Month: July 2020

Dear Friends,

Tangents: Happy Friday.  Full moon this weekend!
The next full Moon will occur on Sunday, July 5, 2020, at 12:44AM ET, and is known as the Full Buck Moon. It is also known as the Thunder Moon, Hay Moon, or the Wort Moon.

Battle of Gettysburg, largest battle every fought on the American continent, ends in a major victory for the Union during the US Civil War:
On July 3, 1863, the Civil War Battle of Gettysburg in Pennsylvania ended after three days in a major victory for the North as Confederate troops retreated.  Go to article »

The Golden Gate Bridge’s neighbors have a problem: The bridge fancies itself a singer, but it’s terrible. –The Seattle Times.

PHOTOS OF THE DAY
A field of lavender in Puimoisson, southern France
CREDIT: THE TELEGRAPH, July 3, 2020

A White-naped Crane chick hatched at Birdland, Bourton- on the Water in the Cotswolds.
The birds, native to Mongolia and central Asia, have built their nest on the river Windrush that runs through the park that recently reopened following the pandemic. The vulnerable species has only approximately 5000 individual birds left in the wild, the pair at Birdland are part of a European breeding program.
CREDIT: MIKAL LUDLOW PHOTOGRAPHY

A tourist walking among a lotus pond in Shuangxi districts, in New Taipei City
CREDIT: SAM THE/AFP/GETTY IMAGES
Market Closes for July 3^rd , 2020 

Market Index	Close	Change
Dow Jones	Closed	N.A
S&P 500	Closed	N.A
NASDAQ	Closed	N.A
TSX	15622.40	+107.18
		+0.69%

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22306.48	+160.52
		+0.72%
HANG SENG	25373.12	+248.93
		+0.99%
SENSEX	36021.42	+177.72
		+0.50%
FTSE 100*	6157.30	-83.06 -1.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.558	0.560
CND. 30 Year Bond	1.007	1.012
U.S.    10 Year Bond	0.6693	0.6693
U.S. 30 Year Bond	1.4272	1.4272

Currencies

BOC Close	Today	Previous
Canadian $	0.73785	0.73699
US $	1.35529	1.35686
Euro Rate 1 Euro=		Inverse
Canadian $	1.52385	0.65623
US $	1.12438	0.88938

Commodities

Gold	Close	Previous
London Gold Fix	1777.45	1771.05
Oil
WTI Crude Future	40.65	40.65

Market Commentary:
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares snapped a three-day winning streak and fell Friday amid subdued trading as U.S. markets stayed shut for Independence Day holiday.
The S&P/TSX Composite Index fell 0.2%, with most sectors posting declines for the day. Cannabis stocks were among laggards as Organigram Inc. announced layoffs and said it expects to post a decline in net revenue for the fiscal third quarter. The benchmark still posted a weekly gain.
Oil slipped on Friday, paring a weekly gain, as concern of demand erosion from a coronavirus resurgence countered strong U.S. economic data. Construction on the controversial Keystone XL oil pipeline has begun in Canada, and the premier of the nation’s top oil- producing province says the project’s momentum may make it
difficult for a future U.S. administration to cancel it.
Meanwhile, Prime Minister Justin Trudeau is suspending Canada’s extradition treaty with Hong Kong, making it the first country to break law enforcement links with the former British colony since China tightened its control over the territory.
Commodities
* Western Canada Select crude oil traded at a $9.00 discount to West Texas Intermediate
* Spot gold rose 0.1% to $1,777 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3554 per U.S. dollar
* The 10-year government bond yield edged lower to 0.557%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 15,596.75 in Toronto. The move follows the previous session’s increase of 0.7 percent.
Shopify Inc. contributed the most to the index decline, decreasing 0.7 percent. Ero Copper Corp. had the largest drop, falling 4.6 percent.
Today, 130 of 222 shares fell, while 89 rose; 7 of 11 sectors were lower, led by information technology stocks.
Insights
* So far this week, the index rose 2.7 percent
* The index declined 5.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 3.7 percent in the same period
* The S&P/TSX Composite is 13.2 percent below its 52-week high on Feb. 20, 2020 and 39.6 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 24.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.37t
* 30-day price volatility rose to 19.78 percent compared with 19.76 percent in the previous session and the average of 20.13 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -7.8117| -0.5| 5/5
Industrials | -5.9900| -0.3| 14/14
Financials | -3.6614| -0.1| 9/16
Utilities | -2.2414| -0.3| 6/10
Health Care | -2.1670| -1.3| 2/7
Materials | -1.9724| -0.1| 24/27
Energy | -0.4581| 0.0| 9/14
Real Estate | 0.0000| 2.8| 5/20
Consumer Discretionary | 0.2785| 0.1| 3/10
Communication Services | 1.7064| 0.2| 4/4
Consumer Staples | 1.8574| 0.3| 8/3
US
All US markets were closed today for the Independence Day holiday.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

