Month: May 2020

Dear Friends,

Tangents: Happy Friday!

Parisians, annoyed at government restrictions, have adopted a rebellious new drinking tradition: the apérue, in which revelers gather on the city’s streets (or rues) to enjoy pre-dinner drinks. –The New York Times.

On May 29, 1953, Mount Everest was conquered as Edmund Hillary of New Zealand and Sherpa Tenzing Norgay of Nepal became the first climbers to reach the summit.  Go to article »

                                                                                                                                         Farvardin Daliri
Coronavirus lockdown presented the perfect opportunity for Farvardin Daliri to complete his magnum opus: a 15-foot-tall replica of a laughing kookaburra, a beloved Australian bird. Mr. Daliri, an Iranian-born 65-year-old who moved to Australia in the 1980s, built it in his yard in Brisbane.
The body includes fiberglass, steel mesh, bamboo, ceramic and plenty of hot glue, and a sound system inside emits the bird’s distinctive cackling laugh. The entire sculpture is registered as a boat trailer.
He said he just wanted to cheer people up. “If a bird can laugh, why not me?” he said. –The New York Times.
PHOTOS OF THE DAY

Cloud iridescence, an optical phenomenon where light is diffracted through water droplets, is pictured at the edge of clouds before a summer thunderstorm over Bangkok, Thailand.
CREDIT: ALEX OGLE/AFP VIA GETTY IMAGES

A genius artist and designer has created a series of stunning fairy sculptures out of metal wire. Engineer and designer Robin Wight, 59, from Oakamoor, Staffs, UK, was twisting an old piece of wire up in early 2010. Robin realised metal wire was a good material to model with, and began creating simple human figures out of it. Robin said: “The initial new result was very crude and certainly would not win any prizes, but as proof of concept for wire as a material to work with, I was hooked!” Robin was then inspired by a photo that he had recently taken in a local wood, and which shows the light streaming through the trees forming a fairy figure. He began using wire to create stunning fairy sculptures, which he installed in his garden and in fields and woods close to his property, often using rotating pedestals.
CREDIT: CATERS NEWS AGENCY  

Local kayakers gathered before sunset for a memorial paddle out at Funkytown in Fountainstown, Co. Cork, Ireland. Surfing’s most hallowed ritual a ‘paddle out s usually to honour the life of a fallen surfer, but on this occasion it’s to remember all those who have passed during the present Coronavirus pandemic.
CREDIT: DAVID CREEDON/ALAMY LIVE NEWS
Market Closes for May 29th, 2020 

Market Index	Close	Change
Dow Jones	25383.11	-17.53
		-0.07%
S&P 500	3044.31	+14.58
		+0.48%
NASDAQ	9489.871	+120.882 +1.29%
TSX	15192.83	-69.90
		-0.46%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21877.89	-38.42
		-0.18%
HANG SENG	22961.47	-171.29
		-0.74%
SENSEX	32424.10	+223.51
		+0.69%
FTSE 100*	6076.60	-142.19 -2.29%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.534	0.562
CND. 30 Year Bond	1.118	1.141
U.S.    10 Year Bond	0.6493	0.6900
U.S. 30 Year Bond	1.4077	1.4565

Currencies

BOC Close	Today	Previous
Canadian $	0.72640	0.72596
US $	1.37665	1.37748
Euro Rate 1 Euro=		Inverse
Canadian $	1.52840	0.65428
US $	1.11023	0.90071

Commodities

Gold	Close	Previous
London Gold Fix	1717.35	1694.60
Oil
WTI Crude Future	25.49	33.71

Market Commentary:
On this day on 1946, with the stock market still euphoric over peace, the Dow Jones Industrial Average hits its immediate post-World War II high of 212.50. It’s a level it would not surpass again until April 12, 1950—nearly four years of chronic doldrums
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5 percent, or 69.9 to 15,192.83 in Toronto. The move was the biggest since falling 0.8 percent on May 21.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.2 percent. Canopy Growth Corp. had the
largest drop, falling 20.8 percent.
Today, 130 of 229 shares fell, while 96 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 1.9 percent
* This month, the index rose 2.8 percent
* The index declined 5.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 8 percent in the same period
* The S&P/TSX Composite is 15.5 percent below its 52-week high on Feb. 20, 2020 and 36 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.9 on a trailing basis and 24.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.31t
* 30-day price volatility fell to 22.93 percent compared with 24.59 percent in the previous session and the average of 33.77 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -92.4688| -2.1| 3/23
Health Care | -12.9674| -7.6| 1/9
Industrials | -3.7246| -0.2| 13/18
Real Estate | -3.3107| -0.7| 8/17
Utilities | -1.4312| -0.2| 6/10
Consumer Discretionary | 0.2221| 0.0| 6/8
Energy | 1.8659| 0.1| 8/22
Consumer Staples | 2.7072| 0.4| 9/2
Communication Services | 3.7844| 0.4| 4/3
Materials | 12.9018| 0.6| 29/17
Information Technology | 22.5223| 1.6| 9/1
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — Relentless investor optimism over prospects for an economic recovery continued to overwhelm everything else in markets, pushing stocks higher on a day Donald Trump escalated his war of words with China.
While the president blasted the Communist country for its actions on the pandemic and in Hong Kong, traders took some solace in the absence of new draconian economic restrictions.
“There was nothing on changing the trade deal or anything else with teeth. Looking into actions, might do something in the future, but markets won’t worry about that now,” said Dennis DeBusschere, a strategist at Evercore ISI. “He also stuck to script and hit many of the logical things people are upset with.”
The S&P 500 ended May on an up note as it capped a second monthly advance. Equities turned higher after Trump announced retaliation against China by withdrawing from the World Health Organization. He said his administration will look into eliminating policies that give Hong Kong preferential treatment.
The president did not institute sanctions on Chinese officials as was anticipated. Stocks gained 4.5% in May, buoyed by signs the economy is stirring after shutting down in April. But a flurry of negative headlines weighed on sentiment earlier in the day. U.S. consumer spending, which accounts for about two-thirds of the world’s largest economy, plunged a record 13.6% in April after the coronavirus pandemic halted purchases of all but the most essential goods and services.
Meanwhile, the president is escalating a confrontation with Twitter Inc. that threatens to damage social-media platform operators. Trump is also weighing in on political unrest in the Midwest, where protests against police violence have turned unruly. Chairman Jerome Powell said the Federal Reserve’s main  street lending program will start soon.
“I’m very cautious on my medium and even long-term outlook for the markets,” Kate Jaquet, a portfolio manager at Seafarer Capital Partners LLC, said on Bloomberg TV. “I perceive there to be a very large disconnect between stock-market valuations across the globe and underlying company fundamentals.”
The Stoxx 600 Index declined for the first time in five days, dragged lower by travel shares and automakers. The euro edged higher after the region’s inflation rate fell to the lowest in four years, adding to reasons for authorities to expand monetary stimulus. Iron ore surged past $100 a ton as supply woes in Brazil coincide with sustained, robust demand in top steel producer China. Crude oil rallied late and posted its biggest monthly advance on record.
These are some of the main market moves:
Stocks
*The S&P 500 Index gained 0.5% to 3,044.31 as of 4:03 p.m. New York time, the highest in more than 12 weeks.
*The Dow Jones Industrial Average dipped 0.1% to 25,383.11.
*The Nasdaq Composite Index gained 1.3% to 9,489.87, the highest in 14 weeks on the largest climb in more than a week.
*The MSCI All-Country World Index climbed 0.1% to 509.53, reaching the highest in 12 weeks on its fifth straight advance.
Currencies
*The Bloomberg Dollar Spot Index dipped 0.2% to 1,228.25, the lowest in 11 weeks.
*The euro gained 0.2% to $1.1102, the strongest in two months.
*The Japanese yen depreciated 0.2% to 107.82 per dollar, the weakest in six weeks.
Bonds
*The yield on two-year Treasuries sank one basis point to 0.16%, the lowest in two weeks on the biggest tumble in more than a week.
*The yield on 10-year Treasuries decreased four basis points to 0.65%, the lowest in two weeks on the largest tumble in more than a week.
*Britain’s 10-year yield declined three basis points to 0.184%, the biggest drop in more than a week.
*Germany’s 10-year yield decreased three basis points to -0.45%, the largest tumble in more than three weeks.
Commodities
*West Texas Intermediate crude increased 4.4% to $35.21 a barrel, the highest in more than 11 weeks on the biggest climb in more than a week.
*Gold strengthened 0.8% to $1,731.78 an ounce, the largest climb in more than two weeks.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

We are all broken.  That’s how the light gets in.
                   -Ernest Hemingway, 1899-1961

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:
1892~ Sierra Club founded.

From Bloomberg today:
Six-year-old boy finds 3,500-year-old tablet.

Earliest “chickens” were actually pheasants.

Lego releases a $380 Lamborghini kit.

PHOTOS OF THE DAY

View of the Milky Way in the early morning sky above the pink tajinaste (Echium wildpretii) plants endemic to the Canary Islands in Garafia, La Palma, Canary Islands, Spain
CREDIT: ANTONIO GPNZALEZ HANDOUT/EPA – EFE/SHUTTERSTOCK

Pelagia noctiluca (Medusa Luminosa), a species of jellyfish commonly known as the mauve stinger found at a depth of five metres off the coast Lebanon’s northern town of Qalamun.
CREDIT: IBEAHIM CHALHOUB/AFP

A brown bear lies down and relaxes on a beach. The large female collapsed onto her back before rolling over and taking a nap. The photographs were taken in the huge four million acre expanse of Lake Clark National Park in Alaska, USA.
CREDIT: KEN CONGER/SOLENT NEWS
Market Closes for May 28th, 2020 

Market Index	Close	Change
Dow Jones	25400.64	-147.63
		-0.58%
S&P 500	3030.86	-5.27
		-0.17%
NASDAQ	9368.988	-43.369 -0.46%
TSX	15242.25	-29.78
		-0.19%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21916.31	+497.08
		+2.32%
HANG SENG	23132.76	-168.60
		-0.72%
SENSEX	32200.59	+595.37
		+1.88%
FTSE 100*	6218.79	+74.54 +1.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.562	0.549
CND. 30 Year Bond	1.141	1.106
U.S.    10 Year Bond	0.6900	0.6933
U.S. 30 Year Bond	1.4565	1.4565

Currencies

BOC Close	Today	Previous
Canadian $	0.72596	0.72741
US $	1.37748	1.37475
Euro Rate 1 Euro=		Inverse
Canadian $	1.52492	0.65577
US $	1.10703	0.90331

