Month: June 2021

Dear Friends,

Tangents:
June 16, 2020~ First major breakthrough in treating COVID-19 using steroid dexamethasone announced by Oxford University.

On June 16, 1933, President Roosevelt opened his New Deal recovery program, signing bank, rail, and industry bills and initiating farm aid.  Go to article »

Strange blinking star near heart of Milky Way catches scientists’ eyes.

The difference between a digital dollar and a CBDC. 

Can a $110 million helmet unlock the secrets of the mind? Bloomberg Businessweek reports on how Bryan Johnson, who made a fortune in online payment processing, has spent a lot of that money building hardware meant to radically expand science’s understanding of the brain’s aging and effects on the body.

PHOTOS OF THE DAY

Wildlife photographer David Weiller snapped these stunning close-up images of the colourful Puss moth Caterpillar (Cerura Vinulais) near his home in his native France. This cartoon-like caterpillar will usually camouflage itself effectively among the leaves which it feeds on, but if disturbed, it has an extraordinary defensive strategy where it will wave around the two long red whip-like appendages from its tail. If further deterrent is still needed, the caterpillar can squirt acid from its thorax in order to deter potential predators.  
CREDIT: DAVID WEILLER/WENN

Sarah Blencowe from Brighton shows off a fine fascinator at Royal Ascot
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Hoglets snuggle up to Yasha the cat in the house of its owner Ksenia Krasilnikova in the village of Okhotnikovo, Crimea. Krasilnikova has found seven abandoned baby hedgehogs in her yard and feeds them, while her male cats Yasha and Murchik comfort the hoglets and keep them warm.
CREDIT: ALEXEY PAVLISHAK/REUTERS

Market Closes for June 16^th, 2021

Market Index	Close	Change
Dow Jones	34033.67	-265.66
		-0.77%
S&P 500	4223.70	-22.89
		-0.54%
NASDAQ	14039.68	-33.18 -0.24%
TSX	20230.96	-0.36
		–%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29291.01	-150.29
		-0.51%
HANG SENG	28436.84	-201.69
		-0.70%
SENSEX	52501.98	-271.07
		-0.51%
FTSE 100*	7184.95	+12.47 +0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.441	1.385
CND. 30 Year Bond	1.951	1.941
U.S.    10 Year Bond	1.5754	1.4939
U.S. 30 Year Bond	2.2073	2.1905

Currencies

BOC Close	Today	Previous
Canadian $	0.8147	0.8207
US $	1.2275	1.2184
Euro Rate 1 Euro=		Inverse
Canadian $	1.4725	0.6791
US $	1.1996	0.8336

Commodities

Gold	Close	Previous
London Gold Fix	1865.10	1865.60
Oil
WTI Crude Future	72.15	72.12

Market Commentary:
     On this day in 1812, the state of New York chartered a new institution called City Bank of New York, capitalized at $2 million, with $800,000 already raised. Today it is a global behemoth called Citigroup.
Canada
By Aoyon Ashraf and Michael Bellusci
(Bloomberg) — Canadian stocks closed little changed on the day after initially rising when U.S. Federal Reserve officials signaled two rate hikes by the end of 2023. The S&P/TSX Composite Index was flat, with eight of eleven sectors declining. Tech and financials were among gainers.  Gold fell to a four-week low after the Fed outlook revision. Meanwhile, inflation in Canada accelerated to its highest level in a decade, in what policy makers are saying will only be a temporary run-up in prices.
Commodities
* Western Canadian Select crude oil traded at a $13.65 discount to West Texas Intermediate
* Spot gold was flat around $1,859.28 an ounce
FX/Bonds
* The Canadian dollar fell 0.7% to C$1.2267 per U.S. dollar
* The 10-year Canada government bond yield rose 5.7 basis points to 1.439%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 20,230.96 in Toronto, ending a 4-day gain.  The loss follows the previous session’s increase of 0.4 percent. Canadian National Railway Co. contributed the most to the index decline, decreasing 1.3 percent. BlackBerry Ltd. had the largest drop, falling 7.4 percent. Today, 144 of 229 shares fell, while 80 rose; 8 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 8.2 percent
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 37 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on June 16, 2021 and 33.6 percent above its low on June 24, 2020
* The S&P/TSX Composite is up 1.1 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 23.2 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 8.38 percent compared with  8.48 percent in the previous session and the average of 9.32 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -20.8289| -0.8| 11/38
* Industrials | -19.6785| -0.8| 9/21
* Energy | -12.2794| -0.5| 10/13
* Consumer Discretionary | -9.0921| -1.1| 4/9
* Consumer Staples | -6.0074| -0.8| 3/10
* Communication Services | -2.7937| -0.3| 1/7
* Utilities | -1.9939| -0.2| 4/12
* Health Care | -1.7884| -0.7| 3/7
* Real Estate | 0.8777| 0.1| 14/11
* Financials | 35.2727| 0.6| 18/8
* Information Technology | 37.9622| 1.9| 3/8
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian National | -8.8320| -1.3| 36.2| -5.5
* Canadian Natural | | | |
* Resources | -6.5290| -1.7| 103.3| 48.4
* Magna International | -6.0110| -2.7| 10.3| 26.7
* Bank of Nova Scotia | 6.0860| 0.9| -21.2| 19.1
* Bank of Montreal | 8.1190| 1.4| 23.6| 33.6
* Shopify | 45.7100| 3.6| 47.5| 16.2
================================================================
Biggest | |Index Points | Volume VS |YTD Change
Gainers | % Change | Move |20D AVG (%)| (%)
================================================================
* Denison Mines | 5.9| 0.4450| 20.7| 114.3
* Cascades | 3.9| 0.3140| 23.2| 2.0
* Shopify | 3.6| 45.7100| 47.5| 16.2

US
By Katie Greifeld and Kamaron Leach
(Bloomberg) — Bond yields jumped and stocks fell for a second day after Federal Reserve officials signaled they’ll begin dialing back the stimulus that has fueled the recovery from the pandemic. Stocks closed off the lows of the day after Fed Chair Jerome Powell downplayed the risk of an immediate rate increase. The S&P 500 index had initially tumbled when policymakers disclosed that they expect two interest rate increases by the end of 2023. The dollar strengthened versus major peers. Yields on benchmark 10-year Treasury notes rose from an almost three-month low, while five-and seven-year notes  fell more as the market repriced the timing of rate increases. Crude oil edged lower after earlier rising as much as 1.2% in New York as the strengthening dollar reduced the appeal of commodities priced in the currency. “First blush is obviously a hawkish read,” said Michael Contopoulos, Richard Bernstein Advisors LLC’s director of fixed income and portfolio manager. “This supports the reflation, higher rates theme and likely adds more fuel to the taper talk fire for Jackson Hole or September FOMC at the latest.”
The central bank held the target range for its benchmark policy rate unchanged at zero to 0.25% — where it’s been since March 2020 — and pledged to continue asset purchases at a $120 billion monthly pace until “substantial further progress” had been made on employment and inflation. The quarterly projections showed 13 of 18 officials favored at least one rate increase by the end of 2023, versus seven in March. Eleven officials saw at least two hikes by the end of that year. In addition, seven of them saw a move as early as 2022, up from four. “The number of people who moved forward into 2023 is somewhat surprising,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co. In a press conference after the rate decision announcement, Powell appeared to throw some cold water on the market’s initial reaction to the dot plot revision — by going to some lengths to explain that the central bank isn’t really thinking about rate increases right now. “The Fed didn’t rock the boat,” said Ryan Detrick, chief market strategist at LPL Financial. “They increased their inflation outlook and upped GDP forecasts, everyone expected that. Yes, the first hike will now be in 2023, but again, this shouldn’t have been a surprise to anyone.”

Here are some key events to watch this week:
* U.S. Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget
* Rate decisions come from Switzerland and Norway on Thursday
* The Bank of Japan’s monetary policy decision is on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5%, more than any closing loss since May 18 as of 4:02 p.m. New York time
* The Nasdaq 100 fell 0.3% to the lowest since June 10
* The Dow Jones Industrial Average fell 0.8%, more than any closing loss since May 18
* The MSCI World index fell 0.6% at 4:02 p.m. New York time, the most since June 3
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%, more than any closing gain in about a year
* The euro slipped 1%, more than any closing loss in about 15 months
* The British pound slipped 0.6%, more than any closing loss since May 12
* The Japanese yen slipped 0.5%, more than any closing loss since June 3
Bonds
* The yield on 10-year Treasuries advanced eight basis points, more than any closing gain since March 12
* Germany’s 10-year yield declined two basis points to -0.25%
* Britain’s 10-year yield declined two basis points to 0.74%
Commodities
* West Texas Intermediate crude fell 0.4% to $71.84 a barrel
* Gold futures fell 1.4%, falling for the fourth straight day, the longest losing streak since April 30
–With assistance from Vildana Hajric and Claire Ballentine.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

To be prepared is half the victory. -Miguel De Cervantes, 1547-1616.

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:
1215~Magna Carta chartered.
1992 Vice President Dan Quayle erroneously instructed a Trenton, N.J., elementary school student to spell potato as “potatoe” during a spelling bee. Go to article »

The hottest new NFT? The original code for the World Wide Web.

