Category: Events

Dear Friends,

Tangents:
1930~First World Cup soccer championship.
Erno Rubik, inventor, b.1944.
Harrison Ford, actor, b. 1942.
On July 13, 1977, a 25-hour blackout hit the New York City area after lightning struck upstate power lines.  Go to article »

Mission to Mars | Who will be the ultimate winner of the new billionaire space race?

PHOTOS OF THE DAY

Artists rehearse an artistic performance routine inside the tropical rainforest biome at the Eden Project in Cornwall, where their summer programme of poetry, performance and art is gearing up to begin on the 19th of July, coinciding with the removal of coronavirus restrictions.  
CREDIT: BEN BIRCHALL/PA

Dippy on Tour opens at Norwich Cathedral for final stop of nationwide tour Cathedral choristers singing around Dippy at the launch
CREDIT: NORWICH CATHEDRAL/BILL SMITH

Fans celebrate the Italy team driving through Rome on a open top bus tour after they won Euro 2020
CREDIT: REUTERS/YARA NARDI

A firefighting tanker making a retardant drop over the Grandview Fire near Sisters, Oregon. The wildfire doubled in size to 6.2 square miles (16 square kilometers) Monday, forcing evacuations in the area, while the state’s biggest fire continued to burn out of control, with containment not expected until November
CREDIT: OREGON DEPARTMENT OF FORESTRY VIA AP

Market Closes for July 13^th, 2021

Market Index	Close	Change
Dow Jones	34888.79	-107.39
		-0.31
S&P 500	4369.21	-15.42
		-0.35%
NASDAQ	14677.65	-55.59 -0.38%
TSX	20270.65	+37.57
		+0.19%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28718.24	+149.22
		+0.52%
HANG SENG	27963.41	+448.17
		+1.63%
SENSEX	52769.73	+397.01
		+0.76%
FTSE 100*	7124.72	-0.70 -0.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.353	1.317
CND. 30 Year Bond	1.856	1.826
U.S.    10 Year Bond	1.4166	1.3662
U.S. 30 Year Bond	2.0469	1.9975

Currencies

BOC Close	Today	Previous
Canadian $	0.7992	0.8030
US $	1.2512	1.2454
Euro Rate 1 Euro=		Inverse
Canadian $	1.4739	0.6785
US $	1.1780	0.8489

Commodities

Gold	Close	Previous
London Gold Fix	1792.40	1806.00
Oil
WTI Crude Future	75.25	74.10

Market Commentary:
     On this day in 1852, Wells, Fargo & Co. opened for business in San Francisco and Sacramento. It was founded by Henry Wells and William G. Fargo to convert gold dust into cash for miners, as well as to transport and safeguard letters, gold nuggets and other valuable by-products of the California Gold Rush.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained slightly Tuesday, with the S&P/TSX Composite Index rising 0.2%. Shopify led technology shares higher.  Miners including Kirkland Lake Gold and Endeavour Mining paced increases in materials. Consumer discretionary and industrials fell. The Bank of Canada is unanimously forecast to cut its weekly purchases of Canadian government bonds by one-third to C$2 billion ($1.6 billion) per week when it announces its policy decision at 10 a.m. Wednesday, according to a survey of 17 economists.
Commodities:
* Western Canadian Select crude oil traded at a $13.15 discount to West Texas Intermediate
* Spot gold rose 0.1% to $1,807.97 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.5% to C$1.2516 per U.S. dollar
* The 10-year Canada government bond yield rose 3.2 basis points to 1.348%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite is rising 0.4 percent at 20,309.66 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 2.7 percent. Organigram Holdings Inc. had the largest increase, rising 13.4 percent. In midday trading, 121 of 231 shares rose, while 106 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 40 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on July 7, 2021 and 31.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.4 on a trailing basis and 16.8 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 fell to 6.73 percent compared with 7.55 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 | 44.5116| 1.9| 10/2
* Materials | 44.2834| 1.9| 39/14
* Communication Services | 5.7764| 0.6| 5/2
* Health Care | 3.3428| 1.3| 6/4
* Consumer Staples | 3.1599| 0.4| 8/4
* Utilities | 2.0396| 0.2| 12/4
* Energy | 1.5478| 0.1| 11/10
* Real Estate | -1.3785| -0.2| 8/17
* Consumer Discretionary | -2.3528| -0.3| 4/9
* Industrials | -3.9424| -0.2| 8/22
* Financials | -19.9723| -0.3| 10/18
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 38.9700| 2.7| -37.0| 33.0
* Barrick Gold | 10.4500| 3.3| 12.2| -7.1
* Wheaton Precious | | | |
* Metals | 6.4790| 3.8| 16.9| 6.7
* TD Bank | -4.4310| -0.4| 51.5| 17.8
* Manulife Financial | -4.5920| -1.4| 5.7| 5.4
* Brookfield Asset | | | |
* Management | -5.1750| -0.8| -50.1| 20.6

US
By Katie Greifeld
(Bloomberg) — Stocks retreated from record highs and bond yields rose as investors debated whether the Federal Reserve risks letting inflation get out of hand. Yields climbed for a third day after the Treasury Department sold $24 billion in 30-year bonds at levels higher than just before its bidding deadline.  The benchmark S&P 500 fell for the first time in three trading sessions with JPMorgan Chase & Co. and Goldman Sachs Group Inc. reporting mixed results as second-quarter earnings season gets under way. Technology shares had outperformed much of the day, briefly sending the Nasdaq 100 to another all-time high, before finishing marginally lower. “Tech hung in because long rates fell pre-auction, and now that the whole yield curve is seeing a rise in rates, tech is being sold and it was the only thing keeping the indices up,”  said Peter Boockvar, chief investment officer for Bleakley Advisory Group.  “And with the S&P 500 and the Nasdaq 100 up almost every day for three weeks, we are overbought, so it wasn’t going to take much.”
A report earlier showed prices paid by U.S. consumers surged in June by the most since 2008, topping all forecasts and showing higher costs associated with the economy’s reopening continue to fuel inflationary pressures.  The consumer price index jumped 0.9% in June and 5.4% from the same month last year. Expectations for a solid earnings season have supported the stock rally, as investors ponder how central banks will unwind stimulus driving the recovery from the pandemic.  Still, inflationary pressures remain a concern amid speculation around when the Fed will start cutting back bond purchases. “This is not going to be music to the Fed’s ears,” Saira Malik, chief investment officer of global equities at Nuveen, said in an interview on Bloomberg TV.  “The Fed is going to be acknowledging that inflation is going to be running hotter going forward.  We’re also dealing with peak earnings growth in the second quarter and also the delta variant.  That makes for a tough climb in the second half of this year.” Oil rose to the highest price in more than 2 ½ years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency  warned of a deepening supply crunch.

Here are some events to watch this week:
* The Reserve Bank of New Zealand’s latest interest rate policy Wednesday
* Bank of Korea monetary decision Thursday
* China second-quarter GDP, key economic indicators Thursday
* Federal Reserve Chair Jerome Powell appears before the Senate Banking Committee to deliver the semi-annual Monetary Policy Report to Congress Thursday
* 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 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.7% to $1.1776
* The British pound fell 0.5% to $1.3813
* The Japanese yen fell 0.2% to 110.61 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.41%
* Germany’s 10-year yield was little changed at -0.29%
* Britain’s 10-year yield declined two basis points to 0.63%
Commodities
* West Texas Intermediate crude rose 1.6% to $75.30 a barrel
* Gold futures rose 0.1% to $1,808.60 an ounce
–With assistance from Kamaron Leach, Vildana Hajric and Natalia Kniazhevich.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Good words are worth much, and cost little. –George Herbert, 1593-1633.

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 12^th, 100 B.C. Julius Caesar was born in Rome.  Go to article »
Buckminster Fuller, inventor, b. 1895.
Henry David Thoreau, b. 1817.
Pablo Neruda, poet, b. 1904.

Engagement ring sales soar as Americans recover from the pandemic.  Well, if you make it through the pandemic together, you can probably make it through anything. 

Mystery buyer spends $12.3 million on a 101-carat diamond — and pays in cryptocurrency.  Well, if we’re talking engagement rings …
 
Would you pay $1.6 million for a wristwatch…

Or on a Super Mario 64?

PHOTOS OF THE DAY

Italy fans celebrate in Piccadilly Circus in central London after their team won the UEFA Euro 2020 Final against England when the game was decided on penalties.
CREDIT: VICTORIA JONES/ PA WIRE

Billionaire Richard Branson makes a statement as crew members Beth Moses and Sirisha Bandla float in zero gravity on board Virgin Galactic’s passenger rocket plane VSS Unity after reaching the edge of space above Spaceport America near Truth or Consequences, New Mexico
CREDIT: VIRGIN GALATIC/HANDOUT VIA REUTERS

A lightning bolt is captured over Tokyo’s Odaiba waterfront area, with the Olympic rings seen in the foreground
CREDIT: KYODO/NEWSCOM / AVALON

Denton Fugate, of Ash Flat, Arkansas, comes off Double Deuce during bull riding rodeo action at the Calgary Stampede in Calgary, Alberta.
CREDIT: JEFF MCINTOSH/AP

Market Closes for July 12^th, 2021

Market Index	Close	Change
Dow Jones	34996.18	+126.02
		+0.36%
S&P 500	4384.63	+15.08
		+0.35%
NASDAQ	14733.24	+31.32 +0.21%
TSX	20233.08	-24.87
		-0.12%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28569.02	+628.60
		+2.25%
HANG SENG	27515.24	+170.70
		+0.62%
SENSEX	52372.69	-13.50
		-0.03%
FTSE 100*	7125.42	+3.54 +0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.317	1.327
CND. 30 Year Bond	1.826	1.817
U.S.    10 Year Bond	1.3662	1.3595
U.S. 30 Year Bond	1.9975	1.9889

Currencies

BOC Close	Today	Previous
Canadian $	0.8030	0.8034
US $	1.2454	1.2447
Euro Rate 1 Euro=		Inverse
Canadian $	1.4772	0.6769
US $	1.1862	0.8430

