Month: April 2018

Dear Friends,

Tangents:

Good news.  Racing in cold, wet, windy weather, Desiree Linden, above, became the first American woman to win the Boston Marathon in 33 years. It was her first major marathon victory.

The men’s race also had an upset winner, Yuki Kawauchi of Japan. Defying elite runners’ custom of entering just two or three marathons a year, he was running in his fourth such race of 2018. (He’s won all four.) – The NY Times

The Rolling Stones first album was released on this day in 1964.  Recorded at Regent Sound Studios in London over the course of five days in January and February 1964, The Rolling Stones was produced by then-managers Andrew Loog Oldham and Eric Easton. The album was originally released by Decca Records in the UK, while the US version appeared on the London Records label.

PHOTOS OF THE DAY

A Historic Royal Palaces conservator examines the famous pained ceiling of The Apotheosis of King James I by Peter Paul Rubens, at the Banqueting House in Whitehall, London. Credit: Victoria Jones

A visitor photographs azaleas in full bloom at Nagushiyama Park in Sasebo, Nagasaki Prefecture, southwestern Japan. Some 100,000 different kinds of azaleas are blooming at the park. Credit: Eugene Hoshiko

Thousands of people marched in Barcelona to protest against the jailing of nine Catalan separatist leaders facing trial on “rebellion” charges. Many chanted “Freedom for the political prisoners” as they massed on the Parallel Avenue, one of the city’s main streets, wearing yellow scarves, sweaters or jackets. Credit: Lluis Gene
Market Closes for April 16^th, 2018

Market Index	Close	Change
Dow Jones	24573.04	+212.90   +0.87%
S&P 500	2677.84	+21.54   +0.81%
NASDAQ	7156.285	+49.635   +0.70%
TSX	15300.38	+26.41
		+0.17%

International Markets

Market Index	Close	Change
NIKKEI	21835.53	+56.79
		+0.26%
HANG SENG	30315.59	-492.79
		-1.60%
SENSEX	34304.43	+112.78
		+0.33%
FTSE 100*	7198.20	-66.36
		-0.91%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.274		2.242
CND. 30 Year Bond		2.374		2.350
U.S.    10 Year Bond		2.8267		2.8267
U.S. 30 Year Bond		3.0246		3.0270

Currencies

BOC Close	Today	Previous
Canadian $	0.79573	0.79344
US $	1.25670	1.26034
Euro Rate 1 Euro=		Inverse
Canadian $	1.55586	0.64273
US $	1.23805	0.80772

Commodities

Gold	Close	Previous
London Gold Fix	1343.70	1341.35
Oil
WTI Crude Future	66.22	67.39

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a third day as gains in cannabis, industrial and technology shares offset declines in commodity producers.
     The S&P/TSX Composite Index added 26 points or 0.2 percent to 15,300.38, the highest close in seven trading days. Pot stocks posted strong gains for a second day after U.S. President Donald Trump said Friday he’d support states that have legalized marijuana. Aphria Inc. rose 7.4 percent.
     Industrials added 0.8 percent and technology shares rose 0.7 percent as investors turned their attention from geopolitical tensions to earnings. Materials lost 0.2 percent and the energy index fell 0.4 percent as crude prices retreated following the weekend’s missile attack on Syria.
     In other moves:
                          Stocks
* Vermilion Energy Inc. fell 2.9 percent, the most since March 1, after it agreed to buy Spartan Energy Corp. for C$1.08 billion. Spartan lost 0.3 percent
* Paramount Resources Ltd. slid 3.3 percent following a pipeline leak in Alberta
* Bombardier Inc. rose 1.7 percent. CEO Alain Bellemare said he’s confident the company will secure another C Series order this year
                          Commodities
* Western Canada Select crude oil traded at a $15.00 discount to WTI
* Gold rose 0.2 percent to $1,347.50 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2567 per U.S. dollar, the highest since mid-February
* The Canada 10-year government bond yield rose three basis points to 2.27 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks rose as geopolitical tensions faded and investors turned to what’s expected to be a blowout corporate earnings season. The dollar fell against most peers.
     The S&P 500 Index gained to the highest in almost a month and erased its loss for the year as investors eyed the earnings season after there was no immediate reprisal to the U.S.-led missile strike in Syria and trade concerns took a back seat. The benchmark got a boost from health-care supply companies after a report said Amazon Inc. shelved a plan to sell drugs. Netflix Inc. shares rose more than 5 percent in after-hours trading after the company reported results.
     Treasuries were little changed, while the greenback fell to the lowest since March after President Donald Trump accused China and Russia of devaluing their currencies. West Texas crude futures dropped below $67 a barrel.
     “Earnings are going to be very good, probably up in the 15 to 20 percent neighborhood year over year. We felt that that would drive stocks higher over the course of the next two months,” Phil Orlando, chief equity market strategist at Federated Investors Inc., said by phone. “We’re not looking for an earnings-related or economic-related impact from the Syria bombings.”
     While geopolitical concerns linger, the focus this week is back on earnings from American corporations and a slew of Federal Reserve officials who are due to speak, including the incoming head of the New York Fed, John Williams.
     Elsewhere, aluminum resumed its rally, adding to what was its biggest weekly increase on record Friday. The yen edged higher as polls showed falling support for Japanese Prime Minister Shinzo Abe’s government.
     Here’s what to watch out for this week:
* Goldman Sachs Group Inc. and Morgan Stanley among companies reporting results
* John Williams, soon to be president of the New York Fed, speaks on economic outlook in Madrid on Tuesday.
* China GDP and Japanese inflation are the featured data points in Asia.
* Trump welcomes Japan Prime Minister Shinzo Abe to Mar-a-Lago on Tuesday. North Korea and trade will probably be discussed.
* Mining investors will get to take the pulse of the global industry this week, with Vale, Rio Tinto and BHP offering quarterly production reports.
     Here are the main moves in markets:
                          Stocks
* The S&P 500 Index gained 0.8 percent to 2,677.84 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.4 percent.
* The MSCI All-Country World Index rose 0.3 percent.
* The U.K.’s FTSE 100 Index fell 0.9 percent to the lowest in a week.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent to the lowest in three weeks.
* The euro gained 0.4 percent to $1.2375.
* The British pound rose 0.7 percent to $1.4333, hitting the strongest in about 22 months.
* The Japanese yen advanced 0.2 percent to 107.14 per dollar.
                           Bonds
* The yield on 10-year Treasuries were little changed at 2.83 percent.
* Britain’s 10-year yield increased three basis points to 1.463 percent.
* Germany’s 10-year yield rose one basis point to 0.525 percent.
                           Commodities
* Gold was steady at $1,365.37 an ounce.
* West Texas Intermediate crude dipped 1.5 percent to $66.39 a barrel, the first retreat in more than a week.
* LME aluminum gained 4.99 percent to $2,399.00 per metric ton, the highest in more than six years.
–With assistance from Ivan Levingston, Janine Wolf and Sarah Ponczek.

Have a great evening.

 

Be magnificent!

As ever,

 

Carolann

I never lose sight of the fact that just being is fun.
                           -Katharine Hepburn, 1907-2003

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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:
April 13^th, 1962, Silent Spring published by Rachel Carson.
On April 13, 1970, Apollo 13, four-fifths of the way to the moon, was crippled when a tank containing liquid oxygen burst. (The astronauts managed to return safely.) 
Go to article »

PHOTOS OF THE DAY

Wiley the 12-week old Dalmatian puppy who has a heart shaped mark on his nose. 
Credit: Nathan G. Lucas/Caters News

Vendors sit under umbrellas inside a wholesale flower market in Bengaluru, India. 
Credit: Abhishek N. Chinnappa/Reuters

A clock face on Elizabeth Tower is seen without its hour and minute hands as conservation work continues on the Houses of Parliament in London. 
Credit: Chris J Ratcliffe/Getty Images
Market Closes for April 13^th, 2018

Market Index	Close	Change
Dow Jones	24360.14	-122.91   -0.50%
S&P 500	2656.30	-7.69   -0.29%
NASDAQ	7106.648	-33.599   -0.47%
TSX	15273.97	+4.70
		+0.03%

International Markets

Market Index	Close	Change
NIKKEI	21778.74	+118.46
		+0.55%
HANG SENG	30808.38	-22.90
		-0.07%
SENSEX	34192.65	+91.52
		+0.27%
FTSE 100*	7264.56	+6.22
		+0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.242		2.278
CND. 30 Year Bond		2.350		2.384
U.S.    10 Year Bond		2.8267		2.8358
U.S. 30 Year Bond		3.0270		3.0423

Currencies

BOC Close	Today	Previous
Canadian $	0.79344	0.79439
US $	1.26034	1.25882
Euro Rate 1 Euro=		Inverse
Canadian $	1.55548	0.64289
US $	1.23417	0.81026

Commodities

Gold	Close	Previous
London Gold Fix	1341.35	1350.75
Oil
WTI Crude Future	67.39	67.07

