Month: August 2019

Dear Friends,

Tangents: HAPPY LONG LABOR DAY WEEKEND!

It’s almost September, which means it’s almost time for Apple to unveil its new iPhones. The tech giant is expected to show some new stuff on September 10.

August 30, 1963 A hot-line communications link between Washington, D.C., and Moscow went into operation.
Go to article >>

September is one of the biggest months for publishing houses, and this year in no exception.  A preview from The New York Times:
Here are 17 new titles to watch for next month (and everything to read and watch before you get your hands on Margaret Atwood’s much-anticipated book).

I am currently reading Where the Crawdads Sing by Delia Owens.  It is  an amazing book and I highly recommend it.  It has topped The New York Times best seller list for fiction in 2019 for 20 non-consecutive weeks.

PHOTOS OF THE DAY

An artist is putting the finishing touches to a spectacular coastal painting for the new Jane Austen TV drama- using a huge advertising billboard. David Downes was commissioned by ITV to create the stunning landscape painting for ‘Sanditon’ which started last Sunday. However, rather than opting for a traditional poster, the artist was asked to produce the magnificent painting by hand.
CREDIT: ZACHAYCULPIN/BNPS

Australian surfer Owen Wright competes to win the 2019 Tahiti Pro at Teahupoo, Tahiti.

A misty morning sunrise at White Mill Bridge, Sturminster Marshall, Dorset, UK.
CREDIT: RACHEL READ/ SWNS>COM

Claire Hetherington from the National Trust picks flowers from the stunning dahlia border in the restored walled garden of The Vyne near Basingstoke in Hampshire. The Vyne recently reintroduced dahlias to its garden, creating a 55m long border containing over 250 plants from nearly 40 varieties that are cut and sold in the properties shop. Dahlias were much loved by The Vyne’s Victorian head gardener Mr Broomfield, who regularly won awards for them at local agricultural shows.
CREDIT: ZACHARYCULPIN/BNPS

Market Closes for August 30th, 2019

Market Index	Close	Change
Dow Jones	26403.28	+41.03 +0.16%
S&P 500	2926.46	+1.88 +0.06%
NASDAQ	7962.883	-10.511 -0.13%
TSX	16442.07	+57.58
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	20704.37	+243.44
		+1.19%
HANG SENG	25724.73	+21.23
		+0.08%
SENSEX	37332.79	+263.86
		+0.71%
FTSE 100*	7207.18	+22.86
		+0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.164		1.147
CND. 30 Year Bond		1.428		1.399
U.S.    10 Year Bond		1.4961		1.4945
U.S. 30 Year Bond		1.9626		1.9640

Currencies

BOC Close	Today	Previous
Canadian $	0.75035	0.75250
US $	1.33272	1.32890
Euro Rate 1 Euro=		Inverse
Canadian $	1.46631	0.68199
US $	1.10024	0.90889

Commodities

Gold	Close	Previous
London Gold Fix	1540.20	1537.15
Oil
WTI Crude Future	55.10	56.71

Market Commentary:
On this day in 1930, with the Dow at 240, Warren Buffett was born in Omaha, Neb., to stockbroker Howard Buffett and homemaker Leila Stahl Buffett. The Dow is now at 26362, and Mr. Buffett is the world’s most famous investor and chairman and CEO of sprawling conglomerate Berkshire Hathaway.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.4 percent, or 57.58 to 16,442.07 in Toronto. The index advanced to the highest closing level since July 30. TC Energy Corp. contributed the most to the index gain, increasing 1.1 percent. Hudbay Minerals Inc. had the largest increase, rising 4.9 percent. Today, 157 of 239 shares rose, while 71 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 2.5 percent, heading for the biggest advance since the week ended Jan. 11
* This month, the index was little changed
* The index advanced 0.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 0.7 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on April 23, 2019 and 19.3 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 15.1 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 rose to 11.17 percent compared with
11.11 percent in the previous session and the average of 8.47 percent over the past month

================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 18.3983| 1.0| 36/9
Financials | 17.3516| 0.3| 20/6
Industrials | 12.1812| 0.7| 23/6
Utilities | 3.1094| 0.4| 11/4
Consumer Staples | 2.9209| 0.4| 8/2
Energy | 2.4307| 0.1| 11/25
Consumer Discretionary | 2.3257| 0.3| 13/3
Real Estate | 2.2691| 0.4| 20/5
Communication Services | 2.0042| 0.2| 4/3
Health Care | -1.2937| -0.5| 3/6
Information Technology | -4.1254| -0.4| 8/2
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TC Energy | 4.7490| 1.1| 12.6| 39.9
TD Bank | 4.3070| 0.5| 23.3| 6.4
Enbridge Inc | 3.7580| 0.6| -27.8| 5.0
Cenovus Energy | -1.4570| -1.7| -2.8| 21.0
Canadian Natural | | | |
Resources | -2.4760| -0.9| -19.0| -3.4
Shopify | -6.5470| -1.8| 38.4| 171.6
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Hudbay Minerals | 4.9| 0.3920| -23.1| -30.8
Interfor | 4.4| 0.2530| 8.9| -7.4
CAE | 4.3| 2.7500| 14.3| 38.9
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
Birchcliff Energy | -6.4| -0.2280| 15.3| -41.8
Peyto Exploration | -4.8| -0.1880| -34.4| -54.8
ARC Resources | -4.1| -0.6070| -36.5| -30.6

* The benchmark 10-year bond fell and the yield rose 1.7 basis points to 1.164 percent

US
By Vildana Hajric
(Bloomberg) — U.S. equities saw their first monthly decline since May, as consumer sentiment slid and a tariff deadline in the Sino-American trade war loomed. Treasuries slipped after a key measure of inflation came in as expected, while the euro fell to a two-year low against the dollar. The S&P 500 fluctuated throughout Friday’s session, finishing almost unchanged on the day, after rallying Thursday on a pause in trade threats between the U.S. and China. But new tariffs on more than $110 billion in Chinese imports are set to take effect Sunday, and President Donald Trump shows little sign of backing down. Meanwhile, a hurricane is heading toward Florida, threatening businesses like amusement park operators and cruise lines. Data on the world’s largest economy showed personal spending accelerated in July, exceeding forecasts. Household consumption remained solid at the start of the third quarter, but the University of Michigan consumer sentiment index dropped to its lowest since October 2016. The Federal Reserve’s preferred measure of underlying inflation continues to fall short of its goal.
“The U.S. consumer is strong, but if they lose confidence and slow their spending that would be negative for the U.S. picture, which is currently the outlier — remaining strong while the rest of the world is slowing,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. The Stoxx Europe 600 Index rose for a second day. Equity benchmarks in Tokyo and Seoul led gains across most of Asia, though shares in Hong Kong lagged the rally after news broke that prominent protest figures were arrested, and Shanghai’s index closed lower for the fourth time this week. The pound slipped as lawmakers lost a bid to block Prime Minister Boris Johnson’s plan to suspend parliament. The euro dropped below $1.10 for the first time in since May 2017 as traders closed out hedges at month’s end and data showed inflation remained stubbornly low. Bunds reversed early losses while Italian bonds declined as coalition talks faltered. Argentina’s bonds extended declines after S&P Global Ratings cut the country’s foreign- and local- currency credit ratings. West Texas crude fell the most in two weeks and gold fell.
Here are the main moves in markets:
Stocks
* The S&P 500 Index was little changed as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.7%.
* The U.K.’s FTSE 100 Index rose 0.3%.
* Germany’s DAX Index increased 0.8%.
* The MSCI Emerging Markets Index climbed 1.5%, a three-week high.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to a two-year high.
* The euro decreased 0.6% to $1.0991.
* The British pound declined 0.1% to $1.2168.
* The Japanese yen increased 0.3% to 106.21 per dollar.
Bonds
* The yield on 10-year Treasuries gained less than one basis point to 1.50%.
* The yield on two-year Treasuries fell two basis points to 1.50%.
* Britain’s 10-year yield climbed four basis points to 0.479%.
* Germany’s 10-year yield declined one basis point to -0.70%.
Commodities
* West Texas Intermediate crude fell 3% to $55.04 a barrel.
* Gold fell 0.3% to $1,523.78 an ounce.
–With assistance from Adam Haigh, Laura Curtis, Elena Popina and Sarah Ponczek.
Have a terrific weekend everyone.

Be magnificent!

As ever,

Carolann

No act of kindness, no matter how small, is ever wasted.
                                     -Aesop, c.620 BCE-564 BCE.

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 Aug. 29, 1991, the Supreme Soviet, the parliament of the U.S.S.R., suspended all activities of the Communist Party, bringing an end to the institution.  Go to article »

John Locke, philosopher, b. 1632

The actions of men are the best interpreters of their thoughts. -John Locke, 1632-1704.

