Category: Events

Dear Friends,

Tangents: Happy Friday!
On August 2, 2019, the Queen of Italy, Margherita Savoy, ordered the first pizza delivery.

An asteroid bigger than the Empire State Building is passing by Earth next week. You (probably) shouldn’t worry about it.

I just finished reading the book Happiness  last night by Aminatta Forna and I recommend it if you’re looking for something to read this summer.  It is a novel (fiction) that takes place in London and the main characters are a biologist who studies urban foxes and a psychiatrist from Ghana whose career was spent in war zones and conflict areas counselling those in the field and afterwards, those with PTSD.  They meet when he is in London for a convention of psychiatrists.  His definition of happiness which is expressed toward the end of the novel is intriguing and a profound conclusion to the novel.

PHOTOS OF THE DAY

Palestinian men perform fire breathing on the beach as an entertainment for children during the summer vacation in Gaza City.
CREDIT: MOHAMMED ABED/AFP/GETTY IMAGES

Fireworks illuminate the sky in Basel, Switzerland, on the eve of Switzerland’s birthday.
CREDIT: GEORGIOS KEFALAS/EPA-EFE/REX

A helicopter from the Swedish icebreaker Oden lands on an ice floe to pick up crew members involved in the retrieval of a scientific acoustic recorder containing valuable data on Arctic marine movements in the Canadian Arctic.
CREDIT: INNER SPACE CENTER VIA REUTERS ATTENTION

This satellite image provided by NASA shows winds carrying individual plumes of smoke in Russia, centre right, towards the southwest, mixing with a swirling storm system. Forest fires have engulfed nearly 30,000 square kilometres (11,580 square miles) of territory in Siberia and the Russian Far East – an area the size of Belgium.

Market Closes for August 2nd, 2019

Market Index	Close	Change
Dow Jones	26485.01	-98.41 -0.37%
S&P 500	2932.05	-21.51 -0.73%
NASDAQ	8004.074	-107.047 -1.32%
TSX	16271.66	-105.38
		-0.64%

International Markets

Market Index	Close	Change
NIKKEI	21087.16	-453.83
		-2.11%
HANG SENG	26918.58	-647.12
		-2.35%
SENSEX	37118.22	+99.90
		+0.27%
FTSE 100*	7407.06	-177.81
		-2.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.374		1.398
CND. 30 Year Bond		1.614		1.631
U.S.    10 Year Bond		1.8452		1.8935
U.S. 30 Year Bond		2.3820		2.4420

Currencies

BOC Close	Today	Previous
Canadian $	0.75712	0.75680
US $	1.32079	1.32136
Euro Rate 1 Euro=		Inverse
Canadian $	1.46815	0.68113
US $	1.11157	0.89963

Commodities

Gold	Close	Previous
London Gold Fix	1406.80	1427.55
Oil
WTI Crude Future	55.66	53.95

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks tumbled Friday to close out their worst week of the year, as strong gains in pot stocks weren’t enough to offset declines in most other sectors. The S&P/TSX Composite Index fell 0.6% to 16,271.66 amid an escalation in the U.S.-China trade war, bringing its weekly decline to 1.6%. Technology stocks led the decline as Open Text Corp. fell 8.8%, the most since 2015, after Veritas Investment Research Co. downgraded the stock to sell from buy.
The health-care sector jumped 4.8%, the most in two months, as pot stocks rose. Aphria Inc. surged 40%, the most since December, on strong earnings that beat expectations on virtually all metrics. Cronos Group Inc. gained 8.5% after announcing it will enter the U.S. CBD market with a $300 million acquisition.
In other moves:
Stocks
* Restaurant Brands International Inc. rose 5.9% to a record high. Second-quarter profit beat estimates on strong global sales at Burger King
* SNC-Lavalin Group Inc. lost 5.9% to the lowest since 2004. The engineering firm cut its quarterly dividend to two cents from 10 cents after reporting a wider-than-expected loss
* Spin Master Corp. fell 4.2% after U.S. President Donald Trump announced plans for additional Chinese tariffs that could hit toy makers
Commodities
* Western Canada Select crude oil traded at a $12.60 discount to WTI
* Gold rose 1.7% to $1,445.60 an ounce, the biggest gain in six weeks
FX/Bonds
* The Canadian dollar was little changed at C$1.3215 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 1.38%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks suffered the worst week of 2019 as investors fretted over Donald Trump’s escalation of his trade war with China. Treasuries rose, while the yen strengthened. The S&P 500 fell for a fifth straight day, its steepest weekly loss since December’s sell-off. Trade angst recaptured center stage after Trump said Thursday he’d slap more tariffs on Chinese goods, adding to worries that the spat could derail the global economy. China vowed it would counter the threat. The president ratcheted up his rhetoric late Friday, saying he could boost the levies to a “much higher number.” Stocks were already under pressure after investors groused that the first Federal Reserve rate cut in a decade didn’t come with assurances of further easing.Ten-year Treasury yields held near the lowest level since 2016 after the July U.S. jobs report did little to alter views on the economy and path for future rate policy. The dollar was lower against most major currencies. West Texas crude clawed back some of its 8% slide on Thursday, while copper fell to a two-year low in London.
“The Fed is largely easing policy because of the possibility that trade tensions will impact the global economy and the feedback into the U.S. economy would be negative, and that calculus appears to be correct,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “Yesterday’s announcement of an escalation of trade tensions is the key risk to markets now that the Fed is easing monetary policy and it bears watching how far the administration will push tariffs that ultimately impact the consumer, which up to this point has been very resilient.” The jobs report Friday added another piece to an already large puzzle that includes the Fed, earnings and trade. While China has yet to offer details on what measures it would take, the sudden escalation of the spat has put markets in a spin in an already action-packed week of corporate earnings and central-bank meetings.
The developments come after the Federal Reserve chief cast doubt about a long cycle of interest-rate cuts, provoking the president’s ire and disappointing many investors. Elsewhere, most European government bonds rose alongside the common currency. The pound gained after a by-election loss reduced U.K. Prime Minister Boris Johnson’s House of Commons majority to a single seat.
Here are the main moves in markets (all sizes and scopes
are on a closing basis):

Stocks
* The S&P 500 Index dipped 0.7% as of 4 p.m. New York time, hitting the lowest in five weeks and capping the worst weekly loss since December 2018.
* The Dow Jones Industrial Average decreased 0.6% to the lowest in more than six weeks.
* The Nasdaq Composite Index declined 1.6%, hitting the lowest in five weeks.
* The Stoxx Europe 600 Index decreased 2.5%, the lowest in more than six weeks.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The Japanese yen gained 0.7% to 106.47 per dollar, the strongest in 16 months.
* The euro rose 0.2% to 1.1112 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 1.85%.
* The yield on two-year Treasuries decreased two basis points to 1.72%.
* Germany’s 10-year yield dipped five basis points to -0.495%, hitting the lowest on record.
Commodities
* Gold dropped 0.2% at $1,441.85 an ounce.
* West Texas Intermediate crude gained 2.5% to $55.29 a barrel.
–With assistance from Elena Popina, Laura Curtis and Luke Kawa.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Science is what you know; philosophy is what you don’t know.
                                           -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:
August 1^st is Lammas, 1^st harvest, Wicca. The first day of August was one of the regular quarter days (the days on which certain payments are traditionally due and tenancies begin and end, so called as they fall at quarter-yearly intervals) in Scotland and a half-quarter or cross-quarter-day in England, the day on which, in Anglo-Saxon times, the first fruits (the first profitable results of labour. In husbandry, the first corn that is cut at harvest, which was offered to Jehova by the ancient Hebrews. Such offerings became customary also in the early Christian church. Annates were also called first fruits). Bread for the Lammas Day Eucharist was made from the new corn of the harvest.  The name derives from Old English, hlâfmæsse, “loaf mass”. It is also the feast of St. Peter ad Vincula.

On this day in….
1819 ~ Writer Herman Melville was born.
1924~ The first cross word puzzle in the world was published by London Sunday Express.
1936~ Designer Yves St. Laurent was born.
1942~ Guitarist Jerry Garcia was born.
1990~ World Wide Web was established.

Also on August 1, 1936, 100,000 saluted Adolf Hitler on his entrance at the opening of the Berlin Olympics.  Go to article »

From CNN today: A woman who celebrated her 107th birthday shared her secret for long life. Spoiler alert: It involves staying single.

PHOTOS OF THE DAY

Hasan Baglar, from Cyprus, came first in the Moments in Nature Category in the Glanzlichter photo contest for a photo of European mantis insects dancing on a stalk.
CREDIT: GLANZLICHTER/ HASAN BAGLAR

This is the adorable moment a baby gorilla pokes out his tongue to the camera. The hilarious image was captured at Lincoln Park Zoo, Chicago, Illinois.
CREDIT: LINCOLN PARK ZOO/ MEGA

An Iceberg floats in Disko Bay behind houses during unseasonably warm weather in Ilulissat, Greenland. The Sahara heat wave that recently sent temperatures to record levels in Europe is arriving in Greenland. Climate change is having a profound effect in Greenland, where over the last several decades summers have become longer and the rate that glaciers and the Greenland ice cap are retreating has accelerated.
CREDIT: SEAN GALLUP/GETTY IMAGES

Market Closes for August 1st, 2019

Market Index	Close	Change
Dow Jones	26583.42	-280.85 -1.05%
S&P 500	2953.56	-26.82 -0.90%
NASDAQ	8111.121	-64.298 -0.79%
TSX	16377.04	-29.52
		-0.18%

International Markets

Market Index	Close	Change
NIKKEI	21540.99	+19.46
		+0.09%
HANG SENG	27565.70	-212.05
		-0.76%
SENSEX	37018.32	-462.80
		-1.23%
FTSE 100*	7584.87	-1.91
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.398		1.477
CND. 30 Year Bond		1.631		1.696
U.S.    10 Year Bond		1.8935		2.0144
U.S. 30 Year Bond		2.4420		2.5249

Currencies

BOC Close	Today	Previous
Canadian $	0.75680	0.75826
US $	1.32136	1.31881
Euro Rate 1 Euro=		Inverse
Canadian $	1.46468	0.68274
US $	1.10847	0.90214

Commodities

Gold	Close	Previous
London Gold Fix	1427.55	1425.90
Oil
WTI Crude Future	53.95	58.58

