April 15, 2019 Newsletter

Dear Friends,

Tangents:
On April 15, 1912, the British luxury liner Titanic sank in the North Atlantic off Newfoundland, less than three hours after striking an iceberg. About 1,500 people died.
Go to article »

1955~First McDonald’s opens.
1452~ Leonardo da Vinci, born.

Tragic news today about Notre Dame in Paris:
-from The New York Times:
We have photos and video of the disaster, and a short history of this scarred jewel of Gothic architecture.
PHOTOS OF THE DAY

A penitent of the ‘La Paz’ brotherhood make their way to church for a Palm Sunday procession in Sevilla.Palm Sunday is celebrated by Christians worldwide as it marks the biblical account of the entry of Jesus Christ into Jerusalem signalling the start of the Holy Week to Easter Sunday. FROM THE TELEGRAPH, 4.15.2019

Indian Sikh devotees light candles on the occasion of the Baisakhi festival at the Golden Temple in Amritsar on April 14, 2019. – Baisakhi, usually celebrated on April 13 or 14 every year, is a religious and spring festival that marks the Sikh New Year. CREDIT: NARINDER NANU/AFP/GETTY IMAGES

Journalists film inside the newly-discovered tomb of the ancient Egyptian nobleman “Khewi” dating back to the 5^th dynasty (2494 – 2345 BC), at the Saqqara necropolis in Egypt. CREDIT: MOHAMED EL-SHAHED/AFP/GETTY IMAGES
Market Closes for April 15^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1998, the New York Stock Exchange implemented its “circuit-breaker” rules that mandated trading halts when the market dropped at least 10%.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed for the 10th day in the last 11 sessions, as the benchmark index flirted with a record high. Materials and financials were outperformers among the sectors Monday, while pot stocks lagged behind.
The S&P/TSX Composite Index rose 0.2 percent to 16,515.46 in Toronto. Material stocks advanced, as fertilizer giant Nutrien Ltd. bounced back from a four-day decline. Lundin Mining Corp. also was among the best performers, after agreeing to buy a copper mine in Brazil from gold producer Yamana Gold Inc. for $800 million. Pot stocks lost ground, led by Aphria Inc., which tumbled after reporting a writedown and revenue that missed expectations.
Meanwhile, the loonie’s bullish run in 2019 may soon run out of fuel if crude loses momentum. Many forecasters appear skeptical about the prospects for oil to advance much beyond its current level, potentially sapping some support from the Canadian dollar.
In other moves:
Stocks
* Lundin Mining climbed 8.1 percent on copper mine purchase from Yamana
* Osisko Gold Royalties rose 4 percent, reversing last three days’ decline
* Endeavour Mining also gained after a three-day loss
* Cannabis stocks Cronos Group, Hexo, Canopy Growth were among the biggest decliners
* Hudbay Minerals fell 4.1 percent after reporting first-quarter Manitoba production results and Waterton Global Resource Management sent a letter to the shareholders urging them to vote blue proxy card
Commodities
* Western Canada Select crude oil traded at a $8.75 discount to WTI
* Gold spot price fell 0.2 percent to $1,287.95 an ounce
FX/Bonds
* The Canadian dollar fell 0.4 percent
* The Canada 10-year government bond yield fell to 1.75 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks halted a three-day advance mixed after disappointing results from Goldman Sachs Group Inc. and Citigroup Inc. dragged down bank shares. Crude slumped toward $63 a barrel in New York.
The S&P 500 Index slipped from a six-month high as the U.S. corporate earnings season kicks into high gear. Goldman slumped 3.8 percent for the biggest drop in the Dow Jones Industrial Average after missing estimates for sales and trading revenue. Citigroup also retreated after its revenue matched expectations. The Bloomberg Commodity Index slid as natural gas and crude futures retreated.
    “The momentum is definitely in the US stock market, but the dramatic rise is looking a bit tired and in need of a few weeks break,” Paul Nolte, a portfolio manager at Kingsview Asset Management, wrote to clients. “Earnings season could provide the market with a bit of a rest as investors digest the reports and determine the overall strength of corporate America.”
European stocks edged higher, as losses in mining shares offset increases in media and insurance. The euro strengthened for a second day. In Asia, equities approached a fresh six-month high, propelled by markets in Japan and Korea, following the Bank of China’s release of upbeat credit data late Friday. With Chinese trade and lending data showing signs of improvement for the world’s second-biggest economy, investors are turning to the U.S. earnings season to confirm the resilience of corporate America in the face of numerous challenges to growth. JPMorgan Chase & Co. posted strong first- quarter results last week, and Bank of America Corp. is up on Tuesday.
Central banks remain in the picture, with President Donald Trump renewing his attack on the Fed leadership over the weekend, saying the stock market would be “5,000 to 10,000” points higher had it not been for the actions of U.S. policy makers.
Elsewhere, West Texas oil contracts slipped after the longest run of weekly gains in three years as a report showed increased U.S. oil-rig activity. Emerging market stocks pared early gains, while still heading for the 12th increase in 13 sessions. In currencies, Korea’s won jump the most since January.
Here are some notable events coming up:
* Earnings season rolls on this week, with reports due from: Bank of America, BlackRock, Morgan Stanley, American Express, Johnson & Johnson, Netflix, IBM, United Continental, PepsiCo, Honeywell, Alcoa and Taiwan Semiconductor.
* The Reserve Bank of Australia releases the minutes of its latest rate-decision meeting Tuesday.
* Wednesday brings China GDP, industrial production and retail sales data.
* Stock markets will be closed for Easter holidays in countries including the U.S., U.K. and Germany on Friday.

These are the main moves in markets:
Stocks
* The S&P 500 fell 0.1 percent at 4 p.m. in New York.
* The Dow Jones Industrial Average lost 0.1 percent.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Asia Pacific Index advanced 0.5 percent, the largest gain in more than a week.
* The MSCI Emerging Market Index slipped 0.3 percent.
* Topix index gained 1.4 percent with the first advance in more than a week.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro climbed less than 0.1 percent to $1.13.
* The MSCI Emerging Markets Currency Index advanced 0.1 percent to the highest in more than three weeks.
* The South Korean Won rose 0.6 percent.
Bonds
* The yield on two-year Treasuries slipped one basis point to 2.3854 percent.
* The yield on 10-year Treasuries fell two basis points to 2.545 percent.
* Germany’s 10-year yield climbed less than one basis point to 0.056 percent.
Commodities
* Gold futures declined 0.3 percent to $1,291 an ounce.
* Brent crude fell 0.4 percent to $71.25 a barrel.
* Platinum dipped 1.6 percent to $884.40 an ounce, the lowest in more than a week on the largest decrease in more than two weeks.
–With assistance from Elena Popina, Sarah Ponczek, Adam Haigh and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

The quieter you become the more you are able to hear.
                                               -Rumi,1207-1273

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