Month: June 2018

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Gardener Roswitha Domine stands in a pond of the greenhouse at Berlin’s Botanical Garden to inspect a large leaf of a Victoria water-lily, as last preparations are under way before the greenhouse’s re-opening at the upcoming weekend following extensive reconstruction. Credit: Jens Kalaene/AFP/Getty Images

Participants cycle the Furkapass during the 82^nd Tour of Switzerland 2018. Credit: Tim De Waele/Getty Images

Queen Elizabeth arrives at Runcorn Station to carry out engagements in Cheshire accompanied by the Duchess of Sussex. Credit: Eddie Mulholland for The Telegraph
Market Closes for June 15^th, 2018

Market Index	Close	Change
Dow Jones	25090.34	-84.97   -0.34%
S&P 500	2778.30	-4.19   -0.15%
NASDAQ	7746.379	-14.663   -0.19%
TSX	16323.01	-5.95
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	22851.75	+133.14
		+0.50%
HANG SENG	30309.49	-130.68
		-0.43%
SENSEX	35266.14	+22.32
		+0.06%
FTSE 100*	7633.91	-131.88
		-1.70%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.223		2.270
CND. 30 Year Bond		2.249		2.291
U.S.    10 Year Bond		2.9249		2.9315
U.S. 30 Year Bond		3.0465		3.0513

Currencies

BOC Close	Today	Previous
Canadian $	0.75822	0.76305
US $	1.31887	1.31054
Euro Rate 1 Euro=		Inverse
Canadian $	1.53133	0.65303
US $	1.16101	0.86132

Commodities

Gold	Close	Previous
London Gold Fix	1302.75	1296.15
Oil
WTI Crude Future	65.06	66.89

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks couldn’t maintain their winning streak, retreating as President Donald Trump announced tariffs on $50 billion in Chinese imports, adding to growing fears of a trade war.
     The S&P/TSX Composite Index fell 34 points or 0.2 percent to 16,294.69 at 9:55 a.m. in Toronto. Materials stocks fell the most, losing 1.2 percent as both precious and base metals retreated. Teck Resources Ltd. slid 4.9 percent.
     The energy sector lost 0.5 percent as crude prices fell 1.4 percent. OPEC members were set to clash on raising production at a meeting next week.
     In other moves:
                          Stocks
* Canada Goose Holdings Inc. jumped 22 percent to a record high after posting a surprise profit in the fourth quarter
* Paramount Resources Ltd. rose 4.7 percent. The company agreed to sell some oil and gas holdings to Waterous Energy Fund’s Strath Resources
* Maxar Technologies Ltd. fell 1.8 percent after settling a lawsuit.
                          Commodities
* Western Canada Select crude oil traded at a $18.00 discount to WTI
* Aeco natural gas traded at a $2.12 discount to Henry Hub
* Gold fell 1.6 percent to $1,287.60 an ounce, the biggest drop in a month
                           FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.3169 per U.S. dollar
* The Canada 10-year government bond yield fell five basis points to 2.22 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — Stocks fell on the final day of a week that included the U.S.-North Korea summit, major central bank meetings and escalating trade tensions between Washington and Beijing.
     The S&P 500 Index declined in heavy trading on a quadruple- witching Friday, a quarterly event when futures and options contracts on indexes and individual stocks expire. The U.S. and China spent the day exchanging tariff threats, which drove down tech and industrial stocks, while a drop in the price of oil hit energy shares. Consumer staples and telecoms advanced, offsetting some of the drop, and the index finished with a weekly gain, if only barely.
     Treasury yields dipped and Italian debt led a rally in European bonds, which was triggered a day earlier by the ECB ruling out a rise in interest rates until the second half of 2019. The euro gained after Thursday’s slump and the dollar was steady. West Texas crude slipped in the run-up to next week’s OPEC meeting, where a clash over production limits is brewing.
     With reports suggesting America is already preparing a second list of targeted goods worth as much as $100 billion, China said it doesn’t want a trade war but would have to counter. Stocks in the country fell earlier, and the Shanghai Composite gauge closed at its lowest level since September 2016.
     Emerging markets remain under pressure as worries about an overhaul of Argentina’s central-bank leadership roil the peso. South Korea’s won and Colombia’s peso led declines Friday. Meanwhile, Russia’s ruble pared a decline after the central bank extended a pause in monetary easing and said its shift to looser policy needs to be slower.
     Here are the main market moves:
                         Stocks
* The S&P 500 Index decreased 0.1 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1 percent.
* The U.K.’s FTSE 100 Index sank 1.7 percent.
* Germany’s DAX Index decreased 0.7 percent.
* The MSCI Emerging Market Index decreased 1 percent to the lowest in six months.
                         Currencies
* The Bloomberg Dollar Spot Index gained less than 0.05 percent.
* The euro gained 0.4 percent to $1.1609.
* The British pound gained 0.1 percent to $1.3278.
* The Japanese yen advanced less than 0.05 percent to 110.61 per dollar.
                          Bonds
* The yield on 10-year Treasuries declined one basis point to 2.92 percent.
* Germany’s 10-year yield declined two basis points to 0.40 percent.
* Britain’s 10-year yield decreased one basis point to 1.328 percent.
                          Commodities
* West Texas Intermediate crude decreased 3.4 percent to $64.64 a barrel, the biggest drop in over two weeks.
* Gold sank 1.7 percent to $1,280.15 an ounce.
* LME copper sank 2.2 percent to $7,020 per metric ton, the lowest in more than a week.

Have a great weekend!

 

Be magnificent!

As ever,

Karen

“It is better to fail in originality than to succeed in imitation.” – Herman Melville

 

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

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

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

 

Dear Friends,

Tangents:
Royal Ascot horse races, England.

POINTS OF PROGRESS:
NORWAY
THE Scandinavian nation has introduced the world’s first zero-emission zone at sea.  The popularity of Norway’s fjords has led to heavy local air pollution; more than 300,000 cruise ship passengers visited the region last year.  The government has responded by mandating that the World Heritage-listed fjords be zero-emission zones by 2026, when only electric ships will be allowed to visit. -ELECTREK

GERMANY
The nation’s  crime rate is the lowest it has been since 1992.  The latest figure, unveiled by German Interior Minister Horst Seehofer in May, revealed that in 2017 about 5.76 million crimes were reported, 5 per cent fewer than in 2016. -DEUTCHE WELLE

JOY IN THE SPRING
Check out:
http://bit.ly/mexicats &
http://bit.ly/superorganismlisten.

PHOTOS OF THE DAY

The sun rises over a poppy field in Kingswinford, West Midlands. Credit: SWNS.COM

Head Gardener Jeremy Lockwood deadheads the roses in front of the Queen Anne Enclosure as Ascot Racecourse. Credit: Geoff Pugh for The Telegraph

German-born British author and illustrator Judith Kerr poses for a photograph at her home in west London as she celebrates turning 95 on Thursday. Her famous children’s book “The Tiger Who Came To Tea” remains the crowning achievement of a life devoted to writing and drawing after she fled Nazi Germany. Credit: Tolga Akmen/AFP/Getty Images

Four paintings charting the path of Impressionism from Boudin to Monet and Pissarro which will appear on the market for the first time in over three decades from a private American collection, at the Impressionist & Modern Art Sale at Sotheby’s in London. Credit: Paul Grover for The Telegraph
Market Closes for June 14^th, 2018

Market Index	Close	Change
Dow Jones	25175.31	-25.89   -0.10%
S&P 500	2782.49	+6.86   +0.25%
NASDAQ	7761.043	+65.344   +0.85%
TSX	16328.96	+63.14
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	22738.61	-227.77
		-0.99%
HANG SENG	30440.17	-284.98
		-0.93%
SENSEX	35599.82	-139.34
		-0.39%
FTSE 100*	7765.79	+62.08
		+0.81

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.270		2.322
CND. 30 Year Bond		2.291		2.330
U.S.    10 Year Bond		2.9315		2.9755
U.S. 30 Year Bond		3.0513		3.0959

Currencies

BOC Close	Today	Previous
Canadian $	0.76305	0.77017
US $	1.31054	1.29842
Euro Rate 1 Euro=		Inverse
Canadian $	1.51592	0.65967
US $	1.15671	0.86452

Commodities

Gold	Close	Previous
London Gold Fix	1296.15	1298.65
Oil
WTI Crude Future	66.89	66.64

