August 29, 2018 Newsletter

Dear Friends,
Tangents:
On Aug. 29, 1991, the Supreme Soviet, the parliament of the U.S.S.R., suspended all activities of the Communist Party, bringing an end to the institution.
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August 29^th,1958~ Michael Jackson born.

PHOTOS OF THE DAY

Fans of the former King of Pop Michael Jackson pose for photographers to celebrate Jacksons Diamond Birthday Celebration with the installation of a giant 13 foot jewelled crown at London’s iconic Southbank in London. Credit: AP Photo/Frank Augstein

Crab fisherman John Lee with his boat on the beach at Cromer in Norfolk. The seaside town famed for its crabs is facing a future shortage of fisherman to catch the shellfish as young people are not sticking at the job. Credit: Joe Giddens/PA

Aretha Franklin’s coffin lies at Charles H. Wright Museum of African American History during a public visitation in Detroit. Franklin died Aug. 16, of pancreatic cancer at the age of 76. Credit: AP Photo/Paul Sancya

Cab you spot the Kudu? Because the Kudu can spot you. Taken by Lynne Wilde, an amateur wildlife photographer from Johannesburg, the images show the large Kudu, (a species of antelope) hiding behind a bush while he feasts on the shrubbery. Lynne, 64, captured the graceful beast at Crocodile River, Kruger National Park. Credit: Lynne Wilde/Caters News
Market Closes for August 29^th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed the U.S. market higher as investors awaited the outcome of trade negotiations in Washington. Earlier, President Trump said talks are going well while Canadian Prime Minister Justin Trudeau said a deal by Friday is only possible if it’s right for his country.
     The S&P/TSX Composite Index rose 0.2 percent, lifted by health care and technology. Pot stocks climbed after cannabis producer Tilray’s second-quarter revenue beat even the highest analyst estimate. Real estate and utilities fell.
     The Canadian dollar is hovering around the strongest level against the dollar since late May.
     In other moves:
                            Stocks
* Aphria Inc., Aurora Cannabis Inc. and Canopy Growth Corp. rose 12 percent, 6.2 percent and 4.9 percent after Tilray’s second- quarter earnings beat estimates
* MEG Energy Corp. rose 1.6 percent after an Eight Capital analyst suggested that Highfields Capital’s filing with the Alberta Securities Commission earlier this month could be a pre- cursor to an activist move on MEG.
* Air Canada fell 0.2 percent after reports its mobile application has been breached, potentially affecting about 20,000 customers.
                            Commodities
* Western Canada Select crude oil traded at a $26.75 discount to WTI
* Gold fell 0.2 percent to $1,212.50 an ounce
                            FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2907 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.322 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks plowed to new records amid a broad rally in technology shares, as investors speculated the Trump administration will make progress this week on trade spats. Oil surged toward $70 a barrel.
     The S&P 500 Index rose a fourth day to close above 2,900 for the first time, as Amazon.com and Alphabet climbed following an upbeat report from Morgan Stanley. The Nasdaq indexes hit fresh highs. The dollar weakened versus major peers, emerging- market equities edged higher and Treasuries slipped.
     The pound rallied after the European Union revived hopes of a Brexit deal before the U.K. exits the common area in March. Earlier, shares in Japan and Australia set the pace as the MSCI Asia Pacific Index climbed, though stocks in China dropped. The euro weakened after the Italian government was reported to be hoping for a new program of European Central Bank bond purchases.
     Investors piled into American equities as the Northern hemisphere’s traditional vacation period grinds to a close. While risks abound, from legal threats to President Donald Trump’s administration and turmoil in emerging markets to ongoing trade tension between the world’s major economies, signs are emerging Canada may join Mexico to reach a pact with the U.S.
     Here are some key events coming up this week:
* China’s official factory PMI are due Friday.
* Earnings are due from companies including Pernod Ricard and Dollar General.
* The Bank of Korea sets policy on Friday. Weak jobs growth has cooled speculation of an interest-rate increase.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.6 percent to 2,9113.53 at 4 p.m. New York time.
* The Dow added 53 points to 26,117.
* The Nasdaq 100 Index jumped 1.2 percent.
* The Stoxx Europe 600 Index increased 0.2 percent.
* The MSCI Asia Pacific Index gained 0.2 percent to the highest in almost three weeks.
* The MSCI Emerging Market Index added 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index slipped 0.2 percent.
* The euro added 0.1 percent to $1.1705.
* The British pound rose 1.2 percent to $1.3027.
* The Japanese yen decreased 0.5 percent to 111.694 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose less than one basis point to 2.8858 percent.
* Germany’s 10-year yield gained two basis points to 0.40 percent, the highest in more than three weeks.
* Britain’s 10-year yield increased four basis points to 1.489 percent, the highest in 14 weeks.
                            Commodities
* West Texas Intermediate crude increased 1.7 percent to $69.71 a barrel, the highest in seven weeks.
* Gold futures fell 0.2 percent to $1,212.50 an ounce.
–With assistance from Adam Haigh, Gina Martin Adams, Kevin Kelly and Samuel Potter.

Have a great night. 

Be magnificent!

As ever,

Carolann

Business is a combination of war and sport.
                     -Andre Maurois, 1885-1967

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
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www.carolannsteinhoff.com