PHOTOS OF THE DAY

An artist has completed the world’s largest chalk drawing measuring a huge 18,500 square feet. Mark Lewis Wagner, 61, from California, US spent six days and 45 hours painting the masterpiece which was inspired by street artwork. The artwork is titled ‘Earth Blessings from Creative Spirit’ and includes a drawing of the earth and slogans that represent social and political causes. The chalk drawing also includes a range of animals from dinosaurs to buffalos to butterflies.
CREDIT: MARK WAGNER / GUAVO.MEDIA / CATERS NEWS AGENCY

Gardener Nicola Bantham, 41, at Seaton Delaval Hall in Northumberland tending to the laburnum arch, planted by Laby Hastings in the 1990s
CREDIT: OWEN HUMPHREYS/PA

Colourful sunset for Jack Porter in Doddiscombsleigh, Devon
CREDIT: NIDPOR / STOCKIMONEWS / ALAMY LIVE NEWS

This image of Chinese youths was created by growing different varieties of rice in a paddy in Shenyang, China
CREDIT: AFP/GETTY

Market Closes for June 15^th, 2021

 

Market Index	Close	Change
Dow Jones	34299.33	-94.42
		-0.27%
S&P 500	4246.59	-8.56
		-0.20%
NASDAQ	14072.86	-101.28 -0.71%
TSX	20231.32	+73.67
		+0.37%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29441.30	+279.50
		+0.96%
HANG SENG	28638.53	-203.60
		-0.71%
SENSEX	52773.05	+221.52
		+0.42%
FTSE 100*	7172.48	+25.80 +0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.385	1.389
CND. 30 Year Bond	1.941	1.949
U.S.    10 Year Bond	1.4939	1.4940
U.S. 30 Year Bond	2.1905	2.1822

Currencies

BOC Close	Today	Previous
Canadian $	0.8207	0.8235
US $	1.2184	1.2143
Euro Rate 1 Euro=		Inverse
Canadian $	1.4775	0.6768
US $	1.2127	0.8246

Commodities

Gold	Close	Previous
London Gold Fix	1865.60	1881.05
Oil
WTI Crude Future	72.12	70.88

Market Commentary:
     On this day in 1215, King John of England signed the Magna Carta, enumerating the principles of limited government, free trade, private property and the liquidation of assets to pay debts.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets advanced on Tuesday, marking the fourth consecutive gain for the benchmark index, as energy and tech stocks outperformed. The S&P/TSX Composite index rose 0.4% in Toronto. Energy stocks were the best performers after oil climbed as a chorus of prominent traders in the crude market said prices will continue to rise after a nearly 50% rally so far this year.  Health care stocks were the worst performers, led by pot companies, after Cowen lowered Tilray’s estimates citing Canadian Covid-19 headwinds. Meanwhile, Glass Lewis urged BlackBerry investors to vote against Prem Watsa as lead director, arguing that he should be held accountable for an executive compensation plan that isn’t in shareholders’ interests.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,858.79 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.2188 per U.S. dollar
* The 10-year Canada government bond yield was mostly unchanged around 1.385%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.4 percent, or 73.67 to 20,231.32 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 1.7 percent. PrairieSky Royalty Ltd. had the largest increase, rising 5.7 percent. Today, 121 of 229 shares rose, while 105 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 8.2 percent
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 40 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on June 15, 2021 and 35.5 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 0.8 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 23.2 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 8.48 percent compared with 8.51 percent in the previous session and the average of 9.36 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 43.1015| 0.7| 23/4
* Energy | 38.5874| 1.4| 20/3
* Information Technology | 21.3641| 1.1| 6/5
* Communication Services | 7.5857| 0.8| 5/3
* Consumer Discretionary | 4.6775| 0.6| 10/3
* Real Estate | 1.5197| 0.2| 15/10
* Consumer Staples | 0.6849| 0.1| 8/5
* Utilities | 0.0193| 0.0| 9/6
* Industrials | -2.6951| -0.1| 10/19
* Health Care | -7.2495| -2.6| 1/9
* Materials | -33.9324| -1.3| 14/38
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 20.5800| 1.7| 21.1| 12.2
* Royal Bank of | | | |
* Canada | 9.1360| 0.7| -16.9| 21.7
* Brookfield Asset | | | |
* Management | 8.1160| 1.4| -10.9| 16.0
* Teck Resources | -4.0600| -4.5| 26.8| 15.8
* Barrick Gold | -4.3390| -1.3| -47.8| -3.7
* First Quantum | | | |
* Minerals | -6.3530| -5.9| 86.6| 15.5
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
* PrairieSky | | | |
* Royalty | 5.7| 1.0810| 20.5| 43.9
* MEG Energy | 5.6| 0.9720| 20.4| 107.0
* Cameco | 5.1| 3.2920| 20.1| 44.3

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks dropped from all-time highs as investors mulled the consequences of a drop in retail sales and an uptick in producer prices while the Federal Reserve holds a two-day policy meeting. Crude oil traded at the highest level since 2018. The real estate and technology sectors weighed on the benchmark S&P 500 index, which snapped a three-session winning streak. Exxon Mobil and Chevron lifted the energy sector with oil rallying. The Treasury 10-year note yield lingered near 1.5% for most of the day after Commerce Department figures showed retail sales declined in May. “After nearly a year of anti-climactic FOMC meetings, tomorrow’s meeting has the potential to move markets because it will likely start the process of the Fed communicating tapering of this historic accommodation,” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “That’s going to be a tricky minefield for the Fed to navigate.” The prevailing mood was calm for much of the day before the Fed’s next policy decision — and possible hints about when the central bank will slow the pace of emergency asset purchases.
The statement is set to include updated forecasts, and expectations are that officials would broadcast any taper plans well in advance. “The one show in town this week is the Fed, so investors have been weighing the possibility of whether the Fed will start to introduce the theme of reining in this ultra-loose policy,” said Fiona Cincotta, senior financial markets analyst at City Index. “That’s the big question — will they introduce that debate or will they let it push over until August?” Economists expect the so-called dot plot to point to an interest-rate increase in 2023, while the bank is unlikely to signal a scaling back of bond purchases until later this year. Elsewhere, European equities were led higher by chemical firms, while Asian stocks were mixed. West Texas Intermediate crude traded around $72 a barrel as investors weighed the outlook for rising demand against extended anti-virus curbs in some economies. Bitcoin continued to gyrate amid a barrage of comments, briefly climbing above $41,000 only to pull back.

Here are some key events to watch this week:
* The Federal Open Market Committee rate decision comes on Wednesday, with a news conference from Jerome Powell after
* U.S. President Joe Biden and Russia’s Vladimir Putin meet Wednesday in Geneva
* U.S. Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget
* Rate decisions come from Switzerland and Norway on Thursday
* The Bank of Japan’s monetary policy decision is on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 0.7%, more than any closing loss since June 3
* The Dow Jones Industrial Average fell 0.3%, more than any closing loss since June 9
* The MSCI World index fell 0.1% at 4:01 p.m. New York time, the most since June 9
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%, climbing for the third straight day, the longest winning streak since March 25
* The euro was little changed at $1.2126
* The British pound fell 0.2% to $1.4081
* The Japanese yen was little changed at 110.06 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.49%
* Germany’s 10-year yield advanced two basis points to -0.23%
* Britain’s 10-year yield advanced two basis points to 0.76%
Commodities
* West Texas Intermediate crude rose 1.9% to $72.25 a barrel
* Gold futures fell 0.3% to $1,860.10 an ounce
–With assistance from David Wilson and Kamaron Leach.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Curiosity is one of the permanent and certain characteristics of a vigorous mind. -Dr. Samuel Johnson, 1709-1784.

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:
1951: Univac computer unveiled.

On June 14, 1982, Argentine forces surrendered to British troops on the disputed Falkland Islands.  Go to article »

Wasabi the Pekingese wins Best in Show at the Westminster Dog Show.  A champion dog with a champion name. (Also, do yourself a favor and bask in photos from the event. It’s called self care.)

I got swallowed by a whale. Ask me anything.

One honeybee cloned itself hundreds of millions of times

PHOTOS OF THE DAY

Two people stand beside St Michael’s Tower as they watch the sunrise from the top of Glastonbury Tor in Somerset
CREDIT: TOBY MELVILLE/REUTERS

Alexander Schulz sets a new world record by completing the acrobatic slackline stunt between the cliffs of West Skye and the famous MacLeods Maidens, Isle of Skye
CREDIT: ONE INCH DREAMS / CATERS NEWS

An Amur Falcon hides in a field of Pogostemon deccanensis flowers in Lonavala, India
CREDIT: @COUNTING_FEATHERS / CATERS NEWS
Market Closes for June 14^th, 2021

 

Market Index	Close	Change
Dow Jones	34393.75	-85.85
		-0.25%
S&P 500	4255.15	+7.71
		+0.18%
NASDAQ	14174.14	+104.72 +0.74%
TSX	20157.65	+19.30
		+0.10%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29161.80	+213.07
		+0.74%
HANG SENG	28842.13	+12.62
		+0.18%
SENSEX	52551.53	+76.77
		+0.15%
FTSE 100*	7146.68	+12.62 +0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.389	1.369
CND. 30 Year Bond	1.949	1.931
U.S.    10 Year Bond	1.4940	1.4502
U.S. 30 Year Bond	2.1822	2.1386

Currencies

BOC Close	Today	Previous
Canadian $	0.8235	0.8220
US $	1.2143	1.2166
Euro Rate 1 Euro=		Inverse
Canadian $	1.4719	0.6794
US $	1.2121	0.8250

Commodities

Gold	Close	Previous
London Gold Fix	1881.05	1888.65
Oil
WTI Crude Future	70.88	70.91

Market Commentary:
     On this day in 2000, the SEC, the FBI, and the U.S. Attorney for the Southern District of New York cracked down on more than 100 alleged mobsters and their cronies, claiming that the mafia—in cahoots with brokers, investment bankers, a money manager, and a retired New York City cop—manipulated the prices of 19 stocks, defrauding thousands of investors out of an estimated $50 million
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks advanced Monday driven by a rally in information technology stocks. The S&P/TSX Composite Index rose 0.1% with mixed performance. Kinaxis (KSX CN +7.3%), Lightspeed (LSPD CN +5.2%), and Shopify (SHOP CN +4.5%) all rose. A key permit for Enbridge Inc.’s Line 3 oil pipeline was upheld by the Minnesota Court of Appeals, removing a potential delay for the controversial project.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold fell 0.6% to $1,865.69 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.2146 per U.S. dollar
* The 10-year Canada government bond yield rose 2.2 basis points to 1.391%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 20,157.65 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 4.5 percent. Kinaxis Inc. had the largest increase, rising 7.3 percent. Today, 89 of 229 shares rose, while 137 fell; 5 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 7.8 percent
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 42 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on June 14, 2021 and 35 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 4.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.2 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility fell to 8.51 percent compared with 8.58 percent in the previous session and the average of 9.40 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 63.7581| 3.3| 9/2
* Energy | 4.8003| 0.2| 8/15
* Utilities | 4.7038| 0.5| 12/4
* Industrials | 4.5453| 0.2| 12/17
* Consumer Staples | 0.0546| 0.0| 8/5
* Real Estate | -2.4973| -0.4| 7/18
* Communication Services | -4.8903| -0.5| 4/4
* Health Care | -6.1626| -2.1| 1/9
* Consumer Discretionary | -7.1585| -0.9| 4/9
* Financials | -15.8538| -0.3| 6/20
* Materials | -21.9878| -0.9| 18/34
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 53.0700| 4.5| 15.2| 10.3
* Enbridge | 16.3800| 2.4| 94.7| 21.4
* Constellation | | | |
* Software | 4.0840| 1.7| 3.1| 9.5
* Magna International | -4.2940| -1.9| -23.4| 30.1
* Nutrien | -5.9540| -1.9| 51.1| 26.4
* Cameco | -7.2210| -10.0| 176.8| 37.3
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
* Kinaxis | 7.3| 1.9540| 135.4| -15.7
* Cascades | 6.4| 0.4960| 161.4| 0.1
* Lightspeed POS | 5.2| 2.7950| 3.7| 2.7
================================================================
| |Index Points | Volume VS |YTD Change
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
* Cameco | -10.0| -7.2210| 176.8| 37.3
* NexGen Energy | -9.1| -1.3270| 286.8| 53.3
* Lithium | | | |
* Americas | -8.0| -0.7530| 77.2| 4.7

