Month: February 2019

Dear Friends,

Tangents:
Scientists James D. Watson and Francis H.C. Crick announced they had discovered the double-helix structure of DNA, the molecule that contains the human genes, at Cambridge University.
Go to article »

‘Starry’ planet
Check out these photos. No, they’re not some recently unearthed van Gogh paintings. They’re new pics of Jupiter taken by NASA’s Juno spacecraft. – From CNN
PHOTOS OF THE DAY

A bee foraging around flowers on a warm winter’s day in Bern, Switzerland. The unseasonably warm weather seems to have brought the seasons forward by some weeks, revealing a spring view while still being in winter. Credit: Anthony Anex/Keystone

Tourist and office workers continue to enjoy the unseasonably warm weather in Hyde Park, London, as Britain could experience record-breaking temperatures this week. Credit: John Stillwell/PA

A view of the Ballroom and the Young Women and Men’s Committee during the rehearsal for the 2019 Opera Ball at the Vienna State Opera. – The Opera Ball 2019, the sumptuous highlight of the Austrian capital’s ball season. Credit: Photo by Herbert Neubaur/AFP
Market Closes for February 28^th, 2019

Market Index	Close	Change
Dow Jones	25916.00	-69.16   -0.27%
S&P 500	2784.49	-7.89   -0.28%
NASDAQ	7532.531	-21.978   -0.29%
TSX	15999.01	-75.29
		-0.47%

International Markets

Market Index	Close	Change
NIKKEI	21385.16	-171.35
		-0.79%
HANG SENG	28633.18	-124.26
		-0.43%
SENSEX	35867.44	-37.99
		-0.11%
FTSE 100*	7074.73	-32.47
		-0.46%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.942		1.915
CND. 30 Year Bond		2.190		2.162
U.S.    10 Year Bond		2.7150		2.6770
U.S. 30 Year Bond		3.0802		3.0576

Currencies

BOC Close	Today	Previous
Canadian $	0.75932	0.76052
US $	1.31697	1.31489
Euro Rate 1 Euro=		Inverse
Canadian $	1.49755	0.66776
US $	1.13712	0.87942

Commodities

Gold	Close	Previous
London Gold Fix	1322.85	1325.05
Oil
WTI Crude Future	57.22	56.95

Market Commentary:
On this day in 1827, America’s first great growth industry was born. Two dozen business leaders incorporated the Baltimore and Ohio Railway to link Baltimore with Wheeling, W.Va., connecting the western frontier with the eastern seaboard.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks ended a four-day winning streak, trending lower with the U.S. market on global risks.
     The S&P/TSX Composite Index dropped 0.5 percent to 15,999.01. Materials, financials, and industrials lagged, while health-care and real estate advanced. The S&P/TSX Composite Materials Sector GICS Level 1 Index (STMATR) dropped for a fourth straight session.
     Foreign direct investment in Canada rebounded in 2018, showing businesses may be regaining some of their confidence in an economy hampered by falling oil prices and trade uncertainty.
In other moves:
Stocks
* Jamieson Wellness gained 10.5% after earnings update and BMO upgrade
* Bombardier rose 6.5% after boosting its planned bond offering
* Transcontinental lost 12.2% after 1Q adj. EPS missed lowest estimate 
* Seven Generations Energy fell 9.1%; the company still looking at infrastructure options 
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold fell about 0.1% to 1,325.10 an ounce
FX/Bonds
* The Canadian dollar gained fell about 0.1 percent to C$1.3162 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.943 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks fell for a third consecutive day for the first time this year as lingering concerns over trade and geopolitical risks offset a report showing the economy cooled by less than expected last quarter. The dollar climbed and Treasury yields increased.
     “With this positive momentum, investors are just looking for a little bit of a pause,” said Gene Goldman, chief investment officer at Cetera Investment Management. “Now on the docket is what’s next? We had some data reports and GDP today, but that’s still two month-old data, so investors need some more news.”
     After soaring 18 percent from Christmas to mid-February, the S&P 500 Index has been stuck treading water for the past seven sessions. The gauge did basically nothing the first three days this week, moving less than 3.5 points each day for a total journey of 7.2 points. The last time the gauge did that little over three sessions was 14 months ago.
     Equities received brief bumps higher after White House economic adviser Larry Kudlow and Treasury Secretary Steven Mnuchin gave optimistic outlooks on the status of trade negotiations with China. Stocks dropped earlier in Europe and Asia as disappointing manufacturing data out of China and an abrupt end to the U.S.-North Korea summit added to a litany of concerns facing investors.
     The 2.6 percent annualized rate of gains in gross domestic product from October to December compared with the 2.2 percent median estimate of economists surveyed by Bloomberg. It followed a 3.4 percent advance in the prior three months, according to a Commerce Department report that was delayed a month by the government shutdown.
     “This really helps at least reduce imminent recession fears and is just another indicator that the economy certainly slowed down but it looks less recessionary than just a mid-cycle slowdown at this point,” said Jim Paulsen, chief investment strategist at Leuthold Weeden Capital Management in Minneapolis.
     “And certainly the bond market’s initial reaction seems to be that way, with it lifting yields for example.” China’s economic worries and the abrupt end to the Hanoi summit, alongside escalating tensions between India and Pakistan add to a growing array of investor worries. The list also includes the trade war and the direction of monetary policy, potentially setting a high bar for further gains in stocks. U.S. Trade Representative Robert Lighthizer dialed back expectations for a sweeping deal with Beijing on Wednesday, putting a damper on hopes for a quick resolution to talks.
Here are some key events coming up:
* U.S. personal income and sending data is released Friday.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of 4:03 p.m. New York time, while the Nasdaq Composite Index dropped 0.3 percent and the Dow Jones Industrial Average eased 0.3 percent.
* The Stoxx Europe 600 was little changed. 
* The MSCI Emerging Market Index dropped 1 percent.
* The MSCI Asia Pacific Index fell 1 percent, the third straight decline. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro rose less than 0.1 percent to $1.1374, while the yen weakened 0.4 percent to 111.46 per dollar.
* The British pound weakened 0.4 percent to $1.3262, the first decline in five days.
* The MSCI Emerging Markets Currency Index fell 0.2 percent.
Bonds
* The yield on 10-year Treasuries rose four basis points to 2.72 percent.
* Germany’s 10-year yield climbed four basis points to 0.18 percent.
* Britain’s 10-year yield rose three basis points to 1.30 percent, the fourth straight daily increase. 
Commodities
* West Texas Intermediate rose 0.5 percent to $57.21 a barrel.
* Gold fell 0.5 percent to $1,313 an ounce.
* The Bloomberg Commodity Index fell 0.3 percent. 
–With assistance from Elena Popina.

Have a great night.

Be magnificent!

As ever,

Carolann

Knowing others is intelligence; knowing yourself is true wisdom.
Mastering others is strength; mastering yourself is true power.
                                     -Lao Tzu, c. 6^th-4^th century B.C.

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 Feb. 27, 1991, President George H.W. Bush declared that “Kuwait is liberated, Iraq’s army is defeated,” and announced that the allies would suspend combat operations at midnight.
Go to article »

1807~ Henry W. Longfellow, poet, born.
We judge ourselves by what we feel capable of doing, while others judge us by what we have already done. – Henry Wadsworth Longfellow.

Longfellow was born in Portland, Maine, and it is the wilderness and the sea that supplies his poetry, like Song of Hiawatha, Evangeline, and the Courtship of Miles Standish, and their images and meaning.  He wrote poems as a young man during his years at Bowdoin College and then turned to academic writing and translation as a professor of modern languages at Harvard.  His store of languages included French, Spanish, Italian, Dutch, Danish, Icelandic, Swedish, and some Finnish.
He finished his last poem, The Bells of San Blas, on March 15, 1882.  “Out of the shadows of night/The world rolls into light; it is daybreak everywhere.”  He died nine days later on March 24, 1882.
PHOTOS OF THE DAY

People sit on rocks with their tops off as they enjoy the sunshine at Woolacombe, North Devon. Credit: Ben Birchalla/PA Wire

A surfer males their way into the sea during sunrise at Boscombe beach in Dorset as Britain could experience more record-breaking temperatures this week after Monday became the warmest winter day on record. Credit: Andrew Matthews/PA Wire

A girl that studies in Cucuta, Colombia, points to the Francisco de Paula Santander international bridge, closed by the Venezuelan Bolivarian National Guard, in Urena, Venezuelan children, who attend school on the Colombian side of the border, have been blocked from class after the border between both countries was closed indefinitely by the Venezuelan government. Credit: Fernando LLANO/AP
Market Closes for February 27^th, 2019

Market Index	Close	Change
Dow Jones	25985.16	-72.82   -0.28%
S&P 500	2792.38	-1.52   -0.05%
NASDAQ	7554.508	+5.210   +0.07%
TSX	16074.30	+6.39
		+0.04%

International Markets

Market Index	Close	Change
NIKKEI	21469.92	-86.59
		-0.40%
HANG SENG	28757.44	-14.62
		-0.05%
SENSEX	35905.43	-68.28
		-0.19%
FTSE 100*	7107.20	-43.92
		-0.61%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.915		1.866
CND. 30 Year Bond		2.162		2.121
U.S.    10 Year Bond		2.6770		2.6357
U.S. 30 Year Bond		3.0576		3.0055

