Month: June 2019

Dear Friends,

Tangents: Happy Friday!
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I. Go to article »

What’s the best Beatles song?, June 28, 2019

The Negroni, The New York Times

Never mind the Aperol spritz. This is Negroni Week.

Or so says Campari, the company behind marketing blitzes for both cocktails.

Negroni gets its place in the sun now because it is said to have been invented 100 years ago when Count Camillo Negroni in Florence, Italy, asked his bartender at the Cassoni Cafe to replace the soda in his Americano drink with gin.

An array of Negronis.  Leah Nash for The New York Times

(Another version puts its origins in Senegal in 1870, with Gen. Pascal Olivier Comte de Negroni.)

Equal parts of Campari and sweet vermouth make up the rest of the classic recipe, though there are infinite variations, many with bitters and an orange slice.

The company is mixing a little charity into its promotion. By drinking a Negroni at a participating bar or restaurant (10,000 around the world have signed up), you can designate contributions to any of nearly 50 nonprofits. Negroni Week ends on Sunday.
PHOTOS OF THE DAY

The sun sets as revellers look out from a viewing platform over the Tipi Village as they attend the Glastonbury Festival of Music and Performing Arts on Worthy Farm near the village of Pilton in Somerset, South West England
CREDIT: OLI SCARFF/ AFP

Children play under water jets in a fountain as they cool off during a heatwave in Nice
CREDIT: VALERY HACHE/ AFP

Polar bear “Milana” holds an ice cake with frozen fruit as she takes a bath in her pool at the zoo in Hanover, northern Germany, where temperatures reached around 33 degrees Celsius
CREDIT:HAUKE-CHRISTIAN DITTRICH /DPA/ AFP

Horses run past the Hermitage of El Rocio during the annual ‘Saca de las Yeguas’(round-up of the wild mares) in Andalusia
CREDIT: CRISTINA QUICLER/AFP
Market Closes for June 28th, 2019

Market Index	Close	Change
Dow Jones	26599.96	+73.38     +0.28%
S&P 500	2941.76	+16.84   +0.58%
NASDAQ	8006.246	+38.488   +0.48%
TSX	16382.20	+74.47
		+0.46%

International Markets

Market Index	Close	Change
NIKKEI	21275.92	-62.25
		-0.29%
HANG SENG	28542.62	-78.80
		-0.28%
SENSEX	39394.64	-191.77
		-0.48%
FTSE 100*	7425.63	+23.30
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.466		1.474
CND. 30 Year Bond		1.685		1.712
U.S.    10 Year Bond		2.0051		2.0140
U.S. 30 Year Bond		2.5291		2.5292

Currencies

BOC Close	Today	Previous
Canadian $	0.76194	0.76337
US $	1.31244	1.30998
Euro Rate 1 Euro=		Inverse
Canadian $	1.49436	0.66918
US $	1.13866	0.87822

Commodities

Gold	Close	Previous
London Gold Fix	1402.50	1403.95
Oil
WTI Crude Future	58.47	59.43

Market Commentary:
Apple Inc. said its chief design officer, Jony Ive, will leave later this year to form an independent design company, with Apple being one of its primary clients
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities gained ahead of the Canada Day long weekend after dropping for five consecutive sessions, following U.S. shares up on optimism the U.S. and China will make progress during trade talks this weekend.
     The S&P/TSX Composite Index rose 0.5% to 16,382. Ten of 11 sectors advanced, with only consumer staples slipping. WTI crude fell late in trading on Europe’s Iran sanctions workaround, while energy investors remain focused on next week’s OPEC meeting in Vienna. Additionally, BCE Inc. named Mirko Bibic to take over as chief executive officer of Canada’s largest telecommunications company by market value when George Coperetires in January.
In other moves:
Stocks
* Canaccord Genuity Group Inc. jumped 16% after share buyback plan
* Resolute Forest Products Inc. gained 11% 
* New Gold Inc. rose 7.6% 
* Paramount Resources Ltd. advanced 3.7% after a gas facility sale
* TORC Oil & Gas Ltd. dropped 3.1% 
* Seven Generations Energy Ltd. fell 3% 
Ratings
* ACO/X CN: Atco /Canada Upgraded to Sector Perform at RBC; PT C$48
* CP CN: Canadian Pacific Downgraded to Peer Perform at Wolfe
* CR CN: Crew Energy Downgraded to Hold at GMP; PT C$1.15
* CRON CN: Cronos Group Rated New equalweight at Consumer Edge Research
* DGC CN: Detour Gold Cut to Sector Perform at National Bank; PT C$18.50
* HSE CN: Husky Energy Downgraded to Hold at GMP; PT C$14
* HYG CN: Hydrogenics Downgraded to Neutral at HC Wainwright 
* HYG CN: Hydrogenics Downgraded to Hold at Canaccord 
* HYG CN: Hydrogenics Downgraded to Hold at Craig-Hallum
* ITP CN: Intertape Polymer Rated New Outperform at BMO; PT C$23
* VET CN: Vermilion Energy Downgraded to Hold at GMP; PT C$30 
* WEED CN: Canopy Growth Rated New Equal-weight at Consumer Edge Research
* WPK CN: Winpak Rated New Market Perform at BMO; PT C$48
* YRI CN: Yamana Gold Upgraded to Outperform at National Bank; PT C$4.25
Commodities
* Western Canada Select crude oil traded at a $13.25 discount to WTI
* Gold spot about flat at $1,410.75 an ounce
FX/Bonds
* The Canadian dollar flat at C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.467%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — Stocks rose for a second day, notching the best month since January on optimism the U.S. and China will make progress during trade talks this weekend. Treasuries edged higher.
     The S&P 500 Index pushed its June advance to 6.9% and rose by more than 3.5% in the quarter, rebounding from the rout in May. Materials producers surged 11% in June, buoyed by crude’s best month in five and gold’s biggest rally since the Brexit vote. Chipmakers saw the best monthly gain since 2011 as the sector has shown signs of resilience amid the trade war. Banks led benchmarks after the Federal Reserve cleared the way for better-than-expected payouts, while Apple Inc. weighed on tech after a report said it was moving some production from the U.S. to China.
     Ten-year Treasury yields lingered above 2%, dropping nearly 40 basis points since the end of the last quarter, as fresh evidence that American manufacturing growth is slowing boosted expectations for deep rate cuts this year. The dollar was little changed versus peers, heading for its worst month since January.
     All eyes now turn to the G-20 gathering in Osaka, where Presidents Donald Trump and Xi Jinping will meet Saturday to seek a breakthrough in the trade war. Trump on Friday said while he hasn’t promised not to issue new tariffs on China he does think “at a minimum” Saturday’s meeting will be “productive.” Meanwhile Xi warned that “bullying practices” won’t work, without mentioning Trump by name. “Markets just have simple needs right now and they want to see signs of progress,” Nela Richardson, investment strategist at Edward Jones, said in an interview at Bloomberg’s New York headquarters. “If they get something that say, ’look we’re not going to start a new round of tariffs,’ I think that would be good for next week.”
These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.7%.
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index declined 0.2%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was steady at $1.1372.
* The British pound gained 0.2% to $1.2704, the biggest gain in a week.
* The Japanese yen fell less than 0.05% to 107.83 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.00%.
* Germany’s 10-year yield dropped one basis point at -0.327%.
* Britain’s 10-year yield gained one basis point to 0.833%.
Commodities
* Gold advanced 0.1% to $1,413.70 an ounce.
* West Texas Intermediate crude fell 2.3% at $58.06 a barrel.
–With assistance from Justina Lee, Laura Curtis and Vildana Hajric.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Time you enjoy wasting, was not wasted.

                       -John Lennon, 1940-1980

 

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 BIRTHDAY TO YOU” song composed on this day in 1859.

 
Helen Keller born June 27, 1880.  Some of her insights:

Many persons have a wrong idea of what constitutes true happiness.

It is not attained through self-gratification but through fidelity to a worthy purpose.

Character cannot be developed in ease and quiet.  Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.

Science may have found a cure for most evils; but it has found no remedy for the worst of them all – the apathy of human beings.

Read: The Times’s book critics select the most outstanding memoirs published since 1969

 ~On June 27, 1950, President Truman ordered the Air Force and Navy into the Korean War following a call from the United Nations Security Council for member nations to help South Korea repel an invasion from the North.  Go to article »

ICYMI
The Kennedy estate on Martha’s Vineyard is on sale for $65 million.