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks turned higher in the last hour of trading to close at another record, while the rally in bond as investors prepared for a key  Federal Reserve meeting later in the week. Oil touched the highest in more than two years. The information technology and communication services sectors pushed the S&P 500 to an all-time high even as three Financials dropped as JPMorgan Chase Chief Executive Officer Jamie Dimon  Suggested Wall Street’s pandemic-era trading boom could be drawing to a close. The Treasury 10-year yield rose to 1.50% after hitting three-month lows on Thursday amid the biggest weekly slide since December. Investors are on the lookout for signals from the Fed about a timetable for scaling back emergency monetary stimulus. Expectations are that the central bank will reaffirm the pace of bond purchases this week, even if it delivers projections for interest-rate liftoff in 2023, according to economists surveyed by Bloomberg. The decision is due Wednesday. “We’re in a tug-of-war between the understanding that we’re having great economic growth and great earnings growth juxtaposed with the fact that we need to get our head wrapped around what inflation looks like and what it will mean both to profit margins and to the Fed,” said Art Hogan, chief strategist at National Securities.
With anxiety about an imminent taper fading, bond yields have fallen to the bottom of recent trading ranges, providing a green light for risk-on sentiment that may last until at least August, according to Mizuho International Plc strategists. “The overarching theme should be of an environment for investors to put cash to work,” Mizuho’s head of multi-asset strategy Peter Chatwell and colleagues wrote in a note to clients. “With this backdrop most asset classes should be able to at least hold ground, if not rally. We doubt any major change in Fed rhetoric will materialize before” the Jackson Hole symposium in August. Oil was little changed after three weekly gains on optimism that economic reopenings will boost summer demand in the U.S. and Europe. Hedge funds boosted net-bullish positions to a nearly three-year high, according to the latest Commodity Futures Trading Commission data. French and German government bond peers also reversed course with yields turning higher.
European equities closed mostly higher. Bitcoin continued to whipsaw investors, climbing above $40,000 after Paul Tudor Jones reiterated his support, only to erase most of its gains later.  It had rose over the weekend after Elon Musk said Tesla would resume transactions with the cryptocurrency when mining it is done with more clean energy. Barry Silbert said later that the majority of cryptocurrencies are overpriced. Not just the majority, but 99% of them. Silbert is the founder and chief executive officer of Digital Currency Group, the crypto powerhouse behind the Grayscale Bitcoin Trust among other things. The dollar was steady in the wake of a Group-of-Seven leadership meeting that emphasized unity.

Here are some key events to watch this week:
* An EU-U.S. summit takes place in Brussels on Tuesday
* Data on U.S. industrial production, producer prices and retail sales come Tuesday
* The Federal Open Market Committee rate decision comes on Wednesday, with a news conference from Jerome Powell after
* U.S. President Joe Biden and Russia’s Vladimir Putin meet Wednesday in Geneva
* U.S. Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget
* Rate decisions come from Switzerland and Norway on Thursday
* The Bank of Japan’s monetary policy decision is on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% to a record high as of 4:03 p.m. New York time
* The Nasdaq 100 rose 0.9% to a record high
* The Dow Jones Industrial Average fell 0.2% to the lowest since May 26
* The MSCI World index rose 0.2% to a record high
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to the highest since June 3
* The euro was little changed at $1.2121
* The British pound was unchanged at $1.4107
* The Japanese yen slipped 0.4%, more than any closing loss since June 3
Bonds
* The yield on 10-year Treasuries advanced four basis points, more than any closing gain since May 12
* Germany’s 10-year yield advanced two basis points, more than any closing gain since May 27
* Britain’s 10-year yield advanced three basis points, more than any closing gain since June 3
Commodities
* West Texas Intermediate crude rose 0.2% to $71.08 a barrel
* Gold futures fell 0.6% to $1,867.60 an ounce
–With assistance from Cormac Mullen.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

You can’t go back and change the beginning, but you can start where you are and change the ending. –C.S. Lewis, 1898-1963.

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

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

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

Dear Friends,

Tangents: Happy Friday.
Richard Strauss, composer, b. 1864.
Jacques Cousteau, underwater explorer, b. 1910.

On June 11, 1942, the United States and the Soviet Union signed a lend lease agreement to aid the Soviet war effort in World War II. Go to article »

Europeans and Americans may not have discovered Antarctica.  A new study suggests New Zealand’s indigenous Maori people could have sighted the continent 1,300 years earlier.

The Met is sending 3 pieces of African art back to Nigeria.  It’s the latest Western museum to return artifacts to their countries of origin.

Solar eclipse: Highlights from the “ring of fire” sunrise.

What to Watch: “In the Heights,” adapted from Lin-Manuel Miranda and Quiara Alegría Hudes’s Broadway show, is “a dream come true,” A.O. Scott writes in a review. See scenes from the premiere.

From the Late Night Hosts:
While in Britain on Thursday, President Biden announced that his administration would donate 500 million Covid-19 vaccine doses to countries in need.

Trevor Noah said Biden’s plan “seems generous until you remember that Biden can’t get anyone else in America to take them, right? So it’s kind of like giving your friend that old exercise bike that you’ve just been hanging your clothes on.”

“This is based on an old American foreign-policy strategy that used to be called ‘being nice.’” — JIMMY KIMMEL

“OK, Biden just proved he’s Irish. He’s on vacation, he’s feelin’ good, and he’s buying shots for everybody.” — STEPHEN COLBERT

“A senior official said that the donations will be focused in the places that currently need vaccines most — developing areas like Haiti, Indonesia, Alabama, et cetera.” — JIMMY KIMMEL

“I have an idea for this. You know, I think when someone in another country gets one of our doses, they should be told whose vaccine they got. Like, ‘Oh, this Johnson & Johnson was supposed to go to a retired elementary schoolteacher in Florida, but she read on Facebook it was made from demon sperm, so now it’s yours.’” — JIMMY KIMMEL

PHOTOS OF THE DAY

Sculptor Martin Staniforth installing his new work in Exeter Cathedral. ‘Scension’ comprises four sculptures which appear to float in the air; life-size echoes of human figures emerging from woven willow structures with gentle cotton drapes suggesting movement. On the ground, a 6m high woven willow structure appears to be falling down or growing up, depending on how the viewer interprets it; perhaps a meteorite falling to earth or a bulb shooting sprouting up from the ground. 
CREDIT: JIM WILEMAN

Dancers of the Staatsballett Berlin ballet company perform on an excursion boat on the river Spree as they pass under a bridge full of spectators in Berlin, Germany. After a period of closed cultural institutions due to the coronavirus COVID-19 pandemic, theaters and opera houses are reopening again with reduced admission of spectators. The Staatsballett Berlin (Berlin State Ballet) performed excerpts from their repertoire, while could spectators followed the boat through the inner city of Berlin. Berlin State Ballet performs on river Spree, Germany
CREDIT: CLEMENS BILAN.EPA-EFE/SHUTTERSTOCK

English National Ballet principal, Natascha Mair, outside the Southbank centre’s Royal Festival Hall ahead of Solstice, which opens at the venue next week
CREDIT: IAN GAVAN

Horse rider is silhouetted against a sunset as dust surrounds them. Farmers in the village in Turkey, where the photos were taken, normally banish wild horses from their land or shoot them as they eat crops and are considered a nuisance. But the farmer who owns these horses decided to protect them by gathering up the local animals and domesticating them.
CREDIT: MAHMUT EMRE EROL/SOLENT NEWS & PHOTO AGENCY

Market Closes for June 11^th, 2021

Market Index	Close	Change
Dow Jones	34479.60	+13.36
		+0.04%
S&P 500	4247.44	+8.26
		+0.19%
NASDAQ	14069.43	+49.10 +0.35%
TSX	20138.35	+88.88
		+0.44%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28948.73	-9.83
		-0.03%
HANG SENG	28842.13	+103.25
		+0.36%
SENSEX	52474.76	+174.29
		+0.33%
FTSE 100*	7134.06	+45.88 +0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.369	1.371
CND. 30 Year Bond	1.931	1.938
U.S.    10 Year Bond	1.4502	1.4318
U.S. 30 Year Bond	2.1386	2.1270

Currencies

BOC Close	Today	Previous
Canadian $	0.8220	0.8266
US $	1.2166	1.2098
Euro Rate 1 Euro=		Inverse
Canadian $	1.4729	0.6789
US $	1.2107	0.8260

Commodities

Gold	Close	Previous
London Gold Fix	1888.65	1894.60
Oil
WTI Crude Future	70.91	70.29

Market Commentary:
     On this day in 1930, trying to rebuild public confidence in the market, New York Stock Exchange President Richard Whitney had the press witness him making a bid, with his own money, of $160 a share for a 60,000-share block of U.S. Steel stock. Shortly thereafter the stock sank below $150, on its way to $21 in the market bottom of 1932.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities posted a weekly rise for their fourth in a row as investors digest continued economic reopening. The S&P/TSX Composite Index gained 0.4% Friday to 20,138.35, the highest on record. Ten of eleven sectors rose with materials being the only laggard. Tourmaline Oil Corp. rallied after agreeing to buy rival Black Swan Energy Ltd. for about C$1.1 billion ($910 million) as Canada’s largest natural-gas explorer eyes future exports of the heating and power plant fuel from the country’s west coast.
Commodities
* Western Canadian Select crude oil traded at a $14 discount to West Texas Intermediate
* Spot gold fell 1.1% to $1,876.83 an ounce
FX/Bonds
* The Canadian dollar fell 0.5% to C$1.2160 per U.S. dollar
* The 10-year Canada government bond yield edged higher to 1.376%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.4 percent, or 88.88 to 20,138.35 in Toronto.  The move was the biggest since rising 1.2 percent on June 1. Shopify Inc. contributed the most to the index gain, increasing 1.7 percent. AcuityAds Holdings Inc. had the largest increase, rising 10.0 percent. Today, 129 of 229 shares rose, while 98 fell; 10 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 7.7 percent
* So far this week, the index rose 0.5 percent
* The index advanced 34 percent in the past 52 weeks. The MSCI AC Americas Index gained 43 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on June 11, 2021 and 34.8 percent above its low on June 15, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.1 on a trailing basis and 16.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility fell to 8.58 percent compared with 9.00 percent in the previous session and the average of 9.42 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 23.7137| 1.2| 6/5
* Financials | 21.5623| 0.3| 15/12
* Energy | 19.2119| 0.7| 15/8
* Industrials | 17.3283| 0.7| 25/5
* Consumer Discretionary | 9.7070| 1.2| 11/2
* Communication Services | 3.0788| 0.3| 6/2
* Health Care | 2.2953| 0.8| 7/3
* Utilities | 2.1632| 0.2| 11/5
* Real Estate | 1.7776| 0.3| 11/15
* Consumer Staples | 1.5485| 0.2| 6/7
* Materials | -13.5268| -0.5| 16/34
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 19.4500| 1.7| -40.7| 5.6
* Royal Bank of Canada| 13.9000| 1.1| -8.4| 20.6
* Tourmaline Oil | 4.8530| 8.3| 94.1| 93.8
* Wheaton Precious | | | |
* Metals | -2.6010| -1.4| 3.5| 9.7
* Franco-Nevada | -4.3670| -1.8| 14.2| 15.3
* Barrick Gold | -5.3310| -1.5| -45.0| -2.1

