April 4, 2017 Newsletter

Dear Friends,

Tangents:
On April 4, 1968, civil rights leader Martin Luther King Jr., 39, was shot to death in Memphis, Tenn.
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PHOTOGRAPHS OF THE DAY

Tibetan devotees greet their spiritual leader the Dalai Lama as he arrives at the Thubchok Gatsel Ling Monastery in Bomdila, Arunachal Pradesh, India on Tuesday. India said Tuesday that China should not interfere in its internal affairs, as the Dalai Lama began a weeklong visit to India’s remote northeast that Beijing has protested. Tenzin Choejor/AP

A man carries his pet cat as he walk under the cherry blossoms at Tongji University in Shanghai, China on Tuesday. Aly Song/Reuters
Market Closes for April 4^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 2000, U.S. stocks experience one of their wildest days on record. The Dow drops 503.53 points, 4.5%, and Nasdaq tumbles 574.57, or 13.6%, by midday. Both indexes rebound in the afternoon to close off 57.09 and 74.79, respectively.
Number of the Day
15%
About 15% of the tech companies that went public in the U.S. between 2012 and 2016, including Facebook, Fitbit and Twilio, did so with at least two classes of stock, up from 8% between 2007 and 2011, according to data compiled by University of Florida finance professor Jay Ritter.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher on a broad- based rally in commodities that boosted most sectors, offsetting news of an unexpected trade deficit.
     The S&P/TSX Composite Index added 85 points or 0.5 percent to 15,669.07. Energy stocks rose 1.2 percent and materials stocks gained 0.9 percent as oil, gold and copper all moved higher. West Texas Intermediate futures added 1.6 percent to a four-week high.
     The commodity rally helped offset data from Statistics Canada that showed a February trade deficit of C$972 million, bucking analyst expectations for a surplus of C$600 million.
     In other moves:
* Auto suppliers lost ground following weaker-than-expected U.S. auto sales numbers Monday. Linamar Corp. fell 3.7 percent, Magna International Inc. lost 3 percent and Martinrea International Inc. fell 2.5 percent
* Hudson’s Bay Co. lost 2.4 percent following Monday’s 8.1 percent decline. The retailer is scheduled to report earnings after the bell
* BlackBerry Ltd. added 3.6 percent on ongoing buying activity following a stronger-than-expected fourth quarter
* Cenovus Energy Inc. fell 0.6 percent. The company is selling $2.9 billion worth of bonds to help fund its C$17.7 billion purchase of oil-sands assets from ConocoPhillips.
US
By Oliver Renick
     (Bloomberg) — U.S. equities were little changed Tuesday as investors weighed economic data and the likelihood of fiscal stimulus from the Trump administration. Energy shares rallied with oil.
     The S&P 500 added less than 0.1 percent to 2,360.16 by 4 p.m. The benchmark dropped Monday, the first day of the second quarter, with falling bond yields weighing on banks, while automakers slid as fading monthly sales offered a warning that the market may have become saturated. The Dow Jones Industrial average added 39 points to 20,689.
* Energy shares lead market, up 0.7% with crude oil 1.6% higher
* Consumer discretionary shares lost 0.1% for second down day
** Short-sellers are most bearish on consumer discretionary space, with a median 2.6% short interest in those companies, according to Markit data compiled by Bloomberg
* VIX down for first time in four sessions to 11.8
* Volume 10% below YTD average
* The S&P 500 last week capped its best quarter since 2015, with a 5.5% gain; the benchmark has jumped about 10% since U.S. election, supported by expectations Trump would deliver on promises including lower taxes and increased fiscal spending
* ECONOMY
** U.S. factory orders for Jan. revised up to 1.5%; forecast range for Feb is +0.5% to 1.3%
** Capital goods non-defense ex aircraft new orders for Feb. fall 0.1% after rising 0.2% in Jan.
** Durables orders for Feb. rise 1.8% after rising 2.4% in Jan.
** The U.S. trade deficit narrowed in February to a four-month low
** Federal Reserve Bank of Richmond President Jeffrey Lacker resigned on Tuesday as he disclosed his role in the leak of confidential information about the policy options that the Fed was considering in 2012
* EARNINGS (S&P 500):
** Pre-market Wednesday: Monsanto (MON), Walgreens Boots Alliance (WBA)
* Europe Market
** Stoxx Europe 600 Index up 0.2% to 380.03

Have a wonderful evening everyone.

Be magnificent!

Chitragupta, who is supposed to be writing out our deeds in an account book
is no other than the conscious and unconscious parts of our mind.
The Lord of Law, to whom we have to render the account,
is the Soul within us.
Gopal Singh

As ever,

Carolann

If you aim at nothing, you will hit it every time.
                               -Zig Ziglar, 1926-2012

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
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