Posted on

September 14, 2018 Newsletter

Dear Friends,

Tangents: HAPPY FRIDAY!

DEPENDING ON THE WIND

1.
A score of years ago I felled a hundred pines to build a house. 

Two stories, seven rooms in all.

                                            I built my love a home.

                                                                              Our
daughter was in orbit in the womb.

                                                  Mountains spun off like the arm
of a galaxy into the emptiness our windows framed.

                                                                          “What a
view!” our friends exclaimed, and “Sunsets to die for every single
night!” 

2.
Vertigo of solitude, distillate of loneliness for blood, my wife
untrue, my daughter flown, I, like a widower or worse, move
among the rooms I made.
                                    Where once I was not alone, now each
closed door is panic, and spaces grow immense with memory, like
shadows at dusk: abandonment’s avatar, grief’s cynosure.
                                                                                  Gone
that arrangement of allegiances called family we never really know
before it ends.
                      Like love itself, it isn’t true till then.
                                                                        I have no
family now but remembrances of tiny joys, tinier dramas we used
to call our life, like pollen over everything: brightly colored
clothespins on the line, a cross-shaped coral earring whose match is
lost, books of fairy tales we read aloud at night.
                                                                   I must be dumb as a
gunnysack of hammers.
                                 Wind still blows through open windows
like it always used to do.
                                 What did I love that made me believe it
would last?

                                                                  -James Galvin

PHOTOS OF THE DAY

Lighting designers Motoko Ishii and Akari-Lisa Ishii present a two-day special light show on the Eiffel Tower to celebrate the Japanese cultural season and 160 years of diplomatic relations between France and Japan in Paris, France. Credit: Charles Platiau/Reuters

A woman looks at books piled up at the entrance of Municipal Library of Prague in Prague, Czech Republic. Credit: David Cerny/Reuters

A paddle-boarder enjoys the calm sea just before sunset on a beautiful end to the day at Heacham, Norfolk. Credit: Paul Marriott
Market Closes for September 14th, 2018

Market

Index

 Close Change
Dow

Jones

 26154.67 +8.68

 

+0.03%
S&P 500 2904.98 +0.80

 

+0.03%
NASDAQ 8010.043 -3.667

 

-0.05%
TSX 16013.49 +11.78

 
+0.07%

International Markets

Market

Index

 Close Change
NIKKEI 23094.67 +273.35
+1.20%
HANG

SENG

 27286.41 +271.92
+1.01%
SENSEX 38090.64 +372.68
+0.99%
FTSE 100* 7304.04 +22.47
+0.31%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.345 2.329
CND.

30 Year

Bond

 2.361 2.347
U.S.   

10 Year Bond

 2.9959 2.9737
U.S.

30 Year Bond

 3.1309 3.1128

Currencies

BOC Close Today Previous  
Canadian $ 0.76707 0.76904
US

$

 1.30366 1.30033
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51625 0.65958
US

$

 1.16289 0.85993

Commodities

Gold Close Previous
London Gold

Fix

 1209.80 1195.60
 
Oil
WTI Crude Future 68.99 68.59

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks were little changed, closing in the green for only the second time out of the past 11 sessions. The late rally wasn’t enough to pull shares higher for a week, with equities down 0.5 percent. On the trade front, no talks in Washington are expected before Monday, according to an official familiar with the plans. House Democratic Leader Nancy Pelosi told reporters earlier that a new Nafta deal should include Canada.
     The S&P/TSX Composite Index rose less than 0.1 percent, with health care leading gains as pot stocks recovered from a plunge on Thursday. Consumer staples and materials declined as gold prices extended losses for a second session.
                            Stocks
* AltaGas Ltd fell for a third day, dropping 2.7 percent, after plans to spin off its Canadian assets via an IPO; Scotiabank analyst Robert Hope said that the IPO route is generally subject to execution risk and, shares may take a “wait-and-see approach” before reflecting the expected proceeds
* Aphria Inc. and Canopy Growth Corp. rebounded from a selloff on Thursday, rising 13 percent and 8.4 percent, respectively, even as immigration experts told Bloomberg that U.S. border guards have broad powers to question Canadians on their current and past drug use and could declare users inadmissible to the U.S.
* Newstrike Brands Ltd rallied 5.2 percent after Bloomberg BNN reported that it has approached at least four companies about a potential sale.
                            Commodities
* Western Canada Select crude oil traded at a $36 discount to WTI
* Gold fell 0.8 percent to $1,198.40 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.3 percent C$1.30327 per U.S. dollar
* The Canada 10-year government bond yield gained 1.8 basis points to 2.346%
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks posted a late rally to close mostly higher for a fifth consecutive day, led by gains in the financial and energy sectors. The dollar strengthened after U.S. 10-year note yields briefly climbed past 3 percent.
     The S&P 500 and Dow finished just in the green after slumping midday, when Bloomberg News reported that President Donald Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products. Financial markets were whipsawed this week by conflicting reports on the status of trade relations between the world’s two largest economies. The Nasdaq closer lower, though up for the week.   
     “When the headlines hit, the knee-jerk reaction in the market is to either sell off or gain immediately,” Quincy Krosby, chief market strategist at Prudential Financial Inc, said by phone. “The president has had a couple of tweets suggesting he’s in no hurry to craft an agreement, but despite this, talks are apparently going to resume. And the question will be whether or not that leads to more negotiations.”
     The push for additional tariffs is despite the U.S. Treasury secretary’s attempt to restart talks with Beijing to resolve the trade war, according to four people familiar with the matter.
     Stocks also finished higher in Europe and Asia amid optimism for U.S.-China trade talks and action by Turkey and Russia to support their currencies that helped foster a positive mood. Miners and carmakers led the advance in the Stoxx Europe 600 Index, following a rally in most Asian benchmarks as they extended their rebound from the worst run of losses in 16 years. Oil posted its third straight weekly advance as traders keep watch on Hurricane Florence.
     From cooling U.S. inflation to central-bank meetings in Europe, the U.K. Turkey and Russia, it was a busy week for investors. American retail sales figures for August showed households took a breather from spending, though the data was still indicative of a strong job market and more after-tax pay.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose less than 0.1 percent to 2,904.97 as of 4:05 p.m. in New York, while the Dow Jones Industrial Average gained less than 0.1 percent to 26,154.67 and the Nasdaq Composite Index slipped less than 0.1 percent to 8,010.04.
* The Stoxx Europe 600 rose 0.4 percent.
* The U.K.’s FTSE 100 gained 0.3 percent.
* Germany’s DAX Index edged 0.6 percent higher.
* The MSCI Emerging Market Index jumped 1 percent.
* The MSCI Asia Pacific Index increased 1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, the first gain in three days.
* The euro weakened 0.5 percent to $1.1632.
* The British pound fell 0.3 percent to $1.3065.
* The Japanese yen weakened 0.1 percent to 112.01 per dollar.
                            Bonds
* The yield on 10-year Treasuries increased two basis points to 2.99 percent, while the two-year note yield climbed two basis points to 2.77 percent.
* Germany’s 10-year yield rose three basis points to 0.45 percent.
                            Commodities
* West Texas Intermediate crude rose 05 percent to $68.93 a barrel.
* Gold dropped 0.6 percent to $1,194.14 an ounce to finish the week lower.
–With assistance from Robert Brand. 

Have a wonderful weekend.

Be magnificent! 