It rained so much in California that this year’s lemons are gigantic.

PHOTOS OF THE DAY

A handout released via NASA Worldview shows a satellite image of earth, the red dots indicate fires around the globe on 27 August 2019. The fires raging in the Amazon rainforest are the ones being most reported on in August 2019. However, satellite imagery shows that the amount of rainforest fires around the world is much bigger.
CREDIT: NASA

The new Barbie edition that will be launched to commemorate the Mexican Day of the Dead. The doll’s makeup is based in the traditional Catrina, traditional Mexican icon of the Day of the Dead created by cartoonist Jose Guadalupe Posada back in 1912. Mexico celebrates the Day of the Dead, Dia de Muertos, on 02 November.
CREDIT: PAUL JORDAN/ HANDOUT/EPA-EFE/REX

Lightning strikes above Humber bridge near Kingston upon Hull, East Riding of Yorkshire. The UK had a flurry of storms last night with the lightning strikes and rain.
CREDIT: CALVIN TAYLOR LEE/ SWNS.COM

Market Closes for August 29th, 2019

Market Index	Close	Change
Dow Jones	26362.25	+326.15 +1.25%
S&P 500	2924.58	+36.64 +1.27%
NASDAQ	7973.395	+116.513 +1.48%
TSX	16384.49	+112.84
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	20460.93	-18.49
		-0.09%
HANG SENG	25703.50	+88.02
		+0.34%
SENSEX	37068.93	-382.91
		-1.02%
FTSE 100*	7184.32	+69.61
		+0.98%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.147		1.126
CND. 30 Year Bond		1.399		1.372
U.S.    10 Year Bond		1.4945		1.4794
U.S. 30 Year Bond		1.9640		1.9714

Currencies

BOC Close	Today	Previous
Canadian $	0.75250	0.75158
US $	1.32890	1.33053
Euro Rate 1 Euro=		Inverse
Canadian $	1.46961	0.68045
US $	1.10588	0.90426

Commodities

Gold	Close	Previous
London Gold Fix	1537.15	1532.95
Oil
WTI Crude Future	56.71	55.78

Market Commentary:
On this day in 2000, OM Group of Sweden launched the world’s first hostile takeover bid for a stock exchange when it offered 822 million pounds sterling (then valued at $1.2 billion) to buy the London Stock Exchange. The hostile bid was eventually rebuffed by LSE shareholders.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose for a fourth day, the longest advance in almost two months, as markets rallied on optimism that the U.S. and China may avoid the worst threats to their hundreds of billions in annual trade. The S&P/TSX Composite Index climbed 0.7% on Thursday in Toronto to 16,384.49. Nine of the 11 sectors gained, as energy, industrials and financials rallied the most. Materials and real estate were the worst performing sectors. Meanwhile, Canada in the second quarter recorded its largest inflow of foreign direct investment in four years, another sign global trade tensions haven’t reduced the appetite for investing in the Canadian economy. Direct investment from abroad rose to C$18.7 billion ($14 billion), Statistics Canada reported Thursday.
In other moves:
Stocks
* BRP gained 16% after second quarter revenue beat the highest estimate
* Ensign Energy rose 12%, after reaching a 52-week low on Aug. 27; other energy stocks, such as MEG Energy and Precision Drilling, also rose as crude advanced a 3rd day
* Gold miners such as Detour Gold, Alamos Gold, Centerra Gold fell as bullion declined
Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI
* Gold spot price fell 0.7% to $1,528.63 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3296 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.149%
US
By Vildana Hajric
(Bloomberg) — U.S. equities rallied Thursday after China indicated it wouldn’t immediately retaliate against the latest American tariff increase. Treasuries edged down, while a dollar gauge hit a two-year high. The S&P 500 Index rose for the second straight day after a spokesman for China’s commerce ministry said that escalating the trade war won’t benefit either side and that it was more important to discuss removing the extra duties. Stocks across Asia trimmed declines on the remarks, while the Stoxx Europe 600 Index closed higher. Market sentiment remains delicate after President Donald Trump’s recent pronouncements on trade and as investors await resolution. Trump said Thursday that the U.S. and China are scheduled to have a conversation about trade today. U.S. economic growth slowed in the second quarter by more than initially reported, on weaker readings for categories including exports and inventories. Still, consumer spending remained robust, topping forecasts.
“Positive news on trade has investors looking to move back into some of the equity markets and maybe a little more risk on,” Chris Gaffney, president of world markets at TIAA, said by phone. “The GDP number — while there was a slight pullback in second-quarter estimates, consumers still are looking strong. That’s the key. The earnings component was very good — corporate profits are looking robust.” Meanwhile, the bond rally paused for breath after the yield on 30-year U.S. Treasuries sank to a record low of 1.90% Wednesday. Treasury Secretary Steven Mnuchin said issuing ultra- long U.S. bonds is “under very serious consideration,” possiblysetting up a move that would mark a historic revamp of the $16 trillion Treasuries market. Gold turned lower, while West Texas crude held at about $56 a barrel.
In Europe, Italy’s bonds jumped and its equities outperformed as the country moved toward forming a new government. The pound declined on the increasing risk of a no-deal Brexit. The euro touched a session high after a European Central Bank policy maker said the region’s economy isn’t weak enough to warrant the resumption of bond purchases. The Chinese mainland yuan strengthened for the first time in 11 sessions.
Events to keep an eye on this week:
* Bank of Korea policy decision and briefing is on Friday.
* Euro-zone CPI data for August is also due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.3% as of 2:58 p.m. New York time.
* The Stoxx Europe 600 Index increased 1% to near a four-week high.
* The U.K.’s FTSE 100 Index rose 1%.
* The MSCI Emerging Market Index increased 0.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to the highest in almost two years.
* The euro declined 0.2% to $1.1057.
* The British pound fell 0.3% to $1.218.
* The Japanese yen fell 0.4% to 106.50 per dollar.
Bonds
* The yield on 10-year Treasuries gained two basis points to 1.49%.
* The yield on two-year Treasuries advanced three basis points to 1.53%.
* Germany’s 10-year yield increased two basis points to -0.69%.
* Britain’s 10-year yield fell one basis point to 0.436%.
Commodities
* West Texas Intermediate crude increased 1.4% to $56.57 a barrel.
* Gold fell 0.6% to $1,529.21 an ounce.
–With assistance from Min Jeong Lee, Andreea Papuc and Yakob Peterseil.
Have a great night.

Be magnificent!
As ever,

Carolann

Reputation is what other people know about you.  Honor is what you know about yourself.
                                                                                   -Lois McMaster Bujold, b.1949

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 Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream” speech in front of the Lincoln Memorial.  Go to article »
In the end, we will remember not the words of our enemies, but the silence of our friends.  -Martin Luther King Jr.
 
Scientists may have found a black hole so massive it shouldn’t exist. –Bloomberg.

Life on certain exoplanets may glow in the dark, helping us spot it. –Bloomberg.

More than 20,000 people threw tomatoes at the La Tomatina festival in Buñol, Spain.

PHOTOS OF THE DAY

A junk boat passes the skyline as seen from the Tsim She Tsim waterfront in Hong Kong, China.
CREDIT: REUTERS/ KAI PFAFFENBACH

People walk their dogs through a layer of morning mist by Chesterton Windmill, Warwickshire.
CRESIT; JACOB KING/PA

People out punting on the river in Cam in Cambridge.
CREDIT: JAMES LINSELL-CLARK/SWNS

Market Closes for August 28th, 2019

Market Index	Close	Change
Dow Jones	26036.10	+258.20 +1.00%
S&P 500	2887.94	+18.78 +0.65%
NASDAQ	7856.883	+29.937 +0.38%
TSX	16271.65	+88.06
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	20479.42	+23.34
		+0.11%
HANG SENG	25615.48	-48.59
		-0.19%
SENSEX	37451.84	-189.43
		-0.50%
FTSE 100*	7114.71	+25.13
		+0.35%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.126		1.125
CND. 30 Year Bond		1.372		1.386
U.S.    10 Year Bond		1.4794		1.4727
U.S. 30 Year Bond		1.9714		1.9514

Currencies

BOC Close	Today	Previous
Canadian $	0.75158	0.75222
US $	1.33053	1.32940
Euro Rate 1 Euro=		Inverse
Canadian $	1.47420	0.67833
US $	1.10798	0.90255

Commodities

Gold	Close	Previous
London Gold Fix	1532.95	1503.80
Oil
WTI Crude Future	55.78	54.93