Currencies

BOC Close	Today	Previous
Canadian $	0.76052	0.75956
US $	1.31489	1.31655
Euro Rate 1 Euro=		Inverse
Canadian $	1.49588	0.66850
US $	1.13765	0.87900

Commodities

Gold	Close	Previous
London Gold Fix	1325.05	1331.05
Oil
WTI Crude Future	56.95	55.50

Market Commentary:
Most-active gold futures are on track for a fifth consecutive monthly increase. That would mark their longest such streak since December 2010, according to Dow Jones Market Data. Market volatility and Fed caution pushed the haven metal to a 10-month high earlier this month.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks managed to eke out a small gain Wednesday, recovering from a 0.46 percent decline as U.S. market eased about two-thirds of a percent .
     The S&P/TSX Composite Index gained 0.04 percent to 16,074.30. Materials and health care (mainly marijuana) were the key laggards while information technology gained.
     Oil prices jumped by the most in almost a month after a plunge in U.S. stockpiles showed OPEC and its allies tightening global supplies despite President Trump’s protests.
In other moves:
Stocks
* Turquoise Hill Resources plunged 13.7% after Rio said it could take several months to understand potential delays to the expansion of the Oyu Tolgoi copper mine in Mongolia
* Laurentian Bank of Canada lost 9.8% as earnings missed, job cuts 
* Premier Gold Mines fell 8.2% amid materials sector weakness 
* Trulieve Cannabis lost 7.1% 
* Winpak fell 6.7% after a downgrade to hold at GMP Securities 
* Cannex Capital Holdings gained 16.7%, extending a four-day rally 
Commodities
* Western Canada Select crude oil traded at a $11.65 discount to WTI
* Gold fell about 0.1% to 1,325.10 an ounce
FX/Bonds
* The Canadian dollar gained 0.1% to C$1.3152 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.914%
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — Stocks drifted lower after the top U.S. trade negotiator dialed back expectations for a sweeping deal with China and investors fixated on a Congressional hearing about President Donald Trump’s political controversies. The dollar was mixed and bond yields rose.
     The S&P 500 and Dow Jones Industrial Average dropped for a second day after U.S. Trade Representative Robert Lighthizer said America is also pushing for “significant structural changes” to the Asian nation’s economic model. Michael Cohen, the president’s former attorney who is facing jail time, said that Trump committed crimes while in office.
     “And so hearing what Lighthizer has to say, I think is probably the most important in terms of learning new information for today, rather than obviously just watching Cohen, which is more a political spectacle than anything else,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
     Equities had been trending lower before Lighthizer’s Congressional comments amid fresh headwinds from disappointing corporate earnings and geopolitical tension in Asia. Japan equities came off their highs and Hong Kong shares erased an advance after Pakistan downed two Indian jets. News of the worst escalation between the two nations since the 1971 war initially boosted the yen and weakened India’s rupee.
     Meanwhile, Federal Reserve Chairman Jerome Powell testified for a second day before Congress about monetary policy and the U.S. economy.
     Investors have added the India-Pakistan flare-up to a host of uncertainties they’re tracking, from the China trade talks to Brexit, that could rein in a recovery in global equities from December lows. Trump is in Hanoi for a second summit with North Korean leader Kim Jong Un.
     The pound, which surged the most in more than three months on Tuesday, added to its gains following a report Wednesday that the European Union will insist on deferring the U.K.’s departure date by up to two years if London and Brussels fail to agree a deal. Oil jumped after a report showed an unexpectedly steep drop in U.S. crude supplies, with total weekly imports falling to the lowest level in more than two decades.
     India’s rupee reversed gains and Pakistan’s benchmark stock index plunged more than 3 percent in Karachi before recovering after the latest escalation in tensions. The Pakistani action came a day after India’s Air Force jets bombed what it said was a terrorist training camp inside Pakistan.
Here are some key events coming up:
* Thursday brings fourth quarter U.S. GDP.
* U.S. personal income and sending data is released Friday.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.1 percent as of 4:05 p.m. New York time, while the Nasdaq Composite Index rose less than 0.1 percent and the Dow Jones Industrial Average declined 0.3 percent.
* The Stoxx Europe 600 eased 0.3 percent, the first decrease in four sessions. 
* The MSCI Emerging Market Index dropped 0.3 percent.
* The MSCI Asia Pacific Index fell 0.1 percent. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent, the first increase in four days.
* The euro fell 0.2 percent to $1.1369.
* The British pound strengthened 0.4 percent to $1.3305, the third consecutive increase.
* The MSCI Emerging Markets Currency Index rose 0.1 percent.
Bonds
* The yield on 10-year Treasuries rose five basis points to 2.68 percent.
* Germany’s 10-year yield climbed three basis points to 0.15 percent.
* Britain’s 10-year yield rose seven basis points to 1.27 percent, the third straight daily increase. 
Commodities
* West Texas Intermediate rose 2.7 percent to $56.97 a barrel.
* Gold fell 0.7 percent to $1,320 an ounce.
* The Bloomberg Commodity Index rose 0.5 percent, the first increase in three days.

Have a great night.

Be magnificent!

As ever,

Carolann

What a strange illusion it is to suppose that beauty is goodness. -Leo Tolstoy, 1828-1910.

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:
1802~ Victor Hugo, writer, born.
1848~ Communist Manifesto published.
1919~ Grand Canyon National Park established.
On Feb. 26, 1993, a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others.  Go to article »

PHOTOS OF THE DAY

At daybreak on an unseasonably warm February day, tens of thousands of starlings erupt in spectacular swarms from their overnight roost under Aberystwyth pier to fly out to their feeding grounds in the fields and marshes around Aberystwyth in west Wales. Credit: Keith Morris/LNP

Morning light on as the sun rises over Buttermere Lake, in the English Lake District in North West England. Credit: Charlotte Graham

A visitor tests the Vive Pro Eye virtual reality headset at the Mobile World Congress (MWC) in Barcelona. Phone makers will focus on foldable screens and the introduction of blazing fast 5G wireless networks at the world’s biggest mobile fair in Spain as they try to reverse a decline in sales of smartphones. Credit: Gabriel Bouys/AFP/Getty Images
Market Closes for February 26^th, 2019

Market Index	Close	Change
Dow Jones	26057.98	-33.97   -0.13%
S&P 500	2793.90	-2.21   -0.08%
NASDAQ	7549.297	-5.163   -0.07%
TSX	16067.91	+10.88
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	21449.39	-78.84
		-0.37%
HANG SENG	28772.06	-187.24
		-0.65%
SENSEX	35973.71	-239.67
		-0.66%
FTSE 100*	7151.12	-32.62
		-0.45%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.866		1.894
CND. 30 Year Bond		2.121		2.141
U.S.    10 Year Bond		2.6357		2.6626
U.S. 30 Year Bond		3.0055		3.0271

Currencies

BOC Close	Today	Previous
Canadian $	0.75956	0.75830
US $	1.31655	1.31874
Euro Rate 1 Euro=		Inverse
Canadian $	1.49970	0.66680
US $	1.13912	0.87787

Commodities

Gold	Close	Previous
London Gold Fix	1331.05	1329.05
Oil
WTI Crude Future	55.50	55.33

