Month: June 2020

Dear Friends,

Tangents:
History’s biggest lightning bolt was 440 miles long. – Mike Smedley, Bloomberg.

Gravitational wave detectors pick up a massive collision between a black hole and a mysterious object.-Bloomberg.

June30, 1938: Superman first appears in DC Comics’ Action Comic Series issue #1.

On June 30, 1971, the Supreme Court, in a 6-3 decision, freed The New York Times and The Washington Post to resume immediate publication of articles based on the secret Pentagon Papers on the origins of the Vietnam War.  Go to article »

PHTOS OF THE DAY

Phoebe Tegetmeier who has broken through the ‘grass’ ceiling as she becomes the only female roof thatcher in Yorkshire and one of the only in a few in the country. Phoebe, 32, who has been learning the art of thatching with her father for the past 14 months and hopes to take over the family business, in York.
CREDIT: JAMES HARDISTY/SWNS

A new 360° display that pays homage to Claude Monet is set to open to the public in France. Berlin artist Yadegar Asisi’s new cylindrical artwork is an immersive experience suffused with colour, light and shadow.
CREDIT: N/A

One of the world’s tallest buildings stretches above a city shrouded in thick fog The 461 metre-tall Landmark 81 was almost the only structure visible as clouds swirled around Ho Chi Minh City, Vietnam.
CREDIT: TRUNG ANH/SOLENT NEWS & PHOTO AGENCY

Market Closes for June 30^th, 2020 

Market Index	Close	Change
Dow Jones	25812.88	+217.08
		+0.85%
S&P 500	3100.29	+47.05
		+1.54%
NASDAQ	10058.766	+184.613 +1.87%
TSX	15515.22	+125.50
		+0.82%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22288.14	+293.10
		+1.33%
HANG SENG	24427.19	+125.91
		+0.52%
SENSEX	34915.80	-45.72
		-0.13%
FTSE 100*	6169.74	-56.03 -0.90%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.528	0.510
CND. 30 Year Bond	0.991	0.982
U.S.    10 Year Bond	0.6561	0.6234
U.S. 30 Year Bond	1.4107	1.3734

Currencies

BOC Close	Today	Previous
Canadian $	0.73665	0.7323
US $	1.35749	1.3655
Euro Rate 1 Euro=		Inverse
Canadian $	1.52506	0.65571
US $	1.12344	0.89012

Commodities

Gold	Close	Previous
London Gold Fix	1771.60	1773.18
Oil
WTI Crude Future	39.27	39.70

Market Commentary:
On this day in 1938, in a move the New York Stock Exchange had resisted for a decade, William McChesney Martin was elected the NYSE’s first paid, independent president. In a striking sign that he took his independence seriously, Mr. Martin immediately sold his stake in his own brokerage firm and auctioned off his seat on the Exchange. His starting salary: $48,000.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares rose on the last day of June, notching a 16% gain for the second quarter, the most since the three months that ended in June 2009. The S&P/TSX Composite index 0.8% on Tuesday. Materials stocks were the best performers, while consumer staples fell the most. Gold futures rose above $1,800 an ounce for the first time in more than eight years as low interest rates and a resurgence in coronavirus cases drive demand for the metal as a haven. Canada’s economic activity collapsed in April, with output dropping the most on record in the first full month of lockdowns to curb the Covid-19 pandemic. Gross domestic product shrank by 11.6%, adding to the 7.5% decline in March, Statistics Canada said Tuesday in Ottawa. Economists had anticipated a 12% contraction.
Commodities
* Western Canada Select crude oil traded at a $10.25 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,781.47 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.3577 per U.S. dollar
* The 10-year government bond yield rose to 0.528%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8 percent, or 125.5 to 15,515.22 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 2.1 percent. Real Matters Inc. had the largest increase, rising 8.6 percent. Today, 167 of 222 shares rose, while 54 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 16 percent, heading for the biggest advance in at least 10 years
* This month, the index rose 2.1 percent
* The index declined 5.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 4.5 percent in the same period
* The S&P/TSX Composite is 13.7 percent below its 52-week high on Feb. 20, 2020 and 38.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.3 percent in the past 5 days and rose 2.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 24.8 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$2.34t
* 30-day price volatility little changed to 19.88 percent compared with 19.86 percent in the previous session and the average of 20.31 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 45.3479| 2.0| 47/4
Financials | 35.6742| 0.8| 23/2
Information Technology | 19.6656| 1.2| 6/4
Industrials | 17.3444| 1.0| 24/4
Utilities | 8.1399| 1.1| 14/2
Real Estate | 7.1548| 1.5| 23/4
Health Care | 0.2152| 0.1| 3/5
Energy | 0.2007| 0.0| 14/10
Consumer Discretionary | -1.4927| -0.3| 7/6
Communication Services | -3.2881| -0.4| 2/6
Consumer Staples | -3.4668| -0.5| 4/7
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks climbed on the final day of the best quarter since 1998 as investors assessed better-than- estimated economic data amid concern over new coronavirus cases and trade relations with China. The S&P 500 extended its second-quarter rally to 20% as a report showed consumer confidence posted its biggest increase since 2011. The Nasdaq Composite Index soared 31% in the span, the most since 1999, while the Dow Jones Industrial Average jumped 18% and notched its best quarter in 33 years. Treasuries and the dollar fell. Gold traded near $1,800 an ounce. After the close of regular trading, FedEx Corp. soared as the economic bellwether used an efficiency drive and a surge in health-equipment deliveries to shore up earnings – softening the drag on profit from an increase in less lucrative residential deliveries. Uber Technologies Inc. jumped on Tuesday after a news report that it’s in talks to buy Postmates Inc.
Meanwhile, Boeing Co. sank after one of its largest European customers scrapped a $10.6 billion purchase deal. Despite the quarterly surge in equities, optimism has been shaken as accelerating virus infections threaten to set back re-openings and, with them, any economic progress. New cases could rise to 100,000 a day if behaviors don’t change, infectious-disease expert Anthony Fauci said. Federal Reserve Chairman Jerome Powell stressed to Congress Tuesday that getting the coronavirus under control was vital as the U.S. economy rebound. After massive monetary and fiscal policy stimulus, signs that the crisis may linger longer will probably increase pressure for more aid. “The downside has become more limited given how many investors missed the rebound, how many remain bearish and how much cash has been sitting on the sidelines,” wrote Esty Dwek, head of global market strategy for Natixis Investment Managers. “Coupled with abundant stimulus measures and liquidity, corrections are likely to be bought. That said, we remain prudent and believe it is too early to add a lot of risk to portfolios.”
Equities briefly pared gains Tuesday after the Federal Communications Commission designated Huawei Technologies Co. and ZTE Corp. as national security threats. Traders also monitored news that Hong Kong for the first time banned its biggest annual protest march, a decision attributed to outbreak-control measures that comes after Chinese lawmakers approved sweeping national security legislation for the former British colony. Optimism for reopenings and an economic recovery helped consumer-discretionary stocks in the S&P 500 surge the most ever in the second quarter. Technology shares surged 30%, while utilities underperformed. In terms of what’s ahead, “stocks moved into a second phase of recovery in June, where slower and choppier gains are more likely to occur as Fed-driven valuation expansion gives way to economic and earnings progress as the primary driver of returns,” said Bloomberg Intelligence’s Gina Martin Adams.
Here are some key events coming up:
* The monthly U.S. jobs report will be released on Thursday.

These are some of the main moves in markets:
Stocks
* The S&P 500 jumped 1.5% as of 4 p.m. New York time.
* The Dow Jones Industrial Average advanced 0.8%.
* The Nasdaq Composite Index surged 1.9%.
* The Stoxx Europe 600 Index increased 0.1%.
* The MSCI Asia Pacific Index advanced 0.7%.
Currencies
*The Bloomberg Dollar Spot Index fell 0.2%.
* The euro dipped 0.1% to $1.1232.
* The Japanese yen depreciated 0.3% to 107.95 per dollar.
Bonds
* The yield on 10-year Treasuries jumped three basis points to 0.66%.
* Germany’s 10-year yield advanced two basis points to -0.45%.
* Britain’s 10-year yield increased one basis point to 0.172%.
Commodities
* The Bloomberg Commodity Index advanced 1.1%.
* West Texas Intermediate crude dipped 0.9% to $39.35 a barrel.
* Gold climbed 1% to $1,798.80 an ounce.

–With assistance from Andreea Papuc, Constantine Courcoulas, Lu
Wang, Sophie Caronello, Nancy Moran, Lynn Thomasson, Amena Saad and Claire Ballentine.

Have a great night.

Be magnificent!

As ever,

Carolann

Step out of the history that is holding you back.
Step into the new story you are willing to create.
                                -Oprah Winfrey, b.1954.

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

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

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

Dear Friends,

Tangents:

A mysterious rhythm is coming from another galaxy. -Bloomberg.

Meet the deepest hole in the world. -Scott Kominers, Bloomberg.

Nothing beats the thrill of a bookstore. -Bloomberg.

Lives Lived: The movie “The Graduate” helped define the 1960s. The story of the man who wrote the novel, Charles Webb, is even more fascinating. He has died at 81. -The NY Times.

On June 29, 1995, the shuttle Atlantis and the Russian space station Mir docked, forming the largest man-made satellite ever to orbit the Earth. Go to article »

June 29, 1613: Shakespeare’s Globe Theatre in London, England, burns down during a performance of Henry VIII.

William James Mayo, co-founder Mayo Clinic, b. 1861.
Antoine de Saint-Exupery, writer, b.1900.

