Month: February 2019

Dear Friends,

Tangents:

February 13, 1997 – The Dow Jones industrial average broke through the 7,000 barrier for the first time, closing at 7,022.44.  Go to article »

1741 ~ First magazine published in the US.
1945 ~ Dresden fire bombing.

Digital Artist’s Canvas:
Painting en plein air is the embodiment of the romance of the Impressionist movement….Now, we have Procreate – an app available on the AppStore for the iPad and iPhone for $9.99.  It’s a digital artist’s canvas optimized for use with the Apple Pencil, and it works with fingers, too.  Pros and amateurs alike praise its precision and emulation of traditional mediums: It’s great for letting your creative impulses loose on the go – or on your couch.  -CSM.

PHOTOS OF THE DAY

Folk artists throw molten iron to create sparks during an event to celebrate the Chinese Lunar New Year, in Shangqiu, Henan province, China. Credit: Reuters

Robert Tomlinson, a fourth-generation rhubarb farmer, harvests forced rhubarb by candlelight on his farm in Pudsey, near Leeds. Mr. Tomlinson’s farm falls within the ‘Rhubarb Triangle’, the area defined between the three cities of Leeds, Wakefield and Bradford, which is synonymous with the commercial growing of forced rhubarb since the 1870’s. The rhubarb is grown in dark, heated shed and harvested by candlelight to prevent the plant from producing chlorophyll, which preserves its colour and make the rhubarb sweeter and more tender. Credit: Oli Scarff/AFP/Getty Images

A squirrel pauses by a single purple crocus in Royal Victoria Park, bath, where mild weather has caused an early bloom of the traditional Spring flower. Credit: Ben Birchall/PA
Market Closes for February 13^th, 2019

Market Index	Close	Change
Dow Jones	25543.27	+117.51   +0.46%
S&P 500	2753.48	+8.75   +0.32%
NASDAQ	7420.379	+5.760   +0.08%
TSX	15634.10	-8.00
		-0.05%

International Markets

Market Index	Close	Change
NIKKEI	21144.48	+280.27
		+1.34%
HANG SENG	28497.59	+326.26
		+1.16%
SENSEX	36034.11	-119.51
		-0.33%
FTSE 100*	7190.84	+57.70
		+0.81%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.934		1.917
CND. 30 Year Bond		2.178		2.165
U.S.    10 Year Bond		2.7039		2.6769
U.S. 30 Year Bond		3.0319		3.0159

Currencies

BOC Close	Today	Previous
Canadian $	0.75430	0.75520
US $	1.32573	1.32416
Euro Rate 1 Euro=		Inverse
Canadian $	1.49325	0.66968
US $	1.12636	0.88782

Commodities

Gold	Close	Previous
London Gold Fix	1310.00	1306.40
Oil
WTI Crude Future	53.90	53.10

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slipped as disappointing earnings reports from Barrick Gold Corp. and Teck Resources Ltd. offset gains in energy and pot stocks.
     The S&P/TSX Composite Index lost 0.1 percent to 15,626.73. Materials stocks fell 0.8 percent as the influential miners retreated. Teck slid 5.5 percent, the most in six weeks, after fourth-quarter earnings missed analyst estimates, while Barrick lost 3.9 percent after the company said it expects costs to rise this year.
     Energy stocks added 0.7 percent as crude prices climbed for a second day amid dwindling shipments from Venezuela and Saudi Arabia. Cenovus Energy Inc. gained 5.9 percent to the highest since early December after analysts said weak pricing that hit fourth-quarter results is in the rearview mirror.
In other moves:
Stocks
* West Fraser Timber Co. lost 2.2 percent. The company’s fourth- quarter results missed the lowest estimate but its CEO said he expects a turnaround for lumber demand this year
* First Capital Realty Inc. rose 2.8 percent to the highest since October 2016 after saying it plans to reorganize into a real estate investment trust
* Birchcliff Energy Ltd. gained 3 percent after fourth-quarter earnings per share beat the highest estimate
Commodities
* Western Canada Select crude oil traded at a $10.25 discount to WTI
* Gold rose 0.1 percent to $1,310.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3257 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.93 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. equities put in their fourth straight session of gains as optimism over trade negotiations countered some of the jitters that Senator Marco Rubio triggered when he announced a bill to tax buybacks on equal footing with dividends.
     Rubio’s tweet Wednesday about his buyback proposal slowed an advance in the S&P 500 Index, but the benchmark still finished higher, even after Netflix dragged on the communication-services sector late in the day. The dollar gained and Treasuries edged lower as data showed U.S. inflation remained contained.
     Equities have been climbing this week in part on news that President Donald Trump is open to extending a March 1 deadline to raise tariffs on Chinese products if the two sides are near an agreement. High-level talks between the U.S. and China are set for later this week. Also buoying stocks was news that Trump is closer to accepting a border spending deal, averting another government shutdown.
“Moving forward, we’re going to have to see a resolution to some of these big-picture items before we’ll see the markets make a clear move higher,’’ said Chris Gaffney, president of world markets at TIAA Bank in St. Louis.
     Oil continued its rebound from a two-week low, after Saudi Arabia pledged to deepen output cuts, and held most of those gains even after U.S. crude stockpiles came in larger than anticipated. Energy shares led gainers on the S&P 500; utilities lagged.
     The U.S. inflation numbers bolstered the Federal Reserve’s decision to be patient on raising interest rates. And with major central banks seemingly on pause or turning dovish, investor attention now appears firmly focused on the outlook for global trade and the chances of progress at the next round of talks between the U.S. and China in Beijing. Protectionist measures have been heaping pain on many large economies, some of which are also grappling with a slowdown in growth.
     Shares in Shanghai surged on trade hopes, and the Stoxx Europe 600 Index rose for a third day. The euro weakened after a report showed industrial production across the 19-nation region is falling at the fastest pace since the financial crisis.
Here are some key events coming up:
* Chinese Vice Premier Liu He is expected to join U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in high-level trade talks Thursday and Friday.
* Earnings season continues with reports from companies including Cisco, Vivendi, Nvidia, Nestle, Coca-Cola and Credit Suisse.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent to a 10-week high as of 4:03 p.m. New York time.
* The Dow Jones Industrial Average gained 0.5 percent; the Nasdaq 100 was little changed.
* The Stoxx Europe 600 Index rose 0.6 percent to its highest in a week.
* The U.K.’s FTSE 100 Index rose 0.8 percent to a four-month high.
* The MSCI Emerging Market Index fell 0.2 percent. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent to a six-week high.
* The euro decreased 0.5 percent to $1.1267.
* The British pound fell 0.3 percent to $1.285.
* The Japanese yen dropped 0.5 percent to 111.00 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.71percent.
* Germany’s 10-year yield fell one basis point to 0.12 percent.
* Britain’s 10-year yield fell less than one basis point to 1.182 percent.
Commodities
* The Bloomberg Commodity Index gained 0.1 percent.
* West Texas Intermediate crude climbed 1.7 percent to $53.99 a barrel.
* Gold fell 0.4 percent to $1,306.20 an ounce, a two-week low.
–With assistance from Masaki Kondo, Adam Haigh, Luke Kawa and Robert Brand.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Politics is not the art of the possible.  It consists in choosing between
the disastrous and the unpalatable.
                                 -John Kenneth Galbraith, 1908-2006

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Visitors walk across a bridge as water cascades over the Caban-coch dam, at Elan Valley village near Rhayader in Powys, Wales, UK after recent torrential rain in Powys has filled the complex of Elan valley dams and taken river levels to the tops of river banks in Powys, Wales, UK. Elan Valley dams supply Birmingham in the West Midlands UK with water via a gravity feed. Credit: Graham M. Lawrence/LNP

Wildlife photographer Paul Dibben captured stunning shots of starlings in his garden in Sherborne, Dorset, UK. He explains: “The starlings were hovering like hummingbirds under a bell feeder in our garden. This is new behaviour for me, they are quick learners when there is food on the end of it. Their oily-coloured plumage was reflecting the low winter sun”. Credit: Paul Dibben/Cover Images

A painted 3-D cube in the night sky, created via a drone light painting by photographer Russell Klimas in Colorado Springs, USA. Credit: @LIGHTNLENSE/News Dog Media
Market Closes for February 12^th, 2019

