Category: Events

Dear Friends,

Tangents:
July 27, 1866~Atlantic telegraph cable laid.

You won’t believe how this beetle walks on water.

Why Peter the Great taxed beards.

The Great Coral Reef is having a decent year.

Largest known comet has been traveling for millions of years.  An interesting journey to ponder next time you’re stuck in a traffic jam. 

Still don’t know what cryptocurrency is? Here’s an explainer.  It’s also OK if you never want to know. This is a judgment-free zone.

PHOTOS OF THE DAY

MonoVision Photography Awards 2021 Winners announced /Honourable Single Mention Soccer at Sunset in Landscape category by Marc Apers Belgium
CREDIT: MARC APERS/MONOVISIONS PHOTOGRAPHY AWARDS/TNG

MonoVision Photography Awards 2021 Winner. By using nudes to capture trust and vulnerability each winner delivers a strong message towards conserving Africas wildlife and habitat
CREDIT: PAUL GIGGLE/MONOVISIONS PHOTOGRAPHY AWARDS/TNG

Check out these mind-blowing pictures of Snow Tunnels in the Scottish Highlands. Gary Hodgson visited and photographed summer snow tunnels in Carn Ban Mor, Glenfeshie, Cairngorms National Park
CREDIT: GARY HODGSON PHOTOGRAPHY / CATERS NEWS

Luke Jerram shows his seven-metre model of Mars in the Great Hall of the Wills Memorial Building Bristol University. Using NASA imagery, the model allows people to see the mountains, valleys and craters of our neighbour the Red Planet
CREDIT: JMF NEWS/ALAMY LIVE NEWS

Market Closes for July 27^th, 2021

Market Index	Close	Change
Dow Jones	35058.52	-85.79
		-0.24%
S&P 500	4401.46	-20.84
		-0.47%
NASDAQ	14660.58	-180.13 -1.21%
TSX	20173.35	+8.39
		+0.04%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27970.22	+136.93
		+0.49%
HANG SENG	25086.43	-1105.89
		-4.22%
SENSEX	52578.76	-273.51
		-0.52%
FTSE 100*	6996.08	-29.35 -0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.167	1.222
CND. 30 Year Bond	1.743	1.799
U.S.    10 Year Bond	1.2411	1.2896
U.S. 30 Year Bond	1.8936	1.9418

Currencies

BOC Close	Today	Previous
Canadian $	0.7935	0.7968
US $	1.2602	1.2550
Euro Rate 1 Euro=		Inverse
Canadian $	1.4893	0.6714
US $	1.1818	0.8462

Commodities

Gold	Close	Previous
London Gold Fix	1800.20	1799.60
Oil
WTI Crude Future	71.65	71.91

Market Commentary:
     On this day in 1971, Merrill Lynch went public, becoming the first New York Stock Exchange firm to do its own initial public offering on the NYSE. The brokerage industry had waited nearly 200 years to share its profits with the public, and Merrill Lynch let the public own a piece less than three years before the worst stock market slump since 1929.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks were mixed Tuesday as investors digested corporate earnings. The S&P/TSX Composite Index was mostly unchanged, with real estate and industrials rising, while cannabis and energy lagged. Pot investors will gain some color this week as Tilray is set to report earnings after combining with Aphria. Shopify Inc. has entered the ranks of one of the biggest Canadian companies ever, passing $200 billion in stock market value last week.  It’s a sign of the market’s upbeat view of its prospects — even as its growth rate begins to soften. Bank of Canada officials need to “temper their enthusiasm” that strong inflation readings will be short-lived, according to one former governor.
Commodities:
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,800.35 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.4% to C$1.2595 per U.S. dollar
* The 10-year Canada government bond yield fell 5.5 basis points to 1.167%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 20,173.35 in Toronto. The move follows the previous session’s decrease of 0.1 percent. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 3.1 percent. Celestica Inc. had the largest increase, rising 16.2 percent.Today, 105 of 230 shares rose, while 124 fell; 5 of 11 sectors were higher, led by financials stocks.

Insights
* This month, the index was little changed
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 37 percent in the same period
* The S&P/TSX Composite is 1 percent below its 52-week high on July 7, 2021 and 30.8 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.2 percent in the past 5 days and fell 0.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.1 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 9.30 percent compared with 9.37 percent in the previous session and the average of 7.78 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 29.9027| 0.5| 12/16
* Industrials | 17.6327| 0.8| 15/14
* Real Estate | 6.3848| 1.0| 25/0
* Utilities | 5.6084| 0.6| 13/3
* Communication Services | 2.8799| 0.3| 4/3
* Consumer Staples | -0.7494| -0.1| 3/10
* Materials | -0.8885| 0.0| 19/34
* Consumer Discretionary | -4.7078| -0.6| 1/12
* Health Care | -7.9355| -3.3| 2/8
* Information Technology | -17.0483| -0.7| 8/4
* Energy | -22.6945| -0.9| 3/20
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset | | | |
* Management | 20.1300| 3.1| 38.6| 25.7
* Canadian National | 11.3600| 1.8| 4.7| -4.3
* Royal Bank of | | | |
* Canada | 6.7470| 0.5| 19.6| 21.0
* Canadian Natural | | | |
* Resources | -4.5430| -1.3| -36.8| 33.3
* Suncor Energy | -11.5400| -4.1| 36.1| 20.0
* Shopify | -23.1300| -1.5| 81.5| 36.2

US
By Richard Richtmyer, Vildana Hajric and Natalia Kniazhevich
(Bloomberg) — U.S. equities ended a five-day winning streak on Tuesday as megacap technology stocks including Apple Inc. and Microsoft Corp. tumbled ahead of their earnings reports. The tech-heavy Nasdaq 100 posted its biggest drop in more than two months as all three of the major American equity indexes fell from all-time highs.  The Hang Seng Index sank the most since May 2020 as speculation swirled that U.S. funds are offloading China and Hong Kong assets. The rout in China is adding to global market unease, with investors already concerned about the economic recovery, given the rise in the Covid-19 delta variant and central-bank talk of tightening policy.  While a strong start to the earnings season has helped U.S. equities, investors have been anticipating further catalysts from this week’s Federal Reserve meeting and the updates due today from Apple, Microsoft and Alphabet Inc., which are among the top five heaviest-weighted stocks in the S&P 500.  Shares of all three were among the biggest drags on the index on Tuesday. “The turmoil in tech stocks in China is finally bleeding into U.S. tech stocks,” said Chris Murphy, Susquehanna International Group’s co-head of derivatives strategy.  “We might also be seeing investors taking profits ahead of the big tech earnings later this week. I am concerned investors will lighten up in general after those earnings this week as we head into a
seasonably weak period for equities.” Shares of Amazon.com Inc. and Facebook Inc., which are set to report earnings later this week, also tumbled.  Nine of the 10 stocks in the NYSE FANG+ index, which includes the biggest U.S.-based tech companies as well as China’s Baidu Inc. and Alibaba Group Holding Ltd., ended the session lower.
Forecasts indicate that S&P 500 earnings growth should set new highs during the second-quarter season, and so far more than 80% of the companies that have reported their results beat Wall Street’s sales and profit estimates.  That’s helped to offset concern about inflation and the spread of Covid-19.  At the same time, it has some investors thinking this might be as good as it’s going to get for a while. “We probably are at peak earnings,” Victoria Fernandez, chief market strategist at Crossmark Global Investments, said on Bloomberg TV.  “They have easy comps so that’s helping.  Plus they’ve been able to start putting through some of the price increases.” In China, the yuan slid to its lowest since April against the dollar and bonds slumped, indicating mounting worries that Beijing’s crackdown on education, food delivery and property sectors could expand to other industries.  Meanwhile, a slump in U.S.-listed Chinese shares accelerated. Elsewhere in markets, Treasuries rose with the yen amid demand for haven assets. Bitcoin traded around $38,000 after briefly rising above $40,000 overnight.
Here are some key events to watch this week:
* Alphabet, Apple, Facebook, Amazon report earnings this week
* Federal Reserve policy meeting concludes Wednesday
* U.S. GDP data are due Thursday Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.6%
Currencies:
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.2% to $1.1822
* The British pound rose 0.5% to $1.3885
* The Japanese yen rose 0.6% to 109.71 per dollar
Bonds:
* The yield on 10-year Treasuries declined six basis points to 1.23%
* Germany’s 10-year yield declined two basis points to -0.44%
* Britain’s 10-year yield declined one basis point to 0.56%
Commodities:
* West Texas Intermediate crude fell 0.1% to $71.83 a barrel
* Gold futures were little changed
–With assistance from Michael Msika, David Wilson and Andreea Papuc.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

No one ever told me that grief felt so like fear. -C.S. Lewis, 1898-1963.

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

Dear Friends,

Tangents:
2000 A federal judge approved a $1.25 billion settlement between Swiss banks and more than a half million plaintiffs who alleged the banks had hoarded money
deposited by Holocaust victims.  Go to article »

Mick Jagger, musician, b. 1943
Aldous Huxley, author, b. 1894
George Bernard Shaw, author, b. 1856
Carl Jung, psychoanalyst, b. 1875
Sandra Bullock, actor, b. 1965

PHOTOS OF THE DAY

Spectacular image on an Osprey catching a trout in lake near Aviemore Scotland
CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH

Aerial dancers Georgi Thorns, 26, Hannah Tattersall, 24, and Jamie Hall, 27 suspended from 1000ft in the air on the longest high wire bridge in Europe in Honister Slate Mine in the Lake District
CREDIT: TOM MCNALLY/TRIANGLE NEWS

Tom Pidcock on his way to a gold medal in the Mountain Bike Cross Country at Tokyo Olympics
CREDIT: REUTERS/CHRISTIAN HARTMANN

Market Closes for July 26^th, 2021

Market Index	Close	Change
Dow Jones	35144.31	+82.76
		+0.24%
S&P 500	4422.30	+10.51
		+0.24%
NASDAQ	14840.71	+3.72 +0.03%
TSX	20164.96	-23.47
		-0.12%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27833.29	+285.29
		+1.04%
HANG SENG	26192.32	-1129.66
		-4.13%
SENSEX	52852.27	-123.53
		-0.23%
FTSE 100*	7025.43	-2.15 -0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.222	1.208
CND. 30 Year Bond	1.799	1.780
U.S.    10 Year Bond	1.2896	1.2763
U.S. 30 Year Bond	1.9418	1.9151

Currencies

BOC Close	Today	Previous
Canadian $	0.7968	0.7957
US $	1.2550	1.2568
Euro Rate 1 Euro=		Inverse
Canadian $	1.4816	0.6750
US $	1.1805	0.8471

Commodities

Gold	Close	Previous
London Gold Fix	1799.60	1799.45
Oil
WTI Crude Future	71.91	72.27

Market Commentary:
     On this day in 1786, the earliest known U.S. stock and bond tables were published in the Massachusetts Centinel.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Monday with weakness in information-technology stocks. The S&P/TSX Composite Index fell 0.1%. Shopify Inc. dropped 3.9%, most since May 3. The Canadian tech giant is set to report second quarter earnings July 28.  Meanwhile, materials and energy stocks rallied ahead of big earnings reports. The takeover battle for one of Canada’s largest energy companies moved closer to resolution after Pembina Pipeline Corp. terminated its C$8.5 billion ($6.7 billion) deal to acquire Inter Pipeline Ltd., clearing a path for Brookfield Infrastructure Partners LP, which has pursued a hostile bid. On the commodities front, nickel rose for a third straight session, approaching a seven-year high on booming demand for the metal used in stainless steel and electric-vehicle batteries. Copper advanced the most in more than two months.

