Month: February 2018

Dear Friends,

Tangents:
On Feb. 22, 1980, in a stunning upset, the United States Olympic hockey team defeated the Soviets at Lake Placid, N.Y., 4-to-3. (The U.S. team went on to win the gold medal.
Go to article »

PHOTOS OF THE DAY

The ruins of Little Bavington Tower rise above low lying mists rolling across the Northumberland countryside at sunrise this morning as temperatures dropped below zero overnight.
CREDIT: The Telegraph

Glenridding UK. A boat reflects into the calm water of Ullswater lake this morning on a sunny day in Cumbria.
CREDIT: The Telegraph

Drones are about to fly for a light show in Xi’an, capital of northwest China’s Shaanxi Province. A total of 300 drones in 2 groups performed a light show in Xi’an to celebrate the Spring Festival holiday.
CREDIT: The Telegraph

Artists perform during the 134^th Carnival parade in Nice, France.
CREDIT: The Telegraph
Market Closes for February 22^nd, 2018

Market Index	Close	Change
Dow Jones	24962.48	+164.70   +0.66%
S&P 500	2703.96	+2.63   +0.10%
NASDAQ	7210.086	-8.142   -0.11%
TSX	15508.17	-15.83
		-0.10%

International Markets

Market Index	Close	Change
NIKKEI	21736.44	-234.37
		-1.07%
HANG SENG	30965.68	-466.21
		-1.48%
SENSEX	33819.50	-25.36
		-0.07%
FTSE 100*	7252.39	-29.18
		-0.40%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.302		2.353
CND. 30 Year Bond		2.453		2.491
U.S.    10 Year Bond		2.9207		2.9500
U.S. 30 Year Bond		3.2062		3.2213

Currencies

BOC Close	Today	Previous
Canadian $	0.78708	0.78779
US $	1.27053	1.26937
Euro Rate 1 Euro=		Inverse
Canadian $	1.56647	0.63868
US $	1.23293	0.81107

Commodities

Gold	Close	Previous
London Gold Fix	1328.35	1330.50
Oil
WTI Crude Future	62.72	61.63

Market Commentary:
Number of the Day
27%
The surge in Amazon.com Inc. shares has driven 27% of the S&P 500 index’s gain this year through Tuesday. Tech titans Amazon, Microsoft Corp. and Netflix Inc. have driven nearly half of the S&P 500’s 1.6% gain this year, a worrying sign for investors who expected tech’s dominance to give way to cyclical sectors, like materials or industrials, as the economy improved.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were unable to hold onto earlier gains, closing lower as consumer staples and financials weighed on the benchmark and bond yields tumbled.
    The S&P/TSX Composite Index lost 16 points or 0.1 percent to 15,508.17 after earlier gaining as much as 0.7 percent. Consumer staples fell 0.5 percent as Loblaw Cos. fell 1.8 percent after reporting fourth-quarter results.
     Financials lost 0.3 percent despite strong results from Canadian Imperial Bank of Commerce, which rose 0.4 percent. Fairfax Financial Holdings Ltd. fell 1.7 percent.
     In other moves:
                         Stocks
* Stantec Inc. lost 11 percent, the most since 2015. The stock was downgraded at National Bank, which said it expects the shares to be range-bound after earnings missed the lowest estimate
* CCL Industries Inc. rose 9.3 percent to the highest since October after fourth-quarter earnings beat the highest estimate
* Iamgold Corp. lost 8.4 percent after reporting an unexpected loss for the fourth quarter
                        Commodities
* Western Canada Select crude oil traded at a $28.75 discount to WTI
* Gold rose 0.1 percent to $1,330.60 an ounce
                        FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2715 per U.S. dollar
* The Canada 10-year government bond yield fell five basis points to 2.30 percent after retail sales missed forecasts
US
By Jeremy Herron and Kailey Leinz
     (Bloomberg) — U.S. stocks eked out a gain to halt a two- day slide, but not before erasing an advance that topped 1 percent as investors grappled with the threat from higher interest rates. Treasuries edged higher and the dollar slumped.
     The S&P 500 Index barely held above 2,700 after dipping below that round number in the final 15 minutes of trading. It’s faded from session highs in afternoon trading for a fourth straight day. ended in the green after briefly turning lower in last trading as the index coughed up its biggest advances for a fourth straight day. Energy producers led advances as crude jumped more than 1.5 percent. The 10-year Treasury yield interrupted its march toward 3 percent. The dollar snapped a four-day rally.
     Rate-hike jitters returned to the market after the Fed’s January meeting minutes showed a central bank confident the economy is poised to take off. Subsequent data confirmed that view, but also brought signs of rising inflation that central bank had warned might fall short of its targets.
     “Investors are just nervous about interest rates,” said Paul Nolte, a portfolio manager at Kingsview Asset Management in Chicago. “Everybody is waiting for more economic data to confirm or deny whatever the Fed position is. It’s a big case of the nerves.”
    With recent data underpinning the view that inflation is no longer lagging, the OIS space shows traders pricing in just shy of three U.S. rate hikes over the next 12 months. The S&P 500 remains more than 5 percent from its all-time high, as February shapes up as one of the worst months for global equities in more than a year. The Cboe Volatility Index slipped below 20, well above its average for the past year, when unprecedented calm gripped markets.
     “We’re in the clear from that initial correction,” Peter Jankovskis, co-chief investment officer at Oakbrook Investments, said by phone. “Right now the trend is going to be to continue a recovery from that absent some other upset in the marketplace. Whether we’re totally clear of volatility, I would come down on the opposite side of that.”
     In Europe the Stoxx 600 Index slid as almost all the major national equity gauges in the region fell. It was a similar picture across Asia, though China’s market bucked the trend as it reopened after a holiday.
     Elsewhere, gold erased a drop to trade little changed as most commodities retreated. The pound was weaker as data showed the U.K. economy expanded less than previously estimated in the fourth quarter, and the euro edged up as minutes from the European Central Bank showed officials continue to lay the ground for a shift in policy language in the first half of the year.
     Here are some key events scheduled for this week:
* U.K. PM Theresa May is locking down her ministers in a bid to agree what kind of post-Brexit trade deal they want from the EU.
* Companies announcing earnings include Woolworths and Royal Bank of Scotland.
     These are the main moves in markets:
                           Stocks
* The S&P 500 rose 0.1 percent at 4 p.m. in New York, paring a gain that reached 1.1 percent.
* The Nasdaq Composite Index ended lower, while the Dow Jones Industrial Average rose 165 points.
* The Stoxx Europe 600 Index decreased 0.2 percent.
* The MSCI Asia Pacific Index dipped 0.6 percent to the lowest in a week.
* The MSCI Emerging Market Index sank 0.7 percent, the largest decrease in almost two weeks.
                          Currencies
* The Bloomberg Dollar Spot Index dipped 0.4 percent, the first retreat in a week.
* The euro gained 0.3 percent to $1.2325, the largest advance in a week.
* The Japanese yen jumped 1 percent to 106.701 per dollar, the first advance in a week and the largest climb in more than two weeks.
* The MSCI Emerging Markets Currency Index rose 0.2 percent.
                          Bonds
* The yield on 10-year Treasuries fell three basis points to 2.92 percent.
* The two-year yield fell one basis point to 2.25 percent.
* Germany’s 10-year yield decreased two basis points to 0.706 percent.
                         Commodities
* West Texas Intermediate crude rose to the highest in two weeks as American supplies unexpectedly shrank. Futures rose 1.8 percent to settle at $62.77 a barrel.
* Gold futures climbed 0.1 percent to $1,333.60 an ounce, the first advance in a week.
–With assistance from Samuel Potter and Sarah Ponczek.

 

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

Carolann

 

All life is an experiment.  The more experiments you make the better.
                                           -Ralph Waldo Emerson, 1803-1882

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:
-from today’s NY Times:

Gerald Holtom, the Briton who designed the peace symbol, was in “deep despair” when he created it on this day in 1958.

I drew myself,” wrote Mr. Holtom, a World War II conscientious objector who was alarmed by the nuclear arms race. “The representative of an individual in despair, with hands palm outstretched outward and downward in the manner of Goya’s peasant before the firing squad.”

An early sketch of the peace symbol designed by Gerald Holtom, on display at the Imperial War Museum in London. -Yui Mok/PA Wire, via Associated Press

The symbol also combined the semaphores, or flag-signaling codes, for the letters “N” and “D,” or “Nuclear Disarmament.” The circle around it represented the earth. 

Later that spring, the symbol appeared on buttons and signs in an antinuclear march to the Atomic Weapons Research Establishment, a warhead factory in Aldermaston, England. (The march became an annual event.) 

The symbol, which isn’t trademarked, was embraced by the broader antiwar movement and disparaged by critics as anti-Christian. 

Mr. Holtom is said to have later expressed a desire that the symbol be inverted so that it resembled hands reaching to the sky. Such a symbol, in addition to being more celebratory of peace, would also evoke the semaphore for the letter “U” — as in “Unilateral Disarmament.” 

The Campaign for Nuclear Disarmament, which still uses the symbol as its logo, is taking it on an anniversary tour around Britain this year. – Jennifer Jett contributed reporting.

