Month: April 2019

Dear Friends,

Tangents:
St. James the Great Day, Christian Orthodox

Beltane, Wicca.
Walpurgisnacht, Witch’s Night, Europe.

Beltane – the ancient Celtic union of goddess and god, water and light.  All fires are extinguished at sunset on Beltane Eve, the midpoint between the spring equinox and the summer solstice.  In blackness of night, bonfires are struck from standing stone or drilled from sacred oak. …

We were there last night when the dark

drew down: we set the bonfires leaping.

Then we vanished in the heather and

we couldn’t be found until the dawn came creeping.

                            -Celtic rock group Annwn

On April 30, 1975, the South Vietnamese capital of Saigon fell to Communist forces.  Go to article »

PHOTOS OF THE DAY

A yellow tulip emerging out a large plantation of red tulips Tulips fields in the Flevoland region, The Netherlands   CREDIT: VALERIO BERDINI/REX

A fisherman is celebrating a two-million- to -be one catch – a rare blue lobster. Skipper Tim Harrison spotted the stunning sapphire coloured creature in one of his lobster pots. He snapped a picture of the vibrant crustacean – showing its rich blue colour from its claws to its tail. CREIDT: WALES NEWS SERVICE

Bulgarian Orthodox faithful carry an icon of the Virgin Mary during a parade on Easter Monday at Bachkovo monastery, near the village Bachkovo, Bulgaria. The Orthodox world celebrates their Easter according to the old Julian calendar. Easter celebrates the resurrection of Jesus Christ and is regarded by Christians as their most important religious festival. CREDIT: VASSIL DONEV/EPA-EFE/REX

People bathe as the sun sets at San Blas beach in La Libertad, 36 km south of San Salvador, El Salvador. CREDIT: MARVIN RECINOS/AFP/GETTY IMAGES
Market Closes for April 30^th, 2019

Market Index	Close	Change
Dow Jones	26592.91	+38.52     +0.15%
S&P 500	2945.83	+2.80   +0.10 %
NASDAQ	8095.387	-66.467   -0.81%
TSX	16580.73	-19.64
		-0.12%

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29699.11	-193.70
		-0.65%
SENSEX	39031.55	-35.78
		-0.09%
FTSE 100*	7418.22	-22.44
		-0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.711	1.722
CND. 30 Year Bond	1.990	2.005
U.S.    10 Year Bond	2.5018	2.5252
U.S. 30 Year Bond	2.9296	2.9547

Currencies

BOC Close	Today	Previous
Canadian $	0.74670	0.74315
US $	1.33922	1.34566
Euro Rate 1 Euro=		Inverse
Canadian $	1.50172	0.6660
US $	1.12135	0.89182

Commodities

Gold	Close	Previous
London Gold Fix	1279.50	1284.20
Oil
WTI Crude Future	63.91	63.50

Market Commentary:
On this day in 1999, Priceline.com, which had gone public at $16 a share exactly one month earlier, closed the day at $162.38—giving the internet company a one-month return of 915% and a total market value of $23 billion. But it was all downhill from there. Priceline ended up trading for less than $6 per share by October 2000. The company rebranded itself as Booking Holdings in 2018 and is once again one of the move valuable American tech companies.\
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks pared most of their earlier losses and ended Tuesday’s trading session mostly negative-to- flat. The record rally from Shopify helped the index rise and pushed the technology sector up, while health care and energy stocks underperformed.
The S&P/TSX Composite Index fell 0.12 percent to 16,580.73. Technology gained the most, as Shopify extended its market- leading rally with another strong quarter. Health care sector was the worst performing sector, mostly led by pot stocks.
According to Ontario’s finance minister Victor Fedeli, the province could allow several hundred cannabis stores to open but is being stymied by the federal government’s “bungling” of supply. More than six months after Prime Minister Justin Trudeau’s government legalized recreational pot in Canada, supply still “doesn’t line up,” Fedeli said. That’s why Ontario has set a limit of 25 bricks and mortar stores, and outlets across the country are struggling to fill their shelves, he added.
Meanwhile, Canada’s economy returned to its sluggish ways in February, with a drop in output that will reinforce expectations of a slow start to the year. Gross domestic product fell 0.1 percent, taking back some of the 0.3 percent gain in January in part due to poor weather, Statistics Canada said Tuesday from Ottawa. Economists were estimating output would be unchanged.
In other moves:
Stocks
* Interfor Corp. gained for four days amid lumber rally, peer earnings results. Peer Western Forest Products also advanced
* First Quantum fell 3 percent after the company surprised investors with an early release of earnings
* Aphria was among outliers within pot stocks, rising 2.9 percent after 3-day slump
* Ensign Energy Services was among underperformers within the energy stocks, along with Crescent Point Energy and CES Energy Solutions
* Capital Power declined 2.8 percent after reporting lower profits and sales than estimated
* Canadian National fell 1.4 percent after the company reported adjusted earnings per share for the first quarter that missed the average analyst estimate
Ratings
* AI CN: Atrium Mortgage Investment Rated New Buy at Echelon Wealth
* CNR CN: Canadian National Downgraded to Sector Perform at RBC; PT C$128
** CNR CN: Canadian National Cut to Sell at Veritas; Price Target C$120
* FSZ CN: Fiera Capital Rated New Sector Perform at RBC; PT C$14
* IPL CN: Inter Pipeline Cut to Market Perform at Cormark Securities
* LUN CN: Lundin Mining Upgraded to Buy at Pareto Securities
* SEA CN: Seabridge Gold Rated New Buy at B Riley FBR, Inc.
* UFS: Domtar Upgraded to Buy at BofAML; PT $58
Commodities
* Western Canada Select crude oil traded at a $13.00 discount to WTI
* Gold spot prices rose 0.3 percent to $1,283.48 an ounce
FX/Bonds
* The Canadian dollar rose 0.5 percent to C$1.3397 per U.S.dollar
* The Canada 10-year government bond yield fell to 1.711%
US
By Rita Nazareth
(Bloomberg) — U.S. stocks were mixed as investors assessed earnings from some of the world’s largest companies amid angst over U.S-China trade talks. Treasury yields and the dollar fell before the Federal Reserve’s rate decision.
The S&P 500 Index erased losses and closed at a record high, while the Dow Jones Industrial Average rose on better- than-estimated results from giants Pfizer Inc. and Merck & Co.
Meantime, the FAANG group of major technology and internet shares got pummeled as Alphabet Inc. had its worst day since 2012 on a revenue miss, and Apple Inc. sank before its earnings report.
FAANG Stocks Drop $100 Billion as Alphabet Loss Bites Hard Stocks wavered at the end of a strong month amid mixed earnings and a cloudy outlook for trade talks. The White House is ramping up pressure to reach a deal with China in the next two weeks, warning that the U.S. is prepared to walk away. Just a day before the Fed’s policy decision, President Donald Trump suggested that if the central bank cut rates by one percentage point and resumed bond purchases it would boost the economy “like a rocket.”
The rally that sent the S&P 500 to record highs may lose steam, but any pullback is likely to “prove limited and temporary”, wrote Tony Dwyer, chief market strategist at Canaccord Genuity. Among the reasons, he cited a dovish Fed, better-than-expected earnings and a stabilization in global growth.
Elsewhere, the euro gained as data showed Europe began 2019 with an unexpected growth spurt, easing pressure on the central bank to add stimulus. Oil rose as police and protesters clashed in the streets of Venezuela, escalating turmoil in the home of the world’s biggest crude reserves.

Here are some notable events this week:

* Companies reporting earnings include: HSBC, Macquarie and
Royal Dutch Shell.
* U.S. Trade Representative Robert Lighthizer and Treasury
Secretary Steven Mnuchin landed in Beijing on Tuesday and will
head into a new round of talks before Chinese Vice Premier Liu
He goes to Washington next week. China and the U.S. hope to seal
a deal by early May.
* The U.S. Fed’s rate decision is on Wednesday, while the Bank
of England sets interest rates Thursday.
* Friday brings the U.S. jobs report: non-farm payrolls are
projected to rise by 187,000 in April. Economists expect an
unemployment rate of 3.8 percent, with average hourly earnings
growth picking up to 3.3 percent.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.1 percent to 2,945.83 at 4 p.m. New York time.
* The Dow Average gained 0.2 percent, while the Nasdaq-100 sank 0.7 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index dipped 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2 percent.
* The euro increased 0.3 percent to $1.1216.
* The British pound jumped 0.8 percent to $1.3039.
* The Japanese yen climbed 0.2 percent to 111.40 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.50 percent.
* Germany’s 10-year yield rose one basis point to 0.01 percent.
* Britain’s 10-year yield increased three basis points to 1.185 percent.
Commodities
* The Bloomberg Commodity Index rose 0.1 percent.
* West Texas Intermediate crude climbed 0.7 percent to $63.91 a barrel.
* Gold added 0.3 percent to $1,285.70 an ounce.
–With assistance from Joanna Ossinger, Andreea Papuc, Samuel Potter, Todd White and Lu Wang.

Have a great night.

Be magnificent!
As ever,

Carolann

Whether you think you can or you think you can’t, you are right.

                                                    -Henry Ford, 1863-1947

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

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

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

Dear Friends,

Tangents:

1429 – Joan of Arc entered the besieged city of Orleans to lead a victory over the English. Go to article »

1899 – Duke Ellington, b.

1901 – Emperor Hirohito, b.

 

The Poem:

 

Too Busy

    –by David Budbill

 

Have ambition and ego ruined my life?

Where have my easy days gone?

 

If only I had a monk friend to wander off into the mountains to visit.  
If only I were so idle I had time to visit him.  
If only we could while away the day drinking tea, playing flutes, and talking.  
If only, as the moon rose, my friend could point the way home through the dark mountains with the night sky’s lantern to light the way.