Commodities:
* Western Canadian Select crude oil traded at a $13.90 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,797.50 an ounce
FX/ Bonds:
* The Canadian dollar rose 0.2% to C$1.2545 per U.S. dollar
* The 10-year Canada government bond yield rose 1.0 basis point to 1.218%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.1 percent at 20,164.96 in Toronto.  The move follows the previous session’s increase of 0.5 percent. Shopify Inc. contributed the most to the index decline, decreasing 3.9 percent.  Trillium Therapeutics Inc. had the largest drop, falling 5.3 percent. Today, 83 of 231 shares fell, while 146 rose; 6 of 11 sectors were lower, led by information technology stocks.

Insights
* This month, the index was unchanged
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 39 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on July 7, 2021 and 30.8 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 2.2 percent in the past 5 days and fell 0.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.1 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility little changed to 9.37 percent compared with 9.36 percent in the previous session and the average of 7.70 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -65.5943| -2.7| 4/8
* Industrials | -16.2997| -0.7| 15/15
* Utilities | -4.0763| -0.4| 5/11
* Communication Services | -2.3005| -0.2| 0/6
* Real Estate | -1.8440| -0.3| 11/14
* Health Care | -0.1158| 0.0| 5/5
* Consumer Discretionary | 0.2924| 0.0| 8/5
* Consumer Staples | 4.3748| 0.6| 8/5
* Financials | 5.7098| 0.1| 20/8
* Energy | 24.4976| 1.0| 20/3
* Materials | 31.8802| 1.4| 50/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -63.3700| -3.9| 62.7| 38.3
* Brookfield Asset | | | |
* Management | -7.0300| -1.1| 194.6| 21.9
* Canadian National | -6.7050| -1.0| -34.6| -5.9
* Franco-Nevada | 5.7920| 2.4| 53.6| 18.6
* Suncor Energy | 6.0730| 2.2| -35.3| 25.2
* Pembina Pipeline | 6.2340| 4.1| 60.3| 36.3

US
By Richard Richtmyer and Kamaron Leach
(Bloomberg) — U.S. equities extended their run to all-time highs on Monday, with megacap technology companies leading the way higher as investors  weighed the outlook for growth at the start of a busy week of earnings and policy updates. Tesla Inc. was among those providing the biggest boost to the S&P 500, rising for the first time in four sessions and then extending gains in post market trading after second-quarter  results beat analysts’ estimates.  Gains in other heavyweights set to report earnings later this week including Apple Inc., Amazon.com Inc., Alphabet Inc. and Facebook Inc. also propelled the benchmark index. While a positive start to the earnings season has helped push stocks to their best five-day streak of gains since March, volatility returned to the market on Monday as some investors remain worried about the pace of economic growth and inflation. Concern also has been mounting that the Covid-19 delta variant will derail the recovery. The real yield on U.S. 10-year debt touched a record low ahead of this week’s Federal Reserve meeting, at which officials will likely discuss the outlook for stimulus. “We’re heading into a very eventful week with big tech earnings and a Fed meeting,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.  The market showed how resilient it was last week, with the impressive bounce-back from the sustained selling on Monday, but we expect more caution as all eyes (and ears) turn to the Fed.”
The Nasdaq 100 and Dow Jones Industrial Average also ended Monday’s session at record highs.  Seven of the main 11 S&P 500 industry groups advanced.  Energy stocks climbed the most, despite weakness in crude prices. Royal Dutch Shell Plc kicks off second-quarter earnings for oil majors on Thursday.  The earnings season is expected to show higher profits, falling debt and better returns in the sector. Trade tension is on the radar too.  China lashed out at U.S. policies in a tense start to high-level talks in Tianjin, declaring the relationship between the world’s two largest economies in a “stalemate.” Elsewhere, Bitcoin surpassed $40,000, extending recent gains amid speculation that Amazon may be considering accepting the digital currency as a method of payment.  Cryptocurrency-linked stocks including MicroStrategy Inc. and Coinbase Global Inc. also rallied.

Here are some key events to watch this week:
* Tesla, Alphabet, Apple, Facebook, Amazon report earnings this week
* Federal Reserve policy meeting concludes Wednesday
* U.S. GDP data are due Thursday

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4:09 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1805
* The British pound rose 0.5% to $1.3818
* The Japanese yen rose 0.1% to 110.39 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.29%
* Germany’s 10-year yield was little changed at -0.42%
* Britain’s 10-year yield declined one basis point to 0.57%
Commodities
* West Texas Intermediate crude rose 0.1% to $72.17 a barrel
* Gold futures fell 0.3% to $1,801.20 an ounce
–With assistance from Cormac Mullen, Kit Rees, Andreea Papuc and Namitha Jagadeesh.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

To listen closely and reply well is the highest perfection we are able to attain in the art of conversation. –Francois de la Rochefoucauld, 1613-1680.

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

Dear Friends,

Tangents: Happy Friday.

On July 23, 1914, Austria-Hungary issued an ultimatum to Serbia following the killing of Archduke Francis Ferdinand by a Serb assassin; the dispute led to World War I.  Go to article »

Australian cockatoos teach each other to open trash cans.

New Cornell app helps you ID birds by sound.

Watch 1981 freak out about the rise of the Walkman.

There will probably be a shortage of back-to-school supplies.  Don’t get stuck clamoring over the last ugly backpack in the store. 

“Meanwhile, bad news from the Tokyo Games: Poland has sent six swimmers home from the Olympics after selecting too many by mistake. Turns out, upon closer review, what they thought was one swimmer was actually three swimmers in a trench coat.” — STEPHEN COLBERT

“And finally, fact: the Games will have no spectators. Fiction: when they heard, badminton players were like, ‘Wait, you can have spectators?’
That’s fiction, they know that.” — JIMMY FALLON

PHOTOS OF THE DAY

Japanese tennis player Naomi Osaka poses after lighting the Olympic Cauldron with the Olympic flame
CREDIT: ANDREJ ISAKOVIC/AFP VIA GETTY IMAGES

Carissa Moore of the United States in action during training at Tokyo Olympics
CREDIT: REUTERS/LISI NIESNER

Mont Saint Michel under Stars, Normandy, France
CREDIT: JEAN MARC LECLEIRE/PNA/CHASSEURS DE NUITS/TNG

Children interact with Mega Please Draw Freely by artist Ei Arakawa inside the Turbine Hall at the Tate Modern in London, part of UNIQLO Tate Play the gallery’s new free programme of art-inspired activities for families
CREDIT: YOU MOK/PA WIRE

Brightly coloured fishing nets are repaired by workers. Holes in the nets need to be mended as they get snagged on rocks whilst being used for fishing in the ocean. The nets are also so big that local children in Vietnam often play in them. Photographer and musician David Lazar captured these pictures of the colourful nets
CREDIT: DAVID LAZAR/SOLENT NEWS & PHOTO AGENCY

Market Closes for July 23^rd, 2021

Market Index	Close	Change
Dow Jones	35061.55	+238.20
		+0.68%
S&P 500	4411.79	+44.31
		+1.01%
NASDAQ	14836.99	+152.39 +1.04%
TSX	20188.43	+90.91
		+0.45%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27548.00	+159.84
		+0.58%
HANG SENG	27321.98	-401.86
		-1.45%
SENSEX	52975.80	+138.59
		+0.26%
FTSE 100*	7027.58	+59.28 +0.85%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.208	1.204
CND. 30 Year Bond	1.780	1.772
U.S.    10 Year Bond	1.2763	1.2783
U.S. 30 Year Bond	1.9151	1.9158

Currencies

BOC Close	Today	Previous
Canadian $	0.7957	0.7960
US $	1.2568	1.2563
Euro Rate 1 Euro=		Inverse
Canadian $	1.4791	0.6761
US $	1.1769	0.8497

Commodities

Gold	Close	Previous
London Gold Fix	1799.45	1802.15
Oil
WTI Crude Future	72.27	72.06

Market Commentary:
     On this day in 1996, stock guru Elaine Garzarelli told her clients to get out of the market. Her forecast that stocks would drop 15% to 25%, which would put the Dow at about 4300, helped send stocks plunging. But Ms. Garzarelli turned out to be off the mark: The Dow never again came within 1000 points of 4300.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed on Friday to cap the biggest weekly increase in four after overcoming concerns about a peak in earnings and coronavirus resurgence. The S&P/TSX Composite index rose 0.5% in Toronto, marking the best Monday through Friday gain since June 25.  Tech sector led the gains, as Shopify advanced 3.2% on Friday.
Meanwhile, health care sector was the worst performers, led by biotech companies. Meanwhile, Bridging Finance Inc., the private lender that was seized by Canadian regulators amid an investigation of its top executives, has drawn interest from a “broad range” Of potential bidders, according to the firm managing its affairs during the probe.
Commodities:
* Western Canadian Select crude oil traded at a $14.15 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,801.83 an ounce
FX/ Bonds:
* The Canadian dollar was flat around C$1.2565 per U.S. dollar
* The 10-year Canada government bond yield rose to 1.208%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.5 percent at 20,188.43 in Toronto.  The index advanced to the highest closing level since July 13 after the previous session’s decrease of 0.1 percent. Shopify Inc. contributed the most to the index gain, increasing 3.2 percent. Westshore Terminals Investment Corp. had the largest increase, rising 28.4 percent. Today, 134 of 231 shares rose, while 90 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* This month, the index was little changed
* So far this week, the index rose 1 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 37 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on July 7, 2021 and 30.9 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.2 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12- month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility little changed to 9.36 percent compared with 9.36 percent in the previous session and the average of 7.61 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 57.9382| 2.4| 11/1
* Industrials | 20.9959| 0.9| 21/8
* Financials | 7.7408| 0.1| 18/8
* Consumer Staples | 7.6750| 1.0| 12/1
* Communication Services | 3.0469| 0.3| 5/2
* Utilities | 2.9100| 0.3| 9/7
* Energy | 2.6237| 0.1| 11/11
* Real Estate | 2.4508| 0.4| 18/6
* Health Care | -2.1002| -0.9| 2/8
* Consumer Discretionary | -2.7201| -0.4| 8/5
* Materials | -9.6431| -0.4| 19/33
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | 50.9800| 3.2| 18.7| 43.9
* Canadian Pacific | 6.2120| 1.5| -6.2| 5.1
* Canadian National | 6.0150| 0.9| 8.3| -5.0
* Nutrien | -2.1410| -0.7| -1.9| 21.3
* Franco-Nevada | -4.2380| -1.7| 34.4| 15.8
* Magna International | -10.0700| -4.9| 267.7| 12.9

