Category: Events

Dear Friends,

Tangents: Happy Friday.

Anne Frank, b. 1929
1939: National Baseball Hall of Fame opened.

A 50,000-year-old lake in India just turned pink, and no one knows why
Seems extremely normal during these troubling times, nothing to see here. –CNN.

New York’s La Guardia Airport, long maligned as decrepit, will open a new airy, art-filled $4 billion terminal this weekend. Yeah!  –The New York Times.

In a rare interview, the musician Bob Dylan talks about mortality, the gospel music of Little Richard, and his new album. –The NY Times.

How older adults can stay fit while staying home: A personal trainer who works with seniors has some lively tips to offer. –The Seattle Times.

With summer plans canceled, people are turning the backyard into vacation spot.   One family added an inflatable pool, trampoline, vegetable patch, climbing dome and butterfly garden. Find inspiration for your own backyard. – From At Home in the Northwest, Seattle Times.

June 12, 1987 –  President Reagan, during a visit to the divided German city of Berlin, publicly challenged Soviet leader Mikhail S. Gorbachev to “tear down this wall.” Go to article »

PHOTOS OF THE DAY

A section of the Ricer Spree next to the Reichstag building, seat of the German lower house of Parliament Bundestag in Berlin, Germany, is coloured green by activists from the “Extinction Rebellion” to protest the German government’s coal policies in Berlin.
CREDIT: TOBIAS SCHWARZ/AFP VIA GETTY IMAGES

People view” Claude Monet: The Immersive Experience” exhibition at Horta Gallery in Brussels, Belgium. With a sound and light show as well as virtual reality technology, the exhibition provides audience with immersive experience to appreciate the works and inspirations of Claude Monet. The exhibition will last until Sep. 6.
CREDIT: ZHANG CHENG

Bicycle and velomobile builder, multiple world champion in velomobile racing Sergei Dashevsky rides one of his bicycles by his house in Krasnodar, Russia.
CREDIT: IGOR ONUCHIN\\TASS VIA GETTY IMAGES
Market Closes for June 12th, 2020 

Market Index	Close	Change
Dow Jones	25605.54	+477.37
		+1.90%
S&P 500	3041.31	+39.21
		+1.31%
NASDAQ	9588.809	+96.082 +1.01%
TSX	15256.57	+205.65
		+1.37%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22305.48	-167.43
		-0.75%
HANG SENG	24301.38	-178.77
		-0.73%
SENSEX	33780.89	+242.52
		+0.72%
FTSE 100*	6105.18	+28.48 +0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.535	0.519
CND. 30 Year Bond	1.060	1.058
U.S.    10 Year Bond	0.7034	0.6690
U.S. 30 Year Bond	1.4568	1.4019

Currencies

BOC Close	Today	Previous
Canadian $	0.73599	0.73375
US $	1.35872	1.36287
Euro Rate 1 Euro=		Inverse
Canadian $	1.52959	0.65377
US $	1.12576	0.88829

Commodities

Gold	Close	Previous
London Gold Fix	1738.25	1722.05
Oil
WTI Crude Future	36.26	36.34

Market Commentary:
On this day in 1968, the New York Stock Exchange, inundated with trading paperwork and struggling to cope with antiquated recordkeeping technology, began closing every Wednesday to allow “back-office” trade processors to catch up with the flood of documents.
Canada
By Divya Balji
(Bloomberg) — There are two things to take away from this week’s Canadian stock-market performance: the one-way rocket ride is over and the U.S. seems destined to outperform.
The S&P/TSX Composite Index slumped 5.8% over three days, putting it in the red for only the second week since its March low. The retreat, spurred by fears over a another wave of the coronavirus and weaker-than-expected economic data, came as a nasty shock.
“The market had gone up too fast in the last month or so and I think having a correction is long-term healthy,” said Greg Taylor, chief investment officer at Purpose Investments. “It really had built in some excess and we needed to have some of this froth come out of the market.”
While the S&P 500 briefly turned green for 2020 before succumbing to the global rout, the TSX has its own particular challenges to deal with. As of Friday, the market was still 11% from being positive for the year, almost double the S&P 500‘s slump. That’s in part due to the small contribution of tech stocks to the main index, said Taylor. Lower oil prices are another reason.
For Philip Petursson, chief investment strategist at Manulife Investment Management concerns about a slump in the housing market amid high debt loads, and what that could mean for the country’s big banks, are also at play, he said. The banks make up about a fifth of the market. Canada’s household debt-to-disposable income ratio rose to 176.9% in the first quarter, the highest since the end of 2018, data on Friday showed.
     It will be a “tougher slog” for the Canadian stock market with more volatility in the pipeline, Petursson said. “The biggest risk going forward is an economic relapse, be it a second wave of Covid or underperformance of the economy, rising defaults etc.”
Sill, Taylor said a retest of the stock-market low in March is unlikely, with federal governments and central banks taking proactive stimulus measures and a promise to do everything to keep the economy going. “This is a learning curve for everyone,” he said. “There’s going to be some companies that don’t make it the other side but hopefully those that do are bigger and come out better.”
Here’s what happened this week.
Markets — Just The Numbers
* The TSX fell 3.8%, its biggest weekly drop since March 20. Tech only sector in the green for the week, while energy stocks slumped by the most.
* The Canadian 10-year bond yield rose to 0.53%, while two-year bond yields gained to 0.29%.
* The Canadian dollar weakened by 1.3% against the greenback on the week.
Economy
* Statistics Canada will start gathering labor force data by race beginning with its July employment report.
* Its monthly survey doesn’t track employment conditions by visible minority status, though it does include data on immigrants and more recently, figures on indigenous Canadians.
* The worst may be over for Canada’s economy, but the nation’s more cautious approach to reopening means a slower rebound than in the U.S. While real-time data show economic green shoots in Canada after nearly three  months of Covid-19 restrictions they also suggest its economy behind its largest trading partner.
* Prime Minister Justin Trudeau doesn’t appear to be in any rush to release a budget update showing a record deficit due to hundreds of billions in government Covid-19 relief.
* He stressed his government’s commitment to transparency but said the situation is changing too fast to make  reliable forecasts.  Ontario is moving to the next phase of reopening its economy after months of Covid-19  restrictions, but its financial capital is being excluded. Toronto and its suburbs are not part of second phase in the province’s three-stage restart.

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 1.4 percent at 15,256.57 in Toronto.
The move follows the previous session’s decrease of 4.1 percent.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.6 percent. ShawCor Ltd. had the largest increase, rising 35.9 percent.
Today, 195 of 229 shares rose, while 33 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index fell 3.8 percent, heading for the biggest decline since the week ended March 20
* This quarter, the index rose 14 percent, heading for the biggest advance in at least 10 years
* The index declined 6 percent in the past 52 weeks. The MSCI AC Americas Index gained 4.5 percent in the same period
* The S&P/TSX Composite is 15.1 percent below its 52-week high on Feb. 20, 2020 and 36.6 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 25.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.28t
* 30-day price volatility rose to 20.78 percent compared with 20.75 percent in the previous session and the average of 24.12 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 83.3604| 1.9| 24/2
Energy | 32.1106| 1.6| 26/3
Industrials | 27.2231| 1.5| 28/3
Information Technology | 20.2618| 1.5| 9/1
Utilities | 14.9975| 2.0| 16/0
Real Estate | 14.0702| 3.0| 26/0
Consumer Discretionary | 9.6384| 1.8| 14/0
Communication Services | 3.4654| 0.4| 7/1
Health Care | 2.9893| 2.0| 10/0
Consumer Staples | 2.7432| 0.4| 10/1
Materials | -5.2078| -0.3| 25/22
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — U.S. stocks rebounded from the biggest rout in 12 weeks as dip-buyers emerged for companies that bore the brunt of Thursday’s selling. Treasuries fell, while the dollar rose.
Real-estate, financial and energy companies led gains in the S&P 500. Cruise operators and airlines that were among the hardest-hit during the rout soared. Earlier Friday, the gauge fell as the World Health Organization said the risk of a second wave of coronavirus is present for any country exiting lockdowns. States and cities might have to resume shutdowns if cases surge dramatically, top officials at the U.S. Centers for Disease Control and Prevention said.
While U.S. stocks recovered Friday, all three major equity gauges fell for the week on concern over the pace of recovery following months of lockdown. Arizona and Oklahoma were among U.S. states to report record one-day increases in new coronavirus cases, a month after easing restrictions. Florida had the biggest daily jump since May 1. White House economic adviser Larry Kudlow said a new wave of cases hasn’t appeared.
“I don’t think that much has really changed. It’s just investors are so trained to buy that dip, they are riding that now,” said Shahnawaz Malik, senior investment advisor at Cornerstone Capital. “We’re going to continue to see these bouts of volatility until we have a vaccine” for the coronavirus.
These are some of the main moves in markets:
Stocks
* The S&P 500 advanced 1.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.3%.
* The MSCI Asia Pacific Index decreased 1.2%.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.1%.
* The euro decreased 0.4% to $1.1256.
* The Japanese yen weakened 0.5% to 107.36 per dollar.
Bonds
* The yield on 10-year Treasuries gained four basis points to 0.71%.
* Germany’s 10-year yield decreased three basis points to -0.44%.
* Britain’s 10-year yield advanced one basis point to 0.208%.
Commodities
* The Bloomberg Commodity Index sank 0.6%.
* West Texas Intermediate crude advanced 0.1% to $36.38 a barrel.

–With assistance from Hilary Clark, Adam Haigh, Constantine Courcoulas, Yakob Peterseil, Sophie Caronello and Nancy Moran.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Baseball is 90% mental and the other half is physical.

 –Yogi Berra, 1925-2015.

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:
Richard Strauss, composer, b. 1864
Jacques Cousteau, undersea explorer, b. 1910

Fine dining will never disappear, as long as there are foodies. — Bobby Ghosh, Bloomberg.

Archaeologists find London’s oldest theater.-Bloomberg.