Market Commentary:
Number of the Day
7.85
The U.S. dollar traded as high as 7.85 Hong Kong dollars in Asian trading on Thursday, hitting the upper limit of a trading band that has been in place for decades.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted a small increase Friday, pushing the weekly gain to 0.4 percent, as the health- care sector rose the most in nearly six weeks on a surge in cannabis shares.
     The S&P/TSX Composite Index added five points, or less than 0.1 percent, to 15,273.97. Health-care stocks jumped 5 percent after U.S. President Donald Trump said he supports letting states decide how to regulate marijuana. Aphria Inc. rose 15 percent, the most since February.
     Energy shares gained 0.9 percent as Canadian crude traded near the smallest discount to West Texas Intermediate since January. Financials fell 0.5 percent amid weakness in U.S. banks.
     In other moves:
                         Stocks
* Restaurant Brands International Inc. fell 1.8 percent. Canadian Innovation Minister Navdeep Bains said the government will investigate the company for potential breach of conditions related to its takeover of the Tim Hortons chain
* Tricon Capital Group Inc. rose 4.7 percent to the highest since February after TD Securities upgraded to action list buy
* Iamgold Corp. added 5.6 percent. The stock was upgraded to buy at Bank of America Merrill Lynch on its valuation and growth prospects
                         Commodities
* Western Canada Select crude oil traded at a $15.00 discount to WTI
* Gold rose 0.5 percent to $1,344.80 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2605 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.24 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — Stocks fell as weakness in shares of U.S. banks and finance firms added to the political and trade tensions weighing on the market. Treasury yields slid and oil rose for a fifth straight day, reaching its highest level since December 2014.
     All major U.S. benchmarks ended lower in lighter than normal trading, with the financial sector pacing losses on a drop of more than 1.5 percent. Wells Fargo & Co. warned that its better than anticipated first-quarter results may change as a settlement with regulators looms, loans dropped and mortgage- banking results trailed predictions. JPMorgan Chase & Co. and Citigroup Inc. posted quarterly earnings that topped analysts’ expectations, but shares of both companies plunged as JPMorgan Chief Executive Officer Jamie Dimon said, “the environment is intensely competitive and lending was flat for the quarter.”
     “You’re getting a very high expectation for earnings season, which makes me a little bit nervous,” said Tom Essaye, the former Merrill Lynch trader who founded market newsletter ‘The Sevens Report.’ After banks reported results “and it wasn’t another positive catalyst, you just saw people come in and sell the market,” he said.
     The market’s focus also is on political turmoil surrounding President Donald Trump, potential military activity in Syria and trade tensions between the U.S. and China. On Thursday, President Donald Trump expressed optimism on trade deal with China and hinted that the U.S. may rejoin the Trans-Pacific Partnership free-trade deal that he pulled out of shortly after taking office.
     “Thus far it’s really all been theater,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said of the trade issues. “Where we might actually start to see it show up in the market again is if companies start talking about the effect of the tariffs on their earnings calls. I think it’s fairly likely that it will at least be mentioned. A lot of companies look for reasons to kind of dial down expectations, and this certainly is a very real one, even though it’s theoretical at the moment.”
     The Stoxx Europe 600 Index rose but retreated from an earlier climb to a six-week high, led by raw-material producers as industrial and precious metals advanced. Aluminum headed for its biggest weekly increase since at least 1987 on concern U.S. sanctions on Russia’s United Co. Rusal will disrupt supplies.
     Meanwhile, the dollar declined. Sterling climbed to the strongest level against the euro in almost a year against as investors bet on a Bank of England interest-rate hike next month, after the European Central Bank revealed a dovish slant in the account of its March meeting published Thursday.
     Here are the main moves in markets:
                          Stocks
* The S&P 500 Index fell 0.3 percent to 2,656.30, while the Dow Jones Industrial Average slid 123 points, or 0.5 percent.
* The Stoxx Europe 600 gained 0.1 percent.
* The MSCI All-Country World Index slipped 0.1 percent.
* The MSCI Asia Pacific Index climbed 0.1 percent.
* The MSCI Emerging Market Index fell 0.6 percent.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro gained 0.1 percent to $1.2339.
* The British pound increased 0.1 percent to $1.4246.
* The Japanese yen declined less than 0.1 percent to 107.37 per dollar.
                          Bonds
* The yield on 10-year Treasuries fell two basis points to 2.8193 percent.
* Germany’s 10-year yield dipped one basis point to 0.511 percent.
* Britain’s 10-year yield dropped two basis points to 1.435 percent.
                          Commodities
* West Texas Intermediate crude gained 0.3 percent to $67.27 a barrel.
* Gold rose 0.7 percent to $1,344.45 an ounce.
* Copper added 0.1 percent to $3.07 a pound.
–With assistance from Grant Smith and Robert Brand.

Have a great weekend.
 

Be magnificent!

As ever,

 

Carolann

I saw and loved.
-Edward Gibbon, 1737-1794

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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:

1945: Polio vaccine announced.
1961: First man in space, Yuri Gagarin, USSR.

PHOTOS OF THE DAY

A man walks through the installation ‘Aural’ by James Turell at the Jewish Museum in Berlin, Germany. Credit: The Telegraph

People attend a press visit of the immersive exhibition “Klimt Hundertwasser Poetic_Ali” showing the work of Austrian painters Gustav Klimt and Friedensreich Hundertwasser, at l’Atelier des Lumieres, the first digital Art Centre in Paris, France. 
Credit: Francois Guillot/AFP/Getty Images

The Golden Horse of Maoling which has joined other artefacts from the Han Dynasty at an exhibition entitled China’s First Emperor and the Terracotta Warriors at Liverpool Museum. 
Credit: Paul Cooper for the Telegraph
Market Closes for April 12^th, 2018

Market Index	Close	Change
Dow Jones	24483.05	+293.60   +1.21%
S&P 500	2663.99	+21.80   +0.83%
NASDAQ	7140.246	+71.220   +1.01%
TSX	15269.27	+11.37
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	21660.28	-26.82
		-0.12%
HANG SENG	30831.28	-66.43
		-0.22%
SENSEX	34101.13	+160.69
		+0.47%
FTSE 100*	7258.34	+1.20
		+0.02%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.278		2.202
CND. 30 Year Bond		2.384		2.321
U.S.    10 Year Bond		2.8358		2.7771
U.S. 30 Year Bond		3.0423		2.9919

Currencies

BOC Close	Today	Previous
Canadian $	0.79439	0.79482
US $	1.25882	1.25815
Euro Rate 1 Euro=		Inverse
Canadian $	1.55178	0.64442
US $	1.23272	0.81121

Commodities

Gold	Close	Previous
London Gold Fix	1350.75	1338.95
Oil
WTI Crude Future	67.07	66.82

Market Commentary:
On this day in 1837, William Procter, an English candlemaker, and James Gamble, an Irish soapmaker, opened shop in Cincinnati. Both men had intended to head further west but couldn’t face traveling hundreds of miles more on rugged roads. The business boomed, and soon each man put up $3,596.47 to launch Procter, Gamble and Co.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose to the highest in a week but were unable to keep pace with bigger gains in U.S. markets, as losses in miners and telcos offset gains in tech and consumer shares.
     The S&P/TSX Composite Index rose 11 points or 0.1 percent to 15,269.27. Consumer discretionary shares rose 1 percent as index member Shaw Communications Inc. gained 9.8 percent, the most since 2004. Shaw’s new wireless subscribers were more than double analyst expectations.
     Shaw’s success in the competitive market sent shares of its peers in the telecom index down 0.7 percent. Materials lost 0.6 percent as both base and precious metals fell.
     In other moves:
                          Stocks
* Lucara Diamond Corp. rose 3 percent after unearthing a 472- carat diamond in Botswana
* Kinder Morgan Canada Ltd. gained 5.5 percent after Canadian Finance Minister Bill Morneau said “failure is not an option” on the Trans Mountain pipeline expansion
* Second Cup Ltd. jumped 33 percent to the highest since 2015. The coffee chain is planning to develop a network of cannabis dispensaries
                         Commodities
* Western Canada Select crude oil traded at a $14.90 discount to WTI, the narrowest gap since mid-November
* Gold fell 1.3 percent to $1,338.40 an ounce, the biggest drop this month
                         FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2589 per U.S.dollar
* The Canada 10-year government bond yield rose seven basis points to 2.28 percent, the highest in nearly two months. The Canadian government plans to sell C$3 billion of 2020 bonds next week
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. stocks gained and Treasuries retreated as President Donald Trump said he’s considering rejoining the Trans-Pacific Partnership trade deal he pulled out of shortly after taking office. Crude added to this week’s climb, and the dollar rose.
     The S&P 500 Index was up roughly 0.8 percent and the Dow Jones Industrial Average added almost 300 points, or 1.2 percent, as investors assessed the changing trade dynamics. Trump also said that a decision on any military retaliation in Syria will come “fairly soon,” one day after he tweeted a warning to “get ready” for a missile attack.
     “The tone of what was coming out of the White House, the tweet from the president yesterday, was cause for concern and creates a risk-off kind of a feeling,” said Tom Wright, director of equities at JMP Securities. “And then today you get a much different kind of a message, and so we have a pretty broad based rally across all sectors.”
     In addition, Trump defused some of the trade war chatter with China, saying that the two countries may not end up levying new tariffs on each other following conciliatory remarks on Tuesday by Chinese President Xi Jinping.
     Banks and finance firms were among the biggest gainers after asset management giant BlackRock Inc. reported first- quarter earnings that topped analysts’ estimates. JPMorgan Chase & Co. and Citigroup Inc. are scheduled to release theirs on Friday.
     “It’ll be nice in a way to hopefully focus a little bit more on company fundamentals for a period of time,” Wright said.
     Investors also are weighing minutes from the most recent Federal Reserve meeting, which showed officials leaning toward a slightly faster pace of policy tightening.
     “It’s very clear from (Fed Chairman) Jerome Powell’s comments, that it would take a lot more damage to the stock market for the Fed to factor that in as a reason to slow down the pace of rate hikes,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “He’s made it very clear that the market participants should not expect the Fed to come to the immediate rescue of a market that is volatile.”
     The euro fell after a report that European industrial output unexpectedly declined for a third consecutive month. Government bonds of most euro-region countries rose after minutes of the latest policy meeting of the European Central Bank struck a dovish tone.
     Here are the main moves in markets:
                           Stocks
* The S&P 500 climbed 0.8 percent to 2,663.99, while the Nasdaq 100 Index rose 1.1 percent.
* The Stoxx Europe 600 Index advanced 0.7 percent.
* The MSCI All-Country World Index added 0.4 percent.
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index decreased 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index increased 0.1 percent, the first advance in a week.
* The euro sank 0.3 percent to $1.2325, the largest decrease in more than two weeks.
* The British pound rose 0.4 percent to $1.4226 on its fifth consecutive advance.
* The Japanese yen fell 0.4 percent to 107.25 per dollar, the weakest in a week.
                            Bonds
* The yield on 10-year Treasuries increased five basis points to 2.8321 percent.
* Germany’s 10-year yield climbed two basis points to 0.515 percent.
* Britain’s 10-year yield gained seven basis points to 1.456 percent, the highest in three weeks.
                            Commodities
* West Texas Intermediate crude rose 0.5 percent to $67.12 a barrel.
* Copper decreased 1.8 percent to $3.06 a pound.
* Gold sank 1.3 percent to $1,335.41 an ounce.
–With assistance from Adam Haigh, Todd White and Samuel Potter.