If only I were happy with only that.

 

PHOTOS OF THE DAY

Competitors ride their bikes along sand dunes during the Stage 1 of the 14^th edition of Titan Desert 2019 mountain biking race around Merzouga in Morocco —CREDIT: FRANCK FIFE/AFP

Competitors run across Tower Bridge as they compete in the 2019 London Marathon in central London. — CREDIT: TOLGA AKMEN/GETTY IMAGES

Great Britain’s Hayley Carruthers crawls over the line during the women’s elite race. — CREDIT:REUTERS/PAUL CHILDS

Market Closes for April 29^th, 2019

Market Index	Close	Change
Dow Jones	26554.39	+11.06 +0.04%
S&P 500	2943.03	+3.15 +0.11 %
NASDAQ	8161.855	+15.457 +0.19%
TSX	16600.7	-13.09
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29892.81	+287.80
		+0.97%
SENSEX	39067.33	+336.47
		+0.87%
FTSE 100*	7440.66	+12.74
		+0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.722	1.687
CND. 30 Year Bond	2.005	1.979
U.S.    10 Year Bond	2.5252	2.5000
U.S. 30 Year Bond	2.9547	2.9241

Currencies

BOC Close	Today	Previous
Canadian $	0.74315	0.74276
US $	1.34566	1.34632
Euro Rate 1 Euro=		Inverse
Canadian $	1.50507	0.66442
US $	1.11842	0.89412

Commodities

Gold	Close	Previous
London Gold Fix	1284.20	1280.80
Oil
WTI Crude Future	63.50	63.30

Market Commentary:
The Dow has climbed 5.7% since November, putting the blue-chip index on course to end the six-month November to April span higher for a 10th consecutive time. That would mark the longest streak since the Dow posted 16 consecutive gains in that stretch from 1985 to 2000.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks were mixed Monday after closing unchanged the previous week. An underperformance by miners outweighed marijuana stocks’ gains. The S&P/TSX Composite Index fell 0.08 percent to 16,600.
     Miners were the biggest losers as metal prices declined. Health care stocks were among the best performers, together with technology and financials. 
     Meanwhile, U.S. stocks rose above Friday’s record high at the start of a week packed with data that will provide clues on global economic growth. Benchmark Treasury yields climbed after a large five-year block sale, while the U.S. dollar was little changed and the euro rallied.
In other moves:
Stocks
* Restaurant Brands fell 1.5 percent after 1Q Tim Horton’s comp sales unexpectedly decline
* Hexo Corp. rose 6 percent, continuing gains from last week when Desjardins Securities initiated coverage of the company with a price target of C$14 per share. Canopy Growth also gained 4.1 percent. 
* Capital Power declined 3.3 percent after reporting a 1Q normalized EPS that missed the lowest estimate
* Metal miners shares including Novagold, New Gold, Mag Silver Corp., Endeavour Mining and First Majestic were among the decliners 
* First Quantum declined 3 percent after the company surprised investors with early release of earnings
Ratings
* DGC CN: Detour Gold Raised to Outperform at Macquarie; Price Target C$14
* ECA CN: Encana Downgraded to Neutral at JPMorgan
* GWO CN: Great-West Lifeco Downgraded to Hold at Canaccord; PT C$35
** GWO CN: Cresco Labs, Detour, Encana, Guyana Goldfields: Canada Pre-Mkt
* LGF/A: Lions Gate Downgraded to In-line at Imperial; PT $16
** LGF/A: Lions Gate May Miss Guidance, Imperial Capital Says in Downgrade
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold spot prices fell 0.5 percent to $1,279.69 an ounce
FX/Bonds
* The Canadian dollar remains flat at C$1.3452 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.722 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — U.S. stocks rose above their record high at the start of a week packed with data that will provide clues on global economic growth. Bonds fell.
     Financial companies led gains in the S&P 500 Index, while real-estate shares retreated. Benchmark Treasury yields climbed after a large five-year block sale. The U.S. dollar was little changed and the euro rallied. Crude had a volatile session as a severe crackdown on Iranian oil exports ticked closer.
     Investors are assessing whether the economy and corporate earnings will continue to support the equity bull run. U.S. consumer spending rebounded in March while the Federal Reserve’s preferred underlying inflation gauge eased to a one-year low, according to a Commerce Department report on Monday. Policy makers are expected to hold rates steady on Wednesday, though new growth and prices data may affect their characterization of the economy.
     The next round of trade talks with China will get under way this week with significant issues still unresolved, but with enforcement mechanisms “close to done,” according to U.S. Treasury Secretary Steven Mnuchin.
     “There’s a lot of things from a macro standpoint that appear to be pretty supportive of the stock market,” said Mark Stoeckle, chief executive officer of Adams Funds, which has about $2.5 billion in assets under management. “The Fed pivoted, and trade — at least on the surface — appears to be progressing in the right direction. In addition to that, you see a lot of companies that are reporting some pretty good numbers.”
     Almost 80 percent of the S&P 500 companies that have reported quarterly earnings beat analyst estimates, data compiled by Bloomberg show. The results are looking good as the bar had been lowered coming into this season, said Michael Hans, chief investment officer at Clarfeld Financial Advisors.
     Elsewhere, the Stoxx Europe 600 Index rebounded as a rally in banks outweighed a drop in euro-area economic confidence to a two-year low. Markets in Japan remained shut for holidays, with many others set to follow suit on May 1.
     Here are some notable events coming up:
* Companies reporting earnings include: Apple, GE, Pfizer, HSBC, Macquarie, BP, Royal Dutch Shell and McDonald’s. 
* U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to Beijing to continue trade talks. China and the U.S. hope to seal a deal by early May.
* Euro-zone GDP data and China’s manufacturing PMI are due on Tuesday.
* The U.S. Fed’s rate decision is on Wednesday, while the Bank of England sets interest rates Thursday.
* Friday brings the U.S. jobs report: non-farm payrolls are projected to rise by 187,000 in April. Economists expect an unemployment rate of 3.8 percent, with average hourly earnings growth picking up to 3.3 percent.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.1 percent to 2,943.03 at 4 p.m. in New York.
* The Stoxx Europe 600 Index increased 0.1 percent.
* The MSCI Asia Pacific Index advanced 0.3 percent.
* The MSCI Emerging Market Index added 0.5 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro climbed 0.3 percent to $1.1185.
* The British pound rose 0.2 percent to $1.2937.
* The Japanese yen fell 0.1 percent to 111.67 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 2.53 percent.
* Germany’s 10-year yield climbed three basis points to 0.00 percent.
* Britain’s 10-year yield increased two basis points to 1.157 percent.
Commodities
* The Bloomberg Commodity Index declined 0.3 percent.
* West Texas Intermediate crude settled at $63.50 a barrel.
* Gold fell 0.6 percent to $1,281.50 an ounce.
–With assistance from Yakob Peterseil, Adam Haigh, Robert
Brand, Todd White, Sarah Ponczek and Lu Wang.

Have a great night.

Be magnificent!
As ever,

Carolann

The imagination equips us to perceive reality when it is not fully materialized.

                                                        -Mary Caroline Richards, 1916-1999

 

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!
From today’s New York Times:
April is National Poetry Month. So we thought we’d look at a different kind of poet: Larry Eisenberg, a prolific commenter on nytimes.com who posted in verse, mostly limericks.
With more than 13,000 comments, beginning in 2008, Mr. Eisenberg became a cult figure. A former editorial page director called him “the closest thing this paper has to a poet in residence.”

Mr. Eisenberg was a biomedical electrical engineer by day who wrote science fiction (and limericks) by night. He died in December at 99.

He turned a decade of news into poetry, from the doings of President Barack Obama and President Trump to sports to TV reviews. In 2011, he took on the topic of social media:

Was there no Life before there was Twitter?
Was it stodgy, lackluster or bitter?
I find Life too fleeting
To spend time in Tweeting,
I’m a face-to-face kind of a critter!

Late-night comedy: The hosts had fun with Joe Biden’s campaign announcement. Trevor Noah was incredulous that Mr. Biden’s run in 1988 was cut short by an accusation of plagiarism: “That was a scandal?” -from The New York Times.

On April 26, 1986, the world’s worst nuclear accident occurred at the Chernobyl plant in the Soviet Union. An explosion and fire in the No. 4 reactor sent radioactivity into the atmosphere; at least 31 Soviets died immediately. Go to article »

1937 – Massacre, Guernica, Spain.
1785 – John James Audubon, artist, born.
PHOTOS OF THE DAY

An aerial picture taken by a drone shows a tractor harvesting blooming tulips on a field in Grevenbroich, Germany. Tulip fields can be admired all over the Rhine district of Neuss. The tulips grow on about 100 hectares. The district offers one of the largest contiguous cultivation areas in whole of Germany with six farmers in the district breeding tulips. Tulips in North Rhine-Westphalia, Grevenbroich, Germany. CREDIT: SASCHA STEINBACH/EPA-EFE/REX

A Samaritan priest raises the Torah scroll as worshippers gather to pray a Passover ceremony on top of Mount Gerizim near the northern West Bank city of Nablus. The Samaritans are a community of a few hundred people living in Israel and in the Nablus area who trace their lineage to the ancient Israelites led by the biblical prophet Moses out of Egypt.  FROM THE TELEGRAPH 04.26.2019

Bluebells Seasonal weather, Somerset, UK. The UK is home to about half of the entire global population of wild bluebells. The wetter the winter weather, the bright their colour. CREDIT: BRAD WAKEFIELD/REX
Market Closes for April 26^th, 2019

