Category: Events

Dear Friends,

Tangents:  Midnight Sun, Norway, begins today.

On May 14, 1948, the independent state of Israel was proclaimed as British rule in Palestine came to an end.  Go to article »

Quote of the Day:
“In terms of my health I am fine, with the same minor annoyances that anyone can have.”
Maria Branyas, who at 113 years old is thought to be Spain’s oldest living person, vastly underselling her fortitude after surviving a mild case of Covid-19. -CNN.

Paleontologists find dinosaur footprints on a cave ceiling

Poem:
The Day the War Ended
by Randall Swingler

On the day the war ended
The sung laced through the avenues with lime-tree scent
The silver birches danced on the sidewalk
And the girls came out like tulips in their colours:
Only the soldiers were caught, like sleepwalkers
Wakened unaware, naked there in the street.
Fatuous in flowers, their tanks, tamed elephants,
Wallowed among the crowds in the square.
There is a moment when contradictions cross,
A split of a moment when history twirls on one toe
Like a ballerina, and all men are really equal
And happiness could be impartial for once-
Only the soldier, snatched by the sudden stop
In his word’s turning, whirled like a meteor
Through a phoenix night of stars, is falling, falling
And as his trajectory bows and earth begins
To pull again, his hollow ears are moaning
With a wild tone of sorrow and the loss, the loss…

-Gradisca, May, 1945.

PHOTOS OF THE DAY

A man wearing a protective face mask walks through the Senbon Torii, a tunnel of torii gates, at Fushimi Inari Taisha Shrine in Kyoto, Japan
CREDIT: DAI KUROKAWA/ EPA

French street artist Ardif poses in front of his artwork to pay tribute to caregivers and medical workers due to the epidemic of coronavirus in Paris, France
CREDIT: CHESNOT/GETTY IMAGES

Rob Underhill looks out to sea as he sits outside his beach hut on Bournemouth beach in Dorset on the first day of easing for some coronavirus lockdown restrictions in England
CREDIT: ANDREW MATTHEWS/PA WIRE
Market Closes for May 14^th, 2020 

Market Index	Close	Change
Dow Jones	23625.34	+377.37
		+1.62%
S&P 500	2852.50	+32.50
		+1.15%
NASDAQ	8943.723	+80.556 +0.91%
TSX	14509.66	+6.45
		+0.04%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	19914.78	-352.27
		-1.74%
HANG SENG	23829.74	-350.56
		-1.45%
SENSEX	31122.89	-885.72
		-2.77%
FTSE 100*	5741.54	-162.51 -2.75%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.527	0.548
CND. 30 Year Bond	1.075	1.113
U.S.    10 Year Bond	0.6218	0.6525
U.S. 30 Year Bond	1.2909	1.3451

Currencies

BOC Close	Today	Previous
Canadian $	0.71185	0.70920
US $	1.40480	1.41005
Euro Rate 1 Euro=		Inverse
Canadian $	1.51799	0.65876
US $	1.08058	0.92543

Commodities

Gold	Close	Previous
London Gold Fix	1708.40	1702.75
Oil
WTI Crude Future	27.56	25.78

Market Commentary:
On this day in 1997, Amazon.com went public on the Nasdaq, offering 3 million shares at an initial price of $18 per share.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities finished slightly higher Thursday after a weak open. U.S. shares advanced.
The S&P/TSX Composite Index rose 0.04% after falling as much as 2.2%, with five of eleven sectors higher. Materials led the way, gaining 1.9%, closely followed by real estate, which advanced 1.3%. Industrials weakened.
Quebec abandoned a plan to let children return to school this month in Montreal as dozens of people continue to die every day from Covid-19 in Canada’s second-biggest city. In contrast, Ontario announced it would allow the reopening of most stores, except for those in shopping malls, on Tuesday.
Canada’s financial system remains resilient even in the face of the Covid-19 pandemic and moves to keep credit markets functioning have been largely effective, though risks remain, according to the Bank of Canada.
Oil surged to the highest in more than five weeks as signs emerge that OPEC and its allies are scaling back crude shipments at a time when consumption is recovering.
Also, Brookfield Asset Management Inc. is well-positioned to make it through the pandemic, with $46 billion in client commitments for new investments and $15 billion in cash, other financial assets and long-dated credit facilities across its various businesses that remain largely undrawn, its CEO said.
Commodities
* Western Canada Select crude oil traded at a $4.40 discount to West Texas Intermediate.
* Spot gold rose 0.9% to about $1,732 an ounce.
FX/Bonds
* The Canadian dollar rose 0.5% to C$1.4035 per U.S. dollar.
* The 10-year government bond yield fell 1.8 basis points to 0.531%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite advanced slightly to 14,509.66 in Toronto. The move follows the previous session’s decrease of 2.5 percent.
Barrick Gold Corp. contributed the most to the index gain, increasing 3.4 percent. Aurora Cannabis Inc. had the largest increase, rising 11.0 percent.
Today, 111 of 229 shares rose, while 112 fell; 6 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index fell 3.1 percent, heading for the biggest decline since the week ended March 20
* The index declined 11 percent in the past 52 weeks. The MSCI AC Americas Index lost 0.7 percent in the same period
* The S&P/TSX Composite is 19.3 percent below its 52-week high on Feb. 20, 2020 and 29.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.2 percent in the past 5 days and rose 1.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.4 on a trailing basis and 22 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.19t
* 30-day price volatility fell to 30.23 percent compared with 30.48 percent in the previous session and the average of 59.24 percent over the past month
=====================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
=====================================================
Materials | 41.2387| 1.9| 32/15
Real Estate | 5.5502| 1.3| 20/6
Communication Services | 3.7300| 0.4| 6/2
Consumer Discretionary | 2.4254| 0.5| 5/8
Utilities | 1.9821| 0.3| 9/7
Health Care | 0.0007| 0.0| 5/5
Financials | -0.2381| 0.0| 8/17
Consumer Staples | -1.1554| -0.2| 6/5
Information Technology | -12.0766| -0.9| 2/8
Energy | -17.1934| -0.9| 10/18
Industrials | -17.8075| -1.1| 8/21
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks rebounded as a rally in beaten- down industries outweighed pessimism over bleak economic data and trade tensions.
In a very volatile session, banks led gains in the S&P 500 as Wells Fargo, JPMorgan and Bank of America jumped at least 4%.
Energy shares joined a surge in crude. Both industries are still the worst performers this year — tumbling more than 30%. The Dow Jones Industrial Average outperformed major benchmarks as American Express and Cisco Systems jumped. Treasuries rose.
     Earlier losses in stocks were driven by weak U.S. jobless claims and as President Donald Trump said he doesn’t want to talk to his Chinese counterpart Xi Jinping right now. While caution still prevails, some traders may be buying the dip after a sell-off that put the S&P 500 on pace for its worst week since March 20 — or just before the start of a furious stock rally. “We’ve had another day of bad news with jobless claims today,” said Matt Maley, chief market strategist at Miller Tabak. “In the last two months, we bounced back every time we pulled back like this and people don’t want to get too aggressive on the sell-side.” Shares of U.S. banks have become so weak by comparison with technology stocks that a turning point is coming soon, Jonathan Krinsky, chief market technician at Bay Crest Partners LLC, wrote in a report Wednesday. He cited the ratio between the KBW Bank Index and the Nasdaq 100, which closed at record lows the past two days. Wednesday’s ratio was 39% below the average for the past 200 trading days, according to data compiled by Bloomberg. The historically large gap shows “we are in the ballpark” for a swing toward banks, Krinsky wrote.
Elsewhere, oil rose as Saudi Aramco slashed its sales to key buyers and the IEA said that the market is showing signs of improving.
Here are some key events coming up:
* China on Friday releases industrial production and retail sales data for April.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 2.2%.
* The MSCI Asia Pacific Index decreased 1.5%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro decreased 0.2% to $1.0801.
* The Japanese yen weakened 0.3% to 107.31 per dollar.
Bonds
* The yield on 10-year Treasuries declined three basis points to 0.63%.
* Germany’s 10-year yield decreased one basis point to -0.54%.
* Britain’s 10-year yield fell less than one basis point to 0.204%.
Commodities
* The Bloomberg Commodity Index rose 1.1%.
* West Texas Intermediate crude gained 9.3% to $27.64 a barrel.
* Gold rose 1.3% to $1,739.30 an ounce.

–With assistance from Andreea Papuc, Yakob Peterseil, Todd White, Elena Popina, Sarah Ponczek, Claire Ballentine and David Wilson.
Have a great night.

Be magnificent!
As ever,

Carolann

To be prepared is half the victory.
 -Miguel De Cervantes, 1547-1616

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 May 13, 1981, Pope John Paul II was shot and seriously wounded in St. Peter’s Square by Turkish assailant Mehmet Ali Agca.  Go to article »

Restaurant to enforce social distancing, creepy vibes by filling tables with old mannequins. (h/t Ellen Kominers) -Bloomberg.

How a photographer re-created the outdoors with household stuff. -Bloomberg.

Behold the faded beauty of abandoned cars. (h/t Mike Smedley) –Bloomberg.

Summer reading will have to do more than usual to help us get away from it all while we can’t get away, writes our writer-at-large Sarah Lyall.
Here are her suggestions for falling into fictional worlds. -The NY Times.