Have a great night.

 

Be magnificent!

As ever,

 

Carolann

 

Only the paranoid survive.
   -Andrew Grove, 1936-2016
Dictum on how he ran his company, Intel.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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 1970, Apollo 13, the third lunar landing mission, was successfully launched from Cape Canaveral, Florida. After an oxygen tank exploded two days later, the new mission objective became to get the Apollo 13 crew home alive.

1945: Liberation of Buchenwald.

PHOTOS OF THE DAY

Competitors take part in Stage 3 of the 33^rd edition of the 250 kilometre Marathon des Sables between Rich Mbirika and Nord El Maharch in the southern Moroccan Sahara. 
Credit: Jean Phillipe Ksiazek/AFP/Getty Images

Prime Minister of Australia Malcolm Turnbull takes shelter from the rain during the swimming on day six of the Gold Coast 2018 Commonwealth Games at Optus Aquatic Centre on the Gold Coast, Australia. Credit: Quinn Rooney/Getty Images

The asparagus harvest begins in the southern German town of Suenching. 
Credit: Armin Weigel/DPA/Getty Images

Tony Blair and Bill Clinton hold hands at an event to celebrate the 20^th anniversary of the Good Friday Agreement in Belfast, Northern Ireland. 
Credit: Clodagh Kilcoyne/Reuters
Market Closes for April 11^th, 2018

Market Index	Close	Change
Dow Jones	24189.45	-218.55   -0.90%
S&P 500	2642.19	-14.68   -0.55%
NASDAQ	7069.027	-25.273   -0.36%
TSX	15257.90	-4.24
		-0.03%

International Markets

Market Index	Close	Change
NIKKEI	21687.10	-107.22
		-0.49%
HANG SENG	30897.71	+168.97
		+0.55%
SENSEX	33940.44	+60.19
		+0.18%
FTSE 100*	7257.14	-9.61
		-0.13%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.202		2.182
CND. 30 Year Bond		2.321		2.316
U.S.    10 Year Bond		2.7771		2.7972
U.S. 30 Year Bond		2.9919		3.0166

Currencies

BOC Close	Today	Previous
Canadian $	0.79482	0.79344
US $	1.25815	1.26033
Euro Rate 1 Euro=		Inverse
Canadian $	1.55576	0.64277
US $	1.23649	0.80874

Commodities

Gold	Close	Previous
London Gold Fix	1338.95	1331.95
Oil
WTI Crude Future	66.82	65.51

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slipped after spending most of the day in positive territory, as declines in financials offset gains in commodity producers.
     The S&P/TSX Composite Index fell less than 0.1 percent to 15,257.90, its first decline of the week. Financials fell 0.8 percent, tracking sector losses in the U.S., amid growing tensions in the Middle East. Bank of Montreal slid 1.4 percent and Royal Bank of Canada lost 1 percent.
     The energy index was the biggest gainer, rising 0.9 percent as crude prices hit levels last seen in 2014. Materials rose 0.8 percent amid gains in gold miners, with Barrick Gold Corp. adding 2.2 percent and Goldcorp Inc. up 2.1 percent.
     In other moves:
                          Stocks
* Torex Gold Resources Inc. jumped 20 percent after a union withdrew its application to represent workers at the ELG Mine
* Pretium Resources Inc. rose 19 percent to the highest in six months. First-quarter gold production at its Brucejack Mine showed better grade control and output than analysts were expecting
* Hydropothecary Corp. gained 13 percent on a deal to supply 200 metric tons of cannabis to Quebec
                          Commodities
* Western Canada Select crude oil traded at a $15.00 discount to WTI, the narrowest gap since mid-November
* Gold rose 1.1 percent to $1,356.50 an ounce, the highest since January
                           FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2575 per U.S. dollar, the strongest in nearly two months
* The Canada 10-year government bond yield rose two basis points to 2.20 percent
US
By Sarah Ponczek and Eric J. Weiner
     (Bloomberg) — U.S. stocks turned mostly lower and Treasuries rose after minutes from the most recent Federal Reserve meeting showed that officials are leaning toward a slightly faster pace of tightening. Oil rose to the highest level since 2014 amid escalating tensions in the Middle East and political dissonance in Washington.
     The S&P 500 Index retreated from earlier gains as investors digested the minutes from the Fed’s most recent meeting and grappled with President Donald Trump’s provocative comments about Russia and his warning that America’s preparing to attack Syria. The small-cap Russell 2000 Index rose, as those companies tend to have less international exposure than larger businesses. Gold futures climbed for a fourth straight day.
     “It’s shock and awe — tweets will continue, headlines will continue,” Yana Barton, equity portfolio manager at Eaton Vance, said in an interview at Bloomberg’s New York headquarters. “Yesterday we were up, today we’re down. Guess what? Volatility is the new norm.”
     The S&P 500 gained a combined 2 percent on Monday and Tuesday as trade tensions between the U.S. and China appeared to ease. The flight to higher- quality assets on Wednesday sent the 10-year Treasury yield down toward 2.78 percent. Aluminum headed for its biggest winning streak since 1988.
     “Another sharp two-day rally in the stock market…followed by another tweet from the President…followed by another reversal of the rally,” Matt Maley, an equity strategist at Miller Tabak, wrote in an email to clients . “It’s becoming a broken record. The White House can say that the blame really goes to China and Russia…and maybe they’re correct…but there is no doubt that the President’s comments/tweets have been THE catalyst to stop the sharp short-term bounces we have seen in recent weeks.”
     Geopolitics and the Fed minutes overshadowed the latest reading on U.S. consumer prices. The key inflation measure accelerated to the highest in a year as a drag from mobile-phone costs faded, bearing out the central bank’s forecast for a pickup in prices.
     “We have to keep in mind that the Fed doesn’t target this gauge of inflation, lessening its importance for what interest rates might do,” James McCann, senior global economist at Standard Life Investments in Boston, wrote in an email. “Inflation does seem to be building slowly and it looks like the Phillips Curve isn’t dead after all, but we need to be very careful seeing today as a signal of strong domestic inflation.”
     Earlier in Asia stocks were mixed, with indexes in China and Hong Kong posting the biggest gains as People’s Bank of China Governor Yi Gang offered more details on pledges to open the world’s second-largest economy. The announcement was seen as further alleviating trade tensions with the U.S.
     Russia’s currency slumped to a 16-month low and yields on local debt jumped to the highest level since November. The cost of insuring Russian dollar debt against default jumped to the highest since August.
     Here are the main moves in markets:
                          Stocks
* The S&P 500 fell 0.6 percent and the Dow Jones Industrial Average dropped 0.9 percent, while the Russell 2000 gained 0.2 percent.
* The Stoxx Europe 600 Index lost 0.6 percent.
* The MSCI All-Country World Index declined 0.4 percent.
* The MSCI Emerging Market Index added 0.1 percent.
* The MSCI Asia Pacific Index was little changed.
                          Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent to the lowest in more than two weeks.
* The euro gained less than 0.1 percent to $1.2362.
* The British pound was little changed at $1.4177.
* The Japanese yen increased 0.3 percent to 106.86 per dollar.
                           Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.7808 percent.
* Germany’s 10-year yield decreased two basis points to 0.499 percent.
* Britain’s 10-year yield fell two basis points to 1.389 percent.
                           Commodities
* West Texas Intermediate crude surged 1.9 percent to $66.78 a barrel, the highest since December 2014.
* Copper fell 0.8 percent to $3.11 a pound.
* Gold rose 0.9 percent to $1,351.10 an ounce.
–With assistance from Adam Haigh and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Man goes into the noisy crowd to drown his own clamour of silence.
                                            –Rabindranth Tagore. 1861-1941

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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:
Safety pin patented, April 10^th, 1849.
April 10^th, 1942: Bataan Death March.

