Month: January 2018

Dear Friends,

Tangents:

Here’ s an interesting piece of news:
800-Year-Old ‘Knight’ Chess Piece Discovered in Norway
By Owen Jarus, Live Science Contributor | January 29, 2018

Chess fans today may not recognize this decorated thimble-shaped object, but a recently discovered 800-year-old game piece from Norway is actually a knight.
Archaeologists discovered the exquisitely-preserved chess piece in a 13th-century house in Tønsberg. The game piece, which is made mostly out of antler, would have been used to play what was called shatranj (called chess today). There is likely some lead inside the piece to help it “stand firmly on the chessboard,” a team of archaeologists from the Norwegian Institute for Cultural Heritage Research (NIKU) said in a statement. 
Discovered just before Christmas 2017, “the piece is richly decorated with circles on the bottom, several dotted circles on the sides and at the top. The protruding snout on the top has two dotted circles,” archaeologists said in the statement. “By looking at the ancient form of chess, shatranj, the piece from Tønsberg appears to be a horse,” which is known today as a knight, they said. [The 25 Most Mysterious Archaeological Finds on Earth]
This knight is similar in design to chess pieces seen in Arabia, said Lars Haugesten, the project manager for the excavation.
“The game of chess was taken up in the Arab world after the conquest of Persia in the seventh century, and was introduced to Spain in the 10th century by the Moors. From Spain, the game spread rapidly northwards, and may have been known in Scandinavia shortly afterwards,” the archaeological team noted in the statement.
While the knight resembles chess pieces from Arabia, it doesn’t mean that it was actually made there. In fact, the archaeologists refer to it as an “Arabic-inspired chess piece.”
Though chess pieces with an Arabic design are rare in Scandinavia, this isn’t the only example from the region, the archaeologists said. Archaeologists found the oldest chess piece known in Scandinavia in Lund, Sweden. The piece dates to the last half of the 12th century and has a design that is similar to the one found at Tønsberg, Haugesten said.
The 13th-century house where the chess piece was found is in an area of Tønsberg known as Anders Madsens gate. Located near a medieval castle, excavations in this gate area started in autumn 2017 and have revealed several medieval streets and houses. A wide variety of artifacts, including combs, ceramics and antlers, were found during the excavations, the archaeologists said.
Original article on Live Science.

PHOTOS OF THE DAY

Snow formations in Riisitunturi National Park, Finland.
CREDIT: ANDREY BAZANOV/CATERS NEWS AGENCY

The banks of river Seine are flooded in Paris, France.
CREDIT: MICHEL EULER/AP
Market Closes for January 30^th, 2018

Market Index	Close	Change
Dow Jones	26077.58	-361.90  -1.37%
S&P 500	2829.12	-24.41 -0.86%
NASDAQ	7402.480	-64.025 -0.86%
TSX	15973.18	-121.54
		-0.76%

International Markets

Market Index	Close	Change
NIKKEI	23291.97	-337.37
		-1.43%
HANG SENG	32607.29	-359.60
		-1.09%
SENSEX	36033.73	-249.52
		-0.69%
FTSE 100*	7587.98	-83.55
		-1.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.298		2.280
CND. 30 Year Bond		2.377		2.343
U.S.    10 Year Bond		2.7236		2.6992
U.S. 30 Year Bond		2.9747		2.9486

Currencies

BOC Close	Today	Previous
Canadian $	0.81031	0.81042
US $	1.23409	1.23393
Euro Rate 1 Euro=		Inverse
Canadian $	1.53080	0.65325
US $	1.24043	0.80617

Commodities

Gold	Close	Previous
London Gold Fix	1344.90	1343.85
Oil
WTI Crude Future	64.50	65.56

Market Commentary:
On this day in 2000, 17 dot-com companies run television ads during Super Bowl XXXIV. By the time Super Bowl XXXV rolls around, at least three have gone bankrupt.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their biggest two-day losing streak since May amid a broader global selloff that pushed the benchmark’s year-to-date decline to 1.6 percent, the worst performance in the developed world.
     The S&P/TSX Composite Index tumbled 139 points or 0.9 percent to 15,955.51, the lowest close in nearly eight weeks. All sectors but one fell, with health-care stocks posting the biggest decline, down 4.8 percent. Canopy Growth Corp. lost 7.9 percent.
     The energy sector was the biggest weight, falling 2.4 percent as oil prices fell the most this year. Every stock in the energy index was down.
     In other moves:
                         Stocks
* Thomson Reuters Corp. bucked the broader selloff, rising 7.1 percent, the most since 2009. Blackstone Group LP is in talks to buy a 55 percent stake in the company’s financial data unit, according to people familiar with the matter
* Shaw Communications Inc. rose 0.9 percent. The company is offering buyouts to 6,500 employees
* Loblaw Cos. fell 3.2 percent, the most since September. The stock was downgraded to hold at Desjardins Securities
                        Commodities
* Western Canada Select crude oil traded at a $28.40 discount to WTI, the widest gap since 2013
* Gold fell 0.4 percent to $1,335.40 an ounce
                         FX/Bonds
* The Canadian dollar strengthened 0.1 percent to $1.2329 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.30 percent, the highest since mid-2014
US
By Sarah Ponczek and Kailey Leinz
     (Bloomberg) — The Dow Jones Industrial Average tumbled 362 points, helping to send U.S. stocks to the biggest two-day decline since May, while yields on benchmark government bonds touched April 2014 highs as caution crept into markets after one of the best starts to a year in recent history.
     Screens flashed red across most asset classes, with investors on edge ahead of a slew of earnings, a U.S. rate decision, the president’s address to Congress and major economic data. All major U.S. equity indexes sank a second day, with investors pocketing profits from a four-week rally that greeted 2018. The 10-year Treasury yield pushed above 2.73 percent, the highest since April 2014. Commodities retreated, led by crude and industrial metals. Gold turned lower, while the dollar fluctuated.
     Equities took a series of blows that added to the selling. MetLife Inc. headlined a series of disappointing earnings, dampening enthusiasm over tax cuts. News that Amazon.com, JPMorgan Chase and Berkshire Hathaway plan a joint unit that may redefine health-care jolted that sector to the steepest drop in more than a year. Apple Inc., the world’s largest company by market value, sank to a three-month low amid reports of a government inquiry and as concern mounts that its latest iPhone isn’t selling briskly. Energy producers slumped with the price of crude.
     “We’ve just had such a huge move in one month, it’s scared people. We had huge flows into equities at the beginning of this year,” said Carmel Wellso, director of research at Janus Henderson. “Some people might be saying ’Wow, I just made 10 percent, that’s what I wanted to make for this whole year. Maybe I’ll take some money off the table.’”
     Investors are weighing whether stronger corporate earnings, a pick-up in economic growth and optimism over U.S. tax cuts can continue driving up prices in markets that recently touched their highest on record; Goldman Sachs Group Inc. predicts a correction is on the horizon, but says any such pullback would be a buying opportunity.
     The anxiety spread to Asia and Europe, with euro-zone stocks falling the most since November and Japan’s Topix wiping out gains for the year. Emerging-market stocks tumbled 1.7 percent, the most in two months. Gold futures lost 0.3 percent and even Bitcoin joined the selloff, sinking as much as 12 percent to fall below $10,000 before recovering from the lows of the day.
     Here are some important things to watch out for this week:
* Fed policy makers gather for Chair Janet Yellen’s final meeting on interest rates Wednesday before her term ends.
* President Trump delivers his first State of the Union address.
* Tech giants Microsoft Corp., Facebook Inc., SAP SE, Alibaba Group Holding Ltd., Apple Inc., Alphabet Inc. and Amazon.com Inc. will announce earnings. Large-caps Exxon Mobil Corp., Merck & Co. Inc., Roche Holding AG, Daimler AG, Deutsche Bank AG and Boeing Co. also report.
* U.S. employers probably added more jobs in January than a month earlier, economists forecast before the Friday report.
* Bank of England Governor Mark Carney will speak before the U.K. Parliament’s Economic Affairs Committee in London Tuesday.
* Gauges of Chinese manufacturing and services industries are due Wednesday.
* On Wednesday, the core euro-zone inflation report may show an uptick from a year ago to 1 percent this month.
     And these are the main moves in markets:
                         Stocks
* The S&P 500 Index sank 1.1 percent, bringing the two-day decline in the benchmark index to 1.89 percent, the most since May 17. The Dow Jones Industrial Average dropped 1.4 percent and the Nasdaq Composite Index was down 0.9 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.9 percent, the largest decline in at least six weeks.
* The MSCI Asia Pacific Index decreased 1.3 percent on the largest slide in almost eight weeks.
* The U.K.’s FTSE 100 Index dipped 1.1 percent.
                         Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.1 percent to $1.2396, but fell back after reaching the highest level in more than three years.
* The British pound increased 0.5 percent to $1.4141.
* The Japanese yen gained 0.1 percent to 108.84 per dollar.
                          Bonds
* The yield on 10-year Treasuries increased three basis points to 2.73 percent, the highest in almost four years.
* Germany’s 10-year yield fell one basis point to 0.68 percent and the largest drop in two weeks.
* Britain’s 10-year yield rose one basis point to 1.46 percent.
                          Commodities
* West Texas Intermediate crude fell 1.2 percent to $64.37 a barrel.
* Gold fell 0.3 percent to $1,336.79 an ounce.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 

Carolann

Rumor travels faster, but it don’t stay put as long as truth.
                                      -Will Rogers, 1879-1935

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 this poem in yesterday’s edition of  The New York Times.  It was selected for publication by Terrance Hayes.  Terrance Hayes is the author of five collections of poetry, most recently “How to be Drawn,” which was a finalist for the National Book Award in 2015.  His fourth collection, “Lighthead,” won the 2010 National Book Award. 

