Month: January 2019

Dear Friends,

Tangents:
On Jan. 30, 1948, Indian political and spiritual leader Mahatma Gandhi was murdered by a Hindu extremist. 
Go to article »

GIZA, EGYPT: a 4400 year-old tomb was found in extraordinarily good condition.  The tomb is so pristine that painted colors on its reliefs and statues are still visible – a one-of-a-kind find in an area that’s been thoroughly looted and explored.  Archaeologists speculate that the tomb was left undisturbed because it was buried under a ridge and had to be excavated.  The tomb belonged to a priest named Watye; inside are four sealed shafts that haven’t been opened yet but which archaeologists believe will contain the sarcophagus and other artifacts. -CSM, January 14, 2019.
PHOTOS OF THE DAY

Boatman rows his boat during a cold foggy morning at Narmada River in Jabalpur in the Indian state of Madhya Pradesh on January 29, 2019. The Narmada river, also known as the Rewa, is the fifth longest river in the Indian subcontinent. Credit: Uma Shankar Mishra/AFP

A man looks at a car hit by a post after a tornado ripped through a neighbourhood in Havana, Cuba. Credit:  Fernando Medina/Reuters

Snow covered sheep in a field near Ingleton in the Yorkshire Dales as heavy snow falls. Credit: Andrew McCaren/LNP
Market Closes for January 30^th, 2019

Market Index	Close	Change
Dow Jones	25014.86	+434.90   +1.77%
S&P 500	2681.05	+41.05   +1.77%
NASDAQ	7183.078	+154.787   +2.20%
TSX	15484.55	+21.41
		+0.14%

International Markets

 

Market Index	Close	Change
NIKKEI	20556.54	-108.10
		-0.52%
HANG SENG	27642.85	+111.17
		+0.40%
SENSEX	35591.25	-1.25
		—
FTSE 100*	6941.63	+107.70
		+1.58%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.914		1.937
CND. 30 Year Bond		2.162		2.168
U.S.    10 Year Bond		2.6775		2.7044
U.S. 30 Year Bond		3.0315		3.0377

Currencies

BOC Close	Today	Previous
Canadian $	0.76079	0.75345
US $	1.31443	1.32722
Euro Rate 1 Euro=		Inverse
Canadian $	1.50961	0.66242
US $	1.14856	0.87071

Commodities

Gold	Close	Previous
London Gold Fix	1307.55	1302.15
Oil
WTI Crude Future	54.23	53.31

Market Commentary:
On this day in 2000, 17 dot-com companies each spent $73,000 per second for network television ads—a total of nearly $38 million—during Super Bowl XXXIV. By the time the big game had rolled around the next year, at least three had filed for Chapter 11 bankruptcy protection, thanks largely to the money they spent promoting themselves.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rebounded from early losses to close the day on another positive note, after the U.S. Federal Reserve signaled a stark dovish turn in its latest policy statement. The S&P/TSX 500 rose 0.1 percent, to continue its winning streak for the 5th day, led by materials and information technology stocks.
     The biggest gainers among Canadian stocks were Precision Drilling, which received an upgrade from Raymond James on its 2019 capital plans. NexGen Energy was among the worst performers as the world’s top uranium miner said it will boost uranium production.
     Vancouver home sales were the lowest in nearly two decades last year as a slew of new taxes, rising interest rates, and tighter lending rules weighed on the market. Gone are the days of bidding wars and all-cash unconditional offers for multi-million-dollar mansions. Prices have begun to edge down, and the steepest declines have been at the high end of the market.
Stocks
* Precision Drilling Corp. surged 14 percent after being upgraded to strong buy at Raymond James on 2019 capital plan guidance
* Labrador Iron Ore Royalty Corp. gained almost 12 percent as iron ore price estimates were raised by most analysts on Vale disaster 
* Ivanhoe Mines up 8.8 percent after reporting 22.3 meter intersection of 13% copper at Kamoa 
* WSP Global Inc. rose 4.8 percent after the company said it expects its three-year strategic plan to boost adjusted Ebitda by 50 percent 
* Cameco fell 3.2 percent on Kazakhstan production boost
Commodities
* Western Canada Select crude oil traded at a $8.60 discount to WTI
* Gold jumped 0.5 percent to $1,318.90 an ounce
FX/Bonds
* The Canadian dollar rose about 0.9 percent to C$1.3150 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.923%
US
By Reade Pickert
     (Bloomberg) — U.S. stocks surged and the dollar tumbled after the Federal Reserve signaled a stark dovish turn in its latest policy statement.
     The S&P 500 Index rallied to an eight-week high, the Dow Jones Industrial Average jumped 400 points and the Nasdaq 100 Index added more than 2.5 percent after the Fed said it will be “patient” on future interest-rate moves and signaled flexibility on the path for reducing its balance sheet. Major gauges were already higher on the day as technology shares rallied after
     Apple Inc.’s results beat estimates and Boeing Co. helped boost industrial stocks.
     The dollar weakened to a four-month low. The Treasury yield curve steepened as the two-year rate crashed while the 10-year level fell less sharply.
     The Federal Open Market Committee “will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support” a strong labor market and inflation near 2 percent, policy makers said Wednesday.
     The dovish statement helped ease fears that policy makers would continue with plans to raise interest rates even in the face of data suggesting the economy is cooling. The latest corporate earnings offered some reassurance after a series of lackluster results in January. All eyes will now be on tech giants including Facebook and Microsoft when they report later today. Meanwhile, Chinese negotiators are meeting U.S. counterparts in Washington for talks to resolve the ongoing trade dispute. Policy makers took “a step in a very dovish direction,” said Brett Ryan, a U.S. economist at Deutsche Bank AG. “They’re going to be on hold for a little bit.”
     The pound gained after losses Tuesday when lawmakers voted against a key proposal that sought to rule out the prospect of the U.K. crashing out of the European Union without a deal. The Stoxx Europe 600 Index’s gains were led by U.K. companies. 
     Members of Parliament including Prime Minister Theresa May instead backed a proposal to strip out the most difficult part of her proposed divorce package and re-open talks with the European Union.
     Elsewhere, iron ore surged after Brazil’s Vale SA, the world’s largest producer, outlined plans to cut output after a deadly dam breach. Oil rose above $54 a barrel as a government report showed a steep drop in imports from Saudi Arabia. Stocks in Japan and China slid, while they increased in South Korea, Australia and Hong Kong.
Among key events in the coming days:
* Chinese President Xi Jinping’s top economic aide, Vice Premier Liu He, meets with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday and Thursday.
* Tech giants Microsoft, Facebook, Qualcomm, Tesla, Samsung and Sony announce earnings. These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.6 percent at the close of trading in New York.
* The Stoxx Europe 600 Index climbed 0.4 percent to the highest in eight weeks.
* The U.K.’s FTSE 100 Index gained 1.6 percent.
* The MSCI Emerging Market Index rose 1 percent to a four-month high.
Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent.
* The euro gained 0.4 percent to $1.1477.
* The British pound rose 0.3 percent to $1.3104.
* The Japanese yen rose 0.4 percent to 108.96 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 2.69 percent.
* Germany’s 10-year yield fell one basis point to 0.19 percent.
* Britain’s 10-year yield decreased one basis point to 1.25 percent.
Commodities
* West Texas Intermediate crude rose 1.8 percent to $54.27 a barrel.
* Gold rose 0.5 percent to $1,318.10 an ounce.
–With assistance from Adam Haigh, Julie Johnsson, Robert Brand and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

Don’t look back.  Something may be gaining on you.
A baseball pitcher’s advice.
                                    -Satchel Paige, 1906-82    

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

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

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

Dear Friends,

Tangents:
January 29, 1796 – Transport – Lt Gov John Graves Simcoe officially opens Yonge Street, naming it after his friend Sir George Yonge, an expert on ancient Roman roads and British Secretary at War (1782–1783 and 1783–1794)

Go to article »

PHOTOS OF THE DAY

Unusual bookshop in Chongqing, China. Credit: ImagineChina/Rex

A booth attendant looks at a digital installation of rapeseed flowers during a press preview of the Flowers by Naked exhibition in Tokyo, Japan. Credit: Tomohiro Ohsumi/Getty Images

A woman walks along by the sea in a haze caused by dust clouds in southeast resort of Ayia Napa on the eastern Mediterranean island of Cyprus. A massive dust cloud has blanketed the island for several days blown in by strong winds from Africa. Credit: AP Photo/Petros Karadjias
Market Closes for January 29^th, 2019

Market Index	Close	Change
Dow Jones	24579.96	+51.74   +0.21%
S&P 500	2640.00	-3.85   -0.15%
NASDAQ	7028.289	-57.396   -0.81%
TSX	15463.14	+84.52
		+0.55%