Commodities

Gold	Close	Previous
London Gold Fix	1694.60	1720.25
Oil
WTI Crude Future	33.71	32.81

Market Commentary:
On this day in 1962, in the wake of President John F. Kennedy’s widely quoted (but perhaps apocryphal) remark that “My father always told me that all businessmen were sons-of-bitches,” the Dow Jones Industrial Average suffered its worst one-day point drop since the Crash of 1929, as it shed 34.95 points, or 5.7%. On “Blue Monday,” volume was a huge 9.35 million shares and the ticker ran 2 hours and 28 minutes late in recording the day’s closing prices.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks were slightly lower after a mixed session Thursday.
The S&P/TSX Composite Index fell 0.1% as financials retreated following gains all week, while marijuana stocks including Canopy Growth Corp. posted a strong session.
Toronto-Dominion Bank and Canadian Imperial Bank of Commerce set aside record amounts for soured loans in the fiscal second quarter, bringing total provisions for Canada’s six- biggest banks to C$10.9 billion ($7.9 billion) as they brace for the coronavirus pandemic’s economic aftermath.
Shares of Canadian long-term care companies extended their drop amid mounting pressure from Ontario’s government.
Oil rallied as investors looked past an increase in U.S. crude stockpiles to focus on tentative signs of a recovery in fuel demand as well as output cuts.
Optimism that China may end its yearlong trade spat with Canada over canola imports is fading after a court ruling against a Huawei Technologies Co. executive in Vancouver.
Commodities
* Western Canada Select crude oil traded at a $7.35 discount to West Texas Intermediate
* Spot gold rose 0.6% to $1,719 an ounce
FX/Bonds
* The Canadian dollar slipped 0.1% to C$1.3770 per U.S. dollar
* The 10-year government bond yield rose 1.4 basis points to 0.563%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 15,262.73 in Toronto, ending a 4-day gain. The loss follows the previous session’s increase of 0.8 percent.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.8 percent. Novagold Resources Inc. had the largest drop, falling 8.5 percent.
Today, 119 of 229 shares fell, while 108 rose; 4 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 2.3 percent
* This month, the index rose 3.3 percent
* The index declined 6.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 6.8 percent in the same period
* The S&P/TSX Composite is 15.1 percent below its 52-week high on Feb. 20, 2020 and 36.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.5 percent in the past 5 days and rose 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 24.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.31t
* 30-day price volatility fell to 24.59 percent compared with 24.67 percent in the previous session and the average of 35.45 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -62.3901| -1.4| 6/20
Energy | -5.9230| -0.3| 6/24
Real Estate | -3.7430| -0.8| 14/12
Consumer Discretionary | -2.9474| -0.6| 7/6
Information Technology | 2.7780| 0.2| 6/4
Health Care | 5.3686| 3.2| 6/4
Industrials | 10.1488| 0.6| 14/17
Communication Services | 10.4727| 1.2| 7/1
Utilities | 11.2988| 1.5| 13/3
Materials | 12.1464| 0.6| 19/27
Consumer Staples | 13.4967| 2.1| 10/1
US
By Claire Ballentine
(Bloomberg) — U.S. stocks erased gains and ended lower after President Donald Trump said he’d hold a press conference Friday to discuss China, potentially stoking tensions between the world’s two largest economies.
The S&P 500 lost an advance of more than 1% on Trump’s announcement, with investors speculating the U.S. will take action against China that could destabilize the global economy, although the precise agenda was unclear. Traders have warily been watching an escalation between Washington and Beijing even as stocks surged for the past two days. Chinese lawmakers earlier approved a proposal for new national-security legislation in Hong Kong, a move Trump’s economic adviser called a “huge mistake.”
“The market’s going to trade on headlines. Could he come out and say something that might spook markets temporarily? Sure, but you know what’s more important than that? The fact that the Fed’s going to stand there with their safety-net,” David Spika, president of GuideStone Capital Management, said by phone.
Stocks fell for the first time in four days falling short of the longest rally of the pandemic era. Small caps that had been surging tumbled 2.5%, while bank and energy shares — darlings of the latest rotation — fell at least 1.6%. Tech also slipped, with Twitter losing almost 5% after Trump turned his ire on the company, threatening to loosen legal protections for social-media platforms.
Earlier gains came as data showed the economic damage from the coronavirus pandemic was less severe than anticipated. U.S. states’ jobless rolls shrank for the first time during the outbreak even as millions more Americans filed for unemployment benefits, while readings on durable goods orders and personal consumption beat forecasts. Federal Reserve Bank of St. Louis President James Bullard said the economy may already have bottomed.
“The stock market believes the recovery will be about as swift as it possibly can be. It certainly seems to be pricing a very quick and vigorous recovery,” said Jared Kizer, chief investment officer of Buckingham Wealth Partners.
Elsewhere, European stocks climbed amid optimism over economies reopening and a European Union fiscal stimulus plan. Shares rose throughout most of Asia, though the Hang Seng Index flirted with the lowest level since March after the U.S. said it could no longer certify Hong Kong’s political autonomy, a move that could have far-reaching consequences.
Here are some key events coming up:
* Federal Reserve Chairman Jerome Powell participates in a virtual discussion on Friday.
* Euro-area data due Friday is forecast to show consumer inflation fell to 0.1% in May from 0.4% the previous month.
These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time.
* The Russell 2000 lost 2.5% and the Dow Jones Industrial Average fell 0.6%.
* The Stoxx Europe 600 Index gained 1.6%.
* The MSCI Asia Pacific Index climbed 0.9%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.3%.
* The euro increased 0.5% to $1.106, the strongest in two months.
* The Japanese yen strengthened 0.1% to 107.63 per dollar.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 0.69%.
* Germany’s 10-year yield declined one basis point to -0.42%, the biggest fall in a week.
* Britain’s 10-year yield increased one basis point to 0.206%.
Commodities
* The Bloomberg Commodity Index rose 0.1%.
* West Texas Intermediate crude dipped 2.6% to $33.65 a barrel.
* Gold futures climbed 0.3% to $1,732 an ounce.
–With assistance from Adam Haigh, David Wilson, Yakob Peterseil and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

When you arise in the morning, give thanks for the morning light, for your life and strength. 
Give thanks for your food and the joy of living.  If you see no reason for giving thanks,
the fault lies in yourself.
                                   -Tecumseh, 1768-1813

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:
1930: Scotch Tape patented.
1937: Golden Gate Bridge opened, San Francisco.
1940: British and Allied forces begin the evacuation of Dunkirk (Operation Dynamo) during WWII.

Isadora Duncan, b. 1878.
Rachel Carson, b. 1907.
Hubert Humphries, b. 1911.

A century ago, the photographer Eugène Atget captured haunting images of empty Paris streets. Mauricio Lima has followed in his footsteps, shooting images of the same scenes, now deserted because of the pandemic. –The New York Times.

From CNN:
Why oranges are sold in red-mesh bags.
Supposedly blank Dead Sea scrolls actually have text, scientists discover. (h/t Scott Kominers for the first two kickers)
Blue bee thought to be extinct had just retired to Florida.
Roman mosaic floor found under Italian vineyard.

PHOTOS OF THE DAY

Sun Bingyin took this photo, Cinammon Rolls Cloud, showing a windy evening in Iceland.
CREDIT: SUN BINGYIN/RMETS/BAV MEDIA

Punk-haired Mary River turtle, found in Queensland, Australia
CREDIT: CHRIS VAN WYK/ZSL/PA WIRE

This morning sunrise at Glastonbury Tor in Somerset an eerie mixture of warming sunshine and chilling mist. Portending well for the continued spell of fine weather enjoyed across the country.
CREDIT: JASON BRYANT/APEX

Sunrise over the Blackmore Vale from Cadbury Castle, South Cadbury, Somerset
CREDIR: THE TELEGRAPH MAY 27^TH, 2O2O
Market Closes for May 27th, 2020 

Market Index	Close	Change
Dow Jones	25548.27	+553.16
		+2.21%
S&P 500	3036.13	+44.36
		+1.48%
NASDAQ	9412.359	+72.138 +0.77%
TSX	15272.03	+123.91
		+0.82%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21419.23	+148.06
		+0.70%
HANG SENG	23301.36	-83.30
		-0.36%
SENSEX	31605.22	+995.92
		+3.25%
FTSE 100*	6144.25	+76.49 +1.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.549	0.544
CND. 30 Year Bond	1.106	1.087
U.S.    10 Year Bond	0.6933	0.6835
U.S. 30 Year Bond	1.4565	1.4261

Currencies

BOC Close	Today	Previous
Canadian $	0.72741	0.72539
US $	1.37475	1.37856
Euro Rate 1 Euro=		Inverse
Canadian $	1.51379	0.66059
US $	1.10114	0.90815

Commodities

Gold	Close	Previous
London Gold Fix	1720.25	1733.55
Oil
WTI Crude Future	32.81	34.35