Patricia Smith is the author of  seven collections of poetry, including “Blood Dazzler,” a finalist for the National Book Award, and “Incendiary Art,” published last year by TriQuarterly Books and the winner of an A.A.C.P.  Image Award this month.

Hayes introduces Smith’s poem, “And He Stays Dead” with this commentary:  “This marvelous poem is a contemporary example of the ghazal, a poetic form with origins as far back as seventh-century Arabia.  Refrain, rhyme, and associative imagery produce several moving intensities.  ‘Knees’ shifts to ‘kneel.’  The implications of ‘cloak’ shift from disguise in the first couplet to shield in the last.  ‘Hollow’ resonates as both emptiness and longing.  Woe is shaped by craft; woe becomes a craft, a resilient vessel, a form of transport.”

And He Stays Dead
   -By Patricia Smith

You can convince your young body to slide on the cloak of savage —
bare your teeth towards the clock and pretend you don’t feel the hollow.

Or you can slap your own face, winding back time, beating yourself
witless until years blur and you convince yourself it isn’t real. The hollow

is not menaced by your trilling. It decides to take your body inside it.
You pile on layers of woolens and fiction, trying to appeal to the hollow

as it owns you. Everyone asks Why is your voice so drained, so moon?
It’s because you are feverishly slipping on mantras that should heal the hollow,

but it just grows larger, and you flail around inside it. It is shaped so
stupidly like a father. You can’t find your knees to kneel. The hollow

will be damned if it gives you a chance to pray your way out, so you
will yourself limp and succumb to damage. Passing days seal the hollow.

Daughter, wear your father like a cloak. Flaunt the blue, the gone
stink of him. Those woes are yours, crafted to reveal. You’re hollow.

Mozart was born on January 27^th, 1756, so Seattle Opera put on a performance of his opera, Cosi Fan Tutte (Libretto by Lorenzo Da Ponte) this past Saturday night which we fortunate enough to attend; it was the 262^nd anniversary of his birth.  It was a brilliant production, interpreted and choreographed in modern times with the most talented and expertly rendered cast.   Cosi Fan Tutte, meaning “All Women Do It” was first performed in  Vienna on January 26^th, 1790.  Seattle Opera’s 2018 production was conceived, designed, and directed by British polymath Jonathan Miller back in 2006 when it was first performed by the company.  Miller set the opera squarely in contemporary Seattle.  A simple set and extreme costumes clarified each intention of Don Ponte and Mozart’s bewildering, fascinating exploration of the human heart.

PHOTOS OF THE DAY

A group wearing carnival costume pose at Rialto area during the 2018 Venice Carnival in Venice, Italy. The theme for the 2018 edition of Venice Carnival is “Playing” and will run from 27 January to 13 February.

Venetians row during the masquerade parade on the Grand Canal during the Carnival in Venice, Italy.

Volunteer Alison Wilson dresses as Agnes Burns (Robert Burns mother) to demonstrate how to hurl a haggis at Burns Cottage in Alloway at the World Haggis Hurling championship, part of the Burns celebration in Alloway, which had to be cancelled on Sunday due to bad weather.

Skiers are seen in silhouette on a ski lift as the sun rises next the resort of Lenzerheide, eastern Switzerland.
Market Closes for January 29^th, 2018

Market Index	Close	Change
Dow Jones	26439.48	-177.23  -0.67%
S&P 500	2853.53	-19.34 -0.67%
NASDAQ	7466.504	-39.269 -0.52%
TSX	16094.72	-144.50
		-0.89%

International Markets

Market Index	Close	Change
NIKKEI	23629.34	-2.54
		-0.01%
HANG SENG	32966.89	-187.23
		-0.56%
SENSEX	36283.25	+232.81
		+0.65%
FTSE 100*	7671.53	+5.99
		+0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.280		2.261
CND. 30 Year Bond		2.343		2.329
U.S.    10 Year Bond		2.6992		2.6562
U.S. 30 Year Bond		2.9486		2.9066

Currencies

BOC Close	Today	Previous
Canadian $	0.81042	0.81143
US $	1.23393	1.23239
Euro Rate 1 Euro=		Inverse
Canadian $	1.52804	0.65443
US $	1.23843	0.80747

Commodities

Gold	Close	Previous
London Gold Fix	1343.85	1353.15
Oil
WTI Crude Future	65.56	66.14

Market Commentary:
On this day in 1997, the U.S. Treasury auctions off its first issue of inflation-indexed securities, enabling investors to hedge the risks of the escalating cost of living.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most since August as every sector but one declined and government bond yields continued to rise, trading at their highest level since 2014.
     The S&P/TSX Composite Index lost 145 points or 0.9 percent to 16,094.72, the lowest since mid-December. Health-care shares led the decline, falling 2.3 percent as cannabis shares continued to retreat from record highs.
     The materials sector lost 1.8 percent as the price of gold tumbled, dragging miners down with it. Energy shares fell 1.6 percent as crude oil retreated, with most commodities pressured by a strengthening U.S. dollar.
     In other moves:
                         Stocks
* Torex Gold Resources Inc. rose 17 percent to the highest in two months. The stock was upgraded at Scotia Capital after a union blockade at Torex’s ELG mine was removed by the Mexican government
* Cascades Inc. gained 14 percent, the most since 2009. The sector rallied after WestRock Co. agreed to acquire Kapstone Paper & Packaging Corp. for about $3.4 billion
* Aphria Inc. fell 5.8 percent and Nuuvera Inc. rose 11 percent after Aphria agreed to buy Nuuvera for about C$826 million in cash and stock
                         Commodities
* Western Canada Select crude oil traded at a $28 discount to WTI
* Gold fell 0.9 percent to $1,340.30 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.2 percent to $1.2336 per U.S.dollar
* The Canada 10-year government bond yield rose two basis points to 2.28 percent, the highest since September 2014
US
By Kailey Leinz
     (Bloomberg) — The Standard & Poor’s 500 Index declined by the most since September and yields on benchmark Treasuries touched the highest levels since early 2014 as traders gear up for a hectic week of data and policy announcements. The dollar strengthened against all its major rivals.
     The Dow Jones Industrial Average also declined by the most in almost five months. The euro retreated as German bonds dropped for a fourth day, while the Stoxx Europe 600 Index inched lower after the MSCI Asia Pacific Index slumped earlier. Treasuries climbed from the lows of the day after data on personal income and spending.
     “You’re coming off a relatively strong period, where you’ve had a really sharp move in equity markets from the beginning of the year,” Kevin Caron, a senior portfolio manager at Washington Crossing Advisors, said by phone. “The forward looking return on equities has come down marginally because of the valuation issue, and at the same time, global investors are looking at bond yields which have risen, maybe making global bonds a little more attractive. At some point you would expect to see a rotation out of one and into another.”
     Janet Yellen’s final policy meeting as Federal Reserve chair will be the main focus of investor attention in what’s shaping up to be another active week for markets still finding their feet after the recent dollar selloff. There’s a string of fresh economic data due, as well as a State of the Union address from President Donald Trump and earnings releases from the world’s biggest tech companies.
     The greenback advance came after it capped a seventh week of losses on Friday, while the yen weakened as the Bank of Japan downplayed Governor Haruhiko Kuroda’s comments on stronger inflation, and the British pound declined as pressure built on Prime Minister Theresa May over Brexit. 
     Elsewhere, U.S. oil fell, though it’s at about its strongest level in five months relative to global benchmark Brent crude as a weaker dollar and falling stockpiles boost the American marker. Metals advanced amid optimism over global growth and the impact of the softer greenback, with zinc soaring to the highest level in more than a decade.
    Bitcoin climbed, holding its value above $11,000 even after a heist of about $500 million in a different digital token spurred calls for more cryptocurrency regulation.
      
     Here are some important things to watch out for this week:
* Federal Reserve policy makers gather for Chair Janet Yellen’s final meeting on interest rates Wednesday before her term ends
* President Trump delivers his first State of the Union address.
* Tech giants Microsoft Corp., Facebook Inc., SAP SE, Alibaba Group Holding Ltd.,Apple Inc., Alphabet Inc. and Amazon.com Inc. will announce earnings. Large-caps McDonald’s Corp., Exxon Mobil Corp., Merck & Co. Inc., Roche Holding AG, Daimler AG, Deutsche Bank AG and Boeing Co. also report.
* U.S. employers probably added more jobs in January than a month earlier, economists forecast before the Friday report.
* Bank of England Governor Mark Carney will speak before the U.K. Parliament’s Economic Affairs Committee in London Tuesday.
* The sixth round of North American Free Trade Agreement talks conclude in Montreal.
* Gauges of Chinese manufacturing and services industries are due Wednesday.
* The euro area’s twin obsessions — growth and inflation — are on display this week. On Tuesday, data may show the economy with a solid expansion at a 0.6 percent quarterly rate. On Wednesday, the core euro-zone inflation report may show an uptick from a year ago to 1 percent this month.
     
     These are the main moves in markets:
                         Stocks
* The S&P 500 Index sank 0.67 percent, while the Dow Jones Industrial Average dropped 0.67 percent and the Nasdaq Composite Index fell 0.5 percent as of 4:18 p.m. New York time.
* The MSCI World Index of developed countries sank 0.5 percent, the first retreat in more than a week and the biggest dip in more than two weeks.
* The MSCI Asia Pacific Index dipped 0.3 percent.
* Japan’s Nikkei 225 Stock Average fell less than 0.05 percent to the lowest in more than three weeks.
* The MSCI Emerging Market Index sank 0.4 percent, the first retreat in more than two weeks and the largest decrease in almost three weeks. 
* The U.K.’s FTSE 100 Index gained 0.1 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
                         Currencies
* The Bloomberg Dollar Spot Index jumped 0.3 percent, after posting the biggest increase in more than six weeks.
* The euro fell 0.4 percent to $1.2376, after seeing the largest drop in more than a week.
* The British pound declined 0.7 percent to $1.4068.
* The Japanese yen declined 0.4 percent to 109.02
                          Bonds
* The yield on 10-year Treasuries rose four basis points to 2.70 percent, the highest in almost four years on the biggest rise in more than a week.
* Germany’s 10-year yield jumped six basis points to 0.69 percent, the highest in more than two years on the largest surge in almost three weeks.
* Britain’s 10-year yield rose one basis point to 1.458 percent, the highest in a year.
                          Commodities
* West Texas Intermediate crude fell 1.1 percent to $65.40 a barrel, the largest fall in more than a week.
* Gold fell 0.6 percent to $1,342.08 an ounce.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 

Carolann

 

Beauty is power; a smile is its sword.
            -Charles Reade,  1814-1884

 

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:  Happy Friday!