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks resumed their run at a fresh high, gaining the most in a week and a half on strength in consumer and materials shares.
     The S&P/TSX Composite Index added 63 points or 0.4 percent to 16,328.96, less than 100 points from its January record. Consumer discretionary stocks rose the most, adding 1.2 percent. Magna International Inc. gained 1.4 percent, shrugging of lingering trade fears.
     The materials sector added 0.8 percent to reach the highest since mid-January. Gold miners led the gains, with Yamana Gold Inc. up 5.6 percent.
     In other moves:
                          Stocks
* CES Energy Solutions Corp. added 8.5 percent after announcing it will buy back up to 10 percent of its public float and double its dividend
* TransAlta Renewables Inc. slid 5.8 percent, its biggest single-day drop. The company is selling C$150 million of stock through a bought-deal offering
* Canada Goose Holdings Inc. gained 2 percent to a record close.  The retailer reports quarterly results before the market opens Friday
                         Commodities
* Western Canada Select crude oil traded at a $18.50 discount to WTI
* Aeco natural gas traded at a $2.12 discount to Henry Hub
* Gold rose 0.6 percent to $1,304.00 an ounce, the highest in three weeks
                         FX/Bonds
* The Canadian dollar weakened 0.8 percent to C$1.3094 per U.S. dollar, the weakest since March
* The Canada 10-year government bond yield fell five basis points to 2.27 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. stocks closed higher on gains by big technology and media companies, outweighing laggard financial and industrial shares. The dollar hit an 11-month high and 10- year Treasury yields tightened.
     Comcast Corp. and Walt Disney Co. were among the big gainers in the S&P 500 Index Thursday as bidding for 21st Century Fox Inc.’s entertainment assets heated up. Facebook Inc., Amazon.com Inc. and other tech giants also climbed, sending the Nasdaq Composite Index to a record high. But banks lagged thanks to a flattening yield curve.
     “Technology stocks tend to be less inclined to be slowed down by rising interest rates,” Art Hogan, chief market strategist at B. Riley FBR Inc., said by phone. “Of the two major concerns we have in the market, whether it’s monetary policy or trade policy, tech seems to be a bit agnostic to those concerns.
     European stocks also gained after the region’s central bank delivered a somewhat dovish message to investors who had been reeling from disappointing China data and the Federal Reserve’s hawkish shift.
     The Stoxx Europe 600 Index climbed after the ECB held interest rates and signaled that stimulus may last until the end of the year and rates will remain steady until at least the summer of 2019. The euro suffered its biggest drop in about two years and major government bonds rallied.
     After the decision, ECB President Mario Draghi struck a balanced tone. He said substantial progress had been made in adjusting the path of inflation — one of the goals of the QE program — but that growth in the region is poised to slow this year, while protectionism remains a risk.
     The ECB’s mixed message comes hot on the heels of conflicting signals from the world’s two biggest economies. The Fed talked up U.S. growth as it raised rates and hinted at a total of four hikes in 2018, while China’s central bank unexpectedly failed to follow the increase. Policy makers in the Asian nation may well be concerned at its slowing pace of expansion; economic indicators including retail sales and industrial output missed estimates for May. Adding to the gloom, President Donald Trump threatened to “strongly” confront China on trade.
     Asian shares dropped in the wake of the Fed announcement and China data. Haven assets such as gold advanced while emerging-market equities slid.
     These are some key events to watch this week:
* The Bank of Japan June monetary policy decision and news conference is Friday.
* FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index increased 0.3 percent as of 4:01 p.m. New York time.
* The Nasdaq Composite Index advanced 0.7 percent to a record high.
* The Stoxx Europe 600 Index rose 1.2 percent to the highest in more than three weeks.
* The MSCI Emerging Market Index decreased 1 percent to the lowest in almost two weeks.
                          Currencies
* The Bloomberg Dollar Spot Index jumped 1 percent to the highest in 11 months.
* The euro sank 1.7 percent to $1.1586, its biggest drop in about two years.
* The British pound decreased 0.7 percent to $1.3278.
* The Japanese yen fell 0.2 percent to 110.61 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell three basis points to 2.93 percent.
* Germany’s 10-year yield dipped six basis points to 0.43 percent.
* Britain’s 10-year yield decreased three basis points to 1.334 percent, the lowest in more than a week.
                           Commodities
* West Texas Intermediate crude rose 0.5 percent to $66.95 a barrel.
* Gold climbed 0.3 percent to $1,3075.32 an ounce.
* LME copper sank 1.1 percent to $7,177 per metric ton, the biggest drop in three weeks.
–With assistance from Cormac Mullen, Andreea Papuc, Jana Randow, Carolynn Look and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

Carolann

The weakest link in a chain is the strongest because it can break it.
                                                  -Stanislaw J. Lec, 1909-1966

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

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

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

Dear Friends,

Tangents:
June 13, 1922 – Urban – North York is incorporated as a township. Toronto, Ontario

June 13, 1898 – Confederation – Royal Assent given to the Yukon Territory Act; The Yukon Judicial District becomes a distinct territory from the North-West Territories, two years after the Klondike gold discovery

From today’s New York Times:

Today, in honor of William Butler Yeats (born on this day in 1865), we explore the lasting influence of his most ubiquitous poem, “The Second Coming.”

Written in 1919, the poem is considered a towering achievement of Modernist poetry. Yeats drew on Christian apocalyptic imagery to capture the violent chaos of the political turmoil in Europe at the time, and to warn of further dangers on the horizon. 

William Butler Yeats in Dublin in 1923.
The New York Times Photo Archives 

So often have the poem’s phrases been incorporated into other works of art and literature that The Paris Review has called it “the most thoroughly pillaged piece of literature in English.” 

There is, of course, Chinua Achebe’s novel “Things Fall Apart,” and Joan Didion’s short story collection “Slouching Towards Bethlehem,” but lines from the poem have proliferated in many more book titles, speeches, folk albums, CD-ROM games and tweets, as well. 

An episode of “The Sopranos” called “The Second Coming” features the poem, as does a Batman comic book series called “The Widening Gyre.”

There was an uptick in references to the poem in 2016, as writers and pundits grasped for language to describe the series of dramatic political shifts in Europe and the U.S. 

Emma McAleavy wrote today’s Back Story.

PHOTOS OF THE DAY

Britain’s new aircraft carrier HMS Queen Elizabeth is anchored in Mount’s Bay, Penzance. Credit: Matt Cardy/Getty Images

The H-IIA F39 rocket, carrying an intelligence-gathering government satellite, lifts off from the launch pad at the Japan Aerospace Exploration Agency Tanegashima Space Center in Kagoshima, Japan. Credit: The Asahi Shimbun via Getty Images
Market Closes for June 13^th, 2018

Market Index	Close	Change
Dow Jones	25201.20	-119.53   -0.47%
S&P 500	2775.63	-11.22   -0.40%
NASDAQ	7695.699	-8.095   -0.11%
TSX	16265.82	-23.16
		-0.14%

International Markets

Market Index	Close	Change
NIKKEI	22966.38	+88.03
		+0.38%
HANG SENG	30725.15	-377.91
		-1.22%
SENSEX	35739.16	+46.64
		+0.13%
FTSE 100*	7703.71	-0.10
		—

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.322		2.298
CND. 30 Year Bond		2.330		2.335
U.S.    10 Year Bond		2.9755		2.9626
U.S. 30 Year Bond		3.0959		3.0960

Currencies

BOC Close	Today	Previous
Canadian $	0.77017	0.76841
US $	1.29842	1.30140
Euro Rate 1 Euro=		Inverse
Canadian $	1.53047	0.65339
US $	1.17872	0.84838

Commodities

Gold	Close	Previous
London Gold Fix	1298.65	1299.60
Oil
WTI Crude Future	66.64	66.36

