March 2018 – Page 2 – Carolann Steinhoff

March 14, 2018

March 14, 2018 Newsletter

Dear Friends,

Tangents:
Albert Einstein, b. 1879

RIP Stephen Hawking.
In Hawking’s 2013 memoir “My Brief History,” he wrote that at the time of his ALS diagnosis, “I thought my life was over and that I would never realize the potential I felt I had,” according to the BBC. “But now, 50 years later, I can be quietly satisfied with my life,” he wrote.

On March 14, 1900, Congress ratified the Gold Standard Act.
Go to article »
PHOTOS OF THE DAY

A dog sleeps under solar panels during the inauguration ceremony for the first stage of the Infinity 50 Solar Park near Aswan, southern Egypt. Once completed the solar power plant is supposed to be the biggest in the world with an output of 1.86 gigawatts.
Credit: Oliver Weiken/DPA

A perfectly timed photograph makes a rhino appear to be wearing a dress, as a peacock stands behind him, in Gorumara National Park in West-Bengal, India.
Credit: Kallol Mukherjee/Caters News

The Oriental Pearl Tower is seen with blooming magnolias as the weather turns warm in Shanghai, China.
Credit: VCG/Getty Images

A lady watches the video artwork “Untitled, 2018” (video still) by artist Laurent Grasso which is part of the 31^st Biennale of Sydney in Australia.
Credit: Mark Kolbe/Getty Images
Market Closes for March 14th, 2018

Market Index	Close	Change
Dow Jones	24758.12	-248.91 -1.00%

S&P 500	2749.48	-15.83 -0.57%

NASDAQ	7496.813	-14.199 -0.19%

TSX	15653.61	+6.47
		+0.04%

International Markets

Market Index	Close	Change
NIKKEI	21777.29	-190.81
		-0.87%
HANG SENG	31435.01	-166.44
		-0.53%
SENSEX	33835.74	-21.04
		-0.06%
FTSE 100*	7132.69	-6.09
		-0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.160	2.204
CND. 30 Year Bond	2.324	2.383
U.S. 10 Year Bond	2.8170	2.8426
U.S. 30 Year Bond	3.0568	3.0989

Currencies

BOC Close	Today	Previous
Canadian $	0.77190	0.77217
US $	1.29551	1.29505

Euro Rate 1 Euro=		Inverse
Canadian $	1.60205	0.62420
US $	1.23662	0.80866

Commodities

Gold	Close	Previous
London Gold Fix	1323.55	1322.75

Oil
WTI Crude Future	60.96	60.71

Market Commentary:
On this day in 1904, the U.S. Supreme Court ruled that J.P. Morgan’s Northern Securities Co., holding company for the Northern Pacific and Great Northern railroad lines, was stifling free competition and violating the Sherman Antitrust Act. The decision helped mark an end to an era of monopolies and earned President Theodore Roosevelt his reputation as a “trust buster.”
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks barely held onto a fifth day of gains, while bond yields fell to the lowest level in more than two months.
The S&P/TSX Composite Index added six points or less than 0.1 percent to 15,653.61, the highest close in two weeks, after dipping in and out of negative territory throughout the trading day.
Consumer staples were the biggest gainers, adding 0.8 percent. Empire Co. jumped 4.4 percent, the most in six months, after earnings beat the highest analyst estimate. Telecom shares weighed on the index, falling 1 percent as BCE Inc. lost 0.6 percent.
In other moves:
Stocks
* Stella-Jones Inc. fell 6.2 percent to the lowest since August after reporting fourth-quarter results. Acumen Capital said Ebitda guidance was lighter than expected
* Quebecor Inc. rose 2.7 percent, the most since August. Fourth- quarter adjusted operating income beat estimates
* The Stars Group Inc. lost 1.6 percent, moderating an earlier decline of 10 percent. Full-year revenue guidance missed estimates and the company said Russian regulations may restrict online gaming operators
Commodities
* Western Canada Select crude oil traded at a $25.75 discount to WTI
* Gold fell 0.1 percent to $1,325.60 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2952 per U.S. dollar
* The Canada 10-year government bond yield fell five basis points to 2.16 percent, the lowest since early January
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks fell for the third straight day after lackluster retail sales figures fanned concern that consumer spending is cooling, while traders awaited next week’s rate decision by the Federal Reserve. Ten-year Treasury yields tightened.
The drop in retail spending provided a second data point — after Tuesday’s tepid inflation figures — to suggest unsteady growth in the world’s largest economy. Trading in S&P 500 Index shares was more than 10 percent below the 30-day average, suggesting investors are taking a wait-and-see attitude.
“The reality of Fed tightening is beginning to weigh on markets even though the impact is not extreme,” Mark Heppenstall, chief investment officer of Penn Mutual Asset Management, said in a message. “Markets have rallied through the tightening process so far, but it will be more and more challenging as the Fed approaches neutral.”
The Stoxx Europe 600 Index retreated from earlier gains, and benchmarks dropped across Asia after the sudden firing of U.S. Secretary of State Rex Tillerson. The euro declined after Mario Draghi’s comment that recent gains weren’t all warranted by economic fundamentals. News that factory output and investment growth in China had unexpectedly accelerated boosted most industrial metals, including copper.
Oil fluctuated after OPEC raised its expectation for supply growth from the U.S. and other producers for a fourth consecutive month. U.S. crude inventories rose more than anticipated last week. Bitcoin dropped to its lowest level in over a month.
Tillerson’s ouster raised concerns of a new guard in the White House that may take a harder line on trade, advancing President Donald Trump’s agenda of imposing tariffs. To replace Tillerson, Trump nominated CIA director Mike Pompeo, an ex- congressman who has endorsed “pushing back against the Chinese threat.” And on Wednesday, the president named economist and CNBC contributor Larry Kudlow to replace Gary Cohn as director of the White House National Economic Council.
These changes come as the administration considers tariffs on a broad range of Chinese imports, with Politico reporting one proposal is to take measures against more than $30 billion of goods a year.
Here are some of the key things happening this week:
* Inflation data Thursday is a focal point in the euro area.
* Also this week, Germany’s Angela Merkel is inaugurated to a fourth term, and EU27 government officials discuss the European Union’s Brexit position.
* New Zealand GDP data is out Thursday.
* The U.K. is expected to set out retaliation measures today against Russia over a nerve agent attack on its territory. Meanwhile, Russians will go to the polls on Sunday to vote in a presidential election that Vladimir Putin is widely expected to win.
And these are the main moves in markets:
Stocks
* The S&P 500 Index declined 0.6 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1 percent to its lowest in a week.
* The U.K.’s FTSE 100 Index declined 0.1 percent.
* Germany’s DAX Index rose 0.1 percent.
* The MSCI Emerging Market Index fell 0.4 percent, its first retreat in a week.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro declined 0.2 percent to $1.237.
* The British pound gained less than 0.05 percent to $1.3968.
* The Japanese yen climbed 0.3 percent to 106.26 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.81 percent.
* Germany’s 10-year yield declined three basis points to 0.59 percent.
* Britain’s 10-year yield fell five basis points to 1.437 percent.
Commodities
* West Texas Intermediate crude gained 0.3 percent to $60.88 a barrel.
* Gold fell 0.1 percent to $1,325.05 an ounce.
* LME copper climbed 0.6 percent to $6,988.50 per metric ton, the highest in more than a week.
–With assistance from Joanna Ossinger, Andrew Janes, Adam Haigh and Robert Brand.

Have a great night. (same as it ever was).

Be magnificent!

As ever,

Carolann

If you can’t feed a hundred people, then feed just one.
-Mother Teresa, 1910-1997

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

March 13, 2018

March 13, 2018 Newsletter

Dear Friends,

Tangents:
1781: Planet Uranus discovered

THE PROBLEM WITH SAPPHO
-by Charles Rafferty

Only one complete poem remains. The rest of it is berries left in the
bramble after a visit from midday starlings. For years I couldn’t
understand how this redaction moved anyone to tears. She was a
dampness in the matchbook. But the world is patient. Eventually the
diamond travels from the mantle to the finger of the woman you love.
Eventually the light from an exploded star arrives to confirm the
emperor’s power. It’s clear now that a very old bruise can tell us how
hard someone was punched. The detective solves a murder with the
help of a single hair. Archeologists find a molar and build a face to fit.