As ever,

 

Carolann

 

Through the unknown, we’ll find the new.
         -Charles Baudelaire, 1821-1867

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

September 13, 2018 Newsletter

Dear Friends,

Tangents:

September 13, 1759 – James Wolfe’s army defeats Montcalm’s French forces at the Battle of Québec on the Plains of Abraham.
Go to article >>

PHOTOS OF THE DAY

Bavarian herdsmen in traditional dress drive their livestock during the return of the cattle from the summer pastures in the mountains near Oberstdorf, Germany. In autumn, herds fed on alpine pastures in the mountains during summer are led down to the valley where they spend the winter. Credit: AP Photo/Matthias Schrader

A mother teaches her three cubs to survive in the forest on the Russian border near Kajaani, Finland. She is making them keep watch for any approaching males. Each of the brown bear cubs take their turn keeping watch while the family relaxes by a nearby river – before they all patrol the area as a family. They are protecting their territory from adult male bears, who have been known to attack and kill young cubs. Russian border near Kajaani, Finland. Credit: Alex Perov/Solent News & Photo Agency

A polar bear seems to be having a rest in this hilarious photo from the Comedy Wildlife Photography Awards. Credit: Denise Dupras/CWPA/Barcroft Images
Market Closes for September 13th, 2018

Market

Index

 Close Change
Dow

Jones

 26145.99 +147.07

 

+0.57%
S&P 500 2904.18 +15.26

 

+0.53%
NASDAQ 8013.711 +59.482

 

+0.75%
TSX 16001.71 -47.31

 
-0.29%

International Markets

Market

Index

 Close Change
NIKKEI 22821.32 +216.71
+0.96%
HANG

SENG

 27014.49 +669.45
+2.54%
SENSEX 37717.96 +304.83
+0.81%
FTSE 100* 7281.57 -31.79
-0.43%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.329 2.336
CND.

30 Year

Bond

 2.347 2.352
U.S.   

10 Year Bond

 2.9737 2.9626
U.S.

30 Year Bond

 3.1128 3.1063

Currencies

BOC Close Today Previous  
Canadian $ 0.76904 0.76950
US

$

 1.30033 1.29955
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.52013 0.65784
US

$

 1.16904 0.85541

Commodities

Gold Close Previous
London Gold

Fix

 1195.60 1189.85
 
Oil
WTI Crude Future 68.59 70.37

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks extended losses, falling for the ninth out of 10 straight sessions, as officials remain tight-lipped about any progress on trade talks with the U.S. Earlier, Prime Minister Justin Trudeau declined to comment on a hard deadline for the deal. A tech rebound pushed U.S. stocks higher.
     The S&P/TSX Composite Index fell 0.3 percent to the lowest since May 29, dragged down by health care. Pot stocks plunged today as analysts highlighted signs of weakening momentum in the near term. Industrials and real estate led gains.
                            Stocks
* Dollarama Inc. fell 17 percent after its forecast for full- year gross margin missed estimates
* Aphria Inc. and other cannabis stocks plunged as Canaccord recommended reducing exposure on negative technical signals; the manager of a new marijuana-focused mutual fund cautioned investors should get ready for “scary down days”
* ATS Automation Tooling Systems Inc. gained 6.8 percent after agreeing to acquire KMW to strengthen its offerings in the electric vehicle market
                            Commodities
* Western Canada Select crude oil traded at a $34.50 discount to WTI
* Gold fell 0.4 percent to $1,206.40 an ounce
                            FX/Bonds
* The Canadian dollar was little changed at C$1.2997 per U.S. dollar
* The Canada 10-year government bond yield fell 0.9 basis point to 2.323%
US
By Sarah Ponczek
     (Bloomberg) — Gains in the information technology and health care sectors helped to propel U.S. stocks higher for a fourth day. Turkey’s lira jumped after a rate hike, and the dollar fell after data showed a gauge of underlying U.S. inflation unexpectedly cooled in August.
     Equities pulled back earlier from the day’s highs after President Donald Trump tweeted that U.S. isn’t under pressure to reach a trade agreement with China. While speculation on trade continues to dictate investor sentiment, the consumer price data and the resumption of the rally in tech kept shares afloat. The MSCI Asia Pacific Index climbed for the first time in 11 sessions, with equities rallying in Shanghai and Hong Kong.
     “The big thing about tech today is it feels like a relief rally,” said Chris Zaccarelli, chief investment officer at Independence Advisor Alliance in Charlotte, North Carolina. “There was extreme pessimism in terms of what was happening with tariffs potentially being put in place this week.”
     The pound rose after the Bank of England kept rates steady as expected, and strengthened more as the greenback slipped. The euro also climbed, after the ECB’s predicted hold and as President Mario Draghi expressed confidence on wage growth and the outlook for inflation. Turkey’s lira surged after the larger-than-expected move by the Turkish central bank.
     In the end, markets appear to be giving a cautious welcome to the earlier news that the U.S. and Chinese governments are working out the details for a new round of trade talks, just days after Trump threatened to slap tariff hikes on nearly all goods from China. Emerging-market assets — among the hardest hit by the protectionist spat — rallied.
     Elsewhere, crude oil pared two days of gains made on the outlook for tighter supply. The potential impact on commodities from Hurricane Florence faded with lower wind speeds.
     Here are some key events coming up this week:
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.5 percent as of 4:04 p.m. in New York, while the Dow Jones Industrial Average gained 0.6 percent and the Nasdaq Composite Index jumped 0.8 percent.
* The Stoxx Europe 600 fell 0.2 percent.
* The U.K.’s FTSE 100 fell 0.4 percent.
* Germany’s DAX Index climbed 0.2 percent higher.
* The MSCI Emerging Market Index gained 1.4 percent.
* The MSCI Asia Pacific Index rose 1 percent, after reaching the highest in a week on the first advance in more than two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 03 percent.
* The euro gained 0.5 percent to $1.1684, reaching the strongest in more than two weeks on the biggest increase in more than two weeks.
* The British pound rose 0.5 percent to $1.3106, the strongest in six weeks.
* The Turkish lira jumped 4.1 percent to 6.0925 per dollar, reaching the strongest in more than two weeks on the largest jump in more than four weeks.
                            Bonds
* The yield on 10-year Treasuries gained less than one basis point to 2.97 percent, while the two-year note yield rose less than one basis point to 2.75 percent.
* Germany’s 10-year yield rose one basis point to 0.42 percent.
* Britain’s 10-year yield rose two basis points to 1.50 percent.
* Italy’s 10-year yield fell one basis points to 2.95 percent.
                            Commodities
* West Texas Intermediate crude dropped 2.3 percent to $68.78 a barrel.
* Gold slipped 0.4 percent to $1,201.43 an ounce. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Looking back, I have this to regret, that too often when I loved,
I did not say so.  -David Grayson, 1870-1946

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

September 12, 2018 Newsletter

Dear Friends,

Tangents:
How Newfoundland became a place of refuge on 9/11 and rolled out the welcome mat to passengers diverted by air traffic shutdown 
Go to article >>

This might be the oldest drawing ever found.

SEPTEMBER
   -by Louis Jenkins
One evening the breeze blowing in the window turns cold
and you pull the
blankets around you.  The leaves of the maples along Wallace Avenue have
already turned and whoever it was you loved does not come around anymore,
It’s all right.  Things change with the cycle of the seasons and evolve.  A mistake,
a wrong turn takes one elsewhere.  But perhaps there are forces other than
chance at work here…
PHOTOS OF THE DAY

The Virginia creeper covering the Tu Hwnt I’r Bont Tearoom on the banks of the River Conwy in Llanrwst, north Wales, begins to change colour as autumn sets in. Credit: Peter Byrne/PA

A Messerschmitt bubble car of the year 1958, left, and a BMW Isetta of the year 1958, right, are displayed at the “Automechanika” car supplier fair inFrankfurt, Germany. Credit: Michael Probst/AP

In this satellite image taken on Tuesday, Hurricane Florence churns through the Atlantic Ocean toward the U.S. East Coast. Followed to the east first by Hurricane Isaac and then Hurricane Helene. Florence is expected to make landfall by late Thursday to near Category 5 strength along the Virginia, North Carolina and South Carolina coastline. Credit: NOAA Via Getty Image
Market Closes for September 12th, 2018

Market

Index

 Close Change
Dow

Jones

 25998.92 +27.86

 

+0.11%
S&P 500 2888.92 +1.03

 

+0.04%
NASDAQ 7954.230 -18.243

 

-0.23%
TSX 16049.02 -45.23

 
-0.28%

International Markets

Market

Index

 Close Change
NIKKEI 22604.61 -60.08
-0.27%
HANG

SENG

 26345.04 -77.51
-0.29%
SENSEX 37717.96 +304.83
+0.81%
FTSE 100* 7313.36 +39.82
+0.55%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.336 2.339
CND.