Market Commentary:
On this day in 1933, President Franklin D. Roosevelt signed into law the Securities Act of 1933, requiring all issuers of stocks and bonds to publish a prospectus disclosing risks, conflicts of interest, and ownership positions. Mr. Roosevelt said, “The Act is thus intended to correct some of the evils which have been so glaringly revealed in the private exploitation of the public’s money.” 
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Wednesday, rebounding from a late morning selloff as financials and consumer discretionary shares posted a strong session.
The S&P/TSX Composite Index gained 0.8%. Five sectors advanced, while information technology stocks fell, with Shopify Inc. losing 2.4%.
Oil fell from a nearly three-month high as investors weighed whether or not Russia would agree to extend output curbs when OPEC+ meets in two weeks.
Ontario is taking over temporary management of five more long-term care homes in the wake of a report that raised serious concerns on their handling of Covid-19 outbreaks. Extendicare Inc. fell 4.1% while Sienna Senior Living Inc. lost 5%. Royal Bank of Canada and Bank of Montreal joined their Canadian peers in setting aside record provisions for loan losses as they brace for the economic fallout from the coronavirus pandemic.
Commodities
* Western Canada Select crude oil traded at a $7.75 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,713.78 an ounce
FX/Bonds
* The Canadian dollar gained 0.1% C$1.3759 per U.S. dollar
* The 10-year government bond yield fell to 0.543%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.8 percent, or 123.91 to 15,272.03 in Toronto.
The index advanced to the highest closing level since March 6. Royal Bank of Canada contributed the most to the index gain, increasing 4.8 percent. Home Capital Group Inc. had the largest increase, rising 10.7 percent.
Today, 136 of 229 shares rose, while 89 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 3.3 percent
* The index declined 6.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 6.2 percent in the same period
* The S&P/TSX Composite is 15 percent below its 52-week high on Feb. 20, 2020 and 36.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.8 percent in the past 5 days and rose 4.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 24.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.29t
* 30-day price volatility fell to 24.67 percent compared with 25.66 percent in the previous session and the average of 37.07 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 140.8834| 3.2| 25/1
Energy | 16.4885| 0.8| 19/8
Consumer Discretionary | 13.1726| 2.5| 14/0
Communication Services | 7.4507| 0.9| 6/2
Industrials | 3.5815| 0.2| 16/15
Health Care | -1.0433| -0.6| 2/8
Consumer Staples | -1.1670| -0.2| 5/6
Utilities | -2.0230| -0.3| 9/6
Real Estate | -2.6533| -0.6| 11/15
Materials | -17.8690| -0.8| 26/21
Information Technology | -32.9217| -2.3| 3/7
US
By Katherine Greifeld
(Bloomberg) — U.S. stocks advanced for a third day on rising optimism the pandemic’s damage to the economy has peaked.
Treasuries rose and oil slipped.
The S&P 500 climbed to an 11-week high, holding above 3,000 points and its average price for the past 200 days, technical levels considered key by chart watchers. For a second day, stocks most punished by the effects of the economy shutting, from Carnival Corp. to United Airlines, performed best as
investors anticipate a sharp uptick in spending on non-essential goods and services. Stay-at-home beneficiaries from Peloton Interactive to Zoom Video Communications fell.
The Nasdaq indexes turned positive late in the session after Micron Technologies forecast earnings that were ahead of estimates, lifting chipmakers. The Russell 200 jumped more than 3%, and the Dow Jones Industrial Average surged 2.2%, led by American Express and Goldman Sachs.
The recent equity rally “is an indication that investors are getting optimistic about the reopening of the economy and the drug-treatment development,” Katerina Simonetti, senior portfolio manager at UBS Private Wealth, said on Bloomberg TV.
“We hope that it will eventually lead to a normalization in the market, but we have to keep an eye on the re-emergence of virus cases.” Rising tensions with China continued occupy part of investors’ minds. Secretary of State Mike Pompeo said the U.S. has certified that Hong Kong is no longer politically autonomous from China, a move that could have far-reaching consequences on its special trading status. On Tuesday, reports indicated the U.S. was considering sanctions over Beijing’s crackdown in the former British colony. Futures on the Hang Seng index fell.
The Stoxx Europe 600 Index ended higher and Italy’s government bonds rose after details emerged of Europe’s package of grants and loans for up to 750 billion euros ($823 billion) to overcome the region’s deepest recession in living memory. The euro gained.
Investors are closely watching the new U.S.-China friction — including possible sanctions over Beijing’s crackdown in Hong Kong — as global stocks trade near levels not seen since early March on hopes that economies are beginning to recuperate after a deep downturn. The Federal Reserve’s “Beige Book” survey due for release later Wednesday may provide clues on the inflection point for the economy and near-term outlook for jobs.
Here are some key events coming up:
* Thursday brings the U.S. jobless claims reading for the week ended May 23.
* Federal Reserve Chairman Jerome Powell participates in a virtual discussion on Friday.
* Euro-area data due Friday is forecast to show consumer inflation fell to 0.1% on May from 0.4% the previous month.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.5% as of 4 p.m. New York time.
* The Nasdaq 100 climbed 0.6% and the Russell 2000 added 3.1%.
* The Stoxx Europe 600 Index advanced0.2%.
* The MSCI Asia Pacific Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The euro increased 0.2% to $1.0998.
* The Japanese yen weakened 0.2% to 107.77 per dollar.
* The British pound declined 0.6% to $1.226.
Bonds
* The yield on 10-year Treasuries fell three basis points to 0.67%.
* Germany’s 10-year yield rose one basis point to -0.42%.
* Britain’s 10-year yield decreased two basis points to 0.19%.
Commodities
* West Texas Intermediate crude dipped 5.7% to $32.40 a barrel.
* Gold weakened 1% to $1,711.20 an ounce.
–With assistance from Michael Msika and David Wilson.
Have a  great night.

Be magnificent!
As ever,

Carolann

It does not require many words to speak the truth.
                               -Chief Joseph, 1840-1904

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:
1328 – William of Ockham forced to flee from Avignon by Pope John XXII.
1815 – Napoleon crowned king of Italy.
1805 – Lewis & Clark see Rocky Mountains.

1896 – The Dow Jones Industrial Average was first published. The average price of the 11 initial stocks was 40.94. Go to article »

“Once upon a time, there was a tiny country called Cornucopia.”  So starts “The Ickabog,” a new fairy tale from J.K. Rowling. The author of the Harry Potter series is releasing the story for free online in 34 daily installments until July 10. While details of the plot were scant, it won’t have anything to do with her original young wizard. Read the first two chapters here.
Ms. Rowling said she had started working on the book more than a decade ago, and decided to publish it now so children could have it “during these strange, unsettling times.” And reader participation is encouraged: The best submissions from an illustration competition will end up in the book’s final edition when it is published in the fall. -from The New York Times.
PHOTOS OF THE DAY

Colourful rice fields create a mesmerising landscape as they stretch across the slopes of a green valley. Silt mixes with the brown dirt to form different hues while the sun reflects off the shallow water.
CREDIT: KHANH PHAN/ SOLENT NEWS

Warehouse fire burning at San Francisco’s Fisherman’s Wharf in San Francisco
CREDIT: DAN WHALET. @DWWHLY VIA AP

Aerial view of Saudi Arabia’s holy city of Mecca, with the Abraj al-Bait Mecca Royal Clock Tower overlooking the Grand Mosque and Kaaba in the centre.
CREDIT: STR/AFP VIA GETTY IMAGES
Market Closes for May 26th, 2020 

Market Index	Close	Change
Dow Jones	24995.11	+529.95
		+2.17%
S&P 500	2992.46	+37.01
		+1.25%
NASDAQ	9340.223	+15.636 +0.17%
TSX	15142.34	+66.92
		+0.44%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21271.17	+529.52
		+2.55%
HANG SENG	23384.66	+432.42
		+1.88%
SENSEX	30609.30	-63.29
		-0.21%
FTSE 100*	6067.76	+74.48 +1.24%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.544	0.488
CND. 30 Year Bond	1.087	1.039
U.S.    10 Year Bond	0.6835	0.6591
U.S. 30 Year Bond	1.4261	1.3705

Currencies

BOC Close	Today	Previous
Canadian $	0.72539	0.71511
US $	1.37856	1.39839
Euro Rate 1 Euro=		Inverse
Canadian $	1.51372	0.66062
US $	1.09804	0.91071

Commodities

Gold	Close	Previous
London Gold Fix	1733.55	1733.55
Oil
WTI Crude Future	34.35	33.55

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average was first published. Its 12 initial members were the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, Distilling & Cattle Feeding, General Electric, Laclede Gas, National Lead, North American, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber. The index’s value that day: 40.94.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Tuesday for a third-straight session with a strong outing from financials and as investors poured back into risk assets on speculation the worst of the economic hit from the pandemic has passed.
The S&P/TSX Composite Index advanced 0.5%, lead by the financials sector, which jumped 5.2%, its most since March 25 after Bank of Nova Scotia’s quarterly earnings and a rise in U.S. financial equities.
The head of Canada Pension Plan Investment Board says office towers won’t stay out of favor forever. “There’s probably going to be still robust demand for great office space in central locations,” Chief Executive Officer Mark Machin said.
Meanwhile, Quebec’s government said it agreed to provide as much as $200 million to help prop up debt-laden Cirque du Soleil Entertainment Group. Oil’s recovery from its historic crash last month is barreling ahead, with some OPEC producers displaying signs of confidence that the market is stabilizing.
Commodities
* Western Canada Select crude oil traded at a $8.00 discount to West Texas Intermediate
* Spot gold fell 1.1% to $1,712.20 an ounce
FX/Bonds
* The Canadian dollar gained 1.4% C$1.3791 per U.S. dollar
* The 10-year government bond yield rose 5.5 basis points to 0.544%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.5 percent, or 72.7 to 15,148.12 in Toronto. The index advanced to the highest closing level since April 29.
Today, financials stocks led the market higher, as 7 of 11 sectors gained; 156 of 229 shares rose, while 72 fell. Royal Bank of Canada contributed the most to the index gain, increasing 6.2 percent. BRP Inc. had the largest increase, rising 11.0 percent.
Insights
* This month, the index rose 2.5 percent
* The index declined 6.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 4.8 percent in the same period
* The S&P/TSX Composite is 15.7 percent below its 52-week high on Feb. 20, 2020 and 35.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.8 percent in the past 5 days and rose 5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.9 on a trailing basis and 24.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.28t
* 30-day price volatility fell to 25.66 percent compared with 25.85 percent in the previous session and the average of 37.66 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 215.9417| 5.2| 25/1
Energy | 15.7166| 0.8| 27/2
Industrials | 14.5330| 0.8| 25/6
Communication Services| 11.6668| 1.4| 6/2
Consumer Discretionary| 9.0818| 1.8| 11/3
Utilities | 7.9824| 1.0| 15/1
Real Estate | 7.2160| 1.6| 22/4
Consumer Staples | -1.0321| -0.2| 5/6
Health Care | -5.5790| -3.2| 3/7
Materials | -98.5037| -4.4| 15/32
Information Technology| -104.3300| -6.9| 2/8
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks rose, but closed sharply off their highs after Bloomberg News reported that the Trump administration is considering sanctions on Chinese officials, threatening to escalate tensions between the world’s two largest economies.
The S&P 500 ended up 1.2% at an 11-week high, giving up in the final half hour of trading almost 50% of gains that topped 2%. Stocks had soared earlier as investors poured back into risk assets on speculation the worst of the economic hit from the pandemic has passed. Megacap tech shares in the Nasdaq 100 fell on the day, while chipmakers exposed to China tumbled at the end of the session.
Traders spent much of the day pouring into riskier pockets of the market as they played catch-up to a rally that pushed socks higher by as much as 35% from March lows, even as news over the long weekend brought signs of mounting tension with China. That bid faded after the report that the Treasury Department could impose controls on transactions and freeze assets of Chinese officials and businesses for implementing a new national security law that would curtail the rights and freedoms of Hong Kong citizens.
Fresh economic data had showed that the easing of lockdown restrictions is boosting economic activity. The contours of the gains, with small-caps and energy shares leading, suggest investors who doubted its staying power are now targeting areas that have lagged behind so far. Large-cap tech shares, the group that lifted stocks from pandemic lows, trailed Tuesday.
While economic data is still awful by virtually any historic comparison, a consensus among investors is building that the worst from the pandemic is over, easing fear that the rally was a bear trap destined to come undone. Now they will also contend with an increase in China tension that could threaten trade at a delicate time for the global recovery.
Elsewhere, the Stoxx Europe 600 Index advanced, with travel stocks surging on reports that Germany plans to lift travel warnings for 31 European countries. The U.K. also announced steps toward getting back to business, sending the pound up by the most in almost a month. Japan led the equity advance in Asia as the world’s third- largest economy reopened, and shares rose in Hong Kong, which showed signs of stabilizing after weekend unrest. Treasuries slid after the three-day U.S. weekend, alongside Germany’s government debt.
While investors’ spirits are being lifted by economic reopenings, there are also mounting signs that coronavirus infection rates are moderating. The Japanese government ended its nationwide state of emergency Monday, while Germany recorded a decline in the number of new virus cases. Signs that more euro area stimulus is on the way is also helping support the appetite for risk.
“The narrative for markets is shifting somewhat, with hopes associated with the easing of lockdown measures in many countries and still very exaggerated hopes of a vaccine being found short-term, needing to be balanced against escalating U.S./China tensions,” said Marc Ostwald, chief economist and global strategist at ADM Investor Services.
The euro strengthened ahead of negotiations this week on the form of a bloc-wide recovery fund. WTI crude oil advanced to around $34 a barrel on hopes the market may rebalance after historic output cuts.
Here are some key events coming up:
* Earnings continue with companies including British Land, Royal Bank of Canada and HP Inc.
* Thursday brings the U.S. jobless claims reading for the week ended May 23.
* Federal Reserve Chairman Jerome Powell participates in a virtual discussion on Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index added 1.2% at 4 p.m. New York time.
* The Russell 2000 rose 2.8% and the Dow Jones Industrial Average jumped 2.1%
* The Stoxx Europe 600 Index climbed 1.1%.
* The MSCI Asia Pacific Index surged 2.3%.
* The MSCI Emerging Market Index surged 1.8%.
Currencies
* The Bloomberg Dollar Spot Index sank 1%.
* The euro rose 0.97% to $1.0991.
* The British pound surged 1.2% to $1.234.
* The Japanese yen strengthened 0.2% to 107.54 per dollar.
Bonds
* The yield on 10-year Treasuries added three basis points to 0.69%.
* Germany’s 10-year yield climbed seven basis points to -0.43%.
* Britain’s 10-year yield rose four basis point to 0.21%.
* Japan’s 10-year yield rose one basis point to 0.008%.
Commodities
* West Texas Intermediate crude gained 2.1% to $33.93 a barrel.
* Gold futures weakened 1.6% to $1,725 an ounce.
–With assistance from Michael Hunter, Andreea Papuc and Anooja Debnath.