Market Commentary:
On this day in 1973, the International Business Machines Corp. was fined $150,000 a day—an estimated 5% of its daily profits—by a Federal District Court judge for contempt of court. IBM, which was being sued by the U.S. Department of Justice for violating federal anti-trust law, refused to turn over sensitive documents requested by the government, claiming that they would give competitors unjustified access to IBM’s business secrets.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks erased earlier gains to close lower, along with U.S. markets, after President Donald Trump abruptly escalated his trade war with China announcing that he would impose a 10% tariff on $300 billion in Chinese imports that aren’t yet subject to U.S. duties. The S&P/TSX Composite Index fell 0.2% to 16,377.04 in Toronto. Technology was the best performing sector, led by Shopify Inc. The e-commerce company shares continued their record-breaking rally after it reported second-quarter sales that beat analysts’ average estimate and gave a more optimistic full-year outlook
Healthcare was the worst performing sector led by mainly pot stocks. New cannabis stock Sundial Growers Inc. tumbled after its IPO, as investors grew more skittish about the cannabis sector following disappointing earnings reports.
In other moves:
Stocks
* Hudbay plunged 21% after a decision from the U.S. District Court for the District of Arizona halted construction of its Rosemont mine
* Bombardier tumbled about -16% after lowering its 2019 financial forecasts because of new costs in its troubled rail-equipment division
* Base metal miners such as First Quantum, Turquoise Hill Resources, Sherritt fell after metal prices tumbled on trade war worry
* Gold miners such as Detour Gold, Kinross and Alamos Gold benefitted from the trade war jitters after prices climbed back from yesterday’s decline
* Tourmaline Oil dropped -12% after Tudor Pickering downgraded shares to hold from buy on a 2Q earnings update
* Spin Master climbed +12% after reporting a second quarter adjusted EPS that beat the highest estimate
Ratings
* AKT/A CN: AKITA Drilling Downgraded to Sector Perform at Alta Corp; PT C$3
* ARX CN: ARC Resources Upgraded to Buy at Eight Capital; PT C$11
* CRH CN: CRH Medical Upgraded to Buy at Bloom Burton & Co
* GIB/A CN: CGI Inc Downgraded to Sell at SocGen
* GWO CN: Great-West Lifeco Downgraded to Neutral at CIBC; PT C$32.50
* PONY CN: Painted Pony Cut to Speculative Buy at Industrial Alliance
* PONY CN: Painted Pony Downgraded to Neutral at Eight Capital; PT C$1.55
* PONY CN: Painted Pony Cut to Underperform at National Bank; PT 75 Cents
* RME CN: Rocky Mountain Dealerships Downgraded to Hold at TD; PT C$8.50
* RMX CN: Rubicon Minerals Rated New Speculative Buy at Cormark Securities
* SNC CN: SNC-Lavalin Group Raised to Buy at Laurentian Bank Securities
* SRT-U CN: Slate Retail REIT Cut to Hold at Echelon Wealth; PT C$12.75
* WDO CN: Wesdome Gold Mines Cut to Buy at Industrial Alliance; PT C$7.50
Commodities
* Western Canada Select crude oil traded at a $12.40 discount to WTI
* Gold spot price rose 2% to $1,441.73 an ounce
FX/Bonds
* The Canadian dollar retreated 0.2% to C$1.3220 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.392%
US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — A fresh salvo in the U.S.-China trade war from President Donald Trump roiled financial markets a day after the Federal Reserve delivered the first interest-rate cut in a decade in part to combat the spat’s effects on global growth. The S&P 500 saw the biggest two-day drop since May, with stocks swinging 2% from gains to losses, after Trump said America will levy a 10% tariff on $300 billion in Chinese goods starting Sept. 1. After markets closed, the president said the new levies could be raised beyond 25%. The 10 year Treasury yield dropped to the lowest level since 2016, while two-year rates plunged as much as 18 basis points as traders increased bets on Fed cuts to another half point this year. The yen rose the most in two months versus the dollar, while crude slumped 8%, its worst day in four years.
Lenders led losses on benchmarks with Bank of America falling the most in more than two months. The declines spread across sectors as slumping global industrial company Caterpillar Inc., consumer brand Nike Inc. and tech giant Apple Inc. slammed the Dow Jones Industrial Average. A draft list of $300 billion worth of targets published by the Trump administration in May included a raft of consumer and technology goods, including most of Apple’s major products such the iPhone, along with toys, footwear and clothing. “Any way you slice it, escalations of the whole megillah, meaning the additional $300 billion starting with 10%, means it’s only going to get worse and that’s going to be a defining moment in this trade war where it starts showing up with the consumer,” said Arthur Hogan, chief market strategist at National Securities Corp. “This is not good news for the market.
We’re just seeing the beginning of what the market reaction’s going to look like.” Stocks had been rebounding from Wednesday’s Fed-induced sell-off before Trump put trade back at the center of investor minds. The tariffs come after U.S.-Sino talks earlier in the week ended with no major progress, prompting the American president to push forward with tariffs in addition to the 25% on $250 billion that has been in place for months.
Here are some of the key events to watch as the week unfolds:
* The U.S. July jobs report is due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.9% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.5%.
* The MSCI Emerging Market Index sank 0.6%.
* The MSCI Asia Pacific Index dropped 0.2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro rose 0.1% at $1.1086.
* The Japanese yen gained 1.28% to 107.39 per dollar, the biggest rise since May 31.
Bonds
* The yield on 10-year Treasuries fell 12 basis points to 1.89%.
* The two-year rate lost 12 basis points to 1.73%.
* Britain’s 10-year yield fell two basis points to 0.59%.
Commodities
* Gold rose 1.2% to $1,454.50 an ounce.
* West Texas Intermediate crude decreased 7.9% to $53.95 a barrel, the biggest decline since February 2015
–With assistance from Laura Curtis, Vildana Hajric, Sophie
Caronello and Olivia Rinaldi.
Have a great night.

Be magnificent!
As ever,

Carolann

Keeping your body healthy is an expression
of gratitude to the whole cosmos – the trees,
the clouds, everything.
                     -Thich Nhat Hanh,  b. 1926

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 Fed Day.
The Federal Reserve has cut its main interest rate by 25 basis points for the first time since the financial crisis and signalled that it was prepared to ease monetary policy further if necessary.

On July 31^st, 1620, Pilgrim Fathers departed Leiden, Netherlands for England on their way to America.
On July 31, 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface. Go to article »

Sir Francis Drake, having helped to defeat Philip II of Spain’s Armada, to Sir Francis Walsingham, July 31^st, 1588:
I am commanded to send these prisoners ashore by my Lord Admiral; which had, ere this, by me been done, but that I thought their being here might have done something, which is not thought meet now.  Let me beseech your honour, that they may be presented unto her Majesty, either by your honour, or my honourable good Lord my Lord Chancellor, or both of you.  The one, Don Pedro, is a man of great estimation with the King of Spain, and thought next in this army to the Duke of Sidonia.  If they should be given from me unto any other, it would be some grief to my friends.  If her Majesty will have them, God defend, but I should think it happy.
     We have the army of Spain before us, and mind, with the grace of God, to wrestle a pull with him.  There was never any thing pleased better, than the seeing the enemy flying with a southerly wind to the northwards.  –from The Book of Days.

PHOTOS OF THE DAY

A wildlife photographer captured a Scottish hare making a series of hilarious facial expressions including this image of the animal poking it’s tongue out.
CREDIT: KAREN MILLER/ COVER IMAGES

Photographer Wayne Howes captured the incredible moment the International Space station crossed over the Milky Way. Captured in Dungeness, Kent.
CREDIT: WAYNE HOWES/ COVER IMAGES

Wells cathedral guide Maureen Boylan sits inside the ‘Hand of God’ sculpture created by artist Jan Niedojadlo. The installation is interactive and members of the public are invited to explore and climb inside.
CREDIT: JASON BRYANT/APEX

Market Closes for July 31th, 2019

Market Index	Close	Change
Dow Jones	26864.27	-333.75 -1.23%
S&P 500	2980.38	-32.80 -1.09%
NASDAQ	8175.418	-98.196 -1.19%
TSX	16406.56	-59.49
		-0.36%

International Markets

Market Index	Close	Change
NIKKEI	21521.53	-187.78
		-0.87%
HANG SENG	27777.75	-368.75
		-1.31%
SENSEX	37481.12	+83.88
		+0.22%
FTSE 100*	7586.78	-59.99
		-0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.477		1.494
CND. 30 Year Bond		1.696		1.742
U.S.    10 Year Bond		2.0144		2.0580
U.S. 30 Year Bond		2.5249		2.5798

Currencies

BOC Close	Today	Previous
Canadian $	0.75826	0.76032
US $	1.31881	1.31524
Euro Rate 1 Euro=		Inverse
Canadian $	1.46114	0.68440
US $	1.10792	0.90259

Commodities

Gold	Close	Previous
London Gold Fix	1425.90	1419.05
Oil
WTI Crude Future	58.58	58.05

Market Commentary:
The British pound fell against the dollar for the seventh time in eight sessions Tuesday, dropping to its lowest level since January 2017. The currency is down 18% from its pre-Brexit vote level in 2016 on concerns of economic disruption. It is near its lowest value in more than 34 years.  
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell but closed well above their session lows after the U.S. Federal Reserve tempered expectations for multiple interest-rate cuts this year. The S&P/TSX Composite Index lost 0.4% to 16,407 after earlier losing as much as 1.1%, which would have been the largest drop since December. Gold miners led the declines, tumbling 4.1% as gold prices slid on Fed Chairman Jerome Powell’s comments. Kirkland Lake Gold Ltd. fell 9.2% and Barrick Gold Corp. lost 4.2%. The energy sector was one of the only bright spots for the Canadian benchmark, rising 0.5%. Oil prices closed at their highest level in more than two weeks before retreating following the Fed decision.
In other moves:

