Month: June 2019

Dear Friends,

Tangents: HAPPY FIRDAY!
Royal Ascot Horse Races
Centennial of the first Transatlantic Flight
June 14, 1919 – Aviation – British Army Captain John Alcock and Lt. Arthur Brown take off in their Vickers Vimy bomber, a two-motor biplane, to make the first nonstop transatlantic flight.
Go to article »
PHOTOS OF THE DAY

An English tapestry made for King Charles I between 1620 and 1625. One of the first to be woven at the Royal Mortlake Tapestry factory, near Barnes, West London it was originally part if a set of none tapestries based on the story of Vulcan and Venus from Homer’s Odyssey. During the reign of Queen Victoria William Morris cut up most of them to create the Tapestry Room in St James Palace.
CREDIT: HEATCLIFF O’MALLEY FOR THE TELEGRAPH

Fireworks illuminate the sky over Central Park. New York, US, after a concert by the New York Philharmonic orchestra.
CREDIT: ENRIQUES SHORE/ ALAMY LIVE NEWS

Pictured: The climbers can be seen on the dunes A team of climbers take on the highest sand dune in the world at sunset. A thin pathway formed by previous climbers is the only way to scale the steep dune, which stands a staggering 1,200ft high. White marks across the dune are traces of a river which dried up hundreds of years ago. The Sossusvlei dunes in Namibia’s Namib desert are the world’s tallest. The most famous is nicknamed the “Big Daddy’, with a 380 metres high peak.
–FROM TELEGRAPH JUNE 14, 2019

This is the incredibly rare moment an ice cave glows gold – as the sum sits perfectly in the line with its glistening walls. The amazing images were taken at the exact minute the sun set over the entrance to the glacier in Iceland, a phenomenon only possible once or twice in a year. As a result, the walls looked as if they were on fire as they were bathed in the golden light.
CREDIT: SARAHEA / SWNS.COM
Market Closes for June 14th, 2019

Market Index	Close	Change
Dow Jones	26089.61	-17.16   -0.07%
S&P 500	2886.98	-4.66   -0.16%
NASDAQ	7796.660	-40.470   -0.52%
TSX	16301.91	+62.65
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	21116.89	+84.89
		+0.40%
HANG SENG	27118.35	-176.36
		-0.65%
SENSEX	39452.07	-289.29
		-0.73%
FTSE 100*	7345.78	-22.79
		-0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.436		1.450
CND. 30 Year Bond		1.698		1.715
U.S.    10 Year Bond		2.0821		2.0945
U.S. 30 Year Bond		2.5871		2.6002

Currencies

BOC Close	Today	Previous
Canadian $	0.74556	0.75032
US $	1.34132	1.33276
Euro Rate 1 Euro=		Inverse
Canadian $	1.50376	0.66500
US $	1.2111	0.89198

Commodities

Gold	Close	Previous
London Gold Fix	1335.90	1332.35
Oil
WTI Crude Future	52.51	52.28

Market Commentary:
On this day in 2000, the SEC, the FBI and the U.S. attorney for the Southern District of New York cracked down on more than 100 alleged mobsters and their cronies, claiming that the Mafia—in cahoots with brokers, investment bankers, a money manager and a retired New York City cop—manipulated the prices of 19 stocks, defrauding thousands of investors out of an estimated $50 million. Much of the alleged fraud occurred in dotcom stocks and prosecutors suggested that the Mob—shut out of gambling, drugs, and prostitution—had moved into the hottest new vice: trading internet stocks.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian equities pared earlier losses, following U.S. stocks higher. Financials were the best performing stocks, while marijuana stocks lagged as the government released rules on edibles and extracts.
     The S&P/TSX Composite Index closed Friday’s session up 0.4%. Cronos Group Inc. was the worst performing stock in the index, with a two-day loss of 8.7%. Panel board maker Norbord Inc.’s shares were the best performing, after BMO upgraded the stock due to a better market outlook.
     Meanwhile, edibles and other new pot products will hit Canadian shelves a few days before Christmas but will be governed by strict rules that don’t make them too intoxicating or appeal to children, according to new federal regulations. Canada will add a host of new formats including edibles, beverages, vape pens and topicals to its list of legal cannabis products beginning Oct. 17, the government said.
In other moves:
Stocks
* Norbord rallied 9.2% after being upgraded to outperform from market perform by BMO
* North West Company climbed 4.8%, recovering from Industrial Alliance’s downgrade Thursday, spurred by mixed results, which led to a 2.1% decline
* Encana fell 5%, paring yesterday 3.3% gain
* Hexo dropped 3.7% as cannabis stocks underperformed
Ratings
* DOL CN: Dollarama Downgraded to Hold at Desjardins; PT C$49
* OSB CN: Norbord Upgraded to Outperform at BMO
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to WTI
* Gold spot price was flat at $1,341.04 an ounce
FX/Bonds
* The Canadian dollar fell -0.6% to C$1.3411 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.441%

US
By Vildana Hajric
     (Bloomberg) — U.S. tech shares fell on concern a global trade war could sap profit. The dollar strengthened after data showing broad gains in retail sales suggested the economy is healthy enough to go without an interest-rate cut.
     Chipmakers tumbled the most in almost a month, weighing on the S&P 500 Index after Broadcom Inc. cut its sales forecast, citing trade war concerns. The benchmark U.S. stock gauge erased losses in afternoon trading amid speculation the Justice Department was close to approving T-Mobile’s merger with Sprint, and headed for a 0.6% weekly gain. Treasury yields pared declines after May’s retail sales data was seen as undermining the case for a dovish turn by the Federal Reserve.
     With heightened U.S.-China trade tensions threatening to weaken already fragile global economic growth and geopolitical concerns ratcheting up in the Middle East, equity investors had been banking on more support from central banks. The outlook for the Fed was in focus, with BMO strategists saying the odds of a cut next week are higher than many expect, while DoubleLine Capital’s Jeffrey Gundlach said he expects no reductions this month. “Investors face a steepening wall of worry as geopolitical risk now joins lingering trade and Fed policy uncertainty as sources of anxiety,” said Alec Young, the managing director of global markets research at FTSE Russell.
     Elsewhere, gold temporarily topped $1,350 an ounce, a level last seen in April 2018. The Stoxx Europe 600 Index fell the most in two weeks after a mixed session in Asia. The yuan was steady after Chinese industrial production in May missed estimates. Oil was still on course for a weekly drop as investors monitored developments in the Middle East, with the U.S. blaming Iran for Thursday’s suspected tanker attacks.
These are the main moves in markets:
Stocks
* The S&P 500 Index was little changed as of 3:17 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.4%. 
* The MSCI Emerging Market Index fell 0.8% to the lowest in a week. 
* The MSCI Asia Pacific Index dipped 0.3%. 
Currencies
* The Bloomberg Dollar Spot Index gained 0.4%. 
* The euro declined 0.6% to $1.1208, the weakest in more than a week. 
* The British pound decreased 0.7% to $1.2588. 
* The Japanese yen slipped 0.2% to 108.56 per dollar. 
Bonds
* The yield on 10-year Treasuries was little changed at 2.09%. 
* Britain’s 10-year yield rose one basis point to 0.84%. 
* Germany’s 10-year yield fell one basis point to -0.26%. 
Commodities
* Gold fell 0.2% to $1,339.79 an ounce. 
* West Texas Intermediate crude rose 0.4% to $52.51 a barrel.
–With assistance from Ksenia Galouchko, Adam Haigh, Ranjeetha Pakiam, Namitha Jagadeesh and Yakob Peterseil.

Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

Never be afraid to sit awhile and think.

       -Lorraine Hansberry, 1930-1965

 

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:
William Butler Yates, poet, b. 1865
“And say my glory was I had such friends.” –William Butler Yeats

THE LAKE ISLE OF INNISFREE
 I will arise and go now, and go to Innisfree,
And a small cabin build there, of clay and wattles made:
Nine bean-rows will I have there, a hive for the honey-bee,
And live alone in the bee-loud glade.

And I shall have some peace there, for peace comes dropping slow,
Dropping from the veils of the morning to where the cricket sings;
There midnight’s all a glimmer, and noon a purple glow,
And evening full of the linnet’s wings.

I will arise and go now, for always night and day
I hear lake water lapping with low sounds by the shore;
While I stand on the roadway, or on the pavements grey,
I hear it in the deep heart’s core.

                                            ~William Butler Yeats

 

On June 13, 1966, the Supreme Court issued its landmark Miranda vs. Arizona decision, ruling that criminal suspects must be informed of their constitutional rights prior to questioning by police.
Go to article »
-from today’s New York Times:

 Just What the doctor Ordered
Getting outside has been linked to multiple health benefits, and nature prescriptions from doctors are on the rise. But researchers have now quantified the ideal amount of time needed to reap those benefits: 120 minutes a week.

A British study examined data from nearly 20,000 people for two years and found that those who spent two hours a week or more outdoors reported being in better health and having a greater sense of well-being than people who didn’t get out at all.