On June 11, 1942, the United States and the Soviet Union signed a lend lease agreement to aid the Soviet war effort in World War II. Go to article »

PHOTOS OF THE DAY

A general view of an interactive Rain Vortex at the closed attraction in Jewel Changi Airport, in Singapore.
CREDIT: SUHAIMI ABDULLAH/GETTY IMAGES

A statue of two-time British prime minister Sir Robert Peel in Piccadilly Gardens, Manchester, as a petition has been launched calling for its removal by Manchester City Council in the wake of the Blake Lives Matter protests.
CREDIT: PETER BYRNE/PA

View of a coronavirus-related mural at the San Miguel Chapultepec neighborhood in Mexico City.
CREDIT: ALFREDO ESTRELLA/AFP

Market Closes for June 11th, 2020 

Market Index	Close	Change
Dow Jones	25128.17	-1861.82
		-6.90%
S&P 500	3002.10	-188.04
		-5.89%
NASDAQ	9492.727	-527.620 -5.27%
TSX	15050.92	-650.41
		-4.14%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22472.91	-652.04
		-2.82%
HANG SENG	24480.15	-569.58
		-2.27%
SENSEX	33538.37	-708.68
		-2.07%
FTSE 100*	6076.70	-252.43 -3.99%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.519	0.568
CND. 30 Year Bond	1.058	1.124
U.S.    10 Year Bond	0.6690	0.7329
U.S. 30 Year Bond	1.4019	1.5097

Currencies

BOC Close	Today	Previous
Canadian $	0.73375	0.74574
US $	1.36287	1.34094
Euro Rate 1 Euro=		Inverse
Canadian $	1.53950	0.64956
US $	1.12960	0.88527

Commodities

Gold	Close	Previous
London Gold Fix	1722.05	1713.50
Oil
WTI Crude Future	36.34	39.60

Market Commentary:
Federal Reserve officials on Wednesday projected no plans to raise interest rates through 2022 and said they were committed to providing more support to the economy following shutdowns to contain the virus.
Canada
By Aoyon Ashraf, Michael Bellusci and Divya Balji
(Bloomberg) — Canadian stocks tumbled the most since March 27, slumping with global markets on concerns a second-wave of the coronavirus will stir up new economic challenges. The S&P/TSX Composite index fell 4.1% in the third day of losses, its longest losing streak since March 9. All sectors declined, with health care and energy especially weak. The market is still up 34% from this year’s low on March 23. “It’s been a pretty breathless and relentless rally so we wouldn’t be terribly surprised to see a pause or a bit of a pullback,” Brian Madden, portfolio manager at Goodreid Investment said on BNN Bloomberg. “But that’s not to be misunderstood that we’re going back to the depths of the March lows.” “If we’ve learned one thing amidst the pandemic, and policy makers’ response, it’s that they’ve adopted the ‘whatever it takes’ mantra and that ranges from unprecedented fiscal stimulus from the federal government,” Madden said. Crude futures plunged by the most since late April, falling 9.1%. Meanwhile, Air Canada’s Chief Executive Officer Calin Rovinescu said the Canadian government’s rules on travelers are now “disproportionate” as the Covid-19 pandemic eases in many regions. Shares of the airline fell 8.5% Thursday.
Commodities
* Western Canada Select crude oil traded at an $8.50 discount to West Texas Intermediate
* Spot gold fell 0.6% to $1,728.60 an ounce
FX/Bonds
* The Canadian dollar dropped 1.6% to C$1.3620 per U.S. dollar
* The 10-year government bond yield fell 4.8 basis points to 0.52%

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 4.1 percent, or 650.41 to 15,050.92 in Toronto. The move was the biggest since falling 5.1 percent on March 27. Today, financials stocks led the market lower, as all sectors lost; 224 of 229 shares fell, while 5 rose. Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 7.5 percent. ShawCor Ltd. had the largest drop, falling 31.9 percent.
Insights
* In the past year, the index had a similar or greater loss seven times. The next day, it advanced six times for an average 5.6 percent and declined 12.3 percent once
* So far this week, the index fell 5.1 percent, heading for the biggest decline since the week ended March 20
* This quarter, the index rose 12 percent, heading for the biggest advance in at least 10 years
* The index declined 7.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 3 percent in the same period
* The S&P/TSX Composite is 16.2 percent below its 52-week high on Feb. 20, 2020 and 34.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 3.1 percent in the past 5 days and fell 0.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 25 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.38t
* 30-day price volatility rose to 20.75 percent compared with 18.57 percent in the previous session and the average of 24.61 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -208.5265| -4.4| 1/25
Energy | -135.7419| -6.5| 0/30
Materials | -82.6649| -3.9| 0/47
Industrials | -71.4914| -3.9| 1/30
Utilities | -35.5952| -4.5| 0/16
Communication Services| -26.1342| -2.9| 0/8
Information Technology| -24.3142| -1.8| 0/10
Real Estate | -21.0812| -4.3| 0/26
Consumer Discretionary| -20.9824| -3.7| 0/14
Health Care | -13.9423| -8.5| 0/10
Consumer Staples | -9.9470| -1.5| 3/8
US
By Rita Nazareth, Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks tumbled the most in 12 weeks as the torrid surge in equities came to a screeching halt amid economic jitters. Treasuries surged with the dollar. The S&P 500 sank almost 6%, approaching the 7% threshold that would trigger an exchange-mandated trading pause. Only one company in the index — supermarket operator Kroger Co. — finished higher. Losses in the Dow Jones Industrial Average were even deeper, with the blue-chip gauge plunging as much as 7.1%. Airlines, cruise and travel shares that soared in recent weeks bore the brunt of the selling. The KBW Bank Index of financial heavyweights slid 9%, and energy producers joined a rout in oil. While much of the equity selling owed to the frantic pace of the recent rally, sentiment did sour as signs mounted that a possible second wave of the pandemic could be taking hold in some states. U.S. jobless claims remained high, underscoring the longer-term challenges caused by the pandemic. The report came out a day after the Federal Reserve provided a dour economic outlook. Treasury Secretary Steven Mnuchin said the U.S. shouldn’t shut down the economy again even if there is another surge in coronavirus cases.
“The move from the bottom in terms of the rally has been so mind boggling. Over the new few weeks, we could see some pullback,” said Solita Marcelli, deputy Americas chief investment officer at UBS Global Wealth Management. “That’s mostly the fears of second wave concerns going higher, also we had the Fed yesterday. Their assessment of the economy was a little bit weaker than what the market expected.” As restrictions are lifted across the country, signs of a second wave of cases have been raising alarms. More than 2 million people in the U.S. have been infected so far. The localized surges have raised concerns among experts even as the nation’s overall case count early this week rose just under 1%, the smallest increase since March. “Sentiment has become much more cautious,” said Shawn Cruz, senior manager of trader strategy at TD Ameritrade. “We actually started to get data that indicated reopenings are going extremely well, and now we’re starting to get some of the headlines that maybe the reopenings are going to at least pause.”
These are some of the main moves in markets:
Stocks
* The S&P 500 sank 5.9% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index slumped 4.1%.
* The MSCI Asia Pacific Index fell 2.1%.
Currencies
* The Bloomberg Dollar Spot Index surged 1.2%.
* The euro decreased 0.7% to $1.1293.
* The Japanese yen appreciated 0.2% to 106.88 per dollar.
Bonds
* The yield on 10-year Treasuries decreased six basis points to 0.67%.
* Germany’s 10-year yield dipped eight basis points to -0.41%.
* Britain’s 10-year yield sank seven basis points to 0.198%.
Commodities
* The Bloomberg Commodity Index fell 1.4%.
* West Texas Intermediate crude decreased 8.7% to $36.17 a barrel.

–With assistance from Adam Haigh, Yakob Peterseil, Todd White, Nancy Moran and Sophie Caronello.

Have a great night.

Be magnificent!
As ever,

Carolann

Without the Fall, there would have been no human drama,
and so no literature, no art, no suffering, no religion,
no laughter, no joy, no sin and no redemption.
                                -Malcolm Muggeridge, 1903-1990

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:
June 10, 1943: Ballpoint pen patented.
1935: Alcoholics Anonymous founded.
1922: Judy Garland, actress, b.
1963: US Equal Pay Act signed into law by President John F. Kennedy.

13,300-year-old Chinese bird figurine found in the trash. (h/t Scott Kominers), Bloomberg.

A UK museum is reimagining its famous paintings with face masks
Art imitates life, and all of that. -CNN.

Black hole’s heart is still beating.  –Bloomberg.

A local organic flower farmer in the Skagit Valley whose farm is the subject of an upcoming documentary tells you what to plant in the Northwest, when and how to arrange flowers for maximum impact and longevity. -The Seattle Times.

On June 10, 1967, the Six-Day War ended as Israel and Syria agreed to observe a United Nations-mediated cease-fire. Go to article »
PHOTOS OF THE DAY

A 5G-robot, that is able to measure the temperature of a person, speaks to an employee, COVID-19 outbreak in Linz, Austria
CREDIT: REUTERS/LISI NIESNER

Artists perform during a protest to honor people who have died of COVID-19 at the Cultural Complex of the Republic in Brasilia, Brazil
CREDIT: SERGIO LIMA/AFP

Workers add a protective face mask on a seven-meter-tall giraffe made of 45,000 Lego pieces prior to the reopening of the Legoland Discovery Centre, after being shut due to covid-19 pandemic, in Berlin, Germany
CREDIT: SEAN GALLUP/GETTY IMAGES
Market Closes for June 10th, 2020 

Market Index	Close	Change
Dow Jones	26989.99	-282.31
		-1.04%
S&P 500	3190.14	-17.04
		-0.53%
NASDAQ	10020.348	+66.595 +0.67%
TSX	15701.33	-132.41
		-0.84%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23124.95	+33.92
		+0.15%
HANG SENG	25049.73	-7.49
		-0.03%
SENSEX	34247.05	+290.36
		+0.86%
FTSE 100*	6329.13	-6.59 -0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.568	0.633
CND. 30 Year Bond	1.124	1.189
U.S.    10 Year Bond	0.7329	0.8253
U.S. 30 Year Bond	1.5097	1.5758

Currencies

BOC Close	Today	Previous
Canadian $	0.74574	0.74513
US $	1.34094	1.34204
Euro Rate 1 Euro=		Inverse
Canadian $	1.52541	0.65556
US $	1.13756	0.87907

Commodities

Gold	Close	Previous
London Gold Fix	1713.50	1690.35
Oil
WTI Crude Future	39.60	38.94

