May 2018 – Carolann Steinhoff

May 31, 2018

May 31, 2018 Newsletter

Dear Friends,

Tangents:
May 31, 1911 – Shipping – Quebec-born shipbuilder Lord Pirrie launches his White Star liner RMS Titanic in Belfast; one of the largest vessels afloat, it will sink on its maiden voyage in April 1912. Belfast, Northern Ireland

May 31, 1786 – John Molson returns to Canada and starts enlarging the Montreal brewery he had previously run for John Loyd, and acquired in a bankruptcy sale. Montreal, Quebec.

Walt Whitman’s birthday, b. 1819
SONG OF MYSELF
I celebrate myself and sing myself.
And what I assume you shall assume,
For every atom belonging to me as good belongs to you.
I loafe and invite my soul,
I lean and loafe at my ease observing a spear of summer grass…
-Walt Whitman
From Song of Myself in Leaves of Grass.
PHOTOS OF THE DAY

Tarantula Nebula which is the most spectacular feature of the Large Magellanic Cloud, a satellite galaxy to our Milky Way, glowing brightly about 160 000 light-years away. This image from VLT Survey Telescope at ESO’s Paranal Observatory in Chile shows the region and its rich surroundings in great detail. It reveals a cosmic landscape of star clusters, glowing gas clouds and the scattered remains of supernova explosions. Credit: The Telegraph

Advection fog surrounds office buildings and residential buildings in Yantai, China. Credit: The Telegraph

Norwegian cross-country skier Therese Johaug takes part in a training session at the Sognefjellet mountain pass between Luster and Lom in Norway. Credit: The Telegraph
Market Closes for May 31^st, 2018

Market Index	Close	Change
Dow Jones	24415.84	-251.94 -1.02%

S&P 500	2705.27	-18.74 -0.69%

NASDAQ	7442.117	-20.336 -0.27%

TSX	16061.50	+12.84
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	22201.82	+183.30
		+0.83%
HANG SENG	30468.56	+411.77
		+1.37%
SENSEX	35322.28	+416.27
		+1.19%
FTSE 100*	7678.20	-11.37
		-0.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.244	2.266
CND. 30 Year Bond	2.264	2.297
U.S. 10 Year Bond	2.8586	2.8550
U.S. 30 Year Bond	3.0253	3.0269

Currencies

BOC Close	Today	Previous
Canadian $	0.77213	0.77651
US $	1.29512	1.28781

Euro Rate 1 Euro=		Inverse
Canadian $	1.51464	0.66022
US $	1.16950	0.85507

Commodities

Gold	Close	Previous
London Gold Fix	1300.70	1295.50

Oil
WTI Crude Future	67.04	68.21

Market Commentary:
~$On this day in 1919, the New York Stock Exchange closed its doors for the day so that frenzied clerks could clear paperwork from a tumultuous month during which volume regularly exceeded an astonishing 1.5 million shares a day.
Number of the Day
€813 billion
The amount of bad loans still sitting on European bank balance sheets. Political turmoil in Italy has revived concerns about the region’s banking system.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks posted their biggest monthly gain since July 2016 even as new U.S. tariffs on imported steel and aluminum raised fears of a growing global trade war.
The S&P/TSX Composite Index rose 0.1 percent to 16,061.50 Thursday, after trading lower for most of the day. Its gain for the month was 2.9 percent.
Technology shares added 0.7 percent and financials gained 0.4 percent Thursday, with all others losing ground.
Stelco Holdings Inc., Canada’s only publicly traded steel producer, lost 3.5 percent, the most in two months. The Trump administration plans to impose 25 percent duties on imported steel.
In other moves:
Stocks
* Sierra Wireless Inc. fell 6.8 percent, the most since February, after its chief executive officer stepped down, prompting a downgrade at National Bank Financial
* Canada Goose Holdings Inc. gained 6.7 percent to a record high. The retailer is opening two stores and a regional headquarters in China
* Superior Plus Corp. lost 5.9 percent, the most since 2016, on a deal to buy NGL Energy Partners LP’s propane shipping business for $900 million
Commodities
* Western Canada Select crude oil traded at a $25.00 discount to WTI
* Gold fell 0.1 percent to $1,300.10 an ounce
FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.2960 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.24 percent
US
By Randall Jensen
(Bloomberg) — The Trump administration’s tariffs on imports from key allies sent U.S. and European stocks into a tailspin and stoked demand for the safety of Treasuries.
The S&P 500 fell for the fourth time in five days, paring a monthly advance as the president’s escalation of trade tensions with Canada, Mexico and the European Union hammered American industrial and financial shares. Deutsche Bank AG fell to a record low after reports that U.S. regulators added it to a group of troubled lenders they monitor. The 10-year Treasury yield fell to 2.84 percent, while Mexico’s peso and Canada’s dollar retreated.
The Trump administration’s unilateral action upended the global trade order and was met with retaliatory actions that could imperil economic growth. The ratcheting up of tension overshadowed reports that Italy is close to forming a government that is more EU-friendly than investors had feared. Investors are also bracing for Friday’s jobs report.
“The hard thing about protectionism, the hard thing about tariffs and quotas, is that you can almost think of it as it’s a slow moving disease, but it’s deadly,” Kristina Hooper, Invesco’s chief global market strategist, said in an interview at Bloomberg’s New York headquarters. “When I look at protectionism, I don’t believe the market truly can price it in at this point because there’s still so many potential iterations. But right now it’s certainly moving further to the extremes when it comes to protectionism and that can be very problematic.”
These are some key events to watch this week:
* The U.S. employment report for May is due Friday. It’s the last before the June Fed meeting.
* Automakers report May U.S. sales the same day.
* Also Friday: some onshore Chinese stocks join MSCI Inc.’s global indexes.
* On Saturday U.S. Secretary of Commerce Wilbur Ross will travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.7 percent to 2,705 as of 4 p.m. New York time.
* The Dow Jones Industrial Average dropped 1 percent to 24,416.
* The Nasdaq Composite Index declined 0.3 percent.
* The Stoxx Europe 600 Index dropped 0.6 percent.
* The MSCI Emerging Market Index increased 0.7 percent, the largest climb in three weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro gained 0.2 percent to $1.1687.
* The British pound was little changed at $1.3292.
* The Japanese yen rose 0.1 percent to 108.77 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis points to 2.84 percent.
* Germany’s 10-year yield dipped three basis points to 0.34 percent.
* Britain’s 10-year yield dropped three basis points to 1.230 percent.
Commodities
* West Texas Intermediate crude decreased 1.7 percent to $67.04 a barrel.
* Gold fell 0.1 percent at $1,299.66 an ounce.
–With assistance from Sarah Ponczek and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

Kindness is always fashionable.
-Amelia Huddleston Barr, 1831-1919

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

May 30, 2018

May 30, 2018 Newsletter

Dear Friends,

Tangents:
May 30, 1431: The execution of Joan of Arc, from the official contemporary account:

After the sentence was read, the bishop, the Inquisitor, and many of the judges went away, leaving Jeanne upon the scaffold.
Then the Bailli of Rouen, an Englishman, who was there, without any legal formality and without reading any sentence against her, ordered that she should be taken to the place where she was to be burned.
When Jeanne heard this order given, she began to weep and lament in such a way that all the people present were themselves moved to tears.
The said Bailli immediately ordered that the fire should be lighted, which was done.
And she was there burned and martyred tragically, an act of unparalleled cruelty.
And many, both noble and peasant, murmured greatly against the English.
Peter the Great, Russian tsar, b. 1672
1783: First U.S, newspaper published
May 30, 1832 – Rideau Canal officially opened to traffic, with 47 locks linking the Ottawa River at Ottawa with Lake Ontario at Kingston, Ontario; First proposed as a military route between the two cities; 50 dams built to control water levels along the route. Ottawa, Ontario
PHOTOS OF THE DAY

Walkers admire the sunrise from Swirrel Edge on Helvellyn in the Lake District. Credit: Paul Kingston/NNP

Subtropical Storm Alberto arrives at Orange Beach in Alabama, US. Credit: David Green/Reuters

Two people take a selfie beside Hartshead Pike as the Flower Moon rises on in Manchester, England. Credit: Anthony Devlin/Getty Image
Market Closes for May 30^th, 2018

Market Index	Close	Change
Dow Jones	24667.78	+306.33 +1.26%

S&P 500	2724.01	+34.15 +1.27%

NASDAQ	7462.453	+65.859 +0.89%

TSX	16048.66	+126.05
		+0.79%

International Markets

Market Index	Close	Change
NIKKEI	22018.52	-339.91
		-1.52%
HANG SENG	30056.79	-427.79
		-1.40%
SENSEX	34906.11	-43.13
		-0.12%
FTSE 100*	7689.57	+56.93
		+0.75%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.266	2.191
CND. 30 Year Bond	2.297	2.249
U.S. 10 Year Bond	2.8550	2.7810
U.S. 30 Year Bond	3.0269	2.9745