30 Year

Bond

 2.352 2.351
U.S.   

10 Year Bond

 2.9626 2.9755
U.S.

30 Year Bond

 3.1063 3.1185

Currencies

BOC Close Today Previous  
Canadian $ 0.76950 0.75996
US

$

 1.29955 1.31587
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51115 0.66178
US

$

 1.16277 0.86001

Commodities

Gold Close Previous
London Gold

Fix

 1189.85 1196.60
 
Oil
WTI Crude Future 70.37 69.25

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks resumed losses, bucking a global trend, as trade uncertainty weighed on sentiment. Mexico’s chief Nafta negotiator is headed to Washington as the nation reiterated that it’s prepared to pursue a new trade deal with the U.S., even if it ends up excluding Canada. Meanwhile, Canadian Foreign Affairs Minister Freeland plans to return to Washington Wednesday night for a day of talks, Reuters reported.
     The S&P/TSX Composite Index fell 0.3 percent, dragged down by industrials, energy, financials and telecom shares. Materials was the second best-performing sector as precious metal prices surged on reports that the U.S. is proposing new round of trade talks with China.
                            Stocks
* New Gold Inc. rallied 22 percent on reports it’s working with BMO Capital Markets to help find a buyer and evaluate other options as the company explores a sale; earlier, New Gold named former Richmont Mines chief Renaud Adams its new CEO
* Bausch Health, formerly known as Valeant Pharmaceuticals, gained 13 percent after its patent for antibiotic Xifaxan was extended until 2029
* Transcontinental Inc rose 0.4 percent after National Bank Financial analyst Adam Shine upgraded it to outperform from sector perform
                            Commodities
* Western Canada Select crude oil traded at a $33.50 discount to WTI
* Gold gained 0.7 percent to $1,211 an ounce
                            FX/Bonds
* The Canadian dollar was gained 0.5 percent at C$1.3004 per U.S. dollar
* The Canada 10-year government bond yield fell 0.5 basis point to 2.333%
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks were mixed as a slump in technology and financial shares offset optimism that trade talks with China will resume before the Trump administration imposes another round of tariffs. Crude oil posted its best two-day increase since June.
     The Dow Jones Industrial Average was whipsawed by a Wall Street Journal report that the U.S. was reaching out to Chinese officials, fluctuating by over 200 points. Comments later from 3M’s chief financial officer on rising raw material costs helped to push the Dow into the red. The Nasdaq was lower much of the day, while the S&P 500 was little changed. Chipmakers dropped earlier after Goldman and Stifel downgraded several U.S. peers amid mounting industry concerns.
     Semiconductors are “a key indicator for the broader technology sector, and for the general stock market going forward,” Matt Maley, an equity strategist at Miller Tabak & Co., wrote in an email. “If the semis do indeed break-down from here as we move through the rest of September, it could/should lead to investors to rotate away from the tech stocks in a more meaningful fashion than they did last week.”
     Brent crude traded near a two-month high as shrinking oil inventories pointed to an increasingly tight global market. Meanwhile, Hurricane Florence threatens to disrupt fuel supplies as it moves toward North Carolina.
     Central banks are back in the spotlight this week. Market participants are watching for policy meetings scheduled for the European Central Bank and Bank of England, as well as Turkish and Russian central banks. Meanwhile, investors will be gauging the potential for extreme weather to disrupt economic activity, as threats from trade tension and Brexit negotiations linger.
     Here are some key events coming up this week:
* Policy decisions from the Bank of England and the European Central Bank on Thursday.
* Australia employment is due Thursday.
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index was little changed as of 4:08 p.m. in New York, while the Dow Jones Industrial Average rose 0.1 percent and the Nasdaq Composite Index slumped 0.2 percent.
* The Stoxx Europe 600 rose 0.5 percent.
* The U.K.’s FTSE 100 gained 0.6 percent.
* Germany’s DAX Index increased 0.5 percent.
* The MSCI Emerging Market Index rose 0.3 percent, rising from a 16 month low.
* The MSCI Asia Pacific Index rose 0.1 percent, after hitting the lowest in 13 months.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 0.5 percent.
* The euro gained 0.2 percent to $1.1626.
* The British pound was little changed at $1.3049.
* The Japanese yen strengthened 0.3 percent to 111.27 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell one basis points to 2.96 percent, while the two-year note yield was little changed at 2.75 percent.
* Germany’s 10-year yield fell two basis points to 0.41 percent.
* Britain’s 10-year yield fell two basis points to 1.48 percent.
* Italy’s 10-year yield rose one basis point to 2.94 percent.
                            Commodities
* West Texas Intermediate crude rose 1.4 percent to $70.25 a barrel.
* Gold gained 0.6 percent to $1,205.76 an ounce. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Forever is composed of nows.
-Emily Dickinson, 1830-1886

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

September 11, 2018 Newsletter

Dear Friends,

Tangents:
On Sept. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania. 
Go to article »

PHOTOS OF THE DAY

Bianca Burton (left) and Erin Schultheis walk around the Pepperdine University’s annual display of flags honouring the victims on the 9/11 terrorist attacks, Monday, Sept. 10, 2018, in Malibu Calif. Terrorists used hijacked planes to crash Sept. 11, 2001, into the World Trade Centers, the Pentagon and a field in Pennsylvania. Nearly 3,000 people were killed in the attacks. Credit: AP Photo/Jae C. Hong

People wait for a train on the platform at the newly opened Cortland Street 1 train station in New York City, US. The Cortland Street 1 train station was buried in debris following the 9/11 terrorist attacks and had been closed since that day 17 years ago. Credit: Drew Angerer/Getty Images

Dancers perform the Abbots Bromley Horn Dance, an English folk dance whose origins date back to the middle ages, in the Village of Abbots Bromley in Staffordshire. Credit: Aaron Chown/PA Wire
Market Closes for September 11th, 2018

Market

Index

 Close Change
Dow

Jones

 25971.06 +113.99

 

+0.44%
S&P 500 2887.89 +10.76

 

+0.37%
NASDAQ 7972.473 +48.313

 

+0.61%
TSX 16094.25 +37.16
+0.23%

International Markets

Market

Index

 Close Change
NIKKEI 22664.69 +291.60
+1.30%
HANG

SENG

 26422.55 -190.87
-0.72%
SENSEX 37413.13 -509.04
-1.34%
FTSE 100* 7273.54 -5.76
-0.08%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.339 2.286
CND.

30 Year

Bond

 2.351 2.300
U.S.   

10 Year Bond

 2.9755 2.9314
U.S.