International Markets

Market Index	Close	Change
NIKKEI	20664.64	+15.64
		+0.08%
HANG SENG	27531.68	-45.28
		-0.16%
SENSEX	35592.50	-64.20
		-0.18%
FTSE 100*	6833.93	+86.83
		+1.29%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.937		1.964
CND. 30 Year Bond		2.168		2.181
U.S.    10 Year Bond		2.7044		2.7440
U.S. 30 Year Bond		3.0377		3.0662

Currencies

BOC Close	Today	Previous
Canadian $	0.75345	0.75409
US $	1.32722	1.32611
Euro Rate 1 Euro=		Inverse
Canadian $	1.51773	0.65888
US $	1.14354	0.87448

Commodities

Gold	Close	Previous
London Gold Fix	1302.15	1293.90
Oil
WTI Crude Future	53.31	51.99

Market Commentary:
Canada
By Carolina Wilson and Aoyon Ashraf
     (Bloomberg) — Canadian stocks extended gains for a fourth consecutive session to the highest level for the S&P/Toronto Stock Exchange Index since mid-October of last year. U.S. stocks declined as investors studied the latest corporate earnings.
     The Canadian benchmark climbed 0.6 percent in Toronto, led by mostly by mining and materials stocks. Health care and information technology stocks underperformed.
     The stock symbol POT is up for grabs on Canadian exchanges and demand is so high that they’re holding a lottery for the first time ever to determine who gets it. POT, previously the ticker for Potash Corp. of Saskatchewan before it merged with Agrium Inc. to form Nutrien Ltd., becomes available for use on Friday. Not surprisingly, the cannabis-themed symbol has attracted “significant interest,” according to a staff notice published by the Toronto Stock Exchange.
Stocks
* SNC-Lavalin gained 6.5 percent after it got its first upgrade after Monday’s historic stock rout * Iamgold rises 5.8 percent after BMO upgraded the stock, praising the delay of Côté construction
* First Quantum Minerals climbed 5.2 percent copper futures rose 1.5 percent 
* Canopy Growth Corp. fell as much as 1.4 percent; Canopy-backed Slang Worldwide Inc. is expected to debut with a $377 million market value 
* Cascades Inc. fell 4.3 percent 
Commodities
* Western Canada Select crude oil traded at a $9.00 discount to WTI
* Gold rose about 0.7 percent to $1,311.86 an ounce
FX/Bonds
* The Canadian dollar fell about 0.1 percent to C$1.3277 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.936%
US
By Reade Pickert and Sarah Ponczek
     (Bloomberg) — U.S. equities edged lower as investors weighed the latest corporate earnings and the chances of a trade breakthrough between the world’s biggest economies.
     Technology shares dragged the S&P 500 Index down, with Twitter, Facebook and chipmakers leading losses ahead of earnings by Apple and AMD after the bell. Industrial companies fared better as 3M Co. struck an optimistic tone and reported profit that beat estimates. Treasuries edged higher with the dollar. Crude rose as the U.S. put a de facto ban on Venezuelan oil. The British pound weakened after lawmakers voted for Prime
     Minister Theresa May to renegotiate the Brexit withdrawal agreement with Brussels.
     After a robust start to the year for equities, investors are looking for direction from a corporate earnings season that’s been indecisive so far. Chinese Vice Premier Liu He arrived in Washington for what the White House is describing as “very, very important” trade talks this week. Against the backdrop of U.S.-China stress and geopolitical tensions in Venezuela, traders they also need to navigate the Federal Reserve rate decision, developments in the U.K.’s Brexit process and a potential slew of American economic data that was delayed by the government shutdown. 
     “You have Brexit, you have the U.S.-China trade and you have the Federal Reserve, and so I think there’s some hope that each and every one of those is moving toward some sort of resolution that the market can hang its hat on,” said Brent Schutte, the chief investment strategist at Northwestern Mutual Wealth Management Co. “There’s going to be some back and forth and probably not a lot of conviction as we await to see what happens.”
     Elsewhere, almost all sectors climbed in the Stoxx Europe 600. Asian technology stocks underperformed after U.S. prosecutors filed criminal charges against Huawei Technologies Co., China’s largest smartphone maker. Emerging-market shares climbed and gold touched the highest level since May.
Among key events in the coming days:
* Chinese President Xi’s top economic aide, Vice Premier Liu He, will meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday and Thursday.
* Tech giants Microsoft, Facebook, Alibaba, Qualcomm, Tesla, Samsung and Sony announce earnings.
* The EU Parliament debates Brexit on Wednesday.
* Wednesday Fed Chairman Jerome Powell holds a news conference after the FOMC rate decision.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.1 percent as of the close of trading in New York.
* The Stoxx Europe 600 Index gained 0.8 percent.
* The Nikkei-225 Stock Average climbed 0.1 percent.
* The MSCI Emerging Market Index gained 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro rose 0.1 percent to $1.1436.
* The Japanese yen was little changed at 109.33 per dollar.
* The British pound fell 0.6 percent to $1.3163.
Bonds
* The yield on 10-year Treasuries sank three basis points to 2.71 percent.
* Germany’s 10-year yield was little changed at 0.20 percent.
* Britain’s 10-year yield was little changed at 1.26 percent.
Commodities
* The Bloomberg Commodity Index increased 0.8 percent.
* West Texas Intermediate crude gained 2.3 percent to $53.17 a barrel.
* Copper gained 1.5 percent to $2.7195 a pound.
* Gold climbed 0.6 percent to $1,311.23 an ounce, the highest since May.
–With assistance from Cormac Mullen, Christopher Anstey, Eddie van der Walt, Todd White and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

The present is the funeral of the past, and man the living sepulchre of life.
                                                             -John Clare, 1793-1864

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

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

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

Dear Friends,

Tangents:

St. Paul’s Winter Carnival begins today – January 28-February 6.

In 1885 a New York reporter wrote that St. Paul was “another Siberia, unfit for human habitation” in winter.  Offended by this attack on their capital city, the St. Paul Chamber of Commerce decided to not only prove that St. Paul was habitable but that its citizens were very much alive during winter, the most dominant season.  Thus was born the St. Paul Winter Carnival.  In 1888, the tallest building in St. Paul was made from 55,000 blocks of ice.  Standing 130 feet at its highest point, the castle included a Sioux Indian village, skating rinks, toboggan run, and ski slide within the castle’s 30-foot tall walls.  In 1937, the Carnival was revived on a large scale by a group of enthusiasts who sought to instill life in a city recovering from the Great Depression.  Although simpler in design than its predecessors, the 1937 castle was the first to include an elevator. See www.winter-carnival.com

1986- Challenger Space Shuttle explosion.

2009 -In a swift victory for President Barack Obama, the Democratic-controlled House approved a $819 billion stimulus bill.  Go to article »

José Marti, writer, b. 1853.
Man has to suffer.  When he has no real afflictions, he invents some. – José Marti.

PHOTOS OF THE DAY

England’s largest Castle, Dover Castle is photographed by drone at golden hour before sunset. Credit: Chris Gorman

Members of the English Civil War Society reenactor for the commemoration of the execution of Charles I, who was taken by the King’s Army from St. James Place to the Banqueting House in Whitehall, for his execution on 30^th January 1694. Credit: Dinendra Haria/LNP

With the five-storied pagoda of Kofukuji temple in the foreground, Mount Wakakusayama in Nara is ablaze in flames in Nara, Japan. Credit: The Asahi Shimbun/Getty Images
Market Closes for January 28^th, 2019

Market Index	Close	Change
Dow Jones	24528.22	-208.98   -0.84%
S&P 500	2643.85	-20.91   -0.78%
NASDAQ	7085.684	-79.180   -1.11%
TSX	15378.62	+12.57
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	20649.00	-124.56
		-0.60%
HANG SENG	27576.96	+7.77
		+0.03%
SENSEX	35656.70	-368.84
		-1.02%
FTSE 100*	6747.10	-62.12
		-0.91%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.964		1.975
CND. 30 Year Bond		2.181		2.194
U.S.    10 Year Bond		2.7440		2.7513
U.S. 30 Year Bond		3.0662		3.0608

Currencies

BOC Close	Today	Previous
Canadian $	0.75409	0.75615
US $	1.32611	1.32250
Euro Rate 1 Euro=		Inverse
Canadian $	1.51569	0.65977
US $	1.14296	0.87492

Commodities

Gold	Close	Previous
London Gold Fix	1293.90	1283.70
Oil
WTI Crude Future	51.99	53.49