Currencies

BOC Close	Today	Previous
Canadian $	0.77651	0.76823
US $	1.28781	1.30169

Euro Rate 1 Euro=		Inverse
Canadian $	1.50223	0.66568
US $	1.16650	0.85726

Commodities

Gold	Close	Previous
London Gold Fix	1295.50	1303.50

Oil
WTI Crude Future	68.21	66.73

Market Commentary:
~$On this day in 1974, the first money-market mutual fund with checkwriting privileges, Fidelity Daily Income Trust, opened for business. Instead of having to wait seven days to receive a redemption, investors could now use a mutual fund just like a checking account.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose the most in a month as investor concern faded about Italy and the state of the EU, while the Canadian dollar spiked after the central bank paved the way for a new round of rate increases.
The S&P/TSX Composite Index added 126 points, or 0.8 percent, to 16,048.66, snapping a six-day decline. Energy stocks rose 1.6 percent, the most in six weeks, as crude prices rebounded after a week of declines.
Financials gained 0.4 percent even as Laurentian Bank of Canada tumbled 4.7 percent to the lowest since 2016. The bank disclosed further problems with its mortgage book, prompting a downgrade at CIBC World Markets.
In other moves:
Stocks
* Canadian Pacific Railway Ltd. rose 2.2 percent to a record. A short-lived strike ended after the carrier reached a tentative deal with conductors and engineers
* Bombardier Inc. added 4.7 percent to the highest since 2013. The plane maker signed a letter of intent to sell up to 18 business jets worth as much as $1.14 billion
* Calfrac Well Services Ltd. gained 5.1 percent. The company is suing its biggest outside shareholder, accusing it of curbing interest in its recent note offering
Commodities
* Western Canada Select crude oil traded at a $25.25 discount to WTI, the biggest gap since March, after Enbridge Inc. said it will cap the amount of oil each shipper may send on its Mainline pipeline
* Gold rose 0.2 percent to $1,301.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 1.1 percent to C$1.2880 per U.S. dollar, the biggest gain in more than two months
* The Canada 10-year government bond yield rose six basis points to 2.25 percent
US
By Samuel Potter and Randall Jensen
(Bloomberg) — Stocks rebounded along with Treasury yields as investors judged the market reaction to Italy’s political turmoil overwrought. The dollar dropped and oil climbed.
The S&P 500 Index gained the most in more than three weeks as U.S. 10-year yields pushed above 2.84 percent, boosting financial shares that had sold off on Tuesday amid fears Italy may leave the euro. West Texas crude surged above $68 a barrel, lifting energy companies. The greenback saw the biggest decline in nearly three weeks.
In Europe, Italy’s 10-year yield fell as much as 32 basis points after the country successfully passed a key test of appetite for its debt and as politicians made a last ditch attempt to form a government. The euro rose, as German jobs data topped estimates and strong CPI readings across Europe added to the sentiment.
Traders are catching their breath after the unprecedented Italian bond slump spilled over into global risk assets. While the prospect of snap Italian elections — which could effectively become a referendum on the euro — continues to loom, some investors see the selloff as overdone while the timing of any vote remains unclear. Still, the concerns add to a growing list that includes the strength of the global economy, North Korea and simmering trade tensions.
“Italy failing to form a government, the markets were on edge and it happened to just crack and perhaps the reaction was a little bit out-sized,” Aaron Clark, portfolio manager at Boston-based GW&K Investment Management, said by phone. “We’re seeing a little bit of a reversal today, not a full reversal, but there’s still some lingering concerns to be sure.”
Investors are also keeping an eye on the White House, with the Trump administration plowing ahead with plans for tariffs on Chinese goods and giving conflicting signals on talks with North Korea.
Elsewhere, oil rose after a string of declines in the wake of major producers’ plans to step up output. Saudi Arabia, Kuwait and the U.A.E. will meet in Kuwait City on Saturday to discuss supply.
These are some key events to watch this week:
* EU trade chief Cecilia Malmstrom and U.S. Commerce Secretary Wilbur Ross are scheduled to meet Wednesday in an informal World Trade Organization ministerial in Paris.
* The U.S. employment report for May is due Friday. It’s the last before the June Fed meeting.
* Automakers report May U.S. sales the same day.
* Also Friday: some onshore Chinese stocks join MSCI Inc.’s global indexes.
* On Saturday U.S. Secretary of Commerce Wilbur Ross will travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.3 percent to 2,724 as of 4 p.m. New York time, the most since May 4.
* The Nasdaq Composite Index gained 0.9 percent.
* The Stoxx Europe 600 Index advanced 0.3 percent.
* The MSCI Emerging Market Index sank 1.1 percent to the lowest in almost six months.
Currencies
* The Bloomberg Dollar Spot Index fell 0.6 percent, the largest decrease in almost three weeks.
* The euro climbed 1 percent to $1.1660.
* The British pound advanced 0.3 percent to $1.3282.
* The Japanese yen dipped 0.1 percent to 108.90 per dollar.
* The Turkish lira jumped 1.7 percent to 4.4721 per dollar, the strongest in almost two weeks.
Bonds
* The yield on 10-year Treasuries gained six basis points to 2.84 percent, biggest rise in two weeks.
* Germany’s 10-year yield rose 11 basis points to 0.37 percent.
* Britain’s 10-year yield gained six basis points to 1.257 percent.
* Italy’s 10-year yield sank 25 basis points to 2.916 percent.
Commodities
* West Texas Intermediate crude gained 2.5 percent to $68.39 a barrel, the first advance in more than a week.
* Gold increased 0.3 percent to $1,302.64 an ounce.
–With assistance from Andreea Papuc, Cecile Vannucci and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

Carolann

If you want to understand today, you have to search yesterday.
-Pearl Buck, 1892-1973

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

May 29, 2018

May 29, 2018 Newsletter

Dear Friends,

Tangents:
May 29, 1453: Constantinople falls to the Turks

On May 29, 1953, Mount Everest was conquered as Edmund Hillary of New Zealand and sherpa Tenzing Norgay of Nepal became the first climbers to reach the summit.

Points of Progress:
Australia
Australia will invest $377 million to help preserve the Great Barrier Reef. Listed as a UNESCO World Heritage Site in 1981, the reef, which can be seen from outer space, has lost nearly a third of its coral because of bleaching caused by warmer oceans, the invasive crown-of-thorns starfish species, and pollution, including pesticide-infused runoff from nearby farmland. -BBC

Cyprus
The Middle Eastern island nation has returned 14 ancient artifacts to Egypt, continuing a global trend of such repatriations. The objects, which include an alabaster vase decorated with the name of King Ramses ll, were stolen and smuggled abroad in the 1980s. -NEWS24.

Britain
The country’s corporate sector is making strides to eradicate plastic pollution. Waitrose, a major supermarket chain, will stop using disposable coffee cups by the fall, a move it says will save 52 million coffee cups a year. Separately, Starbucks reported in late April that six weeks into its trial of a 5-pence levy on disposable cups in its British outlets, the use of their reusable counterparts has shot up 150 percent. Around 2.5 billion coffee cups are trashed in the nation each year, and almost none are recycled because of their plastic lining. -BBC, The Independent.

Denmark
The nation is improving at both ends of its food chain. At the consumption end, Denmark reduced food waster by 14000 metric tons (15,432 tons), compared with 2011 levels. Productionwise, the country, a world leader in organic farming, increased the amount of land devoted to the practice by 28,365 hectares (70,091 acres) during 2017, bumping the total to 245,000 hectares (605,408 acres), or 9 % of its cultivated land. -CPH POST ONLINE.
-from the CSM.
PHOTOS OF THE DAY

A storm rages over Portsmouth harbour. Thunderstorm are set to hit southern parts of the UK as the hot weather brings with it torrential downpours. Credit: Islandvisions/BNPS

Canadian Mia Noblet walks on a slackline (25mm wide, 3mm thick and 60m long) during ‘Tianmen Mountain Female High-Heeled Highline Challenge’ at Zhangjiajie National Forest Park, China. Credit: The Telegraph

A visitor and her dog visit the 2018 Concorso d’Eleganza st Villa d’Esta in Cernobbio, Italy, on Saturday. Behind them are a 195 Maserati 250F, left, and a 1968 Alfa Romeo 33/2 Stradale, which won rhe Coppa d’Oro Villa d’Este. Credit The Telegraph
Market Closes for May 29^th, 2018

Market Index	Close	Change
Dow Jones	24361.45	-391.64 -1.58%

S&P 500	2689.86	-31.47 -1.16%

NASDAQ	7396.594	-37.260 -0.50%

TSX	15922.61	-93.53
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	22358.43	-122.66
		-0.55%
HANG SENG	30484.58	-307.68
		-1.00%
SENSEX	34949.24	-216.24
		-0.61%
FTSE 100*	7632.64	-97.64
		-1.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.191	2.303
CND. 30 Year Bond	2.249	2.344
U.S. 10 Year Bond	2.7810	2.9313
U.S. 30 Year Bond	2.9745	3.0920