Market Commentary:
On this day in 2000, the New York Stock Exchange began trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8 of a dollar. In theory, investors would benefit from lower trading costs, but cynics worried that brokers would make more money than ever. The first to adopt decimal pricing: Anadarko Petroleum, FedEx, Forest City Enterprises, Gateway, Hughes Supply, and MSC Software.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose for a third straightsession, highlighted by a strong rally for energy after oil inventory data. The S&P/TSX Composite Index climbed 0.5% to 16,271.65. Energy led the way, while health care also rose after a weak session Tuesday for marijuana stocks. Information technology and industrials were the only two laggards Wednesday. Meanwhile, Enbridge Inc.’s proposed shift to long-term crude shipping contracts on its Mainline pipeline network is drawing the ire of a growing number of producers, and now Canada’s energy regulator is getting involved, which could delay the process.
In other moves:
Stocks
* MEG Energy gained 9.9%
* Peyto rose 8.8%
* Crescent Point advanced 7.7%
* Labrador Iron Ore Royalty dropped 4%
* Shopify fell 2.9%
* Kinaxis lost 2.6%
Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI
* Gold spot price fell 0.2% to $1,548.40 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3303 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.128%
US
By Robert Brand and Vildana Hajric
(Bloomberg) — U.S. stocks closed near session highs Wednesday amid light trading as investors awaited new
developments in the increasingly unpredictable Sino-American trade war. Ten-year Treasury yields held steady after hitting a three-year low, while the dollar edged higher. The S&P 500 Index climbed for the second day in three as a rally in Texas crude pushed energy shares higher. With the exception of utilities, sectors across the benchmark registered increases, although trading volume was about 15% lower than average. President Donald Trump’s recent pronouncements on trade have left investors jumpy as they await his next moves and as optimism for a resolution becomes more difficult to sustain. With the latest round of tariffs from both sides due to be staggered from Sept. 1, China appears to be bracing for the worst and the U.S. leader’s credibility is becoming a key impediment to a deal. In addition, traders have to contend with Trump’s attacks on the Federal Reserve, which have clouded the outlook for monetary policy.
“We’re one headline or one tweet away from triumph or tragedy almost every single day right now,” Arthur Hogan, chief market strategist at National Securities Corp., told Bloomberg TV. “We’re really on a knife’s edge. And that’s what makes trading really difficult.” Technology companies and insurers led a decline on the Stoxx Europe 600 index. Benchmarks nudged higher in Sydney and Seoul, were little changed in Tokyo, and dropped in Shanghai and Hong Kong. The euro slipped, the pound weakened and gilts climbed after U.K. Prime Minister Boris Johnson said he will ask the Queen to suspend parliament from mid-September to mid-October, increasing the risk of a no deal Brexit. European bonds advanced, with Italian benchmark yields hitting record lows as talks to form a coalition government progressed. Crude oil extended gains after an industry report showed a bigger-than-expected drop in American crude inventories and as Iran all but ruled out a meeting with the U.S.
Events to keep an eye on this week:
* The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.
* Bank of Korea policy decision and briefing is on Friday.
* Euro-zone CPI data for August is also due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.7% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.2%.
* The U.K.’s FTSE 100 Index rose 0.4%.
* The MSCI Emerging Market Index rose 0.1%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2% to a nine-month high.
* The euro dipped 0.1% to $1.1075, the weakest in more than two years.
* The British pound slid 0.6% to $1.2213.
* The Japanese yen fell 0.4% to 106.19 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 1.47%.
* The yield on two-year Treasuries declined three basis points to 1.50%.
* Britain’s 10-year yield fell six basis points to 0.44%.
* Germany’s 10-year yield fell two basis points to -0.71%.
Commodities
* West Texas Intermediate crude gained 1.8% to $55.94 a barrel.
* Gold fell 0.2% to $1,538.99 an ounce.
–With assistance from Andreea Papuc.
Have a great night.

Be magnificent!
As ever,

Carolann

There is only one corner of the universe you can be certain of improving, and that’s your own self.
                                                                 -Aldous Huxley, 1894-1963
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:
Want to live a long, long life? Be an optimist 
Positive, upbeat, optimistic thinking can add years to your life. That’s according to a new study which found men and women with the highest levels of optimism had an 11% to 15% longer life span, on average, than those who practiced little positive thinking. The highest scoring optimists also had the greatest odds of living to age 85 or beyond. 
Previous studies of twins have found only about 25% of our optimism is programmed by our genes. The rest is up to us and how we respond to life’s lemons. 
Here’s the even better news: If you tend to be a sourpuss about the stresses in your life, don’t worry. It turns out you can actually train your brain to be more positive. -CNN Health.

1945 American troops began landing in Japan following the surrender of the Japanese government in World War II.   Go to article »

Mother Teresa born 1910.
1979~Lord Mountbatten assassinated.

PHOTOS OF THE DAY

A mill is pictured in the mist in Groningen, Netherlands.
CREDIT: SIESE VEENSTRA/AFP/ GETTY IMAGES

Dancers take a selfie as they wait to perform during the Notting Hill Carnival in West London.
CREDIT: AARON CHOWN/PA

Cavalcade of Minis gather at the BMW Mini plant in Oxford before a cavalcade around part of the Oxford Eastern and Northern bypass to the annual car show in Cutteslowe Park. Georgina Hobbs  from Guildford with a 1978 mini 850 police van at the Cowley works before setting off.
CREDIT: JOHN LAWRENCE

Market Closes for August 27th, 2019

Market Index	Close	Change
Dow Jones	25777.90	+120.93 +0.47%
S&P 500	2869.16	-9.22 -0.32%
NASDAQ	7826.945	-26.790 -0.34%
TSX	16183.59	+84.80
		+0.53%

International Markets

Market Index	Close	Change
NIKKEI	20456.08	+195.04
		+0.96%
HANG SENG	25664.07	-16.26
		-0.06%
SENSEX	37641.27	+147.15
		+0.39%
FTSE 100*	7089.58	-5.40
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.125		1.214
CND. 30 Year Bond		1.386		1.467
U.S.    10 Year Bond		1.4727		1.5367
U.S. 30 Year Bond		1.9514		2.0401

Currencies

BOC Close	Today	Previous
Canadian $	0.75222	0.75451
US $	1.32940	1.32535
Euro Rate 1 Euro=		Inverse
Canadian $	1.47417	0.67835
US $	1.10890	0.90179

Commodities

Gold	Close	Previous
London Gold Fix	1503.80	1503.80
Oil
WTI Crude Future	54.93	53.64

Market Commentary:
Libor’s days are numbered.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose for a second day as gold and silver prices soared amid trade and recession fears. Oil also jumped by more than $1 per barrel. The S&P/TSX Composite Index climbed 0.5% to 16,183.59. Materials and information technology outperformed while cannabis shares lagged. The Horizons Marijuana Life Sciences ETF (HMMJCN) lost 4.1%, down to its lowest since November of 2017. Meanwhile, the gap between Transat’s share price and Air Canada’s takeover bid is sitting at the widest ever — indicating investors aren’t confident the deal will get done.
Stocks
* Silvercorp Metals jumped 11.5%
* Iamgold rose 7.9%
* Acreage Holdings lost 11.4%
* MediPharm Labs fell 8.2%
* Organigram Holdings fell 7.9%
* Canopy Growth dropped 6%
Commodities
* Western Canada Select crude oil traded at a $11.50 discount to WTI
* Gold spot gained 1% to $1,543.09 an ounce
FX/Bonds
* The Canadian dollar fell 0.3% to C$1.3299 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.127%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — Stocks finished lower after a seesaw session as investors digested the most recent twists in the tumultuous trade talks between the U.S. and China. Treasuries rose, while the dollar was little changed. The S&P 500 fell Tuesday after Chinese officials questioned statements by President Donald Trump about trade discussions between the two countries. Banks led losers as the 10-year Treasury yield fell below 1.50%. Philip Morris International Inc. slid after confirming it was in merger talks with Altria Group Inc. The greenback was steady against major currencies. The euro fell following data showing Germany was on the brink of a recession, while the pound gained as opposition politicians stepped up efforts to prevent a no-deal Brexit. West Texas crude rose to almost $55 a barrel.
Trump’s apparent de-escalation of trade tensions at the G-7 meetings had helped ease investor nerves before Beijing questioned some of those comments. Adding to the uncertainty, Germany offered up fresh evidence that protectionism is weighing on global growth. Volatility remains relatively high as traders reflect on previous periods of calm in the trade war that were quickly ended by surprises. “From Friday to now has been just head-spinning on the trade issue,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “Mid-year, we basically said the trade war needs to get worse before it gets better and there will be a lot of saber-rattling. I think we’re still in the midst of that. I don’t think the president’s recent comments marked the beginning of a solid or consistent trajectory to a resolution here.”
Elsewhere, Hong Kong Chief Executive Carrie Lam said her government can handle unrest without assistance from Chinese forces, and still wants to hold talks with protesters despite a flare-up in violence.
Events to keep an eye on this week:
* The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.
* Bank of Korea policy decision and briefing is on Friday.
* Euro-zone CPI data for August is also due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.6%.
* The MSCI Asia Pacific Index advanced 0.6%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.1% at $1.109.
* The British pound gained 0.6% to $1.2288, the strongest in over a month.
* The Japanese yen increased 0.4% to 105.74 per dollar.
Bonds
* The yield on 10-year Treasuries declined six basis points to 1.47%, a three-year low.
* The yield on two-year Treasuries fell two basis points to 1.52%.
* Germany’s 10-year yield decreased three basis points to -0.69%.
* Britain’s 10-year yield gained two basis points to 0.50%.
Commodities
* Gold advanced 1% to $1,543.08 an ounce.
* West Texas Intermediate crude climbed 2.4% to $54.95 a barrel.
–With assistance from Andreea Papuc and Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

