March 26, 2019 Newsletter

Dear Friends,

Tangents:
March 26, 1976 – Baseball – American League approves the purchase of the Toronto Blue Jays franchise by Labatt Brewing for $7 million. Toronto, Ontario  Go to article »
Robert Frost, poet, b. 1874
Diana Ross, singer, b.1944
Erica Jong, writer, b. 1942

1979 – Anwar Sadat and Mencheim Begin, sign peace accord.

A PRAYER IN SPRING
      by Robert Frost
Oh, give us pleasure in the flowers to-day;
And give us not to think so far away
As the uncertain harvest; keep us here
All simply in the springing of the year.

Oh, give us pleasure in the orchard white,
Like nothing else by day, like ghosts by night;
And make us happy in the happy bees,
The swarm dilating round the perfect trees.

And make us happy in the darting bird
That suddenly above the bees is heard,
The meteor that thrusts in with needle bill,
And off a blossom in mid air stands still.

For this is love and nothing else is love,
The which it is reserved for God above
To sanctify to what far ends He will,
But which it only needs that we fulfil.

Read at the Dedication of John F. Kennedy Park, May 29, 1987.
PHOTOS OF THE DAY

Glorious Spring sunshine in Queen’s Park, Bolton, Lancashire, UK. A perfect start to the week as blue skies and warm sunshine are expected to continue until the weekend in the North West of England. Credit: The Telegraph

A brimstone butterfly as shot by retired University teacher Dr John Brackenbury. His unique photographs takes us on an amazing journey into the tiny world of these spectacular creatures. The 70-year-old, from Cambridge, achieves a unique perspective of butterflies and other winged bugs taking us down to their level. Credit: John Brackenbury/Magnus News

Three cute and fluffy newborn ducklings pictured enjoying the sunshine for the first time this morning at Bocketts Farm, Surrey. The clocks go forward this weekend to start British Summer Time. Credit: Oliver Dixon
Market Closes for March 26^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1979, OPEC declared following a meeting in Geneva that its members would raise the price of crude oil from $13.34 to $14.55, igniting another round of global inflation. On Monday, crude prices dipped 0.4% to settle at $58.82 a barrel.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 16,155.16 in Toronto. The move was the biggest since rising 0.7 percent on March 18 and follows the previous session’s decrease of 0.1 percent.
     Canadian National Railway Co. contributed the most to the index gain, increasing 1.5 percent. Hexo Corp. had the largest increase, rising 8.2 percent.
Today, 159 of 243 shares rose, while 75 fell; 10 of 11 sectors were higher, led by energy stocks.
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 26.7767| 0.9| 32/7
Industrials | 17.9480| 1.0| 22/7
Materials | 16.3790| 0.9| 30/18
Financials | 13.8453| 0.3| 20/6
Information Technology | 6.2969| 0.9| 4/6
Communication Services | 2.5645| 0.3| 5/1
Consumer Discretionary | 2.5445| 0.4| 9/8
Utilities | 2.0437| 0.3| 11/4
Health Care | 1.0678| 0.3| 7/3
Real Estate | 0.0774| 0.0| 14/10
Consumer Staples | -0.2472| 0.0| 5/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian National | 9.1700| 1.5| -37.7| 15.9
Canadian Natural | | | |
Resources | 7.7610| 2.5| 14.0| 12.8
Royal Bank of | | | |
Canada | 7.2320| 0.7| 25.0| 10.0
Bank of Nova Scotia| -1.4780| -0.2| 40.6| 3.8
CIBC | -1.8870| -0.6| 149.9| 6.8
TD Bank | -2.8610| -0.3| -3.3| 8.5
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
HEXO Corp | 8.2| 0.9250| 26.0| 92.8
Crescent Point | | | |
Energy | 5.2| 0.8590| -41.7| 8.0
NuVista Energy | 4.3| 0.3200| -16.7| 18.1
================================================================
| |Index Points| Volume VS |YTD Change
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
Chemtrade | | | |
Logistics | -4.6| -0.2830| 152.4| -14.2
Ensign Energy | | | |
Services | -3.0| -0.1550| -43.3| 15.2
Semafo | -2.6| -0.2310| -12.6| 29.5
* The benchmark 10-year bond fell and the yield rose 2.1 basis points to 1.571 percent
US
By Rita Nazareth, Sarah Ponczek and Vildana Hajric
     (Bloomberg) — The rally in U.S. stocks faded from Tuesday’s highs as Apple Inc. wiped out its advance after a judge recommended a partial iPhone ban. Treasuries declined and the dollar rose.
     A gauge of technology companies in the S&P 500 Index gave up most of its gains, while energy shares climbed as Russia signaled that it’s committed to output cuts. The yield on benchmark U.S. bonds rose after a two-day plunge, though the spread between three-month and 10-year rates remained in negative territory. The greenback erased its monthly drop, and the Japanese yen led losses in haven currencies. Gold retreated.
     Risk assets rebounded on speculation that the recent sell-off in global markets had been overdone. Goldman Sachs Group Inc. added its voice to those advising against panic over the inversion of the U.S. yield curve — which has served as a recession warning. While the economic backdrop indeed may be less favorable, stocks may end up doing well with a flat curve, the analysts wrote.
     “The market has run quite far in a short period without much economic news supporting it,” wrote Christopher Low, the chief economist at FTN Financial. “As a result, we are not surprised to see higher yields today. A breather makes sense, and rates could back up further before the rally resumes.”
     Every industry in the S&P 500 rose, while the Stoxx Europe 600 had its first gain in a week. Japan’s Topix Index jumped more than 2.5 percent — a day after its biggest slide this year. Emerging-market stocks also advanced.
     “What you’re seeing is some oversold conditions, and some buying opportunities are starting to appear in the marketplace,” said Chris Larkin, senior vice-president of trading at E*Trade.
     The outcome of U.S.-China trade talks and any developments in Britain’s tortuous exit of the European Union could help determine sentiment from here. The pound climbed as a Brexit hardliner indicated he’s willing to back Theresa May’s deal, a move that could be a game-changer if others follow suit.
Here are some key events coming up:
* U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* U.K. Parliament is set to stage several key votes on Brexit on Wednesday.
* Fed Governor Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 gained 0.7 percent to 2,818.46 at 4 p.m. in NewYork.
* The Stoxx Europe 600 added 0.8 percent.
* The MSCI Asia Pacific Index advanced 0.9 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro fell 0.4 percent to $1.1271.
* The Japanese yen slid 0.5 percent to 110.55 per dollar.
* The British pound increased 0.1 percent to $1.3205.
Bonds
* The yield on 10-year Treasuries gained two basis points to 2.41 percent.
* Germany’s 10-year yield increased one basis point to -0.02 percent.
* Britain’s 10-year yield advanced two basis points to 1.007 percent.
Commodities
* The Bloomberg Commodity Index rose 0.1 percent.
* West Texas Intermediate crude surged to $59.94 a barrel.
* Gold slipped 0.6 percent to settle at $1,321.40 an ounce.
–With assistance from Lilian Karunungan, Abhishek Vishnoi, Andreea Papuc, Joanna Ossinger, Eddie van der Walt and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

Happiness is the only good.  The time to be happy is now. 
The place to be happy is here.  The way to be happy is to make others so.
                                             -Robert Green Ingersoll, 1833-1899

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