30 Year Bond

 3.1185 3.0810

Currencies

BOC Close Today Previous  
Canadian $ 0.76552 0.75996
US

$

 1.30631 1.31587
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51552 0.65984
US

$

 1.16016 0.86195

Commodities

Gold Close Previous
London Gold

Fix

 1196.60 1198.90
 
Oil
WTI Crude Future 69.25 67.54

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose for the first time in eight sessions, following U.S. shares higher as technology companies rebounded. The Canadian government is poised to release a blueprint to reform the World Trade Organization as countries adjust to a newly protectionist America that has threatened to leave the organization entirely.
     “We had a very productive, constructive conversation. The atmosphere continues to be cordial. There continues to be goodwill on both sides,” Foreign Affairs Minister Chrystia Freeland said Tuesday after meeting U.S. Trade Representative Robert Lighthizer in Washington. “It is a truism of trade negotiations that nothing is done until everything is done.”
     The S&P/TSX Composite Index rose 0.2 percent to 15,094.25, with all sectors but one climbing. Technology and health-care companies were the best performers. Utilities fell.
     In other moves:
                            Stocks
* Aurora Cannabis soared more than 10 percent after the firm reached a deal on Monday to acquire South America-focused ICC Labs Inc.
* Precision Drilling climbed 5.4 percent as the U.S. rig count held steady in the week ended Sept. 7 with completion crews starting to recover
* Parex Resources kept rising after reporting a Capachos Andina discovery on Monday
* Northland Power gained as much as 5.4 percent after BMO upgraded to outperform from market perform (PT to C$28 from C$25), seeing a positive outlook for significant free cash flow per share growth in 2020 when DeBu project comes online
                            Commodities
* Western Canada Select crude oil traded at a $31 discount to WTI
* Gold rose 0.2 percent to $1,202.40 an ounce
                            FX/Bonds
* The Canadian dollar strengthened to C$1.3080 per U.S. dollar, the highest intraday in over a week
* The Canada 10-year government bond yield gained 2.9 basis points to 2.333%
US
By Sarah Ponczek
     (Bloomberg) — Stocks gained as the technology sector rebounded and energy-related shares rallied with crude oil. Treasury two-year note yields rose to a decade high with the U.S. selling debt and expectations becoming cemented for more Federal Reserve rate increases.
     The S&P 500 and Nasdaq rose for a second day, while the Dow recovered from Monday’s losses after investors shook off lingering anxiety about U.S. and Chinese trade relations. Apple, Microsoft, Facebook, Amazon and Google parent Alphabet pushed the tech heavy Nasdaq 100 Index up the most in about two weeks. European shares ended mostly flat. In emerging markets, shares fell while a gauge of currencies erased earlier gains.
     “Tech is strong, rebounding from that selloff it had,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas. “It goes back to second quarter earnings that were exceptionally strong. Obviously we still have trade that hasn’t been worked out, but in spite of a few negatives, this market wants to continue to go higher.”
     Crude rose the most since June as Hurricane Florence threatened U.S. East Coast gasoline markets and sanctions began crimping Iranian oil exports. East Coast motorists may see “dramatic” spikes in gasoline prices, according to AAA, as mass evacuations stretch supplies and Florence’s heavy rains imperil major fuel pipelines.
     Shares fell earlier after the World Trade Organization said China would ask for permission to retaliate against the U.S. due to its failure to modify anti-dumping methodologies.
     Worsening relations between the U.S. and China have been at the top of the agenda, with the Trump administration ready to boost tariffs on even more goods. That’s overshadowed optimism for a trade deal between the EU and the world’s biggest economy. The memory of summertime volatility and weakness in commodities also still provides plenty of reasons for caution as investors brace for meetings of central banks of Argentina, Turkey and Russia this week.
     “People are waiting for some additional news on the trade front,” said Peter Jankovskis, co-chief investment officer at Oakbrook Investments. “That’s a big thing that’s overhanging the market right now.”
     Here are some key events coming up this week:
* Policy decisions from the Bank of England and the European Central Bank on Thursday.
* Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe will meet.
* Apple unveils its latest iPhones on Wednesday.
* Australia employment is due Thursday.
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.4 percent as of 4:03 p.m. in New York, while the Dow Jones Industrial Average gained 0.4 percent and the Nasdaq Composite Index increased 0.6 percent.
* The Stoxx Europe 600 Index dropped less than 0.1 percent.
* The U.K.’s FTSE 100 Index was little changed.
* Germany’s DAX Index eased 01. percent.
* The MSCI Emerging Market Index sank 0.7 percent to the lowest in about 14 months.
* The MSCI Asia Pacific Index declined 0.1 percent, reaching the lowest in about 13 months on its ninth consecutive decline.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed, after rising as much as 0.2 percent.
* The euro was little changed at $1.1588.
* The British pound fell 0.1 percent to $1.3016.
* The Japanese yen weakened 0.4 percent to 111.60 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose five basis points to 2.98 percent, while the two-year note yield increased four basis points to 2.75 percent.
* Germany’s 10-year yield increased three basis points to 0.43 percent, the highest in a month.
* Britain’s 10-year yield rose three basis points to 1.50 percent.
* Italy’s 10-year yield rose four basis points to 2.94 percent.
                            Commodities
* West Texas Intermediate crude rose 2.8 percent to $69.44 a barrel.
* Gold was little changed at $1,196.25 an ounce.
–With assistance from Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Failure is not fatal, but failure to change might be.
                    -John Robert Wooden, 1910-2010

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

September 10, 2018 Newsletter

Dear Friends,

Tangents: Shanah tovah! This is the start of the Hebrew year 5779.

September 10, 1939:  Canada declares war on Germany, joining Britain and France in entering the Second World War. 
Go to article >>
PHOTOS OF THE DAY

A photo taken from the International Space Station by astronaut Ricky Arnold shows Hurricane Florence over the Atlantic Ocean. Credit: @Astro_Ricky/Nasa

Artists perform during the Lollapalooza music festival at the Olympia stadion stadium in Berlin. Credit: Britta Pedersen/AFP/Getty Images

People fly kites on a beach while others sunbathe during the 20th edition of the International Dieppe Kite Festival in Dieppe, northwestern France. Credit: Charley Triballeau/AFP/Getty Images
Market Closes for September 10th, 2018

Market

Index

 Close Change
Dow

Jones

 25857.07 -59.47

 

-0.23%
S&P 500 2877.13 +5.45

 

+0.19%
NASDAQ 7924.160 +21.619

 

+0.27%
TSX 16057.09 -33.18
-0.21%

International Markets

Market

Index

 Close Change
NIKKEI 22373.09 +66.03
+0.30%
HANG

SENG

 26613.42 -360.05
-1.33%
SENSEX 37922.17 -467.65
-1.22%
FTSE 100* 7279.30 +1.60
+0.02%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.286 2.288
CND.

30 Year

Bond

 2.300 2.299
U.S.   

10 Year Bond

 2.9314 2.9388
U.S.

