August 30, 2017 Newsletter

Dear Friends,

Tangents:

On August 30^th, 1856, Lord  Clarendon wrote to his wife, from Balmoral:
Here everything is Scotch – the curtains, the carpets, the furniture are all of different plaids, and the thistles are in such abundance that they would rejoice the heart of a donkey if they happened to look like his favourite repast, which they don’t.  I am told that it is de rigueur to clothe myself in tweed directly….It is very cold here, and I believe my feet were frost-bitten at dinner, for there was no fire at all there, and in the drawing room there were two little sticks which hissed at the man who attempted to light them; and the Queen, thinking, I suppose, that they meant to burn, had a large screen placed between the royal nose and the unignited wood.  She seemed, I thought, particularly grateful for such small jokes as my freezing state enabled me to crack.  I have a very comfortable room, however, and am now sitting on the hob writing to you.  I must, however, be ready for kirk, where the meenister preaches for two hours and takes his large, rough greyhound into the pulpit with him, so no more at present. –from The Book of Days.

On Aug. 30, 2005, Hurricane Katrina struck the Gulf Coast with devastating force, killing more than 1,700 people and flooding New Orleans after the city’s levees failed.
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PHOTOS OF THE DAY

Two dragonflies share a romantic moment as they stare into each others eyes whilst sat on a flower bud.  The colourful insects were waiting for the sun to rise which would dry their wings that were soaked by the early morning dew.  The spectacular scene was captured in a vineyard near Reggio Emilia in Northern Italy by 47 year old photographer Roberto Aldrovandi.
CREDIT: ROBERTO ALDROVANDI/SOLENT NEWS & PHOTO AGENCY

Four actors on horseback dressed in Game of Thrones related costumes carry the Queen’s Baton as they make their way along the Dark Hedges in Antrim, Northern Ireland.  The Dark Hedges near Stranocum in County Antrim featured as the King’s Road in season two of Game of Thrones and has become a tourist mecca for fans of the television series along with other filming locations in the province. The Queen’s Baton Relay is currently on a tour of the United Kingdom as it makes its way around Europe in preparation for the 2018 Commonwealth Games in Australia.
CREDIT:  CHARLES MCQUILLAN/GETTY IMAGES

Aerial view of about 180 people rowing the Miao Dragon Boat on a river during a parade in Shibing, Guizhou Province of China. The Miao Dragon Boat is said to be the longest dragon boat in the world according to Guiness World Record. The Miao Dragon Boat together with other 100 boats in and out of Guizhou Province were on parade during a tourism development conference held in Shibing County.
CREDIT:  VCG VIA GETTY IMAGES
Market Closes for August 30th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1930, Warren Buffett was born in Omaha, Neb.
Number of the Day
$503 billion
The gross domestic product of Houston in 2015, according to the most recent data from the Department of Commerce. That makes the city’s economy roughly the size of Sweden’s.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day, led by industrial, consumer and financial shares ,as the economy of Canada’s largest trading partner grew at the fastest pace in two years.
     The S&P/TSX Composite Index added 50 points or 0.3 percent to 15,133.13, its highest close in three weeks. Industrials rose 1.1 percent, led by a 3.3 percent gain at CAE Inc., which was upgraded to outperform at BMO.
     The financials index rose 0.3 percent as National Bank of Canada jumped 3.4 percent, the most since early 2016. The bank’s third-quarter profit beat analyst estimates on gains in domestic banking and wealth management. Consumer discretionary stocks advanced 0.7 percent.
     In other moves:
* ProMetic Life Sciences Inc. rose 9.3 percent, adding to Tuesday’s 25 percent gain, after receiving a key drug designation from the U.S. Food and Drug Administration
* Cineplex Inc. gained 4.9 percent but is still down 25 percent since the beginning of the month. Movie-theater stocks have been hammered by weak box-office revenue
* Alaris Royalty Corp. fell 8.4 percent, the most in more than a year.
US
By Dave Liedtka
     (Bloomberg) — U.S. stocks rose for a fourth day and the dollar strengthened after data bolstered optimism that the American economy is on firm footing. Gasoline spiked to the highest in two years as Harvey relentlessly pounded the energy- rich Gulf coast.
     The S&P 500 Index pushed above its average price for the past 50 days, overcoming early weakness sparked by a Twitter post from President Donald Trump on North Korea. European stocks gained with Asian shares on optimism that the anxiety after a missile launch this week was receding. Treasuries rose, while the greenback advanced versus most major peers.
     “It doesn’t strike me that the market is extremely nervous here,” said Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co. “I think as time goes on these kind of tweets have less and less impact on the market.”
     Investors focused on data showing U.S. second-quarter growth reached the fastest pace in two years on stronger household spending and a bigger gain in business investment. A private report on payrolls indicated robust hiring this month two days before government jobs data will be scoured for clues on the timing of the Federal Reserve’s next rate move.
     “We know what the Federal Reserve will be doing in September,” said Vincent Reinhart, chief economist and investment strategist at Standish Mellon Asset Management in Boston. “The only game is town is what you think the Federal Reserve will do in December.”
     After drenching Texas, Tropical Storm Harvey regained strength over the waters of the Gulf of Mexico and crashed ashore again Wednesday in southwest Louisiana, according to the National Hurricane Center. The storm has already knocked out a fifth of the nation’s refining capacity.
     Among other key events looming this week:
* Currency traders will be looking for a statement of independence from South African Reserve Bank Governor Lesetja Kganyago today when he speaks on the central bank’s role.

     And here are the main moves in markets:

                            Stocks
* The S&P 500 Index rose 0.5 percent as of 4:03 p.m. in New York.
* The Nasdaq 100 Index jumped 1.1 percent, while the Dow Jones Industrial Average edged 0.1 percent higher.
* The U.K.’s FTSE 100 Index rose 0.4 percent, recovering from the biggest drop in almost three weeks on a closing basis.
* Germany’s DAX Index gained 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent, recovering from the lowest in more than two years.
* The euro dropped 0.7 percent to $1.1886, after touching the strongest in almost three years on Tuesday.
                           Bonds
* The yield on 10-year Treasuries rose one basis point to 2.14 percent, while the two-year note yield increased one basis point to 1.33 percent.
* Germany’s 10-year yield rose two basis points to 0.36 percent.
                           Commodities
* West Texas Intermediate crude fell 1 percent to $45.96 a barrel.
* Gold was little changed at $1,308.10 an ounce.
* Gasoline for September delivery rose 6.3 percent to $1.8964 a gallon.

Have a wonderful evening everyone.

Be magnificent!

Love can come into being only when there is total self-abandonment.
Krishnamurti

As ever,

Carolann

Man is not what he thinks he is, he is what he hides.
                                 -Andre Malraux, 1901-1976

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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