Also on this day in…
1916- Battle of Verdun in France occurred: over 1 million men killed.
1925: New Yorker Magazine debuts.
1965: former Black Muslim leader Malcolm X was assassinated in New York City’s Washington Heights neighborhood. He was about to speak to the Organization of Afro-American Unity.  He was 39. Go to article »

PHOTOS OF THE DAY

Gallery assistants straighten Tigre jouant avec une tortue by Eugene Delacroix during a photo call for highlights from the collection of Peggy and David Rockefeller at Christie’s in London.
CREDIT: KRISTY O’CONNOR/PA WIRE

Rudolf Stingel’s monumental painting of the Tyrolean Alps in Italy, based on a historic photograph, is prepared for exhibition at Sotheby’s in London.
CREDIT: SAMIR HUSSEIN/GETTY IMAGES FOR SOTHEBYS

A restorer works on a portrait of Oopjen Coppit, one of two full-length wedding portraits, by Dutch painter Rembrandt Harmenszoon van Rijn (1606-1669) at the Rijksmuseum in Amsterdam, Netherlands.
CREDIT: DAVID VAN DAN/AFP/GETTY IMAGES
Market Closes for February 21^st, 2018

Market Index	Close	Change
Dow Jones	24797.78	-166.97   -0.67%
S&P 500	2701.33	-14.93   -0.55%
NASDAQ	7218.227	-16.082   -0.22%
TSX	15524.01	+84.58
		+0.55%

International Markets

Market Index	Close	Change
NIKKEI	21970.81	+45.71
		+0.21%
HANG SENG	31431.89	+558.26
		+1.81%
SENSEX	33844.86	+141.27
		+0.42%
FTSE 100*	7281.57	+34.80
		+0.48%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.353		2.321
CND. 30 Year Bond		2.491		2.464
U.S.    10 Year Bond		2.9500		2.8877
U.S. 30 Year Bond		3.2213		3.1513

Currencies

BOC Close	Today	Previous
Canadian $	0.78779	0.79051
US $	1.26937	1.26500
Euro Rate 1 Euro=		Inverse
Canadian $	1.55878	0.64153
US $	1.22799	0.81434

Commodities

Gold	Close	Previous
London Gold Fix	1330.50	1339.85
Oil
WTI Crude Future	61.63	61.90

Market Commentary:
Number of the Day
$18.5 billion
The California Public Employees’ Retirement System, the largest U.S. public pension fund, lost $18.5 billion over a 10-day trading period that ended Feb. 9 as markets fell into correction territory.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at the highest level since Feb. 2 as financials gained the most since April ahead of bank reporting season, which kicks off Thursday morning.
     The S&P/TSX Composite Index added 85 points or 0.6 percent to 15,524.01 after earlier rising as much as 1.2 percent. Financials gained 1.3 percent as Royal Bank of Canada added 2 percent and Bank of Montreal rose 1.7 percent.
     The industrials index gained 1.6 percent to the highest in a month. TFI International Inc. jumped 10 percent, the most since 2014, after strong earnings prompted at least two analyst upgrades.
     In other moves:
                           Stocks
* Shopify Inc. fell 6.7 percent, the most since November. The company is offering 4.8 million shares for $137 per share
* Bombardier Inc. lost 1.8 percent after a major shareholder said the delays plaguing its Toronto streetcar contract are unacceptable
* Kirkland Lake Gold Ltd. jumped 8.8 percent after reporting adjusted earnings per share and revenue that beat the average analyst estimate
                          Commodities
* Western Canada Select crude oil traded at a $28.45 discount to WTI, the widest gap in two weeks
* Gold rose 0.1 percent to $1,330.00 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2687 per U.S. dollar, the lowest since December, after the U.S. dollar gained on speculation that the Fed will speed up its tightening schedule
* The Canada 10-year government bond yield rose two basis points to 2.35 percent
US
By Jeremy Herron and Kailey Leinz
     (Bloomberg) — U.S. stocks erased gains to end lower for a second day, while the dollar jumped with Treasury yields on speculation that the pickup in inflation signaled by data since the Federal Reserve’s last meeting will force a faster tightening schedule.
     The catalyst for the late-day selloff was Fed meeting minutes that painted the picture of a central bank increasingly confident that economic growth will pick up steam but still concerned inflation could miss targets. The initial reaction saw stocks jump with bonds, while the dollar fell.
     Assets reversed course as investors pointed to economic data subsequent to the gathering that upend the idea of lagging inflation. The S&P 500 Index erased a gain that topped 1 percent to finish at a one-week low and Bloomberg’s dollar index climbed a fourth day. The 10-year Treasury yield rose to 2.94 percent.
     “What we’re seeing on the committee on the growth side is consistent with the fact that there’s clear upside risks to the forecast that they have embedded from December,” James McCann, senior global economist at Aberdeen Standard Investments, said by phone. “A revision of those to be consistent would probably require them to put a little more policy tightening into the mix.”
     When officials next convene March 20, they will consider for the first time a January jobs report that indicated rising wages and consumer prices that surged faster than forecast last month, two data points that belie their concern that inflation will lag.
     Investors have also been watching a deluge of Treasury sales that are slated to put $258 billion up for auction this week. Surging rates gave impetus to one of the steepest equity selloffs in years two weeks ago. While investors seem to have adjusted to 10-year yields at a four-year high for now, the rush of fresh debt could push them higher, weakening the case for owning stocks at elevated valuations.
     European equities rose even after data showed a fading outlook for manufacturing and services in the region. Sterling slumped following a rise in unemployment. Stocks climbed in Hong Kong, cementing a rebound from one of the worst routs in years at the start of February.
     Elsewhere, the rand jumped as traders took South Africa’s budget positively. Oil in New York dropped ahead of U.S. government data that’s forecast to show crude inventories gained for a fourth week. Bitcoin fell below $11,000.
     Here are some key events scheduled for this week:
* Fed policy makers speaking this week include New York Fed President William Dudley and Atlanta Fed President Raphael Bostic. Cleveland Fed President Loretta Mester is among speakers at the U.S. Monetary Policy Forum in New York City.
* Companies announcing earnings this week include Woolworths, Barclays and Royal Bank of Scotland.
* Shanghai’s market reopens on Thursday after holidays.
     These are the main moves in markets:
                           Stocks
* The S&P 500 fell 0.6 percent at 4 p.m. in New York.
* The Nasdaq 100 fell 0.3 percent, after rising as much as 1.5 percent.
* The Cboe Volatility Index fell 2.6 percent to 20.07.
* The Stoxx Europe 600 Index erased losses to close higher by 0.2 percent.
* The MSCI Asia Pacific Index gained 0.3 percent.
* The MSCI Emerging Market Index jumped 1.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent for a fourth day of gains.
* The euro dipped 0.1 percent to $1.2329.
* The Japanese yen decreased 0.3 percent to 107.701 per dollar.
* South Africa’s rand jumped 0.7 percent to 11.654 per dollar.
* The MSCI Emerging Markets Currency Index advanced 0.1 percent.
                            Bonds
* The yield on 10-year Treasuries rose four basis points to 2.94 percent.
* The two-year rate jumped five basis points to 2.26 percent.
* Germany’s 10-year yield fell one basis point to 0.72 percent.
                            Commodities
* West Texas Intermediate crude decreased 0.3 percent to $61.58 a barrel, the first retreat in more than a week.
* Gold futures were little changed at $1,330.90 an ounce.
–With assistance from Sophie Caronello, Andreea Papuc, Kristine Aquino and Samuel Potter. 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

Carolann

God damn you all: I told you so.
             -H.G. Wells,1866-1946
-Suggestion for his own epitaph, 1939

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 Feb. 20, 1962, astronaut John Glenn became the first American to orbit Earth as he flew aboard the Friendship 7 Mercury capsule.
Go to article »

PHOTOS OF THE DAY

Helen Tulloch walks past Darktown Turbo Taxi by artist Jonny Hannah and Caldera (top) by sculptor Tony Cragg at Yorkshire Sculpture Park.
CREDIT: DANNY LAWSON/PA WIRE

Dancing noses perform during a dress rehearsal for Shostakovich’s opera “The Nose” at the Sydney Opera House is Sydney, Australia.
CREDIT: RICK RYCROFT/AP
Market Closes for February 20^th, 2018

Market Index	Close	Change
Dow Jones	24964.75	-254.63   -1.01%
S&P 500	2716.26	-15.96   -0.58%
NASDAQ	7234.309	-5.157   -0.07%
TSX	15439.44	-13.20
		-0.09%

International Markets

Market Index	Close	Change
NIKKEI	21925.10	-224.11
		-1.01%
HANG SENG	30873.63	-241.80
		-0.78%
SENSEX	33703.59	-71.07
		-0.21%
FTSE 100*	7246.77	-0.89
		-0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.321		2.377
CND. 30 Year Bond		2.464		2.507
U.S.    10 Year Bond		2.8877		2.9095
U.S. 30 Year Bond		3.1513		3.1637

Currencies

BOC Close	Today	Previous
Canadian $	0.79051	0.79668
US $	1.26500	1.25521
Euro Rate 1 Euro=		Inverse
Canadian $	1.56006	0.64100
US $	1.23325	0.81086

Commodities

Gold	Close	Previous
London Gold Fix	1339.85	1339.85
Oil
WTI Crude Future	61.90	61.90