US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities eked out a gain in choppy trading as investors continued to assess the outlook for inflation and the path of Federal Reserve monetary policy.  Ten-year Treasury yields held at around the lowest since March.  Friday’s advance of 0.2% came a day after the S&P 500 notched its first all-time high since early May as data showed U.S. consumer price increases in May were largely driven by categories associated with economic reopenings, bolstering the view that inflation pressures may ease later in the year. Treasury yields inched higher, with the 10-year rate still ending the week below 1.5%. Stocks swung between gains and losses in lighter-than-average trading volume, with gains in technology shares offsetting losses in the health care and real estate sectors. Vertex Pharmaceuticals Inc. fell the most after halting development of a key therapy. The volatility in the U.S. came after global stocks rallied.
With the Fed setting a high bar for reconsidering its dovish stance, Thursday’s inflation report ended up stoking risk appetite across the world. Now investors are looking ahead to next week’s policy meeting for clues about the Fed’s next moves with regards asset purchases and interest rates. “Our base view is still that growth and inflation remain buoyant and supportive of risk assets,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “It’s been interesting to watch rates tick lower and stay lower. That seems to imply the market is believing the Fed is going to remain lower for longer and hold rates there.” The U.S. central bank’s view that inflationary pressures are temporary has taken hold in global markets, signaling any changes in ultra-accommodative policy would happen very gradually.
That approach was also reinforced across the Atlantic Thursday, as the European Central Bank raised its inflation forecast and renewed a pledge to maintain  faster emergency bond-buying to sustain the euro area. Eight of the main 11 S&P 500 industry groups rose on Friday afternoon, led by financial and technology stocks. Vertex fell to the lowest since October 2019 after halting its experimental treatment for an inherited disease that affects the liver and lungs. Its competitor, Grifols SA, climbed the most in seven months in Madrid. The 10-year U.S. Treasury yield held below 1.5% after falling to as low as 1.43% on Thursday. The dollar rose against all of its major global peers. European stocks rallied, with the Stoxx 600 gauge posting for a fourth weekly increase, as investors relished the prospects of continued policy support.  A rally in emerging markets also underscored the return of risk appetite. Elsewhere, crude oil prices rose amid an improving demand outlook. The Bloomberg Commodity Index fell from the highest level since 2015.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% to a record high as of 4:04 p.m.
* The Nasdaq 100 rose 0.3%, climbing for the sixth straight day, the longest winning streak since Dec. 8
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2% to a record high
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro slipped 0.5%
* The British pound slipped 0.4%
* The Japanese yen slipped 0.3%
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.45%
* Germany’s 10-year yield declined two basis points
* Britain’s 10-year yield declined four basis points
Commodities
* West Texas Intermediate crude rose 0.7% to the highest on record
* Gold futures fell 0.9% to $1,878.60 an ounce

–With assistance from Richard Richtmyer, Kamaron Leach, Sunil Jagtiani, Joanna Ossinger and Claire Ballentine.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Be courageous.  Challenge orthodoxy.  Stand up for what you believe in.  When you are in your rocking chair
talking to your grandchildren many years from now, be sure you have a good story to tell them. -Amal Clooney, b.1978.

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

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

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

Dear Friends,

Tangents:
1943~ballpoint pen patented.
Judy Garland, actress, b. 1922
Saul Bellow, writer, b. 1915

1940~ Italy declares war on France and Great Britain as part of its Axis alliance with Nazi Germany, after withholding formal allegiance to either side in the battle between Germany and the Allies.

On June 10, 1967, the Six-Day War ended as Israel and Syria agreed to observe a United Nations-mediated cease-fire. Go to article »

France is sending a second Statue of Liberty to the US.  Lady Liberty is getting a little sister this Independence Day.

The Perseverance rover is going on a Martian road trip.  It’s headed for a crater that could contain evidence of ancient microbial life.

Hundreds of mysterious fast radio bursts have been detected in space.  These fleeting flashes of light could help us better understand the universe.

What It’s Like to Visit Paris Right Now
When Parisians woke up May 19, they found a city reborn. The curfew had been pushed back to 9 p.m. The streets surrounding Opera Garnier were bustling, and in the Pigalle district the excitement had bistro owners serving their first pints before 10 a.m. Bloomberg Pursuits has the inside scoop on what spring and summer in the City of Light looks like this year

PHOTOS OF THE DAY

An annular solar eclipse rises over the skyline of Toronto. Parts of the US, Canada, Europe and Asia saw an annular eclipse – which occurs when the sun and the moon are exactly in line with the Earth, but the apparent size of the moon is smaller than that of the sun. Observers in the UK and Ireland saw a crescent sun instead of a ring, as this was a partial eclipse in these areas.
CREDIT: FRANK GUNN/THE CANADIAN PRESS VIA AP

Ukrainian photographer Elena Pakhalyuk’s image ‘Eruption’ showcased the night sky above a mud volcano in the Crimea Peninsula earning her third place in the ‘Astro-Landscape’ category of the Astro Camera 2021 Photography Competition
CREDIT: MEDIADRUMWORLD.COM/ELENA PARKHALY

Prime Minister Boris Johnson and his wife Carrie Johnson walk outside Carbis Bay Hotel in Cornwall with U.S. President Joe Biden and first lady Jill Biden. The two leaders are meeting for the first time Thursday ahead of the Group of Seven summit that the UK is hosting.
CREDIT: TOBY MELVILLE/REUTERS
Market Closes for June 10^th, 2021

Market Index	Close	Change
Dow Jones	34466.24	+19.10
		+0.06%
S&P 500	4239.18	+19.63
		+0.47%
NASDAQ	14020.33	+108.58 +0.78%
TSX	20049.47	+47.20
		+0.24%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28958.56	+97.76
		+0.34%
HANG SENG	28738.88	-3.75
		-0.01%
SENSEX	52300.47	+358.83
		+0.69%
FTSE 100*	7088.18	+7.17 +0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.371	1.411
CND. 30 Year Bond	1.938	1.948
U.S.    10 Year Bond	1.4318	1.4908
U.S. 30 Year Bond	2.1270	2.1684

Currencies

BOC Close	Today	Previous
Canadian $	0.8266	0.8257
US $	1.2098	1.2111
Euro Rate 1 Euro=		Inverse
Canadian $	1.4728	0.6790
US $	1.2175	0.8214

Commodities

Gold	Close	Previous
London Gold Fix	1894.60	1893.15
Oil
WTI Crude Future	70.29	69.96

Market Commentary:
     On this day in 1997, the Dow Jones Industrial Average closed above 7,500 for the first time, and The Wall Street Journal noted that the market’s climb “seems to inspire equal parts awe and dread among many investors.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Thursday with mining companies leading the way. The S&P/TSX Composite Index rose 0.2% as seven of eleven sectors gained. Materials and tech led, while health care retreated. Gold erased early losses after U.S. inflation data showed domestic prices rising slightly faster than expected, causing real Treasury yields to decline. Transat AT Inc., the vacation operator that Air Canada tried to buy, will discontinue its nascent hotel division and increase its presence in Eastern Canada in an effort to restart its business and return to profit. Shares advanced for a fifth session.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,898.55 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2091 per U.S. dollar
* The 10-year Canada government bond yield fell 3.3 basis points to 1.378%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 20,049.47 in Toronto. The move follows the previous session’s decrease of 0.3 percent. Shopify Inc. contributed the most to the index gain, increasing 1.4 percent. Denison Mines Corp. had the largest increase, rising 6.9 percent. Today, 148 of 229 shares rose, while 80 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 7.2 percent
* So far this week, the index was little changed
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 35 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on June 8, 2021 and 34.2 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 0.5 percent in the past 5 days and rose 3.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 16.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 9.00 percent compared with 9.21 percent in the previous session and the average of 9.44 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 37.6801| 1.5| 42/9
* Information Technology | 14.9596| 0.8| 8/3
* Utilities | 5.0055| 0.5| 15/1
* Industrials | 4.0711| 0.2| 22/8
* Consumer Staples | 3.5601| 0.5| 10/3
* Energy | 2.5113| 0.1| 16/7
* Real Estate | 2.3343| 0.4| 18/8
* Consumer Discretionary | -0.5802| -0.1| 6/7
* Communication Services | -0.8868| -0.1| 3/5
* Health Care | -6.2905| -2.2| 2/8
* Financials | -15.1351| -0.2| 6/21

US
By Richard Richtmyer and Kamaron Leach
(Bloomberg) — U.S. equities climbed to a record and benchmark Treasury yields extended declines to the lowest since March as investors bet that the Federal Reserve will maintain its ultra-accommodative policies even after data showed consumer prices rose more than forecast last month. The S&P 500 led the major American equity indexes higher, closing at an all-time high. The tech-heavy Nasdaq 100 rose to its highest level since late April as megacap technology stocks rallied. The 10-year Treasury yield fell to as low as 1.44% after initially surge in the wake of the inflation report. The consumer price index data released Thursday showed that the increase in May was driven largely by categories associated with a broader reopening of the economy as vaccinations bring the pandemic under control. The report comes amid a debate about whether the Fed can stick to the dovish stance that has helped lift markets in the face of a strengthening economy that brings the risk of destabilizing inflation. Rangebound trading in equities and falling yields had characterized the start of June as investors awaited some impetus from progress reports on the recovery.
A frenzy in meme stocks and gyrations in cryptocurrencies have been among the few sources of pronounced market volatility. “The frothiness in CPI continues for now but between base effects and pent-up demand pressures, it is probably not giving a definite answer to the great inflation debate, and you need to read the bond market tea leaves,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network. “The 10-year Treasury yield is back at levels last seen in early March, signaling that the bond market is falling in line with the Fed’s thinking that inflation is transitory and does not warrant tapering of monetary stimulus any time soon.” Seven of the main 11 S&P 500 industry groups climbed, with health-care stocks leading the advance. Financial stocks were the outliers, with large banks including JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. among the biggest laggards in the broader index.
Amazon.com Inc., Microsoft Corp. and Tesla Inc. contributed the most to the Nasdaq 100’s gain. The Dow Jones Industrial Average ended the session little changed, with financial stocks including Goldman Sachs Group Inc. and American Express Co. among those weighing it down. GameStop Corp. fell the most since March after the company said it planned to offer more shares and disclosed that regulators are investigating trading of its stock. Other retail trader favorites were mixed, with some of the stocks that surged amid the frenzy on Wednesday giving back gains. European stocks closed little changed at a record high, with defensives rallying after the European Central Bank raised its inflation forecast and renewed its pledge to maintain faster emergency bond-buying to sustain the euro area. The Stoxx Europe 600 Index was up less than 0.1% at the close, with banks outperforming. With European equities notching several fresh records in June, investors are growing increasingly sensitive to data and policy statements on inflation that could signal an earlier end to central-bank largesse than expected. Commodities, one of the leading reflation plays, resumed gains, with the Bloomberg Commodity Index trading around the highest since 2015.
Here are key events to watch this week:
* Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.2173
* The British pound rose 0.4% to $1.4169
* The Japanese yen rose 0.3% to 109.32 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.44%
* Germany’s 10-year yield declined one basis point to -0.26%
* Britain’s 10-year yield advanced two basis points to 0.75%
Commodities
* West Texas Intermediate crude rose 0.3% to $70 a barrel
* Gold futures rose 0.3% to $1,901 an ounce
–With assistance from Vildana Hajric and Andreea Papuc.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

You gotta be ready when luck comes around. –Ernest Hemingway, 1899-1961.