Stocks
* Seven Generations Energy Ltd. gained 13%, the most since 2014, after second-quarter cash flow and production beat analyst estimates
* CannTrust Holdings Inc. rose 8.8%. The beleaguered pot company has hired Greenhill & Co. to explore a sale after a regulatory breach erased about C$500 million in market value
* Genworth MI Canada Inc. added 8.2% to a record high. The mortgage insurance provider’s operating earnings beat the highest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $12.85 discount to WTI, the narrowest gap in two weeks
* Gold fell 1.1% to $1,425.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4% to C$1.3203 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 1.49%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. equities fell the most in two months, while two-year Treasury yields rose as Jerome Powell dented hopes that the Federal Reserve is poised to continue easing after delivering the first interest-rate cut in over a decade. The S&P 500 Index fell as much as 1.8% after the Fed chairman said the quarter-point cut amounted to a “mid-term policy adjustment,” fueling speculation the central bank is not necessarily at the start of an easing cycle. The measure rebounded after Powell said the Fed hasn’t ruled out further cuts, closing down 1.1%. President Donald Trump said in a tweet “Powell let us down” with the size of the rate cut. The 10-year yield fell to below 2.01%, while the two-year rate jumped to 1.88%. The dollar advanced to the highest in two months, and gold slid. Fed fund futures showed less easing is now being priced in by markets that had been expecting almost three quarter-point cuts this year prior to the meeting.
The hope for a cycle of cuts had pushed stocks to all-time highs and sent 10-year rates
dipping below 2%. Markets turned volatile as Powell signaled the Fed is in no rush to continue with easing, unless warranted by data. The central bank earlier voted, with two officials dissenting, to cut rates as predicted by most investors and economists. With two of the week’s key events — the Fed and trade talks — over for now, investors still have an ongoing slew of corporate results and Friday’s U.S. jobs data to contend with. American delegates wrapped up negotiations with their Chinese counterparts in Shanghai on Wednesday with little evidence of progress toward ending the year-long trade dispute. Here are some of the key events to watch as the week unfolds:
* The Bank of England policy decision is due Thursday.
* The U.S. July jobs report is due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.1%, the most since May 31, as of 4:30 p.m. New York time.
* The Dow Jones Industrial Average lost 1.2% and the Nasdaq 100 Index fell 1.2%.
* Emerging-market equities dropped 0.8%.
* The Stoxx Europe 600 Index gained 0.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%.
* The euro decreased 0.7% to $1.1077.
* The British pound was little changed at $1.2158.
* The Japanese yen fell 0.2% at 108.80 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points at 2.02%.
* The two-year rate spiked three basis points to 1.88%.
* Germany’s 10-year yield dipped one basis point to -0.41%.
* Britain’s 10-year yield rose less than one basis point to 0.63%.
Commodities
* West Texas Intermediate crude fell 0.1% at $57.99 a barrel.
* Gold fell 1.1% to $1,425.40 an ounce.
* The Bloomberg Commodity Index fell 0.2%.
–With assistance from Robert Brand.
Have a great night.

Be magnificent!
As ever,

Carolann

Study nature, love nature, stay close to nature. 
It will never fail you.
                   -Frank Lloyd Wright, 1867-1959

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 July 30, 1869, the Charles, considered the world’s first “oil tanker”, departed from the US heading for Europe with a bulk capacity of 7,000 barrels of oil.
July 30, 1935: Paperback books introduced.
On July 30, 1945, the USS Indianapolis, which had just delivered key components of the Hiroshima atomic bomb to the Pacific island of Tinian, was torpedoed by a Japanese submarine. Only 316 out of 1,196 men survived the sinking and shark-infested waters. Go to article »

“This is the season for picnics, when the weather is set fair and the ground quite dry; little rain has fallen with us for weeks.  It is perfect to spread out the rug on a newly-mown field and to sit back for a while and feel you are part of the countryside, smelling the grass and the hedgerows and listening to the sounds of he insects around you.
  You may find yourself sharing a hamper full of exotic food and sparkling champagne in the peace and beauty of the Glyndbourne garden, the music of the first act still ringing in your ears.  It matters not that you are surrounded by other picnickers, for they are integrated into the garden, hidden by hedges and borders and experiencing the same pleasures.  This is the grandest kind of picnic, when the tablecloth is laid with silver spoons and crystal goblets; it is an evening to remember for its 18^th century touch.  In contrast, when the spirit moves you, at a moment’s notice you may gather up a slice of bread, wash a lettuce, hard-boil an egg, fill a bottle with newly-made elderflower cordial and settle at the end of your own garden or somebody else’s – unpack your basket and enjoy the solitude of the countryside where you cannot hear the telephone ringing…” -from A Countrywoman’s Notes, July, by Rosemary Verey.

PHOTOS OF THE DAY

‘Unari’, women in white clothes carrying meals for gods, march among rice paddy during the Onda Festival at Aso Shrine in Aso, Kumamoto, Japan. The festival is a ritual that god inspect the growth of rice.
CREDIT: THE ASAHI SHIMBUN VIA GETTY IMAGES

Indian Kanwariyas, Hindu devotees of the Hindu deity Shiva, carry water from the Narmada river for their ritual walk during the holy month of Shravan in Jabalpur in Madhya Pradesh state – Kanwariyas take part in a journey on foot to carry holy water from holy rivers to temples in their home towns in an effort to fulfil wishes and endear them to Hindu deity Shiva.
CREDIT: UMA SHANKAR MISHRA/AFP/GETTY IMAGES

The world’s highest pedestrian bridge in Zhangjiajie, China Original description: An aerial photo shows the Zhangjiajie grand canyon glass bridge, the world’s highest pedestrian bridge, in Zhangjiajie, hunan province, China.
CREDIT: COSTFOTO/ BARCROFT MEDIA
Market Closes for July 30th, 2019

Market Index	Close	Change
Dow Jones	27198.02	-23.33 -0.09%
S&P 500	3013.18	-7.79 -0.26%
NASDAQ	8273.613	-19.715 -0.24%
TSX	16466.05	-26.12
		-0.16%

International Markets

Market Index	Close	Change
NIKKEI	21709.31	+92.51
		+0.43%
HANG SENG	28146.50	+40.09
		+0.14%
SENSEX	37397.24	-289.13
		-0.77%
FTSE 100*	7646.77	-39.84
		-0.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.494		1.476
CND. 30 Year Bond		1.742		1.739
U.S.    10 Year Bond		2.0580		2.0650
U.S. 30 Year Bond		2.5798		2.5907

Currencies

BOC Close	Today	Previous
Canadian $	0.76032	0.75983
US $	1.31524	1.31608
Euro Rate 1 Euro=		Inverse
Canadian $	1.46739	0.68154
US $	1.11568	0.89632

Commodities

Gold	Close	Previous
London Gold Fix	1419.05	1420.40
Oil
WTI Crude Future	58.05	56.87

Market Commentary:
On this day in 1914, stock exchanges in Berlin, Rome and Vienna shut down as Austria declared war on Serbia. Investors panicked in New York: General Motors plunged 34% and Bethlehem Steel dropped 14%. The Dow Jones Industrial Average tumbled 6.9% to 71.42, on immense volume of 1,307,000 shares.
Canada:
By Kristine Owram
(Bloomberg) — Canadian stocks fell for a second day as a mixed bag of earnings offset strong gains in the energy sector. The S&P/TSX Composite Index lost 0.2% to 16,466.05, the lowest in three weeks. Waste Connections Inc. was the biggest drag on the benchmark after lowering its full-year Ebitda outlook because of commodity-price headwinds. Energy stocks rose 0.7% as crude prices jumped 2.1%, their fourth straight daily gain amid expectations for a U.S. interest-rate cut. MEG Energy Corp. added 5.2% ahead of its quarterly earnings report.
In other moves:
Stocks
* Nutrien Ltd. rose 7.1%, the most ever, after second-quarter earnings beat estimates and the crop-nutrient supplier said it plans to invest $1 billion in Brazil
* Air Canada gained 3.6% to a record high. The airline’s earnings beat estimates by a wide margin, but it warned that the grounding of the Boeing 737 Max will curb earnings growth in the third quarter
* TMX Group Ltd. added 1.1% to a record high. Rival stock- exchange operator London Stock Exchange Group Plc is in talks to buy financial data and trading platform provider Refinitiv
Commodities
* Western Canada Select crude oil traded at a $14.25 discount to WTI
* Gold rose 0.7% to $1,429.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3148 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.49%

US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks fell amid a mixed bag of corporate earnings and growing speculation a trade deal with China remains elusive. Treasuries edged lower as the Federal Reserve began deliberating on the path for interest rates. The S&P 500 Index declined for a second day after President Donald Trump criticized China just as his negotiators start talks in Shanghai. Though, Trump boosted sentiment late in the session when he said he had recently spoken with his Chinese counterpart. Tech shares led losses. In earnings news, retailer Under Armour tumbled after warning about weak sales, while Procter & Gamble and Merck gained on strong results.
The 10-year Treasury yield traded around 2.05% as investors awaited the Fed’s anticipated rate cut Wednesday. The dollar held near a two-month high, while the pound continued its decline amid concerns about a no-deal Brexit. West Texas crude rose above $58 a barrel. Trump redirected investor angst toward tariffs on China, lashing out at the nation for continuing to “rip off” the U.S. The trade dispute ranks high among the reasons global growth has been flagging enough to prompt the Fed to consider rate cuts. Stocks rose to records just last week as corporate profits came in higher than expected and data showed steady economic growth.
“Trade is the big question mark,” Doug Peta, chief U.S. investment strategist at BCA, said in an interview at Bloomberg’s New York headquarters. “If the tensions were to worsen, if trade were to slow even more, I’d think that that sharp manufacturing slowdown could easily become a manufacturing recession and if it were to spread to the services part of the global economy then it could easily induce a global recession.” Investors have a lot to digest this week with trade talks, the Federal Reserve, corporate earnings and U.S. jobs data all on their plates. Chinese and American negotiators are kicking off two days of talks in Shanghai on Tuesday, and on Wednesday the Fed is widely anticipated to cut rates. Chairman Jerome Powell’s post-meeting press conference will be scoured for clues on the policy path as signs of slowing growth put pressure on central banks around the world.
Meanwhile, as corporate reporting season rolls on in the U.S., Europe and Asia, traders will be looking for evidence of a slowdown. The latest economic data provide food for thought, showing Japan’s factory output fell more than expected in June and the French economy slowed in the second quarter.
Here are some of the key events to watch as the week unfolds:
* Earnings include: Qualcomm, AMD, Credit Suisse, Nomura, Toyota, Honda, Ferrari, GM, BMW, Rio Tinto, ConocoPhillips, Shell, Vale, GE, Altria.
* Fed officials begin their two-day meeting on monetary policy in Washington Tuesday. Chairman Jerome Powell will hold a press conference following the FOMC’s decision Wednesday.
* The Bank of England policy decision is due Thursday.
* The U.S. July jobs report is due Friday.