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks snapped a seven-day winning streak, retreating as the U.S. Federal Reserve struck a more hawkish tone and energy shares fell.
     The S&P/TSX Composite Index fell 23 points or 0.1 percent to 16,265.82, the first decline since June 1. Energy shares lost 0.6 percent even as crude prices rose for a third day, reflecting continued uncertainty about Russia and Saudi Arabia’s plan to boost output.
     Forestry stocks tumbled after lumber prices fell to the lowest in six weeks. Interfor Corp. lost 5 percent and West Fraser Timber Co. slid 4.7 percent.
     In other moves:
                          Stocks
* Canopy Growth Corp. rose 3.3 percent as Canada’s legal marijuana bill moved closer to approval
* AltaGas Ltd. gained 2.6 percent, the most since April. It’s selling its interest in Northwest British Columbia Hydro Electric Facilities for C$922 million
* Choom Holdings Inc. jumped 40 percent after Aurora Cannabis Inc. said it would take an 8 percent stake in the cannabis company
                          Commodities
* Western Canada Select crude oil traded at a $18.50 discount to WTI
* Gold rose 0.1 percent to $1,296.90 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2989 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.32 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. stocks finished lower as the Federal Reserve struck a somewhat hawkish tone in its latest policy statement. Treasuries fell, while the dollar retreated after spiking to session highs. Other major currencies fluctuated as investors absorbed the first of three big central bank reports this week.
     The Federal Open Market Committee on Wednesday raised rates and signaled it may pick up the pace of increases this year as unemployment falls and inflation flirts with target levels. Ten- year Treasury yields briefly crossed the 3 percent threshold after the announcement. The S&P 500 Index closed near its low for the day.
     “The FOMC is now signaling two more hikes this year and has dropped its increasingly stale signal to markets that rates will remain for some time below those levels expected in the long term,” James McCann, global economist at Aberdeen Standard Investments, said in a note. “This shift reflects the robust domestic growth backdrop, which is being fermented by a late- cycle fiscal stimulus.”
     Fed Chairman Jerome Powell told reporters that unemployment and inflation are both low, and that raising rates too slowly or quickly could be harmful. He added that the bank won’t over- react to inflation levels above 2 percent. Powell also announced he would hold press conferences at every Fed meeting starting in January.
     The euro dropped after the Fed decision only to recover to session highs. The pound also erased losses from a post-Fed swoon. The European Central Bank will decide rates on Thursday — no change is expected but investors will be braced for news on a potential end to the region’s quantitative-easing program. The Bank of Japan reports Friday.
     “From the ECB standpoint, the gross numbers in 2018 are not as good as the numbers were in 2017,” John Lynch, chief investment strategist for LPL Financial, said by phone. “So I’m wondering if it’s impatience on the part of investors as opposed to a fundamentally driven necessity to remove accommodation.”
     Gold and copper advanced, while Bitcoin looked headed for a fourth straight day of declines. West Texas crude jumped after EIA reported an unanticipated draw on U.S. oil supplies.
     Earlier, technology companies outperformed as the Stoxx Europe 600 Index advanced, though gains were tempered by a decline in telecom shares. In Asia, Japanese shares rose as the yen fell slightly, while equities fell in Hong Kong and Australia. Chinese shares also retreated, with ZTE Corp. plunging by its daily limit after it agreed to a $1 billion fine.
     These are some key events to watch this week:
* The European Central Bank rates decision comes Thursday with a briefing from President Mario Draghi.
* The Bank of Japan June monetary policy decision and news conference is Friday.
* FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index fell 0.4 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.2 percent to the highest in more than two weeks.
* The U.K.’s FTSE 100 Index declined less than 0.05 percent.
* Germany’s DAX Index gained 0.4 percent to the highest in almost three weeks.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent, its biggest drop in a week.
* The euro gained 0.4 percent to $1.1779.
* The British pound gained less than 0.05 percent to $1.3376.
* The Japanese yen advanced 0.1 percent to 110.30 per dollar.
                          Bonds
* The yield on 10-year Treasuries rose one basis point to 2.97 percent, the highest in more than two weeks.
* Germany’s 10-year yield declined one basis point to 0.48 percent.
* Britain’s 10-year yield fell three basis points to 1.369 percent, the lowest in more than a week.
                          Commodities
* West Texas Intermediate crude jumped 0.5 percent to $66.69 a barrel.
* Gold gained 0.3 percent to $1,300.19 an ounce.
* LME copper advanced 0.5 percent to $7,257 a metric ton.
–With assistance from Andreea Papuc, Richard Jones and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

Carolann

 

Even when laws have been written down, they ought not always to remain unaltered.
                                                                                   -Aristotle, 384 BC-322 BC

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

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

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

Dear Friends,

Tangents:
On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.” 
Go to article »

Anne Frank, b. 1929
George H.W. Bush, 41^st US President, b. 1924

1939: National Baseball Hall of Fame opened.

Baseball is 90% mental, the other half is physical. –Yogi Berra, 1925-2015.
PHOTOS OF THE DAY

A woman poses for pictures in a digital installation waterfall room, filled with flowers which appears to flow over a hill, at Mori building Digital Art Museum in Tokyo, Japan. Credit: Behrouz Mehri/AFP/Getty Images

Mori building Co. and Japanese collective teamLab, known internationally for their innovative “digital art” that combines projections, sound and carefully designed spaces to create immersive experiences, will launch the Digital Art Museum in Tokyo on June 21. Credit: Behrouz Mehri/AFP/Getty Images

Workers build ‘The Mastaba’, an outdoor work made up of over 7000 stacked barrels by Bulgarian artist Christo Vladimirov Javachef on the Serpentine lake in Hyde Park in London. Credit: Niklas Halle’n/AFP/Getty Images

A pair of European goldfinches squabble over food in a rural garden setting near Hawick on the Scottish Borders. Credit: Ron McCombe/Solent News & Photo Agency
Market Closes for June 12^th, 2018

Market Index	Close	Change
Dow Jones	25320.73	-1.58   -0.01%
S&P 500	2786.85	+4.85   +0.17%
NASDAQ	7703.793	+43.868   +0.57%
TSX	16288.98	+25.69
		+0.16%

International Markets

Market Index	Close	Change
NIKKEI	22878.35	+74.31
		+0.33%
HANG SENG	31103.06	+39.36
		+0.13%
SENSEX	35692.52	+209.05
		+0.59%
FTSE 100*	7703.81	-33.62
		-0.43%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.298		2.306
CND. 30 Year Bond		2.335		2.354
U.S.    10 Year Bond		2.9626		2.9516
U.S. 30 Year Bond		3.0960		3.0936

Currencies

BOC Close	Today	Previous
Canadian $	0.76841	0.76999
US $	1.30140	1.29871
Euro Rate 1 Euro=		Inverse
Canadian $	1.52865	0.65417
US $	1.17462	0.85134

Commodities

Gold	Close	Previous
London Gold Fix	1299.60	1298.25
Oil
WTI Crude Future	66.36	66.10

Market Commentary:
Number of the Day
2.6%
The amount shares of Dine Brands Global rose Monday after the IHOP-parent said it would temporarily change the pancake-provider’s name to IHOb, with the “B” standing for “burgers.”
Canada
By Kristine Owram
     (Bloomberg) — Canadian rose for a seventh consecutive session, continuing their march toward a new high, as all sectors except energy closed in the green.
     The S&P/TSX Composite Index added 26 points or 0.2 percent to 16,288.98, the highest close since Jan. 23 and less than 130 points from its all-time high. Tech stocks led the gains, adding 1.4 percent as Shopify Inc. rose 3.3 percent.
     The consumer-discretionary sector rose 0.9 percent, led by a 6.5 percent gain in Spin Master Corp. Energy stocks lost 0.7 percent after OPEC said there’s significant uncertainty about crude demand in the back half of the year.
     In other moves:
                          Stocks
* Suncor Energy Inc. lost 2.9 percent, the most since March, after AltaCorp Capital cut the stock to sector perform from outperform
* Tahoe Resources Inc. fell 2.8 percent. Chief Executive Officer Ronald Clayton is retiring at the end of this week
* Katanga Mining Ltd. jumped 26 percent, the most in more than 10 months, after reaching a deal with the Democratic Republic of Congo’s state miner on a legal dispute
                          Commodities
* Western Canada Select crude oil traded at an $18.65 discount to WTI
* Gold fell 0.3 percent to $1,299.70 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.3017 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.30 percent
US
By Samuel Potter and Sarah Ponczek
     (Bloomberg) — U.S. stock indexes finished higher in listless trading Tuesday as investors put the U.S.-North Korea meeting in the rear-view and looked forward to this week’s big central bank decisions.
     Approaching the close, the S&P 500 Index recovered from session lows amid below-average volume. Yields on 10-year Treasuries climbed, while the dollar gained and the euro fell. Safe-haven assets including the yen and gold edged lower after President Donald Trump and Kim Jong Un signed a document pledging to work toward peace on the Korean peninsula.
     The summit and last weekend’s rancorous G-7 meeting have yielded the spotlight to central banks, with a seemingly certain Federal Reserve rate increase on Wednesday, plus the prospect of a hawkish European Central Bank tilt on Thursday. The Bank of Japan’s policy decision is due Friday. Tuesday’s U.S. inflation figures — which were in line with estimates — may reignite the four-hikes-in-2018 debate ahead of the Fed’s decision.
     “The main issues are the Federal Reserve, the ECB and the Bank of Japan, not really the tweets regarding trade issues — and that’s what we’re all waiting for,” Derek Green, wealth adviser at Titus Wealth Management in California, said by phone. “Maybe it’s a calm before the storm. Volume will definitely pick up starting tomorrow. You’ve got three press conferences in three days.”
     The Stoxx Europe 600 Index retreated after modest gains for many Asian shares failed to ignite the MSCI Asia Pacific Index. The British pound rose after Prime Minister Theresa May fended off a rebellion by pro-EU Conservatives and won a key Brexit vote, only to give up most of that gain.
     Elsewhere, West Texas crude fluctuated around $66 a barrel after Iraq joined other OPEC members in resisting a push to boost oil supplies. The Turkish lira led decliners in emerging- market currencies ahead of the possible U.S. rate increase, which could suck more cash from developing nations.
     These are some key events to watch this week:
* The Federal Reserve is expected to raise interest rates Wednesday as the U.S. economy remains solid.
* The European Central Bank rates decision comes Thursday with a briefing from President Mario Draghi.
* The Bank of Japan June monetary policy decision and news conference is Friday.
* FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index climbed 0.2 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index sank 0.4 percent.
* Germany’s DAX Index declined less than 0.05 percent.
* The MSCI Emerging Market Index fell 0.1 percent.
                           Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent to its highest in over a week.
* The euro fell 0.3 percent to $1.175.
* The British pound fell less than 0.05 percent to $1.3373.
* The Japanese yen decreased 0.3 percent to 110.35 per dollar, the weakest in almost three weeks.
                           Bonds
* The yield on 10-year Treasuries increased one basis point to 2.96 percent.
* Germany’s 10-year yield fell less than one basis point to 0.49 percent.
* Britain’s 10-year yield decreased one basis point to 1.401 percent.
                           Commodities
* West Texas Intermediate crude climbed 0.2 percent to $66.22 a barrel.
* Gold fell 0.3 percent to $1,296.19 an ounce, the largest fall in over a week.
* LME copper fell 0.5 percent to $7,222 a metric ton.
–With assistance from Andreea Papuc and Janine Wolf.

