Posted on

August 17, 2018 Newsletter

Dear Friends,

Tangents:
On Aug. 17, 1969, the Woodstock Music and Art Fair concluded near Bethel, N.Y.
Go to article »

On Aug. 18, 1872, Aaron Montgomery Ward, a Chicago businessman, set in motion an idea that seemed humble at the time but would go on to shape the retail industry.

On a sheet of paper, he listed about 150 items for sale. That one page turned into hundreds, and by 1888, annual sales from the catalog reached $1 million.
picture.jpg
The cover of the Montgomery Ward catalog from 1904.
Chicago History Museum/Getty Images

The catalog was popular with the largely rural population of the U.S., which suddenly gained access to everything from fur coats to washing machines. The success of Ward’s creation was driven, in part, by a more efficient postal service that had started delivering packages door to door.

The earliest reported catalogs appeared in Venice in the 1400s. In the 18th century, Benjamin Franklin used the mail order concept to sell books.

Catalogs from Montgomery Ward and another mail order pioneer, Sears, Roebuck and Company, started an industry that vied for a spot in mailboxes for decades.

The rise of shopping malls and the internet eventually spelled the demise of the mail order catalog. In 1985, Montgomery Ward discontinued its catalog because of persistent losses.

But what’s old is new again: Amazon is reportedly working on its own holiday catalog this year.

Alisha Haridasani Gupta wrote today’s Back Story. -New York Times, August 17, 2018

PHOTOS OF THE DAY

A 1,800 square mt flower carpet on the theme “Guanajuato, cultural pride of Mexico” and made with over 500,000 dahlias and begonias is seen at Brussel’s Grand Place, Belgium. Credit: The Telegraph

This is the sweet moment a loving mama swallow flies over to her four little baby birds to give them their morning feed. The adorable baby swallows can be seen snuggled up to each other waiting for their breakfast with their mouths wide open. Peter Tonkin, 75, captures the series of images, which show the swallows nesting as the sun started to rise, around seven o’clock in the morning in Hayle, Cornwall, UK. Credit: Peter Tonkin/SWNS.COM

Flamingos take off from Lake Tuz during their incubation period in Aksaray, Turkey. Credit: Murat Oner Tasi/Anadolu Agency/Getty Images
Market Closes for August 17th, 2018

Market

Index

 Close Change
Dow

Jones

 25669.32 +110.59

 

+0.43%
S&P 500 2850.13 +9.44

 

+0.33%
NASDAQ 7816.332 +9.808

 

+0.13%
TSX 16323.71 +98.06
+0.60%

International Markets

Market

Index

 Close Change
NIKKEI 22270.38 +78.34
+0.35%
HANG

SENG

 27213.41 +113.35
+0.42%
SENSEX 37947.88 +284.32
+0.75%
FTSE 100* 7558.59 +2.21
+0.03%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.268 2.257
CND.

30 Year

Bond

 2.277 2.272
U.S.   

10 Year Bond

 2.8605 2.8678
U.S.

30 Year Bond

 3.0199 3.0263

Currencies

BOC Close Today Previous  
Canadian $ 0.76509 0.76009
US

$

 1.30704 1.31564
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49630 0.66832
US

$

 1.14480 0.87352

Commodities

Gold Close Previous
London Gold

Fix

 1180.40 1182.00
 
Oil
WTI Crude Future 65.91 65.46

Market Commentary:
On this day in 1998, the Russian government devalued the ruble and declared a moratorium on paying its foreign debt, a de facto default that roiled bond markets and triggered the collapse of the giant hedge fund Long-Term Capital Management
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose amid news that China would hold talks with American officials, cooling rhetoric in the ongoing trade war.
     The S&P/TSX Composite Index rose 0.7 percent to 16,261.30 points at 9:44 a.m. in Toronto. Health care continued its acceleration led by pot stocks, surging 1.5 percent. Canopy climbed 1.7 percent amid news that the tobacco and pharmaceutical industries could be eyeing the cannabis industry.
     Materials surged 1.5 percent with First Quantum Minerals Ltd. jumping ~6 percent and First Majestic Silver Corp. rising ~6.5 percent.
     In other moves:
* BCE Inc. rose 0.6 percent after announcing a partnership with Vice to become the exclusive Canadian broadcaster for new original programming from VICELAND
* Labrador Iron Ore Royalty Corp. climbed 3 percent after Anglo Pacific Group PLC acquired a stake in the company
                           Commodities
* Western Canada Select crude oil traded at a $27.75 discount to WTI
* Aeco natural gas traded at a $1.79 discount to Henry Hub
* Gold rose 0.1 percent to $1.185.70 an ounce
                            FX/Bonds
* The Canadian dollar was flat at C$1.31406 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.251 percent
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks rose in light summer trading Friday on strength in technology hardware shares and optimism for a resolution in America’s trade dispute with China amid reports that President Donald Trump and Chinese President Xi Jinping will meet in November in an attempt to end the roadblock. Crude climbed to just below $66 a barrel, the dollar fell and Treasuries were stable.
     All major equity benchmarks surged following the U.S.-China news. The S&P 500 Index erased an earlier decline and notched its sixth weekly advance in the last seven weeks. Department store chain Nordstrom Inc. was the best performing company in the benchmark as investors responded to its strong second- quarter results and healthy profit outlook for the year.
     The Nasdaq 100 Index rebounded from weakness in semiconductors after Nvidia Corp. and Applied Materials Inc. warned after the market closed Thursday that their revenues were running below analyst forecasts. The Philadelphia Stock Exchange Semiconductor Index dropped 0.7 percent, its fourth consecutive decline.
     “Investors should avoid the urge to become too bearish too quickly,” Brian Rauscher, chief portfolio strategist at Robert W. Baird & Co., wrote in a note to clients Friday. “We urge investors to keep their attention focused on the still robust backdrop of corporate profits.”
     In Europe, equities rose despite weakness in banks and technology shares. Most Asian markets advanced. Canada’s dollar jumped after inflation in July blew past estimates. And developing-nation stocks gained but remained close to the technical definition of a bear market.
     “The roadmap to a potential November deal helps to increase the possibility that Trump ‘punts’ on September 5, as talks continue, while setting up for a ‘win’ right before midterms,” Naufal Sanaullah, chief macro strategist at EIA All Weather Alpha Partners, wrote in a note to clients Friday. “We see these as very bullish developments for EMs.”
     Turkey’s lira erased an early gain and retreated after rising more than 15 percent in three days. A Turkish appeals court refused to release American pastor Andrew Brunson — who the Trump administration says is being held illegally — which the U.S. promised would trigger further sanctions in retaliation. With a holiday closing Turkey’s stock markets for most of next week, traders took a cautious tone.
     Elsewhere, commodities rose as natural gas jumped and copper rebounded. But zinc headed for its worst weekly performance since 2011.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.3 percent to 2,850.13.
* The Stoxx Europe 600 Index added 0.3 percent.
* The MSCI ACWI climbed 0.4 percent.
* The MSCI Emerging Market Index advanced 0.4 percent.
* The MSCI Asia Pacific Index gained 0.7 percent.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.5 percent.
* The euro rose 0.5 percent to $1.1439.
* The Japanese yen increased 0.3 percent to 110.59 per dollar, the strongest in a month.
* The Turkish lira erased an earlier gain and slumped 3.3 percent to 6.0301 per dollar.
                            Bonds
* The yield on 10-year Treasuries was little changed at 2.8641 percent.
* Germany’s 10-year yield declined two basis points to 0.305
* Italy’s 10-year yield was essentially unchanged at 3.121 percent.
                            Commodities
* The Bloomberg Commodity Index climbed 0.4 percent.
* LME zinc dropped 0.1 percent to $2,389.50 per metric ton and was down 6.2 percent for the week.
* WTI crude jumped 0.6 percent to $65.84 a barrel.
* Gold gained 0.8 percent to 1,183.92 an ounce.
–With assistance from Yakob Peterseil, Todd White and Luke Kawa.
Have a wonderful weekend. 


Be magnificent!

As ever,

 

Carolann

 

I cook with wine, sometimes I even add it to the food.
                                          -W C Fields, 1880-1946

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

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

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

Posted on

August 16, 2018 Newsletter

Dear Friends,

Tangents:

RIP Queen Aretha.

On Aug. 16, 1977, singer Elvis Presley died at Graceland Mansion in Memphis, Tenn., at age 42. 
Go to article »

Madonna turns 60 today.