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 15,378.62 in Toronto.
     Canopy Growth Corp. contributed the most to the index gain, increasing 4.9 percent. Cronos Group Inc. had the largest increase, rising 16.0 percent. Today, 113 of 239 shares rose, while 121 fell.  
     Prime Minister Justin Trudeau ousted his ambassador to China in the middle of a diplomatic feud with Beijing after a string of public remarks drew criticism. Trudeau asked for, and got, the resignation of John McCallum on Friday, according to a statement from his office issued Saturday. The move comes amid the fallout of Canada’s arrest in December of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou, at the request of the U.S., which has angered China.
* SNC-Lavalin Group Inc. dropped the most in at least 27 years after the builder warned it would miss its full-year profit target due to a “serious problem” with a mining contract
* Iamgold Corp. climbed after the company said it decided to wait for improved, and sustainable, market conditions in order to proceed with the Côté Gold Project construction 
* SNC-Lavalin Group Inc. dropped the most in at least 27 years after the builder warned it would miss its full-year profit target due to a “serious problem” with a mining contract
* Iamgold Corp. climbed after the company said it decided to wait for improved, and sustainable, market conditions in order to proceed with the Côté Gold Project construction 
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to WTI
* Gold fell about 0.1 percent to $1,303.66 an ounce
FX/Bonds
* The Canadian dollar fell about 0.5 percent to C$1.32784 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.961%
US
By Jeremy Herron and Reade Pickert
(Bloomberg) — U.S. stocks fell after Caterpillar and Nvidia blamed slowing global growth for disappointing results, augmenting concern the trade war with China is hitting corporate profits. Oil slid.
     The S&P 500 halted a three-day rally to start a week packed with events that could move markets, with the sector bellwethers dousing enthusiasm over the young earnings season. The Dow Jones Industrial Average dropped 210 points, with all but six of its 30 members in the red. Caterpillar sank 9.1 percent after pinning its biggest quarterly profit miss in a decade on weak demand from China. Nvidia plunged 14 percent after slashing its revenue forecast. AMD tumbled 8 percent.
     “When you see the big cyclical companies missing earnings or missing forecasts, it worries the market because it confirms what they’ve already been hearing from the macro side,” Dave Lafferty, chief market strategist at Natixis Investment Managers, said in an interview at Bloomberg’s New York headquarters. “Everyone knows the world is decelerating, they’re just waiting to see if the corporate earnings confirm that.”
     The disappointing results come amid a busy week for American corporate reports, highlighted by Microsoft, Apple and 10 other Dow components. Investors will also grapple with trade negotiations, amid a report Monday that U.S. prosecutors are planning to file criminal charges related to China’s largest smartphone maker. A Federal Reserve policy decision and Brexit votes also loom, while the U.S. stepped up pressure on Venezuela’s Nicolas Maduro by announcing sanctions on PDVSA. To cap it all, a flurry of American economic figures including GDP and jobs data are also set for release.
     European equities fell, though miners bucked the decline as iron ore jumped following a deadly dam collapse at a mine in Brazil. Earlier in Asia, Japanese and Chinese shares retreated, while stocks in Hong Kong pared gains to close little changed.
     The yuan appreciated to its strongest against the dollar since July before Vice Premier Liu He travels to Washington for trade talks, and as the People’s Bank of China freed up a potential $37 billion for bank lending.
     Elsewhere, Bitcoin fell, putting the biggest cryptocurrency on track for its lowest close since December. Emerging-market stocks slipped while their currencies climbed. Gold retreated, and Venezuela bonds extended their rally. Russia’s MOEX stock index touched an intraday record high after sanctions were lifted on Rusal, before reversing gains as oil prices slumped.
Among key events in the coming days:
* Chinese President Xi’s top economic aide, Vice Premier Liu He, will meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday and Thursday.
* Tech giants Apple, Microsoft, Facebook, Alibaba, SAP, Qualcomm, Tesla, Samsung and Sony announce earnings.
* On Tuesday the U.K. Parliament votes on amendments to Theresa May’s Brexit deal with the EU. The EU Parliament debates Brexit on Wednesday.
* Wednesday Fed Chairman Jerome Powell holds a news conference after the FOMC rate decision.

These are the main moves in markets:
Stocks
* The S&P 500 fell 0.8 percent as of 4 p.m. New York time.
* The Nasdaq 100 Index lost 1.3 percent.
* The Stoxx Europe 600 Index declined 1 percent.
* The MSCI Asia Pacific Index decreased 0.2 percent.
* The MSCI Emerging Market Index dipped 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed less than 0.1 percent.
* The euro increased 0.2 percent to $1.1433.
* The British pound declined 0.3 percent to $1.3158.
* The Japanese yen gained 0.2 percent to 109.29 per dollar.
Bonds
* The yield on 10-year Treasuries decreased two basis points to
2.74 percent.
* The two-year rate was little changed at 2.61 percent.
* Germany’s 10-year yield gained two basis points to 0.21 percent.
Commodities
* West Texas Intermediate oil futures fell 3.7 percent to $51.72 a barrel.
* Gold futures rose 0.3 percent to $1,307.50 an ounce.
–With assistance from Cormac Mullen and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

 

It’s not the load that breaks you down, it’s the way you carry it.
                                                     -Lou Leo Holtz, b. 1937

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

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

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

 

Dear Friends,

Tangents: Happy Friday!

On Jan. 25, 1915, the inventor of the telephone, Alexander Graham Bell, inaugurated U.S. transcontinental telephone service. 
Go to article »

In today’s New York Times:

A Scottish feast honoring a poet

Robert Burns, the Scottish poet, was born on this day in 1759. He wrote hundreds of poems and songs, including the New Year’s Eve favorite “Auld Lang Syne,” before his life was cut short by illness.

Robert Burns, circa 1786.  Hulton Archive, via Getty Images

His use of vernacular is a barrier for many English speakers, but it is difficult to overstate the esteem he commands in Scotland and in the hearts of expatriates like this writer, who grew up in Burns’s home of Ayrshire.

His verses gave dignity and voice to the disenfranchised, and he is beloved for his romanticism and sense of humor. Scots around the world celebrate his birth with “Burns suppers.”

The most elaborate celebrations feature pipers marching in with a haggis (a traditional concoction of minced offal, oatmeal and spices) to a standing ovation, and a recitation by the host of Burns’s praise-filled “Address to a Haggis.”

So tonight, whatever is on your plate, join me in a toast to one of Scotland’s best-loved sons. — Chris, NY Times, January 25, 2019.

PHOTOS OF THE DAY

A cheeky robin hops inside a camper van hoping to be fed on a cold afternoon at Loch Lomond. < Scotland, UK. The unfortunate bird has an overgrown and misshapen beak which may take feeding itself more difficult. Credit: Kay Roxby/Alamy Live News

Indian soldiers of the President’s Bodyguard stand guard during a rehearsal for the upcoming Indian Republic Day parade at the Presidential Palace in New Delhi. They are the most elite regiment in the Indian Army, handpicked by height and heritage from a pool of thousands bedecked in the finest regalia befitting their status. The President’s Bodyguard, a 200-strong cavalry unit, have for centuries been assigned to India’s uppermost VIPs, from British viceroys to modern-day heads of state. Credit: Chandan Khanna/AFP/Getty Images

A visitor plays a game with water spray Water is thrown into the air and freezes, Beiji Village, Mohe City of northeast China’s Heilongjiang Province, China. With the lowest temperature approaching minus 30 degrees Celsius, visitors in Mohe Village experienced the game of ‘pouring water into ice’ here. Credit: Xinhua/Rex
Market Closes for January 25^th, 2019

Market Index	Close	Change
Dow Jones	24737.20	+183.96   +0.75%
S&P 500	2664.76	+22.43   +0.85%
NASDAQ	7164.863	+91.402   +1.29%
TSX	15366.05	+85.27
		+0.56%

International Markets

Market Index	Close	Change
NIKKEI	20773.56	+198.93
		+0.97%
HANG SENG	27569.19	+448.21
		+1.65%
SENSEX	36025.54	-169.56
		-0.47%
FTSE 100*	6809.22	-9.73
		-0.14%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.975		1.931
CND. 30 Year Bond		2.194		2.159
U.S.    10 Year Bond		2.7513		2.7157
U.S. 30 Year Bond		3.0608		3.0339

Currencies

BOC Close	Today	Previous
Canadian $	0.75615	0.74907
US $	1.32250	1.33499
Euro Rate 1 Euro=		Inverse
Canadian $	1.50943	0.66250
US $	1.14135	0.87616

Commodities

Gold	Close	Previous
London Gold Fix	1283.70	1279.80
Oil
WTI Crude Future	53.49	52.98

