Month: July 2020

Dear Friends,

Tangents: Happy Friday.
St. Ignatius Loyola Day; he died on this day in 1556 in Rome, Italy.

July 31^st, 1961~ Israel welcomes its one millionth immigrant.
1790~US Patent Office opens

Garth Brooks explains why he removed himself from the CMA Entertainer of the Year category
In short, let someone else have a chance! -CNN.

Here are 13 new books to check out in August.-The NY Times.

On July 31, 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface. Go to article »

Microsoft may buy TikTok, and Trump will order China’s ByteDance to sell the social network’s U.S. operations. -Bloomberg.

Forgiving someone else is really about you. -Bloomberg.

PHOTOS OF THE DAY

Heather Phillipson’s ‘THE END’ is unveiled as the latest artwork to take residency on The Fourth Plinth in Trafalgar Square, London, England, UK.
CREDIT: JUSTIN NG/UPPA/AVALON

Magical images captured the six-foot-tall Kermode bear -of which experts predict there might only be one hundred left -as it walked through a rainforest and scoured a river for salmon. Other shots showed the mesmerising bear of unique pigmentation capture and devour a 30-pound fish in Canada.
CREDIT: MEDIADRUMWORLD.COM/SCOTTDERE/@TH

Bulging eyes, plant feasts and spiders ready to attach -These are incredible finalist entries from the ViewBug Macro Monsters competition capturing creepie -crawlies around the world.
CREDIT: LPEPZ/VIEWBUG/JAM PRESS
Market Closes for July 31st , 2020 

Market Index	Close	Change
Dow Jones	26428.32	+114.67
		+0.44%
S&P 500	3271.12	+24.90
		+0.77%
NASDAQ	10745.273	+157.460 +1.49%
TSX	16169.20	-130.09
		-0.80%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21710.00	-629.23
		-2.82%
HANG SENG	24595.35	-115.24
		-0.47%
SENSEX	37606.89	-129.18
		-0.34%
FTSE 100*	5897.76	-92.23 -1.54%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.467	0.447
CND. 30 Year Bond	0.927	0.920
U.S.    10 Year Bond	0.5282	0.5462
U.S. 30 Year Bond	1.1925	1.2080

Currencies

BOC Close	Today	Previous
Canadian $	0.74551	0.74524
US $	1.34136	1.34185
Euro Rate 1 Euro=		Inverse
Canadian $	1.57955	0.63309
US $	1.17757	0.84921

Commodities

Gold	Close	Previous
London Gold Fix	1957.65	1950.90
Oil
WTI Crude Future	40.27	39.92

Market Commentary:
On this day in 1944, Robert C. Merton was born in New York City, son of Columbia sociology professor Robert K. Merton. With Fischer Black and Myron Scholes, he went on to develop the mathematics of options pricing. The mathematical model helped millions of Americans grow wealthy with stock options. But Merton and Scholes, as partners in the giant hedge fund Long-Term Capital Management, nearly capsized the global financial system with their leveraged trading in late 1998
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares fell Friday though ended the week higher with information technology index gaining 5%.
The S&P/TSX Composite Index fell about 0.8% Friday, with tech and health care among laggards. Materials advanced.
Air Canada escalated a fight with the government of Prime Minister Justin Trudeau over the country’s stringent travel rules, threatening to suspend more routes and cancel orders of locally made planes. Shares fell 6.1% Friday.
Canadian Imperial Bank of Commerce’s new Toronto headquarters will play a role when the company returns employees to the office, but a majority will keep working from home into 2021.
Commodities
* Western Canada Select crude oil traded at a $10.15 discount to West Texas Intermediate
* Spot gold rose 0.8% to ~$1,972 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3406 per U.S. dollar
* The 10-year government bond yield rose 2 basis points to 0.468%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.8 percent at 16,169.20 in Toronto. The move was the biggest since falling 0.9 percent on July 23 and follows the previous session’s little change.
Shopify Inc. contributed the most to the index decline, decreasing 3.1 percent. SNC-Lavalin Group Inc. had the largest drop, falling 9.0 percent.
Today, 151 of 221 shares fell, while 67 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 1.1 percent
* This month, the index rose 4.2 percent
* The index declined 1.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.2 percent in the same period
* The S&P/TSX Composite is 10 percent below its 52-week high on Feb. 20, 2020 and 44.7 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.5 on a trailing basis and 24.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.48t
* 30-day price volatility rose to 13.36 percent compared with 13.05 percent in the previous session and the average of 17.61 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -77.5087| -1.7| 0/25
Information Technology | -34.0771| -2.0| 3/7
Energy | -28.0912| -1.4| 3/20
Industrials | -13.4014| -0.7| 5/23
Consumer Discretionary | -9.1860| -1.6| 1/12
Consumer Staples | -6.7853| -1.0| 3/7
Real Estate | -5.6199| -1.1| 6/21
Communication Services | -5.1423| -0.6| 3/5
Health Care | -3.3353| -2.0| 1/8
Utilities | 1.9859| 0.2| 8/8
Materials | 51.0760| 2.0| 34/15
US
By Rita Nazareth and Amena Saad
(Bloomberg) — U.S. stocks extended their July rally amid a surge in technology shares and on news the White House and Democrats are planning to meet Saturday to discuss the next virus-relief package.
Chief of Staff Mark Meadows said the administration is willing to compromise while House Speaker Nancy Pelosi noted Republicans didn’t have the votes to extend the $600 per week unemployment benefit that’s propped up incomes and spending. The Nasdaq 100 outperformed on solid earnings from giants such as Apple Inc. and Amazon.com Inc. Microsoft Corp. erased declines on a news report it’s exploring an acquisition of TikTok’s operations in the U.S. Earlier Friday, equities slumped after Florida posted a fourth straight record in deaths by Covid-19, Arizona’s cases accelerated and New Jersey’s virus transmission rate jumped.

In a very volatile session, the S&P 500 notched its fourth consecutive monthly advance. However, signs the economic rebound is stalling might make it tougher for stocks to gain further momentum. U.S. consumer sentiment extended its slide in late July as the resurgent coronavirus led to renewed business closings andlayoffs. The extra federal unemployment benefits of $600 a week run dry as of Friday — leaving millions of out-of- work Americans without an additional safety net at a time when the jobs market is still depressed.
“With the impact of past stimulus measures fading and given some evidence that the global recovery has already stalled, it remains to be seen what will help keep global stock markets elevated in the coming months, especially U.S. stocks,” said Fawad Razaqzada, a market analyst at ThinkMarkets. “There is a risk we may see a correction in August, although it doesn’t have to be as severe as the one we saw in March, for things have since improved and monetary conditions are even more accommodative.”
Tech companies continued to lead the advance in 2020, and their solid results are a validation for bulls who have bet the industry would emerge from the pandemic stronger than the rest of the market.
Since the bottom in March, the Nasdaq 100 has added about $4 trillion in market value. It beat the benchmark gauge for a 10th straight month — the longest winning streak in 20 years. Despite the tech resilience, Michael Sheldon, chief investment officer at RDM Financial Group, said it’s very possible the market could enter a trading range over the next month or two because there’s still a lot of uncertainty.
“If you look ahead 12 to 18 months, the economy is likely to continue to recover from the deep  downturn caused by Covid-19,” he said. “However, it’s important for investors to know that the recovery in the economy is not likely to be in a straight line. There will likely be bumps around the way.”
Some other corporate highlights:
* Exxon Mobil Corp. and Chevron Corp. posted the worst losses in a generation after the pandemic and a global crude glut combined to batter almost every part of their businesses.
* Caterpillar Inc.’s cost cuts helped it make up for slowing sales, but concern of second waves of the coronavirus weighed on the prospects for the rest of the year.
* Gilead Sciences Inc.’s “remdesivir guidance is hard to believe,” a Raymond James analyst said after the biotech company raised its forecast.
* Pinterest Inc. said revenue in July jumped as advertisers and users returned to the social-sharing service.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.9%.
* The MSCI Asia Pacific Index slid 1.5%.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.4%.
* The euro sank 0.6% to $1.1778.
* The Japanese yen depreciated 1.1% to 105.86 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 0.54%.
* Germany’s 10-year yield rose two basis points to -0.52%.
* Britain’s 10-year yield rose two basis points to 0.104%.
Commodities
* The Bloomberg Commodity Index rose 0.6%.
* West Texas Intermediate crude increased 1.3% to $40.42 abarrel.
* Gold strengthened 0.9% to $1,973.78 an ounce.

–With assistance from Adam Haigh, Cormac Mullen, Yakob Peterseil, Robert Brand, Lynn Thomasson, Sophie Caronello,
Nancy Moran, Claire Ballentine and Lu Wang.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The most difficult yet important question about the world into which we are headed is this: What will become of human consciousness if its own explanatory power is surpassed by AI, and societies are no longer able to  interpret the world they inhabit in terms that are meaningful to them?
                                                                                                                                                                                                                                                                            –        Henry A. Kissinger, b. 1923
                                                                                                                                                                                                                                                                                   How the Enlightenment Ends
 
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:

When Gary & I were travelling in Morocco a few years ago, we went to a village outside Marrakesh and went for  lunch at the home of a village family.  The tagine was dug out of the dirt floor in the kitchen and we and the extended family all sat around on intricate rugs placed on the floor and enjoyed the most wonderful tagine of lamb covered with a sauce of honey and raisins and served with couscous.  I didn’t think the dish had a name, simply lamb & couscous cooked in a tagine to me but when I read this in the NY Times  this morning, I was delighted to learn that it is called mrouzia and reading about it inspired me to drift back to that special moment in time – food  once again being the source of another indelible memory:

The Muslim holiday Eid al-Adha, also known as Eid el-Kabir, begins tonight in the United States.
To celebrate — or just to enjoy a great meal — try Nargisse Benkabbou’s recipe for mrouzia, a Moroccan tagine of lamb shanks in a rich sauce infused with honey and raisins. The centuries-old dish, often served to commemorate special occasions, is delicious with couscous or bread.  Find more recipes for the holiday here. -The NY Times, July 30, 2020.

The author Helen Macdonald wrote a beautiful essay about swifts, graceful birds that may be “the closest things to aliens on Earth.” –The NY Times.

No More Shuffleboard. New VC Firm Targets Aging Boomers:  Alan Patricof, the 85-year old chairman emeritus of Greycroft, has co-founded Primetime Partners, a fund aimed at products and services for older people, and sees himself as a “poster boy” for September entrepreneurs. –WSJ.

These birds never touch the ground.