Market Index	Close	Change
Dow Jones	26543.33	+81.25 +0.31%
S&P 500	2939.88	+13.71 +0.47%
NASDAQ	8146.398	+27.716 +0.34%
TSX	16613.46	+37.35
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29605.01	+55.21
		+0.19%
SENSEX	39067.33	+336.47
		+0.87%
FTSE 100*	7428.19y	-5.94
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.687		1.704
CND. 30 Year Bond		1.979		1.995
U.S.    10 Year Bond		2.5000		2.5325
U.S. 30 Year Bond		2.9241		2.9429

Currencies

BOC Close	Today	Previous
Canadian $	0.74276	0.74152
US $	1.34632	1.34858
Euro Rate 1 Euro=		Inverse
Canadian $	1.50114	0.66616
US $	1.11497	0.89688

Commodities

Gold	Close	Previous
London Gold Fix	1280.80	1271.65
Oil
WTI Crude Future	63.30	65.14

Market Commentary:
On this day in 1973, the Chicago Board Options Exchange opened for trading with call options available on 16 U.S. common stocks. For the first time, stock options were listed on a dedicated exchange and registered for trading in standardized form, creating a “fair and orderly market.”
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks gained amid stronger-than- expected U.S. economic growth and higher gold prices.
The S&P/TSX Composite Index added 0.2 percent to 16,613.46 Friday, ending the week little changed from last week’s closing level. Materials stocks were the biggest gainers, rising 2 percent as gold prices climbed the most in a month.
Health-care stocks also jumped, adding 1.3 percent due to strength in cannabis stocks. Hexo Corp. rose 8.5 percent to a record high after Desjardins Securities initiated coverage with a buy rating, bringing the number of bulls on the stock to 14.
In other moves:
Stocks
* Mullen Group Ltd. tumbled 13 percent to the lowest since 2009 after GMP FirstEnergy downgraded the stock to reduce, citing valuation concerns
* Aecon Group Inc. rose 7.1 percent, the most since October. The construction firm reported revenue that beat and a loss per share that was narrower than the average analyst estimate
* Bombardier Inc. fell 5.7 percent, bringing its two-day decline to 20 percent. The company cut its 2019 sales and profit forecast amid new problems at its train-making business
Ratings
* BBD/B CN: Bombardier Cut to Market Perform at Raymond James; PT C$3.50
* BCB CN: Cott Rated New Sell at Veritas
* CAE CN: CAE Downgraded to Sector Perform at National Bank; PT C$32.50
* CAE CN: CAE Inc. Falls as NBF Cuts on Valuation, Would Buy on Weakness
* CFP CN: Newmont Earnings, Containerboard Confidence: N.A. Materials Wrap
* CLS CN: Celestica Downgraded to Hold at Canaccord
* GIB/A CN: CGI Inc Downgraded to Neutral at CIBC; PT C$100
* MTL CN: Mullen Group Downgraded to Reduce at GMP; PT C$9.25
* MTL CN: Mullen Group Drops as GMP FirstEnergy Turns More Bearish
* WCN CN: Waste Connections Cut to Sector Perform at Alta Corp; PT C$130
* YRI CN: Yamana Gold Downgraded to Sector Perform at RBC
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold rose 0.7 percent to $1,288.80 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3463 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.69 percent
US
By Vildana Hajric
(Bloomberg) — U.S. stocks capped the week with a record close on better-than-forecast earnings. Treasury yields fell after data signaled tepid inflation.
The S&P 500 Index set an all-time high as positive surprises from Amazon and Ford overshadowed disappointments for Intel and Exxon Mobil. Ten-year government bond yields dipped to 2.5 percent following a report showing underlying weakness in the economy even amid faster growth in the first quarter. The dollar pared its second consecutive weekly increase. Oil tumbled.
At the end of a busy week for earnings, investors cheered better-than-expected results and took comfort in a not-too-hot, not-too-cold first-quarter gross domestic product report. U.S. GDP expanded at a 3.2 percent annualized rate in the January- March period, according to Commerce Department data Friday that topped all forecasts in a Bloomberg survey. But underlying demand was softer than the headline number indicated, with weak consumer spending and a gauge of inflation coming in below policy makers’ target.
“We shouldn’t forget where we are in the business cycle,” said Mike Loewengart, vice president of investment strategy for E*Trade Financial Corp. “Many sectors are still tempering expectations for the future.”
The Stoxx Europe 600 edged higher as losses for energy producers were offset by gains in media companies. Shares were marginally lower in Asia as an unexpected tumble in Japanese industrial production underscored worries over the global expansion, while the yuan edged up after President Xi Jinping said China won’t engage in currency depreciation.
Elsewhere, developing-nation currencies and shares were slightly higher.
These are the main market moves:
Stocks
* The S&P 500 Index rose 0.5 percent at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Asia Pacific Index was little changed.
* The MSCI Emerging Market Index rose 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro added 0.1 percent to $1.1148.
* The Japanese yen was little changed at 111.6 per dollar.
* The MSCI Emerging Markets Currency Index rose 0.2 percent.
Bonds
* The yield on 10-year Treasuries declined three basis points to 2.5 percent.
* Germany’s 10-year yield fell one basis point to -0.02 percent.
* Britain’s 10-year yield slipped one basis point to 1.14 percent.
Commodities
* The Bloomberg Commodity Index dipped 0.6 percent.
* West Texas oil fell 3.5 percent to $62.90 a barrel.
* Copper climbed 0.9 percent to $2.893 a pound.
* Gold climbed 0.7 percent to $1,285.67 an ounce.
–With assistance from Cormac Mullen, Eddie van der Walt and Liz Capo McCormick.

Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

You can have the evidence right in front of you, but if you can’t imagine something that has never existed before, it’s impossible.                                                                                                                                                                                                                                                                                                     -Rita Dove, b. 1952

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:
1901 – First license plates issued.
1915- Battle of Gallipoli
1917 – Ella Fitzgerald born/
1959 – The St. Lawrence Seaway opened to shipping. Go to article »

PHOTOS OF THE DAY

The photo of the Rosette Nebula captured by Guernsey-based grandmother Jean Dean from her back garden-that has won NASA’s astronomy picture of the day. See SWNS story SWPLnasa. A retired grandmother has taken a NASA competition-winning picture- from her BACK GARDEN. CREDIT: JEAN DEAN /SWNS.COM

he Rannerdale Bluebells have burst into life weeks early near Crummock water in the Rannerdale valley. The native Bluebells, a remnant of ancient woodland is under threat claims the National Trust. In the last four years the National Trust and their tenant farmer estimate that nearly 25% of the bluebells has been lost through trampling by visitors who donOt stick to the footpaths. If a bluebellOs leaves are crushed they die back, as the leaves cannot photosynthesise to feed the plant. It can take the bluebell years to recover. CREDIT: ANDREW MCCAREN/LNP

Berlin: A boy walks through the fountain in the pleasure garden. CREDIT: CHRISTOPH SOEDER/DPA
Market Closes for April 25^th, 2019

Market Index	Close	Change
Dow Jones	S26462.08	-134.97 -0.51%
S&P 500	2926.17	-1.08 -0.04%
NASDAQ	8118.684	+16.669 +0.21%
TSX	16576.10	-10.42
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	22307.58	+107.58
		+0.48%
HANG SENG	29549.80	-256.03
		-0.86
SENSEX	38730.86	-323.82
		-0.83%
FTSE 100*	7434.13y	-37.62
		-0.50%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.704		1.676
CND. 30 Year Bond		1.995		1.996
U.S.    10 Year Bond		2.5325		2.5181
U.S. 30 Year Bond		2.9429		2.9343

Currencies

BOC Close	Today	Previous
Canadian $	0.74152	0.74114
US $	1.34858	1.34927
Euro Rate 1 Euro=		Inverse
Canadian $	1.50133	0.66607
US $	1.11333	0.89821

Commodities

Gold	Close	Previous
London Gold Fix	1271.65	1269.50
Oil
WTI Crude Future	65.14	65.84

