Month: July 2018

Dear Friends,

Tangents:
On July 31, 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface. 
Go to article »
PHOTOS OF THE DAY

Fireworks over military ships on the Neva River in central St. Petersburg on Russian Navy Day, Marina Lystseva. Credit: Peter Kovalev/Getty

Photo shows the Anavarza Castle, the Castle dates back to 19 B.C. and it is based on the Roman Empire period which was the most important military centres in the Mediterranean, Anavarza. Credit: Eren Bozkurt/Getty Images

Giant panda triplets celebrate their 4^th birthday at Chimelong Safari Park. Credit: The Asahi Shimbun Via Getty
Market Closes for July 31^st, 2018

Market Index	Close	Change
Dow Jones	25415.19	+108.36   +0.43%
S&P 500	2816.29	+13.69   +0.49%
NASDAQ	7671.789	+41.785   +0.55%
TSX	16434.01	+88.54
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	22553.72	+8.88
		+0.04%
HANG SENG	28583.01	-150.12
		-0.52%
SENSEX	37606.58	+112.18
		+0.30%
FTSE 100*	7748.76	+47.91
		+0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.310		2.300
CND. 30 Year Bond		2.330		2.337
U.S.    10 Year Bond		2.9598		2.9728
U.S. 30 Year Bond		3.0798		3.1071

Currencies

BOC Close	Today	Previous
Canadian $	0.76842	0.76723
US $	1.30138	1.30340
Euro Rate 1 Euro=		Inverse
Canadian $	1.52142	0.65728
US $	1.16909	0.85537

Commodities

Gold	Close	Previous
London Gold Fix	1223.80	1223.95
Oil
WTI Crude Future	68.76	70.13

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks climbed with materials leading gains as First Quantum Minerals Ltd. surged.
     The S&P/TSX Composite Index rose 0.5 percent to 16,431.34 points, closing its fourth straight monthly gain. Materials climbed 1.2 percent, the most in more than a month, as First Quantum rose 6.1 percent amid M&A speculation.
     While all Canadian sectors rose, technology slumped 1 percent as Shopify sank 5.6 percent, declining a fourth day to its lowest since May. The e-commerce company’s second quarter earnings showed slowing sales growth.
     In other moves:
                           Stocks
* Brookfield Asset Management Inc. climbed 1.1 percent after agreeing to acquire Forest City Realty Trust Inc. for about $6.8 billion.
* WestJet Airlines Ltd. plummeted 8.2 percent, the most since May, after posting its first loss in 13 years.
                           Commodities
* Western Canada Select crude oil traded at a $29.00 discount to WTI
* Gold rose 0.2 percent to $1,233.60 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3007 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.319 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — U.S. stocks advanced as trade optimism lifted industrial shares and tech companies staged a recovery. Oil sank and the dollar gained.
     The S&P 500 Index capped a fourth monthly gain as Boeing Co., Caterpillar Inc. and 3M Co. all added more than 1 percent after Bloomberg’s report that the U.S. and China are trying to restart talks aimed at averting a full-blown trade war. The FANG quartet of megacap tech shares rose as investors awaited Apple Inc.’s earnings following a rout for the sector. Japanese bond yields fell the most since November after the Bank of Japan signaled interest rates will stay low for an “extended period of time.”
     The trade optimism provided relief to investors who have seen the dispute stalled for weeks, with both sides refusing to budge. The next wave of U.S. tariffs is set to kick in as early as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports. Officials in Beijing have vowed to respond with the same amount of tariffs on U.S. products.
     “Listening to all the discussions from earnings in the second quarter, we heard a lot of discussion about how tariffs are impacting business, worries about what it could mean going forward,” said Paul Nolte, a portfolio manager at Kingsview Asset Management. “If we can get some type of agreement with China, that would remove a lot of those worries.”
     Amid a slew of earnings reports this week, central banks remain a key focus for investors. The BOJ delivered a range of adjustments designed to alleviate strains on commercial banks and reduce market distortions from its policies, while simultaneously maintaining its commitment to open-ended stimulus. The next big events this week include decisions from both the Federal Reserve and Bank of England.
     Elsewhere, the Stoxx Europe 600 Index advanced as earnings from BP Plc and Credit Suisse Group AG beat forecasts. Government bond yields fell in the U.S. and Europe. Commodities clawed back earlier losses made after China’s official factory gauge dropped in July. Crude capped a 7.3 percent drop in July on wagers for higher production. The S&P 500 climbed 3.6 percent in the month, the biggest advance since January.
     Here are some key events coming up this week:
* The U.S. Treasury is set to release its funding program for the next three months on Aug. 1.
* Earnings season continues with Berkshire Hathaway, Barclays, Tesla, Toyota, BMW, and Rio Tinto among companies reporting results.
* Central banks in the U.S., the U.K., Brazil and India all meet this week. The Bank of England is expected to hike even amid Brexit gloom. The Fed is seen standing pat, as is Brazil’s central bank. The RBI will probably raise its benchmark.
* The U.S. jobs report is on Friday, and is predicted to show a healthy labor market, with 193,000 new jobs, and an unemployment rate slipping back to 3.9 percent.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.5 percent at the close of trading in New York.
* The Nasdaq 100 added 0.5 percent.
* The Stoxx Europe 600 Index gained 0.2 percent.
* The MSCI Emerging Market Index fell 0.2 percent.
* Japan’s Topix index declined 0.8 percent for the biggest drop in almost four weeks.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro fell 0.1 percent to $1.1697.
* The British pound slipped 0.1 percent to $1.3126.
* The Japanese yen fell 0.6 percent to 111.76 per dollar, the lowest in more than a week.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.96 percent.
* Germany’s 10-year yield was little changed at 0.44 percent.
* Britain’s 10-year yield fell one basis point to 1.33 percent.
* Japan’s 10-year yield dipped four basis points to 0.062 percent.
                           Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude decreased 2.1 percent to $68.68 a barrel.
* Copper rose 1.2 percent to $2.8265 a pound, a three-week high.
* Gold added 0.3 percent to $1,224.54 an ounce.
–With assistance from Yuko Takeo, Keiko Ujikane, Foster Wong, Andreea Papuc, Cormac Mullen, Ksenia Galouchko, Christopher Anstey, Samuel Potter and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Do not accustom yourself to use big words for little matters.
                                         -Samuel Johnson, 1709-1784

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

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

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

Dear Friends,

Tangents: HAPPY MONDAY!

From today’s NY Times:

“We rise from the perusal of ‘Wuthering Heights’ as if we had come fresh from a pest-house,” a critic wrote when the book was published in 1847. 

Other reviewers deemed it “coarse” or “repulsive.” 

A farmhouse, pictured circa 1940, near Haworth in Yorkshire, England, which is thought to have inspired the setting for “Wuthering Heights.”
Val Doone/Getty Images 

Its author, Emily Brontë, born 200 years ago today in Thornton, England, died of tuberculosis at 30, a year after publishing her tale of quasi-incestuous love between the savage (yet irresistibly compelling) Heathcliff and the selfish (but beautiful) Catherine. She would never see her novel, published under the pseudonym Ellis Bell, become the template for a thousand future romance stories. 

Today there are some 60 translations and multiple film versions of “Wuthering Heights,” including in Japanese and Spanish (directed by Luis Buñuel). 

Emily, the middle of three literary Brontë sisters (Charlotte wrote “Jane Eyre,” Anne wrote “The Tenant of Wildfell Hall”), rarely left home and had few friends. Naïve, stubborn and prickly, she gravitated to animals and the Yorkshire moors, where “Wuthering Heights” is set. She was also a poet. 

And in the estimation of Virginia Woolf, she was a genius on a par with Jane Austen, writing without fear of what the male-dominated literary world might think. 

“I have never seen her parallel in anything,” Charlotte Brontë said after Emily died in 1848. “Stronger than a man, simpler than a child, her nature stood alone.” 