Have a great night.

Be magnificent!

As ever,

Carolann

Humility is not thinking less of yourself, its thinking of yourself less.
                                                        -C.S. Lewis, 1898-1963
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:
On May 24, 1883, the Brooklyn Bridge, linking Brooklyn and Manhattan, was opened to traffic. Go to article »

Ralph Waldo Emerson, b. 1803.

       The Rhodora
On Being Asked, Whence Is the Flower?

RALPH WALDO EMERSON

In May, when sea-winds pierced our solitudes,
I found the fresh Rhodora in the woods,
Spreading its leafless blooms in a damp nook,
To please the desert and the sluggish brook.
The purple petals, fallen in the  pool,
Made the black water with their beauty gay;
Here might the red-bird come his plumes to cool,
And court the flower that cheapens his array.
Rhodora! if the sages ask thee why
This charm is wasted on the earth and sky,
Tell them, dear, that if eyes were made for seeing,
Then Beauty is its own excuse for being;
Why thou wert there, O rival of the rose!
I never thought to ask, I never knew:
But, in my simple ignorance, suppose
The self-same Power that brought me there brought you.

PHOTOS OF THE DAY

Teenagers chain-surf at South Curl Curl ocean pool as a large southerly swell hits Sydney coastline in Sydney, Australia.
CREDIT: CAMERON SPENCER/GETTY IMAGES

Pro-democracy protesters gather in Causeway Bay district of Hong Kong.
CREDIT: ISAAC LAWRENCE/AFP

Geese fly past the Statue of Liberty as the sun rises in New York City on May 24, 2020 as seen from Jersey City, New Jersey.
CREDIT: GARY HERSHORN/GETTY IMAGES

Colourful bee eaters appear to be showing off the insects they’ve caught as they line up perfectly on a branch. One of the 9-inch long birds can be seen fanning out it’s wings as they land on a branch with beaks full of dragonflies.
CREDIT: ARINDAM SAHA/SOLENT NEWS & PHOTO AGENCY

Market Closes for May 25th, 2020 

Market Index	Close	Change
Dow Jones	N.A	N.A
S&P 500	N.A	N.A
NASDAQ	N.A	N.A
TSX	15075.42	+161.78
		+1.08%

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20741.65	+353.49
		+1.73%
HANG SENG	22952.24	+22.10
		+0.10%
SENSEX	30672.59	-260.31
		-0.84%
FTSE 100*	5993.28	-21.97 -0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.488	0.507
CND. 30 Year Bond	1.039	1.066
U.S.    10 Year Bond	0.6591	0.6591
U.S. 30 Year Bond	1.3705	1.3705

Currencies

BOC Close	Today	Previous
Canadian $	0.71511	0.71433
US $	1.39839	1.39992
Euro Rate 1 Euro=		Inverse
Canadian $	1.52345	0.65640
US $	1.08943	0.91791

Commodities

Gold	Close	Previous
London Gold Fix	1733.55	1724.90
Oil
WTI Crude Future	33.55	33.55

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Monday with U.S. markets closed for the Memorial Day holiday, while 10-year government bond yields hit a record closing low. The S&P/TSX Composite Index climbed 1.1%, rising for the second straight session, with nine of 11 sectors higher. Health care stocks led the way as Hexo Corp. rallied 24, while Canopy Growth Corp. gained 8.5%. Real estate shares also advanced, with Brookfield Property Partners LP rising 2.9%. “While the recovery in financial markets grinds on for most assets, government bond yields are sending a different signal on the outlook,” Douglas Porter, chief economist at Bank of Montreal said in a note to clients, noting five and seven-year yields are also flirting with new lows. “These sustained low yields will help keep the cost of massive fiscal support measures manageable.” Porter puts the decline down to aggressive bond buying by the Bank of Canada. Canada’s economy will continue to require significant amounts of stimulus in the rebuilding phase, even with the potential for higher debt levels to fuel financial vulnerabilities, Bank of Canada Governor Stephen Poloz said in his final speech at the helm. Air Canada’s bid for tour operator Transat A.T. Inc. faces an extended probe from European Union regulators who said the deal may hamper competition by combining the two biggest airlines linking Europe and Canada. Meanwhile, Canada has paid C$40.33 billion in Emergency Response Benefits to 8.21 million applicants as of May 24, according to data from the government.
Commodities
* Western Canada Select crude oil traded at a $8.75 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,731.95 an ounce
FX/Bonds
* The Canadian dollar slightly rose to C$1.3986 per U.S. dollar
* The 10-year government bond yield tumbled 1.9 basis points to 0.488%, the lowest on a closing basis going back to 1989, according to data compiled by Bloomberg.
–With assistance from Divya Balji.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.1 percent, or 161.78 to 15,075.42 in Toronto. The index advanced to the highest closing level since May 11. Shopify Inc. contributed the most to the index gain, increasing 2.9 percent. Hexo Corp. had the largest increase, rising 23.9 percent. Today, 160 of 229 shares rose, while 64 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 2 percent
* The index declined 7.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 3.4 percent in the same period
* The S&P/TSX Composite is 16.1 percent below its 52-week high on Feb. 20, 2020 and 34.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 3 percent in the past 5 days and rose 4.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.8 on a trailing basis and 24.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.26t
* 30-day price volatility little changed to 25.85 percent compared with 25.85 percent in the previous session and the average of 38.26 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 69.2836| 1.7| 26/0
Information Technology | 34.1115| 2.3| 10/0
Industrials | 14.6592| 0.8| 24/6
Utilities | 8.9520| 1.2| 14/2
Communication Services | 8.6220| 1.0| 7/1
Health Care | 7.5212| 4.5| 10/0
Consumer Discretionary | 5.5912| 1.1| 10/3
Consumer Staples | 0.9247| 0.1| 7/4
Real Estate | 0.0000| -0.2| 24/2
Materials | -0.0627| 0.0| 19/26
Energy | -0.7307| 0.0| 9/20
US
Markets closed for Memorial Day holiday.

Have a great night.

Be magnificent!
As ever,

Carolann

Deep in their roots, all flowers keep the light.
    -Theodore Huebner Roethke, 1908-1963

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: Happy Friday!

Richard Wagner, b. 1813.
Mary Cassatt, b.1844.
Sir Arthur Conan Doyle, b.1859.

“We’re always living a life where we’re chasing a sense of self which feels, underneath it, inauthentic.  And then life becomes a compensation for not knowing who we are.  It is almost like a wound within us when we get disconnected from the truth of our being.  We do feel that.  And then we’re trying to fill it with love or approval or success or the million ways that we seek fulfillment from outside of ourselves.  But no matter how much fulfillment we get, there’s that place inside that until we’ve realized the truth of our being, we will feel estranged from our own being.  And from each other.” -Adyashanti.

Diners in a Maryland beach town are bouncing back — literally, thanks to one restaurant’s fun social-distancing idea.