PHOTOS OF THE DAY

Lightening strikes are seen during a thunderstorm over the city of Minsk, Belarus. Credit: Vasily Fedosenko/Reuters

Performers from the Aquanauts with Circus Cirkor, take part in an act as they hang over the middle of the Lilla Vartan waters running between the Royal Opera and Stockholm Palace as part of the Stockholm’s Cultural Festival. Credit: Anders Wiklund/AFP/Getty Images
Market Closes for August 16th, 2018

Market

Index

 Close Change
Dow

Jones

 25558.73 +396.32

 

+1.58%
S&P 500 2840.69 +22.32

 

+0.79%
NASDAQ 7806.523 +32.405

 

+0.42%
TSX 16225.65 +77.15
+0.48%

International Markets

Market

Index

 Close Change
NIKKEI 22192.04 -12.18
-0.05%
HANG

SENG

 27100.06 -223.53
-0.82%
SENSEX 37663.56 -188.44
-0.50%
FTSE 100* 7556.38 +58.51
+0.78%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.257 2.268
CND.

30 Year

Bond

 2.272 2.285
U.S.   

10 Year Bond

 2.8678 2.8623
U.S.

30 Year Bond

 3.0263 3.0303

Currencies

BOC Close Today Previous  
Canadian $ 0.76009 0.76102
US

$

 1.31564 1.31403
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49654 0.66821
US

$

 1.13759 0.87905

Commodities

Gold Close Previous
London Gold

Fix

 1182.00 1197.00
 
Oil
WTI Crude Future 65.46 65.01

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose, following the U.S. market higher, as an agreement between Chinese and American officials to hold talks bolstered investor optimism.
     The S&P/TSX Composite Index rose 0.5 percent to 16,225.65 in Toronto. Consumer staples climbed the most, gaining 1.7 percent as Metro Inc. soared 3.8 percent on reports of talks with suppliers on tariff-related price hikes.
     Materials and health care stocks fell slightly, the only two sectors closing lower.
     In other moves:
* Weatherford International gained 7.4 percent with rising lumber stocks, as a forest fire in British Columbia, the world’s biggest exporter of softwood lumber, raised concerns about future supply; Interfor Corp. also rose, climbing 5.2 percent
* Labrador Iron Ore Royalty Corp. climbed 5.4 percent, the most in over a month, after Anglo Pacific Group PLC acquired a stake in the company
* Great Canadian Gaming fell 5.2 percent despite reporting a 2Q adjusted Ebitda that beat the highest analyst estimate
                            Commodities
* Western Canada Select crude oil traded at a $28.50 discount to WTI
* Aeco natural gas traded at a $1.78 discount to Henry Hub
* Gold fell 0.4 percent to $1,180.90 an ounce
                            FX/Bonds
* The Canadian dollar was fell to C$1.31614 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.257 percent
US
By Eric J. Weiner and Olivia Schaber
     (Bloomberg) — U.S. stocks rallied Thursday after retail behemoth Walmart Inc. reported its best sales growth in more than a decade and Chinese and American officials agreed to hold talks in an attempt to resolve the trade dispute between the two countries. The dollar fell with Treasuries, and gold and oil rose.
     All major equity benchmarks were higher. The S&P 500 Index climbed, led by telephone and consumer staples shares, and the Dow Jones Industrial Average added almost 400 points, or 1.6 percent. Food retailers posted their best gain since November after Walmart, the top performing S&P 500 company, said grocery sales spurred its strong results.
     “The consumer is in great shape, highlighted by Walmart results,” said Cliff Hodge, director of investments at Cornerstone Wealth in Charlotte, North Carolina. “The market is underestimating the strength in the U.S. economy in the second half of the year. Some announcements on trade, whether it’s with NAFTA, the EU and China, or all of the above, can be catalysts for the next leg higher.”
     Chipmakers were the weakest group in the S&P 500 ahead of earnings reports from Nvidia Corp. and Applied Materials Inc., which are expected after the market closes. Mining stocks and commodities rebounded from Wednesday’s slide as silver and copper gained.
     The possibility of a breakthrough in the U.S.-China trade fight helped shake off some of the elevated caution that’s infected markets, particularly in developing nations, over the past week as Turkey has plunged into a currency crisis.    
     “Positive news out of Washington last night of a possible resumption in trade talks with China has changed the tide of negative sentiment today,” Chris Zaccarelli, chief investment officer at Independence Advisor Alliance, wrote in a note.
     The Turkish lira rallied for a third day after the country’s Treasury and Finance Minister Berat Albayrak said on an investor call that the government has ruled out capital controls and that reining in inflation and narrowing the current-account deficit are its policy priorities. But the currency pared some of its gains after U.S. Treasury Secretary Steven Mnuchin said Turkey would face more sanctions if the country didn’t release an American pastor who the Trump administration says is being illegally detained.
     Elsewhere, the Stoxx Europe 600 rose for the first time in seven sessions. Asian equities were lower in the wake of the disappointing earnings report from tech giant Tencent Holdings Ltd. on Wednesday. The yuan got a boost from the news of possibly easing tensions with the U.S.
     Emerging-market shares fell for the seventh straight session, putting the group inches from a bear market. In Hong Kong, currency interventions continued after its dollar fell to the weak end of a trading band.
     Here are some key events coming up this week:
* Nvidia Corp. and Applied Materials Inc. report earnings after the market closes Thursday.
* Euro-area inflation data are due on Friday.
     These are the main moves in markets:
                             Stocks
* The S&P 500 rose 0.8 percent to 2,840.67, while the Dow Jones Industrial Average added 396 points, or 1.6 percent.
* The Stoxx Europe 600 Index gained 0.6 percent, its first increase in seven sessions.
* The MSCI ACWI Index climbed 0.6 percent.
* The MSCI Emerging Market Index declined 0.2 percent.
* The MSCI Asia Pacific Index slipped 0.5 percent to the lowest since September 2017.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent.
* The euro increased 0.3 percent to $1.1374.
* The British pound climbed 0.2 percent to $1.2718.
* The Japanese yen slid 0.2 percent to 110.92 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose one basis point to 2.8696 percent.
* Germany’s 10-year yield increased two basis points to 0.32 percent.
* Britain’s 10-year yield advanced two basis points to 1.24 percent.
                            Commodities
* The Bloomberg Commodities Index gained 1 percent.
* West Texas Intermediate crude added 0.7 percent to $65.49 a barrel.
* Gold advanced 0.1 percent to $1,173.61 an ounce.
–With assistance from Todd White and Yakob Peterseil. 

Have a great night.

Be magnificent!

As ever,

Carolann

A single lie destroys a whole reputation for integrity.
                           -Baltasar Gracian,  1601-1658

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

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

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

Posted on

August 15, 2018 Newsletter

Dear Friends,

Tangents:

Napoleon Bonaparte, b. 1769.

Spotify has a great playlist for summer road trips, aptly named Songs to Sing in the Car.  It’s a mix of contemporary radio hits by the biggest R&B  & pop stars today as well as a sampling of the great voices of the past 10 years such as Adele, Sam Smith, Sia, Alessia Cara, Alicia Keys, Lady Gaga, Pink etc.

The NPR podcast Planet Money makes economic news easy to understand, taking unusual approaches to covering the latest business stories.  You can find it at http://bit.ly/planetmoneypodcast.
PHOTOS OF THE DAY

Northumberland’s Bamburgh Beach, overlooked by Bamburgh Castle, proved an attractive proposition for surfers as brighter weather returned to the UK after a weekend of rain and storms. Credit: Phil Wilkinson

People dressed as imperial guards of Napoleon I, take part in a re-enactment battle in Ajaccio on the French Mediterranean Island of Corsica, ob August 14, 2018, to celebrate Napolean Week. Napolean was born on August 15th 1769. Credit: Pascal Pochard-Casabianca/AFP

Joan of Arc during the taking of Orleans at the CBG Mignot workshop, in La Breille-Les-Pins, western France. Founded in 1825 CBG Mignot workshop has produced lead soldiers to the delight of collectors. The 1/32nd scale figurines are designed in Anjou, and cast in Paris and then returned to Anjou to be hand-painted. Credit: jean-Francois Monier/AFP
Market Closes for August 15th, 2018

Market

Index

 Close Change
Dow

Jones

 25162.41 -137.51

 

-0.54%
S&P 500 2818.37 -21.59

 

-0.76%
NASDAQ 7774.117 -96.777

 

-1.23%
TSX 16148.50 -182.17
-1.12%

International Markets

Market

Index

 Close Change
NIKKEI 22204.22 -151.86
-0.68%
HANG

SENG

 27323.59 -429.34
-1.55%
SENSEX 37852.00 +207.10
+0.55%
FTSE 100* 7497.87 -113.77
-1.49%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.268 2.319
CND.

30 Year

Bond

 2.285 2.345
U.S.   

10 Year Bond

 2.8623 2.8985
U.S.