Nancy Wartik wrote today’s Back Story, New York Times, July 30, 2018

PHOTOS OF THE DAY

Britain’s Geraint Thomas, left, wearing the overall leader’s yellow jersey and Britain’s Christopher Froome
toast with Champagne during the 21st and last stage of the 105th edition of the Tour de France cycling race between Houilles and Paris Champs-Elysees. Credit: Marco Berorello/AP

Skydivers are seen plummeting towards the Pyramids in Egypt in amazing footage captured by Bruno Brokken from Spain. Credit: Bruno Brokken/Caters News Agency

Gale force winds and large waves batter the coast in Porthleven, Cornwall. Credit: Mike Thomas
Market Closes for July 30^th, 2018

Market Index	Close	Change
Dow Jones	25306.83	-144.23   -0.57%
S&P 500	2802.60	-16.22   -0.58%
NASDAQ	7630.004	-107.416   -1.39%
TSX	16345.47	-48.48
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	22544.84	-167.91
		-0.74%
HANG SENG	28733.13	-71.15
		-0.25%
SENSEX	37494.40	+157.55
		+0.42%
FTSE 100*	7700.85	-0.46
		-0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.300		2.295
CND. 30 Year Bond		2.337		2.332
U.S.    10 Year Bond		2.9728		2.9561
U.S. 30 Year Bond		3.1071		3.0838

Currencies

BOC Close	Today	Previous
Canadian $	0.76723	0.76551
US $	1.30340	1.30632
Euro Rate 1 Euro=		Inverse
Canadian $	1.52579	0.65540
US $	1.17062	0.85425

Commodities

Gold	Close	Previous
London Gold Fix	1223.95	1228.25
Oil
WTI Crude Future	70.13	68.69

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian equities were dragged lower for a second day by a rout in technology stocks, which accounted for two of the top three index movers, even though tech is a tiny part of the total benchmark.
     The S&P/TSX Composite Index lost 48 points or 0.3 percent to 16,345.47, the lowest close in more than three weeks. The tech sector tumbled 3.8 percent for the biggest two-day decline since 2013. Shopify Inc., which is scheduled to report earnings Tuesday morning, lost 8.4 percent, the most since October.
     Energy shares were the biggest gainers, adding 0.5 percent as crude prices jumped the most in more than a month. Paramount Resources Ltd. rose 3.6 percent and Precision Drilling Corp. gained 2.6 percent.
     In other moves:
                            Stocks
* West Fraser Timber Co. fell 3.6 percent to close at the lowest since December and Canfor Corp. fell 5.6 percent, the most in two years. BMO Capital Markets said the second quarter may be “as good as it gets” for lumber stocks
* Canada Goose Holdings Inc. slid 6.6 percent. The company’s equity lockup period expires in a week
* WSP Global Inc. gained 1.2 percent. The engineering firm is buying Berger Group Holdings Inc. for $400 million
                            Commodities
* Western Canada Select crude oil traded at a $29.00 discount to WTI, the widest gap since February
* Gold fell 0.1 percent to $1,221.30 an ounce, the lowest in a year
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3033 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.30 percent
US
By Sarah Ponczek
     (Bloomberg) — The biggest technology shares led a retreat in stocks as investors showed signs of exhaustion with the sector. Government bonds declined and oil rallied.
     The Nasdaq Composite Index sank 1.4 percent as the gauge posted its biggest three-day loss since March. The FANG cohort of tech megacaps tumbled almost 3 percent, led by Netflix Inc., leaving the group down more than 9 percent since Facebook Inc.’s disappointing earnings results last week.
     “The Nasdaq is tired,” Steven Quirk, the executive vice president of trading at TD Ameritrade, said in an interview at Bloomberg’s New York headquarters. “There needs to be some more breadth to the rally.”
     The euro strengthened and the dollar dropped. U.S. oil futures climbed past $70 a barrel for the first time in more than a week as a weaker greenback boosted the appeal of commodities and concerns over supply disruptions persisted.
     Concern that tech shares have become overvalued are hanging over the market as bellwether Apple Inc. prepares to report earnings Tuesday. Equity strategists are telling clients to allocate more defensively, with Morgan Stanley’s Michael Wilson saying the sector is showing signs of “exhaustion” after months of outperformance.
     Investors are also prepping for central bank policy decisions, with traders focused on whether the BOJ will fine tune its policy and look for any indications the Federal Reserve is shying away from two more interest-rate hikes before the end of this year. Meanwhile, the Bank of England is widely expected to increase borrowing costs.
     Elsewhere, emerging-market stocks slipped after a four-day winning streak. Turkey’s lira fell as the country’s president showed little regard for potential U.S. sanctions.
     Here are some key events coming up this week:
* The U.S. Treasury is set to release its funding program for the next three months on Aug. 1.
* Earnings season continues with Berkshire Hathaway, Barclays, Tesla, Toyota, BMW, and Rio Tinto among companies reporting results.
* Central banks in the U.S., Japan, the U.K., Brazil and India all meet this week. The BOJ may tweak its yield-curve control policy and cut its CPI forecasts, while the Bank of England is expected to hike even amid Brexit gloom. The Fed is seen standing pat, as is Brazil’s central bank. The RBI will probably raise its benchmark.
* U.S. personal spending and income data for June — coming Tuesday — may be steady. Then it’s the jobs report on Friday, which is predicted to show a healthy labor market, with 193,000 new jobs, and an unemployment rate slipping back to 3.9 percent.
* China’s PMIs probably edged down in July, analysts say, buffeted by a deleveraging agenda and a trade war.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index slipped 0.6 percent at the close of trading in New York; the Nasdaq Composite fell 1.4 percent while the Dow dipped 0.6 percent.
* The Stoxx Europe 600 Index fell 0.3 percent.
* The MSCI Emerging Market Index dropped 0.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro rose 0.4 percent to $1.1705.
* The British pound gained 0.2 percent to $1.3131.
* The Turkish lira fell 0.7 percent.
                            Bonds
* The yield on 10-year Treasuries rose two basis points to 2.98 percent.
* Germany’s 10-year yield rose four basis points to 0.44 percent.
* Britain’s 10-year yield jumped six basis points to 1.34 percent, the highest in almost seven weeks.
* Japan’s 10-year yield decreased less than one basis point to 0.091 percent.
                            Commodities
* The Bloomberg Commodity Index increased 0.6 percent to the highest in three weeks.
* West Texas Intermediate crude jumped 1.9 percent to $69.98 a barrel.
* Copper fell 0.3 percent to $2.7925 a pound.
* Gold slipped 0.2 percent to $1,221.46 an ounce.
–With assistance from Adam Haigh, Lu Wang, Christopher Anstey, Eddie van der Walt and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

A society grows great when old men plant trees whose shade
they know they shall never sit in. -Greek Proverb.                              

 

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

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

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

Dear Friends,

Tangents: HAPPY FRIDAY!

Look to the skies tonight, if you live in the Eastern Hemisphere. That’ll be the best place to see the longest total lunar eclipse of the century.

July 27, 1866 – Cyrus Field’s Anglo-American Telegraph Co lays first telegraph cable, Wales to Newfoundland.

PHOTOS OF THE DAY

Artist and activist Emerson Munduruku is pictured as he teaches environmental conservation to children in northern Brazil. Emerson’s character requires two hours of preparation and all the materials he uses are collected from nature. He’s a descendant of the Munduruku indigenous tribe from the Brazilian Amazon and travels to remote communities to teach children about the importance of the environment. Credit: Ricardo Oliviera/AFP

This is the moment a plucky puffin managed to fend off a flock of seagulls which swooped down to try and steal his fish supper. The sea bird was seen desperately making a bid for freedom as the gull gang launched an attached to get hold of his catch. But despite being outnumbered, the puffin emerged triumphant and managed to safely deliver the meal back to his burrow. Credit: Anthony Brewin/SWNS.COM

Two cute chicks take a luxurious ride on their mothers back. The Black-necked swan chicks sit back and enjoy the lovely view as they stay warm under the wing of adult. The cute scene was captured by photographer Shafi Rasheed, 42, at the Al Qudra lakes, Dubai. Credit: Shafi Rasheed/Solent News & Photo Agency
Market Closes for July 27^th, 2018

Market Index	Close	Change
Dow Jones	25451.06	-76.01   -0.30%
S&P 500	2818.82	-18.62   -0.66%
NASDAQ	7737.418	-114.767   -1.46%
TSX	16393.95	-61.79
		-0.38%

International Markets

Market Index	Close	Change
NIKKEI	22712.75	+125.88
		+0.56%
HANG SENG	28804.28	+23.14
		+0.08%
SENSEX	37336.85	+352.21
		+0.95%
FTSE 100*	7701.31	+38.14
		+0.50%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.295		2.291
CND. 30 Year Bond		2.332		2.327
U.S.    10 Year Bond		2.9561		2.9764
U.S. 30 Year Bond		3.0838		3.0998

Currencies

BOC Close	Today	Previous
Canadian $	0.76551	0.76462
US $	1.30632	1.30783
Euro Rate 1 Euro=		Inverse
Canadian $	1.52302	0.65659
US $	1.16589	0.85771

Commodities

Gold	Close	Previous
London Gold Fix	1228.25	1231.50
Oil
WTI Crude Future	68.69	69.61