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

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

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

Dear Friends,

Tangents:
Donald Duck, cartoon, b. 1934.
Cole Porter, composer, b. 1891.
Johnny Depp, actor, b. 1963.

1898~ China leases Hong Kong’s new territories to the United Kingdom for 99 years by signing the Convention for the Extension of Hong Kong Territory.  The contract was signed to give the British full jurisdiction of the newly acquired land that was necessary to ensure proper military defence of the colony around the island to maintain the balance of power with other European powers in the region.

1986~The Rogers Commission released its report on the Challenger disaster, criticizing NASA and rocket-builder Morton Thiokol for management problems leading to the explosion that claimed the lives of seven astronauts.  Go to article »

Sun’s out: Dig out those eclipse glasses for tomorrow’s sunrise.

These are the world’s most livable cities.  Now feels like a good time to relocate to New Zealand, Japan or Australia.

Millions of people can’t stop watching a pack of wandering elephants.  There’s just something compelling about watching these adorable creatures try to find their way in the world.

$18.9 million:  That’s how much a rare 1933 gold coin known as the “Double Eagle” sold for at auction, setting a record. The coin is worth $20 at face value. A mysterious particle and the first one second after the Big Bang From The Late Night Hosts: “Amazon’s website was temporarily down this morning due to an issue with their cloud computing services provider. But don’t worry. I’m sure that flight into outer space next month will go great.” — SETH MEYERS “Amazon, CNN, The New York Times, Pinterest, Twitch, Google, eBay and more went offline for 50 minutes. It led to the world’s most productive hour of time in the last 30 years.” — JIMMY KIMMEL

PHOTOS OF THE DAY

Royal Navy patrol ship HMS Tyne dwarfs St Ives ahead of the G7 summit.
CREDIT: GREG MARTIN/CORNWALLLIVE

People in boats enjoy the warm weather on the River Cam in Cambridge 
CREDIT: DAVID ROSE FOR THE TELEGRAPH

People stop for a coffee inside Liverpool Cathedral as the strong evening light casts shadows. 
CREDIT: PETER BURNE/PA

Market Closes for June 9^th, 2021

Market Index	Close	Change
Dow Jones	34447.14	-152.68
		-0.44%
S&P 500	4219.55	-7.71
		-0.18%
NASDAQ	13911.75	-13.16 -0.09%
TSX	20002.27	-63.65
		-0.32%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28860.80	-102.76
		-0.35%
HANG SENG	28742.63	-38.75
		-0.13%
SENSEX	51941.64	-333.93
		-0.64%
FTSE 100*	7081.01	-14.08 -0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.411	1.451
CND. 30 Year Bond	1.948	1.978
U.S.    10 Year Bond	1.4908	1.5331
U.S. 30 Year Bond	2.1684	2.2151

Currencies

BOC Close	Today	Previous
Canadian $	0.8257	0.8256
US $	1.2111	1.2112
Euro Rate 1 Euro=		Inverse
Canadian $	1.4751	0.6779
US $	1.2180	0.8210

Commodities

Gold	Close	Previous
London Gold Fix	1893.15	1888.40
Oil
WTI Crude Future	69.96	70.05

Market Commentary:
     On this day in 1943, federal income tax withholding was implemented for the first time. Originally proposed by Beardsley Ruml, an executive at Macy’s department store who has encouraged shoppers to buy on the installment plan, withholding was cleverly called “pay as you go” and was coupled with an amnesty for the previous year’s taxes. The public backed it eagerly, forever after giving the federal government interest-free financing.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Wednesday as traders assessed the economic and monetary outlook. The S&P/TSX Composite Index fell 0.3%, the most since May 31 with eight of 11 sectors dropping. Health-care companies, including marijuana shares, managed to rally. The Bank of Canada left its key interest rate at a historic low and maintained its current pace of bond purchases in a placeholder decision that should keep expectations intact for another reduction in emergency stimulus next month.
Commodities
* Western Canadian Select crude oil traded at a $13.75 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,889.03 an ounce
FX/Bonds
* The Canadian dollar fell 0.02% to C$1.2113 per U.S. dollar
* The 10-year Canada government bond yield fell 3.9 basis points to 1.412%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 20,002.27 in Toronto. The move was the biggest since falling 0.6 percent on May 31 and follows the previous session’s increase of 0.2 percent. Shopify Inc. contributed the most to the index decline, decreasing 1.1 percent. Denison Mines Corp. had the largest drop, falling 5.9 percent. Today, 123 of 229 shares fell, while 101 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index rose 7 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on June 8, 2021 and 33.9 percent above its low on June 15, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 16.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility fell to 9.21 percent compared with 9.43 percent in the previous session and the average of 9.46 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -37.6376| -0.6| 4/23
* Information Technology | -14.8507| -0.8| 5/5
* Communication Services | -8.4886| -0.9| 1/7
* Industrials | -7.4939| -0.3| 10/20
* Consumer Discretionary | -3.3079| -0.4| 7/5
* Consumer Staples | -2.8534| -0.4| 2/11
* Energy | -2.5519| -0.1| 14/8
* Real Estate | -1.0386| -0.2| 11/15
* Utilities | 3.0339| 0.3| 9/6
* Health Care | 5.6651| 2.0| 7/3
* Materials | 5.8695| 0.2| 31/20
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -12.7400| -1.1| -61.9| 2.4
* TD Bank | -7.8600| -0.7| -1.9| 21.5
* Royal Bank of | | | |
* Canada | -7.5470| -0.6| 14.4| 19.4
* Enbridge | 2.5420| 0.4| -68.6| 18.4
* Nutrien | 2.7390| 0.9| -48.7| 28.8
* Tilray | 4.3440| 6.1| 221.6|n/a

US
By Vildana Hajric
(Bloomberg) — U.S. stocks closed lower while bonds held gains as investors braced for a key inflation report that could provide clues on the direction of monetary policy. The S&P 500 ended the session with a 0.2% decline after earlier climbing above its May 7 record closing level.  Large banks were among the biggest drags on the index, offset in part by megcap technology and biotech stocks. The 10-year Treasury yield fell below 1.5% after an auction of the notes. Equities have been trading in a tight range and Treasury yields have been easing in recent weeks as investors who believe accelerating inflation will be short-lived clash with those who bet it will prove persistent enough to warrant tightening.  For now, the Fed’s dovish stance is calming the markets. “Even if inflation comes out a little higher than Street expectations tomorrow, the Fed isn’t going to change its path,” said Esty Dwek, head of global market strategy at Natixis Investment Managers,  said in a Bloomberg TV interview. “There’s a lot of wait-and-see going on and really just thinking it would take a lot to really surprise markets.” Seven of the main 11 S&P 500 industry groups declined, with financials underperforming and health-care stocks rising the most.  JPMorgan Chase & Co. and Bank of America Corp. each dropped 1.3%. United Parcel Service Inc. tumbled the most in seven months after its profit-margin outlook disappointed investors.
Biogen Inc. resumed a rally two days after getting regulatory approval for its Alzheimer’s drug. Johnson & Johnson Co., Merck & Co. Inc., Pfizer Inc. and Eli Lily & Co. were also standout gainers on Wednesday. The 10-year U.S. Treasury yield declined as much as 6.3 basis points to 1.471%. The yield held below 1.5% after an auction of $38 billion of the notes Wednesday afternoon.  The 30-year bond’s yield touched 2.148%, last seen March 1. Meanwhile, a rally in commodities has stalled with global recovery remaining patchy, especially with the pandemic still spreading in the developing world.  The Bloomberg Commodity Index, which shows returns on a basket of raw materials, was little changed. Shares edged up in China, where a measure of producer prices for May was at the highest since 2008 but consumer-price gains remained subdued.  The nation is also considering imposing a cap on the price of thermal coal to contain high energy costs. The Stoxx 600 Europe Index increased 0.1%, closing at a record high as investors awaited key economic data and the European Central Bank policy meeting on Thursday for signs of whether the recovery is becoming overheated.

Here are key events to watch this week:
* U.S. consumer price index on Thursday.
* Apple holds its annual Worldwide Developers Conference through June 11.
* European Central Bank decision on Thursday and press conference with President Christine Lagarde.
* Iran nuclear deal talks reconvene in Vienna Thursday.
* Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:04 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.2176
* The British pound fell 0.3% to $1.4111
* The Japanese yen fell 0.1% to 109.63 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.49%
* Germany’s 10-year yield declined two basis points to -0.24%
* Britain’s 10-year yield declined four basis points to 0.73%
Commodities
* West Texas Intermediate crude fell 0.5% to $70 a barrel
* Gold futures fell 0.2% to $1,892 an ounce
–With assistance from Claire Ballentine, Nancy Moran and Andreea Papuc.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

And the trouble is, if you don’t risk anything, you risk even more. –Erica Jong, b. 1942.

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 June 8, 1968, authorities announced the capture in London of James Earl Ray, the suspected assassin of civil rights leader Martin Luther King Jr. Go to article »

Frank Lloyd Wright, Architect, b. 1867.

Some people have clearer mind’s eyes than others.

A walk in nature is better for mood and focus than micro dosing.

Scientists are learning more about a dinosaur species found in Australia.  It was one of the biggest in the world, measuring as long as a basketball court and as tall as a two-story building.