Market Commentary:
On this day in 1997, the Dow Jones Industrial Average closed above 7,500 for the first time, and The Wall Street Journal noted that the market’s climb “seems to inspire equal parts awe and dread among many investors.”   Today, the Dow Jones Industrial Average closed at 26,989.99 – a +260% increase since 1997; +11.3%/annum on an annualized basis.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dropped Wednesday as investors assessed the Federal Reserve’s views on the economy.
The Federal Reserve pledged to maintain at least the current pace of asset purchases and projected interest rates will remain near zero through 2022, as Chairman Jerome Powell committed the central bank to using all its tools to help the economy recover from the coronavirus pandemic.
The S&P/TSX Composite Index fell 0.8%, with eight of 11 sectors lower. Energy and health care were especially weak while materials was among gainers. Gold prices rebounded after the Federal Reserve signaled it would maintain asset purchases and unprecedented stimulus aimed at stemming the impact from the pandemic.
Dollarama Inc. is sticking with its brick-and-mortar business model despite a slump in foot traffic through its retail stores during the lockdown.
Commodities
* Western Canada Select crude oil traded at an $8.95 discount to West Texas Intermediate
* Spot gold rose 1.3% to $1,737 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3402 per U.S. dollar
* The 10-year government bond yield fell 6.5 basis points to 0.562%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.8 percent, or 132.41 to 15,701.33 in Toronto.
Enbridge Inc. contributed the most to the index decline, decreasing 2.6 percent. MTY Food Group Inc. had the largest drop, falling 10.1 percent.
Today, 157 of 229 shares fell, while 71 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index rose 17 percent, heading for the biggest advance in at least 10 years
* The index declined 3.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.3 percent in the same period
* The S&P/TSX Composite is 12.6 percent below its 52-week high on Feb. 20, 2020 and 40.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 4.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 26.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.4t
* 30-day price volatility fell to 18.57 percent compared with 20.07 percent in the previous session and the average of 24.78 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -84.6227| -1.8| 3/23
Energy | -74.3017| -3.4| 0/30
Industrials | -17.9642| -1.0| 4/27
Real Estate | -11.0901| -2.2| 4/22
Utilities | -10.4260| -1.3| 2/14
Consumer Discretionary | -9.9524| -1.7| 1/13
Health Care | -4.2330| -2.5| 3/7
Communication Services | -1.3823| -0.2| 5/3
Information Technology | 7.5827| 0.6| 7/3
Consumer Staples | 16.4541| 2.5| 10/1
Materials | 57.5269| 2.8| 32/14
US
By Rita Nazareth and Katherine Greifeld
(Bloomberg) — U.S. stocks and the dollar fell as investors assessed the Federal Reserve’s views on the economy. Treasuries rallied.
The S&P 500 ended the session lower after getting whipsawed as Chairman Jerome Powell suggested the pandemic could inflict permanent damage on the economy even as the Fed signaled it would keep rates near zero possibly for years to come. The Treasury curve steepened sharply after the central bank said it will at least maintain the current rate of bond purchases.
“It seems like profit-taking is underway after the Fed didn’t deliver any new measures,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “It’s not as easy to take risk at this point.” U.S. equities have rallied more than 40% from their March lows as central-bank asset purchases and unprecedented stimulus sparked demand for risk assets. Earlier Wednesday, Treasury Secretary Steve Mnuchin said that the U.S. “definitely” needs additional fiscal stimulus.
Stocks may be the ultimate beneficiary of trillions of dollars in economic stimulus from the Fed, according to Savita Subramanian, Bank of America Corp.’s chief U.S. equity
strategist. “Liquidity looking for a home” is bolstering the FANG stocks — Facebook Inc., Amazon.com Inc., Netflix Inc. and Google’s owner, Alphabet Inc. — along with their technology- driven peers, she wrote in a report this week.
The danger, though, is that any complication in the economic recovery could see market gains swiftly reverse — at a time when there’s less room for additional support. The pandemic is splintering the world economy, and policy makers can’t risk a premature withdrawal of lifelines to businesses and the most vulnerable people, the Organization for Economic Co-operation and Development warned.
What to watch this week:
* Euro-area finance ministers meet Thursday to discuss the EU’s recovery package and Eurogroup presidency succession.

These are some of the main moves in markets:
Stocks
* The S&P 500 decreased 0.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index increased 0.6%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%.
* The euro advanced 0.4% to $1.1388.
* The Japanese yen appreciated 0.6% to 107.14 per dollar.
Bonds
* The yield on 10-year Treasuries dipped 10 basis points to 0.73%.
* Germany’s 10-year yield fell two basis points to -0.33%.
* Britain’s 10-year yield dipped seven basis points to 0.267%.
Commodities
* The Bloomberg Commodity Index increased 0.4%.
* West Texas Intermediate crude advanced 0.3% to $39.05 a barrel.
* Gold gained 1.5% to $1,747.80 an ounce.

–With assistance from Andreea Papuc, Adam Haigh, Robert Brand,
Todd White, David Wilson, Claire Ballentine, Vildana Hajric and Katherine Greifeld.
Have a great night.

Be magnificent!
As ever,

Carolann

Security is mostly a superstition.  Life is either
a daring adventure or nothing.
                  -Helen Keller, 1880-1968

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
Cole Porter, composer, b. 1891
Hong Kong lease signed from Britain, 1898.
Donald Duck cartoon, b. 1934

Learn to read Middle English. -Bloomberg.

Here’s what you need to know before booking a vacation in a pandemic. — Alexis Leondis, Bloomberg.

Watch a mama blue orchard bee build an incredibly detailed nest — with a little something extra for her babies when they hatch. (Click here to view) -CNN.

June 9, 1534 – Jacques Cartier sails into the river he names the St. Lawrence, on the Saint’s feast day. Go to article »

A boat believed to be a Navy vessel that John F. Kennedy had commanded has been mired in the muck off Manhattan for decades.
What may be the remnants of the PT-59 patrol boat, which was sold as surplus after World War II, are being salvaged in connection with the construction of a sea wall.
Kennedy’s service on the PT-59 was overshadowed by the PT-109, which was hit by a Japanese destroyer in the Pacific. His rescue of the surviving crew helped make him a war hero. Above, the PT-59 during its World War II service in the Solomon Islands.
As for how the boat may have ended up at the bottom of the Harlem River, as one spectator said, “you can’t make this stuff up.” –The New York Times.
PHOTOS OF THE DAY

Two women stand in shallow water collecting bright pink flowers of the waterlily plant. They spread the long plants out in a circle around themselves and let them float on the surface of the water as they harvest them, in An Giang province, Vietnam.
CREDIT: KHANH PHAN/SOLENT NEWS& PHOTO AGENCY

Two Lemur cattas, also known as ring-tailed lemur, born during France’s three month shutdown, ride on their mother’s back at Paris Zoological Park in the Bois de Vincennes which re-opens with new health measures following the outbreak of the coronavirus disease (COVID -19) in France
CREDIT: REUTERS/CHARLES PLATIAU

Hospital clowns gather to stroll to the Saint-Pierre hospital in Brussels, Belgium. The performance was held to support and maintain the link with all those with whom they interact throughout the year such as carers, medical, maintenance and administrative staff, parents, and children.
CREDIT: STEPHANIE LECOCQ/EPA -EFE/SHUTTERSTOCK
Market Closes for June 9th, 2020 

Market Index	Close	Change
Dow Jones	27272.30	-300.14
		-1.09%
S&P 500	3207.18	-25.21
		-0.78%
NASDAQ	9953.754	+29.009 +0.29%
TSX	15833.74	-141.17
		-0.88%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23091.03	-87.07
		-0.38%
HANG SENG	25057.22	+280.45
		+1.13%
SENSEX	33956.69	-413.89
		-1.20%
FTSE 100*	6335.72	-136.87 -2.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.633	0.676
CND. 30 Year Bond	1.189	1.255
U.S.    10 Year Bond	0.8253	0.8752
U.S. 30 Year Bond	1.5758	1.6417

Currencies

BOC Close	Today	Previous
Canadian $	0.74513	0.74720
US $	1.34204	1.33832
Euro Rate 1 Euro=		Inverse
Canadian $	1.52174	0.65714
US $	1.13390	0.88191

Commodities

Gold	Close	Previous
London Gold Fix	1690.35	1683.45
Oil
WTI Crude Future	38.94	38.19

Market Commentary:
On this day in 1943, paychecks everywhere went on a sudden diet, as Federal income tax withholding was implemented for the first time. Originally proposed by Beardsley Ruml, an executive at Macy’s who had encouraged shoppers to buy on the installment plan, withholding was cleverly called “pay as you go” and was coupled with an amnesty for the previous year’s taxes. The public backed it eagerly, forever after giving the Federal government interest-free financing.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities snapped a two-session winning streak Tuesday alongside U.S. shares on concern that the blistering rally in risk assets overshot economic prospects.
The S&P/TSX Composite Index fell 0.9%, the most since May 13. Nine of 11 sectors fell, while tech and materials gained. Canada’s energy index lost 2.9% Tuesday. Prior to Tuesday, oil & gas shares saw ferocious gains in firms such as ShawCor Ltd., which rose 185% in three sessions. Oil driller Baytex Energy Corp. rose about 50% during the same period.
Rotation to value, retail buying, and “fear of missing out” (FOMO) were among factors contributing to energy’s rally, according to Wells Fargo analyst Michael Blum. The bank refrained from calling it a full-on rotation, however.
“Our equity strategist, Chris Harvey, sees a reluctant rotation to value occurring (which would include energy) as incremental economic data points to a continued recovery off the bottom,” Blum added in a note to clients.
Meanwhile, gold rose for a second straight day as equities tumbled and the World Bank projected a dire outlook for the global economy this year. Canada’s central bank is considering buying as much as C$100 million in corporate bond tender, according to its website. Debt issued by Allied Properties Real Estate Investment Trust, First Capital Real Estate Investment Trust and Saputo Inc. are among bonds considered in Tuesday’s reverse auction, according to people familiar with the list.
Commodities
* Western Canada Select crude oil traded at an $8.80 discount to West Texas Intermediate
* Spot gold rose 1% to $1,715.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3399 per U.S. dollar
* The 10-year government bond yield fell 4.3 basis points to 0.633%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.9 percent at 15,833.74 in Toronto. The move was the biggest since falling 2.5 percent on May 13 and follows the previous session’s increase of 0.8 percent.
Enbridge Inc. contributed the most to the index decline, decreasing 2.3 percent. ShawCor Ltd. had the largest drop, falling 16.8 percent.
Today, 168 of 229 shares fell, while 58 rose; 9 of 11sectors were lower, led by energy stocks.
Insights
* This quarter, the index rose 18 percent, heading for the biggest advance in at least 10 years
* The index declined 2.4 percent in the past 52 weeks. The MSCI AC Americas Index gained 10 percent in the same period
* The S&P/TSX Composite is 11.9 percent below its 52-week high on Feb. 20, 2020 and 41.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.9 percent in the past 5 days and rose 5.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.8 on a trailing basis and 26.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.42t
* 30-day price volatility rose to 20.07 percent compared with 19.91 percent in the previous session and the average of 25.08 percent over the past month