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks retreated as tech stocks tumbled the most since 2013 and crude prices posted a fourth straight weekly drop.
     The S&P/TSX Composite Index lost 62 points or 0.4 percent to 16,393.95, bringing the weekly decline to 0.3 percent. The tech sector led Friday’s drop, sliding 4.2 percent after Twitter followed Facebook in reporting disappointing results.
     Energy shares fell 0.6 percent as crude fell for a fourth week. Cameco Corp. lost 4.3 percent one day after announcing that it’s indefinitely extending the shutdown of one of the world’s largest uranium mines.
     In other moves:
                            Stocks
* Constellation Software Inc. tumbled 9 percent, the most since 2006, after second-quarter results missed the lowest analyst estimate
* TFI International Inc. jumped 10 percent to a record high.  Strong second-quarter results prompted two analyst upgrades
* New Gold Inc. fell 13 percent, adding to Thursday’s 21 percent drop. The stock received several downgrades after reporting a disappointing mine update
                            Commodities
* Western Canada Select crude oil traded at a $28.90 discount to WTI
* Gold fell 0.2 percent to $1,223.00 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3061 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 2.30 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — Tech stocks took another beating Friday, as Twitter followed Facebook in delivering disappointing results and Intel said a key new chip technology wouldn’t be out until late next year. The dollar weakened and Treasuries gained.
     The Nasdaq Composite Index hit a two-week low thanks to the underwhelming news. Still, the S&P 500 Index was up almost 1 percent on the week, as positive earnings from Amazon and a robust second-quarter U.S. GDP figure buoyed some sectors. There could be more turbulence next week, with companies including Tesla set to report.
     “The upside is harder than the downside. If you miss, you get nailed,” Joseph Kinahan, the chief market strategist at TD Ameritrade, said by phone. “The thing is, so many companies are hitting, all economic numbers are coming in really good, and I think that’s why you’re seeing the market perform so well.”
     The Stoxx Europe 600 Index headed for its best week since March as banks and telecommunications firms gained. West Texas intermediate crude dropped.
     The GDP data underscored the Federal Reserve’s policy path at a time when investors’ focus is returning to central banks. In Japan, reports suggested BOJ officials are debating ways to reduce the side-effects of their yield-curve control policy. The European Central Bank said Thursday that it will stick to its plan to end bond purchases and pledged to keep interest rates unchanged “at least through the summer of 2019.”
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.7 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.4 percent to the highest in almost six weeks.
* The U.K.’s FTSE 100 Index jumped 0.5 percent.
* The MSCI Emerging Market Index increased 0.3 percent to the highest in five weeks.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro advanced 0.1 percent to $1.1659.
* The British pound gained less than 0.05 percent $1.3111.
* The Japanese yen advanced 0.2 percent to 110.99 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell two basis points to 2.96 percent.
* Germany’s 10-year yield declined less than one basis point to 0.40 percent.
* Britain’s 10-year yield advanced less than one basis point to 1.28 percent.
                            Commodities
* West Texas Intermediate crude fell 1.1 percent to $68.87 a barrel.
* LME copper gained 0.1 percent to $6,297.00 a metric ton.
* Gold advanced 0.15 percent to $1,223.41 an ounce.
–With assistance from Adam Haigh, Lananh Nguyen and Yakob Peterseil. 

Have a great weekend.

Be magnificent!

As ever,

 

Carolann

 

Good words are worth much, and cost little.
                  -George Herbert,  1593-1633

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:
Mick Jagger, b. 1943
Carl Jung, b. 1875
Aldous Huxley, b. 1894

In today’s NY Times:

The man who has been verified by Guinness World Records as the world’s oldest celebrated his 113th birthday on Wednesday. 

Masazo Nonaka was born on the Japanese island of Hokkaido in 1905, the same year Albert Einstein published his theory of special relativity and the Wright brothers conducted some of their early powered flights. 

Masazo Nonaka in April, after being certified as the world’s oldest man.
Kyodo, via Reuters 

The problem faced by most supercentenarians — people who are more than 110 years old — is that their ages can’t be validated unless they have birth records and multiple documents from throughout their lives. 

So while gerontologists say the number of documented supercentenarians is around 150, the unverified total may be closer to 1,000. 

A man who died this year in Chile had claimed to be 121, and a man who died in Indonesia last year said he was 146. But neither man’s age was independently verified. 

Although Mr. Nonaka is the oldest living man whose age has been validated, he’s only the 17th-oldest person, according to the Gerontology Research Group, whose list shows that most supercentenarians are women. 

The world’s oldest person ever authenticated was Jeanne Louise Calment of France, who lived to 122. 

Anna Schaverien wrote today’s Back Story.

PHOTOS OF THE DAY

Dancer Jonathan Eden from MOMIX performs a scene from “Man Fan (Botanica)” during a dress rehearsal before opening night at the Joyce Theater in New York, USA. MOMIX, the company of dance illusionists under the direction of Moses Pendleton is at The Joyce Theater in New York City from July 24 to August 12. Credit: Timothy A. Clary/AFP/Getty Images

France’s Julian Alaphilippe, wearing the best climber’s polka dot jersey ( R ) seizes the fork of Tour de France fan Didi Senft (L) during the 17^th stage of the Tour de France, between Bagneres-de-Luchon and Saint-Lary-Soulan Col du Portet, southwestern France. Credit: Jeff Pachoud/AFP/Getty Images
Market Closes for July 26^th, 2018

Market Index	Close	Change
Dow Jones	25527.07	+112.97   +0.44%
S&P 500	2837.44	-8.63   -0.30%
NASDAQ	7852.184	-80.055   -1.01%
TSX	16455.73	+34.97
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	22586.87	-27.38
		-0.12%
HANG SENG	28781.14	-139.76
		-0.48%
SENSEX	36984.64	+126.41
		+0.34%
FTSE 100*	7663.17	+4.91
		+0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.291		2.286
CND. 30 Year Bond		2.327		2.316
U.S.    10 Year Bond		2.9764		2.9708
U.S. 30 Year Bond		3.0998		3.1006

Currencies

BOC Close	Today	Previous
Canadian $	0.76462	0.76664
US $	1.30783	1.30440
Euro Rate 1 Euro=		Inverse
Canadian $	1.52237	0.65687
US $	1.16404	0.85908

Commodities

Gold	Close	Previous
London Gold Fix	1231.50	1228.35
Oil
WTI Crude Future	69.61	71.10

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canada’s lack of exposure to technology stocks proved a boon Thursday, with the country’s benchmark bucking the trend set by its U.S. peers and closing higher.
     The S&P/TSX Composite Index added 35 points or 0.2 percent to 16,455.73, the highest in a week, while U.S. stocks retreated on Facebook Inc.’s historic plunge. Energy stocks led the gains, rising 0.8 percent after Saudi Arabia halted oil shipments following an attack.
     Materials fell 0.7 percent as gold miners were hit by falling prices and weak second-quarter results. Barrick Gold Corp. lost 6.3 percent to the lowest since 2016 after production fell and costs rose.
     In other moves:
                            Stocks
* New Gold Inc. tumbled 21 percent to the lowest since 2009 after the company provided a disappointing update for its Rainy River mine
* Teck Resources Ltd. added 4.9 percent. The company is seeking a partner for a big Chilean copper project ahead of a final development decision
* Linamar Corp. rose 6.1 percent, leading Canadian auto suppliers higher after U.S. President Donald Trump backed off his threat to levy tariffs on car imports during a meeting with European Commission President Jean-Claude Juncker
                            Commodities
* Western Canada Select crude oil traded at a $28.90 discount to WTI, the widest gap since February
* Aeco natural gas traded at a $1.80 discount to Henry Hub
* Gold fell 0.5 percent to $1,225.70 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3073 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.29 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. equity indexes closed mostly lower Thursday thanks to Facebook Inc.’s plunge, as gains in the energy and industrial sectors weren’t enough to offset the social network’s meltdown.
     Facebook tumbled as much as 20 percent, driving the Nasdaq down, after revenue and user growth missed estimates. The S&P 500 Index declined for the first time this week even as broader sectors rallied. After the close, traders will shift attention to Amazon.com, one of a raft of earnings coming out this week.  Twitter reports Friday.
     “On a day like this, if one of the leaders, especially a FANG stock, gets hit, all tech is going to trade off, so the Nasdaq is going to drop,” Mark DeVaul, portfolio manager for the Hennessy Equity and Income Fund, said in an interview at Bloomberg’s New York headquarters. “There’s a lot of earnings out this week from other companies so if a couple other S&P leaders have decent numbers and they’re up, they can offset the impact of Facebook.”
     In Europe, the Stoxx 600 Index climbed after President Donald Trump agreed with European Commission chief Jean-Claude Juncker to suspend new tariffs while continuing to negotiate over trade. The euro declined as the European Central Bank held interest rates, while the dollar advanced. The ECB said it will stick to its plan to end bond purchases and pledged to keep interest rates unchanged “at least through the summer of 2019.” Treasuries were little changed; European bond benchmarks sank.
     Trump’s meeting with Juncker came amid a slew of company results, some of which reflected the impact of recent trade threats from the White House. Automakers were especially hard hit. Ford Motor Co. joined General Motors Co. in cutting forecasts. Daimler AG warned lower earnings at its Mercedes-Benz unit will extend into the third quarter because of higher trade barriers.
     Elsewhere, West Texas crude ticked higher after an attack on Saudi tankers stoked supply concerns. Emerging-market stocks declined. In Asia, Japan’s Topix index and South Korea’s Kospi rose, while the Shanghai composite fell. The Turkish lira took another beating after Trump threatened sanctions if the nation doesn’t release an American pastor.
     Here are some key events coming up this week:
* Earnings season continues with the following tech companies among those reporting: Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel.
* U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.3 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.9 percent to its highest in almost six weeks.
* The U.K.’s FTSE 100 Index gained 0.1 percent
* The MSCI Emerging Market Index declined 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent, the largest advance in two weeks.
* The euro declined 0.7 percent to $1.1643, the biggest drop in four weeks.
* The British pound decreased 0.6 percent to $1.3108.
* The Japanese yen fell 0.2 percent to 111.25 per dollar.
                            Bonds
* The yield on 10-year Treasuries advanced less than one basis point to 2.98 percent.
* Germany’s 10-year yield gained one basis point to 0.40 percent.
* Britain’s 10-year yield advanced less than one basis point to 1.278 percent.
                            Commodities
* West Texas Intermediate crude advanced 0.4 percent to $69.60 a barrel.
* LME copper gained less than 0.05 percent to $6,291.00 a metric ton.
* Gold dipped 0.7 percent to $1,223.06 an ounce. 