PHOTOS OF THE DAY

Daniela, 3, and Siena, 6, take a well earned rest as they arrive at Glastonbury Festival
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Lightning strikes during an electrical storm over Port-au-Prince, Haiti
CREDIT: CHANDAN KHANNA/AFP/GETTY IMAGES

North Korean soldiers show their skills during a mass game performance of “The Land of the People” at the May Day Stadium in Pyongyang, North Korea, Tuesday, June 25, 2019
CREDIT: AP PHOTO/CHA SONG HO
Market Closes for June 27th, 2019

Market Index	Close	Change
Dow Jones	26526.58	-10.24   -0.04%
S&P 500	2924.92	+11.14   +0.38%
NASDAQ	7967.758	+57.787   +0.73%
TSX	16307.73	-4.49
		-0.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21338.17	+251.58
		+1.19%
HANG SENG	28621.42	+399.44
		+1.42%
SENSEX	39586.41	-5.67
		-0.01%
FTSE 100*	7402.33	-14.06
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.474		1.501
CND. 30 Year Bond		1.712		1.735
U.S.    10 Year Bond		2.0140		2.0468
U.S. 30 Year Bond		2.5292		2.5695

Currencies

BOC Close	Today	Previous
Canadian $	0.76337	0.76196
US $	1.30998	1.31240
Euro Rate 1 Euro=		Inverse
Canadian $	1.48921	0.67152
US $	1.13679	0.87967

Commodities

Gold	Close	Previous
London Gold Fix	1403.95	1431.40
Oil
WTI Crude Future	59.43	59.38

Market Commentary:
Facebook’s libra could give the dollar, and banks, some welcome competition. Facebook’s new digital currency has the potential to become a true alternative to national currencies by creating a de facto central bank, which other fin-tech startups and cryptocurrencies have failed to do.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities made a late push to gain Thursday, though closed down for their fifth straight session.
     The S&P/TSX Composite Index fell less than 0.1% to 16,307. Information technology, consumer staples, and health care rose while energy lagged.
     Alberta raised its mandatory production limit by 25k b/d in August from July levels to 3.74m b/d, while Ontario Teachers’ Pension Plan has invested an undisclosed amount in Elon Musk’s Space Exploration Technology Corp.
     Also, Acreage Holdings Inc. has some “head-turner” acquisitions in the works now that its planned sale to pot giant Canopy Growth Corp. has been sealed, according to the New York- based company’s chief executive officer. 
In other moves:
Stocks
* MedMen Enterprises Inc. rose 5.9% 
* Stars Group Inc. rallied 4.7% 
* Shopify Inc. gained 4% 
* OceanaGold Corp. fell 7.8% 
* Kelt Exploration Ltd lost 7.2% 
* ARC Resources Ltd dropped 6.2% 
Ratings
* ALS CN: Altius Minerals Rated New Buy at Cormark Securities; PT C$20
* AGF/B CN: AGF Management Downgraded to Hold at TD; PT C$5.50
* BAD CN: Badger Daylighting Rated New Buy at TD; PT C$55
* CP CN: Canadian Pacific Cut to Sector Perform at National Bank
* CR CN: Crew Energy Downgraded to Sector Perform at Scotiabank; PT C$1
* HSE CN: Husky Energy Rated New Sector Perform at National Bank; PT C$16
* INO-U CN: Inovalis REIT Rated New Hold at Canaccord; PT C$10.50 
* KSI CN: kneat.com Rated New Speculative Buy at Cormark Securities
* MG CN: Magna International Rated New Neutral at Credit Suisse; PT $55 
* OSS CN: Onesoft Solutions New Speculative Buy at Cormark Securities 
* VPY CN: VersaPay Rated New Speculative Buy at Cormark Securities
* ZENA CN: Zenabis Global Inc Rated New Buy at GMP; PT C$3.25
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot price flat at about $1,408.85 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.471%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — Stocks halted four days of declines as trade optimism reigned ahead of U.S.-China talks at the Group of 20 conference this weekend in Japan. Treasuries advanced.
     The S&P 500 headed for its best month since January, rebounding from a rout in May to leave it higher by more than 3% for the quarter. Banks led gains on the day as Chinese and American officials jockeyed before the highly anticipated meeting between Presidents Donald Trump and Xi Jinping on Saturday. Energy producers fell as oil hovered just under $60 a barrel.
     The 10-year Treasury yield slipped below 2.02%, with Goldman Sachs Group Inc. cutting its year-end forecast for the rate to 1.75%, matching JPMorgan Chase & Co.’s call from May 31. The yield has plunged from 2.4% at the end of the first quarter. The two-year rate hit 1.74%. The dollar was little changed, on track for its first monthly decline since January. Gold futures slipped a second day after reaching a six-year high, paring its best monthly rally since 2016 to 7.9%.
     The Saturday sit-down between President Donald Trump and Xi in Japan looms as a key event for markets, with reports about a tariff pause contrasting with Trump’s repeated threats of more duties. Even with all of the noise surrounding trade, investors are keeping a close eye on monetary policy and expectations central banks will cut rates to counter signs of a slowing global economy. “Investors need to be sensitive to this rally, that it’s not driven by corporate fundamentals or better economic data,” Deepak Puri, Americas CIO at Deutsche Bank Wealth Management, said in an interview at Bloomberg’s New York headquarters. “It’s purely driven by two things: one is the Fed and ECB, the global concerted effort to go on an easing cycle. And second, with this near-term resolution on trade, which they might be up for disappointment because we don’t expect the G-20 summit to bring anything materially different than a handshake and a continuation of talks.” These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
* The Nasdaq composite rose 0.7%
* The Dow Jones Industrial Average was little changed. 
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index climbed 0.7%.
* The MSCI Asia Pacific Index jumped 1%.
Currencies
* The Bloomberg Dollar Spot Index was steady.
* The euro was little changed at $1.1369.
* The British pound fell 0.2% at $1.2669.
* The Japanese yen was little changed at 107.76 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.01%.
* Germany’s 10-year yield dropped two basis points to -0.32%.
* Britain’s 10-year yield fell one basis point at 0.822%.
Commodities
* West Texas Intermediate crude fell 0.2% at $59.24 a barrel.
* Gold dipped 0.3% to $1,411.30 an ounce.
–With assistance from Laura Curtis and Sarah Ponczek.

 Have a great night.

Be magnificent!
As ever,

Carolann

 

It is not true that people stop pursuing dreams because they grow old,

they grow old because they stop pursing dreams.

                                               -Gabriel Garcia Marquez, 1927-2014

 

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 the lighter side of the conversation, here’s a few stories in Bloomberg Opinion today:
The science of making perfect chocolate-chip cookies.
These are the world’s most expensive cities for expats in 2019.
A colonial quirk gives some Hong Kong men houses on the cheap.
7-Eleven to wrap 2 billion rice balls in plant-based plastic.

                                                –from Bloomberg Opinion.

Abner Doubleday, invented baseball, b. June 26, 1819

June 26,1948:The Berlin Airlift began in earnest as the United States, Britain and France began ferrying supplies to the isolated western sector of Berlin after the Soviet Union cut off land and water routes. Go to article »
PHOTOS OF THE DAY

An aerial view of the unique pattern of the Herb Garden at RHS Wisley Garden
CREDIT: CHRIS GORMAN/BIG LADDER

The sun rises over a poppy field in the Worcestershire countryside
CREDIT: VERUTY MILLIGAN / SWNS

Alicante’s Townhall bonfire, one of the 180 bonfires placed in the town, burns during the ‘Nit de la Crema’ to close the Bonfire Fiestas in Alicante, eastern Spain
CREDIT: MANUEL LORENZO/ EPA-EFE/REX

People cool off in the Trocadero fountains across from the Eiffel Tower in Paris as a heatwave hit much of the country, France
CREDIT: REUTERS/CHARLES PLATIAU
Market Closes for June 26th, 2019

Market Index	Close	Change
Dow Jones	26536.82	-11.40   -0.04%
S&P 500	2913.78	-3.60   -0.12%
NASDAQ	7909.973	+25.256   +0.32%
TSX	16312.22	-59.06
		-0.36%

International Markets

Market Index	Close	Change
NIKKEI	21086.59	-107.22
		-0.51%
HANG SENG	28221.98	+36.00
		+0.13%
SENSEX	39592.08	+157.14
		+0.40%
FTSE 100*	7416.39	-6.04
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.501		1.437
CND. 30 Year Bond		1.735		1.588
U.S.    10 Year Bond		2.0468		1.9850
U.S. 30 Year Bond		2.5695		2.5192

Currencies

BOC Close	Today	Previous
Canadian $	0.76196	0.75951
US $	1.31240	1.31664
Euro Rate 1 Euro=		Inverse
Canadian $	1.49209	0.67020
US $	1.13694	0.87956

Commodities

Gold	Close	Previous
London Gold Fix	1431.40	1405.70
Oil
WTI Crude Future	59.38	57.59