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -64.2713| -2.9| 2/28
Financials | -50.9284| -1.1| 3/23
Communication Services | -17.1051| -1.9| 2/6
Real Estate | -12.8514| -2.5| 3/23
Utilities | -11.9978| -1.5| 3/13
Consumer Discretionary | -5.7035| -1.0| 2/12
Industrials | -4.4867| -0.2| 11/20
Health Care | -4.2458| -2.5| 1/8
Consumer Staples | -0.9922| -0.2| 4/7
Information Technology | 9.8935| 0.7| 4/6
Materials | 21.5189| 1.0| 23/22
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — U.S. stocks dropped on concern the blistering rally in risk assets overshot economic prospects. Treasuries climbed.
The S&P 500 halted a surge that drove the gauge higher for 2020, led by energy and industrial companies. Small-cap shares underperformed after a 10% advance in six June sessions. The Nasdaq 100 briefly topped 10,000 as Apple Inc. jumped on a news report it’s preparing to announce a shift to its own main processors in Mac computers. Treasury yields sank to as low as 0.8%. The dollar fell for a ninth straight day — its longest slide since 2006.
After a record-breaking rally that added $21 trillion to global stock markets, technical indicators suggest a pullback is overdue. Sentiment toward U.S. equities swung to extreme confidence from equally extreme fear in less than three months.
Nearly 300 stocks in the S&P 500 are trading at prices that exceed their consensus 12-month targets set by individual company analysts, data compiled by Bloomberg show. That’s a swift change from late March, when only two stocks boasted prices higher than analysts forecast. “When you have an overbought market, it will not take much to have the market consolidate,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “Whether it is a sideways market or a 5% to 10% pullback, there will be something that ensures we will see a pullback.”
While the easing lockdowns around the globe fueled a stock rally from the lows, the World Bank warned the economy will contract the most since World War II this year. U.S. job openings plummeted in April to the lowest since 2014 and separations remained elevated as the pandemic ripped through the labor market with devastating speed.
What to watch this week:
* The Fed’s next policy decision is Wednesday. Officials are expected to leave rates above zero.
* OECD releases its economic outlook Wednesday, a twice-yearly analysis of the economic prospects of member countries
* Euro-area finance ministers meet Thursday to discuss the EU’s recovery package and Eurogroup presidency succession.

These are some of the main moves in markets:
Stocks
* The S&P 500 dipped 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 1.2%.
* The MSCI Asia Pacific Index rose 0.7%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro climbed 0.4% to $1.1334.
* The Japanese yen appreciated 0.6% to 107.76 per dollar.
Bonds
* The yield on 10-year Treasuries decreased five basis points to 0.82%.
* Germany’s 10-year yield climbed one basis point to -0.31%.
* Britain’s 10-year yield rose less than one basis point to 0.336%.
Commodities
* The Bloomberg Commodity Index climbed 0.1%.
* West Texas Intermediate crude increased 1.6% to $38.80 a barrel.
* Gold climbed 0.9% to $1,720 an ounce.

–With assistance from Joanna Ossinger, Andreea Papuc, David
Wilson, Todd White, Lynn Thomasson, Sarah Ponczek and Elena Popina.
Have  a great night.

Be magnificent!
As ever,

Carolann

Knowing is not enough; we must apply. 
Wishing is not enough; we must do.
-Johann Wolfgang Von Goethe, 1749-1832

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:
Frank Lloyd Wright, architect, b. 1848.

A famed treasure chest said to contain gold and jewels has finally been found in the Rocky Mountains 
And it actually DID contain gold and jewels! -CNN

The Golden Gate Bridge has been ‘singing’ recently. Here’s why. 
Chalk it up to aerodynamics — and a key new addition. -CNN

A million-mile battery could charge your electric car.-Bloomberg.

On June 8, 1968, authorities announced the capture in London of James Earl Ray, the suspected assassin of civil rights leader Martin Luther King Jr. Go to article »

PHOTOS OF THE DAY

A goldfinch (Carduelis carduelis) collects fibres of garden twine for nest building from a suburban garden in north west London. Usually, five eggs laid in June in nests built within thick cover several metres above ground, with the chicks hatching two weeks later.
CREDIT: STEPHEN CHUNG/ALAMY LIVE NEWS

Fleur Hulme aged 12 in a field of poppies in bloom at Woolley, Near Barnsley, West Yorkshire
CREDIT: YORKSHIRE POST/SWNS

John Roberts is a re-knowned puppet maker, director and player over the past forty years creating puppets for a diverse clientel, including Jim Henson’s Creatures workshops, Opera North and television adverts for drinks or insurance (Meercat 2009) as well as private collectors. He has been curating an exhibition of 70 puppets from across the ages and around the world for exhibition that should have begun at the Guild of Craftsmen in Bovey Tracey, Devon last week, but due to the Coronavirus he has had to re-configure how and what piece can travel from abroad with new restrictions for the show that is now planned to take place in January 2021
CREDIT: RUSSELL SACH
Market Closes for June 8th, 2020 

Market Index	Close	Change
Dow Jones	27572.44	+461.46
		+1.70%
S&P 500	3232.39	+38.46
		+1.20%
NASDAQ	9924.746	+110.665 +1.13%
TSX	15974.91	+120.84
		+0.76%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23178.10	+314.37
		+1.38%
HANG SENG	24776.77	+6.36
		+0.03%
SENSEX	34370.58	+83.34
		+0.24%
FTSE 100*	6472.59	-11.71 -0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.676	0.729
CND. 30 Year Bond	1.255	1.308
U.S.    10 Year Bond	0.8752	0.8951
U.S. 30 Year Bond	1.6417	1.6656

Currencies

BOC Close	Today	Previous
Canadian $	0.74720	0.74472
US $	1.33832	1.34278
Euro Rate 1 Euro=		Inverse
Canadian $	1.51128	0.66169
US $	1.12924	0.88555

Commodities

Gold	Close	Previous
London Gold Fix	1683.45	1700.05
Oil
WTI Crude Future	38.19	39.55

Market Commentary:
On this day in 1999, drkoop.com, Inc. went public on the Nasdaq, selling 9,375,000 shares at $9.00 each. For a brief shining moment, founder Dr. C. Everett Koop’s stake was worth more than $50 million. Within a year, the online health-care company was on its deathbed.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Monday while U.S. stocks climbed, with the S&P 500 erasing its losses for 2020, as easing lockdowns bolstered economic optimism.
The S&P/TSX Composite Index advanced 0.8% to its highest since March 6. Nine of 11 sectors rose, with health care and real estate stocks leading the way while consumer staples lagged.
Ontario is moving to the next phase of reopening its economy after months of Covid-19 restrictions, but its financial capital is being excluded.
The oil market is already moving past this weekend’s producer deal to extend supply cuts, with prices sliding on Saudi Arabia’s decision to end extra reductions.
Consumer confidence continues to show signs of improving in Canada, inching higher for a sixth straight week.
Commodities
* Western Canada Select crude oil traded at a $8.95 discount to West Texas Intermediate
* Spot gold climbed 0.8% to $1,700 an ounce
FX/Bonds
* The Canadian dollar rose 0.4% to C$1.3367 per U.S. dollar
* The 10-year government bond yield fell 5 basis points to 0.678%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8 percent, or 120.84 to 15,974.91 in Toronto.
The index advanced to the highest closing level since March 6. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 3.4 percent. ShawCor Ltd. had the largest increase, rising 44.5 percent.
Today, 167 of 229 shares rose, while 59 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 19 percent, heading for the biggest advance in at least 10 years
* The index declined 1.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 11.1 percent below its 52-week high on Feb. 20, 2020 and 43 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 4.8 percent in the past 5 days and rose 6.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 26.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.4t
* 30-day price volatility fell to 19.91 percent compared with 20.20 percent in the previous session and the average of 25.67 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 49.6472| 1.0| 20/6
Energy | 37.2998| 1.7| 27/3
Real Estate | 16.3924| 3.3| 25/1
Health Care | 12.7784| 8.0| 9/1
Materials | 8.1970| 0.4| 31/15
Communication Services | 7.5009| 0.8| 6/2
Utilities | 4.3620| 0.5| 9/5
Consumer Discretionary | 2.2775| 0.4| 10/4
Information Technology | 0.4592| 0.0| 7/3
Industrials | -4.7382| -0.3| 19/12
Consumer Staples | -13.3469| -2.0| 4/7
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — The torrid rally in U.S. stocks pushed the S&P 500 into the green for the year as easing lockdowns bolstered economic optimism. The dollar fell.
The equity benchmark extended a rally from its 2020 low to almost 45%, rising to a 15-week high. Occidental Petroleum Corp. surged after Bloomberg News reported the company is reviewing options for its Middle Eastern assets. The Nasdaq 100 rose to a record high, and Boeing Co. led gains in the Dow Jones Industrial Average. The dollar posted its longest slide in almost a decade, while Treasuries advanced. Oil sank after Saudi Arabia said it wouldn’t continue its additional, deeper output curbs after June. Traders pushed up the value of U.S. equities as many parts of the country came out of the shutdowns that brought the world’s largest economy to a standstill. To Citigroup’s strategists including Tobias Levkovich, positioning may be overly extended, and investors may not be factoring all the potential risks.
     Meanwhile, Stan Druckenmiller — who last month warned about owning stocks — said on Monday that he now believes he was “far too cautious” during the current market rally. “As long as the data is improving and the market has the tailwind of liquidity at its back, it’s probably going to continue to rise,” said Ed Campbell, portfolio manager and managing director at QMA. “I wouldn’t be betting against equities at this point.”
The dollar fell for an eighth straight day, down to the level before the coronavirus crisis sparked a rush to haven assets. Where it goes from here mostly depends on the Federal Reserve, which will probably welcome all signs of recovery in its statement at the conclusion of this week’s meeting. But policy makers may be wary of an unruly increase in borrowing costs that could add to strains on businesses and households, and raise the price tag of the government’s rescue efforts.
What to watch this week:
* The Fed’s next policy decision is Wednesday. Officials are expected to leave rates above zero.
* OECD releases its economic outlook Wednesday, a twice-yearly analysis of the economic prospects of member countries
* Euro-area finance ministers meet Thursday to discuss the EU’s recovery package and Eurogroup presidency succession.
These are some of the main moves in markets:
Stocks
* The S&P 500 Index climbed 1.2% to 3,232.39 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.3%.
* The MSCI Asia Pacific Index increased 1.2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%.
* The euro was little changed at $1.1296.
* The Japanese yen appreciated 1.1% to 108.37 per dollar.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 0.87%.
* Germany’s 10-year yield decreased four basis points to -0.32%.
* Britain’s 10-year yield declined two basis points to 0.334%.
Commodities
* The Bloomberg Commodity Index decreased 0.1%.
* West Texas Intermediate crude decreased 3.3% to $38.23 a barrel.
* Gold surged 1.4% to $1,706.30 an ounce.
–With assistance from Cormac Mullen, Masaki Kondo, Todd White, Lynn Thomasson, Sophie Caronello and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

A good head and a good heart are always a formidable combination.
                                     -Nelson Rolihlahla Mandela, 1918-2013

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:  Happy Friday!
On June 5, 1968, Sen. Robert F. Kennedy was shot and mortally wounded just after claiming victory in California’s Democratic presidential primary.
Gunman Sirhan Bishara Sirhan was immediately arrested. Go to article »

Racial justice, outrage, community and change are among the themes being expressed by scores of artists. Here is a selection -The NY Times.