Market Commentary:
On this day in 1997, pyramid schemes promising returns of 8% per month collapsed all at once throughout Albania. Furious mobs of bilked investors besieged the nation’s deputy prime minister, Tritan Shehu, who cowered for safety in the locker room of a soccer stadium. By some estimates, $1 billion—or 30% of the nation’s gross domestic product—was invested in the Ponzi schemes. Investors lost nearly everything—and ended up overturning the government.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a fifth straight week, the longest stretch since May, amid strong earnings and optimism that an end to the U.S. government shutdown may be in sight.
     The S&P/TSX Composite Index added 0.6 percent to 15,366.05, its highest close since Nov. 7. For the week, the benchmark rose 0.4 percent.
     Health-care stocks led the gains in Friday’s session, up 3 percent, as Canopy Growth Corp. jumped 8.6 percent to the highest since Oct. 17, the day Canada legalized recreational marijuana. Piper Jaffray analysts raised their price target on the stock, citing its entry into the U.S. hemp market.
In other moves:
Stocks
* Linamar Corp. gained 4.8 percent to the highest since November. The auto parts supplier said it plans to buy back up to 4.5 million shares
* Interfor Corp. added 7.1 percent and Canfor Corp. rose 6.3 percent as lumber prices continue to rebound from their 2018 lows
* Cameco Corp. rose 2.8 percent. The company plans to buy about 12 million pounds of uranium this year after shutting mining and milling operations in 2018 due to low prices
Commodities
* Western Canada Select crude oil traded at a $9.75 discount to WTI
* Gold rose 1.7 percent to $1,308.20 an ounce, topping $1,300 an ounce for the first time in three weeks
FX/Bonds
* The Canadian dollar strengthened 1 percent to C$1.3224 per U.S. dollar, the biggest gain since September, as the U.S. dollar weakened
* The Canada 10-year government bond yield rose 4 basis points to 1.98 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — Stocks rose as corporate earnings bolstered confidence in the economy and President Donald Trump said U.S. lawmakers agreed to re-open the government on an interim basis.
     Treasuries yields rose and the dollar weakened against most of its major peers.
     The Dow Jones Industrial Average and Nasdaq Composite indexes erased their first weekly declines of the year to finish in the green, while the S&P 500 finished marginally lower. The rally in emerging-market assets picked up steam on speculation the arrival of a Chinese delegation in Washington next week may help pave the way for a trade deal. Adding to optimism were reports that the Federal Reserve is weighing an end to a program of reducing its balance sheet sooner than previously expected, a move that could ease measures of financial conditions.
     “My sense is there’s potential for the risk taking channel to kick in,” said Tim Alt, a portfolio manager at Aviva Investors.
     The shutdown deal was a dramatic turnaround for Trump after insisting for five weeks that he wouldn’t allow the government to reopen without funding for a border wall. He pivoted as his job approval plunged, air travel was disrupted and smooth processing of tax refunds was threatened.
     “We still have the uncertainty but at least the crisis has been postponed or averted,” said John Carey, managing director and portfolio manager at Amundi Pioneer Asset Management. “It’s a question of relieving the short term pressure.”
     Elsewhere, Venezuela’s defaulted 2027 dollar bonds climbed to 30.9 percent of face value as the European Union appeared to be moving toward pushing for an immediate election. West Texas oil futures closed higher as traders weighed the Venezuelan crisis and its possible effect on production with the outlook of a market that’s otherwise comfortably supplied. And the pound posted its best week since September 2017, extending its increase on heightened optimism that a no-deal Brexit will be averted.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.9 percent to 2,664.76 as of 4:05 p.m. New York time, while the Nasdaq Composite Index gained 1.3 percent and the Dow Jones Industrial Average increased 0.8 percent.
* The Stoxx Europe 600 Index rose 0.6 percent.
* The U.K.’s FTSE 100 Index dropped 0.1 percent.
* Germany’s DAX Index rose 1.4 percent.
* The MSCI Emerging Market Index rose 1.4 percent, the biggest gain in almost two weeks.
Currencies
* The Bloomberg Dollar Spot Index dropped 0.7 percent, the biggest decline in about two weeks.
* The euro jumped 1 percent to $1.1417.
* The British pound rose 1.1 percent to $1.3214.
* The Japanese yen gained 0.1 percent to 109.49 per dollar.
Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.75 percent.
* Germany’s 10-year yield rose one basis point to 0.19 percent, the first increase in five days.
* Britain’s 10-year yield rose four basis points to 1.31 percent. 
Commodities
* West Texas Intermediate rose 0.8 percent to $53.56 a barrel.
* Gold rose 1.5 percent to $1,300 an ounce.
–With assistance from Liz Capo McCormick, Sophie Caronello and Misyrlena Egkolfopoulou.Have a great night.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

 

The invariable mark of wisdom is to see the miraculous in the common.
                                            -Ralph Waldo Emerson, 1803-1882

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

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

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

Dear Friends,

Tangents:
On Jan. 24, 1965, Winston Churchill died in London at age 90.  Go to article »
PHOTOS OF THE DAY

Water flows around ice, formed on the American Falls in Niagra Falls, New York, due to subzero temperatures. Credit: Moe Doiron/Reuters

The snow-covered peaks of Mount Vesuvius volcano is framed by ancient ruins of the archeological excavations of Pompeii, near Naples, southern Italy. Credit: Cesare Abbate/Ansa/AP

Joana (left) and Jessica Ferreira stand among an installation of 800 school bags created by the Charity WaterAid on the steps of St. Paul’s Cathedral, London, representing the 800 children who die every day due to dirty water. Credit: Heathcliff O’Mally for The Telegraph
Market Closes for January 24^th, 2019

Market Index	Close	Change
Dow Jones	24553.24	-22.38   -0.09%
S&P 500	2642.33	+3.63   +0.14%
NASDAQ	7073.461	+47.693   +0.68%
TSX	15280.78	+72.45
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	20574.63	-19.09
		-0.09%
HANG SENG	27120.98	+112.78
		+0.42%
SENSEX	36195.10	+86.63
		+0.24%
FTSE 100*	6818.95	-23.93
		-0.35%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.931		1.970
CND. 30 Year Bond		2.159		2.188
U.S.    10 Year Bond		2.7157		2.7409
U.S. 30 Year Bond		3.0339		3.0617

Currencies

BOC Close	Today	Previous
Canadian $	0.74907	0.74948
US $	1.33499	1.33426
Euro Rate 1 Euro=		Inverse
Canadian $	1.50904	0.66267
US $	1.13037	0.88467

Commodities

Gold	Close	Previous
London Gold Fix	1279.80	1282.10
Oil
WTI Crude Future	52.98	52.42

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at their highest level of the day, boosted by stronger oil prices and strong earnings from Canadian Pacific Railway Ltd.
     The S&P/TSX Composite Index rose 0.5 percent to 15,280.78, its first gain in three sessions. CP Rail jumped 3 percent to the highest since early December after the railway forecast double-digit earnings growth for 2019. That helped boost the industrials sector to a gain of 0.8 percent.
     Energy stocks rose 0.9 percent as growing instability in Venezuela boosted crude prices. The health-care index led the gains, up 2.5 percent amid rising pot stocks. Aurora Cannabis Inc. added 7 percent and Cronos Group Inc. rallied 6.6 percent.
In other moves:
Stocks
* Canada Goose Holdings Inc. slid 7.1 percent after Wells Fargo Securities cut its rating on the stock, citing a less compelling valuation and a slowdown in popularity on the web
* Interfor Corp. jumped 9.2 percent to the highest since early November as lumber futures rose to a four-month high
* Great-West Lifeco Inc. fell 4.8 percent, the most since May 2017. The insurer is selling its U.S. individual life insurance and annuity business for C$1.6 billion
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to WTI
* Gold fell 0.3 percent to $1,279.80 an ounce, the lowest since December
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3354 per U.S. dollar
* The Canada 10-year government bond yield fell 4 basis points to 1.93 percent
US
By Reade Pickert and Sarah Ponczek
     (Bloomberg) — Stocks closed mostly higher as a rally in semiconductor shares helped temper concern the U.S. and China may be further from a trade resolution than investors had hoped. Treasury bonds remained a refuge and the dollar resumed its rally.
     The S&P 500 and Dow Jones Industrial indexes swung between gains and losses most of the day after Secretary of Commerce Wilbur Ross said the world’s two biggest economies remain “miles and miles” apart on trade. White House economic adviser Lawrence Kudlow later said President Donald Trump is optimistic about trade talks and the January jobs report will be up a significant amount.
     “What we’re seeing right now is this fight between really good earnings and the short-term news on tariffs,” Joe “JJ” Kinahan, chief market strategist at TD Ameritrade, said by phone. “It shows why tariffs have such a large influence on everything.”
     The Philadelphia semiconductor index climbed 5.7 percent, the best day since Dec. 26 after strong earnings results from a trio of companies. Twenty-nine of the 30 index members traded higher, led by a 17 percent surge in Xilinx. U.S. airlines also rallied as American and Southwest predicted strong revenue gains after surpassing Wall Street’s profit estimates late last year.
     “All had good and strong earnings and more importantly, looking into the future, they weren’t talking down their numbers,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh. “In fact they’re talking up their numbers so those are all signs of strength.”
     After the close, Intel shares fell when the company reported revenue for the fourth quarter that missed the lowest analyst estimate.
     It’s been a rocky week for investors, as they scramble for clues on both the global trade outlook and the health of the U.S. economy. Looming over everything is America’s partial government shutdown, which not only threatens to crimp activity but is also restricting the flow of economic data. The Senate blocked two rival proposals Thursday to reopen U.S. government agencies in largely partisan votes.
     Elsewhere, the euro weakened as regional economic data fell short of forecasts, then showed little reaction to a widely expected European Central Bank rate hold. Europe’s shared currency later slumped as report circulated that the German government cut its growth forecast. Venezuela bonds extended their rally on speculation President Nicolas Maduro’s opponents will gain momentum in their efforts to oust him.
These are some events investors will be watching out for in the coming days:
* The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1 percent to 2,642.33 as of 4:09 p.m. New York time, while Nasdaq Composite Index gained 0.7 percent and the Dow Jones Industrial Average dropped 0.1 percent.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The U.K.’s FTSE 100 Index dipped 0.4 percent.
* Germany’s DAX Index rose 0.5 percent.
* The MSCI Emerging Market Index rose 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent, the seventh increase in eight days.
* The euro slumped 0.6 percent to $1.1309.
* The British pound fell 0.1 percent to $1.3058, the first drop in four days.
* The Japanese yen rose less than 0.1 percent to 109.56 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.71 percent.
* Germany’s 10-year yield fell five basis points to 0.18 percent, the fourth straight decline.
* Britain’s 10-year yield fell six basis points to 1.27 percent.
Commodities
* West Texas Intermediate rose 1.2 percent to $53.24 a barrel.
* Gold fell 0.2 percent to $1,281 an ounce.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