Market Commentary:
On this day in 1950, one day after North Korea invaded the South and set off the Korean War, the Dow fell more than 10 points, or 4.7%, to close at 213.91. Panicky investors redeemed nearly one-eighth of all mutual-fund assets by year-end. Those who sold missed out on one of the best stretches in stock-market history, as the S&P 500 rose 19.4% annually during the decade.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities fell for a fourth day despite a rally in crude oil prices.
     The S&P/TSX Composite Index lost 0.4% to 16,312. Real estate led the declines as yields on 10-year treasuries rose. Energy and health care were the only two groups to advance.
     Meanwhile, The Trump administration is throwing a lifeline to the massive Pebble Mine planned near Alaska’s Bristol Bay. Separately, Pieridae Energy Ltd. will buy Shell’s southern Alberta assets as part of plan to build a $10-billion LNG plant in Nova Scotia.
In other moves:
Stocks
* Tervita Corp. jumped 10.8%, the most on record 
* Paramount Resources Ltd. rose 6.1% 
* BlackBerry Ltd. fell 9.1% as an earnings update disappointed investors
* TransAlta Corp. lost 4.4%, most since Dec. 24 
* Kinaxis Inc. dropped 3.3% 
Ratings
* CG CN: Centerra Gold Upgraded to Sector Perform at RBC; PT C$9.50
* ELD CN: Eldorado Gold Upgraded to Neutral at JPMorgan 
* RX CN: Biosyent Cut to Market Perform at Raymond James; PT C$7.50
Commodities
* Western Canada Select crude oil traded at a $12.75 discount toWTI
* Gold spot price fell 1% to $1,409.25 an ounce
FX/Bonds
* The Canadian dollar rose 0.4% to C$1.3119 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.501%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — Most U.S. stocks fell as trade concerns countered strength in the tech sector. Treasuries declined with gold after investors eased back bets on a deep cut to interest rates next month.
     The S&P 500 dropped for a fourth-straight day, with three stocks retreating for every two that rose. The benchmark swung between gains and losses for most of the afternoon session as investors weighed mixed messages on trade heading into this weekend’s highly-anticipated meeting between Presidents Donald Trump and Xi Jinping.
     The Nasdaq indexes advanced, even as Facebook Inc. and Google fell after Trump said the U.S. “perhaps” will sue the two companies. Micron Technologies Inc.’s profit topped estimates, spurring the Philadelphia Semiconductor Index to the highest level in more than a month. Ten-year Treasury yields pushed back above 2%, and gold retreated as investors continued to digest rate-cut comments Tuesday by Federal Reserve officials that didn’t match market expectations. The dollar was little changed versus major peers, while West Texas crude rose toward $60 a barrel.
     “There are two things we’re focusing on: the G-20 meeting this week in Osaka, and the second one is the Fed and the potential for monetary easing, not only at the Fed but also at a lot of these major central banks,” Jack Janasiewicz, a portfolio strategist at Natixis Investment Managers, said in an interview. “Both of those are giving quite a few different cross-currents which could have pretty significant implications for how the market will react going forward.”
     The trade spat between the U.S. and China is looming large for investors ahead of this weekend’s meeting at the Group of 20 conference. Trump once again threatened Wednesday substantial additional tariffs if a deal can’t be reached. Meanwhile, many traders hope the Federal Reserve will counter any headwinds to global growth with deep interest-rate cuts, though Fed member James Bullard made clear Tuesday that’s not a given.
     Elsewhere, Bitcoin surged above $13,000 to the highest since January 2018. New Zealand’s dollar strengthened after its central bank left rates unchanged. U.S. futures spiked higher overnight after a CNBC report that Treasury Secretary Steven Mnuchin said a trade deal was 90% done. The report was corrected to indicate that the comments referred to May.
Here are some key events coming up:
* The Group of 20 summit is in Osaka, Japan, on Friday and Saturday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.1% as of 4 p.m. New York time.
* The Nasdaq composite gained 0.3%, while the Nasdaq 100 advanced 0.5%.
* The Stoxx Europe 600 Index declined 0.3%.
* The MSCI Emerging Market Index increased 0.3%.
* The MSCI Asia Pacific Index sank 0.3% to the lowest in a week.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.1% to $1.1376.
* The British pound fell 0.1% $1.2677.
* The Japanese yen dipped 0.4% to 107.67 per dollar, the weakest in a week.
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.05%.
* Germany’s 10-year yield gained two basis points to -0.301%.
* Britain’s 10-year yield increased three basis points to 0.819%.
Commodities
* West Texas Intermediate crude gained 2.3% to $59.17 a barrel, the highest in more than four weeks.
* Gold fell 0.4% to $1,413.40 an ounce, the first retreat in more than a week.
–With assistance from Ksenia Galouchko, Robert Brand and Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

 

Through the unknown, we’ll find the new.

           -Charles Baudelaire, 1821-1867

 

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 Anthony Bourdain’s birthday. Two of the late CNN host’s long-time friends, chefs José Andrés and Eric Ripert, want fans to share memories of him with the hashtag #BourdainDay. -CNN

ICYMI
Mirazur is the best restaurant in the world. This is the first time chef Mauro Colagreco and his sunny Provencal dining room have clinched the top spot; previously it was No. 3. That’s in part because executives behind the World’s 50 Best Restaurants list made a profound change to the rules this year, decreeing that no previous winner can be tops again — or even be ranked. Gaggan in Bangkok was No. 4 and the best restaurant in Asia. The best of North America was Mexico City’s Pujol, coming in at No. 12. Listen to the Latest in Food podcast about the world’s best restaurants. -Bloomberg News

And…
On June 25, 1951, The first commercial color telecast took place as CBS transmitted a one-hour special from New York to four other cities.  Go to article »

June 25, 1950: Korean War Begins
After decades of Japanese occupation, Korea was divided in two by Allied Forces at the end of World War II, with the south administered by the US and the north by Soviet Russia.  Deep divisions built over several years, leading to skirmishes and finally an invasion by North Korean troops on June 25^th, 1950.  The United Nations sent troops and support from 21 countries to support South Korea, primarily from the United States and Britain.  The war lasted for three years, with large advances and retreats on both sides, and many casualties.  Hundreds of thousands of civilians and soldiers were killed.  The two Koreas are technically still at war since hostilities ended in a ceasefire, not a peace treaty, in 1953.  It is often referred to as “The Forgotten War.”

Canadian Memorial Naechon/Kapyong
PHOTOS OF THE DAY

Performer Lijana Wallenda begins her high wire walk near the New Years Eve Ball above Time Square in New York City. On Saturday night, Nik and Lijana Wallenda successfully walked and crossed paths a quarter-mile on a wire strung 25 stories above Midtown Manhattan.
CREDIT: UPOO/BARCROFT MEDIA

Members of the public attend an opening event for the “Fly The Flag” project, a major new project for which artist and activist Ai Weiwei has designed a new flag at Somerset House in London, England. The project marks the 70^th anniversary of the Universal Declaration of Human Rights.
CREDEIT: JOHN PPHILLIPS/ GETTY IMAGES

Former U.S. astronauts Harrison Schmitt, Clarlie Duke, Alfred Warden, Buzz Aldrin, Russel Schweickart and Walter Cunningham address a news conference of the Starmus Festival V in Zurich, Switzerland.
CREDIT: REUTERS/ARND WIEGMANN
Market Closes for June 25th, 2019

Market Index	Close	Change
Dow Jones	26548.22	-179.32 -0.67%
S&P 500	2917.38	-27.97   -0.95%
NASDAQ	7884.719	-120.977   -1.51%
TSX	16371.28	-152.19
		-0.92%

International Markets

Market Index	Close	Change
NIKKEI	21193.81	-92.18
		-0.43%
HANG SENG	28185.98	-327.02
		-1.15%
SENSEX	39434.94	+311.98
		+0.80%
FTSE 100*	7422.43	+5.74
		+0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.437		1.461
CND. 30 Year Bond		1.588		1.710
U.S.    10 Year Bond		1.9850		2.0143
U.S. 30 Year Bond		2.5192		2.5443

Currencies

BOC Close	Today	Previous
Canadian $	0.75951	0.75850
US $	1.31664	1.31839
Euro Rate 1 Euro=		Inverse
Canadian $	1.49714	0.66794
US $	1.13685	0.87963

Commodities

Gold	Close	Previous
London Gold Fix	1405.70	1397.15
Oil
WTI Crude Future	57.59	57.70

Market Commentary:
On this day in 1974, Texas Instruments and three of its key engineers, Jack S. Kilby, Jerry D. Merryman and James H. VanTassel, received U.S. Patent No. 3,819,921 for their hand-held aluminum calculator. The gizmo weighed 2 lbs. and 13 oz. It could add, subtract, multiply and divide. It sold for between $84.95 and $119.95.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities fell for a third-straight session, following the U.S. market lower.
     The S&P/TSX Composite Index fell 0.9% to 16,371 led by technology while materials also underperformed. No sector advanced Tuesday. Shopify Inc.’s biggest drop of 2019 shows the e-commerce stock is testing the limits of what investors are willing to pay for rapid revenue growth.
In other moves:
Stocks
* New Gold Inc. gained 9.1% after B.C. environmental approval
* MedMen Enterprises Inc. jumped 6.8% 
* Flowr Corp. lost 20% after an equity offering
* MAG Silver Corp. dropped 6.4% 
* Osisko Gold Royalties Ltd. fell 5.3% after share offering
Commodities
* Western Canada Select crude oil traded at a $12.95 discount to WTI
* Spot gold rose 0.2 to $1,422.75 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3163 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.440%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell the most in more than three weeks as Federal Reserve Chairman Jerome Powell warned the downside risks to the economy have increased and Trump administration officials signaled a trade deal at the Group of 20 meeting is unlikely. Treasuries and the dollar advanced.
     The S&P 500 fell for a third-straight session, the longest streak since May 9, as Powell reiterated the case for somewhat lower interest rates, but stopped short of signaling a cut was imminent. Markets have been pricing in a reduction of nearly 50 basis points in July. St. Louis Fed President James Bullard said a cut of that magnitude seemed unwarranted.
     Tech shares led losses, with the Nasdaq 100 falling more than 1.7%, after a senior Trump administration official told Bloomberg the U.S. won’t accept further conditions on tariffs as part of reopening negotiations and no detailed trade deal is expected from the leaders’ summit.
     The two-year Treasury was little changed around 1.73%, while the 10-year dropped below 2%, a level that until last week it hadn’t breached in three years. The dollar rose for the first time in six sessions.
     With stress between the U.S. and Iran building and the White House apparently playing down hopes of a trade breakthrough when Trump and China’s Xi Jinping meet this week, investors have edged away from risk assets following the recent central bank-fueled rally. The market has been betting the Fed will produce deep cuts to interest rates this year, and comments by officials Tuesday highlighted investor sensitivity to any hints that may not happen.
     There’s “the short-term headlines related to people watching the G-20 and the potential for any news related to the US-China negotiations. That’s one piece that in the shorter run is making the markets a little uneasy. The other one is related to the geopolitical tensions with Iran,” said Omar Aguilar, the chief investment officer for equities at Charles Schwab Investment Management. “The bigger picture still drives the markets, which is we have lower interest rates coming up and the market continues to place a big bet on a July rate cut by the Fed.”
     Elsewhere, Drugmaker Allergan surged after agreeing to be bought by AbbVie Inc. Bitcoin extended its gains through $11,000. West Texas oil edged lower as investors weighed escalating tensions between the U.S. and Iran against the possibility of OPEC+ extending production cuts.
Here are some key events coming up:
* MSCI Inc. announces results of its 2019 Market Classification Review on Tuesday, including whether Kuwait gets upgraded from frontier to emerging-market status.
* The Group of 20 summit is in Osaka, Japan on Friday and Saturday.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.95%, the biggest decline since May 31, as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.1%.
* The MSCI Emerging Market Index sank 0.8%.
* The MSCI Asia Pacific Index decreased 0.4%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro dropped 0.3% to $1.1370, the first retreat in a week.
* The British pound declined 0.4% to $1.2696.
* The Japanese yen climbed 0.1% to 107.16 per dollar.
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.99%.
* Germany’s 10-year yield fell two basis points to -0.31%, the lowest on record.
* Britain’s 10-year yield dipped two basis points to 0.794%.
Commodities
* West Texas Intermediate crude was little changed at $57.89 a barrel.
* Gold increased 0.6% to $1,426.50 an ounce.
–With assistance from Cormac Mullen and Samuel Potter

Have a great night.