Have a great night.

Be magnificent!

As ever,

 

Carolann

History is a set of lies agreed upon.
-Napoleon Bonaparte, 1769-1821

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

ear Friends,

Tangents:

On June 11, 1942, the United States and the Soviet Union signed a lend lease agreement to aid the Soviet war effort in World War II. 
Go to article »

The English Diarist and theatre critic, James Agate, wrote in Ego on June 11, 1944:

I was telling someone in the Club today Esmé Percy’s story of how Sarah Bernhardt played Lady Macbeth dressed entirely in Leopard skins.  Howard Young looked up from his paper and said, “Tell us James.  How did she deal with the line ‘Out, damned spot’?”

-from today’s New York Times:

The upscale resort island in Singapore where President Trump plans to meet Kim Jong-un tomorrow is named Sentosa. In Malay, the word means “tranquility.”

But the island has a troubled past. 

A tranquil place. Nowadays.
Roslan Rahman/Agence France-Presse — Getty Images

Until 1970, it was known as Pulau Blakang Mati, a reference to a hill there whose name means “Behind Death.” One theory holds that the island was long a sanctuary for the spirits of warriors who had been buried on an adjacent island (which was itself associated with piracy). 

Pulau Blakang Mati was also the site of a mysterious epidemic (probably malaria) during the British colonial era, and it was one of the places where Japanese soldiers killed thousands of Chinese male civilians after invading Singapore in 1942. 

In 1969, four years after Singapore gained independence, the government attempted to rebrand Pulau Blakang Mati by soliciting ideas for a new name. It later awarded $500 each to the five people who proposed “Sentosa.” 

A cable car was also built from Sentosa to Singapore’s main island in 1974. A local newspaper said in 1969 that the project would be the city-state’s “trump card in its campaign to lure tourists.” 

Mike Ives wrote today’s Back Story. 

PHOTOS OF THE DAY

The Knockhundred Shuttles Morris Group from Midhurst, West Sussex dance at the Weald And Downland Living Museum Morris Day Of Dance event in West Sussex. Credit: Scott Ramsay/Alamy Live News

People join hands to form a 125 miles (202km) long human chain linking the cities of Sebastian, Vitoria and Bilbao to call for a right to vote on Basque independence near Vitoria, Spain. Credit: Vincent West/Reuters

Charity Anna’s Hope attempts the Guinness World Record for the Largest Gathering of People Dressed as Fairies in One Place, Cathedral Square, Peterborough. Credit: Terry Harris
Market Closes for June 11^th, 2018

Market Index	Close	Change
Dow Jones	25322.31	+5.78   +0.02%
S&P 500	2782.00	+2.97   +0.11%
NASDAQ	7659.926	+14.415   +0.19%
TSX	16263.29	+60.60
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	22804.04	+109.54
		+0.48%
HANG SENG	31063.70	+105.49
		+0.34%
SENSEX	35483.47	+39.80
		+0.11%
FTSE 100*	7737.43	+56.36
		+0.73%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.306		2.320
CND. 30 Year Bond		2.354		2.363
U.S.    10 Year Bond		2.9516		2.9461
U.S. 30 Year Bond		3.0936		3.0904

Currencies

BOC Close	Today	Previous
Canadian $	0.76999	0.77376
US $	1.29871	1.29240
Euro Rate 1 Euro=		Inverse
Canadian $	1.53036	0.65344
US $	1.17837	0.84863

Commodities

Gold	Close	Previous
London Gold Fix	1298.25	1297.25
Oil
WTI Crude Future	66.10	65.74

Market Commentary:
On this day in 1930, New York Stock Exchange President Richard Whitney had the press witness him making a bid (with his own money) of $160 a share for a 60,000-share block of U.S. Steel stock as he tried to rebuild public confidence in the market. Shortly thereafter, the stock sank below $150, on its way to $21 in the market bottom of 1932
Number of the Day
$150 billion
The approximate valuation of Jack Ma’s fintech giant Ant Financial after the firm raised $14 billion in one of the largest private-capital raises on record.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks shrugged off a fierce trade battle developing between Canada and the U.S. as energy stocks gained. The loonie weakened.
     The S&P/TSX Composite Index rose 61 points or 0.4 percent to 16,263.29, its sixth straight gain. The benchmark is about 150 points away from a record closing high.
     Energy stocks added 1.3 percent as crude rose to the highest in more than a week amid an OPEC rift over whether to allow more oil to flow onto global markets. MEG Energy Corp. gained 6 percent.
     Auto suppliers, some of the most trade-sensitive stocks, were mixed. Magna International Inc. rose 0.4 percent and Linamar Corp. fell 1 percent.
     In other moves:
                          Stocks
* Ivanhoe Mines Ltd. added 3.7 percent after agreeing to sell a 19.9 percent stake to China’s CITIC Metal Co., making it the largest shareholder
* ProMetic Life Sciences Inc. slid 4.2 percent to the lowest in a month. The stock will be delisted from the S&P/TSX Composite Index on June 18
* AutoCanada Inc. gained 5.8 percent after an investor urged it to launch a strategic review
                          Commodities
* Western Canada Select crude oil traded at a $18.75 discount to WTI
* Gold rose 0.1 percent to $1,298.90 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2981 per U.S.dollar
* The Canada 10-year government bond yield fell one basis point to 2.31 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. equities shrugged off the weekend’s trade drama as investors started a hectic week during which three major central banks set interest rates, President Donald Trump meets North Korea’s leader and Brexit returns to the fore.
     The S&P 500 Index rose Monday for the second straight session, but not without giving up some gains just before the close. The dollar climbed with Treasury yields, and Texas crude and gold both advanced.
     Investors are steeling themselves for geopolitical noise as the week picks up, with Trump saying he feels “very good” about the summit with Kim Jong Un in Singapore. After that, traders will switch their focus to the views of the world’s biggest central banks. The Federal Reserve is expected to raise interest rates, while European Central Bank officials are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets Friday, with no change to policy expected.
     “Much more likely to be market-moving are the Fed meeting this Wednesday and the ECB meeting the following day,” Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, said in an email. “The ECB meeting on Thursday is important because if they elect to begin tapering (e.g. like the Fed has) then the implications for the Euro could be important.”
     Earlier, shares in Japan, Hong Kong and South Korea showed modest advances while Chinese stocks underperformed. Australian markets were shut for a holiday. Meanwhile, Canada’s dollar fell in the wake of the G-7 meeting, which ended with deepening tensions over U.S. tariffs and a dispute between Trump and Prime Minister Justin Trudeau. The Argentine peso led decliners in emerging-market currencies.
     In Europe, the mood was cautiously risk-on, with the Stoxx Europe 600 Index rising the most in more than a week and core European bonds slipping. The euro strengthened and Italian bonds and stocks jumped after the country’s new finance minister confirmed his commitment to the common currency. The pound fell in what could be a key week for Theresa May’s Brexit strategy, and as data showed a slump in U.K. manufacturing.
     Oil pared losses as cracks in a pipeline threatened Nigerian exports and a schism deepened within OPEC over whether to allow more crude to flow onto global markets. Bitcoin traded near a two-month low following a hacking incident at South Korean cryptocurrency exchange Coinrail.
     These are some key events to watch this week:
* President Donald Trump and North Korean leader Kim Jong Un meet for an historic summit in Singapore Tuesday, which will be late Monday in New York
* U.K. Prime Minister Theresa May faces votes that could derail her Brexit policy, also Tuesday
* The Federal Reserve is expected to raise interest rates Wednesday as the U.S. economy remains solid
* The European Central Bank rates decision comes Thursday with a briefing from President Mario Draghi
* The Bank of Japan June monetary policy decision and news conference is Friday
* FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.3 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.7 percent, the largest climb in more than a week.
* The U.K.’s FTSE 100 Index jumped 0.7 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, the biggest climb in more than a week.
* The euro climbed 0.1 percent to $1.1784.
* The British pound fell 0.2 percent to $1.3382.
* The Japanese yen declined 0.4 percent to 110.04 per dollar.
* The Canadian dollar decreased 0.4 percent to C$1.2986 per U.S. dollar.
                            Bonds
* The yield on 10-year Treasuries advanced less than one basis point to 2.95 percent.
* Germany’s 10-year yield increased four basis points to 0.49 percent.
* Britain’s 10-year yield climbed two basis points to 1.407 percent, the highest in almost three weeks.
                            Commodities
* West Texas Intermediate crude increased 0.5 percent to $66.05 a barrel.
* Gold gained 0.2 percent to $1,300.52 an ounce.
–With assistance from Cormac Mullen and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Nothing is so firmly believed as that which we least know.
                              -Michel De Montaigne, 1533-1592

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

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

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

Dear Friends,

Tangents:
On this day in 1916, Francis Harry Compton Crick was born in Northampton, England. In 1953, working with James Watson, he discovered the double-helix molecular structure of DNA, the building block of life.

