Month: March 2018

Dear Friends,

Tangents:

Carolann is out of the office today, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

A visitor takes a photograph of cherry blossoms in full bloom in the Japanese capital Toyko. 
Credit: The Telegraph

The scenery of Fengyan Terraces in Xuanwuo Township of Hanyin county, northwest China’s Shaanxi Province. The Fengjiang Terrace and Yanping Terrace, or the Fengyan Terraces, which could date back to over 250 years ago are of great significance to the study of Chinese ancient farming culture. Fengyan Terraces, Xuanwuo Township, Hanyin county, Shaanxi Province, China. 
Credit: The Telegraph

A drone flies over mountains to transport tea leaves at a tea plantation in Hangzhou, Zhejiang Province of China. The drones belonged to Alibaba’s Cainiao Logistics cost only two minutes to fly over the mountains while tea pickers always spent one hour to climb the mountain for tea leaves. 
Credit: The Telegraph
Market Closes for March 28th, 2018

Market Index	Close	Change
Dow Jones	23848.42	-9.29   -0.04%
S&P 500	2605.00	-7.62   -0.29%
NASDAQ	6949.227	-59.580   -0.85%
TSX	15169.94	-46.24
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	21031.31	-286.01
		-1.34%
HANG SENG	30022.53	-768.30
		-2.50%
SENSEX	32968.68	-205.71
		-0.62%
FTSE 100*	7044.74	+44.60
		+0.64%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.122		2.145
CND. 30 Year Bond		2.257		2.285
U.S.    10 Year Bond		2.7807		2.7753
U.S. 30 Year Bond		3.0214		3.0286

Currencies

BOC Close	Today	Previous
Canadian $	0.77391	0.77653
US $	1.29213	1.28778
Euro Rate 1 Euro=		Inverse
Canadian $	1.59070	0.62866
US $	1.23106	0.81231

Commodities

Gold	Close	Previous
London Gold Fix	1332.45	1341.45
Oil
WTI Crude Future	64.38	65.25

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a second day and were on track for the lowest close in more than six weeks as commodity prices retreated and global equity markets were largely in the red.
     The S&P/TSX Composite Index lost 25 points or 0.2 percent to 15,190.74 at 9:52 a.m. in Toronto. Materials shares fell 1 percent as copper and gold prices retreated. Torex Gold Resources Inc. lost 7.3 percent.
     The technology index fell 0.5 percent amid renewed weakness in U.S. megacap tech shares. Shopify Inc. lost 3 percent, bringing its total six-day loss to 20 percent.
     In other moves:
                          Stocks
* BlackBerry Ltd. rose 1.5 percent after reporting record software revenue
* Badger Daylighting Ltd. jumped 13 percent to the highest in two months. Fourth-quarter earnings per share beat the highest analyst estimate
* Aurora Cannabis Inc. fell 4.6 percent. The company closed its C$1.23 billion acquisition of CanniMed Therapeutics Inc., the largest yet in the cannabis industry
                         Commodities
* Western Canada Select crude oil traded at a $22.65 discount to WTI
* Aeco natural gas traded at a $1.31 discount to Henry Hub
* Gold fell 0.9 percent to $1,336.50 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2921 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.12 percent, the lowest since early January
US
By Sarah Ponczek
     (Bloomberg) — Megacap tech shares recovered from the worst of their losses Wednesday, helping lift broader equity indexes. The dollar rose while Treasury yields fall as data showed American economic growth beat estimates.
     Volatility measures spiked as the Nasdaq 100 Index bounced back from a drop of as much as 1.8 percent. With Netflix Inc. and Amazon.com Inc. still among the biggest losers, the gauge remained on track for its worst month in two years. The S&P 500 Index edged higher, hovering just above its average price for the past 200 days — a level that’s set a line in the sand in the selloffs last week and in early February.
     “The return of volatility is something a big number of people in the business have never experienced, but where we are now is the new old normal,” said Don Townswick, the director of equities at Hartford, Connecticut-based Conning, which manages $121 billion.
     Treasuries rose, with the 10-year yield dipping below 2.75 percent for the first time since early February, though the buying didn’t bear the hallmarks of haven pursuit. Gold retreated with the yen. Crude slumped below $65 a barrel. European equities advanced after Asian stocks posted broad declines. 
     Technology shares have suffered the most from investor jitters this month after leading much of the bull-market charge in global equities during the past few years. Pressure has mounted on the stocks amid speculation about a regulatory crackdown related to data privacy and antitrust concerns, U.S. threats to forbid Chinese investments in the sector and a move by traders to lock in their gains after the Nasdaq 100 soared more than 60 percent in the two years through mid-March.
     “The fate of equity markets right now, also the fate of the bull market right now, is heavily connected with tech,” Max Kettner, a Commerzbank AG cross-asset strategist, told Bloomberg TV’s Francine Lacqua.
     Here’s a list of some of the main events this week:
* The big four euro-area economies are due to release March CPI readings this week.
* The Treasury will probably auction about $294 billion of bills and notes this week, its largest slate of supply ever.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index added 0.4 percent at 12:18 p.m. in New York.
* The Nasdaq 100 rose 0.1 percent.
* The Stoxx Europe 600 Index rose 0.5 percent.
* The MSCI Emerging Market Index decreased 1.8 percent to the lowest in six weeks.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro dipped 0.5 percent to $1.2345.
* The British pound declined 0.3 percent to $1.411.
* The Japanese yen declined 1 percent to 106.44 per dollar.
                          Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.76 percent, the lowest in more than seven weeks.
* Britain’s 10-year yield declined five basis points to 1.36 percent.
* Germany’s 10-year yield was little changed at 0.50 percent.
                          Commodities
* West Texas Intermediate crude declined 2.1 percent to $63.91 a barrel.
* Gold fell 1.4 percent to $1,326.50 an ounce, the biggest drop in more than four weeks.
* Copper rose 0.1 percent to $3.0025 a pound.

 

Have a great evening.

 

Be magnificent!

As ever,

 

Karen

 “Some things have to be believed to be seen”. Ralph Hodgson

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

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

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

Dear Friends,

Tangents:

Carolann is out of the office today, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

A bird rests on a tree during sunset in San Jose Villanueva, El Salvador. 
Credit: Marvin Recino/AFP/Getty Images

A model prepares backstage before the show by Designer Mao Geping on day two of Mercedes-Benz China Fashion Week in Beijing, China. 
Credit: Lintao Zhang/Getty Images

An aerial view of cherry blossoms at the East Lake in Wuhan, central China’s Hubei Province. 
Credit: Xinhua/Alamy Live News
Market Closes for March 27th, 2018

Market Index	Close	Change
Dow Jones	23857.71	-344.89   -1.43%
S&P 500	2612.62	-45.93   -1.73%
NASDAQ	7008.806	-211.737   -2.93%
TSX	15216.18	-82.38
		-0.54%

International Markets

 

Market Index	Close	Change
NIKKEI	21317.32	+551.22
		+2.65%
HANG SENG	30790.83	+242.06
		+0.79%
SENSEX	33174.39	+107.98
		+0.33%
FTSE 100*	7000.14	+111.45
		+1.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.145		2.231
CND. 30 Year Bond		2.285		2.348
U.S.    10 Year Bond		2.7753		2.8483
U.S. 30 Year Bond		3.0286		3.0819

Currencies

BOC Close	Today	Previous
Canadian $	0.77653	0.77806
US $	1.28778	1.28525
Euro Rate 1 Euro=		Inverse
Canadian $	1.59803	0.62577
US $	1.24081	0.80592

Commodities

Gold	Close	Previous
London Gold Fix	1341.45	1352.40
Oil
WTI Crude Future	65.25	65.55