Be magnificent!
As ever,

 Carolann

 Champions keep playing until they get it right.

                            -Billie Jean King, b. 1943

 

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:
St. Jean Baptiste Day~ big celebrations in Quebec taking place.  

June 24, 1497: Discovery of Newfoundland
On June 24, 1997, the Air Force released a report on the so-called “Roswell Incident,” suggesting the alien bodies witnesses reported seeing in 1947 were actually life-sized dummies. Go to article »

 RULES TO LIVE BY
These 11 rules are part of Charles Syke’s book “Dumbing Down Our Kids”. 

1. “Life is not fair – get used to it.” The more time you spend complaining about the things you can’t control, the less time you’ll devote to the things you can.
2. “The world doesn’t care about your self-esteem.” Respect is earned, not given. You need to achieve something on your own in order for others to stand up and applaud your contribution.
3. “You won’t earn $60,000 right out of high school.” You’ll need to work your way up, and – in many ways – the lessons and failures you experience along the way will serve as your real education.
4. “If you think your teacher is tough, wait till you get a boss.” In many cases, it’s your tuition that’s paying the teacher. In the business world, it’s the teacher who’s paying you.
5. “Flipping burgers is not beneath your dignity.” When your grandparents were young, flipping burgers was an opportunity to learn.
6. “If you mess up, it’s not your parents’ fault … It’s yours.” Don’t waste time blaming others. They’ll resent you, and it doesn’t earn you any real respect.
7. “Take responsibility for your own contribution, rather than waiting for others to place opportunities in front of you.” Don’t waste years of your life waiting for someone to show up on your doorsteps and hand you the roadmap to success. Go out and grab it.
8. “Your school may have done away with winners and losers, but life has not.” Hard work is often its own reward. And consistent hard work leads to greater rewards.
9. “Life is not divided into semesters and you won’t have the summers off.” Make time for yourself, but devote yourself to being focused and equal to the task on a daily basis.
10. “Television is not real life.” You need to step outside your comfort zone to really experience life.
11. “Be nice to nerds … Chances are, you’ll end up working for one.”

 PHOTOS OF THE DAY

With Chatsworth House as a backdrop, Freya Kirkpatrick flies a kite over a field of poppies near Baslow in the Derbyshire Peak District.
CREDIT: ROD KIRKPATRICK/F STOP PRESS/NATIONAL TRUST

A motorcyclist from Switzerland arrives with his motorcycle to attend a Blessing of the Bikes service at the Cathedral St-Nicolas in Fribourg.
CREDIT: STEFAN WERMUTH/AFP

Tom Power and Emma Louise at the Harrogate 1940s festival. PRESS Association Photo. Pictures date: Sunday June 23.2019. The annual 1940s festival in Yorkshire sees the clock wound back eight decades with a variety of wartime costumes, vintage vehicles and music from the decade. Many of the regular attendees dress for the event that organisers say attracted more than 40,000 visitors last year.
CREDIT: DANNY LAWSON/PA
Market Closes for June 24th, 2019

Market Index	Close	Change
Dow Jones	26727.54	+8.41   +0.03%
S&P 500	2945.35	-5.11   -0.17%
NASDAQ	8005.695	-26.012   -0.32%
TSX	16523.47	-1.96
		-0.01%

International Markets

Market Index	Close	Change
NIKKEI	21285.99	+39.29
		+0.14%
HANG SENG	28513.00	+348.29
		+1.24%
SENSEX	39122.96	-71.53
		-0.18%
FTSE 100*	7416.69	+9.19
		+0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.461		1.485
CND. 30 Year Bond		1.710		1.725
U.S.    10 Year Bond		2.0143		2.0284
U.S. 30 Year Bond		2.5443		2.5401

Currencies

BOC Close	Today	Previous
Canadian $	0.75850	0.75548
US $	1.31839	1.32365
Euro Rate 1 Euro=		Inverse
Canadian $	1.50265	0.66549
US $	1.13976	0.87737

Commodities

Gold	Close	Previous
London Gold Fix	1397.15	1341.35
Oil
WTI Crude Future	57.70	53.76

Market Commentary:
On this day in 1971, an entrepreneur named Fred Smith founded a company to compete with the U.S. Postal Service. He called the new outfit Federal Express.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks ended slightly lower Monday despite a strong rally in gold.
     The S&P/TSX Composite Index edge down to 16,523. Technology dropped, led by Shopify Inc., after the latter was downgraded at Roth Capital on valuation.
     Separately, lawyers for Huawei Technologies Co.’s chief financial officer urged Canada’s justice minister to end extradition proceedings, arguing that he has the power to withdraw a process that’s been politicized by the U.S.
In other moves:
Stocks
* Continental Gold Inc. jumped 12.2% after Eric Sprott agreed to buy shares 
* New Gold Inc. rose 8.9% 
* Gran Tierra Energy Inc. lost 6.1% 
* Charlottes Web Holdings Inc. dropped 6.1% 
* Seven Generations Energy Ltd. fell 4.6% 
* Ritchie Bros Auctioneers Inc. declined 4.1% after CEO to step down
Commodities
* Western Canada Select crude oil traded at a $13.35 discount to WTI
* Spot gold rose 1.4% to $1,419.14 an ounce 
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3183 per U.S. dollar 
* The Canada 10-year government bond yield fell to 1.458%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks edged away from records as investors weighed expectations for easier monetary policy against concerns about a slowing global economy. Treasuries gained, while the dollar dropped.
     The S&P 500 fell for a second session, stalling below last week’s all-time high that was fueled by the prospect of rate cuts. Health-care paced losses as Bristol-Meyers Squibb Co. tumbled after the company said it will strip out a top drug from its merger with Celgene Corp. to get regulatory approval. Energy producers dropped in the wake of new U.S. sanctions on Iran. The Russell 2000 Index slumped. 
     Investors in risk assets have continued to shrug off signs of an economic slowdown and focus on the increasingly dovish tone at central banks around the world. That attention will intensify Tuesday when Fed Chair Jerome Powell discusses monetary policy. But sentiment could be at a crossroads as the conflict between the America and Iran has ramped up, and themeeting between China’s President Xi Jinping and Donald Trump this week at the Group of 20 conference in Japan presents a pivot point for trade relations between the two countries. The 10-year Treasury yield dropped to 2.02%, while West Texas crude rose toward $58 a barrel. The euro touched a three- month high against the dollar even as data showed that a slump in German business confidence deepened in June.
     It’s “a pretty good guess that we won’t see a whole lot of movement in front of the big upcoming meetings (G20 and OPEC),” wrote Matt Maley, equity strategist at Miller Tabak & Co. “Given the meeting between President Trump & President Xi at the one and the impact the situation with Iran could/should have on the other, the results of those meetings should be quite important to the stock market’s next move.”
     Elsewhere, gold extended its advance above $1,400 an ounce, while Bitcoin surged toward 11,000.
Here are some key events coming up:
* Fed Chairman Jerome Powell speaks at the Council on Foreign Relations in New York Tuesday. He’ll discuss the challenges facing the U.S. economy.
* MSCI Inc. announces results of its 2019 Market Classification Review on Tuesday, including whether Kuwait gets upgraded from frontier to emerging-market status.
* The Group of 20 summit is in Osaka, Japan on Friday and Saturday.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. in New York.
* The Nasdaq 100 Index dropped 0.3%, while the Russell 2000 Index slid 1.3%.
* The Stoxx Europe 600 Index decreased 0.3% to the lowest in a week.
* The MSCI Emerging Market Index advanced 0.1%.
Currencies
* The Bloomberg Dollar Spot Index dropped 0.1%. 
* The euro rose 0.2% to $1.1388, the strongest in almost 14 weeks.
* The British pound was little changed at $1.2736.
* The Japanese yen was little changed at 107.31 per dollar.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 2.02%.
* Germany’s 10-year yield declined two basis points to -0.31%.
* Japan’s 10-year yield advanced less than one basis point to -0.154%.
Commodities
* West Texas Intermediate crude rose 0.6% to $57.78 a barrel.
* Gold climbed 1.5% to $1,421.60 an ounce, reaching the highest in almost six years.
–With assistance from Anchalee Worrachate, Yakob Peterseil and Vildana Hajric.

Have  a great night.

Be magnificent!
As ever,

 Carolann

 

Nothing is so firmly believed as that which we least know.

                                -Michel De Montaigne, 1533-1592

 

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!  It’s officially summer!  

 On this day

 
1749 – Edward Cornwallis founds settlement at Halifax with 2,576 English colonists.
Go to article »

-from today’s New York Times:

It’s the summer solstice in the Northern Hemisphere, the period when the region is most tilted toward the sun. The opposite is happening in the Southern Hemisphere.

A Mongolian shaman performing a sun ritual during the summer solstice last year.  Kevin Frayer/Getty Images

Jenna Wortham, the host of The Times’s “Still Processing” podcast, says the solstice “is an invitation to lean into the light and awaken the awareness that lives inside of us all.” How?

Your Back Story writer today is a communications director at The Times, and also a yoga instructor. So, of course, I recommend a few postures.