Market Index	Close	Change
Dow Jones	25425.76	+372.65   +1.49%
S&P 500	2743.66	+33.86   +1.25%
NASDAQ	7414.67	+106.712   +1.46%
TSX	15638.28	+69.43
		+0.45%

International Markets

Market Index	Close	Change
NIKKEI	20864.21	+531.04
		+2.61%
HANG SENG	28171.33	+27.49
		+0.10%
SENSEX	36153.62	-241.41
		-0.66%
FTSE 100*	7133.14	+4.03
		+0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.917		1.907
CND. 30 Year Bond		2.165		2.154
U.S.    10 Year Bond		2.6769		2.6554
U.S. 30 Year Bond		3.0159		2.9952

Currencies

BOC Close	Today	Previous
Canadian $	0.75520	0.75167
US $	1.32416	1.33038
Euro Rate 1 Euro=		Inverse
Canadian $	1.50020	0.66658
US $	1.13294	0.88266

Commodities

Gold	Close	Previous
London Gold Fix	1306.40	1314.85
Oil
WTI Crude Future	53.10	52.41

Market Commentary
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained for the first time in four sessions amid a broader global rally kickstarted by optimism over trade talks and a possible deal to avoid a U.S. government shutdown.
     The S&P/TSX Composite Index added 0.5 percent to 15,642.10. Information technology was one of the strongest sectors, gaining 0.8 percent as Shopify Inc. reversed earlier losses to rise 1.1 percent. The company earlier lost as much as 7.4 percent after its full-year operating profit guidance missed analyst estimates by a wide margin.
     Health-care stocks added 1.1 percent as pot stocks rebounded from a two-day selloff. Aphria Inc. gained 7.9 percent, while Aurora Cannabis Inc. slipped 0.8 percent after reporting weaker quarterly margins.
In other moves:
Stocks
* Enbridge Inc. fell 2.2 percent. The company’s Line 3 pipeline project is facing a challenge from Minnesota’s new governor
* Onex Corp. rose 1.9 percent. The private equity firm is said to be planning a sale of Advanced Integration Technology that could fetch more than $1.5 billion
* Constellation Software Inc. added 2.1 percent after the stock was upgraded to outperform at BMO on its growth prospects
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to WTI
* Gold rose 0.2 percent to $1,309.20 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.3242 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.92 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks shook off their malaise Tuesday, boosted by optimism over trade talks and a tentative deal among American lawmakers to avert a government shutdown. Treasuries and the dollar edged lower.
     After four sessions of losses or whisker-thin gains, the S&P 500 Index registered its biggest one-day increase this month, breaking through its 200-day moving average. The rally was broad-based: Materials stocks led the charge, but financials and the FAANG cohort of tech stocks also advanced, and energy companies gained as oil rebounded from a two-week low after Saudi Arabia pledged to deepen production cuts. The Dow Jones Industrial Average hit a 10-week high. 
U.S. lawmakers said they have reached an “agreement in principle” on border security funding that would forestall a second shutdown. President Donald Trump said he’ll hold a meeting Tuesday to discuss the proposal. He said the preliminary agreement is “not doing the trick” but also said he has to study it and can add to it. On trade, the U.S. president said that he’s open to letting slide a March 1 deadline for China tariffs if a deal appears close.
     “None of the worries that people had in the fourth quarter have really gone away,” said John Carey, managing director and portfolio manager at Amundi Pioneer Asset Management. “But people are maybe a little less concerned now and a little bit more positive about the ability of the economy to continue in a growth trajectory over the next couple of years, and that should be good for earnings.”
     The prospect of a deal to keep the U.S. government open together with hints that Trump may reach an accord with China appear to be rekindling the rally in riskier assets after a turbo-charged start to the year showed signs of ebbing last week. A dovish shift by the world’s central banks has also helped, but at the same time has underscored the dilemma facing investors — join the chase for late-cycle gains, or gird for a looming slowdown in growth.
     Elsewhere, carmakers led the advance in the Stoxx Europe 600 Index, while West Texas intermediate crude futures and gold advanced. Emerging-market shares climbed and their currencies edged higher. The pound gained as U.K. Prime Minister Theresa May updated lawmakers on the progress of Brexit talks with the EU. The offshore yuan strengthened for the first time in five days.
Here are some key events coming up:
* Chinese Vice Premier Liu He was expected to join U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in high-level trade talks Thursday and Friday.
* Earnings season continues with reports from companies including Cisco, Vivendi, Nvidia, Nestle, Coca-Cola and Credit Suisse.
* Sweden’s Riksbank is expected to keep interest rates at minus 0.25 percent on Wednesday after the first increase in more than seven years in December.
* Data Wednesday is expected to show U.S. consumer prices rose 0.1 percent in January, after falling 0.1 percent in December.
These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 1.3 percent, to a 10-week high, as of 4:01 p.m. New York time.
* The Dow Jones Industrial Average rose 1.5 percent; the Nasdaq 100 gained 1.5 percent.
* The Stoxx Europe 600 Index increased 0.5 percent.
* The MSCI Emerging Market Index climbed 0.8 percent, the first advance in a week and the biggest increase in more than a week.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.3 percent, the first retreat in almost two weeks.
* The euro climbed 0.5 percent to $1.1331.
* The British pound jumped 0.3 percent to $1.2896, the biggest increase in almost two weeks.
* The Japanese yen fell 0.1 percent to 110.47 per dollar.
Bonds
* The yield on 10-year Treasuries advanced two basis points to 2.68 percent, the biggest gain in over a week.
* Germany’s 10-year yield increased one basis point to 0.13 percent.
* Britain’s 10-year yield increased one basis point to 1.185 percent.
Commodities
* The Bloomberg Commodity Index jumped 0.6 percent, its biggest increase in two weeks.
* West Texas intermediate crude increased 1.3 percent to $53.10 a barrel.
* Gold jumped 0.2 percent to $1,311.27 an ounce.
–With assistance from Todd White, Andreea Papuc, Eddie van der Walt and Luke Kawa.

Have a great evening.

Be magnificent!

As ever,

Karen

“If opportunity doesn’t knock, build a door”. Milton Berle

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

The Milky Way above the Bathing House in Howick, Northumberland. Credit: Owen Humphreys/PA

Glasgow’s Chinese community celebrates the Chinese New year at a ceremony in Glasgow’s George Square and City Chambers. Credit: Wattie Cheung

A murmuration of starlings over Turkey’s northwestern Kirklareli Province. Credit: Ozgun Tiran/Anadolu Agency/Getty Images
Market Closes for February 11^th, 2019

Market Index	Close	Change
Dow Jones	25053.11	-53.22   -0.21%
S&P 500	2710.09	+2.21   +0.08%
NASDAQ	7307.906	+9.708   +0.13%
TSX	15566.93	-66.40
		-0.42%

International Markets

Market Index	Close	Change
NIKKEI	20333.17	-418.11
		-2.01%
HANG SENG	28143.84	+197.52
		+0.71%
SENSEX	36395.03	-151.45
		-0.41%
FTSE 100*	7129.11	+57.93
		+0.82%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.907		1.881
CND. 30 Year Bond		2.154		2.138
U.S.    10 Year Bond		2.6554		2.6321
U.S. 30 Year Bond		2.9952		2.9755

Currencies

BOC Close	Today	Previous
Canadian $	0.75167	0.75316
US $	1.33038	1.32774
Euro Rate 1 Euro=		Inverse
Canadian $	1.50019	0.66658
US $	1.12764	0.88680

Commodities

Gold	Close	Previous
London Gold Fix	1314.85	1310.00
Oil
WTI Crude Future	52.41	52.72