On July 30, 1945, the USS Indianapolis, which had just delivered key components of the Hiroshima atomic bomb to the Pacific island of Tinian, was torpedoed by a Japanese submarine. Only 316 out of 1,196 men survived the sinking and shark-infested waters. Go to article »

1935- Paperback books introduced.
PHOTOS OF THE DAY

A sea of sunflowers in the village of Bloxworth, Dorset. The UK is expecting some of the hottest days of the year in the next couple of days.
CCREDIT: BNPS

The Mayflower II sails through the waters of Fishers Island Sound off Groton, Connecticut on the seventh day of two weeks of sea trials. The vessel, a replica of the original Mayflower that carried the Pilgrims to America in 1620.
CREDIT: SEAN D. ELLIOT/THE DAY/AP

A woman refreshes herself in the outdoor pool in summer temperatures in Ehingen, Germany
CREDIT: THOMAS WARNACK/DPA
Market Closes for July 30th , 2020 

Market Index	Close	Change
Dow Jones	26313.65	-225.92
		-0.85%
S&P 500	3246.22	-12.22
		-0.38%
NASDAQ	10587.813	+44.870 +0.43%
TSX	16299.29	+4.63
		+0.03%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22339.23	-57.88
		-0.26%
HANG SENG	24710.59	-172.55
		-0.69%
SENSEX	37736.07	-335.06
		-0.88%
FTSE 100*	5989.99	-141.47 -2.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.447	0.479
CND. 30 Year Bond	0.920	0.957
U.S.    10 Year Bond	0.5462	0.5708
U.S. 30 Year Bond	1.2080	1.2324

Currencies

BOC Close	Today	Previous
Canadian $	0.74524	0.74980
US $	1.34185	1.33369
Euro Rate 1 Euro=		Inverse
Canadian $	1.58979	0.62901
US $	1.18478	0.84404

Commodities

Gold	Close	Previous
London Gold Fix	1950.90	1940.90
Oil
WTI Crude Future	39.92	41.27

Market Commentary:
On this day in 1914, just weeks after the assassination of Archduke Ferdinand in Sarajevo, stock exchanges in Berlin, Rome and Vienna shut down as Austria declared war on Serbia. Investors panicked in New York: General Motors plunged 34% and Bethlehem Steel dropped 14% (even though it made the metal that would go into munitions if world war broke out). The Dow Jones Industrial Average tumbled 6.9% on immense volume.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets pared earlier losses, led by outperformance in tech stocks.
The S&P/TSX Composite index ended Thursday’s session flat, after falling as much as 1.7% earlier, in Toronto.
On the M&A front, George Weston, the Canadian grocery and baking giant, is exploring an acquisition of ailing Swiss baking company Aryzta, people familiar with the matter said.
Royal Bank of Canada is telling its office workers in and around Toronto to keep working from home into next year as part of the company’s efforts to stem the spread of Covid-19, following similar instructions from Bank of Nova Scotia and Toronto-Dominion Bank.
Meanwhile, Cineplex shares rose after it said it will open 25 theaters across Ontario on Friday, with the majority of its locations expected to reopen over the next several weeks.
Commodities
* Western Canada Select crude oil traded at a $10 discount to West Texas Intermediate
* Spot gold fell 0.8% to ~$1,954.74 an ounce
FX/Bonds
* The Canadian dollar fell 0.8% to C$1.3450 per U.S. dollar
* The 10-year government bond yield fell 3 basis points to 0.449%

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 16,298.98 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 0.8 percent. Brookfield Renewable Partners LP had the largest increase, rising 17.6 percent.
Today, 114 of 222 shares rose, while 105 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 1.9 percent
* This month, the index rose 5.1 percent
* The index declined 1 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.4 percent in the same period
* The S&P/TSX Composite is 9.3 percent below its 52-week high on Feb. 20, 2020 and 45.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.8 percent in the past 5 days and rose 5.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 on a trailing basis and 24.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.48t
* 30-day price volatility little changed to 13.05 percent compared with 13.05 percent in the previous session and the average of 17.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 22.7486| 1.3| 9/1
Financials | 12.3287| 0.3| 15/10
Communication Services | 8.0087| 0.9| 7/0
Consumer Staples | 7.4952| 1.1| 9/2
Consumer Discretionary | 3.8470| 0.7| 7/6
Real Estate | 3.4697| 0.7| 24/3
Utilities | 2.9256| 0.4| 15/2
Health Care | 0.7197| 0.4| 6/3
Industrials | -1.3384| -0.1| 13/15
Energy | -20.4877| -1.0| 2/22
Materials | -35.0835| -1.4| 7/41
US
By Rita Nazareth, Katherine Greifeld and Claire Ballentine
(Bloomberg) — A rally in big technology companies lifted stocks from Thursday’s lows, tempering concern over a slow economic rebound. After the close of regular trading, Apple Inc., Amazon.com Inc., Alphabet Inc. and Facebook Inc. jumped as results crushed Wall Street estimates.
The S&P 500 pared losses and the Nasdaq 100 climbed as Qualcomm Inc. soared on a strong sales forecast. A third day of falling bond yields sent financial shares slumping. Earlier Thursday, equities sank as data showed the U.S. economy had its sharpest contraction on record, while the number of Americans filing for unemployment benefits rose. President Donald Trump raised the notion of delaying the Nov. 3 election until after the coronavirus pandemic eases.
Some corporate highlights:
* United Parcel Service Inc. jumped to a record on results that blew past estimates.
* Procter & Gamble Co. had a surge in sales amid high demand for detergent and continued stockpiling.
* Mastercard Inc. reported a rebound in consumer purchases on its cards in July.
* PayPal Holdings Inc. saw spending on its platform surge as more merchants switched to online sales.
* Johnson & Johnson’s experimental coronavirus vaccine protected a group of monkeys with a single shot, prompting it to start trials in humans this month.

Thanks to solid balance sheets and a suite of products that benefit from social distancing, giant tech companies have fared better during the pandemic-induced recession.   The Nasdaq 100 is still poised to beat the S&P 500 for a 10th consecutive month — the longest winning stretch in 20 years. But with much of the good news already priced into markets, traders are looking for catalysts that could sustain further momentum in equities.
“We’re in that uncertain time between the hopeful third quarter rebound and some concern about the reopening process and what the recovery looks like,” said Tom Garretson, senior portfolio strategist for RBC Wealth Management. “We’re kind of in that void right now, waiting for things to play out.”
In a very busy day for earnings, investors also digested economic figures that highlighted the massive devastation caused by the coronavirus pandemic. While some numbers have improved after the reopenings, the recent spike in infections shows that the recovery will most likely take time. Federal Reserve Chairman Jerome Powell said Wednesday that there are signs the increase in cases is starting to weigh on activity, while noting that the path forward for the economy is “extraordinarily uncertain.”
“It’s shocking no matter how you look at it,” said Randy Frederick, vice president of trading and derivatives for Schwab Center for Financial Research. “Are things going to get better from here? I don’t think we know just yet. The virus is getting worse in a lot of areas, and some places have started to shut back down again. If you look at earnings in terms of beat rates, the results have actually been pretty good, granted the expectations bar has been set very low.”
There’s a distinction to be made between the S&P 500’s five biggest companies and all the rest, according to BCA Research.
The firm compared the total market value of the five — Amazon.com, Apple, Facebook, Google owner Alphabet and Microsoft Corp. — with the value of the other 495 companies in a chart last week. The top five’s value increased 266% from the start of 2015 through Tuesday, according to data compiled by Bloomberg.
In the same period, the value of the rest rose just 25% — and the entire gain occurred after the S&P 500 set this year’s low in March.
Here are some key events coming up:
* Results from Chevron Corp. and Caterpillar Inc. are due Friday.
* China PMI data comes Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 decreased 0.4% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 2.2%.
* The MSCI Asia Pacific Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2%.
* The euro increased 0.4% to $1.1841.
* The Japanese yen appreciated 0.1% to 104.80 per dollar.
Bonds
* The yield on 10-year Treasuries declined four basis points to 0.54%.
* Germany’s 10-year yield sank four basis points to -0.54%.
* Britain’s 10-year yield fell three basis points to 0.088%.
Commodities
* The Bloomberg Commodity Index dipped 1.1%.
* West Texas Intermediate crude declined 2.8% to $40.13 a barrel.
* Gold weakened 0.8% to $1,954.24 an ounce.

–With assistance from Adam Haigh, Jan-Patrick Barnert, Constantine Courcoulas, Cecile Gutscher, Lynn Thomasson, David
Wilson and Lu Wang.

Have a great night.

Be magnificent!
As ever,

Carolann

Loneliness is the way by which destiny endeavors to lead man to himself.
                                                            -Hermann Hesse, 1877-1962     

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:
Olsok~ it is St. Olaf’s Day today, which is a national day of celebration in Norway and the Faroe Islands.  It commemorates the death of King Olaf in the Battle of Stiklestad, in  Norway on this day in 1030.

July 29, 1958 ~ NASA established.
On July 29, 1981, Britain’s Prince Charles married Lady Diana Spencer at St. Paul’s Cathedral in London. Go to article »

Turn your desktop into a calming portal to somewhere else. -The NY Times.

Here is the list of 2020 Emmy nominees:
Did your favorite quarantine binge watch make it? –CNN.
 
A clue to Van Gogh’s last day is found in his last painting -Bloomberg.

The World’s Best Restaurants Right Now

PHOTOS OF THE DAY

A field of sunflowers is in full blossom in Frankfurt, Germany, as the sun rises.
CREDIT: MICHAEL PROBST/AP

A crow sits in the back light of the rising sun on a wooden pole and basks in Riedlingen-Zell, Germany.
CREDIT: THOMAS WARNACK/DPA

James, 6, and his sister Charlotte Box, 3, pictured among a field of bright, purple blooms near Dorchester in Dorset.
CREDIT: BNPS

An elephant and giraffes at a watering hole in Nxai Pan National Park, Botswana. These stunning animal silhouettes look as if they are walking the edge if the earth as they gather to share a drink at a watering hole
CREDIT: JANNE KEAYER/MERCURY PRESS
Market Closes for July 29th , 2020 

Market Index	Close	Change
Dow Jones	26539.57	+160.29
		+0.61%
S&P 500	3258.44	+40.00
		+1.24%
NASDAQ	10542.945	+140.853 +1.35%
TSX	16294.66	+173.34
		+1.08%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22397.11	-260.27
		-1.15%
HANG SENG	24883.14	+110.38
		+0.45%
SENSEX	38071.13	-421.82
		-1.10%
FTSE 100*	6131.46	+2.20 +0.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.479	0.476
CND. 30 Year Bond	0.957	0.944
U.S.    10 Year Bond	0.5708	0.5773
U.S. 30 Year Bond	1.2324	1.2168

Currencies

BOC Close	Today	Previous
Canadian $	0.74980	0.74740
US $	1.33369	1.33796
Euro Rate 1 Euro=		Inverse
Canadian $	1.57242	0.63596
US $	1.17901	0.84817

Commodities

Gold	Close	Previous
London Gold Fix	1940.90	1936.65
Oil
WTI Crude Future	41.27	41.04