PRIME NUMBERS:
2
Northern white rhinoceroses remaining in the world (both female) after Sudan, the last male, died.  Scientists see in vitro fertilization as the only hope of preserving the subspecies.
7
Countries where the United States is currently fighting wars.  A recent White House report revealed a US military presence in Afghanistan, Iraq, Syria, Yemen, Somalia, Libya, and Niger.
10,000
Distance (in miles) a German shepherd, Irgo, traveled March 13 on a United Airlines flight after he was mistakenly put on a plane from Oregon to Tokyo, instead of Wichita, Kansas.  The dog returned on a corporate jet and was reunited with his owners about 48 hours later.
Sources: Defense One, Newsweek & Forbes.
PHOTOS OF THE DAY

A wonderful view over the still waters of Buttermere as valleys in the Lake District are shrouded in mist leaving only the highest fells clear from the spectacle this morning. 
Credit: The Telegraph

A stuntman performs a test ride on a motorcycle inside the “Well of Death” arena during a fair in Bhaktapur, Nepal. 
Credit: The Telegraph

The Prince of Wales arrives for a Welcome to Country Ceremony in Gove, Northern Territory Australia. The Prince of Wales and Duchess of Cornwall are on a seven-day tour of Australia, visiting Queensland and the Northern Territory. 
Credit: The Telegraph
Market Closes for April 10^th, 2018

Market Index	Close	Change
Dow Jones	24408.00	+428.90   +1.79%
S&P 500	2656.87	+43.71   +1.67%
NASDAQ	7094.301	+143.957   +2.07%
TSX	15262.14	+34.44
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	21794.32	+116.06
		+0.54%
HANG SENG	30728.74	+499.16
		+1.65%
SENSEX	33880.25	+91.71
		+0.27%
FTSE 100*	7266.75	+72.00
		+1.00%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.182		2.141
CND. 30 Year Bond		2.316		2.294
U.S.    10 Year Bond		2.7972		2.7771
U.S. 30 Year Bond		3.0166		3.0110

Currencies

BOC Close	Today	Previous
Canadian $	0.79344	0.78699
US $	1.26033	1.27066
Euro Rate 1 Euro=		Inverse
Canadian $	1.55692	0.64229
US $	1.23533	0.80950

Commodities

Gold	Close	Previous
London Gold Fix	1331.95	1331.20
Oil
WTI Crude Future	65.51	63.42

Market Commentary:
On this day in 1822, the merchant ship Cambria docked in New York harbor carrying news that the Bank of England had lowered its discount rate from 5% to 4%. Bank stocks fell 14% in two hours as Wall Street digested the news, which took two weeks to cross the ocean.
Number of the Day
$804 billion
The Congressional Budget Office said Monday that the federal budget deficit would total $804 billion this year, 43% higher than it had projected last summer, and exceed $1 trillion a year starting in 2020.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day but closed below their intraday highs as gains in commodity stocks offset declines in most other sectors.
     The S&P/TSX Composite Index added 34 points or 0.2 percent to 15,262.14 after earlier rising as much as 0.7 percent. Energy shares gained 1.6 percent as crude prices jumped the most since July, boosted by China’s conciliatory tone on trade.
     The materials sector added 0.9 percent as metals prices also gained on easing trade tensions. Ivanhoe Mines Ltd. rose 8.8 percent and First Quantum Minerals Ltd. added 5.6 percent.
     In other moves:
                          Stocks
* Cannabis stocks halted a multi-day slide, with Canopy Growth Corp. rising 6.9 percent and Aurora Cannabis Inc. adding 6.6 percent
* Kinder Morgan Canada Ltd. rose 3 percent, rebounding from Monday’s 13 percent decline that was spurred by the company’s decision to halt most work on a pipeline expansion project
* Equitable Group Inc. rose 2.5 percent after the stock was initiated with an outperform rating at BMO Capital Markets
                          Commodities
* Western Canada Select crude oil traded at a $15.75 discount to WTI, the narrowest gap since November
* Gold rose 0.4 percent to $1,342.00 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.7 percent to C$1.2610 per U.S. dollar, the strongest since February, boosted by rising commodity prices
* The Canada 10-year government bond yield rose four basis points to 2.18 percent
US
By Eric J. Weiner and Janine Wolf
     (Bloomberg) — Stocks surged after conciliatory comments from U.S. President Donald Trump and Chinese President Xi Jinping aimed at releasing some pressure from the trade tensions between the world’s biggest economies. Treasuries fell with the dollar.
     Major U.S. equity indexes spiked higher Tuesday afternoon following Trump praise of Xi’s “kind words on tariffs and automobile barriers.” Earlier, in a keynote address before the Boao Forum for Asia, China’s leader backed free trade and dialog to resolve disputes and pledged to open the nation’s banking and auto manufacturing sectors.
     With the newly friendly tone, investors began weighing whether fears of an outright trade war had become overblown. That, in turn, reinvigorated faith in the synchronized global- growth story ahead of earnings season, even after a Federal Reserve official cautioned that the spat won’t be resolved soon.
     Stocks continued their advance despite a midday hiccup when additional revelations arose about Monday’s raid on the office of Trump’s personal lawyer, Michael D. Cohen, by the Federal Bureau of Investigation.
     “Without the underlining dynamism of momentum in the markets and supported by improving fundamentals, there is going to be a tendency for the market to be knocked around by headlines,” said Kevin Caron, a senior portfolio manager at Washington Crossing Advisors. “As we go to the next week or so, this back and forth on trade probably dominates.”
     Elsewhere, European stocks climbed with shares from Sydney to Hong Kong. Gold gained. WTI crude shot past $65 a barrel, and Brent futures reached their highest level since December 2014. European government bonds edged lower, while the single currency rose after somewhat hawkish remarks by a European Central Bank official. And the yen declined.
     Russian assets remained in focus following a fresh round of U.S. sanctions. The ruble extended its decline, dropping to the lowest level since December 2016, and equities fluctuated.
     Here’s what is coming up this week:
* Facebook Inc. Chief Executive Officer Mark Zuckerberg testifies at two Congressional hearings Tuesday and Wednesday.
* U.S. CPI data and FOMC minutes due Wednesday.
* JPMorgan Chase & Co. and Citigroup Inc. report first-quarter earnings Friday.
     These are the main moves in markets:
                          Stocks
* The S&P 500 Index rose 1.7 percent to 2,656.86.
* The Nasdaq 100 Index jumped 2.2 percent and the Dow Jones Industrial Average added 1.8 percent.
* The Stoxx Europe 600 climbed 0.8 percent to the highest in a month.
* The MSCI All-Country World Index increased 1.4 percent.
* The MSCI Emerging Market Index gained 1.1 percent.
* The MSCI Asia Pacific Index advanced 0.9 percent.
                          Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent to the lowest in two weeks.
* The Japanese yen decreased 0.4 percent to 107.16 per dollar.
* The euro gained 0.3 percent to $1.2353, the highest in two weeks.
* The British pound increased 0.3 percent to $1.4177, the strongest in more than two weeks.
                          Bonds
* The yield on 10-year Treasuries rose two basis points to 2.7972 percent.
* Germany’s 10-year yield added one basis point to 0.516 percent.
* Britain’s 10-year yield was little changed at 1.407 percent.
                          Commodities
* Gold gained 0.3 percent to $1,340.46 an ounce.
* West Texas Intermediate crude increased 3.7 percent to $65.77 a barrel.
–With assistance from David Wilson, Sid Verma and Samuel Potter.

Have a great evening.

 

Be magnificent!

As ever,

 

Carolann

I keep six honest serving men
(They taught me all I knew);
Their names are What and Why and
When
And How and Where and Who.
   –Rudyard Kipling, 1865-1936

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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:

April 9, 1917 – Canadians Capture Vimy Ridge
World War I – Arthur Currie leads all four divisions of the Canadian Corps, fighting as a unit for the First time, with one of Lt.-Gen. Julian Byng’s British brigades, to Easter Monday victory, capturing most of Vimy Ridge by nightfall.
Go to article »

Also on this day in…
1865: US Civil War ends.
1866: Civil Rights Bill passed
1867: the U.S. Senate ratified the Alaska Purchase. For $7.2 million, the U.S. became the new owner of 586,412 square miles of what the public cynically called “Seward’s Icebox.”

