April 9, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

On this day in…
1865~U.S. Civil War ends
1866~U.S. civil Rights Bill passed
1821~Charles Baudelaire, writer, b. 1821
J William Fulbright, politician, b. 1905
1959 NASA announced the selection of America’s first seven astronauts: Scott Carpenter, Gordon Cooper, John Glenn, Gus Grissom, Wally Schirra, Alan Shepard and Donald Slayton. Go to article »

If you’re wealthy, Asia Pacific is the priciest place to live. For those who crave (and can afford) the luxury lifestyle, here are the most expensive cities in the world.

Prince Philip, husband to the U.K.’s Queen Elizabeth II, has died.

Forecasters expect another overactive hurricane season with 17 named storms.   Get ready for Bill, Claudette, Elsa and their other unwelcome friends. 

Physicists open new window into dark energy

From the Late Night hosts:
“Now might be a fun time to remind people of this tweet Matt Gaetz posted just before Michael Cohen testified in Congress about his former boss, Donald Trump: ‘Hey @michaelcohen212 do your wife & father-in-law know about your girlfriends? Maybe tonight would be a good time for that chat. I wonder if she’ll remain faithful while you’re in prison. She’s about to learn a lot.’ Oh, karma, you old rascal, you.” — JIMMY KIMMEL

“I know Gaetz is from Florida, but ‘Bahamas sex trafficking with weed-peddling hand surgeon’ is almost too Florida, even for him.” — STEPHEN COLBERT

“The former vice poodle is putting Pence to paper. He signed a two-book deal with Simon & Schuster — I wonder if he knows they’re a gay couple.” — JIMMY KIMMEL

“The book will cover not just Pence’s time in the White House but his whole life, including traumatic family events like the time he saw Mother without her bonnet. He even opens up about the time in college he experimented with almond milk.” — JIMMY KIMMEL

“How does Mike Pence have enough material to write two books? I feel like I can summarize his entire life in two sentences. One, he was vice president. Two, a fly landed on his head.” — JAMES CORDEN

“Of course, Pence is currently considering a lot of titles for his memoir. First there’s ‘Fifty Shades of White.’ There’s also ‘Lord of the Flies.’ Next there’s ‘Tuesdays with Moron.’ And finally, ‘Are you There, Mother? It’s Me, Your Husband.” — JIMMY FALLON

PHOTOS OF THE DAY

Ancient artefacts found in Luxor, Egypt. Archaeologists said on Thursday they had uncovered a large ancient pharaonic city that had lain unseen for centuries near some of Egypt’s best known monuments
CREDIT: ZAHI HAWASS CENTER FOR EGYPTOLOGY HANDOUT/EPA-EFE/SHUTTERSTOCK

Clouds reflect in the still water of Mogshade Pond during sunrise in the New Forest, Hampshire
CREDIT: NICK LUCAS / SWNS.COM

Beds of tulips and hyacinths form colourful strips in a field in the Netherlands, near the town of Lisee
CREDIT: ERIK KRUGERS/SOLENT NEWS & PHOTO AGENCY

A mountain hare which is still completely white after the recent snow fall and sticks out to predators
CREDIT: BRIAN MATTHEWS / SWNS.COM

Market Closes for April 9^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1720, the earliest known discussion of securities analysis was published in The London Flying-Post, as several authors laid out their differing views on how to calculate the value of shares in the South Sea Co.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for a second straight week with a rise in information technology and materials stocks. The S&P/TSX Composite Index was flat Friday with eight of 11 sectors gaining. Energy lagged. Lightspeed POS Inc. jumped over 10% this week, a leader among tech shares. Materials stocks including OceanaGold Corp. and Wesdome Gold Mines Ltd. also advanced this week after gold headed for its first weekly gain in three week. Canada’s jobs market blew past expectations for a second straight month, one more sign the nation’s economy is on the cusp of fully recovering from the pandemic.
Commodities
* Western Canadian Select crude oil traded at a $10.25 discount to West Texas Intermediate
* Spot gold fell 0.8% to $1,742 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.2531 per U.S. dollar
* The 10-year Canada government bond yield rose 3.7 basis points to 1.500%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 19,228.03 in Toronto, ending a 5-day gain. The loss follows the previous session’s increase of 0.5 percent. Enbridge Inc. contributed the most to the index decline, decreasing 0.9 percent. Denison Mines Corp. had the largest drop, falling 7.1 percent. Today, 128 of 229 shares fell, while 93 rose; 3 of 11 sectors were lower, led by energy stocks.
Insights
* So far this week, the index rose 1.3 percent
* The index advanced 36 percent in the past 52 weeks. The MSCI AC Americas Index gained 51 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on April 8, 2021 and 38.6 percent above its low on April 16, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 28.5 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3t
* 30-day price volatility fell to 10.20 percent compared with 10.72 percent in the previous session and the average of 11.98 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -25.6195| -1.1| 1/22
* Consumer Staples | -1.0800| -0.2| 5/8
* Materials | -0.7689| 0.0| 17/33
* Real Estate | 0.2027| 0.0| 11/15
* Health Care | 0.3229| 0.1| 4/4
* Utilities | 0.3707| 0.0| 8/8
* Consumer Discretionary | 0.4310| 0.1| 6/6
* Information Technology | 1.6053| 0.1| 3/8
* Communication Services | 2.4332| 0.3| 5/2
* Industrials | 9.8052| 0.4| 18/11
* Financials | 11.4695| 0.2| 15/11

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed to another record as investors shrugged off concern over inflation and focused on prospects for an economic rebound. Treasuries fell, while the dollar advanced. The S&P 500 closed above 4,100 and posted its third- straight weekly rally — the longest run since October. Volume on U.S. exchanges hit a new low for 2021. The Nasdaq Composite underperformed. Honeywell International Inc. led gains in the Dow Jones Industrial Average on an analyst upgrade. Boeing Co. slid after grounding dozens of 737 Max jets to repair an electrical flaw that emerged in recently delivered models.
Equities extended a surge from their March 2020 lows to about 85% as Federal Reserve officials reassured markets that policy will remain supportive. Vice Chairman Richard Clarida said the Fed is looking for evidence on whether it’s reaching the goals on price stability and employment before adjusting rates. Still, data showing the rise in producer prices added fuel to the debate about the path of inflation. “It’s noisy data,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management. “It’s important to remember the positive elements of what is actually happening – prices are going up because we’re getting demand back together.”

These are some of the main moves in markets:
Stocks
* The S&P 500 climbed 0.8% at 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.1%.
* The MSCI Asia Pacific Index decreased 0.5%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The euro fell 0.1% to $1.1904.
* The Japanese yen weakened 0.4% to 109.65 per dollar.
Bonds
* The yield on two-year Treasuries rose one basis point to 0.16%.
* The yield on 10-year Treasuries rose four basis points to 1.66%.
* The yield on 30-year Treasuries rose two basis points to 2.33%.
Commodities
* West Texas Intermediate crude fell 0.5% to $59.32 a barrel.
* Gold slid 0.7% to $1,742.83 an ounce.
–With assistance from Emily Barrett, Robert Brand and Vildana Hajric.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Mediocrity knows nothing higher than itself, but talent instantly recognizes genius. –Arthur Conan Doyle, 1859-1930

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