Market Commentary:
On this day in 1869, the New York Stock Exchange was formed from the merger of the New York Stock & Exchange Board with the Open Board and the Government Board (where Treasury bonds were traded).
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets rallied on Wednesday after Shopify Inc. climbed to a new record as its sales doubled.
The S&P/TSX Composite index rose 1.1% in Toronto. Shopify climbed 6.8% after the e-commerce platform nearly doubled its revenue in the second quarter, crushing analysts’ estimates as a flood of merchants moved their businesses online during the pandemic.
Meanwhile, Element Fleet Management Corp. was the best performing stock, surging 12%, after TD upgraded its rating to buy from hold after the company posted a stronger outlook on “several fronts.”
Meanwhile, about one in seven small- and medium-sized Canadian companies surveyed at the end of June by the Canadian Federation of Independent Business said they are at least somewhat considering bankruptcy or winding down operations as a result of Covid-19. That would represent about 158,000 businesses in addition to the ones that have already closed, CFIB said.
Commodities
* Western Canada Select crude oil traded at a $9.75 discount to West Texas Intermediate
* Spot gold rose 0.5% to ~$1,968.46 an ounce FX/Bonds
* The Canadian dollar rose slightly to C$1.3343 per U.S. dollar
* The 10-year government bond yield rose to 0.476%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1.1 percent at 16,294.66 in Toronto. The move was the biggest since rising 1.7 percent on July 14 and follows the previous session’s decrease of 0.2 percent.
Today, information technology stocks led the market higher, as 9 of 11 sectors gained; 144 of 221 shares rose, while 72 fell.
Shopify Inc. contributed the most to the index gain, increasing 7.1 percent. Element Fleet Management Corp. had the largest increase, rising 12.0 percent.
Insights
* This month, the index rose 5 percent
* The index declined 1.2 percent in the past 52 weeks. The MSCI  AC Americas Index gained 7.5 percent in the same period
* The S&P/TSX Composite is 9.3 percent below its 52-week high on Feb. 20, 2020 and 45.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 5.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 24.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.45t
* 30-day price volatility rose to 13.05 percent compared with 12.94 percent in the previous session and the average of 18.11 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 83.6771| 5.2| 9/1
Energy | 37.6033| 1.9| 21/3
Financials | 34.9091| 0.8| 22/3
Industrials | 31.7487| 1.7| 19/9
Consumer Discretionary | 6.7398| 1.2| 9/4
Utilities | 6.2019| 0.8| 14/2
Real Estate | 5.5956| 1.1| 24/2
Consumer Staples | 3.5491| 0.5| 8/2
Communication Services | 3.0923| 0.4| 5/3
Health Care | -6.5979| -3.7| 3/5
Materials | -33.1572| -1.3| 10/38
US
By Rita Nazareth
(Bloomberg) — U.S. stocks advanced with Treasuries, while the dollar retreated after the Federal Reserve signaled continued stimulus to prop up the world’s largest economy.
The S&P 500 extended its July rally as the Fed kept rates near zero in a widely anticipated decision, pledging to use all of its tools to support a recovery from the coronavirus pandemic. Chairman Jerome Powell said there are signs the increase in infections is starting to weigh on activity while noting that the path forward for the economy is “extraordinarily uncertain.” Investors also sifted through a batch of corporate earnings, with Qualcomm Inc. surging in extended trading on a strong sales forecast.
As the pandemic continues to rage in parts of the U.S., hot spots in Europe and across big emerging economies, governments are having to double down on the $11 trillion dollars worth of stimulus and unprecedented central bank support unleashed since the crisis began. The Fed has kept rates pinned near zero since the outbreak’s onset in March and rolled out several emergency lending programs geared toward fostering liquid trading conditions in financial markets.
“The Fed’s large, looming presence and ability to act more if needed has provided a backstop for risk assets over the near term,” according to Jason Pride, chief investment officer of private wealth at Glenmede. “The focus now shifts to the FOMC’s September meeting, when investors might expect more action,” he said, referring to the Federal Open Market Committee.
Meanwhile, Scott Minerd, chief investment officer at Guggenheim Partners, said a failure in Washington to agree to another Covid-19 relief package could push unemployment higher, undermining the stock market and forcing the Fed to expand asset purchases.
“We are in a particularly vulnerable time of the year for risk assets,” Minerd said Wednesday in an interview on Bloomberg Television. “The markets could get easily rattled.”
Some corporate highlights:
* Advanced Micro Devices Inc. gave strong forecasts, suggesting the company is winning orders from larger rival Intel Corp. in the lucrative market for server chips.
* Starbucks Corp.’s Chief Executive Officer Kevin Johnson said a key measure of sales turned positive in July.
* Boeing Co. delayed the debut of its newest plane and slowed production across the heart of its commercial lineup as cash burn worsened.
* General Motors Co. reported its first quarterly loss since it emerged from bankruptcy, but the balance-sheet damage was less than expected.
* General Electric Co. predicted slow gains in operations this year and next after the pandemic battered results in the second quarter.

Some 19% of S&P 500 companies that have posted results so far have reported per-share profits that beat or missed estimates by 50% or more. That’s the highest proportion of companies with surprises of this magnitude since at least 2010, data compiled by Bloomberg Intelligence’s Gina Martin Adams and Wendy Soong show.
Yet earnings may fail to deliver the kind of support needed to sustain the four-month rally in American stocks any time soon, according to Liz Ann Sonders, Charles Schwab Corp.’s chief investment strategist. She compared the S&P 500 with its forward earnings, based on projected profit during the next 12 months, in a report Monday. While the S&P 500 made up 85% of the gap between this year’s high and low through Tuesday, the profit gauge only rebounded 20%, according to data compiled by Bloomberg.
“Earnings will eventually need to do more than just beat an extremely low bar” to justify the surge in share prices, she wrote.
Here are some key events coming up:
* Apple Inc., Amazon.com Inc., Alphabet Inc., L’Oreal SA, Credit Suisse Group AG and Samsung Electronics Co. report earnings Thursday; results from Chevron Corp. and Caterpillar Inc. are due Friday.
* U.S. second-quarter GDP is expected on Thursday.
* China PMI data comes Friday.
These are some of the main moves in markets:
Stocks
* The S&P 500 climbed 1.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1%.
* The MSCI Asia Pacific Index decreased 0.2%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.3%.
* The euro increased 0.5% to $1.178.
* The Japanese yen appreciated 0.1% to 105.02 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 0.56%.
* Germany’s 10-year yield climbed one basis point to -0.50%.
* Britain’s 10-year yield rose one basis point to 0.118%.
Commodities
* The Bloomberg Commodity Index rose 0.7%.
* West Texas Intermediate crude climbed 0.6% to $41.29 a barrel.
* Gold strengthened 0.5% to $1,967.58 an ounce.

–With assistance from Joanna Ossinger, Adam Haigh, AnchaleeWorrachate, Todd White, David Wilson, Amena Saad, Elena Popina,
Claire Ballentine and Katherine Greifeld.
Have a great night.

Be magnificent!
As ever,

Carolann

Defeat is not the worst of failures.  Not to have tried is the true failure.
                                          -George Edward Woodberry, 1855-1930

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

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

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

Dear Friends,

Tangents:
Indian schoolgirls discover an Earth-bound asteroid. -Bloomberg.

Scientists pull living microbes, possibly 100 million years old, from the sea bottom.-Bloomberg.

1914 – World War 1 begins.
1945 – A U.S. Army bomber crashed into the 79th floor of New York City’s Empire State Building, killing 14 people. Go to article »
2005 – The Provisional Irish Republican Army call an end to their thirty year long armed campaign in Northern Ireland.
PHOTOS OF THE DAY

A surfer rides a wave at South Narrabeen in Sydney, Australia. Sydney is bracing for heavy winds and large surf after over 100 millimetres of rain was recorded on Sunday.
CREDIT: MARK EVANS/GETTY IMAGES

These five baby alpacas were “unpacked” during the lockdown to the delight of their owners. Newborn Mr. Softee was only born on July 19, and the oldest of the five babies is Casey, born on May 29. Dark brown Sahara Fonc is expected to become a prize-winner at shows when she competes, as is fawn-coloured Akoya when he goes into the ring. The other female alpaca is named Qilaut, and three of the babies are half-siblings as they have the same father. Delighted owners Stuart Ramsay, 56, and wife Jean McDonald, 64, love watching the babies playing together. They own 37 alpacas at their farm, Velvet Hall Alpacas, in Innerleithen, Scottish Borders.
CREDIT: KETIELEE ARROWSMITH/SWNS

A showdown between a lioness and a male lion royal Asiatic lions. The Gir Forest, Gujarat, India
CREDIT: URMIL JHABERI/SWNS

Hot air balloons flying over Zhangye Geopark in northwest China’s Gansu Province. The geological park was approved as a Global Geopark by the Executive Board of the United Nations Educational, Scientific and Cultural Organization (UNESCO) at its 209^th session in July.
CREDIT: PEISHEN/XINHUA NEWS AGENCY/EYEVINE
Market Closes for July 28th , 2020 

Market Index	Close	Change
Dow Jones	26379.28	-205.49
		-0.77%
S&P 500	3218.44	-20.97
		-0.65%
NASDAQ	10402.094	-134.174 -1.27%
TSX	16121.32	-40.01
		-0.25%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22657.38	-58.47
		-0.26%
HANG SENG	24772.76	+169.50
		+0.69%
SENSEX	38492.95	+558.22
		+1.47%
FTSE 100*	6129.26	+24.38 +0.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.476	0.520
CND. 30 Year Bond	0.944	0.989
U.S.    10 Year Bond	0.5773	0.6085
U.S. 30 Year Bond	1.2168	1.2512

Currencies

BOC Close	Today	Previous
Canadian $	0.74740	0.74858
US $	1.33796	1.33587
Euro Rate 1 Euro=		Inverse
Canadian $	1.56778	0.63785
US $	1.17176	0.85342

Commodities

Gold	Close	Previous
London Gold Fix	1936.65	1902.10
Oil
WTI Crude Future	41.04	41.60