Here are the main moves in markets:

Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Dow Jones Industrial Average slid 0.1%.
* The Stoxx Europe 600 Index decreased 1.5%, the biggest declinein three months.
* The U.K.’s FTSE 100 Index declined 0.5%.
* The MSCI Asia Pacific Index advanced 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro gained 0.1% at $1.1152.
* The British pound decreased 0.4% to $1.2166, the weakest in more than two years.
* The Japanese yen increased 0.1% to 108.62 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.06%.
* Germany’s 10-year yield dipped one basis point to -0.40%.
* Britain’s 10-year yield declined one basis point to 0.64%, the lowest in about three years.
Commodities
* West Texas Intermediate crude advanced 2.4% to $58.24 a barrel, the highest in two weeks.
* Gold rose 0.3% at $1,430.75 an ounce.
–With assistance from Andreea Papuc, Laura Curtis, Robert Brand and Sarah Ponczek.
Have a great night.

Be magnificent.

As ever,

Carolann

Throughout the centuries there were men who took first steps
down new roads armed with nothing but their own vision.
                                                     -Ayn Rand, 1905-1982           

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

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

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

Dear Friends,

Tangents:
July 29, 1914 – Transcontinental telephone service began with the first phone conversation between New York and San Francisco.  Go to article »
July 29, 1949 – Moscow ended the blockade of West Berlin.
1958 –  NASA Established

Check out this blog: http://smittenkitchen.com/
Lots of easy to do recipes for cooking inspiration J.

Former schoolteacher is India’s newest billionaire.

PHOTOS OF THE DAY

The Honest Lad Aidan Maguire leads the cavalcade of horse riders taking part in the riding of the Marches through the River Esk alongside the Roman Bridge in Musselburgh, East Lothian, during the annual Musselburgh Festival.
CREDIT: JANE BARLOW/PA

(L-R) Andrew Shovlin, Trackside Engineering Director of Mercedes GP, Mercedes GP Executive Director Toto Wolff and James Vowles, Chief Strategist of Mercedes Gp pose for a photo in retro clothes to celebrate 125 years of Mercedes in motorsport ahead of the German Formula One Grand Prix at the Hockenheim racing circuit in southern Germany.
CREDIT: ANDREJ ISAKOVIC/AFP/ GETTY IMAGES

The pack rides through the courtyard of the Louvre museum during the twenty-first stage of the Tour de France cycling race.
CREDIT: RAFAEL YAGHOBZADEH/POOL VIA REUTERS

Team INEOS rider Egan Bernal of Colombia, wearing the overall leader’s yellow jersey, drinks champagne at the car of his team director. Thibault Camus
CREDIT: THIBAULT CAMUS/POOL VIA REUTERS
Market Closes for July 29th, 2019

Market Index	Close	Change
Dow Jones	27221.35	+8.79 +0.40%
S&P 500	3020.97	-4.89 -0.16%
NASDAQ	8293.328	-36.883 -0.44%
TSX	16492.17	-38.87
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21616.80	-41.35
		-0.19%
HANG SENG	28106.41	-291.33
		-1.03%
SENSEX	37686.37	-196.42
		-0.52%
FTSE 100*	7686.61	+137.55
		+1.82%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.476		1.466
CND. 30 Year Bond		1.739		1.727
U.S.    10 Year Bond		2.0650		2.0703
U.S. 30 Year Bond		2.5907		2.6083

Currencies

BOC Close	Today	Previous
Canadian $	0.75983	0.75962
US $	1.31608	1.31644
Euro Rate 1 Euro=		Inverse
Canadian $	1.46723	0.68156
US $	1.11466	0.89713

Commodities

Gold	Close	Previous
London Gold Fix	1420.40	1416.10
Oil
WTI Crude Future	56.87	56.20

Market Commentary:
Get ready for a huge week of economic news.

On this day in 1869, the New York Stock Exchange was formed from the merger of the New York Stock & Exchange Board with the Open Board and the Government Board (where Treasury bonds were traded).
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell as tech heavyweight Shopify Inc. weighed on the benchmark and investors continued to flee pot companies. The S&P/TSX Composite Index lost 0.2% to 16,492.17. Technology shares led the decline as Shopify tumbled 5.1%, its biggest drop in a month. The move came as a report suggested Kylie Jenner’s beauty empire, a customer of Shopify’s, is experiencing declining sales. The health-care index slid 1% to the lowest since early January. All pot stocks fell with the exception of Hexo Corp., which posted a dramatic rebound after a short-seller report alleged it ran aggressive promotions that potentially violated Canadian advertising regulations.
In other moves:

Stocks
* Vermilion Energy Inc. lost 7.3% to the lowest since 2009. The company’s second-quarter earnings per share missed the lowest analyst estimate
* Thomson Reuters Corp. fell 3.1%, the most in eight months, after BMO Capital Markets downgraded the stock to market perform, citing its 46% advance this year through Friday
* Bausch Health Cos. gained 2.6%. The pharmaceutical company plans to pay down an additional $100 million of debt this week
Commodities
* Western Canada Select crude oil traded at a $13.75 discount to WTI
* Gold rose 0.1% to $1,420.40 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3160 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.47%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. equities edged lower as tech heavyweights weighed on benchmarks, while Treasuries gained ahead of the Federal Reserve’s meeting. The pound tumbled more than 1%. The S&P 500 Index fell for the second time in three sessions after reaching a record Friday as Amazon Inc., Facebook Inc., Alphabet Inc. and Netflix Inc. all slid. Apple Inc. gained ahead of its earnings announcement Tuesday, helping to lift the Dow Jones Industrial Average. Drug companies got a boost from surging Mylan NV after the generic drugmaker and Pfizer Inc. announced merger plans. The 10-year Treasury yield declined for a second day to 2.06% before the Fed’s anticipated rate cut on Wednesday. The dollar climbed to the highest in almost two months before a new round of trade talks between the U.S. and China this week. The pound slid to its lowest level in more than two years as U.K. Prime Minister Boris Johnson stepped up preparations for a no deal Brexit.
Investors will be picking through any developments on trade as Chinese and American negotiators gather Tuesday for two days of talks, three months after negotiations broke down. Neither side is signaling much hope for a breakthrough. Meanwhile, Fed Chairman Jerome Powell’s post-meeting press conference on Wednesday will provide an opportunity to gauge the trajectory of U.S. rates after the central bank is tipped to ease policy. On a related theme, traders will eagerly await monthly employment data from the world’s largest economy at the tail end of the week.
“It’s a very important week not only because of the Fed. You do have an employment number, which is obviously overshadowed by the Fed, but you also have some interesting earnings,” said JJ Kinahan, chief market strategist at TD Ameritrade. “It makes it a very busy week.” Corporate earnings will remain a focal point as investors stay vigilant for any signs that a global economic slowdown is being reflected in companies’ bottom lines. Among major earnings this week are Apple, Rio Tinto and carmakers Toyota and BMW. Here are some of the key events to watch as the week
unfolds:
* Earnings include: Nintendo, Qualcomm, AMD, Siemens, Sony, Credit Suisse, Nomura, Toyota, Honda, Ferrari, GM, BMW, Rio Tinto, ConocoPhillips, BP, Shell, Vale, Heineken, GE, Altria.
* Bank of Japan rate decision and Governor Haruhiko Kuroda briefing are due Tuesday.
* U.S. Trade Representative Robert Lighthizer and his team meet their Chinese counterparts in Shanghai Tuesday.
* Fed officials begin their two-day meeting on monetary policy in Washington Tuesday. Chairman Jerome Powell will hold a press conference following the FOMC’s decision Wednesday.
* The Bank of England policy decision is due Thursday.
* The U.S. July jobs report is due Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 0.1%.
* The Stoxx Europe 600 Index was little changed.
* The U.K.’s FTSE 100 Index increased 1.8% to the highest in almost a year.
* The MSCI Asia Pacific Index decreased 0.5% to the lowest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to the highest in almost two months.
* The euro advanced 0.2% to $1.1145.
* The Japanese yen fell 0.1% to 108.79 per dollar, the weakest in almost three weeks.
* The British pound fell 1.3% to $1.2224, the biggest drop in more than eight months.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 2.06%.
* Britain’s 10-year yield fell three basis points to 0.654%, the lowest in about three years.
* Germany’s 10-year yield declined two basis points to -0.39%, the lowest in more than three weeks.
Commodities
* Gold rose 0.5% to $1,426.13 an ounce.
* West Texas Intermediate crude gained 1.5% to $57.02 a barrel.
–With assistance from Tom Lavell, Laura Curtis and Sarah Ponczek.
Have a great night.

Be magnificent!
As ever,

Carolann

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

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

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

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

Dear Friends,

Tangents: Happy Friday!

Mick Jagger turns 76 years old today and still touring:

Ronnie Wood from left Mick Jagger, Charlie Watts and Keith Richards
of The Rolling Stones  perform during their “No Filter Tour” at Lincoln Financial Field.
Credit: Owen Sweeney/Invision/AP

I was in New York for an investment conference a few years ago and the Stones were playing in Philadelphia the day after the conference ended so we took the train over to Philadelphia to see them.  I asked the concierge at the hotel to recommend an excellent restaurant for dinner near by.  When we arrived at the restaurant, we told our waiter that we were on a time line because we had to get to the concert.  He told us that the Stones had been to the restaurant the night before, and all reservations had been cancelled so that the group could have the restaurant to themselves.  Gary asked the waiter what they had ordered and he replied that they ordered very little, didn’t consume much  food at all but drank all the best wines that the restaurant stocked.

What does our universe look like? NASA has released fascinating new images that will make you wonder what else is really out there.