Currencies

BOC Close	Today	Previous
Canadian $	0.76823	0.76953
US $	1.30169	1.29950

Euro Rate 1 Euro=		Inverse
Canadian $	1.50210	0.66574
US $	1.15396	0.86658

Commodities

Gold	Close	Previous
London Gold Fix	1303.50	1303.50

Oil
WTI Crude Future	66.73	67.91

Market Commentary:
~$$ On this day in 1962, the market soared as Wall Street’s jitters over Pres. John F. Kennedy’s attack on the steel industry subsided. The Dow Jones Industrial Average leapt 4.7% to close at 603.96. Today, May 29^th, the Dow closed at 24,361.45.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks extended their losing streak to six days amid a global equity selloff, as Bank of Nova Scotia tumbled the most since 2011.
The S&P/TSX Composite Index lost 0.6 percent to 15,922.61, the lowest in three weeks. Financials slid 1.8 percent, weighed down by plunging bond yields and a 3.7 percent decline at Scotiabank on higher-than-expected expenses.
Energy stocks gained 0.4 percent even as Kinder Morgan Canada Ltd. fell 3 percent. The Canadian government is buying Kinder’s Trans Mountain pipeline and its controversial expansion project for C$4.5 billion.
In other moves:
Stocks
* Crescent Point Energy Corp. rose 2.9 percent. Chief Executive Officer Scott Saxberg stepped down following a shakeup attempt by an activist investor
* Corus Entertainment Inc. fell 5 percent, adding to Monday’s 3.2 percent drop, after Canada’s competition regulator rejected the sale of its French-language channels to BCE Inc.
* Air Canada lost 3.3 percent, the most since March, amid a broader selloff in airline stocks
Commodities
* Western Canada Select crude oil traded at a $19.50 discount to WTI, the widest gap since early April
* Gold fell 0.4 percent to $1,299.00 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3014 per U.S. dollar, the weakest since March
* The Canada 10-year government bond yield fell 11 basis points to 2.19 percent, the biggest drop in a year
US
By Randall Jensen
(Bloomberg) — U.S. stocks tumbled the most in more than a month, joining a global equity selloff sparked by concern Italy’s political woes will destabilize Europe. Treasuries surged, oil plunged and the yen rallied.
Selling in American equities picked up pace after European shares closed with the worst drop since March. Bank shares paced the rout as the 10-year Treasury yield sank as much as 17 basis points, the most since the U.K. voted to exit the European Union in June 2016. The dollar climbed as the euro plunged to its lowest since July 2017. Stock volatility soared and investors sought haven assets from the yen to the Swiss franc.
The prospect that Italy might need a fresh election that could be a referendum on the nation’s inclusion in the euro zone rattled global financial markets. While U.S. assets looked like they’d avoid the worst of the selling, the risk-off tone gripped investors as Europe staggered to an ugly close. Investors are also keeping an eye on geopolitical issues, with the Trump administration giving conflicting signals on talks with North Korea and plowing ahead with plans for tariffs on Chinese goods.
Here’s a Roundup of Italian Political Turmoil and its Impact on Market.
Political turmoil in Italy is rekindling memories of the euro zone’s woes of the past decade, and caution is spilling over into global markets. Pro- and anti-European forces are at loggerheads in Rome, with another election expected as early as September after parties failed to form a government in the wake of a poll in March.
“The political situation in Italy is troublesome and then you get broader concerns about the strength of the euro market in general and that in turn has some people thinking maybe the Fed here in the U.S. slows down on raising rates,” Peter Jankovskis, co-chief investment officer at Oakbrook Investments, said by phone. “That’s been a big pillar for the financials overall, that rates will continue to rise and their margins will continue to improve because of that.”
Why ‘Risk On’ and ‘Risk Off’ Are How the Markets Roll:
QuickTake
These are some key events to watch this week:
* EU trade chief Cecilia Malmstrom and U.S. Commerce Secretary Wilbur Ross are scheduled to meet Wednesday in an informal World Trade Organization ministerial in Paris.
* The U.S. employment report for May is due Friday. It’s the last before the June Fed meeting.
* Automakers report May U.S. sales the same day.
* Also Friday: China’s stock market joins MSCI Inc.’s global indexes.
* On Saturday U.S. Secretary of Commerce Wilbur Ross will travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index declined 1.2 percent to 2,689.87 as of 4 p.m. New York time, dropping below its 100-day moving average for the first time since May 9.
* The Nasdaq Composite Index dropped 0.5 percent.
* The Stoxx Europe 600 Index sank 1.4 percent to the lowest since April.
* The U.K.’s FTSE 100 Index fell 1.3 percent, the most since March.
* Germany’s DAX Index decreased 1.5 percent, the most since the end of March.
* The MSCI Emerging Market Index slid 1.2 percent to the lowest since December 2017.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent to the highest in more than five months.
* The euro sank 0.8 percent to $1.1536, the weakest in more than 10 months.
* The British pound declined 0.5 percent to $1.3242, the weakest in about six months.
* The Japanese yen climbed 0.7 percent to 108.64 per dollar, the strongest in five weeks.
Bonds
* The yield on 10-year Treasuries declined 15 basis points to 2.78 percent, reaching the lowest since April 2.
* Germany’s 10-year yield dipped eight basis points to 0.26 percent.
* Britain’s 10-year yield fell 13 basis points to 1.197 percent.
* Italy’s 10-year yield climbed 48 basis points to 3.164 percent.
Commodities
* West Texas Intermediate crude declined 1.6 percent to $66.82 a barrel, reaching the lowest in four weeks.
* Gold rose 0.2 percent to $1,301.22 an ounce.
–With assistance from Anooja Debnath, Sarah Ponczek and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

A man who limits his interests, limits his life.
-Vincent Price, 1911-1993

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

May 28, 2018

May 28, 2018 Newsletter

Dear Friends,

Tangents: MEMORIAL DAY, USA
On this day in 1940, George Beardmore, wrote in his Journal:
As a collector of rumours I have heard that (1) Germany has requested a twenty-four-hour armistice in which to bury the dead in front of the Maginot Line (2) Lord Haw-Haw – since identified as William Joyce, an Irishman – has promised from Hamburg that when the bombings begin Harrow School (because Churchill went there) and HM Stationary Office (where the leaflets dropped in the early raids were printed, also situated in Harrow) will be among the first targets (3) an old news-paper-woman living at Bushey noticed a blind man reading a paper which led to the discovery that a local blind school was a nest of spies. “More tomorrow”, as the comics say.

May 28, 1934 – Birth of Dionne Quintuplets: Annette, Cecile, Emilie, Marie and Yvonne.
PHOTOS OF THE DAY

Lightening and thunder across the Isle of Wight. The UK was struck by lightening between 15,000 and 20,000 times as the “mother of all thunderstorms” rolled across southern England on Saturday night. Credit: Islandvisions/BNPS

The Geico Skytypers, an air show squadron of 11 pilots who fly Second Wold War-era aircraft, perform an 18-minute display during their 15^th appearance at the annual Bethpage airshow. All branches of the military were represented at the show which took place at the Jones Beach State Park in New York, USA, on Memorial Day weekend. Credit: Li Rui/Xinhua/Barcroft Images

A visitor relaxes amongst the roses at Chelsea Flower Show. Credit: Geoff Pugh for the Telegraph

Maja-Isobel Lawson plays in a field of yellow flowers near Bretton in Yorkshire. Credit: Danny Lawson/PA
Market Closes for May 28^th, 2018

Market Index	Close	Change
Dow Jones	24753.09	Closed

S&P 500	2721.33	Closed

NASDAQ	7433.855	Closed

TSX	16016.14	-59.53
		-0.37%

International Markets

Market Index	Close	Change
NIKKEI	22481.09	+30.30
		+0.13%
HANG SENG	30792.26	+204.22
		+0.67%
SENSEX	35165.48	+240.61
		+0.69%
FTSE 100*	7730.28	+13.54
		+0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.303	2.349
CND. 30 Year Bond	2.344	2.383
U.S. 10 Year Bond	2.9313	2.9313
U.S. 30 Year Bond	3.0920	3.0920

Currencies

BOC Close	Today	Previous
Canadian $	0.76953	0.77032
US $	1.29950	1.29816

Euro Rate 1 Euro=		Inverse
Canadian $	1.51056	0.66201
US $	1.16242	0.86028

Commodities

Gold	Close	Previous
London Gold Fix	1303.50	1304.85

Oil
WTI Crude Future	67.91	67.91

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell the most in four weeks as oil’s slump deepened and precious metals fell.
The S&P/TSX Composite Index lost 59 points, or 0.4 percent, to 16,016.14 on Monday, the benchmark’s fifth straight decline. Volume was 59 percent below the 100-day average, with both U.S. and U.K. markets closed for a holiday.
Materials stocks tumbled 0.9 percent and energy shares fell 0.5 percent. Industrials also retreated, losing 0.6 percent as Canadian Pacific Railway Ltd. slid 1.9 percent, the most since March. Its workers could go on strike as early as Tuesday night.
In other moves:
Stocks
* Bombardier Inc. rose 4.1 percent to the highest since 2014. The company is planning to build two new luxury business jets.
* WestJet Airlines Ltd. rose 2.5 percent after agreeing to a settlement process with its pilots, averting a strike
* Pan American Silver Corp. lost 4 percent. The miner said it will reduce some activities at its Dolores Mine in Mexico following security incidents
* Corus Entertainment Inc. fell 3.2 percent after Canada’s competition regulator rejected the sale of its French-language channels, potentially forcing it to cut its dividend by 70 percent
Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI on Friday
* Gold fell 0.5 percent to $1,302.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2996 per U.S. dollar
* The Canada 10-year government bond yield fell five basis points to 2.30 percent, the lowest in five and a half weeks
US
Markets closed for Memorial Day.
Have a great night.

