May 28, 2018 Newsletter

Dear Friends,

Tangents: MEMORIAL DAY, USA
On this day in 1940, George Beardmore, wrote in his Journal:
As a collector of rumours I have heard that (1) Germany has requested a twenty-four-hour armistice in which to bury the dead in front of the Maginot Line (2) Lord Haw-Haw – since identified as William Joyce, an Irishman – has promised from Hamburg that when the bombings begin Harrow School (because Churchill went there) and HM Stationary Office (where the leaflets dropped in the early raids were printed, also situated in Harrow)  will be among the first targets (3) an old news-paper-woman living at Bushey noticed a blind man reading a paper which led to the discovery that a local blind school was a nest of spies.  “More tomorrow”, as the comics say.

May 28, 1934 – Birth of Dionne Quintuplets: Annette, Cecile, Emilie, Marie and Yvonne.
PHOTOS OF THE DAY

Lightening and thunder across the Isle of Wight. The UK was struck by lightening between 15,000 and 20,000 times as the “mother of all thunderstorms” rolled across southern England on Saturday night. Credit: Islandvisions/BNPS

The Geico Skytypers, an air show squadron of 11 pilots who fly Second Wold War-era aircraft, perform an 18-minute display during their 15^th appearance at the annual Bethpage airshow. All branches of the military were represented at the show which took place at the Jones Beach State Park in New York, USA, on Memorial Day weekend. Credit: Li Rui/Xinhua/Barcroft Images

A visitor relaxes amongst the roses at Chelsea Flower Show. Credit: Geoff Pugh for the Telegraph

Maja-Isobel Lawson plays in a field of yellow flowers near Bretton in Yorkshire. Credit: Danny Lawson/PA
Market Closes for May 28^th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most in four weeks as oil’s slump deepened and precious metals fell.
     The S&P/TSX Composite Index lost 59 points, or 0.4 percent, to 16,016.14 on Monday, the benchmark’s fifth straight decline. Volume was 59 percent below the 100-day average, with both U.S. and U.K. markets closed for a holiday.
     Materials stocks tumbled 0.9 percent and energy shares fell 0.5 percent. Industrials also retreated, losing 0.6 percent as Canadian Pacific Railway Ltd. slid 1.9 percent, the most since March. Its workers could go on strike as early as Tuesday night.
     In other moves:
                         Stocks
* Bombardier Inc. rose 4.1 percent to the highest since 2014.  The company is planning to build two new luxury business jets.
* WestJet Airlines Ltd. rose 2.5 percent after agreeing to a settlement process with its pilots, averting a strike
* Pan American Silver Corp. lost 4 percent. The miner said it will reduce some activities at its Dolores Mine in Mexico following security incidents
* Corus Entertainment Inc. fell 3.2 percent after Canada’s competition regulator rejected the sale of its French-language channels, potentially forcing it to cut its dividend by 70 percent
                         Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI on Friday
* Gold fell 0.5 percent to $1,302.70 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2996 per U.S. dollar
* The Canada 10-year government bond yield fell five basis points to 2.30 percent, the lowest in five and a half weeks
US
Markets closed for Memorial Day.
Have a great night.

Be magnificent!

As ever,

Carolann

Who dares nothing, need hope for nothing.
          -Friedrich Von Schiller, 1759-1805

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