PHOTOS OF THE DAY

Wave crash against the pier wall at Seaham Lighthouse near Durham as weather warning are in place across the UK as torrential rain continues for another day.
CREDIT: OWEN HUMPHREYS/PA

The afternoon violence in Hong Kong marks a major escalation in the semi-autonomous Chinese territory’s biggest political crisis in years
CREDIT: ANTHONY WALLACE/AFP.GETTY IMAGES

Bo Peep, Woody and Forky characters are seen at the premiere for “Toy Story 4”in Los Angeles, USA
CREDIT: MARIO ANZUONI/REUTERS
Market Closes for June 13th, 2019

Market Index	Close	Change
Dow Jones	26106.77	+101.94   +0.39%
S&P 500	2891.64	+11.80   +0.41%
NASDAQ	7837.129	+44.410   +0.57%
TSX	16239.26	+12.02
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	21032.00	-97.72
		-0.46%
HANG SENG	27294.71	-13.75
		-0.05%
SENSEX	39741.36	-15.45
		-0.04%
FTSE 100*	7368.57	+0.95
		+0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.450		1.497
CND. 30 Year Bond		1.715		1.751
U.S.    10 Year Bond		2.0945		2.1205
U.S. 30 Year Bond		2.6002		2.6156

Currencies

BOC Close	Today	Previous
Canadian $	0.75032	0.74966
US $	1.33276	1.33395
Euro Rate 1 Euro=		Inverse
Canadian $	1.50302	0.66533
US $	1.12779	0.88669

Commodities

Gold	Close	Previous
London Gold Fix	1332.35	1324.30
Oil
WTI Crude Future	52.28	51.14

Market Commentary:
On this day in 1991, the New York Stock Exchange began after-hours trading for the first time, as two “crossing sessions” of trades among institutional investors extended the trading day to 5:15 p.m.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 16,239.26 in Toronto. The move follows the previous session’s decrease of 0.1 percent.
     Today, consumer discretionary stocks led the market higher, as 6 of 11 sectors gained; 163 of 242 shares rose, while 74 fell. Dollarama Inc. contributed the most to the index gain, increasing 11.3 percent. MEG Energy Corp. had the largest increase, rising 12.3 percent.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 0.9 percent
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 3.9 percent in the same period
* The S&P/TSX Composite is 2.6 percent below its 52-week high on April 23, 2019 and 17.9 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite was little changed in the past 5 days and rose 0.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis 
* S&P/TSX Composite’s members have a total market capitalization of C$2.51 trillion
* 30-day price volatility fell to 8.09 percent compared with 8.23 percent in the previous session and the average of 7.56 percent over the past month. 

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Consumer Discretionary | 16.4272| 2.5| 16/1
Energy | 16.0646| 0.6| 30/10
Materials | 13.3804| 0.8| 43/5
Financials | 12.2202| 0.2| 17/8
Real Estate | 2.2307| 0.4| 22/2
Utilities | 0.3135| 0.0| 7/8
Information Technology | -2.9714| -0.4| 4/6
Industrials | -3.2743| -0.2| 17/13
Consumer Staples | -5.4267| -0.8| 6/4
Health Care | -6.5074| -2.0| 1/10
Communication Services | -30.4313| -3.2| 0/7
To see other sector information, click here.
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
Dollarama | 9.8810| 11.3| 198.3| 44.7
Royal Bank of Canada | 6.8650| 0.7| -11.5| 10.3
Suncor Energy | 3.3940| 0.7| -10.4| 8.3
Rogers Communications | -5.0520| -2.8| 75.0| -1.1
Couche-Tard | -5.3390| -2.0| 35.5| 26.4
Telus | -5.8270| -2.7| 116.5| 7.8
NOTE: Stocks trading ex-dividend today are not included in the table.
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
MEG Energy | 12.3| 0.9970| 124.0| -33.6
Dollarama | 11.3| 9.8810| 198.3| 44.7
Alacer Gold | 10.2| 0.7970| 126.3| 62.7
================================================================
| |Index Points| Volume VS |YTD Change
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
HEXO Corp | -8.4| -1.0990| 191.6| 65.8
CannTrust | -4.2| -0.2520| -18.1| 1.7
Cronos Group | -4.0| -1.0760| -19.0| 51.8
NOTE: Stocks trading ex-dividend today are not included in the table.
* The benchmark 10-year bond rose and the yield fell 4.1 basis points to 1.456 percent
* The S&P 500 Index advanced 0.4 percent
US
By Vildana Hajric
     (Bloomberg) — U.S. equities halted a two-day slide while Treasuries rose as investors assessed the likelihood for interest-rate cuts. Oil rallied on escalating Middle East tensions.
     The S&P 500 Index reached a five-week high as a surprise increase in U.S. jobless claims supported the idea the Federal Reserve may take a dovish turn. The Stoxx Europe 600 Index had opened in the red following declines across Asia, but reversed course to post a small advance. Plenty of caution remained, however, buoying government bonds and gold. Oil jumped as much as 4.5%, the most since January, after two tankers were damaged in suspected attacks near the Persian Gulf. The U.S. blamed Iran.
     Investors are doing their best to stay upbeat amid the daily drumbeat of headlines pointing at political tensions around the globe. The tanker incident follows other attacks in the region last month, and comes as tensions simmer in Hong Kong following Wednesday’s clashes between police and protesters.
     Meanwhile, the trade dispute between the U.S. and China remains unresolved. The hope for many traders is a newly dovish Fed can help blunt some of these threats. “The market right now is hyper-focused on what the Fed is going to do,” said Shawn Cruz, manager of trader strategy at TD Ameritrade. “Equity markets are pricing in a cut next week. If we don’t get that, you could see us pull back.”
     Elsewhere, the Australian dollar declined and the three- year yield dropped below 1% for the first time after the unemployment rate rose more than expected. Emerging-market shares retreated for a second day.
Here are some key events coming up:
* Euro-area finance ministers meet in Luxembourg Thursday. On the agenda: financial penalties for Italy over its debt load, and the euro-area budget.
* China and the U.S. release industrial production and retail sales data Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4% at the close of trading in New York.
* The Stoxx Europe 600 Index gained 0.2%.
* The MSCI Emerging Market Index decreased 0.4%.
* The MSCI Asia Pacific Index sank 0.4%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro weakened 0.1% to $1.1274.
* The British pound slipped 0.1% to $1.2677.
* The Japanese yen gained 0.1% to 108.36 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.09%.
* Germany’s 10-year yield was little changed at -0.24%.
* Britain’s 10-year yield fell three basis points to 0.83%.
Commodities
* West Texas Intermediate crude gained 2.2% to $52.25 a barrel.
* Gold increased 0.6% to $1,341.04 an ounce.
–With assistance from Adam Haigh, Sheldon Reback, Samuel Potter and Yakob Peterseil.

Have a great night.
Be magnificent!
As ever,

Carolann

 

A man who limits his interest, limits his life.

                       -Vincent Price, 1911-1993

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:
1929~ Anne Frank, b.
1924~ George H.W. Bush, b.
On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.” Go to article »
On June 12, 1944. George Beardmore wrote in his journal:
Other side effects of bombs are the stripping of leaves from wayside trees, the deaths by blast of sparrows, chaffinches etc., and the awful things that happen to cats and dogs.  We had a man complain that thirty of his forty-odd small birds in a backyard aviary had been killed by blast, half a mile or so away from where the bomb had landed.

It is like clouds rising in the sky: suddenly there, gone without a trace.
And it is like drawing a pattern on water: it is neither born nor passes away.
This is cosmic peace and eternal rest.
When it is enclosed, it is called the matrix of the realization of suchness;
When it emerges from the enclosure, it is called the cosmic body of reality.
                                         -Ma-tsu

A 900-year-old grape variety is still used to make wine in France.
PHOTOS OF THE DAY

Lighting flashes through the sky over Dresden, Germany during a thunderstorm on Monday night.
CREDIT: ROBERT MICHAEL/AFP/GETTY IMAGES IMAGE TITLE

Sunrise in the West Bank City of Nablus
CREDIT: ALAA BADARNEH/EPA-EFE/REX

A man with an umbrella walks past the Old Opera after a rainy night in Frankfurt, Germany
CREDIT: MICHAEK PROBST/AP

A cyclist rides past the brightly lit financial district casting skyglow in Singapore as the country with the highest level of light pollution in the world, adding that it was ‘not possible to view the Milky Way Galaxy anywhere in the country.’
CREDIT: WALLACE WOON/EPA-EFE/REX
Market Closes for June 12th, 2019

Market Index	Close	Change
Dow Jones	26004.83	-43.68   -0.17%
S&P 500	2879.84	-5.88   -0.20%
NASDAQ	7792.719	-29.847   -0.38%
TSX	16227.24	-21.52
		-0.13%

International Markets

Market Index	Close	Change
NIKKEI	21129.72	-74.56
		-0.35%
HANG SENG	27308.46	-480.88
		-1.73%
SENSEX	39756.81	-193.65
		-0.48%
FTSE 100*	7367.62	-30.83
		-0.42%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.497		1.528
CND. 30 Year Bond		1.751		1.775
U.S.    10 Year Bond		2.1205		2.1431
U.S. 30 Year Bond		2.6156		2.6149

Currencies

BOC Close	Today	Previous
Canadian $	0.74966	0.75290
US $	1.33395	1.32820
Euro Rate 1 Euro=		Inverse
Canadian $	1.50598	0.66402
US $	1.12896	0.88574

Commodities

Gold	Close	Previous
London Gold Fix	1324.30	1328.60
Oil
WTI Crude Future	51.14	53.27

