Month: March 2019

Dear Friends,

Tangents: Happy Friday!
The Ides of March
Beware the Ides of March ~ Said as a warning of impending and certain danger.  The allusion is to the warning received by Julius Caesar before his assassination:
What is still more extraordinary, many report that a certain soothsayer forewarned him of a great danger which threatened him on the Ides of March, and that when the day was come, as he was going to the senate-house, he called to the soothsayer, and said, laughing, “The Ides of March are come,” to which he answered softly, “Yes , but they are not gone.”
Plutarch, Julius Caesar (Langhorne Translation), 2^nd century AD.
In the ancient Roman calendar, the 15^th day of March, May, July and October, and the 13^th day of all the other months.  The day always fell eight days after the Nones. – from Brewer’s.

44 BC –  Julius Caesar d.
1917 – Czar Nicholas II of Russia abdicates his throne.
1972 – “The Godfather,” Francis Ford Coppola’s epic gangster movie based on the Mario Puzo novel and starring Marlon Brando and Al Pacino, premiered in New York.  Go to article »

PHOTOS OF THE DAY

A man holds a handful of vermilion powder as he gets ready to throw it to mark the commencement of Holi in Kathmandu. Credit: Reuters/Navesh Chitrakar

Girls of She ethnic group and Yao ethnic group hang strings of windbells above the 140-meter-long glass bridge to welcome tourists at Jiulong River National Park, Chenzhou, China. Credit: Yang Huafeng/China News Service/VCG via Getty Images

Ten year old Olympic skateboarder, Sky Brown skates in London, UK. Credit: Paul Cooper for the Telegraph
Market Closes for March 15^th, 2019

Market Index	Close	Change
Dow Jones	25849.01	+139.07   +0.54%
S&P 500	2822.45	+13.97   +0.50%
NASDAQ	7688.527	+57.617   +0.76%
TSX	16134.88	+47.33
		+0.29%

International Markets

Market Index	Close	Change
NIKKEI	21450.85	+163.83
		+0.77%
HANG SENG	29012.26	+160.87
		+0.56%
SENSEX	38024.32	+269.43
		+0.71%
FTSE 100*	7228.28	+42.85
		+0.60%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.717		1.757
CND. 30 Year Bond		2.023		2.049
U.S.    10 Year Bond		2.5907		2.6267
U.S. 30 Year Bond		3.0166		3.0431

Currencies

BOC Close	Today	Previous
Canadian $	0.75021	0.75034
US $	1.33296	1.33271
Euro Rate 1 Euro=		Inverse
Canadian $	1.51239	0.66120
US $	1.13434	0.88157

Commodities

Gold	Close	Previous
London Gold Fix	1295.55	1306.95
Oil
WTI Crude Future	58.52	58.61

Market Commentary:
“I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I’ve seen a tremendous amount of inflation in my lifetime.  Did it ruin the investment climate?  I think not.” – from The Tao of Charlie Munger.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a fourth day in five amid strength in pot stocks and financials, bringing the benchmark’s weekly gain to 0.9 percent.
     The S&P/TSX Composite Index added 0.3 percent Friday to close at 16,140, the highest in nearly six months. It joined a global rally sparked by China’s commitment to continued targeted stimulus. Health-care stocks led the gains, rising 2.3 percent as Aurora Cannabis Inc. added 7.6 percent to the highest since October. The pot stock gained 24 percent this week after billionaire investor Nelson Peltz joined the firm as a strategic adviser.
     Energy was the only weak spot, falling 0.5 percent as crude prices retreated for the first time this week. Precision Drilling Corp. slid 5.1 percent.
In other moves:
Stocks
* Westshore Terminals Investment Corp. slid 12 percent to the lowest since 2017 after one of its customers warned there is “substantial doubt” it can remain viable as a going concern
* Imperial Oil Ltd. lost 1 percent. It is delaying a C$2.6 billion oil-sands project in Canada by at least a year
* AutoCanada Inc. closed down 6.2 percent after falling as much as 18 percent in intraday trading. The company said its chief financial officer and president of U.S. operations have resigned and it posted an unexpected fourth-quarter loss
Commodities
* Western Canada Select crude oil traded at a $10.00 discount to WTI
* Gold rose 0.6 percent to $1,302.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3349 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 1.72 percent, the lowest since mid-2017, amid data that showed home sales dropped sharply in February
US
By Jeremy Herron and Vildana Hajric
     (Bloomberg) — U.S. stocks joined a global advance in equities sparked by China’s renewed commitment to stimulus as investors grew more confident that central banks will remain accommodative. Treasuries rose.
     The S&P 500 Index headed for its best week since November, with technology shares surging after a strong earnings report from Broadcom. Volumes jumped and trading was volatile amid the expiration of futures and options on both indexes and stocks.
     The 10-year Treasury yield dipped below 2.6 percent. Equities from Tokyo to London rose after the Chinese government said it would cut value-added taxes, reinforcing expectations for an eventual pick-up in the world’s second-largest economy.
     Broadcom surged to a record after its forecast, lifting semiconductor stocks, and Boeing reversed losses and posted a small gain after a report it plans to upgrade software in its grounded 737 Max jets. Adobe declined after reporting disappointing results and Tesla fell sharply after its latest model was met with mixed reviews.
     Global stocks ended the week on a solid footing, wiping out the losses last week that were the worst of the year. Investor attention will turn to a packed calendar in the days ahead.
     Central banks in the U.S., the U.K. and Brazil will all announce policy decisions, while European Union leaders meet for discussions likely to be dominated by Britain’s request to extend its withdrawal timescale. Boeing shares may remain active as the plane maker’s lawsuit risks soared around the 737 Max groundings.
     Elsewhere, West Texas crude slipped as the International Energy Agency said OPEC nations have enough spare capacity to make up for any supply shock from the escalating crisis in Venezuela. The pound strengthened at the end of a week made volatile by critical votes on Brexit in Parliament. Prime Minister Theresa May won the endorsement of British politicians to seek a Brexit delay.
And these are the main moves in markets:
Stocks
* The S&P 500 rose 0.5 percent at the close of trade in New York. It added 2.9 percent this week.
* The Stoxx Europe 600 Index rose 0.7 percent.
* The MSCI Asia Pacific Index rose 0.8 percent.
* The MSCI Emerging Market Index rose 0.9 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro rose 0.2 percent to $1.1321.
* The British pound rose 0.4 percent to $1.3291.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.59 percent.
* Britain’s 10-year yield fell one basis point to 1.21 percent.
* Germany’s 10-year yield fell less than one basis point to 0.08 percent.
Commodities
* WTI crude slipped 0.3 percent to $58.41 a barrel.
* Gold gained 0.4 percent to $1,301.87 an ounce.
–With assistance from Kristine Aquino, Adam Haigh, Ksenia Galouchko, Todd White and Eddie van der Walt.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

Men at some times are masters of their fates: The fault, dear Brutus, is not in our stars,
But in ourselves, that we are underlings. -William Shakespeare, 1564-1616

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 Pi Day!
Birthday: March 14, 1879, Albert Einstein, Physicist.
Albert Einstein, an only child and a slow learner, was born in Ulm Germany, to a featherbed salesman and his wife.  He had little interest in formal schooling but eventually earned a doctorate in physics.  Not interested in the demands of academia, he went to work as a clerk in the Bern, Switzerland, patent office where he could work on physics in the afternoons.  During 1905, what is now called his “miracle year,” he wrote a series of five seminal papers.  One dealt with special relativity, and one introduced the world’s most familiar equation: E= .

When Einstein moved to Berlin in 1914 to direct the Kaiser Wilhelm Institute for Physics, a campaign was begun to discredit him, but he survived it.  Later, during Hitler’s reign, Einstein’s work was described as “Jewish physics” opposed to the preferred “Aryan physics”.  Seeing the damage that Hitler was doing, Einstein renounced his German citizenship and revised his views on pacificism, believing Hitler could only be stopped by force.  The FBI kept a record of Einstein’s activities and recommended denying him immigration to the U.S., but Einstein moved to New Jersey, and Princeton University, and became a permanent U.S. citizen in 1940.  In 1952, the government of Israel asked hi  to be its second president, an honor he declined.

As a personality, Einstein was  noted for his kindness and amiability.  Quirky and practical, he minimized his wardrobe – buying identical sets of clothing – so that he wouldn’t have to think about what to wear.  Though he had been an early advocate of nuclear energy, on April 5, 1955, he signed a letter to protest nuclear tests and bombs.  Days later, on April 18, 1955, he died in his sleep. –KM,  Cosmo Doogood’s Urban Almanac.

“It would be possible to describe everything scientifically, but it would make no sense; it would be without meaning, as if you described

a Beethoven symphony as a variation of wave pressure.” –Albert Einstein.