As it happens, the United Nations has declared today the International Day of Yoga, so I invite you to look up at the sky and consider our connection to the universe. The word yoga, after all, means “union” in Sanskrit.

You can do an abbreviated sun salutation by inhaling and reaching both arms straight up to the sky, then exhaling, bending at the waist and bowing forward. Or try the full version.

You can do an abbreviated sun salutation by inhaling and reaching both arms straight up to the sky, then exhaling, bending at the waist and bowing forward. Or try the full version.

Whichever you choose, namaste — meaning the teacher in me salutes the teacher in you.

PHOTOS OF THE DAY

HM The Queen and The Princess Royal arrive at Ascot races, UK, on Ladies Day.
CREDIT: EDDIE MULHOLLAND FOR THE TELEGRAPH

Children dressed in the tradition clothes of the Sorbs attend a holy mass during a Corpus Christi procession in Crostwitz, Germany, Thursday. The catholic faithful Sorbs are acknowledged as a national minority near the German-Polish border with their own language in eastern Germany. The procession to commemorate the solemnity of the body and blood of Christ has been a tradition in Lusatia (Laustiz) region.
CREDIT: AP PHOTO /JENS MEYER

Men dressed in traditional clothes start for a Corpus Christi procession at lake Staffelsee in Seehausen near Murnau, Germany
CREDIT: AP PHOTO/ MATTHIAS SCHRADER

A woman walking along a suspension bridge at a height of 2320 metres at the Rosa Khutor alpine ski restore in Krasnaya Polyana
CREDIT: DMITRY FEOKTISTOV/TASS/BARCROFT MEDIA
Market Closes for June 21st, 2019

Market Index	Close	Change
Dow Jones	26719.13	-34.04   -0.13%
S&P 500	2950.46	-3.72   -0.13%
NASDAQ	8031.707	-19.633   -0.24%
TSX	16525.43	-49.40
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	21258.64	-204.22
		-0.95%
HANG SENG	28473.71	-76.72
		-0.27%
SENSEX	39194.49	-407.14
		-1.03%
FTSE 100*	7407.50	-16.94
		-0.23%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.485		1.468
CND. 30 Year Bond		1.725		1.705
U.S.    10 Year Bond		2.0540		2.0284
U.S. 30 Year Bond		2.5841		2.5401

Currencies

BOC Close	Today	Previous
Canadian $	0.75548	0.75806
US $	1.32365	1.31916
Euro Rate 1 Euro=		Inverse
Canadian $	1.50537	0.66429
US $	1.13728	0.87929

Commodities

Gold	Close	Previous
London Gold Fix	1379.50	1344.05
Oil
WTI Crude Future	57.28	56.65

Market Commentary:
On this day in 1970, Penn Central, one of the world’s largest and oldest railroad operators, declared bankruptcy when the Federal government refused to guarantee $200 million in emergency loans.  Investors—especially banks and holders of the railway’s commercial paper—were caught almost completely by surprise.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities ended their six day win streak as the market couldn’t shake off weakness from Canopy Growth Corp.’s disappointing earnings.
     The S&P/TSX Composite Index lost 0.3% to 16,525. Health care and consumer staples lagged while materials rose.
     Meanwhile, Bill C-69 passed Canada’s Senate last night. A broad range of social, economic, and health impacts will become part of the federal permitting plan for major industrial, transportation, and energy projects under the bill.
In other moves:
Stocks
* Village Farms International Inc. lost 8.8% 
* Canopy Growth Corp. dropped 7.6% 
* Ensign Energy Services Inc. fell 3.7% 
* Wesdome Gold Mines Ltd. rose 5.8% 
* Eldorado Gold Corp. gained 5.7% 
Commodities
* Western Canada Select crude oil traded at a $13.35 discount to WTI=
* Gold spot price rose 0.4% to $1,403 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3212 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.483%
US
By Vildana Hajric and Olivia Rinaldi
     (Bloomberg) — U.S. stocks were mixed after touching record highs as an escalation of tensions with Iran slowed this week’s rally in risk assets sparked by dovish central banks. Oil gained as escalating tensions with Iran fanned fears of conflict.
     The S&P 500 spiked to a fresh intraday high and the Dow Jones Industrial Average briefly surpassed its Oct. 3 closing record. The index whipsawed Friday with volumes higher than the 30-day average as futures and options expire. The dollar was little changed after slumping in the wake of the Federal Reserve’s dovish signals earlier in the week, while gold traded around $1,400 an ounce for the first time since 2013. U.S. crude topped $57 a barrel. “The last time we had a quad-witching day like this we had similar volatility,” said Sean O’Hara, president of Pacer ETFs Distributors. “Bigger picture issue is I think people are trying to sort of digest all of the news of the week and weigh that against the potential threats in Iran.”
     The risk-on mood was damped after President Donald Trump said he approved strikes overnight against Iran in retaliation for downing a U.S. drone, but then called off the operation. West Texas Intermediate remained on pace for its biggest weekly increase since December 2016.
     “I’m curious about what happens over the next 24-48 hours because this aborted strike on Iran leaves open the question about what does happen next? It has implications for oil prices and potentially the economy,” said Kevin Caron, a senior portfolio manager at Washington Crossing Advisors. Policy makers in the U.S., Europe and Australia were among those signaling a readiness to do more to support growth this week, helping fuel gains for equities while putting increased pressure on sovereign bond yields. Next week, the trade issue is back up: Trump and Chinese President Xi Jinping are set to meet during the Group of 20 summit in Japan.
     Gains for stocks have “been built on the potential for monetary policy support from the Federal Reserve on one side, and the easing of trade tensions on the other,” Alex Dryden, global market strategist at JPMorgan Asset Management, told Bloomberg TV. “That is not the best basis for building an equity market rally in a sustainable manner.”
     The euro strengthened and most European bonds slipped after data showed economic activity in the region improved in June. Health care firms weighed on the Stoxx 600 Index. Asian markets were also red overall, with Japanese, South Korean and Australian shares declining as Chinese stocks rose.
These are the main moves in markets:
Stocks
* The S&P 500 Index was little changed as of 2:32 p.m. New York time. The Nasdaq Composite Index dropped 0.2% and the Dow Jones Industrial Average added 0.2%.
* The Stoxx Europe 600 fell 0.4%.
* The MSCI Emerging Market Index eased less than 0.1%.
* The MSCI Asia Pacific Index dropped 0.4%, the first decrease in four days. 
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro gained 0.6% to $1.1365, while the yen weakened 0.1% to 107.40 per dollar. 
* The British pound rose 0.2% to $1.2713.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries increased 3 basis points to 2.06%.
* Germany’s 10-year yield climbed 3 basis points to -0.29%.
* Britain’s 10-year yield rose 4 basis points to 0.85%. 
Commodities
* West Texas Intermediate rose 1.6% to $57.54 a barrel. 
* Gold increased 0.7% to $1,398 an ounce. 
* The Bloomberg Commodity Index fell 0.2%.

Have a wonderful weekend everyone.

 Be magnificent!

Carolann

As ever,

Since you are like no other being ever created since the beginning of time, you are incomparable.

                                                                              -Brenda Ueland, 1891-1985

 

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:
-from CNN today:
If you’ve been pining for a change of scenery, you’re in luck: Astronomers have found two planets that meet pretty much every requirement for supporting life.

Today is World Refugee Day, a day to learn more about and support refugees.  Canada took in more refugees last year than the United States. Canada accepted 28,100 refugees, more than any other nation, a UN report says. The US resettled 22,900 refugees, the second-most.

From Bloomberg today:
A working solar sail may go into orbit next week. (h/t Scott Kominers)
To be more creative, cheer up.
Italians have all the secrets to living well.

U.S. national poet: Joy Harjo has been named the 23rd poet laureate. A member of the Muscogee Creek Nation, she is the first Native American person to be selected for the role. Read her poem “Fall Song.” –NY Times.

On this day, 1997 The tobacco industry agreed to a massive settlement in exchange for relief from mounting lawsuits and legal bills. Go to article »

Advice for life from 103-year old Julia Hawkins:
Julia “Hurricane” Hawkins, who took up running late in life, competes in the 50- and 100-meter events at the National Senior Games. She is believed to be the oldest woman to formally compete on an American track. Two years ago, she set a record: 100 meters in 39.62 seconds.

In a Q. and A., she offered readers some wisdom. Stay in shape, she advised, and keep an eye out for life’s magic moments, “like sunsets and sunrises, rainbows, beautiful birds, music and people’s lovely comments to you.”