PHOTOS OF THE DAY

Workers sort through thousands of bright red lychee fruit before they are taken to market. Luc Ngan district in Bac Giang province, Vietnam.
CREDIT: NGUYEN HUU THONG/SOLENT NEWS

A Balloonists from Balloon team Bila Hlina prepares for take off in Sobotka in the Czech Paradise. A hot air balloon drifts past a landscape as it prepares to land at sunrise.
CREDIT: SLAVEK RUTA/ZUMA WIRE

A family of moorhens feeding on fish are perfectly reflected in the water at a pond in Bourne, Lincolnshire.
CREDIT: ALI ABDULRAHEEM/SOLENT NEWS & PHOTO AGENCY

Market Closes for June 29^th, 2020 

Market Index	Close	Change
Dow Jones	25595.80	+580.25
		+2.32%
S&P 500	3053.24	+44.19
		+1.47%
NASDAQ	9874.152	+116.933 +1.20%
TSX	15389.72	+200.74
		+1.32%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21995.04	-517.04
		+1.13%
HANG SENG	24301.28	-248.71
		-1.01%
SENSEX	34961.52	-209.75
		-0.60%
FTSE 100*	6225.77	+66.47 +1.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.510	0.511
CND. 30 Year Bond	0.982	0.990
U.S.    10 Year Bond	0.6234	0.6397
U.S. 30 Year Bond	1.3734	1.3708

Currencies

BOC Close	Today	Previous
Canadian $	0.7323	0.73127
US $	1.3655	1.36748
Euro Rate 1 Euro=		Inverse
Canadian $	1.5360	0.6510
US $	1.1249	0.8890

Commodities

Gold	Close	Previous
London Gold Fix	1773.18	1756.55
Oil
WTI Crude Future	39.70	38.49

Market Commentary:
On this day in 1979, as the American auto industry sputtered and the technology industry was taking off, the editors of The Wall Street Journal booted Chrysler from the Dow Jones Industrial Average and replaced it with IBM. And with healthcare growing faster than the food industry, Merck replaced Esmark
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rallied on Monday as better-than-estimated economic data offset concern over an increase in coronavirus cases. The S&P/TSX Composite Index rose 1.3% in Toronto, gaining along with U.S. shares after U.S. pending home sales posted a record gain, exceeding all forecasts. Meanwhile, consumer confidence in Canada continued its upward climb for a ninth- straight week amid phased reopenings across the country. All 11 sectors within the index were positive, led by consumer discretionary and energy. Meanwhile, Cirque du Soleil Entertainment Group filed for protection from creditors after the coronavirus pandemic forced it to close shows around the world, bringing one of the best- known brands in live performance to its knees. Canada’s main privacy watchdog has launched an investigation into the Tim Hortons mobile app after a media report raised concerns that the Canadian coffee giant has been allegedly gathering detailed location data about its customers.
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to West Texas Intermediate
* Spot gold was flat at $1,771.20 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3669 per U.S. dollar
* The 10-year government bond yield was little changed at 0.512%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 1.3 percent at 15,389.72 in Toronto. The move was the biggest since rising 1.4 percent on June 12 and follows the previous session’s decrease of 1.7 percent. Shopify Inc. contributed the most to the index gain, increasing 1.7 percent. Ballard Power Systems Inc. had the largest increase, rising 13.4 percent. Today, 172 of 222 shares rose, while 48 fell; all sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 15 percent, heading for the biggest advance in at least 10 years
* This month, the index rose 1.3 percent
* The index declined 6.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 2.9 percent in the same period
* The S&P/TSX Composite is 14.4 percent below its 52-week high on Feb. 20, 2020 and 37.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.8 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 24.6 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 19.86 percent compared with 20.08 percent in the previous session and the average of 20.45 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 43.8607| 2.3| 24/0
Financials | 42.0387| 1.0| 16/8
Materials | 22.0701| 1.0| 39/11
Information Technology | 18.9627| 1.2| 6/4
Industrials | 18.1823| 1.0| 19/9
Consumer Discretionary | 15.7468| 3.1| 13/0
Utilities | 14.5763| 1.9| 16/0
Communication Services | 13.1459| 1.6| 6/2
Consumer Staples | 9.9587| 1.5| 9/2
Health Care | 1.2198| 0.7| 5/4
Real Estate | 0.9745| 0.2| 19/8
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks climbed after better-than- estimated economic data overshadowed concern over an increase in coronavirus cases. The dollar advanced and Treasuries were little changed. The S&P 500 erased its June decline after a report showed U.S. pending home sales posted a record gain, exceeding all forecasts. Boeing Co. led gains the Dow Jones Industrial Average after a 737 Max lifted off from a Seattle airfield with a U.S. Federal Aviation Administration pilot on board. The tech-heavy Nasdaq extended gains as Facebook Inc. wiped out its losses. The improvement in economic data partly resulted from some states beginning to ease restrictions from lockdowns. Federal Reserve Chairman Jerome Powell stressed the importance of keeping the coronavirus contagion contained as the economy bounces back. Florida reported a jump in its double-digit infection rate, New Jersey halted plans for indoor dining and New York City said it’s considering it. As deaths from the virus surpassed 500,000 worldwide and confirmed cases exceeded 10 million, the World Health Organization warned the worst is yet to come.
“There’s a lot of cash on the sidelines,” Tom Lee, co- founder and head of research at Fundstrat Global Advisors, told Bloomberg TV. “It’s not clear what trajectory coronavirus is heading. But I also think because we’re into quarter-end, there’s been some re-balancing. So I’m kind of in the camp that any weakness is short-lived. I would think July is going to be a strong month for stocks.” U.S. companies are providing reason for hope that an earnings recession may be less severe than analysts expect. The
signal comes from a profit-outlook index, compiled by Bloomberg and based on corporate revisions to forecasts. For almost all of June, the index’s 20-day moving average has exceeded 50, showing more companies raised projections than  lowered them. The average peaked June 17 at 63.4, the highest reading in the index’s 20-year history. Analysts estimate that second-quarter earnings for the S&P 500 will plunge 44% after a first-quarter decline of 18%.
Here are some key events coming up:
* Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify before the House Financial Services Committee on Tuesday.
* The monthly U.S. jobs report will be released on Thursday.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index rose 1.5% as of 4 p.m. New York time.
* The Dow Jones Industrial Average jumped 2.3%.
* The Nasdaq Composite Index rose 1.2%.
* The Stoxx Europe 600 Index increased 0.4%.
* The MSCI Asia Pacific Index decreased 1.4%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2%.
* The euro increased 0.2% to $1.1238.
* The Japanese yen depreciated 0.3% to 107.59 per dollar.
Bonds
* The yield on 10-year Treasuries dipped less than one basis point to 0.64%.
* Germany’s 10-year yield rose one basis point to -0.47%.
* Britain’s 10-year yield declined one basis point to 0.163%.
Commodities
* The Bloomberg Commodity Index jumped 1.6%.
* West Texas Intermediate crude rose 3% to $39.63 a barrel.
* Gold increased 0.1% to $1,782.50 an ounce.

–With assistance from Max Nisen, Adam Haigh, Todd White, Lynn
Thomasson, David Wilson and Sophie Caronello.

Have  a great night.

Be magnificent!
As ever,

Carolann

Never doubt that a small group of thoughtful, committed citizens can change the world.
Indeed, it is the only thing that ever has.
                                                                               -Margaret Mead, 1901-1978

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!

Take a virtual walk through the Dolomites, a spectacular Italian mountain range. – The NY Times.

Abner Doubleday, invented baseball, b. 1819
Pearl S. Buck, writer, b. 1892.

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

For humans, a backyard garden is often a place of tranquillity. But if you’re a bee, it’s a minefield: Airborne seeds, shifting leaves and lurching flowers are basically projectiles and trap doors.

Researchers have looked into how bees navigate on blustery days or through tight spaces, but a new study pieced together how they move through obstacles in wind (a bee obstacle course built for the study can be seen above). Honeybees, for example, appear to high-tail it and hope for the best.  -The New York Times.

PHOTOS OF THE DAY

A girl watches fireworks exploding behind the Moscow State University in Moscow during celebrations marking the 75^th anniversary of the Soviet victory over Nazi Germany in World War Two.
CREDIT: ALEXANDER NEMENOV/AFP

A couple enjoy the hot weather on their canal boat on Bridgewater Canal in Walton Hall, Cheshire as Thursday could be the UK’s hottest day of the year with scorching temperatures forecast to rise even further.
CREDIT: PETER BYRNE/PA WIRE

A golden sunrise behind boats moored on the River Medway in Kent, UK. Britain basked in the hottest day of 2020 ahead of possible storms later in the week.
CREDIT: GARRETH PACKHAM/BOATPICS/TNG

Original description: Embargoed to 1900 Thursday June 25 Undated handout artist’s impression issued by Mark Garlick of two “super-earths” that have been discovered orbiting one of the brightest red dwarf stars in the sky.
CREDIT: MARK GARLICK/ PA WIRE

A picture shows an artpiece “Breathing Flower” by South Korean Choi Jeong Hwa displayed in the Gardens of La Seine Musicale as part of the third edition of the exhibition “Les Extatiques” in Boulogned -Billancourt, outside Paris. The 2020 edition of contemporary art exhibition “Les Extatiques” is held from June 26 to October 4, 2020, of the esplanade of La Defense and the gardens of La Seine Musicale.
CREDIT: FRANCOIS GUILLOT/AFP VIA GETTY IMAGES
Market Closes for June 26^th, 2020 

Market Index	Close	Change
Dow Jones	25015.55	-730.05
		-2.84%
S&P 500	3009.05	-74.71
		-2.42%
NASDAQ	9757.219	-259.784 -2.59%
TSX	15188.98	-257.16
		-1.66%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22512.08	+252.29
		+1.13%
HANG SENG	24549.99	-231.59
		-0.93%
SENSEX	35171.27	+329.17
		+0.94%
FTSE 100*	6159.30	+12.16 +0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.511	0.532
CND. 30 Year Bond	0.990	1.020
U.S.    10 Year Bond	0.6397	0.6823
U.S. 30 Year Bond	1.3708	1.4304

Currencies

BOC Close	Today	Previous
Canadian $	0.73127	0.73316
US $	1.36748	1.36395
Euro Rate 1 Euro=		Inverse
Canadian $	1.53484	0.65154
US $	1.12238	0.89096

Commodities

Gold	Close	Previous
London Gold Fix	1756.55	1766.05
Oil
WTI Crude Future	38.49	38.67