–With assistance from Adam Haigh and Yakob Peterseil.

Have a great night.

Be magnificent.

As ever,

 

Carolann 

 

A friend is one who knows you and loves you just the same.
                                    -Elbert Hubbard, 1856-1915

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:
July 25, 1909 Louis Blériot makes the first crossing of the English Channel by air:
Four thirty-five a.m.  Tout est prêt!  In an instant I am in the air, my engine making 1,200 revolutions – almost its highest speed – in order that I may get quickly over the telegraph wires along the edge of the cliff.  As soon as I am over the cliff I reduce my speed.  There is now no need to force my engine.  I begin my flight, steady and sure, towards the coast of England.  I have no apprehensions, no sensations, pas du tout.  The [destroyer] Escopette has seen me.  She is driving ahead across the Channel at full speed.  She makes perhaps 26 miles per hour.  What matters?  I am making over 40 mph.   Rapidly I overtake her, travelling at a height of 250 feet.  The moment is supreme, yet I surprised myself by feeling no exultation,  Below me is the sea; the motion of the waves is not pleasant.  I drive on.  Ten minutes go.  I turn my head to see whether I am proceeding in the right direction.  I am amazed.  There is nothing to be seen – neither the destroyer, nor France, nor England.  I am alone.  I am lost.
  Then I saw the cliffs of Dover!  Away to the west was the spot where I had intended to land.  The wind has taken me out of my course.  I turned and now I was in difficulties, for the wind here by the cliffs was much stronger, and my speed was reduced as I fought against it.  My beautiful aeroplane responded.  I saw an opening and I found myself over dry land.  I attempted a landing, but the wind caught me and  whirled me round two or three times.  At once I stopped my motor, and instantly my machine fell straight on the ground. I was safe on your shore.  Soldiers in khaki ran up, and also a policeman.  Two of my compatriots were on the spot.  They  kissed my cheeks.  I was overwhelmed.
  On July 25, 1943, King Victor Emmanuel announced to Italy that he had accepted the “resignations” of Premier Benito Mussolini and his entire cabinet, leading to the end of Italy’s alliance with Nazi Germany in World War II. 
Go to article »

PHOTOS OF THE DAY

A slow shutter speed picture shows lava streaming down from Mount Anak Krakatau (Child of Krakatoa) during an eruption as seen from Rakata island in Lampung, Indonesia. Credit: Jefta Images/Barcroft Images

A crowd watches as Australian Aboriginal paintings by six First Nations artists are projected onto the Sydney Opera House as part of the project “Badu Gili 2018”, meaning “water light” in the local Aborigine’s Gadigal language, in Sydney, Australia. Credit: David Gray/Reuters

A boy enjoys himself as he cools off in an outdoor water fountain in Seoul, South Korea. A heat wave warning was issued in Seoul as temperatures soared above 37 degrees Celsius. Credit: Ahn Young-Joon/Ap
Market Closes for July 25^th, 2018

Market Index	Close	Change
Dow Jones	25414.10	+172.16   +0.68%
S&P 500	2846.07	+25.67   +0.91%
NASDAQ	7932.238	+91.471   +1.17%
TSX	16420.76	+30.63
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	22614.25	+103.77
		+0.46%
HANG SENG	28920.90	+258.33
		+0.90%
SENSEX	36858.23	+33.13
		+0.09%
FTSE 100*	7658.26	-50.79
		-0.66%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.286		2.225
CND. 30 Year Bond		2.316		2.265
U.S.    10 Year Bond		2.9708		2.9486
U.S. 30 Year Bond		3.1006		3.0758

Currencies

BOC Close	Today	Previous
Canadian $	0.76664	0.76000
US $	1.30440	1.31580
Euro Rate 1 Euro=		Inverse
Canadian $	1.53028	0.65348
US $	1.17313	0.85242

Commodities

Gold	Close	Previous
London Gold Fix	1228.35	1224.95
Oil
WTI Crude Future	71.10	70.52

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks closed at session highs as news spread that President Donald Trump may have secured concessions from Europe to avoid a trade war.
     The S&P/TSX Composite Index rose 0.2 percent to 16,420.76, ending a 3-day decline. Industrials led gains, climbing 2.4 percent to a record. Toromont Industries Ltd. soared 15 percent to a record high after second-quarter earnings beat analyst estimates, and it was upgraded at BMO to outperform from market perform.
     Real estate companies climbed 0.6 percent, pulled up by FirstService Corp. as the firm jumped 6.8 percent after earnings beat analyst estimates.
     In other moves:
* Aimia Inc. continued its record gain, climbing 36 percent after Air Canada proposed to buy its Aeroplan loyalty program for C$250 million
* AltaGas Ltd. fell 1.6 percent as the Canadian pipeline, natural gas-processing and power-generating company said its chief executive officer stepped down while the board investigates a complaint against him
* Loblaw Cos. recovered slightly from its earlier initial drop, closing down 0.3 percent. The grocer warned of trade war impacts on prices.
                            Commodities
* Western Canada Select crude oil traded at a $26.75 discount to WTI
* Aeco natural gas traded at a $1.75 discount to Henry Hub
* Gold rose 0.6 percent to $1,241.50 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.9 percent to C$1.30395 per U.S. dollar
* The Canada 10-year government bond yield rose five basis points to 2.3 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — U.S. equities jumped after Donald Trump reached an agreement with European Commission President Jean- Claude Juncker aimed at averting a trade war. Treasuries declined on the news, while automakers, battered by the threat of tariffs, pared losses.
     The S&P 500 Index pushed higher for the third straight day, and the Dow Jones Industrial Average jumped after word of an agreement was first reported by Dow Jones shortly before U.S. markets closed. The two sides agreed to expand European imports of U.S. liquefied natural gas and soybeans and lower industrial tariffs on both sides, Trump later said in a joint statement with Juncker.
     “Today’s agreement between President Trump and EC President Juncker serves as an example of how the trade negotiations can lead to a positive outcome,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “Although the market hates uncertainty, it’s important to realize that the removal of that uncertainty can allow the market to move higher.”
     Trump’s meeting with Juncker came amid a raft of earnings from U.S. companies, some of which reflected the impact of recent trade threats from the White House. General Motors shares plunged after the carmaker cut its profit forecast on surging metals prices. Fiat Chrysler also cut its profit outlook.
     Earlier, the Stoxx Europe 600 Index retreated. Asian equities advanced, although Shanghai stocks finished lower as positive sentiment spurred by Beijing’s willingness to support the Chinese economy showed signs of fading.
     The yen edged up after the Bank of Japan refrained from scaling back its bond purchases at a regular operation Wednesday. Most European government bonds rose ahead of Thursday’s European Central Bank meeting. Turkey’s lira regained some of the previous session’s losses, sustained after the central bank unexpectedly kept rates unchanged. Gauges of emerging-market currencies and shares climbed. Texas crude ticked up on stockpile decreases, and gold gained.
     Here are some key events coming up this week:
* Earnings season continues with the following tech companies among those reporting: Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel. Others include Nissan and Shell.
* The European Central Bank’s policy decision is Thursday.
* U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index gained 0.9 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.3 percent.
* The U.K.’s FTSE 100 Index declined 0.7 percent, its biggest decline in over a week.
* The MSCI Emerging Market Index gained 0.8 percent to the highest in more than a month.
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.5 percent to the lowest in almost seven weeks.
* The euro advanced 0.4 percent to $1.173.
* The British pound climbed 0.3 percent to $1.3191.
* The Japanese yen increased 0.2 percent to 110.97 per dollar, the strongest in over two weeks.
                            Bonds
* The yield on 10-year Treasuries increased two basis points to 2.97 percent.
* Germany’s 10-year yield decreased less than one basis point to 0.40 percent.
* Britain’s 10-year yield fell less than one basis point to 1.274 percent.
                           Commodities
* The Bloomberg Commodity Index increased 1 percent to its highest in over two weeks.
* West Texas Intermediate crude rose 1.3 percent to $69.39 a barrel, the highest in more than a week.
* LME copper fell 0.1 percent to $6,290.00 a metric ton.
* Gold advanced 0.6 percent to $1,231.88 an ounce.
–With assistance from Hans Lee, Adam Haigh, Justina Lee and Eddie van der Walt. 