Commodities

Gold	Close	Previous
London Gold Fix	1806.00	1807.70
Oil
WTI Crude Future	74.10	74.56

Market Commentary:
    On this day in 1773, Jonathan’s Coffee House, where brokers had met for decades to smoke, drink and trade stocks and bonds, was renamed the London Stock Exchange.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities finished slightly lower Monday as investors await second-quarter earnings starting this week.  Commodities including oil and gold fell. The S&P/TSX Composite Index lost 0.1%, with industrials, materials, and energy among laggards. Health care shares rose. The Bank of Canada named Carolyn Rogers as its senior deputy governor, filling its no. 2 position with a bank regulator in a clear signal  that it’s seeking to bulk up financial markets expertise within its top ranks.
Commodities:
* Western Canadian Select crude oil traded at a $13.00 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,805.83 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.1% to C$1.2457 per U.S. dollar
* The 10-year Canada government bond yield weakened to 1.318%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.1 percent at 20,233.08 in Toronto. The move follows the previous session’s increase of 1 percent. Canadian National Railway Co. contributed the most to the index decline, decreasing 1.5 percent.  OceanaGold Corp. had the largest drop, falling 5.1 percent. Today, 146 of 231 shares fell, while 83 rose; 6 of 11 sectors were lower, led by industrials stocks.
Insights
* The index advanced 29 percent in the past 52 weeks. The MSCI AC Americas Index gained 39 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on July 7, 2021 and 31.2 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.3 on a trailing basis and 16.8 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 fell to 7.55 percent compared with 7.81 percent in the previous session and the average of 7.65 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | -20.0881| -0.9| 7/23
* Materials | -16.8145| -0.7| 13/40
* Energy | -13.8751| -0.5| 7/16
* Information Technology | -9.1980| -0.4| 2/10
* Utilities | -1.8589| -0.2| 3/13
* Consumer Discretionary | -0.4810| -0.1| 6/7
* Real Estate | 0.1958| 0.0| 11/14
* Consumer Staples | 0.4933| 0.1| 5/8
* Communication Services | 0.6463| 0.1| 5/2
* Health Care | 1.4800| 0.6| 6/4
* Financials | 34.6302| 0.6| 18/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian National | -10.1100| -1.5| -49.3| -5.9
* Canadian Pacific | -6.2120| -1.4| -38.3| 3.8
* Barrick Gold | -4.8230| -1.5| -23.9| -10.1
* Bank of Montreal | 3.9610| 0.7| 74.4| 31.2
* TD Bank | 4.4310| 0.4| 87.7| 18.3
* Royal Bank of | | | |
* Canada | 13.3800| 1.1| 257.2| 22.1

US
By Claire Ballentine and Kamaron Leach
(Bloomberg) — U.S. stocks registered more all-time highs as investors await second-quarter earnings starting this week to gauge whether corporate profits can support equity valuations. Treasury yields edged slightly higher as the U.S. sold debt. Financials and communication services shares led the S&P 500 to another record, while Tesla, Nvidia and Google parent Alphabet pushed the tech-heavy Nasdaq 100 into uncharted territory.  Both indexes set their previous closing marks on Friday.  The Stoxx Europe 600 gained for a second day and Asian equity indexes closed in the green. The U.S. Treasury sold $58 billion of three-year notes at yields slightly higher than before the auction.  A sale of $38 billion of 10-year notes was greeted by stronger demand.
The dollar gained against most major peers. “We expect more good news this quarter as more of the economy has opened up, while also acknowledging the second quarter will almost certainly end up being the peak in earnings growth for this cycle,” said LPL Financial strategists Jeff Buchbinder and Ryan Detrick. Equities and bonds have rallied amid a decline in long-term interest rates and inflation expectations as central banks hold off on unwinding the support driving the recovery from the pandemic.  Still, investors remain concerned about the spread of the delta variant and a slowdown in vaccination rates, while pondering when the Federal Reserve will start tapering stimulus. “The question at the core of the movements in the 10-year Treasury’s yield for most of this year has been whether economic re-openings stateside and around the globe will generate levels of longer lasting inflation for economies, central banks and markets to contend with or will the near-term inflation consumers and businesses are experiencing be transitory as economies transition to a post-Covid environment,” John Stoltzfus, chief investment strategist at Oppenheimer & Co., wrote to clients.
Elsewhere, Asian stocks rose at the start of the week after China’s central bank moved to boost liquidity by cutting the amount of cash most banks must hold in reserve to buttress economic growth. The euro weakened after European Central Bank President Christine Lagarde told investors to prepare for new guidance on monetary stimulus in 10 days.  Oil was lower after its first weekly loss in seven amid an OPEC+ dispute over a production increase.

Here are some events to watch this week:
* Bank of America, BlackRock, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley are among firms starting the U.S. earnings season
* A closely-watched inflation metric — the June U.S. consumer price index — will offer insight into the inflationary pressures Tuesday
* The Reserve Bank of New Zealand’s latest interest rate policy Wednesday
* Bank of Korea monetary decision Thursday
* China second-quarter GDP, key economic indicators Thursday
* Federal Reserve Chair Jerome Powell appears before the Senate Banking Committee to deliver the semi-annual Monetary Policy Report to Congress Thursday
* Bank of Japan interest rate decision Friday

These are some of the main moves in financial markets:
Stocks
* The S&P 500 rose 0.3% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.1860
* The British pound fell 0.1% to $1.3883
* The Japanese yen fell 0.2% to 110.36 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.36%
* Germany’s 10-year yield was little changed at -0.29%
* Britain’s 10-year yield was little changed at 0.65%
Commodities
* West Texas Intermediate crude fell 0.5% to $74.17 a barrel
* Gold futures fell 0.2% to $1,806.10 an ounce
–With assistance from Jeran Wittenstein and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Change is the law of life.  And those who look only to the past or present are certain to miss the future. -John F. Kennedy, 1917-1963.

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: Happy Friday.

Nikola Tesla, inventor, b. 1856.
Otto Respighi, composer, b. 1879.
1893~First successful open heart surgery.
Tom Hanks, actor, b. 1956.
1997~ Boxer Mike Tyson was banned from the ring and fined $3 million for biting opponent Evander Holyfield’s ear.  Go to article »

Flossing your teeth may protect against cognitive decline, research shows.  Will this be the news that finally gets someone to adopt the habit (and stop lying to their dentist about it)?

Wisconsinites are debating a possible state cheese.  Legislators are pushing hard for Colby, but what of the mozzarella? The Limburger? The CURDS?

An enormous 1,174-carat diamond has been unearthed in Botswana.  It’s unofficially the world’s third-largest diamond, and ooh, it’s pretty. 

Area wave looks just like Neptune (or Poseidon). (h/t Scott Kominers)

Birds are deliberately setting forest fires.

PHOTOS OF THE DAY

A Red-tailed Hawk holds an open-mouthed chipmunk in its yellow talons, the rodent’s head and front paws peeking out from a snowy perch. The Images won a Professional Honorable Mention in the 2021 Audubon Photography Awards.
CREDIT: STEVE JESSMORE.AUDUBON PHOTOGRAPHY AWARDS/ TNG

Luke Jerram’s ‘Bridges, Not Walls’ patchwork panel covers Llangollen Bridge in Wales, commissioned by Llangollen International Musical Eisteddfod
CREDIT: CHRISTONPER FURLONG/GERRTY IMAGES

Westminster Abbey Choristers take a break from school lessons to play football in the Cloisters of the famous London cathedral today ahead of England’s Euro 2020 final against Italy on Sunday
CREDIT: STEFAN ROUSSEAU/PA

Market Closes for July 9^th, 2021

Market Index	Close	Change
Dow Jones	34870.16	+448.23
		+1.30%
S&P 500	4369.55	+48.73
		+1.13%
NASDAQ	14701.92	+142.13 +0.98%
TSX	20257.95	+196.74
		+0.98%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27940.42	-177.61
		-0.63%
HANG SENG	27344.54	+191.41
		+0.70%
SENSEX	52386.19	-182.75
		-0.35%
FTSE 100*	7121.88	+91.22 +1.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.327	1.265
CND. 30 Year Bond	1.817	1.747
U.S.    10 Year Bond	1.3595	1.2928
U.S. 30 Year Bond	1.9889	1.9266

Currencies

BOC Close	Today	Previous
Canadian $	0.8034	0.7980
US $	1.2447	1.2531
Euro Rate 1 Euro=		Inverse
Canadian $	1.4786	0.6763
US $	1.1879	0.8418

Commodities

Gold	Close	Previous
London Gold Fix	1807.70	1804.65
Oil
WTI Crude Future	74.56	72.94