PHOTOS OF THE DAY

These amazing pictures capture the moments after an adorable Flamingo chick came into the world – the first at its zoo to be reared by its own parents. The baby hatched at Auckland Zoo in New Zealand, while visitors watched on in awe. The fluffy tot can be seen stretching its small wings and exploring the enclosure in the first few days after its birth. The photos show it starting to walk for the first time while not straying far from its mum and dad’s watchful gaze. CREDIT: THE TELEGRPAH

Anyone for Cricket. Worcester Cricket Ground partially flooded near the River Severn in Worcester. CREDIT: THE TELEGRAPH
Market Closes for January 26^th, 2018

Market Index	Close	Change
Dow Jones	26616.71	+223.92    +0.85%
S&P 500	2869.54	+30.29   +1.07%
NASDAQ	7505.773	+94.609   +1.28%
TSX	16226.89	+22.88
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	23631.88	-37.61
		-0.16%
HANG SENG	33154.12	+499.67
		+1.53%
SENSEX	36050.44	-111.20
		-0.31%
FTSE 100*	7665.54	+49.70
		+0.65%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.261		2.241
CND. 30 Year Bond		2.329		2.339
U.S.    10 Year Bond		2.6562		2.6170
U.S. 30 Year Bond		2.9066		2.8825

Currencies

BOC Close	Today	Previous
Canadian $	0.81143	0.80859
US $	1.23239	1.23671
Euro Rate 1 Euro=		Inverse
Canadian $	1.53150	0.65295
US $	1.24271	0.80469

Commodities

Gold	Close	Previous
London Gold Fix	1353.15	1354.95
Oil
WTI Crude Future	66.14	65.61

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most in a week following a surprise victory for Bombardier Inc. in a trade
dispute with Boeing Co.
     The S&P/TSX Composite Index added 35 points or 0.2 percent to 16,239.22. Even with Friday’s gain 
the benchmark fell 0.7 percent on the week, the biggest weekly decline since September.
     Bombardier Inc. led stocks higher Friday with a 15 percent gain to the highest in three years. The industrials index added
0.8 percent.
     Health-care stocks rose 2.8 percent as pot producers rebounded from four days of declines. Canopy Growth Corp. added
11 percent and Aphria Inc. gained 5.5 percent.
     In other moves:
                             Stocks
* Ballard Power Systems Inc. fell 8.6 percent, adding to Thursday’s 13 percent decline. The company said it will announce
“strong full-year 2017 results” on March 1
* Electrovaya Inc. tumbled 26 percent to the lowest since 2015 after commencing insolvency proceedings at its German subsidiary
* Cameco Corp. lost 3 percent. The uranium miner said its joint venture in Kazakhstan produced 5.5 million pounds in 2017 and is
forecast to produce 6.9 million pounds in 2018
                          Commodities
* Western Canada Select crude oil traded at a $27.60 discount to WTI
* Gold fell 0.8 percent to $1,352.10 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.4 percent to $1.2323 per U.S. dollar, the highest in four months
* The Canada 10-year government bond yield rose two basis points to 2.26 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks rose the most since March as strong earnings outflanked concerns about trade spurred by Trump
administration officials, whose comments helped push the dollar to its worst week in eight months.

     The S&P 500 Index gained for a fourth week as corporate profits continued to beat estimates at a heady clip, with the
latest earnings from pharmaceutical and technology companies boosting shares. The greenback fell to a three-year low, wiping
out the surge from President Donald Trump’s support of a strong currency on Thursday, which followed Treasury Secretary Steven
Mnuchin’s endorsement of a weak dollar a day earlier. Ten-year U.S. bond yields headed toward the highest level in more than
three years. Oil traded at $66 a barrel.
     “Equities are in a unique situation right now, I feel like there’s a trifecta going on in terms of strength,” Mona Mahajan,
U.S. investment strategist for Allianz Global Investors, said by phone. “We’re getting strength from the economy, we’re getting
strength from earnings…and yields, while they’ve moved up, they’re not at those 3 percent plus levels where we could see a
potential bear market.”
     Elsewhere, the yen rose to the strongest since September versus the dollar after Bank of Japan Governor Haruhiko Kuroda
commented on inflation. It later pared the gain when a BOJ spokesperson clarified what was said.
     Trump and his officials roiled markets this week with protectionist rhetoric and conflicting positions on the greenback. 
Treasury Secretary Steven Mnuchin made an unusual endorsement of a weak dollar, prompting a veiled scolding from the European 
Central Bank. Trump then countermanded his cabinet member by supporting a strong greenback. Meanwhile, Commerce Secretary 
Wilbur Ross stoked trade tensions by hinting at tariffs, injecting volatility into the global risk-on rally that has padded records 
across asset classes.    
     These are the main moves in markets:
                             Stocks
* The S&P 500 Index rose 1.2 percent to 2,872.80 as of 4 p.m. New York time.
* The Nasdaq 100 Stock Index advanced 1.5 percent. 
* The Stoxx Europe 600 Index rose 0.5 percent. 
* The U.K.’s FTSE 100 Index gained 0.7 percent. 
* Germany’s DAX Index gained 0.3 percent. 
                           Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent, touching the lowest in more than three years. 
* The euro advanced 0.2 percent to $1.2426, the strongest in more than three years. 
* The British pound climbed 0.3 percent to $1.4185. 
* The Japanese yen increased 0.7 percent to 108.67 per dollar, the strongest since September.                             
                   Bonds
* The yield on 10-year Treasuries advanced three basis points to 2.65 percent. 
* Germany’s 10-year yield gained two basis points to 0.63 percent, the highest in about two years. 
* Britain’s 10-year yield rose three basis points to 1.444 percent.
                       Commodities
* West Texas Intermediate crude gained 1.0 percent to $66.14 a barrel, the highest in more than two years. 
* Gold advanced 0.2 percent to $1,350.26 an ounce. 
* Copper fell 0.6 percent to $3.19 a pound.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

O, Wind,
If Winter comes, can Spring be far behind?
-Percy Bysshe Shelley, 1792-1822

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: Poet Robert Burns Day
On Jan. 25, 1915, the inventor of the telephone, Alexander Graham Bell, inaugurated U.S. transcontinental telephone service.
Go to article »

Birthdays:
Virginia Woolf, 1882
Robert Burns, 1759 ~ Gie me ae spark o’ Nature’s fire, That’s a’ the learning I desire.

On January 25^th, 1915, Virginia Woolf wrote in her Diary:
My birthday – and let me count up all the things I had.  Leonard had sworn he would give me nothing, and like a good wife, I believed him.  But he crept into my bed, with a little parcel, which was a beautiful green purse.  And he brought up breakfast, with a paper which announced a naval victory (we have sunk a German battleship) and a square brown parcel, with The Abbot [by Sir Walter Scott]in it  – a lovely first edition.   So I had a very pleasing morning – which indeed was only surpassed by the afternoon.  I was then taken up to town, free of charge, and given a treat, first at a picture palace, and then at Buszards [Tea Rooms].   I  don’t think I’ve had a birthday treat for ten years; and it felt like one too – being a fine frosty day, everything brisk and cheerful, as it should be, but never is.  We exactly caught a non-stop train, and I have been very happy reading father [Sir Leslie Stephen] on Pope, which is very witty and bright, without a single dead sentence in it.  In fact I don’t know when I have enjoyed a birthday so much – not since I was a child anyhow. 

A woman must have money and a room of her own if she is to write fiction. –Virginia Woolf.

PHOTOS OF THE DAY

A climber has captured Snowdonia in all it’s glory with these stunning shots of a starry snowy night on the mountain range. Keen mountaineer and photographer Gareth Owen snapped the beautiful images while on a night time climb to the Crib Goch ridge on Saturday night. The 29-year-old electrician said he had been waiting to get the shot for a few weeks and when the cloud started to clear on Saturday he headed up to the knife-edge ridge with friend Eilir Hughes. One of the snaps shows Gareth standing on top of the snowy ridge which is lit with a glowing blueish light created by his head torch while thousands of stars light up the night sky. Gareth, from Llanberis, Wales, said: “We usually go out once or twice a week if the weather allows. We try and get a sunrise or a sunset. “ I’ve been climbing on and off since I was about 12 years old but fo the past six or seven months I’ve been going regularly and have started to get into photography. “It gives you a real sense of achievement if you get to the top and to capture that sunset or sunrise. CREDIT: THE TELEGRAPH

Photo issued by the Chinese Academy of Sciences of long-tailed macaques monkeys Zhong Zhong and Hua Hua who are the first primates to be closed using transferred DNA. CREDIT: THE TELEGRPAH

Ducks perch on a park bench by Tewkesbury Cricket Club, Gloucestershire, after the area suffered persistent rainfall. CREDIT: THE TELEGRAPH
Market Closes for January 25^th, 2018

Market Index	Close	Change
Dow Jones	26392.79	+140.67    +0.54%
S&P 500	2838.54	+1.00   +0.04%
NASDAQ	7411.164	-3.895   -0.05%
TSX	16196.84	-87.38
		-0.54%

