Month: March 2019

Dear Friends,

Tangents: HAPPY FRIDAY!

On March 29, 1973, the last United States troops left South Vietnam, ending America’s direct military involvement in the Vietnam War.  Go to article »

Politics is war without bloodshed while war is politics with bloodshed.
                                                         –Mao Zedong, 1893-1976

Japan’s famous Nara Park, home to more than 1,000 sacred deer that have learned to bow for treats. -CNN

PHOTOS OF THE DAY

‘Companion’, an inflatable sculpture by US artist and designer Brian Donnelly, known professionally as Kaws is shown at Victoria Harbour in Hong Kong. CREDIT: PHILIP FONG/AFP/GETTY IMAGES

A couple watch the sun set off Newquay, Cornwall, UK. CREDIT: APEX

Tourists go sightseeing at the Tianlong Bridge of Tiansheng Sanqiao scenic area in Wulong District of Chongqing, southwest China. The Tiansheng Sanqiao scenic area, where three natural limestone arches look like bridges, is a popular tourist attraction. CREDIT: XINHUA/REX

Dramatic sky at sunset in Adelaide, Australia: Grange jetty is silhouetted under a dramatic with stunning colours during sunset. CREDIT: AMER GHAZZAL/BARCROFT IMAGES

Gardner Rob Ternent, 31, pushes his wheelbarrow through a sea of daffodils at Alnwick Castle in Northumberland, UK. CREDIT: OWEN HUMPHREYS/PA WIRE
Market Closes for March 29^th, 2019

Market Index	Close	Change
Dow Jones	25928.68	+211.22   +0.82%
S&P 500	2834.40	+18.96   +0.67%
NASDAQ	7729.320	+60.154   +0.78%
TSX	16102.09	-53.40
		-0.33%

International Markets

Market Index	Close	Change
NIKKEI	21205.81	+172.05
		+0.82%
HANG SENG	29051.36	+276.15
		+0.96%
SENSEX	38672.91	+127.19
		+0.33%
FTSE 100*	7279.19	+44.86
		+0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.617		1.561
CND. 30 Year Bond		1.892		1.858
U.S.    10 Year Bond		2.4050		2.3946
U.S. 30 Year Bond		2.8143		2.8226

Currencies

BOC Close	Today	Previous
Canadian $	0.74961	0.74422
US $	1.33403	1.34369
Euro Rate 1 Euro=		Inverse
Canadian $	1.49823	0.66745
US $	1.12309	0.89040

Commodities

Gold	Close	Previous
London Gold Fix	1295.15	1309.70
Oil
WTI Crude Future	60.14	59.30

Market Commentary:
On this day in 1989, Michael Milken was indicted on 98 felony charges of violating federal securities laws as head of the junk-bond desk at Drexel Burnham Lambert. Prosecutors disclosed that he earned $550 million in compensation in 1986.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks fell for a second week to close out March, but still gained 12.42% in the first quarter, the best in nineteen years. U.S. stocks capped their bestquarter since 2009.
     The quarter’s gains were led by health-care stocks whichhave surged 49 percent since the beginning of the year onoptimism for the cannabis sector. Information technology and real estate stocks were also among the best performing industries, while materials underperformed, even while notching an 8.2 percent gain year-to-date.
     The S&P/TSX Composite Index fell 0.3 percent to 16,102.09 Friday. Energy stocks lagged the market while information technology and health care rose.
     Separately, President Trump granted permission to TransCanada Keystone Pipeline “to construct, connect, operate and maintain pipeline facilities at the international border of the United States and Canada at Phillips County, Montana, for the import of oil from Canada to the United States.”
In other moves:
Stocks
* Patriot One Technologies Inc. jumped 8.2% after getting financing from Raytheon’s Canada unit 
* Lassonde Industries Inc. rose 4.4% after 4Q results
* Auxly Cannabis Group Inc. fell 12.2% after 4Q results and 2019 outlook 
* Osisko Mining Inc. lost 5.2%, down for a third straight session 
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to WTI
* Gold rose 0.1 percent to $1,296.80 an ounce
FX/Bonds
* The Canadian dollar rose 0.6 percent to C$1.3363 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.618 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — Stocks climbed to round out a strong quarter and Treasuries fell amid hopes for a trade deal between the world’s two largest economies. The pound dropped as a political crisis in the U.K. deepened.
     The S&P 500 Index posted its best quarter since 2009, and Lyft Inc. surged in its debut after investors rushed to get a piece of the first big U.S. technology listing this year.
     Treasury 10-year yields increased, following a plunge earlier in the week that triggered concern over an economic slowdown. The pound retreated as Britain edged closer to a general election after Parliament rejected Theresa May’s Brexit deal for a third time.
     Traders have piled into risk assets this quarter as major central banks showed willingness to stay accommodative and concern over a trade war eased. Further gains may depend in part on the outcome of negotiations between Washington and Beijing, who are said to be working line-by-line through the text of a deal. White House chief economic adviser Larry Kudlow told CNBC Friday that the U.S. is still making good headway in talks with China.
     The American economy looks on track for continued growth, though the inversion of the yield curve may be signaling that the central bank may have set policy too tight, said Federal Reserve Bank of Minneapolis President Neel Kashkari. Meantime, Kudlow called on the Fed to “immediately” cut rates by a half percentage point, according to a report by Axios.
     “The real lesson we take away from this quarter is that over time fundamentals control,” said Brad McMillan, chief investment officer for Commonwealth Financial Network, which has $161 billion in assets. “We saw consumer confidence high, we saw jobs growth high, earnings continuing to grow, albeit somewhat slower. When you put all these things together, it says there may be panic-driven declines, but ultimately the fundamentals control.”
     Elsewhere, oil closed above $60 for the first time since early November — capping its best quarter since 2009 — amid signs of thinning supplies from Siberia to the U.S. shale fields. The ruble slumped after the U.S. was said to have prepared new sanctions on Russia as punishment for a 2018 nerve- agent attack in the U.K. The Turkish lira dropped despite an organized effort to stem losses before elections on Sunday.
These are the main moves in markets:
Stocks
* The S&P 500 rose 0.7 percent to 2,834.41 at 4 p.m. in New York.
* The Stoxx Europe 600 Index increased 0.6 percent.
* The MSCI Asia Pacific Index added 0.7 percent.
* The MSCI Emerging Market Index rallied 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro was little changed at $1.1218.
* The Japanese yen decreased 0.2 percent to 110.82 per dollar.
* The British pound fell 0.1 percent to $1.3025.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.40 percent.
* Germany’s 10-year yield slid less than one basis point to -0.07 percent.
* Britain’s 10-year yield was unchanged at 1 percent.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude rose 1.4 percent to $60.14 a barrel.
–With assistance from Shoko Oda, Ksenia Galouchko, Adam Haigh, Sophie Caronello, Nancy Moran, Todd White, Eddie van der Walt and Sarah Ponczek.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

Resolve not to be poor: whatever you have, spend less.  Poverty is a great enemy to human happiness; it certainly destroys liberty, and it makes some virtues impracticable, and others extremely difficult.  -Samuel Johnson, 1709-84

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 March 28, 1979, America’s worst commercial nuclear accident occurred inside the Unit Two reactor at the Three Mile Island plant near Middletown, Pa.
Go to article »

Ours is a world of nuclear giants and ethical infants.  If we continue to develop our technology without wisdom or prudence, our servant may prove to be our executioner. –General Omar Bradley, 1893-1981

PHOTOS OF THE DAY

Museum staff members walks with mobile devices over a giant illuminated aerial photograph of Berlin, at the exhibition “The Stasi in Berlin” inside former Stasi prison in Hohenschoenhausen, Berlin  CREDIT: FABRIZIO BENSCH/REUTERS

A technician displays the Anthony “Tony’ C. Zemaitis Acoustic fretless Bass guitar, estimate $15-20,000 from the collection of David Gilmour, guitarist, singer and songwriter of Pink Floyd, during a press opportunity at Christie’s auction rooms in London. The collection of more that 120 guitars will be auctioned on June 20 in New York, with the process to benefit charity. CREDIT: JULIAN SIMMONDS FOR THE TELEGRAPH

A juvenile leopard cat, seized by authorities during an anti-smuggling operation, is seen past suspected smugglers during a press conference announcing the seizure of trafficked exotic animals in Surabaya, Indonesia. Authorities said they had seized five Komodo dragons and dozens of other animals being sold on Facebook, as the country battles to clamp down on the illegal wildlife trade. CREDIT: JUNI KRISIWANTO/AFP/GETTY IMAGES
Market Closes for March 28^th, 2019

Market Index	Close	Change
Dow Jones	25717.46	+91.87   +0.36%
S&P 500	2815.44	+10.07   +0.36%
NASDAQ	7669.164	+25.787   +0.34%
TSX	16155.49	+22.96
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	21033.76	-344.97
		-1.61%
HANG SENG	28775.21	+46.96
		+0.16%
SENSEX	38545.72	+412.84
		+1.08%
FTSE 100*	7234.33	+40.14
		+0.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.561	1.534
CND. 30 Year Bond	1.858	1.836
U.S.    10 Year Bond	2.3946	2.3665
U.S. 30 Year Bond	2.8226	2.8105