Market Commentary:
     On this day in 1875, the Bombay Stock Exchange was founded in the Indian city that is now known as Mumbai.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed on Friday, as investors returned to buying after Thursday’s selloff. The S&P/TSX Composite index rose about 1% in Toronto, after falling most in four months on July 8.  Materials were the best performing stocks, followed by tech, while utilities were the only sector that was in the red on Friday. Meanwhile, Canada’s most populous province, Ontario, announced that residents could see the vast majority of Covid-19 restrictions lifted in August, allowing them to finish the summer in near pre-pandemic conditions.
Commodities:
* Western Canadian Select crude oil traded at a $12.80 discount to West Texas Intermediate
* Spot gold rose 0.3% to $1,808.77 an ounce FX/ Bonds:
* The Canadian dollar rose 0.7% to C$1.2448 per U.S. dollar
* The 10-year Canada government bond yield rose about 6 basis points to 1.327%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 1 percent at 20,257.95 in Toronto. The move was the biggest since rising 1.2 percent on June 1 and follows the previous session’s decrease of 1.1 percent. Today, financials stocks led the market higher, as 10 of 11 sectors gained; 190 of 231 shares rose, while 37 fell. Shopify Inc. contributed the most to the index gain, increasing 1.4 percent. SunOpta Inc. had the largest increase, rising 7.8 percent.
Insights
* So far this week, the index was little changed
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 40 percent in the same period
* The S&P/TSX Composite is 0.6 percent below its 52-week high on July 7, 2021 and 31.6 percent above its low on July 9, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.3 on a trailing basis and 16.8 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$3.15t
* 30-day price volatility rose to 7.81 percent compared with 7.36 percent in the previous session and the average of 7.83 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 61.7778| 1.0| 24/4
* Materials | 37.1680| 1.6| 44/7
* Information Technology | 28.9859| 1.3| 11/1
* Industrials | 25.1953| 1.1| 26/4
* Energy | 20.9983| 0.8| 22/1
* Consumer Discretionary | 8.7292| 1.1| 13/0
* Real Estate | 8.1460| 1.2| 22/3
* Consumer Staples | 4.2799| 0.6| 10/3
* Communication Services | 2.2431| 0.2| 4/2
* Health Care | 1.1735| 0.4| 7/3
* Utilities | -1.9545| -0.2| 7/9
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 19.5800| 1.4| -38.5| 29.6
* TD Bank | 12.0300| 1.1| 19.1| 17.8
* Canadian National | 8.2340| 1.3| -37.4| -4.4
* Tilray | -0.5900| -1.0| -48.6|n/a
* Saputo | -0.6820| -1.1| -27.4| 3.8
* Fortis | -0.9140| -0.5| 2.5| 6.9

US
By Claire Ballentine
(Bloomberg) — U.S. stocks registered more fresh record highs amid a broad-based rebound and Treasuries snapped an eight-day rally fueled by concerns  about global growth amid the spread of Covid-19 variants. The benchmark S&P 500 rose 1.1%, rebounding from the biggest one-day drop in about three weeks on Thursday.  The Dow Jones Industrial, Nasdaq Composite and Nasdaq 100 indexes also finished at all-time highs on the same day with the S&P for a second time this month.  Financial shares led the gains with rising yields increasing the outlook for profits.  The dollar weakened against a basket of major currencies and oil gained for a second day. “The market is still on a positive trajectory and obviously there are going to be bumps along the way,” said Leslie Thompson, managing member of Spectrum Management Group. JPMorgan Asset Management, BlackRock Inc. and Morgan Stanley Wealth Management — which together account for some $12 trillion in assets — are among money managers betting  Global growth is still on track, with second-quarter earnings season starting next week set to bolster confidence.  China’s central bank cut the amount of cash most banks must hold in reserve, while the European Central Bank on Thursday indicated it will tolerate an inflation overshoot,  implying an even longer period of loose policy. “It shows how schizophrenic the market can be,” said Norm Conley, chief executive officer of JAG Capital Management.  “Only 60 days ago the narrative was that not only was the economy recovering, it was recovering too fast — here we are now.”
The 10-year Treasury yield still posted a second consecutive weekly decline. The 30-year yield broke below 1.90% on Thursday for the first time since February. Meanwhile, tension between the U.S. and China continues to bubble. Washington added 34 Chinese entities to its economic blacklist over alleged human rights abuses and high-tech surveillance in Xinjiang. Elsewhere, Biogen shares fell after the head of the U.S. Food and Drug Administration said she is seeking a federal investigation of the approval of the Alzheimer’s disease drug Aduhelm, a highly unusual step that will increase scrutiny of a heavily criticized clearance. Oil registered its first weekly loss since May after being whipsawed by the OPEC+ dispute. Bitcoin trended higher after trading most of the week in a narrow range, emblematic of a reduced ardor for speculative investments like cryptocurrencies and meme stocks. On the virus front, Pfizer Inc. plans to request U.S. emergency authorization in August for a third booster dose of its Covid-19 vaccine and said it’s confident  it will be effective against the more-virulent delta variant. South Korea will raise curbs on social distancing to the highest level in Seoul for two weeks starting Monday.
These are some of the main moves in financial markets:
Stocks
* The S&P 500 rose 1.1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.3% to $1.1880
* The British pound rose 0.8% to $1.3893
* The Japanese yen fell 0.4% to 110.13 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 1.36%
* Germany’s 10-year yield advanced one basis point to -0.29%
* Britain’s 10-year yield advanced four basis points to 0.66%
Commodities
* West Texas Intermediate crude rose 2.3% to $74.61 a barrel
* Gold futures rose 0.5% to $1,809 an ounce
–With assistance from Kamaron Leach.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Reason is not automatic. Those who deny it cannot be conquered by it. Do not count on them. Leave them alone. ― Ayn Rand, 1905-1982.

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:

The Delta variant can sidestep the body’s immune defenses, according to a new study. But the fully vaccinated are still protected.

Blood samples from just 10 percent of people immunized with one dose of the AstraZeneca or the Pfizer-BioNTech vaccines were able to neutralize the Delta and Beta variants. But a second dose boosted that number to 95 percent. New clues to why there’s so little antimatter in the universe.

2004 Enron founder and former chairman Kenneth Lay pleaded innocent to charges related to the energy company’s collapse. (He was convicted, but died while the case was on appeal.)  Go to article »

PHOTOS OF THE DAY

Chris Bailey, car presentation leader at Bonhams, cleans a 1964 Aston Martin DB5 convertible on display in the Bonhams Saleroom at the Goodwood Estate, Chichester, West Sussex, which was previously owned by Princess Margaret and Lord Snowdon, and actor Peter Sellers, and is estimated to fetch £1.3-1.5 million in the Bonhams Festival of Speed Sale on Friday
CREDIT: ANDREW MATTHEWS/PA WIRE

A worker mends a sea of fishing nets. Dressed in traditional workwear and a straw hat, the woman sits amongst waves of the nylon traps repairing them in preparation for the next trip in the city of Phan Rang in Vietnam. Around 20 people work for the family business which use different coloured nets with a range of sizes to catch a variety of fish. Teo Chin Leong, the 43 year old airport worker who took the photos, said: “The scene was quite messy. But by focusing onto a particular patch of nets with one particular worker, it becomes a beautiful shot.” 
CREDIT: TEO CHIN LEONG/SOLENT NEWS & PHOTO AGENCY

England football fans celebrate in the streets surrounding Piccadilly and Leicester Square after England beat Denmark in their semi final game in London, United Kingdom. England has reached the semi-finals of the UEFA European Football Championship 2020 hoping to make the final for the first time in the history of the competition. 
CREDIT: CHRIS J RATCLIFFE/GETTY IMAGES

Volunteers free a Kestrel after being found in difficult conditions in the months of May and June, as immature, in the Capodimonte Park in Naples, Italy
CREDIT: CESARE ABBATE/EPA-EFE/SHUTTERSTOCK

Market Closes for July 8^th, 2021

Market Index	Close	Change
Dow Jones	34421.93	-259.86
		-0.75%
S&P 500	4320.82	-37.31
		-0.86%
NASDAQ	14559.79	-105.27 -0.72%
TSX	20061.21	-229.39
		-1.13%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28118.03	-248.92
		-0.88%
HANG SENG	27153.13	-807.49
		-2.89%
SENSEX	52568.94	-485.82
		-0.92%
FTSE 100*	7030.66	-120.36 -1.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.265	1.298
CND. 30 Year Bond	1.747	1.772
U.S.    10 Year Bond	1.2928	1.3163
U.S. 30 Year Bond	1.9266	1.9378

Currencies

BOC Close	Today	Previous
Canadian $	0.7980	0.8011
US $	1.2531	1.2483
Euro Rate 1 Euro=		Inverse
Canadian $	1.4843	0.6736
US $	1.1845	0.8442

Commodities

Gold	Close	Previous
London Gold Fix	1804.65	1809.85
Oil
WTI Crude Future	72.94	72.20

Market Commentary:
     On this day in 1839, John Davison Rockefeller, one of the first oil industry giants, was born in Richford, N.Y., to William Avery Rockefeller and his wife, Eliza Davison.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell with the broader equity markets selloff, led by technology sector. The S&P/TSX Composite index fell 1.1% in Toronto, most since Feb. 25. Tech and materials were the worst performers, while consumer staples stocks were the best. Meanwhile, thousands of rail cars loaded with grain are idled in the Vancouver corridor after Western Canadian wildfires damaged two main lines,  while repairs enable a small but rising number to reach the country’s biggest port.
Commodities:
* Western Canadian Select crude oil traded at a $12.95 discount to West Texas Intermediate
* Spot gold was flat around $1,802 an ounce
FX/ Bonds:
* The Canadian dollar fell about 0.4% to C$1.2536 per U.S. dollar
* The 10-year Canada government bond yield dropped about 4 basis points to 1.262%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.1 percent, or 229.39 to 20,061.21 in Toronto. The move was the biggest since falling 1.4 percent on Feb. 25. Today, financials stocks led the market lower, as 8 of 11 sectors lost; 160 of 231 shares fell, while 70 rose. Shopify Inc. contributed the most to the index decline, decreasing 3.2 percent. Canadian Pacific Railway Ltd. had the largest drop, falling 5.7 percent.
Insights
* In the past year, the index had a similar or greater loss 13 times. The next day, it advanced nine times for an average 0.9 percent and declined four times for an average 0.8 percent
* So far this week, the index fell 0.8 percent, heading for the biggest decline since the week ended April 23
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 37 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on July 7, 2021 and 30.3 percent above its low on July 9, 2020
* The S&P/TSX Composite is down 0.5 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 23.1 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 7.36 percent compared with 6.38 percent in the previous session and the average of 7.90 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -88.4393| -1.4| 2/26
* Information Technology | -52.5860| -2.3| 4/8
* Materials | -37.1490| -1.6| 11/41
* Industrials | -35.7928| -1.5| 8/22
* Energy | -15.0748| -0.6| 4/19
* Consumer Discretionary | -7.7004| -1.0| 2/11
* Health Care | -0.4683| -0.2| 5/5
* Communication Services | -0.2503| 0.0| 4/3
* Real Estate | 0.0741| 0.0| 11/15
* Utilities | 0.1516| 0.0| 9/7
* Consumer Staples | 7.8621| 1.1| 10/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -47.5900| -3.2| 1.3| 27.9
* Canadian Pacific | -25.5900| -5.7| 178.6| 3.4
* Bank of Nova Scotia| -9.1980| -1.4| -50.7| 13.3
* Loblaw | 1.3130| 1.6| 37.2| 24.8
* Fortis | 1.6650| 0.9| 34.9| 7.5
* Couche-Tard | 4.0160| 1.6| 9.1| 5.3

