June 29, 2021 Newsletter

Dear Friends,

Tangents:
1938~Olympic National Park established.
1900~Antoine de Saint-Exupery, born.
1861~William James Mayo, co-founder Mayo Clinic, born.
On June 29, 1995, the shuttle Atlantis and the Russian space station Mir docked, forming the largest man-made satellite ever to orbit the Earth.  Go to article »
2009~American hedge-fund investment manager Bernie Madoff sentenced to up to 150 years in prison for operating the largest Ponzi scheme in history.  He died in April 2021, having served 12 years of his sentence.

World’s highest hotel opens in China.  Stay in style … and the constant grip of acrophobia. 

PHOTOS OF THE DAY

It may look like these tigers are a pair of copycats as their reflection bounces back off the water. Harsha Narasimhamurthy, 30, captured the tiger siblings having a drink at The Tadoba Andhari Tiger Reserve is a wildlife sanctuary in Chandrapur district of Maharashtra state in India
CREDIT: HARSHA NARASIMHAMURTHY / CATERS NEWS

Filipino photographer Kirkamon Cabello photographed a female chinspot bird feeding its chicks in a nest in Kolwezi Lualaba Province, Democratic Republic of Congo
CREDIT: MEDIADRUMWORLD/COM/KIRKAMON CABE

A staff member sits in an interactive digital installation “Floating in the Falling Universe of Flowers” during a media preview at TeamLab Planets in the Toyosu district of Tokyo
CREDIT: PHILIP FONG/AFP VIA GETTY IMAGES

Market Closes for June 29^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1979, as the American auto industry sputtered and the technology industry took off, the editors of The Wall Street Journal booted Chrysler from the Dow Jones Industrial Average and replaced it with IBM. And with healthcare growing faster than the food industry, Merck replaced Esmark.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks advanced on Tuesday, after consumer discretionary and industrial stocks rose. The S&P/TSX Composite index rose 0.1% in Toronto, after falling 0.4% on Monday. Consumer discretionary stocks were the best performers, led by Gildan Activewear and Canada Goose. Corus Entertainment was the best performing stock on Tuesday, rising 6.2%, after the company’s third-quarter earnings beat the average analyst estimate.  Meanwhile, Labrador Iron Ore was the worst performer, falling 6.8%, after TD cut the ratings of the stock to hold from buy on valuation.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold fell about 1% to $1,761.59 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.2392 per U.S. dollar
* The 10-year Canada government bond yield was flat at 1.417%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite is rising 0.3 percent at 20,198.31 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 0.8 percent. Corus Entertainment Inc. had the largest increase, rising 6.4 percent. In midday trading, 143 of 231 shares rose, while 82 fell; 8 of 11 sectors were higher, led by industrials stocks.
Insights
* This quarter, the index rose 8 percent
* This month, the index rose 2.4 percent
* The index advanced 31 percent in the past 52 weeks. The MSCI AC Americas Index gained 43 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on June 16, 2021 and 33 percent above its low on June 29, 2020
* The S&P/TSX Composite is unchanged in the past 5 days and rose 1.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.3 on a trailing basis and 16.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility rose to 7.23 percent compared with 7.21 percent in the previous session and the average of 8.63 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | 16.4944| 0.7| 23/6
* Information Technology | 13.1684| 0.6| 9/3
* Consumer Discretionary | 6.8507| 0.9| 11/2
* Communication Services | 6.8096| 0.7| 7/0
* Energy | 5.8856| 0.2| 13/10
* Consumer Staples | 4.8272| 0.7| 10/3
* Materials | 3.3765| 0.1| 30/18
* Real Estate | 1.7641| 0.3| 18/8
* Utilities | -0.6515| -0.1| 9/7
* Health Care | -2.6562| -0.9| 2/8
* Financials | -3.0858| 0.0| 11/17
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 11.6600| 0.8| -58.3| 29.4
* Canadian National | 6.2130| 1.0| -66.6| -6.0
* Canadian Natural | | | |
* Resources | 4.7840| 1.3| -64.5| 46.4
* Fortis | -1.4370| -0.8| -11.4| 6.6
* Bank of Montreal | -1.9360| -0.3| -37.6| 30.9
* Blackberry | -2.0270| -3.5| -66.6| 80.9
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — For all the talk about inflated equity prices, a peak in earnings growth and the spread of a highly infectious coronavirus strain, stocks managed to close at another record. In what some traders called a boring trading session, the S&P 500 eked out a gain of less than 0.1%. The benchmark gauge of American shares also remained on track for its fifth straight monthly advance — the longest run since August. Technology and retail companies rose, while financials underperformed even after some of the largest Wall Street banks boosted payouts to shareholders. Investors have been weighing possible risks to the rally that drove equities up more than 90% from last year’s lows amid expectations that this quarter will mark the peak of a profit recovery from the depths of the pandemic. BlackRock Investment Institute strategists are dialing down their excitement for U.S. stocks, saying that potentially higher taxes and more regulations could pose “challenges” to the market. “Investors are probably taking a minute to reassess their near-term outlook,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “With momentum fading, stocks likely need a meaningful catalyst from here.” 

Here are some events to watch in the markets this week:
* OECD meets in Paris to finalize a proposal to overhaul global minimum corporate taxation Wednesday
* China’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party Thursday
* OPEC+ ministerial meeting Thursday
* ECB President Christine Lagarde speaks Friday
* The U.S. jobs report is due Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1902
* The British pound fell 0.2% to $1.3850
* The Japanese yen was little changed at 110.55 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.47%
* Germany’s 10-year yield advanced two basis points to -0.17%
* Britain’s 10-year yield advanced two basis points to 0.74%
Commodities
* West Texas Intermediate crude rose 0.7% to $73.42 a barrel
* Gold futures fell 1.1% to $1,761.70 an ounce
–With assistance from Andreea Papuc, Yakob Peterseil, Nancy Moran, Sophie Caronello, Kamaron Leach and Francesca Maglione.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Do not spoil what you have by desiring what you have not; remember that what you
have was once among the things only hoped for. -Epicurus, 341-270 BCE.

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