PHOTOS OF THE DAY

An idle oil pumping unit is silhouetted against the setting sun, in a field south of Oakley, Kansas, USA. Surplus global oil production coupled with reduced demand as people stay home because of coronavirus restrictions have led to the lowest oil prices in decades which have only recently started to rebound somewhat.
CREDIT: AP PHOTO/CHARLIE RIEDEL

In this long exposure image, the H-2B Launch Vehicle No. 9 carrying unmanned Kounotori 9 (HTV9) cargo spacecraft for the International Space Station leaves a light trail after its launch from the Tanegashima Space Center in Minamikyushu, Kagoshima, Japan. The Kounotori 9 will arrive at the ISS on May 25 with about 6.2 tons of goods, including food, beverages and Japanese lithium-ion batteries.
CREDIT: THE ASHAHI SHIMBUN VIA GETTY IMAGES

Cloud inversion in Hope Valley, Derbyshire, UK at sunrise.
CREDIT: GREG MARTHA BUTLER/BAV MEDIA

Dancers from the Lion King UK Tour which was playing in Edinburgh before the lockdown have fun on the beach in Portobello, Scotland, UK.
CREDIT: IAIN MASTERTON/ALAMY LIVE NEWS

Market Closes for May 22^nd, 2020 

Market Index	Close	Change
Dow Jones	24465.16	-8.96
		-0.04%
S&P 500	2955.45	+6.94
		+0.24%
NASDAQ	9324.586	+39.705 +0.43%
TSX	14913.64	+28.79
		+0.19%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20388.16	-164.15
		-0.80%
HANG SENG	22930.14	-1349.89
		-5.56%
SENSEX	30672.59	-260.31
		-0.84%
FTSE 100*	5993.28	-21.97 -0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.507	0.550
CND. 30 Year Bond	1.066	1.101
U.S.    10 Year Bond	0.6591	0.6753
U.S. 30 Year Bond	1.3705	1.3919

Currencies

BOC Close	Today	Previous
Canadian $	0.71433	0.71657
US $	1.39992	1.39554
Euro Rate 1 Euro=		Inverse
Canadian $	1.52611	0.65526
US $	1.09014	0.91731

Commodities

Gold	Close	Previous
London Gold Fix	1724.90	1748.30
Oil
WTI Crude Future	33.55	34.17

Market Commentary:
On this day in 1928, Thomas Boone Pickens was born in Holdenville, Okla., the son of a “landman” (an agent who tries to get landowners to sell oil companies the rights to explore for oil on their property). He later headed Mesa Petroleum and, with his unsolicited bid to buy Cities Service Co. in 1982, set off the hostile takeover wars of the 1980s. He remained a big personality in the energy world until his death in 2019.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks pared earlier losses to close Friday’s session in positive territory after Shopify Inc. rallied to another record. The S&P/TSX Composite index climbed 0.2% in Toronto, led by the tech sector. Shopify rose 3.2%, setting a new high for the stock. Meanwhile, financials and energy stocks underperformed. Air Canada said that it cut its selling schedule for summer 2020, with 97 destinations down from 220 last year. The company will increase the schedule within Canada from 34 routes in May to 58 routes in June, with more routes added in August and September. Meanwhile, Canada’s six-biggest banks are poised to set aside C$8.9 billion ($6.4 billion) for souring loans in the fiscal second quarter — a record amount that will wipe out more than half the industry’s profits.
Commodities
* Western Canada Select crude oil traded at a $8.75 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,734.73 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3988 per U.S. dollar
* The 10-year government bond yield fell 4 basis point to 0.507%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite is declining slightly to 14,878.88 in Toronto. Royal Bank of Canada contributed the most to the index decline, decreasing 1.5 percent. Frontera Energy Corp. had the largest drop, falling 5.2 percent. In midday trading, 141 of 229 shares fell, while 87 rose; 4 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 1.6 percent
* This month, the index rose 0.7 percent
* The index declined 8.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 1.8 percent in the same period
* The S&P/TSX Composite is 17.2 percent below its 52-week high on Feb. 20, 2020 and 33.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.5 on a trailing basis and 23.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.25t
* 30-day price volatility fell to 25.85 percent compared with 26.25 percent in the previous session and the average of 43.89 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -41.6370| -1.0| 3/23
Energy | -17.5167| -0.9| 3/26
Consumer Discretionary | -3.1651| -0.6| 4/10
Real Estate | -2.2542| -0.5| 9/17
Communication Services | 0.5091| 0.1| 5/3
Utilities | 0.7909| 0.1| 9/7
Health Care | 1.4930| 0.9| 4/6
Consumer Staples | 1.5707| 0.2| 2/9
Industrials | 4.9916| 0.3| 13/18
Materials | 10.0718| 0.5| 27/20
Information Technology | 38.5841| 2.7| 8/2
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks rallied into the close of trading after whipsawing investors during a volatile week that featured optimism over the reopening of the economy and a renewal of trade tensions. The dollar strengthened and oil snapped a six-day winning streak. The S&P 500 index swung between gains and losses before finishing up 0.2%. Technology shares helped the Nasdaq Composite outperform, while Caterpillar and Johnson & Johnson weighed on the Dow Jones Industrial Average. Today’s volatility came as traders braced for tension between Washington and Beijing to escalate after China announced plans to impose a national security law on Hong Kong. “It’s been liquidity driven,” said Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital Corp. “We’ve seen unprecedented support from policy makers and
that’s what’s been driving the recent gains, and reopening of major economies.” Investors took some comfort after U.S. National Institute of Allergy and Infectious Diseases chief Anthony Fauci said he doesn’t support a prolonged lockdown.
The Stoxx Europe 600 Index edged lower as the risk-off tone took hold earlier in Asia, where Hong Kong’s benchmark stock index plunged more than 5% amid a broad selloff. The yuan dipped as China’s National People’s Congress abandoned its decades-long practice of setting an annual target for economic growth amid uncertainty unleashed by the coronavirus pandemic. The prospect of fresh turmoil in Hong Kong following sweeping national security legislation introduced by China comes as the relationship between the world’s two biggest economies appears to be souring. The S&P 500 closed lower on Thursday, with signs mounting that President Donald Trump will make his tough stance on China a key element of his re-election bid. Beijing responded to accusations from Trump, warning that it will safeguard its sovereignty, security and interests, and threatened countermeasures. It all risks choking the rally that took global equities up about 30% from the March lows, spurred by stimulus measures and optimism for a swift economic recovery from the virus. “The market is exhibiting signs of exhaustion,” said Yousef Abbasi, global market strategist at INTL FCStone. “That makes sense considering how v-shaped the recovery in stocks has been.” Meanwhile, the pound weakened for a third day as data showed retail sales in the U.K. dropped by almost a fifth in April. Elsewhere, gold rose. The Australian dollar dipped as Fitch Ratings Ltd. cut the country’s rating outlook to negative. Indian bonds rallied after an unscheduled rate cut.
These are some of the main moves in markets:
Stocks
The S&P 500 Index climbed 0.2% to 2,955.45 as of 4:07 p.m. New York time.
The Dow Jones Industrial Average fell 0.1% to 24,465.16.
The Nasdaq Composite Index increased 0.4% to 9,324.59.
The MSCI All-Country World Index declined 0.4% to 491.98.
Currencies
The Bloomberg Dollar Spot Index gained 0.3% to 1,245.52, the largest rise in more than a week.
The Japanese yen was little changed at 107.60 per dollar.
The euro dipped 0.5% to $1.0903, the largest decrease in more than two weeks.
Bonds
The yield on two-year Treasuries advanced less than one basis point to 0.17%.
The yield on 10-year Treasuries dipped one basis point to 0.66%.
Germany’s 10-year yield climbed one basis point to -0.49%.
Commodities
West Texas Intermediate crude dipped 1.9% to $33.41 a barrel, the first retreat in more than a week.
Gold strengthened 0.4% to $1,735.28 an ounce.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It is a capital mistake to theorize before one has data.  Insensibly one begins to twist facts
to suit theories, instead of theories to suit facts.
                                                                           -Sir Arthur Conan Doyle, 1859-1930.

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

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

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

Dear Friends,
Tangents:
The Book Review’s annual summer reading list is out, and it can point you to the latest in thrillers, cookbooks, true crime stories and more. –The New York Times.

Fragments of Dead Sea Scrolls long thought to be blank actually contain text invisible to the naked eye
Those ancient scribes, such practical jokers. -CNN.
PHOTOS OF THE DAY

A woman picks up poppies near the village of Kholmovka in Bakhysarai District, Russia
CREDIT: SERGEI MALGAVKO// TASS VIA GETTY IMAGES

British skateboarder Alex Decunha trains at Stantonbury Skatepark in Milton Keynes, England
CREDIT: JACOB KING/PA WIRE

A man entertains the public with bubble tricks in the sunshine on the beach in Brighton, on the south coast of England on the hottest day of the year so far
CREDIT: BEN STANSALL/AFP VIA GETTY IMAGES
Market Closes for May 21^st , 2020 

Market Index	Close	Change
Dow Jones	24474.12	-101.78
		-0.41%
S&P 500	2948.51	-23.10
		-0.78%
NASDAQ	9284.883	-90.893 -0.97%
TSX	14884.85	-112.78
		-0.75%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20552.31	-42.84
		-0.21%
HANG SENG	24280.03	-119.92
		-0.49%
SENSEX	30932.90	+114.29
		+0.37%
FTSE 100*	6015.25	-51.91 -0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.550	0.563
CND. 30 Year Bond	1.101	1.108
U.S.    10 Year Bond	0.6753	0.6801
U.S. 30 Year Bond	1.3919	1.4010

Currencies

BOC Close	Today	Previous
Canadian $	0.71657	0.71940
US $	1.39554	1.39005
Euro Rate 1 Euro=		Inverse
Canadian $	1.52774	0.65456
US $	1.09473	0.91347

Commodities

Gold	Close	Previous
London Gold Fix	1748.30	1737.95
Oil
WTI Crude Future	34.17	33.79

Market Commentary:
The U.K. on Wednesday sold three-year government bonds, known as gilts, with a negative 0.003% yield. That was the first auction result below zero, meaning the government is being paid by investors to borrow from them.

Chinese companies could be forced to give up their listings on American stock exchanges under legislation approved by the Senate on Wednesday. Chinese companies such as Alibaba and Baidu have together raised tens of billions of dollars through listings on U.S. exchanges.
 