PHOTOS OF THE DAY

A polar bear cub takes a tumble as it tries to use its mother as a climbing frame as she walks across the snow. The three month old cub was clinging to its mother’s neck as it attempted to wrestle her to the floor. The bears were on their way toward the Arctic Ocean to hunt for food.
CREDIT: HAO JIANG/SOLENT NEWS

Three eight-week-old great horned owls at Scottish Owl Centre in West Lothian. These owl chicks are getting ready to take flight after growing to nearly the same size as their parents – in just eight weeks. The horned owl chicks, named Storm, Ciara and Dennis, hatched between March 21 and 23 and will grow up to be ‘the most aggressive birds of prey in the world’. Despite only being a few months old, the birds have already grown to 1.5ft tall and are getting ready to fly, according to ornithologist Rod Angus, who owns the center.
CREDIT: KATIELEE ARROWSMITH. SWNS

Rain clouds, wind and rain pass over One World Trade Center and Lower Manhattan in New York City
CREDIT: JOHN ANGELILLO/UPI

Machinery and Turf Horticulturist Nigel Downs puts the finishing touches to a thank you message for NHS staff and carers at RHS Hyde Hall Gardens in Chelmsford, Essex.
CREDIT: STEVE PARSONS/PA WIRE
Market Closes for May 13^th, 2020 

Market Index	Close	Change
Dow Jones	23247.97	-516.81
		-2.17%
S&P 500	2820.00	-50.12
		-1.75%
NASDAQ	8863.168	-139.383 -1.55%
TSX	14503.21	-377.95
		-2.54%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20267.05	-99.43
		-0.49%
HANG SENG	24180.30	-65.38
		-0.27%
SENSEX	32008.61	+637.49
		+2.03%
FTSE 100*	5904.05	-90.72 -1.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.548	0.546
CND. 30 Year Bond	1.113	1.140
U.S.    10 Year Bond	0.6525	0.6651
U.S. 30 Year Bond	1.3451	1.3698

Currencies

BOC Close	Today	Previous
Canadian $	0.70920	0.71048
US $	1.41005	1.40750
Euro Rate 1 Euro=		Inverse
Canadian $	1.52534	0.65559
US $	1.08177	0.92441

Commodities

Gold	Close	Previous
London Gold Fix	1702.40	1702.75
Oil
WTI Crude Future	25.29	25.78

Market Commentary:
How Tourist Destinations Are Reconfiguring to Reopen Safely: Resorts are spacing out beach chairs, casinos will toss decks of cards after a single use and amusement parks plan apps to avoid lines for rides—all to reopen safely after the pandemic. -WSJ.
Canada
By Michael Bellusci and Divya Balji
(Bloomberg) — Canadian equities fell Wednesday alongside U.S. shares after Fed Chair Jerome Powell warned economic risks from the coronavirus pandemic are significant and as tensions with China flared.
The S&P/TSX Composite Index retreated 2.5%, the most since April 30. Ten of 11 sectors fell, with information technology gaining as Shopify Inc. rose 1.5%.
“Markets have had a great bounce off the lows on expectations there will be a strong recovery in the second half of the year,” Greg Taylor, chief investment officer at Purpose Investments said. “The last few days investors have been questioning if that optimism was warranted and maybe markets have gotten ahead of themselves,” he added.
Meanwhile, oil fell as investors weighed stockpile declines against a darker outlook for demand and economic recovery. Gold prices advanced the most in a week as Powell’s comments added to worries that the pandemic is taking too heavy a toll on the economy. “The fundamental picture hasn’t turned yet,” BlackRock chief investment strategist Kurt Reiman said on BNN Bloomberg earlier. There’s a “tug of war” between a “hopeful” reopening of
the economy and fears of another wave of coronavirus infections. Quebec said it may need as long as five years to balance its books after the coronavirus pandemic upended its budget plans.
Commodities
* Western Canada Select crude oil traded at a $4.35 discount to West Texas Intermediate.
* Spot gold rose 0.8% to about $1,717 an ounce.
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.4097 per U.S. dollar.
* The 10-year government bond yield rose 1 basis point to 0.555%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 2.5 percent, or 377.95 to 14,503.21 in Toronto.
The move was the biggest since falling 2.9 percent on April 30.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.5 percent. Intertape Polymer Group Inc. had the largest drop, falling 16.3 percent.
Today, 209 of 229 shares fell, while 20 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it advanced nine times for an average 4.4 percent and declined three times for an average 6.2 percent
* The index declined 10 percent in the past 52 weeks. The MSCI AC Americas Index lost 1.1 percent in the same period
* The S&P/TSX Composite is 19.3 percent below its 52-week high on Feb. 20, 2020 and 29.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.2 percent in the past 5 days and rose 3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.4 on a trailing basis and 21.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.25t
* 30-day price volatility fell to 30.48 percent compared with 31.82 percent in the previous session and the average of 61.86 percent over the past month
================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================
Financials | -162.9240| -3.9| 0/26
Energy | -80.7468| -4.0| 0/30
Industrials | -38.0094| -2.2| 1/30
Utilities | -25.0564| -3.2| 0/16
Communication Services| -18.8296| -2.2| 2/6
Consumer Discretionary| -18.8252| -3.8| 0/14
Consumer Staples | -10.2979| -1.6| 0/11
Real Estate | -9.7289| -2.2| 0/26
Materials | -9.5889| -0.4| 13/34
Health Care | -7.7174| -5.6| 0/10
Information Technology| 3.7845| 0.3| 4/6
US
By Rita Nazareth, Vildana Hajric and Katherine Greifeld
(Bloomberg) — U.S. stocks slumped to a three-week low after Jerome Powell warned economic risks from the virus are significant and tensions with China flared. Treasuries and the dollar advanced.
The S&P 500 briefly fell below 2,800 — a level that has provided support in the past month — after the Federal Reserve chairman said the threat of a lasting downturn can deepen without additional government spending. Equities also dropped after a federal savings plan delayed moving funds into an index with Chinese stocks, adding to tensions stoked by President Donald Trump. U.S. airlines plummeted after a warning that demand for flights will lag behind pre-coronavirus forecasts for at least 2025.
The stock weakness has the S&P 500 headed for its worst week since March 20, the session before a furious 30% rally started. Health official Anthony Fauci warned Tuesday that the pandemic could worsen if states open too soon, and some Fed chiefs expressed concern the recession will be long. Famed investor Stanley Druckenmiller said equities are too high “It continues the theme from yesterday that the recovery will be slower and more uneven than what markets may currently be discounting,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “With the nice run off the lows, it makes sense to take some profits.”
Traders of fed funds futures pushed bets on a negative policy rate into next year. Powell acknowledged the speculation, but said such a move was not being considered — though he stopped short of completely ruling the tool out as an option in the future.
“Fed watchers might find relief in the fact that Powell remains committed to deploy his remaining arsenal to the fullest extent as we continue to ride out the pandemic,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “This means their toolkit primarily relies on additional fiscal stimulus.”
Republicans universally rejected a $3 trillion stimulus measure drafted by House Democrats to bolster the U.S. economy, but the draft plan has the seeds for an eventual, smaller compromise.
Elsewhere, oil fell as investors weighed stockpile declines against a darker outlook for demand and economic recovery.
Here are some key events coming up:
* U.S. weekly jobless claims data is due Thursday.
* China on Friday releases industrial production and retail sales data for April.

These are some of the main moves in markets:
Stocks
* The S&P 500 decreased about 1.7% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index declined 1.9%.
* The MSCI Asia Pacific Index advanced 0.1%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.2%.
* The euro fell 0.3% to $1.0815, the largest fall in a week.
* The Japanese yen strengthened 0.1% to 107.04 per dollar.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 0.65%.
* Germany’s 10-year yield decreased three basis points to -0.53%.
* Britain’s 10-year yield dipped four basis points to 0.208%.
Commodities
* The Bloomberg Commodity Index dipped 1.5%.
* West Texas Intermediate crude decreased 0.9% to $25.55 a barrel.
* Gold advanced 0.9% to $1,722 an ounce.

–With assistance from Adam Haigh, Matt Turner, Todd White, Robert Brand, Sophie Caronello and Claire Ballentine.

Have  a great night.

Be magnificent!
As ever,

Carolann

It is impossible to escape the impression that people commonly use false standards of measurement – that they seek power, success and wealth for themselves and admire them in others, and that they underestimate what is of true value in life.    –Sigmund Freud, 1856-1939.

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: Limerick Day

Edward Lear, limericist, b. 1812.

There was a Young Lady whose eyes,
Were unique as to colour and size;
When she opened them wide,
People all turned aside,
And started away in surprise.
                    -Edward Lear

On May 12, 1943, during World War II, Axis forces in North Africa surrendered. Go to article »

These are the emojis we’re using most during the pandemic
No, it’s not just the screaming one over and over.-CNN.
 
Here are all the entertainment livestreams to keep you, well, entertained this week
The hottest club in your city is the couch, and it’s always open. –CNN.

Astronomers are cautiously optimistic of a big show in the night sky from Comet SWAN.
The newly discovered comet makes its closest approach to our planet today and then is expected to round the sun on May 27. Those living in the Southern Hemisphere will have their first look at the comet. Those of us up north will get another crack at seeing it later this month and into June. Here’s how to see it.-The NY Times.

PHOTOS OF THE DAY

Two adult Mediterranean mantises throwing shapes on a thin branch as if it were a choreographed dance routine in the village if Balikesir, Cyprus.
CREDIT: MEDIADRUMIMAGES/HASANBAGLAR

A statue entitled “The Workers’ which is covered in personal protection equipment (PPE), is erected on a traffic island during the pandemic lockdown in Haslingden, United Kingdom. The Prime Minister announced the general contour of a phased exit from the current lockdown, adopted nearly two months ago in an effort curb the spread of Covid-19.
CREDIT: CHRISTOPHER FURLONG/GETTY IMAGES

Four baby caoybaras have been born at Exmoor Zoo in Devon. The babies, dubbed ‘minibara’ by staff, are currently about the size if a guinea pig but will grow quickly.
CREDIT: EXMOOR ZOO/PA WIRE
Market Closes for May 12^th, 2020 

Market Index	Close	Change
Dow Jones	23764.78	-457.21
		-1.89%
S&P 500	2870.12	-60.20
		-2.05%
NASDAQ	9002.551	-189.793 -2.06%
TSX	14881.16	-222.06
		-1.47%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20366.48	-24.18
		-0.12%
HANG SENG	24245.68	-356.38
		-1.45%
SENSEX	31371.12	-190.10
		-0.60%
FTSE 100*	5994.77	+55.04 +0.93%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.546	0.590
CND. 30 Year Bond	1.140	1.192
U.S.    10 Year Bond	0.6651	0.7099
U.S. 30 Year Bond	1.3698	1.4160

Currencies

BOC Close	Today	Previous
Canadian $	0.71048	0.71357
US $	1.40750	1.40140
Euro Rate 1 Euro=		Inverse
Canadian $	1.52675	0.65499
US $	1.08473	0.92189

Commodities

Gold	Close	Previous
London Gold Fix	1702.75	1704.05
Oil
WTI Crude Future	25.78	24.14