Be magnificent!

As ever,

Carolann

Who dares nothing, need hope for nothing.
-Friedrich Von Schiller, 1759-1805

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

May 25, 2018

May 25, 2018 Newsletter

Dear Friends,

Tangents:
On this day in 1977, the first of George Lucas’ blockbuster Star Wars movies hit American theaters.

Also, on May 25, 2006, Kenneth L. Lay and Jeffrey K. Skilling, the chief executives who guided Enron through its spectacular rise and even more stunning fall, were found guilty of fraud and conspiracy.
Go to article »

PHOTOS OF THE DAY

Visitors admire Luke Jerram’s installation Museum of the Moon at Liverpool Cathedral. The 23ft replica of the moon uses detailed NASA imagery of the lunar surface and includes a sound composition created by BAFTA and Ivor Novello award-winning composer Dan Jones. Credit: Christopher Furlong/Getty Images

Lightening in the sky above Chongqing, southwest China. Credit: Zuma Press, Inc./Alamy Live News

Lucy Clare from Guildford in the Great Pavilion at the Chelsea Flower Show in London. Credit: Geoff Pugh for the Telegraph

Helen Tulloch of the Yorkshire Sculpture Park with Luce e ombra (bronze and granite) on the pieces in a new exhibition at the Yorkshire Sculpture Park by Italian artist Giuseppe Penon. Credit: Asadour Guzelian
Market Closes for May 25^th, 2018

Market Index	Close	Change
Dow Jones	24753.09	-58.67 -0.24%

S&P 500	2721.33	-6.43 -0.24%

NASDAQ	7433.855	+9.427 +0.13%

TSX	16075.67	-37.94
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	22450.79	+13.78
		+0.06%
HANG SENG	30588.04	-172.37
		-0.56%
SENSEX	34924.87	+261.76
		+0.76%
FTSE 100*	7730.28	+13.54
		+0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.349	2.410
CND. 30 Year Bond	2.383	2.422
U.S. 10 Year Bond	2.9313	2.9752
U.S. 30 Year Bond	3.0920	3.1258

Currencies

BOC Close	Today	Previous
Canadian $	0.77032	0.77649
US $	1.29816	1.28784

Euro Rate 1 Euro=		Inverse
Canadian $	1.51194	0.66140
US $	1.16468	0.85860

Commodities

Gold	Close	Previous
London Gold Fix	1304.85	1289.00

Oil
WTI Crude Future	67.91	70.68

Market Commentary:
Number of the Day
88%
The share of corporate bond issuers in China that have a domestic credit rating of AA or higher—grades that big rating agencies typically reserve for only the safest and most financially-sound companies. S&P Global, which is set to start a ratings business in China, will have to adjust to a market where most issuers are used to lofty grades.
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks closed at the lowest in two weeks, falling for a fourth day after an 11-day advance for the benchmark index.
The S&P/TSX Composite Index fell 38 points or 0.2 percent to 16,075.67 on Friday. Industrials and consumer staples stocks gained the most, adding 1 percent and 0.9 percent, respectively.
Energy fell the most, declining more than 1.7 percent, as crude fell the most in 11 months as Saudi Arabia said it expects OPEC and its partners to boost supplies later this year, easing restraints intact since early 2017. The $2.83-per-barrel decline pushed the price below $70 at the close of trading for the first time since May 8.
In other moves:
Stocks
* CAE Inc. gained 5.2 percent to a record after fourth quarter revenue met the average analyst estimate
* Computer Modelling Group fell as much as 8.7 percent, the most intraday since November 2016, as Industrial Alliance Securities downgraded its recommendation to hold from buy
* Baytex Energy lost 5 percent amid the declining crude price
* First Quantum Minerals fell 3.9 percent after the collapse of a pact with Northern Dynasty Minerals regarding the financing of the controversial Pebble mining project in Alaska
Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI
* Gold fell 0.3 percent to $1,305.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.2975 per U.S.dollar
* The Canada 10-year government bond yield fell to 2.35 percent, the lowest intraday since May 8
US
By Janine Wolf and Sarah Ponczek
(Bloomberg) — U.S. stocks bounced between gains and losses as plummeting oil prices rocked energy shares and investors weighed what U.S. President Donald Trump called North Korea’s “warm and productive” response to his decision to cancel a summit with the nation’s leader Kim Jong-Un. The dollar rose with Treasuries, while gold sank.
The S&P 500 Index and Dow Jones Industrial Average fell on lighter than normal volume heading into the long Memorial Day holiday weekend, but the Nasdaq benchmarks rose on strength in semiconductor stocks. The S&P 500 Energy Index plunged more than 2.5 percent as oil posted its biggest decline in roughly a year after a Saudi minister said that petroleum supply would likely rise in the second half.
“The market itself really isn’t doing a whole lot, but crude oil sure is,” said Joe “JJ” Kinahan, chief market strategist at TD Ameritrade. “Crude oil is down pretty good, and I think that the fact that you’re seeing the S&P down and you’re seeing the Dow down, you can point to crude oil and say that’s just weighting heavily on those indexes right now.”
Investors would also be forgiven if they felt rattled by recent geopolitical developments. On Thursday, stocks tumbled after President Donald Trump scrapped his planned meeting with Kim Jong-Un because of what he called the “tremendous anger and open hostility” from Pyongyang. But then on Friday, the U.S. president pivoted and said the meeting could happen next month.
“The markets reacted negatively when Trump pulled out,” said Jeffrey Saut, chief investment strategist at Raymond James. “And then we got the little soothing news over night, so the market’s just adrift here until we get into next week when the players get back.”
Stoxx Europe 600 Index pared gains, with Spain’s benchmark gauge underperforming as the prospect of a snap election in that country increased. Core European bonds advanced, while Italy led peripheral debt lower as worries mounted over the leadership there and in Spain.
Meanwhile, other global risks remain on the minds of investors. Spain’s biggest opposition party is ready to push for a no-confidence motion against Prime Minister Mariano Rajoy. And trade tensions surrounding the U.S. and China haven’t abated.
The Turkish lira headed for its worst week in two years after the central bank said it would allow exporters to repay dollar-denominated loans in the local currency. The pound weakened and gilts advanced after the European Union dismissed many of the U.K.’s plans for their post-Brexit relationship.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent to 2,721.33, while the Nasdaq 100 Index added 0.2 percent. The Stoxx Europe 600 Index rose 0.1 percent.
* The U.K.’s FTSE 100 Index added 0.2 percent.
* The MSCI Emerging Market Index increased 0.1 percent.
* The MSCI Asia Pacific Index declined 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro dropped 0.5 percent to $1.166.
* The British pound fell 0.5 percent to $1.3313.
* The Japanese yen slipped 0.2 percent to 109.49 per dollar.
Bonds
* The yield on 10-year Treasuries decreased five basis points to 2.9313 percent.
* Germany’s 10-year yield dropped seven basis points to 0.406 percent, the lowest since December.
* Britain’s 10-year yield plunged eight basis points to 1.322 percent, the lowest in more than four months.
* Italy’s 10-year yield rose six basis points to 2.461 percent, the highest since October 2014.
Commodities
* West Texas Intermediate crude sank 4.4 percent to $67.59 a barrel, the biggest drop since June 2017.
* Gold fell 0.3 percent to $1,300.28 an ounce.
–With assistance from Cormac Mullen and Yakob Peterseil.

Have a great weekend.

Be magnificent!

As ever,

Carolann

Never argue with stupid people, they will drag you down
to their level and then beat you with experience.
-Mark Twain, 1835-1910

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

May 25, 2018

May 24, 2018 Newsletter

Dear Friends,

Tangents:
On this day in 1844, the first telegraph line in the USA became operational when Samuel Finley Breese Morse, portrait painter and co-inventor of the telegraph, transmitted this message to the floor of the U.S. Senate: “What hath God wrought.”