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell to the lowest in more than six weeks on a rollercoaster day that saw the benchmark gain as much as 0.5 percent and lose as much as 0.8 percent.
     The S&P/TSX Composite Index fell 82 points or 0.5 percent to 15,216.18, avoiding an even steeper decline in the U.S. The technology sector tumbled 3 percent, with Shopify Inc. down 5.9 percent and BlackBerry Ltd. losing 5.1 percent ahead of earnings due Wednesday morning.
     Materials fell 0.9 percent as gold prices retreated for the first time in five sessions. Torex Gold Resources Inc. tumbled 10 percent to the lowest since 2013.
     In other moves:
                          Stocks
* Corus Entertainment Inc. fell 11 percent to a record low as National Bank Financial downgraded and predicted a major dividend cut
* Sierra Wireless Inc. gained 7.4 percent, bucking the broader tech decline. Roth Capital said the company is “ideally positioned” for the Internet of Things revolution
* Labrador Iron Ore Royalty Corp. lost 3.6 percent after employees voted in favor of a strike
                          Commodities
* Western Canada Select crude oil traded at a $22.60 discount to WTI, the narrowest gap in six weeks
* Gold fell 1 percent to $1,342.00 an ounce, the biggest drop since March 1
                           FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2887 per U.S. dollar
* The Canada 10-year government bond yield fell nine basis points to 2.15 percent, the biggest decline since August, amid easing trade tensions
US
By Brendan Walsh
     (Bloomberg) — A rebound in global stocks faded in the U.S., with equities fluctuating amid speculation the U.S. would move to curb Chinese takeovers.
     The S&P 500 Index was weighed down by a report the Trump administration is considering a crackdown on Chinese investments in technologies the U.S. considers sensitive. That came after European and Asian equities rallied to catch up with Monday’s surge in the U.S., spurred by speculation the world will avoid an all-out trade war. The dollar strengthened Tuesday as both the pound and euro retreated, while Treasuries rose. The euro weakened as economic confidence in the region continued to slide in March.
     Stock bulls were looking for another catalyst for gains after the S&P 500’s bounce higher from its 200-day moving average — a key trend line that’s proven to be a support level for the past two years. Traders were encouraged by signs that the U.S. administration is pursuing dialogue with various countries in a bid to resolve simmering trade tensions. In a tweet President Donald Trump said that talks are ongoing and that “all will be happy.”
     “Our base case is that there won’t be an all-out trade war,” Craig MacDonald, the global head of fixed income at Aberdeen Standard Investments, said in a phone interview. “It’s a way of applying pressure to get some wins by Trump.”
     Still, it will lead to more volatility, MacDonald added. “It’s not something you can just dismiss. The tail risk is higher.”
     In Asia shares were green across the board, with Japan’s Topix Index jumping the most since November 2016. South Korea’s won was the best performer among major currencies as Kim Jong Un was said to be making an unannounced visit to Beijing, his first known trip outside North Korea since taking power in 2011.
     Elsewhere, China’s currency touched the highest level in almost three years. Bitcoin edged higher, nearing the $8,000 level. And copper broke out of a three-day trading slump, climbing as much as 1.8 percent.
     Here’s a list of of the main events coming up this week:
* The big four euro-area economies are due to release March CPI readings this week.
* U.S. personal income and spending data for February are due to be released on Thursday.
* There’s another $89 billion of U.S. bill sales set for Tuesday, and $35 billion of five-year notes. The Treasury will probably auction about $294 billion of bills and notes this week, its largest slate of supply ever.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 slipped less than 0.1 percent as of 10:14 a.m. in New York.
* The Stoxx Europe 600 Index surged 1.1 percent.
* The U.K.’s FTSE 100 Index surged 1.7 percent.
* The MSCI Emerging Market Index gained 0.6 percent.
                           Currencies
* The Bloomberg Dollar Spot Index jumped 0.3 percent.
* The euro fell 0.3 percent to $1.2404, the biggest fall in a week.
* The British pound decreased 0.6 percent to $1.4148.
* The South Korean Won increased 1 percent to 1,070.43 per dollar, the strongest in a week on the largest climb in three weeks.
                            Bonds
* The yield on 10-year Treasuries declined three basis points to 2.82 percent.
* Britain’s 10-year yield dipped two basis points to 1.42 percent.
* Germany’s 10-year yield decreased one basis point to 0.50 percent.
                            Commodities
* West Texas Intermediate crude fell 0.1 percent to $65.51 a barrel.
* Gold sank 0.8 percent to $1,342.54 an ounce, the biggest dip in four weeks.
* Copper gained 0.7 percent to $2.9895 a pound.

 

Have a great evening.

 

Be magnificent!

As ever,

 

Karen

 “Passion is energy. Feel the power that comes from focusing on what excites you”. Oprah Winfrey

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

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

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

Dear Friends,

Tangents:

Carolann is out of the office today, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

People install world’s largest Easter egg in Lemesany, Slovakia. Local architect, Jozef Kuruc us the creator of the five-metre tall Easter egg, that has been put on display in the village of Lemesany. 
Credit: The Telegraph

Polar bear Victoria with her, as of yet unnamed and unsexed, cub, the first to be born in the UK in twenty-five years. Born in December, the cub has recently taken its first steps into the RZSS Highland Wildlife Park’s outdoor enclosure. 
Credit: The Telegraph

People look at a man performing on a water-propelled flyboard during the BMX freestyle park pro final in Jeddah, Saudi Arabia. 
Credit: The Telegraph
Market Closes for March 26^th, 2018

Market Index	Close	Change
Dow Jones	24202.60	+669.40   +2.84%
S&P 500	2658.55	+70.29   +2.72%
NASDAQ	7220.543	+227.877   +3.26%
TSX	15298.56	+74.82
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	20766.10	+148.24
		+0.72%
HANG SENG	30548.77	+239.48
		+0.79%
SENSEX	33066.41	+469.87
		+1.44%
FTSE 100*	6888.69	-33.25
		-0.48%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.231		2.193
CND. 30 Year Bond		2.348		2.313
U.S.    10 Year Bond		2.8483		2.8135
U.S. 30 Year Bond		3.0819		3.0608

Currencies

BOC Close	Today	Previous
Canadian $	0.77806	0.77566
US $	1.28525	1.28923
Euro Rate 1 Euro=		Inverse
Canadian $	1.60007	0.62497
US $	1.24495	0.80325

Commodities

Gold	Close	Previous
London Gold Fix	1352.40	1346.60
Oil
WTI Crude Future	65.55	65.83

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most in three weeks but came nowhere close to matching the gains posted by their U.S. counterparts as trade tensions showed signs of easing.
     The S&P/TSX Composite Index added 75 points or 0.5 percent to 15,298.56, while the S&P 500 Index gained 2.7 percent. Consumer discretionary stocks led the Canadian gains, rising 1.4 percent as auto parts supplier Magna International Inc. added 3.9 percent.
     The technology index rose 1.2 percent, industrials gained 0.8 percent and materials added 0.8 percent as some gold stocks rallied for a second day.
     In other moves:
                          Stocks
* Callidus Capital Corp. fell 6.4 percent to a record low following news reports that questioned the value of some of its holdings
* NeuLion Inc. soared 104 percent. Endeavor offered to buy the company in a $250 million all-cash deal
* Restaurant Brands International Inc. gained 1.5 percent after being upgraded to overweight at Morgan Stanley
                         Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Gold rose 0.2 percent to $1,358.70 an ounce
                         FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2859 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.23 percent
US
By Eddie van der Walt
     (Bloomberg) — A rebound in U.S. equity futures Monday offered hope of stabilization after last week’s rout, with shares in Europe and Asia also rising as investor fears of an escalation of trade tensions began to ease.
     Healthcare companies and chemical manufacturers were the top gainers in European equities as futures on the S&P 500 Index and the Nasdaq pointed to a higher open and Asian shares shook off earlier losses. Ten-year Treasury yields climbed three basis points ahead of major debt sales. The dollar dropped to the lowest in a month and the yen slipped back from the strongest in more than 16 months. Copper traded lower following the largest weekly decline for base metals since early February.
     The worst global stocks rout since early February appears to be giving way to a more optimistic mood this week as the limits of the Trump administration’s willingness to embrace protectionism came into view. Treasury Secretary Steven Mnuchin told Fox News that he’s “cautiously hopeful” that China will reach a deal to avoid tariffs on $50 billion of U.S. exports, while European leaders demanded a permanent exclusion at the threat of retaliation and a deal was struck with South Korea.
     Elsewhere Brent crude slipped, but held above $70 a barrel on lingering tension in the Middle East. China launched its first ever crude-futures contract, denominated in yuan on the Shanghai International Energy Exchange.
     Here’s a list of of the main events coming up this week:
* U.S. personal income and spending data for February are due to be released on Thursday.
* The big four euro-are economies are due to release March CPI readings.
* The U.S. Treasury will probably auction about $294 billion of bills and notes this week, its largest slate of supply ever.
     And these are the main moves in markets:
                          Stocks
* The Stoxx Europe 600 Index rose 0.2 percent as of 10:30 a.m. London time.
* The MSCI All-Country World Index rose 0.2 percent, the largest advance in two weeks.
* Futures on the S&P 500 Index increased 1.1 percent, the biggest climb in more than two weeks.
* The MSCI Asia Pacific Index rose 0.4 percent, the largest advance in two weeks.
                         Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent to the lowest in more than five weeks.
* The euro climbed 0.4 percent to $1.2404, the strongest in almost three weeks.
* The British pound increased 0.5 percent to $1.4202, the strongest in more than seven weeks.
* South Africa’s rand jumped 0.9 percent to 11.6431 per dollar, the strongest in four weeks.
* The Japanese yen fell 0.3 percent to 105.01 per dollar.
                          Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.84 percent.
* Germany’s 10-year yield gained two basis points to 0.54 percent.
* Britain’s 10-year yield rose three basis points to 1.462 percent.
                          Commodities
* Gold climbed 0.1 percent to $1,348.51 an ounce, the highest in more than five weeks.
* Brent crude declined 0.1 percent to $70.40 a barrel.
* LME copper decreased 1.7 percent to $6,550.00 per metric ton, the lowest in almost 16 weeks on the largest dip in more than two weeks.
*T

Have a great evening.