US
By Claire Ballentine and Natalia Kniazhevich
(Bloomberg) — U.S. stocks dropped the most in almost three week amid growing anxiety that the spread of Covid-19 variants will upend growth expectations, undoing popular reflation trades.  Treasuries gained for an eighth day. The S&P 500 fell 0.9%, with the economically-sensitive industrial and material sectors helping to lead all 11 industry groups lower.  The benchmark index had set all-time closing highs in eight of the last nine trading sessions.  Banks were the biggest losers with the U.S. 30-year Treasury yields fell briefly below 1.90% for the first time since February. Traders are getting edgy over whether the rapid spread of the delta strain will knock back growth and prospects for central bank normalization. “It feels like we have moved from thinking inflation will be transitory, to fearing growth will be transitory,” said Art Hogan, chief market strategist at National Securities. Central bank stimulus plans remain critical to the market outlook.  While the Federal Reserve mulls the timetable for tapering $120 billion in monthly bond purchases, the European Central Bank stands ready to extend ultra-loose policy.
In the culmination of an 18-month review published Thursday, ECB policy makers raised their inflation target to 2% and said they would tolerate moderate overshoots. “The minutes of the Fed yesterday pointed to a slowing of the bond purchase, though the lower interest rate on the 10-year, which indicated higher demand,” said Kim Forrest, founder and chief investment officer at Bokeh Capital Partners. It “looks like the bond people are ignoring the Fed’s future moves.” Oil rebounded after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer travel season.

Meanwhile, the pandemic’s global death toll has surpassed 4 million as the delta variant spreads, and the World Health Organization urged caution on reopenings worldwide.
Here are some events to watch this week:
* The Group of 20 finance ministers and central bankers meet in Venice on Friday
* China PPI and CPI data released on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1847
* The British pound fell 0.1% to $1.3785
* The Japanese yen rose 0.8% to 109.78 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.29%
* Germany’s 10-year yield was little changed at -0.31%
* Britain’s 10-year yield advanced one basis point to 0.61%
Commodities
* West Texas Intermediate crude rose 1.3% to $73.13 a barrel
* Gold futures were little changed
–With assistance from Kamaron Leach.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Frugality is a handsome income. -Erasmus, 1459-1536.

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:
Fiesta de San Fermin~ Running of the bulls, Pamplona, Spain.

1954~Elvis Presley made his radio debut when Memphis, Tenn., station WHBQ played his first recording for Sun Records, “That’s All Right.”  Go to article »

Ringo Starr, musician, b. 1940.
Robert A Heinlein, writer, b. 1907.
Gustav Mahler, composer, b. 1860.
Marc Chagall, painter, b. 1887.
Satchell Paige, baseball pitcher, b. 1906.

New Zealand’s crazy housing market is a warning for the whole world.
Subway is revamping its menu after years of declining sales.  The tuna, however, isn’t going anywhere.
Iceland tried a shorter work week and it was an ‘overwhelming success’.  “Dear [boss], I came across an article you might find interesting … “
A giant 3D cat has taken over one of Tokyo’s biggest billboards.  Because who doesn’t want a massive, lifelike kitty meowing at them on their way to work?

PHOTOS OF THE DAY

A frog was left looking like Princess Leia from Star Wars after two garden snails climbed on top of its head. In one image, the one-pound dumpy frog sat patiently atop a rock as two garden snails climbed on top of one another and shifted themselves into a comfortable position on the unbothered amphibian. The snap was captured by photographer Yan Hidyat from West Sumatra, Indonesia
CREDIT: YAN HIDYAT / MEDIADRUMWORLD.COM

These super ants have been captured hauling fruit three times their weight back to the nest. In one image, a tiny weaver ant could be seen as it balanced a wild cherry on top of its head and used its arms and legs to keep balance whilst in between a torn leaf. The spectacular image was shot by Dzul Dzulfikri from Beksai, Indonesia, who captured the balancing ants in his back garden from just one-foot away. Captured using a Panasonic Lumix G9 camera with a 100-300mm lens. Weaver ants can reach up to one-inch at full adult size and are known for their large colonies which can reach up to 500,000 members. These ants can carry up to three-times their own body weight and are native to Australia and South East Asia.
CREDIT: DZUL DZULFIKRI / MEDIADRUMWORLD.COM

‘The Rise’ by Turkish photographer Siar Umut Yildirim. VARIOUS: THE WINNERS of the Moscow International Foto Awards 2021 have been announced. 
CREDIT: MEDIADRUMWORLD.COM/SIAR UMUT YIL.

Market Closes for July 7^th, 2021

Market Index	Close	Change
Dow Jones	34681.79	+104.42
		+0.30%
S&P 500	4358.13	+14.59
		+0.34%
NASDAQ	14665.06	+1.42 +0.01%
TSX	20290.60	-9.43
		-0.05%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28366.95	-276.26
		-0.96%
HANG SENG	27960.62	-112.24
		-0.40%
SENSEX	5305.76	+193.58
		+0.37%
FTSE 100*	7151.02	+50.14 +0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.298	1.316
CND. 30 Year Bond	1.772	1.783
U.S.    10 Year Bond	1.3163	1.3481
U.S. 30 Year Bond	1.9378	1.9739

Currencies

BOC Close	Today	Previous
Canadian $	0.8011	0.8025
US $	1.2483	1.2461
Euro Rate 1 Euro=		Inverse
Canadian $	1.4719	0.6794
US $	1.1792	0.8481

Commodities

Gold	Close	Previous
London Gold Fix	1809.85	1791.35
Oil
WTI Crude Future	72.20	73.37

Market Commentary:
     On this day in 1993, Charles W. Knapp was found guilty on three counts of conspiracy after his savings & loan empire collapsed, costing the U.S. taxpayer $2 billion.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks were mostly unchanged, paring earlier losses on Wednesday. The S&P/TSX Composite was flat in Toronto, paring earlier loss of as much as 0.3%. Industrials were the best performers, led by Waste Connections and GFL Environmental.  Meanwhile, health care sector was the worst performer, led by pot stocks. Meanwhile, rail cars carrying goods for export are finally starting to trickle back in toward Vancouver, after train movement to and from British Columbia’s west coast was largely halted in the past week amid wildfire damage on two main tracks.
Commodities:
* Western Canadian Select crude oil traded at a $13.30 discount to West Texas Intermediate
* Spot gold rose about 0.3% to $ 1,802.66 an ounce
FX/ Bonds:
* The Canadian dollar fell about 0.2% to C$1.2489 per U.S. dollar
* The 10-year Canada government bond yield fell about to 1.297

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 20,290.60 in Toronto.  The move follows the previous session’s increase of 0.1 percent. Shopify Inc. contributed the most to the index decline, decreasing 0.9 percent.  Ballard Power Systems Inc. had the largest drop, falling 8.1 percent. Today, 139 of 231 shares fell, while 90 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 40 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on July 7, 2021 and 31.8 percent above its low on July 9, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.4 on a trailing basis and 16.9 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 fell to 6.38 percent compared with 6.83 percent in the previous session and the average of 8.00 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -22.0084| -0.8| 4/19
* Financials | -13.8876| -0.2| 5/23
* Information Technology | -13.6597| -0.6| 3/9
* Health Care | -5.4943| -2.0| 1/9
* Consumer Discretionary | -2.3562| -0.3| 4/9
* Real Estate | -1.6472| -0.2| 11/15
* Consumer Staples | 0.7705| 0.1| 7/6
* Utilities | 3.4073| 0.4| 11/4
* Communication Services | 4.7722| 0.5| 4/3
* Materials | 15.8071| 0.7| 25/27
* Industrials | 24.8588| 1.1| 15/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -13.8900| -0.9| 21.1| 32.1
* Suncor Energy | -7.0150| -2.3| -11.8| 35.6
* TD Bank | -3.9240| -0.4| 101.5| 20.9
* Waste Connections | 5.4570| 2.0| 19.4| 17.4
* Canadian Pacific | 7.8810| 1.8| 21.8| 9.6
* Canadian National | 12.0800| 1.9| -9.9| -5.5
US
By Claire Ballentine and Kamaron Leach
(Bloomberg) — U.S. stocks rose to record highs and bonds gained as minutes from the Federal Reserve’s latest meeting showed policy makers continued to see elevated uncertainty and debated the tapering of debt purchases used to fuel stimulate to the economy. Ten-year U.S. note yields fell for a second day, dropping briefly below 1.3% for the first time since February, as expectations for an inflationary economic recovery continued to fade.  The S&P 500 and Nasdaq Composite each closed at all-time highs, with the benchmark S&P doing so for the eighth time in nine trading sessions. “Markets are still enjoying this Goldilocks period that we are in,” said Don Calcagni, chief investment officer of Mercer Advisors.  “The market is still riding high on that euphoria and that’s why you’re seeing the 10-year at 1.31%.” Fed officials expected to continue to make progress on reaching its threshold to scaling back their massive asset purchases, the record of their June gathering showed.
Various participants mentioned that they expected the conditions for beginning to reduce the pace of asset purchases to be met somewhat earlier than they had anticipated at previous meetings. The June meeting also marked a turn in the central bank’s comfort with inflation risks amid heightened price pressures as the economy reopens from the pandemic, buoyed by massive monetary  and fiscal-policy support. “They’re quite disconnected from the bond market,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors. “If more Fed officials are worried about inflation and see us making strong economic progress to where asset purchases can be tapered earlier then yields should be going up, not down.” The dollar was little changed against a basket of major currencies. Oil fell amid the OPEC+ crisis, which has stymied efforts to raise production and buffeted prices.