What is beautiful is good, and who is good will soon be beautiful.
Someone, I tell you, in another time will remember us.
-Sappho, 625 BC -527 BC

PHOTOS OF THE DAY

A man walks next to trees on a rainy day in the outskirts of Frankfurt, Germany.
Credit: Michael Probst/AP

A seal gets a rude awakening as its map on the sand is interrupted by a wave in Molokai, Hawaii.
Credit: Joanne Richardson/Solent News & Photo Agency

Chunks of ice fall from the Perito Moreno Glacier, at Los Glaciares National Park in the Argentine province of Santa Cruz. An arch of ice which formed at the tip of the Perito Moreno, between the glacier and the shore of the lake, started collapsing into the water on Saturday, a natural display that happens just once every several years.
Credit: Walter Diaz/AFP/Getty Images
Market Closes for March 13th, 2018

Market Index	Close	Change
Dow Jones	25007.03	-171.58 -0.68%

S&P 500	2765.30	-17.72 -0.64%

NASDAQ	7511.012	-77.313 -1.02%

TSX	15645.76	+40.97
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	21968.10	+144.07
		+0.66%
HANG SENG	31601.45	+7.12
		+0.02%
SENSEX	33856.78	-61.16
		-0.18%
FTSE 100*	7138.78	-75.98
		-1.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.204	2.270
CND. 30 Year Bond	2.383	2.443
U.S. 10 Year Bond	2.8426	2.8938
U.S. 30 Year Bond	3.0989	3.1580

Currencies

BOC Close	Today	Previous
Canadian $	0.77217	0.77866
US $	1.29505	1.28425

Euro Rate 1 Euro=		Inverse
Canadian $	1.60497	0.62307
US $	1.23924	0.80695

Commodities

Gold	Close	Previous
London Gold Fix	1322.75	1319.15

Oil
WTI Crude Future	60.71	61.36

Market Commentary:
Number of the Day
6
At least six U.S. trading venues have jumped into cryptocurrency derivatives in recent months, including New York-based trueEX LLC, which announced plans to offer such products on Monday.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks gained for a fourth day while the loonie tumbled the most in five weeks after Bank of Canada Governor Stephen Poloz struck a dovish tone.
The S&P/TSX Composite Index added 42 points or 0.3 percent to 15,647.14, breaking through its 200-day moving average to the highest close in two weeks. Materials and energy stocks were boosted by the falling Canadian dollar, adding 1.1 percent and 0.8 percent respectively.
Consumer staples fell 0.9 percent, with Alimentation Couche-Tard Inc. down 2.8 percent. The loonie lost 1 percent, the most since Feb. 2.
In other moves:
Stocks
* Canada Goose Holdings Inc. gained 1.2 percent to the highest in a month after Credit Suisse initiated coverage with a street- high price target of C$52
* Barrick Gold Corp. added 1.4 percent. Executive Chairman John Thornton bought about $3.6 million worth of shares this month
* Raging River Exploration Inc. rose 4.8 percent after CIBC said it sees good fundamental support for the stock at current levels
Commodities
* Western Canada Select crude oil traded at a $25.50 discount to WTI, unchanged from Monday
* Gold rose 0.5 percent to $1,327.10 an ounce
FX/Bonds
* The Canadian dollar weakened 1 percent to C$1.2974 per U.S. dollar, the weakest since July
* The Canada 10-year government bond yield fell four basis points to 2.20 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. equities fell for the second straight day as markets took in Tuesday’s economic and political news. The 10-year Treasury yield fell while the dollar held steady.
While an inflation report reinforced the sense that economic growth is picking up without runaway price increases, energy shares weighed on the S&P 500 Index as oil declined on concern that global demand might not absorb burgeoning U.S. supplies. Retail sales and crude inventory figures due out Wednesday may offer more clues on the future of the economy.
Meanwhile, the sudden firing of U.S. Secretary of State Rex Tillerson — to be replaced by CIA Director Mike Pompeo — may have investors waiting for more shoes to drop at the White House, especially when it comes to trade policy.
“We’ve got a new person filling the shoes of the Secretary of State,” said Mike Bailey, director of research at FBB Capital Partners in Bethesda, Maryland. “Although the new person has been around in a different office previously, investors may just be concerned about what is this new person going to do? Could the new Secretary of State be more in line with Trump? Be more inclined towards protectionism?”
Tillerson’s removal followed an executive order from Trump blocking Broadcom Ltd. from acquiring Qualcomm Inc., scuttling a $117 billion hostile takeover that had been the subject of scrutiny on national security grounds. Qualcomm’s shares fell as much as 5.9 percent, weighing down the Nasdaq 100 Index.
The European stock benchmark also faded as its trading session wore on. Earlier, Japanese stocks fluctuated, but they closed higher as Hong Kong and Chinese shares slipped. The yen dropped as investors digested the political fallout from a scandal embroiling the country’s finance minister.
Elsewhere, emerging-market equities gained for a fourth day. Bitcoin held above $9,000. Gold advanced.
Here are some of the key things happening this week:
* China data on industrial production, retail sales and fixed- asset investment all out on Wednesday are likely to point to slower growth, according to Bloomberg Economics.
* Prices and factory output are focal points in the euro area.
* Also this week, Germany’s Angela Merkel is inaugurated to a fourth term, and 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 0.6 percent as of 4 p.m. New York time, its biggest decline in more than a week; the Nasdaq 100 Index fell 1.2 percent.
* The Stoxx Europe 600 Index fell 1 percent, the first retreat in more than a week.
* The U.K.’s FTSE 100 Index declined 1.1 percent, the biggest drop in more than a week.
* The MSCI Emerging Market Index gained less than 0.05 percent.
Currencies
* The Bloomberg Dollar Spot Index gained less than 0.05 percent.
* The euro gained 0.4 percent to $1.2385.
* The British pound climbed 0.4 percent to $1.3959, the strongest in two weeks.
* The Japanese yen decreased 0.1 percent to 106.54 per dollar.
Bonds
* The yield on 10-year Treasuries decreased three basis points to 2.84 percent, the biggest drop in more than a week.
* Germany’s 10-year yield fell one basis point to 0.62 percent, the lowest in almost seven weeks.
* Britain’s 10-year yield dropped one basis point to 1.487 percent.
Commodities
* West Texas Intermediate crude fell 1.2 percent to $60.63 a barrel.
* Gold gained 0.2 percent to $1,325.98 an ounce.
* The Bloomberg Commodity Index gained 0.2 percent.
–With assistance from Brian Chappatta, Adam Haigh and Samuel Potter.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

A bird doesn’t sing because it has an answer, it sings because it has a song.
-Maya Angelou, 1928-2014

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

March 12, 2018

March 12, 2018 Newsletter

Dear Friends,

Tangents:
1938 The “Anschluss” took place as German troops entered Austria. Adolf Hitler annexed his homeland the following day.

Jack Kerouac, writer, b. 1922

In a conversation with the writer John Clellon Holmes, Jack Kerouac coined the term ‘Beat Generation” to describe the “beatness” or “weariness” with the world of his post-war generation. As a young man, he criss-crossed the country, studying Buddhism, working at odd jobs, and staying with his friends Allen Ginsberg and William S. Burroughs. Eventually he wrote On the Road, the book that catapulted him into reluctant fame in 1957. Other books followed, including The Dharma Bums and Big Sur. By the time he died of alcoholism in 1969, Kerouac had left his mark on American literary history with his spontaneous prose style, and he continues to inspire legions of young people to live life on their own terms.

… the only people for me are the mad ones, the ones who are mad to live, mad to talk, and to be saved, desirous of everything a the same time, the ones who never yawn or say a commonplace thing, but burn, burn, burn, like fabulous yellow roman candles exploding like spiders across the stars and in the middle you see the blue center-light pop and everybody goes “Awww!” -from On the Road.
PHOTOS OF THE DAY

The world’s first robot jockey is unveiled by BetBright in celebration of the Cheltenham Festival, which kicks off on Tuesday. Made from lightweight steel, the prototype robot is capable of riding a horse, jumping fences and can also communicate with humans, offering a glimpse into the potential future of sport.
Credit: The Telegraph

Cyclists during the 53^rd Tirreno-Adriatico 2018, Stage 5- a 178km stage from Castelraimondo to Filottrano, in Filottrano, Italy.
Credit: The Telegraph

Marty Burns who plays Saint Patrick is brought to shore past Downpatrick cathedral as the re-enactment of Saint Patrick’s first landing in Ireland takes place at Inch Abbey in Downpatrick, Northern Island.
Credit: The Telegraph
Market Closes for March 12th, 2018

Market Index	Close	Change
Dow Jones	25178.61	-157.13 -0.62%

S&P 500	2783.02	-3.55 -0.13%

NASDAQ	7588.324	+27.514 +0.36%

TSX	15604.79	+26.97
		+0.17%

International Markets

Market Index	Close	Change
NIKKEI	21824.03	+354.83
		+1.65%
HANG SENG	31594.33	+598.12
		+1.93%
SENSEX	33917.94	+610.80
		+1.83%
FTSE 100*	7214.76	-9.75
		-0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.238	2.270
CND. 30 Year Bond	2.2413	2.443
U.S. 10 Year Bond	2.8645	2.8938
U.S. 30 Year Bond	3.1267	3.1580