International Markets

Market Index	Close	Change
NIKKEI	23669.49	-271.29
		-1.13%
HANG SENG	32654.45	-304.24
		-0.92%
SENSEX	36050.44	-111.20
		-0.31%
FTSE 100*	7615.84	-27.59
		-0.36%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.241		2.264
CND. 30 Year Bond		2.339		2.370
U.S.    10 Year Bond		2.6170		2.6465
U.S. 30 Year Bond		2.8825		2.9299

Currencies

BOC Close	Today	Previous
Canadian $	0.80859	0.81070
US $	1.23671	1.23350
Euro Rate 1 Euro=		Inverse
Canadian $	1.53543	0.65128
US $	1.24154	0.80545

Commodities

Gold	Close	Previous
London Gold Fix	1354.95	1353.70
Oil
WTI Crude Future	65.61	65.71

Market Commentary:
On this day in 1853, basic financial disclosure becomes mandatory for all companies seeking to list their stock for trading on the New York Stock and Exchange Board.
Number of the Day
6.8%
The latest blast of bitterly cold arctic air bearing down on the U.S. is sending natural-gas futures prices to their highest level in more than a year. On Tuesday alone, prices surged by more than 6.8%.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at their lowest since December as comments by U.S. President Donald Trump strengthened the U.S. dollar and sent oil and gold prices tumbling.
     The S&P/TSX Composite Index fell 80 points or 0.5 percent to 16,204.01, the lowest since Dec. 27. Materials lost 1.4 percent as precious and base metals fell after Trump said he ultimately wants a stronger dollar. 
     Energy also fell 1.4 percent as crude prices reversed earlier gains. Seven Generations Energy Ltd. and Peyto Exploration & Development Corp. both lost 3.9 percent.
     In other moves:
                             Stocks
* Celestica Inc. fell 5.4 percent, the most since October, after 4Q profit missed analyst estimates. The company is also buying Atrenne Integrated Solutions Inc. for $139m
* TransCanada Corp. fell 2.6 percent. The company’s CEO said the Keystone XL pipeline is feasible even after Nebraska regulators imposed an alternative route
* Rogers Communications Inc. lost 1 percent to the lowest since April after 2018 guidance came in below estimates and it didn’t hike its dividend as some analysts had expected
                          Commodities
* Western Canada Select crude oil traded at a $28.00 discount to WTI
* Gold fell 0.7 percent to $1,351.90 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to $1.2368 per U.S. dollar, the first decline in four trading days
* The Canada 10-year government bond yield fell two basis points to 2.24 percent
US
By Randall Jensen
     (Bloomberg) — The greenback surged after President Donald Trump said he wants a strong dollar, countermanding comments by his Treasury secretary. U.S. stocks pared gains sparked by strong corporate earnings.
     “The dollar is going to get stronger and stronger and ultimately I want to see a strong dollar,” Trump said during an interview with CNBC from the World Economic Forum in Davos, Switzerland.
     The dollar turned higher after the president’s comments, which ran counter to Steven Mnuchin’s endorsement of a weak greenback just a day earlier that had sent it tumbling into Thursday trading. Earlier, the currency had added to a three-day slide after European Central Bank President Mario Draghi said robust growth justifies a stronger euro. Treasuries added to gains, taking the 10-year yield to 2.62 percent.
     Read more: Draghi Hits Back at Mnuchin in Global Currency War of Words
     Stocks swung between gains and losses as investors assessed the greenback’s gyrations and the impact on equities. Corporate results had set the tone, major indexes at the whim of big moves in individual stocks. Caterpillar Inc. advanced after earnings topped estimates, while Varian Medical Systems Inc. rallied along with 3M Co. on optimistic forecasts. Newell Brands Inc. tumbled when the company said it plans to sell off a swath of business. European equities fell as the euro gained.
     “You tend not get too many comments on the dollar’s value from either Treasury secretaries or presidents, it’s a rare event. So the market tends to pay attention when they do happen,” Shahab Jalinoos, global head of foreign-exchange strategy at Credit Suisse, said by phone. “The market can easily imagine the idea that this White House might well change its stance on the currency.”
Trump’s comments roiled a market where investors are already on edge as Mnuchin and Draghi engaged in public discussions of currency levels. That has investors reassessing the global risk- on rally that’s stretched valuations across asset classes. So far, U.S. equities have continued to march higher amid solid corporate results, but rising currencies have threatened stock gains from Japan to Europe. Investors are also casting a watchful on the World Economic Forum, where Trump will deliver a keynote as his administration ramps up protectionist rhetoric.
     Here’s what to watch out for this week:
* Earnings season is in full swing: Intel, LVMH Moet Hennessy Louis Vuitton, Starbucks and Hyundai Motor all come this week.
* Barring any last minute changes in Washington, Trump will join world leaders and senior executives in Davos for the annual World Economic Forum.
* The U.K. House of Lords is considering Prime Minister Theresa May’s Brexit bill this week. 

     These are the main moves in markets:
                             Stocks
* The S&P 500 Index rose less than 0.1 percent as of 4 p.m. New York time.
* The Dow Jones Industrial Average gained 140.67 points to 26,392.79.
* The Stoxx Europe 600 Index dropped 0.6 percent.
* The U.K.’s FTSE 100 Index fell 0.4 percent.
* The MSCI Emerging Market Index gained 0.1 percent, hitting the highest in more than 10 years.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent, after hitting the lowest in more than three years.
* The euro was little changed at $1.2408, after touching the strongest in more than three years.
* The British pound fell 0.7 percent to $1.4146.
* The Japanese yen was steady at 109.26 per dollar.
* The MSCI Emerging Markets Currency Index rose 0.6 percent.
                             Bonds
* The yield on 10-year Treasuries fell three basis points to 2.62 percent.
* Germany’s 10-year yield increased two basis points to 0.61 percent.
* Britain’s 10-year yield climbed one basis point to 1.41 percent.
                          Commodities
* West Texas Intermediate crude fell 0.6 percent to $65.21 a barrel.
* Gold dropped 0.8 percent to $1,348.24 an ounce.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Nobody got anywhere in the world by simply being content.
                                          -Louis L’Amour, 1908-1988

 
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:
On this day in 1848, workers dredging a stream for a sawmill near Sacramento, Calif. strike a bed of soft yellow rock. It takes months for the news to spread widely, but when it does, the California gold rush is on.
1672 – Hudson’s Bay Company holds first fur auction at Garraway’s Coffee House, London.
1935 – First canned beer.
PHOTOS OF THE DAY

River fog appears along the Tamagawa River in Tokyo, Japan, as a snowstorm affected traffic and public transport in the city and surrounding areas.
CREDIT: THE TELEGRAPH

Two polar bear cubs use their mother as a climbing frame at Wapusk National Park, in Canada.
CREDIT: NADEEM SUFI/SOLENT NEWS

An aerial view of the cave dwelling complex at Shanzhou District in Sanmenxia, Henan Province of China. The square or rectangular dwellings are sunk into the ground, temperature inside of which is over 10 degrees Celsius in winter and 20 degrees Celsius in summer. Statistics show that there are still over three thousand people living in cave dwellings while others have moved to storied houses.
CREDIT: THE TELEGRAPH
Market Closes for January 24^th, 2018

Market Index	Close	Change
Dow Jones	26252.12	+41.31   +0.16%
S&P 500	2837.54	-1.59   -0.06%
NASDAQ	7415.059	-45.230   -0.61%
TSX	16284.21	-73.34
		-0.45%

International Markets

Market Index	Close	Change
NIKKEI	23940.78	-183.37
		-0.76%
HANG SENG	32958.69	+27.99
		+0.09%
SENSEX	36161.64	+21.66
		+0.06%
FTSE 100*	7643.43	-88.40
		-1.14%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.264		2.229
CND. 30 Year Bond		2.370		2.353
U.S.    10 Year Bond		2.6465		2.6131
U.S. 30 Year Bond		2.9299		2.8945

Currencies

BOC Close	Today	Previous
Canadian $	0.81070	0.80481
US $	1.23350	1.24253
Euro Rate 1 Euro=		Inverse
Canadian $	1.52968	0.65373
US $	1.24012	0.80638

Commodities

Gold	Close	Previous
London Gold Fix	1353.70	1333.40
Oil
WTI Crude Future	65.71	64.52