Market Commentary:
On this day in 1995, Barings Bank, one of the oldest and most distinguished investment banks in the world, declared bankruptcy after trader Nick Leeson lost more than $1.4 billion on unauthorized trades in Japanese stock futures. The loss came after Barings had nearly gone bust more than a century earlier on its speculations in Latin American bonds.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 16,067.91 in Toronto. Bank of Montreal contributed the most to the index gain, increasing 2.5 percent. Cronos Group Inc. had the largest increase, rising 6.7 percent.
     Today, 128 of 238 shares rose, while 105 fell; 6 of 11 sectors were higher, led by health care stocks.
* The benchmark 10-year bond rose and the yield fell 2.8 basis points to 1.866 percent
* The S&P 500 Index declined slightly, down 0.1 percent
Top Contributors | Move | % Change | (%) | (%)
================================================================
Bank of Montreal | 11.2700| 2.5| 66.2| 14.0
Couche-Tard | 6.0630| 2.7| 25.5| 10.5
Enbridge Inc | 5.1720| 0.7| -4.9| 15.6
Manulife Financial | -3.3860| -1.1| 54.1| 16.3
CIBC | -3.4630| -1.0| 188.7| 11.6
Bank of Nova Scotia| -19.6300| -3.0| 285.5| 7.5
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Cronos Group | 6.7| 2.1260| -23.0| 98.1
Baytex Energy | 6.6| 0.5910| 55.6| 1.2
Aurora Cannabis | 6.4| 4.3210| 0.6| 50.4
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
Canfor | -9.4| -0.6660| 308.7| -13.3
Interfor | -7.6| -0.5750| 106.7| 4.2
Husky Energy | -7.5| -2.5720| 156.6| 4.7
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks pushed lower in the final hour of trading to close in the red as investors struggled to put an optimistic spin on Federal Reserve Chairman Jerome Powell’s testimony before Congress. The pound rallied as U.K. Prime Minister Theresa May promised a vote to delay Brexit if her proposed deal fails.
     The S&P 500 whipsawed traders as it swung between gains and losses, with increases capped at the round-number milestone of 2,800, as Powell discussed the path for monetary policy and the health of the economy. The index was lower as the banker warned that growth looked uneven, though regained some losses on speculation the Fed will remain on hold. Shares fell in Asia as the rush of optimism over U.S.-China trade talks from earlier in the week faded.
     The S&P 500 is “consolidating underneath that 2,800 level, almost catching its breath before the next move happens,’’ said Ryan Detrick, senior market strategist at LPL Financial LLC.
     “The easy part of this bounce is over, it’s the next 10 percent that’s going to be harder.” “You’ve had a pretty significant rally, I’m actually pretty impressed with the rally we’ve had since late December,” Randy Swan, founder of Swan Global Investments, said in an interview at Bloomberg’s New York headquarters. “We are kind of in a holding pattern since people are waiting for economic news, good or bad, to try to figure out what’s going to happen next.”
     Powell said a healthy economy has faced some “crosscurrents and conflicting signals” that officials in January decided warranted taking a patient approach to rate changes. With inflation pressures “muted,” the Fed in its decision last month to keep rates unchanged “determined that the cumulative effects’’ of its actions and global and financial developments, “along with ongoing government policy uncertainty, warranted taking a patient approach with regard to future policy changes,’’ Powell said.
     The pound rallied to the highest level versus the euro since 2017 as U.K. Prime Minister Theresa May addressed Parliament, confirming there was a path to delaying Brexit. The opposition Labour party also changed tack, coming out in favor of a second vote on the divorce.
     Elsewhere, WTI crude finished higher after tumbling the most in four weeks on Monday following criticism from President Donald Trump that prices are too high. Iron ore retreated with Barclays warning it may erase all its dam-disaster gains this year.
Here are some key events coming up:
* Powell delivers the second half of his semiannual testimony on monetary policy and the state of the economy to a House committee Wednesday.
* President Donald Trump and North Korea leader Kim Jong Un meet for a second summit on Wednesday.
* Thursday brings fourth quarter U.S. GDP.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.1 percent as of 4:05 p.m. New York time, while the Nasdaq Composite Index slumped less than 0.1 percent and the Dow Jones Industrial Average declined 0.1 percent.
* The Stoxx Europe 600 rose 0.4 percent, the third consecutive increase.
* The MSCI Emerging Market Index dropped 0.1 percent, the first decline in seven sessions.
* The MSCI Asia Pacific Index fell 0.2 percent. 
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent, the third consecutive decline.
* The euro gained 0.3 percent to $1.1392.
* The British pound strengthened 1.3 percent to $1.3261.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries dropped three basis points to 2.64 percent.
* Germany’s 10-year yield climbed one basis point to 0.12 percent.
* Britain’s 10-year yield increased three basis points to 1.21 percent. 
Commodities
* West Texas Intermediate rose 0.3 percent to $55.65 a barrel.
* Gold rose 0.1 percent to $1,329 an ounce.
* The Bloomberg Commodity Index declined 0.1 percent, a second straight loss.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

We are what we think.  All that we are arises with our
thoughts.  With our thoughts, we make the world.
                                            -Buddha

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 February 25, 1570 – Pope Pius V excommunicated England’s Queen Elizabeth I. Go to article >>

1841- Auguste Renoir, painter, was born.
1943, George Harrison, musician, was born.
1964 – Cassius Clay (Muhammad Ali), becomes heavyweight champion.

POINTS OF PROGRESS:
AUSTRALIA
Melbourne has become the first Australian city to power all city infrastructure with renewable energy sources.  The facilities include streetlights, libraries, gyms, and childcare centers.  While some residents were concerned about the expense of the transition, the city has been able to come out on top of costs by leveraging the savings from increased energy efficiency.  Other cities in Australia, such as Victoria, are also making great strides on hitting clean energy targets.  –The Guardian.

UNITED STATES
January storms have refilled California’s reservoirs.  While heavy rains can cause mudslides in fire-stricken areas, they also restore water supplies in a  state that often faces drought conditions.  This winter’s rainfall has ensured that the state’s reservoirs and lakes – as well as the Sierra Nevada snowpack – are off to an above-average start this year. -Los Angeles Times.
PHOTOS OF THE DAY

Revellers wearing masks and period costumes take part in the Venice Carnival. Credit: Alberto Pizzoli/AFP/Getty Images

A reveller in costume attends the “Cordao do Boitata” street party in Rio de Janeiro, Brazil. Credit: Leo Correa/AP

Russia’s Viachelslav Barkov soars through the air during the Nordic Combined, Ski Jumping Team Sprint HS130 event, at the Nordic Ski World Championships in Innsbruck, Austria. Credit: Matthias Schrader/AP
Market Closes for February 25^th, 2019

Market Index	Close	Change
Dow Jones	26091.95	+60.14   +0.23%
S&P 500	2796.11	+3.44   +0.12%
NASDAQ	7554.461	+26.916   +0.36%
TSX	16057.03	+44.02
		+0.27%

International Markets

Market Index	Close	Change
NIKKEI	21528.93	+102.72
		+0.48%
HANG SENG	28959.30	+143.00
		+0.50%
SENSEX	36213.38	+341.90
		+0.95%
FTSE 100*	7183.74	+5.14
		+0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.894		1.890
CND. 30 Year Bond		2.141		2.140
U.S.    10 Year Bond		2.6626		2.6518
U.S. 30 Year Bond		3.0271		3.0127

Currencies

BOC Close	Today	Previous
Canadian $	0.75830	0.76130
US $	1.31874	1.31355
Euro Rate 1 Euro=		Inverse
Canadian $	1.49791	0.66760
US $	1.13585	0.88039

Commodities

Gold	Close	Previous
London Gold Fix	1329.05	1331.25
Oil
WTI Crude Future	55.33	57.11

Market Commentary:
On this day in 1862, Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks. The act also authorized the Treasury to sell 6% bonds callable in five years, maturing in 20, which were quickly nicknamed “5-20s.” Philadelphia broker Jay Cooke invented what he called the “democratic distribution” of investments, slicing the 5-20s into denominations as small as $50, advertising them heavily in local newspapers, and hiring his own army of 2,500 “traveling agents” to sell them in towns throughout the Union. He raised $361 million in less than two years—and introduced tens of thousands of Americans to investing for the first time.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks advanced Monday, following early gains in global stocks after U.S. President Donald Trump postponed the date for boosting tariffs on Chinese imports, taken as a sign of progress in the trade talks.
     The S&P/TSX Composite Index rose 0.3 percent to 16,057.03, its highest closing level since October 3. Industrial companies, financials, and communication services outperformed while health care dropped.
     Oil tumbled the most in four weeks after Trump tweeted that prices are too high and called on OPEC to “relax and take it easy.”
     Meanwhile, Barrick Gold Corp. is going hostile in its bid to acquire Newmont Mining Corp. and create the world’s largest gold producer, offering $17.8 billion for the company in an all- share deal. Shares of both companies fell.
In other moves:
Stocks
* Cannex Capital Holdings Inc. gained 13 percent after reporting a pact to acquire California-based Pure Ratios 
* Trulieve Cannabis Corp. rose 11 percent to its highest since early October 
* SNC-Lavalin Group Inc. jumped 6.3 percent, most since Jan. 29
* Chemesis International Inc. fell a record 18 percent after announcing a C$5.8 million equity financing
* Village Farms International Inc. lost 7.6 percent 
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI
* Gold fell less than 0.3 percent to $1,325.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.31752 per U.S.dollar
* The Canada 10-year government bond yield rose to 1.896 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. equities managed to hold on to early gains and close at the highest levels in almost four months after President Donald Trump postponed the date for boosting tariffs on Chinese imports, taken as a sign of progress in the trade talks. Bonds yields rose and oil retreated.
     After reaching session highs early in the trading day, the S&P 500 drifted lower amid a slide in utilities, real estate and consumer staples, before closing in the green. European and Asia stocks rallied earlier. General Electric shares soared after the company agreed to sell its bio-pharma business for a total consideration of $21.4 billion.
     In Asia, the Shanghai Stock Exchange Composite Index rallied the most since 2015 and the yuan strengthened after Trump said he will delay the March 1 trade deadline, and as comments from China President Xi Jinping suggested top officials will focus on growth rather than cracking down on leverage.
     Emerging-market currencies and shares advanced despite China’s state-run Xinhua news agency later publishing a commentary saying talks will be harder at the final stage.
     “The reality is there was enough pain created that caused both the Trump administration and President Xi and his administration basically to say, ‘we have to come to an agreement,”’ said Nathan Thooft, Manulife Asset Management’s head of global asset allocation. “There’s no doubt the interaction and the fact that they’re actually speaking and seem to be progressing is being viewed as a positive in the market.”
     The official delay from the U.S. may give fresh impetus to extend a global rally in equities that was being tested amid an uncertain future on global trade and forecasts for global economic growth to ebb. Also in focus this week will be a hearing from Federal Reserve Chairman Jerome Powell, where investors will get the latest read on monetary policy.
     Trump said the trade talks were productive. “The U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues,” he said in a Twitter posting on Sunday evening.
     Read how emerging markets are beholden to the yuan’s fate as trade deadline looms
     Elsewhere, crude oil fell after Trump said in a tweet that prices were too high, while copper held on to gains over Chinese optimism. Gold was little changed, with Newmont Mining climbing on a hostile bid from rival Barrick Gold. The pound was little changed versus the euro as U.K. Prime Minister Theresa May pushed back the deadline for Parliament to vote on her Brexit deal.
Here are some key events coming up:
* Fed Chairman Jerome Powell delivers semiannual testimony on monetary policy and the state of the economy over two days to House and Senate committees. 
* U.K. Prime Minister Theresa May updates the House of Commons on Brexit talks as the March 29 deadline nears for Britain to leave the EU. Lawmakers will vote on Feb. 27.
* President Donald Trump and North Korea leader Kim Jong Un are expected to meet for a second summit beginning on Tuesday.
* Thursday brings fourth quarter U.S. GDP.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1 percent as of 4:05 p.m. New York time, while the Nasdaq Composite Index added 0.4 percent and the Dow Jones Industrial Average gained 0.2 percent.
* The Stoxx Europe 600 rose 0.3 percent, reaching the highest level in almost 20 weeks.
* The MSCI Emerging Market Index rose 0.9 percent, the sixth straight increase.
* The MSCI Asia Pacific Index gained 0.8 percent, hitting the highest in more than 20 weeks with its sixth straight advance. 
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1 percent, after reaching the lowest level in almost three weeks.
* The euro gained 0.2 percent to $1.1362.
* The British pound strengthened 0.4 percent to $1.3102.
* The MSCI Emerging Markets Currency Index rose 0.4 percent, touching the highest in more than three weeks.
Bonds
* The yield on 10-year Treasuries climbed two basis points to 2.67 percent.
* Germany’s 10-year yield rose one basis point to 0.11 percent.
* Britain’s 10-year yield increased two basis points to 1.18 percent. 
Commodities
* West Texas Intermediate fell 3.4 percent to $55.34 a barrel, the first drop in nine sessions.
* Gold dropped less than 0.1 percent to $1,328 an ounce.
* The Bloomberg Commodity Index declined 1 percent, the first retreat in more than a week.