Dylan Byer’s writes in today’s edition of PACIFIC:
In Memorium
Anthony Bourdain

“It seems that the more places I see and experience, the bigger I realize the world to be,” Bourdain once said. “The more I become aware of, the more I realize how relatively little I know of it, how many places I have still to go, how much more there is to learn. Maybe that’s enlightenment enough — to know that there is no final resting place of the mind, no moment of smug clarity. Perhaps wisdom, at least for me, means realizing how small I am, and unwise, and how far I have yet to go.”

Bourdain was the genuine article. He gave you the sense — rare in writing, rarer still in person, and rarest of all in television — that he was totally himself. No affectation, no bullshit. And that self was so cool, so charismatic, so sincere that it was impossible, at least for me, not to envy and admire him for his ability to build a career on being himself and doing what he loved. He was a north star.

I couldn’t agree more.  A  lot of tears are being shed today.  RIP Tony.
PHOTOS OF THE DAY

A charity screening of “Gladiator” takes place at the Colosseum in Rome. Credit: Tiziana Fabi/AFP/Getty Images

The Greenpeace ship Arctic sunrise in Hope Bay, the Antarctic Sound, conducting submarine-based research of the seafloor to identify Vulnerable Marine Ecosystems. Credit: Christian Aslund/Greenpeace

Thoren Ferguson plays the Il Mare Violin, which is made from driftwood, in the sea at Yellowcraigs in East Lothian, Scotland. Edinburgh-based violin maker Steve Burnett collected driftwood from the East Lothian coast to make the instrument which was unveiled ahead of World Oceans Day on June 8^th. The violin will be played at fundraising events and concerts to help raise money for environmental charities and is being endorsed by Marine Conservation Scotland. Credit: Jane Barlow/PA Wire

An ant drinks from a raindrop after a shower in Rottweil, southern Germany. Credit: Silas Stein/AFP/Getty Images
Market Closes for June 8^th, 2018

Market Index	Close	Change
Dow Jones	25316.53	+75.12   +0.30%
S&P 500	2779.03	+8.66   +0.31%
NASDAQ	7645.512	+10.442   +0.14%
TSX	16202.69	+9.91
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	22694.50	-128.76
		-0.56%
HANG SENG	30958.21	-554.42
		-1.76%
SENSEX	35443.67	-19.41
		-0.05%
FTSE 100*	7681.07	-23.33
		-0.30%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.320		2.283
CND. 30 Year Bond		2.363		2.334
U.S.    10 Year Bond		2.9461		2.9259
U.S. 30 Year Bond		3.0904		3.0728

Currencies

BOC Close	Today	Previous
Canadian $	0.77376	0.77063
US $	1.29240	1.29765
Euro Rate 1 Euro=		Inverse
Canadian $	1.52110	0.65742
US $	1.17709	0.84955

Commodities

Gold	Close	Previous
London Gold Fix	1297.25	1300.10
Oil
WTI Crude Future	65.74	65.95

Market Commentary:
Number of the Day
$3.3155
The price per pound for copper in the most active futures contract at its high point Thursday, just shy of the highest point since early 2014. Prices have risen around 6% this week.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher after spending much of the day in the red, notching a fifth straight gain to the highest since January.
     The S&P/TSX Composite Index added 10 points or 0.1 percent to 16,202.69, bringing its weekly gain to 1 percent. Consumer staples led the way, rising 0.7 percent amid gains by grocery retailers. Health-care stocks added 0.5 percent with cannabis stocks mixed after the Canadian Senate approved an amended marijuana legalization bill.
     The energy sector was the biggest decliner, losing 0.4 percent as the discount for Canadian crude widened to the biggest spread this week. NuVista Energy Ltd. slid 4.6 percent.
     In other moves:
                          Stocks
* Enghouse Systems Ltd. jumped 8.1 percent to the highest since 2015 after second-quarter earnings beat the highest estimate
* Transcontinental Inc. added 5.3 percent to a record high.  Second-quarter revenue beat the highest analyst estimate
* Saputo Inc. lost 1.1 percent, adding to Thursday’s 4.3 percent decline. The stock was downgraded at Desjardins Securities amid challenging market conditions
                          Commodities
* Western Canada Select crude oil traded at a $17.80 discount to WTI
* Gold fell 0.1 percent to $1,290.10 an ounce
                          FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2934 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.32 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. equities held on to a Friday afternoon rally as the risk-off sentiment that gripped investors late in the week subsided. Brazil’s real surged after the central bank pledged to support the currency, helping to reduce fears of an emerging markets contagion.
     The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all finished the week in positive territory. President Donald Trump traveled to Canada for the Group of Seven meeting, vowing before he left the U.S. that he won’t bend to longtime allies on tariffs. Treasury yields edged higher, while the dollar was little changed.
     “Market participants originally were reacting quite strongly to some of the trade rhetoric,” Sinead Colton, global investment strategist and portfolio manager for the Dreyfus Dynamic Total Return Fund for BNY Mellon, said by phone. “Now it seems to be built in as an expectation that this will be resolved before it ever becomes a big issue to hit GDP in particular areas.”
     After appearing to regain some swagger this week, global markets dropped back into risk-off mode Thursday as old worries moved to the forefront. Underwhelming data releases from France and Germany continued a run of poor economic news in the euro area, while growing cracks in the developing world are adding to concerns. The Stoxx Europe 600 Index followed Chinese and Hong Kong shares lower.
     Emerging markets remained turbulent. The real jumped as much as 4 percent, leading world gains, after the central bank pledged to flood the market with currency swaps. Investors earlier this week ignored central bank attempts to bolster the currency, sending the real to a two-year low. South Africa’s rand tumbled and bond yields soared as disappointing economic data this week persuaded traders that there’s no chance of a rate increase any time soon.
     Elsewhere, oil closed near $66 a barrel in New York amid signs OPEC nations may clash over production policy when they meet later this month.
     These are the main moves in markets:
                          Stocks
* The S&P 500 Index rose 0.3 percent to 2,778.99, the Dow Jones Industrial Average increased 0.3 percent to 25,316.53 and the Nasdaq Composite Index gained 0.1 percent to 7,645.51 as of 4:05 p.m. in New York.
* The U.K.’s FTSE 100 Index dropped for a second day, falling0.3 percent.
* The MSCI Emerging Market Index slumped 1.1 percent.
* Japan’s Nikkei 225 Stock Average fell 0.6 percent, the first decline in five days.
* The Stoxx Europe 600 Index fell 0.2 percent, the fourth straight decline.
                          Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1 percent.
* The euro fell 0.3 percent to $1.1769, the first retreat in a week.
* The British pound weakened 0.1 percent to $1.3408, the first drop in four days.
* The Japanese yen strengthened 0.2 percent to 109.46 per dollar.
* South Africa’s rand sank as much as 2.4 percent before trading at 13.06 per dollar, a 0.6 percent decline.                            
                          Bonds
* The yield on 10-year Treasuries rose two basis points to 2.94 percent.
* Italian 10-year yields rose seven basis points to 3.13 percent, , bringing to the rise for the week to 42 basis points.
* Germany’s 10-year yield fell four basis points to 0.45 percent.
                          Commodities
* West Texas Intermediate crude dropped 0.5 percent to $65.65 a barrel.
* Gold climbed 0.1 percent to $1,298.87 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Carolann

There is nothing more dreadful than imagination without taste.
                        -Johann Wolfgang Von Goethe, 1749-1832

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

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

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

Dear Friends,

Tangents:
On June 7, 1929, the sovereign state of Vatican City came into existence as copies of the Lateran Treaty were exchanged in Rome.
Go to article »

Paul Gauguin, b. June 7, 1848
Life being what it is, one dreams of revenge. -Paul Gauguin.