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell to the lowest in two weeks amid a widespread decline triggered by more protectionist rhetoric from the Trump administration, while the loonie rose to its highest level since September.
     The S&P/TSX Composite Index lost 73 points or 0.5 percent to 16,284.21. Industrial shares fell 1 percent, with Canadian National Railway Co. down 2.1 percent after 2018 earnings guidance missed expectations.
     Financials lost 0.6 percent as all the major banks declined. Toronto-Dominion Bank and Bank of Montreal each fell almost 0.6 percent.
     In other moves:
                           Stocks
* Valeant Pharmaceuticals International Inc. lost 12 percent, the most in 11 months. The stock was initiated at Goldman Sachs with a sell rating on high leverage and legal risks
* Aurora Cannabis Inc. fell 5.5 percent and CanniMed Therapeutics Inc. jumped 12 percent after the companies agreed to a C$1.23-billion merger. Newstrike Resources Ltd., an earlier target of CanniMed’s, fell 19 percent
* DHX Media Ltd. rose 2.4 percent to the highest since October. Analysts said its plan to hold an annual general meeting indicates it’s still working toward “some kind of objective” through its strategic review process
                           Commodities
* Western Canada Select crude oil traded at a $28 discount to WTI, the biggest gap since late 2013
* Gold rose 1.5 percent to $1,356.30 an ounce, the highest since 2016
                            FX/Bonds
* The Canadian dollar strengthened 0.7 percent to $1.2332 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.26 percent, the highest since 2014
US
By Randall Jensen and Kailey Leinz
     (Bloomberg) — Trump administration protectionist rhetoric roiled financial markets, sending the dollar to its lowest level in three years and whipsawing stocks that had been buoyed by strong earnings.
     Comments from Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin set the tone, with the officials blaring the Trump team’s “America First” message before the president arrives in Davos, Switzerland. White House Press Secretary Sarah Sanders appeared to soften Mnuchin’s comments later, praising a “stable” U.S. currency. 
     For more on the day’s market news: White House Provides More Ammunition for Dollar Bears at Davos Mnuchin, Dalio Raise the Stakes for Treasuries Before ECB Meets Dollar Extends Decline Past 1% Despite Efforts at Damage Control Chip Selloff Goes Global as Analysts Debate ‘Cycle Peak’ Treasuries Set to Benefit From Month-End Asset Allocation
     The officials’ comments added to President Donald Trump’s protectionist push days after his administration slapped tariffs on solar panels and washing machines. Ross’s suggestion that the U.S. could enact more levies touched off concerns of a trade war that could hamper the synchronized global growth that’s sent equities around the world to all-time highs.
     “To the extent that trade is disrupted, it’s probably not good for economies, for U.S. companies and corporations, and would probably put pressure on the rising stock market,” Michael Cuggino, president and portfolio manager at the Permanent Portfolio Family of Funds in San Francisco, said by phone. “I don’t think it’s a surprise that you have negative news that might be impacting the continuing march up as people take a pause.”
     The S&P 500 closed lower for the first time in four days after swinging between gains and losses. It opened higher as results from General Electric and United Technology added to euphoria over the Republican tax reform. The threat of tit-for- tat tariffs weighed on technology stocks that were already under pressure after poor results from Texas Instruments. Tech-heavy Nasdaq indexes had the biggest declines among major U.S. averages, with chipmakers sliding the most since November. United Continental Holdings Inc.’s results hit industrial shares, while banks rose as Treasury yields pushed to 2.65 percent.
     Mnuchin’s comments added to pressure on a greenback that’s been in decline for a year, with the effects rippling across markets as growth in European and emerging-nation economies continues to accelerate past America. The yen pushed through 110 per dollar for the first time since September, and South Africa’s rand traded at the highest in more than 2 1/2 years. Emerging-market stocks rose for a ninth day in the longest streak since April 2015.
     Elsewhere, the Brazilian real strengthened the most in eight months and the Ibovespa stock exchange rose to a record after a panel of judges upheld the conviction of former President Luiz Inacio Lula da Silva on graft, a ruling that would prevent him from running in the general election.
     Here’s what to watch out for this week:
* Earnings season is in full swing: Intel, LVMH Moet Hennessy Louis Vuitton, Starbucks and Hyundai Motor all come this week.
* Barring any last minute changes in Washington, Trump will join world leaders and senior executives in Davos for the annual World Economic Forum.
* The European Central Bank announces its rate decision on Thursday
* The U.K. House of Lords is considering Prime Minister Theresa May’s Brexit bill this week.
     These are the main moves in markets:
                         Stocks
* The S&P 500 Index fell less than 0.1 percent to 2,837.81 as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 52 points to 26,263.62.
* The Nasdaq Composite Index declined 0.6 percent.
* The Stoxx Europe 600 Index fell 0.5 percent, halting a four- day run.
* The MSCI All-Country World Index increased 0.3 percent to the highest on record.
* The MSCI Emerging Market Index rose 0.8 percent with its ninth consecutive advance.
                        Currencies
* The Bloomberg Dollar Spot Index sank 1.0 percent to the lowest in more than three years on the largest decrease since March.
* The euro jumped 0.8 percent to $1.2401, the strongest in more than three years on the.
* The British pound jumped 1.5 percent to $1.4208, the strongest in 19 months.
* The Japanese yen surged 1.1 percent to 109.13 per dollar, the strongest in more than 19 weeks.
                         Bonds
* The yield on 10-year Treasuries advanced three basis points to 2.65 percent.
* Germany’s 10-year yield climbed three basis points to 0.59 percent, the highest in more than six months.
* Britain’s 10-year yield jumped five basis points to 1.407 percent.
                         Commodities
* Gold jumped 1.2 percent to $1,357.85 an ounce, the highest in almost 18 months.
* West Texas Intermediate crude advanced 2.4 percent to $65.99 a barrel, the highest in more than two years.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 

Carolann

 

Wealth consists not in having great possessions, but in having few wants.
                                                                       -Epicetus, 55-135 AD

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 Jan. 23, 1973, President Richard Nixon announced an accord had been reached to end the Vietnam War.
Go to article »

On this day in 1849, Elizabeth Blackwell is granted a medical degree from Geneva College in New York, becoming the first woman to be officially recognized as a physician in U.S. history.
PHOTOS OF THE DAY

Marin Cilic of Croatia poses in Yayoi Kusama’s Flower Obsession room as he visits the Triennial exhibition at the National Gallery Victoria during an official event promoting the Australian Open tennis tournament in Melbourne, Australia.

A flock of Common Teal fly across a wetland on a winter day on the outskirts of Srinagar, Jammu and Kashmir.
Market Closes for January 23^rd, 2018

Market Index	Close	Change
Dow Jones	26210.81	-3.79   -0.01%
S&P 500	2839.13	+6.16   +0.22%
NASDAQ	7460.289	+52.257   +0.71%
TSX	16357.55	+9.58
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	24124.15	+307.82
		+1.29%
HANG SENG	32930.70	+537.29
		+1.66%
SENSEX	36139.98	+341.97
		+0.96%
FTSE 100*	7731.83	+16.39
		+0.21%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.229		2.241
CND. 30 Year Bond		2.353		2.367
U.S.    10 Year Bond		2.6131		2.6556
U.S. 30 Year Bond		2.8945		2.9170

Currencies

BOC Close	Today	Previous
Canadian $	0.80481	0.80304
US $	1.24253	1.24527
Euro Rate 1 Euro=		Inverse
Canadian $	1.52802	0.65444
US $	1.22976	0.81316

Commodities

Gold	Close	Previous
London Gold Fix	1333.40	1332.60
Oil
WTI Crude Future	64.52	63.49

Market Commentary:
Number of the Day
$650 billion
The market value Tesla would have to reach for CEO Elon Musk to earn all 12 tranches of stock awards available to him under the company’s new compensation structure. The company currently has a market capitalization of $59 billion, and the top target would put Tesla fourth in the current ranking of U.S. companies by market cap.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose after trading in the red for much of the day, as the materials sector turned positive along with gold prices.
     The S&P/TSX Composite Index added 10 points or 0.1 percent to 16,357.55 after earlier falling as much as 0.6 percent. Materials shares rose 0.7 percent, with Kinross Gold Corp. up 5.4 percent and Barrick Gold Corp. gaining 2.3 percent.
     The energy sector added 0.3 percent, failing to keep pace with the 1.5 percent gain in the price of crude. Oil prices closed at their highest since December 2014 amid signs of dwindling U.S. stockpiles, but the discount for Canadian crude sank to the weakest in over four years.
     In other moves:
                         Stocks
* Pretium Resources Inc. tumbled 26 percent, the most since 2013, after reporting fourth-quarter gold production and 2018 guidance. Credit Suisse downgraded the stock, saying the results showed operational volatility
* Kinaxis Inc. gained 11 percent to the highest since June. Toyota selected the company to manage its automotive demand and supply chain processes
* Cara Operations Ltd. rose 9.8 percent, the most since 2015, on a deal to buy Keg Restaurants Ltd. for C$200 million
                        Commodities
* Western Canada Select crude oil traded at a $27.50 discount to WTI, the weakest in over four years, amid a lack of pipeline space
* Gold rose 0.4 percent to $1,336.70 an ounce
                        FX/Bonds
* The Canadian dollar strengthened 0.2 percent to $1.2423 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.23 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks rose a third day, while emerging-market equities hit the highest in a decade as synchronized global growth boosts corporate profits. Oil jumped as the dollar fell.
     The S&P 500 Index closed at a fresh record as the strong start to earnings continued, with 82 percent firms that have reported topping estimates. Tech shares lifted the Nasdaq 100 Index to a fifth straight gain and the MSCI Emerging Markets Index powered to an eighth day of advances. The 10-year Treasury yield fell for a second session, while the dollar dropped toward lows of the year.
     “The earnings season is going phenomenally well, and the government shutdown on Friday was reversed yesterday, so we’ve got the government behind us for the next couple of weeks,” Phil Orlando, chief equity market strategist at Federated Investors, said by phone. “But the reason the stock market is up is very simply that investors are reflecting on the fact that earnings are much better than expected.”
     With earnings season in full swing, investors held to the risk-on stance that’s taken stocks around the world higher. The synchronized global economic recovery shows no signs of slowing and the BOJ’s signal added to optimism that central banks won’t rush to tap the brakes. Investors also kept an eye on Davos, Switzerland, where the world’s business elites gathered for an annual conference roiled by protectionist moves across the Atlantic.
     Here’s what to watch out for this week:
* Earnings season is in full swing: Novartis, General Electric, Intel, LVMH Moet Hennessy Louis Vuitton, Starbucks and Hyundai Motor all come later in the week.
* Barring any last minute changes in Washington, President Donald Trump will join world leaders and senior executives in Davos, Switzerland, for the annual World Economic Forum.
* The European Central Bank announces its rate decision on Jan. 25.
* The U.K. House of Lords is considering Prime Minister Theresa May’s Brexit bill this week.