On this day in 1720, the earliest known “blind pool” appeared, an investment fund similar to a modern day blank check company. The London Daily Post advertised a prospectus offering stock in a “Proposal for raising the sum of Six Millions sterling to carry on a design of more general advantage…and of more certain profit…than any undertaking yet set on foot.”
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities fell with global stocks as mining and energy companies underperformed on Thursday.
The S&P/TSX Composite Index lost 0.8% in Toronto. Gold and other precious metals dropped, with investors taking profits ahead of the long weekend in some markets as economic data showed signs the downturn may be easing. Meanwhile, copper prices fell as trade tension between the U.S. and China added to concern about the pace of recovery from the coronavirus pandemic.
Aside from Shopify Inc., the rise in e-commerce has also provided a boost for Lightspeed POS Inc., which surged 40% after releasing its fourth-quarter earnings.
Meanwhile, Bank of Canada Governor Stephen Poloz said that while the central bank needs to be prepared for a wide range of outcomes, he’s more optimistic than many pundits on the outlook for recovery. Poloz was speaking during a media roundtable with reporters.
Commodities
* Western Canada Select crude oil traded at a $9.35 discount to West Texas Intermediate
* Spot gold fell 1.2% to $1,726.44 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4% to C$1.3953 per U.S. dollar
* The 10-year government bond yield fell 1.1 basis point to 0.55%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.8 percent at 14,884.85 in Toronto. The move was the biggest since falling 2.5 percent on May 13 and follows the previous session’s increase of 0.8 percent.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.7 percent. Cineplex Inc. had the largest drop, falling 13.9 percent.
Today, 141 of 229 shares fell, while 85 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index rose 1.7 percent
* This month, the index rose 0.7 percent
* The index declined 9.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 1.6 percent in the same period
* The S&P/TSX Composite is 17.2 percent below its 52-week high on Feb. 20, 2020 and 33.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.6 percent in the past 5 days and rose 6.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.6 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.27t
* 30-day price volatility fell to 26.25 percent compared with 26.75 percent in the previous session and the average of 46.58 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -46.1928| -2.0| 8/39
Energy | -40.3564| -2.0| 1/27
Financials | -39.7562| -1.0| 12/14
Industrials | -17.5058| -1.0| 10/21
Utilities | -7.5137| -1.0| 5/11
Communication Services | -6.6367| -0.8| 3/5
Consumer Staples | -5.9664| -0.9| 1/10
Real Estate | 2.1916| 0.5| 19/6
Consumer Discretionary | 6.5589| 1.3| 13/1
Health Care | 9.2418| 6.0| 7/3
Information Technology | 33.1716| 2.3| 6/4
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks fell as rising trade tension between America and China added to concern about the pace of recovery from the coronavirus pandemic. Crude oil rebounded from an earlier swoon and gold declined.
The S&P 500 declined 0.8%, with signs mounting that President Donald Trump will make his tough-on-China stance a key element of his re-election bid. The energy, technology and utilities sectors led the losses. After rallying as much as 32% from its March bottom, the index failed to hold at its average price over the past 100 days, a key technical level it hasn’t closed above since February. Trade tension with China contributed to market weakness in 2019 before a deal was reached.
“We’re seeing trade rhetoric and tensions between the U.S. and China heat up,” said Chris Gaffney, president of world markets at TIAA Bank. “It could be something that creates a hurdle for the recovery.” Stocks hit the lows of the day after China responded to overnight accusations from Trump, warning that it will safeguard its sovereignty, security and interests, and threatened countermeasures. Earlier, a report showed another 2.44 million Americans claiming jobless benefits.
Markets were already on the back foot after the Senate overwhelmingly passed a bill that could bar some Chinese companies from listing on U.S. exchanges. Trump stoked tensions by tweeting criticism of Xi Jinping’s leadership, days before the biggest Chinese political gathering of the year.
The Stoxx Europe 600 Index fell, with nearly all 19 sector groups in the red. Deutsche Lufthansa AG shares bucked the trend after the carrier said it was close to a multibillion-euro bailout deal from the German government. Concern over the stress between the U.S. and China and global coronavirus cases reaching 5 million are vying for investor attention with optimism over reopening economies and progress on thwarting the pandemic. The U.S. legislation could lead to Chinese mega-companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from exchanges.
“Markets may be pricing in far too much complacency as the U.S.-China ‘phase one’ trade deal could be at risk,” said Stephen Innes, chief global market strategist at AxiCorp. “The pandemic and resulting acute economic downturn have made China’s trade commitment to the U.S. much more challenging to fulfill.” Overseas listings of Hong Kong shares fell as Chinese authorities prepared to pass national security measures, threatening to reignite violent protests in the city. The iShares MSCI Hong Kong ETF, the biggest listed exchange-traded fund, fell 3.7% in New York, the biggest drop since the global market volatility two months ago. Hang Seng Index futures for May delivery were off 1.6%.
The fresh jobless data has once again underscored the economic hit from the virus. The latest jump in claimants takes the number of newly unemployed since the crisis began nine weeks ago to almost 40 million.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index dipped 0.8% to 2,948.51 as of 4:00 p.m. New York time.
* The Dow Jones Industrial Average fell 0.4% to 24,474.12.
* The Nasdaq Composite Index declined 1% to 9,284.88, the largest fall in more than a week.
* The MSCI All-Country World Index fell 0.8% to 494.07, the biggest fall in more than a week.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2% to 1,242.61.
* The Japanese yen was little changed at 107.57 per dollar.
* The euro declined 0.3% to $1.0949, the first retreat in a week and the largest decrease in more than a week.
Bonds
* The yield on two-year Treasuries advanced less than one basis point to 0.17%.
* The yield on 10-year Treasuries decreased one basis point to 0.67%.
* Germany’s 10-year yield dipped three basis points to -0.50%, the biggest dip in two weeks.
Commodities
* West Texas Intermediate crude climbed 1.3% to $33.94 a barrel, hitting the highest in 10 weeks with its sixth straight advance.
* Gold depreciated 1.2% to $1,726.33 an ounce, the weakest in more than a week on the biggest tumble in three weeks.
–With assistance from Gregor Stuart Hunter and Sophie Caronello.
Have a great night.

Be magnificent!
As ever,

Carolann

The trouble with the world is that the stupid are so confident
while the intelligent are so full of doubt.
        -Bertrand Russell 1872-1970
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:
Honoré de Balzac, writer,  b.1799
Henri Rousseau, painter, b. 1844

1927: First trans-Atlantic flight, Charles Lindbergh
1932: Amelia Earhart Atlantic crossing

Longstanding mystery of matter and antimatter may be solved.
PHOTOS OF THE DAY

Punting on a private trip on the River Cam in Cambridge, England. The public punts are not yet open.
CREDIT: GEOFF ROBINSON PHOTOGRAPHY

A woolen masterpiece called The Knittingale Hospital, which has been knitted with wool by Margaret Seaman, 91, at her home in Caister- on-Sea, Norfolk. The scene has been knitted during the coronavirus lockdown to raise funds for the NHS
CREDIT: JOE GIDDENS/PA

Youtubers wearing masks of pigs films a video at a shopping district in Tokyo, Japan
CREDIT: REUTERS/KIM KYUNG-HOON
Market Closes for May 20^th, 2020 

Market Index	Close	Change
Dow Jones	24575.90	+369.04
		+1.52%
S&P 500	2971.61	+48.67
		+1.67%
NASDAQ	9375.777	+190.673 +2.08%
TSX	14997.63	+112.15
		+0.75%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20595.15	+161.70
		+0.79%
HANG SENG	24399.95	+11.82
		+0.05%
SENSEX	30818.61	+622.44
		+2.06%
FTSE 100*	6067.16	+64.93 +1.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.563	0.599
CND. 30 Year Bond	1.108	1.148
U.S.    10 Year Bond	0.6801	0.6948
U.S. 30 Year Bond	1.4010	1.4174

Currencies

BOC Close	Today	Previous
Canadian $	0.71940	0.71703
US $	1.39005	1.39464
Euro Rate 1 Euro=		Inverse
Canadian $	1.52622	0.65521
US $	1.09796	0.91078

Commodities

Gold	Close	Previous
London Gold Fix	1737.95	1734.70
Oil
WTI Crude Future	33.79	32.50

Market Commentary:
On this day in 1862, President Abraham Lincoln signed the Homestead Act into law, enabling anyone who had farmed public land for at least five years to acquire title to 160 acres free and clear, after the payment of a minimal filing fee. The Homestead Act uncorked a flood of migration into the Midwest and West, turning the U.S. into the world’s breadbasket.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose for a fourth consecutive session, led by the tech sector as Shopify Inc. rallied.
The S&P/TSX Composite Index gained 0.8% on Wednesday.
Shopify said it plans to launch a business account and card for merchants, adding fuel to the company’s shares which have already doubled since the beginning of the year. The stock added 2.6% in Toronto.
Energy stocks also saw a boost after oil rose for the fifth straight session as investors weighed signs the market is rebalancing against what’s still a precarious economic outlook.
Meanwhile, Prime Minister Justin Trudeau’s government is willing to take equity stakes in Canada’s largest firms in exchange for bridge financing as big business grapples with fallout from the coronavirus pandemic. Publicly traded companies seeking cash under a new financing facility will need to issue warrants that give government an option to acquire stock worth 15% of the loans, according to details of the plan released Tuesday.
Commodities
* Western Canada Select crude oil traded at a $9.75 discount to West Texas Intermediate
* Spot gold rose 0.3% to about $1,749.52 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3898 per U.S. dollar
* The 10-year government bond yield fell about 3 basis points to 0.564%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.8 percent, or 112.15 to 14,997.63 in Toronto.
The index advanced to the highest closing level since May 11. Royal Bank of Canada contributed the most to the index gain, increasing 2.7 percent. Frontera Energy Corp. had the largest increase, rising 22.4 percent.
Today, 149 of 229 shares rose, while 78 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 1.5 percent
* The index declined 8.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 3.3 percent in the same period
* The S&P/TSX Composite is 16.5 percent below its 52-week high on Feb. 20, 2020 and 34.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.7 on a trailing basis and 23 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.25t
* 30-day price volatility rose to 26.75 percent compared with 26.73 percent in the previous session and the average of 49.25 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 55.5244| 1.4| 22/4
Industrials | 33.2193| 1.9| 23/7
Energy | 29.6633| 1.5| 27/3
Information Technology | 28.2561| 2.0| 7/3
Consumer Discretionary | 6.1795| 1.3| 12/2
Real Estate | 1.7153| 0.4| 17/9
Health Care | -1.7718| -1.1| 4/6
Communication Services | -2.4757| -0.3| 3/4
Consumer Staples | -3.4402| -0.5| 4/7
Utilities | -8.0847| -1.1| 6/10
Materials | -26.6307| -1.2| 24/23
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — Stocks climbed to more than 10-week highs as investors focused on signs the American economy will continue to reopen and U.S. central bankers acknowledged the severity of the coronavirus pandemic when they met last month. Crude oil rallied for a fifth day.
The S&P 500 erased all of Tuesday’s losses, with Lowe’s Cos. and Target Corp. reporting sales that topped estimates. The index pulled back from its session high after the Senate passed a bill that could bar some Chinese companies from listing on American exchanges, adding to tensions between the nations.
Gains were broad, with energy, financials and technology leading all 11 sector groups higher. The index is up more than 30% since its March low, but the advance has largely petered out in May as volatility returned. “We’re getting some great data out of places like Florida,” said John Ham, associate adviser at New England Investment and Retirement Group. “These incremental improvements are going a long way to drive this market higher as we slowly return to normal.”
U.S. central bankers saw the pandemic posing a severe economic threat and were also concerned by the risks to financial stability, minutes of the April 28-29 Federal Open Market Committee meeting showed. “The Fed is increasingly concerned about the downstream effects the pandemic has on the most powerful driver of the economy — the consumer,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “And while the Fed’s stimulus packages along with the CARES Act have giventhe economy a bit of a boost, they’re not afraid to lean on what’s left in their toolkit for more fiscal support.”
The Stoxx Europe 600 Index erased an early decline to close higher. The euro posted its fourth straight advance versus the dollar, as expectations built for the approval of a region-wide stimulus plan. Gilts climbed as the U.K. sold bonds at a negative yield for the first time. Yields were steady as the U.S. Treasury resumed sales of 20-year bonds for the first time since 1986. The securities drew a yield of 1.220%, slightly higher than the 1.213% yield that traders were indicating before the sale.
Investors have been whipsawed by conflicting news regarding a possible vaccine for the virus, as many governments around the world ease lockdowns even as the pandemic continues to spread, with Brazil now the world’s hotspot for new infections. The euro’s gains coincided with progress on a 500 billion-euro ($550 billion) fiscal-stimulus plan by the European Union, though critics say the package may be too little, too late to counter the devastating effect on the region’s economies and bolster the outlook for corporate profits.
“We’re driven by the headlines and we should expect to see some volatility when it comes to markets,” said Nela Richardson, an investment strategist at Edward Jones & Co. “The volatility is to be expected.”
Elsewhere, equity benchmarks in Japan and India saw the bulk of gains in a mixed Asian session, with Shanghai and Hong Kong in the red. In Japan, Tokyo Stock Exchange was among stocks which surged amid speculation that it may be a contender to join the Nikkei 225 equity index.
These are some of the main moves in markets:
Stocks
*The S&P 500 Index increased 1.6% to 2,971.61 as of 4:00 p.m. New York time, the highest in more than 10 weeks.
*The Dow Jones Industrial Average climbed 1.4% to 24,575.90.
*The Nasdaq Composite Index jumped 1.8% to 9,375.78, the highest in more than 12 weeks.
*The Stoxx Europe 600 Index gained 1% to 342.82, the highest in almost three weeks.
*The MSCI All-Country World Index advanced 1.3% to 497.67, the highest in more than 10 weeks.
Currencies
*The Bloomberg Dollar Spot Index decreased 0.3% to 1,241.24, the lowest in five weeks.
*The euro increased 0.5% to $1.0981, the strongest in more than two weeks.
*The Japanese yen strengthened 0.2% to 107.55 per dollar.
*The British pound declined 0.2% to $1.223.
Bonds
*The yield on two-year Treasuries advanced less than one basis point to 0.17%.
*The yield on 10-year Treasuries climbed one basis point to 0.69%.
*Germany’s 10-year yield fell less than one basis point to -0.47%.
*Britain’s 10-year yield dipped two basis points to 0.229%.
Commodities
*West Texas Intermediate crude advanced 3% to $33.61 a barrel, reaching the highest in five weeks on its fifth straight advance.
*Gold strengthened 0.1% to $1,749.22 an ounce, the highest in the highest in more than seven years.

