August 3, 2017 Newsletter

Dear Friends,

Tangents:
Carolann is out of the office this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

People enjoy the ‘peach banquet’ at the Laojun Mountain Scenic Area in central China’s Henan Province. WANG ZHONGJI/ZUMA PRESS.

The twin towers of the ‘Bosco Verticale,’ or Vertical Forest, residential buildings frame a view of Milan. LUCA BRUNO/ASSOCIATED PRESS.
Market Closes for August 3rd, 2017 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks moved turned positive again for the year to date as energy stocks boosted the S&P/TSX Composite to a small gain.
     The index gained 21 points or 0.1 percent to 15,286.26 after earlier gaining as much as 0.4 percent. It was the first time the benchmark has traded above its 2017 opening price in five weeks.
     Energy stocks gained 0.3 percent as the price of crude rose 0.2 percent. Canadian Natural Resources Ltd. gained 3.6 percent after second-quarter results beat expectations and it raised its full-year production outlook.
     The consumer discretionary index gained 0.4 percent. Cott Corp. led the sector with a gain of 1.6 percent following second-quarter revenue that beat estimates.
     In other moves:
* Sierra Wireless Inc. tumbled 15 percent. The third-quarter forecast was below analyst estimates and it announced plans to buy Numerex Corp. for $107 million
* Altus Group Ltd. jumped 15 percent following second-quarter results that topped estimates and an upgrade at RBC
* Alamos Gold Inc. rose 9.7 percent. The company beat estimates after eight consecutive quarters of misses
* Seven Generations Energy Ltd. lost 9.4 percent after it cut its 2017 production guidance following an unplanned plant outage
* Home Capital Group Inc. lost 5.7 percent. The troubled lender’s second-quarter results late Wednesday included a wider- than-expected loss
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell, the dollar weakened versus the yen and Treasuries rose after the Wall Street Journal reported Special Counsel Robert Mueller was said to have impaneled a grand jury in the ongoing Russia probe.
     The WSJ report a half hour before the close in New York sent the S&P 500 Index to its lows for the session before the measure reclaimed some ground to finish down 0.3 percent. The Dow Jones Industrial Average eked out a fresh record. Ten-year Treasury yields slumped and the yen strengthened. Crude fell below $49 a barrel, while gold slipped.
     News that Mueller, who is probing Russia’s interference in 2016 U.S. elections as well as possible collusion with Trump campaign, has impaneled a grand jury, briefly rattled markets that have recently shown little reaction to persistent signs of turmoil in Washington. Stocks had traded little changed for most of the session with corporate earnings in focus before Friday’s jobs report.
     Here are some key upcoming events:
* U.S. jobs data on Friday will probably show employers added about 180,000 workers in July.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index lost 0.3 percent as of 4 p.m. in New York.
* The Dow climbed less than 10 points to notch a fresh record.
* The Stoxx Europe 600 Index added 0.1 percent.
* The MSCI All-Country World Index declined 0.2 percent.
* The U.K.’s FTSE 100 Index advanced 0.9 percent to the highest in two weeks.
                           Currencies
* The yen gained 0.7 percent to $109.951.
* The Bloomberg Dollar Spot Index lost 0.1 percent and is down 8.9 percent in the year.
* The British pound declined 0.6 percent to $1.3138, the biggest drop in a month.
                             Bonds
* The yield on 10-year Treasuries declined five basis points to 2.22 percent.
* U.K. 10-year yields slipped nine basis points to 1.15 percent.
* Germany’s 10-year yield fell three basis points to 0.45 percent.
                          Commodities
* West Texas Intermediate crude slid 0.5 percent to $49.35 a barrel.
* Gold futures retreated 0.3 percent to $1,274.50 an ounce.
             
 

Have a wonderful evening everyone.

Be magnificent!

“Slow down and enjoy life. It’s not only the scenery you miss by going to fast – you also miss the sense of where you are going and why.” – Eddie Cantor

As ever, 

Megan

“If you want to be successful, it’s just this simple. Know what you are doing. Love what you are doing. And believe in what you are doing.” -Will Rogers

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