Posted on

June 29, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!

June 29, 1922 – France formally transfers ownership of 100 hectares at Vimy Ridge to Canada.

PHOTOS OF THE DAY

Former Chief of the Secret Intelligence Service, also known as M16, John Sawers (2nd R) stands in his
formal robes at the beginning of the Service of Commemoration and Dedication, marking the 200th anniversary of the Most Distinguished Order of St Michael and St George at St Paul’s Cathedral in London. Credit: Leon Neal/AFP/Getty Images

Prince Williams touches the Western Wall, Judaism’s holiest prayer site, in Jerusalem’s Old City. Credit: Abir Sultan/Pool Via Reuters

A view of the Russian city of Petropavlovsk-Kamchatsky covered in fog. Credit: Vereshchaka Yelena\\Tass Via Getty Images

Lightning illuminates the night sky during heavy rainfall in Istanbul, Turkey. Credit: Emrah Yorulmaz/Anadolu Agency/Getty Images
Market Closes for June 29th, 2018

Market

Index

 Close Change
Dow

Jones

 24271.41 +55.36

 

+0.23%
S&P 500 2718.37 +2.06

 

+0.08%
NASDAQ 7510.305 +6.622

 

+0.09%
TSX 16277.73 +97.84

 
+0.60%

International Markets

Market

Index

 Close Change
NIKKEI 22304.51 +34.12
+0.15%
HANG

SENG

 28955.11 +457.79
+1.61%
SENSEX 35423.48 +385.84
+1.10%
FTSE 100* 7636.93 +21.30
+0.28%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.170 2.134
CND.

30 Year

Bond

 2.205 2.205
U.S.   

10 Year Bond

 2.8583 2.8365
U.S.

30 Year Bond

 2.9906 2.9657

Currencies

BOC Close Today Previous  
Canadian $ 0.76123 0.75458
US

$

 1.31366 1.32524
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53515 0.65140
US

$

 1.16861 0.85572

Commodities

Gold Close Previous
London Gold

Fix

 1251.55 1260.30
 
Oil
WTI Crude Future 74.15 73.45

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their best quarter since 2013, driven largely by energy stocks, which jumped 15 percent to mark their biggest quarterly gain in nine years.
     The S&P/TSX Composite Index added 5.9 percent in the second quarter, aided by a 0.6 percent gain on Friday to close at 16,277.73. Energy led the increase, rising 2.1 percent. Enbridge Inc. added 7.1 percent to the highest since January after Minnesota regulators approved the replacement and expansion of its Line 3 pipeline.
     The materials sector rose 1.6 percent, with First Quantum Minerals Ltd. up 6.4 percent. The company is reportedly a potential takeover target for Rio Tinto Plc.
     In other moves:
                          Stocks
* Bombardier Inc. gained 2.2 percent. Quebec Premier Philippe Couillard said he expects the shares to post further gains as its C Series jet attracts new orders
* Magna International Inc. lost 2 percent to the lowest in nearly two months after General Motors Co. warned that auto tariffs could force it to shrink U.S. operations and cut jobs
* AltaGas Ltd. rose 2.9 percent to the highest since Feb. 1. Its takeover of WGL Holdings Inc. gained the last major approval needed for the deal to close
                          Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Gold rose 0.3 percent to $1,254.50 an ounce, its first gain of the week
                           FX/Bonds
* The Canadian dollar strengthened 0.8 percent to C$1.3143 per U.S. dollar after Canada’s economy posted an unexpected gain in April
* The Canada 10-year government bond yield rose four basis points to 2.17 percent
US
By Jeremy Herron
     (Bloomberg) — Stocks eked out a gain amid late selling to cap a quarter that’s seen equities whipsawed by escalating trade tensions and central-bank hawkishness. Treasuries fell and the dollar slipped.
     The S&P 500 Index rose for a third straight month, though the index gave back more than three-quarters of a gain that neared 1 percent, with the retreat heaviest in the final 15 minutes of trading. Nike Inc. rose the most on record after reporting results, but the gain was not enough to drag the Dow Jones Industrial Average to an advance for June. The dollar pared a third straight monthly advance. The euro rose the most in a month and Italian 10-year government bonds rose. European equities pared a monthly loss. Ten-year Treasury yields rose to 2.85 percent, where they ended May.
     Investors looked for reasons to cheer at the end of a volatile quarter overshadowed by trade tensions and political risk. Trump’s reported threat to leave the World Trade Organization rattled markets before the U.S. open, but his Treasury secretary later walked back the statements. It’s still too early to tell how long the European Union’s united front and the respite in the yuan’s decline will last, for now the risks to financial markets appear to have eased.
     Emerging-market stocks rallied Friday to shave a fifth monthly loss. The group is down almost 8 percent in 2018. Shares in Hong Kong and Shanghai led an advance in Asia earlier. The offshore yuan rose, halting an 11-day decline that was triggered by concern about Chinese policy makers’ intentions. Crude rallied to $74.10 in New York, while Brent jumped toward $80 a barrel.
     These are key events coming up for the remainder of this week:
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves
                           Stocks
* The S&P 500 rose 0.1 percent to 2,718.38 at 4 p.m. in New York. It rose 0.5 percent in June.
* The Russell 2000 Index was flat, but capped a fourth monthly advance. The Dow Jones Industrial Average pared a loss in June as Nike rallied.
* The Stoxx Europe 600 Index advanced 0.8 percent.
* Japan’s Nikkei 225 Stock Average jumped 0.2 percent.
* The Shanghai Composite Index surged 2.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.5 percent.
* The euro climbed 0.9 percent to $1.1678.
* The British pound climbed 0.9 percent to $1.3194.
* The Japanese yen fell 0.2 percent to 110.754 per dollar.
                           Bonds
* Germany’s 10-year yield fell one basis point to 0.31 percent.
* Britain’s 10-year yield advanced two basis points to 1.272 percent.
* The yield on 10-year Treasuries rose one basis point to 2.85 percent.
                           Commodities
* West Texas Intermediate crude rose 1.2 percent to $74.34 a barrel.
* Brent crude climbed 2 percent to $79.44 a barrel.
* Gold futures added 0.2 percent to $1,253.80 an ounce.
–With assistance from Srinivasan Sivabalan, Adam Haigh and Joe Easton. 

Have a great weekend.

Be magnificent!

As ever, 

Carolann

Diligence is the mother of good fortune.
       -Miguel de Cevantes, 1547-1616

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

Unsubscribe me from this list

 

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June 28, 2018 Newsletter

Dear Friends,

Tangents:
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I.

Jean-Jacques Rousseau, philosopher, b. 1712.

The person who has lived the most is not the one with the most years but the one with the richest experiences. -Jean-Jacques Rousseau.
PHOTOS OF THE DAY

Two Damselfies are captured in incredible detail as they peer through holes that they have munched out of a leaf near the river Po in Reggio Emilia, Italy. Credit: Roberto Aldrovandi/Solent News & Photo Agency

South Korea players celebrate an historic victory against reigning world champions Germany. Germany are the fourth defending champions to be eliminated from the Group Stage at the World Cup in the last five tournaments (also France 2002, Italy 2010, Spain 2014). Credit: Dylan Martinez/Reuters

Germany fans react as they watch the match at a public viewing area at Brandenburg Gate. Credit: Hannibal Hanschke/Reuters

One of Lucian Freud’s last great nudes, Portrait on a White Cover sold in Sotheby’s London sale room for £22.5 million, making it the most valuable painting by the artist even sold in London. The previous highest price for a London auction of the artist’s work was £16.1 million set by Pregnant Girl at Sotheby’s in February 2016. Credit: Heathcliff O’Malley for the Telegraph
Market Closes for June 28th, 2018

Market

Index

 Close Change
Dow

Jones

 24216.05 +98.46

 

+0.41%
S&P 500 2716.31 +16.68

 

+0.62%
NASDAQ 7503.684 +58.599

 

+0.79%
TSX 16179.89 -51.36

 
-0.32%

International Markets

Market

Index

 Close Change
NIKKEI 22270.39 -1.38
-0.01%
HANG

SENG

 28497.32 +141.06
+0.50%
SENSEX 35037.64 -179.47
-0.51%
FTSE 100* 7615.63 -6.06
-0.08%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.134 2.093
CND.