Have a great night.

Be magnificent! 

As ever,

Carolann

Be as you wish to seem.
-Socrates, c. 470 BC-399 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:
JULY 24^TH, 1847: Pioneer Day – Mormons enter Salt Lake City
On July 24, 1959, during a visit to the Soviet Union, Vice President Richard M. Nixon got into a discussion at a U.S. exhibition with Soviet leader Nikita Khrushchev that was dubbed the ”kitchen debate.” 
Go to article »

PHOTOS OF THE DAY

A macaque lies on ice cube containing fruits ahead of “Taisho”, hottest day in Japanese solar term at Fukuoka Municipal Zoo and Botanical Garden in Fukuoka, Japan. Two high-pressure systems are blanketing the Japanese archipelago at present and producing the deadly heat wave that is gripping the nation, according to the Japan Meteorological Agency. Credit: The Asahi Shimbun Via Getty Images

Yokohama Pool Center is crowded by visitors in Yokohama, Kanagawa, Japan. Two high-pressure systems are blanketing the Japanese archipelago at present and producing the deadly heat wave that is gripping the nation, according to the Japan Meteorological Agency. Due to high temperatures, there were widespread reports of people dying apparently due to heatstroke. Credit: The Asahi Shimbun Via Getty Images

SpaceX successfully launches the Telstar 19 VANTAGE satellite from Space Launch Complex 40 (SLC-40) at Cape Canaveral Air Force Station in Florida. Telstar 19 VANTAGE is anew generation of Telesat satellites optimized to serve the types of bandwidth-intensive application increasingly in demand by users worldwide. Following stage separation, SpaceX successfully landed Falcon 9’s first stage on the “Of Course I Still Love You” droneship in the Atlantic Ocean. Credit: UPI/Barcroft Images

Dramatic setting sun over St. Paul’s Cathedral in central London. Credit: Guy Corbishley/Alamy Live News
Market Closes for July 24^th, 2018

Market Index	Close	Change
Dow Jones	25241.94	+197.65   +0.79%
S&P 500	2820.40	+13.42   +0.48%
NASDAQ	7840.770	-1.103 -0.01%
TSX	16390.13	-30.71
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	22510.48	+113.49
		+0.51%
HANG SENG	28662.57	+406.45
		+1.44%
SENSEX	36825.10	+106.50
		+0.29%
FTSE 100*	7709.05	+53.26
		+0.70%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.225		2.223
CND. 30 Year Bond		2.265		2.266
U.S.    10 Year Bond		2.9486		2.9541
U.S. 30 Year Bond		3.0758		3.0910

Currencies

BOC Close	Today	Previous
Canadian $	0.76000	0.75903
US $	1.31580	1.31747
Euro Rate 1 Euro=		Inverse
Canadian $	1.53708	0.65059
US $	1.16817	0.85604

Commodities

Gold	Close	Previous
London Gold Fix	1224.95	1228.75
Oil
WTI Crude Future	70.52	69.54

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark reversed course to close lower for a third session amid pressure from cannabis, technology and consumer stocks.
     The S&P/TSX Composite Index slid 31 points or 0.2 percent to 16,390.13 after trading up as much as 0.6 percent earlier in the day. The healthcare sector was the biggest decliner, losing 2.3 percent as Aurora Cannabis Inc. tumbled 7.7 percent.
     Consumer staples fell 1.5 percent, the most since early June. The sector had been on a steady upward trend for the first half of the month but has lost ground since then as investors rotate out of defensive stocks into riskier assets.
     In other moves:
                            Stocks
* Torex Gold Resources Inc. fell 9.5 percent to the lowest since early April. TD Securities downgraded the stock to hold, citing the potential for higher costs when it releases an updated mine report
* PrairieSky Royalty Ltd. lost 6.8 percent to the lowest since 2016 after second-quarter production missed estimates
* Gildan Activewear Inc. slid 6.4 percent to the lowest in 16 months after the stock was cut two notches to underperform at Bank of America Merrill Lynch amid civil unrest in Nicaragua
                            Commodities
* Western Canada Select crude oil traded at a $26.50 discount to WTI
* Aeco natural gas traded at a $1.67 discount to Henry Hub
* Gold was little changed at $1,225.50 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3158 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.22 percent
US
By Eddie van der Walt and Sarah Ponczek
     (Bloomberg) — U.S. equity benchmarks finished the day mostly higher, led by technology and health-care companies, while China’s efforts to support its economy spurred interest in higher-risk assets across Asia. The dollar slipped and 10-year Treasuries gained.
     The S&P 500 Index rose for the second straight day as positive earnings news overcame traders’ anxieties about simmering trade disputes. Google parent Alphabet Inc. anchored the market’s advance early in the session after it beat analysts’ estimates. Exxon Mobil and Chevron also gained as West Texas crude pushed higher. Indexes retreated from their highs earlier in the session, however, pulling the Nasdaq back from an intraday record.
     “You saw a pretty good pop in the market to start, obviously Google earnings helped things get going, but at the same time, you’re 2 percent away from all-time highs,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter, said by phone. “As you pop 20 points in the S&P, you look around and you say, ‘OK. Well is this justified?’ And the answer is no.”
     Carmakers and banks were among the biggest winners in the Stocks Europe 600 Index, as PSA Group said subsidiary Opel turned a profit and lender UBS Group AG posted better-than- forecast results. Sterling climbed after Prime Minister Theresa May took control of Brexit talks. The lira plunged as Turkey’s central bank unexpectedly held rates steady.
     Shares in Asia rallied on news that China will increase infrastructure spending and take other measures to bolster growth, with the Shanghai Composite Index posting the biggest three-day rally in two years. With Donald Trump again tweeting that tariffs are good for America, China’s moves to shore up growth in the face of a rumbling trade war are reassuring investors.
      More earnings will roll in as the week grinds on, while the path of monetary policy will be back in focus as the European Central Bank meets to decide interest rates.
     Elsewhere, West Texas Intermediate crude climbed ahead of data on U.S. inventories. Metals rose, helping mining stocks on the European gauge to the best performance since November. Emerging-market shares advanced and Bitcoin surged past $8,000.
     Here are some key events coming up this week:
* Earnings season continues with the following tech companies among those reporting: Facebook, Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel. They are joined by global financial giants Deutsche Bank, Nomura and Visa. Others include Nissan and Shell.
* Pakistan holds national elections Wednesday.
* The European Central Bank’s policy decision is Thursday.
* U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.

     These are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.5 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.9 percent, the largest increase in a month.
* The U.K.’s FTSE 100 advanced 0.7 percent to its highest in more than five weeks.
* The MSCI Emerging Market Index rose 1.1 percent, its biggest climb in two weeks.
                           Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent to its lowest in a week.
* The euro fell less than 0.05 percent to $1.1687.
* The British pound climbed 0.4 percent to $1.3147.
* The Japanese yen rose 0.1 percent to 111.19 per dollar, its fifth straight advance.
* The Turkish lira fell 3 percent to 4.887 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.95 percent.
* Britain’s 10-year yield increased less than one basis point to 1.276 percent.
* Germany’s 10-year yield fell one basis point to 0.40 percent.
                            Commodities
* West Texas Intermediate crude rose 0.9 percent to $68.48 a barrel.
* Gold rose 0.1 percent to $1,225.25 an ounce.
* LME copper jumped 2.7 percent to $6,295.00 a metric ton, the highest in more than a week.
* The Bloomberg Commodity Index increased 0.5 percent to the highest in more than a week.

Have a great night.

 

Be magnificent!

