April 6, 2017 Newsletter

Dear Friends,

Tangents:

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY:

People looks at an installation called ‘Strata,’ by Salviati’s furniture designers, that is part of the Design Fair exhibition in Milan, Italy, on Thursday. Antonio Calanni/AP

Kites fly during the 31st International Kite Festival in Berck, northern France, on Thursday. The festival is held every April. Thibault Camus/AP
Market Closes for April 6^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks advanced as crude prices rose to their highest level in a month and U.S. jobless claims came in better than expectations, raising optimism about the health of the world’s biggest economy.
     The S&P/TSX Composite Index gained 54 points or 0.4 percent to close at 15,697.18, its highest level in six weeks. Energy shares rose 0.8 percent as the price of West Texas Intermediate Crude rose 1.1 percent to $51.70.
     The health-care index gained 0.9 percent as medical marijuana producer Canopy Growth Corp. added 2.7 percent. The Canadian government confirmed Wednesday that it’s targeting July 1, 2018 to legalize pot.
     In other moves:
* Raging River Exploration Inc. fell 6.2 percent after the company said it ended its engagement with GMP FirstEnergy, which it had hired to explore a potential sale
* Barrick Gold Corp. fell 0.5 percent. Goldman Sachs and BMO said its deal to sell half of its Veladero mine in Argentina to Shandong Gold Mining Co. Ltd. should be positive for the company’s shares
* Corus Entertainment Inc. lost 2.1 percent following the release of second-quarter profit and revenue that missed expectations
* Detour Gold Corp., Tahoe Resources Inc. and OceanaGold Corp. all gained more than 3 percent as the price of gold added 0.4 percent
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced as investors weighed weekly jobless claims that were better than expectations and assessed the Trump administration’s plans for health care and tax reform.
     The S&P 500 added 0.2 percent 2,357.49 at 4 p.m. in New York. The benchmark fell on Wednesday with banks and energy companies tumbling in the last 90 minutes of trading. The Dow Jones Industrial Average added 15 points to 20,662.95.
* Energy shares lead market, up 0.8%, as crude oil advanced for 7th time in 8 sessions
* Financials up 0.8% for first gain in a week
* Utility and phone shares down the most as 10-year Treasuries were little changed on day
* Volume 9.9% below YTD average
* VIX down to 12.4; volatility gauge hasn’t risen above 15 for 101 days, the longest stretch since 2007, according to Bloomberg data
* Trump set to meet with Chinese President Xi Jinping Thursday at Trump’s Mar-a-Lago club in Florida
* In a private meeting with lawmakers, White House economic adviser Gary Cohn said he supports a policy that could radically reshape Wall Street’s biggest firms by separating their consumer-lending businesses from their investment banks
* At the same time, the Fed comments Wednesday on shrinking the central bank’s $4.5 trillion balance sheet signaled the prospect of a drop in global liquidity; minutes also showed policy makers had not significantly changed their economic assessment from the prior meeting
* ECONOMY:
** Bloomberg Consumer Confidence Index climbed for the fifth time in the last six weeks, resulting in the strongest quarterly sentiment since 2007
** Filings for U.S. unemployment benefits slumped by 25,000 to 234,000; declined to a five-week low
* EARNINGS (S&P 500):
** Next earnings on April 12: Fastenal (FAST), Perrigo (PRGO)
* Europe Market
** The Stoxx Europe 600 Index rose 0.2% after losing as much as 0.8% earlier in the day

Have a wonderful evening everyone.

Be magnificent!

“Work hard in silence, let your success be your noise”. Frank Ocean

As ever,

Karen 

“A ship is always safe at shore, but that is not what it is built for”. Albert Einstein

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