Market Commentary:
On this day in 1959, the Dow Jones Industrial Average closed around 600 for the first time, less than three years after breaking the 500 mark.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell Tuesday, following their best week in nearly two years, as gold prices declined the most since July, weighing on miners.
     The S&P/TSX Composite Index lost 13 points or 0.1 percent to 15,439.44, the first drop in four trading days. Materials lost 1 percent as Barrick Gold Corp. fell 1.8 percent and Agnico Eagle Mines Ltd. lost 2.6 percent.
     Health-care stocks gained 2.8 percent as cannabis shares resumed their rally. Canopy Growth Corp. rose 12 percent and Aphria Inc. added 6.2 percent.
     In other moves:
                          Stocks
* Uni-Select Inc. fell 12 percent, the most since 2008, after fourth-quarter results missed estimates. RBC analysts said margins were “well below” their forecast
* Osisko Gold Royalties Ltd. lost 8.1 percent, the most in two years. Fourth-quarter earnings missed expectations
* West Fraser Timber Co. gained 1.5 percent and Canfor Corp. added 1.5 percent after lumber futures rose to a record
                          Commodities
* Western Canada Select crude oil traded at a $28 discount to WTI
* Gold fell 1.8 percent to $1,328.80 an ounce, the biggest decline since JulFX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.2647 per U.S. dollar, the lowest since December
* The Canada 10-year government bond yield was little changed at 2.32 percent
US
By Jeremy Herron and Brian Chappatta
     (Bloomberg) — U.S. stocks halted a six-day rally as disappointing results from Walmart Inc. weighed on major indexes as the dollar pushed higher. Treasuries fell amid a heavy slate of U.S. debt issuance, with short-end auctions drawing some of the highest yields in almost a decade.
     The S&P 500 Index slipped below its average price for the past 50 days. Walmart sank the most since 1988, while a rally in chipmakers boosted the Nasdaq 100 Index. The Treasury’s auctions of two-year notes and three- and six-month bills went off at rates unseen since 2008, while the 10-year rate was up to 2.89 percent. The greenback gained versus major peers.
     The U.S. Treasury on Tuesday sold $179 billion of securities as it works to rebuild its cash balance. Surging rates catalyzed one of the steepest equity selloffs in years two weeks ago. While investors seem to have adjusted to 10-year rates at a four-year high, the deluge of supply could push yields higher, weakening the case for owning stocks at elevated valuations.
     While speculators are turning bearish, money managers are looking at the highest U.S. yields in years as a buying opportunity in a world where shorter-term Japanese and German notes still carry negative yields. Investors will also get to parse minutes this week from the most recent meetings of both the Federal Reserve and the European Central Bank.
     The U.S. stock market only had a taste of the potential damage from higher bond yields, with the biggest test yet to come, according to Morgan Stanley. “Appetizer, not the main course,” is how the bank’s strategists described the correction of late January to early February.
     In Europe, the Stoxx 600 index edged higher after a pullback in equities emerged in Asia following several days of increases. Benchmarks in Japan and South Korea slid more than 1 percent. The yen weakened. Elsewhere, WTI oil traded in New York climbed above $62 a barrel for the first time in more than a week. Bitcoin broke above $11,500, almost double its intraday low from just two weeks ago.   
     Here are some key events scheduled for this week:
* The Federal Reserve will release minutes on Wednesday of its Jan. 30-31 meeting, Janet Yellen’s last as chair, where officials kept the rate unchanged.
* Fed policy makers speaking this week include New York Fed President William Dudley and Atlanta Fed President Raphael Bostic. Cleveland Fed President Loretta Mester is among speakers at the U.S. Monetary Policy Forum in New York City.
* Companies announcing earnings this week include Glencore, Woolworths, Barclays and Royal Bank of Scotland.
* Chinese markets reopen on Thursday after holidays.
     These are the main moves in markets:

     Stocks
* The S&P 500 fell 0.6 percent as of 4 p.m. in New York.
* Walmart sank 10 percent and Home Depot was little changed after its results.
* The Nasdaq Composite Index added 0.2 percent.
* The Stoxx Europe 600 Index rose 0.6 percent.
* The MSCI Asia Pacific Index sank 0.8 percent, the first drop in more than a week.
* The MSCI Emerging Market Index declined 0.5 percent, the biggest decline in more than a week.
     Currencies
* The Bloomberg Dollar Spot Index increased 0.6 percent to the highest in a week.
* The euro sank 0.6 percent to $1.2337, the lowest in more than a week.
* The Japanese yen sank 0.6 percent to 107.262 per dollar.
* South Africa’s rand dipped 0.7 percent to 11.753 per dollar.
* The MSCI Emerging Markets Currency Index decreased 0.3 percent.
     Bonds
* The yield on 10-year Treasuries increased one basis point to 2.89 percent.
* The 2-year yield rose three basis points to 2.22 percent, the highest since 2008.
* Germany’s 10-year yield fell less than one basis point to 0.73 percent.
     Commodities
* West Texas Intermediate crude rose less than 0.4 percent to settle at $61.90 a barrel, the highest in two weeks.
* Gold futures decreased 1.7 percent to $1,332.70 an ounce.
–With assistance from Todd White and Kailey Leinz. 

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Defeat is not the worst of failures.  Not to have tried is the true failure.
                                          -George Edward Woodberry, 1855-1930

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!

POINTS OF PROGRESS:

VENEZUELA
Two hundred plundered artifacts are to be returned to Costa Rica.  The Venezuelan government has said that it will repatriate 196 pre-Columbian stone and ceramic archaeological artifacts to Costa Rica.  The items, which had been sculpted by indigenous people native to Costa Rica, were found being illegally held by the estate of a Venezuelan collector. -TELESUR.

BELIZE
The country is halting all oil exploration in its waters to protect its coral reefs.  Oil exports make up more than a quarter of the nation’s total exports.  But tourism accounts for 10% of Belize’s gross domestic product – with coral reefs at the top of the list of the nation’s tourist attractions. -QUARTZ

ICELAND
It is now illegal to pay women less than men for the same job.  A new law passed by Iceland’s Parliament states that as of Jan. 1^st, public and private employers with 25 employees or more must obtain government certification of equal pay policies.  The 2017 Global Gender Gap Report ranks Iceland as the country with the most gender equity in the world. –THINKPROGRESS

DENMARK
Wind power generated 43.4 % of Denmark’s electricity in 2017.  In March 2017, for one 24-hour period, the country was able to generate all of its electricity needs through wind power.  The push toward wind power – which is subsidized by the Danish government – is part of the country’s drive to be coal-free by 2030. –FUTURISM
PHOTOS OF THE DAY

Ethnic Malaysian-Chinese devotees arrive to offer prayers at the Thean Hou temple decorated with red lanterns in Kuala Lumpur, Malaysia, on the eve of the Lunar New Year.
CREDIT: Manan Vatsyayana

A wild camper watches the sun set in a snow covered Thirlmere Valley in the Lake District, Cumbria.
CREDIT: Paul Kingston/NNP

People perform a dragon dance to celebrate the Spring Festival in Yongcheng in central China’s Henan province.
CREDIT: FEATURE CHINA/BARCROFT IMAGES
Market Closes for February 16^th, 2018

Market Index	Close	Change
Dow Jones	25219.38	+19.01   +0.08%
S&P 500	2732.22	+1.02   +0.04%
NASDAQ	7239.465	-16.965   -0.23%
TSX	15452.64	+44.98
		+0.29%

International Markets

Market Index	Close	Change
NIKKEI	21720.25	+255.27
		+1.19%
HANG SENG	31115.43	+599.83
		+1.97%
SENSEX	34010.76	-286.71
		-0.84%
FTSE 100*	7294.70	+59.89
		+0.83%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.318		2.377
CND. 30 Year Bond		2.464		2.507
U.S.    10 Year Bond		2.8749		2.9095
U.S. 30 Year Bond		3.1316		3.1637

Currencies

BOC Close	Today	Previous
Canadian $	0.79668	0.80102
US $	1.25521	1.24840
Euro Rate 1 Euro=		Inverse
Canadian $	1.55776	0.64195
US $	1.24104	0.80578

Commodities

Gold	Close	Previous
London Gold Fix	1352.10	1352.45
Oil
WTI Crude Future	61.68	61.34