Market Commentary:
On this day in 1981, Gail M. Pankey became the first African-American female member of the New York Stock Exchange.
Canada
By Divya Balji and Sandra Mergulhao
(Bloomberg) — The wild ride of Canada’s stock market in 2020 shows no signs of abating soon.
That’s the message from strategists who are expecting choppy months ahead as investors worry about a second coronavirus wave and plunging corporate profits amid a global recession, trade tensions and U.S. elections.
“Now that we’re coming into the summer, it’s going to be more of a second guess of really what’s going on because we’ve still got a ton of volatility ahead of us,” said Greg Taylor, chief investment officer at Purpose Investments. “We’re not out of the woods of volatility. It’s already been a volatile year for markets, but I don’t think it’s going to end anytime soon.”
As quickly as the Canadian market plunged into bear-market territory in March, it surged even more rapidly into a bull zone. Since the March 23 bottom, the S&P/TSX Composite Index has climbed 35% — with plenty of bumps along the way. It’s still down 11% for the year.
Market swings paint a picture of a volatile first half. The TSX has moved 1% or more in either direction 54 days so far in 2020, the most since 2011, according to data compiled by Bloomberg. There have been eight such days in June, though the gains and losses have mostly canceled each other out: the index is flat this month.
That doesn’t mean that shares won’t go higher.
“While the largest laggards during the bear market have been among the best performing names since the trough, only 20% have seen a percentage recovery greater than the overall market, suggesting to us that these names still likely have plenty of room for recovery,” Brian Belski, chief market strategist at BMO Capital Markets, said in a report.
He noted that some of the sectors with the biggest influence on the benchmark, such as energy and financials, haven’t recovered even half of their bear-market declines. Investors are reluctant to price in a recovery in the price of crude, and they might still be waiting for the “mortgage deferral cliff.”
“We believe that as investors gain clarity and facts, these sectors stand a very good chance to be key drivers of TSX performance over the next few quarters,” he said.    There might also be more room for gold miners to rise as investors continue to seek haven assets, with the price of the precious metal rallying more than 16% this year.
Here’s what happened in Canada this week:
Markets — Just the Numbers
*The S&P/TSX Composite fell 1.8% this week as concerns around a second coronavirus wave hurt sentiment.
*The Canadian 10-year bond yield slipped to 0.51%, while two-year bond yield dropped to 0.29%.
*The Canadian dollar was among the worst performing currencies in the Group of 10 this week, weakening 0.4% against the greenback.
Economy
*Canada’s strong credit rating took a blow as Fitch Ratings stripped the nation of its AAA status amid a spike in emergency spending for Covid-19, making it the first top-rated country to be downgraded by the ratings company during the pandemic.
*S&P Global Ratings still kept its rating at AAA, making Canada only one of two countries left in the Group of Seven to hold that status; Germany is the other. Moody’s Investors
*Service also gives Canada its highest rating.
*In Tiff Macklem’s first speech as Bank of Canada governor, he said Canada’s economy will take a long time to fully recover from the coronavirus lockdowns, requiring the central bank to continue purchases of government bonds to keep interest rates at historical lows indefinitely.
*Next week, economists and market watchers will get a gauge of how deep the recession has gone: April gross domestic product numbers will look grim as a nationwide lockdown sent the economy spiraling.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 1.7 percent at 15,188.98 in Toronto. The index dropped to the lowest closing
level since June 11 after the previous session’s increase of 1 percent.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.1 percent. Corus Entertainment Inc. had the largest drop, falling 16.6 percent.
Today, 182 of 222 shares fell, while 39 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 20 times. The next day, it advanced 12 times for an average 3.5 percent and declined eight times for an average 4.1 percent
* So far this week, the index fell 1.8 percent
* This quarter, the index rose 14 percent, heading for the biggest advance in at least 10 years
* This month, the index was little changed
* The index declined 6.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 2.4 percent in the same period
* The S&P/TSX Composite is 15.5 percent below its 52-week high on Feb. 20, 2020 and 35.9 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 24.3 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$2.35t
* 30-day price volatility rose to 20.08 percent compared with 19.40 percent in the previous session and the average of 21.04 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -119.0899| -2.6| 0/25
Energy | -45.3241| -2.4| 0/24
Utilities | -21.6534| -2.8| 0/16
Communication Services| -19.5539| -2.3| 0/8
Information Technology| -12.4084| -0.8| 0/10
Consumer Staples | -11.3341| -1.7| 1/10
Industrials | -11.1601| -0.6| 3/25
Consumer Discretionary| -10.8580| -2.1| 0/13
Real Estate | -7.3284| -1.5| 2/25
Health Care | -6.5494| -3.9| 0/9
Materials | 8.1035| 0.4| 33/17
US
By Claire Ballentine
(Bloomberg) — U.S. stocks fell to the lowest level in more than two weeks and Treasuries rose as a resurgence in new virus infections began halting progress on reopening the American economy. Advertiser defections sent Facebook Inc. to its biggest drop since March, worsening the market’s decline.
The S&P 500 dropped 2.4% as Texas and Florida halted drinking at bars and Arizona reported a surge in infections. Data showed consumer spending surged by a record in May as Americans spent relief payments, though incomes slumped. Big banks slid after the Federal Reserve capped dividends and banned buybacks through September.
“People should be somewhat concerned about what is going on in the Sun Belt and the dramatic increase in cases we’ve seen,” said Yousef Abbasi, Global market strategist at StoneX.
Elsewhere, copper posted its sixth consecutive weekly advance, with prices briefly topping $6,000 a ton. The dollar strengthened for a third day. The 10-year Treasury yield fell as low as to 0.63% U.S. markets had largely shrugged off concerns that a second wave of the pandemic could force policymakers to reverse plans to re-open, though signs are mounting that states in the South and Southwest may not be able to avoid rolling back some economic activity. Investors remain convinced that the Fed is
ready to amp up its assistance should the economy start to sputter anew.
Record Virus Cases in U.S. Defy States’ Efforts at Control The Fed “is going to support this market one way or the other,” Sandy Villere, portfolio manager at Villere & Co., said on Bloomberg TV. “There are going to be a few more dips to come.
It’s amazing, the market doesn’t care about fundamentals or earnings at this point, they care about the pandemic and the pandemic only.”
In remarks on Friday, European Central Bank President Christine Lagarde said the recovery from the coronavirus pandemic will be “restrained” and will change parts of the economy permanently. While the worst of the crisis might be over, it’ll take time for the “phenomenal” jump in savings to trickle into higher investment and spending, she said.
Oil traded below $39 a barrel in New York as Russia slashed exports of its flagship crude Urals to the lowest in at least 10 years. Gold registered a third weekly advance, the longest winning run since January.
These are some of the main moves in markets:
Stocks
*The S&P 500 Index declined 2.4% to 3,009.02 as of 4:02 p.m. New York time, the lowest in more than two weeks.
*The Dow Jones Industrial Average fell 2.8% to 25,015.48, the lowest in a month on the biggest fall in more than two weeks.
*The Nasdaq Composite Index declined 2.6% to 9,757.22, the lowest in more than a week on the largest fall in more than two weeks.
Currencies
*The Bloomberg Dollar Spot Index climbed 0.3% to 1,222.10, the highest in four weeks.
*The euro advanced 0.1% to $1.1228.
*The Japanese yen was little changed at 107.21 per dollar, the weakest in more than a week.
Bonds
*The yield on two-year Treasuries decreased two basis points to 0.17%, the lowest in more than two weeks on the largest dip in more than two weeks.
*The yield on 10-year Treasuries fell five basis points to 0.64%, the lowest in six weeks on the biggest fall in more than two weeks.
*Germany’s 10-year yield declined one basis point to -0.48%, the lowest in more than a month.
Commodities
*West Texas Intermediate crude fell 1.4% to $38.17 a barrel.
*Gold strengthened 0.4% to $1,770.76 an ounce, the highest in almost eight years.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

To understand the heart and mind of a person, look not at
what he has already achieved, but at what he aspires to.
                                          -Kahlil Gibran, 1883-1931

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

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

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

Dear Friends,

Tangents:
Archaeologists find a ring of pits around Stonehenge that may mark an ancient structure. -Bloomberg.

A Renaissance painting reveals how much breeding has changed watermelons. -Bloomberg.

Perceptions of musical octaves are learned, not hard-wired. -Bloomberg.

In book news, a previously unpublished piece by Louisa May Alcott is now available in print for the first time. She wrote “Aunt Nellie’s Diary” when she was just 17,
long before she published “Little Women.” –The NY Times.

Here are 16 new books to watch for in July. -The New York Times.

1951 – The first commercial color telecast took place as CBS transmitted a one-hour special from New York to four other cities.  Go to article »

PHOTOS OF THE DAY

A young man jumps over the fire as people take part in a traditional mid-summer solstice night celebration (Rasos Festival) at the Open-Air Museum of Lithuania in Rumsiskes, east of Kaunas, Lithuania.
CREDIT: PETRAS MALUKAS/AFP VIA GETTY IMAGES

A bee approached in flight a coneflower that is already occupied by a bumble-bee, in Tineretului park, in Bucharest, Romania.
CREDIT: ROBERT GHEMENT/EPA

Children play under water jets as they cool off in the fountains during a heatwave in the French riviera city of Nice.
CREDIT: VALERY HACHE/AFP

Market Closes for June 25^th, 2020 

Market Index	Close	Change
Dow Jones	25745.60	+299.66
		+1.18%
S&P 500	3083.76	+33.43
		+1.10%
NASDAQ	10017.004	+107.838 +1.09%
TSX	15446.14	+151.76
		+0.99%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22259.79	-274.53
		-1.22%
HANG SENG	24781.58	-125.76
		-0.50%
SENSEX	34842.10	-26.88
		-0.08%
FTSE 100*	6147.14	+23.45 +0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.532	0.546
CND. 30 Year Bond	1.020	1.027
U.S.    10 Year Bond	0.6823	0.6790
U.S. 30 Year Bond	1.4304	1.4291

Currencies

BOC Close	Today	Previous
Canadian $	0.73316	0.73326
US $	1.36395	1.36377
Euro Rate 1 Euro=		Inverse
Canadian $	1.53031	0.65346
US $	1.12197	0.89129

Commodities

Gold	Close	Previous
London Gold Fix	1766.05	1768.90
Oil
WTI Crude Future	38.67	37.91