PHOTOS OF THE DAY

Stunning pictures from Scotland’s very own Sahara – the wind blasted Luskentyre dunes of the Isle of Harris. Photographer Guy Edwards said the recent wind conditions have been perfect for creating fresh patterns on some of the highest dunes in the UK. 
Credit: The Telegraph

Skeletons of two Jurassic age (161-145 million years) dinosaurs, a Diplodocus (back) and an Allosaurus (front) are displayed before being auctioned on April 11 at the Drouot auction house in Paris. 
Credit: The Telegraph

Oscar, a 23 month old Cavoodle waits to audition for Handa Opera on Sydney Harbour – La Boheme in Sydney, Australia. 
Credit: The Telegraph
Market Closes for April 9^th, 2018

Market Index	Close	Change
Dow Jones	23979.10	+46.34   +0.19%
S&P 500	2613.16	+8.69   +0.33%
NASDAQ	6950.344	+35.233   +0.51%
TSX	15227.70	+20.29
		+0.13%

International Markets

Market Index	Close	Change
NIKKEI	21678.26	+110.74
		+0.51%
HANG SENG	30229.58	+384.64
		+1.29%
SENSEX	33788.54	+161.57
		+0.48%
FTSE 100*	7194.75	+11.11
		+0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.141		2.142
CND. 30 Year Bond		2.294		2.307
U.S.    10 Year Bond		2.7771		2.7735
U.S. 30 Year Bond		3.0110		3.0182

Currencies

BOC Close	Today	Previous
Canadian $	0.78699	0.78229
US $	1.27066	1.27831
Euro Rate 1 Euro=		Inverse
Canadian $	1.56568	0.63870
US $	1.23218	0.81157

Commodities

Gold	Close	Previous
London Gold Fix	1331.20	1327.70
Oil
WTI Crude Future	63.42	62.06

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher but gave up much of their earlier gains on another trading day that saw markets weaken toward the end of the session.
     The S&P/TSX Composite Index rose 20 points or 0.1 percent to 15,227.70 after earlier gaining as much as 0.7 percent.
     Energy shares fell 0.2 percent despite crude prices rising the most in more than two weeks, as Kinder Morgan Canada Ltd.’s decision to suspend most work on a pipeline expansion added to concerns about energy producers’ ability to get their product to market. Kinder Morgan fell 13 percent, the most since its May IPO.
     Health-care stocks tumbled 2.8 percent as cannabis shares fell for a sixth of seven days, while consumer staples rose 1.5 percent on strong gains in food retailers.
     In other moves:
                           Stocks
* Kinross Gold Corp. lost 8.7 percent, the most since 2016, on its exposure to Russia amid new U.S. sanctions
* Crescent Point Energy Corp. fell 0.2 percent after gaining as much as 4.3 percent. An activist investor has nominated four directors to the company’s board, saying the current leadership has been an “abject failure”
* MTY Food Group Inc. lost 1.1 percent after first-quarter revenue missed the lowest analyst estimate
                           Commodities
* Western Canada Select crude oil traded at a $16.25 discount to WTI
* Gold rose 0.3 percent to $1,336.30 an ounce, the highest in a week
                            FX/Bonds
* The Canadian dollar strengthened 0.6 percent to C$1.2706 per U.S. dollar, the strongest since February, as Canadian business sentiment remains elevated
* The Canada 10-year government bond yield was little changed at 2.14 percent
US
By Eric J. Weiner
     (Bloomberg) — The rally U.S. stocks faltered in the final hour of trading, with a report that federal agents raided the offices of President Donald Trump’s lawyer adding to the swoon. Equities finished higher on the strength of gains in technology shares that bore the brunt of last week’s decline.
     The S&P 500 Index pared an advance that approached 2 percent to 0.3 percent by the end of the session. The final leg down came after the New York Times reported the F.B.I. raided Michael Cohen’s office. Fears that China and the U.S. would escalate a trade war took a back seat Monday after equities rose in Asia and Europe, though shares in sectors that would be hit hardest by a trade spat underperformed. Strength in chipmakers pushed the Nasdaq 100 Index up more than 2.5 percent, but that rally faded to 0.6 percent by the close.
     The late selling damped what looked to be a stellar rebound from last week, when trade angst rattled global financial markets. Instead, political risk related to Special Counsel Robert Mueller’s investigation of Russian meddling in the U.S. election resurfaced. Tech still outperformed as investors began to shift focus to the earnings season that starts later in the week.
     That’s not to say the trade issue has vanished. China was said to be reviewing ways to use its currency as a weapon as President Xi Jinping is set to deliver a speech Tuesday that may include a strong warning about the consequences of a prolonged dispute. Still, currency moves, including a recovery in emerging markets, bore out the sense that calm may prevail. Trump said his administration will “probably” come to an agreement on the dispute with China.
     “What the market will now want to hopefully see is some form of negotiation starting between the Chinese and the Americans,” James Barty, Bank of America Corp.’s head of global cross-asset and European equity strategy, said on Bloomberg TV.  “It’s not in anybody’s interest to go down to a full-blown trade war.”
     Meanwhile, in Russia the ruble plunged and the Moex Russia Index of stocks tumbled the most in four years after the U.S. sanctioned some prominent Kremlin-connected billionaires and their companies. Bitcoin briefly traded above $7,000 before sliding back.
     European stocks pared their gains, after earlier hitting a three-week high, while a measure of global shares advanced. Safe-haven assets showed little reaction to a missile attack on a Syrian airbase that Russia blamed on Israel.
     Here’s what is coming up this week:
* Bank of Japan Governor Haruhiko Kuroda speaks at the start of his second term.
* China’s Xi gives a keynote address at Boao Forum Tuesday.
* Facebook Inc. Chief Executive Officer Mark Zuckerberg testifies at two Congressional hearings Tuesday and Wednesday.
* U.S. CPI data and FOMC minutes due Wednesday.
* JPMorgan Chase & Co. and Citigroup Inc. report first-quarter earnings Friday.
     These are the main moves in markets:
                          Stocks
* The S&P 500 rose 0.3 percent to 2,613.16 as of 4 p.m. in New York.
* The Nasdaq 100 added 0.6 percent and the Russell 2000 Index finished higher by 0.1 percent.
* The Stoxx Europe 600 Index advanced 0.1 percent.
* The MSCI All-Country World Index climbed 1 percent.
* Hong Kong’s Hang Seng Index gained 1.3 percent, the largest rise in a month.
                         Currencies
* The Bloomberg dollar spot index fell 0.2 percent
* The euro gained 0.3 percent to $1.2321.
* The Japanese yen rose 0.2 percent to 106.76 per dollar.
* The British pound advanced 0.3 percent to $1.4132.
* The Russian ruble declined 3.9 percent to 60.3579 per dollar, the biggest decrease since June 2015.
                         Bonds
* The yield on 10-year Treasuries added one basis point to 2.7753 percent.
* Britain’s 10-year yield increased one basis point to 1.407 percent.
* Germany’s 10-year yield climbed one basis point to 0.504 percent.
                         Commodities
* West Texas Intermediate crude surged 2.1 percent to $63.34 a barrel, the biggest advance in more than two weeks.
* Gold rose 0.3 percent to $1,337.21 an ounce.
* LME aluminum soared 6.6 percent, its biggest bounce since January 1992.
* The Bloomberg Commodity Index gained 1.2 percent, its largest gain in almost two months.
–With assistance from Eddie van der Walt, Joanna Ossinger and Luke Kawa.

Have a great night.
 

Be magnificent!

As ever,

 

Carolann

 

Discipline is the bridge between goals and accomplishment.
                        -Emmanuel James Rohn “Jim”, 1930-2009

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents: Happy Friday!

1483 ~ The painter, Raphael was born.

1896- Athens, Greece: First modern Olympics held.
1806 ~Elizabeth Barrett Browning, poet, was born.

The Poem:
How Do I Love Thee? (Sonnet 43)
     _Elizabeth Barrett Browning, 1806 – 1861
How do I love thee? Let me count the ways.
I love thee to the depth and breadth and height
My soul can reach, when feeling out of sight
For the ends of being and ideal grace.
I love thee to the level of every day’s
Most quiet need, by sun and candle-light.
I love thee freely, as men strive for right.
I love thee purely, as they turn from praise.
I love thee with the passion put to use
In my old griefs, and with my childhood’s faith.
I love thee with a love I seemed to lose
With my lost saints. I love thee with the breath,
Smiles, tears, of all my life; and, if God choose,
I shall but love thee better after death.