A person’s greatest virtue is his ability to correct his mistakes and continually make a new person of himself.
-Yang-Ming Wang, (Chinese philosopher, 1472-1529).

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

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

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

Dear Friends,

Tangents:
On Jan. 23, 1973, President Richard Nixon announced an accord had been reached to end the Vietnam War. Go to article »

-from CNN today:

Street symphony
Meet the musicians who’ve played over 500 free concerts for the homeless on Skid Row. (Click to view) 

PHOTOS OF THE DAY

Royal Air Force pall bearers from RAF Cosford carry the coffin of World War II veteran Edna Barnett during funeral service at Telford Crematorium in Telford, England. The service for Edna, aged 91, took place alongside her husband Victor, 101, also an RAF veteran and Dambusters engineer took place alongside his wife Edna, 91, a member of the Womens Auxiliary Air Force. The couple from Telford, Shropshire died with days of each other and had no surviving relatives to come to their funeral. An ‘call to arms’ by airmen at RAF Cosford saw hundreds of people arrive to pay their respects to the couple. Credit: Christopher Furlong/Getty Images

Police officers operate a security robot to patrol inside a railway station as the annual Spring Festival travel rush starts ahead of the Chinese Lunar New year, in Shenzhen, Guangdong province, China. Credit: Reuters

These incredible images show a pair of fighting horses put on their dancing hooves as they appear to do the foxTROT. The stallions were snapped by graphic designer Ingo Gerlach, 65, in Iceland last month. The 65-year-old joked about the different dance moves the animals carried out as they stood on their hind legs. Ingo said: These Icelandic stallions dance the Tango and also the Polka. Credit: Ingo Gerlach/Caters News Agency
Market Closes for January 23^rd, 2019

Market Index	Close	Change
Dow Jones	24575.62	-30.41   -0.12%
S&P 500	2638.70	-4.18   -0.16%
NASDAQ	7025.770	+5.414   +0.08%
TSX	15208.33	-25.43
		-0.17%

International Markets

Market Index	Close	Change
NIKKEI	20593.72	-29.19
		-0.14%
HANG SENG	27008.20	+2.75
		+0.01%
SENSEX	36108.47	-336.17
		-0.92%
FTSE 100*	6842.88	-58.51
		-0.85%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.970		1.969
CND. 30 Year Bond		2.188		2.187
U.S.    10 Year Bond		2.7409		2.7427
U.S. 30 Year Bond		3.0617		3.0632

Currencies

BOC Close	Today	Previous
Canadian $	0.74948	0.74924
US $	1.33426	1.33468
Euro Rate 1 Euro=		Inverse
Canadian $	1.51875	0.65844
US $	1.13827	0.87853

Commodities

Gold	Close	Previous
London Gold Fix	1282.10	1282.10
Oil
WTI Crude Future	52.42	52.57

Market Commentary:
On this day in 1895, the New York Stock Exchange recommended that listed companies should publish annual financial statements and distribute them to shareholders.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2 percent, or 25.43 to 15,208.33 in Toronto.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.4 percent. Baytex Energy Corp. had the largest drop, falling 5.6 percent.
Today, 109 of 239 shares fell, while 125 rose; 4 of 11 sectors were lower, led by energy stocks.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -27.3691| -1.0| 5/37
Financials | -20.9407| -0.4| 16/9
Materials | -3.2716| -0.2| 25/25
Health Care | -0.2048| -0.1| 3/6
Communication Services | 0.1858| 0.0| 5/2
Consumer Staples | 0.5675| 0.1| 6/4
Utilities | 0.8098| 0.1| 10/6
Real Estate | 1.9517| 0.4| 17/5
Industrials | 3.1391| 0.2| 17/9
Information Technology | 6.9871| 1.1| 10/0
Consumer Discretionary | 12.7215| 2.0| 11/6
================================================================
Top Contributors |Index Points Move | % Change
================================================================
Royal Bank of Canada | -13.8500| -1.4
Suncor Energy | -7.0270| -1.5
Bank of Nova Scotia | -3.7580| -0.6
Canadian National | 1.4000| 0.3
Constellation Software | 3.9550| 3.0
Restaurant Brands | 13.2100| 9.6
================================================================
Biggest Gainers | % Change |Index Points Move
================================================================
Restaurant Brands | 9.6| 13.2100
TransAlta | 5.8| 0.7940
MEG Energy | 5.4| 0.4790
================================================================
Biggest Losers | % Change | Index Points Move
================================================================
Baytex Energy | -5.6| -0.5130
Precision Drilling | -5.5| -0.3140
Vermilion Energy | -5.3| -1.8790
* The Canadian dollar fell 0.07 percent to 1.3346 againstthe U.S. dollar
US
By Reade Pickert
     (Bloomberg) — Stocks closed higher after whipsawing investors through the day amid the ongoing debate over the outlook for global growth. The dollar’s six-day rally stalled and crude oil dropped after an earlier increase.
     The S&P 500, Dow and Nasdaq all turned green in the last hours of trading. Stock had initially rallied in the wake of a spate of better-than-forecast quarterly earnings from IBM, Procter & Gamble and United Technologies before dropping into the red. White House Council of Economic Advisers Chairman Kevin Hassett said that if the partial government shutdown extends through March, there’s a chance of zero economic expansion this quarter, though “humongous” growth would follow once federal agencies reopen.
     “It’s a long list of headwinds and the interesting thing is that none of them seem to be abating,” said Michael O’Rourke, JonesTrading’s chief market strategist.
     Doubts over foreign trade and politics continue to permeate global markets. White House adviser Lawrence Kudlow said late Tuesday that negotiations between the U.S. and China next week will be “determinative,” leaving traders on edge about the prospects for a deal. Meanwhile, the Senate is set to vote Thursday on legislation to reopen the government, though it’s not clear that any measures will pass.
     “The broader concern that I think will continue to creep in here is, leaving trade aside, is how weak is global growth? How weak is China’s growth?” said Liz Ann Sonders, chief investment strategist at Charles Schwab & Co.
     Elsewhere, WTI oil retreated after climbing above $53 a barrel. The pound strengthened for a third day after signs emerged that the U.K. Parliament is moving closer to a plan for delaying Brexit. The yen slid as the Bank of Japan cut its inflation outlook.
These are some events investors will be watching out for in the coming days:
* Earnings season is in full swing: Texas Instruments and Ford are among companies posting results this week.
* The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.
* There are monetary-policy decisions for the Bank of Korea and the European Central Bank, both Thursday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent to 2,638.70 as of 4:04 p.m. New York time, while Nasdaq Composite Index gained 0.1 percent to 7,025.77 and the Dow Jones Industrial Average rose 0.7 percent to 24,575.62.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index dipped 0.9 percent.
* Germany’s DAX Index fell 0.2 percent.
* The MSCI Emerging Market Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent, the first drop in seven days.
* The euro rose 0.2 percent to $1.1383.
* The British pound increased 0.9 percent to $1.3068, the third straight gain.
* The Japanese yen weakened 0.2 percent to 109.60 per dollar, the first drop in three days.
Bonds
* The yield on 10-year Treasuries rose less than one basis point to 2.75 percent.
* Germany’s 10-year yield fell one basis point to 0.22 percent, the third straight decline.
* Britain’s 10-year yield rose less than one basis point to 1.33 percent.
Commodities
* West Texas Intermediate crude fell 0.2 percent to $52.60 a barrel, after initially gaining as much as 2 percent.
* Gold fell 0.2 percent to $1,283 an ounce.
–With assistance from Michael P. Regan.

