February 6, 2019 Newsletter

Dear Friends,

Tangents:
On Feb. 6, 1952, Britain’s King George VI died; he was succeeded by his daughter, Elizabeth II. Go to article »
The statement came from Sandringham at 10:45 a.m. “The King, who retired to rest last night in his usual health, passed peacefully away in his sleep early this morning.” Newspapers at the time reported it as a shock. King George VI, after all, had been out on a shoot the day before. But there was no use denying, or dwelling, on the matter. By 5:00 p.m., a privy council had gathered at St. James’s Palace in London. They signed a statement, which ended, “[We] do now hereby with one Voice and Consent of Tongue and Heart publish and proclaim that the High and Mighty Princess Elizabeth Alexandra Mary is now by the death of our late sovereign of happy memory become Queen Elizabeth the Second by the grace of God.”
PHOTOS OF THE DAY

A meteor enters the earth’s atmosphere over the snowy hills of the Elan Valley in Wales while ethereal green ‘airglow’ spreads across the sky. Credit: Sean Weekly/SWNS.COM

A surfer waits for a wave off Tynemouth beach in North Tyneside as the sun rises. Credit: Owen Humphreys/PA

A hot air balloon makes his way above Zell am See, Austria. Credit: Matthias Schrader/AP
Market Closes for February 6^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1808, the Milan Stock Exchange Borsa Valori di Milano (now called Borsa Italiana) was established. Borsa Italiana mergedwith the London Stock Exchange Group in 2007.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 15,712.31 in Toronto. Intact Financial Corp. contributed the most to the index gain, increasing 3.7 percent. ATS Automation Tooling Systems Inc. had the largest increase, rising 17.3 percent.
Today, 133 of 239 shares rose, while 100 fell.
================================================================
Top Contributors |Index Points Move| % Change
================================================================
Intact Financial | 3.8170| 3.7
Manulife Financial | 3.2510| 1.1
TD Bank | 3.1350| 0.3
Canopy Growth | -3.6600| -3.7
Canadian National | -4.4600| -0.8
Canadian Natural Resources | -4.5530| -1.5
================================================================
Biggest Gainers | % Change |Index Points Move
================================================================
ATS | 17.3| 1.5210
Ivanhoe Mines | 13.1| 1.4500
Chemtrade Logistics | 6.5| 0.4620
================================================================
Biggest Losers | % Change | Index Points Move
================================================================
Cronos Group | -9.7| -3.3140
Aphria | -9.0| -1.9430
Eldorado Gold | -5.7| -0.3510
* The benchmark 10-year bond rose and the yield fell 1.5 basis points to 1.924 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell in thin trading as investors weighed corporate earnings against persistent concerns over trade and another government shutdown. The dollar extended its rally to a fifth day.
     The S&P 500 declined for the first time in six sessions with volumes below the 30-day average. President Donald Trump’s speech to Congress did little to remove trade and shutdown concerns, putting the focus on earnings-related moves. The Nasdaq composite slid along with Alphabet, while Electronic Arts and Take Two plunged after disappointing numbers. Microchip Technology’s call for a bottom in the chip cycle boosted semiconductor makers.
     Investors remained on edge with the deadline for Congress to reach a deal on keeping the government open fast approaching with little sign of compromise. There are also looming meetings in Beijing next week between U.S. trade representatives and their Chinese counterparts.
     “We’ve had a big rally and we’ve got a show me market now,” said Alec Young, managing director of global markets research at FTSE Russell. “China trade is the key thing that’s going to get people to look at this earnings data as glass half full or half empty.”
     In other moves, iron ore surged to near a two-year high after Vale raised worries of a global shortfall. Crude bounced back above $53 a barrel in New York. Bloomberg’s dollar index headed for its best run in more than two weeks. The 10-year Treasury yield fell.
     European stocks edged higher, capping a seventh day rising as technology stocks rallied on some upbeat company reports. Carmakers were among the laggards after Daimler AG’s cautious tone reignited concern about global trade. Bonds across the region were range bound, though Italian notes slipped as the country sold new debt. Iron ore rallied toward $90 a metric ton after Brazil’s Vale SA declared force majeure on some contracts, raising the prospect of a deficit of the commodity this year.
     Global equities are close to levels not seen since November, in part spurred by the Federal Reserve’s tilt toward a neutral policy stance. Further clues on what 2019 holds may come Wednesday from Chairman Jerome Powell’s first public comments following the January meeting and interest-rate decision.
Among key events in the coming days:
* Markets are closed in China, Hong Kong, Korea, Malaysia, Singapore, Taiwan and also in New Zealand
* Earnings season continues, with reports from Twitter, MetLife and Societe Generale
* Central banks in India and the U.K. set rates this week
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2 percent as of 4 p.m. in New York.
* The Nasdaq 100 lost 0.4 percent and the Dow Jones Industrial Average declined 0.1 percent.
* The Stoxx Europe 600 Index increased 0.2 percent.
* The MSCI All-Country World Index fell 0.3 percent, the first retreat in more than a week.
* The MSCI Emerging Market Index lost 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent, reaching the highest in almost two weeks on its fifth straight advance.
* The euro decreased 0.4 percent to $1.1365, the weakest in almost two weeks.
* The British pound gained 0.1 percent to $1.2938, the first advance in a week.
* The Japanese yen was little changed at 109.97 per dollar.
Bonds
* The yield on 10-year Treasuries was steady at 2.69 percent.
* Germany’s 10-year yield declined less than one basis point to 0.17 percent.
* Britain’s 10-year yield decreased one basis point to 1.224 percent.
* Japan’s 10-year yield fell less than one basis point to -0.013 percent, the lowest in more than a month.
Commodities
* West Texas Intermediate crude rose 0.6 percent to $53.99 a barrel.
* Gold declined 0.7 percent to $1,310.50 an ounce.
–With assistance from Cormac Mullen and Robert Brand.

Have a great night.

Be magnificent!

As ever,

Carolann

The foolish man seeks happiness in the distance; the wise grows it under his feet.
                                                                   -James Oppenheim, 1882-1932

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