Currencies

BOC Close	Today	Previous
Canadian $	0.77866	0.78070
US $	1.28425	1.28091

Euro Rate 1 Euro=		Inverse
Canadian $	1.58424	0.63122
US $	1.23359	0.81064

Commodities

Gold	Close	Previous
London Gold Fix	1319.15	1320.60

Oil
WTI Crude Future	61.36	62.04

Market Commentary:
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks gained for a third day to the highest since Feb. 27 as Prime Minister Justin Trudeau said he’s “very confident” in a positive Nafta outcome. The loonie weakened slightly, down 0.2 percent, as commodities are pressured by higher U.S. sovereign yields ahead of U.S. Treasury auctions Monday and Tuesday.
The S&P/TSX Composite Index gained 27 points, or 0.2 percent, to 15,604.79 at market close in Toronto. All sectors except financials and consumer discretionary gained; materials, energy and health-care companies gained most.
Over twenty insiders have added to positions in over 15 Canadian energy stocks in a span of five trading days for E&Ps, oil services, pipelines, and utilities, Canaccord’s sales desk said.
Health care names climbed 2.4 percent as Canopy Growth Corp. rose almost 5 percent after reports last week that the world’s largest cannabis producer by market value is among bidders for Spanish firm Alcaliber SA.
In other moves:
Stocks
* Valeant Pharmaceuticals gained 2.6 percent to the highest since Feb. 28 as it planned $1.25 billion of bonds to fund debt buybacks
* MAG Silver Corp. climbed by as much as 7.7 percent, the most intraday since Nov. 8
* Paramount Resources Ltd. extended losses, falling 3.9 percent after reporting a loss per share for the fourth quarter that was wider than the average analyst estimate on Thursday
* Barrick Gold Corp. gained 2.6 percent after RBC Capital Markets upgraded the stock to outperform
* Peyto Exploration fell as much as 3.6 percent as BMO downgraded the stock, seeing limited upside over the net two years amid weak Canadian gas prices
Commodities
* Western Canada Select crude oil traded at a $25.50 discount to WTI
* Gold barely gained, rising less than 0.1 percent to $1,324.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.28353
* The Canada 10-year government bond yield fell 3bps to 2.24 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks finished the day lower as uncertainty over the prospect of tariffs undid some of the market’s recent job-driven advances and investors looked forward to Tuesday’s U.S. inflation report. Treasuries increased, while the dollar and most commodities fell.
The S&P 500 Index rallied 3.5 percent last week, with the biggest gains coming after a labor market report underscored economic strength that gave fresh impetus to the nine-year-old bull market in global equities. But U.S. President Donald Trump put markets on edge after he raised the prospect of a full- fledged trade war. With data due from China this week as well as readings on U.S. inflation and retail sales, investors will be looking for more reasons to keep the party going.
“With earnings season wrapped up, tax reform launched, and steel and aluminum tariffs to take effect soon, investors will have plenty to ponder,” John Stoltzfus, the chief investment strategist of Oppenheimer & Co., wrote in a note to clients Monday. “We believe patience, fortitude and an eye for opportunities that could present themselves as interest rates work through the process of normalization, trade negotiations garner attention and equity markets respond to it all, could prove rewarding.”
The Dow Jones Industrial Average and the S&P 500 finished lower Monday, while the tech-heavy Nasdaq 100 kept its head above water. The Stoxx Europe 600 Index is on its longest winning streak since October, while gauges from Tokyo to Sydney jumped.
The yen strengthened as political clouds gathered around Japan’s Finance Ministry, run by a stalwart ally of Prime Minister Shinzo Abe. Finance Minister Taro Aso is under pressure after his ministry altered documents tied to a controversial land sale. Aso has been Abe’s deputy since he took office in December 2012, and is seen as a key backer of the Abenomics program, part of which focuses on weakening the yen to boost the nation’s exports.
Bitcoin fell for the fifth straight weekday and West Texas crude moved lower after last week’s advance. Emerging-market stocks surged.
Here are some of the key things happening this week:
* China data on industrial production, retail sales and fixed- asset investment all out on Wednesday are likely to point to slower growth, according to Bloomberg Economics forecasts.
* Key indicators for the Fed dominate the economic agenda in the coming week. Headline inflation may have edged up to 2.2 percent in February from 2.1 percent, though consensus before Tuesday’s report is for core inflation to remain at 1.8 percent.
* The U.S. Treasury will sell $21 billion of 10-year notes and
$13 billion 30-year bonds at March 12-13 auctions, plus $28 billion of three-year notes, the most since 2014. Last month’s auction of those maturities drew lackluster demand.
* Prices and factory output are focal points in the euro area. Friday’s second inflation report for February may touch 1.2% from 1.1% the previous month.
* Also this week, Germany’s Angela Merkel is inaugurated to a fourth term, EU27 government officials discuss the European Union’s Brexit position, and U.K. Chancellor of the Exchequer Philip Hammond issues his spring statement.
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 biggest decline in over a week.
* The Stoxx Europe 600 Index rose 0.3 percent, its sixth consecutive advance.
* The U.K.’s FTSE 100 Index declined 0.1 percent.
* The MSCI Emerging Market Index gained 1.3 percent to the highest in more than five weeks.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro increased 0.3 percent to $1.234.
* The British pound gained 0.4 percent to $1.391.
* The Japanese yen rose 0.4 percent to 106.35 per dollar, the largest advance in more than a week.
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.86 percent.
* Germany’s 10-year yield fell two basis points to 0.63 percent.
* Britain’s 10-year yield increased less than one basis point to 1.494 percent.
Commodities
* West Texas Intermediate crude decreased 1.1 percent to $61.36 a barrel.
* Gold rose less than 0.05 percent to $1,323.97 an ounce.
* The Bloomberg Commodity Index declined 0.3 percent.
–With assistance from Adam Haigh and Samuel Potter.

Have a wonderful evening!

Be magnificent!

As ever,

Carolann

To achieve greatness, two things are needed: a plan, and not quite enough time.
-Leonard Bernstein, 1918-1990

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

March 9, 2018

March 9, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!

PHOTOS OF THE DAY

Central Park lies under a blanket of snow in New York City.
Credit: The Telegraph

Tibetan Buddhist Monks of the Gelug or Yellow Hat school take part in prayers before unveiling a giant thangka at the Rongwo Monastery during the Great Prayer in Tongren, Huangnan Tibetan Autonomous Prefecture, China.
Credit: Kevin Frayer/Getty Images

A diver swims in front of wild killer whales in Kaldfjord, Norway.
Credit: Magnus News Agency/Svein Aasjor
Market Closes for March 9th, 2018

Market Index	Close	Change
Dow Jones	25335.74	+440.53 +1.77%

S&P 500	2786.57	+47.60 +1.74%

NASDAQ	7560.813	+132.866 +1.79%

TSX	15577.81	+39.11
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	21469.20	+101.13
		+0.47%
HANG SENG	30996.21	+341.69
		+1.11%
SENSEX	33307.14	-44.43
		-0.13%
FTSE 100*	7224.51	+21.27
		+0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.270	2.228
CND. 30 Year Bond	2.443	2.402
U.S. 10 Year Bond	2.8938	2.8571
U.S. 30 Year Bond	3.1580	3.1251

Currencies

BOC Close	Today	Previous
Canadian $	0.78070	0.77519
US $	1.28091	1.29001

Euro Rate 1 Euro=		Inverse
Canadian $	1.57633	0.63438
US $	1.23064	0.81259

Commodities

Gold	Close	Previous
London Gold Fix	1320.60	1321.00

Oil
WTI Crude Future	62.04	60.12

Market Commentary:
$: On this day in 2009, the S&P 500 began its current bull market run. The stock market rally is now the second longest ever, behind the bull market between 1987 and 2000.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks extended Thursday’s gains with materials companies trading higher amid U.S. President Donald Trump’s tariff exemptions, even though Canada and Mexico are pledging they’re sticking to their Nafta plans. The loonie gained 0.6 percent as the country’s jobless rate returned to a four-decade low in February.
The S&P/TSX Composite Index gained 39 points, or 0.3 percent, to 15,577.81 at market close in Toronto, the highest close since Feb. 27. The consumer staples, industrials and materials sectors gained the most while health care and telecoms fell.
In other moves:
Stocks
* Ivanhoe Mines gained 6 percent after saying the mining industry and Democratic Republic of Congo will continue to have discussions to address miners’ concerns
* Dorel Industries Inc. climbed 5.7 percent to the highest intraday since Jan. 16, extending Thursday’s gains after fourth- quarter earnings beat expectations
* Spin Master fell as much as 5.2 percent after being downgraded at BMO amid uncertainty exacerbated by the Toys ’R’ Us bankruptcy; Raymond James said TOY share weakness is a buying opportunity
* Labrador Iron Ore Royalty Corp. fell as much as 7 percent as iron ore prices tumbled
Commodities
* Western Canada Select crude oil traded at a $25.5 discount to WTI
* Gold gained less than 0.2 percent to $1,323.90 an ounce
FX/Bonds
* The Canadian dollar gained 0.6 percent to C$1.28271
* The Canada 10-year government bond yield gained to 2.27 percent
US
By Randall Jensen
(Bloomberg) — U.S. stocks rose while Treasuries fell as the latest labor report showed the American economy continued to strengthen without the prior month’s rapid wage gains that stoked inflation fears. The dollar weakened against most peers.
The S&P 500 rose to the highest since Feb. 1, capping a 3.5 percent rally in the week after employers hired the most workers in almost two years and wages remained stagnant, allaying fears the Federal Reserve may accelerate its rate-hike schedule. The measure sits 3 percent below its all-time high. Tech shares paced gains, taking the Nasdaq Composite to a fresh record as it capped an 12 percent rally since a February low.
Ten-year Treasury yields headed for the first one-week advance in three, while the greenback slid against most major currencies except for the Japanese yen. West Texas crude advanced toward $62 a barrel.
The U.S. employment data presented a “Goldilocks” picture of the economy for stock investors, giving the impression the Fed will have room to gradually increase rates this year. Shares also got a boost from news President Trump accepted an invitation to meet North Korean leader Kim Jong Un, which followed a narrower-than-expected tariff plan from the White House Thursday that eased speculation of a trade war.
“It was a great jobs report — it tells a good story for the country, but it was as good or even better for the financial markets,” Rich Guerrini, the chief executive officer of PNC Investments, said by phone. “As we’ve looked at the past 30 days, really what started the volatility was a jobs report and the return of inflation due to wage growth. So you roll the calendar ahead a month, and you’re at a place getting another very good jobs report, but what the market loved was the wage inflationary issue really didn’t show itself.”
Elsewhere, the Mexican peso and the Canadian dollar strengthened on news the two countries will be exempted from the U.S.’s metals tariffs, while Norway’s krone climbed after February inflation rose above the central bank’s target. Bitcoin fell below $9,000, heading for its worst weekly decline since the start of last month.
Here are the remaining key events for this week:
* The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.7 percent to 2,786.50 as of 4 p.m. New York time, its fifth gain in six days.
* The Stoxx Europe 600 Index climbed 0.4 percent, its fifth consecutive advance.
* The U.K.’s FTSE 100 Index gained 0.2 percent, touching the highest in more than a week.
* The MSCI Emerging Markets Index rose 1 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased less than 0.1 percent.
* The euro rose less than 0.1 percent to $1.2313.
* The British pound climbed 0.3 percent to $1.3852.
* The Japanese yen decreased 0.6 percent to 106.85 per dollar, the biggest dip in more than two weeks.
Bonds
* The yield on 10-year Treasuries advanced four basis points to 2.89 percent, the biggest gain in a week.
* Germany’s 10-year yield climbed two basis points to 0.65 percent.
* Britain’s 10-year yield gained two basis points to 1.492 percent.
Commodities
* West Texas Intermediate crude climbed 3.2 percent to $62.05 a barrel.
* Gold was steady at $1,322.10 an ounce.
–With assistance from Sarah Ponczek, Kailey Leinz and Robert Brand.