Have a great night.

Be magnificent!

As ever,

Carolann

When one door of happiness closes, another opens; but often we look so long
at the closed door that we do not see the one which has opened for us.
-Helen Keller, 1880-1968

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!
George Washington, first US president, b. 1732
1879 Frank Winfield Woolworth opened a five-cent store in Utica, N.Y.
The Woolworths empire eventually became Venator, whose leading retail brand is…
Foot Locker!  Go to article >>

Numbers:
4 BILLION + ~  Age (in years) of the oldest known rock yet discovered – on the moon.  Scientists believe the rock was formed on Earth and transplanted during an asteroid collision. -Sputnik News.
1.65 BILLION + ~ People who depend on water from Himalayan glaciers.  According to a study, as much as two-thirds of the Himalayan snowpack could vanish by 2100 due to climate change. –USA Today.
80 ~ Proposed speed limit (in miles per hour) for Germany’s autobahn, which could greatly curb vehicle emissions and cut traffic deaths.  A vocal minority firmly opposes such a limit.  –Reuters.
PHOTOS OF THE DAY

The unique friendship between an ostrich and a parade of elephants has been captured in Indalu Game Reserve, Mossel Bay, South Africa. Having grown up alongside elephants, the nine-year-old ostrich called Fransina slowly walks with her new family and even uses her neck as a trunk. Credit: Africa Media/Caters News

People visit the installation called ‘Mirage Gstaad’ by American artist Doug Aitken, in Gstaad, Switzerland. This structure was presented during the exhibition ‘Elevation 1049: Frequencies’. It will be on display for the next two years. Credit: Anthony Anex/Keystone/AP

Sunlight hits the Horesetail Fall, turning it into a “Firefall”, at Yosemite National Park, California, US. Credit: Dakota Snider/Reuters

A group of husky puppies watch as snow flies on a small farm near Little Falls, Minnesota. Snow forced Minneapolis and St. Paul schools and scores of other districts in Minnesota and Wisconsin to cancel classes as up to 10 inches of snow fell on the region. Credit: Dave Schwarz/St. Cloud Times/AP
Market Closes for February 22^nd, 2019

Market Index	Close	Change
Dow Jones	26031.81	+181.18   +0.70%
S&P 500	2789.19	+14.31   +0.52%
NASDAQ	7527.547	+67.839   +0.91%
TSX	16010.57	+9.71
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	21425.51	-38.72
		-0.18%
HANG SENG	28816.30	+186.38
		+0.65%
SENSEX	35871.48	-26.87
		-0.07%
FTSE 100*	7178.60	+11.21
		+0.16%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.890		1.921
CND. 30 Year Bond		2.140		2.174
U.S.    10 Year Bond		2.6518		2.6932
U.S. 30 Year Bond		3.0127		3.0503

Currencies

BOC Close	Today	Previous
Canadian $	0.76130	0.75589
US $	1.31355	1.32294
Euro Rate 1 Euro=		Inverse
Canadian $	1.48905	0.67157
US $	1.13361	0.88214

Commodities

Gold	Close	Previous
London Gold Fix	1331.25	1343.75
Oil
WTI Crude Future	57.11	56.75

Market Commentary:
•   On this day in 1980, the consumer-price index rose 1.4% in January alone, the Labor Department said, equating to an annualized inflation rate of 18%—the highest rise in prices since the 1973 oil crisis.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended the week little changed, driven by underperformance of pot stocks, while metals and mining benefited from gold M&A frenzy and a rally in base metals. The S&P/TSX Composite Index was up about 0.1 percent to 16,013 in Toronto on Friday.
     The S&P/TSX Health Care Index, dominated by marijuana companies, fell 3.3 percent during the week, while S&P/TSX Materials Index rose 2.5 percent. Bausch Health Cos. Inc., the drug maker formerly known as Valeant, and pot grower Canopy Growth were the worst performers within the sector this week.
     Turquoise Hill Resources and Torex Gold Resources were the outperformers in materials index. Canopy Growth is considering multiple ways to leverage its assets, including issuing bonds, mortgaging its properties or spinning them off into a real estate investment trust, according to CEO Bruce Linton.
In other moves:
Stocks
* Turquoise Hill Resources, Lundin Mining, Hudbay Minerals and Teck Resources were among the base metals miners that outperformed as copper surged on supply concerns
* Hudson’s Bay rose 7.1 percent after announcing the closure of Home Outfitters in Canada and upt o 20 Saks OFF 5TH stores in U.S. 
* Cott Corp. sank 12 percent after its fourth quarter EPS and Ebitda missed estimates, while sales matched expectations 
* Lucara Diamond fell 8.4 percent after posting an unexpected fourth quarter loss
* Uni-Select continued its slump after reporting its fourth quarter results and getting several downgrades
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold rose 0.2 percent to $1,330.70 an ounce
FX/Bonds
* The Canadian dollar rose 0.6 percent to C$1.3149 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.89 percent
US
By Randall Jensen and Reade Pickert
     (Bloomberg) — U.S. stocks rallied on signs that negotiators are making headway in trade talks between America and China. Treasuries advanced and the dollar declined.
     The S&P 500 rose for a fourth-straight week after President Donald Trump said if he sees progress he will extend a trade truce to avoid more than doubling tariffs on some imports from China at the end of the month. The benchmark padded gains after the Chinese delegation said it was extending its stay in Washington past Friday to continue talks. The greenback fell against the yuan traded offshore after Treasury Secretary Steven Mnuchin said the two sides had reached a final agreement on currency. The 10-year Treasury yield dropped below 2.66 percent.
     “On the margin, this is probably going be digested as positive news as it should be, I mean we’re making progress on the cage-rattling that could lead to a potential trade war,” Terri Spath, Sierra Investment Management’s chief investment officer and portfolio manager, said in an interview on Bloomberg TV. “But I think a lot of the market gains that we’ve seen year to date are processing and digesting and incorporating that news as already happening.”
     A plunge in Kraft Heinz shares weighed on indexes after the company announced a $15 billion write-down and a subpoena from the Securities and Exchange Commission, dragging down consumer- staples stocks and also Berkshire Hathaway, the top investor in the packaged-food giant.
     Markets are cautiously optimistic on a truce as China and the U.S. face a March 1 deadline to avoid a further escalation in tariffs. Expectations of an accord between the world’s economic superpowers combined with a less-hawkish stance from some of the biggest central banks has sent an MSCI global gauge of stocks surging 15 percent in less than two months. Still, concerns about global growth persist.
     Elsewhere, emerging-market stocks increased for a fifth day, the longest streak since May. Oil rose above $57 a barrel in New York.
And these are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.6 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.2 percent.
* The MSCI Asia Pacific Index rose 0.4 percent.
* The MSCI Emerging Market Index rose 0.7 percent, rising for the sixth-straight day, the longest streak since May 14. 
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro was steady at 1.1332.
* The British pound gained 0.1 percent to $1.3052.
* The Japanese yen was little changed at 110.66 per dollar.
Bonds
* The yield on 10-year Treasuries declined four basis points to 2.65 percent.
* Germany’s 10-year yield sank three basis points to 0.096 percent.
* Britain’s 10-year yield fell four basis points to 1.158 percent, the biggest tumble in more than a month.
Commodities
* The Bloomberg Commodity Index advanced 0.4 percent, its fifth straight advance.
* West Texas Intermediate crude gained 0.4 percent to $57.18 a barrel.
* Gold rose 0.2 percent to $1,331.00. 
–With assistance from Sarah Ponczek, Todd White and Luke Kawa.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Write the bad things that are done to you in sand, but write
the good things that happen to you on a piece of marble.
                                                       -Arabic Parable

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 Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39.
Go to article »

February 21, 1916: Battle of Verdun, France – over 1 million men killed.
1925 ~ New Yorker magazine debuts.
1893 ~ Andres Segovia was born.