Market Commentary:
On this day in 1974, Texas Instruments and three of its key engineers, Jack S. Kilby, Jerry D. Merryman and James H. VanTassel, received U.S. Patent No. 3,819,921 for their hand-held aluminum calculator. The gizmo was 1 ¾” thick and weighed 2 lbs., 13 oz. It could add, subtract, multiply and divide, and would sell for between $84.95 and $119.95.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities reversed their early drop Thursday despite a resurgence in U.S. coronavirus cases. The S&P/TSX Composite Index gained about 0.5%, with information technology leading Toronto’s market higher. Shopify Inc. rose over 2%. Markets got “ahead of themselves,” David Kelly, chief global strategist at JPMorgan Funds said on BNN Bloomberg. “This notion of a second wave on covid-19 presupposes” that the first wave was already dealt with, he added. Oil extended declines after swelling U.S. crude stockpiles and a surge in coronavirus cases across the nation raised concerns about demand in the world’s largest economy. The Canadian government is considering a shift to longer- term borrowing to finance its ballooning budget deficit, a strategy that has the potential to complicate matters for companies raising money in the country’s bond markets.
Commodities
* Western Canada Select crude oil traded at a $9.00 discount to West Texas Intermediate
* Spot gold rose 0.2 to $1,764 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to $1.3653 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to 0.526%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1 percent at 15,446.14 in Toronto. The move was the biggest gain since June 16 and follows the previous session’s decrease of 1.7 percent. Shopify Inc. contributed the most to the index gain, increasing 2.5 percent. Real Matters Inc. had the largest increase, rising 4.3 percent. Today, 147 of 222 shares rose, while 72 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index was little changed
* This quarter, the index rose 15 percent, heading for the biggest advance in at least 10 years
* This month, the index rose 1.7 percent
* The index declined 5.7 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 14 percent below its 52-week high on Feb. 20, 2020 and 38.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 24.8 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$2.33t
* 30-day price volatility rose to 19.40 percent compared with 19.26 percent in the previous session and the average of 21.28 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 45.3653| 1.0| 20/5
Information Technology | 33.9943| 2.2| 8/2
Industrials | 25.7606| 1.5| 16/12
Materials | 16.3118| 0.7| 38/11
Energy | 12.3535| 0.6| 13/10
Consumer Staples | 6.3752| 1.0| 9/2
Communication Services | 5.4642| 0.6| 7/1
Utilities | 3.8855| 0.5| 8/8
Real Estate | 2.1334| 0.4| 19/8
Health Care | 0.6636| 0.4| 3/6
Consumer Discretionary | -0.5559| -0.1| 6/7
US
By Claire Ballentine and Amena Saad
(Bloomberg) — U.S. stocks climbed the most in more than a week as investors weighed the prospects for additional stimulus against the spike in American virus cases. Crude oil snapped a two-day slide and the dollar strengthened. The S&P 500 jumped in the last hour of trading after fluctuating for most of the session to finish up 1.1%. The index is clinging to a monthly gain after one of the highest-ever increases in U.S. cases prompted Texas and Florida to halt the next phases of the reopening of their economies. Banks surging 2.7% after regulators eased rules that will free up capital. Investors also grappled with a mixed batch of economic data,  after initial jobless claims topped estimates at almost 1.5 million. “The market is trying to digest what the timeline is, and also measuring monetary stimulus and future fiscal stimulus as well,” said Chad Morganlander, senior money manager at Washington Crossing Advisors. “There are a lot of unknowns but yet, we have to believe that the monetary backdrop as well as fiscal backdrop will support the market, so we’re a little bit more optimistic over the next 18-24 months.”
In Europe, stocks swung from a loss to close higher, with Deutsche Lufthansa AG rallying as its biggest shareholder backed a government rescue package. Shares in German fintech Wirecard AG collapsed after it filed for insolvency. Core European bonds gained. Worries over lockdowns being reimposed and economies re- opening more slowly has hurt sentiment, as investors weigh reports of new daily records for infections. Meanwhile, health leaders called on the U.K. to prepare for a possible second wave, and Australia recorded its largest spike in cases since  April. “The market really got the shivers over the prospect of a big increase in Covid and maybe starting to see places that were opening up have to close up,” Margie Patel, portfolio manager at Wells Fargo Asset Management, said on Bloomberg TV. “We’ve had
such a great run from the end of March it’s only inevitable that we should get at least a little step back.”
Elsewhere, stocks in Asia fell the most in almost two weeks. China and Hong Kong were shut for holidays. West Texas crude oil rose, while gold reversed an earlier gain.
Here are some key events coming up:
* A rebalance of Russell indexes is due on Friday.
These are some of the main moves in markets:
Stocks
The S&P 500 Index advanced 1.1% to 3,083.76 as of 4:04 p.m. New York time, the largest gain in more than a week.
The Dow Jones Industrial Average advanced 1.2% to 25,745.60, the biggest gain in more than a week.
The Nasdaq Composite Index gained 1.1% to 10,017.
Currencies
The Bloomberg Dollar Spot Index advanced 0.1% to 1,218.48.
The euro decreased 0.2% to $1.1226.
The Japanese yen depreciated 0.1% to 107.12 per dollar, the weakest in more than a week.
Bonds
The yield on two-year Treasuries fell less than one basis point to 0.18%, the lowest in two weeks.
The yield on 10-year Treasuries gained less than one basis point to 0.68%.
Britain’s 10-year yield decreased four basis points to 0.154%, the lowest on record.
Commodities
West Texas Intermediate crude advanced 2.7% to $39.05 a barrel, the biggest gain in more than a week.
Gold strengthened 0.2% to $1,763.65 an ounce.
–With assistance from Adam Haigh and Katherine Greifeld.

Have a great night.

Be magnificent!
As ever,

Carolann

Character makes life immortal; character is power…Qualities that make
up a flawless character are love, patience, forbearance, steadfastness
and charity.  These are the highest qualities and have to be respected.
                                                                 -Sai Baba, 1838?-1918.

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:
1509: Henry VIII is crowned King of England in Westminster Abbey.
1950: Korean War begins.

Georg Orwell, author, b. 1903.
In Barcelona, an opera house held its first concert in over three months — to a live audience of nearly 2,300 plants. –The New York Times.

That Big Vacation You Scrapped Is Already Selling Out for Next Summer: There’s already competition to reserve major international trips in 2021 as people who canceled because of coronavirus look to roll over the money they already spent. -The Wall Street Journal.

This weird thing fell from the sky. –Bloomberg.

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

This stunning pictures shows a rare “flying saucer’ cloud hovering over the River Exe.
CREDIT: STUART WOOLGER/SWNS

Swiss acrobat Ramon Kathriner performs on a pole during the Airshow, marking the reopening of facilities after the coronavirus disease lockdown in Les Diablerets, Switzerland.
CREDIT: DENIS BALIBOUSE/REUTERS

A visitor is seen at the Musee d’Orsay as the museum reopens to the public in Paris, France
CREDIT: XINHUA/SHUTTERSTOCK

Cotswold Lavender Farm opens to the public despite fears the overseas tourist numbers will be down Kiara Ebanks ages four runs through the field.
CREDIT: MIKAL LUDLOW PHOTOGRAPH
Market Closes for June 24^th, 2020 

Market Index	Close	Change
Dow Jones	25445.94	-710.16
		-2.72%
S&P 500	3050.33	-80.96
		-2.59%
NASDAQ	9909.168	-222.200 -2.19%
TSX	15294.38	-270.37
		-1.74%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22534.32	-14.73
		-0.07%
HANG SENG	24781.58	-125.76
		-0.50%
SENSEX	34868.98	-561.45
		-1.58%
FTSE 100*	6123.69	-196.43 -3.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.546	0.546
CND. 30 Year Bond	1.027	1.013
U.S.    10 Year Bond	0.6790	0.7102
U.S. 30 Year Bond	1.4291	1.4897

Currencies

BOC Close	Today	Previous
Canadian $	0.73326	0.73768
US $	1.36377	1.35561
Euro Rate 1 Euro=		Inverse
Canadian $	1.53461	0.65163
US $	1.12527	0.88867

Commodities

Gold	Close	Previous
London Gold Fix	1768.90	1761.85
Oil
WTI Crude Future	37.91	40.27

Market Commentary:
On this day in 1964, Claudia “Lady Bird” Johnson inaugurated the Picturephone, speaking from the National Geographic Building in Washington and appearing on a 4 3/8″-by-5 3/4″ screen in New York City’s Grand Central Terminal. AT&T ended up spending roughly $500 million to develop and market the Picturephone, and a Bell Labs official predicted that “before the turn of the century, Picturephone will displace today’s means of communication.” Fortunately, he didn’t specify which century.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares dropped Wednesday as investors grew anxious about the resurgence in coronavirus cases.New York, New Jersey and Connecticut will require visitors from virus hot spots to quarantine for 14 days. The announcement comes as Florida and California both set daily records for new cases, while Houston said its intensive-care unit beds are almost full.
The S&P/TSX Composite Index fell 1.7%, the most since June 11. Ten of eleven sectors declined, with consumer staples the only group to gain.
Oil futures in New York slid 5.9% to the lowest in a week on Wednesday. The decline comes as U.S. crude inventories rose for a third week to a fresh record, placing added pressure on a market already weighed down by fears that a resurgence of the virus could force states to resume lockdowns that were only recently lifted.
Canada’s long-term foreign currency debt rating was downgraded by Fitch Ratings, which cited the deterioration in its public finances resulting from the Covid-19 pandemic.
Commodities
* Western Canada Select crude oil traded at a $9.00 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,766 an ounce
FX/Bonds
* The Canadian dollar weakened 0.6% to $1.3627 per U.S. dollar
* The 10-year government bond yield was flat around 0.546%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 1.7 percent at 15,294.38 in Toronto. The move was the biggest since falling 4.1 percent on June 11 and follows the previous session’s increase of 0.3 percent.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.3 percent. Vermilion Energy Inc. had the largest drop, falling 8.2 percent.
Today, 202 of 222 shares fell, while 20 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 19 times. The next day, it advanced 11 times for an average 3.8 percent and declined eight times for an average 4.1 percent
* This quarter, the index rose 14 percent, heading for the biggest advance in at least 10 years
* This month, the index rose 0.7 percent
* The index declined 7.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 2.7 percent in the same period
* The S&P/TSX Composite is 14.9 percent below its 52-week high on Feb. 20, 2020 and 36.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.9 percent in the past 5 days and rose 2.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 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$2.37t
* 30-day price volatility fell to 19.26 percent compared with 20.16 percent in the previous session and the average of 21.36 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -85.5324| -1.9| 1/24
Energy | -62.7134| -3.2| 0/24
Materials | -36.2359| -1.6| 3/48
Industrials | -32.5491| -1.8| 4/24
Information Technology | -17.3237| -1.1| 1/9
Utilities | -10.7658| -1.4| 1/15
Communication Services | -8.8498| -1.0| 0/8
Real Estate | -8.5961| -1.7| 2/25
Consumer Discretionary | -8.5594| -1.6| 1/12
Health Care | -4.7662| -2.7| 1/8
Consumer Staples | 5.5131| 0.8| 6/5
US
By Vildana Hajric and Amena Saad
(Bloomberg) — U.S. stocks slumped 2.6% as investors grew anxious that the resurgence in virus cases in multiple states will hamper the economic recovery. Yields on Treasuries fell and the dollar strengthened.
All 11 sectors in the S&P 500 sank at least 0.9%, with energy, financials and industrials down more than 3% after data showed Florida and California set daily records for new cases, while Houston said its intensive-care unit beds are at 97% capacity. Travel stocks and other companies that had been climbing amid reopening optimism got hammered with New York, New Jersey and Connecticut requiring visitors from virus hot spots to self-quarantine. Even the tech-heavy Nasdaq Composite fell for the first session in nine.
“As we see these cases continue to spread, we’re seeing micro contractions in those states and the market’s basically looking forward and saying, ‘This looks like it’s gaining momentum again and there’s nothing that indicates any path to slowing that momentum’,” said Peter Mallouk, president and chief executive officer of Creative Planning. “And so we’re seeing this rotation back, away from what we would normally see do really well in a market recovery to the things that hold up through a market contraction.”
Market sentiment is rapidly turning more negative on concern that the spreading coronavirus could force policy makers to slow the pace or reverse business re-openings. At the same time, there’s the potential for trade tensions to resurface between the European Union and the U.S.
The White House is weighing new tariffs on $3.1 billion of exports from France, Germany, Spain and the U.K. The American Trade Representative wants to impose new tariffs on European exports like olives, beer, gin and trucks, while increasing duties on products including aircrafts, cheese and yogurt, according to a notice published late Tuesday evening. The EU is also debating whether to keep the door shut to American travelers this summer.
Elsewhere, the International Monetary Fund downgraded its outlook for the world economy, projecting a significantly deeper recession and slower recovery than it anticipated just two months ago. “you have a situation in which, you know, you could argue that the market is fairly valued, or stretched, however you want to put it, but it’s overbought,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “Under these conditions, with a market that’s done so well, it typically is prudent to take some profit to allow the market to burn off some froth, consolidate, and then get ready for the next move.”
Here are some key events coming up:
* U.S. jobless claims, durable goods and GDP data are due Thursday.
* A rebalance of Russell indexes is due on Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index declined 2.6% to 3,050.33 as of 4:16 p.m. New York time, the lowest in more than a week on the largest drop in almost two weeks.
* The Dow Jones Industrial Average declined 2.7% to 25,445.94, the lowest in almost two weeks on the biggest drop in almost two weeks.
* The Nasdaq Composite Index declined 2.2% to 9,909.17, hitting the lowest in more than a week with the first retreat in almost two weeks.
Currencies
* The Bloomberg Dollar Spot Index gained 0.6% to 1,217.89, the biggest rise in almost two weeks.
* The euro declined 0.5% to $1.1253, the largest fall in more than a week.
* The Japanese yen depreciated 0.5% to 107.06 per dollar, the weakest in more than a week on the biggest dip in more than three weeks.
Bonds
* The yield on two-year Treasuries declined less than one basis point to 0.18%, the lowest in two weeks.
* The yield on 10-year Treasuries fell three basis points to 0.68%, the lowest in almost two weeks on the biggest drop in almost two weeks.
* Britain’s 10-year yield fell two basis points to 0.189%, the lowest in almost four weeks.
Commodities
* West Texas Intermediate crude declined 5.5% to $38.16 a barrel, the lowest in more than a week on the biggest drop in almost two weeks.
* Gold weakened 0.2% to $1,765.64 an ounce.
–With assistance from Katherine Greifeld.