Market Commentary:
On this day in 1878, the Bland-Allison Act became law, allowing the U.S. to mint silver dollars again just five years after a Congressional act prioritizing gold over silver sparked outrage among miners and farmers.
Number of the Day
73%
The three-month correlation between S&P 500 sectors jumped Monday to 73%, according to Goldman Sachs data, nearly double last year’s average of 37%. Some investors fear stocks’ intertwined rally could lead to more turbulence ahead.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at the highest in nearly two weeks and have retraced about one-third of the benchmark’s recent decline, boosted by strong earnings and deal activity.
     The S&P/TSX Composite Index added 79 points or 0.5 percent to 15,407.66. Real estate shares were the biggest gainers, rising 2 percent as Canadian Real Estate Investment Trust jumped 16 percent, the most ever. Choice Properties REIT is buying Canadian REIT for C$3.93 billion.
     The materials index was the only decliner, losing 0.4 percent amid concerns about gold miners’ ability to contain costs. Kinross Gold Corp. tumbled 7.3 percent, the most since 2016, after reporting weaker-than-expected quarterly results.
     In other moves:
                          Stocks
* Bombardier Inc. jumped 11 percent after reporting the highest cash flow in seven years
* Canadian Tire Corp. rose 6.6 percent to a record high. Fourth- quarter earnings per share beat the highest estimate
* Cenovus Energy Inc. fell 5.3 percent to the lowest since August. The company will consider selling more of its holdings to speed up efforts to repair its balance sheet, its CEO said
                          Commodities
* Western Canada Select crude oil traded at a $26.50 discount to WTI, the widest in eight trading days
* Gold fell 0.3 percent to $1,352.10 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2485 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.38 percent
US
By Kailey Leinz
     (Bloomberg) — U.S. stocks held onto gains to cap their best week in five years while Treasuries climbed and the dollar broke a five-day losing streak.
     The S&P 500 was slightly higher at the close after a late- day slump as investors assessed the implications of new indictments related to Russian meddling in the 2016 presidential election. The gauge ended 4.3 percent higher for the week ahead of a holiday weekend. The 10-year Treasury yield pulled back below 2.9 percent and the dollar rose from a three-year low.
     The recovery in American equities has come quickly after the first correction in U.S. stocks in two years, and the S&P 500 is now down less than 5 percent from an all-time high reached Jan. 26. The Russia news distracted traders otherwise focused on the outlook for the credit markets and interest rates as economic growth accelerates and fans inflation.
     “As far as corrections go, while we’re not out of the woods yet, it’s starting to feel like the best possible one you can hope for: Short and sweet,” said Craig Birk, an executive vice president of portfolio management at Personal Capital. “All the basic economic fundamentals and earnings results still seem very solid.”
     Elsewhere, sterling slipped after U.K. retail sales missed estimates and gilts advanced. Crude oil reversed losses to trade near a one-week high. Bitcoin rose above $10,000.
     These are the main moves in markets:
                          Stocks
* The S&P 500 rose less than 0.1 percent at the close of trading in New York.
* The Stoxx Europe 600 Index increased 1.1 percent.
* The U.K.’s FTSE 100 Index climbed 0.8 percent.
* Japan’s Topix index rose 1.1 percent.
* Australia’s S&P/ASX 200 Index fell 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent, the first advance in more than a week.
* The euro fell 0.8 percent to $1.2406.
* The British pound sank 0.6 percent to $1.4013, the first retreat in a week.
* The Japanese yen fell 0.2 percent to 106.35 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell four basis points to 2.87 percent.
* Germany’s 10-year yield declined six basis points to 0.7 percent.
* Britain’s 10-year yield sank seven basis points to 1.58 percent.
                           Commodities
* West Texas Intermediate crude rose 0.5 percent to $61.62 a barrel.
* Gold fell 0.4 percent to $1,348.71 an ounce.
–With assistance from Adam Haigh, Robert Brand and Jeremy Herron.

 

Have a wonderful weekend everyone.

 

Be magnificent!

 

As ever,

 

Carolann

It is not disbelief that is dangerous to our society; it is belief.
                                      -George Bernard Shaw, 1856-1950

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 1965, Canada raised its new national flag–featuring the red maple leaf–over Parliament Hill in the capital of Ottawa. Canada had formerly flown a flag featuring the U.K.’s Union Jack before then.

Also on this day in 1968 – Nancy Greene wins Gold in Giant Slalom at the 10th Winter Olympics in Grenoble.
PHOTOS OF THE DAY

Chinese people walk in a maze at the Tang Paradise Park in Xi’an, Shaanxi province, China, ahead of the coming Lunar New Year.
CREDIT: FRED DUFOUR/AFP/GETTY IMAGES

Mount Vesuvius is seen covered by snow in Naples, Italy.
CREDIT: TONY GENTILE/REUTERS

A red kite in the snow at Girgrin Farm in Rhayader, Wales.
CREDIT: SEAN WEEKLY/SWNS.COM
Market Closes for February 15^th, 2018

Market Index	Close	Change
Dow Jones	25200.37	+306.88 +1.23%
S&P 500	2731.20	+32.57   +1.21%
NASDAQ	7256.430	+112.814   +1.58%
TSX	15407.66	+79.39
		+0.52%

International Markets

Market Index	Close	Change
NIKKEI	21464.98	+310.81
		+1.47%
HANG SENG	31115.43	+599.83
		+1.97%
SENSEX	34297.47	+141.52
		+0.41%
FTSE 100*	7234.81	+20.84
		+0.29%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.377		2.373
CND. 30 Year Bond		2.507		2.507
U.S.    10 Year Bond		2.9095		2.9022
U.S. 30 Year Bond		3.1637		3.1620

Currencies

BOC Close	Today	Previous
Canadian $	0.80102	0.80061
US $	1.24840	1.24902
Euro Rate 1 Euro=		Inverse
Canadian $	1.56067	0.64075
US $	1.25014	0.79991

Commodities

Gold	Close	Previous
London Gold Fix	1352.45	1336.25
Oil
WTI Crude Future	61.34	60.60

Market Commentary:
Number of the Day
$3.82 trillion
Consumers are borrowing more on credit cards or through auto loans than they have in years, and lenders seeking growth are happy to oblige them.  In the fourth quarter, consumer debt, excluding mortgages and other home loans, rose 5.5% from a year earlier to $3.82 trillion.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at the highest in nearly two weeks and have retraced about one-third of the benchmark’s recent decline, boosted by strong earnings and deal activity.
     The S&P/TSX Composite Index added 79 points or 0.5 percent to 15,407.66. Real estate shares were the biggest gainers, rising 2 percent as Canadian Real Estate Investment Trust jumped
16 percent, the most ever. Choice Properties REIT is buying Canadian REIT for C$3.93 billion.
     The materials index was the only decliner, losing 0.4 percent amid concerns about gold miners’ ability to contain costs. Kinross Gold Corp. tumbled 7.3 percent, the most since 2016, after reporting weaker-than-expected quarterly results.
     In other moves:
                          Stocks
* Bombardier Inc. jumped 11 percent after reporting the highest cash flow in seven years
* Canadian Tire Corp. rose 6.6 percent to a record high. Fourth- quarter earnings per share beat the highest estimate
* Cenovus Energy Inc. fell 5.3 percent to the lowest since August. The company will consider selling more of its holdings to speed up efforts to repair its balance sheet, its CEO said
                          Commodities
* Western Canada Select crude oil traded at a $26.50 discount to WTI, the widest in eight trading days
* Gold fell 0.3 percent to $1,352.10 an ounce
                          FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2485 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.38 percent
US
By Kailey Leinz
     (Bloomberg) — U.S. stocks capped their best five-day run since 2011, extending a global rally as equities rebounded from the worst of this month’s correction. The dollar slumped to a three-year low and oil rallied.
     The S&P 500 topped the 2,700 level and the Dow Jones Industrial Average climbed above 25,000 following gains in Europe and Asia. The yield on 10-year Treasuries hovered near 2.9 percent. The yen ascended to a 15-month high, while South Africa’s rand traded at its strongest level in almost three years after President Jacob Zuma resigned.
     Stock investors brushed off a report on U.S. wholesale prices that underscored signs of stronger inflation even as a growing number of economists now expect the Federal Reserve to step up the pace of its interest-rate increases this year. A report yesterday showing faster consumer-price increases gave rise to debate on the breakdown in the greenback’s correlation to interest rates, as currency investors focused instead on the U.S.’s twin deficits.
     The S&P 500 closed at a two-week high and above its 50-day moving average after climbing 5.8 percent in the past five days. Equities remain cheap relative to bonds and won’t be affected by higher long-term interest rates as long as the 10-year Treasury yield stays below 4 percent, according to Gina Martin Adams and Peter Chung, equity strategists at Bloomberg Intelligence.
     “The market is figuring out that 3 percent is digestible on the 10-year yield,” said Leo Grohowski, the chief investment officer of BNY Mellon Wealth Management. “As long as the reason you’re getting to the 3 percent level is driven by a better feeling about economic growth, which therefore leads to a better feeling about corporate profits. And that’s what I sense taking place.”
     Japan’s Finance Minister Taro Aso’s comments that the yen’s gain isn’t abrupt enough to require intervention supported the Japanese currency’s rally. Hong Kong equities sealed their best three-day run in more than two years in shortened trading ahead of the Lunar New Year holiday. China, South Korea, Taiwan, Vietnam markets are closed Thursday.
     Here are some important things to watch out for this week:
* A handful of European Central Bank officials are due to speak Friday.
* Earnings season continues in full swing.
* Lunar New Year celebrations for the Year of the Dog begin, affecting China, Hong Kong, Taiwan, Singapore, Malaysia and Indonesia. Chinese mainland markets are closed Feb. 15-21.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 1.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index climbed 0.5 percent.
* The MSCI All-Country World Index advanced 1.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.5 percent to a three-year low.
* The euro gained 0.4 percent to $1.2507, reaching the strongest in two weeks.
* The Japanese yen climbed 0.9 percent to 106.05 per dollar.
* South Africa’s rand advanced 0.7 percent to 11.6314 per dollar.
                             Bonds
* The yield on 10-year Treasuries was little changed at 2.9 percent, near the highest in more than four years.
* Germany’s 10-year yield rose one basis point to 0.76 percent.
                             Commodities
* West Texas Intermediate crude rose 1.7 percent to $61.61 a barrel.
* Gold rose 0.3 percent to $1,354.26 an ounce.
* Copper futures rose 0.4 percent.
–With assistance from Adam Haigh, Nancy Moran, Natasha Doff, Todd White and Christopher Anstey.
 

Have a wonderful evening everyone.

Be magnificent!