Market Commentary:
On this day in 1927, with the German stock market up more than 160% in the previous 17 months, central banker Hjalmar Schacht was worried about irrational exuberance. He pressured Berlin’s biggest banks to issue a joint statement in which they announced that margin loans (which enable speculators to trade stocks with borrowed money) would be restricted. The next day, “Black Friday,” German stocks crashed 11%, helping to trigger the early onset of economic depression
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks snapped their winning streak Tuesday as Anthony Fauci warned against a premature reopening of the economy amid the coronavirus pandemic.
The S&P/TSX Composite Index fell 1.5%. All eleven sectors retreated, with real estate being the worst-performing group. JPMorgan Chase & Co. cut its forecast for Canadian economic growth because of gradual and uncoordinated efforts across provinces to reopen. GDP will shrink by 45% annualized in the second-quarter, more than an earlier forecast of 30%, the bank said.
Oil climbed to the highest level since early April after the U.S. government lowered its output forecast for the year. WTI Crude futures in New York gained 6.6% Tuesday.
Commodities
* Western Canada Select crude oil traded at a $2.75 discount to West Texas Intermediate.
* Spot gold rose 0.2% to about $1,702 an ounce.
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.4059 per U.S. dollar.
* The 10-year government bond yield fell 4.1 basis points to 0.550%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 1.5 percent at 14,881.16 in Toronto. The move was the biggest since falling 2.9 percent on April 30 and follows the previous session’s increase of 0.9 percent.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.0 percent. Aurora Cannabis Inc. had thelargest drop, falling 13.1 percent.
Today, 177 of 229 shares fell, while 49 rose; all sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 18 times. The next day, it declined nine times for an average 3.9 percent and advanced nine times for an average 4.4 percent
* The index declined 8.7 percent in the past 52 weeks. The MSCI AC Americas Index lost 1.6 percent in the same period
* The S&P/TSX Composite is 17.2 percent below its 52-week high on Feb. 20, 2020 and 33.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.5 percent in the past 5 days and rose 5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.8 on a trailing basis and 22.4 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$2.29t
* 30-day price volatility fell to 31.82 percent compared with 31.96 percent in the previous session and the average of 63.29 percent over the past month
======================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
======================================================
Financials | -86.7384| -2.0| 0/26
Industrials | -25.3323| -1.4| 4/27
Utilities | -17.9552| -2.2| 2/14
Communication Services | -16.7153| -1.9| 0/8
Energy | -15.5878| -0.8| 15/13
Real Estate | -14.3930| -3.2| 1/25
Materials | -12.0351| -0.6| 21/25
Consumer Discretionary | -11.3934| -2.3| 1/13
Consumer Staples | -10.9721| -1.6| 2/9
Information Technology | -9.3214| -0.7| 2/8
Health Care | -1.6194| -1.2| 1/9
US
By Rita Nazareth
(Bloomberg) — Stocks tumbled after a U.S. health official warned against a premature reopening of the economy and as traders assessed a dire outlook from Federal Reserve regional chiefs. Treasuries and the dollar climbed.
The S&P 500 extended losses as Anthony Fauci, the nation’s top infectious disease official, said states reopening too quickly could “set you back on the road on trying to get economic recovery.” Meanwhile, some central bank officials said the virus outbreak and a partial shutdown would risk massive bankruptcies that could create a lasting scar. The Fed could curtail Wall Street banks’ ability to pay dividends by cranking up the amount of capital they need to maintain due to the coronavirus crisis, Governor Randal Quarles said Tuesday. “You will get business failures on a grand scale and you will be taking risks that you would go into depression” if shutdowns persist, Federal Reserve Bank of St. Louis President James Bullard said in a video speech from that city Tuesday.
Minneapolis Fed President Neel Kashkari warned of a “gradual, muted recovery” from the outbreak, while Dallas Fed President Robert Kaplan said the economy will need more fiscal stimulus if the jobless rate continues to rise.
The disastrous fallout of business closures and stay-at- home orders caused an unprecedented 20.5 million job losses in April, tripling the unemployment rate to 14.7%, the highest since the Great Depression era of the 1930s. A key measure of U.S. consumer prices declined last month by the most on record.
A sustained trend of declining prices would spur worries about deflation, exacerbating concern that the recovery from the deep
economic downturn will be very slow.
Buyers of U.S. stocks after the economy shrank in the first quarter have history on their side, according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management.
Gross domestic product contracted at an annual rate of 4.8%, marking the 13th quarterly decline of more than 4% since 1949, according to data compiled by Bloomberg. After each previous instance, the S&P 500 gained more than 10% during the next 12 months.
Here are some key events coming up:
* OPEC gives its monthly oil market report on Wednesday.
* U.S. weekly jobless claims data is due Thursday.
* China on Friday releases industrial production and retail sales data for April.

These are some of the main moves in markets:
Stocks
* The S&P 500 decreased 2.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.3%.
* The MSCI Asia Pacific Index dipped 0.7%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro climbed 0.4% to $1.0849.
* The Japanese yen strengthened 0.4% to 107.19 per dollar.
Bonds
* The yield on 10-year Treasuries declined five basis points to 0.66%.
* Germany’s 10-year yield rose one basis point to -0.51%.
* Britain’s 10-year yield declined two basis points to 0.249%.
Commodities
* The Bloomberg Commodity Index fell 0.4%.
* West Texas Intermediate crude rose 6.4% to $25.69 a barrel.
* Gold climbed 0.5% to $1,705.80 an ounce.

–With assistance from Winnie Zhu, Andreea Papuc, Michael Hunter, Sam Potter and David Wilson.
Have a great night.

Be magnificent!
As ever,

Carolann

Every great dream begins with a dreamer.  Always remember, you have within you the strength,
the patience, and the passion to reach for the stars and change the world.
                                                            -Harriet Tubman, c.1822-1913

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:
Irving Berlin, b.1888
Martha Graham, b. 1894
Salvador Dali, b. 1904

Jerry Stiller’s best moments on “Seinfeld.” –Bloomberg.

The power of Dance: Watch these 32 ballet dancers from around the world dance to the same music for Covid relief. (Click here to view) –CNN.

On May 11, 1973, charges against Daniel Ellsberg for his role in the Pentagon Papers case were dismissed by Judge William M. Byrne, who cited government misconduct. Go to article »

PHOTOS OF THE DAY

Cygnets return to their nest after a swim on a pond in south Dublin, Ireland.
CREDIT: BRIAN LAWLESS/PA

A hummingbird is seen in the Guapiles area, east of San Joes, Costa Rica.
CREDIT: JEFFREY ARGUEDAS/EPA

Street artist Steven Garmendia dressed as Spiderman is seen performing on an avenue in Managua, Nicaragua.
CREDIT: JORGE TORRES/EPA

Market Closes for May 11^th, 2020 

Market Index	Close	Change
Dow Jones	24221.99	-109.33
		-0.45%
S&P 500	2930.19	+0.39
		+0.01%
NASDAQ	9192.344	+71.024 +0.78%
TSX	15103.22	+136.66
		+0.91%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20390.66	+211.57
		+1.05%
HANG SENG	24602.06	+371.89
		+1.53%
SENSEX	31561.22	-81.48
		-0.26%
FTSE 100*	5939.73	+3.75 +0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.590	0.582
CND. 30 Year Bond	1.192	1.168
U.S.    10 Year Bond	0.7099	0.6815
U.S. 30 Year Bond	1.4160	1.3834

Currencies

BOC Close	Today	Previous
Canadian $	0.71357	0.72068
US $	1.40140	1.38758
Euro Rate 1 Euro=		Inverse
Canadian $	1.51481	0.66015
US $	1.08092	0.92513

Commodities

Gold	Close	Previous
London Gold Fix	1704.05	1704.05
Oil
WTI Crude Future	24.14	24.48

Market Commentary:
On this day in 1861, as a sign of patriotic fellowship, the New York Stock Exchange banned all trading in Confederate stocks and bonds. However, members were still free to short-sell any Union securities they chose.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares moved higher for the sixth-straight session Monday as tech shares rallied, while investors weighed reopening of the economy. The S&P/TSX Composite Index gained 0.9%. Shopify Inc. gained 6.2%, leading tech higher. Meanwhile, Premium Brands Holdings Corp. rose 13% after first-quarter earnings results. Oil declined as doubts circulated over Saudi Arabia’s ability to implement additional pledged production cuts. Canada unveiled a loan program for large firms that have been hit by Covid-19 and can’t get financing by conventional means. Gold miners are forging ahead with mergers and acquisitions, taking advantage of an investor flight to the haven during the coronavirus crisis. Also, Ontario is trending in the right direction in its battle against the coronavirus epidemic, reporting the lowest number of new cases in six weeks, the province’s premier said.
Commodities
* Western Canada Select crude oil traded at a $3.05 discount to West Texas Intermediate.
* Spot gold fell 0.3% to about $1,697.76 an ounce.
FX/Bonds
* The Canadian dollar fell 0.6% to C$1.4016 per U.S. dollar.
* The 10-year government bond yield edged higher to 0.587%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.9 percent, or 136.66 to 15,103.22 in Toronto. The move was the biggest since rising 2.9 percent on April 29. Shopify Inc. contributed the most to the index gain, increasing 6.2 percent. Premium Brands Holdings Corp. had the largest increase, rising 12.6 percent. Today, 103 of 229 shares rose, while 123 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* The index declined 7.3 percent in the past 52 weeks. The MSCI AC Americas Index gained 0.4 percent in the same period
* The S&P/TSX Composite is 16 percent below its 52-week high on Feb. 20, 2020 and 35.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 2.4 percent in the past 5 days and rose 6.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.1 on a trailing basis and 22.3 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$2.27t
* 30-day price volatility fell to 31.96 percent compared with 32.62 percent in the previous session and the average of 64.79 percent over the past month
=====================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
=====================================================
Information Technology | 46.2749| 3.5| 4/6
Financials | 44.8306| 1.1| 19/7
Energy | 37.5812| 1.9| 10/19
Consumer Staples | 19.3305| 3.0| 10/1
Industrials | 17.5794| 1.0| 19/12
Utilities | 17.5224| 2.2| 15/0
Communication Services | 9.0260| 1.1| 5/3
Consumer Discretionary | 6.1224| 1.2| 6/8
Health Care | -1.1816| -0.8| 3/7
Real Estate | -5.4309| -1.2| 5/20
Materials | -54.9998| -2.5| 7/40
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — U.S. stocks were mixed as traders assessed the latest moves around the globe to relax restrictions amid the coronavirus pandemic. The S&P 500 was little changed, the Dow Jones Industrial Average fell while the Nasdaq 100 rose for a sixth day – its longest winning streak this year. The dollar climbed, while Treasuries dropped. Oil wiped out gains driven by Saudi Arabia’s plan to deepen output cuts. The S&P 500 briefly rallied after New York Governor Andrew Cuomo said businesses including construction, curbside retail, drive-in movies and some recreational activities will reopen this week on a regional basis.
The state reported 161 additional deaths, the lowest since late March. Earlier Monday, New York City Mayor Bill de Blasio said the lockdown is likely to continue into June. “As investors are emboldened by some states loosening the reins, stocks could continue their march higher, especially the tech sector,” said Paul Nolte, a portfolio manager at Kingsview Investment Management in Chicago. “How stocks act over the coming weeks will likely determine whether the summer smolders or is just a hot mess.”More than 33 million Americans have lost their jobs in the seven weeks since wide swaths of the U.S. economy shuttered to stem the outbreak. President Donald Trump is trying to convince Americans it’s safe to return to work, with the nation having more than 1.3 million cases of Covid-19. With infections slowing in some European countries, more governments moved to tentatively relax limits. Here are some key events coming up:
* Earnings continue to roll in from companies including Tencent, Allianz, and Petrobras.
* Regional Federal Reserve presidents James Bullard, Loretta Mester and Patrick Harker are due to speak at events on Tuesday.
* OPEC gives its monthly oil market report on Wednesday.
* U.S. weekly jobless claims data is due Thursday.
* China on Friday releases industrial production and retail sales data for April.