PHOTOS OF THE DAY

Picture shows this morning’s sunrise in the picturesque village of Staithes on the North Yorkshire coast. Captain James Cook worked in the former fishing port in 1745 as a grocer’s apprentice before moving to Whitby to join the Royal Navy. 
Credit: The Telegraph

British shipwreck that became a grove of trees despite being 330-yards from the coastline and being used for target practice during WW2. Footage taken by physiotherapist Conor Moore, 24, from Innisfail, Queensland show the fascinating wreckage of the SS City of Adelaide. A passenger steam ship that was launched from Britain on 22 December 1863, was wrecked by a fire in 1912 and is now part of the island’s ominous shipwreck. 
Credit: The Telegraph

Brussels resident Anton Schuurmans waters flowers after planting them in an unrepaired pothole to draw attention to the bad state of public roads in Brussels, Belgium. 
Credit: The Telegraph

An intelligent robot interacts with a child at Shiyan Lake Scenic Area in Changsha, Hunan Province of China. The intelligent robot which can communicate with tourists, dance for tourists serves as a tour guide 24 hours a day. 
Credit: The Telegraph
Market Closes for April 6^th, 2018

Market Index	Close	Change
Dow Jones	23932.76	-572.46   -2.34%
S&P 500	2604.47	-58.37   -2.19%
NASDAQ	6915.109	-161.442   -2.28%
TSX	15207.41	-148.64
		-0.97%

International Markets

Market Index	Close	Change
NIKKEI	21567.52	-77.90
		-0.36%
HANG SENG	29844.94	+326.25
		+1.11%
SENSEX	33626.97	+30.17
		+0.09%
FTSE 100*	7183.64	-15.86
		-0.22%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.142		2.179
CND. 30 Year Bond		2.307		2.342
U.S.    10 Year Bond		2.7735		2.8302
U.S. 30 Year Bond		3.0182		3.0714

Currencies

BOC Close	Today	Previous
Canadian $	0.78229	0.78434
US $	1.27831	1.27495
Euro Rate 1 Euro=		Inverse
Canadian $	1.57050	0.63674
US $	1.22858	0.81395

Commodities

Gold	Close	Previous
London Gold Fix	1327.70	1337.30
Oil
WTI Crude Future	62.06	63.54

Market Commentary:
$~On this day in 1998, the Dow Jones Industrial Average closed above 9000 for the first time, just over one year after it broke through the 8000 barrier.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks ended lower, erasing earlier gains in an increasingly familiar pattern of wild swings as investors evaluate the latest trade risks.
     The S&P/TSX Composite Index fell 149 points or 1 percent to 15,207.41, bringing its total loss for the week to about 1 percent. Health-care stocks were the biggest decliners Friday, losing 2.4 percent as cannabis shares fell for a fourth of five days.
     The technology index lost 1.3 percent, financials retreated 1.1 percent and energy shares fell 1.1 percent. Crude posted its worst week in two months as U.S. President Donald Trump predicted market “pain” in his trade dispute with China.
     In other moves:
                          Stocks
* Torex Gold Resources Inc. jumped 51 percent, the most since 2009, after it said blockades at its ELG Mine complex and Media Luna project in Mexico have ended
* Canadian Pacific Railway Ltd. lost 1.2 percent to the lowest since mid-February. Unionized conductors and engineers voted to authorize strike action as soon as April 21
* Pengrowth Energy Corp. gained 1.1 percent, bucking the broader market trend. The company is targeting double-digit production growth this year
                          Commodities
* Western Canada Select crude oil traded at a $17.00 discount to WTI
* Gold rose 0.6 percent to $1,331.90 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2768 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.14 percent
US
By Jeremy Herron and Janine Wolf
     (Bloomberg) — U.S. stocks ended the week with a deep selloff, leaving them lower for the five days as the White House’s latest trade bluster rattled global financial markets.
     The S&P 500 Index plunged more than 2 percent and all 30 members of the Dow Jones Industrial Average retreated as President Donald Trump ordered a review of additional tariffs that prompted an aggressive response from China. Fresh attempts by White House officials to tone down the bluster failed to calm nerves, with the Cboe Volatility Index back above 21. Treasury Secretary Steven Mnuchin added to the anxiety by saying there’s a “level of risk” the spat could worsen.
     Trump said the market turmoil was short-term “pain,” but insisted the outcome would leave the U.S. in a better position. The president’s top economic adviser said the U.S. and China are holding “back-channel discussions” to resolve an escalating trade dispute that has unsettled global financial markets. China earlier said no talks were ongoing.
     The trade tensions overshadowed the latest U.S. jobs report, which showed hiring cooled by more than forecast in March. The renewed saber rattling provided a bookend to a week that started with equities tumbling amid amplified rhetoric. That gave way to a three-day rally after White House officials signaled the president’s tough talk was part of a negotiating plan.
     “It’s bad when this happens on a Friday, because then people get freaked out over the weekend,” Donald Selkin, New York-based chief market strategist at Newbridge Securities Corp, said by phone. “The worst thing you want to see is a bad market late on a Friday.”
     These are the main moves in markets:
                           Stocks
* The S&P 500 fell 2.2 percent as of 4 p.m. in New York, capping a 1.4 percent drop in the week.
* The Nasdaq Composite Index slid 2.3 percent and the Dow lost 2.3 percent.
* The Stoxx Europe 600 Index fell 0.4 percent, paring a weekly gain to 1.1 percent.
* The MSCI All-Country World Index fell 1.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro rose 0.4 percent to $1.2286.
* The British pound gained 0.7 percent to $1.4094.
* The Japanese yen rose 0.5 percent to 106.895.
                           Bonds
* The yield on 10-year Treasuries declined six basis points to 2.77 percent, the largest fall in more than a week.
* The two-year rate fell four basis points to 2.266
* Germany’s 10-year yield dipped three basis points to 0.497 percent.
                          Commodities
* The Bloomberg Commodity Index decreased 0.3 percent.
* West Texas Intermediate crude dipped 2.5 percent to $61.94 a barrel.
* Gold futures rose 0.6 percent to $1,336.70 an ounce.
–With assistance from Cormac Mullen, Adam Haigh and Eddie van der Walt.

Have a great weekend.

Be magnificent!

As ever,

 

Carolann

Ocean, who is the source of all.
-Homer, c. 800 BCE-c. 701 BCE

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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:

April 5, 1958 – Ripple Rock blown up with 1.2 tons of Nitramex, in world’s largest non-nuclear explosion to date; the reef was a shipping hazard just below the surface of Seymour Narrows near Campbell River that had sunk or damaged 119 vessels and caused the death of over 100 people. Captain George Vancouver called the narrows “one of the vilest stretches of water in the world.” Campbell River, BC – – (CBC Archives)

On this day in 1614, Pocahontas, daughter of the chief of the Powhatan Indian confederacy, married English tobacco planter John Rolfe in Jamestown, Va. The marriage helped maintain peace between the Jamestown settlers and the Powhatan Indians for several years.

PHOTOS OF THE DAY

Following days of heavy rain and rapid snow melt in the Yorkshire Dales, the River Ouse is 11ft 10ins above its usual depth, and has burst its banks, flooding roads and riverside properties in the centre of York. 
Credit: Paul Kingston/NNP

Volunteers ride electric bikes on a walkway built on a cliff at Laojun Mountain, Luoyang, Henan Province of China. 50 environmental protection volunteers challenged themselves to traverse the glass walkway to increase awareness of environmentally-friendly travel during the upcoming Tomb Sweeping Festival holiday. 
Credit: VCG Via Getty Images

China’s Dongfeng team arrives in Itajai, Santa Catarina, Brazil, during the Volvo Ocean Race. The toughest stretch of the around-the-world epic, that set off from Auckland on March 18, takes the yachts across inhospitable waters from New Zealand to Cape Horn and then up South America’s eastern coast to the Brazilian city of Itajai. 
Credit: Eduardo Valente/AFP/Getty Images

Photographer Jamie MacArthur,52, camped out for six days in the country to try and get the perfect shot of an osprey fishing in a Scottish loch. 
Credit: Jamie Macarthur/Mercury Press
Market Closes for April 5^th, 2018

Market Index	Close	Change
Dow Jones	24505.22	+240.92   +0.99%
S&P 500	2662.84	+18.15   +0.69%
NASDAQ	7076.551	+34.443   +0.49%
TSX	15356.05	+191.69
		+1.26%

International Markets

Market Index	Close	Change
NIKKEI	21645.42	+325.87
		+1.53%
HANG SENG	29518.69	-661.41
		-2.19%
SENSEX	33596.80	+577.73
		+1.75%
FTSE 100*	7199.50	+165.49
		+2.35%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.179		2.170
CND. 30 Year Bond		2.342		2.327
U.S.    10 Year Bond		2.8302		2.8008
U.S. 30 Year Bond		3.0714		3.0351

Currencies

BOC Close	Today	Previous
Canadian $	0.78434	0.78313
US $	1.27495	1.27692
Euro Rate 1 Euro=		Inverse
Canadian $	1.56044	0.64085
US $	1.22388	0.81708

Commodities

Gold	Close	Previous
London Gold Fix	1337.30	1333.45
Oil
WTI Crude Future	63.54	63.37