As ever,

 

Carolann

 

It always seems impossible until it’s done.
-Nelson Rolihlahla 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

Dear Friends,

Tangents: Happy Valentine’s Day!

From The New York Times today:
Valentine’s Day is widely thought to mark a wine-fueled festival for courting couples in ancient Rome.
Today is also Ash Wednesday, which coincides with Valentine’s Day for the first time since 1945. It’s a dilemma for those observing Lent: extravagant displays of romantic love, or fasting and self-discipline?

On Feb. 14, 1929, the St. Valentine’s Day Massacre took place in a Chicago garage as seven rivals of Al Capone’s gang were gunned down.
Go to article »

Also on this day in 1886, the first trainload of oranges grown by farmers in Southern California departed Los Angeles on the transcontinental railroad.

PHOTOS OF THE DAY

Gabriela Atkins, 10 from Exeter, and Calum Morris, 12 from Bristol, who both born with heart conditions help the British Heart Foundation (BHF) break The Guinness World Records Title for the world’s longest chain of paper hearts.
CREDIT: IMAGEWISE LTD/REX/SHUTTERSTOCK

Chloe Kim of the United States warms up prior to the Women’s Halfpipe Final on day four of the PyeongChang 2018 Winter Olympic Games.
CREDIT: THE TELEGRAPH

A Taekwondo team gives a demonstration prior to the men’s 1,500 meters speedskating race at the Gangneung Oval at the 2018 Winter Olympics.
CREDIT: EUGENE HOSHIKO/AP
Market Closes for February 14^th, 2018

Market Index	Close	Change
Dow Jones	24893.49	+253.04   +1.03%
S&P 500	2698.63	+35.69   +1.34%
NASDAQ	7143.617	+130.107   +1.86%
TSX	15328.27	+111.80
		+0.73%

International Markets

Market Index	Close	Change
NIKKEI	21154.17	-90.51
		-0.43%
HANG SENG	30515.60	+676.07
		+2.27%
SENSEX	34155.95	-144.52
		-0.42%
FTSE 100*	7213.97	+45.96
		+0.64%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.373		2.327
CND. 30 Year Bond		2.507		2.477
U.S.    10 Year Bond		2.9022		2.8330
U.S. 30 Year Bond		3.1620		3.1184

Currencies

BOC Close	Today	Previous
Canadian $	0.80061	0.79421
US $	1.24902	1.25911
Euro Rate 1 Euro=		Inverse
Canadian $	1.55585	0.64274
US $	1.24564	0.80274

Commodities

Gold	Close	Previous
London Gold Fix	1336.25	1325.35
Oil
WTI Crude Future	60.60	59.19

Market Commentary:
Number of the Day
11 million
U.S. oil output could rise as high as 11 million barrels a day by 2019, rivaling that of Russia, the world’s biggest crude producer, according to analysts. Led by U.S. shale companies, crude output from non-OPEC nations is expected to outpace the growth in oil demand in 2018.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks climbed to their highest level in a week after another volatile trading day that saw the benchmark fall as much as 0.6 percent and rise as much as 1.2 percent.
     The S&P/TSX Composite Index added 112 points or 0.7 percent to 15,328.27, rallying with U.S. stocks as investors digested stronger-than-forecast inflation, which initially sent stocks tumbling, before weak retail sales tempered concerns that the Fed would raise rates faster.
     Materials stocks were the biggest gainers, adding 2.8 percent as gold miners rallied on higher prices. The technology index jumped 2.3 percent as Shopify Inc. rose 8.1 percent to a record high. Shopify reports earnings Thursday morning.
     In other moves:
                          Stocks
* BRP Inc. fell 4.9 percent, the most since September, after National Bank Financial downgraded the stock, citing its recent run-up
* Teck Resources Ltd. added 1.6 percent amid a positive coal outlook and comments that it may reopen a steelmaking coal mine in British Columbia
* Canopy Growth Gorp. rose 1.8 percent after third-quarter revenue and earnings beat analyst estimates
* Colliers International Group Inc. jumped 11 percent to a record high as fourth-quarter earnings and revenue beat the highest analyst estimate
                          Commodities
* Western Canada Select crude oil traded at a $25.50 discount to WTI
* Gold rose 2.1 percent to $1,355.50 an ounce, the biggest gain since last March
                          FX/Bonds
* The Canadian dollar strengthened 0.7 percent to $1.2503 per U.S. dollar as the greenback fell
* The Canada 10-year government bond yield rose five basis points to 2.37 percent
US
By Kailey Leinz
     (Bloomberg) — U.S. stocks extended a rebound while Treasury yields rose to a four-year high as economic data supported expectations that the Federal Reserve will maintain a gradual approach to raising interest rates.
     The S&P 500 Index climbed for a fourth day as banks and durable-goods makers rallied, returning the gauge to a gain for the year after it fell more than 10 percent from a January peak. Gold rallied and the dollar slumped as the 10-year yield topped 2.9 percent.
     Signs of an inflation pickup have roiled financial markets this month, and stock futures tumbled early Wednesday on concern the Fed would quicken its pace of tightening following data that showed faster-than-forecast inflation. Those fears receded as investors digested a separate report showing weak retail sales that raised questions about the economy’s strength.
     “We’re trying to weigh how much each data point is going to matter,” said Kristina Hooper, the chief global market strategist at Invesco Ltd. “It’s about building a case for the FOMC.”
     New Fed Chairman Jerome Powell suggested Tuesday that the Federal Open Market Committee would forge ahead with gradual tightening even as it keeps an eye on financial-system risks following the recent equity rout.
     Oil rallied past $60 a barrel after a smaller-than-expected increase in U.S. supplies in storage. In Europe, stocks advanced as investors traded on earnings from companies including Credit Suisse Group AG. The yen’s rise to a 15-month high weighed on Japan’s Topix index, while shares in Seoul, Hong Kong and Shanghai gained before a weeklong Lunar New Year holiday.
     South Africa’s rand headed for its strongest level against the dollar in almost three years as President Jacob Zuma resigned under pressure from the ruling African National Congress.
     Here are some important things to watch out for this week:
* Lunar new year celebrations for the Year of the Dog begin, affecting China, Hong Kong, Taiwan, Singapore, Malaysia and Indonesia. Chinese mainland markets are closed Feb. 15-21.
* Earnings season continues in full swing.    
     These are the main moves in markets:
                           Stocks
* The S&P 500 rose 1.3 percent at the close of trading in New York.
* The Stoxx Europe 600 Index increased 1.1 percent.
* The MSCI Asia Pacific Index rose 0.8 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.8 percent.
* The euro rose 0.9 percent to $1.2459.
* The Japanese yen increased 0.8 percent to 106.97 per dollar.
* South Africa’s rand jumped 2.4 percent to 11.6869 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose eight basis points to 2.91 percent.
* Germany’s 10-year yield rose one basis point to 0.75 percent.
                            Commodities
* West Texas Intermediate rose 2.5 percent to $60.68 a barrel.
* Gold rose 1.7 percent to $1,352.53 an ounce for the biggest gain since May.
–With assistance from Adam Haigh, Blaise Robinson, Divya Balji, Robert Brand, Todd White, Randall Jensen, Jeremy Herron, Sarah Ponczek and Cameron Crise.

Have a wonderful evening everyone.

Be magnificent!

 

As ever,

 

Carolann

 

Anyone can hold the helm when the sea is calm.
                        -Publilius Syrus, 85-43 BC

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

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Mardi Gras!
On this day in 1633, Galileo Galilei arrived in Rome to face heresy charges related to his advocacy for the Copernican theory, which said that the Earth revolves around the sun. The Italian philosopher, astronomer and mathematician pled guilty and was placed under indefinite house arrest.

February 13^th, 1840, Queen Victoria wrote in her Journal, the third day of her marriage:
My dearest Albert put on my stockings for me.  I went and saw him shave, a great delight for me.
PHOTOS OF THE DAY

Snowy mountains reflected in Buttermere Lake in the Lake District, Cumbria.
CREDIT: OWEN HUMPHRYS/PA WIRE

Nika Kriznar of Slovenia soars through the air during the women’s normal hill individual ski jumping competition at the 2018 Winter Olympics in Pyeongchang.
CREDIT: MATTHIAS SCHRADER/AP

People wearing protection helmets and costumes pelt each other with oranges as part of Carnival celebrations in the northern Italian Piedmont town of Ivrea.
CREDIT: ANTONIO CALANNI/AP
Market Closes for February 13^th, 2018

Market Index	Close	Change
Dow Jones	24640.45	+39.18   +0.16%
S&P 500	2662.94	+6.94   +0.26%
NASDAQ	7013.512	+31.547   +0.45%
TSX	15216.47	-25.41
		-0.17%

International Markets

Market Index	Close	Change
NIKKEI	21244.68	-137.94
		-0.65%
HANG SENG	29839.53	+379.90
		+1.29%
SENSEX	34300.47	+294.71
		+0.87%
FTSE 100*	7168.01	-9.05
		-0.13%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.327		2.342
CND. 30 Year Bond		2.477		2.489
U.S.    10 Year Bond		2.8330		2.8566
U.S. 30 Year Bond		3.1184		3.1431

Currencies

BOC Close	Today	Previous
Canadian $	0.79421	0.79276
US $	1.25911	1.26141
Euro Rate 1 Euro=		Inverse
Canadian $	1.55524	1.54728
US $	0.64299	1.22662