A species of giant tortoise not seen in more than 100 years — and thought to be extinct — has been found in the Galapagos Islands. -CNN
PHOTOS OF THE DAY

People jump over a bonfire during an event to celebrate the Lantern Festival, which makes the end of Lunar New Year celebrations, in Haikou in China’s southern Hainan province. Credit: AGF/Getty Images

Gallery assistants adjust Le Palais Ducal by Claude Monet, during a photo call for Sotheby’s Impressionist, Modern Art and Surrealist Art sales, in London. Credit: Eddie Mulholland for The Telegraph

Dancers celebrate the commencement of the final phase of building works at the Central School of Ballet in London SE1. Credit: David Rose for The Telegraph
Market Closes for February 21st, 2019

Market Index	Close	Change
Dow Jones	25850.63	-103.81   -0.40%
S&P 500	2774.88	-9.82   -0.35%
NASDAQ	7459.707	-29.362   -0.39%
TSX	16000.86	-30.38
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	21464.23	+32.74
		+0.15%
HANG SENG	28629.92	+115.87
		+0.41%
SENSEX	35898.35	+142.09
		+0.40%
FTSE 100*	7167.39	-61.23
		-0.85%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.921		1.896
CND. 30 Year Bond		2.174		2.146
U.S.    10 Year Bond		2.6932		2.6447
U.S. 30 Year Bond		3.0503		2.9952

Currencies

BOC Close	Today	Previous
Canadian $	0.75589	0.75907
US $	1.32294	1.31741
Euro Rate 1 Euro=		Inverse
Canadian $	1.49961	0.66684
US $	1.13355	0.88219

Commodities

Gold	Close	Previous
London Gold Fix	1343.75	1334.15
Oil
WTI Crude Future	56.75	56.92

Market Commentary:
On this day in 1947, Edwin Land, founder of Polaroid, demonstrated the instant camera to 650 scientists assembled at the annual meeting of the Optical Society of America. Never before had it been possible to develop a snapshot within a single minute. The Land Instant Camera sold at an initial price of $89.75. Although Polaroid lost money on it at first, it went on to make the company one of the great growth stocksof postwar America.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended a four-day rally, as global markets declined as investors grappled with concerns about economic growth and the latest twists in global trade. Pot and consumer staples performed worst within the Canadian markets.
     The S&P/TSX Composite Index fell 0.2 percent, to 16,000.86 in Toronto on Thursday. Uni-Select Inc. and Iamgold Corp. were the worst performing stocks, while Kirkland Lake Gold Ltd. and Torex Gold Resources Inc. were among the best.
     Meanwhile, Bank of Canada Governor Stephen Poloz said the path toward higher interest rates is “highly uncertain” due to lingering questions around housing and investment, even as he stuck to his message that borrowing costs eventually need to head higher.
In other moves:
Stocks
* Kirkland Lake Gold rose 8.4 percent after raising its 2019 outlook
* Torex Gold advanced 7.3 percent after its fourth quarter adjusted EPS beat estimates
* Osisko Gold climbed 6.3 percent after BMO upgraded the stock, citing an “improved outlook,” after results
* Uni-Select dropped 11 percent as Macquarie cut its rating and price target
* Iamgold declined 5.9 percent after its fourth quarter adj. loss per share from continuing operations was wider than est.
* Finning International Inc. fell 5 percent to the lowest since December. The seller of Caterpillar equipment’s quarterly earnings missed the lowest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold fell 1.7 percent to $1,325.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.3222 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.92 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell in thin trading, while Treasuries also declined as investors grappled with concerns about economic growth and the latest twists in global trade.
     The S&P 500 dropped for the first time in four sessions after economic data in both Europe and U.S. came in below expectations, reigniting worries about the world economy.
     Alphabet slid amid questions about the company’s YouTube platform. Health-care stocks were pulled down as Johnson & Johnson dropped after the company said it received subpoenas from federal prosecutors tied to its talc baby-powder products.
     The 10-year Treasury yield rose above 2.68 percent, and the dollar gained against major currencies amid reports signaling uneven progress in trade talks between the U.S. and China as a March 1 deadline for more tariffs approaches. The Aussie dollar dropped on reports China’s Dalian port banned coal imports from Australia. West Texas oil fell below $57 a barrel after an industry report showed American crude stockpiles continue to swell.
     “Clearly there’s been a lot weaker data than I think anybody was expecting, including the spate of data that was released today,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “Strategists are waiting to see if this is just a temporary slowdown in global data. We’ll have to see if this has legs.”
     Investors are also closely watching incoming economic numbers to see how they may nudge central bankers that are in a wait-and-see stance. At the same time, the slow but apparently steady progress in trade negotiations between the world’s biggest economies could set up risk assets for disappointment as some analysts see a truce priced into markets, with the MSCI’s global gauge of stocks up about 15 percent since Christmas Day.
     In Europe, lenders led shares lower as minutes of the latest ECB meeting showed policy makers setting up their March gathering as a key session to render their verdict on a regional slowdown and whether new long-term bank funding is required.
Here are some key events coming up:
* Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.4 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.3 percent.
* The MSCI Asia Pacific Index increased 0.2 percent for a fourth gain in a row.
* The MSCI Emerging Market Index advanced 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro was steady at $1.1337.
* The British pound fell 0.1 percent at $1.3036.
* The Japanese yen climbed 0.1 percent to 110.70 per dollar.
Bonds
* The yield on 10-year Treasuries advanced four basis points to 2.68 percent, the highest in a week.
* Britain’s 10-year yield jumped two basis points to 1.202 percent.
* Germany’s 10-year yield climbed three basis points to 0.127 percent.
Commodities
* Gold declined 1.5 percent to $1,326.70 an ounce.
* West Texas Intermediate crude fell 0.5 percent to $56.89 a barrel.
–With assistance from Andrew Cinko, Kriti Gupta and Reade Pickert.

Have a great night.

Be magnificent!

As ever,

Carolann

The only thing necessary for the triumph of evil is for good men to do nothing.
                                                                   -Edmund Burke, 1729-1797

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: Look for the Full Moon Tonight.
On Feb. 20, 1962, astronaut John Glenn became the first American to orbit Earth as he flew aboard the Friendship 7 Mercury capsule.  Go to article »

PHOTOS OF THE DAY

Sequences of images showing the moment the Full moon passes behind Londons Shard. Credit: WENN.COM

This cheeky kingfisher appeared to show off to its pal by ignoring the ‘no fishing’ sign they were both perched on and grabbing its lunch. Credit: Gerald Robinson/Kennedy News

Morning mist and frost in the Meon Valley in the South Downs National Park, near Bishops Waltham, UK. Credit: Luke MacGregor
Market Closes for February 20^th, 2019

Market Index	Close	Change
Dow Jones	25954.44	+63.12   +0.24%
S&P 500	2784.70	+4.94   +0.18%
NASDAQ	7489.070	+2.304   +0.03%
TSX	16031.24	+93.79
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	21431.49	+128.84
		+0.60%
HANG SENG	28514.05	+285.92
		+1.01%
SENSEX	35756.26	+403.65
		+1.14%
FTSE 100*	7228.62	+49.45
		+0.69%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.896		1.890
CND. 30 Year Bond		2.146		2.141
U.S.    10 Year Bond		2.6447		2.6375
U.S. 30 Year Bond		2.9952		2.9802

Currencies

BOC Close	Today	Previous
Canadian $	0.75907	0.75689
US $	1.31741	1.32119
Euro Rate 1 Euro=		Inverse
Canadian $	1.49464	0.66906
US $	1.13453	0.88142

Commodities

Gold	Close	Previous
London Gold Fix	1334.15	1325.50
Oil
WTI Crude Future	56.92	56.09

