April 6, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!

1483 ~ The painter, Raphael was born.

1896- Athens, Greece: First modern Olympics held.
1806 ~Elizabeth Barrett Browning, poet, was born.

The Poem:
How Do I Love Thee? (Sonnet 43)
     _Elizabeth Barrett Browning, 1806 – 1861
How do I love thee? Let me count the ways.
I love thee to the depth and breadth and height
My soul can reach, when feeling out of sight
For the ends of being and ideal grace.
I love thee to the level of every day’s
Most quiet need, by sun and candle-light.
I love thee freely, as men strive for right.
I love thee purely, as they turn from praise.
I love thee with the passion put to use
In my old griefs, and with my childhood’s faith.
I love thee with a love I seemed to lose
With my lost saints. I love thee with the breath,
Smiles, tears, of all my life; and, if God choose,
I shall but love thee better after death.

PHOTOS OF THE DAY

Picture shows this morning’s sunrise in the picturesque village of Staithes on the North Yorkshire coast. Captain James Cook worked in the former fishing port in 1745 as a grocer’s apprentice before moving to Whitby to join the Royal Navy. 
Credit: The Telegraph

British shipwreck that became a grove of trees despite being 330-yards from the coastline and being used for target practice during WW2. Footage taken by physiotherapist Conor Moore, 24, from Innisfail, Queensland show the fascinating wreckage of the SS City of Adelaide. A passenger steam ship that was launched from Britain on 22 December 1863, was wrecked by a fire in 1912 and is now part of the island’s ominous shipwreck. 
Credit: The Telegraph

Brussels resident Anton Schuurmans waters flowers after planting them in an unrepaired pothole to draw attention to the bad state of public roads in Brussels, Belgium. 
Credit: The Telegraph

An intelligent robot interacts with a child at Shiyan Lake Scenic Area in Changsha, Hunan Province of China. The intelligent robot which can communicate with tourists, dance for tourists serves as a tour guide 24 hours a day. 
Credit: The Telegraph
Market Closes for April 6^th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
$~On this day in 1998, the Dow Jones Industrial Average closed above 9000 for the first time, just over one year after it broke through the 8000 barrier.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks ended lower, erasing earlier gains in an increasingly familiar pattern of wild swings as investors evaluate the latest trade risks.
     The S&P/TSX Composite Index fell 149 points or 1 percent to 15,207.41, bringing its total loss for the week to about 1 percent. Health-care stocks were the biggest decliners Friday, losing 2.4 percent as cannabis shares fell for a fourth of five days.
     The technology index lost 1.3 percent, financials retreated 1.1 percent and energy shares fell 1.1 percent. Crude posted its worst week in two months as U.S. President Donald Trump predicted market “pain” in his trade dispute with China.
     In other moves:
                          Stocks
* Torex Gold Resources Inc. jumped 51 percent, the most since 2009, after it said blockades at its ELG Mine complex and Media Luna project in Mexico have ended
* Canadian Pacific Railway Ltd. lost 1.2 percent to the lowest since mid-February. Unionized conductors and engineers voted to authorize strike action as soon as April 21
* Pengrowth Energy Corp. gained 1.1 percent, bucking the broader market trend. The company is targeting double-digit production growth this year
                          Commodities
* Western Canada Select crude oil traded at a $17.00 discount to WTI
* Gold rose 0.6 percent to $1,331.90 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2768 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.14 percent
US
By Jeremy Herron and Janine Wolf
     (Bloomberg) — U.S. stocks ended the week with a deep selloff, leaving them lower for the five days as the White House’s latest trade bluster rattled global financial markets.
     The S&P 500 Index plunged more than 2 percent and all 30 members of the Dow Jones Industrial Average retreated as President Donald Trump ordered a review of additional tariffs that prompted an aggressive response from China. Fresh attempts by White House officials to tone down the bluster failed to calm nerves, with the Cboe Volatility Index back above 21. Treasury Secretary Steven Mnuchin added to the anxiety by saying there’s a “level of risk” the spat could worsen.
     Trump said the market turmoil was short-term “pain,” but insisted the outcome would leave the U.S. in a better position. The president’s top economic adviser said the U.S. and China are holding “back-channel discussions” to resolve an escalating trade dispute that has unsettled global financial markets. China earlier said no talks were ongoing.
     The trade tensions overshadowed the latest U.S. jobs report, which showed hiring cooled by more than forecast in March. The renewed saber rattling provided a bookend to a week that started with equities tumbling amid amplified rhetoric. That gave way to a three-day rally after White House officials signaled the president’s tough talk was part of a negotiating plan.
     “It’s bad when this happens on a Friday, because then people get freaked out over the weekend,” Donald Selkin, New York-based chief market strategist at Newbridge Securities Corp, said by phone. “The worst thing you want to see is a bad market late on a Friday.”
     These are the main moves in markets:
                           Stocks
* The S&P 500 fell 2.2 percent as of 4 p.m. in New York, capping a 1.4 percent drop in the week.
* The Nasdaq Composite Index slid 2.3 percent and the Dow lost 2.3 percent.
* The Stoxx Europe 600 Index fell 0.4 percent, paring a weekly gain to 1.1 percent.
* The MSCI All-Country World Index fell 1.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro rose 0.4 percent to $1.2286.
* The British pound gained 0.7 percent to $1.4094.
* The Japanese yen rose 0.5 percent to 106.895.
                           Bonds
* The yield on 10-year Treasuries declined six basis points to 2.77 percent, the largest fall in more than a week.
* The two-year rate fell four basis points to 2.266
* Germany’s 10-year yield dipped three basis points to 0.497 percent.
                          Commodities
* The Bloomberg Commodity Index decreased 0.3 percent.
* West Texas Intermediate crude dipped 2.5 percent to $61.94 a barrel.
* Gold futures rose 0.6 percent to $1,336.70 an ounce.
–With assistance from Cormac Mullen, Adam Haigh and Eddie van der Walt.

Have a great weekend.

Be magnificent!

As ever,

Carolann

Ocean, who is the source of all.
-Homer, c. 800 BCE-c. 701 BCE

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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