Elsewhere, Bitcoin gained and gold advanced for a sixth day. Australian and New Zealand bonds rallied.
Asian stocks fell, with Chinese tech firms in Hong Kong retreating after Beijing’s cybersecurity probe of ride-hailing giant Didi Global Inc.
Here are some events to watch this week:
* The Group of 20 finance ministers and central bankers meet in Venice on Friday
* China PPI and CPI data released on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% to a record high as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2% to a record high
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%, climbing for the third straight day, the longest winning streak since July 1
* The euro fell 0.2% to the lowest since April 2
* The British pound was unchanged at $1.3800
* The Japanese yen strengthened 0%, rising for the fourth straight day, the longest winning streak since June 29
Bonds
* The yield on 10-year Treasuries declined three basis points to the lowest since Feb. 18
* Germany’s 10-year yield declined three basis points to the lowest since April 9
* Britain’s 10-year yield declined three basis points to the lowest since Feb. 17
Commodities
* West Texas Intermediate crude fell 2.2% to $71.77 a barrel
* Gold futures rose 0.6%, climbing for the fifth straight day, the longest winning streak since May 20
–With assistance from Natalia Kniazhevich.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Always take the high road, it’s far less crowded. -Charlie Munger, b. 1924.

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: 2003 Former ambassador Joseph Wilson, in a New York Times op-ed, disputed President George W. Bush’s statement that Iraq had sought uranium in Africa, saying he had found no evidence to support the claim when the CIA asked him to investigate.  Go to article »

Climate change threatens the future of Napa Valley wine country. — Frank Wilkinson 

Brain implant detects, kills pain automatically.

There’s trouble in doomsday prepper paradise.

PHOTOS OF THE DAY

Kristjan Karlsson, 57, took this stunning shot capturing a volcanic eruption and the Northern Lights in one image at Geldingadalir, in the southwest of Iceland near the capital Reykjavik
CREDIT: KRISTJAN KARLSSON/ MAGNUS NEWS

A bus is driven through an alley as the sun rises over fog covered field on the outskirts of Frankfurt, Germany
CREDIT: MICHAEL PROBST/AP

People gather at the receding edge of the Great Salt Lake in Utah, USA, to watch the sunset. The Lake has been shrinking for years, and a drought gripping the American west could make this year the worst yet.
CREDIT: RICK BOWMER/AP

Bonny the French bulldog puppy pulls faces during a modelling shoot to show the ‘beauty’ of his breed
CREDIT: SVETLANA PISAREVA/ SPLITPICS UK

Market Closes for July 6^th, 2021

Market Index	Close	Change
Dow Jones	34577.37	-208.98
		-0.60%
S&P 500	4343.54	-8.80
		-0.20%
NASDAQ	14663.64	+24.31 +0.17%
TSX	20300.03	+18.57
		+0.09%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28643.21	+45.02
		+0.16%
HANG SENG	28072.86	-70.64
		-0.89%
SENSEX	52861.18	-18.82
		-0.04%
FTSE 100*	7100.88	-64.03 -0.89%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.316	1.399
CND. 30 Year Bond	1.783	1.843
U.S.    10 Year Bond	1.3481	1.4238
U.S. 30 Year Bond	1.9739	2.0404

Currencies

BOC Close	Today	Previous
Canadian $	0.8025	0.8105
US $	1.2461	1.2337
Euro Rate 1 Euro=		Inverse
Canadian $	1.4730	0.6789
US $	1.1821	0.8460

Commodities

Gold	Close	Previous
London Gold Fix	1791.35	1786.15
Oil
WTI Crude Future	73.37	75.16

Market Commentary:
     On this day in 1785, Congress declared “the money unit of the United States of America be one dollar.”
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks pared earlier losses and ended the session in the green, after tech sectors outperformed. The S&P/TSX Composite index was up slightly in Toronto. Tech stocks were the best performers, led by Shopify’s 5.6% gain. Consumer staples and energy were the worst performing stocks. Oil fell the most since late May as a stronger dollar spurred a broad sell-off across the commodities complex while uncertainty over OPEC’s next move loomed large in the markets.
Commodities:
* Western Canadian Select crude oil traded at a $13.50 discount to West Texas Intermediate
* Spot gold rose about 0.3% to $ 1,796.68 an ounce
FX/ Bonds:
* The Canadian dollar fell about 1% to C$1.2463 per U.S. dollar
* The 10-year Canada government bond yield fell about 8 basis points to 1.322%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 20,300.03 in Toronto. Today, information technology stocks led the market higher, as 4 of 11 sectors gained; 91 of 231 shares rose, while 136 fell. Shopify Inc. contributed the most to the index gain and had the largest move, increasing 5.6 percent.
Insights
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on July 2, 2021 and 31.9 percent above its low on July 9, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 1.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.4 on a trailing basis and 17 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 little changed to 6.83 percent compared with 6.83 percent in the previous session and the average of 8.08 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 79.5416| 3.5| 5/7
* Real Estate | 9.8171| 1.5| 22/3
* Utilities | 4.5169| 0.5| 13/3
* Communication Services | 1.0239| 0.1| 3/4
* Industrials | -0.9083| 0.0| 14/16
* Materials | -1.2434| -0.1| 18/32
* Health Care | -3.1428| -1.2| 3/7
* Consumer Discretionary | -3.7700| -0.5| 5/8
* Consumer Staples | -9.9347| -1.4| 1/12
* Financials | -21.4641| -0.3| 5/23
* Energy | -35.8846| -1.4| 2/21
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 80.2100| 5.6| 28.4| 33.3
* Barrick Gold | 8.9040| 2.8| 51.7| -7.9
* Waste Connections | 5.8560| 2.2| 9.6| 15.1
* Bank of Nova Scotia| -6.9200| -1.0| 78.6| 15.3
* Suncor Energy | -7.0150| -2.2| 26.6| 38.7
* Canadian Natural | | | |
* Resources | -9.0720| -2.4| -16.9| 46.3

US
By Claire Ballentine and Lu Wang
(Bloomberg) — U.S. stocks fell, snapping a streak of seven consecutive closing record highs, as a plunge in Treasury yields to the lowest since February weighed on banks and small caps.  A gauge of the dollar strengthened and crude oil dropped from a six-year high. The benchmark S&P 500 was led lower by the energy and financial sectors.  Amazon.com pushed the Nasdaq 100 to another all-time high.  Ride-hailing firm Didi Global Inc. plunged after a Chinese regulator ordered the removal of its platform from app stores, days after its U.S. listing.  Yields dropped earlier as a gauge of service-sector activity faltered. The benchmark 10-year yield fell as much as 7.4 basis points to just under 1.35%, the lowest level since Feb. 24.  The 30-year bond’s yield slid 5 basis points to 1.99%, testing its 200-day moving average and its first time below 2% since June 21.  The session lows were reached shortly after the ISM Services Index for June fell more than expected from May’s record high. “People start to get nervous when the 10-year gets below 1.45%,” said Sarah Hunt, a money manager at Alpine Woods. ”People are worried that it signals that you’re going to have an economic slowdown.” West Texas Intermediate futures for August fell as much as 3% in New York.
The Bloomberg Dollar Spot Index rose, making commodities priced in the dollar less attractive to investors. Oil prices earlier surged to a six-year high after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase.  Investors are assessing the risk of the conflict escalating into a price war that could hamper the global economic recovery and add to inflationary pressures.  That, in turn, may strengthen the Federal Reserve’s case for tightening policy. “There’s still concerns about what happens with the Fed tapering and there’s lack of traction on the fiscal stimulus side,” said Keith Lerner, chief market strategist at Truist Advisory Services.  “Those uncertainties are just injecting some volatility and then you throw in concerns about peak economic growth.
     That just feeds into the concerns about — is the best growth behind us?” Minutes due Wednesday from the Fed’s latest meeting may provide further context on the central bank’s hawkish pivot last month. The Chinese crackdown has knocked about $42 billion off the market value of firms listed on the Nasdaq’s Golden Dragon China Index, which tracks Chinese ADRs,  since the government derailed the planned IPO of giant Ant Group Co. in November.  Further moves included a record $2.8 billion fine on Alibaba Group Holding Ltd. after an antitrust probe found it had abused its market dominance, sparking concern about the future of the sector.

Here are some events to watch this week:
* FOMC minutes Wednesday
* The Group of 20 finance ministers and central bankers meet in Venice on Friday
* China PPI and CPI data released on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% at 4 p.m. New York time, the most since June 18
* The Nasdaq 100 rose 0.4% to a record high
* The Dow Jones Industrial Average fell 0.6%, more than any closing loss since June 18
* The MSCI World index fell 0.3%, more than any closing loss since June 18
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%, more than any closing gain since June 17
* The euro slipped 0.3%, more than any closing loss since June 18
* The British pound fell 0.3% to $1.3802
* The Japanese yen rose 0.3% to 110.64 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points, more than any closing loss since June 17
* Germany’s 10-year yield declined six basis points, more than any closing loss since March 1
* Britain’s 10-year yield declined eight basis points, more than any closing loss in more than 15 months
Commodities
* West Texas Intermediate crude fell 1.8%, the most since June 28
* Gold futures rose 0.8%, climbing for the fourth straight day, the longest winning streak since May 20

–With assistance from Liz Capo McCormick and Natalia Kniazhevich.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

There is neither happiness nor unhappiness in this world; there is only the comparison of one state with another.  Only a man who has felt ultimate despair is capable of feeling ultimate bliss. 
It is necessary to have wished for death in order to know how good it is to live…the sum of all human wisdom will be contained in these two words:
Wait and Hope. –Alexandre Dumas, 1802-1870.

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: Tynwald Day ~Viking Mid-summer day, Isle of Man.
July 5, 1994: Amazon.com is founded in Bellevue, Washington by Jeff Bezos.  As of 2021, Amazon has a market cap of $1.77 trillion.