Market Commentary:
On this day in 1852, a locomotive of the Michigan Southern railroad arrived in Chicago, connecting the breadbasket of the world directly with the Eastern U.S. for the first time. Instead of more than two weeks by horse, coach and canal boat, it took just two days by rail to travel from New York City to Chicago. Goods, money and people could flow between the two booming cities faster than anyone had ever imagined.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose for a fourth consecutive trading day to their highest level since Oct. 3, as a weaker U.S. dollar continued to lift metal prices and mining stocks. The four-day gain lifted the total market-cap of the stocks by almost C$64 billion, according to Bloomberg data.
     The S&P/TSX Composite Index rose 0.6 percent to 16,031.24 on Wednesday. Miners such as Semafo Inc. and Teck Resources Ltd. were the best performing stocks within the index. Uni-Select Inc. was the worst performing stock amid strategic review angst.
     Canadian Finance Minister Bill Morneau’s pre-election budget will be unveiled on March 19, as the government looks to dangle new program spending ahead of a vote this year. Morneau announced the budget date in parliament on Wednesday in Ottawa.
     He has signaled it will include measures such as new prescription drug coverage and housing measures aimed at younger buyers.
In other moves:
Stocks
* Semafo rose 6.9 percent, highest level since Aug. 2018 as metal prices rose
* Teck Resources climbed 5 percent after the company showed it’s strengthening its balance sheet and is focused on growth opportunities
* Uni-Select Inc. plunged more than 20 percent after reporting fourth quarter adjusted EPS that missed estimates
* Bausch Health Cos. Inc. slid 5.3 percent after reporting guidance that appeared conservative.
* Fortuna Silver was among worst performers within the mining stocks as its Lindero project costs seen increasing to $295 million
* Aritzia Inc. fell close to 8 percent after company reported a C$330M secondary offering
Commodities
* Western Canada Select crude oil traded at a $14 discount to WTI
* Gold fell 0.2 percent to $1,341.80 an ounce, erasing earlier gain after Fed minutes sowed doubts on dovish rate outlook
FX/Bonds
* The Canadian dollar rose 0.3 percent to C$1.3177 per U.S. dollar
* The Canada 10-year government bond yield gained to 1.89 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks edged higher, while Treasuries fell after Federal Reserve meeting minutes did little to alter views on the central bank’s policy path.
     The S&P 500 eked out its seventh gain in eight sessions as the record of the gathering reinforced the Fed remains committed to its patient approach to further hikes without ruling them out if economic growth picks up. Caterpillar rallied after giving a bullish forecast for demand in China, lifting shares in materials producers. The 10-year Treasury yield climbed to 2.64 percent, while the dollar erased losses.
     Taken together, minutes of the Fed meeting broke decidedly dovish, with a discussion of ending the balance sheet runoff and uncertainty about more rate hikes. That they didn’t do more to move prices reflects the big swings that have ruled equity and bond markets for the last three months. Much of the sentiment reflected in today’s statement was priced in by the S&P 500’s nearly 20 percent jump since Christmas.
     “The Powell Pivot actually started on January 4th when Chair Powell spoke at the AEA,” said Michael O’Rourke, JonesTrading’s chief market strategist. “It is fair to say the dovish stance has been priced in.”
     The post-Christmas rally that’s added 18 percent to U.S. stocks appears to have run out of catalysts to propel it higher. Technical indicators, from closely watched moving averages to the relative-strength index, signal that gains from here may be difficult to come by. Investor focus will be trained on headlines out of this week’s negotiations in Washington and on any information coming out of the Fed that could shed more light on future monetary policy.
     Elsewhere, the pound was little changed as Prime Minister Theresa May headed back to Brussels in a last-ditch attempt to save her Brexit deal. Gold traded near the highest since May and palladium soared to a record as a shortage started to bite.
     Emerging-market shares rallied and their currencies advanced. South Africa’s rand fell as the government unveiled a bailout package for utility Eskom.
Here are some key events coming up:
* European Central Bank releases meeting minutes on Thursday.
* Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
* An Indonesian rate decision is due Thursday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent at 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.7 percent to the highest in 19 weeks.
* The MSCI All-Country World Index increased 0.5 percent to the highest in 19 weeks.
* The MSCI Emerging Market Index surged 1.2 percent, the most since January.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was rose less than 0.1 percent $1.1343.
* The Japanese yen fell 0.2 percent to 110.81 per dollar, the weakest in a week.
* The MSCI Emerging Markets Currency Index gained 0.4 percent to the highest in two weeks.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 2.65 percent.
* Germany’s 10-year yield declined one basis point to 0.100 percent.
* Britain’s 10-year yield rose one basis point at 1.181 percent.
Commodities
* The Bloomberg Commodity Index rose 0.5 percent.
* West Texas Intermediate crude gained 1.5 percent to $56.92 a barrel.
* Gold fell 0.1 percent to $1,344.00 an ounce.
–With assistance from Eddie van der Walt and Reade Pickert.

Have a great night.

Be magnificent!

As ever,

Carolann

If I had eight hours to chop down a tree, I’d spend six sharpening my axe.
                                                           -Abraham Lincoln, 1809-1865

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 Feb. 19, 1945, during World War II, some 30,000 United States Marines landed on the Western Pacific island of Iwo Jima, where they encountered ferocious resistance from Japanese forces. The Americans took control of the strategically important island after a month-long battle. Go to article »
PHOTOS OF THE DAY

A veterinarian from the zoo of Besancon, in eastern France feeds “Soa”, a female crowned sifaka. The crowned sifaka is a critically endangered species from Madagascar. There were only 6 females and only 20 individuals living in 7 zoos worldwide. Credit: Sebastien Bozon/AFP

A reveler poses for a photo before a pre-carnival event called Saturnalia Festival in Rio de Janeiro, Brazil. The world famous Rio de Janeiro Carnival will run from March 2 – 9, 2019. Credit: Carl De Souza/AFP

People take to the Rideau Canal on Family Day in Ottawa, Ontario. Credit: Sean Kilpatrick/The Canadian Press Via AP
Market Closes for February 19^th, 2019

Market Index	Close	Change
Dow Jones	25891.32	+8.07   +0.03%
S&P 500	2779.76	+4.16   +0.15%
NASDAQ	7486.766	+14.356   +0.19%
TSX	15937.44	+99.20
		+0.63%

International Markets

Market Index	Close	Change
NIKKEI	21302.46	+20.80
		+0.10%
HANG SENG	28228.13	-118.88
		-0.42%
SENSEX	35352.61	-145.83
		-0.41%
FTSE 100*	7179.17	-40.30
		-0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.890		1.895
CND. 30 Year Bond		2.141		2.152
U.S.    10 Year Bond		2.6375		2.6626
U.S. 30 Year Bond		2.9802		2.9936

Currencies

BOC Close	Today	Previous
Canadian $	0.75689	0.75508
US $	1.32119	1.32436
Euro Rate 1 Euro=		Inverse
Canadian $	1.49834	0.66740
US $	1.13404	0.88180

Commodities

Gold	Close	Previous
London Gold Fix	1325.50	1311.45
Oil
WTI Crude Future	56.09	55.59

Market Commentary:
The tech-heavy Nasdaq ended its fourth-shortest bear market ever Friday, climbing more than 20% above its Christmas Eve lows to start a new bull market. The index closed at its highest level since Nov. 8 but is still 7.9% below last August’s record. 
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.6 percent, or 99.2 to 15,937.44 in Toronto. The index advanced to the highest closing level since Oct. 5. Barrick Gold Corp. contributed the most to the index gain, increasing 4.6 percent. Pretium Resources Inc. had the largest increase, rising 11.1 percent.
Today, 162 of 239 shares rose, while 72 fell.
================================================================
| |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Barrick Gold | 9.7830| 4.6| 53.1| -2.8
Enbridge Inc | 7.0380| 1.0| 15.4| 12.9
Suncor Energy | 7.0130| 1.4| 43.4| 19.3
Fairfax Financial | | | |
Holdings | -1.9340| -1.5| 79.3| 6.7
CCL Industries | -2.5750| -4.2| 115.6| 13.6
Canopy Growth | -2.6550| -2.8| -7.0| 66.8
================================================================
| | Index | |
| | Points | Volume VS |YTD Change
Biggest Gainers | % Change | Move |20D AVG (%) | (%)
================================================================
Pretium Resources | 11.1| 1.3820| 93.4| -8.0
Bombardier | 10.4| 3.9270| 99.2| 36.0
Turquoise Hill | 9.8| 1.5420| 9,139.6| 9.8
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
CCL Industries | -4.2| -2.5750| 115.6| 13.6
Superior Plus | -4.2| -0.6090| 67.2| 16.0
Cameco | -4.2| -1.9130| 20.1| 1.0
* The benchmark 10-year bond rose and the yield fell 0.3 basis points to 1.891 percent
US
By Randall Jensen and Reade Pickert
     (Bloomberg) — U.S. stocks rose in thin trading as Walmart Inc.’s stellar earnings boosted consumer shares, while Treasuries advanced as investors assessed the prospects for a trade deal with China.
     The S&P 500 gained for the sixth time in seven sessions, pushing to the highest since early December. Walmart’s best holiday quarter in a decade lifted retailers and homebuilders got a boost from a positive sentiment report. The 10-year Treasury yield slid below 2.64 percent as concerns remain that the trade truce will end March 1 without a deal, leading to fresh tariffs.
     The dollar fell against major currencies ahead of speeches from Federal Reserve officials this week and the release of meeting minutes Wednesday that should shed more light on the central bank’s turn to a more dovish tone. China’s yuan traded offshore strengthened against the greenback after a Bloomberg News report saying the U.S. is said to press for a stable Chinese currency as part of negotiations.
“There’s a lot going on out there and I think for the most part investors are looking at China and the trade talks,” Kim Forrest, senior portfolio manager at Fort Pitt Capital, said on Bloomberg Television. “We’ve been down this road a couple of times before — not just this year, but last year as well — and this March deadline is really approaching quickly. That’s really where companies are focused, as we heard today on Walmart, but also investors.”
     With earnings season nearing its end, the latest minutes from both the Federal Reserve and European Central Bank due this week and U.S. President Donald Trump weighing an extension of the deadline for a trade deal with China, investors have plenty to ponder right now. Uncertainty over the outlook for global growth hangs over everything, and traders will be hoping for some good news from the world’s two largest economies when talks resume in Washington on Tuesday.
     Elsewhere, the pound advanced as U.K. and European officials work on new legal text for the contentious Irish border backstop. Gold traded at the highest since May amid increasing bullishness and West Texas crude advanced to trade at about its highest in almost three months.
Here are some key events coming up:
* The Federal Reserve will on Wednesday publish minutes from its recent meeting, with the European Central Bank following suit on Thursday.
* Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
* An Indonesian rate decision is due Thursday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dropped 0.2 percent.
* The MSCI All-Country World Index rose 0.3 percent.
* The MSCI Emerging Market Index gained 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.3 percent to $1.1347.
* The Japanese yen declined less than 0.1 percent to 110.55 per dollar.
* The British pound rose 1.1 percent to $1.3064, the strongest in more than a week.
* The MSCI Emerging Markets Currency Index gained 0.3 percent.
Bonds
* The yield on 10-year Treasuries fell two basis points to 2.64 percent, the lowest in more than a week.
* Germany’s 10-year yield declined less than one basis point to 0.105 percent, the lowest in more than a week.
* Britain’s 10-year yield was steady at 1.169 percent.
Commodities
* The Bloomberg Commodity Index climbed 0.4 percent to the highest about two weeks.
* West Texas crude rose 0.9 percent to $56.09 a barrel.
* Gold rose 1.6 percent to $1,343.40 an ounce, the highest in nine months. 
–With assistance from Anna Edwards, Eddie van der Walt and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