Market Commentary:
On this day in 1961, the first patent for an integrated circuit was awarded to Fairchild Semiconductor’s Robert Noyce, who later co-founded Intel with Gordon Moore. Today Intel has a market value of nearly $265 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks slid for a second day as falling energy and copper prices weighed on resource shares and Bombardier Inc. tumbled 15 percent.
The S&P/TSX Composite Index lost 0.1 percent to 16,576.10. Materials slid 0.6 percent as copper prices fell to a four-week low amid signs of slowing global growth, while energy stocks lost 0.4 percent as crude prices dropped for a second day. Industrials added 0.2 percent despite Bombardier’s decline, the most since November. The company cut its 2019 sales and profit forecast amid a slower production ramp-up on some rail projects.
In other moves:
Stocks
* Celestica Inc. tumbled 16 percent to the lowest since 2013. The company’s second-quarter earnings guidance missed the lowest analyst estimate, prompting two analyst downgrades
* Ivanhoe Mines Ltd. rose 13 percent after its top shareholder agreed to invest an additional C$612 million at a 29 percent premium over the stock’s last closing price
* Bausch Health Cos. added 3.2 percent. The pharmaceutical company’s psoriasis lotion won approval from the U.S. Food and Drug Administration
Ratings
* APS CN: Aptose Biosciences Rated New Buy at JonesTrading
* BBD/B CN: Bombardier Downgraded to Sector Perform at Scotiabank; PT C$4.40
* BIP: Brookfield Infrastructure Cut to Neutral at Credit Suisse
* CLS CN: Celestica Downgraded to Hold at Beacon Securities
** CLS CN: Celestica Downgraded to Neutral at CIBC
* CNQ CN: Canadian Natural Resources Downgraded to Hold at Edward Jones
* ENB CN: Enbridge Inc Cut to Neutral at Credit Suisse; Price Target C$55
** ENB CN: Enbridge, Gibson Fall as Credit Suisse Cuts Ahead of 1Q Earnings
* LULU: Lululemon Shares ’Expensive But Rightly So,’ Analyst Says
* OM CN: Osisko Metals Rated New Buy at Haywood Securities; PT 90 Cents
* REG CN: Regulus Resources Rated New Speculative Buy at Paradigm Capital
* TOT CN: Total Energy Services Raised to Sector Perform at Scotiabank
* WCN CN: Waste Connections Upgraded to Buy at Stifel
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold was little changed at $1,275.80 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3486 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 1.71 percent
US
By Vildana Hajric
(Bloomberg) — Major U.S. stock gauges closed mixed as earnings reports sparked a rally in big technology companies and sent industrial shares lower. The dollar extended gains to a four-month high.
While the tech-heavy Nasdaq 100 reached a record following strong results from Microsoft and Facebook, the broader S&P 500 Index ended little changed after 3M cut its earnings forecast and UPS reported a profit drop. The Stoxx Europe 600 slipped as two major European mergers appeared to founder. Treasuries dipped after solid U.S. durable-goods data.
Investors are looking to company earnings to breathe new life into the global rally that lifted the U.S. benchmark to a record high this week and helped bring the longest run of gains in more than a year for European stocks. Mostly positive results so far this earnings season have gone some way toward mitigating concerns over the global economy, and U.S. first-quarter gross domestic product data due Friday should offer more guidance.
“We’re in an obviously relatively slower growth economic environment and earnings expectations have drifted lower,” said Ryan Primmer, head of investment solutions at UBS Asset Management. “I would call it a good-enough earnings season for the market to be rewarded for where it’s at today.”
In corporate news, merger talks ended between German lenders Deutsche Bank and Commerzbank, while U.K. grocer Sainsbury’s plan to take over Walmart’s Asda was blocked by antitrust authorities.
Argentina’s currency dropped to a record low after suffering a deep sell-off Wednesday. The euro traded at the lowest since 2017. Sweden’s krona dropped as the Riksbank said rates will stay low for longer. Turkey’s lira tumbled to its weakest since October after the central bank dropped a commitment to tighten policy if needed.
Elsewhere, South Korea’s won slumped after the country’s economy unexpectedly contracted in the first quarter. Asian shares were mostly lower, with sharp declines in China. Brent crude touched $75 for the first time since October. Emerging- market currencies and shares fell.
Here are some notable events coming up this week:
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

These are the main market moves:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index declined 0.2 percent.
* The MSCI Asia Pacific Index fell 0.3 percent.
* The MSCI Emerging Market Index decreased 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro dipped 0.2 percent to $1.1132.
* The Japanese yen gained 0.5 percent to 111.67 per dollar.
* The MSCI Emerging Markets Currency Index sank 0.3 percent.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.53 percent.
* Germany’s 10-year yield was little changed at -0.01 percent.
* Britain’s 10-year yield dipped two basis points to 1.15 percent.
Commodities]
* The Bloomberg Commodity Index slipped 0.3 percent.
* West Texas Intermediate crude fell 1.4 percent to $65 a barrel.
* Copper fell 1.7 percent to $2.868 a pound.
* Gold rose 0.2 percent to $1,277.66 an ounce.
–With assistance from Cormac Mullen, Eddie van der Walt and Sophie Caronello.

Have a great night.

Be magnificent!
As ever,

Carolann

Life is like a piano.  What you get out of it depends on how you play it.
-Thomas A. Lehrer, b. 1928

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 April 24, 1898, Spain declared war on the United States after rejecting America’s ultimatum to withdraw from Cuba.
Go to article »

Barbra Streisand, b. 1942
Shirley MacLaine, b. 1934
PHOTOS OF THE DAY

A worker throws a cloth during a drying process at Sukoharjo near Solo, Central Java province, Indonesia. CREDIT: ANTARA FOTO/MOHAMMAD AYUDHA/VIA REUTERS

Hundreds of broken bodyboards have been collected from beaches and layed out on the san in Bude, Cornwall, by environmental campaigners. CREDIT: SWINS

Saharan dust is causing the sky to look more red than usual during the next few says due to a dust cloud blowing in from North Africa. Here the sun is seen rising on the Thames behind ships at Gravesend, United Kingdom. CREDIT: WENN.COM
Market Closes for April 24^th, 2019

Market Index	Close	Change
Dow Jones	S26597.05	-59.34 -0.22%
S&P 500	2927.25	-6.43 -0.22%
NASDAQ	8102.016	-18.806 -0.23%
TSX	16586.52	-82.88
		-0.50%

International Markets

Market Index	Close	Change
NIKKEI	22200.00y	-59.74
		-0.27%
HANG SENG	29805.83y	-157.41
		-0.53
SENSEX	39054.68	+489.80
		+1.27%
FTSE 100*	7471.75y	-51.32
		-0.68%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.676		1.750
CND. 30 Year Bond		1.996		2.054
U.S.    10 Year Bond		2.5181		2.5668
U.S. 30 Year Bond		2.9343		2.9800

Currencies

BOC Close	Today	Previous
Canadian $	0.74114	0.74484
US $	1.34927	1.34256
Euro Rate 1 Euro=		Inverse
Canadian $	1.50518	0.66437
US $	1.11556	0.89641

Commodities

Gold	Close	Previous
London Gold Fix	1269.50	1275.70
Oil
WTI Crude Future	65.84	66.40

Market Commentary:
On this day in 1968, IPO mania was in full fury as National Student Marketing went public. The company, which signed up undergrads to flog vinyl LPs, employment guides, posters and other schlock on college campuses nationwide, was a huge hit. Offered at $6 a share, the stock surged 133% to close the first day at $14, or roughly 100 times earnings. Within two years, Cort Randell, the company founder, was on his way to jail for stock fraud, and the stock traded below $1 a share.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dropped Wednesday as the energy sector sold-off after crude futures in New York hit a wall. U.S. equities edged lower as investors assessed corporate earnings and economic data.
The S&P/TSX Composite Index lost 0.5 percent to 16,587. Energy fell 1.1 percent, the most since March 25. Financials also weakened while health care advanced.
The Bank of Canada fully abandoned its bias toward raising interest rates as the economy grapples with a slowdown, bringing its policy in line with the Federal Reserve and other major industrial central banks.
In other moves:
Stocks
* Village Farms International Inc. jumped 12.3% as the company is positive on a Texas hemp bill
* Trican Well Service Ltd. fell 7%
** Baytex Energy Corp. lost 5.9%
** NuVista Energy Ltd. sank 5.9%
** Crescent Point Energy Corp. dropped 5.6%
** MEG Energy Corp. retreated 4.6%
Ratings
* CIA AU: Champion Iron Rated New Buy at B Riley FBR, Inc.
* DGC CN: Detour Gold Reinstated at Canaccord With Buy; PT C$16.50
* IFC CN: Intact Financial Cut to Market Perform at Cormark Securities
* WCN CN: Waste Connections Rated New Sector Outperform at Scotiabank
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold rose 0.4 percent to $1,277.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.3485 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.674 percent
US
By Vildana Hajric
(Bloomberg) — U.S. equities edged lower as investors assessed corporate earnings and economic data. Treasuries joined a global rally in sovereign bonds and the dollar extended its rally to a four-month high.
The S&P 500 Index slumped 0.2 percent from Tuesday’s record close. AT&T Inc. and Caterpillar Inc. fell after reporting first-quarter results, while Boeing Co. rose. The euro sank to the lowest in almost two years after key gauges of confidence in the EU’s two largest economies deteriorated. The loonie fell to the weakest since January after the Bank of Canada abandoned its bias toward raising rates.
U.S. stocks have been on a tear since late last year, but the fresh record Tuesday appears to have triggered a pause and some soul-searching among investors. Although about 80 percent of S&P 500 companies reporting results so far have exceeded estimates, some are starting to question whether the rally has legs. Positive earnings surprises in Europe, meanwhile, have done little to erase lingering concerns about the region’s economic outlook. Still ahead is U.S. first-quarter gross domestic product data due on Friday.
“Overall, we’ve seen somewhat better-than-expected earnings coming in,” said Bill Merz, the head of fixed-income research at U.S. Bank Wealth Management. “But we do see softness in economic data across the globe, and while there are some signs of potential bottoming outside the U.S., we do see enough signs of slowing growth.”
The Stoxx Europe 600 Index snapped its longest rally since 2017. Asian stock gauges were mixed. In China, markets got little help from the central bank’s move to support liquidity in the banking system by injecting the equivalent of about $40 billion in medium-term loans. Policy makers have refrained from stronger measures, such as lowering benchmark lending rates, as an upturn in economic data reduces the pressure for more stimulus.
Elsewhere, emerging-market currencies and shares fell.
Here are some notable events coming up:
* A Who’s Who of the tech world reports this week, with Amazon, Facebook and Microsoft among the heavy hitters on tap. European bank earnings kick into full gear with reports from Deutsche Bank, UBS, Barclays and Swedbank.
* The Bank of Japan, Bank of Russia, Sweden’s Riksbank and Bank of Indonesia set monetary policy.
* Japan’s Shinzo Abe meets leaders of the European Union Thursday before flying to the U.S. for a summit with President Donald Trump.
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

These are the main market moves:
Stocks
* The S&P 500 Index fell 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index fell 0.1 percent, the first retreat in two weeks.
* The MSCI Asia Pacific Index fell 0.6 percent.
* The MSCI Emerging Market Index declined 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index added 0.6 percent.
* The euro fell 0.6 percent to $1.1155, the weakest since June 2017.
* The Japanese yen fell 0.3 percent to 112.21 per dollar, the weakest this year.
* The MSCI Emerging Markets Currency Index sank 0.5 percent to the lowest since March.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 2.52 percent.
* Germany’s 10-year yield declined five basis points to -0.02 percent.
* Britain’s 10-year yield decreased five basis points to 1.17 percent.
Commodities
* The Bloomberg Commodity Index fell 0.3 percent.
* West Texas crude fell 0.9 percent to $65.73 a barrel.
* Copper rose 0.6 percent to $2.917 a pound.
* Gold rose 0.3 percent to $1,276.34 an ounce.
–With assistance from Cormac Mullen, Justina Vasquez, Robert Brand and Eddie van der Walt.