Market Commentary:
On this day in 1971, Wells Fargo launched the world’s first stock-index fund with $6 million from the pension fund of Samsonite. The trader executing the orders for the new fund immediately acquired the sarcastic nickname “Discount Diane.” 
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities fell on Tuesday, led by energy and consumer discretionary stocks.
The S&P/TSX Composite index fell 0.3% in Toronto, after rising 1% yesterday. Energy, consumer discretionary and financials were the worst sectors, while health care and real estate climbed.
Energy stocks declined along with crude oil prices as investors turned their focus to domestic supplies, with expectations for another buildup in already swollen U.S. stockpiles. Some of underperforming energy stocks included Vermilion Energy Inc. and Meg Energy Corp., both of which dropped more than 5%. Canopy Growth Corp. was among the top performers, rising 15% on Tuesday.
Meanwhile, Bank of Nova Scotia is planning to keep most of its headquarters employees working from home for the rest of the year as part of an effort to stop the spread of Covid-19.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold rose 0.7% to ~$1,956.21 an ounce
FX/Bonds
* The Canadian dollar fell slightly to C$1.3381 per U.S. dollar
* The 10-year government bond yield fell almost 5 basis points to 0.474%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 16,121.32 in Toronto. The move follows the previous session’s increase of 1 percent. Suncor Energy Inc. contributed the most to the index decline, decreasing 4.1 percent. Vermilion Energy Inc. had the largest drop, falling 8.9 percent.
Today, 108 of 221 shares fell, while 110 rose; 5 of 11sectors were lower, led by financials stocks.
Insights
* This month, the index rose 3.9 percent
* The index declined 2.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 6 percent in the same period
* The S&P/TSX Composite is 10.3 percent below its 52-week high on Feb. 20, 2020 and 44.3 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 6.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21 on a trailing basis and 24.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.46t
* 30-day price volatility fell to 12.94 percent compared with 13.14 percent in the previous session and the average of 18.36 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -24.2460| -0.5| 9/16
Energy | -17.5232| -0.9| 7/17
Materials | -9.7741| -0.4| 19/28
Industrials | -6.2983| -0.3| 15/13
Consumer Discretionary | -4.3300| -0.8| 5/8
Communication Services | 0.2240| 0.0| 4/4
Information Technology | 0.4662| 0.0| 5/5
Consumer Staples | 1.4724| 0.2| 6/5
Utilities | 2.7801| 0.3| 9/7
Real Estate | 6.3471| 1.3| 23/4
Health Care | 10.8667| 6.6| 8/1
US
By Rita Nazareth, Claire Ballentine and Sarah Ponczek
(Bloomberg) — U.S. stocks fell as traders assessed corporate earnings amid a resurgence in global coronavirus cases. Bonds rose.
The S&P 500 trimmed its monthly gain as worse-than- estimated results from McDonald’s Corp., 3M Co. and Harley- Davidson Inc. sent their shares slumping. Pfizer Inc. climbed after the drugmaker raised its earnings forecast and began a later-stage trial for a coronavirus vaccine with its German partner. Eastman Kodak Co. soared on news that it received a U.S. government loan.
Some of the largest companies report earnings this week, and investors will look for clues on whether a resurgence of Covid-19 around the world will derail a recovery of corporate profits and the economy. The Federal Reserve extended most of its emergency lending programs by three months, through the remainder of 2020. A drop in consumer confidence added to evidence that the pace of the rebound is cooling as the virus interrupts reopenings in several states.
“We’ve seen a number of beneficiaries of the lockdowns and a lot of companies really hurt by the lockdowns,” said Bill McMahon, chief investment officer of active strategies for Charles Schwab Investment Management. “There is still a lot of uncertainty about the rest of the year in how they guide.”
The pandemic continues to rage in parts of the U.S., hot spots in Europe and across big emerging economies including India and Brazil. Governments are having to double down on the $11 trillion dollars’ worth of stimulus and unprecedented central bank support unleashed since the crisis began. The Fed is set to announce its rate decision Wednesday, and the market anticipates a dovish statement.
“There’s enough stimulus and support in the market from a monetary policy perspective, but also from fiscal, and that keeps a nice floor under the market,” said Amanda Agati, chief investment strategist for PNC Financial Services Group. “But we also think it’s going to be very difficult to make a lot of forward progress in this environment.” Nasdaq’s biggest companies may struggle to surpass a performance milestone from the height of the 1990s dot-com era, according to Julian Emanuel, head of equity and derivatives strategy at BTIG LLC.
The Nasdaq-100 was leading the S&P 500 for a 10th straight month as of Monday, according to data compiled by Bloomberg. If the tech-heavy gauge hangs onto the lead through Friday, it will match a record streak between May 1999 and February 2000 – the final months before both indexes peaked. The latest run is at risk because of “poor share-price reactions to otherwise solid earnings reports” and other issues, he wrote.
Here are some key events coming up:
* The Federal Open Market Committee holds its policy meeting on Tuesday, with an announcement due on Wednesday.
* Earnings include Rio Tinto and Barclays on Wednesday; Thursday brings Apple, Amazon.com, Alphabet, L’Oreal, Credit Suisse and Samsung; Chevron and Caterpillar are set for Friday.
* U.S. second-quarter GDP is expected on Thursday.
* China PMI data comes Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 decreased 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index added 0.4%.
* The MSCI Asia Pacific Index advanced 0.4%.
Currencies
* The U.S. Dollar Index rose 0.1%.
* The euro declined 0.3% to $1.1716.
* The Japanese yen appreciated 0.3% to 105.08 per dollar.
Bonds
* The yield on 10-year Treasuries declined four basis points to 0.58%.
* Germany’s 10-year yield fell two basis points to -0.51%.
* Britain’s 10-year yield was unchanged at 0.109%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude decreased 1.6% to $40.92 a barrel.
* Gold strengthened 0.9% to $1,959.72 an ounce.

–With assistance from Gregor Stuart Hunter, Andreea Papuc, Todd
White, Lynn Thomasson, David Wilson and Amena Saad.
Have a great night.

Be magnificent!
As ever,

Carolann

Self-discipline is a form of freedom.  Freedom from laziness and lethargy, freedom from expectations and demands of others, freedom from  weakness and fear – and doubt.
                                                                                                      -Harvey A. Dorfman, 1935-2011

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

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

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

Dear Friends,

Tangents:

Want to learn to draw? Start with your shoe.–The NY Times.

This summer, three spacecraft are blasting off to explore Mars. Learn more about their missions.-The NY Times.

Stephen Hawking suggested the universe has no beginning; scientists are starting to doubt that–Bloomberg.

SpaceX satellites keep cluttering up images of comets and such. (h/t Mike Smedley) –Bloomberg.

July 27, 1921~Frederick Banting and Charles Best isolate insulin at the University of Toronto.
July 27, 1866: Atlantic telegraph cable laid.
On July 27, 1953, the Korean War armistice was signed at Panmunjom, ending three years of fighting.  Go to article »
PHOTOS OF THE DAY

People row hired boats as they enjoy the summer weather on the River Nidd, underneath the Knaresborough Viaduct in North Yorkshire.
CREDIT: DANNY LAWSON/PA WIRE

The Pacaya volcano, seen from Cerro Chino in San Vicente Pacaya municipality about 55 km south of Guatemala City
CREDIT: JOHAN ORDONEZ/AFP

People gather ourdoors at dusk on a viewpoint in Barcelona, Spain, Saturday
CREDIT: AP PHOTO/FELIPE DANA
Market Closes for July 27th , 2020 

Market Index	Close	Change
Dow Jones	26584.77	+114.88
		+0.43%
S&P 500	3239.41	+23.78
		+0.74%
NASDAQ	10536.270	+173.093 +1.67%
TSX	16159.48	+162.42
		+1.02%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22715.85	-35.76
		-0.16%
HANG SENG	24603.26	-102.07
		-0.41%
SENSEX	37934.73	-194.17
		-0.51%
FTSE 100*	6104.88	-18.94 -0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.520	0.501
CND. 30 Year Bond	0.989	0.975
U.S.    10 Year Bond	0.6085	0.5888
U.S. 30 Year Bond	1.2512	1.2293

Currencies

BOC Close	Today	Previous
Canadian $	0.74858	0.74526
US $	1.33587	1.34182
Euro Rate 1 Euro=		Inverse
Canadian $	1.56942	0.63718
US $	1.17483	0.85119

Commodities

Gold	Close	Previous
London Gold Fix	1902.10	1878.30
Oil
WTI Crude Future	41.60	41.14

Market Commentary:
On this day in 1694, amid choral chants of “Laus Deo” (Praise the Lord), the Bank of England opened for business in London to print currency and manage the national debt.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets climbed on Monday, led by health care and materials stocks.
The S&P/TSX Composite index rose 1% in Toronto. Health Care stocks were the best performers, led by stocks such as Aphria Inc. which climbed 12%. Materials stocks also outperformed led by gold and silver miners. Gold hit a record high after a plunge in the U.S. dollar, negative real rates in the U.S. and bets the Federal Reserve will keep policy accommodative when it meets this week.
Silver also followed gold price’s rally.
Meanwhile, consumer sentiment in Canada showed renewed strength on an improving outlook for real estate and the economy, weekly telephone polling showed. The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, recorded its biggest one-week jump since mid-June, to 48.4 from 46.7 a week earlier.
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to West Texas Intermediate
* Spot gold rose 1.9% to ~$1,937.38 an ounce
FX/Bonds
* The Canadian dollar rose slightly to C$1.3360 per U.S. dollar
* The 10-year government bond yield edged higher to 0.521%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1 percent at 16,161.33 in Toronto. The move was the biggest since rising 1.7 percent on July 14 and follows the previous session’s decrease of 0.1 percent.
Today, materials stocks led the market higher, as all sectors gained; 153 of 221 shares rose, while 65 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.7 percent. Aphria Inc. had the largest increase, rising 12.0 percent.
Insights
* This month, the index rose 4.2 percent
* The index declined 2.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 6.7 percent in the same period
* The S&P/TSX Composite is 10.1 percent below its 52-week high on Feb. 20, 2020 and 44.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 6.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21 on a trailing basis and 24.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12- month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.43t
* 30-day price volatility rose to 13.14 percent compared with 12.98 percent in the previous session and the average of 18.63 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 87.2200| 3.5| 45/5
Information Technology | 51.0343| 3.3| 10/0
Health Care | 5.5838| 3.5| 6/3
Communication Services | 4.4338| 0.5| 7/1
Industrials | 3.7771| 0.2| 17/11
Consumer Discretionary | 3.4425| 0.6| 9/3
Utilities | 3.3322| 0.4| 10/6
Energy | 2.4795| 0.1| 11/11
Consumer Staples | 2.0880| 0.3| 8/3
Financials | 0.4815| 0.0| 17/8
Real Estate | 0.4023| 0.1| 13/14
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — U.S. stocks climbed, led by technology shares, on speculation the Federal Reserve will reinforce its dovish message. Gold jumped to a record, while the dollar fell.
The S&P 500 erased last week’s drop as the rebound in tech overshadowed a slide in banks. A slew of earnings reports from Nasdaq 100 companies over the next few days will offer clues on whether the gauge’s record-breaking advance through mid-July has been justified. Moderna Inc. soared after getting a second round of U.S. funding for an experimental vaccine for Covid-19 and kicking off its late-stage trial.
Setbacks in the global fight against coronavirus will probably push Fed Chairman Jerome Powell to signal Wednesday that rates will stay near zero for longer. Infections slowed in California, Arizona and Florida, though reported numbers are often incomplete on weekends. High-frequency economic indicators are pointing to a slowdown, which will only reinforce the Federal Open Market Committee’s dovish guidance.
“There can be some encouragement from low interest rates in terms of risk appetite,” said Chad Oviatt, director of investment management at Huntington Private Bank. “The Fed keeping interest rates low is still simulative and that’s a good thing to have when there is uncertainty around the pace of economic recovery.” Hedge funds rushed to unwind their bullish bets on U.S. tech stocks last week. They cut their net-long positions in Nasdaq 100 mini futures in half after pushing them to a nearly three-year high earlier this month.
Here are some key events coming up:
* Earnings include Apple, Amazon.com, Alphabet, Chevron, RioTinto, L’Oreal, Caterpillar, Samsung, Barclays and Credit Suisse.
* The Federal Open Market Committee holds its policy meeting on Tuesday, with an announcement due on Wednesday.
* U.S. second-quarter GDP is expected on Thursday.
* China PMI data comes Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.3%.
* The MSCI Asia Pacific Index increased 0.8%.
Currencies
* The Bloomberg Dollar Spot Index sank 0.9%.
* The euro climbed 0.8% to $1.1746.
* The Japanese yen appreciated 0.7% to 105.40 per dollar.
Bonds
* The yield on 10-year Treasuries increased two basis points to 0.61%.
* Germany’s 10-year yield dipped four basis points to -0.49%.
* Britain’s 10-year yield fell four basis points to 0.109%.
Commodities
* The Bloomberg Commodity Index rose 0.5%.
* West Texas Intermediate crude climbed 0.8% to $41.62 a barrel.
* Gold strengthened 1.9% to $1,938.65 an ounce.