These are the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time.
* The Dow Jones Industrial Average declined 0.4%.
* The Nasdaq 100 Index jumped 0.9%.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index climbed 0.6%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.5%.
* The euro dipped 0.2% to $1.0817.
* The Japanese yen depreciated 0.9% to 107.66 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 0.71%.
* Germany’s 10-year yield increased three basis points to -0.51%.
* Britain’s 10-year yield gained three basis points to 0.269%.
Commodities
* The Bloomberg Commodity Index decreased 0.9%.
* West Texas Intermediate crude was little changed at $24.73 a barrel.
* Gold declined 0.8% to $1,699.60 an ounce.
–With assistance from Cormac Mullen, Joanna Ossinger, Adam
Haigh, Todd White, Yakob Peterseil, Sarah Ponczek, Vildana Hajric, David Wilson, Luke Kawa and Claire Ballentine.

Have a great night.

Be magnificent!
As ever,

Carolann

Dance is the hidden language of the soul.
               -Martha Graham, 1884-1991

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.
May 8, 1945 -V-E DAY: World War ll ends in Europe after Germany signs an unconditional surrender.
VE Day in pictures -from The Financial Times.

Our interactive takes you back to V-E Day. –The NY Times.

1970 – The album “Let It Be” by the Beatles was released. Go to article »

Diversions: Take a walk through nature with our photographers, or tour the Brooklyn Bridge with our architecture critic. -from The New York Times.

And if laughter is indeed the best medicine, five new comedy specials can remind you of the old normal. The featured comedians, including Jerry Seinfeld, developed much of their material before the quarantine. Their bits can lighten your mood in unexpected ways, our comedy critic writes. –The New York Times.

If you’re looking for a movie to watch with Mom this weekend, these unorthodox matriarchs may be just what we need right now.-The New York Times.
Happy Mothers’ Day to all the mothers reading this.

PHOTOS OF THE DAY

Katherine Jenkins performs during a behind-closed-doors concert commemorating VE Day at Royal Albert Hall on May 07, 2020 in London, England. Friday 8 May 2020 marks 75 years since Victory in Europe (VE) day, the end of the Second World War in Europe. The performance can be watched from 18:00 BST on Friday 8 May 2020 on the Royal Albert Halls YouTube channel.
CREDIT: GARETH CATTERMOLE/GETTY IMAGES FOR ABA

A colourful sky at sunrise over the quay in Appledore, soon gives way to showers on the River Torridge estuary in North Devon, UK, as a moderate breeze and showers.
CREDIT: TELEGRAPH PICTURES OF THE DAY

A worker stands in clear, shallow waters as he attempts to catch mussels. Using a bamboo stick to filter the sand they then place the shellfish in a small plastic bucket. The beautiful images were captured in Quang Ngai, Vietnam on the Tra River.
CREDIT: TRUNG ANH.SOLENT NEWS & PHOTO AGENCY

The full moon captured behind farm animals in the Lake District. Snapper Linda Davison captured the image at Cold Fell on Cumbria, UK, as the moon rose behind sheep and lambs in a nearby field.
CREDIT: LINDA DAVIDSON/TRIANGE NEWS

Market Closes for May 8^th, 2020 

Market Index	Close	Change
Dow Jones	24331.32	+455.43
		+1.91%
S&P 500	2929.80	+48.61
		+1.69%
NASDAQ	9121.320	+141.659 +1.58%
TSX	14966.56	+132.87
		+0.90%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	20179.09	+504.32
		+2.56%
HANG SENG	24230.17	+249.54
		+1.04%
SENSEX	31642.70	+199.32
		+0.63%
FTSE 100*	5935.98	+82.22 +1.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.582	0.550
CND. 30 Year Bond	1.168	1.131
U.S.    10 Year Bond	0.6815	0.6409
U.S. 30 Year Bond	1.3834	1.3290

Currencies

BOC Close	Today	Previous
Canadian $	0.72068	0.71508
US $	1.38758	1.39844
Euro Rate 1 Euro=		Inverse
Canadian $	1.52130	0.65733
US $	1.09637	0.91210

Commodities

Gold	Close	Previous
London Gold Fix	1704.05	1691.50
Oil
WTI Crude Future	24.48	23.55

Market Commentary:
The yield on the 2-year U.S. Treasury note slid to a record low of 0.129% Thursday, reflecting expectations for interest rates to stay near or even fall below zero moving forward.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed for fifth day, led by consumer discretionary and real estate sector. The S&P/TSX Composite index rose 0.9% in Toronto, for a weekly gain of 2.4%, the longest weekly gain since March 1, 2019. Royal Bank of Canada contributed the most to the index advance, increasing 1.4%. BRP Inc had the largest gain, rising 16%. Toronto-Dominion Bank said it expects to record about C$1.1 billion ($800 million) in loan-loss provisions for its U.S. retail division in its fiscal second quarter, the result of the coronavirus pandemic’s economic impact. Meanwhile, Canada lost 2 million jobs in April as a result of pandemic-related shutdowns, by far the biggest decline on record but only about half what economists had expected.
Commodities
* Western Canada Select crude oil traded at a $3.50 discount to West Texas Intermediate.
* Spot gold fell 0.6% to $1,706.25 an ounce.
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3927 per U.S. dollar.
* The 10-year government bond yield rose 5.7 basis points to 0.581%.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.9 percent, or 132.87 to 14,966.56 in Toronto. The move was the biggest since rising 2.9 percent on April 29. Royal Bank of Canada contributed the most to the index gain, increasing 1.4 percent. BRP Inc. had the largest increase, rising 16.5 percent. Today, 164 of 229 shares rose, while 62 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 2.4 percent
* The index declined 8.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 0.4 percent in the same period
* The S&P/TSX Composite is 16.7 percent below its 52-week high on Feb. 20, 2020 and 34 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.9 on a trailing basis and 20.6 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$2.24t
* 30-day price volatility fell to 32.62 percent compared with 36.95 percent in the previous session and the average of 68.64 percent over the past month
================================================================
|Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 61.0519| 1.5| 23/3
Energy | 25.3988| 1.3| 25/5
Industrials | 14.0489| 0.8| 19/11
Consumer Discretionary | 13.7892| 2.8| 12/2
Consumer Staples | 8.8625| 1.4| 9/2
Utilities | 8.6030| 1.1| 14/2
Real Estate | 7.6496| 1.7| 23/2
Communication Services | 3.9442| 0.5| 6/2
Health Care | 0.6827| 0.5| 2/8
Materials | -1.9405| -0.1| 24/22
Information Technology | -9.2236| -0.7| 7/3
US
By Vildana Hajric
(Bloomberg) — Stocks gained for a second day with investors embracing risk in spite of the biggest monthly loss in jobs in more than 70 years. Yields on Treasuries rose and the dollar weakened. Shares of energy, industrial and consumer staples companies helped the S&P 500 register its first weekly gain in three. The tech-heavy Nasdaq climbed for a fifth day, bringing this week’s gain to 6%. The latest jobs report showed a cut of 20.5 million workers in April, propelling the jobless rate to 14.7%. While that was the highest since the Great Depression, investors were anticipating the damage and speculating it will mark a low point during the pandemic-fueled economic slump. “There’s been a sense of optimism around the market that when we get back, things can return pretty well and this helps that optimism,” said JJ Kinahan, the chief market strategist at TD Ameritrade.
Meanwhile, oil posted its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude. Stocks remained higher even after President Donald Trump cast doubt on the future of his “phase one” trade deal with China, saying Friday that he’s struggling with Beijing in the wake of the coronavirus pandemic. Building and travel stocks pulled the Euro Stoxx Index higher while U.K. markets were closed for a holiday. Japanese equities led a surge across Asia. Italian bonds climbed before a sovereign ratings decision.
Equities have so far managed to weather miserable economic data as well as a string of poor earnings reports as investors bet on a swift recovery, but the strong rebound in risk assets has left others questioning whether further gains are warranted. “There had been some concerns that unemployment would hit closer to 25%, so today’s data is in some ways a positive surprise,” said Seema Shah, chief strategist for Principal Global Investors. “Today’s data has been weighing on negative sentiment for several weeks, so just having it out of the way lifts a cloud.” Elsewhere, gold declined. Bitcoin briefly rose above $10,000 for the first time since late February.
These are some of the main market moves:
Stocks
The S&P 500 Index gained 1.6% to 2,929.80 as of 4:02 p.m. New York time.
The Dow Jones Industrial Average climbed 1.8% to 24,331.32.
The Nasdaq Composite Index increased 1.5% to 9,121.32, hitting the highest in 10 weeks with its fifth consecutive advance.
The MSCI All-Country World Index rose 1.6% to 489.82.
Currencies
The Bloomberg Dollar Spot Index declined 0.2% to 1,247.50.
The Japanese yen weakened 0.4% to 106.74 per dollar.
The euro was little changed at $1.0835.
The British pound rose 0.3% to $1.2404.
Bonds
The yield on two-year Treasuries gained one basis point to 0.15%, the largest advance in three weeks.
The yield on 10-year Treasuries climbed three basis points to 0.67%.
Germany’s 10-year yield gained one basis point to -0.54%.
Britain’s 10-year yield was unchanged at 0.235%.
Commodities
West Texas Intermediate crude gained 4.4% to $24.59 a barrel, the highest in more than two weeks.
Gold weakened 0.6% to $1,706.18 an ounce.
–With assistance from Katherine Greifeld.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

It is our choices, that show what we truly are, far more than our abilities.
                                                                     -J.K. Rowling, b. 1965

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: Full Moon tonight – known as the “Flower Super Moon.”
Full moon this week is the last supermoon in 2020 – CNN

1824 – Premiere of Beethoven’s Ninth symphony.
Pyotr Tchaikovsky, composer, b. 1840.
1939 – Germany and Italy announce an alliance known as the Rome-Berlin Axis.
On May 7, 1945, Germany signed an unconditional surrender at Allied headquarters in Rheims, France, to take effect the following day, ending the European conflict of World War II.  Go to article »

PHOTOS OF THE DAY

A blue tit approaches it’s nest with an insect in it’s beak on a garden wall in Dublin.
CREDIT: BRIAN LAWLESS/PA

Steven Da Costa of France, world champion in Karate and qualified for the Olympics 2021 trains on the terrace at the family home, Mont Saint Martin, eastern France.
CREDIT: FRANCK FIFE/AFP