30 Year Bond

 3.0303 3.0656

Currencies

BOC Close Today Previous  
Canadian $ 0.76102 0.76593
US

$

 1.31403 1.30560
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49090 0.67074
US

$

 1.13458 0.88139

Commodities

Gold Close Previous
London Gold

Fix

 1197.00 1200.35
 
Oil
WTI Crude Future 65.01 67.04

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks fell to the lowest level in over two months, in line with the broad decline in global equities, as Turkey announced new tariffs on U.S. imports and commodities slumped.
     The S&P/TSX Composite Index fell 1.1 percent to 16,148.50 in Toronto. Materials dragged down the benchmark, dropping more than 4.3 percent as Hudbay Minerals slumped 8.4 percent amid a selloff in copper and other industrial metals. Energy companies also took a hit, with the group falling 2.6 percent.
     Canopy Growth Corp. soared as much as 52 percent, the most since intraday since April 2014. Constellation Brands Inc. said it was boosting its stake in the cannabis grower, poising the owner of Corona beer to take a leading position on the world’s weed stage.
     In other moves:
                            Stocks
* Aphria Inc. climbed 20.5 percent, to the most since November 2016, as pot stocks followed Canopy’s gains. Aurora Cannabis Inc. climbed 19.5 percent.
* Great Canadian Gaming Corp. gained as much as 8.6 percent after second quarter adjusted Ebitda beat analyst estimates
* First Majestic Silver Corp. fell 8 percent, tumbling along with metals which declined on strength of U.S. dollar amid trade tensions, China weakness and Turkey’s financial crisis; New Gold Inc. declined 7.7 percent and Wheaton Precious Metals Corp. fell 7.6 percent.
                            Commodities
* Western Canada Select crude oil traded at a $27.50 discount to WTI
* Aeco natural gas traded at a $1.78 discount to Henry Hub
* Gold fell 1.5 percent to $1,183.20 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.3129 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.266 percent
US
By Olivia Schaber
     (Bloomberg) — U.S. stocks had their worst day in seven weeks Wednesday amid a broad decline in global equities as technology shares were roiled by disappointing results from Chinese internet giant Tencent Holdings Ltd. and copper sank into a bear market, weighing on commodities. Crude oil slipped below $65 a barrel following a report that American stockpiles rose the most since March 2017.
     The S&P 500 Index declined for the fifth time in six sessions, while the Nasdaq 100 Index posted the weakest performance among major U.S. benchmarks. Strong retail sales figures did little to mollify investors, as Macy’s Inc. plummeted 16 percent, the most since May 2017, despite beating expectations. Tencent’s first profit decline in at least a decade also rattled emerging-market equities.
     “Tech stocks are pulling the markets lower,” said Naeem Aslam, chief market analyst at TF Global Markets U.K. in London. “We are seeing investors becoming more concerned about the geopolitics.”
     Tesla Inc. dropped more than 2.5 percent after a report that the U.S. Securities and Exchange Commission sent a subpoena to the company regarding Elon Musk’s privatization plans and his comments about having secured funding.
     Raw-materials producers dragged down European shares as copper and zinc sank to the lowest in more than a year. In Turkey, the lira gained after the country’s banking regulator moved to deter short-selling in the currency. While the nation’s assets stabilized, other emerging-market currencies continued to buckle as President Recep Tayyip Erdogan intensified a diplomatic feud with U.S. President Donald Trump by issuing a series of new import tariffs.
     With the bull market in American stocks just a week away from becoming the longest in history, investors have turned increasingly cautious amid lingering global trade tensions. Markets have been rocked over the past week as turmoil in Turkey weighed on sentiment across many emerging- and developed-nation assets. Qatar promised Wednesday to invest $15 billion in the Turkish economy to help the country avert a financial crisis.
      Elsewhere, Hong Kong intervened to defend its peg to the dollar for the first time in three months after the local currency fell to the weak end of its trading band. Several markets, including Poland and India, were closed for a holiday.
     Here are some key events coming up this week:
* Earnings are due this week from companies including Maersk, Cisco, Walmart, and Carlsberg.
* Brexit talks between the EU and the U.K. resume in Brussels Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 slumped 0.8 percent to 2,818.39, the biggest decline since June, and the Nasdaq 100 dropped 1.2 percent.
* The Stoxx Europe 600 Index decreased 1.4 percent to the lowest in more than a month.
* The MSCI All-Country World Index dipped 1.1 percent to the lowest in five weeks.
* The MSCI Emerging Market Index fell 1.8 percent, reaching the lowest since July 2017.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest since June 2017.
* The euro was little changed at 1.1345.
* The Japanese yen climbed 0.4 percent to 110.68 per dollar.
* The Turkish lira surged 7.5 percent to 5.9101 per dollar.
* South Africa’s rand plunged 2.5 percent to 14.597 per dollar, the weakest since September 2016.
* The MSCI Emerging Markets Currency Index fell 0.6 percent to the lowest since May 2017.
                            Bonds
* The yield on 10-year Treasuries declined four basis points to 2.8569 percent, the lowest in a month.
* Germany’s 10-year yield slid two basis points to 0.304 percent.
* Britain’s 10-year yield decreased four basis point to 1.225 percent.
                            Commodities
* The Bloomberg Commodity Index fell 1.9 percent to the lowest since July 2017.
* West Texas Intermediate crude slid 3.3 percent to $64.86 a barrel, the lowest since June.
* LME copper sank 4 percent to $5,801 per metric ton, the lowest in 13 months.
* Gold declined 1.7 percent to $1,174.42 an ounce, the weakest since January 2017.
–With assistance from Andreea Papuc, James Poole, Adam Haigh and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Learning never exhausts the mind.
   -Leonardo da Vinci, 1452-1519

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

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

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

Posted on

August 14, 2018 Newsletter

Dear Friends,

Tangents: V-J Day
On Aug. 14, 1945, President Truman announced that Japan had surrendered unconditionally, ending World War II. 
Go to article »

PHOTOS OF THE DAY

Fireworks projection mapping, created by Naked creative team is displayed on the hotel wall at the News Takanawa Prince hotel in Tokyo yesterday. The hotel attracted summer vacationers at Japan’s week long Bon holidays. Credit: Yoshio Tsunoda/AFLO/Splash News

Participants in the Fontanka-SUP 2018 2018 international festival on Fontanka River in St. Petersburg. Credit: Sputnik/Alexei Danichev

Kate Thomson looks for grouse on Linhope Estate in Northumberland. The grouse shooting season begins throughout England. The season starts on August 12th and goes through to December 10th. Credit: Schoffel Country/Solent News
Market Closes for August 14th, 2018

Market

Index

 Close Change
Dow

Jones

 25299.92 +112.22

 

+0.45%
S&P 500 2839.96 +18.03

 

+0.64%
NASDAQ 7870.895 +51.189

 

+0.65%
TSX 16330.67 +79.92
+0.49%

International Markets

Market

Index

 Close Change
NIKKEI 22356.08 +498.65
+2.28%
HANG

SENG

 27752.93 -183.64
-0.66%
SENSEX 37852.00 +207.10
+0.55%
FTSE 100* 7611.64 -30.81
-0.40%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.319 2.301
CND.

30 Year

Bond

 2.345 2.322
U.S.   

10 Year Bond

 2.8985 2.8786
U.S.

30 Year Bond

 3.0656 3.0471

Currencies

BOC Close Today Previous  
Canadian $ 0.76593 0.76164
US

$

 1.30560 1.31295
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48167 0.67491
US

