March 15, 2017 Newsletter

Dear Friends,

Tangents:  THE IDES OF MARCH
On this day in 1985, Symbolics Computer Corp. of Massachusetts registers the first internet domain name, symbolics.com.
…and
1972 – “The Godfather,” Francis Ford Coppola’s epic gangster movie based on the Mario Puzo novel and starring Marlon Brando and Al Pacino, premiered in New York.
1975 – Greek shipping magnate Aristotle Onassis, the husband of former first lady Jacqueline Kennedy, died at age 69.
1917- Czar Nicholas II of Russia abdicates his throne.
44 BC – Julius Caesar dies.

Cowards die many times before their deaths;
The valiant never taste of death but once.
Of all the wonders that I yet have heard,
It seems to me most strange that men should fear;
Seeing that death, a necessary end,
Will come when it will come.
         –Julius Caesar, Act 2; Scene 2, William Shakespeare.

Friends, Romans countrymen, lend me your ears;
I come to bury Caesar, not to praise him.
The evil that men do lives after them;
The good is oft interred with their bones.
                                             -William Shakespeare.

PHOTOS OF THE DAY

During a press preview on Wednesday, a dinosaur robot, acting as a receptionist, demonstrates how to check in to the Henn-na Hotel Maihama Tokyo Bay in Urayasu, Japan. This is Japan’s second robot-run Henn-na Hotel (strange hotel). Issei Kato/Reuters

A man feeds swans in St. James’s Park in London on Wednesday. Toby Melville/Reuters

Two horse race attendees wear interesting hats on ladies day at the Cheltenham Racecourse during the Cheltenham Festival in England on Wednesday. Andrew Boyers/Action Images/Reuters
Market Closes for March 15^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
7
The number of consecutive sessions U.S.-traded crude oil has declined, its longest losing streak since January 2016.
Canada
By Lu Wang
     (Bloomberg) — Canadian stocks rose, with the key index rebounding from its 2017 low along with oil prices, as the Federal Reserve raised interest rates as expected and refrained from accelerating its timeline for future tightening.
     The S&P/TSX Composite Index added 0.9 percent to 15,520.91 at 4 p.m. in Toronto, after sliding to the lowest since December. Ten of the 11 major industries advanced, with energy and raw-materials producers jumping at least 1.9 percent as oil stemmed a seven-day slide and copper climbed for a fourth day.
     Fed officials raised their benchmark lending rate a quarter point and continued to project two more increases this year as inflation approaches the central bank’s target. Some investors had anticipated a faster pace of tightening after data from employment to manufacturing pointed to a strengthening economy.
     Among movers:
* Valeant Pharmaceuticals International Inc. (VRX CN) pared some its 10 percent loss Tuesday.
* Empire Co. (EMP/A CN) climbed 4.7 percent after quarterly earnings topped analyst estimates.
* Quebecor Inc. (QBR/B CN) rose 4.2 percent. The media company posted a higher-than-expected quarterly profit.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks jumped after the Federal Reserve raised its benchmark lending rate a quarter point and maintained its expectation for two more increases this year. Utility and real estate shares led the late-day rally as 10-year Treasury yields fell the most in two months.
      The S&P 500 Index extended earlier gains to a 0.8 percent advance by 4 p.m., the best single-day gain in two weeks. The Dow Jones Industrial Average added 112.73 points to 20,950.10 and the Russell 2000 Index added 1.5 percent.
* Utility shares jump 1.6% with real estate stocks up 1.9%
** 10-Year Treasury yield down 10 basis points to 2.5%
* Energy shares remain biggest winner on day, up 2.1% with oil up 2.5% for the first gain in eight sessions
* 10 of 11 sectors higher with financial stocks only group lower after erasing earlier gains after Fed announcement
* Traders in Fed funds futures had fully priced in a quarter- point hike in borrowing costs today
* VIX dips to 11.6
* About 7.7 billion shares traded hands, 23% more than on Tuesday
* With the earnings season nearing its end, about three-quarters of S&P 500 firms that have reported results exceeded profit estimates and about half beat sales forecasts, according to data compiled by Bloomberg
* Central bank updates from Japan, the U.K., Switzerland and Indonesia are also due this week — all are expected to stand pat with policy decisions
* ECONOMY:
** March New York Fed Empire Index at 16.4, Est. 15
** U.S. consumer prices show biggest annual increase since 2012
** Real avg. weekly earnings rose 0.1% M/m in Feb., according to BLS
** U.S. retail sales in February posted the smallest gain in six months, indicating a tempering of the consumer spending that’s been carrying the economy
* EARNINGS:
** After-market Wednesday: Oracle Corp (ORCL), Williams-Sonoma (WSM)
** Pre-market Thursday: Dollar General (DG), PTC Therapeutics (PTCT)
* The Stoxx Europe 600 Index added 0.4% as mining companies rallied 1.7%
** Goldman Sachs says miners’ valuations will improve on lower net debt

Have a wonderful evening everyone.

Be magnificent!

When the mind and intellect developed, man asked,
Who am I?  Who is it before me?
The search for reality began.
Moving one step towards finding the answer to the question,
Who am I, we brought consciousness from outside to inside.
Wisdom turned the direction of the consciousness within and
we perceived our soul.
The journey of the soul in the outer world was over and the journey within had begun.
Acharya Mahaprajna

As ever,

Carolann

Courage is like a muscle.  We strengthen it by use.
                                -Ruth Gordon, 1896-1985

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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