Fisherman collect fish on a beach in Da Nang city, Vietnam.
CREDIT: REUTERS/KHAM

Market Closes for May 7^th, 2020 

Market Index	Close	Change
Dow Jones	23875.89	+211.25
		+0.89%
S&P 500	2881.19	+32.77
		+1.15%
NASDAQ	8979.660	+125.272 +1.41%
TSX	14833.69	+2.92
		+0.02%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	19674.77	+55.42
		+0.28%
HANG SENG	23980.63	-156.85
		-0.65%
SENSEX	31443.38	-242.37
		-0.76%
FTSE 100*	5935.98	+82.22 +1.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.550	0.613
CND. 30 Year Bond	1.131	1.162
U.S.    10 Year Bond	0.6409	0.7030
U.S. 30 Year Bond	1.3290	1.3937

Currencies

BOC Close	Today	Previous
Canadian $	0.71508	0.70674
US $	1.39844	1.41495
Euro Rate 1 Euro=		Inverse
Canadian $	1.51476	0.66017
US $	1.08318	0.92321

Commodities

Gold	Close	Previous
London Gold Fix	1691.50	1699.55
Oil
WTI Crude Future	23.55	23.99

Market Commentary:
On this day in 1825, one of the earliest buying frenzies for an American IPO was reported, as the Bank of Southwark went public in Philadelphia. Investors hired muscular goons to sign their names into the subscription books that conferred the right to buy shares, and “noses were smashed, hats jammed in, and the police court was at work over the wounded for weeks after.”
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities’ streak of gains this week almost came to a halt Thursday as Shopify Inc. gave up its brief title as the country’s largest stock to Royal Bank of Canada. The S&P/TSX Composite was up 0.02% in Toronto, giving up most of its 1.3% intraday advance. Shopify lost its position as the most valuable company in Canada, after eclipsing Royal Bank for the first time on Wednesday. The e-commerce company fell 1.8%, after the stock received two downgrades.
Oil fell in a day of wild price swings as investors weighed supply-and-demand fundamentals against Saudi Arabia’s global price hike. TC Energy was the biggest drag on the index, declining 3.8%, while other energy stocks gave up some of their earlier gains. Bombardier had the biggest drop, falling 15%, after reporting its first-quarter earnings and saying it sees luxury-jet demand crumbling by at least 30%. Brookfield Asset Management Inc., which made a large bet on malls back in 2018, plans to invest $5 billion to help struggling retailers. The Toronto-based firm has launched a “retail revitalization” program that will focus on taking minority stakes in retail businesses that have been hit hard by the pandemic.
Commodities
* Western Canada Select crude oil traded at a $5.75 discount to West Texas Intermediate.
* Spot gold rose 2% to about $1,719.05 an ounce.
FX/Bonds
* The Canadian dollar rose 1.1% to C$1.3996 per U.S. dollar.
* The 10-year government bond yield fell 11 basis points to 0.544%.
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 14,833.69 in Toronto. Enbridge Inc. contributed the most to the index gain, increasing 3.1 percent. Primo Water Corp. had the largest increase, rising 11.5 percent. Today, 125 of 229 shares rose, while 102 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 1.5 percent
* The index declined 9.3 percent in the past 52 weeks. The MSCI AC Americas Index lost 1.4 percent in the same period
* The S&P/TSX Composite is 17.5 percent below its 52-week high on Feb. 20, 2020 and 32.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and rose 9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.7 on a trailing basis and 20.1 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$2.26t
* 30-day price volatility fell to 36.95 percent compared with 37.17 percent in the previous session and the average of 71.27 percent over the past month
================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================
Materials | 30.9548| 1.4| 40/7
Energy | 14.1638| 0.7| 20/9
Consumer Discretionary | 8.3234| 1.7| 8/6
Industrials | 4.4852| 0.3| 13/18
Real Estate | 1.7245| 0.4| 14/12
Consumer Staples | -2.7494| -0.4| 4/7
Communication Services | -4.2888| -0.5| 5/3
Health Care | -5.3099| -3.6| 2/7
Utilities | -7.1133| -0.9| 5/11
Information Technology | -7.3887| -0.6| 7/3
Financials | -29.8606| -0.7| 7/19
US
By Claire Ballentine
(Bloomberg) — U.S. stocks rose to the highest in a week as investors sifted through the latest company earnings and poor labor data. Yields on Treasuries tumbled. The S&P 500 rallied 1.15% with speculation mounting that the worst of the economic damage has passed as more of the country reopens. Filings for unemployment continued at historically high levels, but fell from the prior week. News that top U.S. and Chinese negotiators will speak as soon as next week on trade helped boost sentiment. The tech-heavy Nasdaq Composite turned positive for the year, wiping out losses that reached as much as 24% at the depths of the pandemic-fueled sell-off.
The bond market delivered a different take on the economy’s future. Two-year yields plunged to a record low and 10-year rates fell toward 0.6%. Banks stocks defied the move, with financial firms in the S&P 500 rising more than 2% to halt a five-day slide. “You ask the question, are things likely to be better six months from now than they are today?” said Randy Frederick, vice president of trading and derivatives at Charles Schwab & Co. “Most people would say yes, and the market is looking ahead. Right now the market thinks the future looks better.”
In the latest corporate news:
* ViacomCBS Inc. rallied after reporting a surge in streaming subscribers.
* Raytheon Technologies jumped after results beat expectations. Moderna surged after saying its experimental vaccine for the new coronavirus would be in late-stage studies by early this summer.

     The Stoxx Europe 600 Index gained as most national gauges and industry sectors climbed. Crude oil declined after reaching $26 a barrel in New York. The pound swung between losses and gains after the Bank of England kept its policy settings unchanged and signaled it may expand monetary stimulus as soon as next month. Risk assets rebounded swiftly in April following a dramatic sell-off in the first quarter, but stocks have struggled for direction this month as bulls and bears duel over the outlook. Optimists point to efforts to reopen economies, a slowing rate of new infections and unprecedented stimulus. Pessimists fret over the mounting economic toll, with payrolls data from the largest economy on Friday expected to be dire.
     Worries about rising tension between the U.S. and China have added an extra headache for investors lately; the planned call between the two countries may signal an effort to de-escalate the situation. Most Asian stocks slipped earlier, including in Japan where exchanges opened for the first time this week following a holiday. China’s yuan advanced offshore after the country reported a surprise gain in exports, even as the virus pandemic damaged global demand.
Here are some key events coming up:
* U.K. markets will be closed on Friday for a holiday.
* Friday also brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls

These are some of the main moves in markets:
Stocks
The S&P 500 Index rose 1.1% to 2,881.19 as of 4:03 p.m. New York time.
The Dow Jones Industrial Average increased 0.9% to 23,875.89.
The Nasdaq Composite Index climbed 1.3% to 8,979.66, the highest in two months.
The MSCI All-Country World Index gained 0.9% to 482.46.
Currencies
The Bloomberg Dollar Spot Index decreased 0.4% to 1,250.89, the first retreat in a week.
The Japanese yen weakened 0.2% to 106.28 per dollar, the first retreat in a week.
The euro rose 0.3% to $1.0831.
The British pound increased 0.1% to $1.2357, the first advance in a week.
Bonds
The yield on two-year Treasuries declined five basis points to 0.13%, the lowest on record with the largest decrease in more than five weeks.
The yield on 10-year Treasuries fell seven basis points to 0.63%, the biggest fall in almost three weeks.
Germany’s 10-year yield declined four basis points to -0.55%.
Britain’s 10-year yield increased less than one basis point to 0.235%.
Commodities
West Texas Intermediate crude declined 3% to $23.25 a barrel.
Gold strengthened 2% to $1,718.06 an ounce, the highest in more than a week on the biggest rise in more than three weeks.

Have a great night.

Be magnificent!
As ever,

Carolann

Feel the fear and do it anyway.
    -Susan Jeffers, 1938-2012

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:

1527 – Sack of Rome
Sigmund Freud, b. 1856.
Orson Wells, b. 1915.
George Clooney, b. 1961.

On May 6, 1937, the hydrogen-filled German dirigible Hindenburg burned and crashed in Lakehurst, N.J., killing 36 of the 97 people on board.  Go to article »
1941 – Joseph Stalin becomes Premier of the Soviet Union, replacing his foreign minister Vyacheskav Molotov.

Astronomers have spotted one of the rarest and most-sought creatures in the cosmic story: an intermediate-mass black hole.
The word “intermediate” is a bit of a misnomer. This black hole is thousands or hundreds of thousands of times more massive than the sun. It’s just smaller than the better-known supermassive black holes, which weigh in at millions of billions of solar masses.
The discovery sheds light on how the universe was assembled in the dark.-The New York Times.

NASA is working with Tom Cruise to shoot a movie … in SPACE Mission: Intercosmic -CNN.

PHOTOS OF THE DAY

Dawn over the beach huts at Blyth, Northumberland, UK.
CREDIT: OWEN HUMPHREYS/PA

Artist Lionel Stanhope paints a mural in Ladywell depicting the Supper at Emmaus by Caravaggio with added protective gloves, London.
CREDIT: REUTERS/HANNAH MCKAY

A boy wearing a protective face mask touches a wall of graffiti outside the New York Aquarium, Brooklyn.
CREDIT: REUTERS /SHANNON STAPLETON

A gentoo penguin swims in an enclosure at the Ocean Park theme park, which is currently closed due to the COVID-19, in Hong Kong.
CREDIT: RICHARD A. BROOKS/AFP

Market Closes for May 6^th, 2020 

Market Index	Close	Change
Dow Jones	23664.64	-218.45
		-0.91%
S&P 500	2848.42	-20.02
		-0.70%
NASDAQ	8854.387	+45.266 +0.51%
TSX	14830.74	+19.18
		+0.13%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	19619.35	-574.34
		-2.84%
HANG SENG	24137.48	+268.82
		+1.13%
SENSEX	31685.75	+232.24
		+0.74%
FTSE 100*	5853.76	+4.34 +0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.613	0.570
CND. 30 Year Bond	1.162	1.112
U.S.    10 Year Bond	0.7030	0.6651
U.S. 30 Year Bond	1.3937	1.3372

Currencies

BOC Close	Today	Previous
Canadian $	0.70674	0.71184
US $	1.41495	1.40481
Euro Rate 1 Euro=		Inverse
Canadian $	1.52756	0.65464
US $	1.07959	0.92628

Commodities

Gold	Close	Previous
London Gold Fix	1699.55	1709.10
Oil
WTI Crude Future	23.99	24.56