“Drinking rosé this year does not feel like the usual sort of blithe summer pastime,” writes Eric Asimov, our wine columnist. The news is heavy, overshadowing any traditional lighthearted pleasures.
But good wine is still good wine. And yes, it’s pink, but that’s not its only redeeming quality. In his monthly Wine School column, he compares three rosés that differ radically from one another. Here are the bottles he suggests.-The NY Times.

My favorite is Ruinart Brut Rosé champagne J.
PHOTOS OF THE DAY

A great white shark as it leaped three metres into the air for its dinner, only for the disappointed beast to find out it was a decoy. Photographer, Ewan Wilson (24) from Cardiff, Wales, was in Mossell Bay, South Africa, when he captured this extraordinary sight. After a four- hour stake out, a sub-adult great white shark suddenly made an appearance only to be sorely disappoibted.
CREDIT: MEDIADRUMIMAGES/EWAN WILSON

A woman climbs at a cave near the village of Koukouli in Epirus region, Greece.
CREDIT: DIMITRIS TOSIDIS/ EPA-EFE/SHUTTERSTOCK

An octopus holds a cleaning brush during a publicity stunt at Berlin’s Sealife aquarium on as the centre prepares to re-open to the public amid the pandemic.
CREDIT: JOHN MACDOUGALL/ AFP VIA GETTY IMAGES

Dancers perform during the 100^th anniversary of the Treaty of Trianon at Heroes’ Square in Budapest, Hungary.
CREDIT: REUTERS/BERNADETT SZABO
Market Closes for June 5th, 2020 

Market Index	Close	Change
Dow Jones	27110.98	+829.16
		+3.15%
S&P 500	3193.93	+81.58
		+2.62%
NASDAQ	9814.082	+198.269 +2.06%
TSX	15854.07	+326.20
		+2.10%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22863.73	+167.99
		+0.74%
HANG SENG	24770.41	+404.11
		+1.66%
SENSEX	34287.24	+306.54
		+0.90%
FTSE 100*	6484.30	+142.86 +2.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.729	0.680
CND. 30 Year Bond	1.308	1.266
U.S.    10 Year Bond	0.8951	0.8234
U.S. 30 Year Bond	1.6656	1.6318

Currencies

BOC Close	Today	Previous
Canadian $	0.74472	0.74084
US $	1.34278	1.34982
Euro Rate 1 Euro=		Inverse
Canadian $	1.51565	0.65978
US $	1.12874	0.88594

Commodities

Gold	Close	Previous
London Gold Fix	1700.05	1705.35
Oil
WTI Crude Future	39.55	37.41

Market Commentary:
On this day in 1883, John Maynard Keynes was born in Cambridge, England. Between World War I and World War II, Keynes devised the theories that led to massive government intervention in economies around the world. His criticisms of free markets, however, did not prevent him from making a small fortune on the stock market.
Canada
By Divya Balji and Michael Bellusci
(Bloomberg) — Canadian stocks posted their best week in about two months, turbocharged by an unexpected rebound in the U.S. and domestic labor market from the depths of the coronavirus shutdowns.
The S&P/TSX Composite Index jumped 2.1% Friday, to close out the week 4.4% higher, its biggest gain since the week of April 10 as Canada added jobs 290,000 jobs in May, surprising economists who had been anticipating more losses last month. The report dovetailed with a U.S. labor report that showed the market defying forecasts for a Depression-style surge in unemployment.
The Canadian dollar joined in the party, gaining about 2.7%. The benchmark 10-year government bond tumbled, sending its yield to the highest since mid-April at 0.726% as the jobs data bolstered optimism for a quick economic recovery amid new bouts of fiscal stimulus. “This whole fear of missing out has hit very dramatically,” David Prince, founder of Harbinger Capital Markets Inc. said on BNN Bloomberg. Investors have shifted away from “the stay-at- home play” into more cyclical or economically sensitive sectors and the trade has just gone “crazy,” he said.
Oil and gas companies were the biggest gainers as commodity traders anticipate OPEC+ will extend production cuts to prop up crude prices. Some of the worst performers this year in Canada were the biggest gainers this week: Baytex Energy doubled, while Shawcor Ltd. jumped 98%.
“Energy stocks are beginning to reflect that the worst is over for the oil price and that optimism is growing on a swifter-than-consensus demand normalization as economies around the world emerge from their lockdown,” said Eric Nuttall, portfolio manager at Ninepoint Partners. “Despite strong month-to-date gains, many oil stocks remain down 50% or more despite entering the year at already near their lowest valuations in history,” he added.
Other big winners that filled out the top 10 on the TSX this week include Methanex Corp., MTY Food Group Inc. and more energy companies like Seven Generations Energy Ltd., Husky Energy Inc. and Secure Energy Services Inc.
The TSX climbed above its 100 daily moving average earlier this week, signaling room for the benchmark to rally further. It’s edging closer to its 200 daily moving average, a feat unseen since the stock market rout in February. Canadian stocks are now about 7% from breaking even for the year, solidifying its bull market attained in April. “My fear is that reality is going to settle in and we won’t be able to go back to business as usual as quickly. What I’m seeing in terms of the industries that are really being suppressed, it is hard to imagine that suddenly they could go from bankruptcy to full-blown expansion. It’s just really hard,“ Prince said.
Here’s what happened this week.
Economy
     Canada added 289,600 jobs in May, blowing away economist projections for a 500,000 loss and indicating the economy is regaining some of its health after Covid-19. The unemployment rate ticked up to 13.7%, a postwar record as people returned to the labor force. That was also less than the 15% forecast.
In the last policy decision under Stephen Poloz, the Bank of Canada left its benchmark interest rate unchanged while upgrading its outlook for second quarter gross domestic product to a less severe contraction. New Governor Tiff Macklem participated as an observer during the deliberations and endorsed the decision. Canada’s residential real estate market is bouncing back from coronavirus shutdowns with home sales and prices rising in Toronto and Vancouver in May from the near freeze-up of activity caused by the pandemic in early spring.
Prime Minister Justin Trudeau unveiled C$2.2 billion ($1.6 billion) in financial support for Canadian municipalities whose revenues have plunged amid Covid-19 lockdowns. –With assistance from Aoyon Ashraf.

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 2.1 percent at 15,854.07 in Toronto. The move was the biggest since rising 2.9 percent on April 29 and follows the previous session’s decrease of 0.3 percent.
Toronto-Dominion Bank contributed the most to the index gain, increasing 4.2 percent. ShawCor Ltd. had the largest increase, rising 69.9 percent. Today, 172 of 229 shares rose, while 55 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 14 times. The next day, it declined eight times for an average 4.1  percent and advanced six times for an average 1.8 percent
* So far this week, the index rose 4.4 percent, heading for the biggest advance since the week ended April 10
* This quarter, the index rose 19 percent, heading for the biggest advance in at least 10 years
* The index declined 2.2 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 11.8 percent below its 52-week high on Feb. 20, 2020 and 41.9 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.8 on a trailing basis and 26.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.35t
* 30-day price volatility rose to 20.20 percent compared with 19.65 percent in the previous session and the average of 27.50 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 143.1563| 3.1| 25/1
Energy | 92.0465| 4.4| 28/2
Industrials | 43.9518| 2.4| 27/4
Real Estate | 17.1033| 3.5| 22/2
Consumer Discretionary | 15.7245| 2.8| 12/2
Utilities | 12.7209| 1.6| 14/2
Communication Services | 10.9830| 1.2| 7/1
Consumer Staples | 5.2419| 0.8| 8/3
Health Care | -0.0157| 0.0| 4/6
Information Technology | -6.9732| -0.5| 6/4
Materials | -7.7366| -0.4| 19/28
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks jumped and Treasuries fell after a jobs report that far surpassed analysts’ forecasts bolstered expectations for the economy to rebound quickly from coronavirus lockdowns.
The S&P 500 Index rose 2.6% and posted a third weekly advance, leaving the gauge up more than 40% from its March low. Benchmark Treasury yields rose to an 11-week high. Oil jumped, gold fell and the dollar slumped following data that showed a drop in unemployment and surge in payrolls last month, signaling the economy is picking up faster than anticipated from the virus-inflicted recession.
The tech-heavy Nasdaq Composite underperformed but still set an intraday record. Airlines, automakers and banks soared, signaling that investors are rotating away from the beneficiaries of the stay-at-home economy and into shares that will do well when more normal activity resumes.
While the unemployment rate at 13.3% is still shockingly high by historic standards, markets are riding a wave of enthusiasm as investors bet on a global economy awash with stimulus. Fiscal and monetary aid measures from Frankfurt and Berlin exceeded expectations this week, and reports showed that Trump administration officials expect to spend as much as $1 trillion in the next round of aid.
The jobs report “is a big surprise and good one,” said Kathy Jones, chief fixed-income strategist for Schwab Center for Financial Research. “All of this is subject to a lot of revision and recalculation, but the trend indicators would suggest that as states reopen we’re getting people back to work and that’s a good sign for the economy.”
With this week’s 4.9% gain, the S&P 500 is close to wiping out its losses for the year, even after the coronavirus pandemic killed more than 100,000 Americans and left many more collecting unemployment. The Nasdaq Composite has climbed almost 10% since the end of December.
“Today was a shocking jobs number — and for the first time this year it was a positive shock,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “Unemployment is still extremely high at 13.3%, but at least it’s coming down.”
Oil posted its sixth weekly gain after OPEC+ reached a tentative agreement to extend record production cuts.
In Europe, airlines, automakers and hotels led gains in equities as investors scooped up beaten-up shares. The Stoxx 600 Index posted its best week in two months. Asian stocks were up more than 5% on the week, led by financial shares.
Here are the major moves in markets:
Stocks
* The S&P 500 Index climbed 2.6% at the close of trading in New York.
* The Stoxx Europe 600 Index rose 2.5%.
* The MSCI Asia Pacific Index increased 0.7%.
* The MSCI Emerging Market Index gained 1.5%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro fell 0.4% to $1.1293.
* The British pound rose 0.6% to $1.2666.
* The Japanese yen weakened 0.4% to 109.63 per dollar.
Bonds
* The yield on 10-year Treasuries jumped seven basis points to 0.89%.
* Germany’s 10-year yield increased five basis points to -0.28%.
* Britain’s 10-year yield rose five basis points to 0.35%.
Commodities
* West Texas Intermediate crude increased 5.2% to $39.36 a barrel.
* Gold weakened 1.8% to $1,682.94 an ounce.
–With assistance from Garfield Reynolds, Adam Haigh and Yakob Peterseil.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

All the problems we face in the United States today can be traced to an
unenlightened immigration policy on the part of the American Indian.
        -Pat Paulsen, 1927-1997

Now, don’t get me wrong, I think border security is important.
And I have no doubt that the Republican plan will put a stop to the
number-one threat facing America today: illegal cleaning ladies.
                                                            -Bill Maher, b. 1956

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:
June 4, 1942- The Battle of Midway.
Tara Parker-Pope — the Well columnist — keeps hearing from readers who are anguished about their inability to visit and touch family members. It’s particularly painful for grandparents, who often live alone. “So many of them told me that life on indefinite lockdown, without hugs and time with family, is just not worth living,” Tara says.
In response, she has written a guide to safer hugging, and it’s delightful. –The NY Times.

