March 16, 2018 Newsletter

Dear Friends,

Tangents: Happy St. Patrick’s Day Weekend!

-from today’s New York Times:

St. Patrick’s Day, which is Saturday, is all the more enjoyable for a number of intriguing myths and misconceptions — and not just about leprechauns.

A re-enactment of St. Patrick’s arrival in Ireland in Downpatrick, Northern Ireland.
Charles Mcquillan/Getty Images 

Scientists say there were never any snakes in Ireland, for one thing, which contradicts the tale of St. Patrick driving them into the sea. There is also reason to doubt that the snake story is an allegory for St. Patrick’s eradication of pagan religions. (Christianity might have already arrived.) 

The real Patrick, who became a patron saint of Ireland, wasn’t even Irish: He is believed to have been a Roman born in England who was enslaved by Irish marauders. He escaped after six years and returned to Ireland to spread Christianity. 

Corned beef, a mainstay of St. Patrick’s Day in the U.S., was introduced to Irish immigrants by Jewish neighbors in New York City. Then there’s the color: It was once St. Patrick’s blue. (Green dates to 18th-century Irish independence movements.) 

And for a celebration of Irish culture, St. Patrick’s Day is remarkably global. In Sydney, where the Opera House is tinted green each year, the celebrations date to 1810. In Singapore, as The Irish Post writes, “the Singapore River transforms into a sea of green as part of its own two-day street festival.” 

Charles McDermid contributed reporting.

PHOTOS OF THE DAY

Lightening strikes near Montevideo’s Independence Square during a thunderstorm in Uruguay.
Credit: Mariana Suarez/AFP/Getty Images

The Aurora Borealis over the Shetland Islands in Scotland.
Credit: Ryan Nisbet/Fortitude Press

A mother carries her rare white cub in Kruger National Park, South Africa.
Credit: Daryl Dell/Mercury Press & Media
Market Closes for March 16th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a seventh day, the longest advance in 13 months, as crude prices increased for a second week, boosting energy shares.
     The S&P/TSX Composite Index added 41 points or 0.3 percent to 15,711.33, the highest close since Feb. 26. The benchmark rose 0.9 percent on the week.
    Energy shares were the biggest gainers, rising 1.5 percent as oil prices jumped 1.9 percent. Birchcliff Energy Ltd. Added 7.9 percent and Seven Generations Energy Ltd. gained 5.8 percent.
     The loonie lost 0.3 percent, adding to Thursday’s decline to fall to the weakest level against the U.S. dollar since June.
     In other moves:
                          Stocks
* Aurora Cannabis Inc. fell 3 percent. The stock, which is set to join the S&P/TSX Composite Index on Monday, was downgraded to hold at Canaccord Genuity
* AutoCanada Inc. lost 1.1 percent after fourth-quarter earnings missed the lowest estimate
* WestJet Airlines Ltd. rose 0.9 percent after earlier gaining as much as 5.3 percent. Ultra-low-cost competitor Jetlines has delayed its launch plans
                          Commodities
* Western Canada Select crude oil traded at a $25.25 discount to WTI, the narrowest gap in two weeks
* Gold fell 0.4 percent to $1,312.30 an ounce, the lowest since March 1
                           FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.3094 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.14 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks closed higher for the first time all week as traders digested positive factory output and consumer sentiment reports before next week’s Federal Reserve meeting. Ten-year Treasury yields rose and the dollar gained.
     The S&P 500 broke out of longest slump of the year Friday, led by energy stocks as Texas crude spiked above $62 a barrel. The benchmark fluctuated late in the session thanks in part to “quadruple witching,” when futures and options contracts on indexes and individual stocks expire.
     The last batches of economic data released before the Fed meeting were mixed. U.S. factory production bounced back in February, exceeding estimates, according to Federal Reserve data, and consumer sentiment jumped to its highest since 2004. But unexpectedly weak February retail sales pushed down forecasts for the annualized pace of expansion in the first quarter.
     “We’re probably at the peak of growth right now, over to a gentle rollover. I wouldn’t say it’s going to be a growth scare where the markets are going to say, ‘Holy smokes! We’re going to sell off 10 percent in equities because the Fed’s overtightened,”’ Barbara Reinhard, head of asset allocation for multi-asset strategies at Voya Investment Management, said by phone. “But what this probably does is, it probably takes some of the interest rate tightening concerns and fears, which got so overblown in January, out of the markets, and that’s a good thing.”
     European equities gained after Asian shares slipped. The euro pared an advance after the region’s inflation figures were revised downward. The yen gained, gold fell.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index gained 0.1 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.2 percent.
* The U.K.’s FTSE 100 Index rose 0.3 percent.
* Germany’s DAX Index gained 0.4 percent.
* The MSCI Emerging Market Index sank 0.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index climbed 0.1 percent to its highest in almost two weeks.
* The euro fell 0.2 percent to $1.2286.
* The British pound rose 0.1 percent to $1.3934.
* The Japanese yen climbed 0.3 percent to 106.06 per dollar.
                            Bonds
* The yield on 10-year Treasuries climbed two basis points to 2.84 percent.
* Germany’s 10-year yield fell one basis point to 0.57 percent.
* Britain’s 10-year yield fell one basis point to 1.429 percent.
                            Commodities
* West Texas Intermediate crude rose 1.8 percent to $62.28 a barrel, the highest in more than a week.
* Gold fell 0.2 percent to $1,313.72 an ounce.
–With assistance from Adam Haigh and Samuel Potter.

Have a terrific weekend everyone.

Be magnificent!

As ever,

Carolann

However difficult life may seem, there is always something you can do and succeed at.  It matters that you don’t just give up. -Stephen William Hawking, 1942-2018

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

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