Market Commentary:
Cybersecurity firm CrowdStrike priced its IPO above the expected range. The company priced its initial public offering above its expected price range, raising $612 million and valuing the company at $6.8 billion, if underwriters exercise all their options.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities fell alongside U.S. equities as both the loonie and crude oil weakened in the wake of American crude stockpiles climbing and the U.S.-China trade war continuing to put pressure on demand.
The S&P/TSX Composite Index dropped 0.1% to 16,227 in Toronto, pulled down by three of the 11 sectors. Energy, financials and health care were the worst performing sectors, while materials were the best.
Meanwhile, a Canadian program designed to speed up the hiring of foreign talent is attracting thousands of tech workers and other skilled employees, many of whom are unhappy with restrictive U.S. immigration policies.
In other moves:
Stocks
* Cascades rallied 13% after TD upgraded the stock, citing “compelling value”
* Lumber companies including Canfor, Interfor, West Fraser were among the outperformers within the group, after lumber prices rose after a Canfor output cut
* Precision Drilling, Encana, Kelt were among the worst performing energy stocks as oil prices declined
* Norbord rose 4.1% after company said it will indefinitely curtail production at OSB mill in B.C.
Ratings
* ABCS CN: Abacus Health Products Rated New Buy at Haywood
* CAS CN: Cascades Upgraded to Buy at TD; PT C$11.50
* CIX CN: CI Financial Cut to Underweight at Barclays; Price Target C$21
* GWO CN: Great-West Lifeco Downgraded to Underweight at Barclays; PT C$32
* IFC CN: Intact Financial Cut to Equal-weight at Barclays; PT C$130
* POW CN: Power of Canada Downgraded to Underweight at Barclays; PT C$29
* PWF CN: Power Financial Downgraded to Equal-weight at Barclays; PT C$32
* QSR CN: Restaurant Brands Rated New Outperform at Evercore ISI
* SLF CN: Sun Life Financial Cut to Equal-weight at Barclays; PT C$57
Commodities
* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Gold spot price rose 0.5% to $1,333.06 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3337 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.497%
US
By Vildana Hajric
(Bloomberg) — U.S. tech shares slumped as concern about trade tensions blunted optimism that slower-than forecast inflation would allow the Federal Reserve to cut rates. Oil plunged to a four-month low.
Chipmakers were among the worst performers as the S&P 500 Index slipped, with defensive sectors like utilities faring the best. The tech-heavy Nasdaq 100 declined the most in a week as Facebook fell. Crude dropped to the lowest since January on concern the trade dispute between the U.S. and China could trip up the global economy. The dollar strengthened and Treasuries climbed.
Just as investor concern over protectionism and global growth seemed to be easing, a fresh wave of uncertainty followed President Donald Trump’s announcement that he is personally delaying a trade deal with China and won’t complete the accord unless Beijing returns to terms negotiated earlier this year.
The monthly inflation numbers released Wednesday supported the idea the Fed can cut borrowing costs after the president scowled at “way too high” interest rates. “We have total opposing forces at play: trade and the Fed,” Jennifer Ellison, principal at San-Francisco based BOS, said in an interview at Bloomberg’s New York headquarters. “They’re balancing each other out, which is perhaps a good thing. But it’s not a time to just be exuberant and assume things will continue the way they have.”
Elsewhere, the Stoxx Europe 600 index posted its first drop in four sessions. That followed losses across Asia, where Hong Kong’s gauge underperformed as police used tear gas in an attempt to disperse protesters who have closed roads in the financial district. Gold rose as appetite grew for havens. Here are some key events coming up:
* The race to succeed Theresa May heats up with the first Conservative Party leadership ballot Thursday.
* Euro-area finance ministers meet in Luxembourg Thursday. On the agenda: financial penalties for Italy over its debt load, and the euro-area budget.
* China and the U.S. release industrial production, retail sales data Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2% at the close of trading in New York.
* The Stoxx Europe 600 Index dipped 0.3%, the biggest decrease this month.
* The U.K.’s FTSE 100 Index decreased 0.4%, the first retreat in more than a week.
* The MSCI Emerging Markets Index sank 0.7%, the biggest dip in almost three weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%.
* The euro weakened 0.3% to $1.1289.
* The British pound fell 0.3% to $1.2688.
* The Japanese yen was little changed at 108.51 per dollar.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 2.12%.
* Germany’s 10-year yield was little changed at -0.24%.
* Britain’s 10-year yield rose one basis point to 0.87%.
Commodities
* West Texas Intermediate crude fell 4.2% to $51.01 a barrel, the lowest since January.
* Gold gained 0.5% to $1,333.14 an ounce.
–With assistance from Cormac Mullen, Adam Haigh, Todd White and Robert Brand.

Have a great night!

Be magnificent!
As ever,

Carolann

Ambition can creep as well as soar.

        -Edmund Burke, 1729-1797

 

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:
1578 – Elizabeth I grants Humphrey Gilbert patent to explore & colonize North America

From CNN today:

RED MEAT VS WHITE MEAT

It’s a commonly held belief that white meat (like chicken) is better for you than red meat (like beef). But according to a new study, both have the same negative impact on your cholesterol. Overall, white meat is probably less harmful to your heart, the researchers say, because there may be other effects of eating red meat that contribute to cardiovascular disease.

“Finding by finding, we are confirming that a plant-based diet tends to have better health results,” said one registered dietician who reviewed the study. Here are the things she says you should be eating more of.

Along with what we choose to eat and drink, we ingest tiny pieces of plastic called microplasticsevery day. New research estimates that Americans consume between 74,000 and 121,000 microplastic particles every year. Do you drink bottled water? It can add up to 90,000 particles to your annual total. The full impact on our health isn’t known, but research shows that some particles are small enough to enter our tissues, where they can trigger an immune reaction or release toxic substances and pollutants absorbed from the environment, including heavy metals.

PHOTOS OF THE DAY

A woman watches the sunset on the 42^nd Street in Manhattan, New York, the United States
CREDIT: XINHUA/ BARCROFT MEDIA

Rice seedling festival is a traditional folk festival in longji, guangxi, China, during grain in ear season.
CREDIT: COSTFOTO/ BARCROFT MEDIA

Demonstrators march during a protest against a proposed extradition law in Hong Kong, China. Hong Kong’s Beijing – backed government faced new pressure to withdraw legislation easing extraditions to China after as many as 1 million people turned out to oppose the measure.
FROM: TELEGRAPH, JUNE 11, 2019
Market Closes for June 11th, 2019

Market Index	Close	Change
Dow Jones	26048.51	-14.17   -0.05%
S&P 500	2885.72	-1.01   -0.04%
NASDAQ	7822.566	-0.603   -0.01%
TSX	16248.76	+32.50
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	21204.28	+69.86
		+0.33%
HANG SENG	27789.34	+210.70
		+0.76%
SENSEX	39950.46	+165.94
		+0.42%
FTSE 100*	7398.45	+22.91
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.528		1.521
CND. 30 Year Bond		1.775		1.767
U.S.    10 Year Bond		2.1431		2.1484
U.S. 30 Year Bond		2.6149		2.6288

Currencies

BOC Close	Today	Previous
Canadian $	0.75290	0.75359
US $	1.32820	1.32699
Euro Rate 1 Euro=		Inverse
Canadian $	1.50470	0.66458
US $	1.13285	0.88273

Commodities

Gold	Close	Previous
London Gold Fix	1328.60	1340.65
Oil
WTI Crude Future	53.27	53.26

Market Commentary:
On this day in 1930, New York Stock Exchange President Richard Whitney tried to rebuild public confidence in the market by making a bid (with his own money) of $160 a share for a 60,000-share block of U.S. Steel stock in front of the press. “Shortly thereafter,” the stock sunk below $150, on its way to $21 in the market bottom of 1932.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian equities advanced as metals and mining companies rose on China trade optimism and lumber producers gained after additional production curtailments.
     The S&P/TSX Composite Index increased 0.2%. Materials stocks were the best performers among 11 industry groups, rallying 1.4%. New Gold Inc. rallied 11%. Health care stocks fell the most, dropping 0.7%.
     Meanwhile, Quebec is ready to take more risks to support its companies. Investissement Quebec, the financing arm of the provincial government, will increasingly buy subordinated debt or take outright stakes in local businesses under a revamped mandate, according to Economy Minister Pierre Fitzgibbon.
In other moves:
Stocks
* BRP shares rallied 7% on receding Mexico tariff risk
* SNC rose +7% following news that the company named Ian Edwards as interim CEO;
* Canfor Corp. rose 7.4%, along with other lumber companies after it said will curtail additional production in B.C.
* Canadian retail stocks such as Spin Master Corp. and Dollarama Inc. were among the biggest losers
Commodities
* Western Canada Select crude oil traded at a $13.10 discount to WTI
* Gold spot price fell 0.08% to $1,326.90 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3281 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.532%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks ended their longest winning streak in two months as investors weighed the outlook for trade talks and interest rate policy. Treasuries were steady along with the dollar.
     The S&P 500 Index closed slightly lower as a drop in industrial companies weighed on the gauge, which had climbed more than 5% over the previous five sessions. U.S. President Donald Trump’s threat to raise duties again on China if President Xi Jinping doesn’t meet with him at this month’s Group of 20 summit overshadowed some of the optimism generated by last week’s deal to avoid tariffs on Mexican imports.
     Sentiment is still cautious among stock buyers after a horrific month of May for global equity markets, with investors looking to the G-20 summit in Japan as the next possible site for a breakthrough in the trade dispute between the world’s two largest economies. As traders have added bets on lower U.S. interest rates, Trump stepped up his criticism of Fed policy in tweets Tuesday, calling borrowing costs “way too high” amid “VERY LOW INFLATION.” “We are going to continue to be range-bound,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said in an interview at Bloomberg’s New York headquarters. “There’s the fear of missing out in case the tariffs situation with China is completely settled, so people don’t want to necessarily sell. Now we’re at the top of the range, and I think we’re going to see people who are hesitant to continue to buy.”
     Elsewhere, mining and automobile shares pulled the Stoxx Europe 600 Index higher. Mexico’s peso added to gains after posting its best day in almost a year following the country’s accord with the U.S. late Friday. China’s stocks rallied and the onshore yuan recovered after closing at its weakest level of the year. Emerging-market stocks and currencies both gained.
Here are some key events coming up:
* The U.S. releases consumer prices for May on Wednesday.
* ECB President Mario Draghi speaks at a conference in Frankfurt on Wednesday.
* The race to succeed Theresa May heats up with the first Conservative Party leadership ballot Thursday.
* Euro-area finance ministers meet in Luxembourg Thursday. On the agenda: financial penalties for Italy over its debt load, and the euro-area budget.
* China and the U.S. release industrial production, retail sales data Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.03% at the close of trading in New York.
* The Stoxx Europe 600 Index increased 0.7%, in the sixth gain in seven sessions.
* The Shanghai Composite Index jumped 2.6% on the biggest surge in more than a month
* The MSCI Emerging Markets Index climbed 1% to the highest in more than a month.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The Japanese yen was little changed at 108.5 per dollar.
* The onshore yuan climbed 0.3%, the biggest increase in almost eight weeks.
* The MSCI Emerging Markets Currency Index gained 0.3%.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.14%.
* Germany’s 10-year yield fell one basis point to -0.23%.
* The U.K.’s 10-year yield rose two basis points to 0.86%
Commodities
* Gold slipped 0.1% to $1,326.98 an ounce.
* West Texas Intermediate crude rose 0.1% $53.32 a barrel.
–With assistance from Andreea Papuc, David Wilson, Todd White and Yakob Peterseil.

Have a great night!

Be magnificent!
As ever,

Carolann

 

Baseball is 90% mental, the other half is physical.