30 Year

Bond

 2.205 2.179
U.S.   

10 Year Bond

 2.8365 2.8256
U.S.

30 Year Bond

 2.9657 2.9673

Currencies

BOC Close Today Previous  
Canadian $ 0.75458 0.75163
US

$

 1.32524 1.33045
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53245 0.65255
US

$

 1.15636 0.86479

Commodities

Gold Close Previous
London Gold

Fix

 1254.60 1260.30
 
Oil
WTI Crude Future 73.45 72.76

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks declined with consumer discretionary companies leading losses. Shaw Communications, Inc. fell 3.5 percent after taking an impairment charge on its investment in Corus Entertainment Inc., which slid 9.8 percent.
     The S&P/TSX Composite Index fell 0.3 percent to 16,179.89 points as global markets wavered under fears of President Trump’s trade war.
     Materials weighed on the market, dropping 0.8 percent even as Detour Gold Corp. climbed 3.3 percent, helped by two upgrades and a view that its status as an M&A target is growing.
     In other moves:
                                Stocks
* The Stars Group Inc. rose 6.2 percent after closing its previously announced underwritten public offering of common shares at $38.00
* Health care rose 4 percent as cannabis stocks accelerated.  Canopy Growth Corp. soared 9.8 percent despite reporting weak 4Q results
                                Commodities
* Western Canada Select crude oil traded at a $21.75 discount to WTI
* Aeco natural gas traded at a $1.67 discount to Henry Hub
* Gold fell 0.5 percent to $1,249.40 an ounce
                                 FX/Bonds
* The Canadian dollar strengthened 0.6 percent to C$1.3261 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.13 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose the most in three weeks as technology rebounded from losses sparked by America’s unclear strategy toward Chinese trade. Emerging-market assets had another miserable day, while Treasuries slumped with the dollar.
     The S&P 500 Index shook off early malaise to end higher, as technology stocks lifted the benchmark toward a monthly gain. The 2,700 mark provided a key level of support. The Nasdaq indexes led advances after bearing the brunt of selling in prior sessions. Walgreens Boots Alliance Inc., the Dow Jones Industrial Average’s newest member, plunged after Amazon.com Inc. said it acquired an online pharmacy. A gauge of developing- market stocks sank to the lowest level in 10 months. West Texas Intermediate crude pushed above $73 a barrel.
     Confusing signals on global trade keep coming from the White House, which yesterday appeared to step back from an all- out confrontation with the world’s second biggest economy, only for adviser Larry Kudlow to later say that President Donald Trump’s wasn’t softening his stance. In China, which Trump previously branded a currency manipulator, the yuan’s fastest fall since 2015 is threatening to heighten tensions.
     “The volatility comes because we’ve seen some volatility in the trade talks and it just naturally moves over into the markets,” Chris Gaffney, president of TIAA Bank World Markets in St. Louis, said by phone. “Trade is one of the major things impacting emerging markets, it’s impacting all of the markets. But specifically on the emerging market rout, unfortunately there’s probably more to come.”
     These are key events coming up for the remainder of this week:
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves:
                            Stocks
* The S&P 500 rose 0.6 percent at 4 p.m. in New York.
* The Russell 2000 added 0.2 percent and the Nasdaq 100 Index climbed 0.9 percent.
* The Stoxx Europe 600 Index declined 0.8 percent to the lowest in more than 11 weeks.
* The MSCI All-Country World Index was flat.
* Germany’s DAX Index fell 1.4 percent to the lowest in 12 weeks.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent.
* The euro rose 0.1 percent to $1.163.
* The Japanese yen increased 0.2 percent to 110.51 per dollar.
* The British pound sank 0.3 percent to $1.3075.
* The offshore yuan fell 0.1 percent to 6.6337 per dollar.
                             Bonds
* The yield on 10-year Treasuries increased two basis points to2.84 percent, the first advance in more than a week.
* The two-year yield added one basis point to 2.52 percent.
* Britain’s 10-year yield decreased less than one basis point to 1.245 percent, the lowest in four weeks.
                             Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas crude rose 0.8 percent to $73.34 per barrel.
* Gold futures fell 0.5 percent to $1,249.40 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Aline Oyamada, Giulia Morpurgo, Srinivasan Sivabalan, Adam Haigh and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

It is quite a three-pipe problem.
-Arthur Conan Doyle, 1859-1930

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

Posted on

June 27, 2018 Newsletter

Dear Friends,

Tangents:

1980 – O Canada Proclaimed as Canada’s National Anthem

PHOTOS OF THE DAY

Clouds gather over the Grand Mosque of the Kremlin during the 2018 soccer World Cup in Kazan, Russia. Credit: Michael Probst/AP

Victor the Polar Bear enjoys a dip in the water at Yorkshire Wildlife Park as temperatures are predicted to increase this week. Credit: Danny Lawson/PA

A storm rolls in over Sarasota, Florida, US. Credit: Val Vasilescu/Facebook.com/Kingofsunsets/via Reuters
Market Closes for June 27th, 2018

Market

Index

 Close Change
Dow

Jones

 24117.59 -165.52

 

-0.68%
S&P 500 2699.63 -23.43

 

-0.86%
NASDAQ 7445.086 -116.541

 

-1.54%
TSX 16231.25 -48.84

 
-0.30%

International Markets

Market

Index

 Close Change
NIKKEI 22271.77 -70.23
-0.31%
HANG

SENG

 28356.26 -525.14
-1.82%
SENSEX 35217.11 -272.93
-0.77%
FTSE 100* 7621.69 +83.77
+1.11%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.093 2.102
CND.

30 Year

Bond

 2.179 2.186
U.S.   

10 Year Bond

 2.8256 2.8766
U.S.

30 Year Bond

 2.9673 3.0251

Currencies

BOC Close Today Previous  
Canadian $ 0.75018 0.75163
US

$

 1.33302 1.33045
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54103 0.64892
US

$

 1.15605 0.86501

Commodities

Gold Close Previous
London Gold

Fix

 1260.30 1268.70
 
Oil
WTI Crude Future 72.76 70.53

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, buoyed for a second day by oil prices, which rose to a one-month high on a U.S. demand that allies end all imports of Iranian oil.
     The S&P/TSX Composite Index added 51 points or 0.3 percent to 16,331.45 at 10:01 a.m. Energy stocks jumped 1.3 percent, bringing their quarter-to-date gain to more than 13 percent. Kelt Exploration Ltd. led Wednesday’s rise, up 4.1 percent.
     Meanwhile, health-care stocks fell 2.3 percent amid losses in the cannabis sector. Canopy Growth Corp. slid 4.8 percent after fourth-quarter revenue missed the lowest analyst estimate.
     In other moves:
                          Stocks
* Corus Entertainment tumbled 12 percent to a record low after slashing its dividend by 79 percent
* WSP Global Inc. lost 1.6 percent. The stock was downgraded to sector perform at Scotia Capital
* AGF Management Ltd. fell 1.1 percent after second-quarter earnings missed expectations
                          Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Aeco natural gas traded at a $2.04 discount to Henry Hug
* Gold fell 0.2 percent to $1,257.10 an ounce, the lowest since December
                           FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3296 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.08 percent, the lowest since January
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell to the lowest level since May and Treasuries rallied amid renewed concern that the Trump administration will crack down on Chinese investment. Energy producers surged with crude, while the dollar jumped.
     The S&P 500 Index erased gains that reached 0.9 percent to finish at the worst level since May 29. Comments from Larry Kudlow re-established the White House’s hard line on trade even after President Donald Trump softened his stance. Tech bore the brunt of selling as the White House intentions on limiting Chinese investment remained murky. Banks in the S&P 500 fell a record 13th straight day. Exxon Mobil Corp. rallied as oil moved toward $73 a barrel, though the Dow Jones Industrial Average pushed its loss in the year past 2 percent.
     Trade dominated U.S. equities for a third straight day as investors grapple with the implications of the on-again, off- again dust-ups with key partners. Federal Reserve Bank of Atlanta President Raphael Bostic yesterday warned that disruption to trade could increase risk to the economy. Crude added to its surge sparked by the U.S.’s request of allies to halt imports of Iranian oil.
     “It’s clearly been acting as a negative on the stock market,” Jeffrey Kleintop, chief global investment strategist at Charles Schwab, said in an interview at Bloomberg’s New York headquarters. “On days or times during the day like earlier today where trade issues appear to be receding, stocks tend to head higher, and I think ex the trade issues that’s where we’d be going.”
     These are key key events coming up this week:
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                          Stocks
* The S&P 500 fell 0.6 percent at 4 p.m. in New York.
* The Nasdaq Composite Index lost 1.3 percent.
* The Stoxx Europe 600 Index climbed 0.7 percent.
* The MSCI Asia Pacific Index dipped 0.8 percent to the lowest in more than eight months.
* The MSCI World Index of developed countries fell 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index advanced 0.6 percent to the highest in a week.
* The Japanese yen declined 0.2 percent to 110.266 per dollar.
* The euro decreased 0.8 percent to $1.1555.
* The British pound declined 0.8 percent to $1.3117, the weakest in more than seven months on the largest fall in more than a week.
                           Bonds
* The yield on 10-year Treasuries fell five basis points to 2.83 percent, reaching the lowest since May 29 on its fifth straight decline.
* Germany’s 10-year yield declined two basis points to 0.32 percent.
* Britain’s 10-year yield declined six basis points to 1.246 percent, the lowest in almost four weeks on the biggest fall in more than a week.
                           Commodities
* Gold futures fell 0.2 percent to $1,257 an ounce, the weakest in more than six months.
* West Texas Intermediate crude rose 1.5 percent to $71.59 a barrel in New York.
* Brent crude climbed 1.1 percent to $77.14 a barrel, the highest in almost three weeks. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