Market Commentary
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a third day as investors took a risk-off approach to a week that could provide clarity on global trade. Energy stocks gained, offset by declines in most other sectors.
     The S&P/TSX Composite Index lost 0.4 percent to 15,568.85, the lowest since Feb. 1. Health-care stocks led the decline, falling 2.6 percent as cannabis companies retreated ahead of earnings from two of the sector’s biggest players. Aphria Inc. slid 9.8 percent, the most since early December.
     Industrials fell 1 percent, led by a 7.4 percent drop at SNC-Lavalin Group Inc. to the lowest since 2009. The company issued its second profit warning in as many weeks after failing to reach an agreement over a disputed mining project in Latin America.
In other moves:
Stocks
* Restaurant Brands International Inc. rose 2.1 percent. The company reported earnings that beat analyst estimates and said it expects to open more than 1,500 Tim Hortons outlets in China over the next 10 years
* Sprott Resource Holdings Inc. jumped 16 percent, the most since 2016, after forming a special committee to maximize shareholder value 
* Canadian Tire Corp. fell 3.2 percent, the most since August. Barclays cut the company’s rating and price target, citing “daunting” competition from Amazon.com Inc.
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold fell 0.5 percent to $1,311.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3304 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 1.91 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. equities were mixed and trading volume was muted at the start of a week that could be pivotal for global trade, while lawmakers in Washington continue to negotiate a contentious spending bill. The dollar strengthened for an eighth day, and 10-year Treasuries fell.
     The S&P 500 finished higher after drifting most of the session, with advancing stocks outnumbering decliners. A faltering communication-services sector countered a gain in industrials driven by railroad shares. Health-care companies — including UnitedHealth, Pfizer and Merck — weighed on the Dow Jones Industrial Average. Volumes were lower than average, suggesting some people are waiting on the sidelines for more potent market catalysts to emerge.
     Investors are weighing the prospects for the success of this week’s high-level U.S.-China trade talks — coming just days before the March 1 deadline for higher tariffs. The threat of a shutdown in Washington also looms, with political tensions flaring again between Congress and the president.  Equities gained in China as exchanges reopened after a holiday. Japan’s securities markets were shut for a holiday, and the yen weakened.
     “Of the events looming on the horizon, the one we’re focused on most is the U.S.-China trade right now,” said Mona Mahajan, U.S. investment strategist at Allianz Global Investors in New York. “And I think that’s been an overhang not only on U.S. equities, but clearly on Chinese equities and the economy there as well.”
     Earnings season continues with the likes of Michelin reporting today, and Nissan and Cisco later this week. Yields rose on Treasuries and most European sovereign bonds. The pound stayed lower after the U.K. economy unexpectedly shrank in December.
     Elsewhere, West Texas crude futures hovered above $52 a barrel, while gold headed for its first drop in three sessions. The Swiss franc swooned almost 1 percent at the start of Asia trading Monday in a mini-recurrence of the “flash crash” that roiled FX markets early last month.
Here are some key events coming up:
* Earnings season continues with reports from companies including Michelin, Nissan, Cisco, Vivendi, Nvidia, Nestle, Coca-Cola and Credit Suisse.
* Sweden’s Riksbank is expected to keep interest rates at minus 0.25 percent on Wednesday after the first increase in more than seven years in December.
* Data Wednesday is expected to show U.S. consumer prices rose 0.1 percent in January, after falling 0.1 percent in December.
* If no deal is reached on the U.S-Mexico border wall, parts of the federal U.S. government may shut down again later this week when stopgap government funding expires.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1 percent, as of 4 p.m. New York time.
* The Nasdaq 100 declined 0.1 percent while the Dow Jones Industrial Average fell 0.2 percent.
* The Stoxx Europe 600 Index gained 0.9 percent.
* The MSCI Emerging Market Index fell 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.5 percent, hitting the highest in almost six weeks.
* The euro fell 0.4 percent to $1.1277.
* The British pound dropped 0.6 percent to $1.2861, the weakest in almost a month.
* The Japanese yen dipped 0.6 percent to 110.38 per dollar, the weakest in more than six weeks.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.66
percent, the first advance in a week.
* Germany’s 10-year yield jumped three basis points to 0.12 percent.
* Britain’s 10-year yield increased three basis points to 1.18
percent.
Commodities
* West Texas Intermediate crude decreased 0.6 percent to $52.38 a barrel, the lowest in two weeks.
* Gold sank 0.4 percent to $1,308.41 an ounce.
–With assistance from Adam Haigh and Todd White.

Have a great evening.

Be magnificent!

As ever,

Karen

“The true secret of happiness lies in taking a genuine interest in all the details of daily life.” William Morris

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Waves batter the sea defences at Aberystwyth on the Cardigan Bay coats of West Wales at high tide this morning. A yellow Met Office warning for wind has been covering most of the UK issued for tomorrow until Saturday, with the likelihood of travel disruption. Credit: Keith Morris/LNP

Kitesurfers kitesurf in good wind and weather on in Tableview, about 15km from the centre of Cape Town, South Africa. Credit:  Rodger Bosch AFP/Getty Images

Misty sunrise captured in Dorset. Photographer James Loveridge said “This was taken from Lambert’s Castle on the Dorset/Devon border, looking across the Marshwood Vale countryside, a fantastic view to see when driving out of the fog and cloud – I never knew pylons could look beautiful!”. Credit:  BNPS
Market Closes for February 8^th, 2019

Market Index	Close	Change
Dow Jones	25106.33	-63.20   -0.25%
S&P 500	2707.88	+1.83   +0.07%
NASDAQ	7298.199	+9.847   +0.14%
TSX	15633.33	-70.03
		-0.45%

International Markets

Market Index	Close	Change
NIKKEI	20333.17	-418.11
		-2.01%
HANG SENG	27946.32	-43.89
		-0.16%
SENSEX	36546.48	-424.61
		-1.15%
FTSE 100*	7071.18	-22.40
		-0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.881		1.879
CND. 30 Year Bond		2.138		2.142
U.S.    10 Year Bond		2.6321		2.6554
U.S. 30 Year Bond		2.9755		2.9947

Currencies

BOC Close	Today	Previous
Canadian $	0.75316	0.75661
US $	1.32774	1.32169
Euro Rate 1 Euro=		Inverse
Canadian $	1.50416	0.66482
US $	1.13288	0.88271

Commodities

Gold	Close	Previous
London Gold Fix	1310.00	1312.40
Oil
WTI Crude Future	52.72	52.64

Market Commentary
Canada
     (Bloomberg) — Canadian stocks fell for a second day, despite employment increasing by 66,800 in January.
     The S&P/Toronto Stock Exchange Composite Index weakened 0.5 percent Friday. Health care led the decliners and energy stocks extended their retreat. The Horizons Marijuana Life Sciences Index ETF lost 2.7 percent.
Stocks
* Hive Blockchain Technologies Ltd. gained 18.6 percent
* Plus Products Inc. rose 5.8 percent 
* ARC Resources Ltd. advanced 8 percent after 4Q EPS beat estimates 
* Emerald Health Therapeutics Inc. lost 10.4 percent 
* Linamar Corp. dropped 7.6 percent after being downgraded to neutral at Macquarie 
* Interfor Corp. lost 4.7 percent;the CFO said on an earnings call “the tariffs for lumber heading to China have certainly had their impact” 
* Enbridge Inc. lost 2.8 percent after being downgraded to neutral at UBS 
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold rose about 0.3 percent to $1,314.10 an ounce
FX/Bonds
* The Canadian dollar gained 0.3 percent to C$1.3265 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.883%
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks ended virtually unchanged after a tech-led rally in the final minutes of trading salvaged the session.
     The S&P 500 eked out a gain to avoid its worst weekly drop since December, led by a rebound in tech shares spurred by better-than-expected earnings. Equities were under pressure all day after Australia’s central bank joined European and British officials in tamping down economic forecasts, while at the same time the prospects for an extension of the U.S.’s trade detente with China continued to fade.
     In corporate news, Motorola Solutions surged after a strong report. Hasbro tumbled after its earnings disappointed, while rival Mattel gained on a positive results. Amazon slid as the feud between its CEO and President Donald Trump took an unexpected turn.
     The 10-year Treasury yield slumped a fourth day and gold futures remained above $1,300 an ounce. Renewed fears over the potential for more protectionist measures helped push emerging-market equities down for a third session. China’s market remained shut for Lunar New Year, though Hong Kong reopened and shares finished slightly lower.
     The host of threats that sent equities into a tailspin at the end of 2018 bubbled back to the surface this week. The U.S. and China look unlikely to reach a deal before the March 1 deadline for higher tariffs, while warnings mount that the dispute is hurting global growth and corporate profits. The U.S. government could be headed for another shutdown as political tensions flare between Congress and the president. Only the Federal Reserve, which made an abrupt about-face in its policy stance, hasn’t added to anxiety this week.
These are the main moves in markets:
Stocks
* The S&P 500 rose less than 0.1 percent at 4 p.m. in New York.
* The MSCI All-Country World Index dropped 0.5 percent, pushing a weekly slide to 0.7 percent.
* The Stoxx Europe 600 Index decreased 0.6 percent.
* The MSCI Emerging Market Index dipped 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.2 percent at $1.1322.
* The British pound fell 0.2 percent to $1.2932.
* The Japanese yen was steady at 109.78 per dollar.
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.63 percent, the lowest in more than a week.
* Germany’s 10-year yield fell eight basis points to 0.087 percent.
* Britain’s 10-year yield dropped nine basis points to 1.151 percent.
Commodities
* West Texas Intermediate crude rose 0.1 percent $52.71 a barrel.
* Gold advanced 0.3 percent to $1,318.60 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Karen

“There is only one happiness in this life, to love and be loved.” George Sand

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. 7, 1964, the Beatles arrived in the United States for the first time, giving rise to Beatlemania. Go to article »

On this day in 1804, John Deere was born in Rutland, Vt. In 1837, he threw the American frontier wide open by inventing the world’s first self-cleaning steel plow.