                                   -Yogi Berra, 1925-2015

 

 

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!
1943 ~ Ballpoint pen patented
On June 10, 1967, the Six-Day War ended as Israel and Syria agreed to observe a United Nations-mediated cease-fire. Go to article »

Some interesting stuff from Bloomberg today:
The human brain operates right on the edge of chaos, a study has shown. (h/t Scott Kominers)
A “lost” $450 million Da Vinci painting is apparently on MBS’s yacht.
Brain surgeons are upgrading memories with implanted computer chips.
As for the Tony Awards, the night’s big winner was “Hadestown,” which won Best Musical, one of its eight wins. “The Ferryman” was named Best Play. Click here to see the full list of winners and the best photos from the night.  I saw Hadestown a couple of years ago in London and thought it was spectacular, so nice to see it getting the acclaim I think it deserves.
PHOTOS OF THE DAY

The Lord Mayor’s Hot Air Balloon Regatta in London
CREDIT: JEFF GILBERT FOR THE TELEGRAPH

MSC Magnifica is seen from one of the canals leading into the Venice Lagoo in Venice. Thousands of people took to the streets, calling for a ban on large cruise ships in the city following last week’s collusion between a massive vessel and a tourist boat.
CREDIT: MIGUEL MEDINA / AFP

Sunrise over Stonehenge in Wiltshire just after 5am on a misty morning.
CREDIT: NICK BULL/PICTUREEXCLUSIVE.COM

Members if the ancient Samaritan community pray during the holiday of Shavuot on Mount Gerizim near the West Bank town of Nablus, Sunday, June 9, 2019. Samaritans descended from the ancient Israelite tribes of Menashe and Efraim but broke away from mainstream Judaism 2,800 years ago. Today, the remaining 700 Samaritans live in the Palestinian city of Nablus in the West Bank and the Israeli seaside town of Holon, South of Tel Aviv.
CREEDIT: AP PHOTO/MAJDI MOHAMMED
Market Closes for June 10th, 2019

Market Index	Close	Change
Dow Jones	26062.68	+78.74   +0.30%
S&P 500	2886.73	+13.39   +0.47%
NASDAQ	7823.168	+81.067   +1.05%
TSX	16216.26	-14.70
		-0.09%

International Markets

Market Index	Close	Change
NIKKEI	21134.42	+249.71
		+1.20%
HANG SENG	27578.64	+613.36
		+2.27%
SENSEX	39784.52	+168.62
		+0.43%
FTSE 100*	7375.54	+43.60
		+0.59%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.521		1.461
CND. 30 Year Bond		1.767		1.723
U.S.    10 Year Bond		2.1484		2.0809
U.S. 30 Year Bond		2.6288		2.5720

Currencies

BOC Close	Today	Previous
Canadian $	0.75359	0.75345
US $	1.32699	1.32764
Euro Rate 1 Euro=		Inverse
Canadian $	1.50130	0.66611
US $	1.13135	0.88388

Commodities

Gold	Close	Previous
London Gold Fix	1340.65	1335.50
Oil
WTI Crude Future	53.26	53.99

Market Commentary:
Markets are constantly in a state of uncertainty and flux and money is made by discounting to obvious and betting on the unexpected. -George Soros, Financier, author, philosopher, b. 1930.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks dropped Monday, erasing gains earlier in the trading session.
     S&P/TSX Composite Index fell 0.1%. Industrials, materials, and energy lagged while health care, including marijuana stocks, rallied, led by Cronos Group Inc., up 9.2%.
     Meanwhile, a U.S. ban on China technology may not only hurt the Asian nation’s economy, it may bring recession to other parts of the world, according to Chief Executive Officer Mark Machin of Canada Pension Plan Investment Board. Additionally, gold giants including Barrick and newly merged Newmont Goldcorp Corp. are battling to lure back investors.
In other moves:
Stocks
* Hudson’s Bay Co. jumped 42% after plans to sell Europe assets and take-private bid 
* Flowr Corp. gained 7.8% 
* Just Energy Group Inc. advanced 4.2%, extending gains from Friday after plans to review options after expressions of interest
* Kelt Exploration Ltd. dropped 6.6% 
* Paramount Resources Ltd. fell 6.1% 
Commodities
* Western Canada Select crude oil traded at a $13.55 discount to WTI
* Gold fell close to 1% to $1,332.30 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3268 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.517%
US
By Vildana Hajric
     (Bloomberg) — Global stocks climbed after President Donald Trump suspended plans for tariffs on Mexico. Sovereign bonds fell, along with gold and the yen, as demand for havens ebbed.
     The S&P 500 Index rose for a fifth straight session, led by chipmakers, retailers and auto companies, though ended off its highs of the day. Emerging-market shares jumped the most since January as Mexico’s peso posted its best day in almost a year after the accord with the U.S. late Friday. The dollar edged higher while the onshore yuan fell to its weakest level since November after China’s central bank hinted it could fall further.
     The benchmark U.S. gauge reached the highest in a month, recovering from a painful rout in May, as large takeover deals Monday provided additional support. But the giddiness was tempered as investors looked toward the next developments in the U.S.-China trade showdown. Treasury Secretary Steven Mnuchin has said the “main progress” on trade may occur when presidents Trump and Xi Jinping meet at the G-20 summit later this month, while finance chiefs over the weekend warned about escalating risks from geopolitical tensions. “The fact that the president removed the tariffs that were going to take effect shortly is a positive for the markets,” said Michael Sheldon, the chief investment officer at RDM Financial Group at HighTower. “The big question remains the trade talks with China that are overhanging the economy and the markets.”
Here are some key events coming up:
* ECB President Mario Draghi speaks at a conference in Frankfurt on Wednesday.
* A key measure of U.S. inflation, the consumer price index, is also due Wednesday.
* The race to succeed Theresa May heats up with the first Conservative Party leadership ballot Thursday. 
* Euro-area finance ministers meet in Luxembourg Thursday. On the agenda: financial penalties for Italy over its debt load, and the euro-area budget. 
* China and the U.S. release industrial production, retail sales data Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index added 0.5% at the close of trading in New York.
* The Stoxx Europe 600 rose 0.2%.
* The U.K.’s FTSE 100 Index climbed 0.6%, reaching the highest in five weeks.
* The MSCI Emerging Market Index surged 1.5%, the most since January.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The Japanese yen sank 0.2% to 108.43 per dollar.
* The onshore yuan declined 0.3% to 6.9311 per dollar.
* The euro declined 0.1% to $1.1319.
* The British pound sank 0.3% to $1.2694.
* Mexico’s peso surged 2.2% to 19.1989 per dollar.
Bonds
* The yield on two-year Treasuries increased five basis points to 1.9%.
* The yield on 10-year Treasuries rose six basis points to 2.14%.
* Germany’s 10-year yield climbed four basis points to -0.22%, the first increase in a week.
Commodities
* West Texas Intermediate crude fell 1.3% to $53.31 a barrel.
* Gold sank 0.9% to $1,328.46 an ounce on the biggest tumble in two months.
–With assistance from Cormac Mullen and Todd White.

Have  a great night.

Be magnificent!
As ever,

Carolann

Experience is the teacher of all things.

-Gaius Julius Caesar, 100 BC-45 BC

 

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

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

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

 

Dear Friends,

Tangents: Happy Friday!
Photos of the week

 -from CNN today:
The small museum in Canada had been trying to open an old safe since the ’70s. A tourist’s lucky guess cracked the code on his first try.

Want to swim in the world’s first infinity pool with breathtaking 360-degree views and a staircase that rises out of the waters? Head to London.

An asteroid the size of a football field is speeding towards Earth, but it’ll (probably) miss us by just this much.

On June 7, 1929, the sovereign state of Vatican City came into existence as copies of the Lateran Treaty were exchanged in Rome.  Go to article »

PHOTOS OF THE DAY

Britain’s Prince Harry, Duke of Sussex shakes hands with Chelsea Pensioners during the annual Founder’s Day Parade at the Royal Hospital Chelsea in London on June 6, 2019 as part of D-Day commemorations making the 75 anniversary of the World War II Allied landings in Normandy. -Over 300 Army veterans live at the Royal Hospital today, including those who have served in Korea, the Falkland Islands, Cyprus, Northern Ireland and World War II.
CREDIT: ADRIAN DENNIS/AFP/GETTY IMAGES

Unbelievable close-up photographs of marine creatures making a home out of litter on the seabed. Two yellow Pygmy Gobies living in a discarded aluminium Coca cola can. The images were taken in Lembeh Straits, North Sulawesi, Indonesia, and prove to be a stark, and sad reminder of how lazy people are forcing these aquatic animals to adapt to the carelessness of those responsible for disposing of their litter in an irresponsible way.
CREDIT: ALEX TATTERSALL/ CATERS NEWS

Pilgrims cross the Quema river in Villamanrique, during a pilgrimage on their way to the village of El Rocio. El Rocio pilgrimage, the largest in Spain, gathers hundreds of thousands of devotees in traditional outfits converging in a burst of colour as they make their way on horseback and on board decorated carriages across the Andalusian countryside.
CREDIT: CRISTINA QUICLER/AFP/GETTY IMAGES

Staff at a Scottish farm say they are ‘absolutely delighted’ to have welcome a baby alpaca into the world this morning. Mum, Nunavut, gave birth to the baby boy huacaya alpaca, which has not yet been named, weighting 9.6 kg. Stuart Ramsay , the owner of Velvet Hall Alpacas, in Innerleithen, Scottish Borders said he was surprised when the baby was born an “unusual rose grey colour”.
CREDIT: SWNS
Market Closes for June 7th, 2019

Market Index	Close	Change
Dow Jones	25983.94	+263.28   +1.02%
S&P 500	2873.34	+29.85   +1.05%
NASDAQ	7742.102	+126.549   +1.66%
TSX	16230.96	+3.16
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	20884.71	+110.67
		+0.53%
HANG SENG	26965.28	+69.84
		+0.26%
SENSEX	39615.90	+86.18
		+0.22%
FTSE 100*	7331.94	+72.09
		+0.99%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.461		1.459
CND. 30 Year Bond		1.723		1.742
U.S.    10 Year Bond		2.0809		2.1174
U.S. 30 Year Bond		2.5720		2.6135