PHOTOS OF THE DAY

An aerial view of the Cerro Dominador thermosolar power plant, the first in Latin America, in Antofagasta, Chile. Chile aims to having 100% of clean energy by 2040. Credit” Ho/Cerro Dominador/AFP

Skiers compete during the first stage of the 34^th edition of the ski-mountaineering race Pierra-Menta in Areches-Beaufort, French Alps. Credit: Jeff Pachoud/AFP

Huge waves slap against the harbour wall as spectators watch from rocks out into the sea at Porthcawl, Wales, where heavy rain and strong winds have been causing travel disruption in several parts of the UK as Storm Gareth moves east. Credit” Ben Birchall/PA
Market Closes for March 14^th, 2019

Market Index	Close	Change
Dow Jones	25709.94	+7.05   +0.03%
S&P 500	2808.48	-2.44   -0.09%
NASDAQ	7630.910	-12.495   -0.16%
TSX	16087.55	-62.42
		-0.39%

International Markets

Market Index	Close	Change
NIKKEI	21287.02	-3.22
		-0.02%
HANG SENG	28851.39	+43.94
		+0.15%
SENSEX	37754.89	+2.72
		+0.01%
FTSE 100*	7285.43	+26.24
		+0.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.757		1.766
CND. 30 Year Bond		2.049		2.044
U.S.    10 Year Bond		2.6267		2.6213
U.S. 30 Year Bond		3.0431		3.0159

Currencies

BOC Close	Today	Previous
Canadian $	0.75034	0.75248
US $	1.33271	1.32893
Euro Rate 1 Euro=		Inverse
Canadian $	1.50699	0.66357
US $	1.13074	0.88438

Commodities

Gold	Close	Previous
London Gold Fix	1306.95	1297.05
Oil
WTI Crude Future	58.61	58.26

Market Commentary:
Knowing what you don’t know is more useful than being brilliant. -The Tao of Charlie Munger, Scribner, 2017.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most in two weeks as declining gold prices weighed on the materials sector and weak earnings hit consumer staples.
     The S&P/TSX Composite Index lost 0.4 percent to 16,087.55, its first decline of the week. Materials led the drop, losing 1.8 percent as gold prices retreated on a stronger U.S. dollar. Iamgold Corp. slid 5.1 percent and Alamos Gold Inc. lost 5 percent.
     Energy stocks were one of the few bright spots for the benchmark, gaining 0.3 percent as crude prices hit a four-month high. Birchcliff Energy Ltd. rose 4.7 percent.
In other moves:
Stocks
* North West Co. led the declines on the benchmark, falling 5.5 percent, the most since 2016. The retailer’s adjusted earnings per share missed the lowest analyst estimate
* Premium Brands Holdings Corp. lost 4.5 percent, the most since November, after fourth-quarter earnings before interest, taxes, depreciation and amortization missed the average analyst estimate
* Aurora Cannabis Inc. fell 1.8 percent. The retreat followed Wednesday’s 13 percent gain after the pot firm appointed billionaire investor Nelson Peltz as a strategic adviser
Commodities
* Western Canada Select crude oil traded at a $10.15 discount to WTI
* Gold fell 1.1 percent to $1,295.10 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3327 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 1.76 percent
US
By Jeremy Herron and Vildana Hajric
     (Bloomberg) — U.S. stocks halted a three-day rally, while the dollar surged amid concern a trade deal with China remains elusive. The pound fell as the Brexit saga rumbled on.
     The S&P 500 spent most of the session fluctuating between gains and losses in thin trading, before a slight fade at the close. News that a meeting to end the trade war with China won’t happen this month weighed on sentiment. The index had jumped 2.5 percent in the prior three days, pushing past the 2,800 level that had capped prior advances. Consumer and material shares were the worst performers Thursday. Bank and technology shares led gains.
     “Most analysts believe a China trade deal is fully priced into the markets, which can mean only one thing — if there’s a wild card lurking, it would be the emergence of a negative surprise,” Greg Valliere, the chief U.S. policy strategist at AGF Investments, wrote in a note. “While we expect a signing ceremony by later in the spring, the idea that a final pact can be completed by the end of this month is optimistic, to say the least.”
     The yuan weakened. Treasuries were steady and the dollar gained, holding those moves as data showed U.S. jobless claims rose to a four-week high. The Stoxx Europe 600 Index climbed, with shares in the U.K. also rising after a night of voting that saw the British government once again defeated in Parliament over Brexit. Equities rose in Hong Kong, while they slid in China after industrial production numbers missed expectations.
     Investors have a lot to grapple with just now. U.S. stocks had gained for three straight days this week as economic data came in neither too hot nor too cold, while traders in Europe on Thursday seemed to be shrugging off more warning signs from the region — perhaps because of hopes Brexit can be delayed or derailed. Figures suggesting China’s slowdown deepened in the first two months of the year added to reasons for caution following this quarter’s rebound in Asian shares.
     The pullback in sterling follows a big rally on Wednesday. U.K. lawmakers have rejected the idea of tearing the country out of the EU with no agreement, and Prime Minister Theresa May is said to be planning to seek an extension to the March 29 Brexit deadline lasting about two months.
     Elsewhere, gold fell and copper was dragged down by the Chinese data. Emerging-market shares edged lower.
Here are some of the key events coming up:
* China’s National People’s Congress is set to wrap up on Friday.
* Bank of Japan Governor Haruhiko Kuroda will speak on Friday, after he and his board conclude their discussions on monetary policy.
And these are the main moves in markets:
Stocks
* The S&P 500 was fell 0.1 percent to 2,809 as of 4 p.m. in New York.
* The small-cap Russell 2000 Index lost 0.2 percent.
* The Stoxx Europe 600 Index climbed 0.8 percent.
* The MSCI Asia Pacific Index fell 0.3 percent.
* The MSCI Emerging Market Index declined 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.3 percent, the first gain in a week.
* The euro declined 0.2 percent to $1.1306, the first retreat in a week.
* The British pound lost 0.4 percent to $1.3279.
* The Japanese yen decreased 0.5 percent to 111.744 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.63 percent.
* The two-year rate was little changed at 2.46 percent.
* Germany’s 10-year yield gained two basis points to 0.086 percent.
* Britain’s 10-year yield rose three basis points to 1.22 percent.
Commodities
* The Bloomberg Commodity Index fell 0.2 percent.
* West Texas Intermediate crude gained 0.6 percent to $58.58 a barrel.
* Gold futures slumped 1 percent to $1,296.40 an ounce. –With assistance from Sophie Caronello, Cormac Mullen, Adam Haigh, Eddie van der Walt and Brendan Walsh.

Have a great night.

Be magnificent!

As ever,

Carolann

The years teach much which the days never know.
                   -Ralph Waldo Emerson, 1803-1882

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

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

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

Dear Friends,

Tangents:
1781 ~Planet Uranus discovered.
1887 ~Earmuffs patented.
1868 – The impeachment trial of President Andrew Johnson began in the U.S. Senate. Go to article »

Did you know… that households who retain a financial advisor for periods of 7 years or longer accumulate 290% more wealth than those who don’t?

PHOTOS OF THE DAY

English computer scientist Tim Berners-Lee, best known as the inventor of the World Wide Web, delivers a speech during an event at the CERN near Geneva, Switzerland, marking 30 years of World Wide Web. Credit: Fabrice Coffrini/AP

Laure Chardin, climbs the stairs during a training session at the Eiffel Tower in Paris, before the tower running event ‘La Verticale de la Tour Eiffel’ to be held on March 13. Credit: Anne-Christine Poujoulat/AFP

Women seen harvesting red chilli peppers in Sariakandi in Bogra Bangladesh. Around 50,000 farmers in the northern regions of Bangladesh farm red chilli peppers giving the farmers a dependable income. Credit: Rehman/barcroft images
Market Closes for March 13^th, 2019

Market Index	Close	Change
Dow Jones	25702.89	+148.23   +0.58%
S&P 500	2810.92	+19.40   +0.69%
NASDAQ	7643.406	+52.375   +0.69%
TSX	16149.97	+13.31
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	21290.24	-213.45
		-0.99%
HANG SENG	28807.45	-113.42
		-0.39%
SENSEX	37752.17	+216.51
		+0.58%
FTSE 100*	7159.19	+8.04
		+0.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.766		1.739
CND. 30 Year Bond		2.044		2.027
U.S.    10 Year Bond		2.6213		2.6015
U.S. 30 Year Bond		3.0159		2.9912

Currencies

BOC Close	Today	Previous
Canadian $	0.75248	0.74877
US $	1.32893	1.33552
Euro Rate 1 Euro=		Inverse
Canadian $	1.50625	0.66390
US $	1.13342	0.88228

Commodities

Gold	Close	Previous
London Gold Fix	1297.05	1292.75
Oil
WTI Crude Future	58.26	56.87