Currencies

BOC Close	Today	Previous
Canadian $	0.74422	0.74572
US $	1.34369	1.34099
Euro Rate 1 Euro=		Inverse
Canadian $	1.50869	0.66283
US $	1.12276	0.89067

 Commodities

Gold	Close	Previous
London Gold Fix	1309.70	1316.30
Oil
WTI Crude Future	59.30	59.41

Market Commentary:
On this day in 1985, after 193 years, a sitting U.S. President visited the floor of the New York Stock Exchange for the first time when Ronald Reagan went to ring the bell that opens trading. 
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks climbed Thursday in a broader equity market rally as U.S. stocks also advanced.
     The S&P/TSX Composite Index rose 0.1 percent to 16,155.49. Information technology and industrials gained, while materials failed to rally.
     Separately, Ontario plans a “thoughtful” return to a balanced budget to ensure the Canadian province can maintain vital services, Finance Minister Victor Fedeli said.
In other moves:
Stocks
* Valener Inc. advanced 11% after being acquired by Noverco 
* Real Matters Inc. jumped 7% 
* BRP Inc. rose 6.3% 
* CCL Industries Inc. gained 4.3% 
* CannTrust Holdings Inc. fell 19% after 4Q earnings
* Detour Gold Corp. lost 8% as gold stocks fell 
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to WTI
* Gold fell 1.6% to $1,296.40 an ounce 
FX/Bonds
* The Canadian dollar fell 0.3 percent to C$1.3442 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.556 percent
US
By Rita Nazareth, Vildana Hajric and Sarah Ponczek 
     (Bloomberg) — U.S. stocks advanced as the rally in Treasuries eased and investors looked to China for the latest developments in the standoff over trade. The dollar climbed.
     The S&P 500 Index remained on track for its best quarter since 2009, with commodity and financial shares leading gains on Thursday. The gauge briefly fell after White House economic adviser Larry Kudlow said the Trump administration is prepared to keep negotiating with Beijing for weeks or even months.
     Treasury 10-year yields rebounded from a 15-month low, while the greenback extended its advance into a third day. The pound slid as the U.K. government will put to a vote the Brexit withdrawal agreement only on Friday.
     The strong quarter for risk assets is coming to an end with a dose of caution after a furious surge in Treasuries raised concern the economy faced a sharp slowdown. Federal Reserve Bank of New York President John Williams said policy is well positioned where it is. Meantime, U.S. trade officials including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer landed in Beijing Thursday for talks aimed at nailing down a deal with China.
     “Risk assets are being supported right now, in my view, by a dovish Fed, a China stabilization and better sentiment around geopolitical risks,” said Frances Donald, the head of macroeconomic strategy at Manulife Asset Management. “That probably gives this rally a little bit more juice.” 
     The markets are betting on a deal with China in the not- too-distant future, and they’re pricing that in, according to Chad Morganlander, a money manager at Washington Crossing Advisors.
     “Every day or every other day there is a headline or a rumor or a whisper about the China trade talks,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co. “The market seems to move very temporarily on a short-term basis based on those movements.”
     Elsewhere, oil fell after President Donald Trump said that OPEC should lift crude production. Gold tumbled below $1,300 an ounce, while palladium had its biggest drop since 2010. The Turkish lira led declines among the world’s major currencies despite an organized effort to stem losses days before elections.
Here are some key events coming up:
* U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* Fed official Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 rose 0.4 percent to 2,815.44 at 4 p.m. in New York.
* The Stoxx Europe 600 Index dipped 0.1 percent.
* The MSCI Asia Pacific Index decreased 0.6 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.4 percent.
* The euro declined 0.2 percent to $1.1222.
* The Japanese yen dipped 0.1 percent to 110.58 per dollar.
* The British pound slid 1 percent to $1.3055.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.38 percent.
* Germany’s 10-year yield advancedne basis point to -0.07 percent.
* Britain’s 10-year yield fell one basis point to 1 percent.
Commodities
* The Bloomberg Commodity Index declined 0.6 percent.
* West Texas Intermediate crude dipped 0.2 percent to $59.30 a barrel.
* Gold sank 1.6 percent to $1,295,30 an ounce.
–With assistance from Jan-Patrick Barnert, Adam Haigh, Andreea Papuc, Todd White, Yakob Peterseil and David Wilson.

Have a great night.

Be magnificent!

As ever,

Carolann

Only the paranoid survive.
-Andy Grove, 1936-2016
-dictum on which he ran his company, Intel.

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:
March 27, 1975 – First flight of the de Havilland Canada Dash 7 airliner.  Go to article »

On March 27, 1802, Dorothy Wordsworth wrote in her Journal:
A divine morning.  At breakfast William wrote part of an ode.  Mr. Oliff sent the dung and William went to work in the garden.  We sat all day in the orchard.
The ode referred to became “Intimations of Immortality”, of which Gerard Manley Hopkins said:  “For my part I should think St. George and St. Thomas of Canterbury wore roses in heaven for England’s sake on the day that ode not without their intercession, was penned.”

PHOTOS OF THE DAY

Will Gadd climbing an iceberg near Ilulissat, Greenland. Credit: Red Bull/SWNS.COM

Alain Robert, the French urban climber dubbed Spiderman, climbs French Energy group Engie’s building in the La Defense business district outside Paris. Credit: Bertrand Guay/AFP/Getty Images

Arthur Brand, Dutch art detective dubbed the “Indiana Jones of the Art World’ has struck again, finding a Picasso painting worth 25 million euros stolen from a Saudi sheikh’s yacht on the French Riviera in 1999. The discovery of the rare portrait of Maar, one of Pablo Picasso’s most influential mistresses, is the culmination of a four-year investigation into the burglary on the luxury yacht Coral Island, as she lay anchored in Antibes. Credit: Stringer/AFP/Getty Images
Market Closes for March 27^th, 2019

Market Index	Close	Change
Dow Jones	25625.59	-32.14   -0.13%
S&P 500	2805.37	-13.09   -0.46%
NASDAQ	7643.379	-48.143   -0.63%
TSX	16132.53	-22.63
		-0.14%

International Markets

Market Index	Close	Change
NIKKEI	21378.73	-49.66
		-0.23%
HANG SENG	28728.25	+161.34
		+0.56%
SENSEX	38132.88	-100.53
		-0.26%
FTSE 100*	7194.19	-2.10
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.534		1.572
CND. 30 Year Bond		1.836		1.860
U.S.    10 Year Bond		2.3665		2.4177
U.S. 30 Year Bond		2.8105		2.8731

Currencies

BOC Close	Today	Previous
Canadian $	1.74572	0.74718
US $	1.34099	1.33837
Euro Rate 1 Euro=		Inverse
Canadian $	1.50879	0.66278
US $	1.12513	0.88878

Commodities

Gold	Close	Previous
London Gold Fix	1316.30	1319.55
Oil
WTI Crude Future	59.41	59.94

Market Commentary:
About 6.45 billion shares changed hands on exchanges operated by the New York Stock Exchange and the Nasdaq Tuesday, the second-lowest number so far this year.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks dropped Wednesday as pot- sector weakness stole the spotlight. The S&P/TSX Composite Index fell 0.1 percent to 16,132.53.
     The Horizons Marijuana Life Sciences ETF (HMMJ CN) fell 3.7 percent, most since February 6. Energy stocks also underperformed.
     Separately, Newmont Mining Corp. announced that Glass, Lewis & Co. has joined Institutional Shareholder Services Inc. as the second independent proxy advisory firm to recommend that Newmont and Goldcorp shareholders vote for the proposed combination.
In other moves:
Stocks
* Cronos Group Inc. fell 8.5% after getting third downgrade in two days 
* Village Farms International Inc. dropped 6.4% after 
* NuVista Energy Ltd. lost 5.6% 
* Largo Resources Ltd. gained 6.9% after 4Q earnings
* Interfor Corp. advanced 4.1% 
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to WTI
* Gold fell 0.5% to $1,315.30 an ounce
FX/Bonds
* The Canadian dollar fell 0.2 percent to C$1.3410 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.540 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — The rally in bonds gained momentum as traders turned their focus to a worrying global economic outlook. Stocks fell and the dollar rose.
     Treasury 10-year yields dropped to the lowest since December 2017, and rates on benchmark German bunds sank further below zero after European Central Bank President Mario Draghi said an accommodative stance is still needed. Energy companies in the S&P 500 Index joined a slide in oil, while industrial shares gained. The pound climbed as several pro-Brexit Tories, including Boris Johnson, were said to back U.K. Prime Minister Theresa May’s deal.
     Traders piled into bonds amid concern about a slowdown in global growth. Recent data showed weakness from U.S. housing to retail sales and consumer sentiment, prompting a more dovish tone from the central bank. A closely watched segment of the yield curve inverted last week — a gauge that’s served as a recession warning. Fed funds futures are now pricing in more than 30 basis points of easing by the end of 2019.
     “The performance of risk depends ultimately on what growth is,” Binky Chadha, Deutsche Bank’s chief global strategist, said on Bloomberg TV. “The current message from the last three weeks is easier monetary policies spook the markets about growth.”
     Speculation that the Federal Reserve will consider lowering rates is spreading, with Legg Mason Inc. unit Brandywine Global Investment Management forecasting a cut this year. Stephen Moore, President Donald Trump’s pick for an open Fed board seat, said in a New York Times interview that the central bank should immediately cut rates by half a percentage point. 
     Elsewhere, the Brazilian real led losses among major peers as investors see a bumpier road for a key pension overhaul. New Zealand’s dollar tumbled as policy makers joined the shift away from tighter policy. The cost of borrowing liras overnight on the offshore swap market touched 1,000 percent after Turkey orchestrated a currency crunch before an election that will test support for President Recep Tayyip Erdogan’s rule.
Here are some key events coming up:
* U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* U.K. Parliament set to stage several key votes on Brexit on Wednesday.
* Fed official Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5 percent to 2,805.35 at 4 p.m. in New York.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index declined 0.3 percent.
* The MSCI Emerging Market Index decreased 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro declined 0.1 percent to $1.125.
* The Japanese yen increased 0.1 percent to 110.49 per dollar.
* The British pound climbed 0.3 percent to $1.3251.
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.38 percent.
* Germany’s 10-year yield fell seven basis points to -0.08 percent.
* Britain’s 10-year yield increased one basis point to 1.013 percent.
Commodities
* The Bloomberg Commodity Index declined 0.5 percent.
* West Texas Intermediate crude fell 0.9 percent to $59.41 a barrel.
* Gold dipped 0.3 percent to $1,316.90 an ounce.
–With assistance from Stephen Spratt, Adam Haigh, Robert Brand, Todd White and David Wilson.