–With assistance from Joanna Ossinger, Adam Haigh, Todd White, Yakob Peterseil, Lynn Thomasson and Cormac Mullen.

Have a great night.

Be magnificent!
As ever,

Carolann

Rare though true love may be, true friendship is rarer still.
             -François Duc de La Rochefoucauld, 1630-1680

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.
Cave discoveries suggest humans reached the Americas much earlier than we thought. -Bloomberg.

The Pentagon’s UFO unit will make some findings public.-Bloomberg.

What a good friend: A Wisconsin man will share his $22 million lottery jackpot with a long-time friend because of a promise he made nearly three decades ago. The friend’s response is the best part of this story. –The Seattle Times.

On July 24, 1959, during a visit to the Soviet Union, Vice President Richard M. Nixon got into a discussion at a U.S. exhibition with Soviet leader Nikita Khrushchev that was dubbed the
”kitchen debate.”  Go to article »
PHOTOS OF THE DAY

A group of mountaineers walk roped on the ice of the Swiss Aletsch glacier, the longest glacier in Europe. With his project “Giants in motion”, the Swiss photographer, filmmaker and adventurer David Carlier photographed for several years, on foot, by paraglider and in his small Ecolight plane, the biggest ice flow and the first Unesco World Heritage Site of the Alps to shows the evolution of the Aletsch Glacier, a river of ice that stretches over 23 km from its formation in the Jungfrau region (at 4000 m) down to the Massa Gorge in Valais, around 2500m below.
CREDIT: LAURENT GILLIERON/KEYSTONE VIA AP

A young visitor imitates the march of a guardsman from the Queen’s Royal Hussars at Windsor Castle which has reopened to the public after the lifting of further coronavirus lockdown restrictions in England.
CREDIT: JONATHAN BRADY/PA WIRE

Visitors walk by Chesterton Windmill in Chesterton, Warwickshire, UK.
CREDTI: JACOB KING/PA WIRE
Market Closes for July 24th , 2020 

Market Index	Close	Change
Dow Jones	26469.89	-182.44
		-0.68%
S&P 500	3215.63	-20.03
		-0.62%
NASDAQ	10363.177	-98.240 -0.94%
TSX	15997.06	-21.59
		-0.13%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22751.61	-132.61
		-0.58%
HANG SENG	24705.33	-557.67
		-2.21%
SENSEX	38128.90	-11.57
		-0.03%
FTSE 100*	6123.82	-87.62 -1.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.501	0.503
CND. 30 Year Bond	0.975	0.987
U.S.    10 Year Bond	0.5888	0.5774
U.S. 30 Year Bond	1.2293	1.2311

Currencies

BOC Close	Today	Previous
Canadian $	0.74526	0.74607
US $	1.34182	1.34036
Euro Rate 1 Euro=		Inverse
Canadian $	1.56405	0.63936
US $	1.16562	0.85791

Commodities

Gold	Close	Previous
London Gold Fix	1878.30	1852.40
Oil
WTI Crude Future	41.14	41.02

Market Commentary:
On this day in 1987, the corporate assets of ZZZZ Best Co. were sold at bankruptcy auction in Los Angeles for $62,000. Less than four months earlier, the carpet-cleaning company run by 21-year-old whiz kid Barry Minkow had a stock-market value of roughly $300 million, and the stock had more than quadrupled since its IPO in 1986. But ZZZZ Best (pronounced “ze best”) had virtually no customers, revenues or assets, and Minkow had set up an elaborate system of phantom offices and phony account records. Minkow served five years in federal prison.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares fell Friday on concern over rising Chinese-American tensions and worries the recovery in the world’s largest economy has stalled.
The S&P/TSX Composite Index fell 0.1% on Friday, its third decline in four days. Material stocks rose the most, climbing 2.1%, led by gold’s rally. Spot gold topped $1,900 an ounce for the first time since 2011 and edged closer to an all-time high with flaring geopolitical tensions and concern over global growth driving demand for haven assets.
As economies struggle to recover from the pandemic, investors piling into precious metals may be overlooking another potential haven: wood. Lumber futures have doubled since early April and are the top-performing major raw material this year. Surprisingly, wood is even outshining gold and silver, traditionally the go-to haven commodities.
Cenovus Energy Inc. is taking advantage of a plunge in the price for credits that allow the oil-sands company to produce more than limits imposed by Alberta.
Commodities
* Western Canada Select crude oil traded at a $9.60 discount to West Texas Intermediate
* Spot gold rose 0.8% to ~$1,902.03 an ounce
FX/Bonds
* The Canadian dollar fell slightly to C$1.3417 per U.S. dollar
* The 10-year government bond yield edged lower to 0.501%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.1 percent, or 21.59 to 15,997.06 in Toronto. The index dropped to the lowest closing level since July 14.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.5 percent. Ecn Capital Corp. had the largest drop, falling 4.6 percent.
Today, 146 of 221 shares fell, while 72 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index fell 0.8 percent
* This month, the index rose 3.1 percent
* The index declined 3.7 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 11 percent below its 52-week high on Feb. 20, 2020 and 43.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.8 on a trailing basis and 24.5 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$2.44t
* 30-day price volatility fell to 12.98 percent compared with 13.42 percent in the previous session and the average of 19.01 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -43.6180| -1.0| 1/24
Utilities | -8.4433| -1.0| 0/16
Consumer Staples | -4.5554| -0.7| 1/10
Information Technology | -4.1767| -0.3| 2/8
Energy | -3.1649| -0.2| 10/12
Consumer Discretionary | -2.3523| -0.4| 3/10
Industrials | -2.1662| -0.1| 6/22
Communication Services | -1.4213| -0.2| 2/6
Real Estate | -1.2796| -0.3| 7/20
Health Care | -0.8217| -0.5| 3/5
Materials | 50.4309| 2.0| 37/13
US
By Vildana Hajric
(Bloomberg) — U.S. stocks fell for a second day as investors grew anxious about rising tensions with China and a potential stalling of the economic recovery. Spot gold topped $1,900 an ounce for the first time since 2011.
The S&P 500 ended the week lower and the Nasdaq 100 notched its first back-to-back losses in 49 days. Intel Corp. plunged on a warning of a production delay. Rival chipmaker Advanced Micro Devices Inc. gained. Verizon Communications Inc. gained after topping sales estimates, somewhat offsetting Intel’s drag on the Dow Jones Industrial Average.
China ordered the U.S. to shut a consulate in a tit-for-tat retaliation, sending equities lower in Asia and Europe. The dollar extended this week’s slide to the weakest level since January, and the offshore yuan dipped. Core European bonds fell after U.S. Treasuries turned lower. Five-year Treasury yields touched an all-time low before bouncing back. Oil held above $41 a barrel in New York.
Beijing’s latest move further strains the increasingly fraught relationship with the U.S., which forced China to leave its mission in Houston earlier this week. The two superpowers have also recently clashed on trade and early handling of the coronavirus, raising fears of a protracted conflict.
“We won’t be surprised if there is some sell-off because investors are shifting focus back to this geo-political tension,” Janet Mui, an investment director at Brewin Dolphin, said on Bloomberg TV.
Also hitting sentiment was the first uptick in U.S. jobless claims since March on Thursday. A reading on the services sector Friday added to concern, though housing data was strong. While European manufacturing data for July showed a return to growth, firms cut jobs for a fifth straight month. Earnings beats keep rolling in, though they’re coming against low expectations.
These are the main moves in markets:
Stocks
*The S&P 500 Index dipped 0.6% to 3,202.73 as of 4 p.m. New York time, the lowest in more than a week.
*The Dow Jones Industrial Average decreased 0.7% to 26,469.55.
*The Nasdaq Composite Index declined 0.9% to the lowest in almost three weeks.
*The Stoxx Europe 600 Index declined 1.7% to 367.29, the lowest in more than a week on the biggest drop in four weeks.
Currencies
*The Bloomberg Dollar Spot Index dipped 0.6% to 1,186.88, the lowest in more than six months.
*The euro climbed 0.4% to $1.1643, reaching the strongest in about 22 months on its sixth consecutive advance.
*The Japanese yen appreciated 0.8% to 105.97 per dollar, the strongest in almost 19 weeks on the largest increase in more than six weeks.
Bonds
*The yield on 10-year Treasuries was edged up to 0.58%.
*Germany’s 10-year yield advanced three basis points to -0.45%, the largest gain in more than a week.
*Britain’s 10-year yield increased two basis points to 0.144%.
Commodities
*West Texas Intermediate crude rose 0.3% to $41.21 a barrel.
*Gold futures strengthened 0.5% to $1,899.6 an ounce, .
*Copper dipped 1.7% to $2.89 a pound, the lowest in a week on the largest decrease in almost six weeks.
–With assistance from Mark Gilbert and Yakob Peterseil.
Have a  wonderful weekend everyone.

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:

Here’s another study on how dark chocolate is good for your health.  Pass it on. –CNN.

Good News for Muppets Fans:
Miss Piggy hosts a beauty and lifestyle vlog. The Swedish Chef stars in a cooking competition. Dr. Honeydew and Beaker take you through high-octane science tests. These are among the sketches in “Muppets Now,” a new series on Disney+ parodying internet culture. –NY Times.

July 23, 1995: Comet Hale-Bopp is discovered and becomes visible to the naked eye nearly a year later.