     These are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.2 percent to 2,839.30 as of 4 p.m. New York time.
* The Dow Jones Industrial Average slipped 4 points to 26,210.40.
* The Nasdaq Composite Index advanced 0.7 percent.
* The Stoxx Europe 600 Index gained 0.2 percent, rising for the fourth day in a row.
* The MSCI All-Country World Index climbed 0.5 percent to the highest on record.
* The MSCI Emerging Market Index increased 1.1 percent to the highest in a decade.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro rose 0.3 percent to $1.2294.
* The British pound added 0.1 percent at $1.3996.
* The Japanese yen gained 0.5 percent to 110.33 per dollar, the strongest in almost 19 weeks.
                            Bonds
* The yield on 10-year Treasuries decreased three basis points to 2.62 percent.
* Germany’s 10-year yield was little changed at 0.56 percent.
* Britain’s 10-year yield was steady at 1.355 percent.
                           Commodities
* Gold rose 0.6 percent to $1,341.35 an ounce, set for the highest since September.
* West Texas Intermediate crude increased 2 percent to $64.75 a barrel.
* Copper futures fell 2.5 percent to $311.80 per pound, most since Dec. 5.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 

Carolann

 

Man’s greatness lies in his power of thought.
                            -Blaise Pascal, 1623-1662

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:

Landmark renderings
Artist Maxwell Tilse has seen globally famous monuments such as Big Ben, the Sydney Opera House and the Globe Theatre as many people have.  But he has now created small, intricate pen-and-ink renderings of these sights and photographed them next to the real thing.  Take a look at maxwellillustration.com   and marvel at the details.

U2’s new collection of music, Songs of Experience, rivals the band’s best work. The Showman (Little More Better) & The Little Things That Give You Away are top-tier U2.

PHOTOS OF THE DAY

Loch Chon in the Trossachs is sprinkled with snow. A Met Office yellow weather warning for snow and ice is in force for most of Scotland.
CREDIT: LESLEY MARTIN

Members of the British Army’s Ice Maiden Expedition in Antarctica. They have become the first all-female team to cross Antarctica using only muscle power.
CREDIT:PA

A reveller takes part in the traditional “Correfoc” festival in Palma de Mallorca. The Correfoc is a night of revelry in which participants dress as demons and devils and move through the streets scaring people with fire and fireworks.
CREDIT: JAMIE REINA
Market Closes for January 22^nd, 2018

Market Index	Close	Change
Dow Jones	26214.60	+142.88   +0.55%
S&P 500	2830.64	+20.34   +0.72%
NASDAQ	7408.031	+71.651   +0.98%
TSX	16349.16	-4.30
		-0.03%

International Markets

Market Index	Close	Change
NIKKEI	23816.33	+8.27
		+0.03%
HANG SENG	32393.41	+138.52
		+0.43%
SENSEX	35798.01	+286.43
		+0.81%
FTSE 100*	7715.44	-15.35
		-0.20%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.241		2.238
CND. 30 Year Bond		2.367		2.373
U.S.    10 Year Bond		2.6556		2.6574
U.S. 30 Year Bond		2.9170		2.9299

Currencies

BOC Close	Today	Previous
Canadian $	0.80304	0.80037
US $	1.24527	1.24942
Euro Rate 1 Euro=		Inverse
Canadian $	1.52645	0.65511
US $	1.22585	0.81576

Commodities

Gold	Close	Previous
London Gold Fix	1332.60	1334.95
Oil
WTI Crude Future	63.49	63.37

Market Commentary:
Number of the Day
394
The number of days since the S&P 500 has fallen 5% or more from its peak. It’s on pace to set a new record with Monday’s trading session.
Business is a combination of war and sport. -Andre Maurois
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slipped as railways and miners retreated, offsetting gains in financials and consumer staples.
     The S&P/TSX Composite Index lost five points or less than 0.1 percent to 16,347.98. Industrials were the biggest decliners, falling 0.8 percent as Canadian National Railway Co. lost 1.6 percent ahead of earnings scheduled for Tuesday.
     The materials index fell 0.6 percent even as copper prices rose, with Franco-Nevada Corp. down 3.4 percent. Financials rose 0.1 percent and consumer staples added 0.6 percent.
     In other moves:
                          Stocks
* Cineplex Inc. fell 0.6 percent after earlier losing as much as 4.9 percent. The stock has “found a bottom and can trend higher,” according to analysts at National Bank Financial
* Home Capital Group Inc. rose 10 percent, the most since July, after TD Securities upgraded the stock to buy and gave it a street-high price target of C$21
* Teck Resources Ltd. lost 1.4 percent. The miner reported a “significant pressure event” at its Elkview mine and said it’s working to assess the extent of the damage and potential impact on production
                         Commodities
* Western Canada Select crude oil traded at a $26.50 discount to WTI
* Gold fell 0.1 percent to $1,331.90 an ounce
                         FX/Bonds
* The Canadian dollar strengthened 0.3 percent to $1.2451 per U.S. dollar
* The Canada 10-year government bond yield was unchanged at 2.24 percent
US
By Randall Jensen
     (Bloomberg) — U.S. equity gauges closed at records as the government shutdown appeared to be on the brink of ending and investors turned their attention toward earnings. The dollar fell and Treasuries traded little changed.
     The S&P 500 Index rose to an all-time high after the U.S. Senate broke a stalemate over a short-term spending bill, setting the stage for the government to reopen. Investors are awaiting about 80 earnings reports this week from companies in the benchmark index. The dollar traded near lows for the year and 10-year Treasury yields held close to 2.66 percent.
     “GDP impacts from prior shutdowns were minimal. It makes sense for equity investors to brush aside the political shenanigans and focus instead on company fundamentals,” Alexandra Coupe, associate director at PAAMCO in Irvine, California, said. “Similar to the last government shutdown in 2013, equity markets have hit new highs in the wake of the resolution.” Equity investors had appeared mostly undecided over the latest U.S. government drama, weighing it against the optimism over economic growth and profit increases that pushed many stock indexes to all-time highs. Meanwhile, the next catalyst for bonds may come from commentary by policy makers after European and Japanese central bank decisions this week. Their signals that unprecedented stimulus will soon be wound back has sparked a surge in yields this month.
     Elsewhere, West Texas oil rose after OPEC and Russia said output cuts will continue until the end of the year. The MSCI Emerging Market Index of stocks gained for a seventh day, poised for the longest winning streak in six months as the likes of Goldman Sachs Group and Blackstone Group joined the chorus of developing-nation bulls. South Africa’s rand touched its highest since 2015 on speculation President Jacob Zuma may be forced to leave office.
     Here’s what to watch out for this week:
* Earnings season is in full swing: Netflix and Halliburton are due to post results Monday, with Novartis, General Electric, Intel, LVMH Moet Hennessy Louis Vuitton, Starbucks, Hyundai Motor and Fanuc Corp. coming later in the week.
* Barring any last minute changes in Washington, President Donald Trump will join world leaders and senior executives in Davos, Switzerland, for the annual World Economic Forum.
* Central banks: Bank of Japan monetary policy decision and briefing on Tuesday; European Central Bank rate decision on Jan. 25
* U.K. Prime Minister Theresa May’s Brexit bill is set to be taken up in the House of Lords.

     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.8 percent to 2,832.97 as of 4 p.m. New York time, a record.
* The Dow Jones Industrial Average gained 142 points to 26,214.67, an all-time high.
* The Stoxx Europe 600 Index advanced 0.3 percent to the highest in more than two years.
* The MSCI World Index of developed countries rose 0.4 percent to the highest on record.
* The MSCI Emerging Market Index advanced 0.5 percent, its seventh consecutive advance.
* The U.K.’s FTSE 100 Index fell 0.2 percent.
                          Currencies
* The euro increased 0.3 percent to $1.2258.
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The British pound gained 0.9 percent to $1.3984, the strongest in 19 months.
* The Japanese yen fell 0.2 percent at 110.99 per dollar.
                          Bonds
* The yield on 10-year Treasuries was steady at 2.66 percent.
* Germany’s 10-year yield was little changed at 0.57 percent.
* Britain’s 10-year yield rose two basis points to 1.358 percent.
                          Commodities
* Gold gained 0.2 percent at $1,334 an ounce.
* West Texas Intermediate crude rose 0.2 percent to $63.49 a barrel.

Have a wonderful evening everyone.

Be magnificent!

As ever,

 

Carolann

 

The only way to do great work is to love what you do. -Steve Jobs

 

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:  Happy Friday!

On this day in 1999, Research in Motion introduces the first BlackBerry, a pager that could also send and receive email.
On Jan. 19, 1937, millionaire Howard Hughes set a transcontinental air record by flying his monoplane from Los Angeles to Newark, N.J., in 7 hours, 28 minutes and 25 seconds.
Go to article »
PHOTOS OF THE DAY

The Light of the Spirit Chapter 2, by Patrice Warrener is projected onto Westminster Abbey at Lumiere London 2018 Lights Festival.

Two climbers make an incredible journey up a cylindrical ice cave – naturally carved out of a glacier. The tube-like cave, which has been gradually formed by melting water during the summer months, is around 50 metres deep near Chamonix, in the French Alps.