 

Be magnificent!

As ever,

 

Karen

 

“Progress is impossible without change, and those who cannot change their minds cannot change anything.” George Bernard Shaw

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 1839, the initials “O.K” were first published in The Boston Morning Post. O.K. was an abbreviation for “oll korrect,” a widely-used slang misspelling of “all correct” at the time.
2001 Russia’s orbiting Mir space station ended its 15-year odyssey with a fiery plunge into the South Pacific.

PHOTOS OF THE DAY

Atacama skeleton is just six inches long, with a cone-shaped head, 10 pairs of ribs, and bones that looked like those of an eight-year-old child. Found in the Atacama Desert of Chile and later affectionately nicknamed “Ata”, the skeleton made its way onto the black market for archeological finds and then to a collector in Spain who thought it might be the remains of an extraterrestrial being. 
Credit: The Telegraph

People cast their shadows on a paved street and tramway tracks as morning sun shines on Freiburg, southwestern Germany. 
Credit: The Telegraph

Sherlock’s elementary roots inspire new tartan. Sherlock Holmes, the famous fictional detective, has become the first literary character to have his own tartan approved by the Scottish Register of Tartans. Holmes was created by Sir Arthur Conan Doyle who was born in Edinburgh and gained his medical degree from Edinburgh University. And it is a Conan Doyle descendant who has highlighted these Scottish links through creation of a uniquely Scottish textile for his most famous character. Rather than a study in scarlet, the Sherlock Holmes tartan is predominately green and blue reflecting Conan Doyle’s Irish and Scottish heritage “highlighted by a lighter blue line to represent the Reichenbach Falls and a yellow line to represent the deductive clarity of Sherlock. It was designed by Tania Henzell, a great-great step granddaughter of the author, who worked with weavers the House of Edgar to finalise the design and have it registered. Modelling the tartan in the Capital’s Arthur’s Seat is Harry Chamberlain the great great great grandson of Sir Arthur Conan Doyle. 
Credit: The Telegraph
Market Closes for March 23^rd, 2018

Market Index	Close	Change
Dow Jones	23533.20	-424.69   -1.77%
S&P 500	2588.26	-55.43   -2.10%
NASDAQ	6992.668	-174.009   -2.43%
TSX	15223.74	-176.19
		-1.14%

International Markets

Market Index	Close	Change
NIKKEI	20617.86	-974.13
		-4.51%
HANG SENG	30309.29	-761.76
		-2.45%
SENSEX	32596.54	-409.73
		-1.24%
FTSE 100*	6921.94	-30.65
		-0.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.193		2.176
CND. 30 Year Bond		2.313		2.298
U.S.    10 Year Bond		2.8135		2.8226
U.S. 30 Year Bond		3.0608		3.0584

Currencies

BOC Close	Today	Previous
Canadian $	0.77566	0.77312
US $	1.28923	1.29346
Euro Rate 1 Euro=		Inverse
Canadian $	1.59304	0.62773
US $	1.23566	0.80929

Commodities

Gold	Close	Previous
London Gold Fix	1346.60	1329.15
Oil
WTI Crude Future	65.83	64.20

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their biggest weekly decline since the market rout in early February as inflation accelerated to the fastest pace in more than three years and investors grew increasingly fearful of a global trade war.
     The S&P/TSX Composite Index tumbled 176 points or 1.1 percent to 15,223.74 on Friday, bringing the benchmark’s total one-week decline to 3.1 percent. Technology stocks led Friday’s drop, falling 1.7 percent. Sierra Wireless Inc. lost 4.2 percent and BlackBerry Ltd. fell 3.3 percent.
     Financials retreated 1.6 percent, as Canadian Western Bank lost 2.8 percent and National Bank of Canada fell 2.4 percent. Energy shares lost 1.3 percent even as the price of crude jumped 2.5 percent following the appointment of a hawkish new U.S. national security adviser.
     In other moves:
                         Stocks
* Canopy Growth Corp. gained 5.4 percent and Aurora Cannabis Inc. added 5 percent after Canada moved a step closer to legalizing recreational pot
* Mining stocks jumped as gold futures posted the biggest weekly advance in almost two years. Kinross Gold Corp. rose 6.2 percent and Goldcorp Inc. added 4.3 percent
* Fiera Capital Corp. fell 4.7 percent after fourth-quarter earnings missed estimates
                         Commodities
* Western Canada Select crude oil traded at a $23.50 discount to WTI, unchanged from Thursday
* Aeco natural gas traded at a $1.41 discount to Henry Hub
* Gold rose 1.7 percent to $1,349.90 an ounce, the highest since mid-February
                         FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.2871 per U.S. dollar as inflation accelerated
* The Canada 10-year government bond yield rose two basis points to 2.20 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks tumbled, sending the S&P 500 Index to its biggest weekly loss in more than two years, on concern that a trade war and higher borrowing rates could throttle global growth. Oil surged on speculation sanctions on Iran will be re-imposed.
     The Dow Jones Industrial Average slumped to the lowest since November, led by losses Friday in companies as diverse as 3M Co. to Goldman Sachs Group Inc. The S&P 500 dropped to its least since the volatility-fueled meltdown in early February. Gold rallied and Treasury yields declined as investors sought safe havens.
     Global markets were caught in a risk-off mode after China announced retaliation against President Donald Trump’s proposed tariffs announced Thursday. China’s ambassador to the U.S. wouldn’t rule out the possibility of the Asian nation scaling back purchases of Treasuries in response to the tariffs.
     It’s been a miserable week for higher-risk markets globally, as a trade war edged closer, the tech sector was roiled by Facebook Inc.’s privacy scandal and data showed European growth sputtering. The tech heavy Nasdaq 100 dropped 7.3 percent this week, the most since 2015. Traders had already been bracing for the possibility of slowing expansion as the Federal Reserve reiterated its commitment to further interest- rate increases after Wednesday’s hike.
     “There is a tug of war between Fed tightening, fiscal stimulus, strong earning but slowing sales and now tariffs and potential trade wars,” said Jason Browne, chief investment strategist at FundX Investment Group.
     Adding to the image of the ascendance of the “America first” faction, Trump replaced White House National Security Adviser H.R. McMaster with John Bolton, a controversial foreign- affairs specialist whom the U.S. Senate declined to confirm as President George W. Bush’s ambassador to the United Nations.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index dropped 2.1 percent to 2,588.24 as of 4:02 p.m. New York time, while the Dow Jones Industrial Average slumped 1.8 percent to 23,532.30 and the Nasdaq Composite Index dropped 2.4 percent to 6,992.67. On the week, the S&P 500 tumbled 5.9 percent, the Dow dropped 5.7 percent and the Nasdaq slumped 6.5 percent.
* The Stoxx Europe 600 Index fell 0.9 percent and the MSCI Asia Pacific Index tumbled 2.6 percent.
* The U.K.’s FTSE 100 Index slipped 0.4 percent, after touching the lowest in more than 15 months.
* The MSCI Emerging Market Index fell 2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.5 percent to $1.2362, the strongest in more than a week.
* The British pound increased 0.3 percent to $1.4137.
* The Japanese yen advanced 0.5 percent to 104.78 per dollar, the strongest in more than 16 months.
                             Bonds
* The yield on 10-year Treasuries fell one basis point to 2.82 percent.
* Germany’s 10-year yield was little changed at 0.53 percent.
* Britain’s 10-year yield gained one basis points to 1.44 percent.
                             Commodities
* West Texas Intermediate crude increased 2.5 percent to $65.89 a barrel.
* Gold increased 1.4 percent to $1,348.21 an ounce, the highest in more than a month. 
–With assistance from Robert Brand.

 

Have a great weekend.

 

Be magnificent!

As ever,

 

Carolann

 

I hadn’t been aware that there were doors closed to me until I started knocking on them.
                                                          -Gertrude Belle Elion, 1918-1999

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:
March 22, 1993: Intel Corp. unveiled the original Pentium computer chip. Go to article »

March 22, 1933: President Franklin D. Roosevelt took the first step toward ending prohibition by signing the Beer and Wine Revenue Act, which legalized the sale of those beverages.