Have a great night.

Be magnificent!
As ever,

Carolann

Doing the best at this moment puts you in the best place for the next moment.
  -Oprah Winfrey, b. 1954

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:
April 23, 2005 – Co-founder Jawed Karim uploaded the first video to YouTube.com.  Go to article »

William Shakespeare b. 1564
Michael Moore, filmmaker, b. 1954.
PHOTOS OF THE DAY

Princess Anne attends the King’s Troop Royal Horse Artillery 41 Gun Royal Salute to mark Queen Elizabeth II’s 93^rd birthday in Hyde Park, London. CREDIT: STEFAN ROUSSEAU/PA

The sky turns bright orange at sunrise above Colmers Hill near Bridport in Dorset. CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS

Spain’s Rafael Nadal plays against Japan’s Kei Nishikori during a promotional tennis match at the Palau de la Musica in Barcelonaon the sidelines of the Barcelona ATP Open tennis tournament. CREDIT: PAU BARRENA/AFP/GETTY IMAGES
Market Closes for April 23^rd, 2019

Market Index	Close	Change
Dow Jones	26656.39	+145.34 +0.55%
S&P 500	2933.68	+25.71 +0.88%
NASDAQ	8120.820	+105.554 +1.32%
TSX	16669.40	+92.12
		+0.56%

International Markets

Market Index	Close	Change
NIKKEI	22259.74	+41.84
		+0.19%
HANG SENG	29963.24	-0.02
		n.c.
SENSEX	38564.88	-80.30
		-0.21%
FTSE 100*	7523.07y	+63.19
		+0.85%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.750		1.786
CND. 30 Year Bond		2.054		2.080
U.S.    10 Year Bond		2.5668		2.5867
U.S. 30 Year Bond		2.9800		2.9911

Currencies

BOC Close	Today	Previous
Canadian $	0.74484	0.74911
US $	1.34256	1.33487
Euro Rate 1 Euro=		Inverse
Canadian $	1.50709	0.66353
US $	1.12255	0.89083

Commodities

Gold	Close	Previous
London Gold Fix	1275.70	1275.70
Oil
WTI Crude Future	66.40	65.70

Market Commentary:
On this day in 1996, Bre-X Minerals, an obscure Calgary-based company claiming to have discovered more than 30 million ounces of gold in Indonesia, was listed on the Toronto Stock Exchange. The stock rose to $192.50 within minutes. Over the next year, it turned out that the gold didn’t exist. One of Bre-X’s executives committed suicide by jumping out of a helicopter, and the company went bankrupt on Nov. 5, 1997.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks hit a fresh record as crude prices settled at their highest level of the year and strong earnings boosted investor sentiment.
The S&P/TSX Composite Index added 0.6 percent to 16,669, bringing its 2019 gain to 16.4 percent. Energy stocks led the way, rising 1.2 percent as West Texas Intermediate prices climbed to the highest since October. Saudi Arabia was said to be tentative about raising output to offset U.S. sanctions against Iran.
Consumer discretionary stocks were close behind, adding a shade less than 1.2 percent. Dollarama Inc. gained 4.1 percent, the most since September, after investment research firm Hedgeye Risk Management saw 60 percent upside for the stock.
In other moves:
Stocks
* Teck Resources Ltd. closed up 0.6 percent after earlier rising as much as 4.6 percent. The miner’s first-quarter earnings beat estimates and it’s looking to sell stakes in two Latin American copper projects
* Extendicare Inc. gained 7 percent, the most since 2014. The senior-care company reached an agreement with an activist investor to nominate two directors to its board
* Harvest Health & Recreation Inc. added 7.5 percent. The U.S. cannabis company reported fourth-quarter revenue of $16.9 million, up 135 percent from a year earlier
* Kirkland Gold dipped 0.7%. Lakewood Capital said it deserves to fall to $17 as “operational momentum cools off” this year
Ratings
* AEM CN: Agnico Eagle Mines Upgraded to Buy at GMP; PT C$67
* ATD/B CN: Couche-Tard Could Add Earnings With Cumberland Deal: Macquarie
* EMA CN: Emera Cut to Market Perform at Raymond James; Price Target C$50
* EXE CN: Acreage Holdings, Horizon North, Teck: Canada Pre-Market
* FTS CN: Fortis Inc Cut to Market Perform at Raymond James; PT C$50
* K CN: Kinross Gold Downgraded to Neutral at Macquarie; PT C$5
* LGO CN: Largo Resources Rated New Buy at Paradigm Capital; PT C$2.30
* MEG CN: MEG Energy Upgraded to Buy at GMP; PT C$9.25
* PLI CN: ProMetic Life Sciences Cut to Hold at Canaccord; PT 5 Cents
* POW CN: Power of Canada Downgraded to Hold at TD; PT C$33
* PWF CN: Power Financial Downgraded to Hold at TD; Price Target C$35
** PWF CN: Power Financial, Power Corp. Sink as TD Downgrades Both to Hold
* WPM CN: Wheaton Precious Metals Downgraded to Hold at GMP; PT$32.75
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to WTI, the widest gap since early March
* Gold fell 0.3 percent to $1,269.30 an ounce, the lowest since December
FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.3433 per U.S. dollar
* The Canada 10-year government bond yield fell 4 basis points to 1.75 percent
US
By Vildana Hajric
(Bloomberg) — U.S. stock gauges closed at record highs on the back of better-than-forecast earnings while the dollar strengthened and Treasury yields dipped.
The S&P 500 Index and the Nasdaq Composite marked new milestones as Twitter, Lockheed Martin and Hasbro climbed following favorable first-quarter reports, adding to a rally led by the biggest technology companies. The gains cap a momentous run for U.S. equities, with the larger gauge of U.S. stocks up 25 percent from a low reached on Christmas Eve.
Investors found fresh catalysts to buy Tuesday as earnings season gathered steam with a slew of major releases due this week. So far, almost 80 percent of S&P 500 companies reporting results have exceeded estimates. Traders are also focused on the U.S. economy, as first-quarter gross domestic product data is due Friday. Worries over Brexit rumble on in the background, and trade spats between the world’s top economies remain unresolved. Investors are cheering “a really great string of earnings reports, most of them outpacing expectations, as well as some pretty good commentary on future estimates from CEOs,” said Jim Paulsen, chief investment strategist at Leuthold Weeden.
“There’s quite a bit of positivity carrying this to new highs.” The Stoxx Europe 600 Index rose as many markets reopened following the long Easter weekend. The pound weakened as U.K. Prime Minister Theresa May confronted further challenges to her leadership. The greenback reached a six-week high.
In Asia, trading volumes were below average ahead of Japan’s Golden Week extended holiday. Equities climbed in Tokyo and slipped in Shanghai. Sri Lankan stocks slumped and bonds fell for a second day after terror attacks on Easter Sunday killed more than 300 people.
Elsewhere, copper dropped alongside most metals and oil extended the previous session’s gains after the U.S. announced a tougher crackdown on supply from Iran.
Here are some notable events coming up:
* A Who’s Who of the tech world reports this week, with Amazon, Facebook, Microsoft and Tesla among the heavy hitters on tap. European bank earnings kick into full gear with reports from Deutsche Bank, UBS, Barclays and Swedbank.
* The Bank of Japan, Bank of Canada, Bank of Russia, Sweden’s Riksbank and Bank of Indonesia set monetary policy.
* Germany’s IFO data is released Wednesday.
* Japan’s Shinzo Abe meets leaders of the European Union Thursday before flying to the U.S. for a summit with President Donald Trump.
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.
These are the main market moves:
Stocks
* The S&P 500 Index rose 0.9 percent at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Asia Pacific Index advanced 0.2 percent.
* The MSCI Emerging Markets Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.4 percent to the highest in six weeks.
* The euro declined 0.3 percent to $1.1222.
* The Japanese yen gained 0.1 percent to 111.83 per dollar.
* The British pound fell 0.3 percent to $1.294.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 2.57 percent.
* Germany’s 10-year yield climbed two basis points to 0.04 percent.
* Britain’s 10-year yield rose three basis points to 1.22 percent.
Commodities
* West Texas oil rose 0.9 percent to $66.30 a barrel.
* Copper fell 0.2 percent to $2.902 a pound.
* Gold declined 0.2 percent to $1,272.34 an ounce, near a four-month low.
–With assistance from Cormac Mullen, Andreea Papuc and Eddie van der Walt.

Have a great night.

Be magnificent!
As ever,

Carolann

How wonderful it is that nobody need wait a single moment before starting to improve the world.
                                                                                                  –Anne Frank, 1929-1945

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

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

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

Dear Friends,

Tangents:
Today is Earth Day est. 1970.

Try CNN’s Earth Day Quiz:
Special Earth Day edition

How old is the Earth?
A. 4.5 billion years
B. 1.2 trillion years
C. 624 million years
D. 8.4 billion years
Play CNN’s special Earth Day quiz to see if your answer is correct.

And from The New York Times:

Around the world, at least a billion people are expected to participate in garbage cleanups, tree planting or other environmental activities.

The day has been celebrated since 1970 as pollution became more evident — and as space exploration made clear that our planet is finite.

One powerful factor was “Earthrise,” a photograph taken by the Apollo 8 astronaut William Anders in December 1968. He realized that only color film would do the image justice, and scrambled to load his Hasselblad camera before the moment passed.

The fragile blue marble we call home. William A. Anders/NASA Photography, along with spacewalks and scientific experiments, is part of astronauts’ job description.