PHOTOS OF THE DAY

Edinburgh Castle and the spire of St. Columba’s Church surrounded by ‘haar’ rolling in from the North Sea. Credit: The Telegrap

Lava flows on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii. Credit: The Telegraph

Aerial view of farmers working in the fields in Yangzhou, Jiangsu Province of China. Credit: The Telegraph
Market Closes for June 7^th, 2018

Market Index	Close	Change
Dow Jones	25241.41	+95.02   +0.38%
S&P 500	2770.37	-1.98   -0.07%
NASDAQ	7635.070	-54.173   -0.70%
TSX	16192.78	+8.86
		+0.05%

International Markets

Market Index	Close	Change
NIKKEI	22823.26	+197.53
		+0.87%
HANG SENG	31512.63	+253.53
		+0.81%
SENSEX	35463.08	+284.20
		+0.81%
FTSE 100*	7704.40	-7.97
		-0.10%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.283		2.252
CND. 30 Year Bond		2.334		2.304
U.S.    10 Year Bond		2.9259		2.9241
U.S. 30 Year Bond		3.0728		3.0808

Currencies

BOC Close	Today	Previous
Canadian $	0.77063	0.77245
US $	1.29765	1.29459
Euro Rate 1 Euro=		Inverse
Canadian $	1.53133	0.65303
US $	1.18009	0.84740

Commodities

Gold	Close	Previous
London Gold Fix	1300.10	1292.05
Oil
WTI Crude Future	65.95	64.73

Market Commentary:
Number of the Day
50%
Jet-fuel prices have surged more than 50% over the past year, pushing carriers to raise fares and Delta Air Lines Inc. to cut its profit expectations.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks eked out a fourth straight increase as gains in energy and financials offset declines in most other sectors.
     The S&P/TSX Composite Index added 9 points or less than 0.1 percent to 16,192.78, just over 200 points from its record closing high. Energy stocks were the biggest gainers, rising 1.5 percent as crude prices rebounded to the highest level in a week.
     Consumer stocks retreated due to a couple of negative reports. Saputo Inc. lost 4.3 percent, the most since 2016, after quarterly earnings missed the lowest analyst estimate, while Dollarama Inc. fell 6.7 percent to the lowest since November on the weakest comparable-store sales growth in more than four years.
     In other moves:
                          Stocks
* Canadian Western Bank jumped 8.5 percent, the most since 2009, on strong second-quarter results
* Aphria Inc. lost 5.7 percent after the cannabis producer said it’s offering 19 million shares at C$11.85, below the current trading price
* SNC-Lavalin Group Inc. rose 1.4 percent to the highest since November. It won a contract to design and deliver a C$1.9 billion petrochemical plant in Oman
                         Commodities
* Western Canada Select crude oil traded at a $16.25 discount to WTI
* Aeco natural gas traded at a $1.92 discount to Henry Hub
* Gold rose 0.1 percent to $1,298.70 an ounce.
                         FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2985 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.28 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — A quiet Thursday in June turned turbulent as a rally in Treasury bonds snowballed, shaking up trading desks with a sudden flurry of volume, and a week-long rally in technology stocks was snuffed out.
     Unsettled by currency and stock routs in Brazil and signs of distress in other emerging markets, traders flocked to Treasuries, igniting gains that at one point pushed the 10-year yield down nine basis points in a matter of minutes. Some of the drop was later pared. In equities, the Nasdaq 100 Index fell 0.8 percent, the most in three weeks.
     “Up until about an hour ago this was all okay because the rotation into financials on higher rates was kind of offsetting,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter. “But with yields lower, financials are basically flat now and techs just weighing, acting like an anchor.”
     Turkey and Brazil intensified efforts to protect their currencies from speculative attacks by investors as emerging markets face their biggest test since the 2013 taper tantrum.
    Turkey surprised analysts by tightening monetary policy Thursday for the third time in less than two months, while Brazil’s central bank sold extra foreign-exchange swap contracts for the second time this week, boosting investors’ protection again further declines in the currency. The lira surged and the real briefly pared losses after the actions.
     After weeks in the doldrums, equities had managed to regain some swagger in recent days. The global expansion narrative had remained intact, Treasury yields were holding below the psychological barrier of 3 percent and U.S. technology shares — the drivers of past rallies — had been notching successive records. Investors will now be watching the G-7 meeting this week for clues on the trade outlook, as well as this month’s meetings of both the Federal Reserve and the European Central Bank to gauge the path of interest rates.
     “The market also continues to be skeptical over any degree of progress made and remains at a point where it is viable to look for opportunity to take profit while it can to justify profit taking in a market that is still defined by improving fundamentals,” said John Stoltzfus, the chief investment strategist of Oppenheimer & Co.,
     The Stoxx Europe 600 Index fell after disappointing data on euro-area exports and German factory orders. The euro had rallied amid talk of an end to the ECB’s quantitative easing program.
     These are some key events to watch this week:
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
     These are the main moves in markets:
                           Stocks
* The S&P 500 Index fell 0.2 percent, the Dow Jones Industrial Average gained 0.2 percent and the Nasdaq Composite Index dropped 0.8 percent as of 3:07 p.m. in New York.
* The U.K.’s FTSE 100 Index fell 0.1 percent.
* The MSCI Emerging Market Index slumped 0.3 percent.
* Japan’s Nikkei 225 Stock Average gained for a fourth day, increasing 0.9 percent.
                           Currencies
* The Bloomberg Dollar Spot Index was little changed, after dropped as much as 0.3 percent.  The euro rose 0.2 percent to $1.1799.
* The British pound gained 0.1 percent to $1.3421.
* The Japanese yen strengthened 0.5 percent to 109.68 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell five basis points to 2.92 percent.
* Italian 10-year yields rose 12 basis points to 3.06 percent.
                           Commodities
* West Texas Intermediate crude gained 1.9 percent to $65.96 a barrel.
* Gold rose 0.1 percent to $1,297.34 an ounce. 

Have a great night.

Be magnificent!

As ever,

Carolann

Roots are not in landscape or a country, or a people, they are inside you.
                                                                   -Isabel Allende, b. 1942

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

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

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

Dear Friends,

Tangents:
On June 6, 1944, the D-Day invasion of Europe took place during World War II as Allied forces stormed the beaches of Normandy, France.

From today’s NY Times:

“The most pivotal battle of all time.”

That was how Secretary of State Cordell Hull described D-Day, when more than 150,000 Allied troops landed in Normandy on this day in 1944 to begin liberating Europe from Nazi occupation during World War II.

American troops on a Normandy beach in 1944.
Associated Press

D-Day saw airborne forces parachute across northern France as ground troops landed on five beaches. By day’s end, it was the largest air, naval and land operation in history.

But it was not the first D-Day.

D-Day is a general term used for the start of any military campaign, and is used when the exact date of an operation is secret or not yet known. Similarly, H-Hour is a term used to describe a yet-to-be-determined time. The alliterative phrases go back at least as far as World War I, and helped keep actual mission dates out of enemy hands.

The generic phrases also allowed for advance planning, which in 1944 led to scenes like this:

“The relatively calm water was churned by wave after wave of ships,” according to one Times account from Normandy, “some large enough to cast their eerie shadows in the early morning glow and others darting through like so many water-bugs.”

Remy Tumin wrote today’s Back Story.

PHOTOS OF THE DAY

Ray Schuck, 95, who was a paratrooper on D-Day and was later shot in the head by a German sniper sits inside the church in Ranville, France, where he was given the last rites in June 1944. Credit: Matt Cardy/Getty Images

A priest looks out from the temple of Swet Bhairabh in Basantapur Durbar Square in Kathmandu, Nepal. Credit: Niranjan Shrestha/AP

Tourists visit an aquatic forest park in Lizhong Township of Xinghua, east China’s Jiangsu Province. Credit: Meng Delong/Xinhua News Agency/Eyevine
Market Closes for June 6^th, 2018

Market Index	Close	Change
Dow Jones	25146.39	+346.41   +1.40%
S&P 500	2772.35	+23.55   +0.86%
NASDAQ	7689.242	+51.379   +0.67%
TSX	16183.93	+61.68
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	22625.73	+86.19
		+0.38%
HANG SENG	31259.10	+165.65
		+0.53%
SENSEX	35178.88	+275.67
		+0.79%
FTSE 100*	7712.37	+25.57
		+0.33%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.309		2.252
CND. 30 Year Bond		2.357		2.304
U.S.    10 Year Bond		2.9699		2.9241
U.S. 30 Year Bond		3.1201		3.0808

Currencies

BOC Close	Today	Previous
Canadian $	0.77245	0.77128
US $	1.29459	1.29655
Euro Rate 1 Euro=		Inverse
Canadian $	1.52437	0.65601
US $	1.17750	0.84926

Commodities

Gold	Close	Previous
London Gold Fix	1292.05	1295.45
Oil
WTI Crude Future	64.73	65.52