PHOTOS OF THE DAY

Olympic House, the new headquarters of the International Olympic Committee, designed by 3XN+IttenBrechbehl, is pictured before its official opening in Lausanne, Switzerland
CREDIT: REUTERS/DENIS BALIBOUSE

A gallery assistant holds the King William & Queen Mary Royal Tompion clock, one of the world’s most valuable clocks, which sold for £1.93M by auction at Bonhams yesterday.
CREDIT: KIRSTY O’CONNOR/PA

Selah Schneiter climbs “The Nose” route on EI Capitan, in Yosemite Park, California. The 10-year-old US girl has made rock climbing history by becoming the youngest person to ever scale Yosemite’s iconic EI Capitan. Selah Schneiter, of Colorado, scaled the nearly 3,000 – foot route with her father, an experienced climber, and a family friend, over five days – and celebrated her feat on June 12 with a pizza.
CREDIT: SCHNEITER FAMILY/REUTERS
Market Closes for June 20th, 2019

Market Index	Close	Change
Dow Jones	26753.17	+249.17   +0.94%
S&P 500	2954.18	+27.72   +0.95%
NASDAQ	8051.340	+64.017   +0.80%
TSX	16574.83	+63.04
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	21462.86	+128.99
		+0.60%
HANG SENG	28550.43	+348.29
		+1.24%
SENSEX	39601.63	+488.89
		+1.25%
FTSE 100*	7424.44	+20.90
		+0.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.468		1.425
CND. 30 Year Bond		1.705		1.673
U.S.    10 Year Bond		2.0284		2.0233
U.S. 30 Year Bond		2.5401		2.5351

Currencies

BOC Close	Today	Previous
Canadian $	0.75806	0.75273
US $	1.31916	1.32850
Euro Rate 1 Euro=		Inverse
Canadian $	1.48939	0.67142
US $	1.12904	0.88571

Commodities

Gold	Close	Previous
London Gold Fix	1344.05	1341.35
Oil
WTI Crude Future	56.65	53.76

Market Commentary:
Federal Reserve officials held their benchmark interest rate steady on Wednesday, but hinted they would cut rates in the months ahead if the economic outlook weakens.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks gained for a sixth session as commodities including crude oil and gold posted strong rallies.
     The S&P/TSX Composite Index added 0.4% to 16,574.83. Materials led the way, while health care and energy also gained. Horizons Marijuana Life Sciences ETF (HMMJ CN) rose for a fourth-straight session. Canopy Growth Corp. is set to report fourth-quarter earnings tonight.
     Meanwhile, China National Gold Group Corp., the nation’s second-biggest miner of the metal, is studying a bid for a stake in Canada’s Iamgold Corp., people familiar with the matter said. Additionally, Shopify Inc. is now more valuable than Manulife Financial Corp.and Canadian Imperial Bank of Commerce.
In other moves:
Stocks
* Bellus Health Inc. jumped 43.6% after Merck pipeline remark
* Cornerstone Capital Resources Inc. rose 22.5% after Ecuador constitutional court decision
* Crescent Point Energy Corp. jumped 8.7% amid energy stock rally 
* MediPharm Labs Corp. lost 5.6% after being downgraded to market perform at Mackie  
* BlackBerry Ltd. fell 4.3% 
* Dirtt Environmental Solutions dropped 3.6%, most since May 9 
Ratings
* NRTH CN: 48North Cannabis Corp Rated New Buy at Eight Capital; PT C$1.40
* WDO CN: Wesdome Gold Mines Cut to Hold at Canaccord; Price Target C$5.50
* SHOP CN: Shopify Downgraded to Neutral at CIBC
Commodities
* Western Canada Select crude oil traded at a $13.85 discount to WTI
* Gold spot price rose over 2% to $1,389.54 an ounce
FX/Bonds
* The Canadian dollar strengthened about 0.6% to C$1.3197 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.453%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks rose to a record, while sovereign bonds extended gains and the dollar slumped after central banks around the world continued a shift toward easier monetary policy. Oil surged amid rising tensions with Iran.
     The S&P 500 opened at an all-time high, spurred by speculation the Federal Reserve will cut rates soon enough to avert an economic slump. The benchmark retreated after President Donald Trump hinted at possible retaliation for Iran shooting down a U.S. drone, only to rebound and close above the previous high set on April 30. Energy shares led the gain as crude surged more than 5%. The Cboe Volatility Index rose above 15.
     The geopolitical tensions briefly overshadowed fresh impetus for risk assets from the Fed, Bank of Japan and Bank of England, all of which signaled a readiness to support growth. The 10-year U.S. Treasury note yield dropped below 2% for the first time since November 2016, while the greenback sank the most since January. Gold surged toward $1,400 an ounce.
     “In the big scheme of things, it’s a concern because it creates uncertainty,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co. “From a longer-term perspective, we’d think that any issues would get resolved diplomatically.” Traders are now pricing in a virtual certainty the U.S. central bank will cut rates by July, Fed fund futures show. Seven of 17 Fed officials now think it will be appropriate to lower the benchmark overnight rate by a half-percentage point by the end of the year, according to updated projections published Wednesday. Fed Chairman Jerome Powell cited “uncertainties” in the outlook that have increased the case for a rate reduction as officials seek to prolong the near-record American economic expansion.
“The Fed did a great job walking what had to be a pretty fine line between giving the markets what they were wanting, the removal of ‘patience,’ the knowledge that the Fed does stand ready to cut rates, if needed,” Chris Gaffney, president of world markets at TIAA Bank, said in an interview at Bloomberg’s New York headquarters.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1% to a closing record of 2,954.18 as of 4:06 p.m. New York time. The Nasdaq Composite Index gained 0.8% and the Dow Jones Industrial Average increased 0.94%.
* The Stoxx Europe 600 increased 0.4% to the highest in about seven weeks.
* The MSCI Emerging Market Index surged 1.6% to the highest in more than six weeks.
* The MSCI Asia Pacific Index climbed 1.4% to the highest in more than six weeks. 
Currencies
* The Bloomberg Dollar Spot Index declined 0.6%, to the lowest since January.
* The euro rose 0.5% to $1.1277, the strongest in more than a week. 
* The yen strengthened 0.5% at 107.52 per dollar, the strongest in more than five months.
* The British pound increased 0.5% to $1.2696, the strongest in more than a week.
* The MSCI Emerging Markets Currency Index rose 1%.
Bonds
* The yield on 10-year Treasuries fell 2 basis points to 2%.
* Germany’s 10-year yield eased 3 basis points to -0.32%.
* Britain’s 10-year yield declined 6 basis points to 0.81%, after touching the lowest level in almost three years. 
Commodities
* West Texas Intermediate rose 5.4% to $56.65 a barrel. 
* Gold increased 2.1% to $1,389 an ounce. 
* The Bloomberg Commodity Index jumped 1.8%.

Have  a great night.

Be magnificent!
As ever,

Carolann

 

 A good stance and posture reflect a proper state of mind.

                                     -Morihei Ueshiba, 1883-1969

 

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:
Norwegian island wants to get rid of time. (h/t Scott Kominers)

On June 19, 1964, the Civil Rights Act of 1964 was approved after surviving an 83-day filibuster in the United States Senate.  Go to article »

From today’s New York Times:
52 Places traveler: In his latest dispatch, our columnist takes a midnight train to Aberdeen, Scotland, where he finds an underappreciated city that’s quietly exploding with creativity.

 Juneteenth
Today, the U.S. celebrates a day that has come to be known for the end of slavery.

June 19, 1865, was the day that enslaved Texans got the news that President Abraham Lincoln had signed the Emancipation Proclamation. It declared the freedom of the enslaved in rebelling states — two and a half years after its signing, and a few months before the 13th Amendment abolished slavery.

Juneteenth is now celebrated around the country with cookouts, music and dancing.

But African-Americans in Houston who wanted to commemorate the occasion shortly after emancipation ran into a problem: There were few, if any, public spaces where they could gather.

So a group led by the Rev. Jack Yates, a formerly enslaved Baptist minister, pooled together $1,000 in 1872 to purchase 10 acres of land for annual Juneteenth celebrations.

Those 10 acres are called Emancipation Park. The park, which completed a $33 million renovation two years ago, is considered Houston’s oldest.
PHOTOS OF THE DAY

June’s full moon, knowns as the Strawberry Moon, rises above the Apollo Temple in ancient Corinth, Greece
CREDIT: VALERIE GACHE/ GETTY IMAGES

Ladies of the parish decorate the central aisle with a carpet of flowers for the annual Feast of Corpus Christi, taking place on Thursday at Arundel Cathedral, West Sussex
CREDIT: ANDREW HASSON/ GETTY IMAGES

The Duchess of Cambridge arrives on day one of Royal Ascot.
CREDIT: GEOFF PUCH FOR THE TELEGRAPH

Racegoers brave the rain on day one of Royal Ascot
CREDIT: REUTERS MATTHEW CHILDS
Market Closes for June 19th, 2019

Market Index	Close	Change
Dow Jones	26504.00	+38.46   +0.15%
S&P 500	2926.46	+8.71   +0.30%
NASDAQ	7987.324	+33.441   +0.42%
TSX	16511.79	+8.44
		+0.05%

International Markets

Market Index	Close	Change
NIKKEI	21333.87	+361.16
		+1.72%
HANG SENG	28202.14	+703.37
		+2.56%
SENSEX	39112.74	+66.40
		+0.17%
FTSE 100*	7403.54	-39.50
		-0.53%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.425		1.461
CND. 30 Year Bond		1.673		1.723
U.S.    10 Year Bond		2.0233		2.0809
U.S. 30 Year Bond		2.5351		2.5720

Currencies

BOC Close	Today	Previous
Canadian $	0.75273	0.75345
US $	1.32850	1.32764
Euro Rate 1 Euro=		Inverse
Canadian $	1.49176	0.67035
US $	1.12292	0.89054

Commodities

Gold	Close	Previous
London Gold Fix	1341.35	1335.05
Oil
WTI Crude Future	53.76	52.59