Bob Dylan’s birthday today…

…He hears the ticking of the clocks
And walks along with a parrot that talks
Hunts her down by the waterfront docks
Where the sailors all come in
Maybe she’ll pick him out again
How long must he wait?
One more time, for a simple twist of fate
People tell me it’s a sin
To know and feel too much within
I still believe she was my twin
But I lost the ring
She was born in spring
But I was born too late
Blame it on a simple twist of fate
-written by Bob Dylan, Simple Twist of Fate, Blood on the Tracks,1975

PHOTOS OF THE DAY

A group of geishas during a performance at the press preview of the annual Azuma Odori Dance Festival at the Shinbashi Enbujo Theater in Tokyo, Japan. Credit: Issei Kato/Reuters

Molton lava from the Kilauea Volcano explodes as it reaches the Pacific Ocean, the extreme temperature difference causing the dramatic reaction about Kalapana, Hawaii. Credit: L.E. Baskow/Zuma Wire/Rex/Shutterbox

A double rainbow over Portland Bill Lighthouse in Dorset. Credit: Mattpinner/BNPS

Steam locomotive 45407 pulls The Jacobite over Loch Nan Uamh Viaduct, on the West Highland Line between Fort William and Mallaig, Scotland. Credit: Andrew Plummer/Alamy Live News
Market Closes for May 24^th, 2018

Market Index	Close	Change
Dow Jones	24811.76	-75.05 -0.30%

S&P 500	2727.76	-5.53 -0.20%

NASDAQ	7424.430	-1.526 -0.02%

TSX	16113.62	-20.18
		-0.13%

International Markets

Market Index	Close	Change
NIKKEI	22437.01	-252.73
		-1.11%
HANG SENG	30760.41	+94.77
		+0.31%
SENSEX	34663.11	+318.20
		+0.93%
FTSE 100*	7716.74	-71.70
		-0.92%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.410	2.439
CND. 30 Year Bond	2.422	2.447
U.S. 10 Year Bond	2.9752	2.9953
U.S. 30 Year Bond	3.1258	3.1549

Currencies

BOC Close	Today	Previous
Canadian $	0.77649	0.77864
US $	1.28784	1.28429

Euro Rate 1 Euro=		Inverse
Canadian $	1.50971	0.66238
US $	1.17228	0.85304

Commodities

Gold	Close	Previous
London Gold Fix	1289.00	1293.05

Oil
WTI Crude Future	70.68	71.83

Market Commentary:
Canada
By Elena Popina
(Bloomberg) — Canadian stocks fell the most since April 30, down a third day after an 11-day winning streak that had been inching the benchmark index closer to its record high.
The S&P/TSX Composite Index dipped 0.13 percent to 16,113.62 on Thursday. Health care, energy and financials led declines; marijuana companies dragged health to a 2 percent drop. Technology and materials stocks gained the most, adding 1.3 percent and 1.1 percent, respectively.
Aecon Group Inc. fell 15 percent after the Canadian government blocked a proposed takeover of the construction firm by a unit of China Communications Construction Co. Auto-parts makers including Magna International Inc. and Linamar Corp. slid as U.S. President Donald Trump’s administration started an investigation into whether car and truck imports threaten national security, a move that could lead to new U.S. tariffs on foreign vehicles.
In other moves:
* Canopy Growth Corp. fell 6.2 percent as bearish bets against the global marijuana boom increased to a record
* Alamos Gold Inc. climbed 5.1 percent after extending high- grade mineralization at Island Gold mine
* Iamgold Corp. rose 4.4 percent to its highest level since September
* Western Canada Select crude oil traded at a $17.25 discount to WTI
* Gold rose less than 1.2 percent, the most in seven weeks, to
$1,309.70 an ounce
* The Canadian dollar weakened 0.3 percent to C$1.2883 per U.S. dollar
* The Canada 10-year government bond yield fell ~3 basis points to 2.41%
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks partially rebounded from early declines Thursday sparked by the cancellation of the U.S.-North Korea summit, as investors assessed the broader impact on trade relations and economic growth. Gold posted its biggest gain in a month and Treasuries rose with the yen amid a move to safe-haven assets.
The S&P 500 Index and Dow Jones Industrial Average remained lower despite the bounce-back, while the Nasdaq Composite Index and small cap Russell 2000 Index were essentially unchanged. Transportation stocks led gainers and energy companies paced decliners, as oil weighed on the shares.
The moves followed the release of President Donald Trump’s letter to the North Korean leader Kim Jong-Un, in which he blamed the “tremendous anger and open hostility” in recent statements from Pyongyang for his decision. The news heightened concerns that geopolitical turmoil may upend hopes for a global expansion, particularly as a China trade deal looks less likely. On Wednesday, the administration threatened to impose tariffs on imported cars and trucks for “national security” purposes.
“The headline that Trump canceled the talk with North Korea — we are seeing a lot of these kinds of episodes,” said Zhiwei Ren, managing director and portfolio manager with Penn Mutual Asset Management. “Most of the time I just ignore it, because at the end of the day, the U.S. stock market trades with the fundamentals. This is noise. In general, we treat this as noise and hold our current position. My expectation is that I don’t think this is going to change our current bullish tone in the market because the economy is doing well and earnings are great.”
Crude plunged after Russia’s energy minister reiterated that OPEC and its partners will discuss phasing out supply curbs when they meet next month. The Stoxx Europe 600 Index gave up an advance as foreign carmakers took a hit while U.S. auto companies gained. Turkey’s lira resumed its slump as traders weighed whether an emergency rate hike was enough to stem losses.
It’s been a challenging week for investors, who’ve been forced to navigate escalating geopolitical and trade risks, from Trump’s decision to back away from an agreement with China to North Korea warning of a “nuclear-to-nuclear showdown.” Questions are swirling around the Italian populist government’s economic policies, while Brexit negotiations loom large over British assets.
“Today you had a host of headlines, one having to do with trade and others having to do with North Korea,” said Quincy Krosby, the chief market strategist at Prudential Financial Inc. “You see money going into the Treasury market and money going into gold. You would not have gold being a safe haven trade if it was just about trade. That’s typically related to geopolitical issues. The question for the market is, are there going to be more headlines like this?”
Meanwhile, emerging-market currencies rose despite the lira move, and developing-nation stocks gained. The euro strengthened after falling to a six-month low.
These are some key events to watch this week:
* At the St. Petersburg Forum Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in- Chief John Micklethwait.
* Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.

These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent to 2,727.77, while the Russell 2000 rose less than 0.1 percent.
* The Stoxx Europe 600 Index declined 0.5 percent.
* The U.K.’s FTSE 100 Index sank 0.9 percent.
* The MSCI Emerging Market Index added 0.2 percent.
* The MSCI Asia Pacific Index fell 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.1 percent.
* The euro gained 0.2 percent to $1.1723.
* The British pound jumped 0.3 percent to $1.3383, the largest climb in more than five weeks.
* The Japanese yen advanced 0.7 percent to 109.26 per dollar.
* The Turkish lira sank 2.7 percent to 4.701 per dollar, the weakest on record with the largest tumble in almost two years.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.9733 percent.
* Germany’s 10-year yield declined four basis points to 0.472 percent, the lowest since January.
* Britain’s 10-year yield fell four basis points to 1.401 percent.
Commodities
* West Texas Intermediate crude dipped 1.7 percent to $70.65 a barrel.
* Gold advanced 0.9 percent to $1,304.67 an ounce.
–With assistance from Andreea Papuc, Yakob Peterseil and Samuel Potter.

Have a great evening.

Be magnificent!

As ever,

Carolann

When you feel in your gut what you are and then dynamically pursue
it – don’t back down and don’t give up – then you’re
going to mystify a lot of folks.
-Bob Dylan, b. 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

May 23, 2018

May 23, 2018 Newsletter

Dear Friends,

Tangents:

On this day in 1934, Bonnie Parker and Clyde Barrow were shot to death by Texas and Louisiana state police while driving a stolen car after a string of crimes.

1887 – First CPR Train Steams into the Vancouver Harbour Terminal

PHOTOS OF THE DAY

Miao people play the suona at a folk festival which falls on the eighth day of the fourth month in the Chinese lunar calendar, in Anshun, China. Credit: VCG Via Getty Images

Flora, fashion and famous faces were the format again for the colourful Royal Horticultural Society’s Chelsea Flower Show. Credit: Heathcliff O’Malley for the Telegraph

An illumination of a three dimensional 17^th century boat, which is created by projecting light along the surface of the surrounding water, at Salthouse Dock in Liverpool ahead of the Three Festivals Tall Ships Regatta. Credit: Peter Byrne/PA
Market Closes for May 23^rd, 2018

Market Index	Close	Change
Dow Jones	24886.81	+52.40 +0.21%

S&P 500	2733.29	+8.85 +0.32%

NASDAQ	7425.957	+47.502 +0.64%

TSX	16133.80	-10.99
		-0.07%

International Markets

Market Index	Close	Change
NIKKEI	22689.74	-270.60
		-1.18%
HANG SENG	30655.64	-568.71
		-1.82%
SENSEX	34344.91	-306.33
		-0.88%
FTSE 100*	7788.44	-89.01
		-1.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.439	2.488
CND. 30 Year Bond	2.447	2.498
U.S. 10 Year Bond	2.9953	3.0615
U.S. 30 Year Bond	3.1549	3.2057