Have a great night.

Be magnificent!
As ever,

Carolann

Each moment is a place you’ve never been.
                      -Mark Strand, 1934-2014

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

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

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

Dear Friends,

Tangents:
1868: Typewriter patented.
On June 22, 1940, during World War II, Adolf Hitler gained a stunning victory as France was forced to sign an armistice eight days after German forces overran Paris.  Go to article »
PHOTOS OF THE DAY

The very beautiful yet peculiar looking Lichen Katydid in Costa Rica. The camouflage of Lichen Katydid has evolved over time to mimic it’s natural habitat, which in this case is the Beard Lichen, a type of lichen that grows on tree branches.
CREDIT: DAVID WEILLER/WENN

Blenheim Palace as you’ve never seen it before These stunning aerial pictures give garden fans a bird’s eye view of one of Britain’s most remarkable landscaped gardens. The detailed shots were captured by a drone at Blenheim Palace, the birthplace of Sir Winston Churchill. They show the palace’s incredible Italian Garden and Water Terraces from a very different viewpoint than visitors are used to. The stunning Water Terraces, built between 1925 and 1930, are widely regarded as among the most remarkable garden landscaping achievements of the 20^th century and have been compared to the Parterre d’Eau at the Palace of Versailles.
CREDIT: BNPS

The Sheep watch the sunset from the top of Cleeve Hill, Cheltenham, UK.
CREDIT: JACK BOSKETT
Market Closes for June 23^rd, 2020 

Market Index	Close	Change
Dow Jones	26156.10	+131.14
		+0.50%
S&P 500	3131.29	+13.43
		+0.43%
NASDAQ	10131.367	+74.892 +0.74%
TSX	15564.75	+47.85
		+0.31%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22549.05	+111.78
		+0.50%
HANG SENG	24907.34	+396.00
		+1.62%
SENSEX	35430.43	+519.11
		+1.49%
FTSE 100*	6320.12	+75.50 +1.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.546	0.544
CND. 30 Year Bond	1.013	0.999
U.S.    10 Year Bond	0.7102	0.7085
U.S. 30 Year Bond	1.4897	1.4642

Currencies

BOC Close	Today	Previous
Canadian $	0.73768	0.73942
US $	1.35561	1.35242
Euro Rate 1 Euro=		Inverse
Canadian $	1.53258	0.65250
US $	1.13054	0.88453

Commodities

Gold	Close	Previous
London Gold Fix	1761.85	1734.75
Oil
WTI Crude Future	40.27	40.46

Market Commentary:
On this day in 1836, with the U.S. national debt eliminated in 1835 and the federal budget running a huge surplus, President Andrew Jackson’s plan to distribute the surplus to the states was enacted. Jackson repeatedly declared that with no more national debt, the U.S. would “always” have a budget surplus. But tellingly, by the time the distribution was actually paid out in 1837, it had already shrunk below $37.5 million—25% less than the government’s original estimate of $50 million.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for a second straight session while U.S. shares also gained on speculation Congress will seek additional stimulus to combat the economic effects of the pandemic.
The S&P/TSX Composite Index advanced 0.3% as materials posted another strong session. Eight of eleven sectors rose. Gold futures closed at a seven-year high as a resurgence in coronavirus cases bolstered demand for the metal as a haven.
Enbridge Inc.’s yearlong battle with Michigan officials over a pipeline that runs through the Great Lakes is flaring up again after damage to a support structure prompted the state to try to shut down the conduit.
Oil slipped from a three-month high before a U.S. government report expected to show another increase in inventories, signaling the market still has its work cut out to clear a massive supply glut.
Shopify Inc. Chief Executive Officer Tobias Lutke is touting Canada as a relocation option after President Donald
Trump temporarily suspended several employment-based visas.
Commodities
* Western Canada Select crude oil traded at a $8.75 discount to West Texas Intermediate
* Spot gold rose 0.9% to $1,769.90 an ounce
FX/Bonds
* The Canadian dollar fell 0.3% to $1.3556 per U.S. dollar
* The 10-year government bond yield rose slightly to 0.547%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3 percent, or 47.85 to 15,564.75 in Toronto. The index advanced to the highest closing level since June 10.
Shopify Inc. contributed the most to the index gain, increasing 0.7 percent. Ero Copper Corp. had the largest increase, rising 11.4 percent.
Today, 141 of 222 shares rose, while 78 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 16 percent, heading for the biggest advance in at least 10 years
* This month, the index rose 2.4 percent
* The index declined 5.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 5.2 percent in the same period
* The S&P/TSX Composite is 13.4 percent below its 52-week high on Feb. 20, 2020 and 39.3 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.3 percent in the past 5 days and rose 4.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 25 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.36t
* 30-day price volatility fell to 20.16 percent compared with 20.73 percent in the previous session and the average of 21.46 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 24.7498| 1.1| 46/5
Energy | 17.4060| 0.9| 16/8
Financials | 14.8255| 0.3| 15/9
Information Technology | 4.0650| 0.3| 4/5
Utilities | 2.7187| 0.3| 9/7
Consumer Discretionary | 1.9161| 0.4| 11/1
Real Estate | 0.7668| 0.2| 19/8
Health Care | 0.1209| 0.1| 5/4
Industrials | -3.5158| -0.2| 11/17
Communication Services | -6.9333| -0.8| 2/6
Consumer Staples | -8.2899| -1.3| 3/8
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks rose for a second day, but faded into the close as concern mounted that a spike in virus cases in some states could curtail economic activity.    Gold rallied to its best level since 2012.
The S&P 500 jumped as much as 1.2% before paring the gain by two-thirds on reports that spiking cases in several hotspots in the South and Southwest threatened to derail plans to ramp up reopening. The Nasdaq Composite hit an all-time high, with investors keying on signs of continued economic growth and the idea that any setback will be met with increased government spending and Federal Reserve moves.
Stimulus “puts the bottom on bad news,” said Nela Richardson, an investment strategist at Edward Jones. “Bad news isn’t so bad if we think that that means more stimulus. The markets are responding also to the quick action, quickest in any recession going back to the Great Depression, of the Federal government and monetary authorities, not just in the United States, but around the world.” Apple, Amazon and Facebook jumped at least 2%. Mohawk Industries, which provides home flooring, Darden Restaurants and Live Nation were among leaders in the S&P 500.
Treasuries were little changed, with the 10-year yielding around 0.71%, while the dollar dropped for a second day.
Equities rose in Europe and in Asia. Gold pushed to its highest level since 2012, and oil topped $41 a barrel in New York. Carmakers and banks led a broad advance in the Stoxx Europe 600 index after positive economic data in the euro area. The euro strengthened and yields ticked higher on core European bonds. Investors are betting that trillions of dollars in stimulus by central banks and governments around the globe will shield economies from a resurgence in virus breakouts. PMIs for June, showed business activity in the world’s largest economy continuing a rebound that started in May.
While euro-area PMI gauges earlier fueled a risk-on mood, they also underlined some of the pressures that a long and slow recovery would impose on companies struggling with weak demand.
Anthony Fauci, the U.S.’s top infectious-disease doctor, warned Tuesday that the coronavirus isn’t taking a summer break, judging from its persistent spread in the U.S. Sun Belt. A German state locked down a municipality where 1,553 workers tested positive at a single meat factory.
Here are some key events coming up:
* The IMF will release new 2020 growth projections on Wednesday.
* U.S. jobless claims, durable goods and GDP data are due Thursday.
* A rebalance of Russell indexes is due on Friday.

These are the main moves in markets:
Stocks
*The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
*The Dow Jones Industrial Average rose 0.5% to 26,194.
*The Nasdaq Composite Index gained 0.8%, hitting the highest on record with its eighth consecutive advance and the largest advance in a week.
Currencies
*The Bloomberg Dollar Spot Index fell 0.3% to the lowest in almost two weeks.
*The euro climbed 0.4% to $1.1304, the strongest in more than a week.
*The Japanese yen appreciated 0.4% to 106.54 per dollar, the strongest in almost seven weeks on the biggest increase in almost two weeks.
Bonds
*The yield on 10-year Treasuries rose less than one basis point to 0.71%.The two-year yield slipped to 0.19%
*Britain’s 10-year yield rose two basis points to 0.211%.
*Germany’s 10-year yield climbed three basis points to -0.41%.
Commodities
*West Texas Intermediate crude fell 1.2% to $40.24 a barrel.
*Gold futures strengthened 1.1% to $1,785 an ounce, the highest in almost eight years.
–With assistance from Robert Brand and Christopher Anstey.

Have a great night.

Be magnificent!
As ever,

Carolann

Be your friend’s true friend.
                -The Havamal

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:
Archaeologists find the oldest evidence of bow-and-arrow hunting outside of Africa. -Bloomberg.

How the pandemic is changing cities. –Bloomberg.

June 22, 1854: First Victoria Cross won during bombardment of Bomarsund in the Aland Islands (Crimean War).