On July 23, 1914, Austria-Hungary issued an ultimatum to Serbia following the killing of Archduke Francis Ferdinand by a Serb assassin; the dispute led to World War I. Go to article »

PHOTOS OF THE DAY

The comet Neowise is seen above the Joshua Tree National Park in Twentynine Palms, California.
CREDIT: RINGO CHIU/ZUMA WIRE

The Milky Way shines brightly in the clear night sky above Corfe Castle in Dorset.
CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS

Surfers are seen catching a wave at Bronte beach in Sydney, Australia.
CREDIT: JENNY EVANS/GETTY IMAGES

Grey Reef Shark; Australia. A new landmark study has revealed sharks are absent on many of the world’s coral reefs, indicating they are too rare to fulfill their normal role in the ecosystem, and have become functionally extinct.
CREDIT: GLOBAL FINPRINT/SWNS

Market Closes for July 23rd , 2020 

Market Index	Close	Change
Dow Jones	26652.33	-353.51
		-1.31%
S&P 500	3235.66	-40.36
		-1.23%
NASDAQ	10461.418	-244.709 -2.29%
TSX	16018.65	-152.41
		-0.94%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22751.61	-132.61
		-0.58%
HANG SENG	25263.00	+205.06
		+0.82%
SENSEX	38140.47	+268.95
		+0.71%
FTSE 100*	6211.44	+4.34 +0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.503	0.508
CND. 30 Year Bond	0.987	1.002
U.S.    10 Year Bond	0.5774	0.5987
U.S. 30 Year Bond	1.2311	1.2943

Currencies

BOC Close	Today	Previous
Canadian $	0.74607	0.74548
US $	1.34036	1.34143
Euro Rate 1 Euro=		Inverse
Canadian $	1.55432	0.64337
US $	1.15963	0.86235

Commodities

Gold	Close	Previous
London Gold Fix	1852.40	1842.55
Oil
WTI Crude Future	41.02	41.85

Market Commentary:
On this day in 1996, just three days after telling the New York Times that the Dow Jones Industrial Average was heading for 6400, stock guru Elaine Garzarelli told her clients to get out of the market.  Her forecast that stocks would drop 15% to 25%, which would put the Dow at about 4300, helped send stocks plunging. But Ms. Garzarelli turned out to be off the mark: The Dow never again came within 1,000 points of 4300.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Thursday as investors reassessed economic headwinds stemming from the coronavirus. The S&P/TSX Composite Index lost 0.9%, the most since June 26. Ten of 11 sectors retreated. Ballard Power Systems Inc., the second-best performing stock in Canada this year, is a new short at Lakewood Capital, the firm said in its quarterly letter, calling it a “consistently loss-making and cash-burning Canadian company.”  Shares fell 10%. Two of Canada’s largest oil-sands producers plan to conserve cash until they have more confidence that a recovery from crude’s historic price crash has staying power.
Commodities
* Western Canada Select crude oil traded at a $9.60 discount to West Texas Intermediate
* Spot gold rose 0.7% to ~$1,885 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3416 per U.S. dollar
* The 10-year government bond yield edged lower to 0.504%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.9 percent at 16,018.65 in Toronto. The move was the biggest since falling 1.7 percent on June 26 and follows the previous session’s increase of 0.1 percent. Shopify Inc. contributed the most to the index decline, decreasing 3.0 percent. Aurinia Pharmaceuticals Inc. had the largest drop, falling 16.2 percent. Today, 158 of 221 shares fell, while 62 rose; 10 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index fell 0.7 percent
* This month, the index rose 3.2 percent
* The index declined 3.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 7.1 percent in the same period
* The S&P/TSX Composite is 10.9 percent below its 52-week high on Feb. 20, 2020 and 43.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 24.7 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$2.46t
* 30-day price volatility fell to 13.42 percent compared with 18.64 percent in the previous session and the average of 19.33 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -45.0066| -1.8| 12/38
Information Technology | -30.9805| -1.9| 4/6
Energy | -28.0305| -1.4| 4/20
Financials | -21.9641| -0.5| 6/19
Industrials | -15.3937| -0.8| 6/22
Health Care | -5.6797| -3.4| 2/7
Consumer Discretionary | -3.7707| -0.7| 5/8
Communication Services | -2.7012| -0.3| 2/6
Real Estate | -2.1701| -0.4| 6/21
Utilities | -2.0847| -0.3| 7/8
Consumer Staples | 5.3630| 0.8| 8/3
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks tumbled to the lowest in a week after an unexpected rise in jobless claims rekindled concern the economic recovery has stalled. The dollar weakened and Treasuries rose. The S&P 500 Index slipped from a four-month high, led by losses in technology firms and companies that make non-essential consumer goods. The Nasdaq 100 Index dropped to a two-week low and turned lower for the week, erasing Monday’s rally that was the biggest since April. Twitter Inc. jumped after daily-user growth surged, but Alphabet Inc., Amazon.com Inc and Apple Inc. each lost more than 3%. . Microsoft Corp. slumped after cloud growth slowed. Tesla Inc. slid even after results beat estimates. The first uptick in jobless claims since March comes as Congress negotiates a new relief package for millions of Americans who are set to lose enhanced benefits at the end of the month. Other worrying signs of economic slowing added to concern that the torrid growth in some areas will stall out. “The recovery is in place, but the labor market is really, really fragile,” said Gene Goldman, chief investment officer at Cetera Financial Group. “That’s going to weight on the markets and it’s going to weigh on consumers for a long time.” The 10-year Treasury yield fell to 0.58%, while Bloomberg’s dollar index weakened for a fifth straight day. Crude slumped, while precious metals continued their torrid run of gains that have taken gold and silver prices to multiyear highs.
In Europe, the Stoxx 600 Index increased on gains in carmakers and consumer products, led by Unilever NV’s jump after sales fell less than expected. The yield on Italy’s benchmark bonds fell below 1% for the first time since March amid euphoria over the Europe Union’s pandemic recovery package. Positive signals emerging from an earnings season that is expected to be historically weak had been driving investors into risk assets. An increase in U.S.-China tensions and a resurgence in the virus across large swaths of America deadened some of that optimism. “Whenever the markets get to a point where there’s something just around the corner that they’re very focused on, that is when they sort of stop — whether they were trending higher or trending lower — they sort of start to trend sideways, but get choppy intra-day and start reacting more or less to headlines,” said Shawn Cruz, senior manager of trader strategy at TD Ameritrade Inc.
Here are some key events coming up:
* Quarterly earnings gather steam, with reports due from Intel and Mattel.

These are the main moves in markets:
Stocks
The S&P 500 Index fell 1.2% to 3,235 as of 4 p.m. New York time, the first retreat of the week.
The Dow Jones Industrial Average fell 1.3%.
The Nasdaq Composite Index declined 2.3%.
The Stoxx Europe 600 Index closed up 0.1%.
Currencies
The Bloomberg Dollar Spot Index lost 0.1%.
The euro gained 0.2% to $1.1593, reaching the strongest in more than 21 months on its fifth consecutive advance.
The Japanese yen added 0.3% to 106.84 per dollar.
Bonds
The yield on 10-year Treasuries fell one basis point to 0.58%, the lowest in three months.
Germany’s 10-year yield increased two basis points to -0.48%.
Britain’s 10-year yield was at 0.12%, the lowest on record.
Commodities
West Texas Intermediate crude dipped 1.6% to $41.24 a barrel.
Gold futures strengthened 1% to $1,882 an ounce, reaching the highest in about nine years on its fifth consecutive advance.
Copper climbed 0.3% to $2.94 a pound.

Have a great night.

Be magnificent!
As ever,

Carolann

Almost everything – all external expectations, all pride, all fear of embarrassment or failure –
these things just fall away in the face of death, leaving only what is truly important. Remembering
that you are going to die is the best way I know to avoid the trap of thinking you have something
to lose. You are already naked. There is no reason not to follow your heart.
                                                                                                       -Steve Jobs, 1955-2011

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: July 22, 1376 ~ Pied Piper of Hamelin
The story is that the town of Hamelin (Hameln), in Westphalia, was infested with rats in 1284, and that a mysterious piper in a parti-colored suit appeared in the town and offered to rid it of the vermin for a certain sum, which offer was accepted by the townspeople. The Pied Piper fulfilled his contract but the payment was not forthcoming.  On the following St. John’s Day he reappeared and played his pipe. This time all the children followed him and he led them to a mountain cave, where all disappeared save two: one blind, the other dumb or lame.  Another version is that they were led to Transylvania where they formed a German colony.  The story, familiar in England from Robert Browning’s poem (1842), appeared earlier in James Howell’s Familiar Letters (1645-55).  The Legend has its roots in the story of the children’s crusade.  The confusion of dates is because the Brothers Grimm cite 26 June 1284 as the date the Pied Piper led the children out of the town, while the poem by Robert Browning gives it as 22 July 1376. –Brewer’s.

Scientists capture the first images of a planetary system around a Sun-like star. -Bloomberg.

1942- Warsaw Ghetto Jews (300,000) are sent to Treblinka Extermination Camp.
PHOTOS OF THE DAY

Tourists and alpinists visit the Aiguille du Midi near the Mont-Blanc in Chamonix, France
CREDIT: REUTERS/DENIS BALIBOUSE

The Milky Way shines brightly in the clear night sky above St Catherine’s Chapel at Abbotsbury in Dorset.
CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS

French salt farmer Stephane Bouleau harvests salt in the salt marshes of Batz-sur-Mer near Guerande, France
CREDIT: REUTERS/STEPHAN MAHE
Market Closes for July 22nd , 2020 

Market Index	Close	Change
Dow Jones	27005.84	+165.44
		+0.62%
S&P 500	3276.02	+18.72
		+0.57%
NASDAQ	10706.129	+25.765 +0.24%
TSX	16171.06	+8.10
		+0.05%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22751.61	-132.61
		-0.58%
HANG SENG	25057.94	-577.72
		-2.25%
SENSEX	37871.52	-58.81
		-0.16%
FTSE 100*	6207.10	-62.63 -1.00%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.508	0.516
CND. 30 Year Bond	1.002	0.988
U.S.    10 Year Bond	0.5987	0.6004
U.S. 30 Year Bond	1.2943	1.3071

Currencies

BOC Close	Today	Previous
Canadian $	0.74548	0.74313
US $	1.34143	1.34566
Euro Rate 1 Euro=		Inverse
Canadian $	1.55232	0.64420
US $	1.15722	0.86414

Commodities

Gold	Close	Previous
London Gold Fix	1842.55	1815.65
Oil
WTI Crude Future	41.85	41.96

