color,
a note of a song, grace in a form,
this is a call to our love.
Rabindranath Tagore

As ever,

Carolann

 

The greatest glory in living lies not in never falling, but in rising every time we fall.
                                                                           -Nelson Mandela, 1918-2013

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