Today, astronauts are equipped with state-of-the-art gear and receive technical training. American astronauts learn about photography and video from instructors like Paul Reichert of NASA’s Flight Operations Directorate. NASA collects their work.

Don Pettit and Jeff Williams are among the astronauts whose images have earned special note.

1937, Jack Nicholson, actor, b.
1955~ Congress orders all US coins to bear the motto, In God We Trust.
2010 – The Deepwater Horizon oil platform, operated by BP, sank into the Gulf of Mexico two days after a massive explosion that killed 11 workers.  Go to article »
PHOTOS OF THE DAY

Residents dress up with colorful local version of Roman soldiers as they celebrate Easter Sunday in Mogpog in Marinduque, Philippines. CREDIT: JES ANZAR/GETTY IMAGES

Muslim Shiite pilgrims light candles during the Shaabaniya ceremony commemorating the birth of Imam al-Mahdi, the 12^th holiest figure for Shiite Muslims, in the Iraqi holy city of Karbala. CREDIT: MOHAMMED SAWAF/AFP/GETTY IMAGES

Europe’s first ever pop-up Shakespearean Theatre, today announces the creative team for its Blenheim Palace nine-week season, following a hugely successful inaugural run at its original site in York in 2018. Picture shows Paul Hawkyard (Macduff/Bottom) Leandra Ashton (Lady Macbeth) as they attend a photo call for upcoming show, Macbeth. CREDIT: CHARLOTTE GRAHAM
Market Closes for April 22^nd, 2019

Market Index	Close	Change
Dow Jones	26511.05	-48.49 -0.18%
S&P 500	2907.97	+2.94 +0.10%
NASDAQ	8015.266	+17.205 +0.22%
TSX	16577.28	-35.53
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	22217.90	+17.34
		+0.08%
HANG SENG	29963.26y	-161.42
		-0.54%
SENSEX	38645.18	-495.10
		-1.26%
FTSE 100*	7459.88y	-11.44
		-0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.786		1.767
CND. 30 Year Bond		2.080		2.052
U.S.    10 Year Bond		2.5867		2.5596
U.S. 30 Year Bond		2.9911		2.9610

Currencies

BOC Close	Today	Previous
Canadian $	0.74911	0.74702
US $	1.33487	1.33865
Euro Rate 1 Euro=		Inverse
Canadian $	1.50288	0.66539
US $	1.12586	0.88821

Commodities

Gold	Close	Previous
London Gold Fix	1275.70	1275.85
Oil
WTI Crude Future	65.70	64.00

Market Commentary:
On this day in 1970, the Dow dropped 1.3% to 762.61, and H. Ross Perot suffered the worst one-day personal investment loss then on record. His Electronic Data Systems dropped from roughly $150 a share to around $80 in chaotic over-the-counter trading, a paper loss of $450 million for Perot.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks retreated following last week’s record high as lumber shares tumbled amid lower-than- usual trading volume.
The S&P/TSX Composite Index fell 0.2 percent to 16,577.28 on volumes that were about 30 percent below the 100-day average due to the Easter long weekend.
Materials stocks slid 1.5 percent as lumber prices fell the most since December. Interfor Corp. was the biggest decliner on the benchmark, losing 8.1 percent, while Canfor Corp. fell 5.5 percent and West Fraser Timber Co. lost 4.6 percent.
Energy stocks gained 1.1 percent after the U.S. government said it won’t renew waivers that let countries buy Iranian oil without facing sanctions, pushing crude prices to the highest since October.
In other moves:
Stocks
* Rogers Communications Inc. fell 3.8 percent, the telecom stock’s biggest drop since 2016. Two analysts cut
their ratings following disappointing first-quarter results last week
* Canopy Growth Corp. gained 7.9 percent, bringing its two-day gain to 13 percent. The pot company is buying Acreage Holdings Inc. in a $3.4 billion deal that’s contingent on the U.S. legalizing cannabis
* Teck Resources Ltd. lost 1.3 percent. The company reports earnings pre-market on Tuesday
Commodities
* Western Canada Select crude oil traded at a $10.25 discount to WTI
* Gold rose 0.1 percent to $1,273.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3349 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.79 percent
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — U.S. equities eked out a gain in light volume as investors prepared for a deluge of earnings news. Oil jumped after the White House said it will scrap waivers that allow the purchase of some Iranian crude.
The S&P 500 Index rose 0.1 percent even as most members of the gauge fell, and closed about 1 percent below its all-time high. Energy shares rallied alongside crude prices, while real- estate companies slumped after sales of previously owned U.S. homes eased more than forecast in March. The dollar was steady as 10-year Treasury yields inched up.
With corporate reporting season in full flow, investors are looking for clues as to whether the dovish policy pivot from the world’s central banks can shore up global growth enough to outweigh any deterioration in earnings. The stock market appears to be saying yes for now, with the U.S. equity benchmark near a record high and an MSCI gauge of global equities on track for a fourth month of gains.
“It’s going to take something else to push the S&P 500 to new all-time highs,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote to clients Monday. “That was the main takeaway from last week, as good Chinese economic data, ‘progress’ on U.S.-China trade, and dovish Fed utterances about average inflation failed to spur a rally in stocks — reflecting the fact that all those positives are now priced into markets.”
Traders have a week full of company earnings releases to look forward to, including from major technology firms. They’ll also be focused on the U.S. economy, with first-quarter gross domestic product data due Friday.
Elsewhere, Chinese stocks and bonds fell as investors wagered future stimulus will be limited, while shares in Japan finished slightly higher. In Sri Lanka, bonds and the rupee slipped after Sunday’s terrorist attacks. The Easter holiday weekend shut trading in much of Europe. Bloomberg’s commodity index climbed as West Texas oil rose to the highest since October.
Here are some notable events coming up:
* A Who’s Who of the tech world reports this week, with Amazon, Facebook, Twitter, Microsoft and Tesla among the heavy hitters on tap. European bank earnings kick into full gear with reports from Deutsche Bank, UBS, Barclays, Credit Suisse and Swedbank.
* The Bank of Japan, Bank of Canada, Bank of Russia, Sweden’s Riksbank and Bank of Indonesia set monetary policy.
* Germany’s IFO data is released Wednesday.
* Japan’s Shinzo Abe meets leaders of the European Union Thursday before flying to the U.S. for a summit with President Donald Trump.
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

These are the main market moves:
Stocks
* The S&P 500 Index rose 0.1 percent at the close of trading in New York.
* The MSCI Asia Pacific Index fell 0.2 percent.
* The Shanghai Composite Index decreased 1.7 percent, the largest dip in more than three weeks.
* The MSCI Emerging Market Index declined 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The offshore yuan fell 0.2 percent.
* The euro rose 0.1 percent to $1.1259.
* The MSCI Emerging Markets Currency Index fell 0.1 percent.
Bonds
* The yield on two-year Treasuries rose less than one basis point to 2.387 percent.
* The yield on 10-year Treasuries rose three basis points to 2.59 percent.
Commodities
* Bloomberg’s commodity index rose 0.3 percent.
* Gold was little changed at $1,275.13 an ounce.
* West Texas Intermediate crude increased 2.7 percent to $65.70 a barrel.
* Copper sank 0.5 percent to $2.9115 a pound.
–With assistance from Cormac Mullen and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

People generally see what they look for, and hear what they listen for.
Harper Lee, 1926-2016  To Kill a Mockingbird

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!

1775 ~ Paul Revere’s Midnight Ride
1906 ~ San Francisco earthquake and fire kills over 500.
1955 ~Albert Einstein, physicist, d.
2011 ~ Standard & Poor’s lowered its long-term outlook for the U.S. government’s fiscal health from “stable” to “negative.” Go to article »

From The New York Times:

The neurologist and writer Oliver Sacks, who died in 2015, was a great believer in the power of gardens. In an excerpt from “Everything in Its Place,” a posthumous collection of his writings, he wrote about nature’s calming and organizing effects on our brains. Above, the Royal Botanical Gardens in Peradeniya, Sri Lanka.

“I have seen in my patients the restorative and healing powers of nature and gardens, even for those who are deeply disabled neurologically,” he wrote. “In many cases, gardens and nature are more powerful than any medication.”

If you can, go outside this weekend.

PHOTOS OF THE DAY

A Balinese groom casts his ballot at a polling station during election in Bali, Indonesia. CREDIT: FIRDIA LISNAWATI/AP

Activists on top of a Dockland Light Railway at Canary Wharf station in east London as part of the ongoing climate change protests in the capital. CREDIT: KIRSTY O’CONNOR/PA

Actor Joanne Haines, in a cherry picker, rehearses with a giant mechanical baby at the Grade I listed Piece Hall, Halifax for Good Friday’s world premiere of Zara: Daughters of Fortune. Haines plays Zara, a learning disabled mother fighting to protect her baby, in the outdoor production by Bradford-based Mind the Gap. The play features 100 mainly learning-disabled actors, a host of special effects including 3D images projected onto the 18^th century Piece Hall, and the mechanical baby which is 22ft when seated and takes eight people to operate. CREDIT: ASADOUR GUZELIAN
Market Closes for April 18^th, 2019

Market Index	Close	Change
Dow Jones	26559.54	+110.00 +0.42%
S&P 500	2905.03	+4.58 +0.16%
NASDAQ	7998.063	+1.983 +0.02%
TSX	16612.81	+68.57
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	22090.12	-187.85
		-0.84%
HANG SENG	29963.26	-161.42
		-0.54%
SENSEX	39140.28	-135.36
		-0.34%
FTSE 100*	7459.88y	-11.44
		-0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.767		1.799
CND. 30 Year Bond		2.052		2.089
U.S.    10 Year Bond		2.5596		2.5922
U.S. 30 Year Bond		2.9610		2.9927