PHOTOS OF THE DAY

Low clouds hovers over the sea at the Hamlet of Luccombe on the Isle of Wight
CREDIT: JAMIE RUSSELL/ISLANDVISIONS/BNPS

Shepherds and their flock are shrouded in dust as they travel to the plateau for spring in the Tatvan district of Bitlis, Turkey 
CREDIT: SENER TOKAS/ANADOLU AGENCY VIA GETTY IMAGES

A Palestinian man rides his camel after sunset on the shores of the Mediterranean Sea, at the beach in Gaza City
CREDIT: FELIPE DANA/AP

Market Closes for June 8^th, 2021

Market Index	Close	Change
Dow Jones	34599.82	-30.42
		-0.09%
S&P 500	4227.26	+0.74
		+0.02%
NASDAQ	13924.91	+43.19 +0.31%
TSX	20065.92	+30.62
		+0.15%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28963.56	-55.68
		-0.19%
HANG SENG	28781.38	-5.90
		-0.02%
SENSEX	52275.57	-52.94
		-0.10%
FTSE 100*	7095.09	+17.87 +0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.451	1.477
CND. 30 Year Bond	1.978	1.999
U.S.    10 Year Bond	1.5331	1.5687
U.S. 30 Year Bond	2.2151	2.2468

Currencies

BOC Close	Today	Previous
Canadian $	0.8256	0.8277
US $	1.2112	1.2081
Euro Rate 1 Euro=		Inverse
Canadian $	1.4745	0.6782
US $	1.2174	0.8214

Commodities

Gold	Close	Previous
London Gold Fix	1888.40	1890.60
Oil
WTI Crude Future	70.05	69.23

Market Commentary:
     Based on my own personal experience – both as an investor in recent years and an expert witness in years past – rarely do more than three or four variables really count. Everything else is noise. –Martin J. Whitman, 1924-2018, Founder Third Avenue Funds.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Tuesday with Air Canada leading industrials higher, as Prime Minister Justin Trudeau is preparing to ease border restrictions for travelers who have been fully vaccinated against Covid-19, according to people familiar with the discussions. The S&P/TSX Composite Index gained 0.2%, with industrials, real estate, and energy higher. Materials and financials fell. Oil resumed its rally to top $70 a barrel in New York as investors grew more confident that accelerating vaccinations and easing travel restrictions will continue to boost demand.
Commodities
* Western Canadian Select crude oil traded at a $13.80 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,893.19 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.2111 per U.S. dollar
* The 10-year Canada government bond yield fell 2.5 basis points to 1.451%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2 percent, or 30.62 to 20,065.92 in Toronto. Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 1.0 percent. Real Matters Inc. had the largest increase, rising 6.8 percent. Today, 125 of 229 shares rose, while 98 fell; 6 of 11 sectors were higher, led by industrials stocks.
Insights
* This quarter, the index rose 7.3 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on June 8, 2021 and 34.4 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 0.5 percent in the past 5 days and rose 3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility little changed to 9.43 percent compared with 9.44 percent in the previous session and the average of 9.48 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | 19.8943| 0.9| 26/4
* Energy | 15.4053| 0.6| 12/10
* Information Technology | 7.6476| 0.4| 8/3
* Real Estate | 5.0360| 0.8| 20/5
* Health Care | 1.6434| 0.6| 6/4
* Utilities | 0.8792| 0.1| 10/5
* Consumer Discretionary | -0.1292| 0.0| 9/4
* Consumer Staples | -0.2206| 0.0| 5/7
* Communication Services | -0.6994| -0.1| 3/4
* Financials | -5.0606| -0.1| 11/16
* Materials | -13.7735| -0.5| 15/36
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Pacific | 4.5530| 1.0| -41.1| 10.9
* Cenovus Energy | 4.1850| 4.2| 48.4| 53.8
* Shopify | 4.1830| 0.4| -32.2| 3.5
* Wheaton Precious | | | |
* Metals | -3.2590| -1.8| 57.4| 7.6
* Barrick Gold | -3.4710| -1.0| -7.5| -2.9
* Royal Bank of | | | |
* Canada | -3.4760| -0.3| 14.0| 20.2

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. equities closed within a hair’s breadth of a record high and Treasuries rose as investors continued to debate the impact of resurgent inflation on monetary policy. The S&P 500 ended little changed less than 6 points below its May 7 record close after fluctuating between gains and losses throughout the session. The 10-year Treasury yield fell to the lowest in a month, with focus turning toward Thursday’s consumer-price data that may offer clues on how far the Federal Reserve can postpone a tapering of stimulus. Mega cap tech stocks including Amazon.com Inc., Apple Inc. and Alphabet Inc. helped prop up the benchmark index, which has gained 13% in 2021. Biotechs were among the biggest drags on Tuesday, a day after many of them rallied after Biogen Inc. received regulatory approval for its Alzheimer’s disease drug.
Bitcoin slumped to a two-week low, with some analysts pointing to the recovery of Colonial Pipeline Co.’s ransom as evidence that crypto isn’t beyond government control. U.S. equities have traded in a relatively tight range around record highs in recent weeks as investors try to balance the economic recovery and a dovish Fed against inflation concerns, high valuations and disparities in global Covid vaccine rollouts. Volatility has returned to the market ahead of the CPI report and the Fed’s rate decision next Wednesday. “You look across the board and everything is more expensive,” said Brian Walsh, Jr., senior financial adviser at Walsh & Nicholson Financial Group.  “It’s something we’re watching, but the Fed has continued to say they are going to keep interest rates at bay regardless of the inflation data that comes in. You can only take them for their word and I think that’s what investors are doing.” Global equities also are near record highs, and Treasury yields have eased for three successive weeks. That suggests the Fed’s assurances are calming fears of Fed tightening for now.
Yet on Tuesday, traders were exercising caution before the inflation data, pushing the dollar toward its first gain in three days. “The tight trading ranges seen so far this month reflect the cautious mood in the market ahead of the inflation numbers,” said Fiona Cincotta, senior financial markets analyst at City Index. “Whilst the Fed reassures that this spike in inflation is temporary, policy makers will need to be out in their droves to calm the market.  Delaying action or even inaction could cause economic disruption that the markets fear.” West Texas Intermediate crude futures reversed a loss of as much as 1.1% on Tuesday, with investors focused on the health of the U.S. market ahead of inventory data on Wednesday.

The Bloomberg Commodity Index rose to its highest level since 2015.

Here are key events to watch this week:
* U.S. consumer price index on Thursday.
* Apple holds its annual Worldwide Developers Conference through June 11.
* European Central Bank decision on Thursday and press conference with President Christine Lagarde.
* Iran nuclear deal talks reconvene in Vienna Thursday.
* Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:03 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.2174
* The British pound fell 0.2% to $1.4156
* The Japanese yen fell 0.2% to 109.48 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to1.53%
* Germany’s 10-year yield declined three basis points to -0.22%
* Britain’s 10-year yield declined four basis points to 0.77%
Commodities
* West Texas Intermediate crude rose 1.4% to $70 a barrel
* Gold futures fell 0.2% to $1,896 an ounce
–With assistance from Srinivasan Sivabalan.

Have a great evening.

Be magnificent!
As ever,

Carolann

It ain’t over till it’s over. –Lawrence Peter Berra “Yogi”, 1925-2015.

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:
1975- VCR introduced.
1955-“$64000 Question” TV premiere.
1848-Paul Gauguin, painter born.

Rome has long been a pizza city. Now, it’s a pizza vending machine city, too. A new outpost, Mr. Go, makes a steaming pizza from scratch in three minutes, no human contact required.
Dario Cuomo, a screenwriter, recently ventured a taste. “Not bad,” he said, “considering it was made by a robot.”

PHOTOS OF THE DAY

Lewis Miller, aka ‘Botanical Banksy’, from New York, has embellished the Eros statue in Piccadilly, London, as part of a campaign called ‘We Need More Flowers’ 
CREDIT: ANTHONY UPTON/PA

A lady walks along the promenade during a foggy morning in Folkestone, Kent
CREDIT: GARETH FULLER/PA

Hope, the young sperm whale calf, swims directly below her mother in the waters off Dominica in this image from book Secrets of the Whales by Brian Skerry. Though only six months old, she appears to have scars caused by entanglement with fishing nets – a serious hazard for whales.
CREDIT: MEDIADRUMIMAGES/BRAIN SKERRY

Market Closes for June 7^th, 2021

Market Index	Close	Change
Dow Jones	34630.24	-126.15
		-0.36%
S&P 500	4226.52	-3.37
		-0.08%
NASDAQ	13881.72	+67.23 +0.49%
TSX	20035.30	+6.11
		+0.03%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29019.24	+77.72
		+0.27%
HANG SENG	28787.28	-130.82
		-0.45%
SENSEX	52328.51	+228.46
		+0.44%
FTSE 100*	7077.22	+8.18 +0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.477	1.456
CND. 30 Year Bond	1.999	1.981
U.S.    10 Year Bond	1.5687	1.5534
U.S. 30 Year Bond	2.2468	2.2313

Currencies

BOC Close	Today	Previous
Canadian $	0.8277	0.8276
US $	1.2081	1.2083
Euro Rate 1 Euro=		Inverse
Canadian $	1.4729	0.6789
US $	1.2192	0.8202

Commodities

Gold	Close	Previous
London Gold Fix	1890.60	1866.55
Oil
WTI Crude Future	69.23	69.62

Market Commentary:
     On this day in 2000, U.S. District Court Judge Thomas Penfield Jackson finalized his ruling that Microsoft was a monopoly under the Sherman Antitrust Act, ordering that the “untrustworthy” company be split in two and placed under various restrictions. The breakup order was later vacated on appeal. 
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities were relatively flat Monday as traders prep for economic data and corporate conferences. The S&P/TSX Composite Index rose 0.03%, with 7 of 11 sectors gaining. Trillium Therapeutics Inc. and Aurora Cannabis Inc. led health care stocks higher. Meanwhile, consumer discretionary retreated, led by sea doo-maker BRP Inc. which fell 4.3%. Lightspeed POS Inc., a software company catering to the retail and hospitality industries that has emerged as one of Canada’s large tech successes, will spend $925 million on two acquisitions to beef up its e-commerce offerings.
Commodities
* Western Canadian Select crude oil traded at a $13.65 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,900 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2074 per U.S. dollar
* The 10-year Canada government bond yield rose 1.8 basis points to 1.475%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 20,035.30 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 1.8 percent. Trillium Therapeutics Inc. had the largest increase, rising 16.4 percent. Today, 112 of 229 shares rose, while 113 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 7.1 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on June 7, 2021 and 34.2 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 1.5 percent 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 23 on a trailing basis and 16.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 9.44 percent compared with 9.45 percent in the previous session and the average of 9.45 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 28.0970| 1.5| 6/5
* Energy | 10.4915| 0.4| 11/12
* Health Care | 10.3441| 3.8| 9/1
* Real Estate | 6.4033| 1.0| 24/2
* Communication Services | 5.0726| 0.5| 7/1
* Utilities | 2.4325| 0.3| 13/3
* Consumer Staples | 0.8210| 0.1| 9/3
* Financials | -9.0726| -0.1| 4/23
* Consumer Discretionary | -13.1294| -1.6| 4/9
* Materials | -13.8486| -0.5| 16/33
* Industrials | -21.5075| -0.9| 9/21
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 20.2000| 1.8| 18.5| 3.2
* Blackberry | 8.2110| 13.6| 88.5| 125.2
* Enbridge | 8.0490| 1.2| -29.6| 17.3
* Canadian Pacific | -4.4600| -1.0| -12.5| 9.8
* Magna International | -8.7590| -3.7| 6.4| 33.9
* Canadian National | -8.7820| -1.3| -16.7| -4.2