July 5, 1946~First bikini swimsuit.  Skimpy two-piece swimsuits get their name from Bikini Atoll in the south Pacific.  French fashion designer Loui Réard chose the name to upstage rival designer Jacques Heim who had started selling a two-piece called the Atome.  On July 5, 1946, four days after the United States tested an atomic bomb over Bikini, Réard launched his explosively small creation under the suddenly well-known name.

PHOTOS OF THE DAY

A child holds a U.S. flag as she watches the Macy’s Fourth of July fireworks in New York City, New York
CREDIT: REUTERS/ANDREW KELLY

A young owl looks like it’s wearing a feathered hat as it stretches its wings above its head. Surrounded by green foliage, the bird strikes the bizarre pose while perched on a branch. The photo of the fledgling Barred Owl was taken in a small wooded park in the heart of the city of Baltimore, USA
CREDIT: SCOTT SURIANO/SOLENT NEWS & PHOTO AGENCY

Amodel poses during Iris Van Herpen Haute Couture Fall/Winter 2021/2022 collection shooting as part of the Paris Fashion Week in the Dolomites, Italy.
CREDIT: VITTORIO ZUNINO CELOTTO/GETTY IMAGES

A Canosan pottery Askos Apulia from early 3rd Century B.C. on display during “The Classics” photocall at Bonhams.The sales of antiquities and ceramics will take place on July 6th and Old Master paintings on 7th July
CREDIT: TIM P. WHITBY/GETTY IMAGES

Market Closes for July 5^th, 2021

Market Index	Close	Change
Dow Jones	34786.35	—
		–%
S&P 500	4352.34	—
		–%
NASDAQ	14639.32	— –%
TSX	20286.34	+60.23
		+0.30%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28598.19	-185.09
		-0.64%
HANG SENG	28143.50	-166.92
		-0.59%
SENSEX	52880.00	+395.33
		+0.75%
FTSE 100*	7164.91	+41.64 +0.58%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.399	1.374
CND. 30 Year Bond	1.843	1.837
U.S.    10 Year Bond	1.4238	—
U.S. 30 Year Bond	2.0404	—

Currencies

BOC Close	Today	Previous
Canadian $	0.8105	0.8115
US $	1.2337	1.2322
Euro Rate 1 Euro=		Inverse
Canadian $	1.4637	0.6832
US $	1.1864	0.8429

Commodities

Gold	Close	Previous
London Gold Fix	1786.15	1781.50
Oil
WTI Crude Future	75.16	73.47

Market Commentary:
     1991: Regulators in eight countries shut down the Bank of Credit and Commerce International, charging it with fraud, drug money laundering and illegal infiltration into the U.S. banking system. Go to article »
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rallied to their highest closing level on record Monday as energy companies outperformed on surging oil prices. The S&P/TSX Composite index rose 0.3% in Toronto, led by energy and tech stocks.  Oil prices rose above $75 a barrel after OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices. On the M&A front, a unit of Brookfield Asset Management and a group of institutional partners agreed to buy closely held trucking-parts supplier DexKo Global Inc. for $3.4 billion, betting on an industry that has remained strong throughout the pandemic.
Commodities:
* Western Canadian Select crude oil traded at a $14.10 discount to West Texas Intermediate
* Spot gold rose about 0.3% to $ 1,791.80 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.2% to C$1.2340 per U.S. dollar
* The 10-year Canada government bond yield was rose to 1.398%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3 percent, or 55.35 to 20,281.46 in Toronto. Suncor Energy Inc. contributed the most to the index gain, increasing 2.7 percent. Cascades Inc. had the largest increase, rising 6.3 percent. Today, 126 of 231 shares rose, while 101 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 41 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on July 2, 2021 and 31.8 percent above its low on July 9, 2020
* The S&P/TSX Composite is up 0.3 percent in the past 5 days and rose 1.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.4 on a trailing basis and 17 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 fell to 6.83 percent compared with 6.84 percent in the previous session and the average of 8.14 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 27.9950| 1.1| 21/2
* Financials | 14.1200| 0.2| 20/8
* Information Technology | 9.1331| 0.4| 5/7
* Materials | 8.3472| 0.4| 26/26
* Utilities | 2.0576| 0.2| 9/7
* Real Estate | 1.9809| 0.3| 18/7
* Health Care | 0.9768| 0.4| 7/2
* Communication Services | -0.4269| 0.0| 2/4
* Industrials | -2.1591| -0.1| 12/18
* Consumer Discretionary | -2.8072| -0.4| 2/11
* Consumer Staples | -3.8152| -0.5| 4/9
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Suncor Energy | 8.3780| 2.7| -57.8| 41.8
* TD Bank | 8.1040| 0.7| 24.0| 21.9
* Canadian Natural | | | |
* Resources | 7.6710| 2.1| -60.7| 49.9
* Brookfield Asset | | | |
* Management | -1.8550| -0.3| -79.6| 20.7
* Canadian National | -2.5640| -0.4| -77.2| -6.4
* Couche-Tard | -2.7540| -1.0| -74.4| 6.8
US MARKETS CLOSED FOR INDEPENDENCE DAY HOLIDAY.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Nothing gives one person so much advantage over another as to remain always cool and unruffled under all circumstances. –Thomas Jefferson, 1743-1846.

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: Halfway Day – 182^nd Day of the Year.
Palio Horse Race, Italy.
On July 2, 1937, aviator Amelia Earhart and navigator Fred Noonan disappeared over the Pacific Ocean while attempting to make the first round-the-world flight at the equator. Go to article »
1776~US Declaration of Independence.
1964~Civil Rights Act.
Herman Hesse, writer, b. 1887.
Jerry Hall, model, b. 1956.
Lindsay Lohan, actor, b. 1986.

A new continent. 

New Electric Airplane to Make First Flight This Year.  It can carry nine passengers with a range of 650 miles.

What It’s Like to Visit London Now:  The city is slowing its reopening to tourism. Here’s a local’s take on what to expect when you get there.
 
Richard Branson will try to beat Jeff Bezos to space.  This is how “keeping up with the Joneses” goes when the Joneses are really, really rich. 

At 82, Wally Funk is finally going to space.

Aspirin might cut cancer deaths by 20%.

AI may not write well, but it can create art.

PHOTOS OF THE DAY

In Stevns, in the Danish countryside south of Copenhagen, Jacob Shaw, a cellist and the head of a music school, comes to play with other musicians to a herd of cattle. Unable to preform during the pandemic, he turned to this unusual audience. The experience was so enjoyable that he continues it even after the reopening of the theaters.
CREDIT: JONATHAN NACKSTRAND/AFP VIA GETTY IMAGES

New eruption of the Etna volcano in Sicily. Strombolian activity at the SE Crater gradually changed to a lava fountain
CREDIT: MARCO RESTIVO/BARCROFT MEDIA VIA GETTY IMAGES

Detail of a skull in the costumes of a participant in a ceremony on the occasion of the Zenith Pass of the Sun, in the Zocalo of Mexico City
CREDIT: CARLOS RAMIREZ/EPA-EFE/SHUTTERSTOCK

British artist Damien Hirst attends the opening of his new show “Cherry Blossoms” at the Cartier Foundation for Contemporary Art in Paris
CREDIT: AP PHOTO.FRANCOIS MORI

Queen Elizabeth II seen driving herself in her Range Rover car as she attends day 2 of the Royal Windsor Horse Show in Home Park, Windsor Castle
CREDIT: MAX MUMBY

Queen Elizabeth II at the Royal Windsor Horse Show
CREDIT: STEVE PARSONS/PA WIRE

Market Closes for July 2^nd, 2021

Market Index	Close	Change
Dow Jones	34786.35	+152.82
		+0.44%
S&P 500	4352.34	+32.40
		+0.75%
NASDAQ	14639.32	+116.94 +0.81%
TSX	20226.11	+60.53
		+0.30%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28783.28	+76.24
		+0.27%
HANG SENG	28310.42	-517.53
		-1.80%
SENSEX	52484.67	+166.07
		+0.32%
FTSE 100*	7123.27	-1.89 -0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.374	1.389
CND. 30 Year Bond	1.837	1.844
U.S.    10 Year Bond	1.4238	1.4680
U.S. 30 Year Bond	2.0404	2.0857

Currencies

BOC Close	Today	Previous
Canadian $	0.8115	0.8065
US $	1.2322	1.2399
Euro Rate 1 Euro=		Inverse
Canadian $	1.4620	0.6840
US $	1.1865	0.8428

Commodities

Gold	Close	Previous
London Gold Fix	1781.50	1755.45
Oil
WTI Crude Future	75.16	73.47

Market Commentary:
     On this day in 1890, in a backlash against the monopolistic excesses of the “robber barons,” the Sherman Anti-Trust Act, authorizing the U.S. Department of Justice to investigate and break up giant industrial monopolies, became law.
Canada
By Julia Fanzeres
(Bloomberg) — Canadian equities were higher following the Canada Day holiday, with traders digesting both Canadian and U.S. economic data. The S&P/TSX Composite Index rose 0.5%. Blackberry led the information technology sector while bank stocks gained, leading the financial sector. May’s economic data showed an increase in imports, recovering from a drop last month, while exports dropped for a second month. Specifically, shipments abroad declined for three of the past four months.
Commodities
* Western Canadian Select crude oil traded at a $13.90 discount to West Texas Intermediate
* Spot gold rose 0.7% to $1,790 an ounce
FX/ Bonds
* The Canadian dollar was flat at C$1.2393 per U.S. dollar
* The 10-year Canada government bond yield fell 1 basis point to 1.38%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 20,226.11 in Toronto. The move was the biggest since rising 0.8 percent on June 21 and follows the previous session’s little change. Today, financials stocks led the market higher, as 10 of 11 sectors gained; 152 of 231 shares rose, while 71 fell. Enbridge Inc. contributed the most to the index gain, increasing 1.1 percent. Novagold Resources Inc. had the largest increase, rising 5.8 percent.
Insights
* So far this week, the index was little changed
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 41 percent in the same period
* The S&P/TSX Composite is 0.6 percent below its 52-week high on July 2, 2021 and 32 percent above its low on June 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.3 on a trailing basis and 16.9 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 6.84 percent compared with 7.00 percent in the previous session and the average of 8.39 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 13.9999| 0.2| 21/5
* Consumer Staples | 10.7484| 1.5| 8/5
* Energy | 10.4667| 0.4| 14/8
* Materials | 10.2600| 0.4| 33/16
* Industrials | 8.3780| 0.4| 20/10
* Real Estate | 5.1516| 0.8| 22/4
* Utilities | 2.7937| 0.3| 9/6
* Information Technology | 2.7877| 0.1| 9/3
* Communication Services | 1.8248| 0.2| 5/2
* Consumer Discretionary | 0.7454| 0.1| 9/4
* Health Care | -6.6338| -2.4| 2/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Enbridge | 7.3260| 1.1| -30.7| 23.2
* Couche-Tard | 7.2870| 2.8| 5.1| 7.9
* Royal Bank of | | | |
* Canada | 4.3600| 0.4| -42.0| 20.5
* Suncor Energy | -2.1990| -0.7| -16.6| 38.1
* Tilray | -3.3900| -5.1| -30.2|n/a
* Shopify | -3.6270| -0.3| -42.7| 25.8