Currencies

BOC Close	Today	Previous
Canadian $	0.74702	0.74966
US $	1.33865	1.33391
Euro Rate 1 Euro=		Inverse
Canadian $	1.50346	0.66513
US $	1.12312	0.89037

Commodities

Gold	Close	Previous
London Gold Fix	1275.85	1276.35
Oil
WTI Crude Future	64.00	63.76

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks extended gains for a third straight week, climbing to a record, buoyed by Canopy Growth Corp.’s proposal to buy New York-based marijuana company Acreage Holdings Inc.
The S&P/TSX Composite Index gained 0.4 percent to 16,613. Consumer discretionary led the market Friday while health care was a close second. Materials underperformed.
The rally in Canadian shares has been driven by a resurgent energy sector and a stronger cannabis-related shares. Brian Belski, chief investment strategist at BMO Capital Markets, said Canada is in a lot better shape than most people think.
In other moves:
Stocks
* Green Growth Brands Inc. rose 11%
* ERO Copper Corp. jumped 10.5% updating exploration drill programs at its Pilar and Vermelhos mineral districts
* Green Thumb Industries Inc. advanced 5.8% after getting a new buy rating from Roth
* Dollarama Inc. rose 3.3%, the highest since Sept. 28
* Athabasca Oil Corp. fell 4.7%, the most since Jan. 7
* Village Farms International Inc. dropped 4.5%
Commodities
* Western Canada Select crude oil traded at a $10.25 discount to WTI
* Gold slightly up about 0.1 percent to $1,277.20 an ounce
FX/Bonds
* The Canadian dollar fell 0.3 percent to C$1.3385 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.767%
US
By Todd White
(Bloomberg) — U.S. stocks edged higher ahead of the holiday weekend as gains in industrial stocks slightly outweighed weakness in health-care and energy shares. The dollar advanced.
The S&P 500 Index pushed above 2,900 after data showed retail sales jumped by the most since September 2017 and unemployment claims fell. Pinterest Inc. and Zoom Video Communications Inc. both surged following initial public offerings. Blackstone Group LP rallied after saying it will convert to a corporation. Health insurers and hospitals halted a slide sparked by concern over medical policy.
The yield on 10-year Treasuries slipped, while the dollar strengthened against major peers. The euro fell following disappointing German and euro-area factory numbers. West Texas crude declined, while emerging-market stocks headed for their biggest decline in a week.
Equity investors remained cautious ahead of the three-day weekend for U.S. markets, with many assessing the long-awaited findings of the Special Counsel’s report on Russian interference in the 2016 election. Exchanges across Europe will also be shuttered on Monday. So far this week solid economic data out of China, optimistic signals from the trade talks and a decent start to the earnings season had not been enough to spur much risk appetite, particularly after policy concerns sank American healthcare stocks on Wednesday.
Here are some notable events coming up:
* A swathe of financial markets will close across the Western world for the Good Friday holiday, including in the U.S., U.K. and Germany.

These are the main market moves:
Stocks
* The S&P 500 rose 0.2 percent to 2,905.07 at 4 p.m. in New York.
* The Nasdaq 100 added 0.1 percent.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Asia Pacific Index fell 0.6 percent.
* The MSCI Emerging Market Index fell 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.4 percent.
* The euro sank 0.6 percent to $1.12 on the largest decrease in almost four weeks.
* The MSCI Emerging Markets Currency Index dropped 0.2 percent.
Bonds
* The yield on two-year Treasuries fell two basis points to 2.38 percent.
* The yield on 10-year Treasuries dipped three basis points to 2.56 percent.
* Germany’s 10-year yield lost six basis points to 0.025 percent.
Commodities
* Gold futures were flat at $1,276.80 an ounce.
* West Texas crude gained 0.3 percent to $64.05 a barrel.
–With assistance from Adam Haigh and Cormac Mullen.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

If you are truly serious about preparing your child for the future, don’t teach  him to subtract – teach him to deduct.
  -Fran Lebowitz, b.1946

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 April 17, 1961, about 1,500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro.
April 17, 1991:  first time the Dow Jones tops 3000.  The Dow closed today at 26,449.54.
Go to article »
1837 – J.P. Morgan, banker, born.
1885 – Isak Dinesen, writer, born.

ICYMI:
From The New York Times:

We have profound news from our science desk.

Researchers at Yale University removed the brains from 32 dead pigs and, hours later, restored cellular activity to them. A bioethicist called the brains “partly alive.”

The study overturns long-held assumptions about brain death, and raises questions about the line between life and mortality. (We did say it was profound.)

PHOTOS OF THE DAY

An 8 metre whale sharks swims under a tourist boat in the Ningaloo Reef, off the coast of Western Australia. CREDIT: OCEAN COLLECTIVE MEDIA/SWNS.COM

A blooming cherry tree stands in a field as the sun sets in Somosko near Salgotarjan, Hungary. CREDIT: PETER KOMKA/EPA-EFE/REX

Fallen debris from the burnt out roof structure sits near the high altar inside Notre Dame Cathedral in Paris, France. CREDIT: CHRISTOPHE MORIN/BLOOMBERG
Market Closes for April 17^th, 2019

Market Index	Close	Change
Dow Jones	26449.54	-3.12 -0.01%
S&P 500	2900.45	-6.61 -0.23%
NASDAQ	7996.078	-4.147 -0.05%
TSX	16544.24	+42.04
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	22277.97	+56.31
		+0.25%
HANG SENG	30124.68	-5.19
		-0.02%
SENSEX	39275.64y	+369.80
		+0.95%
FTSE 100*	7471.32y	+1.40
		+0.02%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.799		1.783
CND. 30 Year Bond		2.089		2.084
U.S.    10 Year Bond		2.5922		2.5904
U.S. 30 Year Bond		2.9927		2.9919

Currencies

BOC Close	Today	Previous
Canadian $	0.74966	0.74893
US $	1.33391	1.33522
Euro Rate 1 Euro=		Inverse
Canadian $	1.50722	0.66347
US $	1.12991	0.88502

Commodities

Gold	Close	Previous
London Gold Fix	1276.35	1285.65
Oil
WTI Crude Future	63.76	64.05

Market Commentary:
On this day in 1930, the stock market hit a high following the stock-market crash of 1929. The Dow closed at 294.07, up 48% in the five months since stocks bottomed on Nov. 13, 1929. Over the next two years, however, the blue-chip index lost another 86% of its value, hitting rock bottom at 41.22 on July 8, 1932.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 16,544.24 in Toronto. The index advanced to the highest closing level since July 13 after the previous session’s decrease of 0.1 percent.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 3.2 percent. Hexo Corp. had the largest increase, rising 12.0 percent.
    Today, 120 of 243 shares rose, while 121 fell; 6 of 11 sectors were higher, led by financials stocks.

* The index advanced 7.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 6.4 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on July 13, 2018 and 20.1 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is up 0.9 percent in the past 5 days and rose 2.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55 trillion
* 30-day price volatility fell to 6.48 percent compared with 6.53 percent in the previous session and the average of 6.57 percent over the past month.
* The benchmark 10-year bond fell and the yield rose 1.6 basis points to 1.799 percent
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks fell to a one-week low as the drop in health-care providers extended amid concern about policy changes and the latest batch of corporate earnings did little to boost confidence in the economy. Treasuries edged higher.
The S&P 500 Index closed at 2,900 as health providers from UnitedHealth to Anthem and Humana tumbled. Merck fell the most in the Dow Jones Industrial Average, which slipped 26 points.
The Nasdaq 100 Index surpassed its August record after Qualcomm Inc.’s two-day surge topped 40 percent, though gains were tempered by a slump among biotech shares.
The rout in health-care shares overshadowed the latest batch of earnings reports, which painted a mixed picture on the state of the economy. Morgan Stanley rose, but a rout in Bank NY Mellon weighed on financial shares lower. PepsiCo. Inc. jumped to an all-time high after posting solid results, while CSX Corp. and Kansas City Southern lifted transportation stocks. IBM Corp. slumped as sales fell.
Health providers and hospital operators have come under pressure as national politicians debate the merits of expanding Medicare to all Americans, a move that has the power to upend earnings models for large parts of the system.
“While there is still no convincing evidence legislative changes will have any negative impact on this year‘s earnings, it doesn’t help to have a major headwind emerge for an industry that was expected to be a driver of a second-half profit rebound,” said Alec Young, managing director of global markets research for FTSE Russell.
The yield on 10-year Treasuries was virtually unchanged after climbing to a four-week high and the dollar fell amid data showing the U.S. trade gap unexpectedly narrowed. European debt also dropped, while the euro strengthened even as Germany’s economy ministry revised its growth forecast lower. Data overnight showing China’s economic growth, industrial production and retail sales all topped estimates boosted equities around the world. The Stoxx Europe 600 Index erased a drop, while shares rose in Japan and Shanghai.
As earnings continue to pour in, investors are growing more confident the anticipated drop in first-quarter results won’t spoil the year. At the same time, central banks around the world remain accommodative, and the latest Chinese data appears to have calmed jitters that the world’s second-largest economy was headed for a slowdown.
Here are some notable events coming up:
* Earnings season rolls on this week, with reports due from American Express, Honeywell, Alcoa and Taiwan Semiconductor among others.
* A swathe of financial markets will close across the Western world for the Good Friday holiday, including in the U.S., U.K. and Germany.

