May 24, 2017 Newsletter

Dear Friends,

Tangents:
Bob Dylan’s birthday, born May 24^th, 1941
Also, On May 24, 1883, the Brooklyn Bridge, linking Brooklyn and Manhattan, was opened to traffic.
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PHOTOS OF THE DAY

Riders climb the Stelvio during the 16^th stage of the 100^th Giro d”Italia, Tour of Italy.
CREDIT: LUK BENIES/AFP/GETTY IMAGES

Flowers on the WS Warmenhoven Stand @ the Chelsea Flower Show organized by the Royal Horticultural Society.
CREDIT: GUY BELL/ALAMY LIVE NEWS
Market Closes for May 24^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Number of the Day
270 million
The number of barrels of oil that the Trump administration this week proposed selling from the Strategic Petroleum Reserve over the next decade.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower after Bank of Montreal reported an increase in bad loans at its U.S. operations, dragging down the broader financial sector.
     The S&P/TSX Composite Index fell 57 points or 0.4 percent to 15,419.49. BMO was the biggest drag on the index, losing 3.3 percent after setting aside 29 percent more for soured loans in the second quarter. All the major banks followed suit, causing financial stocks to fall 0.8 percent.
     Energy shares fell 0.6 percent even as OPEC producers prepared to discuss a nine-month extension to production cuts Thursday. Crew Energy Inc., Baytex Energy Corp. and NexGen Energy Ltd. all fell more than 4 percent.
     In other moves:
* Aimia Inc. fell 12 percent. The company has lost 76 percent of its value since Air Canada withdrew from its loyalty program and start its own rewards plan
* Delphi Energy Corp. added 4.6 percent after a C$65-million financing transaction
* Bombardier Inc. gained 3.4 percent. It reached a confidential settlement with supplier Triumph Group Inc. over payments for the wings Triumph is developing for the Global 7000 business jet.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks climbed to fresh records, while the dollar slipped with Treasury yields as minutes from the Federal Reserve’s last meeting showed officials unperturbed by recent signs of economic weakness. Crude slipped.
     The S&P 500 Index completed its rebound from the biggest selloff the year a week ago, as Fed officials signaled the economy remains on track. The Nasdaq 100 Index also closed at a record. The dollar slumped toward a November low and Treasuries rose as a “few” said inflation remained muted. Metals retreated after Moody’s Investors Service reduced its rating on China. Crude fell slightly after five days of gains.
     The Fed statement points toward a hike as soon as the meeting in mid-June, though FOMC voters added the caveat that “it would be prudent” to wait for evidence that a recent slowdown in economic activity had been transitory. Earlier Wednesday, Fed Bank of Philadelphia President Patrick Harker said June “is a distinct possibility” for the U.S. central bank’s second interest-rate increase of 2017. 
     Prior to the release of the minutes, markets were largely in a holding pattern, with U.S. equities little changed near record levels and the dollar flat. Investors quickly moved on after Moody’s action on China briefly rattled Asian markets.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.2 percent to 2,404.28 at 4 p.m. in New York. The Dow Jones Industrial Average rose above 21,000 to the highest since May 8.
* The Stoxx Europe 600 Index ended with a gain on 0.1 percent.
* The MSCI Emerging Market Index added nearly 0.3 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent to near the lowest since November.
* The pound was down slightly at $1.2931 for a third straight day of losses. The euro was essentially unchanged at $1.1176.
     Commodities
* Nickel slumped 2.6 percent and copper fell 0.9 percent. Iron ore futures declined 6.5 percent. China is the top user of materials.
* West Texas oil dropped 11 cents to settle at $51.36 a barrel, following a five-day advance. Investors shrugged off declining U.S. stockpiles as they held their breath ahead of OPEC’s meeting on Thursday.
* Gold fell 0.3 percent to $1,251 an ounce, after dropping 0.8 percent on Tuesday.
     Bonds
* The yield on 10-year Treasury notes fell three basis points to 2.25 percent. Bond prices fell during the previous four days.
* Yields on benchmark French and German benchmark bonds were little changed.

Have a wonderful evening everyone.

Be magnificent!

Meditation is movement without any motive, without words, and the activity of thought.
It must be something that is not deliberately set about.
Only then is it a movement within the infinite, measureless to man, without a goal, without an end,
without a beginning.  And that has a strange action in daily life, because all life is one,
and then becomes sacred.
Krishnamurti

As ever,

Carolann

When you feel in your gut what you are and then dynamically
pursue it – don’t back down and don’t give up – then you’re
going to mystify a lot of folks. –Bob Dylan

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