PRIME NUMBER:
1
MILLION: Proceeds (in dollars) from the movie “Black Panther” Disney said it will donate to the Boys & Girls Clubs of America’s science, technology, engineering and math programs.
PHOTOS OF THE DAY

A hospital struggling to cope with soaring numbers of patients has solved the problem – by using ROBOT NURSES. The Mongkutwattana General Hospital in Bangkok, Thailand, was bombarded with new patients but was unable to hire enough staff. Instead of taking on new nurses, they bought three robotic nurses and kitted them out in the health facility’s yellow uniform. The machines travel now between desks delivering important paperwork and medicines to doctors. 
Credit: The Telegraph

Reed cutter Paul Eldridge stacks bundles of reed on the Norfolk Broads near Irstead, Norfolk. 
Credit: The Telegraph

Five cute and fluffy, one week old baby ducklings pictured in the sunshine at Bocketts Farm in Surrey this morning. The spring weather may have now finally arrived with a mixed forecast for the weekend. Credit: The Telegraph

This little bear cub looks perfectly pleased as he appears to give himself a round of a-PAWS. The youngster put on quite a display for photographer Barret Hedges, as he took pictures in Lake Clark National Park, Alaska. And now, the set of images of the bear cub appearing to play peek-a-boo with Barret, dancing a jig and even leaping from his mothers back have thousands of fans after Barrett posted them on social media earlier this month. 
Credit: The Telegraph
Market Closes for March 22^nd, 2018

Market Index	Close	Change
Dow Jones	23957.89	-724.42   -2.93%
S&P 500	2643.69	-68.24   -2.52%
NASDAQ	7166.676	-178.609   -2.43%
TSX	15399.93	-275.35
		-1.76%

International Markets

Market Index	Close	Change
NIKKEI	21591.99	+211.02
		+0.99%
HANG SENG	31071.05	-343.47
		-1.09%
SENSEX	33006.27	-129.91
		-0.39%
FTSE 100*	6952.59	-86.38
		-1.23%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.176		2.258
CND. 30 Year Bond		2.298		2.372
U.S.    10 Year Bond		2.8226		2.8830
U.S. 30 Year Bond		3.0584		3.1186

Currencies

BOC Close	Today	Previous
Canadian $	0.77312	0.77513
US $	1.29346	1.29010
Euro Rate 1 Euro=		Inverse
Canadian $	1.59304	0.62773
US $	1.23161	0.81194

Commodities

Gold	Close	Previous
London Gold Fix	1329.15	1321.35
Oil
WTI Crude Future	64.20	65.12

Market Commentary:
Number of the Day
1.5% to 1.75%
Fed officials said Wednesday they would increase their benchmark federal-funds rate to a range between 1.5% and 1.75% and penciled in a total of three rate increases for this year.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most since September 2016 but still managed to outperform U.S. benchmarks amid the growing threat of a trade war with China.
     The S&P/TSX Composite Index fell 275 points or 1.8 percent to 15,399.93, the lowest close in nearly three weeks. Consumer discretionary shares tumbled 2.4 percent as auto suppliers retreated in the face of renewed trade threats. Magna International Inc. lost 5.4 percent and Linamar Corp. fell 4.4 percent.
     The energy index lost 2.1 percent as crude prices retreated from Wednesday’s gains. Cenovus Energy Inc. fell 5.6 percent as the company announced a slowdown in production because of difficulties shipping its crude.
     In other moves:
                         Stocks
* Eldorado Gold Corp. tumbled 11 percent to the lowest since 2002 after reporting an unexpected fourth-quarter loss
* New Flyer Industries Inc. gained 4.5 percent to a record high, bucking the broader market trend. The bus maker’s fourth-quarter earnings beat the highest analyst estimate
* AutoCanada Inc. fell 0.7 percent after earlier gaining as much as 4.4 percent. The dealership group announced its first foray into the U.S. market
                         Commodities
* Western Canada Select crude oil traded at a $23.50 discount to WTI, the narrowest gap since mid-February
* Gold rose 0.5 percent to $1,327.40 an ounce, the highest in two weeks
                          FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2927 per U.S. dollar
* The Canada 10-year government bond yield fell eight basis points to 2.18 percent, the biggest decline since August
US
By Sarah Ponczek and Jeremy Herron
     (Bloomberg) — U.S. stocks tumbled, pushing benchmark gauges back toward the lows set during the worst of the February rout, as President Donald Trump’s decision to slap tariffs on Chinese goods heightened concern that a trade war could throttle global growth.
     The S&P 500 Index sank 2.5 percent, the biggest one-day drop in six weeks, and the Dow Jones Industrial Average lost more than 700 points. As investors dumped stocks, they rushed to the safety of the Treasury bond market, where yields fell back toward 2.8 percent, and the yen, which rallied the most in three weeks.
     In a stock market that’s been floundering ever since it hit record highs in late January, the prospect of a widening trade spat only added to jitters. Traders had already been bracing for the possibility of slowing growth as the Federal Reserve reiterated its commitment to further interest-rate increases after Wednesday’s hike. Not even technology stocks, long the favorite of Wall Street investors, have provided relief of late as the latest data fiasco at Facebook sparked a rout in the sector this week. The Nasdaq is down more than 6 percent since its record 10 days ago.
     “Tariffs mean a trade war and the news has the world’s investors running for the exits,” Chris Rupkey, chief financial economist at MUFG Union Bank. “Those are storm clouds out there, that’s what the stock market is saying and that’s why investors are running for the exits.”
     Trump’s first trade action directly aimed at China comes as policy makers including IMF Managing Director Christine Lagarde warn of a global trade conflict that could undermine the broadest world recovery in years. Stocks were also hit earlier when John Dowd resigned as Trump’s lead attorney countering Special Counsel Robert Mueller’s Russia probe as the inquiry into possible collusion in the 2016 election intensifies.
     “The market doesn’t like trade wars, the market doesn’t like that the Fed is adamant about raising rates,” said Matt Schreiber, president and chief investment strategist at WBI Investments in Red Bank, New Jersey.
     The technology rout also picked up steam, in large part because the sector stands to lose if China retaliates as it said it will. There was more, though. Facebook renewed its slide as the controversy over its handling of user data prompted calls for the Chief Executive Mark Zuckerberg to appear before lawmakers. The Fed’s decision on Wednesday to raise rates and possibly accelerate the pace of tightening also has investors on edge.
     Elsewhere, West Texas oil fluctuated before falling and the Australian dollar slipped after the country’s unemployment rate climbed. The British pound initially jumped after the country’s central bank voted 7-2 to maintain interest rates, but pared as investors digested comments from policy makers that weren’t overtly hawkish.
     Here are some key events on the schedule for the remainder of this week:
* The Bank of Russia’s rate decision is on Friday.
* U.S. government funding is due to expire at the end of the day on Friday.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index fell 2.5 percent as of 4:03 p.m. New York time, while the Dow Jones Industrial Average dropped 2.9 percent and the Nasdaq Composite Index dipped 2.4 percent.
* The Stoxx Europe 600 Index fell 1.7 percent and the MSCI Asia Pacific Index was little changed.
* The U.K.’s FTSE 100 Index dipped 1.5 percent, touching the lowest in 15 months.
* The MSCI Emerging Market Index fell 1.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent, rebounding from the largest drop since January.
* The euro fell 0.2 percent to $1.2318.
* The British pound dropped 0.2 percent to $1.4111.
* The Japanese yen rose 0.6 percent to 105.41 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell six basis point to 2.82 percent.
* Germany’s 10-year yield dropped six basis point to 0.53 percent, declining from the highest in more than a week.
* Britain’s 10-year yield fell nine basis points to 1.44 percent.
                          Commodities
* West Texas Intermediate crude dropped 1.4 percent to $64.24 a barrel, easing from the highest in almost seven weeks.
* Gold fell 0.3 percent to $1,329.07 an ounce a day after the biggest rise since May 2017. 

 

Have a great night.

 

Be magnificent!

 

As ever,

 

Carolann

 

The only difference between the saint and the sinner
is that every saint has a past, and every sinner has a future.
                                                   –Oscar Wilde, 1854-1900

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:
POINTS OF PROGRESS:

ENGLAND:
Rhodes scholars can now come from anywhere in the world – even Britain.  For the first time in the 116-year history of the prestigious Oxford University scholarship, students from regions including Africa, China, and the Middle East are eligible, after a multiyear push to raise funding and broaden the program.  The scholarship, named for staunch British imperialist Cecil Rhodes, was awarded to 97 students in December, the most in any year so far. -The NY Times.

AUSTRALIA:
Solar panel installations are set to boom in the land Down Under.  In 2017, workers installed 5 million panels, but that number is set to grow to 13 million this year, increasing Australia’s solar power capacity by 70%. -World Economic Forum.

INDIA:
The state of Tamil Nadu is a leader in India’s push to hit ambitious renewable energy targets.  It produces more wind power than Denmark  or Sweden.  Tamil Nadu is the country’s third largest producer of solar energy.  Its population of about 70 million is set to get half of its power from renewables by 2027. -World Economic Forum.