$

 1.13486 0.88116

Commodities

Gold Close Previous
London Gold

Fix

 1200.35 1214.40
 
Oil
WTI Crude Future 67.04 67.20

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, rebounding along with their U.S. counterparts after two days of Turkey-induced weakness.
     The S&P/TSX Composite Index added 80 points, or 0.5 percent, to 16,330.67. Consumer staples and financials led the gains, rising 1.4 percent and 1 percent respectively.
     The weakest segment of the market was cannabis stocks, which tumbled after Ontario said it would delay the launch of brick-and-mortar pot shops until next April, six months after legalization. Aurora Cannabis Inc. lost 10 percent and Aphria Inc. fell 9.5 percent, both hitting their lowest level since November.
     In other moves:
                           Stocks
* Element Fleet Management Corp. jumped 15 percent, the most since 2011. Second-quarter results beat analyst estimates and the company said its strategic review is “progressing well”
* Home Capital Group Inc. slid 7.5 percent, the most in more than a year, after earnings missed estimates and analysts expressed concern about margin pressures
* Hydro One Ltd. gained 1.2 percent. The utility replaced its board after its former directors were ousted by Ontario Premier Doug Ford
                            Commodities
* Western Canada Select crude oil traded at a $28.20 discount to WTI
* Gold rose 0.2 percent to $1,201.60 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.30685 per U.S. dollar as Turkey contagion fears abated
* The Canada 10-year government bond yield rose 1 basis point to 2.32 percent
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks halted their longest slide since March and the dollar reached a 14-month high as investors brushed off Monday’s Turkey-induced turmoil. Treasuries dropped and WTI crude hovered above $67 a barrel.
     The S&P 500 Index rose for the first time in five days amid thin summer trading. Small-cap shares paced the gains, with the Russell 2000 Index leading among major U.S. equity benchmarks. Tapestry Inc., the handbag maker formerly known as Coach, was the top performer in the S&P 500 after its quarterly results showed that shoppers are returning to its Kate Spade brand. Meanwhile, Tesla Inc. sank 2.5 percent following reports that Goldman Sachs Group Inc. hadn’t been formally hired as an adviser to help take the company private.
     The gains in American stocks tracked a similar move in Asia as the rout in Turkish assets eased. The lira rose, and the country’s benchmark equity index climbed even as a diplomatic standoff with the U.S. dragged on. European peripheral debt climbed, but the euro fell to its lowest against the dollar since June 2017 and the Stoxx Europe 600 Index plunged after data showed the region’s economy grew faster in the second quarter than initially reported.
     “Since there doesn’t appear to be signs of contagion at this point — although Spanish, French and Italian banks are owed close to $140 billion by Turkish borrowers — it doesn’t seem like there is much to worry about,” Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, wrote in a note Tuesday. “But these things can turn on a dime.”
     In Asia, Japan’s equities outperformed while the yen had its biggest decline in two weeks. Shares in Shanghai and Hong Kong dropped after data showed China’s economy hit a mid-year rough patch, though the offshore yuan edged higher.
     Elsewhere, oil fell as focus returned to near-term supply risks. Bitcoin briefly slid below $6,000 and dozens of smaller digital tokens declined as this month’s sell-off in cryptocurrencies showed few signs of letting up.
     Here are some key events coming up this week:
* Earnings are due this week from companies including Maersk, China Unicom, Tencent, Cisco, Walmart, and Carlsberg.
* Brexit talks between the EU and the U.K. resume in Brussels Thursday.
* Retail sales data in the U.S. is on Wednesday, followed by housing data on Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.6 percent to 2,839.96, while the Russell 2000 climbed more than 1 percent.
* The Stoxx Europe 600 Index fell 0.5 percent, its fifth straight decline.
* The MSCI All-Country World Index increased 0.3 percent.
* The MSCI Asia Pacific Index added 0.2 percent.
* The MSCI Emerging Markets Index retreated 0.1 percent, marking it’s fifth consecutive down day.
                            Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1 percent to the highest since June 2017.
* The euro declined 0.6 percent to $1.1346, the weakest in 14 months.
* The British pound dropped 0.5 percent to $1.2714.
* The Japanese yen sank 0.5 percent to 111.20 per dollar. The MSCI Emerging Markets Currency Index gained 0.2 percent following four days of declines.
                            Bonds
* The yield on 10-year Treasuries advanced one basis points to 2.8913 percent.
* Germany’s 10-year yield added two basis points to 0.327 percent, the first advance in a week.
* Britain’s 10-year yield rose one basis point to 1.263 percent.
                            Commodities
* The Bloomberg Commodity Index climbed 0.3 percent, it’s first increase in four sessions.
* West Texas Intermediate crude gained 0.1 percent to $67.24 a barrel.
* Gold advanced 0.1 percent to $1,194.38 an ounce.
–With assistance from Rita Nazareth, Andreea Papuc and Samuel Potter. 

Have a great evening.

Be magnificent!

As ever,

Carolann


The work of today is the history of tomorrow and we are its makers.
                                          -Juliette Gordon Low, 1860-1927

 

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

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

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

Posted on

August 13, 2018 Newsletter

Dear Friends,

Tangents: Happy Monday!

August 13,1992 – Canada, US & Mexico negotiate North American Free Trade Agreement (NAFTA); effective January 1, 1994

1961- Berlin Wall erected.
PHOTOS OF THE DAY

A man points his light at the Milky Way during the peak of the Perseid meteor shower at Mavrovo national park in Macedonia. Credit: Ognen Teofilovski/Reuters

Fireworks illuminate the city of Geneva with the landmark Fountain (called “Jet d’Eau” in French) during the 45 minutes traditional pyrotechnic show. Credit: Fabrice Coffrini/AFP/Getty Images

A partial solar eclipse is seen as the sun sets in Yantai, Shandong Province of China. Credit: Shi Wei/Qianlong.com/VCG
Market Closes for August 13th, 2018

Market

Index

 Close Change
Dow

Jones

 25187.70 -125.44

 

-0.50%
S&P 500 2821.93 -11.35

 

-0.40%
NASDAQ 7819.707 -19.403

 

-0.25%
TSX 16250.75 -75.76
-0.46%

International Markets

Market

Index

 Close Change
NIKKEI 21857.43 -440.65
-1.98%
HANG

SENG

 27936.57 -430.05
-1.52%
SENSEX 37644.90 -224.33
-0.59%
FTSE 100* 7642.45 -24.56
-0.32%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.301 2.301
CND.

30 Year

Bond

 2.322 2.317
U.S.   

10 Year Bond

 2.8786 2.8714
U.S.

30 Year Bond

 3.0471 3.0287

Currencies

BOC Close Today Previous  
Canadian $ 0.76164 0.76120
US

$

 1.31295 1.31372
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49834 0.66741
US

$

 1.14120 0.87627

Commodities

Gold Close Previous
London Gold

Fix

 1214.40 1214.35
 
Oil
WTI Crude Future 67.20 67.63

Market Commentary:
Canada:
By Tatiana Darie
     (Bloomberg) — Canadian markets followed global stocks lower as investors are scrambling to determine whether and how far pain from Turkey’s economic crisis would spread. Health-care and materials led losses in equities while consumers stables, telecom and real estate posted gains.
     The S&P/TSX Composite Index extended losses for a second day, falling 0.5 percent to 16,250.75. Turkey-exposed companies, including natural gas producer Valeura Energy and gold miners, saw declines.
     In other moves:
                            Stocks
* First Majestic Silver Corp, the worst performing equity in the S&P/TSX Composite Index, plunged 15% to the lowest since March 5 after second-quarter revenue fell short of analyst estimates
* Turkey-exposed natural gas producer Valeura Energy plunged 20%, the most since December 2015; Miners with projects in Turkey also declined: Alacer Gold Corp dropped 6.7%, Eldorado Gold Corp fell 6%, Sandstorm Gold Ltd. fell 4% while Alamos Gold Inc slipped 3%
* The Stars Group Inc. fell 11%, the most since August 2016, after cutting its full-year earnings outlook.
                            Commodities
* Western Canada Select crude oil traded at a $29.25 discount to WTI
* Gold fell 1.5 percent to $1,200.40 an ounce
                            FX/Bonds
* The Canadian dollar inched higher by 0.07 percent to C$1.3134 per U.S. dollar
* The Canada 10-year government bond yield fell 7 basis point to 2.30 percent
US
By Olivia Schaber
     (Bloomberg) — U.S. stocks were lower Monday but the contagion from the economic crisis in Turkey remained largely confined to emerging-market assets. The dollar surged to its highest in 14 months, punishing commodities from crude to metals.
     The S&P 500 Index declined for a fourth straight day, its longest losing streak in five months, due to weakness in energy, materials and financial firms. Turkey’s lira sank for a fourth day, hitting a new low. Emerging-market equities tumbled more than 2 percent and currencies dropped 1 percent, with South Africa’s rand falling to the lowest since June 2016. European banks dragged down stocks in the region, though equity measures closed well above the day’s lows.
     The economic troubles in Turkey gripped global financial markets, with investors scrambling to determine whether and how far pain there would spread. Early signs that markets would buckle faded during the American trading day as stocks swung between gains and losses, though declines in developed-nation assets remained deep.
     “The fact that the early day rally faded has spooked investors that Turkey risk is still increasing toward a bigger event,” said Jim Paulsen, chief investment strategist at Leuthold Weeden Capital Management. “Contagion risk is the primary driver today.”
     Investors started the week after Turkey’s President Recep Tayyip Erdogan maintained his defiance toward both the U.S. and financial-market orthodoxy in speeches on Sunday, heightening concern that the financial woes there would spread to other markets. Central bank moves to boost liquidity provided little relief.
     “The efforts of regulators on the European continent and in the U.K. over the last eight-plus years to fortify their respective banks (via improved regulation and government administered ‘stress tests’) will likely mitigate damage — should it occur — and prevent development of systemic risk or contagion from spreading,” Oppenheimer & Co. strategists led by John Stoltzfus wrote in a note to clients Monday.
     Separately, Argentina’s central bank unexpectedly hiked its key interest rate and unveiled a plan to gradually eliminate the stock of its short-term notes as the peso slumped to a record low.
     Here are some key events coming up this week:
* China releases industrial production, fixed-asset investment and retail sales data Tuesday.
* Germany releases gross domestic product data for the second quarter and the U.K. publishes unemployment figures Tuesday.
* Earnings are due this week from companies including Tata Steel, Maersk, Home Depot, China Unicom, Tencent, Cisco, Walmart, and Carlsberg.
* Brexit talks between the EU and the U.K. resume in Brussels Thursday.
* Retail sales data in the U.S. is on Wednesday, followed by housing data on Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.4 percent to 2,821.93.
* The Stoxx Europe 600 Index declined 0.3 percent.
* The MSCI All-Country World Index dropped 0.8 percent to the lowest in a month.
* The MSCI Emerging Market Index plunged 2 percent to the lowest since July 2017.
                            Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent to the highest since June 2017.
* The euro dipped 0.1 percent to 1.1399.
* The Japanese yen rose 0.2 percent to 110.61 per dollar.
* The Turkish lira declined 7.8 percent to 6.9776 per dollar, the weakest on record.
* South Africa’s rand sank 3 percent to 14.5132 per dollar, the weakest since September 2016.
* The MSCI Emerging Markets Currency Index fell 1 percent to the lowest since July 2017.
                            Bonds
* The yield on 10-year Treasuries was unchanged at 2.8732 percent.
* Germany’s 10-year yield fell less than one basis point to 0.311 percent.
* Britain’s 10-year yield added one basis point to 1.252 percent.
                            Commodities
* The Bloomberg Commodity Index declined 0.8 percent.
* West Texas Intermediate crude slid 0.4 percent to $67.34 a barrel.
* Gold decreased 1.4 percent to $1,193.47 an ounce, the weakest since January 2017.
–With assistance from Adam Haigh, Eddie van der Walt and Elena Popina. 