30 Year Bond

 3.0810 3.1014

Currencies

BOC Close Today Previous  
Canadian $ 0.75996 0.76025
US

$

 1.31587 1.31535
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.52592 0.65536
US

$

 1.15963 0.86235

Commodities

Gold Close Previous
London Gold

Fix

 1198.90 1205.15
 
Oil
WTI Crude Future 67.54 67.75

Market Commentary:
On this day in 2008, Lehman Brothers shares fell nearly 7% to $7.25 as the investment bank warned of a large quarterly loss and floated a spinoff plan to raise capital. The stock had lost more than 50% of its value in the two sessions entering the day. 
Canada
By Tatiana Darie
     (Bloomberg) — Canadian fell for a seventh day, the longest losing streak since January 2016, as trade talks continue in Washington. Stocks in the U.S. and Europe gained.
     The S&P/TSX Composite Index fell 0.2%, dragged down by energy and materials. Health care gained as pot stocks continued their rally after Aurora Cannabis Inc. reached a deal to acquire South America-focused ICC Labs Inc.
     In other moves:
                            Stocks
* Onex Corporation rose 3.3 percent after RBC analyst Geoffrey Kwan upgraded shares to top pick from outperform, PT CAD C$111 from C$110, given the stock’s more attractive valuation.
* Cenovus Energy Inc. rose 1.1 percent after being upgraded by JPMorgan to overweight from neutral (PT to C$17 from C$16), and added to the bank’s analyst focus list.
* Iron Bridge Resources Inc rose 21 percent after its board unanimously supported its transaction with Velvet Energy, in which Iron Bridge holders would receive $0.845 per share.
                            Commodities
* Western Canada Select crude oil traded at a $28 discount to WTI
* Gold was little changed to $1,201 an ounce
                            FX/Bonds
* The Canadian dollar was little changed at C$1.3160 per U.S. dollar
* The Canada 10-year government bond yield fell 0.1 percent to 2.286%
–With assistance from Carolina Wilson.
US
By Sarah Ponczek
     (Bloomberg) — Most U.S. stocks hung onto gains to close higher even as FANG weakness and lingering concern over U.S. and China trade tensions weighed on investor optimism. Apple, Amazon.com and Google parent Alphabet were among the biggest losers in the Nasdaq 100 Index.
     The S&P 500 broke a four-day slide, bolstered by increases in Microsoft and Home Depot, while the Dow Jones Industrial Average fell for a second day. The Dow Jones Transportation Average set a record high. The Stoxx Europe 600 Index rose as Italy’s benchmark surged, buoyed by official government comments over the weekend that the country’s impending budget will be pragmatic and within EU fiscal rules. Emerging-market shares slid. Equities sank in Shanghai and Hong Kong, with the latter’s benchmark nearing a bear market in the wake of President Donald Trump’s threat to step up his trade showdown with China.
     “We’ve had so much data come through that we now get into a little bit of a lull,” Mark Hackett, chief of investment research at Nationwide Funds Group, said in an interview at Bloomberg’s New York headquarters. “So unfortunately the only thing that is left is trade, and we’re going to probably get more negative headlines on that than positive.”
     Apple fell for a fourth straight day, the longest losing streak since April, after a weekend tweet from President Trump targeting the iPhone maker. The pressure comes ahead of a week in which Apple will launch new products at the company’s California headquarters.
     “We have the product event coming up and usually we see momentum in Apple stock going into the product event,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said by phone. “We’ll have to see if that turns around, if this is just a one-day event based on the tweets.”
     The pound jumped after European Union chief Brexit negotiator Michel Barnier said a deal with the U.K. is “realistic” and “possible” within eight weeks.
     Worries from the trade ructions to emerging-market turmoil continue to mar the outlook for global equities. Trump’s signal that he’s ready to target a sum of goods equal to virtually all imports from China came as data showed a healthy American labor market with signs of wage inflation that could clear the way for two more Federal Reserve interest rate hikes this year.
     Here are some key events coming up this week:
* Policy decisions from the Bank of England and the European Central Bank on Thursday.
* Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe will meet.
* Apple unveils its latest iPhones on Wednesday
* Australia employment is due Thursday.
* China releases August industrial production, retail sales data on Friday.
* U.S. retail sales, industrial production, consumer sentiment on Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.2 percent as of 4:12 p.m. in New York, while the Dow Jones Industrial Average slipped 0.2 percent and the Nasdaq Composite Index increased 0.3 percent.
* The Stoxx Europe 600 Index climbed 0.5 percent, the largest increase in two weeks.
* The U.K.’s FTSE 100 Index was little changed.
* Germany’s DAX Index climbed 0.2 percent.
* The MSCI Emerging Market Index sank 1.2 percent to the lowest in 14 months.
* The MSCI Asia Pacific Index declined 0.7 percent, reaching the lowest in about 13 months on its eighth consecutive decline.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro gained 0.4 percent to $1.1597.
* The British pound increased 0.8 percent to $1.3026.
* The Japanese yen decreased 0.2 percent to 111.18 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell less than one basis point to 2.94 percent.
* Germany’s 10-year yield increased one basis point to 0.40 percent, the highest in more than a week.
* Britain’s 10-year yield rose one basis point to 1.47 percent.
* Italy’s 10-year yield declined 13 basis points to 2.90 percent.
                            Commodities
* West Texas Intermediate crude dropped 0.2 percent to $67.56 a barrel.
* Gold was little changed at $1,196.45 an ounce.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Science is what you know; philosophy is what you don’t know.
                                   -Bertrand Russell, 1872-1970

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

September 7, 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

Aerial view of the Red Beach in Panjin in China’s northeastern Liaoning province. – The beach gets its name from its appearance, which is caused by a type of sea weed that flourishes in the saline-alkali soil. Credit: China Out-/AFP/Getty Images

Whale enthusiasts look out to sea in the hope of spotting a humpback – despite the colossal 30 tonne giant being just beneath them. Two massive 50 ft-long male humpbacks can be seen happily circling under the 20ft boat. Credit: Mike Korostelyov/Solent News

A father and his daughter play in sunset on the seashore in Yantai City, east China’s Shandong Province. Credit: Xinhua/Alamy Live News
Market Closes for September 7th, 2018

Market

Index

 Close Change
Dow

Jones

 25916.54 -79.33

 

-0.31%
S&P 500 2871.68 -6.37

 

-0.22%
NASDAQ 7902.543 -20.183

 

-0.25%
TSX 16090.27 -10.67
-0.07%

International Markets

Market

Index

 Close Change
NIKKEI 22307.06 -180.88
-0.80%
HANG

SENG

 26973.47 -1.35
-0.01%
SENSEX 38389.82 +147.01
+0.38%
FTSE 100* 7277.70 -41.26
-0.56%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.288 2.233
CND.

30 Year

Bond

 2.299 2.250
U.S.   

10 Year Bond

 2.9388 2.8731
U.S.

30 Year Bond

 3.1014 3.0527

Currencies

BOC Close Today Previous  
Canadian $ 0.76025 0.76041
US

$

 1.31535 1.31509
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.52158 0.65721
US