PHOTOS OF THE DAY

A removal van arrives at No.10 Downing St.
CREDIT- GEOFF PUGH FOR THE TELEGRAPH

The sunrise over London on what is expected to be the hottest July day on record.
CREDIT: THE ROOFTOP/ BAV MEDIA

Franky Zapata, a former jet-skiing champion, stands on his jet-powdered “flyboard” as he takes off from Sangatte in northern France. He is attempting to fly across the 22 mile Channel crossing in 20 minutes, while keeping an average speed of 87 mph at a height of 50-65 feet above the sea.
This attempt to cross the Channel is on the 110 year anniversary of pioneer Louis Bleriot’s first flight across the Channel.
CREDIT: DENIS CHARLET/AFP/GETTY IMAGES
Market Closes for July 26th, 2019

Market Index	Close	Change
Dow Jones	27192.45	+51.47 +0.19%
S&P 500	3025.86	+22.19 +0.74%
NASDAQ	8330.211	+91.670 +1.11%
TSX	16531.04	+42.84
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	21658.15	-98.40
		-0.45%
HANG SENG	28397.74	-196.56
		-0.69%
SENSEX	37882.79	+51.81
		+0.14%
FTSE 100*	7549.06	+60.01
		+0.80%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.466		1.466
CND. 30 Year Bond		1.727		1.731
U.S.    10 Year Bond		2.0703		2.0810
U.S. 30 Year Bond		2.5922		2.6083

Currencies

BOC Close	Today	Previous
Canadian $	0.75962	0.76104
US $	1.31644	1.31622
Euro Rate 1 Euro=		Inverse
Canadian $	1.46773	0.68132
US $	1.11453	0.89724

Commodities

Gold	Close	Previous
London Gold Fix	1416.10	1426.95
Oil
WTI Crude Future	56.20	55.84

Market Commentary:
On this day in 1786, the earliest known U.S. stock and bond tables were published in the Massachusetts Centinel.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose, with nine of the 11 sectors climbing, led by consumer staples and technology shares. Energy and healthcare were the worst performing sectors within the index. The S&P/TSX Composite Index rose 0.3% to 16,531 in Toronto. The energy sector fell a fourth day, while health care declined for a third, mostly led by pot stocks. Meanwhile, Canada’s C$2.19 trillion ($1.67 trillion) household debt load will likely start swelling again, now that Bank of Canada appears to be on hold for at least the rest of the year.
Consumers hit the snooze button last year on home and vehicle purchases, but that spending is about to resume, according to Fred Demers, a director at BMO Global Asset Management in Toronto. He argues lower interest rates, an accelerating housing market, a solid labor market, record high stocks and decent investment returns will support consumption.
Stocks
* CannTrust jumped 17% after firing its CEO amid a scandal over a regulatory breach
* Aecon Group climbed 9.6% after reporting second quarter revenue that beat the highest estimate
* Winpak Ltd. rose 5.4% after second quarter EPS beat estimates
* Thomson Reuters jumped 4.3% after the London Stock Exchange Group was said to be in talks to acquire Refinitiv, the former financial and risk business of Thomson Reuters
* Aphria fell 6.1% as CIBC downgraded, partly due to a “leadership void”
Commodities
* Western Canada Select crude oil traded at a $14 discount to WTI
* Gold spot price rose 0.2% to $1,417.21 an ounce
FX/Bonds
* The Canadian dollar fell about 0.03% to C$1.3169 per U.S. dollar
* The Canada 10-year government bond yield up slightly to 1.467%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — Technology shares propelled U.S. stocks to all-time highs after Alphabet posted strong results and a jump in gross domestic product failed to deter expectations that the Federal Reserve will cut rates next week. The euro traded at a two-year low. The S&P 500 and Nasdaq Composite indexes hit fresh records as Twitter and Google-parent Alphabet rallied after their sales beat estimates, though Amazon slid on lower-than-forecast earnings. The second-quarter GDP report came in the wake of Thursday’s European Central Bank meeting, where Mario Draghi failed to deliver the dovish signals investors sought.
“Stocks are hitting all-time highs based on the fact that the GDP report was better than expected and earnings continue to come in better than expected,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “But you also can see that as rates continue to stay low, people are looking to the Fed to cut.” Corporate results have largely buoyed stocks this earnings season, though investors continued to watch for any hints of a slowdown in companies’ bottom lines. Central banks remain at the top of the agenda, with policy makers expected to boost stimulus at next week’s Fed meeting. The yield on the benchmark 10-year Treasury note finished the day little changed after briefly spiking following the GDP report.
“There’s nothing about this that would cause them to either not cut rates next week or to cut rates say by 50 basis points instead of 25,”said David Donabedian, chief investment officer of CIBC Private Wealth Management.The Bloomberg Dollar Spot Index climbed as much as 0.2% on the day after comments from White House adviser Larry Kudlow on CNBC that the U.S. has ruled out plans to intervene in foreign-exchange markets. Elsewhere, Turkey’s lira strengthened a day after the central bank cut its key rate by the most on record. Most Asian benchmarks fell, but stocks in Shanghai bucked the trend.

These are the main moves in markets:

Stocks
* The S&P 500 Index gained 0.7% to 3,025.84 as of 4:03 p.m. New York time, the highest on record with the largest rise in more than three weeks.
* The Dow Jones Industrial Average climbed 0.2% to 27,192.45.
* The Nasdaq Composite Index gained 1.1% to 8,330.21, the highest on record with the largest climb in more than five weeks.
* The Stoxx Europe 600 Index increased 0.3% to 390.73.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2% to 1,202.61, the highest in more than five weeks.
* The Japanese yen decreased 0.1% to 108.71 per dollar, the weakest in more than two weeks.
* The euro declined 0.2% to $1.1124, the weakest in more than two years.
* The Turkish lira advanced 0.3% to 5.6775 per dollar, the strongest in a week on the biggest gain in more than a week.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 2.07%.
* The yield on two-year Treasuries decreased less than one basis point to 1.86%.
* Germany’s 10-year yield declined one basis point to -0.38%.
Commodities
* Gold climbed 0.2% to $1,416.88 an ounce.
* West Texas Intermediate crude increased 0.3% to $56.17 a barrel.
–With assistance from Sarah Ponczek.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Never say you know a man until you have divided
an inheritance with him.
                        -Johann Lavater, 1741-1801

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:

Lawmakers questioning Robert Mueller on Wednesday tried mightily to decipher what may become the most infamous double negative in U.S. history: “If we had had confidence … that the president clearly did not commit obstruction of justice, we would so state. However, we are unable to reach that judgment.” Double negatives — commonly defined as a negative statement containing two negative elements — have long been abhorred by grammarians.

Nevertheless, they are a popular rhetorical device: Geoffrey Chaucer used them to humorous effect, and William Shakespeare slipped a triple negative into “Twelfth Night.” In “Another Brick in the Wall,” Pink Floyd sang, “We don’t need no education”; “Weird Al” Yankovic shamed double negative users in his parody song “Word Crimes”; and Bart Simpson vowed on a chalkboard that he “won’t not use no double negatives.

Other languages — including Hebrew, Persian, Polish and Russian — don’t have a problem with the double negative. The French use them for emphasis, and in Chinese they make an even stronger affirmative.
But George Orwell railed against their use in political speech, which he said can “make lies sound truthful and murder respectable.” -from The New York Times.
Archaeologists discover proof of the 1099 siege of Jerusalem. (h/t Scott Kominers)

PHOTOS OF THE DAY

A dancer performs during a ceremony marking one year before the start of the Tokyo 2020 Olympic Games in Tokyo.
CREDIT: BEHROUZ MEHRI/ AP

Incredible Lightning strike at the 17^th century Chesterton Windmill near Leamington Spa, Warks.
CREDIT: CHAD GORDON HIGGINS/ SWNS.COM

Hot sunny weather A wonderful sunset was observed on Portobello beach, Edinburgh, Scotland last night.
CREDIT: TOM DUFFIN/ SOLENT NEWS

Carpathian spruce forest is shrouded in mist in the morning, Zakarpattia Region, western Ukraine.
CREDIT: UKRINFORM/ BARCROFT  MEDIA

Market Closes for July 25th, 2019

Market Index	Close	Change
Dow Jones	27140.98	-128.99 -0.47%
S&P 500	3003.67	-15.89 -0.53%
NASDAQ	8238.543	-82.957 -1.00%
TSX	16488.20	-123.64
		-0.74%

International Markets

Market Index	Close	Change
NIKKEI	21756.55	+46.98
		+0.22%
HANG SENG	28594.30	+70.26
		+0.25%
SENSEX	37830.98	-16.67
		-0.04%
FTSE 100*	7489.05	-12.41
		-0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.466		1.444
CND. 30 Year Bond		1.731		1.704
U.S.    10 Year Bond		2.0810		2.0428
U.S. 30 Year Bond		2.6083		2.5726

Currencies

BOC Close	Today	Previous
Canadian $	7.75975	0.76104
US $	1.31622	1.31399
Euro Rate 1 Euro=		Inverse
Canadian $	1.46722	0.68156
US $	1.11475	0.89706

Commodities

Gold	Close	Previous
London Gold Fix	1426.95	1425.55
Oil
WTI Crude Future	55.84	55.69