A Harris Hawk sits on a fence prior to its owner using it to hunt for rabbits in the snow in Leadhills, Scotland.
Market Closes for January 19^th, 2018

Market Index	Close	Change
Dow Jones	26071.72	+53.91   +0.21%
S&P 500	2810.30	+12.27   +0.44%
NASDAQ	7336.379	+40.332   +0.55%
TSX	16353.46	+69.00
		+0.42%

International Markets

Market Index	Close	Change
NIKKEI	23808.06	+44.69
		+0.19%
HANG SENG	32254.89	+132.95
		+0.41%
SENSEX	35511.58	+251.29
		+0.71%
FTSE 100*	7730.79	+29.83
		+0.39%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.238		2.226
CND. 30 Year Bond		2.373		2.349
U.S.    10 Year Bond		2.6574		2.6163
U.S. 30 Year Bond		2.9299		2.8937

Currencies

BOC Close	Today	Previous
Canadian $	0.80037	0.80534
US $	1.24942	1.24172
Euro Rate 1 Euro=		Inverse
Canadian $	1.52682	0.65496
US $	1.22202	0.81831

Commodities

Gold	Close	Previous
London Gold Fix	1334.95	1332.20
Oil
WTI Crude Future	63.37	63.95

Market Commentary:
Number of the Day
10 million
U.S. crude output is expected to climb above 10 million barrels a day in 2018, a level last hit in 1970, the International Energy Agency said Friday. The U.S. could even surpass the output of Saudi Arabia this year.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most since the first trading day of the year as industrials got a boost from strong railway earnings.
     The S&P/TSX Composite Index added 69 points or 0.4 percent to 16,353.46 Friday. The benchmark gained 0.3 percent on the week.
     Industrial shares added 1.1 percent as Canadian Pacific Railway Ltd. rose 2.8 percent, the most in three months. CP’s fourth-quarter earnings beat estimates as shipments of crude and other commodities rose.
     The energy index lost 0.3 percent as oil prices tumbled 0.9 percent to the lowest in a week. The International Energy Agency said it sees “explosive” growth in U.S. oil output this year.
     In other moves:
                          Stocks
* Kinder Morgan Canada Ltd. jumped 7 percent, the most ever, after the National Energy Board provided clarity on the permitting process for its proposed Trans Mountain pipeline expansion
* Valeant Pharmaceuticals International Inc. fell 1.8 percent. The company’s top drug may come under fire from competitors, analysts at Wells Fargo said
* Tahoe Resources Inc. lost 3.1 percent. The company said reports that a Peru leach pond overflowed were inaccurate
                          Commodities
* Western Canada Select crude oil traded at a $26.75 discount to WTI, the widest gap in four weeks
* Gold rose 0.4 percent to $1,333.10 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.7 percent to $1.2499 per U.S. dollar, the biggest drop since early December
* The Canada 10-year government bond yield rose two basis points to 2.24 percent, the highest since 2014
US
By Kailey Leinz and Sarah Ponczek
     (Bloomberg) — U.S. stocks shrugged off the government shutdown drama in Washington and rose to all-time highs following a report that regulators are close to further easing banking rules. Treasury yields reached the highest level in more than three years.
     All major equity indexes gained, led by strength in apparel and durable goods makers. The dollar advanced but still posted a sixth straight weekly loss. And the yield on 10-year Treasuries climbed above 2.65 percent for the first time since June 2014.
     “The outsized move (in Treasuries) continues to highlight market expectations of additional policy removal from the Fed — and other central banks around the world — coupled with a forecast of above-trend growth and inflation,” Lindsey Piegza, chief economist at Stifel Nicolaus & Co., wrote in an email. “While it’s difficult to push against the grain, we remain hesitant to drink the Kool-Aid just yet. Confidence will only support the market for so long in the absence of meaningful improvement in wage growth and top-line inflation.”
     Meanwhile, traders seem didn’t seem to be taking the threat of a U.S. government shutdown too seriously.
     “The market has been largely yawning at this,” Burns McKinney, chief investment officer for Allianz Global Investors based in Dallas, said on Bloomberg Television. “In the past year, they have disregarded all kinds of bad news. If you can shrug off geopolitical turmoil with North Korea, if you can shrug off Brexit, then really the government shutdown is by and large a softball. This is really something that’s not unprecedented. We’ve seen this before.”
     The dollar’s weakness rippled through the market, with the yen, gold and precious metals among the beneficiaries. The risk- on mood that helped drive up Treasury yields this week was still evident, with European stocks following Asian peers higher. Emerging-market equities climbed for a sixth day, and West Texas crude extended its retreat.
     Optimism about global growth finally seems to be catching up with bond markets, as investors factor in the prospect of accelerating price increases in the world’s largest economy. Better-than-expected growth numbers from China this week added to a slew of recent data releases from around the world supporting the positive outlook, days before two of the big central banks rule on rates.
     Here’s what to watch out for next week:
* President Donald Trump joins world leaders and senior executives in Davos, Switzerland, for the annual World Economic Forum.
* Germany’s Social Democrats hold a convention on Sunday in Bonn to determine whether to pursue formal talks with Angela Merkel’s Christian Democratic Union-led bloc on forming a government.
* Central banks: Bank of Japan monetary policy decision and briefing on Jan. 23; European Central Bank rate decision on Jan.25.
* U.K. Prime Minister Theresa May’s Brexit bill is set to be taken up in the House of Lords.
* Earnings season is in full swing: Netflix, UBS Group, Halliburton, Novartis, General Electric, Intel, LVMH Moet Hennessy Louis Vuitton, Starbucks, Hyundai Motor and Fanuc Corp. are among companies posting results next week.
* OPEC and partners, including Russia, will meet in Oman to review their strategy.

      And these are the main moves in markets:
                              Stocks
* The S&P 500 rose 0.4 percent to a record 2,810.31.
* The Stoxx Europe 600 Index jumped 0.5 percent to the highest in more than two years.
* The MSCI All Country World Index gained 0.5 percent to an all- time high.
* The MSCI Asia Pacific Index climbed 0.6 percent to the highest on record.
* The MSCI Emerging Market Index added 0.5 percent for its sixth consecutive advance.
                              Currencies
* The Bloomberg Dollar Spot Index added 0.1 percent.
* The euro dropped 0.2 percent to $1.222.
* The British pound dipped 0.2 percent to $1.3863, its first decrease in more than a week.
* The Japanese yen increased 0.3 percent to 110.79 per dollar.
                               Bonds
* The yield on 10-year Treasuries rose three basis points to 2.6518 percent, the highest since June 2014.
* Germany’s 10-year yield slipped less than one basis point to 0.568 percent.
* Britain’s 10-year yield gained one basis point to 1.337 percent.
                               Commodities
* West Texas Intermediate crude sank 0.6 percent to $63.55 a barrel.
* Gold rose 0.4 percent to $1,331.92 an ounce, the biggest advance in a week.

 

Have a wonderful weekend everyone.

Be magnificent!

As ever,

 

Carolann

The European talks of progress because by an ingenious application
of some scientific acquirements he has established a society which
has mistaken comfort for civilization.
                                                  -Benjamin Disraeli, 1804-1881

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

Dear Friends,

Tangents:

On Jan. 18, 1912, English explorer Robert F. Scott and his expedition reached the South Pole, only to discover that Roald Amundsen had gotten there first.
Go to article »

PHOTOS OF THE DAY

People walk through The Wave by Vertigo, part of the Lumiere London light festival. London is hosting a festival that brings together international light artists to create installation across the capital.

A light dusting of snow on the rooftops of the houses on the iconic Gold Hill in Shaftesbury, Dorset at sunrise.  Gold Hill was the setting for the famous Hovis Bread advert in the 1970’s.

Two buzzards raise their talons as they clash in mid-air. The two birds were fighting over food in the Ferrara province in Ital.
CREDIT: ALBERTO GHIZZI PANIZZA/SOLENT NEWS & PHOTO AGENCY
Market Closes for January 18^th, 2018

Market Index	Close	Change
Dow Jones	26017.81	-97.84   -0.37%
S&P 500	2798.11	-4.45   -0.16%
NASDAQ	7296.047	-2.232   -0.03%
TSX	16278.14	-48.56
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	23763.37	-104.97
		-0.44%
HANG SENG	32121.94	+138.53
		+0.43%
SENSEX	35260.29	+178.47
		+0.51%
FTSE 100*	7700.96	-24.47
		-0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.226		2.202
CND. 30 Year Bond		2.349		2.346
U.S.    10 Year Bond		2.6163		2.5794
U.S. 30 Year Bond		2.8937		2.8475

Currencies

BOC Close	Today	Previous
Canadian $	0.80534	0.80402
US $	1.24172	1.24374
Euro Rate 1 Euro=		Inverse
Canadian $	1.51997	0.65791
US $	1.22409	0.81694

Commodities

Gold	Close	Previous
London Gold Fix	1332.20	1335.65
Oil
WTI Crude Future	63.95	63.97

Market Commentary:
On this day in 1956, Ford Motor Co. goes public when the Ford Foundation sells 10.2 million shares at $64.50. The largest IPO then on record, the offering puts 22% of Henry Ford’s company into public hands.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks retreated as the likelihood of a U.S. government shutdown grew and gold prices fell the most in six weeks.
     The S&P/TSX Composite Index lost 42 points or 0.3 percent to 16,284.47, the lowest in more than a week. Materials stocks tumbled 1.2 percent, with gold miners dragging the index down. Barrick Gold Corp. lost 2.5 percent and Goldcorp Inc. fell 2.2 percent.
     The energy index retreated 0.8 percent even as the U.S. oil stockpile fell to its lowest level since March 2015. Husky Energy Inc. lost 6.8 percent, the most since mid-2016, after a close call with an iceberg suspended offshore operations in the Atlantic.
     In other moves:
                          Stocks
* CanniMed Therapeutics Inc. rose 17 percent and Newstrike Resources Ltd. jumped 25 percent. Newstrike shareholders approved a takeover by CanniMed
* Hudbay Minerals Inc. fell 8.2 percent, the most since September. The stock was downgraded at National Bank Financial after Hudbay said it sees its copper production falling 15 percent in 2018
* OceanaGold Corp. gained 4.4 percent after reporting record annual and quarterly gold production
                          Commodities
* Western Canada Select crude oil traded at a $24.40 discount to WTI
* Gold fell 0.9 percent to $1,327.20 an ounce, the most in six weeks
                          FX/Bonds
* The Canadian dollar strengthened 0.1 percent to $1.2425 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.23 percent, the highest since 2014
US
By Eric J. Weiner and Sarah Ponczek
     (Bloomberg) — U.S. stocks dipped one day after racing to all-time highs. The yield on 10-year Treasuries climbed above 2.6 percent for the first time since March, while the dollar failed to hold the previous day’s gain.
     Most major equity gauges were lower, led by weakness in real estate, energy producers and household products makers. The move in Treasuries came as the possibility of a government shutdown after temporary funding runs out on Jan. 19 appeared to increase. In addition, investors speculated that Apple Inc. may sell some securities to pay the tax bill it will incur from it’s planned cash repatriation. 
     “We looked at (the government shutdown) backwards and forwards, and after a while it’s just exhausting,” Chris Harvey, head of equity strategy at Wells Fargo & Co., said on Bloomberg TV. “At the end of the day, I don’t think it really affects the capital markets all that much. We’ve seen it before, not a big deal.”
     European stocks advanced but struggled to stay in the green as the euro shrugged off ECB attempts to talk down the currency earlier this week. West Texas oil slipped amid signs that U.S. crude stockpiles continued to shrink. And base metals advanced following strong Chinese growth data.
     China’s better-than-expected figures only added to the narrative of synchronized expansion, which — alongside upbeat profit expectations — could mean the bull run in stocks will keep going until 2019 or beyond, according to a Bank of America survey of fund managers.
     Elsewhere, gold rose after two days of declines, and bitcoin steadied above $11,000. Emerging-market stocks gained for a fifth straight day.