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Another raft of blockbuster corporate profits pushed stocks to a record at the end of a week that started with concern about a peak in earnings and a coronavirus   resurgence. About 87% of the S&P 500 companies reporting results so far this season have beaten Wall Street estimates, according to data compiled by Bloomberg.  Twitter Inc. and Snap Inc. led a rally in social-media firms as sales blew past forecasts, while American Express Co. jumped after adding a record number of new customers  to its tony Platinum card in the second quarter. After this week’s gains in equities, the S&P 500 is now up 97% from the depths of the pandemic. Though the rapid spread of the delta variant has sown volatility, several investors are betting that a robust economic recovery will fuel corporate America — even with threat of higher inflation.  For Evercore ISI’s Chairman Ed Hyman, retailers have more power than ever to pass on higher prices to consumers, and that will spur earnings growth in the quarters ahead. “Earnings are reflecting an incredible snapback in economic activity,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab & Co.  “Concerns that stocks are overvalued are less potent here in terms of a threat to the market simply because earnings are rising at fast clip.” For Angelo Kourkafas, investment strategist at Edward Jones, the strong start of the second-quarter earnings season has allowed investors to look through the uncertainties.  The “buy-the-dip mentality is alive and well,” he added.

Other corporate highlights:
* Honeywell International Inc.’s profit topped estimates as its aerospace and energy businesses started to recover.
* Schlumberger, the world’s biggest oilfield services provider, reported better-than-expected earnings and revenue.
* Intel Corp. Chief Executive Officer Pat Gelsinger struck a bullish tone about the chipmaker’s prospects for the rest of the year.
* Kimberly-Clark Corp. trimmed its annual forecast, saying inflation and slowing toilet paper demand are hurting results.

Some of the biggest Chinese firms listed in the U.S. slumped as concerns surrounding further regulatory scrutiny deepened.
The Nasdaq Golden Dragon China Index had its longest stretch of weekly losses since May 2019, while ride-hailing giant Didi Global Inc. tumbled.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1772
* The British pound fell 0.1% to $1.3750
* The Japanese yen fell 0.4% to 110.55 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.28%
* Germany’s 10-year yield was little changed at -0.42%
* Britain’s 10-year yield advanced two basis points to 0.58%
Commodities
* West Texas Intermediate crude rose 0.2% to $72.03 a barrel
* Gold futures fell 0.2% to $1,805.60 an ounce
–With assistance from Sunil Jagtiani and Robert Brand.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

The art of being wise is knowing what to overlook. –William James, 1842-1910.

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

Dear Friends,

Tangents:
July 22, 1376: Pied Piper of Hamelin, Germany.

On July 22, 1934, a man identified as bank robber John Dillinger was shot to death by federal agents in Chicago. Go to article »

New York now has better Indian food than London.

PHOTOS OF THE DAY

Casper and Romeo’s adorable friendship has won the hearts of netizens who often compare their current moods with the unusual facial expressions
CREDIT: CASPERANDROMEO / CATERS NEWS AGENCY

The sun sets over the city on another very warm evening. The weather is due to cool slightly over the next few days. The sky here is believed by some to be caused by forest fires is California. New York City has experienced some of its worst air quality in the last 2 days due to this reason
CREDIT: CHRIS GORMAN / BIG LADDER

A fleet of 470 class dinghy’s in action during a practice race today in Enoshima ahead of the Tokyo 2020 Olympic Games
CREDIT: CLIVE MASON/CLIVE MASON

A cunning kittiwake gull swooped in and attempted to steal a dozen sand eels from a puffin. After trying to flee, the puffin dropped the eels which fell back into the sea at the Isle of May, off the east coast of Scotland
CREDIT: ANDY SHEPPARD/ SOLENT NEWS & PHOTO AGENCY

Market Closes for July 22^nd, 2021

Market Index	Close	Change
Dow Jones	34823.35	+25.35
		+0.07%
S&P 500	4367.48	+8.79
		+0.20%
NASDAQ	14684.60	+52.65 +0.36%
TSX	20097.52	-12.53
		-0.06%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27548.00	+159.84
		+0.58%
HANG SENG	27723.84	+499.26
		+1.83%
SENSEX	52837.21	+638.70
		+1.22%
FTSE 100*	6968.30	-29.98 -0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.204	1.223
CND. 30 Year Bond	1.772	1.796
U.S.    10 Year Bond	1.2783	1.2884
U.S. 30 Year Bond	1.9158	1.9387

Currencies

BOC Close	Today	Previous
Canadian $	0.7960	0.7962
US $	1.2563	1.2560
Euro Rate 1 Euro=		Inverse
Canadian $	1.4784	0.6764
US $	1.1766	0.8499

Commodities

Gold	Close	Previous
London Gold Fix	1802.15	1823.05
Oil
WTI Crude Future	72.06	70.55

Market Commentary:
     On this day in 1946, the Bretton Woods Agreement was signed in Mount Washington, N.H., pegging major foreign currencies to the U.S. dollar, fixing the gold price at $35 per ounce, and laying the groundwork for the International Monetary Fund and the World Bank.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks were mostly flat on Thursday, after shares of health care companies underperformed, while tech stocks rose. The S&P/TSX Composite index was down 0.06% in Toronto, led by declines in Trillium Therapeutics and Tilray. Tech stocks were best performer, led by Shopify, which rose 1.6% after at least two analysts raised their share price targets amid optimism on the e-commerce company’s upcoming earnings results. Meanwhile, Toronto Dominion Bank and Great-West Lifeco Inc. plan to issue inaugural limited recourse capital notes issues, taking advantage of the fast growing market for the Canadian
dollar denominated hybrid securities first sold one year ago.
Commodities:
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold rose 0.2% to $1,807.46 an ounce
FX/ Bonds:
* The Canadian dollar was flat C$1.2565 per U.S. dollar
* The 10-year Canada government bond yield fell to 1.194%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 20,097.52 in Toronto. The move follows the previous session’s increase of 0.8 percent. Toronto-Dominion Bank contributed the most to the index decline, decreasing 0.5 percent.  Iamgold Corp. had the largest drop, falling 10.5 percent. Today, 149 of 231 shares fell, while 79 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 0.3 percent
* So far this week, the index rose 0.6 percent
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on July 7, 2021 and 30.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.4 percent in the past 5 days and fell 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.1 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility fell to 9.36 percent compared with 9.38 percent in the previous session and the average of 7.56 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -18.3430| -0.3| 8/20
* Materials | -12.1511| -0.5| 14/39
* Health Care | -7.1721| -2.8| 0/10
* Real Estate | -4.3473| -0.6| 4/21
* Consumer Staples | -3.6672| -0.5| 4/9
* Energy | -2.2723| -0.1| 10/12
* Consumer Discretionary | -1.0603| -0.1| 6/7
* Communication Services | -0.2940| 0.0| 3/4
* Utilities | 1.8118| 0.2| 9/7
* Industrials | 8.5062| 0.4| 13/16
* Information Technology | 26.4818| 1.1| 8/4
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | -5.5700| -0.5| -54.1| 14.6
* Bank of Nova Scotia | -5.1470| -0.8| -65.2| 12.5
* Magna International | -5.0180| -2.4| 12.9| 18.8
* CAE | 3.9580| 5.3| 226.4| 9.3
* Brookfield Asset | | | |
* Management | 5.2720| 0.8| -13.8| 23.7
* Shopify | 24.7300| 1.6| 21.1| 39.4

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — A rebound in technology companies drove stocks to the brink of a record, with traders assessing another batch of economic and earnings reports.  Treasuries climbed. The S&P 500 had its biggest three-day advance since April, but gains paled in comparison to the previous two sessions. Giants Apple Inc. and Microsoft Corp. rallied, while firms closely tied to a broader reopening of businesses underperformed.  In late trading, Twitter Inc. jumped after a strong outlook, while Intel Corp. — the world’s biggest semiconductor maker — slid on a lackluster sales forecast. Rising earnings expectations have tempered worries over peaking growth and the spread of the delta coronavirus variant that roiled markets at the start of the week.  Economic reports were mixed, showing sales of previously owned U.S. homes rose for the first time in five months, while jobless claims unexpectedly climbed. “There’s going to be some choppiness in the market in the second half of the year, but we think it’s going to trend higher,” said Victoria Fernandez, chief market strategist at Crossmark Global Investments.  “We have so much liquidity in the market right now, you have companies with a tremendous amount of cash on their balance sheets, you have rates at tremendous lows.”
Earlier Thursday, equities fell on news that multiple prominent websites were inaccessible to some users. Among the corporate highlights, Union Pacific Corp., the largest publicly traded railroad, climbed as profit topped analysts’ projections.  AT&T Inc. rose after beating Wall Street estimates.  American Airlines Group Inc. and Southwest Airlines Co. slipped amid cautious outlooks, while D.R. Horton Inc. sank on an unexpected plunge in new home orders. As earnings continue to roll in, American stocks are regaining a leadership position in world markets.  The ratio between the S&P 500 and an S&P Global gauge of shares listed outside the U.S. shows as much.  After falling as much as 10.4% between September and February, the ratio rallied to a record on July 9 and again on Tuesday.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.4%
* The Russell 2000 Index fell 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1769
* The British pound rose 0.4% to $1.3765
* The Japanese yen rose 0.1% to 110.17 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.26%
* Germany’s 10-year yield declined three basis points to -0.43%
* Britain’s 10-year yield declined four basis points to 0.57%
Commodities
* West Texas Intermediate crude rose 2% to $71.71 a barrel
* Gold futures rose 0.2% to $1,811.60 an ounce
–With assistance from Andreea Papuc, Robert Brand, Srinivasan Sivabalan, David Wilson and Kamaron Leach.
Have a lovely evening.

Be magnificent.

As ever,

Carolann

I’d like to live like a poor man – only with lots of money. -Pablo Picasso, 1881-1973.