Currencies

BOC Close	Today	Previous
Canadian $	0.77864	0.78020
US $	1.28429	1.28173

Euro Rate 1 Euro=		Inverse
Canadian $	1.50211	0.66573
US $	1.16961	0.85499

Commodities

Gold	Close	Previous
London Gold Fix	1293.05	1288.35

Oil
WTI Crude Future	71.83	72.13

Market Commentary:
Number of the Day
200,000
Venezuelan’s crude output has dropped by 200,000 barrels a day this year, posing a risk to global oil supply.
Canada
By Carolina Wilson
(Bloomberg) — The S&P/TSX Composite Index lost 11 points or less than 0.1 percent to close at 16,133.80 Wednesday, down a second day after an 11-day winning streak.
Consumer staples and utilities stocks outperformed, adding 1.6 percent and 0.8 percent, respectively. Energy fell the most, down 0.7 percent, as crude flirted with this week’s low and Scotia Howard analyst said the oil rally may pause before a June OPEC meeting.
In other moves:
Stocks
* Eldorado Gold Corp. climbed as much as 7.2 percent, adding to Tuesday’s gains following a report Greece aims to resolve a long-standing standoff with the miner
* Alamos Gold Inc. climbed 5 percent, the most in two months
* MEG Energy Corp. rose 4.1 percent after Morgan Stanley analyst Benny Wong upgraded the stock to overweight
* First Quantum Minerals Ltd. fell 3.3 percent as Citi says the firm is the most likely takeover target within copper miners
Commodities
* Western Canada Select crude oil traded at a $17.00 discount to WTI
* Gold rose less than 0.1 percent to $1,298.20 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.28304 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.45 percent
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — U.S. stocks clawed back early losses to trade higher after minutes from the most recent Federal Reserve meeting showed central bankers in no hurry to accelerate the pace of rate hikes even as the economy continues to improve. Yields on 10-year Treasuries briefly dipped below 3 percent, while the dollar climbed.
All major equity benchmarks rose despite escalating geopolitical fears following President Donald Trump’s decision to back away from a recently announced trade agreement with China. The dollar climbed as investors got a mixed picture on the health of U.S. consumers from a host of retailer earnings. Tiffany & Co. surged as sales blew away estimates, while Target Corp. tumbled after its profit missed forecasts.
“Although we have a lot of market noise around trade and North Korea and Middle East, the fundamental picture is still bright,” said Anthony Saglimbene, global market strategist at Ameriprise Financial. “Earnings are growing, the Fed is still accommodative, inflation levels are still very modest. That is all positive for stock prices over the next six to 12 months.”
For traders, the monetary policy chatter was a welcome break from the geopolitical back-and-forth. Trump appeared to express pessimism on a planned summit meeting with North Korean leader Kim Jong Un, and the U.S. president kept up his attacks on Special Counsel Robert Mueller’s investigation, warning of a “scandal the likes of which this country may never have seen before.” Meanwhile, in Italy questions are swirling around the populist government’s economic policies.
“We’re seeing a bit of a pullback here given some of the geopolitical headlines and tensions you’re seeing around the globe,” said Francis Gannon, the co-chief investment officer at The Royce Funds, which manages $17 billion. “The market almost was looking for an excuse to take a bit of a breather here, so it’s not surprising.”
Markets in Europe also tumbled as weak manufacturing data added to concern that growth is slowing in the region. U.K. inflation figures trailed expectations, denting prospects for a rate increase. The Stoxx Europe 600 Index sank the most in two months, the euro fell to a six-month low and the pound weakened. The Turkish lira clawed back from a record low after the government announced an emergency rate hike. The yen jumped as traders sought havens.
These are some key events to watch this week:
* Thursday sees the Bank of England Markets Forum at Bloomberg London. Speakers include BOE Governor Mark Carney and New York Fed President William Dudley.
* At the St. Petersburg Forum Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in- Chief John Micklethwait.
* Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent to 2,733.25, while the Nasdaq 100 Index gained 0.9 percent.
* The Stoxx Europe 600 Index sank 1.1 percent in the biggest tumble in two months.
* The MSCI Asia Pacific Index fell 0.4 percent to the lowest in two weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro fell 0.6 percent to $1.1704, the weakest in more than six months.
* The British pound sank 0.6 percent to $1.3356, the weakest since December.
* The Japanese yen jumped 0.7 percent, the most since February, to 110.13 per dollar.
Bonds
* The yield on 10-year Treasuries decreased six basis points to 3.0045 percent.
* Germany’s 10-year yield dipped five basis points to 0.507 percent.
* Britain’s 10-year yield fell eight basis points, the most in two months, to 1.439 percent.
Commodities
* West Texas Intermediate crude sank 0.5 percent to $71.76 a barrel.
* Gold rose 0.2 percent to $1,293.30 an ounce.
* Copper fell 1.9 percent to $3.0605 per pound.
–With assistance from Samuel Potter, Robert Brand, Yakob Peterseil and Brendan Walsh.

Have a great night.

Be magnificent!

As ever,

Carolann

Better be wise by the misfortunes of others tan by your own.
-Aesop, 620 BCE-564 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

May 22, 2018

May 22, 2018 Newsletter

Dear Friends,

Tangents:
May 22, 1867 – Queen Victoria proclaims that the Confederation Act should go into effect and the Dominion of Canada should come into being on July 1, 1867. She also announces the names of Canada’s first seventy-two Senators, thirty-six Conservatives and thirty-six Reformers. Windsor, England.

-from The New York Times, May 22, 2018:

Sherlock Holmes is “the most famous fictional character of the past two centuries, rivaled only by Dracula and James Bond,” a reviewer for The Times once argued.

Even so, the creator of the character, Arthur Conan Doyle, couldn’t wait to kill him off. Doyle was born in Edinburgh on this day in 1859.

Arthur Conan Doyle at his home in England in 1927.
Fox Photos/Hulton Archive, via Getty Images

Although Doyle wrote four novels and 56 short stories featuring the great detective and his companion Dr. John Watson, by 1893 he was bored of his creation.

In “The Final Problem,” Doyle sent his protagonist plunging over the Reichenbach Falls with his arch-nemesis, Prof. James Moriarty, seemingly to their deaths. (More than 20,000 outraged readers canceled their subscriptions to The Strand Magazine when the story was published.)

Doyle later said of Holmes, “I have had such an overdose of him that I feel towards him as I do towards pâté de foie gras, of which I once ate too much.”

Although he eventually resurrected Holmes, Doyle also had time for pursuits worthy of his eccentric sleuth: He helped popularize skiing, tried his hand (unsuccessfully) at politics and was knighted for his report on the Boer War.

He also had a deep interest in the supernatural and helped popularize a famous hoax of the early 20th century: a series of photographs of garden fairies.

Charles McDermid wrote today’s Back Story.

PHOTOS OF THE DAY

A colourful kingfisher emerges from the water with its lunch in Kirkcudbright, Scotland. Credit: Isabel Hardman/Solent News & Photo Agency

Lightning strikes over the Ikiyaka Mountains in Hakkari, Turkey. Credit: Okzan Bilgin/Anadolu Agency/Getty Images

A plane flies past the moon over Turkey-Iraq border in Semdinli district of Hakkari, Turkey. Credit: Okzan Bilgin/Anadolu Agency/Getty Images
Market Closes for May 22^nd, 2018

Market Index	Close	Change
Dow Jones	24834.41	-178.88 -0.72%

S&P 500	2724.44	-8.57 -0.31%

NASDAQ	7378.457	-15.579 -0.21%

TSX	16144.79	-17.52
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	22960.34	-42.03
		-0.18%
HANG SENG	31234.35	+186.44
		+0.60%
SENSEX	34651.24	+35.11
		+0.10%
FTSE 100*	7877.45	+18.28
		+0.23%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.488	2.486
CND. 30 Year Bond	2.498	2.496
U.S. 10 Year Bond	3.0615	3.0578
U.S. 30 Year Bond	3.2057	3.1999

Currencies

BOC Close	Today	Previous
Canadian $	0.78020	0.77604
US $	1.28173	1.28859

Euro Rate 1 Euro=		Inverse
Canadian $	1.50982	0.66233
US $	1.17795	0.84893

Commodities

Gold	Close	Previous
London Gold Fix	1288.35	1289.50

Oil
WTI Crude Future	72.13	71.28

Market Commentary:
$~ On this day in 1928, Thomas Boone Pickens was born in Holdenville, Okla. With his unsolicited bid to buy Cities Service Co. in 1982, he set off the hostile takeover wars of the 1980s.
Canada
By Bloomberg Automation
(Bloomberg) — Market breadth for the S&P/TSX Composite Index strengthened as 8.5 percent of companies rose to new 52- week highs, compared with 4.4 percent the previous day, the most since Oct. 26.
The Canada S&P/TSX was little changed at 16,144.79, ending a 11-day gain. The loss follows the previous session’s increase of 0.12 percent.
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks erased early gains and turned lower Tuesday as optimism over improving trade relations with China gave way to renewed concerns about geopolitical tensions with North Korea. The dollar fell, Treasuries were steady and crude slid to a loss after surging to the highest since November 2014.
The S&P 500 Index tumbled with the Dow Jones Industrial Average and Nasdaq benchmarks in late trading after President Donald Trump cast doubt on a possible summit with North Korea during his Oval Office meeting with South Korea President Moon Jae-in.
“What we saw when the meeting was originally scheduled was that the market reacted favorably to that, so I think that any cancellation could cause a little bit of a pullback,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “I would expect that that would be short lived, because at the end of the day we’re back where we started and it means uncertainty is back on the table, but I think the factors underpinning the economy are still quite strong.”
Earlier, stocks rallied following China’s announcement that it will cut the import duty on passenger cars to 15 percent, signaling a further easing of trade tensions with the U.S. The Stoxx Europe 600 Index climbed, and emerging-market shares advanced, ending a three-day losing streak.
‘‘At the end of the day, the more trade the better,” said Lee Caleshu, chief investment officer of Halite Parters. “The more openness, the less tariffs, the less government regulations coming in to affect industry, the better.”
The euro fell slightly as investors weighed the chances that Italy’s president will seek to curtail a potential populist government, while the country’s bonds rebounded from a two-day slide. The Turkish lira sank to yet another record low. Sterling strengthened amid speculation there could be another U.K. election and after upbeat comments from a Bank of England policy maker.
Beyond politics, central banks are also in focus this week. The Federal Reserve will release minutes of its latest policy meeting on Wednesday, while the ECB follows suit on Thursday. A raft of U.S. debt sales adds to the busy agenda.
Elsewhere, the Chilean peso and South African rand led gains in emerging currencies. WTI crude climbed to a three-year high.
These are some key events to watch this week:
* The Federal Reserve releases minutes of the central bank’s May 1-2 meeting on Wednesday; U.S. new home sale also released as are euro-area and Japan PMIs.
* Thursday sees the Bank of England Markets Forum at Bloomberg London. Speakers include BOE Governor Mark Carney and New York Fed President William Dudley.
* At the St. Petersburg Forum Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in- Chief John Micklethwait.
* Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.3 percent to 2,724.46 while the Dow dropped 179 points, or 0.7 percent, to 24,834.41.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The MSCI Emerging Market Index increased 0.7 percent, the largest gain in more than a week.
* The MSCI Asia Pacific Index advanced 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1 percent.
* The euro declined 0.1 percent to $1.1779.
* The British pound added less than 0.1 percent to 1.3433.
* The Japanese yen rose 0.2 percent to 110.88 per dollar.
* The Turkish lira sank 2.1 percent to 4.6728 per dollar, the weakest on record.
Bonds
* The yield on 10-year Treasuries was little changed at 3.0615 percent.
* Germany’s 10-year yield increased four basis points to 0.56 percent.
* Britain’s 10-year yield gained five basis points to 1.523 percent.
* Italy’s 10-year yield declined six basis points to 2.328 percent, the largest drop in more than a week.
Commodities
* West Texas Intermediate crude slid 0.2 percent to $72.13 a barrel.
* Gold fell 0.1 percent to $1,291.87 an ounce.
–With assistance from Luke Kawa and Yakob Peterseil