Market Commentary:
On this day in 1946, the Bretton Woods Agreement was signed in Mount Washington, N.H., pegging major foreign currencies to the U.S. dollar, fixing the gold price at $35 per ounce and laying the groundwork for the International Monetary Fund and the World Bank.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks edged higher Wednesday while U.S. shares also rose.
The S&P/TSX Composite Index gained 0.1%, with six of the benchmark’s 11 main sectors higher. Communication services fell  after an earnings miss from Rogers Communications Inc.
Silver futures climbed to the highest in almost seven years and gold continued its march toward a record on expectations there’ll be more stimulus to help the global economy recover from the coronavirus pandemic.
Canada’s oil-sands producers are taking their time at restoring production, leaving the country’s normally congested pipelines with room to spare.
And Canadian National Railway Co. is prepared to park equipment and furlough workers if there is a second wave of virus shutdowns this fall, CEO Jean-Jacques Ruest said.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold rose 1.4% to ~$1,868 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4% to C$1.3412 per U.S. dollar
* The 10-year government bond yield edged lower to 0.508

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite advanced slightly to 16,171.06 in Toronto. The move follows the previous session’s decrease of 0.1 percent. Canadian National Railway Co. contributed the most to the index gain, increasing 0.9 percent. Aurinia Pharmaceuticals Inc. had the largest increase, rising 14.1 percent.
Today, 116 of 221 shares rose, while 101 fell; 6 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 4.2 percent
* The index declined 2.1 percent in the past 52 weeks. The MSCI  AC Americas Index gained 9.1 percent in the same period
* The S&P/TSX Composite is 10 percent below its 52-week high on Feb. 20, 2020 and 44.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 on a trailing basis and 24.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.46t
* 30-day price volatility fell to 18.64 percent compared with 18.86 percent in the previous session and the average of 19.66 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 19.3037| 0.8| 31/17
Industrials | 7.7686| 0.4| 13/15
Real Estate | 4.9930| 1.0| 21/6
Consumer Staples | 4.2846| 0.6| 8/3
Consumer Discretionary | 3.8109| 0.7| 11/2
Information Technology | 0.5614| 0.0| 4/6
Health Care | -1.1541| -0.7| 2/7
Energy | -2.5480| -0.1| 7/16
Utilities | -4.6905| -0.6| 6/9
Communication Services | -9.6384| -1.1| 2/6
Financials | -14.5907| -0.3| 11/14
US
By Amena Saad and Sarah Ponczek
(Bloomberg) — U.S. stocks rose for a fourth day as investor optimism over the likelihood for a new spending bill and potential coronavirus vaccines outweighed concern about an escalation of tensions with China. The dollar weakened to the lowest level since March.
The S&P 500 jumped to a five-month high, with utilities, real estate and industrial shares leading the gains. Trump administration officials are said to be discussing a short-term extension of unemployment insurance before the benefits lapse.
Futures had retreated overnight on news that the U.S. ordered China’s Houston consulate to quickly close.
“You are going to have that volatility, but people are looking through a lot of it,” said Victoria Fernandez, chief market strategist for Crossmark Global Investments. “People are doing that now for just about everything.” Progress on combating the virus’s impact also contributed to sentiment. Pfizer Inc. shares rallied after saying the government ordered up to 600 million doses of its vaccine candidate against Covid-19. Treasuries were little changed, while silver continued its tear, climbing to the highest level in almost seven years.
Fresh Sino-U.S. tension including new charges of Chinese hacking had added to potential risks weighing on investors who recently drove global equities to a five-month high. After the success of a European rescue package this week, Senate Republicans and the Trump administration are struggling to reach consensus on another stimulus plan.
“I’m more concerned going into the August, September period: what’s going to then be the next catalyst to take the broader market higher,” Andrew Sheets, a cross-asset strategist at Morgan Stanley, said on Bloomberg TV. It’s going to be “a tougher period for stocks,” he said.
Earnings remained in focus. Texas Instruments Inc. dropped after urging caution. Snap Inc. tumbled following a miss on its user-growth targets.
Elsewhere, oil in New York dropped from a four-month high on signs of a surprise gain in U.S. crude stockpiles.
Here are some key events coming up:
* Quarterly earnings gather steam, with reports due from Blackstone Group, Roche, Intel, Unilever, Canadian Pacific, Daimler, Hyundai and Mattel.
* U.S. weekly jobless claims come on Thursday.

These are the main moves in markets:
Stocks
*The S&P 500 Index increased 0.6% to 3,276.08 as of 4:01 p.m. New York time, the highest in five months.
*The Dow Jones Industrial Average advanced 0.6% to 27,005.66, the highest in six weeks on the biggest gain in a week.
*The Nasdaq Composite Index climbed 0.2% to 10,706.13.
*The Stoxx Europe 600 Index decreased 0.9% to 373.44, the biggest dip in four weeks.
Currencies
*The Bloomberg Dollar Spot Index decreased 0.3% to 1,191.97, the lowest in more than 19 weeks.
*The euro gained 0.4% to $1.1574, the strongest in about 21 months.
*The Japanese yen weakened 0.4% to 107.20 per dollar, the largest dip in four weeks.
Bonds
*The yield on 10-year Treasuries decreased one basis point to 0.60%, the lowest in three months.
*Germany’s 10-year yield dipped three basis points to -0.49%, the lowest in almost two months on the largest decrease in almost three weeks.
*Britain’s 10-year yield dipped two basis points to 0.12%, the lowest on record.
Commodities
*West Texas Intermediate crude decreased 0.2% to $41.84 a barrel.
*Gold strengthened 1.4% to $1,868.52 an ounce, the highest in about nine years on the biggest jump in almost 11 weeks.
*Copper dipped 1.1% to $2.93 a pound, the first retreat in a week.
–With assistance from Claire Ballentine and Vildana Hajric.
Have a great night.

Be magnificent!
As ever,

Carolann

It would be very nice if at the end of our lives we could feel that we’d never done anyone any harm.
                                           -Agatha Christie, 1890-1976

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

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

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

Dear Friends,

Tangents:
On July 21, 1925, the ”monkey trial” ended in Dayton, Tenn., with John T. Scopes convicted of violating state law for teaching Darwin’s theory of evolution. (The conviction was later overturned.) Go to article »

Polar bears may become nearly extinct by the end of the century as a result of shrinking sea ice in the Arctic if global warming continues unabated, scientists said-NY Times

Stars aligned. Hundreds of astrophysicists from around the world teamed up to produce the largest 3D map of the universe that tracks its growth over 11 billion years and details more than 2 million galaxies and quasars. -Bloomberg.

A hungry caterpillar munching on ice cream, a smiling sun peeking over the horizon: Scroll through the sweet illustrations of the children’s author Eric Carle.-Bloomberg.
Four or 40 years old, inflatable pools are for everyone now.-Bloomberg.
The app of the summer is a random-number generator.-Bloomberg.

PHOTOS OF THE DAY

This adorable images shows a trio of Raccoons poking their heads out of their den. The perfectly timed images was captured by Canadian photographer Kevin Biskaborn in the South Western region of Ontario. The three Raccoon cubs clamber over each other to get a peek.
CREDIT: KEVIN BISKABORN/ SWNS

Members of public watch the sun as it rises over the London skyline earlier this morning from Richmond Park, UK. The weather is set to be sunny in the capital city over the next few days.
CREDIT: RICK FINDLER

Tourists stroll through lavender fields at Farm Tomita in Nakafurano in Hokkaido, northern Japan.
CREDIT: NEWSCOM/ALAMY LIVE NEWS
Market Closes for July 21st , 2020 

 

Market Index	Close	Change
Dow Jones	26840.40	+159.53
		+0.60%
S&P 500	3257.30	+5.46
		+0.17%
NASDAQ	10680.363	-86.729 -0.81%
TSX	16162.96	-20.70
		-0.13%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22884.22	+166.74
		+0.73%
HANG SENG	25635.66	+577.67
		+2.31%
SENSEX	37930.33	+511.34
		+1.37%
FTSE 100*	6269.73	+8.21 +0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.516	0.514
CND. 30 Year Bond	0.988	0.982
U.S.    10 Year Bond	0.6004	0.6102
U.S. 30 Year Bond	1.3071	1.3116

Currencies

BOC Close	Today	Previous
Canadian $	0.74313	0.73876
US $	1.34566	1.35362
Euro Rate 1 Euro=		Inverse
Canadian $	1.55063	0.64490
US $	1.15232	0.86781

Commodities

Gold	Close	Previous
London Gold Fix	1815.65	1807.35
Oil
WTI Crude Future	41.96	40.81

Market Commentary:
On this day in 1933, as Wall Street began to digest the implications of President Franklin D. Roosevelt’s “New Deal”—including the Glass-Steagall Act, enacted just over one month earlier—the Dow Jones Industrial Average dropped 7.8% (or 7.55 points) to close the day at a dismal 88.71.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks closed lower Tuesday despite a strong start to the session, weighed down by technology
shares.
The S&P/TSX Composite Index lost 0.1%, with Shopify Inc. dropping 6.4%, leading tech equities lower. Energy posted a strong session as oil rose to the highest level since early March in London.
Canadian retail sales have rebounded sharply after historic declines in March and April, with vendors making up almost all of their pandemic losses, Statistics Canada reported Tuesday.
On the virus front, Covid antibodies in patients with mild symptoms fade quickly, raising concerns that their immunity from a future infection may not last very long, researchers said in the New England Journal of Medicine.
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold rose 1.3% to ~$1,841 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.6% to C$1.3454 per U.S. dollar
* The 10-year government bond yield edged lower to 0.514%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.1 percent at 16,162.96 in Toronto. The move follows the previous session’s increase of 0.4 percent.
Shopify Inc. contributed the most to the index decline and had the largest move, decreasing 6.4 percent.
Today, 123 of 221 shares fell, while 94 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* This month, the index rose 4.2 percent
* The index declined 2 percent in the past 52 weeks. The MSCI AC Americas Index gained 8.8 percent in the same period
* The S&P/TSX Composite is 10.1 percent below its 52-week high on Feb. 20, 2020 and 44.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.6 percent in the past 5 days and rose 4.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.1 on a trailing basis and 24.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.46t
* 30-day price volatility fell to 18.86 percent compared with 19.07 percent in the previous session and the average of 19.71 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -77.9186| -4.6| 2/8
Industrials | -19.6215| -1.0| 7/21
Consumer Staples | -12.7391| -1.8| 1/10
Real Estate | -6.2930| -1.3| 3/24
Utilities | -4.9544| -0.6| 4/11
Communication Services | -3.9072| -0.5| 2/6
Consumer Discretionary | -3.1988| -0.6| 7/5
Health Care | -1.7040| -1.0| 3/5
Materials | 17.3081| 0.7| 28/21
Financials | 20.3239| 0.4| 14/11
Energy | 72.0108| 3.7| 23/1
US
By Todd White
(Bloomberg) — U.S. stocks eked out a third straight gain, though finished well off session highs after Senator Mitch McConnell cast doubt on reaching a fresh rescue bill before some current benefits expire.
The S&P 500 rode a rally in energy and financial stocks to a fresh four- month high. Its advance was checked when the Senate majority leader told Politico he doesn’t expect a bill to pass within two weeks. Stocks were higher for most of the session after European Union leaders clinched a rescue package. That also sent the euro to the highest since 2019.
“We are very likely getting a deal, but we should also expect dramatic headlines and the volatility associated with them,” said Dennis DeBusschere, a strategist at Evercore ISI.
Tech shares led declines a day after the biggest rally since April. Corporate earnings and positive vaccine news had boosted sentiment. Texas Instruments reported earnings after the close. Oil surged, lifting Exxon Mobil and Chevron in the Dow Jones Industrial Average.
The Nasdaq 100 edged lower after closing at an all-time high, with investors awaiting a spate of mega cap tech earnings later this week. The gauge has surged 25% in 2020, in large part to a meteoric advance in Amazon.com Inc., which added $117 billion to its market value just on Monday.
Here are some key events coming up:
* Quarterly earnings gather steam, with reports due from Microsoft, Blackstone Group, Roche, Intel, Unilever, Canadian Pacific, Tokyo Steel, Daimler, Hyundai and Mattel.
* The EIA crude oil inventory report is due Wednesday.
* U.S. weekly jobless claims come on Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% as of 4 p.m. New York time.
* The Nasdaq 100 Index fell 1.1%.
* The Stoxx Europe 600 Index increased 0.3%.
* The MSCI Emerging Market Index increased 2.1%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.7%.
* The euro rose 0.6% to $1.1521.
* The British pound gained 0.6% to $1.2732.
* The Japanese yen strengthened 0.4% to 106.80 per dollar.
Bonds
* The yield on 10-year Treasuries slipped to 0.60%.
* The two-year rate fell to 0.139%
* Germany’s 10-year yield rose less than one basis point to -0.46%.
* Britain’s 10-year yield dipped less two basis points to 0.136%.
Commodities
* West Texas Intermediate crude increased 2.8% to $41.96 a barrel.
* Silver strengthened 5.2% to $20.94 per ounce.
* Iron ore rose 1.9% to $108.02 per metric ton.
–With assistance from Andreea Papuc.