1812- Charles Dickens was born.

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way. -Charles Dicken, A Tale of Two Cities.
PHOTOS OF THE DAY

People watch the sun rise from the Treaty Grounds in Waitangi, New Zealand. The Waitangi Day national holiday celebrates the signing of the treaty of Waitangi on February 6, 1840 by Maori chiefs and the British Crown, that granted the Maori people the rights of British Citizens and ownership of their lands and other properties. Credit: Phil Walter/Getty Images

A robot wearing a nurse costume carries medical documents at Mongkutwattana General Hospital in Bangkok, Thailand. Credit: Athit Perawongmetha/Reuters

A dog is seen in a snow covered park in Kiev, Ukraine. Credit: Gleb Garanich/Reuters
Market Closes for February 7^th, 2019

Market Index	Close	Change
Dow Jones	25169.53	-220.77   -0.87%
S&P 500	2706.04	-25.57   -0.94%
NASDAQ	7288.352	-86.929   -1.18%
TSX	15703.20	-9.11
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	20751.28	-122.78
		-0.59%
HANG SENG	27990.21	+59.47
		+0.21%
SENSEX	36971.09	-4.14
		-0.01%
FTSE 100*	7093.58	-79.51
		-1.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.879		1.925
CND. 30 Year Bond		2.142		2.176
U.S.    10 Year Bond		2.6554		2.6946
U.S. 30 Year Bond		2.9947		3.0329

Currencies

BOC Close	Today	Previous
Canadian $	0.75168	0.75661
US $	1.33036	1.32169
Euro Rate 1 Euro=		Inverse
Canadian $	1.50832	0.66299
US $	1.13378	0.88201

Commodities

Gold	Close	Previous
London Gold Fix	1312.40	1314.20
Oil
WTI Crude Future	52.64	54.01

Market Commentary
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks fell for the first day this week, pacing U.S. stocks while Treasuries rallied after concern mounted that a slowdown in the global economy is spreading.
     The Canadian benchmark fell about 0.1 percent. Consumer discretionary and energy shares underperformed, weighing on the index. Marijuana stocks traded higher.
     Meanwhile, Hydro Quebec plans to issue almost twice as much debt this year than last as Canada’s largest electric utility looks to refinance upcoming maturities. The provincially owned company plans to issue between C$3 billion ($2.27 billion) and C$3.5 billion of debt in 2019, Jean-Francois Pepin, senior director for financing, treasury and pension fund said Wednesday. That compares with the C$1.8 billion that Hydro-Quebec borrowed last year.
Stocks
* Mullen Group fell more than 7 percent after reporting earnings below analyst consensus
* Nuvista Energy declined about 5 percent after cutting 2019 capex and production outlook
* BCE Inc. fell as much as 1.1 percent after its annual forecast missed estimates
* Cronos Group Inc. gained about 7 percent
* Brookfield Property Partners gained after reporting fourth quarter figures that beat analyst estimates
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to WTI
* Gold rose about 0.1 percent to $1,307.67 an ounce
FX/Bonds
* The Canadian dollar fell 0.4 percent to C$1.32608 per U.S.dollar
* The Canada 10-year government bond yield climbed to 1.882%
US
By Jeremy Herron and Reade Pickert
     (Bloomberg) — U.S. stocks slid as investors grew anxious that the Trump administration won’t reach a trade deal with China before a March deadline for escalating the war. Treasuries surged.
     The post-Christmas rally that added 16 percent to the S&P 500 came under increasing pressure amid reports the two trading partners remained far apart on a deal and that the nations’ presidents won’t meet before higher tariffs are slated to take effect on Chinese goods next month.
     Stocks opened lower after official European forecasts signaled a slowdown in the region’s economy and amid concern the American government remains on track for a shutdown next week.
     The news from Europe slammed German assets, sending the DAX Index by the most since October and bund yields to the lowest since 2016.
     “When you get these numbers coming out of Europe, it just reminds you, ‘Well, gee, that’s an issue and it’s symptomatic of all of this prevailing view that the global economy is slowing down,’’’ said David Joy, chief market strategist at Ameriprise Financial. “I would consider China and what happens with China to be the major macro issue confronting U.S. stocks in the short term.”
     Investors are struggling to find fresh impetus for extending the 2019 rally in risk assets ahead of U.S.-China trade discussions next week. In Washington, there was little progress on the domestic front with the deadline approaching for Congress and the White House to reach a deal on keeping the government open. Asian traders remain hamstrung by a dearth of activity as many markets remained shut for Lunar New Year.
     In corporate news, Twitter retreated on a tepid sales forecast, Chipotle rallied after an earnings beat and SunTrust Banks surged after agreeing to sell itself to BB&T in biggest bank takeover in a decade.
     Crude slumped below $53 a barrel in New York and the 10- year Treasury rate slipped to 2.66 percent. The pound reversed losses after the Bank of England left rates unchanged and cut its growth forecast for the U.K. economy. Earlier in Japan, shares fell amid a raft of corporate earnings.
Among key events in the coming days:
* China, Taiwan, Hong Kong and Vietnam are among markets closed for holidays
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.9 percent at 4 p.m. in New York. 
* The Nasdaq 100 slid 1.3 percent and the Dow Jones Industrial Average lost more than 200 points.
* The Stoxx Europe 600 Index fell 1.5 percent, the first retreat in more than a week.
* The MSCI World Index of developed countries decreased 1.1 percent, the largest dip in more than a week.
* The MSCI Asia Pacific Index fell 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent with its sixth straight advance.
* The euro fell 0.2 percent to $1.1343.
* The British pound added 0.2 percent to $1.2951.
* The MSCI Emerging Markets Currency Index fell 0.3 percent, reaching the lowest in more than a week.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.65 percent, the lowest in a week on the largest fall in a week.
* Germany’s 10-year yield fell five basis points to 0.11 percent.
* Italy’s 10-year yield rose nine basis points to 2.945 percent.
Commodities
* Gold futures were little changed at $1,313.60 an ounce.
* West Texas Intermediate crude decreased 2.5 percent to $52.65 a barrel.
* Bloomberg’s commodity index lost 1.2 percent.
–With assistance from Todd White.

Have a great night.

Be magnificent!

As ever,

Carolann

Anger makes dull men witty, but it keeps them poor.
                          -Queen Elizabeth I, 1533-1603

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. 6, 1952, Britain’s King George VI died; he was succeeded by his daughter, Elizabeth II. Go to article »
The statement came from Sandringham at 10:45 a.m. “The King, who retired to rest last night in his usual health, passed peacefully away in his sleep early this morning.” Newspapers at the time reported it as a shock. King George VI, after all, had been out on a shoot the day before. But there was no use denying, or dwelling, on the matter. By 5:00 p.m., a privy council had gathered at St. James’s Palace in London. They signed a statement, which ended, “[We] do now hereby with one Voice and Consent of Tongue and Heart publish and proclaim that the High and Mighty Princess Elizabeth Alexandra Mary is now by the death of our late sovereign of happy memory become Queen Elizabeth the Second by the grace of God.”
PHOTOS OF THE DAY

A meteor enters the earth’s atmosphere over the snowy hills of the Elan Valley in Wales while ethereal green ‘airglow’ spreads across the sky. Credit: Sean Weekly/SWNS.COM

A surfer waits for a wave off Tynemouth beach in North Tyneside as the sun rises. Credit: Owen Humphreys/PA

A hot air balloon makes his way above Zell am See, Austria. Credit: Matthias Schrader/AP
Market Closes for February 6^th, 2019