He that plants trees loves others beside himself.
                            -Thomas Fuller 1654-1734

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:
Christopher Columbus, b. 1451.
Ben Bradlee, journalist, editor, b. 1921
August 26, 1883- Krakatoa erupts, killing 36,000.

Also on Aug. 26, 1920, the 19th Amendment to the U.S. Constitution, guaranteeing women the right to vote, was declared in effect.  Go to article »

MR. FEAR
He follows us, he keeps track.
Each day his lists are longer.
Here, death. And here,
something like it.

Mr. Fear, we say in our dreams,
what do you have for me tonight?
And he looks through his sack,
his black sack of troubles.

Maybe he smiles when he finds
the right one. Maybe he’s sorry.
Tell me, Mr. Fear,
what must I carry

away from your dream?
Make it small, please.
Let it fit in my pocket,
let it fall through

the hole in my pocket.
Fear, let me have
a small brown bat
and a purse of crickets

like the ones I heard
singing last night
out there in the stubbly field
before I slept, and met you.
               -Lawrence Raab

Our greatest foes, and whom we must chiefly combat, are within. -Cervantes, 1547-1616.

PHOTOS OF THE DAY

An aerial picture shows the G7 leaders at a round table during the G7 summit.
Credit: G7

Animals and competitors at the Annual Agricultural Show at Masham, North Yorkshire.
Credit: Charlotte  Graham/ Mercury Press

Credits: Chris Gorman/ Big Ladder

Market Closes for August 26th, 2019

Market Index	Close	Change
Dow Jones	25898.83	+269.93 +1.05%
S&P 500	2878.38	+31.27 +1.10%
NASDAQ	7853.734	+101.968 +1.32%
TSX	16098.79	+61.21
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	20261.04	-449.87
		-2.17%
HANG SENG	25680.33	-499.00
		-1.91%
SENSEX	37494.12	+792.96
		+2.16%
FTSE 100*	7094.98	-33.20
		-0.47%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.214		1.172
CND. 30 Year Bond		1.467		1.432
U.S.    10 Year Bond		1.5367		1.5351
U.S. 30 Year Bond		2.0401		2.0252

Currencies

BOC Close	Today	Previous
Canadian $	0.75451	0.75285
US $	1.32535	1.32905
Euro Rate 1 Euro=		Inverse
Canadian $	1.47108	0.61756
US $	1.10995	0.81848

Commodities

Gold	Close	Previous
London Gold Fix	1503.80	1502.05
Oil
WTI Crude Future	53.64	54.11

Market Commentary:
Germany in uproar as negative rates threaten savings obsession.-Bloomberg

Federal-funds futures show nearly 90% of investors expect the Federal Reserve bank to cut rates at least two more times this year, CME Group data show. That’s up from about 57% a month ago.

Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks closed higher, following U.S. shares up after optimistic remarks from French and U.S. leaders about developments in the Sino-American trade war. The S&P/TSX Composite Index climbed 0.4% to 16,098.79. Shopify Inc. advanced 3.1%, leading information technology stocks higher. Consumer discretionary and staples also rose. On the commodities front, gold erased gains after U.S. President Donald Trump said China wants to make a deal on trade, while oil dropped amid conflicting signals about the prospect for a thaw in trade talks.
In other moves:
Stocks
* Cresco Labs rose 10.8%
* Bombardier gained 5.7%
* Gran Tierra Energy advanced 2.5%
* CES Energy Solutions lost 7.5%
* Baytex Energy dropped 6.4%
* Cascades fell 4.2%
Ratings
* SMF CN: Semafo Downgraded to Hold at Desjardins; PT C$6
* RX CN: Biosyent Upgraded to Buy at Bloom Burton & Co; PT C$9
Commodities
* Western Canada Select crude oil traded at a $12.85 discount to WTI
* Gold spot price gained 0.1% to $1,528.82 an ounce
FX/Bonds
* The Canadian dollar climbed 0.2% to C$1.3257 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.215%
US
By Vildana Hajric
(Bloomberg) — Stocks rallied after optimistic remarks from French and U.S. leaders about developments in the Sino-American trade war. The dollar strengthened while 10-year Treasury yields were little changed. All three main U.S. equity indexes recovered some ground following Friday’s swoon after President Donald Trump said prospects for a trade deal were better now than at any time since talks began last year. France’s Emmanuel Macron said things were moving forward between the U.S. and China. The S&P 500 Index closed near session highs in broad-based rally led by tech companies, but volume was thin — almost 20% below average. Addressing reporters at the end of the Group of 7 meetings in France, Trump said the Chinese “want to make a deal very badly.
” The American president also said he’s not looking into auto tariffs for Japan right now. The trade war’s latest twists and turns punctuated an already tumultuous August, with markets buffeted by signs of slowing global economic growth and violent protests in Hong Kong. Regardless of Monday’s developments, the risk of recession may have crept higher as protectionism escalated Friday, when Trump announced fresh levies on Chinese imports and called for American companies to pull out of Asia’s largest economy after China said it would impose retaliatory tariffs on U.S. goods.“In the short term, it’s definitely difficult to navigate the trading environment,” Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital, said in an interview at Bloomberg’s New York headquarters. “It’s a case of near-term fear, elevated volatility, very fragile investor sentiment. Investors are watching the headlines and trading on the headlines and that’s obviously created even more volatility in
the marketplace.”
The Euro Stoxx 50 Index gained after Trump’s China comments. The euro slipped as German business confidence fell to the lowest in almost seven years. Asia stocks fell broadly, led by Hong Kong, in trading that had mostly closed before Trump’s remarks. The onshore yuan weakened for an eighth straight session. Britain’s markets were closed for a holiday. Elsewhere, oil gave up earlier gains as traders digested the latest news on tariffs. The yen gave back some of its 1% increase from the previous session.
Here are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.1% as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 1.1%
* Europe’s Stoxx 50 Index gained 0.4%.
* Germany’s DAX Index increased 0.4%.
* The MSCI emerging Market Index sank 1.3% to near an eight-month low.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%, the biggest gain in a week.
* The euro declined 0.4% to $1.1095.
* The Japanese yen weakened 0.7% to 106.16 per dollar, the biggest drop in almost two weeks.
Bonds
* The yield on 10-year Treasuries climbed less than one basis point to 1.54%.
* The yield on two-year Treasuries rose one basis point to 1.54%.
* Germany’s 10-year yield climbed one basis point to -0.67%.
Commodities
* Gold climbed 0.1% to $1,528.96 an ounce.
* West Texas Intermediate crude fell 0.6% to $53.82 a barrel, a two-week low.
–With assistance from Andreea Papuc, Adam Haigh and Todd White.
Have  a great night.

Be magnificent!

As ever,

Carolann

Great things are done by a series of small things brought together.
                                               -Vincent Van Gogh, 1853-1890

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!

August 23, 1943 – Trans Canada Airlines starts transatlantic service; now Air Canada. Montréal, Québec. Go to article>>  
August 23, 1977 ~ first human powered flight.
1912- Gene Kelly, dancer, b.
1927-Sacco and Vanzetti executed.

Hop to it! A new study shows higher levels of physical activity at any intensity lowers the risk of early death in middle-age and older people.

Here’s what else you need to know to Get Up to Speed and Out the Door.  – AJ Willingham, CNN.

‘The Wizard of Oz’
The film is celebrating its 80th anniversary on Saturday, but it very nearly ended up a disastrous footnote in the history of Hollywood.