Have a great night.

Be magnificent!

As ever,

Carolann

Curiosity is, in great and generous minds, the first passion and the last.
                                      -William Samuel Johnson, 1727-1819

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

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

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

Dear Friends,

Tangents:
On Jan. 22, 1973, the Supreme Court handed down its Roe vs. Wade decision, which legalized abortion. Go to article »

Lord Byron, poet, b. 1788

SHE WALKS IN BEAUTY
    -by Lord Byron

She walks in beauty, like the night 
Of cloudless climes and starry skies, 
And all that’s best of dark and bright 
Meet in her aspect and her eyes, 
Thus mellowed to that tender light 
Which heaven to gaudy day denies. 

One shade the more, one ray the less, 
Had half impaired the nameless grace 
Which waves in every raven tress 
Or softly lightens o’er her face, 
Where thoughts serenely sweet express 
How pure, how dear their dwelling-place. 

And on that cheek, and o’er that brow, 
So soft, so calm, yet eloquent, 
The smiles that win, the tints that glow, 
But tell of days in goodness spent, – 
A mind at peace with all below, 
A heart whose love is innocent.

PHOTOS OF THE DAY

This combination photo shows the totally eclipsed moon, center, and others at the different stages during a total lunar eclipse, as seen from Los Angeles. It was also the year’s first supermoon, when a full moon appears a little bigger and brighter thanks to its slightly closer position. During totality, the moon will look red because of sunlight scattering off Earth’s atmosphere. That’s why an eclipsed moon is sometimes known as a blood moon. In January, the full moon is also sometimes known as the wolf moon or great spirit moon. Credit: AP Photo/Ringo H.W. Chiu

A Kashmiri boatman paddles a shikara boat during rainfall on Dal Lake in Srinagar. Credit: Tauseef Mustafa/AFP/Getty Images

Aerial view of bullet trains waiting at a railway station during Chinese Spring Festival travel rush on January 21, 2019 in Nanjing, Jiangsu Province of China. The 40-day Chinese Spring Festival travel rush starts on Monday, lasting until March 1. The Spring Festival, or Chinese Lunar New Year, falls on February 5 this year. Credit: VCG Via Getty Images
Market Closes for January 22^nd, 2019

Market Index	Close	Change
Dow Jones	24404.48	-301.87   -1.22%
S&P 500	2632.90	-37.81   -1.42%
NASDAQ	7020.355	-136.872   -1.91%
TSX	15233.76	-120.40
		-0.78%

International Markets

Market Index	Close	Change
NIKKEI	20496.15	-126.76
		-0.61%
HANG SENG	27005.45	-191.09
		-0.70%
SENSEX	36444.64	-134.32
		-0.37%
FTSE 100*	6901.39	-69.20
		-0.99%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.969		2.017
CND. 30 Year Bond		2.187		2.237
U.S.    10 Year Bond		2.7427		2.7842
U.S. 30 Year Bond		3.0632		3.0974

Currencies

BOC Close	Today	Previous
Canadian $	0.74924	0.75202
US $	1.33468	1.32975
Euro Rate 1 Euro=		Inverse
Canadian $	1.51660	0.65936
US $	1.13631	0.88004

Commodities

Gold	Close	Previous
London Gold Fix	1282.10	1284.20
Oil
WTI Crude Future	52.57	53.80

Market Commentary:
On this day in 2008, in the depths of the financial crisis, the Federal Reserve surprised markets by cutting rates three-quarters of a percentage point to 3.5% a week before it was scheduled to meet. It was the Fed’s first emergency rate cut since 1998.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks weakened after gaining for 12 consecutive sessions, the longest advance for the S&P/Toronto Stock Exchange Index since May 2018. Trade and growth fears weighed on global markets, with U.S. stocks dropping.
     The benchmark dropped 0.7 percent at 9:50 a.m. in Toronto, with declines led by energy and industrials shares. Consumer staples and utilities rose.
     A group of former ambassadors and academics is calling on China to immediately release two Canadians it detained in the wake of the arrest of a top Huawei Technologies Co. executive in Vancouver. The open letter, dated Monday and addressed to Chinese President Xi Jinping, said its 141 signatories are “deeply concerned” by the detentions of Michael Kovrig and Michael Spavor by state security officials.
Stocks
* Baytex Energy Corp. declined more than 7 percent after the stock was downgraded to sell at Veritas
* Superior Plus Corp. climbed 3.8 percent after reporting 2018 preliminary adjusted Ebitda toward the high end of the range 
* Canopy Growth Corp. continued climbing to record highs after CIBC initiated coverage with a sector outperform rating last week
Commodities
* Western Canada Select crude oil traded at a $11.40 discount to WTI
* Gold rose about 0.2 percent to $1,282.81 an ounce
FX/Bonds
* The Canadian dollar fell about 0.4 percent to C$1.3344 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.979%
US
By Sarah Ponczek
     (Bloomberg) — Stocks fell the most in almost three weeks as rising pessimism that trade tensions with China will persist helped send technology and multinational companies tumbling.
     Treasuries climbed, oil fell and the yen strengthened. Chipmakers plunged more than 3 percent, with every member of the Philadelphia Semiconductor Index in the red. Caterpillar and DowDuPont led declines in the Dow Jones Industrial Average of more than 400 points at one point. The S&P 500 briefly pared losses after presidential adviser Lawrence Kudlow said a Financial Times report that the U.S. canceled a preliminary meeting with Chinese officials was untrue.
     “Investors obviously are still a little bit edgy and therefore we would expect periods of volatility to continue,” said Mark Hackett, chief of investment research at Nationwide Funds Group, which manages $60 billion. “As the headlines continue to get more nerve wracking with regards to a global slowdown and trade wars and government shutdowns, it’s easy to spook investors, but we think those are temporary versus permanent.”
     The Stoxx Europe 600 Index dipped after Switzerland’s UBS Group AG delivered disappointing results. Earlier, shares retreated across Asia after Chinese President Xi Jinping stressed the need to maintain political stability, comments which hinted at growing concern over the country’s slowing economy.
     After stocks and many risk assets kicked off the year with a stellar rally, investors now find their conviction tested anew as a familiar litany of concerns weigh on sentiment. The IMF’s dour forecast for global growth, fears of slowing momentum in the world’s second-largest economy and uncertainty over trade are all combining to spook markets.
     Elsewhere, the pound rose after U.K. data showed the jobs market remains resilient and as Labour leader Jeremy Corbyn backed a plan that could open the door to a second Brexit referendum. Oil retreated from a near two-month high in New York. At the World Economic Forum in Davos, billionaire investor Ray Dalio chastised monetary policy makers for an “inappropriate desire” to tighten faster than the capital markets could handle.
These are some events investors will be watching out for in the coming days:
* Earnings season is in full swing: IBM, United Technologies, Texas Instruments, and Ford are among companies posting results this week.
* The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.
* There are monetary-policy decisions for the Bank of Japan (Wednesday), the Bank of Korea and the European Central Bank (both Thursday).

And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.4 percent to 2,633 as of 4:02 p.m. New York time, while Nasdaq Composite Index tumbled 1.9 percent to 7,020 and the Dow Jones Industrial Average declined 1.2 percent to 24,405.
* The Stoxx Europe 600 Index declined 0.4 percent, the largest drop in a week.
* The U.K.’s FTSE 100 Index dipped 1 percent.
* Germany’s DAX Index declined 0.4 percent.
* The MSCI Emerging Market Index declined 0.9 percent, the largest drop in more than two weeks.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1 percent, the sixth consecutive gain.
* The euro was little changed at $1.1360.
* TheBritish pound increased 0.5 percent to $1.2960.
* The Japanese yen gained 0.3 percent to 109.30 per dollar, the biggest rise in more than a week.
Bonds
* The yield on 10-year Treasuries sank five basis points to 2.74 percent, the largest decline in more than a week.
* Germany’s 10-year yield fell two basis points to 0.23 percent, the biggest fall in a week.
* Britain’s 10-year yield rose than one basis point to 1.32 percent.
Commodities
* West Texas Intermediate crude declined 2.3 percent to $52.57 a barrel, the largest drop in more than a week.
* Gold rose 0.7 percent to $1,285 an ounce.
–With assistance from Yakob Peterseil.
Have a great night.

Be magnificent!