US
By Vildana Hajric
(Bloomberg) — Most U.S. equities declined and Treasury yields rose as investors weighed inflation risks and the potential impact of a minimum corporate tax that could enable foreign governments to impose levies on big American companies. The S&P 500 fell, after earlier climbing toward an all-time high, with decliners outnumbering gainers by about 2-to-1.  The Dow Jones Industrial Average also fell, with 20 of its 30 members closing lower. The Nasdaq 100 turned higher as Biogen Inc. surged after its Alzheimer’s drug was approved, lifting other biotech stocks as well. Ten-year U.S. Treasury yields rose from the lowest since late April after Treasury Secretary Janet Yellen said on Sunday a slightly higher interest-rate environment would be a plus.
The pullback in equities comes as recent data, including Friday’s jobs report, seemed to vindicate the Federal Reserve’s dovish stance on monetary policy. Investors are trying to strike a balance between the potential for higher interest rates and not missing out on a rally driven largely by massive government stimulus.  The U.S. consumer-price index report due Thursday will be one of the last major economic indicators released before the Fed’s rate decision later this month. “Though the jobs numbers were a bit of a mixed bag, they suggested solid progress but room for improvement, which could temper action on behalf of the Fed,” said Chris Larkin, managing director of trading and investing product at E*TRADE Financial. “As we hover around record highs, keep in mind that it’s normal for the market to take a bit of a breather as we kick off the week.” Yellen said President Joe Biden should push forward with his spending plans even if they spark inflation that persists into next year.
Meanwhile, the Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big firms and  enable governments to impose levies on U.S. giants such as Amazon and Facebook. Biogen Inc. rose the most since November after it received approval for its controversial Alzheimer’s disease therapy Competitors including Eli Lilly & Co. and AC Immune SA also rallied, helping push the Nasdaq Biotech Index toward the highest since late April. Tesla Inc. staged a late-day rebound, closing higher after earlier slumping on news that the electric- car maker had called off plans to build a longer-range version of its high-end sedan. The Russell 2000 Index rose for the third straight session on Monday, though it remained more than 1.5% below its June all- time high. European stocks advanced, with carmakers and consumer-products companies outperforming.

Here are key events to watch this week:
* Apple holds its annual Worldwide Developers Conference (WWDC) virtually for a second year, to announce new hardware and software and work with developers. Through June 11.
* European Central Bank decision on Thursday and press conference with President Christine Lagarde.
* Iran nuclear deal talks reconvene in Vienna Thursday.
* U.S. consumer price index on Thursday.
* Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:03 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.2192
* The British pound rose 0.2% to $1.4181
* The Japanese yen rose 0.2% to 109.26 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.57%
* Germany’s 10-year yield advanced two basis points to -0.20%
* Britain’s 10-year yield advanced two basis points to 0.81%
Commodities
* West Texas Intermediate crude fell 0.6% to $69 a barrel
* Gold futures rose 0.6% to $1,903 an ounce
–With assistance from Cormac Mullen, Andreea Papuc and Srinivasan Sivabalan.
Have a  great night.

Be magnificent!
As ever,

Carolann

When a nation goes down, or a society perishes, one condition may always be found; they forgot where they came from.
They lost sight of what had brought them along. –Carl Sandburg, 1878-1967.

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.
June 4, 1942~ Battle of Midway.
On June 4, 1989, Chinese army troops stormed Tiananmen Square in Beijing to crush the pro-democracy movement; hundreds – possibly thousands – of people died. Go to article »

Socrates, philosopher, b. 470 BC.

Five stamps + one coin = $37 million. 

Nineteen million years ago, sharks almost went extinct.

United plans supersonic flights by 2029.  We’re still waiting on the “flying cars” part of the future, but this will definitely suffice. 

A key to van Gogh’s last days

You probably haven’t heard of the 19th-century painter Edmund Walpole Brooke. But he is a part of art history — not for his own work, but for his proximity to the Dutch painter Vincent van Gogh. Brooke was friendly with van Gogh in the weeks before his suicide in 1890. And so for historians, he may offer insight into van Gogh’s final days, for which there is little documentation aside from letters to his family. “He might have received letters from van Gogh, he might have received drawings or paintings as a gift — they might have exchanged works,” Tsukasa Kodera, an art historian at Osaka University, told The Times. Kodera has spent several years researching Brooke, and uncovered evidence that his work was exhibited in Britain, France and Japan. But, like other scholars, he had failed to find a painting by Brooke — until perhaps now. In April, Katherine Matthews spotted a watercolor of a Japanese woman and her child with the signature E.W. Brooke in an antique shop in Maine. She paid $45 for the painting, and after looking up the artist’s name online, reached out to Kodera. The Brooke painting is not fully authenticated, and there is no other work of his to compare it to, but Kodera is hopeful. “This CAN be a breakthrough,” the professor said in an email, “to shed new light on the painter, and on van Gogh’s last months.” — Sanam Yar, a Morning writer, NY Times.

PHOTOS OF THE DAY

The sunrise beams down on a solitary farmhouse perched on a hilltop – as it rises above a thick blanket of clouds. The brick building, surrounded by long, think grass, seems to glow in the morning sunlight, as the clouds appear to take on a slightly purple hue underneath the hill top house. The hill rises just 400 meters above Crete Senesi below it, in the Tuscany region of central Italy.
CREDIT: ALBERTO GHIZZI PANIZZA/SWNS.COM

Sailors participate in the annual long-distance dhow sailing race, known as al-Gaffal, near Sir Abu Nuair island towards Dubai
CREDIT: KARIM SAHIB/AFP VIA GETTY IMAGES

Van Gogh Alive – a multi-sensory art experience that presents over 3,000 images from the legendary artist – has opened in London in Kensington Gardens. It claims to be “the most visted immersive multi-sensory experience in the world”
CREDIT: IAN BAKER PHOTOGRAPHY

Marni the cockatoo and Rémi the toddler are best friends in Belgium. Marni has been obsessed with 16 month-old Remi since before he was born, sitting on his owner Grietje Vermoort’s bump as though he was incubating an egg and investigating every kick.
CREDIT: @MARNITHECOCKATOO/INSTAGRAM/JAN PRESS

Market Closes for June 4^th, 2021

Market Index	Close	Change
Dow Jones	34756.39	+179.35
		+0.52%
S&P 500	4229.89	+37.04
		+0.88%
NASDAQ	13814.49	+199.98 +1.47%
TSX	+20029.19	+87.80
		+0.44%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28941.52	-116.59
		-0.40%
HANG SENG	28918.10	-47.93
		-0.17%
SENSEX	52100.05	-132.38
		-0.25%
FTSE 100*	7069.04	+4.69 +0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.456	1.520
CND. 30 Year Bond	1.981	2.042
U.S.    10 Year Bond	1.5534	1.6250
U.S. 30 Year Bond	2.2313	2.2960

Currencies

BOC Close	Today	Previous
Canadian $	0.8276	0.8259
US $	1.2083	1.2108
Euro Rate 1 Euro=		Inverse
Canadian $	1.4705	0.6800
US $	1.2168	0.8218

Commodities

Gold	Close	Previous
London Gold Fix	1866.55	1902.75
Oil
WTI Crude Future	69.62	68.81

Market Commentary:
     On this day in 1953, Woodcock, Hess & Co. of Philadelphia incorporated, becoming the first firm that was a member of the New York Stock Exchange to do so. Until then, all NYSE member firms had been structured as partnerships.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose on Friday, pushing the S&P/TSX Composite index in Toronto up 0.4% and leading it to close above the 20,000 level for the first time. The index previously hit 20,000 on June 1, but failed to close above that level. A surge in commodity prices helped drive materials and energy stocks to outperform on Friday. Meanwhile, healthcare companies were the worst performers, led by pot stocks. Meanwhile, Airlines in the U.S. and Canada are pressing Justin Trudeau’s government for a plan to allow more flights, after a Canadian advisory panel said it’s time  to loosen Covid-19 restrictions at the border.
Commodities
* Western Canadian Select crude oil traded at a $14.45 discount to West Texas Intermediate
* Spot gold rose 1.1% to $1,891.25 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2078 per U.S. dollar
* The 10-year Canada government bond-yield fell about 6 basis points to 1.459%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.4 percent at 20,029.19 in Toronto. The move follows the previous session’s decrease of 0.1 percent. Nutrien Ltd. contributed the most to the index gain, increasing 2.8 percent. Denison Mines Corp. had the largest increase, rising 6.5 percent. Today, 156 of 229 shares rose, while 69 fell; 8 of 11 sectors were higher, led by materials stocks.