Have a great evening.

Be magnificent!

As ever,

Carolann

 

In a time of universal deceit, telling the truth is a revolutionary act.
                                         -George Orwell, 1903-1950

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

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

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

Posted on

August 10, 2018 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Wildlife photographer Varun Thakkar captured this moment when a Myna bird landed on the face of a Barasingha deer at the Kanha reserve in Madya Pradesh, India. The rare Barasingha deer suddenly had her sight blocked as the Myna bird hopped on to her head while out hunting for its next meal. Credit: Varun Thakkar/SWNS.COM

A jogger stretching in the doorway of colourful beach huts on a fresh Thursday morning at Saltburn on the Yorkshire coast. Credit: Alan Dawson/Alamy

Volunteers gather flamingo chicks together during a banding operation at the salt marsh of Aigues-Mortes, southern France. Credit: Pascal Guyot/AFP
Market Closes for August 10th, 2018

Market

Index

 Close Change
Dow

Jones

 25313.14 -196.09

 

-0.77%
S&P 500 2833.28 -20.30

 

-0.71%
NASDAQ 7839.109 -52.672

 

-0.67%
TSX 16326.51 -90.47
-0.55%

International Markets

Market

Index

 Close Change
NIKKEI 22298.08 -300.31
-1.33%
HANG

SENG

 28366.62 -240.68
-0.84%
SENSEX 37869.23 -155.14
-0.41%
FTSE 100* 7667.01 -74.76
-0.97%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.301 2.333
CND.

30 Year

Bond

 2.317 2.349
U.S.   

10 Year Bond

 2.8714 2.9240
U.S.

30 Year Bond

 3.0287 3.0677

Currencies

BOC Close Today Previous  
Canadian $ 0.76120 0.76664
US

$

 1.31372 1.30440
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49887 0.66717
US

$

 1.14093 0.87648

Commodities

Gold Close Previous
London Gold

Fix

 1214.35 1209.55
 
Oil
WTI Crude Future 67.63 66.81

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks followed global markets lower amid the ongoing trade war, with President Donald Trump doubling steel and aluminum tariffs on Turkish imports.
     The S&P/TSX Composite Index fell 0.6 percent to 16,326.51. Health care led losses, sinking 2.4 percent, the most in three weeks. Bausch Health Companies Inc., the drug company formerly known as Valeant, tumbled 5.4 percent, the most since mid-June.
     NuVista Energy Ltd. plummeted 11 percent, the most since December 2015, after agreeing to buy Cenovus Energy Inc.’s Pipestone assets in Canada’s Montney shale region for C$625 million ($477 million) in cash.
     In other moves:
* Enerflex Ltd. surged 9.4 percent after its second-quarter earnings, with National Bank of Canada analyst Greg Colman citing growth of the company’s flagship Houston facility
* Westshore Terminals Investment Corp. jumped 6.4 percent to its highest since March 2017 after second-quarter earnings per share beat analyst estimates
* CCL Industries Inc. slumped 4.5 percent as packaging stocks were broadly lower amid trade concerns and disappointing earnings.
                           Commodities
* Western Canada Select crude oil traded at a $27.00 discount to WTI
* Gold fell 0.1 percent to $1,219.30 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.31251 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.3 percent
US
By Jeremy Herron
     (Bloomberg) — Stocks sold off around the world, with U.S. equities erasing what would’ve been a sixth weekly gain as Turkey’s economic crisis deepened. The dollar capped its best week since June as the lira sank to a record.
     The S&P 500 Index slumped in thin trading, zapping gains that had taken it within striking distance of an all-time high. European and emerging-market equities bore the brunt of selling, with losses of more than 1 percent after the U.S. escalated a diplomatic row that tipped Turkey’s economy deeper into crisis.
     The 10-year yield slid below 2.9 percent as price data reinforced the Federal Reserve’s rate-hike intentions and investors sought havens. A government report on agriculture stocks sent soybean, cotton and wheat futures tumbling. Oil settled above $67 a barrel.
     Geopolitical tensions between the U.S. and other countries set the tone for markets this week, with a speech from President Recep Erdogan doing little to quell investor angst that Turkey’s crisis will spread to other economies. The Trump administration doubled tariffs, exacerbating the issue.
     Earlier in the week, China responded to the Trump administration’s trade war volley with additional tariffs of its own. The ruble fell the most since the 2015 oil shock after the U.S. announced new sanctions on Russia over a nerve-agent attack in the U.K. Amid it all, Elon Musk roiled Tesla Inc.’s shares with a tweet signaled he’d take the firm private. The stock ended lower than where it was at the time of the missive.
     These are the main moves in markets:
                            Stocks
* The S&P 500 fell 0.7 percent as of 4 p.m. in New York. It dropped 0.25 percent on the week.
* The domestically focused Russell 2000 Index slipped 0.3 percent.
* The Stoxx Europe 600 Index sank 1.1 percent.
* Germany’s DAX Index lost 2 percent.
* The MSCI Emerging Market Index fell 1.7 percent.
* The MSCI Asia Pacific Index dipped 1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index jumped 0.7 percent to the highest in more than six weeks on the largest climb in a month.
* The euro sank 1 percent to $1.1410, the weakest in 13 months on the biggest dip in more than two weeks.
* The Japanese yen climbed 0.2 percent to 110.852 per dollar.
* The Turkish lira decreased 14 percent to 6.46 per dollar, the weakest on record with the largest tumble in more than 17 years.
                            Bonds
* The yield on 10-year Treasuries sank five basis points to 2.87 percent.
* Turkey’s 10-year surged 15 basis points to 20.34 percent.
* Germany’s 10-year yield fell four basis points to 0.33 percent.
* Italy’s 10-year yield increased nine basis points to 2.986 percent.
                            Commodities
* West Texas Intermediate crude increased 1.2 percent to $67.63 a barrel.
* Gold futures decreased 0.1 percent to $1,219.20 an ounce.
* Corn, cotton and wheat futures slumped more than 2.3 percent.

Have a great weekend!

Be magnificent!


As ever,


Karen

“Genius is eternal patience” – Michelangelo Di Lodovico Buonarroti Simoni

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

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

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

Posted on

August 9, 2018 Newsletter

Dear Friends,

Tangents:
On Aug. 9, 1945, the United States exploded a nuclear device over Nagasaki, Japan, instantly killing an estimated 39,000 people. The explosion came three days after the atomic bombing of Hiroshima. 
Go to article »
If you go on with this nuclear arms race, all you are going to do is make the rubble bounce. – Sir Winston Churchill

1974: Nixon resigns.
1883: Coco Chanel born
PHOTOS OF THE DAY

People look at the Amiens Cathedral in France, which is lit up on the eve of a service to mark the centenary of the Battle of Amiens and the subsequent ‘Hundred Days Offensive’ which was a decisive point in the First World War. Credit: Victoria Jones/PA

Standard-bearers stand near the Menin Gate as veterans, current members of the armed forces and family members take part in the British Legion’s “One Hundred Days” ceremony in Ypres, Belgium. Credit: Leon Neal/Getty Images

The Duke of Cambridge and Florence Parly, France’s Minister to the Armed Forces, laying wreaths in the Chapel of the Allies at Amiens Cathedral, France, during a service to mark the centenary of the Battle of Amiens and the subsequent ‘Hundred Days Offensive’ which was a decisive point in the First World War. Credit: PA

The rare flock of Andean flamingos had unusual parenting instincts triggered by the hot weather spell, causing six birds to lay nine eggs for the first time since 2003. Credit: WWT Slimbridge/SWNS.COM
Market Closes for August 9th, 2018

Market

Index

 Close Change
Dow

Jones

 25509.23 -74.52

 

-0.29%
S&P 500 2853.58 -4.12

 

-0.14%
NASDAQ 7891.781 +3.456

 

+0.04%
TSX 16416.98 +101.90
+0.62%

International Markets

Market

Index

 Close Change
NIKKEI 22598.39 -45.92
-0.20%
HANG

SENG

 28607.30 +248.16
+0.88%
SENSEX 38024.37 +136.81
+0.36%
FTSE 100* 7741.77 -34.88
-0.45%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.333 2.363
CND.