Market Commentary:
Money is better than poverty, if only for financial reasons. -Woody Allan.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks declined after three days of gains, hurt by materials and energy stocks. Consumer staples, tech and industrials were the best sectors within the S&P/TSX Composite Index. The S&P/TSX fell 0.7% to 16,488 on Thursday in Toronto. Metals and mining stocks were the worst performers as gold and silver prices tumbled after ECB president Mario Draghi said that he sees a low risk of a recession.
Cameco and Husky Energy were among the underperformers within the energy sector, after reporting earnings. Meanwhile, Canada’s small and mid-size firms, which account for the majority of the nation’s businesses, were less optimistic in July compared with the previous month, according to a monthly survey from the Canadian Federation of Independent Business.
Stocks
* Mullen Group rose 8.6% after second quarter adjusted EPS beats estimates
* FirstService Corp climbed 2.8%. The company beat the highest adjusted EPS estimate when it reported second quarter earnings on July 24
* Aritzia Inc was up 2.8%
* Cameco fell 7.7%
* OceanaGold was among the chief underperformers as gold fell and after a ruling on its Didipio operations
* Celestica fell 1.5% after its third quarter revenue forecast missed estimates
Ratings
* BEP-U CN: Brookfield Renewable Partners Cut to Neutral at Credit Suisse
* GSV CN: Gold Standard Ventures Rated New Buy at B Riley FBR, Inc.
* TIH CN: Toromont Industries Raised to Outperform at National Bank
Commodities
* Western Canada Select crude oil traded at a $14.50 discount to WTI
* Gold spot price fell 0.8% to $1,414.40 an ounce
FX/Bonds
* The Canadian dollar fell about 0.1% to C$1.3160 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.461%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — U.S. stocks fell from record highs amid a torrent of corporate results, while the euro swung between gains and losses and European bond yields climbed from all time lows after Mario Draghi didn’t give markets more of a dovish signal. All 11 industry sectors in the S&P 500 closed lower a day after the benchmark index closed at an all-time high. The Dow Jones Industrial Average slumped to the lowest two weeks as investors digested a flood of earnings. 3M initially advanced after beating estimates before turning lower, while Tesla plunged on weak results. A Federal Trade Commission probe weighed on Facebook, overshadowing impressive results. After the close or regular trading, Amazon fell after posting lower-than- forecast earnings and Alphabet exceeded revenue estimates.
“Stocks’ weakness, despite today’s ECB dovishness, calls into question how much upside equities have left even if the Fed cuts rates as expected next week,” said Alec Young, managing director of global markets research at FTSE Russell in New York. “With global leading economic indicators still weak, investors seem increasingly unwilling to keep buying without greater signs of improving fundamentals.” The euro initially plunged versus the dollar after ECB President Draghi left rates unchanged but said a “significant degree” of monetary stimulus is needed and the outlook is “getting worse and worse.” It then spiked before trading little changed.
“For the markets, it continues to be this tug-of-war between continued policy stimulus and whether that’s going to be enough to head off the slowing trend in global growth,” said Ed Campbell, portfolio manager and managing director at QMA. Earnings have been broadly positive for stocks, but worries still linger over trade and a slowing global economy. Oil was little changed as declining U.S. crude stockpiles and threats to Persian Gulf exports mingled with concerns that slower economic growth will stifle demand. Most major indexes in Asia advanced, though Korean stocks declined for a second day.
Turkey’s lira fluctuated after the central bank cut its key rate by the most on record. Australia’s dollar hit its low of the session and benchmark bond yields touched a record low after Reserve Bank Governor Philip Lowe said he was prepared to cut interest rates again if needed.
Here are some key events coming up:
* Earnings season rolls on with companies including McDonald’s still to report this week.
* U.S. gross domestic product figures due Friday may show business investment posted the first decline in three years.

These are the main moves in markets:

Stocks
* The S&P 500 Index decreased 0.5% to 3,003.70 as of 4:03 p.m. New York time.
* The Dow Jones Industrial Average sank 0.5% to 27,141.05, the lowest in two weeks on the biggest dip in a month.
* The Nasdaq Composite Index decreased 1% to 8,238.54, the largest decrease in a month.
* The Stoxx Europe 600 Index decreased 0.6% to 389.52, the first retreat in a week and the biggest dip in almost three weeks.
* The U.K.’s FTSE 100 Index dipped 0.2% to 7,489.05, the lowest in almost four weeks.
* Japan’s Nikkei 225 Stock Average gained 0.2% to 21,756.55, the highest in more than 11 weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to 1,200.75, the highest in more than five weeks.
* The euro was little changed at $1.1144, the first advance in a week.
* The Japanese yen decreased 0.5% to 108.71 per dollar, the weakest in more than two weeks on the largest dip in almost three weeks.
* The British pound decreased 0.3% to $1.2451.
* The Swiss franc dipped 0.6% to $0.991, the weakest in more than two weeks on the largest dip in almost three weeks.
* The onshore yuan was little changed at 6.872 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 2.07%.
* The yield on two-year Treasuries climbed three basis points to 1.85%, the highest in two weeks.
* Germany’s 10-year yield rose two basis points to -0.36%, the first advance in more than a week and the largest rise in two weeks.
* Britain’s 10-year yield gained three basis points to 0.71%, the first advance in a week and the biggest rise in two weeks.
Commodities
* Gold declined 0.8% to $1,414.24 an ounce, the weakest in more than a week.
* West Texas Intermediate crude was little changed at $55.89 a barrel.

Have a great night.

Be magnificent!
As ever,

Carolann

You have to have confidence in your ability,
and then be tough enough to follow through.
                         -Rosalynn Carter, b. 1927
             

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:
1969 Apollo 11, the first manned mission to the moon, splashed down safely in the Pacific.  Go to article »

Wednesday: named after Woden, principal Teutonic god.  Other languages have divine inspiration for the weekday names also.   In French and in Italia, Wednesday’s mercredi or mercoledi Is named after the Roman god Mercury.  In business, we call it “hump day”.

PHOTOS OF THE DAY

“Gateway’, an intricately designed swimming pool by Portuguese artist Joana Vasconcelos, is unveiled at the Jupiter Artland sculpture park at Kirknewton, Edinburgh, before it opens to the public on Saturday as part of the 2019 Edinburgh Art Festival.
CREDIT: OWEN HUMPHREYS/PA WIRE

A man rides a jet ski during sunset on Lake Van in Edremit district of Van, Turkey.
CREDIT: OZKAN BILGIN/ANADOLU AGENCY VIA GETTY IMAGES

A daredevil admires a spectacular fireworks display from a highline. Slackliner Sarah Rixham, 28, flung her arms wide open as she watched the colorful show from the 65ft-high wire. While two million people watched the fireworks from the ground at Zurich Fest, Switzerland, adrenaline junkie Miss Rixham spent five minutes up on the line watching the action. Professional slackline photographer Aidan Williams captured these images of Mis Rixham enjoying the fireworks show.
CREDIT: AIDAN WILLIAMS/SOLENT NEWS

A professional balance performer hiked to the edge of a cliff to perform a deadly dangerous handstand at more than 1300ft. The adrenaline-filled footage was captured by Eskil Ronningsbakken at Rampestreken viewpoint in Andalsnes, Norway on his fortieth birthday, June 24. The viewpoint was 400 metres high and overlooked some incredible Norwegian scenery and required Eskil to travel 1.7 km in order to reach the spot.
CREDIT: CATERS NEWS
Market Closes for July 24th, 2019

Market Index	Close	Change
Dow Jones	27269.97	-79.22 -0.29%
S&P 500	3019.56	+14.09 +0.47%
NASDAQ	8321.500	+70.097 +0.85%
TSX	16611.84	+39.15
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	21709.57	+88.69
		+0.41%
HANG SENG	28524.04	+57.56
		+0.20%
SENSEX	37847.65	-135.09
		-0.36%
FTSE 100*	7501.46	-55.40
		-0.73%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.444		1.497
CND. 30 Year Bond		1.704		1.741
U.S.    10 Year Bond		2.0428		2.0812
U.S. 30 Year Bond		2.5726		2.6156

Currencies

BOC Close	Today	Previous
Canadian $	0.76104	0.76140
US $	1.31399	1.31337
Euro Rate 1 Euro=		Inverse
Canadian $	1.46409	0.68302
US $	1.11424	0.89747

Commodities

Gold	Close	Previous
London Gold Fix	1425.55	1427.75
Oil
WTI Crude Future	55.69	56.65

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — Stocks in Canada erased earlier losses, with the key benchmark ending Wednesday at a three-month high. Transportation shares paced the gains as Canadian National Railway Co. topped second-quarter earnings estimates. The S&P/TSX Composite Index rose 0.2% to 16,611.84 in Toronto, reaching the highest level since April. Industrials, technology and materials were the best-performing sectors, while energy and health-care posted the only losses.
Energy shares slipped more than 1% after oil fell on news that Kuwait and Saudi Arabia will coordinate the resumption of crude output in a disputed neutral zone that could yield 500,000 barrels a day. Meanwhile, pot stocks declined as CannTrust Holdings Inc. slumped on a report that executives knew the cannabis company was growing pot in unlicensed rooms well before government regulators unearthed the violation.

In other moves:
Stocks
* Gold and silver companies such as Sandstorm Gold Ltd., Pan American Silver, Torex Gold Resources Inc. and Eldorado Gold Corp. were among miners that gained as metal prices rose
* Hexo Corp. fell after Quebec said it will ban sweet pot edibles ahead of next legalization phase
Ratings
* BCB CN: Cott Upgraded to Buy at Goldman
* EDR CN: Endeavour Silver Downgraded to Neutral at PI Financial; PT C$3
* ESI CN: Ensign Energy Services Raised to Sector Perform at Scotiabank
* EXN CN: Excellon Resources Cut to Neutral at PI Financial; PT C$1.15
* HNL CN: Horizon North Logistics Cut to Sector Perform at Scotiabank
* PD CN: Precision Drilling Raised to Sector Perform at Scotiabank
* RCI/B CN: Rogers Communications Upgraded to Buy at Echelon Wealth; PT C$79
* TRI CN: Thomson Reuters Downgraded to Sell at Canaccord
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold spot price rose 0.5% to $1,425.52 an ounce
FX/Bonds
* The Canadian dollar fell about 0.06% to C$1.3144 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.445%
U.S.
By Sarah Ponczek and Olivia Rinaldi
(Bloomberg) — U.S. stocks pushed higher for a third day as investors looked past weak economic data and mixed corporate results, including an unexpected quarterly loss for Boeing. Treasuries advanced along with bonds in Europe. The Nasdaq Composite Index climbed to a record after Texas Instruments posted strong earnings, while UPS’s bullish profit guidance helped push the S&P 500 to an all-time closing high. Along with Boeing, Caterpillar weighed on the Dow Jones Industrial Average. After the close of regular trading, Facebook climbed on higher-than-forecast revenue, while Ford slumped as earnings missed estimates.
“I like that we do have this idiosyncratic risk in the market right now where these indices are being pushed by the underlying constituents, not necessarily global-macro forces,” said Joe Mallen, chief investment officer of Helios Quantitative Research in Tampa, Florida. European bond yields dropped to unprecedented lows as disappointing manufacturing data added to concerns about the region’s growth and bolstered expectations for more central bank accommodation, including by the Federal Reserve. “The Fed backdrop is providing some cushion so-to-speak,” Nancy Perez, senior portfolio manager at Boston Private Wealth, said by phone. “It would be very healthy to trade sideways here and digest the earnings, digest trade policy.”
Broadly positive earnings reports have buoyed stocks this so far week, though Deutsche Bank’s woes and flagging demand reported by carmakers and other manufacturers gave investors a reminder of the uncertain outlook for the global economy. To add to that, the U.S. Justice Department opened a broad probe into whether dominant technology firms are unlawfully stifling competition, hitting shares of Amazon and Alphabet. Central banks remain in focus after the IMF on Tuesday revised its forecasts for global growth lower and the Federal Reserve is seen trimming its policy rate by a quarter percentage point next week. The European Central Bank may hold fire tomorrow, though its message will be closely parsed for signs of a September move as the poor economic data ramp up pressure to deliver stimulus.
Elsewhere, Britain’s pound rebounded from a two-year low following Boris Johnson’s victory in the contest to succeed Theresa May as U.K. prime minister, though the nation’s equity benchmark underperformed. The dollar dropped for the first time in four days.
Here are some key events coming up:
* Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever and McDonald’s still to report this week.
* Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.