True strength is delicate.
-Louise Nevelson, 1899-1988

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

Posted on

June 26, 2018 Newsletter

Dear Friends,

Tangents:

On this day in 1974, the first item with a Universal Product Code was scanned at a supermarket in Troy, Ohio.

The rectangular bar code was the result of many decades of invention and collaboration, but it was based on an original, circular design by N. Joseph Woodland. He came up with the idea while sitting on the beach.
barcode.jpg
Now ubiquitous, the U.P.C. had its origins on a beach.
GS1 US

As a graduate student at the Drexel Institute of Technology, Mr. Woodland heard from a classmate about a supermarket executive in search of a solution to long checkout lines. Intrigued, they started trying to solve the problem. Mr. Woodland eventually moved to his grandparents’ house in Miami Beach to devote himself full time to the endeavor.

It’s there that he drew four lines in the sand with his fingers, envisioning a kind of graphical Morse code.

It was a flash of inspiration that Mr. Woodland said “sounds like a fairy tale.”

Though the original patent was sold for a paltry $15,000, Mr. Woodland was awarded the National Medal of Technology and Innovation in 1992 by President George Bush.

Emma McAleavy wrote today’s Back Story, The New York Times, June 26, 2018.

June 26, 2000 – Rival scientific teams completed the first rough map of the human genetic code.

Abner Doubleday, invented baseball, b. June 26,1819

PHOTOS OF THE DAY

An art installation called “Concentric Eccentric Circles” by Swiss artist Felice Varini on the outside of the medieval city in Carcassonne, France. To help celebrate 20 years of the site being listed as World Heritage by UNESCO, the Center for National monuments in France invited the artist to create a piece of art on the exterior walls. The work consists of 15 yellow circles and has not been to everyone’s taste with some people deeply disliking the art work and some enjoying the dramatic sight. Credit: James D. Morgan/Getty Images

A Lego sculpture of a chameleon created by New York – based artist Sean Kenny is displayed during the “Nature Connects” Lego exhibition at the Chengdu International Finance Square (IFS) in downtown Chengdu, China. Credit: Imaginechina/Rex/Shutterstock

San Francisco City Hall is lit up in rainbow colours following the Pride parade in San Francisco, US. Credit: Josh Edelson/AFP/Getty Images
Market Closes for June 26th, 2018

Market

Index

 Close Change
Dow

Jones

 24283.11 +30.31

 

+0.12%
S&P 500 2723.06 +5.99

 

+0.22%
NASDAQ 7561.629 +29.623

 

+0.39%
TSX 16280.09 +96.13

 
+0.59%

International Markets

Market

Index

 Close Change
NIKKEI 22342.00 +3.85
+0.02%
HANG

SENG

 28881.40 -79.99
-0.28%
SENSEX 35490.04 +19.69
+0.06%
FTSE 100* 7537.92 +28.08
+0.37%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.102 2.094
CND.

30 Year

Bond

 2.186 2.182
U.S.   

10 Year Bond

 2.8766 2.8803
U.S.

30 Year Bond

 3.0251 3.0244

Currencies

BOC Close Today Previous  
Canadian $ 0.75163 0.75219
US

$

 1.33045 1.32945
 
Euro Rate

1 Euro=

 Inverse
Canadian $ 1.54979 0.64525
US

$

 1.16487 0.85847

Commodities

Gold Close Previous
London Gold

Fix

 1268.70 1269.15
Oil
WTI Crude Future 70.53 71.58

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose as Brent crude oil surged past $76 a barrel and West Texas Intermediate neared $71 a barrel, thanks to concern over sanctions on Iranian crude.
     The S&P/TSX Composite Index rose 0.6 percent to 16,280.09 points, led by energy, up 2.1 percent, trailed by telecom, ahead 0.8 percent, and materials, higher by 0.7 percent.
     Birchcliff Energy Ltd., an exploration and production company in Western Canada, rallied 4 percent.
     In other moves:
                             Stocks
* Stelco Holdings Inc. fell 0.8 percent amid escalating tensions on steel imports
* Telecom rose 0.8 percent, nearing its January high. Rogers led the pack, climbing 1.6 percent
                             Commodities
* Western Canada Select crude oil traded at a $20.50 discount to WTI
* Aeco natural gas traded at a $2.05 discount to Henry Hub
* Gold fell 0.6 percent to $1,260.80 an ounce
                             FX/Bonds
* The Canadian dollar weakened 0.05 percent to C$1.3301 per U.S. dollar
* The Canada 10-year government bond yield rose one basis points to 2.11 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded from the worst selloff since early April as a rally in American crude overshadowed lingering concerns about the impact of heightened trade tensions. The dollar advanced.
     The S&P 500 Index rose back above its 50-day moving average, while technology shares hit hardest Monday bounced back to give the Nasdaq indexes advances. Energy producers led gains after oil popped above $70 a barrel following reports the U.S. is pressing allies to halt imports of Iranian crude. The dollar jumped versus major peers.
     The spike in oil prices took some attention from the simmering trade tensions as investors await more clarity from the White House on its plans. President Donald Trump signaled he may take a less confrontational path toward curbing Chinese investments, backing down from earlier reports that the U.S. would bar Chinese money in certain technologies. As traders fret over the immediate outlook they also have doubts about the longer-term path for U.S. rates; the Treasury curve is the flattest in years, stoking fears about the prospect of a recession.
     “Trade is weighing on the markets,” Carin Pai, director of equity management at Fiduciary Trust Company International in New York, said by phone. “But so far we do have the view that the fundamentals are strong enough to weather a lot of the negotiations, and we do think that right now a lot of it is negotiation.”
     In Asia, Chinese equities entered a bear market on concern about the country’s ability to fight a trade war. West Texas Intermediate crude jumped 3.5 percent. Brent crude rose above $76 a barrel after U.S. Energy Secretary Rick Perry suggested a planned production hike isn’t enough to stop a price spike. The pound weakened as a new Bank of England member spoke about the risks of raising interest rates too fast. Emerging-market stocks dropped. Metals retreated, with zinc falling a ninth day and gold touching the lowest price this year.
     These are key events coming up this week:
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                            Stocks
* The S&P 500 rose 0.2 percent to 2,722.99 at 4 p.m. in New York.
* The Nasdaq 100 Index climbed 0.4 percent.
* The Russell 2000 added 0.7 percent.
* The Stoxx Europe 600 Index ended higher by less than 0.1 percent.
* The MSCI Emerging Market Index sank 0.5 percent to the lowest in about 10 months.
* The MSCI Asia Pacific Index declined 0.1 percent to the lowest in eight months.
                            Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, the first advance in a week.
* The euro fell 0.1 percent to $1.1643.
* The Japanese yen fell 0.3 percent to 110.108 per dollar.
* The Turkish lira jumped 1.3 percent to 4.622 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.7 percent.
* Germany’s 10-year yield rose one basis point to 0.34 percent.
                           Commodities
* West Texas Intermediate crude increased 3.5 percent to $70.48 a barrel.
* Gold futures fell 0.6 percent to $1,260.70 an ounce.
* Brent crude rose 2.3 percent to $76.43 a barrel.
–With assistance from Sophie Caronello, Andreea Papuc, Adam Haigh, Ranjeetha Pakiam and Eddie van der Walt.
Have a great night.