Have a great night.

Be magnificent!

As ever,

Carolann

There is nothing that people bear more impatiently,
or forgive less, than contempt; and an injury is 
much sooner forgotten than an insult.
                   -Lord Chesterfield, 1694-1773

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:
March 26, 1976 – Baseball – American League approves the purchase of the Toronto Blue Jays franchise by Labatt Brewing for $7 million. Toronto, Ontario  Go to article »
Robert Frost, poet, b. 1874
Diana Ross, singer, b.1944
Erica Jong, writer, b. 1942

1979 – Anwar Sadat and Mencheim Begin, sign peace accord.

A PRAYER IN SPRING
      by Robert Frost
Oh, give us pleasure in the flowers to-day;
And give us not to think so far away
As the uncertain harvest; keep us here
All simply in the springing of the year.

Oh, give us pleasure in the orchard white,
Like nothing else by day, like ghosts by night;
And make us happy in the happy bees,
The swarm dilating round the perfect trees.

And make us happy in the darting bird
That suddenly above the bees is heard,
The meteor that thrusts in with needle bill,
And off a blossom in mid air stands still.

For this is love and nothing else is love,
The which it is reserved for God above
To sanctify to what far ends He will,
But which it only needs that we fulfil.

Read at the Dedication of John F. Kennedy Park, May 29, 1987.
PHOTOS OF THE DAY

Glorious Spring sunshine in Queen’s Park, Bolton, Lancashire, UK. A perfect start to the week as blue skies and warm sunshine are expected to continue until the weekend in the North West of England. Credit: The Telegraph

A brimstone butterfly as shot by retired University teacher Dr John Brackenbury. His unique photographs takes us on an amazing journey into the tiny world of these spectacular creatures. The 70-year-old, from Cambridge, achieves a unique perspective of butterflies and other winged bugs taking us down to their level. Credit: John Brackenbury/Magnus News

Three cute and fluffy newborn ducklings pictured enjoying the sunshine for the first time this morning at Bocketts Farm, Surrey. The clocks go forward this weekend to start British Summer Time. Credit: Oliver Dixon
Market Closes for March 26^th, 2019

Market Index	Close	Change
Dow Jones	25657.73	+140.90   +0.55%
S&P 500	2818.46	+20.10   +0.72%
NASDAQ	7691.523	+53.982   +0.71%
TSX	16155.16	+89.30
		+0.56%

International Markets

Market Index	Close	Change
NIKKEI	21428.39	+451.28
		+2.15%
HANG SENG	28566.91	+43.56
		+0.15%
SENSEX	38233.41	+424.50
		+1.12%
FTSE 100*	7169.29	+18.71
		+0.26%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.572		1.549
CND. 30 Year Bond		1.860		1.847
U.S.    10 Year Bond		2.4177		2.3983
U.S. 30 Year Bond		2.8731		2.8616

Currencies

BOC Close	Today	Previous
Canadian $	0.74718	0.74615
US $	1.33837	1.34022
Euro Rate 1 Euro=		Inverse
Canadian $	1.50786	0.66319
US $	1.12664	0.88760

Commodities

Gold	Close	Previous
London Gold Fix	1319.55	1311.30
Oil
WTI Crude Future	59.94	58.77

Market Commentary:
On this day in 1979, OPEC declared following a meeting in Geneva that its members would raise the price of crude oil from $13.34 to $14.55, igniting another round of global inflation. On Monday, crude prices dipped 0.4% to settle at $58.82 a barrel.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 16,155.16 in Toronto. The move was the biggest since rising 0.7 percent on March 18 and follows the previous session’s decrease of 0.1 percent.
     Canadian National Railway Co. contributed the most to the index gain, increasing 1.5 percent. Hexo Corp. had the largest increase, rising 8.2 percent.
Today, 159 of 243 shares rose, while 75 fell; 10 of 11 sectors were higher, led by energy stocks.
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 26.7767| 0.9| 32/7
Industrials | 17.9480| 1.0| 22/7
Materials | 16.3790| 0.9| 30/18
Financials | 13.8453| 0.3| 20/6
Information Technology | 6.2969| 0.9| 4/6
Communication Services | 2.5645| 0.3| 5/1
Consumer Discretionary | 2.5445| 0.4| 9/8
Utilities | 2.0437| 0.3| 11/4
Health Care | 1.0678| 0.3| 7/3
Real Estate | 0.0774| 0.0| 14/10
Consumer Staples | -0.2472| 0.0| 5/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian National | 9.1700| 1.5| -37.7| 15.9
Canadian Natural | | | |
Resources | 7.7610| 2.5| 14.0| 12.8
Royal Bank of | | | |
Canada | 7.2320| 0.7| 25.0| 10.0
Bank of Nova Scotia| -1.4780| -0.2| 40.6| 3.8
CIBC | -1.8870| -0.6| 149.9| 6.8
TD Bank | -2.8610| -0.3| -3.3| 8.5
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
HEXO Corp | 8.2| 0.9250| 26.0| 92.8
Crescent Point | | | |
Energy | 5.2| 0.8590| -41.7| 8.0
NuVista Energy | 4.3| 0.3200| -16.7| 18.1
================================================================
| |Index Points| Volume VS |YTD Change
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
Chemtrade | | | |
Logistics | -4.6| -0.2830| 152.4| -14.2
Ensign Energy | | | |
Services | -3.0| -0.1550| -43.3| 15.2
Semafo | -2.6| -0.2310| -12.6| 29.5
* The benchmark 10-year bond fell and the yield rose 2.1 basis points to 1.571 percent
US
By Rita Nazareth, Sarah Ponczek and Vildana Hajric
     (Bloomberg) — The rally in U.S. stocks faded from Tuesday’s highs as Apple Inc. wiped out its advance after a judge recommended a partial iPhone ban. Treasuries declined and the dollar rose.
     A gauge of technology companies in the S&P 500 Index gave up most of its gains, while energy shares climbed as Russia signaled that it’s committed to output cuts. The yield on benchmark U.S. bonds rose after a two-day plunge, though the spread between three-month and 10-year rates remained in negative territory. The greenback erased its monthly drop, and the Japanese yen led losses in haven currencies. Gold retreated.
     Risk assets rebounded on speculation that the recent sell-off in global markets had been overdone. Goldman Sachs Group Inc. added its voice to those advising against panic over the inversion of the U.S. yield curve — which has served as a recession warning. While the economic backdrop indeed may be less favorable, stocks may end up doing well with a flat curve, the analysts wrote.
     “The market has run quite far in a short period without much economic news supporting it,” wrote Christopher Low, the chief economist at FTN Financial. “As a result, we are not surprised to see higher yields today. A breather makes sense, and rates could back up further before the rally resumes.”
     Every industry in the S&P 500 rose, while the Stoxx Europe 600 had its first gain in a week. Japan’s Topix Index jumped more than 2.5 percent — a day after its biggest slide this year. Emerging-market stocks also advanced.
     “What you’re seeing is some oversold conditions, and some buying opportunities are starting to appear in the marketplace,” said Chris Larkin, senior vice-president of trading at E*Trade.
     The outcome of U.S.-China trade talks and any developments in Britain’s tortuous exit of the European Union could help determine sentiment from here. The pound climbed as a Brexit hardliner indicated he’s willing to back Theresa May’s deal, a move that could be a game-changer if others follow suit.
Here are some key events coming up:
* U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* U.K. Parliament is set to stage several key votes on Brexit on Wednesday.
* Fed Governor Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 gained 0.7 percent to 2,818.46 at 4 p.m. in NewYork.
* The Stoxx Europe 600 added 0.8 percent.
* The MSCI Asia Pacific Index advanced 0.9 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro fell 0.4 percent to $1.1271.
* The Japanese yen slid 0.5 percent to 110.55 per dollar.
* The British pound increased 0.1 percent to $1.3205.
Bonds
* The yield on 10-year Treasuries gained two basis points to 2.41 percent.
* Germany’s 10-year yield increased one basis point to -0.02 percent.
* Britain’s 10-year yield advanced two basis points to 1.007 percent.
Commodities
* The Bloomberg Commodity Index rose 0.1 percent.
* West Texas Intermediate crude surged to $59.94 a barrel.
* Gold slipped 0.6 percent to settle at $1,321.40 an ounce.
–With assistance from Lilian Karunungan, Abhishek Vishnoi, Andreea Papuc, Joanna Ossinger, Eddie van der Walt and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Happiness is the only good.  The time to be happy is now. 
The place to be happy is here.  The way to be happy is to make others so.
                                             -Robert Green Ingersoll, 1833-1899