30 Year

Bond

 2.349 2.373
U.S.   

10 Year Bond

 2.9240 2.9618
U.S.

30 Year Bond

 3.0677 3.1127

Currencies

BOC Close Today Previous  
Canadian $ 0.76664 0.76813
US

$

 1.30440 1.30186
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50379 0.66499
US

$

 1.15286 0.86740

Commodities

Gold Close Previous
London Gold

Fix

 1209.55 121
2.35
 
Oil
WTI Crude Future 66.81 66.94

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose, with all but two sectors climbing, even as diplomatic and trade tensions mounted between Canada and Saudi Arabia. The loonie still fell, erasing most of Wednesday’s gains.
     The S&P/TSX Composite Index rose 0.6 percent to 16,416.98 on Thursday, the highest this week. The Information Technology sector gained most, up 1.6 percent, as shares of all but one company closed higher. Materials also climbed, with Pan American Silver Corp. advancing 9.3 percent after profit and sales beat analyst estimates.
     Consumer discretionary slumped the most, falling 0.2 percent, weighed down by Canadian Tire Corp Ltd., which sank the most in three years after disappointing second-quarter earnings results.
     In other moves:
* Parex Resources Inc. plunged as much as 16.5 percent, the most intraday in six years, after 2Q earnings missed analyst expectations
* Pason Systems Inc. jumped 9.4 percent after reporting higher sales than estimated
* Computer Modelling Group fell 11.7 percent, the most intraday since November 2015, after 1Q earnings-per-share missed the lowest analyst estimate; GMP downgraded its rating on the stock to reduce
* MEG Energy Corp. fell 8.3 percent after Highfields granted a request for proxy solicitation; MEG named Derek Evans CEO Aug. 8 to help raise production
                            Commodities
* Western Canada Select crude oil traded at a $27.50 discount to WTI
* Aeco natural gas traded at a $2.25 discount to Henry Hub
* Gold fell 0.1 percent to $1,219.70 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.30446 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.333 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks faded into the close to cap a second day of losses amid selling in industrial and financial shares. The dollar and Treasuries rallied as investors assessed the latest salvos in the trade war with China and sanctions that torpedoed the Russian ruble.
     The S&P 500 Index turned lower in the final 15 minutes of trading that was more than 10 percent below the 30-day average. The Nasdaq indexes pared erased gains to end little changed. Tesla Inc. slumped under reports of regulatory scrutiny. The 10- year Treasury yield fell to 2.92 percent after producer prices stagnated last month. The greenback climbed, while emerging- market currencies weakened for a second day.
     Geopolitical tensions between the U.S. and other countries are setting the tone for markets, with China responding to the Trump administration’s latest trade war volley with additional tariffs of its own. The ruble hit a two-year low after the U.S. announced new sanctions on Russia over the March 4 nerve-agent attack on a former double agent in the U.K. Turkey’s lira plunged to a record and bond yields climbed as a dispute over the detention of an American pastor dragged on.
     Here are some key events coming up this week:
* U.S. consumer prices probably rose in July from June, consistent with a pickup in inflation that’s projected to keep the Federal Reserve on a path of gradual interest-rate increases, economists forecast before Friday’s release.
     These are the main moves in markets:
                            Stocks
* The S&P 500 fell 0.1 percent to 2,853.59 as of 4 p.m. in New York.
* The Nasdaq 100 Index was flat. Viacom rose 6 percent.
* The Stoxx Europe 600 Index ended higher by 0.1 percent.
* Germany’s DAX Index rose 0.3 percent.
* Emerging-market equities fell 0.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent.
* The euro dipped 0.7 percent to $1.1533.
* The Japanese yen lost 0.1 percent to 111.062 per dollar.
                            Bonds
* The yield on 10-year Treasuries declined three basis points to 2.9258 percent.
* Germany’s 10-year yield fell two basis points to 0.375 percent, the lowest in almost three weeks.
* Japan’s 10-year yield climbed less than one basis point to 0.115 percent.
                            Commodities
* West Texas Intermediate crude fell 0.3 percent to $66.72 a barrel.
* Gold futures slipped 0.1 percent to $1,220.20 an ounce.
* The Bloomberg Commodity Index lost 0.2 percent.
–With assistance from Robert Brand. 

Have a great night.

Be magnificent!

As ever,

Carolann

Character is power.
-Booker T. Washington, 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

Posted on

August 8, 2018 Newsletter

Dear Friends,

Tangents:
Anyone who has got a book collection and a garden wants for nothing. -Cicero.

August 8, 1588, Queen Elizabeth I, addresses her troops at Tilbury, at the mouth of the Thames, during the Armada conflict:

My loving people, we have been persuades by some that are careful of our safety to take heed how we commit ourselves to armed multitudes, for fear of treachery; but I do assure you, I do not desire to live to distrust my faithful and loving people.
  Let tyrants fear.  I have always so behaved myself that, under God, I have placed my chiefest strength and safeguard in the loyal hearts and goodwill of my subjects, and therefore I am come amongst you, as you see, at this time, not for my recreation and disport, but being resolved in the midst and heat of the battle to live or die amongst you all, to lay down for my God and for my kingdom, and for my people, my honour and my blood, even in the dust.
  I know I have the body of a weak and feeble woman, but I have the heart and stomach of a king, and of a king of England too, and think it foul scorn that Parma or Spain, or any prince o Europe, should dare invade the borders of my realm; to which, rather than any dishonour shall grow by me, I myself will take up arms, I myself will be your general, judge, and rewarder of every one of your virtues.

PHOTOS OF THE DAY

Hot air balloons, carrying tourists, rise into the sky at sunrise in Cappadocia, central Turkey. Cappadocia has become a favourite site for tourists in hot-air balloons who can slowly drift above the cone-shaped rock formations and then float up over rippled ravines for breathtaking views over the region. Credit: Emrah Gure/AP Photo

Yachts race in the Lendy Cowes Week Regatta. The annual Cowes Week Regatta has been held on the Solent in early August every year since 1826. The event sees around 7,500 competitors from 14 countries, sailing over 700 boats over eight days. Credit: Jack Taylor/Getty
Market Closes for August 8th, 2018

Market

Index

 Close Change
Dow

Jones

 25583.75 -45.16

 

-0.18%
S&P 500 2857.70 -0.75

 

-0.03%
NASDAQ 7888.324 +4.660

 

+0.06%
TSX 16315.08 +28.78
+0.18%

International Markets

Market

Index

 Close Change
NIKKEI 22644.31 -18.43
-0.08%
HANG

SENG

 28359.14 +110.26
+0.39%
SENSEX 37887.56 +221.76
+0.59%
FTSE 100* 7776.65 +58.17
+0.75%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.363 2.371
CND.

30 Year

Bond

 2.373 2.384
U.S.   

10 Year Bond

 2.9618 2.9730
U.S.