Have a terrific weekend!

Be magnificent!

As ever,

Carolann

Painting is easy when you don’t know how, but very difficult when you do.
-Edgar Degas, 1834-1917

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

March 8, 2018

March 8, 2018 Newsletter

Dear Friends,

Tangents:

March 8, 1867 – Constitution – British House of Lords gives final reading to the British North America Act; the Act breezes through Parliament with few changes; few MPs and Lords attend to vote; more rush in after to vote against a more contentious bill to place a tax on dogs. BNA Act given Royal Assent March 22; proclaimed March 29. London, England

1982 – British House of Commons passes the Canada Act, allowing Canada to patriate its constitution.

1913 – US income tax begins.
1917 – Russian revolution begins.
1983 – President Reagan calls USSR an “evil empire”.
PHOTOS OF THE DAY

A mosaic of images showing Jupiter’s south pole.
Credit: Nasa/SWRI/JPL/ASI/INAF/IAFPS

A couple is framed by a light installation called Passage by Canadian artist Serge Maheu, at Singapore’s Marina Bay waterfront.
Credit: Wong Maye-E/AP

Horticulturist Simon Allan checks the 16ft flower spike of the Doryanthes palmeri, also known as the giant spear lily, in the Victorian Temperate Palm House at the Royal Botanic Garden Edinburgh. It if the first time the plant has flowered in 60 years.
Credit: Jane Barlow/PA Wire
Market Closes for March 8th, 2018

Market Index	Close	Change
Dow Jones	24895.21	+93.85 +0.38%

S&P 500	2738.98	+12.18 +0.45%

NASDAQ	7427.945	+31.296 +0.42%

TSX	15530.45	+57.80
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	21368.07	+115.35
		+0.54%
HANG SENG	30654.52	+457.60
		+1.52%
SENSEX	33351.57	+318.48
		+0.96%
FTSE 100*	7203.24	+45.40
		+0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.228	2.237
CND. 30 Year Bond	2.402	2.413
U.S. 10 Year Bond	2.8571	2.8808
U.S. 30 Year Bond	3.1251	3.1514

Currencies

BOC Close	Today	Previous
Canadian $	0.77519	0.77440
US $	1.29001	1.29132

Euro Rate 1 Euro=		Inverse
Canadian $	1.58807	0.62970
US $	1.23105	0.81231

Commodities

Gold	Close	Previous
London Gold Fix	1321.00	1329.40

Oil
WTI Crude Future	60.12	61.15

Market Commentary:
On this day in 1817, the New York Stock & Exchange Board—ancestor of the NYSE—was formed when 24 brokers agreed to a “Constitution” that set a fine of at least six cents for talking out loud about other subjects while stocks are trading.
Number of the Day
$56.6 billion
The U.S. trade gap rose to $56.6 billion in January, its highest level in more than nine years. The widening of the deficit comes as President Donald Trump ramps up efforts to close the gap with the help of tariffs.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks climbed and the loonie strengthened as President Trump signed an order giving steel and aluminum tariffs exemptions sparing Canada and Mexico, depending on Nafta talks.
The S&P/TSX Composite Index gained 66 points, or 0.4 percent, to 15,538.70. The gain almost erased Wednesday’s losses as all sectors traded to the upside except materials, which fell almost 1 percent.
Shares of technology companies rose the most as BlackBerry Ltd. continued its climb from Tuesday when it sued Facebook Inc. in federal court for patent infringement. Industrials also gained, as Morneau Shepell Inc. climbed after reporting 4Q adjusted Ebitda Wednesday that matched estimates.
In other moves:
Stocks
* Dorel Industries Inc. rallied as much as 8.9 percent, the most intraday since Aug. 2013, before paring gains after 4Q revenue beat estimates
* Intertape Polymer Group Inc. gained 8.6 percent, the most intraday since Nov. 13, after forecasting revenue in 1Q 2018 greater than 1Q 2017
* Cominar REIT plunged as much as 10.4 percent, the most intraday since Nov. 2008, after reporting 4Q FFO per share that missed the average estimate
Commodities
* Western Canada Select crude oil traded at a $26.25 discount to WTI
* Gold fell 0.4 percent to $1,322.80 an ounce
FX/Bonds
* The Canadian dollar gained 0.2 percent to C$1.28916
* The Canada 10-year government bond yield fell slightly to 2.23 percent
US
By Randall Jensen
(Bloomberg) — U.S. stocks rose after President Donald Trump announced tariffs that were narrower than some traders had anticipated. Treasuries and the dollar gained.
The S&P 500 advanced for the fourth time in five days as investors found relief in the president’s decision to exclude Canada and Mexico while giving other countries wiggle room from levies on imports of steel and aluminum that will take effect in 15 days. Technology companies paced gains. Ten-year Treasury yields fell to 2.86 percent.
The dollar rose against the euro after the European Central Bank’s decided to drop a pledge to increase asset purchases if necessary, and as President Mario Draghi downplayed the change. Crude oil traded near $60 a barrel and gold slipped as a Bloomberg gauge of commodities slid for a second day.
“Investors have to take a deep breath and watch what the reality is. It’s a highly complex situation that investors have to try to game, where they believe these [Nafta] negotiations will finally land,” said Chad Morganlander, a portfolio manager at Washington Crossing Advisors, said by phone. “This is a lever for negotiating the Nafta deal, and investors are watching this in a careful way, with one eye on the market and one eye on trade negotiations.”
The specter of a global trade war has had markets on edge this week, as Trump’s threats of steel and aluminum tariffs were met with talk of retaliation in China and Europe. The ECB’s surprise change in language signaled its confidence in the euro area economy even as the concerns rumble on. However in his press briefing after the decision, Draghi acknowledged that protectionist threats represent a downside risk and described unilateral trade decisions as “dangerous.” Investors are now eyeing the upcoming central bank decision in Japan.
Here are some key events coming up this week:
* The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20.
* BOJ monetary policy decision and briefing on Friday.
* U.S. monthly payrolls data come Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.45 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 1.1 percent to the highest in a week.
* The U.K.’s FTSE 100 Index rose 0.6 percent.
* The MSCI Emerging Market Index gained 0.4 percent to the highest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent.
* The euro fell 0.8 percent to $1.2315.
* The British pound declined 0.6 percent to $1.3814, the first retreat in more than a week.
* The Japanese yen dropped 0.1 percent to 106.14 per dollar.
* The MSCI Emerging Markets Currency Index fell 0.4 percent, the largest fall in a week.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.86 percent.
* Germany’s 10-year yield dropped two basis points to 0.628 percent.
* Britain’s 10-year yield declined two basis points at 1.474 percent.
Commodities
* West Texas Intermediate crude fell 1.3 percent to $60.35 a barrel.
* Gold dropped 0.4 percent at $1,320.68 an ounce.
–With assistance from Ven Ram, Eddie van der Walt, Kailey Leinz and Sarah Ponczek.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Love, friendship, respect do not unite people as much as common hatred for something.
-Anton Chekov, 1860-1904

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

March 7, 2018

March 7, 2018 Newsletter

Dear Friends,

Tangents:
1869 – Suez Canal opens.
1878 – Toronto Stock Exchange incorporates on receipt of an Ontario charter.
1876 – Alexander Graham Bell received U.S. Patent No. 174,465 for his “Improvement in Telegraphy,” or the telephone.
1933 – Monopoly invented.