Be magnificent!

As ever,

 

Carolann 

Dream big and dare to fail.
-Norman Dane Vaughan, 1905-2005

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

Posted on

June 25, 2018 Newsletter

Dear Friends,

Tangents:
1950: Korean War begins.
George Orwell, b. 1903
On June 25, 1876, Lt. Col. George A. Custer and his 7th Cavalry were slaughtered by Sioux and Cheyenne Indians in the Battle of Little Big Horn in Montana. 
Go to article »

1647 – First horses arrive in Canada; gift from the French King; today’s Canadian breed.

From today’s New York Times:

Did you see strange lights in the sky yesterday?

If so, perhaps you spotted an extraterrestrial anniversary celebration! The modern era of ufology (yes, it’s a word) dawned 71 years ago on June 24.
man.jpg
Kenneth Arnold had one of the earliest reported sightings of a U.F.O., in 1947.
Idaho Statesman, via Associated Press

That’s when Kenneth Arnold, an Idaho businessman flying a private plane, saw nine disc-like objects zooming impossibly fast past Mount Rainier, in Washington. He told a newspaper, the East Oregonian, about his sighting, and it ran a short article that was picked up by The Associated Press.

Since then, U.F.O. sightings have been reported worldwide, including in Australia, Canada, India and Scotland.

June 24 was also the day, in 1997, the Air Force published a study about a second flying object report in 1947, by a rancher near Roswell, N.M., who found metallic debris scattered there. Rumors grew that an alien spacecraft had crashed. The study intended to debunk rumors about little green people once and for all (whether it succeeded is debatable).

As for Mr. Arnold, stung at being mocked by skeptics, he once complained to an Air Force officer who interviewed him, “If I saw a 10-story building flying through the air I would never say a word about it.”

But he never recanted his original story.

Nancy Wartik wrote today’s Back Story.

PHOTOS OF THE DAY

A man walks past a recent artwork by street artist Banksy in Paris. Credit: Philippe
Lopez/AFP/Getty Images

A vintage ship with scarlet sails passes on the Neva River in central Saint Petersburg, during the “Scarlet Sails,” a romantic holiday with laser show to honour high schools graduates. “Scarlet Sails” is the title of a story by Alexander Grin, the story of a young girl, who never gave up on her dreams and finally arrived on the tall ship with the scarlet sails. Credit: Olga Maltseva/AFP/Getty Images

An owl grabs a midnight snack in Ticino Park, Italy before passing the rodent to its mate in a nest in a tree. Credit: Luzzini/Vignati/swns.com
Market Closes for June 25th, 2018

Market

Index

 Close Change
Dow

Jones

 24252.80 -328.09

 

-1.33%
S&P 500 2717.07 -37.81

 

-1.37%
NASDAQ 7532.008 -160.810

 

-2.09%
TSX 16183.96 -266.18

 
-1.62%

International Markets

Market

Index

 Close Change
NIKKEI 22338.15 -178.68
-0.79%
HANG

SENG

 28961.39 -377.31
-1.29%
SENSEX 35470.35 -219.25
-0.61%
FTSE 100* 7509.84 -172.43
-2.24%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.094 2.125
CND.

30 Year

Bond

 2.182 2.206
U.S.   

10 Year Bond

 2.8803 2.8931
U.S.

30 Year Bond

 3.0244 3.0370

Currencies

BOC Close Today Previous  
Canadian $ 0.75219 0.75347
US

$

 1.32945 1.32718
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.55583 0.64275
US

$

 1.17029 0.85449

Commodities

Gold Close Previous
London Gold

Fix

 1269.15 1266.15
 
Oil
WTI Crude Future 71.58 68.98

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks plummeted as global markets dropped amid escalating fears of President Donald Trump’s trade war.
     The S&P/TSX Composite Index fell 1.6 percent to 16,183.96 points. Technology lead losses, dropping 3.1 percent as Shopify Inc. slid 5.8 percent.
     Health care fell 2.9 percent even as cannabis companies prepare for Canada to legalize recreational marijuana. Canopy Growth Corporation fell 4.5 percent.
     In other moves:
                               Stocks
* Hudbay Minerals Inc. dropped 6.3 percent after Scotiabank downgraded the miner to sector perform from focus stock due to permit uncertainty for the Rosemont project
* Suncor Energy Inc. dropped 3.6 percent after news that a power outage at Syncrude Canada may tighten Canadian crude differentials
* Canada Goose Holdings Inc. bucked the global trend, climbing 2.1 percent after Goldman Sachs reinstated the company at neutral
                               Commodities
* Western Canada Select crude oil traded at a $23.75 discount to WTI
* Gold fell 0.2 percent to $1,267.70 an ounce
                               FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3294 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.09 percent
US
By Eddie van der Walt and Jeremy Herron
     (Bloomberg) — Escalating trade tensions sent U.S. stocks to the steepest drop since early April, as President Donald Trump’s threats of more protectionism against major partners were met with Chinese and European vows of retaliation.
     The S&P 500 Index fell 1.4 percent, though comments from National Trade Council Director Peter Navarro brought the measure back from losses that topped 2 percent. The Dow Jones Industrial Average closed below its 200-day moving average. Selling was heaviest in tech shares, with the Nasdaq 100 Index sinking 2.2 percent.
     Equities tumbled around the world on reports that the Treasury department will propose limits on Chinese technology investment, straining already tense relations between the world’s two largest economies. Navarro said on CNBC that there were no plans to impose restrictions, sparking a late-day rebound. China and Europe warned the escalating trade war could trigger a global recession.
     The selling in American stocks spread from Asia, where equities in Shanghai and Hong Kong declined despite China’s central bank freeing up liquidity in the banking system. European shares also tumbled, with the Stoxx 600 Index down 2.1 percent. Political concerns hit Italian bonds and stocks after the nationalist League party won municipal elections. Emerging- market equities slid. U.S. crude pushed toward $69 a barrel. After an early surge, Turkey’s lira swung between gains and losses as traders digested Recep Tayyip Erdogan election victory.
     The rising tensions have weighed on stocks ahead of the second-quarter earnings season that so far has seen estimates keep rising. Daimler AG dented that notion last week, warning that tariffs will lower its profits. Germany’s DAX Index was among the worst performers of the region’s stock gauges as data showed business sentiment slipped. Automakers were the big losers after more tariff threats from Trump at the end of last week.
     These are key events coming up this week:
* German Chancellor Angela Merkel holds private talks with leaders of the other parties in her coalition government on refugee policy and euro-area reforms in Berlin Tuesday.
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                                 Stocks
* The S&P 500 Index fell 1.4 percent as of 4 p.m. New York time, the most since April 46
* The Dow slipped 1.3 percent and the Nasdaq indexes slid at least 2.1 percent.
* The Stoxx Europe 600 Index declined 2 percent to the lowest since April 11 on the biggest drop since March.
* The MSCI All-Country World Index declined 1.4 percent.
* Emerging market shares fell 1.5 percent.
                                 Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent to the lowest in more than a week.
* The Japanese yen jumped 0.4 percent to 109.58 per dollar, the strongest in more than two weeks.
* The euro increased 0.3 percent to $1.1691, the strongest in more than a week.
* The British pound climbed 0.1 percent to $1.328, the strongest in more than a week.
* The Turkish lira gained less than 0.05 percent to 4.6769 per dollar, the strongest in more than a week.
                                 Bonds
* The yield on 10-year Treasuries fell one basis point to 2.88 percent, the lowest in more than three weeks.
* Germany’s 10-year yield declined one basis point to 0.33 percent, the lowest in almost four weeks.
* Britain’s 10-year yield decreased one basis point to 1.308 percent.
                                 Commodities
* Gold declined less than 0.05 percent to $1,270.02 an ounce.
* Brent crude decreased 1.4 percent to $74.49 a barrel.
* LME copper advanced 0.1 percent to $6,792.50 per metric ton.
–With assistance from Andreea Papuc, Samuel Potter and Adam Haigh. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