Have a great night.

Be magnificent.
As ever,

Carolann

All great things are simple, and many can be expressed
in single words: freedom, justice, honor, duty, mercy, hope.
                                 -Sir Winston Churchill, 1874-1965

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

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

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

Dear Friends,

Tangents: Moon Day.
On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon. Go to article »

You can catch Comet NEOWISE — one of the brightest comets in a generation — without a telescope. Here’s how. –The NY Times.

Stargazers in the Northern Hemisphere will be able to see the comet NEOWISE in the sky this month. Take advantage now, because once it disappears from view it won’t be
visible here for another 6,800 years. -CNN.

Japanese company makes masks that can translate and transcribe speech. (h/t Uffe Galsgaard), Bloomberg.

Six ways to think about the long term. –Bloomberg. 

PHOTOS OF THE DAY

The Milky Way galaxy is seen in the sky above the International Car Forest of the Last Church in Goldfield, Nevada.
CREDIT: DAVID BECKER/AFP

Colourful wildflowers next to Whitburn Windmill near Sunderland.
CREDIT: OWEN HUMPHREYS/PA WIRE

An eagle shows it would be a dab hand as a contortionist as it bends it’s head backwards to see what is happening behind it. The incredible moment was captured along the banks of the Chobe River in Botswana.
CREDIT: NEAL COOPER/SOLENT NEWS & PHOTO AGENCY

Derbyshire landscape at sunrise. Whaley Bridge and Chapel-en-le-Frith area, UK.
CREDIT: JOHN FINNEY/WENN

Market Closes for July 20th , 2020 

Market Index	Close	Change
Dow Jones	26680.87	+8.92
		+0.03%
S&P 500	3251.84	+27.11
		+0.84%
NASDAQ	10767.094	+263.904 +2.51%
TSX	16183.66	+60.18
		+0.37%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22717.48	+21.06
		+0.09%
HANG SENG	25057.99	-31.18
		-0.12%
SENSEX	37418.99	+398.85
		+1.08%
FTSE 100*	6261.52	-28.78 -0.46%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.514	0.526
CND. 30 Year Bond	0.982	1.005
U.S.    10 Year Bond	0.6102	0.6266
U.S. 30 Year Bond	1.3116	1.3289

Currencies

BOC Close	Today	Previous
Canadian $	0.73876	0.73620
US $	1.35362	1.35832
Euro Rate 1 Euro=		Inverse
Canadian $	1.54924	0.64548
US $	1.14452	0.87373

Commodities

Gold	Close	Previous
London Gold Fix	1807.35	1807.70
Oil
WTI Crude Future	40.81	40.59

Market Commentary:
On this day in 1969, Neil Armstrong, Buzz Aldrin and Michael Collins landed their Eagle lunar module in the Sea of Tranquility on the surface of the moon. The world watched dumbstruck as the historic event was broadcast live, but Wall Street yawned, as the Dow Jones Industrial Average dropped 1.4% the following trading day.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose to their highest level since March 5 as information technology and materials stocks outperformed. Investors also assessed encouraging news on a potential virus vaccine. The S&P/TSX Composite Index gained 0.4%. Shopify Inc. rose 8.5%, leading tech shares higher. Nine of eleven sectors still lagged. Silver futures latched on to gold’s rally, climbing above $20 an ounce to the highest since 2016 on rising haven demand and concerns about supply of the white metal. Meanwhile, one analyst sees Loblaw Cos. suffering a quarterly hit to profits as second-quarter results are due later this week.
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,814.50 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3538 per U.S. dollar
* The 10-year government bond yield fell 1.5 basis points to 0.511%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.4 percent, or 60.18 to 16,183.66 in Toronto. The index advanced to the highest closing level since March 5. Today, information technology stocks led the market higher, as 2 of 11 sectors gained; 92 of 221 shares rose, while 126 fell. Shopify Inc. contributed the most to the index gain, increasing 8.5 percent. SilverCrest Metals Inc. had the largest increase, rising 11.2 percent.
Insights
* This month, the index rose 4.3 percent
* The index declined 1.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 8.6 percent in the same period
* The S&P/TSX Composite is 9.9 percent below its 52-week high on Feb. 20, 2020 and 44.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 3.5 percent in the past 5 days and rose 4.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.3 on a trailing basis and 25 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.45t
* 30-day price volatility fell to 19.07 percent compared with 19.16 percent in the previous session and the average of 19.76 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 90.6287| 5.7| 9/1
Materials | 47.9169| 2.0| 40/10
Real Estate | -0.7612| -0.2| 9/17
Health Care | -1.7540| -1.0| 3/6
Industrials | -2.2744| -0.1| 13/15
Consumer Staples | -2.7601| -0.4| 1/10
Utilities | -5.0492| -0.6| 5/11
Consumer Discretionary | -6.0416| -1.1| 2/11
Communication Services | -14.5234| -1.7| 0/7
Financials | -21.0653| -0.5| 8/16
Energy | -24.1332| -1.2| 2/22
US
By Anchalee Worrachate and Vildana Hajric
(Bloomberg) — U.S. stocks advanced to the highest since February, with the stay-at-home trade thriving even as investors received encouraging news on a potential virus vaccine. The dollar weakened to an almost six-week low. The S&P 500 turned positive for the year as its rally took it to levels last seen just as the pandemic was starting. The Nasdaq 100 jumped the most since April, hitting a record high, after Amazon.com and Zoom Technologies soared on demand for companies that benefit from diminished economic activity. AstraZeneca jumped to a record after results from a vaccine trial were published, but the rally faded after analysts said the data, while good, weren’t as stellar as hoped for. A slew of earnings are due this week, including from Microsoft, Intel, Tesla and Twitter. Investors are also keeping an eye on Washington, where lawmakers are starting to hammer out a rescue package to replace some of the expiring benefits earlier versions contained. Euro- area leaders appeared close to an agreement on stimulus, while the total size of the recovery package is in flux, an earlier proposal was for 750 billion euros ($858 billion).
Italy’s 10-year bond yield spread over Germany, a key gauge of risk in the euro region, fell to the lowest level since March. Oil climbed above $40 a barrel. European stocks advanced. EU Holdouts Ready to Accept 390 Billion Euros in Grants for Fund While stock markets have inched higher in recent weeks, there are still plenty of worries about the health of the global economy, especially with the virus spreading unabated in parts of the U.S. In the euro area, unemployment could hit almost 10% by the end of the year as the economy slumps, according to a Bloomberg survey. A Jobless Recovery Is Becoming a Real Risk for Europe’s Economy New York Governor Andrew Cuomo threatened to close down all bars and restaurants if large street gatherings continue and his social distance and mask regulations aren’t enforced. Hong Kong added a record 108 infections, will require civil servants to work from home and plans to mandate wearing of masks in all shared indoor areas. ”The economic dislocation of Covid-19 triggered a tremendous response by fiscal and monetary policy makers as well as central banks,” said Gene Tannuzzo, a portfolio manager at Columbia Threadneedle. “These measures helped to stabilize markets, yet we still find ourselves in an environment of continuous low growth.”
Here are some key events coming up:
* Quarterly earnings gather steam, including Blackstone Group, Microsoft, Roche, Intel, Unilever, Canadian Pacific, UBS, Tokyo Steel, Daimler, Hyundai and Mattel.
* The EIA crude oil inventory report is due Wednesday.
* U.S. weekly jobless claims come on Thursday.

These are the main moves in markets:
Stocks
The S&P 500 Index gained 0.8% to 3,251.84 as of 4:01 p.m. New York time, the highest in five months.
The Nasdaq Composite Index increased 2.5% to 10,767.09, the highest on record with the biggest climb in almost 12 weeks.
The Dow Jones Industrial Average was little changed at 26,680.93.
The Stoxx Europe 600 Index increased 0.8% to 375.51, the highest in more than 19 weeks.
Currencies
The Bloomberg Dollar Spot Index declined 0.2% to 1,202.49, the lowest in almost six weeks.
The euro climbed 0.1% to $1.1445, the strongest in 19 weeks.
The Japanese yen depreciated 0.3% to 107.32 per dollar, the weakest in almost two weeks.
Bonds
The yield on 10-year Treasuries fell one basis point to 0.61%, the lowest in more than 11 weeks on the biggest fall in a week.
Germany’s 10-year yield dipped one basis point to -0.46%.
Britain’s 10-year yield decreased one basis point to 0.151%.
Commodities
West Texas Intermediate crude increased 0.2% to $40.68 a barrel.
Gold strengthened 0.4% to $1,818.48 an ounce, the highest in about nine years.
Copper advanced 0.6% to $2.92 a pound, the largest gain in a week.

Have a great night.

Be magnificent!
As ever,

Carolann

Rejoice in the things that are present; all else is beyond thee.
                                  -Michel de Montaigne, 1533-1592

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

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

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