Commodities

Gold	Close	Previous
London Gold Fix	1325.35	1322.30
Oil
WTI Crude Future	59.19	59.29

Market Commentary:
Number of the Day
$984 Billion
The budget request sent by President Donald Trump on Monday would widen the federal budget deficit to $984 billion in the next fiscal year, nearly double what last year’s budget estimated for 2019.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were unable to hang onto early gains, losing ground for the 10th of 12 trading days as most sectors fell.
     The S&P/TSX Composite Index lost 25 points or 0.2 percent to 15,216.47. Rate-sensitive telecom and utility shares lost 0.8 percent ahead of Wednesday’s January U.S. inflation report.
     The consumer discretionary index also lost 0.8 percent as Restaurant Brands International Inc. fell 3.5 percent, giving up some of Monday’s 6.2 percent gain.
     In other moves:
                         Stocks
* TMX Group Ltd. rose 1 percent after the exchange operator’s fourth-quarter earnings beat analyst estimates
* Emera Inc. fell 3.9 percent to the lowest since 2015. Analysts at RBC Capital Markets said the weakness reflects funding uncertainty
* NuVista Energy Ltd. rose 3 percent after the company’s preliminary fourth-quarter cash flow beat analyst estimates
                         Commodities
* Western Canada Select crude oil traded at a $20.90 discount to WTI, the narrowest gap in more than two months
* Gold rose 0.3 percent to $1,328.10 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.1 percent to $1.2593 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.32 percent
US
By Kailey Leinz
     (Bloomberg) — U.S. stocks advanced while the dollar fell and Treasuries rose as financial markets looked ahead to Wednesday’s inflation report. 
     The S&P 500 Index climbed for a third day, it’s longest winning streak since mid-January, amid a rally in financial shares and food retailers. Assets seen as safe havens gained as last week’s surge in volatility continued to weigh on traders, with the yen set for the strongest close since November 2016 and the Swiss franc up with gold. The dollar’s three-day loss left it at the lowest in more than a week.
     Volatility levels remained elevated even after stocks’ modest recovery of the past few days, showing continued unease after the rout that wiped $2 trillion from U.S. shares last week. Consumer-price data due Wednesday could give some clues on where markets are heading, given that pressure on equities has been emanating from the outlook for inflation.
     “As we move through the rest of this economic cycle and market cycle, higher volatility is going to be normal,” said Jeffrey Schulze, the chief investment strategist at Clearbridge Investments. “And a lot of that has to do with the normalization of interest rates.”
     Hedge funds and other large speculators have boosted bets on Treasury futures to a record, indicating they expect the 2018 bond-market rout will resume in the days ahead. An investor at Goldman Sachs Asset Management warned 10-year yields could rise to as high as 3.5 percent in the next six months as the market prices in a steeper pace of Federal Reserve tightening.
     Elsewhere, European shares dropped following a late downswing in Asia. South Africa’s rand fluctuated as President Jacob Zuma refused to obey his ruling African National Congress’s order for him to resign voluntarily.
     Here are some important things to watch out for this week:
* Lunar new year celebrations for the Year of the Dog begin, affecting China, Hong Kong, Taiwan, Singapore, Malaysia and Indonesia. Chinese mainland markets are closed Feb. 15-21. India is out Tuesday for a public holiday.
* The U.S. consumer-price index probably increased at a moderate pace in January, economists project. Retail sales in the U.S., also out Wednesday, probably increased for a fifth straight month.
* Japan is expected to extend the longest stretch of economic growth since the mid-1990s when it reports fourth-quarter gross domestic product on Wednesday.
* Earnings season continues in full swing with reports from Bunge, TripAdvisor, SunPower, Con Edison, Bombardier, MetLife, Cisco, Japan Post Bank, Credit Suisse, Nestle, Airbus, Allianz, Telstra and Coca-Cola.
     These are the main moves in markets:
                           Stocks
* The S&P 500 rose 0.3 percent at the close of trading in New York.
* The Stoxx Europe 600 Index fell 0.6 percent.
* The MSCI All-Country World Index rose 0.3 percent.
* The MSCI Asia Pacific Index added 0.6 percent.
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.4 percent to the lowest in more than a week.
* The euro climbed 0.5 percent to $1.2358.
* The Japanese yen gained 0.8 percent to 107.8 per dollar.
* South Africa’s rand weakened 0.1 percent to 11.9442 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell three basis points to 2.83 percent.
* Germany’s 10-year yield fell one basis point to 0.74 percent.
* Britain’s 10-year yield rose one basis point to 1.61 percent.
                          Commodities
* West Texas Intermediate crude slipped 0.2 percent to $59.20 a barrel.
* Gold rose 0.5 percent to $1,329.64 an ounce.
* Copper futures gained 2.5 percent.
 

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

Carolann

 

We are so made, that we can only derive intense enjoyment
from a contrast, and only very little from a state of things.
                                       -Sigmund Freud, 1856-1939

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: 

          SEASON TO SEASON 

I have been fooled before, and just because
This summer seems so long, it might not be
My last. Winter could come again, and pause
The sky like a taped tactical descent
Of pocket paratroopers. Things to see
Could happen yet, and life prove not quite spent
But still abundant, still the main event.

The trick, I’m learning, is to stay in doubt,
Season to season, of what time might bring,
And patiently await how things turn out.
Eventually time tells you everything.
If it takes time to do so, no surprise
In that. You fold your arms, you scan the skies,
And tell yourself that life has made you wise,

If only by the way it ebbs away.
But still it takes an age, and after all,
Though nearly gone, life didn’t end today,
And you might be here when the first leaves fall
Or even when the snow begins again,
If life that cast you, when this all began,
As a small boy, still needs a dying man.
                                      -By Clive James 

PHOTOS OF THE DAY

Snowdrops make a white carpet in the woods at Welford Park near Newbury. Welford Park, where The Great British Bake Off is filmed every summer, is only open for visitors for five weeks in the year – until March 5^th.
CREDIT: THE TELEGRAPH

Dancers perform at Palazzo Pisani Moretta during the annual Ballo del Doge in Venice, Italy. The Ballo del Doge, created by fashion and costume designer Antonia Sautter, is considered the most elegant and exclusive masquerade ball during the Venice Carnival.
CREDIT: THE TELEGRAPH

Revellers from the Vila Maria Samba School take part in Carnival celebrations at Anhembi Sambradrome in Sao Paulo, Brazil.
CREDIT: THE TELEGRAPH
Market Closes for February 12^th, 2018

Market Index	Close	Change
Dow Jones	24601.27	+410.37    +1.70%
S&P 500	2656.00	+36.45   +1.39%
NASDAQ	6981.964	+107.473   +1.56%
TSX	15241.88	+207.35
		+1.38%

International Markets

Market Index	Close	Change
NIKKEI	21548.04	+165.42
		+0.77%
HANG SENG	29459.63	-47.79
		-0.16%
SENSEX	34300.47	+294.71
		+0.87%
FTSE 100*	7177.06	+84.63
		+1.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.342		2.352
CND. 30 Year Bond		2.489		2.499
U.S.    10 Year Bond		2.8566		2.8512
U.S. 30 Year Bond		3.1431		3.1612

Currencies

BOC Close	Today	Previous
Canadian $	0.79276	0.79483
US $	1.26141	1.25813
Euro Rate 1 Euro=		Inverse
Canadian $	1.54728	0.64629
US $	1.22662	0.81524

Commodities

Gold	Close	Previous
London Gold Fix	1322.30	1314.10
Oil
WTI Crude Future	59.29	59.20