Currencies

BOC Close	Today	Previous
Canadian $	0.75345	0.74838
US $	1.32764	1.33620
Euro Rate 1 Euro=		Inverse
Canadian $	1.50572	0.66413
US $	1.13413	0.88168

Commodities

Gold	Close	Previous
London Gold Fix	1335.50	1335.05
Oil
WTI Crude Future	53.99	52.59

Market Commentary:
Mirror, mirror: Who’s the most-photographed NYSE trader of all? Until recently, it was Peter Tuchman. But now, a new, younger contender has emerged.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed while the Canadian dollar rose to its highest level since February as the labor market continued its strong run of job gains.
     The S&P/TSX Composite Index rose less than 0.1% to 16,230.96, capping off the benchmark’s biggest weekly gain since April. Technology stocks led the way for a third session, with Shopify Inc. adding 2.1% to a fresh high.
     Materials brought up the rear, falling 0.8% as copper prices posted an eighth consecutive weekly decline, the longest string of losses since 2001, and gold stocks retreated after a six-day run.
In other moves:
Stocks
* Saputo Inc. lost 6.5%, bringing its two-day decline to 13%. Desjardins Securities downgraded the dairy stock to hold from buy amid a disappointing earnings outlook
* Transcontinental Inc. fell 5.2% to the lowest since 2015. The company’s legacy segments face “secular pressures” while its packaging division struggles with execution issues, according to BMO Capital Markets
* Cenovus Energy Inc. gained 3.9%. The company is working to restart three wells that were shut down due to wildfires Commodities
* Western Canada Select crude oil traded at a $14.10 discount to WTI
* Gold rose 0.3% to $1,341.20 an ounce to cap off its best week since March 2018
FX/Bonds
* The Canadian dollar strengthened 0.6% to C$1.3278 per U.S. dollar after the country’s unemployment rate fell to the lowest since at least 1976
* The Canada 10-year government bond yield was little changed at 1.46%
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — U.S. stocks rallied for a fourth day after weak jobs data added to bets the Federal Reserve will cut rates. Treasury yields and the dollar fell.
     The S&P 500 Index had its best week since November on speculation the Fed will move to shore up the economy as a report showed employers added the fewest workers in three months and wage gains cooled. Technology shares led the advance in equities, while banks sank. The 10-year bond yield extended its weekly slide. The peso rose after President Donald Trump said there’s a “good chance” the U.S. will reach a deal to avert imposing trade tariffs on Mexico.
     Traders have aggressively increased bets the Fed will cut rates after a string of weak reports on retail sales, factory orders and home purchases indicated the world’s largest economy is slowing. Earlier in the week, Chairman Jerome Powell signaled he’s open to easier policy amid trade tension. Fed funds futures show a quarter-point cut almost fully priced in for July.
     “The days of the ‘Fed Put’ are back, with investors treating bad economic data as good news for stocks,” said Chris Gaffney, president of world markets at TIAA Bank. “The numbers weren’t necessarily bad enough to force a move by the FOMC later this month, but I expect Chairman Powell to continue to sound a more dovish tone. Chances of a rate cut by year-end have increased.”
     On the trade front, the Trump administration said that some Chinese products exported to the U.S. won’t be subject to a tariff increase until June 15. The offshore yuan fell to its weakest since November before paring losses as China’s central bank governor said there’s “tremendous” room to adjust monetary policy if the trade war deepens.
     In company news, Microsoft Corp. climbed back above the coveted $1 trillion level in market value amid a broader rally in technology shares. Beyond Meat Inc. soared to a record after the faux-meat maker’s sales forecast beat estimates. Online fashion retailer Revolve Group Inc. jumped in its trading debut after raising $212 million in an IPO.
Here are some notable events coming up:
* Finance ministers and central bank governors from the G-20 nations gather in Fukuoka, Japan this weekend.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index climbed 1.1% to 2,873.34 as of 4 p.m. New York time, the highest in more than three weeks.
* The Stoxx Europe 600 Index gained 0.9%.
* The MSCI Asia Pacific Index added 0.4%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro climbed 0.5% to $1.1334.
* The Japanese yen rose 0.2% to 108.16 per dollar.
Bonds
* The yield on 10-year Treasuries decreased four basis points to 2.08%.
* Germany’s 10-year yield fell two basis points to -0.26%.
* Britain’s 10-year yield declined one basis point to 0.813%.
Commodities
* The Bloomberg Commodity Index rose 0.1% to 77.15.
* West Texas Intermediate crude jumped 2.7% to $53.99 a barrel.
–With assistance from Cormac Mullen, Adam Haigh, Namitha Jagadeesh, Yakob Peterseil, Sophie Caronello, Andrew Cinko, Sarah Ponczek and Benjamin Purvis.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

He knows not his own strength that hath not met adversity.

                                             -Ben Jonson, 1572-1637

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 The Economist archive:

Our leader on the D-Day landings of June 6th 1944

Charlemagne’s notebook
Jun 6th 2014
by The Economist
The following leader was published on the cover of The Economist on June 10th 1944, following the D-Day landings of June 6th.
FOUR years ago almost to a day the last man was taken off the beaches at Dunkirk. Then, under a pitiless and unopposed German bombardment from the air, the shattered remnants of an Allied army, without stores, without food, without equipment, were rescued from Europe in tugs and trawlers and yachts and rowing boats, in any odd scratch vessel that could make the Channel crossing. This is the picture of defeat and disarray which today can be set against the massive pageant of invasion—the armadas of 4,000 and 6,000 ships, the great armies equipped to the last detail of mechanised armament, the Allied air forces in thousands of sorties raking the French skies empty of all German opposition. It is a tremendous and exhilarating contrast, and in the first hour of relief and jubilation it is only right that the British people should offer their thanks to the one man who, before all, is responsible for the greatest reversal of fortune in this island’s history. Mr Churchill is the supreme architect of this achievement. It was his leadership and inspiration that made possible Britain’s resolve in 1940 “to ride out the storm of war and to outlive the menace of tyranny, if necessary for years, if necessary alone.” It was his vision on the very morrow of Dunkirk that saw the forging of a future alliance, the new world stepping forth “with all its power and might ” to the liberation of the old, the rallying of the world against tyranny, the long struggle and the final success. This, in June, 1940, was not an easy or an obvious vision. When Mr Churchill said
we shall fight on the seas and oceans, we shall fight with growing confidence and growing strength in the air . . . . whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills. . . .
he spoke in terms only of defence and of no surrender. But his words had a prophetic ring, and now indeed Britain and its Allies fight on the landing grounds and on the beaches, not on British soil, but on the liberated soil of Europe. If there is any one man of whom it can be said that he won this war, that man is Mr. Churchill.

The vision was his, but it could not have been fulfilled without the forging of the Grand Alliance and the enormous efforts and sacrifices of Britain’s friends. If British armies can enter the Continent in such strength and so well equipped, it is because the Americans are at their side and the flood of American war production has helped lavishly to swell their armament. And if they face a German army and a German air force reduced to a shadow of their former strength, it is because the Russians have whittled away Germany’s military strength by their own stupendous sacrifices. The Russian cry for a Second Front was always a cry of bitterest need, and now that the Second Front has come, it is only fitting that the Allies in the West should recognise the scale of their obligation to Russia’s efforts on the Eastern front. But gratitude is the last thing the Russians want. They want heavy blows, hard fighting and rapid victory. The British and Americans are now in a position to repay their debt to Russia in the best and most acceptable coin.
Even if the Great Powers have been the chief engineers of Germany’s deepening defeat, in the next weeks, the nations of Western Europe will bear the full brunt of the fighting. The hour for their active participation has not yet come, and all the Allied leaders have warned their peoples against premature uprisings which would lead to a loss of life and effort before the crisis is reached. But even during the passive phase, the peoples of Western Europe will be one of the factors in Allied victory. Their bearing under bombardment, their discipline in the midst and in the rear of the advancing armies have military importance, just as, in the past, their refusal to accept the New Order and their four years’ underground struggle have been military factors of the highest significance. To them, too, the Allies owe a tremendous debt and one which they will pay only in part by the act of liberation. Inevitably the Allies’ tanks and artillery and transport will add to the destruction which Allied bombing has begun. As passive or active agents in their own liberation, the peoples of Western Europe are paying a heavy price. It is not enough to free them. Behind the guns must come the food lorries and the mobile canteens. The physical basis of reconstruction barely exists in some areas. Invasion threatens to overlap the narrow margin of subsistence. The Allies will need to act vigorously if their friends are not to be liberated only to starve. Much, too, will depend upon the behaviour of the invading armies. The lessons taught by the Italian campaign on the dangers of overspending by the troops have presumably been learnt, and while it is too much to hope that men worn out from battle will always be the surest ambassadors of good will, each unit could at least go out with some instruction on the degree to which good behaviour, good discipline, good humour and kindliness can oil the wheels of occupation and lay the foundations of lasting friendship. Britain and America are, with whatever tact and reserve they may be compelled to act, in some sense the trustees of the future political freedom of the peoples they are liberating. Darlanism and expediency belong to the phase of military weakness and insufficiency. The Allies’ overwhelming strength enables them to choose where they will. If their choice is faulty or compromised, they may play a decisive part in undermining the peoples’ freedom and the nations’ friendship.

Yet when all the thanks are made and all the contributions measured, there still remain the final artificers of victory, the men who, in the King’s words “man the ships, storm the beaches and fill the skies.” Although the first advances have been secured with surprisingly little loss of life, the hardest fighting lies ahead. In the weeks to come, thousands of men will lay down their lives or suffer disablement, will endure pain and hardship and strain, will throw everything they have into the balance of victory without particularly asking why or counting the cost. For them at the moment there is not very much that the people who stay behind can do. They can keep vigil, as the King has asked. They can face anxiety steadfastly. They can accept the losses when they come; but the real effort of gratitude will only be needed later on, when the men come home. They will not have been given victory, they will have toiled and sweated for it, all the way from Alamein to Bizerta, from Sicily to Rome, in the jungles of Burma, on the landing beaches in France. They have been the active agents of every military success. It is their courage and initiative and adaptability and common sense that have completed the historic reversal of the last four years. It will not be enough for their elders to give them “food, work and homes”—the essentials of a decent post-war society. They must be allowed their place in that society, they must be given scope and opportunity and responsibility to run it themselves.