PHOTOS OF THE DAY

The sun rises over Mumbles Head in Swansea, South Wales. 
Credit: Aled Llywelyn

A phenomenon dubbed Steve, more properly described as a Strong Thermal Emission Velocity Enhancement, which was seen during displays of the Aurora Borealis overnight from the isles of Skye and Lewis in Scotland. 
Credit: John-GM7PBB

A Kangaroo on the empty street of Wildlife Drive in Tathra following the bushfire on the NSW south coast, Australia.
Credit: Alex Ellinghausen/Fairfax Media/Fairfax Media
Market Closes for March 21^st, 2018

Market Index	Close	Change
Dow Jones	24682.31	-44.96   -0.18%
S&P 500	2711.93	-5.01   -0.18%
NASDAQ	7345.285	-19.017   -0.26%
TSX	15675.28	+58.92
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	21380.97	-99.93
		-0.47%
HANG SENG	31414.52	-135.41
		-0.43%
SENSEX	33136.18	+139.42
		+0.42%
FTSE 100*	7038.97	-22.30
		-0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.258		2.208
CND. 30 Year Bond		2.372		2.338
U.S.    10 Year Bond		2.8830		2.8922
U.S. 30 Year Bond		3.1186		3.1243

Currencies

BOC Close	Today	Previous
Canadian $	0.77513	0.76497
US $	1.29010	1.30724
Euro Rate 1 Euro=		Inverse
Canadian $	1.59214	0.62808
US $	1.23412	0.81029

Commodities

Gold	Close	Previous
London Gold Fix	1321.35	1311.00
Oil
WTI Crude Future	65.12	63.40

Market Commentary:
On this day in 1868, the prospectus for the earliest known mutual fund was published in London. The fund, the Foreign & Colonial Government Trust, still exists today.
Number of the Day
$768 billion
Amazon.com Inc.’s market value rose to $768 billion on Tuesday, surpassing that of Alphabet Inc. to become the second-largest U.S. company.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark gained as energy shares jumped the most since November after an unexpected decline in U.S. crude inventories sent oil prices soaring, while the loonie rallied on growing trade optimism.
     The S&P/TSX Composite Index rose 0.4 percent to 15,675.28 after gaining as much as 0.8 percent earlier in the session. Energy stocks rose 2.6 percent, with Precision Drilling Corp. up 9.4 percent and Encana Corp. gaining 7.5 percent.
     The materials index added 1.3 percent as both precious and base metals gained. Ivanhoe Mines Ltd. rose 9 percent and Torex Gold Resources Inc. gained 8.3 percent.
     In other moves:
                          Stocks
* BRP Inc. jumped 9.5 percent, the most since June. The Ski-Doo maker is considering spending more than C$500 million on acquisitions
* Magna International Inc. rose 2.1 percent, Linamar Corp. added 2.5 percent and Martinrea International Inc. gained 1.5 percent amid indications the U.S. is willing to budge on a key auto demand in trade talks
* First Quantum Minerals Ltd. gained 3.7 percent after its chief executive said he’s hoping to talk his way out of a $7.9 billion tax bill in Zambia.
                          Commodities
* Western Canada Select crude oil traded at a $24.50 discount to WTI
* Gold rose 0.7 percent to $1,321.50 an ounce, the highest in a week
                          FX/Bonds
* The Canadian dollar strengthened 1.4 percent to C$1.2899 per U.S. dollar, the biggest gain since December
* The Canada 10-year government bond yield rose five basis points to 2.26 percent, the highest in a week and a half
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks fell, while the dollar tumbled and Treasuries gained after the Federal Reserve’s first decision under Chairman Jerome Powell came in less hawkish than some investors had been anticipating.
     Following a whipsaw session, the S&P 500 closed lower as the central bank raised rates and signaled it will do so two more times this year as the economy continues to pick up speed. Treasuries briefly erased gains before turning higher, sending rates lower amid relief that the Fed isn’t spoiling to increase the pace of tightening. The dollar added to losses sparked when the U.S. made concessions in trade talks with its neighbors.
     The Fed raised the benchmark lending rate a quarter-point and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Powell did little to rattle markets during his first press conference at the helm of the central bank, downplaying the individual forecasts from policy officials. His basic message was that the fiscal policies will continue to improve economic growth without an outsize increase in inflation.
     “Despite speculation that the Fed might signal a more aggressive approach to tightening monetary policy this year, the projection of three rate hikes in 2018 is in line with expectations,” Bob Baur, chief global economist at Principal Global Investors, which manages $445 billion, said in an email. “All of the salient economic and market data supports the Fed’s decision to maintain the status quo.”
     The vote to lift the federal funds rate target range to 1.5 percent to 1.75 percent was a unanimous 8-0. In the forecasts, U.S. central bankers projected a median federal funds rate of 2.9 percent by the end of 2019, implying three rate increases next year, compared with two 2019 moves seen in the last round of forecasts in December. They saw rates at 3.4 percent in 2020, up from 3.1 percent in December, according to the median estimate.
     Energy producers led earlier gains in the major U.S. benchmarks, with trading about 20 percent below the 30-day average as a snowstorm battered New York. An index tracking the dollar’s value against trading partners earlier dropped the most in two weeks, with Canada’s dollar and Mexico’s peso surging after some concessions in trade talks.
     Here are some key events on the schedule this week:
* The Bank of England is expected to keep interest rates and its asset-purchase program unchanged on Thursday. Attention will be on language and the odds for a May hike.
* New Zealand has a monetary policy decision Thursday.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index fell 0.2 percent as of 4:09 p.m. New York time, while the Dow Jones Industrial Average dropped 0.2 percent and the Nasdaq Composite Index dipped 0.3 percent.
* The Stoxx Europe 600 Index fell 0.2 percent and the MSCI Asia Pacific Index decreased 0.1 percent.
* The U.K.’s FTSE 100 Index dipped 0.3 percent, after touching the lowest in 15 months.
* The MSCI Emerging Market Index rose 0.3 percent.
                           Currencies
* The Bloomberg Dollar Spot Index declined 0.9 percent, the largest drop since January.
* The euro advanced 0.8 percent to $1.2340.
* The British pound jumped 1.1 percent to $1.4145.
* The Japanese yen gained 0.6 percent to 105.91 per dollar.
* The MSCI Emerging Markets Currency Index rose 0.1 percent.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.88 percent, while two-year yields dropped five basis points to 2.30 percent.
* Germany’s 10-year yield advanced one basis point to 0.59 percent, the highest in more than a week.
* Britain’s 10-year yield climbed four basis points to 1.53 percent, close to the highest in more than three weeks on the largest increase in more than three weeks.
                            Commodities
* West Texas Intermediate crude increased 3 percent to $65.50 a barrel, the highest in almost seven weeks.
* Gold rose 1.9 percent to $1,325.51 an ounce, the biggest rise since May 2017. 
–With assistance from Eddie van der Walt.

Have a wonderful evening.

 

Be magnificent!

As ever,

 

Carolann

 

Common sense is instinct and enough of it is genius. -Josh Billings, 1818-1885

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 Spring 2018!

                          Spring
                   by Thomas Nashe
Spring, the sweet spring, is the year’s pleasant king, 
Then blooms each thing, then maids dance in a ring, 
Cold doth not sting, the pretty birds do sing: 
       Cuckoo, jug-jug, pu-we, to-witta-woo! 

The palm and may make country houses gay, 
Lambs frisk and play, the shepherds pipe all day, 
And we hear aye birds tune this merry lay: 
       Cuckoo, jug-jug, pu-we, to-witta-woo! 

The fields breathe sweet, the daisies kiss our feet, 
Young lovers meet, old wives a-sunning sit, 
In every street these tunes our ears do greet: 
     Cuckoo, jug-jug, pu-we, to witta-woo!
            Spring, the sweet spring!

On this day…
1602: Dutch East India Company est.; it lasted for 196 years.
1854: a meeting took place in Ripon, Wisconsin that is typically remembered as the first meeting of the Republican Party.
1995: in Tokyo, 12 people were killed, more than 5,500 others sickened when packages containing the poisonous gas sarin leaked on five separate subway trains.
Go to article »

PHOTOS OF THE DAY

Cars drive by vineyards covered in snow, in Chamery, near Reims, in the Champagne region, on the eve of the first spring day.
Credit: The Telegraph

The south coastal resort of Dartmouth known for it’s above average climate is seen covered in snow.
Credit: The Telegraph

Violette Jongbloed from Lyon and Turnbull auctioneers views a fully articulated cave bear skeleton valued between £20000-£25000 as part of the African and Oceanic art sale, which will take place on March 21^st at the Edinburgh auctioneers.
Credit: The Telegraph
Market Closes for March 20th, 2018

Market Index	Close	Change
Dow Jones	24727.27	+116.36   +0.47%
S&P 500	2716.94	+4.02   +0.15%
NASDAQ	7364.301	+20.057   +0.27%
TSX	15616.36	+26.96
		+0.17%

International Markets

Market Index	Close	Change
NIKKEI	21380.97	-99.93
		-0.47%
HANG SENG	31549.93	+36.17
		+0.11%
SENSEX	32996.76	+73.64
		+0.22%
FTSE 100*	7061.27	+18.34
		+0.26%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.208		2.168
CND. 30 Year Bond		2.338		2.304
U.S.    10 Year Bond		2.8922		2.8537
U.S. 30 Year Bond		3.1243		3.0875