Act as if what you do makes a difference.  It does.
                            -William James, 1842-1910

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

Posted on

June 22, 2018 Newsletter

Dear Friends,

Tangents:
Carolann is out of the office this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

Children play on an art installation that features a projection of a waterfall and flowers at the Mori Building Digital Art Museum in Tokyo, Japan. CREDIT: SHUJI KAJIYAMA/AP

The sun breaks the horizon and shines through the stones at Stonehenge onto crowds of people celebrating the longest day in the UK. CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Barry Balkin takes a dip in a swimming hole prepared at the Casey research station by plunging into icy waters as part of a “mad tradition” as they look forward to brighter days after weeks of darkness. CREDIT: AUSTRALIAN ANTARCTIC DIVISION/AFP/GETTY IMAGES
Market Closes for June 22nd, 2018

Market

Index

 Close Change
Dow

Jones

 24580.89 +119.19

 

+0.49%
S&P 500 2754.88 +5.12

 

+0.19%
NASDAQ 7692.816 -20.136

 

-0.26%
TSX 16450.14 +114.99

 
+0.70%

International Markets

Market

Index

 Close Change
NIKKEI 22516.83 -176.21
-0.78%
HANG

SENG

 29338.70 +42.65
0.15%
SENSEX 35689.60 +257.21
+0.73%
FTSE 100* 7682.27 +125.83
+1.67%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.125 2.142
CND.

30 Year

Bond

 2.206 2.203
U.S.   

10 Year Bond

 2.8931 2.8967
U.S.

30 Year Bond

 3.0370 3.0441

Currencies

BOC Close Today Previous  
Canadian $ 0.75347 0.75091
US

$

 1.32718 1.33171
 
Euro Rate

1 Euro=

 Inverse
Canadian $ 1.54709 0.64638
US

$

 1.16569 0.85786

Commodities

Gold Close Previous
London Gold

Fix

 1266.15 1274.20
Oil
WTI Crude Future 68.98 65.84

Market Commentary:
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks rose to a fresh record as energy soared amid news of OPEC’s plans to boost output less than some investors had anticipated.
The S&P/TSX Composite Index rose 0.7 percent to 16,450.14 points. Energy climbed 2.3 percent, with Whitecap Resources, Inc. leading gains, up 7.9 percent.
Blackberry plummeted 9.3 percent after investors focused on weak growth in software revenues.
In other moves:
Stocks
* Canada Goose Holdings Inc. tumbled 7.4 percent amid reports that Canada retail sales fell 1.2 percent.
* Canopy Growth Corp. fell 9.1 percent as health care slid 4.1 percent for the first time since surging earlier this week when the Canadian government passed a bill to legalize recreational marijuana.
Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.63 discount to Henry Hub
* Gold rose 0.1 percent to $1,271.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3272 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.126 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks climbed following gains in Europe as OPEC’s plans to boost output less than some investors had anticipated sent oil on a tear. Energy shares surged.
The S&P 500 Index rose the most in a week even after Donald Trump revived concerns about a global trade war with a tweet threatening to impose 20 percent tariffs on cars imported from the European Union. Treasuries steadied and the dollar slumped, while a gauge of emerging-market currencies climbed from its lowest level since November.
The benchmark U.S. gauge posted its first weekly loss in more than a month as traders contended with an escalation of trade tensions between the U.S. and China, just as the Federal Reserve signals a faster pace of policy tightening. Positive economic news from Europe provided a counterbalance Friday as a measure of private-sector activity unexpectedly picked up in June, underpinning the European Central Bank’s prediction that a rebound is in the cards.
West Texas oil surged the most since November 2016, climbing above $69 as OPEC and allies including Russia agreed to boost oil production starting next month, overcoming Iran’s threats to veto any supply hike.
“With OPEC, the rumors started yesterday afternoon that this was what they would do,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said by phone. “When you think about this in terms of the total production, it’s just not that big an increase, so it should be able to support it without a problem.”
Elsewhere, developing-nation stocks advanced. Greece’s creditors struck a landmark deal to ease repayment terms on some of the nation’s loans. Greek bonds jumped, while Italian debt also gained after Thursday’s plunge.
Here’s the main market moves.
Stocks
* The S&P 500 Index rose 0.2 percent at the close of trading in New York, leaving it down 0.9 percent for the week.
* The Stoxx Europe 600 Index rose 1.1 percent.
* The U.K.’s FTSE 100 Index surged 1.7 percent.
* Japan’s Nikkei 225 Stock Average fell 0.8 percent.
* Hong Kong’s Hang Seng Index rose 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro increased 0.5 percent to $1.166.
* The British pound rose 0.2 percent to $1.3261.
* The Japanese yen was little changed at 109.99 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.9 percent.
* Germany’s 10-year yield was little changed at 0.33 percent.
* Britain’s 10-year yield jumped four basis points to 1.32 percent.
Commodities
* West Texas Intermediate crude surged 5.7 percent to $69.24 a barrel.
* Gold rose 0.2 percent to $1,270.28 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Megan

“The greatest glory in living lies not in never falling, but in rising every time we fall.” – Nelson Mandela

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

 

Posted on

June 21, 2018 Newsletter

Dear Friends,

Tangents:  HAPPY SUMMER!

The warmest season of the year, astronomically from the summer solstice to the autumn equinox.

Summer is icumen in ,
Lhude sing cuccu!
Groweth sed, and bloweth me [meadow]
And springeth the wude  nu.
ANONYMOUS: Cuckoo Song c. 1250

PHOTOS OF THE DAY

A cute gosling looks it’s trying it’s best to air airborne – months before it can fly. The small bird had become detached from his family of 2 geese and 6 goslings and was running to catch them up. The cute picture was taken by Aircraft fitter, Alan Heber,54, in Ryde on the Isle of Wight. Alan says “I like this shot because it looks like the young bird was trying to do the impossible by wanting to fly months before it’s capable. Almost like it can’t wait to get airborne”. CREDIT: ALAN HEBER/SOLENT NEWS

Racegoers talk amongst themselves during day two of Royal Ascot at Ascot Racecourse. CREDIT: JOHN WALTON/PA
Market Closes for June 21st, 2018

Market

Index

 Close Change
Dow

Jones

 24461.70 -196.10

  

-0.80%
S&P 500 2749.76 -17.56

 

-0.63%
NASDAQ 7712.953 -68.562

 

-0.88%
TSX 16335.15 -85.80

 
-0.52%

International Markets

Market

Index

 Close Change
NIKKEI 22693.04 +137.61
+0.61%
HANG

SENG

 29296.05 -400.12
-1.35%
SENSEX 35432.39 -114.94
-0.32%
FTSE 100* 7556.44 -70.96
-0.93%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.142 2.182
CND.

30 Year

Bond

 2.203 2.228
U.S.   

10 Year Bond

 2.8967 2.9352
U.S.