Market Commentary:
~$ On this day in 1934, the Securities Exchange Act was signed into law by President Franklin D. Roosevelt. It created the U.S. Securities & Exchange Commission and required companies to file registration documents with stock exchanges and to file quarterly financial statements.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks staged a late-day rally, closing at the highest since Jan. 26, as health care and materials companies gained.
     The S&P/TSX Composite Index added 62 points, or 0.4 percent, after trading near or below the previous session’s closing price for most of the day. Cannabis stocks rose for a third day as the Canadian Senate prepares to vote Thursday on legislation that would legalize the drug for recreational use. Aurora Cannabis Inc. was the biggest gainer, adding 13 percent to the highest since March.
     The materials sector gained 1.7 percent as copper rose to an almost four-month high. First Quantum Minerals Ltd. added 7.1 percent and Hudbay Minerals Inc. gained 6 percent.
     In other moves:
                          Stocks
* Valeant Pharmaceuticals International Inc. rose 7.5 percent to the highest since 2016 after Barclays upgraded the stock to overweight, saying it’s at an inflection point
* Cameco Corp. added 6.7 percent, bringing its three-day gain to 16 percent. The uranium sector should see further price gains, according to Eight Capital
* Shaw Communications Inc. gained 1.3 percent after CIBC Capital Markets upgraded the stock to buy for the first time since 2014
                          Commodities
* Western Canada Select crude oil traded at a $15.25 discount to WTI
* Gold was little changed at $1,297.10 an ounce
                          FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2957 per U.S. dollar
* The Canada 10-year government bond yield rose six basis points to 2.31 percent after the trade deficit narrowed to a six-month low
US
By Samuel Potter
     (Bloomberg) — Trade hopes and the end of easy money were the twin themes in trading on Wednesday, with U.S. stocks extending gains and bonds falling as this week’s risk-on mood endured.
     The S&P 500 pushed higher for a fourth consecutive day after dipping earlier into negative territory, led by gains in financials and health care companies. The Dow Jones Industrial Average climbed the most in almost two months. The Nasdaq Composite Index reached another record high, pushing its return for the year beyond 11 percent. Equities had opened higher across Asia on signs that major economies will step back from the brink of a trade war.
     The Stoxx Europe 600 Index finished little changed as a strengthening euro provided a headwind and as Italian shares fell. Both were reacting to signs that the ECB is ready to discuss an end to quantitative easing, which sank bonds in the region and spurred fears for Italy’s embattled lenders.
     The dollar stayed lower after the U.S. trade deficit narrowed to the lowest level since September thanks to record exports. Most metals rallied and 10-year Treasury yields climbed above 2.95 percent after China was said to offer to buy more American products and on reports the Treasury Department favors less sweeping investment limits on the Asian nation.
     Investors have been here before: The on-again, off-again threat of protectionism is becoming a common refrain in global markets. They’ll now look ahead to the G-7 meeting this week for further developments in the story, as well as to this month’s meetings of both the Federal Reserve and the European Central Bank for more clues on monetary policy. ECB chief economist Peter Praet on Wednesday confirmed next week’s gathering will be pivotal for a decision on when to end its bond-buying program.
     Elsewhere, oil slid lower after a U.S. government report showed a surprise increase in domestic crude stockpiles. Brazil’s real deepened losses after closing at the weakest since 2016 on Tuesday following a failed attempt by the central bank to halt the currency’s slide.
     These are some key events to watch this week:
* On Thursday, Japanese Prime Minister Shinzo Abe meets with U.S. President Trump at the White House to discuss the planned U.S. summit with North Korea’s Kim Jong Un.
* Also on Thursday, euro-zone GDP.
* A Turkish rate decision is due on Thursday.
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
     These are the main moves in markets:
                           Stocks
* The S&P 500 Index increased 0.9 percent to 2,772.35, the Dow Jones Industrial Average gained 1.4 percent 25,146.39 and the Nasdaq Composite Index rose 0.7 percent to a record 7,689.24 as of 4:05 p.m. in New York.
* The U.K.’s FTSE 100 Index gained 0.3 percent.
* The MSCI Emerging Market Index increased 0.5 percent, touching the highest level in three weeks.
* Japan’s Nikkei 225 Stock Average gained 0.4 percent.
                           Currencies
* The Bloomberg Dollar Spot Index slumped 0.2 percent.  The euro rose 0.5 percent to $1.1773.
* The British pound gained 0.2 percent to $1.3414.
* The Japanese yen weakened 0.4 percent to 110.22 per dollar.
                           Bonds
* The yield on 10-year Treasuries rose four basis points to 2.97 percent.
* Italian 10-year yields jumped 15 basis points to 2.94 percent, bringing the two-day increase to 40 basis points.
                           Commodities
* West Texas Intermediate crude dropped 0.7 percent to $65.05 a barrel.
* Gold rose 0.1 percent to $1,297.02 an ounce.
–With assistance from Sophie Caronello. 

Have a great night.

Be magnificent! 

As ever,

Carolann

Guard against the impostures of pretended patriotism.
                             -George Washington, 1732-1799

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

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

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

Dear Friends,

Tangents:
On June 5, 1968, Sen. Robert F. Kennedy was shot and mortally wounded just after claiming victory in California’s Democratic presidential primary. Gunman Sirhan Bishara Sirhan was immediately arrested. 
Go to article »

PHOTOS OF THE DAY

A candlelight vigil takes place in Hong Kong to commemorate the protestors killed in Beijing’s Tiananmen Square in 1989. Credit: Anthony Kwan/Getty Images

People part in the White Dinner at the Invalides gardens in Paris, France. Diners dress head to toe in white and gather for an impromptu open-air dinner at a different place in Paris every year. Credit: Thibault Camus/AP

Runners start the Rock n Roll Marathon and Half Marathon in San Diego, US. Credit: San Diego Union-Tribune/Zuma Wire
Market Closes for June 5^th, 2018

Market Index	Close	Change
Dow Jones	24799.98	-13.71   -0.06%
S&P 500	2748.80	+1.93   +0.07%
NASDAQ	7637.863	+31.404   +0.41%
TSX	16122.25	+70.01
		+0.44%

International Markets

Market Index	Close	Change
NIKKEI	22539.54	+63.60
		+0.28%
HANG SENG	31093.45	+95.47
		+0.31%
SENSEX	34903.21	-108.68
		-0.31%
FTSE 100*	7686.80	-54.49
		-0.70%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.252		2.277
CND. 30 Year Bond		2.304		2.315
U.S.    10 Year Bond		2.9241		2.9424
U.S. 30 Year Bond		3.0808		3.0856

Currencies

BOC Close	Today	Previous
Canadian $	0.77128	0.77326
US $	1.29655	1.29323
Euro Rate 1 Euro=		Inverse
Canadian $	1.51914	0.65827
US $	1.17168	0.85348

Commodities

Gold	Close	Previous
London Gold Fix	1295.45	1294.60
Oil
WTI Crude Future	65.52	65.81

Market Commentary
$~ On this day in 1883, John Maynard Keynes was born in Cambridge, England.
Number of the Day
7606.46
The closing level of the Nasdaq Composite on Monday, the first record high since March. The fresh peak snapped the longest stretch without a fresh high since 2016.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed less than 300 points from a record as copper prices rose to the highest since February, boosting miners.
     The S&P/TSX Composite Index added 70 points or 0.4 percent to 16,122.25. Materials stocks gained 1.4 percent as copper prices surged on growing labor tensions at the world’s biggest mine. Teck Resources Ltd. rose 5 percent to the highest since February.
     Health-care stocks jumped 3.6 percent. Valeant Pharmaceuticals International Inc. added 7.6 percent to the highest since 2016.
     In other moves:
                          Stocks
* Cameco Corp. rose 4 percent, adding to Monday’s 4.7 percent gain. Kazakhstan, the world’s largest uranium miner, said it will support prices at current levels
* Aurora Cannabis Inc. gained 6.4 percent. The pot producer is expanding its exclusivity pact with CTT Pharmaceutical Holdings Inc.
* Hudson’s Bay Co. lost 1.5 percent after the retailer said it would close as many as 10 Lord & Taylor stores, including its flagship Manhattan locations.
                          Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold rose 0.3 percent to $1,297.50 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2976 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.25 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — The global rally in risk assets that sent U.S. stocks to a 12-week high sputtered on Tuesday, with the S&P 500 swinging between gains and losses before closing higher for a third consecutive day.
     Advances in megacap tech shares helped support the Nasdaq indexes, pushing them to fresh records for a second straight day. Italian bonds tumbled after the nation’s premier pledged a raft of populist measures. Crude oil reversed early losses to close higher for the first time in four days, while the dollar also gained.
     “People are somewhat cautious,” Nick Kalivas, senior equity product strategist at Invesco ETFs, said in an interview at Bloomberg’s New York headquarters. “Not only are they worried about rising rates, but then they’re worried about what’s going on with the economy. That’s going to cause the market to kind of have this choppy, slow grind higher.”
     The outlook for global equities had taken an upward turn in recent sessions, not least because stronger-than-expected data from the U.S. showed the world’s largest economy is in rude health. It’s a relief to investors after weeks of turmoil, though with President Donald Trump stepping up his aggressive trade policies and populists poised to start governing in Italy, there remain plenty of reasons for caution.
     “You have good fundamental data, whether it be on the macro side or the micro side, in terms of earnings, you have different issues buffeting from a headline perspective, and then you have underlying fiscal policy as stimulative and monetary policy is more restrictive than it has been,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co, said by phone.
     Italian bonds declined for the first time since they blew up a week ago as Prime Minister Giuseppe Conte pledged in his maiden speech to pursue a program of fiscal expansion. The euro recovered after he later said that an exit from the shared currency is not under discussion and has never been a target for this government.
     Brent futures for August settlement fell earlier beneath its 50-day moving average for the first time since April 4. Brent traded at a more than $9 premium to West Texas Intermediate for the same month. The broader dollar touched a fresh monthly high after better-than-expected U.S. data.
     The South African rand weakened, yields on benchmark bonds rose and retail and banking stocks fell as a report showed that the country’s economy shrank the most in nine years in the first quarter.
     These are some key events to watch this week:
* Reserve Bank of India rate decision on Wednesday.
* U.S. trade balance and Australia GDP also out on Wednesday.
* On Thursday, Japanese Prime Minister Shinzo Abe meets with U.S. President Trump at the White House to discuss the planned U.S. summit with North Korea’s Kim Jong Un.
* Also on Thursday, euro-zone GDP.
* Turkey rate decision is due on Thursday.
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
     These are the main moves in markets:
                          Stocks
* The S&P 500 Index rose 0.07 percent to 2,748.80, the Dow Jones Industrial Average was little changed at 24,799.98 and the Nasdaq Composite Index increased 0.4 percent to a record 7,637.86 as of 4:07 p.m. in New York.
* The U.K.’s FTSE 100 Index fell 0.7 percent.
* The MSCI Emerging Market Index dropped 0.2 percent.
* Japan’s Nikkei 225 Stock Average gained 0.3 percent to the highest in more than a week.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.  The euro rose 0.1 percent to $1.1714.
* The British pound gained 0.6 percent to $1.3388.
* The Japanese yen strengthened 0.1 percent to 109.72 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell two basis points to 2.91 percent.
* Italian 10-year yields surged 25 basis points to 2.79 percent.
                           Commodities
* West Texas Intermediate crude increased 0.8 percent to $65.28 a barrel.
* Gold rose 0.4 percent to $1,297.49 an ounce, the first increase in four days.
–With assistance from David Marino. 