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:
Old New Year’s Day was on this date until 1751.  The Romans began their year in March.  With the introduction of the Gregorian year, January 1st was accepted as New Year’s Day by most Christian countries, but not until 1600 in Scotland and 1752 in England.
March 25, 1958 – Aviation – Crowd of 14,000 Avro employees cheer maiden flight of supersonic fighter the AVRO CF-105 Arrow at Malton Airport; one of world’s most advanced airplanes at the time; cancelled five months later. Toronto, Ontario  Go to article »

I WANDERED LONELY AS A CLOUD
  by  William Wordsworth
I wandered lonely as a cloud
That floats on high o’er vales and hills,
When all at once I saw a crowd,
A host, of golden daffodils;
Beside the lake, beneath the trees,
Fluttering and dancing in the breeze.

Continuous as the stars that shine
And twinkle on the milky way,
They stretched in never-ending line
Along the margin of a bay:
Ten thousand saw I at a glance,
Tossing their heads in sprightly dance.

The waves beside them danced; but they
Out-did the sparkling waves in glee:
A poet could not but be gay,
In such a jocund company:
I gazed—and gazed—but little thought
What wealth the show to me had brought:

For oft, when on my couch I lie
In vacant or in pensive mood,
They flash upon that inward eye
Which is the bliss of solitude;
And then my heart with pleasure fills,
And dances with the daffodils.
PICTURES OF THE DAY

Five-year-old Henly Mills with Martha, a day-old lamb, a day-old lamb, on his family’s farm in Arley, near Kidderminster, Worcestershire. Credit: Peter Lopeman/Alamy Live News

The RAF Benevolent Fund are commemorating the 75^th anniversary of The Great Escape – the mass escape from a German prisoner-of-war camp in 1944 that inspired the iconic film of the same name. There original stunt man Tim Gibbes sits on the original Triumph TR6 motorcycle. Credit: Jeff Gilbert for The Telegraph

Visitors flock a street under blooming cherry blossoms near Jiming Temple in Nanjing, Jiangsu province, China. Credit: Reuters
Market Closes for March 25^th, 2019

Market Index	Close	Change
Dow Jones	25516.83	+14.51   +0.06%
S&P 500	2798.36	-2.35   -0.08%
NASDAQ	7637.543	-5.124   -0.07%
TSX	16065.86	-23.47
		-0.15%

International Markets

Market Index	Close	Change
NIKKEI	20977.11	-650.23
		-3.01%
HANG SENG	28523.35	-590.01
		-2.03%
SENSEX	37808.91	-355.70
		-0.93%
FTSE 100*	7177.58	-30.01
		-0.42%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.549		1.598
CND. 30 Year Bond		1.847		1.892
U.S.    10 Year Bond		2.3983		2.4355
U.S. 30 Year Bond		2.8616		2.8732

Currencies

BOC Close	Today	Previous
Canadian $	0.74615	0.74489
US $	1.34022	1.34248
Euro Rate 1 Euro=		Inverse
Canadian $	1.51640	0.65946
US $	1.13146	0.88381

Commodities

Gold	Close	Previous
London Gold Fix	1311.30	1309.60
Oil
WTI Crude Future	58.77	58.94

Market Commentary:
On this day in 1966, Bank of America executive Kenneth Larkin drafted a memo proposing that Bankamericard should expand outside the bank’s home state of California and offer credit-card services to merchants and retail customers nationwide. The Visa card, and the ability to borrow and spend anywhere at any time, were born.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.1 percent, or 23.47 to 16,065.86 in Toronto. The index dropped to the lowest closing level since March 8.
     Suncor Energy Inc. contributed the most to the index decline, decreasing 2.3 percent. Crescent Point Energy Corp. had the largest drop, falling 4.7 percent.
Today, 133 of 243 shares fell, while 105 rose; 6 of 11 sectors were lower, led by energy stocks.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -33.6225| -1.1| 6/35
Financials | -12.9165| -0.3| 6/20
Industrials | -5.2508| -0.3| 11/17
Communication Services | -3.6285| -0.4| 3/4
Information Technology | -0.2963| 0.0| 6/3
Consumer Discretionary | -0.0650| 0.0| 7/10
Utilities | 0.6515| 0.1| 7/9
Real Estate | 0.9474| 0.2| 15/10
Health Care | 1.2436| 0.3| 5/6
Consumer Staples | 8.7093| 1.4| 6/4
Materials | 20.7539| 1.1| 33/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Suncor Energy | -11.4700| -2.3| -49.9| 15.8
Canadian Natural | | | |
Resources | -6.7380| -2.1| -6.6| 10.0
Bank of Nova Scotia| -5.2180| -0.8| 54.2| 4.0
Goldcorp | 2.4010| 2.7| 14.9| 11.4
Couche-Tard | 7.3560| 3.3| 12.8| 10.6
Barrick Gold | 9.5700| 4.2| 14.5| 3.8
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Cronos Group | 6.0| 1.8430| 97.4| 90.3
Yamana Gold | 6.0| 1.4150| 90.9| 15.9
Eldorado Gold | 5.6| 0.3940| -4.9| 64.3
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
Crescent Point Energy | -4.7| -0.8200| -41.8| 2.7
Canada Goose | -4.1| -1.1170| 57.5| 4.2
Birchcliff Energy | -3.5| -0.2640| -38.3| 25.3
* The benchmark 10-year bond rose and the yield fell 4.3basis points to 1.554 percent
* The S&P 500 Index declined slightly, down 0.1 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — A rally in Treasuries sent benchmark yields briefly below 2.4 percent for the first time since December 2017. Stocks were mixed and the dollar retreated.
     Technology shares led losses in the S&P 500 Index as Apple Inc. slumped during Chief Executive Officer Tim Cook’s address.
     Consumer discretionary and industrial companies gained. Treasury 10-year yields extended their slide into a second day as investors wager the Federal Reserve will need to cut rates amid an economic slowdown. The pound turned lower after Prime Minister Theresa May stumped for her Brexit deal before a parliamentary vote.
     Traders pushed down the value of risk assets amid mounting concern over a global downturn and after stock valuations climbed near levels reached during the height of last year’s euphoria. The Fed may have to put rate hikes on hold or even ease monetary policy if economic forecasts for 2019 disappoint, Chicago Fed President Charles Evans said.
     “We’re still biased to the downside,” said Mona Mahajan, a U.S. investment strategist at Allianz Global Investors.
     “Generally, a low long rate means people are worried about long- term prospects for the economy. That weighs on equity markets as well.”
     Donald Trump warned that unspecified “people” who prompted Robert Mueller’s Russia investigation would be investigated, and said he wouldn’t object if the special counsel’s report is publicly released. Mueller said in a report that he didn’t find evidence the president or his campaign collaborated with Russian efforts to interfere in the 2016 election, according to a letter
     Attorney General William Barr sent to Congress on Sunday. The pound retreated as May said she doesn’t yet have enough support to put her Brexit deal to a vote in Parliament and will continue to try to convince MPs to back it. As lawmakers try to take control of the process, she’s wielding the threat of a long extension if her deal isn’t passed.
     European shares dropped even after data showed confidence among German companies improved. Australia’s 10-year bond yield recorded an all-time low and Japan’s hit the lowest since September 2016. The Turkish lira recouped some of its Friday slump, which followed the start of an investigation by the country’s banking regulator into JPMorgan Chase & Co. and another probe of unspecified banks for stoking the currency’s plunge.
Here are some key events coming up: * U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* U.K. Parliament is likely to stage several key votes on Brexit.
* China’s Boao Forum for Asia holds its annual conference this
week. A top Chinese government leader will deliver a keynote speech, and officials including Central Bank Governor Yi Gang and Finance Minister Liu Kun are scheduled to speak.
* Fed Governor Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.1 percent to 2,798.39 at 4 p.m. in New York.
* The Dow Jones Industrial Average added 0.1 percent, while the Nasdaq-100 Index dropped 0.1 percent.
* The Stoxx Europe 600 Index decreased 0.5 percent.
* The MSCI Asia Pacific Index declined 1.9 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro increased 0.1 percent to $1.1314.
* The British pound decreased 0.1 percent to $1.3196.
* The Japanese yen dipped 0.1 percent to 110 per dollar.
Bonds
* The yield on 10-year Treasuries dipped three basis points to 2.41 percent.
* Germany’s 10-year yield fell one basis point to -0.03 percent.
* Britain’s 10-year yield decreased three basis points to 0.986 percent.
Commodities
* The Bloomberg Commodity Index increased 0.2 percent.
* West Texas Intermediate crude dipped 0.4 percent to $58.82 a barrel.
* Gold posted a fifth straight gain as the dollar weakened.
–With assistance from Liz Capo McCormick, Alexandra Harris, Adam Haigh, Eddie van der Walt, Yakob Peterseil and Nick Baker.