30 Year Bond

 3.0441 3.0735

Currencies

BOC Close Today Previous  
Canadian $ 0.75091 0.75140
US

$

 1.33171 1.33084
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54564 0.64698
US

$

 1.16056 0.86165

Commodities

Gold Close Previous
London Gold

Fix

 1274.20 1276.15
 
Oil
WTI Crude Future 65.84 66.22

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks followed global stocks lower, dropping even after a report that White House officials were considering restarting talks with China to avoid a trade war.
     The S&P/TSX Composite Index fell 0.5 percent to 16,335.15 after yesterday’s record intraday high. Energy fell 1.7 percent as MEG Energy Corp. dropped 4.1 percent after Goldman Sachs initiated coverage with a neutral recommendation.
     Contrary to most sectors, health care rose 2.7 percent as cannabis stocks continued to accelerate. Aphria Inc. climbed 5.4 percent to a new high.
     In other moves:
     Stocks
* Shopify Inc. fell 4.7 percent as Internet stocks dropped after the Supreme Court allowed states and local governments to start collecting taxes from internet retailers* Finning International Inc. shares fell 4.4 percent, the most in over a year
     Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.60 discount to Henry Hub
* Gold fell 0.4 percent to $1,269.20 an ounce
     FX/Bonds
* The Canadian dollar remained neutral at C$1.3311 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.14 percent
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks fell following declines in Asia and Europe as Daimler AG’s profit warning fed into investor concern over the outlook for global trade and growth. Treasuries gained and the dollar weakened.
     The S&P 500 Index slumped and the Dow Jones Industrial Average posted its eighth straight drop after the Supreme Court ruled states can collect sales tax from online retailers, rattling Amazon.com and EBay. Automakers also came under pressure after Daimler’s forecast and energy producers declined.
U.S. gauges bounced off their lows of the day after a report that senior White House officials are trying to restart talks with China to avoid a trade war.
     Even as skeptics doubted Daimler’s explanation for the poor forecast, the global market agenda continues to be dominated by trade threats and fears, which elicited warnings from major central bankers on Wednesday and are beginning to show up in the business cycle. While the U.S. outreach to China signaled a willingness by some officials to seek a truce before $34 billion in Chinese products are hit with tariffs, opponents inside the administration favor penalizing Beijing. President Donald Trump has shown no signs of backing down.
     “At the moment we just want to be a little bit cautious,”
Colin Graham, the chief investment officer of multi-asset solutions at Eastspring Investments, said on Bloomberg Television. “We are going to see more choppy returns.”
     Elsewhere, Italian bonds and stocks were hit hard after two prominent critics of the European Union were given key posts in parliament. The pound jumped after the Bank of England’s chief economist unexpectedly supported an interest-rate increase.
     The Stoxx Europe 600 fell to the lowest in almost two months. Emerging-market stocks and currencies retreated alongside commodities. Equity benchmarks in Hong Kong, Seoul and Shanghai all fell at least 1 percent. Stocks in the Philippines entered a bear market.
          Here are some key events to watch for this week:
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                             Stocks
* The S&P 500 Index slipped 0.6 percent at the close of trading in New York.
* The Dow Jones Industrial Average fell 0.8 percent for its eighth consecutive drop.
* The Stoxx Europe 600 Index fell 0.9 percent.
* Italy’s FTSE MIB fell 2 percent.
* The MSCI Emerging Market Index decreased 1.1 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.4 percent to $1.1612.
* The British pound increased 0.6 percent to $1.3245.
* The Japanese yen rose 0.4 percent to 109.97 per dollar.
                             Bonds
* The yield on 10-year Treasuries declined four basis points to 2.9 percent.
* Britain’s 10-year yield slipped two basis points to 1.28 percent.
* Italy’s 10-year yield rose 18 basis points to 2.72 percent, a one-week high.
                          Commodities
* West Texas Intermediate slipped 0.7 percent to $65.75 a barrel.
* Gold was little changed at $1,267.50 an ounce.
–With assistance from Sophie Caronello, Andreea Papuc, Adam Haigh, Sheldon Reback, Yakob Peterseil, Samuel Potter, Christopher Anstey and David Wilson.

Have a great evening.

Be magnificent! 

As ever,

Carolann 

All  men are caught in an inescapable network of mutuality.
                                  -Martin Luther King Jr., 1929-1968

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

Posted on

June 20, 2018 Newsletter

Dear Friends,

Tangents:
1948: Ed Sullivan Show premieres.

Queen Victoria ascends throne at age 18

Today’s New York Times back story:

Steven Spielberg’s genre-defining film “Jaws” was released on this day in 1975. It was his first big-budget film, and it ushered in one of the industry’s most successful careers. 

But the production was troubled with delays and budget-busting costs. Crew members called it “Flaws,” and Mr. Spielberg — not yet 30 years old — worried he might never work in Hollywood again. “No one had ever taken a film 100 days over schedule,” he said. 
shark.jpg
The director Steven Spielberg and the star of his breakout film, “Jaws.”
Steven Spielberg, via Associated Press 

Especially problematic were three animatronic sharks meant to serve as the focal predator. Collectively known as Bruce (after Mr. Spielberg’s lawyer), they proved disappointingly unmenacing. And they corroded and malfunctioned because the young director insisted on the realism of filming in the ocean, not in a tank. 

Unable to show more than a few scenes of the film’s linchpin, Mr. Spielberg improvised. He filmed some scenes from the shark’s point of view and signaled its presence with John Williams’ now-iconic theme song. The result: a Hitchcockian buildup of tension and suspense. (The Times review was a bit dismissive.) 

Even the production delays ended up helping. “Jaws” missed the traditional Christmas window, and a later release (and a marketing blitz) made it one of the first summer blockbusters. 

Emma McAleavy wrote today’s Back Story. 

PHOTOS OF THE DAY

Columbia fan inside the Mordovia Arena Stadium ahead of the 2018 FIFA World Cup First Stage Group H football match between Columbia and Japan. Credit: Stanislav Krasilnikov/Tass

A woman walks along a passageway past apartments at a building in Tokyo. Credit: Martin Bureau/AFP/Getty Images

Swimmers exercise in the Serpentine River in front of Christo’s “The London Mastaba”, in Hyde Park, London, Britain. Credit: Reuters/Henry Nicholls

People compete for a duck in the river to celebrate the Dragon Boat Festival at Fenghuang Ancient Town in Fenghuang, China. The Dragon Boat Festival as a traditional Chinese Festival is celebrated by eating rice dumplings and holding dragon boat races. Credit: VCG/Getty Images
Market Closes for June 20th, 2018

Market

Index

 Close Change
Dow

Jones

 24657.80 -42.41

 

-0.17%
S&P 500 2767.32 +4.73

 

+0.17%
NASDAQ 7781.516 +55.931

 

+0.72%
TSX 16420.95 +104.42

 
+0.64%

International Markets

Market

Index

 Close Change
NIKKEI 22555.43 +276.95
+1.24%
HANG

SENG

 29696.17 +228.02
+0.77%
SENSEX 35547.33 +260.59
+0.74%
FTSE 100* 7627.40 +23.55
+0.31%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.182 2.200
CND.

30 Year

Bond

 2.228 2.239
U.S.   

10 Year Bond

 2.9352 2.9150
U.S.

30 Year Bond

 3.0735 3.0441

Currencies

BOC Close Today Previous  
Canadian $ 0.75140 0.75269
US

$

 1.33084 1.32857
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54043 0.64917
US