Currencies

BOC Close	Today	Previous
Canadian $	0.76497	0.76467
US $	1.30724	1.30776
Euro Rate 1 Euro=		Inverse
Canadian $	1.60066	0.62474
US $	1.22445	0.81669

Commodities

Gold	Close	Previous
London Gold Fix	1311.00	1312.40
Oil
WTI Crude Future	63.40	62.06

Market Commentary:
Number of the Day
1
The number of stocks in the 30-company Dow Jones Industrial Average that rose on Monday as the blue-chip index fell 1.3%. The stock, Boeing Co.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s stock benchmark closed higher, boosted by technology and consumer discretionary shares, but failed to erase Monday’s tech-driven selloff.
     The S&P/TSX Composite Index added 27 points or 0.2 percent to 15,616.36. Technology shares were the biggest gainers as they rebounded from Monday’s decline, adding 1.8 percent. Shopify Inc. jumped 5.2 percent to a record high.
     The consumer discretionary index rose 1.1 percent, offsetting a 1.6 percent drop in consumer staples. Alimentation Couche-Tard Inc. lost 6.5 percent, the most since 2008, amid slowing growth in the U.S.
      In other moves:
                           Stocks
* First Quantum Minerals Ltd. fell 12 percent, the most since 2016, after the miner said it was hit with a $7.9 billion tax bill by Zambia
* TransCanada Corp. lost 3.2 percent as a U.S. tax ruling continued to create uncertainty for the sector
* Thomson Reuters Corp. rose 1.3 percent. The company is said to be considering an initial public offering or sale of bond- trading platform Tradeweb Markets LLC
                          Commodities
* Western Canada Select crude oil traded at a $24.75 discount to WTI
* Gold fell 0.5 percent to $1,311.90 an ounce, the lowest since March 1
                           FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3083 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.21 percent, the highest in a week
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks edged higher, led by energy- related companies, as equity markets shrugged off weakness in technology and threats of global trade barriers. Government bond yields increased as investors braced for higher U.S. borrowing rates.
     Crude advanced to a three-week high as the OPEC-led alliance of major oil producers accelerated the time line for curbing a worldwide supply glut, helping to lift the shares of companies such as Hess Corp. and Marathon Petroleum Corp. Facebook Inc.’s mounting Cambridge Analytica data crisis continued to weigh on tech and draw the ire of politicians on both sides of the Atlantic.
     “Things have certainly gotten more volatile,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas. “The Fed, that’s going to be the news tomorrow. Everybody is expecting a rate increase, and then of course the big selloff in tech.”
     Investors are struggling to rediscover their bullishness in the wake of this week’s tech setbacks and with the Federal Reserve rate decision a day away.
     Finance ministers from the world’s largest economies struggled to block President Donald Trump’s push to erect trade barriers that many warned threaten to undermine the broadest global expansion since 2010. Policy makers from the Group of 20 finished talks in Buenos Aires Tuesday with little to show for their efforts to convince U.S. to pare back protectionist steps, including new metal tariffs.
     Elsewhere, the U.K. currency gave up its gains after data showed the nation’s inflation rate fell more than expected in February. Russia’s ruble steadied after six days of losses.
     Here are some key events on the schedule this week:
* The Fed decision and Jerome Powell’s news conference come on Wednesday.
* The Trump administration could impose tariffs on China as soon as this week.
* The Bank of England is expected to keep interest rates and its asset-purchase program unchanged on Thursday. Attention will be on language and the odds for a May hike.
* Company earnings scheduled for this week include Tencent, Hermes, PetroChina and Nike.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index edged 0.2 percent higher to 2,717.00 as of 4:01 p.m. New York time, while the Dow Jones Industrial Average gained 0.5 percent to 24,729.82 and the Nasdaq Composite Index rose 0.3 percent to 7,364.30.
* The Stoxx Europe 600 Index gained 0.5 percent and the MSCI Asia Pacific Index decreased 0.2 percent.
* The U.K.’s FTSE 100 Index rose 0.3 percent.
* The MSCI Emerging Market Index rose 0.4 percent, the first increase in five days.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent.
* The euro fell 0.7 percent to $1.2250, in the biggest drop in more than a week.
* The British pound fell 0.2 percent to $1.4001.
* The Japanese yen weakened 0.4 percent to 106.49 per dollar.
* The MSCI Emerging Markets Currency Index was little changed.
                          Bonds
* The yield on 10-year Treasuries rose three basis points to 2.88 percent.
* Germany’s 10-year yield rose one basis point to 0.58 percent.
* Britain’s 10-year yield climbed four basis points to 1.48 percent.
                          Commodities
* West Texas Intermediate crude for April delivery, which expires Tuesday, rose 2.2 percent to settle at $63.40 a barrel on the New York Mercantile Exchange.
* Gold fell 0.4 percent to $1,311.91 an ounce.

 

Have a wonderful evening.

Be magnificent!

As ever,

 

Carolann

 

Fear is the main source of superstition, and one of the main sources
of cruelty.  To conquer fear is the beginning of wisdom. -Bertrand Russell, 1872-1970

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 Monday!

For memory has painted this perfect day with colors that never fade, and we find at the end of a perfect day the soul of a friend we’ve made. –Carrie Jacobs Bond.

On March 19, 2003, President George W. Bush ordered the start of the war on Iraq, declaring: “On my orders, coalition forces have begun striking selected targets of military importance to undermine Saddam Hussein’s ability to wage war.”

Go to article »
PHOTOS OF THE DAY

Swimmers from Perth Cockburn Masters Swimming Club in Australia pose with a giant inflatable duck they named Daphne. The Australian swimming club is appealing for ocean watchers to find their giant yellow inflatable duck Daphne, after the mascot was blown into the Indian Ocean with reported sightings hundreds of kilometres from where it was launched. 
Credit: The Telegraph

A fox looks for food in a snowy Bournemouth garden. 
Credit: Carolyn Jenkins/Alamy Live News

A tiger launches itself into the air to pluck a guinea fowl from the sky in the Siberian Tiger Park in the city of Hanlin, northern China. 
Credit: Andrey Gudkov/Caters
Market Closes for March 19th, 2018

Market Index	Close	Change
Dow Jones	24610.91	-335.60   -1.35%
S&P 500	2712.92	-39.09   -1.42%
NASDAQ	7344.242	-137.746   -1.84%
TSX	15589.39	-121.94
		-0.78%

International Markets

Market Index	Close	Change
NIKKEI	21480.90	-195.61
		-0.90%
HANG SENG	31513.76	+11.79
		+0.04%
SENSEX	32923.12	-252.88
		-0.76%
FTSE 100*	7042.93	-121.21
		-1.69%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.168		2.138
CND. 30 Year Bond		2.304		2.290
U.S.    10 Year Bond		2.8537		2.8427
U.S. 30 Year Bond		3.0875		3.0762

Currencies

BOC Close	Today	Previous
Canadian $	0.76467	0.76358
US $	1.30776	1.30963
Euro Rate 1 Euro=		Inverse
Canadian $	1.61315	0.61990
US $	1.23352	0.81069

Commodities

Gold	Close	Previous
London Gold Fix	1312.40	1 310.10
Oil
WTI Crude Future	62.06	62.34