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

Dear Friends,

Tangents:
1861~Battle of Bull Run

On July 21, 1925, the ”monkey trial” ended in Dayton, Tenn., with John T. Scopes convicted of violating state law for teaching Darwin’s theory of evolution. (The conviction was later overturned.) Go to article »

Marshall McLuhan, writer, b.1911
Ernest Hemingway, writer, b. 1899
Isaac Stern, musician, b. 1920
Robin Williams,, comic/actor, b.1952
Yusuf Islam (Cat Steven), singer, b. 1948

Most people are alive in an earlier time, but you must be alive in your own time. -Marshall McLuhan, 1911-1980.

Courage is grace under pressure. -Ernest Hemingway, 1899-1961.

Late-night hosts had fun with the Amazon founder Jeff Bezos’s brief trip to space on Tuesday. Stephen Colbert welcomed his audience by saying, “So happy you could all join us tonight for a momentous day in the history of some people having way too much money.”

The hosts couldn’t resist talking about what Bezos was wearing when he returned — a cowboy hat.
“I guess space turns you into Kenny Chesney.” — JIMMY FALLON

“You know you’re rich when you put that on and everyone who works for you goes, ‘Oh, it looks great, yeah. You’re a man of the people, just going to space.’” — JIMMY FALLON

“A cowboy hat? So he went into space and somehow became extra divorced.” — STEPHEN COLBERT

PHOTOS OF THE DAY

Archie and Veronika looking at each other on the boat) A rescued brown bear and his owner can be seen fishing together on a boat. Archie the brown bear and Veronika Dichka like to spend time fishing on the lake in their native Novosibirsk, Russia
CREDIT: VERONIKA DICHKA / CATERS NEWS AGENCY

Pro Athlete Tom Court commutes in style across the Solent on a Fliteboard – the watercraft of the future
CREDIT:FINNBARR WEBSTER/GETTY IMAGES FOR FLITEBOARD

People celebrate in Brisbane, Australia, Wednesday, following an announcement by the International Olympic Committee that Brisbane was picked to host the 2032 Olympics. The Australian city was the inevitable winner of a one-candidate race steered by the IOC to avoid rival bids
CREDIT: JASON O’BRIEN/AAP IMAHE VIA AP

Market Closes for July 21^st, 2021

Market Index	Close	Change
Dow Jones	34798.00	+286.01
		+0.83%
S&P 500	4358.69	+35.63
		+0.82%
NASDAQ	14631.95	+133.07 +0.92%
TSX	20110.05	+167.34
		+0.84%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27548.00	+159.84
		+0.58%
HANG SENG	27224.58	-34.67
		-0.13%
SENSEX	52198.51	-354.89
		-0.68%
FTSE 100*	6998.28	+117.15 +1.70%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.223	1.179
CND. 30 Year Bond	1.796	1.758
U.S.    10 Year Bond	1.5884	1.2218
U.S. 30 Year Bond	1.9387	1.8771

Currencies

BOC Close	Today	Previous
Canadian $	0.7962	0.7886
US $	1.2560	1.2681
Euro Rate 1 Euro=		Inverse
Canadian $	1.4814	0.6750
US $	1.1795	0.8478

Commodities

Gold	Close	Previous
London Gold Fix	1823.05	1814.90
Oil
WTI Crude Future	70.55	67.42

Market Commentary:
     On this day in 1933, as Wall Street began to digest the implications of President Franklin D. Roosevelt’s “New Deal”—including the Glass-Steagall Act, enacted just over one month earlier—the Dow Jones Industrial Average suffered its ninth-worst daily percentage loss, dropping 7.8% (or 7.55 points) to close the day at a dismal 88.71.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities rose for a second day as U.S. markets advanced amid a slew of solid corporate profits. The S&P/TSX Composite index rose 0.8% in Toronto, bringing the two-day climb to 1.9%. Energy and health care stocks were the best performers, while communication services sector was the worst. Meanwhile, Lumber futures rose the most in more than a year on concern that wildfires in western Canada will reduce supply and spur more curtailments at sawmills.
Commodities:
* Western Canadian Select crude oil traded at a $13.50 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,803.91 an ounce
FX/ Bonds:
* The Canadian dollar rose 0.9% to C$1.2567 per U.S. dollar
* The 10-year Canada government bond yield rose to about 5 basis points to 1.226%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8 percent, or 167.34 to 20,110.05 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 1.9 percent. SilverCrest Metals Inc. had the largest increase, rising 7.6 percent. Today, 188 of 231 shares rose, while 43 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index fell 0.3 percent
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 35 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on July 7, 2021 and 30.4 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.1 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility rose to 9.38 percent compared with 9.08 percent in the previous session and the average of 7.52 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 58.2587| 0.9| 26/2
* Energy | 38.5997| 1.6| 22/1
* Information Technology | 28.6905| 1.2| 7/5
* Materials | 26.1824| 1.1| 49/4
* Industrials | 15.6189| 0.7| 25/5
* Consumer Discretionary | 4.6656| 0.6| 12/1
* Real Estate | 3.8198| 0.6| 20/6
* Health Care | 3.7561| 1.5| 10/0
* Utilities | 0.3412| 0.0| 12/4
* Consumer Staples | -3.9875| -0.5| 2/11
* Communication Services | -8.6157| -0.9| 3/4
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Shopify | 29.1000| 1.9| 27.4| 37.2
* Brookfield Asset | | | |
* Management | 16.6000| 2.7| -11.2| 22.6
* Canadian Natural | | | |
* Resources | 9.5660| 2.9| -37.2| 34.3
* Brookfield | | | |
* Infrastructure | -1.3560| -1.0| -34.9| 8.1
* BCE | -1.3840| -0.4| -7.2| 13.4
* Rogers Communications | -6.1660| -3.8| 275.9| 8.7

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks climbed as a slew of solid corporate profits took the focus off concerns about the economic impact of coronavirus flareups around the globe. The dollar fell, while Bitcoin surged. After a bruising selloff driven by worries over a peak in earnings and a slowdown in growth momentum, the S&P 500 notched its biggest back-to-back advance in two months.  Once again, the gains were led by companies that stand to benefit the most from a reopening of the economy, such as commodity, financial and industrial shares.  A gauge of small caps rose almost 2%. Bitcoin soared after some prominent voices discussed prospects for the digital currency at the “B Word” conference, hosted by the Crypto Council for Innovation.  Elon Musk, the billionaire head of Tesla Inc., said his space exploration company SpaceX owns the digital token.  Ark Investment Management’s Cathie Wood urged firms to consider the “explosive” Bitcoin growth. Giants Verizon Communications Inc. and Coca-Cola Co. rose after better-than-estimated quarterly results.  Despite investor jitters on whether Covid-19 infections will upend a travel resurgence, United Airlines Holdings Inc. predicted profits ahead.
Meantime, Netflix Inc. retreated on a disappointing subscriber forecast. Traders are rewarding companies with better-than-expected results amid bets that the second quarter’s expected 70% earnings growth will mark the pinnacle of this expansion cycle. More than 85% of the S&P 500 firms reporting results so far have beaten analysts’ predictions, according to data compiled by Bloomberg.  For Michael Purves, chief executive officer at Tallbacken Capital Advisors, earnings forecasts for the benchmark have surged because of a “huge explosion” in profits at economically sensitive firms. “We may be getting back to a point where earnings matter a little bit more than they had,” said Matt Forester, chief investment officer of BNY Mellon’s Lockwood Advisors. “Company guidance is going to be very important as well.” Strategists from JPMorgan Chase & Co. and UBS Global Wealth Management urged clients to buy cyclicals as the economic recovery is just getting started. The “reopening of the economy is not an event but rather a process, which in our opinion is still not priced-in, and especially not now given recent market moves,” wrote JPMorgan strategists led by Dubravko Lakos-Bujas. “This does not signal the beginning of a down cycle.”

Other corporate highlights:
* Johnson & Johnson raised its annual adjusted earnings and revenue forecast as quarterly sales rebounded strongly from a year ago.
* Chipotle Mexican Grill Inc. climbed after better-than-expected results and sales guidance.
* Harley-Davidson Inc. tumbled after the motorcycle maker reported sales that slumped in every region but its home market.

Some key events to watch this week:
* European Central Bank rate decision Thursday
* Bank Indonesia rate decision Thursday
* U.S. existing home sales Thursday
* The Tokyo Summer Olympics begin Friday

Here are some of the main market moves:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 1%
* The Russell 2000 Index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1800
* The British pound rose 0.7% to $1.3718
* The Japanese yen fell 0.4% to 110.27 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 1.29%
* Germany’s 10-year yield advanced two basis points to -0.39%
* Britain’s 10-year yield advanced four basis points to 0.60%
Commodities
* West Texas Intermediate crude rose 4.4% to $70.19 a barrel
* Gold futures fell 0.4% to $1,804.40 an ounce
–With assistance from Andreea Papuc, Robert Brand and David Wilson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

If you can’t tolerate critics, don’t do anything new or interesting. -Jeff Bezos, b. 1964.

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

Dear Friends,

Tangents: Moon Day ~ first human on the moon.

On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon.  Go to article »

Rocket Rides and Skyscrapers Allow the Rich to Keep Rising: Space tourism follows a long tradition of the wealthy seeking higher altitudes.

Selling Your Used Car? You Could Turn a Profit: Normally a depreciating asset, some used cars are worth more now than they were new.