Market Commentary:
4.5 MILLION: Record-breaking bid (in US dollars) on eBay for a lunch date with billionaire Warren Buffet.  In 2001, the winning bid was $20,000.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities gained for a fifth straight session as Shopify Inc. rallied 6.8% after plans to spend $1 billion for a network of fulfillment centers in the U.S.
     The S&P/TSX Composite Index added 0.1% to 16,511.79. Information technology and communication services led the way.
     Meanwhile, Canadian inflation quickened in May, while Veritas Investment Research double upgraded Canadian auto suppliers.
In other moves:
Stocks
* Charlottes Web Holdings Inc. rose 9.6% after hemp plant update
* CannTrust Holdings Inc. jumped 6.8% after California hemp update 
* Torex Gold Resources Inc. gained 3.7% 
* Zymeworks Inc. dropped 10% after filing preliminary prospectus for share offering
* Hudbay Minerals Inc. fell 4% 
Ratings
* ALS CN: Altius Minerals Rated New Buy at Laurentian Bank Securities
* APC: Trudeau’s Pipeline, Anadarko’s Mozambique LNG: N.A. Energy Wrap
* FFH CN: Fairfax Financial Holdings Rated New Outperform at Raymond James 
* FM CN: First Quantum Minerals Cut to Underweight at JPMorgan; PT C$11 
* LNR CN: Linamar Upgraded to Buy at Veritas; PT C$50
* LUN CN: Lundin Mining Rated New Overweight at JPMorgan 
* MG CN: Magna International Upgraded to Buy at Veritas
* MRTX: Mirati Therapeutics Cut to Neutral at B Riley FBR, Inc.; PT $92 
* MRE CN: Martinrea Upgraded to Buy at Veritas; PT C$12
* PL CN: Pinnacle Renewable Energy Rated New Buy at Cormark Securities
Commodities
* Western Canada Select crude oil traded at a $13.95 discount to WTI
* Gold spot price gained 0.6% to $1,355.15 an ounce 
FX/Bonds
* The Canadian dollar strengthened about 0.7% to C$1.3288 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.438%
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. stocks rallied for a third day and yields on shorter-maturity Treasuries tumbled after the Federal Reserve struck a dovish tone in its latest policy statement. The dollar weakened against almost all its major peers.
     The benchmark S&P 500 pushed within striking distance of an all-time high set April 30, led by gains in the health care, real estate and utilities sectors. The yield on the U.S. two- year note fell by as much as 12 basis points to 1.74% after the central bank kept rates steady and signaled a readiness to cut interest rates for the first time in more than a decade. “We’re definitely hearing a decidedly more dovish Fed,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial. “While you could point the finger at pressure from the White House, it’s key to remember that the Fed’s focus has always been on two things and two things only: Jobs and inflation.”
     Chairman Jerome Powell and colleagues dropped a reference in their statement to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year. Policy makers kept their key rate in a range of 2.25% to 2.5%. Bond traders are virtually certain that the Fed will ease policy as soon as next month. The rate implied for the July 31 Fed decision dropped by 7 basis points to about 2.06%. That suggests about 31 basis points of rate cuts by then. The January 2020 fed funds futures contract implies close to 75 basis points of easing by the end of 2019.
     As many of the world’s biggest central banks signal a shift to easier policy, traders are weighing that against trade war fears and signs of cooling global growth. U.S. President Donald Trump said Tuesday that he had a “very good” phone conversation with Chinese President Xi Jinping. The two leaders will hold an “extended meeting” at the G-20 summit on June 28-29 in Osaka. “Members of the Fed handed the markets what they were looking for by now predicting rate cuts,” said Bryce Doty, senior vice president at Sit Investment Associates. “I can’t help feeling that many will see that a precedent has been set: Higher trade tariffs bring rate cuts.” 
    Elsewhere, the peso strengthened versus the greenback late in the trading session after Mexico’s Senate ratified a trade deal with U.S. and Canada that will replace Nafta. These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3% as of 4:02 p.m. New York time, while the Nasdaq Composite Index gained 0.4% and the Dow Jones Industrial Average increased 0.2%.
* The Stoxx Europe 600 was little changed.
* The MSCI Emerging Market Index climbed 1.6%, the biggest increase in more than a week.
* The MSCI Asia Pacific Index surged 2%, the highest in six weeks on the largest jump in more than five months. 
Currencies
* The Bloomberg Dollar Spot Index declined 0.4%, the most since May 3.
* The euro rose 0.3% to $1.1228, while the yen strengthened 0.3% at 108.10 per dollar.
* The British pound rose 0.7% to $1.2645, the biggest rise since May.
* The MSCI Emerging Markets Currency Index rose 0.5%.
Bonds
* The yield on 10-year Treasuries fell 3 basis points to 2.03%.
* Germany’s 10-year yield climbed 3 basis points to -0.29%. 
Commodities
* West Texas Intermediate rose 0.9% to $54.37 a barrel. Gold rose 0.4% to $1,352 an ounce. * The Bloomberg Commodity Index dropped 0.6%.

 Have a great night.

 Be magnificent!

As ever,

 Carolann

 

I never learn anything talking.  I only learn things when I ask questions.

                                                                  -Lou Leo Holtz, b. 1937

 

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:
Paul McCartney, b. 1942
1948 Columbia Records unveiled its new long-playing, 33 1/3 rpm phonograph record.  Go to article »
1983~ First woman in space, Sally Ride.

Area star has two potentially life-friendly planets.

PHOTOS OF THE DAY

A brig with scarlet sails travels through the Dvortsovy (Palace) drawbridge rising above the Neva River during a rehearsal for the Scarlet Sails festivities marking school graduation which will take place on June 24 in St. Petersburg, Russia.
CREDIT: AP PHOTO/DMITRI LOVESKY

The full Strawberry Moon rising above historic Shurland Hall in Eastchurch, Kent, UK, where Henry VIII and Anne Boleyn spent their honeymoon.
CREDIT: JAMES BELL/ALAMY LIVE NEWS

A view of the installation ‘Museum of the Moon’ by Luck Jerram, in the swimming pool Cozzi in Milan ‘Museum of the moon’ installation, Milan, Italy
CREDIT:CLAUDIA GRECO/AFG/REX
Market Closes for June 18th, 2019

Market Index	Close	Change
Dow Jones	26465.54	+353.01   +1.35%
S&P 500	2917.75	+28.08   +0.97%
NASDAQ	7953.883	+108.859   +1.39%
TSX	16503.35	+149.89
		+0.92%

International Markets

Market Index	Close	Change
NIKKEI	20972.71	-151.29
		-0.72%
HANG SENG	27498.77	+271.61
		+1.00%
SENSEX	39046.34	+85.55
		+0.22%
FTSE 100*	7443.04	+85.73
		+1.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.424		1.453
CND. 30 Year Bond		1.668		1.703
U.S.    10 Year Bond		2.0595		2.0942
U.S. 30 Year Bond		2.5488		2.5827

Currencies

BOC Close	Today	Previous
Canadian $	0.74745	0.74569
US $	1.33788	1.34104
Euro Rate 1 Euro=		Inverse
Canadian $	1.49789	0.66763
US $	1.11957	0.89320

Commodities

Gold	Close	Previous
London Gold Fix	1341.30	1351.25
Oil
WTI Crude Future	53.90	51.93

Market Commentary:
On this day in 1998, internet stocks got an electrifying boost as Walt Disney agreed to buy 43% of Infoseek for roughly $550 million in cash, stock and warrants. Infoseek’s stock shot up to $42, then closed at $35.13. By March 2001, Disney had exchanged the old Infoseek assets for its own shares at an approximate value of only $5 per share.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities rose for a fourth straight session, following U.S. peers higher after President Donald Trump said he had a “very good” phone conversation with Chinese counterpart Xi Jinping.
     The S&P/TSX Composite Index gained 0.9%. All eleven sectors rose, led by materials and financials. Crude futures rose as much as 4.6% in New York, sending energy shares up.
     Elsewhere, Barrick Gold Corp.’s CEO has no intention of raising his offer to buy out the rest of troubled African unit Acacia Mining Plc. And investors await Canada’s decision on the Trans Mountain Pipeline.
In other moves:
Stocks
* Canfor Corp. rose 7.5% after a CIBC upgrade to outperform from neutral 
* TORC Oil & Gas Ltd. jumped 5.6% 
* SNC-Lavalin Group Inc. rose 5.5% 
* Trulieve Cannabis Corp. gained 5.3% 
* iAnthus Capital Holdings Inc. lost 7% 
* New Gold Inc. fell 6.1% 
* Flowr Corp. dropped 3.6% after a C$50m loan commitment 
Ratings
* Lumber Stocks Upgraded at CIBC as Mill Closures Lift Prices
* AKG CN: Asanko Gold Rated New Buy at HC Wainwright
* ATH CN: Athabasca Oil Rated New Sector Perform at RBC; PT C$1.15
* BCE CN: BCE Upgraded to Buy at TD; Price Target C$63
* CFP CN: Canfor Upgraded to Outperform at CIBC; PT C$14
* SNM CN: ShaMaran Petroleum Downgraded to Neutral at SpareBank
* WFT CN: West Fraser Timber Upgraded to Outperform at CIBC; PT C$73
Commodities
* Western Canada Select crude oil traded at a $14.50 discount to WTI
* Gold spot price rose 0.5% to $1,346.33 an ounce 
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3382 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.424%
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. stocks approached all-time highs on optimism that President Donald Trump will de-escalate his trade war with China, adding to gains sparked by the ECB’s signal it is ready to cut interest rates if warranted. Treasuries and oil rallied.
     The S&P 500 trimmed a rally that topped 1.4% at its height as markets digested news that the Trump administration explored demoting Federal Reserve Chairman Jerome Powell in February. Stocks had jumped within 1% of its all-time high after Trump tweeted earlier that he will meet with Chinese President Xi Jinping at the Group of 20 summit next week. Trade tensions have weighed on stocks since Trump escalated his trade war in early May. “Up until now, the markets have been quite skeptical that a Trump, Xi meeting would happen,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle. “This pivot to an attempt to get a deal done is certainly a lot of what’s driving the market.” 
     European Central Bank President Mario Draghi said that officials are ready with stimulus if needed, adding to expectations for easier monetary policies. Central banks in Australia, Russia, India and Chile have recently loosened policy. The Reserve Bank of Australia said Tuesday that further easing is more likely than not.
     The Fed is widely expected to strike a more dovish tone with its decision at the end of its two-day meeting Wednesday. The yield on the benchmark 10-year Treasury approached 2% before the notes pared gains. German 10-year yields tumbled further below zero. Oil surged to its biggest gain in five months as OPEC and its allies moved closer to a meeting to extend supply cuts while the Draghi’s comments raised hopes for increased demand.
     Elsewhere, the yen briefly weakened after a magnitude 6.8 earthquake struck off the northwest coast of Japan, triggering a tsunami advisory. Bitcoin dropped after a four-day surge.
Here are some key events coming up:
* The Fed, Bank of Japan and Bank of England all set monetary policy, along with central banks in Norway, Brazil, Taiwan and Indonesia.
* The Fed’s two-day meeting ends Wednesday with a decision and press conference. Officials are expected to debate a rate cut to shelter the U.S. economy, in part, from the fallout caused by escalating trade disputes.
* Final May CPI data for Britain are due on Wednesday. 
* U.K. retail sales are set for release on Thursday. 
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1% as of 4:02 p.m. New York time, while the Nasdaq Composite Index gained 1.4% and the Dow Jones Industrial Average increased 1.4%.
* The Stoxx Europe 600 jumped 1.7%, the biggest increase since January.
* The MSCI Emerging Market Index rose 1.5%.
* The MSCI Asia Pacific Index gained 0.6%, the first increase in five trading sessions. 
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1%, the first drop in three days.
* The euro eased 0.2% to $1.1196, while the yen strengthened 0.1% to 108.42 per dollar.
* The British pound rose 0.2% to $1.2560.
* The MSCI Emerging Markets Currency Index rose 0.5%, the first increase in five trading sessions.
Bonds
* The yield on 10-year Treasuries dropped 4 basis points to 2.06%.
* Germany’s 10-year yield fell 8 basis points to negative 0.32%.
Commodities
* West Texas Intermediate surged 4.1% to $54.08 a barrel.
* Gold rose 0.5% to $1,346 an ounce, the first increase in three days.
* The Bloomberg Commodity Index rose 0.6%.