Market Index	Close	Change
Dow Jones	25390.30	-21.22   -0.08%
S&P 500	2731.61	-6.09   -0.22%
NASDAQ	7375.281	-26.803   -0.36%
TSX	15712.31	+9.62
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	20874.06	+29.61
		+0.14%
HANG SENG	27990.21	+59.47
		+0.21%
SENSEX	36975.23	+358.42
		+0.98%
FTSE 100*	7173.09	-4.28
		-0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.925		1.939
CND. 30 Year Bond		2.176		2.180
U.S.    10 Year Bond		2.6946		2.7019
U.S. 30 Year Bond		3.0329		3.0345

Currencies

BOC Close	Today	Previous
Canadian $	0.75661	0.76158
US $	1.32169	1.31305
Euro Rate 1 Euro=		Inverse
Canadian $	1.50250	0.66556
US $	1.13680	0.87996

Commodities

Gold	Close	Previous
London Gold Fix	1314.20	1312.15
Oil
WTI Crude Future	54.01	53.66

Market Commentary:
On this day in 1808, the Milan Stock Exchange Borsa Valori di Milano (now called Borsa Italiana) was established. Borsa Italiana mergedwith the London Stock Exchange Group in 2007.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 15,712.31 in Toronto. Intact Financial Corp. contributed the most to the index gain, increasing 3.7 percent. ATS Automation Tooling Systems Inc. had the largest increase, rising 17.3 percent.
Today, 133 of 239 shares rose, while 100 fell.
================================================================
Top Contributors |Index Points Move| % Change
================================================================
Intact Financial | 3.8170| 3.7
Manulife Financial | 3.2510| 1.1
TD Bank | 3.1350| 0.3
Canopy Growth | -3.6600| -3.7
Canadian National | -4.4600| -0.8
Canadian Natural Resources | -4.5530| -1.5
================================================================
Biggest Gainers | % Change |Index Points Move
================================================================
ATS | 17.3| 1.5210
Ivanhoe Mines | 13.1| 1.4500
Chemtrade Logistics | 6.5| 0.4620
================================================================
Biggest Losers | % Change | Index Points Move
================================================================
Cronos Group | -9.7| -3.3140
Aphria | -9.0| -1.9430
Eldorado Gold | -5.7| -0.3510
* The benchmark 10-year bond rose and the yield fell 1.5 basis points to 1.924 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell in thin trading as investors weighed corporate earnings against persistent concerns over trade and another government shutdown. The dollar extended its rally to a fifth day.
     The S&P 500 declined for the first time in six sessions with volumes below the 30-day average. President Donald Trump’s speech to Congress did little to remove trade and shutdown concerns, putting the focus on earnings-related moves. The Nasdaq composite slid along with Alphabet, while Electronic Arts and Take Two plunged after disappointing numbers. Microchip Technology’s call for a bottom in the chip cycle boosted semiconductor makers.
     Investors remained on edge with the deadline for Congress to reach a deal on keeping the government open fast approaching with little sign of compromise. There are also looming meetings in Beijing next week between U.S. trade representatives and their Chinese counterparts.
     “We’ve had a big rally and we’ve got a show me market now,” said Alec Young, managing director of global markets research at FTSE Russell. “China trade is the key thing that’s going to get people to look at this earnings data as glass half full or half empty.”
     In other moves, iron ore surged to near a two-year high after Vale raised worries of a global shortfall. Crude bounced back above $53 a barrel in New York. Bloomberg’s dollar index headed for its best run in more than two weeks. The 10-year Treasury yield fell.
     European stocks edged higher, capping a seventh day rising as technology stocks rallied on some upbeat company reports. Carmakers were among the laggards after Daimler AG’s cautious tone reignited concern about global trade. Bonds across the region were range bound, though Italian notes slipped as the country sold new debt. Iron ore rallied toward $90 a metric ton after Brazil’s Vale SA declared force majeure on some contracts, raising the prospect of a deficit of the commodity this year.
     Global equities are close to levels not seen since November, in part spurred by the Federal Reserve’s tilt toward a neutral policy stance. Further clues on what 2019 holds may come Wednesday from Chairman Jerome Powell’s first public comments following the January meeting and interest-rate decision.
Among key events in the coming days:
* Markets are closed in China, Hong Kong, Korea, Malaysia, Singapore, Taiwan and also in New Zealand
* Earnings season continues, with reports from Twitter, MetLife and Societe Generale
* Central banks in India and the U.K. set rates this week
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent as of 4 p.m. in New York.
* The Nasdaq 100 lost 0.4 percent and the Dow Jones Industrial Average declined 0.1 percent.
* The Stoxx Europe 600 Index increased 0.2 percent.
* The MSCI All-Country World Index fell 0.3 percent, the first retreat in more than a week.
* The MSCI Emerging Market Index lost 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent, reaching the highest in almost two weeks on its fifth straight advance.
* The euro decreased 0.4 percent to $1.1365, the weakest in almost two weeks.
* The British pound gained 0.1 percent to $1.2938, the first advance in a week.
* The Japanese yen was little changed at 109.97 per dollar.
Bonds
* The yield on 10-year Treasuries was steady at 2.69 percent.
* Germany’s 10-year yield declined less than one basis point to 0.17 percent.
* Britain’s 10-year yield decreased one basis point to 1.224 percent.
* Japan’s 10-year yield fell less than one basis point to -0.013 percent, the lowest in more than a month.
Commodities
* West Texas Intermediate crude rose 0.6 percent to $53.99 a barrel.
* Gold declined 0.7 percent to $1,310.50 an ounce.
–With assistance from Cormac Mullen and Robert Brand.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

The foolish man seeks happiness in the distance; the wise grows it under his feet.
                                                                   -James Oppenheim, 1882-1932

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:  Year of the Pig begins today.

The Pig is the twelfth of the 12-year cycle of animals which appear in the Chinese zodiac related to the Chinese calendar. In the continuous sexagenary cycle of sixty years, every twelfth year corresponds to hai, ?; this re-recurring twelfth year is commonly called the Year of the Pig. Wikipedia

February 5, 1973 – Architecture – Work begins on the construction of the CN Tower. Toronto, Ontario  Go to article »

PHOTOS OF THE DAY

Shoppers walk through the Lunar New year fair at Victoria Park at night in Hong, China. Hong Kong celebrates the Lunar New Year holiday on Feb. 5 – 7 this year. Credit: Paul Yeung/Bloomberg

A red squirrel proves that even heavy snowfall won’t stop her getting to some food as she leaps through the air grab a snack, in woodland on the outskirts of Inverness, Scotland, UK. Credit: Gary Bruce/Triangle News

Indian Hindu devotees taking a holy dip at Sangam at the confluence of the Ganges, Yamuna and mythical Saraswati rivers during the auspicious bathing day of ‘Mauni Amavasya’ at the Kumbh Mela in Allahabad. State authorities in Uttar Pradesh are expecting 12 million visitors to descend on Allahabad for the centuries-old festival, which officially begins on January 15 and continues until early March. Credit: Handout/AFP/Getty Images
Market Closes for February 5^th, 2019

Market Index	Close	Change
Dow Jones	25411.52	+172.15   +0.68%
S&P 500	2737.70	+12.83   +0.47%
NASDAQ	7402.086	+54.550   +0.74%
TSX	15702.69	+100.37
		+0.64%

International Markets

Market Index	Close	Change
NIKKEI	20844.45	-39.32
		-0.19%
HANG SENG	27990.21	+59.47
		+0.21%
SENSEX	36616.81	+34.07
		+0.09%
FTSE 100*	7177.37	+143.24
		+2.04%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.939		1.961
CND. 30 Year Bond		2.180		2.198
U.S.    10 Year Bond		2.7019		2.7253
U.S. 30 Year Bond		3.0345		3.0576

Currencies

BOC Close	Today	Previous
Canadian $	0.76158	0.76258
US $	1.31305	1.31134
Euro Rate 1 Euro=		Inverse
Canadian $	1.49745	0.66780
US $	1.14047	0.87683

Commodities

Gold	Close	Previous
London Gold Fix	1312.15	1318.70
Oil
WTI Crude Future	53.66	54.56