Another billionaire in space: Jeff Bezos went up, then came down

PHOTOS OF THE DAY

Mark Bezos, brother of Jeff Bezos; Jeff Bezos, founder of Amazon and space tourism company Blue Origin; Oliver Daemen, of the Netherlands; and Wally Funk, aviation pioneer from Texas
CREDIT: BLUE ORIGIN VIA AP

The New Shepard Blue Origin rocket lifts-off from the launch pad carrying Jeff Bezos along with his brother Mark Bezos, 18-year-old Oliver Daemen, and 82-year-old Wally Funk prepare to launch in Van Horn, Texas
CREDIT: JOE RAEDLE/GETTY IMAGES

Dolphin breach in New Quay, Ceredigion, West Wales) Playful dolphins have been caught on camera as they jump out of the ocean. Sarah Wyer, from New Quay, Ceredigion, West Wales, captured these images of dolphins as they impressively leapt out of the water
CREDIT: SARAH MICHELLE WYER / CATERS NEWS AGENCY

Swan Upping, the annual census of the swan population on the River Thames. The boats pass though one of the many locks between Windsor and Cookham. The swans are counted, weighed and measured
CREDIT: GEOFF RIGH FOR THE TELEGRAPH

Market Closes for July 20^th, 2021

Market Index	Close	Change
Dow Jones	34511.99	+549.95
		+1.62%
S&P 500	4323.06	+64.57
		+1.52%
NASDAQ	14498.88	+223.90 +1.57%
TSX	19942.71	+216.26
		+1.10%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27388.16	-264.58
		-0.96%
HANG SENG	27259.25	-230.53
		-0.84%
SENSEX	52198.51	-354.89
		-0.68%
FTSE 100*	6884.13	+36.74 +0.54%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.179	1.144
CND. 30 Year Bond	1.758	1.694
U.S.    10 Year Bond	1.2218	1.1888
U.S. 30 Year Bond	1.8771	1.8197

Currencies

BOC Close	Today	Previous
Canadian $	0.7886	0.7843
US $	1.2681	1.2750
Euro Rate 1 Euro=		Inverse
Canadian $	1.4939	0.6694
US $	1.1781	0.8488

Commodities

Gold	Close	Previous
London Gold Fix	1814.90	1824.30
Oil
WTI Crude Future	67.42	66.42

Market Commentary:
If you want to be wealthy, live below your means.-Paul Merriman.
Canada
Aoyon Ashraf
(Bloomberg) — Canadian equity markets gained on Tuesday as investors bought the recent dips in stocks, led by health care companies. The S&P/TSX Composite index rose 1.1%, after falling 1.3% on Monday.  All of the sectors were in the green, with health care and tech stocks leading the outperformance. In the oil patch, seven Canadian natural gas producers are teaming up with a West Coast Indigenous group to propose a new liquefied natural gas facility for British Columbia’s coastal waters, after years of failed industry efforts to make such projects a reality.
Commodities:
* Western Canadian Select crude oil traded at a $13.60 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,810.41 an ounce
FX/ Bonds:
* The Canadian dollar rose C$1.2677 per U.S. dollar
* The 10-year Canada government bond yield rose to 1.170%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite is rising 1.2 percent at 19,969.12 in Toronto. In midday trading, financials stocks led the market higher, as all sectors gained; 206 of 231 shares rose, while 22 fell. Shopify Inc. contributed the most to the index gain, increasing 2.6 percent. Air Canada had the largest increase, rising 6.5 percent.
Insights
* In the past year, the index had a similar or greater gain 11 times. The next day, it advanced six times for an average 0.5 percent and declined five times for an average 0.8 percent
* This month, the index fell 1 percent, heading for the biggest decline since October 2020
* The index advanced 23 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 2 percent below its 52-week high on July 7, 2021 and 29.5 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 1.5 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.1t
* 30-day price volatility rose to 9.24 percent compared with 8.42 percent in the previous session and the average of 7.44 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 62.0170| 1.0| 27/1
* Information Technology | 53.5338| 2.3| 12/0
* Industrials | 33.5038| 1.5| 29/1
* Materials | 29.3999| 1.3| 44/8
* Energy | 19.6130| 0.8| 18/4
* Consumer Discretionary | 17.9826| 2.4| 13/0
* Real Estate | 10.8454| 1.6| 26/0
* Consumer Staples | 7.4612| 1.0| 12/1
* Health Care | 4.8987| 2.0| 9/1
* Utilities | 2.4341| 0.3| 11/5
* Communication Services | 1.9462| 0.2| 5/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 38.1800| 2.6| 37.4| 33.8
* Brookfield Asset | | | |
* Management | 11.8100| 2.0| 17.4| 19.3
* Bank of Nova Scotia| 8.1850| 1.3| -47.0| 13.0
* Inter Pipeline | -0.4480| -0.7| 25.4| 70.9
* Enbridge | -0.9860| -0.2| 61.1| 18.3
* TC Energy | -1.6670| -0.4| 25.3| 16.0

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Dip buyers emerged a day after a tumultuous trading session, driving U.S. stocks to their biggest advance since March. The S&P 500 almost erased its Monday’s slide as traders shrugged off concern that the coronavirus resurgence would curtail the economic recovery.  Cyclical companies, which got pummeled during the selloff, were the ones leading gains on Tuesday. A gauge of small caps climbed 3%. For several investors, the recent rout was just another buying opportunity in an environment of solid corporate earnings, government stimulus and ultra-easy monetary policy. “Pretty amazing rebound, really,” said JJ Kinahan, chief market strategist at TD Ameritrade.  “That buy-the-dip mentality has played well. It’s like a football coach that runs the same play that keeps working. There’s no reason to change that play.  It’s certainly working again.” In fact, it was during Monday’s selloff that BNY Mellon Wealth Management’s Alicia Levine said she got out her “shopping list.” Levine said in a Bloomberg TV and Radio interview that she remains “very bullish.”
For Bill Callahan, an investment strategist at Schroders, “equities just make sense right now,” and dip buyers will be rewarded as the market continues to grind higher. On the economic front, data showed U.S. housing starts increased in June by more than forecast, suggesting residential construction is stabilizing despite lingering supply-chain constraints and labor shortages. After the close of regular trading, Netflix Inc. forecast sluggish subscriber gains for the third quarter, raising concern that the streaming leader’s rapid growth may be ebbing.

Some key events to watch this week:
* European Central Bank rate decision Thursday
* Bank Indonesia rate decision Thursday
* U.S. existing home sales Thursday
* The Tokyo Summer Olympics begin Friday

Here are some of the main market moves:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index rose 0.9%
* The Russell 2000 Index rose 3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1782
* The British pound fell 0.3% to $1.3631
* The Japanese yen fell 0.3% to 109.84 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.22%
* Germany’s 10-year yield declined two basis points to -0.41%
* Britain’s 10-year yield was little changed at 0.56%
Commodities
* West Texas Intermediate crude rose 1.5% to $67.42 a barrel
* Gold futures were little changed
–With assistance from Andreea Papuc, Robert Brand, Claire Ballentine and Natalia Kniazhevich.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Nothing can resist a will which will stake even existence upon its fulfillment. –Benjamin Disraeli, 1804-1881.

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

Dear Friends,

Tangents:
July 19, 1999~ David Cone of the New York Yankees pitched the 14th perfect game in modern major league baseball history in a game against the Montreal Expos. Go to article »

Charles Mayo, surgeon, b. 1865.
Edgar Degas, painter, b. 1834.

Fossilized “megaripples” hint at a dinosaur-killing asteroid.

U.S. proposal to legalize cannabis isn’t making anyone happy.

The City of London is pretty empty despite restrictions being lifted.

When Wally Funk blasts off tomorrow in a rocket built by Blue Origin, Jeff Bezos’s company, she will be, at 82, the oldest person ever to go into space. But that is not what makes her so special.
In 1961, three years before Mr. Bezos was born, Ms. Funk excelled in a series of tests to see if women would be good candidates for space travel. But the U.S. government shut down the program, and she has spent the past 60 years trying to find another way into space.  Now she’s found it. -The New York Times.

PHOTOS OF THE DAY

A plane has drawn a smiley face over Cambridge today as England celebrates Freedom Day. The image appeared in the skies over the historic city as many of the pandemic restrictions are finally relaxed
CREDIT: GEOFF ROBINSON PHOTOGRAPHY

The Beefeaters return to the Tower of London, first Yeoman Warder Barney Chandler leads a tour of the Tower of London for the first time in 16 months 
CREDIT: JOE MAHER/GETTY IMAGES

Shaolin monks practice martial arts at Pagoda Forest of Shaolin Temple in Dengfeng City, central China’s Henan Province
CREDIT: XIHUA NEWS AGENCY / EYEVINE

Market Closes for July 19^th, 2021

Market Index	Close	Change
Dow Jones	33962.04	-725.81
		-2.09%
S&P 500	4258.49	-68.67
		-1.59%
NASDAQ	14274.98	-152.26 -1.06%
TSX	19726.45	-259.09
		-1.30%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27652.74	-1.25
		-350.34%
HANG SENG	27489.78	-514.90
		-1.84%
SENSEX	52553.40	-586.66
		-1.10%
FTSE 100*	6844.39	-163.70 -2.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.144	1.241
CND. 30 Year Bond	1.694	1.768
U.S.    10 Year Bond	1.1888	1.2903
U.S. 30 Year Bond	1.8197	1.9192

Currencies

BOC Close	Today	Previous
Canadian $	1.7843	0.7927
US $	1.2750	1.2615
Euro Rate 1 Euro=		Inverse
Canadian $	1.5049	0.6645
US $	1.1803	0.8473

Commodities

Gold	Close	Previous
London Gold Fix	1824.30	1823.75
Oil
WTI Crude Future	66.42	71.81

Market Commentary:
     On this day in 1990, Wall Street set a new record as six IPOs were issued in a single day. The companies—Command Security, In-Store Advertising, MECA Software, Modtech Holdings, O’Charley’s and Wisconsin Pharmacal—raised a total of $100.4 million. Never before had a half-dozen stocks gone public in one day.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks tumbled on Monday after the delta coronavirus variant raised concern about the economic recovery, while tension between the U.S. and China escalated. The S&P/TSX Composite index fell 1.3%, the most since Feb. 25.  Energy stocks were hit worst as crude oil’s price fell the most in 10 months after OPEC+ agreed to boost supply and a resurgent virus shook investor confidence about economic growth. Tech was the only sector that was in the green on Monday as investors rushed to safe havens. Meanwhile, Prime Minister Justin Trudeau’s government presented a road map to reopening Canada’s borders to non-essential international travel beginning next month.
Commodities:
* Western Canadian Select crude oil traded at a $13.50 discount to West Texas Intermediate
* Spot gold was flat around $1,811 an ounce
FX/ Bonds:
* The Canadian dollar fell 1% to C$1.2745 per U.S. dollar
* The 10-year Canada government bond yield fell 10 basis points to 1.144%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.3 percent, or 259.09 to 19,726.45 in Toronto. The move was the biggest since falling 1.4 percent on Feb. 25. Today, financials stocks led the market lower, as 10 of 11 sectors lost; 203 of 231 shares fell, while 26 rose. Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.6 percent.  Hudbay Minerals Inc. had the largest drop, falling 7.2 percent.
Insights
* In the past year, the index had a similar or greater loss nine times. The next day, it advanced five times for an average 1.1 percent and declined four times for an average 0.8 percent
* The index advanced 22 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 3.2 percent below its 52-week high on July 7, 2021 and 27.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 2.5 percent in the past 5 days and fell 1.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.7 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility rose to 8.42 percent compared with 7.48 percent in the previous session and the average of 7.35 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -122.3397| -2.0| 0/28
* Energy | -68.5612| -2.8| 1/22
* Materials | -42.2201| -1.8| 2/51
* Industrials | -28.2188| -1.2| 3/27
* Real Estate | -13.9541| -2.1| 0/26
* Consumer Discretionary| -8.3767| -1.1| 2/10
* Communication Services| -5.7039| -0.6| 1/6
* Consumer Staples | -4.8375| -0.6| 3/10
* Utilities | -3.2228| -0.3| 3/12
* Health Care | -1.4395| -0.6| 6/4
* Information Technology| 39.7806| 1.8| 5/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -27.9800| -2.6| 37.6| 13.8
* Royal Bank of | | | |
* Canada | -19.8100| -1.6| 207.8| 20.0
* Enbridge | -15.6400| -2.3| 231.4| 18.5
* Ballard Power | | | |
* Systems | 0.5260| 1.6| -14.6| -34.8
* Kinaxis | 0.5470| 1.8| -28.0| -11.1
* Shopify | 43.5600| 3.1| 24.5| 30.5