On June 21, 1964, three civil rights workers disappeared in Philadelphia, Miss. Their bodies were found buried in an earthen dam six weeks later. Eight members of the Ku Klux Klan went to prison on federal conspiracy charges; none served more than six years. Go to article »

PHOTOS OF THE DAY

A woman runs on a small road between fields and acres as the sun rises in Frankfurt, Germany.
CREDIT: AP PHOTO/MICHAEL PROBST

A woman wears an illuminated cape as people gather on Glastonbury Tor for sunset on the Summer Solstice weekend on the longest day of the year.
CREDIT: SIMON CHAPMAN/LNP

Indo-Tibetan Border Police performing Yoga in sub-zero temperatures, on the occasion of the International Day of Yoga, dubbed World Yoga Day, in Ladakh, India.
CREDIT: INDO TIBETAN BORDER POLICE/HANDOUT/EPA-EFE/SHUTTERSTOCK

Visitors are dwarfed by brightly coloured sculptures comprising of stones that punctuate the stark, dry landscape of the Mohave desert in Nevada, USA.
CREDIT: HENRY DO/SOLENT NEWS

Market Closes for June 22^nd, 2020 

Market Index	Close	Change
Dow Jones	26024.96	+153.50
		+0.59%
S&P 500	3117.86	+20.12
		+0.65%
NASDAQ	10056.477	+110.354 +1.11%
TSX	15516.90	+42.69
		+0.28%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22437.27	-41.52
		-0.18%
HANG SENG	24511.34	-132.55
		-0.54%
SENSEX	34911.32	+179.59
		+0.52%
FTSE 100*	6244.62	-47.98 -0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.544	0.536
CND. 30 Year Bond	0.999	1.002
U.S.    10 Year Bond	0.7085	0.6937
U.S. 30 Year Bond	1.4642	1.4582

Currencies

BOC Close	Today	Previous
Canadian $	0.73942	0.73491
US $	1.35242	1.36071
Euro Rate 1 Euro=		Inverse
Canadian $	1.52353	0.65637
US $	1.12652	0.88769

Commodities

Gold	Close	Previous
London Gold Fix	1734.75	1719.50
Oil
WTI Crude Future	40.46	39.75

Market Commentary:
On this day in 1775, Congress authorized the first issuance of Continental Currency, or U.S. paper money. Officially known as “Continentals,” the money soon came to be called “shinplasters” as high inflation rendered it nearly worthless.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities advanced Monday amid a climb in commodities and tech shares. The S&P/TSX Composite Index rose 0.3%, with eight of eleven sectors retreating, though a rally in materials and information technology carried the market.  Gold futures settled near the highest since 2012, supported by concerns over a second wave of coronavirus infections and ongoing expectations of a flood of stimulus measures. Oil gained on optimism that fuel demand is recovering as lockdowns are lifted and major producers scale back output. Canada’s economy will take a long time to fully recover from the Covid-19 lockdowns, requiring the central bank to continue purchases of government bonds to keep interest rates at historical lows indefinitely, according to Tiff Macklem. Meanwhile, Toronto will reopen restaurant patios, shopping malls and swimming pools on Wednesday after officials determined that the Covid-19 virus is under control.
Commodities
* Western Canada Select crude oil traded at an $9.00 discount to West Texas Intermediate
* Spot gold rose 0.7% to about $1,756 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.3533 per U.S. dollar
* The 10-year government bond yield edged higher to 0.540%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 15,516.90 in Toronto. The index advanced to the highest closing level since June 10 after the previous session’s little change. Shopify Inc. contributed the most to the index gain, increasing 1.7 percent. Westshore Terminals Investment Corp. had the largest increase, rising 12.0 percent. Today, 132 of 222 shares rose, while 85 fell; 3 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 16 percent, heading for the biggest advance in at least 10 years
* This month, the index rose 2.1 percent
* The index declined 6.1 percent in the past 52 weeks. The MSCI AC Americas Index gained 4.7 percent in the same period
* The S&P/TSX Composite is 13.7 percent below its 52-week high on Feb. 20, 2020 and 38.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1 percent in the past 5 days and rose 4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 25.9 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$2.35t
* 30-day price volatility fell to 20.73 percent compared with 20.87 percent in the previous session and the average of 21.72 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 59.8510| 2.8| 47/4
Information Technology | 23.1399| 1.5| 8/2
Consumer Discretionary | 2.6262| 0.5| 9/4
Real Estate | -0.0928| 0.0| 17/7
Health Care | -1.0395| -0.6| 5/4
Utilities | -1.3897| -0.2| 7/9
Industrials | -2.3330| -0.1| 15/13
Energy | -2.9300| -0.1| 8/14
Communication Services | -8.9277| -1.0| 1/7
Consumer Staples | -12.7274| -1.9| 2/9
Financials | -13.4910| -0.3| 13/12
US
By Sarah Ponczek and Jeremy Herron
(Bloomberg) — U.S. stocks rose, with technology leading the advance, as investors continued to bet on companies with strong balance sheets and better prospects in an economy where work-from-home remains part of the norm. The Nasdaq 100 jumped more than 1%, with Adobe, Amazon.com and Square ending at all-time highs. The Nasdaq Composite capped a seventh straight advance in its longest rally of the year. The S&P 500 lagged behind, with some sectors under pressure as investors weighed the economic impact of virus flareups in some states. “There’s absolutely a big tug-of-war going on right now,” JJ Kinahan, the chief market strategist at TD Ameritrade, said by phone. “Everyone is trying to figure out who is going to be the winners and losers when things get quote-unquote back to normal. That to me shows that everybody is trying to figure out which way to go.”
Gold tested a seven-year high, while the dollar weakened. European stocks slumped, with Wirecard AG plunging after more than $2 billion in assets went missing. The yield on Germany’s 30-year government debt fell below zero for the first time since May. Crude oil settled above $40 a barrel in New York. The comments from Texas’s governor come with a dozen states reporting sharp increases in virus cases over the weaken, even as others move forward with phased reopening. There were also new scares in Germany and Australia. But investors are wagering that policy makers will be unwilling to stop business activity or slow progress toward a recovery. At the same time, risk appetite is being supported by historic stimulus programs by central banks around the world.
Equity markets have steadied in recent weeks and the S&P 500 is within 10% of its pre-pandemic peak. “The market doesn’t believe that we will see such draconian lockdowns even if there is a resurgence of the virus. The politics have moved on,” said James Athey, a money manager at Aberdeen Standard Investments. “Rightly or wrongly, there’s also a pretty widespread feeling that riskier assets won’t go down too far because the Federal Reserve won’t let them.”
Here are some key events coming up:
* MSCI Inc. on Tuesday announces its market classification review for 2020.
* The IMF will release new 2020 growth projections on Wednesday.
* U.S. jobless claims, durable goods and GDP data are due Thursday.
* A rebalance of Russell indexes is due on Friday.

These are the main moves in markets:
Stocks
The S&P 500 Index increased 0.7% to 3,118 as of 4 p.m. New York time.
The Dow Jones Industrial Average added 0.6% and the Nasdaq composite rose 1.2%.
The Nasdaq Composite Index gained 0.8%, hitting the highest in
more than a week with its seventh consecutive advance.
The MSCI All-Country World Index was little changed at 527.04.
Currencies
The Bloomberg Dollar Spot Index decreased 0.5% to 1,213.48, hitting the lowest in a week with the first retreat in a week and the largest dip in three weeks.
The euro increased 0.7% to $1.1259, the first advance in a week and the biggest climb in more than two weeks.
The Japanese yen was little changed at 106.83 per dollar, hitting the strongest in more than six weeks with its sixth straight advance.
Bonds
The yield on 10-year Treasuries rose one basis point to 0.70%, the lowest in more than a week.
Germany’s 10-year yield fell three basis points to -0.44%, the lowest in a week on the largest fall in more than a week.
Britain’s 10-year yield fell four basis points to 0.2%, the biggest fall in more than a week.
Commodities
West Texas Intermediate crude advanced 1.8% to $40.46 a barrel.
Gold futures strengthened 0.8% to $1,765.90 an ounce.
–With assistance from Sophie Caronello and Michael Hunter.

Have a great night.

Be magnificent!
As ever,

Carolann

In summer, the song sings itself.
    -William Carlos Williams, 1883-1963

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.

Planets with oceans are probably common in the galaxy.

The galaxy may have 36 alien civilizations capable of communicating with us.

The “Into the Wild” bus has been removed from the Alaska wilderness.

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

Numbers:
59.5: percentage of New Zealanders in a recent poll who approve of the job being done by Prime Minister Jacinda Arden in light of her handling of the pandemic.  That makes her the nation’s most popular leader ever.

2000: Age (in years) of paving stones exposed after a sinkhole opened up in front if the Pantheon in Rome.  Nobody was injured because the typically busy piazza was empty due to the coronavirus pandemic.

PHOTOS OF THE DAY

The pelicans that live in St. James’ Park, London, UK, decided to take a walk across The Mall, stopping traffic. Park wardens had to move them back.
CREDIT: AVPICS/ALAMY LIVE NEWS

Alpha jets from the French Air Force Patrouile de France and the Royal Air Force Red Arrows perform a flypast over the statue of Charles de Gaulle on the Champs Elysees avenue to celebrate the 80^th anniversary of wartime leader’s appeal to the French people to resist the Nazi occupation, broadcast from London, in Paris France.
CREDIT: REUTERS/CHRISTIAN HARTMANN

Three owl chicks born at The Scottish Owl Center in West Lothian, Scotland, UK, snuggle together. Five-week-old Tropical Screech Owl, six-week-old Band-Bellied Owl and three-week-old Snowy Owl. These cute baby owls were relaxing in the summer warmth.
CREDIT: KATIELEE ARROWSMITH, SWNS
Market Closes for June 19th, 2020 

Market Index	Close	Change
Dow Jones	25871.46	-208.64
		-0.80%
S&P 500	3097.74	-17.60
		-0.56%
NASDAQ	9946.125	+3.074 +0.03%
TSX	15474.20	-5.63
		-0.04%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22478.79	+123.33
		+0.55%
HANG SENG	24643.89	+178.95
		+0.73%
SENSEX	34731.73	+523.68
		+1.53%
FTSE 100*	6292.60	+68.53 +1.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.536	0.524
CND. 30 Year Bond	1.002	1.003
U.S.    10 Year Bond	0.6937	0.7035
U.S. 30 Year Bond	1.4582	1.4722

Currencies

BOC Close	Today	Previous
Canadian $	0.73491	0.73535
US $	1.36071	1.35991
Euro Rate 1 Euro=		Inverse
Canadian $	1.52099	0.65746
US $	1.11780	0.89462

Commodities

Gold	Close	Previous
London Gold Fix	1719.50	1724.35
Oil
WTI Crude Future	39.75	38.84