The production was a mess, cycling through directors and screenwriters. Victor Fleming, the sole credited director, replaced Richard Thorpe less than two weeks into filming, and shot most of the scenes before sprinting off to save “Gone With the Wind.” King Vidor finished the job.

They’re off to see the wizard.  MGM Studios, via Getty Images

Cast members were injured during filming: Margaret Hamilton, who played the terrifying Wicked Witch of the West, was severely burned; and Buddy Ebsen, cast as the Tin Man, was poisoned by his makeup. (Jack Haley took over the role.)

The movie went over budget and wasn’t a hit on its initial release. Today, it endures as a cultural icon, thanks in large part to TV syndication from the late 1950s; Judy Garland’s signature performance of “Over the Rainbow”; and those coveted ruby slippers. –New York Times.

PHOTOS OF THE DAY

Ground keeper and 1992 Knighthood winner Terry Whitear, 75, carries out some last minute mowing of the bowling green before this year’s competition begins, at Southampton Old Bowling Green, the oldest bowling green in the world.
CREDIT: SOLENT NEWS & PHOTO AGENCY

A mischievous young fox pulls on the tail feathers of a golden eagle in the mountains of Avila, Spain.
CREDIT: GUILLERMO ARTEAGA/ SWNS.COM

 A boatman rests on his boat in the flooded Ganges river under the Shastri bridge at Daraganj Ghat, in Allahabad.
CREDIT: SANJAY KANOJIA/AFP/GETTY IMAGE
Market Closes for August 23rd , 2019

Market Index	Close	Change
Dow Jones	25628.90	-623.34 -2.37%
S&P 500	2847.11	-75.84 -2.59%
NASDAQ	7751.766	-239.622 -3.00%
TSX	16037.58	-215.88
		-1.33%

International Markets

Market Index	Close	Change
NIKKEI	20710.91	+82.90
		+0.40%
HANG SENG	26179.33	+130.61
		+0.50%
SENSEX	36701.16	+228.23
		+0.63%
FTSE 100*	7094.98	-33.20
		-0.47%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.172		1.291
CND. 30 Year Bond		1.432		1.519
U.S.    10 Year Bond		1.5351		1.6131
U.S. 30 Year Bond		2.0252		2.1047

Currencies

BOC Close	Today	Previous
Canadian $	0.75285	0.75193
US $	1.32905	1.32991
Euro Rate 1 Euro=		Inverse
Canadian $	1.48392	0.67365
US $	1.11652	0.89521

Commodities

Gold	Close	Previous
London Gold Fix	1502.05	1503.25
Oil
WTI Crude Future	54.11	55.25

Market Commentary:
Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one. -Bloomberg.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Friday as U.S.-China trade tensions heated up. The S&P/TSX Composite Index lost 1.3% after Donald Trump said he’ll respond to new Chinese tariffs and blasted Federal Reserve Chairman Jerome Powell. The index fell 0.7% this week. Materials were the only shares to advance Friday as gold hit a fresh six-year high. Separately, Cargojet Inc. soared to a record high after Amazon.com Inc. signed a deal that would allow the online retailer to buy a stake in the Canadian cargo carrier. Additionally, Suncor Energy Inc., Canada’s top integrated oil producer, is joining the push against Enbridge Inc.’s attempt to change how producers purchase space for their crude on a key pipeline system.
In other moves:
Stocks
* Yamana Gold jumped 10%, a leader among materials shares
* Birchcliff Energy dropped 9.4%
* MEG Energy lost 8%
* Village Farms retreated 7%
* Canada Goose fell 6.7%
* BRP Inc. fell 6.1%
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Spot gold gained 1.9% to $1,527 an ounce
FX/Bonds
* The Canadian dollar was flat around C$1.3297 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.170
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks slumped and Treasuries rallied as the trade dispute between the world’s two largest economies deepened. The dollar fell. After the close of regular trading, President Donald Trump confirmed he’ll boost tariffs on Chinese imports in response to Beijing’s retaliation. The SPDR S&P 500 ETF Trust was little changed following the announcement. Prospects for heightened tension rattled markets Friday, overshadowing speculation that the Federal Reserve will cut rates after Chairman Jerome Powell’s remarks. Energy and tech stocks led losses in the S&P 500 Index, and the Dow Jones Industrial Average tumbled 623 points as only Boeing Co. advanced among its 30 blue-chip companies. The Nasdaq-100 Index plunged more than 3% The bond market’s U.S. recession indicator — the spread between 2- and 10-year rates — flirted with inversion again. Elsewhere in the yield curve, three-month and 10-year Treasuries hit the most-inverted level since March 2007.
The greenback dropped as Trump said that “we have a very strong dollar and a very weak Fed,” fueling chatter about a possible move to weaken the currency. Oil sank, while gold surged. The trade war escalation rekindled concerns about the outlook for global growth that’s already looking shaky. The announcement comes as leaders from the Group of Seven nations prepare to meet in France and central bankers gather in Jackson Hole. Trump tweeted that the Fed chairman could be a greater “enemy” of the U.S. than Chinese President Xi Jinping. “As usual, the Fed did NOTHING!,” he wrote. “Trade trumps Jackson Hole,” said John Augustine, chief investment officer at Huntington Private Bank. “Fed Chair Powell was fairly dovish today and markets were reacting to that positively, but when the trade tweet came out, that obviously changed market dynamics.”
The plunge in the S&P 500 Friday destroyed what was shaping up to be a rally for the week. There have bee just four other weeks during this bull market when a Friday rout erased a gain of more than 1% through Thursday, data compiled by SentimenTrader show. This had never occurred from 1950 to mid-1980s, and since then, it’s happened just 15 other times before this week. “It’s all about trade, it’s all about global growth,” Scott Wren, senior global equity strategist for Wells Fargo Investment Institute, told Bloomberg TV. “Right now, people aren’t all that worried about the Fed. They’re a lot more worried about global growth and these trade negotiations.”
Here are the main moves in markets:
Stocks
* The S&P 500 sank 2.6% to 2,847.11.
* The CBOE Volatility Index surged 19%.
* The Stoxx Europe 600 Index declined 0.8%.
* The MSCI Asia Pacific Index climbed 0.4%.
Currencies
* The Bloomberg Dollar Spot Index sank 0.35%.
* The euro jumped 0.6% to $1.1144.
* The Japanese yen appreciated 1% to 105.39 per dollar.
Bonds
* The yield on 10-year Treasuries fell eight basis points to 1.54%.
* Germany’s 10-year yield decreased three basis points to -0.68%.
* Britain’s 10-year yield declined four basis points to 0.481%.
Commodities
* The Bloomberg Commodity Index decreased 0.5%.
* West Texas Intermediate crude fell 2.1% to $54.17 a barrel.
* Gold surged 1.9% to $1,537.60 an ounce.

–With assistance from Caroline Hyde, Joanna Ossinger, Adam
Haigh, Todd White, Yakob Peterseil, Namitha Jagadeesh, Susanne
Barton, Sarah Ponczek, Dave Liedtka, Elena Popina, Alexandra
Harris, Liz Capo McCormick and Nancy Moran.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

True originality consists not in a new manner but in a new vision.
                                                  -Edith Wharton, 1862-1937
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:
1942 – Battle of Stalingrad
On August 22, 1902, President Theodore Roosevelt became the first United States chief executive to ride in an automobile in public.  Go to article »

From Bonjour Paris today:
     This week marks the 75th anniversary of the Liberation of Paris. After four years of Nazi occupation during the Second World War, the city was triumphantly freed by Allied forces, led by Général Leclerc’s 2nd French Armored Division. A victory parade took place on the Champs-Élysées on August 26, 1944, and this week– 75 years later– the city will stage a host of commemorative events. 
At noon on Sunday, August 25th, a ceremony will take place at the Eiffel Tower, honoring the moment when six Paris firefighters climbed the Iron Lady to raise the French flag. Then at 3:30pm, there will be a celebratory parade from Porte d’Orléans to Denfert-Rochereau, following the same route as the original parade. At 6:30 pm, enjoy a concert at the Hotel de Ville, while at the same time, the newly redesigned Musée de la Libération will be inaugurated in the 14th arrondissement. — Mary Winston Nicklin, Editor, editor@bonjourparis.com. 

• The longest direct flight ever is here: NYC to Sydney in 20 hours. 