Have a great night. 

Be magnificent!

As ever,

Carolann

Hope tells us tomorrow will be better.
                 –Tibullus, 55 BC-19 BC

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:
March 22, 1945 – Arab League formed.
On March 22, 1972, Congress sent the proposed Equal Rights Amendment to the Constitution to the states for ratification. It fell short of the three-fourths approval needed.
Go to article »

                  SPRING
Nothing is so beautiful as spring –
When weeds, in wheels, shoot long and lovely and lush,
Thrush’s eggs look little low heaven, and thrush
Through the echoing timber does so rinse and wring
The ear, it strikes like lightnings to hear him sing… 
                                     -Gerard Manley Hopkins

PHOTOS OF THE DAY

A lookout tower, left, and the broadcast tower of Antenna Hungaria at the top of Karancs mountain are backdropped by the rising moon as seen from the vicinity of Karancskeszi village, 128 kms northeast of Budapest, Hungary. Credit: Peter Komka/MTI Via AP

People visit the Vessel at Hudson Yards, New York City. The newly opened staircase sculpture was designed by Thomas Heatherwick. Credit: Adam Gray/Barcroft Images

Super moon & equinox, rare lunar phenomenon of the large super worm moon coinciding with spring equinox at Minninglow hill, a historic English monument with a chambered tomb & two bowl barrows in Ballidon, Derbyshire, UK. Credit: The Telegraph
Market Closes for March 22^nd, 2019

Market Index	Close	Change
Dow Jones	25502.32	-460.19   -1.77%
S&P 500	2800.71	-54.17   -1.90%
NASDAQ	7642.668	-196.291   -2.50%
TSX	16089.33	-155.26
		-0.96%

International Markets

Market Index	Close	Change
NIKKEI	21627.34	+18.42
		+0.09%
HANG SENG	29113.36	+41.80
		+0.14%
SENSEX	38164.61	-222.14
		-0.58%
FTSE 100*	7207.59	-147.72
		-2.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.598		1.667
CND. 30 Year Bond		1.892		1.969
U.S.    10 Year Bond		2.4355		2.5369
U.S. 30 Year Bond		2.8732		2.9667

Currencies

BOC Close	Today	Previous
Canadian $	0.74489	0.74838
US $	1.34248	1.33623
Euro Rate 1 Euro=		Inverse
Canadian $	1.51941	0.65815
US $	1.13153	0.88376

Commodities

Gold	Close	Previous
London Gold Fix	1309.60	1303.70
Oil
WTI Crude Future	58.94	59.83

Market Commentary:
To know values is to know the meaning of the market. –Charles Dow, 1851-1902
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended the week lower, following declines in foreign markets after disappointing data from the German manufacturing sector renewed global growth worries.
     The S&P/TSX Composite Index fell almost 1 percent on Friday, most since Dec. 24. Marijuana companies were the worst performers trading lower as analysts are keeping a close watch on a House committee vote scheduled for Tuesday on a bill to get cannabis industry cash off the streets and into bank accounts.
     Meanwhile Newmont Mining’s shareholders, including Paulson & Co. expressed concerns over the terms of the gold miners $10 billion purchase of Goldcorp Inc. VanEck — one of the biggest Newmont shareholders, also shared similar concerns about the deal.
     Canada’s economy gave no sign of a quick exit from its current soft patch, with data released Friday showing a benign environment for price pressures and tepid consumer spending.
In other moves:
Stocks
* Gold miners were among the best performing miners as gold outperformed the metals. Gainers include OceanaGold, Franco-Nevada, Barrick Gold, Centerra Gold 
* Industrial metal miners including Lundin Mining, First Quantum underperformed as copper fell
* Cronos Inc. fell 6 percent; earlier this week Altria and Cronos disclosed in a regulatory filing that the companies have begun to explore creating a new holding company for Cronos outside of Canada
* Canadian energy companies also fell as oil price declined; Kelt Exploration, Gran Tierra and MEG Energy are among decliners
* BRP Inc. shares traded lower despite reporting normalized EPS forecast midpoint that beat estimates
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to WTI
* Gold futures rose 0.5 percent to $1,3426 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.3418 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.596 percent
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. equities ended the week lower and Treasuries rose amid more signals that global growth is slowing.
     The dollar advanced against most major currencies, while the three-month/10-year yield curve inverted for the first time since 2007.
     Despite a dovish turn by the Fed Wednesday, the S&P 500 Index on Friday saw its biggest drop since January — and lost 0.8 percent for the week — with materials and financials leading the benchmark down as the yield on 10-year Treasuries, already at a 14-month low, extended its decline. Growth fears also took a toll on crude, and energy shares tumbled. Investors sought refuge in utilities, while gold headed for its best week since early February.
     “The inversion historically has not been a good sign for the economy going ahead,” according to Ed Keon, chief investment strategist and portfolio manager at QMA. “But there’s deeper issues which we don’t fully understand and which the markets are grappling with. It’s not just cyclical signs that a flatter yield curve tends to be a sign of weaker economic growth ahead, but that the secular change where rates around the world in all the developed countries have been remarkably low.”
     Banks and industrial shares led the Stoxx Europe 600 lower after German purchasing manager data badly missed forecasts. Sovereign bonds in Europe quickly reversed earlier losses and the euro erased a modest gain. The yield on Germany’s 10-year bonds — Europe’s benchmark — tumbled below zero.
     The surprise to stock and bond markets pulled the MSCI index of global equities down from its highest level since October, eroding some of the optimism that the Federal Reserve’s dovish tilt could prolong the bull market for stocks. Bonds, however, were already signaling investor worries that momentum in growth and inflation remains too subdued.
     Hours before the 10-year yield tumbled in Germany, its counterpart in Japan fell to the lowest since 2016, New Zealand’s dropped below 2 percent for the first time and Australia’s was approaching an all-time low, as the world’s major central banks wound up another week showing they can’t yet tighten policy. Trade talks between the U.S. and China are scheduled to continue next week.
     Elsewhere, sterling advanced after European leaders moved to stop a chaotic no-deal Brexit from happening next week, handing the U.K. an extra two weeks. The U.K. now needs to decide by April 12 what it will do next. In Asia, a late-day turnaround put benchmark stock indexes in Japan, Korea and Australia back into the green.
These are the main moves in markets:
Stocks
* The S&P 500 Index decreased 1.9 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 1.2 percent.
* Germany’s DAX Index fell 1.6 percent to a one-month low.
* The MSCI Emerging Market Index dipped 1 percent, the largest decrease in two weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro decreased 0.7 percent to $1.1297, the largest dip in more than two weeks.
* The British pound rose 0.7 percent to $1.3198.
* The Japanese yen rose 0.8 percent to 109.97 per dollar.
Bonds
* The yield on 10-year Treasuries sank 10 basis points to 2.44 percent, the lowest in more than 14 months.
* Germany’s 10-year yield dipped six basis points to -0.02 percent.
* Britain’s 10-year yield fell five basis points to 1.014 percent.
Commodities
* West Texas Intermediate crude sank 1.8 percent to $58.91 a barrel.
* Gold advanced 0.2 percent to $1,312.58 an ounce.
–With assistance from Adam Haigh, Cecile Gutscher and Todd White.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

We are all sculptors and painters, and our material is our own
flesh and blood and bones.  Any nobleness begins at once to refine a man’s features, and any meanness or sensuality to imbrute them. -Henry David Thoreau, 1817-1862

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:
1963 – Alcatraz prison in San Francisco Bay was emptied of its last inmates.  Go to article »
1965 – Selma, Alabama civil rights march.
1685 –  Johann Sebastien Bach, born.