As ever,

 

Carolann

 

If you have to ask what jazz is you’ll never know.
                             -Louis Armstrong, 1901-1971

 

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 July 23, 1914, Austria-Hungary issued an ultimatum to Serbia following the killing of Archduke Francis Ferdinand by a Serb assassin; the dispute led to World War I.
Go to article »

PHOTOS OF THE DAY

A huge storm approaches the city Nagykanizsa, 210 kms southwest of Budapest, Hungary. CREDIT: GYORGY VARGA/MTI VIA AP

A flock of flamingos flies over one of a number of wetlands close to Kenya and Tanzania, where exceptionally heavy rainfall has filled the lakes to the brim, bringing mineral sediment to the surface to form stunning patterns. CREDIT: JEFFREY WU/MERCURY PRESS

A general view of alphorn blowers performing an ensemble piece on the last day of Alphorn International Festival on the alp of Tracouet in Nendaz, southern Switzerland. CREDIT: DENIS BALIBOUSE/REUTERS
Market Closes for July 23rd, 2018

Market Index	Close	Change
Dow Jones	25044.29	-13.83    -0.06%
S&P 500	2806.98	+5.15   +0.18%
NASDAQ	7841.871	+21.673   +0.28%
TSX	16420.84	-14.62
		-0.09%

International Markets

Market Index	Close	Change
NIKKEI	22396.99	-300.89
		-1.33%
HANG SENG	28256.12	+31.64
		+0.11%
SENSEX	36718.60	+222.23
		+0.61%
FTSE 100*	7655.79	-23.00
		-0.30%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.223		2.175
CND. 30 Year Bond		2.266		2.219
U.S.    10 Year Bond		2.9541		2.8931
U.S. 30 Year Bond		3.0910		3.0258

Currencies

BOC Close	Today	Previous
Canadian $	0.75903	0.76084
US $	1.31747	1.31433
Euro Rate 1 Euro=		Inverse
Canadian $	1.54015	0.64929
US $	1.16901	0.85543

Commodities

Gold	Close	Previous
London Gold Fix	1228.75	1217.55
Oil
WTI Crude Future	69.54	70.46

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slid as falling gold prices and an executive departure at Barrick Gold Corp. pushed the materials sector to its lowest since early May.
     The S&P/TSX Composite Index lost 15 points or 0.1 percent to 16,420.84. Materials fell 1.4 percent as Barrick tumbled 4.3 percent, the most in nine months. The gold giant’s president, who was responsible for reducing debt and rationalizing operations, quit to become chief executive officer of AngloGold Ashanti Ltd.
     Health-care stocks jumped 2.8 percent, led by strong gains in cannabis growers. Aphria Inc. added 6.4 percent and Canopy Growth Corp. gained 6 percent.
     In other moves:
                             Stocks
* Chemtrade Logistics Income Fund fell 4.6 percent to the lowest since 2012. Desjardins downgraded the stock to hold, citing weaker caustic soda prices
* DHX Media Ltd. tumbled 7.3 percent to the lowest since 2013.  The company closed the sale of a minority stake in Peanuts to Sony Media Entertainment for C$235.6 million
* BRP Inc. gained 4.4 percent following a block trade of 256,300 shares or 0.7 percent of the float
                          Commodities
* Western Canada Select crude oil traded at a $26.50 discount to WTI
* Gold fell 0.5 percent to $1,225.60 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3167 per U.S. dollar
* The Canada 10-year government bond yield rose 5 basis points to 2.23 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — U.S. stock indexes got a boost from bank shares in an otherwise lackluster session as investors digested warnings from the world’s financial leaders about the impact of protectionism on growth. Gains were extended in after-market trading as Alphabet Inc.’s sales topped estimates.
     The S&P 500 Index started the week higher, with financials leading the gainers amid below-average trading volume.
Amazon.com pulled consumer discretionary stocks lower after President Donald Trump renewed his public campaign against Jeff Bezos’s Washington Post. West Texas crude see-sawed as Trump’s warnings to his Iranian counterpart were offset by a strengthening dollar. Treasuries slipped.
     An exchange-traded fund tracking the Nasdaq 100 climbed about 0.5 percent after the 4 p.m. close in New York, helped by a rally in Google parent Alphabet. Surprisingly strong sales from the search-engine operator helped assuage concerns spurred by Netflix Inc.’s results last week.
     The world’s finance chiefs over the weekend said global growth remains robust and many emerging-market countries are better prepared to face crises, but risks to the world economy have increased. Also rattling investors, Trump took issue with the yuan’s six-week slide to the weakest level in more than year, raising concern that the America-China trade war is now spilling over into currency markets. The heated rhetoric is offsetting a mixed earnings season, keeping the S&P 500 hovering around 2,800.
     “Many eyes are focused here given that it’s a round number and that it’s proven to be impregnable since breaking below it in February,” Frank Cappelleri, senior equity trader and market technician at Instinet LLC, wrote in a message. “Given the plethora of earnings coming this week, there’s little reason to force the issue from either side thus far.”
     He added: “Simply holding steady in the face of all of this would be a net positive.”
     The Stoxx Europe 600 Index closed lower after sudden changes in leadership at Fiat Chrysler hit carmakers, while travel companies also declined after Ryanair posted a 20 percent decline in first-quarter profit.
     In Asia, Japan’s 10-year government bonds plunged, sending the yield up the most in almost two years. The yuan slipped.
Emerging-market stocks were little changed. Bitcoin pushed higher.
          Here are some key events coming up this week:
* Earnings season continues with the following tech companies among those reporting: Facebook, AT&T, Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel. They are joined by global financial giants Deutsche Bank, UBS, Nomura and Visa.
Others include Halliburton, Michelin, Boeing, Lockheed, Nissan and Shell.
* Pakistan holds national elections Wednesday.
* European Central Bank’s policy decision Thursday.
* U.S. gross domestic product probably increased by about 4 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.

     These are the main moves in markets:
                             Stocks
* The S&P 500 Index gained 0.2 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.2 percent to its lowest in a week.
* The U.K.’s FTSE 100 Index fell 0.3 percent, the biggest fall in a week.
* The MSCI Emerging Market Index decreased less than 0.05 percent.
                           Currencies
* The Bloomberg Dollar Spot Index advanced 0.1 percent.
* The euro fell 0.2 percent $1.1697.
* The British pound declined 0.2 percent to $1.3106.
* The Japanese yen gained less than 0.05 percent to 111.40 per dollar.
                             Bonds
* The yield on 10-year Treasuries gained six basis points to 2.96 percent, the highest in more than a month.
* Britain’s 10-year yield advanced four basis points to 1.272 percent.
* Germany’s 10-year yield climbed four basis points to 0.41 percent, the highest in over five weeks.
* Japan’s 10-year yield gained five basis points to 0.086 percent, the largest rise in almost two years.
                          Commodities
* West Texas Intermediate crude fell 0.7 percent to $67.80 a barrel, the first retreat in a week.
* Gold declined 0.3 percent to $1,225.31 an ounce.
* LME copper dropped 0.3 percent to $6,130 a metric ton.
–With assistance from Katherine Greifeld, Mark Cranfield, Adam Haigh, Andreea Papuc, Cecile Gutscher, Matthew Miller, Cecile Vannucci and Eddie van der Walt.

Have a great night. 

Be magnificent!

As ever,

Carolann

Enthusiasm is the most important thing in life.
                -Tennessee Williams, 1911-1983

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7 

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

Dear Friends,

Tangents: Happy Friday!
MOON DAY
On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon.
Go to article »

They remained on the lunar surface 21 hours, 36 minutes and 16 seconds.  The landing was made from the Apollo XI’s orbiting command and service module, code named Columbia, whose pilot, Michael Collins, remained aboard.  Neil Armstrong was the first to set foot on the move.  Armstrong and Edwin Aldrin, Jr. were outside the spacecraft, walking on the moon’s surface, approximately 21/4 hours.  The astronauts returned to Earth July 24, bringing photographs and rock samples.