Market Commentary:
On this day in 1870, Amedeo Peter Giannini was born in San Jose, Calif. In San Francisco in 1904 he founded the Bank of Italy to serve the city’s burgeoning working class. It later financed the Golden Gate Bridge in the depths of the Depression and loaned David Selznick the money he needed to finish filming Gone With The Wind. Today, as Bank of America, it’s one of the world’s biggest financial-services firms.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.1 percent, or 19.18 to 14,830.74 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 6.9 percent. Real Matters Inc. had the largest increase, rising 22.7 percent. Today, 91 of 230 shares rose, while 132 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* The index declined 10 percent in the past 52 weeks. The MSCI AC Americas Index lost 4.1 percent in the same period
* The S&P/TSX Composite is 17.5 percent below its 52-week high on Feb. 20, 2020 and 32.7 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 2.6 percent in the past 5 days and rose 9.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.4 on a trailing basis and 19.9 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$2.25t
* 30-day price volatility fell to 37.17 percent compared with 39.03 percent in the previous session and the average of 73.69 percent over the past month
=========================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
=========================================================
Information Technology | 58.3283| 4.6| 8/0
Industrials | 10.7317| 0.6| 16/14
Financials | 6.2859| 0.1| 12/14
Consumer Discretionary | 2.6113| 0.5| 8/7
Consumer Staples | 1.9278| 0.3| 5/5
Communication Services | 1.5816| 0.2| 3/5
Health Care | 0.3571| 0.2| 3/6
Real Estate | -0.6405| -0.1| 10/16
Utilities | -2.4329| -0.3| 7/9
Energy | -17.6675| -0.9| 4/26
Materials | -41.9036| -1.9| 15/30
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks fell for the first time in three days as investors digested mixed corporate earnings and worsening economic data. The dollar strengthened the most in about three weeks and Treasury yields increased. The S&P 500 and Dow Jones Industrial Average indexes closed lower, while information technology and consumer discretionary sectors kept the Nasdaq Composite in the green as investors continued to bet Apple Inc. and Microsoft Corp. will perform well in the stay-at-home world. A report showed U.S. companies cut a record 20.2 million jobs in April. The Stoxx Europe 600 Index slumped. “This pandemic has systemically changed the way we live and work,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “If these job losses end up being permanent, that’s a horse of a different color due to the negative effect it will have on spending and the economy.” After the close of regular trading, Lyft Inc. reported moderate growth of the ride-hailing business in a quarter marred by the effects of the coronavirus pandemic.
     Yields on 10-year Treasuries rose the most in a week with the U.S. increasing the amount of debt it plans to issue in quarterly refunding auctions to a record high of $96 billion to provide government funding as the economy heads into a recession. Bonds declined in the euro region as investors fretted over Tuesday’s German court ruling criticizing the European Central Bank’s easing measures. The euro weakened amid a slew of bleak economic forecasts by the European Union, heading toward its lowest close since mid-March, back when markets were roiled by demand for the U.S. currency. West Texas oil retreated after a rally that had doubled prices in the past five days. President Donald Trump said Tuesday Americans should begin returning to their everyday lives even if it leads to more sickness and death.
     Meanwhile, data from Germany provided further evidence of the pandemic’s devastating effect, as new cases in the euro area’s biggest economy rose ahead of talks on easing restrictions. Traders may have seen a glimmer of hope in earnings from drug makers and online grocers, though insurers, banks and carmakers added to the chorus of companies taking a heavy hit. “One thing is for sure is that this pandemic health crisis has produced depression-magnitude job losses which means this recovery is going to take longer than many are thinking,” said Chris Rupkey, chief financial economist for MUFG Union Bank. Elsewhere, shares in Shanghai rose as Chinese traders came back online after a five-day break. Australian equities fell, while Hong Kong and Korean benchmarks advanced. Japanese markets were shut for a public holiday. Here are some key events coming up:
* The Bank of England has a policy decision on Thursday.
* Friday brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.

These are some of the main moves in markets:
Stocks
The S&P 500 Index fell 0.7% to 2,848.42 as of 4:20 p.m. New York time.
The Dow Jones Industrial Average decreased 0.9% to 23,664.64, the lowest in more than a week.
The Nasdaq Composite Index gained 0.5% to 8,854.39.
The MSCI All-Country World Index dipped 0.4% to 478.02.
Currencies
The Bloomberg Dollar Spot Index climbed 0.6% to 1,256.64, the highest in more than a week on the largest increase in almost three weeks.
The Japanese yen appreciated 0.4% to 106.10 per dollar, the strongest in seven weeks on the biggest increase in almost three weeks.
The euro dipped 0.4% to $1.0793, the weakest in more than a week.
The British pound dipped 0.8% to $1.2341, the weakest in more than a week on the biggest decrease in almost two weeks.
Bonds
The yield on two-year Treasuries decreased one basis point to 0.18%, the lowest in more than eight years on the largest dip in almost three weeks. The yield on 10-year Treasuries gained three basis points to 0.70%, the highest in almost three weeks on the biggest advance in a week. Germany’s 10-year yield climbed seven basis points to -0.51%, the largest surge in almost four weeks. Britain’s 10-year yield rose three basis points to 0.231%, the biggest rise in more than a week.
Commodities
West Texas Intermediate crude fell 1.4% to $24.14 a barrel, the first retreat in more than a week. Gold weakened 0.9% to $1,687.16 an ounce.

Have a great night.

Be magnificent!
As ever,

Carolann

The basis of optimism is sheer terror.
               -Oscar Wilde, 1854-1900

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

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

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

Dear Friends,

Tangents:

CINCO DE MAYO~ Mexican national holiday recognizing the anniversary of the Battle of Puebla in 1862, in which Mexican troops under General Ignacio Zaragoza, outnumbered three to one, defeated invading French forces of Napoleon III.  The Anniversary is observed by Mexicans everywhere, with parades, festivals, dances and speeches. 
Portland, Oregon, sister city of Guadalajara, Mexico, celebrates Cinco de Mayo every year in Waterfront Park, with usually more than 300,000 attending.   -From Chase’s Calendar of Events.

On May 5, 1961, astronaut Alan B. Shepard Jr. became America’s first space traveler as he made a 15-minute suborbital flight in a capsule launched from Cape Canaveral, Fla. Go to article »

UK man has been tattooing himself every day during the lockdown
My friend, just bake bread like the rest of us. -CNN

And finally, a cornucopia of beauty:
About 90 percent of the flora and fauna on Madagascar is found nowhere else on Earth. Macus Westberg spent a month exploring the island nation, where he found a panoply of unique plants and animals, from endemic orchids to chameleons, giraffe-necked weevils and the bizarre-looking aye-aye, the world’s largest nocturnal primate.
It’s the latest in our series The World Through a Lens, in which photojournalists transport us on journeys we can’t take right now, but can dream about. -from The New York Times.

PHOTOS OF THE DAY

A pair of owlets find comfort as they cuddle up to a toy owl at Liberty’s Owl, Raptor& Reptile Centre in Ringwood, Hants. The tawny owls are 14&16 days old and hatched during lockdown meaning they are yet to be seen by the public and will likely have fledged before the doors to the centre reopen again.
CREDIT: TELEGRAPH MAY 5, 2020

Parents Gabriel and Grace take their 8 new arrivals at The Bishops Palace in Wells, Somerset, UK, for their first swimming lesson in the palace moat.
CREDIT: APEX

Gardener Naomi Kashiwazaki pictured amongst the stunning flower garden, full of forget-me-nots, wallflowers, euphorbia, tulips and other spring flowers at Loseley Park Gardens in Guildford, Surrey, UK. The annual spring show which was due to take place was sadly cancelled due to COVID -19 would normally attracted around 4000-5000 visitors.
CREDIT: OLIVER DIXON
A couple wears a face mask as they enjoy the sun in park full of flowers, in Milan, Italy, Monday, May 4, 2020. Italy began stirring again Monday after a two-month coronavirus shutdown, with 4.4 million Italians able to return to work and restrictions on movement eased in the first European country to lock down in a bid to stem COVID -19 infections.
CREDIT: AP PHOTO/ANTONIO CALANNI

Two southern giraffes interact at the Dresden Zoo in Dresden, eastern Germany. Due to the contact restrictions that were implemented in a bid to slow down the spread of the SARS -CoV-2 coronavirus causing the COVID-19 disease, the zoo had been closed for several weeks. The animal park reopened as Germany begins to loosen certain lockdown measures.
CREDIT: FILIP SINGER/EPA-EFE/SHUTTERSTOCK
Market Closes for May 5^th, 2020 

Market Index	Close	Change
Dow Jones	23883.09	+133.33
		+0.56%
S&P 500	2868.44	+25.70
		+0.90%
NASDAQ	8809.121	+98.406 +1.13%
TSX	14811.56	+66.52
		+0.45%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	19619.35	-574.34
		-2.84%
HANG SENG	23868.66	+254.86
		+1.08%
SENSEX	31453.51	-261.84
		-0.83%
FTSE 100*	5849.42	+95.64 +1.66%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.570	0.571
CND. 30 Year Bond	1.112	1.115
U.S.    10 Year Bond	0.6651	0.6336
U.S. 30 Year Bond	1.3372	1.2765

Currencies

BOC Close	Today	Previous
Canadian $	0.71184	0.70999
US $	1.40481	1.40846
Euro Rate 1 Euro=		Inverse
Canadian $	1.52341	0.65642
US $	1.08442	0.92215

Commodities

Gold	Close	Previous
London Gold Fix	1709.10	1686.25
Oil
WTI Crude Future	24.56	20.39