These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.5% to 3,019.56 as of 4:06 p.m. New York time, the highest on record.
* The Nasdaq Composite Index climbed 0.8% to 8,321.50, the highest on record with the biggest increase in more than three weeks.
* The Dow Jones Industrial Average fell 0.3% to 27,269.97, the largest fall in a week.
* The Stoxx Europe 600 Index was little changed at 391.73, the highest in almost three weeks.
* The U.K.’s FTSE 100 Index sank 0.7% to 7,501.46, the largest decrease in almost eight weeks.
* Japan’s Nikkei 225 Stock Average climbed 0.4% to 21,709.57, the highest in almost three weeks.
* Hong Kong’s Hang Seng Index gained 0.2% to 28,524.04.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1% to 1,198.85.
* The Japanese yen was little changed at 108.20 per dollar.
* The euro sank 0.1% to $1.1138, the weakest in almost eight weeks.
* The British pound increased 0.3% to $1.2482.
* The Swiss franc was little changed at $0.9854, the weakest in a week.
* The Canadian dollar decreased 0.1% to C$1.3148 per U.S. dollar, the weakest in more than four weeks.
* The Australian dollar decreased 0.4% to 0.698 per dollar, the weakest in almost two weeks.
Bonds
* The yield on two-year Treasuries sank two basis points to 1.82%.
* Germany’s 10-year yield fell two basis points to -0.38%, reaching the lowest in almost three weeks on its sixth straight decline and the biggest fall in a week.
* The yield on 10-year Treasuries declined four basis points to
2.04%, the largest fall in a week.
* Britain’s 10-year yield fell one basis point to 0.678%, reaching the lowest in almost three weeks on its sixth straight decline.
–With assistance from Vildana Hajric.
Have a great night.

Be magnificent!
As ever,

Carolann

The most common error made in matters of appearance
is the belief that one should disdain the superficial and let
the true beauty of one’s soul shine through.  If there are
places on one’s body where this is a possibility,
you are not attractive – you are leaking.
                                          -Fran Lebowitz, b. 1946

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

Tangents:

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

On July 23, 1934, T.H. White wrote, England Have My Bones:
Flying over Wiltshire yesterday, we followed the course of a little river. Hanging over Corbett’s favorite country, with the sharp downs to provide a skyline of useful beauty, and the fertile valleys full of comfort and richness between them, it was almost an agony of affection to look down into the clean water. You could see the whole geography of the stream, the bright green cresses, almost the shadowy trout with their under-shadows.
     Nothing will beat the dry-fly…the highest of the arts.  You have got to endure for a salmon, and there is a pleasure in the absolutely straight sizzle of gut culminating in the plop of a lure that will be fishing efficiently through the whole arc, and the ten minutes with the fish on are at the tip f life.  But you can’t stalk a salmon.  You don’t caress your cast on to the water with a feathery anxiety.
     There is something in our effete old English waters after all.…And in them stands absorbed the ruminant angler, unconscious of time, deft with his fingers, puzzling his beloved fly-box, breathing his pipe smoke regularly in the bliss of concentration, pitting his quivering wits and tackle against the rosy-spotted tiger-fighters of the drinkable water, sun struck into another infinite universe like the heron.  I suppose the heron must be the happiest of living creatures. -T.H. White, 1906-1964,  from The Book of Days.32

Travelling:
A Trip to Ireland’s Hauntingly Beautiful Burren: On Ireland’s west coast, the rocky Burren region is home to ancient crypts, medieval holy sites and a wildly idiosyncratic garden. -from today’s Wall Street Journal.

PHOTOS OF THE DAY

Part of a headdress from a helmet belonging to a real-life Asterix resistance fighter against the Romans that has been discovered on a West Sussex building site. Archaeologists have described the discovery, which will go on display at Chichester’s Novium Museum in January 2020, as “the most elaborately equipped warrior grave ever found in England.
CREDIT: STEVE PARSONS/ PA WIRE

People sunbathe at Levante Beach in Benidorm, Spain. More than 39 million of tourists are  expected to visit Spain by the end of July, 7% more than the same period in 2019, but Spain’s tourist industry remains tepid with UK visitor’s figures. Spain is expected to host 8.5 million UK tourists by the end of July, just a 0.4% increase of same period in 2018 which confirms a deceleration dating from 2016 with the worst figures in 2018.
CREDIT: DAVID RAMOS/ GETTY IMAGES

London’s last working shire horses cut the grass Thames meadows at the National Trust’s Ham House and Garden. The National Trust’s Ham House and Garden. The National Trust is replacing heavy machinery with a 17^th century technique of using shire horses to cut rare hay meadows in the heart of the capital. The herd of working heavy horses have been called in by the conservation charity to cut the hay on its Ham House estate, near Richmond, as part of efforts to manage the land in a more sustainable way. The towering horses, which belong to charity Operation Centaur, weigh up to a tonne each but are a lighter alternative to tractors, reducing compaction of the soil which encourages wildflowers to grow and in turn provides habitats for wildlife.
CREDIT: JAMES LINSELL-CLARK/SWNS
Market Closes for July 23th, 2019

Market Index	Close	Change
Dow Jones	27349.19	+177.29 +0.65%
S&P 500	3005.47	+20.44 +0.68%
NASDAQ	8251.402	+47.264 +0.58%
TSX	16572.68	+53.80
		+0.33%

International Markets

Market Index	Close	Change
NIKKEI	21620.88	+204.09
		+0.95%
HANG SENG	28466.48	+95.22
		+0.34%
SENSEX	37982.74	-48.39
		-0.13%
FTSE 100*	7556.86	+41.93
		+0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.497		1.485
CND. 30 Year Bond		1.741		1.721
U.S.    10 Year Bond		2.0812		2.0464
U.S. 30 Year Bond		2.6156		2.5712

Currencies

BOC Close	Today	Previous
Canadian $	0.76140	0.76223
US $	1.31337	1.31194
Euro Rate 1 Euro=		Inverse
Canadian $	1.46480	0.68269
US $	1.11525	0.89666

Commodities

Gold	Close	Previous
London Gold Fix	1427.75	1439.70
Oil
WTI Crude Future	56.65	56.22

Market Commentary:
Starbucks Corp. said it is taking a stake in a digital technology company to speed up its offering of mobile ordering and payment options at its global stores to improve customer convenience.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks gained for a second consecutive day, while U.S. stocks climbed amid some positive earnings results and optimism surrounding trade negotiations. The S&P/TSX Composite Index rose 0.3% to 16,572.68 on Tuesday in Toronto. Eight of 11 sectors rose, led by consumer discretionary stocks. Tech, materials and energy stocks were the worst sectors within the index.
Meanwhile, after years of Canada dominating the world of marijuana finance, the country’s head start is evaporating and U.S. bankers are increasingly answering the call of cannabis companies.
In other moves:
Stocks
* BRP Inc. rose 9.2% after completing its substantial issuer bid
* Cronos Group climbed 5.1%, while Hexo fell 4.1%
* SNC fell 9.6%, following the previous day’s declines, as the company’s largest shareholder said SNC’s performance is cause for concern.
Ratings
* ELD CN: Eldorado Gold Cut to Sector Perform at National Bank; PT C$11
* GTII CN: Green Thumb Rated New Buy at Craig-Hallum
* SMF CN: Semafo Downgraded to Sector Perform at National Bank; PT C$6.50
* VFF CN: Village Farms International Rated New Buy at Craig-Hallum
Commodities
* Western Canada Select crude oil traded at a $14.85 discount to WTI
* Gold spot price fell 0.5% to $1,417.18 an ounce
FX/Bonds
* The Canadian dollar fell about 0.2% to C$1.3146 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.490%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — U.S. stocks rose, sending the benchmark S&P 500 Index back above the 3,000 level, as investors assessed a batch of strong earnings and signs of progress in trade talks with China. Treasuries fell and the dollar rose. Equities extended gains after Blooomberg reported that U.S. Trade Representative Robert Lighthizer is set to travel to China next Monday for the first high-level, face-to-face trade negotiations between the world’s two biggest economies since talks broke down in May.
“We’re starting to see perhaps both sides are building more good faith for continuing negotiations,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. in Philadelphia. “It seems like they’re making progress, which is good, and the market applauds something like that.” The S&P 500 climbed for a second day as Coca-Cola reached a record high, while United Technologies jumped after the duo posted earnings that topped estimates. PulteGroup, Zions Bancorp and Whirlpool all tumbled after results disappointed. Strong earnings helped the Stoxx Europe 600 gain, with upbeat reports from heavyweights including UBS, Santander, Hermes and AMS.
One of the biggest risks is that people underestimate how much the U.S. companies actually rely on international and emerging markets for growth,” said Brian Kersmanc, a senior investment analyst at GQG Partners and deputy portfolio manager on the GQG International Strategy. “The lines between developed market, emerging market, and U.S. and international are blurring immensely.”
Elsewhere, the British pound stayed lower after Boris Johnson was officially named by the Conservative Party as Prime Minister Theresa May’s replacement. Oil gained amid the optimism on trade. Futures in New York shook off their earlier malaise and shot up 1% to close trading.
Here are some key events coming up:
* Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever, Caterpillar, McDonald’s and Boeing still to report this week.
* Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.7% as of 4:02 p.m. New York time. The Nasdaq Composite Index increased 0.6% and the Dow Jones Industrial Average climbed 0.7%.
* The Stoxx Europe 600 gained 1%, the third straight increase.
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index rose 0.3%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%, the third consecutive gain.
* The euro declined 0.5% to $1.1148, while the yen weakened 0.4% to 108.25 per dollar.
* The British pound fell 0.3% to $1.2435, the third straight decline.
* The MSCI Emerging Markets Currency Index dropped 0.2%.
Bonds
* The yield on 10-year Treasuries rose 2 basis points to 2.07%.
* Germany’s 10-year yield was little changed at -0.36%.
* Britain’s 10-year yield fell 2 basis points to 0.69%.
Commodities
* West Texas Intermediate rose 1.3% to $56.93 a barrel.
* Gold fell 0.6% to $1,417 an ounce.
* The Bloomberg Commodity Index gained 0.3%.
Have a great night.