Market Commentary:
On this day in 1970, the New York Stock Exchange elects its first African-American member, Joseph L. Searles III.
Number of the Day
$22.9 billion
Investors withdrew $22.9 billion from U.S. stock mutual funds and exchange-traded funds in the seven days that ended Wednesday, according to fund tracker EPFR Global, the highest total on record.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rebounded from two weeks of steep declines, gaining the most since July 2016, but still lagged their U.S. counterparts.
     The S&P/TSX Composite Index added 207 points or 1.4 percent to 15,241.88. The gain was the biggest in 19 months but underperformed the 1.7 percent increase in the Dow Jones Industrial Average.
     Materials stocks saw the biggest gain, adding 3 percent as precious and base metals rose. Ivanhoe Mines Ltd. jumped 11 percent, the most since October.
     Industrials added 2.2 percent as CAE Inc. rose 5.7 percent.
RBC Capital Markets upgraded the stock to outperform, saying it could be headed to C$30 or more long term.
     In other moves:
                             Stocks
* Aecon Group Inc. fell 1.8 percent to the lowest since a Chinese firm launched its takeover bid for the engineering firm; Canada began a national security review of the deal
* Restaurant Brands International Inc. gained 6.2 percent, the most in a year. The parent company of Burger King said the chain’s 4Q comparable sales rose far more than analysts expected
* First Quantum Minerals Ltd. added 6.2 percent, the most in three months, after the company said it will push ahead with an Alaska mining project
                          Commodities
* Western Canada Select crude oil traded at a $21.25 discount to WTI, the smallest gap in four weeksGold rose 0.9 percent to $1,324.20 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.1 percent to $1.2595 per U.S.dollar
* The Canada 10-year government bond yield fell one basis point to 2.34 percent
US
By Kailey Leinz and Sarah Ponczek
     (Bloomberg) — U.S. stocks surged, with financial markets showing signs of recovery after the worst week in two years for American equities.
     The 10-year yield fell back from the four-year high hit earlier Monday as the dollar slipped. The Nasdaq Composite Index turned positive for 2018, with the Dow Jones Industrial Average and the S&P 500 now down less than 1 percent since the end of December. Stocks and bonds have been in a tug-of-war since a blowout jobs report early this month sent Treasury yields spiking, raising the specter of higher interest rates to come.
     The Cboe Volatility Index fell as the S&P posted its biggest two-day advance in 18 months, but traders were still on edge following the tumultuous move in equities last week that wiped $2 trillion from U.S. stocks. Investors are awaiting U.S.
consumer-price data due Wednesday with some trepidation, given that pressure on equities has been emanating from the Treasury market and the outlook for inflation.
     “You just had a major reversal and investors are just taking a deep breath,” said Mike Bailey, the director of research at FBB Capital Partners in Bethesda, Maryland. “People said, ‘OK, the 10 percent correction is over, let’s take a look at the bright side.”’
     The S&P 500 retook its 100-day moving average, a technical indicator that it crashed through last week. Morgan Stanley chief U.S. equity strategist Michael Wilson reversed his week- old cautious call, joining peers at Goldman Sachs Group Inc. and JPMorgan Chase & Co. who have told clients to buy the dip.
     European and Asian equities also rose Monday, while the dollar’s slide supported commodities, with metals rallying and crude oil slightly higher after a six-day selloff.
     The won outperformed major currencies after Vice President Mike Pence told the Washington Post the U.S. is ready to engage in talks about North Korea’s nuclear program, signaling a shift in policy. South Africa’s rand strengthened on speculation President Jacob Zuma is poised to leave office.
     Terminal users can read more in our markets blog.
     Here are some important things to watch out for this week:
* Chinese New Year celebrations for the Year of the Dog begin in China and follow across much of Asia, including Hong Kong, Taiwan, Singapore, Malaysia and Indonesia. Chinese mainland markets are closed Feb. 15-21.
* Zuma’s fate is set to be sealed on Monday when the top leadership of the ruling African National Congress meets to conclude the transition to a new administration.
* The U.S. consumer-price index, due Wednesday, probably increased at a moderate pace in January, economists project.
Retail sales in the U.S., also out Wednesday, probably increased for a fifth straight month.
* Japan is expected to extend the longest stretch of economic growth since the mid-1990s when it reports fourth-quarter gross domestic product on Wednesday.
* Earnings season continues in full swing with reports from Bunge, TripAdvisor, SunPower, Con Edison, Bombardier, Michelin, PepsiCo, MetLife, Cisco, Japan Post Bank, Credit Suisse, Nestle, Airbus, Allianz, Telstra, Coca-Cola, Deere, Eni, Credit Agricole and Campbell Soup.
     These are the main moves in markets:
                             Stocks
* The S&P 500 Index rose 1.4 percent at the close of trading in New York
* The Stoxx Europe 600 Index climbed 1.2 percent.
* The MSCI All-Country World Index added 1.2 percent, the most since April.
* The U.K.’s FTSE 100 Index rose 1.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index dipped 0.3 percent.
* The euro rose 0.3 percent to $1.229.
* The British pound was little changed at $1.3834.
* South Africa’s rand climbed 0.5 percent to 11.93 per dollar.
                             Bonds
* The yield on 10-year Treasuries was little changed at 2.85 percent.
* Germany’s 10-year yield rose one basis point to 0.75 percent.
* Britain’s 10-year yield rose three basis points to 1.6 percent.
                          Commodities
* West Texas Intermediate crude added 0.2 percent to $59.33 a barrel, the first advance in more than a week.
* Gold rose 0.5 percent to $1,322.74 an ounce for the largest advance in two weeks.
* Copper futures climbed 1.7 percent for the first advance in five days.
–With assistance from Elena Popina, Ruth Carson, Andreea Papuc, Eddie van der Walt, Todd White, Christopher Anstey and Lu Wang.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann 

Si jeunesse savait; si vieillesse pouvait.
If youth knew; if age could.
                   -Henri Etienne, 1531-98

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:

Terrance Hayes selected this poem for inclusion in last Sunday’s NY Times magazine.  He writes, “This pithy poem could double as a writing prompt.  The poet gets you started, opening with the seemingly surreal image of a six-legged horse.  It unfolds with a mix of aphorism, fantasy and myth….Try adding another 36 words to the poem…..toward the imaginativeness the poem invokes:

Beginning With a Horse
       By Alan Felsenthal

A horse has six legs
two belong to a man
who might be Pluto
disguised as the devil
abducting a unicorn
whose horn was used
to purify a spring
that whetted the infinite
now behind us

PHOTOS OF THE DAY

A member of the AMADEE-18 Mars simulation mission wears a spacesuit standing in the doorway of a simulation habitat, with a view of the night sky above in Oman’s Dhofar desert, during an analog field simulation in a collaboration between the Austrian Space Forum and the Oman National Steering Committee preparing for future human Mars missions.
CREDIT: KARIM SAHIB/AFP

A praying mantis fitted with miniature 3-D glasses, in a research facility at Newcastle University. Praying mantises sporting tiny 3-D glasses held in place with beeswax, have revealed a new kind of “stereo” vision that may help improve robot sight, researchers said.
CREDIT: MIKE IRWIN/AFP

A model holds a 102.34 carat white diamond, described as the rarest white diamond ever to come to market, at Sotheby’s in New Bond Street, London, ahead of its private sale at Sotheby’s Diamonds retail boutique where it is expected to fetch in excess of 33.7 million in US Dollars.
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Charlotte Riordhan from Lyon and Turbull with the key used to open Glasgow School of Art in 1899, not seen in public since the school’s opening ceremony, on display at Lyon and Turnbull in Edinburgh where it will be auctioned in April.
CREDIT: ANDREW MILLIGAN/PA WIRE
Market Closes for February 9^th, 2018

Market Index	Close	Change
Dow Jones	24190.90	+330.44   +1.38%
S&P 500	2619.55	+38.55   +1.49%
NASDAQ	6874.492	+97.333   +1.44%
TSX	15034.53	-31.08
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	21382.62	-508.24
		-2.32%
HANG SENG	29507.42	-943.85
		-3.10%
SENSEX	34005.76	-407.40
		-1.18%
FTSE 100*	7092.43	-78.26
		-1.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.352		2.378
CND. 30 Year Bond		2.499		2.497
U.S.    10 Year Bond		2.8512		2.8330
U.S. 30 Year Bond		3.1612		3.1344

Currencies

BOC Close	Today	Previous
Canadian $	0.79483	0.79361
US $	1.25813	1.26006
Euro Rate 1 Euro=		Inverse
Canadian $	1.54144	0.64874
US $	1.22518	0.81620

Commodities

Gold	Close	Previous
London Gold Fix	1314.10	1315.45
Oil
WTI Crude Future	59.20	61.15

Market Commentary:
On this day in 1585, the Frankfurt Stock Exchange is established.
Number of the Day
19%
Despite the massive selloff recently, the Dow Jones Industrial Average is still up 19% over the past year.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell to their lowest level since early September after a wild day that saw the benchmark rise as much as 0.3 percent and fall as much as 1.9 percent.
     The S&P/TSX Composite Index closed down 31 points or 0.2 percent to 15,034.46. Materials were the biggest decliners, losing 1.1 percent as gold miners retreated from Thursday’s gains. Guyana Goldfields Inc. fell 7.6 percent and Eldorado Gold Corp. lost 7.1 percent.
     Utilities rose 0.7 percent and the real estate index added 0.2 percent as government bond yields fell for the first time in four trading days.
     In other moves:
                          Stocks
* Sierra Wireless Inc. tumbled 14 percent to the lowest since 2016 after its forecast for first-quarter earnings missed the lowest analyst estimate
* Cameco Corp. fell 4.9 percent. The uranium miner reported a fourth-quarter loss and lower revenue
* Canada Goose Holdings Inc. fell another 4.6 percent for the biggest two-day decline ever. Analysts blamed high expectations and the stock’s recent rally.
                          Commodities
* Western Canada Select crude oil traded at a $23 discount to WTI, the narrowest gap in three and a half weeks
* Gold fell 0.3 percent to $1,313.10 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.1 percent to $1.2588 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.35 percent
US
By Sarah Ponczek and Randall Jensen
     (Bloomberg) — U.S. equities ended their worst week in two years on a positive note, but rate-hike fears that pushed markets into a correction remain as investors await American inflation figures on Feb. 14.
     The S&P 500 tumbled 5.2 percent in the week, its steepest slide since January 2016, jolting equity markets from an unprecedented stretch of calm. At one point, stocks fell 12 percent from the latest highs, before a furious rally Friday left the equity benchmark 1.5 percent higher on the day. Still, the selloff has wiped out gains for the year.
     Signs mounted that jitters spread to other assets, with measures of market unrest pushing higher in junk bonds, emerging-market equities and Treasuries. The Cboe Volatility Index ended at 29, almost three times higher than its level Jan.26. . The VIX’s bond-market cousin reached its highest since April during the week, and a measure of currency volatility spiked to levels last seen almost a year ago.
     Pressure on equities came from the Treasury market, where yields spiked to a four-year high, raising concern the Federal Reserve would accelerate its rate-hike schedule. Yields ended the week at 2.85 percent, near where they started, as Treasuries moved higher when equity selling reached its most frantic levels. Commodities including oil, gold and industrial metals moved lower Friday. The dollar, euro and sterling all declined.
     Traders are now focusing on next week’s U.S. consumer-price data after a week in which the 10-year yield pushed as high as 2.88 percent. Equity investors took the signal to mean interest rates will rise as inflation gathers pace, denting earnings and consumers’ spending power.
     “Sometimes making a bottom can take time,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co., said by phone. “Investors should be at least aware, cognizant, and expect a little more volatility after we go through this period of more cathartic volatility.”
     Europe and Asia weren’t spared from the drama that’s afflicted global stocks. The Stoxx Europe 600 Index clocked its worst week since 2016, losing almost half a year’s gains. China’s benchmark fell the most in almost two years earlier, while the MSCI World Index had its biggest weekly drop since 2016.    
     These are the main moves in markets:
                          Stocks
* The S&P 500 Index rose 1.5 percent as of 4 p.m. in New York.
* The Dow Jones Industrial Average climbed 1.4 percent and the Nasdaq 100 added 1.7 percent.
* The Stoxx Europe 600 Index declined 1.4 percent, the lowest in more than five months.
* The U.K.’s FTSE 100 Index decreased 1.1 percent to a 13-month low.
* The MSCI Emerging Market Index fell 1.6 percent, the seventh straight decline.
                          Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro declined 0.1 percent to $1.2236.
* The British pound sank 0.7 percent to $1.3819, the weakest in more than three weeks.
* The Japanese yen fell less than 0.05 percent to 108.77 per dollar.
                           Bonds
* The yield on 10-year Treasuries rose two basis points to 2.85 percent.
* Germany’s 10-year yield dipped two basis points to 0.75 percent.
* Britain’s 10-year yield declined five basis points to 1.57 percent.
                          Commodities
* West Texas Intermediate crude dipped 3.2 percent to $59.18 a barrel, the lowest in six weeks.
* Gold fell 0.3 percent to $1,314.59 an ounce.
* Copper decreased 1.3 percent to $6,755 a metric ton.
* The Bloomberg Commodity Index fell 1.6 percent, its sixth straight decline.   
–With assistance from Cormac Mullen, Robert Brand and Kailey Leinz.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