Market Commentary:
On this day in 1882, robber baron Jay Gould displayed his wealth to journalists assembled in his office to quell rumors that he was on the verge of bankruptcy. He opened a safe and pulled out a tin box with certificates for $23 million in Western Union stock, $12 million in Missouri Pacific, $6 million in Manhattan Elevated, $2 million in Wabash and $10 million in various bonds (roughly $915 million total in modern money).  
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a third day but failed to achieve the gains of their U.S. counterparts as strength in pot stocks and energy was offset by widespread weakness in other sectors.
     The S&P/TSX Composite Index added 0.1 percent to 16,149.97, behind the 0.7 percent gain on the S&P 500. Health-care stocks led the way, adding 2.4 percent as pot stocks rose following news that billionaire investor Nelson Peltz will join Aurora
     Cannabis Inc. as a strategic adviser. Aurora gained 13 percent. Energy stocks rose 0.7 percent as crude prices hit a 2019 high amid a decline in U.S. stockpiles. Gran Tierra Energy Inc. gained 6.5 percent, the most since September, after winning bids to begin exploration in Ecuador.
In other moves:
Stocks
* WestJet Airlines Ltd. fell 1.6 percent and Bombardier Inc. gained 2.5 percent after Canada and the U.S. both reversed course and said they’ll ground Boeing Co.’s 737 Max jetliners
* Badger Daylighting Ltd. rose 7.1 percent to the highest since 2014. Fourth-quarter earnings per share beat the highest analyst estimate
* Hexo Corp. gained 5.8 percent and Newstrike Brands Ltd. rose 11 percent. Hexo is buying Newstrike for approximately C$263 million in shares
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to WTI
* Gold rose 0.9 percent to $1,309.30 an ounce, the highest in two weeks FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.3296 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 1.76 percent
US
By Reade Pickert
    (Bloomberg) — U.S. equities gained as data signaled a resilient economy and modest pressure on inflation. The pound jumped as the U.K. parliament voted to reject a no-deal Brexit.
     The S&P 500 Index climbed for a third day, wiping out last week’s losses and reaching a four-month high as it held above the key 2,800 level. Oil prices rallied to the highest this year. Treasury yields edged up as orders for business equipment increased in January by the most in six months as the producer price index rose less than forecast in February.
     The U.S. data signaled a positive start to the year for the world’s biggest economy and little pressure on the Federal Reserve to raise interest rates, just as investors were digesting disappointing numbers from Japan and Australia. The ongoing Brexit drama, a cut to the U.K.’s growth forecast and a warning from America’s top trade negotiator that tariffs may not be rolled back are adding to the complex picture, with reports on Chinese production and retail sales and a Bank of Japan policy decision also coming up this week. 
     “It’s pretty remarkable the strength of the market over the last couple of days,” said Emily Roland, the head of capital markets research at John Hancock Investments. The producer-price data “is further evidence that the Fed’s more patient approach should provide support for risk assets, at least for now.’’
     Sterling extended its gains as U.K. lawmakers rejected the idea of tearing the country out of the European Union with no agreement and U.K. Prime Minister Theresa May was said to plan to ask for an extension to the March 29 Brexit deadline lasting about two months.
     Elsewhere, European equities gained and Asian stocks slumped. West Texas oil was boosted by a decline in U.S. crude and fuel stockpiles added to evidence of a tightening market.
     Emerging-market stocks declined for the first time in three days.
Here are some of the key events coming up:
* Chinese retail sales and industrial production data are scheduled for release this week. The National People’s Congress is set to wrap up on Friday.
* Bank of Japan Governor Haruhiko Kuroda will speak on Friday, after he and his board meet to decide on monetary policy.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.7 percent as of the close of trade in New York.
* The Stoxx Europe 600 Index gained 0.5 percent.
* The MSCI All-Country World Index rose 0.6 percent.
* The MSCI Emerging Market Index dipped less than 0.1 percent.
* The Nikkei-225 Stock Average fell 1 percent.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.3 percent.
* The euro increased 0.4 percent to $1.1337, the strongest in a week.
* The British pound jumped 1.4 percent, the most in four months, to $1.3255.
* The Japanese yen gained 0.2 percent to 111.1 per dollar.
Bonds
* The yield on 10-year Treasuries climbed one basis point to  2.61 percent.
* Germany’s 10-year yield increased one basis point to 0.06 percent.
* Britain’s 10-year yield rose three basis points to 1.2 percent.
Commodities
* West Texas Intermediate crude increased 2.7 percent to $58.41 a barrel, the highest in four months.
* Gold climbed 0.7 percent to $1,311.06 an ounce, the highest in almost two weeks.
* The Bloomberg Commodity Index rose 0.8 percent.
–With assistance from Adam Haigh, David Wilson, Robert Brand and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

 

Carolann

We must be willing to get rid of the life we’ve planned,
so as to have the life that is waiting for us. -Joseph Campbell, 1904-1987

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:
1857 – Disaster – Great Western Railway train travelling from Toronto to Hamilton breaks an axle while crossing the bridge over the Desjardins Canal; the bridge collapses, and the train plunges 12 metres to the frozen canal below; about 59 people killed, 18 injured; the builder/financier of the railway, US promoter Samuel Zimmerman, is one of those killed.
Burlington Heights, Ontario  Go to article »

Jack Kerouac, b. March 12, 1922
What is the feeling when you’re driving away from people, and they recede on the plain till you see their specks dispersing?  It’s the too huge world vaulting for us, and it’s good-bye.  But we lean forward to the next crazy adventure beneath the skies. -Jack Kerouac, from Motivation.
PHOTOS OF THE DAY

Sunrise over Mogshade Pond in the New Forest, Hampshire, UK. Credit: Steven Hogan/Cover Images

Revelers jump above a fire as they take part in the independent ‘La Plaine Carnival’ in Marseille, southern France. Credit: Clement Mahoudeau/AFP/Getty Images

The sun sets behind Wat Saket Temple, or Golden Mount in Bangkok, Thailand. Credit: Reuters/Athit Perawongmetha
Market Closes for March 12^th, 2019

Market Index	Close	Change
Dow Jones	25554.66	-96.22   -0.38%
S&P 500	2791.52	+8.22   +0.30%
NASDAQ	7591.031	+32.968   +0.44%
TSX	16136.66	+30.42
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	21503.69	+378.60
		+1.79%
HANG SENG	28920.87	+417.57
		+1.46%
SENSEX	37535.66	+481.56
		+1.30%
FTSE 100*	7151.15	+20.53
		+0.29%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.739		1.755
CND. 30 Year Bond		2.027		2.049
U.S.    10 Year Bond		2.6015		2.6393
U.S. 30 Year Bond		2.9912		3.0270

Currencies

BOC Close	Today	Previous
Canadian $	0.74877	0.74685
US $	1.33552	1.33896
Euro Rate 1 Euro=		Inverse
Canadian $	1.50774	0.66324
US $	1.12896	0.88577

Commodities

Gold	Close	Previous
London Gold Fix	1292.75	1296.75
Oil
WTI Crude Future	56.87	56.79

Market Commentary:
On this day in 1986, Oracle went public on Nasdaq at an initial price of $15 a share. The stock closed the day at $20.75, setting the stage for another software company, Microsoft, to go public the following day. Oracle shares closed at $52.66 Monday, giving the company a market value of about $190 billion. The stock is up 17% for the year. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day as commodity-led gains offset airline weakness amid a deepening crisis at Boeing Co.
     The S&P/TSX Composite Index added 0.2 percent to 16,136.66. Materials stocks rose 1.3 percent as gold prices moved higher on cooling U.S. inflation. Eldorado Gold Corp. was the biggest gainer on the benchmark Tuesday, adding 6.4 percent to the highest since August.
     Industrials, meanwhile, slid 0.7 percent as Air Canada lost 4 percent and WestJet Airlines Ltd. fell 2.5 percent. Both airlines fly Boeing’s 737 Max jet, which has been grounded by several operators and countries around the world following a second deadly crash.
In other moves:
Stocks
* Linamar Corp. lost 4.4 percent after fourth-quarter sales missed the lowest analyst estimate
* Empire Co. Ltd. slid 3.5 percent, the most since September. The stock was downgraded to hold from buy at Desjardins Securities on higher costs
* NFI Group Inc. fell 4.5 percent ahead of its fourth-quarter earnings release, which is expected post-market on Wednesday
Commodities
* Western Canada Select crude oil traded at a $10.35 discount to WTI
* Gold rose 0.5 percent to $1,298.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3355 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 1.73 percent, the lowest since 2017
US
By Jeremy Herron and Reade Pickert
     (Bloomberg) — U.S. stocks capped a second day of gains, while Treasuries rallied after weak inflation data bolstered bets the Federal Reserve can stay patient. The pound fell as the U.K.’s Brexit turmoil deepened.
     While the S&P 500 Index pushed its two-day gain to 1.8 percent, Brexit and renewed turmoil for Boeing dominated headlines throughout the day. The plane maker sank as a slew of countries grounded its troubled 737 Max jets. Sterling fell after U.K. lawmakers rejected the government’s latest deal to leave the European Union, with uncertain implications for the country’s political future. The 10-year Treasury yield slumped with the dollar. Crude rose.
     “I expect equity markets to remain volatile and to tread water, and there is still too much risk in risk assets, and ultimately I think bond yields will head lower but this is a process that unfolds, it’s not a sudden event,” Suzanne Hutchins, a senior portfolio manager at Newton Investment Management in London, said in an interview at Bloomberg’s New York headquarters.
     The pound whipsawed amid the Brexit drama, rising overnight after Theresa May won a new deal to leave the EU. It tumbled as much as 1.1 percent versus the dollar as the deal’s fate looked uncertain, only to pare the drop amid parliamentary debate. The vote to reject the pact sent it lower again.
     Alongside Brexit developments, investors have a slew of economic data to digest this week. The latest inflation reading came amid falling prices for autos and prescription drugs, adding to evidence the American economy is in no danger of overheating. In the coming days the focus will turn to Chinese production and retail sales, as well as a Bank of Japan policy decision.
Here are some of the key events coming up:
* Chinese retail sales and industrial production data are scheduled for release this week. The National People’s Congress is set to wrap up on Friday.
* Bank of Japan Governor Haruhiko Kuroda will speak on Friday, after he and his board meet to decide on monetary policy.
And these are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.3 percent as of 4 p.m. New York time.
* The Dow Jones Industrial Average fell 0.3 percent. Boeing is its largest component.
* The Nasdaq 100 rose 0.5 percent.
* The Stoxx Europe 600 Index rose less than 0.1 percent.
* The U.K.’s FTSE 100 Index gained 0.2 percent.
* The MSCI Asia Pacific Index advanced 1.2 percent, the biggest gain in almost six weeks.
* The MSCI Emerging Market Index climbed 1 percent.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro advanced 0.3 percent to $1.1275.
* The British pound decreased 0.4 percent to $1.3095.
* The Japanese yen increased less than 0.05 percent to 111.20 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.5979 percent.
* Germany’s 10-year yield increased less than one basis point to 0.07 percent.
* Britain’s 10-year yield advanced one basis point to 1.189 percent.
Commodities
* Gold increased 0.4 percent to $1,297.98 an ounce.
* West Texas Intermediate crude gained 1 percent to $57.37 a barrel, the highest in more than two weeks.
–With assistance from Chikako Mogi, Katherine Greifeld, Andreea Papuc and Todd White.