Market Commentary:
Number of the Day
9%
Spotify shares fell as much 9% on Wednesday, raising questions about the potential costs of its unorthodox listing process a day after its splashy market debut.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark gained as Canadian crude prices rose to the highest since 2015, sending energy shares up the most since November.
     The S&P/TSX Composite Index added 192 points or 1.3 percent to 15,356.05, rebounding from three days of losses. Energy shares jumped 3.4 percent, with Suncor Energy Inc. up 4.7 percent and Canadian Natural Resources Ltd. gaining 4.1 percent.
     The health-care index added 3.6 percent as cannabis stocks rose. Aurora Cannabis Inc. added 11 percent and Aphria Inc. gained 9.6 percent.
     In other moves:
                          Stocks
* Corus Entertainment Inc. jumped 19 percent, the most ever.  Second-quarter earnings beat the highest estimate, boosting a stock that’s lost 39 percent since the beginning of the year
* West Fraser Timber Co. rose 2.6 percent and Interfor Corp. gained 2.3 percent after lumber futures rose to a record for a third day
* Tricon Capital Group Inc. gained 4.7 percent, the most since November. Analysts at Raymond James said the stock’s “extreme price dislocation” provides an attractive entry point
                          Commodities
* Western Canada Select crude oil traded at a $17.00 discount to WTI
* Gold fell 0.9 percent to $1,324.30 an ounce, the lowest in a week
                           FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2751 per U.S. dollar after the U.S. was said to soften a key Nafta demand
* The Canada 10-year government bond yield rose one basis point to 2.18 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks rose for a third day as White House officials signaled that the president’s tough talk on trade won’t lead to growth-sapping tariffs. Treasuries fell and the dollar gained.
     The S&P 500 Index closed at the highest level in more than two weeks as investors grew more confident the administration’s protectionist rhetoric wouldn’t result in equally stringent policy. The dollar strengthened for the third time this week, while the 10-year Treasury yield popped above 2.83 percent ahead of Friday’s payroll numbers.
     “After the initial introduction of trade tensions and the back and forth between the U.S. and China and consternation around Nafta, the markets are now beginning to see through the bluster of negotiations and they’re dialing back some of their most significant fears of a full on trade war,” Kevin Caron, a senior portfolio manager at Washington Crossing Advisors, said by phone.
     Stocks regained a measure of poise after representatives from the U.S. and China left the door open for a negotiated solution to avoid tariff proposals that aren’t set to take effect for several months. Federal Reserve officials said it’s premature to fully assess the impact of the trade dispute, which is adding uncertainty to an otherwise bright economic outlook ahead of the jobs report.
     Meanwhile, Facebook Inc. climbed as traders took in stride a company disclosure that data on most of its 2 billion users could have been harvested improperly by third parties. Investors are cautiously returning to technology shares after a selloff last month gave momentum to a global equity correction. Elsewhere, oil gained and Bitcoin held below $7,000. European equities caught up to the American rebound, surging the most in two months as every sector rallied. The pound fell after purchasing managers’ data for February disappointed.
     Here are some key events for the remainder of this week:
* On Friday, America publishes non-farm payrolls and an employment report; the jobless rate was forecast to have fallen in March after holding at 4.1 percent for five straight months.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 rose 0.7 percent to 2,662.80 at 4 p.m. in New York.
* The Nasdaq 100 Index added 0.5 percent.
* The Stoxx Europe 600 Index surged 2.4 percent, hitting the highest in more than two weeks.
* The MSCI All-Country World Index climbed 1 percent.
* The MSCI Emerging Market Index rose 0.9 percent.
                         Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent on the biggest advance in more than a week.
* The euro decreased 0.4 percent to $1.2234, the weakest in more than two weeks.
* The British pound fell 0.6 percent to $1.4000, the biggest fall in more than a week.
* The Japanese yen declined 0.6 percent to 107.47 per dollar.
                          Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.83 percent, the highest in more than a week.
* Germany’s 10-year yield climbed two basis points to 0.52 percent on the largest surge in more than two weeks.
* Britain’s 10-year yield climbed three basis points to 1.401 percent on its fifth straight advance.
                          Commodities
* West Texas Intermediate crude rose 0.4 percent to $63.63 a barrel.
* Copper surged 1.8 percent to $306.60 a pound, the biggest jump in almost four weeks.
* Gold dipped 0.5 percent to $1,326.19 an ounce.
–With assistance from Lu Wang and Todd White. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Please subdue the anguish of your soul.  Nobody is destined only to happiness or to pain.  The wheel of life takes one up and down by turn. -Kalidasa, c.353-420 CE

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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:

April 4^th, 1877, the world’s first regular telephone line, connecting Charles Williams’ metalworking shop on Court Street in Boston with his home in Somerville, Mass., went into service. “I went into his office this afternoon,” marveled Alexander Graham Bell, “and found him talking to his wife by telephone. He seemed as delighted as could be.”

April 4^th, 1968, Martin Luther King, Jr., assassinated.

The Wall Street Journal is looking ahead with the podcast The Future of Everything, which examines what’s coming up for subjects from music to quantum computing to bitcoin.  A recent intriguing episode looked at artificial intelligence and what would affect decisions made by that technology.  You can find it at http://bit.ly/thefutureofeverything.

PHOTOS OF THE DAY

Nicholas Chow, deputy chairman for Sotheby’s Asia, holds an extremely rare Qing Dynasty bowl – one on only three known to exist – during a media preview at Sotheby’s in Hong Kong. An extremely rare Qing Dynasty bowl made for the Chinese emperor Kangxi fetched 30.4 million USD, Sotheby’ said. 
Credit: Isaac Lawrence/AFP/Getty Images

A large mosaic of King Richard III, which is made out of LEGO, on display at the KRIII Visitor Centre in Leicester. The mosaic contains over 96,000 pieces of Lego and is 10m in length. 
Credit: Aaron Chown/PA

Cherry blossoms are pictured at the Yuantouzhu (Turtle Head Isle) scenic spot in Wuxi, east China’s Jiangsu Province. 
Credit: Sipa Asia/Zuma Wire/Alamy Live News
Market Closes for April 4^th, 2018

Market Index	Close	Change
Dow Jones	24264.30	+230.94   +0.96%
S&P 500	2644.69	+30.24   +1.16%
NASDAQ	7042.109	+100.828   +1.45%
TSX	15164.37	-16.39
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	21319.55	+27.26
		+0.13%
HANG SENG	29518.69	-661.41
		-2.19%
SENSEX	33019.07	-351.56
		-1.05%
FTSE 100*	7034.01	+3.55
		+0.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.170		2.146
CND. 30 Year Bond		2.327		2.292
U.S.    10 Year Bond		2.8008		2.7789
U.S. 30 Year Bond		3.0351		3.0118

Currencies

BOC Close	Today	Previous
Canadian $	0.78313	0.78101
US $	1.27692	1.28040
Euro Rate 1 Euro=		Inverse
Canadian $	1.56811	0.63771
US $	1.22804	0.81431

Commodities

Gold	Close	Previous
London Gold Fix	1333.45	1323.85
Oil
WTI Crude Future	63.37	63.51

Market Commentary:
Number of the Day
1.8%
The level of the Secured Overnight Financing Rate, which the Federal Reserve Bank of New York began publishing on Tuesday. A group of U.S. financial institutions selected the rate as an alternative meant to eventually supplant the Libor benchmark.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed slightly lower on a roller-coaster day as investors evaluated and re-evaluated a growing trade spat between the U.S. and China.
     The S&P/TSX Composite Index lost 16 points or 0.1 percent to 15,164.37, the lowest in nearly two months, after earlier falling as much as 1.3 percent. The rebound wasn’t as dramatic as the one in stocks south of the border, where the S&P 500 Index swung nearly three percentage points and closed higher.
     Losses in health-care stocks and miners were offset by gains in consumer and telecom shares. Cannabis stocks were some of the biggest decliners as investors fled risky assets, with Aurora Cannabis Inc. losing 5.6 percent and Canopy Growth Corp. down 1.3 percent.
     In other moves:
                           Stocks
* Magna International Inc. rose 1.9 percent after the U.S. softened a key Nafta demand for more North American content in vehicles, according to people familiar with the talks
* Boardwalk Real Estate Investment Trust added 2.2 percent after BMO Capital Markets upgraded the stock on improving employment trends in its main market of Alberta
* Eldorado Gold Corp. gained 3.5 percent after confirming a positive ruling from a Greek arbitration panel
                           Commodities
* Western Canada Select crude oil traded at a $16.55 discount to WTI, the narrowest gap since November
* Gold rose 0.2 percent to $1,335.80 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2772 per U.S. dollar, the strongest in more than five weeks
* The Canada 10-year government bond yield rose two basis points to 2.17 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. equities stormed back from deep losses sparked by trade tensions as investors speculated the Trump administration won’t enact the most protectionist proposals and risk derailing economic growth.
     The S&P 500 Index saw the biggest two-day gain in five weeks as representatives from China and the Trump administration left the door open for a negotiated solution to avoid tariff proposals that wouldn’t take effect for months. Treasury yields turned higher to trade near 2.79 percent. The dollar fell as the Mexican peso strengthened after the U.S. president was said to have softened on his car-parts demand in North American Free Trade Agreement negotiations.
     Still, fear that the tensions could escalate at any time hit specific sectors after China said it would levy 25 percent tariffs on some U.S. imports. Boeing lost more than 1 percent, the Cboe Volatility Index held near double its level for the past year. Soybeans slumped and energy producers retreated.
     “Markets don’t like uncertainty, and this back and forth with what the U.S. is doing with tariffs and targeting specifically Chinese products and Chinese trade relationships and policies, they’re obviously not good,” Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management, said in an interview at Bloomberg’s New York headquarters.
     Markets have been buffeted in recent weeks by everything from a volatility spike and a tech selloff to fears of an all- out trade war, and developments on Wednesday suggest there may be more turbulence to come. Investors are having to weigh the growing protectionist rhetoric between the U.S. and China against the chances of measures having a meaningful effect on the still-upbeat global growth picture.
     “Trade uncertainty is the main headwind to the market,” Charles St-Arnaud, an investment strategist at Lombard Odier Asset Management in London, said by phone. “At this juncture we need to be careful. The macro picture hasn’t changed massively yet. Growth remains robust, unless we go into a bigger trade war.”
     Here are some key events coming up this week:
* U.S. employment data are due Friday; the jobless rate probably fell in March after holding at 4.1 percent for five straight months.
* The Reserve Bank of India decides on policy Thursday.
     These are the main moves in markets:
                          Stocks
* The S&P 500 gained 1.2 percent to 2,644.74 at 4 p.m. in New York.
* The Nasdaq 100 Index rose 1.6 percent.
* Boeing’s 1 percent drop was the biggest in the Dow Jones Industrial Average.
* The Stoxx Europe 600 Index dropped 0.5 percent.
* The MSCI Emerging Market Index fell 1.2 percent to the lowest in almost eight weeks.
                          Currencies
* The Bloomberg Dollar Spot Index dipped 0.1 percent.
* The euro was little changed at $1.228.
* The Japanese yen fell 0.2 percent to 106.80 per dollar.
                          Bonds
* The yield on 10-year Treasuries rose two basis points to 2.79 percent.
* Germany’s 10-year yield dipped one basis point to 0.49 percent, the lowest in 12 weeks.
* Britain’s 10-year yield declined two basis points to 1.359 percent, the lowest in almost 11 weeks.
                         Commodities
* West Texas Intermediate crude was steady at $63.52 a barrel.
* Gold futures was little changed at $1,332.83 an ounce.
* The Bloomberg Commodity Index decreased 0.4 percent.
–With assistance from Samuel Potter and Cecile Gutscher.