 

Carolann

 

Keep your fears to yourself, but share your courage with others.
                                      -Robert Louis Stevenson, 1850-1894

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:
1828: Jules Verne, author, born
1910: Boy Scouts of America established.
1921: Lana Turner, actor, born
1931: James Dean, actor, born.
On Feb. 8, 1996, in a ceremony at the Library of Congress, President Clinton signed legislation revamping the telecommunications industry, saying it would “bring the future to our doorstep.”
Go to article »
PHOTOS OF THE DAY

A man skiing at Trocadero square covered by snow in front of the Eiffel Tower in Paris, France.
CREDIT: CHESNOT/GETTY IMAGES

Hot air balloons in the sky during a trip over historical Cappadocia region, in Nevsehir, Turkey.
CREDIT: BEHCET ALKAN/ANADOLU AGENCY/GETTY IMAGES

A performer poses during a portrait session on the stage of the circus structure built in Saint Mark’s square for this year’s Carnival in Venice, Italy.
CREDIT: SIMONE PADOVANI/AWAKENING/GETTY IMAGES
Market Closes for February 8^th, 2018

Market Index	Close	Change
Dow Jones	23860.46	-1032.89   -4.15%
S&P 500	2581.00	-100.66   -3.75%
NASDAQ	6777.160	-274.823   -3.90%
TSX	15065.61	-264.97
		-1.73%

International Markets

Market Index	Close	Change
NIKKEI	21890.86	+245.49
		+1.13%
HANG SENG	30451.27	+128.07
		+0.42%
SENSEX	34413.16	+330.45
		+0.97%
FTSE 100*	7170.69	-108.73
		-1.49%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.378		2.372
CND. 30 Year Bond		2.497		2.470
U.S.    10 Year Bond		2.8330		2.8340
U.S. 30 Year Bond		3.1344		3.1089

Currencies

BOC Close	Today	Previous
Canadian $	0.79361	0.79613
US $	1.26006	1.25608
Euro Rate 1 Euro=		Inverse
Canadian $	1.54314	0.64803
US $	1.22465	0.81656

Commodities

Gold	Close	Previous
London Gold Fix	1315.45	1324.65
Oil
WTI Crude Future	61.15	61.79

Market Commentary:
On this day in 1980, the total market value of all shares on the New York Stock Exchange surpasses $1 trillion for the first time.
Number of the Day
4.9%
The IMF expects emerging economies as a whole to grow 4.9% in 2018, up from 4.7% last year, and more than double the growth rate in advanced economies.
Canada
By Kristine Owram
     (Bloomberg) — After a couple of relatively calm days, Canadian stocks resumed their streak of triple-digit declines as concerns about rising interest rates re-emerged.
     The S&P/TSX Composite Index fell 265 points or 1.7 percent to 15,065.61, the lowest in nearly five months. Every sector was in the red, with consumer discretionary posting the biggest decline, down 2.7 percent. Canada Goose Holdings Inc. tumbled 16 percent, the most ever, after earnings failed to meet investors’ lofty expectations.
     The energy index fell 2.6 percent to the lowest since April 2016 as oil prices sunk to a five-week low. Advantage Oil & Gas Ltd. tumbled 6.5 percent and Crew Energy Inc. lost 6.4 percent.
     In other moves:
                          Stocks
* MEG Energy Corp. bucked the trend, rising 13 percent after agreeing to sell $1.3 billion in pipeline and storage assets
* Dollarama Inc. fell 4.2 percent, the most since 2015, after Desjardins Securities downgraded the stock, saying it’s running too far ahead
* OceanaGold Corp. gained 5.6 percent, Centerra Gold Inc. rose 4.1 percent and Eldorado Gold Corp. added 4 percent ahead of upcoming earnings.
                          Commodities
* Western Canada Select crude oil traded at a $26 discount to WTI, the narrowest gap in three weeks
* Gold rose 0.4 percent to $1,316.90 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.3 percent to $1.2600 per U.S. dollar, the lowest since December
* The Canada 10-year government bond yield was little changed at 2.37 percent
US
By Sarah Ponczek and Jeremy Herron
     (Bloomberg) — The dread that gripped equity markets earlier in the week re-emerged Thursday as U.S. stocks plunged on concern that rising interest rates will drag down economic growth.
     U.S. stocks fell to two-month lows after a nine-day swoon, erasing their gains for the year. Thursday’s 3.8 percent loss took the S&P 500 Index’s decline since its Jan. 26 record past 10 percent, meeting the accepted definition of a correction. The Dow plunged more than 1,000 points.
     The Cboe Volatility Index was more than double its level a week ago. Ten-year Treasury yields fluctuated near their four- year highs, while the yen found traction as a haven from the stock turmoil.
     West Texas intermediate crude slid almost to its low for the year following a report showing record production from U.S. fields. Gold fluctuated.
     Traders remain on edge after the resurgent threat of inflation and higher bond yields helped trigger the burst of volatility and a pullback across the overheated global equity market.
     Bulls may have to question the wisdom of buying the dip when more selling by speculators may be imminent. This week’s Treasury auctions have underwhelmed, raising the possibility that the debt selloff could steepen. Investors are also facing the prospect of Fed tightening, which could cool growth.
     “There’s some big-money players that have really leveraged to the low rates forever, and they have to unwind those trades,” said Doug Cote, chief market strategist at Voya Investment Management. “They could be in full panic mode right now.”
     U.K. gilts sold off and the pound rose after the Bank of England lifted its forecasts for economic growth and suggested it may need to raise interest rates faster than previously indicated. The euro fluctuated as ECB member Jens Weidmann said the central bank will monitor the impact of the currency on inflation. The yuan earlier fell the most since the currency’s devaluation in August 2015 after China reported a much narrower- than-expected trade surplus as imports jumped.
     Here are some events scheduled for the remainder of this week:
* Earnings season continues.
* The Bank of Russia is set to hold a rates decision Friday, with most economists forecasting a cut.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index fell 3.8 percent at the close in New York.
* The Dow Jones Industrial Average lost 4.1 percent and the Nasdaq 100 Index fell 4.2 percent.
* The Stoxx Europe 600 Index dipped 1.6 percent.
* The U.K.’s FTSE 100 Index sank 1.5 percent.
* The MSCI Emerging Market Index fell 1.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index advanced 0.1 percent.
* The euro fell 0.2 percent to $1.2244.
* The British pound increased 0.2 percent to $1.3905, the first advance in a week.
* The Japanese yen gained 0.4 percent to 108.85 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell less than one basis point to 2.83 percent.
* Germany’s 10-year yield climbed two basis points to 0.76 percent.
* Britain’s 10-year yield climbed seven basis points to 1.617 percent, the biggest surge in five weeks.
                           Commodities
* West Texas Intermediate crude declined 2.2 percent to $60.41 a barrel.
* Gold fell less than 0.05 percent to $1,317.19 an ounce.
* Copper fell 0.5 percent to $6,845 per metric ton.
* The Bloomberg Commodity Index fell 0.2 percent.    
–With assistance from Kailey Leinz, Brian Chappatta and Randall Jensen.

Have a wonderful evening everyone.

Be magnificent!

As ever, 

Carolann

Our attitude towards others determines their attitude towards us.
                                                -Earl Nightingale, 1921-1989

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

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