$

 1.15749 0.86394

Commodities

Gold Close Previous
London Gold

Fix

 1276.15 1281.55
 
Oil
WTI Crude Future 66.22 65.07

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks reached a record high, rebounding from yesterday’s slump, as cannabis stocks soared and energy recovered.
     The S&P/TSX Composite Index rose 0.6 percent to 16,420.95 points. Canopy Growth Corp. rose 6.7 percent, with pot stocks climbing after the Canadian government took the final steps toward legalizing recreational marijuana.
     Even as Canadian stocks accelerated, Great Canadian Gaming Corporation plummeted 10.9 percent as analysts expressed caution about the company’s Greater Toronto Area (GTA) bundle to operate gaming facilities.
     In other moves:
                                   Stocks
* MEG Energy Corp. climbed 6.4 percent as energy stocks rose 1.4 percent amid increasing oil prices and a positive outlook on OPEC reaching an oil-production deal
* Canada Goose Holdings Inc. fell 5 percent after an eight day rally
* Bombardier Inc. rose 5.5 percent after Delta Air Lines Inc. agreed to purchase 20 CRJ900 aircraft in an order valued at $961 million
                                   Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold fell 0.7 percent to $1,270.60 an ounce
                                    FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3310 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.18 percent
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks were lifted by a rally in tech shares as concerns eased about a potential global trade war. Treasury yields rose and oil jumped.
     The S&P 500 broke a three-day losing streak and the Nasdaq Composite Index added to an all-time high, buoyed by Facebook Inc.’s rally past $200 a share. European equities advanced for the first time this week and Canada’s stock benchmark hit a record. The pound edged higher after Prime Minister Theresa May won a key vote on Brexit.
     A sense of calm is returning to markets after President Donald Trump stepped up trade threats against China earlier in the week, proposing moves that economists reckon could cut as much as half a percentage point from the Asian nation’s growth. Traders may well be siding with Goldman Sachs Chief Executive Officer Lloyd Blankfein, who characterized the escalation in rhetoric as simply a negotiating strategy.
     Elsewhere, the onshore yuan climbed after the People’s Bank of China set its daily reference rate at a stronger-than- expected level. Facebook reached a record as investors bet the company’s Instagram and Messenger units will continue to boost advertising revenue.
     Here are some key events to watch for this week:
* A Brazilian central bank decision is due Wednesday.
* The Bank of England sets rates on Thursday.
* Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                            Stocks
* The S&P 500 rose 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index climbed 0.3 percent.
* The U.K.’s FTSE 100 Index rose 0.3 percent.
* The MSCI Emerging Market Index climbed 0.7 percent.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1 percent to $1.1581.
* The British pound rose 0.1 percent to $1.3182.
* The Japanese yen fell 0.3 percent to 110.4 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose four basis points to 2.93 percent.
* Germany’s 10-year yield rose one basis point to 0.37 percent.
* Britain’s 10-year yield rose two basis points to 1.30 percent.
                             Commodities
* West Texas Intermediate crude rose 1.8 percent to $66.22 a barrel.
* Gold slipped 0.4 percent to $1,269.64 an ounce, the weakest in six months.
–With assistance from Adam Haigh, Cecile Vannucci, Andreea Papuc, Todd White, Christopher Anstey, Samuel Potter and Jeran Wittenstein.

Have a great evening.

Be magnificent! 

As ever,

Carolann

You cannot climb the ladder of success dressed in the costume of failure.
                                                                   -Zig Ziglar, 1926-2012

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

Posted on

June 19, 2018 Newsletter

Dear Friends,

Tangents:
Blaise Pascal, philosopher, b. 1623~The heart has its reasons which reason knows nothing of.

On June 19, 1964, the Civil Rights Act of 1964 was approved after surviving an 83-day filibuster in the United States Senate. 
Go to article »

PHOTOS OF THE DAY

Professor Paul Brakefield, Director of the recently refurbished University Museum of Zoology in Cambridge. Credit: Geoff Pugh for The Telegraph

Fans watch the Group G football match between Tunisia and England at Flat Iron Square in London. Credit: Paul Grover for The Telegraph

England captain Harry Kane celebrates after he scored the 2-1 winner against Tunisia in the World Cup. Credit: The Telegraph
Market Closes for June 19th, 2018

Market

Index

 Close Change
Dow

Jones

 24700.21 -287.26

 

-1.15%
S&P 500 2762.59 -11.16

 

-0.40%
NASDAQ 7725.586 -21.439

 

-0.28%
TSX 16316.53 -67.10

 
-0.41%

International Markets

Market

Index

 Close Change
NIKKEI 22278.48 -401.85
-1.77%
HANG

SENG

 29468.15 -841.34
-2.78%
SENSEX 35286.74 -261.52
-0.74%
FTSE 100* 7603.85 -27.48
-0.36%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.161 2.200
CND.

30 Year

Bond

 2.201 2.239
U.S.   

10 Year Bond

 2.8967 2.9150
U.S.

30 Year Bond

 3.0323 3.0441

Currencies

BOC Close Today Previous  
Canadian $ 0.75269 0.75766
US

$

 1.32857 1.31985
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53936 0.64962
US

$

 1.15866 0.86307

Commodities

Gold Close Previous
London Gold

Fix

 1281.55 1285.25
 
Oil
WTI Crude Future 65.07 65.85

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks recovered from an early slump but losses accelerated again into the close as China pledged to retaliate against President Trump’s threat to impose tariffs on an additional $200 billion in goods.
     The S&P/TSX Composite Index fell 0.4 percent to 16,316.53. Materials dropped 0.6 percent as mining stocks retreated amid escalating trade tensions, with SSR Mining Inc. dropping 7 percent.
     Moving in the opposite direction of most sectors, health care rebounded after yesterday’s drop and rose 3.1 percent. Valeant Pharmaceuticals International Inc. gained 3.7 percent, bouncing back from Monday’s 12 percent decline.
     In other moves:
                                  Stocks
* Canada Goose Holdings Inc. rose for the eighth day and gained 4.7 percent, bucking the 1 percent drop in consumer discretionary
* Constellation Software Inc. fell 2.5 percent as information technology dropped 0.8 percent
* Crescent Point Energy Corp.’s decline accelerated throughout the day amid executive departures and plans to dispose of non- core assets in the William Basin, dropping 2.2 percent
     Commodities
* Western Canada Select crude oil traded at a $23.50 discount to WTI
* Aeco natural gas traded at a $2.26 discount to Henry Hub
* Gold fell 0.3 percent to $1,276.70 an ounce
     FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.3282 per U.S. dollar, the weakest in a year
* The Canada 10-year government bond yield fell four basis points to 2.16 percent
US
By Janine Wolf
     (Bloomberg) — U.S. stocks fell, though major indexes traded well off session lows as a flare up in trade tensions eased to a simmer. Treasuries rose with the dollar.
     The Dow Jones Industrial Average notched a sixth straight loss in its longest slump in more than a year, and the S&P 500 equaled its biggest drop in three weeks. The declines came after steep losses in Asia and Europe sparked by renewed concern the U.S. and China are headed for a full-blown trade war. Neither side escalated attacks Tuesday after President Donald Trump threatened fresh tariffs and China promised to retaliate in kind.
     Tough trade talk is nothing new for investors in 2018, but the perception that stress is ratcheting up between the U.S. and China hit markets hard on Tuesday morning before U.S. shares saw some relief in afternoon trading. The protectionist moves come at a time when many are already voicing concern that global growth could lose momentum as the U.S. tightens monetary policy and Europe pulls back on stimulus.
     “The degree of both rhetoric and substance behind the proposals that have gone back and forth recently is worrisome,” Mark Howard, a senior multi-asset specialist at BNP Paribas, said in an interview on Bloomberg TV. “This has caused a bit of a risk-off trade today, and it’s a cause of caution by major investors.”
     The euro dropped after the latest dovish message from the European Central Bank, and the pound weakened as the U.K. prepared for another knife-edge Brexit vote Wednesday.
     The lurch toward protectionism rattled commodities and commodity-linked currencies, which retreated across the board. Oil fell as traders weighed OPEC’s discussions on a compromise over increasing output ahead of a meeting in Vienna this week.
     The Cboe Volatility Index rose to the highest since May, while government bonds in Europe rallied alongside U.S. notes. Developing-nation stocks dropped the most since March.
     Here are some key events to watch for this week:
* Draghi, Reserve Bank of Australia Governor Philip Lowe, Bank of Japan Governor Haruhiko Kuroda, and Fed Chairman Jerome Powell join a panel on central bank policy in Sintra, Portugal, on Wednesday.
* Thailand, Philippines and Brazil central bank decisions due Wednesday.
* Bank of England rate decision on Thursday.
* Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                             Stocks
* The S&P 500 fell 0.4 percent as of the close of trading in New York.
* The Dow Jones Industrial Average finished 1.1 percent lower
* The Stoxx Europe 600 Index declined 0.7 percent to the lowest level this month.
* Germany’s DAX Index dropped 1.2 percent to the lowest in almost three weeks.
* Hong Kong’s Hang Seng Index slipped 2.8 percent to the lowest since February.
* The MSCI Emerging Market Index sank 1.9 percent to the lowest since October.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest in 11 months.
* The euro decreased 0.3 percent to $1.1583, the weakest in three weeks.
* The British pound declined 0.5 percent to $1.3177, the weakest since November.
* The Japanese yen jumped 0.5 percent to 110.55 per dollar.
                             Bonds
* The yield on 10-year Treasuries fell three basis points to 2.89 percent, the lowest in almost three weeks.
* Germany’s 10-year yield declined two basis points to 0.37 percent, its sixth straight decline.
* Britain’s 10-year yield decreased four basis points to 1.28 percent.
                             Commodities
* Gold dipped 0.3 percent to $1,275.18 an ounce, the weakest in six months.
* WTI oil dropped 1.2 percent to $65.07 a barrel.
–With assistance from Robert Fullem, Ruth Carson, Andreea Papuc, Adam Haigh, Cormac Mullen, Yakob Peterseil, Todd White, Christopher Anstey, Samuel Potter and Michael P. Regan. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Cock your hat – angles are attitudes.
             -Frank Sinatra, 1915-1998

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 

Posted on

June 18, 2018 Newsletter

Dear Friends,

Tangents:

Dragon boat Festival, China.