No one is born hating another person because of the color of his skin, or his background, or his religion.
People must learn to hate, and if they can learn to hate, they can be taught to love, for love
comes more naturally to the human heart than its opposite.
                                                                                                   -Nelson Mandela, 1918-2013

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: It’s  Halfway Day- 182^nd day of the year!

1776: Declaration of Independence, USA.

The glorious “Hamilton” comes to our living rooms tomorrow. It’s a dream to watch, critic Moira Macdonald writes in her roundup of new must-see streaming offers. –The Seattle Times.

Still-forming planet looks like flapping bat wings around a star. –Ellen Kominers, Bloomberg.

Monstrous black hole found devouring about one sun every day. -Bloomberg.

On July 2, 1937, aviator Amelia Earhart and navigator Fred Noonan disappeared over the Pacific Ocean while attempting to make the first round-the-world flight at the equator. Go to article »

The jaunty song of the white-throated sparrow, above, plays on loop across North America, sounding something like “Old Sam Peabody-Peabody-Peabody.”  But it seems that Canadian sparrows want to sing something new. A study that took 20 years of research tracked how the song’s hook — its triplet ending — is being replaced by a new, doublet-ending variant, which sounds more like “Old Sam Peabuh-Peabuh-Peabuh-Peabuh.” You can listen to both versions here.
The new song is a certified hit and is making its way to the Northeastern United States: Some of the Canadian sparrows winter in the Southern U.S., where they’re probably sharing the song, like a passed-around mixtape. –The New York Times.

Interesting article:
Did a Chinese hack kill Canada’s greatest tech company? -Bloomberg.

PHOTOS OF THE DAY

Fireworks light up the sky in New York City, July 4^th firework displays are spread over 6 parts in locations around the city that are kept secret in an attempt to minimize crowds gathering in the midst of the COVID-19 pandemic.
CREDIT: ARTURO HOLMES/GETTY IMAGES

The Dollshouse Exhibition, a collection of over 70 Dollshouses created by Caroline Hamilton and Jane at Newby Hall, Fiddick, Skelton-on-Ure in North Yorkshire, England.
CREDIT: CHARLOTTE GRAHAM FOR THE DAILY TELEGRAPH

Children dive into the Buriganga River on a hot summer day in Dhaka, Bangladesh.
CREDIT: MAMUNUR RASHID/NURPHOTO

Market Closes for July 2^nd , 2020 

Market Index	Close	Change
Dow Jones	25827.36	+92.39
		+0.36%
S&P 500	3130.01	+14.15
		+0.45%
NASDAQ	10207.629	+53.000 +0.52%
TSX	15622.40	+107.18
		+0.69%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22145.96	+24.23
		+0.11%
HANG SENG	25124.19	+697.00
		+2.85%
SENSEX	35843.70	+429.25
		+1.21%
FTSE 100*	6240.36	+82.40 +1.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.560	0.528
CND. 30 Year Bond	1.012	0.991
U.S.    10 Year Bond	0.6693	0.6561
U.S. 30 Year Bond	1.4272	1.4107

Currencies

BOC Close	Today	Previous
Canadian $	0.73699	0.73665
US $	1.35686	1.35749
Euro Rate 1 Euro=		Inverse
Canadian $	1.52499	0.65574
US $	1.12391	0.88975

Commodities

Gold	Close	Previous
London Gold Fix	1771.05	1771.60
Oil
WTI Crude Future	40.65	39.27

