April 12, 2017 Newsletter

Dear Friends,

Tangents:
On April 12, 1945, Franklin D. Roosevelt, the 32nd president of the United States, died of a cerebral hemorrhage in Warm Springs, Ga., at age 63. Vice President Harry S Truman became president.
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Also on this day….
In 1961, Yuri Gagarin of the USSR became the first man in space.
1947 – David Letterman was born.
1955 – polio vaccine was announced.
PHOTOS OF THE DAY

A tree blooms above a rapeseed field on a spring morning in Vufflens-la-Ville, Switzerland, on Wednesday. Denis Balibouse/Reuters

The ‘Ecce Homo’ statue by British artist Mark Wallinger as seen outside St Paul’s Cathedral in London on Wednesday. Hannah McKay/Reuters

The moon sets behind the Eiffel tower (r.) and the Luxor Obelisk at the Place de la Concorde in central Paris. Christian Hartmann/Reuters

A cosplayer, dressed in a Hatsune Miku costume, performs during the press preview for the interactive exhibition ‘MangaMania – Big eyes guaranteed’ at Augustusburg castle in Germany on Wednesday. The exhibition includes more than 200 original Mangas from Japanese and other international artists. The exhibition runs from April 13 to Dec. 10. Jens Meyer/AP
Market Closes for April 12^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
NUMBER OF THE DAY
6,000

The number of employees over the course of various shifts at the Tesla factory in Fremont, Calif., where there are 4,500 parking spaces. Cars are jammed diagonally in spots, propped up on curbs or resting on gravelly medians. One employee documents the worst offenders on Instagram.

On this day in 1837, immigrants William Procter, an English candlemaker, and James Gamble, an Irish soapmaker, open shop in Cincinnati. The business booms, and soon each man puts up $3,596.47 to launch Procter, Gamble & Co. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell as iron ore prices collapsed, financial stocks retreated with bond yields and oil dropped for the first time in seven days.
     The S&P/TSX Composite Index lost 79 points or 0.5 percent to 15,648.40. Financial stocks fell 0.8 percent as the Bank of Canada held pat on interest rates. The energy index lost 0.6 percent as West Texas Intermediate crude slipped 0.5 percent to $53.11 a barrel.
     Materials stocks also lost ground, slipping 0.4 percent as iron ore prices fell the most in a year. Labrador Iron Ore Royalty Co. fell 5.2 percent.
     In other moves:
* BlackBerry Ltd. jumped 15.4 percent, the most since January 2015, after it was awarded $814.9 million to end a royalty dispute with Qualcomm Inc.
* Bombardier Inc. fell 6.7 percent after gaining 7.2 percent Tuesday. The company is in talks with Siemens AG to combine their rail operations, according to people familiar with the matter
* Ivanhoe Mines Ltd. gained 7.1 percent. The miner said it has approved the start of construction on the main production shaft at its Platreef mine in South Africa
* Shaw Communications Inc. rose 4.8 percent after the telecom company reported its best subscriber numbers since 2012
US
By Oliver Renick
     (Bloomberg) — U.S. stocks fell as investors assessed geopolitical developments from France to Russia and Korea, as well as comments from President Trump on the future of Fed Chair Janet Yellen.
     The S&P 500 lost 0.4 percent to 2,345 as the Dow Jones Industrial Average erased 59 points to 20,592. The S&P 500 closed below its 50-day moving average for first time since Nov. 8 after longest streak above since 2011.
* Seven of 11 S&P 500 sectors lower; health shares little changed
* Materials and industrial shares down at least 1.2% for biggest laggards in market
* Utility, staples and phone stocks higher as bonds strengthen
* S&P 500 has struggled to sustain a rally after last reaching a record in early March; it hasn’t posted gains or losses exceeding 1 percent in the past three weeks
* VIX higher for four straight sessions, to 15.5
** VIX Tuesday rose to its highest since the U.S. election amid heightened geopolitical tensions
* HP (HPQ), Tyson (TSN) among biggest winners in S&P 500, up at least 2.2%
* Tractor Supply (TSCO), Fastenal (FAST) down the most, at least 8%
* Volume on U.S. exchanges 9% below YTD average
* Industrial sector volume 17% above; telecom volume up 8%
* POLITICS:
** President Trump, speaking in an interview with the Wall Street Journal on Wednesday, said he likes the Federal Reserve’s low-interest-rate policy and is leaving open the possibility of renominating Chair Janet Yellen
*** Trump said he will not brand China a currency manipulator and added that the greenback was getting too strong
** Secretary of State Rex Tillerson began talks with Russian President Vladimir Putin in Moscow after the Trump administration accused the Kremlin of trying to cover up a chemical-weapons attack by its Syrian ally Bashar al-Assad
* ECONOMY:
** March import prices down 0.2% m/m after rising 0.4% in Feb.
** MBA mortgage applications index rose 1.5% in week ended April 7 after falling 1.6% in prior week
* EARNINGS:
** Wednesday: Perrigo (PRGO)
** Pre-market Thursday: PNC Financial (PNC), JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C)
* Europe Market
** Stoxx Europe 600 Index added 0.2% at the close, after jumping as much as 0.7% earlier in the day.

Have a wonderful evening everyone.

Be magnificent!
 

By education I mean an all-round drawing out of the best in a child and man – body, mind, and spirit.
Mahatma Gandhi

As ever,
 

Carolann

Always deliver more than expected.
                  -Larry Page, b. 1973

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
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