Market Commentary:
On this day in 1637, “Tulip mania” hit its peak in the Netherlands, with the price of the rare Witte Croonen tulip bulb reaching 1,345 guilders per half-pound, up 2,506% in 33 days. Over the next five years, these bulbs lost an annual average of 76% of their value, until they fetched only 37.5 guilders in 1641.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6 percent, or 100.37 to 15,702.69 in Toronto.
     The move was the biggest since rising 0.7 percent on Jan. 17. Royal Bank of Canada contributed the most to the index gain, increasing 0.7 percent. Eldorado Gold Corp. had the largest increase, rising 5.6 percent. Today, 178 of 239 shares rose, while 55 fell.
================================================================
Top Contributors |Index Points Move| % Change
================================================================
Royal Bank of Canada | 6.7740| 0.7
Enbridge Inc | 5.3250| 0.8
Canadian National | 5.1350| 0.9
Encana | -1.7640| -2.8
Cronos Group | -2.2370| -6.1
Canopy Growth | -2.3680| -2.4
================================================================
Biggest Gainers | % Change |Index Points Move
================================================================
Eldorado Gold | 5.6| 0.3280
NexGen Energy | 4.6| 0.2470
Alacer Gold | 4.2| 0.2720
================================================================
Biggest Losers | % Change | Index Points Move
================================================================
Cronos Group | -6.1| -2.2370
Home Capital Group | -3.2| -0.2300
Ensign Energy Services | -3.0| -0.1280
* The benchmark 10-year bond rose and the yield fell 2.5 basis points to 1.937 percent
* The S&P 500 Index advanced 0.5 percent
Related News headlines:
* Alacer Gold 2018 Full Year Gold Production ~171,000 Ounces
* Cronos, Dream Industrial, Minco Silver: Canada Pre-Market
* Home Capital May See ’20 EPS Hit of About 4% on Buffer, NBF Says
* Canadian Pot ETF Retakes Billion-Dollar Mark as Stocks Surge
* U.S. Stocks Climb With Treasuries, Crude Oil Drops
Markets Wrap
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks rose for a fifth day in muted trading as gains in technology shares outweighed a slump in financials sparked by falling Treasury yields. Crude fell below $54 a barrel.
     The S&P 500 tied it longest rally of the year, with most major groups advancing, led by large-cap tech shares. Trading volume was 15 percent below the 30-day average. The measure twice rose to within a whisker of its 200-day moving average, a level it last topped in December, only to fall back. Earnings and economic data were mixed, giving investors little to trade on ahead of tonight’s address to the nation from President Donald Trump.
     The relative calm in markets belies an undercurrent of uncertainty as trade talks between the U.S. and China remain unresolved and America lurches toward another government shutdown. Investors will be watching the State of the Union address later for any more signs of political rancor or clues on the outlook for foreign trade.
     The Stoxx Europe 600 Index capped a sixth advance in a row despite growth warnings from two chipmakers. Euro area PMIs were revised upward, helping boost sentiment further, but the common currency struggled as disappointing data from Italy hung over the region, while sterling fell following a weak services report.
     In Asia, many markets were shuttered for the Lunar New Year holidays. Australian shares jumped the most in more than two years, powered by financial stocks following the results of a yearlong inquiry into misconduct in the industry. Japanese equities nudged higher.
     Elsewhere, West Texas oil turned lower as traders weighed output cuts from the OPEC producer group and its partners against expectations for rising U.S. crude inventories.
     Emerging-market shares and currencies drifted. Pemex bonds jumped after Mexico’s president said he’ll announce extraordinary measures to support the oil firm.
Among key events in the coming days:
* Asian markets closed Tuesday: China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, Pakistan
* Earnings season continues, with reports this week from Twitter, Hasbro, Ryanair, Disney, Philip Morris, BNP Paribas, ING, MetLife, Societe Generale
* Trump delivers a delayed State of the Union address Tuesday
* On Wednesday, Federal Reserve Chairman Jerome Powell gives his first public comments following the January FOMC meeting and rate decision.
* Central banks in India and the U.K. set rates this week
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.5 percent to a two-month high as of 4 p.m. New York.
* The Nasdaq 100 Index was higher by 0.9 percent while bank shares slumped almost 0.2 percent.
* The Stoxx Europe 600 Index rose 1.4 percent, reaching the highest in 12 weeks on its sixth consecutive advance.
* The MSCI Asia Pacific Index rose 0.4 percent to the highest in almost four months.
* The MSCI Emerging Market Index increased 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index added 0.1 percent.
* The euro fell 0.2 percent to $1.413, the weakest in more than a week.
* The British pound decreased 0.6 percent to $1.2955.
* The Japanese yen was flat at 109.951 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.70 percent.
* Germany’s 10-year yield fell one basis point to 0.17 percent.
* Britain’s 10-year yield declined five basis points to 1.232 percent.
Commodities
* Gold futures were flat near $1,319 an ounce.
* West Texas Intermediate crude declined 1.6 percent to $53.67 a barrel.
–With assistance from Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

A mind always employed is always happy.  This is the true secret,
the grand recipe, for felicity.
                    -Thomas Jefferson, 1743-1826

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:  Today is Facebook’s fifteenth birthday.
The social networking website Facebook was launched. Go to article »

1985 – Torture abolished by the UN.
1948 – Independence Day Sri Lanka

Winterlude, Ottawa, February 1-18.

Charles Lindbergh, aviator, b. 1902
I realized that if I had to choose, I would rather have birds than airplanes. -Charles Lindbergh.
PHOTOS OF THE DAY

Participants compete during the ‘Credit Suisse GP of Celerina’ skijoring race on the first weekend of the ‘White Turf’ races in St. Moritz, Switzerland. Credit: Giancarlo Cattaneo/Keystone Via AP

An archeologist works on a mummy inside the newly excavated tombs in Tuna-el-Gebel necropolis of Minya province south of the capital Cairo, Egypt. The Egyptian minister of antiques announces on Saturday the discovery of three ancient tombs with more than 40 well-preserved mummies in Tuna-el-Gebel necropolis of Minya province south of the capital Cairo. Credit: Xinhua/Ahmed Gomaa

Jogger and pet dog enjoy a sunny start to the day in Longrock, Cornwall. Credit: Simon Maycock/Alamy Live News
Market Closes for February 4^th, 2019

Market Index	Close	Change
Dow Jones	25239.37	+175.48   +0.70%
S&P 500	2724.86	+18.33   +0.68%
NASDAQ	7347.535	+83.667   +1.15%
TSX	15595.07	+88.77
		+0.57%

International Markets

 

Market Index	Close	Change
NIKKEI	20883.77	+95.38
		+0.46%
HANG SENG	27990.21	+59.47
		+0.21%
SENSEX	36582.74	+113.31
		+0.31%
FTSE 100*	7034.13	+13.91
		+0.20%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.961		1.958
CND. 30 Year Bond		2.198		2.184
U.S.    10 Year Bond		2.7253		2.6842
U.S. 30 Year Bond		3.0576		3.0261

Currencies

BOC Close	Today	Previous
Canadian $	0.76258	0.76328
US $	1.31134	1.31014
Euro Rate 1 Euro=		Inverse
Canadian $	1.49980	0.66676
US $	1.14366	0.87438

Commodities

Gold	Close	Previous
London Gold Fix	1318.70	1323.25
Oil
WTI Crude Future	54.56	55.26