Market Commentary:
On this day in 1792, Wall Street experienced its first-ever market crash as Treasury bonds lost 10% of their value and shares of the Bank of the United States fell 12%.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most this month amid a global selloff that also hit crude prices, sending energy shares tumbling.
     The S&P/TSX Composite Index lost 122 points or 0.8 percent to 15,589.39, the biggest drop since Feb. 28 and the first retreat in eight trading days. Energy stocks were the biggest decliners, losing 2 percent as oil prices closed lower for the first time in four sessions.
     Technology shares fell 1 percent, following their global peers lower amid reports of a Facebook Inc. data breach that sent the company’s shares down the most since 2014.
     In other moves:
                          Stocks
* Klondex Mines Ltd. jumped 59 percent. Hecla Mining Co. said it would buy the Canadian company for $444 million
* Aimia Inc. gained 25 percent after announcing a new partnership with Amazon.com Inc.
* Cronos Group Inc. added 12 percent on a joint venture with MM Enterprises USA LLC
                          Commodities
* Western Canada Select crude oil traded at a $24.50 discount to WTI, the narrowest gap in more than two weeks
* Gold rose 0.4 percent to $1,317.80 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3064 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.17 percent, the first gain in six sessions
US
By Sarah Ponczek
    (Bloomberg) — Stocks declined globally on Monday as a technology selloff sent the Nasdaq indexes to the steepest losses in six weeks. Government bonds pared losses, while the pound jumped on a Brexit breakthrough.
     U.S. stocks slumped as tech companies were roiled by reports of a Facebook Inc. data breach and Apple Inc. efforts to develop its own screens. That sapped Asian equities, while tech also led a retreat for the Stoxx Europe 600 Index. Facebook fell the most in almost four years. The tech rout added to pressure that had mounted over the weekend in Washington, as speculation grew that President Donald Trump could be preparing to fire Robert Mueller.
     “If the Facebook news didn’t exist there would be all sorts of jitters here just given the Trump stuff,” said Michael Purves, Weeden & Co.’s chief global strategist. “If the regulatory clouds come on Facebook, certainly Google and Amazon will face increasing questions about their ability to generate outsized earnings growth if the regulators are going to be beating them.”
     Meanwhile, large digital companies operating in the European Union, such as Alphabet Inc. or Twitter Inc., could face a 3 percent tax on their gross revenues based on where their users are located, according to a draft proposal by the European Commission.
     Sterling rallied as the U.K. and EU reached a deal on the transition agreement for the period immediately after Brexit.
     In a busy week, the biggest focus for global markets will be the first U.S. interest rate decision under new Federal Reserve Chairman Jerome Powell. It comes after he hinted to investors that he’s open to lifting the policy rate four times this year, rather than the three currently reflected in dot-plot forecasts. Some Wall Street banks such as Goldman Sachs Group Inc. expect the median projection to rise to four on Wednesday, while others say there will be no change following a round of mediocre data and policy makers’ stated intentions to move gradually.
     “Today’s a combination of a little bit of nervousness ahead of Fed activity later in the week and then also tech getting hit,” said Craig Birk, an executive vice president of portfolio management at Personal Capital in San Francisco.
     Trade tensions also remain in the spotlight as U.S. Treasury official David Malpass said he misspoke hours after claiming America was pulling out of decade-old formal economic talks with Beijing. Meanwhile, investors are assessing the implications of a new head at China’s central bank.
     Elsewhere, the ruble weakened for a sixth day, the longest losing streak since October, as Russian President Vladimir Putin won a landslide victory in a tightly controlled election. West Texas oil edged lower and gold gained for the first time in four days.
     Here are some key calendar events coming up this week:
* The Fed decision and Powell’s news conference come on Wednesday.
* The Bank of England is expected to keep interest rates and its asset-purchase program unchanged on Thursday. Attention will be on language and the odds for a May hike.
* Saudi Crown Prince Mohammed bin Salman is expected to meet with President Donald Trump at the White House this week as part of a U.S. visit.
* Company earnings scheduled for this week include Tencent, FedEx, Porsche, Hermes, PetroChina and Nike.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index fell 1.4 percent to 2,712.92 as of 4:04 p.m. New York time, while the Dow Jones Industrial Average dropped 1.4 percent to 24,610.91 and the Nasdaq Composite Index dipped 1.8 percent to 7,344.24.
* The Stoxx Europe 600 Index fell 1.1 percent and the MSCI Asia Pacific Index decreased 0.8 percent on the largest dip in two weeks.
* The U.K.’s FTSE 100 Index sank 1.7 percent on the biggest tumble in more than a month.
* The MSCI Emerging Market Index sank 0.8 percent, the fourth consecutive close lower.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, the first drop in three days.
* The euro climbed 0.4 percent to $1.2341.
* The British pound climbed 0.7 percent to $1.403, the biggest increase in almost eight weeks.
* The Japanese yen was little changed at 106.11 per dollar.
* South Africa’s rand sank 0.4 percent to 12.02 per dollar, after touching the weakest level in more than five weeks.
* The MSCI Emerging Markets Currency Index sank 0.2 percent on the largest decrease in more than a week.
                          Bonds
* The yield on 10-year Treasuries were little changed at 2.85 percent, after rising as much as three basis points.
* Germany’s 10-year yield was little changed at 0.57 percent, after posting the largest climb in almost two weeks.
* Britain’s 10-year yield climbed two basis points to 1.44 percent, after seeing the biggest surge in almost 11 weeks.
                          Commodities
* West Texas Intermediate crude for April delivery, which expires on Tuesday, dropped 28 cents to settle at $62.06 a barrel on the New York Mercantile Exchange.
* Gold rose 0.2 percent to $1,317.06 an ounce.
–With assistance from Samuel Potter.

 

Have a wonderful evening.

 

Be magnificent!

As ever,

 

Carolann

 

Fate chooses your relations, you choose your friends.
                                    -Jacques Delille, 1738-1813

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 St. Patrick’s Day Weekend!

-from today’s New York Times:

St. Patrick’s Day, which is Saturday, is all the more enjoyable for a number of intriguing myths and misconceptions — and not just about leprechauns.

A re-enactment of St. Patrick’s arrival in Ireland in Downpatrick, Northern Ireland.
Charles Mcquillan/Getty Images 

Scientists say there were never any snakes in Ireland, for one thing, which contradicts the tale of St. Patrick driving them into the sea. There is also reason to doubt that the snake story is an allegory for St. Patrick’s eradication of pagan religions. (Christianity might have already arrived.) 

The real Patrick, who became a patron saint of Ireland, wasn’t even Irish: He is believed to have been a Roman born in England who was enslaved by Irish marauders. He escaped after six years and returned to Ireland to spread Christianity. 

Corned beef, a mainstay of St. Patrick’s Day in the U.S., was introduced to Irish immigrants by Jewish neighbors in New York City. Then there’s the color: It was once St. Patrick’s blue. (Green dates to 18th-century Irish independence movements.) 

And for a celebration of Irish culture, St. Patrick’s Day is remarkably global. In Sydney, where the Opera House is tinted green each year, the celebrations date to 1810. In Singapore, as The Irish Post writes, “the Singapore River transforms into a sea of green as part of its own two-day street festival.” 

Charles McDermid contributed reporting.

PHOTOS OF THE DAY

Lightening strikes near Montevideo’s Independence Square during a thunderstorm in Uruguay.
Credit: Mariana Suarez/AFP/Getty Images

The Aurora Borealis over the Shetland Islands in Scotland.
Credit: Ryan Nisbet/Fortitude Press

A mother carries her rare white cub in Kruger National Park, South Africa.
Credit: Daryl Dell/Mercury Press & Media
Market Closes for March 16th, 2018

Market Index	Close	Change
Dow Jones	24946.51	+72.85   +0.29%
S&P 500	2752.01	+4.68   +0.17%
NASDAQ	7481.988	+0.247 —
TSX	15711.33	+40.71
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	21676.51	-127.44
		-0.58%
HANG SENG	31501.97	-39.13
		-0.12%
SENSEX	33176.00	-509.54
		-1.51%
FTSE 100*	7164.14	+24.38
		+0.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.138		2.143
CND. 30 Year Bond		2.290		2.295
U.S.    10 Year Bond		2.8427		2.8280
U.S. 30 Year Bond		3.0762		3.0584

Currencies

BOC Close	Today	Previous
Canadian $	0.76358	0.76620
US $	1.30963	1.30515
Euro Rate 1 Euro=		Inverse
Canadian $	1.60898	0.62151
US $	1.22862	0.81392

Commodities

Gold	Close	Previous
London Gold Fix	1310.10	1318.75
Oil
WTI Crude Future	62.34	61.19

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a seventh day, the longest advance in 13 months, as crude prices increased for a second week, boosting energy shares.
     The S&P/TSX Composite Index added 41 points or 0.3 percent to 15,711.33, the highest close since Feb. 26. The benchmark rose 0.9 percent on the week.
    Energy shares were the biggest gainers, rising 1.5 percent as oil prices jumped 1.9 percent. Birchcliff Energy Ltd. Added 7.9 percent and Seven Generations Energy Ltd. gained 5.8 percent.
     The loonie lost 0.3 percent, adding to Thursday’s decline to fall to the weakest level against the U.S. dollar since June.
     In other moves:
                          Stocks
* Aurora Cannabis Inc. fell 3 percent. The stock, which is set to join the S&P/TSX Composite Index on Monday, was downgraded to hold at Canaccord Genuity
* AutoCanada Inc. lost 1.1 percent after fourth-quarter earnings missed the lowest estimate
* WestJet Airlines Ltd. rose 0.9 percent after earlier gaining as much as 5.3 percent. Ultra-low-cost competitor Jetlines has delayed its launch plans
                          Commodities
* Western Canada Select crude oil traded at a $25.25 discount to WTI, the narrowest gap in two weeks
* Gold fell 0.4 percent to $1,312.30 an ounce, the lowest since March 1
                           FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.3094 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.14 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks closed higher for the first time all week as traders digested positive factory output and consumer sentiment reports before next week’s Federal Reserve meeting. Ten-year Treasury yields rose and the dollar gained.
     The S&P 500 broke out of longest slump of the year Friday, led by energy stocks as Texas crude spiked above $62 a barrel. The benchmark fluctuated late in the session thanks in part to “quadruple witching,” when futures and options contracts on indexes and individual stocks expire.
     The last batches of economic data released before the Fed meeting were mixed. U.S. factory production bounced back in February, exceeding estimates, according to Federal Reserve data, and consumer sentiment jumped to its highest since 2004. But unexpectedly weak February retail sales pushed down forecasts for the annualized pace of expansion in the first quarter.
     “We’re probably at the peak of growth right now, over to a gentle rollover. I wouldn’t say it’s going to be a growth scare where the markets are going to say, ‘Holy smokes! We’re going to sell off 10 percent in equities because the Fed’s overtightened,”’ Barbara Reinhard, head of asset allocation for multi-asset strategies at Voya Investment Management, said by phone. “But what this probably does is, it probably takes some of the interest rate tightening concerns and fears, which got so overblown in January, out of the markets, and that’s a good thing.”
     European equities gained after Asian shares slipped. The euro pared an advance after the region’s inflation figures were revised downward. The yen gained, gold fell.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index gained 0.1 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.2 percent.
* The U.K.’s FTSE 100 Index rose 0.3 percent.
* Germany’s DAX Index gained 0.4 percent.
* The MSCI Emerging Market Index sank 0.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index climbed 0.1 percent to its highest in almost two weeks.
* The euro fell 0.2 percent to $1.2286.
* The British pound rose 0.1 percent to $1.3934.
* The Japanese yen climbed 0.3 percent to 106.06 per dollar.
                            Bonds
* The yield on 10-year Treasuries climbed two basis points to 2.84 percent.
* Germany’s 10-year yield fell one basis point to 0.57 percent.
* Britain’s 10-year yield fell one basis point to 1.429 percent.
                            Commodities
* West Texas Intermediate crude rose 1.8 percent to $62.28 a barrel, the highest in more than a week.
* Gold fell 0.2 percent to $1,313.72 an ounce.
–With assistance from Adam Haigh and Samuel Potter.