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks slumped around the world as investors rushed into haven assets after the delta coronavirus variant cast a pall over the economic recovery,  while tension between the U.S. and China escalated. In a reversal of the reopening trade that has powered this year’s equity rally, cyclical companies bore the brunt of the rout on Monday. Commodity, financial and industrial shares led losses in the S&P 500, which fell the most in two months.  The Dow Jones Industrial Average had its biggest decline since October, while small caps extended a slide from March’s peak to nearly 10%. After recently plunging to pre-pandemic levels, the Cboe Volatility Index, or VIX, soared. With the risk-off sentiment spreading across global markets, long-term Treasury rates spiraled to their lowest since February — dragging the yield curve flatter.  Ten-year yields tumbled as much 12 basis points to as little as 1.17%. The dollar rose alongside the yen and the Swiss franc.  Despite the classic safety trade, gold retreated. Oil sank after OPEC+ agreed to boost supply into 2022. Meantime, Bitcoin’s slide pushed the world’s largest digital currency closer to $30,000.
The resurgence of Covid-19 is unsettling global investors, who are considering whether new lockdown restrictions will sap the economic rebound and reverse an equity rally that had driven stocks to a record. Matt Miskin, co-chief investment strategist at John Hancock Investment Management, told Bloomberg Television that the move to “higher-quality assets” such as Treasuries is justified.  Americans should avoid traveling to the U.K. because of a surge in that nation’s spread of Covid-19, U.S. government and health officials warned. “Risk aversion is firmly in place as the Delta Covid variant spread is triggering a flight to safety,” wrote Edward Moya, senior market analyst at Oanda.  “Equities were ripe for a pullback given Wall Street was in agreement that this is ‘as good as it gets’ for peak earnings, economic growth, monetary stimulus.  It is hard to hold risky assets over the short-term now.” Geopolitical jitters also resurfaced on Monday after the U.S., the U.K. and their allies said the Chinese government has been the mastermind behind a series of malicious ransomware, data theft and cyber-espionage attacks against public and private entities — including the sprawling Microsoft Exchange hack earlier this year.

Some key events to watch this week:
* Reserve Bank of Australia meeting minutes Tuesday
* European Central Bank rate decision Thursday
* Bank Indonesia rate decision Thursday
* U.S. existing home sales Thursday
* The Tokyo Summer Olympics begin Friday

Here are some of the main market moves:
Stocks
* The S&P 500 fell 1.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 2.1%
* The MSCI World index fell 1.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro was little changed at $1.1798
* The British pound fell 0.7% to $1.3671
* The Japanese yen rose 0.5% to 109.49 per dollar
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 1.19%
* Germany’s 10-year yield declined three basis points to -0.39%
* Britain’s 10-year yield declined seven basis points to 0.56%
Commodities
* West Texas Intermediate crude fell 7.6% to $66.34 a barrel
* Gold futures fell 0.2% to $1,812 an ounce
–With assistance from Andreea Papuc, Robert Brand, Kamaron Leach, David Wilson, Natalia Kniazhevich and Nancy Moran.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Perhaps someday it will be pleasant to remember even this. –Virgil, 70 BCE-19 AD.

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

Dear Friends,

Tangents: Happy Friday.
On this day in 1945, a device innocuously called “Gadget” was tested successfully near Alamogordo, N.M. It was the world’s first atomic bomb, and it detonated at 5:29:45 a.m., releasing 20 kilotons of energy and vaporizing its 100-foot steel support tower. The Nuclear Age had secretly begun.

The way to win an atomic war is to make certain it never starts. –Omar Bradley, 1893-1981.

Someone spent $28 million for a seat on the Bezos space flight, and now they’re bailing due to ‘scheduling conflicts‘.  What are they doing that’s more important than $28 million … and going to SPACE?!

These are the most popular emojis in the world.  They’re actually pretty tame! Good job, world. 

Russian oligarch settles U.K. divorce for $186 million—keeps yacht.

From the Late Night Hosts:
“During a visit to the White House yesterday, pop star Olivia Rodrigo made a surprise appearance at the afternoon press briefing to help promote youth vaccinations, which should have a big impact on the millions of teens who watch the White House press briefings.” — SETH MEYERS

In a new book about Donald Trump’s final year in office, the authors write that Gen. Mark A. Milley, the chairman of the Joint Chiefs of Staff, feared Trump would attempt to stage a coup to remain in power after losing the election. Trump responded on Thursday: “If I was going to do a coup, one of the last people I would want to do it with is Gen. Mark Milley.”

“You can tell a leader really knows his stuff when he uses the phrase ‘do a coup,’” Fallon said of Trump, who belittled a general for fearing he might try to stay in power.

“In a new book, Milley reveals that following the election night, he thought the ex-president ‘was stoking unrest, possibly in hopes of an excuse to invoke the Insurrection Act and call out the military,’ saying, ‘This is a Reichstag moment.’ No surprise — the last president was very popular with the alt-Reich.” — STEPHEN COLBERT

“We really need to come up with a better early warning system than tell-all books. ‘We’re in danger — quick, get me a typewriter!’” — SETH MEYERS

“OK, you’ve clearly put some thought into this thing you’re ‘not into.’” — STEPHEN COLBERT

“Of course, the Reichstag fire was in 1930s Germany, when an attack on the country’s legislative branch was used as a pretext to solidify fascist control. What the MAGA crowd did this year was totally different — because it was in English.” — STEPHEN COLBERT

PHOTOS OF THE DAY

People enjoy the hot weather as they take punt tours along the River Cam in Cambridge
CREDIT: JOE GIDENS/PA WIRE

A woman charges at a flock of pigeons during hot summer day in western Moscow. Russia’s meteorological service said on July 13, the country could see its hottest summer on record, driven by climate change, after a record-breaking heatwave in June  
CREDIT: ALEXANDER NEMENOV/AFP VIA GETTY IMAGES

A bee probes a purple coneflower for nectar in a garden at Pettingill School Park in Lewiston, Maine
CREDIT: RUSS DILLINGHAM/SUN JOURNAL VIA AP

A body double for Harrison Ford and Boyd Holbrook are seen on a horse and motorbike during a parade scene on St Vincent Street in Glasgow city centre during filming for what is thought to be the new Indiana Jones 5 movie starring Harrison Ford
CREDIT: ANDREW MILLIGAN/PA WIRE

Market Closes for July 16^th, 2021

Market Index	Close	Change
Dow Jones	34687.85	-299.17
		-0.86%
S&P 500	4327.16	-32.87
		-0.75%
NASDAQ	14427.24	-115.89 -0.80%
TSX	19985.54	-198.18
		-0.98%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28003.08	-276.01
		-0.98%
HANG SENG	28004.68	+8.41
		+0.03%
SENSEX	53140.06	-18.79
		-0.04%
FTSE 100*	7008.09	-3.93 -0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.241	1.261
CND. 30 Year Bond	1.768	1.783
U.S.    10 Year Bond	1.2903	1.2989
U.S. 30 Year Bond	1.9192	1.9206

Currencies

BOC Close	Today	Previous
Canadian $	0.7927	0.7942
US $	1.2615	1.2592
Euro Rate 1 Euro=		Inverse
Canadian $	1.4895	0.6714
US $	1.1807	0.8469

Commodities

Gold	Close	Previous
London Gold Fix	1823.75	1823.20
Oil
WTI Crude Future	71.81	71.65

Market Commentary:
     It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. –Charlie Munger, Berkshire Hathaway, b. 1924.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Friday, capping off a week of declines as commodity-exposed stocks including oil and materials weakened. The S&P/TSX Composite Index was down 1% Friday, with materials and cannabis among laggards. Utilities gained. Oil declined the most this week since March as a resurgence of Covid-19 threatened the outlook for global fuel consumption in the near-term. The U.S. is clashing with Mexico and Canada over rules for cars shipped across regional borders, with automakers and governments telling the Biden administration that it’s imperiling the success of their new trade pact.
Commodities:
* Western Canadian Select crude oil traded at a $13.35 discount to West Texas Intermediate
* Spot gold fell 1% to $1,811.10 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.1% to C$1.2608 per U.S. dollar
* The 10-year Canada government bond yield fell 1.9 basis points to 1.243%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 1 percent at 19,985.54 in Toronto.  The move was the biggest since falling 1.1 percent on July 8 and follows the previous session’s increase of 0.2 percent. Today, materials stocks led the market lower, as 7 of 11 sectors lost; 177 of 231 shares fell, while 52 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 1.4 percent. Turquoise Hill Resources Ltd. had the largest drop, falling 15.6 percent.
Insights
* In the past year, the index had a similar or greater loss 17 times. The next day, it advanced 12 times for an average 0.9 percent and declined five times for an average 0.7 percent
* So far this week, the index fell 1.3 percent, heading for the biggest decline since the week ended Feb. 26
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 1.9 percent below its 52-week high on July 7, 2021 and 29.6 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility rose to 7.48 percent compared with 6.94 percent in the previous session and the average of 7.46 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -81.6499| -3.4| 0/53
* Financials | -55.1235| -0.9| 6/21
* Energy | -41.8711| -1.7| 1/22
* Consumer Discretionary | -10.5268| -1.4| 1/12
* Health Care | -7.3214| -2.9| 2/8
* Industrials | -7.0809| -0.3| 8/22
* Information Technology | -5.4876| -0.2| 1/11
* Real Estate | 0.4529| 0.1| 9/16
* Consumer Staples | 2.5083| 0.3| 7/6
* Communication Services | 2.9516| 0.3| 5/2
* Utilities | 4.9639| 0.5| 12/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of | | | |
* Canada | -17.5400| -1.4| 198.6| 21.9
* Canadian Natural | | | |
* Resources | -13.8500| -4.0| -38.7| 33.5
* First Quantum | | | |
* Minerals | -10.1000| -9.6| 71.6| 7.8
* Thomson Reuters | 2.0270| 1.4| 15.1| 23.9
* Waste Connections | 2.3750| 0.9| -35.4| 18.9
* Shopify | 3.7990| 0.3| -26.1| 26.6