Market Commentary:
On this day in 1994, without any warning, and just as investors were pouring billions of dollars into bonds, the Federal Reserve raised short-term interest rates for the first time in five years. By year-end, the Fed had hiked short-term rates by 2.5 percentage points—and Treasury bonds lost 7.8%, their worst return since 1967.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks climbed as marijuana stocks pushed the index higher, marking the fourth straight day of gains for the sector. The Canadian benchmark rose 0.6 percent led by health care and information technology while industrials underperformed.
     The Horizons Marijuana Life Sciences Index ETF gained 4.9 percent for a fourth session, reaching its highest intraday since early November, as the World Health Organization recommended last week that cannabis international regulations be loosened. 
Stocks
* Radient Technologies Inc. gained 42 percent after receiving its Standard Processing License from Health Canada under the new Cannabis Act regulations 
* High Tide Inc. rose 24.3 percent after plans to expand into Ontario with cannabis retail lottery winner 
* Village Farms International Inc. rose 16.1 percent 
* Namaste Technologies Inc. fell 14.5 percent after launching a strategic review, CEO departure 
* Westport Fuel Systems Inc. lost 14 percent after CFO resigned
Commodities
* Western Canada Select crude oil traded at a $10.25 discount to WTI
* Gold fell 0.4 percent to $1,312.17 an ounce
FX/Bonds
* The Canadian dollar fell 0.1 percent to C$1.3121 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.962%
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks rose for a fourth day, with technology shares leading the advance in thin trading ahead of a fresh batch of earnings reports. The dollar advanced on rising prospects for a trade truce.
     The S&P 500 closed at the highest since Dec. 3 in volume 20 percent below the 30-day average. Nvidia, Adobe, Microsoft and Apple led the Nasdaq indexes to solid advances. Alphabet reports earnings after the closing bell.
     President Donald Trump over the weekend told CBS that trade talks with Beijing are “doing very well” and sounded confident an agreement with North Korea was on the horizon. European equities eked out a fifth gain for the longest rally since November. In Asia, trading was subdued as much of the region headed into Lunar New Year holidays.
     “The S&P 500 was priced for perfection in the economy, earnings and the Fed, and while we’ve seen a lot of positive improvement, we’re a long way from that right now,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter, wrote to clients.
     After a busy few days that included relatively dovish Federal Reserve comments and U.S.-China trade talks in Washington, there were a notable lack of drivers for markets on Monday, particularly in Asia, where China is off and other markets will be shut for days. Investors may again look for direction from a corporate earnings season that’s been mixed so far.
     Elsewhere, Venezuela’s defaulted 2027 bonds fell as Spain, Germany and the U.K. led a host of European countries in recognizing National Assembly leader Juan Guaido as the country’s interim president on Monday. The country’s outlook is being followed by oil traders given the country’s share of global exports. Emerging-market currencies and shares fell.
Among key events in the coming days:
* Earnings season continues, with reports this week from Twitter, Hasbro, Ryanair, Disney, Philip Morris, SoftBank, BNP Paribas, ING, MetLife, Societe Generale
* Trump delivers a delayed State of the Union address Tuesday
* On Wednesday, Federal Reserve Chairman Jerome Powell gives his first public comments following the January FOMC meeting and rate decision. 
* Central banks in Australia, India and the U.K. set rates this week
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.6 percent as of 4 p.m. New York time, while the Nasdaq Composite Index added 1.1 percent and the Dow Jones Industrial Average gained 0.4 percent.
* The Stoxx Europe 600 rose 0.1 percent.
* The MSCI Emerging Market Index eased 0.3 percent, the first drop in five days.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent, the third straight daily increase.
* The euro eased 0.2 percent to $1.1436.
* The British pound fell 0.1 percent to $1.3089.
* The Japanese yen weakened 0.5 percent to 110.06 per dollar.
Bonds
* The yield on 10-year Treasuries climbed four basis points to 2.72 percent.
* Germany’s 10-year yield rose one basis point to 0.17 percent.
* Britain’s 10-year yield rose two basis points to 1.27 percent.
Commodities
* West Texas Intermediate fell 0.9 percent to $54.79 a barrel.
* Gold fell 0.4 percent to $1,312 an ounce.
–With assistance from David Wilson and Eddie van der Walt.

Have a great evening.

Be magnificent!

As ever,

Carolann

Predicting rain doesn’t count.  Building arks does.
                                    -Warren Buffet, 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 Friday!

February is black history month.
On Feb. 1, 1960, four black college students began a sit-in protest at a lunch counter in Greensboro, N.C., where they’d been refused service. Go to article »
Tomorrow is Groundhog Day.

Investors Eye Super Bowl-Based Market Predictor
By William Power, News Editor, WSJ

The Rams are bulls on Sunday, as far as the possible impact on the stock market./PHOTO: Scott Cunningham/Getty Images

Bullish investors who look at an unscientific but popular indicator will be rooting for the Los Angeles Rams on Sunday when they face the New England Patriots in the Super Bowl.
The Super Bowl Predictor—popularized by market analyst Robert H. Stovall— foretells the stock market for the full year based on who wins the big game in February.
The quirky indicator, which has even been studied by academics, goes like this: Stocks go up for the calendar year if an original National Football League team (like the Rams) wins, but down if the winner is from the old American Football League (like the Patriots). Teams added after the two leagues’ long-ago merger count for either the National or American side depending on which of today’s two conferences they play in.
But after a strong run of success, the Predictor has misfired for three straight years. It now has been accurate after 40 of the 52 Super Bowls, or a 77% rate.
That’s better than most of the scientific indicators that Wall Street uses, but still…
It didn’t work for 2018 because the Philadelphia Eagles’ win incorrectly predicted that the stock market would rise in 2018. It looked good for a while but was ultimately a fumble. Not even a replay challenge can change that market result.
The Eagles have now been to three Super Bowls in their history: 1981, 2005 and 2018. The first two times, they lost, and the Dow fell, so the Predictor worked. But last year, the market didn’t follow the Eagles’ winning lead.
If New England wins its second Super Bowl in three years, bulls will be hoping for a repeat of 2017, when the Predictor failed and stocks surged following a Patriots victory. -bill.power@wsj.com
PHOTOS OF THE DAY

People walk under decorative lanterns ahead of the Chinese New Year in Yangon’s Chinatown district, Myanmar. Credit: Ye Aung Thu/AFP/Getty Images

Redzone.bet cheerleaders perform in from on anti-Brexit demonstrators outside the Houses of Parliament, London, ahead of the Superbowl between the Los Angeles Rams and the New England Patriots on Sunday. Credit: Victoria Jones/PA Wire

This picture taken on January 31, 2019 shows a hot air balloon flying over the southern Egyptian city of Luxor, about 650 kilometres (400 miles) south of the capital Cairo. Credit: Mohamed El-Shahed/AFP/Getty Images
Market Closes for February 1^st, 2019

Market Index	Close	Change
Dow Jones	25063.89	+64.22   +0.26%
S&P 500	2706.53	+2.43   +0.09%
NASDAQ	7263.867	-17.870   -0.25%
TSX	15506.31	-34.29
		-0.22%

International Markets

Market Index	Close	Change
NIKKEI	20788.39	+14.90
		+0.07%
HANG SENG	27930.74	-11.73
		-0.04%
SENSEX	36469.43	+212.74
		+0.59%
FTSE 100*	7020.22	+51.37
		+0.74%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.958		1.879
CND. 30 Year Bond		2.184		2.138
U.S.    10 Year Bond		2.6842		2.6293
U.S. 30 Year Bond		3.0261		2.9956

Currencies

BOC Close	Today	Previous
Canadian $	0.76328	0.76163
US $	1.31014	1.31298
Euro Rate 1 Euro=		Inverse
Canadian $	1.50099	0.66622
US $	1.14568	0.87285

Commodities

Gold	Close	Previous
London Gold Fix	1323.25	1310.70
Oil
WTI Crude Future	55.26	53.79