-from today’s New York Times:

Across China and in many other parts of the world today, sleek dragon boats will line up, sticky rice dumplings will be eaten, and drums will thrum. 

The spectacle makes more sense if you know the Dragon Boat Festival’s origin tale. 
boats.jpg
Dragon boats in Zigui, China.
Xinhua/Xiong Qi, via Getty Images 

More than 2,000 years ago, China was divided into many kingdoms. In one realm, the indolent king preferred sycophants to tell him that his kingdom was thriving, though it was under constant threat from invaders. Only a civil servant named Qu Yuan persisted in warning of the danger. 
He was ostracized and eventually exiled. When he heard that enemy troops had invaded the kingdom he loved, he flung himself into the Miluo River. 

People rowed frantically in search of his body, beating drums and cymbals to scare away hungry fish, and throwing clumps of sticky rice wrapped in bamboo leaves into the water to distract them from his remains. Wine was tossed overboard to appease water dragons and wrathful sea gods. 

In China, Qu Yuan has come to be honored as a historical exemplar of selfless loyalty to the people. In 2007, the government reintroduced the Dragon Boat Festival — at the expense of the Mao-era Marxist May Day. 

Tiffany May wrote today’s Back Story.

PHOTOS OF THE DAY

A view of smog over Santiago, due to which Chilean authorities declared a new environmental preemergence, as high levels of air pollution were recorded. Credit: The Telegraph

The La Cumbre volcano at the Fernandina Island, in Galapagos Archipelago, Ecuador erupts. Credit: The Telegraph

People race a dragon boat at night in Fuzhou, Fujian province, China. Credit: The Telegraph
Market Closes for June 18th, 2018

Market

Index

 Close Change
Dow

Jones

 24987.47 -103.01

 

-0.41%
S&P 500 2773.87 -5.79

 

-0.21%
NASDAQ 7747.023 +0.645

 

+0.01%
TSX 16383.63 +69.21

 
+0.42%

International Markets

Market

Index

 Close Change
NIKKEI 22680.33 -171.42
-0.75%
HANG

SENG

 30309.49 -130.68
-0.43%
SENSEX 35548.26 -73.88
-0.21%
FTSE 100* 7631.33 -2.58
-0.03%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.200 2.223
CND.

30 Year

Bond

 2.239 2.249
U.S.   

10 Year Bond

 2.9150 2.9249
U.S.

30 Year Bond

 3.0441 3.0465

Currencies

BOC Close Today Previous  
Canadian $ 0.75766 0.75822
US

$

 1.31985 1.31887
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53417 0.65182
US

$

 1.16238 0.86031

Commodities

Gold Close Previous
London Gold

Fix

 1285.25 1302.75
 
Oil
WTI Crude Future 65.85 65.06

Market Commentary:
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.4 percent at 16,383.63 in Toronto. The move was the biggest gain since June 5 and follows the previous session’s decrease of 0.1 percent.
     TransCanada Corp. contributed the most to the index gain, increasing 3.2 percent. Canada Goose Holdings Inc. had the largest increase, rising 9.8 percent.
     Today, 161 of 246 shares rose, while 78 fell; 8 of 11 sectors were higher, led by energy stocks.
*      The Canadian dollar rose 0.11 percent to 1.3200 against the U.S. dollar.
*       The benchmark 10-year bond rose and the yield fell 1.7 basis points to 2.197 percent.
*       The S&P 500 Index declined 0.2 percent in the previous session.
     Related News headlines:
*      Canada Goose PT Nearly Doubled at CIBC to Street High
*       Bombardier/Airbus C Series Gets Boost From Moxy: BI React
*       Baytex Tumbles as $1.2 Billion Raging River Deal Dilutes Stock
*       Valeant’s Rebound Falters as Key Drug Rejection Breaks Momentum
*       RRX CN Downgraded to Reduce at Laurentian Bank Securities
*       S&P/TSX Index Rises 0.3%; Suncor Energy Leads Advance
US
By Sarah Ponczek and Janine Wolf
    (Bloomberg) — The S&P 500 slipped following stock declines in Europe and Asia amid concern over the escalating protectionist standoff between China and the U.S. Oil gained before a key OPEC meeting this week.
    U.S. equity gauges came off their lows of the day as energy shares advanced along with software makers. The Stoxx Europe 600 Index posted its biggest two-day drop since March and Japan’s Topix Index fell the most in almost three weeks. Crude climbed as producers were discussed a smaller-than-expected boost to production. Treasury yields were little changed after trading near the lowest level this month.
     Global trade is firmly back at the top of the agenda, with investors fretting about the intensifying confrontation between the U.S. and China. The Asian nation swiftly responded after President Donald Trump slapped tariffs on $50 billion of imports late last week, putting an additional 25 percent levy on $34 billion of American agricultural and auto exports starting July 6.
     “The relative policy calm was shattered late in the week as trade tensions escalated,” David Joy, the chief market strategist at Ameriprise Financial Inc., said in a note. “There is still time for negotiation. But the inexorable march toward a trade war with China took a significant step forward.”
     Meanwhile in Europe, German Chancellor Angela Merkel and British Prime Minister Theresa May face tough weeks over migration and Brexit, respectively. Trump said in a tweet that the German people “are turning against their leadership as migration is rocking the already tenuous Berlin coalition.”
    An index of emerging-market currencies fell for a fifth day, leaving it on track for the biggest quarterly decline since September 2015. Developing-nation equities extended a drop after their worst weekly performance in a month, with an MSCI index retreating for a fourth day.
     Here are some key events to watch for this week:
* European Central Bank President Mario Draghi speaks at ECB’s Forum on Central Banking on Tuesday.
* U.S. housing starts probably rose in May, data out Tuesday is expected to show.
* Draghi, Reserve Bank of Australia Governor Philip Lowe, Bank of Japan Governor Haruhiko Kuroda, and Fed Chairman Jerome Powell join a panel on central bank policy in Sintra, Portugal, on Wednesday.
* Thailand, Philippines and Brazil central bank decisions due Wednesday.
* Bank of England rate decision on Thursday.
* Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                            Stocks
* The S&P 500 fell 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index decreased 0.8 percent.
* Japan’s Nikkei 225 Stock Average fell 0.8 percent to the lowest in more than a week.
* The MSCI Emerging Market Index declined 0.7 percent to the lowest since December.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed, near the highest in 11 months.
* The euro rose 0.1 percent to $1.1618.
* The British pound fell 0.3 percent to $1.324.
* The Japanese yen rose 0.1 percent to 110.57 per dollar.
                            Bonds
* The yield on 10-year Treasuries was little changed at 2.92 percent.
* Germany’s 10-year yield decreased one basis point to 0.39 percent.
* Britain’s 10-year yield was little changed at 1.32 percent.
                            Commodities
* Gold was little changed at $1,278.61 an ounce.
* WTI oil rose 1.1 percent to $65.79 a barrel.
–With assistance from Andreea Papuc, David Marino, Todd White, Robert Brand, Samuel Potter and Christopher Anstey.

Have a great evening.

Be magnificent!

As ever,

Carolann

Be kind, for everyone you meet is fighting a hard battle.
                                         -Plato, 428 BCE-348 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