30 Year Bond

 3.1127 3.1176

Currencies

BOC Close Today Previous  
Canadian $ 0.76813 0.76584
US

$

 1.30186 1.30575
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51163 0.66154
US

$

 1.16114 0.86122

Commodities

Gold Close Previous
London Gold

Fix

 1212.35 1209.65
 
Oil
WTI Crude Future 66.94 69.17

Market Commentary
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose even as Saudi Arabia threatened more retaliation on Canada for criticizing the recent arrests of women’s rights activists.
     The S&P/TSX Composite Index advanced 0.2 percent to 16,315.08. Health-care stocks were the best performers, rising 1.4 percent to the highest in more than two weeks. Canopy Growth Corp. boosted the sector, climbing 4.5 percent as it was approved to research the effectiveness of cannabidiol for treating anxiety in certain animals.
     Auto suppliers tumbled amid second-quarter earnings updates and ongoing trade concerns. Magna International Inc. slumped 8 percent and Linamar Corp. dropped 6.3 percent, closing at its lowest level since November.
     In other moves:
* Maxar Technologies Ltd. fell 4.8 percent, its seventh consecutive session in decline, after Spruce Point issued a new short report, calling for as much as 100% downside
* MEG Energy Corp. jumped 5.8 percent after the Alberta Securities Commission granted a request by Highfields Capital Management to solicit shareholder proxies, communicate with 15 or fewer holders in advance of Meg Energy’s shareholder meeting
* Air Canada climbed 3.6 percent to its highest point since May amid news that Air France-KLM Group is trying to poach a top executive from Air Canada as its next chief executive officer
                            Commodities
* Western Canada Select crude oil traded at a $31.00 discount to WTI
* Gold rose 0.3 percent to $1,221.90 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.30191 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.363 percent
US
By Jeremy Herron and Olivia Schaber
     (Bloomberg) — U.S. stocks halted a four-day advance as trade tensions ratcheted higher and America slapped sanctions on Russia. Oil tumbled.
     The S&P 500 Index turned lower in the final minutes of trading to thwart what would have been the longest winning streak since February. It’s about half a percentage point shy of its all-time record. Equities swung between gains and losses throughout a light trading session, with energy producers leading declines after crude sank 4 percent. Markets opened lower after Washington and Beijing announced dates for fresh levies on billions in goods.
     Treasuries rose as investors scooped up a record $26 billion 10-year auction, showing that swelling U.S. government issuance has yet to put pressure on the nation’s long-term borrowing costs. The ruble slumped on the sanctions announcement. Canada’s dollar climbed and stocks edged higher even after Saudi Arabia threatened to sell the nation’s assets as part of a diplomatic dispute.
     U.S. stocks have churned higher in the past five weeks on the strength of blowout corporate earnings and signs economic growth has taken off. That’s helped offset growing concern that global trade tensions will hamstring the expansion at the same time that diplomatic skirmishes also increase.
     Elsewhere, Turkey’s lira erased most of Tuesday’s gains as investors said there’s no easy way to rescue its financial markets. Bitcoin tumbled, leading a sell-off in digital coins of all sizes, as a cryptocurrency market gauge dropped to its lowest level since November.
     Here are some key events coming up this week:
* Samsung Electronics is set to unveil its next Galaxy Note smartphone on Thursday.
* U.S. consumer prices probably rose in July from June, consistent with a pickup in inflation that’s projected to keep the Federal Reserve on a path of gradual interest-rate increases, economists forecast before Friday’s release.
     These are the main moves in markets:
                            Stocks
* The S&P 500 slipped less than one point to 2,857..72 as of 4 p.m. in New York. The index is within 1 percent of an all-time high.
* The Nasdaq 100 Index added 0.1 percent and the Dow Jones Industrial Average lost less 0.2 percent.
* The S&P/TSX Composite Index climbed 0.2 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
* The MSCI All-Country World Index was virtually unchanged.
                            Currencies
* The Bloomberg Dollar Spot Index was down 0.1 percent.
* The Japanese yen added 0.4 percent to 110.98 per dollar.
* The euro rose 0.1 percent to $1.1614.
* The Canadian dollar rose 0.3 percent.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.96 percent.
                            Commodities
* The Bloomberg Commodity Index retreated 0.4 percent.
* Gold futures added 0.2 percent to $1,220.90 an ounce.
* West Texas Intermediate crude fell 3.4 percent to $66.84 a barrel.
–With assistance from Eddie van der Walt, Liz Capo McCormick and Nick Wadhams. 

Have a great night.

Be magnificent!

As ever,

Carolann

A champion is afraid of losing.  Everyone else is afraid of winning.
                                                      -Bill Jean King, 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

Posted on

August 7, 2018 Newsletter

Dear Friends,

Tangents:
August 7, 1959: first photo of earth from Space.  The US satellite Explorer VI transmitted the first picture of Earth from Space 59 years ago today.  For the first time we had a likeness of our planet based on more than projections and conjecture.  But it would take years for the general public to see the pictures.  

The first Earth Day was in 1970.

The Central American nation of Costa Rica has developed a type of “green asphalt.”  The asphalt, which contains a plastic that makes it far more durable, was developed by the University of Costa Rica’s National Laboratory of Materials and Structural Models and its project partners.  A similar asphalt is already used in countries including England, India, and Canada, but Costa Rica is pioneering its use in Latin America.  The Costa Rican blend uses PET plastic derived from recycled plastic bottles.  Every ton of asphalt uses 1,000 plastic bottles. –The Costa Rica News
PHOTOS OF THE DAY

The word ‘EIRE’ is shown burned on a hill in Bray, a town south of Dublin, Ireland. The sign, built with stones during World War II for navigating and alerting pilots, was revealed on Saturday after the hill caught fire due to the recent heatwave. Credit: Xinhua/Rex/Shutterstock

A bank of sea mist rolls in over the coast near Lands End, Cornwall. Credit: Dan Bourne/Magnus News
Market Closes for August 7th, 2018

Market

Index

 Close Change
Dow

Jones

 25628.91 +126.73

 

+0.50%
S&P 500 2858.45 +8.05

 

+0.28%
NASDAQ 7883.664 +23.986

 

+0.31%
TSX 16286.30 -133.94
-0.82%

International Markets

Market

Index

 Close Change
NIKKEI 22662.74 +155.42
+0.69%
HANG

SENG

 28248.88 +429.32
+1.54%
SENSEX 37665.80 -26.09
-0.07%
FTSE 100* 7718.48 +54.70
+0.71%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.371 2.353
CND.

30 Year

Bond

 2.384 2.365
U.S.   

10 Year Bond

 2.9730 2.9488
U.S.

30 Year Bond

 3.1176 3.0886

Currencies

BOC Close Today Previous  
Canadian $ 0.76584 0.76945
US

$

 1.30575 1.29963
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51460 0.66024
US

$

 1.15995 0.86211

Commodities

Gold Close Previous
London Gold

Fix

 1209.65 1215.45
 
Oil
WTI Crude Future 69.17 68.49

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks tumbled across all sectors, bucking a global trend of higher prices that came even in the face of continued trade tensions.
     The S&P/TSX Composite Index fell 0.8 percent to 16,286.30, its biggest loss since late June. Materials sunk 1.8 percent to their lowest since May. Metal miners tumbled even as the price of gold rose, with New Gold Inc. slumping 6.4 percent and Fortuna Silver Mines Inc. falling 5.9 percent.
     Consumer staples fell 1.4 percent to the lowest since early July. Saputo Inc. weighed on the sector, falling 4.4 percent after its first-quarter results trailed analyst estimates amid low international and U.S. dairy ingredient prices and costs from the acquisition of Australia-based Murray Goulburn.
     In other moves:
* Maxar Technologies Ltd. plummeted 13 percent to its lowest since 2012 after Spruce Point said in a report that the company may be “inflating” its earnings through “aggressive” M&A accounting
* Bausch Health Companies Inc., formerly known as Valeant Pharmaceuticals, rose 3.5 percent after the drugmaker reported strong growth in its gastrointestinal business and raised its full-year earnings outlook
* Aurora Cannabis Inc. fell 5.8 percent to its lowest since November as health care fell 0.2 percent
                           Commodities
* Western Canada Select crude oil traded at a $31.00 discount to WTI
* Gold rose 0.1 percent to $1,218.60 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.30531 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.371 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks edged higher pushed their winning streak to four days amid a relative cooling of protectionist rhetoric between the world’s two largest economies and optimism growth can continue. Tesla Inc. surged after Elon Musk proposed taking the company private.
     The S&P 500 Index closed at the highest level since its Jan. 26 record. Gains faded in the final half hour of trading as investors moved out of rate-sensitive shares amid a rise in Treasury yields. Industrial and energy stocks paced gains. The Cboe Volatility Index slid below 11 for the first time since May. Musk’s tweet punished short sellers. Commodities advanced. Chinese stocks drove a broad rally in Asia.
     The Tesla news dominated an otherwise quiet afternoon session on Wall Street, with investors speculating on how serious the chief executive is about what would be the largest leveraged buyout in history. It overshadowed a strong end phase of an earnings season that’s seen most major U.S. companies surprise to the upside. That’s pushed the S&P 500 within 20 points of a record, even as investors fret over the escalating trade war between America and China.
     The gains in emerging-market equities overshadowed rising woes in Turkey, where the yield on the country’s 10-year bonds touched a record high amid a diplomatic spat with the U.S. The lira clawed its way back from a record low, only to later give up some gains.
     Here are some key events coming up this week:
* The Bank of Japan releases a summary of opinions Wednesday from its July 30-31 meeting, at which it tweaked elements of its stimulus policy to make it more sustainable.
* Samsung Electronics unveils its next Galaxy Note smartphone.
* U.S. consumer prices probably rose in July, consistent with a pickup in inflation that’s projected to keep the Federal Reserve on a path of gradual interest-rate increases, economists forecast before Friday’s release.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.3 percent to 2,858.56 as of 4 p.m. in New York.
* The Stoxx Europe 600 Index climbed 0.5 percent to the highest in a week.
* The MSCI All-Country World Index increased 0.5 percent to the highest in more than 20 weeks on the biggest climb in almost two weeks.
* The MSCI Emerging Market Index jumped 0.8 percent, the largest increase in two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro increased 0.4 percent to $1.1599, the first advance in more than a week.
* The Japanese yen was flat at 111.396 per dollar.
                            Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.97 percent.
* Germany’s 10-year yield gained two basis point to 0.404 percent.
* Britain’s 10-year yield climbed two basis points to 1.304 percent.
                            Commodities
* The Bloomberg Commodity Index gained 0.5 percent to the highest in four weeks.
* West Texas Intermediate crude was flat at $69.02 a barrel, after earlier touching the highest in more than a week.
* Gold futures rose 0.1 percent to $1,218.30 an ounce.
–With assistance from Randall Jensen and Eddie van der Walt.