Have a great night.

Be magnificent!

As ever,

Carolann

A wise man will make more opportunities than he finds.
-Francis Bacon, 1561-1626

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

May 18, 2018

May 18, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday! 🙂
On May 18, 1980, the Mount St. Helens volcano in Washington state exploded, leaving 57 people dead or missing.
Go to article »

An 80-year Harvard study claims to have found the gateway to happiness
This study started tracking 268 Harvard sophomores in 1938 during the Great Depression
Published: May 18, 2018
There are some things that money can’t buy. True friends and happiness are among them. In fact, an 80-year-long study at Harvard University claims good pals are the key to a happy life.
Scientists began tracking the health of 268 Harvard sophomores in 1938, and have continued the study over the past eight decades. The original participants included President John F. Kennedy and long-time Washington Post editor Ben Bradlee, according to the Harvard Gazette. The study originally only included men, as Harvard didn’t admit women at that time, but the ongoing research has expanded, and now includes 1,300 of the original participants’ offspring. In the 1970s, 456 Boston inner-city residents were added to the study.
“The surprising finding is that our relationships and how happy we are in our relationships has a powerful influence on our health,” Robert Waldinger, director of the study and a professor of psychiatry at Harvard Medical School, told the Harvard Gazette. “Taking care of your body is important, but tending to your relationships is a form of self-care too. That, I think, is the revelation.” That, he said, is more important than money or fame. “Loneliness kills,” he added. “It’s as powerful as smoking or alcoholism.”
This is backed up by previous research on the subject. Loneliness is actually considered a public health hazard just like obesity, separate research presented at the American Psychological Association annual conference last year found. It analyzed 148 studies, covering 300,000 participants. People with greater social connections had a 50% reduced risk of dying early. Other research involving 70 studies and 3.4 million people in North America, Europe, Asia and Australia concluded that social isolation, loneliness or living alone were all linked to premature death.
Still, other studies suggest money helps. Psychologists from Purdue University and the University of Virginia analyzed World Gallup Poll data from 1.7 million people in 164 countries, and cross-referenced their earnings and life satisfaction. Although the cost and standard of living varies across these countries, researchers came up with a bold conclusion: The ideal income for individuals is $95,000 a year for life satisfaction and $60,000 to $75,000 a year for emotional well-being. Families with children, of course, will need more.
Don’t miss: This 88-year-old has some advice about staying young — and happy
In fact, the risk of dying earlier jumps 50% when you have a sudden loss of wealth, according to a 20-year study of 8,000 adults 50 years and older released earlier this month by Northwestern Medicine and the University of Michigan. Some theories as to why: Medical care becomes less affordable and the ability to pursue one’s dreams and explore further education may also be impacted by a sudden loss of wealth. What’s more, a sudden loss of wealth could also lead to more social isolation and the inability to afford to travel and do the same kinds of things with friends.
Isolating ourselves from others with technology can have long-term effects. Sixth grade children who spent five days at a summer camp without technology had significantly improved emotional cognition — recognizing different emotions in others — than those who spent 4.5 hours a day at home texting, watching TV and gaming, a 2014 study of 100 kids published in the journal Computers in Human Behavior. Understanding emotion and socialization skills are critical, says Yalda Uhls, co-author and senior researcher at the Children’s Digital Media Center at UCLA.
PHOTOS OF THE DAY

David Hockney’s Pacific Coast Highway and Santa Monica as two of his pieces sold for more than 40.1 million dollars (£29.6m). Credit: Sotheby’s/PA

An amazing double rainbow over New York City. Credit: Jennifer Khordi/Cater News

Members of “Boi Tinga”, Brazil, dance during a performance for visitors at Jardim da Praca do Imperio during the XIII International Festival of the Iberian Mask in Lisbon, Portugal. The XIII International Festival of the Iberian Mask takes place from 17 – 20 May, and it’s aim is to raise awareness of the cultural links between Portugal and Spain with the masks as it’s main theme. Credit: Horacio Villalobos – Corbis Via Getty Images
Market Closes for May 18^th, 2018

Market Index	Close	Change
Dow Jones	24715.09	+1.11 —

S&P 500	2712.97	-7.16 -0.26%

NASDAQ	7354.340	-28.133 -0.38%

TSX	16162.31	+18.75
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	22930.36	+91.99
		+0.40%
HANG SENG	31047.91	+105.76
		+0.34%
SENSEX	34848.30	-300.82
		-0.86%
FTSE 100*	7778.79	-9.18
		-0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.486	2.520
CND. 30 Year Bond	2.496	2.528
U.S. 10 Year Bond	3.0578	3.1131
U.S. 30 Year Bond	3.1999	3.2479

Currencies

BOC Close	Today	Previous
Canadian $	0.77604	0.78108
US $	1.28859	1.28028

Euro Rate 1 Euro=		Inverse
Canadian $	1.51681	0.65928
US $	1.17711	0.84954

Commodities

Gold	Close	Previous
London Gold Fix	1289.50	1291.25

Oil
WTI Crude Future	71.28	71.49

Market Commentary:
$~On this day in 2012, Facebook Inc. began trading on the Nasdaq after its public offering priced the shares at $38 apiece. The stock price sputtered in glitchy trading, forcing bankers to step in and prop it up.

Number of the Day
271
The number of digital coin offerings with red flags, including plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams, in a Wall Street Journal review of 1,450 offerings.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks eked out an 11th straight gain, coming within one day of matching the 12-day winning streak set in February 2014, amid lighter-than-usual trading volume ahead of a long weekend.
The S&P/TSX Composite Index rose 19 points or 0.1 percent to 16,162.31 Friday. The gain for the week was 1.1% percent, the sixth consecutively weekly gain.
Health-care stocks were the biggest gainers, adding 4.3 percent as cannabis shares jumped. Aurora Cannabis Inc., which has been on an acquisition spree, rose 10 percent.
Financials slid 0.2 percent ahead of bank earnings next week. Energy stocks also fell 0.2 percent.
In other moves:
Stocks
* Enbridge Inc. lost 1.8 percent. The company said it isn’t in talks to buy the Trans Mountain pipeline from Kinder Morgan Canada Ltd.
* ATS Automation Tooling Systems Inc. rose 3.6 percent to the highest since 2002, the second day of gains following strong quarterly results
* Husky Energy Inc. added 1.3 percent after announcing discoveries offshore China and Canada
Commodities
* Western Canada Select crude oil traded at a $17.40 discount to WTI
* Gold rose 0.2 percent to $1,291.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.28800 per U.S. dollar after retail sales excluding autos missed estimates
* The Canada 10-year government bond yield fell 3 basis points to 2.49 percent
–With assistance from Morwenna Coniam.
US
By Joe Easton and Jeremy Herron
(Bloomberg) — U.S. stocks fell in light trading, the dollar rose and Treasury yields retreated as investors assessed conflicting signals on trade talks between the world’s two largest economies.
The S&P 500 Index edged lower on volume 8 percent below the 30-day average, adding to a weekly loss. Technology shares slid after Applied Materials Inc. reported weak results. Small caps pushed to a fresh record as the dollar headed for its strongest week since 2016. Brent crude held below $80 a barrel and gold halted a slide. The 10-year yield fell below 3.1 percent.
In Europe, the common currency fell and Italian 10-year bond yields jumped to the highest since October amid uncertainty over the Five Star Movement-League coalition’s policy platform as they attempt to form a government. The region’s major equity benchmark pared an eighth straight weekly advance.
Investors are closely watching progress on the latest China-U.S. trade talks for signs of a breakthrough that could reignite a recent rally in global equities, while factoring in oil prices at a four-year high and a 10-year Treasury yield now firmly above 3 percent. Politics in peripheral Europe are also back in the spotlight after Italy’s populist leaders sealed a coalition agreement and a plan for reforms seen as a challenge to the European Union establishment.
The Turkish lira weakened to a fresh record as emerging market currencies headed for their biggest weekly slump since November 2016.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent at 4 p.m. in New York. The index is down 0.5 percent in the five days.
* The Dow Jones Industrial Average rose 0.1 percent. It fell 0.4 percent in the week.
* The Stoxx Europe 600 Index dipped 0.3 percent. It rose 0.6 percent, an eight straight advance.
* The MSCI Asia Pacific Index increased 0.1 percent.
* The MSCI Emerging Market Index declined 0.6 percent to the lowest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3 percent to the highest in more than 20 weeks.
* The euro decreased 0.2 percent to $1.1768, hitting the weakest in five months with its fifth consecutive decline.
* The British pound declined 0.3 percent to $1.3479.
* The Japanese yen rose 0.1 percent to 110.705 per dollar, halting a four-day slide.
Bonds
* The yield on 10-year Treasuries fell five basis points to 3.0633 percent, the first retreat in more than a week. The rate topped 3.11 percent earlier in the five days, the highest since 2011.
* Germany’s 10-year yield decreased one basis point to 0.63 percent.
* Britain’s 10-year yield declined six basis points to 1.50 percent, the biggest fall in two weeks.
Commodities
* West Texas Intermediate crude slipped 0.3 percent to settle at $71.28 a barrel. Crude in London posted a sixth straight weekly gain, the longest since 2011.
* Gold futures added 0.2 percent to $1,292.10 an ounce.
–With assistance from Cormac Mullen.

