April 25, 2019 Newsletter

Dear Friends,

Tangents:
1901 – First license plates issued.
1915- Battle of Gallipoli
1917 – Ella Fitzgerald born/
1959 – The St. Lawrence Seaway opened to shipping. Go to article »

PHOTOS OF THE DAY

The photo of the Rosette Nebula captured by Guernsey-based grandmother Jean Dean from her back garden-that has won NASA’s astronomy picture of the day. See SWNS story SWPLnasa. A retired grandmother has taken a NASA competition-winning picture- from her BACK GARDEN. CREDIT: JEAN DEAN /SWNS.COM

he Rannerdale Bluebells have burst into life weeks early near Crummock water in the Rannerdale valley. The native Bluebells, a remnant of ancient woodland is under threat claims the National Trust. In the last four years the National Trust and their tenant farmer estimate that nearly 25% of the bluebells has been lost through trampling by visitors who donOt stick to the footpaths. If a bluebellOs leaves are crushed they die back, as the leaves cannot photosynthesise to feed the plant. It can take the bluebell years to recover. CREDIT: ANDREW MCCAREN/LNP

Berlin: A boy walks through the fountain in the pleasure garden. CREDIT: CHRISTOPH SOEDER/DPA
Market Closes for April 25^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1961, the first patent for an integrated circuit was awarded to Fairchild Semiconductor’s Robert Noyce, who later co-founded Intel with Gordon Moore. Today Intel has a market value of nearly $265 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks slid for a second day as falling energy and copper prices weighed on resource shares and Bombardier Inc. tumbled 15 percent.
The S&P/TSX Composite Index lost 0.1 percent to 16,576.10. Materials slid 0.6 percent as copper prices fell to a four-week low amid signs of slowing global growth, while energy stocks lost 0.4 percent as crude prices dropped for a second day. Industrials added 0.2 percent despite Bombardier’s decline, the most since November. The company cut its 2019 sales and profit forecast amid a slower production ramp-up on some rail projects.
In other moves:
Stocks
* Celestica Inc. tumbled 16 percent to the lowest since 2013. The company’s second-quarter earnings guidance missed the lowest analyst estimate, prompting two analyst downgrades
* Ivanhoe Mines Ltd. rose 13 percent after its top shareholder agreed to invest an additional C$612 million at a 29 percent premium over the stock’s last closing price
* Bausch Health Cos. added 3.2 percent. The pharmaceutical company’s psoriasis lotion won approval from the U.S. Food and Drug Administration
Ratings
* APS CN: Aptose Biosciences Rated New Buy at JonesTrading
* BBD/B CN: Bombardier Downgraded to Sector Perform at Scotiabank; PT C$4.40
* BIP: Brookfield Infrastructure Cut to Neutral at Credit Suisse
* CLS CN: Celestica Downgraded to Hold at Beacon Securities
** CLS CN: Celestica Downgraded to Neutral at CIBC
* CNQ CN: Canadian Natural Resources Downgraded to Hold at Edward Jones
* ENB CN: Enbridge Inc Cut to Neutral at Credit Suisse; Price Target C$55
** ENB CN: Enbridge, Gibson Fall as Credit Suisse Cuts Ahead of 1Q Earnings
* LULU: Lululemon Shares ’Expensive But Rightly So,’ Analyst Says
* OM CN: Osisko Metals Rated New Buy at Haywood Securities; PT 90 Cents
* REG CN: Regulus Resources Rated New Speculative Buy at Paradigm Capital
* TOT CN: Total Energy Services Raised to Sector Perform at Scotiabank
* WCN CN: Waste Connections Upgraded to Buy at Stifel
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold was little changed at $1,275.80 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3486 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 1.71 percent
US
By Vildana Hajric
(Bloomberg) — Major U.S. stock gauges closed mixed as earnings reports sparked a rally in big technology companies and sent industrial shares lower. The dollar extended gains to a four-month high.
While the tech-heavy Nasdaq 100 reached a record following strong results from Microsoft and Facebook, the broader S&P 500 Index ended little changed after 3M cut its earnings forecast and UPS reported a profit drop. The Stoxx Europe 600 slipped as two major European mergers appeared to founder. Treasuries dipped after solid U.S. durable-goods data.
Investors are looking to company earnings to breathe new life into the global rally that lifted the U.S. benchmark to a record high this week and helped bring the longest run of gains in more than a year for European stocks. Mostly positive results so far this earnings season have gone some way toward mitigating concerns over the global economy, and U.S. first-quarter gross domestic product data due Friday should offer more guidance.
“We’re in an obviously relatively slower growth economic environment and earnings expectations have drifted lower,” said Ryan Primmer, head of investment solutions at UBS Asset Management. “I would call it a good-enough earnings season for the market to be rewarded for where it’s at today.”
In corporate news, merger talks ended between German lenders Deutsche Bank and Commerzbank, while U.K. grocer Sainsbury’s plan to take over Walmart’s Asda was blocked by antitrust authorities.
Argentina’s currency dropped to a record low after suffering a deep sell-off Wednesday. The euro traded at the lowest since 2017. Sweden’s krona dropped as the Riksbank said rates will stay low for longer. Turkey’s lira tumbled to its weakest since October after the central bank dropped a commitment to tighten policy if needed.
Elsewhere, South Korea’s won slumped after the country’s economy unexpectedly contracted in the first quarter. Asian shares were mostly lower, with sharp declines in China. Brent crude touched $75 for the first time since October. Emerging- market currencies and shares fell.
Here are some notable events coming up this week:
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

These are the main market moves:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index declined 0.2 percent.
* The MSCI Asia Pacific Index fell 0.3 percent.
* The MSCI Emerging Market Index decreased 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro dipped 0.2 percent to $1.1132.
* The Japanese yen gained 0.5 percent to 111.67 per dollar.
* The MSCI Emerging Markets Currency Index sank 0.3 percent.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.53 percent.
* Germany’s 10-year yield was little changed at -0.01 percent.
* Britain’s 10-year yield dipped two basis points to 1.15 percent.
Commodities]
* The Bloomberg Commodity Index slipped 0.3 percent.
* West Texas Intermediate crude fell 1.4 percent to $65 a barrel.
* Copper fell 1.7 percent to $2.868 a pound.
* Gold rose 0.2 percent to $1,277.66 an ounce.
–With assistance from Cormac Mullen, Eddie van der Walt and Sophie Caronello.

Have a great night.

Be magnificent!
As ever,

Carolann

Life is like a piano.  What you get out of it depends on how you play it.
-Thomas A. Lehrer, b. 1928

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