In the absence of New York City’s usual roaring traffic, a new urban soundtrack is flourishing: bird song. You can listen to the birds here. –The NY Times.

On June 4, 1989, Chinese army troops stormed Tiananmen Square in Beijing to crush the pro-democracy movement; hundreds – possibly thousands – of people died. Go to article »

PHOTOS OF THE DAY

Lightning hits the ground during a thunder storm in Ourense, Spain
CREDIT:SXENICK/EPA
Swiss artist Frank and Patrik Riklin pose in the bedroom of their Zero-Real-Estate land art installation, in front of the Churfirsten mountain range and Lake Walen new Walenstadt, Switzerland
CREDIT: REUTERS/ARND WIEGMANN

Russian’s in Cossack costume pose for a photograph in the port of Vladivostok during a ceremony marking the arrival of the tallship Pallada from a round-the-world voyage.
CREDIT: YURI SMITYUK\\TASS VIA IMAGES
Market Closes for June 4th, 2020 

Market Index	Close	Change
Dow Jones	26281.82	+11.93
		+0.05%
S&P 500	3112.35	-10.52
		-0.34%
NASDAQ	9615.813	-67.098 -0.69%
TSX	15527.87	-47.24
		-0.30%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22695.74	+81.98
		+0.36%
HANG SENG	24366.30	+40.68
		+0.17%
SENSEX	33980.70	-128.84
		-0.38%
FTSE 100*	6341.44	-40.97 -0.64%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.680	0.619
CND. 30 Year Bond	1.266	1.204
U.S.    10 Year Bond	0.8234	0.7442
U.S. 30 Year Bond	1.6318	1.5312

Currencies

BOC Close	Today	Previous
Canadian $	0.74084	0.74098
US $	1.34982	1.34956
Euro Rate 1 Euro=		Inverse
Canadian $	1.53016	0.65353
US $	1.13360	0.88214

Commodities

Gold	Close	Previous
London Gold Fix	1705.35	1742.15
Oil
WTI Crude Future	37.41	37.29

Market Commentary:
On this day in 1953, Woodcock, Hess & Co. of Philadelphia incorporated, becoming the first firm that was a member of the New York Stock Exchange to do so. Until then, all NYSE member firms had been structured as partnerships.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks declined, snapping three straight days of gains, in tandem with a drop U.S. and Europe equity markets amid concern that the recent rally had gone too far.
The S&P/TSX Composite index fell 0.3% in Toronto. Tech and consumer staples were the worst-performing sectors, while real estate, health care and materials were the best.
One of Canada’s largest private lenders wants sell as much as 11% of its loans to help ride out the coronavirus crisis. Bridging Finance Inc. has already sold C$30 million in loans ($22 million) and plans to offload a further C$170 million to other direct lenders and institutional investors, Chief Executive Officer David Sharpe said by phone. The firm, which has C$1.8 billion in assets under management, froze redemptions on its funds in April.
Canadian banks’ exposure to oil-and-gas loans has surged to a record as energy firms tapped credit lines to combat plunging oil prices. Energy loans at the country’s six largest lenders jumped 23% to C$71.6 billion ($52.9 billion) in their fiscal second quarter from the prior period, disclosures show
Commodities
* Western Canada Select crude oil traded at a $9.50 discount to West Texas Intermediate
* Spot gold climbed 1% to $1,716.80 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3505 per U.S. dollar
* The 10-year government bond yield surged to 0.677%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.3 percent at 15,527.87 in Toronto. The move follows the previous session’s increase of 1.2 percent.
Shopify Inc. contributed the most to the index decline, decreasing 3.6 percent. First Quantum Minerals Ltd. had the largest drop, falling 4.6 percent.
Today, 101 of 229 shares fell, while 124 rose; 6 of 11 sectors were lower, led by information technology stocks.
Insights
* So far this week, the index rose 2.2 percent
* This quarter, the index rose 16 percent, heading for the biggest advance in at least 10 years
* The index declined 3.9 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.7 percent in the same period
* The S&P/TSX Composite is 13.6 percent below its 52-week high on Feb. 20, 2020 and 39 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.7 percent in the past 5 days and rose 5.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 25.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.36t
* 30-day price volatility little changed to 19.65 percent compared with 19.64 percent in the previous session and the average of 28.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -34.3465| -2.4| 2/8
Consumer Staples | -14.2412| -2.1| 2/9
Consumer Discretionary | -8.5337| -1.5| 2/12
Utilities | -5.8675| -0.7| 8/8
Energy | -4.8921| -0.2| 15/13
Industrials | -2.8343| -0.2| 17/14
Communication Services | 0.1722| 0.0| 4/3
Financials | 1.2604| 0.0| 14/12
Health Care | 1.7273| 1.1| 7/2
Real Estate | 7.5678| 1.6| 17/9
Materials | 12.7629| 0.6| 36/11
US
By Claire Ballentine and Katherine Greifeld
(Bloomberg) — Stocks slumped in the U.S. and Europe as concern the recent rally had gone too far overshadowed new stimulus measures and encouraging economic data.
The S&P 500 Index fell less than half a percentage point, still its biggest drop in two weeks, snapping a four-day winning streak. Treasury yields rose as weekly jobless claims fell. The Stoxx 600 stayed lower even as the European Central Bank moved to add 600 billion euros to its pandemic purchase program, more than expected.
After exceptional gains for equities in the past week took valuations to the highest since 2000 and pushed technical levels on the S&P 500 toward overbought levels, traders are searching for further tailwinds to drive gains.
The moves from the ECB and the slowdown in job losses weren’t enough. “We had stocks make a miraculous recovery from their March 23 lows and so it makes sense that we’re unlikely to see the rally continue at the pace it has,” said Kristina Hooper, chief global market strategist at Invesco. “We’re probably going to see more of a plateauing, more of trading in a range until there’s a catalyst that moves them forward.”
Investors are awaiting plans for the next round of U.S. economic stimulus, but Trump administration officials have postponed discussions scheduled for this week, according to people familiar with the matter.
Elsewhere, gold gained along with silver. Stocks in Asia were mixed. West Texas oil slumped from a three-month high as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
Here are some key events coming up:
* The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.

Here are the major moves in markets:
Stocks
* The S&P 500 Index fell 0.3% at the close of trading in New York.
* The Nasdaq 100 Index fell 0.8%.
* The Stoxx Europe 600 Index declined 0.7%.
* The MSCI All-Country World Index fell 0.4%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro rose 0.9% to $1.1336.
* The British pound rose 0.2% to $1.2602.
* The Japanese yen fell 0.2% to 109.13 per dollar.
Bonds
* The yield on 10-year Treasuries rose seven basis points to 0.81%.
* Germany’s 10-year yield rose three basis points to -0.33%.
* Britain’s 10-year yield rose three basis points to 0.30%.
* Australia’s 10-year yield rose five basis points to 1.01%.
Commodities
* WTI crude fell 0.4% to $37.13 a barrel.
* Gold strengthened 0.9% to $1,715.59 an ounce.

–With assistance from Andreea Papuc, Adam Haigh, David Wilson and Vildana Hajric.

Have a great evening.

Be  magnificent!
As ever,

Carolann

What is right to be done cannot be done too soon.
                                 -Jane Austen, 1775-1817

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 3, 1965, astronaut Edward White became the first American to “walk” in space, during the flight of Gemini 4. Go to article »

Take it from Yo-Yo Ma and Andrew Lloyd Webber — five minutes is all you need to fall in love with the cello. -The New York Times.

My nephew just graduated from Harvard University and of course  this graduating class was practicing social distancing.  However, they all still manage to dress up in black tie affair and for their graduation celebration and  Yo-Yo Ma played virtually for them at their graduation ceremony.  How cool is that!

A photo is crashing Android phones. –Bloomberg.

This man can draw entire detailed cityscapes — from memory 
Some people’s minds — and the art they produce — are truly incredible. (Click here to view.)  -CNN.
PHOTOS OF THE DAY

The sun rises at Bodiam Castle, East Sussex
CREDIT: OLIVER DIXON

Customers wearing face shield hats in “Café de Flore’ in the Latin Quarter district as bars and restaurants reopen in Paris, Frances
CREDIT: CHRISTOPHE PETIT TESSON/EPA -EFE/SHUTTERSTOCK

View of a group of ostriches, in the gardens of the Palacio do Alvorada, in Brasilia, Brazil.
CREDIT: JOESON ALVES/EPA-EFE/SHUTTERSTOCK
Market Closes for June 3^rd, 2020 

Market Index	Close	Change
Dow Jones	26269.89	+527.24
		+2.05%
S&P 500	3122.84	+42.05
		+1.36%
NASDAQ	9682.910	+74.535 +0.78%
TSX	15575.11	+180.75
		+1.17%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22613.76	+288.15
		+1.29%
HANG SENG	24325.62	+329.68
		+1.37%
SENSEX	34109.54	+284.01
		+0.84%
FTSE 100*	6382.41	+162.27 +2.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.619	0.543
CND. 30 Year Bond	1.204	1.144
U.S.    10 Year Bond	0.7442	0.6836
U.S. 30 Year Bond	1.5312	1.4846

Currencies

BOC Close	Today	Previous
Canadian $	0.74098	0.73961
US $	1.34956	1.35206
Euro Rate 1 Euro=		Inverse
Canadian $	1.51604	0.65961
US $	1.12336	0.89019

Commodities

Gold	Close	Previous
London Gold Fix	1742.15	1730.60
Oil
WTI Crude Future	37.29	36.81