PHOTOS OF THE DAY

A day-old lamb exploring new surroundings on the vernal equinox, considered the first day of spring at Coombes Farm in Lancing, England. Credit: Andrew Hasson/Getty Images

Interiors of “Under”, a semi-submerged restaurant beneath the waters of the North Atlantic which will be open to public on March 21, 2019 is pictured in Lindesnes, south west of Oslo, Norway. Credit: Scanpix/Tor Erik Schroder via Reuters

Members of the Druid Order take part in a ceremony in Tower Hill to mark Spring Equinox in London, England. Spring Equinox is when the day and night are of equal length and the centre of the visible Sun is directly above the Equator. Credit: Jack Taylor/Getty Images
Market Closes for March 21^st, 2019

Market Index	Close	Change
Dow Jones	25962.51	+216.84   +0.84%
S&P 500	2854.88	+30.65   +1.09%
NASDAQ	7838.961	+109.993   +1.42%
TSX	16244.59	+77.03
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	21608.92	+42.07
		+0.20%
HANG SENG	29071.56	-249.41
		-0.85%
SENSEX	38386.75	+23.28
		+0.06%
FTSE 100*	7355.31	+64.30
		+0.88%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.667		1.671
CND. 30 Year Bond		1.969		1.986
U.S.    10 Year Bond		2.5369		2.5245
U.S. 30 Year Bond		2.9667		2.9714

Currencies

 

BOC Close	Today	Previous
Canadian $	0.74838	0.75225
US $	1.33623	1.32934
Euro Rate 1 Euro=		Inverse
Canadian $	1.52021	0.65780
US $	1.13769	0.87897

Commodities

Gold	Close	Previous
London Gold Fix	1303.70	1307.70
Oil
WTI Crude Future	59.83	59.83

Market Commentary:
On this day in 1924, the Massachusetts Investors Trust, the first open-end mutual fund—a type of fund that doesn’t have restrictions on the amount of shares the fund can issue—was founded in Boston by Edward G. Leffler, a former aluminum cookware salesman, and investment bankers Hatherly Foster, Jr. and Charles H. Learoyd. The minimum initial purchase of five shares cost $262.50, or $2.50 less than the price of a new Ford Model T runabout.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose to their highest level since August before paring gains, after two consecutive down days. Information technology and industrial stocks led the way, while pot stocks underperformed.
     The S&P/TSX Composite Index rose 0.5 percent to 16,244.59 on Thursday in Toronto. Boyd Group was the best performing stock, while Martinrea International was the worst. 
     CVS Health Corp. this week will begin selling products infused with the trendy, non-intoxicating hemp component at more than 800 of its stores as part of a distribution deal with marijuana company Curaleaf Holdings Inc., Curaleaf said Wednesday.
In other moves:
Stocks
* Curaleaf soared 32 percent after a partnership with CVS Health
* Boyd Group Income Fund jumped 9.2 percent after 4Q revenue beats highest estimate 
* Crescent Point Energy rose 6.6 percent, extending 2-day rally
* Wheaton Precious Metals rose 5.7 percent on 4Q beat
* Martinrea International fell 3.3 percent, continuing yesterday’s loss
Commodities
* Western Canada Select crude oil traded at a $9.85 discount toWTI
* Gold rose 0.6 percent to $1,315.20 an ounce
FX/Bonds
* The Canadian dollar fell 0.5 percent to C$1.3374 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.668 percent
US
By Reade Pickert and Sarah Ponczek
     (Bloomberg) — U.S. equities reached a five-month high as investors reacted to a dovish lurch by policy makers in the world’s largest economy. The dollar rebounded after a four-day skid, while government bonds stabilized. West Texas crude and gold declined.
     After the Federal Reserve announced yesterday that it had no plans to raise rates in 2019, stocks resumed the year’s upward charge. The S&P 500 Index staged a broad-based advance Thursday that saw tech shares climbing alongside the real estate and consumer sectors. Financials sat out the rally as the yield on 10-year Treasuries came off the lowest level in more than a year after sharp declines Wednesday.
     “It’s a confirmation that the market was right that we didn’t need such aggressive Fed policy,” said Hank Smith, co-chief investment officer at Haverford Trust, which manages $8.5 billion. “The expectation is the Fed is out of the picture for the remainder of the year. That risk, if you want to call it that, is off the table and now we move to trade.”
     Brazil’s Ibovespa stock index retreated and the real sank after former Brazilian president Michel Temer was arrested as part of the “Carwash” corruption probe, clouding the outlook for the government’s key economic reforms.
     Elsewhere, sterling pared its decline after the EU was said to consider giving British Prime Minster Theresa May an unconditional Brexit extension until May 7. The current impasse over her current proposal, so close to the March 29 deadline for the U.K. to exit the bloc, threatens to increase the chances of a no-deal departure. A rate hold by the Bank of England had little impact on the currency.
     On the Stoxx Europe 600, food and beverage shares helped offset a retreat in banks. Asia’s regional index advanced even as Hong Kong stocks fell and Japanese markets shut for a holiday.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.1 percent as of 4:01 p.m. New York time.
* The Dow Jones Industrial Average rose 0.8 percent; the Nasdaq 100 gained 1.5 percent.
* The Stoxx Europe 600 Index fell less than 0.05 percent.
* The U.K.’s FTSE 100 Index gained 0.9 percent.
* Germany’s DAX Index sank 0.5 percent.
* The MSCI Emerging Market Index gained 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent, the first advance in a week.
* The euro dipped 0.4 percent to $1.1364, the first retreat in a week.
* The British pound decreased 0.8 percent to $1.3096, the weakest in more than a week.
* The Japanese yen fell 0.1 percent to 110.80 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 2.54 percent.
* Germany’s 10-year yield decreased four basis points to 0.04 percent, the lowest in more than two years.
* Britain’s 10-year yield decreased nine basis points to 1.064 percent, the lowest in more than 18 months.
Commodities
* West Texas Intermediate crude fell 0.7 percent to $59.84 a barrel.
* Gold fell 0.2 percent to $1,309.46 an ounce.
–With assistance from Adam Haigh, David Wilson, Vildana Hajric and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

If A is a  success in life, then A equals x plus y plus z.
Work is x; y is play; and z is keeping your mouth shut.
                                    -Albert Einstein, 1879-1955

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: The first day of Spring is here!

The night sky will shine a little brighter than usual and…
There will be a full moon on Wednesday at 9:43 p.m. ET, just a few hours after the official start of spring. It’s the first time since 1981 that the spring equinox and a full moon coincide on the same day.
This full moon is also extra special because it will be a supermoon. That means the moon will appear larger than normal because of its close proximity to Earth.
The vernal equinox also is the Persian New Year, known as Nowruz (and other spellings). For more than 300 million people worldwide it’s the start of a monthlong celebration of new beginnings.
In Chichen Itza, Mexico, thousands gather at the Kulkulkan pyramid. In the late afternoon, the sun creates a shadow that looks like a snake sliding down the northern staircase.
And in Stonehenge, England, pagans, druids and tourists watch the picturesque sunrise at the prehistoric monument.
Holi, a major festival in India that marks the start of spring, also begins on March 20 this year. During Holi, people come together for song, dance and to splash their loved ones with colored powder and water.  -from CNN.
Purim also begins tonight.

March 20, 1602: Dutch East India Company was established; it lasted for 196 years.
1852: Uncle Tom’s Cabin was published.
PHOTOS OF THE DAY

People celebrate the early stages of Holi festival in Barsana, India. Credit: Antik Sharma/Solent news & Photo Agency

The Flying Scotsman, passes Corfe Castle on the Swanage Railway in Dorset. The locomotive, owned by the National Railway Museum in York, will be on the Purbeck heritage railway for 20 days from Friday, 22 March to Wednedat, 10 April, 2019. Credit: Andrew Matthews/PA Wire

The William II ship passes a wind turbine as it sails along the north east coast near Whitley Bay in Tyne and Wear after it set off from Blyth in Northumberland on a voyage round the coastline of Great Britain calling at 10 ports en route and changing crews at each stage. Credit: Owen Humphreys/PA Wire
Market Closes for March 20^th, 2019

Market Index	Close	Change
Dow Jones	25745.67	-141.71   -0.55%
S&P 500	2824.22	-8.35   -0.29%
NASDAQ	7728.969	+5.023   +0.07%
TSX	16175.06	-13.04
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	21608.92	+42.07
		+0.20%
HANG SENG	29320.97	-145.31
		-0.49%
SENSEX	38386.75	+23.28
		+0.06%
FTSE 100*	7291.01	-32.99
		-0.45%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.671		1.730
CND. 30 Year Bond		1.986		2.014
U.S.    10 Year Bond		2.5245		2.6159
U.S. 30 Year Bond		2.9714		3.0278

Currencies

BOC Close	Today	Previous
Canadian $	0.75225	0.75036
US $	1.32934	1.33270
Euro Rate 1 Euro=		Inverse
Canadian $	1.51873	0.65845
US $	1.14247	0.87530

Commodities

Gold	Close	Previous
London Gold Fix	1307.70	1305.60
Oil
WTI Crude Future	59.83	59.03