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks fell on the week for the first time in a month as accelerating inflation raises concern about the sustainability of the economic expansion. Treasury yields fell for a three consecutive week. Energy and material shares led the benchmark S&P 500 lower on Friday, four days after the benchmark U.S. equity index closed at another record high.  Amazon.com continued its retreat from all-time highs, helping to send the tech-heavy Nasdaq 100 lower. Small cap stocks were hit hard, with the Russell 2000 having its worst weekly decline since October.  The 10-year Treasury note yield registered a third week of declines. “Investors are thinking about what’s next. This is where those cross currents are,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co. “Earnings have been strong, but there’s still an uncertainty about what happens going forward.” Stocks erased an earlier gain Friday after a report showed the University of Michigan’s preliminary sentiment index decreased to 80.8 in July from 85.5 the prior month.  The figure was lower than all estimates in a Bloomberg survey which had a median projection of 86.5. Investors had turned their attention to corporate earnings, with optimism over resurgent consumer demand tempered by the spread of the coronavirus delta variant.
The outlook for stocks was held up by repeated assurances this week from Federal Reserve Chair Jerome Powell that the post-lockdown surge in inflation didn’t yet warrant a tapering of stimulus. Powell defended the central bank’s accommodative stance for a second time in two days on Thursday in his testimonies to lawmakers.  The Fed’s stance underscores a growing divergence among global central banks on their response to growing price pressures.  Policy makers from New Zealand to Canada and the U.K. are turning hawkish, making investors wonder how long could the Fed afford to remain dovish. “Jerome Powell said that the recovery still had a way to go,” said Fiona Cincotta, senior financial markets analyst at City Index. “This is movement in the right direction.” Oil posted its biggest weekly loss since mid-March as markets face the prospect of extra supplies from the OPEC+ coalition, as the United Arab Emirates and Saudi Arabia repair a rift that has stymied the group’s decision-making process.  A stronger dollar has also dimmed the appeal of commodities priced in the U.S. currency this week.

These are some of the main moves in financial markets:
Stocks
* The S&P 500 fell 0.8% as of 4:06 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.1804
* The British pound fell 0.5% to $1.3763
* The Japanese yen fell 0.2% to 110.05 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.29%
* Germany’s 10-year yield declined two basis points to -0.35%
* Britain’s 10-year yield declined four basis points to 0.63%
Commodities
* West Texas Intermediate crude fell 0.2% to $71.52 a barrel
* Gold futures fell 0.9% to $1,812 an ounce
Have a  wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

No pessimist ever discovered the secret of the stars, or sailed to an uncharted land,
or opened a new doorway for the human spirit. –Helen Keller, 1880-1968.

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

Dear Friends,

Tangents:
Rembrandt, painter, b. 1606.
Rembrandt was born in Leiden, the Netherlands on July 15, 1606 – his full name was Rembrandt Harmenszoon van Rijn.  He was the son of a miller.  Despite the fact that he came from modest means, he was able to study art and, by age 22, took his first pupils.  He married Saskia van Uylenburgh, the cousin of a successful art dealer, in 1634.
  Rembrandt’s family life was marked by misfortune.  Between 1635 and 1641 Saskia gave birth to four children, but only the last, Titus, survived.  Saskia died in 1642, at the age of 30.  Hendrickje Stoffels, who became Rembrandt’s housekeeper in 1649, eventually  became his wife and was the model for many of his pictures.  Despite Rembrandt’s success as an artist, teacher, and art dealer, his flamboyant living forced him to declare bankruptcy in 1656.  His beloved Hendrickje died in 1663, and his son, Titus, in 1668 at only 27 years of age.  Eleven months later, on October 4, 1669, Rembrandt died in Amsterdam.

1997 Fashion designer Gianni Versace was shot to death outside his home in Miami; suspected gunman Andrew Phillip Cunanan was found dead eight days later. Go to article »

The next pandemic could be averted with artificial intelligence, big data and cellphone apps.

James Bond’s next car is a plug-in … (h/t Scott Kominers)

Netflix is developing animated series with Meghan, Duchess of Sussex.  Move over, Disney princesses! 

Invasive, football-size goldfish found in a Minnesota lake.  You know when people exaggerate a little on the size of their catch? This one is definitely thaaat big! 

PHOTOS OF THE DAY

A man fishes on a boat at Lake Hamana in the sun set in Hamamatsu, Shizuoka Prefecture, Japan
CREDIT: REUTERS/KIM KYUNG-HOON

Workers tend to green onion plants in stunning terraced gardens. Hundreds of employees work year-round to plant, grow and harvest the onions on the beautiful tiered gardens which cover an area of nearly a thousand acres – or 756 football pitches
CREDIT: ANDIKA OKY ARISANDI/SOLENT NEWS & PHOTO AGENCY

A male lion stood proudly atop a hill of carcass bones as he surveyed the landscape with the golden-hued sun rising behind him. This British photographer captured the epic moment a lion stood atop a hill of bones. In the incredible snap, a 500-pound male lion stood proudly atop a hill of carcass bones as he surveyed the landscape with the golden-hued sun rising behind him
CREDIT: MEDIADRUMWORLD.COM/SIMON NEEDHAM

Sir Nicholas Serota watches a short film about sea monsters as he opens a £7.6 million, 360 immersive dome at Devonport’s Market Hall in Plymouth, which is the first of its type to be built in Europe
CREDIT: BEN BIRCHALL/ PA WIRE

Market Closes for July 15^th, 2021

Market Index	Close	Change
Dow Jones	34987.02	+53.79
		+0.15%
S&P 500	4361.03	-14.27
		-0.33%
NASDAQ	14543.13	-101.82 -0.70%
TSX	20183.72	+36.48
		+0.18%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28279.09	-329.40
		-1.15%
HANG SENG	27996.27	+208.81
		+0.75%
SENSEX	53158.85	+254.80
		+0.48%
FTSE 100*	7012.02	-79.17 -1.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.261	1.293
CND. 30 Year Bond	1.783	1.807
U.S.    10 Year Bond	1.2989	1.3459
U.S. 30 Year Bond	1.9206	1.9710

Currencies

BOC Close	Today	Previous
Canadian $	0.7942	0.7992
US $	1.2592	1.2512
Euro Rate 1 Euro=		Inverse
Canadian $	1.4871	0.6724
US $	1.1811	0.8466

Commodities

Gold	Close	Previous
London Gold Fix	1823.20	1813.85
Oil
WTI Crude Future	71.65	73.13

Market Commentary:
     On this day in 1916, William Boeing, a Yale-educated aeronautical engineer, incorporated the Pacific Aero Products Co. in Seattle with $100,000 in capital; he kept 998 of the original 1,000 shares of stock for himself. In 1917 he renamed his firm the Boeing Airplane Co. Boeing later made jet travel an accepted part of everyday life.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks advanced Thursday with Alimentation Couche-Tard Inc. leading the market higher following its investor day. The S&P/TSX Composite Index rose 0.2%, with consumer staples and materials leading. Health care and energy slipped. Telecom shares including Rogers Communications Inc. fell after a report that the country’s wireless spectrum auction may have raised about C$8 billion ($6.4 billion).
Commodities:
* Western Canadian Select crude oil traded at a $13.25 discount to West Texas Intermediate
* Spot gold rose 0.1% to $1,829.29 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.7% to C$1.2596 per U.S. dollar
* The 10-year Canada government bond yield fell 3.0 basis points to 1.263%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 20,183.72 in Toronto. The move follows the previous session’s decrease of 0.6 percent. Today, materials stocks led the market higher, as 6 of 11 sectors gained; 114 of 231 shares rose, while 115 fell. Alimentation Couche-Tard Inc. contributed the most to the index gain and had the largest move, increasing 5.8 percent.
Insights
* So far this week, the index fell 0.4 percent
* The index advanced 26 percent in the past 52 weeks.  The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 1 percent below its 52-week high on July 7, 2021 and 30.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.2 on a trailing basis and 16.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 6.94 percent compared with 6.95 percent in the previous session and the average of 7.50 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 20.9683| 0.9| 32/21
* Consumer Staples | 18.9406| 2.6| 11/2
* Industrials | 12.1306| 0.5| 13/17
* Financials | 11.7110| 0.2| 14/13
* Real Estate | 1.7354| 0.3| 20/6
* Utilities | 0.4507| 0.0| 7/9
* Consumer Discretionary | -0.6664| -0.1| 4/8
* Communication Services | -3.0813| -0.3| 1/6
* Health Care | -3.1658| -1.3| 3/7
* Information Technology | -9.9325| -0.4| 3/9
* Energy | -12.6134| -0.5| 6/17
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Couche-Tard | 15.3200| 5.8| 54.0| 13.1
* Franco-Nevada | 6.8550| 2.8| 40.4| 20.8
* Canadian Pacific | 6.1650| 1.5| -29.7| 3.4
* Suncor Energy | -4.3980| -1.5| -39.2| 27.8
* Canadian Natural | | | |
* Resources | -4.6180| -1.3| -56.3| 39.0
* Shopify | -11.9700| -0.8| -27.0| 26.3
US
By Claire Ballentine and Natalia Kniazhevich
(Bloomberg) — U.S. stocks declined and Treasury yields turned lower again as Federal Reserve Chair Jerome Powell’s persistent dovishness raises concern about the sustainability of the economic recovery. Energy, consumer discretionary and technology shares weighed on the benchmark S&P 500.  Growth favorites that led the recent rally such as Amazon.com and Google parent Alphabet dropped from recent all-time highs, sending the Nasdaq 100 lower.  Biogen slumped as its Alzheimer’s drug faces resistance from some health plans.  Oil declined amid a stronger dollar and after OPEC+ signaled it may revive output soon. Powell reiterated that it was still too soon to scale back monetary support such as asset purchases even though inflation has risen faster than expected.  Earlier, a report showed China’s second-quarter growth slowed largely in line with expectations even as a pickup in consumer spending suggested a more balanced recovery. “It’s possible that we’ve reached peak growth, but that doesn’t necessarily mean the cycle is rolling over,” Giorgio Caputo, senior fund manager at J O Hambro Capital Management. “When you factor in those peak growth concerns, as well as what’s been going on with the delta variant and the way interest rates have been declining, it does seem like we’re having a little bit of a growth scare.”
The yield on the benchmark 10-year note fell for a second day after briefly climbing earlier in the session during Powell’s testimony before a Senate banking panel. “They’re not seriously considering tapering yet and the language they use is persistently dovish,” said Anna Han, an equity strategist at Wells Fargo Securities. The Fed’s potential timeline for tapering $120 billion in monthly bond purchases, and the spread of the delta Covid-19 variant, are among key variables bothering investors with global stocks near all-time highs. Another concern is the possibility that recoveries in economic growth and corporate earnings are peaking. “The earliest we think they will make any decisions on any framework around tapering will be at the Jackson Hole Symposium in late August,” said Jason England, global bonds portfolio manager at Janus Henderson Investor. “Inflation has run higher and more persistent than forecasts, however full employment is still a long way from pre-Covid levels so until they make substantial further progress on the jobs front, the Fed will continue to be patient on removing any accommodation.” Europe’s Stoxx 600 gauge dropped for a second day, dragged down by energy shares. The Bloomberg Dollar Spot Index erased losses and rose for the third time in four days. West Texas Intermediate crude futures fell on expanding U.S. fuel inventories and a potential OPEC+ agreement to increase supply.
Here are some events to watch this week:
* Bank of Japan interest rate decision Friday

These are some of the main moves in financial markets:
Stocks
* The S&P 500 fell 0.3% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1812
* The British pound fell 0.3% to $1.3823
* The Japanese yen rose 0.2% to 109.79 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.30%
* Germany’s 10-year yield declined one basis point to -0.33%
* Britain’s 10-year yield advanced four basis points to 0.66%
Commodities
* West Texas Intermediate crude fell 2.2% to $71.55 a barrel
* Gold futures rose 0.3% to $1,829.70 an ounce
–With assistance from Kamaron Leach.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

A good head and a good heart are always a formidable combination. -Nelson Rolihlahla Mandela.