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed on speculation the economy is recovering at a pace that won’t make the Federal Reserve imminently take away the liquidity punch bowl that has helped push the market to a record. In a feat not seen since 1997, the S&P 500 closed at an all-time high for a seventh straight day.  That was after data showed U.S. job growth surged the most in 10 months, while the unemployment rate edged up to 5.9%.  The report bolstered views the central bank won’t rush to taper its stimulus program any time soon.  Tech shares consolidated this week’s leadership position, while economically sensitive companies underperformed. The dollar fell alongside 10-year Treasury yields. “Today’s jobs report was overall stronger, but not strong enough to raise inflation and tightening concerns,” wrote Fawad Razaqzada, an analyst at ThinkMarkets.  “It keeps the ‘goldilocks’ scenario intact for stocks, and encourages dollar longs to ease off the gas ahead of the long weekend break.”

More comments:
* Mike Loewengart, managing director of investment strategy at E*Trade Financial:
** “Though there’s a combination of good and mediocre in the read today, it’s doubtful that this will move the needle on the Fed’s stance or timing for moving to tighten policy.”
* Seema Shah, chief strategist at Principal Global Investors:
** “While the stronger-than-expected payroll number signals a continued buoyant recovery, the rise in unemployment rate suggests some slack in the market and, therefore, hopefully some respite for the Fed hawks.”
* Jason Pride, chief investment officer of private wealth at Glenmede:
** “Today’s report likely does not significantly change the Fed’s calculus here, as the U.S. labor market is far from its ‘full employment’ mandate.”

Among the corporate highlights, International Business Machines Corp. sank as President Jim Whitehurst is stepping down after three years at the century-old tech company.
Lordstown Motors Corp. is being probed by the U.S. Justice Department in relation to claims that the company exaggerated potential sales of its electric Endurance pickup truck, a person familiar with the matter said. The shares tumbled.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.5%
* The Russell 2000 Index fell 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.1% to $1.1865
* The British pound rose 0.5% to $1.3836
* The Japanese yen rose 0.5% to 111.02 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.42%
* Germany’s 10-year yield declined three basis points to -0.24%
* Britain’s 10-year yield declined three basis points to 0.70%
Commodities
* West Texas Intermediate crude fell 0.1% to $75.15 a barrel
* Gold futures rose 0.6% to $1,788.30 an ounce
–With assistance from Sunil Jagtiani, Yakob Peterseil, Lu Wang and Anchalee Worrachate.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

I believe the first test of a truly great man is his humility. -John Ruskin, 1819-1900.

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:
On June 30, 1971, the Supreme Court, in a 6-3 decision, freed The New York Times and The Washington Post to resume immediate publication of articles based on the secret Pentagon Papers on the origins of the Vietnam War. Go to article »
 
1937~The world’s first emergency telephone number (999) launched in London. 

Rejected at 10, 70-year-old woman is now a Yankee bat girl. (h/t Ellen Kominers)

$10,000 flute is back after a nine-year cab ride. (h/t Scott Kominers) 

‘Harry Potter and the Cursed Child’ will head to Broadway in November.  This continues the Potter spinoff series, “Harry Potter and the Inevitable Stage Production.” 

PHOTOS OF THE DAY

Troops in the mud at the Battle of the Somme. Colourised images of the Battle of the Somme have been revealed marking the conflict’s 105th anniversary
CREDIT: MEDIADRUMVWORLD.COM/ROYSTON LEONA
The Australian Army at the Battle of the Somme. Colourised images of the Battle of the Somme have been revealed marking the conflicts 105th anniversary.
CREDIT:MEDIADRUMWORLD.COM/ROYSTON LEONA

A young girl runs in a lavender field on June 29, 2021 in Sale San Giovanni, near Cuneo, Northwestern Italy.
CREDIT: MARCO BERTORELLO/AFP VIA GETTY IMAGES

A hungry bird bit off a bit more than it could chew as it struggled to swallow its fishy prey. This great cormorant was hunting on a lake in Kiskuns¡g National Park in Hungary when it caught a brown bullhead catfish in its beak.
CREDIT: THOMAS HINSCHE/SOLENT NEWS & PHOTO AGENCY
Market Closes for June 30^th, 2021

Market Index	Close	Change
Dow Jones	34502.51	+210.22
		+0.61%
S&P 500	4297.50	+5.70
		+0.13%
NASDAQ	14503.95	-24.38 -0.17%
TSX	20165.58	-5.45
		-0.03%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28791.53	-21.08
		-0.07%
HANG SENG	28827.95	-166.15
		-0.57%
SENSEX	52482.71	-66.95
		-0.13%
FTSE 100*	7037.47	-50.08 -0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.389	1.417
CND. 30 Year Bond	1.844	1.874
U.S.    10 Year Bond	1.4680	1.4714
U.S. 30 Year Bond	2.0857	2.0851

Currencies

BOC Close	Today	Previous
Canadian $	0.8065	0.8066
US $	1.2399	1.2398
Euro Rate 1 Euro=		Inverse
Canadian $	1.4703	0.6801
US $	1.1859	0.8433

Commodities

Gold	Close	Previous
London Gold Fix	1755.45	1780.30
Oil
WTI Crude Future	73.47	72.98

Market Commentary:
On this day in 1938, in a move the New York Stock Exchange had resisted for a decade, William McChesney Martin was elected the NYSE’s first paid, independent president. In a striking sign that he took his independence seriously, Martin immediately sold his stake in his own brokerage firm and auctioned off his seat on the exchange.
His starting salary: $48,000.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada’s main stock exchange scored its best first half since the financial crisis of more than a decade ago, helped by investors piling into value and cyclical equities as the economy revives.
The S&P/TSX Composite index climbed about 16% so far this year, outpacing the S&P 500 and MSCI World Indexes.
     The benchmark last climbed more than 15% in the first half of a year in 2009, coming out of the financial crisis of 2008.
Some of the best-performing sectors in Canada this year were energy and financials — both of which are beneficiaries of the global economy reopening after the pandemic driven downturn –and make up about 44% of the Canadian benchmark.
“The first half of 2021 has largely gone according to script – Value and Quality factor styles have somewhat outperformed the market,” said CIBC’s strategist Ian de Verteuil in a note. If the market continues to expect better economic growth and higher interest rates, the two investing strategies should continue to outperform, he added.
The TSX energy index outperformed all the sectors this year, climbing more than 30%, driven by oil’s rebound from a pandemic low and by rotation into value stocks.  Enerplus Corp., Tourmaline Oil Corp. and MEG Energy Corp. were the top three performers within the energy sector, and among top five overall within the index.  Copper producer Capstone Mining Corp. and cannabis stock Organigram Holdings Inc. were the other two top five outperformers within the benchmark.
     All of the stocks climbed more than 100% in the first half of 2021.
Health care stocks were the second best performers, led by pot stocks.
     The tech index, which only accounts for about 11% weight within the TSX, was the third best performer, led by BlackBerry Ltd amid meme-stock mania.
This gradual migration higher for equities is unlikely to reverse any time soon as investors are not ready to sell value stocks yet, according to Canaccord Genuity’s portfolio Strategist Martin Roberge.  “A key takeaway from our virtual roadshow with clients is that many find equity markets overvalued, but very few are willing to jump ship since value stocks are not expensive enough, in their view.” Roberge said that value stocks in Canada could be seen as cheap using price-to-book basis, but expensive on price-to-cash flow multiples. However, “the valuation of value stocks in Canada is no roadblock to higher S&P/TSX levels.”
–With assistance from Michael Bellusci.
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite declined slightly to 20,165.58 in Toronto. The move follows the previous session’s increase of 0.1 percent.
Shopify Inc. contributed the most to the index decline, decreasing 1.4 percent. Altus Group Ltd/Canada had the largest drop, falling 4.1 percent.
Today, 101 of 231 shares fell, while 126 rose; 6 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index rose 7.8 percent
* This month, the index rose 2.2 percent
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 40 percent in the same period
* The S&P/TSX Composite is 0.6 percent below its 52-week high on June 16, 2021 and 31.6 percent above its low on June 30, 2020
* The S&P/TSX Composite is unchanged in the past 5 days and rose 2.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.3 on a trailing basis and 17 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 7.00 percent compared with 7.21 percent in the previous session and the average of 8.56 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -29.4595| -1.3| 1/10
Financials | -16.0322| -0.3| 13/15
Industrials | -7.7251| -0.3| 16/14
Real Estate | -4.5296| -0.7| 5/20
Consumer Discretionary | -2.2358| -0.3| 7/6
Utilities | -1.5467| -0.2| 3/12
Health Care | 0.2224| 0.1| 3/7
Communication Services | 2.4339| 0.2| 6/1
Consumer Staples | 9.4760| 1.3| 8/5
Energy | 15.4260| 0.6| 16/7
Materials | 28.5158| 1.2| 48/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -20.3400| -1.4| -14.1| 26.1
Brookfield Asset | | | |
Management | -15.4300| -2.4| 63.0| 21.1
Canadian National | -5.0790| -0.8| 1.1| -6.5
Suncor Energy | 4.6080| 1.5| -46.3| 39.1
Nutrien | 6.2670| 2.2| 53.1| 22.6
Couche-Tard | 8.7790| 3.5| 59.2| 5.0
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — The end of one of the best first halves for stocks since 1998 was marked by small moves and slow trading.
Solid economic data tempered concern about high valuations and the spread of a more contagious coronavirus variant, with the S&P 500 closing slightly higher.
The gauge notched its longest streak of monthly gains since August and has rallied 14% in 2021.
The Dow Jones Industrial Average outperformed major benchmarks on Wednesday, and the Nasdaq 100 fell.
     Treasuries, which have surprisingly beaten the world’s biggest bond markets since the Federal Reserve’s hawkish tilt in June, rose.
Investors are assessing hopes for an imminent return to normalcy amid worries that runaway inflation or further Covid-19 restrictions could derail the economic rebound. Interestingly enough, companies that stand to benefit the most from a recovery in activity — like energy, industrial and financial shares – rose on Wednesday, beating the tech giants that had fueled the stay-at-home trade.