As ever,

Carolann

 

A schedule defends from chaos and whim.
                –Annie Dillard, b. 1945

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

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

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

Dear Friends,

Tangents: Full Moon tonight!
Wasn’t that eclipse last night amazing? 
On Jan. 21, 1976, the supersonic Concorde jet was put into service by Britain and France.  Go to article »

PHOTOS OF THE DAY

The Wolf Moon rises over Ely Cathedral, Cambridgeshire. Credit: Charlotte Graham for The Telegraph

A ‘Tamborillero’ wearing his uniforms marches in the traditional ‘La Tamborrada’, during ‘El Dia Grande’, the main day of San Sebastian feasts, in the Basque city of San Sebastian, northern Spain. Credit: Alvaro Barrientos/AP

A Plumbeous Water Redstart lands on a branch in zhengzhou city, Henan province of China. Credit: Costfoto/Barcroft Images
Market Closes for January 21^st, 2019

Market Index	Close	Change
Dow Jones	24706.35	Closed
S&P 500	2663.44	Closed
NASDAQ	7157.227	Closed
TSX	15354.16	+50.33
		+0.33%

International Markets

Market Index	Close	Change
NIKKEI	20719.33	+53.26
		+0.26%
HANG SENG	27196.54	+105.73
		+0.39%
SENSEX	36578.96	+192.35
		+0.53%
FTSE 100*	6970.59	-4.74
		-0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.017		2.035
CND. 30 Year Bond		2.237		2.257
U.S.    10 Year Bond		2.7842		2.7824
U.S. 30 Year Bond		3.0974		3.0950

Currencies

BOC Close	Today	Previous
Canadian $	0.75202	0.75330
US $	1.32975	1.32749
Euro Rate 1 Euro=		Inverse
Canadian $	1.51193	0.66141
US $	1.13700	0.87953

Commodities

Gold	Close	Previous
London Gold Fix	1284.20	1290.70
Oil
WTI Crude Future	53.80	53.80

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks extended their winning streak to 12 days, the longest such stretch in five years, after spending much of the day in negative territory.
     The S&P/TSX Composite Index added 0.3 percent to 15,354.16, the highest close since early November. Trading volume was nearly two-thirds below average as U.S. markets were closed for a holiday.
     Industrials led the gains, up 0.9 percent, followed by materials, which reversed an earlier decline to add 0.6 percent.
     Pot stocks also climbed, with Aphria Inc. up 12 percent, the biggest gainer on the benchmark.
In other moves:
Stocks
* Dollarama Inc. added 1 percent. The retailer has launched its first online store, which sells about 1,000 items in bulk
* ZCL Composites Inc. jumped 36 percent, the most since 2004, while ShawCor Ltd. slipped 1.8 percent. ShawCor is buying ZCL for C$308 million in cash
* Village Farms International Inc. gained 21 percent, the most since June, after the produce and cannabis company filed to list its shares on the Nasdaq
Commodities
* Gold for immediate delivery fell 0.2 percent to $1,279.60 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3298 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 2.02 percent
US
Martin Luther King Jr. Day – US markets closed.
Have a great evening.

Be magnificent!

As ever,

Carolann

The time is always right to do what is right.
-Rev Dr Martin Luther King Jr, 1929-1968

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

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

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

Dear Friends,

Tangents: Happy Friday!
On Jan. 18, 1912, English explorer Robert F. Scott and his expedition reached the South Pole, only to discover that Roald Amundsen had gotten there first. Go to article »

In memoriam: Mary Oliver, a Pulitzer Prize-winning poet, used plain language and minute attention to write about the natural world. She earned wide popularity, and comparisons to Walt Whitman and Robert Frost, although critical reaction was mixed. She died on Thursday at 83.
-from Mary Oliver:
Tell me, what is it you plan to do with your one wild and precious life?

Instructions for living a life. Pay attention. Be astonished. Tell about it.

When it’s over, I want to say: all my life I was a bride married to amazement. I was the bridegroom, taking the world into my arms.

The streets are closed in Cremona, Italy, and the mayor has asked citizens for silence. Even a broken glass may trigger a police visit.

Cremona was once home to Antonio Stradivari, who in the 17th and 18th centuries produced some of the finest violins and cellos ever made. And an ambitious project to digitally record the sounds of his instruments requires absolute quiet.

Sound engineers using 32 ultrasensitive microphones are producing a database to store all the possible tones that four instruments selected from the Museo del Violino’s collection can produce. The quiet, and the recording, lasts through January. -NY Times, January 18^th, 2019.

PHOTOS OF THE DAY

A shark said to be ‘Deep Blue’, is one of the largest recorded individuals, swims offshore Hawaii, U.S. in this picture obtained from social media. Credit: Juansharks/@oceanramsay/Juan Oliphant/oneoceandiving/com via Reuters

HT Rally Raid Husqvarna Racing No, 26 Motorbike ridden by Carlos Gracida Garza of Mexico competes in the sand, desert and dunes during Stage Nine of the 2019 Dakar Rally near Ica in Pisco, Peru. Credit” Dean Mouhtaropoulos/Getty Images

Bryony Frost riding Myplaceatmidnight (L) lead all the way to win The Towergate Caravan Insurance Handicap Hurdle at Wincanton Racecourse in Wincanton, England. Credit: Alan Crowhurst/Getty Images
Market Closes for January 18^th, 2019

Market Index	Close	Change
Dow Jones	24706.35	+336.25   +1.38%
S&P 500	2663.44	+27.48   +1.04%
NASDAQ	7157.227	+72.764   +1.03%
TSX	15311.70	+100.48
		+0.66%

International Markets

Market Index	Close	Change
NIKKEI	20666.07	+263.80
		+1.29%
HANG SENG	27090.81	+335.18
		+1.25%
SENSEX	36386.61	+12.53
		+0.03%
FTSE 100*	6968.33	+133.41
		+1.95%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.035		1.995
CND. 30 Year Bond		2.257		2.226
U.S.    10 Year Bond		2.7824		2.7504
U.S. 30 Year Bond		3.0950		3.0741

Currencies

BOC Close	Today	Previous
Canadian $	0.75330	0.75295
US $	1.32749	1.32811
Euro Rate 1 Euro=		Inverse
Canadian $	1.50869	0.66283
US $	1.13658	0.87983

Commodities

Gold	Close	Previous
London Gold Fix	1290.70	1292.30
Oil
WTI Crude Future	53.80	52.07

Market Commentary:
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks extended gains for an 11th consecutive session, the longest advance for the S&P/Toronto Stock Exchange Index since May 2018. Global markets continued to see a risk-on tone, as U.S. equities climbed amid further optimism for U.S.-China trade talks.
     The benchmark climbed 0.6 percent in Toronto, led by technology and health care, while materials underperformed. The index breached the 100-day moving average for the first time since late September. The index’s rally so far this year has been driven mainly by pot producers. In fact, the last time Canadian stocks started the year with such a dramatic gain, Michael Jackson’s “Rock With You” was the number one song.
     Canadian inflation unexpectedly accelerated on a surge in airfares last month, but underlying price pressures remained steady. The consumer price index in December gained 2 percent from a year ago, up from 1.7 percent in November, driven by a 22 percent surge in the cost of air transportation. Economists had been expected inflation to be unchanged.
Stocks
* Cronos Group Inc. climbed 8.7 percent after CIBC Capital Markets initiated coverage with a sector outperform rating  * Aphria rose 3.4 percent after falling 3 days
* NFI Group advanced 7.8 percent after the company doubled the size of its buyback
* Gold miners fell amid optimism for progress in U.S.-China trade talks that boosted equities
Commodities
* Western Canada Select crude oil traded at a $11.40 discount to WTI
* Gold fell about 0.9 percent to $1,280.94 an ounce
FX/Bonds
* The Canadian dollar rose about 0.03 percent to C$1.3275 per U.S. dollar
* The Canada 10-year government bond yield rose to 2.033%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — Stocks rallied to the highest level in six weeks as signs the U.S. and China are closing in on a trade truce and stronger factory numbers boosted investor confidence in the global economy. Treasuries slid and the dollar gained.
     The S&P 500 Index advanced for a fourth week, the longest streak since August, as technology firms and trade-sensitive companies from Boeing to Caterpillar rose after a report by Bloomberg News said China has offered a path to eliminate its trade gap with America. Major indexes padded earlier gains fueled by the biggest increase in factory output in 10 months.
     Facebook pared its rise after the Washington Post said regulators discussed fining the social-media giant. The dollar strengthened for a fourth day, while the 10-year Treasury yield reached 2.78 percent. West Texas crude pushed above $53 a barrel, and gold slid along with the Japanese yen.
     “Trade has been a weight on the market for some time now, I think the good thing is it’s pretty clear the administration wants a deal,” said Andrew Kenney, the chief investment officer of Delaware Life, which manages $37 billion.
     The newest signal of easing tensions followed a Wall Street Journal report Thursday, which was later denied, that offered fresh hope that Treasury Secretary Steven Mnuchin would be able to de-escalate the spat. Adding to the bullish sentiment has been a slew of better-than-expected economic data this week.
     Elsewhere, the pound weakened, erasing Thursday’s rally when U.K. opposition leader Jeremy Corbyn said that a second referendum remains an option in the Brexit saga.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.3 percent as of 4 p.m. New York time, to the highest since Dec. 6. 
* The Stoxx Europe 600 Index climbed 1.8 percent.
* The MSCI Emerging Market Index climbed 0.7 percent to the highest in more than six weeks.
Currencies
* The Bloomberg Dollar Spot Index gained 0.4 percent.
* The euro fell 0.2 percent at $1.1366.
* The Japanese yen decreased 0.4 percent to 109.72 per dollar.
* The MSCI Emerging Markets Currency Index slipped 0.1 percent.
Bonds
* The yield on 10-year Treasuries rose three basis points to 2.78 percent.
* Germany’s 10-year yield rose two basis points to 0.26 percent.
Commodities
* The Bloomberg Commodity Index gained 1.2 percent to a five-week high.
* West Texas Intermediate crude climbed 3.1 percent to $53.71 a barrel, the highest in five weeks.
–With assistance from Adam Haigh, Todd White and Brendan Walsh.