Market Commentary:
On this day in 1818, Karl Marx was born in Trier, Germany.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks held on to gains amid worsening U.S.-China tensions and as Federal Reserve officials warned of more damage to the economy.
The S&P/TSX Composite index rose 0.5% in Toronto, paring some of its earlier gains of as much as 1.4%. Tech was the best performing sector, with a further rally in Shopify Inc., which is reporting its earnings before the market opens Wednesday.
Some analysts are skeptical that the e-commerce company’s outlook will be strong enough to justify a stock price that has surged to record levels. Oil futures in New York rose for a fifth day as production cuts started to whittle down a supply glut and more economies ease their coronavirus lockdowns. MEG Energy Corp. and Cenovus Energy Inc. were among the best energy stocks.
Meanwhile, More than a third of Canadians believe their discretionary spending won’t recover to pre-crisis levels after stores and businesses reopen, according to a Nanos Research survey conducted for Bloomberg News. Just over 5% of respondents expect their purchases to increase and 54% think they’ll spend the same amount on non-essential items.
Commodities
* Western Canada Select crude oil traded at a $4.80 discount to West Texas Intermediate
* Spot gold rose 0.4% to about $1,708.70 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.4051 per U.S. dollar
* The 10-year government bond yield fell slightly to 0.568%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5 percent, or 66.52 to 14,811.56 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 4.1 percent. MEG Energy Corp. had the largest increase, rising 16.2 percent.
Today, 130 of 230 shares rose, while 95 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* The index declined 10 percent in the past 52 weeks. The MSCI AC Americas Index lost 3.9 percent in the same period
* The S&P/TSX Composite is 17.6 percent below its 52-week high on Feb. 20, 2020 and 32.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 14 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.3 on a trailing basis and 19.7 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$2.24
* 30-day price volatility fell to 39.03 percent compared with 50.54 percent in the previous session and the average of 75.43 percent over the past month
=====================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
=====================================================
Information Technology | 33.2049| 2.7| 7/3
Materials | 20.7604| 0.9| 19/27
Energy | 18.4606| 0.9| 19/10
Utilities | 14.8594| 1.9| 16/0
Industrials | 7.5185| 0.4| 19/11
Real Estate | 3.3319| 0.8| 18/8
Communication Services | 1.4736| 0.2| 5/3
Health Care | 0.2494| 0.2| 5/5
Consumer Staples | -0.6479| -0.1| 6/5
Consumer Discretionary | -3.5260| -0.7| 5/8
Financials | -29.1372| -0.7| 11/15
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks closed higher despite a late-day swoon as optimism that more economies are moving toward easing their coronavirus lockdowns outweighed cautionary comments from Federal Reserve officials. Oil surged.
The S&P 500 rose for a second day, led by gains in health care, utilities and information technology companies. The benchmark index’s gain of almost 2% was cut in half in the last hour of trading after Fed Vice Chairman Richard Clarida warned the economy will need more government support. St. Louis Fed President James Bullard said the central bank’s efforts are “very much an experiment.” President Donald Trump continued to blame China for the global pandemic, stoking fears the trade war will reignite.
“There was a lot of cold water from Clarida on economic data,” said Michael Antonelli, managing director and market strategist at Robert W Baird & Co. “Technicals are really important right now. As we approach the end of the day there was that failure of breaking through those key resistance levels.” Oil posted its longest run of daily gains in more than nine months as production cuts start to whittle down a supply glut.
Futures in New York rose for a fifth day, gaining more than 20%.
European stocks gained. The euro fell as investors scrutinized a verdict from Germany’s top judges over the legality of European Central Bank stimulus. They ruled that some actions taken by the country’s Bundesbank to participate in the asset purchase program were unconstitutional. Markets were closed in Japan, China and South Korea.
Here are some key events coming up:
* The Bank of England has a policy decision on Thursday.
* Friday brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.

These are some of the main moves in markets:
Stocks
*The S&P 500 Index gained 0.9% to 2,868.44 as of 4:20 p.m. New York time.
*The Dow Jones Industrial Average increased 0.6% to 23,883.09.
*The Nasdaq Composite Index climbed 1.1% to 8,809.12.
*The MSCI All-Country World Index rose 1% to 480.04.
Currencies
*The Bloomberg Dollar Spot Index declined 0.1% to 1,250.37.
*The Japanese yen appreciated 0.2% to 106.51 per dollar, the strongest in seven weeks.
*The euro decreased 0.6% to $1.0842.
*The British pound was little changed at $1.2438.
Bonds
*The yield on two-year Treasuries was unchanged at 0.19%, the lowest in more than eight years.
*The yield on 10-year Treasuries rose two basis points to 0.66%, the highest in a week.
*Germany’s 10-year yield declined two basis points to -0.58%.
*Britain’s 10-year yield decreased three basis points to 0.206%, the lowest in eight weeks.
Commodities
*West Texas Intermediate crude gained 20.5% to $24.58 a barrel, hitting the highest in more than two weeks with its fifth consecutive advance. Gold weakened 0.3% to $1,708.18 an ounce.
Have a great night.

Be magnificent!
As ever,

Carolann

When people are free to do as they please, they usually imitate each other.
                                                                     -Eric Hoffer, 1902-1983

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:
May 4^th, 1626 – Dutch explorer Peter Minuit landed on what is now Manhattan. Go to article »

1979 –  Margaret Thatcher becomes the first woman to be elected Prime Minister of the United Kingdom.

1970 – The Ohio university became the focus of the anti-Vietnam War movement when, during a demonstration 50 years ago today, four students were killed and nine wounded by the National Guard. Anti-war protests happened on hundreds of other campuses before the last US troops left in 1973. –CNN.

May the Fourth Be With You
Monday is Star Wars Day, and to celebrate, Disney+ is dropping “Star Wars: The Rise of Skywalker” two months early. Its holiday line-up also is set to include the premiere of the eight-episode documentary “Disney Gallery: The Mandalorian” and the finale of the animated series “Star Wars: The Clone Wars.” -CNN.
 

PHOTOS OF THE DAY

St Mary’s lighthouse in Whitley Bay, North Tyneside is illuminated blue in recognition and support of NHS workers and carers fighting the coronavirus pandemic. Whitley bay is just 10 miles from the Newcastle RVI Hospital where the first UK COVID -19 patients were treated successfully.
CREDIT: COLIN SCARR/LNP

A large ‘thank you’ rainbow on display in Herrington Country Park in Sunderland to show the city’s appreciation for all NHS, social care, care, key and frontline workers who are working hard through the coronavirus pandemic.
CREDIT: OWEN HUMPHREYS/PA

Ballet dancer Eve Mutso practises her fitness routine at home in Glasgow, after COVID 19 restrictions closed her usual training facilities.
CREDIT: JAMES CHAPELARD
Market Closes for May 4^th, 2020 

Market Index	Close	Change
Dow Jones	23749.76	+26.07
		+0.11%
S&P 500	2842.74	+12.03
		+0.43%
NASDAQ	8710.715	+105.767 +1.23%
TSX	14745.04	+124.70
		+0.85%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	19619.35	-574.34
		-2.84%
HANG SENG	23613.80	-1029.79
		-4.18%
SENSEX	31715.35	-2002.27
		-5.94%
FTSE 100*	5753.78	-9.28 -0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.571	0.527
CND. 30 Year Bond	1.115	1.082
U.S.    10 Year Bond	0.6336	0.6165
U.S. 30 Year Bond	1.2765	1.2509

Currencies

BOC Close	Today	Previous
Canadian $	0.70999	0.70994
US $	1.40846	1.40858
Euro Rate 1 Euro=		Inverse
Canadian $	1.53558	0.65122
US $	1.09025	0.91722

Commodities

Gold	Close	Previous
London Gold Fix	1686.25	1702.75
Oil
WTI Crude Future	20.39	19.29

Market Commentary:
On this day in 1979, the first modern leveraged buyout using high-yield junk bonds—a $381 million deal to take Houdaille Industries private—was completed by Kohlberg, Kravis, Roberts & Co. Over the next six years, Houdaille produced a 33.9% average annual return for KKR’s institutional investors.
Canada
By Aoyon Ashraf
(Bloomberg) — Canada stocks rose on Monday, erasing earlier losses, led by rallies in Shopify Inc. and crude oil.
The S&P/TSX Composite Index climbed 0.9% in Toronto. Tech was the best performing sector, while real estate was the worst. Shopify contributed the most to the index gain and had the largest move, increasing 7.6%. The e-commerce company was among stocks that got a price-target boost at KeyBanc on digital growth.
Oil rose for a fourth straight day as the pace of stockpile builds at the key U.S. storage hub slowed last week. Chorus Aviation, whose top holder is Air Canada, had the biggest drop in the benchmark index, down 10%. Air Canada, which fell 8.7%, said it expects the impact of the pandemic to last at least three years. The airline announced that its board approved the renewal of its shareholder rights plan. In the U.S., airline stocks tumbled after Warren Buffett dumped his stakes in four major carriers.
Canadian business loans grew at the fastest pace since 1981 in March as companies tapped credit lines to get them through the coronavirus crisis. A report due Friday will likely show employment in Canada was decimated in April as a nationwide lockdown caused mass layoffs.
Commodities
* Western Canada Select crude oil traded at a $5.70 discount to West Texas Intermediate
* Spot gold rose 0.5% to about $1,707.70 an ounce FX/Bonds
* The Canadian dollar was flat at C$1.4091 per U.S. dollar
* The 10-year government bond yield rose 8.2 basis points to 0.57%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.9 percent at 14,745.04 in Toronto. The move follows the previous session’s
decrease of 1.1 percent.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 7.6 percent.
Today, 119 of 230 shares rose, while 107 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* The index declined 11 percent in the past 52 weeks. The MSCI AC Americas Index lost 4.8 percent in the same period
* The S&P/TSX Composite is 17.9 percent below its 52-week high on Feb. 20, 2020 and 32 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 14 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.1 on a trailing basis and 19.6 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$2.23t
* 30-day price volatility fell to 50.54 percent compared with 54.00 percent in the previous session and the average of 77.25 percent over the past month
================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================
Information Technology | 55.0261| 4.6| 9/1
Materials | 44.1496| 2.0| 33/13
Energy | 26.6799| 1.4| 19/11
Financials | 11.5712| 0.3| 11/14
Communication Services | 5.4518| 0.6| 5/3
Utilities | 3.5505| 0.5| 8/7
Consumer Staples | 2.4266| 0.4| 7/4
Health Care | 0.2892| 0.2| 5/5
Real Estate | -6.4822| -1.5| 7/19
Consumer Discretionary | -7.1081| -1.3| 4/11
Industrials | -10.8643| -0.6| 11/19
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks kicked off the week on a positive note, rallying late in the session to close higher as crude oil gained for a fourth consecutive day.
Energy, information technology and utilities were the biggest gainers in the S&P 500, led by Exxon Mobil Corp. and Chevron Corp. U.S. airlines were hit hard after Warren Buffett said over the weekend that Berkshire Hathaway Inc. had exited the sector. Apple Inc. led the Nasdaq Composite Index higher before a big week of earnings.
“When the economy gets back to normal is very uncertain right now,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note. “And given that uncertainty, we can expect markets to be volatile in the near term as investors try and determine when exactly that happens.”
In Europe, the Stoxx Europe 600 slumped, with all 19 industry sectors in the red. West Texas oil futures pushed higher after fluctuating earlier in the day. The dollar strengthened against most major peers.
Global stocks had begun the week lower for a third straight session, a streak not seen in almost two months, as U.S.-China discord flared again and President Donald Trump prodded the nation to reopen for business. Investors are weighing fears of a second wave of infections and a steady stream of bad economic data against efforts by many countries to start easing lockdown restrictions. Earnings roll on this week, with firms including Walt Disney Co., BMW, and Air France-KLM scheduled to report.
In other coronavirus news, Italy began to reopen its economy after two months, but the premier’s plan was criticized for being too cautious. Russia reported more than 10,000 new infections for a second day. New Zealand had no new cases for the first time since March and Hong Kong may soon reopen cinemas and gyms. Equities in Hong Kong saw the bulk of losses in Asia, as traders caught up after a long weekend. China and Japan were closed for holidays. The Chinese yuan held most of Friday’s slide in offshore trading amid concern tensions with the U.S. would increase.
Here are some key events coming up:
* Regional Federal Reserve chiefs are due to speak, including Charles Evans and James Bullard.
* The Reserve Bank of Australia has a policy decision on Tuesday and the Bank of England on Thursday.
* Friday brings the U.S. jobs report for April, expected to show severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.