Carolann

The beginning is always today.
      Mary 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

Dear Friends,

Tangents: HAPPY FRIDAY!
1965 – Canada’s new maple leaf flag was unfurled in ceremonies in Ottawa.  Go to article »
1564 – Galileo Galilei, astronomer was born.

Some interesting news…
The Easter Islands:  researchers say they cracked the mystery of the famous head statues.  The statues were erected by the Rapa Nui people, who landed on the islands 900 years ago.  Scientists already knew that the carved figures were important representations of ancestral figures.  But when one of the islands was mapped, researchers found that the statues locations correlated with underground sources of a precious resource: fresh water.

Zwolle, Netherlands: A new cycle path made entirely form plastic waste has opened.  The 100-foot long stretch of path is part of an experiment to find ways to reuse plastic.  The paving material – made from 218,000 recycled cups – is prefabricated and allows rainwater to easily drain away.  It could also reduce the use of asphalt, a source of carbon emissions.  New paths may soon be opened in two different cities, and the program may evolve into a larger network of roads.
Sources: CNN, The Guardian.

PHOTOS OF THE DAY

As the sun sets dramatically in the west at the end of a glorious day of spring-like warm weather, people line the pier in Aberystwyth Wales to watch the tens of thousands of starlings swooping to roost for the night on the forest of cast iron legs underneath Aberystwyth’s Victorian seaside pier. Credit: Keith Morris/LNP Credit

A Waxing Gibbous 62% Moon sets over the city of London, UK, next to The Shard skyscraper building in the early hours of the morning. Credit: Guy Corbishley/Alamy Live News

A view of the newly-restored Lindisfarne Castle on Holy Island in Northumberland which has reopened to the public for the first time since the £3 million conservation programme. Credit: Owen Humphreys/PA Wire

A man bikes during a winter snow storm in Ottawa, Ontario, Canada. Credit: Reuters/Chris Wattie
Market Closes for February 15^th, 2019

Market Index	Close	Change
Dow Jones	25883.25	+443.86   +1.74%
S&P 500	2775.60	+29.87   +1.09%
NASDAQ	7472.410	+45.455   +0.61%
TSX	15838.24	+142.26
		+0.91%

International Markets

Market Index	Close	Change
NIKKEI	20900.63	-239.08
		-1.13%
HANG SENG	27900.84	-531.21
		-1.87%
SENSEX	35808.95	-67.27
		-0.19%
FTSE 100*	7236.68	+39.67
		+0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.895		1.934
CND. 30 Year Bond		2.152		2.178
U.S.    10 Year Bond		2.6626		2.7039
U.S. 30 Year Bond		2.9936		3.0319

Currencies

BOC Close	Today	Previous
Canadian $	0.75508	0.75227
US $	1.32436	1.32930
Euro Rate 1 Euro=		Inverse
Canadian $	1.49593	0.66848
US $	1.12955	0.88531

Commodities

Gold	Close	Previous
London Gold Fix	1311.45	1312.80
Oil
WTI Crude Future	55.59	54.41

Market Commentary:
Correction: Ford announced on Jan. 14, 1982, that it would skip paying a quarterly dividend for the first time since the company went public in 1956. Thursday’s newsletter incorrectly said the date was Feb. 14.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose to the highest in more than four months, part of a broader global rally prompted by reports that the U.S. and China had reached consensus on the main points in their trade talks.
     The S&P/TSX Composite Index added 0.9 percent to 15,838.24, bringing its weekly gain to 1.3 percent. This marks the eighth consecutive week of gains for the benchmark, the longest such streak since 2017. Energy stocks led the way Friday, adding 1.9 percent as the price of oil approached a three-month high.
     The health-care index rose 0.8 percent, boosted by positive news from a couple of pot stocks. Aphria Inc. gained 5.2 percent after a special committee found it paid an “acceptable” amount for assets that were the subject of a short-seller attack, while Canopy Growth Corp. added 2.5 percent after quarterly revenue beat expectations.
In other moves:
Stocks
* Suncor Energy Inc. added 3.8 percent to the highest since November after Warren Buffett’s Berkshire Hathaway Inc. bought 10.8 million shares of the company
* Agnico Eagle Mines Ltd. gained 2.6 percent. The gold miner hiked its dividend by 14 percent and its CEO said there’s room to raise it further even if gold prices stay flat
* MTY Food Group tumbled 13 percent, the most since 2003, after fourth-quarter earnings per share missed the lowest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI, the widest gap since New Year’s Eve
* Gold rose 0.6 percent to $1,318.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.3251 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.90 percent
US
By Reade Pickert
     (Bloomberg) — Equities surged to a 10-week high as the U.S. consumer outlook brightened and positive developments in China trade talks overshadowed lingering concerns about global growth. Treasury yields climbed, while the dollar retreated after an early-morning rally.
     The S&P 500 Index closed at session highs Friday, with all sectors gaining, on reports that the U.S. and China had reached consensus in principle on the main topics in their trade negotiations. It was the third straight weekly gain for the benchmark. U.S. consumer sentiment rebounded from a two-year low, further fueling the rally and bolstering the case that yesterday’s dire retail sales figures were out of sync with reality.
     Trade continues to dominate markets as the two sides race to reach a deal that would avert a tariff increase on Chinese goods by March 1. At the White House Friday, President Donald Trump said that the U.S. is “a lot closer” to a deal with China and that he might “extend the date.”
     “The market got more constructive on China-U.S. trade negotiations,” said Michael Antonelli, equity sales trader at Robert W. Baird. “It’s starting to put the slowing of last year into the rear-view mirror, it’s starting to look forward now.
     There’s a whole group of people now who are just jumping back in on the market because the sell-off hasn’t happened, but in the end that’s kind of when a retest has its biggest chance of happening.”
     On Wall Street, the reaction was muted to Trump’s announcement that he will declare a national emergency to get more federal money for a border wall.
     In Europe, banks and miners helped drive gains in the Stoxx 600 Index. Asian shares retreated, with Chinese stocks falling as weak factory prices highlighted the tough environment for industrial profitability, adding to other disappointing data from major economies. Elsewhere, West Texas crude hit a 12-week high on supply cuts and metals advanced. Emerging-market shares fell, while EM currencies edged higher.
Exchanges in the U.S. will be closed Monday for Presidents’ Day.
These are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.1 percent as of 4 p.m. New York time, the highest in over 10 weeks.
* The Dow Jones Industrial Average rose 1.7 percent.
* The Stoxx Europe 600 Index gained 1.4 percent to the highest in more than four months.
* The U.K.’s FTSE 100 Index rose 0.6 percent.
* The MSCI Emerging Market Index fell 0.7 percent to a two-week low.
Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent.
* The euro rose less than 0.05 percent to $1.1299.
* The British pound gained 0.7 percent to $1.2892, the biggest jump in three weeks.
* The Japanese yen rose 0.1 percent to 110.41 per dollar.
* The MSCI Emerging Markets Currency Index climbed 0.3 percent.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 2.66 percent.
* Germany’s 10-year yield fell less than one basis point to 0.10 percent.
* Britain’s 10-year yield increased one basis point to 1.16 percent.
Commodities
* The Bloomberg Commodity Index gained 1.2 percent to the
highest in more than a week.
* West Texas Intermediate crude rose 2.4 percent to $55.72 a barrel, the biggest gain in two weeks.
* Gold climbed 0.7 percent to $1,321.29 an ounce.
–With assistance from Garfield Reynolds, Cormac Mullen, Adam Haigh, Luke Kawa and Eddie van der Walt.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

I insist on a lot of time being spent almost everyday, to just sit and think.  That is very uncommon in American business.  I read and think.  So I do more reading and thinking, and make less impulse decisions than most people in business. -Warren Buffett, b. 1930

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 VALENTINE’S!