These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent to 2,900.49 at 4 p.m. in New York.
* The Dow Jones Industrial Average fell less than 0.1 percent, while the Nasdaq 100 added 0.3 percent.
* The Stoxx Europe 600 Index advanced 0.1 percent.
* The MSCI All-Country World Index increased 0.2 percent.
* The MSCI Emerging Market Index jumped 0.3 percent to the highest in 10 months.
Currencies
* The Bloomberg Dollar Spot Index dipped less than 0.1 percent.
* The euro gained less than 0.1 percent to $1.13.
* The British pound fell less than 0.05 percent to $1.3044.
* The Japanese yen was little changed at 112.045 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.59 percent after hitting the highest in more than four weeks.
* Germany’s 10-year yield added one basis point to 0.08 percent.
* Japan’s 10-year yield rose two basis points to -0.013 percent.
Commodities
* West Texas Intermediate crude fell 0.1 percent to $63.96 a barrel.
* Gold futures fell 0.1 percent to $1,276.60 an ounce.
* The Bloomberg Commodity Index retreated 0.3 percent.
–With assistance from Ron Harui, Adam Haigh, Todd White and Robert Brand.

Have a great night.

Be magnificent!

As ever,

Carolann

Go placidly amid the noise and the haste, and remember what peace there may be in silence.
-Max Ehrmann, 1872-1945

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

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

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

Dear Friends,

Tangents:
“The Rolling Stones (England’s Newest Hitmakers),” the band’s debut album, was released. Go to article »

The Poem:

Bugs In A Bowl
 -by David Budbill

Han Shan, that great and crazy, wonder-filled
Chinese poet of a thousand years ago, said:

We’re just like bugs in a bowl.
All day going around
never leaving their bowl.

I say: that’s right!  Every day
climbing up the steep sides,
sliding back. Over and over again.
Around and around.
Up and back down.

Sit in the bottom of the bowl, 
head in your hands, cry, moan,
feel sorry for yourself.

Or.

Look around.
See your fellow bugs.
Walk around. Say,
Hey, how you doing?
Say, Nice bowl!
PHOTOS OF THE DAY

The sun is out and shining as the weather starts to warm up and Cookie the cockapoo dog goes for a walk amongst the bulebells in Peterborough, Cambridgeshire, UK. CREDIT: PAUL MARRIOTT PHOTOGRAPHY

Sumo wrestlers attend a ritual ceremony at the Yasukuni Shrine for the ‘Honozumo’, a ceremonial sumo tournament in Tokyo, Japan. More than six thousand spectators enjoyed this one-day event where sumo wrestlers demonstrate their skills. CREDIT: FRANCK ROBICHON/EPA-EFE/REX

A bird’s eye view of the 326 Tai Haku (or Great White Cherry) trees in blossom in The Alnwick Garden in Northumberland, UK. It is thought to be the largest orchard of the trees outside Japan and is in full bloom as the temperatures look set to rise ready for the Easter weekend. CREDIT: OWEN HUMPHREYS/PA WIRE

Norwegian surfer Jono Dunnett (45), who set sail for world trip with his windsurf from Norway, sails as he arrives Abana district of Kastamonu, Turkey. CREDIT: SEMIH YUKSEL/ANADOLU AGENCY/GETTY IMAGES
Market Closes for April 16^th, 2019

Market Index	Close	Change
Dow Jones	S26452.66	+67.89 +0.26%
S&P 500	2907.06	+1.48 +0.05%
NASDAQ	8000.227	+24.215 +0.30%
TSX	16502.20	-13.26
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	22221.66	+52.55
		+0.24%
HANG SENG	30129.87	+319.15
		+1.07%
SENSEX	39257.64	+369.80
		+0.95%
FTSE 100*	7469.92y	+33.05
		+0.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.783		1.755
CND. 30 Year Bond		2.084		2.058
U.S.    10 Year Bond		2.5904		2.5543
U.S. 30 Year Bond		2.9919		2.9682

Currencies

BOC Close	Today	Previous
Canadian $	0.74893	0.74783
US $	1.33522	1.33720
Euro Rate 1 Euro=		Inverse
Canadian $	1.50680	0.66366
US $	1.12851	0.88610

Commodities

Gold	Close	Previous
London Gold Fix	1285.65	1294.30
Oil
WTI Crude Future	64.05	63.40

Market Commentary:
On this day in 1998, Cendant, one of the great growth stocks of the 1990s, collapsed as the firm disclosed “potential accounting irregularities” resulting from its binge buying of other companies. The stock lost 46% of its value in a single day—right after leading analysts at Morgan Stanley Dean Witter, Goldman Sachs, BT Alex. Brown and Furman Selz had all strongly recommended buying it.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dropped Tuesday, stopping a four-day advance, as the market took a steep drop in late trading.
The S&P/TSX Composite Index lost 0.1 percent to 16,502. Information technology, materials and real estate lagged while health care and consumer discretionary outperformed. Cannabis companies will continue to miss analyst estimates and their own forecasts by “a thousand miles,” but shareholders will shake it off because of the industry’s long-term growth potential, a group of investors said Tuesday. Additionally, Tamarack Valley Energy Ltd. is literally going the extra mile to boost returns during tough times for the Canadian oil industry.
In other moves:
Stocks
* Journey Energy Inc. jumped 26.7% after well test results
* Green Growth Brands Inc. gained 7.8%, the most since March 11
* Village Farms International Inc. lost 10.9% after Citron revealed a short idea
* Constellation Software Inc. fell 2.5%, the most since February 25  Ratings
* CG CN: Centerra Gold Reinstated at Credit Suisse With Neutral; PT C$8
* CVE CN: Cenovus Energy Upgraded to Neutral at Goldman
* ELD CN: Eldorado Gold Reinstated at Credit Suisse With Neutral
* EXE CN: Extendicare Rated New Buy at Laurentian Bank Securities; PT C$10
* GTE CN: Gran Tierra Reinstated at RBC With Top Pick
* MG CN: Magna International Rated New Buy at Seaport
* MG CN: Magna Gets New Bull as Seaport Positive on Supply Position
* NGD CN: New Gold Reinstated at Credit Suisse With Neutral
* NGD CN: Barrick, First Majestic, Magna, Obsidian: Canada Pre-Market
* POW CN: Power of Canada Resumed at BMO With Outperform; PT C$34
* PWF CN: Power Financial Resumed at BMO With Market Perform; PT C$33
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to WTI
* Gold fell 1 percent to $1,279.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3353 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.781 percent
US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — Most U.S. stocks rose as a group of high- profile earnings offered divergent clues on the strength of the American economy. The 10-year Treasury yield reached its highest level since the March Federal Reserve meeting.
The S&P 500 eked out a gain, while the Nasdaq 100 closed within 0.1 percent of an all-time high. Apple Inc. was flat and Qualcomm Inc. surged after the two dropped litigation against each other. Netflix Inc. ended the regular session higher, but slid in late trading after a key metric missed estimates. IBM Corp. fell afterhours as sales fell short of forecasts. Financial firms paced gains after BlackRock Inc.’s results offset weakness at Bank of America Corp. UnitedHealth Group Inc.’s earnings call rekindled concern about policy uncertainty, dragging insurers lower. Johnson & Johnson advanced after strong earnings.
Treasuries continued to slump, with rates reclaiming levels last seen before the Fed’s dovish tilt a month ago. In Europe, equities climbed for a fifth day, driven by insurance and financial services firms. In Asia, shares in China and Hong Kong outperformed markets in Japan and South Korea. The euro pared a decline after Bloomberg reported that European Central Bank officials are said to lack enthusiasm for any revamp of their negative-interest rate tool.
“You’re seeing some fairly significant companies — last Friday, JPMorgan, a few others here this week, BlackRock today – – a lot of these financials that had gotten pummeled this quarter seem to be doing pretty well in beating earnings.” said Wayne Wicker, CIO at Vantagepoint Investment Advisers, which has about $28 billion in assets under management as of the end of March. “It’s starting to give investors a little encouragement that maybe we have not breached the lower end of expectations.” Investors are spending the holiday-shortened week assessing the chances that stocks will sustain their rally even as similar gains in global investment-grade bonds have ebbed since late March. Optimism over earnings appears to be boosting bullish sentiment in equities, though volumes have been muted. Central banks are also in the frame, with Chicago Fed President Charles Evans, who currently sees rates on hold until the fall of 2020, saying that the nation’s central bank may need to cut them if inflation falls. Officials from Australia, New Zealand and Japan also indicated appetite to support growth through monetary policy.
Elsewhere, oil held near the lowest in a week in New York on estimates that U.S. crude inventories increased again. Emerging-market stocks climbed, though the currencies weakened.
Here are some notable events coming up:
* Earnings season rolls on this week, with reports due from: Morgan Stanley, American Express, Netflix, IBM, United Continental, PepsiCo, Honeywell, Alcoa and Taiwan Semiconductor.
* Wednesday brings China GDP, industrial production and retail sales data.
* Stock markets will be closed for the Good Friday holiday in countries including the U.S., U.K. and Germany.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.1 percent to 2,907.09 as of 4 p.m. in New York.
* The Dow was up 0.3 percent and the Nasdaq 100 Index climbed 0.3 percent.
* The Stoxx Europe 600 Index increased 0.3 percent.
* The MSCI Emerging Market Index rose 0.7 percent, the largest advance in two weeks.
* The MSCI Asia Pacific Index climbed 0.3 percent to the highest in more than six months.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2 percent to the highest in more than a week.
* The euro was little changed at $1.1290.
* The British pound declined 0.3 percent to $1.3059.
* The Japanese yen climbed 0.1 percent to 111.97 per dollar.
Bonds
* The yield on 10-year Treasuries increased three basis points to 2.59 percent, the highest in four weeks.
* Germany’s 10-year yield climbed one basis point to 0.066 percent, the highest in almost four weeks.
Commodities
* West Texas Intermediate crude climbed 1.1 percent to $64.11 a barrel.
* Gold futures fell 0.9 percent to $1,279.20 an ounce.
–With assistance from Sarah Ponczek, Andreea Papuc and Yakob Peterseil.

Have a great night.

Be magnificent!
As ever,

Carolann

One machine can do the work of fifty ordinary men.  No machine  can do the work of one extraordinary man.
                                                                                                            -Elbert Hubbard, 1859-1915

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