Market Commentary:
On this day in 1880, wireless telecommunication began when Alexander Graham Bell transmitted the first message on his new “photophone,” which bounced sound off a mirror and used a beam of sunlight to project the mirror’s vibrations onto a photosensitive receiver. Although Bell was never able to commercialize his photophone, modern fiber optics, which support things like high-speed trading and Netflix, work on the same basic principle
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares continued their march upward as investors turned to buying riskier assets amid optimism for a quick economic recovery from Covid-19.
The S&P/TSX Composite index rose 1.2% in Toronto. The real estate, financials and industrials sectors outperformed, while materials and tech stocks fell. Gold miners took a hit as gold futures fell. Investors turned away from havens after data on U.S. private payrolls showed fewer job losses than forecast.
The Bank of Canada also said that the country’s economy appears to have avoided the worst-case scenario, prompting policy makers to wind down some market operations and pare back estimates of the downturn.
Meanwhile, Canada Goose Holdings Inc. was the best- performing stock on Wednesday, after reporting a smaller-than- expected revenue decline last quarter. Even so, the luxury parka maker sees “negligible” sales this quarter as consumers prioritize staples and food over discretionary merchandise.
On the automotive news, Martinrea International Inc.’s Chairman said that auto sales in the U.S. were “shockingly high.” He also called markets in China “relatively healthy,” while Europe is experiencing a “slow restart.”
Commodities
* Western Canada Select crude oil traded at a $8.60 discount to West Texas Intermediate
* Spot gold fell about 1.7% to $1,697.93 an ounce
FX/Bonds
* The Canadian dollar rose about 0.2% to C$1.3494 per U.S. dollar
* The 10-year government bond yield surged to 0.621%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.2 percent, or 180.75 to 15,575.11 in Toronto.
The move was the biggest since rising 1.7 percent on May 19.
Today, financials stocks led the market higher, as 9 of 11 sectors gained; 170 of 229 shares rose, while 58 fell. Brookfield Asset Management Inc. contributed the most to
the index gain, increasing 6.2 percent. Canada Goose Holdings Inc. had the largest increase, rising 17.5 percent.
Insights
* This quarter, the index rose 16 percent, heading for the biggest advance in at least 10 years
* The index declined 2.8 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 13.3 percent below its 52-week high on Feb. 20, 2020 and 39.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2 percent in the past 5 days and rose 6.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 25.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.33t
* 30-day price volatility fell to 19.64 percent compared with 20.54 percent in the previous session and the average of 29.23 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 133.1603| 3.0| 23/3
Industrials | 36.1619| 2.0| 26/5
Real Estate | 17.1644| 3.8| 25/1
Communication Services | 14.4502| 1.6| 8/0
Utilities | 13.6403| 1.7| 16/0
Energy | 12.3835| 0.6| 23/7
Consumer Staples | 11.3674| 1.7| 8/3
Consumer Discretionary | 9.1968| 1.7| 12/2
Health Care | 2.0412| 1.3| 7/3
Information Technology | -12.4791| -0.9| 8/2
Materials | -56.3164| -2.7| 14/32
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Global stocks extended their rally into an eighth straight day as investors clung to optimism for a quick economic recovery from the pandemic.
The Nasdaq 100 briefly surpassed its February closing record. Banks led the S&P 500 Index toward a three-month high, with four stocks gaining for every one that fell. The dollar dropped to its weakest since early March. Gold and Treasuries also slumped as investors turned away from havens after U.S. private payrolls showed fewer job losses than forecast in May.
European stocks jumped the most in two weeks, led by automakers and insurers. The euro strengthened for a seventh session as data showed the region’s economic activity increased in May to the highest in three months after an easing of lockdowns. Amid the exuberance, a popular technical momentum indicator is close to flashing a warning sign for the S&P 500 and valuations for global stocks have climbed to their highest level versus estimated earnings since the early 2000s.
The rally has surprised some analysts who predict a long road back to normalcy following the pandemic. They also point to risks including tense U.S.-China relations, the possibility for a second wave of infections and the uprisings in U.S. cities against police brutality.
“The market is climbing the wall of worry right now and it is very, very uncomfortable for many investors,” said Gerald Sparrow, chief investment officer of the Sparrow Growth Fund, which has outperformed 95% of its peers this year.
But the reopening of global economies has turned into a tailwind for stocks, and a flattening virus curve and Federal Reserve stimulus are also helping gains. Wednesday’s advance was driven by financial companies, auto manufacturers and makers of durable goods, while big tech shares lagged behind, indicating the rally is broadening out.
“With many businesses across the country reopening, labor watchers may optimistically be thinking that the worst is behind us,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial.
Elsewhere, shares in South Korea led Asian equities higher after the country detailed a third round of fiscal stimulus, while Singapore’s benchmark entered a bull market. MSCI’s gauge of emerging-market stocks climbed close a three-month high.
Here are some key events coming up:
* The European Central Bank is expected to top up its rescue program with an additional 500 billion euros of asset purchases at a meeting on Thursday. Anything less than an expansion would be a big shock, Bloomberg Economics said.
* The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.4% at the close of trading in New York.
* The Nasdaq 100 Index added 0.5%.
* The Stoxx Europe 600 Index gained 2.5%.
* The MSCI All-Country World Index climbed 1.7%.
Currencies
* The Bloomberg Dollar Spot Index slid 0.4%.
* The euro gained 0.7% to $1.1243.
* The British pound increased 0.3% to $1.2587.
* The Japanese yen slipped 0.2% to 108.93 per dollar.
Bonds
* The yield on 10-year Treasuries rose seven basis points to 0.76%.
* Germany’s 10-year yield climbed six basis points to -0.36%.
* Britain’s 10-year yield increased five basis points to 0.27%.
* Australia’s 10-year yield rose six basis points to 0.96%.
Commodities
* WTI crude rose 0.1% to $36.84 a barrel.
* Gold weakened 1.7% to $1,698.53 an ounce.
* The Bloomberg Commodity Index rose 0.2%.
–With assistance from Moxy Ying and Adam Haigh.

Have a great night.

Be magnificent!
As ever,

Carolann

The secret of success is constancy of purpose.
                    -Benjamin Disraeli, 1804-1881

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
1692: Salem witch trials begin.
On June 2, 1953, Queen Elizabeth II of Britain was crowned in Westminster Abbey, 16 months after the death of her father, King George VI. Go to article »

Why Bach sounded like Bach. -Bloomberg.

New study challenges “collapse” hypothesis of Easter Island. (h/t Scott Kominers) -Bloomberg.

PHOTOS OF THE DAY

A surfer heads out into the ocean in Cape Town, South Africa. South Africa’s lockdown regulations were eased as part of a phased risk adjusted strategy by government in dealing with the coronavirus SARS-CoV-2 which causes the Covid-19 disease. The country has moved from level 4 to level 3 lockdown but there is still much confusion as to some of the regulations. Non-contact sport has been permitted but beaches remain closed.
CREDIT: NIC BOTHMA/EPA-EFE/SHUTTERSTOCK

Villagers walking in terraced fields in Jiabang Township, Congjiang Country of southwest China’s Guizhou Province.
CREIDT: XINHUA NEWS AGENCY/EYEVINE

Pigeons belonging to members of the Barnsley Federation of Racing Pigeons are released at Wicksteed Park in Kettering, Northamptonshire, as pigeon racing is the first spectator sport to return following the easing of lockdown restrictions in England.
CREDIT: JACOB KING/PA WIRE

Market Closes for June 2^nd, 2020 

Market Index	Close	Change
Dow Jones	25742.65	+267.63
		+1.05%
S&P 500	3080.82	+25.09
		+0.82%
NASDAQ	9608.375	+56.326 +0.59%
TSX	15394.36	+158.15
		+1.04%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22325.61	+263.22
		+1.19%
HANG SENG	23995.94	+263.42
		+1.11%
SENSEX	33825.53	+522.01
		+1.57%
FTSE 100*	6220.14	+53.72 +0.87%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.543	0.533
CND. 30 Year Bond	1.144	1.123
U.S.    10 Year Bond	0.6836	0.6591
U.S. 30 Year Bond	1.4846	1.4513

Currencies

BOC Close	Today	Previous
Canadian $	0.73961	0.73686
US $	1.35206	1.35711
Euro Rate 1 Euro=		Inverse
Canadian $	1.50960	0.66242
US $	1.11652	0.89564

Commodities

Gold	Close	Previous
London Gold Fix	1730.60	1728.70
Oil
WTI Crude Future	36.81	35.44