These are some of the major moves in financial markets:
Stocks
*The S&P 500 Index gained 0.4% to 2,842.74 as of 4:02 p.m. New York time.
*The Dow Jones Industrial Average increased 0.1% to 23,749.76.
*The Nasdaq Composite Index climbed 1.2% to 8,710.72.
*The MSCI All-Country World Index fell 0.7% to 475.43, the lowest in more than a week.
Currencies
*The Bloomberg Dollar Spot Index increased 0.2% to 1,249.67.
*The Japanese yen strengthened 0.2% to 106.70 per dollar.
*The euro dipped 0.8% to $1.0897, the largest decrease in more than a month.
*The British pound fell 0.5% to $1.2444.
Bonds
*The yield on two-year Treasuries dipped one basis point to  0.18%, hitting the lowest in more than eight years with its  sixth straight decline.
*The yield on 10-year Treasuries gained two basis points to  0.63%, the biggest advance in a week.
*Germany’s 10-year yield rose two basis points to -0.56%, the  largest rise in more than a week.
*Britain’s 10-year yield declined two basis points to 0.231%, the lowest in eight weeks.
Commodities
*West Texas Intermediate crude rose 7.2% to $21.21 a barrel, the  highest in more than two weeks.
*Gold strengthened 0.2% to $1,704.31 an ounce.
–With assistance from Nancy Moran.
Have  a great night.

Be magnificent!
As ever,

Carolann

The best life is the one in which the creative impulses play the largest part
and the possessive impulses the smallest.
                                                               -Bertrand Russell, 1872-1970

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!

May1, 1707~Acts of Union comes into force, uniting England and Scotland to form the United Kingdom of Great Britain.

On May 1, 2011, President Barack Obama announced that Osama Bin Laden, the mastermind of the September 11 attacks, was killed by United States forces in Pakistan. Go to article »

From The New York Times:
Protected between two days free from work, Saturday nights traditionally represent “the fleeting opportunity for pure self-fulfillment,” writes our critic-at-large Amanda Hess. Needless to say, things are a little different these days.
We had 33 photographers show us what the world looks like on the weekend.

PHOTOS OF THE DAY

A female seal Shakitto and the quarium keeper Manami Suka stroll together as a part of their practice for their show at an empty visitors’ area at the Aqua Park Shinagawa which is closed to the public amid the coronavirus disease outbreak in Tokyo, Japan.
CREDIT: REUTERS/ISSEI KATO

Stone stacks built by members of the public whilst out on the daily walks during the COVID-19 pandemic, are pictured on the beach in Whitley Bay, north east England
CREDIT: OLI SCARFF/AFP VIA GETTY IMAGES

Captain Tom Moore waves to a Spitfire and Hurricane from RAF Coningsby in a spectacular flypast from his garden with his daughter Hannah, on his 100^th birthday
CREDIT: TELEGRAPH MAY1, 2020

Aircraft take off from RAF Coningsby, Hurricane LF363 flown by OC BBMF Squadron Leader Mark Discombe and Spitfire Mk356 flown by Flight Lieutenant Andy Preece. For the 100^th birthday of Captain Tom Moore
CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH
Market Closes for May 1^st, 2020 

Market Index	Close	Change
Dow Jones	23723.69	-622.03
		-2.56%
S&P 500	2830.71	-81.72
		-2.81%
NASDAQ	8604.949	-284.602 -3.20%
TSX	14620.34	-160.40
		-1.09%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	19619.35	-574.34
		-2.84%
HANG SENG	24643.59	+67.63
		+0.28%
SENSEX	33717.62	+997.46
		+3.05%
FTSE 100*	5763.06	-138.15 -2.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.527	0.547
CND. 30 Year Bond	1.082	1.128
U.S.    10 Year Bond	0.6165	0.6393
U.S. 30 Year Bond	1.2509	1.2848

Currencies

BOC Close	Today	Previous
Canadian $	0.70994	0.71649
US $	1.40858	1.39569
Euro Rate 1 Euro=		Inverse
Canadian $	1.54658	0.64659
US $	1.09797	0.91077

Commodities

Gold	Close	Previous
London Gold Fix	1702.75	1703.35
Oil
WTI Crude Future	19.29	18.84

Market Commentary:
On this day in 1956, seven local investors contributed $105,000 to an investment partnership that a 25-year-old was about to start running from his bedroom in a rented house on Underwood Avenue in Omaha. The name of the “kid” running the fund was Warren Buffett.
Canada
By Divya Balji
(Bloomberg) — It’s a feat even the U.S. market hasn’t achieved. Canadian stocks have risen for six straight weeks — and now equity strategists are calling time.
Some say the S&P/TSX Composite Index’s 36% rally from a March low should be seen as a natural market bounce, after a ferocious drop in reaction to the economic damage of the Covid-19 pandemic.
“The strength of the April rally was a function of how violent the sell-off was in March,” Greg Taylor, chief investment officer at Purpose Investments, said by phone. “So given how much March was a disaster, we had to expect some sort of bounce coming out of it and that’s what April really was.”   Thursday and Friday’s sessions were not pretty. The benchmark posted its biggest two-day slump since the March 23 low. That will stoke the debate on whether investors who’ve pushed up stock prices have appropriately accounted for a financial landscape utterly changed by the pandemic.
A sector rotation may have helped to extend the rally. What started off as a great run for gold miners and tech companies — Shopify Inc. passed C$100 billion in market cap– has now faded with cyclical stocks taking over.
* Canada officially entered a recession in the first quarter of 2020, according to the C.D. Howe Institute. The second quarter is certain to be worse, as millions of people have lost jobs or income due to measures that have closed stores, restaurants and other businesses.
* Most companies that have reported quarterly financials have cautioned that second quarter figures will be worse. Some point to higher costs, other point to dire demand as consumers stay at home.
“Investors may find themselves increasingly vulnerable to disappointment in the near-term — particularly as there’s still plenty of bad news that needs to be absorbed on the economic and corporate earnings front,” said Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital Corp. in Montreal. “As the re-opening of the economy is likely to be both staggered and temperamental, setbacks on the road to recovery are probable and could potentially trigger some period bouts of volatility and risk aversion in the near-term,” Bangsund said. Brian Belski is staying optimistic, adding that the stock market is traditionally six months ahead of the economy.
Investors are too focused on risk and not the reward, the chief investment strategist of BMO Capital Markets said by phone. Tiff Macklem was appointed to succeed Stephen Poloz as head of the Bank of Canada. The government opted for a veteran of the 2008-2009 financial crisis to deal with the economic fallout from the pandemic.
In more economic gloom, the nation’s budget deficit will mushroom to C$252.1 billion ($181 billion) in 2020-21 – the largest on record, according to estimates from the Parliamentary Budget Officer.
Up next week: economists will be watching the April employment survey, which comes on May 8, for a full picture of how hard the labor force has been hit in Canada. Other key economic data due next week include April housing starts.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.1 percent, or 160.4 to 14,620.34 in Toronto.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.9 percent. Ag Growth International Inc. had the largest drop, falling 8.9 percent.
Today, 185 of 230 shares fell, while 43 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* So far this week, the index rose 1.4 percent
* The index declined 11 percent in the past 52 weeks. The MSCI AC Americas Index lost 4.6 percent in the same period
* The S&P/TSX Composite is 18.6 percent below its 52-week high on Feb. 20, 2020 and 30.9 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 18.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.25t
* 30-day price volatility fell to 54.00 percent compared with 54.68 percent in the previous session and the average of 80.00 percent over the past month
==============================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
==============================================
Financials | -91.7671| -2.1| 0/25
Energy | -52.5083| -2.6| 2/28
Industrials | -32.7510| -1.9| 0/31
Utilities | -15.9825| -2.0| 0/15
Real Estate | -13.2282| -2.9| 1/25
Information Technology | -12.9423| -1.1| 4/6
Communication Services | -8.8171| -1.0| 1/7
Consumer Discretionary | -6.8395| -1.2| 2/13
Health Care | -5.2004| -3.5| 1/9
Consumer Staples | 1.6660| 0.3| 3/8
Materials | 77.9786| 3.7| 29/18
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. stocks dropped as investors began May pondering profit warnings tied to the coronavirus and a ratcheting up of tension with China.     The dollar rose as a risk-off mood prevailed.
The S&P 500 Index fell almost 3%, leaving it a tad lower for the week, after sobering comments from Amazon.com Inc. and Apple Inc. about the pandemic’s impact. Exxon Mobil Corp. slumped after posting its first quarterly loss in at least 32 years. The dollar posted its first increase since last week.
Equities also retreated in the U.K., one of the few open markets in Europe as other countries celebrated May Day, and the pound gave back some of this week’s gains as Prime Minister Boris Johnson pledged a “comprehensive plan” to lift the country’s lockdown, with details due next week.
While the S&P 500 posted its best month since 1987 in April — spurred by a slowdown in coronavirus infections and $8 trillion in promised stimulus initiatives globally – earnings reports and economic data are serving a reminder of lasting pain. Amazon warned of a possible second-quarter loss, while
Apple omitted an earnings forecast for the first time in more than a decade. Federal Reserve Bank of Dallas President Robert Kaplan warned of a “severe” contraction from the effects of coronavirus. “Earnings continued to be a minefield,” said Bryce Doty, portfolio manager at Sit Investment Associates Inc. “You don’t really know what is going to happen because there is so little clarity.”
The advance in the dollar followed U.S. President Donald Trump reviving an attack on China, speculating it could have spread the coronavirus and threatening trade tariffs. Trump is exploring blocking a government retirement fund from investing in Chinese equities considered a national security risk, a person familiar with the internal deliberations said.
Elsewhere, West Texas oil posted its first weekly gain in about a month as global production cuts began to take effect. Stocks slumped in Tokyo and Sydney. Most Asian markets didn’t trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 2.8% at the close of trade in New York.
* The Nasdaq Composite Index declined 3.2%.
* The U.K.’s FTSE 100 Index dropped 2.3%.
* The MSCI All-Country World Index fell 2.4%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%.
* The euro gained 0.2% to $1.0979.
* The British pound declined 0.7% to $1.2505.
* The Japanese yen strengthened 0.3% to 106.82 per dollar.
Bonds
* The yield on 10-year Treasuries slipped one basis point to 0.63%.
* Britain’s 10-year yield rose two basis points to 0.24%.
Commodities
* West Texas Intermediate crude climbed 4.9% to $19.77 a barrel.
* Gold rose 0.8% to $1,699.98 an ounce.
–With assistance from Christopher Anstey and Cormac Mullen.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Only the mediocre are always at their best.
                   -Jean Giraudoux, 1882-1944

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