Have a great night.

Be magnificent!

As ever,

Carolann

He who sedulously attends, pointedly asks, calmly speaks, coolly answers, and ceases when he has no more to say is in possession of some of the best requisites of man. -Johann Lavater, 1741-1801

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 11, 1935 – Finance – Bank of Canada starts operations under Governor Graham Towers; has mandate to issue currency and regulate money supply; begins as a privately owned institution, with shares sold to the public; shortly becomes a government-owned central bank; the Bank of Canada Act received royal assent on July 3, 1934. Ottawa, Ontario.  Go to article »

POINTS OF PROGRESS:
GERMANY:  The country is shutting down all 84 of its coal-fired power plants.  Germany is one of the world’s biggest coal consumers, and it has been missing its emissions reduction targets in recent years.  The new plan, which aims to shut down all plants over the nest 19 years, will enable it to meet its international commitments for emissions reduction.  Currently, 40% of Germany’s electricity comes from coal-fired plants. -Los Angeles Times.

CHINA & INDIA: The world is getting greener, thanks to China and India.  A satellite imagery study conducted by NASA revealed that the world’s total green leaf area has increased by 5% since 2000 (though deforestation continues to negatively affect certain important ecosystems).  India and China have the largest populations in the world, and are often ranked among the most polluted.  However, the two countries are responsible for a full third of the increase in green foliage noted by NASA, due to tree-planting projects and expanded agriculture. -CNN.

PHOTOS OF THE DAY

People’s Climate March Amsterdam, Netherlands. Credit: Robin Utrecht/SIPA USA

White tailed eagles fight over fish, northern Japan. From sea eagles fighting in Japan to wild horses thundering through the Camargue in France, these are just two of the pictures set to go on show in a wildlife photo exhibition at the Patching Art Centre, Calverton, Nottingham. Credit: Peter Jones/SWNS.COM

13th Strade Biance 2019 a 184 km race from Siena to Siena-Piazza del Campo in Italy. Credit: Tim De Waele/Getty Images
Market Closes for March 11^th, 2019

Market Index	Close	Change
Dow Jones	25650.88	+200.64   +0.79%
S&P 500	2783.30	+40.23   +1.47%
NASDAQ	7558.063	+149.921   +2.02%
TSX	16106.24	+110.03
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	21125.09	+99.53
		+0.47%
HANG SENG	28503.30	+274.88
		+0.97%
SENSEX	37054.10	+382.67
		+1.04%
FTSE 100*	7130.62	+26.31
		+0.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.755		1.765
CND. 30 Year Bond		2.049		2.055
U.S.    10 Year Bond		2.6393		2.6285
U.S. 30 Year Bond		3.0270		3.0127

Currencies

BOC Close	Today	Previous
Canadian $	0.74685	0.74537
US $	1.33896	1.34162
Euro Rate 1 Euro=		Inverse
Canadian $	1.50872	0.66284
US $	1.12664	0.88759

Commodities

Gold	Close	Previous
London Gold Fix	1296.75	1285.30
Oil
WTI Crude Future	56.79	56.07

Market Commentary:
On this day in 1991, Microsoft confirmed that it was the subject of an investigation by the Federal Trade Commission. Over the coming years, evidence of Microsoft’s monopolistic behavior mounted until a U.S. district issued a final ruling on April 3, 2000, finding that Microsoft violated Federal antitrust law. That day, the company’s stock plunged 14.5%, and Microsoft lost $80 billion in market value.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose to their highest level since September with every sector gaining as global indexes rebounded from a gloomy week.
     The S&P/TSX Composite Index added 0.7 percent to 16,106.24. That’s the biggest gain since mid-February and more than erases last week’s drop, which was the first weekly decline of the year.
     Technology stocks led the way, rising 1.8 percent to the highest since 2008. Shopify Inc. jumped 5.5 percent to a record high after it was added to the S&P/TSX 60 Index. Energy stocks also gained, adding 1.1 percent as Saudi Arabia moved to extend supply curbs.
In other moves:
Stocks
* Barrick Gold Corp. rose 2 percent. The company abandoned its $17.8 billion bid for Newmont Mining Corp., instead announcing a joint venture for the companies’ Nevada assets
* Computer Modelling Group Ltd. fell 4.1 percent after being deleted from the S&P/TSX Composite Index while ARC Resources Ltd. lost 3.4 percent after it was removed from the S&P/TSX 60 Index
* Harvest Health & Recreation Inc. jumped 11 percent. The cannabis company is acquiring closely held Verano Holdings LLC for about $850 million
Commodities
* Western Canada Select crude oil traded at a $10.80 discount to WTI
* Gold fell 0.6 percent to $1,291.10 an ounce, the biggest drop in a week
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3403 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 1.76 percent
US
By Reade Pickert and Vildana Hajric
     (Bloomberg) — U.S. stocks jumped the most in six weeks as chipmakers rallied on deal news and the latest retail-sales data boosted confidence that the economy isn’t headed for a downturn. Treasuries slipped.
     The S&P 500 surged past its 200-day moving average, while the Nasdaq 100 jumped more than 2 percent amid an Apple upgrade. Nvidia agreed to buy a competitor, sending the Philadelphia Semiconductor index to its biggest gain in a month. The Dow Jones Transportation Average stopped the longest string of drops since 1972. Boeing retreated after some airlines grounded 737 Max flights following a crash Sunday. It is the biggest component of the price-weighted Dow Jones Industrial Average and the only of the 30 blue chips to retreat.
     Stocks are coming off the worst week since December after a slew of negative news about the global economy, including a weak American jobs report and a sharp dovish turn by the European Central Bank. The S&P 500 failed to hold above 2,800 — a level that has capped prior rallies — and its decline accelerated after it slid through the average price over the past 200 days.
     “With retail sales coming out this morning, that provided the catalyst to move stocks upward,” Kristina Hooper, chief global market strategist at Invesco Ltd., said in an interview at Bloomberg’s New York headquarters. “Certainly, M&A activity never hurts in terms of creating some positive sentiment for stocks. So it’s been a nice relief rally after what was a relatively dark week for stocks last week.”
     A slew of data releases this week will be closely watched for clues on growth and the impact of central bank policy in the U.S., European Union and China, with the Bank of Japan the next to meet. On the trade front, Beijing and Washington are in general agreement on many crucial issues and have held meaningful discussions on foreign exchange, People’s Bank of China Governor Yi Gang said.
     “We’ve had a bit of a pullback in this market — one of the bigger ones all year,” Jim Paulsen, chief investment strategist at the Leuthold Group, said in an interview. “It looks like buying on the dip more than anything else. There’s been a lot of money waiting on the sidelines.”
     Europe’s benchmark stock gauge rose the most in three weeks. In Asia, Chinese shares outperformed, paring some of Friday’s losses, with stocks in Japan and Hong Kong also higher.
Treasuries declined with most European sovereign bonds. In Norway, the krone strengthened as surging inflation increased the odds of a rate hike next week.
     Elsewhere, oil prices climbed as Saudi Arabia extended deeper-than-agreed production cuts into a second month. The pound gained as another key Brexit vote looms in parliament on Prime Minister Theresa May’s revised deal. Turkey’s lira edged higher even as the country entered its first recession in a decade.
Here are some key events coming up:
* Chinese retail sales and industrial production data are all scheduled for release this week. The National People’s Congress is set to wrap up with a speech on Friday from Premier Li Keqiang.
* U.K. House of Commons votes Tuesday on May’s revised Brexit deal, 20 days before Britain is scheduled to leave the EU.
* Bank of Japan Governor Haruhiko Kuroda will speak on Friday, after he and his board meet to decide on monetary policy. 
These are the latest moves in markets:
Stocks
* The S&P 500 rose 1.5 percent at 4 p.m. in New York.
* The Dow average added 0.8 percent and the Nasdaq 100 climbed 2.1 percent.
* The Stoxx Europe 600 Index increased 0.8 percent.
* The MSCI Asia Pacific Index jumped 0.7 percent, the largest climb in two weeks.
* The MSCI Emerging Market Index rose 1.1 percent, the biggest increase in two weeks.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro was little changed at $1.1244.
* The Japanese yen fell 0.1 percent to 111.26 per dollar.
* The MSCI Emerging Markets Currency Index jumped 0.2 percent.
Bonds
* The yield on 10-year Treasuries increased one basis point to 2.64 percent, the first advance in more than a week.
* The two-year yield rose one basis point to 2.475 percent.
* Germany’s 10-year yield decreased less than one basis point to 0.06 percent, the lowest in more than two years.
Commodities
* The Bloomberg Commodity Index dipped 0.3 percent to the lowest in three weeks.
* WTI crude rose 1.3 percent to $56.77 a barrel, the largest advance in a week.
* Gold fell 0.5 percent to $1,292.15 an ounce, the largest drop in a week.
–With assistance from Nancy Moran, Adam Haigh, Eddie van der Walt and Brendan Walsh.