 

Have a terrific weekend everyone.

 

Be magnificent!

 

As ever,

 

Carolann

 

However difficult life may seem, there is always something you can do and succeed at.  It matters that you don’t just give up. -Stephen William Hawking, 1942-2018

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 44 BC, Roman senators stabbed the empire’s dictator, Julius Caesar, to death. The conspiracy against Caesar encompassed as many as sixty noblemen, including Caesar’s own protege, Marcus Brutus.

What is still more extraordinary, many report that a certain soothsayer forewarned him of a great danger which threatened him on the ides of March, and that when the day was come, as he was going to the senate-house, he called to the soothsayer, and said, laughing, “The ides of March are come”; to which he answered softly, “Yes; but the are not gone.” –Plutarch: Julius Caesar, (Langhorne translation, 2^ndcentury AD.
PHOTOS OF THE DAY

Skiers compete during the first stage of the 33^rd edition of the Pierra Menta ski mountaineering competition Areches-Beaufort, France.
Credit: Jeff Pachoud/AFP/Getty Images

French urban climber, Alain Robert, also known as “French Spiderman”, climbs the building of French energy group Total, at La Defense business center, in Paris, France.
Credit: Francois Mori/AP

A colourful network of floating lobster cages off of the coast of Tuy Hoa, Vietnam.
Credit:  Trung Pham Huy/Solent News & Photo Agency
Market Closes for March 15th, 2018

Market Index	Close	Change
Dow Jones	24873.66	+115.54   +0.47%
S&P 500	2747.33	-2.15   -0.08%
NASDAQ	7481.742	-15.068   -0.20%
TSX	15670.62	+17.01
		+0.11%

International Markets

Market Index	Close	Change
NIKKEI	21803.95	+26.66
		+0.12%
HANG SENG	31541.10	+106.09
		+0.34%
SENSEX	33685.54	-150.20
		-0.44%
FTSE 100*	7139.76	+7.07
		+0.10%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.143		2.160
CND. 30 Year Bond		2.295		2.324
U.S.    10 Year Bond		2.8280		2.8170
U.S. 30 Year Bond		3.0584		3.0568

Currencies

BOC Close	Today	Previous
Canadian $	0.76620	0.77190
US $	1.30515	1.29551
Euro Rate 1 Euro=		Inverse
Canadian $	1.60595	0.62269
US $	1.23047	0.81270

Commodities

Gold	Close	Previous
London Gold Fix	1318.75	1323.55
Oil
WTI Crude Future	61.19	60.96

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at the highest level in two and a half weeks, while the loonie was the weakest in nine months.
     The S&P/TSX Composite Index rose 0.1 percent to 15,670.62, the sixth consecutive gain and the highest since Feb. 27. Consumer-discretionary stocks were the biggest gainers, adding 2.1 percent as Magna International Inc. jumped 6.9 percent. Magna will work with Lyft Inc. to fund and develop self-driving cars. The energy index tumbled 0.9 percent after U.S. regulators ruled that master-limited partnerships can no longer receive credit for income taxes they don’t pay.
     In other moves:
                          Stocks
* Element Fleet Management Corp. tumbled 24 percent to the lowest since 2012. National Bank Financial said the company’s fourth-quarter results are likely to renew concerns about costs
* Premium Brands Holdings Corp. rose 4.5 percent to a record high after hiking its dividend and announcing four acquisitions
* Ivanhoe Mines Ltd. fell 13 percent amid ongoing discussions with the Democratic Republic of Congo on its new mining code
                          Commodities
* Western Canada Select crude oil traded at a $26.50 discount to WTI, the widest gap in more than a week
* Gold fell 0.6 percent to $1,317.80 an ounce, the lowest since March 1
                          FX/Bonds
* The Canadian dollar weakened 0.8 percent to C$1.3055 per U.S. dollar, the weakest since June, as the greenback strengthened against most G-10 peers
* The Canada 10-year government bond yield fell two basis points to 2.14 percent, the lowest since early January
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks ended mixed Thursday, as industrial and tech gains were offset by losses in the consumer and energy sector. Ten-year Treasury yields steadied after briefly sinking below 2.80 percent as traders look forward to next week’s Federal Reserve policy decision.
     With volume running about 17 percent below average, the S&P 500 Index notched its longest losing streak of 2018 — four days. The Empire Manufacturing Index exceeded projections and initial jobless claims came in just below estimates, signaling continuing strength in the U.S. economy. While an increase in borrowing costs at the Fed meeting is seen as a done deal, it remains an open question whether U.S. policy makers will lift their expectations for the pace of future increases.
     “The factory orders number in conjunction with the possibility of another round of tax cuts would bolster the somewhat weakening growth story we’ve seen the past two weeks,” Kevin Caron, a senior portfolio manager at Washington Crossing Advisors, said by phone.
     Pipeline stocks plunged after the Federal Energy Regulatory Commission ruled that master-limited partnerships can no longer recover a key income-tax allowance.
     Investors are weighing prospects for more U.S. trade protectionism after new White House appointee Larry Kudlow signaled support for a strong dollar and took a tough line on China. Gold declined after Kudlow said he’d sell the metal and buy the greenback, which gained.
     The Stoxx Europe 600 Index advanced, with big gains in insurance and financial shares. Norway’s krone rose to the strongest level since early February after its central bank signaled faster interest-rate increases. The yen gained for a third day this week.
     Elsewhere, West Texas crude advanced above $61 a barrel as signs of stronger U.S. fuel consumption balanced OPEC’s forecasting for the first time that new supplies from its rivals will exceed demand growth this year.
     Here are some of the key things happening this week:
* Japan industrial production is out on Friday.
* EU27 government officials discuss the European Union’s Brexit position.
     And these are the main moves in markets:                           
                          Stocks
* The S&P 500 Index fell 0.1 percent as of 4 p.m. New York time.
* The Nasdaq 100 Index declined 0.1 percent.
* The Stoxx Europe 600 Index climbed 0.5 percent.
* The U.K.’s FTSE 100 Index gained 0.1 percent.
* Germany’s DAX Index increased 0.9 percent.
* The MSCI Emerging Markets Index decreased 0.3 percent.
                          Currencies
* The Bloomberg Dollar Spot Index advanced 0.5 percent, the biggest rise in over two weeks.
* The euro fell 0.5 percent to $1.2301.
* The British pound fell 0.2 percent to $1.3938.
* The Japanese yen rose less than 0.05 percent.
                           Bonds
* The yield on 10-year Treasuries rose one basis point to 2.82 percent.
* Germany’s 10-year yield decreased two basis points to 0.58 percent, the lowest in seven weeks.
* Britain’s 10-year yield gained less than one basis point to  1.438 percent.
                           Commodities
* West Texas Intermediate crude climbed 0.4 percent to $61.21 a barrel.
* Gold fell 0.7 percent to $1,316.20 an ounce, the biggest fall in a week.
* LME copper fell 1 percent to $6,920.00 per metric ton.
–With assistance from Adam Haigh, Tim Loh, Stephen Cunningham and Eddie van der Walt.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 

Carolann

Festina lente.
Make haste slowly.
-Augustus, 63 BC-AD 14

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