Market Commentary:
On this day in 1862, the Internal Revenue Service was created by act of Congress to collect income taxes to finance the Civil War. Declared unconstitutional by the U.S. Supreme Court in 1895, federal income tax came back from the dead in 1913.
Canada
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.7 percent, or 107.18 to 15,622.40 in Toronto. The index advanced to the highest closing level since June 10. Today, information technology stocks led the market higher, as 9 of 11 sectors gained; 130 of 222 shares rose, while 90 fell. Shopify Inc. contributed the most to the index gain, increasing 8.4 percent. Seven Generations Energy Ltd. had the largest increase, rising 14.9 percent.
Insights
* So far this week, the index rose 2.9 percent
* The index declined 4.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 4.5 percent in the same period
* The S&P/TSX Composite is 13.1 percent below its 52-week high on Feb. 20, 2020 and 39.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.1 percent in the past 5 days and rose 2.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 24.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 92.8379| 5.8| 8/2
Real Estate | 13.8889| 2.8| 25/2
Utilities | 11.6800| 1.5| 14/2
Energy | 8.9120| 0.5| 15/9
Consumer Staples | 4.5611| 0.7| 7/2
Consumer Discretionary | 2.1575| 0.4| 9/4
Financials | 2.1541| 0.0| 11/14
Communication Services | 1.1679| 0.1| 5/3
Health Care | 0.3566| 0.2| 7/2
Industrials | -0.6120| 0.0| 16/12
Materials | -29.8964| -1.3| 13/38
of C$2.36t
* 30-day price volatility fell to 19.76 percent compared with 19.88 percent in the previous session and the average of 20.17 percent over the past month
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks pared gains on speculation that a second wave of coronavirus cases could jeopardize an economic rebound from the sharpest contraction on record. The S&P 500 came off session highs amid a plunge in trading volume ahead of a holiday on news that U.S. virus cases had the biggest increase since May 9. Earlier, Florida reported that infections and hospitalizations jumped the most ever, and Houston had a surge in intensive-care patients. The figures offset data showing payrolls increased by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month.

The U.S. labor market made greater progress than expected last month digging out of a deep hole, yet optimism over the rebound was tempered by stubbornly high layoffs and a resurgent coronavirus outbreak across the country. President Donald Trump still said the report shows the economy is “roaring back.” Massive monetary and fiscal policy stimulus helped lower borrowing costs and keep the financial system liquid in a time of stress — while propelling the stock market higher. “There’s still a general positive sentiment about how quickly we’re seeing the recovery,” said Chris Gaffney, president of world markets at TIAA Bank. “But we do think you’re going to see the recovery level off, especially if we continue to see higher case numbers on the virus.” Investors also assessed remarks from White House Economic Adviser Larry Kudlow, who told Fox Business Network that “we are very unhappy with China” and “there are going to be export restrictions.” U.S. stocks are poised to rise this quarter if history is any guide, according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. Lerner cited the S&P 500’s track record after its biggest quarterly gains since 1950 in a report Tuesday. The gains ranged from 15% to 22%, in line with last quarter’s 20% increase, according to data compiled by Bloomberg. In each case, the S&P 500 rose in the following quarter. The average advance was 8.4%.
These are some of the main moves in markets:
Stocks
* The S&P 500 gained 0.5% as of 4 p.m. New York time.
* The Dow Jones Industrial Average increased 0.4%.
* The Nasdaq Composite Index advanced 0.5%.
* The Stoxx Europe 600 Index added 2%.
* The MSCI Asia Pacific Index increased 1.7%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1%.
* The euro fell 0.1% to $1.124.
* The Japanese yen weakened 0.1% to 107.53 per dollar.
Bonds
* The yield on 10-year Treasuries declined one basis point to 0.67%.
* Germany’s 10-year yield sank three basis points to -0.43%.
* Britain’s 10-year yield fell three basis points to 0.186%.
Commodities
* The Bloomberg Commodity Index advanced 0.7%.
* West Texas Intermediate crude advanced 1.2% to $40.29 a barrel.
* Gold increased 0.5% to $1,788.30 an ounce.
–With assistance from Adam Haigh, Michael Hunter, Todd White,
Sophie Caronello, Nancy Moran, David Wilson, Amena Saad and Vivien Lou Chen.

Have a great night.

Be magnificent!
As ever,

Carolann

Memories of our lives, of our works and our deeds will continue in others.
                                                                   -Rosa Parks, 1913-2005

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

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

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