Have a great night.

Be magnificent!

As ever,

Carolann

Never look back unless you are planning to go that way. – 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: Happy Friday!
1965 – March 8, 1965 – The first U.S. combat troops arrive in Vietnam as 3500 Marines land at China Beach to defend the American air base at Da Nang. They join 23,000 American military advisors already in Vietnam.   Go to article »

Today is International Women’s Day, a day of celebration and solidarity.

Many scholars trace its origins to 1909, when the Socialist Party of America declared a Woman’s Day. The idea spread.

In 1915, Clara Zetkin, a German Marxist who had promulgated the day, used it to protest World War I. In Russia in 1917, revolutionary women used the day to demand bread and peace

The Women’s Suffrage Demonstration in Petrograd, Russia, on March 8, 1917.  Heritage Images/Getty Images

In many countries, the celebration these days is less political and more commercial, a holiday marked by candy and flowers.

In your Back Story writer’s youth in a Bosnian household in St. Louis, it was a day when the women celebrated one another and all that they had overcome. Gifts from husbands and children played a part, but the focus was on women’s bonds with one another.

It raises the question: Who gets to shape a holiday? As Temma Kaplan, a history professor at Rutgers University, put it, “Commemorations and holidays are like clay — you can define what they will mean.”

Queen Elizabeth II, the world’s longest-reigning living monarch, passed another milestone on Thursday: her first post on Instagram

–from The New York Times, March 8^th, 2019.

PHOTOS OF THE DAY

Artist Pascale Marthine Tayou’s “Plastic Bags” is on display at The Armory Show in New York, staged on Manhattans Piers 90, 92 and 94. The Armory Show is New York City’s premier art fair, and a leading cultural destination for discovering and collecting the worlds most important 20th– and 21st- century art. Credit: Timothy A. Clary/AFP/Getty Images

Tourists ride in a vintage car at the seafront Malecon in Havana, Cuba. Credit: Reuters/Alexandre Meneghini

Commuters at London Victoria Station were surprised to see the BI Mayflower steam train on the platform as it comes into London for the first time since its major refurbishment on its way from London Victoria to Bath and Bristol with over 240 passengers. Credit: John Nguyen for The Telegraph
Market Closes for March 8^th, 2019

Market Index	Close	Change
Dow Jones	25450.24	-22.99   -0.09%
S&P 500	2743.07	-5.86   -0.21%
NASDAQ	7408.141	-13.323   -0.18%
TSX	15996.21	-60.30
		-0.38%

International Markets

Market Index	Close	Change
NIKKEI	21025.56	-430.45
		-2.01%
HANG SENG	28228.42	-551.03
		-1.91%
SENSEX	36671.43	-53.99
		-0.15%
FTSE 100*	7104.31	-53.24
		-0.74%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.765		1.765
CND. 30 Year Bond		2.055		2.068
U.S.    10 Year Bond		2.6285		2.6393
U.S. 30 Year Bond		3.0127		3.0262

Currencies

BOC Close	Today	Previous
Canadian $	0.74537	0.74373
US $	1.34162	1.34457
Euro Rate 1 Euro=		Inverse
Canadian $	1.50727	0.66345
US $	1.12347	0.89010

Commodities

Gold	Close	Previous
London Gold Fix	1285.30	1285.85
Oil
WTI Crude Future	56.07	56.66

Market Commentary:
On this day in 1955, Harvard economics professor John Kenneth Galbraith testified before the U.S. Senate Banking Committee, warning that the market was overheating with “a substantial element of speculation.” With radio stations carrying his remarks live, the market dropped as Galbraith talked. The ticker ended up running nine minutes late, and the Dow closed down 2%. When Galbraith broke his leg skiing later that week, he got letters from angry investors saying their “prayers had been answered.”
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks suffered their first weekly loss since late December despite staging a late rally on Friday.
     The S&P/TSX Composite Index fell 0.4 percent to 15,996.21. Energy stocks weakened as crude plunged in early trading, while materials led the way. Marijuana stocks managed to gain ground with the Horizons Marijuana Life Sciences (HMMJ CN) up 0.6 percent.
     Additionally, a new stock hit Canada’s market Friday. Lightspeed POS Inc., a software maker for retailers and restaurants, soared 19 percent in its trading debut after raising C$240 million. Separately, employment increased by 55,900 in February, all full-time jobs, Statistics Canada said Friday in Ottawa, building on a 66,800 gain in January.
In other moves:
Stocks
* Maxar Technologies gained 13%, bucking a 7-day slide 
* Village Farms International rose 11% after announcing its 50%- owned Canadian cannabis JV, Pure Sunfarms, entered into a wholesale supply pact 
* Kinross Gold climbed 6.1%, a leader among materials stocks 
* Enghouse Systems fell 8.7% after 1Q EPS missed lowest estimate
* Paramount Resources dropped 7.6% as NBF downgraded the stock to sector perform 
Commodities
* Western Canada Select crude oil traded at a $11.20 discount to WTI
* Gold rose 1 percent to about $1,300.40/ounce 
FX/Bonds
* The Canadian dollar gained 0.4% to C$1.3404 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.763 percent
US
By Reade Pickert
     (Bloomberg) — U.S. stocks slumped with the dollar after a report showed American hiring was the weakest in more than a year while wage gains were the fastest of the expansion.
     The S&P 500 Index closed slightly lower for its fifth straight drop and worst week of the year, and Treasury yields fell to a two-month low amid concern the labor market is starting to slow. Shares pared declines late in the day as some analysts focused on the longer-term positive trend for jobs. The Stoxx Europe 600 Index sank the most in a month after Asian shares dropped. The euro climbed after closing at its lowest level since 2017 on Thursday, when the European Central Bank slashed growth forecasts.
     Investors had been waiting for the jobs report to provide more clues on the state of the world’s biggest economy and were surprised to learn U.S. nonfarm payrolls increased by 20,000 last month, trailing estimates for a 180,000 increase. The news came a day after ECB President Mario Draghi delivered fresh stimulus as he downgraded the outlook for the euro area. This week, China cut its goal for economic expansion, the Bank of Canada dialed back its expectations for policy tightening and the OECD lowered its global outlook.
     “Taken at face value, it didn’t look like a very good number,” said Charlie Ripley, senior market strategist for Allianz Investment Management. “But looking into the details, and understanding that weather could have been a factor and the shutdown could have played a factor, brought some noise into this report. I think people realized it’s not that bad overall.”
     The S&P 500 closed near a four-week low. Its weekly decline of 2.2 percent was the worst since December. China’s stock market slumped the most since October as traders interpreted a rare sell rating from the nation’s largest brokerage as a sign the government wants to curb gains. Weak Chinese trade data added to the negativity.
     Elsewhere, the yen climbed with gold as investors sought havens. The pound slipped as Prime Minister Theresa May appealed to members of Parliament to back her deal or risk seeing Brexit canceled. West Texas oil futures fell as the weakening outlook for the global economy and rising crude stockpiles signaled that markets will remain comfortably supplied. Stocks in emerging markets dropped.
These are the latest moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent at the close of trade in New York.
* The Dow Jones Industrial Average dipped 0.1 percent; its fifth consecutive decline was the longest losing streak since June
* The Stoxx Europe 600 Index sank 0.9 percent.
* The U.K.’s FTSE 100 Index dropped 0.7 percent.]
* The MSCI Emerging Market Index fell 1.3 percent to the lowest since January.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.3 percent, the first retreat in more than a week.
* The euro increased 0.4 percent to $1.1233, the first advance in more than a week.
* The British pound fell 0.6 percent to $1.3005, its seventh consecutive decline.
* The Japanese yen advanced 0.4 percent to 111.12 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 2.62 percent.
* Germany’s 10-year yield rose one basis point to 0.07 percent.
* Britain’s 10-year yield rose two basis points to 1.19 percent.
Commodities
* West Texas Intermediate crude dropped 1 percent to $56.11 a barrel.
* Gold climbed 1.2 percent to $1,300.48 an ounce.
* The Bloomberg Commodity Index fell 0.1 percent.
–With assistance from Scarlet Fu, Adam Haigh, Christopher Anstey, Robert Brand and Todd White.

Have a wonderful weekend!

Be magnificent!

As ever,

Carolann

Women are like teabags.  We don’t know our strength until we’re in hot water. -Eleanor Roosevelt, 1884-1962.