Love is never lost.  If not reciprocated, it will flow back and soften and purify the heart. –Washington Irving.

POINTS OF PROGRESS:
COSTA RICA:
In the past four years, the country has gotten 98.5 % of its electricity from renewable sources.  Energy from wind turbines, hydroelectric dams in rivers, solar panels, and geothermal plants powered by volcanoes all contribute to Costa Rica’s impressive clean power record.  The country has spent at least 1,197 days during those years without using any kind of fossil fuel source. –The Tico Times

UNITED STATES:
In Key West, Fla., the sale of sunscreens that harm reefs will soon be banned.  Some studies show that the chemicals oxybenzone and octinoxate – often found in sunscreens – can decrease coral’s defenses against bleaching events (when coral polyps expel symbiotic algae, usually because of high temperatures).  The Key West City Commission unanimously approved the measure recently.  Other ocean-adjacent communities have already taken this step; Hawaii passed a similar law in 2018. –NBC.

THE NETHERLANDS:
The Dutch government is planning a bike-filled future.  About $390 million will be invested in the creation of new cycling infrastructure, including bicycle storage facilities, bike parking spaces, and highways for bikes.  And the government will encourage more companies to participate in its bike commuting tax credit program, in which those who cycle to work are rewarded based on the distance they go.  The Dutch government hopes to have 200,000 new cyclist commuters in three years. –CNN.

The Google Arts and Culture app has been around since 2011.  The apps main purpose is to make the world’s artwork widely accessible.  One of its newest collections is the complete (known) work of Johannes Vermeer, the Dutch painter famous for “Girl with a Pearl Earring.”  In total, 18 museums across seven countries have contributed 36 painting to the Meet Vermeer feature. 

On Feb. 14, 1929, the St. Valentine’s Day Massacre took place in a Chicago garage as seven rivals of Al Capone’s gang were gunned down.  Go to article »    

PHOTOS OF THE DAY

King, the wire hair fox terrier, poses after winning “Best in Show” at the Westminster Kennel Club 143rd Annual Dog Show in Madison Square Garden in New York. Credit: Timothy A Clary/AFP/Getty Images

People looking at displays at the Yellow River Lamp display in Gucheng Village, in Zhangye City, in northwest China’s Gansu Province. The display was opened on February 12th and is made up of a temporary maze layout where locals and tourists can view displays of traditional stories, paintings, cartoons and lamps. Credit: AFP/Getty Images

Schoolchildren from Avrankou-Houeze school pose for a photo in front of the BloLab container at Avrankou city hall, in Avrankou, south of Benin. Designed by BloLab, a non-profit group, the 13-metre (43-foot) trailer is powered by 12 solar panels and equipped with enough laptops to give students in the countryside a chance to familiarise themselves with computers, which most families cannot afford. Credit: Yanick Folly/AFP/Getty Images
Market Closes for February 14^th, 2019

Market Index	Close	Change
Dow Jones	25439.39	-103.88   -0.41%
S&P 500	2745.73	-7.30   -0.27%
NASDAQ	7426.953	+6.575   +0.09%
TSX	15695.98	+69.25
		+0.44%

International Markets

Market Index	Close	Change
NIKKEI	21139.71	-4.77
		-0.02%
HANG SENG	28432.05	-65.54
		-0.23%
SENSEX	35876.22	-157.89
		-0.44%
FTSE 100*	7197.01	+6.17
		+0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.876		1.934
CND. 30 Year Bond		2.140		2.178
U.S.    10 Year Bond		2.6536		2.7039
U.S. 30 Year Bond		3.0008		3.0319

Currencies

BOC Close	Today	Previous
Canadian $	0.75227	0.75430
US $	1.32930	1.32573
Euro Rate 1 Euro=		Inverse
Canadian $	1.50111	0.66617
US $	1.12924	0.88555

Commodities

Gold	Close	Previous
London Gold Fix	1312.80	1310.00
Oil
WTI Crude Future	54.41	53.90

Market Commentary:
On this day in 1982, in the depths of a recession, Ford Motor announced that it would skip paying a quarterly dividend for the first time since the company went public in 1956. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained on the back of strong earnings in technology and industrials, even as U.S. stocks retreated.
     The S&P/TSX Composite Index added 0.4 percent to 15,696. Technology shares were the highest since July as Constellation Software Inc. jumped 14 percent, the most ever, to a record high. Constellation reported fourth-quarter earnings and revenue that beat the highest analyst estimates.
     Industrials gained 1.3 percent as Bombardier Inc. surged 24 percent, the most since November. The company beat analysts’ expectations for cash flow and reaffirmed its 2019 forecast.
     Consumer discretionary was the only sector to post a significant decline, falling 1.2 percent as Canada Goose Holdings Inc. tumbled 13 percent. The parka-maker boosted its annual forecast for the second time in six months but got caught up in a broader rout in retail stocks following weak U.S. retail sales in January.
In other moves:
Stocks
* Sierra Wireless Inc. tumbled 27 percent, the most since 2008, after lowering its 2019 guidance due to restructuring costs
* New Gold Inc. slid 26 percent, the most since 1999. The company’s fourth-quarter loss was wider than analysts expected and revenue also missed expectations
* Chemtrade Logistics Income Fund lost 20 percent, the most ever, after an unexpected loss prompted Raymond James to cut its rating on the stock
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to WTI
* Gold fell 0.1 percent to $1,309.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.3295 per U.S. dollar as factory sales unexpectedly fell in December
* The Canada 10-year government bond yield fell 6 basis points to 1.88 percent
US
By Reade Pickert
     (Bloomberg) — U.S. stocks edged lower in listless trading as disappointing economic data and reports the president will declare a national emergency overshadowed news that another government shutdown will be averted.
     The S&P 500 Index fell, with a late-session drop sealing the decline initially sparked by a disappointing — and contested — report of the worst drop for retail sales in nine years. Initial jobless claims also came in higher than estimated. Signs Congress would avert another shutdown boosted sentiment midday and shares drifted until the late slide that came with news that President Donald Trump intends to sign a government funding bill and simultaneously declare a national emergency to get more money for a border wall.
     Investors were surprised by the December sales data, which suggested economic growth is cooling and may reinforce the expectation that the Federal Reserve will avoid raising rates this year. But some observers suggested the retail figures, delayed four weeks due to the government shutdown, are out of sync with reality. More recent data on consumer comfort point to a robust buying climate in the U.S.
     Three stocks fell for every two that advanced in the S&P 500. Bank stocks were among the hardest hit, as the 10-year Treasury yield briefly sank below 2.65 percent. Consumer staples also fell: Coca-Cola saw its biggest loss in 10 years after a disappointing forecast. On the positive side, energy companies advanced as crude prices climbed.
     Trade tensions between the U.S. and China continue to weigh on stocks, with the two sides said to be far apart on reform demands as high-level talks begin in Beijing. A headline that the two sides remained far apart briefly sent the S&P 500 lower in late morning trading.
     Food and industrial-goods shares had spurred the Stoxx Europe 600 Index amid a slew of company news, but the gauge tracked the early slide in U.S. equities and finished lower. 
     Stock benchmarks drifted in Japan, China and Australia, and ticked lower in Hong Kong. European core sovereign bonds rose and the single currency strengthened after data showed the euro region’s biggest economy stagnated in the fourth quarter, but dodged recession.
     Elsewhere, emerging-market shares fell. Oil advanced as falling shipments from Saudi Arabia and Venezuela offset gains in U.S. crude stockpiles. The British pound weakened while gilts advanced as Prime Minister Theresa May lost another round of Brexit voting in Parliament.
Here are some key events coming up:
* Steven Mnuchin and Robert Lighthizer are in Beijing for high- level talks, and will meet China President Xi Jinping on Friday, the South China Morning Post reported.
* U.S. Congress is close to voting on legislation to avert another partial government shutdown, with the Friday deadline quickly approaching.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of 4 p.m. New York time.
* The Dow Jones Industrial Average fell 0.4 percent and the Nasdaq 100 rose 0.1 percent. 
* The Stoxx Europe 600 Index fell 0.3 percent.
* The U.K.’s FTSE 100 Index rose 0.1 percent.
* The MSCI Emerging Market Index sank 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro rose 0.3 percent to $1.1299.
* The British pound fell 0.4 percent to $1.2798.
* The Japanese yen rose 0.4 percent to 110.54 per dollar.
Bonds
* The yield on 10-year Treasuries sank four basis points to 2.66 percent, the biggest drop in two weeks.
* Germany’s 10-year yield fell two basis points to 0.10 percent.
* Britain’s 10-year yield fell three basis points to 1.15 percent, the lowest in 14 months.
Commodities
* West Texas Intermediate crude rose 1.2 percent to $54.56 a barrel.
* Gold futures were flat at $1,315.20 an ounce.
–With assistance from Andrew Dunn, April Ma, Adam Haigh, Jeff Kearns and Todd White.

Have a great night.

Be magnificent!

As ever,

Carolann

Of all forms of caution, caution in love is perhaps the most fatal to true happiness. -Bertrand Russell, 1872-1970.

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

Queensbury Securities Inc.,
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