Have a great night.

Be magnificent

As ever,

Carolann

Silly thing do cease to be silly if they are done by sensible people in an impudent way.
                                                                          -Jane Austen, 1775-1817

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

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

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

Dear Friends,

Tangents:
On June 4, 1989, Chinese army troops stormed Tiananmen Square in Beijing to crush the pro-democracy movement; hundreds – possibly thousands – of people died.
Go to article »

Socrates, b.  June 4, 470 BC
June 4, 1942: Battle of Midway.
PHOTOS OF THE DAY

People make their way in a boat past a figure of an owl on Altauseer lake near Bad Aussee, Austria. Credit: The Telegraph

People take pictures during an eruption of the Great Geysir in Geysir, Iceland. Credit: The Telegraph

Catholic faithful throw petals during a procession marking the Feast of Corpus Christi in Minsk, Belarus. Credit: The Telegraph

Young brothers Fergus and Archie Baillie help police a vintage Mini Cooper at The BVAC Classic at Thirlestane Castle, Scotland. Credit: The Telegraph
Market Closes for June 4^th, 2018

Market Index	Close	Change
Dow Jones	24813.69	+178.48   +0.72%
S&P 500	2746.87	+12.25   +0.45%
NASDAQ	7606.461	+52.129   +0.69%
TSX	16052.24	+8.70
		+0.05%

International Markets

Market Index	Close	Change
NIKKEI	22475.94	+304.59
		+1.37%
HANG SENG	30997.98	+505.07
		+1.66%
SENSEX	35011.89	-215.37
		-0.61%
FTSE 100*	7741.29	+39.52
		+0.51%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.277		2.248
CND. 30 Year Bond		2.315		2.281
U.S.    10 Year Bond		2.9424		2.9004
U.S. 30 Year Bond		3.0856		3.0482

Currencies

BOC Close	Today	Previous
Canadian $	0.77326	0.77100
US $	1.29323	1.29701
Euro Rate 1 Euro=		Inverse
Canadian $	1.51316	0.66087
US $	1.17007	0.85465

Commodities

Gold	Close	Previous
London Gold Fix	1294.60	1305.35
Oil
WTI Crude Future	64.75	65.81

Market Commentary:
$~ On this day in 1896, at approximately 4 a.m., Henry Ford unveiled his “Quadricycle” in the shed behind his home on Bagley Avenue in Detroit. The first automobile he designed used a light metal frame fitted with four bicycle wheels.
Number of the Day
22%
The volatility of Brent crude, the international benchmark, has fallen to around 22%. Since 1995, the average has been 32%. A lower figure indicates less volatility.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks eked out a small gain but didn’t keep pace with their U.S. counterparts as a surge in Canadian crude prices failed to boost energy stocks.
     The S&P/TSX Composite Index added 9 points, or less than 0.1 percent, to 16,052.24. Energy shares tumbled 1.1 percent even as the discount for Canadian crude versus the U.S. benchmark tightened by nearly 50 percent. Cenovus Energy Inc. lost 5.9 percent, the most since March, on a report that ConocoPhillips is preparing to sell its stake in the company.
     Technology shares gained 1.5 percent and the health-care sector added 1.4 percent, boosted by cannabis stocks. The Canadian Senate will vote later this week on recreational pot legalization.
     In other moves:
                          Stocks
* Hudson’s Bay Co. jumped 7.2 percent to the highest since Feb.1. The retailer is selling e-commerce company Gilt for an undisclosed amount
* Enbridge Inc. rose 1.1 percent. The pipeline operator told shippers it won’t cap the amount of crude shippers can nominate for transport on its mainline, sending Canadian crude prices soaring
* Cameco Corp. gained 4.7 percent after Kazakhstan said it will support uranium prices at current levels
                         Commodities
* Western Canada Select crude oil traded at a $13.80 discount to WTI
* Gold fell 0.1 percent to $1,293.10 an ounce
                         FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2935 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.28 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. stocks reached the highest since mid- March, tracking peers in Europe and Asia as optimism over the world’s largest economy helped investors put protectionist fears to one side. Treasuries fell, pushing yields up for a fourth consecutive trading session.
     The S&P 500 strengthened for a second day. Microsoft Corp. agreed to buy coding site GitHub for $7.5 billion, helping to push the Nasdaq Composite Index to a record high for the first time since March. The Stoxx Europe 600 Index climbed, while the MSCI Asia Pacific Index surged even as China warned it will withdraw from commitments it made on trade if President Donald Trump carries out a separate threat to impose tariffs on the Asian country.
     “Investors have largely shrugged off the recent news of trade wars, as the concrete strength of the economy and earnings is outweighing the uncertainty from trade,” said Mark Hackett, chief of investment research at Nationwide Funds Group. “Even if all steel and aluminum tariffs are implemented, and the $50 billion specific measures in China are put in effect (leading to retaliation), the economic impact is a fraction of the positives from tax reform, fiscal spending and repatriation.”
     Investors are in a broad risk-on mood after impressive U.S. jobs data on Friday, which provided an upbeat end to a week that was otherwise dominated by the threat of another euro-area crisis. Much of that concern seems to have dissipated after nationalist parties finally took power in Italy, ending months of deadlock, while the Socialist led-opposition in Spain ousted Prime Minister Mariano Rajoy with a no-confidence vote Friday.
     “Nothing is better for the issues about trade wars or issues about G-7 than a good economy,” Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management, said by phone. “The jobs report on Friday gave a lot of people confidence that the U.S. economy is still pretty solid.”
     Attention may yet turn back to trade, however. G-7 leaders meet in Quebec later this week, with the European Union and Canada threatening retaliatory measures unless Trump reverses course on new steel and aluminum levies.
     Elsewhere, West Texas Intermediate crude fell below $66 a barrel after an OPEC committee stressed the need to ensure supplies can meet growing demand, adding to speculation the group will phase out its production cuts.
     These are some key events to watch this week:
* Reserve Bank of Australia monetary policy decision is out Tuesday.
* Tesla holds its annual shareholder meeting also Tuesday.
* U.S. ISM non-manufacturing index out Tuesday. Growth at U.S. service industries probably improved in May for the first time in four months, indicating the economy is strengthening after a first-quarter slowdown, economists forecast.
* Reserve Bank of India rate decision on Wednesday.
* U.S. trade balance and Australia GDP also out on Wednesday.
* On Thursday, Japanese Prime Minister Shinzo Abe meets with U.S. President Trump at the White House to discuss the planned U.S. summit with North Korea’s Kim Jong Un.
* Also on Thursday, euro-zone GDP.
* Turkey rate decision is due on Thursday.
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
     These are the main moves in markets:
                          Stocks
* The S&P 500 Index gained 0.5 percent to 2,746.87, the Nasdaq Composite Index increased 0.7 percent to 7,606.46 and the Dow Jones Industrial Average rose 0.7 percent to 24,813.69 as of 4:23 p.m. in New York.
* The U.K.’s FTSE 100 Index rose 0.5 percent to the highest in more than a week.
* The MSCI Emerging Market Index rose 1.5 percent.
* Japan’s Nikkei 225 Stock Average gained 1.4 percent to the highest in a week on the biggest rise in almost seven weeks.
                          Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent, after reaching the lowest level in almost three weeks.
* The euro gained 0.3 percent to $1.1696, after touching the strongest level in almost two weeks.
* The British pound weakened 0.2 percent to $1.3314.
* The Japanese yen fell 0.3 percent to 109.82 per dollar.
                          Bonds
* The yield on 10-year Treasuries rose four basis points to 2.94 percent.
* Britain’s 10-year yield rose two basis points to 1.30 percent.
                          Commodities
* West Texas Intermediate crude fell 1.4 percent to $64.88 a barrel, the lowest in about a month.
* Gold fell 0.1 percent to $1,292.04 an ounce, the third straight decline.
–With assistance from Samuel Potter.

Have a great evening

Be magnificent!

As ever,

Carolann

We teach what we learn, and the cycle goes on.
                        -Joan L. Curcio, 1933-1999

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

Queensbury Securities Inc.,
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