Market Commentary:
On this day in 1929, the most notorious “pool,” or stock manipulation of the 1920s, hit its peak as RCA rose to a new high of $115, or 73 times earnings and 17 times book value. RCA—the dot-com stock of its time—was being bought (and sold short) by such respectable figures as auto maker Walter Chrysler, General Motors executive John J. Raskob and Percy Rockefeller. They got out at the top while most retail investors suffered losses of up to 77% after the bubble burst in the Great Crash.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks pared mid-day Fed related gains and closed Wednesday’s session slightly down, along with U.S. stocks. Energy and materials were the best performing sectors, while consumer discretionary was the worst.
     The S&P/TSX Composite Index fell 0.1 percent to 16,167.56. Westshore Terminals was the best performing stock, while BRP Inc was the worst performer.
     Meanwhile, Montreal homes could be the way to play Trudeau’s latest measures to help first-time homebuyers. The new policies could price out much of the Toronto and Vancouver markets. But it could be a big change for more modestly priced markets, including Montreal, Canada’s second-most-populous city.
In other moves:
Stocks
* Westshore Terminals rose 12 percent after 6-day decline
* Canadian energy stocks such Crescent Point Energy, MEG Energy and Nuvista Energy rose after Fed’s dovish stance
* BRP Inc. of Canada fell 3.7 percent. Reports fourth quarter earnings on March 22 
* Franco-Nevada fell 2.1 percent after reporting adjusted EPS that missed estimates on Tuesday afternoon
Commodities
* Western Canada Select crude oil traded at a $10.35 discount to WTI
* Gold futures rose 0.5 percent to $1,313.40 an ounce
FX/Bonds
* The Canadian dollar rose 0.2 percent to C$1.3300 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.670 percent
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. equities enjoyed a brief recovery, before fading again, after the Federal Reserve signaled it won’t raise rates this year, saying economic growth has slowed. Ten-year Treasury yields headed to their lowest in over a year and the dollar fell.
     The dovish tone of Wednesday’s Fed announcement unleashed a short rally that saw technology shares surge and energy stocks add to gains, lifting the S&P 500 Index out of a session-long funk and pushing the Nasdaq 100 to its highest level since October. But weakness in the financial and health-care sectors left the S&P lower for the day.
     In Europe, a raft of negative corporate news dragged down the Stoxx Europe 600 Index. Germany’s DAX Index led the retreat as BMW AG warned earnings would fall and chemical maker Bayer AG headed for the biggest drop in 15 years after losing the first phase of a U.S. trial over claims its weed killer caused cancer.
     In Asia, Japanese shares finished higher, while most other markets dipped. The pound fell as U.K. Prime Minister Theresa May sought to extend the Brexit deadline, while the opposition called for the public to have the final say over the country’s EU exit. The euro gained after German producer prices missed estimates.
     European sovereign bonds gained. Gold advanced. West Texas crude spiked after an unexpected drop in U.S. oil inventories.
Here are some key events coming up this week:
* Company earnings this week include Tencent, Hermes, Tiffany, Micron, Nike and PetroChina.
* Central banks in the U.K., the Philippines and Indonesia are all scheduled for policy meetings.
* Euro-zone purchasing manager survey numbers on Friday will give an indication of the health of the region’s industrial and service sectors.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index declined 0.9 percent.
* The U.K.’s FTSE 100 Index fell 0.5 percent.
* The DAX Index sank 1.6 percent, its biggest tumble in almost six weeks.
* The MSCI Emerging Market Index gained less than 0.05 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.5 percent to a six-week low.
* The euro advanced 0.7 percent to $1.1433, the strongest in over six weeks.
* The British pound sank 0.5 percent to $1.3203.
* The Japanese yen climbed 0.7 percent to 110.62 per dollar.
Bonds
* The yield on 10-year Treasuries decreased eight basis points to 2.53 percent, a 14-month low.
* Germany’s 10-year yield declined one basis point to 0.08 percent.
* Britain’s 10-year yield dipped three basis points to 1.157 percent.
Commodities
* West Texas Intermediate crude gained 1.4 percent to $59.83 a barrel, a four-month high.
* Gold rose 0.6 percent to $1,314.14 an ounce.
–With assistance from Adam Haigh, Charlotte Ryan, Eddie van der Walt, Luke Kawa and Reade Pickert.

Have a great night.

Be magnificent!

As ever,

Carolann

Let us be grateful to people who make us happy:
They are the charming gardeners who make our souls blossom.
                                                  -Marcel Proust, 1871-1922

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 March 19, 2003, President George W. Bush ordered the start of the war on Iraq, declaring: “On my orders, coalition forces have begun striking selected targets of military importance to undermine Saddam Hussein’s ability to wage war.” Go to article »

On March 19, 1619, John Chamberlain wrote to Dudley Carleton: We have every week almost a new proclamation for somewhat or other, as for buildings (forward and backward), for weights and measures, for inns and alehouses, for horse meat, and I know not what else, all for the good of the subject, and yet they either believe it not or will not acknowledge the good pretended.
 The Queen’s funeral is put off till the 29^th of the next month, to the great hindrance of our players, which are forbidden to play so long as her body is above ground.  One special man among them, Burbage, is lately dead, and hath left they say better than 300 land.
The Queen was Anne of Denmark, consort of James I; Richard Burbage was the first performer of many of Shakespeare’s greatest roles. 

PHOTOS OF THE DAY

Tens of thousands of starlings perform their nightly balletic murmurations in the sky above Aberystwyth as the day draws to an end. Aberystwyth, UK, is one of the few urban roosts in the country and draws people from all over the UK to witness the spectacular nightly displays between October and March. CREDIT: KEITH MORRIS/LNP

Members of the press walk around a new installation by British Artist Mike Nelson at Tate British in London, England. The pieces form part of the exhibition Asset Strippers, pointing at the decline of British Industry, and will be on show until October 6, 2019. CREDIT: DAN KITWOOD/GETTY IMAGES

A horse and an artist perform during a show “ Cavalluna, World of Fantasy”, in Brussels, Belgium. CREDIT: REUTERS/YVES HERMAN
Market Closes for March 19^th, 2019

Market Index	Close	Change
Dow Jones	25887.38	-26.72    -0.10%
S&P 500	2832.57	-0.37   -0.01%
NASDAQ	7723.945	+9.467   +0.12%
TSX	16188.10	-63.27
		-0.39%

International Markets

Market Index	Close	Change
NIKKEI	21566.85	-17.65
		-0.08%
HANG SENG	29466.28	+57.27
		+0.19%
SENSEX	38363.47	+268.40
		+0.70%
FTSE 100*	7324.00	+24.81
		+0.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.730		1.714
CND. 30 Year Bond		2.014		2.015
U.S.    10 Year Bond		2.6159		2.6015
U.S. 30 Year Bond		3.0278		3.0143

Currencies

BOC Close	Today	Previous
Canadian $	0.75036	0.74982
US $	1.33270	1.33366
Euro Rate 1 Euro=		Inverse
Canadian $	1.51293	0.66097
US $	1.13524	0.88087

Commodities

Gold	Close	Previous
London Gold Fix	1305.60	1303.50
Oil
WTI Crude Future	59.03	59.09

Market Commentary:
On this day in 1792, Wall Street crashed for the first time ever, on “Black Monday,” as 6% Treasury bonds lost 10% of their value and shares in the Bank of the United States dropped 12%. Speculator William Duer, a friend of Alexander Hamilton, had borrowed too much money and was about to be thrown in debtors’ prison, spreading panic through the cobblestone streets of downtown Manhattan.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks gave back earlier gains, even as Marijuana stocks continued their rally with Tilray Inc. beating sales estimates. Canada forecast 2019-2020 budget deficit of C$19.8 billion, however, Loonie hasn’t reacted to the news, and it likely won’t move the needle for Bank of Canada.
     The S&P/TSX Composite Index fell 0.4 percent to 16,188.10 on Tuesday. Pot stocks jumped and the Horizons Marijuana Life Sciences Index ETF advanced to its highest intraday since October 19. Utilities underperformed, weighed down by Northland Power Inc., which reported a secondary offering of shares.
     Further on Budget, Canada’s housing agency will spend up to C$1.25 billion ($943 million) over three years to take equity positions in homes purchased by first-time buyers, part of a plan by Justin Trudeau’s government to make entering the property market more affordable for the youngest voters.
     In other moves:
Stocks
* Maple Leaf Foods Inc. gained 7.3 percent after being upgraded at TD Securities
* Hexo Corp. continued Monday’s climb after being upgraded to buy at Cormark Securities
* Bausch Health rose 6.8 percent, to highest levels since Nov. 14, 2018
* Northland Power Inc. fell 9.3 percent after the company announced that Northland Power Holdings Inc. has entered into an agreement with Northland and a syndicate of underwriters led by CIBC Capital Markets
* Badger Daylighting fell 3.6 percent after 4-day gain
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to WTI
* Gold gained 0.4 percent to $1,306.40 an ounce FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3312 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.724 percent
US
By Sarah Ponczek and Reade Pickert
    (Bloomberg) — A rally in equities sputtered out after a report that U.S. and Chinese negotiators remain at odds on aspects of their current trade talks. Treasury yields narrowed and Texas crude declined.
     The S&P 500 Index ended the session little changed Tuesday on word that Trump administration officials are concerned that China is pushing back against U.S. demands. Earlier in the session, the benchmark had topped 2,850 for the first time since October.
The trade news threatens to overshadow other developments investors have been watching this week, including a rate announcement from the Federal Reserve and the latest chapter in the Brexit saga. The Fed’s dovish shift in recent months has helped reignite a global equity rally on bets that policy makers will act to support growth.
    “The markets have priced in the trade-war resolution, so if there’s any chance this gets extended, delayed or changed, this causes markets to be jittery,’’ said Gene Goldman, chief investment officer at Cetera Investment Management. “Markets are pricing in perfection right now, again this goes back to ‘buy the rumor, sell the news.’’’
     Earlier, the Stoxx Europe 600 Index advanced after a quiet start, while equities posted modest losses in Japan, China and Australia, but rose in Hong Kong and India. The pound gained on word that European Union leaders are planning to offer the U.K. a conditional Brexit extension at this week’s summit in Brussels, giving Prime Minister Theresa May one more chance to get her deal through Parliament. The euro extended an advance after data showed German investor confidence rose for a fifth straight month. 
    The Bank of England also meets this week, though given the backdrop of Brexit uncertainty investors see little chance of a policy shift. In Asia, central banks in Indonesia, the Philippines and Thailand hold meetings amid expectations they too will stand pat. Policy makers could signal some willingness to cut in coming months as low inflation sweeps across the region.
Elsewhere, West Texas crude fell. Gold gained.
Here are some key events coming up this week:
* Company earnings this week include FedEx, Tencent, Hermes, Tiffany, Micron, Nike and PetroChina.
* On Wednesday the Fed is expected to hold interest rates steady, announce plans for the end of asset roll-off from its balance sheet, and lower projections for the number of interest- rate hikes this year.
* Central banks in the U.K., Thailand, the Philippines and Indonesia are all scheduled for policy meetings.
* Euro zone purchasing manager survey numbers on Friday will give an indication of the health of the region’s industrial and service sectors.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index jumped 0.6 percent.
* The U.K.’s FTSE 100 Index climbed 0.3 percent.
* The MSCI Emerging Market Index gained 0.1 percent to the highest in more than seven months.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent to the lowest in almost three weeks.
* The euro climbed 0.2 percent to $1.1359, the strongest in more than two weeks.
* The British pound rose 0.1 percent to $1.3272.
* The Japanese yen climbed 0.1 percent to 111.39 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 2.61 percent.
* Germany’s 10-year yield rose one basis point to 0.10 percent, the highest in almost two weeks.
* Britain’s 10-year yield decreased one basis point to 1.186 percent.
Commodities
* West Texas Intermediate crude fell 0.4 percent to $58.83 a barrel.
* Gold gained 0.2 percent to $1,306.57 an ounce.
–With assistance from Divya Balji, Cormac Mullen, Andreea Papuc, Samuel Potter and Vildana Hajric.