Be magnificent!
As ever,

Carolann

Do not condemn the judgement of another because it differs from your own. 
You may both be wrong.
            -Lao Tzu, 570-490 BC

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:
Rat Catcher’s Day
July 22, 1376 – Pied Piper of Hamelin, Germany.
The story is that the town of Hamelin (Hameln), in Westphalia, was infested with rats in 1284, and that a mysterious piper in a  parti-colored suit appeared in the town and offered to rid it of vermin for a certain sum, which offer was accepted by the townspeople.  The Pied Piper fulfilled his contract, but payment was not forthcoming.  On the following St. John’s Day, he reappeared and again played hi pipe.  This time all the children followed him and he led them to a mountain cave, where all disappeared save two: one blind, the other dumb and lame.  Another version is that they were led to Transylvania where they formed a  German colony.  The story, familiar in England from Robert Browning’s poem (1842), appeared earlier in James Howell’s Familiar Letters (1645-55).  The legend has its roots in the story of the Children’s Crusade

-from  THE PIED PIPER OF HAMELIN
  BY Robert Browning
Hamelin Town’s in Brunswick,
By famous Hanover city;
The river Weser, deep and wide,
Washes its wall on the southern side;
A pleasanter spot you never spied;
But, when begins my ditty,
Almost five hundred years ago,
To see the townsfolk suffer so
From vermin, was a pity.

Rats! They fought the dogs and killed the cats,
And bit the babies in the cradles,
And ate the cheeses out of the vats,
And licked the soup from the cooks’ own ladle’s,
Split open the kegs of salted sprats,
Made nests inside men’s Sunday hats,
And even spoiled the women’s chats
By drowning their speaking
With shrieking and squeaking
In fifty different sharps and flats…

At last the people in a body
To the town hall came flocking:
“‘Tis clear,” cried they, ‘our Mayor’s a noddy;
And as for our Corporation–shocking
To think we buy gowns lined with ermine
For dolts that can’t or won’t determine
What’s best to rid us of our vermin!
You hope, because you’re old and obese,
To find in the furry civic robe ease?
Rouse up, sirs! Give your brains a racking
To find the remedy we’re lacking,
Or, sure as fate, we’ll send you packing!”
At this the Mayor and Corporation
Quaked with a mighty consternation…

ICYMI
Archaeologists find a perfectly preserved, 500-year-old shipwreck in the Baltic Sea. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Thousands of people watch a fireworks display, as the UK’s finest fireworks companies compete during the Fireworks Champions at Newby Hall in Yorkshire.
CREDIT: DANNY LAWSON/PA

Window of Autumn by Hasan Baglar taken in Nicosia, Cyprus, which has come first in the All About Plants Section for the RHS Photographic Competition 2019.
CREDIT: HASAN BAGLAR/RHS/PA

Families enjoy the evening sunshine around the Lavendar Fields of Abbaye Notre-Dame de Sénanque in Provence.
CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH
Market Closes for July 22th, 2019

Market Index	Close	Change
Dow Jones	27171.90	+17.70 +0.7%
S&P 500	2985.03	+8.42 +0.28%
NASDAQ	8204.137	+57.648 +0.71%
TSX	16518.88	+32.94
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	21416.79	-50.20
		-0.23%
HANG SENG	28371.26	-394.14
		-1.37%
SENSEX	38031.13	-305.88
		-0.80%
FTSE 100*	7514.93	+6.23
		+0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.485		1.4999
CND. 30 Year Bond		1.721		1.737
U.S.    10 Year Bond		2.0464		2.0242
U.S. 30 Year Bond		2.5712		2.5640

Currencies

BOC Close	Today	Previous
Canadian $	0.76223	0.76751
US $	1.31194	1.30292
Euro Rate 1 Euro=		Inverse
Canadian $	1.47063	0.67998
US $	1.12096	0.89209

Commodities

Gold	Close	Previous
London Gold Fix	1439.70	1410.35
Oil
WTI Crude Future	56.22	55.30

Market Commentary:
On this day in 1946, the Bretton Woods Agreement was signed in Mount Washington, N.H., pegging major foreign currencies to the U.S. dollar, fixing the gold price at $35 per ounce, and laying the groundwork for the International Monetary Fund and the World Bank.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose, with tech companies including Shopify Inc. and Sierra Wireless Inc. leading the way as their U.S. counterparts rallied in anticipation of earnings reports.The S&P/TSX Composite Index rose 0.2% to 16,518.88 on Monday in Toronto. Health care stocks were the worst performers, led by marijuana companies as pot policy review in the U.S. weighed on producers.
Meanwhile, wholesale sales in Canada pulled back by the most since 2016 in May on declines in motor vehicles, while a measure of sales to inventories rose to the highest in more than two decades. The value of wholesales fell 1.8% on the month, the biggest decrease since March 2016, Statistics Canada said. That missed the median forecast in a Bloomberg survey for a gain of 0.5%.
In other moves:
Stocks
* Torex Gold Resources and First Majestic Silver Corp. climbed as gold and silver prices stayed elevated
* AltaGas climbed more than 6.1 after company said that it will sell U.S. generation assets to TerraForm for $720m
* Shopify rose 2%, leading the tech stock rally
* Husky Energy, Kelt Exploration and Precision Drilling were among the energy outperformers on higher oil price
* SNC-Lavalin fell 6.7% after company said it will take $1.45 billion charge as reorganization ramps Up
* Methanex fell 6% after it said will build methanol plant in Geismar for $1.4 billion
Ratings
* CNQ CN: Canadian Natural Resources Downgraded to Neutral at Goldman
* DGC CN: Detour Gold Downgraded to Hold at GMP; PT C$20.50
* ELD CN: Eldorado Gold Downgraded to Hold at GMP; PT C$10.30
* EQB CN: Equitable Group Upgraded to Outperform at RBC; PT C$96
* FN CN: First National Financial Raised to Sector Perform at RBC
* IFC CN: Intact Financial Downgraded to Sector Perform at RBC; PT C$135
* IMG CN: Iamgold Downgraded to Hold at GMP; PT C$5.30
* SJR/B CN: Shaw Communications Upgraded to Buy at Canaccord; PT C$30
* SLF CN: Sun Life Financial Reinstated Outperform at Evercore ISI
* T CN: Telus Downgraded to Hold at Canaccord; PT C$50
* TKO CN: Taseko Mines Downgraded to Hold at TD; PT 85 Cents
* U CN: Uranium Participation Downgraded to Hold at TD; PT C$5
* WPM CN: Wheaton Precious Metals Upgraded to Buy at GMP; PT C$41.50
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold spot price flat at $1,424.61 an ounce
FX/Bonds
* The Canadian dollar fell about 0.4% to C$1.3115 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.48%
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — Technology shares led gains among U.S. stocks following mixed sessions in Europe and Asia as investors looked ahead to a busy week of corporate earnings. Oil gained amid tensions in the Persian Gulf. Apple rallied after Morgan Stanley boosted its price target, while Micron Technology was lifted to buy from neutral by Goldman, as were Lam Research and Applied Materials. The Dow Jones Industrial Average was little changed. Stocks slipped throughout Asia, led by declines in Shanghai and Hong Kong as traders watched escalating tensions there. Treasuries advanced after traders pared bets the Federal Reserve will slash rates by a half-point this month.
“We will start to get results from some of the big multi-national industrials and tech firms, which should shed more light on the effects of the trade war and therefore could move markets on a broad scale,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note to clients. Oil rose again, posting its biggest gain in more than a week, after Iran’s seizure of a British tanker fanned concerns of a confrontation that could disrupt Middle East supplies.
Investors will be eyeing earnings this week for signs of economic slowdown and any indication that trade strife is affecting companies’ bottom lines. On the trade front, Chinese state media reported face-to-face negotiations with the U.S. may resume soon, as Beijing considers a plan to boost American soybean purchases to sweeten a deal, people familiar with the matter said.
“It’s nice to see it’s restarting,” said Michael Kelly, global head of multi-asset at PineBridge Investments, which manages more than $90 billion. “I think it will provide plenty of room for both sides to get something and for us to avoid the worst case of tariffs on another $300 billion.”
Elsewhere, core European government bonds gained, while the pound slumped after a forecast showed Brexit may have already pushed the U.K. into a technical recession, and as Conservative Party members vote on new leadership.
Here are some key events coming up:
* Earnings season rolls on with companies including: Amazon.com, Alphabet, Unilever, Caterpillar, Coca-Cola, McDonald’s and Boeing.
* U.K. Prime Minister Theresa May’s successor is announced on Tuesday, with Boris Johnson expected to become the new Conservative leader and PM.
* Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.

These are the main moves in markets:

Stocks
* The S&P 500 Index rose 0.3% as of 4:03 p.m. New York time. The Nasdaq Composite Index gained 0.7% and the Dow Jones Industrial Average less than 0.1%.
* The Stoxx Europe 600 rose 0.1%.
* The MSCI Emerging Market Index eased 0.4%.
* The MSCI Asia Pacific Index dropped 0.5%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%, the second consecutive gain.
* The euro was little changed at $1.1209, while the yen weakened 0.2% to 107.88 per dollar.
* The British pound fell 0.2% to $1.2476.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries eased 1 basis point to 2.05%.
* Germany’s 10-year yield dropped 2 basis points to -0.35%, the fourth straight decline.
* Britain’s 10-year yield fell 3 basis points to 0.71%.
Commodities
* West Texas Intermediate rose 1.1% to $56.22 a barrel.
* Gold was little changed at $1,425 an ounce.
* The Bloomberg Commodity Index fell 0.3%.
–With assistance from Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

Courage is not the absence of fear, but rather the judgement
that something else is more important than fear.
                                    -Ambrose Redmoon,  1933-1996

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