The men who ruled the country in 1913 were still ruling it in 1923, and in all too many dismal cases were still doing so in 1939. After this war, let the debt of gratitude be more adequately paid. The men who are air-marshals and generals in their thirties must not wait until the sixties for honour and responsibility in civilian life. The change cannot be brought about overnight, least of all while the war continues, but now is the time, when the men are fighting and dying and everyone with a heart and conscience is deeply aware of a tremendous debt, to register the firm resolve that, after this war, youth and enthusiasm will not be actual disqualifications for responsibility and that the new world will not only be built for the war generation but round them and by them as well.
Market Closes for June 6th, 2019

Market Index	Close	Change
Dow Jones	25720.66	+181.09   +0.71%
S&P 500	2843.49	+17.34   +0.61%
NASDAQ	7615.555	+40.080   +0.53%
TSX	16227.80	+15.14
		+0.09%

International Markets

Market Index	Close	Change
NIKKEI	20774.04	-2.06
		-0.01%
HANG SENG	26965.28	+69.84
		+0.26%
SENSEX	39529.72	-553.82
		-1.38%
FTSE 100*	7259.85	+39.63
		+0.55%

Bonds

 

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.459	1.448
CND. 30 Year Bond	1.742	1.746
U.S.    10 Year Bond	2.1174	2.1348
U.S. 30 Year Bond	2.6135	2.6465

Currencies

BOC Close	Today	Previous
Canadian $	0.74838	0.74511
US $	1.33620	1.34208
Euro Rate 1 Euro=		Inverse
Canadian $	1.50702	0.66356
US $	1.12784	0.88665

Commodities

Gold	Close	Previous
London Gold Fix	1335.05	1324.25
Oil
WTI Crude Future	52.59	51.68

Market Commentary:
On this day in 1934, the Securities Exchange Act—which created the Securities & Exchange Commission, required companies to file registration documents with stock exchanges and required them to file quarterly financial statements with the SEC—was signed into law by President Franklin D. Roosevelt
Canada
By Kristine Owram
     (Bloomberg) — Technology stocks rose to their highest level since 2008, leading Canada’s equity benchmark to a third consecutive gain.
     The S&P/TSX Composite Index added 0.1% to 16,227.80. The S&P 500 increased 0.6% as the U.S. weighs delaying President Donald Trump’s threatened tariffs on Mexico. Technology stocks rose 1% in Toronto, while defensives like real estate, utilities and telecom companies also gained. Consumer staples were the biggest decliners, falling 0.9% as dairy producer Saputo Inc. tumbled 6.6%, the most since 2011. The company missed earnings and revenue estimates due to lower international prices and a fluctuating Canadian dollar.
     In other moves:
Stocks
* Just Energy Group Inc. jumped 12% to the highest since December. The company said it’s reviewing strategic alternatives after receiving expressions of interest
* Transcontinental Inc. gained 2% after the printing company reported earnings and revenue that beat analyst estimates
* Bombardier Inc. fell 4.2%, erasing some of Wednesday’s 9.7% gain. Shares of Mitsubishi Heavy Industries Ltd. also fell as analysts criticized its talks with Bombardier to buy its regional jet program
Commodities
* Western Canada Select crude oil traded at a $13.85 discount to WTI
* Gold rose 0.7% to $1,337.60 an ounce, the highest since February
FX/Bonds
* The Canadian dollar strengthened 0.4% to C$1.3369 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.46%
US
By Rita Nazareth
     (Bloomberg) — U.S. stocks climbed after a report the U.S. is considering delaying President Donald Trump’s plan to impose tariffs on Mexico. Treasuries pared gains and the peso rebounded from Thursday’s lows.
     The S&P 500 Index extended its advance as Bloomberg News reported that Mexico is pushing for more time to negotiate. Treasuries rose on speculation that major central banks will keep a dovish stance as the trade war jeopardizes growth. The euro climbed as European Central Bank President Mario Draghi touted “somewhat better” than expected first-quarter data. Read: U.S. Weighs Delaying Mexico Tariffs as Time for Deal Runs Short Investors pushed up the value of American equities after the news report as the tariff threat has led several analysts to forecast increased risk of a recession in the world’s largest economy. Sentiment remained fragile, though, with a U.S. official saying the most likely outcome is still that a 5% tariff goes into effect. Goldman Sachs Group Inc. put the odds that the U.S. imposes duties on imports from Mexico at 70%, according to a note dated June 5.
     As trade tension spurs speculation that rate cuts are coming, Friday’s jobs report will be especially scrutinized for signs of cracks in the economy. The International Monetary Fund said the U.S. expansion risks being knocked off course by a further escalation of the trade conflict or a significant downturn in financial markets.
     Read: Dollar Bears May Be Let Down by Rate Cuts, Morgan Stanley Says Bets the Federal Reserve will slash borrowing costs have risen since Chairman Jerome Powell signaled this week he’s open to easier policy amid trade tension. Draghi used similar tactics in promising to react to any deterioration in the outlook. Australia this week cut rates for the first time in three years, and there’s speculation the Bank of Japan will add stimulus.
     Here are some notable events coming up:
* Theresa May steps down on Friday as leader of the Conservative Party.
* Friday’s U.S. jobs report is projected to show payrolls rose by 175,000 in May, unemployment held at 3.6%, a 49-year low, and average hourly earnings growth sustained a 3.2% pace.
* Finance ministers and central bank governors from the G-20 nations gather in Fukuoka, Japan this weekend.
     These are some of the main moves in markets:
Stocks
* The S&P 500 climbed 0.6% to 2,843.49 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined less than 0.05%.
* The MSCI Asia Pacific Index fell 0.3%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro climbed 0.5% to $1.1273.
* The Japanese yen declined less than 0.05% to 108.51 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.13%.
* Germany’s 10-year yield slid one basis point to -0.24%.
* Britain’s 10-year yield declined four basis points to 0.825%.
Commodities
* The Bloomberg Commodity Index gained 0.8%.
* West Texas Intermediate crude climbed to $52.59 a barrel.
–With assistance from Jake Lloyd-Smith, Adam Haigh, Samuel Potter, Todd White, Vildana Hajric, Lu Wang and Sarah Ponczek.

Have a great evening.

Be magnificent!
As ever,

Carolann

 Until you value yourself, you won’t value your time.

                                  -M Scott Peck, 1936-2005

 

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:

MICHELIN STARRED*:
At a ceremony in Huntington Beach, Calif., on Monday, June 3, the 2019 Michelin Guide California announced its inaugural stars, including updated awards for San Francisco. There are now seven three-star restaurants in California, all in San Francisco or Napa Valley. That number is fewer than a year ago, but the overall number of restaurants with stars has increased to 90. The new guide features restaurants in greater Los Angeles, Monterey, Orange County, Sacramento, San Diego, and Santa Barbara.
The guide named 14 two-star restaurants, split between San Francisco and Los Angeles. The newly two-starred include N/naka, a kaiseki restaurant in Culver City; Providence, a fish temple in Los Angeles; and Campton Place, the rare Indian restaurant to claim two stars. Saison, a San Francisco restaurant with a $298 tasting menu, fell from three stars to two.

A dish at Single Thread, awarded three stars by Michelin on Monday.
Photographer: Eric Wolfinger
Even so, San Francisco still has two more three-star dining rooms than New York does. The new guide demonstrates the increasing importance of California in the culinary world, as well as that of secondary cities away from traditional epicenters such as New York.  –from Bloomberg Pursuits

June 5, 1723~ Adam Smith, Economist, born.
June 5, 1883 ~ John Maynard Keynes, Economist, born.
June 5, 1968~ Robert F. Kennedy assassinated.
PHOTOS OF THE DAY

Apple’s Worldwide Product Manager, Colleen Novielli shows off the new Pro Display XDR during Apple’s Worldwide Developer Conference (WWDC) in San Jose, California
— FROM TELEGRAPH, June 5, 2019

A group of Tunisian observer using binoculars and telescope gather for observing the new crescent moon which marks the end of the Muslim fasting month of Ramadan and heralds the coming of Eid al-Fitr holiday, in Aryanah, Tunisia
CREDIT: YASSINE GAIDI/ANADOLU AGENCY/GETTY IMAGES

The iconic ‘Emirates’ Spinnaker Tower, in Portsmouth, adorned with commemorative lighting as a mark of respect for the D-Day 75 anniversary celebrations.
CREDIT: SHAUN ROSTER/ SWNS

Mouse doing the splits on some wheat last week.
CREDIT: GEORGE LOCKWOOD/ BAV MEDIA
Market Closes for June 5th, 2019

Market Index	Close	Change
Dow Jones	25539.57	+207.39   +0.82%
S&P 500	2826.15	+22.88   +0.82%
NASDAQ	7575.477	+48.360   +0.64%
TSX	16212.66	+46.42
		+0.29%

International Markets

Market Index	Close	Change
NIKKEI	20776.10	+367.56
		+1.80%
HANG SENG	26895.44	+133.92
		+0.50%
SENSEX	40083.54	-184.08
		-0.46%
FTSE 100*	7220.22	+5.93
		+0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.448		1.475
CND. 30 Year Bond		1.746		1.744
U.S.    10 Year Bond		2.1348		2.1296
U.S. 30 Year Bond		2.6465		2.6113

Currencies

BOC Close	Today	Previous
Canadian $	0.74511	0.74658
US $	1.34208	1.33943
Euro Rate 1 Euro=		Inverse
Canadian $	1.50649	0.66379
US $	1.12246	0.89090

Commodities

Gold	Close	Previous
London Gold Fix	1324.25	1317.10
Oil
WTI Crude Future	51.68	53.48