Market Commentary:
On this day in 1969, the New York Stock Exchange, so far behind on its antiquated paperwork that it had to close each Wednesday so that clerks could process trades, appropriated the unprecedented sum of $7.5 million to upgrade its computer systems.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares closed little changed Friday after swinging between gains and losses as Apple Inc. said it would close stores in some U.S. states, renewing fears of coronavirus risks.
The S&P/TSX Composite index was flat at 15,474.20 in Toronto. The index pared earlier gains after Apple said it would temporarily close 11 stores in Florida, Arizona, North Carolina and South Carolina after cases of Covid-19 spiked in some areas.
Materials was the best performing sector in the index, led by mining stocks. Consumer discretionary fared the worst.
In Canada, sustainable investing is exploding as the coronavirus and an anti-racism movement highlight long-standing social inequalities. Net inflows into Canadian exchange-traded funds that track companies focusing on environmental, social and governance factors has surged to C$740 million ($544 million).
That has already outstripped the C$200 million invested in 2018 and the C$142 million last year, excluding seed capital, according to TD Securities Inc.
Meanwhile, the extra pay that Canada’s largest banks have been giving to employees required to work at branches or offices during the Covid-19 pandemic is coming to an end.
Commodities
* Western Canada Select crude oil traded at a $9 discount to West Texas Intermediate
* Spot gold rose 1.1% to $1,742.63 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.3609 per U.S. dollar
* The 10-year government bond yield rose slightly to 0.532%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 15,474.20 in Toronto. The move follows the previous session’s increase of 0.3 percent.
Enbridge Inc. contributed the most to the index decline, decreasing 2.2 percent. Bombardier Inc. had the largest drop, falling 5.1 percent.
Today, 112 of 229 shares fell, while 115 rose; 7 of 11 sectors were lower, led by energy stocks.
Insights
* So far this week, the index rose 1.4 percent
* This quarter, the index rose 16 percent, heading for the biggest advance in at least 10 years
* The index declined 6.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 4.9 percent in the same period
* The S&P/TSX Composite is 13.9 percent below its 52-week high on Feb. 20, 2020 and 38.5 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 25.8 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$2.35t
* 30-day price volatility fell to 20.87 percent compared with 20.99 percent in the previous session and the average of 22.37 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -28.5567| -1.4| 16/14
Financials | -19.0627| -0.4| 9/16
Industrials | -16.3492| -0.9| 13/18
Utilities | -10.1237| -1.3| 5/11
Consumer Discretionary | -8.6895| -1.6| 5/9
Real Estate | -7.7155| -1.6| 3/23
Health Care | -0.9253| -0.6| 4/6
Communication Services | 3.8030| 0.4| 5/3
Consumer Staples | 9.4129| 1.4| 9/2
Information Technology | 20.4874| 1.4| 5/5
Materials | 52.0836| 2.6| 41/5
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks dropped the most in more than a week amid a renewal of uncertainty over how quickly states can emerge from lockdowns. Oil rallied for a second day.
The S&P 500 fell 0.6% in volatile trading, led by declines in utilities, energy and industrial shares. On the week, the benchmark index closed up 1.9%. Stocks had rallied amid reports that China plans to accelerate purchases of American farm goods to comply with the phase one U.S. trade deal, only to have the gains erased after data show record levels of Covid 19 in Florida and Arizona. Investors were whipsawed by bouts of volatility as a welter of options expired in a quarterly event know as quadruple witching.
“That’s a worrisome sign for markets,” said Matt Forester, chief investment officer of BNY Mellon’s Lockwood Advisors. “This is a continuation of the first wave, this is not a second wave.”
In Europe, investors focused on negotiations over the EU’s proposed 750 billion-euro ($840 billion) program to help economies rebound from lockdowns, which helped send the Stoxx 600 Index up 0.6%.
Investors have been betting that governments will be able to put their economies back on track with enough stimulus at their disposal. U.S. and European benchmarks clawed back a portion of last week’s losses that were spurred by concern over a second wave of coronavirus infections.
Elsewhere, crude oil settled at the highest level in a week after briefly advancing beyond $40 a barrel.
These are some of the main moves in markets:
Stocks
*The S&P 500 Index fell 0.6% to 3,097.74 as of 4:15 p.m. New York time, the largest fall in more than a week.
*The Dow Jones Industrial Average fell 0.8% to 25,871.46, the biggest fall in more than a week.
*The Nasdaq Composite Index was little changed at 9,946.13, hitting the highest in more than a week with its sixth consecutive advance.
Currencies
*The Bloomberg Dollar Spot Index was little changed at 1,220.40, the highest in three weeks.
*The euro decreased 0.2% to $1.118, the weakest in more than two weeks.
*The Japanese yen appreciated 0.1% to 106.86 per dollar, reaching the strongest in six weeks on its fifth straight advance.
Bonds
*The yield on 10-year Treasuries decreased two basis points to 0.69%, the lowest in more than a week.
*Germany’s 10-year yield declined one basis point to -0.42%.
*Britain’s 10-year yield rose one basis point to 0.238%, the highest in more than a week.
Commodities
*West Texas Intermediate crude climbed 1.9% to $39.57 a barrel, the highest in more than a week. Gold strengthened 1.2% to $1,742.91 an ounce, the highest in a month on the largest increase in more than a week.
Have a  wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The world is a  dangerous place, not because of those who do evil,
but because of those who look on and do nothing. -Albert Einstein,  1879-1955

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:
1812- War of 1812 begins as US declares war against Britain.
1942-Pula McCartney, musician, b.
1952-Isabella Rossellini, actress, b.
Scientists grow mini-brains with Neanderthal DNA. -Mike Smedley, Bloomberg.

On June 18, 1948, the United Nations Commission on Human Rights adopted its International Declaration of Human Rights. Go to article »

Spring has come and almost gone. This weekend marks the start of summer, and for many, months of isolation are yielding. But during lockdown, the spotlight in classical music shifted away from ensembles to individual performances.
One of our culture editors rounded up some of his favorites, from the violinist Alexi Kenney’s bright takes on popular songs, to Anthony McGill, the principal clarinet of the New York Philharmonic, who recently recorded a spare and mournful version of “America the Beautiful.”
“Solos,” notes the editor, “amplified the qualities we only get glimpses of onstage.” -The NY Times.
PHOTOS OF THE DAY

Thunderbolts and lighting captured over Tamworth Castle, Staffordshire, England
CREDIT: JAY BIRMINGHAM/TRIANGLE NEWS

A traditional dragon boat race along the Guanjiang river in Dengjiabu village, with dozens of paddlers compete to the beat of drum, Quanzhou county of Guilin city, south China’s Guangxin province
CREDIT: SPLASH NEWS

Louis Vuitton stores in seen with a rainbow in reference to LGBTQ +pride month on Fifth Avenue on Manhattan Island in New York City in the United States
CREDIT: TELEGRAPH, JUNE 18, 2020
Market Closes for June 18th, 2020 

Market Index	Close	Change
Dow Jones	26080.10	-39.51
		-0.15%
S&P 500	3115.34	+1.85
		+0.06%
NASDAQ	9943.051	+32.520 +0.33%
TSX	15479.83	+51.14
		+0.33%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22355.46	-100.30
		-0.45%
HANG SENG	24464.94	-16.47
		-0.07%
SENSEX	34208.05	+700.13
		+2.09%
FTSE 100*	6224.07	-29.18 -0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.524	0.535
CND. 30 Year Bond	1.003	1.033
U.S.    10 Year Bond	0.7035	0.7314
U.S. 30 Year Bond	1.4722	1.5227

Currencies

BOC Close	Today	Previous
Canadian $	0.73535	0.73725
US $	1.35991	1.35639
Euro Rate 1 Euro=		Inverse
Canadian $	1.52409	0.65613
US $	1.12073	0.89227

Commodities

Gold	Close	Previous
London Gold Fix	1724.35	1719.85
Oil
WTI Crude Future	38.84	37.96

Market Commentary:
On this day in 1998, internet stocks got an electrifying boost as Disney agreed to buy 43% of Infoseek for roughly $550 million in cash, stock and warrants. Infoseek stock shot up to $42, then closed at $35.125. “If you want to buy your way in,” to internet stocks, “now is the time to do it,” said one prominent tech analyst. By March, 2001, Disney had exchanged the old Infoseek assets for its own shares at an approximate value of only $5 per share.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed on Thursday, led by technology companies. The Bank of Canada sees a gradual recovery after an initial bounce back in the country’s economy.
The S&P/TSX Composite index rose 0.3% in Toronto, after falling 0.6% yesterday. Technology stocks were led by Shopify Inc. Materials was the worst performing sector, hurt by copper and gold stocks.
The Bank of Canada is taking a more cautious tone on the recovery, with expectations for a bumpy and gradual road toward full recuperation. While the central bank is seeing evidence of a quick, initial bounce back in economic activity as provinces reopen, the second stage of recovery will be more “prolonged and uneven,” Deputy Governor Lawrence Schembri said in a speech to the Greater Saskatoon Chamber of Commerce.
Meanwhile, the heads of 27 Canadian companies, including the CEOs of two large banks and Brookfield Asset Management Inc., urged Prime Minister Justin Trudeau and provincial premiers to ease air travel restrictions.
Commodities
* Western Canada Select crude oil traded at an $9.00 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,724.69 an ounce
FX/Bonds
* The Canadian dollar fell 0.3% to C$1.3606 per U.S. dollar
* The 10-year government bond yield fell to 0.523%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 15,479.83 in Toronto. The move follows the previous session’s decrease of 0.6 percent.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 5.9 percent.
Today, 103 of 229 shares rose, while 117 fell; 6 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 1.5 percent
* This quarter, the index rose 16 percent, heading for the biggest advance in at least 10 years
* The index declined 6.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 5.8 percent in the same period
* The S&P/TSX Composite is 13.9 percent below its 52-week high on Feb. 20, 2020 and 38.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.8 percent in the past 5 days and rose 5.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 25.7 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$2.34t
* 30-day price volatility little changed to 20.99 percent compared with 20.99 percent in the previous session and the  average of 22.43 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 52.1956| 3.6| 7/3
Energy | 13.8294| 0.7| 14/12
Utilities | 7.6153| 1.0| 15/1
Communication Services | 5.7933| 0.7| 7/1
Consumer Staples | 5.7747| 0.9| 10/1
Health Care | 1.7612| 1.1| 5/4
Financials | -0.9247| 0.0| 12/14
Consumer Discretionary | -1.4237| -0.3| 7/7
Real Estate | -3.1653| -0.6| 6/18
Industrials | -8.9967| -0.5| 11/19
Materials | -21.3323| -1.0| 9/37
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — U.S. stocks edged higher after trading in a narrow range for much of Thursday as investors weighed the latest economic data and reports about fresh outbreaks of the coronavirus. Treasuries extended their advance.
The benchmark S&P 500 rose 0.06%, led by gains in energy, consumer staple and technology shares. Equities had opened lower in the wake of a report that weekly U.S. jobless claims stayed above one million. Meanwhile, Florida’s new cases rose faster than the past week’s average and Texas hospitalizations climbed for a record seventh straight day.
Volume in S&P 500 stocks was 25% lighter than the average during the last 30 days, the first time this year where trading fell at least 15% two sessions in a row. The slide in volume came just ahead of Friday’s quadruple witching, during which options and futures on indexes and equities are scheduled to expire.
“The story has been and remains that with such powerful cross-currents facing the market we are going to have periods of positivity and even exuberance, and we’re going to have moments of disappointment,” said Lauren Goodwin, economist andmulti- asset portfolio strategist at New York Life Investments. “It’s just endemic of the economic, political, earnings, health, everything environment just being so uncertain.”
Elsewhere, the Stoxx Europe 600 declined. The pound held onto losses and gilt yields rose after the Bank of England expanded its quantitative easing program.
The picture for global markets remains complex as investors mull reports on China battling its worst outbreak since Wuhan, and Israel pausing further reopening of the economy after a rise in cases. That’s competing with some positive news on the economic front, as well as a flood of promised stimulus measures.
Crude oil prices gained after erasing earlier losses.
“The markets are fragile right now and I think a lot of investors see how quick the markets have recovered – equity market in particular,” said Chris Gaffney, president of world markets at TIAA Bank. “Everyone is starting to feel that maybe we’re ahead of ourselves.”
These are some of the main moves in markets:
Stocks
*The S&P 500 Index increased 0.1% to 3,115.34 as of 4:07 p.m. New York time.
*The Dow Jones Industrial Average fell 0.2% to 26,080.10.
*The Nasdaq Composite Index climbed 0.3% to 9,943.05, hitting the highest in more than a week with its fifth consecutive advance.
*The MSCI All-Country World Index declined 0.1% to 527.51, the first retreat in a week.
Currencies
*The Bloomberg Dollar Spot Index advanced 0.5% to 1,220.54, the highest in almost three weeks on the largest gain in a week.
*The euro declined 0.4% to $1.1204, the weakest in more than two weeks.
*The Japanese yen was little changed at 106.98 per dollar, the strongest in a week.
*The British pound fell 1.1% to $1.242, the weakest in almost three weeks on the biggest fall in a week.
Bonds
*The yield on two-year Treasuries dipped less than one basis point to 0.19%.
*The yield on 10-year Treasuries fell four basis points to 0.70%, the lowest in a week on the biggest fall in a week.
*Germany’s 10-year yield declined two basis points to -0.41%.
*Britain’s 10-year yield jumped four basis points to 0.228%, the highest in more than a week on the biggest surge in almost two weeks.
Commodities
*West Texas Intermediate crude gained 2.3% to $38.85 a barrel, the highest in more than a week.
*Gold depreciated 0.1% to $1,724.87 an ounce, the weakest in more than a week.
–With assistance from Lu Wang.