Have a great night.

Be magnificent!
As ever,

Carolann

Once the game is over, the King and the pawn go back in the same box. –Italian Proverb.

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:
May 19, 1536: Anne Boleyn, second wife of King Henry VIII, is beheaded at the Tower of London on charges of adultery, incest and treason.
On May 19, 1935, T.E. Lawrence, also known as “Lawrence of Arabia,” died in England from injuries sustained in a motorcycle crash. Go to article »
May 19, 1936, Gone with the Wind  is published.

Bill Gates has chosen his five favorite books for summer reading. The annual list includes something for all tastes.-The Seattle Times.
Today in History: from The Seattle Times

In 1792, a British ship drops anchor between Bainbridge and Blake islands, and Capt. George Vancouver begins surveying the area. The expedition charts and names landmarks, including Mount Rainier, Whidbey Island, Hood Canal and Puget Sound. Legend has it that a young Chief Seattle witnesses the ship’s arrival. Vancouver is seeking to discover the fabled Northwest Passage linking the Pacific and Atlantic oceans, and he shows no interest in the area containing the future city of Seattle.

A priest used a squirt gun to fire holy water at congregants. Now, he’s a meme
Strange times call for strange measures. -CNN.

PHOTOS OF THE DAY

Bogart the bulldog, who loves watching the street through a hole in the fence, went viral after his owners painted costumes around the hole and posted the video online.
CREDIT: JAME PRESS

Two frogs on a lotus leaf in the morning, Ningbo City, Zhejiang Province, China.
CREDIT: COSTFOTO/BARCROFT MEDIA VIA GETTY IMAGES

Rose breeder Philip Harkness prunes his “Wonderful World” a new variety of climbing Rose that was due to be unveiled at The Chelsea Flower Show. It is the only rose of its kind with dusky chocolate orange petals that has taken Philip eight years to develop as a variety at Harkess Roses in Hitchen, Hertfordshire, UK.
CREDIT: DAVID ROSE FOR THE TELEGRAPH

Market Closes for May 19^th, 2020 

Market Index	Close	Change
Dow Jones	24206.86	-390.51
		-1.59%
S&P 500	2922.94	-30.97
		-1.05%
NASDAQ	9185.105	-49.723 -0.54%
TSX	14885.48	+246.58
		+1.68%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20433.45	+299.72
		+1.49%
HANG SENG	24388.13	+453.36
		+1.89%
SENSEX	30196.17	+167.19
		+0.56%
FTSE 100*	6002.23	-46.36 -0.77%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.599	0.543
CND. 30 Year Bond	1.148	1.079
U.S.    10 Year Bond	0.6948	0.6428
U.S. 30 Year Bond	1.4174	1.3266

Currencies

BOC Close	Today	Previous
Canadian $	0.71703	0.70874
US $	1.39464	1.41096
Euro Rate 1 Euro=		Inverse
Canadian $	1.52307	0.65657
US $	1.09209	0.91567

Commodities

Gold	Close	Previous
London Gold Fix	1734.70	1731.60
Oil
WTI Crude Future	32.50	29.43

Market Commentary:
On this day in 1553, one of the earliest business ventures financed by selling stock to the public was launched, as three ships—the Bona Speranza, the Edward Bonaventure, and the Bona Confidentia—set out from Gravesend in England seeking “discoverie of new trades northe warde” in Russia. The Russia Company, or Muscovy Company, had raised 6,000 pounds from more than 200 investors at 25 pounds per share. But the company earned no money for at least three decades, and many of its investors died without ever receiving a dividend.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose after Monday’s Victoria Day Holiday closure while U.S. stocks fell for the first time in four sessions after reports circulated that Moderna Inc.’s vaccine study, which was credited in part for Monday’s rally, didn’t produce enough critical data to assess its success. The S&P/TSX Composite Index gained 1.7%, with 10 of eleven sectors rising. Health-care shares rallied while real estate also posted a strong session. Information technology was the only laggard. Oil gained in a day of choppy trading as investors weighed supply cuts and a demand rebound against an ominous economic outlook from the Federal Reserve. Gold and most industrial metals held gains as investors digested U.S. congressional testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin. The U.S. and Canada will keep their border shut to non- essential travel for an additional month as efforts to prevent the spread of Covid-19 are extended. Ontario will keep public schools closed through the end of the academic year in June.
Commodities
* Western Canada Select crude oil traded at a $8.75 discount to West Texas Intermediate.
* Spot gold rose 0.8% to about $1,746 an ounce.
FX/Bonds
* The Canadian dollar rose 0.01% to C$1.3935 per U.S. dollar.
* The 10-year government bond yield rose 5.5 basis points to 0.598%

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.7 percent, or 246.58 to 14,885.48 in Toronto. The move was the biggest since rising 2.9 percent on April 29. Today, financials stocks led the market higher, as 10 of 11 sectors gained; 199 of 229 shares rose, while 30 fell. Canadian National Railway Co. contributed the most to the index gain, increasing 3.1 percent. Aurora Cannabis Inc. had the largest increase, rising 32.9 percent.
Insights
* In the past year, the index had a similar or greater gain 18 times. The next day, it declined 12 times for an average 3.4 percent and advanced six times for an average 1.8 percent
* The index declined 9.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 1 percent in the same period
* The S&P/TSX Composite is 17.2 percent below its 52-week high on Feb. 20, 2020 and 33.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.4 percent in the past 5 days and rose 3.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.6 on a trailing basis and 22.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.22t
* 30-day price volatility fell to 26.73 percent compared with 29.87 percent in the previous session and the average of 50.32 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 75.9619| 1.9| 22/4
Industrials | 49.7248| 3.0| 30/1
Energy | 46.2722| 2.3| 27/3
Utilities | 16.7765| 2.2| 15/1
Consumer Discretionary | 14.7024| 3.1| 13/1
Materials | 14.3649| 0.6| 38/9
Consumer Staples | 14.3589| 2.2| 10/1
Real Estate | 14.2655| 3.3| 24/2
Health Care | 14.2371| 10.0| 8/2
Communication Services | 4.3369| 0.5| 5/3
Information Technology | -18.4095| -1.3| 7/3
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks fell for the first time in four sessions after reports circulated that Moderna Inc.’s vaccine study, which was credited in part for Monday’s rally, didn’t produce enough critical data to assess its success. Crude oil and Treasuries gained. The S&P 500 and Nasdaq Composite turned negative in the last hour of trading, while the Dow Jones Industrial Average extended its losses. Equities had fluctuated much of the day after optimism over the drug as a potential coronavirus vaccine sent the S&P up the most Monday in almost six weeks. Crude oil rose for a fourth day. “We’re going to continue to see volatility because every day the market’s taking any little piece of information it has about things and prices it in,” said Peter Mallouk, president and chief investment officer of Creative Planning. “Every day it’s taking every little piece of information and it’s instantly pricing it in. Everything else is a derivative of Covid-19 now.” Earlier, Federal Reserve Chairman Jerome Powell reiterated during a Senate hearing that the central bank is ready to use all the weapons in its arsenal to help the U.S. economy endure the coronavirus pandemic. The Stoxx Europe 600 Index retreated as investors showed little reaction to both news of a $546 billion recovery fund for the region and a surprise jump in German investor confidence. European government bonds were mixed. Sterling strengthened after the U.K. announced plans for 30 billion pounds ($37
billion) in tariff cuts after Brexit.
Riskier assets had started the week on the front foot after the Moderna news fueled hopes for a coronavirus vaccine, but investors are struggling to maintain the optimism as they continue to monitor efforts to both contain the pandemic and restart economies. “A vaccine would be a bullish game changer, and stocks reacted accordingly,” Tom Essaye, author of “The Sevens Report” newsletter, wrote in a note. “But one day doesn’t make a sustainable move.” Headwinds remain for stocks, not least a deteriorating U.S.-China relationship. In a further sign of tightening scrutiny on capital flows to the Asian nation, Nasdaq is set to unveil new rules for initial public offerings including tougher accounting standards that will make it more difficult for some Chinese companies to list on the exchange. Asian equities rallied, tracking the big gains on Wall Street from a day earlier.
These are some of the main moves in markets:
Stocks
The S&P 500 Index dipped 1% to 2,922.94 as of 4:01 p.m. New York time.
The Dow Jones Industrial Average sank 1.6% to 24,206.86.
The Nasdaq Composite Index fell 0.5% to 9,185.11.
The Stoxx Europe 600 Index decreased 0.6% to 339.49.
The MSCI All-Country World Index declined 0.2% to 490.82.
Currencies
The Bloomberg Dollar Spot Index was little changed at 1,247.67, the lowest in more than a week.
The euro advanced 0.1% to $1.0924, the strongest in more than two weeks.
The Japanese yen depreciated 0.4% to 107.73 per dollar, the weakest in almost four weeks on the biggest decrease in more than a week.
The British pound increased 0.5% to $1.2253, the strongest in a week.
Bonds
The yield on two-year Treasuries declined one basis point to 0.17%, the biggest fall in a week.
The yield on 10-year Treasuries fell four basis points to 0.69%, the largest fall in a week.
Germany’s 10-year yield gained less than one basis point to -0.46%, the highest in more than three weeks.
Britain’s 10-year yield decreased one basis point to 0.245%.
Commodities
West Texas Intermediate crude advanced 2.1% to $32.50 a barrel, the highest in more than two months.
Gold strengthened 0.8% to $1,746.21 an ounce, the highest in more than seven years.