Florian Nick traveled through Alberta and British Columbia, taking more than 50,000 photos, and has assembled them into a time-lapse movie. You can find the film at vimeo.com/flonick.
PHOTOS OF THE DAY

Ballet British Columbia perform 16+ a room at Sadler’s Wells Theatre in London.
Credit: Alastair Muir For The Telegraph

Circus artists perform acrobatic tricks on Westminster Bridge to mark the 250^th anniversary of the modern-day circus, ahead of a reception in the Houses of Parliament in London.
Credit: Leon Neal/Getty Images

People visit the autonomous urban concept car Renault EZ-GO during the first press day of the Geneva International Motor Show in Switzerland.
Credit: Fabrice Coffrini/AFP/Getty Images
Market Closes for March 7th, 2018

Market Index	Close	Change
Dow Jones	24801.36	-82.76 -0.33%

S&P 500	2726.80	-1.32 -0.05%

NASDAQ	7396.648	+24.642 +0.33%

TSX	15472.61	-72.58
		-0.47%

International Markets

Market Index	Close	Change
NIKKEI	21252.72	-165.04
		-0.77%
HANG SENG	30196.92	-313.81
		-1.03%
SENSEX	33033.09	-284.11
		-0.85%
FTSE 100*	7157.84	+11.09
		+0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.237	2.233
CND. 30 Year Bond	2.413	2.396
U.S. 10 Year Bond	2.8808	2.8424
U.S. 30 Year Bond	3.1514	3.1177

Currencies

BOC Close	Today	Previous
Canadian $	0.77440	0.77264
US $	1.29132	1.29426

Euro Rate 1 Euro=		Inverse
Canadian $	1.60264	0.62397
US $	1.24108	0.80575

Commodities

Gold	Close	Previous
London Gold Fix	1329.40	1331.40

Oil
WTI Crude Future	61.15	62.60

Market Commentary:
Number of the Day
$355 million
TransUnion says a record $355 million in outstanding credit-card balances was owed by people who it suspects didn’t exist in 2017. Synthetic-identity fraud is one of the fastest growing forms of identity crimes.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks pared this week’s gains as growing tariff concerns pressed Prime Minister Justin Trudeau to say it “makes no sense” to impose metals tariffs on a close military ally and the Bank of Canada kept borrowing costs on hold.
The S&P/TSX Composite Index fell 72.6 points, or almost 0.5 percent, to 15,472.61. All sectors fell except information technology and real estate, with health-care stocks leading in declines. Materials and energy companies also took a dip, with each index falling more than 1 percent.
Shares of tech companies gained most, led by Descartes Systems Group Inc., which climbed after the stock was rated a new buy at Laurentian Bank Securities following 4Q earnings and sales that topped estimates for the quarter on Monday.
In other moves:
Stocks
* Great Canadian Gaming Corp. climbed 12.3 percent to a record high after its post-market earnings call yesterday and as an RBC analyst said there are growth opportunities for the firm
* Crew Energy Inc. fell by as much as 8.2 percent, extending Monday’s plunge and almost erasing the previous two-day jump of about 29 percent
* Enercare Inc. declined by as much as 6.5 percent, the most intraday since Nov. 14, after reporting 4Q basic EPS that missed the lowest analyst estimate on Tuesday
* Raging River Exploration Inc. fell 5.6 percent, the most intraday since August, after initiating a strategic review
Commodities
* Western Canada Select crude oil traded at a $27 discount to WTI
* Gold fell 0.7 percent to $1,326.40 an ounce
FX/Bonds
* The Canadian dollar fell almost 0.2 percent to C$1.29016 on trade rhetoric before the Bank of Canada decided to leave rates unchanged
* The Canada 10-year government bond yield rose slightly to 2.24 percent
US
By Randall Jensen
(Bloomberg) — U.S. stocks erased deep losses to end the day mixed as White House officials left open the possibility that President Donald Trump’s tariff proposals will spare neighbors from the most severe penalties. The dollar and Treasuries erased gains.
The S&P 500 Index was little changed after falling as much as 1 percent during a session marked by thin trading. Investors spooked by the departure of pro-trade adviser Gary Cohn took solace in comments from White House Council of Economic Advisers Chairman Kevin Hassett that indicated the trade policy is not yet finalized.
Trade angst still set the tone in U.S. equities, with multinationals in the Dow Jones Industrial Average leading declines, while domestically focused small caps paced gains. Treasuries pared an advance to trade little changed, while Bloomberg’s dollar index fell versus the Canadian dollar after White House spokesperson Sarah Sanders said “there are potential carve outs” for the northern nation in the coming tariffs.
Elsewhere, crude fell toward $61 a barrel in New York. Investors also have their sights fixed on upcoming central bank decisions in Europe and Japan, ahead of Friday’s U.S. jobs report.
“I think markets are taking a wait and see attitude. But I do believe markets will selloff a lot more if it becomes clear that we are going to start tariffs.” Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance, said by phone. “And if other countries are going to retaliate and people start to wonder how far this is going to go, I think that then there will be more of an impact on the market.”
While the imposition of severe levies on steel and aluminum may come as soon as this week, speculation remains that the tariffs may not spark a broader trade conflagration. The European Union has said it will retaliate in kind, while China has so far remained largely quiet. At the same time, Republican leaders in Congress have urged Trump to target only specific items and countries, adding to hope that a broader crackdown on trade will be avoided.
Here are some key events coming up this week:
* The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20.
* The ECB isn’t expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of quantitative easing.
* BOJ monetary policy decision and briefing on Friday.
* U.S. monthly payrolls data come Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.1 percent to 2,726.80 as of 4 p.m. New York time after dropping as much as 1 percent earlier in the session.
* The Dow Jones Industrial Average dropped 83 points to 24,801.
* The Russell 2000 Index rose 0.8 percent.
* The Stoxx Europe 600 Index gained 0.4 percent, third rise in a row.
* The MSCI Emerging Market Index dipped 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index was steady.
* The euro rose 0.1 percent at $1.2412.
* The British pound gained 0.1 percent to $1.3906.
* The Japanese yen advanced 0.1 percent at 106.07 per dollar.
* The MSCI Emerging Markets Currency Index increased 0.1 percent to the highest in more than a week.
Bonds
* The yield on 10-year Treasuries was little changed at 2.88 percent.
* Germany’s 10-year yield decreased two basis points to 0.66 percent.
* Britain’s 10-year yield fell three basis points to 1.494 percent.
Commodities
* West Texas Intermediate crude slid 2 percent to $61.37 a barrel.
* Gold slipped 0.7 percent to $1,325 an ounce.
–With assistance from Sarah Ponczek, Todd White and Kailey Leinz.

Have a wonderful evening!

Be magnificent!

As ever,

Carolann

If only we’d stop trying to be happy we’d have a pretty good time.
-Edith Wharton, 1862-1937

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

March 6, 2018

March 6, 2018 Newsletter

Dear Friends,

Tangents:
1834 – The former town of York was incorporated on March 6, 1834, reverting to the name Toronto to distinguish it from New York City.

1836 – Fall of the Alamo

On this day in 1959, executives of Texas Instruments demonstrated a new device at a press conference in New York City called an “integrated circuit.” That gadget, known today as a microchip, became the backbone of the modern technology industry.
PHOTOS OF THE DAY

The Dunnock bird sits on the back of a Cuckoo at Barling Magna Millenium Wildlife Park in Essex. This remarkable photo shows the very brief moment in which a small Dunnock bird feeds a cuckoo chick which has inhabited its nest and impersonated its chicks. The picture, which was taken by hobbyist photographer Alan Leeks, 60, won first prize in the Essex Wildlife Photography competition at the end of last year. Alan said: “ I got really lucky – it was the noise of the chick that first alerted me, screaming for more and more food”.
Credit: The Telegraph

The Truro town crier leads St. Piran’s Day march, which celebrates St. Piran, patron saint of tinners and regarded by many as Cornwall’s premier saint, through the centre of Truro in Cornwall, England. The march in the capital of the county was one of a number of events that are held annually on March 5^th for St. Piran. St. Piran’s day originally started as a tin miners holiday, but has grown in popularity over the years and is now seen as Cornwall’s national day and also marks the first day of spring in Cornwall.
Credit: The Telegraph

A Chinese hostess reacts at Tiananmen square during the opening session of the National People’s Congress, China’s legislature, in Beijing, China’s rubber-stamp.
Credit: The Telegraph
Market Closes for March 6th, 2018

Market Index	Close	Change
Dow Jones	24884.12	+9.36 +0.04%

S&P 500	2728.12	+7.18 +0.26%

NASDAQ	7372.007	+41.302 +0.56%

TSX	15545.19	+3.91
		+0.03%

International Markets

Market Index	Close	Change
NIKKEI	21417.76	+375.67
		+1.79%
HANG SENG	30510.73	+624.34
		+2.09%
SENSEX	33317.20	-429.58
		-1.27%
FTSE 100*	7146.75	+30.77
		+0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.233	2.194
CND. 30 Year Bond	2.396	2.373
U.S. 10 Year Bond	2.8424	2.8808
U.S. 30 Year Bond	3.1177	3.1531