Have a great night.

Be magnificent!

As ever,

Carolann

You will never win if you never begin.
           -Helen Rowland, 1918-1978

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 March 18, 1965, the first spacewalk took place as Soviet cosmonaut Aleksei Leonov left his Voskhod 2 capsule and remained outside the spacecraft for 20 minutes, secured by a tether. 
Go to article »
1931- Electric razor debuted.
1932 – John Updike, writer, born.
PHOTOS OF THE DAY

The awe-inspiring aerial photos of the 11-mile long and five-mile-wide iceberg. A national Geographic Explorer says an iceberg the size of Bristol floating in waters off the Antarctic coast signals a “ warning disaster”. American explorer, Adam Cropp, 34, has captured awe-inspiring aerial photos of the 11-milelong and five-mile-wide iceberg that has broken off a glacier. He says the moment he first saw the iceberg was one of the “ most amazing experiences” of his life. The iceberg was first spotted by Royal Navy Antarctic patrol ship- the HMS Protector- during her final scientific mission to the Southern Hemisphere. The ship, based in Plymouth, Devon, was heading for Deception Island during her survey of the South Shetland Island. These new photos, taken by US explorer, Adam, expedition leader for National Geographic Expeditions, says seeing icebergs of this size are becoming “all to common”. CREDIT: ADAM CROPP/SWNS

A reveller poses with a policewoman in Dublin, Ireland. CREDIT: CHARLES MCQUILLAN/GETTY IMAGES

Nelson’s Column in Trafalgar Square London is lit green by Tourism Ireland to celebrate St Patrick’s Day. This year celebrates the 10^th year of Tourism Ireland’s Global Greenings’ and landmarks have been illuminated green across great British, with 430 sites in total around the world. CREDIT: DAVID PARRY/PA
Market Closes for March 18^th, 2019

Market Index	Close	Change
Dow Jones	25914.10	+65.23   +0.25%
S&P 500	2832.94	+10.46   +0.37%
NASDAQ	7714.477	+25.950   +0.34%
TSX	16251.37	+111.02
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	21584.50	+133.65
		+0.62%
HANG SENG	29409.01	+396.75
		+1.37%
SENSEX	38095.07	+70.75
		+0.19%
FTSE 100*	7299.19	+70.91
		+0.98%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.714		1.717
CND. 30 Year Bond		2.015		2.023
U.S.    10 Year Bond		2.6015		2.5907
U.S. 30 Year Bond		3.0143		3.0166

Currencies

BOC Close	Today	Previous
Canadian $	0.74982	0.75021
US $	1.33366	1.33296
Euro Rate 1 Euro=		Inverse
Canadian $	1.51232	0.66123
US $	1.13396	0.88187

Commodities

Gold	Close	Previous
London Gold Fix	1303.50	1295.55
Oil
WTI Crude Future	59.09	58.52

Market Commentary:
On this day in 1850, Henry Wells, William G. Fargo, and John Butterfield met in Buffalo, N.Y., to join their separate companies—Wells & Co., Livingston, Fargo & Co. and Butterfield and Watson—into a single firm with a monopoly over express shipping in the Northeast. They capitalized their American Express with $150,000 in stock. At first, AmEx specialized in shipping small valuables such as bond certificates, currency and financial contracts, plus live poultry, pianos and firecrackers.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks were buoyed Monday by marijuana and energy stocks, while U.S. equity benchmarks pushedhigher at the start of a week filled with potentially significant catalysts.
     The S&P/TSX Composite Index rose 0.7 percent to 16,251.37. Pot names jumped and the Horizons Marijuana Life Sciences Index ETF advanced 2.8 percent. Energy also climbed as oil hit a high for the year.
     On the political front, Michael Wernick announced his retirement Monday as clerk of the privy council, the highest-ranking position in Canada’s civil service and a key aide to Prime Minister Justin Trudeau.
In other moves:
Stocks
* Harvest One Cannabis Inc. jumped 25 percent after entering a supply pact with Shopper Drug Mart 
* Westhaven Ventures Inc. gained 20 percent after drill results
* Village Farms International Inc. rose 13 percent to a record high close
* Frontera Energy Corp. lost 6.7 percent after being downgraded to hold at Canaccord 
* Semafo Inc. dropped 3.1 percent
Commodities
* Western Canada Select crude oil traded at a $10 discount to WTI
* Gold dropped 0.04 percent to $1,302.40 an ounce
FX/Bonds
* The Canadian dollar fell 0.1 percent to C$1.3343 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.715 percent
US
By Reade Pickert and Vildana Hajric
     (Bloomberg) — U.S. equity benchmarks rose at the start of a week filled with potentially significant catalysts — from central bank meetings, geopolitical developments and economic data. Treasuries fluctuated and the dollar slipped.
     After a 2.9 percent gain last week, the S&P 500 Index climbed Monday to a five-month high as rising oil prices fueled an advance in energy shares. Financials and consumer stocks also advanced, while the Dow Jones Industrial Average fought to stay positive even as Boeing declined on reports that the U.S. Transportation Department was examining the 737 Max’s design certification.
     Equities have been trending upward, and volatility declining, on expectations the Fed will point the way to just one rate hike in 2019 when it meets this week. Other central bank gatherings, including at the Bank of England, will give further clues on monetary policy. In politics, the British pound fell after the speaker of Parliament blocked a bid by Prime Minister Theresa May to put her current Brexit plan up for another vote.
     European stocks nudged up, led by miners and lenders as Deutsche Bank and Commerzbank got the green light to proceed with negotiations on a tie-up. In Asia, Chinese and Hong Kong shares led the advance.
     West Texas crude pushed toward a four-month high as OPEC and its allies recommended deferring a decision on whether to extend oil production cuts until June. Emerging-market shares climbed, and Brazil’s equity benchmark Ibovespa touched a new high on expectations that an overhaul in the country’s social security system will be approved.
Here are some key events coming up:
* Company earnings include FedEx, China Telecom, Tencent, Porsche, BMW, Hermes, Tiffany, Micron, Nike and PetroChina.
* The Fed is expected to hold interest rates steady, announce the end of asset roll-off from its balance sheet, and lower projections for the number of interest-rate hikes this year. The decision is due Wednesday. 
* Central banks in Thailand, the Philippines and Indonesia are all scheduled for policy meetings.
* In the euro zone, purchasing manager survey numbers on Friday will give an indication of the health of the region’s industrial and service sectors at the end of the first quarter. 
These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.4 percent as of 4 p.m. New York time to the highest in over four months.
* The Stoxx Europe 600 Index climbed 0.3 percent.
* The U.K.’s FTSE 100 Index gained 1 percent.
* Germany’s DAX Index declined 0.2 percent.
* The MSCI Emerging Market Index advanced 1.2 percent to the highest in almost seven months.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro gained 0.1 percent to $1.1341, the strongest in two weeks.
* The British pound dipped 0.3 percent to $1.3256.
* The Japanese yen rose 0.1 percent to 111.40 per dollar.
Bonds
* The yield on 10-year Treasuries increased one basis point to 2.60 percent.
* Germany’s 10-year yield fell less than one basis point to 0.08 percent.
* Britain’s 10-year yield fell two basis points to 1.196 percent.
Commodities
* West Texas Intermediate crude advanced 0.8 percent to $58.99 a barrel, a four-month high.
* Gold climbed 0.1 percent to $1,303.30 an ounce.
–With assistance from Sophie Caronello, Adam Haigh, Yakob Peterseil and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

Carolann

The journey is the reward.
                     -Tao Saying.

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
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