Market Commentary:
The S&P 500 has finished higher 54.9% of the time in June, with an average gain of 3.9% for the up months and an average drop of 4.4% for the down months, according to an S&P Dow Jones Indices analysis of data going back to the index’s inception in 1928. The month has averaged an overall gain of 0.7% in that span. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day as gains in most sectors offset a steep decline in crude prices, which entered a bear market.
     The S&P/TSX Composite Index added 0.3% to 16,212.66. Technology shares led the gains, rising 2.7%. Shopify Inc. climbing 6.6% to a record high, continuing a rally that’s made it the best-performing stock on the benchmark this year. Industrials gained 1.3% as Bombardier Inc. jumped 9.7%, the most since February. The company is in talks to sell its CRJ regional jet unit to Mitsubishi Heavy Industries Ltd.
In other moves:
Stocks
* Cronos Group Inc. jumped 12%, the most since February. The pot stock received a double upgrade at Bank of America Merrill Lynch on the potential for a near-term launch in the U.S. CBD market.
* Sherritt International Corp. fell 7.3%. The Cuba-focused company’s debt costs are rising as its cash flow shrinks.
* Cineplex Inc. gained 3.6% after the stock was upgraded to outperform at National Bank Financial.
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI.
* Gold rose 0.4% to $1,328.30 an ounce, its sixth straight session of gains.
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3421 per U.S. dollar.
* The Canada 10-year government bond yield fell 3 basis points to 1.44%.
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — Stocks climbed on optimism Mexican tariffs will be avoided, while Treasury yields fell as data bolstered rate-cut wagers. Oil entered a bear market after U.S. supplies jumped the most in almost 30 years.
     The S&P 500 Index rose a second day as President Donald Trump said Mexico wants to make a deal and White House trade adviser Peter Navarro told CNN the nation still has time to prevent the tariffs from taking effect. Treasuries rose as weak private-jobs data outweighed solid service-industries figures.
     Trump’s tariff threat has led several analysts to forecast increased risk of a recession in the world’s largest economy, putting pressure on the Federal Reserve to cut rates. The steepening U.S. yield curve shows bond traders betting the case for Fed easing is only strengthening, even as top policy makers signal they’re not yet ready to act.
     “We’re continuing to see that wave of momentum,” said Ryan Nauman, market strategist at Informa Financial Intelligence. Traders are “hoping that the Fed will cut rates and hoping that a resolution to the trade concerns will come to an end sometime soon as the economy slows.”
Here are some notable events coming up:
* China President Xi Jinping begins a two-day visit to Russia on Wednesday.
* Theresa May steps down on Friday as leader of the Conservative Party.
* Friday’s U.S. jobs report is projected to show payrolls rose by 180,000 in May, unemployment held at 3.6%, a 49-year low, and average hourly earnings growth sustained a 3.2% pace.
These are some of the main moves in markets:
Stocks
* The S&P 500 climbed 0.8% to 2,826.15 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.4%.
* The MSCI Asia Pacific Index jumped 0.8%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.4%.
* The euro fell 0.2% to $1.1224.
* The Japanese yen dipped 0.3% to 108.43 per dollar.
Bonds
* The yield on 10-year Treasuries declined one basis point to 2.12%.
* Germany’s 10-year yield fell two basis points to -0.23%.
* Britain’s 10-year yield fell four basis points to 0.863%.
Commodities
* The Bloomberg Commodity Index declined 1.6%.
* West Texas Intermediate crude fell 3.4% to $51.68 a barrel.
–With assistance from Cormac Mullen, Adam Haigh, Robert Brand, Todd White, Benjamin Purvis, Sophie Caronello and Sarah Ponczek.

Have  a great night.

Be magnificent!
As ever,

Carolann

 

Nothing can stop the man with the right mental attitude from achieving his goal;

nothing on earth can help the man with the wrong mental attitude.

                                                                     -Thomas Jefferson, 1743-1826

 

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

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

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

Dear Friends,

Tangents:

1940 – Battle of Dunkirk; newspaper headline: “Dunkirk rescue is over – Churchill defiant.”  As the last Allied soldier leaves Dunkirk, the British Prime Minister vows his forces “shall never surrender.”
1942 – Battle of Midway begins.
1989 – Tiananmen Square Massacre, China
On June 4, 1989, Chinese army troops stormed Tiananmen Square in Beijing to crush the pro-democracy movement; hundreds – possibly thousands – of people died.
Go to article »

From today’s New York Times, a fascinating piece of art news:

Herman Wouters for The New York Times

A Dutch art conservator found a surprise in a late-period Claude Monet work.

When Ruth Hoppe of the Gemeentemuseum in The Hague took the painting of wisteria down from the wall for the first time since 1961, she noticed that it had been retouched. An X-ray revealed another artwork underneath: one of his famous water lily paintings.

Ms. Hoppe shared a theory that the canvas, “a bridge between the water lilies and the wisteria,” might have been the final water lily Monet painted.
PHOTOS OF THE DAY

John Fatkin captured a stunning rainbow on Sunday at the mouth of the Tyne, in Tyne and Wear. He says it was taken “in a howling gale with horizontal rain.”
CREDIT: JOHN FATKIN/COVER IMAGES

Married Indian women perform rituals on a scared Banyan tree on the occasion of “Vat Savitri Puja” festival, in Jabalpur. The “Vat Savitri Puja” festival is an auspicious day in Hinduism when married women observe fast and pray for their husband’s health and longevity.
CREDIT: UMA SHANKAR MISHRA/AFP/GETTY IMAGES

British military band, the Band of HM Royal Marines Plymouth, performs on the occasion of the upcoming 75^th anniversary of D-Day, at NATO headquarters in Brussels.
CREDIT: EMMANUEL DUNAND/ AFP/ GETTY IMAGES

Market Closes for June 4th, 2019

Market Index	Close	Change
Dow Jones	25332.18	+512.40   +2.06%
S&P 500	2803.27	+58.82   +2.14%
NASDAQ	7527.117	+194.098   +2.65%
TSX	16166.24	+150.35
		+0.94%

International Markets

Market Index	Close	Change
NIKKEI	20408.54	-2.34
		-0.01%
HANG SENG	26761.52	-132.34
		-0.49%
SENSEX	40083.54	-184.08
		-0.46%
FTSE 100*	7214.29	+29.49
		+0.41%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.475		1.420
CND. 30 Year Bond		1.744		1.701
U.S.    10 Year Bond		2.1296		2.0710
U.S. 30 Year Bond		2.6113		2.5311

Currencies

BOC Close	Today	Previous
Canadian $	0.74658	0.74397
US $	1.33943	1.34414
Euro Rate 1 Euro=		Inverse
Canadian $	1.50724	0.66346
US $	1.12528	0.88870

Commodities

Gold	Close	Previous
London Gold Fix	1317.10	1295.55
Oil
WTI Crude Future	53.48	53.25

Market Commentary:
On this day in 1987, the first big domino fell in Wall Street’s insider-trading scandal as Kidder, Peabody & Co. paid a $25.3 million fine to settle federal charges of securities fraud. The SEC claimed that Kidder illegally “parked” stock for dealster Ivan Boesky, taking shares of Unocal off his hands temporarily to conceal his ownership and protect him from loss—and that Kidder takeover maven Martin Siegel had traded inside information on at least six stocks.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose. Royal Bank of Canada contributed the most to the index gain, increasing 0.8 percent. Aurora Cannabis Inc. had the largest increase, rising 6.4 percent. In midday trading, 149 of 242 shares rose, while 89 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index was unchanged
* The index advanced 0.3 percent in the past 52 weeks.
* The S&P/TSX Composite is 3.4 percent below its 52-week high on April 23, 2019 and 16.9 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and fell 2.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.2 on a trailing basis and 14.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12- month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.48 trillion
* 30-day price volatility fell to 7.94 percent compared with 7.95 percent in the previous session and the average of 6.96 percent over the past month.
================================================================
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 43.0629| 0.8| 19/7
Energy | 17.4499| 0.6| 31/8
Health Care | 10.9003| 3.6| 10/1
Information Technology | 6.1621| 0.8| 7/3
Materials | 5.9901| 0.4| 28/21
Consumer Discretionary | 3.8087| 0.6| 14/3
Communication Services | 0.5148| 0.1| 3/4
Utilities | -0.5209| -0.1| 7/9
Real Estate | -0.7567| -0.1| 7/16
Consumer Staples | -1.1194| -0.2| 3/7
Industrials | -1.8774| -0.1| 20/10
================================================================
| |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Royal Bank of Canada| 8.8120| 0.8| -24.7| 9.9
Manulife Financial | 8.5510| 2.7| 12.8| 21.0
TD Bank | 7.5880| 0.8| -15.8| 9.5
Franco-Nevada | -1.5490| -1.1| -0.6| 8.4
Suncor Energy | -3.9600| -0.9| 214.0| 5.8
Waste Connections | -6.6900| -2.8| 96.1| 21.4
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Aurora Cannabis | 6.4| 4.4190| 29.8| 51.3
Aphria | 5.9| 0.7680| 11.8| 14.9
Canfor | 5.5| 0.2150| 2.9| -43.9
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
B2Gold | -3.0| -0.8210| 23.5| -5.9
Waste Connections | -2.8| -6.6900| 96.1| 21.4
OceanaGold | -2.6| -0.4420| 205.7| -24.5
* The benchmark 10-year bond fell and the yield rose 6.4 basis points to 1.484 percent
US
By Rita Nazareth, Vildana Hajric and Sarah Ponczek
      (Bloomberg) — U.S. stocks climbed the most since January as Federal Reserve Chairman Jerome Powell signaled an openness to rate cuts and Mexican officials said they expect to avoid Trump administration tariffs.
     Big banks surged as Wells Fargo analyst Mike Mayo said the industry would be set to “party like it’s 1995” if rates are cut. Treasury yields rose from multiyear lows as Powell stopped short of signaling an imminent move. Carmakers and chip manufacturers rallied as Mexico’s president said he hopes to reach a deal with the U.S. before next week’s deadline, with his foreign minister seeing 80% odds to negotiate a solution. The peso jumped.
     Later in day, the Washington Post reported that Republican senators warned Trump administration officials they were ready to block efforts to impose duties on Mexican imports. Economists see U.S. tariffs on Mexican goods denting growth and adding to headwinds that could prompt both countries’ central banks to cut interest rates in the next year.
     “Given the ongoing uncertainty on both the interest rate and trade front, any clarity will likely be welcomed by the market,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial. “A lot of market-watchers will be reading the tea leaves from this week’s jobs data, which could hold significant weight for the Fed’s next rate move.”
     Continued strength in U.S. consumer and business confidence outweighs the recession signal being sent by an inverted yield curve — making a rate cut unlikely this year, according to Bank of America Chief Executive Officer Brian Moynihan. He also said that the ongoing trade war isn’t having enough of an impact to warrant recession concern.
     Elsewhere, gains in automakers and banks pushed European stocks higher for a second day. Oil rebounded as signs of tightening supply from OPEC+ temporarily overshadowed concern over global demand. Bitcoin fell as much as 12%.
Here are some notable events coming up:
* China President Xi Jinping begins a two-day visit to Russia on Wednesday.
* Theresa May steps down on Friday as leader of the Conservative Party.
* Friday’s U.S. jobs report is projected to show payrolls rose by 180,000 in May, unemployment held at 3.6%, a 49-year low, and average hourly earnings growth sustained a 3.2% pace.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index surged 2.1% to 2,803.27 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.6%.
* The MSCI Asia Pacific Index gained less than 0.05%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro advanced 0.1% to $1.1257.
* The British pound gained 0.3% to $1.2707.
Bonds
* The yield on 10-year Treasuries jumped five basis points to 2.12%.
* Germany’s 10-year yield fell less than one basis point to -0.21%.
* Britain’s 10-year yield jumped four basis points to 0.902%.
Commodities
* The Bloomberg Commodity Index advanced 0.3% to 77.71.
* West Texas Intermediate crude rose to $53.48 a barrel.
–With assistance from Andrew Janes, Andreea Papuc, Samuel Potter, Todd White and Lananh Nguyen.