Currencies

BOC Close	Today	Previous
Canadian $	0.77264	0.77114
US $	1.29426	1.29677

Euro Rate 1 Euro=		Inverse
Canadian $	1.60719	0.62220
US $	1.24178	0.80529

Commodities

Gold	Close	Previous
London Gold Fix	1331.40	1320.40

Oil
WTI Crude Future	62.60	62.57

Market Commentary:
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks barely extended Monday’s first gain in five days as Trump used his steel tariff plans as a bargaining chip to seal a quick deal on Nafta. The loonie strengthened for the first time in almost a week after falling for six straight sessions to the lowest since July.
The S&P/TSX Composite Index gained 3.9 points, or less than 0.1 percent, to 15,545.19. Consumer staples and materials companies gained the most, with the latter rising 0.6 percent, as metals and mining stocks were boosted following more pushback on Trump’s tariff plans.
The industrials sector saw the largest decline, dipping 0.9 percent. Bombardier Inc. fell by as much as 9.3 percent, the most in five months, after announcing a plan to sell new shares in an effort to strengthen its balance sheet.
In other moves:
Stocks
* Bombardier Inc. fell by 5.3 percent on $492 million share sale
* Crew Energy Inc. plunged by as much as 9.3 percent, the most in over two years, following a two-day jump of about 29 percent
* First Majestic Silver Corp. climbed by as much as 6.3 percent, leading gains among metals companies amid tariff opposition
Commodities
* Western Canada Select crude oil traded at a $26 discount to WTI
* Gold gained 1.2 percent to $1,335.70 an ounce
FX/Bonds
* The Canadian dollar strengthened to C$1.2877 after previously falling to the lowest since July
* The Canada 10-year government bond yield gained slightly to 2.23 percent
US
By Randall Jensen
(Bloomberg) — U.S. stocks rose for a third day as signs mounted that President Donald Trump may still be assessing the most severe protectionist policies. The dollar declined against peers.
The S&P 500 advanced as comments by the president’s allies — including House Speaker Paul Ryan, White House economic adviser Gary Cohn and Senator David Perdue — have added to pressure on Trump to ease off implementing steep tariffs on steel and aluminum. During a news conference Tuesday, Trump didn’t back down from his tough trade talk. Chipmakers rallied after a positive research note from Goldman Sachs, while materials producers gained amid a rise in metals prices.
Investors remained focused on the potential tariffs that have caused America’s largest trading partners to warn of a backlash. An apparent diplomatic breakthrough on the Korean Peninsula added to risk-on sentiment. Treasuries were flat after CVS Health Corp. kicked off the third largest corporate-debt financing ever.
“Last year was a very unvolatile year, that was abnormal — normal is more volatility,” said Stephen? Lee?, a founding partner at Pennsylvania-based Logan Capital Management, which manages $1.9 billion. “You have to go through the knee jerk reactions, then step back and say, ‘Well is this a problem’? This tariff issue, it seems there’s a lot of noise, but our experience is with any sort of legislative thing it takes longer to get through.”
Meanwhile, emerging-market stocks rose after five days of declines, and Europe’s peripheral bonds advanced. Italian stocks advanced alongside the country’s bonds as the potentially lengthy process of forming a new government got under way.
Here are some key events coming up this week:
* The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20.
* Australia GDP data is due Wednesday.
* The ECB isn’t expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of quantitative easing.
* BOJ monetary policy decision and briefing on Friday.
* U.S. monthly payrolls data come Friday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent to 2,728.12 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.1 percent.
* The U.K.’s FTSE 100 Index rose 0.4 percent.
* The MSCI Emerging Market Index advanced 1.9 percent, the largest increase in almost three weeks.
Currencies
* The Bloomberg Dollar Spot Index declined 0.4 percent.
* The euro gained 0.6 percent to $1.24, the strongest in more than two weeks.
* The British pound rose 0.3 percent to $1.3896.
* The Japanese yen advanced 0.1 percent to 106.14 per dollar.
* The MSCI Emerging Markets Currency Index gained 0.7 percent to the highest in more than a month.
Bonds
* The yield on 10-year Treasuries were steady at 2.88 percent.
* Germany’s 10-year yield climbed three basis points to 0.68 percent.
* Britain’s 10-year yield climbed three basis points to 1.521 percent.
Commodities
* West Texas Intermediate crude fell 0.1 percent to $62.48 a barrel.
* Gold rose 1 percent to $1,333.77 an ounce.
–With assistance from Samuel Potter, Kailey Leinz and Sarah Ponczek.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Where there is no risk there can be no pride in achievement and consequently no happiness.
-Ray Kroc, 1902-1984, Grinding It Out

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

March 6, 2018

March 5, 2018 Newsletter

Dear Friends,

Tangents: Happy Monday!
1770 – Boston Massacre
1844 – George Brown starts publishing his Toronto Globe newspaper.
1963 – the Hula-Hoop was patented. The hip-swiveling toy became a huge fad across America when it was first marketed. An estimated 25 million were sold in the first four months of production alone.

PHOTOS OF THE DAY

Newborn lambs sports woolly jumpers as the bitterly cold weather continues to bite at Doe Park Farm in Teesdale, County Durham.
CREDIT: THE TELEGRAPH

A woman sits on a pier to watch the northern lights (Aurora borealis), on the Lofoten Islands, in Bostad, in the arctic circle in northern Norway.
CREDIT: THE TELEGRAPH

Hundreds of skiers and snowboarders hold lit torches and flashlights while descending from a slope during an annual festival in the Siberian town of Zheleznogorsk near Krasnoyarsk, Russia.
CREDIT: THE TELEGRAPH
Market Closes for March 5th, 2018

Market Index	Close	Change
Dow Jones	24874.76	+336.70 +1.37%

S&P 500	2720.94	+29.69 +1.10%

NASDAQ	7330.703	+72.836 +1.00%

TSX	15541.28	+156.69
		+1.02%

International Markets

Market Index	Close	Change
NIKKEI	21042.09	-139.55
		-0.66%
HANG SENG	29886.39	-697.06
		-2.28%
SENSEX	33746.78	-300.16
		-0.88%
FTSE 100*	7115.98	+46.08
		+0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.194	2.202
CND. 30 Year Bond	2.373	2.362
U.S. 10 Year Bond	2.8808	2.8625
U.S. 30 Year Bond	3.1531	3.1398

Currencies

BOC Close	Today	Previous
Canadian $	0.77114	0.77648
US $	1.29677	1.28786

Euro Rate 1 Euro=		Inverse
Canadian $	1.59964	0.62514
US $	1.23356	0.81066

Commodities

Gold	Close	Previous
London Gold Fix	1320.40	1322.30

Oil
WTI Crude Future	62.57	61.25

Market Commentary:
Number of the Day
50
Percentage by which the overall cryptocurrency market capitalization has fallen from an all-time high of $830 billion in early January. -Market Watch
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks gained for the first time in five days, brushing off rhetoric from U.S. President Donald Trump on the threat of a global trade war. The Canadian dollar extended declines, falling for the sixth straight session to the lowest level since July.
The S&P/TSX Composite Index gained 156.7 points, or 1 percent, to 15,541.28, with all sectors rising except consumer staples. Health care stocks were the biggest advancers, climbing
5.6 percent as U.S. regulators granted Prometic Life Sciences Inc. a rare pediatric disease designation. Energy companies rose on positive fourth-quarter earnings results.
In other moves:
Stocks
* Crew Energy Inc. climbed by a record 17 percent, extending a two-day gain that began when the company reported fourth-quarter results
* Ensign Energy Services Inc. rose 7.2 percent after reporting an unexpected fourth quarter profit
* Valeant Pharmaceuticals International Inc. climbed 4.7 percent, the most in about a month, after being upgraded to buy at Deutsche Bank
* Canopy Growth Corp. climbed 12 percent; the chief executive officer said last week that he’s planning a Nasdaq listing
Commodities
* Western Canada Select crude oil traded at a $25.50 discount to WTI
* Gold fell 0.2 percent to $1,320.90 an ounce
FX/Bonds
* The Canadian dollar weakened to C$1.29685 per U.S. dollar, the lowest since July, amid trade fears and a second consecutive month of cooling consumer confidence
* The Canada 10-year government bond yield fell slightly to 2.19 percent
US
By Randall Jensen
(Bloomberg) — U.S. stocks rose with the dollar, while Treasuries fell as signs mounted that President Donald Trump’s tough tariff talk may not translate into the most severe protectionist policies.
The Dow Jones Industrial Average added more than 300 points as megacaps that bore the brunt of the selling late last week led gains, while domestically-focused small caps lagged behind.
The S&P 500 Index advanced for a second day after hedge fund billionaire Ray Dalio called the threat of a trade war “political show” and House Speaker Paul Ryan urged the president to reconsider tariffs on steel and aluminum. Trump when asked about the congressman’s comment said he won’t back down on trade.
Ten-year Treasury yields advanced toward 2.90 percent, while the greenback rose against most peers with the Canadian dollar leading declines. West Texas crude rose past $62 a barrel.
“The positive story today is the lack of anything bad happening,” Kevin Caron, a senior portfolio manager at Washington Crossing Advisors, said by phone. “The bad news would have been if [Trump] announced more tariffs, or if there was some kind of reciprocal action from another country.”
Trump’s surprise announcement Thursday that he intends to implement tough tariffs on steel and aluminum imports roiled global financial markets. Trump kept pushing the protectionist stance in a series of tweets, even as leading Republican lawmakers and donors began to publicly question the wisdom of upending the global trading order.
In Europe, the broadest measure of the region’s equities halted a four-day slide after a major breakthrough on the path to a German government. Italy’s stocks and bonds were the standout losers as anti-establishment political groups surged in Sunday’s election.
The Italian election result and Germany’s move toward a coalition kick off a busy week for macro events. Both the Bank of Japan and European Central Bank will meet to decide on interest rate policy, while China hosts its National People’s Congress.
Elsewhere, West Texas oil advanced as geopolitical risk resurfaced, with a halt at Libya’s biggest crude field sparking speculation that supply will tighten and help reduce a global glut.
Here are some key events coming up this week:
* The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20.
* The Bank of Japan deputy governors’ confirmation hearings will be held Monday.
* Reserve Bank of Australia monetary policy decision on Tuesday, with GDP data due Wednesday.
* The ECB isn’t expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of quantitative easing.
* BOJ monetary policy decision and briefing on Friday.
* U.S. monthly payrolls data.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.1 percent to 2,720.94 as of 4 p.m. New York time, the biggest gain in a week.
* The Stoxx Europe 600 Index increased 1 percent, the first advance in a week.
* The MSCI Emerging Market Index fell 0.4 percent with its fifth consecutive decline.
* The U.K.’s FTSE 100 Index rose 0.7 percent, its first gain in four days.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent, ending a two-day slide.
* The euro rose 0.1 percent to $1.2330, its third advance in a row.
* The British pound advanced 0.3 percent to $1.3842.
* The Japanese yen fell 0.4 percent to 106.19 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.88 percent.
* Germany’s 10-year yield declined one basis point to 0.64 percent.
* Britain’s 10-year yield rose two basis points to 1.495 percent.
Commodities
* West Texas Intermediate crude advanced 2.2 percent, the biggest gain in more than a week, to $62.61 a barrel.
* Gold fell 0.3 percent to $1,319.20 an ounce.
–With assistance from Kailey Leinz, Sarah Ponczek and Samuel Potter.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