PHOTOS OF THE DAY

A vibrant display of purple heather in the New Forest was captured by Matt Pinner at dawn today.
CREDIT: MATTPINNER/BNPS

A late summer sunrise creates a pink glow over the famous arch of Durdle Door in Dorset.
CREDIT: RACHEL READ/ SWNS

The sunsets behind wild sunflowers as seen from near Taos in northern New Mexico.
CREDIT: ROBIN LOZNAK/ ZUMA WIRE/ALAMY LIVE NEWS
Market Closes for August 22^nd , 2019

Market Index	Close	Change
Dow Jones	26252.24	+49.51 +0.19%
S&P 500	2922.95	-1.48 -0.05%
NASDAQ	7991.387	-28.821 -0.36%
TSX	16253.46	-55.77
		-0.34%

International Markets

Market Index	Close	Change
NIKKEI	20628.01	+9.44
		+0.05%
HANG SENG	26048.72	-221.32
		-0.84%
SENSEX	36472.93	-587.44
		-1.59%
FTSE 100*	7128.18	-75.79
		-1.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.291		1.224
CND. 30 Year Bond		1.519		1.458
U.S.    10 Year Bond		1.6131		1.5893
U.S. 30 Year Bond		2.1047		2.0723

Currencies

BOC Close	Today	Previous
Canadian $	0.75193	0.75270
US $	1.32991	1.32855
Euro Rate 1 Euro=		Inverse
Canadian $	1.47376	0.67854
US $	1.10818	0.90238

Commodities

Gold	Close	Previous
London Gold Fix	1503.25	1504.55
Oil
WTI Crude Future	55.25	55.73

Market Commentary:
Bond yields in many countries world-wide have fallen to record lows this summer. Yet few governments have responded as many bankers and investors say they should, by locking in ultralow rates for decades
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark retreated as pot stocks continued a several monthlong slide and lower crude prices weighed on energy shares.
The S&P/TSX Composite Index lost 0.3% to 16,253.46. Eight of 11 sectors fell, with the health-care index leading the decline as pot stocks fell for a third day in four. Canopy Growth Corp. lost 5.2% and Hexo Corp. slid 3.5%. Financials edged higher after Canadian Imperial Bank of Commerce beat profit estimates amid strength in its U.S. operations. The bank’s stock rose 2.1%, the most since December 2017.
In other moves:
Stocks
* Saputo Inc. slid 4.8%, the most since June. The dairy company plans to offer 10.1 million shares at C$39.60 a share, 5% below Wednesday’s closing price
* Zenabis Global Inc. tumbled 14%, the most since April. The pot company is taking on C$25 million in additional senior secured debt at an interest rate of 14% per year
* Canadian Tire Corp. closed with a 0.6% gain after dipping 0.6%. Steve Eisman, the money manager who foresaw the collapse of the U.S. housing market, said he’s shorting the retailer
Commodities
* Western Canada Select crude oil traded at a $13.15 discount to WTI
* Gold fell 0.5% to $1,497.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3300 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.28%
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks were mixed as a slide in technology companies offset a rally in bank shares. Treasuries dropped as Federal Reserve officials cast doubt on further
interest-rate cuts.
The S&P 500 Index closed little changed, while the Dow Jones Industrial Average outperformed as Boeing Co. surged. The Nasdaq-100 Index fell. Ten-year yields climbed after Philadelphia Fed President Patrick Harker told CNBC that he’s “on hold” right now for further monetary easing. His comments were in line with those of Kansas City counterpart Esther George, who said the U.S. doesn’t need lower rates. Fed Bank of Dallas President Robert Kaplan said that he wanted to be careful about cutting interest rates again “unless we have to.”
Markets have been whipsawed amid concern over economic weakness, the path of interest rates and U.S.-China trade tension. Fed Chairman Jerome Powell could provide more guidance on policy when he speaks Friday at the annual Jackson Hole symposium. Investors have priced in a quarter percentage-point rate cut next month, but dissenting Fed voices may limit the prospects for the larger move that some have advocated, including President Donald Trump.
“The big question mark is just going to be Jackson Hole — what’s Powell going to say?” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “You’re seeing the market going higher and lower this week heading into tomorrow, where we could get some market-moving commentary out of Powell’s speech.”
Elsewhere, most euro-area government bonds fell as the European Central Bank expressed concern that investors were losing faith in its ability to revive inflation and after a
measure of German manufacturers reinforced recession concern. The British pound jumped as investors seized on hints from European leaders that a Brexit deal could still be reached.
Here are some notable events coming up:
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming. It started Thursday.
Here are some of the main moves in markets:
Stocks
* The S&P 500 was little changed at 2,922.95 at 4 p.m. in New York.
* The Stoxx Europe 600 Index declined 0.4%.
* The MSCI Asia Pacific Index fell 0.4%.
* The MSCI Emerging Market Index dipped 0.8%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was little changed at $1.1081.
* The British pound climbed 1% to $1.2256.
* The Japanese yen strengthened 0.2% to 106.40 per dollar.
Bonds
* The yield on 10-year Treasuries increased two basis points to 1.61%.
* Germany’s 10-year yield gained three basis points to -0.64%.
* Britain’s 10-year yield rose four basis points to 0.517%.
Commodities
* The Bloomberg Commodity Index dropped 0.5%.
* West Texas Intermediate crude fell 0.6% to $55.35 a barrel.
* Gold dipped 0.5% to $1,508.50 an ounce.
–With assistance from David Wilson, Paul Allen, Adam Haigh, Yakob Peterseil, Todd White and Sarah Ponczek.

Have a great night.

Be magnificent!
As ever,

Carolann

Justice is the right of the weakest.
     -Joseph Joubert, 1754-1824            

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:
1991 – A hard-line coup against Soviet President Mikhail S. Gorbachev collapsed in the face of a popular uprising led by Russian federation President Boris Yeltsin.  Go to article>>

Birthday: Aubrey Beardsley, August 21, 1872.
Aubrey Vincent Beardsley (1872-1898), English artist in black and white, was born in Brighton on this day.  In 1891, he took up art as a profession and from 1893 until his death in 1898, his work came continually before the public, arousing a storm of criticism and much hostile feeling.  They felt that Beardsley had an unswerving tendency towards the fantastic art of the gloomier and unwholesome sort.  For more information on Aubrey Beardsley, see www.victorianweb.org.

When you have only two pennies left in the world, buy a loaf of bread with one, and a lily with the other. –Chinese Proverb.
PHOTOS OF THE DAY

A man rides his bike past art installation entitled “Forever Cycles” by Chinese artist Ai Weiwei in Rio de Janeiro, Brazil
CREDIT: CARL DE SOUZA/ AFP/GETTY IMAGES

The sea bridge is illuminated at the Baltic Sea beach in Sellin near Brinz and Baabe on the island of Ruegen, northeastern Germany, as night falls
CREDIT: JENS BUTTNER/ DPA/AFP

Drops of dew sit on a spider web in the early morning mist in Los Angeles, California, U.S
CREDIT: REUTERS/LUCY NICHOLSON

Artist’s view of the system Pictoris. At least two giant planets, 20 million years old at most, orbit the star(not visable):Pictoris c, the nearest, which has just been discovered, and Pictoris b, further away. The dust and gas disc is visible in the background.
CREDIT: HO /UNIVERSITY OF GRENOBLE-ALPES/AFP
Market Closes for August 21^st , 2019

Market Index	Close	Change
Dow Jones	26202.73	+240.29 +0.93%
S&P 500	2924.43	+23.92 +0.82%
NASDAQ	8020.207	+71.646 +0.90%
TSX	16309.23	+95.92
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	20618.57	-58.65
		-0.28%
HANG SENG	26270.04	+38.50
		+0.15%
SENSEX	37060.37	-267.64
		-0.72%
FTSE 100*	7203.97	+78.97
		+1.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.224		1.159
CND. 30 Year Bond		1.458		1.394
U.S.    10 Year Bond		1.5893		1.5555
U.S. 30 Year Bond		2.0723		2.0375

Currencies

BOC Close	Today	Previous
Canadian $	0.75270	0.75077
US $	1.32855	1.33196
Euro Rate 1 Euro=		Inverse
Canadian $	1.47351	0.67865
US $	1.70911	0.90162

Commodities

Gold	Close	Previous
London Gold Fix	1504.55	1496.60
Oil
WTI Crude Future	55.73	56.34