Have a great night.

Be magnificent!
As ever,

Carolann

Many are stubborn in pursuit of the path they have chosen,
few in pursuit of the goal. –Friedrich Nietzsche, 1844-1900

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:
1972- Watergate Arrests, Washington DC.
1882-Igor Stravinsky, composer, b.
1898-M.C. Escher, artist, b.

Dark matter experiment finds an unexplained signal that could be either noise or revolutionize physics. -Bloomberg.

Galaxies may have grown from quantum static. -Bloomberg.

Five women who deserve to have Army bases named after them. -Bloomberg.

You can own one of those dystopian Boston Dynamics robot dogs for a mere $74,500
It will be the beginning of a (headless, soulless) lifelong friendship –CNN.

Here are the first pictures of Tom Brady in a Buccaneers jersey 
Patriots fans, look away. This is not the article for you. –CNN.

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

PHOTOS OF THE  DAY

Annabel Spink and her daughter Allegra Cook watch Ascot from home in their garden; they usually go every year but due to Covid-19 are unable to go this year.
CREDIT: PAUL GROVER FOR THE TELEGRAPH

Passengers sit in a ferris wheel as a rainbow appears during sunset after a rain shower in Hong Kong.
CREDIT: ANTHONY WALLACE/AFP/GETTY IMAGES

Food shoppers gather at an early morning fish market on a Southern Asia beach. The populated food outlet is seen from drone images directly above the crowd. Fisherman bring their catches, including shrimp, squid, crab, mackerel, tuna and anchovies onto the shallow water and sell directly to businesses and households in Tam Tien, Quang Nam Province, Vietnam.
CREDIT: NGUYEN SANH QUOC HUY/TRIANGLE NEWS

Market Closes for June 17th, 2020 

Market Index	Close	Change
Dow Jones	26119.61	-170.37
		-0.65%
S&P 500	3113.49	-11.25
		-0.36%
NASDAQ	9910.531	+14.664 +0.15%
TSX	15428.69	-87.14
		-0.56%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22455.76	-126.45
		-0.56%
HANG SENG	24481.41	+137.32
		+0.56%
SENSEX	33507.92	-97.30
		-0.29%
FTSE 100*	6253.25	+10.46 +0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.535	0.553
CND. 30 Year Bond	1.033	1.064
U.S.    10 Year Bond	0.7314	0.7430
U.S. 30 Year Bond	1.5227	1.5301

Currencies

BOC Close	Today	Previous
Canadian $	0.73725	0.73836
US $	1.35639	1.35436
Euro Rate 1 Euro=		Inverse
Canadian $	1.52475	0.65585
US $	1.12412	0.88958

Commodities

Gold	Close	Previous
London Gold Fix	1719.85	1710.45
Oil
WTI Crude Future	37.96	38.38

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets fell, halting a three-day rally, led by energy and health care stocks. The S&P/TSX Composite index fell 0.6% in Toronto. Energy
suffered as oil prices fell on supply glut. Tech was the best performing sector, with Shopify Inc. contributing the greatest number of index points. Ovintiv Inc., the oil and gas producer that moved its headquarters out of Canada earlier this year, is laying off staff across North America as it reduces drilling activity. Canada’s largest oil-producing province will study whether to create an independent Alberta Pension Plan and let residents vote on the idea in a referendum, Premier Jason Kenney said at a press conference.
Commodities
* Western Canada Select crude oil traded at an $9.00 discount to West Texas Intermediate
* Spot gold rose 0.1% to $1,728.42 an ounce
FX/Bonds
* The Canadian dollar was fell 0.2% to C$1.3570 per U.S. dollar
* The 10-year government bond yield fell to 0.534%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.6 percent at 15,428.69 in Toronto. The move follows the previous session’s increase of 1 percent. Suncor Energy Inc. contributed the most to the index decline, decreasing 4.5 percent. Hexo Corp. had the largest drop, falling 11.9 percent. Today, 153 of 229 shares fell, while 72 rose; 8 of 11 sectors were lower, led by energy stocks.
Insights
* This quarter, the index rose 15 percent, heading for the biggest advance in at least 10 years
* The index declined 5.7 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 14.1 percent below its 52-week high on Feb. 20, 2020 and 38.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1.7 percent in the past 5 days and rose 5.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 25.6 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$2.35t
* 30-day price volatility rose to 20.99 percent compared with 20.88 percent in the previous session and the average of 22.50 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -51.3995| -2.5| 1/28
Financials | -30.2593| -0.7| 6/19
Communication Services | -9.7555| -1.1| 2/6
Real Estate | -5.7077| -1.2| 5/21
Consumer Discretionary | -3.9692| -0.7| 4/9
Health Care | -2.1276| -1.3| 2/8
Consumer Staples | -1.4285| -0.2| 5/6
Utilities | -1.0803| -0.1| 6/10
Industrials | 4.3597| 0.2| 10/20
Materials | 5.1055| 0.2| 27/20
Information Technology | 9.1155| 0.6| 4/6
US
By Claire Ballentine and Katherine Greifeld
(Bloomberg) — U.S. stocks fell for the first time in four days as worrying increases in coronavirus cases overtook optimism about stimulus measures. Treasury note yields fell and the dollar was little changed. The benchmark S&P 500 Index swung between gains and losses for most of Wednesday before turning red late, with the energy, real estate and financial sectors leading the declines. Apple and Microsoft helped the Nasdaq Composite close positive. Infections increased from China to Brazil and Iran warned it may need a new lockdown. Texas reported a surge in hospitalizations. “The market is searching for a new catalyst,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “The narrative around policy stimulus and better economic data seems to be losing its sway.” While volume was 20% below the 30-day average Wednesday, trading has been volatile for the past two weeks. After rising to a 12-week high on June 8, the S&P 500 tumbled 7% over three days before staging a 4% rebound in the next three sessions. “Volatility is for sure here to stay and probably through the end of the year,” said Michael Reynolds, investment strategy officer at Glenmede Trust. “We’re dealing with something that is not economic in nature, anyone who thinks they can predict the path of this virus is surely kidding themselves.”
The thin volume exacerbated swings, including a drop that began around the time newspapers published summaries of John Bolton’s critical book about President Donald Trump. Investor optimism toward risk assets had been reflected in bets that new virus outbreaks won’t lead governments to pull back from gradually reopening businesses. Federal Reserve Chairman Jerome Powell urged Congress not to pull back too quickly on federal relief to households and small businesses put in place because of the pandemic. “Global markets could remain stretched between a health situation likely to remain a threat in several regions for some time on the one hand, and a stream of positive macro figures confirming that we have passed the low point on the other,” said Xavier Chapard, a global macro strategist at Credit Agricole. Texas reported an 11% surge in virus hospitalizations, the biggest 24-hour increase since June 4. Brazil registered a record 34,918 new infections, while China is escalating containment measures in Beijing including canceling flights. Elsewhere, crude oil futures declined, after two sessions of advances.
These are some key events coming up:
* Policy decisions from the Bank of England and the Swiss National Bank are due on Thursday.

These are some of the main moves in markets:
Stocks
The S&P 500 Index decreased 0.4% to 3,113.47 as of 4:02 p.m. New York time.
The Dow Jones Industrial Average dipped 0.6% to 26,119.61.
The Nasdaq Composite Index rose 0.1% to 9,910.53, the highest in a week.
The MSCI All-Country World Index was little changed at 528.36, the highest in a week.
Currencies
The Bloomberg Dollar Spot Index was little changed at 1,214.15.
The euro decreased 0.3% to $1.1235, the weakest in two weeks.
The Japanese yen strengthened 0.3% to 107.05 per dollar, the largest advance in a week.
Bonds
The yield on 10-year Treasuries declined three basis points to 0.73%.
Germany’s 10-year yield gained four basis points to -0.39%, the highest in a week on the largest rise in more than a week.
Commodities
West Texas Intermediate crude decreased 1.8% to $37.67 a barrel.
Gold strengthened 0.1% to $1,728.38 an ounce.

Have a great night.

Be magnificent!
As ever,

Carolann

Paradoxically, the man who has failed and one who is at the peak
of his success are in the same position. 
Each must decide what to do next.  -Jigoro Kano, 1860-1938

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