In spit of everything, I still believe people are good at heart.
-Anne Frank, 1929-1945

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

March 6, 2018

March 2, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!

On this day in 1904, Theodor Geisel, better known as Dr. Seuss, was born in Springfield, Mass. He would write and illustrate such beloved children’s books as “The Cat in the Hat” and “Green Eggs and Ham.”

Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not. -Dr. Seuss

PHOTOS OF THE DAY

Performers dressed in costumes offer sacrifices to the Sea Dragon King during a ceremony in Qinqdao, Shandong Province of China. The traditional ritual of sea sacrifice is held to pray for blessing and safety from the Sea Dragon King on the 13^th day of the first lunar month which is said to be his birthday.
CREDIT: VCG/GETTY IMAGES

Students from the Kalinga Institute of Social Science, dressed as Lord Krishna and Radha, are smeared with coloured powder and petals during Holi festival celebrations in Bhubaneswar, India.
CREDIT: ASIT KUMAR/AFP/GETTY IMAGES

Buddhist monks attend a ceremony on Makha Bucha Day at Wat Phra Dhammakaya in Pathum Thani, Thailand.
CREDIT: ATHIT PERAWONGMETHA/REUTERS
Market Closes for March 2nd, 2018

Market Index	Close	Change
Dow Jones	24538.06	-70.92 -0.29%

S&P 500	2692.74	+15.07 +0.56%

NASDAQ	7257.867	+77.306 +1.08%

TSX	15387.35	-6.59
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	21181.64	-542.83
		-2.50%
HANG SENG	30583.45	-460.80
		-1.48%
SENSEX	34046.94	-137.10
		-0.40%
FTSE 100*	7069.90	-105.74
		-1.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.202	2.177
CND. 30 Year Bond	2.362	2.330
U.S. 10 Year Bond	2.8625	2.8078
U.S. 30 Year Bond	3.1398	3.0834

Currencies

BOC Close	Today	Previous
Canadian $	0.77648	0.77931
US $	1.28786	1.28319

Euro Rate 1 Euro=		Inverse
Canadian $	1.58664	0.63026
US $	1.23264	0.81127

Commodities

Gold	Close	Previous
London Gold Fix	1322.30	1307.75

Oil
WTI Crude Future	61.25	60.99

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rebounded from the worst of their declines but still closed lower as investors studied U.S. President Donald Trump’s talk of a “trade war” and weaker-than- expected Canadian 4Q GDP.
The S&P/TSX Composite Index lost 9.4 points or 0.1 percent to 15,384.59. After four straight declines, the benchmark fell 2.1 percent on the week.
Industrials and consumer discretionary, the two sectors likely to be hardest hit by any protectionist measures, fell 0.4 percent and 0.1 percent respectively. Auto parts maker Magna International Inc. lost 1.6 percent.
The energy index retreated 0.4 percent even as crude prices rose. ShawCor Ltd. lost 4 percent after fourth-quarter earnings missed estimates.

In other moves:
Stocks
* Sleep Country Canada Holdings Inc. jumped 15 percent, the most ever, after fourth-quarter earnings beat the highest analyst estimate
* Bonavista Energy Corp. fell 5.5 percent after issuing 2018 outlook. RBC downgraded the stock to sector perform
* Transcontinental Inc. gained 4.4 percent. First-quarter earnings beat the highest estimate
Commodities
* Western Canada Select crude oil traded at a $24.25 discount to WTI, the narrowest gap in nearly three weeks
* Gold rose 1.3 percent to $1,322.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2906 per U.S. dollar, the lowest since July, among trade fears and GDP that came in weaker than expected
* The Canada 10-year government bond yield rose three basis points to 2.20 percent
US
By Sarah Ponczek and Kailey Leinz
(Bloomberg) — U.S. stocks ended a volatile session higher, paring a weekly decline, as investors speculated that President Donald Trump’s tough tariff talk won’t translate into the most severe protectionist policies. Treasuries slumped with the dollar.
The S&P 500 Index staged a late-day rally to finish near its high for the session. The gain trimmed its weekly decline to 2 percent. The Dow Jones Industrial Average roared back to all but erase a drop that approached 400 points at its worst.
The threat of a trade war sparked the early selling, only to ease as the president’s recent history of backing off seemingly iron-clad policy positions gave rise to speculation the actual levies may not disrupt global growth.
“People always forget that Trump is a negotiator, and when you negotiate, you don’t negotiate from the point where you want it to end up — you put an anchor out, and you negotiate from that anchor,” said Brent Schutte, chief investment strategist of Northwestern Mutual Life Insurance Co.’s wealth-management unit “Yesterday was an anchor. I do believe there will be some give back if others are willing to give the U.S. something.”
Earlier, Trump pushed back against a wave of criticism of the steel and aluminum tariffs he proposed Thursday, saying “trade wars are good.” The possibility of the levies raised the prospect of tit-for-tat curbs on American exports and higher prices for domestic users, further clouding the outlook for economic growth at a time when central banks around the world are embarking on policy-tightening or approaching it.
“When people are nervous, they’re more likely to react and overreact more strongly,” said James Norman, head of equity strategy at QS Investors. “And that’s the kind of market environment we’re in right now.”
Elsewhere, the Stoxx Europe 600 Index sank more than 2 percent for a fourth day of losses, while Germany’s DAX Index reached its lowest level since August. Japan led the retreat in Asia earlier, with the Topix Index tumbling after Bank of Japan Governor Haruhiko Kuroda mentioned for the first time a possible time frame for discussing an exit from its extraordinary easing program. The yen surged to the strongest since 2016 and shares from Hong Kong to Australia declined.
Kuroda’s comments were seen as further evidence the era of massive stimulus that boosted asset prices and slashed borrowing costs is coming to an end. Earlier this week, Federal Reserve Chair Jerome Powell sparked speculation the central bank may quicken the pace of monetary tightening, a move investors worry could derail economic expansion.
“The market is looking ahead like, are four more rate hikes, and then hikes into next year, going to be an incremental negative that’s going to slow down the economy?” said Jeff James, a portfolio manager at Driehaus Capital Management.
Oil declined amid concerns about increasing U.S. crude production. Gold rallied with silver as investors sought out haven assets.
Here are some key events scheduled for the remainder of this week:
* China’s annual national legislative meetings start Saturday and are set to run over two-plus weeks.
* Italy goes to the polls on Sunday. Read more on how Italian bond spreads could widen substantially should a euro-skeptic alliance come to power.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.5 percent to 2,691.25.
* The Dow Jones Industrial Average slumped 0.3 percent, or 71 points, while the Russell 2000 gained 1.7 percent.
* The Stoxx Europe 600 Index plunged 2.1 percent.
* The MSCI All-Country World Index decreased 0.1 percent to the lowest in more than two weeks.
* The MSCI Emerging Market Index declined 0.7 percent to the lowest in more than two weeks.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.3 percent.
* The euro gained 0.5 percent to $1.2328.
* The British pound rose 0.1 percent to 1.379.
* The Japanese yen rose 0.5 percent to 105.73 per dollar, the strongest since November 2016.
Bonds
* The yield on 10-year Treasuries increased five basis points to 2.86 percent.
* Germany’s 10-year yield added one basis points to 0.65 percent.
* Britain’s 10-year yield climbed one basis point to 1.47 percent.
Commodities
* Gold gained 0.4 percent to $1,322.13 an ounce.
* West Texas Intermediate crude rose 0.6 percent to $61.38 a barrel.
–With assistance from Adam Haigh and Robert Brand.