Have a great evening. 

Be magnificent!

As ever,

Carolann

It is not the mountain that we conquer but ourselves.
                 -Edmund Percival Hillary, 1919-2008

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

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

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

Posted on

August 3, 2018 Newsletter

Dear Friends,

Tangents:  Happy Friday!

POINTS OF PROGRESS:
BELIZE:
The Belize Barrier Reef has been removed from the United Nations’ list of endangered World Heritage sites.  UNESCO said the government of Belize had taken visionary steps to protect the world’s second largest reef system (behind Australia’s Great Barrier Reef).  The UN added the reef to the endangered list I 2009, citing “mangrove cutting and excessive development.”  Since then, the government has protected the mangroves and put a moratorium on oil exploration around the reef. –The News York Times, BBC.

THE NETHERLANDS:
The low-lying European country is continuing to shutter its prisons because there are not enough criminals to fill them.  Dutch newspaper Algemeen Dagblad reported that the Netherlands will close four prisons by the end of the summer.  The nation’s crime rate is the lowest it has been since 1980: 49 crimes per 1000 people.  The closures continue a trend of recent years.  In 2013, the country shut down 19 prisons leading to a “storm of protests from prison workers” such that the Dutch government began importing Belgian and Norwegian prisoners so some of the workers could keep their jobs. –The Week.

NORWAY:
The Norwegian government has created a new national park within an area of he Lofoten archipelago.  Despite local residents voting against the designation, Ola Elvstuen, Norway’s climate and environment minister, said it was important because the Lofotodden national Park “has landscape and nature types that do not exist in any of Norway’s other natural areas.”  The park sits in a region that was one of the first to be uncovered after the last ice age and features some of the oldest types of mountain vegetation.  It is also home to cave paintings that date back to the Stone Age. –The Local.

PAKISTAN:
A government program has planted hundreds of millions of trees across previously arid areas of Pakistan’s northwest.  In 2014, the provincial government of Khyber Pakhtunkhwa launched its “Billion Tree Tsunami” program, which has so far resulted in the planting of  300 million trees of 42 different species across the region.  In addition to 150 million trees given to farmers and strict forest regeneration measures, the region now has more than 1 billion new trees, culminating in what the head of Swiss-based International Union for Conservation of Nature, a green nongovernmental organization, called a “true conservation success story.” –Al Jazeera.

PHOTOS OF THE DAY

The audience attends the ‘Mission: Impossible – Fallout’ Pulpit Rock Norway Screening in Forsand, Norway. Credit: Jack Taylor/Getty Images for Paramount Pictures

People harvest seed pods of lotus flowers from a pond in Tancheng in China’s eastern Shandong province. Credit: AFP/Getty Images

The effects of heat haze is seen as pedestrians cross a street during a heatwave in Tokyo, Japan. Credit: Kazuhiro Nogi/AFP/Getty Images
Market Closes for August 3rd, 2018

Market

Index

 Close Change
Dow

Jones

 25462.58 +136.42

 

+0.54%
S&P 500 2840.35 +13.13

 

+0.46%
NASDAQ 7812.016 +9.331

 

+0.12%
TSX 16420.24 +11.08
+0.07%

International Markets

Market

Index

 Close Change
NIKKEI 22525.18 +12.65
+0.06%
HANG

SENG

 27676.32 -38.24
-0.14%
SENSEX 37556.16 +391.00
+1.05%
FTSE 100* 7659.10 +83.17
+1.10%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.353 2.367
CND.

30 Year

Bond

 2.365 2.382
U.S.   

10 Year Bond

 2.9488 2.9859
U.S.

30 Year Bond

 3.0886 3.1192

Currencies

BOC Close Today Previous  
Canadian $ 0.76945 0.76777
US

$

 1.29963 1.30233
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50417 0.66482
US

$

 1.15739 0.86401

Commodities

Gold Close Previous
London Gold

Fix

 1215.45 1219.00
 
Oil
WTI Crude Future 68.49 68.96

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian equities posted a small gain to end the week, with defensive stocks leading the way as a top White House economic adviser said the U.S. won’t back off from its trade war with China.
     The S&P/TSX Composite Index added 11 points or 0.1 percent to 16,420.24, bringing the benchmark’s weekly gain to 0.2 percent. Utilities and real estate rose 0.9 percent and 0.8 percent respectively.
     The telecom sector bucked the defensive trend, falling 0.3 percent as Telus Corp. lost 0.7 percent after growth in postpaid wireless subscribers slowed in the second quarter.
     In other moves:
                            Stocks
* Sierra Wireless Inc. jumped 19 percent to the highest since January after second-quarter earnings and its third-quarter outlook beat estimates
* Aimia Inc. rose 8.1 percent. The company is seeking a higher offer from Air Canada for its Aeroplan loyalty program
* Open Text Corp. added 4 percent to a record after fourth- quarter earnings and revenue beat estimates
                            Commodities
* Western Canada Select crude oil traded at a $31.00 discount to WTI, the widest gap since 2013
* Aeco natural gas traded at a $2.42 discount to Henry Hub
* Gold rose 0.3 percent to $1,214.20 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2991 per U.S. dollar after data showed Canada’s trade gap narrowed more than forecast in June
* The Canada 10-year government bond yield fell 1 basis point to2.35 percent
US
By Brendan Walsh and Olivia Schaber
     (Bloomberg) — The S&P 500 Index extended its fifth straight weekly gain, the dollar fell and Treasury yields dipped after the latest jobs report showed a steady labor market that supported the Federal Reserve’s outlook for only gradual interest-rate increases.
     Major benchmarks closed near their highs of the day as positive earnings surprises lifted U.S. shares, with 3/4 of the S&P 500 companies that reported Friday morning beating analysts’ estimates. Kraft Heinz Co. rallied as deal speculation swirled around the maker of macaroni-and-cheese dinners. Energy companies fell as oil slumped. The dollar broke a three-day winning streak following China’s move to shore up the yuan.
     Stocks got a boost late in Friday’s trading session as the White House said officials had held high-level talks with China about trade in the past months and were open to more discussions. Trade maneuvering kept markets on the back foot this week, competing with a mostly positive earnings season and an upbeat assessment of the economy by the Federal Reserve. About two-thirds of the way into the results season, U.S. and European companies have posted double-digit earnings growth, according to JPMorgan strategists.
     “At the end of the day, economic fundamentals are solid,” said Brendan Erne, the director of portfolio management at Personal Capital.
     Elsewhere, emerging-market stocks and currencies gained. Ten-year Treasury yields held below 3 percent. A rally for banks lifted European equity gauges.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.5 percent at the close in New York. The gauge was up 0.8 percent on the week, and its fifth weekly gain is the longest winning streak since late 2017.
* The Dow Jones Industrial Average rose 0.5 percent and the Nasdaq 100 Index added 0.3 percent.
* The Stoxx Europe 600 Index jumped 0.7 percent.
* The MSCI Emerging Market Index rose 0.7 percent.
* The MSCI Asia Pacific Index was little changed.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro fell 0.1 percent to $1.1573.
* The British slumped 0.1 percent to $1.3004.
* The Japanese yen strengthened 0.4 percent to 111.23 per dollar.
                            Bonds
* The yield on 10-year Treasuries declined three basis points to 2.95 percent.
* Germany’s 10-year yield declined five basis points to 0.40 percent.
* Britain’s 10-year yield declined five basis points to 1.33 percent.
                            Commodities
* West Texas Intermediate crude fell 0.4 percent to $68.67 a barrel.
* Gold rose 0.5 percent to $1,213.44 an ounce.
–With assistance from Christopher Anstey, Yakob Peterseil and Sophie Caronello.

Have a great weekend.

Be magnificent!

As ever,

Carolann

Our attitude towards others determines their attitude towards us.
                                                -Earl Nightingale, 1921-1989

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