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canada’s equities benchmark gained, propelled by financial stocks, despite an earnings miss by Canada’s largest bank.
The S&P/TSX Composite Index gained 0.6% to 16,309.23. Energy stocks rose 1% after the oil-rich province of Alberta extended its output cuts by a year to December 2020, a move that could help support Canadian crude prices.
Financials also gained, adding 0.6%. Royal Bank of Canada rose 0.6% despite reporting fiscal third-quarter earnings that missed estimates. It did, however, see improvements in expenses and provisions, two areas of concern for investors.
In other moves:
Stocks
* Kinder Morgan Canada Ltd. jumped 32%, the most on record, after Pembina Pipeline Corp. said it will buy the Canadian unit and the U.S. portion of a key Kinder Morgan pipeline for about C$4.35 billion
* CannTrust Holdings Inc. fell 4.6% to C$2.48. That’s below the pot producer’s IPO price of C$2.50 and the lowest close since September 2017
* Bausch Health Cos. gained 5.4%. William Humphries, the company’s president of ortho-dermatologics, bought over $650,000 worth of shares
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold was little changed at $1,504.60 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3288 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.22%
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — U.S. stocks pared gains and Treasuries fell as Federal Reserve minutes fell short of signaling the central bank was ready to cut rates sharply.
The S&P 500 Index moved away from Wednesday’s highs and two-year Treasury yields surged after the minutes indicated the Fed is prepared to ease if economic conditions worsen, while hinting the committee didn’t view the July cut as part of an extended cycle of reductions. The two-year yield was briefly above the 10-year rate, a key signal watched by investors and seen as a harbinger of a recession. The bond market expects almost 65 basis points of interest-rate cuts by the end of the year.
“With hopes for Fed stimulus as the biggest driver of stocks’ buoyancy in the face of trade tensions and weakening global growth, today’s relatively dovish Fed minutes were about in line with investors’ high expectations,” said Alec Young, managing director of global markets research at FTSE Russell.          Stocks already started the day higher after solid results from retailers Target Corp. and Lowe’s Cos. defied recession fears. Traders also assessed the latest developments in the U.S.-China trade spat, with President Donald Trump predicting the U.S. will “probably” make a deal. Trump also said Wednesday that the economy is strong and kept up his relentless attack on the central bank, claiming that “the only problem we have is Jay Powell and the Fed.”
Elsewhere, most European bonds fell after Germany saw anemic demand for a 30-year bond offering zero coupon. The British pound slipped as the possibility of a so-called no-deal Brexit gained momentum. Oil slid as a surprise jump in U.S. diesel and gasoline stockpiles raised concerns about weakening demand.
Here are some notable events coming up:
* Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo.
* Flash PMIs are due for the euro area on Thursday.
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday. Fed Chairman Jerome Powell will give remarks on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 rose 0.8% to 2,924.43 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 1.2%.
* The MSCI Asia Pacific Index decreased 0.4%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.1%.
* The euro dipped 0.1% to $1.1085.
* The British pound declined 0.4% to $1.2125.
* The Japanese yen fell 0.3% to 106.60 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 1.58%.
* Germany’s 10-year yield climbed two basis points to -0.67%.
* Britain’s 10-year yield increased three basis points to 0.479%.
Commodities
* The Bloomberg Commodity Index advanced 0.1%.
* West Texas Intermediate crude declined 0.8% to $55.68 a barrel.
–With assistance from Adam Haigh, Robert Brand, Luke Kawa,
Nancy Moran, Sophie Caronello, Brandon Kochkodin and Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

I only want people around me who can do the impossible.
                                     -Elizabeth Arden, 1884-1966

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. Stephen’s Day, Hungary.
1942 – Plutonium first weighed.
1977 – The United States launched Voyager 2, an unmanned spacecraft carrying a 12-inch copper phonograph record containing greetings in dozens of languages, samples of music and sounds of nature. Go to article>>
 
PHOTOS OF THE DAY

A thunderstorm moves across the Hudson Ricer over Hudson Yards and the Empire State Building in New York City as seen from Hoboken, New Jersey.
CREDIT: GARY HERSHORN/GERRY IMAGES

Long time exposure photo shows an aircraft flying over the buildings of banking district in Frankfurt, Germany.
CREDIT: AP PHOTO/MICHAEL PROBST

Gaia is a seven metre diameter sphere, featuring 120 dpi detailed NASA imagery of the earth’s surface. The artwork provides the opportunity to see our planet on this scale, floating in three-dimensions. The artwork is 1.8 million times smaller than the real earth with each centimetre of the internally lit sculpture describing 18km if the earth’s surface. By standing 211m away from the artwork, viewers will be able to see the Earth as it appears from the moon in Peterborough Cathedral, Peterborough, UK
CREDIT: TERRY HARRIS
 Market Closes for August 20th, 2019

Market Index	Close	Change
Dow Jones	25962.44	-173.35 -0.66%
S&P 500	2900.51	-23.14 -0.79%
NASDAQ	7948.563	-54.250 -0.68%
TSX	16213.31	-90.74
		-0.56%

International Markets

Market Index	Close	Change
NIKKEI	20677.22	+114.06
		+0.55%
HANG SENG	26231.54	-60.30
		-0.23%
SENSEX	37328.01	-74.48
		-0.20%
FTSE 100*	7125.00	-64.65
		-0.90%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.159		1.187
CND. 30 Year Bond		1.394		1.412
U.S.    10 Year Bond		1.5555		1.6063
U.S. 30 Year Bond		2.0375		2.0874

Currencies

BOC Close	Today	Previous
Canadian $	0.75077	0.75025
US $	1.33196	1.33288
Euro Rate 1 Euro=		Inverse
Canadian $	1.47838	0.67642
US $	1.10993	0.90096

Commodities

Gold	Close	Previous
London Gold Fix	1496.60	1515.25
Oil
WTI Crude Future	56.34	56.21

Market Commentary:
On this day in 1982, the stock market closed out a historic week with the Dow rallying more than 10% for the period and shattering volume records in four out of five trading sessions. The index finished the week at 869.26 and has risen by around 2900% since then.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark fell as bank stocks retreated ahead of the start of their fiscal third- quarter earnings season.
The S&P/TSX Composite Index lost 0.6% to 16,213.31 after two sessions of gains. Royal Bank of Canada fell 1.1% before it kicks off bank earnings Wednesday morning. Analysts expect headwinds from rate cuts, lower capital markets revenue and weakening credit conditions, offset by slower expense growth.
Energy stocks slid 1.1% as the discount for Canadian crude widened the most in a month. Precision Drilling Corp. fell 6.4%, offsetting some of Monday’s 18% gain.
In other moves:
Stocks
* Organigram Holdings Inc. gained 2.7%. The pot stock will graduate to the Toronto Stock Exchange at the start of trading on Aug. 22
* Birchcliff Energy Ltd. rose 6.3% and Peyto Exploration & Development Corp. gained 3.8% on speculation of a potential vote Thursday regarding changes to shipping rules on TC Energy Corp.’s NGTL system
* Cameco Corp. added 1.1% after Kazatomprom, the world’s largest uranium miner, said it will extend production cuts
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold rose 0.4% to $1,517.30 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3318 per U.S. dollar
* The Canada 10-year government bond yield fell 3 basis points to 1.16%
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — Stocks fell and Treasuries climbed as investors assessed the latest news on trade talks and awaited more clues on monetary policy.
The S&P 500 Index halted a three-day rally after U.S. Secretary of State Michael Pompeo told CNBC that Huawei Technologies Co. isn’t the only Chinese company that poses risks. He also sees the U.S. and China continuing their talks — at least by phone — over the next week or 10 days. Later Tuesday, President Donald Trump said he’s not ready to make a deal with China and cited the need for a “big” Federal Reserve rate cut. Benchmark 10-year yields slumped while the dollar
dropped from this year’s high. Italian bonds jumped as Prime Minister Giuseppe Conte resigned. Just a day after markets cheered progress on trade negotiations, investors took a more cautious approach. Trump’s top economic adviser, Larry Kudlow, speaks with business leaders this week amid concerns about a recession, the trade war and whipsawing markets. Pacific Investment Management Co. has reduced its positions in government debt on bets that a breakthrough in U.S.-China trade talks could trigger a violent sell-off, the Financial Times reported. Traders are also gearing up for a keynote speech from Fed Chairman Jerome Powell at the Jackson Hole symposium Friday.
“It’s kind of a choppy environment,” Dan Skelly, head of equity model portfolios at Morgan Stanley Wealth Management, said in a phone interview. “The liquidity in August is going to be pretty poor, so that certainly in my view caps the potential upside, but it does raise the risk that you do have a more pronounced sell-off at some point.” Wall Street watchdogs handpicked by Trump eased the Volcker Rule’s controversial ban on banks making speculative investments, wrapping up a top deregulatory priority that’s long been sought by the financial industry. Still, bank stocks joined broader market losses.
In corporate news, Home Depot Inc. surged after its results broadly cleared investor expectations — or at least, were no worse than expected by Wall Street. Beyond Meat Inc. jumped after JPMorgan upgraded the stock to overweight from neutral. Baidu Inc. soared after the China-based Internet company unexpectedly reported revenue growth in its June quarter. Kohl’s Corp. fell on sales that fell short of expectations.
Here are some notable events coming up:
* Minutes of the Fed’s July meeting will provide details on the discussions leading to the first interest-rate cut in a decade when they are released on Wednesday.
* Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo.
* Flash PMIs are due for the euro area on Thursday.
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday. Fed Chairman Jerome Powell will give remarks on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index dipped 0.8% to 2,900.53 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.7%.
* The MSCI Asia Pacific Index rose 0.6%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* The euro rose 0.2% to $1.1102.
* The Japanese yen increased 0.4% to 106.21 per dollar.
Bonds
* The yield on 10-year Treasuries slid six basis points to 1.55%.
* Germany’s 10-year yield fell four basis points to -0.69%.
* Britain’s 10-year yield fell two basis points to 0.452%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude climbed 0.2% to $56.34 a barrel.
* Gold increased 0.3% to $1,516.70 an ounce.
–With assistance from Sybilla Gross, Andreea Papuc, Todd White
and Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