Have a great weekend everyone.

Be magnificent!

As ever,

Carolann
Forgive your enemies, but never forget their names.
-John Fitzgerald Kennedy, 1917-1963

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

March 6, 2018

March 1, 2018 Newsletter

Dear Friends,

Tangents:
On March 1^st…
1872: Yellowstone National Park was established.
1961: Peace Corps was established.
1999: UN Land Mine Ban.
2010: Vancouver Olympics end with Canada winning 14 gold medals, the most for any country (host or otherwise) in any Winter Olympics.
2018: Scientists say they’ve found traces of the first bits of light ever seen in the universe, thought to emit from the first stars formed after the Big Bang. -from CNN.
PHOTOS OF THE DAY

The crew on board the Royal Navy’s RFA Tidespring tweeted this photo taken from the bridge of the brand-new tanker battling the Beast From The East.
CREDIT: THE TELEGRAPH

Members of the Household Cavalry return to their barracks as snow falls in London.
CREDIT: THE TELEGRAPH

Little Lola Sunshine wears a fur scarf and Miu Miu sunglasses in Paris during Paris Fashion Week.
CREDIT: THE TELEGRAPH

A frost-covered window of a building at the summit of the highest German mountain, the Zugspitze, in Garmisch-Partenkirchen, Germany.
CREDIT: THE TELEGRAPH
Market Closes for March 1st, 2018

Market Index	Close	Change
Dow Jones	24608.98	-420.22 -1.68%

S&P 500	2677.67	-36.16 -1.33%

NASDAQ	7180.563	-92.446 -1.27%

TSX	15393.95	-48.73
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	21724.47	-343.77
		-1.56%
HANG SENG	31044.25	+199.53
		+0.65%
SENSEX	34046.94	-137.10
		-0.40%
FTSE 100*	7175.64	-56.27
		-0.78%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.177	2.235
CND. 30 Year Bond	2.330	2.375
U.S. 10 Year Bond	2.8078	2.8606
U.S. 30 Year Bond	3.0834	3.1242

Currencies

BOC Close	Today	Previous
Canadian $	0.77931	0.77938
US $	1.28319	1.28306

Euro Rate 1 Euro=		Inverse
Canadian $	1.57422	0.63524
US $	1.22680	0.81513

Commodities

Gold	Close	Previous
London Gold Fix	1307.75	1317.85

Oil
WTI Crude Future	60.99	61.64

Market Commentary:
On this day in 1935, the first U.S. savings bond was issued after Secretary of the Treasury Henry Morgenthau observed that the U.S. lacked a government-sponsored savings plan like those of France and Great Britain.
Number of the Day
€1.24 billion
The 2017 loss posted by Spotify Technology SA, which released financials as part of its Wednesday filing for an unusual public offering. The music-streaming company’s revenue is growing sharply but its losses are ballooning, disclosures show.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell further after posting their worst month since December 2015, with consumer discretionary and industrials losing the most ground.
The S&P/TSX Composite Index fell 49 points or 0.3 percent to 15,393.95, the lowest close in more than two weeks. Consumer discretionary stocks led the decline, losing 1 percent with Magna International Inc. down 2.7 percent.
Industrials fell 1 percent, led by a 5.3 percent decline at Westshore Terminals Investment Corp. Trade fears heated up again Thursday after U.S. President Donald Trump said he’d impose steep tariffs on steel and aluminum imports.
In other moves:
Stocks
* Cascades Inc. tumbled 14 percent, the most since 2009.
Adjusted earnings per share missed the lowest estimate
* Canopy Growth Corp. jumped 9.5 percent to the highest in a month after the cannabis producer’s CEO said he’s planning a Nasdaq listing
* Crescent Point Energy Corp. lost 8.3 percent, the most since 2016, after posting an unchanged 2018 capex forecast
* Stelco Holdings Inc. lost 5.1 percent, the most since its November IPO, after Trump said he’d impose steep steel tariffs
Commodities
* Western Canada Select crude oil traded at a $24.70 discount to WTI, the narrowest gap in two and a half weeks
* Gold fell 1 percent to $1,305.20 an ounce, the lowest since December
FX/Bonds
* The Canadian dollar was little changed at C$1.2828 per U.S.dollar
* The Canada 10-year government bond yield fell six basis points to 2.18 percent, the lowest since mid-January
US
By Sarah Ponczek and Kailey Leinz
(Bloomberg) — U.S. stocks plunged and Treasuries climbed Thursday after U.S. President Donald Trump promised to impose substantial tariffs on foreign metals, drawing a rebuke from a manufacturing industry group and the European Commission.
The S&P 500 Index briefly fell below its 100-day moving average while the Dow Jones Industrial Average dropped more than
400 points as Trump added to earlier confusion on the fate of proposed tariffs by announcing the levies in a meeting with industry executives. The Institute for Supply Management called the proposal a “big mistake.” European Commission President Jean-Claude Juncker said Europe will respond “firmly” to any new tariffs. And Federal Reserve Chairman Jerome Powell earlier praised the benefits of trade.
“Trump made the announcement about tariffs and it dropped,” said Donald Selkin, New York-based chief market strategist at Newbridge Securities Corp. “It would raise the price of autos, look at the auto stocks. It would raise the price for items that use steel and aluminum.”
The market reaction was uneven. While industrial companies in the S&P 500 tumbled, U.S. Steel Corp. advanced 5.7 percent and steel-products company Nucor Corp. gained 3.5 percent.
Automakers led decliners as Ford Motor Co. and General Motors Co. added to losses already sparked by weak sales numbers. The Russell 2000 Index posted the smallest loss among major indexes as the bulk of its members derive most of their sales in the U.S.
“You could see earlier in the day when investors thought the president was going to have a listening session regarding tariffs the market went positive,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “All of those stocks that have steel or metal, they slid up. Then of course when he announced tariffs you saw the market pull back.”
The news sparked a bout of volatility, with the Cboe’s VIX measure climbing past 23 from less than 20 earlier. The euro, British pound and yen all rose versus the greenback, which pared earlier gains. Mexico’s peso fell. And Treasuries surged, with yields on the 10-year note sliding to 2.8 percent.
“Bonds are providing a nice shock absorber here,” said Gene Tannuzzo, a portfolio manager at Columbia Threadneedle Investments. “In late January, stocks and bonds were declining together as fears of higher interest rates impacted risk appetite. Now, however, it appears that bond yields have risen sufficiently high to allow them to provide a buffer on bad days for stocks.”
Investors also digested Senate testimony by the Fed’s Powell, who called for gradual interest rate hikes and said the economy wasn’t overheating. Traders were on edge during Powell’s second day of Congressional testimony after his comments on Tuesday about the strength of the U.S. economy opened the door to speculation that the central bank plans to quicken the pace of monetary tightening, a move investors worry could derail growth.
“In many ways, the Fed is going to be considering things against a backdrop of an economy that’s expanding above trend with excess demand and no spare capacity, and against a backdrop of pretty strong fiscal stimulus,” said David Page, senior economist at AXA Investment Managers. “The Fed is actually going to be wondering whether or not four rate hikes are going to be enough this year.”
Elsewhere, the Stoxx 600 Index fell as some companies missed their earnings estimates and manufacturing data showed that growth may have peaked. The U.K. pound was flat after the European Union published a draft Brexit treaty, squaring off with British Prime Minister Theresa May. The Australian dollar dropped after business investment unexpectedly fell in the final three months of last year.
Here are some key events scheduled for this week:
* Federal Reserve Bank of New York President Bill Dudley speaks this week.
* U.K. Prime Minister Theresa May delivers a speech Friday on Britain’s relationship with the European Union.

These are the main moves in markets:
Stocks
* The S&P 500 fell 1.4 percent to 2,677.28.
* The Dow Jones Industrial Average dropped 1.7 percent, or 427 points, to 24,597.83.
* The Stoxx Europe 600 slid 1.3 percent.
* The MSCI All-Country World Index declined 1 percent.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.3 percent.
* The euro added 0.6 percent to $1.2264.
* The British pound gained 0.1 percent to $1.3773.
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.81 percent.
* Germany’s 10-year yield retreated one basis point to 0.64 percent, the lowest in five weeks.
* Britain’s 10-year yield lost three basis points to 1.47 percent, the lowest in a month.
Commodities
* West Texas Intermediate crude decreased 0.4 percent to $61.38 a barrel.
* Gold declined 0.2 percent to $1,315.57 an ounce, the lowest in seven weeks.
–With assistance from Joanna Ossinger, Randall Jensen, Jeremy Herron and Andrew Dunn.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Adversity does teach you who your real friends are.
-Lois McMaster Bujold, b. 1949

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