Sir Edmund Hillary, explorer, b.  July 20, 1919.
It is not the mountain we conquer, but ourselves. -Sir Edmund Hillary, 1919-2008

PHOTOS OF THE DAY

A woman wears VR glasses while the projection mapping is cast on table and walls during its media preview at “TREE BY NAKED, yoyogi park” restaurant in Tokyo. This restaurant incorporates virtual reality projection mapping, and music to enhance diners’ enjoyment of their food. CREDIT: KIM KYUNG-HOON/REUTERS

Silhouettes of visitors are seen as they walk on the dried ground of Lake Salt, which is the second largest lake in Ankara, Turkey. Lake Salt is one of the most important wetlands for conservation and biodiversity. The Lake is largely dry and resembles a salt desert every summer. It is believed that if you walk on the salt barefoot you can release your negative energy. Many tourists from nearby cities and other countries visit the salt lake each year. CREDIT: EVRIM AYDIN/GETTY
Market Closes for July 20th, 2018

Market Index	Close	Change
Dow Jones	25058.12	-6.38    -0.03%
S&P 500	2801.83	-2.66   -0.09%
NASDAQ	7820.199	-5.097   -0.07%
TSX	16435.46	-107.55
		-0.65%

International Markets

Market Index	Close	Change
NIKKEI	22697.88	-66.80
		-0.29%
HANG SENG	28224.48	+213.62
		+0.76%
SENSEX	36496.37	+145.14
		+0.40%
FTSE 100*	7678.79	-5.18
		-0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.175		2.109
CND. 30 Year Bond		2.219		2.164
U.S.    10 Year Bond		2.8931		2.8380
U.S. 30 Year Bond		3.0258		2.9585

Currencies

BOC Close	Today	Previous
Canadian $	0.76084	0.75379
US $	1.31433	1.32664
Euro Rate 1 Euro=		Inverse
Canadian $	1.54140	0.64876
US $	1.17276	0.85269

Commodities

Gold	Close	Previous
London Gold Fix	1217.55	1224.50
Oil
WTI Crude Future	70.46	69.46

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks tumbled the most in seven sessions, with auto suppliers and energy companies retreating amid escalating trade tensions, while the loonie strengthened on strong economic data.
     The S&P/TSX Composite Index fell 108 points or 0.7 percent to 16,435.46 Friday, bringing the weekly decline to 0.8 percent.
Consumer discretionary shares lost 1.1 percent, with Linamar Corp. falling 4.8 percent, the most in two months. BMO said a tariff war threatens to push supplier stocks down by at least 20 percent.
     The energy index lost 1.1 percent even as oil prices rose 1.4 percent. TransCanada Corp. fell 2.3 percent, retracing some of Thursday’s 5.4 percent gain.
     In other moves:
                             Stocks
* Detour Gold Corp. fell 1 percent and Barrick Gold Corp. lost 0.9 percent. Barrick is said to be the undisclosed suitor that’s courting Detour
* Aimia Inc. jumped 18 percent to the highest since Feb. 1 after announcing that members will be able to use their Aeroplan points on any major airline beginning in 2020
* Sherritt International Corp. lost 2.9 percent, adding to Thursday’s 4.6 percent decline. Panasonic Corp. suspended cobalt purchases from Sherritt’s mine in Cuba
                          Commodities
* Western Canada Select crude oil traded at a $26.25 discount to WTI
* Gold rose 0.6 percent to $1,231.10 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 1.1 percent to C$1.3126 per U.S. dollar, the biggest gain since May, after inflation and retail sales beat forecasts
* The Canada 10-year government bond yield rose 7 basis points to 2.18 percent
US
By Olivia Schaber and Sarah Ponczek
     (Bloomberg) — The dollar weakened the most since March, Treasuries tumbled and stocks closed mostly lower after President Donald Trump’s latest verbal salvos fanned investor concern that a global trade war is escalating.
     Financial markets were upended after Trump said he’s “ready to go” with additional import tariffs and that China, the European Union and others have been manipulating their currencies and interest rates. Yields on Treasuries climbed the most since May as Trump reiterated that he’s unhappy with the Federal Reserve tightening after the administration has worked so hard to grow the economy.
     “We’re in a world of firsts and tweeting about the Fed, not once, but twice, doubling down, that the president is trying to exert pressure,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group LLC in Pittsburgh. “Crazy times we live in, I love it. You never know what’s going to happen. This is supposed to be the sleepy time. We’re supposed to be looking at earnings, which are killing it by the way.”
     Trump’s latest move in the trade war with China came as investors try to gauge the ability of the Asian nation’s economy
— the world’s second-biggest — to withstand a protectionist showdown. The yuan may be a key tool in China’s response to Trump, who continues to express dissatisfaction with America’s own monetary policy as his country’s currency strengthens.
     Oil posted its third consecutive weekly loss amid concern the escalating trade rows will undercut energy demand, undermining reassurances from Saudi Arabia that it won’t flood global crude markets.
     Copper rose for the first day this week after the yuan steadied amid signs that domestic banks are taking steps to support the currency. Most metals were supported on the London Metal Exchange as the dollar weakened for the first time in four days. The gains in metals capped a turbulent week across the industry as traders extended a month long selloff kicked off by fears that the trade tensions between China and the U.S. will hurt demand for industrial materials.
     These are the main moves in markets:
                             Stocks* 
The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 p.m. in New York.
* The Dow Jones Industrial Average dropped less than 0.1 percent to 25,058.12.
* The Nasdaq Composite Index eased less than 0.1 percent to 7,820.20.
* The U.K.’s FTSE 100 Index was little changed.
* The MSCI Emerging Market Index gained 1.1 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index slumped 0.76 percent, the most since March 21.
* The euro increased 0.8 percent to $1.1729.
* The British pound strengthened 0.9 percent to $1.3136.
* The Japanese yen gained 0.9 percent to 111.51 per dollar.
* South Africa’s rand gained 1 percent to 13.41 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose six basis points to 2.89 percent, the most since May 30.
* Italian 10-year yields increased eight basis points to 2.59 percent.
* Germany’s 10-year yield rose four basis points to 0.37 percent.
                          Commodities
* West Texas Intermediate crude rose for a fifth day, climbing 1 percent to $70.46 a barrel.
* Gold increased for the first time in six trading sessions, climbing 0.6 percent to $1,230.21 an ounce.
–With assistance from Eddie van der Walt.

Have a great weekend.

Be magnificent!

As ever,

Carolann

The ultimate inspiration is the deadline.
                -Nolan K Bushnell, b. 1943

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

PHOTOS OF THE DAY

Photographer Patrick Marshall spent three hours cooped up in a water hide at Horn Mill Trout Farm in Oakham, Peterborough to capture this moment. When the osprey eventually scooped up the fish, it then flew directly towards the camera, yielding this dramatic image. CREDIT: PATRICK MARSHALL/CATERS NEWS

People fish from the end of Whitby pier on Wednesday morning as the sun rises on the Yorkshire coast & the UK prepares for another hot day. CREDIT: ANDREW MCCAREN/LNP
Market Closes for July 19th, 2018

Market Index	Close	Change
Dow Jones	25064.50	-134.79    -0.53%
S&P 500	2804.49	-11.13   -0.40%
NASDAQ	7825.297	-29.147   -0.37%
TSX	16543.01	+65.61
		+0.40%

International Markets

Market Index	Close	Change
NIKKEI	22764.68	-29.51
		-0.13%
HANG SENG	28010.86	-106.56
		-0.38%
SENSEX	36351.23	-22.21
		-0.06%
FTSE 100*	7683.97	+7.69
		+0.10%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.109		2.149
CND. 30 Year Bond		2.164		2.198
U.S.    10 Year Bond		2.8380		2.8692
U.S. 30 Year Bond		2.9585		2.9857

Currencies

BOC Close	Today	Previous
Canadian $	0.75379	0.75939
US $	1.32664	1.31685
Euro Rate 1 Euro=		Inverse
Canadian $	1.54473	0.64736
US $	1.16440	0.85881

Commodities

Gold	Close	Previous
London Gold Fix	1224.50	1232.80
Oil
WTI Crude Future	69.46	68.76