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

Dear Friends,

Tangents: Bastille Day, France.

Isaac Bashevis Singer, writer, b. 1904.
Woody Guthrie, singer, b. 1912.
Gerald Ford, 38^th President, b. 1913.
Ingmar Bergman, director, b. 1918.

On July 14, 1965, the American space probe Mariner 4 flew by Mars, sending back photographs of the planet.  Go to article »

Is that new Damien Hirst creation an NFT or a piece of art on paper? For $2,000, you get to decide.

Lab-grown foie gras? Oui, says the French government.

A moon wobble will bring surge in coastal flooding in 2030s.  Knock it off, moon.

Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases. He added that inflation is likely to stay high in coming months before moderating. With news that the cash will continue to flow, Wall Street cheered. Here’s your markets wrap. 

PHOTOS OF THE DAY

The Farnese bridge, by the French artist Olivier Grossetete, floats in Rome, Italy 13 July 2021. The bridge, made of cardboard, hoisted between Ponte Sisto and Ponte Mazzini, is inspired by Michelangelo’s original project to connect the two residences of the Farnese family. Farnese bridge
CREDIT: FABIO FRUSTACI/EPA-EFE/SHUTTERSTOCK

Steam train NCB No.1 Lord Roberts, which is a registered Thomas locomotive, Built by Neilson Reid of Glasgow in 1899, seen travelling through Kinneil Local Nature Reserve on the banks of the Firth of Forth after leaving Bo’ness & Kinneil Railway in West Lothian 
CREDIT: KATIELEE ARROWSMITH, SWNS

Republican Guard ride their horses during the Bastille Day parade, in Paris. France is celebrating its national holiday with thousands of troops marching in a Paris parade and traditional parties around the country, after last year’s events were scaled back because of virus fear
CREDIT: MICHEL EULER/POOL/EPA-EFE/SHUTTERSTOCK

Armoured vehicles drive down on the Champs-Elysees avenue during the Bastille Day parade, in Paris, France
CREDIT: MICHEL EULER/POOL/EPA-EFE/SHUTTERSTOCK

Alpha jets from the French Air Force Patrouille de France fly past Eiffel Tower during the Bastille Day celebrations in Paris
CREDIT: REUTERS/CHRISTIAN HARTMANN

French President Emmanuel Macron and French Armies Chief of Staff General Francois Lecointre pictured during the annual Bastille Day military parade on the Champs-Elysees avenue in Paris
CREDIT: BEST IMAHE / BACKGRID

Market Closes for July 14^th, 2021

Market Index	Close	Change
Dow Jones	34933.23	+44.44
		+0.13
S&P 500	4374.30	+5.09
		+0.12%
NASDAQ	14644.95	-32.70 -0.22%
TSX	20147.24	-123.41
		-0.61%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28608.49	-109.75
		-0.38%
HANG SENG	27787.46	-175.95
		-0.63%
SENSEX	52904.05	+134.32
		+0.25%
FTSE 100*	7091.19	-33.53 -0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.293	1.353
CND. 30 Year Bond	1.807	1.856
U.S.    10 Year Bond	1.3459	1.4166
U.S. 30 Year Bond	1.9710	2.0469

Currencies

BOC Close	Today	Previous
Canadian $	0.7992	0.7992
US $	1.2512	1.2512
Euro Rate 1 Euro=		Inverse
Canadian $	1.4812	0.6751
US $	1.1839	0.8447

Commodities

Gold	Close	Previous
London Gold Fix	1813.85	1792.40
Oil
WTI Crude Future	73.13	75.25

Market Commentary:
     On this day in 1784, the earliest known advertisement by an American broker was published, as Joshua Eaton of Boston announced in the Massachusetts Centinel: “Public Securities of every denomination Negotiated: Business on Commission, transacted with attention and punctuality, and every favor gratefully acknowledged.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell despite gaining earlier in the session after commentary from the nation’s central bank. The S&P/TSX Composite Index dropped 0.6%, with 8 of 11 sectors falling. Cannabis led health care lower, while tech also lagged. Oil’s rally fizzled as a build in U.S. fuel inventories and a potential OPEC+ agreement to increase supply cooled a buying spree that had pushed the market above $75. Alimentation Couche-Tard Inc., the Canadian convenience- store giant that tried and failed to buy Carrefour SA this year, said its appetite for acquisitions is intact even though it hasn’t found opportunities at the right price lately.
Commodities:
* Western Canadian Select crude oil traded at a $13.15 discount to West Texas Intermediate
* Spot gold rose 1% to $1,827.69 an ounce
FX/ Bonds:
* The Canadian dollar rose 0.1% to C$1.2505 per U.S. dollar
* The 10-year Canada government bond yield fell 5.8 basis points to 1.294%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.6 percent at 20,147.24 in Toronto.  The move follows the previous session’s increase of 0.2 percent. Today, information technology stocks led the market lower, as 8 of 11 sectors lost; 133 of 231 shares fell, while 91 rose. Shopify Inc. contributed the most to the index decline, decreasing 3.7 percent. Organigram Holdings Inc. had the largest drop, falling 11.1 percent.
Insights
* The index advanced 27 percent in the past 52 weeks.   The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 1.2 percent below its 52-week high on July 7, 2021 and 30.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.7 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.2 on a trailing basis and 16.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility rose to 6.95 percent compared with 6.67 percent in the previous session and the average of 7.58 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -59.1678| -2.5| 1/11
* Energy | -46.1422| -1.8| 1/22
* Health Care | -13.1472| -4.9| 0/10
* Consumer Discretionary | -5.9003| -0.8| 0/12
* Consumer Staples | -3.7908| -0.5| 4/9
* Industrials | -3.6112| -0.2| 14/15
* Utilities | -1.1531| -0.1| 7/9
* Communication Services | -0.8875| -0.1| 2/3
* Real Estate | 1.0759| 0.2| 14/12
* Materials | 3.1011| 0.1| 33/20
* Financials | 6.2095| 0.1| 15/10
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -54.8100| -3.7| -4.6| 27.3
* Canadian Natural | | | |
* Resources | -9.6490| -2.6| -36.9| 40.9
* Suncor Energy | -7.0150| -2.4| -14.2| 29.7
* Barrick Gold | 2.5970| 0.8| -13.8| -7.5
* TFI International | 6.1320| 8.8| 183.1| 88.8
* Royal Bank of Canada | 7.5300| 0.6| 69.0| 23.1

US
By Kamaron Leach and Natalia Kniazhevich
(Bloomberg) — Megacap tech stocks led the S&P 500 marginally higher and bond yields fell as investors turned to defensive favorites with Federal Reserve Chairman Jerome Powell making the case for maintaining economic stimulus. The S&P 500 closed slightly higher with Powell emphasizing in Congressional testimony that the U.S. economic recovery still hasn’t progressed enough to begin scaling back asset purchases. Apple, Google parent Alphabet and Microsoft hit record highs. Bank of America dropped after second-quarter earnings failed to impress investors, while Wells Fargo & Co. gained. The 10-year U.S. Treasury yield retreated below 1.4% and the dollar declined. Powell added that inflation is likely to remain high in coming months before moderating. “This supports our view that the Fed wants the economy to run hot and will tolerate a near-term overshoot in inflation,” said Steven Ricchiuto, U.S. chief economist at Mizuho Americas.
A report earlier showed prices paid to U.S. producers rose in June by more than expected, indicating pressure is mounting on companies to pass along higher costs to consumers.  The June U.S. consumer inflation print on Tuesday topped all forecasts and pointed to higher costs associated with the reopening from the pandemic.  Powell reiterated that Fed officials expect such pressures to be transitory but some commentators see a risk of more durable increases that could force a quicker-than-expected reduction in stimulus. “The Fed remains laser-focused on the employment situation,” said Ross Mayfield, investment strategy analyst at Baird.  “So while the recovery in parts of the economy is totally complete and has even surpassed pre-covid levels, the fact that we’re still about 7 million short of pre-pandemic nonfarm payrolls, labor force participation is weak, and the unemployment rate is above 4-5% means the Fed will remain accommodative.  But no doubt the inflation numbers are starting to put them in a bind.” Global stocks remain close to a record and a range of other factors are influencing the outlook.  They include the spread of the more contagious Covid-19 delta variant, the possibility of a peak in earnings and economic growth, and U.S. fiscal spending plans. Oil fell with gasoline and distillate inventories rising as well as an increase in the U.S production during peak summer demand.

Here are some events to watch this week:
* Bank of Korea monetary decision Thursday
* Bank of Japan interest rate decision Friday

These are some of the main moves in financial markets:
Stocks
* The S&P 500 rose 0.1% as of 4:05 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.5% to $1.1835
* The British pound rose 0.3% to $1.3859
* The Japanese yen rose 0.6% to 109.97 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 1.35%
* Germany’s 10-year yield declined three basis points to -0.32%
* Britain’s 10-year yield was little changed at 0.63%
Commodities
* West Texas Intermediate crude fell 3.4% to $72.72 a barrel
* Gold futures rose 1% to $1,828.20 an ounce
–With assistance from Andreea Papuc.
Have a great night.

Be magnificent!
As ever,

Carolann

Nothing ever becomes real till it is experienced. -John Keats, 1795-1821.

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