“While we expect stock markets will ultimately thrive in the reflationary environment of strong, above-trend growth and ample liquidity conditions, it won’t be a smooth ride,” said Candice Bangsund, vice president and portfolio manager at Montreal-based Fiera Capital Corp. “The next phase of the bull market may exhibit more frequent bouts of volatility.” Dallas Fed President Robert Kaplan said the tapering of asset purchases, which he hopes will start “soon,” should run smoother this time around as investors already know that a move is being discussed. His Atlanta counterpart Raphael Bostic noted the U.S. has “actually fully recovered” from the pandemic on a gross domestic product basis, but “it is going to take some time to get back” on employment.
Elsewhere, oil advanced, with investors awaiting a key meeting between OPEC+ producers that may reveal a collective output hike as a stalemate in Iranian nuclear talks drags on.
Here are some events to watch in the markets this week:
* China’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party Thursday
* OPEC+ ministerial meeting Thursday
* ECB President Christine Lagarde speaks Friday
* The U.S. jobs report is due Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.1859
* The British pound was little changed at $1.3833
* The Japanese yen fell 0.5% to 111.08 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.45%
* Germany’s 10-year yield declined four basis points to -0.21%
* Britain’s 10-year yield declined two basis points to 0.72%
Commodities
* West Texas Intermediate crude rose 0.8% to $73.53 a barrel
* Gold futures rose 0.4% to $1,770.60 an ounce
–With assistance from Andreea Papuc, Yakob Peterseil and Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

A problem is a chance for you to do your best. –Duke Ellington, 1899-1974.

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:
1938~Olympic National Park established.
1900~Antoine de Saint-Exupery, born.
1861~William James Mayo, co-founder Mayo Clinic, born.
On June 29, 1995, the shuttle Atlantis and the Russian space station Mir docked, forming the largest man-made satellite ever to orbit the Earth.  Go to article »
2009~American hedge-fund investment manager Bernie Madoff sentenced to up to 150 years in prison for operating the largest Ponzi scheme in history.  He died in April 2021, having served 12 years of his sentence.

World’s highest hotel opens in China.  Stay in style … and the constant grip of acrophobia. 

PHOTOS OF THE DAY

It may look like these tigers are a pair of copycats as their reflection bounces back off the water. Harsha Narasimhamurthy, 30, captured the tiger siblings having a drink at The Tadoba Andhari Tiger Reserve is a wildlife sanctuary in Chandrapur district of Maharashtra state in India
CREDIT: HARSHA NARASIMHAMURTHY / CATERS NEWS

Filipino photographer Kirkamon Cabello photographed a female chinspot bird feeding its chicks in a nest in Kolwezi Lualaba Province, Democratic Republic of Congo
CREDIT: MEDIADRUMWORLD/COM/KIRKAMON CABE

A staff member sits in an interactive digital installation “Floating in the Falling Universe of Flowers” during a media preview at TeamLab Planets in the Toyosu district of Tokyo
CREDIT: PHILIP FONG/AFP VIA GETTY IMAGES

Market Closes for June 29^th, 2021

Market Index	Close	Change
Dow Jones	34292.29	+9.02
		+0.03%
S&P 500	4291.80	+1.19
		+0.03%
NASDAQ	14528.34	+27.83 +0.19%
TSX	20171.02	+25.77
		+0.13%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28812.61	-235.41
		-0.81%
HANG SENG	28994.10	-274.20
		-0.94%
SENSEX	52549.66	-185.93
		-0.35%
FTSE 100*	7087.55	+14.58 +0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.417	1.415
CND. 30 Year Bond	1.874	1.873
U.S.    10 Year Bond	1.4714	1.4765
U.S. 30 Year Bond	2.0851	2.0946

Currencies

BOC Close	Today	Previous
Canadian $	0.8066	0.8103
US $	1.2398	1.2340
Euro Rate 1 Euro=		Inverse
Canadian $	1.4753	0.6778
US $	1.1900	0.8404

Commodities

Gold	Close	Previous
London Gold Fix	1780.30	1786.65
Oil
WTI Crude Future	72.98	72.91

Market Commentary:
     On this day in 1979, as the American auto industry sputtered and the technology industry took off, the editors of The Wall Street Journal booted Chrysler from the Dow Jones Industrial Average and replaced it with IBM. And with healthcare growing faster than the food industry, Merck replaced Esmark.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks advanced on Tuesday, after consumer discretionary and industrial stocks rose. The S&P/TSX Composite index rose 0.1% in Toronto, after falling 0.4% on Monday. Consumer discretionary stocks were the best performers, led by Gildan Activewear and Canada Goose. Corus Entertainment was the best performing stock on Tuesday, rising 6.2%, after the company’s third-quarter earnings beat the average analyst estimate.  Meanwhile, Labrador Iron Ore was the worst performer, falling 6.8%, after TD cut the ratings of the stock to hold from buy on valuation.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold fell about 1% to $1,761.59 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.2392 per U.S. dollar
* The 10-year Canada government bond yield was flat at 1.417%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite is rising 0.3 percent at 20,198.31 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 0.8 percent. Corus Entertainment Inc. had the largest increase, rising 6.4 percent. In midday trading, 143 of 231 shares rose, while 82 fell; 8 of 11 sectors were higher, led by industrials stocks.
Insights
* This quarter, the index rose 8 percent
* This month, the index rose 2.4 percent
* The index advanced 31 percent in the past 52 weeks. The MSCI AC Americas Index gained 43 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on June 16, 2021 and 33 percent above its low on June 29, 2020
* The S&P/TSX Composite is unchanged in the past 5 days and rose 1.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.3 on a trailing basis and 16.8 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 7.23 percent compared with 7.21 percent in the previous session and the average of 8.63 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | 16.4944| 0.7| 23/6
* Information Technology | 13.1684| 0.6| 9/3
* Consumer Discretionary | 6.8507| 0.9| 11/2
* Communication Services | 6.8096| 0.7| 7/0
* Energy | 5.8856| 0.2| 13/10
* Consumer Staples | 4.8272| 0.7| 10/3
* Materials | 3.3765| 0.1| 30/18
* Real Estate | 1.7641| 0.3| 18/8
* Utilities | -0.6515| -0.1| 9/7
* Health Care | -2.6562| -0.9| 2/8
* Financials | -3.0858| 0.0| 11/17
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 11.6600| 0.8| -58.3| 29.4
* Canadian National | 6.2130| 1.0| -66.6| -6.0
* Canadian Natural | | | |
* Resources | 4.7840| 1.3| -64.5| 46.4
* Fortis | -1.4370| -0.8| -11.4| 6.6
* Bank of Montreal | -1.9360| -0.3| -37.6| 30.9
* Blackberry | -2.0270| -3.5| -66.6| 80.9
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — For all the talk about inflated equity prices, a peak in earnings growth and the spread of a highly infectious coronavirus strain, stocks managed to close at another record. In what some traders called a boring trading session, the S&P 500 eked out a gain of less than 0.1%. The benchmark gauge of American shares also remained on track for its fifth straight monthly advance — the longest run since August. Technology and retail companies rose, while financials underperformed even after some of the largest Wall Street banks boosted payouts to shareholders. Investors have been weighing possible risks to the rally that drove equities up more than 90% from last year’s lows amid expectations that this quarter will mark the peak of a profit recovery from the depths of the pandemic. BlackRock Investment Institute strategists are dialing down their excitement for U.S. stocks, saying that potentially higher taxes and more regulations could pose “challenges” to the market. “Investors are probably taking a minute to reassess their near-term outlook,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “With momentum fading, stocks likely need a meaningful catalyst from here.” 

Here are some events to watch in the markets this week:
* OECD meets in Paris to finalize a proposal to overhaul global minimum corporate taxation Wednesday
* China’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party Thursday
* OPEC+ ministerial meeting Thursday
* ECB President Christine Lagarde speaks Friday
* The U.S. jobs report is due Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1902
* The British pound fell 0.2% to $1.3850
* The Japanese yen was little changed at 110.55 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.47%
* Germany’s 10-year yield advanced two basis points to -0.17%
* Britain’s 10-year yield advanced two basis points to 0.74%
Commodities
* West Texas Intermediate crude rose 0.7% to $73.42 a barrel
* Gold futures fell 1.1% to $1,761.70 an ounce
–With assistance from Andreea Papuc, Yakob Peterseil, Nancy Moran, Sophie Caronello, Kamaron Leach and Francesca Maglione.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Do not spoil what you have by desiring what you have not; remember that what you
have was once among the things only hoped for. -Epicurus, 341-270 BCE.

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