     These are the main moves in markets:
                         Stocks
* The S&P 500 fell 0.2 percent to 2,798.03, while the Dow Jones Industrial Average retreated 0.4 percent to 26,017.81.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI All-Country World Index slid less than 0.1 percent.
* The U.K.’s FTSE 100 Index dipped 0.3 percent.
* Germany’s DAX Index gained 0.7 percent, the largest rise in almost two weeks.
                         Currencies
* The Bloomberg dollar spot index dropped 0.2 percent.]
* The euro advanced 0.4 percent to $1.224.
* The British pound rose 0.4 percent to $1.3892, the highest since June 2016.
* South Africa’s rand increased 1.3 percent to 12.1375 per dollar, the strongest in more than two years.
                          Bonds
* The yield on 10-year Treasuries gained three basis points to 2.6163 percent, the highest in more than 10 months.
* Britain’s 10-year yield advanced two basis points to 1.33 percent.
* Germany’s 10-year yield added one basis point to 0.573 percent.
                          Commodities
* Gold was little changed at $1,326.85 an ounce.
* West Texas Intermediate crude fell 0.3 percent to $63.78 a barrel.
* Copper futures advanced 0.3 percent to $319.90 per pound.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 

Carolann

 

In the greatest confusion there is still an open channel to the soul.  It may be difficult to find because by midlife it is overgrown, and some of the wildest thickets that surround it grow out of what we describe as our education.  But he channel is always there, and it is our business to keep it open, to have access to the deepest part of ourselves.
                                                                 -Saul Bellow, 1915-2005

 

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 Jan. 17, 1893, Hawaii’s monarchy was overthrown as a group of businessmen and sugar planters forced Queen Liliuokalani to abdicate.
Go to article »
PHOTOS OF THE DAY

A surfer wipes out at Pe’ahi, also known as Jaws, in Hawaii.
CREDIT: BRIAN BIELMANN/AFP

The Aurora Borealis shine over Gulfoss waterfall in Iceland.
CREDIT: OWEN HUMPHREYS/PA WIRE

A fox runs past the entrance to 10 Downing street in London.
CREDIT: NIKLAS HALLE’N/AFP
Market Closes for January 17^th, 2018

Market Index	Close	Change
Dow Jones	26115.65	+322.79   +1.25%
S&P 500	2802.56	+26.14   +0.94%
NASDAQ	7298.281	+74.596   +1.03%
TSX	16236.70	+27.82
		+0.17%

International Markets

Market Index	Close	Change
NIKKEI	23868.34	-83.47
		-0.35%
HANG SENG	31983.41	+78.66
		+0.25%
SENSEX	35081.82	+310.77
		+0.89%
FTSE 100*	7725.43	-30.50
		-0.39%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.202		2.173
CND. 30 Year Bond		2.346		2.344
U.S.    10 Year Bond		2.5794		2.5371
U.S. 30 Year Bond		2.8475		2.8254

Currencies

BOC Close	Today	Previous
Canadian $	0.80402	0.80449
US $	1.24374	1.24302
Euro Rate 1 Euro=		Inverse
Canadian $	1.51570	0.65976
US $	1.21866	0.82057

Commodities

Gold	Close	Previous
London Gold Fix	1335.65	1333.85
Oil
WTI Crude Future	63.97	63.73

Market Commentary:
On this day in 1984, the U.S. Supreme Court rules in favor of Sony in the case of Universal vs. Sony, in effect deciding that VCRs are legal.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks gained after the Bank of Canada raised its benchmark interest rate by a quarter point but cautioned stimulus is still needed, boosting defensive sectors.
The S&P/TSX Composite Index added 28 points or 0.2 percent by 16,326.70. Rate-sensitive stocks gained, with real estate up 0.5 percent and telecom and utilities adding 0.2 percent.
Offsetting these gains, the materials index fell 0.9 percent, adding to Tuesday’s 1.2 percent decline, as gold miners lost ground. Barrick Gold Corp. fell 3.8 percent and Goldcorp Inc. lost 4.4 percent.
In other moves:
Stocks
* Sherritt International Corp. tumbled 11 percent, the most in two years. The company upsized its offering of shares and cobalt-linked warrants to C$115 million
* New Gold Inc. fell 6.6 percent after analysts said its 2018 guidance was lighter than expected
* Aeterna Zentaris Inc. rose 16 percent after announcing a licensing agreement with Strongbridge Biopharma plc for its Macrilen drug
Commodities
* Western Canada Select crude oil traded at a $23.75 discount to WTI
* Gold rose 0.2 percent to $1,339.20 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to $1.2427 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 2.20 percent
US
By Kailey Leinz and Sarah Ponczek
(Bloomberg) — U.S. stocks rose to fresh highs as companies continued to indicate the tax overhaul will boost earnings this year. Treasuries fell with gold and the dollar climbed on speculation Congress will avert a government shutdown.
The S&P 500 Index posted its biggest gain since November, while the Dow Jones Industrial Average rose more than 300 points to close above 26,000 for the first time. Semiconductor shares paced gains, taking the Nasdaq indexes to records.
Taxes drove much of the action. Financials were strong after Bank of America Corp. beat estimates and indicated that it could benefit from the U.S. tax overhaul by reducing pressure to cut future costs. And Apple Inc. climbed after saying that under the rules of the new tax plan it will bring hundreds of billions of dollars back to the U.S. from overseas to invest in jobs and facilities.
“We’re all really trying to figure out the real impact off tax reform on some of the major sectors,” said Jamie Cox, a managing partner for Harris Financial Group in Richmond, Virginia. “Financials in particular have been in the news because you’ve seen some weird things with some of their deferred tax assets being reported in earnings. I think a lot of people misunderstood and don’t understand how the deferred tax assets work, and so they’re seeing these massive charges that the banks are taking as a result of tax reform and they can’t see too clearly into the future about how much the impact on tax reform is going to have on their bottom line three quarters from now.”
The Stoxx Europe 600 Index was down slightly. Support came from the weaker euro, which was dragged down by some verbal intervention from the ECB, while the yen and Swiss franc were among the other major currencies falling against the greenback. Bitcoin dropped below $10,000 for the first time since Dec. 1, but then bounced back above the threshold.
Money managers expect the equities rally to continue, particularly with analysts predicting growth of 11 percent in earnings per share over the next two years, according to Bloomberg Intelligence calculations.
“A lot of the move that we’ve been seeing has been just the beginning,” said John Stoltzfus, chief market strategist at Oppenheimer & Co. “It’s hard to quantify, but we see some evidence of bull market bears as well as skeptics of this bull market finally beginning to capitulate. And when that capitulation starts, it’s a process.”
Meanwhile bond investors are mulling the potential for monetary policy in the U.S. to tighten faster than expected and settling their nerves after last week’s selloff. The notion of a bear market doesn’t seem to have endured — the yield curve steepening barely lasted a day.
Elsewhere, West Texas crude slipped before U.S. government data forecast to show stockpiles fell for a ninth week.
Here’s what to watch out for this week:
* U.S. housing starts probably slipped in December for the first time in three months as frigid winter weather impeded work, forecasts show ahead of Thursday’s release.
* The Bank of Canada’s interest-rate decision comes Wednesday. Monetary policy announcements are also this week due in South Korea, South Africa and Turkey.
* China releases fourth quarter GDP, December industrial production and retail sales Thursday.

      And these are the main moves in markets:
Stocks
* The S&P 500 closed up 0.9 percent to 2,802.57, while the Dow rose 323 points, or 1.3 percent, to 26,115.65.
* The Stoxx Europe 600 Index slid 0.1 percent.
* The U.K.’s FTSE 100 Index dipped 0.4 percent to the lowest in more than a week.
* The MSCI All-Country World Index added 0.5 percent.
* The MSCI Emerging Market Index climbed 0.4 percent to the highest in almost 10 years.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro slid 0.4 percent to $1.2209.
* The British pound gained 0.5 percent to $1.3848, the highest since June 2016.
* The Japanese yen dipped 0.7 percent to 111.18 per dollar, the first retreat in more than a week.
Bonds
* The yield on 10-year Treasuries gained three basis points to 2.5702 percent.
* Germany’s 10-year yield was little changed at 0.562 percent.
* Britain’s 10-year yield added less than one basis point to 1.308 percent.
Commodities
* West Texas Intermediate crude rose 0.2 percent to $63.87 a barrel.
* Gold fell 0.7 percent to $1,329.41 an ounce.

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 

Carolann

 

Nothing is so firmly believed as that which we least know.
                               -Michel de Montaigne, 1533-1592

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

Queensbury Securities Inc.,
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Victoria, B.C. V8W 3Y7

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