 

Have a great night.

 

Be magnificent!

As ever,

 

Carolann

 

Even if I knew that tomorrow the world would go to pieces, I would still plant my apple tree.
                                      -Martin Luther King, January 16^th,1929-April 4^th ,1968

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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:

The Poem:
Outside the Bakery
-by Rachel Spence
Saturday, 10am, the Street of the Cats.
Morning hammered thin by rain, paving stones
licked by bronze. Outside the bakery,
four ladies boneless as the loaves in their trollies,
tossing a recipe for meatballs through the rusty air.
A man passes, his cheeks pouched with middle-age.
“Angelo!” calls a lady.  “I saw your mamma yesterday.
Why do you never visit her?”  Chastened, he bows
his head, taking his scolding from a woman
for whom St Mark’s Square is as far as Paris, unaware
that fifty years ago his mother was the local beauty,
a Titian blonde in swing skirt and stilettos,
that the bread buyers hissed “putana” as she passed. 

From Bird of Sorrow (Templar Poetry).

On this day in 1860, the Pony Express mail service debuted as riders simultaneously set out riding west from St. Joseph, Mo. (the nation’s most westerly telegraph terminal) and east from Sacramento, Calif. The riders reached the opposite cities, nearly 2,000 miles apart, just 10 days later–cutting the time it took news to travel across the continent from more than two months to less than two weeks.

PHOTOS OF THE DAY

Lambs wander in the garden of Doe Park in Teesdale today, as snow sweeps north over the North of England this Easter Monday. 
Credit: The Telegraph

Ducks are tipped into the river from Hebden Bridge during the yearly duck race. 
Credit: The Telegraph

People relax under cherry blossom trees in Kameoka Yawaraginomichi Sakura Park in Kameoka, Japan. 
Credit: The Telegraph
Market Closes for April 3^rd, 2018

Market Index	Close	Change
Dow Jones	24033.36	+389.17   +1.65%
S&P 500	2614.45	+32.57   +1.26%
NASDAQ	6941.281	+71.162   +1.04%
TSX	15180.76	-32.69
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	21292.29	-96.29
		-0.45%
HANG SENG	30180.10	+86.72
		+0.29%
SENSEX	33370.63	+115.27
		+0.35%
FTSE 100*	7030.46	-26.15
		-0.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.146		2.119
CND. 30 Year Bond		2.292		2.253
U.S.    10 Year Bond		2.7789		2.7353
U.S. 30 Year Bond		3.0118		2.9706

Currencies

BOC Close	Today	Previous
Canadian $	0.78101	0.77422
US $	1.28040	1.29162
Euro Rate 1 Euro=		Inverse
Canadian $	1.57117	0.63647
US $	1.22709	0.81493

Commodities

Gold	Close	Previous
London Gold Fix	1323.85	1323.85
Oil
WTI Crude Future	63.51	63.01

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks retreated as cannabis companies and gold miners fell, while the loonie was the strongest in nearly a month amid reports that the U.S. wants to announce a preliminary Nafta deal next week.
     The S&P/TSX Composite Index lost 33 points or 0.2 percent to 15,180.76. Health-care stocks tumbled 4.9 percent, the most in two months, as investors fled pot stocks. Canopy Growth Corp. lost 13 percent, Aurora Cannabis Inc. fell 11 percent and Aphria Inc. lost 11 percent.
     The materials sector retreated 0.9 percent as gold prices fell. Barrick Gold Corp. lost 2.2 percent and Kirkland Lake Gold Ltd. fell 4.1 percent.
      In other moves:
                         Stocks
* West Fraser Timber Co. gained 5.4 percent, Interfor Corp. rose 4.9 percent and Norbord Inc. added 4.3 percent amid talk of strong U.S. housing demand
* Transcontinental Inc. lost 6 percent, giving up much of Monday’s 9.7 percent gain. The company is selling C$250 million of subscription receipts to help finance its acquisition of Coveris Americas
* Martinrea International Inc. rose 5.8 percent, Magna International Inc. gained 3.1 percent and Linamar Corp. added 2.6 percent amid growing optimism that a Nafta deal will get done
                         Commodities
* Western Canada Select crude oil traded at a $18.15 discount to WTI, the narrowest gap in four months
* Gold fell 0.7 percent to $1,332.80 an ounce
                          FX/Bonds
* The Canadian dollar strengthened 0.9 percent to C$1.2805 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.15 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — A risk-on tone gripped U.S. markets, with equities pushing to session highs and bond yields climbing on speculation that President Donald Trump’s policies won’t disrupt global trade and economic growth.
     Equities broke out from a mixed session following a Bloomberg report that suggested the White House isn’t actively looking to challenge Amazon.com’s business despite days of attacks from the president. That news came after the Director of the National Trade Council said “smart money” would buy stocks following Monday’s rout, sparked in part by tariff angst and Donald Trump’s bluster against one of the nation’s largest companies.
     “What we’ve seen first with Navarro and secondarily today with some of the headlines is them sort of pulling back on some of this,” Tom Essaye, founder of “The Sevens Report,” said by phone. “What we’re seeing is the administration, or one specific person, realizing there are unintended consequences of whatever fight he wants to pick at the moment. The market decline probably got bad enough yesterday to where it got people’s attention.”
     The reversion to risk taking followed the S&P 500’s first close below its 200-day moving average since the Brexit vote, a rout that left major averages in correction territory. The U.S. equity benchmark is still more than 9 percent below its January record.
     Investors are also contending with tighter monetary policy from the Federal Reserve, with Friday’s government jobs report the next major data point on the world’s largest economy. After that, earnings season looms, with analyst predicting a surge in profits.
     “What we are really seeing across the economies and markets are opposing forces playing out: in the economy you are seeing Fed versus inflation, in markets you are seeing momentum versus fundamental supports,” JPMorgan Asset Management Global Market Strategist Hannah Anderson told Bloomberg TV.
     Here are some key events coming up this week:
* U.S. employment data are due Friday; the jobless rate probably fell in March after holding at 4.1 percent for five straight months.
* The Reserve Bank of India decides on policy Thursday.
     These are the main moves in markets:
                          Stocks
* The S&P 500 rose 1.3 percent as of 4 p.m. in New York.
* The Nasdaq 100 Index added 1.1 percent.
* Trading of Spotify shares began early Tuesday afternoon in New York in an unusual direct listing, giving the company a market value of about $28 billion.
* The Stoxx Europe 600 Index fell 0.5 percent, the first retreat in more than a week.
* The MSCI Asia Pacific Index dipped 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent to the lowest in a week.
* The euro decreased 0.3 percent to $1.2262, the weakest in two weeks.
* The British pound gained 0.1 percent to $1.4053.
* The Japanese yen fell 0.7 percent to 106.63 per dollar.
                           Bonds
* The yield on 10-year Treasuries gained five basis points to 2.78 percent, the highest in a week.
* Germany’s 10-year yield was unchanged at 0.50 percent, the lowest in 12 weeks.
                           Commodities
* West Texas Intermediate crude gained 0.9 percent to $63.55 a barrel.
* Gold futures fell 0.9 percent to $1,335.40 an ounce.

 

Have a great night.

 

Be magnificent!

As ever,

 

Carolann

 

I only want people around me who can do the impossible.
                                              -Elizabeth Arden, 1884-1966

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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