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 7, 1876 – Scottish-Canadian Alexander Graham Bell received a patent for the telephone. 
Go to article »
1933- Monopoly invented.
1869- Suez Canal Opens.

Significant Numbers:
801
Speed (in miles per hour) achieved during a flight from Los Angeles to London on February 18, sue to a boost from the jet stream.  The speed of sound is 767 miles per hour.
180
Miles between Stonehenge and the quarries from which dozens of its stones came.  Researchers who discovered the exact location say the natural pillar shape of the stones explains why they were so prized. -USA Today.
PHOTOS OF THE DAY

A Balinese man holds a burning coconut shell during Mesabetan Api, a purification ritual to enter the holy day of Nyepi, which is a day of silence for self-reflection to celebrate the Balinese Hindu New Year, in Gianyar, Bali, Indonesia. Credit: Johannes P. Christo/Reuters

A series of lightning strikes over Santa Barbara, California, seen from Stearns Wharf in the city’s harbour. A storm soaking California on Wednesday could trigger mudslides in wildfire burn areas where thousands of residents are under evacuation orders, authorities warned. The Santa Barbara County Sheriff’s Office ordered 3,000 residents to evacuate hillside neighbourhoods scarred by fires. Credit: Mike Eliason/Santa Barbara County Fire Department/AP

A staff member restores the sculptures of the Issenheim altarpiece from the Unterlinden Colmar museum, at the Centre for Research and Restoration of Museums in the Louvre in Paris, France. Credit: Alain Jocard/AFP/Getty Images
Market Closes for March 7^th, 2019

Market Index	Close	Change
Dow Jones	25473.23	-200.23   -0.78%
S&P 500	2748.93	-22.52   -0.81%
NASDAQ	7421.465	-84.455   -1.13%
TSX	16056.51	-35.56
		-0.22%

International Markets

Market Index	Close	Change
NIKKEI	21456.01	-140.80
		-0.65%
HANG SENG	28779.45	-258.15
		-0.89%
SENSEX	36725.42	+89.32
		+0.24%
FTSE 100*	7157.55	-38.45
		-0.53%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.765		1.823
CND. 30 Year Bond		2.068		2.115
U.S.    10 Year Bond		2.6393		2.6915
U.S. 30 Year Bond		3.0262		3.0697

Currencies

BOC Close	Today	Previous
Canadian $	0.74373	0.74405
US $	1.34457	1.34399
Euro Rate 1 Euro=		Inverse
Canadian $	1.50569	0.66415
US $	1.11983	0.89299

Commodities

Gold	Close	Previous
London Gold Fix	1285.85	1283.80
Oil
WTI Crude Future	56.66	56.22

Market Commentary:
Being rational is a moral imperative.  You should never be stupider than you need to be.  –Charlie Munger, The Tao of Charlie Munger.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks slipped Thursday after a two-day gain, while a drop in tech shares helped send U.S. stocks to their longest losing streak this year.
     The S&P/TSX Composite Index fell 0.2 percent to 16,056.51. Consumer-discretionary and health care companies, mainly marijuana, led the declines. The Horizons Marijuana Life Sciences ETF (HMMJ CN) lost 3.5 percent, the most since February 6.
     Separately, Canada’s economic slump may end up lasting longer than first thought amid surprising signs of weakness in household spending and investment, a central bank official said.
In other moves:
Stocks
* Painted Pony Energy gained 20% after 4Q earnings release
* Obsidian Energy lost 13% after CEO to step down and proposed 7:1 common share consolidation 
* Paramount Resources fell 10% after 2019 production guidance miss 
* Largo Resources lost 8.7%; the company said it’s unaware of any material change 
* Martinrea International dropped 4.9%, the most since November 26 
Commodities
* Western Canada Select crude oil traded at a $11.20 discount to WTI
* Gold fell 0.1 percent to about $1,286.10/ounce 
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3459 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.761 percent
US
By Reade Pickert
     (Bloomberg) — A drop in tech shares helped send U.S. stocks to their longest losing streak this year as the ECB’s grim economic forecasts reinforced concerns that global growth is slowing. The euro fell to the lowest since 2017.
     The S&P 500 Index sank for a fourth day, with Amazon, Microsoft, Apple and Facebook the biggest drags. The gauge closed just below the closely watched 200-day moving average of 2,750 that has provided support in the past. Government bonds surged, with the yield on Germany’s 10-year notes reaching the lowest since 2016. The dollar climbed for a seventh day.
     Economic concerns have moved to the forefront once more for investors, with European Central Bank officials cutting expansion estimates to justify a dovish turn a day after the Organization for Economic Cooperation and Development downgraded almost every growth outlook for Group of 20 nations. A U.S. jobs report tomorrow will shed light on the health of the world’s largest economy. Trade remains in the picture with markets awaiting details of a possible accord, as President Donald Trump is said to be pressuring U.S. negotiators to cut a deal with China soon.
     The ECB provided “another indication that our fears of slow growth are actually being confirmed,’’ said Tim Courtney, the chief investment officer of Exencial Wealth Advisors in Oklahoma City. “For the U.S. markets, it just shows that it is going to be harder and harder for these companies to hit their targets if the rest of the world is either in very, very slow positive growth or in contraction mode.”
     Banks in Europe’s main equity index tumbled as much as 2.6 percent after the ECB’s plan to support the economy by issuing a new series of long-term loans disappointed some traders.
     Elsewhere, shares fell in Japan and Hong Kong, with China bucking the trend. The pound fell even after the European Union was said to make a new offer to the U.K. in an attempt to break the Brexit impasse. Oil climbed toward $57 a barrel in New York as investors weighed a U.S. crude-stockpile surge that threatens to undermine OPEC’s bid to avert a glut against a drop in fuel inventories. Here are some key events coming up:
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 180,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 Index fell 0.8 percent at the close of trading in New York.
* The Stoxx Europe 600 Index decreased 0.4 percent.
* The U.K.’s FTSE 100 Index declined 0.5 percent.
* The MSCI Emerging Market Index sank 1.3 percent.
* The Nikkei-225 Stock Average fell 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.7 percent, hitting the highest in 10 weeks.
* The euro sank 1.1 percent to $1.1182, the weakest since June 2017.
* The British pound dipped 0.7 percent to $1.3076, its sixth consecutive decline.
* The Japanese yen rose 0.1 percent to 111.61 per dollar.
Bonds
* The yield on 10-year Treasuries decreased five basis points to 2.64 percent.
* Germany’s 10-year yield sank six basis points to 0.062 percent.
* Britain’s 10-year yield dipped five basis points to 1.17 percent.
Commodities
* West Texas Intermediate crude climbed 0.6 percent to $56.54 a barrel.
* Gold was little changed at $1,285.66 an ounce.
–With assistance from Ksenia Galouchko, Adam Haigh, Yakob Peterseil, Christopher Anstey and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

We are what we repeatedly do.  Excellence,
then is not an act, but a habit.
                        -Aristotle, 384 BC-322 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 6, 1834 – The city of Toronto was incorporated. 
Happy Birthday Toronto!  Go to article »

1836 – Fall of the Alamo.
1475 -Michelangelo, artist, b.
1928 – Gabriel Garcia Marquez, author, b.
PHOTOS OF THE DAY

An employee of Swiss National Bank presents the new 1,000-franc banknote in Zurich, Switzerland. Credit: Arnd Wiegmann/Reuters

The Archbishop of York, Dr John Sentamu (left) and The Dean of York, the Right Reverand Dr. Jonathan Frost attend a media call as a wooden cross is suspended from York Minster’s Central Tower as part of the Minster’s perpetrations to mark the season of Lent. Credit: Charlotte Graham
Market Closes for March 6^th, 2019

Market Index	Close	Change
Dow Jones	25673.46	-133.17   -0.52%
S&P 500	2771.45	-18.20   -0.65%
NASDAQ	7505.922	-70.439   -0.93%
TSX	16092.07	+5.53
		+0.03%

International Markets

Market Index	Close	Change
NIKKEI	21596.81	-129.47
		-0.60%
HANG SENG	29037.60	+76.00
		+0.26%
SENSEX	36636.10	+193.56
		+0.53%
FTSE 100*	7196.00	+12.57
		+0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.823		1.879
CND. 30 Year Bond		2.115		2.159
U.S.    10 Year Bond		2.6915		2.7169
U.S. 30 Year Bond		3.0697		3.0810

Currencies

BOC Close	Today	Previous
Canadian $	0.74405	0.74884
US $	1.34399	1.33540
Euro Rate 1 Euro=		Inverse
Canadian $	1.52023	0.65779
US $	1.13114	0.88407

Commodities

Gold	Close	Previous
London Gold Fix	1283.80	1285.40
Oil
WTI Crude Future	56.22	56.56