Market Commentary:
On this day in 1985, R.J. Reynolds Industries took a deep breath and gobbled up Nabisco Brands in an acquisition valued at $4.9 billion, the largest takeover yet on record outside the oil industry. RJR bought Nabisco for $85 a share—a huge premium over the $60 share price only a month earlier. William Leach, a leading food-industry analyst at Donaldson, Lufkin & Jenrette, said the deal wasn’t likely to have much effect on the food industry and doubted that more mergers would follow. Three months later, Philip Morris bought General Foods.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada stocks rose with global markets as investors weighed new bouts of stimulus and positive economic signals as coronavirus lockdowns ease. The S&P/TSX Composite Index rose 1% in Toronto. Consumer discretionary and energy stocks outperformed, while materials fell. Meanwhile, one of Canada’s railways is seeing signs the economy is slowly bouncing back from the coronavirus pandemic. Volumes rose 4% at Canadian National Railway Co. in the last week of May as manufacturing and construction sectors reopened, said Chief Financial Officer Ghislain Houle. While the recovery is expected to be slow, it’s a positive sign after shipments hit bottom last month, he said. On the deals front, Fairfax Financial Holdings Ltd. said it isn’t making and isn’t engaged in making a bid for BlackBerry Ltd., BNN Bloomberg reported, citing an email from Fairfax’s general counsel. BlackBerry rose 7.6%, bringing its two-day gain to 13%.
Commodities
* Western Canada Select crude oil traded at a $7.70 discount to West Texas Intermediate
* Spot gold fell 0.8% to $1,726.39 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4% to C$1.3520 per U.S. dollar
* The 10-year government bond yield rose slightly to 0.542%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1 percent, or 158.15 to 15,394.36 in Toronto. The move was the biggest since rising 1.1 percent on May 25. Royal Bank of Canada contributed the most to the index gain, increasing 2.6 percent. Baytex Energy Corp. had the largest increase, rising 34.1 percent. Today, 146 of 229 shares rose, while 83 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 15 percent, heading for the biggest advance in at least 10 years
* The index declined 4 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 14.3 percent below its 52-week high on Feb. 20, 2020 and 37.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.6 percent in the past 5 days and rose 5.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
19.2 on a trailing basis and 25.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.31t
* 30-day price volatility fell to 20.54 percent compared with
22.93 percent in the previous session and the average of 29.69 percent over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 97.6713| 2.2| 24/2
Energy | 47.4146| 2.3| 29/1
Information Technology | 24.0993| 1.7| 8/2
Consumer Discretionary | 17.6127| 3.3| 14/0
Industrials | 12.2311| 0.7| 19/12
Communication Services | 10.8584| 1.2| 7/1
Consumer Staples | 5.9113| 0.9| 5/6
Utilities | 2.1387| 0.3| 13/3
Real Estate | -1.6864| -0.4| 8/18
Health Care | -1.9782| -1.3| 3/7
Materials | -56.1284| -2.6| 16/31
US
By Katherine Greifeld
(Bloomberg) — U.S. stocks rose alongside equities in Europe and Asia amid new bouts of stimulus and positive economic signals as coronavirus lockdowns ease. The dollar slumped for a fourth consecutive day. Two shares rose on the S&P 500 Index for every one that fell, lifting the benchmark to its highest since March 4. Gunmakers extended rallies in the wake of President Donald Trump’s promise to deploy large numbers of troops if cities and states don’t act to contain violence from protests over police brutality. Stocks are hovering near their highest in three months as businesses reopen around the world and manufacturing gauges show economies stabilizing following coronavirus shutdowns. That’s despite a slew of risks still on the horizon, including tense U.S.-China relations that may jeopardize a hard-won trade deal. The sometimes violent demonstrations across U.S. cities over the killing by police of George Floyd, an unarmed black man, aren’t yet seen as a major drag on the economy and corporate profits. “Everyone who is assessing what they’re seeing on the news every night is recognizing things getting worse, and yet the markets are focusing on things that they believe are getting better,” said Brian Levitt, a global market strategist at Invesco. Coronavirus “cases have plateaued in aggregate and compressed in some of the hardest hit areas. Mobility is starting to pick up, reopenings are starting to pick up.”
Stimulus hopes powered Europe’s Stoxx 600 to a 12-week high as Chancellor Angela Merkel sought to thrash out a second aid package for Germany. Oil gained as investors eyed a potential extension of record production curbs by OPEC+. Treasuries edged lower, while the pound gained on positive news in trade negotiations between Britain and the EU. Elsewhere, emerging-market stocks rallied alongside currencies. Australia’s dollar rose to its highest level since January. In Asia, Tokyo equity benchmarks outperformed.
Here are some key events coming up:
* In Europe, the ECB is expected to top up its rescue program with an additional 500 billion euros of asset purchases at a meeting on Thursday. Anything less than an expansion would be a big shock, Bloomberg Economics said.
* The U.S. labor market report on Friday will probably show American unemployment soared to 19.6% in May, the highest since the 1930s.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.8% at the close of trading in New
York for its third straight gain.
* The Stoxx Europe 600 Index advanced 1.6%.
* The MSCI Asia Pacific Index increased 1%.
* The MSCI Emerging Market Index gained 1.7%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.3%.
* The euro increased 0.3% to $1.1169.
* The British pound gained 0.4% to $1.2546.
* The Japanese yen weakened 1% to 108.66 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 0.68%.
* Germany’s 10-year yield declined one basis point to -0.42%.
* Britain’s 10-year yield fell one basis point to 0.22%.
Commodities
* West Texas Intermediate crude increased 4% to $36.84 a barrel.
* Gold fell 0.7% to $1,728.12 an ounce.
–With assistance from Andreea Papuc, David Wilson and Michael Hunter.

Have a great night.

Be magnificent!
As ever,

Carolann

Doing the best at this moment puts you in the best place for the next moment.
                                                                          -Oprah Winfrey, b. 1954

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 works of Christo, in photos. -Bloomberg.

Unsold  truffles tell tale of broken $3.4 trillion food chain. –Bloomberg.

The pandemic isn’t the only thing that’s shaken the world this year
We’re only halfway through 2020, but it feels like about 10 years’ worth of stuff has happened. Here’s a recap –CNN.

A 103-year-old woman beat Covid-19, and had an ice cold beer to celebrate
When you’re 103 and kick Covid to the curb, you can drink whatever you want –CNN.

On June 1, 1968, author-lecturer Helen Keller, who earned a college degree despite being blind and deaf most of her life, died in Westport, Conn. Go to article »
PHOTOS OF THE DAY

Queen Elizabeth II rides Balmoral Fern, a 14-year-old Fell Pony, in Windsor Home Park. This is the first time the Queen has been seen since the beginning of Lockdown.
CREDIT: STEVE PARSONS/PA

People in pedalo’s go through the Olympic Park in Stratford in London, England.
CREDIT: ALEX PANTLING/GETTY IMAGES

A rainbow appears on the horizon after a brief spell of rain on the outskirts of New Delhi, India
CREDIT: AP PHOTO/ALTAF QADRI
Market Closes for June 1^st, 2020 

Market Index	Close	Change
Dow Jones	25475.02	+91.91
		+0.36%
S&P 500	3055.43	+11.42
		+0.38%
NASDAQ	9552.051	+62.179 +0.66%
TSX	15236.21	+43.38
		+0.29%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22062.39	+184.50
		+0.84%
HANG SENG	23732.52	+771.05
		+3.36%
SENSEX	33303.52	+879.42
		+2.71%
FTSE 100*	6166.42	+89.82 +1.48%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.533	0.534
CND. 30 Year Bond	1.123	1.118
U.S.    10 Year Bond	0.6591	0.6493
U.S. 30 Year Bond	1.4513	1.4077

Currencies

BOC Close	Today	Previous
Canadian $	0.73686	0.72640
US $	1.35711	1.37665
Euro Rate 1 Euro=		Inverse
Canadian $	1.51118	0.66173
US $	1.11353	0.89804

Commodities

Gold	Close	Previous
London Gold Fix	1728.70	1717.35
Oil
WTI Crude Future	35.44	25.49

Market Commentary:
On this day in 1932, Benjamin Graham published the first of a three-part series of articles in Forbes Magazine in which he pointed out that “a great number of American businesses are quoted in the market for much less than their liquidating value; that in the best judgment of Wall Street, these businesses are worth more dead than alive.” On the very same day, the Standard & Poor’s 500-stock index (measured retroactively) hit its all-time low of 4.40.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares climbed on Monday, led by consumer discretionary stocks, with investors focused on signs of economic recovery.
The S&P/TSX Composite index rose 0.3% in Toronto. Royal Bank of Canada contributed the most to the index advance, increasing 2.2%, while Alaris Royalty had the largest gain, rising percentage 9.8%. Canopy Growth had the biggest drop, falling 8.1%.
BlackBerry shares gained after Street Insider reported that Fairfax Financial recently held talks to buy the remaining shares it didn’t already own. Street Insider, citing an unidentified source, said BlackBerry has formed a special committee and hired bankers to assist in the matter. Prime Minister Justin Trudeau unveiled C$2.2 billion ($1.6 billion) in financial support for Canadian municipalities whose revenues have plunged because of Covid-19 lockdowns.
Commodities
* Western Canada Select crude oil traded at a $6.50 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,739.23 an ounce
FX/Bonds
* The Canadian dollar rose 1.6% to C$1.3568 per U.S. dollar
* The 10-year government bond yield rose slightly to 0.535%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 15,236.21 in Toronto. The move follows the previous session’s decrease of 0.5 percent. Royal Bank of Canada contributed the most to the index gain, increasing 2.2 percent. Alaris Royalty Corp. had the largest increase, rising 9.8 percent.
Today, 131 of 229 shares rose, while 96 fell; 4 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 14 percent, heading for the biggest advance in at least 10 years
* The index declined 5 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.7 percent in the same period
* The S&P/TSX Composite is 15.2 percent below its 52-week high on Feb. 20, 2020 and 36.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 1.1 percent in the past 5 days and rose 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 24.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.3t
* 30-day price volatility little changed to 22.93 percent compared with 22.93 percent in the previous session and the average of 31.28 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 63.7906| 1.5| 19/7
Materials | 18.4698| 0.9| 33/13
Consumer Discretionary | 11.0287| 2.1| 12/2
Energy | 3.0037| 0.1| 23/7
Real Estate | -1.2103| -0.3| 10/16
Health Care | -1.2374| -0.8| 5/5
Utilities | -3.2690| -0.4| 6/9
Communication Services | -4.5707| -0.5| 2/6
Industrials | -11.1158| -0.6| 16/15
Consumer Staples | -14.8066| -2.2| 1/10
Information Technology | -16.7135| -1.2| 4/6
US
By Vildana Hajric
(Bloomberg) — U.S. stocks rose as investors focused on signs of economic recovery amid further tension with China, lackluster virus drug-test results and spreading protests over the killing of George Floyd, an unarmed black man, by police.
The dollar slumped.
The tech-heavy Nasdaq Composite outperformed as a closely watched measure of U.S. manufacturing rose in May for the first time in four months, suggesting stabilization after a pandemic-driven plunge. Gunmakers rallied in the aftermath as the protests were marred by violence. Gilead Sciences Inc. fell after its drug remdesivir showed only a limited benefit in a large trial.
Risk assets showed signs of resilience Monday after stocks had dipped earlier in the day following reports that Chinese officials had told agricultural companies to pause purchases of some U.S. farm goods, threatening a hard-won trade deal. Metals and emerging-market equities advanced along with shares in Europe and Asia.
Investors mostly looked past the weekend of sometimes violent demonstrations across U.S. cities, highlighting what many see as the disconnect between Wall Street and Main Street. Stocks are near a three-month high as businesses reopen following shutdowns caused by the coronavirus, even with 40 million Americans having filed for unemployment benefits.
“Progress on the road to an economic recovery could help offset pressure on the equity market from near-term challenges stemming from geopolitical, health, and societal risks,” John Stoltzfus, chief investment strategist at Oppenheimer, wrote to clients.
Goldman Sachs Group Inc. said the U.S. labor market is showing the earliest signs of rebounding. China’s Caixin purchasing managers’ index for manufacturing rose above 50 May, indicating an expansion. Euro-area data on Monday also signaled factories have started down their long road to recovery.
Here are some key events coming up:
* In Europe, the ECB is expected to top up its rescue program with an additional 500 billion euros of asset purchases at a meeting on Thursday. Anything less than an expansion would be a big shock, Bloomberg Economics said.
* The U.S. labor market report on Friday will probably show American unemployment soared to 19.6% in May, the highest since the 1930s.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4% at the close of trading in New York.
* The Stoxx Europe 600 Index climbed 1.1%.
* Hong Kong’s Hang Seng Index increased 3.4%.
* The MSCI Asia Pacific Index increased 1.8%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.7%.
* The euro rose 0.3% to $1.1133.
* The British pound gained 1.3% to $1.2503.
* The Japanese yen strengthened 0.2% to 107.6 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 0.66%.
* Germany’s 10-year yield increased four basis points to -0.41%.
* Britain’s 10-year yield climbed five basis points to 0.23%.
Commodities
* West Texas Intermediate crude rose 0.3% to $35.59 a barrel.
* Gold strengthened 0.6% to $1,740.17 an ounce.
–With assistance from Joanna Ossinger, Gregor Stuart Hunter, Adam Haigh, Anchalee Worrachate and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Efforts and courage are not enough without purpose and direction.
                                                -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