Common sense is not so common.
                -Voltaire, 1694-1778

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:
Coco Chanel, b. 1883
Bill Clinton, b.1946
If you happen to be in Cape Town, South Africa you can check out the pop-up restaurant that focuses on insect cuisine. Yeah, you read that right. -CNN.
Staring at seagulls can stop them from stealing food. 
Bees are dropping dead, sending a message to humans

On Aug. 19, 1934, a plebiscite in Germany approved the vesting of sole executive power in Adolf Hitler as Fuhrer.  Go to article>>

Porsche’s Nazi Car Stalls in Auction Blunder
During Saturday night’s highly charged standing-room only auction in downtown Monterey, California, auctioneers at RM Sotheby’s premier sale dimmed the lights and showed a promotional video for the much-anticipated sale of the 1939 Type 64. The controversial silver coupe had been expected to sell for some $20 million, but the video rocked the audience. In the end, the car didn’t sell at all. -from Bloomberg.

PHOTOS OF THE DAY

A girl holds a sign that reads ‘pull the emergency brake’ as she attends a ceremony in the area which once was the Okjokull glacier, in Iceland. With poetry, moments of silence and political speeches about the urgent need to fight climate change, Icelandic officials, activists and others bade goodbye to the first Icelandic glacier to disappear.
CREDIT:FELIPE DANA/AP

A 3D light animation is projected by the Limelight Projection Mapping International Light Art Group onto the façade of the University of Debrecen during the Night of Lights in Debrecen, Hungary
CREDIT: THE TELEGRAPH AUGUST 19, 2019

Revellers leave after the Havana Carnival celebrations were suspended due to bad weather conditions.
CREDIT:YAMIL LAGE/AFP/GETTY IMAGES
Market Closes for August 19th, 2019

Market Index	Close	Change
Dow Jones	26135.79	249.78 +0.96%
S&P 500	2923.65	+34.97 +1.21%
NASDAQ	8002.813	+106.819 +1.35%
TSX	16304.05	+154.26
		+0.96%

International Markets

Market Index	Close	Change
NIKKEI	20563.16	+144.35
		+0.71%
HANG SENG	26291.84	+557.62
		+2.17%
SENSEX	37402.49	+52.16
		+0.14%
FTSE 100*	7189.65	+72.50
		+1.02%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.187		1.160
CND. 30 Year Bond		1.412		1.377
U.S.    10 Year Bond		1.6063		1.5538
U.S. 30 Year Bond		2.0874		2.0348

Currencies

BOC Close	Today	Previous
Canadian $	0.75025	0.75362
US $	1.33288	1.32693
Euro Rate 1 Euro=		Inverse
Canadian $	1.47710	0.67700
US $	1.10816	0.90239

Commodities

Gold	Close	Previous
London Gold Fix	1515.25	1515.65
Oil
WTI Crude Future	56.21	54.87

Market Commentary:
On this day in 2004, Google’s stock began trading in one of the most anticipated public offerings in years. Initially priced at $85, the stock has returned more than 4000% since then.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose the most since January after the U.S. struck a more conciliatory tone on Chinese trade relations and a drone attack in Saudi Arabia sent oil prices
higher.
The S&P/TSX Composite Index added almost 1% to reach 16,304.05 amid a global rally in equities. The U.S. will extend exemptions that protect some domestic customers from a ban on doing business with China’s Huawei Technologies Co., a development that was seen as positive for trade negotiations.
Energy stocks led the gain in Toronto, rising 1.6% after a drone strike by Yemeni rebels on a Saudi Arabian oil field raised fears about ongoing unrest in the region. Health-care stocks brought up the rear as cannabis stocks retreated.
In other moves:
Stocks
* Precision Drilling Corp. jumped 18%, the most since 1991. The company cut its 2019 capital expenditure guidance and announced a plan to buy back up to 10% of its stock
* Hudson’s Bay Co. gained 7.6% to the highest in two months. Private equity firm Catalyst Capital Group Inc. bought a 10% stake in the company as part of its efforts to block a proposed takeover by the retailer’s chairman
* AGF Management Ltd. rose by a record 19%, after confirming that Smith & Williamson is in exclusive takeover talks with Tilney Group Ltd. AGF owns a minority stake in Smith & Williamson
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to WTI
* Gold fell 0.8% to $1,500.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3334 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.18%
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — Stocks climbed after the Trump administration signaled progress on trade negotiations and speculation grew that major central banks will shore up their economies. The dollar rose to this year’s high.
The S&P 500 Index gained for a third day, led by chipmakers, as U.S. Commerce Secretary Wilbur Ross said the nation will delay restrictions imposed on some business operations of China’s Huawei Technologies Co. The Treasury market was unfazed by President Donald Trump’s call for the central bank to cut rates by “at least 100 basis points.” Bunds tumbled as Germany was said to be preparing fiscal stimulus measures. Oil rallied as a drone attack in Saudi Arabia highlighted simmering Middle East tension. Gold fell. The week started on a positive note as the news on Huawei was seen as encouraging for the long-awaited trade pact between the world’s two largest economies. Still, the company said the temporary relief doesn’t change the fact that it’s been treated “unjustly.” The announcement of a reprieve followed a tweet from Trump over the weekend indicating the U.S. was “doing very well with China, and talking,” but suggesting he wasn’t ready to sign a deal.
“It’s kind of like a drunken walk,” said Paul Nolte, a money manager at Kingsview Asset Management in Chicago. “There’s no rhyme or reason from day to day as to what’s happening with trade, and trade is really what’s driving the markets. And there’s no way to handicap it. There is no glide path, there is no, ‘Here’s what happening.’ It’s a random walk.” Trump’s top economic adviser, Larry Kudlow, will speak with business leaders this week amid concerns about the rising odds for a recession, the trade war and whipsawing markets. Federal Reserve Bank of Boston President Eric Rosengren pushed back against further rate cuts, arguing he’s not convinced that slowing trade and global growth will significantly dent the economy. Investors awaited Fed Chairman Jerome Powell’s remarks about the challenges for monetary policy at the Jackson Hole symposium Friday.
In corporate news, Walt Disney Co. erased gains and was little changed at the close after a MarketWatch report cited a whistleblower who said the company had materially overstated revenue for years. Estee Lauder Cos. rallied after the cosmetics company forecast earnings that topped analysts’ estimates. PG&E Corp. tumbled after a judge said that a jury could now hear $18 billion in legal claims from a deadly 2017 wildfire. Blue-chip U.S. companies are likely to see a surge in demand for their bonds as the rising amount of negative-yielding debt globally forces more overseas investors to seek higher returns in dollar assets, according to Bank of America Corp. “There is a wall of new money being forced into the global corporate bond market,” strategists led by Hans Mikkelsen wrote in an Aug. 16 note.
Here are some notable events coming up:
* Minutes of the Fed’s July meeting will provide details on the discussions leading to the first interest-rate cut in a decade when they are released on Wednesday.
* Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo.
* Flash PMIs are due for the euro area on Thursday.
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday. Fed Chairman Jerome Powell will give remarks on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 rose 1.2% to 2,923.65 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 1.1%.
* The MSCI Asia Pacific Index climbed 0.9%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro decreased 0.1% to $1.1078.
* The Japanese yen dipped 0.3% to 106.65 per dollar.
Bonds
* The yield on 10-year Treasuries rose five basis points to 1.60%.
* Germany’s 10-year yield jumped four basis points to -0.65%.
* Britain’s 10-year yield climbed less than one basis point to 0.47%.
Commodities
* West Texas Intermediate crude increased 2.4% to $56.21 abarrel.
* Gold for December delivery fell 0.8% to $1,511.60 an ounce; the spot price dropped below $1,500.
–With assistance from Adam Haigh, Todd White and Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

A day without laughter is a day wasted.
             -Charlie Chaplin, 1889-1977

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