Market Commentary:
The investor’s chief problem – even his worst enemy – is likely to be himself. -Benjamin Graham, 1894-1976
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks pared gains Wednesday, ending about flat with pot stocks being especially weak after analysts said the departure of FDA Commissioner Scott Gottlieb adds more uncertainties to the evolution of the U.S. cannabidiol and medical marijuana market.
     The S&P/TSX Composite Index rose 0.03 percent to 16,092.07. Horizons Marijuana Life Sciences lost 1.8 percent after gaining 3.3 percent on Tuesday. Materials stocks also lagged as metals including gold, copper, and silver fell.
     Additionally, the Bank of Canada diluted its conviction that interest rates will need to go higher as officials expressed greater uncertainty about the outlook amid a deeper- than-expected slowdown.
In other moves:
Stocks
* Stars Group advanced 13.3% after 4Q adj. EPS and Ebitda beat analysts’ estimates 
* Alaris Royalty gained 6.5% after 4Q net profit jumped 58% 
* BlackBerry rose 5.1%, most since Sept. 28 
* Aecon Group rose 5.3% after 4Q revenue beat and boosting qtr. dividend 
* STEP Energy Services dropped 13.2% after 4Q adj. Ebitda missed the lowest estimate 
* Flower One Holdings fell 8.5% after pricing, terms of overnight offering
* Advantage Oil & Gas lost 5.7%, most since Jan. 28 
* Lundin Mining fell 4.8% after a report its Chile unit was under investigation; the company said its unaware 
* Pengrowth Energy fell 1.4% after posting a 4Q loss and plans for a strategic review 
Commodities
* Western Canada Select crude oil traded at a $11 discount toWTI
* Gold rose 0.3% to about $1,288.20/ounce 
FX/Bonds
* The Canadian dollar fell 0.6% to C$1.3435 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.816 percent
US
By Vildana Hajric and Reade Pickert
     (Bloomberg) — U.S. equities fell to a three-week low on concern about the outlook for growth after fresh data pointed to a slowing economy before a key jobs report Friday. The dollar rose for a sixth day and oil fell.
     Energy and health-care companies led losses on the S&P 500 Index, sending the gauge toward its worst week of the year after reports showed the U.S. trade deficit widened in 2018 to a 10- year high and private companies added fewer employees than analysts forecast last month. General Electric Co. slumped a second day after the new CEO’s sobering outlook reminded investors that the company’s troubles are far from over.
     Commodities were led lower by oil after a bigger-than- expected buildup in U.S. crude stockpiles. Government bonds rallied as investors sought out defensive assets after the OECD said the global economy is suffering from trade tensions and political uncertainty.
     Trade remains high on investors’ agenda as they wait for details of a possible accord, with President Donald Trump said to be pressuring U.S. negotiators to cut a deal with China soon in hope of fueling a market rally. Meanwhile, bond traders are taking a more cautious stance as Morgan Stanley predicted benchmark Treasury yields will drop as low as 2.35 percent by the end of the year. Traders will also get plenty to ponder from the European Central Bank’s policy decision and the monthly U.S. jobs report later this week.
     “The possibility of a soft landing of this economy throughout the course of 2019 is still in play, but every data point now is watched with extreme focus and what you’re seeing is markets are not giving it the benefit of the doubt,” said Matthew Miskin, a market strategist at John Hancock Investments in Boston.
     European shares edged lower after an initial spike following a report that central bank officials are poised to cut their economic forecasts by enough to justify another round of loans for banks. Canada’s dollar extended losses after the Bank of Canada toned down its conviction that interest rates will need to go higher.
     Elsewhere, the Australian dollar sank amid growing bets on interest-rate cuts. Chinese shares outperformed and Japanese equities dropped. Turkey’s lira weakened after the country’s central bank held its policy rate unchanged.
Here are some key events coming up:
* European Central Bank policy makers are expected to leave rates unchanged amid a deteriorating outlook. President Mario Draghi will hold a news conference on Thursday after the decision.
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 185,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 Index fell 0.7 percent at the close of trading in New York.
* The Stoxx Europe 600 Index fell less than 0.05 percent.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index added 0.2 percent, hitting the highest in three weeks with its sixth straight advance.
* The euro was little changed at $1.1311.
* The Japanese yen increased 0.1 percent to 111.77 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to
2.68 percent.
* Germany’s 10-year yield fell four basis points to 0.12 percent.
* Britain’s 10-year yield declined six basis points to 1.22 percent.
Commodities
* The Bloomberg Commodity Index declined 0.6 percent.
* WTI crude fell 0.6 percent to $56.22 a barrel.
* Copper fell 0.3 percent to $2.925 a pound.
* Gold dipped 0.1 percent to $1,286.83 an ounce.
–With assistance from Cormac Mullen, John Ainger, Sid Verma, Adam Haigh, Carlyann Edwards, Eddie van der Walt, Christopher Anstey and Robert Brand.

Have a great night!

Be magnificent!

As ever,

Carolann

I believe in God, only I spell it Nature.
    -Frank Lloyd Wright, 1867-1959

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 Mardi Gras!
                          *Shrove Tuesday*
A Mardi Gras tradition

King cake is no ordinary cake. The circular pastry shines with stripes of sugared New Orleans Carnival colors: purple for justice, gold for power and green for faith.

It’s stuffed with fruit and pecans — and a plastic baby that brings luck to the finder (along with the responsibility of providing the next year’s cake).

Plastic babies have usually been in, not on, the king cake.   Pableaux Johnson for The New York Times 

The notion of embedding an object in cake dates from at least the Roman Empire. For Saturnalia, a predecessor of Christmas, it was a fava bean. Whoever received the slice containing the bean ruled the day.

But the Romans also associated fava beans with death. That might be because of a genetic disorder, most common in the Mediterranean, that creates an often lethal bean allergy.

So perhaps eating a cake with a fava bean was a morbid joke, a moment on the edge, or what could be thought of as letting the good times roll. –from The New York Times, March 5, 2019.

PHOTOS OF THE DAY

Revellers covered in talcum powder take part in ‘Los Indianos’ street carnival in Santa Cruz de la Palma, on the Spanish Canary island of La Palma. Credit: Desiree Martin/AFP/Getty Images

Performers of the Imperio Serrano samba school wait to take part in the first night of Rio’s Carnival parade at the Sambodrome in Rio de Janeiro, Brazil. Credit: Carl de Souza/AFP/Getty Images

Choirboys from the Pilgrim school, Winchester, practice for the Shrove Tuesday races which will be held at Winchester Cathedral. The race will see them take on 19 other teams from the Fire Service to Opticians in a race that spans a 38 metre course. Credit: Russell Sach for The Telegraph
Market Closes for March 5^th, 2019

Market Index	Close	Change
Dow Jones	25807.37	-12.28   -0.05%
S&P 500	2795.41	+2.60   +0.09%
NASDAQ	7576.359	-1.208   -0.02%
TSX	16087.99	+49.86
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	21726.28	-95.76
		-0.44%
HANG SENG	28961.60	+2.01
		+0.01%
SENSEX	36442.54	+378.73
		+1.05%
FTSE 100*	7183.43	+49.04
		+0.69%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.879		1.896
CND. 30 Year Bond		2.159		2.168
U.S.    10 Year Bond		2.7169		2.7223
U.S. 30 Year Bond		3.0810		3.0891

Currencies

BOC Close	Today	Previous
Canadian $	0.74884	0.75110
US $	1.33540	1.33137
Euro Rate 1 Euro=		Inverse
Canadian $	1.50992	0.66229
US $	1.13069	0.88442

Commodities

Gold	Close	Previous
London Gold Fix	1285.40	1311.95
Oil
WTI Crude Future	56.56	56.59

Market Commentary:
On this day in 1923, Montana’s Old-Age Pension Law—the first state law that provides retirement pensions and stands up to constitutional challenges—is enacted, setting a key precedent for the creation of Social Security a decade later.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks edged higher on Tuesday, helped by a surge in marijuana shares, while the U.S. market meandered in thin trading.
     The S&P/TSX Composite Index rose 0.3 percent to 16,086.54. Health care led the market, while utilities and consumer staples underperformed. Meanwhile, investors turned their attention to tomorrow’s Bank of Canada meeting. The spread between Canadian and U.S. two-year government-debt yields is the widest since 2007 ahead of the event, a sign traders are reducing expectations for interest-rate hikes this year.
In other moves:
Stocks
* Aurora Cannabis surged 12.5% after a new outperform rating from Cowen 
** Cronos Group, rated a new market perform at Cowen, also rose
* Vivo Cannabis jumped 11.2% after announcing the launch of a new online store 
* Green Organic Dutchman Holdings jumped 6.5% after receiving organic certification from Pro-cert Organic Systems Ltd.
* Theratechnologies dropped 6.7%, extending losses for a third-straight session 
* Stelco Holdings lost 3.8% after a new equal weight rating from Morgan Stanley 
* Semafo declined 2.9% ahead of post-market 4Q earnings
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold rose 0.1% to about $1,288.60/ounce 
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.3352 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.880 percent
US
By Jeremy Herron and Reade Pickert
(Bloomberg) — U.S. stocks edged lower as investors struggled to find inspiration after a torrid start to the year. The dollar rallied for a fifth day.
     The S&P 500 Index fell 0.1 percent. Equities opened lower amid a lack of progress on the U.S.-China trade deal before briefly erasing losses on home-sales and service-industries data that beat estimates. General Electric Co. tumbled after its chief executive officer forecast negative industrial free cash flow this year. Target Corp. and Kohl’s Corp. buoyed consumer shares on the back of solid earnings.
     “The market has priced in a lot of good news and I think now the fact that returns are moderating some is a reflection of now they need to see the follow-through,” Michael Arone, chief investment strategist at State Street Global Advisors, said in an interview at Bloomberg’s New York headquarters. “They need to see the specifics on that U.S.-China trade deal and they need more assurances that the Fed isn’t going to change track again.” 
     Investors are hungry for concrete details about progress on a U.S.-China trade deal before they push a global equities rally further, leaving the S&P 500 Index seemingly stuck below the key 2,800 level. Trade and slowing growth are on the agenda as China’s most powerful officials gather in Beijing for the National People’s Congress, while investors will get the latest read on the U.S. economy with the monthly jobs report Friday.
     Elsewhere, European shares ended slightly higher, while equities in Japan, Korea and Australia slumped after China lowered its target for economic growth. Indian stocks recouped early losses made after the U.S moved to end key trade concessions for New Delhi.
Here are some key events coming up:
* Australia’s central bank Governor Philip Lowe will give a speech on the housing market Wednesday.
* Bank of Canada Governor is expected to keep rates on hold Wednesday due to lingering uncertainty on housing and investment, while sticking to his message that borrowing costs eventually need to head higher.
* European Central Bank policy makers are expected to leave rates unchanged amid a deteriorating outlook. President Mario Draghi will hold a news conference on Thursday after the decision.
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 185,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 fell 0.1 percent as of the close in New York.
* The Nasdaq 100 Index rose 0.1 percent.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Emerging Market Index climbed 0.2 percent.
* The MSCI Asia Pacific Index sank 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2 percent, its fifth straight advance.
* The euro fell 0.3 percent to $1.1306, the weakest in more than two weeks.
* The British pound was little changed at $1.3176.
* The Japanese yen decreased 0.1 percent to 111.87 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.72 percent.
* Germany’s 10-year yield climbed one basis point to 0.17 percent.
* Britain’s 10-year yield rose less than one basis point to 1.28 percent.
Commodities
* West Texas Intermediate crude was little changed at $56.61 a barrel.
* Gold added 0.1 percent to $1,287.73 an ounce, reaching a six-week low.
–With assistance from Cormac Mullen and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