$

 1.15650 0.86467

Commodities

Gold Close Previous
London Gold

Fix

 1205.15 1196.70
 
Oil
WTI Crude Future 67.75 67.77

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks were little changed, following U.S. peers lower, as global trade tensions showed no signs of easing, with President Trump threatening more tariffs on China. Meanwhile, a Canadian official said no deal will be reached on Friday, with talks set to continue.
     The S&P/TSX Composite Index fell 0.07 percent, closing off its session lows as tech shares rebounded on Friday. Telecom, industrials and financials led to the downside.
     The Canadian dollar fell against the greenback after the country’s latest jobs data showed an unexpected drop.
     In other moves:
                            Stocks
* Nevsun Resources fell 0.3 percent after Scotia Capital analyst Orest Wowkodaw downgraded to sector perform from sector outperform.
* Tahoe Resources rebounded 9.9 percent after restarting its La Arena mile after signing an agreement with protesters from the community of La Ramada; the CEO also said the company expects to be in a position to restart operations at Escobal
* Horizons Marijuana Life Sciences rose 0.7 percent after becoming the first cannabis-focused fund to break the billion- dollar mark; shares rallied 124 percent since its April 2017 debut on the Toronto Stock Exchange.
                            Commodities
* Western Canada Select crude oil traded at a $27 discount to WTI
* Gold fell 0.2 percent to $1,201.70 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.3 percent to C$1.3181 per U.S. dollar
* The Canada 10-year government bond yield rose 5.6 basis points to 2.289%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell for a fourth straight days after President Donald Trump’s threat to escalate the trade war with China roiled technology and multinational shares. The dollar climbed and Treasuries fell as wage gains bolstered the prospects for further rate hikes.
     The Nasdaq 100 Index capped its worst week since March as Apple slumped on its warning that the Trump administration’s musing over levying virtually everything imported from China would hit a broad range of its products. The S&P 500’s weekly drop was the most since June and Boeing led declines in the Dow Jones Industrial Average. The dollar rallied versus major peers and the offshore Chinese yuan fell the most in a week. The 10- year Treasury yield pushed above 2.94 percent.
     The latest salvo from Trump in the trade war rattled U.S. stocks a day after top American executives made a last-minute push to convince the president to not impose fresh tariffs. Instead, Trump Friday signaled he’s ready to target a sum of goods equal to virtually all imports from China. The tariff drama overshadowed an August jobs report that showed a healthy labor market with signs of wage inflation that could clear the way for two more rate hikes this year.
     “The risks are real and there’s increasing evidence that we’re closer to more of a full blown trade war,” Bong-Seok Choi, director of research at San Francisco-based Wetherby Asset Management, said by phone. “The trade wars only serve as a catalyst for the turning of the cycle. Things can change rather quickly, so the trade war, if a lot of the threats do materialize, I think things will turn very quickly.”
     Emerging-market equities snapped seven days of declines while a gauge of currencies also rose. The Stoxx Europe 600 Index pared its worst weekly slide since March. Equities fell in Japan and Australia, while those in China posted gains. Oil had its worst week since July. Gold fell for the eighth week of the past nine.
     These are the main moves in markets:
                            Stocks]
* The S&P 500 fell 0.2 percent at 4 p.m. in New York.
* The Nasdaq 100 lost 0.3 percent. It’s weekly loss of 2.9 percent was the worst since March.
* The Stoxx Europe 600 added 0.1 percent. It fell 2.2 percent for its worst week since March.
* The MSCI Emerging Market Index rose for the first time in more than a week.
* The MSCI Asia Pacific Index declined a seventh straight day to its lowest in a year.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent.
* The euro dipped 0.5 percent to $1.156.
* MSCI’s emerging-market currency index added 0.1 percent to halt a four-day slide.
* The Japanese yen decreased 0.2 percent to 111 per dollar.
                            Bonds
* The yield on 10-year Treasuries advanced seven basis points to 2.94 percent.
* The two-year yield jumped seven basis points to 2.7025 percent, the highest intraday since July 2008.
* Germany’s 10-year yield climbed three basis points to 0.387 percent.
                           Commodities
* West Texas Intermediate crude fell 2 cents to settle at $67.75. Prices ended the week down 2.9 percent, the most since July.
* Gold futures fell 0.3 percent to end at 1,200.40 an ounce.

Have a great weekend.

Be magnificent!


As ever,

Karen

Happiness cannot be traveled to, owned, earned, worn or consumed. Happiness is the spiritual experience of living every minute with love, grace, and gratitude.     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

Posted on

September 6, 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

St. Mary’s Church sits above a light mist on the River Frome floodplain at sunrise at Wareham in Dorset. Credit: Graham Hunt/Alamy Lives News

As recurring bands of rain showers continue to saturate the upper midwestern United States, a student at the University of Wisconsin-Madison takes cover under an umbrella while making her way past a rain-spattered window on the campus in Madison, Wis. Credit:  John Hart/Wisconsin State Journal Via AP

The Flying Scotsman steam locomotive travels along the East Lancashire Railway’s line near Ramsbottom station, near Bury. Credit:  Oli Scarff/AFP/Getty Images
Market Closes for September 6th, 2018

Market

Index

 Close Change
Dow

Jones

 25995.87 +20.88

 

+0.08%
S&P 500 2878.05 -10.55

 

-0.37%
NASDAQ 7922.727 -72.446

 

-0.91%
TSX 16100.94 -36.63
-0.23%

International Markets

Market

Index

 Close Change
NIKKEI 22487.94 -92.89
-0.41%
HANG

SENG

 26974.82 -269.03
-0.99%
SENSEX 38242.81 +224.50
+0.59%
FTSE 100* 7318.96 -64.32
-0.87%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.233 2.241
CND.

30 Year

Bond

 2.250 2.259
U.S.   

10 Year Bond

 2.8731 2.9022
U.S.

30 Year Bond

 3.0527 3.0753

Currencies

BOC Close Today Previous  
Canadian $ 0.76041 0.75911
US

$

 1.31509 1.31733
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.52875 0.65413
US

$

 1.16249 0.86022

Commodities

Gold Close Previous
London Gold

Fix

 1196.70 1200.05
 
Oil
WTI Crude Future 67.77 68.72

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks fell for a fifth day, tracking a decline in global markets amid continued pressure in developing nations and trade discussions in Washington. Canadian Foreign Minister Chrystia Freeland said talks were “productive,” and that lower-level negotiators have been given instructions on how to move forward.
     The S&P/TSX Composite Index fell 0.2 percent to 16,100.94 on Thursday, with energy and technology companies leading losses. Consumer staples, industrials and real estate stocks rose.
     The Canadian dollar gained for a second day against the greenback.
     In other moves:
                            Stocks
* Canopy Growth Corp and Aurora Cannabis Inc fell 2.9 percent and 5.7 percent, respectively, as Tilray Inc. saw a second downgrade in a more than a week; Northland Capital downgraded the Canada-based cannabis producer to an equivalent hold, citing a “far more balanced” risk/reward after the massive rally over the past few weeks.
* The Descartes Systems Group Inc. fell 1.6 percent after missing estimates on quarterly revenue and Ebitda; a William Blair analyst notes the co.’s “mixed second quarter results.”
* WSP Global Inc. rose 7.3 percent after National Bank Financial analyst Maxim Sytchev upgraded to outperform from sector perform, (PT C$74 from C$71.50), saying shares could rebound into the year-end.
                            Commodities
* Western Canada Select crude oil traded at a $27 discount to WTI
* Gold gained 0.4 percent to $1,205.90 an ounce
                            FX/Bonds
* The Canadian dollar gained 0.2 percent to C$1.3148 per U.S. dollar
* The Canada 10-year government bond yield fell 0.5 percent to 2.231%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell to a two-week low amid renewed selling in technology shares as the Trump administration eyed escalating the trade war and concerns mounted over flagging demand for computer chips. Emerging-market equities flirted with a bear market and Treasuries advanced.
     The Nasdaq indexes retreated for a third day, as semiconductor shares paced declines on concern the sector will slow. Selling eased in afternoon trading, sending the Dow Jones Industrial Average to a gain. The S&P 500 ended lower. Facebook dropped a fourth day as the threat of tighter regulation loomed a day after tech executives testified before Congress. Mixed economic data ahead of Friday’s jobs report added to investor concern.
     Emerging-market stocks retreated a seventh day, bringing losses from a recent high to almost 20 percent, just below the threshold for a bear market. While Argentine’s peso and Indonesia’s rupiah rose versus the dollar, Russia’s ruble weighed on MSCI’s gauge of developing-nation currencies. Crude oil tumbled below $68 a barrel. The yen strengthened to session highs after the Wall Street Journal reported President Donald Trump may turn his sights on trade with the nation.
     “There are many risks out there,” Chris Rupkey, chief financial economist at MUFG Union Bank in New York, wrote in an email to clients. “Emerging markets causing market chaos (forget US stocks are at all time highs and could care less), rising trade tensions threatening long-established world trade patterns and disrupting company supply-chains.”
     The weakness in tech shares comes ahead of the key U.S. payroll report that will offer clues on the labor market’s health and the state of wage inflation. For now, emerging economies hold the key to sentiment, with recent losses fueling fears that turmoil could spill into developed markets. While focus remains on efforts from Argentina to Indonesia to sustain confidence, the potential for President Donald Trump to announce another round of tariff hikes on Chinese imports as soon as Thursday also looms large.
     Elsewhere, the pound climbed after being whipsawed amid Brexit discussions. Gold advanced with copper. Bitcoin dropped after a report that Goldman Sachs was said to delay setting up a trading desk for cryptocurrencies.
     Here are some events coming up during the remainder of this week:
* The key monthly U.S. employment report for August is due Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 fell 0.4 percent at 4 p.m. in New York.
* The Nasdaq 100 Index dropped 0.9 percent to a two-week low.
* The Stoxx Europe 600 lost 0.6 percent.
* The MSCI All-Country World Index declined 0.4 percent, hitting the lowest in more than two weeks with its sixth consecutive decline.
* The MSCI Emerging Market Index decreased 0.2 percent, reaching the lowest in about 14 months on its seventh straight decline.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent.
* The euro was little changed at $1.1624.
* The Japanese yen climbed 0.6 percent to 110.9 per dollar, the first advance in a week.
* South Africa’s rand gained 0.7 percent to 15.324 per dollar.
* The MSCI Emerging Markets Currency Index rose 0.1 percent to stop a three-day slide.
                            Bonds
* The yield on 10-year Treasuries fell three basis points to 2.88 percent.
* The two-year yield lost one basis points to 2.64 percent.
* Germany’s 10-year yield fell three basis points to 0.355 percent.
                            Commodities
* The Bloomberg Commodity Index fell 0.3 percent.
* West Texas Intermediate crude dropped 1.1 percent to $67.94 a barrel.
* Gold futures added 0.3 percent to $1,205 an ounce. 