Have a great night.

Be magnificent!

As ever,

Carolann

Tact is the knack of making a point without making an enemy.
                                         -Sir Isaac Newton, 1643-1727

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

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

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

Dear Friends,

Tangents: Happy Friday.

From the Frick Museum in NYC –Cocktails with a Curator:

Xavier F. Salomon, Peter Jay Sharp Chief Curator, examines the life and work of French painter François Boucher, with a focus on A Lady on Her Day Bed. He has paired the painting with a French 75.
Watch Now

May 15^th, 1940: Richard and Maurice McDonald opened their first McDonald’s restaurant in San Bernardino, California.

On May 15, 1911, the Supreme Court ordered the dissolution of Standard Oil Company, ruling it was in violation of the Sherman Antitrust Act. Go to article »

PHOTOS OF THE DAY

A boat is seen with flying seagulls as the mist blankets the city at Bosphorus during early evening in Istanbul, Turkey.
CREDIT: ERHAN SEVENLER/ANADOLU AGENCY VIA GETTY IMAGES

A heron is reflected in the clear water of a pond as it plunges its head beneath the surface. The bird was hunting for fish in the shallows in the early misty hours of the morning.  It spent around two hours hunting in water near Bourne in Lincolnshire, UK.
CREDIT: ALI ABDULRAHEEM/SOLENT NEWS & PHOTOS AGENCY

CREDIT: BRITTA PEDERDSEN/ DPA/COVER IMAGES
Market Closes for May 15^th, 2020 

Market Index	Close	Change
Dow Jones	23685.42	+60.08
		+0.25%
S&P 500	2863.70	+11.20
		+0.39%
NASDAQ	9014.559	+70.837 +0.79%
TSX	14638.90	+129.24
		+0.89%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20037.47	+122.69
		+0.62%
HANG SENG	23797.47	-32.27
		-0.14%
SENSEX	31097.73	-25.16
		-0.08%
FTSE 100*	5799.77	+58.23 +1.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.543	0.527
CND. 30 Year Bond	1.079	1.075
U.S.    10 Year Bond	0.6428	0.6218
U.S. 30 Year Bond	1.3266	1.2909

Currencies

BOC Close	Today	Previous
Canadian $	0.70874	0.71185
US $	1.41096	1.40480
Euro Rate 1 Euro=		Inverse
Canadian $	1.52667	0.65502
US $	1.08201	0.92421

Commodities

Gold	Close	Previous
London Gold Fix	1731.60	1708.40
Oil
WTI Crude Future	29.43	27.56

Market Commentary:
On this day in 1878, the Tokyo Stock Exchange Co. was established.
Canada
By Divya Balji
(Bloomberg) — After seven dizzying weeks of gains, Canada’s stock market is at an impasse.
Two back-to-back days of heavy losses this week was enough to snap the S&P/TSX Composite Index’s winning streak as health officials warned on premature reopening’s, Wall Street heavyweights called for caution and trade tensions between the
U.S. and China heightened.
Investors wagering on negative interest rates may be getting ahead of themselves as Federal Reserve Chairman Jerome Powell and other central bankers dismissed going below zero.
“We’ve effectively moved from the ‘shock and awe’ phase associated with massive fiscal and monetary stimulus to the ‘aw, shucks’ phase when investors recalibrate to the potential difficulties associated with containing and recovering from the global pandemic,” said Kurt Reiman, who sets strategy for the Canadian arm of BlackRock Inc.
Case in point: Asian economies that have seen some of the most success quelling the coronavirus are now facing resurgences. It’s a painful reminder that as countries open up again and people resume normal life, flare-ups are likely. Closer to home, Quebec had to push back the time frame to restart the economy in Montreal as the city and its suburbs became Canada’s biggest Covid-19 hotspot. In contrast, Ontario announced it would begin to reopen most stores, except for those in shopping malls.
The S&P/TSX Composite gained Friday, but was down 2.2% for the week, trimming its gains to 30% from the low on March 23. “It’s normal to see a pullback in markets in any environment, especially given the highly uncertain backdrop created by the Covid-19 pandemic,” said Lesley Marks, chief investment officer at BMO Private Wealth. “Investors are realizing that even though there is optimism for a recovery with easing restrictions globally, the recovery will be slow and not necessarily be a smooth path upward.” Reiman noted the uneven performance of various industries. Both growth and defensive sectors, like tech, utilities and consumer staples, had stronger earnings and returns in Canada and globally. Cyclicals like energy and financials experienced sharp earnings downgrades and dividend cuts. While markets may have priced in the bad economic data released so far, there’s more to come.
“Our view is that in the coming months, we’re probably not going to see the same level of policy responses and announcements,” Craig Basinger, chief investment officer at Richardson GMP, said. “It’s hard to keep throwing a trillion dollars every month at the market.
     As far as the Bank of Canada is concerned, the country’s financial system remains resilient in the face of the Covid-19 pandemic and moves to keep credit markets functioning have been largely effective, though risks remain. The central bank’s balance sheet grew to C$416.6 billion, about 18% of Canada’s gross domestic product. Consumer confidence is showing signs of improving as Canadians’ views on their personal finances, job security and
expectations for the economy all improved.
Earlier this week, Justin Trudeau’s government unveiled a loan program for large companies with annual revenue of C$300 million ($212 million) or more that have been hit by Covid-19 and can’t get financing by conventional means. Firms in all sectors can apply for the funding except the finance industry.
The world’s longest undefended border will likely remain shut until late June, according to a newspaper report. Prime Minister Justin Trudeau said at a media briefing this week that Canada will be “very, very careful about reopening any international travel including the United States.”

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.9 percent, or 129.24 to 14,638.90 in Toronto.
Today, materials stocks led the market higher, as 7 of 11 sectors gained; 144 of 229 shares rose, while 83 fell. Barrick Gold Corp. contributed the most to the index gain, increasing 3.8 percent. Aurora Cannabis Inc. had the largest increase, rising 66.9 percent.
Insights
* So far this week, the index fell 2.2 percent, heading for the biggest decline since the week ended March 20
* The index declined 10 percent in the past 52 weeks. The MSCI AC Americas Index lost 0.9 percent in the same period
* The S&P/TSX Composite is 18.5 percent below its 52-week high on Feb. 20, 2020 and 31 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17 on a trailing basis and 22.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.2t
* 30-day price volatility fell to 29.87 percent compared with
30.23 percent in the previous session and the average of 56.60 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 87.4705| 4.0| 45/2
Energy | 49.4341| 2.6| 26/2
Information Technology | 23.4335| 1.7| 7/3
Health Care | 11.1636| 8.5| 9/1
Real Estate | 2.1648| 0.5| 17/9
Consumer Discretionary | 0.3319| 0.1| 7/7
Communication Services | 0.1353| 0.0| 5/3
Industrials | -1.4432| -0.1| 17/14
Consumer Staples | -2.9121| -0.4| 2/9
Utilities | -10.0656| -1.3| 2/14
Financials | -30.4537| -0.8| 7/19
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — U.S. stocks rose as traders looked past trade jitters and weak economic data. Treasuries fell. Oil jumped.
The S&P 500 erased losses, but still posted its worst week since March 20 — just before the gauge started a torrid rally. Sorrento Therapeutics soared 158% amid coronavirus antibody development claims. J.C. Penney surged 21% after saying it made an almost $17 million interest payment due May 7. Earlier Friday, stocks slumped as retail sales and factory output registered their steepest declines on record.
     Meanwhile, the U.S. moved to curtail Huawei Technologies’ chip supply, spurring a rout in semiconductor companies.
The Federal Reserve issued a stark warning Friday that stock and other asset prices could suffer “significant declines” should the coronavirus pandemic deepen, with the commercial real estate market being among the hardest-hit industries. Mounting tension between the world’s two largest economies has investors concerned of an even deeper global recession. The cost of the coronavirus pandemic could reach as much as $8.8 trillion, according to the Asian Development Bank.
“It’s a sobering week,” said Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute. “Investors have a lot to think about with regard to China. We got data this week that accentuate the difficulty the economy is experiencing right now.”
These are some of the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.4% at 4 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.5%.
* The MSCI Asia Pacific Index advanced 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3%.
* The euro climbed 0.1% to $1.0818.
* The Japanese yen was little changed at 107.20 per dollar.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 0.63%.
* Germany’s 10-year yield climbed one basis point to -0.53%.
* Britain’s 10-year yield increased three basis points to 0.231%.
Commodities
* The Bloomberg Commodity Index advanced 0.6%.
* West Texas Intermediate crude increased 7.4% to $29.61 a barrel.
* Gold climbed 0.7% to $1,753.30 an ounce.
–With assistance from Saket Sundria, Adam Haigh, Constantine
Courcoulas and Sam Potter.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

It ain’t what hey call you, it’s what you answer to.
                                 -W.C. Fields, 1880-1946

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

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

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