A man should hear a little music, read a little poetry, and see a fine picture every day of his life,
in order that worldly cares may not obliterate the sense of the beautiful which 
God has implanted in the human soul. –J. W. Goethe, 1749-1832

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 4, 1946 – Espionage – Communist MP Fred Rose and 13 others charged with spying for the Soviet Union; result of Gouzenko revelations. Ottawa, Ontario 
Go to article »
PHOTOS OF THE DAY

Alan Mikkelson races down Harrison Avenue while skier Jason Dahl airs out off the first jump during the 71st annual Leadville Skijoring weekend competition in Leadville, Colorado. Skijoring, which has its origins as a competitive sport in Scandinavia, has been adapted over the years to include jumps, slalom gates, and spearing rings for points. Leadville has been hosting skijoring competitions since 1949. Credit:  Jason Connolly/AFP/Getty Images

Members of opposing teams throw oranges at each other during the traditional “battle of the oranges” held during the carnival in Ivrea, near Turin, Italy. During the event, which marks the people’s rebellion against tyrannical lords who ruled the town in the Middle Ages, revellers parading on floats represent guards of the tyrant, while those on foot the townsfolk. Credit: Marco Bertorello/AGP/Getty Images

Tayun Mountain after a snowfall in Chaiping Township, northwest China’s Shaanxi Province. Credit: Xinhua/Alamy Live News
Market Closes for March 4^th, 2019

Market Index	Close	Change
Dow Jones	25819.65	-206.67   -0.79%
S&P 500	2792.81	-10.88   -0.39%
NASDAQ	7577.566	-17.788   -0.23%
TSX	16038.13	-30.12
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	21822.04	+219.35
		+1.02%
HANG SENG	28959.59	+147.42
		+0.51%
SENSEX	36063.81	+196.37
		+0.55%
FTSE 100*	7134.39	+27.66
		+0.39%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.896		1.942
CND. 30 Year Bond		2.168		2.209
U.S.    10 Year Bond		2.7223		2.7640
U.S. 30 Year Bond		3.0891		3.1349

Currencies

BOC Close	Today	Previous
Canadian $	0.75110	0.75235
US $	1.33137	1.32917
Euro Rate 1 Euro=		Inverse
Canadian $	1.50956	0.66245
US $	1.13383	0.88196

Commodities

Gold	Close	Previous
London Gold Fix	1311.95	1319.15
Oil
WTI Crude Future	56.59	55.80

Market Commentary:
On this day in 1957, Standard & Poor’s introduced a new stock index, now known as the S&P 500.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks edged lower on Monday after the delay to Enbridge Inc.’s Line 3 crude oil pipeline expansion blasted shares of Canadian oil-sands producers.
     The S&P/TSX Composite Index fell 0.2 percent to 16,038.13. Energy was a key laggard while materials and industrials rose.
     On the M&A front, Barrick Gold will “definitely not” withdraw its hostile offer for Newmont, CEO Mark Bristow says. Separately, Justin Trudeau lost another cabinet minister over the SNC-Lavalin Group Inc. controversy, which has dented his party in the polls ahead of a Canadian election this year.
In other moves:
Stocks
* Maxar Technologies Inc. fell, sliding more than 10 percent for a second-straight session 
* Enbridge Inc. lost 5.8% after its Line 3 pipeline delay 
* Ritchie Bros Auctioneers Inc. slipped more than 5% 
* Wolverine Energy & Infrastructure gained 34% 
* Dollarama Inc. rose 3% 
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to WTI
* Gold fell for a sixth day to about 1,287.70/ounce 
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3307 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.898
US
By Reade Pickert and Luke Kawa
     (Bloomberg) — U.S. shares retreated as investors sought details of a possible trade deal between the White House and China. The dollar strengthened and Treasury yields slipped.
     The S&P 500 Index slumped the most since Feb. 7, with financial and health-care shares pacing declines, after the benchmark gauge again failed to hold gains that took it past the 2,800 level. Salesforce.com fell in after-hours trading when the company gave a revenue forecast that fell short of estimates.
     The yuan edged higher after reports on the trade deal, which was said to require Beijing to follow through on pledges ranging from better protecting intellectual-property rights to buying more U.S. products. The dollar firmed against most major peers even after U.S. President Donald Trump warned against it becoming too strong.
     After soaring 18 percent from Christmas to mid-February, the S&P 500 has struggled to extend gains past highs achieved in October and November, with advances petering out near 2,800. It climbed as far as 2,816 Monday on trade optimism before falling back below the round-number level. Investors focused on the outlook for global growth weren’t that impressed after China was said to plan a 3 percentage-point cut to its VAT tax rate for manufacturing to support its economy, which Morgan Stanley estimated could add 0.6 percent to expansion. Investors will get the latest read on the U.S. economy with the monthly jobs report Friday.
     “The fact that we’re seeing diminishing returns every time one of these sort of good-news stories comes out over the weekend tells me that” a U.S.-China trade deal is now mostly priced in, Brian Nick, the chief investment strategist at Nuveen, said on Bloomberg Television.
     Elsewhere, European stocks edged higher after gains in Asia. The pound slipped even amid optimism U.K. lawmakers are avoiding a hard Brexit by moving toward supporting Prime Minister Theresa May’s proposed deal. West Texas oil climbed above $56 a barrel on signs of slowing U.S. production growth and as OPEC and its allies deepened cutbacks, while gold and copper fell.
Here are some key events coming up:
* China’s National People’s Congress opens in Beijing on Tuesday. Premier Li Keqiang will announce an economic growth target. The Chinese People’s Political Consultative Conference runs concurrently. Through March 15.
* Australia’s central bank sets policy on Tuesday, then Governor Philip Lowe will give a speech on the housing market Wednesday.
* Bank of Canada Governor Stephen Poloz is expected to keep rates on hold Wednesday due to lingering uncertainty on housing and investment, while sticking to his message that borrowing costs eventually need to head higher.
* European Central Bank policy makers are expected to leave rates unchanged amid a deteriorating outlook. President Mario Draghi will hold a news conference on Thursday after the decision.
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 185,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 Index slumped 0.4 percent at the close in New York.
* The Nasdaq 100 was little changed and the Dow Jones Industrial Average lost 0.8 percent.
* The Stoxx Europe 600 Index added 0.2 percent.
* The Nikkei-225 Stock Average advanced 1 percent to a three-month high.
* The MSCI Emerging Market Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro weakened 0.2 percent to $1.1342.
* The British pound fell 0.2 percent to $1.3175.
* The Japanese yen rose 0.2 percent to 111.7 per dollar.
* The offshore yuan rose less than 0.1 percent to 6.7091 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.72 percent.
* Germany’s 10-year yield fell three basis points to 0.16 percent.
* Britain’s 10-year yield fell two basis points to 1.27 percent.
Commodities
* The Bloomberg Commodity Index fell 0.2 percent.
* Copper fell 0.7 percent to $2.9115 per pound.
* West Texas Intermediate crude climbed 1.3 percent to $56.42 a barrel.
–With assistance from Adam Haigh, Christopher Anstey and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

 

Carolann

It is one of the most beautiful compensations  of life, that no man
Can sincerely try to help another without helping himself.
                                           -Ralph Waldo Emerson, 1803-1882

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

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

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