Have a great night.

Be magnificent!

As ever,

Karen

“You get in life what you have the courage to ask for.”
-Oprah Winfrey

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

September 5, 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

Deer rest in front of the Papal cross during sunny weather at the Phoenix Park in Dublin, Ireland. Credit: Coldagh Kilcoyne/Reuters

15-year-old Jordan Carambat wades in the ocean as Tropical Storm Gordon approaches Waveland, Mississippi. Credit: Jonathan Bachman/Reuters

Models present traditional Pakistani dress designed by Nomi Ansari during a fashion parade arranged by the Loreal Paris Pakistan Fashion Design Council in Lahore, Pakiston. Credit: K.M. Chaudary/AP
Market Closes for September 5th, 2018

Market

Index

 Close Change
Dow

Jones

 25974.99 +22.51

 

+0.09%
S&P 500 2888.60 -8.12

 

-0.28%
NASDAQ 7995.172 -96.074

-1.19%
TSX 16137.57 -23.73
-0.15%

International Markets

Market

Index

 Close Change
NIKKEI 22580.83 -116.07
-0.51%
HANG

SENG

 27243.85 -729.49
-2.61%
SENSEX 38018.31 -139.61
-0.37%
FTSE 100* 7383.28 -74.58
-1.00%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.241 2.235
CND.

30 Year

Bond

 2.259 2.256
U.S.   

10 Year Bond

 2.9022 2.8985
U.S.

30 Year Bond

 3.0753 3.0616

Currencies

BOC Close Today Previous  
Canadian $ 0.75911 0.75861
US

$

 1.31733 1.31820
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53259 0.65249
US

$

 1.16340 0.85955

Commodities

Gold Close Previous
London Gold

Fix

 1190.85 1200.05
 
Oil
WTI Crude Future 68.72 69.87

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks dropped for a fourth day and followed U.S. peers lower as investors await updates on trade negotiations with Washington. President Trump said the U.S. may find out within days whether Canada will be part of a new continent-wide trade pact. Meanwhile, Canadian Foreign Affairs Minister Chrystia Freeland said both countries need to bring “fresh ideas” to the table.
     The S&P/TSX Composite Index slipped 0.2%, with technology shares leading losses as executives of heavyweights such as Twitter Inc. and Facebook Inc. underwent scrutiny on Capitol Hill. Consumer staples, utilities and financials rose.
     The Canadian dollar gained for a first time in five sessions against the dollar.
     In other moves:
                            Stocks
* Nevsun Resources Ltd. rallied 18 percent after Zijin Mining agrees to buy the company for $1.41 billion. Lundin Mining is unlikely to top Zijin’s bid, an RBC analyst said.
* Cronos Group Inc. climbed 12 percent and Tilray Inc. rose 17 percent amid comments from Canopy Growth’s CEO that the global medical market is the real justification for the company’s sky- high valuation. Stocks were also helped by Constellation Brands statement that the cannabis industry on its way to becoming a worldwide business.
* Precision Drilling Corp fell 7.5 percent while Enerflex Ltd fell 0.5 percent after TD Securities downgraded shares, citing a mixed outlook for the oil service sector.
                            Commodities
* Western Canada Select crude oil traded at a $23.75 discount to WTI
* Gold gained 0.3 percent to $1,202.60 an ounce.
                            FX/Bonds
* The Canadian dollar gained 0.12 percent to C$1.3174 per U.S. dollar
* The Canada 10-year government bond yield gained 0.3 percent to 2.241%
US
By Sarah Ponczek and Katherine Greifeld
     (Bloomberg) — Most U.S. stocks fell, with FANG shares tumbling as executives of the tech heavyweights faced scrutiny on Capitol Hill. The selloff in emerging market assets deepened, adding to the risk-off tone on global financial markets.
     Twitter, Facebook and Alphabet helped send the Nasdaq Composite Index down 1.2 percent, the most in three weeks, during Congressional hearing on social media and foreign influences on elections. The Dow Jones Industrial Average finished in the green. The Stoxx Europe 600 Index sunk to its lowest since April. An emerging-market currency gauge fell to a fresh one-year low, led for a second day by South Africa’s rand, before paring losses.
     “Trade is looking worse, emerging markets are looking worse, but you’d think FANGs are pretty insulated from some of those negatives,” said Mike Bailey, director of research at FBB Capital Partners in Bethesda, Maryland. “Just the visual of seeing folks hauled in front of Congress is probably not helping the big-cap tech names.”
     The pound rallied after the British and German governments were said to have abandoned key Brexit demands to potentially ease the path for the U.K. to strike a deal with the European Union. Sterling pared the gain after Reuters reported that the German government said its position is unchanged.
     “The more ‘positive’ or ‘friendly’ Brexit headlines we get, the harder it’ll be for pound bears to ignore,” said Viraj Patel, an ING Groep NV currency strategist.
     Elsewhere, gold climbed, while WTI oil futures dropped in the context the recent run in the dollar and a potential build at the Cushing, Oklahoma, storage hub. Bitcoin fell after a report that Goldman Sachs was said to delay setting up a trading desk for cryptocurrencies.
     Here are some key events coming up this week:
* A key monthly U.S. employment report for August is due Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index dropped 0.3 percent, the Dow Jones Industrial Average rose less than 0.1 percent and the Nasdaq Composite Index declined 1.2 percent as of 4:07 p.m. in New York.
* The Stoxx Europe 600 Index fell 1.1 percent, the lowest in more than two months.
* The U.K.’s FTSE 100 Index declined 1 percent to the lowest in almost 19 weeks.
* The MSCI Emerging Market Index dipped 1.7 percent, reaching the lowest in almost three weeks on its sixth straight decline and the biggest decrease in three weeks.
* The MSCI Asia Pacific Index sank 1.5 percent, hitting the lowest in almost three weeks with its fifth consecutive decline and the largest tumble in more than three weeks.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, after reaching the highest in almost three weeks.
* The MSCI Emerging Markets Currency Index sank 0.2 percent, touching the lowest level in 16 months.
* The euro increased 0.4 percent to $1.1628.
* The British pound rallied 0.4 percent to $1.2906, after hitting the weakest in almost two weeks.
                            Bonds
* The yield on 10-year Treasuries rose less than one basis point to 2.90 percent.
* The yield on two-year Treasuries declined less than one basis point to 2.65 percent.
* Germany’s 10-year yield increased two basis points to 0.38 percent, the highest in a week.
* Italy’s 10-year yield decreased 8 basis points to 2.94 percent, after touching the lowest in more than four weeks.
                            Commodities
* West Texas Intermediate crude dipped 1 percent to $68.87 a barrel, after dropping to the lowest in more than a week on the biggest decrease in three weeks.
* Gold rose 0.4 percent to $1,196.55 an ounce, the largest gain in a week.
* LME copper gained 1 percent to $5,854.25 per metric ton, the first advance in more than a week. 