Have  a great night.

Be magnificent!
As ever,

Carolann

 

A schedule defends from chaos and whim.

                        -Annie Dillard, b. 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: Happy Monday, happy month of June!
The Month of June
The sixth month of the year in the Gregorian calendar, with a length of 30 days.

The Roman poet Ovid provides two etymologies for June’s name in his poem concerning the moths entitled the Fasti.  The first is that the month is named after the Roman goddess Juno, wife of Jupiter and equivalent to the Greek goddess Hera.  Whilst the second is that the name comes from the Latin word iuniores, meaning “younger ones” as opposed to maiores “elders” for which the preceding month May is named.

June is the month with the longest daylight hours of the year in the Northern Hemisphere and the shortest daylight hours of the year in the Southern Hemisphere.

June in the Northern Hemisphere is the seasonal equivalent to December in the Southern Hemisphere and vice versa.  The month of June – in the Northern Hemisphere – is in spring until the 21^st, when the first day of summer begins.

The traditional June birthstone is the pearl.

The June birth flower is the rose, or the honeysuckle, as roses and honeysuckles bloom throughout June.  June is also sometimes called the “rose month.”

June is known for the large number of marriages that occur over the course of the month.  Juno was the goddess of marriage and a married couple’s household, so some consider it good luck to be married in this month.

This is for June, and all the summers it brings
For the chiming of bells….from a steeple ring
Olde songs of wedlock over top hat, and lace
‘Fore June passes torch, to July’s scarlet face.

Trees are full jackets, in multi-shades of green
The last pink magnolia leaf…still can be seen
There’s a breeze in the air, that carries a scent
Of her sweet honeysuckle… full efflorescence

Still nights cast a chill, but June has its motives
An inviting warm flame…bright amorous votive
Moonlight romance, ‘neath a nautic June breeze
Makes love in June sparkle, by shore or by sea.

                                  -Frank James Ryan Jr.

PHOTOS OF THE DAY

‘The Runner’ created by Faith Bebbington, part of the weekend River Festival, which features several neon illuminated orange figures apparently running on water.
CREDIT: MEDIAWORLDIMAGES/ ALAMY LIVE NEWS

Spitfire pilots practise formation-flying over the White Cliffs of Dover in preparation for this week’s 75^thanniversary of D-Day.
CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH

Fred Brunt, who on D-Day was the coxswain of a landing craft, is returning to France for the first time on board MV Boudicca
CREDIT: PAUL GROVER FOR THE TELEGRAPH
Market Closes for June 3^rd, 2019

Market Index	Close	Change
Dow Jones	24819.78	+4.74   +0.02%
S&P 500	2744.45	-7.61   -0.28%
NASDAQ	7333.020	-120.128   -1.61%
TSX	16015.89	-21.60
		-0.13%

International Markets

Market Index	Close	Change
NIKKEI	20410.88	-190.31
		-0.92%
HANG SENG	26893.86	-7.23
		-0.03%
SENSEX	40267.62	+553.42
		+1.39%
FTSE 100*	7184.80	+23.09
		+0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.420		1.488
CND. 30 Year Bond		1.701		1.767
U.S.    10 Year Bond		2.0710		2.1246
U.S. 30 Year Bond		2.5311		2.5685

Currencies

BOC Close	Today	Previous
Canadian $	0.74397	0.73978
US $	1.34414	1.35176
Euro Rate 1 Euro=		Inverse
Canadian $	1.51146	0.66162
US $	1.12444	0.88933

Commodities

Gold	Close	Previous
London Gold Fix	1295.55	1280.95
Oil
WTI Crude Future	53.25	53.50

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a fifth day, reaching their lowest point since March as oil prices approached a bear market.
     The S&P/TSX Composite Index slipped 0.1% to close at 16,015.89. Energy stocks lost 2% along with falling West Texas Intermediate crude, even as Alberta oil prices rose the most since December amid wildfires in the region. Technology and cannabis stocks also retreated.
     A fourth straight gain in gold prices helped to moderate the decline, with the materials sector adding 3%, the most since November. The seven biggest gainers on the benchmark were gold miners, with Semafo Inc. jumping 13% and Eldorado Gold Corp. rising 12%.
In other moves:
Stocks
* Enbridge Inc. fell 4.7% to the lowest in three months. A decision by a Minnesota appeals court has thrown a pipeline replacement plan into doubt
* Emerald Health Therapeutics Inc. lost 8.1% to the lowest since January after Eight Capital downgraded the pot stock to neutral from buy
* Teck Resources Ltd. rose 1.8%. The company will sell a “significant volume” of copper concentrates from its Quebrada Blanca mine to German miner Aurubis AG over 10 years
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI, a 21% improvement over Friday’s spread
* Gold rose 1.3% to $1,322.70 an ounce, the highest since February
FX/Bonds
* The Canadian dollar strengthened 0.6% to C$1.3444 per U.S. dollar
* The Canada 10-year government bond yield fell 6 basis points to 1.42%, the lowest in two years
US
By Rita Nazareth, Vildana Hajric and Sarah Ponczek
     (Bloomberg) — Technology giants newly in the crosshairs of regulators led U.S. stocks lower, while speculation the Federal Reserve will warm up to rate cuts spurred a Treasury rally. The Nasdaq-100 Index extended losses from a record in May to more than 10% as the FAANG cohort of tech companies was said to potentially face federal probes on antitrust activity. Treasury two-year yields dropped to their lowest since 2017 and the dollar fell after James Bullard became the first Fed board member to publicly call for a rate cut amid the trade war.
     Selling was heaviest in Facebook Inc., Amazon.com Inc., Alphabet Inc. and Apple Inc. as the companies appeared set to undergo antitrust probes after the U.S. Justice Department and the Federal Trade Commission agreed to split up oversight of technology giants. For investors, any such investigation would represent broadsides at companies that sit at the heart of the bull market.
     “The regulatory situation is an overhang and it has long- term negative implications,” said Matt Maley, equity strategist at Miller Tabak & Co. “It creates another headwind in a situation where we have a long list of headwinds.”
     After a brutal month for most asset classes except bonds, June began with no let-up in market risks. Besides concern over sweeping investigations into tech behemoths, the latest signs of factory weakness in major economies weighed on investor sentiment. A measure of American manufacturing activity fell in May to the lowest since October 2016.Bank of America and Citigroup have lowered their U.S. corporate profit forecasts while pointing out the risk of a recession amid a trade war. They’re among the first Wall Street strategists to lower their estimates since President Trump last month escalated a dispute with China and threatened tariffs on all Mexican goods unless the country steps up its fight against illegal immigration.

Here are some notable events coming up:
* U.S. President Donald Trump meets U.K. Prime Minister Theres May in London Monday. 
* Tuesday sees the Reserve Bank of Australia policy meeting, with many expecting an interest-rate cut. 
* China President Xi Jinping begins a two-day visit to Russia on Wednesday. 
* Theresa May steps down on Friday as leader of the Conservative Party. 
* Friday’s U.S. jobs report is projected to show payrolls rose by 190,000 in May, unemployment held at 3.6%, a 49-year low, and average hourly earnings growth sustained a 3.2% pace.
These are the main moves in markets:
Stocks
* The S&P 500 Index declined 0.3% to 2,744.45 as of 4 p.m. New York time, the lowest in more than 12 weeks.
* The Dow Jones Industrial Average was little changed.
* The Stoxx Europe 600 Index climbed 0.4%.
* The MSCI Asia Pacific Index gained 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro jumped 0.7% to $1.1244.
* The Japanese yen increased 0.2% to 108.07 per dollar.
Bonds
* The yield on 10-year Treasuries fell five basis points to 2.08%.
* Germany’s 10-year yield increased less than one basis point to -0.20%.
* Britain’s 10-year yield declined two basis points to 0.862%.
Commodities
* The Bloomberg Commodity Index dipped 0.3%.
* Gold climbed 1.3% to $1,327.90.20 an ounce.
–With assistance from Paul Allen, Benjamin Purvis, Adam Haigh,
Gregor Stuart Hunter, Christopher Anstey, Yakob Peterseil and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

 

Many of life’s failures are people who did not realize how close they were to success when they gave up.

                                                                      -Thomas Alva Edison, 1847-1931

 

 

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