Have a great weekend.

Be magnificent!

As ever,

Carolann

When your work speaks for itself, don’t interrupt.
-Henry J. Kaiser, 1882-1967

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

May 17, 2018

May 17, 2018 Newsletter

Dear Friends,

Tangents:

May 17, 1642 – City of Montreal – founded – Governor Montmagny escorts Paul de Chomedy de Maisonneuve and Jeanne Mance to Montréal Island with Mme de La Peltrie, Charlotte Barré and other colonists and officially hands over the island to La Société Notre-Dame; they land on the site the following day, May 18, to found a settlement they call Ville Marie de Montréal. Montréal, Québec

1844: Rubber band patented.

PHOTOS OF THE DAY

Gallery assistants hold a Rembrandt painting called “Portrait of a Young Man” at Hermitage Amsterdam, Netherlands. Credit: Francois Lenoir/Reuters

Christies employee Louise Simpson looks at Red Figure (2009) by Tony Cragg, one of the exhibits at Sculpture in the Park, St. Jame’s Park, London. Credit: Jeff Gilbert for The Telegraph

People play golf as an ash plume rises in the distance from the Kilauea volcano on Hawaii’s Big Island. The U.S. Geological Survery said a recent lowering of the lava lake at the volcano’s Halemaumau crater ‘has raised the potential for explosive eruptions’ at the volcano. Credit: Mario Tama/Getty Images

A 1965 Jaguar E-Type once raced by Sir Stirling Moss is expected to sell for up to £130,000 when it goes under the hammer at RAC Woodcote Park, Surrey on June 5^th. Credit: H&H Classics
Market Closes for May 17^th, 2018

Market Index	Close	Change
Dow Jones	24713.98	-54.95 -0.22%

S&P 500	2720.13	-2.33 -0.09%

NASDAQ	7382.473	-15.823 -0.21%

TSX	16143.55	+35.50
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	22838.37	+121.14
		+0.53%
HANG SENG	30942.15	-168.05
		-0.54%
SENSEX	35149.12	-238.76
		-0.67%
FTSE 100*	7787.97	+53.77
		+0.70%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.520	2.502
CND. 30 Year Bond	2.528	2.514
U.S. 10 Year Bond	3.1131	3.0964
U.S. 30 Year Bond	3.2479	3.2172

Currencies

BOC Close	Today	Previous
Canadian $	0.78108	0.78181
US $	1.28028	1.27909

Euro Rate 1 Euro=		Inverse
Canadian $	1.51025	0.66214
US $	1.17956	0.84777

Commodities

Gold	Close	Previous
London Gold Fix	1291.25	1295.00

Oil
WTI Crude Future	71.49	71.49

Market Commentary:
$~On this day in 1792, the ancestor of the New York Stock Exchange was born as 24 brokers gathered under a tree and signed the Buttonwood Agreement.
Number of the Day
11
The number of records this year for the Russell 2000 index, including Wednesday’s fresh high. The small-cap benchmark has been climbingeven as multinational firms have lagged.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks continued to grind towards a record high, rising for a 10th straight day as Western Canada Select crude prices hit the highest level since 2014.
The S&P/TSX Composite Index gained 35 points or 0.2 percent to 16,143.55, less than 300 points from its high. Energy shares added 1.3 percent, the most in a month, with Spartan Energy Corp. up 6.6 percent and Vermilion Energy Inc. rising 6 percent.
Kinder Morgan Canada Ltd. fell 2.7 percent, retracing all of Wednesday’s 2 percent gain. Prime Minister Justin Trudeau said Canada has alternatives if the company decides not to build its Trans Mountain pipeline expansion.
In other moves:
Stocks
* ATS Automation Tooling Systems Inc. rose 11 percent to the highest since 2002 after earnings beat the highest analyst estimate
* Enbridge Income Fund Holdings Inc. gained 5.3 percent, the most since 2015, as Enbridge Inc. offered to buy all its outstanding securities
* Canadian National Railway Co. added 1 percent to the highest in 11 months. Bank of America Merrill Lynch upgraded the stock two notches on a rebound in service and volume growth
Commodities
* Western Canada Select crude oil traded at a $13.25 discount to WTI
* Gold fell 0.2 percent to $1,289.40 an ounce, the lowest since December
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2801 per U.S.dollar
* The Canada 10-year government bond yield rose two basis points to 2.52 percent, the highest since 2014
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks ended a back-and-forth session lower, Treasuries fell and the dollar advanced as investors looked past trade comments by President Donald Trump amid a fresh batch of solid economic data.
The S&P 500 Index fell to session lows after Trump raised doubts about the outcome of talks between his trade representatives and China’s negotiator. Stocks battled back to erase those losses before fading into the close. Energy producers rallied on merger activity, while Cisco Systems Inc.’s weak earnings took down technology shares. The surging dollar bolstered domestically focused small caps to a fresh record. Data on manufacturing and employment that showed economic strength lifted Treasury yields to 3.11 percent.
Recent evidence that the world’s largest economy will continue to pick up steam is currently just a consolation prize for investors, who are having to adjust to the highest U.S. bond yields in years as well as second-guess issues stretching from peace on the Korean peninsula to Italian populists forming a government. Looming over it all are trade talks between the U.S. and China, the outcome of which could cement the global growth story — or derail it.
In Europe, the common currency euro was slightly weaker and Italian bonds dropped as party leaders sealed an agreement to form a populist government. The pound jumped but then pared gains amid conflicting reports over Britain’s future in the EU customs union. The Stoxx Europe 600 Index advanced. Earlier in Asia equities rose in Japan and fell in Australia and Korea.
Elsewhere, the Turkish lira deepened its losses, while emerging-market stocks slipped.
These are some key events to watch this week:
* Cleveland Fed President Loretta Mester speaks on monetary policy at an ECB conference in Frankfurt on Thursday.
* Chinese Vice Premier Liu He is expected in Washington for more trade talks.
And these are the main moves in markets:
Stocks
* The S&P 500 fell 0.1 percent at 4 p.m. in New York.
* Cisco fell 3.6 percent and Walmart lost 2.4 percent.
* The Nasdaq 100 Index lost 0.4 percent, while the Russell 2000 Index climbed 0.2 percent to a record.
* The Stoxx Europe 600 Index increased 0.7 percent to the highest in 15 weeks.
* The MSCI Emerging Market Index sank 1 percent to the lowest in more than a week.
* The MSCI Asia Pacific Index declined 0.2 percent to the lowest in a week.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest in 20 weeks.
* The euro fell 0.1 percent to $1.1795.
* The Japanese yen decreased 0.3 percent to 110.77 per dollar.
* The Turkish lira sank 1 percent to 4.4595 per dollar.
Bonds
* The yield on 10-year Treasuries edged higher to 3.11 percent, the highest in about seven years.
* Germany’s 10-year yield gained three basis points to 0.64 percent.
* Italy’s 10-year yield was flat at 2.111 percent.
Commodities
* West Texas Intermediate crude fell 0.2 percent to $71.34 a barrel.
* Gold dipped 0.1 percent to $1,289.88 an ounce, the weakest in 20 weeks.
* Brent crude was flat at 79.24 a barrel after topping $80 a barrel for the first time in four years.
–With assistance from Andreea Papuc, Sheldon Reback and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

Anything too stupid to be said is sung.
–Voltaire, 1694-1778

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