Have a great night.

Be magnificent!

As ever,

 

Karen

 

When the pupil is ready, the teacher will come. 
Chinese 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

Posted on

September 4, 2018 Newsletter

Dear Friends,

Tangents:
September 4, 1987 – Paleontology – The world’s biggest dinosaur nest is uncovered in the Alberta Badlands, 80 kilometres east of Lethbridge; fetuses in the dinosaur eggs were the first ever uncovered. Lethbridge, Alberta 
Go to article >>

PHOTOS OF THE DAY

The Villarrica Volcano is seen at night from Pucon town, Chile. Credit: Cristobal Saavedra Escobar/Reuters

High waves hit breakwaters at a port of Aki, Kochi prefecture, Japan. Powerful Typhoon Jebi is approaching Japan’s Pacific coast and forecast to bring heavy rain and high winds to much of the country. Credit: Ichiro Sakano/Kyodo News Via AP

Urus Muratos men participate in an offering to Kota Mama (Mother Water) on the dried lake Poopo affected by climate change, in the Oruro Department, Bolivia. Credit: David Mercado/Reuters
Market Closes for September 4th, 2018

Market

Index

 Close Change
Dow

Jones

 25952.48 -12.34

 

-0.05%
S&P 500 2896.72 -4.80

 

-0.17%
NASDAQ 8091.246 -18.291

 

-0.23%
TSX 16161.30 -101.58
-0.62%

International Markets

Market

Index

 Close Change
NIKKEI 22696.90 -10.48
-0.05%
HANG

SENG

 27973.34 +260.80
+0.94%
SENSEX 38157.92 -154.60
-0.40%
FTSE 100* 7457.86 -46.74
-0.62%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.235 2.228
CND.

30 Year

Bond

 2.256 2.253
U.S.   

10 Year Bond

 2.8985 2.8640
U.S.

30 Year Bond

 3.0616 3.0239

Currencies

BOC Close Today Previous  
Canadian $ 0.75861 0.76624
US

$

 1.31820 1.30507
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.52682 0.65496
US

$

 1.15826 0.86327

Commodities

Gold Close Previous
London Gold

Fix

 1200.05 1197.30
 
Oil
WTI Crude Future 69.87 69.80

Market Commentary:
On this day in 1998, the search engine Google was incorporated. The company’s parent firm Alphabet now has a market value of roughly $850 billion.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed global peers lower as trade tensions persisted and emerging markets remained under pressure. Canadian and U.S. negotiators are set to resume talks on Wednesday.
     The S&P/TSX Composite Index fell 0.6 percent, with miners leading losses as metal prices took a hit on a stronger U.S. dollar. Health care outperformed again, with pot stocks continuing their August rally. The North American Marijuana Index is now up 147 percent since its one-year low, reached on September 7, 2017.
     The Canadian dollar fell for a fourth day against the dollar, dropping as much as 0.9 percent on Tuesday, to the lowest since July 20.
     In other moves:
                            Stocks
* Miners including First Quantum Minerals Ltd., First Majestic Silver Corp and Barrick Gold Corp fell 6.6 percent, 3.4 percent and 3 percent, respectively, as metal prices tumbled on the strengthening of the U.S. dollar
* Tahoe Resources Inc. tumbled 20 percent after the company said that Escobal mining license in Guatemala will remain suspended until the Ministry of Energy and Mines completes consultation with the Xinka communities.
* Chemtrade Logistics Income Fund rose 1 percent after Desjardins Securities analyst David Newman upgraded his rating to buy from hold based on the recent recovery in Northeast Asia caustic soda prices.
                            Commodities
* Western Canada Select crude oil traded at a $25 discount to WTI
* Gold fell 0.7% to $1,198.60 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.6 percent to C$1.3182 per U.S. dollar
* The Canada 10-year government bond yield gained 0.4 percent to 2.235%
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell, Treasuries weakened and the dollar climbed as trade tensions persisted and emerging markets remained under pressure.
     The S&P 500 started September on the back foot as Nike Inc.’s politically controversial ad campaign and Facebook Inc.’s analyst downgrade weighed on major averages. With the exception of Ford Motor Co., all major automakers reported sales that trailed analysts’ estimates. Amazon.com surged past $1 trillion in market value boosting consumer shares. Metals tumbled as the dollar advanced, roiling mining stocks. The greenback added to gains after a reading of U.S. factory output surged.
     Emerging-market currencies headed for the lowest close this year, with South Africa’s rand leading losses. Declines in Treasuries, gold and the yen left investors with few havens. Oil climbed as a storm threatened U.S. production on the Gulf Coast.
     U.S. investors returned from a three-day weekend to ongoing woes in emerging-market assets and simmering trade tensions between America and Canada as the Trump administration moves toward more tariffs against Chinese goods. The factory data gave a reprieve but equities resumed declines in afternoon trading .Nike’s new ads contributed to the charged political atmosphere, while Facebook’s woes persisted.
     South Africa’s unexpected tumble into a recession and Argentina’s urgent financial measures increased concern about more volatility in stocks and currencies. Investors have increasingly been weighing whether the troubles will spill into developed markets, which advanced during the summer despite trade salvos and a Federal Reserve that’s heading toward a late- September rate hike.    
     Here are some key events coming up this week:
* Executives from Facebook, Twitter and Google on Wednesday testify on social media, Russia meddling.
* U.S. construction and employment reports for August are due this week.
     These are the main moves in markets:
                            Stocks
* The S&P 500 lost 0.3 percent as of 4 p.m. in New York.
* Nike fell 3.2 percent, the most since April. Facebook dropped 2.6 percent.
* The Stoxx Europe 600 Index decreased 0.7 percent to the lowest in two weeks.
* The MSCI All-Country World Index slid 0.5 percent to the lowest in more than a week.
* The MSCI Emerging Market Index fell 0.8 percent, reaching the lowest in more than two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent to the highest in almost three weeks.
* The euro fell 0.4 percent to $1.1577, the weakest in more than a week.
* The Japanese yen dipped 0.42 percent to 111.483 per dollar.
* The Turkish lira sank 0.7 percent to 6.6845 per dollar, the weakest in more than three weeks.
* South Africa’s rand decreased 3.3 percent to 15.358 per dollar, the weakest in more than two years.
* The MSCI Emerging Markets Currency Index sank 0.7 percent, headed for the lowest close since May 2017.
                            Bonds
* The yield on 10-year Treasuries gained four basis points to 2.90 percent, the biggest advance in a week.
* The two-year yield rose three basis points to 2.65 percent.
* The spread of Italy’s 10-year bonds over Germany’s decreased 11 basis points.
                            Commodities
* The Bloomberg Commodity Index declined 0.7 percent to the lowest in two weeks..
* West Texas Intermediate crude dropped 0.9 percent to $69.17 a barrel.
* Gold futures lost 0.7 percent to $1,198.10 an ounce, the weakest in more than a week.
–With assistance from Cormac Mullen, Andreea Papuc and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Be smarter than other people, just don’t tell them so.
                             -H. Jackson Brown Jr., b. 1940

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