Have a great night.

Be magnificent!

As ever,

Carolann                                               

Understand well as I may, my comprehension can only be an infinitesimal

fraction of all I want to understand.

                                                          -Ada Lovelace, 1815-1852

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 Monday!

Rich people are buying forests, betting the global decline in arable land and rising food demand makes them a good investment.

Scientists discover plastic-eating mushroom.

On June 17, 1994, the police charged O. J. Simpson with murdering his former wife and a friend of hers, and then pursued him for about 50 miles along Southern California highways before he finally surrendered outside his home. Go to article »

1972 – Watergate arrests.
M.C, Escher, artist, b.1898
Igor Stravinsky, composer, b. 1882.
PHOTOS OF THE DAY

Pianist-composer Alain plays his vertical piano during a performance on the occasion of an Open Day at the construction site of the Future Theatre de Carouge, in Geneva, Switzerland
CREDIT: MARTIAL TREZZIN/EPA-EFE/REX

French athlete Benoit Outters looks at paragliders flying during a training session prior the Red Bull X-Alps race on June 14,2019 in Bergbahnen Werfenweng, western Austria.
CREDIT: LUCAS BARIOULET/AFP/GETTY IMAGES

A Ford Model A make its return to the pit area during the Vintage Hot Rod Racing on Pendine Sands on June 16, 2019 in Carmarthen, Wales.
CREDIT: ALAN CROWHURST/ GETTY IMAGES

A double rainbow forms off the coast of Whitley Bay on the North East coast.
CREDIT: OWEN HUMPHREYS/PA
Market Closes for June 17th, 2019

Market Index	Close	Change
Dow Jones	26112.53	+22.92   +0.09%
S&P 500	2889.67	+2.69   +0.06%
NASDAQ	7845.023	+48.364   +0.62%
TSX	16353.45	+51.54
		+0.32%

International Markets

Market Index	Close	Change
NIKKEI	21124.00	+7.11
		+0.03%
HANG SENG	27227.16	+108.81
		+0.40%
SENSEX	38960.79	-491.28
		-1.25%
FTSE 100*	7357.31	+11.53
		+0.16%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.453		1.436
CND. 30 Year Bond		1.703		1.698
U.S.    10 Year Bond		2.0942		2.0821
U.S. 30 Year Bond		2.5827		2.5871

Currencies

BOC Close	Today	Previous
Canadian $	0.74569	0.74556
US $	1.34104	1.34132
Euro Rate 1 Euro=		Inverse
Canadian $	1.50478	0.66455
US $	1.12218	0.89112

Commodities

Gold	Close	Previous
London Gold Fix	1351.25	1335.90
Oil
WTI Crude Future	51.93	52.51

Market Commentary:
The main event this week is likely to be the Fed decision. In light of recent market volatility, trade tensions, soft labor data, benign inflation and falling inflation expectations, talk of rate cuts is front and center. But the consensus is that there won’t be one just yet. 
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities and U.S. stocks gained Monday, while crude oil slipped further into a bear market.
     The S&P/TSX Composite Index gained 0.3%, led by health care (mainly marijuana stocks), and materials. Consumer staples also rose. Molson Coors Brewing Co. and Hexo Corp. plan to start selling multiple types of pot beverages on Canadian shelves the first day they can do so legally.
In other moves:
Stocks
* Street Capital Group Inc. rallied 32% after being acquired by RFA Capital Holdings 
* GMP Capital Inc. rose 13% after Stifel Financial Corp. agreed to buy GMP’s advisory and trading business 
* Bombardier Inc. gained 10% as Mitsubishi said buying Bombardier’s jet division would make sense 
* iAnthus Capital Holdings Inc. rose 11.7% 
* Lightspeed POS Inc. dropped 9.4% 
* MEG Energy Corp. fell 3% 
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold spot price fell 0.1% to $1,339.95 an ounce 
FX/Bonds
* The Canadian dollar was flat at C$1.3414 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.445%
US
By Vildana Hajric and Colin Beresford
     (Bloomberg) — U.S. equities gained, led by FANG shares, while European stocks pared losses following a mixed session in Asia as a big week for central-bank policy gets underway. Crude oil slumped for the first time in three days. 
     Facebook, Apple, Netflix and Google parent Alphabet led the Nasdaq Composite higher, while the Stoxx Europe 600 Index closed little changed. Deutsche Bank boosted lenders on reports that it’s considering creating a “non-core unit” to wind down legacy assets as part of a broader overhaul. Japanese and Australian shares declined, while equities in Hong Kong rose after the government suspended a controversial extradition bill.
     The dollar briefly weakened after a Federal Reserve survey of factories in New York State plunged in June by the most on record, before climbing back from the day’s lows. Treasuries pared a drop on the news, but they stayed mostly lower alongside European bonds as investors looked ahead to a week in which the Fed, the Bank of Japan and the Bank of England all set monetary policy.
     “We’ll find out Wednesday if the market is right about how dovish it is when it comes to monetary policy,” said Arthur Hogan, chief market strategist at National Securities Corp. “So what we’re looking for is affirmation of where the market is already, and anything that fails to affirm that probably is a negative toward the S&P 500.” Investors will be scrutinizing the Fed’s decision and messaging on Wednesday for signals on the chances of rates cuts ahead. Meanwhile, U.S. Commerce Secretary Wilbur Ross reiterated that the prospect of a major trade deal is unlikely to emerge from a possible meeting between President Donald Trump and Chinese President Xi Jinping at the Group of 20 summit in Osaka this month. 
     “We know that the Fed doesn’t like to surprise people and the idea at this point of them digging in their heels and saying ’absolutely no cuts,’ I think is very unlikely,” Josh Kutin, head of asset allocation for Columbia Threadneedle, said in an interview at Bloomberg’s New York headquarters. “Will it be the full number that’s priced in right now? I think that’s unlikely as well. I think somewhere between is pretty fair.”
     Elsewhere, oil futures fell as Saudi Arabia expressed hope that OPEC and its allies will agree to extend production cuts into the second half. Bitcoin jumped as much as 11%, heading toward its highest close in more than a year.
Here are some key events coming up:
* Federal Reserve, the Bank of Japan and the Bank of England all set monetary policy, along with central banks in Norway, Brazil, Taiwan and Indonesia.
* The Fed meeting begins Tuesday with a decision and press conference the next day. Officials are expected to debate a rate cut to shelter the U.S. economy, in part, from the fallout caused by escalating trade disputes.
* In the U.K. Tuesday there will be a second ballot on the leadership contest to choose Theresa May’s successor as leader of the country’s ruling party.
* Final May CPI data for the euro zone are due Tuesday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% as of 4:03 p.m. New York time, while the Nasdaq Composite Index gained 0.6% and the Dow Jones Industrial Average increased 0.1%.
* The Stoxx Europe 600 eased less than 0.1%. 
* The MSCI Emerging Market Index dropped 0.4%.
* The MSCI Asia Pacific Index fell 0.4%, the fourth consecutive decline. 
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The euro rose less than 0.1% to $1.1218, while the yen was little changed at 108.57 per dollar.
* The British pound fell 0.4% to $1.2542.
* The MSCI Emerging Markets Currency Index fell 0.1%, the fourth consecutive decline.
Bonds
* The yield on 10-year Treasuries rose less than 1 basis point to 2.09%.
* Germany’s 10-year yield rose 1 basis point to negative 0.25%.
Commodities
* West Texas Intermediate fell 1.2% to $51.87 a barrel, the first drop in three trading sessions.
* Gold dropped 0.2% to $1,339 an ounce.
* The Bloomberg Commodity Index fell less than 0.1%, the first drop in third days. 
–With assistance from Yakob Peterseil.

Have a great night.

Be magnificent!
As ever,

Carolann

 

The universe has no restrictions.  You place restrictions on the universe with your expectations.

                                                                                -Deepak K Chopra, b. 1947

 

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

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

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

 

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