Insights
* This quarter, the index rose 7.1 percent
* So far this week, the index rose 0.9 percent
* The index advanced 29 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on June 4, 2021 and 34.1 percent above its low on June 15, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility rose to 9.45 percent compared with 9.43 percent in the previous session and the average of 9.35 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 39.8031| 1.6| 46/6
* Energy | 32.3162| 1.3| 22/1
* Communication Services | 7.1817| 0.7| 6/2
* Information Technology | 5.9753| 0.3| 9/2
* Consumer Discretionary | 5.5611| 0.7| 8/5
* Utilities | 4.7702| 0.5| 14/2
* Industrials | 2.4297| 0.1| 16/14
* Real Estate | 0.6288| 0.1| 14/10
* Consumer Staples | -0.1595| 0.0| 9/3
* Financials | -2.6612| 0.0| 10/17
* Health Care | -8.0547| -2.9| 2/7

US
By Claire Ballentine
(Bloomberg) — U.S. equities climbed to within a whisker of their all-time highs after a pickup in hiring last month bolstered confidence in the economy, while a strong rise in hourly wages added to inflation worries. Information-technology stocks rose the most in the S&P 500, with the index ending Friday’s session less than 3 points below its May 7 closing record after employers added 559,000 jobs last month, just below the average forecast. The Nasdaq 100 rallied the most in two weeks, driven by gains in megacaps including Microsoft Corp. and Apple Inc. With stocks largely tranquil of late, traders are assessing Friday’s data for clues on the Federal Reserve’s next moves with regards to interest rates and asset purchases. Strong services figures on Thursday highlighted the rapid recovery in business activity, as the world’s largest economy rebounds from the pandemic. “This is the second month in a row where the number has missed,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, referring to the hiring data. “This month the expectations were even lower, but we still missed.
The short-term result is that the bond market will likely stay stable as there is less fear that the Fed will have their hand forced and the spillover effects should be a relatively stable stock market.” The Dow Jones Industrial Average closed less than 0.1% below its all-time high, with Salesforce.com Inc., Microsoft Corp. and Intel Corp. leading gains.  The dollar weakened against all of its Group-of-10 peers. Ten-year U.S. Treasury yields fell to 1.56%. Elsewhere, the Stoxx Europe 600 Index capped a third straight weekly gain. Asia shares were mixed, as China’s markets weathered President Joe Biden’s order amending a ban on U.S. investment in Chinese companies.  The order named 59 firms with ties to the country’s military or in the surveillance industry, including Huawei Technologies Co. Crude oil edged up, with prices posting a second weekly advance. The Bloomberg Commodity Index closed at a six-year high.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 1.8%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.3% to $1.2168
* The British pound rose 0.4% to $1.4165
* The Japanese yen rose 0.7% to 109.50 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 1.56%
* Germany’s 10-year yield declined three basis points to -0.21%
* Britain’s 10-year yield declined five basis points to 0.79%
Commodities
* West Texas Intermediate crude rose 0.7% to $69 a barrel
* Gold futures rose 1.1% to $1,894 an ounce
–With assistance from Jan-Patrick Barnert and Emily Barrett.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Most human beings have an almost infinite capacity for taking things for granted. –Aldous Huxley, 1894-1963.

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

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

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

Dear Friends,

Tangents:
On June 3, 1965, astronaut Edward White became the first American to “walk” in space, during the flight of Gemini 4. Go to article »

A record geek’s eternal debate:
Was 1971 the year music peaked creatively? That’s the argument made by a new documentary on Apple TV+, appropriately titled “1971: The Year That Music Changed Everything.”
Debates about which time periods were the most influential for music are certainly subjective — people have made similar claims for the ’60s, ’80s and ’90s. But 1971 has a strong case. A sampling: Marvin Gaye’s “What’s Going On”; the Rolling Stones’s “Exile on Main St.”; Aretha Franklin’s “Aretha Live at Fillmore West”; John Lennon’s “Imagine”; Joni Mitchell’s “Blue”; and Sly and the Family Stone’s “There’s a Riot Going On.”
“There was something special going on in that moment with the end of the Beatles and the beginning of other artists, who then create what we can now see was the music of the future,” Asif Kapadia, the series’ director, said.
“These were times of social upheaval, not just great music. But they were emboldened by the music, by the empowerment of women and African Americans and gender-bending warriors,” Chris Vognar writes in a review of the show. “It was absolutely an exit point from the ’60s into a hectic new era, hard to define but rich in conflict and possibility.” –NY Times.

And by looking at the fossil record, researchers believe they’ve discovered a mass shark extinction that occurred 19 million years ago.

PHOTOS OF THE DAY

Horses gallop in Stokksnes, Vatnajokull National Park, Iceland by equine photographer Christiane Slawik for her book ‘Eine Welt voller Pferde’ (A world full of horses)
CREDIT:WWW.SLAWIK.COM/ MAGNUS NEWS

Red kites show they can fly just as close as the Red Arrows as they glide through the skies above the rolling hills of Dumfries and Galloway in Scotland
CREDIT: KENNETH O’KEEDE/SOLENT NEWS & PHOTO AGENCY

On Wednesday, June 2, 2021, Nasa’s new administrator, Bill Nelson, announced two new robotic missions to Venus, the solar system’s hottest planet, during his first major address to employees. He also supplied this image of Venus made with data from the Magellan spacecraft and Pioneer Venus Orbiter.
CREDIT: NASA/JPL-CALTECH VIA AP

Market Closes for June 3^rd, 2021

Market Index	Close	Change
Dow Jones	34577.04	-23.34
		-0.07%
S&P 500	4192.85	-15.27
		-0.36%
NASDAQ	13614.51	-141.82 -1.03%
TSX	19941.39	-29.76
		-0.15%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29058.11	+111.97
		+0.39%
HANG SENG	28966.03	-331.59
		-1.13%
SENSEX	52232.43	+382.95
		+0.74%
FTSE 100*	7064.35	-43.65 -0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.520	1.490
CND. 30 Year Bond	2.042	2.026
U.S.    10 Year Bond	1.6250	1.5875
U.S. 30 Year Bond	2.2960	2.2717

Currencies

BOC Close	Today	Previous
Canadian $	0.8259	0.8309
US $	1.2108	1.2035
Euro Rate 1 Euro=		Inverse
Canadian $	1.4685	0.6808
US $	1.2128	0.8246

Commodities

Gold	Close	Previous
London Gold Fix	1902.75	1899.35
Oil
WTI Crude Future	68.81	68.83

Market Commentary:
     On this day in 1775, the national debt of the U.S. was born, as the Continental Congress authorized a loan of 6 million pounds sterling to buy gunpowder—showing they were prepared to borrow money more than a year before they were ready to declare independence.

The secret to happiness is having low expectations. -Warren Buffett, b. 1930.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares fell slightly as mining equities underperformed with falling metal prices. The S&P/TSX Composite index fell 0.2% in Toronto, after rebounding from earlier loss of as much as 0.3%. Materials were the worst performers, led by miners, while financials were the best performing stocks. Meanwhile, Toronto’s housing market recorded its second consecutive month of slowing sales in May, as reduced supply and a lingering lockdown to contain the coronavirus helped to cool off the market.
Commodities
* Western Canadian Select crude oil traded at a $14.50 discount to West Texas Intermediate
* Spot gold fell 1.9% to $1,871.32 an ounce
FX/Bonds
* The Canadian dollar fell -0.6% to C$1.2104 per U.S. dollar
* The 10-year Canada government bond yield rose 1.519%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.1 percent, or 29.76 to 19,941.39 in Toronto. Shopify Inc. contributed the most to the index decline, decreasing 2.1 percent. Aurinia Pharmaceuticals Inc. had the largest drop, falling 7.1 percent. Today, 133 of 229 shares fell, while 94 rose; 4 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 6.6 percent
* So far this week, the index rose 0.4 percent
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on June 2, 2021 and 33.5 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 3.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 16.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility fell to 9.43 percent compared with 9.65 percent in the previous session and the average of 9.33 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -56.7147| -2.2| 3/49
* Information Technology | -16.0263| -0.8| 6/5
* Real Estate | -1.8177| -0.3| 10/16
* Consumer Staples | -1.5048| -0.2| 7/6
* Health Care | 0.5732| 0.2| 3/7
* Consumer Discretionary | 3.2036| 0.4| 5/8
* Energy | 3.4672| 0.1| 10/13
* Communication Services | 3.6079| 0.4| 6/1
* Utilities | 3.7800| 0.4| 11/5
* Industrials | 4.5352| 0.2| 14/15
* Financials | 27.1479| 0.4| 19/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -23.9000| -2.1| -28.7| 0.8
* Barrick Gold | -12.7700| -3.5| 8.2| -2.7
* Saputo | -4.5530| -6.5| 79.6| 10.3
* Brookfield Asset | | | |
* Management | 3.6180| 0.6| 9.0| 15.0
* Bank of Montreal | 5.1870| 0.9| -48.7| 32.8
* Intact Financial | 5.3740| 3.3| 81.4| 12.1

US
By Jennifer Bissell-Linsk
(Bloomberg) — U.S. equities fell Thursday as investors digested a raft of economic data and President Joe Biden’s indication that he may be open to a lower corporate tax rate than 28%. The S&P 500 rose from session lows after Biden was said to have pitched a 15% minimum tax on U.S. corporations as a way to fund a bipartisan infrastructure package. However, the bounce wasn’t enough to erase earlier declines on concerns the Federal Reserve may withdraw its support sooner than expected. An ADP report showed payrolls at U.S. firms gained by the most in nearly a year, while additional figures on the economic health of the services sector rose to the highest on record. The dollar was stronger. Commodities, including gold and copper, were lower. And Treasuries fell. Meanwhile, the rally in so-called meme stocks including AMC Entertainment Holdings Inc. began to fade. With U.S. equities locked in a tight range for the past month, investors are on the lookout for any signs that the Fed might start to taper its asset purchases. St. Louis Fed President James Bullard said Thursday the U.S. labor market might be tighter than suggested by the current unemployment rate. Up next, all eyes will be on Friday’s jobs report after separate data Thursday indicated strength was afoot.
U.S. jobless claims dipped below 400,000 for the first time during the pandemic last week. “With seemingly all systems go on the jobs front, the economy is flashing some very real signs that this isn’t just a comeback — expansion mode could be on the horizon,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial.  “So what does that translate to? Likely more pressure on the Fed to make a move — perhaps sooner than many thought from the outset.” The weakness in U.S. trading followed declines in Europe and Asia on the back of mounting geopolitical tensions.  Russia said it would eliminate the dollar from its National Wellbeing Fund to reduce exposure to U.S. assets. Meanwhile, the U.S. is set to amend an investment ban on companies linked to the Chinese military. “The summer of uncertainty is on full display,” Dennis DeBusschere, head of portfolio strategy at Evercore ISI, wrote in a note.  “10-year yields remain anchored and there is pressure on the USD, but leading indicators are strong, credit conditions are easy and market volatility remains low. That backdrop favors risk assets.”

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% at 4 p.m. New York time, the most since May 19 as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%, more than any closing loss since May 12
* The Dow Jones Industrial Average fell 0.1%, more than any closing loss since May 25
* The MSCI World index fell 0.5%, more than any closing loss since May 19
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%, more than any closing gain since May 12
* The euro slipped 0.7%, more than any closing loss since April 30
* The British pound slipped 0.5%, more than any closing loss since May 19
* The Japanese yen slipped 0.7%, more than any closing loss since May 12
Bonds
* The yield on 10-year Treasuries advanced four basis points, more than any closing gain since May 12
* Germany’s 10-year yield advanced two basis points to -0.18%
* Britain’s 10-year yield advanced four basis points to 0.84%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 1.9%, the most since March 31
–With assistance from Vildana Hajric, Andreea Papuc and Richard Richtmyer.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

If you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid. – Albert Einstein, 1879-1955.

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

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

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