Market Commentary:
The Dow industrials and the S&P 500 have both climbed 15% since Dec. 24, their largest such percentage gain between the trading day before Christmas and the end of January since 1975, according to Dow Jones Market Data.
On this day in 1869, the New York Stock Exchange required listed companies to register their securities to prevent “watered stock,” or the manipulated over-issuance of shares by insiders.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks fell, snapping a six-day winning streak, while U.S. stocks were mixed as traders weighed a better-than-expected job report with unclear progress in China trade talks and a disappointing sales forecast from Amazon.
     The Canadian benchmark fell about 0.2 percent on the first trading day of February. Materials were the worst performing stocks while pot company shares were the best.
     Canada’s economy contracted for the second time in three months on lower energy production, the clearest evidence yet of a soft patch that’s expected to linger through the first part of this year. Gross domestic product declined 0.1 percent in November, Statistics Canada said Thursday from Ottawa, matching the median forecast in a Bloomberg survey of economists.
Stocks
* Aphria rose 10 percent after short-seller Citron bailed out after Aphria rally, bet against Cronos shares, which rose 6.1 percent
* Eldorado extends rally as stock gets three upgrades and one downgrade after suspending construction of Kisladag mill project.
* Open Text Corp. climbed 4.2 percent after reporting a second quarter adjusted EPS that beat the highest estimate 
* Celestica Inc. plunged as much as 19 percent after updating guidance and getting a downgrade from Macquarie
* Teck Resources fell 3.9 percent after company said 4Q results will be “significantly below” consensus estimates
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold fell about 0.3 percent to $1,317.93 an ounce
FX/Bonds
* The Canadian dollar rose about 0.3 percent to C$1.3089 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.959%
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks eked out a small gain as a better-than-expected jobs report and signs of progress in trade talks overshadowed a disappointing sales forecast from Amazon.
     The S&P 500 Index rose less than 0.1 percent, extending a weekly advance to 1.6 percent. Tech-heavy gauges slumped as Amazon capped a 20 percent drop from its September high. Energy companies were the best performers as oil rose to the strongest in more than two months and data showed nonfarm payrolls increased by 304,000 last month, the most in almost a year. The dollar was steady and U.S. Treasury yields rose.
     After U.S. stocks posted their best month in three years in January on the back of dovish Federal Reserve comments, traders are keeping a careful watch on earnings season for signals about the outlook for growth. China promised to boost purchases of U.S. goods after the latest round of trade talks, and both sides planned further discussions.
     “Having strong data back up the view that the economy is on a strong footing is good, but still there’s some lingering uncertainties out there, particularly with global trade,” said Charlie Ripley, a senior investment strategist for Allianz Investment Management.
     Oil climbed past $55 a barrel in New York, reaching the highest since November, amid falling OPEC production and speculation that a robust economy will fuel demand.
     Elsewhere, European equities climbed. The pound weakened as data showed U.K. manufacturing fell to a three-month low in January. Asian stocks headed for a fourth consecutive weekly advance.
Among key events in the coming days:
* The coming week will see central banks reviewing monetary policy, including the Bank of England, in Australia, Brazil, Mexico, Russia, Serbia, Philippines, Thailand and India. 
* Earnings season rolls on with notable releases from Alphabet, Toyota, BP and Disney.
* Chinese financial markets will close next week for the Lunar New Year holiday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1 percent at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro increased 0.1 percent to $1.146.
* The British pound declined 0.2 percent to $1.3082.
* The Japanese yen fell 0.6 percent to 109.5 per dollar.
Bonds
* The yield on 10-year Treasuries rose six basis points to 2.69 percent.
* Germany’s 10-year yield climbed two basis points to 0.16 percent.
* Britain’s 10-year yield rose three basis points to 1.24 percent.
* Italy’s 10-year yield jumped 16 basis points to 2.74 percent.
Commodities
* West Texas Intermediate crude rose 2.9 percent to $55.33 a barrel.
* Gold fell 0.2 percent to $1,319.07 an ounce.
–With assistance from Adam Haigh, Yakob Peterseil, Eddie van der Walt, Samuel Potter and Sophie Caronello.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Mistakes are the portals of discovery.
             -James Joyce, 1882-1916

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. 31, 1865, the House of Representatives passed a constitutional amendment to abolish slavery.
Go to article »

1940: First social security cheque issued.

PHOTOS OF THE DAY

The sun rises as waves crash against the sea wall in Seaburn, Sunderland. Credit: John Alderson/Pictureexclusive.com

Blenheim Palace is embracing new technology by trying out a new robotic tour guide. ‘Betty’ will be interacting with visitors at the Oxfordshire UNESCO World Heritage Site as part of a five-day trial this week. The robot is greeting visitors in the Great Hall and providing snippets of information about the palace and its history, as well as taking photos with the public and uploading them to social media. Credit: BNPS

Stadium stewards display a portrait of Argentinian forward Emiliano Sala, whose plane disappeared over the Channel Islands over a week prior, in the middle of the pitch before the French football match between Nantes and Saint Etienne at the La Beaujoire stadium in Nantes, western France. Credit: Sebastian Salom Gomis/AFP/Getty Images
Market Closes for January 31^st, 2019

Market Index	Close	Change
Dow Jones	24999.67	-15.19   -0.06%
S&P 500	2704.10	+23.05   +0.86%
NASDAQ	7281.738	+98.658   +1.37%
TSX	15540.60	+56.05
		+0.36%

International Markets

Market Index	Close	Change
NIKKEI	20773.49	+216.95
		+1.06%
HANG SENG	27942.47	+299.62
		+1.08%
SENSEX	36256.69	+665.44
		+1.87%
FTSE 100*	6968.85	+27.22
		+0.39%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.879		1.914
CND. 30 Year Bond		2.138		2.162
U.S.    10 Year Bond		2.6293		2.6775
U.S. 30 Year Bond		2.9956		3.0315

Currencies

BOC Close	Today	Previous
Canadian $	0.76163	0.76079
US $	1.31298	1.31443
Euro Rate 1 Euro=		Inverse
Canadian $	1.50288	0.66539
US $	1.14463	0.87364

Commodities

Gold	Close	Previous
London Gold Fix	1310.70	1307.55
Oil
WTI Crude Future	53.79	54.23

Market Commentary:
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.4 percent, or 56.05 to 15,540.60 in Toronto. The index advanced to the highest closing level since Oct. 16.
     Barrick Gold Corp. contributed the most to the index gain, increasing 2.5 percent. Eldorado Gold Corp. had the largest increase, rising 27.5 percent.
Today, 150 of 239 shares rose, while 86 fell.
================================================================
Top Contributors |Index Points Move| % Change
================================================================
Barrick Gold | 5.2130| 2.5
Shopify | 5.0930| 3.5
First Quantum Minerals | 4.8120| 6.9
Methanex | -2.2150| -5.3
Canadian Natural Resources | -4.0380| -1.3
Bank of Montreal | -7.0590| -1.6
================================================================
Biggest Gainers | % Change |Index Points Move
================================================================
Eldorado Gold | 27.5| 1.1990
Aphria | 13.5| 2.0810
Ivanhoe Mines | 9.2| 0.9160
================================================================
Biggest Losers | % Change |Index Points Move
================================================================
Methanex | -5.3| -2.2150
Seven Generations Energy | -4.9| -1.0190
NuVista Energy | -4.8| -0.3210
* The benchmark 10-year bond rose and the yield fell 3.6 basis points to 1.877 percent
* The S&P 500 Index advanced 0.9 percent
US
By Reade Pickert
     (Bloomberg) — U.S. stocks rallied to cap their biggest monthly gain in three years as better-than-expected corporate earnings and the Federal Reserve’s dovish turn lifted investor sentiment.
     Technology shares led advances as the S&P 500 Index closed at an eight-week high. General Electric Co. and Facebook Inc. both surged more than 10 percent after traders cheered their quarterly results. Emerging-market shares advanced while Treasury yields fell a day after signals from the Fed that it will be “patient” on interest-rate moves and flexible on reducing its balance sheet.
     “The market is back to being focused on earnings,” Kate Warne, an investment strategist at Edward Jones, said in an interview at Bloomberg’s New York headquarters. “Much of the news has been reassuring and that’s supported rising stocks.”
     The S&P 500 posted its best month since October 2015 after Wednesday’s statement from the Fed helped ease fears that the central bank would continue with plans to tighten policy even in the face of cooling economic data. Outside the earnings realm, investors have an eye on meetings between Chinese negotiators and their counterparts in Washington to resolve the trade dispute. President Donald Trump said discussions are going well but that no deal will be final until he meets with Chinese President Xi Jinping “in the near future.”
     Elsewhere, the pound was steady as the European Union and U.K. appeared on a collision path over Brexit. The Stoxx Europe 600 Index ended little changed after a positive start, with banks among the biggest drags as energy companies rose following strong results from Royal Dutch Shell.
     In Asia, equities in Japan and Hong Kong rallied, while Chinese stocks posted a modest advance.
Among key events in the coming days:
* Meetings between Chinese President Xi Jinping’s top economic aide, Vice Premier Liu He, and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin continue on Thursday.
* Earnings season rolls on.
* Chinese financial markets will close next week for the Lunar New Year holiday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.9 percent, extending the monthly gain to 7.9 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index jumped 1.3 percent to a four-month high.
* The Nikkei-225 Stock Average rose 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.3 percent to $1.1444.
* The British pound was little changed at $1.3114.
* The Japanese yen strengthened 0.1 percent to 108.91 per dollar.
Bonds
* The yield on 10-year Treasuries decreased five basis points to 2.63 percent.
* Germany’s 10-year yield declined four basis points to 0.15 percent.
* Britain’s 10-year yield declined four basis points to 1.22 percent.
* Italy’s 10-year yield fell one basis point to 2.58 percent.
Commodities
* West Texas Intermediate crude fell 0.3 percent to $54.02 a barrel.
* Gold was little changed at $1,319.78 an ounce.
–With assistance from Gregor Stuart Hunter, Adam Haigh, Samuel Potter and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

The scariest moment is just before you start.
                            -Stephen King, b. 1947

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