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most in a week, bucking the global trend amid higher oil prices and strong railway earnings.
     The S&P/TSX Composite Index added 66 points or 0.4 percent to 16,543.01. Energy stocks led the gains, rising 1.4 percent as Saudi Arabia pledged not to flood global markets with oil.
TransCanada Corp. jumped 5.4 percent, the most since 2015, after U.S. regulators made major changes to a new tax rule announced earlier this year.
     Industrials gained 1.2 percent to a record high. Canadian Pacific Railway Ltd. added 2.3 percent following strong second- quarter earnings and anticipation that the company will boost its full-year targets.
     In other moves:
                             Stocks
* First Quantum Minerals Ltd. was the biggest decliner on the benchmark, losing 7.5 percent as copper prices fell below $6,000 a metric ton for the first time in a year
* Magna International Inc. lost 1.9 percent, Linamar Corp. slid
2.4 percent and Martinrea fell 2.2 percent. The U.S. Commerce Department held a hearing Thursday into whether imports of passenger vehicles threaten national security
* West Fraser Timber Co. lost 2.9 percent and Canfor Corp. fell
3.2 percent as lumber prices fell for a fourth day
                          Commodities
* Western Canada Select crude oil traded at a $26.25 discount to WTI, the widest gap since March
* Gold fell 0.3 percent to $1,224.00 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.3264 per U.S.
dollar as the Bloomberg commodity index fell to its lowest level in a year
* The Canada 10-year government bond yield fell 4 basis points to 2.11 percent
US
By Sarah Ponczek
     (Bloomberg) — The dollar swung between gains and losses and Treasuries strengthened after President Donald Trump criticized the Federal Reserve for raising interest rates. U.S.
equities finished lower for the first time in three days as financial shares led declines.
     Trump expressed frustration with the central bank in an CNBC interview. The critique follows Fed Chairman Jerome Powell’s upbeat assessment this week of the domestic economy.
The greenback has rallied for three consecutive days after Powell pledged to continue to tighten policy to keep the domestic economy from overheating, pressuring emerging market assets and commodities.
     “The market is already challenging the notion that the Fed can tighten as much as it has been projecting, but even so, it does throw a bit of a monkey wrench into that debate,” said Mazen Issa, a senior foreign-exchange strategist at TD in New York. “This is a knee-jerk reaction.”
     While Powell’s comments that the U.S. economy may not yet have reached full employment helped cement investor expectations for the path of monetary tightening, the strengthening dollar has done little to lift the mood elsewhere. The immediate focus in the stock market remains on company results, but trade threats are never far away. China said on Thursday it doesn’t want a trade war, but isn’t afraid of one.
     Commodities tumbled into correction territory earlier Thursday, sliding again in the face of the resurgent dollar and lingering global trade tensions. Among the recent milestones:
Copper dipping below $6,000. West Texas Intermediate crude tested $68. Gold crashing through $1,220.
     Oil recovered after Saudi Arabia dismissed assertions that it’ll oversupply demand as “without basis” and said it “does not try to push oil into the market beyond its customers’ needs.”
Gold briefly rallied after Trump’s comments, but finished lower.
     These are the main moves in markets:
                             Stocks
* The S&P 500 Index fell 0.4 percent to 2,804.50 as of 4:03 p.m. in New York.
* The Dow Jones Industrial Average eased 0.5 percent to 25,064.50.
* The Nasdaq Composite Index slumped 0.4 percent to 7,825.30.
* The U.K.’s FTSE 100 Index gained 0.1 percent.
* The MSCI Emerging Market Index slumped 0.9 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent, after rising as much as 0.6 percent.
* The euro was little changed at $1.1639.
* The Japanese yen gained 0.3 percent to 112.49 per dollar.
* South Africa’s rand fell 2.4 percent to 13.59 per dollar.
                             Bonds
* The yield on 10-year Treasuries fell three basis points to 2.84 percent.
* Italian 10-year yields were little changed at 2.51 percent.
* Germany’s 10-year yield fell one basis point to 0.33 percent.
                          Commodities
* West Texas Intermediate crude rose 0.9 percent to $69.32 a barrel.
* Gold fell 0.4 percent to $1,222.75 an ounce, after reaching the weakest level in more than a year.
–With assistance from Yakob Peterseil.

Have a great evening.

Be magnificent!

As ever,

Megan

Try not to become a person of success, but rather try to become a person of value. 
-Albert Einstein

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

PHOTOS OF THE DAY

A gorgeous morning glow spreads over Xiangjiang. Fisherman catch fish on the Red River, forming a beautiful morning fishing picture. CREDIT: BARCROFT IMAGES

Indian police fire a jet of dyed water from their water cannon at Kashmiri government teachers during a protest against the government in Srinagar, India. Hundreds of Kashmir government teachers took to the streets in the city centre to demand an increase in their salaries. CREDIT: YAWAR NAZIR/GETTY IMAGES
Market Closes for July 18th, 2018

Market Index	Close	Change
Dow Jones	25199.29	+79.40    +0.32%
S&P 500	2815.62	+6.07   +0.22%
NASDAQ	7854.445	-0.673   -0.01%
TSX	16477.40	-41.84
		-0.25%

International Markets

Market Index	Close	Change
NIKKEI	22794.19	+96.83
		+0.43%
HANG SENG	28117.42	-64.26
		-0.23%
SENSEX	36373.44	-146.52
		-0.40%
FTSE 100*	7676.28	+49.95
		+0.65%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.149		2.123
CND. 30 Year Bond		2.198		2.173
U.S.    10 Year Bond		2.8692		2.8600
U.S. 30 Year Bond		2.9857		2.9694

Currencies

BOC Close	Today	Previous
Canadian $	0.75939	0.75797
US $	1.31685	1.31931
Euro Rate 1 Euro=		Inverse
Canadian $	1.53333	0.65218
US $	1.16443	0.85879

Commodities

Gold	Close	Previous
London Gold Fix	1232.80	1241.10
Oil
WTI Crude Future	68.76	68.08

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian equities fell, bucking the trend set by European and U.S. markets, as a widening discount for Canadian crude oil pressured energy stocks.
     The S&P/TSX Composite Index lost 42 points or 0.3 percent to 16,477.40, the lowest in a week. The energy sector slid 0.7 percent as Western Canada Select sold for $25 less than a barrel of West Texas Intermediate, the widest gap since June 1.
     Consumer staples fell 1.2 percent. Goldman Sachs cut its view on the household goods and food sector to cautious, citing reduced pricing power and lower margins. Saputo Inc. lost 2.2 percent.
     In other moves:
                             Stocks
* Detour Gold Corp. rose 9.7 percent, the most in almost a year. Another investor joined Paulson & Co. in calling for the miner to put itself up for sale
* Cameco Corp. fell 1 percent amid U.S. plans to open an investigation into whether uranium imports are hurting national security
* Norbord Inc. fell 6.7 percent, the most since September, as lumber futures tumbled by the exchange maximum of $15
                          Commodities
* Western Canada Select crude oil traded at a $25 discount to WTI
* Gold was little changed at $1,227.70 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3173 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 2.15 percent
US
By Olivia Schaber and Sarah Ponczek
     (Bloomberg) — Equities rose, led by gains in financials and industrial companies, after Morgan Stanley earnings beat forecasts, helping to offset a slide in tech stalwarts such as Apple and Microsoft. The peso swung between gains and losses after President Donald Trump said he may prioritize a bilateral trade deal with Mexico.
     With Morgan Stanley’s results Wednesday, the six largest U.S. banks have reported second-quarter earnings that mostly surpassed estimates, helping to push the S&P 500 Financials Index 2.7 percent higher since Friday. The dollar held onto gains as Federal Reserve Chairman Jerome Powell delivered an upbeat assessment of the U.S. economy during his second day of testimony to Congress.
     “Banks are leading the way today as they did the past couple days,” Lindsey Bell, an investment strategist at CFRA, said by phone. “We’re actually seeing stocks respond very strongly to good earnings beats.”
     The U.S. and Mexico are “getting closer” to reaching a trade deal, and the administration may advance separate talks with Canada later, Trump told reporters at the start of a cabinet meeting in Washington on Wednesday. Trump said earlier this year he may break up talks for a new North American Free Trade Agreement into separate tracks with Canada and Mexico.
     Crude bounced between gains and losses as investors assessed conflicting supply-and-demand signals in the world’s biggest economy.
     Elsewhere, Bitcoin extended its biggest three-day rally this year, earlier climbing above $7,500.
     These are some key events coming up this week:
* Earnings season continues, with reports due from companies including: Microsoft, Taiwan Semiconductor Manufacturing and Unilever.
* Initial U.s. jobless claims for the week ended July 14, the Philadelphia Fed Business Outlook Survey and the Conference Board’s U.S. Leading Index will be released Thursday. 

     These are the main moves in markets:
                             Stocks
* The S&P 500 Index rose 0.2 percent to 2,815.62 as of 4:05 p.m. in New York.
* The Dow Jones Industrial Average gained 0.3 percent to 25,199.29.
* The Nasdaq Composite Index was little changed after climbing to a record high of 7,855.12 Tuesday.
* The U.K.’s FTSE 100 Index gained 0.7 percent.
* The MSCI Emerging Market Index slumped 0.2 percent.
* The Stoxx Europe 600 Index rose 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent, the second consecutive daily gain.
* The euro slipped 0.2 percent to $1.1644.
* The British pound dropped 0.3 percent to $1.3080.
* The Japanese yen was mostly flat at 112.88 per dollar.
* South Africa’s rand was little changed at 13.28 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose for a third consecutive day, climbing two basis points to 2.88 percent.
* Italian 10-year yields rose four basis points to 2.51 percent.
* Germany’s 10-year yield fell abut one basis point to 0.34 percent.
                          Commodities
* West Texas Intermediate crude rose 1.2 percent to $68.91 a barrel.
* Gold was little changed at $1,227.77 an ounce.

Have a great evening.

Be magnificent!

As ever,

Megan

Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing.
-Denis Waitley

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