Have a wonderful weekend!

Be magnificent!

As ever,

 

Carolann

 

Success is a science; if you have the conditions, you get the result.
                                                      -Oscar Wilde, 1854-1900

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

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

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

Dear Friends,

Tangents:

Benjamin Franklin, birthday, b. 1706

See www.pbs.org/benfranklin/

Insights from Benjamin Franklin:
Three may keep a secret if two of them are dead.

Necessity never made a good bargain.

The definition of insanity is doing the same thing over and over and expecting different results.

In this world nothing is certain but death and taxes.

Early to bed and early to rise, makes a man healthy, wealthy and wise.
PHOTOS OF THE DAY

A member of crew mops the deck of a boat in the Atlantic Ocean. Credit: Zay Yar Lin/Solent News

Traders inspect goldfishes in the ‘Kanko’ wooden trays floating at a pond prior to the first auction of the New Year in Yatomi, Japan. Credit: The Asahi Shimbun/Getty Images

Star trails captured at the 900-year-old Leeds Castle in Kent. Credit: Robert Canis
Market Closes for January 17^th, 2019

Market Index	Close	Change
Dow Jones	24370.10	-21.01   -0.09%
S&P 500	2635.96	+4.03   +0.15%
NASDAQ	7084.465	+49.772   +0.71%
TSX	15211.22	+99.96
		+0.66%

International Markets

Market Index	Close	Change
NIKKEI	20402.27	-40.48
		-0.20%
HANG SENG	26755.63	-146.47
		-0.54%
SENSEX	36374.08	+52.79
		+0.15%
FTSE 100*	6834.92	-19.41
		-0.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.995		1.997
CND. 30 Year Bond		2.226		2.222
U.S.    10 Year Bond		2.7504		2.7218
U.S. 30 Year Bond		3.0741		3.0711

Currencies

BOC Close	Today	Previous
Canadian $	0.75295	0.75435
US $	1.32811	1.32564
Euro Rate 1 Euro=		Inverse
Canadian $	1.51292	0.66097
US $	1.13915	0.87784

Commodities

Gold	Close	Previous
London Gold Fix	1292.30	1294.40
Oil
WTI Crude Future	52.07	52.31

Market Commentary:
On this day in 1792, the dollar sign ($) appeared for the first time on a federal document—a U.S. Treasury bond issued to George Washington.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks extended gains for a 10th consecutive session, the longest streak of gains for the benchmark since May 2018. 
     Health-care and energy stocks fell. Canada’s ambassador to China John McCallum warned that the diplomatic feud between the two countries was damaging Beijing’s reputation, as the U.S. joined countries criticizing a Canadian citizen’s death sentence as “politically motivated.” McCallum told reporters Wednesday that China’s prosecutions of Canadian nationals risked undermining its own interests in the world’s business community.
Stocks
* MEG Energy Corp. plunged close to 37 percent after Husky Energy Inc. abandoned its hostile takeover bid after failing to win enough support from shareholders; Husky climbed more than 11 percent
* Peyto Exploration & Development Corp. fell more than 8 percent after cutting its dividend forecast 65%
* Aurora Cannabis Inc. fell about 5.4 percent; on Monday the company entered into a letter of intent to acquire privately held Whistler Medical Marijuana Corporation 
Commodities
* Western Canada Select crude oil traded at a $8.25 discount to WTI
* Gold fell about 0.2 percent.
FX/Bonds
* The Canadian dollar fell about 0.4 percent to C$1.33032 per U.S. dollar
* The Canada 10-year government bond yield strengthened to 1.995%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the 10th day, climbing 0.7 percent, or 99.96 to 15,211.22 in Toronto. The index advanced to the highest closing level since Dec. 3. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.0 percent. Husky Energy Inc. had the largest
increase, rising 12.4 percent.
Today, 160 of 239 shares rose, while 76 fell; 10 of 11 sectors were higher, led by financials stocks.
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 40.9933| 0.8| 20/6
Materials | 15.8905| 1.0| 31/18
Energy | 14.5387| 0.5| 25/18
Industrials | 11.7088| 0.7| 23/5
Consumer Discretionary | 6.2796| 1.0| 10/7
Communication Services | 5.2963| 0.6| 7/0
Utilities | 4.7052| 0.8| 12/3
Information Technology | 2.6590| 0.4| 10/0
Real Estate | 0.3791| 0.1| 12/10
Consumer Staples | 0.2534| 0.0| 5/5
Health Care | -2.7470| -0.9| 5/4
================================================================
Top Contributors |Index Points Move| % Change
================================================================
TD Bank | 9.2740| 1.0
Suncor Energy | 8.9860| 1.9
Nutrien | 8.3270| 2.9
Fairfax Financial Holdings | -2.5530| -2.1
MEG Energy | -5.3980| -35.6
Aurora Cannabis | -7.2390| -10.5
================================================================
Biggest Gainers | % Change |Index Points Move
================================================================
Husky Energy | 12.4| 4.1230
Crescent Point Energy | 4.5| 0.7830
Canada Goose | 4.5| 1.1910
================================================================
Biggest Losers | % Change |Index Points Move
================================================================
MEG Energy | -35.6| -5.3980
Peyto Exploration | -10.7| -0.9980
Aurora Cannabis | -10.5| -7.2390

* The Canadian dollar rose 0.17 percent to 1.3278 against the U.S. dollar
* The benchmark 10-year bond rose and the yield fell 0.3 basis points to 1.993 percent
* The S&P 500 Index advanced 0.8 percent
US
By Randall Jensen and Reade Pickert
     (Bloomberg) — Stocks rose following a report that said some Trump administration officials are pushing for an easing of trade tensions with China. Treasuries declined.
     The S&P 500 pushed above its average price for the past 50 days, a level it hadn’t breached since December, after the Wall Street Journal cited people close to discussions saying Treasury Secretary Steven Mnuchin is a proponent of easing tariffs. The Treasury denied the report. Shares had advanced earlier in the session after strong data calmed concern that the world’s largest economy was in danger of contracting.
     The late-session rally was the latest sign that investors consider the months long trade war with China a major headwind for the global economy. The S&P 500 has fallen about 5 percent since President Donald Trump and Chinese President Xi Jinping agreed on a 90-day truce that expires in March.
     “Certainly evidence that the administration is approaching a deal would be good news. If it is credible, we might have to lower our inflation forecast a little since it embeds more tariffs,” said Laura Rosner, senior economist at MacroPolicy Perspectives, in an interview. “We’ve heard noise around trade policy before though, so I would want to make sure the progress happens and sticks.”
Here are some key events coming up:
* Earnings season rolls on with Netflix posting results.
* Data on U.S. industrial production are due.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose less than 0.1 percent.
* The MSCI Emerging Market Index dipped 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index was steady.
* The euro was little changed at $1.1394.
* The Japanese yen fell 0.1 percent to 109.22 per dollar.
* The British pound gained 0.7 percent to $1.2980.
* The MSCI Emerging Markets Currency Index dipped 0.2 percent.
Bonds
* The yield on 10-year Treasuries rose two basis point to 2.74 percent.
* Germany’s 10-year yield gained two basis points to 0.24 percent.
* Britain’s 10-year yield added three basis points to 1.34 percent.
Commodities
* The Bloomberg Commodity Index rose 0.2 percent.
* West Texas Intermediate crude was little changed at $52.32 a barrel.
* Gold decreased 0.2 percent to $1,291.10 an ounce.
–With assistance from Eddie van der Walt and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

 

Carolann

The beginning is always today.
-Mary Wollstonecraft Shelley, 1797-1851

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